/raid1/www/Hosts/bankrupt/TCRAP_Public/180109.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, January 9, 2018, Vol. 21, No. 006
Headlines
A U S T R A L I A
BILLABONG INTL: Oaktree to Buy Surfwear Brand for AUD198MM
BRIGAM ROAD: Second Creditors' Meeting Set for Jan. 12
BREEZE FNQ: Second Creditors' Meeting Set for Jan. 15
BRT PETROLEUM: Second Creditors' Meeting Set for Jan. 12
HERMOSA WEMBLEY: Second Creditors' Meeting Set for Jan. 17
SMART TRADER: ASIC Cancels AFS License for Failure to File Report
SPLASH BAY: First Creditors' Meeting Set for Jan. 16
T.I.S. ENGINEERING: First Creditors' Meeting Set for Jan. 17
C H I N A
GUANGZHOU R&F: Add-on Notes No Impact on Fitch's BB Bond Rating
HNA GROUP: Units Missed Payments to More Chinese Banks
KANGDE XIN: Fitch Affirms BB Long-Term IDR, Outlook Stable
LAI FUNG: Fitch Gives BB-(EXP) Rating to Proposed USD Sr. Notes
LVGEM (CHINA): Fitch Cuts LT IDR to B; Off CreditWatch Negative
I N D I A
A.R.C MILLS: CARE Reaffirms B+ Rating on INR9.71cr LT Loan
BAZAAR KONNECTIONS: ICRA Gives B Rating to INR12.6cr Bank Loans
BLYTH WIND: ICRA Lowers Rating on INR135cr Term Loan to D
BRAHMAPUTRA TELE: CRISIL Reaffirms D Rating on INR10.23MM Loan
CARNATION AUTO: PNB Initiates Insolvency Bid v. Car Service Firm
DHRUV COTEX: CARE Reaffirms B+ Rating INR13cr LT Loan
DHURIA RICE: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
ESSAR STEEL: SAIL Plans to Bid for Stressed Assets
G. VENKATA: CRISIL Reaffirms B+ Rating on INR2.9MM Cash Loan
GAURAV ISPAT: CRISIL Assigns B+ Rating to INR7MM Cash Loan
GAYATRI HI-TECH: ICRA Reaffirms D Rating on INR491.10cr Loan
GLOBAL OFFSHORE: CARE Moves D Rating to Not Cooperating Category
GLOBAL PHARMA: CRISIL Raises Rating on INR3.72MM Loan to B+
GUJARAT PEANUT: ICRA Moves B+ Rating to Not Cooperating Category
J.K. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR15MM Loan
JAYANTI CONTRACTORS: CARE Moves B+ Rating to Not Cooperating
JIVA PLYWOODS: CARE Reaffirms B Rating on INR4.91cr LT Loan
KAMLESH METACAST: ICRA Reaffirms B Rating on INR18.60cr Loan
LAXMI MOULDS: CRISIL Moves D Rating to Not Cooperating Category
MAHATHI SOFTWARE: ICRA Assigns B- Rating to INR31.50cr Loan
MALAXMI WIND: CRISIL Moves D Rating to Not Cooperating Category
MAYAJAAL ENTERTAINMENT: ICRA Ups Rating on INR25cr Loan to B-
METCUT TOOLINGS: CRISIL Moves D Rating to Not Cooperating
MONNET ISPAT: Edelweiss Joins Race to Buy Assets
MONNET ISPAT: Ankita Wadhawan Steps Down as Independent Director
NEERAJA DEVELOPERS: CRISIL Reaffirms B+ Rating on INR8MM Loan
OHM PIPES: CRISIL Moves B Rating to Not Cooperating Category
PALAPARTHI SUPER: CARE Moves D Rating to Not Cooperating
PATEL JIVA: CARE Reaffirms B+ Rating on INR6.85cr LT Loan
PM CARS: ICRA Reaffirms B+ Rating on INR12.50cr Fund Based Loan
PRAVARSHA AGRO: CRISIL Assigns B- Rating to INR5.5MM LT Loan
RELIANCE COMMUNICATIONS: CDB Withdraws Insolvency Bid
ROSELABS LIMITED: CRISIL Moves D Rating to Not Cooperating
S.K. SULZ: CARE Hikes Rating on INR9cr LT Loan to B+
SAMYU GLASS: CRISIL Moves D Rating to Not Cooperating Category
SAPPHIRE LIFESCIENCES: ICRA Cuts Rating on INR14.21cr Loan to D
SARAVANA GLOBAL: ICRA Moves D Rating to Not Cooperating Category
SDR POLYMERS: CRISIL Reaffirms D Rating on INR3.25MM Cash Loan
SHANTI MOTORS: CARE Lowers Rating on INR5.58cr Loan to B+
SHREE PRABHU: CRISIL Lowers Rating on INR7MM Cash Loan to D
SHRI BIJASANI: CRISIL Moves B Rating to Not Cooperating Category
SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
SINDHANUR GANGAVATHI: CARE Moves D Rating to Not Cooperating
SREE LAKSHMI: CARE Reaffirms B+ Rating on INR9cr LT Loan
SRI RAMA: ICRA Moves B Rating to Not Cooperating Category
STAR REWINDERS: CRISIL Reaffirms B- Rating on INR3MM Cash Loan
SUMER SONS: CRISIL Moves B- Rating to Not Cooperating Category
SUNLIFE INFRATECH: CRISIL Reaffirms B+ Rating on INR19.75MM Loan
SUSEE MOTORS: ICRA Moves B Rating to Not Cooperating Category
T. KANAGARAJ: CRISIL Reaffirms B Rating on INR5MM Cash Loan
TIRUPATI BALAJEE: CARE Moves B+ Rating to Not Cooperating
UNITED GRANITES: CRISIL Reaffirms B+ Rating on INR7.50MM Loan
UNIVERSAL CONSTRUCTION: CRISIL Ups Rating on INR22MM Loan to B-
VASANTHA RICE: CRISIL Revokes Suspension of B+ Cash Credit Rating
J A P A N
TAKATA CORP: Recalls Another 3.3-Mil. Air Bags Under U.S. Order
TK HOLDINGS: Slated to Seek Plan Confirmation on Feb. 13
X X X X X X X X
* BOND PRICING: For the Week Jan. 1 to Jan. 5, 2018
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A U S T R A L I A
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BILLABONG INTL: Oaktree to Buy Surfwear Brand for AUD198MM
----------------------------------------------------------
Matthew Burgess at Bloomberg News reports that Oaktree Capital
Group Holding's takeover of Billabong International Ltd. caps a
spectacular wipeout of what was Australia's largest surfwear
company.
Bloomberg relates that Oaktree subsidiary Boardriders Inc. agreed
to buy the Gold Coast-based company for AUD1.00 per share, 28
percent more than the closing price the day before making a non-
binding proposal Dec. 1. The bid values Billabong at AUD198
million (US$155 million) compared to its peak of AUD3.8 billion in
2007.
According to Bloomberg, Billabong has attempted to turnaround its
business amid falling sales and increased manufacturing costs
since it accepted a refinancing offer from Centerbridge Partners
LP and Oaktree in 2013. That was after it was forced to write off
the value of its namesake brand when it breached its debt terms
and revenue fell below its operating costs, the report says.
Still, shareholders faced uncertainty if the strategy continued
without the takeover as the company would need to materially
reduce its debt, either by further asset sales or an equity
raising, Chairman Ian Pollard said in a statement, Bloomberg
relays. "The fact that shareholders are being offered an
attractive premium for their shares, the Board believes this offer
is in the best interests of shareholders."
The stock fell 99 percent to a AUD0.50 low in September last year
from a AUD58.39 peak more than a decade ago, Bloomberg discloses.
Shares were trading 2.3 percent higher at AUD0.98 as of 1:41 p.m.,
Jan. 5 in Sydney, Bloomberg discloses.
Billabong reaffirmed its full-year guidance despite trading during
the holiday period being at the low end of expectations, Bloomberg
adds.
Based in Australia, Billabong International Limited (ASX:BBG) --
http://www.billabongbiz.com/-- in the marketing, distribution,
wholesale, and retail of apparel, accessories, eyewear, wetsuits,
and hard goods in the board sports sector in the Asia Pacific, the
Americas, Europe, and internationally. The company provides surf,
skate, snow, and sports apparel, accessories, and hardware
products under the Billabong, Element, RVCA, Kustom, Palmers,
Honolua, Xcel, and Von Zipper brand names.
BRIGAM ROAD: Second Creditors' Meeting Set for Jan. 12
------------------------------------------------------
A second meeting of creditors in the proceedings of Brigam Road
Tank Haulage Pty Ltd has been set for Jan. 12, 2018, at 11:00 a.m.
at the offices of SV Partners, SV House, 138 Mary Street, in
Brisbane, Queensland.
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 Jan. 11, 2018 at 4:00 p.m.
David Michael Stimpson of SV Partners was appointed as
administrators of Brigam Road on Nov. 28, 2017.
BREEZE FNQ: Second Creditors' Meeting Set for Jan. 15
-----------------------------------------------------
A second meeting of creditors in the proceedings of Breeze FNQ Pty
Ltd has been set for Jan. 15, 2018, at 11:00 a.m. at the offices
of Amos Insolvency, 25/185 Airds Road, in Leumeah,
New South Wales.
The purpose of the meeting are (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 12, 2018 at 4:00 p.m.
Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Breeze FNQ on Nov. 29, 2017.
BRT PETROLEUM: Second Creditors' Meeting Set for Jan. 12
--------------------------------------------------------
A second meeting of creditors in the proceedings of BRT Petroleum
Pty Ltd has been set for Jan. 12, 2018, at 11:00 a.m. at the
offices of SV Partners, SV House, 138 Mary Street, in Brisbane,
Queensland.
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 Jan. 11, 2018, at 4:00 p.m.
David Michael Stimpson of SV Partners was appointed as
administrators of BRT Petroleum on Nov. 28, 2017.
HERMOSA WEMBLEY: Second Creditors' Meeting Set for Jan. 17
----------------------------------------------------------
A second meeting of creditors in the proceedings of Hermosa
Wembley Pty Ltd has been set for Jan. 17, 2018 at 10:00 a.m. at
the offices of HLB Mann Judd (Insolvency WA), Level 3, 35 Outram
Street, in West Perth, West Australia.
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 Jan. 16, 2018, at 4:00 p.m.
Peter Andrew Amos of Amos Insolvency was appointed as
administrator of Hermosa Wembley on Nov. 29, 2017.
SMART TRADER: ASIC Cancels AFS License for Failure to File Report
-----------------------------------------------------------------
The Australian Securities and Investments Commission has cancelled
the Australian financial services (AFS) license of
NSW-based company Smart Trader International Pty Ltd for failing
to lodge its financial statements and auditor's reports for a
period of three years.
ASIC Chair Peter Kell said, 'Licensees are required to lodge
financial statements and auditor's reports with ASIC to
demonstrate their capacity to provide financial services.
'Failure to comply with reporting obligations can be an indicator
of a poor compliance culture. ASIC won't hesitate to act against
licensees who do not meet these important requirements.'
The cancellation of Smart Trader International's AFS license is
part of ASIC's ongoing efforts to improve standards across the
financial services industry.
Smart Trader International has held its AFS license since
June 2015.
The annual lodgment of financial statements and an auditor's
report is an important part of an AFS licensee demonstrating it
has adequate financial resources to provide the services covered
by its license and to conduct its business in compliance with the
Corporations Act 2001.
ASIC will continue to contact AFS licensees who have not lodged
financial statements and auditor's reports and take appropriate
action if they fail to do so.
SPLASH BAY: First Creditors' Meeting Set for Jan. 16
----------------------------------------------------
A first meeting of the creditors in the proceedings of Splash Bay
Pty Ltd will be held at the offices of Robson Cotter Insolvency
Group, Unit 1, 78 Logan Road, in Woolloongabba, Queensland, on
Jan. 16, at 10:00 a.m.
William Roland Robson and Bill Cotter of Robson Cotter Insolvency
Group were appointed as administrators of Splash Bay on Jan. 8,
2018.
T.I.S. ENGINEERING: First Creditors' Meeting Set for Jan. 17
------------------------------------------------------------
A first meeting of the creditors in the proceedings of
T.I.S. Engineering (WA) Pty Ltd will be held at 5 Chullora Bend
Jandakot, on Jan. 17, 2018, at 11:00 a.m.
Melanie Grohovaz of EMJ Consulting was appointed as administrator
of T.I.S. Engineering on Jan. 5, 2018.
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C H I N A
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GUANGZHOU R&F: Add-on Notes No Impact on Fitch's BB Bond Rating
---------------------------------------------------------------
Fitch Ratings says Guangzhou R&F Properties Co. Ltd.'s (BB/Rating
Watch Negative) proposed issuance of an additional USD100 million
of its USD500 million 5.875% senior notes due 2023 will not affect
the 'BB' rating on the bond.
The proposed tap issuance will also be issued by Easy Tactic
Limited, a subsidiary of Guangzhou R&F, which issued the existing
notes. The tap issuance will carry the same terms and conditions
as the existing notes, and they are rated at the same level as
Guangzhou R&F's senior unsecured rating because they constitute
its direct and senior unsecured obligations of the company.
Guangzhou R&F's leverage, as measured by net debt/adjusted
inventory, weakened to 69% at end-1H17, from 63% at end-2016,
following aggressive expansion. Fitch believes its land bank of 49
million square metres is now sufficient for more than six years of
sales and, therefore, Guangzhou R&F is likely to slow land
acquisition in 2H17. However, the weakened credit metrics have
made it more probable that the Rating Watch Negative (RWN) will be
resolved with, at best, a Negative Outlook on Guangzhou R&F's 'BB'
ratings, if affirmed.
Guangzhou R&F's ratings were put on RWN following its plan to
acquire Dalian Wanda Commercial Property Co. Ltd.'s (BB+/RWN)
hotel assets for CNY19 billion. Fitch believes the acquisition
will push up Guangzhou R&F's total debt and keep its leverage
above Fitch's 60% threshold for negative rating action. The
company's churn rate, as measured by contracted sales/gross debt,
is likely to fall below 0.6x and may stay below this level, which
will breach Fitch's threshold and may result in a rating downgrade
if recurring EBITDA does not increase sufficiently to provide an
offset.
HNA GROUP: Units Missed Payments to More Chinese Banks
------------------------------------------------------
Bloomberg News reports that units of HNA Group Co. missed payments
due to several Chinese banks, in recent weeks, prompting three
lenders to freeze some of the borrowers' unused credit lines,
people with knowledge of the matter said.
As of Jan. 4, four of the banks still hadn't collected on
principal and interest payments owed late last year, said the
people who spoke on condition the lenders not be named because of
the sensitivity of the matter, Bloomberg relays. They declined to
name the units or provide any details on the size of the missed
payments, Bloomberg says. China Citic Bank Corp. said last month a
unit of HNA was having difficulty repaying some short-term
commercial bills, the report recalls.
Underscoring the fluidity of the situation, one of the banks
recently reopened some credit lines after certain HNA units posted
additional collateral, one of the people said. And China
Development Bank Co. last month granted HNA a credit line of at
least 5 billion yuan ($771 million), of which CNY2 billion has
been drawn down, another person said, Bloomberg relays.
According to the report, HNA emerged from near obscurity over the
past two years after a $40-billion-plus buying spree that included
large stakes in Deutsche Bank AG and Hilton Worldwide Holdings
Inc., amassing one of the world's largest piles of debt in the
process. Fraying relationships with banks would further pressure
HNA and shine a spotlight on the 310 billion yuan of untapped
credit lines that it's touted as evidence of its sound finances.
A representative for HNA said the conglomerate had no comment. A
person close to HNA said the group had not missed any principal or
interest payments that were due recently and that the conglomerate
isn't aware of any Chinese bank that had frozen unused credit
lines to the group or its units.
Citic Bank said to Bloomberg last month that HNA Aviation Group
Co. was having difficulty repaying bankers' acceptances -- debt
instruments that mature in the short term -- and that the bank was
working with HNA to try to resolve the matter. The situation
hadn't been resolved as of Jan. 4, one of the people said,
Bloomberg relates.
It wasn't immediately clear whether all the banks relayed their
decisions to HNA, and how long the credit freezes would last. But
at least one of the banks informed HNA that it wouldn't make
untapped credit lines available to the conglomerate for now,
according to one person, Bloomberg relays.
HNA asked one of the banks for new loans to repay existing debt,
assuring the lender it would be able to repay since the company
was planning to sell about $5 billion of assets by April, one of
the people said. The bank denied the request and has frozen its
unused credit lines for HNA, the person said.
Public information on HNA's credit lines aren't widely available
but the company said last month that it had more than CNY800
billion in credit lines, of which 310 billion yuan were untapped.
That's enough to cover more than half of HNA's total debts as of
the end of June. Research firm Bondcritic said that bank credit
lines were "vital to keep HNA afloat in the next two years."
China Development Bank, Export-Import Bank of China, Bank of China
Ltd., China Construction Bank Corp., Agricultural Bank of China
Ltd., Industrial & Commercial Bank of China Ltd., China Minsheng
Banking Corp. and Bank of Communications Co. were HNA's biggest
providers of credit lines at the end of 2015, the latest period
where such breakdowns were available, Bloomberg discloses.
Bloomberg says HNA's finances became increasingly strained after
the company in recent years embarked on a debt-fueled acquisition
spree. But the company has failed to complete four deals in the
past six months. Most recently, the company walked away from late-
stage negotiations to buy a stake in Hong Kong fund house Value
Partners Group Ltd., according to people familiar with the matter.
The financial struggles became increasingly apparent late last
year, when HNA units had to offer some of China's highest
borrowing costs to raise funds, while several units scrapped bond
sales. People familiar with the matter said this week that an
online lending platform owned by HNA pushed back some payments to
investors.
Amid mounting concerns about its liquidity, HNA executives in
December said in media interviews that its finances were under
control and ruled out the likelihood of any default.
HNA Group Co. Ltd. offers airlines services. The Company provides
domestic and international aviation transportation, air travel,
aviation maintenance, and aviation logistics services. HNA Group
also operates holding, capital, tourism, logistics, and other
business.
KANGDE XIN: Fitch Affirms BB Long-Term IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings has affirmed Kangde Xin Composite Material Group
Co., Ltd.'s (KDX) Long-Term Foreign-Currency Issuer Default Rating
and senior unsecured rating at 'BB'. The Outlook is Stable.
Fitch has also affirmed the rating on the US dollar senior
unsecured notes issued by Top Wise Excellent Enterprise Co., Ltd
at 'BB'. Top Wise is a fully owned subsidiary of KDX, and the
notes are unconditionally and irrevocably guaranteed by KDX.
KEY RATING DRIVERS
Moderate Market Position: KDX's businesses are in fragmented
markets. However, the company is focusing on mid- to high-end
products and has strong relationships with customers. In 2016, KDX
had a low global market share in display optical film and auto
window film by revenue. Fitch does not expect KDX's market shares
to improve significantly in 2017-2020 because of capacity
expansion by KDX's Chinese competitors in display optical film,
auto window film and lamination film.
Volatile Free Cash Flow: KDX's FCF remains volatile because of
high capex and relatively long receivable days. KDX grants longer
credit terms of 180 days for the optical film business, which is
the industry norm. Fitch expects KDX to generate positive FCF of
CNY256 million in 2017, compared with negative CNY438 million in
2016. However, FCF is likely to turn negative again in 2018 due to
higher capex, with Fitch expecting negative FCF of CNY660 million.
Fitch forecasts the company's capex to rise to CNY1.2 billion in
2017, CNY3.0 billion in 2018 and CNY2.2 billion in 2019, from
CNY380 million in 2016, as KDX expands capacity for optical film
and starts producing naked-eye 3D modules.
Net Cash on Equity Financing: Fitch expects KDX to have net cash
position and a low gross leverage after it raised CNY7.8billion
via equity offerings in 2015-2016. According to the management,
the company has no large debt-funded M&A or investments, apart
from the above aggressive capex plan. Fitch expects KDX to have
net cash of CNY4.6 billion-5.2 billion in 2017-2019, after taking
into account the capex assumptions, compared with CNY5.0 billion
in 2016.
Cost Advantage in Production: KDX's cost advantages have helped it
to maintain operating EBITDA margin above 30% since 2015.
Operating EBITDA margin reached 30.6% in 1H17. This is mainly
because KDX is completely self-sufficient in raw materials in its
lamination film segment, and moderately self-sufficient in the
optical film segment. According to management, the company
invested heavily in importing equipment and developing core
technologies, such as ultra-precision mould processing. In
contrast, most of the domestic manufacturers procure raw materials
from overseas suppliers. In addition, they are unable to produce
film products with standards higher than those of KDX.
DERIVATION SUMMARY
KDX may be compared with Shandong Snton Group Co., Ltd.
(BB+/Stable) and sportswear brand 361 Degrees International
Limited (BB/Stable). Snton is rated one notch higher than KDX as
it has a leading market position in its core business of steel
tire cord production, while KDX is one of many manufacturers of
optical film. KDX and 361 Degrees are rated at the same level.
Both 361 Degrees and KDX are in net cash position, but 361 Degrees
has lower revenue and narrower margins. 361 Degrees is the sixth-
largest domestic sportswear company in China, while KDX operates
in the fragmented films manufacturing market.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
- Revenue to grow at 17%-30% a year during 2017-2019
- Operating EBITDA margin to be sustained at 29%-31% in 2017-
2019 compared with 30%-31% in 2015-16
- Capex of CNY1.3 billion in 2017, CNY3.0 billion in 2018,
CNY2.2 billion in 2019
- No major M&A
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Material improvement in KDX's market position
- Positive free cash flow on a sustained basis
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Operating EBITDA margin sustained below 25%
- Failure to maintain net cash position
- Sustained decrease in cash flow from operations (2016:CNY 2.7
billion)
LIQUIDITY
Solid Liquidity: KDX had available cash of CNY18.9 billion and an
unused banking facility of CNY4.7 billion at end-September 2017
compared with short-term debt of CNY6.7 billion.
LAI FUNG: Fitch Gives BB-(EXP) Rating to Proposed USD Sr. Notes
---------------------------------------------------------------
Fitch Ratings has assigned Lai Fung Holdings Limited's
(BB-/Stable) proposed US dollar senior notes a 'BB-(EXP)' expected
rating.
The notes are rated at the same level as Lai Fung's senior
unsecured rating because they constitute its direct and senior
unsecured obligations. The final rating is subject to the receipt
of final documentation conforming to information already received.
Lai Fung's ratings are supported by its stable financial profile
with investment-property (IP) EBITDA/gross interest ratio at 1.6x
and total debt-to-total property asset at 33.5% at 31 July 2017,
both similar to levels a year earlier. Furthermore, Fitch expects
Lai Fung's IP EBITDA interest cover to remain above 1x due to its
new Guangzhou Lai Fung Tower's first full year of contribution to
rental income in the financial year ended 31 July 2017 (FY17).
The Chinese property company's ratings are constrained by its
small IP EBITDA of around USD60 million, material exposure to
development properties and the large amount of investment property
under development with a gross floor area of 3.6 million square
feet (sq ft) compared with the current 3.2 million sq ft of
completed investment property in operation.
KEY RATING DRIVERS
Prudent Financial Management: Lai Fung has maintained neutral to
positive operating cash flow by focusing on generating a healthy
profit margin in its development-property business to support the
development of new investment properties between 2011 and 2017.
Lai Fung's leverage, as measured by total debt/total property
assets, remained less than 30% after it peaked in FY13, as it
raised funds in the equity market and maintained stable cash flows
from property sales. Between FY15 and FY17, the gross floor area
(GFA) of development property projects available for sale fell to
around 2 million sq ft (excluding joint-venture projects) from 5.9
million sq ft.
Hengqin Project Long-Term Positive: The Hengqin Novotown project
will become an important source of recurring income after
completion in 1HFY19 and will likely push total IP EBITDA above
HKD600 million when the project matures after FY20. The sale of
cultural-themed properties may generate sales of about HKD1
billion to support the development of this project from FY18.
Fitch expect the development of this project to increase Lai
Fung's leverage to above 30% in the short to medium term, but
leverage will still be below the threshold where Fitch could
consider negative rating action.
Lai Fung will need to spend another HKD2 billion in Phase 1 of the
project, which is on track. Construction started in 2HFY15 and the
company has signed license agreements that cover about 60% of the
project's culture and hospitality-themed GFA of around 1.5 million
sq ft.
