/raid1/www/Hosts/bankrupt/TCRAP_Public/181016.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 16, 2018, Vol. 21, No. 205
Headlines
A U S T R A L I A
300K ENTERPRISES: Second Creditors' Meeting Set for Oct. 23
B & I FINANCES: First Creditors' Meeting Set for Oct. 24
GN & CA MURCH: First Creditors' Meeting Set for Oct. 24
INTERLOGIC PTY: First Creditors' Meeting Set for Oct. 24
M GROUP: Second Creditors' Meeting Set for Oct. 23
UPRIGHT CARPENTRY: First Creditors' Meeting Set for Oct. 23
C H I N A
JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes 'B3'
LIUZHOU DONGTONG: Fitch Publishes BB LT IDR, Outlook Stable
SHARING ECONOMY: Receives Noncompliance Notice from Nasdaq
I N D I A
ARCHANA MINES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
B S ENTERPRISE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
B S TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
B. N. CIVITECH: CARE Assigns B+ Rating to INR10cr LT Loan
DERON PROPERTIES: CRISIL Reaffirms B+ Rating on INR50cr Term Loan
ELLENBARRIE TEA: CRISIL Migrates B+ Rating from Not Cooperating
GARG ROAD: CARE Assigns B+ Rating to INR6cr LT Loan
GENERAL PETROCHEMICALS: Ind-Ra Withdraws BB- LT Issuer Rating
GRD TRUCKS: CARE Migrates B+ Rating to Not Cooperating Category
GULSHAN FASHIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating
INDIA: Top Court Tightens Rules on Bad-Debt Resolution Timeline
JBC INDUSTRIES: CARE Assigns B+ Rating to INR8.50cr LT Loan
JS DESIGNER: Ind-Ra Affirms 'D' Long Term Issuer Rating
KAMALAKANTA COLD: CRISIL Reaffirms B Rating on INR7.07cr Loan
NAMAN MALL: CARE Migrates D Rating to Not Cooperating Category
NATIONAL CAPSULES: Ind-Ra Maintains BB- Rating in Non-Cooperating
NAVIN CONSTRUCTION: CRISIL Moves B Rating from Not Cooperating
P.C. JAIN: CRISIL Reaffirms B+ Rating on INR3.5cr Overdraft
PLANET PR: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
PRIME TECHNOPLAST: Ind-Ra Affirms 'D' Long Term Issuer Rating
R J COLD: CARE Migrates B+ Rating to Not Cooperating Category
RAJ KISHORE: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
RAM ENGINEERS: CRISIL Lowers Rating on INR4.0cr Overdraft to D
RAMA INFRAPROJECTS: CRISIL Assigns B+ Rating on INR6cr Cash Loan
RDC AUTOMOBILE: CRISIL Migrates B Rating from Not Cooperating
S.S. AGRI: CARE Migrates B Rating to Not Cooperating Category
SAHIL SPINTEX: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
SAMARA COLD: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
SHIRISH HOTELS: CARE Reaffirms B+ Rating on INR12.85cr LT Loan
SHITAL DIAM: Ind-Ra Affirms 'D' Long Term Issuer Rating
SHRIMATI NARASAMMA: CARE Assigns D Rating to INR5.33cr LT Loan
SRI MADAN: CARE Lowers Rating on INR10cr Bank Loan to 'D'
SRI NAGA: CRISIL Lowers Rating on INR19.80cr LT Loan to 'B'
SRI RANGANATHASWAMY: CARE Migrates D Rating to Not Cooperating
SRI VENKATACHALAPATHY: CARE Assigns B+ Rating to INR10cr LT Loan
SUHAG GEMS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
SVR SEA: CRISIL Reaffirms B+ Rating on INR8.9cr Packing Loan
VAMSADHARA GINNING: CRISIL Reaffirms 'B' Rating on INR12cr Loan
VIDEOCON GROUP: NCLT Admits Bid to Consolidate Insolvency Cases
M A L A Y S I A
APFT BHD: Posts MYR2.58 Million Net Loss in Q2 Ended July 31
P A K I S T A N
PAKISTAN: IMF to Seek 'Absolute Transparency' of Debts
S I N G A P O R E
HYFLUX GROUP: Lone Bid for Tuaspring Now Being Assessed
TRIYARDS HOLDINGS: SGX Denies Bid for Annual Meeting Extension
TRIYARDS HOLDINGS: Unit Faces Winding-Up Petition
X X X X X X X X
* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2018
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A U S T R A L I A
=================
300K ENTERPRISES: Second Creditors' Meeting Set for Oct. 23
-----------------------------------------------------------
A second meeting of creditors in the proceedings of 300K
Enterprises Ltd has been set for Oct. 23, 2018, at 10:30 a.m. at
the offices of BRI Ferrier Western Australia, Unit 3, 99-101
Francis Street, in Northbridge, Western Australia.
