/raid1/www/Hosts/bankrupt/TCRAP_Public/181002.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, October 2, 2018, Vol. 21, No. 195
Headlines
A U S T R A L I A
ACRO FACILITIES: Court Appoints Clifton Hall as Liquidators
BRIGHTON AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 9
PRIORITY GROUP: First Creditors' Meeting Set for Oct. 9
SAGE FINANCIAL: First Creditors' Meeting Set for Oct. 10
C H I N A
REDCO PROPERTIES: Fitch Affirms B LT FC IDR, Outlook Stable
XINJIANG GUANGHUI: S&P Places B Long-Term ICR on Watch Developing
I N D I A
134 INFRA: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
AA FOOD: CARE Raises Rating on INR1.98cr LT Loan to B+
ALPINE INTERNATIONAL: CARE Assigns B+ Rating to INR3.51cr Loan
AMRIT TRADING: CRISIL Hikes Rating on INR2.5cr Cash Loan to B+
ANGEL PAPERS: CRISIL Migrates B Rating to Not Cooperating
APICORE PHARMACEUTICALS: Ind-Ra Withdraws BB+ LT Issuer Rating
B. MANJI: CRISIL Migrates B+ Rating to Not Cooperating Category
BS LIMITED: CARE Maintains D Rating in Not Cooperating Category
CHAITANYA EDUCATIONAL: CARE Assigns D Rating to INR16.08cr Loan
CHARLES MATHEW: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
CHUGH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR9cr Loan
COLD STORAGE: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
DELSEA EXPORTS: CRISIL Reaffirms B Rating on INR4cr Packing Loan
DIAMANT INFRASTRUCTURE: CRISIL Keeps C Rating in Not Cooperating
ENCANA INTERNATIONAL: CARE Hikes Rating on INR7.65cr Loan to B+
ESSAR BULK: CARE Assigns 'C' Rating to INR175cr Proposed NCD
GAYATRI SUGARS: CRISIL Reaffirms D Rating on INR67.59cr Loan
INDO SHELL: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
INFRASTRUCTURE LEASING: Unveils Details of Restructuring Plan
JAIKA VEHICLE: CRISIL Migrates B- Rating to Not Cooperating
KARAVALI OCEAN: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
KATHPAL DAIRIES: CARE Lowers Rating on INR19.60cr LT Loan to D
LAXMI LUMBER: CRISIL Reaffirms B Rating on INR3.5cr Cash Loan
MAHESVARA CASHEW: CARE Reaffirms B+ Rating on INR10.85cr Loan
MANDIRA FASHIONS: Ind-Ra Maintains 'D' Rating in Non-Cooperating
MANJUSHREE INNOVATIONS: CRISIL Reaffirms B+ INR38cr Loan Rating
MASS-TECH CONTROLS: CRISIL Reaffirms B+ Rating on INR4cr Loan
NATURAL TECHNOFAB: CRISIL Migrates B+ Rating to Not Cooperating
NAVA BHARATH: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR9.5cr Loan
RIM JHIM: CRISIL Withdraws 'B' Rating on INR179.5CR Cash Loan
ROAD INFRASTRUCTURE: CARE Cuts Rating on INR1,056.51cr Loan to D
SAVITRI SWADESHI: CARE Migrates B+ Rating to Not Cooperating
SENTHIL MURUGAN: CRISIL Lowers Rating on INR6cr Cash Loan to B+
SHAJAN JACOB: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
SHESHRAO WANKHEDE: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SHIKHAR INTEGRATED: CARE Lowers Rating on INR17cr Loan to D
SHUBHAM PROPMART: CARE Downgrades Rating on INR9.81cr Loan to D
SPECTRA CHEMICALS: CRISIL Migrates B Rating to Not Cooperating
SRI MANIKANTA: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
SRI PRASANA: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
SRI VASUDEVA: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
TEKZA CERAMIC: CRISIL Assigns 'B' Rating to INR7cr Term Loan
VEDA BIOFUEL: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
VIDYASAGAR HIMGHAR: CRISIL Reaffirms B+ Rating on INR13.43cr Loan
I N D O N E S I A
MODERNLAND REALTY: S&P Alters Outlook to Stable & Affirms 'B' ICR
N E W Z E A L A N D
MAINZEAL: Creditors Could Have Been $40MM Better Off, Court Hears
RIOT FOODS: Paleo Food Business Needs NZ$1 million to Survive
P H I L I P P I N E S
RURAL BANK OF LUNA: Creditors' Claims Deadline Set for Nov. 13
S I N G A P O R E
SYNAGIE CORP: Posts SGD3.4MM Net Loss for 1H Ended June 30
S R I L A N K A
NATIONAL SAVINGS: Fitch Affirms 'B+' IDR; Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week Sept. 24 to Sept. 28 2018
- - - - -
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A U S T R A L I A
=================
ACRO FACILITIES: Court Appoints Clifton Hall as Liquidators
-----------------------------------------------------------
Timothy Clifton of Clifton Hall was appointed Liquidator of Acro
Facilities Pty. Ltd. on Sept. 26, 2018 by Order of the Federal
Court of Australia.
BRIGHTON AUTOMOTIVE: Second Creditors' Meeting Set for Oct. 9
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Brighton
Automotive Investments Pty. Ltd. has been set for Oct. 9, 2018,
at 10:30 a.m. at the offices of Hamilton Murphy, Level 1, 255
Mary Street, in Richmond, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 8, 2018, at 4:00 p.m.
Richard Rohrt and Alexander Hugh Milne of Hamilton Murphy were
appointed as administrators of Brighton Automotive on Sept. 3,
2018.
PRIORITY GROUP: First Creditors' Meeting Set for Oct. 9
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Priority
Group Industries Pty Ltd will be held at the offices of Worrells
Solvency & Forensic Accountants, Level 15, 114 William Street, in
Melbourne, Victoria, on Oct. 9, 2018, at 2:30 p.m.
Matthew Kucianski of Worrells Solvency was appointed as
administrator of Priority Group on Sept. 27, 2018.
SAGE FINANCIAL: First Creditors' Meeting Set for Oct. 10
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Sage
Financial Solutions Pty Ltd, trading as "Iconic Home Loans" and
"Iconic Vehicle Finance" will be held at the offices of BRI
Ferrier Western Australia, Unit 3, 99-101 Francis Street, in
Northbirde, WA, on Oct. 10, 2018, at 10:30 a.m.
Giovanni Maurizio Carrello of BRI Ferrier Western Australia were
appointed as administrators of Sage Financial on Oct. 1, 2018.
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C H I N A
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REDCO PROPERTIES: Fitch Affirms B LT FC IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed China-based Redco Properties Group
Ltd's Long-Term Foreign-Currency Issuer Default Rating and senior
unsecured rating at 'B'. The Outlook is Stable. The agency has
also affirmed the rating on Redco's USD200 million 11% senior
unsecured notes due 2020 at 'B' with a Recovery Rating of 'RR4'.
The affirmation reflects its expectation that Redco can maintain
a moderate leverage ratio as the company builds up a sufficient
land bank size to sustain higher contracted sales. Redco had
attributable contracted sales of around CNY7.8 billion in 2017
and saleable resources for around three years of development.
Profitability has improved as Redco delivered higher-margin
projects and kept unsold gross floor area (GFA) at only CNY1,755
per square metre (sq m). Leverage rose to 41% in 1H18, from 7% in
2016, but land acquisition activity in 2018 has become more
disciplined. Fitch will consider positive rating action if Redco
solidifies its record of sustaining its scale and land bank
during 2018 and if leverage improves to and is maintained at
below 40%.
KEY RATING DRIVERS
Transition to Fast-Churn Model: Fitch believes Redco is
transitioning to a fast-churn model, which will lead to swifter
sales turnover. Redco's full-year total contracted sales
(including JVs) rose by 30.2% to CNY13.2 billion in 2017, and by
more than 20.5% to CNY6.1 billion in 1H18 compared with 1H17.
Redco maintained a healthy sales efficiency, with contracted
sales/total debt at 1.8x and contracted sales/net inventory at
3.8x in 2017 compared with 2.7x in 2016.
Expansion Sees High Leverage: Leverage has increased after Redco
acquired GFA of 1.4 million sq m in 2017 to sustain its
attributable sales growth. The acquisitions increased its land
replenishment rate to 1.3, from 0.5 in 2016. Net debt/adjusted
inventory, including joint venture adjustments, rose to 43% in
2017 (2016: 7.4%). The sharp increase in 2017 leverage reflects
the challenge smaller homebuilders with less than CNY10 billion
of attributable contracted sales face in managing rapid
expansion.
The investment pace may have to be continued for homebuilders to
develop a sustainable market presence. It remains unclear if
Redco can contain its leverage below 40% but Fitch expects the
company's leverage to improve after it has achieved a sufficient
land bank size of over three years to sustain its growing
contracted sales.
Larger Land Bank Supports Growth: Redco boosted its land bank to
around 6.8 million sq m in 1H18, from 4.9 million sq m at end-
2017 and 3.5 million sq m at end-2016, with the cities of
Tianjin, Nanchang, Hefei and Jinan accounting for 66% of GFA.
Fitch estimates the portion of Redco's land bank available for
sale (saleable GFA the company owns) is around CNY67 billion,
which is sufficient for three years of contracted sales. Redco
needs to continuously secure low cost land to sustain a healthy
land bank life due to the significant increase in forecast
contracted sales.
Better Margin on Low-Cost Land: Redco's EBITDA margin rose to
17.9% in 2017, from 15.2% in 2016, due to lower average land
acquisition cost per sq m delivered of CNY2,173, against CNY2,711
in 2016. Redco mainly acquires its land bank through M&A,
allowing it to keep the average cost of its unsold land bank at
only CNY1,755 per sq m. Its sales are concentrated in less-prime
locations in second-tier cities and its product mix is targeted
at first-time purchasers, insulating the company from price-
ceiling policies. This helps the company maintain healthy margins
at a high-churn rate.
DERIVATION SUMMARY
Redco's attributable contracted sales of CNY7.8 billion in 2017
were lower than those of 'B' rated peers, such as Xinyuan Real
Estate Co., Ltd.'s (B/Stable) CNY15 billion and Xinhu Zhongbao
Co., Ltd.'s (B/Stable) CNY13 billion. However, its leverage was
lower than that of both peers. Xinyuan has larger saleable
resources, but a lower margin than Redco. Redco's land bank is
smaller and margin is lower than that of Xinhu, but its high
sales efficiency has made it easier to transfer to a fast-churn
business model while maintaining controllable leverage.
Companies rated one notch above Redco, at 'B+', generally have
proven sustainable business models with attributable sales of
over CNY10 billion, larger land banks of more than three years'
of development and stable leverage at around 40%. Redco is close
to reaching these levels, but requires a record to prove its
transition is successful and can be sustained.
KEY ASSUMPTIONS
Fitch's Key Assumptions within Its Rating Case for the Issuer
- Contracted sales including joint ventures reaching
CNY20 billion in 2018, CNY22 billion in 2019 and
CNY30 billion in 2020.
- Gross profit margin from property development maintained at
between 28%-32% during 2018-2020 (2017: 22%)
- Land premium accounting for 55% of annual sales receipts
in 2018-2021 (2017: 20%), with average land acquisition
costs increasing by 5% from 2018.
- Construction cost accounting for around 40% of annual sales
receipts in 2018-2021 (2017: 40%).
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Annual attributable contracted sales sustained above
CNY10 billion while maintaining available-for-sale
land bank at 2.5 years of development
- Net debt/adjusted inventory sustained below 40%
- EBITDA margin sustained above 20%
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Net debt/adjusted inventory above 50% for a sustained period
- EBITDA margin below 15% for a sustained period
LIQUIDITY
Sufficient Liquidity: Redco had cash and cash equivalents of
CNY6.5 billion, including restricted cash of CNY1.6 billion, and
CNY1.1 billion of undrawn bank facilities at end-June 2018,
sufficient to cover short-term debt of CNY5.2 billion.
XINJIANG GUANGHUI: S&P Places B Long-Term ICR on Watch Developing
-----------------------------------------------------------------
S&P Global Ratings placed its 'B' long-term issuer credit rating
on Xinjiang Guanghui Industry Investment (Group) Co. Ltd.
(Guanghui) on CreditWatch with developing implications. S&P also
placed its 'B-' long-term issue rating on the company's U.S.
dollar-denominated senior unsecured notes on CreditWatch with
developing implications. Guanghui is China's largest auto
retailer and also engages in energy, property development, and
logistics.
S&P said, "Our CreditWatch placement follows news that Guanghui
plans to sell a minority stake and enter into a strategic
agreement with China-based property developer China Evergrande
Group. If the deal is executed, it could mitigate the negative
impact from the company's weakening capital structure. In our
view, Guanghui's high reliance on short-term funding signals a
limited ability to manage its capital structure or liquidity. The
auto retailing business requires large working capital and a high
dependence on short-term borrowings. In the first half of 2018,
the company's short-term debt rose to Chinese renminbi (RMB) 62.9
billion, from RMB60.8 billion on Dec. 31, 2017, and RMB54.9
billion on Dec. 31, 2016. Its debt is considerably higher than
its cash balance that stood at RMB23.1 billion as of June 30,
2018, and our expectation of RMB3 billion-RMB4 billion of
operating cash flow in the coming 12 months.
"We note, however, that Guanghui's energy business turned around
in 2017 and first-half 2018, and the auto aftersales business
performed well. As such, Guanghui's debt-to-EBITDA ratio fell to
5.3x as of June 2018, compared with 5.9x in 2017 and 8.2x in
2016.
"We believe Guanghui's leverage and capital structure could
improve if the company receives the RMB7.8 billion capital
injection from Evergrande, as outlined in Hong Kong-listed
Evergrande's notice to shareholders. This is conditional on
whether Guanghui effectively utilizes such external funds plus
its good operating cash flow to reduce debt or adjust its capital
structure. The company's property development and logistics
businesses could also benefit from Evergrande's resource sharing,
expertise, and larger scale such that its profitability and cash
flow could improve, though this is likely more remote."
If the transaction does not go through or if Guanghui decides to
use the funds elsewhere other than repaying debt, its ballooning
short-term maturities and diminishing liquidity buffer will imply
a deterioration of its credit profile.
S&P expects Guanghui will host an extraordinary shareholder's
meeting soon, and the legally binding interest transfer and
capital increase agreements shall be signed between the parties
in seven working days (by early October 2018). S&P is awaiting
more information on the content of the collaboration to assess
the timing and execution of the deal.
Evergrande announced the strategic cooperation deal with Guanghui
on Sept. 21, 2018, to fully collaborate in vehicle sales, energy,
real estate and logistics. The total consideration of the
transaction is RMB14.5 billion, including purchase of 23.9%
interest from Guanghui's minority shareholders for RMB6.7 billion
and the RMB7.8 billion capital injection into Guanghui.
S&P said, "We aim to resolve the CreditWatch placement within the
next three months when we receive more clarity from Guanghui on
the details of the strategic alliance and an update on the
group's business and financial management strategy.
"We could lower the rating by one notch if Guanghui's worsening
capital structure shows no sign of improvement. This could happen
if the deal runs into hurdles such that the capital injection
from Evergrande is not realized on a timely basis, or if the
company prioritizes other uses over debt repayment with the
proceeds.
"We could affirm the rating if the improvement in Guanghui's
financial leverage offsets its constraint to manage capital
structure.
"We could upgrade Guanghui by one notch if the company's
financial leverage and management on capital structure improve
after the strategic alliance."
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I N D I A
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134 INFRA: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated 134 Infra'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 action is:
-- INR1.210 bil. Proposed term loan migrated to Non-Cooperating
Category with Provisional IND BB+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 25, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
134 Infra is a registered partnership firm with 14 partners.
AA FOOD: CARE Raises Rating on INR1.98cr LT Loan to B+
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AA Food Factory (KSP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 1.98 CARE B+; Stable Revised from
Facilities CARE B; Issuer not cooperating
Short term Bank
Facilities 4.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The revision in ratings assigned to the bank facilities of KSP
takes into consideration stabilisation of operations from the
project. The ratings, however, continue to be constrained by its
small scale of operations, low PAT margins, leveraged capital
structure and working capital intensive nature of operations. The
ratings are further constrained by the firm's susceptibility of
margins to fluctuations in raw material prices & seasonal
dependence of operations, presence in highly competitive and
fragmented industry & partnership nature of constitution. The
ratings, however, derive strength from promoters' long standing
association with the beekeepers.
Going forward, the ability of the firm to scale up its operations
while improving its profitability margins and overall solvency
position and efficiently manage its working capital cycle would
remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with low PAT margins: The total
operating income (TOI) of the firm stood small at INR4.34
crore in FY18 (Provisional). The small scale limits the firm's
financial flexibility in times of stress and deprives it of scale
benefits. Furthermore, the firm has reported total operating
income of INR4.00 crore in Q1FY19 (Provisional).
The PBILDT margin stood comfortable at 17.51% in FY18
(Provisional). The same improved from 9.73% in FY17 due to
improved sales realization. Consequently, the PAT margin also
improved from 0.37% in FY17 to 0.76% in FY18 (Provisional).
However, the PAT margin remained below unity during last three
financial years on account of high depreciation and interest
costs.
Leveraged capital structure and weak total debt to GCA ratio: The
capital structure of the firm stood leveraged with overall
gearing ratio of 3.12x as on March 31, 2018 (Provisional). The
same deteriorated from 1.33x as on March 31, 2017 on account of
infusion of funds by partners in the form of unsecured loans in
FY18 along with decline of net worth due to withdrawal of funds
by partners amounting to INR2.59 crore in FY18 to fund various
business requirements. Furthermore, the interest coverage ratio
stood moderate marked by interest coverage ratio of 1.92x in FY18
(Provisional). However the total debt to GCA ratio stood weak at
22.47x for FY18 (Provisional).
Working capital intensive nature of operations: The operating
cycle of the firm stood elongated at 858 days for FY18
(Provisional; PY: 286 days). Owing to the seasonality of honey,
entities engaged in the honey processing industry have to
accumulate an adequate amount of raw material inventory during
Jan- March to ensure uninterrupted production throughout the year
which resulted in average inventory period of 826 days for FY18
(Provisional; PY: 295 days). The company provides credit period
of around 90 days to its customers, however due to decline in
sales and high amount of debtors as on March 31, 2017, average
collection period stood elongated at 140 days for FY18
(Provisional; PY: 74 days). Furthermore, AAFF procures raw
materials from various domestic suppliers and gets a credit
period of upto 180 days owing to its established relationship
with the suppliers which resulted in average creditors period of
108 days for FY18 (Provisional; PY: 83 days). To ensure adequate
raw material procurement and timely execution of orders, the firm
relies on bank borrowings. The average utilization of the cash
credit limit stood at ~70% for the last 12 months period ended
August, 2018.
Susceptibility to fluctuation in raw material prices and seasonal
dependence of operations: Adverse climatic conditions can affect
availability of raw materials and lead to volatility in the
prices. The behavior and life cycle of honeybees depends
completely on climatic and floristic conditions i.e. flowering of
plants, secretion of nectar and production of pollen, which may
vary from place to place. In winters and fall, production of
honey remains minimal. It is only during early spring and summer
season, when flowers bloom for longer hours, there is boost in
the production of honey. Any fluctuations in the raw material
prices may not be passed on to customers completely owing to
firm's presence in highly competitive industry. This will make
the profitability margins of the firm susceptible to any adverse
fluctuations in raw material prices.
Highly fragmented and competitive industry: The honey processing
industry is highly fragmented in nature due to presence of a
large number of unorganized players and organized players in the
industry. The competition restricts the pricing flexibility and
limits the bargaining power with customers and suppliers. As such
good customer relation and quality maintenance are significantly
important for business growth. Moreover, the business is also
susceptible to changing preferences of consumers towards flavours
and brands.
Partnership nature of constitution: AAFF's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Key Rating Strengths
Long standing association with beekeepers: AAFF is promoted by
Mr. Pritpal Singh and Mr. Abhishek Mehan. Mr. Pritpal Singh has a
long-standing association with the beekeepers (extractors and
suppliers of raw honey) owing to his ownership of farms in
Doraha, Ludhina (Punjab), where the process of honey extraction
has been carried out for nearly three decades. This long
association with the beekeepers helps the firm in easy
procurement of raw honey.
AAFF was established in January, 2015 as a partnership firm and
is currently being managed by Mr. Pritpal Singh and Mr. Abhishek
Mehan, sharing profit and losses in the ratio 2:1, respectively.
The firm is engaged in processing and packaging of raw honey
mainly for export purpose at Derabassi, Mohali (Punjab) with an
installed capacity of 20,000 metric tones of honey per annum as
on June 30, 2018. The project was setup at a total cost of
INR3.20 crore and the operations of the firm started in August,
2016 (time overrun from April. 2016).
ALPINE INTERNATIONAL: CARE Assigns B+ Rating to INR3.51cr Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Alpine
International (API), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 3.51 CARE B+; Stable Assigned
Short Term Bank
Facilities 2.66 CARE A4 Assigned
Detailed rationale and key rating drivers
The ratings assigned to the bank facilities of API are
constrained by its short track record and small scale of
operations, leveraged capital structure and constitution of the
entity being a proprietorship concern. The ratings are further
constrained on account of foreign currency fluctuation risk and
competitive nature of industry. The ratings, however, draw
comfort from experienced proprietor and moderate profitability
margins. Going forward, ability of the firm to improve its scale
of operations and capital structure while maintaining its
profitability margins shall be its key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Short track record and small scale of operations: The firm
commenced operations in July 2017 and has limited track record in
this industry. FY19 would be the first full year of operations
for the firm. The scale of operations was small marked by total
operating income of INR9.01 crore during FY18 (refers to the
period July- March 31, 2018). The small scale limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits.
