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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, August 28, 2018, Vol. 21, No. 170
Headlines
A U S T R A L I A
ADARA KNOX: Second Creditors' Meeting Set for Sept. 3
BRIGHTNESS JEWELLERY: Second Creditors' Meeting Set for Aug. 31
EMECO HOLDINGS: Moody's Hikes CFR to B2, Alters Outlook to Pos.
NORTHSIDE CARDIOTHORACIC: 2nd Creditors' Meeting Set for Aug. 30
PERFECTION FLOORING: Second Creditors' Meeting Set for Sept. 4
C H I N A
HAIKOU MEILAN: Makes Payments After Missing Deadline
I N D I A
A K LUMBERS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
AAKASH POLYESTERS: CARE Assigns B+ Rating to INR5.50cr Loan
ABHIRAM INFRA: Ind-Ra Corrects August 8, 2017 Rating Release
AEGIS BUSINESS: ICRA Withdraws B- Rating on INR7.20cr Loan
AKSHAR COTTON: CARE Reaffirms B+ Rating on INR10cr LT Loan
AL GAYATHRI: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
AMBER INT'L: ICRA Reaffirms B+/A4 Ratings on INR5.25cr Loan
ASSOCIATES TRADE: Insolvency Resolution Process Case Summary
BCIL ZED: Insolvency Resolution Process Case Summary
CLEARSKY SOLAR: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
DAKSHINESWAR RICE: CARE Lowers Rating on INR4.98cr LT Loan to B+
DHANRAJ DIAMONDS: CARE Reaffirms B+ Rating on INR11cr LT Loan
GLOBAL GALLARIE: Insolvency Resolution Process Case Summary
GWALIOR DISTILLERIES: CARE Moves D Rating to Not Cooperating
HBN DAIRIES: Insolvency Resolution Process Case Summary
JAYPEE INFRATECH: Insolvency Resolution Process Case Summary
JINDAL WOOD: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
JSD STEEL: Insolvency Resolution Process Case Summary
MAULI FRESH: ICRA Reaffirms B Rating on INR16cr LT Loan
NILKANTH CHAWAL: CARE Lowers Rating on INR4cr LT Loan to B
NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.40cr LT Loan
NITHYA TOBACCOS: CARE Lowers Rating on INR12cr LT Loan to D
P DOT: Insolvency Resolution Process Case Summary
PHARMAVEDA INDIA: CARE Assigns B+ Rating to INR8.62cr LT Loan
PENTAGON ALUMINIUM: CARE Reaffirms B Rating on INR18cr Loan
PRAISEWORTH INFRA: Insolvency Resolution Process Case Summary
RADHE KRISHNA: ICRA Withdraws B Rating on INR27cr Term Loan
RAIPUR POWER: CARE Lowers Rating on INR332.65cr LT Loan to D
RAIPUR SPECIALITY: CARE Reaffirms B+ Rating on INR5.41cr Loan
RAJDEEP RICE: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
RAMESHWAR COTTEX: CARE Reaffirms B+ Rating on INR8.54cr Loan
RELIANCE COMMUNICATIONS: May Face Insolvency with Other Borrowers
RELIANCE COMMUNICATIONS: Completes Fibre Assets Sale to Reliance
RELIANCE INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'
SAI PRINT: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
SHREE CHINTAMANI: CARE Assigns B/A4 Ratings to INR10cr Loan
SHREEDHAR MILK: Insolvency Resolution Process Case Summary
SHRI SWAMI: CARE Assigns B+ Rating to INR7.03cr LT Loan
SHRI VISHNUPERUMAAL: Ind-Ra Migrates B+ Rating to Non-Cooperating
SPACEAGE SWITCHGEARS: Ind-Ra Affirms BB- Rating, Outlook Stable
SUPERIOR FOOD: CARE Reaffirms D Rating on INR45.75cr LT Loan
SVASCA INDUSTRIES: Ind-Ra Maintains B+ Rating in Non-Cooperating
M A L A Y S I A
* MSWG to Monitor All Financially Troubled and China-based Cos.
N E W Z E A L A N D
UNITEC INSTITUTE: To Get NZ$50MM from New Zealand Government
S I N G A P O R E
FALCON ENERGY: Posts US$80.9MM Loss for Year Ended June 30
X X X X X X X X
* BOND PRICING: For the Week August 20 to August 24, 2018
- - - - -
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A U S T R A L I A
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ADARA KNOX: Second Creditors' Meeting Set for Sept. 3
-----------------------------------------------------
A second meeting of creditors in the proceedings of Adara Knox
City Pty Ltd has been set for Sept. 3, 2018, at 10:30 a.m. at the
offices of Hamilton Murphy, Level 1, 255 Mary Street, in
Richmond, Victoria.
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. 31, 2018, at 4:00 p.m.
Richard Rohrt and Stephen Dixon of Hamilton Murphy were appointed
as administrators of Adara Knox on Aug. 22, 2018.
BRIGHTNESS JEWELLERY: Second Creditors' Meeting Set for Aug. 31
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Brightness
Jewellery Pty Ltd has been set for Aug. 31, 2018, at 3:00 p.m. at
the Boardroom of Chifley Advisory, Level 2, 9 Phillip Street, in
Parramatta, 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. 30, 2018, at 4:00 p.m.
Gavin Moss and Henry Kwok of Chifley Advisory were appointed as
administrators of Brightness Jewellery on July 27, 2018.
EMECO HOLDINGS: Moody's Hikes CFR to B2, Alters Outlook to Pos.
---------------------------------------------------------------
Moody's Investors Service has upgraded Emeco Holdings Limited's
corporate family rating to B2 from B3 and Emeco Pty Limited's
backed senior secured debt rating to B2 from B3. At the same
time, Moody's has changed the ratings outlook to positive from
stable.
RATINGS RATIONALE
"The ratings upgrade reflects the continued improvement of
Emeco's credit profile, underpinned by increasing earnings,
margins, and earnings-accretive equity-funded acquisitions during
the last 12 to 18 months," says Shawn Xiong, a Moody's Analyst.
"The significant improvement in earnings and margins reflects
increasing demand for Emeco's mining equipment as well as
favorable supply and demand dynamics in the Australian mining
equipment rental market," adds Xiong.
For the fiscal year ended June 30, 2018, the company's reported
operating EBITDA improved to AUD153 million from AUD84 million in
fiscal 2017, and its operating EBITDA margin improved to 40% from
36% over the same period.
These above factors have greatly improved Emeco's FY2018 adjusted
debt/EBITDA to 3.0x for FY2018 and Moody's expects this to
improve further, to close to 2.0x by the end of FY2019, driven by
a full-year earnings contribution from its recent acquisitions as
well as continued improvements in its operating utilization and
rental rates.
Moody's expects Emeco to continue to benefit from an improved
operating environment in Australia, where mining equipment supply
remains tight and commodity producers are looking to increase
their capital spending off the back of elevated commodity prices.
WHAT COULD CHANGE THE RATINGS
The positive outlook reflects the continued improvement in
Emeco's credit profile, underpinned by a supportive operating
environment, solid operating performance, and its recent earnings
accretive equity-funded acquisitions. It also reflects
management's continuing commitment to de-lever and adopt a
conservative financial policy.
For a further ratings upgrade to be considered, Moody's would
expect to see Emeco continue to secure new contracts and sustain
or increase its revenue and earnings. Specifically, Moody's would
consider upgrading the ratings if the company generates positive
free cash flow on a sustained basis, and reduces its level of
gross debt so that its leverage as measured by adjusted
debt/EBITDA will be sustained comfortably below 2.5x in a down-
cycle.
A ratings upgrade would also require Emeco to improve and sustain
the operating utilization of its equipment in the range of 60%-
70% and to maintain its operating EBITDA margin in the range of
40%-50%. Furthermore, another important consideration will be the
successful refinancing of Emeco's USD356 million senior secured
notes due in March 2022.
The ratings could be downgraded if a worse-than-expected macro
environment, operating underperformance and/or competitive
pressures, lead to a large number of Emeco's contracts being
terminated or not renewed on similar terms and margins, thereby
further reducing revenue and cash flow generation.
The ratings could also be downgraded if liquidity diminishes, and
the company cannot maintain adequate compliance with the
covenants in its debt facilities. Specifically, Moody's would
consider downgrading Emeco's ratings if its adjusted debt/EBITDA
exceeds 3.0x on a sustained basis.
The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.
Emeco Holdings Limited, established in 1972 and based in Perth,
is a mining equipment rental company.
Emeco Pty Limited is a wholly owned subsidiary of Emeco Holdings
Limited.
NORTHSIDE CARDIOTHORACIC: 2nd Creditors' Meeting Set for Aug. 30
----------------------------------------------------------------
A second meeting of creditors in the proceedings of Northside
Cardiothoracic Centre Pty Ltd has been set for Aug. 30, 2018, at
10:00 a.m. at the offices of BRI Ferrier, Level 4, 307 Queen
Street, in Brisbane, 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. 29, 2018, at 5:00 p.m.
Ian Alexander Currie of BRI Ferrier was appointed as
administrator of Northside Cardiothoracic on Aug. 20, 2018.
PERFECTION FLOORING: Second Creditors' Meeting Set for Sept. 4
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Perfection
Flooring Pty Ltd has been set for Sept. 4, 2018, at 11:00 a.m. at
the offices of Veritas Advisory, Level 5, 123 Pitt 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 Sept. 3, 2018, at 4:00 p.m.
Vincent Pirina and Steve Naidenov of Veritas Advisory were
appointed as administrators of Perfection Flooring on July 31,
2018.
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C H I N A
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HAIKOU MEILAN: Makes Payments After Missing Deadline
----------------------------------------------------
Reuters reports that the Shanghai Clearing House said on Aug. 27
it had received interest and principal payments from China's
Haikou Meilan International Airport Co Ltd, which had missed a
payment deadline for commercial paper that matured Aug. 24.
According to Reuters, the airport operator earlier said that it
had transferred payments on Aug. 24, but as the clearing house's
system had already closed, the transaction would be completed on
Aug. 27.
Reuters relates that the company said that in addition to
CNY1 billion (US$145.48 million) in principal, it had deposited
interest payments worth CNY54 million into the clearing house's
system.
Haikou Meilan International Airport Co Ltd is the largest airport
in Hainan Province, in China. The airport is operated by HNA
Infrastructure.
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I N D I A
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A K LUMBERS: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated A K Lumbers
Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR45.0 mil. Fund-based limits migrated to Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR90.5 mil. Non-fund based limits migrated to Non-
Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 18, 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 2000, A K Lumbers is engaged in the trading and
processing of timber logs, mainly teak and hard wood. Its
promoter is Mr. Atul Jindal.
NON-COOPERATION WITH PREVIOUS RATING AGENCY
A K Lumbers is listed under the 'Non Co-operation by the issuer'
category by CRISIL Limited due to inadequate information provided
by the company.
AAKASH POLYESTERS: CARE Assigns B+ Rating to INR5.50cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Aakash
Polyesters Private Limited (APPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.50 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of APPL is constrained
on account of small scale of operations along with low
profitability, moderate capital structure coupled with weak debt
coverage indicators and moderate liquidity position coupled with
elongated operating cycle and working capital intensive nature of
operation. The rating is further constrained on account of
susceptibility of its Business operations to cyclicality inherent
in the textile industry and susceptibility of margins to raw
material price fluctuation.
The rating, however, derive strength from experienced directors
with established track record of operations coupled with location
advantage due to presence in textile hub of Gujarat.
APPL's ability to Increase in scale of operations along with an
improvement in profitability, capital structure, debt coverage
indicators and efficient working capital management are the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small Scale of operations along with low profitability: During
FY18 (Provisional), scale of operation stood small as marked by
total operating income of INR22.99 crore. The profitability of
APPL stood low marked by PBIDLT margin and PAT margin of 3.71%
and 0.61% respectively during FY18 (Provisional) on account of
its presence in highly competitive industry.
Moderate Capital structure coupled with weak debt coverage
indicators: APPL's capital structure stood moderate marked by an
overall gearing ratio of 1.95 times as on March 31, 2018 (Prov.)
on account of low networth base with high total debt. The debt
coverage indicators of the company stood weak marked by total
debt to GCA of 20.99 times as on March 31, 2018 (Prov.) and
interest coverage of 1.62 times in FY18 (Prov.) owing to low
profitability with moderate gearing position.
Moderate liquidity position coupled with elongated operating
cycle and working capital intensive nature of operations:
Liquidity position stood moderate marked by current ratio stood
at 1.43 times as on March 31, 2018 (Prov.). However, operating
cycle stood elongated at 98 days during FY18 (Prov). Further,
operations remain working capital incentive marked by 85%
utilization of its working capital limit for the past 12 months
ended June 2018.
Business operations are susceptible to cyclicality inherent in
the textile industry and raw material price fluctuation: Textile
is a cyclical industry and closely follows the macroeconomic
business cycles. High competitive intensity in the textile
industry, volatility of cotton prices, elevated inflation levels
and sluggish demand outlook from developed markets are the major
cause of concern for the Indian textile industry. Any adverse
changes in the global economic outlook as well as demand-supply
scenario in the domestic market directly impacts demand of the
textile industry. Textile industry remains vulnerable to
fluctuations in prices of cotton, crude oil as well as dyes &
chemicals. Further, due to fragmented nature of the industry,
ability of the company to pass on the increase in raw material
prices to end customers is limited and is usually accompanied by
a time lag. The profitability of APPL thus remains susceptible to
any adverse fluctuations in the raw material prices.
Key Rating Strengths
Experienced directors with established track record of
operations:
APPL has been managed by three directors namely Mr. Nishith
Gulati, Mr. Vimal Gulati and Ms. Amita Gulati, all the directors
are holding vast experience of more than two decades in the
textile industry through their associate company.
Location advantage due to presence in textile hub of Gujarat: The
manufacturing facility of the company is situated in Surat
(Gujarat) which is considered to be one of the major textile
hubs of the country. APPL's presence in the textile manufacturing
region results in benefit derived from easy availability of labor
and raw material coupled with lower logistic costs as well.
Surat (Gujarat) based Aakash Polyesters Private Limited (APPL) is
a private limited company incorporated in July 18, 1991 for
manufacturing of texturized yarn. Later on in 2003, APPL was
taken over by Gulati Family and currently managed by three
directors namely Mr. Nishith Gulati, Mr. Vimal Gulati and Ms.
Amita Gulati. APPL is engaged into manufacturing of Texturizing
Yarn and Grey Fabrics. APPL is also engaged into trading of
Fabrics and Jari. The manufacturing unit of the company is
located near Surat, Gujarat, which has installed capacity of 2000
tonnes per annum for manufacturing texturized yarn and 20 lakhs
Meters Per Annum (MPA) of manufacturing grey fabrics as on
March 31, 2018. Bico Twitex Private Limited is a associate
company (which is engaged into same line of business since 1988).
ABHIRAM INFRA: Ind-Ra Corrects August 8, 2017 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) announced a correction on the
press release on Abhiram Infra Projects Private Limited published
on August 8, 2017 that incorrectly mentioned the Short-Term
Issuer Rating in the December 5, 2014 column of the history
table.
An amended version of the release is as follows:
India Ratings and Research (Ind-Ra) has migrated Abhiram Infra
Projects Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR300 mil. Fund-based facilities migrated to Non-Cooperating
Category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR1.280 bil. Non-fund-based facilities migrated to Non-
Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 5, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2009, Abhiram Infra Projects executes engineering,
procurement and construction contracts in the water supply and
underground sewerage segments in Karnataka, Tamil Nadu, Andhra
Pradesh and Kerala. The company also undertakes road and civil
construction projects.
AEGIS BUSINESS: ICRA Withdraws B- Rating on INR7.20cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term rating of [ICRA]B- and short-
term rating of [ICRA]A4 outstanding to the USD9 million bank
lines of Aegis Business Limited (ABL). Though the USD9 million
facility of the company is denominated in foreign currency,
ICRA's rating for the same is on national rating scale, as
distinct from an international rating scale.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limit 7.20 [ICRA]B- (Stable); Withdrawn
Untied Limit 1.80 [ICRA]B- (Stable)/[ICRA]A4;
Withdrawn
Rationale
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.
Incorporated in 2007, Aegis Business Limited was promoted to
trade in measurement and monitoring devices for the steel
industry. Subsequently, the company diversified into the ship-
chartering business in FY2011. It acquired a supramax vessel in
March 2013 at a total capital cost of USD 13.50 million. In Q4
FY2016, ABL started the business of operating vessels to support
its revenue and profitability. ABL was a 51% subsidiary of
Century Plyboards (I) Limited (CPIL) until August 2014. At
present, the directors of CPIL holds a majority of stake in ABL.
Earlier, ABL had a 100% subsidiary based out of the UAE, Aegis
Overseas Ltd. (AOL), involved in trading in minerals. However, on
February 29, 2016, the entire shareholding of AOL was transferred
to its directors.
AKSHAR COTTON: CARE Reaffirms B+ Rating on INR10cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Akshar Cotton Industries (ACI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10 CARE B+; Stable Reaffirmed
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of ACI is continue to
remain constrained on account of financial risk profile marked by
moderate scale of operations with thin profitability, weak debt
coverage indicators and moderate liquidity position with working
capital intensive nature of operations. Further, the rating
continue to remained constrained on account of its presence in
highly fragmented industry, Seasonality associated with cotton
availability and susceptibility of margins to cotton price
fluctuations and prices and supply for cotton are highly
regulated by government and its partnership nature of
constitution.
