/raid1/www/Hosts/bankrupt/TCRAP_Public/171219.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, December 19, 2017, Vol. 20, No. 251
Headlines
A U S T R A L I A
AC/DC CONCRETING: First Creditors' Meeting Set for Dec. 29
CRIPROPERTY PTY: Second Creditors' Meeting Set for Dec. 22
LOVER CLOTHING: Administrators Sell Fashion Label to Hot Springs
LOVER CLOTHING: Second Creditors' Meeting Set for Dec. 22
SKYEBE PTY: Second Creditors' Meeting Set for Dec. 22
C H I N A
BEIJING CAPITAL: S&P Alters Outlook to Stable on Deleveraging
CHINA EVERBRIGHT: Moody's Affirms ba2 Standalone Assessment
HYDOO INT'L: Moody's Lowers CFR to B3; Outlook Negative
LESHI INTERNET: To Lose Place in ChiNext Benchmark
I N D I A
ARIHANT DREAM: CARE Moves D Rating to Not Cooperating Category
BHARAT MOTOR: CRISIL Assigns B+ Rating to INR10MM Loan
BLA INFRASTRUCTURE: Ind-Ra Migrates BB Rating to Not Cooperating
FLOKING PIPES: CRISIL Reaffirms D Rating on INR38.69MM LT Loan
HILLS TRADE: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
IDBI BANK: Fitch Puts ccc Viability Rating on Watch Evolving
INA INDIA: CRISIL Lowers Rating on INR20MM Cash Loan to 'D'
INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR3MM Loan
KAMDHENU ENTERPRISE: CARE Assigns B+ Rating to INR24cr LT Loan
KNM TRADERS: CRISIL Assigns B Rating to INR7.9MM Cash Loan
KUMAR DRINKS: CRISIL Withdraws B Rating on INR7MM Cash Loan
LAKHANI ARMAAN: CRISIL Reaffirms D Rating on INR6.5MM Loan
LAKHANI FOOTWEAR: CRISIL Reaffirms D Rating on INR59.31MM Loan
LAKHANI RUBBER: CRISIL Reaffirms D Rating on INR15.98MM LT Loan
LAKHANI RUBBER WORKS: CRISIL Reaffirms D Rating on INR10MM Loan
LAKHANI SHOES: CRISIL Reaffirms 'D' Rating on INR25MM Cash Loan
MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR10MM Loan
MELLCON ENGINEERS: CARE Assigns B+ Rating to INR3cr LT Loan
MIJAN IMEX: CRISIL Lowers Rating on INR15MM Cash Loan to 'D'
R. R. ENGINEERING: CRISIL Assigns B+ Rating to INR7.5MM Loan
RADHARANI HIMGHAR: CRISIL Reaffirms B- Rating on INR3.5MM Loan
RAINBOW TRACTORS: CRISIL Reaffirms B+ Rating on INR3.5MM Loan
RANA OIL: CARE Revises Long-Term Rating to CARE B/Stable
S S OFFSHORE: Ind-Ra Affirms 'BB' Issuer Rating
SAGAR FIBERS: CARE Revises Long-Term Loan Rating to CARE B/Stable
SHIV SHAKTI: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
SHREE GIRDHAR: CRISIL Moves Issuer Rating to 'CRISIL B/Stable'
SOUTH INDIA: CRISIL Assigns B+ Rating to INR10MM Proposed Loan
SRI BALAJI: CARE Assigns B Rating to INR10.40cr LT Loan
SUBHA STORES: CRISIL Assigns 'B' Rating to INR8MM LT Loan
TIRUMALA DALL: CARE Assigns B Rating to INR7cr Long Term Loan
TRV GLOBAL: CARE Hikes Rating on INR3cr LT Loan to 'B'
VIDEOCON INDUSTRIES: Lenders Keep Firm Out of Insolvency Process
VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR12MM Loan
VIRAJ STEEL: CRISIL Assigns B- Rating to INR12MM Cash Loan
VIVA SERVITRADE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
P H I L I P P I N E S
DEVELOPMENT BANK: Fitch Hikes LT IDR From BB+; Outlook Stable
S I N G A P O R E
GLOBAL A&T: Files for Bankruptcy Protection Under Chapter 11
SWIBER HOLDINGS: Acra Rejects Bid for Extension to Hold AGM
S O U T H K O R E A
INDUSTRIAL BANK: Fitch Puts BB+ Hybrid Notes Rating on Watch Pos.
X X X X X X X X
* BOND PRICING: For the Week Dec. 11 to Dec. 15, 2017
- - - - -
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A U S T R A L I A
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AC/DC CONCRETING: First Creditors' Meeting Set for Dec. 29
----------------------------------------------------------
A first meeting of the creditors in the proceedings of AC/DC
Concreting Pty Limited will be held at the offices of Rapsey
Griffiths Insolvency + Advisory, Level 5, 55-57 Hunter Street, in
Newcastle, NSW, on Dec. 29, 2017, at 11:00 a.m.
Mitchell Griffiths of Rapsey Griffiths was appointed as
administrator of AC/DC Concreting on Dec. 15, 2017.
CRIPROPERTY PTY: Second Creditors' Meeting Set for Dec. 22
----------------------------------------------------------
A second meeting of creditors in the proceedings of Criproperty
Pty Ltd, trading as CRI Property Solutions, has been set for
Dec. 22, 2017 at 12:00 p.m. at the Conference Room, Plaza Level,
BGC Centre, 28 The Esplanade, in Perth, WA.
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 Dec. 21, 2017, at 5:00 p.m.
Jeremy Joseph Nipps and Cliff Rocke of Cor Cordis were appointed
as administrators of Criproperty Pty on Nov. 17, 2017.
LOVER CLOTHING: Administrators Sell Fashion Label to Hot Springs
----------------------------------------------------------------
Ferrier Hodgson, administrators of Lover Clothing, announced on
Dec. 13 the successful sale of the Australian label to Hot
Springs.
"We are delighted with the outcome of the sale process, being
able to announce a sale to Hot Springs is an exciting development
that represents a great outcome for employees, customers and
suppliers", Mr. Kelly said.
The sale secures the ongoing employment of Lover staff, as well
as the continuation of its Strand retail store, online and
wholesale operations to key accounts such as The Iconic and David
Jones.
"The Ferrier Hodgson team has worked closely with management and
our legal advisers K&L Gates to identify a suitable strategic
partner for Lover, which will ensure continuity of the brand."
Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed
Voluntary Administrators of Lover Clothing Pty Ltd on Nov. 23,
2017.
LOVER CLOTHING: Second Creditors' Meeting Set for Dec. 22
---------------------------------------------------------
A second meeting of creditors in the proceedings of Lover
Clothing Pty Ltd has been set for Dec. 22, 2017 at 10:00 a.m. at
the offices of Ferrier Hodgson, Level 25, One International,
Towers Sydney, 100 Barangaroo Avenue, in Sydney, NSW.
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 Dec. 21, 2017 at 4:00 p.m.
Morgan John Kelly and Ryan Reginald Eagle of Ferrier Hodgson were
appointed as administrators of Lover Clothing on Nov. 23, 2017.
SKYEBE PTY: Second Creditors' Meeting Set for Dec. 22
-----------------------------------------------------
A second meeting of creditors in the proceedings of Skyebe Pty
Ltd has been set for Dec. 22, 2017, at 11:00 a.m. at the offices
of Nicols + Brien, Level 2, 350 Kent Street, in Sydney, NSW.
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 Dec. 22, 2017, at 11:00 a.m.
Steven Nicols of Nicols + Brien was appointed as administrator of
on Nov. 23, 2017.
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C H I N A
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BEIJING CAPITAL: S&P Alters Outlook to Stable on Deleveraging
--------------------------------------------------------------
On Dec. 14, 2017, S&P Global Ratings revised its outlook on
Beijing-based conglomerate Beijing Capital Group Co. Ltd. (BCG)
and its subsidiary, Beijing Capital Land Ltd. (BCL), to stable
from negative. S&P said, "At the same time, we affirmed our
'BBB-' long-term corporate credit rating on BCG and 'BB+' long-
term corporate credit rating on BCL. We also affirmed our 'BBB-'
ratings on BCG's outstanding guaranteed senior notes."
S&P said, "We revised the outlook to stable, as we believe BCG
has adopted a more prudent financial policy and has committed to
improve its debt servicing capacity over the next several years.
"We expect the company will improve its debt leverage gradually
by slowing debt-funded expansion, increasing the booking of
higher margin property sales, and disposing of less strategic
assets. The company continues to benefit from its moderately
diversified businesses with at least 45% of profits coming from
stable toll roads and water treatment/solid waste disposal
businesses.
"We believe BCG will increase its efforts to improve its debt
leverage due to recent central government policy that puts SOE
leverage reduction as a top priority. This is an abrupt change
from its aggressive expansionary approach in the last three
years. BCG's chairman and leadership team have publicly stated
that destocking and deleveraging are key priorities for the next
several years and the management team is showing its commitment
starting with the disposal of noncore assets. BCG has materially
increased recycling its noncore assets since early 2017 with the
disposal of a restaurant and other miscellaneous assets for over
Chinese renminbi (RMB) 4 billion. It has also announced its plan
to sell its entire stake in one of its two expressways--Beijing-
Tianjin Expressway (which has RMB6 billion debt at the operating
company level), which we expect to materialize in 2018. Other
noncore assets include nonstrategic property and land. As a state
owned conglomerate, BCG has many assets, which are accounted at
book cost.
"We expect BCG's financial risks will stabilize and improve,
underpinned by a recovery in the profitability of its property
arm, BCL. BCL's profitability is improving materially amid a
refocusing of its property projects toward more wealthy cities
among the tier one and two cities. In the first half of 2017,
BCL's gross margin recovered to 31% (compared with 9% a year
ago), its best showing over the last three years. Since 2014,
BCL's land bank (which underpins the profitability of its future
property sales) has gradually shifted toward six key metropolitan
areas (including Beijing and Tianjin) that account over 80% of
its saleable resources.
"As a government related entity for the Beijing Municipality, we
continue to expect BCG will receive a high likelihood of timely
and sufficient extraordinary government support in the event of
distress. This support results in three notches of uplift from
its stand-alone credit profile (SACP), leading to a final rating
of 'BBB-'. In our view, BCG retains its important role in
providing water services, waste management, transportation, and
micro finance to Beijing's residents, although at a lesser scale
than other public utility focused government-related entities. It
also remains Beijing's only government-owned financing vehicle
for agricultural investment and financing.
"We continue to assess BCG's subsidiary BCL as having a very
important role in executing BCG's strategy and the largest source
of consolidated earnings and cash flows. Although BCG is
increasing its investments in water utilities and waste
management, we believe the property development business will
remain the largest profit contributor for the group in the next
two years (over 40% of profits). The rating on BCL reflects our
view that it remains a highly strategic subsidiary of BCG, which
means that its ratings move in tandem with that on BCG.
BCG OUTLOOK
"The stable outlook reflects our expectation that BCG will remain
committed to lowering its high financial leverage over the next
two years. Its significant margin recovery and sizable asset
disposal will also help offset its large capital requirements for
infrastructure construction and property development.
"We could lower the rating if BCG's expansion and acquisition
appetite is more aggressive than we expect, such that its debt-
EBITDA does not improve to our base case of around 10x over the
next 12 months.
"We may also lower the rating if our assessment of the likelihood
of extraordinary governmental support to BCG weakens, which may
occur if the company's strategic importance to the Beijing
municipal government weakens."
A downgrade is also possible if BCG's business diversification
reduces such that one single segment dominates the company's
EBITDA with consistently over 50% contribution, or if there are
no longer three separate industries contributing at least 10% to
EBITDA, on a sustained basis. That may happen if BCG increases
its exposure to the cyclical property business and significantly
disposes of its stable cash flow businesses, which would
considerably reduce the diversity of its overall operations.
The rating upside is limited over the next 12 months because of
its relatively high leverage. S&P could raise the rating if BCG
adopts more prudent financial management and expansion
strategies, such that its ratio of debt to EBITDA improves to
close to 5x.
S&P could also raise the rating if its assessment of the
extraordinary government support to BCG strengthens, although it
believes this is a low-probability event in the next 12 months.
BCL OUTLOOK
The stable outlook reflects the outlook on BCL's parent, BCG. S&P
said, "The stable outlook on BCG reflects our expectation that
BCG will remain committed to lowering its high financial leverage
over next two years. The outlook also reflects our expectation
that BCL will remain a highly strategic subsidiary of BCG.
"We may lower the rating if: (1) we lower the rating on BCG; or
(2) parental support weakens, as indicated by the reduction of
BCG's stake in BCL or the declining significance of BCL in terms
of profit contribution to the parent.
"We may lower the SACP if BCL's debt-funded expansion is more
aggressive than we expect, such that the EBITDA interest coverage
is lower than 1x on a sustained basis, while debt-EBITDA shows no
sign of improving.
"We could upgrade the company if we upgrade its parent, BCG. The
rating upside for BCG is limited over the next 12 months because
of its high leverage. We could raise the rating on BCG if it
adopts more prudent financial management and expansion
strategies, such that its ratio of debt to EBITDA improves to
close to 5x.
"We could also raise the rating on BCG if our assessment of
extraordinary government support to BCG strengthens, although we
believe this is a low-probability event in the next 12 months."
CHINA EVERBRIGHT: Moody's Affirms ba2 Standalone Assessment
-----------------------------------------------------------
Moody's Investors Service has affirmed China Everbright Limited's
long-term/short-term issuer ratings at Baa2/P-2.
At the same time, Moody's has kept China Everbright Limited's
standalone assessment at ba2.
Moody's has also changed the outlook on all the ratings to stable
from negative.
RATINGS RATIONALE
The primary drivers for the affirmation of China Everbright
Limited's Baa2/P-2 issuer ratings and the change in outlook to
stable from negative are:
1) China Everbright Limited's standalone assessment, which is
appropriate at the current level;
2) Moody's assumption of a high probability of support from its
parent, China Everbright Group Limited, which Moody's believes
will unlikely change over the medium term; and
3) The improvement in China Everbright Group's and its key
subsidiaries' credit profiles. The rating outlooks of China
Everbright Bank Company Limited and Everbright Securities Company
Limited, affiliates of China Everbright Limited, are also stable.
China Everbright Limited's ba2 standalone assessment is unchanged
and reflects the company's 1) increasing franchise in alternative
asset management and fund raising ability, 2) strong principal
investment to support growth of its asset management business,
and 3) good profitability.
However, these positive factors are offset by the company's 1)
high concentration risk, and 2) increasing investment risk in
principal investment and 3) increasing leverage, which reduce its
financial flexibility.
In the past few years, China Everbright Limited has continued to
enhance its franchise in cross border alternative and private
equity fund management. Its total assets under management (AUM)
increased to HKD106.6 billion at June 30, 2017, from HKD49
billion at the end of 2015. While some of its fund products have
matured, the company has raised additional funding to invest in
new products, which keeps its average investment vintage in
primary market funds young and support good AUM resilience.
Moreover, China Everbright Limited continues to leverage its
principal investment to support its fund management business via
1) fund incubators, 2) direct investing and co-investing, and 3)
long-term industry investments. Pretax profit from its principal
investments totaled HKD1.2 billion during the first half of 2017,
up 89% year-over-year, mainly driven by the divestment of several
mature projects and therefore the realization of capital gains.
This situation also supports the company in maintaining its pre-
tax margin above 60%.
However, the increase in principal investments also raised China
Everbright Limited's investment risk. Its equity coverage under
Moody's calculation - based on total shareholders' equity/self-
managed investments - fell to 0.77x at June 30, 2017 from 1.04x
at the end of 2015, indicating the company's increased exposure
to potential volatility of investment valuation.
In the past few years, China Everbright Limited has also
leveraged its bank borrowings and debt issuance to support the
growth of its principal investment business and asset management
business. Its total debt rose to HKD20.9 billion at June 30, 2017
from HKD13.5 billion at the end of 2015. The company's overall
financial leverage - as measured by total debt/EBITDA -
registered 5.8x from 1.0x over the same period, which weakened
its financial flexibility.
China Everbright Limited's concentration risk is high. At
June 30, 2017, around 73% of its AUM were in primary market
funds, with most of that in real estate sector-related funds.
Moody's expects that the new guidelines on asset management
products - the implementation of which started in late November
2017 - could affect the company's fund raising efforts from the
banks and insurance companies in the short term.
Moody's believes that China Everbright Limited continues to be
strategically important to the broader China Everbright Group,
due to 1) its 49.7% indirect ownership by China Everbright Group
and shared name, which could bring significant reputational risk
to the group should China Everbright Limited default on its debt,
2) the group's strong track record of providing financial support
to its subsidiaries, and 3) the fact that China Everbright
Limited represents the key offshore investment holding company
for the group.
Furthermore, China Everbright Limited benefits from a keepwell
agreement from the group. Although the agreement does not
represent a formal guarantee, it demonstrates the group's
commitment to (1) hold at least 40% of the company's outstanding
shares, (2) maintain the company as the group's primary overseas
subsidiary for investment holdings and as a fund raising
platform, and (3) provide financial support, if necessary.
Moody's believes that China Everbright Group is important to the
Chinese government, given that it is a pioneer state-owned
financial conglomerate comprising a fully-licensed bank, an
insurance company, a securities firm, and other financial assets.
The group's improved credit profile also supports the three-notch
support uplift from China Everbright Limited's ba2 standalone
assessment and brings the rating outlook to stable.
Moody's points out that on December 6, 2017, Moody's affirmed the
Baa2/P-2 deposit ratings and ba2 BCA of China Everbright Bank
Company Limited, the main subsidiary of China Everbright Group
which accounted for more than 90% of the group's total assets,
and changed the bank's ratings outlook to stable from negative
(https://www.moodys.com/research/Moodys-affirms-China-Everbright-
Banks-Baa2-long-term-deposit-rating--PR_376437).
WHAT COULD CHANGE THE RATING UP
China Everbright Limited's standalone assessment could experience
upward pressure if the company (1) sustains its AUM/revenue
growth and further diversifies its AUM to include overseas and
secondary market funds, (2) reduces total debt/EBITDA to below
3x, and (3) maintains its profitability at the current level,
with less volatility during capital-market fluctuations. However,
since the issuer rating already benefits from a three-notch
uplift for expected support, an improvement in the company's
standalone credit profile may not necessarily translate into an
upgrade of the rating.
The ratings could also be upgraded, if Moody's increases its
assessment of China Everbright Group's credit profile.
WHAT COULD CHANGE THE RATING DOWN
The company's ratings could experience downward pressure if (1)
its client retention rate and replacement rate fall to below 80%
and 100% respectively, (2) it reports significant falls in its
pre-tax margin, due to an increasing level of investment risks;
(3) total debt/EBITDA further increase, and/or (4) Moody's
reduces its support assumptions.
The principal methodology used in these ratings was Asset
Managers: Traditional and Alternative published in December 2015.
China Everbright Limited is headquartered in Hong Kong. It
reported assets of HKD68.8 billion at June 30, 2017.
HYDOO INT'L: Moody's Lowers CFR to B3; Outlook Negative
-------------------------------------------------------
Moody's Investors Service has downgraded Hydoo International
Holding Limited's corporate family rating (CFR) to B3 from B2.
Moody's has also downgraded to Caa1 from B3 the senior unsecured
rating assigned to Hydoo's USD bonds.
The ratings outlook is negative.
RATINGS RATIONALE
"The downgrade of the ratings reflects Moody's concern that
Hydoo's ability to refinance debt will be weak over the next 12--
18 months, because its contracted sales will unlikely improve
materially," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.
Moody's expects that Hydoo's annual contracted sales will stay at
RMB2.5-RMB3.0 billion in 2018, a result which would be
substantially unchanged from Moody's estimate of contracted sales
of around RMB2.5-RMB2.7 billion for 2017.
Moody's forecast of Hydoo's contracted sales is based on Moody's
expectation of weak demand for trade centers in China's (A1
stable) low-tier cities; locations at which Hydoo operates.
Buyers of trade center units (small- and medium-sized
enterprises) will continue to face a challenging operating
environment.
The lack of strong growth in contracted sales could weaken the
company's ability to refinance its USD160 million bonds due in
December 2018.
Moreover, Moody's expects that Hydoo's low level of contracted
sales will result in its revenue/adjusted debt falling to 45%-50%
from 52% for the 12 months to June 30, 2017, and its
EBIT/interest should fall to 1.5x-1.7x from 1.8x in the same 12
months. These levels position the company's CFR at the B3 level.
Hydoo's B3 CFR reflects the company's track record of developing
trade centers in low-tier Chinese cities. The rating also
considers Hydoo's high profit margins, which are primarily driven
by its low land costs.
In addition, the rating factors in the company's small scale,
weak credit metrics, and deteriorating liquidity position.
The company's senior unsecured rating is lower than its CFR by
one notch because of the risk of structural and legal
subordination.
This subordination risk reflects the fact that the majority of
claims against Hydoo are at the operating subsidiary level, and
have priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
expected recovery rate for claims at the holding company will be
lower.
The negative ratings outlook reflects Hydoo's weakened liquidity
position and credit metrics.
Upgrade pressure on the ratings is unlikely over the medium term,
given the negative ratings outlook.
However, Moody's could change the ratings outlook to stable, if
Hydoo: (1) refinances its maturing debt with term debt and
maintains its cash/short-term debt above 100% on a sustained
basis; and (2) grows its sales and maintains its credit metrics,
such that EBIT/interest exceeds 1.25x and revenue/adjusted debt
exceeds 45%.
On the other hand, downgrade pressure could arise, if Hydoo's
liquidity position further deteriorates, as evidenced by
declining contracted sales or a lack of progress in refinancing
its short-term debt.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Established in 2010, Hydoo International Holding Limited is a
Chinese property developer that specializes in the development
and operation of trade centers in low-tier cities. At June 30,
2017, the company had a land bank of about 11.4 million square
meters in nine provinces and autonomous regions in China.
LESHI INTERNET: To Lose Place in ChiNext Benchmark
--------------------------------------------------
Zhang Shidong at The South China Morning Post reports that Leshi
Internet Information & Technology, the fourth-largest company on
the ChiNext index, will be dropped from the gauge next year, as
the Shenzhen exchange makes changes to benchmarks as part of its
semi-annual review.
The financially troubled video content provider and other six
firms will be replaced by companies including biotech start-up
BGI Genomics and cobalt powder producer Nanjing Hanrui Cobalt
with effect from January, the Shenzhen Stock Exchange said in a
statement on its website on Dec. 18, the Post relates.
The bourse is also making adjustments to the Shenzhen Constituent
Index and the index for small and medium enterprises, the report
says.
According to the Post, Leshi's deletion from the 100-member
ChiNext gauge could be possibly explained by its big loss for the
first nine months of the year and long-standing stock trading
halt, as abnormal accounting numbers and suspensions are enough
reasons for removing a stock from a benchmark in regular index
reviews.
The Shenzhen exchange, however, did not give an explanation for
removing the stock in the statement, the Post notes.
The Post says shares of Leshi have been suspended since April
pending the announcement of restructuring plans. The stock last
traded at CNY15.33, down 63 per cent from its peak in 2015, the
report states.
The company, at the centre of capital seizure by its founding
shareholder Jia Yueting, is set to post its first annual loss
since listing in 2010, according to the Post. It reported a loss
of CNY1.65 billion (US$249.6 million) for the first nine months
as revenue decreased because of negative impact of affiliates'
debts on the reputation of the listed unit.
The stock will be also dropped from the Shenzhen Constituent
Index that tracks 500 companies on the Shenzhen exchange, the
report adds.
Forty-five companies will be removed from the Shenzhen
Constituent Index and the same number of stocks will be added,
the Post discloses. The addition of some big companies includes
Zhejiang Supor Cookware, Jiangsu Zhangjiagang Rural Commercial
Bank and Nanjing Hanrui Cobalt, the statement said, the Post
relays.
Leshi Internet Information & Technology Corporation Beijing
researches and develops Internet video and mobile networking
video technology. The Company's service includes network
infrastructure services and the services for video platform.
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I N D I A
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ARIHANT DREAM: CARE Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has been seeking information from Arihant Dream
Infra Projects Limited (ADIPL) to monitor the rating(s) vide e-
mail communications/letters dated June 13, 2017, August 17, 2017,
August 21, 2017, September 4, 2017, September 20, 2017,
October 5, 2017, October 23, 2017 and November 24, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, ADIPL has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on ADIPL's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 14.90 CARE D; Issuer not
Facilities cooperating; Based on best
available information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings continue to take into account irregularity in debt
servicing due to stressed liquidity position.
Detailed description of the key rating drivers
Key Rating Weaknesses
Irregularity in debt servicing due to stress liquidity: There are
various instances of delays in debt servicing and has also
irregularity in its debt servicing due to stress liquidity.
Jaipur-based (Rajasthan) ADIPL was originally incorporated in
2011 as Arihant Shivank Infrastructure Private Limited and
subsequently, changed its name to ADIPL in August, 2013. ADIPL
mainly executes residential and commercial projects in Jaipur and
nearby areas. The company is currently executing five projects
and all are in Jaipur namely Arihant Dynasty, Arihant Legacy,
Arihant Shree Krishnam Heights, Arihant Sai Residency, Arhiant
Awana.
BHARAT MOTOR: CRISIL Assigns B+ Rating to INR10MM Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long term bank facility of Bharat Motor Parcel Service (BMPS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Loan Against Property 10 CRISIL B+/Stable
The rating reflects modest scale of operations in the intensely
competitive road transport business and average financial risk
profile marked by modest networth and moderate capital structure
and low cash accruals. These rating weaknesses are partially
offset by extensive industry experience of promoters in road
transportation business and established customer relationships.
Analytical Approach
Unsecured loans from promoters (outstanding INR 2.94 crores as on
March 31, 2017) have been treated as neither debt nor equity, as
they are interest free and expected to be maintained in the firm.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in intensely competitive industry:
Operating income was INR56 crore in fiscal 2017. Though the scale
of operations has been improving and is expected to increase
further over the medium term, it is modest as compared with other
organised players in the logistics industry.
* Average financial risk profile and low cash accruals: Networth
was modest at INR7.4 crore as on March 31, 2017, on account of
capital withdrawal resulting in limited accretion to reserve.
High dependence on bank borrowings has led to a moderate gearing
of 2.2 times and total outside liabilities to adjusted networth
of 2.6 times as on March 31, 2017. While, interest coverage is
average at 2.34 times, the net cash accruals to total debt is
weak due to capital withdrawals leading to low cash accruals.
Financial profile is expected to remain average over the medium
term.
* Susceptibility to economic downturns: Business risk profile
remains susceptible to economic downturns, though it is partly
mitigated by a diverse customer base across different sectors.
Nevertheless, a subdued economic scenario can adversely impact
the scale and working capital cycle.
