/raid1/www/Hosts/bankrupt/TCRAP_Public/180911.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, September 11, 2018, Vol. 21, No. 180
Headlines
A U S T R A L I A
FOOTY FUNDRAISERS: First Creditors' Meeting Set for Sept. 19
GLENFYNE FARMS: First Creditors' Meeting Set for Sept. 18
HAAWIND PTY: First Creditors' Meeting Set for Sept. 18
I.C.M. PROPERTY: First Creditors' Meeting Set for Sept. 17
NIEDERTHAELER HOF: Second Creditors' Meeting Set for Sept. 17
PIEROTH WINES: Second Creditors' Meeting Set for Sept. 17
QUINTIS LTD: Court 'Sideshows' Add Some Spice to Looming Sale
TASMAN MARKET: First Creditors' Meeting Set for Sept. 19
C H I N A
FUTURE LAND: Fitch Assigns BB Rating to USD300MM Sr. Notes
GUORUI PROPERTIES: S&P Lowers ICR to 'B-', Outlook Negative
JD.COM: Faces U.S. Law Firms Probe for Disclosure Failure
LIANGSHAN STATE-OWNED: Fitch Affirms BB+ LT IDR, Outlook Stable
I N D I A
ADITYA INFRA: CARE Migrates B+ Rating to Not Cooperating Category
ASIAN RE-SURFACING: CARE Assigns B Rating to INR2.39cr Loan
ASIAN TEA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
B. SAMAYAKK: CARE Hikes Rating on INR10cr LT Loan to BB-
BALAJEE HITEC: CRISIL Lowers Rating on INR8.99cr Loan to 'B'
BHARAT CONSTRUCTION: CRISIL Withdraws B- Rating on INR12cr Loan
BHOLA RAM: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
BMW IRON: CARE Migrates D Rating to Not Cooperating Category
CVS INFRASTRUCTURE: Ind-Ra Affirms BB- LT Rating, Outlook Stable
EGIANT AGROCONNECT: CRISIL Reaffirms B+ Rating on INR6.6cr Loan
GINGER PROPERTIES: CRISIL Lowers Rating on INR9cr Term Loan to B
GLOBE MOBILITY: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
GRAMOX PAPER: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
HIMAVASINI CARS: CRISIL Assigns B+ Rating to INR3cr Cash Loan
INDO NABIN: CARE Lowers Rating on INR46cr Term Loan to B
JAPAN METAL: CRISIL Withdraws B Rating on INR12cr Cash Loan
KERAFIBERTEX INT'L: Ind-Ra Moves BB+ Rating to Non-Cooperating
KISANMITRA COLD: CARE Raises Rating on INR18cr LT Loan to B+
LMJ INTERNATIONAL: Ind-Ra Corrects August 1 Rating Release
MAHAKALI ISPAT: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
MAHALAXMI TMT: CARE Migrates D Rating to Not Cooperating Category
MALHAR FASHIONS: CRISIL Raises Rating on INR3.7cr Loan to B+
MOHINDRA COACHES: CARE Lowers Rating on INR2.5cr LT Loan to B+
NANDI PIPES: CARE Reaffirms D Rating on INR8.40cr Loan
OMKARA BUSINESS: CARE Assigns B+ Rating to INR15cr LT Loan
PRE UNIQUE: Ind-Ra Raises Long Term Issuer Rating to 'B'
PULLANI ENGINEERS: CARE Reaffirms B+ Rating on INR5.91cr Loan
RAGHUVEER METAL: Ind-Ra Migrates BB LT Rating to Non-Cooperating
S.S. KAMATH: CARE Assigns B+ Rating to INR6.70cr LT Loan
SHAMBHU MAHADEV: CARE Moves B+ Rating to Not Cooperating Category
SHRI SALASAR: CARE Migrates B Rating to Not Cooperating Category
SHRI SHYAM: Ind-Ra Lowers Long Term Issuer Rating to 'D'
SURYATEJA POWER: CRISIL Revokes Suspension on B+ Rating
TP BUILDTECH: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
VAMA WOVEN: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
VASUNDHARA CHEM: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
VISHNU OIL: CARE Assigns B+ Rating to INR11cr Long-Term Loan
* INDIA: 12 Power Assets Face Bankruptcy Risk
J A P A N
SURUGA BANK: Top Execs Step Down over Loan Scandal
V I E T N A M
VIETNAM BANK: Fitch Withdraws BB- LT Issuer Default Rating
X X X X X X X X
* BOND PRICING: For the Week Sept. 3 to Sept. 7 2018
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A U S T R A L I A
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FOOTY FUNDRAISERS: First Creditors' Meeting Set for Sept. 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Footy
Fundraisers (Aust) Pty Ltd will be held at Level 7, 91 Phillip St,
Parramatta NSW 2150 and 149 High St, in Wodonga, Victoria, on
Sept. 19, 2018, at 10:00 a.m.
Trent McMillen of MaC Insolvency was appointed as administrator of
Footy Fundraisers on Sept. 9, 2018.
GLENFYNE FARMS: First Creditors' Meeting Set for Sept. 18
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Glenfyne
Farms International Au Pty Ltd will be held at the offices of Hall
Chadwick, Level 40, 2 Park Street, in Sydney, NSW, on
Sept. 18, 2018, at 10:00 a.m.
Steven Arthur Gladman of Hall Chadwick was appointed as
administrator of Glenfyne Farms on Sept. 7, 2018.
HAAWIND PTY: First Creditors' Meeting Set for Sept. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Haawind Pty
Ltd, trading as FTG Auto Salvage, will be held at the offices of
Matthew Flinders Private Dining Room, Quality Hotel Batman's Hill
On Collins, 623 Collins Street, in Melbourne, Victoria, on Sept.
18, 2018, at 11:00 a.m.
Brendan Copeland and Michael Hogan of HoganSprowles were appointed
as administrators of Haawind Pty on Sept. 6, 2018.
I.C.M. PROPERTY: First Creditors' Meeting Set for Sept. 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of I.C.M.
Property Services Pty. Ltd. will be held at the offices of Cor
Cordis, Level 20, 171 Sussex Street, in Sydney, NSW, on Sept. 17,
2018, at 11:00 a.m.
Sam Kaso and Ozem Kassem of Cor Cordis were appointed as
administrators of I.C.M. Property on Sept. 6, 2018.
NIEDERTHAELER HOF: Second Creditors' Meeting Set for Sept. 17
-------------------------------------------------------------
A second meeting of creditors in the proceedings of:
* Niederthaeler Hof German Rhine Wines Pty Limited;
* Vicomte Bernard De Romanet Pty Limited; and
* Golden Grape Estate Pty Limited
has been set for Sept. 17, 2018, at 11:00 a.m. at the offices of
Pitcher Partners, Level 22 MLC Centre, 19 Martin Place, 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. 14, 2018, at 4:00 p.m.
Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Niederthaeler Hof on Aug. 24, 2018.
PIEROTH WINES: Second Creditors' Meeting Set for Sept. 17
---------------------------------------------------------
A second meeting of creditors in the proceedings of Pieroth Wines
Pty Limited has been set for Sept. 17, 2018, at 11:00 a.m. at the
offices of Pitcher Partners, Level 22 MLC Centre, 19 Martin Place,
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. 14, 2018, at 4:00 p.m.
Paul Gerard Weston of Pitcher Partners was appointed as
administrator of Pieroth Wines on Aug. 24, 2018.
QUINTIS LTD: Court 'Sideshows' Add Some Spice to Looming Sale
-------------------------------------------------------------
Sean Smith at The West Australian reports that Quintis Ltd is
being pulled towards its sale and recapitalisation against a
background of court confrontations involving receivers, dissident
growers and the company's former chief executive Frank Wilson.
According to the report, administrators KordaMentha and receivers
McGrathNicol expect to have the Quintis deed of company
arrangement ready for court approval by the end of the month.
That's a few weeks beyond their original timetable. But subject to
court approval, it would see the Quintis assets, notably its
ownership and management interests in thousands of hectares of
sandalwood plantations across northern Australia, transferred to a
new company controlled by bondholders led by BlackRock by the
second week in October, The West Australian says.
The West Australian relates that there's less certainty around the
Quintis "sideshows".
The West Australian says McGrathNicol has been fighting an
aggressive rearguard action against the Wilson-led Sandalwood
Growers Co-op's efforts to poach more than a dozen managed
investment schemes run by Quintis.
The co-op has argued that Quintis let growers down last year by
taking unacceptably low prices for its harvest of sandalwood.
Supported by Wilson and other unidentified financial backers, it
claims to be about "achieving better outcomes for growers".
In June, it convinced growers in the 2002 MIS project to dump
Quintis as manager in favour of its own nominee, effectively
gaining control of the harvesting rights over the scheme's
Kununurra plantations, The West Australian recalls.
However, McGrathNicol is disputing the co-op's claim to have also
won over 2003 growers, challenging a July 23 vote and the validity
of the replacement manager in the Federal Court.
That matter is listed for hearing on October 2, the report
discloses.
At the same time, McGrathNicol has been questioning Wilson and
others via court examinations of Quintis' affairs. The last of
those examinations, sometimes held behind closed doors, is set for
September 17, according to the report.
Unsuccessfully applying to strike out a summons for Wilson to
appear before the first examination in June, his lawyer Martin
Bennett claimed McGrathNicol was seeking to undermine the co-op's
campaign for the MIS projects. Mr. Bennett told the Supreme Court
the receivers were seeking to influence "a war for the hearts and
minds of growers".
The West Australian says AUD125 million promised by bondholders to
recapitalise the Quintis business means the WA sandalwood group
will live on, albeit in another form.
However, with the co-op determined to press on, and Quintis facing
three class actions and Wilson defending civil proceedings from
the corporate regulator, the fallout of its January collapse will
be felt for considerably longer, the report relays.
About Quintis
Quintis is Australia's largest sandalwood forestry management
company and manages 17 separate managed investment schemes.
Quintis employs approximately 500 staff at various locations
throughout Australia. Quintis manages nearly 13,000 hectares of
sandalwood plantations in northern Australia and owns a
distillery and pharmaceutical company to process the sandalwood
for the cosmetics, well-being and pharmaceutical industries. The
company was formed in 1997 and listed in 2007.
KordaMentha Restructuring partners Richard Tucker, Scott Langdon,
and John Bumbak were appointed as Voluntary Administrators of the
Quintis Group on Jan. 20, 2018 after Asia Pacific Investments DAC
exercised an option requiring Quintis to acquire 400 hectares of
plantations at a pre-determined price of AUD37 million, with
settlement required totake place on Feb. 2, 2018. Quintis did
not have the financial resources to pay the put option.
As a result of the appointment of Administrators on Jan. 23,
2018, the secured bondholders appointed Jason Preston, Shaun
Fraser and Robert Brauer of McGrathNicol as Receivers and
Managers.
TASMAN MARKET: First Creditors' Meeting Set for Sept. 19
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Tasman
Market Fresh Meats Pty Ltd and TMFM Holdings Pty Ltd will be held
at the offices of The Institute of Chartered Accountants, Level
18, 600 Bourke Street, in Melbourne, Victoria, on Sept. 19, 2018,
at 10:30 a.m.
David Laurence McEvoy and Martin Francis Ford of PPB Advisory were
appointed as administrators of Tasman Market on Sept. 7, 2018.
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C H I N A
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FUTURE LAND: Fitch Assigns BB Rating to USD300MM Sr. Notes
----------------------------------------------------------
Fitch Ratings has assigned Future Land Development Holdings
Limited's (FLDH, BB/Stable) USD300 million 6.5% senior notes due
2020 a final rating of 'BB'. The notes are rated at the same level
as FLDH's senior unsecured rating because they constitute its
direct and senior unsecured obligations.
The final rating on the notes follows the receipt of final
documentation conforming to information already received and is in
line with the expected rating assigned on September 4, 2018. FLDH
intends to use the net proceeds from the note issue to repay
existing debt and for general corporate purposes.
KEY RATING DRIVERS
Focus on Yangtze River Delta: FLDH group's strategy to focus
resources on the Yangtze River Delta, a wealthy region in eastern
China, and around Shanghai, has helped drive strong sales
turnover, as measured by contracted sales/gross debt, and its
expansion in scale. Sales turnover was 1.9x in 2017 and has
averaged 1.7x annually since 2014, demonstrating the group's
ability to rapidly generate sales from new land acquisitions. The
fast-churn strategy has enabled FLDH to tap the strong demand in
the Yangtze River Delta to achieve higher contracted sales growth
than peers.
The group recorded exceptionally strong presales in 2017, driven
by robust demand and a higher average selling price (ASP) in the
Yangtze River Delta, which accounted for about 80% of contracted
sales. Consolidated gross floor area (GFA) sold increased by 59%
to 7.5 million square metres (sq m) and ASP increased by 24% yoy
to CNY12,527/sq m. Fitch expects the group to achieve annual
consolidated contracted sales of CNY130 billion-160 billion in
2018-2019. Aggregate contracted sales, including sales from joint
ventures, totalled CNY114 billion from January to July 2018.
Lower Leverage: FLDH leverage dropped to 40% in 2017, from 45% in
2016, following prudent land acquisitions. Full-year attributable
cash outflow from land premiums reached CNY53 billion,
representing 56% of consolidated presales of CNY95 billion
(excluding presales from joint ventures). The group has been
sourcing joint-venture partners to share land acquisition costs.
Leverage increased in 1H18, but Fitch expects FLDH to sustain
leverage within 45% - an appropriate level for its 'BB' rating -
as cash collection increases and construction payments moderate
during 2H18.
Improving Land Bank Quality: The group had attributable land bank
of about 34 million sq m at end-2017, sufficient for four to five
years of development. The group has diversified its land bank by
reducing the proportion of land in the Yangtze River Delta to
around 56% and expanding into the Pearl River Delta region in
southern China, central and western China as well as the Bohai
Economic Rim in northern China.
Margin Expansion: FLDH's EBITDA margin, after adding back
capitalised interest to cost of goods sold, improved to 27.8% in
2017, from 17.5% in 2016. Land premium costs for its land bank
averaged CNY2,905/sq m, which is reasonable compared with the
consolidated ASP of contracted sales of CNY12,527/sq m in 2017.
Fitch expects the group's margin to stay at around 25% in the next
two years, as ASP for contracted sales increases and the company's
scale expands.