The rating, however, continues to draw strength from wide
experience of the partners in the cotton ginning business
coupled with location advantage in terms of proximity to the
cotton growing regions in Gujarat. The rating also factors in
comfortable capital structure of ACI as on March 31, 2018.
The ability of ACI to increase its scale of operations,
improvement in profitability and debt coverage indicators along
with efficient management of working capital are the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Financial risk profile marked by moderate scale of operations
with thin profitability and weak debt coverage indicators: The
scale of operation remained moderate marked by total operating
income of INR75.58 crore during FY18 (Prov.) as against INR69.38
crore in FY17. Profitability stood thin during FY18 (Prov.)
marked by PBILDT margin and PAT margin of 2.06% and 0.14%
respectively on account of low value added nature of business
operation. Debt coverage indicators improved though continued to
remain weak on account of thin profitability marked by total debt
to gross cash accruals of 28.22 times as on March 31, 2018
(Prov.) (38.24 times as on March 31, 2017). Interest coverage
ratio marginally improved though stood low at 1.31 times during
FY18 (Prov.) (1.26 times during FY17).
Moderate liquidity coupled with working capital intensive nature
of operation: Liquidity position remained moderate marked by
current ratio of 2.16 times as on March 31, 2018 (Prov.).The
operations are working capital intensive marked by 98%
utilization of working capital bank borrowing for past one year
ended July
2018.
Presence in highly fragmented industry: ACI operates in industry
characterized by low entry barriers, high fragmentation, the
presence of a large number of players in the organized and
unorganized sector and very low bargaining power against its
customers, puts pressure on the profitability margins.
Seasonality associated with cotton availability and
susceptibility of margins to cotton price fluctuations and prices
and supply for cotton are highly regulated by government Prices
of raw material i.e. raw cotton are highly volatile in nature and
depend upon factors like, area under production, yield for the
year, international demand supply scenario, export quota decided
by government and inventory carry forward of last year. Further,
cotton being a seasonal crop as it is available mainly from
November to February results into a higher inventory holding
period for the business. Thus, aggregate effect of both the above
factors results in exposure of ginners to price volatility risk.
Furthermore, the cotton prices in India are highly regulated by
government through MSP (Minimum Support Price) fixed by
government, though due to huge demand supply mismatch the prices
have rarely been below the MSP. Hence, any adverse change in
government policy may negatively impact the prices of raw cotton
in domestic market and could result in lower realizations and
profit.
Partnership nature of constitution: Being a partnership firm, ACI
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency, and firm being dissolved upon
the death/retirement/insolvency of partners.
Key Rating Strengths
Experienced partners: Mr. Ashokbhai Dudhagara and Mr.
Hashmukhbhai Pansuriya are partners of the firm and looks after
overall operations of the ACI. All the partners possess more than
decade of experience in the same line of business.
Proximity to cotton growing area of Gujarat: ACI's plant is
located in cotton-producing belt of Gujarat region which is the
largest producer of raw cotton in India. ACI's presence in
cotton-producing region results in benefit derived from lower
logistics expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective price
and consistent demand for finished goods resulting in sustainable
revenue visibility.
Comfortable capital structure: Capital structure of ACI improved
and stood comfortable as on March 31, 2018 (Prov.) marked by
overall gearing ratio of 0.68 times as against 1.27 times as on
March 31, 2017, mainly on account of decrease in total debt and
increase in tangible net worth base during the year.
Established in 2011, Akshar Cotton Industries (ACI) is a
partnership firm. Currently ACI is owned & managed by two
partners namely Mr. AshokbhaiDudhagara and Mr. Hashmukhbhai
Pansuriya. ACI is engaged in ginning and pressing of raw cotton.
ACI's manufacturing facility is located at Kalavad in Jamnagar
District of Gujarat. ACI has an installed production capacity of
230 cotton bales per day (24 hours operation) as on March 31,
2018.
Angel Fibers Limited (rated CARE BB-; Stable/ CARE A4) is
associate entity of ACI, which is engaged into manufacturing of
carded, combed and compact cotton yarn since 2014.
AL GAYATHRI: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Al Gayathri
Trading Company Private Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR55 mil. Fund-based limit maintained in non-cooperating
category with IND BB+ (ISSUER NOT COOPERATING) rating; and
-- INR1 mil. Non-fund-based limit maintained in non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 1, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1993, Al Gayathri Trading Company is engaged in
the tea trading business.
AMBER INT'L: ICRA Reaffirms B+/A4 Ratings on INR5.25cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ and the
short-term rating of [ICRA]A4 assigned to the INR5.25-crore bank
facilities of Amber International. The outlook on the long-term
rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 5.25 [ICRA]B+(Stable)/[ICRA]A4;
Working Capital Reaffirmed
Facilities
Rationale
The ratings reaffirmation continues to remain constrained by AI's
modest scale of operations, which remained almost at similar
levels over the years. ICRA notes the firm's low operating profit
margins on account of limited value-added nature of trading
activities. The ratings are further constrained by the working
capital intensive nature of operations due to high debtors and
inventory levels. As most of its revenues are derived from
exports, the firm's profit margins remain vulnerable to
volatility in foreign exchange rates. Further the profit margins
are also susceptible to any regulatory changes related to exports
as well as to changes in export incentives. The ratings also take
into account AI's presence in the highly fragmented textile
industry, characterised by intense competition from well-
established domestic and international players in the home
furnishing segment, which limits its pricing flexibility.
The ratings, however, favorably factors in the extensive
experience of the promoters in the home textile industry and the
firm's geographically diversified customer base.
Outlook: Stable
Due to the stagnant demand for home textiles in the international
market, ICRA expects the operating scale of Amber International
to continue to remain stressed in the near to medium term.
However, it will derive benefit from the experience of its
management in the textile industry.
The outlook may be revised to 'Positive' if sustained growth in
revenue and profitability, and better working capital management
strengthen the financial risk profile. The outlook may be revised
to 'Negative' if revenues and profitability are lower than
expected, higher receivables or inventory levels stretch the
working capital cycle and weaken the liquidity further.
Key rating drivers
Credit strengths
Extensive experience of promoters in the textile industry: AI
manufactures different kinds of home furnishings with a major
presence in the terry towel business. The promoter of the firm,
Mrs. Chandrika Shah, has an experience of more than 25 years in
the home furnishing industry.
Geographically diversified sales; established relationship with
customer base: The firm trades in home linen like terry towels,
bathrobes, table cloths, kitchen made-up sets, etc, for domestic
as well as overseas customers. Exports accounted for around 74%
of its total sales in FY2018. The products are exported to a
diverse set of customers in European markets (France, Italy,
Malta, Norway, Spain, Poland, etc), Argentina, USA and Canada.
The firm has established relationships with some of its
customers, resulting in repeat orders.
Credit challenges
Modest scale of operations; stagnant over the years: The
operating income of AI has remained almost at similar levels
over the five-year period from FY2014 to FY2018. The operating
income de-grew by around 20% in FY2018 and stood modest at
INR17.02 crore in FY2018 (INR21.40 crore in FY2017), limiting
economies of scale.
Thin profitability due to low value-added nature of business and
intense competition in the textile industry: After the receipt of
orders, AI procures home textiles from various manufacturers in
Tamil Nadu and Maharashtra. The firm only performs finishing work
at its warehouse, resulting in low value addition, and thereby
thin profit margins. Moreover, the textile industry is highly
fragmented and is dominated by a large number of small players,
which limits AI's pricing flexibility.
Profitability also vulnerable to volatility in currency market as
well as raw material price movements: With almost 75% of its
products being exported, the receipts are exposed to adverse
movements in Indian Rupee against the US Dollar or Euro. The
volatility could have a significant impact on the margins of the
firm. However, the management covers 70% of its receivables by
entering into forward contracts, which mitigates the risk to an
extent. The major raw material for towels and other home textile
products is cotton yarn, the prices of which see fluctuation due
to volatility in cotton prices. Although, a portion of the
purchases are order-backed, the firm's profitability is exposed
to price fluctuation risk on account of high inventory of
finished stock.
High working capital intensity owing to high receivables and
inventory level: The net working capital intensity of the
firm has remained high, at around 40% in the previous three
years, due to high inventory and debtor days and limited comfort
from creditors. The average debtors for the firm vary between 60
and 90 days and the firm maintains inventory in the form of
finished stock. The payment terms with its suppliers vary from
advance payment to a credit of 15 days.
Profitability and cash flows are exposed to changes in regulatory
policies of India and importing nations: The Government of India
(GoI) has extended various incentives to encourage exporters. AI
enjoys export incentives in the form of Duty Drawback, Rebate of
State Levies (ROSL) and Merchandise Export from India Scheme
(MEIS), which support the operating profit margins of the firm.
The GoI has lowered the rate of duty drawback under the Goods and
Services Tax (GST) from September 2017, which may have an adverse
impact on textile exports in the long-term. Any further change in
these incentives can adversely affect the profitability and cash
flows of the firm. Also, any change in the trade policy of
importing nations can adversely impact the operations of the
firm.
Established as a proprietorship concern by Mrs. Chandrika Shah in
2008, Amber International deals in home textiles like face
towels, hand towels, bathrobes, table cloths, etc. The
manufacturing of the products is outsourced to suppliers in
Maharashtra and Tamil Nadu. AI exports its products to countries
such as Argentina, Canada, France, and Italy, among others.
AI recorded a net profit of INR0.34 crore on an operating income
of INR17.02 crore for the year ending March 31, 2018 (provisional
numbers).
ASSOCIATES TRADE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Associates Trade Logistics Pvt. Ltd.
Khasra No. 1976 Main Mandi Road
Chattarpur New Delhi
South West Delhi 110030
Insolvency Commencement Date: July 31, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 28, 2019
(180 days from commencement)
Insolvency professional: Durga Das Agrawal
Interim Resolution
Professional: Durga Das Agrawal
413, Vikas Deep Building
Laxmi Nagar District
Centre Delhi 92
E-mail: cadda.ip@gmail.com
Last date for
submission of claims: August 21, 2018
BCIL ZED: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: BCIL Zed Ria Properties Private Limited
No. 37-1/1, R.K. Chambers, Ground Floor
Aga Abbas, Ali Road
Bengaluru, Karnataka 560042
Insolvency Commencement Date: August 9, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: February 5, 2019
(180 days from commencement)
Insolvency professional: Nidhi Seksaria
Interim Resolution
Professional: Nidhi Seksaria
BDO Restructuring Advisory LLP
The Ruby-Level 9, NW Wing
Senapati Bapat Marg
Dadar West, Mumbai 400028
India
E-mail: nidhiseksaria@bdo.in
irp.zedria@bdo.in
Classes of creditors: Allottees under real estate project
Insolvency
Professionals
Representative of
Creditors in a class: Girish Kambadaraya
Balady Shekar Shetty
Senapati Varaha Satyanarayana
Last date for
submission of claims: August 25, 2018
CLEARSKY SOLAR: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Clearsky Solar
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR129.2 mil. Term loan due on August 2031 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 16, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Clearsky Solar is a special purpose vehicle formed in November
2015, to develop, own and operate a 3MW solar power plant in
Jonnikeri Village, Karnataka. The project progress details are
not available.
DAKSHINESWAR RICE: CARE Lowers Rating on INR4.98cr LT Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Dakshineswar Rice Mill (DRM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 4.98 CARE B+; Stable; Issuer not
Facilities cooperating; Revised from
CARE BB-; Stable; on the basis
of best available information.
Short-term Bank 0.25 CARE A4; Issuer not
Facilities cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from DRM to monitor the ratings
vide letters/e-mails communications dated May 23, 2018, June 5,
2018, June 26, 2018 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the ratings on the basis of
the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The ratings
on DRM's bank facilities will now be denoted as CARE B+;
Stable/CARE A4; ISSUER NOT COOPERATING.
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.
The revision in the long term rating takes into account the
declined in total operating income during FY17. Further, the
ratings take into account its small scale of operations with
moderate profit margins, volatile agro-commodity (paddy) prices
with linkages to vagaries of the monsoon, partnership nature of
constitution, regulated nature of the industry, working capital
intensive nature of business and intensely competitive nature of
the industry with presence of many unorganized players. The
ratings, however, derive strength from experienced partners and
satisfactory track record of operations, proximity to raw
material sources and favorable industry scenario and comfortable
capital structure with strong debt coverage indicators.
Detailed description of the key rating drivers
At the time of last rating on July 26, 2017, the following were
the rating strengths and weaknesses; (Updated for the information
available from annual report submitted by the firm).
Key Rating Weaknesses:
Small scale of operations with moderate profit margins: DRM is a
relatively small player in the rice milling industry marked by
its total operating income of INR26.90 crore with a PAT of
INR0.51 crore in FY17. Furthermore, the profit margins of the
firm stood at 7.28% and the PAT margin stood at 1.89% in FY17.
Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: DRM is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the
peak arrival of crop at major trading centers begins in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.
Partnership nature of constitution: DRM, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.
Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to
be paid to paddy growers which limits the bargaining power of
rice millers over the farmers. The MSP of paddy increased during
the crop year 2016-17 to INR1470/quintal from INR1410/quintal in
crop year 2015-16. The sale of rice in the open market is also
regulated by the government through levy of quota, depending on
the target laid by the central government for the central pool.
Given the market determined prices for finished product vis-Ö-vis
fixed acquisition cost for raw material, the profit margins are
highly vulnerable.
Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Accordingly the average inventory holding period remained at 71
days during FY17 which has resulted in high working capital
intensive nature of its operations. However, the average
utilization of working capital limits was moderate at around 70%
during last 12 months ended in July 2018.
Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Burdwan and nearby
districts of West Bengal are a major paddy growing area with many
rice mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.
Key Rating Strengths:
Experienced partners and satisfactory track record of operations:
The firm is into same line of business since 2012 and thus has
satisfactory track record of operations. Due to satisfactory
track record of operations the promoters have established
satisfactory relationship with its clients. Furthermore the key
partner; Mr. Bishnu Kumar Ghosh has more 15 years of experience
in the rice milling industry, looks after the day to day
operations of the firm. He is further supported by other partners
Mr. Banamali Sengupta, Mr. Tapan Kumar Chatterjee, Mr. Sushil
Kumar Ghosh, Mr. Suresnath Mondal and Mr. Suprovat Pal who are
also having long experience in the same line of business.
Proximity to raw material sources and favorable industry
scenario: DRM plant is located at Burdwan district of West Bengal
which is a paddy growing region in eastern India resulting in
lower logistic costs (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices. Furthermore rice, being one of the primary food articles
in India, demand is high throughout the country and with the
change in life style and health consciousness; by-products of the
same like rice bran oil etc. are in huge demand.
Comfortable capital structure with strong debt coverage
indicators: The capital structure of the firm remained
comfortable marked by improved overall gearing ratio of 0.78x
(1.29x as on March 31, 2016) and debt equity ratio of 0.23x
(0.53x as on March 31, 2016) as on March 31, 2017. Furthermore
the debt coverage indicators also remained strong marked by
improved interest coverage of 3.37x (FY16: 2.32x) and total debt
to GCA of 3.57x (FY16: 7.16x) in FY17.
DRM was constituted as a partnership firm in 2008 for setting up
a rice milling unit and currently the firm is managed by six
partners, namely Mr. Banamali Sengupta, Mr. Tapan Kumar
Chatterjee, Mr. Bishnu Kumar Ghosh, Mr. Sushil Kumar Ghosh, Mr.
Suresnath Mondal and Mr. Suprovat Pal. The firm has been engaged
in rice milling and processing business and commenced operations
in 2012 at its plant. The plant of the firm is located in
Burdwan, West Bengal with aggregate installed capacity of 43, 200
metric ton per annum.
DHANRAJ DIAMONDS: CARE Reaffirms B+ Rating on INR11cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhanraj Diamonds (DD), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of DD continues to be
constrained by small scale of operations, moderate capital
structure, weak debt coverage indicators and working capital
intensive nature of operations with stretched liquidity position.
The rating continues to be constrained on account of its presence
in a highly fragmented and competitive Gems & Jewellery (G&J)
industry, margins susceptible to fluctuations in price of
diamonds and partnership nature of constitution of firm.
The rating however continues to, derives strength from long track
record of operation and experienced promoters in the industry and
moderate profit margins.
The ability of DD to grow its scale of operations and improve
capital structure and liquidity position with efficient
management of working capital cycle are the key rating
sensitivities.
Detailed description of the key rating drivers
Key rating Weakness
Modest scale of operations: The total operating income of DD has
declined from INR31.25 crore in FY17 (A) to INR15.28 crore in
FY18 (prov.) on account of lower demand due to negative sentiment
demand in gems & jewellery industry Further, the DD's low net
worth base and modest scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.
Moderate capital structure and weak debt protection metrics: The
capital structure of the company stood moderate marked by on
account of moderately high reliance on external debt and
relatively low net worth base. The debt service coverage
indicators remained weak owing to high debt level leading to high
interest charges.
Working capital intensive nature of operations with stretched
liquidity position: The operations of the entity remained working
capital intensive in nature with high inventory period and with
limited credit period received from its suppliers; leading to
full utilization of working capital limits.
Margins susceptible to fluctuations in price of diamonds: The
firm has to maintain significant value of inventory owing to
requirement for display at the store and to meet immediate demand
of clients. Hence, with higher inventory holding period, the firm
runs an inherent risk of volatility in roughs as well as C&P
diamond prices.
Presence in a highly fragmented and competitive Gems & Jewellery
(G&J) industry: The Gems & Jewellery industry in India is highly
fragmented with presence of numerous unorganized players apart
from some very large integrated G&J manufacturers leading to high
level of competition. Further, the competition is also based on
the quality, design, availability and pricing of the high value
products in G&J industry. Therefore, this competitive and
fragmented nature of the industry can have an impact on the
profitability margin of the firm.
