/raid1/www/Hosts/bankrupt/TCRAP_Public/180731.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, July 31, 2018, Vol. 21, No. 150
Headlines
A U S T R A L I A
AUSMINE MECHANICAL: Second Creditors' Meeting Set for Aug. 6
AUSTRALIAN LENDING: Second Creditors' Meeting Set for Aug. 7
HOMES-R-US AUSTRALIA: First Creditors' Meeting Set for Aug. 8
LANDSCAPE DIRECT: Second Creditors' Meeting Set for August 6
MIGME LIMITED: Second Creditors' Meeting Set for August 3
C H I N A
BIOSTAR PHARMACEUTICALS: Received Nasdaq Delisting Notification
I N D I A
ABHINAV INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
ADIE BROSWON: ICRA Maintains B+ Rating in Not Cooperating
ADILABAD EXPRESSWAY: ICRA Assigns D Rating to INR253.69cr Loan
ADITYA AGRO: CRISIL Migrates D Rating to Not Cooperating Category
AKSHATA MERCANTILE: Insolvency Resolution Process Case Summary
ANKIT DIAMONDS: CRISIL Lowers Rating on INR42cr Loan to 'D'
ASIAN COLOUR: Insolvency Resolution Process Case Summary
BHAGWATI GEMS: Ind-Ra Assigns 'BB-' Rating to INR240MM Loan
BHAVANI WOOD: CRISIL Lowers Rating on INR11cr Cash Loan to D
BUSINESS INDIA: Insolvency Resolution Process Case Summary
CARGO SOLAR: Insolvency Resolution Process Case Summary
DECCAN CHRONICLE: Creditors Committee Open to New Bids, NCLT Says
DISTICHEMI PROCESS: CRISIL Moves D Rating to Non-Cooperating
EVERGREEN DRUMS: CRISIL Migrates D Rating to Not Cooperating
G.G. TRONICS: ICRA Withdraws D Rating on INR10cr Term Loan
GOYAL ISPAT: CRISIL Migrates C Rating to Not Cooperating Category
HARI KISHAN: CRISIL Lowers Rating on INR15cr Cash Loan to D
HOUSING DEVELOPMENT: Bank Puts Two Properties Up For Sale
JUMBO FIREWORKS: CRISIL Migrates D Rating to Not Cooperating
KAVIT INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
L&T CHENNAI: ICRA Moves D Rating to Not Cooperating Category
LOGIC EASTERN: Insolvency Resolution Process Case Summary
M/S BALDOVINO: CRISIL Lowers Rating on INR6cr Loan to D
MSX MALL: Insolvency Resolution Process Case Summary
NEERAKKAL LATEX: CRISIL Moves D Rating to Not Cooperating
P DOT: Insolvency Resolution Process Case Summary
PALAMOOR PAPER: CRISIL Migrates D Rating to Not Cooperating
PELLET ENERGY: Insolvency Resolution Process Case Summary
PENGUIN PLYWOOD: CRISIL Migrates D Rating to Not Cooperating
PREMIUM MOULDINGS: Insolvency Resolution Process Case Summary
PRESIDENCY EXPORTS: ICRA Maintains D Rating in Not Cooperating
R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR10cr Loan
RAGHUVEER URBAN: Insolvency Resolution Process Case Summary
RAJ BREEDERS: CRISIL Migrates D Rating to Not Cooperating
RAJ CHICK: CRISIL Migrates D Rating to Not Cooperating Category
RAMADA ALLEPPEY: CRISIL Moves D Rating to Not Cooperating
ROYAL AGRO: Insolvency Resolution Process Case Summary
RUDRA ENTERPRISES: CRISIL Lowers Rating on INR6.5cr Loan to D
SAMRIDDHI RICE: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
SAPNA GEMS: CRISIL Migrates D Rating to Not Cooperating Category
SARAL HOME: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
SHAHJAHANPUR EDIBLES: CRISIL Migrates D Rating to Not Cooperating
SHREE KRISHNA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
SHREE RENUKA: ICRA Hikes Rating on INR1286.4cr Loan from D
SHRIRAMKRUPA FIBERS: ICRA Moves B+ Rating to Not Cooperating
SIPL TEXTILES: CRISIL Moves D Rating to Not Cooperating Category
SRI VEER: ICRA Assigns B+ Rating to INR4.50cr LT Loan
STERLING INT'L: Insolvency Resolution Process Case Summary
STERLING SEZ: Insolvency Resolution Process Case Summary
SUMIT WOOL: CRISIL Migrates D Rating to Not Cooperating Category
SUPREME COATED: CRISIL Moves D Rating to Not Cooperating Category
SUSHITEX INDUSTRIES: CRISIL Lowers Rating on INR18cr Loan to D
VARUN EXPORTS: CRISIL Migrates D Rating to Not Cooperating
VIJAY NIRMAN: ICRA Withdraws D Rating on INR520.30cr Loan
ZINDRELLA: CRISIL Assigns D Rating to INR6cr Cash Loan
J A P A N
TELLMECLUB: Former President Gets Six Year-Jail Term for Fraud
M A C A U
VIVA MACAU: Loan Case Transferred to Corruption Watchdog
N E W Z E A L A N D
PLEASANT POINT: South Canterbury Hotel Avoids Liquidation
S I N G A P O R E
MULHACEN PTE: Fitch Gives 'BB-(EXP)' LT IDR, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week July 23 to July 27, 2018
- - - - -
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A U S T R A L I A
=================
AUSMINE MECHANICAL: Second Creditors' Meeting Set for Aug. 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Ausmine
Mechanical Pty Ltd has been set for Aug. 6, 2018, at 1:00 p.m. at
Cattle House, Level 1, 180 Quay Street, in Rockhampton,
Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2018, at 5:00 p.m.
Peter Dinoris of Artemis Insolvency was appointed as
administrator of Ausmine Mechanical on July 2, 2018.
AUSTRALIAN LENDING: Second Creditors' Meeting Set for Aug. 7
------------------------------------------------------------
A second meeting of creditors in the proceedings of Australian
Lending and Finance Pty Ltd has been set for Aug. 7, 2018, at
10:00 a.m. at Level 27, 259 George Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 6, 2018, at 4:00 p.m.
Sule Arnautovic and Amanda Young of Jirsch Sutherland were
appointed as administrators of Australian Lending on July 3,
2018.
HOMES-R-US AUSTRALIA: First Creditors' Meeting Set for Aug. 8
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of Homes-R-Us
(Australia) Pty Ltd will be held at the offices of McLeod &
Partners, Hermes Building, Level 1, 215 Elizabeth Street, in
Brisbane, Queensland, on Aug. 8, 2018, at 10:00 a.m.
Jonathan P McLeod and Bill Karageozis of McLeod & Partners were
appointed as administrators of Homes-R-Us (Australia) on July 27,
2018.
LANDSCAPE DIRECT: Second Creditors' Meeting Set for August 6
------------------------------------------------------------
A second meeting of creditors in the proceedings of Landscape
Direct Pty Ltd has been set for Aug. 6, 2018, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants,
Level 2 AMP Building, 1 Hobart Place, in Canberra, ACT.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 3, 2018, at 5:00 p.m.
Stephen John Hundy of Worrells Solvency was appointed as
administrator of Landscape Direct on July 2, 2018.
MIGME LIMITED: Second Creditors' Meeting Set for August 3
---------------------------------------------------------
A second meeting of creditors in the proceedings of Migme Limited
has been set for Aug. 3, 2018, at 10:00 a.m. at Level 21, 140 St
Georges Terrace, in Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 2, 2018, at 4:00 p.m.
Simon Guy Theobald and Melissa Humann of PPB Advisory were
appointed as administrators of Migme Limited on June 9, 2018.
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C H I N A
=========
BIOSTAR PHARMACEUTICALS: Received Nasdaq Delisting Notification
---------------------------------------------------------------
Biostar Pharmaceuticals, Inc., received on July 19, 2018 a
notification letter from Nasdaq Listing Qualifications advising
the Company that following review of the Company's plan of
compliance, the Nasdaq staff determined to delist the Company's
common stock from the Nasdaq Capital Market. The delisting
notification stated that such delisting would be effective at the
opening of business on July 30, 2018 unless the Company requests
an appeal of the delisting determination.
As previously disclosed, the Company was cited for failures to
comply with this Listing Rule because it had not filed its Form
10-K for the year ended Dec. 31, 2017 and its Form 10-Q for the
period ended March 31, 2018. Following these notifications, the
Nasdaq staff granted the Company time and opportunity to submit a
plan of compliance with its continued listing deficiencies.
The Nasdaq delisting determination noted that the Company did not
provide a definitive plan to achieve compliance with the Nasdaq
continued listing requirements. Specifically, the delisting
determination referenced doubts regarding the Company's ability
to continue as a going concern given the seriousness of the
Company's financial position, the Company's current inability to
pay its independent auditors to complete the 2017 audit work, and
the Nasdaq staff's concerns surrounding the previously disclosed
events that led to the seizing of certain of the Company's
assets, as the bases for the staff's not granting the Company
additional time to regain compliance with the Listing Rule
5250(c)(1).
The Company intends to appeal the Nasdaq delisting determination
by requesting a hearing before a Nasdaq listing qualifications
panel.
A timely request will stay the delisting of the Company's
securities only for a period of 15 days from the date of the
request, although the Company may request a stay of suspension,
pending the hearing. While the Company intends to request such
stay, there is no assurance that it will be granted for any
additional time, if at all. The hearing date will be determined
by Nasdaq and should occur within 45 days from the date of the
request. The Company plans to address ongoing non-compliance
matters before the Nasdaq panel. There can be no assurance that,
following the hearing, the panel will grant the Company's request
for continued listing on the Nasdaq Capital Market. If the panel
does not grant the Company's request for additional time, its
securities will be subject to delisting and the liquidity and
marketability of the Company's common stock would be adversely
affected.
If the Company is delisted from the Nasdaq Capital Market, its
common stock may be traded over-the-counter on the OTC Bulletin
Board or in the "pink sheets" if one or more market makers seeks
and obtains approval by the Financial Industry Regulatory
Authority (FINRA) to continue quoting in the Company's common
stock. The over-the-counter market, however, is generally
considered to be less efficient than the Nasdaq Capital Market.
Many over-the-counter stocks trade less frequently and in smaller
volumes than securities traded on the Nasdaq markets, which would
likely have a material adverse effect on the liquidity and value
of the Company's common stock.
About Biostar Pharmaceuticals
Based in Xianyang, China, Biostar Pharmaceuticals, Inc., through
its wholly owned subsidiary and controlled affiliate in China --
http://www.biostarpharmaceuticals.com/-- develops, manufactures,
and markets pharmaceutical and health supplement products for a
variety of diseases and conditions.
Biostar incurred a net loss of $5.69 million in 2016 and a net
loss of $25.11 million in 2015. As of Sept. 30, 2017, the
Company had $41.42 million in total assets, $5.27 million in
total current liabilities, and $36.14 million in total
stockholders' equity.