Rising Recurring Income: The group aims to double rental revenue
to CNY2 billion in 2018 from the operation of shopping malls
(Wuyue Plaza), which are mainly located in tier 2-3 cities. Fitch
estimates the group's ratio of recurring EBITDA/interest expense
will remain insignificant at 0.2x in 2018-2019, as the revenue
contribution of investment properties will remain small relative
to development properties and have a limited impact on its rating.
DERIVATION SUMMARY
Fitch uses a consolidated approach to rate FLDH and its 67.81%-
owned (as at end-2017) subsidiary, Future Land Holdings Co., Ltd.
(FLH), based on its Parent and Subsidiary Rating Linkage criteria.
The strong strategic and operational ties between the two entities
are reflected by FLH representing FLDH's entire exposure to the
China homebuilding business, while FLDH raises offshore capital to
fund the group's business expansion. The two entities share the
same chairman.
The group improved its 2017 leverage, defined by net debt/adjusted
inventory, to below 40%, which is in line with 'BB' peers, through
prudent land bank acquisitions. Its quick sales churn strategy and
geographically diversified land bank contributed to its faster
expansion in contracted sales than most 'BB' peers. Its recognised
EBITDA margin, excluding capitalised interest, improved to above
25% in 2017, from 18% in 2016, as its land cost accounted for only
29% of revenue. The margin improvement is likely to be sustained
as the average cost of land bank accounted for only 23% of
contracted ASP in 2017.
The group has a larger contracted sales scale and faster sales
churn than most 'BB' peers and its leverage is comparable with
peers. Both the group and CIFI Holdings (Group) Co. Ltd.
(BB/Stable) started their homebuilding business in Zhejiang
province and expanded nationwide. FLDH has larger contracted sales
scale and faster sales churn than CIFI, while the two entities'
margins are comparable. CIFI has maintained a high EBITDA margin
and lower leverage for longer than FLDH group and has been
disciplined in maintaining stable leverage.
The group has larger scale, with a more diversified land bank
throughout the nation, and faster sales churn than 'BB-' peers,
such as China Aoyuan Property Group Limited (BB-/Positive), KWG
Group Holdings Limited (BB-/Stable) and Logan Property Holdings
Company Limited (BB-/Stable).
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- Contracted sales to increase by 40% in 2018, 20% in 2019
and 20% in 2020 (2017: 97%)
- EBITDA margins (after adding back capitalised interest) to be
maintained at about 25% in 2018-2020
- Total land premium to represent 40%-50% of contracted sales
in 2018-2020
- FLDH to maintain a controlling shareholding in FLH and the
operational ties between FLDH and FLH do not weaken
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Consolidated net debt/adjusted inventory sustained below 35%
while maintaining the EBITDA margin at 20% or above
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Contracted sales/total debt below 1.5x for a sustained period
- Consolidated net debt/adjusted inventory above 45% for a
sustained period
- EBITDA margin below 18% for a sustained period
All ratios mentioned are based on the parent's consolidated
financial data.
LIQUIDITY
Sufficient Liquidity: The group had an unrestricted cash balance
of CNY24 billion and unutilised credit facilities of CNY68 billion
to cover short-term borrowings of CNY22 billion as at 1H18.
GUORUI PROPERTIES: S&P Lowers ICR to 'B-', Outlook Negative
------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Guorui Properties Ltd. to 'B-' from 'B'. The outlook is negative.
At the same time, S&P lowered its long-term issue rating on the
company's senior unsecured notes to 'CCC+' from 'B-'. Guorui is a
China-based property developer.
S&P said, "We lowered the ratings on Guorui to reflect the
company's high debt leverage, which is worse than our expectation
and will unlikely improve significantly in the next 12 months. The
company also has weak liquidity and heightened refinancing risks.
We believe Guorui's low cash balance renders it vulnerable to
market volatility and to changes in government policy. The company
also has limited room for slippage in cash generation from new
project launches in the second half of 2018."
Guorui has significant short-term debt and requires significant
refinancing. As of end-June 2018, the company's short-term debt is
Chinese renminbi (RMB) 16.8 billion, comprising domestic bonds of
RMB3 billion, offshore senior notes equivalent to RMB3.6 billion,
and bank and other borrowings of RMB10.2 billion. In contrast, the
company has only RMB1.8 billion of cash and bank deposits.
S&P believes the largest repayment risk relates to Guorui's
offshore debt maturities totaling US$550 million within March
2019. The company has already obtained the necessary regulatory
approvals for refinancing. However, investor demand could remain
weak given its bond is currently traded substantially below par.
In contrast, S&P believes Guorui's onshore maturities are
manageable. This is because most of the bank and other borrowings
are project loans, for which repayments are tied to the sales
schedule of individual projects. In addition, these loans are
fully secured by assets of a higher value and rollovers are
likely. As of end-June 2018, Guorui has pledged RMB35.4 billion of
its assets to secure against its bank and other borrowings of
RMB22 billion. The company may also obtain new commercial
mortgage-backed securities approvals on its major investment
properties, resulting in higher loan-to-value ratios and longer
maturities.
Guorui's ability to service debt will be highly dependent on its
proceeds from contracted sales over the next 12 months, in our
view. S&P estimates around 60% of the company's RMB59 billion
saleable resources are targeted for launch from September onward.
These include much of the land acquired in 2017. The saleable
resources are also skewed toward Beijing, Chongmingdao near
Shanghai, Suzhou, and Foshan, where demand is relatively solid.
Guorui's plan to achieve RMB12 billion attributable contacted
sales for the rest of 2018, if successful, should boost its cash
and liquidity resources. The company has shown a strong intention
to accelerate sales. However, some of the project launches are
still subject to pre-sale approval and could get delayed.
S&P said, "The negative outlook reflects our view that Guorui has
high refinancing risk over the next six to 12 months, especially
for its offshore senior notes.
"We may lower the rating if Guorui's repayment risk increases as
larger maturities approach, or if the likelihood of a debt
restructuring or exchange offer increases. This could be indicated
by weaker sales than we expect, a lack of clear and feasible
refinancing plans, or a deterioration in market conditions,
including a worsening of the company's funding costs or capital
market indicators.
"We could revise the outlook to stable if Guorui significantly
improves its liquidity and ability to service debt over the next
12 months. This could be through better sales execution and
prudent land acquisitions. A significant improvement in the ratio
of liquidity sources to liquidity uses to about 1.0x and an
executable refinancing plan on its offshore borrowings would
indicate such improvement."
JD.COM: Faces U.S. Law Firms Probe for Disclosure Failure
---------------------------------------------------------
Caixin reports that CEO Liu Qiangdong isn't the only one in legal
trouble at Chinese e-commerce giant JD.com. The company itself is
now facing scrutiny in the U.S.
Caixin relates that three American law firms, Rosen, Schall and
Pomerantz, said that they would investigate on behalf of
shareholders whether JD.com issued misleading statements or failed
to disclose information related to Mr. Liu's arrest in the U.S.
last weekend.
According to Caixin, shares of Nasdaq-listed JD.com plunged nearly
6% on Sept. 4, the first trading day after Mr. Liu - also known as
Richard Liu - was arrested on suspicion of rape. He was later
released, and his case is pending further investigation.
JD.com hasn't filed anything regarding the case to the U.S.
Securities and Exchange Commission, the report notes. The
company's spokesperson said on Chinese social networking site
Weibo on Sept. 2 that U.S. police had not found any evidence
against Mr. Liu - though the police investigation is still
underway, Caixin says.
LIANGSHAN STATE-OWNED: Fitch Affirms BB+ LT IDR, Outlook Stable
---------------------------------------------------------------
Fitch Ratings has affirmed Liangshan State-Owned Investment &
Development Co., Ltd.'s (LSID) Long-Term Foreign- and Local-
Currency Issuer Default Ratings at 'BB+'. The Outlook is Stable.
LSID's ratings are assessed under Fitch's Government-Related
Entities (GRE) Rating Criteria, reflecting Liangshan prefecture's
ownership of the entity and its direct control and strong track
record of support for LSID. Fitch has also factored in the
strategic importance of LSID to the Chinese prefecture.
LSID is the prefecture's major financing and investment platform
for mineral-product and hydro-electricity operations as well as
transport and infrastructure construction. It leads the prefecture
in facilitating resource mining, improving infrastructure,
advancing the education level of minority groups, increasing
accessibility to the region and enhancing competiveness by
attracting external investments.
KEY RATING DRIVERS
'Very Strong' Legal Status, Control: Liangshan State-owned Assets
Supervision and Administration Commission (Liangshan SASAC) owns
57% of LSID, with the rest held by 14 county-level SASACs or
treasuries within the prefecture. Under the current legal status,
Liangshan SASAC approves the company's operating and financing
plans, appoints and supervises its board members, and audits and
monitors the company's operational and financial performance.
Major decisions, such as M&A, spin-offs, bankruptcy or
liquidation, require verification and approval from the
government. The government also sets the course of LSID's
strategic development and appoints most of its senior management.
'Strong' Support Track Record, Expectations: The Liangshan
prefectural government supports LSID via financial subsidies and
capital injections to ensure the company's operations can be
sustained. Specific funds have been allocated to support LSID's
poverty-alleviation obligation as well. Liangshan SASAC has been
pooling its resources with county-level SASACs to inject into LSID
to improve the company's business performance, and increase its
assets and returns. Four county-level SASACs and treasuries were
added as shareholders of LSID in 2017, raising the company's paid-
in capital by 36% to CNY5.4 billion. Fitch expects the government
to continue to provide legitimate support in case of need.
'Moderate' Social-Political Impact of Default: LSID has been
commissioned by the government to boost the local economy and
alleviate the region's poverty. Its key social services and
operations are shared by subsidiaries and Fitch expects LSID to
continue its duties regardless of financial distress.
'Very Strong' Default Financial Consequences: LSID has been
commissioned to raise funds for the local government for its
public-welfare projects, including the construction of roads and
infrastructure, educational institutions, hospitals and related
medical facilities, shanty-town redevelopment and the relocation
of underprivileged households. LSID being an important funding
platform for the government, a default by the company would impair
the government's credibility and have a significant impact on the
availability and cost of domestic and foreign financing options.
'B' Category Financial Profile: LSID's financial profile is
characterised by high leverage due to large capex. Net debt/Fitch-
calculated EBITDA reached around 10x in 2017. The ratio of cash
flow from operations to debt and interest has been consistently
below 1x. LSID's assets have been growing as a result of the
inclusion of assets from the new county-level SASAC and treasury
shareholders, with total assets rising 15% in 2017. Fitch expects
the trend of high leverage, low debt coverage and asset growth to
continue in the medium term due to infrastructure development
needs in the prefecture and the company's policy role in
alleviating poverty.
RATING SENSITIVITIES
The ratings on LSID could change if Fitch revises its perception
of Liangshan prefecture's ability to provide subsidies, grants or
other legitimate resources allowed under China's policies and
regulations.
An increase in incentive for Liangshan prefecture to provide
support to LSID, including stronger socio-political implications
of a default by LSID and a stronger track record of support, may
trigger positive rating action on LSID. An improvement of the
standalone credit profile or the liquidity position of LSID would
also affect the ratings.
On the other hand, the rating may be downgraded if there is a
significant weakening in the socio-political and financial
implications of a default by LSID, a weaker track record of
support by the prefecture, or a dilution of the government's
shareholding.
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ADITYA INFRA: CARE Migrates B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Aditya
Infra and Agri Business Private Limited to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 8.00 CARE B+, Stable; Issuer not
Facilities cooperating, based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Aditya Infra and Agri
Business Private Limited to monitor the rating(s) vide email
communications dated May 2, 2018, May 18,2018, June 4, 2018,
June 11, 2018 and July 3, 2018 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the rating. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on Aditya Infra and Agri Business
Private Limited's bank facilities will now be denoted as CARE B+;
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
At the time of last rating on May 16, 2017, the following were the
rating strengths and weaknesses:
Key Rating Weaknesses
Small scale of operations: The scale of operations of the company
is small marked by total operating income of INR40.24 crore in
FY17 (Provisional) and tangible net worth of INR5.73 crore as on
March 31, 2017. The small scale limits the company's financial
flexibility in times of stress and deprives it of scale benefits.
Short-term revenue visibility from order book position
The company has revenue visibility for short-term with an order
book position of INR18.60 crore as on May 18, 2017, which
translates to 0.45x of total income in FY17 (Provisional).
Declining operating margins: The PBILDT margin of the company
declined marginally by 57 bps to 5.58% in FY17 (provisional) as
compared to 6.15% in FY16 on account of increase in labour
expenses during the year. Furthermore, the PAT margin also
improved by 52 bps to 2.76% in FY17 (provisional) compared to
2.24% in FY16 on account of improvement in PBILDT in absolute
terms along with stable depreciation expenses.
High customer concentration risk: The company operates as sub-
contractor for a fixed set of contractors' viz Yojaka India Pvt.
Ltd, M/s Liya Infratech Private Limited and M/s Iqbal Ahmed Infra
Projects Private Limited exposing it to substantial customer
concentration risk with its business being dependent on ability of
these entities to win newer contracts. Additionally, timely
revenue realization of the company is also dependent on financial
health of these entities.
Working capital intensive nature of operations: AIB has an
elongated operating cycle on account of high average inventory
holding period as well as average collection period. However, the
operating cycle days of the company improved to 91 days in FY17
(provisional) as compared to 102 days in FY16 mainly on account of
improvement in collection period. The company almost utilised
90%of its cash credit limit for the last 12 months ended March
2017, to fund its working capital requirements.
Key Rating Strengths
Experienced promoters: The promoters of the company - Mr Ullal
Aditya Nayak and Mrs Ullal Sudha Nayak - have more than a decade
of experience in the construction field. Over the period, the
promoters have built good reputation and long-term relations
with its clients.
Moderate capital structure and debt coverage indicators: AIB
capital structure, though deteriorated with overall gearing of
1.35x as on March 31, 2017 (provisional) as compared to overall
gearing of 0.97x as on March 31, 2016 mainly on account of
increase in the utilization of working capital borrowings, stood
moderate. The company utilized additional cash credit limits of
INR3 crore which was sanctioned in the month of August 2016.
AIB was incorporated in 2011 by Mr U. Sadananda Nayak and Mr U.
Aditya Nayak and has been engaged in civil construction of roads,
water drainages etc. The company operates as sub-contractor for a
fixed set of contractors' viz. M/s Yojaka India Private Limited,
M/s Liya Infratech Private Limitedand M/s Iqbal Ahmed Infra
Projects Private Limited. AIB mainly operates in the state of
Karnataka; however, it has undertaken few contracts in Kerala and
Assam as well. Moreover, the promoters are also engaged in
agricultural commodity export activities through a group concern
viz.