Partnership nature of constitution of firm: DD being a
partnership entity, the risks associated with withdrawal of
partners' capital exists thereby limiting its ability to raise
capital and poor succession planning may result in dissolution of
entity.
Key rating Strengths
Experienced promoters and long track record of operations: The
promoters of Dhanraj Diamonds hold an average experience of more
than two decade in trading of diamond studded jewellery. On
account of long track record of operations and experience of the
promoters, the firm has gained a reputation and has established
good relationships with its customers & suppliers.
Moderate profit margins: The profitability of the entity remained
at moderate level in the range of 9.52%-15.56% during last three
years ending FY18 owing to DD's presence in premium retail
jewellery operations with long heritage in fine quality jewellery
along with high margin carat diamond studded jewellery in the
sales mix fetching moderate margins.
Dhanraj Diamonds (DD) was established in 1965 as a proprietorship
firm in the name of Mr. Ramesh D. Murpana. Later in 2015, it was
converted into partnership firm with Mr. Ramesh D. Murpana and
Mr. Sumeet D. Murpana as the partners of the firm. The firm is
primarily engaged in retail trading of diamond studded jewellery
ranging from 0.01 cent to 3 carat. The firm has its showroom
located at Bandra (W), Mumbai. The firm buys readymade jewellery
from wholesalers and manufacturers in Mumbai.
GLOBAL GALLARIE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Global Gallarie Motors Private Limited
Plot No. 1, Mohan Mill Compound
Ghodbunder Road
Thane (West), Thane 400607
Insolvency Commencement Date: June 22, 2018
Court: National Company Law Tribunal, Mumbai Bench
Estimated date of closure of
insolvency resolution process: December 20, 2018
(180 days from commencement)
Insolvency professional: Manoj Kumar Jain
Interim Resolution
Professional: Manoj Kumar Jain
11, Friends Union Premises
Co-op Soc. Ltd,
2nd Floor, 227
P.D. Mello Road,
Fort, Mumbai 400001
E-mail: manojj2102@gmail.com
Last date for
submission of claims: August 31, 2018
GWALIOR DISTILLERIES: CARE Moves D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Gwalior
Distilleries Limited (GDL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 37.50 CARE D; ISSUER NOT COOPERATING;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GDL to monitor the ratings
vide e-mail communications dated August 8, 2018, August 6, 2018,
July 24, 2018, July 18, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on GWL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating assigned to the bank facilities of GDL takes into
account the delay in servicing of debt obligations of term loan
by the entity.
Detailed description of the key rating drivers
At the time of last rating on July 7, 2017, the following were
the rating weaknesses (updated for publicly available
information).
Key Rating Weaknesses
Delay in debt servicing obligations and weak liquidity position:
As per the interaction with the banker there have been instances
of delays in repayment of interest obligation of term facility
availed on account of the stretched liquidity position and delay
in achieving COD, due to delay in receiving approvals.
GDL was incorporated in the year 1986 by Mr Govind Yadav to
undertake the business of blending and bottling of Indian made
foreign liquor (IMFL). The IMFL blending and bottling unit of the
company is located in Bhind district of Madhya Pradesh.
HBN DAIRIES: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: HBN Dairies and Allied Limited
Registered Office:
303, Vardhman Chamber
3rd Floor, Sonia Complex,
Vikas Puri
West Delhi, Delhi 110018
Corporate Office:
HBN Office
5th Floor, D Mall, Plot-D, District Centre
Paschim Vihar, New Delhi 110087
Insolvency Commencement Date: August 14, 2018
Court: National Company Law Tribunal, Principal Bench, Delhi
Estimated date of closure of
insolvency resolution process: February 10, 2019
(180 days from commencement)
Insolvency professional: Rohit Sehgal
Interim Resolution
Professional: Rohit Sehgal
A-604, Sujjan Vihar, Sector 43
Gurgaon, Haryana 122002
E-mail: iamrs101@gmail.com
- and -
AAA Insolvency Professionals LLP
E-10A, Kailash Colony
Greater Kailash - I
New Delhi 110048
E-mail: hbn.dairies@aaainsolvency.com
rohit.sehgal@aaainsolvency.com
Tel.: 011-46664600
Classes of creditors: Investors in the Collective Investment
Scheme(s) floated by the Corporate Debtor
Class 1: Creditors who opted for Lumsum
Payment Plan (Plan No.C and Plan
C1)
Class 2: Creditors who opted for Instalment
Plan (Plan No.G or Plan No.H)
Class 3: Creditors who opted for Instalment
Plan (Plan No.D)
Class 4: Creditors who opted for Instalment
Plan (Plan No.E or Plan No.F)
Insolvency
Professionals
Representative of
Creditors in a class: Class 1: Mr. G.S. Kaushik
Mr. Sandeep Chandana
Mr. Brij Nandan Kalra
Class 2: Mr. Sameer Rastogi
Mr. Debashis Nanda
Mr. S. Prabhakar
Class 3: Mr. Surendra Prasad Bhatt
Mr. Vishnu Dutt
Mr. Sunil Aggarwal
Class 4: Mr. Pankaj Khaitan
Mr. Akhilesh Kumar Gupta
Mr. Praveen Kumar Garg
Last date for
submission of claims: August 28, 2018
JAYPEE INFRATECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Jaypee Infratech Limited
Sector 128, Gautam Budh Nagar
Noida 201304 (U.P.)
Insolvency Commencement Date: August 9, 2017
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: February 5, 2019
(180 days from commencement)
Insolvency professional: Anuj Jain
Interim Resolution
Professional: Anuj Jain
BSRR & Co
Building No. 10, 8th Floor, Tower B
DLF Cyber City, Phase II
Gurugram 122002 (Haryana)
E-mail: anujvjain@bsraffiliates.com
irpjil@bsraffiliates.com
Classes of creditors: Home buyers
Fixed Deposit Holders
Insolvency
Professionals
Representative of
Creditors in a class: Home Buyers
1. Sanjay Gupta
2. Kuldeep Verma
3. Pankaj Khaitan
Fixed Deposit Holders
1. Sanjeev Ahuja
2. Anju Agarwal
3. Kuldeep Verma
Last date for
submission of claims: August 28, 2018
JINDAL WOOD: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Jindal Wood
Products Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR40 mil. Fund-based limits migrated to non-cooperating
category with IND BB- (ISSUER NOT COOPERATING) / IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR170 mil. Non-fund-based limits migrated to non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 18, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Incorporated in 1990, JWPPL is engaged in trading and processing
of timber logs, mainly teak and hard wood.
JSD STEEL: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: JSD Steel Private Limited
9, Rajdhani Enclave Pitampura
Delhi North West 110034
Insolvency Commencement Date: July 20, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: January 16, 2019
Insolvency professional: K G Somani
Interim Resolution
Professional: K G Somani
K G Somani Insolvency Professionals
Private Limited
3/15, 4th Floor, Asaf Ali Road,
New Delhi 110002
Tel.: 011-23252225, 011-03277677
E-mail: kgsomani@gmail.com
kgs.jsdsteel@gmail.com
Last date for
submission of claims: August 23, 2018
MAULI FRESH: ICRA Reaffirms B Rating on INR16cr LT Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for the
INR25.00-crore bank limits of Mauli Fresh Agro Industries Private
Limited. The outlook on the rating is Stable. Also, the rating is
removed from the 'Issuer not cooperating' category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund 16.00 [ICRA]B (Stable); Reaffirmed,
Based Term Loan Removed from Non-Cooperation
Long Term-Fund 2.00 [ICRA]B (Stable); Reaffirmed,
Based Cash Credit Removed from Non-Cooperation
Long Term- 7.00 [ICRA]B (Stable); Reaffirmed,
Unallocated Removed from Non-Cooperation
Rationale
The rating continues to remain constrained by high project
execution risk associated with the firm since the project is
still in the initial stages of completion and financial closure
has not yet been achieved. Besides, there has been delay in
commencement of operations. ICRA also notes that the firm's
credit metrics are likely to be stretched in the near to
medium term due to ongoing debt-funded project capital
expenditure. ICRA also notes the susceptibility of the firm's
operating margins to adverse variations in milk procurement
prices and foreign exchange fluctuations since the firm
plans to export a major portion of its skimmed milk powder (SMP)
production. The rating also considers the intense competition
faced by the firm from organised and unorganised players in the
dairy industry.
However, the rating favorably factors in the extensive experience
of the promoters with an operating track record of
more than two decades in the dairy industry. The rating also
considers the benefits of the firm's synergies with its Group
company, Mula Agro Products Private Limited (Mula), to ensure
steady supply of raw milk and distribution of products.
Outlook: Stable
ICRA believes that Mauli will continue to benefit from the
extensive experience of its promoters in the dairy industry. The
outlook may be revised to Positive if the company registers
substantial revenues, aided by high capacity utilisations while
maintaining the immunity of its margins to fluctuations in milk
procurement prices and foreign exchange rates. The outlook may be
revised to Negative if the company is not able to achieve healthy
utilisation levels and generate adequate cash flows for debt
servicing, given the uncertainty related to off-take levels.
Key rating drivers
Credit strengths
Vast experience of the promoters spanning over two decades in the
dairy industry: Mauli was incorporated in 2015 and its promoters
have extensive experience of more than two decades in the
processing of milk and manufacturing of dairy products which
would help the firm establish its position in the market.
Synergies with its Group company to ensure steady supply of raw
milk and distribution of finished products: Mauli shares common
control with its group company, Mula, which has been involved in
processing of milk and manufacturing of dairy products for over
two decades. Mauli proposes tapping the raw material sourcing and
finished product distribution networks set up by Mula, thus
benefitting from the synergies.
Credit challenges
Delay in commencement of operations; financial closure yet to be
achieved: Initially, the firm's operations were proposed to begin
from June 2017 but due to delay in execution, the operations are
now expected to commence from March 2019. As of May 31, 2018, the
firm has incurred INR5.05 crore of building cost. Around 80% of
the building work has been completed while machinery is yet to be
purchased. The term loan too has not been disbursed yet. Hence a
substantial work is still pending with financial closure yet to
be achieved.
Leveraged capital structure and stretched liquidity in the near
to medium term: Due to large debt-funded project capital
expenditure, the firm's credit metrics are expected to remain
stretched in the near to medium term. Since the firm is yet to
commence operations, it is likely to face liquidity issues in
case cash inflows are lower than anticipated.
Intense competition from co-operatives, other private players and
the unorganised sector: The dairy industry is highly fragmented
and comprises small private dairies, established private players
and milk co-operatives. Since the firm is a relatively new
entrant in the industry, its pricing flexibility in the first few
years will be limited. However, synergies with its group company,
Mula, provides comfort to an extent.
Susceptibility of margins to volatility in prices of raw milk and
foreign exchange fluctuations: Since a major portion of the
firm's revenues would be in the form of exports, it would have a
high exposure to fluctuations in foreign currency exchange rates.
Besides, Mauli's operating profits will also remain vulnerable to
adverse movements in milk procurement prices.
Mauli Fresh Agro Industries Private Limited (Mauli) was
established on September 2, 2015 for setting up a greenfield
project for the manufacturing of skimmed milk powder, whole milk
powder, butter, ghee and condensed milk. The company proposes to
set up its manufacturing facility with an annual installed
capacity of 2,50,000 litres per day (LPD) at Rahuri, Ahmednagar
on a land spanning over 20,000 square metres.
NILKANTH CHAWAL: CARE Lowers Rating on INR4cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nilkanth Chawal Mills Private Limited (NCMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 4.00 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable; on the basis
of best available
information.
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from NCMPL to monitor the
ratings vide letters/e-mails communications dated April 26, 2018,
May 14, 2018, July 30, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided
the requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the ratings on
the basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings on NCMPL's bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.
The rating takes into account its relatively small scale of
operations with moderate profit margins, volatile agrocommodity
(paddy) prices with linkages to vagaries of the monsoon,
regulated nature of the industry, working capital intensive
nature of business and intensely competitive nature of the
industry with presence of many unorganized players.
The rating, however, derives strength from experienced promoters
with long track record of operations, comfortable capital
structure with satisfactory debt coverage indicators and
proximity to raw material sources coupled with rice being a major
staple food grain resulting in stable demand prospects.
Detailed description of the key rating drivers
At the time of last rating on September 6, 2017, the following
were the rating strengths and weaknesses; (Updated for the
information available from Registrar of Companies.)
Key Rating Weaknesses:
Relatively small scale of operations with moderate profit
margins: NCMPL is a relatively small player in the highly
fragmented spectrum of the rice milling industry with total
operating income and PAT of INR36.28 crore and INR0.39 crore
respectively in FY17 (refers to the period April 1 to March 31).
Furthermore, the profit margins of the company stood at 5.65% and
PAT margin stood at 1.08% in FY17.
Volatile agro-commodity (paddy) prices with linkages to vagaries
of the monsoon: NCMPL is primarily engaged in the processing of
rice products in its rice mills. Paddy is mainly a 'kharif' crop
and is cultivated from June-July to September-October and the
peak arrival of crop at major trading centers begins in October.
The cultivation of paddy is highly dependent on the monsoon.
Unpredictable weather conditions could affect the output of paddy
and result in volatility in price of paddy. In view of seasonal
availability of paddy, working capital requirements remain high
at season time owing to the requirement for stocking of paddy in
large quantity.
Regulated nature of the industry: The Government of India (GoI),
every year decides a minimum support price (MSP) to be paid to
paddy growers which limits the bargaining power of rice millers
over the farmers. The MSP of paddy increased during the crop year
2017-18 to INR1550/quintal from INR1470/quintal in crop year
2016-17. The sale of rice in the open market is also regulated by
the government through levy of quota, depending on the target
laid by the central government for the central pool. Given the
market determined prices for finished product vis-a-vis fixed
acquisition cost for raw material, the profit margins are highly
vulnerable.
Working capital intensive nature of business: Paddy is mainly a
'kharif' crop and is cultivated from June-July to September-
October and the same is processed by rice millers throughout the
year. Hence, the millers are required to carry high levels of raw
material inventory in order to mitigate the raw material
availability risk, resulting in relatively high inventory period.
Accordingly, the average inventory holding period remained at 71
days during FY17 which has resulted in high working capital
intensive nature of its operations.
Intensely competitive nature of the industry with presence of
many unorganized players: Rice milling industry is highly
fragmented and competitive due to presence of many small players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Gaya and nearby
districts of Bihar are a major paddy growing area with many rice
mills operating in the area. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.
Key Rating Strengths:
Experienced promoters with long track record of operations: The
main promoter of NCMPL, Mr. Sunil Kumar, the Managing Director,
is having around 10 years of experience in the same line of
business. He is involved in the strategic planning and running
the day to day operations of the company with adequate support
from a team of experienced personnel. Furthermore, NCMPL
commenced operations in 2007 and accordingly has around 10 years
of operation.
Proximity to raw material sources coupled with rice being a major
staple food grain resulting in stable demand prospects: NCMPL's
plant is located in the Gaya District, Bihar which is in close
proximity to the paddy growing areas of the state. The entire raw
material requirement is met locally from the farmers (or local
agents) helping the company to save simultaneously on
transportation and paddy procurement cost. Furthermore, rice is
one of the major food grains in India and it is considered as the
most widely consumed staple food grain across India. Accordingly
the demand prospect of rice is expected to remain stable
throughout the year due to dependence of the majority of Indian
population on rice.
Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the company remained strong
marked by overall gearing ratio of 0.58x as on March 31, 2017.
Furthermore the debt coverage indicators also remained strong
marked by interest coverage of 3.05x and total debt to GCA of
3.83x in FY17.
NCMPL, incorporated in September, 2005 was promoted by Mr Sunil
Kumar, Mr R.C.P Sharma and Mr Arun Kumar of Gaya, Bihar to set up
a rice processing & milling unit and sale of its by-products like
husk, bran, khudi etc. in the domestic market. The unit commenced
commercial operation in 2007. Presently the total installed
capacity of the company is 59,000 metric tonnes per annum (MTPA)
generating from its two plants, situated in Gaya district of
Bihar, a major paddy growing area and is in close proximity to
local grain market enabling easy paddy procurement.
NIRVIN COLD: CARE Reaffirms 'B' Rating on INR8.40cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nirvin Cold Storage Private Limited (NCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.40 CARE B; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NCSPL is
constrained by its small scale of operation, high gearing levels,
highly regulated industry, presence in highly fragmented industry
leading to intense competition and dependency on vagaries of
nature and seasonality of business. The aforesaid constraints are
partially offset by its experienced promoters, long track record
of operations and proximity to potato growing areas. Going
forward, ability to increase its scale of operation and
profitability margins and ability to manage working capital
effectively are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: ShriNiraj Kumar Bansal possesses more than
26 years of experience in same line of business and looks after
the day-to-day operations of the company. Smt. Jyoti Bansal has
more than 15 years of experience in the same line of business.
Long track record of operations: The company started its
operation in 1984 and accordingly has more than three decades of
presence, reflecting long track record of the company in the cold
storage business.
Proximity to potato growing areas: The said cold storage is
located in potato growing belt of Bankura district of West
Bengal, having large network of potato growers along with potato
traders, thereby making it suitable for the farmers and traders
in terms of transportation and connectivity and ensures company's
higher level of capacity utilization.