Leveraged Capital Structure: The capital structure of the firm
stood leveraged mainly on account of low capital base coupled
with high reliance on external borrowings to meet working capital
requirements & capex requirements. The overall gearing ratio
stood around 7.60x as on March 31, 2018.
Constitution of the entity as a proprietorship concern: API's
constitution as a proprietorship firm has the inherent risk of
possibility of withdrawal of the proprietor's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of the proprietor would be the key factors
affecting credit decision for the lenders.
Foreign currency fluctuation risk: The firm's operations will be
predominately dependent on the export market. With initial cash
outlay for procurement in domestic currency and significant chunk
of sales realization in foreign currency, the firm is exposed to
the fluctuation in exchange rates. The firm has not adopted any
hedging policy to protect itself against any sharp appreciation
in the value of rupee against foreign currency.
Competitive nature of industry: API operates in the competitive
industry wherein there is a presence of large number of entities
in the unorganized sector. This limits the bargaining power with
customers. Furthermore, the firm is also exposed to competitive
pressures from established players situated in China.
Key Rating Strengths
Experienced Proprietor: The operations of the firm are currently
being managed by the proprietor Mr. Ajay Kumar who is graduate by
qualification and has an experience of around two and half decade
in the manufacturing and export of handicraft items through his
association with the group concern M/s Alpine Overseas which has
been dissolved last year. Mr. Ajay is backed by an experienced
team which is involved in research and developing products.
Alpine International also hires designers from US and India for
its new collections.
Moderate Profitability margins: The profitability margins of the
firm stood moderate as the firm is engaged in export of its
products which fetch better profitability margins as marked by
PBILDT and the PAT margins at 17.19% and 3.81% respectively for
FY18.
Moradabad based Alpine International (API) was established as a
proprietorship concern in April 2015 by Mr. Ajay Bhandula. API is
engaged in manufacturing and export of handicrafts. The main raw
material required by the firm are brass, aluminum, iron, glass,
etc which are procured domestically from the distributors and
dealers located in Moradabad, Delhi, Rajasthan and nearby areas.
AMRIT TRADING: CRISIL Hikes Rating on INR2.5cr Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Amrit Trading Company (ATC) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' and reaffirmed the short-term rating at 'CRISIL A4'.
CRISIL has also withdrawn its rating on foreign letter of credit
of Rs.2 crore at the firm request. The withdrawal is in line with
CRISIL's policy on withdrawal of its rating.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 2.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Foreign Letter
of Credit 8.0 CRISIL A4 (Reaffirmed)
The upgrade reflects improvement in business risk profile, as
reflected in a 43% year-on-year increase in revenue in fiscal
2018 and a stable operating margin of 3-4%. Financial risk
profile has also improved, with a total outside liabilities to
tangible networth ratio of 2.9 times as on March 31, 2018,
against 3.9 times as on March 31, 2016. Moreover, interest
coverage ratio improved to over 2.2 times for fiscal 2018 from
1.2 times in fiscal 2016. Liquidity is supported by absence of
debt-funded capital expenditure (capex) over the medium term.
The ratings reflect ATC's working capital-intensive operations,
and exposure to supplier concentration risk and volatility in
forex rates. These weaknesses are partially offset by the
experience of its partners in the timber trading business and
strong relationship with wood dealers in Malaysia and Singapore.
Analytical Approach
Unsecured loan of INR2.29 crore (as on March 31 2018) from
partners has been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations: Gross current assets were
257 days as on March 31, 2018, due to stretched receivables as
majority of clients are real estate players and demand in the
construction segment has been sluggish. However, liquidity is
supported by letter of credit (LC)-backed payables of 140-150
days and unsecured loans.
* Susceptibility to supplier concentration risk and to volatility
in forex rates: Entire raw material is imported from Malaysia and
Singapore which, along with large inventory, exposes the firm to
volatility in input price and forex rates.
Strengths
* Extensive experience of partners: Presence of over five decades
in the timber trading business has enabled the partners to
establish strong relationship with wood dealers in Malaysia and
Singapore.
* Improved business risk profile: Operating income increased to
INR26.50 crore in fiscal 2018 from INR18.55 crore in fiscal 2017.
Also, margin remained in the steady 3.5-4% range.
Outlook: Stable
CRISIL believes ATC will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if significant improvement in cash accrual due to
better-than-expected revenue, and improvement in working capital
management lead to high financial flexibility. The outlook may be
revised to 'Negative' in case of inefficient working capital
management, large, debt-funded capex, and significant decline in
revenue and profitability.
Set up in 1957 as a partnership firm by Mr. Geetaram Kumar,
Haryana-based ATC processes and trades in timber. Operations have
been managed since 1992 by one of the partners, Mr. Mukesh Kumar.
ANGEL PAPERS: CRISIL Migrates B Rating to Not Cooperating
---------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Angel Papers
Private Limited (APPL) to 'CRISIL B/Stable Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 6 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with APPL for obtaining
information through letters and emails dated August 23, 2018 and
August 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Angel Papers Private Limited.
Which restricts CRISIL's ability to take a forward looking view
on the entity's credit quality. CRISIL believes information
available on Angel Papers Private Limited is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with CRISIL BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Angel Papers Private Limited to 'CRISIL B/Stable
Issuer not cooperating'.
APPL is a Bettiah, Bihar, based company incorporated in 2012.
However, the commercial operation started in October 2014. The
company is engaged in manufacturing of kraft paper of 14-18bf and
100-180gsm specification, which is used in the packaging
industry. The operation of the company is managed by Mr. Rajesh
Todi and Mr. Ramesh Todi. The company has a manufacturing
capacity of 50 tonnes per day, currently operating at 50%
capacity levels.
APICORE PHARMACEUTICALS: Ind-Ra Withdraws BB+ LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Apicore
Pharmaceuticals Private Limited's (APPL) Long-Term Issuer Rating
of 'IND BB+' (ISSUER NOT COOPERATING).
The instrument wise rating actions are:
-- IND BB+ Rating on INR25 mil. Fund-based working capital
limits is withdrawn;
-- IND BB+ Rating on INR38.6 mil. Term loan due on April 2020 is
withdrawn; and
-- IND BB+ Rating on INR15 mil. Non-fund-based working capital
limits are withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the
agency has received no dues certificates from the lenders.
COMPANY PROFILE
Incorporated in 2006, APPL, a wholly-owned subsidiary of US-based
Apicore LLC, manufactures specialty active pharmaceutical
ingredients.
B. MANJI: CRISIL Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of B. Manji &
Co. (BM) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Foreign Bill 4.75 CRISIL B+/Stable (ISSUER NOT
Discounting COOPERATING; Rating Migrated)
Proposed Long Term 3.25 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING; Rating Migrated)
CRISIL has been consistently following up with BM for obtaining
information through letters and emails dated August 23, 2018 and
August 28, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of B. Manji & Co.. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
B. Manji & Co. is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of B. Manji & Co. to 'CRISIL B+/Stable Issuer not
cooperating'.
B. Manji & Co. is a partnership firm set up in 2012 and is
engaged in the manufacturing and exports of polished diamonds.
The firm is managed by Mr. Nayan Gajipara and Mr. Bhavesh
Gajipara.
BS LIMITED: CARE Maintains D Rating in Not Cooperating Category
---------------------------------------------------------------
CARE had, vide its press release dated March 28, 2017, placed the
ratings of BS Limited (BSL) under the 'issuer noncooperating'
category as BSL had failed to provide information for monitoring
of the ratings. BSL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter dated August 16, 2018. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 669.18 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Short term Bank 404.37 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Long-term/Short- 746.58 CARE D/CARE D; Issuer not
Term Bank cooperating; Based on best
Facilities available Information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on July 12, 2017 the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange:
Key Rating Weaknesses
Delays with respect to debt servicing: The company has been
facing stretched liquidity position on account of significant
decline in the total operating income with cash losses during
FY18 (refers to the period April 1 to March 31). This has led to
delays in debt servicing.
Key Rating Strengths
Experience of the promoters: The promoters of BSL have long-
standing experience of nearly two decades in the steel
manufacturing industry. The Managing Director, Mr. Rajesh Agrawal
has been in steel-related business since 1989. Under his
leadership, Mr. Agarwal has transformed the company from a tower
manufacturing company to an integrated service provider to the
transmission and distribution sector.
B S Limited (BSL) was incorporated in January 2004 as a private
limited company under the name of BS Steels and Minerals Private
Limited. On March 31, 2004, the company took over BS Steels, a
proprietary concern (promoted by the same group) engaged in
trading of iron, steel and related products. Subsequently, BSL
entered into tower manufacturing (fabrication and galvanizing).
In FY08, BSL diversified in to engaging in civil works, tower
erection and maintenance of cell sites i.e. undertaking complete
range of activities in tower erection. The company through an
Initial Public Offering of 7.6 million equity shares on
October 27, 2010, listed on the NSE and BSE and raised INR190
crore to fund expansion plans.
CHAITANYA EDUCATIONAL: CARE Assigns D Rating to INR16.08cr Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Chaitanya Educational Society (CES), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 16.08 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the CES are tempered by stretched
liquidity position with ongoing delays in debt servicing.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in meeting its debt obligations: The society, owing to
delay in receipt of fees from Andhra Pradesh government under the
fee reimbursement scheme for its various courses has led to
strained liquidity position resulting in delays in meeting its
debt obligation in time.
Chaitanya Educational Society (CES) was established in the year
2001 as a part of Chaitanya Group under the Societies
Registration Act, 1860 (A.P. Societies Registration Act, 2001) at
Kakinada, East Godavari District, Andhra Pradesh. The society was
founded by Mr. K.V.V.Satyanarayana with an objective of promoting
educational institutions of higher learning in the field of
Science & Technology, Engineering, Pharmacy, Management etc.
Further, he is ably supported by Mr. Sasi Karan Varma, the
youngest son of Mr. K.V.V. Satyanarayana Raju, who is the
managing director of CES. The society has established two
institutions namely Chaitanya Engineering College (CEC)
(2002-03), Sri Chaitanya Engineering College (SCEC) (2009-10).
CES institutes have been approved by All India Council for
Technical Education (AICTE), New Delhi and affiliated to the
Jawaharlal Nehru Technological University (JNTU). The courses
offered in the CES institutes are B. Tech., M. Tech., M.B.A., and
Engineering diploma with an overall sanctioned annual intake of
1848 seats.
CHARLES MATHEW: CRISIL Reaffirms B+ Rating on INR3cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating to the long
term bank facilities of Charles Mathew (CM) and reassigned its
'CRISIL A4' rating to the short term bank facility.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Reassigned)
Cash Credit 3 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the firm's modest scale of
operations and exposure to intense competition in the civil
construction segment. These weaknesses are partially offset by
the extensive experience of its proprietor in the civil
construction industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With revenue of about INR3.8 crore,
estimated for fiscal 2018, scale remains small. This restricts
ability to bid for large projects. Turnover is also susceptible
to the quantum of tenders floated and the firm's ability to bid
successfully.
* Susceptibility to intense competition in civil construction
segment: Because of low entry barriers to the civil construction
industry, the firm faces competition from many local and small
unorganised players.
Strengths
* Extensive experience of the proprietor in the civil
construction industry: The proprietor, Mr. Charles Mathews, has
been in the construction industry for over 20 years and has
gradually built a strong network with several government
departments in Kerala.
Outlook: Stable
CRISIL believes CM will continue to benefit from its proprietor's
extensive experience in the civil construction segment. The
outlook may be revised to 'Positive' if a significant increase in
revenue and profitability leads to a better financial risk
profile. The outlook may be revised to 'Negative' considering
drop in the revenue and profitability, or if the firm undertakes
large, debt-funded capital expenditure, impacting its capital
structure.
CM was established as a proprietary firm by Mr. Charles Mathew
and undertakes civil construction works in Kerala.
CHUGH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR9cr Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Chugh Industries (CI).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 9 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 2.5 CRISIL B+/Stable (Reaffirmed)
Warehouse Receipts 3.0 CRISIL B+/Stable (Reaffirmed)
The rating reflects the firm's modest scale of operations in the
intensely competitive rice industry, weak financial risk profile,
and large working capital requirement. These weaknesses are
partially offset by the extensive experience of its proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Intense competition on account of
low capital intensity and limited value addition in the industry
keeps scale of operation modest with turnover of INR55.25 crore
in fiscal 2018.
* Working capital-intensive operations: Gross current assets were
157 days as on March 31, 2018 driven by large inventory. A
significant stock of paddy, the major raw material, is maintained
as it's available in plenty and at reasonable prices from October
to February.
* Weak financial risk profile: High gearing of 4.7 times as on
March 31, 2018, and weak debt protection metrics, with interest
coverage at 1.4 times and net cash accrual to total debt at 0.03
time for fiscal 2018, constrain financial risk profile.
Strength
* Extensive experience of the proprietor: Benefits from the
proprietor's near three decades of experience, understanding of
the local market dynamics and established relations with
customers and suppliers should support the business.
Outlook: Stable
CRISIL believes CI will continue to benefit from the extensive
experience of its proprietor. The outlook may be revised to
'Positive' if efficient working capital management and increase
in revenue leading to high cash accrual or capital infusion
strengthens financial risk profile. The outlook may be revised to
'Negative' if decline in cash accrual, or stretch in working
capital cycle or any large, debt-funded capital expenditure
weakens liquidity.
Set up in 2013, CI, a proprietorship firm of Mr. Sunny Chugh,
mills, processes and packs basmati and non-basmati rice. The
production facilities, at Jalalabad, Punjab, have a milling and
sorting capacity of 4 tonne per hour, of which 80% is utilised.
COLD STORAGE: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained S.B. Cold
Storage Industries Private Limited's Long-Term Issuer Rating in
the non-cooperating category. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using these ratings. The rating
will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.
The instrument-wise rating actions are:
-- INR55.5 mil. Term loans (Long-term) maintained in non-
cooperating category with IND D (ISSUER NOT COOPERATING)
rating;
-- INR78.7 mil. Fund-based working capital limit (Long-
term/Short-term) maintained in non-cooperating category with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR2.0 mil. Non-fund-based working capital limit (Short-term)
maintained in non-cooperating category with IND D (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 2, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated by G.P. Sinha in 1972 in West Bengal, S.B. Cold
Storage Industries was operates a 217,867-quintal cold storage
unit for the preservation of agricultural produces mainly seeds
and table potatoes on a rental basis.
DELSEA EXPORTS: CRISIL Reaffirms B Rating on INR4cr Packing Loan
----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Delsea Exports Private Limited (DEPL) at 'CRISIL B/Stable/CRISIL
A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bill Discounting 10 CRISIL A4 (Reaffirmed)
Packing Credit 4 CRISIL B/Stable (Reaffirmed)
The ratings reflect DEPL's modest scale of operations in the
intensely competitive seafood industry and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive industry experience of DEPL's promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in intensely competitive marine
seafood industry: DEPL's scale of operations is modest, as
reflected in its estimated operating income of about Rs.21 crores
in fiscal 2018 (refers to financial year, April 1 to March 31).
The seafood export industry is highly fragmented, marked by the
presence of several small players operating in India's coastal
areas.
* Below-average financial risk profile: Financial risk profile
continues to remain below-average due to modest networth of
INR2.6 crores and gearing of 3.1 times estimated as on March 31,
2018.
Strength
* Extensive industry experience of promoters: DEPL benefits from
the extensive industry experience of its promoters, who have over
two decades of experience in the seafood industry. The company
derives its revenue from exports, primarily to Europe, the Middle
East, and Japan. DEPL's product portfolio includes squids,
octopus, shrimp, and cuttlefish.
Outlook: Stable
CRISIL believes that DEPL will continue to benefit over the
medium term from its promoter's experience in the seafood
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
operating profitability and working capital management, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DEPL's accruals decline
or if its working capital management deteriorates, weakening the
financial risk profile, particularly its liquidity.
DEPL is a Kochi (Kerala)-based exporter of processed marine
products.
DIAMANT INFRASTRUCTURE: CRISIL Keeps C Rating in Not Cooperating
----------------------------------------------------------------
CRISIL has been consistently following up with Diamant
Infrastructure Limited (DIL) for obtaining information through
letters and emails dated June 28, 2018 and among others, apart
from telephonic communication. However, the issuer has remained
non cooperative.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 8 CRISIL C (ISSUER NOT
COOPERATING)
Proposed Long Term 4 CRISIL C (ISSUER NOT
Bank Loan Facility COOPERATING)
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 DIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DIL is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Based on the last available information, the ratings on bank
facilities of DIL continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
DIL, established in 1980, is a Nagpur based player, engaged in
the infrastructure business in India primarily as a sub-
contractor in the road sector.
ENCANA INTERNATIONAL: CARE Hikes Rating on INR7.65cr Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Encana International (ECI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 7.65 CARE B+; Stable Rating revised
Facilities from CARE B; Stable
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of ECI
takes into consideration improvement in total operating income
and profitability margins. The rating however, continues to be
constrained by its small scale of operations and leveraged
capital structure. The rating is further constrained by working
capital intensive nature of operations, concentrated revenue
profile, competitive nature of industry and constitution of the
entity as a partnership firm. The rating, however, derives
strength from experienced partners, moderate debt coverage
indicators and reputed clientele base.
Going forward, the ability of the firm to profitably scale up its
operations while improving its overall solvency position and
diversify the customer base would remain its key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations along with improvement in PBILDT margin
The total operating income of ECI increased from INR14.61 crore
in FY17 (refers to the period April 1 to March 31) to INR17.82
crore in FY18 at an annual growth rate of 21.97% on account of
higher quantity sold owing to higher orders received. The scale
of operations, however, continues to remain small. The small
scale of operations limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. The PBILDT
margin improved from 3.77% in FY16 to 9.69% in FY18 mainly on
account of improved sales realization and better coverage of
fixed costs. However, the firm continued to incur net loss of
INR0.59 crore in FY18 as compared to net loss of INR1.46 crore in
FY17. The gross cash accruals of the firm stood at INR0.97 crore
in FY18 against cash loss of INR0.18 crore in FY17.
Leveraged capital structure: The capital structure of the firm
continues to be leveraged with overall gearing ratio of 5.38x as
on March 31, 2018 mainly on account of firm's high reliance on
bank borrowings to fund various business requirements. The same
deteriorated from 2.80x as on March 31, 2017 mainly on account of
additional loans taken for purchase of machinery coupled with
decline of net worth base of the firm on account of continued
losses.
Elongated collection and creditor period: The operating cycle of
the firm stood at -50 days for FY18 (-88 days for FY16). The
collection period stood elongated at 82 days for FY18 (95 days
for FY17). The firm extends credit period of around three months
to its customers as customers base normally comprises of big
players who possess high bargaining power as compared to small
players resulting into high average collection period. The firm
receives extended credit period from its suppliers owing to its
established relation with them resulting in an average creditor
period of 174 days for FY18 (211 days for FY17). The same
improved due to timely payment to them to avail cash discounts.
Further, the firm is required to maintain inventory in the form
of raw material and finished goods for smooth production process
and to meet demand of customers resulting in average inventory
period of 42 days for FY18 (29 days for FY17). The same elongated
due to increase in unsold finished goods.
Concentrated revenue profile albeit reputed customer: The firm is
in the manufacturing and flexographic printing of self-adhesive
labels and is supplying to various manufactures including reputed
customer such as Dabur India Limited. The sales to Dabur India
Limited constituted 60% of total operating income in FY18. Thus,
the firm is exposed to customer concentration risk and any
adverse change in procurement policies of this customer may
adversely affect the business of EIN.
Competitive nature of industry: The printing industry is
characterized by a high level of fragmentation and regional
concentration. Indian printing industry is characterized as
fragmented & competitive with very little differentiation in
terms of service offering. EIN faces direct competition from
various organized and unorganized players in the market.
Partnership nature of constitution: EIN's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partners' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Key Rating Strengths
Experienced partners: Mr. Mohit Malhotra, Mr. Sukhmilap Singh,
Mr. Vishal Todi have an industry experience of 15 years, 10 years
and 14 years respectively through their association with group
concerns and other entities. Furthermore, the partners are
supported by experienced team having varied experience in the
field of marketing and finance aspects of business.
Moderate debt coverage indicators: The debt coverage indicators
stood moderate marked by interest coverage ratio of 2.26x in FY18
and total debt to GCA of 6.85x for FY18.
Encana International (EIN) was established in March 2014 as a
partnership firm by Mr. Mohit Malhotra and Mr. Sukhmilap Singh.
However, the commercial operations started in December 2014.
Later, in FY17, Mr. Vishal Todi was added as third partner. All
the partners are sharing profit and losses equally. EIN is
engaged in the manufacturing and flexographic printing of self-
adhesive labels at its manufacturing unit located in Solan,
Himachal Pradesh. The firm has total installed capacity of 60
lakh of self-adhesive labels per annum as on March 31, 2017.