ASIAN RE-SURFACING: CARE Assigns B Rating to INR2.39cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Asian
Re-Surfacing of Road Agency Private Limited (ARRA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 2.39 CARE B; Stable Assigned
Long Term/Short 6.25 CARE B; Stable/CARE A4
Term Bank Assigned
Facilities
Detailed rationale and key rating drivers
The ratings assigned to the bank facilities of ARRA are
constrained by its small and declining scale of operations, net
losses and high inventory holding. The ratings are further
constrained on account of project execution risk inherent in
various contracts and highly competitive industry with business
risk associated with tender based orders. The ratings, however,
draw comfort from experienced management, moderate capital
structure and coverage indicators.
Going forward, ability of the company to increase its scale of
operations while improving profitability margins shall be its key
rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Small and declining scale of operations: ARRA is a small player
involved in executing civil contracts. The ability of the company
to scale up to larger-sized contracts having better operating
margins is constrained by its small scale of operations marked by
total operating income of INR 10.44 crore and gross cash accruals
of INR0.28 crores in FY17 (refers to the period April 1 to March
31). The small scale of operations in a competitive industry
limits the bidding capability, pricing power and benefits of
economies of scale. Further the total operating income of the
company has been declining year on year basis. The total operating
income of the company declined by 38.92% in FY16 and 19.57% in
FY17 owing to lower numbers of orders executed. Furthermore during
FY18 (based on provisional results) the total operating income of
the stood around INR 0.12crores.
Net losses: The profitability varies with the project due to
tender driven nature of the business owing to varying margins in
the different projects undertaken by the company. The
profitability margins of the company stood low as marked by PBILDT
margin which stood at 3.76% in FY17 as against 10.24% in FY16 on
account of execution of orders with lower profitability margins.
Further high interest cost and depreciation resulted in net losses
in FY17.
High Inventory holding: The company generally maintains inventory
in form of raw material and work-in-progress at different project
sites for smooth execution of its orders resulting in an average
inventory of 164 days in FY17. The company receives payment from
the client on percentage of completion basis. The company procures
its raw material on cash or advance basis with a maximum credit
period of 4 days in FY18. Nearly 95% of the bill amount raised by
the company is received within a week while the remaining payment
is made after completion of the contract.
Project execution risk inherent in various contracts: Given the
nature of projects awarded, the company is exposed to inherent
risk in terms of delays in certain projects undertaken by the
company due to delay in approvals and sanction from regulatory
bodies, land acquisition issues etc. thus exposing ARRA towards
the risk of delay in projects resulting in a delay in the
realization of revenue growth. Also, the company's ability to
execute a project in timely manner led by its own operational
efficiency and timely stage payments received from clients exposes
the company to potential risk.
Highly competitive industry with business risk associated with
tender-based orders: ARRA faces direct competition from various
unorganized players in the market. There are number of small and
regional players and catering to the same market which has limited
the bargaining power of the company and has exerted pressure on
its margins. Further, the award of contracts are tender driven and
lowest bidder gets the work. Hence, going forward, due to
increasing level of competition and aggressive bidding, the
profits margins are likely to be under pressure in the medium
term.
Key Rating Strengths
Experienced management: The operations of ARRA are currently
managed by Mr. Prem Arora who is a graduate by qualification and
has an experience of around three decades in the civil
construction industry through his association with this entity
since inception. Further, he is supported by Mr. Anmol Arora who
assists in the overall operations of the business.
Moderate capital structure and coverage indicators: The capital
structure of the company remained moderate owing to limited
reliance on the external borrowing coupled with higher networth as
marked by overall gearing ratio which stood below unity as on past
three balance sheet dates ending March 31'15-17. The working
capital limits remained utilized around 48% in the past twelve
months; period ended July 31, 2018.
Owing to lower total debt resulting in lower interest cost, the
coverage indicators of the company stood moderate marked by
interest coverage ratio and total debt to GCA of 2.88x and 4.43x
for FY17.
Delhi based, Asian Re-Surfacing of Road Agency Private Limited
(ARRA) was incorporated in November 1985 as a private limited
company and is currently being managed by Mr. Prem Arora. The
company is engaged in construction of roads for government
departments. The company procures its raw materials namely sand,
cement, steel, bricks, etc. from various domestic manufacturers
and wholesalers.
ASIAN TEA: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Asian Tea &
Exports Limited's (ATEL) Long-Term Issuer Rating to 'IND BB+
(ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The Outlook is Stable. The issuer did not
participate in the rating exercise, despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using the rating.
The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)'
on the agency's website.
The instrument-wise rating action is:
-- INR70 mil. Fund-based limits downgraded with IND BB+ (ISSUER
NOT COOPERATING) / Stable/IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The rating is based on the best
available information.
Ind-Ra continues to take a consolidated view of Asian Tea Group
comprising ATEL and Asian Tea Company Private Limited for the
rating purpose, due to the strong linkages between the two
companies in the form of cross holdings, corporate guarantees,
common directors and a similar business.
KEY RATING DRIVERS
The downgrade reflects the detoriation in the performance of ATEL
due to a decline in sales volume. During FY18, ATEL's revenue
declined to INR105.89 million (FY17: INR201.19 million) and EBITDA
of negative INR1.84 million (INR4 million).
RATING SENSITIVITIES
Positive: A sustained improvement in the liquidity, revenue and
credit metrics will be positive for the ratings.
Negative: Sustained deterioration in the revenue, credit metrics
and liquidity will be negative for the ratings.
COMPANY PROFILE
Incorporated in 1987, ATEL trades logs, garments, coal, tea, and
iron and steel products.
B. SAMAYAKK: CARE Hikes Rating on INR10cr LT Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
B. Samayakk Agri Cottons (BSAC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10.00 CARE BB-; Stable Revised
Facilities from CARE B+
Detailed Rationale
The rating assigned to the bank facilities of B. Samayakk Agri
Cottons (BSAC) are continued to be tempered by short track record
and small scale of operations, thin profitability margins,
leveraged capital structure, proprietorship nature of operations
with inherent risk of with drawl of proprietor's capital at the
time of personal contingency, highly fragmented industry and
regulated by government, operating margins susceptible to cotton
price fluctuation and seasonality associated with the cotton
industry. The ratings also take into consideration i.e., increase
in total operating income in FY18, improved capital structure and
debt coverage indicators. The rating is, however, underpinned by
the experience of proprietor in the cotton processing business and
moderate operating cycle.
Going forward, the ability of the firm to increase its scale of
operations and profitability margins in competitive environment,
improve its capital structure and manage working capital
requirements efficiently would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record of operations along with proprietorship nature
of operations: The firm started its commercial operations from
October 21, 2015 hence can be termed as short track record.
Furthermore, BSAC constitution as a proprietorship firm has the
inherent risk of with drawl of proprietor's capital at the
time of personal contingency and the firm being dissolved upon the
death / retirement / insolvency of proprietor. Moreover,
Proprietorship firms have restricted access to external
borrowings.
Thin profitability margins albeit to marginal decline in PAT
margin: The firm has fluctuating profitability margins during the
review period. The PBILDT margin of the firm increased from
3.79% in FY17 to 4.13% in FY18 due to decrease in raw cotton
prices as the monsoon for the crop was favourable during
the period. However, the PAT margins of the firm have declined
from 1.58% in FY17 to 1.45% in FY18 on account of increase in
interest expense on back of increase in unsecured loans from
related parties.
Weak capital structure and debt coverage indicators: The capital
structure of the firm remained leveraged for the last two balance
sheet dates. The overall gearing has improved from 5.18x as on
March 31, 2017 to 4.08x as on March 31, 2018 due to lower
utilization of working capital apart of increase in tangible net
worth, remained leveraged. Further, total debt/GCA also improved
from 14.87x in FY17 to 13.54x in FY18 on account of decrease in
debt levels of the firm. However, PBILDT interest coverage
decreased marginally and remained moderate at 2.01x in FY18 as
compared to 2.20x in FY17 due to increase in interest and finance
charges.
Key Rating Strengths
Experience of proprietor in the cotton processing business: The
key proprietor, Mr. Veerendar Kumar Jain, is associated with the
cotton industry for around 10 years and looks after the overall
management of the firm. He was also associated with an associate
concern engaged in cotton ginning and pressing viz. Veerendar
Cotton Ginners. The firm discontinued the operations during 2015
and the factory along with the machines was leased out to BSAC for
a period of 20 years. Furthermore, the proprietor have also
established a long standing relationship with the customers and
suppliers who are farmers supplying raw cotton over the past.
Growth in total operating income during the review period: The
total operating income of the firm increased by 12.85% in FY18 as
compared to FY17 and stood at INR 52.53 crore on account of
increase in demand for cotton bales, cotton seeds and cotton lint
from its customers. The firm earns most of its revenue from the
sale of cotton bales which yields 77.27%, cotton seeds of 22.10%,
cotton loose of 0.59% and remaining 0.04% from bardan during FY18.
Moderate operating cycle: The operating cycle of the firm as on
March 31, 2018 remained moderate at 76days. The firm receives
payment from its customer on average of 30 days and makes the
payment to its suppliers in 15-20 days due to low bargaining
power. The firm holds average inventory of around two months as
the cotton is being agro commodity and its production is seasonal
(harvesting) from November to February in a year. Apart from that,
cotton ginners usually have to procure raw cotton in bulk quantity
to get better discount from its suppliers.
Raichur based, B. Samyakk Agri Cottons (BSAC) was established on
May 06, 2015 and started commercial operations from October 21,
2015. The firm was established as a proprietorship firm by Mr.
Veerendar Kumar Jain who is managing the overall business
operations of BSAC. The firm is engaged in the cotton ginning and
pressing activity with a total installed capacity of 380 quintals
per day for cotton bales and 700 quintals for cotton seeds per day
as on March 31, 2018. Due to seasonal nature of raw material, the
company operates for only 9 months in a year and remains closed in
the months of July, August and September. The manufacturing unit
of the firm is located at Raichur, Karnataka.
BALAJEE HITEC: CRISIL Lowers Rating on INR8.99cr Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Balajee Hitec Rolling Private Limited (BHRPL) to 'CRISIL
B/Stable' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.75 CRISIL B/Stable (Downgraded
from 'CRISIL BB/Stable')
Proposed Fund- 8.99 CRISIL B/Stable (Downgraded
Based Bank Limits from 'CRISIL BB/Stable')
The downgrade reflects sharp deterioration in BHRPL's business
risk profile as revenue declined to INR26.57 crore from INR107
crore in fiscal 2017 along with low profitability. This trend may
continue even over the medium term and the same has also impacted
the overall financial risk profile of the company and has resulted
in below average debt protection metrics.
The rating also reflects BHRPL's exposure to intense competition,
and impact of sizeable investment in affiliates. These weaknesses
are partially offset by the experience of the promoter in the
steel industry.
Key Rating Drivers & Detailed Description
Weakness:
* Exposure to intense competition, and geographical concentration
in revenue: Intense competition may continue to constrain
scalability, pricing power, and profitability. Also, a bulk of the
revenue is derived from Bihar, exposing the business to risks of
geographical concentration.
* Impact of sizeable investment in affiliates: BHRPL invested
INR6.03 crore (33% of its networth as on March 31, 2018) in equity
shares of associate concerns -- Balajee Mini-Steels and Rerolling
Pvt Ltd, Balmukund Sponge Iron Pvt Ltd, and Balmukund Cement and
Roofing Pvt Ltd. These investments will continue to constrain
liquidity as they are not expected return to the business over the
medium term
* Experience of promoter: Benefits from the promoter's experience
of about three decades, his strong understanding of the local
market dynamics, and healthy relations with customers and
suppliers should continue to support the business.
Outlook: Stable
CRISIL believes BHRPL will continue to benefit from the experience
of the promoter. The outlook may be revised to 'Positive' if
substantia equity infusion strengthens liquidity. Conversely, the
outlook may be revised to 'Negative' if there is any large, debt-
funded capital expenditure, steep decline in profitability, or
more-than-expected funds are extended to group companies.
BHRPL, incorporated in 1992 by Mr Nawal Kumar Kanodia, trades in
iron ore, sponge iron, pig iron, manganese ore, and thermo-
mechanically treated bars.
BHARAT CONSTRUCTION: CRISIL Withdraws B- Rating on INR12cr Loan
---------------------------------------------------------------
CRISIL has withdrawn its rating on the bank facilities of Bharat
Construction (BC; part of the Bharat group) on the request of the
company and receipt of a No objection Certificate from its bank.
The rating action is in line with CRISIL's policy on withdrawal of
its ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 23 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Cash Credit 12 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with BC for obtaining
information through letters and emails dated April 13,2017 and
May 4,2017 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BC. This restricts CRISIL's
ability to take a forward BC is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information' with CRISIL B rating category or lower. Based on the
last available information, CRISIL continues the rating at 'CRISIL
B-/Stable/CRISIL A4' Issuer not cooperating'
CRISIL has withdrawn its rating on the bank facilities of BC on
the request of the company and receipt of a No objection
Certificate from its bank. The rating action is in line with
CRISIL's policy on withdrawal of its ratings on bank loans.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BC and Bharat Hydel Projects Pvt. Ltd.
(BHPPL). This is because the two entities, together referred to as
the Bharat group, are under a common management and in the same
line of business, and share resources to implement orders.
BC, set up in 1999, is a partnership firm and constructs roads and
hydroelectric power plants in Uttarakhand and Himachal Pradesh.
Mr. Rajeev Garg and Mr. R S Panwar are equal partners in the firm.
BHPPL was set up by Mr. Garg and Mr. Panwar in 2005-06 (refers to
financial year, April 1 to March 31) to participate in large
tenders and contracts for construction of roads and hydroelectric
power plants.
BHOLA RAM: Ind-Ra Lowers Long Term Issuer Rating to 'BB-'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Bhola Ram Steel
Private Limited's (BRSPL) Long-Term Issuer Rating to 'IND BB-'
from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR80 mil. (reduced from INR100 mil.) Fund-based limits
downgraded with IND BB-/Stable rating; and
-- INR27.5 mil. (increased from INR7.5 mil.) Non-fund-based
facility affirmed with IND A4+ rating.
KEY RATING DRIVERS
The downgrade reflects BRSPL's continued moderate scale of
operations and deteriorated gross interest coverage. The revenue
improved to INR657.38 million in FY18 (FY17: INR441.07 million;
FY16: INR584.04 million) on account of an increase in sale volume
and gross interest coverage (operating EBITDA/gross interest
expense) fell to 2.02x (2.11x) due to higher interest expense.