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. 22, 2018, at 4:00 p.m.
Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of 300K Enterprises on Sept. 17, 2018.
B & I FINANCES: First Creditors' Meeting Set for Oct. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of B & I
Finances Pty Ltd, Erma Nominees Pty Ltd, and Ligon 158 Pty Ltd
will be held at the offices of Sheahan Lock Partners, Level 2,
234 George Street, in Sydney, NSW, on Oct. 24, 2018, at
11:00 a.m.
Ian Russell Lock -- ilock@slp.net.au -- and John Sheahan --
jsheahan@slp.net.au -- of Sheahan Lock Partners were appointed as
administrators of B & I Finances on Oct. 12, 2018.
GN & CA MURCH: First Creditors' Meeting Set for Oct. 24
-------------------------------------------------------
A first meeting of the creditors in the proceedings of GN & CA
Murch Pty Ltd will be held at Level 7, 91 Phillip St, Parramatta
NSW 2150 and the Chaffey Community Centre, 86 Nineteenth St, in
Renmark, SA, on Oct. 24, 2018, at 10:00 a.m.
Trent McMillen of MaC Insolvency was appointed as administrator
of GN & CA Murch on Oct. 13, 2018.
INTERLOGIC PTY: First Creditors' Meeting Set for Oct. 24
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Interlogic
Pty Ltd will be held at the offices of Dye & Co. Pty Ltd, 165
Camberwell Road, in Hawthorn East, on Oct. 24, 2018, at
10:00 a.m.
Nicholas Giasoumi and Roger Darren Grant of Dye & Co. were
appointed as administrators of Interlogic Pty on Oct. 15, 2018.
M GROUP: Second Creditors' Meeting Set for Oct. 23
--------------------------------------------------
A second meeting of creditors in the proceedings of M Group Comms
Pty Ltd, trading as Moraitis Communications, has been set for
Oct. 23, 2018, at 11:00 a.m. at the offices of
PricewaterhouseCoopers, Level 17, One International Towers
Sydney, Watermans Quay, in Barangaroo, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 22, 2018, at 5:00 p.m.
Kenneth Michael Whittingham and David Michael Webb of
PricewaterhouseCoopers were appointed as administrators of M
Group on Sept. 17, 2018.
UPRIGHT CARPENTRY: First Creditors' Meeting Set for Oct. 23
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Upright
Carpentry & Building Pty Ltd will be held at the offices of
Worrells Solvency and Forensic Accountants, Suite 601B, Level 6,
91 Phillip Street, in Parramatta, NSW, on Oct. 23, 2018, at 3:00
p.m.
Graeme Robert Beattie of Worrells Solvency was appointed as
administrator of Upright Carpentry on Oct. 11, 2018.
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C H I N A
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JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes 'B3'
--------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured
rating to the proposed notes to be issued by Jiayuan
International Group Limited (B2 stable).
The proceeds of the notes will be used to refinance existing
indebtedness.
RATINGS RATIONALE
"The proposed notes will not have a material impact on the
company's credit metrics, because the proceeds will be used for
refinancing," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.
Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets of Nanjing, Yangzhou
and Taizhou in Jiangsu Province; and (2) its low-cost and quality
land bank. These strengths support the company's business growth
plan and give it pricing flexibility in a down-cycle.
However, the B2 CFR is constrained by Jiayuan's small operating
scale, its high geographic concentration, the execution risks
associated with its rapid growth plan, and its weak liquidity.
The B2 CFR also reflects Jiayuan's elevated leverage owing to its
fast expansion plan.
The company achieved robust 115% year-on-year contracted sales
growth to RMB10.3 billion in the first eight months of 2018. This
sales performance will provide funding for the company's
expansion and debt repayment, and support future revenue growth.
Moody's expects Jiayuan's revenue/adjusted debt will be at 45%-
47% and EBIT/interest at 2.3x-2.6x over the next 12-18 months.
These credit metrics remain appropriate for the company's B2 CFR.
Jiayuan's liquidity position remains weak but manageable, with
cash/short-term debt at 99% at the end of June 2018.