Strengths
* Extensive industry experience of promoters and established
customer relationship: BMPS's promoters extensive industry
experience has helped the firm to build strong relations with its
customers and increase its turnover over the past 4 years, to
INR56 crores in fiscal 2017 from INR47 crores in fiscal 2014.
Business risk profile will continue to be supported by strong
relations with large customer base over the medium term.
Outlook: Stable
CRISIL believes that BMPS will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if significantly higher-than-
expected revenues or profitability, and minimal withdrawal by
partners, leads to higher cash accruals and improved financial
risk profile. Conversely, the outlook may be revised to
'Negative' if revenues or profitability decline, or if its
financial risk profile deteriorates significantly, due to a large
debt funded capital expenditure or due to stretch in its working
capital cycle.
BMPS, setup in 1960 in Vijaywada, by Mr. T Sesharao and his
brothers, Mr. T Vara Prasad, Mr. T. Sathyanarayana and Mr. T
Ramakrishna, is engaged in the business of road transportation
and has a fleet of 120 trucks. It primarily deals in
transportations of food items, apart from pharmaceutical
products, paints and batteries.
BLA INFRASTRUCTURE: Ind-Ra Migrates BB Rating to Not Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated BLA
Infrastructure 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:
-- INR70 mil. Fund-based limits migrated to non-cooperating
category with IND BB-(ISSUER NOT COOPERATING) rating; and
-- INR140 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Nov. 30, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in July 2005 in Kolkata, BLA Infrastructure
undertakes transportation, mining and ailed, highway (national
and state) construction and construction jobs.
FLOKING PIPES: CRISIL Reaffirms D Rating on INR38.69MM LT Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Floking Pipes Private Limited (FPPL) at 'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL D (Reaffirmed)
Long Term Loan 38.69 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.31 CRISIL D (Reaffirmed)
The rating reflects delays in the repayment of the term loans
caused by weak liquidity.
The rating also reflects exposure to risks related to
stabilisation of operations. This rating weakness is partially
offset by the extensive experience of promoters in the plastic
polymer industry.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to stabilisation of operations: The
company remains exposed to risks related to stabilisation of
operations. The company is facing delays in getting approvals
from the government for its products, as a result of which
operations are getting hampered.
Strength
* Extensive experience of the promoters in the plastic polymer
industry: The promoters' long-standing presence in the industry
and their industry knowledge have helped them secure the
lucrative technology contract with Molecor Technologia SL, a
Spanish company which is the world leader in manufacture of PVC-O
[Molecular Oriented PVC pipes] pipes, which specialises in the
development and application of molecular orientation technology
to pipeline solutions.
FPPL, incorporated in 2010, is promoted by two business groups:
the Electro group of companies, represented by Mr. Brij
Khandelwal and Mr. Ankur Khandelwal, and the Modi group of
companies, represented by Mr. Nilesh Modi. The company has set up
a PVC-O manufacturing plant in Chennai where the operations are
yet to stabilise.
HILLS TRADE: Ind-Ra Affirms B+ Issuer Rating, Outlook Stable
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Hills Trade
Agencies' (HTA) Long-Term Issuer Rating at 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:
-- INR100 mil. (increased from INR50 mil.) Fund-based limit
affirmed with IND B+/Stable/IND A4 rating; and
-- INR180 mil. (reduced from INR400 mil.) Non-fund-based limit
affirmed with IND A4 rating.
KEY RATING DRIVERS
The ratings reflect HTA's continued modest scale of operations in
FY17, despite an increase in revenue to INR421.54 million (FY16:
INR170.58 million). Up to FY15, HTA was deriving majority of its
revenues from a bamboo trading business. However, its key
customer suspended its operations at its paper mills in Assam in
October 2015 and March 2017, respectively. This resulted in the
suspension of HTA's bamboo trading activities and increased focus
on the engineering, procurement and construction business.
The ratings also reflect the vulnerability of HTA's operating
metrics to its ability to maintain a healthy pipeline of
projects. As of September, 2017 the firm reported unexecuted
orders of around INR500 million. Ind-Ra believes that HTA shall
be required to participate in competitive tenders from time to
time while maintaining a healthy conversion rate over the medium
term to maintain healthy revenue visibility.
Moreover, HTA's liquidity position is tight. Its use of the bank
limits was 93% for the 12 months ended November 2017. Account
receivables remained at elevated levels in FY17. Debtors stood at
over 104% of the tangible net worth on 31 March 2017 (127% on 31
March 2016). This was mainly on account of about INR140 million
of receivables due from its key customer for over six months
couple with delays in collections in road construction contracts.
Although the improvement in inventory holding levels resulted in
a decline in net working capital cycle to 122 days in FY17 (FY16:
459 days), it remains long.
The ratings are constrained by HTA's continued high leverage
ratio (debt/EBITDA) of 3.84x in FY17 (FY16: 4.88x). The
significant increase in long-term borrowings to fund the
procurement of engineering and construction equipment has
resulted in an increase in near-term debt maturities of the firm.
While HTA's gross interest coverage improved to 2.79x in FY17
(FY16: 2.05x), the agency expects the coverage to decline below
2x on the back of significant interest payment commitments and
weaker-than-expected profitability for 1HFY18. The EBITDA margin
of the firm remained strong despite declining to 17.60% in FY17
(FY16: 32.52%), helped by the engineering, procurement and
construction business.
RATING SENSITIVITIES
Negative: Sustained revenue and/or profitability pressures
resulting in lower-than-expected operating cash flows and/or
sustained stress in the working capital cycle could result in a
negative rating action.
Positive: Sustainable and significant revenue growth while
maintaining its profitability margins and improving its working
capital cycle could result in a positive rating action.
COMPANY PROFILE
HTA was formed on 1 April 1995 by the Gandhi family in Guwahati,
Assam as a partnership firm. HTA executes road construction
projects in Jharkhand. The firm was previously engaged in
supplying bamboo to paper mills and civil, road and bridge
construction players. 1HFY18 revenue and margins were INR 174.45
million and 9.01%, respectively.
IDBI BANK: Fitch Puts ccc Viability Rating on Watch Evolving
------------------------------------------------------------
Fitch Ratings has placed IDBI Bank Ltd.'s Viability Rating (VR)
of 'ccc' on Rating Watch Evolving. This rating action reflects
the possibility that the VR may change following a review
prompted by the release of an exposure draft for the agency's
Bank Rating Criteria.
The exposure draft published on December 12, 2017 introduces the
use of '+' or '-' modifiers for the 'ccc' rating category.
However, Fitch believes the bank's standalone creditworthiness
could improve or deteriorate beyond the new modifier rating
levels, depending on its ability to meet its stated goals to
restore capital to satisfactory levels. Fitch believes that an
upward VR movement by at least one notch (including to a higher
rating category) is more probable than a downgrade by one notch
or to 'f', in light of the progress seen thus far.
KEY RATING DRIVERS
VIABILITY RATING
IDBI Bank's VR continues to reflect a high degree of fundamental
credit risk - its Fitch Core Capital ratio is weak and the stock
of NPLs is rising. However, the risks have not increased
materially since Fitch last review in May 2017. The bank's gross
NPL ratio is starting to stabilise while there has been some
progress in non-core asset sales. The bank says the asset sales
have generated INR14 billion in capital gains in the first and
second quarters of the financial year ending 31 March 2018
(FY18), which is equivalent to three-fourths of the INR18.6
billion of fresh capital injected by the state in August 2017.
The bank aims to raise INR50 billion via asset sales in FY18.
Reaching that target will be crucial for the bank as the capital
gains will help to make up for narrowing net interest margins,
provide a buffer against high credit costs, and assist its
efforts to improve its capitalisation. It will also determine the
amount of additional capital support the bank may receive under
the government's USD32 billion recapitalisation programme for
state-owned banks.
Fitch expects to have a better understanding of the amount, form
and timing of any capital injection by the government into IDBI
Bank by early 2018. Additional capital support from the
government will complement the efforts of the bank and Fitch
would include it in assessing the bank's overall
creditworthiness. In the event IDBI Bank is unable to generate
adequate resources of its own, the bank's viability would be
reassessed, including whether any government support at that
stage could be seen as extraordinary.
IDBI Bank reported a net loss in 1HFY18 with annualised ROA of -
0.6%, following losses in FY17 and FY16. However, the net loss
narrowed by around 80% in 2QFY18 from a quarter earlier. IDBI
Bank's core equity Tier 1 (CET1; including capital conservation
buffer) ratio improved to 6.56% in 1HFY18, from 5.64% in FY17,
due to balance-sheet consolidation, slowing losses, and external
capital support of INR3.9 billion from state-owned Life Insurance
Corporation of India in June 2017 and INR18.6 billion from the
state in August 2017. However, if the external capital injections
are excluded, the CET1 ratio is very close to the minimum of 5.5%
that banks need to meet to avoid mandatory loss absorption on
their Additional Tier 1 instruments.
The amount of additional NPLs has been shrinking in the last two
quarters, but IDBI Bank's gross NPL ratio of around 25% is still
the weakest among state-owned banks. The management expects asset
quality to stabilise, but Fitch believe that its current stock of
NPLs would continue to exert significant pressure on earnings
because of a modest specific loan-loss cover of around 43%. The
bank could post further losses unless it is able to generate
capital gains at steady intervals through the sale of assets.
Notwithstanding these issues, funding has been relatively stable,
mainly because the bank benefits from state ownership while
growth opportunities are also limited.
RATING SENSITIVITIES
VIABILITY RATING
The Viability Rating is sensitive to IDBI Bank's ability to more
permanently address its capital position. In particular, if the
bank is less able to raise a significant portion of its capital
needs, independent of the government, for example via an equity
stake sale, deleveraging its balance sheet or through asset
sales, Fitch will likely downgrade the VR, potentially to 'f'.
Conversely, significant capital generation by the bank, coupled
with government support (in its capacity as a shareholder), would
be viewed as positive for IDBI Bank's standalone
creditworthiness, in which case Fitch may upgrade the VR by at
least one notch and even into the next rating category.
Fitch plans to resolve the Rating Watch Evolving after reviewing
IDBI Bank's full-year financial results for FY18 or once details
of fresh capital injection plans for IDBI Bank are finalised
under the government's recapitalisation plans (which would also
likely take into consideration all remedial actions taken by the
bank itself), whichever is earlier.
IDBI Bank's other ratings are unaffected by this action and are:
- Long-Term IDR at 'BB+; Outlook Stable
- Short-Term IDR at 'B'
- Support Rating at '3'
- Support Rating Floor at 'BB+'
- Rating on USD5 billion medium-term note programme at 'BB+'
- Ratings on USD2 billion senior unsecured notes under the MTN
programme at 'BB+'
INA INDIA: CRISIL Lowers Rating on INR20MM Cash Loan to 'D'
-----------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank loan
facilities of INA India Limited (INA) to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'. The downgrade reflects the delays
in term debt servicing, caused primarily by stretch in working
capital cycle, further aggravated by a weak liquidity position
characterized by near-full utilization of fund-based working
capital limits.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 10 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Fund- 12.5 CRISIL D (Downgraded from
Based Bank Limits 'CRISIL BB-/Stable')
Term Loan 7.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Key Rating Drivers & Detailed Description
Weakness
* Delays in debt servicing and weak liquidity: INA delayed on the
servicing of its term debt obligations due to stretch in working
capital cycle. It has weak liquidity position as seen in near-
full utilization of fund-based working capital limits.
* Weak financial risk profile: INA's financial risk profile is
weak marked by a small net worth of INR7.5 crore, high gearing of
3.81 times as on March 31, 2017. INA's gearing has been high over
the past three years on account of the debt-funded capex
programme undertaken by the company. The debt protection metrics
are below average marked by interest coverage of around 1.6 times
and net cash accruals to total debt of 9 per cent for 2016-17.
Strength
* Promoters' extensive industry experience: The extensive
experience of promoters has enabled the company to establish
relationships with its customers and suppliers, thereby resulting
in a regular order flow and consistent supply.
INA was incorporated in 1997, by promoter, Mr. Neeraj Chhabra and
his family. The Bengaluru-based company manufactures methanol-
based organic chemicals, and formaldehyde and its derivative,
amino resin.
INDUSTRIAL ENGINEERING: CRISIL Reaffirms B+ Rating on INR3MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the bank facilities
Industrial Engineering Corporation (IEC) at 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL A4 (Reaffirmed)
Cash Credit 3 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the modest scale of operations in
the intensely competitive industry and customer concentration
risk. These weaknesses are partially offset by the extensive
experience of promoters, and their strong relationships with
customers and suppliers.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Revenue of INR17.1 crore in fiscal
2017 and networth of INR2.1 crore as on March 31 2017, indicate
the scale of operations, which may remain modest over the medium
term.
* Customer concentration risk: The top three customers, Bharat
Petroleum Corporation Ltd (BPCL), Hindustan Organic Chemicals Ltd
(HOCL) and Hindustan Insecticides Ltd (HIL) contribute to almost
60% of revenue, thereby leading to high customer concentration
risk.
Strength
* Extensive experience of the promoters: The nearly two decade-
long presence of the promoters in the steel products business,
and their strong relationships with customers and suppliers, will
continue to support the business risk profile.
Outlook: Stable
CRISIL believes IEC will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if a significant growth in revenue and or
profitability, strengthens the financial risk profile. The
outlook may be revised to 'Negative' if a significant decline in
revenue or profitability, stretch in the working capital cycle,
or sizeable, debt-funded capital expenditure, weakens financial
risk profile.
Established in 1997, IEC manufactures and sells a wide range of
mild-steel drums and barrels. Operations of the Kochi (Kerala)-
based firm, are managed by Mr. Biju Nair.
KAMDHENU ENTERPRISE: CARE Assigns B+ Rating to INR24cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kamdhenu Enterprise (KDE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 24.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of KDE is constrained
on account of implementation and stabilization risk associated
with ongoing debt funded project, lack of prior experience of
partners in the milk processing industry along with its
partnership nature of its constitution. The rating, however,
derives strength from the linkage of KDE with the established
market player "AMUL" and operating model assuring minimum revenue
generation.
The ability of KDE to successfully commission the ongoing capex
and commence commercial operations within the envisaged time and
cost parameters will be the key rating sensitivity. Furthermore,
achieving envisaged level of sales and profitability would also
remain the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project implementation and stabilization risk: KDE is currently
implementing greenfield project for processing and packaging of
dairy products such as milk, curd, buttermilk and ghee from its
facilities located in Porbandar (Gujarat). While the total cost
of project is envisaged at INR42 crore, with the given funding
mix, the project gearing stood at 2.50 times. The trial run as
well as commercial production is envisaged to commence from
January 2018. Thus, post project implementation risk towards
quick stabilization of the operations and to achieve the
envisaged scale of business persists.
Lack of prior experience of the partners in the milk processing
industry along with partnership nature of its constitution: KDE
is promoted by Mr. Dilip Odedara and Mr. Vinod Soni who have no
prior experience in the milk processing industry. However, they
carry more than 2 decades of experience in diversified businesses
like agriculture, pharmaceutical etc. Further, the constitution
as a partnership firm restricts KDE's overall financial
flexibility as there is inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of partner.
Key Rating Strengths
Linkage with established market player i.e. "AMUL" and operating
model assuring minimum revenue generation: KDE will purchase its
key raw material, i.e. raw milk from Porbandar District Co-
operative Milk Producers' Union Limited, "Sudama Dairy" for
getting their raw milk processed and packed in pouches on a job
work basis with an objective of marketing their milk under the
brand name of "AMUL", which is the largest and renowned dairy
product marketing organization of India owned by Gujarat Co-
operative Milk Marketing Federation Limited (GCMMF). Furthermore,
as per the agreement between KDE and Porbandar District Co-
operative Milk Producers' Union Limited, KDE will receive minimum
commission for processing raw milk, irrespective of the quantity
of milk supplied for processing, to KDE.
Porbandar-based (Gujarat) KDE was established in October 2015 by
Mr. Dilip Odedara and Mr. Masri Karavadra in equal profit sharing
ratio. However, the partnership deed was modified in April, 2016
under which Mr. Masri Karavadra retired and Mr. Vinod Soni was
admitted as a new partner. The unit is set up for processing and
packaging of dairy products such as milk, curd, buttermilk and
ghee with a proposed installed capacity per day of around
2,00,000 litre of milk, 10,000 litre of curd, 50,000 litre of
buttermilk and 4,500 kg. of ghee from its facilities located in
Porbandar (Gujarat).
The total project cost is estimated at INR42 crore, which is to
be funded with a proposed debt-equity mix of 2.50 times. The
commercial production is envisaged to commence from January,
2018.
While, KDE will purchase its key raw material, i.e. raw milk from
Porbandar District Co-operative Milk Producers' Union Limited,
"Sudama Dairy" which is registered under Gujarat Co-operative
Societies Act, for getting their raw milk processed and packed in
pouches on a job work basis with an objective of marketing their
milk under the brand name of "AMUL" which is owned by Gujarat Co-
operative Milk Marketing Federation Limited (GCMMF). The
agreement between KDE and "Sudama Dairy" is for 20 years and KDE
will receive per litre commission for processing and packaging
from "Sudama Dairy".
KNM TRADERS: CRISIL Assigns B Rating to INR7.9MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of KNM Traders (KNM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/
Overdraft facility 2.1 CRISIL B/Stable
Proposed Cash
Credit Limit 7.9 CRISIL B/Stable
The rating reflects the firm's below-average financial risk
profile high gearing and modest networth and small scale of
operations in a highly competitive industry. These weaknesses are
partially offset by proprietor's extensive experience and
established customer and supplier relationship.
Key Rating Drivers & Detailed Description
Weaknesses:
* Below-average financial risk profile: Financial risk profile
remains below average as indicated in high gearing which stood at
9.94 times and a small networth of around 40 lakhs as on 31st
March 2017. Capital withdrawals have led too low networth and
deterioration in gearing in past 3 years through 2017.
* Small scale of operations: With revenue of INR11.90 crore for
fiscal 2017, scale remains modest due intense competition in the
agricultural commodity industry that has low entry barrier. Also,
the firm primarily trades in tamarind fruits, which are seasonal
and hence restrict significant ramp up in scale.
Strengths:
* Extensive experience of the promoters: The promoter, Mr. K
Reddy Vara Prasad has been in agri-commodity business for the
past 12 years. Promoter's long-standing experience has led to
established relations with many distributors/retailers which has
led to consistent order flow.
Outlook: Stable
CRISIL believes KNM will benefit over the medium term from its
proprietor's experience in the agricultural commodities industry.
The outlook may be revised to 'Positive' if ramp up in operations
leads to higher-than-expected cash accrual and hence improved
capital structure, most likely due to fresh capital infusion. The
outlook may be revised to 'Negative' if substantially low accrual
or deterioration in working capital management significantly
weakens financial risk profile, particularly liquidity.
Set up in 2014 in Chitoor, Andhra Pradesh, as a proprietorship
firm by Mr. K Reddy Vara Prasad, KNM trades in tamarind fruits.
Since tamarind is seasonal, the firm stocks it in a cold storage,
to be sold throughout the year.
KUMAR DRINKS: CRISIL Withdraws B Rating on INR7MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has been consistently following up with Kumar
Drinks (KD) for obtaining information through letters and emails
dated Feb. 6, 2017, and March 22, 2017 among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Withdrawal)
Proposed Long Term 1 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating
Withdrawal)
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 KD. 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
the firm is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information'
corresponding to CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of KD
continues to be 'CRISIL B/Stable; Issuer not cooperating'
CRISIL has withdrawn its rating on the bank facilities of KD at
the company's request and receipt of no dues certificate from
Punjab National Bank. The rating action is in line with CRISIL's
policy on withdrawal of its bank loan ratings.
KD is a partnership firm started in 2006 by Mr. Mukesh Kumar Garg
along with his wife. The firm is into dealership of ITC Limited
for FMCG (Fast Movable Consumer Goods) products (Muzaffarnagar,
U.P.), BSNL (Bharat Sanchar Nigam Limited) for SIM cards and
recharge vouchers in Muzaffarnagar, Haridwar and Dehradun (both
in Uttarakhand), and C&F agent for Hindustan Coca Cola Beverages
Pvt Ltd for soft drinks (Muzaffarnagar). For ITC and Coca Cola,
Muzaffarnagar is divided into two parts, with one authorised
dealer in each. Firm has dealership for one part and caters to
retail stores in the area. For BSNL SIM cards, recharge vouchers
and mobile recharge firm caters to retail shops in Muzaffarnagar,
Haridwar and Dehradun.
LAKHANI ARMAAN: CRISIL Reaffirms D Rating on INR6.5MM Loan
----------------------------------------------------------
CRISIL rating on bank facilities of Lakhani Armaan Shoes Private
Limited (LASPL; part of the Lakhani Group) continue to reflect
delays in meeting debt obligation on account of weak liquidity
following working capital-intensive operations and the resultant
high bank limit utilisation. However, the group benefits from the
extensive experience of its promoters and established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Purchase-
Discounting Facility 5 CRISIL D (Reaffirmed)
Cash Credit 6.5 CRISIL D (Reaffirmed)
Letter of Credit 8.5 CRISIL D (Reaffirmed)
Term Loan 4.51 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of LASPL, Lakhani Footwear Pvt Ltd,
Lakhani Shoes and Apparels Pvt Ltd, Lakhani Rubber Products Pvt
Ltd, Mascot Footcare, and Lakhani Rubber Works. This is because
these entities, collectively referred to as the Lakhani group,
are in the same business, and have common promoters, senior
management, procurement, marketing, and finance functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity marked by delays
in debt servicing and high bank limit utilisation-remains
stretched on account of large working capital requirement mainly
for stocking inventory. Incremental stocking requirement is
partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
LAKHANI FOOTWEAR: CRISIL Reaffirms D Rating on INR59.31MM Loan
--------------------------------------------------------------
CRISIL's rating on bank facilities of Lakhani Footwear Private
Limited (LFPL; part of the Lakhani Group) continue to reflect
delays in meeting debt obligation on account of weak liquidity
following working capital-intensive operations and the resultant
high bank limit utilisation. However, the group benefits from the
extensive experience of its promoters and established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Purchase-
Discounting Facility 15 CRISIL D (Reaffirmed)
Cash Credit 59.31 CRISIL D (Reaffirmed)
Letter of Credit 27 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4.95 CRISIL D (Reaffirmed)
Term Loan 11.86 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, LFPL,
Lakhani Shoes and Apparels Pvt Ltd, Lakhani Rubber Products Pvt
Ltd, Mascot Footcare, and Lakhani Rubber Works. This is because
these entities, collectively referred to as the Lakhani group,
are in the same business, and have common promoters, senior
management, procurement, marketing, and finance functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity marked by delays
in debt servicing and high bank limit utilisation remains
stretched on account of large working capital requirement mainly
for stocking inventory. Incremental stocking requirement is
partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
LAKHANI RUBBER: CRISIL Reaffirms D Rating on INR15.98MM LT Loan
---------------------------------------------------------------
CRISIL rating on bank facilities of Lakhani Rubber Products
Private Limited (LRPPL; part of the Lakhani Group) continue to
reflect delays in meeting debt obligation on account of weak
liquidity following working capital-intensive operations and the
resultant high bank limit utilisation. However, the group
benefits from the extensive experience of its promoters and
established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Reaffirmed)
Bill Purchase-
Discounting Facility 7.5 CRISIL D (Reaffirmed)
Cash Credit 8.5 CRISIL D (Reaffirmed)
Letter of Credit 10.0 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 15.98 CRISIL D (Reaffirmed)
Term Loan 2.22 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, Lakhani Shoes and Apparels Pvt Ltd, LRPPL,
Mascot Footcare, and Lakhani Rubber Works. This is because these
entities, collectively referred to as the Lakhani group, are in
the same business, and have common promoters, senior management,
procurement, marketing, and finance functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity marked by delays
in debt servicing and high bank limit utilisation - remains
stretched on account of large working capital requirement mainly
for stocking inventory. Incremental stocking requirement is
partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
LAKHANI RUBBER WORKS: CRISIL Reaffirms D Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL rating on bank facilities of Lakhani Rubber Works (LRW;
part of the Lakhani Group) continue to reflect delays in meeting
debt obligation on account of weak liquidity following working
capital-intensive operations and the resultant high bank limit
utilisation. However, the group benefits from the extensive
experience of its promoters and established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Reaffirmed)
Bill Purchase-
Discounting Facility 6 CRISIL D (Reaffirmed)
Cash Credit 8.5 CRISIL D (Reaffirmed)
Letter of Credit 10 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5.28 CRISIL D (Reaffirmed)
Term Loan 1.37 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, Lakhani Shoes and Apparels Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot Footcare, and LRW. This is
because these entities, collectively referred to as the Lakhani
group, are in the same business, and have common promoters,
senior management, procurement, marketing, and finance functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity marked by delays
in debt servicing and high bank limit utilization remains
stretched on account of large working capital requirement mainly
for stocking inventory. Incremental stocking requirement is
partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
LAKHANI SHOES: CRISIL Reaffirms 'D' Rating on INR25MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on bank facilities of Lakhani Shoes and Apparels
Private Limited (LSAPL; part of the Lakhani group) continue to
reflect delays in meeting debt obligation on account of weak
liquidity following working capital-intensive operations and the
resultant high bank limit utilisation. However, the group
benefits from the extensive experience of its promoters and
established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL D (Reaffirmed)
Cash Credit 25.0 CRISIL D (Reaffirmed)
Letter of Credit 17.95 CRISIL D (Reaffirmed)
Earlier on August 14, 2017, CRISIL had downgraded its ratings on
LSAPL to 'CRISIL D/CRISIL D' from 'CRISIL C/CRISIL A4'
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, LSAPL, Lakhani Rubber Products Pvt Ltd, Mascot
Footcare, and Lakhani Rubber Works. This is because these
entities, collectively referred to as the Lakhani group, are in
the same business, and have common promoters, senior management,
procurement, marketing, and finance functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity - marked by
delays in debt servicing and high bank limit utilisation--remains
stretched on account of large working capital requirement mainly
for stocking inventory. Incremental stocking requirement is
partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
MASCOT FOOTCARE: CRISIL Reaffirms D Rating on INR10MM Loan
----------------------------------------------------------
CRISIL ratings on bank facilities of Mascot FootCare (Mascot;
part of the Lakhani Group) continue to reflect delays in meeting
debt obligation on account of weak liquidity following working
capital-intensive operations and the resultant high bank limit
utilisation. However, the group benefits from the extensive
experience of its promoters and established brands.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Reaffirmed)
Bill Purchase-
Discounting Facility 10 CRISIL D (Reaffirmed)
Cash Credit 8.5 CRISIL D (Reaffirmed)
Letter of Credit 7.5 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 8.36 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Lakhani Armaan Shoes Pvt Ltd, Lakhani
Footwear Pvt Ltd, Lakhani Shoes and Apparels Pvt Ltd, Lakhani
Rubber Products Pvt Ltd, Mascot, and Lakhani Rubber Works. This
is because these entities, collectively referred to as the
Lakhani group, are in the same business, and have common
promoters, senior management, procurement, marketing, and finance
functions.