Key Rating Weaknesses
Small scale of operations: Total operating income (TOI) witnessed
the decline of 54.61% in FY18 (P) vis-a-vis FY17 (A), the same
continues to remain small in comparison to its peers. Also, the
tangible networth continues to be low at INR1.81 crore as on
March 31, 2018.
Highly regulated industry: In West Bengal, the basic rental rate
for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
NCSPL to pass on sudden increase in operating costs leading to
downward pressure on profitability.
High gearing level: The overall gearing ratio of the company
although improved to 3.61x as on March 31, 2018 from 4.04x as on
March 31, 2017 was high. Moreover, the total debt to GCA also
remained high marked by 33.27x as on FY18 (Provisional).
Presence in a highly fragmented industry leading to intense
competition: Despite being capital intensive, entry barrier for
setting up of new cold storage unit is low on account of
government support and high demand for cold storages in West
Bengal. The storage business is highly competitive in the potato
growing regions of the state as it is the second largest producer
of potato in India. In Burdwan, one of the major potato
growing districts of the state around 107 cold storages is in
operation. In view of the same, cold storage business is highly
competitive in this region forcing cold storage owners to lure
farmers by offering them lower rental and other services.
Dependence on vagaries of nature and seasonality of business:
NCSPL's operations are seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having
a preservable life of around eight months in the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period between December to February.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent
on the basis of quantity stored and the production of potato and
other vegetables is highly dependent on vagaries of nature.
Nirvin Cold Storage Pvt. Ltd. (NCSPL), incorporated in the year
1984, is a Kolkata (West Bengal) based company, promoted by Shri
Niraj Kumar Bansal and Smt. Jyoti Bansal (wife of Shri Niraj
Kumar Bansal). It is engaged in the business of providing cold
storage services to potato growing farmers and potato traders,
having an installed storage capacity of 19,465 MT in Bankura
district of West Bengal.
Shri Niraj Kumar Bansal, looks after the day to day activities of
the business with adequate support from co-director and a team of
experienced professionals.
NITHYA TOBACCOS: CARE Lowers Rating on INR12cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ongole based Nithya Tobaccos (NT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.00 CARE D Revised from CARE B+;
Facilities Stable
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NT is tempered by
delays in meeting debt obligation on time due to the stressed
liquidity position.
Detailed Description of the key rating drivers
Delays in bank facilities: The firm has been liquidity issues due
to cash flow a mismatch resulting in overdrawing's in cash credit
facilities.
Short track record & small scale of operations: The firm started
commercial operations March, 2016. The firm has completed only
two year of operations, and therefore, has short track record of
operations. The company has a modest scale of operations marked
by total operating income of INR42.59 crore and PAT of INR0.10
crore during FY18 (Prov.) with low net worth base of INR 4.11
crore as on March 31, 2018 (Prov.) as compared to other peers in
the industry.
Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm was leveraged marked by overall
gearing ratio at 5.15x as on March 31, 2018 (C A Certified Prov.)
on account of higher proportionate of total debt in comparison
with total net worth, at the back of higher utilization of
working capital limit with unsecured debt from the related
parties. The debt coverage indicators marked by total debt to GCA
and interest coverage was weak at 140.62x and 1.10x respectively,
as on March 31, 2018 (CA certified, Prov.), due to high debt
levels comprising majorly working capital limits, and moderate
PBILDT levels. However, the debt to equity is comfortable at
0.05x due to nominal unsecured loan from the related parties.
Geographical concentration risk: The firm is engaged in
processing and sale of FCV tobacco products for clients based at
Andhra Pradesh, which reflects high geographical concentration
risk. However, the firm is planning to expand its business in
other states.
Profitability margins susceptible to volatility in tobacco prices
and tender driven nature of operations: The prices of traded
goods are volatile in nature, the profitability of the firm is
susceptible to volatility in tobacco prices.
Any adverse changes in prices of the same would have an impact on
the profitability margins of the firm. The firm's tender driven
nature of operations could lead to margin contraction due to
pricing pressure. The company receives 100% raw FCV tobaccos from
Tobacco Board (TB) via auction route and the revenues are
dependent on the firm's ability to bid successfully for these
tenders.
Working capital intensive nature of operations: NT has working
capital intensive nature of operations as marked by elongated
operating cycle of 155 days in FY18 (CA certified, Prov.), mainly
on account of high inventory period at 215 days to meet the
demand of the clients, as to maintain adequate amount of tobacco,
once they bid for future production. The company normally allows
a credit period of around 1-3 weeks to its customers and makes
purchases on cash basis with maximum average credit period
allowed by its creditor's stood around a week for FY18 (CA
certified, Prov.). The average utilization of cash credit was 95%
for the last 12 months ended July 31, 2018.
Constitution of the entity as a proprietorship firm: Constitution
as a proprietorship firm has the inherent risk of possibility of
withdrawal of the owner's capital at the time of personal
contingency which can adversely affect its capital structure.
Proprietorship firms have restricted access to external
borrowings as credit worthiness of the Proprietor would be key
factors affecting credit decision for the lenders.
Key Rating Strengths
Experienced proprietor with around two decades in tobacco
industry: The firm was established in March 2016 as a
proprietorship firm, by Mr. Vasu Babu. Mr. Babu has worked for 20
years in the same line of business in the associate concern i.e
Tobacco Trading Company, which is engaged in sale of tobacco
products.
Satisfactory total operating income and moderate PBILDT margin:
The total operating income has witnessed a growth of 53.14%
during FY18 (Prov.) to INR 42.59 crore vis-a-vis INR27.81 crore
during FY17. During FY16(A) to FY18(Prov.), the operating income
grew at a CAGR of 53.31%. The increase in the scale of operations
was on account of increase in orders from existing customers as
well as addition of new customers, also on account of high volume
processing and selling of FCV tobacco, along with demand for
tobaccos during FY18(Prov.). In, 4MFY19 (Provisional) the firm,
has achieved TOI of Rs 22 crore.
The PBILDT margin of improved from 3.39% in FY17 to 4.04% in
FY18(Prov.) on account of good demand during FY18. The firm
purchases tobacco leaf which ranges from INR 80-180 per kg in
FY18 and was of INR 70-170 in FY17, as the firm refines and then
sells its customers. The PAT margins marginally declined from
0.35% in FY17 to 0.31% in FY18(prov.), on account of higher
interest cost, as the firm has taken adhoc Cash credit facility
of INR 2.50 crore in FY18(Prov.).
Ongole based Nithya Tobaccos (NT) was established in March 2016
as a proprietorship concern by Mr. G Vasu Babu. Mr. Babu is an
authorized licensed holder for processing and selling of Flue-
Cured Virginia (FCV) Non Traditional tobacco from Government of
Andhra Pradesh. NT is mainly engaged in processing and selling of
FCV Non Traditional tobacco. The orders undertaken by the firm
are secured through the competitive bidding process conducted by
Tobacco Board (TB) at Andhra Pradesh location.
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 600001
Tel.: 044-2535 2635/9635
E-mail: dprem@integroip.com
Classes of creditors: Home buyers
Insolvency
Professionals
Representative of
Creditors in a class: A. Arumugam
1/56, Market Road
Kelambakkam, Chennai 603103
Rajalakshmi Varadarajan Z-7
11th Street, Anna Nagar
Chennai 40
CK Krishnamachari
109/30, 2nd Floor
TP Koil St
Triplicane, Chennai 5
Last date for
submission of claims: August 10, 2018
PHARMAVEDA INDIA: CARE Assigns B+ Rating to INR8.62cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Pharmaveda India Private Limited (PVIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.62 CARE B+; Stable Assigned
Short term Bank
Facilities 1.38 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of PVIPL are
constrained by small scale of operations, project stabilization
risk, working capital intensive nature of operation, moderately
leveraged capital structure and weak debt coverage indicators and
presence in fragmented and competitive Industry.
The rating however, derives strength from experienced, qualified
and resourceful promoters, comfortable profit margins and
potential growth for Ayurvedic products in India.
The ability of the PVIPL's to increase its scale of operations
while improving its profitability margins and capital structure
and ability to manage its working capital effectively are the key
rating sensitivities.
Detailed Description of Key Rating Drivers
Key rating Weakness
Small scale of operations: Total operating income of PVIPL stood
modest at INR8.73 crore (vis-a-vis INR7.82 crore). Fluctuation
in sales is owing to tender driven nature of business, as it
works primarily with government entities, where orders are
procured according to the budget allocation. During Q1FY19 it has
recorded revenue of INR 0.95 crore and has an order book of INR10
crore which is to be executed by December 2018.
Project stabilization risk: PVIPL has undergone capex plan at its
Boisar plant. The total cost of project for installation of
Plant and machinery was INR 5 crore out of which INR2.50 crore
was funded through term loan and rest through own funds. The
project was completed in FY18 and has started generating revenue.
Going forward the ability of the company to receive sufficient
orders to timely repay its debt obligations would be critical
from credit perspective.
Working capital intensive nature of operation: Operations of the
company are working capital intensive in nature with funds being
stuck in inventory as higher raw material inventory maintained by
the company primarily to meet timely needs of the customers.
Being dealing with Government authorities collection period
stretches to 90-120 days as against it gets very little credit
period of 30 days from suppliers. The above leads to stretched
working capital cycle leading to fully utilization (average) of
the working capital borrowings for past 4 months ended July 31,
2018. Further, the liquidity position of the company stood
moderate with current ratio at 1.25x and quick ratio at 0.75x as
on march 31, 2018.
Moderately leveraged capital structure and weak debt coverage
indicators: The overall capital structure of PVIPL stood
moderately leveraged despite the marginal improvement in overall
gearing of 2.07 times as on March 31, 2018 (vis-a-vis 2.30 times
as on March 31, 2017) owing to increases in tangible net worth
with accretions of profits to reserves, however it remained
leveraged. Further the debt coverage indicators stood weak with
total debt/GCA of 13.07 times in FY18 (vis-a-vis 14.31 times in
FY17) due to factors mentioned above. Furthermore, the interest
coverage continues to remain moderate at 1.53x in FY18 (vis-a-vis
1.48x in FY17) on account of improvement in operating
profitability. Company envisage to improved gearing with infusion
of equity funds of INR 1 crore on August 11, 2018 which will
further improve overall gearing of the company.
Fragmented and competitive nature of Industry: The fortune of
company is linked with demand of medical products from healthcare
institutes and hospitals. PVIPL is operating in competitive and
fragmented nature of industry due to presence of multiple players
offering similar range of products. Additionally, low margin of
profits due to government pricing policies - Drug Price control.
Key rating Strengths
Experienced, qualified and resourceful promoters: PVIPL is
managed by Dr. Satish Vaidya, Mr. Sagar Tungare and Mrs. Shefali
Sagar Tungare. Dr. Satish Vaidya is M.Pharma Tech.
(Pharmacology), PhD in Pharmacology and did post graduate diploma
in Pharmaceutical Business Management. He is been associated with
PVIPL since inception hence having about three decades of
experience in medical industry. Other Director Mr. Sagar Tungare
is a Commerce Graduate and also holds two decades of experience
in Pharma industry. Mrs. Shefali Tungare is also a post graduate
and been associate with PVIPL for last eight years. Further, the
promoters are supported by an experienced team of management
personals having significant experience in the relevant area of
business.
Comfortable profit margins: The company operates on relatively
comfortable yet fluctuating profit margins with operating margins
in the range of 11.39% to 9.24% during FY15-18. The profit
margins are susceptible to the volatile prices of raw material
(i.e. Herbal extract, Vitamins & Minerals salts, excipients
etc.). The PBILDT margin in FY18 (Prov.) declined to 9.24% from
9.90% in FY17 on account of increase in material cost and other
overhead expenditure which could not be passed on to its
customers. Further there is marginal improvement in PAT margins
which stood at 2.23% in FY18 (vis-a-vis 2.14% in FY17).
Potential growth for Ayurvedic products in India: India Ayurvedic
products market is projected to register a CAGR of 16% during
2016-2021. Introduction of Ayurvedic nutraceuticals & dietary
supplements as well as Ayurvedic cosmetics & skin care products
is likely to boost the market over the next five years. Further,
Government of India is also encouraging & promoting usage of
Ayurvedic products through education and national awareness
programs.
Pharmaveda India Pvt. Ltd. (PVIPL) incorporated in the year 2001
Erstwhile PVIPL was a partnership firm, established in March 1988
and started its operations in June 17, 1989 and in the year 2001
it has change its constitution from partnership firm to Private
Limited Company. PVIPL, is engaged in the business of
manufacturing of tablets and capsules for Anti-diarrhoeal, Oral
Rehydration Salts, Micronutrient Supplement of Children etc. and
dietary supplements/ Nutraceuticals (Trade sales and Government
supplies) of different kinds of healthcare products namely
women's Care, Men's Care, old age Care, Child Care, Respiratory
care, Orthopedic Care, Kidney Care, Metabolism and Digestive Care
and Immunity Enhancer etc. PVIPL have formulated product of
"Reimun" is the only ayurvedic medicine officially recognized and
approved by CCRAS (The Central Council for Research in Ayurvedic
Sciences), Government of India as a treatment for HIV/AIDS.
LOMOTRAL oral power is only ayurvedic ORS meeting the WHO/ UNICEF
define criteria.
PVIPL's manufacturing facilities are ISO 9001:2015 and ISO 22000:
2005 certified. PVIPL has its registered office at Vile Parle,
Mumbai and manufacturing unit at Boisar, Palghar which is on
lease and spread over 20,000 sq. feet and other unit at Andheri,
Mumbai which is spread over 1200 sq. feet. Both the factories
have license to manufactured medicines under Food and Drugs
administration (Maharashtra State) and also has a license of CGMP
(certificate of Good Manufacturing Practices) to manufactured of
Ayurveda, Siddha or Unani drug.
PENTAGON ALUMINIUM: CARE Reaffirms B Rating on INR18cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pentagon Aluminium Company Private Limited (PAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 18.00 CARE B; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facility of PAPL continues to be
constrained on account of residual project execution and
stabilization risk associated with debt funded project and raw
material price fluctuation risk. The rating further continues to
be constrained by competitive nature of the industry and presence
of large players in the organized segment as well as competition
from imports. The rating, however, draws comfort from the
experienced management. Going forward, the ability of the company
to successfully implement the residual project within estimated
time and cost and achievability of envisaged revenue and
profitability shall be the key rating sensitivity.
Detailed description of the key rating drivers
Key rating weaknesses
Residual project execution and stabilization risk regarding
operations: As on March 31, 2018, PAPL had incurred an
expenditure of INR23.39 crore towards the total project cost of
INR27.39 crore. The expenditure incurred has been funded through
term loan of INR9.59 crore and balance through promoter's
contribution. The term loan of INR13 crore has already been
sanctioned by the bank and the repayment is scheduled to start
from June, 2019. Initially the company was expected to start by
September, 2017; however, due to changes in tax regime and bad
weather conditions delayed the construction activity and purchase
plans which also led to revision is estimated project cost from
INR25.14 crore to INR27.39 crore, the incremental cost will be
funded by promoters' funds. The commercial operations are now
expected to commence from September, 2018 and FY20 will be the
first full year of operations. The execution of the project with
the envisaged time and cost remains to be seen. Furthermore, post
project implementation risk in the form of stabilization of the
manufacturing facilities to achieve the envisaged scale of
business and salability risk associated with the products in the
light of competitive nature of industry remains crucial for the
company.
Furthermore, during the initial phases of operations, the capital
structure of the company is expected to remain leveraged due to
capex term loans coupled with high working capital requirements
and low capital base.
Raw material price fluctuation risk: The prices of raw materials,
especially non-ferrous metals such as aluminium ingots are
volatile in nature. Any adverse movement in the raw material
prices would adversely affect the profitability of the company.
Further PAPL might not be able to pass on the rise in raw
material prices to its end consumer due to stiff competition.
Competitive nature of industry with presence of large players in
the organized segment as well as competition from imports: PAPL
operates in a competitive industry marked by the presence of
large players in the organized sector. In addition to the
competition in
domestic market the company also faces competition from imports.
Key rating strengths
Experienced management: Mr. Abhishek Kaushik is the managing
director of the company and holds nearly a decade of experience
in the trading of aluminum extruded products and flat rolled
products through its associate concerns and will handle marketing
department of the company. Mr. Amit Sharma is the promoter
director of the company and holds more than one and a half decade
of experience in trading of aluminum extruded products and flat
rolled products through its associate concerns and will looks
after the overall operations of the company.
Delhi-based, Pentagon Aluminum Company Private Limited (PAPL) was
incorporated in February 2014 by Mr Amit Sharma and Ms Shakuntala
Kaushik. PAPL is setting up a manufacturing (Hot rolling mill)
unit at Una, Himachal Pradesh with the objective to manufacture
aluminum products such as aluminum sheets, plates and coils of
various shapes and sizes with proposed installed capacity of 3600
tonnes per annum. The key raw material for the company would be
aluminum ingots.
PRAISEWORTH INFRA: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Praiseworth Infra Private Limited
1062, Ponniamman Medu
Madhavaram, Chennai 600110
Insolvency Commencement Date: August 3, 2018
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: January 30, 2019
(180 days from commencement)
Insolvency professional: Chandramouli Ramasubramaniam
Interim Resolution
Professional: Chandramouli Ramasubramaniam
'RAJI' 3B1, 3rd Floor, Gaiety Palace
No. 1L, Blackers Road, Mount Road
Chennai, Tamil Nadu 600002
E-mail: fcs.rms@gmail.com
Last date for
submission of claims: August 17, 2018
RADHE KRISHNA: ICRA Withdraws B Rating on INR27cr Term Loan
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ICRA has withdrawn the long-term rating of [ICRA]B with a Stable
outlook; Issuer not Co-operating; assigned to the INR27.00 crore
bank facilities of Radhe Krishna Enterprise (RKE).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Term 27.00 [ICRA]B (Stable) ISSUER NOT
Loan CO-OPERATING; Withdrawn
Rationale
The ratings assigned to Radhe Krishna Enterprise have been
withdrawn at its request based on the no objection certificate
provided by its banker.