The B3 senior unsecured rating is one notch lower than its CFR
due to structural subordination risk.
This risk reflects the fact that the majority of claims are at
the operating subsidiaries. These claims have priority over
Jiayuan's senior unsecured claims in a bankruptcy scenario. In
addition, the holding company lacks significant mitigating
factors for structural subordination. As a result, the likely
recovery rate for claims at the holding company will be lower.
The stable outlook reflects Moody's expectation that Jiayuan (1)
will grow its sales as planned; and (2) adjust its pace of
expansion in line with market conditions to maintain adequate
liquidity.
Jiayuan's CFR could be upgraded if the company (1) materially
grows its scale and geographic coverage while maintaining
financial discipline; (2) builds its brand in new locations
outside its home market; (3) improves its liquidity, with
cash/short-term debt coverage consistently over 1.5x and a
lengthened debt maturity profile; and (4) improves its financial
metrics, with EBIT/interest coverage consistently above 3.0x and
revenue/adjusted debt above 70%-75% on a sustained basis.
On the other hand, downward rating pressure could emerge if (1)
Jiayuan's liquidity profile weakens materially; (2) its
contracted sales or revenue falls short of Moody's expectations
or its profit margins substantially decline, in turn affecting
its interest coverage and financial flexibility; or (3) the
company engages in significant debt-funded acquisitions.
Metrics indicative of a rating downgrade include Jiayuan's cash
falling below 1.0x short-term debt or the company's EBIT/interest
coverage weakening below 1.5x on a sustained basis.
The principal methodology used in this rating was Homebuilding
And Property Development Industry published in January 2018.
Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu Province. The company
expanded its footprint to Shenzhen in 2016, Macau and New York in
2017, and Guiyang, Shanghai, Hong Kong and Cambodia in the first
half of 2018. The company had a total land bank of around 9.8
million square meters (sqm) at the end of June 2018. It also
develops and operates commercial properties alongside its
residential property projects.
LIUZHOU DONGTONG: Fitch Publishes BB LT IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has published China-based Liuzhou Dongtong
Investment & Development Co., Ltd's Long-Term Foreign- and Local-
Currency Issuer Default Ratings of 'BB'. The Outlook is Stable.
Concurrently, Fitch has assigned LDI's proposed US dollar senior
unsecured notes an expected rating of 'BB(EXP)'. The proposed
notes will be directly issued by LDI.
The proposed notes will constitute direct, unconditional,
unsubordinated and unsecured obligations of LDI and will at all
times rank pari passu with its all other present and future
unsecured and unsubordinated obligations. Proceeds will be used
for refinancing and general corporate purposes.
The final rating on the proposed bonds is contingent on the
receipt of final documents conforming to information already
reviewed.
KEY RATING DRIVERS
'Very Strong' Status, Ownership, Control: The company is wholly
controlled by the Liuzhou municipal government, the board members
are also appointed by the government, and major decisions require
the government's approval. The company's financing plans and debt
levels are closely monitored by the municipality.
'Strong' Support Record: LDI is a major government-related entity
in Liuzhou city and has a solid government support track record.
The company has received over CNY17 billion in capital injections
from the government since its inception in 2002, accounting for
around 36% of total assets. Fitch expects the government support
to continue in the next few years.
'Moderate' Socio-Political Implications: LDI plays an important
role in social housing, primary land development, and urban
infrastructure construction in the city. A default by the company
may not cause an immediate disruption of its business activities
and would have a moderate socio-political impact on the municipal
government.
'Strong' Financial Implications: LDI, as the city's major GRE,
has borrowed substantially from banks and the onshore debt market
over the past few years. A financial default by LDI would
negatively affect the funding for other enterprises owned by the
Liuzhou municipal government.
'B' Standalone Profile: LDI's standalone credit profile is
constrained by its very high leverage, with net debt/EBITDA of
around 90x at end-2017. Fitch expects the high leverage to be
maintained over the next two to three years, although ongoing
government financial support will mitigate its weak credit
profile.
RATING SENSITIVITIES
LDI's ratings could change if Fitch revises its perception of
Liuzhou municipality's ability to provide subsidies, grants or
other legitimate resources allowed under the country's policies
and regulations.
A positive rating action could be triggered by a stronger and
more explicit support commitment from the municipality or
stronger assessment of default factors. A downgrade could be
triggered by a reduction in the likelihood of support from the
municipality or a dilution of its shareholding as well as a
weaker assessment of the default factors.
An improvement of LDI's standalone credit profile or liquidity
position could also affect LDI's ratings.