Key Rating Drivers & Detailed Description
Weakness
* Delays on account of weak liquidity: Liquidity - marked by
delays in debt servicing and high bank limit utilization -
remains stretched on account of large working capital requirement
mainly for stocking inventory. Incremental stocking requirement
is partly funded by stretching creditors.
* Large working capital requirement: Operations are working
capital intensive as reflected in high gross current assets of
313 days as on March 31, 2017, due to sizeable inventory.
Financial flexibility is expected to remain constrained over the
medium term due to working capital-intensive operations.
Strengths
* Established position in the footwear industry: The promoters
have been manufacturing footwear, footwear components, and
rubberised automotive components for around four decades. The
group, which began operations by manufacturing hawai chappals,
has gradually diversified into beach slippers, sandals, sports
shoes, canvas shoes, and leather shoes. Business risk profile is
expected to continue to benefit from promoters' experience and
multi-location production facilities.
The Lakhani group operates in the footwear and rubberised
automotive components businesses. Over the past 40 years, the
group has expanded its footwear business and established the
Lakhani brand in India. Between 2006 and 2008, the split between
Mr. K C Lakhani and his younger brother, Mr. P D Lakhani, led to
re-organisation of the business and its assets. Mr. K C Lakhani
renamed his faction of the business as Lakhani Armaan Group, with
production facilities comprising three units in Faridabad
(Haryana), two in Haridwar (Uttarakhand), and one each in Dhar
(Madhya Pradesh) and Noida (Uttar Pradesh).
MELLCON ENGINEERS: CARE Assigns B+ Rating to INR3cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Mellcon Engineers Private Limited (MEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 3.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 3.50 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of MEPL are primarily
constrained by the small scale of operations coupled with low PAT
margin, leveraged capital structure and weak coverage indicators.
The ratings are further constrained by working capital intensive
nature of operations, business risk associated with tender based
orders and competitive nature of industry. The rating, however,
draws comfort from experienced directors.
Going forward; ability of the company to profitably increase its
scale of operations while improving the capital structure and
managing working capital requirements shall be the key rating
sensitivity.
Detailed description of the key rating drivers
Key rating weakness
Small scale of operations coupled with thin PAT margins: The
scale of operations has remained small marked by total operating
income of INR6.13 crore and gross cash accruals of INR0.30 crore
during FY17 (FY refers to the period April 1 to March 31).
Further, the net worth base of the company stood small at INR2.93
crore as on March 31, 2017. The small scale limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.
The profitability margins of the company marked by PBILDT margin
stood moderate though fluctuating for the past three financial
years (FY15-FY17) mainly on account of customized product
manufactured having varied profitability margin. However, PAT
margin continued to remain below 0.50% for the past three
financial years i.e. FY15-FY17 mainly on account high finance and
depreciation cost.
Leveraged capital structure and weak coverage indicators: The
capital structure stood leveraged for the past three balance
sheet dates mainly on account of high reliance on external
borrowings to meet working capital requirements against low net
worth base. The capital structure of the company marked by
overall gearing stood at 2.31x as on March 31, 2017 and showing
deterioration from 2.17x as on March 31, 2016 on account of
higher utilization of working capital limits as on balance sheet
date.
Further, owing to high finance cost due to high debt levels, the
debt service coverage indicators remained weak marked by interest
coverage and total debt to GCA of 1.68x and 22.36x for FY17.
Working capital intensive nature of operations: The operations of
MEPL are working capital intensive marked by an average operating
cycle of 377 days in FY17 mainly on account of high collection
and inventory holding period. The realization generally takes 6-7
months owing to lengthy clearance process attributable to quality
inspections at different levels coupled with procedural delays
relating to billing and its collection. Subsequently, it also led
to inventory as finished goods for around a month. The company
manufactures customized product which led to high raw material
inventory. Besides this, the company mainly maintains inventory
for smooth functioning of its manufacturing process. Further, the
company has work in progress inventory owing to lengthy
manufacturing process as manufacturing period varies up to 8
months depends upon nature of product manufactured. The same
resulted into high average inventory holding period of 259 days
for FY17. The company normally receives payable period of around
two months from its suppliers resulting in average creditor
period of 71 days for FY17. The average working capital limits
of the company remained almost fully utilized for past 12 months
ended October, 2017.
Business risk associated with tender-based orders: MEPL majorly
undertakes government/public sector undertakings projects, which
are awarded through the tender-based system. The firm is exposed
to the risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.
Highly competitive nature of industry: MEPL operates in a
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. Further, with
presence of various players, the same limits bargaining power
which exerts pressure on its margins.
Key rating strengths
Experienced directors: The company is currently being managed by
Mr. Rajesh Kalia (managing director) and Mrs. Neena Kalia
(director). Both of them have an experience of more than three
decades in manufacturing of engineering goods through their
association with this entity. Further, there long standing
association in the industry has aided in establishing
relationships with both suppliers and customers.
MEPL was incorporated in 1986 by Mr. Rajesh Kalia and Mrs. Neena
Kalia. It is engaged in manufacturing of compressed air/ gas
dryers, chillers, refrigeration systems, nitrogen plants and gas
generators etc. The manufacturing plant is located in Greater
Noida. The orders that MEPL undertakes majorly constitutes orders
by public sector undertakings. The raw material include are iron
plates, channel, valves, tubes, copper pipes etc. and other
electrical items which are procured domestically from traders and
manufactures.
MIJAN IMEX: CRISIL Lowers Rating on INR15MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Mijan Imex International Private Limited (MIIPL) to
'CRISIL D' from 'CRISIL BB/Positive'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL D (Downgraded from
'CRISIL BB/Positive')
Term Loan 4.5 CRISIL D (Downgraded from
'CRISIL BB/Positive')
The downgrade reflects MIIPL's continuously overdrawn bank limit
and delay in repayment of term loan obligation owing to stretched
working capital cycle.
MIIPL has modest scale of operations and large working capital
requirement. However, the company benefits from the experience of
the promoter.
Key Rating Drivers & Detailed Description
* Overdrawn bank limit and delay in repayment: Large working
capital requirement led to over-utilisation of the bank limit and
delay in repayment of term loan obligation.
Weaknesses
* Modest scale of operations: Modest scale of operations, with
revenue of INR185.1 crore in fiscal 2017, amid intense
competition restricts pricing power with customers and suppliers,
thereby constraining profitability.
* Large working capital requirement: Gross current assets were
124 days as on March 31, 2017, driven by sizeable debtors of 98
days.
Strength
* Experience of promoter: Benefits derived from the promoter's
experience of over a decade and healthy relations with suppliers
and customers should continue to support the business.
MIIPL, incorporated in 2006 as a proprietorship concern by Mr.
Masiar Atiar Rahaman, was reconstituted as a private-limited
company in 2011. The company trades in agro commodities, both in
the domestic and export markets.
R. R. ENGINEERING: CRISIL Assigns B+ Rating to INR7.5MM Loan
------------------------------------------------------------
CRISIL Ratings has assigned rating of 'CRISIL B+/Stable/CRISIL
A4' to the bank facilities of R. R. Engineering Company (RREC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 6 CRISIL A4
Secured Overdraft
Facility 7.5 CRISIL B+/Stable
The rating reflects its modest scale - and working capital
intensive nature- of operations in the intensely civil
construction segment. These rating weaknesses are partially
offset by the benefits it derives from the extensive industry
experience of promoters and its moderate financial risk profile,
marked by a moderate gearing, moderate debt protection metrics
and networth.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: RREC has modest scale of operations
as reflected by its revenues of around INR14 crores during 2016-
17 (refers to the financial year April 1 to March 31). RREC's
scale of operation has remained subdued on account of increasing
competition from other new players in the market.
* Large working capital management: RREC has large working
capital management as reflected in its gross current asset (GCA)
days of 351 days as on March, 2017 due to high debtor and
inventory days of 169 days and 166 days, respectively.
Strengths
* Promoter's extensive experience: RREC's promoters have a long
standing experience in the civil construction industry. The
promoter has been in the business of civil construction for more
than 2 decades. The firm is promoted by Mr. Mr.Srinivas Y, who
started civil contracting work in 1997.
* Moderate financial risk profile: RREC's financial risk profile
is marked by moderate gearing, moderate networth and debt
protection metrics. RREC has gearing of 0.6 times and networth of
INR8.7 crores as on March, 2017. The debt protection metrics are
modest with Net cash accruals to total debt (NCATD) and interest
coverage ratio at 0.02 times and 3.7 times, respectively for
2016-17.
Outlook: Stable
CRISIL believes that RREC will continue to benefit over the
medium term from its promoter's extensive experience in the civil
construction industry. The outlook may be revised to 'Positive'
if the firm significantly scales up its operations, while it
maintains its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' if RREC's financial risk
profile weakens, particularly its liquidity, because of larger-
than-expected working capital requirements or decline in its cash
accruals, or if it undertakes a large debt funded capital
expenditure programme.
Established as a partnership firm in 1997, RREC undertakes
projects in civil construction, primarily buildings construction,
for private parties and government agencies along with other
mechanical engineering works. Based in Vizag (AP), RREC is
promoted by its managing partner - Mr.Srinivas Y.
RADHARANI HIMGHAR: CRISIL Reaffirms B- Rating on INR3.5MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable/CRISIL A4'
ratings on the bank facilities of Radharani Himghar Pvt Ltd
(RHPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.18 CRISIL A4 (Reaffirmed)
Cash Credit 3.50 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.86 CRISIL B-/Stable (Reaffirmed)
Term Loan 2.28 CRISIL B-/Stable (Reaffirmed)
Working Capital
Facility 1.18 CRISIL B-/Stable (Reaffirmed)
The ratings continue to reflect RHPL's vulnerability to delayed
payments by farmers, regulatory changes, and intense competition.
The rating also factors in a weak financial risk profile. These
weaknesses are partially offset by the experience of the
promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Vulnerability to delay in payments by farmers: As part of the
Government of West Bengal's initiative to support agriculture,
banks extend financial assistance to farmers for storing produce
in private cold storages, against pledge of cold-storage
receipts. Cold storages obtain loans from banks on behalf of
farmers and traders. However, primary responsibility to repay
bank loan lies with cold storages. During adverse market trends
and decline in potato prices, farmers do not find it profitable
to pay rental and interest charges along with loan repayment and
hence do not retrieve potatoes from cold storages. Hence,
operating margin is impacted by defaults by farmers.
* Susceptibility to regulatory changes and intense competition:
The potato cold storage industry in West Bengal is regulated by
the West Bengal Cold Storage Association. Furthermore, the
segment is competitive with 400 cold storages in the state, which
constrain the bargaining power of players, who have to offer
discounts to ensure healthy utilisation of capacities.
* Weak financial risk profile: Networth remained modest at
INR2.03 crore as on March 31, 2017, while gearing was high at
around 3 times. Net cash accrual to total debt and interest
coverage ratios were also weak at 0.11 time and 2.68 times,
respectively, in fiscal 2017.
Strength
* Experience of promoters: Benefits from the promoters'
experience of more than 2 decades and healthy relations with
traders and farmers should continue to support the business.
Outlook: Stable
CRISIL believes RHPL will continue to benefit from the experience
of the promoters. The outlook may be revised to 'Positive' if
scale of operations and cash accrual increase substantially with
efficient management of farmers' financing. Conversely, the
outlook may be revised to 'Negative' if delays in repayment by
farmers, low cash accrual, or any debt-funded capital expenditure
weakens liquidity.
RHPL was incorporated in 1987 to provide cold storage facility to
the potato farmers and traders. The company, based in Deshra
(Bankura), commenced commercial operations in 1989. Mr.
Samudraneel Roy and family are the promoters.
RAINBOW TRACTORS: CRISIL Reaffirms B+ Rating on INR3.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on
the long-term bank facility of Rainbow Tractors (RT).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the modest scale of operations,
and average financial risk profile marked by modest net worth,
high total outside liabilities to total net worth (TOLTNW) ratio
and moderate debt protection metrics. These weaknesses are
partially offset by extensive experience of the promoters in the
auto dealership business.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation: Revenue of INR29 crore in fiscal
2017 reflects the modest scale of operations.
* Average financial risk profile: Financial risk profile is
marked by modest networth and high total outside liabilities to
tangible networth ratio of INR2.3 crore and 3.8 times,
respectively, as on March 31, 2017, and moderate debt protection
metrics (interest coverage ratio of 1.9 times for fiscal 2017).
Strength
* Extensive experience of the promoters: The two decade-long
experience of the promoters in the auto dealership business, and
longstanding relationships with principals, will continue to
support the business risk profile.
Outlook: Stable
CRISIL believes RT will maintain its established market position,
in the auto dealership business, as a dealer of tractors
manufactured by Mahindra & Mahindra Ltd in Nanded (Maharashtra).
The outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, and a stable working capital cycle,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' if a decline in operating margin, increase
in working capital debt, or any large, debt-funded capital
expenditure, weakens the financial risk profile, particularly
liquidity.
RT was set up in 1998, as a partnership firm in Nanded. The firm
is an authorised dealer of M&M tractors and spare parts.
Operations are managed by the partner, Mr. Abdul Waheed.
RANA OIL: CARE Revises Long-Term Rating to CARE B/Stable
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Rana Oil Industries (ROI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE B; Stable (Revised
Facilities from CARE B; Issuer not
co-operating)
In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
ROI and in line with the extant SEBI guidelines, CARE revised the
rating of bank facilities of the firm to CARE B; ISSUER NOT
COOPERATING. However, the firm has now submitted the requisite
information to CARE. CARE has carried out a full review of the
rating and the rating stands at 'CARE B; Stable'.
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Rana Oil Industries
(ROI) continues to be tempered by small scale of operations
coupled with low profitability margins, weak solvency position
and working capital intensive nature of operations. The rating
also factors in the risk associated with seasonality and
fragmented nature of the industry, susceptibility to government
policies related to price and export of cotton and constitution
of entity as a partnership firm limiting financial flexibility in
times of stress.
The rating, however, derives strength from experience of the
partners along with long operational track record of the firm,
integrated business model and locational advantage emanating from
proximity to the raw material.
The ability of the firm to increase its scale of operations with
improvement in profitability and solvency position along with
efficient management of working capital requirement are the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small and fluctuating scale of operations and low profitability:
The operations of the firm remained small and fluctuating in the
last three financial years with total operating income of
INR49.74 crore in FY17 and low net-worth base of INR5.46 crore as
on
March 31, 2017 thus limiting financial flexibility of the entity
in times of stress. Furthermore, the profitability of the entity
remained thin owing to limited value addition nature of business
and high competition.
Weak capital structure and debt coverage indicators: The capital
structure of the entity remained weak owing to increased reliance
on external borrowings to support the operations. Moreover with
low profitability and high debt profile, the debt coverage
indicators of entity continued to remain weak.
Working capital intensive nature of operations: Operations of the
firm remained working capital intensive with high gross current
asset days of 153 days with funds blocked in inventory owing to
seasonality associated with availability of raw material. As the
entity has to maintain higher inventory, the working capital
requirements of the entity are met by the cash credit availed by
the utilization of which remained high.
Vulnerability to fluctuations in prices of agro-based input
material which is seasonal in nature and highly fragmented
industry: Operation of cotton business is highly seasonal in
nature, as the sowing season is from March to July and the
harvesting season is spread from November to February.
Furthermore, the cotton industry is highly fragmented with large
number (approx 80%) of players operating in the unorganized
sector. Hence, ROI faces stiff competition from other players
operating in the same industry, which further result in its low
bargaining power against its customers.
Susceptibility to government policies related to price and export
of cotton: The price of raw cotton in India is regulated through
function of MSP by the government. The prices of the same are
highly volatile, exposing the margins to raw material price
fluctuation risk due to factors like area under production, yield
for the year, international demand-supply scenario, export quota
decided by government and inventory carried forward from previous
year.
Partnership nature of constitution: Being a partnership firm, ROI
is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to
limited growth potential.
Key Rating Strengths
Satisfactory experience of partners: ROI is promoted by by four
partners Mr. Hasam ali Karani, Mr. Naushad Karani, Mr. Husain ali
Karani and Ms. Mallika Karani. The partners have an average
experience of more than three and a half decade in cotton ginning
& pressing along with oil extraction. Mr. Naushad Karani and Ms.
Mallika Karani looks after the operations of the firm.
Location advantage emanating from proximity to raw material: The
manufacturing unit is located in the Vidarbha region of
Maharashtra. The state produces around 21% of total cotton
production of India. Out of the total production of Maharashtra,
65% is contributed by Vidarbha region. Hence, raw material is
available in adequate quantity and also results in lower
logistics expenditure.
Integration into cotton seed oil resulting in zero discharge
plant: ROI is also engaged in cotton seed oil extraction with an
installed capacity of crushing 30,000 quintals of cotton seeds
per annum. The cotton seeds available after the ginning and
pressing process are processed in oil mill to procure cotton oil
and the cotton oil cake is recovered as by product, which is also
sold by the firm. Hence, ROI can be categorized as zero discharge
plant as there is no residue or scrap left after the
manufacturing process.
Rana Oil Industries (ROI) was established as a partnership
concern in the year 1996. The firm is engaged in ginning and
pressing of cotton and extraction of oil from cotton seed. The
ginning and pressing unit and oil extraction unit is located at
Yavatmal, Maharashtra. The plant operates for ten months in a
year (from October to July). It procures the raw material i.e.
raw cotton from the local market and sell its final product i.e.
cotton bales to the customers located in and around Yavatmal.
S S OFFSHORE: Ind-Ra Affirms 'BB' Issuer Rating
-----------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed S S Offshore
Private Limited's (SSOPL) Long-Term Issuer Rating at 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR30 mil. Fund-based working capital limit affirmed with IND
BB/Stable/IND A4+ rating;
-- INR213.9 mil. (increased from INR138.7 mil.) Term loan due on
March 2023 affirmed with IND BB/Stable rating; and
-- INR30 mil. Non-fund-based limit assigned with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects SSOPL's continued small scale of
operations as reflected by a decline in revenue to INR168.9
million in FY17 (FY16: INR194.8 million) due to unfavourable
climatic conditions arising out of prolonged monsoon. Ind-Ra
expects revenue to improve in FY18 as the company has also
included a platform supply vessel in its fleet.
However, the ratings benefit from the company sustained strong
operating profitability and comfortable credit metrics. EBITDA
margin remained stable at 48.8% in FY17 (FY16: 48%). Net
financial leverage (Ind-Ra total adjusted net debt/operating
EBITDA) improved to 1.1x in FY17 (FY16: 1.9x) owing to a decrease
in total debt to INR109.2 million (INR181.6 million) resulting
from the scheduled repayment of existing term loans. However,
EBITDA interest coverage (operating EBITDA/gross interest
expense) deteriorated to 6.5x (11.5x) owing to an increase in
interest expenses to INR12.7 million (INR8.1 million). The
company has undertaken debt-led capex in FY18. However, Ind-Ra
expects the credit metrics to remain comfortable in FY18 as the
impact of the increase in debt on the credit metrics would be
moderated with an increase in the scale of operations.
The ratings also remain supported by SSOPL's comfortable
liquidity position with 20% average peak utilisation of the cash
credit limits during the 12 months ended November 2017.
The ratings continue to derive support from the promoter's
operating experience of more than three decades in the offshore
logistics support industry.
RATING SENSITIVITIES
Positive: A substantial improvement in the revenue while
maintaining the present credit metrics could lead to a positive
rating action.
Negative: Any debt-led capex or margin pressure leading to
deterioration in the credit metrics could lead to a negative
rating action.
COMPANY PROFILE
Established in 2008, SSOPL is engaged in the business of marine
transportation. The company, located in Mumbai, provides crew and
vessels on a contractual basis and operates only for eight months
from October till May.
SAGAR FIBERS: CARE Revises Long-Term Loan Rating to CARE B/Stable
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sagar Fibers Private Limited (SFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 CARE B; Stable Revised
Facilities from CARE B; Issuer not
co-operating
In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the ratings of
SFPL and in line with the extant SEBI guidelines, CARE revised
the rating of bank facilities of the company to CARE B; Issuer
not co-operating (Single B; Issuer not co-operating).However, the
company has now submitted the requisite information to CARE. CARE
has carried out a full review of the rating and rating stands at
CARE B; Stable (Single B; Outlook: Stable).
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SFPL continues to
be constrained on account of small scale of operations and
moderate profitability margins with low cash accruals, leveraged
capital structure and moderate debt coverage indicators. The
rating also remain tempered due to susceptibility of margins to
fluctuations in cotton prices, working capital intensive nature
of operations due to seasonal nature of business, presence in
fragmented industry with susceptibility to government regulations
and proprietorship nature of constitution.
The rating, however, draws support from the experience of the
promoter and location advantage emanating from proximity to raw
material.
The ability of the company to increase its scale of operations
along with improvement in profitability and capital structure and
efficient management of working capital requirement is the key
rating sensitivities.
Key Rating Weaknesses
Small scale of operation and moderate profitability margins: SFPL
commenced commercial operation in June 29, 2004. Despite being in
the business for more than a decade, the scale of operations has
remained small with low net worth base. Furthermore, the
profitability of the entity remained moderate owing to limited
value addition nature of business and high competition. Moreover,
the margins remained susceptible to fluctuation in input prices
owing to seasonality associated with availability of cotton.
Leveraged capital structure and debt coverage indicators:The
capital structure of the entity remained leveraged with high
utilization of cash credit limit and increase in unsecured loans
to support the operations. Furthermore, owing to high dependence
on debt and low profitability the debt coverage indicators
remained moderate.
Working capital intensive nature of operations: The liquidity
position of the company remained moderate with gross current
asset days of 267 days during FY17. Furthermore, as the raw
material is seasonal in nature; the company needs to maintain
higher inventory. The working capital requirements of the entity
are met by the cash credit facility and the average utilization
of the CC limit was on higher side in the peak season.
Risk associated with seasonality and fragmented nature of
industry: The cotton business is highly seasonal in nature, as
the sowing season is from March to July and the harvesting season
is spread from November to February. Hence, the working capital
utilization is high in the peak season. This results in low
financial flexibility to shield against any adverse situation
during peak period. Furthermore, the cotton industry is highly
fragmented with large number of players operating in the
unorganized sector. As SFPL faces stiff competition from other
players operating in the same industry in the Yawatmal area in
Maharashtra, it results in low bargaining power of SFPL against
its customers.
Key Rating Strengths
Experienced promoters: SFPL is promoted by two promoters Mr.
Jalal Gilani and Mrs. Muniza Gilani. The directors have an
average experience of more than a decade in cotton ginning &
pressing through their association with SFPL and the associate
concern Sara Spintex Private Limited. Being in the industry for
more than a decade has helped the promoter to gain adequate
acumen about the business which will aid in smooth operations of
SFPL.
Locational advantage emanating from proximity to raw material:
The manufacturing facility of SFPL is located at Yavatmal in the
Vidarbha region of Maharashtra. Maharashtra produces around 21%
of total cotton production of India. Out of the total production
of Maharashtra, 65% is contributed by Marathwada region. Hence,
raw material is available in adequate quantity. Furthermore, the
presence of SFPL in cotton producing region also fetches a
location advantage of
Sagar Fibers Private Limited (SFPL) was established as a private
limited company in the year 2004. The company is engaged in
ginning and pressing of cotton. The ginning and pressing unit is
located at Yavatmal, Maharashtra. The plant operates for nine
months in a year (from October to June).
SHIV SHAKTI: Ind-Ra Affirms 'BB+' Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shiv Shakti
Wahan Private Limited's (SSWPL) Long-Term Issuer Rating at 'IND
BB+'. The Outlook is Stable. The instrument-wise rating action
is:
-- INR113.9 mil. (reduced from INR120 mil.) Fund-based limits
affirmed with IND BB+/Stable rating.
KEY RATING DRIVERS
The affirmation reflects SSWPL's sustained moderate credit
profile. Revenue grew to INR1,583 million in FY17 (FY16: INR1,385
million) owing to an increase in sales volume. Gross interest
coverage (EBITDA/gross interest) deteriorated to 3.2x (3.9x) and
net financial leverage (net debt/EBITDA) to 5.8x (4.4x) owing to
a decline in operating EBITDA margin to 2.1% (2.2%). The decline
in the EBITDA margin was on account of an increase in operating
expenses.
The ratings also factor in SSWPL's tight liquidity position as
indicated by 93% average maximum utilisation of the working
capital limits during the 12 months ended November 2017.
The ratings, however, continue to benefit from SSWPL being a
dealer of Mahindra and Mahindra Limited's ('IND AAA'/Stable)
passenger, commercial and three-wheeler vehicles.
RATING SENSITIVITIES
Negative: A decline in the operating profitability resulting in
deterioration in the credit metrics will be negative for the
ratings.
Positive: An increase in the revenue and operating profitability
along with an improvement in the credit metrics will be positive
for the ratings.
COMPANY PROFILE
Incorporated in 2013 in Darbhanga city of Bihar by Suman Kumar,
Saket Kumar, Sitish Kumar and Mithlesh Kumar as directors, SSWPL
is engaged in the trading of Mahindra and Mahindra's cars. It
also provides sales, service and spares facilities.
SHREE GIRDHAR: CRISIL Moves Issuer Rating to 'CRISIL B/Stable'
--------------------------------------------------------------
CRISIL Ratings, due to inadequate information, in line with
Securities and Exchange Board of India guidelines, had migrated
the rating on the long-term bank facility of Shree Girdhar Gopal
Roller Flour Mills Private Limited (SGGRPL) to 'CRISIL B/Stable';
Issuer not cooperating'. However, management has subsequently
started sharing information necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the rating on the company's long-term facility from
'CRISIL B/Stable/Issuer not cooperating' to 'CRISIL B/Stable'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B/Stable (Migrated
from 'CRISIL B/Stable'
Issuer Not Cooperating)
Proposed Long Term
Bank Loan Facility 1.56 CRISIL B/Stable (Migrated
from 'CRISIL B/Stable'
Issuer Not Cooperating)
Term Loan 2.44 CRISIL B/Stable (Migrated
from 'CRISIL B/Stable'
Issuer Not Cooperating)
The rating reflects the modest scale of operations amidst intense
competition in the flour milling business, and the average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations with high geographic concentration
in revenue: Intense competition in the flour milling business,
from a large number of players with small capacities, and limited
value addition in the end-product, have kept the scale of
operations modest, as reflected in revenue of INR27.50 crore in
fiscal 2017.
* Average financial risk profile: Financial risk profile remained
constrained by moderate gearing of 2.27 times as on March 31,
2017, and interest coverage and net cash accrual to debt
protection metrics of 1.8 times and 0.09 time, respectively, in
fiscal 2017.