Incorporated on 1st May, 2014, Radhe Krishna Enterprise (RKE) is
engaged in construction of residential and commercial projects.
The company has a corporate & registered office in Surat,
Gujarat.
RKE is a group company of Maiyani Group and the promoters of the
group have been present in the construction, textile as well as
diamonds business. Maiyani Group comprises two other concerns
namely: Maiyani Group of Associates - Textile Industry, Maiyani
Brothers - Diamond Industry and Maiyani Group of Industries -
engaged in construction business.
RAIPUR POWER: CARE Lowers Rating on INR332.65cr LT Loan to D
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CARE Ratings revised the ratings on certain bank facilities of
Raipur Power and Steel Limited (RPSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 332.65 CARE D; Issuer not cooperating;
Facilities Revised from CARE BB; Negative
Issuer Not Cooperating on the
basis of best available
information
Short term Bank 22.00 CARE D; Issuer not cooperating;
Facilities Revised from CARE A4; Issuer Not
Cooperating on the basis of best
Available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RPSL to monitor the rating
vide letters/ e-mail communications dated August 16, 2018;
August 3, 2018; August 1, 2018; July 19, 2018 & July 12, 2018 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Raipur
Power and Steel Limited's bank facilities will now be denoted as
CARE D /CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
The revision in the ratings takes into account ongoing delays in
the servicing of the debt obligation.
Key Rating Weaknesses
Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the interest and principle repayments for the term
loans availed. Furthermore, the cash credit limit has remained
overdrawn for more than 30 days.
Incorporated in 2007, Raipur Power and Steel Limited (RPSL) is a
closely held public limited company belonging to the Garg group
of Ludhiana, Punjab. RPSL has its sole manufacturing facility
located at Durg, Chhattisgarh, for manufacturing of sponge iron,
ferro alloys (silicon manganese), billets, iron ore pellets, wire
rods and hard black (HB) wires with annual capacities of 90,000
tonnes per annum (tpa), 32,000 tpa, 90,000 tpa, 3,00,00 tps,
90,000 tpa and 90,000 tpa, respectively, as on August 31, 2017.
RPSL has two other group companies engaged in the steel industry,
namely, Garg Industries Limited (GIL; CARE B+; Stable/CARE A4;
Issuer Not Cooperating) and Parth Concast Limited (PCL). GIL is
engaged in the manufacturing of wire rods and has an installed
capacity of 36,000 mtpa, as on March 31, 2017, at its
manufacturing unit at Ludhiana, Punjab, while PCL is engaged in
the manufacturing of billets and has an installed capacity of
90,000 mtpa, as on March 31, 2017, at its manufacturing unit at
Durg, Chhattisgarh.
RAIPUR SPECIALITY: CARE Reaffirms B+ Rating on INR5.41cr Loan
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CARE Ratings reaffirmed ratings on certain bank facilities of
Raipur Speciality Steels Pvt. Ltd. (RSSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.41 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating for the bank facilities of RSSPL continues to be
constrained by its small scale of operation, susceptibility to
fluctuation in traded products price, intensely competitive
nature of the industry with presence of many unorganized players
and working capital intensive nature of operation and moderate
financial risk profile marked by low profit margins, leveraged
capital structure and moderate liquidity position. However, the
aforesaid constraints are partially offset by its experienced
promoters with long track record.
The ability of the company to improve its scale of operation
along with profitability margins and efficient management of
working capital are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters with long track record: RSSPL is currently
managed by Mr. George Mathew, Managing Director, having over
three decades of experience in similar line of business. These
apart, all other two directors are also having over a decade of
experience in similar industry. The company has started its
operation from March 2004, thus having long track record of
operation of over a decade.
Key Rating Weaknesses
Small scale of operation: RSSPL is a small player in steel
trading business with revenue and PAT of INR27.55 crore and
INR0.09 crore respectively in FY18. Furthermore, thetotal capital
employed was also modest at INR8.65 crore as on March 31, 2018.
The small scale restricts the financial flexibility of the
company in times of stress. According to the management, during
4MFY19, the company has earned a total operating income of
INR10.61 crore.
Susceptibility to fluctuation in traded products price: The major
traded products, like Iron & Steel, are highly price volatile.
The purchase cost of the traded product accounted for about
96.84% of the total cost in FY18. Accordingly, any volatility in
the prices of the traded products is likely to have an impact on
the profitability of the company.
Intensely competitive nature of the industry with presence of
many unorganised players: Iron and steel trading industry is
highly fragmented and competitive due to presence of many players
operating in this sector owing to its low entry barriers, due to
low capital and technological requirements. Chhattisgarh and
nearby states are emerging as a major residential and industrial
developing area in the country. High competition restricts the
pricing flexibility of the industry participants and has a
negative bearing on the profitability.
Working capital intensive nature of business: Due to the trading
nature of business, the operation of the company is working
capital intensive marked by moderately high working capital cycle
of 69 days during FY18. The working capital cycle is high due to
long collection period on account of high credit period offered
to the customer to retain them in the competitive market. The
average utilisation of bank borrowing during last 12 months
ending on July, 2018 was 90%.
Moderate financial risk profile marked by low profit margins,
leveraged capital structure and moderate liquidity position:
Financial risk profile of the company has been low over the
years. The PBILDT margin was low at 2.51% during FY18 and the PAT
margin is low at 0.32% during the same period. The capital
structure of the company is leveraged marked by overall gearing
ratio at 3.02x as on March 31, 2018. However, the same has
improved on the back of scheduled repayment of term loan and
accretion of profits to reserve. Interest coverage ratio was
adequate at 1.34x during FY18. Current ratio remained adequate as
on March 31, 2018.
Raipur Speciality Steels Private Limited (RSSPL), incorporated in
March 2004 by one Mr. George Mathew of Raipur, is in the business
of iron and steel products trading. The company trades the
products like TMT bar, HR Sheet, MS Angle, MS Flat, wires etc.
During December 2016, the company took over a local
proprietorship firm named by "Royal Grand Cable Industries".
Mr George Mathew, Director, looks after the day to day operations
of the company with adequate support from other two directors and
a team of experienced personnel.
RAJDEEP RICE: Ind-Ra Maintains 'B' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Rajdeep Rice
Mill Private Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR20 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
rating; and
-- INR30 mil. Term loan maintained in Non-Cooperating Category
with IND B (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2013, Rajdeep Rice Mill is engaged in the
processing, milling, trading and export of rice. The company is
managed by Mr. Pradeep Kumar and his family.
RAMESHWAR COTTEX: CARE Reaffirms B+ Rating on INR8.54cr Loan
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CARE Ratings reaffirmed ratings on certain bank facilities of
Rameshwar Cottex (RWC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 8.54 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of RWC is constrained
on account of significant decline in scale of operations coupled
with low profit margins, moderate liquidity position, leveraged
capital structure and weak debt coverage indicators during FY18
(Provisional) (refers to the period April 1 to March 31) along
with its presence in highly fragmented industry, seasonality
associated with cotton industry and susceptibility of profit
margins to volatility in raw material price.
The rating, however, derive strength from the long experience of
promoters and its proximity to cotton growing area of Gujarat.
The ability of RWC to increase its scale of operations coupled
with improvement in profitability, capital structure and debt
coverage indicators along with efficient management of its
working capital requirements are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Partnership nature of constitution: Being a partnership firm, RWC
is exposed to inherent risk of partners' capital being withdrawn
at time of personal contingency, and firm being dissolved upon
the death/retirement/insolvency of partners. Partners have
withdrawn capital of INR0.35 crore during the year for personal
use.
Significant decline in scale of operations coupled with low
profit margins: RWC's Total Operating Income declined by 57.65%
and stood at INR24.32 crore during FY18 (Provisional) as against
INR57.42 crore during FY17. However PBILDT margin improved by 239
bps and stood low at 5.64% during FY18 as against 3.25% during
FY17. PAT margin stood low at 0.32% during FY18 as against 0.19%
during FY17.
Leveraged capital structure and weak debt protection metrics: The
capital structure of RWC stood leveraged marked by an overall
gearing ratio of 3.68x as on March 31, 2018 (Prov.) as against
4.37x as on March 31, 2017 on account of on account of decline in
total debt due to scheduled repayment of term loan and increase
in tangible networth due to accretion of profits to reserves.
Debt coverage indicators stood weak marked by interest coverage
ratio stood of 1.58 times during FY18 (Prov.) as against 1.43
times during FY17. Total debt to GCA deteriorated marginally and
stood weak at 26.43 times as on March 31, 2018 (Prov.) as against
24.40 times on account of decline in GCA level during the year.
Moderate liquidity position: The liquidity position stood
moderate marked by current ratio which stood at 1.78 times as on
March 31, 2018 as against 1.46 times as on March 31, 2017.
Operating cycle of RWC elongated and stood at 199 days during
FY18 as against 70 days during FY17.
Key Rating Strengths
Experienced promoters: RWC has been promoted by three partners
and all partners are holding reasonable experience in the cotton
industry. Mr. Pravin L Nakum and Mr. Kailash Nakum hold total
experience of eight years in cotton industry.
Proximity to cotton growing area of Gujarat: The manufacturing
facilities of RWC are located at Rajkot in Gujarat. Gujarat
produces reasonable percentage of total national production of
cotton; hence, RWC's presence in the cotton producing region
results in benefit derived from a lower logistic expenditure
(both on transportation and storage), easy availability and
procurement of raw materials at effective prices and consistent
demand for finished goods resulting in a sustainable and clear
revenue visibility.
Rajkot (Gujarat) based RWC is a partnership firm promoted by Mr.
Pravin L Nakum, Mr. Kailash L Nakum and Mrs. Manjula K Nakum in
August 2015. The Firm is engaged in cotton ginning and pressing
to produce cotton bales and cotton seeds and also trading of raw
cotton. Firm has also started Oil milling from April 2018. The
manufacturing unit of the firm is located at Rajkot (Gujarat) and
operates with an installed capacity of 54 Metric Tonnes per day
as on March 31, 2018.
RELIANCE COMMUNICATIONS: May Face Insolvency with Other Borrowers
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CNBCTV18.com reports that nearly 80 large borrowers, with at
least INR2,000 crore of outstanding loans each, are likely to be
impacted by the Reserve Bank of India's February 12 circular on
non-performing loans unless they implement a resolution plan
before the August 27 deadline, sources said.
According to the central bank's revised framework for the
resolution of stressed assets, now popularly referred to as the
February 12 circular, banks were given 180 days to resolve
defaulting accounts of over INR2,000 crore, CNBCTV18.com relates.
CNBCTV18.com says the new rule mandates lenders to initiate
insolvency resolution under the Bankruptcy Code, if a resolution
plan is not approved even at the end of the 180 days of first
default.
For the corporates, who were delayed in their repayment to
lenders when the circular was issued, the 180-day deadline
started on March 1 and came to an end on August 27, CNBCTV18.com
discloses.
CNBCTV18.com, citing sources close to the development, discloses
that about INR4 lakh crore of outstanding loans could be sent to
the bankruptcy court due to the RBI circular, with a bulk of them
coming from the power sector.
All the 34 stressed thermal-power projects reviewed by the power
ministry are likely to be impacted, unless Allahabad High Court
rules to keep them out of the February 12 circular, or extends
the 180-day deadline, CNBCTV18.com says.
According to CNBCTV18.com, State Bank of India (SBI)-led lenders
have also identified seven of these 34 power assets for
resolution before August 27, but none have been resolved
successfully so far, despite banks working over-time to meet the
deadline.
The top power projects that could be taken to the National
Company Law Tribunal (NCLT) include Lalitpur Power Generation
Company, KSK Mahanadi Power Co, Jaiprakash Power Venture Ltd,
Prayagraj Power Generation Co, Lanco Amarkantak Power, Rattan
India Power (Amravati), Ratnagiri Gas & Power, GMR Chhatisgarh,
Coastal Energen, Jindal India Thermal Power Odisha and Essar
Power Mahan MP among others, sources told CNBCTV18.com.
In the non-power list, companies likely to be hurt includes
Reliance Communications, Punj Lloyd, Gammon India, Reliance
Defence & Engineering, Bajaj Hindusthan, Pratibha Industries,
Patel Engineering, Bombay Rayon, GTL Infrastructure, Chennai
Network Infra, Gitanjali Gems and McNally Bharat Engineering Co,
among others, CNBCTV18.com adds.
As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2018, The Economic Times said the dedicated bankruptcy
court has admitted three insolvency petitions filed against
Reliance Communications and its subsidiaries, by Ericsson,
dealing a severe blow to the telco's plans of selling most of its
wireless units to Reliance Jio Infocom (Jio). The decision,
which came after nearly eight months since the Swedish telecom
equipment maker moved the National Company Law Tribunal's (NCLT)
Mumbai bench to recover INR1150 crore in dues, effectively makes
the Anil Ambani owned carrier bankrupt, the second such after
Chennai-based Aircel, ET said.
Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.
RELIANCE COMMUNICATIONS: Completes Fibre Assets Sale to Reliance
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Economic Times reports that Reliance Communications has sold its
optic fibre and related assets to Reliance Jio Infocomm for
INR3,000 crore, marking another step in the beleaguered telco's
efforts to pare debt.
"With the successful completion of the fibre monetisation
transaction, 1,78,000 kms fibre stand transferred to Reliance
Jio," RCom said in regulatory filing Aug. 27, ET relays.
Last week, RCom had sold its media convergence nodes (MCNs) and
related infrastructure to Jio for INR2,000 crore which had marked
the first tranche of wireless assets sold to the Mukesh Ambani-
led telco under the former carrier's asset monetisation plan.
Last year, RCom inked definitive binding pacts with Jio for the
sale of its wireless spectrum, tower, fibre and MCN assets as
part of an INR18,000 crore asset monetisation plan to pare its
INR46,000 crore debt, according to the report.
ET says RCom wireless assets that will eventually go to Jio
include 122.4 units of 4G airwaves across the 850, 900, 1800 and
2100 MHz bands, over 43,000 towers, 1,78,000 RKm (route km) of
fibre with a pan-India footprint and the 248 MCNs.
However, the latest announcements come even as the telecom
department is slated to ask RCom to furnish INR2,800-2,900 crore
as spectrum usage charges (SUC) or give bank guarantees of the
same sum, which, if not furnished, may lead to yet another hurdle
in the Anil Ambani-owned telco's efforts to sell its airwaves to
Jio to cut debt, the report states.
ET adds that RCom also needs to pay Ericsson INR550 crore by
September 30, as part a settlement over the INR1,000 crore dues
the telco owes the Swedish telecom equipment maker (NCLT), backed
by the National Company Law Tribunal (NCLT) and the Supreme
Court.
As reported in the Troubled Company Reporter-Asia Pacific on
May 17, 2018, The Economic Times said the dedicated bankruptcy
court has admitted three insolvency petitions filed against
Reliance Communications and its subsidiaries, by Ericsson,
dealing a severe blow to the telco's plans of selling most of its
wireless units to Reliance Jio Infocom (Jio). The decision,
which came after nearly eight months since the Swedish telecom
equipment maker moved the National Company Law Tribunal's (NCLT)
Mumbai bench to recover INR1150 crore in dues, effectively makes
the Anil Ambani owned carrier bankrupt, the second such after
Chennai-based Aircel, ET said.
Based in Mumbai, India, Reliance Communications Ltd (BOM:532712)
-- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile
communication (GSM) technology-based networks across India;
voice, long distance services and broadband access to enterprise
customers; managed Internet data center services, and direct-to-
home (DTH) business. Global operations comprise Carrier,
Enterprise and Consumer Business units. It provides carrier's
carrier voice, carrier's carrier bandwidth, enterprise data and
consumer voice services. The Company owns and operates Internet
protocol (IP) enabled connectivity infrastructure, comprising
over 280,000 kilometers of fiber optic cable systems in India,
the United States, Europe, Middle East and the Asia Pacific
region.
RELIANCE INFRASTRUCTURE: Ind-Ra Lowers LT Issuer Rating to 'D'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Reliance
Infrastructure Limited's (R-Infra) INR1.25 billion
non-convertible debentures (NCDs) as follows:
-- INR1.25 mil. NCDs downgraded with IND D rating.
KEY RATING DRIVERS
On August 23, 2018, R-Infra informed the stock exchanges about
the non-payment of interest and principal obligations on Series
36A INR1.3 billion NCDs (ISIN: INE036A07039) rated by Ind-Ra - on
the due dates of August 19, 2018. The company expects to repay
these NCDs in the next few days from the proposed sale of the
Mumbai power business to Adani Transmission Limited.
R-Infra expects to receive a total deal value of INR132.5 billion
from the sale of Mumbai Power business to Adani Transmission,
which includes businesses worth INR121 billion and approved
regulatory assets of INR11.5 billion. The government of
Maharashtra has filed an intervention application for the receipt
of taxes of over INR21 billion collected by R-Infra, but not paid
to the government. This could reduce amount available to R-Infra
for debt repayment.
In addition, the company has about INR50 billion of regulatory
assets under approval. Thus, the total consideration value is
estimated at INR188 billion. The company has received approvals
from its shareholders, Competition Commission of India and
Maharashtra Electricity Regulatory Commission for the said
transaction.