ESSAR BULK: CARE Assigns 'C' Rating to INR175cr Proposed NCD
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Essar
Bulk Terminal (Salaya) Ltd. (EBTSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Non- 175.00 CARE C; Stable Assigned
Convertible
Debenture issue
Detailed Rationale & Key Rating Drivers
The rating assigned to the Non-Convertible Debenture issue (NCD)
of EBTSL is constrained by weak credit profile of group captive
customer, stressed liquidity position, weak debt coverage
indicators and moderate revenue visibility. The rating, however,
derives strength from experienced promoters.
Ability of the company to increase its third party cargo and
improvement in its liquidity position would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Weak credit profile of group captive customer: On April 24, 2013,
the Company had entered into the agreement with Gujarat Maritime
Board (GMB) to construct and use of captive & other associated
marine facilities on Build, Operate, Maintain and Transfer basis
at Salaya, Gujarat. This agreement is valid for 25 years or till
such time captive user to exist/ function whichever is earlier.
Initially GMB had given the permission to handle cargo of third
party provided minimum 50% of total cargo is utilized for captive
purposes. However, since Essar Power Gujarat Limited (EPGL) has
currently stopped its operations and the company is under stress,
EBTSL applied with GMB for granting them permission to handle
third party cargo without handling cargo of group company. In
January 2018, GMB granted a one-time permission to EBTSL to
handle third party cargo upto 1MMTPA upto March 2018 which got
extended till August 2018. The company has further received the
permission from GMB for third party cargo handling upto 10MMTPA
till March 2019.
Moderate revenue visibility: The company has signed a service
agreement for cargo upto 5 MMTPA with take or pay obligation of
1.5MMTPA with Reliance Industries Ltd. (RIL) for a period of 15
years till 2032. The company has also signed a short term
contract with Nayara Energy Limited (formerly known as Essar Oil
Limited) valid upto Dec 2019 which is extendable upto December
2020 for handling cargo. While the company is expecting to make
up for the loss of revenues through third party cargo, its
ability to bag third party cargo handling assignments remains to
be seen.
Stressed Liquidity position and weak financial risk profile: The
port handled its first vessel in December 2017. The company
reported net sales of INR22.00 crore and posted losses in FY18.
This was mainly due to high interest expenses. Consequently the
interest coverage ratios of the company are marginal. The overall
gearing remain stood at 2.27x as on March 31, 2018. The debt
coverage indicators at EBTSL was stressed in FY18 due to high
debt obligation. The company has defaulted in repayment of
interest and principal of term loans from December 2017 onwards.
The
company plans to raise NCD of INR175.00 crore towards meeting
existing obligations of the company.
Key Rating Strengths
Experienced Promoters: EBTSL is a part of the Essar Group. By
virtue of being in the Essar Group, EBTSL derives comfort from
the group's extensive experience in executing various greenfield
& brownfield projects including ports, power plants, oil
refineries, steel manufacturing facilities etc. The group has
presently terminal capacity of 95 mmtpa of bulk cargo through its
four operational ports along the coast line of India.
Incorporated in November 2007, Essar Bulk Terminal (Salaya) Ltd.
(EBTSL) is part of Essar group which has presence in diverse
manufacturing and service sectors such as steel, power, shipping,
ports, logistics, constructions, oil & gas and telecom. EBTSL had
set up a 20 million metric tonnes per annum (mmtpa) dry bulk port
facility at Salaya in Gujarat mainly to cater to the cargo
(thermal coal) handling requirements of Essar Group company viz.
Essar Power Gujarat Limited. The port handled its first vessel in
December 2017. On April 24, 2013, the Company had entered into
the agreement with Gujarat Maritime Board (GMB) to construct and
use of captive & other associated marine facilities on Build,
Operate, Maintain and Transfer basis at Salaya, Gujarat. In
January 2018, GMB granted a one-time permission to EBTSL to
handle third party cargo upto 1MMTPA upto March 2018 which got
extended till August 2018. The company has further received
permission from GMB to handle 10MMTPA third party cargo up to
March 2019.
GAYATRI SUGARS: CRISIL Reaffirms D Rating on INR67.59cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL D' rating on the long-term bank
facilities of Gayatri Sugars Limited (GSL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 67.59 CRISIL D (Reaffirmed)
Long Term Loan 47.13 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 21.28 CRISIL D (Reaffirmed)
The rating reflects GSL's weak financial risk profile, large
working capital requirement, and exposure to risks arising from
the regulated nature of the sugar industry. However, these rating
weaknesses are partly offset by the extensive experience of GSL's
promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing term debt: Insufficient cash accrual has
led to weak liquidity, and thus, delayed servicing of interest
payment and principal amount on the term debt.
* Weak financial risk profile: Financial risk profile is marked
by a negative networth and weak debt protection metrics. Negative
networth of -INR70.04 crore as on March 31, 2018, led to negative
gearing of 3.4 times. Interest coverage and net cash accrual to
total debt ratios were around 2.1 times and 0.1 time,
respectively, for fiscal 2018.
* Large working capital requirement: Operations are highly
working capital intensive, as reflected in gross current assets
of 189 days as on March 31, 2018, led by large inventory of
around 163 days.
* Exposure to regulatory risks in the sugar industry: The
domestic sugar industry is highly regulated, through various
government policies on sugarcane prices, export and import of
sugar, and the sugar release mechanism. Such stringent
regulations affect the credit quality of players in the sugar
industry.
Strength
* Extensive experience of promoters in the sugar industry: The
two-decade-long experience of the promoters, Ms Indira Subbarami
Reddy, Mr. Sandeep Reddy and Ms Sarita Reddy, has helped them
scale up operations and establish a strong track record in the
sugar industry.
GSL was set up in 1995, by Ms Indira Reddy, Mr. Sandeep Reddy and
Ms Sarita Reddy. The company manufactures white crystal sugar,
and rectified spirit/extra neutral alcohol, and is also involved
in power generation. The Hyderabad-based company is listed on the
Bombay Stock exchange (BSE).
INDO SHELL: Ind-Ra Maintains BB+ Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Indo Shell
Automotive Systems India Private Limited's Long-Term Issuer
Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will continue to appear as 'IND BB+ (ISSUER
NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR197 mil. Term loan maintained in non-cooperating category
with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2006, Coimbatore-based Indo Shell Automotive
Systems India is engaged in the foundry business and
manufacturing of precision castings for automobiles (majorly two-
wheeler engines) for the global market.
INFRASTRUCTURE LEASING: Unveils Details of Restructuring Plan
-------------------------------------------------------------
Bloomberg News reports that an Indian financier that roiled
markets by defaulting on debt unveiled details of its
restructuring proposal over the weekend, including hiring a firm
to turn around the distressed company.
Stockholders endorsed Infrastructure Leasing & Financial Services
Ltd.'s plan to raise as much as INR150 billion ($2.1 billion)
through a non-convertible debt sale, and increase the firm's
borrowing limit by INR100 billion to INR350 billion, IL&FS said
in a filing, Bloomberg relays. The lender also got permission to
boost its share capital to enable a rights offering.
Rescuing the firm, which has total debt of $12.6 billion -- 61
percent in the form of loans from financial institutions -- is
vital for authorities to stem the risk of default spreading to
other lenders in the world's fastest-growing major economy,
Bloomberg says. The latest move will ease investor concerns but
doesn't resolve the matter, Jagannadham Thunuguntla, senior vice
president at Mumbai-based Centrum Broking Pvt. said.
"Time bound execution of the plans outlined to shareholders is
the key to salvaging the situation," Bloomberg quotes Kranthi
Bathini, a Mumbai-based director at WealthMills Securities Ltd.,
as saying. "Market still expects that government will step in
and act decisively to save the group rather than pushing them to
do a fire sale of assets."
According to Bloomberg, IL&FS hired Alvarez & Marsal, which
helped revamp Jet Airways India Ltd. in 2015 and is currently
working on restructuring Essar Steel Ltd., to come up with a plan
to rescue the company. IL&FS has already sought to buy itself
time for the restructuring by filing an application to avoid
being dragged to bankruptcy court, Bloomberg states.
The beleaguered group can raise INR600 billion by selling assets,
according to the chairman of its biggest shareholder and the
nation's largest life insurer, Life Insurance Corp. of India,
Bloomberg relays. LIC Chairman V.K. Sharma on Sept. 28 said that
the insurer is open to subscribing to the lender's rights offer.
"Backing by top shareholder of IL&FS is a comforting factor for
the markets," Bloomberg quotes Kunal Shah, senior vice president
at Mumbai-based Kotak Mahindra Life Insurance Co., as saying.
"The overhang and concerns will soothe further when there are
definitive signs of an actual transaction happening -- be it an
asset sale or fundraising through a rights offering."
Other investors in IL&FS also include Japan's Orix Corp., the
second-largest shareholder in the company, Abu Dhabi Investment
Authority and Housing Development Finance Corp., India's biggest
mortgage lender, Bloomberg discloses.
About IL&FS
Infrastructure Leasing & Financial Services Limited (IL&FS)
operates as an infrastructure development and finance company in
India. It focuses on the development and commercialization of
infrastructure projects, and creation of value added financial
services. The company operates in Financial Services,
Infrastructure Services, and Others segments. Its Financial
Services segment engages in the commercialization of
infrastructure; investment banking, including corporate finance,
advisory, capital market, and other financial services; and
securities trading, venture capital, and trusteeship operations.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 20, 2018, India Ratings and Research (Ind-Ra) has
downgraded Infrastructure Leasing & Financial Services Limited's
(IL&FS) Long-Term Issuer Rating to 'IND D' from 'IND BB' and
Short-term Issuer Rating to 'IND D' from 'IND A4+' while
resolving the Rating Watch Negative (RWN).
The instrument-wise rating actions are:
-- INR93,600.8 bil. Long-term debt (Long-term) downgraded, off
RWN with IND D rating;
-- INR1.0 bil. Subordinated debt (Long-term) downgraded, off
RWN with IND D rating;
-- INR12.25 bil. Short-term debt (Short-term) downgraded, off
RWN with IND D rating; and
-- INR3.0 bil. Bank loans (Long-term) downgraded, off RWN with
IND D rating.
The downgrade reflects IL&FS's delays in meeting its debt
servicing obligations due to sharp deterioration in the liquidity
profile of the group. The company is planning to raise INR45
billion of equity through a rights issue and INR35 billion of
long-term debt from its shareholders. However, the emergency
shareholders meeting remained inconclusive on providing liquidity
support to IL&FS, which aggravated the liquidity situation. In
absence of immediate support from the shareholders, IL&FS's
ability to timely honor its forthcoming repayments commitments is
highly susceptible.
JAIKA VEHICLE: CRISIL Migrates B- Rating to Not Cooperating
-----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Jaika
Vehicle Trade Private Limited (JVTPL) to 'CRISIL B-/Stable Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 19 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Cash
Credit Limit 8.25 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Term Loan .75 CRISIL B-/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with JVTPL for
obtaining information through letters and emails dated August 24,
2018 and August 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Jaika Vehicle Trade Private
Limited. Which restricts CRISIL's ability to take a forward
looking view on the entity's credit quality. CRISIL believes
information available on Jaika Vehicle Trade Private Limited is
consistent with 'Scenario 4' outlined in the 'Framework for
Assessing Consistency of Information'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Jaika Vehicle Trade Private Limited to 'CRISIL B-
/Stable Issuer not cooperating'.
Incorporated in 1994 and promoted by Kale family of Nagpur, JVTPL
is a part of the Jaika group and is an authorised dealer for
passenger vehicles of Audi India division of Volkswagen Group
Sales India Pvt Ltd (Audi) in Chhattisgarh and Vidharbha. It
acquired Audi dealership in March 2012.
KARAVALI OCEAN: Ind-Ra Maintains 'BB' Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Karavali Ocean
Products Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR40 mil. Fund-based limits maintained in non-cooperating
category with IND A4+ (ISSUER NOT COOPERATING) rating; and
-- INR20.87 mil. Term loan* due on March 2018 maintained in non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 30, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in October 2011, Karavali Ocean Products processes
seafood at its plant in Karnataka.
KATHPAL DAIRIES: CARE Lowers Rating on INR19.60cr LT Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kathpal Dairies (KDS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 19.60 CARE D Revised from CARE B+;
Facilities Stable
Detailed Rationale and key rating drivers
The revision in the rating takes into consideration delays in
debt servicing. The firm has small scale of operations, low
profitability margins, weak solvency position; elongated
operating cycle, presence in fragmented and competitive nature of
industry & proprietorship nature of constitution. The rating,
however, takes consideration of the experienced proprietor. Going
forward, the ability of the firm to profitably scale-up its
operations while improving the overall solvency position would
remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced proprietor: KDS got established in 2010 and is
currently being managed by Mr. Rakesh Kumar. The proprietor has
an experience of 20 years in the dairy industry through his
association with KDS and other regional entities engaged in
similar business. The proprietor has adequate acumen about
various aspects of business which is likely to benefit KDS in the
long run.
Key Rating Weaknesses
Stretched liquidity position and on-going delays in debt
servicing: There are delays in the repayment of interest due on
term loans, the same is settled within 15-20 days. The delays are
due to weak liquidity position of the firm as the firm is unable
to generate sufficient funds in timely manner leading to
cash flow mismatches.
Small scale of operations with low profitability margins: The
total operating income of the firm remained stable at INR16.21
crore in FY18 as against INR16.07 crore in FY17 due to absence of
incremental demand from customers. The small scale of operations
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. The profitability margins stood
low marked by PBILDT margin of 4.48% and PAT margin of 0.61% in
FY18.
Weak solvency position: The capital structure of the firm is
leveraged as reflected by overall gearing ratio of 3.26x as on
March 31, 2018. The interest coverage ratio deteriorated from
2.38x in FY17 to 1.35x in FY18 due to increase in interest costs
in FY18. The total debt to GCA ratio deteriorated from 13.39x for
FY17 to 60.56x for FY18 due to increase in debt levels of the
firm in FY18.
Proprietorship nature of constitution: KDS's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factor
affecting credit decision of the lenders.
Highly competitive and fragmented nature of industry: The dairy
business is highly fragmented and dominated by few large players
having nationwide presence. The competition is intense due to the
presence of large number of regional and local milk and milk
product suppliers. Around 80% of the domestic dairy industry
consists of unorganized players, fragmented in various regions.
KDS faces intense competition from bigger private players and co-
operative dairy societies with well established brands as well as
unorganized sectors comprising of milk vendors.
Kathpal Dairies (KDS) is a proprietorship firm established in
October, 2010 by Mr. Rakesh Kumar. KDS is engaged in processing
of milk which includes pasteurization and chilling at its
facility located in Moga, Punjab (Unit I) with an installed
capacity of chilling 9.12 crore litres of milk per annum as on
August 31, 2018. KDS procures the non-pasteurized milk from local
milk dairies in Moga, Punjab. The firm sells the pasteurized milk
to various dealers and wholesalers located mainly in Punjab,
Haryana, Himachal Pradesh, Jammu & Kashmir and Delhi.
LAXMI LUMBER: CRISIL Reaffirms B Rating on INR3.5cr Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on
the bank facilities of Laxmi Lumber Industries Private Limited
(LLIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.5 CRISIL B/Stable (Reaffirmed)
Inland/Import
Letter of Credit 6.25 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.25 CRISIL B/Stable (Reaffirmed)
CRISIL's ratings continue to reflect LLIPL's modest scale of
operations in the intensely competitive timber industry, average
financial risk profile and working capital-intensive operations.
These weaknesses are partially offset by the extensive experience
of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation: Intense competition keeps scale of
operation modest with revenue of INR15.8 crore in fiscal 2018.
* Average financial risk profile: High total outside liabilities
to tangible networth ratio of 3.6 times and average debt
protection metrics, with interest coverage ratio at 1.7 times and
net cash accrual to total debt ratio at 0.12 time for fiscal
2018, constrain financial risk profile.
* Working capital-intensive operations: Gross current assets were
291 days as on March 31, 2018, driven by large receivables and
inventory of 169 and 102 days, respectively. However, supplier
credit of 173 days supports working capital.
Strength
* Extensive experience of the promoters: Benefits from the
promoters' experience of over four decades and healthy
relationships with suppliers and customers should support the
business.
Outlook: Stable
CRISIL believes that LLIPL will benefit over the medium term from
its promoters' extensive experience in the timber trading
industry. The outlook may be revised to 'Positive' if substantial
increase in scale of operations and profitability leads to
sizeable cash accrual. Conversely, the outlook may be revised to
'Negative' if stretch in working capital cycle, decline in
operating margin, or large, debt-funded capital expenditure
weakens financial risk profile and liquidity.
Established as a private-limited company in 2008 by Mr. Ganga Ram
Patel and Mr. Dhanna Ram Patel, LLIPL took over the operations of
Laxmi Timber Industries, a partnership firm set up in 1976. The
company processes (cuts and saws) and trades in timber with
capacity of around 600 cubic feet per day. The firm processes
teak wood, saal wood, oak wood, ash wood and pinewood. LLIPL has
three processing facilities-cum-warehouses, two in Delhi and one
in Ghandidham, Gujrat. Daily operations are managed by Mr.
Kishore Patel.
MAHESVARA CASHEW: CARE Reaffirms B+ Rating on INR10.85cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mahesvara Cashew Industries (MCI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.85 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of MCI takes into
account the increase in total operating income, improvement in
profitability margins, Infusion of capital by partners, moderate
capital structure albeit deterioration as on March 31 2017 and
March 31 2018 (Prov), improving debt coverage indicators in FY18
(Prov), elongated working capital cycle. The rating remains
tempered by small scale of operations, weak debt coverage
indicators, volatility in raw cashew and cashew kernel prices,
working capital intensive nature of operations and constitution
of the entity as partnership firm with inherent risk of
withdrawal of capital. The rating, however, is underpinned by the
reasonable track record and experience of the promoter for a
decade in cashew processing industry, growth in total operating
income and profitability margins during FY18 (Prov.), and stable
demand of cashew.
Going forward, the ability of the firm to increase its scale of
operations and improve the profitability margins, improve debt
coverage indicators and able to withstand in a competitive market
would be the key rating sensitivities
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations
The scale of operations marked by total operating income has been
increase and remained small at INR20.64 crore in FY18 (prov.) as
compared to INR16.51 crore in FY17 due to increase in orders from
customers. The tangible net worth improved from INR3.67 crore as
on March 31, 2017 to INR4.52 crore as on March 31, 2018 (prov.)
due to accretion of profit along with infusion of capital by
partners INR0.59 crore during FY18 (prov.).
Weak debt coverage indicators: The debt coverage indicators
marked by total debt to GCA and interest coverage improved and
stood weak at 15.80x and 1.74x in FY18 (prov.) as compared to
32.83x and 1.45x in FY17 due to increase in absolute amount of
profit with increase in total operating income during the period
[FY17-FY18(prov.)].
Working capital intensive nature of operations: MCI has elongated
operating cycle days of 194 days as on March 31, 2018 (prov.) due
high inventory holding period of 202 days. The firm maintained
more inventory in order to meet the increased demand of orders
which get placed in first quarter of every year. The firm
provides credit of 0-15 days to its customers and avails credit
of 0-30 days from its suppliers. The average working capital
utilization of MCI stood high at 95% for the last one year ended
August, 2018.
Volatility in raw cashew and cashew kernel prices: The products
dealt by the firm are cashew kernel which includes kaju and other
related products etc. The products being cultivation based are
highly volatile by nature and affected by regular fluctuations in
the prices. However, the firm being engaged in manufacturing of
the same, the fluctuating cost of the cashew kernel is passed on
to the customers to a larger extent.
Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm
is exposed to inherent risk of capital withdrawal by the
partners, due to its nature of constitution. Further, any
substantial withdrawals from capital account would impact the
networth and thereby the financial profile of the firm. However,
the partners infused capital of INR0.59 crore during FY18 (prov.)
Key Rating Strengths
Reasonable track record and experience of promoter for more than
a decade in cashew processing industry: MCI has reasonable track
record of 8 years. MCI is promoted by Mr. Gopinath Bhat (Managing
Partner) along with relatives. All the partners has more than a
decade of experience in manufacturing of food products like
cashew and kernels and other related products. Mr. Gopinath Bhat
is actively managing the day to day activities of the business
and has 14 years of experience in the operations. Through the
promoter's experience in this industry, the firm has gained
established and healthy relationship with the suppliers and
customers.
Growth in total operating income and profitability margins during
the review period: The total operating income has been increased
from INR16.51 crore in FY17 to INR20.64 crore in FY18 (prov.) due
increase in orders from existing customers and addition of new
customers. The firm has registered the total operating income of
INR8.00 crore during 5MFY19 (prov.). The profitability margins
are increased and marked by the PBILDT margin of 7.78% in FY18
(prov.) as compared to 5.47% in FY17 due decrease in raw material
cost during the year and increase in total operating income. In
line with PBILDT, the PAT margins are also improved and stood at
1.10% in FY18 (prov.) as compared to 0.03% in FY17 due to
increase in absolute amount of profits.
Moderate capital structure: The capital structure of the firm
marked by the overall gearing ratio has been deteriorated and
stood satisfactory at 2.17x as on March 31, 2018 (prov.) as
compared to 2.06x as on March 31, 2017 due to increase in working
capital utilization levels and long term loans for purchase of
plant & machinery.