Reducing Concentration of Rental Income: Fitch expects Shanghai
Hong Kong Plaza, Lai Fung's flagship investment property, to
account for less than 50% of the company's rental revenue by FY19,
from about 60% currently. The decline will result from the
addition of new investment properties. Fitch expect Lai Fung's
mature investment properties to have rental growth in the mid- to
low-single digits and achieve a stable EBITDA margin of around
62%. Its already-high occupancy of above 95% for most of its key
office and retail properties means that further rental revenue
upside will mainly be driven by positive rental reversion.
Lower Contribution from Residential Projects: Lai Fung's sales of
development properties will be mainly driven by the Palm Spring
project in Zhongshan city in Guangdong province. Lai Fung's gross
profit margin for development property has been above 40% since
FY09, except for FY11, and Fitch expect this margin to be
sustained in the next two to three years, underpinned by the
stable or rising selling price of the Palm Spring project. Lai
Fung's 3.5 million sq ft of saleable GFA of development properties
will last until FY21 or FY22 based on the current construction
schedule. Fitch have assumed in Fitch analysis that Lai Fung will
acquire development-property projects every two to three years.
DERIVATION SUMMARY
Lai Fung's shopping malls and offices enjoyed healthy occupancy of
over 90% and high single-digit rental rate growth. Its IP
EBITDA/gross interest cover has been above 1.2x; setting it apart
from most Chinese homebuilders that rely on more risky
development-property sales to service their debts. Lai Fung has a
significantly stronger financial profile than Golden Wheel Tiandi
Holdings Company Limited (GWTH, B/Stable), which is also focused
on investment properties. GWTH's IP EBITDA/gross interest coverage
was only 0.5x at end-2016, lower than Lai Fung's 1.6x. Lai Fung's
leverage is also lower than 'BB' rating category peers' leverage
of between 30% and 40%.
Lai Fung's small IP EBITDA of around USD60 million in FY17 and
material exposure to development property risks constrain its
ratings.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
- Replenishes development-property land bank over a three-year
sales cycle
- Mid- to low-single-digit rental rate growth
- IP GFA growth according to management guidance as per interim
report
- Capex and dividend for FY17 and FY18 similar to FY16 level
- Hong Kong dollar at 1.15 to Chinese yuan over FY17-FY19
RATING SENSITIVITIES
Developments that may, individually or collectively, lead to
positive rating action include:
- Annual EBITDA from investment properties rising above HKD600
million (FY16: HKD381 million, FY17: HKD549 million) and EBITDA
from investment properties/interest expenses exceeding 1.5x on
a sustained basis (FY16: 1.3x, FY17: 1.6x)
Developments that may, individually or collectively, lead to
negative rating action include:
- EBITDA from investment properties/interest expenses falling
below 1.0x on a sustained basis, or
- Total debt/property assets exceeding 40% on a sustained basis
(FY16: 28.9%, FY17: 33.5%)
LIQUIDITY
Sufficient Liquidity: Lai Fung has maintained enough cash to cover
its short-term debt expiring in the past. It had approximately
HKD2 billion of cash on hand and undrawn credit facilities of
HKD3.7 billion at 30 November 2017, which were sufficient to meet
its short-term bank loans of HKD18 million and offshore yuan-
denominated senior notes of CNY1.8 billion due April 2018. Lai
Fung's growing recurring EBITDA of over HKD400 million will also
provide steady cash flow to support its debt servicing.
LVGEM (CHINA): Fitch Cuts LT IDR to B; Off CreditWatch Negative
---------------------------------------------------------------
Fitch Ratings has downgraded China-based LVGEM (China) Real Estate
Investment Company Limited's Long-Term Foreign-Currency Issuer
Default Rating (IDR), senior unsecured rating and the rating on
its outstanding US dollar senior notes to 'B' from 'B+'. Fitch
also removed LVGEM's ratings from Rating Watch Negative and
assigned a Stable Outlook. The Recovery Rating on its senior
unsecured rating is 'RR4'.
LVGEM's ratings have been downgraded by one notch following the
completion of its HKD9 billion acquisition of a Hong Kong office
building on December 29, 2017. LVGEM's leverage, as measured by
net debt/adjusted inventory, will increase to above 50% at end-
2017 and Fitch expects leverage to remain above 45% in 2018-2019.
The acquisition is more aggressive than the business plan the
company previously shared with Fitch, and has crowded out the
company's financial resources for its property development
business. LVGEM's 2017 contracted sales were also affected by
Shenzhen's stringent pricing policy in 2017 and Fitch expects
LVGEM's project concentration in Shenzhen to continue to expose
the company to regulatory uncertainties.
KEY RATING DRIVERS
Acquisition Raises Leverage: Fitch expects LVGEM's leverage to
increase to above 50% at end-2017 and remain above 45% in the next
few years, following the completion of its HKD9 billion
acquisition of an office building in Hong Kong. The company aims
to complete the construction of the office tower, which is located
in Kwun Tong district in Kowloon, by mid-2019 and generate revenue
by 4Q19. Fitch thinks that it is still too early to assess the
possibility of LVGEM executing its option to sell parts of the
office building to deleverage, but the option remains and will
provide leverage headroom for the company.
Sales Below Expectation: LVGEM's contracted sales in January-
November 2017 were substantially lower than Fitch expectation of
CNY5 billion for the full year. The slower sales were mainly due
to a delay in pre-sales in Mangrove Bay No. 1 Phase I, which Fitch
previously expected to generate more than CNY1.4 billion sales in
2017. The delay was caused by Shenzhen's restrictive pricing
policies that capped the project's average selling price at an
unfavourable level. LVGEM is targeting to launch pre-sales no
later than 1Q18.
Fitch thinks that LVGEM's unique strength in Shenzhen has turned
into a double-edged sword as the company has been caught by the
stringent home purchase restriction policy in Shenzhen while its
higher leverage following its substantial investment has reduced
its ability to respond to the restrictions. LVGEM's strategy of
slowing sales to achieve the best margin has now resulted in
leverage being sustained at higher levels.
Quality Investment Properties: LVGEM's investment property
portfolio includes the Shenzhen NEO complex, which has office and
retail components, and three Zoll community retail centres in
Shenzhen, one of which opened in 2017. The Shenzhen NEO complex is
located in the city's CBD and is almost fully occupied. Rents that
were renewed in 2016 were re-contracted at 15% more on average in
2017 compared with their previous rental rates. The two older Zoll
centres had approximately 90% occupancy rates and positive rental
reversion of more than 10% in 2016. The contribution from the
planned Hong Kong office building will depend on the proportion of
the building that is retained for rental.
Healthy Recurring Income, Lower Coverage: LVGEM continued to
generate strong recurring income in 2017. Fitch expects LVGEM to
generate recurring cash inflow of CNY700 million in 2017 from
rentals from the Shenzhen NEO towers, hotel and carpark rentals,
and its property management business. Fitch expects recurring
EBITDA/interest coverage to drop to around 0.4x in 2017 due to the
Hong Kong office acquisition, compared with 0.6x in 2014-2016 and
Fitch previous expectation of 0.5x in 2017. Fitch expects coverage
to trend towards 0.3x by end-2019.
DERIVATION SUMMARY
LVGEM's rating is supported by its portfolio of quality investment
properties, including its centrally located Shenzhen NEO office
buildings. Fitch assesses LVGEM's investment properties alone as
having a business profile of around 'BB', with more than USD50
million in rental EBITDA per year and more than USD1.5 billion in
rental-deriving assets; setting it apart from most Chinese
homebuilders that rely on more risky development-property sales to
service their debts. This is comparable with Lai Fung Holdings
Limited's (BB-/Stable) USD60 million in recurring EBITDA and
USD2.0 billion in investment property value.
Meanwhile, LVGEM's main business focus is still its urban
redevelopment projects in Shenzhen. Its contracted sales are
smaller and more volatile than most peers due to the uncertainty
about when such projects would be injected from its ultimate
shareholder. Fitch also expects LVGEM's leverage to increase to
above 45% after 2017, following the acquisition of the Hong Kong
office building. This level is similar to that of other 'B' rated
peers, such as Yida China Holdings Limited's (B/Positive) 46% and
Hong Yang Group Company Limited's (B/Stable) 53%.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
- LVGEM successfully raises funds through issuance of new shares
in 2018.
- An injection of a large Shenzhen urban redevelopment project
before the end of 2019, with LVGEM financing the consideration
due to the controlling shareholder via equity issuance and
shareholder loans.
- LVGEM's contracted sales to reach CNY3 billion in 2017 and
CNY10 billion in 2018.
- Recurring EBITDA to increase to above CNY400 million in 2017-
2018, from CNY380 million in 2016.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Positive Rating Action
- Attributable contracted sales sustained above CNY10 billion
while net debt/adjusted inventory sustained below 45%; and
- Recurring EBITDA/cash interest sustained above 0.3x
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory sustained above 55%
- Failing to maintain a project pipeline (including controlling
shareholder's land bank) sufficient for two years of
development
LIQUIDITY
Sufficient Liquidity for Acquisition: LVGEM will need to pay
around HKD5.5 billion, or CNY4.6 billion, in 2017 out of the total
consideration of HKD9 billion. The company's 1H17 available cash
of CNY3 billion and its US dollar bond issuance will provide
sufficient liquidity to make this payment. LVGEM has also secured
offshore loan financing using this new Hong Kong office property
as collateral. This, together with the company's other financing
plans, will allow LVGEM to replenish liquidity sufficiently to
meet the operational needs of its development-property business.
FULL LIST OF RATING ACTIONS
LVGEM (China) Real Estate Investment Company Limited
- Long-Term Foreign-Currency IDR downgraded to 'B' from 'B+',
Outlook Stable
- Senior unsecured rating downgraded to 'B' from 'B+', with
Recovery Rating of 'RR4'
Gemstones International Limited
- USD225 million 8.5% senior notes due 2020 downgraded to 'B'
from 'B+', with Recovery Rating of 'RR4'
=========
I N D I A
=========
A.R.C MILLS: CARE Reaffirms B+ Rating on INR9.71cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
A.R.C Mills, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.71 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 1.82 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of ARC factors in
improved PBILDT margin. However, the ratings continue to be
constrained by decline in total operating income, net losses
incurred during FY17 (refers to the period of April 1 to
March 31), weak gearing and debt coverage indicators, small size
of operations along with working capital intensive operations.
The ratings continue to derive strength from experience of the
promoter in textile industry of over two decades.
Going forward, the company's ability to improve its scale of
operations and efficient management of working capital
requirements remains the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Decline in total operating income and PAT margin: The TOI declined
by 16.91% from INR23.71 crore in FY16 to INR19.70 crore in FY17
over fall in demand for the 40s count yarn. The company modernized
its plant to produce 60s count yarn leading to delay in
production. The company reported a sales of INR14.13 crore for the
eight months ending November 2017 (Prov.).
Net losses incurred during FY17: The company reported a net loss
at -INR0.22 crore due to stable depreciation costs associated with
addition of machinery, increased finance charges associated with
loan borrowings for modernization and increased provision for
deferred tax.
Weak gearing and debt coverage indicators: A mortgage loan was
taken on the property of the managing partner for funding the
modernization program during FY17. The raw cotton is generally
stocked during October to February and thus the working capital
utilization stood high as on balance sheet dates. Due to the said
reasons, the overall gearing stood leveraged at 5.76x as on
March 31, 2017 against 3.41x as on March 31, 2016. However a part
of the unsecured loans payable to directors were repaid to the
extent of INR2.47 crore during FY17.
Due to increase in debt the finance charges associated with debt
also increased, resulting in a declined interest coverage ratio at
1.90x during FY17 as against 2.22x during FY16. The Total debt/GCA
also stood inferior at 16.34x during FY17 as against 12.81x during
FY16 due to increased debt levels.
Small size of operations: The size of operations of company stood
small marked by a low networth of INR3.04 crore as of in FY17,
declined from INR4.31crore in FY16 mainly due to the loss incurred
albeit infusion of equity share capital by the Managing director
to the extent of INR1.76 crore. In FY16 and FY15 loans to the
extent of INR1.05crore was subordinated to the term loans. However
in FY17 no such subordination was there on account of withdrawal
of unsecured loans due to directors for modernization purposes.
Working capital intensive operations: Given the nature of
business, the operation of ARC is working capital intensive nature
of operations marked by long operating cycle which stood at 139
days in FY17 (95 days in FY16). The extended working capital cycle
is due to the elongated inventory period. The average inventory
period of the company increased from 53 days in FY16 to 91 days in
FY17. This is due to holding on stock during March 2017 for better
price. Moreover during Q4, ARC stocks raw material inventory as
the desired quality specifications (in terms of quality, length
etc.) will not be available during off season.
Apart from procuring cotton from traders, ARC also procures from
The Cotton Corporation of India Ltd (a GOI undertaking). LR, DCH,
NCO variety is procured from Gujarat, Maharashtra, Andhra Pradesh
and Karnataka and enjoys credit period up to 15 days. The company
sells the finished product primarily to customers in Mumbai and
Erode. On sales the firm gives credit period ranging from 30 days
to 60 days. The average utilization of the working capital limit
was around 85% for the last 12 months ending October 2017.
Key Rating Strengths
Improved PBILDT margin: During FY17, the company started
manufacturing 60s count yarn due to the fall in demand for 40s
count yarn. The production of finer count yarn is more time
consuming, smaller in quantity and fetches a better price in the
market. Due to finer quality the sales realization improved from
INR182 per Kg to INR244 per Kg. Also, decline in material costs
associated with lesser production added to the improvement in
PBILDT margin from 9.10% in FY16 to 11.49% in FY17.
A.R.C. Mills Private Limited (ARC) was originally part of Sri
Karunambikai Mills Ltd. Coimbatore, incorporated in 1957 by the
late Mr. A.R.Chennimali Gounder. As a result of a family
arrangement and court order in 1994, the ownership of this unit
vested with A.R.C. Mills Limited. Subsequently ARC was converted
into a private limited company in 2002. The company is engaged in
cotton yarn spinning with an installed capacity of 15,744 spindles
as of Nov. 30, 2017.
BAZAAR KONNECTIONS: ICRA Gives B Rating to INR12.6cr Bank Loans
---------------------------------------------------------------
ICRA Ratings has assigned long-term rating of [ICRA]B to enhanced
amount of INR12.64-crore fund-based bank facilities of Bazaar
Konnections (BK). The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Packing
Credit 9.35 [ICRA]B (Stable); outstanding
Fund-based Term
Loan 3.29 [ICRA]B (Stable); assigned
Rationale:
The assigned rating is constrained by the company's continuous
weak performance in FY2018 in the absence of revival in demand.
ICRA also notes the impact of withdrawal of funds by partners that
has resulted in weak net worth and very high leverage of the
company.
However, the ratings favourably factor in the extensive experience
of the promoters of over 23 years in the leather handbag industry,
their long relationship with major international brands like H&M,
Next Retail and Tesco in Sweden, the US and the UK. ICRA also
notes that the company's reduced scale of operations has resulted
in moderate working-capital requirements.
Outlook: Stable
ICRA believes that BK's ability to revive its operating
performance and capital structure will be key rating
sensitivities. The firm continues to benefit from its promoters'
vast experience. However, strengthening order book remains the
key. The outlook may be revised to Positive if the company is able
to scale up operations and capital base and improve its coverage
indicators. The outlook may be revised to Negative if the
withdrawals from the partner increases and the operating margin
continue to decline.
Key Rating Drivers:
Credit strengths
* Extensive experience of promoters in the leather handbags
industry: The company was incorporated in 1994 for manufacturing
leather and duck-fabric handbags and exporting the products to
Sweden, the UK, the US and other European countries.
* Long-term relationship with key international buyers: The
company has an established clientele of mainly export customers
from Sweden, the UK and the US. The customer base includes big
brands such as H&M, Tesco and Next Retail. The exports to Sweden,
the UK and the US formed 63% of the total sales in FY2017.
Credit challenges
* Decline in FY2017 turnover owing to weak order inflow from
existing clientele: The company witnessed a 44% decline in
operating income (OI) to INR22.92 crore in FY2017 from INR40.99
crore in FY2016. The sales decreased due to weak demand in
European countries, resulting in lower order inflow. The revenues
were further impacted by foreign currency fluctuations and
operational issues faced during demonetisation. Further, in the
current year, the company achieved only INR11 crore in the first
eight months of operations, with its performance exacerbated by
reduced management bandwidth.
* Withdrawal in capital leads to weak capital structure: The
withdrawal of capital to the tune of INR0.83 crore and INR1.07
crore in FY2016 and FY2017, respectively, resulted in
significantly weakened capital structure. Gearing increased to
7.20 times as on March 31, 2016 from 4.09 times as on March 31,
2015. It continued to be weak at 5.66 times as on March 31, 2017.
Interest coverage also weakened but remained moderate while other
coverage metrics like debt service coverage ratio (DSCR) continued
to be weak. The company's working-capital requirements remained
modest on a smaller scale, though its limit utilisation remained
high in the backdrop of capital withdrawals.
BK, established in 1994, is a partnership firm under Mr. Manpreet
Singh and his wife Mrs. Neetu Kaur. The firm is involved in
manufacturing leather and duck-fabric ladies bags and exporting
the products to the UK, the US, Sweden and other European
countries. The firm has diversified client base with significant
brands under it. The company has a manufacturing facility in Udyog
Vihar, Gurgaon (owned) covering an area of 18,000 square feet. The
firm had also constructed another manufacturing facility in
Bahadurgarh.
BK manufactures leather bags of different colours, designs, shapes
and sizes as per customers' specifications. The company has an in-
house designing unit.
In FY2017, the company reported a net profit of INR0.35 crore on
an operating income (OI) of INR22.92 crore compared with a net
profit of INR1.11 crore on an OI of INR40.99 crore in the previous
year.
BLYTH WIND: ICRA Lowers Rating on INR135cr Term Loan to D
---------------------------------------------------------
ICRA Ratings has revised the long-term rating of INR135-crore bank
facilities of Blyth Wind Park Private Limited to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 135.00 [ICRA]D; revised from
[ICRA]BBB-(Stable)
Rationale:
The rating revision takes into account the instances of
irregularities in BWFPL's debt servicing. The company has delayed
principal repayments for its term loan taken for the 25.6-MW wind
power plant in Andhra Pradesh. BWFPL's free cash flows from
operations have remained lower than expectations, primarily on
account of lower-than-anticipated generation and higher interest
payments charged in FY2017.
The rating is constrained by significantly lower generation levels
with PLF in FY2016 and FY2017 being 23.1% and 22.8%, respectively
whereas the P90 estimate for the project is 27.8%. Moreover, the
generation in YTD FY2018 has been lower than the same time period
in FY2017. Hence, the annual PLF in FY2018 is expected to be lower
as well. BWPPL's profitability and debt-protection metrics remain
sensitive to its operational performance. Any adverse variation in
wind conditions may impact PLF levels and consequently affect cash
flows. Further, BWPPL remains exposed to the credit risk profile
of captive consumers that offtake the entire power generated by
the company. The average receivable cycle for the company remains
stretched at around 120-150 days.
ICRA takes into account the long track record of the promoters in
the renewable energy industry as the Group has an operational
portfolio in excess of 300 MW of renewable energy assets and the
presence of power purchase agreement (PPA) with various reputed
industrial and commercial players under the group captive
mechanism.
Going forward, the ability of the company to report satisfactory
operational parameters, receive timely payments from customers and
ensure timely debt servicing would be the key rating
sensitivities.
Key rating drivers:
Credit strengths
* Sponsor strength as a part of the Atria Group: The Atria Group
is one of the prominent renewable energy players in the country
and has operational assets in excess of 300 MW. The Group is
managed by a team of well-experienced promoters, technocrats and
investment/finance professionals. BWPPL is a subsidiary of WPA
Clean Energy Private Limited (73.5% stake), in which the Atria
Group holds 51% stake and GE India holds 49% stake. BWPPL operates
under group captive model and the remaining stake is owned by
captive consumers.
* Revenue visibility of projects due to PPA with group captive
consumers: BWPPL has low offtake risks owing to the presence of
various PPAs with reputed industrial and commercial players under
the group captive mechanism. A major portion of the power
generated is supplied to reputed customers, mitigating
counterparty credit risk. However, the receivable days continue to
remain stretched, primarily on account of present policies
applicable in Andhra Pradesh for group captive consumers.
Credit challenges
* Instances of delays in debt servicing in FY2017: There have been
instances of irregularities in debt servicing in the past for the
25.6-MW power plant. BWFPL had delayed in making principal
repayment for its term loans.
* Generation from wind power plant remains lower than P90
estimates: BWPPL's wind power assets have an operational track
record of over 30 months. The generation from the power plants
have remained lower as reflected by a PLF of 23.1% and 22.8% in
FY2016 and FY2017 respectively, whereas the P90 estimate for the
project is 27.8%. Moreover, the generation in YTD FY2018 has been
lower than the same time period in FY2017. Hence, the annual PLF
in FY2018 is expected to be lower as well.
* Vulnerability of cash flows to variation in wind speed: As
tariffs are one part in nature, in the event of non-generation of
power either due to variation in weather conditions or
machine/grid unavailability, the company may book lesser revenue.
This in turn would affect its debt-servicing ability.
BWPPL is a subsidiary of WPA Clean Energy (WPA), which is a part
of the Atria Group. The remaining shareholding is held by group
captive consumers. The Atria Group has investments in diverse
segments viz. hydro power, renewable power, hospitality, real
estate etc. in various geographies.
BWPPL was incorporated in June 2013 and is operating a 25.6-MW
wind power project in Ananthapur district of Andhra Pradesh. The
plant consists of 16 WTGs of 1.6 MW each and was commissioned in
April 2015. The entire engineering, procurement and construction
(EPC), including operations and maintenance (O&M) services, are
provided by GE India Ltd.
BRAHMAPUTRA TELE: CRISIL Reaffirms D Rating on INR10.23MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the long-
term bank facilities of Brahmaputra Tele Productions Private
Limited (BTPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 10.23 CRISIL D (Reaffirmed)
Term Loan 6.77 CRISIL D (Reaffirmed)
The rating continues to reflect BTPPL's weak liquidity. This
weakness is partially offset by the experience of BTPPL's
promoters in the television broadcasting industry.
Key Rating Drivers & Detailed Description
Weakness
* Stretched liquidity: Liquidity has been weak owing to low cash
accrual of INR2.69 crore vis-a-vis term debt repayment obligation
of INR4.55 crore and same resulted in delays in servicing of term
loan repayment obligation.
Strengths
* Experience of promoters: Benefits derived from the promoters'
experience of about a decade and healthy relations with suppliers
and customers should continue to support the business.
BTPPL was incorporated in 2001 by Mr Jaiswal and family as Jaintia
Ispat Pvt Ltd in Assam. It was renamed as Tsang-Po Smelter Pvt Ltd
in 2003 and got its present name in 2006. BTPPL operates a 24-hour
free-to-air (FTA) satellite news channel, DY365, in Assamese. The
company launched an FTA general entertainment channel, Jonak, in
October 2014.
CARNATION AUTO: PNB Initiates Insolvency Bid v. Car Service Firm
----------------------------------------------------------------
The Times of India reports that former Maruti Suzuki MD Jagdish
Khattar-promoted multi-brand car service company Carnation Auto is
facing bankruptcy. A corporate insolvency resolution process has
been initiated against the company by its creditor Punjab National
Bank (PNB), which has asked for expression of interest for a
resolution plan from interested parties.
Carnation was formed in a blaze of high profile investments in
2008-09 after Khattar retired from Maruti Suzuki. Top investors in
the company include the likes of Premji Invest and Mumbai-based
Gajaa Investment, which together is understood to have pumped in
around INR220 crore into the business.
Speaking to TOI, Carnation Auto founder and chairman Jagdish
Khattar explained how the company is looking at the insolvency
resolution process to sort out its debt and start afresh on a
clean slate. "There is around INR100 crore of debt to PNB," the
report quotes Khattar as saying. "This (insolvency resolution) is
a process and our investors (Premji Invest and Gajaa) are
supporting it and have told PNB that they too are open to give a
resolution plan. Besides there are three-to-four other parties
keen on coming on board but they want the company to sort out the
debt first. Our investors have written to PNB that they want
Carnation to stay a going concern. Carnation under its new
dispensation will surely use this (insolvency resolution) to
resolve the past and look to the future," he added. And while he
will no longer be a promoter, Khattar is open to being a part of
the process of rebuilding Carnation if the new dispensation wants
it.