Mazars CPA Limited, Certified Public Accountants, in Hong Kong,
issued a "going concern" qualification in its report on the
consolidated financial statements for the year ended Dec. 31,
2016, stating that the Company had experienced a substantial
decrease in sales volume which resulted a net loss for the year
ended Dec. 31, 2016. Also, part of the Company's buildings and
land use rights are subject to litigation between an independent
third party and the Company's chief executive officer, and the
title of these buildings and land use rights has been seized by
the PRC Courts so that the Company cannot be sold without the
Court's permission. In addition, the Company already violated
its financial covenants included in its short-term bank loans.
These conditions raise substantial doubt about the Company's
ability to continue as a going concern.
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I N D I A
=========
ABHINAV INDUSTRIES: ICRA Maintains B Rating in Not Cooperating
--------------------------------------------------------------
ICRA has maintained Abhinav Industries (AI)'s bank facility
rating in the non-cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 0.70 [ICRA]B (Stable) ISSUER NOT
Term Loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Fund based- 0.50 [ICRA]B (Stable) ISSUER NOT
Cash Credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Non Fund based- 6.50 [ICRA]A4 ISSUER NOT
Bank Guarantee COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Unallocated Limits 0.30 [ICRA]B(Stable)/[ICRA]A4
ISSUER NOT COOPERATING;
Rating continues to remain
under 'Issuer Not
Cooperating' category
The ratings for the bank facilities of AI continues to remain
under 'Issuer Not Cooperating' category. The ratings are now
denoted as "[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
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/dated/
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.
Abhinav Industries (AI) incorporated in 2005, is engaged in
custom milling of paddy for Chattisgarh government agency from
its manufacturing facility at Balodabazar in the district of
Bhatapara, Chhattisgarh. The current installed capacity of the
plant for milling rice is 45,000 metric tonne per annum (MTPA) of
paddy. In addition to its own manufacturing, the firm is also
engaged in labour contract work. The firm is promoted by Mr.
Ashwini Kumar Sharma.
ADIE BROSWON: ICRA Maintains B+ Rating in Not Cooperating
---------------------------------------------------------
ICRA has maintained Adie Broswon Breweries Private Limited
(ABB)'s bank facility rating in the non-cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 9.00 [ICRA]B+(Stable) ISSUER NOT
Based/Cash credit COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term-Fund 72.14 [ICRA]B+(Stable) ISSUER NOT
Based/Term loan COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Long Term- 24.31 [ICRA]B+(Stable) ISSUER NOT
Unallocated COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Short Term-Non- 7.00 [ICRA]A4 ISSUER NOT
Fund Based COOPERATING; Rating continues
to remain under 'Issuer Not
Cooperating' category
Rationale
The ratings for the INR112.45-crore bank facilities of Adie
Broswon Breweries Private Limited continues to remain under
'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]B+(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".
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 and
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.
ABB was incorporated in March 2010. The company is a part of the
Late Mr. Hardeep Chadha Group. The company had set up a brewery
for bottling of beer in Amritsar, Punjab. It has an installed
capacity for manufacturing and brewing 5 lakh hector liters of
beer per annum. ABB also undertakes contract manufacture for SBL
which is a 99% owned subsidiary of SAB Miller plc and has tied up
35% of its installed capacity for SAB Miller's brands 'Haywards
5000' and 'Foster's' at a fixed conversion cost.
ADILABAD EXPRESSWAY: ICRA Assigns D Rating to INR253.69cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]D to the INR253.69-
crore fund-based facilities of Adilabad Expressway Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-
Term Loan 253.69 [ICRA]D; Assigned
Rationale
The assigned ratings take into account the recent delays in
servicing principal and interest obligations due in June 2018.
This was on account of deduction of INR23.42 crore from last
semi-annuity received on May 2, 2018 towards delay in carrying
out the first major maintenance activity by two years. AEPL filed
for arbitration contesting the deductions. Till the receipt of
next semi-annuity in November 2018, AEPL remains dependent on the
sponsor - Soma Enterprises Limited (SEL) whose financial profile
is weak for debt repayment. Till date AEPL has timely received
seventeen semi-annuities with major deduction only in 17th semi-
annuity. The rating also factors in additional debt availed for
first Major Maintenance (MM) cycle resulting in decreased tail
period thereby limiting the financial flexibility of AEPL. Non-
creation of major maintenance reserve account could strain the
cash flows of the company during second cycle of MM due in
FY2021-FY2022. The rating also remains sensitive to AEPL's
ability to ensure satisfactory maintenance of the road, in terms
of regular as well as periodic maintenance, both of which are
critical to minimise lane closures and consequently, annuity
deductions. Further timely infusion of funds by the sponsor in
case of any delay in annuities remains critical.
The rating, however, continuous to favourable factor in the
operational nature of the annuity project, marked by the absence
of construction and traffic risks, the strong profile of AEPL's
counter-party and annuity provider, National Highway Authority of
India (NHAI, rated [ICRA]AAA(Stable)), which is a key central
government entity entrusted with the responsibility of
development and maintenance of India's national highway
programme.
Key rating drivers
Credit challenges Deductions in 17th semi-annuity and delays in
debt servicing: Till date AEPL has timely received seventeen
semi-annuities with major deduction only in 17th semi-annuity
received on May 2, 2018 with deductions of INR23.42 crore towards
delay in carrying out the first major maintenance activity by two
years. This has resulted in recent delays in servicing principal
and interest obligations due in June 2018.
Additional debt for first MM cycle: AEPL has availed additional
debt from existing lenders to complete first major maintenance
cycle resulting in decreased tail period thereby limiting
financial flexibility. Also, non-creation of MMRA could strain
the cash flows of the company during second cycle of MM due in
FY2021-FY2022. Lane availability to be ensured for annuity
payments: Poor maintenance of the road could result in lane
closures leading to potential deductions from annuity. Hence,
ensuring satisfactory maintenance of roads to avoid any lane
closures and consequently, any deductions from the annuity amount
will be a key credit sensitivity.
Weak profile of the sponsor: SEL has been facing weak financial
and liquidity profile and has approached the lenders for
resolution of debt under Scheme for Sustainable Structuring of
Stressed Assets (S4A) and the same is under process. Till the
receipt of next semi-annuity in November 2018, AEPL remains
dependent on the sponsor - Soma Enterprises Limited (SEL) whose
financial profile is weak for debt repayment.
Credit strengths
Annuity-nature of the project: The annuity-based nature of the
project provides stable cash flows and eliminates any traffic-
related risk for the company.
Strong profile of the annuity provider: AEPL's counter-party and
annuity provider, NHAI (rated [ICRA]AAA(Stable)), is a key
central government entity entrusted with the responsibility of
development and maintenance of India's national highway
programme.
Adilabad Expressway Private Limited (AEPL) is a special purpose
vehicle (SPV) promoted by Soma Enterprise Limited (SEL) (88.70%
holding) had been awarded a 20-year concession (BOT-Annuity) from
NHAI for the design, construction, development, finance,
operation and maintenance of a 55 km road stretch on NH-7 (which
provides a direct link between Nagpur in Maharashtra and
Hyderabad) from Km 175 to Km 230. The scope of work involves
developing the 55 km road stretch to four lane divided
carriageway standards including strengthening of the existing
two-lane road. The project is located in Andhra Pradesh (close to
the AP Maharashtra border) and is part of the North-South
Corridor of National Highways Development Project (NHDP) - Phase
2. The concession term is 20 years starting from November 2007
(including a two-year construction period). Against a scheduled
commercial operation date (COD) of November 2009, the project had
achieved provisional COD for the complete stretch in June 2010.
ADITYA AGRO: CRISIL Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of M/s Aditya
Agro - Chhindwara to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Term Loan 0.28 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan 6.44 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with M/s Aditya Agro -
Chhindwara (Aditya Agro) for obtaining information through
letters and emails dated May 31, 2018, June 30, 2018, July 09,
2018 and July 13, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 M/s Aditya Agro - Chhindwara,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on M/s Aditya Agro - Chhindwarais consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of M/s Aditya Agro - Chhindwara to 'CRISIL D Issuer
not cooperating'.
Aditya Agro, a partnership firm set up in 2013, is promoted by
Suryawanshi family of Chhindwara, Madhya Pradesh. It is
constructing a warehouse with capacity of 27,000 tonnes for
agricultural products in Chhindwara.
AKSHATA MERCANTILE: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Akshata Mercantile Private Limited
308, 3rd floor Ceejay House Dr. A. B. Road,
Worli Mumbai City MH 400018 IN
Insolvency Commencement Date: July 23, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 19, 2019
(180 days from commencement)
Insolvency professional: Neelesh Gupta
Interim Resolution
Professional: Neelesh Gupta
111 First Floor, Ratanmani Complex,
7/1 New Palasia, Indore 452001
E-mail: neeleshcs2004@yahoo.co.in
neeleshguptaip@gmail.com
Tel.: +91 9826941425, 0731 - 4040060
Last date for
submission of claims: August 9, 2018
ANKIT DIAMONDS: CRISIL Lowers Rating on INR42cr Loan to 'D'
-----------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Ankit
Diamonds (Ankit; part of the Ankit Diamonds group) to 'CRISIL
D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 3 CRISIL D (ISSUER NOT COOPERATING;
Credit Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Foreign 42 CRISIL D (ISSUER NOT COOPERATING;
Discounting Downgraded from 'CRISIL A4 ISSUER
Bill Purchase NOT COOPERATING')
CRISIL has been consistently following up with Ankit Diamonds for
obtaining information through letters and emails dated March 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
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 Ankit . This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Ankit is consistent with 'Scenario 1' outlined in
the 'Framework for Assessing Consistency of Information with
CRISIL BB rating category or lower.
Further, as per information available in the public domain from
sources considered reliable, the firm is delaying on its
repayments to the bankers. The reason, as understood by CRISIL,
is elongation of working capital cycle due to increased
receivables leading to stretch in liquidity.
Based on the last available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Ankit was set up in 1983 as a partnership firm by Mr. Kirit Shah
and his family members. The firm is engaged in cutting and
polishing of diamonds. It currently has two partners - Mr. Kirit
Shah, and Mr. Rikin Shah.
ASIAN COLOUR: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Asian Colour Coated Ispat Limited
204 Nirmal Tower 26 Barakhamba Road,
Connaught Place New Delhi - 110001
- and -
ACCIL House, 26P, Sector - 33, Gurugram,
Haryana, India
Insolvency Commencement Date: July 20, 2018
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: January 16, 2019
(180 days from commencement)
Insolvency professional: Kuldip Kumar Bassi
Interim Resolution
Professional: Kuldip Kumar Bassi
Unit No. 410, Level 4, Centrum Plaza,
Golf Course Road, Sector 53, Gurugram,
Haryana, 122001
E-mail: kkbassi@gmail.com
claims.accil@in.ey.com
ip.accil@in.ey.com
Last date for
submission of claims: August 6, 2018
BHAGWATI GEMS: Ind-Ra Assigns 'BB-' Rating to INR240MM Loan
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Bhagwati Gems'
(Bhagwati) additional bank facilities as follows:
-- INR240 mil. Fund-based working capital limits assigned with
IND BB-/Stable rating; and
-- INR10 mil. Proposed fund-based working capital limits*
assigned with Provisional IND BB-/Stable rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by Bhagwati to the satisfaction of Ind-Ra.
RATING SENSITIVITIES
Positive: A sustained improvement in the EBITDA margins, leading
to an overall improvement in the credit metrics and liquidity
position, could be positive for the ratings.