Stable demand of cashew: India is the top consumer of cashew
kernels in the world by absorbing over 25 per cent of the supply,
"Cashew nut demand has shot up 53 per cent since 2010, and almost
half of the supply is eaten in India and the US,". India's share
in the world cashew nut market is at 23 per cent, while 58 per
cent is now controlled by Vietnam. "India led the production of
cashews in 2015/16 with a crop of 1,72,719 tonnes (kernel basis),
which represented 23 per cent of global production, followed by
Ivory Coast (1,71,111 MT, 23 per cent) and Vietnam (1,13,095 MT,
15 per cent). Global production of cashews in 2015/16 reached
7,38,861 tonnes, an increase of 3 per cent from the previous
season. In a steadily growing $30-billion global tree nut market,
the cashew nut segment will continue to lead, and it is expected
to account for 28.91 per cent of the market by 2021.
Mahesvara Cashew Industries (MCI) was established in the year
2010 and promoted by Mr.Gopinath Bhat, Mr. Udaya Shetty, Mr.
Chiranjitha Ajila, Mrs. Arundathi Ajila, and Mrs. Namitha Shetty.
The firm is engaged in processing of raw cashew nuts. The firm
sells the processed cashew nuts in Karnataka, Gujarat and Mumbai.
The firm procures raw cashew nuts from international market
places like South Africa and Tanzania. Currently, the day to day
operations of the firm are managed by the Mr. Gopinath Bhat
(Managing Partner).
MANDIRA FASHIONS: Ind-Ra Maintains 'D' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mandira
Fashions Pvt 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 these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR100 mil. Fund-based facilities (Long-term) maintained in
non-cooperating category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 7, 2015. 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, Mandira Fashions manufactures designer
sarees and lehengas.
MANJUSHREE INNOVATIONS: CRISIL Reaffirms B+ INR38cr Loan Rating
---------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Manjushree Innovations Private Limited
(MIPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5.5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 3.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 38.0 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect MIPL's large working capital
requirement, modest scale of operations amidst intense
competition, and the modest financial risk profile. These
weaknesses are partially offset by longstanding presence of the
promoters in the flexible packaging business.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: Operations are highly
working capital intensive, as reflected in gross current assets
of 248 days as on March 31, 2018, led by large inventory and
moderate receivables of 137 and 80 days, respectively.
* Modest financial risk profile: Debt protection metrics were
moderate, with interest coverage and net cash accrual to adjusted
debt ratios of 1.10 times and 0.01 time, respectively, in fiscal
2018. Capital structure is also weak, marked by high total
outside liabilities to adjusted networth and gearing ratios of
6.61 and 5.54 times, respectively, as on March 31, 2018, and
networth of INR7.90 crore as on same date.
Strength
* Longstanding presence of the promoters in the packaging
industry: Presence of almost two decades through group entities
in the flexible packaging business, has enabled the promoters to
establish healthy relationships with customers, which include
large corporates and small and mid-sized players.
Outlook: Stable
CRISIL believes MIPL will continue to benefit from the extensive
experience of its promoters, and their established customer base.
The outlook may be revised to 'Positive' if substantial and
sustained growth in cash accrual and improved working capital
management strengthen the financial risk profile. The outlook may
be revised to 'Negative' if low operating income or cash accrual,
stretch in working capital cycle, or any large capital
expenditure weakens financial risk profile, particularly
liquidity.
MIPL was set up in May 2011 by promoters, Mr. Shekhar Agarwal,
Mr. Ranjit Agarwal, Mr. Puneet Agarwal, and Mr. Dinesh More, all
based in Guwahati. The company manufactures flexible packaging
material such as multilayer films and laminate rolls/pouches.
Unit commenced operations from March 29, 2017.
MASS-TECH CONTROLS: CRISIL Reaffirms B+ Rating on INR4cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Mass-Tech Controls Private Limited
(MTCPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL A4 (Reaffirmed)
Cash Credit 4 CRISIL B+/Stable (Reaffirmed)
Inland/Import
Letter of Credit 1.25 CRISIL A4 (Reaffirmed)
Term Loan 0.20 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect modest scale, working capital-
intensive operations and below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the promoter in the electrical tools manufacturing industry.
Analytical Approach
Unsecured loans from promoters have been treated as debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation: Scale of operations is small with
revenue of INR21.22 crore in fiscal 2018. This restricts
bargaining power with customers and suppliers, given the
intensely competitive industry.
* Working capital-intensive operations: Gross current assets were
high at 316 days as on March 31, 2018 driven by receivables of
132 days and inventory of 124 days as a stock of imported
components is maintained. Against this, payables were 204 days,
and the remaining working capital requirement was funded through
bank borrowings leading to high bank limit utilisation.
* Below average financial risk profile: Networth is modest at
INR5.65 crore and total outside liabilities to tangible networth
ratio high at 3.38 times, as on March 31, 2018. Interest coverage
and net cash accruals to total debt was average at 1.86 times and
0.09 times, respectively, in fiscal 2018.
Strength
* Extensive experience of the promoter: Benefits from the
promoter's experience of over two decades and established
relationships with suppliers and customers like Reliance
Industries Ltd, Bharat Heavy Electrical Ltd and National Thermal
Power Corporation, should support the business.
Outlook: Stable
CRISIL believes MTCPL will continue to benefit from the extensive
experience of its promoter. The outlook may be revised to
'Positive' if increase in revenue and profitability, and better
working capital cycle leads to improvement in financial risk
profile. The outlook may be revised to 'Negative' if any large
debt-funded capital expenditure, decline in revenue and
profitability, or stretch in working capital cycle, weakens
financial risk profile, particularly liquidity.
MTCPL, set up in 1993, by Mr. Subash Patil and Ms Smita Patil,
assembles and designs direct current power systems, battery
chargers, convertors, and low-voltage switch gear and control
panels used in industrial set-up. Its manufacturing unit is at
Jalgaon, Maharashtra.
NATURAL TECHNOFAB: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the ratings of Natural Technofab (NTF) from
'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 3.75 CRISIL B+/Stable (Migrated
from 'CRISIL B/Stable ISSUER
NOT COOPERATING')
Long Term Bank 4.73 CRISIL B+/Stable (Migrated
Facility from 'CRISIL B/Stable ISSUER
NOT COOPERATING')
Proposed Long Term .52 CRISIL B+/Stable (Migrated
Bank Loan Facility from 'CRISIL B/Stable ISSUER
NOT COOPERATING')
Due to inadequate information, CRISIL, in line with the
Securities and Exchange Board of India guidelines, had migrated
the ratings on the long-term bank facility of Natural Technofab
(NTF) to 'CRISIL B/Stable Issuer Not Cooperating'. However,
NETTEC has started sharing the information, necessary for a
comprehensive rating review. Hence, CRISIL is migrating the
ratings from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL
B+/Stable'.
The migration reflects sufficient cash accrual against maturing
debt. The rating factors in the firm's weak financial risk
profile, and exposure to risks related to nascent stage of
operations and timely ramp-up in scale. These rating weaknesses
are partly offset by the extensive experience of partners in
manufacturing polythene woven sack bags.
Analytical Approach
Unsecured loans extended by the partners (Rs 1.30 crore as on
March 31, 2018) have been treated as neither debt nor equity.
Key Rating Drivers & Detailed Description
Weakness
* Slow ramp-up in operations: The firm remains exposed to risks
related to timely stabilisation of operations, sufficient demand,
and intense competition in the packaging industry. With
commercial operations having started from May 2017, the scale
remains modest, as reflected in revenue of around INR18 crores
for fiscal 2018. Hence, timely ramp up in scale of operations
will remain a key rating sensitive factor.
* Weak financial risk profile: Capital structure remains weak, as
reflected in high gearing and total outside liabilities to
adjusted networth ratio of 2.29 times and 2.92 times,
respectively, as on March 31, 2018, due to modest networth of
INR3.57 crore, and high dependence on external debt.
Strengths
* Extensive experience of partners: A decade long experience of
the partners in manufacturing polythene woven sacks and other
packaging materials, and their established relationships with
customers and suppliers, should help the firm scale up operations
in the medium term.
* Liquidity: Expected cash accrual of around INR1.17 crore should
comfortably cover the term debt of INR0.96 crore for fiscal 2019.
The promoters have extended unsecured loans outstanding at
INR1.30 crore as on March 31, 2018.
Outlook: Stable
CRISIL believes NTF will benefit from the extensive experience of
its partners in the medium term. The outlook may be revised to
'Positive' if timely stabilisation of operations at the proposed
plant, and if the firm reports substantial growth in revenue,
profitability and cash accrual. The outlook may be revised to
'Negative' if delay in commencing operations or lower-than-
expected cash accrual in the initial phase, exerts pressure on
liquidity.
NTF was set up as a partnership firm of Mr. Jagdish Panara and
Mr. Hitesh Gandhi in 2016. The firm has set up a plant in Gujarat
to manufacture polythene woven sacks bags with capacity of 4,320
tonnes per annum.
NAVA BHARATH: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Nava Bharath
Educational Trust's bank facilities' ratings 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 ratings. The ratings will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR86.08 mil. Bank loans migrated to Non-Cooperating Category
with IND BB (ISSUER NOT COOPERATING) rating; and
-- INR30 mil. Fund-based working capital migrated to Non-
Cooperating Category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 27, 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 2007, Nava Bharath Educational Trust is registered
as a public charitable trust under the Indian Trusts Act, 1882.
The trust's registered office and schools are situated in Annur,
Coimbatore. NBET operates two K-12 schools, including a
residential school, in Coimbatore.
PARTAP INDUSTRIAL: CRISIL Reaffirms B+ Rating on INR9.5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Partap Industrial Products (PIP).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (Reaffirmed)
Cash Credit 9.5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility .8 CRISIL B+/Stable (Reaffirmed)
Term Loan .2 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect a small scale of operations in
the highly fragmented metal wires industry, susceptibility of
profitability to volatility in raw material prices, and an
average financial risk profile. These weaknesses are partially
offset by the extensive industry experience of the partners.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a highly fragmented industry:
Revenue was modest, estimated at INR29 crore for fiscal 2018. The
steel wires industry is highly fragmented due to low capital
requirement and limited value addition.
* Working capital-intensive operations: Gross current assets were
high at 190 days (estimated) as on March 31, 2018, due to
considerable receivables at 70 days.
* Susceptibility to volatility in raw material prices: As raw
material accounts for around 85% of the total production cost,
the operating margin will remain exposed to any sharp volatility
in raw material prices.
Strengths
* Extensive industry experience of the partners: The partners'
industry experience of over 20 years has helped them establish a
strong customer base and a sound relationship with local
suppliers. Their experience has also helped them gain a sound
understanding of market dynamics.
Outlook: Stable
CRISIL believes PIP will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of substantial sales and better
profitability, leading to an improvement in the financial risk
profile. The outlook may be revised to 'Negative' if the
financial risk profile deteriorates, most likely because of
significantly low profitability, sizeable working capital
requirement, debt-funded capital expenditure, or capital
withdrawal.
Set up in 2008 as a partnership by Mr. Bharat Bhushan and Mr.
Sunny Mahajan, PIP manufactures steel wires, galvanised iron
wires, wire mesh, and barbed wires at its facility at Kangra,
Himachal Pradesh.
RIM JHIM: CRISIL Withdraws 'B' Rating on INR179.5CR Cash Loan
-------------------------------------------------------------
CRISIL has withdrawn its ratings on the bank facilities of Rim
Jhim Ispat Limited (Rim Jhim) at the company's request and
receipt of no objection certificate from its bankers. The rating
action is in line with CRISIL's policy on withdrawal of its bank
loan ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 179.5 CRISIL B (ISSUER NOT
COOPERATING; Rating
withdrawn)
Letter of Credit 121.75 CRISIL A4 (ISSUER NOT
COOPERATING; Rating
withdrawn)
Proposed Long Term 11.47 CRISIL B (ISSUER NOT
Bank Loan Facility COOPERATING; Rating
withdrawn)
Term Loan 37.28 CRISIL B (ISSUER NOT
COOPERATING; Rating
withdrawn)
CRISIL has been consistently following up with Rim Jhim for
obtaining information through letters and emails dated August 31,
2018 and February 28, 2018, among others. 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 Rim Jhim. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Rim Jhim 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, the rating on bank
facilities of Rim Jhim continues to be CRISIL B/Stable/CRISIL A4
Issuer not cooperating.
CRISIL has withdrawn its ratings on the bank facilities of Rim
Jhim at the company's request and receipt of no objection
certificate from its bankers. The rating action is in line with
CRISIL's policy on withdrawal of its bank loan ratings.
Rim Jhim, a closely held company, was incorporated in 1994 and
commenced commercial operations in 1996. It manufactures SS
products such as billets, flats, rounds, and bright bars. Its
manufacturing facility in Hamirpur, Uttar Pradesh, has capacity
of 250,000 tonne per annum. Mr. Yogesh Kumar Agarwal, Mr. Rajeev
Kumar Goel, and Mr. Chetan Prakash Agarwal manage operations
ROAD INFRASTRUCTURE: CARE Cuts Rating on INR1,056.51cr Loan to D
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Road Infrastructure Development Company of Rajasthan Ltd
(RIDCOR), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1,056.51 CARE D Revised from
Facilities CARE BB; Negative
Detailed Rationale & Key Rating Drivers
The revision in the rating of RIDCOR factors in the delay in debt
servicing as reported by one of its lenders for RIDCOR'S term
loan repayment obligation.
Detailed description of the key rating drivers
Key Rating Weaknesses
The company had delayed in its debt servicing obligation which
has been informed by one of its lender as part of our due
diligence process.
Road Infrastructure Development Company of Rajasthan Limited
(RIDCOR) is promoted by ITNL's (promoter via covered warrants
issued by IL&FS (holds 50%)) and GoR(holds 50%). IL&FS and RIDCOR
entered into Partnership & Development Agreement (PDA) for 32
years with GoR in 2005 towards development of 'Mega Highways
Project'. Company has successfully completed Phase- I of the
project comprising seven road stretches aggregating 1,053 km.
Total cost of the project was INR1,650 crore. Similarly, under
Phase II, seven stretches were initially allotted to RIDCOR for
further development. As on December 2016, six stretches (214.5km)
out of the seven road stretches, are operational while the work
on the last stretch of 58 km (Kapren-Barod-Siswali-Mangrol)
stretch has been removed from scope by GoR in November 2014.
RIDCOR has auctioned the toll collection rights of underlying
stretches, to third parties (for a period of 1 year) wherein it
receives the payment from them on a weekly basis.
SAVITRI SWADESHI: CARE Migrates B+ Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Savitri
Swadeshi Bikri Kendra (SSB) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 10.00 CARE B+; Stable; Issuer Not
Facilities Cooperating; Based on best
available Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SSB to monitor the
rating(s) vide e-mail communications/letters dated September 6,
2018, August 21, 2018 and August 9, 2018 and various numerous
phone calls. However, despite our 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 best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating of Savitri Swadeshi Bikri
Kendra' bank facilities will now be denoted as CARE B+; Stable;
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 Savitri Swadeshi
Bikri Kendra (SSBK) continues constrained by its modest scale
of operations with low net worth base and weak financial risk
profile characterized by low profitability margins, leveraged
capital structure and weak debt coverage indicators. The rating
is further constrained by SSB's constitution of the entity
being a proprietorship firm and competitive nature of industry.
The rating, however, draws comfort from experienced management
and association with the established brand "Patanjali", growing
scale of operations and moderate operating cycle.
Detailed description of the key rating drivers
At the time of last rating on June 12, 2017 the following were
the rating weaknesses and strengths
Key rating weakness
Modest though growing scale of operations coupled with low net
worth base: Despite the growth registered on y-o-y basis in last
3 financial years (FY14-FY16 [refers to the period April 01 to
March 31]) the scale of operations marked by total operating
income and gross cash accruals stood modest at INR74.58crore and
INR0.45 crore in FY16. The modest scale limits the company's
financial flexibility in times of stress and deprives it of scale
benefits.
Low profitability margins, leveraged capital structure, stressed
coverage indicators: The profitability margins of the firm marked
by PBILDT margin and PAT margin had remained on the lower side
owing to the trading nature of business at 2.00% and 0.58% in
FY16. The capital structure of the firm stood leveraged for the
past three balance sheet dates (i.e. FY14-FY16) owing to low net
worth base and high dependence on working borrowing borings to
meet its requirements. Furthermore, coverage indicators marked by
interest coverage ratio and total debt to gross cash accruals
stood weak for the past three financial years i.e. FY14-FY16,
owing to low and declining profitability margins.
Highly fragmented nature of industry characterized by intense
competition: The trading industry is a competitive industry
wherein there is a presence of a large number of players in the
unorganized and organized sector. There are a number of small and
regional players catering to the same market which limits the
bargaining power that the company exerts pressure on its margins.
Key Rating Strengths
Experienced management: SSBs overall management is headed by Mrs.
Nutan Sharma; who has an experience of five: years through her
association with the firm. However the firm's operations are
supported by expertise of Mr. Trilok Sharma and Mr. Shyam Sundar
Sharma, both have their expertise in business management and
finance.
Association with established brand: SSB has set up extensive
marketing and distribution network to sell its products and
cover mainly Gurugram, Rewari, Mahendergarh and Nuh. 'Patanjali'
is an established brand among the masses across the country, with
the promoters being instrumental in reviving yoga and Ayurvedic
products at various levels.
Moderate operating cycle: The operating cycle of the Firm stood
moderate at 24 days in FY16 with average inventory holding 34
days in FY16. The Firm allows as well as receives credit period
of around 1-2 months owing to long-standing relationship.
Gurgaon-based (Haryana) SSB was established as a proprietorship
firm in 2012 by Mrs Nutan Sharma. The firm is currently being
managed by Mr. Trilok Sharma and Mr. Shyam Sunder Sharma. SSB has
distributorship of Patanjali Ayurvedic Limited (PAL) and Divya
Pharmacy (DP).
SENTHIL MURUGAN: CRISIL Lowers Rating on INR6cr Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Senthil Murugan Jewellers (SMJ) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects a belief that SMJ's financial risk profile
will remain subdued over the medium term due to weak debt
protection metrics and lower-than-expected cash accrual; revenue
and operating margin dropped to INR26.54 crore and 3.1%,
respectively, in fiscal 2018 from INR32.68 crore and 6.5% in
fiscal 2017 due to intense competition and fluctuations in gold
rates.
The rating also considers SMJ's exposure to risks related to
geographic concentration in revenue. These weaknesses are
partially offset by the experience of the partners in the gold
jewelry retailing segment of Madurai.
Key Rating Drivers & Detailed Description
Weaknesses
* Average financial risk profile: Networth and gearing were
moderate at INR15.74 crore and 0.38 time, respectively, as on
March 31, 2018. Cash accrual and debt protection metrics were
significantly weak due to decline in revenue and intense
competition.
* Geographic concentration in revenue profile and susceptibility
to intense competition: Deriving the entire revenue from a single
showroom in Madurai exposes the firm to risks related to
geographic concentration. In the absence of significant expansion
plans over the medium term, this risk may persist. Also, intense
competition may continue to constrain scalability, pricing power,
and profitability.
Strength
* Experience of partners: Mr. N Pandurangan and his two brothers,
started their flagship gold jewellery retail outlet in 1967 as a
partnership in Madurai; SMJ was later set up in 2007 as a
partnership between Mr. N Pandurangan and his two sons. Benefits
from the partners' experience of over five decades, advantageous
location of the showroom, and established relation with
goldsmiths in the region should continue to support the business.
Outlook: Stable
CRISIL believes SMJ will continue to benefit from the experience
of the partners. The outlook may be revised to 'Positive' if
substantial increase in revenue and profitability strengthens
financial risk profile. Conversely, the outlook may be revised to
'Negative' if significantly low cash accrual or stretched working
capital cycle weakens financial risk profile.
SMJ was set up in 2007 at Madurai as a partnership between Mr. N
Pandurangan and his sons, Mr. P Kamalakannan and Mr. P Srinath.
The firm retails in gold jewellery.
SHAJAN JACOB: CRISIL Reaffirms B+ Rating on INR6.5cr Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Shajan Jacob (SJ).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 6.5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.5 CRISIL B+/Stable (Reaffirmed)
The ratings reflect geographical concentration in revenue and
large working capital requirement. These weaknesses are partially
offset by an extensive experience of promoters in the
construction industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Geographical concentration in revenue: Since entire turnover is
derived from execution of projects for Public Works Department
(PWD), Kerala, the firm remains dependent on regional impetus on
infrastructure development.
* Working capital-intensive operations: Gross current assets
(GCAs) were 232 days as on March 31, 2017, due to large
inventory. Further, GCA days are expected to be in the similar
range in the medium term as well.
Strength
* Extensive Experience of the promoters in the construction
industry: The promoter, Mr. Jacob has been in the construction
industry for over a decade and has gradually built a strong
network with Kerala PWD department, which will help the firm in
sustaining in the competitive construction industry.
Outlook: Stable
CRISIL believes SJ will benefit over the medium term from the
experience of promoter. The outlook may be revised to 'Positive'
in case of higher-than-expected revenue and better working
capital management, while maintaining healthy capital structure.
The outlook may be revised to 'Negative' if delay in completion
of ongoing projects or receipt of payment from customers puts
pressure on liquidity; or in case of larger-than-expected debt
contracted to fund future projects.
Set up as a proprietorship firm in 2005 by Mr. Jacob, SJ
constructs roads and buildings for Kerala PWD.