Apart from Premji Invest and Gajaa, IFCI Venture Capital also has
some zero coupon optionally convertible debentures in Carnation,
the report notes. When contacted a source close to Premji Invest
told TOI, "We've been supporting Carnation since 2008 and we will
continue to do so and want it to remain a going concern."
Khattar explained that there were several reasons for the
financial troubles of the company. "Initially we invested in the
company-owned-company-operated (COCO) model and aggressively
expanded our network nationwide. That went wrong and we had to
convert to a franchisee business model and the cost was borne by
our investors." The company currently has 150 franchisee outlets
(from 24 COCO outlets earlier) including 35 for used cars. The new
strategy is also to focus on the north. "We changed our business
model in 2015," Khattar, as cited by TOI, said.
Also Carnation went into a variety of businesses, which didn't
work out, the report notes. "We got into insurance and tried to
set up an online marketplace platform," TOI quotes Khattar as
saying. "We spent crores on it and after 3 years we gave up and
decided to change the business model. We are operationally cash
positive as a company now," he added. The fact that Carnation
invested in COCO outlets at the height of the real estate boom
meant that the rentals were very expensive and that also added to
the viability issue, the report says.
Carnation Auto India Pvt. Ltd. -- http://www.carnation.in/--
engages in the distribution of automobiles and offers services for
tires, batteries, car detailing, accessorizing, CNG and LPG
fitment and windshield replacement.
DHRUV COTEX: CARE Reaffirms B+ Rating INR13cr LT Loan
-----------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhruv Cotex Private Limited (DCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 13.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of DCPL takes into
account marginal growth in total income and marginal improvement
in operating margin and in capital structure and debt coverage
indicators. The rating, however, continues to be constrained by
working capital intensive nature of operations. The rating is
further constrained by its presence in the highly competitive and
fragmented textile industry and profit margins susceptible to
fluctuations in raw material prices. These factors far offset the
benefits derived from experienced and resourceful promoters with
demonstrated financial support, operational support from group
entities and location advantage. The ability of DCPL to increase
the scale of operations and improve profitability and capital
structure along with efficient management of the working capital
amidst the intense competition are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Marginal growth in total income and Marginal improvement in
operating margin: The TOI of DCPL has increased from INR75.48
crore in FY16 to INR76.09 crore in FY17 on account of increased
demand. Further, the company has posted revenue of INR50.44 crore
for the period April, 2016 to October, 2017 and has around INR9.10
crore orders on hand, which will be executed by Feb, 2017.
Nevertheless the scale of operations continued to remain modest.
The operating margins of the company marginally improved from 4.91
% in FY16 to 5.57% in FY17 on account of improved realization.
Marginal improvement in capital structure and debt coverage
indicators: The overall gearing of the company improved and stood
at 4.44x as on March 31, 2017 against the overall gearing of 5.68x
in FY16 (improved due to repayment of loans and improved accruals
and infusions of equity share capital to the tune of INR0.01
crore) during FY17. Though the overall gearing has improved it
remained highly leveraged due to increased reliance on working
capital borrowings to fund operations. Due to above debt coverage
indicator, also improved with total debt to GCA at 18.27x as on
March 31, 2017 (as against 21.78x as on March 31, 2016) and
interest coverage ratio stood at 1.26x in FY17 against 1.32x in
FY16.
Working capital intensive nature of operations: The operations of
DCPL are working capital intensive in nature with funds being
blocked in inventory and receivables. DCPL purchases raw material
(cotton yarn) in bulk from local suppliers and makes payment
within 5-6 working days to facilitate discounts. Subsequently,
manufacturing, inspection and packaging process takes 30-45 days
depending on type of fabric produced (plain, twill or sateen).
Furthermore, DCPL offers a credit period of 45-90 days to its
customers to establish a relationship and gain competitive edge.
Due to the aforementioned, DCPL's working capital limits were
utilized fully during the past 12 months ending November, 2017.
Key Rating Strengths
Experienced and resourceful promoters: DCPL is promoted by Mr.
Utpal Bhayani and Mrs. Alka Desai who look after the day to day
management of the company. Mr. Utpal Bhayani has more than 2
decades of experience in the textiles industry being associated
with the Deesan group since its inception.
Operational support from group entities: DCPL is a part of the
Deesan group which has been in the business of textile
manufacturing since 1996 and has various companies operating under
it (including DCPL). It has presence in all segments of cotton
textiles starting from cultivation of cotton to manufacturing of
garments. DCPL receives operational support from the other group
companies in terms of procurement of materials and building
customers.
Location advantage: DCPL's manufacturing facility is located at
the Integrated Textile Park in Shirpur, Dhule, Maharashtra which
is in close proximity to cotton producing belts of Dhule, Amravati
and Parbhani and is surrounded by multiple yarn and textile
manufacturing units within the textile park thereby facilitating
in procurement of raw materials.
Incorporated in 2011 by Mr. Utpal Bhayani and Mrs. Alka Desai,
Dhruv Cotex Private Limited (DCPL) is engaged into manufacturing
of woven grey fabrics used for shirting and dress material. It
started commercial operations in July 31, 2014 and at present the
company has 16 looms with capacity to manufacture 29000 meters of
grey fabric per day. Its facility is located at Dahiwad, Shirpur,
Dhule. DCPL sells its products in domestic market majorly to
fabric processing units in Delhi and Ahmedabad.
DCPL's plant is established under the "Group Work Shed Scheme"
(Scheme of Integrated Textile Park (SITP) of Ministry of Textile,
the Government of India) and consists of 13 SSI units under it.
The GWSS further operates a total of 80 looms via the SSI units
which provide job work services (viz. weaving, warping and sizing
of grey cloth) to DCPL. During FY17 ( refers to period of April 01
to March 31), DCPL has posted total operating income of INR76.09
crore (as against INR75.48 crore in FY16) with PAT of INR0.13
crore (as against PAT of INR0.16 crore in FY16). Further, the
company has posted revenue of INR50.44 crore for the period April,
2017 to November, 2017 and has around INR9.10 crore orders of 14
lakhs meters on hand, which will be executed by Feb, 2017.
DCPL is a part of the Deesan group, which has been in the business
of textile manufacturing since 1996 and has various companies
operating under it (including DCPL). Deesan group has presence in
all segments of cotton textiles starting from cultivation of
cotton to manufacturing of garments. DCPL receives operational
support from the other group companies in terms of procurement of
materials and building customers.
DHURIA RICE: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating on the
long-term facilities of Dhuria Rice Mills (DRM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.5 CRISIL B+/Stable
The rating reflects the firm's modest scale of operations in the
intensely competitive rice industry, weak financial risk profile,
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of the partners in
the industry and no term debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations amidst intense competition: Intense
competition in the rice industry, modest milling capacity in
comparison to large players, and limited value addition, have kept
the scale of operations modest, as reflected in the estimated
turnover of INR21.38 crore in fiscal 2017.
* Working capital intensity in operations: Operations are working
capital intensive, as reflected in high gross current assets of
210 days as on March 31, 2017, mainly led by large inventory, as
paddy, the key raw material, is available mainly during the crop
season (October-February).
* Weak financial risk profile: Financial risk profile is
constrained by high gearing of 6.91 times as on March 31, 2017,
and weak debt protection metrics, with interest coverage and net
cash accrual to total debt ratios ratio at 1.21 times and 0.002
time, respectively, for fiscal 2017.
Strength
* Extensive experience of the partners: The three decade-long
experience of the partners in the rice industry, their keen grasp
over local market dynamics, and healthy relationships with
customers and suppliers, should continue to benefit the business.
* No long-term debt: Absence of any fixed debt obligation enhances
the financial flexibility, as cash accrual can be solely used to
meet working capital requirement.
Outlook: Stable
CRISIL believes DRM will benefit from the extensive experience of
its partners. The outlook may be revised to 'Positive' if growth
in revenue leading to high cash accrual, or capital infusion along
with efficient working capital management strengthens financial
risk profile. The outlook may be revised to 'Negative' if low cash
accrual or increase in working capital requirement or any large,
debt funded capital expenditure exerts pressure on liquidity.
DRM was established as a partnership firm in 1978 by Mr Ashok
Kumar and family. The firm is engaged in the milling, processing
and packaging of basmati and non-basmati rice. The production
facilities are situated in Fazilka, Punjab with a milling and
sorting capacity of around 2 tonne per hour and utilisation of 80%
capacity.
ESSAR STEEL: SAIL Plans to Bid for Stressed Assets
--------------------------------------------------
The Economic Times reports that Steel Authority of India Limited
(SAIL) is considering bidding for the stressed assets of Essar
Steel and Bhushan Steel who are facing insolvency proceedings.
According to the report, sources said "a team of SAIL has visited
the units of Essar Steel and Bhushan Steel almost 20 days back to
assess how are units and to evaluate whether to bid (for) the
units or not".
"Since we (both Essar and Steel Authority of India Ltd) are in the
same sector, we are keeping our options open for buying stressed
assets," the report quotes a SAIL official as saying.
ET relates that Bhushan Steel CFO Nitin Johari said, "I have
nothing to say. There is a process going on thus I can't comment
on it."
However, Essar Steel could not be reached out for comments, the
report says.
Essar Group had earlier submitted expression of interest for Essar
Steel and said it will submit a resolution plan to the insolvency
resolution professional (IRP) within the scheduled time frame,
according to Business Standard.
Business Standard notes that the government has last month
promulgated an ordinance to bar wilful bank loan defaulters as
well as those with NPA (non-performing asset) accounts from
bidding in auctions being done to recover loans under the
insolvency process.
The ordinance comes as a blow to defaulting promoters seeking to
reclaim their firms that are under insolvency proceedings, aims at
putting in place safeguards to prevent unscrupulous persons from
misusing or vitiating the provisions of the IBC (Insolvency and
Bankruptcy Code), the corporate affairs ministry had earlier said,
the report relays.
Essar Steel was among the initial 12 companies identified by the
Reserve Bank of India (RBI) for insolvency proceedings, the report
adds.
About Essar Steel
Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.
The National Company Law Tribunal (NCLT), Ahmedabad, admitted
Essar Steel's insolvency case on Aug. 2, 2017. State Bank of
India's suggested interim resolution professional (IRP) Satish
Kumar Gupta, of Alvarez and Marsal India, has been appointed as
IRP.
Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $ 450.67 million to SCB in debt.
Both petitions filed by State Bank of India (SBI) and Standard
Chartered Bank (SCB) for initiating insolvency proceeding under
Insolvency & Bankruptcy Code (IBC) against the steel major Essar
Steel Ltd have been admitted by NCLT on Aug. 2, according to ET.
G. VENKATA: CRISIL Reaffirms B+ Rating on INR2.9MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of G. Venkata Rao and Co. (GVR) at 'CRISIL B+/Stable/CRISIL A4'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4 CRISIL A4 (Reaffirmed)
Cash Credit 2.9 CRISIL B+/Stable (Reaffirmed)
Proposed Short Term
Bank Loan Facility 1 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.1 CRISIL B+/Stable (Reaffirmed)
CRISIL on November 24, 2017 assigned its 'CRISIL B+/Stable/CRISIL
A4' ratings to the bank facilities of GVR.
The rating reflects modest scale of operations and moderate
operating margins in the intensely competitive industry. Rating
also factors working capital intensive operations and geographical
concentration in revenue profile. These ratings weaknesses are
partially offset by Extensive experience of the promoters in the
construction industry and moderate financial risk profile.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and moderate operating margin: Scale
of operations remains modest despite Y-o-Y growth of around 227%
from INR6.8 crore in Fiscal 2016 to INR22.3 crore in Fiscal 2017.
The modest scale limits the company's ability to avail benefits
associated with economies of scale that players with larger
operations are able to leverage upon. Modest scale of operations
and intense competition result in moderate operating margins of
around 11.6% in Fiscal 2017.
* Geographical concentration in revenue profile: GVR derives its
revenue primarily from Andhra Pradesh, which makes the company
susceptible to the risk arising from any slowdown in the
announcement or execution of orders in the state.
* Working-capital-intensive operations: GVR's operations are
working capital intensive as reflected in GCA of 140days as on
March 31 2017. GCA are high on account of large operating cycle of
the company.
Strength
* Extensive experience of promoters: The two-decade long
experience of the promoters has helped the company establish
healthy relationships with customers and suppliers ensuring
uninterrupted supply of raw materials and repeat orders, which
results in smooth operations. The same is reflected in the
consistent growth in revenue and operating profits. Since
inception GVR has executed many civil construction projects,
especially in Andhra Pradesh.
* Moderate financial risk profile: GVR's financial risk profile is
moderate supported by low gearing and moderate debt protection
metrics albeit constrained by modest net worth. Debt protection
metrics was moderate as reflected in interest coverage ratio and
net cash accruals to total debt of around 2.58 times and 22%
respectively for the fiscal 2017.
Outlook: Stable
CRISIL believes GVR will continue to benefit from the extensive
experience of its promoter in the civil construction industry and
established relationship with customers and suppliers. The outlook
may be revised to 'Positive' if substantial increase in revenue
and profitability, while maintaining adequate liquidity
strengthens financial risk profile. The outlook may be revised to
'Negative' if sizeable, debt-funded capex or decline in revenue or
profitability weakens financial risk profile.
Incorporated in 1998 and based out of Guntur, Andhra Pradesh, GVR
is promoted by Mr. G. Venkata Rao and his family members. The
company is engaged in undertaking road and building construction
projects in A.P.
GAURAV ISPAT: CRISIL Assigns B+ Rating to INR7MM Cash Loan
----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Gaurav Ispat (GI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B+/Stable (Assigned)
Letter of Credit 3 CRISIL A4 (Assigned)
The ratings reflect the company's modest scale of operations in
the intensely competitive trading business, and its large working
capital requirement marked by high receivables. These weaknesses
are partially offset by its proprietors' extensive industry
experience.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented steel
trading business: Manu's scale of operations, reflected in revenue
of INR18.30 crores in fiscal 2017. However, in the current year
the firm has already booked revenues of INR 24.01 crores until Nov
2017. The revenues are expected to grow but remain modest in the
near term.
* Large working capital requirement: GI had gross current assets
of 215 days as on March 31, 2017, on account of high receivables
of 108 days and inventory of 94 days.
Strength
* Extensive experience of proprietor: GI benefits from its
proprietors' industry experience of over 20 years, which has
resulted in steady orders from customers and longstanding
relationships with suppliers and customers.
Outlook: Stable
CRISIL believes that GI will continue to benefit over the medium
term from promoter's extensive experience. The outlook may be
revised to 'Positive' if substantial increase in revenue,
sustenance of profitability and prudent working capital management
leads to considerably higher than expected cash accruals.
Conversely, the outlook may be revised to 'Negative' if decline in
revenue and profitability, any large, debt-funded capex, or
increase in working capital requirements weakens its financial
risk profile, particularly, liquidity.
Incorporated in 1994 as a proprietorship concern, GI is engaged
into trading of MS Plates and cutting of the plates into MS
profiles. The firms' proprietor is Mr. Rajeev Khandelwal.
GAYATRI HI-TECH: ICRA Reaffirms D Rating on INR491.10cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating of [ICRA]D for
the INR537.00 crore bank facilities of Gayatri Hi-Tech Hotels
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based/ CC 18.00 [ICRA]D Reaffirmed
Fund based TL 491.10 [ICRA]D Reaffirmed
Non fund based 26.80 [ICRA]D Reaffirmed
Unallocated 1.10 [ICRA]D Reaffirmed
Rationale
The rating reaffirmation factors in continued delays in debt-
servicing by GHHL in light of sustained sub-optimal operating
performance of its hotel property. The company during FY2017,
approached its lenders for the second debt restructuring, to
address the cash flow mismatch, as the first restructuring package
was constrained wherein the tenor of the debt facilities was
restricted to a maximum of 10 years. However, the proposal for the
second restructuring package was declined, as the package did not
fit the prudential norms set out in the CDR Master Circular. In
view of these developments, the company approached the lenders to
restructure its debt under the JLF route. The debt restructuring
proposal (through JLF route) is at various stages of approval with
lenders of the consortium and is expected to finalized in
Q4FY2018.
The occupancy levels for GHHL's hotel at Banjara Hills in
Hyderabad continued to remain modest at 49.6% during FY2017 and
51.7% in H1FY2018 (as compared to 50.7% in H1 FY2017), resulting
in marginal operating profits. This has kept the company dependent
upon external funding support from the promoters.
The debt coverage indicators are expected to remain weak resulting
in continued reliance on promoters for funding support in the near
to medium term. Thus, timely infusion of funds by the promoters
will remain critical to ensure regularity in servicing its debt
obligations, till the time the hotel reports a significant
improvement in operating metrics thereby becoming self-sufficient
in servicing its debt obligations.
Outlook: Not applicable
Key rating drivers
Credit strengths
* Strategic location of the hotel: Hotel is located at Road No.2,
Banjara Hills within a well-developed area of Hyderabad with all
infrastructure facilities. The site is well connected to the new
Airport and Railway Station Hotel being operated by Hyatt
International (HI)-GHHL hotel is operated by Hyatt International,
under the brand name Park Hyatt providing the hotel with
visibility and association with a premium brand. The hotel has
been operating for the last five years with occupancy rates
increasing steadily every year.
Credit challenges
* Delay in servicing of repayments to lenders: There continue to
be delays in servicing interest obligation on the funded interest
term loan availed by the company during FY2018. The company is in
the midst of restructuring of its debt, which is at various stages
of approval with lenders of the consortium and is expected to
finalized in Q4FY2018.
* Financial profile characterised by weak capital structure and
debt coverage indicators: The networth of the company deteriorated
from INR135.4 crore in FY2013 to 41.4 crore in FY2017 (first five
years of operation). The debt coverage indicators are expected to
remain weak resulting in continued reliance on promoters for
funding support in the near to medium term.
* Competitive pressure in the Hyderabad hotel industry: Sharp
increase in supply in the Hyderabad market coupled with demand
disruption following the state split has impacted ARRs in the
city. Park Hyatt, has several up-scale properties like Taj
Krishna, Hyderabad Marriott, The Park, Sheraton Hyderabad etc in
its vicinity, which leads to high competition, thereby affecting
the revenues of the hotel.
GHHL is a closely held public limited company belonging to the
'Gayatri Group' having business interests in construction, real-
estate development, sugar, chemicals, film screening and financial
services.
Gayatri Hi-Tech Hotels Limited has set up a 5-Star Super deluxe
luxury hotel consisting of Guest rooms and Service apartments at
Hyderabad. The integrated hotel cum-service apartment project is
operational under brand name of Park Hyatt with 209 Rooms
(consisting of 102 'park rooms' with hotel view and 83 'view
rooms' with city view), 24 suits (consisting of 7 standard suite,
14 executive suites, 1 diplomat suite, 1 chairman suite and 1
presidential suite) and 42 Service Apartments (19 one bedroom
apartments, 21 two bedroom apartments and 2 three bedroom
apartments). The hotel also has a Lounge, All Meal restaurant,
Bar, Meeting Rooms, Board Rooms, Banqueting Facility, Swimming
Pool, Health Club and Spa. The hotel has a technical, franchise,
marketing and management tie-up with Hyatt International
Corporation (Hyatt), USA under "Park Hyatt" brand.
GLOBAL OFFSHORE: CARE Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has been seeking information from Global offshore
Services Private Limited to monitor the rating(s) vide e-mail
communications/letters dated Dec. 6, 2017, Dec. 4, 201, Nov. 30,
2017, Nov. 21, 2017, and Nov. 17, 2017. 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, Global
offshore Services Limited has not paid the surveillance fees for
the rating exercise as agreed to in its Rating Agreement. The
rating on Global offshore services Limited will now be denoted as
CARE D/CARE D; ISSUER NOT COOPERATING* and CARE C/CARE A4; ISSUER
NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 371.30 CARE D; Issuer Not cooperating;
Facilities-Term Based on best available
Loan information
Long term Bank
Facilities-Fund
Based Limits 24.00 CARE D; Issuer Not cooperating;
Based on best available
information
LT/ST Bank
Facilities-Non-
Fund based Limits 15.00 CARE D; Issuer Not cooperating;
Based on best available
information
Long term Bank
Facilities Term
Loan-UBI 9.19 CARE C; Issuer Not cooperating;
Based on best available
information
Long term Bank
Facilities- FB
Limits-UBI# 20.00 CARE C; Issuer Not cooperating;
Based on best available
information
LT/ST Bank
Facilities-NFB
Limits-UBI 13.00 CARE C/CARE A4; Issuer Not
cooperating; Based on best
available information
#UBI- United Bank of India
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account no delay/default in debt servicing
by the Global Offshoire Services Limited (GOSL) to the bank
facilities sanctioned by United Bank of India while reaffirmation
of rating assigned to the other bank facilities of GOSL takes into
account the on-going delay in debt servicing obligation by the
company.
Detailed description of the key rating drivers
At the time of last rating on May 9, 2017, the following factors
were considered:
Delays in debt servicing: The revision in the rating assigned to
the bank facilities sanctioned by United Bank of India to Global
Offshore Services Ltd (GOSL) considers no delay/default in debt
servicing by the company while reaffirmation of rating assigned to
the other bank facilities of GOSL takes into account the on-going
delay in debt servicing obligation by the company. Sharp decline
in E&P spending has worldwide affected players like GOSL who are
into chartering of support vessels for E&P activity. Coupled with
that there was re-pricing of contracts by the principal client of
the company i.e. ONGC in April 2016. While majority of the vessels
in its Netherlands subsidiary was un-deployed. This has affected
the cash generation ability and hence liquidity of the company and
the company had approached its Lenders for reschedulement of debt.
The re-schedulement did not materialize and the company had
defaulted in debt servicing to some of the lenders.
Global Offshore Services Ltd (GOSL; erstwhile Garware Offshore
Services Ltd) promoted by late Mr. B.D. Garware, has been engaged
in the offshore services business since 1984. The company's
vessels support the oil and gas exploration efforts and are
employed with various E&P companies. As on June 30, 2016, the
company had six vessels (two PSV's; Four ATHSV) in its books and
six vessels (five PSV's and one AHTSV) in its subsidiary books
with an average age of the vessels of about 6.50 years. GOSL has
two wholly-owned subsidiaries: Garware Offshore International
Services Pte Ltd (incorporated in Singapore) having one vessel on
Bareboat Charter and Global Offshore Services B.V. (incorporated
in The Netherlands) having six vessels.
During FY17, the total operating income of the company stood at
INR99.33 crore against the loss of INR9.43 crore.
GLOBAL PHARMA: CRISIL Raises Rating on INR3.72MM Loan to B+
-----------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Global Pharma Healthcare Private Limited (GPHPL) to
'CRISIL B+/Stable' from 'CRISIL B/Stable', while reaffirming the
short-term rating at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing
Credit 3.72 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Letter of Credit 0.90 CRISIL A4 (Reaffirmed)
Term Loan .38 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects improved business risk profile, as reflected
in its increased revenue to INR38.3 crore in fiscal 2017 from
INR27.8 crore in the previous year; while maintaining its
operating margin at 8.5%. Better operating performance led to
improved net cash accrual of INR1.9 crore in fiscal 2017 from
INR1.5 crore in fiscal 2016. Financial risk profile has also
improved, with gearing of 0.69 time in fiscal 2017 compared to
0.79 time in fiscal 2016. Debt protection metrics remained
comfortable, with interest coverage and net cash accrual to total
adjusted debt ratios of 3.36 times and 33%, respectively. CRISIL
believes that GPHPL will continue to maintain its improved
business profile, supported by its established clientele and
extensive product profile.
The ratings also reflect GPHPL's modest scale of operations and
its large working capital requirement. These weaknesses are
partially offset by the extensive experience of its promoters in
the pharmaceutical industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Despite year-on-year growth of 35%
in revenue (due to steady demand) to INR38.3 crore in fiscal 2017,
scale remains small. Scale will remain modest over the medium
term.
* Working capital intensity in operations: GPHPL has large working
capital requirements, as reflected in gross current assets of
around 130 days as on March 31, 2017. This is primarily due to the
sizeable receivables of around 88 days.
Strength
* Extensive experience of promoters: Key promoter, Dr A R
Venkatesh, worked as a consultant in pharmaceutical exports for
seven years before setting up GPHPL in 2003. The company's factory
in Chennai it has another in Puducherry is current Good
Manufacturing Practice certified as per World Health Organization
guidelines.
Outlook: Stable
CRISIL believes GPHPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if significant improvement in revenue while
maintaining its operating margin, leads to higher cash accrual.