Negative: Any decline in the top line and/or EBITDA margins,
leading to deterioration in the credit metrics, could lead to a
negative rating action.
COMPANY PROFILE
Bhagwati, a partnership firm, is engaged in the cutting and
polishing of rough diamonds at its unit in Surat. In addition, it
is engaged in the trading of rough diamonds. Its partners are Mr.
Bharat Kathiriya, Mr. Bhimjibhai Kathiriya, Mrs. Manishaben
Kathiriya and Mr. Kevinbhai Kathiriya.
BHAVANI WOOD: CRISIL Lowers Rating on INR11cr Cash Loan to D
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Bhavani Wood Works (BWW) to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (Downgraded from
'CRISIL B/Stable')
Inland/Import 7 CRISIL D (Downgraded from
Letter of Credit 'CRISIL A4')
The downgrade reflects its delays in debt servicing due to weak
liquidity.
The ratings also reflect its working capital intensive operations
in a fragmented timber industry. However, the rating draws
strength from the extensive experience of its partners.
Key Rating Drivers & Detailed Description
Weakness
* Working capital intensive operations: Operations are working
capital intensive as indicated by high estimated gross current
assets (GCA) of 167 days as on March 31, 2017, driven by large
inventory holding requirement and high credit offered to
customers.
Strength
* Extensive experience of partners: The three-decade long
experience of the partners has helped the firm establish healthy
relationship with key suppliers in Africa, Myanmar and other
countries of South-east Asia.
BWW was established in 1992 is a partnership firm involved in
processing (cutting and sawing) and trading timber such as teak,
hard and fine woods. The day to day operations are managed by Mr.
Kalpesh Patel.
BUSINESS INDIA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Business India Publications Limited
Nirmal, 14th Floor Nariman Point
Mumbai - 400021
Insolvency Commencement Date: July 17, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 13, 2019
Insolvency professional: Manoj Kumar Jain
Interim Resolution
Professional: Manoj Kumar Jain
11, Friends Union Premises Co-Op.
Society
Ltd, 2nd Floor, 227, P.D. Mello Road,
Opp: St. George Hospital, Mumbai -
400001
E-mail: manojj2102@gmail.com
Last date for
submission of claims: August 3, 2018
CARGO SOLAR: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Cargo Solar Power (Gujarat) Pvt. Ltd.
Jindal House, 1/9-B, Asaf Ali Road,
New Delhi 110002
Insolvency Commencement Date: July 13, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 8, 2019
Insolvency professional: Bimal Kumar Sharma
Interim Resolution
Professional: Bimal Kumar Sharma
152-D, DDA Flats, Satayam Enclave,
Vivek Vihar, Delhi 110095
E-mail: sharma_bimal@rediffmail.com
Mobile No.: 9810771662
Last date for
submission of claims: August 3, 2018
DECCAN CHRONICLE: Creditors Committee Open to New Bids, NCLT Says
-----------------------------------------------------------------
Business Standard reports that the Committee of Creditors of
Deccan Chronicle Holdings Limited (DCHL) was open to examining
fresh resolution applications, including a modified resolution
plan submitted earlier this month by Srei group's Vision India
Fund, The Hyderabad Bench of the National Company Law Tribunal
said on July 23.
On July 20, the National Company Law Appellate Tribunal (NCLAT)
set aside the Hyderabad Bench's orders dated November 16, 2017,
which barred Srei Infra Finance from becoming a member of
Committee of Creditors (CoC) on grounds of being a related party,
the report says.
Business Standard relates that the appellate tribunal also
excluded the appeal-to-order period of seven months and nine days
and directed the bench to keep the insolvency resolution process
open.
According to the report, the development came at a time when
Hyderabad Bench was about to take a call on DCHL's resolution
professional Mamata Binani's plea for extending the time of the
resolution process. Business Standard says the resolution
professional wanted moe time for the CoC to examine Vision India
Fund's modified resolution plan. The NCLAT orders effectively
gave an additional seven months to decide on a new promoter for
SCHL, which owed around INR800 billion to financial and
operational creditors.
Vision India Fund's original resolution plan had failed to get
the mandatory 66 per cent vote in the CoC earlier, the report
says.
Last year, the Hyderabad Bench disallowed Srei's claim for a
place in the CoC as a financial creditor, citing an allotment of
660 million shares in DCHL in its favour through conversion of a
portion of debt into equity based on the loan agreement between
the lender and the borrower, Business Standard recalls. These
shares were allotted for INR200 million out of the total loan of
INR2.40 billion advanced by Srei.
According to the report, the appellate authority said the
allotment of shares to Srei Infra Finance was not accepted by the
stock exchange.
About Deccan Chronicle
India-based Deccan Chronicle Holdings Limited engages in the
printing and publishing of newspapers and periodicals. The
company publishes Deccan Chronicle, an English daily; Financial
Chronicle, a financial daily; and Andhra Bhoomi, a regional
daily. It also owns franchise rights for the Hyderabad team of
the Indian Premier League.
As reported in the Troubled Company Reporter-Asia Pacific on
July 26, 2017, The Economic Times said the Hyderabad bench of the
National Company Law Tribunal (NCLT) on July 19 appointed an
interim resolution professional to initiate insolvency process
against Deccan Chronicle Holdings in a petition filed by one of
its lenders Canara Bank.
Canara Bank had filed the insolvency petition before NCLT
claiming that Deccan Chronicle Holdings, which publishes dailies
Deccan Chronicle, Financial Chronicle and Andhra Bhoomi, had
defaulted over INR723 crore, ET related.
DISTICHEMI PROCESS: CRISIL Moves D Rating to Non-Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Distichemi
Process Engineering Private Limited (DPEPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2.07 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Cash Credit 7.00 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Rupee Term Loan 33.00 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with DPEPL for
obtaining information through letters and emails dated April 23,
2018, May 08, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 Distichemi Process Engineering
Private Limited. Which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Distichemi Process Engineering
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 Distichemi Process Engineering Private Limited to
'CRISIL D/CRISIL D Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
Incorporated in 2007, DPEPL undertakes engineering and designing
of turnkey projects for distilleries, and ethanol- and alcohol-
based chemical plants. The company is managed by Mr. Sunil
Kansara.
EVERGREEN DRUMS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Evergreen
Drums and Cans Private Limited (EDCPL) to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.5 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Corporate Loan 6.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 10.0 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term .35 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
Term Loan 6.15 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with EDCPL for
obtaining information through letters and emails dated April 23,
2018 and May 8, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 Evergreen Drums and Cans
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Evergreen Drums and Cans
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 Evergreen Drums and Cans Private Limited to 'CRISIL
D/CRISIL D Issuer not cooperating'.
EDCPL was originally set up as a partnership firm in 1974; the
firm was reconstituted as a private limited company in 1992-93
(refers to financial year, April 1 to March 31). It manufactures
metal containers, cans, roll-on-pilfer-proof caps, barrels, and
drums. Its day-to-day operations are being managed by Mr. Kamal
Jhunjhunwala.
G.G. TRONICS: ICRA Withdraws D Rating on INR10cr Term Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]D outstanding on
the INR5.0-crore fund-based facilities and the INR10.0-crore term
loan facilities of G.G. Tronics India Private Limited (GGTIPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
facilities (CC) 5.0 [ICRA]D; Withdrawn
Term loans 10.0 [ICRA]D; Withdrawn
Rationale
The ratings are withdrawn in accordance with ICRA's policy on
withdrawal and suspension, as desired by the company and based on
the no dues certificate provided by its banker.
Established in 1991, GGTIPL is an ISO 9001:2008 certified
company, which designs, manufactures and supplies real time
embedded systems for transport and industrial domain and other
electrical and electronic equipments. The company primarily
supplies its products to Indian railways. GGTIPL has its
manufacturing facilities and R&D center located in Peenya
Industrial Area in Bangalore.
GOYAL ISPAT: CRISIL Migrates C Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Goyal Ispat
Limited (GIL) to 'CRISIL C/CRISIL A4 Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL C (ISSUER NOT COOPERATING;
Rating Migrated)
Letter of Credit 5 CRISIL A4 (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with GIL for obtaining
information through letters and emails dated April 24, 2018 and
May 08, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Goyal Ispat Limited, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Goyal Ispat 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 Goyal Ispat Limited to 'CRISIL C/CRISIL A4 Issuer
not cooperating'.
GIL was set up in 1992 by Mr. G D Goyal. In September 2000, it
was purchased by Mr. G L Kothari and Mr. Kewal Chand Kothari. GIL
has a thermo-mechanically treated bar manufacturing facility in
Chennai.
HARI KISHAN: CRISIL Lowers Rating on INR15cr Cash Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Hari Kishan Tejmal and Company (HTC) to 'CRISIL D' from
'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 15 CRISIL D (Downgraded from
'CRISIL B/Stable')
Warehouse Receipts 7 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects the company's delay in servicing its debt
due stretched liquidity and mismatch in cash flows.
Key Rating Drivers & Detailed Description
Weakness
* Delays in servicing its debt: There have been delays in the
servicing of its debt because of stretched liquidity and mismatch
in its cash flows.
Strengths
* Extensive experience of partners: The key partner, Mr. Rajesh
Nyati has been in the agro commodities trading industry for over
three decades and has developed customer base. Further,
established relationships with suppliers and agents provides a
better understanding of the market trends, and help the firm in
generating growth.
Established in 2006, HTC is engaged into trading of agro
commodities mainly including wheat, soyabean, sarso, paddy, rice,
urad, maize and dhania. The firm is also engaged into it is also
engaged in grading of wheat. The day to day operations of the
firm are managed by Mr. Rajesh Nyati.
HOUSING DEVELOPMENT: Bank Puts Two Properties Up For Sale
---------------------------------------------------------
Financial Express reports that state-owned lender Allahabad Bank
has put up for sale two Maharashtra-based properties of Housing
Development & Infrastructure (HDIL) to recover outstanding loans
to the tune of INR175 crore.
Financial Express, citing a public notice, says the two
properties are situated at Mulund in Mumbai's suburban region and
in the town of Palghar.
The reserve price for the Mulund project has been set at INR184
crore and that for the Palghar project is INR200 crore. The e-
auction will be held on August 22, the report notes.
HDIL, which owed its lenders INR2,270 crore at the end of March,
was dragged to insolvency court by Andhra Bank in October 2017,
the report recalls. The bank withdrew its plea against HDIL the
following month, Financial Express relates.
"The company has proceeded for settlement of its balance
outstanding dues and has made part payment of its balance dues.
The application stands withdrawn from NCLT (National Company Law
Tribunal) by Andhra Bank," the property developer had told the
stock exchanges in November 2017, the report relays.
Earlier, in July 2017, NCLT had admitted Union Bank of India's
insolvency petition against HDIL's subsidiary Guruashish
Construction for defaulting on loans worth INR254 crore, the
report recalls. HDIL was reported to have been in talks with
Union Bank to work out a one-time settlement and halt insolvency
proceedings, the report says.
According to the report, the Kolkata-based Allahabad Bank is one
of the public-sector banks (PSBs) currently under the Reserve
Bank of India's (RBI) prompt corrective action (PCA) framework.
At the end of the March quarter, it was in breach of regulatory
capital requirements under Basel-III.