Strength
* Extensive experience of the promoters: The decade-long
experience of the promoters in the wheat milling business, their
keen grasp over local market dynamics, and strong relationships
with suppliers and customers in the vicinity, will continue to
support the business risk profile.
Outlook: Stable
CRISIL believes SGGRPL will continue to benefit from the
considerable industry experience of its promoters. The outlook
may be revised to 'Positive' if an improvement in revenue and
cash accrual, strengthens the capital structure and improves
liquidity. The outlook may be revised to 'Negative' in case of a
stretch in the working capital cycle, decline in profitability,
or a large debt-funded capital expenditure, weakening the
financial risk profile, particularly liquidity.
SGGRPL, established in 2010, by Mr. Gaurav Agarwal, Mr. Raj Kumar
Gupta and Mr. Manish Gupta, manufactures wheat products such as
atta, maida, suji, choker and besan. The facility is located at
Hardoi (Uttar Pradesh).
SOUTH INDIA: CRISIL Assigns B+ Rating to INR10MM Proposed Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
proposed long-term bank loan facility of South India Finvest
Private Limited (SIFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The rating reflects the company's small scale of operations with
short track record, and exposure to risks inherent in the
microfinance business. These weaknesses are partially offset by
adequate capitalisation.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with short track record: SIFPL
started growing its portfolio only recently, after its current
promoters took over operations in May 2017. The company has
increased its portfolio considerably in a short period of time,
to INR6.6 crore as on September 30, 2017, from INR0.4 crore as on
March 31, 2017. However, its scale remains small, and operations
confined to Coimbatore, Erode, and Tiruppur in Tamil Nadu.
* Exposure to risks inherent in the microfinance segment: The
microfinance sector is susceptible to regulatory and legislative
risks. The promulgation of the ordinance on microfinance
institutions (MFIs) by the Andhra Pradesh government demonstrated
the vulnerability of MFIs to regulatory and legislative risks,
and triggered a chain of events that adversely impacted the
business model by impairing growth, asset quality, operating
surplus, and solvency. Such institutions lend to the poor and
downtrodden sections of society, and will therefore remain
exposed to socially sensitive factors, including high interest
rates, and consequently, to tighter regulations and legislation.
Strength
* Adequate capitalization: The company is adequately capitalised
as indicated by networth of INR5.5 crore and gearing of 0.6 time
as on September 30, 2017. The promoters intend to infuse INR5
crore by March 31, 2018. They have extended unsecured loan of
INR3 crore as on September 30, 2017.
Outlook: Stable
CRISIL believes SIFPL's scale of operations will remain modest
and regionally concentrated over the medium term, and its asset
quality will remain vulnerable on account of the weak credit risk
profiles of its borrowers. The outlook may be revised to
'Positive' if there is significant improvement in market position
and earnings. The outlook may be revised to 'Negative' if the
asset quality deteriorates significantly, constraining the
financial risk profile.
SIFPL is a non-deposit-taking, non-banking financial company,
incorporated in 1998 and licensed by the Reserve Bank of India.
The company was taken over in May 2017 by Mr. Natarajan R and Mr.
Senthil Kumar, with ownership of 76% and 24%, respectively. The
company has 4 branches in west Tamil Nadu. It extends
microfinance loans to women borrowers for 12-15 months.
The company had a profit of INR5 lakh and total income INR55 lakh
for the half year ended September 30, 2017.
SRI BALAJI: CARE Assigns B Rating to INR10.40cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Balaji Tech (SBT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.40 CARE B; Stable Assigned
Long-term/Short 2.00 CARE B; Stable/CARE A4
term Bank Facilities Assigned
Short-term Bank
Facilities 1.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SBT are primarily
tempered by small size of operations along with fluctuating
profitability margins, leveraged capital structure and debt
coverage indicators. The rating is further tempered by prevailing
risk of foreign exchange fluctuation, highly fragmented and
competitive business segment due to presence of numerous players
and working capital intensive nature of operations.
However, the ratings derives comfort from vast experience of the
partners in the casting industry, growth in total operating
income, growing demand for alloy based products and diversified
clientele base.
Going forward, the firm's ability to improve its scale of
operations, profitability, capital structure and debt coverage
indicators, efficiently utilizing its working capital
requirements and expansion of its clientele base are the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small size of operations along with fluctuating profitability
margins: The operations of the firm stood small marked by a low
networth base of INR3.16 crore as of March 31, 2017 (Prov.). The
profitability margins of the firm have been fluctuating in line
with the cost of sales. SBT deals predominantly with commodities
like copper, nickel and titanium whose prices keep fluctuating
continually. This leads to fluctuations in the absolute profits.
The PBILDT margin of firm improved and stood at 24.49% as of FY17
(Prov.) as against 21.53% in FY16. The PAT Margin stood moderate
albeit decline at 3.60% in FY17 (Prov.) against 3.88% in FY16.
Leveraged capital structure and debt coverage indicators: The
capital structure of the firm marked by overall gearing stood
leveraged at 4.57x as on March 31, 2017 (Prov.), as against 3.14x
as on March 31, 2016 due to high debt levels on account of
secured term loan borrowing for setting up machinery during FY17.
The total debt/GCA stood stable at 25.33x as of FY17 (Prov.) on
account of increased cash accruals, despite additions in total
debt. The interest coverage ratio stood low during review period
at 1.43x as of FY17 (Prov.) due to increase in interest and
finance charges associated with additional borrowings. The
current ratio of SBT stood above unity at 1.74x as of March 31,
2017 (Prov.) due to comfortable receivables position during FY17.
Prevailing risk of foreign exchange fluctuation: Since the firm
is engaged in international business transaction such as
exporting, fluctuations in the currency value has a significant
impact on the bottom line. When exchange rates take an
unfavorable turn, it results in the firm paying more or receiving
less from its suppliers and customers.
Highly fragmented and competitive business segment due to
presence of numerous players: The firm is engaged into a
fragmented business segment and competitive industry. The market
consists of several small to medium-sized firms that compete with
each other along with several large enterprises. There are
several small sized firms in Tamil Nadu, which compete with SBT.
Working capital intensive nature of operations: Being in the
manufacturing industry, the firm is engaged in a working capital
and labor intensive nature of operations. SBT employs around 40
employees on a permanent basis. The firm procures raw materials
based on the orders received and the materials are tested for
quality before they are processed further. This results in a long
raw material holding period of about 500 days. And post
production the finished products are checked for their quality
and the products that fail the quality test are sent for
recycling until which the inventory is held in the warehouse. The
payments are not received immediately after dispatching the
products from the warehouse. Only after operative results, the
customers make the payment, which generally takes about 500 days.
However this situation is now improving on account of repeat
customers placing orders with one time initial payment, due to
the satisfactory quality of the products. The credit availed from
suppliers are also high on account of the elongated collection
period. Thus the working capital cycle also stood elongated at
621 days as of FY17 (Prov.). The working capital utilization
stood at 100% for the last 12 months ended September 30, 2017.
Key Rating Strengths
Vast experience of the partners in the casting industry: Mr. R.
Sriram has about 18 years of experience in the field. He has been
associated with SBT since his takeover from Mr.Ramanthan and
looks after the production operations. Mr. K. Suresh Kumar has
about two decades of experience. Prior to joining SBT, he was
working with Alekton Pumps since 1991. He also holds a master
degree in Metallurgy and looks after the marketing and sales
operations. Mr. B. Srinivasan became a partner of the entity in
2014, and prior to that he was working as a banker for about 40
years. He looks after the accounting activities of the firm. Also
the firm is ISO 9001:2008 certified by Indian Register Quality
Systems (IRQS).
Growth in total operating income: The total operating income of
the firm increased from INR4.87 crore in FY16 to INR7.80 crore in
FY17 (Prov.) on account of increased amount of order executions.
The firm had received repeat orders from its clients which
resulted in a high operating income. The firm reported a total
operating income and net profit of INR6.78 crore and INR0.18
crore for the last six months ended September 30, 2017.
Growing demand for alloy based products: The firm is engaged in
manufacturing alloy based products like valves, pumps, bushes,
forgings, casted sleeves, flanges and fittings which finds its
application primarily in heavy engineering sectors like ship
building, refineries, chemical process plants etc. The
engineering sector is a growing market. Spending on engineering
services is projected to increase to US$1.1 trillion by 2020,
which is to benefit SBT.
Geographically diversified clientele base: SBT's clientele base
comprises of customers belonging to the Gulf countries (5%), UK
(10%), USA (20%) and the remaining 65% pertains to customers in
India. The firm has executed orders to the Ministry of Defence
and Indian Navy apart from customers like SIGMA Corporation, L&T
Heavy Engineering, L&T Ship Building Limited, Rajendra Steel
Corporation etc.
Sri Balaji Tech (SBT) was established as a proprietorship concern
by Mr. Ramanthan in 1978. Later after the demise of Mr.
Ramanathan, Mr.Sriram took over the concern. Later in the year
1996, Mr. K. Suresh Kumar joined and the entity was reconstituted
as a partnership concern. Presently the firm has three partners
namely, Mr. R. Sriram, Mr. K. Suresh Kumar and Mr. B. Srinivasan
with the profit sharing ratio of 2:4:4 respectively. SBT is into
manufacturing of ferrous and non-ferous based castings and forged
valves and pumps. The raw material is first checked for quality
before processing. The raw material undergoes various stages like
melting, moulding and cutting. Once cycle takes about 45 days
without third party check and 120 days with third party check.
The firm has an installed capacity of 50 tonnes per month as on
October 23, 2017. SBT has its registered office at Ambattur,
Chennai, Tamil Nadu.
SUBHA STORES: CRISIL Assigns 'B' Rating to INR8MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank facilities of Subha Stores (SS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft 2 CRISIL A4
Proposed Long Term
Bank Loan Facility 8 CRISIL B/Stable
The ratings reflect the firm's modest scale of, and working
capital-intensive, operations in the intensely competitive
consumer goods retailing segment, and below-average financial
risk profile marked by weak capital structure and average debt
protection metrics. These weaknesses are partially offset by the
extensive experience of its proprietor.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: SS has modest scale of operations
as indicated by revenues of INR42 crore in fiscal 2017. This is
compounded by intense competition in the retail business that has
numerous small and mid-sized firms.
* Large working capital requirement: Gross current assets were
high at 121 days as on March 31, 2017, on account of large
inventory of over 3 months.
* Below-average financial risk profile: Total outside liabilities
to tangible net worth ratio was high at 8 times as on March 31,
2017, while debt protection metrics were average, with interest
coverage and net cash accrual to total debt ratios of 2.6 times
and 0.05 time, respectively, in fiscal 2017.
Strengths
* Longstanding presence of proprietor: The firm benefits from its
proprietor's experience of over two decades in the retail
industry.
Outlook: Stable
CRISIL believes SS will continue to benefit over the medium term
from proprietor's extensive experience. The outlook may be
revised to 'Positive' if significant improvement in scale of
operations, working capital requirement, and profitability leads
to a better financial risk profile. The outlook may be revised to
'Negative' if increase in working capital requirement or large,
debt-funded capital expenditure further weakens liquidity and
capital structure.
Set up in 1989 as a proprietorship firm by Mr. M Revathy, SS runs
a retail store in Chennai that sells furniture, home appliances,
and garments, among others.
TIRUMALA DALL: CARE Assigns B Rating to INR7cr Long Term Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Tirumala Dall Udyog (TDU), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of TDU is constrained
by small scale of operations with thin profit margins, leveraged
capital structure and weak debt service coverage indicators. The
rating is further constrained by working capital intensive nature
of operations, vulnerability to fluctuation in raw material
prices along with its presence in highly fragmented and regulated
industry and constitution of entity as a proprietorship firm
limiting financial flexibility in times of stress.
The rating however, derives strength from long experience of the
promoter with long track record of operations, locational
advantage emanating from proximity to raw material and support
from group with presence in related businesses.
The ability of the entity to increase its scale of operations
with improvement in profitability and capital structure along
with efficient management of working capital requirement are the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with thin profit margins: The
operations of the entity remained small with total operating
income of INR38.98 crore in FY17 and low networth base of INR1.38
crore as on March 31, 2017 thus limiting financial flexibility of
the entity in times of stress. Moreover, by being in the business
of processing of pulses, entailing low value additions, the
entity's profitability margins stood low.
Leveraged capital structure with weak debt service coverage
indicators: The relatively low net worth base of the entity led
to increased reliance on working capital borrowings and unsecured
loans to support its business operations, hence resulting in
leveraged capital structure. Moreover, with low profitability and
high debt profile, the debt coverage indicators of the entity
remained weak.
Working capital intensive nature of business: Operations of the
entity remained working capital intensive with high gross current
assets of 97 days in FY17 owing to high inventory period. The
working capital requirements are met by the cash credit facility
availed by the entity utilization of which remained high.
Vulnerability to fluctuation in raw material prices: Agro-based
industry is characterized by its seasonality, as it is dependent
on the availability of raw materials, which further varies with
different harvesting periods. Availability and prices of agro
commodities are highly dependent on the climatic conditions.
Adverse climatic conditions can affect their availability and
lead to volatility in raw material prices.
Presence in highly fragmented and regulated industry: The
competitive nature of agro-product processing industry due to low
entry barriers, high fragmentation and the presence of a large
number of players in the organized and unorganized sector
translate in inherent thin profitability margins. Further, the
raw material prices are regulated by government to safeguard the
interest of farmers, which in turn limits the bargaining power of
the millers.
Constitution as a proprietorship firm limiting financial
flexibility: TDU, being a proprietorship concern, is exposed to
inherent risk of proprietor's capital being withdrawn at times of
personal contingency and limited ability to raise capital.
Moreover, poor succession planning may result in dissolution of
firm.
Key Rating Strengths
Experienced proprietor with long track record of operations: TDU
is currently managed by Mrs. Vijayalaxmi Bholla. She is well-
versed with the intricacies of the business on the back of about
one and a half decades of experience in agro based industries
through the associate concerns. She looks after the overall
function of the firm and is ably supported by a team of qualified
professionals. Long experience of the proprietor has supported
the business risk profile of the entity to a large extent.
Further, the firm is in the business since past one and a half
decade, which resulted in establishing good relationship with its
customers and suppliers.
Locational advantage emanating from proximity to raw material:
TDU's unit has close proximity to local grain markets of Nagpur,
major raw material procurement destinations for the entity.
Furthermore, the plant is having good transportation facilities
and other requirements like good supply of power, water etc.
Accordingly, TDU has locational advantage in terms of proximity
to raw material and connectivity.
Support from group with presence in related businesses: The firm
belongs to a group of seven entities managed by Mr.Ramanrao
Bholla and Mrs. Vijayalaxmi Bholla. Furthermore, TDU benefits
from the marketing and distribution network of its various group
entities and extensive experience and established relations of
its proprietors.
Nagpur based, Tirumala Dall Udyog (TDU) was established in
March 27, 2003 and is promoted by Mr Mrs. Vijayalaxmi Bholla. TDU
is engaged in processing of pulses (chana dal and daliya) with
its processing facility located at Nagpur, Maharashtra. Apart
from this, the entity is also into trading of food grains (around
10-15% of total operating income).
The entity procures the raw material from farmers during the peak
season while during the off season it procures raw material from
domestic suppliers based in Nagpur, Chikli, etc. and further
sells the finished products in the domestic market.
TRV GLOBAL: CARE Hikes Rating on INR3cr LT Loan to 'B'
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
TRV Global Exports Private Limited (TGEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 3.00 CARE B; Stable Revised
Facilities from CARE C
Short-term Bank
Facilities 14.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of
TRV Global Exports Private Limited (TGEPL) factor in small scale
of operations, working capital-intensive nature of operations due
to high inventory days, leveraged capital structure and weak debt
coverage indicators, low PAT margin albeit satisfactory PBILDT
margin, exposure to volatility in foreign exchange rates and
dependence on the real estate sector.
The ratings, however, continue to derive strength from the
experienced promoters in the granite industry, established track
record of the company, locational advantage with its presence in
a granite processing cluster with substantial captive quarries
and mining rights and diversified client base both in the
domestic and international market. The ratings also factor the
growth in total operating income in FY17 (Provisional; refers to
the period April 1 to March 31).
Going forward, ability of the company to scale up its operations,
improve its profitability and capital structure while managing
its working capital requirements efficiently remains the key
rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Small scale of operations: The company has achieved a total
income of INR24.66 crore during FY17 (refers to period from April
1 to March 31) with a low networth base of INR7.56 crore as on
March 31, 2017 (Prov). The operations of the company are
relatively small when compared to other established players in
the industry. TGEPL operates in competitive segment of the
granite industry which is characterized by low entry barriers and
presence of a large number of unorganized players in the
industry. The company faces competition from other players which
to an extent is mitigated to some extent due to established
relationship with the customer for getting the repeated orders.
Working capital-intensive nature of operations due to high
inventory days: The entities in the granite industry usually have
high working capital cycle due to high inventory holding period.
The company holds high inventory levels, primarily rough blocks
and maintains minimum level of stocks of different varieties to
meet the requirements of the customers. The average inventory
holding period improved in FY17 (prov.) to 345 days over FY16
(571 days in FY16) primarily due to increase in sales both in the
domestic and international market contributing to faster movement
of inventory, which in turn resulted in major improvement in the
working capital cycle to 353 days in FY17 (Prov.).
Leveraged capital structure and weak debt coverage indicators:
Overall gearing of the company, though improved to 2.84x as on
March 31, 2017 (Prov.) compared to 4.10x as on March 31, 2016,
continues to remain leveraged on account of high proportion of
debt in the company. Interest coverage ratio marginally improved
with the decline in the interest cost and stood at 1.45x in FY17
(Prov.).
Total debt/GCA improved to 14.66x in FY17 (Prov.) compared to
30.60x in FY16 due to repayment of both long-term and short term
loans.
Low PAT margin albeit satisfactory PBILDT margin: PBILDT margin
declined by 545 bps to 15.05% in FY17 (Prov.) over FY16 due to
increase in purchase cost of granite slabs in commensurate with
increase in volume of sales and increased transportation costs
associated with trading. Despite the decline in PBILDT, PAT
margin improved by 164bps, due to decrease in the depreciation
provisions by 20% in FY17 (Prov.) along with decline in interest
expenses. The cash accruals stood thin at INR1.46 crore for the
year.
Exposure to volatility in foreign exchange rates and dependence
on the real estate sector: TGEPL derives around 54% of its
revenue from exports exposing TGEPL to foreign currency risk. The
fluctuations in currency rates impact the sales realization and
margins. The company does not hedge its forex exposure and thus
is susceptible to foreign exchange fluctuations. So far the
company has not been impacted by currency fluctuations.
Key Rating Strengths
Experienced promoters in the granite industry: TEGPL has
established track record of more than a decade in granite
industry. Mr. N. Shiva Kumar, Managing Director, is an M.B.A and
looks after day-to-day activities. Mrs. S. Deepa (Director); is a
MSC graduate and, looks after administration activities of the
company. The promoters have experience in the granite industry
through TEGPL and also their associate concerns. The operations
of the company are supported by qualified professionals and other
key executives.
Locational advantage with its presence in a granite processing
cluster with substantial captive quarries and mining rights and
diversified client base both in the domestic and international
market.
TGPL has four granite quarries located at Karimnagar district,
which is a major hub for Granite industry in Andhra Pradesh,
particularly for export to China. All the Asian countries
including Japan imports considerable proportion of granite from
Karimnagar district for popular Tan Brown and Maple Red variety
of granite because of its low cost and superior quality. Presence
of manufacturing plant in this cluster provides easy and adequate
availability of labour, easy transportation. There are special
platforms constructed for transportation of granite from
Karimnagar, Gangadhara and Uppal railway stations to Kakinada and
Chennai Ports for facilitating exports to China.
Significant growth in total operating income in FY17: The total
operating income of TGEPL grew by 15% to INR24.66 crore in FY17
(prov.) over FY16 due to increase in sales in both domestic as
well as exports market. As a measure of improving sales revenue,
the TGEPL started domestic sales since June 2015. This coupled
with the increase in export sales led to significant growth in
total operating income. TGEPL was a 100% EOU Company with client
base located at China and Hong Kong. In FY16, the company also
started focusing in the domestic market as well, thus
contributing to the increase in total revenue. Furthermore, the
granite industry is mainly dependent on the demand from real
estate and construction sector across the globe. TGEPL has
recorded sales of INR 13.44 crore from April to September, 2017.
The order book of TGEPL as on Nov. 24, 2017 stood at INR11 crore.
TRV Global Exports Private Limited (TGEPL) was formerly known as
TRV Exports which was promoted by Mr. N. Shiva Kumar in the year
1999 as a partnership firm. Subsequently, TRV Exports was
converted into private limited company on Aug. 28, 2007 and name
of the entity changed to current nomenclature i.e. TGEPL. TGEPL
is engaged in processing and trading of granite slabs and blocks.
TGEPL provides a varied range of quality granite products to its
clients that cater to the requirements of constructions like
buildings, hospitals, hotels and other housing projects. The key
raw material, granite rough blocks, are mainly procured from its
owned & leased quarries located at Karimnagar, Telangana. The
quarry operations are highly mechanized with TGEPL deploying a
host of machineries/equipment viz. Volvo Excavators, Diamond Wire
Saws, Hydraulic Multi-drilling Rod Compressors, Dumpers, Loaders
and Tippers. The raw granite blocks are dressed on wire-saws and
mono-blade dressers before transporting from stockyard for
dispatch.
VIDEOCON INDUSTRIES: Lenders Keep Firm Out of Insolvency Process
----------------------------------------------------------------
Business Standard reports that lenders have decided to keep
Videocon Industries and Jaiprakash Associates out of the
insolvency process as these companies are in advanced stage of
debt resolution.
Business Standard relates that a senior official of a public
sector bank said Videocon Industries was not taken to the NCLT
because it was close to the resolution of its Rs 21,500-crore
debt and because it had sold its Kenstar brand and corporate
headquarters to repay loans. As per Videocon officials, its debt
worth Rs 23,000 crore is housed with its oil subsidiary -
Videocon Hydrocarban which has not defaulted on its loans.
Videocon was among the 28 companies which were in the Reserve
Bank of India's second list of defaulters and lenders were asked
by the regulator to resolve these cases by Dec. 15, the report
notes.
According to a top official of a public sector bank, Jaiprakash
Associates was not sent to the NCLT as well under the Insolvency
and Bankruptcy Code, 2016, Business Standard discloses.
Jaiprakash Associates has debt of Rs 30,000 crore and has sold
its cement units and power plants for Rs 31,000 crore (including
debt) in the last three years to reduce its debt, the report
notes.
Business Standard says the Jaypee group's real estate company,
Jaiprakash Infratech, which was in the RBI's first list, is
undergoing insolvency proceedings and has drawn interest from the
JSW, Adani and Vedanta groups during its debt resolution.
A banker said Nagpur-based Jayaswal Neco Industries was also
spared because it is close to repaying its loans, Business
Standard discloses. The company's proposal to convert part of its
debt to equity was recently recommended by the independent
evaluation committee formed in accordance with RBI guidelines to
the joint lenders' forum. Soma Enterprises, with a loan of
INR1,900 crore, is also not in the IBC list for similar reasons.
Compared to an earlier list of large corporate loan defaulters
referred by the Reserve Bank of India (RBI) for proceedings under
the insolvency and bankruptcy code, the second list of 28
companies includes smaller power and steel units, the report
notes.
Banks will have to make 50 per cent provisions on loans to these
companies during the current quarter, Business Standard says.
"We have sent most of the companies to the NCLT, barring a few
that are close to resolution," State Bank of India Chairman
Rajnish Kumar told Business Standard on Dec. 13.
Bloomberg relates that the RBI has asked banks to refer all
companies that have failed to repay their dues on time to the
NCLT. The latest list follows the RBI's first list of 12
companies undergoing insolvency resolution.
A total of 376 cases have been admitted by the NCLT in 2017, of
which four have been resolved and liquidation orders have been
issued to 14 others. The rest are pending resolution.
In 167 cases, the process was initiated by operational creditors.
Financial creditors have initiated 122 cases, Bloomberg adds
citing a report by Motilal Oswal.
VINEET AUTOMOBILES: CRISIL Reaffirms B+ Rating on INR12MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' ratings on
the long-term bank facilities of Vineet Automobiles Private
Limited (VAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line
Overdraft Facility 8 CRISIL B+/Stable (Reaffirmed)
Electronic Dealer
Financing Scheme
(e-DFS) 12 CRISIL B+/Stable (Reaffirmed)
The rating reflects the company's exposure to intense competition
and geographical concentration; and modest financial risk profile
because of modest networth and interest coverage ratio; and
moderately high total outside liabilities to adjusted networth
(TOLANW). These weaknesses are partially offset by extensive
experience of promoters and established relationship with
principal supplier, Mahindra & Mahindra Ltd (M&M; 'CRISIL
AAA/Stable/CRISIL A1+').
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to intense competition and geographical concentration:
VAPL operates only in UP region for auto dealership of M&M and
faces competition from dealers of other original equipment
manufacturers (OEMs) such as Maruti, Hyundai, etc. and hence is
exposed to intense competition resulting in low operating margin
in the range of 2.4% to 2.6% over the three fiscals ended 2017.
Although, CRISIL believes that VAPL's revenue will scale up in
line with its principal's growth in India; however, will continue
to face competition from other dealers over the medium term.
* Modest financial risk profile: The networth was modest at
INR5.4 crores as on March 31, 2017, while TOLANW ratio continued
to remain moderately high in the range of 4.4-5.5 times over the
three fiscals ended March 31, 2017. Further, debt protection
metrics were modest too, with interest coverage ratio at 1.5
times for fiscal 2017. Financial risk profile is expected to
remain modest over the medium term.
Strengths
* Extensive experience of promoters and established relationship
with principal: VAPL's promoters have around decade of experience
in automotive dealership and is dealer for M&M. Their extensive
experience has enabled them in understanding customer profile and
market in UP region. In fiscal 2017, company reported operating
income of INR 111 crores. Benefits from its promoters' extensive
experience are expected to continue over the medium term.
Outlook: Stable
CRISIL believes VAPL will continue to benefit from its
association with M&M and its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if increase
in cash accrual and improvement in capital structure strengthen
the financial risk profile considerably. The outlook may be
revised to 'Negative' if weakening in working capital management
or large debt-funded capital expenditure weakens the financial
risk profile.
VAPL, incorporated in 2000, is promoted by the Maheshwari and
Rathi families. The company is an authorised dealer of M&M's
vehicles. It has showrooms in Aligarh, Hathras, Babrala,
Bulandshahr, and Badaun in Uttar Pradesh.