The outlook may be revised to 'Negative' in case of lower-than-
expected revenue or deterioration in working capital requirement
or any large debt-funded capital expenditure weakens the
liquidity.
Established by Dr. A R Venkatesh and his wife, Dr. Juma Venkatesh,
in 2003, GPHPL manufactures and trades in pharmaceutical
formulations in the form of tablets, ointments, creams, and
syrups.
GUJARAT PEANUT: ICRA Moves B+ Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has moved the ratings for the INR6.39 crore bank
facilities of Gujarat Peanut Products Private Limited (GPPPL) to
the 'Issuer Not Cooperating' category. The rating is now denoted
as: "[ICRA]B+ (Stable) ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Cash 4.50 [ICRA]B+ (Stable) ISSUER NOT
Credit COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Fund based-Term 1.89 [ICRA]B+ (Stable) ISSUER NOT
Loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Gujarat Peanut Products Pvt. Ltd. (GPPPL) was incorporated in 2005
by the Chag family to trade in agro-commodities and later it
diversified into cleaning, sorting and packaging of various agro-
products which includes groundnuts (shelling is also done), wheat,
spices, pulses, etc. In addition, GPPPL also undertakes cleaning,
sorting and packaging of various agro-commodities for third
parties as well as the group concern on a job work basis.
J.K. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR15MM Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facility of J.K. Industries (JKI) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect its working capital-intensive
operations, susceptibility to uneven monsoon and regulatory
changes in the rice industry, and weak financial risk profile
because of high gearing and average debt protection metrics. These
weaknesses are partially offset by the extensive experience and
funding support of its promoters, and benefits expected from
healthy growth prospects for the basmati rice industry.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations in a competitive segment: With revenue
of INR40.85 crore in fiscal 2017 and modest capacities, scale
remains small in the competitive rice processing industry that has
many players due to low entry barrier. This, along with limited
value addition, restricts ability to bargain with suppliers and
customers.
* Weak financial risk profile: Networth was small at INR2.78 crore
as on March 31, 2017, on account of modest accretion to reserves,
while total outside liabilities to adjusted networth ratio was
high at 15 times due to short-term working capital debt. Debt
protection metrics were subdued, with net cash accrual to debt and
interest coverage ratios of 0.01 time and 1.1 times, respectively,
for fiscal 2017.
* Working capital-intensive operations: Since paddy, major raw
material, is available only during crop season (October-December),
players have to procure a substantial portion of their annual
paddy requirement during this period, resulting in large inventory
(240-270 days as on March 31, 2017). Against this, the firm gets
limited credit of less than 60 days from suppliers, which
increases working capital requirement.
Strength
* Extensive experience of promoters: Presence of over two decades
in the rice processing business has enabled the promoters to
understand market dynamics and establish strong relationship with
customers and suppliers.
Outlook: Stable
CRISIL believes JKI will continue to benefit over the medium term
from its promoters' extensive experience. Financial risk profile,
however, may remain constrained by high gearing and weak debt
protection metrics because of large working capital requirement.
The outlook may be revised to 'Positive' if capital infusion by
promoters or ramp-up in scale of operations considerably
strengthens financial risk profile. The outlook may be revised to
'Negative' if financial risk profile deteriorates because of
significant increase in inventory, sizeable debt, or substantial
debt-funded capital expenditure.
Established in 2000 as a partnership firm by Mr Karam Chand, Mr
Harbans Lal, Mr Mukesh Kumar, Mr Jai Pal, Mr Rakesh Kumar, and Mr
Parkash Dhall, JKI primarily mills and shells basmati rice, and
sells by-products such as bran, phuk, and bardana. Unit at Fazilka
in Punjab has capacity to process 550 quintal per day.
JAYANTI CONTRACTORS: CARE Moves B+ Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking information from Jayanti Contractors
and Engineers Limited (JCEL) to monitor the rating vide e-mail
communications/letters dated Oct. 5, 2017, Nov. 21, 2017, Dec.
18, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on JCEL's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.15 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating in January 12, 2017, the following were
the rating strengths and weaknesses:
Key Rating Strengths
Experienced promoters with long track record of operations
The main promoter of JCEL is Mr. Dinesh Kumar Agarwal. Mr. Dinesh
Kumar Agarwal, (Graduate), aged about 55 years, having around
three decades of experience in executing civil construction
projects. He is being duly supported by the other directors along
with a team of experienced personnel. Further, JCEL commenced
commercial operation in 2004 and accordingly has a long track
record of commercial operation.
Moderate order book position: The order book position remained
moderate as on December 31, 2016, with the value of orders in hand
(including on-going projects) at INR16.79 crore, being 1.40 x of
TOI in FY16.
Satisfactory client portfolio albeit client concentration risk:
The main client of JCEL includes Public Works Department (PWD)
Roads, Guwahati indicating relatively low default risk. However,
PWD Roads, Guwahati accounted for about 96% of the total revenue
during FY16 indication client concentration risk.
Comfortable capital structure: The debt profile of the company
consists of cash credit limit from bank and unsecured loans
(unsubordinated). Both the long term debt equity ratio and the
overall gearing ratio remained comfortable at below unity as 0.35x
and 0.85x respectively as on March 31, 2016.
Key Rating Weaknesses
Small scale of operation: JCEL is a relative small player in the
construction business with total operating income (TOI) and PAT of
INR11.99 crore and INR0.61 crore respectively in FY16. The total
capital employed also remained low at INR13.55 crore as on March
31, 2016. The small scale of operation restricts the financial
risk profile of the company limiting its ability to absorb losses
or financial exigencies in adverse economic scenario and also in
bidding of tenders. Further, during April 2016 to November 2016,
the management is stated to have achieved total operating income
of INR11.97 crore.
Volatile input prices: Steel, bitumen, cement and pipes are the
major inputs for JCEL accounting for about 59.38% of the total
cost of sales in FY16, the prices of which are highly volatile.
Moreover, the company does not have any long term contracts with
the suppliers for the purchase of the aforesaid raw materials.
Hence, the profitability margins of the company are exposed to any
sudden spurt in the raw material prices. In absence of escalation
clauses in the majority of contracts, any increase in input prices
will affect the profitability of the company.
Risk of delay in project execution: As JCEL is majorly dependent
on flow of orders from government, steady flow & timely execution
acquires greater importance, especially in view of the stringent
rules involved in government contracts. Further, as JCEL's
contracts are majorly fixed price contracts, any delay in
execution of the projects may result in escalation in costs which
the firm might not be able to pass on due to lack of price
escalation clause in the contracts and hence, face loss of
profitability. JCEL's business is also susceptible to financial
loss arising out of delay in project execution, as generally
penalty clause exists for delay in execution of construction
projects involving liquidated damages, etc.
Sluggish growth amidst intense competition in the construction
industry: JCEL operates in the construction industry, which
requires bidding for the projects based on the tenders.
Accordingly, the company is exposed to intense competition. Given
the volatile economic environment, there has been slowdown in
release of new contracts, which has resulted in sluggish growth
being witnessed by the construction industry. However, the long-
term outlook appears satisfactory on the back of major investment
expected from government sector.
Working capital intensive nature of business: JCEL's business
being construction of roads is working capital intensive primarily
on the back of average inventory period. The average inventory
holding period albeit remaining very high at 3333 days during FY14
improved continuously albeit remaining high at 128 days during
FY16 on the back of orders under execution stage coupled with
JCEL's strategy to maintain input material stock in view of
expected rising input material prices in future. Further, the
average creditors' period also remained high during FY14-FY16 and
the same improved from 2872 days during FY14 to 120 days during
FY16. Accordingly, the average utilization of the cash credit
limit remained high at about 90% during the last 12 months ended
December 2016.
Jayanti Contractors and Engineers Ltd. (JCEL) incorporated in
2004, was promoted by the Agarwal family of Guwahati, Assam with
Shri Dinesh Kumar Agarwal being the main promoter. The entity
majorly works for the Govt. entities and it executes orders
primarily for PWD Roads, Guwahati. The entity is registered as
Class-1A contractor from Public Works Department (PWD), Govt. of
Assam. Shri Dinesh Kumar Agarwal, the Managing Director looks
after the day-to-day affairs of the company along with the other
directors and a team of experienced personnel.
JIVA PLYWOODS: CARE Reaffirms B Rating on INR4.91cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jiva Plywoods Private Limited (JPS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.91 CARE B; Stable Reaffirmed
Short-term Bank
Facilities 2.50 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of JPS continues to
remain constrained by its short track record along with small
scale of operations, net losses and leveraged capital structure.
The ratings are further constrained by foreign exchange
fluctuation risk, susceptibility to fluctuation in log prices and
government regulations and presence in a highly fragmented plywood
sector with low entry barriers and high competition.
The ratings, however, continues to take comfort from experienced
promoters and location advantage of processing unit of JPS.
Going forward; the ability of JPS to profitably scale up its
operations in the highly competitive industry while managing the
exchange rate fluctuations and improvement in capital structure
shall remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record with nascent scale of operations and net
losses: The company has started its commercial operations from
September, 2016 and has a relatively short track record of
operations as compared with other established players. The company
has achieved a turnover of INR1.42 crore in the first seven months
of business operations and reported new losses in FY17 (FY refers
to the period September 1, 2016 to March 31, 2017). The scale of
operations limits the company's financial flexibility in times of
stress and deprives it of scale benefits. The stabilization of the
operations to achieve the envisaged scale of business and
saleability risk associated with the products in the light of
competitive nature of industry remains crucial for JPS. The
company has achieved the total operating income of INR2.87 crore
in 7MFY18 (refers to the period April 1 to October 30, based on
provisional results).
Leveraged capital structure: As on March 31, 2017, the capital
structure of the company stood leveraged marked by overall gearing
ratio at above 10x on account of low net worth base coupled with
debt funded capex undertaken and high dependence on external
borrowings to meet working capital requirements. The working
capital borrowings of the company remained 80% utilized during the
past 12 months ending October, 2017.
Foreign exchange fluctuation risk: The company is mainly importing
material from Malaysia, China, Vietnam and Myanmar and its import
procurement to raw material cost stood around 60% for FY17. The
material is completely sold in the domestic market. With initial
cash outlay for procurement in foreign currency and significant
chunk of sales realization in domestic currency, the company is
exposed to the fluctuation in exchange rates which the company
does not hedge. The risk is more evident now that the rupee has
registered considerable volatility and could leave the company
carrying costly inventory in case of sudden appreciation.
Susceptibility to fluctuation in log prices and government
regulations: JPS imports majority of the wood log requirement
(around 60% of total purchases) from Malaysia, China, Vietnam and
Myanmar. This exposes the company to adverse changes in the
government policies in these countries with respect to export.
Earning are also susceptible to the regulatory policies relating
to the tariff barriers (import duty, custom duty), non-tariff
barriers (restriction on quantity of imports) anti-dumping duties,
international freight rates and port charges, etc.
JPS is also exposed to volatility in the log prices as it does not
enters into any contract for purchase of raw materials. Since
there is a long time lag between raw material procurement and
liquidation of inventory, the company is exposed to the risk of
adverse price movement resulting in lower realization than
expected.
Presence in a highly fragmented plywood sector with low entry
barriers and high competition: The major income of JPS comes from
processing & trading of plywood and boards where the company
process wooden logs (Teak, Pine, Hardwood, etc.) into plywood and
markets them to various retailers with limited value addition to
the product. Plywood trading business is characterized by high
volumes and low margins. The plywood trading sector is highly
competitive, comprising a large number of players in the organized
segment as a result of low entry barriers. JPS warehouse is
located in the timber and plywood cluster of Gandhidham, Gujarat
which has about 1,500 units engaged in the processing of wood and
hence stiff competition from large number of players.
Key Rating Strengths
Experienced promoters: Mr. Jagdish Patel, Mr. Moolji Bhai Patel
and Mr. Jigna Patel are the directors of JPS and they collectively
look after the overall operations of the company. Mr. Moolji Bhai
Patel has an accumulated experience of more than five decades in
trading business through the associate concern, Patel Jiva Sales
Private Limited. He is ably supported by Mr. Jagdish Patel and Mr.
Jigna Patel who are having an experience of nearly one decade,
respectively, in this business through their association with this
entity and other associate.
Location advantage: The company has warehouse in Gandhidham to
supply the plywood, boards to PAN India. Proximity of the
company's warehouse to the port of Kandla reduces the logistics
issues associated with wood, which is a bulky commodity and also
offers the advantage of lower freight costs.
Kutch, Gujarat based Jiva Plywoods Private Limited (JPS) is a
private limited company incorporated in December 2015 but started
its commercial operations from September, 2016. The company is
currently being managed by Mr. Jagdish Patel, Mr. Moolji Bhai
Patel and Mr. Jigna Patel. The company is engaged into trading and
processing of wooden log into plywood, doors and boards. JPS
imports/procures the raw material mainly wooden logs like Teak,
Pine, Hardwood, etc. from Malaysia, China, Vietnam and Myanmar
which are subsequently sized at its saw mill unit in Gandhidham
into various commercial sizes as per the requirement of its
customers. The company sells its products to various traders,
wholesalers, civil engineering and construction companies in PAN
India through the established marketing network of its associate
concern namely Patel Jiva Sales Private Limited which is engaged
in trading and processing of timber, plywood and laminates.
KAMLESH METACAST: ICRA Reaffirms B Rating on INR18.60cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed long-term rating at [ICRA]B to the
INR18.60 crore non fund-based bank facilities of Kamlesh Metacast
Private Limited (KMPL). The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Fund-based
Bank Guarantee 18.60 [ICRA]B (Stable); Reaffirmed
Rationale
The reaffirmed rating continues to factor in company's dependence
on third parties for performance and timely completion of its mine
prospecting project. In the absence of any revenue visibility in
the medium term, there is dependence on the promoters for meeting
any additional funding requirement. However, the rating continues
to draw comfort from the promoter's sound background with
interests in real estate developments.
Outlook: Stable
ICRA believes that KMPL will continue to benefit from the position
of promoters and limited additional funding requirements. The
outlook may be revised to 'Positive' if the company's operating
scale significantly and profitably expands. The outlook may be
revised to 'Negative' if the project continues to get delayed with
bank guarantee set to expire in March, 2018.
Key rating drivers
Credit strengths
* Strong promoter backing with group turnover of INR129 crore: The
promoters have interest in real estate developments and operate
under the aegis of the Ashadeep group. In FY2017, the group has
annual turnover of INR129 Crore with net profit of INR7.46 Crore.
* Limited funding risk with debt already in place: The bank
guarantee submitted to Department of Mines and Geology (DMG),
Udaipur is in place until March 2018. The majority of equity has
also been infused till date. However, the company will have to get
the bank guarantee extended in case of any further delay in the
execution of the project. In case, the company plans to take the
extraction license as well, funding requirements would be higher
and this factor would be a rating sensitivity.
Credit challenges
* Limited experience of the promoters in mining sector: The
promoters had extensive experience in real estate development
before taking up their first project in mining sector. KMPL
remains a project company and is dependent on third parties as all
the work is sub contracted.
* No medium term revenue visibility with imminent execution risk:
The drilling work has hit a roadblock with 20% work value still
pending owing to approval related issues. There is limited change
in the status of the project over the last one year.
KMPL was founded in 2011 by Mr. Shyam Sundar Singhwi and Mr.
Nimesh Singhwi. In 2013, the entire stake was purchased by Mr
Ananya Agarwal through his family holding company, Naangi & Sons
India Pvt Ltd. The promoters have interests in the real estate
sector in Rajasthan. KMPL has a prospecting license, valid till
March, 2018, to explore an area of 1859 hectares in Sirohi,
Rajasthan, for cement grade limestone. In the event of suitable
limestone reserves being found, the company plans to set up a
cement manufacturing facility.
In FY2017, the firm reported a net loss of INR0.01 Crore on nil
operating income (OI) compared with a net loss of Rs.0.02 Crore on
nil OI in the previous year.
LAXMI MOULDS: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Laxmi
Moulds Industries Private Limited (LMI) for obtaining information
through letters and emails dated November 30, 2017 and
December 11, 2017 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Buyer`s Credit 3 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term
Bank Loan Facility 15.06 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Term Loan .94 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Laxmi Moulds Industries Private
Limited which restricts CRISIL's ability to take a forward looking
view on the entity's credit quality. CRISIL believes information
available on Laxmi Moulds Industries Private Limited is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Laxmi Moulds Industries Private Limited to 'CRISIL D
Issuer not cooperating'.
LMI was set up as a proprietorship concern, Laxmi Moulds
Industries, in 1981 by Mr. Nobukumar Manna. The firm's operations
were transferred to LMI on April 1, 2011. LMI manufactures tyre
moulds for motorcycles, trucks, tractors, and buses. Its
manufacturing facility is in Bhayander, Maharashtra. Operations
are managed by Mr. Nobukumar Manna and his son Mr. Shankar Manna.
MAHATHI SOFTWARE: ICRA Assigns B- Rating to INR31.50cr Loan
-----------------------------------------------------------
ICRA Ratings has assigned the long-term rating of [ICRA]B- to the
INR31.50-crore term loans, and INR4.97-crore unallocated
facilities of Mahathi Software Private Limited. ICRA has also
assigned short-term rating of [ICRA]A4 to INR7.00-crore fund-based
limits of the company. The outlook on the long-term rating is
stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 31.50 [ICRA]B- (Stable); Assigned
Unallocated 4.97 [ICRA]B- (Stable); Assigned
Short-term fund-based 7.00 [ICRA]A4; Assigned
Rationale
The assigned rating is constrained by the modest scale of
operations of the company and high geographic and customer
concentration with its top two clients, both based out of U.S.A.
accounting for over 99% of the revenues for the company in FY2017.
The rating considers stretched financial profile characterised by
modest coverage indicators, low profitability, and constrained
liquidity position given high working capital intensity owing to
high receivables and high repayment obligations of MSPL in the
medium term. The rating positively factors in the experience of
the promoters in the software industry and their established
relationships with customers, which ensures order inflow to MSPL.
The rating also considers diversification of revenue base with
rental income from Andhra Pradesh Electronics & IT Agency
(APEITA), which is expected to account for sizeable revenues going
forward. However, there have been delays in receipt of rentals in
the past.
Going forward, the company's ability to improve its scale of
operations, profitability and coverage indicators, and effectively
manage its working capital cycle with timely receipt of payments
from its software clients and APEITA will be the key rating
sensitivities.
Key rating drivers
Credit strengths
* Vast experience of the promoters in the software industry: The
promoters have significant experience in the software industry and
interests in software companies in USA, which ensures order inflow
for MSPL. The two major clients of MSPL, which account for over
99% of the company's revenues, are group companies.
* Rentals from APEITA diversifies revenue base: The company has
developed a commercial property in Rushikonda, Vishakapatnam, and
entered into lease agreement with APEITA. While a part of the
property has been handed over in November 2016, complete handover
is expected in FY2018. Rental income from the property is expected
to account for sizeable portion of revenues from FY2019,
diversifying the revenue base of MSPL.
Credit weaknesses
* Modest scale of operations: MSPL's scale of operations has been
modest with operating income of INR20.9 crore in FY2017.
* High geographic and customer concentration: The company derived
over 99% of its revenues from its top clients; both the customers
cater to healthcare industry and are located in USA leading to
high geographic, customer, and segment concentration. However, the
directors of MSPL have interests in both the companies, which is
expected to ensure order-flow even going forward.
* Financial profile characterised by stretched coverage indicators
and low profitability: The financial profile of MSPL is
characterised by low profitability with RoCE of 8.4% in FY2017,
and stretched coverage indicators with Total Debt/OPBITDA of 4.1
times, NCA/Total debt of 7% and debt service coverage ratio (DSCR)
of 0.7 times for FY2017.
* Constrained liquidity given the high repayments over the medium
term: The company's liquidity position is constrained given high
working capital intensity owing to higher debtor days, and high
repayment obligations in the medium term. While rental income is
expected to support repayment obligations, timely receipt of
rentals remains crucial, given the delay witnessed in rental
payments in the past.
Mahathi Software Private Limited, incorporated in 2001, is an IT
services provider with focus on the healthcare industry. The
company is located in Vishakapatnam, Andhra Pradesh, and derives
majority of its revenues from customers based out of USA. The
company is in the process of completing the construction of a 3-
storey building, with built-up area of 1,35,000 sq.ft. in
Rushikonda, Vishakapatnam, which has been leased out to Andhra
Pradesh Electronics and IT Agency (APEITA).
MALAXMI WIND: CRISIL Moves D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Malaxmi
Wind Power (MWP) for obtaining information through letters and
emails dated September 21, 2017 and October 26, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 47.92 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
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 Malaxmi Wind Power which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Malaxmi Wind Power is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Malaxmi Wind Power to 'CRISIL D Issuer not
cooperating'.
MWP was set up as a proprietorship firm in 2010 by Mr. Y Harish
Chandra Prasad. The firm operates two windmills - an 8.4 megawatt
(MW) windmill in Jaisalmer (Rajasthan) and a 2.1 MW windmill in
Bellary (Karnataka). MWP has signed a 20 year PPA with JVVNL for
the Jaisalmer windmill, and with GESCOM for the Bellary windmill.
MAYAJAAL ENTERTAINMENT: ICRA Ups Rating on INR25cr Loan to B-
-------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating for the INR25.0-
crore fund-based limits of Mayajaal Entertainment Private Limited
from [ICRA]C+ to [ICRA]B-. The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term, Fund- 25.00 [ICRA]B- (Stable); upgraded
based facilities from [ICRA]C+
Rationale
The rating upgrade takes into consideration the improved capital
structure and debt-protection metrics aided by significant
reduction in external debt in the recent past due to cash
generation from real-estate sales. The rating also continues to
take into account the significant experience of the promoters in
the media industry and the diversified revenue streams for the
company including multiplex and real-estate incomes.
However, the rating remains constrained by the stagnant growth in
operating income and declining trend in the profitability of the
core operations, while the overall profitability of the company is
supported by income from real-estate segment. Revenue generation
from tickets sales have remained stagnant primarily due to
shifting consumer preference and intense competition prevailing in
the industry. The rating also remains constrained by the high
utilization of bank-borrowing in the recent-past primarily due to
on-going renovation activities. However, the significant make-over
being done to the complex is expected to result in higher
footfalls, thereby benefitting the company in the long-term.
Outlook: Stable
ICRA believes Mayajaal Entertainment Limited will continue to
benefit from cash generation in real estate business. With respect
to the multiplex operations, increase in ticket prices and
increase in the number of external-vendors in the complex is
expected to improve the profitability from core-operations in the
near to medium term. The outlook may be revised to 'Positive' if
the company is able to manage effectively its working capital
position and fund flow requirement amidst the ongoing renovation
capex. The rating may be downgraded if there is any delay in debt
servicing.
Key rating drivers
Credit Strengths
* Long-standing track record of the company in the Entertainment
business: Incorporated in 1997, the company established a family
entertainment centre comprising a multiplex with six screens and a
shopping mall in 2001. Over the years, it has evolved into a 16-
screen multiplex, becoming one of the largest multiplex in India.
* Improved financial profile of the company: Capital structure and
working capital cycle improved in FY2017 as compared to FY2014 due
to significant fund inflow to due to monetizing of real-estate
assets in FY2016 post which bank borrowing and operating
liabilities including creditors were rationalized.
Credit Weaknesses
* Stagnant operating income: Revenue generation from tickets sales
have remained stagnant primarily due to shifting consumer
preference and intense competition prevailing in the industry. The
operating income witnessed a 3% decline in FY2017 and the
profitability of the core operations have witnessed a declining
trend. However, the overall profitability of the company remains
supported by income from real-estate segment.
* Stretched liquidity position: The liquidity position of the
company remains stretched due to the on-going renovation
activities at the complex and the utilization of bank-borrowing
has been high in the recent-past. With non-operating current asset
and on-going capex, the company is highly reliant on external
borrowing for the renovation expenses.
Incorporated in 1997, the company established a multiplex with six
screens and a shopping mall in 2001. With addition of screens over
the years, it has evolved into a 16-screen multiplex. Apart from
the screens, the complex also has food court, bowling alley,
gaming arcade and restaurants. The complex is located in Kanathur
(about 30km from Chennai) on the East Coast Road (State Highway
49) connecting Chennai and Kanyakumari. It had also established a
subsidiary which is engaged in the construction business under the
name Mayances Construction and Engineering Services Private
Limited.