However, the net leverage ratio improved to 3.88x in FY18 (FY17:
4.81x) due to a decrease in external borrowings.
The ratings are further constrained by BRSPL's modest EBITDA
margins of 5.57% in FY18 (FY17: 5.72%) with return on capital
employed at 9.60% (7.46%). The margin fell marginally due to an
increase in raw material cost.
The ratings factor in BRSPL's moderate liquidity profile, as
reflected by almost 91.42% average working capital limit
utilization during the 12 months ended July 2018. Its net working
capital cycle remained long, despite reducing to 163 days in FY18
(FY17: 207 days) due to a decline in inventory days.
The ratings are supported by the company's founder's experience of
more than two decades in the steel manufacturing business.
RATING SENSITIVITIES
Negative: Any decline in the EBITDA margin leading to
deterioration in credit metrics could lead to a negative rating
action.
Positive: Revenue growth, along with an improvement in the credit
metrics, on a sustained basis, could lead to an upgrade.
COMPANY PROFILE
BRSPL was established in 1988 by Mr. Ajay Kumar Goyanka. The
company manufactures different steel products at its facility in
Digha, Patna.
BMW IRON: CARE Migrates D Rating to Not Cooperating Category
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of BMW Iron
& Steel Industries Ltd (BMWISIL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 46.50 CARE D Issuer not Cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from BMWISIL to monitor the
ratings vide e-mail communication/letters dated April 30, 2018,
July 20, 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 BMWISIL'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 ratings.
The rating assigned to the bank facilities of BMWISIL continues to
be constrained by stretched liquidity position. CARE is
not in a position to comment further on account of non-
availability of relevant documents and non-cooperation from the
company.
Detailed description of the key rating drivers
At the time of last rating on February 27, 2017, the following
were the rating strengths and weaknesses (updated for the
information available from Registrar of Companies, etc):
Key Rating Weaknesses
Delays in repayment: On interaction, the bankers had stated that
there were delays in the repayment of term loan installment as
well as interest payment to the bank. CARE is not in a position to
comment further on account of non-availability of relevant
documents and non-cooperation from the company.
Small scale of operations of the plant: Since the specifications
of steel products differ as per the requirements of TSL, the
capacity utilisation of the plant is to remain at 60%-70% and
total operating income is also range bound i.e. upto INR 50 crore
(In FY16 and FY17). Hence, small scale of operations of the unit
restricts the company's ability to generate profitability in times
of stress.
Initial year of operations and delays in stabilisation of the
plant: The plant started full-fledged operations in January 2015
and reported total operating income of only INR4.75 crore in
FY15, due to time overruns and delays in stabilisation. The total
operating income of the company has increased to INR45.58 crore in
FY17 with the stabilisation of operations. The PBILDT margin of
the company remained high at 31.33% in FY17.
BMW Iron & Steel Industries Ltd. (BMWISIL), incorporated in 2005,
is promoted by Kolkata-based Mr. Ram Gopal Bansal and his sons.
BMWISIL has set up a structural steel plant at Adityapur,
Jamshedpur at a cost of INR89.5 crore, funded at a debt equity
ratio of 1.21:1. The plant commenced operations in January 2015
with a delay of 3-4 months (scheduled COD was September 2014). The
plant facilities include capacity of HR slitting (2,70,000 MTPA),
HR blanking (1,20,000 MTPA), galvanizing unit (36,000 MTPA), ERW
tube (96,000 MTPA) and roll shop (1,200 MTPA). The company's
operation is classified into two division viz. Steel Service
Centre (SSC) and Structural Steel (SS). The company has signed an
agreement with Tata Steel Ltd (TSL; rated CARE AA/AA-; Stable) for
SSC arrangement which includes contract manufacturing for them,
wherein raw-material is supplied by TSL. SS includes manufacturing
for captive consumption and directly sale in the market.
CVS INFRASTRUCTURE: Ind-Ra Affirms BB- LT Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed CVS
Infrastructure Private Limited's (CVS) Long-Term Issuer Rating at
'IND BB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR140 mil. Fund-based facility affirmed with IND BB-
/Stable/IND A4+ rating;
-- INR10 mil. Non-fund-based facility affirmed with IND A4+
rating; and
-- INR20 mil. Fund-based facility* assigned with IND BB-
/Stable/IND A4+ rating.
*The final rating is assigned following the receipt of sanction
letter by Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects CVS's volatile EBITDA margin and modest
credit metrics due to the trading and commodity nature of
business. EBITDA ranged between 2.6%-4.1% over FY15-FY18 and
deteriorated to 3.3% in FY18 (FY17: 4.1%). RoCE was modest at 12%
in FY18. Interest coverage (operating EBITDA/gross interest
expense) was 1.4x in FY18 (FY17: 1.3x) while net leverage
deteriorated (adjusted net debt/operating EBITDAR) to 6.6x (5.4x)
due to an increase in interest-free debt. FY18 are provisional in
nature.
The ratings factor in the medium scale of operations. Revenue was
increased in FY18 to INR944 million (FY17: INR694 million), due to
an increase in orders.
Moreover, CVS's liquidity remains moderate with its fund-based
facilities being utilized at an average of 92% over the 12 months
ended July 2018.
However, the ratings are supported by CVS being part of the
Mahalaxmi Group which has been trading chemical and petrochemical
products since 1974. Also, CVS uses the established Mahalaxmi
brand name for its business.
RATING SENSITIVITIES
Positive: A significant increase in the revenue and operating
profitability leading to an improvement in the credit metrics on a
sustained basis would be positive for the ratings.
Negative: Substantial deterioration in the revenue or EBITDA
margin leading to deterioration in the credit metrics on a
sustained basis could be negative for the ratings.
COMPANY PROFILE
Incorporated in 1995, CVS is engaged in trading of chemicals,
petrochemical products and agro commodities.
EGIANT AGROCONNECT: CRISIL Reaffirms B+ Rating on INR6.6cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facilities of eGiant Agroconnect Private Limited (EAPL) at 'CRISIL
B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Packing Credit 6.6 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 3.4 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect a modest scale of operations in
the intensely competitive agro-commodity trading industry, and a
weak financial risk profile. These weaknesses are partially offset
by the extensive business experience of the promoters and moderate
working capital requirement.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in an intensely competitive industry:
Intense competition in the agro-commodity trading industry
constrains the scale of operations as reflected in estimated
revenue of INR26.97 crore in fiscal 2018.
* Weak financial risk profile: A small networth (estimated at
INR1.37 crore as on March 31, 2018) and reliance on debt to fund
working capital have resulted in a highly leveraged capital
structure (total outside liabilities to tangible networth ratio of
5.72 times). Debt protection metrics have also remained weak with
interest coverage ratio, estimated at 1.23 times in fiscal 2018.
Strengths
* Extensive experience of the promoters: The promoters have around
a decade of business experience which supports the business
profile of the company.
* Moderate working capital requirement: Gross current assets,
estimated at 123 days as on March 31, 2018 reflects moderate
working capital management. This is majorly on account of moderate
inventory and debtors, estimated at 60 days and 45 days,
respectively, as on March 31, 2018.
Outlook: Stable
CRISIL believes EAPL will continue to benefit over the medium term
from the extensive business experience of its promoters. The
outlook may be revised to 'Positive' if there is a significant
increase in cash accrual and hence improving the financial risk
profile. The outlook may be revised to 'Negative' in case of any
stretch in the working capital cycle, substantial capital
withdrawal, or large, debt-funded capital expenditure, leading to
pressure on the financial risk profile.
EAPL was incorporated in September 2013, and promoted by Mr
Prashant Ramesh Chincholkar and Mr Nishant Ramesh Chincholkar. The
company trades in and exports commodities such as spices, food
grains, cereals, oilseeds, and dry fruits.
GINGER PROPERTIES: CRISIL Lowers Rating on INR9cr Term Loan to B
----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of Ginger
Properties Private Limited (GPPL) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 9 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The downgrade reflects GPPL's moderate implementation risk, and
lower-than-expected customer advances. These weaknesses are
partially offset by low funding risk, and the extensive experience
of the promoters in the real estate industry.
Key Rating Drivers & Detailed Description
Weakness
* Moderate implementation risk: Due to issues relating to floor
space index (FSI), the project is expected to be completed by
March 2019, as against March 2018. As a result, moderate project-
related risks persists.
* Lower-than-expected customer advances: Officially, bookings
commenced in June 2018. Till July 2018, the company had booked
only two of the total 39 flats, and received customer advances of
INR3.00 crore. The pace of bookings and flow of customer advances
remain key rating sensitivity factors over the medium term.
Strengths
* Extensive experience of the promoters, and established track
record: Benefits from the promoters' experience of three decades,
healthy track record in real estate development, and established
brand (Sankalp) should continue to support business risk profile.
* Low funding risk: Funding risk remains low, as 90% of the total
contribution has already been extended by the promoters, and loan
of INR8.50 crore disbursed by the bank. With incremental bookings,
funding risk should remain low over the medium term. Additionally,
term loan repayment starts in April 2019, supporting liquidity.
Outlook: Stable
CRISIL believes GPPL will continue to benefit from the extensive
experience of its promoters in the real estate industry. The
outlook may be revised to 'Positive' if sizeable increase in
bookings and timely receipt of customer advances lead to
substantial cash inflows. The outlook may be revised to 'Negative'
if a slowdown in bookings or higher-than-expected debt for
completing the remaining construction work weakens key credit
metrics.
Set up in 2007, GPPL develops residential real estate in
Ahmedabad. Mr Robin Goenka, Ms Dimple Goenka, and Mr Parav Shah
are the promoters. The ongoing project, Sankalp Grace II, D Block,
is expected to be completed by March 2019.
GLOBE MOBILITY: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
----------------------------------------------------------------
CRISIL has reaffirmed its rating at 'CRISIL B+/Stable' rating to
the long-term bank facility of Globe Mobility Private Limited
(Globe).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect below average financial risk
profile marked by high total outside liabilities to total net
worth (TOLTNW) ratio and modest debt protection metrics. The
rating also factors in low profitability in the competitive
handset trading industry. These weaknesses are partially offset by
the extensive experience of the promoters in trading business.
Analytical Approach
CRISIL has treated unsecured loans (outstanding at INR3.75 crore
as on March 31, 2018) as 75% equity and 25% debt as these are
expected to be retained in business over the medium term and
interest rate is lower than the bank rate.
Key Rating Drivers & Detailed Description
Weakness
* Below average financial risk profile: Owing to higher reliance
on external borrowings to fund the working capital requirements,
the TOLTNW ratio remained high at 4 times as on March, 2018. The
modest debt protection metric is marked by interest coverage ratio
of 1.5 times in fiscal 2018.
* Low profitability: The operating margins remained low in the
range of 1-1.4 per cent in the past three years ended March, 2018
in highly competitive handset trading industry.
Strengths
* Extensive experience of promoters: The company benefits from its
promoter's experience of more than five decades in the steel
industry and longstanding relationships with customers and
suppliers.
Outlook: Stable
CRISIL believes Globe will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' if sustained and substantial increase in
revenue and profitability results in strengthening of financial
risk profile. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile, especially
liquidity, most likely by decline in sale or stretch in working
capital cycle.
Incorporated in 2013, Globe is promoted by Mr. Shamlal Goyal and
his son Mr Kapil Goyal in Pune (Maharashtra). The company is a
distributor of handsets and smartphones of Apple in Pune district
and feature and smart phones of Micromax and Spice in Pune city.
GRAMOX PAPER: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gramox Paper &
Boards Limited (GPBL) a Long-Term Issuer Rating of 'IND B'. The
Outlook is Stable.
The instrument-wise rating actions are:
-- INR18.1 mil. Term loans due on January-2020 assigned with IND
B/Stable rating;
-- INR70 mil. Fund-based facilities assigned with IND
B/Stable/IND A4 rating;
-- INR12 mil. Non-fund-based facilities assigned with IND A4
rating; and
-- INR10 mil. Proposed term loan* assigned with Provisional
IND B/Stable rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by GPBL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
Ind-Ra has taken a consolidated view of GPBL and its wholly owned
subsidiary GMJ Paper and Boards Pvt. Ltd., to arrive at the
ratings. This is because both the companies are in the same line
of business and have common promoters.
The ratings reflect the weak consolidated EBITDA margin, with
negative ROCE, as well as weak credit metrics. According to the
FY18 provisional financials, the consolidated EBITDA margin
declined to 1.5% (FY17: 3.7%, FY16: 3.3%), on account of an
increase in the raw material costs and other expenses. Also, the
credit metrics deteriorated in FY18, with interest coverage
(operating EBITDA/gross interest expense) at 0.7x (FY17: 1.8x,
FY16: 1.4x) and net leverage (adjusted net debt/operating EBITDAR)
at 13.0x (5.3x, 7.0x), due to a fall in absolute EBITDA to INR25
million (INR63 million, INR43 million) and an increase in the
total debt to INR351 million (INR346 million).
The ratings factor in the modest consolidated scale of operations,
with revenue of INR1,620 million (FY17: INR1,684 million). The
marginal decline in revenue in FY18 was due to the non-operation
of unit II for three months on account of power issues.
However, the ratings are supported by GPBL's comfortable liquidity
position at the standalone level, indicated by an average 54.7%
use of the fund-based limits and 9.2% use of the non-fund-based
limits for the 12 months ended July 2018 (details reflect the debt
facilities of unit II; the banker contact details of & facilities
utilization details of unit I was not available) and the company's
over 25 years of operational experience in manufacturing duplex
paper board products.
RATING SENSITIVITIES
Negative: Any decline in the profitability leading to
deterioration in the credit metrics on a sustained basis would be
negative for the ratings.
Positive: An increase in the profitability leading to an
improvement in credit metrics on a sustained basis would lead to a
positive rating action.
COMPANY PROFILE
Incorporated in 1992, GPBL manufactures duplex paperboard products
at its two units in south India. GMJ Paper and Boards is a wholly
owned subsidiary of GPBL and manufactures kraft paper. It has been
taken on lease by Subam Papers Pvt. Ltd. from February 2018 for a
period of five years.