SHESHRAO WANKHEDE: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni Limited's Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B+ (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR21.40 mil. Bank Loans migrated to non-cooperating category
with IND B+ (ISSUER NOT COOPERATING) rating; and
-- INR200 mil. Fund-based working capital limit migrated to non-
cooperating category with IND B+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 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 1989 and operational since 2004, Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni is a cooperative entity
registered under Cooperative Societies Act of Maharashtra. It
manufactures 100% cotton yarn.
SHIKHAR INTEGRATED: CARE Lowers Rating on INR17cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shikhar Integrated Cold Chain Private Limited (SCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 17.00 CARE D; Issuer Not Cooperating;
Facilities Revised from CARE B; Issuer Not
Cooperating On the basis of best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SCPL to monitor the
rating(s) vide email communications/letters dated September 18,
2018 and numerous phone calls. However, despite our 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 best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating of Shikhar
Integrated Cold Chain 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(s).
The ratings take into account the delays in debt servicing owing
to stressed liquidity position.
Hathras (Uttar Pradesh) based Shikhar Integrated Cold Chain
Private Limited (SCPL) a private limited company was incorporated
in 2012 is promoted by Mr. Mr. Y.P. Singh, Mr. Amlesh Singh and
Mr. Ashish Singh. SICPL is engaged in procurement, cold storage
and distribution of agricultural products such as lemon, ginger,
carrot, pomegranate and apple from its newly set up cold storage
unit. The storage capacity of the unit is 5000 metric tonnes as
on February 2016. The company purchases the fruits and vegetables
directly from the farmers where apples is procured from Himachal
Pradesh & Jammu& Kashmir, pomegranate from Maharashtra(Nasik)
lemon, carrot and ginger from Andhra Pradesh, Uttar Pradesh
(Sikandrabad) and Karnataka respectively. The company sells these
fruits and vegetables to wholesellers in local mandi's of Agra,
Hathras, and Aligarh etc.
SHUBHAM PROPMART: CARE Downgrades Rating on INR9.81cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shubham Propmart Private Limited (SPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.81 CARE D Revised from CARE B;
Facilities Stable
Detailed Rationale and key rating drivers
The revision in the rating takes into consideration delays in
debt servicing. The company witnessed time and cost overrun in
project, further, the company has presence in fragmented and
competitive nature of industry. Going forward, the ability of the
company to achieve projected average room rental and occupancy
levels and improvement in liquidity position shall remain key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Stretched liquidity position and on-going delays in debt
servicing: There are delays in the repayment of interest due on
term loans, the same is settled within 15-20 days. The delays are
due to extension of COD from December, 2017 to September, 2018.
Time and cost overrun in project: There is time overrun and cost
overrun in project. The hotel commenced operations in September,
2018 (COD got extended from December, 2017 due to time overrun).
Further, there is cost overrun from INR14.13 crore (submitted at
the time initial rating) to INR20.08 crore. The same is met
through additional term loan of INR4.5 crore and remaining
through unsecured loans by promoters Highly competitive and
fragmented nature of industry.
The Indian hospitality industry is highly fragmented in nature
with the presence of large number of organized and unorganized
players spread across various regions. Cyclical nature of the
hotel industry and increasing competition from already
established and upcoming hotels due to low entry barriers may
impact the performance of SPPL. Though the demand for hotel rooms
is expected to steadily grow in the medium term on account of
anticipated increased commercial and tourism activity and growth
of the economy, however, presence of many luxury hotels in the
vicinity can exert pressure on occupancy and ARR of the hotel in
the medium-term.
Shubham Propmart Private Limited (SPPL) was incorporated in 2010
and is promoted and managed by Mahesh Baliyan and Pawan Kumar.
SPPL is setting up a 4 star resort in Village Sanawar, Kasauli.
The proposed hotel is being developed on a land parcel of 8315
sq. meters (sqm) and will have 36 rooms (34 executive rooms and 2
suites), banquet hall, conference room, coffee shop, bar &
restaurant and other facilities (which include spa, health club,
swimming pool, steam & sauna, kids play section etc.). The hotel
is proposed to commence commercial operations by December, 2017.
The company has signed a Franchise agreement, in 2012 with Ramada
group for the proposed hotel. The arrangement is for a period of
20 years and renewable on mutually agreement. The proposed hotel
will be branded under the "Ramada Kasauli Sanawar Resort".
Eagle Construction Company and Shubham Construction Company are
the group associates, established in 2007 and 2012 respectively
and are engaged in installation of optical fibers.
SPECTRA CHEMICALS: CRISIL Migrates B Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Spectra
Chemicals (SC) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 1.5 CRISIL B/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Letter of Credit 6.6 CRISIL A4 (ISSUER NOT
COOPERATING; Rating Migrated)
CRISIL has been consistently following up with SC for obtaining
information through letters and emails dated August 24, 2018 and
August 30, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Spectra Chemicals. Which
restricts CRISIL's ability to take a forward looking view on the
entity's credit quality. CRISIL believes information available on
Spectra Chemicals is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB' rating category or lower'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of Spectra Chemicals to 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
SC, setup in 1978 is a proprietorship concern of Mr. Mrugesh
Gandhi. It is based out of Mumbai and is engaged in trading of
chemicals like sulphur, caustic soda, Dimethylformamide (DMF) and
Dimethyl sulfoxide (DMSO) among others.
CRISIL has migrated the rating on bank facilities of Spectra
Chemicals to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.
SRI MANIKANTA: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Sri Manikanta
Industries' 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 action is:
-- INR60 mil. Fund-based working capital limits migrated to Non-
Cooperating Category with IND B (ISSUER NOT COOPERATING) /
IND A4 (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 14, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Sri Manikanta Industries is a partnership firm and is based in
Mahbubnagar, Telangana. It has a 150-tonne-per-day rice mill.
SRI PRASANA: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Prasana
Tex's Long-Term Issuer Rating in the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as
'IND B (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR30 mil. Fund-based working capital limit maintained in
Non-Cooperating Category with IND B (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
August 27, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Sri Prasana Tex, founded by JR Bhubaneshwari and K Vasuki in
2011, is engaged in the trading of yarns and fabrics.
SRI VASUDEVA: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sri Vasudeva
Textiles Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR300 mil. Fund-based facilities maintained in non-
cooperating category with IND BB+ (ISSUER NOT COOPERATING) /
IND A4+ (ISSUER NOT COOPERATING) rating;
-- INR270 mil. Term loans maintained in non-cooperating category
with IND BB+ (ISSUER NOT COOPERATING) rating; and
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 27, 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 1956, Sri Vasudeva Textiles is a cotton and
melange yarn manufacturer. The company has also invested in an
8MW windmill which subsidizes its power bill.
TEKZA CERAMIC: CRISIL Assigns 'B' Rating to INR7cr Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Tekza Ceramic LLP (TCL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 7 CRISIL B/Stable (Assigned)
Proposed Long Term
Bank Loan Facility 0.05 CRISIL B/Stable (Assigned)
Bank Guarantee 1.95 CRISIL A4 (Assigned)
Cash Credit 3.00 CRISIL B/Stable (Assigned)
The rating reflects nascent stage of operations and below average
financial risk profile marked by leveraged capital structure and
modest networth. These weakness are partially offset by
established track record of promoter in ceramic industry and
strategic location of plant ensuring availability of raw
materials and labour.
Key Rating Drivers & Detailed Description
Weakness
* Nascent stage of operation: The company is in its nascent stage
of operations as it will start its operations from December 2018.
CRISIL believes that the firm's business risk profile will remain
constrained on account of nascent stage and modest scale of
operations.
* Leveraged capital structure and modest networth: Networth is
estimated to be modest at INR4.20 cr as on March 31, 2019, due to
modest scale of operations and low accretion. The leveraged
capital structure is marked by estimated gearing at ratio of 3.23
times as on March 31, 2019 on account of reliance on external
debt.
Strengths
* Established track record of promoter in ceramic industry:
Benefits from the promoters' experience of around 25 years have
helped to establish strong relationships with its suppliers and
customers.
* Strategic location of plant ensuring availability of raw
materials and labour: TCL's manufacturing facility is located
Wankaner (Gujarat), near Morbi which accounts for around 80 per
cent of India's ceramic tile production. TCL is expected to
derive significant benefits from being present near Morbi; these
include easy access to clay (main raw material), availability of
contractors and skilled labourers, strong customer base and
community support.
Outlook: Stable
CRISIL believes that TCL will benefit from its promoters'
extensive industry experience and their funding support. The
outlook may be revised to 'Positive' in case the company reports
higher revenue growth while maintain its profitability, leading
to better cash accruals. Conversely, the outlook may be revised
to 'Negative' in case the company's financial risk profile,
particularly capital structure and liquidity, weakens
considerably due to lower than expected sales or lower profitably
leading to lower cash accruals or stretch in working capital
cycle leading to weaken its liquidity.
TCL, incorporated in 2018, is engaged in manufacturing of parking
tiles with capacity of 47450 TPA. It is based in Wankaner,
Gujarat. It will commence its operation in December 2018. TCL is
promoted by Mr. Lalit Bhai and his family members.
VEDA BIOFUEL: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Veda Biofuel
Limited's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR773 mil. Long-term loans maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 24, 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 2010, Veda Biofuel manufactures extra neutral
alcohol/ethanol/industrial alcohol, with carbon dioxide and
cattle feed as by-products and generate power from its 3MW
captive power plant. It operates a plant in the Nadipalli
village, Pusapatirega Mandal, Vizianagaram District, Andhra
Pradesh.
VIDYASAGAR HIMGHAR: CRISIL Reaffirms B+ Rating on INR13.43cr Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Vidyasagar Himghar Private Limited (VHPL) at 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.4 CRISIL A4 (Reaffirmed)
Cash Credit 13.43 CRISIL B+/Stable (Reaffirmed)
Term Loan 3.17 CRISIL B+/Stable (Reaffirmed)
Working Capital
Facility 2.00 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect a weak financial risk profile and
exposure to risks relating to changes in regulations and intense
competition in the cold storage industry in West Bengal (WB).
These weaknesses are partially offset by the extensive industry
experience of the promoters.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to changes in regulations and intense
competition: The potato cold storage industry in WB is regulated
by the West Bengal Cold Storage Association, with rental rates
being fixed by the Department of Agricultural Marketing, WB. The
fixed rental will continue to limit players' ability to earn
profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilisation of storage capacity, especially given the intense
competition, will also constrain profitability.
* Weak financial risk profile: The networth remained modest,
estimated at INR6.17 crore as on March 31, 2018, despite marginal
improvement in recent years on account of accretion to reserve.
The gearing was high, estimated at 2.31 times, on account of
loans extended to farmers, especially around the fiscal end.
Debt protection metrics were low, with interest coverage and net
cash accrual to total debt ratios at 1.13 times and 0.08 time,
respectively, in fiscal 2018.
Strengths
* Extensive industry experience of the promoters: The promoters
have been engaged in the cold storage business since 1997. They
also have experience in potato trading through a group entity.
They have thus developed a healthy relationship with traders and
farmers, and a good market understanding. This has helped ensure
significant utilisation of storage capacity.
Outlook: Stable
CRISIL believes VHPL will continue to benefit from the extensive
industry experience of the promoters. The outlook may be revised
to 'Positive' in case of efficient management of farmer credit
financing, a significant scale-up of operations, and improvement
in profitability. The outlook may be revised to 'Negative' in
case of pressure on liquidity because of delays in repayment by
farmers, low cash accrual, or large, debt-funded capital
expenditure.
Incorporated in 1997, VHPL provides cold storage facilities to
potato farmers and traders. The company is owned by the West
Bengal-based Ghosh family. It currently has two cold storages,
one each in Paschim Medinipur and Hooghly.
=================
I N D O N E S I A
=================
MODERNLAND REALTY: S&P Alters Outlook to Stable & Affirms 'B' ICR
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on PT Modernland Realty
Tbk. (Modernland) to stable from negative. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the Indonesia-
based property developer and the 'B' long-term issue rating on
the company's guaranteed U.S. dollar-denominated senior unsecured
notes.
S&P said, "We revised the outlook on Modernland because we
believe the company's liquidity risk has substantially reduced
with the issuance of US$150 million of senior unsecured notes in
September 2018. Modernland will use the notes proceeds to
refinance its US$58 million senior unsecured notes due in August
2019 and an Indonesian rupiah (IDR) 450 billion domestic bank
loan due in June 2019. Post the refinancing, the company will not
have any material debt maturities until 2021.
"We expect Modernland to maintain its financial position over the
next 12 months, although with limited headroom for further debt-
funded expansion. The company's all-in cost of bond issuance will
lower its interest cost because the proceeds will be used to
refinance expensive domestic debt. Modernland's net increase in
debt of about US$40 million post the notes issuance and its
likely weaker operating performance over the period will offset
the benefits of lower interest expense, in our view."
Modernland, like most other Indonesian property companies,
remains exposed to the soft property market in Indonesia. S&P
forecasts the company's EBITDA interest coverage to be about 2.0x
over the next two years, compared with 2.3x in 2017.
S&P said, "We believe Modernland will remain exposed to lumpy
land sales over the next 12 months. More than half of the
company's revenue will be derived from land sales, which could
result in volatile operating performance. However, we believe
Modernland's fundamental business is on track. The company
achieved IDR1.9 trillion attributable property sales in the first
half of 2018, which is 60% of our full-year expectation of IDR3.2
trillion. The company's project in Cikande is progressing slowly;
it achieved only 15% of its full year target in the first half of
2018. However, we expect the project to pick up in the second
half following the launch of halal industrial space in late July.
We forecast property sales from Cikande to be IDR700 billion in
2018.
"We affirmed the rating because we expect Modernland to maintain
its good market position in Jakarta. The company has built a
brand name in the city through projects such as Kota Modern,
Modern Hill, and Jakarta Garden City. As of June 30, 2018,
Modernland has a sizable low-cost land bank of 1,250 hectares,
which is sufficient for at least 10 years' development. The
affirmation also reflects our view that the company will remain
effective at hedging for its outstanding U.S. dollar notes.
"The stable outlook reflects our expectation that Modernland will
maintain steady property sales and margins over the next 12
months. We expect the company's EBITDA interest coverage to
remain at 2.0x, leaving no buffer for further increase in debt.
"We may lower the rating if Modernland's debt-funded expansion is
larger than we expect or if the company's property sales are
substantially below our expectations over the next two years. A
downgrade trigger could be EBITDA interest coverage substantially
below 2.0x for a prolonged period.
"We could also lower the rating if the company does not have
effective hedging in place to cover for depreciation of the
rupiah.
"The rating upside is limited in the next 12 months because we
expect Modernland to continue its debt-funded land acquisitions.
However, we may raise the rating if the company expands its
scale, establishes a record of consistent operational performance
and disciplined financial management, with EBITDA interest
coverage above 4.0x on a sustainable basis."
====================
N E W Z E A L A N D
====================
MAINZEAL: Creditors Could Have Been $40MM Better Off, Court Hears
-----------------------------------------------------------------
John Anthony of Stuff.co.nz reports that Mainzeal creditors would
have been NZ$40 million better off if the construction company
had been put into receivership two years before it eventually
was, a court has heard.
Mainzeal Property and Construction (MPC) was one of New Zealand's
largest construction firms before it was put into liquidation in
February 2013 with debts in excess of NZ$117 million.
Its former directors, which include former prime minister Jenny
Shipley, are now defending allegations of reckless trading in a
case before Justice Francis Cooke at the High Court in Auckland.
Plaintiffs for Mainzeal's liquidators are suing former directors
for NZ$75 million for allegedly breaching statutory duties by
continuing to trade while insolvent.
In particular, it is alleged directors breached their duties by
failing to put Mainzeal into liquidation in early 2011.
The defendants say they have not breached their duties and there
is no liability
They argue that Mainzeal and its stakeholders would likely have
suffered greater loss if the liquidation happened in 2011.
The trial, which has been set down for eight weeks, is into its
third week of proceedings, Stuff notes.
Stuff says four of the nine plaintiff witnesses have been called
to give evidence. Jenny Shipley is one of the 12 defendant
witnesses yet to be called.
Stuff relates that in giving evidence on Oct. 1 morning forensic
accountant William Apps, who was engaged by the liquidators to
assess the losses, said Mainzeal was insolvent in early 2011 and
should have ceased trading by July that year.
Had it of done so creditors would have been NZ$40 million better
off than when it was actually put into receivership in 2013, the
report relays.
Instead MPC continued trading and taking on new projects and
creditors and raked up NZ$75 million in new debt to creditors, it
is alleged, according to Stuff.
Stuff adds that Mr. Apps said MPC had a history of failing to
achieve forecast revenue and profitability between 2006 and 2012.
"MPC had a history of significant underachievement," Stuff quotes
Mr. Apps as saying.
The defendants argue that the company was in fact NZ$10 million
better off by continuing trading beyond 2011, Stuff relays.
RIOT FOODS: Paleo Food Business Needs NZ$1 million to Survive
-------------------------------------------------------------
Stuff.co.nz reports that ex-Bachelor Art Green's paleo food
company Riot Foods is reportedly in financial trouble just over a
year after its co-founder, former Blackcap Mitchell McClenaghan,
walked away from the business.
According to Stuff, Riot Foods co-founder Ryan Kamins informed
its shareholders in a letter that it needed to raise NZ$1 million
in two weeks, or sell the business, following "significant
challenges" with its factory after damage to the facility caused
it to miss production deadlines, the company claimed.
"The damage caused in a recent incident at one of our
manufacturing sites resulted in damage to our machinery. This has
had a significant impact on the production of our products and in
turn, has affected our sales in Australia and New Zealand," Stuff
quotes Mr. Kamins as saying.
Riot Foods, which owns the Clean Paleo brand, was founded by
Messrs. Green, McClenaghan and Kamins and owned by the trio
between 2013 and 2017.
But Companies Office records show Mr. McClenaghan sold out of the
business in August 2017, and he ceased acting as a director for
the company in October 2016, Stuff notes.
Riot Foods claims to supply over 250 major supermarkets,
producing "from our own gluten free manufacturing facility" and
exports to the USA, Australia, and Singapore.
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF LUNA: Creditors' Claims Deadline Set for Nov. 13
--------------------------------------------------------------
All creditors of the closed Rural Bank of Luna (Apayao), Inc.
have until November 13, 2018 to file their claims against the
assets of the closed bank either personally or by mail. Creditors
refer to any individual or entity with a valid claim against the
assets of the closed Rural Bank of Luna and include depositors
whose deposits exceed the maximum deposit insurance coverage
(MDIC) of PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims personally at the PDIC Public Assistance Center located at
the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Claims
may also be filed through mail addressed to the PDIC Public
Assistance Department, 6th Floor, SSS Bldg., 6782 Ayala Avenue
corner V.A. Rufino St., Makati City. Claims filed by mail must
have a postmark dated not later than November 13, 2018. The
prescribed Claim Form against the assets of the closed bank may
be downloaded from the PDIC website, www.pdic.gov.ph.
Claims filed after November 13, 2018 shall be disallowed. PDIC,
as Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim.
In addition, PDIC said that depositors with account balances of
more than the maximum deposit insurance coverage (MDIC) of
PHP500,000 who have already filed claims for the insured portion
of their deposits are deemed to have filed their claims for the
uninsured portion or the amount in excess of the MDIC.
PDIC, as Receiver of closed banks, requires personal data from
creditors to be able to process their claims and protects these
data in compliance with the Data Privacy Act of 2012.
Rural Bank of Luna was ordered closed by the Monetary Board (MB)
of the Bangko Sentral ng Pilipinas on August 16, 2018 and PDIC,
as the designated Receiver, was directed by the MB to proceed
with the takeover and liquidation of the closed bank in
accordance with Section 12(a) of Republic Act No. 3591, as
amended. The bank's Head Office is located in San Isidro Sur,
Luna, Apayao. Its four branches are Abulug, Alcala, Allacapan and
Buguey, all in Cagayan, Cagayan Valley.
All requests and inquiries relating to Rural Bank of Luna shall
be addressed to the PDIC Public Assistance Department through
mail at the 6th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A.
Rufino St., Makati City, or through telephone numbers (02) 841-
4630 or 841-4631. Depositors and creditors outside Metro Manila
may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342).
Walk-in clients may also visit the PDIC Public Assistance Center
at the 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Inquiries
may also be sent as private message at Facebook through
www.facebook.com/OfficialPDIC.
=================
S I N G A P O R E
=================
SYNAGIE CORP: Posts SGD3.4MM Net Loss for 1H Ended June 30
----------------------------------------------------------
The Strait Times reports that Synagie Corporation has sunk deeper
into the red, posting a net loss of SGD3.4 million for the half
year ended June 30, 2018, from a net loss of SGD1.2 million in
the year ago period.
The Strait Times relates that the start-up, whose clients operate
mostly in the body, beauty and baby sector, attributed the loss
to increased administrative expenses and one-off expenses like
its initial public offering expenses and professional fees
related to the acquisition of its insurtech business - 1Care
Global - which weighed on its bottom line.
Therefore, loss per share deepened to 1.31 cents, from a loss per
share of 0.44 cent in the year-ago period, notes the report.
Had the one-off expenses been excluded, net loss for H1 2018
would have been SGD1.7 million, the report says.
According to the report, revenue for Synagie, which listed on the
Singapore Exchange's (SGX) Catalist board on Aug 8, more than
doubled from SGD3 million for the half year ended June 30, 2017
to SGD6.9 million for H1 2018.