On August 6, 2018, Ind-Ra had downgraded R-Infra's Long-Term
Issuer Rating to 'IND D' according to Ind-Ra's 'Rating Criteria
for Distressed Debt Exchanges' and ratings on R-Infra's bank
facilities and NCDs to 'IND C' to reflect the company's weakened
liquidity profile and risk of default before the completion of
the proposed sale. Further, the NCDs and term loans secured
against regulatory asset collections were downgraded to 'IND BBB-
(SO)' with a Negative Outlook, given a significant portion of
regulatory asset collection collections first comes in the
company's cash management account before being transferred to the
escrow account, resulting in commingling risk. Any depletion in
debt service reserve for servicing the NCDs and term loan
facilities would result in a further negative rating action.
RATING SENSITIVITIES
Positive: Timely debt servicing on a sustained basis and
successful deal completion resulting in the deleveraging of the
company could lead to a positive rating action.
COMPANY PROFILE
R-Infra is the flagship company of the India-based Reliance
Group, led by Anil Dhirubhai Ambani, active in the energy and
infrastructure businesses. R-Infra's standalone operations
constitute a vertically integrated power generation, transmission
and distribution business catering to parts of Mumbai city. R-
Infra also has an in-house engineering-procurement-construction
division active in power and road segments. Its total generating
capacity is 941MW, consisting of four thermal-based plants and a
small wind power facility.
The company's revenues declined to INR92.6 billion in FY18 (FY17:
INR95.1 billion) due to a fall in engineering-procurement-
construction segment revenue to INR8.9 billion (INR15.7 billion)
and a fall in regulatory income to INR2.9 billion (INR7.5
billion).
SAI PRINT: Ind-Ra Migrates 'D' Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sai Print &
Pack's (SPP) Long-Term Issuer Rating in 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 D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based limits (Long-term) migrated to non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR5.4 mil. Term loan (Long-term) due on March 2021 migrated
to non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
Incorporated in 1998, SPP is a proprietorship firm providing
packaging solutions.
SHREE CHINTAMANI: CARE Assigns B/A4 Ratings to INR10cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Chintamani Knitting Private Limited (SCKPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long/Short term
Bank facilities 10.00 CARE B; Stable/CARE A4
Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SCKPL are
constrained by modest scale of operations with low
capitalization, thin and fluctuating profit margins, highly
leveraged capital structure and debt coverage indicators, working
capital intensive nature of operations, susceptibility of profit
margins to volatile material prices and foreign exchange
fluctuation risk and presence in competitive and fragmented
industry.
The ratings however, derive strength from established track
record of operations along with experienced promoters, and
healthy order book position.
Ability of SCKPL to increase its scale of operations while
improving profitability amidst intense competition and to improve
its capital structure along with efficient management of its
working capital requirement remain the key rating sensitivity.
Detailed description of Key rating drivers
Key Rating Weaknesses
Modest scale of operations along with thin and fluctuating profit
margins: The scale of operations of the company remained modest
and fluctuating however it grew at compounded annual growth rate
(CAGR) of 29.00% during FY15- FY18. Further during FY18
(provisional); total operating income (TOI) of the company
increased to INR 65.33 crore (vis-a-vis INR 59.83 crore in FY17)
due to higher orders executed by the company. Despite more than
two decades of operations of the company, the tangible net worth
remained small. The profit margins of SCKFPL have been low and
fluctuating from the past four years ended FY18 due to trading
nature of business and fluctuation in the prices of yarn and
limited ability to pass on the increase in prices of material in
the intense competition. With the improvement in PBILDT margin,
PAT margin has also shown improvement to 0.42% in FY18 to 0.08%
in FY17 however, the same continues to remain low and below unity
level.
Highly leveraged capital structure and weak debt coverage
indicators: Capital structure of the company remained highly
leveraged during past four years ending FY18 and remained in the
range of 17.83 times to 22.98 times on account of higher debt
level due to dependence as the working capital requirement is
supported by unsecured loans from related parties and low net
worth base. The debt coverage indicators also remained weak with
moderate interest coverage ratio and total debt/GCA mainly on
account of high debt level and low gross cash accruals in FY18.
However comfort can be drawn from the fact that majority of the
debt structure constitutes by unsecured loan.
Highly working capital intensive nature of operations: Operations
of SCKFPL are working capital intensive mainly on account of
funds being blocked in receivables as company offers credit
period of around one to two months. Further on the other hand it
makes upfront payment to suppliers. Therefore, operations of the
company remain highly working capital intensive leads to
elongated working capital cycle.
Susceptibility of profit margins to volatile material prices and
foreign exchange fluctuation risk: The material is the major cost
driver and the prices of the same are volatile in nature
therefore cost base remains exposed to any adverse price
fluctuations in the prices of the yarn being major cost component
amongst all materials are volatile in nature. Accordingly, the
profitability margins of the company are susceptible to
fluctuation in material prices. With limited ability to pass on
the increase in material costs in a competitive operating
spectrum, any substantial increase in material costs would affect
the company's profitability. Profitability of SCKPL is also
exposed to fluctuations in foreign currency, as the company is
entirely export oriented and sales its 100% products in overseas
markets. However comfort can be drawn that company has availed
the forward contract facility from bank to hedge the foreign
currency fluctuations.
Presence in competitive and fragmented industry: SCKPL operates
in a highly competitive and fragmented textile industry. The
company witnesses intense competition from both the other
organized and unorganized players domestically and globally. This
fragmented and highly competitive industry results into price
competition thereby posing a threat to the profit margins of the
companies operating in the industry.
Key Rating Strengths
Established track record of operations along with experienced
promoters: SCKPL possesses an established track record of more
two decades in the business and is currently managed by Mr.
Pankaj Parekh and Mr. Ajit Parekh who have more than two decades
of experience in the textile industry. Directors are further
assisted by second line of management. Company has established
relationship with various suppliers and customers over the period
of time which enabling continuous and repeated orders from
client.
Shree Chintamani Knitting Private Limited (SCKPL) is a part of
Lalchand group which has been operational in textile industry
since last eighty years. SCKPL was incorporated in the year 1995
by Mr. Shrinivas Kanchan, Currently company is managed by Mr.
Pankaj Parekh and Mr. Ajit Parekh who are having more than two
decades of experience in textile industry. Company is in the
business of exporting yarn to China, Philippines, Turkey, Egypt,
Portugal and Germany and having commission agent in each country.
Yarn is purchased from the suppliers situated in in domestic
market. Company has registered office in Mumbai.
SHREEDHAR MILK: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shreedhar Milk Foods Limited
Registered Office:
632/7, 2nd Floor
Khari Boali, New Delhi 110006
Corporate Office:
E-18/B-1, Mohan Cooperative Extn
New Delhi, 110044
Factory Site:
1 km, Ikonda Road, Village Mubarakpur
Joya, Uttar Pradesh 244221
Insolvency Commencement Date: August 9, 2018
Court: National Company Law Tribunal, Gurugram Bench
Estimated date of closure of
insolvency resolution process: February 5, 2019
Insolvency professional: Manoj Sehgal
Interim Resolution
Professional: Manoj Sehgal
Flat 304, Tower 5
Ansals Valley View Estate
Gwal Pahadi, Gurugram 122003
E-mail: manojsehgal_1121@yahoo.co.in
cirp.smfl@gmail.com
Last date for
submission of claims: August 30, 2018
SHRI SWAMI: CARE Assigns B+ Rating to INR7.03cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shri
Swami Samarth Construction (SSSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.03 CARE B+; Stable Assigned
Short-term Bank
Facilities 1.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SSSC are
constrained by its small scale of operations with moderate profit
margins, moderate solvency position and working capital intensive
nature of operations. The ratings are further constrained by its
presence in highly fragmented and competitive industry with
exposure to tender driven nature of business and constitution of
entity as a proprietorship firm limiting financial flexibility in
times of stress.
The above constraints outweigh the comfort derived from the
experience of the promoters with long and established operational
track record of the firm and healthy order book position
providing medium term revenue visibility.
The ability of the entity to timely execute the projects in hand
and strengthen its order book thus increasing its scale of
operations, improve profitability while managing working capital
requirements effectively are the key rating sensitivities.
Detailed Description of the Key Rating Drivers
Key Rating Weaknesses
Small scale of operation with moderate profitability margins: The
operations of the firm remained small with total operating income
(TOI) of INR12.54 crore and capital employed of INR13.71 crore as
on March 31, 2018, thus, limiting financial flexibility of the
firm in times of stress. Moreover, being in the tender driven
nature of business, the firm's profit margins stood moderate in
FY18.
Moderate solvency position: The relatively low net worth base of
the firm led to increased reliance on debt to support its
business operations, hence resulting in moderate capital
structure. Moreover, due to moderate profitability and debt
profile, the debt coverage indicators stood moderate.
Working capital intensive nature of operations: Operations of the
entity remained working capital intensive with high gross current
assets of 446 days in FY18 with funds blocked mostly in
receivables. The working capital requirements are met by the
internal accruals and cash credit facility. The average
utilization of cash credit facility during the past twelve
months ended July 31, 2018 remained high.
Presence of the firm in highly fragmented with intense
competition due to exposure to tender driven nature of business:
The firm operates in an industry characterized by high
fragmentation and presence of a large number of players in the
organized and unorganized sector. SSSC business is tender-based
which is characterized by an intense competition resulting in
moderate operating margins for the firm. The growth of business
depends entirely upon the firm's ability to successfully bid for
tenders and emerge as the lowest bidder. Further, the high
concentration of execution of projects for Karnataka Government
entities makes the firm's revenues and profitability susceptible
to any drop in the tenders awarded by the client.
Proprietorship nature of constitution: Being a proprietorship
concern, it is exposed to the risk of withdrawal of capital by
the proprietor on personal exigencies, dissolution of firm due to
death and restricted financial flexibility due to inability to
explore cheaper sources of finance leading to limited growth
potential.
Key Rating Strengths
Established operations and experienced proprietor: SSSC has a
track record of over a decade in the industry and has
strengthened its position by establishing good relations with
government entities over the years. The proprietor of the firm
has an experience of two decades in the industry and is assisted
by a team of well qualified and experienced professionals. Being
in the industry for about two decades helps the promoter to gain
adequate acumen about the business which will aid in smooth
operations of SSSC.
Healthy order book position providing revenue visibility over
medium term: The firm has an outstanding order book to sales
ratio of approximately 3.83 times of TOI of FY18 as on July 2018,
which is to be executed over a period of 2 months to 48 months
providing revenue visibility only for medium term.
SSSC was established in 2006 as a proprietorship firm by Mrs.
Smita Prakash Survase. SSSC is engaged in business of execution
of civil projects under contract for various Government
Departments. SSSC is a registered government contractor as Class-
I-A with Public Works Department (PWD); Solapur, Class- I-A with
Maharashtra Jeevan Pradhikaran (MJP) and Class- I-B with
Maharashtra Water Conservation Corporation (MWCC), Aurangabad.
SHRI VISHNUPERUMAAL: Ind-Ra Migrates B+ Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri
Vishnuperumaal Spin Yarn Private Limited's Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR63 mil. Fund-based working capital limits migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR45.5 mil. Term loan due on September 2020 - November 2021
migrated to non-cooperating category with IND B+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 10, 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 1986, Shri Vishnuperumaal Spin Yarn manufactures
polyester yarn on job-work basis at its manufacturing units in
Coimbatore and Gobichettipalayam.
SPACEAGE SWITCHGEARS: Ind-Ra Affirms BB- Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Spaceage
Switchgears Limited's (SSL) Long-Term Issuer Rating at 'IND BB-'.
The Outlook is Stable.
The instrument-wise rating actions are:
-- INR60.0 mil. Fund-based limits affirmed with IND BB-
/Stable/IND A4+ rating; and
-- INR80.0 mil. Non-fund-based limits affirmed with IND A4+
rating.
KEY RATING DRIVERS
The affirmation reflects SSL's continued small scale of
operations. Revenues fell to INR166.50 million according to the
FY18 provisional financials (FY17: INR191.99 million) on account
of a decline in the number of export orders received and
executed. SSL has a small order book of around INR56 million
which is likely to be realized in FY19.
The ratings also reflect SSL's modest EBITDA margins and credit
metrics due to its presence in the intensely competitive
switchgear and electric light fitting industry. ROCE stood at
3.42% in FY18 and EBITDA margins rose marginally to 7.80% in FY18
(FY17: 7.65%) because of a decrease in raw material prices.
Interest coverage (operating EBITDA/gross interest expense) fell
to 10.14x in FY18 (FY17: 10.27x) and net leverage (total adjusted
debt/operating EBITDAR) deteriorated to 3.08x (2.54x) on account
of a decrease in absolute EBITDA to INR12.98 million (INR14.68
million).
The ratings, however, are supported by SSL's comfortable
liquidity position, as evidenced by 5.49% average utilization of
the fund-based limits for the 12 months ended July 2018.
Moreover, the company has over 13 years of operational history
and its promoters have over two decades of experience in the
switchgear and electric light fitting industry.
RATING SENSITIVITIES
Negative: A decline in the EBITDA margin leading to deterioration
in the credit metrics on a sustained basis will be negative for
the ratings.
Positive: A significant improvement in the scale of operations
while maintaining EBITDA margin on a sustained basis will be
positive for the ratings.
COMPANY PROFILE
SSL was incorporated in March 1998 and manufactures low tension
panels, air circuit breakers, miniature circuit breakers, fuse
bases, low tension switchgear panels, high and low tension bus
duct and bus trucking's, industrial lighting systems,
architectural & urban lighting systems, etc.
SUPERIOR FOOD: CARE Reaffirms D Rating on INR45.75cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Superior Food Grains Private Limited (SFGPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities
(Term loan) 45.75 CARE D Reaffirmed
Long Term Bank
Facilities
(Fund Based) 40.00 CARE C; Negative Reaffirmed
Short Term Bank
Facilities
(Non Fund Based) 2.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SFGPL continue to
be constrained by the ongoing delays in servicing of the term
debt obligation, weak financial risk profile and seasonal &
cyclical nature of the sugar industry. The ratings, however,
derive strength from the experienced promoters and long-term
offtake arrangement in the form of Power Purchase Agreement (PPA)
signed with the Uttar Pradesh Power Corporation Limited (UPPCL).
Going forward, the ability of the company to timely service its
debt obligation, profitably scale-up its operations while
improving its overall solvency and liquidity position will remain
the key rating sensitivities.
Outlook: Negative
The outlook is 'Negative' considering the ongoing delays in
serving of the term debt obligations, losses in FY18 (Prov.) and
weak liquidity position of the company. The outlook may be
revised to 'Stable' if the company is able to timely repay its
debt obligations and profitably scale-up its operations while
maintaining a comfortable liquidity position.
Detailed Description of Key Rating Drivers
Key Rating Weaknesses
Ongoing delays in servicing of the term debt obligation: There
are ongoing delays in the servicing of the term debt obligation.
Furthermore, instances of cash credit limit overutilization were
also observed in the past and the same were settled within 30
days. The delays in the servicing of the debt obligations are on
account of weak liquidity position as the company is unable to
generate sufficient funds in a timely manner leading to cash flow
mismatches.
Weak financial risk profile: Total income of SFGPL grew at a
healthy rate of ~39% in FY17 owing to increased quantity of sugar
sold and improved sales realization. Further, the company has
entered into a long term PPA of 25 years (entered in Jan-17),
with UPPCL. In FY18 (Prov.) as well, the operating income of the
company has increased by ~27% from last year, owing to higher
quantity of sugar sold on the back of increased orders. The
PBILDT margins of the company, however, deteriorated to 6.64% in
FY18 (Prov.) mainly due to higher raw material (sugar cane) costs
incurred. The company reported losses at the net level in FY18 on
account of lower PBILDT and higher interest and depreciation
expenses. The capital structure of the company continued to
remain leveraged, as on March 31, 2018 on account of erosion of
networth owing to losses at net level. Furthermore, the debt
coverage indicators of the company also continued to remain weak
in FY18.
High reliance on the external working capital borrowings: The
cash credit limits of the company have remained fully utilized
for the 12 months period ended July-2018, on an average.
Instances of limit overutilization were also observed and the
same were settled within 30 days.
Cyclicality and agro-climatic risk associated with the sugar
industry: Sugarcane is the key raw material used for the
manufacturing of sugar and sugar-related products. The
availability and yield of sugarcane depends on factors like
rainfall, temperature and soil conditions, demand-supply
dynamics, government policies, etc. The production of sugarcane
and hence sugar is cyclical in nature.
Key Rating Strengths
Experienced promoters: SFGPL is promoted by Mr. Rana Inder Pratap
Singh, Mr. Rana Karan Pratap Singh and Mr. Rana Preet Inder
Singh. Mr. Rana Inder Pratap Singh and Mr. Rana Karan Pratap
Singh have an experience of around 15 and 10 years, respectively,
in the sugar industry through their association with SFGPL and
other group concerns of the company. Mr. Rana Preet Inder Singh
(director), has an experience of around 8 years in the sugar
industry.
Long-term power offtake arrangement in the form of Power Purchase
Agreement (PPA): SFGPL is engaged in the manufacturing of sugar
and generation of power through sugar's by-product (bagasse) with
an in-house power generation capacity of 33 MW. The company uses
some of the power generated for captive consumption and the
surplus power is sold to Uttar Pradesh Power Corporation Limited
(UPPCL) under long-term PPA of 25 years which is valid till Jan-
2042. Apart from the above, the company has a 4.5 MW captive
power plant which is non-operational as on date.