HIMAVASINI CARS: CRISIL Assigns B+ Rating to INR3cr Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable 'rating to the long term
bank facility of Himavasini Cars Private Limited (HCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Long Term Loan 2 CRISIL B+/Stable (Assigned)
Cash Credit 3 CRISIL B+/Stable (Assigned)
Electronic Dealer
Financing Scheme
(e-DFS) 3 CRISIL B+/Stable (Assigned)
The rating reflects its modest scale of operations and average
financial risk profile. These weaknesses are partially offset by
promoter's extensive experience in automobile dealership business.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: HCPL has modest scale of operation
as reflected in its estimated revenue of around INR 50 crores in
fiscal 2018 and is expected to improve over the medium term.
* Average financial risk profile: HCPL has highly leveraged
capital structure as reflected in its estimated gearing of more
than 3 time (more than 4 times in past three fiscal) and estimated
modest networth of 2.5 crores in fiscal 2018.
Strength
* Extensive experience of promoter: HCPL is promoted by Mr. Suresh
Kumar, who has more than a decade of experience in auto dealership
business and is expected to benefit HCPL over the medium term.
Outlook: Stable
CRISIL believes the HCPL will continue to benefit over the medium
term from its established position in the auto dealership segment.
The outlook may be revised to 'Positive' if the capital structure
and debt protection metrics improve significantly, driven by a
sustained increase in the scale of operations and better
profitability. The outlook may be revised to 'Negative' in case of
a stretched working capital cycle or large, debt-funded capital
expenditure, resulting in deterioration in the financial risk
profile, particularly liquidity.
HCPL, was established in 2007, engaged in auto dealership for
Hyundai, has over four showrooms across Tamil Nadu.
INDO NABIN: CARE Lowers Rating on INR46cr Term Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Indo Nabin Projects Limited (INPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Bank 12.00 CARE D Revised from CARE BB;
Facilities Stable
Long/Short Term 20.00 CARE D/CARE D Revised from
bank facilities CARE BB; Stable/ CARE A4+
Long-Term Bank 7.85 CARE B; Stable Revised from
Facilities CARE BB; Stable
Long-Term/Short 46.00 CARE B; Stable/CARE A4
Term Bank Revised from CARE BB; Stable/
Facilities CARE A4+
Short Term Bank 11.00 CARE A4 Revised from CARE A4+
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of
INPL takes into account ongoing delays in debt servicing with one
of the lenders indicating stressed liquidity and weakening credit
profile of the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: There are continuous overdrawals
in CC account for more than 30 days due to ongoing devolvements in
the LC facility with one of the lenders. This was primarily due to
delay in collection from debtors.
Indo Nabin Projects Ltd. (INPL), which was originally promoted by
Mr. Amalendu Sen & Mr. R. Chandramouli, is a construction company
engaged in providing engineering & construction services (which
includes design & engineering, supply of materials, erection &
maintenance and commissioning of sub-stations (33/11KV)) for
electrification projects primarily under Deen Dayal Upadhyaya Gram
Jyoti Yojana (DDUGJY) scheme of the Government of India. The
company specializes in execution of electrical construction
contracts on turnkey basis and has executed several contracts
involving ETC (Erection, Testing and Commissioning) of sub-
stations and operation & maintenance projects.
JAPAN METAL: CRISIL Withdraws B Rating on INR12cr Cash Loan
-----------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Japan
Metal Building System Private Limited (JMBS) on the request of the
company and receipt of a no objection from its bank. The rating
action is in line with CRISIL's policy on withdrawal of its
ratings on bank loans.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Letter Of Guarantee 5.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Letter of Credit 4.5 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
Proposed Long Term
Bank Loan Facility 12 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Withdrawn)
Proposed Short Term
Bank Loan Facility 4 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Withdrawn)
CRISIL has been consistently following up with JMBS for obtaining
information through letters and emails dated December 31, 2017 and
June 29, 2018, among others, apart from telephonic communication.
However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as they are arrived at without any management
interaction and are based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JMBS. This restricts CRISIL's
ability to take a forward JMBS is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with CRISIL BB rating category or lower. Based on the
last available information, the rating on bank facilities of JMBS
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.
CRISIL has withdrawn its ratings on the bank facilities of JMBS on
the request of the company and receipt of a no objection from its
bank. The rating action is in line with CRISIL's policy on
withdrawal of its ratings on bank loans.
Incorporated in 1996 and based in Bengaluru, JMBS is an Indo-
Japanese joint venture that manufactures metal roofing, cladding,
decking sheets, and pre-fabricated metal building systems.
KERAFIBERTEX INT'L: Ind-Ra Moves BB+ Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kerafibertex
International Pvt Ltd.'s Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR450 mil. Fund-based working capital limits migrated to
non-cooperating category with IND BB+ (ISSUER NOT
COOPERATING) rating; and
-- INR32.50 mil. Non-fund-based working capital limits migrated
to non-cooperating category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 8, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2000, Kerafibertex International is a subsidiary of
M/s Giacomini & Gambarova S.r.l., Italy. The company manufactures
coir products.
KISANMITRA COLD: CARE Raises Rating on INR18cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kisanmitra Cold Storage Private Limited (KCSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 18.00 CARE B+; Stable Revised from
CARE B; Stable
Detailed Rationale& Key Rating Drivers
The revision in the rating assigned to the bank facilities of
KCSPL takes into account the significant growth in scale of
operations with comfortable profitability, moderate capital
structure and comfortable debt coverage indicators. The rating
further derives strength from extensive experience of the
promoters, locational advantage with proximity to traded goods and
eligible for subsidy against capital expenditure under central and
state government funded scheme.
However, the above strengths are partially offset by seasonality
of business with susceptibility to vagaries of nature coupled with
price volatility of raw material, working capital intensive nature
of operations, presence in a fragmented industry and intense
competition, Project execution risk. The ability of the company to
timely complete the project and stabilize its operations and
achieve envisaged level of sales with improvement in profit
margins remains the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: KCSPL is promoted by Mrs. Usha Vaidya, Mr
Sanjay Ayachit, Mrs Smita Ayachit and Mrs Snehal Deshmukh. The
promoters have an average experience of more than one decade in
engineering and agro trading business. The overall operations of
the company are managed Ms Usha Vaidya who has an experience of
one decade in the field of electrical engineering. She is assisted
by Mr Hemant Vaidya possessing an experience of about fifteen
years in trading and warehousing of agro based products through
associate entity Kisanmitra Warehousing Private Limited. The long
experience of the promoter supports the business risk profile of
the company.
Growing scale of operations with comfortable profit margins: The
total operating income grew at a CAGR of 62.47% during FY16-FY18
and stood at INR11.15 crore in FY18 (provisional). Moreover, the
profitability margins of the company though declined stood high in
FY18.
Moderate capital structure with comfortable debt coverage
indicators: The capital structure remained moderate as marked by
overall gearing of 1.38x. However, with high profitability due to
rental income and moderate debt profile; the debt coverage
indicator remained comfortable as indicated by interest coverage
ratio of 14.15x in FY18 (Provisional). Locational advantage with
proximity to raw material: Location advantage emanating from
proximity of oilseeds and pulses growing areas as KCSPL is
situated in Latur district of Maharashtra which covers all major
oil seed and pulses growing areas like Udgir, Ausa, Bhada, etc.
Also for the cold storage it has a favorable location proximity to
the leading grapes, custard apple and vegetable growing areas
(Marathwada Region) augers well for the company.
Eligible for subsidy against capital expenditure under central and
state government funded scheme: Financial assistance is provided
to the KCSPL through capital subsidy under the scheme of Ministry
of Food Processing Industries (MOFPI) along with Maharashtra
Industrial Development Corporation. The company is entitled to get
the subsidy of INR 1.75 crore in December 2018. This has enabled
the company to have support in the operations of the company from
government.
Key Rating Weaknesses
Seasonality of business with susceptibility to vagaries of nature
coupled with price volatility of raw material: KCSPL's operations
are seasonal in nature as the company is in agro based business
which is inherently dependent on the vagaries of nature. In view
of the same, lower agricultural output may have an adverse impact
on the availability of agro commodities and rental collections.
Availability and prices of agro commodities are highly dependent
on the climatic conditions. Adverse climatic conditions can affect
their availability and lead to volatility in prices. Moreover
there is a time lag between procurement of fruits and vegetables
and liquidation of inventory the company is exposed to the risk of
adverse price movement resulting in lower realization than
expected.
Working capital intensive nature of operations: KCSPL's operations
continue to remain working capital intensive due to the trading
nature of business. The company has to maintain high level of
inventory, on spot payments to the farmers. Further being involved
in trading of pulses and oilseeds, the pricing and distribution of
pulses and oilseeds are exposed to climatic and agriculture-
related risks as well as government policies.
Presence in a fragmented industry and intense competition: The
Indian trading industry is highly unorganized & fragmented in
nature. Due to low entry barriers, the trading Industry in the
country is flooded with many unorganized players. This has led to
high level of competition in the industry.
Project execution risk: The Company has undertaken a project to
set up a new cold storage unit with a storage capacity of 5000 MT
within the same premises and processing plant for frozen food and
fruit pulp. The total cost of the project is INR14.70 crore. The
project is expected to be completed by October 2018.
Incorporated in 2013, KCSPL is engaged in the business of trading
of agro commodities and providing cold storage facility to
farmers. The company has one central unit consisting of multi
chambered and multi commodity cold storage having a storage
capacity of 5000 metric tons (MT).
LMJ INTERNATIONAL: Ind-Ra Corrects August 1 Rating Release
----------------------------------------------------------
India Ratings and Research (Ind-Ra) corrects a ratings release on
LMJ International Limited published on August 1, 2018 to rectify
the rating of the instruments which were incorrectly stated as
'IND D' instead of 'IND D (ISSUER NOT COOPERATING)' in the tables
across the commentary.
The amended version is as follows:
India Ratings and Research (Ind-Ra) has downgraded LMJ
International Limited's Long-Term Issuer Rating to 'IND D' from
'IND BBB+' while resolving the Rating Watch Negative (RWN). The
agency has simultaneously migrated the rating to the non-
cooperating category, as the issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR1.84 bil. Fund-based limits (long-/short-term) downgraded;
Off RWN; migrated to Non-Cooperating Category with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR3.6 bil. Non-fund-based limits (short-term) downgraded;
Off RWN; migrated to Non-Cooperating Category with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information.
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing due to a tight
liquidity, following the imposition of a penalty on LMJ
International by the Income Tax Department. Moreover, LMJ
International did not provide the no-default statement for the
months of April, May and June 2018 to Ind-Ra.
COMPANY PROFILE
LMJ International is engaged in the trading of agricultural and
non-agricultural commodities in domestic and international
markets. In addition, it is engaged in the processing of agro
products such as rice, pulses, tea and coffee, and provides
warehousing and logistics services.
MAHAKALI ISPAT: Ind-Ra Migrates 'B+' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Mahakali Ispat
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 B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR45 mil. Fund-based limit migrated to Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating; and
-- INR11.5 mil. Non-fund-based limit migrated to Non-Cooperating
Category with IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 21, 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 2003, Mahakali Ispat manufactures sponge iron.
MAHALAXMI TMT: CARE Migrates D Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Mahalaxmi
TMT Private Limited (MTPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 619.56 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Short Term Bank 165.82 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from MTPL to monitor the ratings
vide e-mail communications/letters dated June 28, 2018, July 23,
2018, July 26, 2018, July 31, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the
ratings. Further, the company has not submitted the monthly
Default if any, statement (NDS) since more than past six
months ended July 2018. 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 MTPL'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(s).
The rating assigned to the bank facilities of MTPL takes into
account of ongoing delays in servicing of its debt obligations
as a result of its stressed liquidity.
Detailed Description of the Key Rating Drivers
At the time of last rating on July 14, 2017, the following were
the rating strengths and weaknesses (updated based on the
best available information)
Key Rating Weakness
Ongoing delays in debt servicing: Debt servicing of MTPL is
irregular as reflected by delays in servicing of its term loan
principal and interest and devolvement in letter of credit.
Liquidity position of the company is stressed due to continue
cash losses on account of higher raw material costs and decline in
sales. Moreover, the company has filed an application for debt
structuring under 'S4A', however, the same is yet to be approved
by lenders.
Erosion of net worth base due to continue losses: Due to continue
losses, the tangible net worth base of the company eroded
significantly leading to weak capital structure marked by very
high overall gearing ratio.
MTPL is a part of Sangam group based out of Bhilwara, Rajasthan
and is engaged in manufacturing billets and bars since April 1,
2010. MTPL has an integrated steel manufacturing facilities
located at Wardha, Maharashtra with installed capacity of 420,000
metric Tons per annum (MTPA) for billets and 500,000 MTPA for
bars.
MALHAR FASHIONS: CRISIL Raises Rating on INR3.7cr Loan to B+
------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Malhar Fashions India Private Limited (MFIPL) to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' and reaffirmed its short term
rating at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Export Packing 3.7 CRISIL B+/Stable (Upgraded
Credit from 'CRISIL B-/Stable')
Foreign Bill 2.7 CRISIL B+/Stable (Upgraded
Purchase from 'CRISIL B-/Stable')
Letter of Credit 0.5 CRISIL A4 (Reaffirmed)
Proposed Long Term 2.1 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B-/Stable')
The ratings upgrade factors the growth in business risk profile of
the company on the revenues front, which increased to INR35 crores
in FY18 leading to better cash accruals of INR92 lacs. Against the
same, the company does not have any term debt repayment
obligations
The ratings continue to reflect MFIPLs small scale of operations
in the highly competitive and fragmented readymade garments (RMG)
industry, large working capital requirement, and weak financial
risk profile marked by modest net worth, high gearing, and subdued
weak debt protection metrics. These weaknesses are partially
offset by its promoters' extensive experience in the RMG industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly competitive and
fragmented readymade garments (RMG) industry: MFIPL recorded
revenues of INR 33.70 crs during 2017-18, indicating its modest
scale of operations in the fragmented textile industry. Also, MFPL
operates in a highly fragmented industry on account of low entry
barriers and low capital requirements.
* Moderately working-capital requirements: MFIPL's operations are
moderately working capital-intensive, as reflected in its moderate
gross current assets (GCAs) of around 132 days as on March 31,
2018, driven by moderate receivables and moderate inventory.
Strengths
* Promoter's extensive industry experience: MFIPL benefits from
the industry experience of its promoters, Mr. Jhaveri who has been
in the RMG segment for over two decades and Mr. Dinesh Paharia who
is also associated with Sanimo Polymers India Pvt Ltd.
Outlook: Stable
CRISIL believes MFIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's cash accrual
increases backed by revenue growth, improved profitability, and
prudent working capital management, leading to better debt
protection metrics and liquidity. Conversely, the outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates because of more-than-expected stretch in
working capital cycle, or debt-funded capital expenditure, or
less-than-expected cash accrual.