METCUT TOOLINGS: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------
CRISIL Ratings has been consistently following up with Metcut
Toolings Private Limited (MTPL) for obtaining information through
letters and emails dated November 30, 2017 and December 12, 2017
among others, apart from telephonic communication. However, the
issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit .6 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 9.45 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
Working Capital 2.90 CRISIL D (Issuer Not
Term Loan Cooperating; Rating Migrated)
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 Metcut Toolings Private Limited
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Metcut Toolings Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Metcut Toolings Private Limited to 'CRISIL D/CRISIL
D Issuer not cooperating'.
Incorporated in 1989, MTPL manufactures carbide cutting tools that
are primarily used in the automotive industry. The company is
promoted by Mr. Kushal J Shetty.
MONNET ISPAT: Edelweiss Joins Race to Buy Assets
------------------------------------------------
Business Standard reports that Edelweiss Asset Reconstruction
Company has joined the race to buy Monnet Ispat & Energy's assets
after JSW Steel presented a resolution plan asking lenders to take
a 72% haircut on the company's INR8,900-crore debt. Till now, JSW
Steel was the only company to have submitted a resolution plan.
Business Standard relates that a source close to the development
said Edelweiss has already submitted its expression of interest
and would be presenting a resolution plan in the coming days. The
last date for Monnet Ispat will be extended as lenders are not
happy with JSW Steel's offer, the report says. According to the
report, Monnet Ispat plans to file an application for a 90-day
extension before the National Company Law Tribunal. Monnet Ispat's
180 days would be completed on January 13 and 270 days on April 4.
Business Standard notes that the delay is good for JSW Steel,
which has sought clarity on the income-tax to be levied on the
haircut taken by the bank and interest foregone by them. The
coming Budget is expected to clarify on this aspect.
According to the information memorandum circulated to potential
bidders by the resolution professional, the liquidation value of
Monnet Ispat is INR2,385 crore, Business Standard discloses. The
one-time settlement amount proposed by JSW-AION Capital was
INR2,470 crore. Currently, the committee of creditors is
discussing the resolution plan put forward by JSW-AION, which also
includes an equity infusion into the company.
Business Standard says the resolution professional can accept
resolution plans even after the deadline and place it before the
committee of creditors for consideration. Sumit Binani, resolution
professional for Monnet Ispat, supported by Grant Thornton,
declined to comment.
Many companies, including Tata Steel and private equity players,
had evinced interest in Monnet Ispat but, ultimately, JSW-AION
submitted the bid, Business Standard notes. Sources said the
committee of creditors was evaluating the JSW-AION bid. It is
possible for any entity to enter the fray even now, they said, the
report relays.
Business Standard notes that this is the third time that Monnet
Ispat has been put on the block; twice through the strategic debt
restructuring (SDR) route and currently under the IBC. In the last
SDR round, JSW Steel had emerged as the sole bidder, but lenders
had found the haircut too steep. The bid entailed a debt takeover
of around INR2,222 crore under the previous scheme.
About Monnet Ispat
Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.
Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).
MONNET ISPAT: Ankita Wadhawan Steps Down as Independent Director
----------------------------------------------------------------
Business Standard reports that an independent director of Monnet
Ispat and Energy Ltd, which is undergoing NCLT proceedings, has
resigned with immediate effect.
". . . the company today received a letter from Ankita Wadhawan,
Independent Director of the company, tendering her resignation
from the board of directors of the company with effect from
December 29, 2017," the company said in a filing to the BSE, the
report relays.
About Monnet Ispat
Monnet Ispat and Energy Limited is a holding company. The Company
is engaged in the business of conducting coal mining operations
and manufacturing coal-based sponge iron and various other
steel/iron-based products. The Company operates through three
segments: Iron & Steel, Power and Others. Its principal products
and services include steel and power. It has an integrated steel
plant at Raigarh that has a production capacity of 1.5 million
tons per annum (MTPA) to produce hot rolled (HR) plates, rebars
and structure profiles to cater to the infrastructure and
construction industry. The Company has coal blocks, such as Gare
Palma IV/5, Utkal B2, Urtan North, Raigmar dipside block and
Mandakini. It is also engaged in producing ferro-alloys, which
includes vital alloys, such as Ferro Manganese (Fe-Mn) and
Silico-Manganese (Si-Mn). These are supplied in diverse shapes
and forms from billets and ingots to powders, fillers and allied
reinforcements.
Monnet Ispat was one the 12 companies identified by the Reserve
Bank of India for action under the Insolvency and Bankruptcy Code
(IBC).
NEERAJA DEVELOPERS: CRISIL Reaffirms B+ Rating on INR8MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating to the
bank facilities of Neeraja Developers and Promoters (NDP). The
rating reflects on the exposure to intense competition, and
susceptibility to risks inherent in the Indian real estate
industry. These weaknesses are partially offset by the extensive
experience of its promoter in the real estate development segment.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 2 CRISIL B+/Stable (Reaffirmed)
Term Loan 8 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Exposure to intense competition, and susceptibility to risks
inherent in the Indian real estate industry: The real estate
sector in India is cyclical, and marked by volatile prices, opaque
transactions, and a highly fragmented market structure because of
the presence of a large number of regional players. Moreover, the
multiplicity of property laws and non-standardized regulations
across states are likely to affect tenure of project
implementation. The risk is compounded by the aggressive
completion timelines and shortage of manpower (project engineers
and skilled labor) in this sector.
Strength
* Extensive experience of promoter in the real estate development
segment: The promoter, Mr. Praveen Reddy, given his extensive
experience has ensured timely completion of over eight projects
which the firm had executed over the past 14 years. The promoter
has so far successfully completed 80% of the 'Neeraja Sarovar'
project and is about to be fully booked by March 2018. Healthy
cash flows for the completed projects is a testimonial to the
firm's ability to generate from its projects. Benefit from the
extensive experience of its promoter in real estate development in
Bengaluru region and scope of residential real estate in Bengaluru
should continue over the medium term.
Outlook: Stable
CRISIL believes NDP will continue to benefit over the medium term
from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in cash flows, supported by early completion of, or
significantly high realizations from, the ongoing project.
Conversely, the outlook may be revised to 'Negative' in case of
delays in project completion or in receipt of payments from
customers, a slowdown in booking, or an additional, large, debt-
funded project, leading to deterioration in liquidity.
NDP is a Bengaluru based real estate firm started in 2003. NDP is
a partnership firm started by Mr. Praveen Reddy along with his
wife Ms. Pratibha Praveen. The company is engaged in developing
residential real estate viz. villas and apartments in Bengaluru.
OHM PIPES: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with OHM Pipes
Private Limited (OHM) for obtaining information through letters
and emails dated November 28, 2017 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit 2 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 3.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Fund-
Based Bank Limits 5.26 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
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 OHM Pipes Private Limited which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
OHM Pipes Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of OHM Pipes Private Limited to 'CRISIL B/StableCRISIL
A4 Issuer not cooperating'.
OHM, incorporated in July 2009, is based in Balasore, Odisha. The
company manufactures PVC and high-density polyethylene pipes.
PALAPARTHI SUPER: CARE Moves D Rating to Not Cooperating
--------------------------------------------------------
CARE Ratings has been seeking for information from Palaparthi
Super Speciality Hospital Private Limited to monitor the ratings
vide e-mail communications dated July 27, 2017, Aug. 2, 2017,
Sept. 6, 2017, Oct. 23, 2017, Nov. 5, 2017, Nov. 17, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Palaparthi Super Speciality Hospital Private
Limited's bank facilities will now be denoted as CARE D; ISSUER
NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 70.00 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 ratings.
Detailed description of the key rating drivers
At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
Ongoing delays in meeting of debt obligations: The hospital
although has achieved COD in November 2015 but due to delay in
empanelment with government schemes, delay in tying up with health
insurance companies and suboptimal level of turnout and occupancy
of beds has led to strained liquidity position resulting in
ongoing delays in meeting debt obligations.
Incorporated in September 2011, Palaparthi Super Speciality
Hospital Private Limited (PSSH) has been promoted by Dr. Silas J.
Charles and his wife Mrs Vasantha Charles. PSSH has set up a
super-specialty hospital under the banner 'Hope International
Hospital' with 350 beds capacity (74 beds in Intensive Care Unit
(ICU) and 276 beds in General ward) in Kakinada, Andhra Pradesh.
The company has achieved COD on November 1, 2015.
PATEL JIVA: CARE Reaffirms B+ Rating on INR6.85cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Patel Jiva Sales Private Limited (PJS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.85 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 17.00 CARE A4 Reaffirmed
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of PJS continue to
remain constrained by its small scale of operations with low net
worth base, leveraged capital structure and weak debt protection
metrics. The ratings also factor in the working capital intensive
nature of operation, foreign exchange fluctuation risk, intense
competition and dependence on the real estate sector.
The ratings, however, draw comfort from the experienced promoters
and moderate profitability margins.
Going forward, the ability of the company to profitably increase
its scale of operations while improvement in the capital structure
along with efficient management of its working capital
requirements would be the key rating sensitivities.
Detailed description of the key rating drivers
Key rating weakness
Small scale of operations: The total operating income of PJS
continues to remain small in FY17 (FY refers to the period
April 1 to March 31). Furthermore, the same has declined
significantly from INR27.68 crore in FY16 to INR16.37 crore in
FY17 mainly on account of lower quality sold due to sluggish
demand in real estate sector. Small scale inherently limits
company's financial flexibility in time of stress and deprives it
of scale benefits. The company has achieved total operating income
of INR16.50 crore for 7MFY17 (refers to the period April 1 to
October 31).
Leveraged capital structure and coverage indicators: The capital
structure of the company continues to remain leveraged on account
of low net worth base coupled with high reliance on external debt
to meet its working capital requirements. The overall gearing
stood at 3.97x as on March 31, 2017 as against 4.51x as on
March 31, 2016 owing to repayment of term loan with accretion of
profits to reserves.
The debt service coverage indicators marked by interest coverage
ratio and total debt/GCA continues to remain weak due to higher
interest cost owing to high debt levels.
Working capital intensive nature of operations: The operations of
PJS continue to remain working capital intensive in nature marked
by operating cycle of 378 days during FY17 mainly on account of
increase in average collection period. The average collection
period stood high on account of liberal credit policies of the
company due to highly competitive market and subdued industry
demand. The average collection period stood at 397 days during
FY17, which elongated from 223 days during FY17 as majority sales
accrued during last quarter along with delays in realisation from
few customers. The company purchases timber from overseas market
and keeps an inventory of around 139 days on account of high lead
time for purchases and to ensure regular supply of timber logs for
uninterrupted saw mill operations and to meet the immediate needs
of its customers. Further, the company procurement is normally in
the form of imports which is purchases are backed by letter of
credit resulting into an average credit period of 158 days for
FY17. The high working capital requirements were met largely
through bank borrowings, which resulted in almost full utilization
of its sanctioned working capital limits for 12 months period
ended September 2017.
Vulnerability to fluctuation in price of timber and currency
rates: PJS imports timber from countries like Ivory Coast,
Myanmar, Panama and Costa Rica. This exposes the company to
adverse changes in government policies in these countries with
respect to timber exports. Moreover, PJS imports timber and its
import procurement to total raw material purchases stood at 80% in
last two financial years. With initial cash outlay for procurement
in foreign currency and sales realization in domestic currency,
the company is exposed to the fluctuation in exchange rates which
the company does not hedge. Since there is a long time lag between
raw material procurement, liquidation of inventory and payments to
its creditors, the company is exposed to the risk of any adverse
fluctuations in the currency markets and may put pressure on the
profitability of the company.
Intense competition and dependence on real estate sector: The
timber industry is marked by the presence of unorganized players
who primarily cater to the regional demand to reduce incidence of
high transportation costs as price is the main differentiating
factor in the timber industry. This results in intense
competition, which has a cascading effect on the player's margins.
Furthermore, timber industry is primarily dependent upon the
demand of real estate and construction sector across the globe.
The real estate industry is cyclical in nature and is exposed to
various external factors like the deposable income, interest rate
scenario etc. any adverse movement in the macro economic factors
may affect the real estate industry which in turn would impact the
demand for PJS's product.
Key Rating Strengths
Experienced and resourceful promoters: PJS is promoted by Mr.
Moolji Patel and his family members. Mr. Moolji Patel has an
experience of nearly five decades in trading of timber and looks
after the overall affairs of the company. Mr. Govind Patel and Mr.
Jagdish Patel have an experience of more than two decades in
trading of timber and plywood and looks after the procurement &
sales and finance functions, respectively. Ms Kamla Patel is the
daughter in law of Mr. Moolji Patel and has an experience of 15
years and handles overall operations of the company.
Moderate profitability margins: The PBIDLT margin of the company
improved and stood at 13.53% for FY17 as against 8.51% in FY16 on
account of change in product mix. The company traded high margin
timber and wood during Fy17 resulted in increase in PBIDLT
margins. Similarly, PAT margin improved and stood at 1.62% in FY17
as against 0.94% in FY16.
New Delhi-based PJS was incorporated in 2009. The company
succeeded an erstwhile partnership firm; Patel Sales Corporation
established in 1969. It is currently being managed by Mr Moolji
Patel, his sons Mr Govind Patel and Mr Jagdish Patel and his
daughter-in-law, Ms Kamla Patel. PJS is engaged into trading and
processing of timber logs (contributing 80% of the total revenue),
plywood and laminates (contributing remaining 20%). Timber logs
are imported from Ivory Coast, Myanmar, Panama and Costa Rica,
which are subsequently sized at its saw mills in Delhi and
Gandhidham into various sizes. Timber logs are sold in the
domestic market to the traders, wholesalers and the construction
companies mainly in northern India. Plywood and laminates are
procured from the domestic market and sold to construction and
interior designing companies in Delhi and NCR region.
PM CARS: ICRA Reaffirms B+ Rating on INR12.50cr Fund Based Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating assigned to
INR15.80 crore (reduced from INR16.00 crore) fund based limits of
PM Cars Pvt. Ltd (PMCPL) at [ICRA]B+. ICRA has also assigned
short-term rating of [ICRA]A4 for the INR0.20 crore(earlier nil)
non fund based limits of PMCPL. The outlook on the long-term
rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan 2.03 [ICRA]B+(Stable); Reaffirmed
Fund based 12.50 [ICRA]B+(Stable); Reaffirmed
Non Fund based-
Bank Guarantee 0.20 [ICRA]A4; Assigned
Unallocated Limits 1.27 [ICRA]B+(Stable)reaffirmed/
[ICRA]A4; Assigned
Rationale
The ratings are constrained by small scale of operations with
revenues at INR51.64 crore in FY2017 in the automobile dealership
business; thin margins inherent to the auto dealership business
where margins, prices are controlled by the principal and high
working capital requirements owing to high inventory levels to be
maintained in an auto dealership business. Further, the financial
risk profile is weak characterised by high gearing and weak
coverage indicators. The ratings however consider longstanding
experience of the promoters in automobile dealership business;
sole dealership for Honda Cars India Pvt Ltd in 3 districts
(Anantapur, Kurnool and Kadapa) and strong growth in revenues in
FY2017 due to increased sales volume of new vehicle models
primarily BR-V and jazz.
Outlook: Stable
ICRA believes PMCPL will continue to benefit from the extensive
experience of its promoters in the auto dealership business. The
outlook may be revised to 'Positive' if substantial growth in
revenue and profitability, and better working capital management,
strengthens the financial risk profile. The outlook may be revised
to 'Negative' if cash accrual is lower than expected, or if any
major capital expenditure, or stretch in the working capital cycle
weakening the liquidity.
Key rating drivers
Credit strengths
* Experience of promoters in the auto-dealership industry spanning
over 5 years: Incorporated in October 2013, PM Cars
Private Limited (PMCPL) is the sole authorized dealer for
passenger vehicles of Honda Cars India Private Limited for the
regions Anantapur, Kurnool and Kadapa. The company operates 4
outlets spanning across Anantapur, Kurnool and Kadapa.
High growth in FY2017 revenue albeit on a low base - The operating
income of the company has increased from INR44.12 crore in FY2016
to INR51.64 crore in FY2017 owing to increased sales volume of
models namely City, Jazz and BR-V.
PM cars started sales of pre-owned cars as part of Honda cars
India's initiative auto terrace, which contributed INR1.07
crore of revenue in FY2017.
Credit challenges
* Modest scale of operations: The operating income (OI) of the
company is small as reflected by revenues of INR51.64
crore in FY2017.
* Auto dealership business characterized by high competition
intensity, thin margins and weak bargaining position: With large
number players in the passenger car segment and the existing
players launching newer variants, the competition in the segment
is high leading to fragmentation of the market & impacting the
market share of the players in the industry. Although the company
is the sole dealer for HCIPL, the company faces competition from
dealers of other OEMs.
* High gearing and weak coverage indicators owing to high working
capital borrowings: The dealership business being working capital
intensive has most of the borrowings for funding of working
capital. For PMCPL, the total debt as on March 31, 2017 is
INR14.22 crore. Total debt has increased owing to increase in term
loans and working capital borrowings in FY2017. The capital
structure of the company remains stretched with gearing of 4.45
times as on March 31, 2017 and overall coverage ratios
(OPBDITA/I&F) and NCA/Debt remain low at 1.75 times and ~7.50%
respectively in FY2017.
Incorporated in October 2013, PM Cars Private Limited (PMCPL) is
the sole authorized dealer for passenger vehicles of Honda Cars
India Private Limited for the regions Anantapur, Kurnool and
Kadapa. The company operates 4 showrooms including service centers
across Anantapur, Kurnool and Kadapa. The company is planning to
open a showroom in Hindupur which will be in a rented facility.
PRAVARSHA AGRO: CRISIL Assigns B- Rating to INR5.5MM LT Loan
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating to the
long-term bank facilities of Pravarsha Agro Industries Private
Limited (PAIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 4 CRISIL B-/Stable
Cash Credit 0.5 CRISIL B-/Stable
Long Term Loan 5.5 CRISIL B-/Stable
The rating reflects a nascent stage, and exposure to risks related
to stabilisation, of operations. These rating weaknesses are
partially offset by the strong entrepreneurial skills of the
promoters and locational advantage.
Key Rating Drivers & Detailed Description
Weaknesses
* Nascent stage of operations: Commercial operations began only
from April 2017. Hence, revenue is likely to be modest over the
medium term.
* Exposure to risk related to stabilisation of operations: The
project work is already 90% complete and the purchase of cows will
be done by the end of fiscal 2018. Any delay in stabilisation of
operations will impact the business and financial profiles.
Strengths
* Location advantage: The company is located at Thimmapur village
in the Medak district of Telangana. This should help in procuring
raw material efficiently. The main requirement for feeding the
cows is green and dry fodder, which will be procured from farmers
in nearby villages.
Outlook: Stable
CRISIL believes PAIPL will continue to benefit from the strong
entrepreneurial skills of its promoters. The outlook may be
revised to 'Positive' in case of more-than-expected revenue and
profitability, leading to higher-than-anticipated cash accrual and
a better capital structure, thus improving the financial risk
profile. The outlook may be revised to 'Negative' if the financial
risk profile deteriorates, most likely because of reduced revenue
and profitability, or large, debt-funded capital expenditure.
PAIPL, incorporated in March 2012, is currently setting up a milk
processing unit in Medak district. The processing unit, once
operational, would have processing capacity of 10,000 litre of
milk per day. The principal product processed at the plant is
milk.
RELIANCE COMMUNICATIONS: CDB Withdraws Insolvency Bid
-----------------------------------------------------
BloombergQuint reports that lawyers for China Development Bank,
the first lender to file for insolvency proceedings against the
indebted Reliance Communications Ltd., on Jan. 5 told the National
Company Law Tribunal that it is withdrawing its plea.
This comes a week after Mukesh Ambani's Reliance Industries Ltd.
agreed to buy spectrum, towers and other wireless infrastructure
from his younger brother Anil Ambani's RCom, BloombergQuint
relates. While the companies didn't disclose the acquisition
value, Anil Ambani had said earlier the assets were worth
INR25,000 crore, the report relays.
According to BloombergQuint, the deal followed an asset
monetisation process for RCom assets mandated by its lenders and
managed by SBI Capital Markets Ltd. China Development Bank too had
agreed to this debt resolution plan, Anil Ambani said at an
earlier press conference, the report notes.
Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 22, 2017, Moody's Investors Service has withdrawn Reliance
Communications Limited's (RCOM) Ca corporate family rating (CFR)
and its negative outlook. At the same time, Moody's has also
withdrawn the Ca rating on RCOM's senior secured notes.
On Nov. 6, 2017, RCOM announced that pursuant to the invocation
of Strategic Debt Restructuring (SDR) scheme by the lenders of
the company as per the Reserve Bank of India guidelines agreed in
June 2017, the company is under a debt standstill period until
December 2018, as it looks to complete a corporate and debt
restructuring. Accordingly, for the time being, no payment of
interest and/or principal is being made to any RCOM lenders
and/or bondholders.
ROSELABS LIMITED: CRISIL Moves D Rating to Not Cooperating
----------------------------------------------------------
CRISIL Ratings has been consistently following up with Roselabs
Limited (RL) for obtaining information through letters and emails
dated September 21, 2017 and October 12, 2017 among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL D (Issuer Not
Cooperating: Rating Migrated)
Inland/Import
Letter of Credit 1.5 CRISIL D (Issuer Not
Cooperating: Rating Migrated)
Proposed Long Term
Bank Loan Facility .5 CRISIL D (Issuer Not
Cooperating: Rating Migrated)
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 RL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on RL is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of RL to 'CRISIL D/CRISIL D Issuer not cooperating'.
Incorporated in 2008, RL is promoted by Ahmedabad (Gujarat) based
Mr Pawan Agarwal and his family members. The company is engaged in
trading of pharmaceuticals, dyes, chemicals, textile products and
plastic sheets. The company has its marketing offices in various
states across India.
S.K. SULZ: CARE Hikes Rating on INR9cr LT Loan to B+
----------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
S.K. Sulz Fab Private Limited (SKSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.00 CARE B+; Stable Revised from
Facilities CARE B, stable
Detailed Rationale & Key rating Drivers
The revision in the rating of SKSPL takes into account
stabilization of its recently completed greenfield project with
moderate profitability margins.
The rating, however, is primarily constrained on account of
moderate solvency and liquidity position and project
implementation risk. The rating, further, continue to remain
constrained on account of vulnerability of margins to fluctuation
in the raw material prices coupled with its presence in the highly
fragmented and competitive industry.
The rating, however, derives strength from the experienced
management and proximity to textile cluster of Bhilwara with ease
access of raw material and labour.
The ability of the company to increase its scale of operations
with improvement in the solvency position and efficient management
of working capital would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Moderate debt coverage indicators: The capital structure of the
company stood leveraged with an overall gearing of 3.30 times as
on March 31, 2017 in initial years of operations. Further, debt
coverage indicators of the company stood moderate with total debt
to GCA at 6.39 times as on March 31, 2017 and interest coverage
indicators ratio stood at 2.27 times as on march 31, 2017.
Moderate liquidity position: The liquidity profile of the company
stood moderate with 85-90% utilization of working capital bank
borrowings in last twelve month ended November 2017. The current
ratio stood moderate at 1.04 times as on March 31, 2017 however,
quick ratio stood below unity at 0.66 times as on March 31, 2017
mainly due to higher inventory holding.
Project Implementation risk: During November 2017, SKSPL has
undertaken project for expansion of the unit and has given order
for 8 looms. The total cost of project is envisaged at INR2.72
crore which shall be funded through term loan of INR1.42 crore,
share capital of INR0.70 crore and remaining through unsecured
loans. Till December 16, 2017, the company has incurred total cost
of INR1.30 crore out of which INR0.78 lakhs is financed through
term loan and remaining through unsecured loan by the promoters.
The project shall be completed by 15th, January, 2018.
Vulnerability of margins to fluctuation in raw material prices
coupled with presence in highly fragmented and competitive
industry: The main raw material of SKSPL is cotton and synthetics
yarn which it mainly procures from Bhilwara and Ahmadabad. The
price of key raw material has been volatile in nature in the past.
Further, SKSPL operates in the textile weaving industry, which is
highly fragmented with the presence of numerous independent small-
scale enterprises owing to low entry barriers, which makes this
market highly competitive and players like SKSPL have to operate
with low margins in order to sustain in the competitive market.
Key Rating Strengths
Stabilization of operations coupled with healthy profitability
margins: The company has started commercial operations from April
2016 and hence, FY17 is first full year of operations of the
company. It has stabilized its operation and has registered TOI of
INR9.98crore with healthy profitability margins marked by PBILDT
and PAT margin of 19.33% and 1.16% respectively. Further, the GCA
level of the company stood at INR1.09 crore in FY17.