VIRAJ STEEL: CRISIL Assigns B- Rating to INR12MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has revoked the suspension of its rating on the
bank facilities of Viraj Steel and Energy Private Limited (VSEL)
and has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of VSEL. CRISIL had suspended the rating on Sept. 12,
2014, as the company had not provided the necessary information
required for a rating review. VSEL has now shared the requisite
information enabling CRISIL to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 12 CRISIL B-/Stable (Assigned;
Suspension Revoked)
The rating reflects the moderate scale of operations in an
intensely competitive industry and weak liquidity. These
weaknesses are partially offset by the extensive experience of
the company's promoters in the sponge iron and steel industry.
Analytical Approach
Unsecured loans of INR126.69 crore from the promoters have been
considered as neither debt nor equity as they are expected to
remain in business over the medium term and carry no interest
costs to the company.
Key Rating Drivers & Detailed Description
Weakness
* Moderate scale of operations: Scale of operations is moderate
due to intense competition in the industry and low capacity
utilisation levels. Operating income increased to INR110.93 crore
in fiscal 2017 from INR15.25 crore in fiscal 2016.
* Weak liquidity: Liquidity is weak due to operating losses
incurred and high bank limit utilisation on account of working
capital intensity of operations. However, liquidity is supported
by unsecured loans extended by the promoters.
Strength
* Extensive experience of the promoters: Benefits from the
promoters' over decade-long experience in the industry and
healthy relationships with customers and suppliers, should
support business.
Outlook: Stable
CRISIL believes VSEL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if increase in revenues lead to operational profits
and working capital management is efficient. The outlook may be
revised to 'Negative' if further decline in revenue leading to
significant operational losses or any larger-than-expected, debt-
funded capital expenditure or increase in working capital
requirement, weakens financial risk profile, especially
liquidity.
VSEL, incorporated in 2004, started commercial production in
2006. The company is owned and operated by Mr. Kamaljeet Singh
Ahluwalia and Mr. Prashant Kumar Ahluwalia. VSEL manufactures
sponge iron (capacity of 220,000 tonne per annum tpa) and mild
steel billets (280,000 tpa) at its facility in Sambalpur, Orrisa.
The company also has a waste head recovery based power plant of
16 MW capacity and an atmospheric fluidised bed combustion (AFBC)
based power plant with 14 MW capacity.
VIVA SERVITRADE: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Viva Servitrade
Private Limited's (VSPL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits affirmed with
IND BB-/Stable rating;
-- INR150 mil. Non-fund-based working capital limits affirmed
with IND A4+ rating.
KEY RATING DRIVERS
The affirmation reflects VSPL's continued small scale of
operations, declining operating profitability and moderate credit
metrics due to the trading nature of business. Revenue grew at a
CAGR of 28% over FY14-FY17 (Provisional) to INR940 million (FY16:
INR854 million) on account of increased orders from existing
customers. The company booked revenue of INR550 million in 1HFY18
As of November 2017, it had an order book of INR206 million,
which will be executed before FY19.
EBITDA margin fluctuated between 2.4% and 4.4% (FY17P: 2.4%,
FY16: 2.7%) on account of increased competition. EBITDA interest
coverage (operating EBITDA/gross interest expense) was almost
stable at 1.2x in FY17P (FY16: 1.3x) while net financial leverage
(net debt/operating EBITDA) improved to 5.1x (5.6x) owing to a
decline in debt, partially offset by the decline in the EBITDA
margin.
The ratings are constrained by VSPL's tight liquidity position
with almost full utilisation of the fund-based working capital
facilities over the 12 months ended November 2017.
The ratings, however, remain supported by the founder's over six
years of experience in the trading of electronics and FMCG
products.
RATING SENSITIVITIES
Positive: A positive rating action could result from a
significant increase in the revenue and operating profitability
leading to an improvement in the credit metrics.
Negative: A negative rating action would result from a decline in
the operating profitability resulting in deterioration in the
credit metrics.
COMPANY PROFILE
Incorporated in February 2012, VSPL is a Mumbai-based private
limited company engaged in the trading of electronics and FMCG
products. The company is managed by Mr. Sagar Raut and Mr.
Sidhant Vaze.
=====================
P H I L I P P I N E S
=====================
DEVELOPMENT BANK: Fitch Hikes LT IDR From BB+; Outlook Stable
-------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of government-owned Development Bank of the Philippines
(DBP) and Land Bank of the Philippines (LBP) to 'BBB-' from
'BB+'. The Outlooks are Stable. This follows the upgrade of the
Philippine sovereign's ratings on Dec. 10, 2017, including its
Long-Term IDR to 'BBB' from 'BBB-'.
Concurrently, Fitch has revised upwards the Support Rating Floors
(SRFs) of DBP, LBP and the following privately owned Philippine
banks:
- Bank of the Philippine Islands (BPI),
- BDO Unibank, Inc. (BDO),
- Metropolitan Bank & Trust Company (Metrobank),
- China Banking Corporation (CBC),
- Rizal Commercial Banking Corp. (RCBC) and
- Philippine National Bank (PNB).
Only ratings immediately affected by Fitch analysis of the
likelihood of sovereign support have been included in this
review. An assessment of all other ratings of the banks will be
conducted in due course.
KEY RATING DRIVERS
IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS - DBP and LBP
The upgrades of the IDRs on DBP and LBP are driven by the upward
revisions of their Support Rating Floors (SRFs). The SRF
revisions stem from Fitch's expectation of an improving sovereign
fiscal profile, which was one of the factors underpinning the
upgrade of the sovereign ratings. This strengthening sovereign
profile should enhance the state's ability to provide
extraordinary support to the banks, if needed. The two banks'
Support Ratings (SRs) have also been upgraded to '2' from '3' for
the same reason.
The ratings on DBP and LBP also reflect Fitch expectation that
the sovereign's propensity to provide extraordinary support to
both banks remains high in times of need, owing to their unique
policy mandates, full government ownership and systemic
importance. DBP and LBP each hold roughly 4% and 10% of banking
system assets, respectively.
The IDRs and SRFs are one notch below the sovereign's as both
banks run largely self-sufficient operations, do not benefit from
blanket government guarantees and receive capital injections from
the state only infrequently.
SUPPORT RATINGS AND SUPPORT RATING FLOORS - BPI, BDO, Metrobank,
CBC, PNB and RCBC
The rating actions on the privately owned banks similarly reflect
the improving sovereign capacity to provide extraordinary
support, as well as Fitch's belief that the sovereign's
propensity to provide such support to the banks remains intact.
Fitch believes BPI, BDO and Metrobank are of strong significance
to the banking system and economy, given their market shares of
around 12%-18% by assets. The banks' SRs have been upgraded to
'2' and their SRFs revised to 'BBB-', respectively. Fitch also
see the mid-tier banks - CBC, PNB and RCBC, each with roughly 3%-
6% of system assets - as systemically important, albeit less so
than their larger peers. This is reflected in their SRs of '3'
and revised SRFs of 'BB'.
SENIOR DEBT
The senior notes of DBP are upgraded in tandem with its Long-Term
Foreign-Currency IDR. This is because the notes constitute
direct, unsubordinated and senior unsecured obligations of the
bank, and rank equally with all its other unsecured and
unsubordinated obligations.
RATING SENSITIVITIES
IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS
The Support Ratings and Support Rating Floors of the Philippine
banks would be affected by perceived changes in the state's
ability and propensity to provide extraordinary support.
Subsequent movement in the sovereign ratings is one possible
trigger, although in the event the sovereign rating is upgraded
further, greater differentiation in Support Rating Floors across
Fitch's rated portfolio of banks is more likely.
In the case of DBP and LBP, Fitch may also take further action in
the event of improving sovereign support prospects, which may
arise from a broadening in their policy functions. In this
regard, enhanced roles for both banks in support of government
policy, as announced over the past year, could be a positive
factor in Fitch assessment of the likelihood of sovereign
support.
Reduced state ownership in DBP or LBP and the government's view
as to the systemic importance of these banks could affect the
sovereign's propensity to provide support to them.
SENIOR DEBT
Any change in DBP's Long-Term Foreign-Currency IDR would likely
affect the ratings of its senior debt.
The rating actions are:
BPI
Support Rating upgraded to '2' from '3'
Support Rating Floor revised to 'BBB-' from 'BB+'
BDO
Support Rating upgraded to '2' from '3'
Support Rating Floor revised to 'BBB-' from 'BB+'
Metrobank
Support Rating upgraded to '2' from '3'
Support Rating Floor revised to 'BBB-' from 'BB+'
DBP
Long-Term Foreign-Currency and Local-Currency IDRs upgraded to
'BBB-' from 'BB+'; Outlooks Stable
Short-Term Foreign-Currency IDR upgraded to 'F3' from 'B'
Support Rating upgraded to '2' from '3'
Support Rating Floor revised to 'BBB-' from 'BB+'
Ratings on senior notes upgraded to 'BBB-' from 'BB+'
LBP
Long-Term Foreign-Currency and Local-Currency IDRs upgraded to
'BBB-' from 'BB+'; Outlooks Stable
Short-Term Foreign-Currency IDR upgraded to at 'F3' from 'B'
Support Rating upgraded to '2' from '3'
Support Rating Floor revised to 'BBB-' from 'BB+'
CBC
Support Rating affirmed at '3'
Support Rating Floor revised to 'BB' from 'BB-'
PNB
Support Rating affirmed at '3'
Support Rating Floor revised to 'BB' from 'BB-'
RCBC
Support Rating affirmed at ' 3'
Support Rating Floor revised to 'BB' from 'BB-'
=================
S I N G A P O R E
=================
GLOBAL A&T: Files for Bankruptcy Protection Under Chapter 11
------------------------------------------------------------
Bloomberg News reports that Global A&T Electronics, a Singapore-
based chip assembler that took on hefty debt a decade ago through
a buyout by TPG Capital and Affinity Equity Partners, filed for
bankruptcy as a 2013 debt exchange came back to haunt it.
Bloomberg relates that the chip-assembler listed debt of more
than $1 billion and assets of over $500 million in Chapter 11
papers filed on Dec. 17 in U.S. Bankruptcy Court in New York.
Pursued by bondholders since 2014, when a GSO Capital Partners
fund and others cried foul over the debt exchange, Global A&T
finally seemed to put the problem behind it when it announced a
settlement in mid-September, according to Bloomberg. At the same
time, other bondholders had come forward to say they weren't
giving up their own lawsuit over the debt exchange, brought in
2017, Bloomberg says.
Such disputes -- which also plagued a fellow distressed company
owned by TPG, preppy retailer J. Crew Group Inc. -- arise when
creditors try to leapfrog each other in the priority scheme to be
repaid, Bloomberg relates. They seem to be increasing in
frequency due to low interest rates in recent years that allowed
companies to refinance and take on multiple layers of debt.
Global A&T, also known as GATE, had said in a filing in November
that it expected to commence the Chapter 11 case no later than
Dec. 17, upon receiving sufficient acceptances to confirm its
restructuring plan, Bloomberg says. As of Dec. 13, 100 percent of
the holders of claims entitled to vote, have voted to accept the
plan, according to a filing cited by Bloomberg.
TPG and Affinity Equity Partners took the company, previously
known as United Test & Assembly Center Ltd., private in a $1.77
billion leveraged buyout in 2007, Bloomberg discloses. The
company employs about 10,000 engineers, technicians, and
corporate, legal and sales professionals in China, Singapore,
Thailand and the U.S.
Global A&T Electronics Ltd. provides semiconductor assembly and
test services for integrated circuits for use in analog,
mixed-signal and logic, and memory products in the United States,
Japan, rest of Asia, Europe, and internationally. The company
offers wafer probing, wafer processing, assembly, and testing
services, as well as value-added services, including test program
development and conversion, product/test optimization, and drop
shipment services. It also provides assembly services comprising
design, modelling, prototyping, material selection and
procurement, reliability testing, volume production of specific
packages, and logistics services.
SWIBER HOLDINGS: Acra Rejects Bid for Extension to Hold AGM
-----------------------------------------------------------
Lee Meixian at The Strait Times reports that the Accounting and
Corporate Regulatory Authority (Acra) has rejected Swiber
Holdings' application for an extension to hold its 2017 annual
general meeting (AGM) and to lay the FY2016 financial statements
at the AGM.
Swiber is to take immediate action to hold the 2017 AGM and to
lay the FY2016 financial statements at the 2017 AGM by Feb. 1,
2018, failing which Acra will proceed with enforcement action
against the directors of the company and letters offering
composition will be issued, Acra said, the report relays.
According to the Strait Times, the offshore and marine group had
applied for a time extension under the Companies Act to hold the
AGM by Dec. 31, 2018 and to lay the FY2016 financial statements
at the AGM.
In addition, in relation to Swiber's request for a time extension
to appoint new audit committee members to make up the minimum
number of three members, Acra said that "the Registrar of
Companies is not empowered to consider the company's request to
grant such extension of time to the company," the Strait Times
relays.
"The company is looking into the available options and will keep
its shareholders updated on any material developments on this
matter," Swiber said, the report adds.
About Swiber Holdings
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.
====================
S O U T H K O R E A
====================
INDUSTRIAL BANK: Fitch Puts BB+ Hybrid Notes Rating on Watch Pos.
-----------------------------------------------------------------
Fitch Ratings has placed the 'BB+' rating on Industrial Bank of
Korea's (IBK; AA-/Stable) Basel III Additional Tier 1 (AT1)
hybrid notes (ISIN US45604GAD16 and US45604HAD98) on Rating Watch
Positive.
The rating action follows Fitch's publication of Exposure Draft:
Bank Rating Criteria on 12 December 2017. The exposure draft
provides scope for the rating of a hybrid security issued by a
policy bank, such as IBK, to be notched from the issuer's Long-
Term Issuer Default Rating (IDR) if government support can and
will effectively be used to neutralise the security's non-
performance risk. The exposure draft also requires that the issue
rating be capped at a level based on its IDR category if the
security has going-concern loss-absorbing features.
KEY RATING DRIVERS
The Rating Watch Positive indicates the possibility of an issue
rating upgrade on the hybrid notes in the event of applying IBK's
'AA-' Long-Term IDR as the notes' rating anchor, instead of the
'a-' Viability Rating currently.
The notes are currently rated four notches below the Viability
Rating - two for high loss severity and two for the incremental
non-performance risk. The two notches for incremental non-
performance risk are lower than the three notches that Fitch
would apply to typical Basel III AT1 notes because Fitch believes
the management's discretionary coupon omission can be constrained
by the sovereign state of South Korea's (AA-/Stable), the policy
bank's controlling shareholder and ultimate support provider.
RATING SENSITIVITIES
The Rating Watch Positive will be resolved after undertaking a
full review of the notes' terms and conditions using the final
criteria within six months of the final criteria publication.
If the final criteria is substantially similar to the exposure
draft, Fitch believes the issue rating could be upgraded by up to
two notches, reflecting a change in the anchor and a 'BBB' cap.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Dec. 11 to Dec. 15, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06
HILLGROVE RESOURCES 6.00 12/20/19 AUD 2.40
KEYBRIDGE CAPITAL LT 7.00 07/31/20 AUD 0.77
LAKES OIL NL 10.00 05/31/18 AUD 8.01
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.64
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.64
PALADIN ENERGY LTD 6.00 09/30/17 USD 45.63
PALADIN ENERGY LTD 7.00 03/31/20 USD 46.13
QUINTIS LTD 8.75 08/01/23 USD 75.00
QUINTIS LTD 8.75 08/01/23 USD 75.00
QUINTIS LTD 8.75 08/01/23 USD 75.00
TREASURY CORP OF VIC 0.50 11/12/30 AUD 71.76
CHINA
-----
AKESU XINCHENG ASSET 7.50 10/10/18 CNY 25.19
ALXA LEAGUE INFRASTR 6.40 03/14/20 CNY 60.34
ANHUI CHIZHOU CITY T 7.40 10/23/20 CNY 60.56
ANKANG DEVELOPMENT & 6.35 03/06/20 CNY 60.09
ANQING ECONOMIC&TECH 6.00 06/18/20 CNY 59.99
ANQING ECONOMIC&TECH 6.00 06/18/20 CNY 60.37
ANQING URBAN CONSTRU 6.76 12/31/19 CNY 60.52
ANQING URBAN CONSTRU 6.76 12/31/19 CNY 60.81