Superior Food Grains Pvt Ltd (SFGPL) was incorporated in January
2007. Presently, the company is managed by Mr. Rana Inder Pratap
Singh, Mr. Rana Karan Pratap Singh (brother of Mr. Rana Inder
Pratap Singh) and Mr. Rana Preet Inder Singh (cousin of Mr. Rana
Inder Pratap Singh). The company took over a sugar unit situated
at Shamli, Uttar Pradesh, from Sir Shadi Lal Enterprises Ltd
(SSLEL) in September 2014. The manufacturing facility has a total
installed capacity of 5,000 tonnes crushed sugar per day (TPD),
as on March 31, 2018.
SVASCA INDUSTRIES: Ind-Ra Maintains B+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Svasca
Industries (India) Limited's Long-Term Issuer Rating in 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
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR130 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
/IND A4 (ISSUER NOT COOPERATING) rating; and
-- INR160 mil. Non-fund based working capital limit maintained
in Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 11, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Formed in 1997, Svasca Industries (India) manufactures power and
distribution transformers and servo voltage stabilizers at its
facilities in Rudrapur (Uttarakhand) and Faridabad (Haryana).
===============
M A L A Y S I A
===============
* MSWG to Monitor All Financially Troubled and China-based Cos.
---------------------------------------------------------------
The Sun Daily reports that the Minority Shareholders Watch Group
(MSWG) will expand its assessment coverage to include all
Practice Note 17 (PN17) companies and China-based listed
companies from next year.
MSWG Malaysia was established as a government initiative in the
year 2000 as part of a broader capital market framework to
protect the interests of minority shareholders through
shareholder activism. It is one avenue of market discipline to
encourage good governance amongst public listed companies with
the objective of raising shareholder value over time. Over the
years, MSWG has evolved into an independent research organization
on corporate governance matters.
Sun Daily relates that MSWG CEO Devanesan Evanson told reporters
that the decision to monitor all PN17 companies and China-based
listed companies are in view of the risk and issues surrounding
such companies.
"Once you become PN 17, you are already a risky company.
Shareholders have a greater risk of losing. China listed
companies have a history of accounting frauds and problems," the
report quotes Mr. Evanson as saying.
Currently, MSWG actively monitors some 300 listed companies, six
of which are China based, the report notes. The new addition
could expand its coverage by another 20 more companies.
The Sun Daily relays that the group on Aug. 27 launched its
latest edition of the Malaysia-Asean Corporate Governance Report
2017. Of the 880 public listed companies studied for the report,
17 scored a corporate governance (CG) score of more than 100
while 113 companies scored below 50, the Sun Daily discloses. The
finance sector, which is heavily regulated, emerged as the sector
with the highest CG score of 78.94 points, says the Sun Daily.
====================
N E W Z E A L A N D
====================
UNITEC INSTITUTE: To Get NZ$50MM from New Zealand Government
------------------------------------------------------------
Newshub reports that tertiary institutions Unitec and Whitireia
are getting multi-million dollar boosts to stay afloat.
According to Newshub, the Government is loaning Auckland's Unitec
Institute of Technology NZ$50 million, while educational
institution Whitireia is getting a NZ$15 million capital
injection.
Education Minister Chris Hipkins said urgent support is required,
the report relates.
An independent financial advisor was appointed to Whitireia in
July to provide expert financial management, Newshub notes.
Newshub says Unitec came under fire recently over claims of
mismanagement. A cost-cutting scheme by the university was
heavily criticised in a Tertiary Education Union (TEU)
commissioned report, Newshub recalls.
Newshub relates that the report earlier this month found the
leadership team replaced staff with contractors and rejigged
entire departments despite warnings not to.
However, Unitec claimed the report contains inaccuracies and
"entirely unsubstantiated" speculation.
Senior leaders at Unitec announced the restructure in 2015,
saying at the time the changes would lead to better employment
prospects, Newshub says.
"Over time, students will benefit from much more flexible study
options designed to meet the needs of their future employers,"
former chief executive Rick Ede told Stuff.
But the TEU's national president Sandra Grey believes the changes
would never have worked, says Newshub.
"Education is not like a business that sells a single product -
it's a very complex business," she told Newshub.
According to Newshub, Unitec said it has been impacted by a
sector-wide decline in student numbers over several years and a
drop in revenue, combined with strong investment to modernise its
infrastructure.
It is now focused on achieving a return to surplus, adds Newshub.
Unitec has campuses in Mt Albert and Waitakere teaching courses
from certificate up to doctorate level.
=================
S I N G A P O R E
=================
FALCON ENERGY: Posts US$80.9MM Loss for Year Ended June 30
----------------------------------------------------------
The Business Times reports that Falcon Energy has reduced its
full-year losses on the previous year, on lower expenses.
Its net loss came in at US$80.9 million for the 12 months to June
30, narrowing from US$121.8 million before, BT discloses citing
Falcon Energy's unaudited results released on Aug. 26.
According to BT, the company recorded a lower provision for
allowance for impairment of property, plant and equipment, as
well as a smaller allowance for doubtful trade receivables.
Revenue fell by 57.4 per cent year on year, to US$45.5 million,
with turnover down on a lower volume of works in the oilfield and
drilling services division, as well as lower vessel deployment
and a decline in charter rates for the marine division, BT
discloses.
BT says Falcon Energy warned that the operating environment for
two key businesses will stay challenging in the year ahead. The
offshore support vessel (OSV) market faces low rates on intense
competition and low margins, it said in its outlook statement,
while the market for oilfield services "remains lacklustre" as
oil and gas companies cut capital and operating expenditure, BT
relays.
Current liabilities were lower by US$24 million to US$204.5
million, mainly owing to the reclassification of notes payables
to non-current liabilities held for sales. The group's current
liabilities exceeded its current assets by US$15.8 million in the
year, BT discloses.
"Business development activities will be focused on geographical
areas and niches in the OSV and oilfield services markets which
have shown increased activities," Falcon Energy, as cited by BT,
said, noting that it plans to "exercise strict financial
discipline" and increase the operational efficiency and
utilisation of its fleet.
Net loss per share was 9.92 US cents, against 15.1 US cents
previously, while net asset value stood at 11.46 US cents a
share, down from 23.42 US cents before. No dividend was declared,
adds BT.
Singapore-based Falcon Energy Group Limited, an investment
holding company, provides services from the initial exploration
stage to production and postproduction stage to oil companies and
contractors worldwide.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week August 20 to August 24, 2018
---------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
BOART LONGYEAR MANAGEMENT 1.50 12/31/22 USD 35.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
TREASURY CORP OF VICTORIA 0.50 11/12/30 AUD 74.36
CHINA
-----
AKESU XINCHENG ASSET INVE 7.50 10/10/18 CNY 25.01
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 71.13
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.51
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.52
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 60.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 60.19
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 61.80
ANHUI SHENGYUN ENVIRONMEN 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.40
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.69
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 40.89
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.80
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.91
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 40.04
ANYANG INVESTMENT GROUP C 8.00 04/17/19 CNY 20.37
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.01
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.62
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 40.19
BAOJI INVESTMENT GROUP CO 7.14 12/26/18 CNY 25.22
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.76
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 40.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 62.87
BAYANNUR LINHE DISTRICT U 7.90 11/13/20 CNY 60.58
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 61.36
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 40.34
BEIJING CAPITAL DEVELOPME 5.95 05/29/19 CNY 20.27
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.51
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.53
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.77
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.93
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 62.26
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.16
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.26
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.17
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.25
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.35
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.64
BEIJING GUCAI GROUP CO LT 8.28 12/15/18 CNY 40.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.16
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.17
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.25
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.67
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 60.75
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 60.70
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 61.82
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 61.69
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 60.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 61.25
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.05
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.44
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 61.99
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.94
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.98
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 61.99
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 63.05
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 53.14
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 61.67
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.60
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.61
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.37
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.39
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 40.08
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 40.65
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 40.41
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 59.70
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.36
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.54
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.21
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.25
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.50
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.52
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.36
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.25
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.42
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.38
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.41
CHANGSHA COUNTY XINGCHENG 8.35 04/06/19 CNY 20.47
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.16
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.43
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 62.82
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.73
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 40.59
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 61.01
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 62.02
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.15
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.16
CHANGSHU CITY OPERATION I 8.00 01/16/19 CNY 20.17
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.00
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 61.57
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 62.58
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 60.51
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.66
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.88
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.71
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.09
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.26
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.44
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.45
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.21
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.53
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.50
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.59
CHANGZHOU JINTAN DISTRICT 8.30 03/14/19 CNY 20.16
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 61.60
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.16
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.44
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 61.92
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.58
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.59
CHENGDU ECONOMIC&TECHNOLO 6.55 07/17/19 CNY 20.27
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.46
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 51.57
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 55.00
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 60.67
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 61.56
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 60.44
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 20.23
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 40.32
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.45
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.48
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.64
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.72
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 61.88
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 62.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 61.31
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 62.46
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 39.85
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 40.77
CHIFENG CITY HONGSHAN INF 7.20 07/25/19 CNY 20.08
CHINA ENERGY RESERVE AND 6.25 12/21/18 USD 28.57
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.37
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.49
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.75
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.62
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.79
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 61.18
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 61.03
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 40.59
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.14
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 60.65
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 61.75
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 60.49
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 61.20
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.00
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.26
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 60.94
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.15
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.33
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.53
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.54
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 61.21
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 62.14
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.20
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.42
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.07
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.21
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.10
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.12
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.29
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.30
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.43
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.44
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 61.68
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 62.01
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 39.70
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 40.50
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.25
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.41
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 61.45
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.32
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.34
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 20.19
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 39.70
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 60.03
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.31
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.35
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.97
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 62.33
CHONGQING MAIRUI CITY INV 6.82 08/17/19 CNY 20.28
CHONGQING NAN'AN URBAN CO 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.08
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.26
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.01
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.53
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.62
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.02
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.58
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.80
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.30
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.56
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.59
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 61.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 60.21
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.01
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.12
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 39.92
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 40.25
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.95
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.00
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.32
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.42
CHONGQING XIYONG MICRO-EL 6.76 07/25/19 CNY 20.32
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 61.54
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 40.62
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.51
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.53
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.30
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.38
CHONGQING YULONG ASSET MA 6.87 05/31/19 CNY 20.23
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.35
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.47
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 40.72
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 60.30
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 38.21
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 40.21
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.48
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.50
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.69
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 61.50
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.48
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.51
DALI ECONOMIC DEVELOPMENT 8.80 04/24/19 CNY 20.40
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.51
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.54
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.66
DALIAN DETA INVESTMENT CO 6.50 11/15/19 CNY 40.51
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.17
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.70
DALIAN PULANDIAN CONSTRUC 8.48 12/12/18 CNY 55.40
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 59.80
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 60.07
DALIAN RONGQIANG INVESTME 8.60 03/30/19 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.02
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.03
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.40
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.41
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.70
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.40
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.75
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.33
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 50.57
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 60.82
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 39.80
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.02
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.20
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 60.85
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 39.97
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 40.76
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 60.84
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 62.45
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 60.74
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 61.05
DAYE CITY CONSTRUCTION IN 7.95 11/27/20 CNY 61.34
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 39.90
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 40.32
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 60.61
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 61.24
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.32
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.44
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.58
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 61.99
DONGXU OPTOELECTRONIC TEC 5.00 12/02/21 CNY 75.04
DUNAN HOLDING GROUP CO LT 7.30 12/21/18 CNY 75.19
ELION CLEAN ENERGY CO LTD 6.42 07/19/20 CNY 74.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 40.47
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 60.21
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 61.31
EZHOU CITY CONSTRUCTION I 7.08 06/19/19 CNY 20.01
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 60.86
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 61.61
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 60.95
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 61.10
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 61.31
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 59.85
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 60.26
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 40.82
FUJIAN LONGYAN CITY CONST 7.45 08/14/19 CNY 20.31
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 39.90
FUJIAN NANPING HIGHWAY CO 7.90 10/26/18 CNY 40.23
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 40.47
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 60.14
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 55.10
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.20
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.45
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 70.50
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 71.17
FUZHOU URBAN AND RURAL CO 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 20.15
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 40.13
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.73
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.17
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.91
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.92
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 51.17
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 52.01
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.20
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.39
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 24.98
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 25.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.29
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.42
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 59.90
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 60.04
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 49.90
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.10
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.18
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.23
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.36
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.09
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.12
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 60.88
GUANGXI LAIBIN URBAN CONS 8.36 03/14/19 CNY 40.61
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.69
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.70
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.17
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.50
GUANGYUAN INVESTMENT HOLD 7.25 11/26/19 CNY 40.54
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 60.63
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 61.01
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 59.76
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 60.30
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 49.66
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 38.99
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONSTR 7.80 02/21/21 CNY 62.50
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.97
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
HAICHENG URBAN INVESTMENT 8.39 11/07/18 CNY 40.26
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 60.59
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 61.34
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.64
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.86
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.26
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.29
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.13
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.55
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.11
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.14
HAINING STATE-OWNED ASSET 6.08 03/06/20 CNY 40.57
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.05
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.61
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 61.23
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.28
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.89
HANDAN CITY DEVELOPMENT & 7.60 11/25/20 CNY 62.12
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.50
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.03
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.08
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 62.14
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 80.40
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.55
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.67
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.03
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.10
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.00
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.95
HANGZHOU YUHANG CITY CONS 7.55 03/29/19 CNY 20.45
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 61.85
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 62.20
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 62.05
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.25
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.26
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.81
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.98
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 18.93
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 61.70
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 62.08
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.05
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.07
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.73
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.74
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 49.86
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 60.74
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 61.20
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.30
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.61
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.65
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 71.96
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 20.36
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.29
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.61
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.30
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.16
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.17
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.11
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.37
HEGANG KAIYUAN CITY INVES 6.50 07/19/19 CNY 20.30
HEIHE CITY CONSTRUCTION I 8.48 03/23/19 CNY 40.61
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.79
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.83
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 74.11
HENAN JIYUAN CITY CONSTRU 7.50 09/25/19 CNY 40.46
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.47
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.50
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.47
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.66
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.04
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.12
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 61.42
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 40.48
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 54.96
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 41.32
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.31
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.40
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.25
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.83
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.84
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.23
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.31
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.42
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.46
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 40.20
HUAIBEI CITY CONSTRUCTION 6.68 12/17/18 CNY 25.13
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 60.37
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.74
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.98
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.73
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 61.37
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 62.35
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 62.39
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 61.61
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 62.06
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 40.46
HUAXIA LIFE INSURANCE CO 6.00 09/22/25 CNY 96.09
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.17
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.56
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.18
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.67
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.71
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 24.30
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 25.01
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 60.49
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 61.30
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.65
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.15
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.10
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.12
HUNAN ZHAOSHAN ECONOMIC C 7.00 12/12/18 CNY 25.05
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 40.48
HUZHOU NANXUN STATE-OWNED 8.15 03/31/19 CNY 20.24
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 60.10
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 61.48
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.18
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.39
INNER MONGLIA SHENGMU HIG 4.75 06/01/21 CNY 73.00
INNER MONGOLIA KE'ERQIN U 7.75 09/24/19 CNY 40.20
JIAMUSI NEW ERA INFRASTRU 8.25 03/22/19 CNY 20.17
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.01
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.02
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.34
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 61.85
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 62.85
JIANAN INVESTMENT HOLDING 7.68 09/04/19 CNY 40.44
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.02
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.08
JIANGDONG HOLDING GROUP C 6.90 03/27/19 CNY 20.26
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.04
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 37.99
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 40.21
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 60.90
JIANGSU FURUDONGHAI DEVEL 7.09 09/13/20 CNY 60.91
JIANGSU HANRUI INVESTMENT 8.16 03/01/19 CNY 19.93
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.70
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.99
JIANGSU HUIFENG BIO AGRIC 1.00 04/21/22 CNY 73.00
JIANGSU JINGUAN INVESTMEN 6.40 01/28/19 CNY 25.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 60.63
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 60.80
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 61.87
JIANGSU JURONG FUDI BIO-T 8.70 04/26/19 CNY 40.68
JIANGSU LIANYUN DEVELOPME 6.10 06/19/19 CNY 20.13
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 59.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 40.41
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 60.70
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 61.13
JIANGSU TAICANG PORT DEVE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 60.75
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 61.30
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.34
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.41
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.25
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.40
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.13
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.54
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.30
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.58
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.31
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 60.44
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 61.64
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 58.20
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 62.51
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.44
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 40.28
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 60.48
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 61.42
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 40.28
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.22
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.66
JIASHAN STATE-OWNED ASSET 6.80 06/06/19 CNY 20.10
JIAXING CITY CULTURE MING 8.16 03/08/19 CNY 20.36
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.17
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.29
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.19
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.94
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 60.01
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 62.03
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 39.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 40.08
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 39.95
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 60.79
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.05
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.39
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 61.26
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 62.21
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.46
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.01
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.25
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 59.65
JINGJIANG BINJIANG XINCHE 6.80 10/23/18 CNY 25.08
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 60.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 61.41
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 60.95
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 61.11
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 61.45
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.25
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.26
JINGZHOU URBAN CONSTRUCTI 7.98 04/24/19 CNY 20.31
JINHONG HOLDING GROUP CO 5.00 01/15/19 CNY 70.00
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 20.20
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 40.64
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 40.27
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.12
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.27
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 59.87
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 61.42
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 62.18
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.02
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.40
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.88
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.89
JIUJIANG CITY CONSTRUCTIO 8.49 02/23/19 CNY 20.36
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 40.87
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 61.36
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.43
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.45
KAIFENG DEVELOPMENT INVES 6.47 07/11/19 CNY 20.09
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 50.43
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 75.18
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.15
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.40
KUERLE CITY CONSTRUCTION 7.48 09/10/18 CNY 25.05
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.41
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.42
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 40.09
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.25
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.26
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.11
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.13
KUNSHAN ENTREPRENEUR HOLD 6.28 11/07/19 CNY 40.43
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 61.80
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 62.13
KUNSHAN HUAQIAO INTERNATI 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.41
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.49
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.40
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.47
LANZHOU NEW AREA INVESTME 8.30 04/29/21 CNY 60.77
LEQING CITY STATE OWNED I 6.50 06/29/19 CNY 20.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.42
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.66
LIAOYUAN STATE-OWNED ASSE 8.17 03/13/19 CNY 19.99
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 61.15
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 40.44