Until November 30 2017, the firm has achieved turnover of INR12.50
crore.
Proximity to textile cluster of Bhilwara with ease access of raw
material and labor: The main raw material of the company is
polyester yarn. The manufacturing facility of the company is
located in Bhilwara (Rajasthan) which is one of the largest
textile clusters in India and majority of these industries are
engaged in the manufacturing synthetic yarn accounting for nearly
40% of India's total synthetic yarn production and nearly 50% of
India's total polyester fabrics and suiting production. SKSPL
presence nearer textile manufacturing region results in benefit
derived from continuous business from the textile manufacturers,
low transportation cost both on transportation and storage, easy
availability of raw materials as well as skilled/unskilled labour
and procurement of raw materials (yarn) at effective prices.
SKSPL was incorporated in November 2003 by Mr. Badri Prasad Kyal
and Mr. Sushil Kumar Kyal. Subsequently, in 2015 the company was
takeover by other promoters namely Mr. Badri Lal Ajmera, Mr.
Mukesh Chandra Ajmera and Mr. Harivallabh Ajmera. Mr. Badri Lal
Ajmera with an objective to set up a greenfield plant for the
manufacturing of grey fabrics from synthetics and cotton yarn.
SKSPL has completed its project and started testing from February
2016, however, commercial operations starts from April 2016. The
plant was set up at a total cost of INR6.63 crore which was funded
through debt-equity ratio of 2.92:1 times. Further, the company
has installed 19 airjet looms with an installed capacity of 15
LMPA as on March 31, 2016. Furthermore, the company procures raw
material from Bhilwara, Ahmadabad, Surat etc. and sells in Delhi,
Jaipur, Mumbai and Southern India regions under brand name of
'Happy Collections'.
SAMYU GLASS: CRISIL Moves D Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Samyu Glass
Private Limited (SGPL) for obtaining information through letters
and emails dated November 30, 2017 and December 11, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.35 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 13.60 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Letter of Credit 2.35 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Long Term Loan 12.50 CRISIL D (Issuer Not
Cooperating; Rating Migrated)
Working Capital 11.10 CRISIL D (Issuer Not
Term Loan Cooperating; Rating Migrated)
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 Samyu Glass Private Limited
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Samyu Glass Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Samyu Glass Private Limited to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Based in Hyderabad, SGPL manufactures glass containers. The
company is promoted by Mr. S V Reddy and his associates.
SAPPHIRE LIFESCIENCES: ICRA Cuts Rating on INR14.21cr Loan to D
---------------------------------------------------------------
ICRA Ratings has revised the long-term rating assigned to INR28.46
crore fund based and unallocated limits of Sapphire Lifesciences
Private Limited from [ICRA]BB (Stable) to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Term
Loan 12.50 [ICRA]D; Downgraded from
[ICRA]BB (Stable)
Fund based-Cash
Credit 14.21 [ICRA]D; Downgraded from
[ICRA]BB (Stable)
Unallocated Limited 1.75 [ICRA]D; Downgraded from
[ICRA]BB (Stable)
Rationale
The rating downgrade takes into account the ongoing delays in
servicing debt obligations by the company owing to strained
liquidity position. This is attributable to high working capital
requirement, high interest cost and impending repayment
obligations arising from debt-funded capex undertaken in recent
past, which has resulted in strained cash flow position.
Key rating drivers
Credit strengths
* Extensive experience of promoters in pharmaceutical industry:
Mr. Parag shah, chemical engineers by qualification, and a key
management personal of the company has an experience of over 25
years in the pharmaceutical industry and handles the commercial
activities of the business. The extensive experience of management
within the industry would lend comfort to the credit profile of
the company going ahead.
Credit weaknesses
* Stretched liquidity position leading to delays in servicing debt
obligation: ICRA has noted that there have been delays in term
loan repayments and over utilisation in fund based working capital
limits for the past few months, which has been confirmed by the
lender. Increase in working capital requirement, coupled with
significant debt funded capex during last few years, which has
resulted in high interest cost and repayment obligations, has
resulted in strained cash flow position of the company.
* Leveraged capital structure: Capital structure of the company
continuous to remain stretched as represented by gearing level of
1.98 times as on 31st March 2017. However, unsecured loans from
directors and related parties of about Rs10.85 crore (28% of total
debt) provides comfort to the capital structure of the company to
certain extent.
* High competitive intensity coupled with relatively low entry
barriers in the semi-regulated market: The continuous efforts to
boost Indian pharmaceutical exports to South East Asia, Africa and
Latin America, including regular buyer seller meets and
exhibitions to showcase India's pharmaceutical capabilities, have
resulted significant demand of pharmaceutical products from India,
over the last couple of years. Low entry barriers coupled with the
presence of a large number of pharmaceutical formulations
manufacturing companies, has resulted in stiff competition within
the industry and limits margin flexibility of the company.
Sapphire Lifesciences Pvt Ltd. (SLPL), earlier known as Saphire
Capsules Pvt. Ltd, is an integrated three dosage section (Tablets,
Capsules, external dusting powder) pharmaceutical contract
manufacturing enterprise. The company manufactures tablets,
capsules and external dusting powder from its WHO-GMP certified
plant located in Palghar, Thane.
In FY2017, the company reported a net profit of INR3.04 crore on
an operating income of INR130.09 crore, as compared to a net
profit of INR2.91 crore on an operating income of INR117.22 crore
in the previous year.
SARAVANA GLOBAL: ICRA Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
ICRA Ratings has moved the ratings for the bank facilities of
Saravana Global Energy Limited (SGEL) to the 'Issuer Not
Cooperating' category. The ratings are now denoted as
"[ICRA]D/[ICRA]D ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 28.74 [ICRA]D ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Fund based-
Cash Credit 25.00 [ICRA]D ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Short Term Fund-
based limits 10.00 [ICRA]D ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Short Term Non-
fund Based limits 12.50 [ICRA]D ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Proposed facilities 3.76 [ICRA]D ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis dated information on
the issuers' performance. Accordingly the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
Saravana Global Energy Limited (SGEL, formerly known as Saravana
Insulators Limited) was incorporated in 2003 by acquiring the
assets of Seshasayee Industries Limited, a sick unit. SGEL
manufactures alumina porcelain insulators in Unit I located at
Cuddalore, Tamil Nadu, with capacity of 15,000 tons per annum
(mtpa) and, polymer insulators in Unit II located in
Madhurandhakam, Tamil Nadu, with capacity of ~27,000 pieces per
annum for application in transmission lines, power equipment
manufactures, and railway electrification projects. The company
also has a separate division, Global Power Research Institute, a
National Accreditation Bureau of Laboratories (NABL) recognized
extra high voltage (EHV) testing lab in Cuddalore. The promoters
hold 80% of the stake in the company in their personal capacity
while the remaining is held by a private equity investor.
SDR POLYMERS: CRISIL Reaffirms D Rating on INR3.25MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of SDR Polymers Private Limited (SDR) at 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 1.50 CRISIL D (Reaffirmed)
Cash Credit 3.25 CRISIL D (Reaffirmed)
Letter of Credit 2.95 CRISIL D (Reaffirmed)
Long Term Loan 2.40 CRISIL D (Reaffirmed)
The ratings continue to reflect delays in servicing debt on
account of weak liquidity, which is in turn due to large working
capital requirement.
SDR also has a weak financial risk profile However, the company
benefits from the extensive experience of its promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Net worth was modest at INR2.8
crores as on March 31, 2017; while gearing was high at 3.22 times
due to large working capital debt. Gearing is expected to remain
high over the medium term because of low accretion to reserves.
Strength
* Extensive entrepreneurial experience of promoters: Mr. Seelan,
is a first-generation entrepreneur with interests in diverse
businesses. Apart from the packaging business, the promoter also
has interests in other businesses such as trading, media,
education institutes, and civil construction, all through
different entities.
Incorporated in May 2010 and promoted by Mr S D R Vijay Seelan and
his wife, Ms Reena Seelan, SDR manufactures high-density
polyethylene and polypropylene circular woven sacks and flexible
intermediate bulk carrier bags.
SHANTI MOTORS: CARE Lowers Rating on INR5.58cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shanti Motors (SM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 5.58 CARE B+; Issuer Not
Facilities Cooperating; Revised
from CARE BB-
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SM to monitor the ratings
vide e-mail communications/ letters dated June 19, 2017, Oct. 5,
2017, Dec. 12, 2017, Dec. 21, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on SM's bank
facilities will now be denoted as CARE BB-; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings. The ratings have been revised by taking into
account non-availability of information and no due-diligence
conducted.
Detailed description of the key rating drivers
At the time of last rating in December 31, 2016, the following
were the rating strengths and weaknesses:
Partnership nature of constitution: Shanti Motors, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firms have restricted access to
external borrowing as credit worthiness of partners would be the
key factors affecting credit decision for the lenders.
Small scale of operations: SM is a relatively small player in
automobile dealership business with revenue and a net profit of
INR29.11 crore and INR0.37 crore respectively in FY16.
Furthermore, the total capital employed was also low at INR4.27
crore as on March 31, 2016. The small scale restricts the
financial flexibility of the firm in times of stress. However,
during FY16, GCA amounted to INR1.03 crore. The firm has achieved
a turnover of about INR20.50 crore in H1FY17.
Pricing constraints and margin pressure arising out of competition
from other auto dealers in the market: SM faces aggressive
competition on account of established presence of authorized
dealers of other passenger vehicle manufacturers like Bajaj, Hero,
and Yamaha etc. Considering the existing competition, SM is
required to offer better terms like providing discounts on
purchases to attract new customers. Such discounts offered to
customers create margin pressure and may negatively impact the
revenue earning capacity of the firm.
Furthermore, the revenues of SM would also be governed by launch
of newer models by principles, and acceptance of the products in
the market.
Risk of non-renewal of distributorship agreement: SM has entered
into a dealership agreement with HMSI in 2013. The dealership
agreement with HMSI is currently valid till 2018 subject to
renewal of the agreement thereafter completely at the discretion
of HMSI. Furthermore, the agreements may get terminated at any
time on violation of certain clauses. However, the risk is
mitigated to some extent in view of its long association with
HMSI.
Vulnerability to the cyclicality of auto industry and intense
competition: The automobile industry is cyclical and historically
has experienced downturns characterized by oversupply and weak
demand. Many factors affect the industry, including general
economic conditions, consumer confidence, personal discretionary
spending levels, interest rates and credit availability. It cannot
be guaranteed that the industry will not experience sustained
periods of decline in two sales in the future. Any such decline
could have an adverse effect on the firm's business. The
automobile industry also experiences seasonal variations in
revenue. Demand for automobiles is generally lower during the
winter months than in other seasons, particularly in the market
areas that experience harsh winters.
Working capital intensive nature of operation: Automobile
dealership business has high working capital intensity due to high
inventory holding requirements. The firm has to maintain fixed
level of inventory for display and guard against supply shortages.
With increase in scale of operations, the average inventory days
of SM has witnessed an increasing trend during the last two years
and the same increased to 55 days as on March 31, 2016 vis-…-vis
46 days as on March 31, 2015. However, average collection period
of the firm stands comfortable at 2 days as on March 31, 2016. The
average fund based working capital utilization remained high at
about 98% during twelve month ending on November 30, 2016.
Limited bargaining power with HMSI and dependence on volume
momentum: Being the authorized dealer of HMSI in Siliguri, SM has
to face intense competition from other commercial vehicle dealers
of other companies. This apart, the margin on products is set at a
particular level by HMSI, thereby restricting SM to earn
incremental income. Moreover, in order to capture market share,
the auto dealers generally have to offer discounts on purchases
etc. Such discounts may create margin pressure and will negatively
impact the earning capacity of the firm. In view of limited scope
to enhance its profitability margins, the firm's growth prospects
depend on its ability to increase volume momentum and capitalize
on the spares and service segment.
Key Rating Strengths
Experienced partners: Mr. Rakesh Bansal (aged about 38 years)
having over decade long experience in the automobile industry. He
looks after the overall management of the firm, with adequate
support from other partners having over decade long experience in
the same line of business and a team of experienced personnel.
Authorised dealership of HMSI: SM is an authorised dealer of HMSI
and has started its association with the same since 2013. SM is
getting a competitive advantage of being exclusive dealers of
Honda 2W in the entire Siliguri area. This apart, Honda has been
one of market leaders in the 2W segment for decades and has a wide
& established distribution network of sales and service centres
across India, providing it a competitive advantage over its peers.
Integrated nature of business: The firm operates through its
workshop to provide after sales service and deals in original
accessories & spare parts apart from selling 2W by virtue of being
a '3-S' (Sales, Services and Spare parts) authorized dealer of
HMSI. Owning authorized service centre helps the firm to tap a
larger client base who prefers to purchase 2W from dealers having
own authorized service centre to avoid hassles in case of
breakdown and requirement of service.
Established in 2013, Shanti Motors (SM) was promoted by the Bansal
family of Siliguri. Since inception, the firm has been engaged in
two wheeler selling business. The firm is an authorized dealer of
Honda Motorcycle and Scooter India Pvt. Ltd. (HMSI). Presently the
firm owns a unit in Sevoke road, Siliguri through which it
conducts its sales and it serves as their workshop as well. The
day-to-day affairs of the firm are looked after by Mr. Rakesh
Bansal with adequate support from the other two partners and a
team of experienced personnel.
SHREE PRABHU: CRISIL Lowers Rating on INR7MM Cash Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Shree Prabhu Petrochemicals Private Limited (SPPPL) to 'CRISIL
D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Short Term
Bank Loan Facility 1 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Term Loan 5.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The downgrade reflects SPPPL's delay in repayment of term loan
obligation owing to stretched working capital cycle.
SPPPL 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
Weakness
* Modest scale of operations: Modest scale, reflected in revenue
of INR34.36 crore, for fiscal 2017, restricts ability to negotiate
with customers or suppliers since the plastic product
manufacturing industry is intensely competitive.
* Large working capital requirement: Gross current assets were 185
days as on March 31, 2017, driven by sizeable debtors and
inventory of 90 and 81 days respectively.
Strengths
* Extensive experience of promoters: The two-decade long
experience of the promoters, Mr. Somnath Sakre and Mr. Kachrulal
Karva in the plastic goods manufacturing industry, and established
relationships with customers and major suppliers, has helped
strengthen the firm's market position.
SPPPL, incorporated in June, 2012, is promoted by Mr. Somnath
Sakre and Mr. Kachrulal Karva. It manufactures three, four and
five-layer water tankers of sizes ranging from 100 to 5000 litres.
The registered office is at Aurangabad, Maharashtra.
SHRI BIJASANI: CRISIL Moves B Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Shri
Bijasani Cotton Fiber (SBCF) for obtaining information through
letters and emails dated November 29, 2017 and December 12,2017
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 Migrated)
Proposed Cash
Credit Limit 1.25 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term
Bank Loan Facility 3.25 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
Term Loan 1.50 CRISIL B/Stable (Issuer Not
Cooperating; Rating Migrated)
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 Shri Bijasani Cotton Fiber
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Shri Bijasani Cotton Fiber is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Shri Bijasani Cotton Fiber to 'CRISIL B/Stable
Issuer not cooperating'.
SBCF was set up in May 2012 as a partnership firm by Mr. Bharat
Goyal and Mr. Sandeep Goyal. The firm has a plant in Barwani
(Madhya Pradesh) for ginning and pressing of raw cotton into
cotton bales.
SIDDHARTHA BRONZE: ICRA Reaffirms B+ Rating on INR7.5cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR7.50-crore cash credit facility of Siddhartha Bronze
Products Private Limited (SBPPL). ICRA has also reaffirmed the
short-term rating of [ICRA]A4 on the INR5.00-crore non-fund based
letter of credit facility of SBPPL. The outlook on the long-term
rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 7.50 [ICRA]B+ (Stable); reaffirmed
Non-fund Based Limits 5.00 [ICRA]A4; reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by
SBPPL's average risk profile characterised by thin profitability,
aggressive capital structure and moderate debt coverage
indicators. The ratings continue to factor in the low value-added
nature of business and the vulnerability of profitability to
volatility in raw material prices that coupled with fragmented
industry structure and intense completion results in low margins.
The ratings also consider the exposure of the company's operations
to slowdown in the ship breaking activity.
The ratings, however, continue to favorably factor in the
extensive experience of the promoter in the trading and cutting of
non-ferrous metals and the location advantage of being in
proximity to the Alang ship breaking yard, easing raw material
availability.
Outlook: Stable
ICRA believes Siddhartha Bronze Products Private Limited will
continue to benefit from the extensive experience of the promoter.
The outlook may be revised to Positive if improvement in
profitability and capital structure strengthens the financial risk
profile. The outlook may be revised to Negative if movement in raw
material prices adversely affect the profitability, slowdown in
the ship breaking industry adversely impact the scale of
operations, or stretch in the working capital cycle weakens
liquidity.
Key rating drivers
Credit strengths
* Extensive experience of the promoters in non-ferrous metals
trading business: The key promoter, Mr. Krishan Kumar Gupta, has
more than two decades of experience in the trading of non-ferrous
metals.
* Location advantage with respect to easy accessibility of raw
materials: SBPPL is situated in Bhavnagar, near the Alang ship
breaking yard, which provides ease of accessibility of quality raw
materials, i.e., propellers and radiators of dismantled ships.
Credit challenges
* Average financial profile: The company registered healthy growth
in operating income in FY2017 supported by rise in sales volume,
although the operating profit margin continued to remain low at
2.44% owing to low value added nature of business. Furthermore,
high interest expense due to high reliance on external debt
further constrained the net profit margin, which remained at 0.21%
in FY2017. The capital structure of the company, albeit improved,
continued to remain leveraged with gearing of 1.94 in FY2017.
Further, low profit margin, coupled with a high debt level,
resulted in moderate debt coverage indicators as reflected by
interest coverage and NCA/TD at 1.4 times and 5%, respectively, as
on March 31, 2017.
* Fragmented nature of industry coupled with intense competition:
Due to the highly fragmented nature of operations and low entry
barriers with respect to technical requirements, a large number of
players are engaged in the business of trading and cutting of non-
ferrous products near Bhavnagar, which leads to pressure on
pricing and in turn the profitability.
* Vulnerability of profitability to fluctuation in scrap prices:
Prices of non-ferrous metals are subject to daily price
fluctuations, hence the profits margins of the company remain
vulnerable to such price fluctuations, as the ability of the
company to fully pass on such adverse variation in raw material
prices to customers remains limited due to high competition.
* Operations vulnerable to cyclicality in ship breaking
activities: The key raw material for the company remains
propellers and radiators of dismantled ships. Hence, raw material
availability and the company's operations remain linked to the
cyclicality in ship breaking activities.
Incorporated in 1995, Siddhartha Bronze Product Private Limited
(SBPPL) is involved in cutting and trading of non-ferrous metal
scrap. Mr. K.K. Gupta, the key promoter of the company, has more
than two decades of experience in the non-ferrous scrap trading
business. The company's head office is in Bhavnagar, Gujarat, with
a branch office in Delhi. It procures ship propellers and
radiators from various ship breaking units located in and around
Bhavnagar.
In FY2017, the company reported profit after tax of INR0.14 crore
on an operating income of INR63.91 crore, as compared to a profit
after tax of INR0.08 crore on an operating income of INR29.58
crore in FY2016.
SINDHANUR GANGAVATHI: CARE Moves D Rating to Not Cooperating
-------------------------------------------------------------
CARE Ratings has been seeking for information from Sindhanur
Gangavathi Tollway Private Limited to monitor the ratings vide
e-mail communications dated Nov. 2, 2017, Nov. 6, 2017, Nov. 8,
2017, Nov. 15, 2017, Nov. 17, 2017, Nov. 30, 2017, Dec. 4, 2017,
Dec. 6, 2017, Dec. 14, 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. The rating
on Sindhanur Gangavathi Tollway Private Limited's bank facilities
will now be denoted as CARE D; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 180.00 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).
Detailed description of the key rating drivers
At the time of last rating on October 21, 2016, the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
Delays in the repayment of debt obligations: Revenue in a toll
based road project is simultaneously dependent on rate of traffic
growth, traffic-mix and growth in toll rates, all of which are
estimates based on surveys carried out at the time of bidding for
a specified period and thereafter adjusted for seasonal factors.
The company, however failed to achieve the projected revenue
during H1FY17 from tolls on account of lower traffic compared to
that of projected traffic, due to the said reasons, the company
has been delaying in meeting its term loan interest and
installments obligations since August 2016.
Sindhanur Gangavathi Tollway Private Limited (SGTPL) is a Special
Purpose Vehicle (SPV) promoted in July 2012 by GKC Projects
Limited (GKC), for implementing a project envisaging development
of existing 2-lane Sindhanur-Gangavati-Ginigera section from Km.
79.00 to Km. 162.00 (length 83 km) of SH-23 in the state of
Karnataka to 2-lane with paved shoulders (widening by about 3 m)
on DBFOT toll basis. Government of Karnataka (GoK) has entrusted
Karnataka Road Development Corporation Ltd. (KRDCL), to invite
proposals for selection of entrepreneurs for taking up
construction, widening and strengthening of the State Highways in
Karnataka on BOT basis. GKC was declared as the successful bidder
for the project quoting lowest grant of INR4.59 crore. KRDCL has
issued Letter of Award (LoA) to GKC on June 22, 2012. SGTPL was
incorporated on July 11, 2012 as the Project SPV to implement the
project. SGTPL has signed Concession Agreement (CA) with KRDCL on
Aug. 24, 2012. The concession period is 24 years (including
construction period of 2 years). The project has achieved its COD
dated Dec. 5, 2015 against expected date of Jan. 8, 2016.
SREE LAKSHMI: CARE Reaffirms B+ Rating on INR9cr LT Loan
--------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Sree Lakshmi Engineering Works (SLEW), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.00 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 1.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SLEW continue to be
tempered by the small scale of operations, leveraged capital
structure and weak debt coverage indicators and elongated working
capital cycle days, highly fragmented and intensely competitive
business segment and partnership nature of constitution with
inherent risk of withdrawal of capital. The ratings, however,
derive its strengths from experienced partners in the same line of
business for more than a decade, increasing profitability margins
and medium term revenue visibility from its current order book
position. The ratings also factor in increase in total operating
income in FY17 (refers to period April 01 to March 31).
Going forward, the ability of SLEW to improve the scale of
operations and profitability margins and debt coverage indicators
in competitive environment and utilise the working capital
facilities efficiently will be the key rating sensitivities.
Detailed Description of the key rating drivers
Key Rating Weakness
Small scale of operations: The firm was established in the year
2001 and despite long track record of the firm for 16 years; its
scale of operations remained small as compared to other industry
peers marked by total operating income of INR17.19 crore during
FY17 and low net worth base of INR3.23 crore as on March 31, 2017
making it vulnerable to fluctuations in the market conditions.
Further, the works executed include water supply and road works
which are procured from government organizations, representing
concentration of revenues.
Leveraged capital structure and weak debt coverage indicators: The
capital structure of the firm remained leveraged marked by overall
gearing of 3.04 times as on March 31, 2017 on account of high
working capital borrowings. Total debt/GCA improved from 13.85x in
FY16 compared with 11.37x in FY17 due to increase in gross cash
accruals, still remained weak. The PBILDT interest coverage ratio
improved from 1.73x in FY16 to 2.15x in FY17 due to increase in
PBILDT levels and stood satisfactory.
Elongated working capital cycle days: The operating cycle improved
from 345 days in FY16 to 218 days in FY17 due to reduction in
average collection period and average inventory days. Inspite of
improvement, the average collection period stood high at 121 days
while inventory holding days stood at 97 days in FY17 primarily
due to the delays in payments received from government
organizations and higher amount of work in progress as on year
ending date. On account of these factors, the firm relies on the
bank borrowings for funding their day to day operations and to
bridge the gap between the receivables and payables. The average
cash credit facility utilization of the firm was 70% for the last
12 months ended Nov. 30, 2017.
Highly fragmented and intensely competitive business segment
SLEW is operating in highly competitive and fragmented industry.
The firm witnesses intense competition from both the organized and
largely unorganized players. This fragmented and highly
competitive industry results into price competition thereby
affecting the profitability margins of the companies operating in
the industry.