While the bank has been barred from increasing its risk weighted
assets or, in other words, taking fresh exposure to corporates,
with a capital adequacy ratio (CAR) of 8.69%, it is anyway left
with no capital for growth, the report states. The RBI mandates a
CAR of 9% for scheduled commercial banks, excluding capital
conservation buffers.
Earlier this month, NK Sahoo, executive director, Allahabad Bank,
said the bank is expecting nearly INR3,000 crore recovery through
NCLT resolutions this fiscal, while around INR2,000 crore is
expected through other means of recovery, Financial Express
recalls.
"We have already recovered around INR1,300 crore from the
resolutions of Bhushan Steel and Electrosteel Steels insolvency
cases," the report quoted Sahoo as saying.
Housing Development & Infrastructure Limited is real estate
development company. The Company's services include residential,
commercial, and retail real estate development.
JUMBO FIREWORKS: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jumbo
Fireworks India Private Limited (JFIPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 11 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Term Loan 1 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with JFIPL for
obtaining information through letters and emails dated April 24,
2018 and May 9, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 Jumbo Fireworks India Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jumbo Fireworks India 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 Jumbo Fireworks India Private Limited to 'CRISIL D
Issuer not cooperating'.
JFIPL, incorporated in 2011, manufactures pyrotechnics. The
company is based in Sivakasi, Tamil Nadu, and is managed by Mr
Raja Singh and Mr Subash Singh.
KAVIT INDUSTRIES: CRISIL Migrates D Rating to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the ratings on bank facilities of Kavit
Industries (DNGI) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Cash Credit 0.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long Term 4.16 CRISIL D (ISSUER NOT COOPERATING;
Bank Loan Facility Rating Migrated)
Term Loan 5.04 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with DNGI for obtaining
information through letters and emails dated May 30, 2018,
July 09, 2018 and July 16, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
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 Kavit Industries, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Kavit Industries is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the ratings on bank
facilities of Kavit Industries to 'CRISIL D/CRISIL D Issuer not
cooperating'.
DNGI was established in 2013 as a proprietorship firm by Mr
Rajeev Pathak. The firm manufactures a range of glass products,
which include designer, toughened, laminated, and insulated
glass. The manufacturing facilities are in Sampla, Haryana.
L&T CHENNAI: ICRA Moves D Rating to Not Cooperating Category
------------------------------------------------------------
ICRA has moved the long-term rating for the INR475.00 crore bank
facilities of L&T Chennai Tada Tollway Limited (CTTL) to the
'Issuer Not Cooperating' category. The rating is now denoted as
"[ICRA]D/ISSUER NOT COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 475.00 [ICRA]D ISSUER NOT COOPERATING;
Term Loans Rating moved to 'Issuer Not
Cooperating' category
The rating is based on limited or no updated information on the
company's performance since the time it was last rated in April
2017 as the company' debt has been classified as Non Performing
Asset (NPA) by the lenders after the company invoked authority
event of default due to prolonged non availability of Right of
Way (RoW). The lenders, investors and other market participants
are thus advised to exercise appropriate caution while using this
rating as the rating does not adequately reflect the credit risk
profile of the entity. The entity's credit profile may have
changed since the time it was last reviewed by ICRA; however, in
the absence of requisite information, ICRA is unable to take a
definitive rating action.
As part of its process and in accordance with its rating
agreement with L&T Chennai Tada Tollway Limited (CTTL), ICRA has
been trying to seek information from the entity so as to monitor
its performance; however, as the project has been taken over by
National Highways Authority of India (NHAI), the company is
unable to provide any operational information of the project. In
the absence of requisite information, and in line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01,
2016, ICRA's Rating Committee has taken a rating view based on
the best available information.
L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) is an SPV
incorporated in March 2008 for implementing the Chennai-Tada Toll
road project. L&T-CTTPL was a 100% subsidiary of L&T - Transco
Private Limited, (in turn a 100% subsidiary of Larsen and Toubro
Ltd). The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH 5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development
Programme (NHDP) Phase V, which involves six-laning of selected
high density corridors of national highways. The route is a part
of NH-5 corridor that connects Chennai and Kolkata.
The project was awarded by NHAI on Design Build Finance Operate
(DBFO) basis with a concession period of 15 years commencing from
April 2009. The scheduled commercial operation date of the
project was October 2011; however, the project execution was
significantly delayed owing to problems in land acquisitions
(which is under the scope of NHAI). The overall project cost
stands at INR903 crore. L&T CTTL terminated the concession in
June 2015 citing the breach of the land acquisition clause as per
the Concession Agreement and a default ensued as the toll
collections were insufficient relative to the debt repayment
obligations.
LOGIC EASTERN: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Logic Eastern India Private Limited
Office No. - 408, 4th Floor, Plot No. - 27,
Veer Savarkar Block, Laxmi Nagar,
New Delhi - 110092.
Insolvency Commencement Date: July 18, 2018
Court: National Company Law Tribunal, Principal Bench, New Delhi
Estimated date of closure of
insolvency resolution process: January 14, 2019
Insolvency professional: Atul Kumar
Interim Resolution
Professional: Atul Kumar
B-17, 4th Floor, Jangpura Extension,
New Delhi - 110014.
E-mail: atuladv@gmail.com
Last date for
submission of claims: July 31, 2018
M/S BALDOVINO: CRISIL Lowers Rating on INR6cr Loan to D
--------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of M/S
Baldovino to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 4 CRISIL D (ISSUER NOT COOPERATING;
Credit Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
Foreign 6 CRISIL D (ISSUER NOT COOPERATING;
Discounting Downgraded from 'CRISIL A4 ISSUER
Bill Purchase NOT COOPERATING')
CRISIL has been consistently following up with Baldovino for
obtaining information through letters and emails dated March 31,
2018 among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
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 Baldovino. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Baldovino is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL BB' category or lower.
Further, as per information available in the public domain from
sources considered reliable, the firm is delaying on its
repayments to the bankers. The reason, as understood by CRISIL,
is elongation of working capital cycle due to increased
receivables leading to stretch in liquidity.
Based on the last available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
M/S Baldovino was set up in 2010 as a proprietorship concern by
Mr. Rikin Shah. The firm is also engaged in cutting and polishing
of diamonds.
MSX MALL: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: MSX Mall Pvt Ltd
A-44, Ground Floor, Shakarpur, New Delhi East,
Delhi 110092
Insolvency Commencement Date: July 9, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 5, 2019
(180 days from commencement)
Insolvency professional: Anil Kumar Jain
Mr. Rakesh Kumar Gupta
Mr. Prabhat Ranjan Singh
Mr. Anurag Nirbhaya
Interim Resolution
Professional: Anil Kumar Jain
255 B IInd Floor, Block A 1,
Near Central School, Lawrence Road,
Keshav Puram, New Delhi - 110035
E-mail: aniljn@yahoo.com
rp.msxmall@gmail.com
Mobile: +91 9599916609
Tel.: +91 11 27391762
Classes of creditors: Real Estate Investors
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Rakesh Kumar Gupta
Mr. Prabhat Ranjan Singh
Mr. Anurag Nirbhaya
Last date for
submission of claims: August 9, 2018
NEERAKKAL LATEX: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Neerakkal
Latex to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 8 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 0.3 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
Term Loan 1.2 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with NL for obtaining
information through letters and emails dated April 25, 2018 and
May 9, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Neerakkal Latex, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Neerakkal Latex 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 Neerakkal Latex to 'CRISIL D Issuer not
cooperating'.
Set up in 1987 as a proprietorship firm by Mr NJ James, NL, was
reconstituted as a partnership firm in 2013. The firm trades in
centrifuged and ammoniated latex and has recently started
manufacturing veiled latex. The firm is based in Kottayam
district, Kerala. Mr NJ James and Mr Tino James are the partners.
P DOT: Insolvency Resolution Process Case Summary
-------------------------------------------------
Debtor: P Dot G Constructions Private Limited
"8 Square", Plot No.26, Balasubramanian Street,
Sapthagiri Nagar, Valasaravakkam, Chennai - 600116.
Insolvency Commencement Date: July 13, 2018
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: January 9, 2019
(180 days from commencement)
Insolvency professional: Premachandran.D.
Interim Resolution
Professional: Premachandran.D.
Plot No X, AIBEA Nagar, Mugappair West,
Chennai, Tamil Nadu, 600037.
E-mail: deepee51@outlook.com
- and -
C/o Integro Insolvency Professionals Pvt
Ltd., Oriental Insurance Building,
2nd Floor, 47, Armenian St,
Chennai - 600 001.
Tel.: 044-2535 2635/9635.
E-mail: dprem@integroip.com
Last date for
submission of claims: August 6, 2018
PALAMOOR PAPER: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Palamoor
Paper Products Ltd. (PPPL) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 11 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Cash 4 CRISIL D (ISSUER NOT COOPERATING;
Credit Limit Rating Migrated)
CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated June 22, 2018,
July 10, 2018, July 10, 2018 and July 16, 2018 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
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 Palamoor Paper Products Ltd..
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Palamoor Paper Products Ltd. is consistent with
'Scenario 2' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Palamoor Paper Products Ltd. to 'CRISIL D Issuer
not cooperating'.
PPPL, incorporated in January, 2012, is setting up a facility for
manufacturing kraft paper. Based out of Hyderabad (Telangana),
PPPL is promoted by Mr Rajendra Prasad Uppalapati, Mr Chandra
Shekhar, Ms Prasanna Maipalli, and others.
PELLET ENERGY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Pellet Energy Systems Private Limited
205A, 2nd floor, Vardhman Premium Mall,
Outer Ring Road, Deepali, Pitampura
New Delhi - 110034, India
- and -
Gatta No. 373/1, 373/2, 374, 375, 375/1 Sikanderpur,
Bhaiswal Bhagwanpur Roorkee, Uttarakhand
Insolvency Commencement Date: July 20, 2018
Court: National Company Law Tribunal, Ghaziabad Bench
Estimated date of closure of
insolvency resolution process: January 16, 2019
(180 days from commencement)
Insolvency professional: Reshma Mittal
Interim Resolution
Professional: Reshma Mittal
C-51, RDC, Opp Dr Lal Pathlab, Raj
Nagar,
Ghaziabad - 201002
E-mail: careshmamittal@gmail.com
irp.pellet@rrinsolvency.com
Last date for
submission of claims: August 3, 2018
PENGUIN PLYWOOD: CRISIL Migrates D Rating to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Penguin
Plywood Private Limited (PPPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.25 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 2.69 CRISIL D (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Long Term 6.06 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with PPPL for obtaining
information through letters and emails dated April 26, 2018 and
May 11, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Penguin Plywood Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Penguin Plywood 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 Penguin Plywood Private Limited to 'CRISIL D Issuer
not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
PPPL was set up in 2013 by Mr. Govindbhai Patel and his family
members in Anand, Gujarat. The company manufactures different
grades of plywood, block boards, and flush doors
PREMIUM MOULDINGS: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Premium Mouldings & Pressings Pvt. Ltd.