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.34
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.46
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.30
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.56
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 59.12
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.17
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.33
LINYI ECONOMIC DEVELOPMEN 8.26 09/24/19 CNY 41.41
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.06
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.90
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 62.99
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 50.72
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 51.11
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 39.01
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 40.49
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 66.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 71.54
LIUZHOU DONGCHENG INVESTM 8.30 02/15/19 CNY 20.15
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 60.84
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 61.08
LIUZHOU INVESTMENT HOLDIN 6.98 08/15/19 CNY 20.28
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 33.56
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.09
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 61.00
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 61.84
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 63.24
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.14
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 61.30
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 62.12
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 60.86
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.43
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.92
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 61.98
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.11
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.20
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 40.39
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.72
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.86
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 58.00
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 62.06
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 40.58
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.36
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.37
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG SCIENCE TECHNOLO 7.16 05/15/19 CNY 20.11
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.44
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.50
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 40.71
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.11
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.21
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 40.41
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.39
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.60
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.20
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.21
NANCHONG ECONOMIC DEVELOP 8.16 04/26/19 CNY 20.25
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 60.88
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 61.58
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.37
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.38
NANJING JIANGNING SCIENCE 7.29 04/28/19 CNY 20.28
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 40.36
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.39
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 40.46
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.81
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.82
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.04
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.29
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.08
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.11
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.30
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.82
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 60.49
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 61.03
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 40.67
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 60.77
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 61.36
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.56
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.57
NANTONG CITY TONGZHOU DIS 6.80 05/28/19 CNY 20.14
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 40.39
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 60.58
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 61.76
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.64
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.75
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 61.04
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 62.35
NINGBO CITY YINZHOU CITY 6.50 03/18/20 CNY 40.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 40.23
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.07
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.08
NINGBO ZHENHAI HAIJIANG I 6.65 11/28/18 CNY 25.11
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 59.87
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.22
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 61.86
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.96
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.35
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.10
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.75
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.20
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.30
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.54
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.55
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.00
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.36
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 61.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 60.95
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.12
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.66
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 39.93
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 40.19
PIZHOU RUNCHENG ASSET OPE 7.55 09/25/19 CNY 40.41
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.96
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.97
PUER CITY STATE OWNED ASS 7.38 06/20/19 CNY 20.17
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 61.88
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 62.37
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.13
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.56
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 61.91
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 62.06
QIANDONG NANZHOU DEVELOPM 8.80 04/27/19 CNY 20.14
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 39.54
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 39.82
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 71.73
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 58.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 61.75
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 62.37
QINGDAO CHENGYANG DEVELOP 7.09 03/10/21 CNY 61.01
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.30
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.39
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.22
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.23
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 72.73
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 73.05
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.34
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.40
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 40.85
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 50.92
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 51.05
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.31
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.33
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 74.27
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.00
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.93
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 61.03
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 62.04
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.07
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.38
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.42
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 61.71
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.15
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.21
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.44
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.67
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.93
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.98
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.37
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 70.80
QITAIHE CITY CONSTRUCTION 7.30 10/18/19 CNY 39.54
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.22
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.44
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.14
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.56
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.00
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.65
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 61.86
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 62.25
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.31
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.32
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 39.92
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.28
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.29
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.65
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.66
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 70.71
RUCHENG COUNTY URBAN CONS 6.00 06/28/23 CNY 70.32
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 40.57
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 61.38
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 62.09
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.07
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.29
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 62.75
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 67.40
RUGAO COMMUNICATIONS CONS 8.51 01/26/19 CNY 25.38
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.34
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.53
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 62.82
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 65.00
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.25
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.47
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.80
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 79.53
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 60.39
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 62.00
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 61.19
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 62.04
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 40.49
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.61
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.99
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 36.52
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 39.87
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 66.22
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.36
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.39
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 62.33
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 49.90
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 50.89
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.64
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.18
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.58
SHANGHAI JIADING INDUSTRI 6.71 10/10/18 CNY 25.09
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.88
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.98
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 40.58
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.07
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.27
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.36
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.47
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 40.62
SHANGHAI MUNICIPAL INVEST 4.63 07/30/19 CNY 20.15
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.07
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.16
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 40.27
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 51.41
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.30
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.19
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.87
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 40.33
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 62.51
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 63.51
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 40.64
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.41
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.57
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 40.62
SHAOXING COUNTY COMMUNICA 6.40 08/20/21 CNY 60.46
SHAOXING HI-TECH INDUSTRI 6.75 12/05/18 CNY 24.98
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 24.98
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 40.35
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 61.02
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 63.90
SHAOXING SHANGYU COMMUNIC 6.70 09/11/19 CNY 40.29
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 61.03
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 60.99
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 65.00
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 24.90
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 61.42
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 63.02
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.20
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.51
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.88
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.04
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.48
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 70.69
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 72.07
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 40.36
SHIYAN CITY INFRASTRUCTUR 7.98 04/20/19 CNY 20.26
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 60.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 60.92
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 61.14
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 60.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 61.01
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 50.72
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 50.82
SHUANGLIU SHINE CHINE CON 8.48 03/16/19 CNY 40.78
SHUANGLIU SHINE CHINE CON 8.40 03/16/19 CNY 40.86
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.12
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.49
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.01
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.07
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 60.71
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 61.13
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 59.81
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 7.25 04/29/19 CNY 70.57
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.37
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.70
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 39.80
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 40.18
SUIFENHE HAIRONG URBAN CO 6.60 04/28/20 CNY 39.87
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 60.27
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 61.14
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 39.99
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 61.50
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INVES 7.50 08/22/19 CNY 40.49
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 61.61
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 61.99
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 62.09
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 62.60
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 61.16
SUQIAN ECONOMIC DEVELOPME 7.50 03/26/19 CNY 20.33
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 39.80
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.27
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 20.22
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.41
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.52
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 19.78
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.74
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.90
SUZHOU TECH CITY DEVELOPM 7.32 11/01/18 CNY 25.10
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 40.44
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 56.01
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.33
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.36
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.25
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.41
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.54
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.55
TACHENG DISTRICT STATE-OW 7.49 10/16/19 CNY 50.36
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 40.56
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.31
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.37
TAICANG ASSET MANAGEMENT 7.00 02/27/21 CNY 60.63
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 40.46
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.13
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.72
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.44
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.82
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 56.38
TAIYUAN LONGCHENG DEVELOP 6.50 09/25/19 CNY 40.27
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.23
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.29
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.09
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 50.72
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 51.18
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.87
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.88
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 61.82
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 61.00
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 62.28
TAIZHOU HAILING ASSETS MA 8.52 03/21/19 CNY 20.31
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 39.90
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 40.18
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 55.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.03
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.46
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 59.60
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.88
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.89
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.87
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.88
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 40.18
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.30
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.97
TIANJIN DONGFANG CAIXIN I 7.99 11/23/18 CNY 40.30
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 38.92
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 19.98
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 20.21
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.46
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.52
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.26
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.95
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.12
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.20
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 68.54
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.05
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.13
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 71.63
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.23
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 61.15
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.43
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.63
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 60.40
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 61.32
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 59.94
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 60.24
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 60.54
TIANJIN TEDA CONSTRUCTION 6.89 04/27/20 CNY 40.87
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 56.48
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 59.26
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.00
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.02
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.11
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.30
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 60.74
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.10
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.15
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 61.37
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.53
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.35
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.50
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 20.18
URUMQI CITY CONSTRUCTION 7.20 11/06/18 CNY 50.40
URUMQI ECO&TECH DEVELOPME 8.58 01/10/19 CNY 25.68
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 40.13
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.43
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.70
VANZIP INVESTMENT GROUP C 7.92 02/04/19 CNY 22.94
WAFANGDIAN STATE-OWNED AS 8.55 04/19/19 CNY 20.46
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.35
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.65
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 54.61
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.53
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.58
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENZHOU ANJUFANG CITY DEV 7.65 04/24/19 CNY 20.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.33
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.42
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 59.80
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 61.21
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 61.40
WUHAI CITY CONSTRUCTION I 8.20 03/31/19 CNY 20.34
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 58.10
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 62.48
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.99
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 62.03
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 62.80
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 38.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 40.73
WUHAN REAL ESTATE DEVELOP 5.90 03/22/19 CNY 25.20
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 40.38
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 40.65
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.23
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.58
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.01
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.15
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.30
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.64
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.01
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 61.26
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.53
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.38
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.50
WUXI EAST SCIENCE & TECHN 5.98 10/26/18 CNY 40.10
WUXI HUISHAN ECONOMIC DEV 6.03 04/22/19 CNY 25.19
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.21
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.32
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.50
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.38
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.81
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.91
WUZHOU DONGTAI STATE-OWNE 7.40 09/03/19 CNY 40.46
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.68
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.85
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.08
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.38
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 40.15
XIAN CHANBAHE DEVELOPMENT 6.89 08/03/19 CNY 20.34
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.14
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.20
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.47
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.62
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XIANGSHAN COUNTRY STATE O 7.95 04/25/21 CNY 62.39
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.32
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 39.97
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 40.27
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.11
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 42.97
XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 58.67
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 59.02
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 62.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 39.78
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 60.61
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 61.35
XIANNING CITY CONSTRUCTIO 7.50 08/31/18 CNY 25.01
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 39.94
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 61.78
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 62.11
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.27
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.33
XIAOGAN URBAN CONSTRUCTIO 8.12 03/26/19 CNY 20.32
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 61.22
XINGHUA URBAN CONSTRUCTIO 7.25 10/23/18 CNY 25.01
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 50.22
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 51.69
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 20.44
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 40.19
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 62.13
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.91
XINJIANG SHIHEZI DEVELOPM 7.50 08/29/18 CNY 25.01
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 61.60
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 64.00
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.47
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.71
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 40.36
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.21
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.26
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 61.78
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 62.21
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.15
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.29
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 60.90
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 40.54
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.28
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.29
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 60.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.20
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.85
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 61.91
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.17
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.27
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.69
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.22
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.23
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 61.04
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.25
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.28
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 61.80
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 62.07
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.67
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.82
YAAN STATE-OWNED ASSET OP 7.39 07/04/19 CNY 20.11
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 40.58
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.55
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.56
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 62.85
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 60.75
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 40.66
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 60.30
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 61.84
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 60.81
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.11
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.12
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.09
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.27
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 50.66
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 51.37
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 19.98
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 20.27
YANGZHOU URBAN CONSTRUCTI 6.30 07/26/19 CNY 20.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.40
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.20
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.31
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.78
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 61.58
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 62.15
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 60.55
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 61.56
YINGKOU PORT GROUP CO LTD 6.10 04/27/22 CNY 71.69
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 71.36
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 74.30
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 62.78
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.28
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.44
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.25
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.46
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.47
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.88
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.14
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.15
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.66
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.88
YONGZHOU CITY CONSTRUCTIO 7.30 10/23/20 CNY 61.03
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 40.61
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.14
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.45
YULIN CITY INVESTMENT OPE 6.81 12/04/18 CNY 25.10
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 39.05
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 40.47
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 39.75
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 61.36
YUSHEN ENERGY DEVELOPMENT 8.50 02/21/21 CNY 60.87
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 61.12
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 62.42
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 40.16
YUYAO WATER RESOURCE INVE 7.20 10/16/19 CNY 40.58
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.71
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.89
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.00
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.63
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.10
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.58
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 40.47
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 61.51
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 40.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 61.88
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 60.28
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 61.15
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 39.99
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.01
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.20
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.70
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.80
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.32
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.51
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 40.44
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 62.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.86
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.96
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 39.51
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 40.62
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 61.52
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.57
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.94
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 72.27
ZHENJIANG CULTURE AND TOU 6.60 01/30/20 CNY 40.17
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 60.26
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 61.37
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.80
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.88
ZHONGRONG XINDA GROUP CO 7.40 07/18/22 CNY 67.81
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 61.81
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 55.68
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 56.03
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 60.37
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 61.91
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 70.93
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 71.76
ZHUCHENG ECONOMIC DEVELOP 7.50 08/25/18 CNY 21.25
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 25.00
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 61.00
ZHUJI CITY CONSTRUCTION I 6.92 12/19/19 CNY 40.56
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.55
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.95
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 61.30
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.26
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.42
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 60.98
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 61.09
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.37
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO LTD 5.45 04/27/19 CNY 12.12
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 25.12
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 60.95
ZUNYI CITY HUICHUAN DISTR 6.75 04/24/19 CNY 25.35
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.27
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.60
HONG KONG
---------
CHINA SOUTH CITY HOLDINGS 7.25 11/20/22 USD 74.65
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.04
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.35
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.18
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.29
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 55.57
EDELWEISS ASSET RECONSTRU 2.00 08/27/27 INR 56.25
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 57.12
EDELWEISS ASSET RECONSTRU 2.00 04/27/27 INR 63.18
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 50.17
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.26
JAIPRAKASH POWER VENTURES 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.55
PAN INDIA INFRAPROJECTS P 0.10 01/25/24 INR 55.54
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.23
REI AGRO LTD 5.50 11/13/14 USD 1.23
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 39.85
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.28
JAPAN
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TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 2.36
TAKATA CORP 0.85 03/06/19 JPY 2.36
KOREA
-----
2016 KIBO 1ST SECURITIZAT 5.00 09/13/18 KRW 75.73
DOOSAN CAPITAL SECURITIZA 20.00 04/22/19 KRW 65.93
HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 49.57
KIBO ABS SPECIALTY CO LTD 5.00 12/25/19 KRW 71.50
KIBO ABS SPECIALTY CO LTD 5.00 08/29/19 KRW 72.41
KIBO ABS SPECIALTY CO LTD 5.00 02/26/19 KRW 73.51
KIBO ABS SPECIALTY CO LTD 5.00 02/25/19 KRW 73.79
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 69.63
SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 69.87
SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 70.07
SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 70.09
SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 70.87
SINBO SECURITIZATION SPEC 5.00 02/28/21 KRW 71.26
SINBO SECURITIZATION SPEC 5.00 01/27/21 KRW 71.52
SINBO SECURITIZATION SPEC 5.00 12/22/20 KRW 71.79
SINBO SECURITIZATION SPEC 5.00 09/23/20 KRW 72.50
SINBO SECURITIZATION SPEC 5.00 08/26/20 KRW 72.73
SINBO SECURITIZATION SPEC 5.00 06/24/19 KRW 72.89
SINBO SECURITIZATION SPEC 5.00 07/28/20 KRW 72.94
SINBO SECURITIZATION SPEC 5.00 03/13/19 KRW 73.65
SINBO SECURITIZATION SPEC 5.00 02/25/20 KRW 74.22
SINBO SECURITIZATION SPEC 5.00 01/28/20 KRW 74.45
SINBO SECURITIZATION SPEC 5.00 12/30/19 KRW 74.67
WISE MOBILE SECURITIZATIO 20.00 09/17/18 KRW 75.22
MALAYSIA
--------
AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.35
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.71
BARAKAH OFFSHORE PETROLEU 3.50 10/24/18 MYR 0.15
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.27
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.43
I-BHD 3.00 10/09/19 MYR 0.38
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.13
PERODUA GLOBAL MANUFACTUR 0.50 12/17/25 MYR 69.36
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.30
PUC BHD 4.00 02/15/19 MYR 0.11
REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.11
SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 58.15
SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 59.39
SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 60.65
SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 61.88
SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 64.41
SENAI-DESARU EXPRESSWAY B 1.35 06/30/28 MYR 65.75
SENAI-DESARU EXPRESSWAY B 1.35 12/31/27 MYR 67.18
SENAI-DESARU EXPRESSWAY B 1.35 06/30/27 MYR 68.61
SENAI-DESARU EXPRESSWAY B 1.35 06/30/26 MYR 71.49
SENAI-DESARU EXPRESSWAY B 1.15 06/30/25 MYR 73.35
SENAI-DESARU EXPRESSWAY B 1.15 12/31/24 MYR 74.91
THONG GUAN INDUSTRIES BHD 5.00 10/10/19 MYR 2.88
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.01
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT BH 3.00 10/31/21 MYR 0.42
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT BON 3.63 03/21/33 PHP 68.42
PHILIPPINE GOVERNMENT BON 4.63 09/09/40 PHP 72.02
PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.03
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 45.01
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.47
AUSGROUP LTD 8.45 10/20/18 SGD 51.38
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 P 12.50 07/08/15 USD 48.89
BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 49.25
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.82
ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 38.13
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 55.16
INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 70.00
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 70.28
MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 30.02
ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 43.75
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
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 73.64
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 CO 1.00 10/10/25 USD 68.69
DEBT AND ASSET TRADING CO 1.00 10/10/25 USD 69.75
*********
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 ***