The rise in revenue was due to an increase in online sales
volume, an increase in the number Synagie's brand partners and
new revenue contribution from the insurtech business, the group
said in an SGX filing late on Sept. 12, The Strait Times relays.
Net asset value per share stood at one Singapore cent as at June
30, compared to 0.06 Singapore cent as at Dec 31, 2017.
"We continue to see strong revenue growth in H1 2018. Our recent
initial public offering allows us to fast-track our growth plans
and capitalise on the exponential growth of the e-commerce market
in South-east Asia. We will continue to bring in new brand
partners, both multinational corporations and increasingly, more
small and medium enterprises," the report quotes Said Clement
Lee, executive director and chief executive officer of Synagie,
as saying.
Synagie Corporation Ltd operates as an e-commerce company. The
Company offers solutions to businesses for selling online and
offline for consumer goods, as well as real-time big data
analytics and artificial intelligence services. Synagie also
offers cloud platform helps to manage clients orders, inventory,
vendors, and customers. Synagie serves customers in Southeast
Asia.
================
S R I L A N K A
================
NATIONAL SAVINGS: Fitch Affirms 'B+' IDR; Outlook Stable
--------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) of the following Sri Lanka-based banks:
- National Savings Bank (NSB) at 'B+'; Outlook Stable
- Bank of Ceylon (BOC) at 'B+'; Outlook Stable
- DFCC Bank PLC at 'B+'; Outlook Stable
Fitch has also affirmed the National Long-Term Ratings of the
following banks:
- NSB at 'AAA(lka)'; Outlook Stable
- BOC at 'AA+(lka)'; Outlook Stable
- DFCC at 'AA-(lka)'; Outlook Stable
- People's Bank (Sri Lanka) at 'AA+(lka)'; Outlook Stable
- Commercial Bank of Ceylon PLC (CB) at 'AA(lka)'; Outlook
Stable
- Hatton National Bank PLC (HNB) at 'AA-(lka)'; Outlook Stable
- National Development Bank PLC (NDB) at 'A+(lka); Outlook
Stable
- Sampath Bank PLC at 'A+(lka)'; Outlook Stable
- Seylan Bank PLC at 'A-(lka)'; Outlook Stable
The rating action follows Fitch's periodic review of the large
bank peer group.
KEY RATING DRIVERS
IDRS, NATIONAL RATINGS AND SENIOR DEBT
Fitch maintains the negative outlook for the banking sector as
operating conditions continue to be difficult against a
challenging macroeconomic backdrop, which Fitch expects to
continue to pressure bank performance in the short to medium
term.
Non-performing loans (NPLs) continued to rise in 1H18 in the
aftermath of strong credit growth as indicated by Fitch's Macro
Prudential Indicator of 2 for Sri Lanka. There has also been an
increase in rescheduled loans across Fitch-rated banks,
indicating that pressure on asset quality is likely to extend
into 2019.
Sri Lankan banks have been raising capital to meet Basel III
regulations that come into effect in full on January 1, 2019. The
impact on banks' regulatory capital ratios from the adoption of
Sri Lanka Financial Reporting Standards (SLFRS) 9 in 2018 is
expected to be modest.
Banks' credit profiles should remain broadly intact, supported by
improved capital buffers, although macroeconomic risks will
continue to dampen performance, especially on the credit quality
front. There could be modest pressure on the ratings of some
banks if they fail to maintain sufficient loss-absorption
buffers.
Banks with Long-Term Ratings Driven by Sovereign Support
The IDRs and National Long-Term Ratings of NSB and BOC and the
National Long-Term Rating of People's Bank reflect Fitch's
expectation of extraordinary support from the sovereign
(B+/Stable).
Fitch believes state support for NSB stems from its policy
mandate of mobilising retail savings and investing them in
government securities. The NSB Act contains an explicit deposit
guarantee and Fitch is of the view that the authorities would
support, in case of need, the bank's depositors and its senior
unsecured creditors to maintain confidence and systemic
stability. Fitch has not assigned a Viability Rating to NSB as it
is a policy bank.
Fitch expects support for BOC and People's Bank to stem from
their high systemic importance, quasi-sovereign status, role as
key lenders to the government and full state-ownership.
BOC's Viability Rating reflects its thin capitalisation that is
counterbalanced by a stronger domestic funding franchise compared
with the majority of sector peers. Fitch considers state support
as BOC's primary rating driver, even though its Viability Rating
is at the same level as its Support Rating Floor.
The US dollar senior unsecured notes issued by NSB are rated at
the same level as the bank's Long-Term Foreign-Currency IDR, as
the notes rank equally with other senior unsecured obligations.
The notes have a Recovery Rating of 'RR4'.
The Long-Term Rating and the Recovery Rating assigned to BOC's US
dollar senior unsecured notes have been withdrawn following the
maturity of the notes in April 2018.
Banks with Long-Term Ratings Driven by Intrinsic Strength
The National Long-Term Rating of CB reflects its strong domestic
franchise, stable earnings performance and generally stable
funding and liquidity profile.
CB's loan mix has not changed significantly despite rapid loan
expansion of 21% a year on average since 2015, which exceeded the
sector's 18% pace. The bank's asset quality is likely to remain
under pressure, following an increase in gross NPL ratio to 2.4%
at end-June 2018 from 1.9% at end-2017. Loan loss
allowances/gross loans increased to 2.6% from 2.4% over the same
period.
CB's LKR10 billion rights issue helped raise its Basel III Tier 1
capital ratio to 12.1% by end-2017. CB's profitability, measured
by return on average assets (ROAA), has been fairly stable in the
recent four years, although higher impairment charges due to weak
asset quality and SLFRS 9 could be a dampener.
CB has an established deposit franchise with current and savings
accounts (CASA) making up 38.5% of total deposits at end-June
2018. CB's loans/deposits ratio has been rising (end-June
2018:90.8%; end-2014: 80.1%) on strong loan growth but remains
largely comparable to peers.
Fitch expects CB to continue to expand its non-domestic
operations beyond Bangladesh after it set up operations in the
Maldives and Myanmar recently. With the overseas business likely
to remain small, Fitch believes the bank's credit profile would
remain primarily linked to the Sri Lankan operating environment.
HNB's rating reflects its strong domestic franchise as the
fourth-largest commercial bank in Sri Lanka, its improved
capitalisation following an equity infusion and its better-than-
average financial profile despite the deterioration in asset
quality. This is, however, counterbalanced by a high risk
appetite.
HNB's high risk appetite stems from strong balance sheet
expansion in the past that has put pressure on the bank's
liquidity buffers with loans/deposits ratio staying high at 96%
at end-June 2018.
HNB's NPL ratio deteriorated to 2.9% in 1H18 (end-2017: 2.3%)
after non-payment on one large loan facility (0.5% of gross
loans) in 2017. HNB wrote off LKR3 billion of NPLs (0.5% of gross
loans) in 4Q17, which explains the quarterly decline in NPL ratio
to 2.3% from 2.6% at end-3Q17. Fitch expects asset-quality
pressure to persist in the short to medium term.
DFCC's Viability Rating and National Long-Term Rating capture its
developing commercial banking franchise, relatively weak asset
quality and earnings, and its expectation that DFCC would
maintain higher capital buffers than similarly rated peers.
DFCC's Fitch Core Capital ratio remains one of the highest among
its larger peers, although it has declined due to strong loan
growth and substantial mark-to-market losses for its stake in CB.
Fitch expects the bank to shore up its capital buffers in the
medium term.
Fitch expects DFCC's asset quality to remain under pressure in
the short to medium term with incremental risks stemming from its
rapidly expanding commercial loans.
DFCC's ROAA has been volatile in recent years, particularly since
the merger with DFCC Vardhana Bank PLC. The bank's ROAA was over
2% prior to the merger, but declined to a little over 1% in
recent three years despite a one-off gain from the sale of shares
in CB in 2017 and in Nations Trust Bank PLC in the financial year
ended March 2015. DFCC's earnings are also dependent on the
dividend income from CB, which accounts for 13%-16% of net
profit.
DFCC's US dollar senior unsecured notes are rated at the same
level as its Long-Term Foreign-Currency IDR. The notes have a
Recovery Rating of 'RR4'.
Sampath's rating incorporates its evolving franchise, high risk
appetite and improving, but lower-than-peers' capitalisation.
Fitch expects Sampath to maintain adequate buffers above the
Basel III minimum regulatory requirements. Its Tier 1 ratio
improved to 12% in end-June 2018 after it raised LKR12.5 billion
in April 2018 and LKR7.6 billion in December 2017 via rights
issues, and retained 2017 profit of LKR12.7 billion by issuing a
scrip dividend.
Sampath's high risk appetite is evident as its loans have
expanded faster than the sector average, and its higher loan
concentration in the consumer/retail and SME/mid-sized corporate
segments. Fitch expects the growth to remain strong in the medium
term despite strong loan growth of 24% in 2017 and 10% in the six
months to end-June 2018.
Sampath's reported gross NPL ratio increased to 3.0% at end-June
2018 from 1.6% at end-2017. Asset quality pressure may persist
due to the bank's exposure to the more susceptible customer
segments.
NDB's National Long-Term Rating reflects its developing
franchise, satisfactory asset quality and declining
capitalisation. NDB's Tier 1 ratio fell to 9.8% at end-June 2018
due to strong loan expansion and is likely to continue to slide
given the bank's growth aspirations. The bank could face greater
capital pressures as its asset base approaches the LKR500 billion
mark (end-June 2018: LKR421.9 billion), which will require the
bank to comply with an additional regulatory capital buffer of
1.5% imposed on domestic systemically important banks (D-SIBs).
For now, the announced LKR6.2 billion rights issue, which is due
by the year's end, should help it meet the Basel III minimum
regulatory capital requirements.
NDB is increasing exposure to the retail and SME segments which,
alongside greater focus on rupee-based lending, should drive net
interest margin higher, but potential upside is likely to be
constrained by the bank's weak deposit franchise. Higher exposure
to retail and SME customers, which are more vulnerable to
economic changes, could pressure asset quality, especially since
loan growth has been rapid in recent years.
Seylan's National Long-Term Rating reflects its modest franchise
and weaker-than-peers asset quality. The bank's reported NPL
ratio increased to 5.5% at end-June 2018, from 4.4% at end-2017.
It also has low allowance coverage.
Fitch expects Seylan to become a D-SIB by mid-2019 once its
assets reach LKR500 billion. Seylan may need to raise new capital
as internal capital generation is not likely to be sufficient for
the bank to meet the higher capital requirements after it crosses
that mark.
The Sri Lanka rupee-denominated senior debt of HNB, DFCC and
Seylan is rated at the same level as their National Long-Term
Ratings as the debentures rank equally with other senior
unsecured obligations.
SUPPORT RATING AND SUPPORT RATING FLOOR
The Support Ratings and Support Rating Floors of NSB and BOC
reflect the state's ability and propensity to provide support to
the banks given their high importance to the state and high
systemic importance.
The Support Rating and Support Rating Floor of privately owned
DFCC reflect its relatively lower systemic importance, in Fitch's
view.
SUBORDINATED DEBT
The old-style Basel II Sri Lanka rupee-denominated subordinated
debt of BOC, CB, HNB, DFCC, NDB, Sampath and Seylan and the Basel
III compliant Tier 2 Sri Lanka rupee-denominated subordinated
debt of BOC, Sampath, Seylan, DFCC and CB are rated one notch
below their National Long-Term Ratings to reflect the
subordination to senior unsecured creditors. The Basel III
compliant debentures include a non-viability trigger upon the
occurrence of a trigger event, as determined by the Monetary
Board of Sri Lanka.
RATING SENSITIVITIES
IDRS, NATIONAL RATINGS AND SENIOR DEBT RATINGS
Banks with Long-Term Ratings Driven by Sovereign Support
Any change in Sri Lanka's sovereign rating or the perception of
state support to NSB, BOC, and People's Bank could result in a
change in their IDRs and National Ratings.
A reduced expectation of state support through, for instance, the
removal of preferential support extended to NSB or a substantial
change in its policy role or deviation from mandated core
activities, indicating its reduced importance to the government,
could result in a downgrade of NSB's ratings. However, this is
not its base case scenario.
A downgrade of BOC's IDRs and National Long-Term Rating would
most likely result from the sovereign's weakened ability to
support the bank, manifested through a lower sovereign rating.
BOC's Viability Rating may come under pressure if there is a
continued decline in capitalisation through a surge in lending or
high dividends. Further deterioration in the operating
environment, leading to deterioration of BOC's key credit
metrics, could trigger a negative rating action.
NSB's senior debt rating is sensitive to changes in the bank's
Long-Term IDRs. The Recovery Rating on the bank's notes is
sensitive to Fitch's assessment of potential recoveries for
creditors in case of default or non-performance.
Banks with Long-Term Ratings Driven by Intrinsic Strength
Enhanced loss-absorption buffers could be positive for CB's
National Long-Term Rating. The bank's rating could be downgraded
on weakened loss-absorption buffers.
An upgrade of HNB's National Long-Term Rating is contingent on
the bank sustaining improvement in its financial profile,
particularly in its funding, and moderating its risk appetite. A
rating downgrade could result from a significant increase in
risk-taking and operating environment-related risks that could
materially weaken capital buffers.
Capitalisation is an important driver on DFCC's Viability Rating.
An inability to replenish its capital buffers to a level that is
commensurate with its risk profile could pressure the bank's IDRs
and National Long-Term Rating. Fitch sees limited upside for the
bank's ratings due to its weak franchise.
The ratings on DFCC's notes are expected to move in tandem with
changes to its IDRs. The Recovery Rating is sensitive to Fitch's
assessment of potential recoveries for creditors in case of
default or non-performance.
Failure to maintain capital buffers commensurate with its risk
profile could put pressure on Sampath's rating. Conversely,
Sampath's ratings could be upgraded if the bank significantly
strengthens its capitalisation and at the same time restrains its
growth trajectory.
NDB's National Long-Term Rating could be downgraded if the bank
cannot sustain its capitalisation at a level commensurate with
its risk profile. A significant improvement in its capital
buffers along with a moderation in its risk appetite could be a
rating positive, although Fitch does not expect this to happen in
the medium term.
A downgrade of Seylan's National Long-Term Rating could come from
a reassessment of state support and a significant deterioration
in its credit profile. An upgrade of Seylan's rating would be
contingent on improvements in its standalone profile through
better asset quality and a financial profile similar to higher-
rated peers.
The banks' senior debt and subordinated debt ratings will move in
tandem with the banks' National Long-Term Ratings.
SUPPORT RATING AND SUPPORT RATING FLOOR
Lower propensity of the state to support systemically important
banks could result in a downgrade in the banks' Support Ratings
and Support Rating Floors, but Fitch sees this to be unlikely in
the medium term. A change in the sovereign rating could also
change the banks' Support Ratings and Support Rating Floors.
The rating actions are as follows:
National Savings Bank:
Long-Term Foreign-Currency IDR affirmed at 'B+'; Stable Outlook
Long-Term Local Currency IDR affirmed at 'B+'; Stable Outlook
Short-Term Foreign-Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'AAA(lka)'; Stable Outlook
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'
US dollar senior unsecured notes affirmed at 'B+'; Recovery
Rating at 'RR4'
Bank of Ceylon:
Long-Term Foreign-Currency IDR affirmed at 'B+'; Stable Outlook
Long-Term Local-Currency IDR affirmed at 'B+'; Stable Outlook
Short-Term Foreign-Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'AA+(lka)'; Stable Outlook
Viability Rating affirmed at 'b+'
Support Rating affirmed at '4'
Support Rating Floor affirmed at 'B+'
Basel II compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'AA(lka)'
Proposed Basel III compliant Sri Lanka rupee-denominated
subordinated debentures affirmed at 'AA(lka)'
DFCC Bank PLC:
Long-Term Foreign-Currency IDR affirmed at 'B+'; Stable Outlook
Long-Term Local-Currency IDR affirmed at 'B+'; Stable Outlook
Short-Term Foreign-Currency IDR affirmed at 'B'
National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook
Viability Rating affirmed at 'b+'
Support Rating affirmed at '5'
Support Rating Floor affirmed at 'B-'
US dollar senior unsecured notes affirmed at 'B+'; Recovery
Rating at 'RR4'
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Basel II compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'A+(lka)'
Basel III compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'A+(lka)'
People's Bank (Sri Lanka):
National Long-Term Rating affirmed at 'AA+(lka)'; Outlook Stable
Commercial Bank of Ceylon PLC:
National Long-Term Rating affirmed at 'AA(lka)'; Stable Outlook
Basel II compliant outstanding subordinated debentures affirmed
at 'AA-(lka)'
Basel III compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'AA-(lka)'
Hatton National Bank PLC:
National Long-Term Rating affirmed at 'AA-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'AA-(lka)'
Basel II compliant outstanding subordinated debentures affirmed
at 'A+(lka)'
National Development Bank PLC:
National Long-Term Rating affirmed at 'A+(lka)'; Stable Outlook
Basel II compliant subordinated debentures affirmed at 'A(lka)'
Sampath Bank PLC:
National Long-Term Rating affirmed at 'A+(lka)'; Stable Outlook
Basel II compliant outstanding subordinated debentures affirmed
at 'A(lka)'
Basel III compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'A(lka)'
Seylan Bank PLC:
National Long-Term Rating affirmed at 'A-(lka)'; Stable Outlook
Sri Lanka rupee-denominated senior unsecured debentures affirmed
at 'A-(lka)'
Basel II compliant subordinated debentures affirmed at
'BBB+(lka)'
Basel III compliant Sri Lanka rupee-denominated subordinated
debentures affirmed at 'BBB+(lka)'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Sept. 24 to Sept. 28 2018
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.36
BOART LONGYEAR MANAGEMENT 1.50 12/31/22 USD 35.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 1.01
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 0.39
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
QUINTIS LTD 8.75 08/01/23 USD 72.02
TREASURY CORP OF VICTORIA 0.50 11/12/30 AUD 74.36
CHINA
-----
AKESU XINCHENG ASSET INVE 7.50 10/10/18 CNY 25.01
ALAER XINXIN STATE-OWNED 6.80 06/16/22 CNY 71.13
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.51
ALXA ZUOQI URBAN CONSTRUC 8.60 04/28/21 CNY 62.52
ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 60.18
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 60.19
ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 61.80
ANHUI SHENGYUN ENVIRONMEN 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.40
ANJI COUNTY ASSET OPERATI 8.30 04/24/21 CNY 61.69
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 40.89
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING ECONOMIC&TECHNOLOG 6.00 06/18/20 CNY 40.95
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.80
ANQING URBAN CONSTRUCTION 6.76 12/31/19 CNY 40.91
ANSHUN STATE-RUN ASSETS M 6.98 01/10/20 CNY 40.04
ANYANG INVESTMENT GROUP C 8.00 04/17/19 CNY 20.37
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.01
BAIYIN CITY DEVELOPMENT I 6.78 07/19/20 CNY 39.62
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 40.19
BAOJI INVESTMENT GROUP CO 7.14 12/26/18 CNY 25.22
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOJI NEW HI TECH INDUSTR 8.25 04/21/21 CNY 62.50
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASSET 7.30 12/10/19 CNY 40.76
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 40.32
BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 62.87
BAYANNUR LINHE DISTRICT U 7.90 11/13/20 CNY 60.58
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 61.36
BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 40.34
BEIJING CAPITAL DEVELOPME 5.95 05/29/19 CNY 20.27
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.51
BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 61.53
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.77
BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 61.93
BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 62.26
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.16
BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 40.26
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.17
BEIJING CONSTRUCTION ENGI 5.95 07/05/19 CNY 20.25
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.35
BEIJING FUTURE SCIENCE PA 6.28 09/22/19 CNY 50.64
BEIJING GUCAI GROUP CO LT 8.28 12/15/18 CNY 40.28
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.16
BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 60.17
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.25
BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 40.67
BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 60.75
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 60.70
BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 61.82
BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 61.69
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 60.90
BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 61.25
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.05
BEIJING XINGZHAN INVESTME 6.48 08/31/19 CNY 40.44
BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 61.99
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.94
BENGBU URBAN INVESTMENT H 6.30 09/11/20 CNY 60.98
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 61.99
BENGHU HI NEW TECH INVEST 8.70 04/17/21 CNY 63.05
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 53.14
BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 61.67
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.60
BIJIE XINTAI INVESTMENT C 7.15 08/20/19 CNY 40.61
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.37
BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 61.39
BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 40.08
C&D REAL ESTATE CORP LTD 6.15 04/03/20 CNY 40.65
CANGZHOU CONSTRUCTION & I 6.72 01/23/20 CNY 40.41
CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 59.70
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.36
CHANGDE ECONOMIC DEVELOPM 7.19 09/12/19 CNY 40.54
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.21
CHANGDE ECONOMIC DEVELOPM 7.00 03/24/21 CNY 62.25
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.50
CHANGDE URBAN CONSTRUCTIO 6.50 02/25/20 CNY 40.52
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED A 6.00 06/03/19 CNY 25.36
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.25
CHANGRUN INVESTMENT & GRO 6.88 09/16/20 CNY 60.42
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.38
CHANGSHA CITY CONSTRUCTIO 6.95 04/24/19 CNY 20.41
CHANGSHA COUNTY XINGCHENG 8.35 04/06/19 CNY 20.47
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.16
CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 74.43
CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 62.82
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.69
CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 72.73
CHANGSHA PILOT INVESTMENT 6.70 12/10/19 CNY 40.59
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 61.01
CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 62.02
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.15
CHANGSHU BINJIANG URBAN C 6.85 04/27/19 CNY 20.16
CHANGSHU CITY OPERATION I 8.00 01/16/19 CNY 20.17
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.00
CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 40.36
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 61.57
CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 62.58
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 60.51
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.66
CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 61.88
CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.00
CHANGXING URBAN CONSTRUCT 6.80 11/30/19 CNY 40.71
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.09
CHANGYI ECONOMIC AND DEVE 7.35 10/30/20 CNY 55.26
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.44
CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 40.45
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.21
CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 62.53
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.50
CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 40.59
CHANGZHOU JINTAN DISTRICT 8.30 03/14/19 CNY 20.16
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 40.09
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 61.60
CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.16
CHAOHU URBAN TOWN CONSTRU 7.00 12/24/19 CNY 40.44
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET IN 7.25 10/21/20 CNY 61.92
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.58
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 40.59
CHENGDU ECONOMIC&TECHNOLO 6.55 07/17/19 CNY 20.27
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTMEN 6.28 11/20/19 CNY 40.46
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 51.57
CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 55.00
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 60.67
CHENGDU LONGQUANYI STATE 6.90 05/30/21 CNY 61.56
CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 60.44
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 20.23
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 40.32
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.45
CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 40.48
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.64
CHENGDU XINGJIN URBAN CON 7.30 11/27/19 CNY 40.72
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 61.88
CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 62.30
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 61.31
CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 62.46
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 39.85
CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 40.77
CHIFENG CITY HONGSHAN INF 7.20 07/25/19 CNY 20.08
CHINA ENERGY RESERVE AND 6.25 12/21/18 USD 28.57
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.37
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.49
CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 60.75
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.62
CHIZHOU JINQIAO INVESTMEN 7.70 06/16/21 CNY 60.79
CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 61.18
CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 61.03
CHONGQING BEIFEI INDUSTRY 7.13 12/25/19 CNY 40.59
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.14
CHONGQING CHANGSHOU DEVEL 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 60.65
CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 61.75
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 60.49
CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 61.20
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.00
CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 40.26
CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 60.94
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.15
CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 40.33
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.53
CHONGQING FULING DISTRICT 8.40 03/23/19 CNY 40.54
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 61.21
CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 62.14
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.20
CHONGQING FULING STATE-OW 6.39 01/21/20 CNY 40.42
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.07
CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 62.21
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 61.94
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.10
CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 61.12
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.29
CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 61.30
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.43
CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 40.44
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 61.68
CHONGQING HECHUAN URBAN C 7.30 07/07/21 CNY 62.01
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 39.70
CHONGQING HONGRONG CAPITA 7.20 10/16/19 CNY 40.50
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.25
CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 40.41
CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 61.45
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.32
CHONGQING JIANGJIN HUAXIN 7.46 09/21/19 CNY 40.34
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 20.19
CHONGQING JINYUN ASSET MA 6.75 06/18/19 CNY 39.70
CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 60.03
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.31
CHONGQING LAND PROPERTIES 7.35 04/25/19 CNY 20.35
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.97
CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 60.99
CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 62.33
CHONGQING MAIRUI CITY INV 6.82 08/17/19 CNY 20.28
CHONGQING NAN'AN URBAN CO 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.08
CHONGQING NANCHUAN DISTRI 7.35 09/06/19 CNY 40.26
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.01
CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 40.53
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CITY 8.40 03/23/19 CNY 40.62
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.02
CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.58
CHONGQING QIJIANG EAST NE 6.75 01/29/20 CNY 39.80
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.30
CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 60.56
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 40.59
CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 61.47
CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 60.21
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.01
CHONGQING THREE GORGES IN 6.40 01/23/19 CNY 25.12
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 39.92
CHONGQING WANSHENG ECO TE 6.39 04/17/20 CNY 40.25
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO TE 8.19 04/08/21 CNY 61.95
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.00
CHONGQING WESTERN MODERN 7.08 10/18/20 CNY 61.32
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLDIN 8.35 04/19/19 CNY 20.42
CHONGQING XIYONG MICRO-EL 6.76 07/25/19 CNY 20.32
CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 61.54
CHONGQING YONGCHUAN HUITO 7.33 10/16/19 CNY 40.62
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.51
CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 61.53
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.30
CHONGQING YUFU HOLDING GR 6.50 09/04/19 CNY 40.38
CHONGQING YULONG ASSET MA 6.87 05/31/19 CNY 20.23
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.35
CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 60.47
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTRUC 7.30 12/10/19 CNY 40.72
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 60.30
CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 38.21
CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 40.21
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTION 6.81 11/23/19 CNY 40.48
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.50
CHUZHOU TONGCHUANG CONSTR 7.05 01/09/20 CNY 40.69
CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 61.50
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.48
CIXI STATE OWNED ASSET IN 6.60 09/20/19 CNY 40.51
DALI ECONOMIC DEVELOPMENT 8.80 04/24/19 CNY 20.40
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.51
DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 61.54
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.60
DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 61.66
DALIAN DETA INVESTMENT CO 6.50 11/15/19 CNY 40.51
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.17
DALIAN LVTAI INVESTMENT C 7.00 08/08/21 CNY 60.70
DALIAN PULANDIAN CONSTRUC 8.48 12/12/18 CNY 55.40
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 59.80
DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 60.07
DALIAN RONGQIANG INVESTME 8.60 03/30/19 CNY 40.85
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.02
DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 61.03
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.40
DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 61.41
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.10
DALIAN SHUNXING INVESTMEN 6.97 10/18/20 CNY 61.70
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.40
DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 61.75
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 20.33
DANYANG INVESTMENT GROUP 6.81 10/23/19 CNY 50.57
DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 60.82
DAQING GAOXIN STATE-OWNED 6.88 12/05/19 CNY 39.80
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.02
DAQING URBAN CONSTRUCTION 6.55 10/23/19 CNY 40.20
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTION 7.10 03/05/21 CNY 60.85
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 39.97
DASHIQIAO URBAN CONSTRUCT 6.58 02/21/20 CNY 40.76
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 60.84
DASHIQIAO URBAN CONSTRUCT 7.40 06/23/21 CNY 62.45
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 60.74
DAYE CITY CONSTRUCTION IN 7.30 03/03/21 CNY 61.05
DAYE CITY CONSTRUCTION IN 7.95 11/27/20 CNY 61.34
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 39.90
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 40.32
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 60.61
DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 61.24
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.00
DONGTAI UBAN CONSTRUCTION 7.10 12/26/19 CNY 40.32
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.44
DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 61.58
DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 61.99
DONGXU OPTOELECTRONIC TEC 5.00 12/02/21 CNY 75.04
DUNAN HOLDING GROUP CO LT 7.30 12/21/18 CNY 75.19
ELION CLEAN ENERGY CO LTD 6.42 07/19/20 CNY 74.00
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 40.47
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 60.21
ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 61.31
EZHOU CITY CONSTRUCTION I 7.08 06/19/19 CNY 20.01
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 60.86
EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 61.61
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 60.95
FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 61.10
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 7.50 02/28/21 CNY 62.51
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FENGCHENG CITY CONSTRUCTI 8.65 01/14/21 CNY 62.88
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 61.31
FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 68.00
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 59.85
FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 60.26
FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 40.82
FUJIAN LONGYAN CITY CONST 7.45 08/14/19 CNY 20.31
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 39.90
FUJIAN NANPING HIGHWAY CO 7.90 10/26/18 CNY 40.23
FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 40.47
FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 60.14
FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 55.10
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.20
FUZHOU INVESTMENT DEVELOP 6.78 01/16/20 CNY 40.45
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 70.50
FUZHOU JIANGONG GROUP CO 6.80 12/10/19 CNY 71.17
FUZHOU URBAN AND RURAL CO 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 20.15
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 40.13
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 70.73
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 25.17
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.91
GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 50.92
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 51.17
GANZHOU DEVELOPMENT ZONE 8.15 12/31/19 CNY 52.01
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.20
GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 61.39
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 24.98
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 25.06
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.29
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 40.42
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 59.90
GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 60.04
GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 49.90
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.10
GUANG ZHOU PANYU COMMUNIC 6.30 04/12/19 CNY 25.18
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.23
GUANGAN DEVELOPMENT AND C 8.18 04/25/19 CNY 20.36
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.09
GUANGXI BAISE DEVELOPMENT 6.50 07/04/19 CNY 20.12
GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 60.88
GUANGXI LAIBIN URBAN CONS 8.36 03/14/19 CNY 40.61
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.69
GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 61.70
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.17
GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 62.50
GUANGYUAN INVESTMENT HOLD 7.25 11/26/19 CNY 40.54
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 60.63
GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 61.01
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 59.76
GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 60.30
GUIYANG HI-TECH HOLDING C 6.01 12/01/19 CNY 49.66
GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 38.99
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.20
GUIZHOU KAILI CITY CONSTR 7.80 02/21/21 CNY 62.50
GUIZHOU KAILI CITY CONSTR 8.30 12/12/20 CNY 62.97
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
GUOAO INVESTMENT & DEVELO 6.89 10/29/18 CNY 25.09
HAICHENG URBAN INVESTMENT 8.39 11/07/18 CNY 40.26
HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 60.59
HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 61.34
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.64
HAINAN HARBOR & SHIPPING 6.80 10/18/19 CNY 70.86
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.26
HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 70.29
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.13
HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 61.55
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.11
HAINING STATE-OWNED ASSET 7.80 09/20/18 CNY 40.14
HAINING STATE-OWNED ASSET 6.08 03/06/20 CNY 40.57
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.05
HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 61.61
HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 61.23
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.28
HANDAN CITY DEVELOPMENT & 7.05 12/24/19 CNY 40.89
HANDAN CITY DEVELOPMENT & 7.60 11/25/20 CNY 62.12
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.05
HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 40.50
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.03
HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 62.08
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 62.14
HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 80.40
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.55
HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 40.67
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.03
HANGZHOU XIAOSHAN ECO&TEC 6.70 12/26/18 CNY 25.10
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.00
HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 61.95
HANGZHOU YUHANG CITY CONS 7.55 03/29/19 CNY 20.45
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 61.85
HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 62.20
HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 62.05
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.25
HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 40.26
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.81
HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 61.98
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 18.93
HANJIANG STATE-OWNED-ASSE 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 61.70
HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 62.08
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.05
HARBIN HELI INVESTMENT HO 7.48 09/26/18 CNY 40.07
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 6.87 05/27/21 CNY 62.92
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HELI INVESTMENT HO 7.10 05/27/21 CNY 63.12
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.73
HARBIN HIGH-TECH INDUSTRY 7.00 09/16/20 CNY 61.74
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 49.86
HEBEI BOHAI INVESTMENT GR 6.90 06/30/20 CNY 74.00
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 60.74
HEBI ECONOMIC CONSTRUCTIO 7.88 08/01/21 CNY 61.20
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.30
HEFEI BINHU NEW ZONE CONS 6.35 06/13/19 CNY 40.61
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.65
HEFEI GAOXIN DEVELOPMENT 7.98 03/22/19 CNY 40.67
HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 71.96
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 20.36
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.29
HEFEI INDUSTRIAL INVESTME 6.30 03/20/20 CNY 40.61
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.30
HEFEI TAOHUA INDUSTRIAL P 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.16
HEFEI TAOHUA INDUSTRIAL P 7.80 04/09/21 CNY 61.17
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.11
HEFEI XINCHENG STATE-OWNE 7.88 04/23/19 CNY 20.37
HEGANG KAIYUAN CITY INVES 6.50 07/19/19 CNY 20.30
HEIHE CITY CONSTRUCTION I 8.48 03/23/19 CNY 40.61
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.79
HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 59.83
HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 74.11
HENAN JIYUAN CITY CONSTRU 7.50 09/25/19 CNY 40.46
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG CITY CONSTRUCTIO 7.06 08/13/19 CNY 20.40
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.47
HENGYANG HONGXIANG STATE- 6.20 06/19/20 CNY 40.50
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 61.10
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.47
HEYUAN CITY URBAN DEVELOP 6.55 03/19/20 CNY 40.66
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.04
HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 62.12
HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 61.42
HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 40.48
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 54.96
HUAIAN CITY URBAN ASSET O 6.87 12/26/19 CNY 41.32
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.31
HUAIAN CITY WATER HOLDING 8.25 03/08/19 CNY 20.40
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.25
HUAI'AN DEVELOPMENT HOLDI 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.83
HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 61.84
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.23
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.31
HUAIAN NEW CITY INVESTMEN 7.45 03/04/21 CNY 61.42
HUAIAN NEW CITY INVESTMEN 6.95 07/28/21 CNY 61.46
HUAIAN QINGHE NEW AREA IN 6.68 01/24/20 CNY 40.20
HUAIBEI CITY CONSTRUCTION 6.68 12/17/18 CNY 25.13
HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 60.37
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.74
HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 59.98
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUCTI 7.10 10/19/19 CNY 40.73
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 61.37
HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 62.35
HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 62.39
HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 61.61
HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 62.06
HUANGSHI URBAN CONSTRUCTI 6.96 10/25/19 CNY 40.46
HUAXIA LIFE INSURANCE CO 6.00 09/22/25 CNY 96.09
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.17
HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 70.56
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.18
HUIAN STATE ASSETS INVEST 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.67
HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 60.71
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 24.30
HUNAN CHANGDE DEYUAN INVE 7.18 10/18/18 CNY 25.01
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 60.49
HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 61.30
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 25.03
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.65
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.15
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.10
HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 62.12
HUNAN ZHAOSHAN ECONOMIC C 7.00 12/12/18 CNY 25.05
HUZHOU CITY INVESTMENT DE 6.70 12/14/19 CNY 40.48
HUZHOU NANXUN STATE-OWNED 8.15 03/31/19 CNY 20.24
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 60.10
HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 61.48
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.18
HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 61.39
INNER MONGLIA SHENGMU HIG 4.75 06/01/21 CNY 73.00
INNER MONGOLIA KE'ERQIN U 7.75 09/24/19 CNY 40.20
JIAMUSI NEW ERA INFRASTRU 8.25 03/22/19 CNY 20.17
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.01
JIAMUSI NEW ERA INFRASTRU 7.90 02/26/21 CNY 61.02
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION IN 7.80 04/20/19 CNY 20.34
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 61.85
JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 62.85
JIANAN INVESTMENT HOLDING 7.68 09/04/19 CNY 40.44
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.02
JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 62.08
JIANGDONG HOLDING GROUP C 6.90 03/27/19 CNY 20.26
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.04
JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 37.99
JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 40.21
JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 60.90
JIANGSU FURUDONGHAI DEVEL 7.09 09/13/20 CNY 60.91
JIANGSU HANRUI INVESTMENT 8.16 03/01/19 CNY 19.93
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.70
JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 39.99
JIANGSU HUIFENG BIO AGRIC 1.00 04/21/22 CNY 73.00
JIANGSU JINGUAN INVESTMEN 6.40 01/28/19 CNY 25.12
JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 60.63
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 60.80
JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 61.87
JIANGSU JURONG FUDI BIO-T 8.70 04/26/19 CNY 40.68
JIANGSU LIANYUN DEVELOPME 6.10 06/19/19 CNY 20.13
JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 59.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 55.50
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 40.41
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 60.70
JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 61.13
JIANGSU TAICANG PORT DEVE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 60.75
JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 61.30
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.34
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 40.41
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.25
JIANGSU XISHAN ECONOMIC D 6.99 11/01/19 CNY 40.40
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.13
JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 60.54
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.30
JIANGSU ZHANGJIAGANG ECON 6.98 11/16/19 CNY 40.58
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.31
JIANGXI HEJI INVESTMENT C 8.00 09/04/19 CNY 40.34
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 60.44
JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 61.64
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 58.20
JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 62.51
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCTIO 7.20 06/11/19 CNY 20.44
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 40.28
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 60.48
JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 61.42
JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 40.28
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.22
JIASHAN ECONOMIC DEVELOPM 7.05 12/03/19 CNY 40.66
JIASHAN STATE-OWNED ASSET 6.80 06/06/19 CNY 20.10
JIAXING CITY CULTURE MING 8.16 03/08/19 CNY 20.36
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.17
JIAXING ECONOMIC&TECHNOLO 6.78 06/14/19 CNY 20.29
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.19
JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 61.94
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 60.01
JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 62.03
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 39.95
JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 40.08
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 39.95
JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 60.79
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.05
JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 62.39
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 61.26
JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 62.21
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELOPM 7.15 09/05/19 CNY 40.46
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.01
JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 40.25
JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 59.65
JINGJIANG BINJIANG XINCHE 6.80 10/23/18 CNY 25.08
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 60.68
JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 61.41
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 60.95
JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 61.11
JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 61.45
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.25
JINGZHOU ECONOMIC TECHNOL 8.20 12/09/20 CNY 61.26
JINGZHOU URBAN CONSTRUCTI 7.98 04/24/19 CNY 20.31
JINHONG HOLDING GROUP CO 5.00 01/15/19 CNY 70.00
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 20.20
JINSHAN STATE-OWNED ASSET 6.65 11/27/19 CNY 40.64
JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 40.27
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.12
JINZHOU CITY INVESTMENT C 7.08 06/13/19 CNY 20.27
JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 59.87
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 61.42
JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 62.18
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.02
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.40
JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 61.88
JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 61.89
JIUJIANG CITY CONSTRUCTIO 8.49 02/23/19 CNY 20.36
JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 40.87
JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 61.36
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.43
JIXI STATE OWN ASSET MANA 7.18 11/08/19 CNY 40.45
KAIFENG DEVELOPMENT INVES 6.47 07/11/19 CNY 20.09
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 50.43
KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 75.18
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.15
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 40.40
KUERLE CITY CONSTRUCTION 7.48 09/10/18 CNY 25.05
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.41
KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 50.42
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 40.09
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.25
KUNMING INDUSTRIAL DEVELO 6.46 10/23/19 CNY 40.26
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.11
KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 62.13
KUNSHAN ENTREPRENEUR HOLD 6.28 11/07/19 CNY 40.43
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 61.80
KUNSHAN HITECH INDUSTRIAL 7.10 03/26/21 CNY 62.13
KUNSHAN HUAQIAO INTERNATI 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.41
LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 61.49
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.40
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 40.47
LANZHOU NEW AREA INVESTME 8.30 04/29/21 CNY 60.77
LEQING CITY STATE OWNED I 6.50 06/29/19 CNY 20.24
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.42
LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.66
LIAOYUAN STATE-OWNED ASSE 8.17 03/13/19 CNY 19.99
LILING LUJIANG INVESTMENT 8.10 05/22/21 CNY 61.15
LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 40.44
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.34
LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 40.46
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.30
LINFEN CITY INVESTMENT GR 7.23 02/22/19 CNY 50.56
LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 59.12
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.17
LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 40.33
LINYI ECONOMIC DEVELOPMEN 8.26 09/24/19 CNY 41.41
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.06
LINYI ECONOMIC DEVELOPMEN 7.70 04/16/21 CNY 61.90
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 62.99
LINYI FUTURE TECHNOLOGY C 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 50.72
LINZHOU ECONOMIC & TECHNO 8.30 04/25/20 CNY 51.11
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 39.01
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 40.49
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 66.00
LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 71.54
LIUZHOU DONGCHENG INVESTM 8.30 02/15/19 CNY 20.15
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 60.84
LIUZHOU DONGCHENG INVESTM 7.40 10/29/20 CNY 61.08
LIUZHOU INVESTMENT HOLDIN 6.98 08/15/19 CNY 20.28
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 33.56
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.05
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 40.09
LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 61.00
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 61.84
LONGYAN ECONOMIC&TECHNOLO 8.35 07/30/21 CNY 63.24
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION I 7.28 10/19/18 CNY 25.14
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 61.30
LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 62.12
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 60.86
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.43
LU'AN CITY CONSTRUCTION I 8.00 12/02/20 CNY 61.92
LU'AN CITY CONSTRUCTION I 7.50 04/17/21 CNY 61.98
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.11
LUOHE CITY CONSTRUCTION I 6.99 10/30/19 CNY 40.20
MAANSHAN ECONOMIC TECHNOL 7.10 12/20/19 CNY 40.39
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.72
MAOMIN TRANSPORTATION CON 6.90 05/28/21 CNY 61.86
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 58.00
MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 62.06
MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 40.58
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.36
MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 60.37
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG INVESTMENT HOLDI 7.70 03/26/19 CNY 40.50
MIANYANG SCIENCE TECHNOLO 7.16 05/15/19 CNY 20.11
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.08 08/30/19 CNY 40.10
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.44
MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 60.50
NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 40.71
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.11
NANCHANG COUNTY URBAN CON 6.50 07/17/19 CNY 25.21
NANCHANG ECONOMY TECHNOLO 6.88 01/09/20 CNY 40.41
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.39
NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 40.60
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.20
NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 40.21
NANCHONG ECONOMIC DEVELOP 8.16 04/26/19 CNY 20.25
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 60.88
NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 61.58
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.37
NANJING JIANGBEI NEW AREA 6.94 09/07/19 CNY 40.38
NANJING JIANGNING SCIENCE 7.29 04/28/19 CNY 20.28
NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 40.36
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC DE 7.10 10/08/19 CNY 40.39
NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 40.46
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.81
NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 71.82
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.04
NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 61.29
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.08
NANJING URBAN CONSTRUCTIO 5.68 11/26/18 CNY 25.11
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.30
NANJING XINGANG DEVELOPME 6.80 01/08/20 CNY 40.82
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 60.49
NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 61.03
NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 40.67
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 60.77
NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 61.36
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.56
NANTONG CITY GANGZHA DIST 7.15 01/09/20 CNY 40.57
NANTONG CITY TONGZHOU DIS 6.80 05/28/19 CNY 20.14
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 40.39
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 60.58
NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 61.76
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.64
NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 61.75
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 61.04
NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 62.35
NINGBO CITY YINZHOU CITY 6.50 03/18/20 CNY 40.12
NINGBO EASTERN NEW TOWN D 6.45 01/21/20 CNY 40.23
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.07
NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 61.08
NINGBO ZHENHAI HAIJIANG I 6.65 11/28/18 CNY 25.11
NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 59.87
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.22
NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 61.86
NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 61.96
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.35
NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.10
PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 61.75
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PEIXIAN STATE-OWNED ASSET 7.20 12/06/19 CNY 40.15
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.20
PINGDINGSHAN CITY DEVELOP 7.86 05/08/19 CNY 20.30
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.54
PINGDU CITY STATE OWNED A 7.25 11/05/20 CNY 61.55
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.00
PINGHU CITY INVESTMENT DE 7.20 09/18/19 CNY 40.36
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 61.06
PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 60.95
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.12
PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 40.66
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 39.93
PINGXIANG URBAN CONSTRUCT 6.89 12/10/19 CNY 40.19
PIZHOU RUNCHENG ASSET OPE 7.55 09/25/19 CNY 40.41
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.96
PIZHOU RUNCHENG ASSET OPE 7.88 04/16/21 CNY 61.97
PUER CITY STATE OWNED ASS 7.38 06/20/19 CNY 20.17
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 61.88
PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 62.37
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.13
QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 61.56
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 61.91
QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 62.06
QIANDONG NANZHOU DEVELOPM 8.80 04/27/19 CNY 20.14
QIANDONGNANZHOU KAIHONG A 7.80 10/30/19 CNY 39.54
QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 39.82
QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 71.73