E-8/ 1, Vasant Vihar New Delhi 110057
INSector-47, Sohna Road, Gurugram
Haryana
Insolvency Commencement Date: July 24, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 31, 2019
Insolvency professional: Sudhir Kalra
Interim Resolution
Professional: Sudhir Kalra
E-93 Greater Kailash I,
New Delhi - 110048
E-mail: kalra.adv@gmail.com
rp.pmnpl@gmail.com
Last date for
submission of claims: August 7, 2018
PRESIDENCY EXPORTS: ICRA Maintains D Rating in Not Cooperating
--------------------------------------------------------------
ICRA has maintained Presidency Exports & Industries Ltd's bank
facility rating in the non-cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based bank 13.00 [ICRA]D ISSUER NOT COOPERATING;
Limits Rating continues to remain under
'Issuer Not Cooperating' category
Rationale
The ratings for the INR13.00 crore bank facilities of Presidency
Exports & Industries Ltd continue to remain under 'Issuer Not
Cooperating' category. The ratings are now denoted as "[ICRA]D;
ISSUER NOT COOPERATING".
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.
Presidency Exports & Industries Ltd, promoted by Kolkata based
Bajoria family, was incorporated in the year 1919. The company
had been engaged in the export of iron ore fines from the year
2007 onwards. However, unfavourable changes in the Government
policies related to iron ore mining in the past few years
adversely impacted its revenues from this segment. The company
also exports onion and rice to Bangladesh. It also has a
warehouse in Rishra which has been leased to the corporate.
R. R. DEVELOPERS: CRISIL Reaffirms B+ Rating on INR10cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of R. R. Developers (RRD). The rating
continues to reflect the firm's weak financial risk profile
because of small networth and substantial advances to sister
concerns. The firm is also susceptible to cyclicality in the
hospitality industry. These weaknesses are partially offset by
the favourable location of its hotel, and the established brand
of the RR group in Lucknow, Uttar Pradesh, leading to a
consistent increase in scale of operations.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line
Overdraft Facility 10 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Networth was small at INR2.89
crore and gearing was high, estimated at 4.43 times as on
March 31, 2018, due to large debt contracted to extend loans and
advances to sister concerns.
* Small scale of operations in highly fragmented hospitality
industry: With estimated turnover of INR11.36 crore in fiscal
2018, the scale remains small in the highly fragmented
hospitality industry in the region.
Strengths
* Favourable location of hotel and established brand of the RR
group: The firm's promoters have considerable experience in the
construction business, and consequently, the RR group has a
strong brand recall in Lucknow. Furthermore, RRD's hotel is in
Hazratganj and provides opportunity to target not only corporates
but frequent travelers as well.
Outlook: Stable
CRISIL believes RRD will continue to benefit from its established
brand in Lucknow. The outlook may be revised to 'Positive' if
improved revenue and profitability or a decline in advances to
sister concerns leads to a better financial risk profile and
liquidity. The outlook may be revised to 'Negative' if a
substantial decline in occupancy, or increase in advances to
sister concerns, or large, debt-funded capital expenditure leads
to deterioration in the financial risk profile.
Set up in 2002 and promoted by the Lucknow-based Agarwal family,
RRD is part of the RR group. The firm operates a budget hotel in
Lucknow. RRD follows a franchise model and operates under the
Best Western Plus Levana brand.
RAGHUVEER URBAN: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s. Raghuveer Urban Construction Company Pvt. Ltd
C/o Ganpatrao Kadam Marg, Lower Parel
Mumbai MH 400013
Insolvency Commencement Date: July 25, 2018
Court: National Company Law Tribunal, Bhayander, Thane Bench
Estimated date of closure of
insolvency resolution process: January 21, 2019
(180 days from commencement)
Insolvency professional: Vimal Kumar Agrawal
Interim Resolution Professional of
Raghuveer Urban Construction Company
Pvt.
Ltd
Interim Resolution
Professional: Vimal Kumar Agrawal
V P Agrawal & Co
Chartered Accountants, Shop No 11,
Krishna Kunj, Building, Above HDFC Bank,
Bhayander (W), Thane - 401101
E-mail: vimalpagarwal@rediffmail.com
Last date for
submission of claims: August 7, 2018
RAJ BREEDERS: CRISIL Migrates D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raj Breeders
and Hatcheries Private Limited (RBHPL; part of the Raj group) to
'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 18.3 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Long Term Loan 9.2 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 0.9 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
CRISIL has been consistently following up with RBHPL for
obtaining information through letters and emails dated April 26,
2018 and May 11, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 Raj Breeders and Hatcheries
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Raj Breeders and Hatcheries
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 Raj Breeders and Hatcheries Private Limited to
'CRISIL D Issuer not cooperating'.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.
RAJ CHICK: CRISIL Migrates D Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raj Chick
Farms Private Limited (RCFPL; part of the Raj group) to 'CRISIL D
Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Long Term Loan 13.38 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 1.62 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
CRISIL has been consistently following up with RCFPL for
obtaining information through letters and emails dated April 26,
2018 and May 11, 2018, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 Raj Chick Farms Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Raj Chick Farms 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 Raj Chick Farms Private Limited to 'CRISIL D Issuer
not cooperating'.
The Raj group, which comprises RBHPL (up in 1998) and RCFPL
(2002), is promoted by Mr. O P Khurana and his family. Both
entities are is in the poultry farming business.
RAMADA ALLEPPEY: CRISIL Moves D Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Ramada
Alleppey (RA) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Long Term Loan 17.5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with RA for obtaining
information through letters and emails dated April 26, 2018 and
May 11, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Ramada Alleppey, which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Ramada Alleppey 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 Ramada Alleppey to 'CRISIL D Issuer not
cooperating'.
RA, set up by Mr Regi Cherian as a proprietorship firm in 2012,
is a luxury hotel in Alappuzha.
ROYAL AGRO: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Royal Agro Green Food Industries Pvt Ltd.
2nd Floor, Bhanu Mansion, Bhavani Shankar Road,
Dadar West, Mumbai 400 028
Insolvency Commencement Date: July 2020, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 15, 2019
Insolvency professional: Sekar Ananthanarayan
Interim Resolution
Professional: Sekar Ananthanarayan
B 305, Sai Jyote, Lalubhai Park West,
Vile Parile West, Mumbai 400 056
Tel.: 91-9820229134
E-mail: a.sekar.cs@gmail.com
procirp@gmail.com
Last date for
submission of claims: August 3, 2018
RUDRA ENTERPRISES: CRISIL Lowers Rating on INR6.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Rudra Enterprises (RER) to 'CRISIL D; Issuer not cooperating'
from 'CRISIL B/Stable; Issuer Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with RER through
letters and emails dated Feb. 22, 2018, among others, apart from
telephonic communication, for obtaining information. However, the
issuer has remained non-cooperative.
Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
has not received any information on either the financial
performance or strategic intent of RER, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on the company is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL B' rating
category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse banker feedback,
CRISIL has downgraded its rating on the long-term bank facilities
of RER to 'CRISIL D; Issuer not cooperating' from 'CRISIL
B/Stable; Issuer Not Cooperating'.
The downgrade reflects delay in servicing debt obligation, due to
stretched liquidity. However, the company benefits from the
extensive experience of its promoters.
Key Rating Drivers & Detailed Description
Weakness
* Stretched liquidity: Liquidity has been weak, owing to low cash
generation ability by the company.
Strengths
* Promoters' extensive experience: Benefits from the extensive
experience of the promoters in the trading industry, and
established relations with suppliers and customers should
continue to support business risk profile.
Set up in 2000 as partnership firm,RER trades in home appliances
of the LG brand and in lubricant products for Castrol India Ltd.
Rudra Enterprises, based in Ranchi, is promoted by Mr. Varun
Pratap Singh, Mr. Rudra Pratap Singh, Mr. Abhay Pratap Singh, and
Mr. Sheo Prasad Singh, who have over a decade's experience in the
industry.
SAMRIDDHI RICE: Ind-Ra Affirms BB- Issuer Rating; Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Samriddhi Rice
Mill (P) Ltd.'s (SRMPL) Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR10.74 mil. (reduced from INR12.80 mil.) Term loan due on
August 2023 affirmed with IND BB-/Stable rating; and
-- INR75 mil. Fund-based limits affirmed with IND BB-/Stable
rating.
KEY RATING DRIVERS
The affirmation reflects SRMPL's continued small scale of
operations and modest credit metrics. Its revenue declined to
INR351.00 million in FY17 from INR367.24 in FY16 owing crop
failure. Meanwhile, its interest coverage ratio (operating
EBITDA/gross interest expense) was 2.2x (FY16: 2.2x) and net
leverage (net debt/operating EBITDA) was 4.4x (4.1x). The
deterioration in the leverage was due to an increase in net debt
amount, with EBITDA staying nearly flat.
The ratings further reflect an average EBITDA margin of 5.70% in
FY17 (FY16: 5.61%), with return on capital employed standing at
14.44% (16.24%).
The ratings continue to reflect SRMPL's tight liquidity,
indicated by a 93% fund-based limit utilization during the 12
months ended June 2018.
The ratings, however, continue to be supported by the promoters'
experience of over four decades in the rice milling business and
the company's plant's proximity to a paddy-growing area.
RATING SENSITIVITIES
Negative: Any decline in the revenue, along with any
deterioration in the credit metrics, may lead to a negative
rating action.
Positive: Any increase in the scale of operations, along with any
improvement in the credit metrics, could lead to a positive
rating action.
COMPANY PROFILE
SRMPL purchases paddy from farmers and farmers' markets, and then
process it into rice for sale in 25kg and 50kg packs to
wholesalers across Bihar, Jharkhand, West Bengal, Assam and
Gujrat under the brands Rajaji, Rajnigandha, Yuvraj, Rajshree and
Shreebhog.
SAPNA GEMS: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sapna Gems
(SG) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 3 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Post Shipment 12 CRISIL D (ISSUER NOT COOPERATING;
Credit Rating Migrated)
Proposed Short 5 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
CRISIL has been consistently following up with SG for obtaining
information through letters and emails dated April 26, 2018 and
May 11, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Sapna Gems, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Sapna
Gems 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 Sapna Gems to 'CRISIL D Issuer not cooperating'.
SG, set up in 1978 as a partnership firm, mainly trades in
polished diamonds. The firm also cuts and polishes diamonds. It
derives 97% of its revenue from trading, and 3% from processing.
SG currently has two partners: Mr Popatlal Shah and Mr Devendra
Shah.
SARAL HOME: Ind-Ra Migrates BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saral Home
Finance Limited's bank loans' rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR207.55 mil. Bank loans migrated to non- cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 6, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Saral Home Finance (formerly Vishwakriya Housing Finance Ltd.) is
a housing finance company registered and regulated by the
National Housing Bank, a wholly-owned subsidiary of the Reserve
Bank of India.
SHAHJAHANPUR EDIBLES: CRISIL Migrates D Rating to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shahjahanpur
Edibles Private Limited (SEPL) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Term Loan 7 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with SEPL for obtaining
information through letters and emails dated April 26, 2018 and
May 11, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Shahjahanpur Edibles Private
Limited, which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Shahjahanpur Edibles 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 Shahjahanpur Edibles Private Limited to 'CRISIL D
Issuer not cooperating'.
Shahjahanpur Edibles Pvt. Ltd (SEPL) was set up in 2014 and is
currently promoted by Mr. Shivkumar Agarwal and his family. The
company is engaged in manufacturing of Liquid Glucose, Malto
Dextrin Powder and Gluten in Shahjahanpur, Uttar Pradesh. Its
promoters have two decades of experience in trading of food
grains and gunny bags.