ANSHUN STATE-RUN ASS 6.98 01/10/20 CNY 60.91
ANYANG INVESTMENT GR 8.00 04/17/19 CNY 40.63
BAICHENG ZHONGXING U 7.00 12/18/19 CNY 60.10
BAISHAN URBAN CONSTR 7.00 07/31/19 CNY 39.87
BAIYIN CITY DEVELOPM 6.78 07/19/20 CNY 60.01
BAIYIN CITY DEVELOPM 6.78 07/19/20 CNY 60.08
BAODING NATIONAL HI- 7.33 12/24/19 CNY 60.81
BAOJI INVESTMENT GRO 7.14 12/26/18 CNY 50.27
BAOJI INVESTMENT GRO 7.14 12/26/18 CNY 50.37
BAOSHAN STATE-OWNED 7.30 12/10/19 CNY 60.28
BAOTOU STATE OWNED A 7.03 09/17/19 CNY 40.48
BAYAN ZHUOER HETAO W 8.54 03/31/22 CNY 72.00
BAYAN ZHUOER HETAO W 8.54 03/31/22 CNY 73.24
BAYANNUR LINHE DISTR 7.90 11/13/20 CNY 62.46
BAYANNUR URBAN DEVEL 6.40 03/15/20 CNY 60.31
BAYINGUOLENG INNER M 7.48 09/10/18 CNY 25.26
BEIJING BIOMEDICINE 6.35 07/23/20 CNY 59.91
BEIJING BIOMEDICINE 6.35 07/23/20 CNY 59.97
BEIJING CAPITAL DEVE 5.95 05/29/19 CNY 40.07
BEIJING CHAOYANG STA 5.25 03/27/20 CNY 59.53
BEIJING CHAOYANG STA 5.25 03/27/20 CNY 60.43
BEIJING CONSTRUCTION 5.95 07/05/19 CNY 40.10
BEIJING ECONOMIC TEC 5.29 03/06/18 CNY 39.92
BEIJING FUTURE SCIEN 6.28 09/22/19 CNY 50.30
BEIJING FUTURE SCIEN 6.28 09/22/19 CNY 50.45
BEIJING GUCAI GROUP 8.28 12/15/18 CNY 41.06
BEIJING GUCAI GROUP 6.60 09/06/20 CNY 60.59
BEIJING GUCAI GROUP 6.60 09/06/20 CNY 60.73
BEIJING HAIDIAN STAT 5.50 08/07/20 CNY 59.32
BEIJING JINGMEI GROU 6.14 09/09/20 CNY 59.97
BEIJING JINGMEI GROU 6.14 09/09/20 CNY 60.50
BEIJING JINLIYUAN ST 7.00 10/28/20 CNY 58.66
BEIJING JINLIYUAN ST 7.00 10/28/20 CNY 61.01
BEIJING XINGZHAN STA 6.48 08/31/19 CNY 40.10
BEIJING XINGZHAN STA 6.48 08/31/19 CNY 40.43
BENGBU URBAN INVESTM 6.30 09/11/20 CNY 60.40
BIJIE XINTAI INVESTM 7.15 08/20/19 CNY 40.00
BIJIE XINTAI INVESTM 7.15 08/20/19 CNY 40.47
BINZHOU BINCHENG DIS 6.50 07/05/19 CNY 40.29
BORALA MONGOL AUTONO 7.18 08/09/20 CNY 60.61
BORALA MONGOL AUTONO 7.18 08/09/20 CNY 60.63
C&D REAL ESTATE CO L 6.15 04/03/20 CNY 60.67
CANGZHOU CONSTRUCTIO 6.72 01/23/20 CNY 60.00
CANGZHOU CONSTRUCTIO 6.72 01/23/20 CNY 60.62
CHANGDE ECONOMIC DEV 7.19 09/12/19 CNY 40.63
CHANGDE ECONOMIC DEV 7.19 09/12/19 CNY 40.77
CHANGDE URBAN CONSTR 6.50 02/25/20 CNY 60.74
CHANGJIZHOU STATE OW 6.00 06/03/19 CNY 50.17
CHANGJIZHOU STATE OW 6.00 06/03/19 CNY 50.19
CHANGRUN INVESTMENT 6.88 09/16/20 CNY 60.83
CHANGRUN INVESTMENT 6.88 09/16/20 CNY 60.87
CHANGSHA CITY CONSTR 6.95 04/24/19 CNY 40.38
CHANGSHA CITY CONSTR 6.95 04/24/19 CNY 40.89
CHANGSHA COUNTY XING 8.35 04/06/19 CNY 40.61
CHANGSHA COUNTY XING 8.35 04/06/19 CNY 40.86
CHANGSHA ECONOMIC & 8.45 04/13/22 CNY 73.16
CHANGSHA PILOT INVES 6.70 12/10/19 CNY 40.46
CHANGSHU BINJIANG UR 6.85 04/27/19 CNY 40.32
CHANGSHU BINJIANG UR 6.85 04/27/19 CNY 40.60
CHANGSHU CITY OPERAT 8.00 01/16/19 CNY 40.62
CHANGSHU DEVELOPMENT 5.80 04/19/20 CNY 59.60
CHANGSHU DEVELOPMENT 5.80 04/19/20 CNY 60.09
CHANGXING URBAN CONS 6.80 11/30/19 CNY 40.22
CHANGXING URBAN CONS 6.80 11/30/19 CNY 40.38
CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 55.90
CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 56.00
CHANGZHI CITY CONSTR 6.46 02/26/20 CNY 60.28
CHANGZHOU BINHU CONS 8.04 12/12/20 CNY 62.54
CHANGZHOU HI-TECH GR 6.18 03/21/20 CNY 60.30
CHANGZHOU HI-TECH GR 6.18 03/21/20 CNY 61.30
CHANGZHOU JINTAN DIS 8.30 03/14/19 CNY 40.36
CHANGZHOU JINTAN DIS 6.38 04/26/20 CNY 60.20
CHANGZHOU JINTAN DIS 6.38 04/26/20 CNY 60.73
CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 25.05
CHAOHU URBAN TOWN CO 7.00 12/24/19 CNY 60.41
CHAOHU URBAN TOWN CO 7.00 12/24/19 CNY 60.41
CHAOYANG CONSTRUCTIO 7.30 05/25/19 CNY 40.37
CHEN ZHOU GAO KE ASS 7.25 10/21/20 CNY 61.24
CHEN ZHOU GAO KE ASS 7.25 10/21/20 CNY 61.89
CHENGDU CITY DEVELOP 6.18 01/14/20 CNY 60.38
CHENGDU CITY DEVELOP 6.18 01/14/20 CNY 60.95
CHENGDU ECONOMIC&TEC 6.50 07/17/18 CNY 25.05
CHENGDU ECONOMIC&TEC 6.55 07/17/19 CNY 40.20
CHENGDU ECONOMIC&TEC 6.55 07/17/19 CNY 40.38
CHENGDU HI-TECH INVE 6.28 11/20/19 CNY 40.18
CHENGDU PIDU DISTRIC 7.25 10/15/20 CNY 60.75
CHENGDU PIDU DISTRIC 7.25 10/15/20 CNY 61.27
CHENGDU XINCHENG XIC 8.35 03/19/19 CNY 40.55
CHENGDU XINCHENG XIC 8.35 03/19/19 CNY 40.63
CHENGDU XINDU XIANGC 8.60 12/13/18 CNY 41.03
CHENGDU XINGCHENG IN 6.17 01/28/20 CNY 60.36
CHENGDU XINGCHENG IN 6.17 01/28/20 CNY 60.36
CHENGDU XINGJIN URBA 7.30 11/27/19 CNY 40.80
CHENGDU XINGJIN URBA 7.30 11/27/19 CNY 40.85
CHENZHOU URBAN CONST 7.34 09/13/19 CNY 40.65
CHENZHOU URBAN CONST 7.34 09/13/19 CNY 40.75
CHENZHOU XINTIAN INV 6.30 07/17/20 CNY 60.00
CHIFENG CITY HONGSHA 7.20 07/25/19 CNY 40.20
CHINA CITY CONSTRUCT 5.55 12/17/17 CNY 45.50
CHINA CITY CONSTRUCT 4.93 07/14/20 CNY 45.50
CHINA GOVERNMENT BON 3.70 05/23/66 CNY 68.41
CHINA GOVERNMENT BON 1.64 12/15/33 CNY 70.04
CHINA YIXING ENVIRON 7.10 10/18/20 CNY 60.60
CHINA YIXING ENVIRON 7.10 10/18/20 CNY 60.89
CHIZHOU CITY MANAGEM 7.17 10/17/19 CNY 40.38
CHONGQING BEICHENG C 7.30 10/16/20 CNY 60.54
CHONGQING BEICHENG C 7.30 10/16/20 CNY 60.80
CHONGQING BEIFEI IND 7.13 12/25/19 CNY 60.00
CHONGQING CHANGSHOU 7.45 09/25/19 CNY 40.00
CHONGQING CHANGSHOU 7.45 09/25/19 CNY 40.64
CHONGQING CITY CONST 5.12 05/21/20 CNY 59.47
CHONGQING CITY CONST 5.12 05/21/20 CNY 59.48
CHONGQING DASUN ASSE 6.98 09/10/20 CNY 62.50
CHONGQING DAZU DISTR 6.75 04/26/20 CNY 60.34
CHONGQING DAZU DISTR 6.75 04/26/20 CNY 60.45
CHONGQING FULING DIS 8.40 03/23/19 CNY 70.60
CHONGQING FULING DIS 8.40 03/23/19 CNY 71.22
CHONGQING FULING STA 6.39 01/21/20 CNY 60.19
CHONGQING FULING STA 6.39 01/21/20 CNY 60.19
CHONGQING HAOJIANG C 7.99 11/22/20 CNY 61.87
CHONGQING HAOJIANG C 7.99 11/22/20 CNY 61.88
CHONGQING HECHUAN IN 6.19 06/17/20 CNY 60.14
CHONGQING HECHUAN IN 6.19 06/17/20 CNY 60.32
CHONGQING HECHUAN RU 8.28 04/10/18 CNY 25.14
CHONGQING HECHUAN UR 6.95 01/06/18 CNY 40.02
CHONGQING HONGRONG C 7.20 10/16/19 CNY 40.50
CHONGQING HONGRONG C 7.20 10/16/19 CNY 40.70
CHONGQING HONGYE IND 6.30 06/03/20 CNY 60.54
CHONGQING HONGYE IND 6.30 06/03/20 CNY 60.63
CHONGQING JIANGJIN H 6.95 01/06/18 CNY 40.01
CHONGQING JIANGJIN H 7.46 09/21/19 CNY 40.10
CHONGQING JIANGJIN H 7.46 09/21/19 CNY 40.64
CHONGQING JINYUN ASS 6.75 06/18/19 CNY 39.86
CHONGQING JINYUN ASS 6.75 06/18/19 CNY 41.00
CHONGQING LAND PROPE 7.35 04/25/19 CNY 40.59
CHONGQING LAND PROPE 6.30 08/22/20 CNY 60.81
CHONGQING MAIRUI CIT 6.82 08/17/19 CNY 39.77
CHONGQING NAN'AN URB 6.29 12/24/17 CNY 40.00
CHONGQING NAN'AN URB 6.29 12/24/17 CNY 40.00
CHONGQING NAN'AN URB 8.20 04/09/19 CNY 40.73
CHONGQING NANCHUAN D 7.35 09/06/19 CNY 40.55
CHONGQING NANCHUAN D 7.35 09/06/19 CNY 40.56
CHONGQING NANFA URBA 6.43 04/27/20 CNY 59.46
CHONGQING NANFA URBA 6.43 04/27/20 CNY 60.12
CHONGQING QIANJIANG 8.40 03/23/19 CNY 71.20
CHONGQING QIANJIANG 8.40 03/23/19 CNY 71.30
CHONGQING QIJIANG EA 6.75 01/29/20 CNY 60.46
CHONGQING SHUANGFU C 7.49 10/23/20 CNY 61.29
CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 60.00
CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 61.35
CHONGQING THREE GORG 6.40 01/23/19 CNY 49.50
CHONGQING THREE GORG 6.40 01/23/19 CNY 50.00
CHONGQING WANSHENG E 6.39 04/17/20 CNY 60.21
CHONGQING WANSHENG E 6.39 04/17/20 CNY 60.30
CHONGQING WESTERN MO 7.08 10/18/20 CNY 61.30
CHONGQING WESTERN MO 7.08 10/18/20 CNY 75.60
CHONGQING XINGRONG H 8.35 04/19/19 CNY 40.90
CHONGQING XINGRONG H 8.35 04/19/19 CNY 40.95
CHONGQING XIYONG MIC 6.76 07/25/19 CNY 40.20
CHONGQING XIYONG MIC 6.76 07/25/19 CNY 40.27
CHONGQING YONGCHUAN 7.49 03/14/18 CNY 40.08
CHONGQING YONGCHUAN 7.33 10/16/19 CNY 40.93
CHONGQING YONGCHUAN 7.33 10/16/19 CNY 61.00
CHONGQING YUFU ASSET 6.50 09/04/19 CNY 40.00
CHONGQING YUFU HOLDI 6.50 09/04/19 CNY 40.36
CHONGQING YULONG ASS 6.87 05/31/19 CNY 39.93
CHONGQING YUXING CON 7.30 12/10/19 CNY 40.81
CHUXIONG AUTONOMOUS 6.60 03/29/20 CNY 59.28
CHUZHOU CITY CONSTRU 6.81 11/23/19 CNY 40.55
CHUZHOU CITY CONSTRU 6.81 11/23/19 CNY 40.55
CHUZHOU TONGCHUANG C 7.05 01/09/20 CNY 60.88
CHUZHOU TONGCHUANG C 7.05 01/09/20 CNY 61.30
CIXI STATE OWNED ASS 6.60 09/20/19 CNY 40.30
CIXI STATE OWNED ASS 6.60 09/20/19 CNY 40.38
DALI ECONOMIC DEVELO 8.80 04/24/19 CNY 40.87
DALI ECONOMIC DEVELO 8.30 12/11/20 CNY 61.75
DALI ECONOMIC DEVELO 8.30 12/11/20 CNY 61.85
DALIAN CHANGXING ISL 6.60 01/25/20 CNY 59.90
DALIAN CHANGXING ISL 6.60 01/25/20 CNY 60.81
DALIAN DETA INVESTME 6.50 11/15/19 CNY 40.44
DALIAN LVSHUN CONSTR 6.78 07/02/19 CNY 40.20
DALIAN LVSHUN CONSTR 6.78 07/02/19 CNY 40.23
DALIAN RONGQIANG INV 8.60 03/30/19 CNY 71.18
DALIAN SHUNXING INVE 6.97 10/18/20 CNY 60.89
DALIAN SHUNXING INVE 6.97 10/18/20 CNY 61.00
DANDONG CITY DEVELOP 6.63 12/21/18 CNY 70.20
DANYANG INVESTMENT G 8.10 03/06/19 CNY 40.51
DANYANG INVESTMENT G 8.10 03/06/19 CNY 40.79
DANYANG INVESTMENT G 6.81 10/23/19 CNY 50.59
DANYANG INVESTMENT G 6.90 10/23/20 CNY 60.89
DAQING GAOXIN STATE- 6.88 12/05/19 CNY 40.60
DAQING URBAN CONSTRU 6.55 10/23/19 CNY 40.17
DAQING URBAN CONSTRU 6.55 10/23/19 CNY 40.75
DASHIQIAO URBAN CONS 6.58 02/21/20 CNY 60.04
DASHIQIAO URBAN CONS 6.58 02/21/20 CNY 60.31
DAWA COUNTY CITY CON 7.25 09/17/20 CNY 61.75
DAYE CITY CONSTRUCTI 7.95 11/27/20 CNY 63.01
DAZHOU INVESTMENT CO 6.99 12/25/19 CNY 60.41
DEYANG CITY CONSTRUC 6.99 12/26/19 CNY 60.31
DEYANG CITY CONSTRUC 6.99 12/26/19 CNY 60.63
DEZHOU DEDA URBAN CO 7.14 10/18/19 CNY 40.85
DONGTAI COMMUNICATIO 7.39 07/05/18 CNY 25.00
DONGTAI COMMUNICATIO 7.39 07/05/18 CNY 25.09
DONGTAI UBAN CONSTRU 7.10 12/26/19 CNY 60.00
DONGTAI UBAN CONSTRU 7.10 12/26/19 CNY 60.60
ENSHI URBAN CONSTRUC 7.55 10/22/19 CNY 40.82
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 24.95
EZHOU CITY CONSTRUCT 7.08 06/19/19 CNY 40.38
FEICHENG CITY ASSETS 7.10 08/14/18 CNY 25.18
FENGHUA CITY INVESTM 7.45 09/24/19 CNY 40.58
FENGHUA CITY INVESTM 7.45 09/24/19 CNY 40.58
FORESEA LIFE INSURAN 6.25 09/30/25 CNY 68.73
FUAN CITY CONSTRUCTI 7.35 08/22/20 CNY 74.56
FUGU COUNTY STATE-OW 8.69 12/16/20 CNY 61.32
FUJIAN JINJIANG URBA 6.35 04/26/20 CNY 59.31
FUJIAN JINJIANG URBA 6.35 04/26/20 CNY 60.57
FUJIAN LONGYAN CITY 7.45 08/14/19 CNY 40.74
FUJIAN NANPING HIGHW 7.90 10/26/18 CNY 40.84
FUJIAN NANPING HIGHW 6.69 01/28/20 CNY 60.29
FUJIAN NANPING HIGHW 6.69 01/28/20 CNY 60.37
FUQING CITY STATE-OW 6.66 03/01/21 CNY 70.68
FUSHUN URBAN INVESTM 5.95 05/11/18 CNY 39.91
FUSHUN URBAN INVESTM 8.53 03/22/22 CNY 73.10
FUSHUN URBAN INVESTM 8.53 03/22/22 CNY 73.88
FUXIN INFRASTRUCTURE 7.55 10/10/19 CNY 40.54
FUZHOU INVESTMENT DE 6.78 01/16/20 CNY 60.00
FUZHOU INVESTMENT DE 6.78 01/16/20 CNY 60.66
FUZHOU JIANGONG GROU 6.80 12/10/19 CNY 70.00
FUZHOU JIANGONG GROU 6.80 12/10/19 CNY 71.02
FUZHOU URBAN AND RUR 6.35 09/25/18 CNY 25.00
FUZHOU URBAN AND RUR 6.35 09/25/18 CNY 25.05
GANSU PROVINCIAL HIG 6.75 11/16/18 CNY 20.25
GANSU PROVINCIAL HIG 7.20 09/19/18 CNY 40.45
GANZHOU CITY DEVELOP 6.40 07/10/18 CNY 25.09
GANZHOU DEVELOPMENT 6.70 12/26/18 CNY 50.17
GAOMI STATE-OWNED AS 6.75 11/15/18 CNY 25.10
GAOMI STATE-OWNED AS 6.75 11/15/18 CNY 25.27
GAOMI STATE-OWNED AS 6.70 11/15/19 CNY 40.68
GAOMI STATE-OWNED AS 6.70 11/15/19 CNY 40.69
GREENLAND HOLDING GR 6.24 05/23/20 CNY 74.87
GUANG ZHOU PANYU COM 6.30 04/12/19 CNY 50.05
GUANG ZHOU PANYU COM 6.30 04/12/19 CNY 50.08
GUANGAN INVESTMENT H 8.18 04/25/19 CNY 40.80
GUANGXI BAISE DEVELO 6.50 07/04/19 CNY 40.05
GUANGXI BAISE DEVELO 6.50 07/04/19 CNY 40.16
GUANGXI LAIBIN URBAN 8.36 03/14/19 CNY 71.28
GUANGYUAN INVESTMENT 7.25 11/26/19 CNY 40.67
GUANGZHOU DEVELOPMEN 6.70 08/14/22 CNY 70.20
GUANGZHOU DEVELOPMEN 6.70 08/14/22 CNY 71.48
GUILIN ECONOMIC CONS 6.90 05/09/18 CNY 25.01
GUILIN ECONOMIC CONS 6.90 05/09/18 CNY 25.20
GUIYANG ECO&TECH DEV 8.42 03/27/19 CNY 40.26
GUIYANG HI-TECH HOLD 6.01 12/01/19 CNY 50.00
GUIYANG JINYANG CONS 6.70 10/24/18 CNY 25.12
GUIYANG JINYANG CONS 6.70 10/24/18 CNY 25.23
GUIYANG PUBLIC RESID 6.70 11/06/19 CNY 41.26
GUIYANG PUBLIC RESID 6.70 11/06/19 CNY 60.93
GUIYANG URBAN DEVELO 6.20 02/28/20 CNY 59.81
GUIZHOU KAILI CITY C 8.30 12/12/20 CNY 61.91
GUIZHOU KAILI CITY C 8.30 12/12/20 CNY 62.05
GUOAO INVESTMENT DEV 6.89 10/29/18 CNY 25.19
GUOAO INVESTMENT DEV 6.89 10/29/18 CNY 25.19
HAIAN COUNTY CITY CO 8.35 03/28/18 CNY 25.10
HAIAN COUNTY CITY CO 8.35 03/28/18 CNY 25.17
HAICHENG URBAN INVES 8.39 11/07/18 CNY 40.65
HAILAR URBAN INFRAST 6.20 05/14/20 CNY 59.56
HAILAR URBAN INFRAST 6.20 05/14/20 CNY 60.17
HAIMEN CITY DEVELOPM 8.35 03/20/19 CNY 40.49
HAIMEN CITY DEVELOPM 8.35 03/20/19 CNY 40.55
HAINAN HARBOR & SHIP 6.80 10/18/19 CNY 70.55
HAINAN HARBOR & SHIP 6.80 10/18/19 CNY 70.70
HAINING CITY JIANSHA 6.90 11/04/20 CNY 61.42
HAINING CITY JIANSHA 6.90 11/04/20 CNY 62.18
HAINING STATE-OWNED 7.80 09/20/18 CNY 40.56
HAINING STATE-OWNED 7.80 09/20/18 CNY 40.64
HAINING STATE-OWNED 6.08 03/06/20 CNY 59.15
HAINING STATE-OWNED 6.08 03/06/20 CNY 60.60
HAIYAN COUNTY STATE- 7.00 09/04/20 CNY 61.25
HAIYAN COUNTY STATE- 7.00 09/04/20 CNY 82.42
HANDAN CITY CONSTRUC 7.05 12/24/19 CNY 60.86
HANDAN CITY CONSTRUC 7.60 11/25/20 CNY 61.91
HANGZHOU CANAL COMPR 6.00 04/02/20 CNY 59.60
HANGZHOU CANAL COMPR 6.00 04/02/20 CNY 60.30
HANGZHOU HIGH-TECH I 6.45 01/28/20 CNY 60.40
HANGZHOU HIGH-TECH I 6.45 01/28/20 CNY 60.58
HANGZHOU MUNICIPAL C 5.90 04/25/18 CNY 25.04
HANGZHOU MUNICIPAL C 5.90 04/25/18 CNY 25.04
HANGZHOU XIAOSHAN EC 6.70 12/26/18 CNY 50.19
HANGZHOU XIAOSHAN EC 6.70 12/26/18 CNY 50.30
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 39.80
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 40.45
HANGZHOU YUHANG INNO 6.50 03/18/20 CNY 60.41
HANGZHOU YUHANG INNO 6.50 03/18/20 CNY 60.68
HANJIANG STATE-OWNED 8.12 01/12/19 CNY 40.49
HANJIANG STATE-OWNED 8.12 01/12/19 CNY 40.54
HANJIANG STATE-OWNED 7.30 11/11/20 CNY 61.34
HANJIANG STATE-OWNED 7.30 11/11/20 CNY 61.79
HANZHONG CITY CONSTR 7.48 03/14/18 CNY 39.85
HANZHONG CITY CONSTR 7.48 03/14/18 CNY 40.08
HARBIN HELI INVESTME 7.48 09/26/18 CNY 40.41
HARBIN HELI INVESTME 7.48 09/26/18 CNY 40.43
HARBIN HIGH-TECH IND 7.00 09/16/20 CNY 60.62
HARBIN HIGH-TECH IND 7.00 09/16/20 CNY 60.92
HARBIN WATER INVESTM 5.70 05/06/20 CNY 60.08
HARBIN WATER INVESTM 5.70 05/06/20 CNY 60.30
HEBEI SHUNDE INVESTM 6.98 12/05/19 CNY 40.55
HEBEI SHUNDE INVESTM 6.98 12/05/19 CNY 40.62
HECHI CITY CONSTRUCT 8.50 12/18/20 CNY 62.15
HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 69.51
HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 70.45
HEFEI CONSTRUCTION I 6.60 08/28/18 CNY 40.00
HEFEI GAOXIN DEVELOP 7.98 03/22/19 CNY 71.03
HEFEI GAOXIN DEVELOP 7.98 03/22/19 CNY 71.31
HEFEI HAIHENG INVEST 7.30 06/12/19 CNY 40.00
HEFEI HAIHENG INVEST 7.30 06/12/19 CNY 40.45
HEFEI INDUSTRIAL INV 6.30 03/20/20 CNY 59.85
HEFEI TAOHUA INDUSTR 8.79 03/27/19 CNY 41.06
HEFEI XINCHENG STATE 7.88 04/23/19 CNY 40.63
HEGANG KAIYUAN CITY 6.50 07/19/19 CNY 40.25
HEIHE CITY CONSTRUCT 8.48 03/23/19 CNY 71.21
HEILONGJIANG HECHENG 7.05 06/21/22 CNY 69.64
HEILONGJIANG POST-DI 7.06 11/20/20 CNY 74.40
HENAN JIYUAN CITY CO 7.50 09/25/19 CNY 40.89
HENGYANG CITY CONSTR 7.06 08/13/19 CNY 40.60
HENGYANG HONGXIANG S 6.20 06/19/20 CNY 59.28
HENGYANG HONGXIANG S 6.20 06/19/20 CNY 60.08
HEYUAN CITY URBAN DE 6.55 03/19/20 CNY 60.11
HEYUAN CITY URBAN DE 6.55 03/19/20 CNY 60.55
HONGHEZHOU ROAD DEVE 6.27 05/06/20 CNY 60.12
HUAIAN CITY URBAN AS 6.87 12/26/19 CNY 60.63
HUAIAN CITY WATER HO 8.25 03/08/19 CNY 40.74
HUAI'AN DEVELOPMENT 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT 7.20 09/06/19 CNY 40.55
HUAIAN QINGHE NEW AR 6.68 01/24/20 CNY 60.31
HUAIAN QINGHE NEW AR 6.68 01/24/20 CNY 60.57
HUAIBEI CITY CONSTRU 6.68 12/17/18 CNY 25.16
HUAIBEI CITY CONSTRU 6.68 12/17/18 CNY 50.35
HUAIHUA CITY CONSTRU 8.00 03/22/18 CNY 25.08
HUAIHUA CITY INDUSTR 7.70 10/29/20 CNY 59.40
HUAIHUA CITY INDUSTR 7.70 10/29/20 CNY 63.02
HUANGGANG CITY CONST 7.10 10/19/19 CNY 40.58
HUANGGANG CITY CONST 7.10 10/19/19 CNY 41.05
HUANGSHI CIHU HIGH-T 8.70 12/05/20 CNY 61.72
HUANGSHI URBAN CONST 6.96 10/25/19 CNY 40.49
HUIAN STATE ASSETS I 7.50 10/15/19 CNY 40.56
HUIAN STATE ASSETS I 7.50 10/15/19 CNY 40.68
HULUDAO INVESTMENT G 7.05 10/18/20 CNY 60.74
HUNAN CHANGDE DEYUAN 7.18 10/18/18 CNY 25.05
HUNAN CHANGDE DEYUAN 7.18 10/18/18 CNY 25.18
HUNAN CHENGLINGJI HA 7.70 10/15/18 CNY 25.28
HUNAN CHENGLINGJI HA 7.70 10/15/18 CNY 25.34
HUNAN ZHAOSHAN ECONO 7.00 12/12/18 CNY 25.13
HUNAN ZHAOSHAN ECONO 7.00 12/12/18 CNY 25.26
HUZHOU CITY INVESTME 7.02 12/21/17 CNY 40.02
HUZHOU CITY INVESTME 6.70 12/14/19 CNY 40.54
HUZHOU NANXUN STATE- 8.15 03/31/19 CNY 40.65
HUZHOU WUXING NANTAI 7.71 02/17/18 CNY 40.16
INNER MONGOLIA HIGH- 7.20 09/25/19 CNY 40.36
INNER MONGOLIA ZHUNG 6.94 05/10/18 CNY 50.12
JIAMUSI NEW ERA INFR 8.25 03/22/19 CNY 40.57
JIAN CITY CONSTRUCTI 7.80 04/20/19 CNY 40.40
JIAN CITY CONSTRUCTI 7.80 04/20/19 CNY 40.44
JIANAN INVESTMENT HO 7.68 09/04/19 CNY 40.60
JIANGDONG HOLDING GR 6.90 03/27/19 CNY 40.45
JIANGMEN CITY BINJIA 6.60 02/28/20 CNY 59.78
JIANGMEN CITY BINJIA 6.60 02/28/20 CNY 60.10
JIANGMEN NEW HI-TECH 7.39 11/04/20 CNY 59.52
JIANGMEN NEW HI-TECH 7.39 11/04/20 CNY 60.01
JIANGSU FURUDONGHAI 7.09 09/13/20 CNY 60.77
JIANGSU FURUDONGHAI 7.09 09/13/20 CNY 60.91
JIANGSU HANRUI INVES 8.16 03/01/19 CNY 40.71
JIANGSU HUAJING ASSE 6.00 05/16/20 CNY 59.83
JIANGSU JINGUAN INVE 6.40 01/28/19 CNY 49.81
JIANGSU JURONG FUDI 8.70 04/26/19 CNY 71.10
JIANGSU LIANYUN DEVE 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVE 6.10 06/19/19 CNY 40.05
JIANGSU NANJING PUKO 7.10 10/08/19 CNY 40.00
JIANGSU NANJING PUKO 7.10 10/08/19 CNY 40.42
JIANGSU NEWHEADLINE 7.00 08/27/20 CNY 55.37
JIANGSU NEWHEADLINE 7.00 08/27/20 CNY 55.81
JIANGSU SUHAI INVEST 7.20 11/07/19 CNY 40.50
JIANGSU TAICANG PORT 7.66 05/16/19 CNY 40.61
JIANGSU WUZHONG ECON 8.05 12/16/18 CNY 40.72
JIANGSU WUZHONG ECON 8.05 12/16/18 CNY 40.77
JIANGSU XISHAN ECONO 6.99 11/01/19 CNY 40.50
JIANGSU XISHAN ECONO 6.99 11/01/19 CNY 40.53
JIANGSU ZHANGJIAGANG 6.98 11/16/19 CNY 40.76
JIANGXI HEJI INVESTM 8.00 09/04/19 CNY 40.70