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 58.00
QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 61.75
QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 62.37
QINGDAO CHENGYANG DEVELOP 7.09 03/10/21 CNY 61.01
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.30
QINGDAO CHINA PROSPERITY 7.30 04/18/19 CNY 20.39
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.22
QINGDAO CITY CONSTRUCTION 6.89 02/16/19 CNY 20.23
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 72.73
QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 73.05
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.34
QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 61.40
QINGDAO JIAOZHOU CITY DEV 6.59 01/25/20 CNY 40.85
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 50.92
QINGDAO JIMO CITY URBAN D 8.10 12/17/19 CNY 51.05
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.31
QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 60.33
QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 74.27
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.00
QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 60.93
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 61.03
QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 62.04
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 25.07
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.38
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 40.42
QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 61.71
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.15
QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 61.21
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.44
QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 61.67
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.93
QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 60.98
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.15
QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 61.37
QINZHOU CITY DEVELOPMENT 7.10 10/16/19 CNY 70.80
QITAIHE CITY CONSTRUCTION 7.30 10/18/19 CNY 39.54
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.22
QUJING DEVELOPMENT INVEST 7.25 09/06/19 CNY 40.44
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.14
QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 62.56
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.00
QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 59.65
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 61.86
QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 62.25
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.31
RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 62.32
RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 39.92
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.28
RONGCHENG ECONOMIC DEVELO 6.45 03/18/20 CNY 41.29
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.65
RONGCHENG ECONOMIC DEVELO 6.75 05/29/21 CNY 62.66
RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 70.71
RUCHENG COUNTY URBAN CONS 6.00 06/28/23 CNY 70.32
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI SOC 7.45 09/24/19 CNY 40.57
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 61.38
RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 62.09
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.07
RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 61.29
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 62.75
RUGAO CITY ECONOMIC TRADE 8.30 01/22/21 CNY 67.40
RUGAO COMMUNICATIONS CONS 8.51 01/26/19 CNY 25.38
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.34
RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 40.53
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 62.82
RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 65.00
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.25
RUIAN STATE OWNED ASSET I 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.47
SANMING CITY CONSTRUCTION 6.40 03/05/20 CNY 40.80
SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 79.53
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 60.39
SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 62.00
SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 61.19
SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 62.04
SHANDONG PUBLIC HOLDINGS 7.18 01/22/20 CNY 40.49
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.61
SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 60.99
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 36.52
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 39.87
SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 66.22
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.36
SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 40.39
SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 62.33
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 49.90
SHANGHAI CHENJIAZHEN CONS 7.18 11/06/19 CNY 50.89
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 50.64
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.18
SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 40.58
SHANGHAI JIADING INDUSTRI 6.71 10/10/18 CNY 25.09
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.88
SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 61.98
SHANGHAI JINSHAN URBAN CO 6.60 12/21/19 CNY 40.58
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.07
SHANGHAI LUJIAZUI DEVELOP 5.98 03/11/19 CNY 40.27
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.36
SHANGHAI LUJIAZUI DEVELOP 5.79 02/25/19 CNY 40.47
SHANGHAI MINHANG URBAN CO 6.48 10/23/19 CNY 40.62
SHANGHAI MUNICIPAL INVEST 4.63 07/30/19 CNY 20.15
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.07
SHANGHAI NANFANG GROUP CO 6.70 09/09/19 CNY 50.16
SHANGHAI URBAN CONSTRUCTI 5.25 11/30/19 CNY 40.27
SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 51.41
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.30
SHANGLUO CITY CONSTRUCTIO 6.75 09/09/19 CNY 50.43
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.19
SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 60.87
SHANGQIU DEVELOPMENT INVE 6.60 01/15/20 CNY 40.33
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 62.51
SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 63.51
SHAOGUAN JINYE DEVELOPMEN 7.30 10/18/19 CNY 40.64
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.41
SHAOXING CHENGZHONGCUN RE 6.50 01/24/20 CNY 40.57
SHAOXING CITY INVESTMENT 6.40 11/09/19 CNY 40.62
SHAOXING COUNTY COMMUNICA 6.40 08/20/21 CNY 60.46
SHAOXING HI-TECH INDUSTRI 6.75 12/05/18 CNY 24.98
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 24.98
SHAOXING PAOJIANG INDUSTR 6.90 10/31/19 CNY 40.35
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 61.02
SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 63.90
SHAOXING SHANGYU COMMUNIC 6.70 09/11/19 CNY 40.29
SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 61.03
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 60.99
SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 65.00
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 24.90
SHAOYANG CITY CONSTRUCTIO 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 61.42
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 63.02
SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.20
SHENMU COUNTY STATE-OWNED 7.28 06/23/21 CNY 60.51
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.88
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.04
SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 40.48
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 70.69
SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 72.07
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 40.36
SHIYAN CITY INFRASTRUCTUR 7.98 04/20/19 CNY 20.26
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 60.68
SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 60.92
SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 61.14
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 60.47
SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 61.01
SHUANGLIU COUNTY WATER CO 7.40 02/26/20 CNY 50.72
SHUANGLIU COUNTY WATER CO 6.92 07/30/20 CNY 50.82
SHUANGLIU SHINE CHINE CON 8.48 03/16/19 CNY 40.78
SHUANGLIU SHINE CHINE CON 8.40 03/16/19 CNY 40.86
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.12
SHUANGYASHAN DADI CITY CO 6.55 12/25/19 CNY 40.49
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.01
SHUYANG JINGYUAN ASSET OP 6.50 12/03/19 CNY 40.07
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 60.71
SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 61.13
SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 59.81
SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 8.10 04/25/21 CNY 62.70
SIPING SITONG CITY INFRAS 7.25 04/29/19 CNY 70.57
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.37
SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 61.70
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 39.80
SONGYUAN URBAN DEVELOPMEN 7.30 08/29/19 CNY 40.18
SUIFENHE HAIRONG URBAN CO 6.60 04/28/20 CNY 39.87
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 60.27
SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 61.14
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.00
SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 59.76
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 39.99
SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 40.00
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 61.50
SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INVES 7.50 08/22/19 CNY 40.49
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 61.61
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 61.99
SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 62.09
SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 62.60
SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 61.16
SUQIAN ECONOMIC DEVELOPME 7.50 03/26/19 CNY 20.33
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 39.80
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.27
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 20.22
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.41
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 40.52
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 60.80
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 19.78
SUZHOU INDUSTRIAL PARK TR 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.74
SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 61.90
SUZHOU TECH CITY DEVELOPM 7.32 11/01/18 CNY 25.10
SUZHOU URBAN CONSTRUCTION 5.79 10/25/19 CNY 40.44
SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 56.01
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.33
SUZHOU WUJIANG EASTERN ST 8.05 12/05/18 CNY 40.36
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.25
SUZHOU XIANGCHENG URBAN C 6.95 09/03/19 CNY 40.41
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.54
SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 61.55
TACHENG DISTRICT STATE-OW 7.49 10/16/19 CNY 50.36
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 40.56
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.31
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 40.37
TAICANG ASSET MANAGEMENT 7.00 02/27/21 CNY 60.63
TAICANG HENGTONG INVESTME 7.45 10/30/19 CNY 40.46
TAICANG URBAN CONSTRUCTIO 6.75 01/11/20 CNY 40.63
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.13
TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 61.72
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.44
TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 61.82
TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 56.38
TAIYUAN LONGCHENG DEVELOP 6.50 09/25/19 CNY 40.27
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.23
TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 62.29
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.09
TAIZHOU CITY HUANGYAN DIS 6.85 12/17/18 CNY 25.10
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 50.72
TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 51.18
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.87
TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 60.88
TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 61.82
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 61.00
TAIZHOU CONSTRUCTION INVE 6.53 07/11/21 CNY 62.28
TAIZHOU HAILING ASSETS MA 8.52 03/21/19 CNY 20.31
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 39.90
TAIZHOU JIANGYAN STATE OW 6.85 12/03/19 CNY 40.18
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 55.78
TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.03
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 40.46
TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 59.60
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.88
TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 60.89
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.87
TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 61.88
TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 40.18
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.30
TIANJIN CITY JINGHAI URBA 7.90 11/26/20 CNY 61.97
TIANJIN DONGFANG CAIXIN I 7.99 11/23/18 CNY 40.30
TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 38.92
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 19.98
TIANJIN ECO-CITY INVESTME 6.76 08/14/19 CNY 20.21
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.46
TIANJIN ECONOMIC TECHNOLO 6.20 12/03/19 CNY 40.52
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.26
TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 71.95
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.12
TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 59.20
TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 68.54
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.05
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 20.13
TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 71.63
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CONST 6.95 06/18/19 CNY 20.23
TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 61.15
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.43
TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 61.63
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 60.40
TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 61.32
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 59.94
TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 60.24
TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 60.54
TIANJIN TEDA CONSTRUCTION 6.89 04/27/20 CNY 40.87
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 56.48
TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 59.26
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.00
TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 62.02
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.11
TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 62.30
TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 60.74
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.10
TONGLING CONSTRUCTION INV 8.20 04/28/22 CNY 63.15
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 61.37
TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 40.53
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.35
TULUFAN DISTRICT STATE-OW 7.20 08/09/19 CNY 25.50
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 20.18
URUMQI CITY CONSTRUCTION 7.20 11/06/18 CNY 50.40
URUMQI ECO&TECH DEVELOPME 8.58 01/10/19 CNY 25.68
URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 40.13
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.43
URUMQI REAL ESTATE DEVELO 7.27 04/25/21 CNY 60.70
VANZIP INVESTMENT GROUP C 7.92 02/04/19 CNY 22.94
WAFANGDIAN STATE-OWNED AS 8.55 04/19/19 CNY 20.46
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.35
WEIFANG BINCHENG INVESTME 8.59 02/14/21 CNY 61.65
WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 54.61
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.53
WEIFANG DONGXIN CONSTRUCT 6.88 11/20/19 CNY 40.58
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 40.41
WENZHOU ANJUFANG CITY DEV 7.65 04/24/19 CNY 20.30
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.33
WENZHOU ECONOMIC-TECHNOLO 6.49 01/15/20 CNY 40.42
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 59.80
WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 61.21
WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 61.40
WUHAI CITY CONSTRUCTION I 8.20 03/31/19 CNY 20.34
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 58.10
WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 62.48
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.99
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 62.03
WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 62.80
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 38.00
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 40.73
WUHAN REAL ESTATE DEVELOP 5.90 03/22/19 CNY 25.20
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 40.38
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 40.65
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.23
WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 62.58
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.01
WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 61.15
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.30
WUJIANG ECONOMIC TECHNOLO 6.88 12/27/19 CNY 40.64
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.01
WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 61.26
WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 61.53
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.38
WUXI CONSTRUCTION AND DEV 6.60 09/17/19 CNY 40.50
WUXI EAST SCIENCE & TECHN 5.98 10/26/18 CNY 40.10
WUXI HUISHAN ECONOMIC DEV 6.03 04/22/19 CNY 25.19
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.00
WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 61.21
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.32
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 40.50
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.38
WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.81
WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 60.91
WUZHOU DONGTAI STATE-OWNE 7.40 09/03/19 CNY 40.46
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.68
XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 61.85
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.08
XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 40.38
XI'AN AEROSPACE CITY INVE 6.96 11/08/19 CNY 40.15
XIAN CHANBAHE DEVELOPMENT 6.89 08/03/19 CNY 20.34
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.14
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 25.20
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.47
XI'AN URBAN INDEMNIFICATO 7.31 03/18/19 CNY 40.62
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XI'AN URBAN INDEMNIFICATO 7.31 04/18/19 CNY 40.70
XIANGSHAN COUNTRY STATE O 7.95 04/25/21 CNY 62.39
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCTIV 8.00 03/16/19 CNY 20.32
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 39.97
XIANGTAN HI-TECH GROUP CO 6.90 01/15/20 CNY 40.27
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.11
XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 42.97
XIANGTAN JIUHUA ECONOMIC 5.00 07/25/26 CNY 58.67
XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 59.02
XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 62.00
XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 39.78
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 60.61
XIANGYANG HIGH TECH INVES 7.00 05/29/21 CNY 61.35
XIANNING CITY CONSTRUCTIO 7.50 08/31/18 CNY 25.01
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 39.94
XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 61.78
XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 62.11
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.27
XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 61.33
XIAOGAN URBAN CONSTRUCTIO 8.12 03/26/19 CNY 20.32
XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 61.22
XINGHUA URBAN CONSTRUCTIO 7.25 10/23/18 CNY 25.01
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 50.22
XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 51.69
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 20.44
XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 40.19
XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 62.13
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.19
XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 50.91
XINJIANG SHIHEZI DEVELOPM 7.50 08/29/18 CNY 25.01
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 61.60
XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 64.00
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.47
XINJIANG WUJIAQU URBAN CO 6.10 05/23/20 CNY 40.71
XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 40.36
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.21
XINYANG HUAXIN INVESTMENT 6.95 06/14/19 CNY 20.26
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 61.78
XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 62.21
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.15
XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 61.29
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 60.90
XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTION 7.08 12/13/19 CNY 40.54
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.28
XINZHENG NEW DISTRICT DEV 6.52 06/28/19 CNY 25.29
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 60.00
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.20
XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 61.85
XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 61.91
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.17
XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 62.27
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.69
XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 40.90
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.22
XUZHOU ECONOMIC TECHNOLOG 8.20 03/07/19 CNY 20.23
XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 61.04
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.25
XUZHOU HIGH SPEED RAILWAY 7.09 05/15/21 CNY 62.28
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 61.80
XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 62.07
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.67
YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 60.82
YAAN STATE-OWNED ASSET OP 7.39 07/04/19 CNY 20.11
YANCHENG CITY DAFENG DIST 7.08 12/13/19 CNY 40.58
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.55
YANCHENG CITY DAFENG DIST 8.50 12/30/20 CNY 62.56
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 62.85
YANCHENG CITY DAFENG DIST 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DIST 7.95 11/15/20 CNY 60.75
YANCHENG ORIENTAL INVESTM 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT D 6.93 10/26/19 CNY 40.66
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 60.30
YANCHENG SOUTH DISTRICT D 6.70 07/30/21 CNY 61.84
YANGJIANG HENGCAI CITY IN 6.85 09/09/20 CNY 60.81
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.11
YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 61.12
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.09
YANGZHOU HANJIANG URBAN C 6.20 03/12/20 CNY 40.27
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 50.66
YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 51.37
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 19.98
YANGZHOU LONGCHUAN HOLDIN 8.10 03/23/19 CNY 20.27
YANGZHOU URBAN CONSTRUCTI 6.30 07/26/19 CNY 20.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.20
YICHANG MUNICIPAL FINANCE 7.12 10/16/19 CNY 40.40
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCTIO 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.20
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 20.30
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.31
YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 61.78
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 61.58
YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 62.15
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YILI STATE-OWNED ASSET IN 6.70 11/19/18 CNY 25.10
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 60.55
YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 61.56
YINGKOU PORT GROUP CO LTD 6.10 04/27/22 CNY 71.69
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 71.36
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 74.30
YINING CITY STATE OWNED A 8.90 01/23/21 CNY 62.78
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.28
YIXING CITY DEVELOPMENT I 6.90 10/10/19 CNY 40.44
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.25
YIXING TUOYE INDUSTRIAL C 7.60 05/28/21 CNY 61.46
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.47
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 40.88
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.14
YIYANG CITY TRANSPORTATIO 7.77 04/21/21 CNY 61.15
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 7.78 06/14/19 CNY 20.30
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.66
YIZHENG CITY CONSTRUCTION 8.60 01/09/21 CNY 61.88
YONGZHOU CITY CONSTRUCTIO 7.30 10/23/20 CNY 61.03
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCTIO 6.05 07/12/20 CNY 40.61
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.14
YUHUAN CITY COMMUNICATION 7.15 10/12/19 CNY 40.45
YULIN CITY INVESTMENT OPE 6.81 12/04/18 CNY 25.10
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 39.05
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 40.47
YUNCHENG URBAN CONSTRUCTI 7.48 10/15/19 CNY 39.75
YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 61.36
YUSHEN ENERGY DEVELOPMENT 8.50 02/21/21 CNY 60.87
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 61.12
YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 62.42
YUYAO ECONOMIC DEVELOPMEN 6.75 03/04/20 CNY 40.16
YUYAO WATER RESOURCE INVE 7.20 10/16/19 CNY 40.58
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.71
ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 60.89
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.00
ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 61.63
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.10
ZHANGJIAGANG MUNICIPAL PU 6.43 11/27/19 CNY 40.58
ZHANGJIAJIE ECONOMIC DEVE 7.40 10/18/19 CNY 40.47
ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 61.51
ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 40.63
ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 61.88
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 60.28
ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 61.15
ZHAOYUAN STATE-OWNED ASSE 6.64 12/31/19 CNY 39.99
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.01
ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 61.20
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.70
ZHEJIANG FUCHUN SHANJU GR 7.70 04/28/21 CNY 61.80
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.32
ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 61.51
ZHEJIANG HUZHOU HUANTAIHU 6.70 11/28/19 CNY 40.44
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMIC 7.90 04/23/21 CNY 62.22
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.86
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 39.96
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.23
ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 39.51
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 40.62
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 61.52
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.57
ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 61.94
ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 72.27
ZHENJIANG CULTURE AND TOU 6.60 01/30/20 CNY 40.17
ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 60.26
ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 61.37
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.80
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 19.88
ZHONGRONG XINDA GROUP CO 7.40 07/18/22 CNY 67.81
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 24.97
ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 61.81
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 55.68
ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 56.03
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 60.37
ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 61.91
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 70.93
ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 71.76
ZHUCHENG ECONOMIC DEVELOP 7.50 08/25/18 CNY 21.25
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 25.00
ZHUHAI HUAFA GROUP CO LTD 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 61.00
ZHUJI CITY CONSTRUCTION I 6.92 12/19/19 CNY 40.56
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.55
ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 61.95
ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 61.30
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.26
ZHUZHOU GECKOR GROUP CO L 7.50 09/10/19 CNY 40.42
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 60.98
ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 61.09
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.37
ZHUZHOU YUNLONG DEVELOPME 6.78 11/19/19 CNY 40.50
ZIBO CITY PROPERTY CO LTD 5.45 04/27/19 CNY 12.12
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 25.12
ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 60.95
ZUNYI CITY HUICHUAN DISTR 6.75 04/24/19 CNY 25.35
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.27
ZUNYI CITY HUICHUAN DISTR 7.85 06/25/21 CNY 61.60
HONG KONG
---------
CHINA SOUTH CITY HOLDINGS 7.25 11/20/22 USD 74.65
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.04
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.35
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.28
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.18
CORE EDUCATION & TECHNOLO 7.00 05/07/49 USD 0.29
EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 55.57
EDELWEISS ASSET RECONSTRU 2.00 08/27/27 INR 56.25
EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 57.12
EDELWEISS ASSET RECONSTRU 2.00 04/27/27 INR 63.18
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 50.17
JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.26
JAIPRAKASH POWER VENTURES 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.55
PAN INDIA INFRAPROJECTS P 0.10 01/25/24 INR 55.54
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.23
REI AGRO LTD 5.50 11/13/14 USD 1.23
RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 39.85
SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.28
JAPAN
-----
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 ***