SHREE KRISHNA: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Krishna
Steels' Long-Term Issuer Rating to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as 'IND BB+
(ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR500 mil. Non-fund-based facilities migrated to non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING)
/IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1980, Shree Krishna Steels is involved in trading
of mild/flat steel products such as hot-rolled coils.
SHREE RENUKA: ICRA Hikes Rating on INR1286.4cr Loan from D
----------------------------------------------------------
ICRA has upgraded the long-term and the short-term ratings
outstanding on the bank limits of Shree Renuka Sugars Limited
(SRSL) to [ICRA]BBB+ and [ICRA]A2 respectively. ICRA has also
assigned the long-term rating of [ICRA]BBB+ to the NCD programme
of SRSL worth INR552.1 crore. The outlook on the long-term rating
is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 1286.4 [ICRA]BBB+ (Stable);
upgraded from [ICRA]D
Cash Credit 181.0 [ICRA]BBB+ (Stable);
upgraded from [ICRA]D
Letter of credit 1124.2 [ICRA]A2; upgraded from
[ICRA]D
Non-convertible
debenture (NCD) 552.1 [ICRA]BBB+ (Stable);
assigned
Rationale
The revision in the ratings primarily reflects the comfort
arising from change in the parentage for SRSL with Wilmar Sugar
Holdings Ltd (WSHL), wholly owned subsidiary of Wilmar
International Limited (WIL), now being the majority shareholder
in SRSL and holds ~58% stake in the company. As part of the debt
restructuring exercise, WSHL infused close to ~ INR784 crore in
SRSL, as equity capital, which resulted in an increase in the
shareholding of Wilmar Group in SRSL from ~27% to 38%. The
shareholding was further increased to ~58% post the open offer,
resulting into SRSL becoming a subsidiary of WIL. As part of the
resolution plan, WIL has also extended a corporate guarantee on
the bank term loans and working capital debt amounting to
INR2504.31 crore. While the cash flows at a standalone level may
remain subdued owing to the weak sugar prices coupled with high
debt levels, ICRA has favorably taken the change in the parentage
and expects timely infusion of funds from the Wilmar Group, in
case of any liquidity mismatch, to meet the debt servicing
obligations. ICRA also expects SRSL to benefit through synergy
with WIL's international presence in sugar and commodity
business.
ICRA, also positively notes the company's complete forward
integration into distillery and co-generation operations and
advantage of the sugar facilities being located in states of
Maharashtra and Karnataka which are regions with high sugar
recovery rates, longer crushing season and relatively flexible
Fair & Remunerative Price (FRP) based cane price regime. ICRA
also takes a note of the fact that Brazilian subsidiary
operations of SRSL are currently under bankruptcy and the company
does not have any recourse to the debt liabilities of the
Brazilian subsidiary. Further, the company has completely
written-off its investments and loans to the Brazilian
subsidiaries during FY2018 which has, however, resulted in
significant erosion of net-worth.
The ratings, however, remain constrained by the high debt levels,
weak capital structure and modest expected debt coverage
indicators owing to the oversupply scenario in the domestic sugar
sector owing to record sugar production in SY2018 resulting in a
sharp decline in domestic sugar prices over the last few months.
While the recent support measures taken by the Government of
India (GoI) for the sugar industry, such as creation of 3 million
metric tonne (MT) of buffer stock and fixing the minimum sugar
price at INR29,000/MT has resulted in some recovery in sugar
prices, the overall debt protection indicators for the company is
expected to remain subdued due to the high debt levels and modest
capacity utilisation levels. The ratings are further constrained
by risks associated with the inherent cyclicality in the sugar
business; the agro-climactic conditions related to cane
production; the Government policies on import duties, the pricing
and offtake of cogeneration power and ethanol; and counterparty
credit risk associated with the sale of power to the utility in
Maharashtra. The company's operations are also exposed to the
risk of price fluctuations impacting the spread available between
raw and white sugar in its sugar refining business.
Outlook: Stable ICRA expects sugar prices to recover and remain
stable in the near term supported by the recent government
initiatives. The outlook may be revised to Positive if the sugar
production estimates for SY2019 are lowered and if the exports of
2 million MT are implemented successfully, resulting in
favourable supply-demand dynamics, which in turn would result in
higher sugar prices. The outlook may be revised to Negative if
there is a considerably higher sugar production than consumption
estimates for SY2019, resulting in a crash in sugar prices.
Key rating drivers:
Credit strengths
Subsidiary of Wilmar International Limited: Post the debt
restructuring exercise and the subsequent open offer, SRSL has
become a subsidiary of Wilmar International Limited. Wilmar
Group's business activities include oil palm cultivation,
oilseeds crushing, edible oils refining, sugar, specialty fats,
oleochemicals and biodiesel manufacturing and grains processing.
The company is one of the largest global processor and
merchandiser of palm and lauric oils. On a consolidated level,
WIL reported revenues of USD 44,362 million in FY 2017 (Jan 2017-
Dec 2017) with operating margins of ~4.8% and net margins of
~2.4%. Being a large trading house, the total debt levels for the
Group has remained high and stood at ~ USD 21,387 million, almost
85% of which is contributed by working capital debt.
While the cash flows at a standalone level may remain subdued
owing to the weak sugar prices coupled with high debt levels,
ICRA has positively considered the change in the parentage as
Wilmar International has high financial flexibility and is
expected to infuse funds is SRSL, in case of any liquidity
mismatch, to meet the debt servicing obligations. Also, as part
of the resolution plan, WIL has extended a corporate guarantee on
the bank term loans and working capital debt amounting to
INR2504.31 crore.
Fully forward integrated into distillery and co-generation
operations resulting in substantial de-risking of core sugar
business: The company is forward integrated into distillery and
co-generation operations that de-risks the core sugar business of
the company and supports its profitability during periods of
sugar cyclicality. During the last few years, while performance
of sugar business has remained subdued, the distillery business
has performed satisfactorily with PBIT margins of 24-25%.
Locational advantage for the refinery business; the business to
benefit through synergy with WIL's international presence in
sugar & commodity business: The company's refining units enjoy
locational advantages being situated close to the ports, since
bulk of the raw material is imported, while a significant portion
of the refined sugar is exported to foreign markets. Since the
company procures the raw sugar from international markets against
favourable LC terms, it operates on a negative working capital
cycle which reduces the interest burden. The business is also
expected to benefit through the operational synergies with Wilmar
International, which is one of the largest sugar trader in the
world.
Recovery in sugar price following GoI's support measures: GoI has
recently announced support measures for the sugar industry which
include creation of 3 million MT of buffer stock, fixation of MSP
at INR29,000/MT and incentives for setting up of distillery
capacities. The creation of buffer stock is likely to improve the
demand-supply dynamics in the near term. The prices have already
witnessed recovery to INR33,000/MT from the low level of
INR27,500/MT in May 2018.
Credit challenges
Financial profile continues to remain stretched: While the debt
levels for the company have reduced post the restructuring
exercise, it continues to remain high. Consequently, owing to the
oversupply scenario in the domestic sugar sector and a sharp
decline in domestic sugar prices over the last few months, the
debt coverage metrics for the company, at a standalone level,
will remain subdued. Further, the company has completely written-
off its investments and loans to the Brazilian subsidiaries
during FY2018, which has, resulted in significant erosion of net-
worth.
High cane procurement cost: Owing to lower cane availability,
cane procurement cost for the company remained high over the last
few years which kept the contribution margins in the sugar
business at subdued level. Going forward, with the increase in
the cane availability, ability of the company to reduce the cane
procurement cost will remain highly critical for improving the
contribution margins in the sugar business.
Operations exposed to agro-climatic risks and cyclical trends in
sugar business- The operations of the company remain exposed to
the agro-climatic and cyclical risks associated with sugarcane
production. During SY 2017 and SY 2018, the cane availability
remained low vis-a-vis the historical volumes, which not only
impacted the sugar business, but also impacted the overall
volumes in the distillery and cogeneration business.
Vulnerability to government/regulatory policies- The sugar
industry is highly regulated, with various Government Acts
governing virtually all aspects of the business, which include
the availability and pricing of sugarcane, sugar trade and by-
product pricing.
Exposure of the company's trading business to market risks,
especially price fluctuations: The company is also engaged in
trading of raw sugar, white sugar and certain distillery products
and remains exposed to price fluctuations.
Shree Renuka Sugars Limited (SRSL) is one of the largest private
sector sugar manufacturers in the country, promoted by first
generation entrepreneurs, viz. Murkumbi family, with a combined
crushing capacity of about 42,000 TCD (across seven units) in
India. The plants in India are located in the states of
Maharashtra and Karnataka.
SRSL has been one of the first mills to be fully forward
integrated into distillery (using molasses, a by-product of
sugar) and co-generation (based on bagasse) operations. SRSL
mainly manufactures fuel grade ethanol that can be blended with
petrol. The distillery capacity for the company stands at 930
KLPD (630 KLPD from molasses to ethanol and 300 KLPD from
rectified spirit to ethanol). The company has a total co-
generation capacity of 584 MW with a total exportable surplus of
356 MW. The company also carries out refining activity, i.e.
conversion of raw sugar to white sugar, from its 2,500 TPD unit
at Haldia (West Bengal) and 3,000 TPD unit at Kandla (Gujarat).
SHRIRAMKRUPA FIBERS: ICRA Moves B+ Rating to Not Cooperating
------------------------------------------------------------
ICRA has moved the long-term rating for the bank facilities of
Shriramkrupa Fibers to the 'Issuer Not Cooperating' category. The
rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT
COOPERATING".
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund- 2.75 [ICRA]B+ (Stable) ISSUER NOT
Based-Term Loan COOPERATING; Rating moved to
the 'Issuer Not Cooperating'
category
Long-term fund- 5.00 [ICRA]B+ (Stable) ISSUER NOT
Based-Cash Credit 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/dated/
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.
Shriramkrupa Fibers (SKF) was established in June 2013 by
proprietor Mr. Sachin Sharma and is involved in the business of
ginning and pressing of raw cotton. The firm has set up a
Greenfield cotton ginning plant in Wardha district of Maharashtra
having production capacity of 200 bales per day, commercial
production from which has commenced from January 2015.
SIPL TEXTILES: CRISIL Moves D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of SIPL
Textiles Private Limited (SIPL; earlier Saurer Embroidery Systems
India Pvt Ltd) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1.1 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Cash Credit 3.75 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 3.59 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
Term Loan 4.06 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated April 26, 2018 and
May 18, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 SIPL Textiles Private Limited,
which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on SIPL Textiles 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 SIPL Textiles Private Limited to 'CRISIL D/CRISIL D
Issuer not cooperating'.
Incorporated in 1997, SIPL embroiders fabric. It was the sole
marketing and servicing agent for Switzerland-based Oerlikon
Saurer (manufacturer of shuttle embroidery machines) products in
India. However, this business was discontinued in fiscal 2016.
SIPL's manufacturing plant is in Gurgaon, Haryana.
SRI VEER: ICRA Assigns B+ Rating to INR4.50cr LT Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.00-
crore term loans of Sri Veer Anajanya Agro Foods. The outlook on
the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-fund
Based-Cash Credit 4.50 [ICRA]B+(Stable); assigned
Long term-fund
Based-Term Loan 2.50 [ICRA]B+(Stable); assigned
Rationale
The assigned rating takes into account the firm's modest scale of
operations and moderate financial risk profile characterised by
thin margins and low net worth. The rating also factors in the
intensely competitive nature of the rice industry with the
presence of numerous large and small-scale players which
constrain the volume and pricing flexibility of rice millers.