Any change in LDI's IDR will result in a similar change in the
rating of the notes.
SHARING ECONOMY: Receives Noncompliance Notice from Nasdaq
----------------------------------------------------------
Sharing Economy International Inc. received a staff deficiency
notice from The Nasdaq Stock Market on Oct. 8, 2018, informing
the Company that it has failed to comply with Nasdaq's
shareholder approval requirements set forth in Listing Rule
5635(c). During the period from May 11, 2017 to date, the Company
entered into approximately one hundred arrangements resulting in
the issuance or potential issuance of more than three million
shares to officers, directors, employees, and consultants. The
Company did not receive shareholder approval for the Equity
Compensation Grants, and the shares were not issued from a
shareholder approval equity compensation plan. The Company is
continuing to review its internal records relating to prior
issuances, and as information becomes available regarding any
shares issued in similar circumstances, the Company will notify
Nasdaq.
The Company intends to submit its plan to regain compliance no
later than Oct. 26, 2018. If the plan is accepted, Nasdaq can
grant an extension of up to one hundred eighty calendar days from
Oct. 8, 2018 to evidence compliance. The Company believes that it
has otherwise been compliant with its filing obligations pursuant
to the Securities Exchange Act of 1934, as amended, including
making all appropriate disclosures to the marketplace. The
Company said it is currently doing everything possible to cure
its deficiencies regarding the Rule.
About Sharing Economy
Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a
line of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and
rental business partnerships that will drive the global
development of sharing through economical rental business models.
Throughout 2017, the Company made significant changes in the
overall direction of the Company. Given the headwinds affecting
its manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related
rental businesses within the company. These initiatives are still
in an early stage. The Company did not generate significant
revenues from its sharing economy business initiatives in 2017.
RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern.
RBSM has served as the Company's auditor since 2012.
Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of June 30, 2018,
Sharing Economy had $74.97 million in total assets, $9.83 million
in total liabilities and $65.13 million in total stockholders'
equity.
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I N D I A
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ARCHANA MINES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Archana Mines
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR45.2 mil. Term loan due on March 2023 migrated to Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERTAING)
rating; and
-- INR140 mil. Fund-based working capital limits migrated to
Non-Cooperating Category with IND BB- (ISSUER NOT
COOPERTAING)/ IND A4+ (ISSUER NOT COOPERTAING) 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
Archana Mines is engaged in the procurement and mining of
granite.
B S ENTERPRISE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B S
Enterprise'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 actions are:
-- INR19.4 mil. Fund-based limits maintained at Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) rating;
-- INR45.29 mil. Term loan due on August 2020 maintained at Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR1.13 mil. Non-fund-based limits maintained at Non-
Cooperating Category with IND A4+ (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 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 2011, B S Enterprise is engaged in providing LPG
transportation facilities in the eastern part of India.
B S TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained B S Transport
Company'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 actions are:
-- INR17 mil. Fund-based limits maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) rating;
-- INR37.74 mil. Term loan due on August 2020 maintained in Non-
Cooperating Category with IND BB- (ISSUER NOT COOPERATING)
rating; and
-- INR1 mil. Non-fund-based limits maintained in Non-Cooperating
Category with IND A4+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 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 2011, B S Transport Company provides LPG
transportation facilities in the eastern part of India.
B. N. CIVITECH: CARE Assigns B+ Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of B. N.
Civitech (BNC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.00 CARE B+; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of BNC is primarily
constrained by the small scale of operations, partnership nature
of constitution, project salability risk, risk associated with
geographical concentration and competition from similar type of
projects in the adjoining areas. However, the aforesaid
constraints are partially offset by its experienced partners,
favorable project location, satisfactory profitability margins,
comfortable capital structure and satisfactory debt coverage
indicators and satisfactory project execution capabilities.
The ability of the firm to complete the on-going project as per
schedule without any major cost overrun, sale out its
current real estate project, increase its scale of operations and
profitability margins will be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations: The scale of operations of the firm
remained small with total operating income of INR2.69 crore
(Rs.6.10 crore in FY17) with a PAT of INR0.22 crore (INR0.30
crore in FY17) in FY18 provisional. Furthermore, the tangible net
worth of the firm also remained low at INR1.91 crore as on March
31, 2018. The small size restricts financial flexibility in times
of stress. The firm has generated revenue of around INR1.00 crore
in 5MFY19.
Partnership nature of constitution: BNC, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partners would be the key
factors affecting credit decision for the lenders.