Partnership nature of constitution with inherent risk of
withdrawal of capital: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency, which can adversely affect its
capital structure. Furthermore, partnership firms have restricted
access to external borrowings as credit worthiness of the partners
would be key factors affecting credit decision for the lenders.
Key Rating Strengths
Experienced partners in the same line of business for more than a
decade: The firm was established and managed by Mr. K. Amarnatha
Reddy and his family members with around 14 years of experience in
civil contract works. Mr. K. Amarnatha Reddy was handling brick
manufacturing business before starting SLEW and has been
successfully handling water supply works under Municipal
Corporation and Panchayath Raj of Tirupati, Andhra Pradesh since
2001. The industry experience of the partners has helped the firm
in procuring contracts from government organizations.
Increasing profitability margins: The PBILDT margin has been
increasing y-o-y basis from 6.95% in FY15 to 11.02% in FY17 at the
back of execution of projects y-o-y with relatively better profit
margins. The PAT margin of the firm has been increased from 0.43%
to 4.92% due to increase in PBILDT levels resulting in absorption
of financial expenses and depreciation provisions.
Medium term revenue visibility from its current order book
position: The firm has satisfactory order book of INR50.36 crore
as on Dec. 15, 2017, compared with the order book of INR3.48 crore
in August 2015 and the same is likely to be completed by September
2018. The said order book is related to laying of pipe lines and
water supply works. The current order book is concentrated with
two customers namely, The Indian Hume Pipe Co. Ltd and Amanulla
Contractor. Furthermore, the firm is expecting one more project of
laying pipeline in Ongole from The Indian Hume Pipe Co. Ltd with
the project cost of INR120 crore.
Stable outlook of construction Industry: The construction industry
contributes around 8% to India's Gross domestic product (GDP).
Growth in infrastructure is critical for the development of the
economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revive the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. The focus of the government
on infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.
Tirupati-based SLEW was established by Mr. K. Amarnath Reddy and
his family members in the year 2001 as a partnership concern. The
firm is engaged in civil works such as water supply works, laying
roads and construction of buildings for government bodies such as
Panchayat Raj and Municipal Corporations which are procured
through tenders. The firm has executed several contracts since its
inception and currently has an order book worth around INR50.36
crore as on December 15, 2017 to be executed by September 2018.
SRI RAMA: ICRA Moves B Rating to Not Cooperating Category
---------------------------------------------------------
ICRA Ratings has moved the long term and short term ratings for
the bank facilities of Sri Rama Spin Cot (SRSC) to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/A4; ISSUER NOT COOPERATING."
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Cash 8.90 [ICRA]B(Stable); ISSUER NOT
Credit COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Fund based-Term 1.37 [ICRA]B(Stable); ISSUER NOT
loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Non fund based-
Bank guarantee 0.03 [ICRA]A4; ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Unallocated limits 0.04 [ICRA]B(Stable); ISSUER NOT
COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/limited
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Sri Rama Spin Cot was established in November, 2015, and has
commenced cotton ginning & pressing unit and trading in cotton
related products since December, 2015. The firm has installed 24
ginning machines with ginning capacity of 66000 Qtls of cotton per
annum.
STAR REWINDERS: CRISIL Reaffirms B- Rating on INR3MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its long term and short term rating
at 'CRISIL B-/Stable/CRISIL A4' ratings to the bank facilities of
Star Rewinders and Electricals (Star). The ratings reflect the
firm's small scale and working capital-intensive operations mainly
on account of stretched receivables, resulting in weak liquidity.
These weaknesses are partially offset by the extensive experience
of the promoters in the electrical industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8.5 CRISIL A4 (Reaffirmed)
Cash Credit 3.0 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 3.0 CRISIL A4 (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations: Extensive experience of the partners,
and capability to offer a range of services, have led to increased
flow of orders from MSEDCL, MIDC, Sudarshan Chemical India Ltd,
GAIL and other companies with nearby manufacturing facility. Net
sales have remained stable at around INR35 cr in fiscal 2017.
* Working capital intensity in operations: Operations are highly
working capital intensive, mainly due to the retention money
clause. Inventory and receivables were around 18 days and 163
days, respectively, as on March 31, 2017 CRISIL believes that the
inherent clauses of the contracts awarded by its counterparties
along with delayed realization of its bills will keep the working
capital elongated over the medium term.
* Weak financial risk profile, marked by stretched liquidity:
The STRSES financial risk profile is weak, marked low networth
with low gearing and moderate debt protection metrics. CRISIL
believes that the firm's financial risk profile is expected to
remain weak due to its working capital intensive operations and
high reliance on external bank debt.
Strengths
* Extensive experience of the partners in the electrical services
industry, especially in motor rewinding and turnkey projects:
Benefits from the extensive experience of Mr Vijay More in the
field of electrical services, his technical know-how, and the
firm's established market position in the Roha area, will
continue. CRISIL believes that the firm will benefit from the
extensive experience in the industry over the medium term.
Outlook: Stable
CRISIL believes Star will continue to benefit over the medium term
from the extensive experience of its partners. The outlook may be
revised to 'Positive' if improvement in working capital management
results in better liquidity. The outlook may be revised to
'Negative' if further stretch in working capital cycle or any
large, debt-funded capital expenditure leads to deterioration in
financial risk profile, particularly liquidity.
Star, based in Roha district, Maharashtra, is a partnership firm
established by Mr. Vijay More in 1982. Currently operations of the
firm are managed by Mr. Vijay More and Mr. Prathamesh More. The
firm primarily undertakes rewinding of electric motors including
HT/LT Motors. It also undertakes turnkey electrical contracts in
Raigad region.
For fiscal 2017, profit after tax (PAT) and net sales are
estimated at INR1.1 crore and INR35 crore, respectively. PAT was
at INR1.1cr on net sales of INR35 crore in fiscal 2016.
SUMER SONS: CRISIL Moves B- Rating to Not Cooperating Category
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sumer Sons
Private Limited (SSPL) for obtaining information through letters
and emails dated November 6, 2017 and December 11, 2017 among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 6 CRISIL A4 (Issuer Not
Cooperating; Rating Migrated)
Cash Credit 16.5 CRISIL B-/Stable (Issuer Not
Cooperating; Rating Migrated)
Proposed Long Term 0.5 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Rating Migrated)
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 Sumer Sons Private Limited
which restricts CRISIL's ability to take a forward looking view on
the entity's credit quality. CRISIL believes information available
on Sumer Sons Private Limited is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Sumer Sons Private Limited to 'CRISIL B-
/Stable/CRISIL A4 Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
SSPL was set up in fiscal 1996 as a partnership firm by Mr Rajeev
Jain and his family, and was reconstituted as a private limited
company in 2002. SSPL mainly trades in a wide range of steel long
products, such as thermo-mechanically treated bars and round bars,
and structural steel items such as angles, beams, and channels,
used in the construction and infrastructure sectors. The company
procures these products from Rashtriya Ispat Nigam Ltd. It also
trades in sponge iron and pig iron, and acts as a consignment
agent for Electrosteel Castings Ltd and Monnet Ispat and Energy
Ltd.
SUNLIFE INFRATECH: CRISIL Reaffirms B+ Rating on INR19.75MM Loan
----------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of Sunlife Infratech (Sunlife).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 19.75 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility .25 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect Sunlife's exposure to risks
relating to cyclicality inherent in the Indian real estate
industry, and to saleability and funding on the ongoing project.
These weaknesses are partially offset by the experience of the
promoter and his funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to cyclicality in industry: The real estate sector in
India is exposed to sharp movement in prices and is also affected
by multiple property laws and government regulations.
Profitability is expected to remain constrained by increase in
supply and attractive prices offered by builders. Any change in
regulatory norms (such as floor space index) will also affect
overall market.
* Risks related to saleability of project: The firm received
booking of around 56% of the flats till date and has received
moderate customer advances of around 33%. Saleability of the
balance units and timely receipt of advances is a rating
sensitivity factor.
Strengths
* Experience of promoter and their funding support: Benefits
derived from the promoter's experience of two decades and his
funding support should continue to support the business. The
promoter completed 15 projects and developed over 0.7 million
square feet of saleable area. His need-based funding support
mitigates the risk of low advances from bookings.
Outlook: Stable
CRISIL believes Sunlife will benefit over the medium term from the
promoter's experience. The outlook may be revised to 'Positive' if
healthy sale of units and timely receipt of customer advances
result in adequate cash inflow. Conversely, the outlook may be
revised to 'Negative' if time and cost overruns, lower-than
expected sales, or delays in receipt of customer advances lead to
low cash inflow, and weak liquidity.
Sunlife was set up in 2014 by Mr Yogesh Khandelwal. The firm is a
part of the Khandelwal group, which develops residential real
estate, in Gwalior. Its ongoing project, Sun Valley, has 716
residential units.
SUSEE MOTORS: ICRA Moves B Rating to Not Cooperating Category
-------------------------------------------------------------
ICRA Ratings has moved the long term rating and short term rating
for the bank facilities of Susee Motors (India) Private Limited to
the 'Issuer Not Cooperating' category. The ratings are now denoted
as "[ICRA]B (Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Fund- 3.00 [ICRA]B (Stable) ISSUER NOT
based limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Short-term-Non- 3.00 [ICRA]A4 ISSUER NOT
fund based limits COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA,
the entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/limited
information on the issuers' performance. Accordingly the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity.
Incorporated in Oct 2012, Susee Motors (India) Private Limited is
the sole authorised dealer for Volkswagen ("VW") vehicles in the
Vellore, Thiruvannamalai and Kanchipuram districts of Tamil Nadu
since January 2013. The company has one 3S showroom in Vellore.
The 'Susee Group', which traces its origin to a business dealing
with trading of pulses/grains started in the late 1930s by Mr.
Subramania Nadar and Ms. Seeniyammal, is an established name in
the auto dealership space in Tamil Nadu. The group currently has
five subgroups-belonging to descendants of the promoters; all of
these operate under the 'Susee' brand, but have no operational or
financial linkages. SMIPL belongs to one of the sub groups and is
owned and managed by Mr. Soundararajan, son of the aforementioned
promoters, and his son Mr. Manivannan. Mr. Soundararajan and Mr.
Manivannan have interest in five other entities - two engaged in
the auto dealership business, one each in the FMCG, oven sacks
manufacturing and education businesses.
T. KANAGARAJ: CRISIL Reaffirms B Rating on INR5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of T. Kanagaraj (TK) at 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee .33 CRISIL A4 (Reaffirmed)
Cash Credit 5.00 CRISIL B/Stable (Reaffirmed)
The ratings continue to reflect a small scale of operations in the
civil construction industry and a below-average financial risk
profile. These rating weaknesses are partially offset by the
extensive industry experience of the proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations with geographical and customer
concentration in revenue: Revenue was modest at INR18.3 crore in
fiscal 2017 in the highly fragmented civil construction industry
dominated by a few large players. The small scale of operations
limits the economies of scale available to players with larger
volumes. Furthermore, there is geographical and customer
concentration in revenue, resulting in vulnerability to changes in
government priorities towards infrastructure development.
* Susceptibility to risks related to intense competition in the
civil construction segment: Operations are a tender-based,
resulting in competition from many local and small unorganised
players. This severely restricts pricing power and hence
profitability.
* Below-average financial risk profile: The gearing was high at
over 4 times and the networth small at INR2.2 crore, as on
March 31, 2017. The debt protection metrics were weak, with net
cash accrual to total debt and interest coverage ratios of 3% and
1.2 times, respectively, in fiscal 2017.
Strength
* Extensive industry experience of the proprietor: The proprietor,
Mr. T Kanagaraj, has close to three decades of experience in the
civil construction business and has executed various projects for
the government of Tamil Nadu. This has helped to establish a
healthy relationship with key suppliers, resulting in smooth
sourcing of raw materials, and with customers, leading to stable
revenue growth over the years.
Outlook: Stable
CRISIL believes TK will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' if a significant increase in the scale of operations
and profitability, along with better working capital management,
results in an improvement in the financial risk profile. The
outlook may be revised to 'Negative' if cash accrual declines or
working capital requirement increases, leading to further
weakening of the financial risk profile.
TK was set up in 1998 as a proprietorship firm. It undertakes
civil construction works (laying and repairing of roads) in
Palani, Tamil Nadu, and functions primarily as a contractor for
the state Public Works Department.
TIRUPATI BALAJEE: CARE Moves B+ Rating to Not Cooperating
---------------------------------------------------------
CARE Ratings has been seeking information from Tirupati Balajee
Nutrition Pvt. Ltd. (TBNPL) to monitor the ratings vide e-mail
communications/ letters dated June 19, 2017, Oct. 5, 2017,
Dec. 12, 2017, Nov. 29, 2017 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requiste information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on TBNPL's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.71 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating in Jan. 9, 2017, the following were the
rating strengths and weaknessess:
Key Rating Weaknesses
TBNPL scale of operations remained modest as compared to its peers
with a PAT of INR0.23 crore on total operating income of INR54.12
crore during FY16. Furthermore, total capital employed of the
company, though increased as on March 31, 2016, remained low at
INR13.05 crore as against INR12.12 crore as on March 31, 2015.
TBNPL's unit has close proximity to local grain markets, major raw
material procurement destinations for the company. Further, Bihar
is one of the major wheat producing states in India. In addition,
the plant is having good transportation facilities and other
requirements like good supply of power, water etc. Accordingly,
TBNPL has locational advantage in terms of proximity to raw
material and connectivity.
The state government of Bihar, under the scheme "Integrated
development", designed for advancement of food processing sector
in Bihar is focusing on food processing industry to achieve a
"faster" and "all-inclusive" economic growth with its favourable
industry policies and accordingly, companies like TBNPL will be
benefited in future years also.
Presently, the company is entitled to receive INR1.32 crore as
subsidy from Bihar government. Demand outlook for wheat appears to
be stable and offers insulation from economic cycle.
TBNPL commenced commercial production at its plant in August, 2012
and has successfully completed more than four years of operation
with FY14 being the first full year of operation for the company.
Further, the total operating income (TOI) increased marginally by
4.56% during FY16 vis-a-vis FY15, the same remaining relatively
low at INR54.12 crore. Further, till H1FY17 TBNPL has achieved
total operating income of INR52.10 crore. Accordingly, the scale
of operations remained moderate.
Roy family has been involved in the business of construction
through its family managed partnership firm. Shri Ritesh Kumar
(aged about 34 years, MBA) started TBNPL in order to diversify the
business considering the opportunities in the flour milling
industry with the aid and support received from the State
government of Bihar. Accordingly, promoters of TBNPL have more
than four years of experience in the existing line of business.
The prices of major raw material, i.e. wheat, are dependent on its
availability which is further dependent on climatic conditions.
Wheat production's overdependence on monsoons is an inherent risk
which may impact its availability, resulting in volatility in
wheat prices. Further, the company doesn't have any long term
contracts with any of its suppliers and procure the raw materials
on spot price. Since, raw material is the major cost driver for
TBNPL accounting about 92.22% of total cost of sales in FY16, any
increase in raw material prices without corresponding increase in
finished goods prices will result in adverse performance of the
company.
Flour mill industry is highly fragmented and competitive marked by
the presence of numerous organized and unorganized players due to
low entry barriers on the back of limited capital and
technological requirements and capital subsidy provided by
Government to promote agro based industries, leading to intense
competition within the players. Hence, the players in the industry
do not have any pricing power and are exposed to competition
induced pressures on profitability.
Wheat being a staple food, its prices is under the tight control
of the Central/State Government. There are strict regulations in
place relating to Minimum Support Price and Exim policy, which
hugely affects the wheat prices domestically. It is to be noted
that, the Minimum Support Price of wheat has recently been changed
to INR1625/quintal during 2016-2017 from INR1525 /quintal during
2015-2016.
Tirupati Balajee Nutrition Pvt. Ltd (TBNPL), incorporated in
December 2008, was promoted by Roy family based out of Danapur,
Bihar under the guidance of Shri Ritesh Kumar Roy to set up a
flour mill (both Roller Flour Mill and Atta 'Chakki'). TBNPL
commenced commercial production on August, 2012, upon
commissioning of its plant at Bihta (Bihar) with an installed
capacity of 54,000 MTPA and in view of rising demand of flour
products the company further expanded its flour mill facility (by
54,000 MTPA) at its existing plant. Since its inception, it has
been engaged in manufacturing of different flour qualities like
"Atta", "Maida" and "Suji" and markets its products in the brand
name of "Nandan Bhog". TBNPL procures wheat from wholesalers and
commission agents present in local grain markets and sell its
products to wholesale traders in the states of Bihar, Orissa,
Jharkhand and West Bengal.
UNITED GRANITES: CRISIL Reaffirms B+ Rating on INR7.50MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of United Granites and Metals (UGM) at 'CRISIL
B+/Stable'. The rating continues to reflect UGM's modest scale and
working capital intensity in operations in the intensely
competitive industrial sands market. These rating weaknesses are
partially offset by the extensive entrepreneurial experience of
UGM's promoters in the construction materials business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.50 CRISIL B+/Stable (Reaffirmed)
Long Term Loan .93 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in intensely competitive industry:
UGM's business risk profile remains constrained by its modest
scale of operations (with revenue of INR21.8 crore) in the
intensely competitive construction materials industry. Geographic
concentration and presence of many unorganised players constrain
bargaining power with large customers.
* Large working capital requirements: Operations are working
capital intensive, with gross current assets of 198 days as of
March 2017, due to large inventory and receivables, because of
credit extended to established customers. Bank limit, therefore,
remains fully utilised. Operations should remain working capital
intensive over the medium term.
Strengths
* Promoter's extensive industry experience: Business profile
should continue to benefit from the over 15 years' experience of
promoter, Mr George Kochuparambil, and his established relations
with customers, resulting in repeat orders and steady topline.
Ability to maintain high product quality and maintain stringent
delivery deadlines have resulted in UGM obtaining repeat orders
from customers.
Outlook: Stable
CRISIL believes UGM will continue to benefit in the medium term
from the extensive experience of the promoters. The outlook may be
revised to 'Positive' if sustainable increase in scale of
operations, and profitability or significant capital infusion by
the proprietor strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if any large, debt funded
capital expenditure weakens capital structure, or if accruals
decline, or if there is a higher than expected fund support to
group entities.
UGM manufactures blue metals and M-Sand. The firm has its quarries
and processing facility located in Idukki (Kerala) and is promoted
by the second generation entrepreneur Mr George Kochuparambil.
UNIVERSAL CONSTRUCTION: CRISIL Ups Rating on INR22MM Loan to B-
---------------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Universal Construction Machinery and Equipment
Limited (UCMEL), to 'CRISIL B-/Stable' from 'CRISIL C'; the rating
on the short-term facilities has been reaffirmed at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 22 CRISIL B-/Stable (Upgraded
from 'CRISIL C')
Letter of Credit
Bill Discounting 5 CRISIL A4 (Reaffirmed)
Proposed Working
Capital Facility 12 CRISIL B-/Stable (Upgraded
from 'CRISIL C')
The upgrade reflects UCMEL's track record of timely servicing of
term loan, and improved liquidity management. Liquidation of its
non-core assets led to timely servicing of debt. Further, the
upgrade reflects expectation that business risk profile will
improve, driven by better operating efficiencies. During fiscal
2017, the company reported improvement in operating margins to
8.4% from 5.4% while revenue remained stable at INR73 crore.
Operating efficiencies are likely to remain healthy with the cost
improvement step taken up by the management.
The ratings continue to remain constrained by average financial
risk profile, large working capital requirement, and modest scale
of operations amid intense competition. The company, however,
benefits from the experience of the promoter.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Despite four-decade long presence in
the industry, scale of operations remains modest, with turnover at
INR73 crore in fiscal 2017. Due to the sluggish environment in the
construction and infrastructure industry, performance has been
subdued over the three years through fiscal 2017.
* Average financial risk profile: Due to modest operating
profitability, debt protection metrics remained modest, with
interest coverage and net cash accrual to total debt ratios were
1.16 times and 0.12 time, respectively, in fiscal 2017. Gearing
remained average at 1.12 times as on March 31, 2017.
* Large working capital requirement: Gross current assets were
over 200 days over the three years ended March 31, 2017, driven by
large receivables (144 days) and inventory (78 days).
Strengths
* Experience of promoter: Benefits derived from the promoter's
experience of over 40 years, sound understanding of the market
dynamics, and healthy relations with suppliers and customers
should continue to support the business.
* Established track record of the company: UCMEL was incorporated
in 1974. The company is having wide product range and also has
good market share for these products. Benefits from the brand
image may increase business presence over the medium term.
Outlook: Stable
CRISIL believes UCMEL will benefit over the medium term from the
experience of the promoter. The outlook may be revised to
'Positive' if the company sustains operating efficiencies while
improving revenue and cash accrual. Conversely, the outlook may be
revised to 'Negative' if financial risk profile and liquidity
weakens due to low cash accrual, stretched working capital cycle,
or major, debt-funded capital expenditure.
UCMEL was set up in 1974 as a proprietorship firm by Mr Rohidas
More. Later, it was reconstituted as a private-limited company and
since 2005, it has become a closely held public limited company. A
flagship company of the 'Universal' group, UCMEL manufactures a
wide range of construction equipment.
VASANTHA RICE: CRISIL Revokes Suspension of B+ Cash Credit Rating
-----------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Vasantha Rice Industries (VRI) and has assigned
its 'CRISIL B+/Stable' ratings to the facilities. CRISIL had, on
May 18, 2016, suspended the ratings as the company had not
provided the necessary information for a rating review. It has now
shared the requisite information enabling CRISIL to assign ratings
to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.4 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Long Term
Bank Loan Facility 5.6 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Term Loan 2.0 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating reflects VRI's working-capital-intensive operations,
and below- average financial risk profile marked by a small net
worth and an comfortable gearing. These rating weaknesses are
partially offset by the extensive experience of VRI's promoters in
the rice industry.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The capital structure
remained below average because of small networth (Rs 6 crore as on
March 31, 2017) and Low gearing of (1.56 times as on March
31,2017). However, interest coverage ratio is expected around 2.67
times over the medium term, driven by moderate cash accrual.
* Working-capital-intensive operations: Gross current asset were
105 days as on March 31, 2017, driven by high creditors and high
inventory of 50 days and 68 days, respectively.
Strengths
* Promoters' extensive experience in rice industry: Because of
their long-standing presence in Miryalguda, the promoters are
aware of the nuances of business in the region. Since VRI's
inception, the promoters have established healthy relationship
with farmers/commission agents and rice traders/dealers. CRISIL
believes that VRI will continue to benefit from its promoters'
experience over the medium term.
Outlook: Stable
CRISIL believes that VRI will continue to benefit over the medium
term from its promoters' extensive experience in the rice
industry. The outlook may be revised to 'Positive' if the firm
substantially improves its scale of operations and capital
structure, leading to significant improvement in its financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if VRI generates lower-than-expected cash accruals, or in case of
lengthening of its working capital cycle, or if it undertakes a
large, debt-funded capital expenditure programme, thereby
weakening its financial risk profile, particularly its liquidity.
VRI is involved in rice milling at Miryalguda in Nalgonda (Andhra
Pradesh). It was set up as a partnership firm in 2009, with Mr.
Chenna Krishna Reddy and his family members as partners. Its mill
has capacity of 8 tonnes per hour (raw and parboiled included).
VRI reported, on a provisional basis, a profit after tax (PAT) of
INR0.5 cr on net sales of INR45 cr for 2016-17 (refers to
financial year, April 1 to March 31), against a PAT of INR0.1 cr
on net sales of INR35 cr for 2015-16.
=========
J A P A N
=========
TAKATA CORP: Recalls Another 3.3-Mil. Air Bags Under U.S. Order
---------------------------------------------------------------
Craig Trudell at Bloomberg News reports that airbag maker Takata
Corp. recalled an additional 3.3 million faulty air bags as part
of a U.S. order that scheduled repairs of the potentially deadly
devices over several years.
Bloomberg News reports that the Japanese supplier identified at
least 15 automakers that purchased the air bags, including Toyota
Motor Corp., Honda Motor Co., General Motors Co., BMW AG and Tesla
Inc. Takata said it will work with the companies to develop a
remedy for each of their vehicles, and urge consumers to get their
air bags replaced.
Almost two-thirds of the 31.5 million U.S. vehicles containing
defective air-bag inflators made by Takata remain unrepaired as of
mid-September, Bloomberg says, citing a November report released
by the independent monitor overseeing the recalls.
About 65 million inflators are set to be recalled by the end of
2018 under a National Highway Traffic Safety Administration plan
to replace the parts in phases, scheduling the riskiest parts for
repair first.