The rating also takes into account the susceptibility of revenues
and margins to inherent agro-climatic risks and changes in
government policies, which impact the availability of paddy and
the price of paddy. The firm is also exposed to the inherent
risks associated with the partnership nature of the firm, wherein
any significant withdrawals from the capital account can
adversely impact the firm's net worth and capital structure. The
rating, however, favourably factors in the extensive experience
of the partners in rice milling industry, and its established
relationship with suppliers and customers.
The rating also considers the improvement in the firm's revenues
over the last two fiscals, with stabilisation of operations post
the capital expenditure in FY2016. The rating also factors in the
proximity of the firm to paddy growing areas in Raichur
facilitating easy procurement of raw materials and the stable
demand outlook of the industry.
Outlook: Stable
ICRA believes Veer Anjaneya will continue to benefit from the
extensive experience of its promoters in the rice-milling
business. The outlook may be revised to Positive if the firm is
able to demonstrate substantial growth in revenues and
profitability resulting in healthy cash accruals. The outlook may
be revised to Negative if the firm reports lower than expected
accruals or any stretch in the working-capital cycle weakens
liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters in the rice-milling business:
Incorporated in 2015, Veer Anjanaya is a partnership firm that
processes raw rice and parboiled rice. The promoters have been
involved in the rice-milling business for over two decades
through group entities. Experience of the promoter has enabled
the company to establish relationship with suppliers as well as
customers, which ensures timely availability of raw materials and
repeat orders from a diversified customer base. The firm's
milling unit at Raichur in Karnataka with an installed capacity
of 4 MT per hour of milling.
Proximity to rice-growing areas: The firm's plant is located at
Raichur, which is surrounded by areas such as Manvi, Sindhnoor
and Gangavathi where a major part of the paddy is cultivated.
This results in low transportation cost for the firm and easy
availability of paddy.
Favourable demand outlook: Demand prospect of rice is expected to
remain favourable as it a staple food grain and India is the
second largest producer of rice in the world.
Credit challenges
Modest scale of operations: The overall scale of operations is
moderate with revenues of INR23.2 crore in FY2018, although
improved over the past two years, restricting operational and
financial flexibility to some extent.
Moderate financial profile: The operating margins of the firm has
been at 5.0% in FY2018 (reduced from 6.6% in FY2017) on account
of the inherent nature of the business. Consequently, the net
margins have also been low at 1.0% in FY2018.
Intense competition marked by presence of a large number of
players: Owing to low entry barriers with readily-available
technology and proximity to rice-cultivating belt, there are more
than 90 rice-milling units in and around Raichur, leading to
intense competition for paddy procurement, in turn affecting
volumes and pricing flexibility of rice millers like Veer
Anjanaya.
Inherent agro-climatic risks and vulnerability to changes in
Government policies: Being in the agricultural business, industry
players continue to face inherent risks such as unfavourable
monsoons, availability of raw materials at reasonable prices,
epidemics in paddy crop or shift of farmers to other cash crops
and cyclicality, as well as changes in Government regulations.
Inherent risks associated with the partnership nature of the
business: The firm is exposed to risks associated with
partnership firms including capital withdrawal that could
adversely impact the capital structure.
Incorporated in 2015, Sri Veer Anjanaya Agro Foods (Veer
Anjaneya) is a partnership firm managed by Mr. M R Vasanth and
Mr. M R Prathik. The firm is engaged in milling and trading of
rice, broken rice, bran and husk. The firm's manufacturing
facility is located in Raichur in Karnataka with an aggregate
installed capacity of 4 tons per hour of milling. The firm
procures majority of its raw material requirements from farmers
located in Raichur and its neighbouring districts in Karnataka
and sells them in the domestic market. The firm sells Sona Masuri
rice in bulk quantities under different brand names such as
Yoddha, Amrit, SV Gold, Choice India, Little drops, etc. and has
presence mainly in Karnataka and Tamil Nadu.
In FY2018 (based on provisional figures), the firm reported a net
profit of INR0.2-crore on an operating income of INR23.2-crore,
as compared to a net profit of INR0.2-crore on an operating
income of INR18.8-crore in the previous year.
STERLING INT'L: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Sterling International Enterprises Limited
43, Atlanta Building, Nariman Point,
Mumbai MH 400021 IN
Insolvency Commencement Date: July 16, 2018
Court: National Company Law Tribunal, Navi Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 12, 2019
(180 days from commencement)
Insolvency professional: CA. Vishal Ghisulal Jain
Interim Resolution
Professional: CA. Vishal Jain
B-3/7/1-2, Sector 15, Vashi,
Navi Mumbai - 400703
E-mail: vishal@cavishaljain.com
(Do not communicate to this address and
email)
- and -
502, G Square Business Park,
Opp. Sanpada Station West, Sector - 30A,
Vashi, Navi Mumbai - 400705
E-mail: sterling.int.ip@gmail.com
Last date for
submission of claims: August 6, 2018
STERLING SEZ: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sterling SEZ and Infrastructure Limited
C-25, Laxmi Tower, 'A', -601, 6th Floor,
Bandra Kurla Complex, Bandra (East) Mumbai
MH 400051 IN
Insolvency Commencement Date: July 16, 2018
Court: National Company Law Tribunal, Navi Mumbai Bench
Estimated date of closure of
insolvency resolution process: January 12, 2019
(180 days from commencement)
Insolvency professional: CA. Vishal Ghisulal Jain
Mr. Hansraj Chandanlal Ahuja
Mr. Subodh Balkrishna Gokhale
Mr. Pradeep VithalSamant
Interim Resolution
Professional: CA. Vishal Jain
B-3/7/1-2, Sector, 15, Vashi,
Navi Mumbai - 400703
E-mail: vishal@cavishaljain.com
(Do not communicate to this address and
email)
- and -
502, G Square Business Park,
Opp. Sanpada Station West, Sector - 30A,
Vashi, Navi Mumbai - 400705
E-mail: sterling.sez.ip@gmail.com
Classes of creditors: Allottees in the SEZ project
Insolvency
Professionals
Representative of
Creditors in a class: Mr. Hansraj Chandanlal Ahuja
Mr. Subodh Balkrishna Gokhale
Mr. Pradeep VithalSamant
Last date for
submission of claims: August 6, 2018
SUMIT WOOL: CRISIL Migrates D Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sumit Wool
Processors (SWP) to 'CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 17 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
Proposed Long 4 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Rating Migrated)
Facility
Term Loan 5 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with SWP for obtaining
information through letters and emails dated April 26, 2018,
May 11, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Sumit Wool Processors. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Sumit Wool Processors 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 Sumit Wool Processors to 'CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
Ludhiana-based SWP was established in 1990 by Mr Rajnish Kumar
Tuli, and trades in polyester yarn till fiscal 2010, after which
it began manufacturing grey polyester fabric. Currently, the firm
has 30 knitting machines with total capacity of 15 tonne per day.
SUPREME COATED: CRISIL Moves D Rating to Not Cooperating Category
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Supreme
Coated Board Mills Private Limited (SCBM) to 'CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 24 CRISIL D (ISSUER NOT COOPERATING;
Rating Migrated)
CRISIL has been consistently following up with SCBM for obtaining
information through letters and emails dated April 26, 2018 and
May 11, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Supreme Coated Board Mills
Private Limited, which restricts CRISIL's ability to take a
forward looking view on the entity's credit quality. CRISIL
believes information available on Supreme Coated Board Mills
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 Supreme Coated Board Mills Private Limited to
'CRISIL D Issuer not cooperating'.
SCBM was set up in 2003, by Ms M Tangeswari and her family.
Commercial operations began in 2005. The Sivakasi-based company
manufactures white-coated boards, used in the matchstick,
firework, notebook, and packaging industries.
SUSHITEX INDUSTRIES: CRISIL Lowers Rating on INR18cr Loan to D
--------------------------------------------------------------
CRISIL has downgraded the ratings on bank facilities of Sushitex
Industries Private Limited (SIPL) to 'CRISIL D/CRISIL D Issuer
Not Cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL A4 ISSUER
NOT COOPERATING')
Cash Credit 3 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Export Packing 13.5 CRISIL D (ISSUER NOT COOPERATING;
Credit Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Proposed Long 4.57 CRISIL D (ISSUER NOT COOPERATING;
Term Bank Loan Downgraded from 'CRISIL B+/Stable
Facility ISSUER NOT COOPERATING')
Term Loan 18 CRISIL D (ISSUER NOT COOPERATING;
Downgraded from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
CRISIL has been consistently following up with SIPL for obtaining
information through letters and emails dated January 24, 2017,
and February 14, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
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 SIPL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
SIPL is consistent with 'Scenario 2' outlined in the 'Framework
for Assessing Consistency of Information with Crisil BB Rating
category or lower.'
Further, as per information available in the public domain from
sources considered reliable, there are overdues in the firm's
PCFC facility. The reason, as understood by CRISIL, is elongation
of working capital cycle due to delays in receipt of payments
from overseas customers leading to stretched liquidity.
Based on the last available information, CRISIL has downgraded
the ratings to 'CRISIL D/CRISIL D Issuer Not Cooperating'.
SIPL, set up in 2011, manufactures fabric used for making shirts.
Its manufacturing facilities are in Tarapur (Maharashtra) and
operations are managed by Mr. Harish Arya and his family members.
VARUN EXPORTS: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Varun
Exports (VE) to 'CRISIL D/CRISIL D Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Letter Of Guarantee .05 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Letter of Credit .20 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Packing Credit 7.50 CRISIL D (ISSUER NOT
COOPERATING; Rating
Migrated)
Proposed Long Term 1.21 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
Migrated)
CRISIL has been consistently following up with VE for obtaining
information through letters and emails dated April 23, 2018,
May 8, 2018 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
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 Varun Exports. Which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Varun
Exports 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 Varun Exports to 'CRISIL D/CRISIL D Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
Set up as a partnership firm in 1985, VE manufactures leather
footwear in Agra, Uttar Pradesh. Its operations are managed by Mr
Arun Ahluwalia and his son, Mr Varun Ahluwalia.
VIJAY NIRMAN: ICRA Withdraws D Rating on INR520.30cr Loan
---------------------------------------------------------
ICRA has withdrawn the rating of [ICRA]D assigned to the
INR846.00 crore bank facilities and INR50.00-crore commercial
paper of Vijay Nirman Company Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 250.00 [ICRA]D; Withdrawn
Bank Guarantee 520.30 [ICRA]D; Withdrawn
Commercial Paper 50.00 [ICRA]D; Withdrawn
Unallocated Limits 75.70 [ICRA]D; Withdrawn
Rationale
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request of the company, based on
no-due certificate provided by its banker.
Outlook: Not Applicable
Vijay Nirman Company Private Limited (VNCPL) was incorporated by
first generation entrepreneur Dr. S Vijaya Kumar in 1994. The
company started with industrial infrastructure, marine works and
piling contracts in Visakhapatnam and then ventured into other
segments like construction of residential and commercial
buildings, road and railway-based structures. The company is a
special status contractor for various government organizations
and has executed works for large sized private companies. The
company has its administrative office in Visakhapatnam and has
set up branch offices in Bangalore, Hyderabad, NOIDA and Nagpur.