MFIPL, promoted by Mr. Niraj Jhaveri and Mr. Dinesh Paharia,
manufactures and exports RMG, primarily for women. Its plant is at
Bhiwandi, Maharashtra.
MOHINDRA COACHES: CARE Lowers Rating on INR2.5cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mohindra Coaches (India) Private Limited (MCIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Bank 2.50 CARE B+; Stable Revised from
Facilities CARE BB-; Stable
Short-Term Bank
Facilities 6.00 CARE A4 Reaffirmed
Detailed Rating Rationale & Key Rating Drivers
The revision in the long-term rating of MCIPL takes into account
significant decline in Total Operating Income (TOI) in FY18 (FY
refers to the period April 1, to March 31) over last financial
year owing to low orders executed and decline in profitability
margins. The ratings, further, continue to remain constrained on
account of moderate solvency and liquidity position, its presence
in the fragmented and competitive bus body building industry and
susceptibility of margins to volatile raw material prices.
The ratings, however, continue to derive strength from the
experienced management and reputed customer base. The ability of
the company to increase its scale of operations with improvement
in profitability margin and better management of working capital
is the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Significant decline in scale of operation as well as profitability
margins: During FY18, TOI of the company has significantly
declined by 72.12% over FY17 owing to application of GST which
results into lower execution of orders. Decline in TOI along with
higher fixed expenses has led to decline in profitability of the
company with PBILDT margin has declined by 322 bps in FY18 over
FY17. PAT margin remained stable owing to low interest expenses.
The company has registered TOI of INR1.72 crore during 3MFY19.
Improvement in capital structure although deterioration in debt
coverage indicators: The capital structure of the company stood
moderate with an overall gearing of 1.49 times as on March 31,
2018, improved from 2.03 times as on March 31, 2017 mainly on
account of repayment of unsecured loan and term loan as well
as accretion of profits to reserves. However, debt service
coverage indicators stood weak with total debt to GCA of 19.74
times as on March 31, 2018, deteriorated from 4.81 times as on
March 31, 2017 on account of proportionately higher decrease in
GCA level as compared to decline in total debt. Furthermore,
interest coverage also stood moderate at 2.15 times in FY18,
although marginally declined from 2.40 times in FY17 mainly on
account of decrease in PBILDT level.
Moderate liquidity position: It has utilized average 40-45% of its
working capital bank borrowings during last 12 months ended July
2018. The operating cycle of the company has deteriorated from 85
days in FY18 over 15 days in FY17 owing to decline in scale of
operations. Current ratio and quick ratio of the company stood
moderate at 1.18 times and 0.79 times respectively as on March 31,
2018. Cash flow from operating activities has declined from
INR0.82 crore in FY18 to INR0.17 crore in FY18.
Key Rating Strengths
Experienced management with long track of operations: MCIPL has
around three decades of operations in the industry and has
reinforced its footings in the bus body building business. Over
the years, it has developed market for its products and has
established good relations with various customers. The company's
sound market position will facilitate it to enhance its size of
operations. Mr. Jitendrapal Singh Saluja, graduate by
qualification, are responsible for the overall management of the
company. He gets assistance from Mr. Sanmeet Saluja, graduate by
qualification, who has around 3 years of experience in this
industry.
Jaipur (Rajasthan) based MCIPL was incorporated in 2008 by Saluja
family and overall affairs of the company look after by its
directors namely Mr. Jitendra Singh Saluja and Mr. Sanmeet Saluja.
MCIPL is mainly engaged in the business of building bus bodies on
the automobile chassis and has been a part of the Indian bus body
building industry for around four decades. The company has an
annual capacity to build bodies for 600 buses at its plant located
in V.K.I. area, Jaipur. It builds bus bodies for government as
well as private players mainly in the states of Rajasthan,
Haryana, Uttar Pradesh, Punjab and Gujarat. It builds bus bodies
of air conditioned (AC) Sleeper, Non-AC Sleeper buses, AC &Non-AC
Seater buses and of Mini-buses. Production process involves
receiving chassis from the client and subsequent mounting of the
body on the chassis. The bus body is built as per the
specifications issued by the Government for standard buses and
further customization is done as per the client requirements. The
company uses angles, sections, aluminium & steel sheets, plywood
board, window glass, seats, carpets and other items as raw
material for building the bus bodies.
NANDI PIPES: CARE Reaffirms D Rating on INR8.40cr Loan
------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nandi Pipes Private Limited (NPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.40 CARE D; ISSUER NOT COOPERATING;
Reaffirmed on the basis of best
available information
Short term Bank
Facilities 1.00 CARE D; ISSUER NOT COOPERATING;
Reaffirmed on the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from NPPL to monitor the
rating(s) vide e-mail communications/letters 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 Nandi Pipes Private Limited'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 reaffirmation of rating assigned to the bank facilities of
Nandi Pipes Private Limited is on account of ongoing delays in
debt servicing by the company, as reported by the banker.
Nandi Pipes Private Limited (NPPL) was incorporated in October,
2011 by Mrs. V. Aravinda Rani, Mrs. S. Sujala and Mrs. S.
Parvathi. The company is engaged in manufacturing of PVC pipes
with an installed capacity of 6000 Metric tons. The
manufacturing facility is located at Nandyal, Andhra Pradesh.
OMKARA BUSINESS: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Omkara
Business Corporation (OBC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Bank
Facilities 15.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 20.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of OBC are tempered by
short track record and risk towards stabilization of business
operation, susceptibility in profit margins due to volatility in
prices of raw material, highly fragmented and competitive business
segment and constitution of the entity as partnership firm with
inherent risk of withdrawal of capital. The rating, however,
derives its strengths from the experience of the partners for
decade in fabrication industry, financial closure of the project
achieved and commercial operations started In June 2018 and stable
outlook of roofing industry.
Going forward, ability of the firm to stabilize the business
operations and achieve profitability as envisaged, achieve the
desired profitability margins in competitive environment and
manage its working capital efficiently shall remain the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record and risk towards stabilization of business
operation: The firm was established in 2017 and started its
commercial operations from June 2018, hence it has short track
record. Furthermore, firm is exposed to business implementation
which is critical from the credit perspective.
Susceptibility in profit margins due to volatility in prices of
raw material: The firm is engaged in manufacturing of roofing
sheets, therefore, steel is the major raw material used by the
firm. Furthermore, the steel prices are highly volatile in nature.
Hence the profitability margins are susceptible to fluctuation in
raw material prices.
Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore partnership firms have
restricted access to external borrowings as credit worthiness of
the partners would be key factors affecting credit decision for
the lenders.
Highly fragmented and competitive business segment: The roofing
industry is highly competitive and fragmented with the presence of
numerous organized as well as unorganized players operating in the
domestic market. Further, due to low entry barriers both national
as well as regional players have taken up plans for capacity
expansion in recent times. This situation is likely to increase
the level of competition in the domestic market which might put
pressure on profitability of the existing as well as new players.
Most of the demand for the roofing comes from the real estate
industry, which, in India is highly fragmented and cyclical. The
real estate industry is also highly sensitive to the interest
rates and liquidity position in market.
Key Rating Strengths
Experience of the partners for a decade in infrastructure
industry: Mr. Siddhartha Patil, aged 42, a Diploma in Mechanical
Engineering, has handled fabrication for a period of 5 years from
year 2009 to year 2014. He is well versed in all the Technical,
Financial and marketing aspects of the steel and metal Industry.
All other partners are also qualified graduates and are well
experienced in finance and planning marketing strategies. The firm
is likely to be benefited by its qualified and experienced
partners.
Financial closure of the project achieved and commercial operation
started in June 2018: The firm has taken over the existing company
"Kailash Roofing Solutions Pvt Ltd" with the purchase
consideration of INR 17.50 crore. For purchase consideration, the
firm has already availed bank facilities from Vijaya Bank i.e.
(Term loan) of INR 10.00 crore and the remaining INR7.50 crore as
partner's contribution. The above facility has been sanctioned and
the full financial closure of the project has achieved. The
commercial operations of the firm started from 1st June 2018 and
have achieved the revenue of INR 1.50 crore during June 2018.
Stable outlook of roofing Industry: The Indian construction
industry is surging and is set to be the world's third largest by
2030, behind only China and the US. Many of the new projects being
implemented are new builds rather than renovations. This means new
opportunities for manufacturers and suppliers of roofing
materials.
Omkara Business Corporation(OBC) was established on June 29, 2017
as a partnership firm by Mr. Siddhartha Patil (Managing Partner),
Mr. Deepak (Partner), and Ms. Lakshmi Upana (Partner) having its
registered office at Nagarbhavi, Bangalore. The partners of the
firm have experience of a decade in fabrication industry. The firm
is involved in manufacturing of Pre- Engineered Building System
(PEBS) & Roofing Sheets.
The firm has taken over the existing company "Kailash Roofing
Solutions Pvt Ltd" with the purchase consideration of INR
17.50 crore. For purchase consideration, the firm has already
availed bank facilities from Vijaya Bank i.e. (Term loan) of
Rs. 10.00 crore and the remaining INR7.50 crore as partner's
contribution. The commercial operations of the firm started
from 1st June 2018 and have achieved the revenue of INR 1.50
crore.
PRE UNIQUE: Ind-Ra Raises Long Term Issuer Rating to 'B'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Pre Unique
(India) Private Limited's (PUIPL) Long-Term Issuer Rating to 'IND
B' from 'IND B- (ISSUER NOT COOPERATING)'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR10 mil. Fund-based working capital limit long-term rating
upgraded; short-term rating affirmed with IND B/Stable/IND A4
rating; and
-- INR100 mil. Non-fund-based limit affirmed with IND A4 rating.
KEY RATING DRIVERS
The upgrade reflects a rise in the profitability and an
improvement in the credit metrics of PUIPL. Its EBITDA margin
increased to 7.6% in FY18 from 1.4% in FY17, as the major portion
of revenue was generated from the operation and maintenance of an
existing high-margin project. However, the margin was modest. Its
return on capital employed was 8.7% in FY18 (FY17: 7.3%). FY18
financials are provisional.
Although PUIPL's credit metrics improved in FY18, they are still
weak as the company commenced operations in FY16. Its interest
coverage (operating EBITDA/gross interest expense) improved to
3.1x in FY18 from 1.2x in FY17, with net financial leverage (total
adjusted net debt/operating EBITDAR) enhancing to 8.8x from 13.2x.
The improvement in the credit metrics was due to the significant
rise in the profitability and a decline in interest expenses and
debt.
The ratings are supported by a comfortable liquidity, indicated by
an average 44% peak utilization of the fund-based working capital
limits for the 12 months ended July 2018.
The ratings are also supported by the promoters' experience of
more than three decades in the construction and other related
businesses.
The ratings are constrained by PUIPL's small scale of operations
and lack of revenue visibility. PUIPL's revenue fell to INR89.7
million in FY18 from INR440.5 million in FY17 due to lack of order
flow. It had an outstanding order book of about INR120 million
(1.3x of FY18 revenue) as of April 2018.
RATING SENSITIVITIES
Negative: Deterioration in the overall credit profile, on a
sustained basis, will lead to a downgrade.
Positive: A significant rise in the revenue, while maintaining the
profitability and the credit metrics at the current levels, on a
sustained basis, will lead to an upgrade.
COMPANY PROFILE
Incorporated in November 2015, Hyderabad-based PUIPL is engaged in
the design, supply, fabrication and commissioning of palm oil
mills, and the construction of captive power and effluent
treatment plants at such mill sites.
PULLANI ENGINEERS: CARE Reaffirms B+ Rating on INR5.91cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pullani Engineers Private Limited (PEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.91 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of PEPL continues to be
constrained by small scale of operations albeit moderate growth
over last 3 years ended FY18 (prov.) (refers to the period April 1
to March 31), moderately low profit margins, highly leveraged
capital structure & moderately weak debt coverage indicators,
working capital intensive nature of operations and presence in
highly fragmented and competitive industry.
The rating, however, derives strength from the company's long
track record of operations coupled with highly experienced
promoters, established relationship with well-diversified
clientele, and commercial dealership agreement in place with Ashok
Leyland Limited (ALL).
PEPL's ability to increase the scale of operations and improve the
profitability position amidst competitive scenario and also to
improve the capital structure and liquidity position by
efficiently managing the operating cycle is the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations albeit moderate growth over last 4
years: The scale of operations of PEPL stood small with the total
operating income ranging from INR3-30 crore over FY14-FY18
(prov.). The total operating income has significantly increased in
FY17 and FY18, as the company has commenced commercial operations
in LCVs dealership. Given the small scale of operations along with
net losses incurred in FY17, the tangible net-worth base also
stood very small and thus limits the financial flexibilities of
the company. Moderately low profit margins: The PBILDT margin of
PEPL stood moderately low in the range of 5-7% over FY14-FY18,
given the majority of trading nature of operations [comprising
~66% of the net sales in FY18 (prov.)]. However, the profitability
position improved significantly in FY18 (prov.) with the company
turning profitable at all levels, as against having posted losses
at all levels in FY17. The said improvement was led by a
significant turnaround in operations of the PM (Pullani Motors)
division.
Highly leveraged capital structure & moderately weak debt coverage
indicators: Led by losses in FY17 coupled with small net-worth
base, the capital structure of PEPL stood highly leveraged as on
March 31, 2018 (prov.). Given this, coupled with moderately low
profitability & cash accruals, the debt coverage indicators stood
moderately weak.
Working capital intensive nature of operations: The operations of
PEPL are moderately working capital intensive in nature with
majority of funds of over 50-100 days blocked in inventory and
over 10-45 days in debtors. Given this, the operating cycle stood
relatively high in the range of 50-100 days over FY14-FY18 (prov.)
which has further resulted in high utilization of working capital
limits.
Presence in competitive industry: PEPL's customers are spread
across various cities of Maharashtra, Gujarat, Karnataka and Uttar
Pradesh, wherein it faces a fierce competition with a large number
of players in the bulkers manufacturing segment. Moreover, the
LCVs dealership awarded to PEPL by ALL (Ashok Leyland Limited) is
a non-exclusive dealership, thereby increasing the competition
from the LCVs dealership market for ALL's products with other
dealers, as well as the other products manufactured by other
established players in the commercial vehicles market.