JIANGXI HEJI INVESTM 8.00 09/04/19 CNY 40.77
JIANGYAN STATE OWNED 6.85 12/03/19 CNY 40.19
JIANGYAN STATE OWNED 6.85 12/03/19 CNY 40.44
JIANGYIN CITY CONSTR 7.20 06/11/19 CNY 40.57
JIANGYIN GAOXIN DIST 7.31 04/25/18 CNY 50.13
JIANGYIN GAOXIN DIST 6.60 02/27/20 CNY 60.61
JIANGYIN LINGANG NEW 7.10 11/07/20 CNY 60.91
JIANGYIN LINGANG NEW 7.10 11/07/20 CNY 61.62
JIANHU URBAN CONSTRU 6.50 02/22/20 CNY 60.24
JIANHU URBAN CONSTRU 6.50 02/22/20 CNY 60.33
JIASHAN STATE-OWNED 6.80 06/06/19 CNY 40.42
JIAXING CULTURE FAMO 8.16 03/08/19 CNY 40.68
JIAXING ECONOMIC&TEC 6.78 06/14/19 CNY 40.29
JIAXING ECONOMIC&TEC 6.78 06/14/19 CNY 40.42
JILIN CITY CONSTRUCT 6.34 02/26/20 CNY 60.12
JILIN CITY CONSTRUCT 6.34 02/26/20 CNY 60.30
JILIN RAILWAY INVEST 6.63 06/26/19 CNY 70.31
JIMO CITY URBAN DEVE 8.10 12/17/19 CNY 51.35
JINAN CITY CONSTRUCT 6.98 03/26/18 CNY 25.00
JINAN CITY CONSTRUCT 6.98 03/26/18 CNY 25.10
JINAN XIAOQINGHE DEV 7.15 09/05/19 CNY 40.73
JINGDEZHEN STATE-OWN 7.48 03/23/18 CNY 50.12
JINGDEZHEN STATE-OWN 7.48 03/23/18 CNY 50.21
JINGDEZHEN STATE-OWN 6.59 06/25/20 CNY 60.30
JINGDEZHEN STATE-OWN 6.59 06/25/20 CNY 60.58
JINGJIANG BINJIANG X 6.80 10/23/18 CNY 25.00
JINGJIANG BINJIANG X 6.80 10/23/18 CNY 25.12
JINGMEN CITY CONSTRU 7.00 10/17/20 CNY 61.00
JINGMEN CITY CONSTRU 6.85 07/09/22 CNY 70.94
JINGMEN CITY CONSTRU 7.00 10/17/20 CNY 81.92
JINGZHOU ECONOMIC TE 8.20 12/09/20 CNY 62.25
JINGZHOU URBAN CONST 7.98 04/24/19 CNY 40.73
JINING CITY CONSTRUC 8.30 12/31/18 CNY 40.62
JINING CITY YANZHOU 8.50 12/28/17 CNY 25.04
JINING CITY YANZHOU 5.90 05/28/21 CNY 68.94
JINING HI-TECH TOWN 6.60 01/28/20 CNY 60.10
JINING HI-TECH TOWN 6.60 01/28/20 CNY 60.43
JINING WATER SUPPLY 7.18 01/22/20 CNY 60.65
JINSHAN STATE-OWNED 6.65 11/27/19 CNY 40.41
JINZHONG CITY PUBLIC 6.50 03/18/20 CNY 59.09
JINZHONG CITY PUBLIC 6.50 03/18/20 CNY 60.29
JINZHOU CITY INVESTM 7.08 06/13/19 CNY 40.26
JINZHOU CITY INVESTM 7.08 06/13/19 CNY 40.34
JISHOU HUATAI STATE 7.37 12/12/19 CNY 40.74
JIUJIANG CITY CONSTR 8.49 02/23/19 CNY 40.44
JIUJIANG CITY CONSTR 8.49 02/23/19 CNY 40.62
JIUJIANG FUHE CONSTR 6.10 03/19/19 CNY 49.83
JIUJIANG FUHE CONSTR 6.10 03/19/19 CNY 50.29
JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 59.76
JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 60.48
JIXI STATE OWN ASSET 7.18 11/08/19 CNY 40.46
JIXI STATE OWN ASSET 7.18 11/08/19 CNY 40.50
KAIFENG DEVELOPMENT 6.47 07/11/19 CNY 40.32
KARAMAY URBAN CONSTR 7.15 09/04/19 CNY 40.58
KARAMAY URBAN CONSTR 7.15 09/04/19 CNY 40.61
KASHI URBAN CONSTRUC 7.18 11/27/19 CNY 40.70
KIZILSU KIRGHIZ AUTO 7.15 09/16/20 CNY 60.11
KUCHE URBAN CONSTRUC 7.95 12/09/20 CNY 61.59
KUCHE URBAN CONSTRUC 7.95 12/09/20 CNY 80.00
KUNMING CITY CONSTRU 7.60 04/13/18 CNY 25.00
KUNMING CITY CONSTRU 7.60 04/13/18 CNY 25.05
KUNMING DIANCHI INVE 6.50 02/01/20 CNY 60.17
KUNMING INDUSTRIAL D 6.46 10/23/19 CNY 40.31
KUNMING INDUSTRIAL D 6.46 10/23/19 CNY 40.57
KUNMING WUHUA DISTRI 8.60 03/15/18 CNY 25.27
KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 40.12
KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 40.39
KUNSHAN HUAQIAO INTE 7.98 12/30/18 CNY 40.52
LAIWU CITY ECONOMIC 6.50 03/01/18 CNY 29.97
LANZHOU CITY DEVELOP 8.20 12/15/18 CNY 41.78
LANZHOU CITY DEVELOP 8.20 12/15/18 CNY 68.05
LEQING CITY STATE OW 6.50 06/29/19 CNY 40.02
LEQING CITY STATE OW 6.50 06/29/19 CNY 40.28
LESHAN STATE-OWNED A 6.99 03/18/18 CNY 40.05
LESHAN STATE-OWNED A 6.99 03/18/18 CNY 40.12
LIAONING YAODU DEVEL 7.35 12/12/19 CNY 40.20
LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 35.10
LIAOYANG CITY ASSETS 7.10 11/13/19 CNY 40.31
LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 40.14
LIJIANG GUCHENG MANA 6.68 07/26/19 CNY 40.27
LINCANG STATE-OWNED 6.58 04/11/20 CNY 60.31
LINFEN CITY INVESTME 6.20 05/23/20 CNY 60.28
LINFEN YAODU DISTRIC 6.99 09/27/20 CNY 59.85
LINHAI CITY INFRASTR 6.30 03/21/20 CNY 60.20
LINHAI CITY INFRASTR 6.30 03/21/20 CNY 60.24
LINYI CITY ASSET MAN 6.68 12/12/19 CNY 40.69
LINYI ECONOMIC DEVEL 8.26 09/24/19 CNY 41.18
LINYI INVESTMENT DEV 8.10 03/27/18 CNY 25.15
LISHUI CITY CONSTRUC 6.00 05/23/20 CNY 59.95
LISHUI CITY CONSTRUC 6.00 05/23/20 CNY 60.95
LISHUI URBAN CONSTRU 5.80 05/29/20 CNY 59.89
LISHUI URBAN CONSTRU 5.80 05/29/20 CNY 59.94
LIUPANSHUI DEVELOPME 6.97 12/03/19 CNY 40.21
LIUPANSHUI DEVELOPME 6.97 12/03/19 CNY 61.00
LIUZHOU DONGCHENG IN 8.30 02/15/19 CNY 40.61
LIUZHOU DONGCHENG IN 7.40 10/29/20 CNY 61.52
LIUZHOU DONGCHENG IN 7.40 10/29/20 CNY 61.69
LIUZHOU INVESTMENT H 6.98 08/15/19 CNY 40.26
LIYANG CITY CONSTRUC 8.20 11/08/18 CNY 33.98
LIYANG CITY CONSTRUC 6.20 03/08/20 CNY 60.47
LIYANG CITY CONSTRUC 6.20 03/08/20 CNY 60.52
LONGYAN HUIJIN DEVEL 7.10 10/18/20 CNY 61.12
LONGYAN HUIJIN DEVEL 7.10 10/18/20 CNY 61.34
LOUDI CITY CONSTRUCT 7.28 10/19/18 CNY 25.19
LOUDI CITY CONSTRUCT 7.28 10/19/18 CNY 25.21
LU'AN CITY CONSTRUCT 8.00 12/02/20 CNY 62.34
LUOHE CITY CONSTRUCT 6.99 10/30/19 CNY 40.49
LUOHE CITY CONSTRUCT 6.99 10/30/19 CNY 40.62
MAANSHAN ECONOMIC TE 7.10 12/20/19 CNY 60.38
MEISHAN HONGDA CONST 6.56 06/19/20 CNY 59.76
MEISHAN HONGDA CONST 6.56 06/19/20 CNY 60.70
MEIZHOU KANGDA HIGHW 6.95 09/10/20 CNY 60.76
MEIZHOU KANGDA HIGHW 6.95 09/10/20 CNY 61.16
MIANYANG INVESTMENT 7.70 03/26/19 CNY 70.33
MIANYANG INVESTMENT 7.70 03/26/19 CNY 71.85
MIANYANG SCIENCE TEC 6.30 07/22/18 CNY 27.50
MIANYANG SCIENCE TEC 7.16 05/15/19 CNY 40.38
MINXIXINGHANG STATE- 6.20 03/26/19 CNY 50.13
MINXIXINGHANG STATE- 6.20 03/26/19 CNY 50.16
MUDANJIANG STATE-OWN 7.08 08/30/19 CNY 40.31
MUDANJIANG STATE-OWN 7.08 08/30/19 CNY 40.34
NANAN CITY TRADE IND 8.50 04/25/19 CNY 40.85
NANCHANG CITY CONSTR 6.19 02/20/20 CNY 60.42
NANCHANG CITY CONSTR 6.19 02/20/20 CNY 61.00
NANCHANG COUNTY URBA 6.50 07/17/19 CNY 50.28
NANCHANG COUNTY URBA 6.50 07/17/19 CNY 50.33
NANCHANG ECONOMY TEC 6.88 01/09/20 CNY 60.63
NANCHANG MUNICIPAL P 5.88 02/25/20 CNY 60.35
NANCHANG WATER CONSE 6.28 06/21/20 CNY 60.64
NANCHONG DEVELOPMENT 6.69 01/28/20 CNY 60.45
NANCHONG DEVELOPMENT 6.69 01/28/20 CNY 60.79
NANCHONG ECONOMIC DE 8.16 04/26/19 CNY 40.70
NANJING JIANGNING SC 7.29 04/28/19 CNY 40.30
NANJING JIANGNING SC 7.29 04/28/19 CNY 40.42
NANJING NEW&HIGH TEC 6.94 09/07/19 CNY 39.91
NANJING NEW&HIGH TEC 6.94 09/07/19 CNY 40.43
NANJING STATE OWNED 5.40 03/06/20 CNY 59.65
NANJING STATE OWNED 5.40 03/06/20 CNY 60.50
NANJING URBAN CONSTR 5.68 11/26/18 CNY 25.03
NANJING URBAN CONSTR 5.68 11/26/18 CNY 50.50
NANJING XINGANG DEVE 6.80 01/08/20 CNY 60.30
NANJING XINGANG DEVE 6.80 01/08/20 CNY 60.76
NANPING CITY WUYI NE 6.70 08/06/20 CNY 60.83
NANPING CITY WUYI NE 6.70 08/06/20 CNY 61.07
NANTONG CITY GANGZHA 7.15 01/09/20 CNY 60.71
NANTONG CITY GANGZHA 7.15 01/09/20 CNY 60.80
NANTONG CITY TONGZHO 6.80 05/28/19 CNY 40.26
NANTONG ECONOMIC & T 5.80 05/17/20 CNY 60.02
NANTONG ECONOMIC & T 5.80 05/17/20 CNY 60.07
NANYANG INVESTMENT G 7.05 10/24/20 CNY 60.07
NANYANG INVESTMENT G 7.05 10/24/20 CNY 61.41
NEIJIANG INVESTMENT 7.00 07/19/18 CNY 25.06
NEIJIANG INVESTMENT 7.00 07/19/18 CNY 25.11
NEIMENGGU XINLINGOL 7.62 02/25/18 CNY 40.12
NINGBO CITY YINZHOU 6.50 03/18/20 CNY 59.20
NINGBO CITY YINZHOU 6.50 03/18/20 CNY 60.68
NINGBO EASTERN NEW T 6.45 01/21/20 CNY 59.76
NINGBO EASTERN NEW T 6.45 01/21/20 CNY 60.00
NINGBO URBAN CONSTRU 7.39 03/01/18 CNY 25.09
NINGBO URBAN CONSTRU 7.39 03/01/18 CNY 25.13
NINGBO ZHENHAI HAIJI 6.65 11/28/18 CNY 25.28
NINGDE CITY STATE-OW 7.99 12/05/20 CNY 62.20
NINGDE CITY STATE-OW 7.99 12/05/20 CNY 62.30
PANJIN CONSTRUCTION 7.50 05/17/19 CNY 40.43
PANJIN CONSTRUCTION 7.50 05/17/19 CNY 40.58
PANJIN CONSTRUCTION 7.42 03/01/18 CNY 60.11
PANJIN PETROLEUM HIG 6.95 01/10/20 CNY 60.41
PANJIN PETROLEUM HIG 6.95 01/10/20 CNY 60.42
PEIXIAN STATE-OWNED 7.20 12/06/19 CNY 40.56
PENGLAI CITY PENGLAI 6.80 01/30/21 CNY 69.79
PENGLAI CITY PENGLAI 6.80 01/30/21 CNY 70.50
PINGDINGSHAN CITY DE 7.86 05/08/19 CNY 40.56
PINGDINGSHAN CITY DE 7.86 05/08/19 CNY 40.65
PINGDU CITY STATE OW 7.25 11/05/20 CNY 61.21
PINGDU CITY STATE OW 7.25 11/05/20 CNY 61.54
PINGHU CITY DEVELOPM 7.20 09/18/19 CNY 39.98
PINGHU CITY DEVELOPM 7.20 09/18/19 CNY 40.58
PINGLIANG CHENGXIANG 7.10 09/17/20 CNY 60.86
PINGTAN COMPOSITE EX 6.58 03/15/20 CNY 60.54
PINGXIANG HUIFENG IN 7.06 10/11/20 CNY 61.19
PINGXIANG HUIFENG IN 7.06 10/11/20 CNY 82.20
PINGXIANG URBAN CONS 6.89 12/10/19 CNY 40.32
PINGXIANG URBAN CONS 6.89 12/10/19 CNY 40.33
PIZHOU RUNCHENG ASSE 7.55 09/25/19 CNY 40.65
PIZHOU RUNCHENG ASSE 7.55 09/25/19 CNY 40.70
PUER CITY STATE OWNE 7.38 06/20/19 CNY 40.34
PULANDIAN CITY CONST 8.48 12/12/18 CNY 56.11
PULANDIAN CITY CONST 7.60 11/19/20 CNY 61.20
PULANDIAN CITY CONST 7.60 11/19/20 CNY 62.02
PUTIAN STATE-OWNED A 8.10 03/21/19 CNY 40.64
PUTIAN STATE-OWNED A 8.10 03/21/19 CNY 40.67
PUYANG INVESTMENT GR 8.00 12/11/20 CNY 62.18
PUYANG INVESTMENT GR 8.00 12/11/20 CNY 62.19
QIANAN XINGYUAN WATE 6.45 07/11/18 CNY 25.00
QIANAN XINGYUAN WATE 6.45 07/11/18 CNY 25.06
QIANDONG NANZHOU DEV 8.80 04/27/19 CNY 40.66
QIANDONGNANZHOU KAIH 7.80 10/30/19 CNY 40.46
QIANNAN AUTONOMOUS P 6.90 09/04/20 CNY 60.56
QIANXI NANZHOU HONGS 6.99 11/22/19 CNY 40.41
QIDONG STATE-OWNED A 7.30 11/20/22 CNY 69.12
QIDONG STATE-OWNED A 7.30 11/20/22 CNY 71.77
QINGDAO CITY CONSTRU 6.89 02/16/19 CNY 40.27
QINGDAO CITY CONSTRU 6.89 02/16/19 CNY 40.35
QINGDAO CONSON DEVEL 6.40 12/12/22 CNY 71.79
QINGDAO HUATONG STAT 7.30 04/18/19 CNY 40.50
QINGDAO JIAOZHOU CIT 6.59 01/25/20 CNY 60.50
QINGZHOU HONGYUAN PU 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PU 6.50 05/22/19 CNY 20.05
QINGZHOU HONGYUAN PU 7.25 10/19/18 CNY 25.23
QINGZHOU HONGYUAN PU 7.35 10/19/19 CNY 40.68
QINGZHOU HONGYUAN PU 7.35 10/19/19 CNY 40.71
QINGZHOU HONGYUAN PU 7.25 10/19/18 CNY 50.99
QINHUANGDAO DEVELOPM 7.46 10/17/19 CNY 40.54
QINHUANGDAO DEVELOPM 8.00 12/17/20 CNY 62.27
QINZHOU BINHAI NEW C 7.00 08/27/20 CNY 60.57
QINZHOU BINHAI NEW C 7.00 08/27/20 CNY 60.98
QINZHOU CITY DEVELOP 7.10 10/16/19 CNY 70.80
QINZHOU CITY DEVELOP 7.10 10/16/19 CNY 71.84
QITAIHE CITY CONSTRU 7.30 10/18/19 CNY 40.39
QUANZHOU QUANGANG PE 8.40 04/16/19 CNY 40.48
QUANZHOU QUANGANG PE 8.40 04/16/19 CNY 40.49
QUANZHOU TAISHANG IN 7.08 12/10/19 CNY 40.69
QUANZHOU URBAN CONST 6.48 01/11/20 CNY 60.64
QUJING DEVELOPMENT I 7.25 09/06/19 CNY 40.50
QUJING DEVELOPMENT I 7.25 09/06/19 CNY 40.64
RIZHAO CITY CONSTRUC 5.80 06/06/20 CNY 59.30
RIZHAO CITY CONSTRUC 5.80 06/06/20 CNY 60.10
RONGCHENG ECONOMIC D 6.45 03/18/20 CNY 59.00
RONGCHENG ECONOMIC D 6.45 03/18/20 CNY 60.43
RUDONG COUNTY DONGTA 7.45 09/24/19 CNY 40.73
RUDONG COUNTY DONGTA 7.10 01/31/18 CNY 50.09
RUGAO COMMUNICATIONS 8.51 01/26/19 CNY 50.73
RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.48
RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.81
RUIAN STATE OWNED AS 6.93 11/26/19 CNY 40.48
RUIAN STATE OWNED AS 6.93 11/26/19 CNY 60.10
RUSHAN CITY STATE-OW 6.90 09/11/20 CNY 60.47
SANMING CITY CONSTRU 6.40 03/05/20 CNY 60.10
SANMING CITY CONSTRU 6.40 03/05/20 CNY 60.25
SANMING STATE-OWNED 6.99 06/14/18 CNY 40.17
SANMING STATE-OWNED 6.92 12/05/19 CNY 40.70
SHANDONG JINMAO TEXT 6.50 09/25/20 CNY 72.15
SHANDONG RENCHENG RO 7.30 10/18/20 CNY 61.14
SHANDONG RENCHENG RO 7.30 10/18/20 CNY 61.19
SHANDONG TAIFENG HOL 5.80 03/12/20 CNY 48.32
SHANDONG TAIFENG HOL 5.80 03/12/20 CNY 58.89
SHANGHAI BUND GROUP 6.35 04/24/20 CNY 60.22
SHANGHAI BUND GROUP 6.35 04/24/20 CNY 60.31
SHANGHAI CHENGTOU CO 4.63 07/30/19 CNY 39.74
SHANGHAI CHENJIAZHEN 7.18 11/06/19 CNY 50.93
SHANGHAI FENGXIAN NA 6.25 03/05/20 CNY 59.57
SHANGHAI FENGXIAN NA 6.25 03/05/20 CNY 60.21
SHANGHAI JIADING IND 6.71 10/10/18 CNY 25.10
SHANGHAI JIADING IND 6.71 10/10/18 CNY 25.32
SHANGHAI JINSHAN URB 6.60 12/21/19 CNY 60.28
SHANGHAI JINSHAN URB 6.60 12/21/19 CNY 60.52
SHANGHAI LUJIAZUI DE 5.98 03/11/19 CNY 70.10
SHANGHAI LUJIAZUI DE 5.79 02/25/19 CNY 70.10
SHANGHAI LUJIAZUI DE 5.98 03/11/19 CNY 70.15
SHANGHAI LUJIAZUI DE 5.79 02/25/19 CNY 70.25
SHANGHAI MINHANG URB 6.48 10/23/19 CNY 39.99
SHANGHAI MINHANG URB 6.48 10/23/19 CNY 61.20
SHANGHAI NANFANG GRO 6.70 09/09/19 CNY 50.43
SHANGHAI NANFANG GRO 6.70 09/09/19 CNY 50.49
SHANGHAI SONGJIANG T 6.28 08/15/18 CNY 25.13
SHANGHAI URBAN CONST 5.25 11/30/19 CNY 39.80
SHANGLUO CITY CONSTR 6.75 09/09/19 CNY 50.43
SHANGLUO CITY CONSTR 6.75 09/09/19 CNY 50.51
SHANGLUO CITY CONSTR 7.05 09/09/20 CNY 60.60
SHANGLUO CITY CONSTR 7.05 09/09/20 CNY 61.19
SHANGQIU DEVELOPMENT 6.60 01/15/20 CNY 60.41
SHANGRAO CITY CONSTR 7.30 09/10/19 CNY 40.58
SHANGYU COMMUNICATIO 6.70 09/11/19 CNY 40.20
SHANGYU COMMUNICATIO 6.70 09/11/19 CNY 40.49
SHANGYU HANGZHOU BAY 6.95 10/11/20 CNY 60.99
SHANTOU CITY CONSTRU 8.57 03/23/22 CNY 73.16
SHANTOU CITY CONSTRU 8.57 03/23/22 CNY 73.58
SHAOGUAN JINYE DEVEL 7.30 10/18/19 CNY 40.76
SHAOXING CHENGBEI XI 6.21 06/11/18 CNY 24.97
SHAOXING CHENGBEI XI 6.21 06/11/18 CNY 25.10
SHAOXING CHENGZHONGC 6.50 01/24/20 CNY 60.00
SHAOXING CHENGZHONGC 6.50 01/24/20 CNY 60.28
SHAOXING HI-TECH IND 6.75 12/05/18 CNY 25.05
SHAOXING HI-TECH IND 6.75 12/05/18 CNY 25.14
SHAOXING KEQIAO DIST 6.30 02/26/19 CNY 49.80
SHAOXING KEQIAO DIST 6.30 02/26/19 CNY 50.25
SHAOXING PAOJIANG IN 6.90 10/31/19 CNY 40.53
SHAOXING URBAN CONST 6.40 11/09/19 CNY 40.12
SHAOXING URBAN CONST 6.40 11/09/19 CNY 40.37
SHAOYANG CITY CONSTR 7.40 09/11/18 CNY 25.10
SHAOYANG CITY CONSTR 7.40 09/11/18 CNY 25.31
SHENYANG MACHINE TOO 6.50 03/27/18 CNY 70.12
SHENYANG SUJIATUN DI 6.40 06/20/20 CNY 60.21
SHENZHEN LONGGANG DI 6.18 03/27/19 CNY 50.11
SHENZHEN LONGGANG DI 6.18 03/27/19 CNY 50.24
SHIJIAZHUANG REAL ES 5.65 05/15/20 CNY 59.92
SHIJIAZHUANG REAL ES 5.65 05/15/20 CNY 60.08
SHISHI STATE OWNED I 7.40 09/13/19 CNY 40.53
SHISHI STATE OWNED I 7.40 09/13/19 CNY 61.00
SHIYAN CITY INFRASTR 7.98 04/20/19 CNY 40.65
SHIYAN CITY INFRASTR 6.88 10/11/20 CNY 61.05
SHOUGUANG CITY CONST 7.10 10/18/20 CNY 60.87
SHOUGUANG CITY CONST 7.10 10/18/20 CNY 61.19
SHOUGUANG JINCAI STA 6.70 10/23/19 CNY 40.51
SHOUGUANG JINCAI STA 6.70 10/23/19 CNY 61.00
SHUANGLIU COUNTY WAT 6.92 07/30/20 CNY 73.10
SHUANGLIU COUNTY WAT 7.40 02/26/20 CNY 73.96
SHUANGLIU SHINE CHIN 8.40 03/16/19 CNY 71.43
SHUANGLIU SHINE CHIN 8.48 03/16/19 CNY 71.43
SHUANGYASHAN DADI CI 6.55 12/25/19 CNY 60.20
SHUANGYASHAN DADI CI 6.55 12/25/19 CNY 60.40
SHUYANG JINGYUAN ASS 6.50 12/03/19 CNY 40.19
SHUYANG JINGYUAN ASS 6.50 12/03/19 CNY 40.28
SICHUAN CHENGDU ABA 7.18 09/12/20 CNY 60.34
SICHUAN COAL INDUSTR 7.70 01/09/18 CNY 45.00
SONGYUAN URBAN DEVEL 7.30 08/29/19 CNY 39.45
SONGYUAN URBAN DEVEL 7.30 08/29/19 CNY 40.45
SUIFENHE HAIRONG URB 6.60 04/28/20 CNY 59.36
SUINING DEVELOPMENT 6.62 04/25/20 CNY 60.17
SUINING DEVELOPMENT 6.62 04/25/20 CNY 60.33
SUIZHOU DEVELOPMENT 7.50 08/22/19 CNY 40.28
SUIZHOU DEVELOPMENT 7.50 08/22/19 CNY 40.56
SUQIAN CITY CONSTRUC 6.88 10/29/20 CNY 60.74
SUQIAN CITY CONSTRUC 6.88 10/29/20 CNY 60.93
SUQIAN ECONOMIC DEVE 7.50 03/26/19 CNY 40.42
SUQIAN ECONOMIC DEVE 7.50 03/26/19 CNY 40.85
SUQIAN WATER GROUP C 6.55 12/04/19 CNY 40.30
SUQIAN WATER GROUP C 6.55 12/04/19 CNY 40.51
SUZHOU CITY CONSTRUC 7.45 03/12/19 CNY 40.46
SUZHOU CITY CONSTRUC 6.40 04/17/20 CNY 60.19
SUZHOU CITY CONSTRUC 6.40 04/17/20 CNY 60.33
SUZHOU INDUSTRIAL PA 5.79 05/30/19 CNY 39.95
SUZHOU INDUSTRIAL PA 5.79 05/30/19 CNY 40.05
SUZHOU TECH CITY DEV 7.32 11/01/18 CNY 25.21
SUZHOU URBAN CONSTRU 5.79 10/25/19 CNY 39.62
SUZHOU URBAN CONSTRU 5.79 10/25/19 CNY 40.18
SUZHOU WUJIANG COMMU 6.80 10/31/20 CNY 55.00
SUZHOU WUJIANG COMMU 6.80 10/31/20 CNY 56.30
SUZHOU WUJIANG EASTE 8.05 12/05/18 CNY 40.83
SUZHOU WUJIANG EASTE 8.05 12/05/18 CNY 40.92
SUZHOU XIANGCHENG UR 6.95 09/03/19 CNY 40.25
SUZHOU XIANGCHENG UR 6.95 09/03/19 CNY 40.66
TACHENG DISTRICT STA 7.49 10/16/19 CNY 50.98
TACHENG DISTRICT STA 7.49 10/16/19 CNY 51.04
TAIAN TAISHAN INVEST 6.76 01/25/20 CNY 60.30
TAIAN TAISHAN INVEST 6.76 01/25/20 CNY 60.66
TAICANG ASSET MANAGE 8.25 12/31/18 CNY 71.03
TAICANG ASSET MANAGE 8.25 12/31/18 CNY 71.16
TAICANG HENGTONG INV 7.45 10/30/19 CNY 40.63
TAICANG URBAN CONSTR 6.75 01/11/20 CNY 60.30
TAICANG URBAN CONSTR 6.75 01/11/20 CNY 60.44
TAIXING CITY CHENGXI 8.30 12/12/20 CNY 62.37
TAIXING CITY CHENGXI 8.30 12/12/20 CNY 83.14
TAIXING ZHONGXING ST 8.29 03/27/18 CNY 25.00
TAIXING ZHONGXING ST 8.29 03/27/18 CNY 25.18
TAIYUAN HIGH-SPEED R 6.50 10/30/20 CNY 56.33
TAIYUAN LONGCHENG DE 6.50 09/25/19 CNY 40.09
TAIYUAN LONGCHENG DE 6.50 09/25/19 CNY 40.31
TAIZHOU CITY HUANGYA 6.85 12/17/18 CNY 25.05
TAIZHOU CITY HUANGYA 6.85 12/17/18 CNY 25.18
TAIZHOU CITY JIANGYA 7.10 09/03/20 CNY 61.71
TAIZHOU HAILING ASSE 8.52 03/21/19 CNY 40.71
TAIZHOU JIAOJIANG ST 7.46 09/13/20 CNY 55.97
TAIZHOU JIAOJIANG ST 7.46 09/13/20 CNY 56.88
TAIZHOU TRAFFIC INDU 6.15 03/11/20 CNY 59.86
TAIZHOU TRAFFIC INDU 6.15 03/11/20 CNY 60.22
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.15
TANGSHAN CAOFEIDIAN 7.50 10/15/20 CNY 60.40
TANGSHAN NANHU ECO C 7.08 10/16/19 CNY 39.89
TANGSHAN NANHU ECO C 7.08 10/16/19 CNY 40.55
TIANJIN BAOXING INDU 7.10 10/17/20 CNY 60.87
TIANJIN BAOXING INDU 7.10 10/17/20 CNY 61.64
TIANJIN BINHAI NEW A 5.00 03/13/18 CNY 39.93
TIANJIN BINHAI NEW A 5.00 03/13/18 CNY 39.98
TIANJIN BINHAI NEW A 5.19 03/13/20 CNY 59.10
TIANJIN BINHAI NEW A 5.19 03/13/20 CNY 59.57
TIANJIN CITY JINGHAI 7.90 11/26/20 CNY 61.67
TIANJIN CITY JINGHAI 7.90 11/26/20 CNY 61.95
TIANJIN DONGFANG CAI 7.99 11/23/18 CNY 40.90
TIANJIN DONGLI CITY 6.05 06/19/20 CNY 59.97
TIANJIN ECO-CITY INV 6.76 08/14/19 CNY 40.29
TIANJIN ECO-CITY INV 6.76 08/14/19 CNY 40.32
TIANJIN ECONOMIC TEC 6.20 12/03/19 CNY 40.15
TIANJIN ECONOMIC TEC 6.20 12/03/19 CNY 40.24
TIANJIN ECONOMIC TEC 6.50 12/03/22 CNY 71.00
TIANJIN ECONOMIC TEC 6.50 12/03/22 CNY 71.01
TIANJIN HANBIN INVES 8.39 03/22/19 CNY 40.70
TIANJIN HI-TECH INDU 7.80 03/27/19 CNY 40.47