ZINDRELLA: CRISIL Assigns D Rating to INR6cr Cash Loan
------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facility of Zindrella.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL D (Assigned)
The rating reflects overdrawing of cash credit limit for more
than 30 days due to weak liquidity following large working
capital requirement. However, the firm benefits from its
association with reputed brands.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak liquidity: Overdrawn cash credit limit reflects stretched
liquidity.
* Working capital-intensive operations: Gross current assets are
estimated to be 269 days, on account of large inventory of over
260 days estimated as on March 31, 2018. This is because the firm
has arranged with suppliers of branded products to maintain a
certain level of inventory at all its outlets.
Strength
* Association with reputed brands: The firm has longstanding
relationship with brands such as United Colors of Benetton (UCB),
W, and Jockey. It is adding two more UCB outlets in fiscal 2019.
Set up in 2011 as a proprietorship concern by Ms Dyna Gickson,
Zindrella retails ready-made garments at its 15 outlets in
Kerala.
=========
J A P A N
=========
TELLMECLUB: Former President Gets Six Year-Jail Term for Fraud
--------------------------------------------------------------
The Mainichi reports that a Tokyo court on July 20 sentenced the
president of failed travel agency Tellmeclub to six years in
prison for defrauding banks of loans by doctoring earnings data
to avoid collapsing.
According to the report, the Tokyo District Court ruled that
Chikako Yamada, 68, conspired with her former subordinate
Toshiyuki Sasai, 37, and swindled Sumitomo Mitsui Banking Corp.
out of JPY394 million ($3.51 million) between June and December
2016 and Higashi-Nippon Bank out of JPY150 million in February
last year after showing them company financial statements with
fictitious profits.
"Most of the swindled money has not been returned . . . and the
fact that she has not gained personally does not constitute an
excuse," said Presiding Judge Masaya Kawamoto in handing down the
ruling, the Mainichi relays.
The Mainichi relates that the ruling also found Ms. Yamada guilty
of hiding her executive compensation worth JPY10 million when
filing for personal bankruptcy with the court and failing to
declare it to a court-appointed administrator between March and
April last year.
The Tokyo-based travel agency, founded by Yamada in 1998, was
known for selling low-cost tour packages online.
Tellmeclub went bankrupt in March last year with debts of around
JPY15.1 billion after collecting roughly JPY9.9 billion in
advance payments from between 80,000 to 90,000 customers across
Japan, sparking a major outcry among people.
=========
M A C A U
=========
VIVA MACAU: Loan Case Transferred to Corruption Watchdog
--------------------------------------------------------
Macau Business reports that the Administrative Council of the
Industrial and Commercial Development Fund (FDIC) has transferred
the case concerning some MOP212 million (US$26.2 million) worth
of loans granted to bankrupt airline Viva Macau to the Commission
Against Corruption (CCAC), according to a release on July 27.
Macau Business relates that in the statement released by the
Economic Services Bureau (DSE), the Fund claims it decided to
review the case once again, including processes of evaluation and
approval, considering the principles of impartiality and justice,
after the Follow-up Committee on Public Finance Affairs of the
Legislative Assembly (AL) requested the government to verify
several unclear aspects involved in the case.
During the meeting of the committee held on July 26, legislators
have requested that the government reveal who were the officials
that approved the loans and that it verifies if there were any
illegal transfer of assets on the part of the company after it
had obtained the loans, or if there were any other frauds
involved, according to Macau Business.
The report says the CCAC confirmed to Macau News Agency (MNA)
that it had received the case, but refrained from providing more
information when questioned.
On July 26, the committee chairman, Mak Soi Kun, indicated that
loans between MOP500,000 and MOP9 million require authorisation
from the DSE while loans above MOP9 million require authorisation
from the Chief Executive (CE), which was Edmund Ho Hau Wah during
the time that Viva Macau went bankrupt, the report states.
Previous reports have indicated that Viva Macau was controlled by
an international private fund named MKW Capital Management, in
which Kevin Ho, also a director of Eagle Airways (a main
shareholder of Viva Macau) and William Ho - the nephew and late
brother of the former CE - were members, Macau Business adds.
====================
N E W Z E A L A N D
====================
PLEASANT POINT: South Canterbury Hotel Avoids Liquidation
---------------------------------------------------------
Stuff.co.nz reports that the only hotel in a small South
Canterbury town has avoided being placed in liquidation, after
Inland Revenue withdrew an application against the business in
the Timaru High Court on July 30.
Stuff relates that Inland Revenue filed the application to have
Pleasant Point Hotel 2015 Ltd, which owns the only hotel in
Pleasant Point, 19km inland from Timaru, put into liquidation on
March 15, 2018.
According to the report, the hearing was adjourned from May 28
until July 30, when the court was told by lawyer Craig O'Connor,
representing Inland Revenue, that there were no outstanding
issues with costs.
Mr. O'Connor asked that the liquidation application be
"discontinued by law with no costs," Stuff relays.
At the time the application was filed, Pleasant Point Hotel 2015
Ltd owed the department NZ$439,287.85, Stuff says.
In its application, Inland Revenue said the company owed money
for goods and services tax (GST), pay as you earn (PAYE) tax
deductions, KiwiSaver employee deductions and employer
contributions, student loan deductions, interest and penalties,
employer superannuation and contribution tax, according to Stuff.
=================
S I N G A P O R E
=================
MULHACEN PTE: Fitch Gives 'BB-(EXP)' LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has assigned Mulhacen Pte Ltd an expected Long-Term
Issuer Default Rating (IDR) of 'BB-(EXP)' with Stable Outlook. At
the same time, Fitch has assigned Mulhacen's senior secured
payment-in-kind (PIK) toggle notes an expected rating of 'BB-
(EXP)'.
Mulhacen is the holding company set up by Varde Partners and will
be the issuer of the PIK toggle notes. Varde Partners will,
through its holding companies, acquire a 49% stake in WiZink
Bank, S.A. from Banco Santander S.A. (Santander; rated A-/Stable)
and become its sole shareholder. WiZink was originally Citibank's
Spain credit business and was owned, since 2014, by Banco Popular
Espanol S.A (Popular). In December 2014, Varde Partners acquired
51% of WiZink, while the 49% remaining shares were kept by
Popular.
In March 2018, following the resolution of Popular resulting in
its sale to Santander in June 2017, Varde Partners announced the
acquisition of the remaining 49% stake in WiZink, which includes
plans to issue five-year senior secured PIK toggle notes
totalling EUR515 million. Simultaneously, as part of the
transaction, WiZink will sell to Santander the credit and debit
card business of Popular's customers in Spain and Portugal,
transferred to WiZink in 2014 and 2016. The transaction is
subject to the receipt of all regulatory approvals, expected by
end-2018.
The final rating of the senior secured PIK toggle notes is
contingent on the receipt of final documents conforming to
information already provided to Fitch. Failure to issue the
instruments would result in the withdrawal of Mulhacen's expected
Long-Term IDR and senior secured debt rating.
KEY RATING DRIVERS
IDRs
The Long-Term IDR of Mulhacen is primarily driven by the
structural subordination of Mulhacen's creditors to those of
WiZink and reliance on dividend being upstreamed from WiZink to
service its debt. On conclusion of the planned acquisition,
WiZink will represent Mulhacen's only asset and thus the issuer
will not have a material source of income other than dividends
from its operating subsidiary.
The ratings also factor in Mulhacen's commitment, in the context
of ongoing discussions with the Bank of Spain, to reduce net cash
flow leverage over the life of the bond by retaining part of the
received dividends as a source of contingent liquidity. The
rating further reflects Mulhacen's adequate gross cash flow
leverage ratios and WiZink's strong profit generation capacity.
Leverage ratios, as measured by gross debt divided by annual
received dividends, are adequate and Fitch expects them to remain
consistent with a 'bb' category over the lifetime of the bond
under the current economic environment prospects in Spain and
Portugal. Adequate leverage ratios are underpinned by WiZink's
solid profitability. WiZink generates solid net earnings (around
3.5% of risk-weighted assets in 2017), and its base case scenario
expects it to remain resilient over the lifetime of the notes.
Fitch's base case incorporates Varde's intention to distribute
100% of Wizink's common equity Tier 1 in excess of 13.8% of risk-
weighted assets, which is the minimum ratio Varde has committed
to in its ongoing discussions with Bank of Spain.
Mulhacen's liquidity is adequate and expected to improve within
the lifetime of the notes, supported by the cash reserve
mechanism Varde has committed to. This mechanism requires the
entity to accumulate part of the dividends received from WiZink
in cash and thus reduces the non-performance risk of the notes or
the likelihood of the PIK mechanism being activated, which would
constitute a default under Fitch's criteria.
Mulhacen's credit profile is strongly correlated with that of
WiZink, as highlighted by the holding company's intrinsic
dependence on the bank's dividends as the primary and sole source
of cash flow. WiZink's credit profile is highly influenced by the
bank's business model, where yields are usually high for the
risks taken. Asset quality and profitability are therefore more
variable over economic cycles. Threats to dividends stability
also stems from WiZink's revenue concentration in net interest
income and by product, which make the bank's ability to defend
earnings under stressed scenarios more vulnerable than more
diversified peers'.
The expected instrument rating is aligned with Mulhacen's Long-
term IDR as Fitch expects the senior PIK notes to have average
recovery prospects.
RATING SENSITIVITIES
IDRS AND DEBT RATING
The ratings could be downgraded if Mulhacen suffers a significant
liquidity depletion that constrains materially its ability to
service its debt obligations. This will most likely be prompted
by a material fall in earnings at WiZink or, for instance, any
regulatory restriction on its capacity to pay dividends or
increased regulatory capital requirements.
Given the structural subordination to WiZink creditors and
Mulhacen's reliance on dividends to service the notes, upside for
Mulhacen's Long-Term IDR is limited. This is reflected in the
Stable Outlook of the Long-Term IDR.
Fitch views the senior PIK notes as Mulhacen's reference
liabilities. Consequently, under Fitch's Bank Rating Criteria,
any payment in kind (instead of cash payments) will be viewed as
non-performance of the notes and will consequently constitute a
default of the issuer.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week July 23 to July 27, 2018
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.02
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.17
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.81
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35
BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.03
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30
DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82
DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54
DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93
GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44
HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38
HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07
INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00
LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47
MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82
NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97
REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48
RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36
WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57
WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41
WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73
XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36
YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00
YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79
YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33
YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.05
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.21
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97
ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 71.81
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52
EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22
EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13
EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.53
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.38
REI AGRO LTD 5.50 11/13/14 USD 1.38
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43
JAPAN
-----
TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 2.37
TAKATA CORP 0.85 03/06/19 JPY 2.37
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57
KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
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 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.48
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36
I-BHD 3.00 10/09/19 MYR 0.37
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18
PUC BHD 4.00 02/15/19 MYR 0.14
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42
NEW ZEALAND
------------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.02
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.40
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.02
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.48
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 52.02
AUSGROUP LTD 8.45 10/20/18 SGD 51.35
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00
BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13
EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 50.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
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 7.88 06/05/17 SGD 16.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 67.62
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.78
*********
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 ***