Key Rating Strengths
Long track record of operations with highly experienced promoters:
PEPL has a long track record of over 28 years in manufacturing of
bulkers and silos. The overall operations of PEPL are primarily
looked after by Mr. Baburaj Pullani who possesses over three
decades of extensive experience in manufacturing of bulkers.
Established relationship with well-diversified clientele &
suppliers: Over the years, PEPL has established long term relation
with its customers and suppliers. Its customers belong to various
transport & logistics players in India. Moreover, the customer
profile of the company is well diversified with the top 5
customers comprising 14.38% of the net sales in FY18 (prov.).
Commercial dealership agreement in place with ALL: During FY17,
PEPL ventured into the business of commercial vehicles dealership,
in collaboration with ALL for its LCVs (Light Commercial Vehicles)
non-exclusive dealership (along with vehicle kits, components &
parts) in Mumbai, wherein ALL has been authorized to market the
said products manufactured by the JV (Joint Venture) of ALL and
Nissan Motors Company Limited (NMCL), namely Ashok Leyland Nissan
Vehicles Limited (ALNVL). The said dealership agreement is
effective from September 2, 2016 and valid till September 1, 2019.
Incorporated in 1989 by Mr. Baburaj Pullani and Mrs. Sreeja
Pullani, Pullani Engineers Private Limited (PEPL) is engaged in
manufacturing of bulkers and silos applied in the construction
industry. The customers of the company belong to various transport
& logistics players in India, who are the major consumers of the
bulkers. Moreover, the company is also engaged in trading of air
compressors, which are sourced directly from China and traded in
the domestic market. On the other hand, the company procures its
raw materials (for manufacturing of bulkers) viz. iron & steel,
welding electrodes, CO2 wires, valves, drive shaft, paints,
aeration tubes, and other hardware from domestic manufacturers or
traders of the same. Further, in FY17, the company ventured into
the business of commercial vehicles dealership vide agreement
dated August 4, 2017 (effective from September 2, 2016, valid till
September 1, 2019), in collaboration with Ashok Leyland Limited
(ALL) for its LCVs (Light Commercial Vehicles) non-exclusive
dealership (along with vehicle kits, components & parts) in Thane
& Navi Mumbai, wherein ALL has been authorized to market the said
products manufactured by the JV (Joint Venture) of ALL and Nissan
Motors Company Limited (NMCL), namely Ashok Leyland Nissan
Vehicles Limited (ALNVL). Pursuant to this, PEPL got itself
divided into two divisions, viz. Pullani Engineers (PE, engaged in
manufacturing of bulkers and trading of air compressors) and
Pullani Motors (PM, engaged in distributorship of LCVs & parts
thereof). PM comprised 65.56% of the net sales in FY18 (prov.)
(vis-Ö-vis 50.60% in FY7). The PM division possesses showrooms &
service centers at Kharghar, Bhiwandi, Murbad and Dombivali.
RAGHUVEER METAL: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Raghuveer Metal
Industries 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:
-- INR90 mil. Fund-based working capital limit migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR40 mil. Non-fund-based working capital limit migrated to
Non-Cooperating Category with IND A4+ (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 1, 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 1997, Raghuveer Metal Industries manufactures
steel ingots, thermo-mechanically treated and cold twisted bars in
Ajmer (Rajasthan). It has an annual installed capacity of 46,800
tons of steel ingots and 60,000 tons of bars.
S.S. KAMATH: CARE Assigns B+ Rating to INR6.70cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of S. S.
Kamath (SSK), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.70 CARE B+; Stable Assigned
Detailed Rationale& Key Rating Drivers
The rating assigned to the bank facilities of SSK are tempered by
moderate experience of proprietor, limited track record and small
scale of operations with low networth, leveraged capital structure
and weak debt coverage indicators, working capital intensive as
well as labour intensive nature of business, highly fragmented and
competitive industry and constitution of the entity as proprietor
firm with inherent risk of withdrawal of capital. The ratings,
however, derives strength from growth in total operating income
during the review period and increase in PBILDT margins albeit
declining PAT margins.
Going forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, manage working capital requirements efficiently and
improve the capital structure and debt coverage indicators would
be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Moderate experience of proprietor, limited track record and small
scale of operations with low networth: M/s S. S. Kamath (SSK) was
established as a proprietorship firm by Mr. Sidharth Kamath. He is
a qualified graduate (B.com) and has only 2 years of experience in
in cashew processing business. However, he is supported by his
father, Mr. Surendra Kamath. Mr. Surendra Kamath is a graduate by
qualification and has more than 15 years of experience in the
trading of cashew kernels. SSK has very limited track record of
operations. SSK's operations are small marked by total operating
income of INR11.55 crore in FY18 (Prov.) and low networth base of
INR1.00 crore as on March 31, 2018 (Prov.).
Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm stood leveraged during the
review period. However, the debt equity ratio and overall gearing
ratio has improved from 3.96x and 13.21x respectively as on
March 31, 2017 to 2.58x and 7.43x respectively as on March 31,
2018 (Prov.) due to increase in networth of the firm on account of
accretion of profit coupled with infusion of INR0.60 crore of
proprietor's capital in FY18 (Prov.). The capital structure of the
firm stood leveraged since the firm has availed term loan for
installation of new machinery and construction of factory building
due to which debt levels are high. The debt coverage indicators of
the firm stood weak during the review period. The total debt/GCA
though improved from 35.24x in FY17 to 13.21x in FY18 (Prov.) due
to increase in gross cash accruals (GCA) levels still remained
weak. The PBILDT interest coverage ratio deteriorated marginally
from 2.44x in FY17 to 2.22x in FY18 (Prov.) due to increase in
interest cost at the back of high utilization of working capital
limits and availing of term loan in FY18 (Prov.).
Working Capital intensive as well as labour intensive nature of
operations: The operating cycle of the firm stood between (180-225
days) due to high average inventory period during review period.
The firm purchases high quantities of stocks when the price is
relatively low. So the average inventory period stood high during
the review period. The firm receives the payment from its
customers within 30 days from the date of invoice. The firm makes
payment to the suppliers within 1 week depending on the
relationship. In majority cases, the firm purchases raw material
on cash basis. The average utilization of CC facility was 90% for
the last 12 months ended July 31, 2018. The processing of raw
cashew into graded cashew involves both working capital and labour
requirements. The First three processes of roasting shelling and
drying involves machines and the next levels of peeling, grading
and packing involve labour. Hence, SSK's operations are not only
working capital intensive but it is also labour intensive.
Highly fragmented and competitive industry: The cashew processing
business is highly fragmented with presence of large number of
organized and unorganized players in India as well abroad. There
is a high competition within the industry due to low entry
barriers and low product differentiation, thus limiting the
pricing flexibility. Raw cashew being an agro-commodity, the
availability of the same depends upon the climatic conditions.
Constitution of the entity as proprietor firm with inherent risk
of withdrawal of capital: The sole proprietor typically makes all
the decisions and runs the entire business operation. If he
becomes ill or disabled, there may be nobody else who can step in
and keep the business going. Running a business single-handedly
can also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure.
Key Rating Strengths
Growth in total operating income during the review period: The
total operating income of the firm increased at a growth rate of
69.35% i.e., from INR6.82 crore in FY17 to INR11.55 crore in FY18
(Prov.), at back of increase in sales volume due to stabilization
of operations of the firm coupled with repetitive orders from
existing customers.
Increase in PBILDT margins albeit declining PAT margins: The
PBILDT margins of the firm are seen increasing during the review
period. In FY18 the firm has installed new machinery worth INR0.74
crore due to which the firm has achieved better productivity,
quality and cost reduction. Also the firm has sold closing stock
of FY17 in FY18 which was purchased at a lower cost. Due to the
above said factors PBILDT margin of the firm has increased from
2.93% in FY17 to 8.84% in FY18 (Prov.). The PAT margin of the firm
has declined from 1.05% in FY17 to 0.94% in FY18 (Prov.) due to
increase in interest cost at the back of higher utilization of
working capital limits and availing of term loan coupled with
increase in depreciation cost at the back of installation of new
machinery in FY18 (Prov.).
Karnataka based, M/s S. S. Kamath (SSK) was established in the
year 2016 as a proprietorship firm by Mr.Sidharth Kamath. The firm
is engaged in processing of raw cashew nut into cashew kernels.
The firm procures raw material (raw cashew nuts) domestically from
farmers and traders in the states Kerala, Karnataka, Goa and
Andhra Pradesh. After the receipt of raw cashew, the firm
processes the raw cashew nuts which include Steam roasting, shell
cutting, peeling and grading. After grading is done, the firm
packs the cashew kernels in to 10 kg tins for sale. The firm sells
the cashew kernels throughout India through agents. Gujarat,
Punjab, Delhi, Uttar Pradesh and Karnataka are some of the major
states covered by the firm. The firm also generates income from
sale of by-products cashew shells, cashew husk and rejections.
SHAMBHU MAHADEV: CARE Moves B+ Rating to Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shambhu
Mahadev Sugar and Allied Industries Limited (SMSAIL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 28.43 CARE B+; Issuer not cooperating;
Facilities Based on Best available
Information
Detailed Rationale & Key Rating Drivers
CARE has reaffirmed the ratings CARE B+; Issuer Not Cooperating
based on best available information. However, despite CARE's
repeated requests via email dated August 13, 2018, August 6, 2018
and July 2, 2018 and numerous phone calls, the company has not
provided the requisite information for monitoring the ratings and
the management has remained non cooperative. The current rating
action taken by CARE is based on best available information. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on SMSAIL, bank
facilities will now be denoted as CARE B+; 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(s).
SMSAIL was incorporated by Mr Dilip Shankarrao Apet, Chairman and
Managing Director (CMD) in the year 2000 to undertake sugar and
sugar related production at village Havargaon, Taluka Kallam in
Osmanabad District, Maharashtra. The factory was established in
2002 with a sugarcane crushing capacity of 2,500 Tonnes of cane
crushed per day (TCD). SMSAIL has also set up a molasses based
distillery plant in FY12 with an installed capacity of 30 Kilo
liters per day (KLPD), which is to be operational from FY17.
SHRI SALASAR: CARE Migrates B Rating to Not Cooperating Category
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Shri
Salasar Agro Processor (SSAP) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.00 CARE B; Issuer Not Cooperating;
Facilities Revised from CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SSAP to monitor the rating
vide e-mail communications/letters dated August 16, 2018, June 19,
2018, June 11, 2018, May 31, 2018, May 14, 2018 and May 08,
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 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 SSAP's bank
facility will now be denoted as CARE B; 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(s).
The ratings have been revised on account of non-availability of
complete information, modes modest scale of operations with low
capitalization, thin profitability with susceptibility to
fluctuations in the raw material prices, leveraged capital
structure and weak debt coverage indicators. The rating is further
constrained due to its presence in highly competitive and
fragmented industry, seasonality associated with raw material
availability and partnership nature of constitution. The above
constrains continue to draw support from the wide experience of
the partners in the oil extraction business
Detailed description of the key rating drivers
At the time of last rating on July 3, 2018, the following were the
rating strengths and weaknesses (updated for the publicly
available information).
Key Rating Weaknesses
Modest scale of operations with low capitalization: The firm is
operational since December 2014 and FY16 was the first full year
of operations. However, the entity has stabilised its operations
with moderate and increasing operating income in last three years
ending FY17. However, the net worth base remained small limiting
financial flexibility of the entity. Thin profitability with
susceptibility of margins to raw material price fluctuation risk:
The profitability of the firm remained thin with below unity
PBILDT margin in last two years ending FY17 owing to limited value
addition nature of business. Furthermore, the margins are greatly
influenced by the movement in prices of soya seed. Prices of soya-
based products are governed by the demand-supply dynamics
prevalent in major soya growing nations, weather conditions and
prices of substitute edible oils.
Leveraged capital structure and weak debt coverage indicators: The
capital structure of the company was leveraged as reflected by
overall gearing ratio of 3.30x as on March 31, 2017. Further, with
low profitability and high gearing level debt coverage indicators
of the entity is stood weak as indicated by a PBILDT interest
coverage ratio 2x in FY17.
Presence in highly competitive and fragmented industry: The
soyabean oil extraction industry is highly fragmented with
a large number of crushing units, solvent extraction and refining
plants. Hence, SSAP faces stiff competition from other players
operating in the same industry, which results in low bargaining
power against its customers.
Partnership nature of constitution: Being a partnership firm, SSAP
is exposed to the risk of withdrawal of capital by partners due to
personal exigencies, dissolution of firm due to retirement or
death of any partner and restricted financial flexibility due to
inability to explore cheaper sources of finance leading to limited
growth potential. This also limits the firm's ability to meet any
financial exigencies.
Key Rating Strengths
Experienced partners: SSAP is managed by Mr Madanmohan Purohit and
Mr Vinay Vyas. The partners have an average experience of over 15
years in oil extraction and trading through various association
with local entities. Being in the industry for long has helped the
partners in gaining adequate acumen and establish longstanding
relationships with key customers and suppliers.
Established in June 2013, SSAP is a Nagpur-based (Maharashtra)
entity engaged in extraction of soya bean oil. The unit is spread
over an area of 12 acres (land owned by partners) and has an
installed capacity to extract 250 metric tons of soya bean oil per
day (MTPD) with capacity utilization of around 40% during the 12-
months period ended March 31, 2016. The firm procures raw material
primarily (soya bean seeds) from farmers and traders in the
vicinity of Nagpur, while the customer profile is diversified
comprising majorly of refineries spread across states of
Maharashtra, Madhya Pradesh, Karnataka and Tamil Nadu. The firm
also sells the by-product, ie, deoiled cake to traders in vicinity
of Nagpur.
SHRI SHYAM: Ind-Ra Lowers Long Term Issuer Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Shyam
Warehousing and Power Private Limited's (SSWPPL) Long-Term Issuer
Rating to 'IND D' from 'IND BBB-'. The Outlook was Stable.
The instrument-wise rating actions are:
-- INR60 mil. Fund-based working capital limit (Long term)
downgraded with IND D rating; and
-- INR113.3 mil. (reduced from INR150.98 mil.) Term loan (Long
term) due on March 2022 downgraded with IND D rating.
KEY RATING DRIVERS
The downgrade reflects SSWPPL's delays in debt servicing during
the three months ended August 2018, due to a tight liquidity
position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.
COMPANY PROFILE
Incorporated in October 2002, SSWPPL has a warehouse storage
capacity of 87,000 sf and a 10MW biomass-based power generation
plant.