About TK Holdings, Inc.
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.
Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.
Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.
Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.
On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.
The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.
The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as special
counsel.
Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.
Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.
TK HOLDINGS: Slated to Seek Plan Confirmation on Feb. 13
--------------------------------------------------------
Takata Corp.'s main U.S. subsidiary TK Holdings Inc. on Jan. 5,
2018, won approval from the U.S. bankruptcy court of the
disclosure statement explaining its Chapter 11 plan and is now
slated to seek confirmation of the Plan at a hearing on Feb. 13,
2018, at 10:00 a.m.
The U.S. Bankruptcy Court for the District of Delaware, in its
order approving the Disclosure Statement, set these dates:
* Jan. 3, 2018: Voting record date -- Only holders of claims
as of Jan. 3, 2018 will be entitled to vote to accept or
reject the Plan.
* Jan. 30, 2018: Deadline to file notice of cure amounts.
* Feb. 6, 2018: Plan voting deadline.
* Feb. 6, 2018 at 4:00 p.m.: Deadline to file objections to
confirmation of Plan.
* Feb. 11, 2018: Debtors' deadline to file replies to any
objections to confirmation.
* Feb. 13, 2018, at 10:00 a.m.: Plan confirmation hearing.
A copy of the Disclosure Statement Order signed by Judge Brendan
L. Shannon on Jan. 5, 2018, is available at:
http://bankrupt.com/misc/TK_H_1639_DS_Ord.pdf
A copy of the Disclosure Statement filed Jan. 5, 2018, and
approved at the Jan. 3, 2018 hearing is available at:
http://bankrupt.com/misc/TK_H_1630_Rev_DS.pdf
Global Transaction
According to the Debtors, the Plan represents a significant
milestone and achievement in the Debtors' restructuring as the
Debtors continue working to implement and complete the
unprecedented recalls relating to certain PSAN Inflators, which
have expanded to become the largest automotive recall campaign in
U.S. history. After nearly two years of intensive marketing,
diligence, and negotiations between and among Takata, potential
sponsor candidates, and a group of 15 of Takata's original
equipment manufacturer customers -- Consenting OEMs -- who
collectively account for a substantial portion of the PSAN
Inflators sold by Takata as of March 2017 and hold a substantial
majority of the total unsecured Claims against the Debtors'
Estates, Joyson KSS Auto Safety S.A. -- Plan Sponsor -- was
selected as the purchaser for the sale of substantially all of
Takata's worldwide assets unrelated to the manufacture and sale of
PSAN Inflators for an aggregate purchase price of $1.588 billion.
The Debtors believe that consummation of the Plan and the closing
of the Global Transaction are in the best interests of the
Debtors' creditors, employees, vendors, and all other parties in
interest. The Plan and the Global Transaction will allow the
Debtors to continue operating as a going concern, including with
respect to Reorganized Takata for a limited period of time, while
also ensuring that the Debtors are able to comply with their
ongoing obligations to the National Highway Traffic Safety
Administration ("NHTSA"), fulfilling a fundamental commitment laid
out by the Debtors at the onset of these Chapter 11 Cases -- that
the commencement of these bankruptcy cases would not impact or
impede the general public's ability to fulfill their recalls.
In addition, confirmation of the Plan and consummation of the
Global Transaction in accordance with the timeline will ensure
that TKJP is able to comply with the Joint Restitution Order
entered by the United States District Court for the Eastern
District of Michigan on Feb. 27, 2017 in the case captioned U.S.
v. Takata Corporation, Case No. 16-cr-20810 (E.D. Mich.) (the "DOJ
Restitution Order") in connection with the settlement of the
two-year criminal investigation by the Department of Justice (the
"DOJ") into Takata.
Specifically, the DOJ Restitution Order requires consummation of
the Global Transaction by Feb. 27, 2018 and payment of the $850
million in restitution owed by TKJP and payable for the benefit of
the OEMs (the "DOJ Restitution Claim" and, together with the $125
million to recompense individuals who suffered (or will suffer)
personal injury caused by the malfunction of a PSAN Inflator, the
"Restitution Payments") within five days after the Closing Date.
Satisfaction of the DOJ Restitution Claim is a condition precedent
to consummation of the Global Transaction and is of critical
importance to the Debtors. Absent payment of the DOJ Restitution
Claim in accordance with the DOJ Restitution Order, the Debtors do
not believe that any third-party would be willing to purchase the
Debtors' assets as a going concern and the Debtors would likely be
forced into a piecemeal liquidation, which could result in the
eventual loss of employment for nearly all of the Debtors'
employees, the loss of future revenues and contracts for the
Debtors' vendors and suppliers, and significantly lower recoveries
for creditors. Additionally, if the DOJ declares a breach of the
DOJ Restitution Order, the DOJ may reopen its investigation of
Takata, including as against TKH, which would likely be fatal to
the Debtors' restructuring efforts.
The Plan preserves the going-concern value of the Debtors'
businesses, maximizes creditor recoveries, provides for an
equitable distribution to all of the Debtors' stakeholders, and
protects the jobs of the Debtors' invaluable employees. To
evidence their support of the restructuring, the Debtors, the
Consenting OEMs, and the Plan Sponsor entered into a restructuring
support agreement, dated as of Nov. 16, 2017 (including all
exhibits and schedules attached thereto and as may be amended,
modified, or supplemented, the "U.S. RSA"). On
Dec. 8, 2017, the Bankruptcy Court authorized the Debtors' entry
into the U.S. RSA and approved the Plan Sponsor Protections (the
"RSA Approval Order").
The Tort Claimants' Committee, the Creditors' Committee, and the
Future Claims Representative do not support confirmation of the
Plan as presently drafted and may send subsequent letters to their
respective creditor constituents which set forth their respective
recommendations as to whether to accept or reject the Plan.
About TK Holdings, Inc.
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea,
China and other countries.
Takata Corp. filed for bankruptcy protection in Tokyo and the
U.S., amid recall costs and lawsuits over its defective airbags.
Takata and its Japanese subsidiaries commenced proceedings under
the Civil Rehabilitation Act in Japan in the Tokyo District Court
on June 25, 2017.
Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S.
and Mexican affiliates each filed voluntary petitions under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 17-11375) on June 25, 2017. Together with the bankruptcy
filings, Takata announced it has reached a deal to sell all its
global assets and operations to Key Safety Systems (KSS) for
US$1.588 billion.
Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor. Prime Clerk is the claims and noticing agent. The
Debtors Meunier Carlin & Curfman LLC, as special intellectual
property counsel.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor. UBS Investment Bank also
provides financial advice to KSS.
On June 28, 2017, TK Holdings, as the foreign representative of
the Chapter 11 Debtors, obtained an order of the Ontario Superior
Court of Justice (Commercial List) granting, among other things, a
stay of proceedings against the Chapter 11 Debtors pursuant to
Part IV of the Companies' Creditors Arrangement Act. The Canadian
Court appointed FTI Consulting Canada Inc. as information officer.
TK Holdings, as the foreign representative, is represented by
McCarthy Tetrault LLP.
The U.S. Trustee has appointed an Official Committee of Unsecured
Trade Creditors and a separate Official Committee of Tort
Claimants.
The Official Committee of Unsecured Creditors has selected
Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F.
Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington,
Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and
Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New
York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley &
McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The
Committee has also tapped Chuo Sogo Law Office PC as Japan
counsel.
The Official Committee of Tort Claimants selected Pachulski Stang
Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the
insurance policies. Sakura Kyodo Law Offices will serve as special
counsel.
Roger Frankel, the legal representative for future personal injury
claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP
and Ashby & Geddes PA to serve as co-counsel.
Takata Corporation ("TKJP") and affiliates Takata Kyushu
Corporation and Takata Services Corporation commenced Chapter 15
cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9,
2017, to seek U.S. recognition of the civil rehabilitation
proceedings in Japan. The Hon. Brendan Linehan Shannon oversees
the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP,
serves as Takata's counsel in the Chapter 15 cases.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 1 to Jan. 5, 2018
---------------------------------------------------
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
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.93
LAKES OIL NL 10.00 05/31/18 AUD 8.01
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.19
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.20
PALADIN ENERGY LTD 6.00 09/30/17 USD 40.00
PALADIN ENERGY LTD 7.00 03/31/20 USD 45.00
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 VICTOR 0.50 11/12/30 AUD 71.36
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.17
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 60.37
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 60.40
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.68
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 59.91
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 59.84
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 59.99
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.39
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.73
ANSHAN HI-TECH INDUSTRY 8.50 12/20/20 CNY 62.85
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 59.88
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.00
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 40.60
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.10
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.00
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.13
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.27
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.76
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.19
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.28
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.00
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.29
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.46
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 73.23
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 61.49
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 59.98
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 25.27
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 59.90
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.51
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.20
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 59.62
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.43
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.08
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 39.92
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.34
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.50
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 41.00
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.57
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.41
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 59.97
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.50
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 60.00
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.28
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.20
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.39
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.61
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.54
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.60
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.82
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 60.63
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.09
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.46
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.65
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.81
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 60.01
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 60.59
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.17
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.20
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.74
CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.75
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.37
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.40
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.75
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.80
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 72.89
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.48
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 39.92
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.20
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.57
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.15
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.20
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.47
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.82
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.85
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.15
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.32
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.60
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 63.75
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 59.98
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 60.24
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 40.73
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.19
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.00
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.03
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.48
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.56
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.25
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.39
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.88
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 60.43
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 60.95
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.10
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.20
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.18
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.74
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 61.23
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 40.59
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.97
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 60.46
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.77
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.77
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 40.65
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 40.73
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.38
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.19
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 10.00
CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 10.00
CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 68.41
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 70.20
CHINA RAILWAY CORP 3.40 10/27/46 CNY 74.22
CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 68.00
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.46
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.50
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.46
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.46
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.03
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.01
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.62
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.64
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.65
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.62
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.31
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 70.58
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 71.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 60.17
CHONGQING FULING STATE- 6.39 01/21/20 CNY 60.18
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.74
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.75
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.18
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.32
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.12
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.30
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.67
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.18
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.61
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.62
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.71
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.88
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 41.00
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.64
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.99
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.42
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 40.68
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.30
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.53
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.18
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.22
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 70.00
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 71.14
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 60.23
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 60.87
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 61.25
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.00
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 61.31
CHONGQING THREE GORGES 6.40 01/23/19 CNY 49.70
CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.05
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.30
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.40
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.19
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 75.60
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.84
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.95
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.20
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.24
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.10
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.10
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.59
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.86
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 40.00
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.38
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.00
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.64
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 59.25
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.51
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.51
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.37
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 60.00
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.33
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.40
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 40.20
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.65
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.81
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.81
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 61.48
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.45
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.19
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.22
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 70.30
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.00
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.08
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 40.55
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 40.61
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.25
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.64
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.94
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 40.40
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.17
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.05
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.27
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.72
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.55
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.79
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.30
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.57
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 40.86
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.10
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.55
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 60.00
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.70
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 24.97
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.37
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.19
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.45
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.53
FORESEA LIFE INSURANCE 6.25 09/30/25 CNY 68.22
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 60.77
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.51
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.44
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.79
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 60.27
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 60.30
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 70.71
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.01
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 73.06
FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 73.80
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 40.57
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 60.00
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 60.67
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.98
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.01
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.28
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.50
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.09
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 24.00
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.17
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.15
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.73
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.10
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.26
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.64
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.65
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.75
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 73.40
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 73.87
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.00
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.08
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.56
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.14
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.16
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 71.06
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.83
GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 71.81
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.07
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 40.27
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.98
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.12
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.24
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 41.18
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 60.93
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 59.84
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.12
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 63.00
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.12
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.12
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.14
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.66
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 61.68
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 65.98
HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 59.61
HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 60.65
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 40.48
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 40.52
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.62
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.70
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.42
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 62.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.56
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.57
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 59.30
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 60.29
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 63.39
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 60.53
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.24
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 40.61
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 40.85
HANDAN CITY CONSTRUCTIO 7.60 11/25/20 CNY 60.00
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 59.70
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 59.84
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 60.42
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 60.59
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.01
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.05
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.16
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.47
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.61
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 60.38
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 60.62
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.49
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.50
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.81
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.00
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.05
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.25
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.41
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.02
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.83
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.05
HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.40
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 40.53
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 40.59
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.15
HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.25
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.41
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 70.99
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 71.10
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.43
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 60.90
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 41.06
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 40.59
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.23
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 71.29
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 69.57
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.43
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.76
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.67
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.09
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.35
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 60.09
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 60.54
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.09
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.64
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 40.69
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.48
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.94
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.22
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.56
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.18
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.68
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.09
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.20
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 61.16
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.18
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 41.05
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.69
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 83.50
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 63.53
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.52
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.50
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.56
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.47
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.52
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.07
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.25
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.32
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.32
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 85.00
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.86
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.90
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.57
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 40.61
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.06
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.30
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.10
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 40.43
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.20
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.52
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.77
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.35
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 60.00
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 60.07
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.00
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 61.43
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.74
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.81
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 40.75
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 59.93
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 49.42
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 71.07
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.69
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.07
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 40.00
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 40.40
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.39
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.73
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.35
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.48
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 40.59
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.67
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 71.03
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.48
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.50
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.35
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.70
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.72
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.75
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 40.34
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 40.58
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.49
JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.12
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 60.56
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.80
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 61.62
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.09
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.31
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.90
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 40.57
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.27
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.33
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 59.92
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.11
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 69.89
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 50.80
JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 51.27
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 24.50
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.09
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 39.80
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.66
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.00
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.13
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.34
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.46
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.00
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.11
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.90
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 71.01
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 81.92
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 62.10
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 40.71
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.53
JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 69.00
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 60.49
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 60.56
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 60.63
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.37
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 59.50
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 60.28
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 39.99
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.26
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.70
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.65
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.63
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.42
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 49.83
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.29
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 59.90
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 60.48
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.39
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.31
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.57
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.58
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.56
KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 61.06
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 61.60
KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 80.00
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.10
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.11
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 60.33
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 60.50
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.26
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.54
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.08
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.20
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.12
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.38
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.50
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 29.99
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.91
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 68.05
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.10
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.27
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.04
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.09
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 45.60
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 47.22
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 40.19
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 34.99
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 40.19
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.08
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 41.50
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.26
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 60.27
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 59.00
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 60.27
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 74.99
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.54
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.20
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.31
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.56
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 41.07
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.13
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 59.93
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.85
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 59.86
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 59.91
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 40.52
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.00
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 71.19
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 40.63
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.49
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.57
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.24
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.94
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.43
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.52
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 60.57
LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.08
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.18
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.21
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 62.18
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.45
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.54
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.76
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 59.85
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.67
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.69
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.76
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 70.43
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 70.72
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.51
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.37
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.18
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.21
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.32
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.33
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 40.78
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 60.39
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.16
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.23
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.01
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 60.32
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.35
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.62
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.46
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.75
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 40.67
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.32
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 39.95
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 40.47
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 59.73
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.50
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 24.94
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.01
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.44
NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 83.54
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.51
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.07
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 60.73
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 60.76
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.03
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.04
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.40
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.37
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.07
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.09
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.08
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 63.02
NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 65.00
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 59.30
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 60.67
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 59.81
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.00
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.07
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.26
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 61.97
NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.23
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.90
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 62.20
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.58
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.74
PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 60.04
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 60.39
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 60.41
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.00
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.69
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 69.85
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 70.50
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.54
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.54
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.01
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.10
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 40.10
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 40.56
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.90
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 60.33
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 60.47
PINGXIANG HUIFENG INVES 7.06 10/11/20 CNY 61.32
PINGXIANG HUIFENG INVES 7.06 10/11/20 CNY 63.15
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.05
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.06
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.82
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.33
PULANDIAN CITY CONSTRUC 8.48 12/12/18 CNY 56.23
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.20
PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.95
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.60
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.61
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 62.17
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 62.81
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.00
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 40.60
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 41.25
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.00
QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.41
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.39
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.45
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 69.95
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 71.71
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.32
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.37
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.87
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 40.51
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 60.52
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.70
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.76
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.10
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.00
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.22
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.71
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.73
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 40.49
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.50
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.80
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.63
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.88
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.89
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 40.39
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 40.57
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 40.57
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.67
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 60.46
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 60.55
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.47
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.60
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 59.30
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.12
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 60.43
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.72
RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.00
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 50.69
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.44
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.81
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.38
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 60.10
RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 60.41
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 59.79
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 60.29
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.21
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 40.62
SHANDONG JINMAO TEXTILE 6.50 09/25/20 CNY 60.06
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.09
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.27
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 59.12
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.28
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.38
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.64
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.93
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 59.96
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 60.37
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.10
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.32
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.30
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.48
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 64.31
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.21
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.27
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 70.82
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.07
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.41
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.45
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.60
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.00
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.16
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 39.93
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 75.00
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 49.52
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 49.55
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.60
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.76
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 60.46
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 40.25
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 40.46
SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 60.83
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 73.03
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 73.36
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.50
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.75
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 24.98
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.10
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 60.00
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 60.35
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.79
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.12
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.05
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.24
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.49
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.20
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.44
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.10
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.27
SHENYANG MACHINE TOOL C 6.50 03/27/18 CNY 70.00
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.21
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.12
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.23
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 59.88
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.08
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 40.54
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 40.70
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 40.61
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.89
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 61.06
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.53
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.00
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 74.50
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 70.00
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 71.34
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 71.34
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 71.50
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.29
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.46
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.29
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 60.29
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.41
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 59.49
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.29
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.47
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.31
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.56
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 60.74
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.08
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.60
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.92
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 40.42
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 40.78
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.48
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 40.46
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.27
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.41
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.00
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.05
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.25
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.18
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.18
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.83
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.91
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.25
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.63
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.94
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 51.01
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 60.30
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 60.71
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.88
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 41.05
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.66
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.35
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.65
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.31
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 83.14
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.17
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 56.41
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.30
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.12
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.23
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 61.06
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 40.64
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.27
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.88
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.20
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.28
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.01
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.14
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 60.38
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 39.90
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 40.51
TANGSHAN TONGSHUN TRANS 4.00 08/23/21 CNY 72.84
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.82
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 61.55
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 39.83
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 39.97
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 59.60
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.55
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.76
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.78
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 59.78
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.25
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.30
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.18
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.27
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 70.93
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 70.94
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 40.73
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 40.44
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 40.46
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.20
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.25
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 61.70
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 60.77
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.51
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.57
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 24.96
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.21
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.09
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 40.61
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.20
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.25
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 61.00
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 61.39
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 73.30
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.58
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 59.50
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 59.71
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.42
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 51.70
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 59.22
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 40.29
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.54
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 50.75
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 59.96
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 61.00
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 25.01
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 25.05
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 46.00
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 40.72
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 59.85
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.18
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 71.00
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.41
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.57
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 60.31
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 60.38
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 60.58
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.54
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.69
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 40.41
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 60.30
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 60.54
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 40.50
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.20
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.73
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 49.90
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 50.05
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 59.84
WUHU CONSTRUCTION INVES 6.89 03/26/19 CNY 70.32
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.00
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.21
WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 71.64
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 59.72
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.66
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 41.01
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.68
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 61.63
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 61.93
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.47
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.52
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 50.10
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.64
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.81
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 60.20
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 60.50
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.16
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 40.58
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.26
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 61.30
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.49
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 60.58
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 60.60
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 40.56
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.28
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.11
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 70.62
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 70.97
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 71.05
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 71.05
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.49
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.54
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 60.72
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.41
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 61.54
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 62.24
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.38
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 60.99
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.11
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 58.24
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 58.64
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 40.67
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.26
XINING CITY INVESTMENT 7.70 04/27/19 CNY 40.40
XINING CITY INVESTMENT 7.70 04/27/19 CNY 40.80
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 59.94
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 61.25
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.83
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.02
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.20
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.29
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 40.01
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 59.50
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 60.04
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.22
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 40.40
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.16
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 61.31
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 40.55
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 49.94
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 50.55
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 25.29
XINZHOU CITY ASSET MANA 8.50 12/18/20 CNY 62.21
XINZHOU CITY ASSET MANA 8.50 12/18/20 CNY 62.31
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 62.15
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 40.52
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.68
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 40.45
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 40.66
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.13
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 25.14
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.00
YAAN DEVELOPMENT INVEST 7.00 09/13/20 CNY 60.34
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 40.16
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.52
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 60.59
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.92
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 80.60
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 61.55
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 80.90
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.40
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.99
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.65
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.88
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 50.02
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 59.89
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 59.99
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 40.52
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.15
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.02
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.64
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.55
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.60
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.70
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 39.97
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.45
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.46
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.00
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.13
YINGTAN INVESTMENT FINA 7.50 12/12/22 CNY 69.90
YINGTAN INVESTMENT FINA 7.50 12/12/22 CNY 71.97
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.36
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.37
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.58
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.62
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 60.28
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 60.37
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 40.81
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.22
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 61.39
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 59.50
YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 60.37
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.51
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.23
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.09
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.66
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.98
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 60.08
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 60.39
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.71
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.84
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.01
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.41
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.99
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 40.50
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.09
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 60.50
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.40
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 61.20
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.40
ZHEJIANG GUOXING INVEST 8.15 03/09/18 CNY 25.07
ZHEJIANG GUOXING INVEST 8.15 03/09/18 CNY 25.09
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.21
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.50
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 40.88
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 40.06
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 59.97
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.35
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 60.46
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.03
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 60.31
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 60.65
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 67.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 59.88
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 40.15
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 40.23
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.13
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 56.06
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 56.12
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 19.97
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 20.06
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.38
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.47
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.05
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.05
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 49.95
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 49.98
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 61.13
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.33
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.55
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.64
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 62.05
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 40.59
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.36
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.48
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.56
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.63
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.39
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 23.88
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 40.59
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 60.25
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 40.19
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 25.17
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.95
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 19.99
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 49.99
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.08
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 40.08
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 50.33
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 40.74
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 55.86
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 40.64
HONG KONG
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CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 69.75
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 51.96
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 52.33
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.42
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.57
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.58
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.58
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.01
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.44
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.58
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 35.50
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 59.45
JAPAN
-----
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.75
MICRON MEMORY JAPAN INC 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 SECURITIZ 5.00 09/13/18 KRW 73.33
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 59.57
EXPORT-IMPORT BANK OF K 4.70 11/15/32 KRW 70.22
EXPORT-IMPORT BANK OF K 4.50 10/18/32 KRW 70.65
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 42.16
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 69.67
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 70.62
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 71.80
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 72.07
KOREA SOUTH-EAST POWER 4.38 12/07/42 KRW 62.65
KOREA SOUTH-EAST POWER 4.44 12/07/42 KRW 63.00
KOREA TREASURY BOND 1.50 09/10/66 KRW 72.28
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 42.61
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 43.14
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 34.76
OKC SECURITIZATION SPEC 3.00 02/17/42 KRW 51.38
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SHINHAN BANK CO LTD 4.20 08/07/32 KRW 74.16
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 67.70
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 69.05
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 69.45
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 69.67
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 69.92
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 70.63
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 70.85
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 71.07
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 71.15
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 71.93
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 72.31
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 72.54
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 72.76
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 73.53
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 73.68
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 73.81
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 73.94
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 74.04
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 74.16
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 74.33
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.33
SRI LANKA
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SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 74.49
MALAYSIA
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ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.22
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.83
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.33
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32
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 BHD 3.25 04/14/22 MYR 0.99
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.46
I-BHD 3.00 10/09/19 MYR 0.39
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.15
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 66.28
PUC BHD 4.00 02/15/19 MYR 0.27
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.16
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.05
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 56.41
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.88
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.33
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 62.17
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.51
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 64.85
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 66.19
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 68.97
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 70.72
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 72.32
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 73.51
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 74.04
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.11
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.97
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.08
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.47
NEW ZEALAND
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PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03
PHILIPPINES
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BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
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ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 45.00
ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 45.88
AUSGROUP LTD 8.45 10/20/18 SGD 50.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.91
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.10
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 52.25
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.12
BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 23.96
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.20
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 15.00
EZION HOLDINGS LTD 4.88 06/11/21 SGD 45.00
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.38
GOLIATH OFFSHORE HOLDIN 12.00 06/11/18 USD 1.06
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.51
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 34.88
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 53.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 1.50
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 9.75
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
THAILAND
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G STEEL PCL 3.00 10/04/15 USD 2.52
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 70.57
DEBT AND ASSET TRADING 1.00 10/10/25 USD 70.93
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2018. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***