TIANJIN HI-TECH INDU 7.80 03/27/19 CNY 40.48
TIANJIN JINNAN CITY 6.95 06/18/19 CNY 40.44
TIANJIN JINNAN CITY 6.95 06/18/19 CNY 40.60
TIANJIN TEDA CONSTRU 6.89 04/27/20 CNY 60.69
TIANJIN WUQING STATE 8.00 12/17/20 CNY 62.76
TIELING PUBLIC ASSET 7.34 05/29/18 CNY 25.00
TIELING PUBLIC ASSET 7.34 05/29/18 CNY 25.21
TONGCHUAN DEVELOPMEN 7.50 07/17/19 CNY 40.21
TONGLIAO TIANCHENG U 7.75 09/24/19 CNY 40.65
TONGLIAO URBAN INVES 6.64 04/09/20 CNY 60.18
TONGLING CONSTRUCTIO 6.98 08/26/20 CNY 61.01
TONGLING CONSTRUCTIO 6.98 08/26/20 CNY 61.20
TONGLING CONSTRUCTIO 8.20 04/28/22 CNY 73.39
TONGREN FANJINGSHAN 6.89 08/02/19 CNY 40.74
TONGXIANG CITY CONST 6.10 05/16/20 CNY 59.50
TONGXIANG CITY CONST 6.10 05/16/20 CNY 60.51
TULUFAN DISTRICT STA 7.20 08/09/19 CNY 49.49
TULUFAN DISTRICT STA 7.20 08/09/19 CNY 51.70
ULANQAB CITY INVESTM 7.70 10/31/20 CNY 60.86
ULANQAB CITY INVESTM 7.70 10/31/20 CNY 61.15
ULANQAB CITY JI NING 6.88 03/19/20 CNY 59.23
URUMQI CITY CONSTRUC 6.35 07/09/19 CNY 40.37
URUMQI CITY CONSTRUC 7.20 11/06/18 CNY 50.67
URUMQI ECO&TECH DEVE 8.58 01/10/19 CNY 50.74
URUMQI GAOXIN INVEST 6.18 03/05/20 CNY 60.50
URUMQI GAOXIN INVEST 6.18 03/05/20 CNY 61.00
URUMQI STATE-OWNED A 6.48 04/28/18 CNY 24.96
VANZIP INVESTMENT GR 7.92 02/04/19 CNY 46.65
WAFANGDIAN STATE-OWN 8.55 04/19/19 CNY 40.72
WAFANGDIAN STATE-OWN 6.20 06/20/20 CNY 59.01
WAFANGDIAN STATE-OWN 6.20 06/20/20 CNY 59.82
WEIFANG BINHAI INVES 6.16 04/16/21 CNY 71.23
WEIFANG DONGXIN CONS 6.88 11/20/19 CNY 40.52
WEIFANG DONGXIN CONS 6.88 11/20/19 CNY 40.53
WEIHAI WENDENG URBAN 6.38 03/06/20 CNY 60.31
WEINAN CITY INVESTME 6.69 01/15/20 CNY 60.50
WEINAN CITY INVESTME 6.69 01/15/20 CNY 60.61
WENLING CITY STATE O 7.18 09/18/19 CNY 40.60
WENLING CITY STATE O 7.18 09/18/19 CNY 61.20
WENZHOU ANJUFANG CIT 7.65 04/24/19 CNY 40.44
WENZHOU ECONOMIC-TEC 6.49 01/15/20 CNY 60.00
WENZHOU ECONOMIC-TEC 6.49 01/15/20 CNY 60.56
WUHAI CITY CONSTRUCT 8.20 03/31/19 CNY 40.53
WUHAN METRO GROUP CO 5.70 02/04/20 CNY 60.27
WUHAN METRO GROUP CO 5.70 02/04/20 CNY 60.45
WUHAN REAL ESTATE DE 5.90 03/22/19 CNY 49.90
WUHAN REAL ESTATE DE 5.90 03/22/19 CNY 50.00
WUHAN URBAN CONSTRUC 5.60 03/08/20 CNY 59.81
WUHU CONSTRUCTION IN 6.89 03/26/19 CNY 70.35
WUHU ECONOMIC TECHNO 6.70 06/08/18 CNY 25.00
WUHU ECONOMIC TECHNO 6.70 06/08/18 CNY 25.05
WUHU ECONOMIC TECHNO 6.90 06/08/22 CNY 71.81
WUHU JINGHU CONSTRUC 6.68 05/16/20 CNY 59.80
WUHU XINMA INVESTMEN 7.18 11/14/19 CNY 40.63
WUHU XINMA INVESTMEN 7.18 11/14/19 CNY 41.00
WUJIANG ECONOMIC TEC 6.88 12/27/19 CNY 60.40
WUJIANG ECONOMIC TEC 6.88 12/27/19 CNY 60.71
WUWEI CITY ECONOMY D 8.20 12/09/20 CNY 62.07
WUWEI CITY ECONOMY D 8.20 12/09/20 CNY 81.79
WUXI CONSTRUCTION AN 6.60 09/17/19 CNY 40.38
WUXI CONSTRUCTION AN 6.60 09/17/19 CNY 40.54
WUXI HUISHAN ECONOMI 6.03 04/22/19 CNY 50.07
WUXI MUNICIPAL DEVEL 6.10 10/11/20 CNY 59.09
WUXI MUNICIPAL DEVEL 6.10 10/11/20 CNY 61.32
WUXI TAIHU INTERNATI 7.60 09/17/19 CNY 40.85
WUXI TAIHU INTERNATI 7.60 09/17/19 CNY 61.40
WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 59.61
WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 60.21
WUXI XIDONG TECHNOLO 5.98 10/26/18 CNY 40.17
WUZHONG URBAN RURAL 7.18 10/12/20 CNY 61.40
WUZHONG URBAN RURAL 7.18 10/12/20 CNY 61.42
WUZHOU DONGTAI STATE 7.40 09/03/19 CNY 40.65
XIAMEN XINGLIN CONST 6.60 02/22/20 CNY 60.54
XIAMEN XINGLIN CONST 6.60 02/22/20 CNY 60.61
XI'AN AEROSPACE BASE 6.96 11/08/19 CNY 40.47
XIAN CHANBAHE DEVELO 6.89 08/03/19 CNY 40.18
XI'AN HI-TECH HOLDIN 5.70 02/26/19 CNY 49.91
XI'AN HI-TECH HOLDIN 5.70 02/26/19 CNY 50.07
XI'AN URBAN INDEMNIF 7.31 03/18/19 CNY 70.88
XI'AN URBAN INDEMNIF 7.31 04/18/19 CNY 70.95
XI'AN URBAN INDEMNIF 7.31 04/18/19 CNY 70.95
XI'AN URBAN INDEMNIF 7.31 03/18/19 CNY 71.28
XIANGTAN CITY CONSTR 8.00 03/16/19 CNY 40.51
XIANGTAN CITY CONSTR 8.00 03/16/19 CNY 40.57
XIANGTAN HI-TECH GRO 6.90 01/15/20 CNY 60.48
XIANGTAN HI-TECH GRO 6.90 01/15/20 CNY 60.48
XIANGTAN JIUHUA ECON 7.43 08/29/19 CNY 40.62
XIANGTAN JIUHUA ECON 7.15 10/15/20 CNY 60.87
XIANGTAN JIUHUA ECON 7.15 10/15/20 CNY 62.24
XIANGTAN ZHENXIANG S 6.60 08/07/20 CNY 60.62
XIANGTAN ZHENXIANG S 6.60 08/07/20 CNY 60.65
XIANNING CITY CONSTR 7.50 08/31/18 CNY 25.15
XIANNING CITY CONSTR 7.50 08/31/18 CNY 25.30
XIANNING HIGH-TECH I 5.80 06/05/20 CNY 59.49
XIANNING HIGH-TECH I 5.80 06/05/20 CNY 59.85
XIAOGAN URBAN CONSTR 8.12 03/26/19 CNY 40.71
XINGHUA URBAN CONSTR 7.25 10/23/18 CNY 25.08
XINING CITY INVESTME 7.70 04/27/19 CNY 40.37
XINING ECONOMIC DEVE 5.90 06/04/20 CNY 59.70
XINING ECONOMIC DEVE 5.90 06/04/20 CNY 59.97
XINJIANG SHIHEZI DEV 7.50 08/29/18 CNY 24.79
XINJIANG UYGUR AR HA 6.25 07/17/18 CNY 25.01
XINJIANG WUJIAQU URB 6.10 05/23/20 CNY 60.20
XINJIANG WUJIAQU URB 6.10 05/23/20 CNY 60.37
XINXIANG INVESTMENT 6.80 01/18/18 CNY 40.02
XINXIANG INVESTMENT 5.85 04/15/20 CNY 59.26
XINXIANG INVESTMENT 5.85 04/15/20 CNY 60.14
XINYANG HUAXIN INVES 6.95 06/14/19 CNY 40.00
XINYANG HUAXIN INVES 6.95 06/14/19 CNY 40.42
XINYI CITY INVESTMEN 7.39 10/15/20 CNY 61.42
XINYI CITY INVESTMEN 7.39 10/15/20 CNY 61.52
XINYU CITY CONSTRUCT 7.08 12/13/19 CNY 40.10
XINYU CITY CONSTRUCT 7.08 12/13/19 CNY 40.58
XINZHENG NEW DISTRIC 6.52 06/28/19 CNY 49.82
XINZHENG NEW DISTRIC 6.52 06/28/19 CNY 50.55
XINZHOU CITY ASSET M 7.39 08/08/18 CNY 25.31
XINZHOU CITY ASSET M 8.50 12/18/20 CNY 62.34
XUCHANG GENERAL INVE 7.78 04/27/19 CNY 40.59
XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 60.40
XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 60.65
XUZHOU ECONOMIC TECH 8.20 03/07/19 CNY 40.47
XUZHOU ECONOMIC TECH 8.20 03/07/19 CNY 40.70
XUZHOU XINSHENG CONS 7.48 05/08/18 CNY 25.13
XUZHOU XINSHENG CONS 7.48 05/08/18 CNY 25.13
YAAN DEVELOPMENT INV 7.00 09/13/20 CNY 60.41
YAAN DEVELOPMENT INV 7.00 09/13/20 CNY 60.50
YAAN STATE-OWNED ASS 7.39 07/04/19 CNY 40.19
YANCHENG CITY DAFENG 7.08 12/13/19 CNY 60.59
YANCHENG CITY DAFENG 7.08 12/13/19 CNY 61.82
YANCHENG CITY TINGHU 7.95 11/15/20 CNY 61.12
YANCHENG CITY TINGHU 7.95 11/15/20 CNY 80.90
YANCHENG ORIENTAL IN 6.99 10/26/19 CNY 40.50
YANCHENG SOUTH DISTR 6.93 10/26/19 CNY 40.00
YANCHENG SOUTH DISTR 6.93 10/26/19 CNY 40.45
YANGJIANG HENGCAI CI 6.85 09/09/20 CNY 60.70
YANGJIANG HENGCAI CI 6.85 09/09/20 CNY 60.90
YANGZHONG URBAN CONS 7.10 03/26/18 CNY 50.03
YANGZHOU HANJIANG UR 6.20 03/12/20 CNY 59.88
YANGZHOU HANJIANG UR 6.20 03/12/20 CNY 60.00
YANGZHOU LONGCHUAN H 8.10 03/23/19 CNY 40.50
YANGZHOU LONGCHUAN H 8.10 03/23/19 CNY 40.64
YANGZHOU URBAN CONST 6.30 07/26/19 CNY 40.02
YANGZHOU URBAN CONST 6.30 07/26/19 CNY 40.35
YIBIN STATE-OWNED AS 5.80 05/23/18 CNY 40.02
YICHANG MUNICIPAL FI 7.12 10/16/19 CNY 40.63
YICHANG MUNICIPAL FI 7.12 10/16/19 CNY 40.66
YICHANG URBAN CONSTR 6.85 11/08/19 CNY 40.60
YICHANG URBAN CONSTR 6.85 11/08/19 CNY 40.68
YICHANG URBAN CONSTR 8.13 11/17/19 CNY 53.60
YICHUN CITY CONSTRUC 7.35 07/24/19 CNY 39.98
YIJINHUOLUOQI HONGTA 8.35 03/19/19 CNY 61.43
YIJINHUOLUOQI HONGTA 8.35 03/19/19 CNY 61.44
YILI STATE-OWNED ASS 6.70 11/19/18 CNY 25.13
YINGKOU ECO & TECH D 6.17 04/08/20 CNY 59.40
YINGKOU ECO & TECH D 6.17 04/08/20 CNY 60.84
YINGTAN INVESTMENT F 7.50 12/12/22 CNY 69.65
YINGTAN INVESTMENT F 7.50 12/12/22 CNY 72.16
YIXING CITY DEVELOPM 6.90 10/10/19 CNY 40.38
YIXING CITY DEVELOPM 6.90 10/10/19 CNY 40.40
YIYANG CITY CONSTRUC 7.36 08/24/19 CNY 40.62
YIYANG CITY CONSTRUC 7.36 08/24/19 CNY 40.64
YIYANG GAOXIN TECHNO 6.70 03/13/20 CNY 60.33
YIYANG GAOXIN TECHNO 6.70 03/13/20 CNY 60.40
YIZHENG CITY CONSTRU 7.78 06/14/19 CNY 40.70
YONGZHOU CITY CONSTR 7.30 10/23/20 CNY 61.38
YONGZHOU CITY CONSTR 7.30 10/23/20 CNY 61.44
YUEYANG CITY CONSTRU 6.05 07/12/20 CNY 59.46
YUEYANG CITY CONSTRU 6.05 07/12/20 CNY 60.27
YUHUAN CITY COMMUNIC 7.15 10/12/19 CNY 40.57
YULIN CITY INVESTMEN 6.81 12/04/18 CNY 25.20
YULIN CITY INVESTMEN 6.81 12/04/18 CNY 25.26
YULIN URBAN CONSTRUC 6.88 11/26/19 CNY 40.05
YULIN URBAN CONSTRUC 6.88 11/26/19 CNY 40.72
YUNCHENG URBAN CONST 7.48 10/15/19 CNY 40.74
YUYAO ECONOMIC DEVEL 6.75 03/04/20 CNY 60.16
YUYAO ECONOMIC DEVEL 6.75 03/04/20 CNY 60.38
YUYAO WATER RESOURCE 7.20 10/16/19 CNY 40.72
ZHANGJIAGANG FREE TR 7.10 08/23/20 CNY 60.92
ZHANGJIAGANG FREE TR 7.10 08/23/20 CNY 61.01
ZHANGJIAGANG JINCHEN 6.23 01/06/18 CNY 29.95
ZHANGJIAGANG MUNICIP 6.43 11/27/19 CNY 40.28
ZHANGJIAGANG MUNICIP 6.43 11/27/19 CNY 40.36
ZHANGJIAJIE ECONOMIC 7.40 10/18/19 CNY 40.68
ZHANGJIAKOU CONSTRUC 7.00 10/26/19 CNY 40.54
ZHANGJIAKOU TONGTAI 6.90 07/05/18 CNY 40.11
ZHANGZHOU CITY CONST 6.60 03/26/20 CNY 60.55
ZHANJIANG INFRASTRUC 6.93 10/21/20 CNY 60.40
ZHANJIANG INFRASTRUC 6.93 10/21/20 CNY 61.40
ZHAOYUAN STATE-OWNED 6.64 12/31/19 CNY 60.51
ZHEJIANG GUOXING INV 8.15 03/09/18 CNY 25.09
ZHEJIANG GUOXING INV 8.15 03/09/18 CNY 25.12
ZHEJIANG HUZHOU HUAN 6.70 11/28/19 CNY 39.90
ZHEJIANG HUZHOU HUAN 6.70 11/28/19 CNY 40.37
ZHEJIANG JIASHAN ECO 7.05 12/03/19 CNY 40.54
ZHEJIANG JIASHAN ECO 7.05 12/03/19 CNY 40.65
ZHEJIANG PROVINCE DE 6.90 04/12/18 CNY 40.07
ZHEJIANG PROVINCE DE 6.40 02/22/20 CNY 60.18
ZHEJIANG PROVINCE XI 6.60 04/24/20 CNY 60.38
ZHEJIANG PROVINCE XI 6.60 04/24/20 CNY 60.50
ZHENGZHOU PUBLIC HOU 5.98 07/17/20 CNY 59.95
ZHENGZHOU PUBLIC HOU 5.98 07/17/20 CNY 60.25
ZHENJIANG CITY CONST 7.90 12/18/20 CNY 60.63
ZHENJIANG CULTURE AN 6.60 01/30/20 CNY 59.00
ZHENJIANG CULTURE AN 6.60 01/30/20 CNY 59.93
ZHENJIANG TRANSPORTA 7.29 05/08/19 CNY 40.41
ZHENJIANG TRANSPORTA 7.29 05/08/19 CNY 41.91
ZHONGSHAN TRANSPORTA 6.65 08/28/18 CNY 25.00
ZHONGSHAN TRANSPORTA 6.65 08/28/18 CNY 25.15
ZHOUSHAN DINGHAI STA 7.25 08/31/20 CNY 56.09
ZHOUSHAN DINGHAI STA 7.25 08/31/20 CNY 56.17
ZHUCHENG ECONOMIC DE 6.40 04/26/18 CNY 19.98
ZHUCHENG ECONOMIC DE 6.40 04/26/18 CNY 20.06
ZHUCHENG ECONOMIC DE 7.50 08/25/18 CNY 21.37
ZHUCHENG ECONOMIC DE 6.80 11/29/19 CNY 40.41
ZHUHAI HUAFA GROUP C 8.43 02/16/18 CNY 25.08
ZHUHAI HUAFA GROUP C 8.43 02/16/18 CNY 25.10
ZHUHAI HUAFA GROUP C 5.50 06/05/19 CNY 49.97
ZHUHAI HUAFA GROUP C 5.50 06/05/19 CNY 50.50
ZHUHAI HUIHUA INFRAS 7.15 09/17/20 CNY 61.00
ZHUHAI HUIHUA INFRAS 7.15 09/17/20 CNY 61.80
ZHUJI CITY CONSTRUCT 6.92 07/05/18 CNY 40.14
ZHUJI CITY CONSTRUCT 6.92 12/19/19 CNY 60.69
ZHUJI CITY YUEDU INV 8.20 12/12/20 CNY 61.80
ZHUJI CITY YUEDU INV 8.20 12/12/20 CNY 62.05
ZHUMADIAN INVESTMENT 6.95 11/26/19 CNY 40.51
ZHUZHOU CITY CONSTRU 6.95 10/16/20 CNY 60.12
ZHUZHOU CITY CONSTRU 6.95 10/16/20 CNY 61.45
ZHUZHOU GECKOR GROUP 7.82 08/18/18 CNY 40.47
ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 40.64
ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 40.93
ZHUZHOU YUNLONG DEVE 6.78 11/19/19 CNY 40.49
ZIBO CITY PROPERTY C 5.45 04/27/19 CNY 23.84
ZIBO CITY PROPERTY C 6.83 08/22/19 CNY 40.58
ZIGONG GAOXIN INVEST 6.30 03/13/20 CNY 60.35
ZIGONG STATE-OWNED A 6.86 06/17/18 CNY 40.04
ZIYANG CITY CONSTRUC 7.58 01/09/19 CNY 50.22
ZIYANG WATER INVESTM 7.40 10/21/20 CNY 61.08
ZOUCHENG CITY ASSET 7.02 01/12/18 CNY 20.03
ZOUCHENG CITY ASSET 6.18 03/12/19 CNY 50.07
ZOUCHENG CITY ASSET 6.18 03/12/19 CNY 50.07
ZOUPING COUNTY STATE 6.98 04/27/18 CNY 40.10
ZUNYI CITY HUICHUAN 6.75 04/24/19 CNY 50.29
ZUNYI INVESTMENT GRO 8.53 03/13/19 CNY 40.77
ZUNYI ROAD & BRIDGE 7.15 08/17/20 CNY 54.21
ZUNYI ROAD & BRIDGE 7.15 08/17/20 CNY 55.93
ZUNYI STATE-OWNED AS 6.98 12/26/19 CNY 60.04
ZUNYI STATE-OWNED AS 6.98 12/26/19 CNY 60.76
HONG KONG
---------
CHINA CITY CONSTRUCT 5.35 07/03/17 CNY 69.25
INDONESIA
---------
BERAU COAL ENERGY TB 7.25 03/13/17 USD 52.01
BERAU COAL ENERGY TB 7.25 03/13/17 USD 52.55
DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.50
DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.73
DAVOMAS INTERNATIONA 11.00 05/09/11 USD 0.73
DAVOMAS INTERNATIONA 11.00 12/08/14 USD 0.73
SUMBERDAYA SEWATAMA 7.00 03/31/24 IDR 100.04
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BLUE DART EXPRESS LT 9.40 11/20/18 INR 10.41
BLUE DART EXPRESS LT 9.50 11/20/19 INR 10.45
CORE EDUCATION & TEC 7.00 05/07/49 USD 0.58
JAIPRAKASH ASSOCIATE 5.75 09/08/17 USD 55.25
JAIPRAKASH POWER VEN 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES L 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEA 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 COMMUNICATI 6.50 11/06/20 USD 35.50
SVOGL OIL GAS & ENER 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES 2.80 12/31/20 USD 56.62
JAPAN
-----
MICRON MEMORY JAPAN 2.29 12/07/12 JPY 13.75
MICRON MEMORY JAPAN 2.03 03/22/12 JPY 13.75
MICRON MEMORY JAPAN 2.10 11/29/12 JPY 13.75
TAKATA CORP 0.58 03/26/21 JPY 5.13
TAKATA CORP 0.85 03/06/19 JPY 5.13
TAKATA CORP 1.02 12/15/17 JPY 8.75
KOREA
-----
2016 KIBO 1ST SECURI 5.00 09/13/18 KRW 73.16
DOOSAN CAPITAL SECUR 20.00 04/22/19 KRW 58.94
EXPORT-IMPORT BANK O 4.70 11/15/32 KRW 69.99
EXPORT-IMPORT BANK O 4.50 10/18/32 KRW 70.36
INDUSTRIAL BANK OF K 3.84 03/10/45 KRW 42.92
KIBO ABS SPECIALTY C 5.00 12/25/19 KRW 69.51
KIBO ABS SPECIALTY C 5.00 08/29/19 KRW 70.45
KIBO ABS SPECIALTY C 5.00 02/26/19 KRW 71.63
KIBO ABS SPECIALTY C 5.00 02/25/19 KRW 71.89
KIBO ABS SPECIALTY C 5.00 12/25/17 KRW 78.44
KOREA SOUTH-EAST POW 4.38 12/07/42 KRW 61.07
KOREA SOUTH-EAST POW 4.44 12/07/42 KRW 61.55
KOREA TREASURY BOND 1.50 09/10/66 KRW 74.64
MERITZ CAPITAL CO LT 5.66 04/28/46 KRW 41.15
MERITZ CAPITAL CO LT 5.44 09/29/46 KRW 42.13
OKC SECURITIZATION S 10.00 01/03/20 KRW 34.39
OKC SECURITIZATION S 3.00 02/17/42 KRW 51.35
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 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 73.76
SHINHAN BANK CO LTD 4.00 08/29/32 KRW 74.77
SINBO SECURITIZATION 5.00 10/30/19 KRW 68.42
SINBO SECURITIZATION 5.00 02/28/21 KRW 69.31
SINBO SECURITIZATION 5.00 01/27/21 KRW 69.53
SINBO SECURITIZATION 5.00 12/22/20 KRW 69.77
SINBO SECURITIZATION 5.00 09/23/20 KRW 70.46
SINBO SECURITIZATION 5.00 08/26/20 KRW 70.69
SINBO SECURITIZATION 5.00 07/28/20 KRW 70.91
SINBO SECURITIZATION 5.00 06/24/19 KRW 70.98
SINBO SECURITIZATION 5.00 03/13/19 KRW 71.76
SINBO SECURITIZATION 5.00 02/25/20 KRW 72.15
SINBO SECURITIZATION 5.00 01/28/20 KRW 72.37
SINBO SECURITIZATION 5.00 12/30/19 KRW 72.60
SINBO SECURITIZATION 5.00 09/30/19 KRW 73.35
SINBO SECURITIZATION 5.00 07/29/18 KRW 73.51
SINBO SECURITIZATION 5.00 08/27/19 KRW 73.63
SINBO SECURITIZATION 5.00 06/25/18 KRW 73.78
SINBO SECURITIZATION 5.00 07/29/19 KRW 73.87
SINBO SECURITIZATION 5.00 05/26/18 KRW 73.99
SINBO SECURITIZATION 5.00 06/25/19 KRW 74.15
SINBO SECURITIZATION 5.00 03/18/19 KRW 74.95
SINBO SECURITIZATION 5.00 03/18/19 KRW 74.95
SINBO SECURITIZATION 5.00 12/23/17 KRW 80.03
WISE MOBILE SECURITI 20.00 09/17/18 KRW 73.20
WOORI BANK 5.21 12/12/44 KRW 296.51
SRI LANKA
---------
SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 73.38
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
AEON CREDIT SERVICE 3.50 09/15/20 MYR 1.19
ASIAN PAC HOLDINGS B 3.00 05/25/22 MYR 0.76
BARAKAH OFFSHORE PET 3.50 10/24/18 MYR 0.29
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.45
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.56
ELK-DESA RESOURCES B 3.25 04/14/22 MYR 0.99
HIAP TECK VENTURE BH 5.00 06/27/21 MYR 0.40
I-BHD 3.00 10/09/19 MYR 0.38
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.14
PERODUA GLOBAL MANUF 0.50 12/17/25 MYR 66.10
PUC BHD 4.00 02/15/19 MYR 0.25
REDTONE INTERNATIONA 2.75 03/04/20 MYR 0.13
SENAI-DESARU EXPRESS 1.35 06/30/31 MYR 54.89
SENAI-DESARU EXPRESS 1.35 12/31/30 MYR 56.10
SENAI-DESARU EXPRESS 1.35 06/28/30 MYR 57.38
SENAI-DESARU EXPRESS 1.35 12/31/29 MYR 58.65
SENAI-DESARU EXPRESS 1.35 12/29/28 MYR 61.33
SENAI-DESARU EXPRESS 1.35 06/30/28 MYR 62.69
SENAI-DESARU EXPRESS 1.35 12/31/27 MYR 64.06
SENAI-DESARU EXPRESS 1.35 06/30/27 MYR 65.49
SENAI-DESARU EXPRESS 1.35 06/30/26 MYR 68.46
SENAI-DESARU EXPRESS 1.15 06/30/25 MYR 70.32
SENAI-DESARU EXPRESS 1.15 12/31/24 MYR 71.97
SENAI-DESARU EXPRESS 0.50 12/31/38 MYR 73.25
SENAI-DESARU EXPRESS 1.15 06/28/24 MYR 73.72
SENAI-DESARU EXPRESS 0.50 12/30/39 MYR 74.92
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.01
THONG GUAN INDUSTRIE 5.00 10/10/19 MYR 4.25
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.97
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPME 3.00 10/31/21 MYR 0.46
NEW ZEALAND
-----------
PRECINCT PROPERTIES 4.80 09/27/21 NZD 1.03
PHILIPPINES
-----------
BAYAN TELECOMMUNICAT 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICAT 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS 5.85 10/01/21 SGD 45.50
ASL MARINE HOLDINGS 5.50 03/28/20 SGD 69.38
AUSGROUP LTD 8.45 10/20/18 SGD 47.75
BAKRIE TELECOM PTE L 11.50 05/07/15 USD 0.88
BAKRIE TELECOM PTE L 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOUR 12.50 07/08/15 USD 52.38
BERAU CAPITAL RESOUR 12.50 07/08/15 USD 52.45
BLD INVESTMENTS PTE 8.63 03/23/15 USD 5.13
BLUE OCEAN RESOURCES 4.00 12/31/20 USD 23.96
ENERCOAL RESOURCES P 9.25 08/05/14 USD 37.95
EZION HOLDINGS LTD 4.70 05/22/19 SGD 15.00
EZION HOLDINGS LTD 4.60 08/20/18 SGD 15.00
EZION HOLDINGS LTD 4.85 01/23/19 SGD 15.00
EZION HOLDINGS LTD 5.10 03/13/20 SGD 17.75
EZION HOLDINGS LTD 4.88 06/11/21 SGD 45.00
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 7.38
GOLIATH OFFSHORE HOL 12.00 06/11/18 USD 1.03
INDO INFRASTRUCTURE 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE 6.00 12/11/24 USD 66.86
MICLYN EXPRESS OFFSH 8.75 11/25/18 USD 33.50
ORO NEGRO DRILLING P 7.50 01/24/19 USD 50.00
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 L 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE L 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 14.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 14.75
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 2.65
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADI 1.00 10/10/25 USD 70.50
DEBT AND ASSET TRADI 1.00 10/10/25 USD 70.62
*********
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 ***