SURYATEJA POWER: CRISIL Revokes Suspension on B+ Rating
-------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facilities of Suryateja Power Projects Private Limited (SPPPL) and
assigned its 'CRISIL B+/Stable' rating to SPPPL's bank facilities.
CRISIL had, on December 28, 2016, suspended the ratings as SPPPL
had not provided the necessary information for rating review.
SPPPL has now shared the requisite information, enabling CRISIL to
assign a rating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Long 1.0 CRISIL B+/Stable (Assigned;
Term Bank Loan Suspension Revoked)
Facility
The rating reflects geographical and client concentration in
revenue profile and exposure to volatility in raw material prices.
These weaknesses are partially offset by the extensive industry
experience of SPPPL's promoters and stable revenue supported by
its power purchase agreement with the Transmission Corporation of
Andhra Pradesh Ltd.
Key Rating Drivers & Detailed Description
Weakness:
* Geographical and client concentration in revenue profile and
exposure to volatility in raw material prices: The entity derives
100% of revenues from APTRANSCO and the raw material is exposed to
fluctuations which can adversely impact the operating margins.
Strengths
* Extensive industry experience of SPPPL's promoters: The
Promoters of the Entity have extensive experience in running bio
mass plant and the same has been instrumental in running the
plant.
* Stable revenue supported by its power purchase agreement with
the Transmission Corporation of Andhra Pradesh Ltd.
The Company has enterted into PPA with APTRANSCO for defined
period that assures steady income to the entity
Outlook: Stable
CRISIL believes that SPPPL will maintain a stable business risk
profiles marked by experienced promoters and established market
position. The outlook may be revised to'Positive' if the company
increases its revenues and profitability by increasing its PLF
thus improving the financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of decline in revenues and
margins or delays in payments from its customer, impacting its
financial and liquidity risk profiles.
SPPPL formerly known as (Venkataraya Fibres Private Limited) was
incorporated in the year 2002 and operates a Biomass power plant
with an installed capacity of 6 MW located at Beechpally Village,
Itikyal Mandal, Mahboobnagar District, Telangana (AP), India. The
plant started commercial operations on April 13, 2007 where in it
supplies power to APTRANSCO as per a 20 year power purchase
agreement (PPA).
TP BUILDTECH: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated TP Buildtech
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 B+ (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 B+ (ISSUER NOT COOPERATING) / IND A4
(ISSUER NOT COOPERATING) rating; and
-- INR50 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
September 1, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated on November 6, 2012, TP Buildtech manufactures
polycarboxylate ether. It is a joint venture between Tinna Group,
headed by Bhupinder Kumar, and PI Industries, headed by Mayank
Singhal. The company's registered office is in Mehrauli, Delhi.
VAMA WOVEN: Ind-Ra Maintains 'D' Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vama Woven Fab
Private Ltd.'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 D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR120 mil. Term loans (long-term) maintained in Non-
Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR65 mil. Fund-based limits (long-term) maintained in Non-
Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 7, 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 2011, Vama Woven Fab manufactures woven sacks,
rice packing, and packaging for agricultural produce and other
food products.
VASUNDHARA CHEM: Ind-Ra Maintains B+ LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Vasundhara Chem
Plast Industries' 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:
-- INR80 mil. Fund-based working capital limits maintained in
Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING)
rating;
-- INR20.4 mil. Non-fund-based working capital limits maintained
in Non-Cooperating Category with IND A4 (ISSUER NOT
COOPERATING) rating; and
-- INR10.64 mil. Long-term loans maintained in Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 12, 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 1998, Vasundhara Chem Plast Industries is a partnership
firm that manufactures polypropylene/high density polyethylene
/low-density polyehtylene/biaxially-oriented polypropylene rolls
and bags for application in the food grade, consumer items, agro
and allied industries as packaging media. Its partners are Vinod
Mohanlal Gupta, Ravi Mohanlal Gupta and Pista Devi Gupta.
VISHNU OIL: CARE Assigns B+ Rating to INR11cr Long-Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Vishnu
Oil Mill Private Limited (VOMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.00 CARE B+; Stable Assigned
Detailed Rating Rationale & Key Rating Drivers
The rating assigned to the bank facilities of VOMPL is primarily
constrained on account of its fluctuating profitability margins,
weak solvency position and working capital intensive nature of
operations. The rating is, further, constrained on account of
seasonality associated with agro commodities and its presence in
highly fragmented and government regulated industry.
The ratings, however, favorably takes into account the experienced
management in the agro industry and continuous growth in scale of
operations. Improvement in the scale of operations while
sustaining profitability margins in light of volatile raw material
prices and improvement in the liquidity position are key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Fluctuating profitability margins, weak solvency position and
stressed liquidity position: Being present in the industry of
agriculture commodities, the profitability of the company is
exposed to fluctuation in prices as well as availability of
agriculture commodities. PBILDT margin of the company has
witnessed increasing trend in last three financial years ended
FY17 owing to higher income from processed products which has
higher margin as compared to trading activity. PBILDT margin of
the company stood moderate at 4.56% in FY17 whereas PAT margin
stood below unity at 0.30% in FY17 owing to higher depreciation
and interest expenses.
The capital structure of the company stood highly leveraged with
an overall gearing of 6.77 times as on March 31, 2017,
deteriorated from 6.31 times as on March 31, 2016 owing to
increase in total debt mainly unsecured loans and term loans.
Further, the debt service coverage indicators of the firm stood
weak with total debt to GCA of 45.50 times as on March 31 2017 and
interest coverage ratio of 1.16 times in FY17.
The business of the firm is working capital intensive in nature
with high inventory holding period of 95 days in FY17. Due to high
inventory, the current ratio stood moderate at 1.50 times,
however, quick ratio remained below unity and very low at 0.24
times as on March 31, 2017. It has fully utilized its working
capital bank borrowings in last twelve month ended January 2018.
However, cash flow from operating activities has increased from
negative INR0.58 crore in FY16 to positive of INR1.15 crore owing
to increase in PBILDT level and lower working capital gap.
Seasonality associated with agro commodities and presence in
highly fragmented and government regulated industry: As the
company is engaged in the business of agriculture commodities, the
prices of agriculture commodities remained fluctuating and depend
on production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the VOMPL is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the company is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. The entry barriers in this
industry are very low on account of low capital investment and
technological requirement. Due to this, the players in the
industry do not have any pricing power. Furthermore, the industry
is characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.
Key Rating Strengths
Experienced management: Being present in the industry since long
period of time, the management of the company has established
relationship with customers and suppliers. The directors of the
company include Mr Hemant Nihalani, Mr Vinod Nihalani and Mt Anup
Nihalani who have experience of around two decade in the industry.
All the directors look after overall affairs of the company.
Continuous increase in scale of operations: The scale of
operations of the company has witnessed continuous growth and grew
at a CAGR of 11.03% in the last three financial years ended FY17
owing to increase in demand of its processed products as well as
higher trading activity. During FY17, it has generated 52.56% of
net sales (48.97% in FY16) from processed products and remaining
through trading activity.
Vishnu Oil Mill Private Limited (VOMPL) based out of Jodhpur
(Rajasthan) was formed in 1969 as a proprietorship concern by Mr
Shankar Das Nihalani which was converted into private limited
company in 2010. The promoters of the company are Mr Hemant
Nihalani, Mr Vinod Nihalani and Mt Anup Nihalani. VOMPL is engaged
in the business of processing of Moong and Channa Dall and
manufactures moong mogar, moong dall, moong polish, besan and
castor oil. It is also engaged in the trading of variety of
agriculture commodities. It purchases the commodities from local
market and sells it Rajasthan, Gujarat and Maharashtra.
* INDIA: 12 Power Assets Face Bankruptcy Risk
---------------------------------------------
Bloomberg News reports that Indian lenders haven't yet been able
to restructure 12 stressed loan accounts in the power sector,
people with knowledge of the discussions said, underscoring the
risk that these may be referred to bankruptcy courts after $52
billion of debt came under scrutiny following a central bank
directive.
It was thought that a resolution was possible in seven of these
assets, the people said, asking not to be identified as the
information is private, Bloomberg relates. Under a central bank
directive in February, lenders had until Aug. 27 to recast certain
delinquent loans and a further 15 days to refer the cases under
the nation's bankruptcy law. Discussions on revamping the debt are
ongoing and lenders may still reach agreement on some assets,
according to the people, Bloomberg relays.
According to Bloomberg, India's banks are suffering from one of
the worst bad-loan ratios among major economies, and have been
scrambling to restructure soured debt since the central bank laid
out a new mechanism for dealing with such accounts earlier this
year. The outcomes are being closely watched as they could become
test cases for the bankruptcy code that India introduced in 2016
to help speed resolutions.
If deals are not reached, these cases will be added to the 14 that
have already been taken to bankruptcy court, covering a combined
INR1.4 trillion ($19.5 billion) of soured loans, Bloomberg states.
Bloomberg says State Bank of India, the nation's largest lender,
said last month that there was potential to recast 12 accounts, in
seven of which talks were at an advanced stage. Banks will
continue discussions on those assets where buyers have been
identified, though lenders have so far failed to reach consensus,
the people, as cited by Bloomberg, said.
Thirty-four stressed assets covering about INR1.8 trillion had
been identified in the coal-fired power sector, Bloomberg
discloses citing estimates in a government report and from State
Bank of India. Fourteen of these, worth INR550 billion, have
already been referred to insolvency court; while difficulties in
eight more -- with 350 billion rupees of dues -- have been
resolved, SBI Managing Director Arijit Basu said last month. These
are part of the more than $210 billion in soured loans across
industries that India has been trying to clean up, Bloomberg
notes.
According to Bloomberg, the 12 accounts, the people familiar
referred to, include:
- Jaiprakash Power Ventures Ltd.,'s Bara project
- SKS Power Generation Binjkote
- Avantha Power Jhabua
- GMR Raikheda (Chhattisgarh)
- KSK Mahanadi Akaltara
- GMR Group
=========
J A P A N
=========
SURUGA BANK: Top Execs Step Down over Loan Scandal
--------------------------------------------------
Gareth Allan and Takako Taniguchi at Bloomberg News report that
Suruga Bank Ltd.'s top executives resigned after an independent
panel found that weak governance led to a loan scandal that has
rocked the Japanese regional bank.
Bloomberg relates that Chairman Mitsuyoshi Okano, a member of the
founding family and architect of the company's aggressive lending
strategy, stepped down after the panel said he bears the greatest
responsibility for the debacle. President Akihiro Yoneyama was
replaced by Michio Arikuni, the Shizuoka-based bank said in a
statement on Sept. 7, Bloomberg relays.
Shares of Suruga have plunged 76 percent this year amid
revelations that it advanced money for failed property investments
to unqualified borrowers, souring its loan book and tarnishing its
once-hailed business model, according to Bloomberg. Attention
will next turn to the outcome of a regulatory probe, with local
media reporting that some businesses may be suspended.
"The improper acts were systemic, top-down and long term," the
panel of lawyers said in a 321-page report. Many employees
overlooked the falsification of documents used to enable the
approval of loan applications and some were directly involved in
the tampering, the panel, as cited by Bloomberg, said.
According to Bloomberg, staff were put under pressure to achieve
unrealistic targets and had inadequate awareness of compliance
requirements, the report found. Harassment by managers was also a
major factor behind the bank's problems, committee Chairman Naoto
Nakamura said at a briefing in Numazu, Shizuoka, Bloomberg
relates.
Finance Minister Taro Aso has said the Financial Services Agency
will wait until it sees the independent committee's report before
taking any action, Bloomberg relays.
Okano, the 73-year-old grandson of Suruga's founder, led a push
into riskier lending to individuals when he was president for
three decades until 2016, Bloomberg recalls. The strategy helped
the bank generate wider loan margins than any of its listed peers
as those firms struggled to cope with shrinking interest rates. As
the scandal unfolded, that has come back to haunt the lender,
which is now trading at less than 0.4 times the book value of its
assets.
The issue has raised questions over the practices of other
Japanese regional banks. Bloomberg notes that while Moody's
Investors Services has said Suruga's challenges are
"idiosyncratic" and don't have implications for the local banking
system, SMBC Nikko Securities Inc. analysts said last week that
investors are concerned the scandal may spread. The FSA may probe
regional banks' real estate loans, the Yomiuri newspaper reported
Sept. 4.
According to the report, Suruga's fall from grace began after
reports that Smart Days, a company that managed shared homes built
for single women, halted rental payments to investors who had
borrowed from the bank. Occupancy was too low to sustain the
rental income promised by Smart Days, which filed for bankruptcy
in April. That's left many investors struggling to repay the
loans.
Bloomberg relates that lawyers representing about 280 borrowers in
the Smart Days scheme are urging Suruga to forgive loans based on
false documentation. At a news briefing on Aug. 29, attorneys
including Tokyo-Kyodo Law Office's Hiroshi Yamaguchi showed
examples of bank statements and income tax records that they said
had been doctored so their clients could qualify for the loans,
Bloomberg relays.
Bloomberg adds that Suruga said it may adjust its profit forecast
in light of the report and the bank's ongoing internal assessment
of its loan book.
Headquartered in Numazu, Japan, Suruga Bank Ltd. engages in
banking business and provides financial services. It operates
through Banking and Others segments. The Banking segment provides
deposits, loans, domestic and foreign exchange transactions,
securities and investment trust, and credit card services. The
Others segment offers loan, leasing, bank agency operations,
credit card, and insurance services.
=============
V I E T N A M
=============
VIETNAM BANK: Fitch Withdraws BB- LT Issuer Default Rating
----------------------------------------------------------
Fitch Ratings has affirmed Vietnam Bank for Agriculture and Rural
Development's (Agribank) Long-Term Issuer Default Rating at 'BB-'
with a Stable Outlook. Concurrently, Fitch has chosen to withdraw
all ratings of Agribank for commercial reasons.
KEY RATING DRIVERS
There have been no significant changes in Agribank's credit
profile or Fitch's expectation of support from the Vietnamese
sovereign (BB/Stable), should it be needed, since the previous
rating action on May 22, 2018.
RATING SENSITIVITIES
Rating sensitivities are not applicable as ratings have been
withdrawn.
The following ratings have been affirmed and withdrawn:
Long-Term Issuer Default Rating of 'BB-'; Outlook Stable
Short-Term Issuer Default Rating of 'B'
Support Rating of '3'
Support Rating Floor of 'BB-'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Sept. 3 to Sept. 7 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
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CHINA SOUTH CITY HOLDINGS 7.25 11/20/22 USD 74.65
INDONESIA
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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
-----
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 ***