Project implementation and salability risk: The firm has already
developed a residential project namely Shanti Valley with total
saleable area of 1.80 lakh square feet since its inception. In
the aforesaid project, the firm has already developed three
towers which are completely sold out and currently, it is coming
up with a new tower named 'PRAKRITIK' inside the Shanti Valley
Project compound. The aggregate cost of project is estimated to
be INR14.13 crore with a saleable area of 0.83 lakh square feet.
The total project cost of INR14.13 crore is estimated to be
funded by term loan of INR7.55 crore, customer advances of
INR2.55 crore and balance from partners' contribution of INR4.03
crore. The firm has already applied for the term loan but the
same is yet to be tied up. The firm has spent around INR0.93
crore till July 31, 2018 in the aforesaid project funded through
partners' contribution. Since the project is into initial stage,
the project implementation risks also exist. Furthermore, the
booking of the project has not yet started. Going forward, the
ability of the firm to complete the on-going project without any
major cost and time overrun, receipts of customer advance as
envisaged and sale out of its apartments will be crucial for the
firm.
Risk associated with geographical concentration: The firm's
operations are restricted in the state of Jharkhand only
indicating high geographical concentration risk. Being confined
only in the state of Jharkhand, BNC remains exposed to the risk
associated with slowdown in the real estate market in the region
resulting from demand supply mismatch. In recent times, many new
real estate projects have been launched in the state, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.
Competition from similar type of projects in the adjoining areas:
Real estate, while being one of the largest sectors of the
economy, is regional and fragmented in nature. In recent times,
many new real estate projects have been launched in Jharkhand, by
organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.
Key Rating Strengths
Experienced partners with favourable project location: All the
partners Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay
Shankar and Mrs. Geeta Shankar are associated with the firm since
its inception, looks after the day to day operations of the firm.
Furthermore, Jamshedpur is on the fast track of development being
the commercial city of the state of Jharkhand. Large scale influx
of professionals in the wake of rapid establishment of corporate
projects and branches in Jharkhand has added the necessary
impetus to the growth of real estate. While the major growth has
been marked in the housing sector, investments in commercial
property have far exceeded even that of the housing sector. This
has resulted in surge in the population of the city thereby
creating high demand for residential properties. Furthermore,
with upgrading lifestyle and growing middle class, there is a
strong demand for new apartments and bungalows with modern
facilities for residential purpose. While this augurs well for
the property developers including BNC operating in the region.
Satisfactory profitability margins: The profitability margins of
the firm remained satisfactory during last three years. The
operating margin improved in FY18 owing to lower cost of
operations and remained at 11.02% in FY18 as against 6.26% in
FY17. Furthermore, the PAT margin improved significantly in FY18
and the same stood at 8.18% in FY18 as against 4.89% in FY17.
Comfortable capital structure and satisfactory debt coverage
indicators: The capital structure of the firm improved and
remained comfortable as on last three account closing dates. The
overall gearing ratio improved on account of accumulation of
surplus into capital and stood comfortable at 0.74x as on March
31, 2018. Furthermore, the debt coverage indicators of the firm
remained satisfactory in the last three years marked by interest
coverage at 6.00x in FY18. Total debt to GCA also remained
satisfactory at 5.81x in FY18.
B. N. Civitech (BNC) was constituted as a partnership firm in the
year 2007 by Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay
Shankar and Mrs. Geeta Shankar based out of Jamshedpur,
Jharkhand. Since its inception, the firm has been engaged in
development of real estate projects in the state of Jharkhand.
Currently, it is coming up with a new tower named 'PRAKRITIK'
inside its Shanti Valley project compound which is a residential
complex.
DERON PROPERTIES: CRISIL Reaffirms B+ Rating on INR50cr Term Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Deron Properties Private Limited (DPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12.5 CRISIL B+/Stable (Reaffirmed)
Proposed Rupee
Term Loan 50 CRISIL B+/Stable (Reaffirmed)
Rupee Term Loan 17.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the company's exposure to risks
related to implementation, funding, and saleability of its
projects, apart from intense competition and cyclicality inherent
in the real estate industry. These weaknesses are partially
offset by extensive experience of the promoters, and healthy
sales reported in past projects.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to implementation, funding, and
saleability of projects: DPPL is developing three projects (mix
of residential and commercial) in Pune, at an estimated cost of
INR145.5 crore. The company has incurred around INR71.2 crore on
these projects till August 2018, (about 48% of the total cost).
Operating performance will thus, remain susceptible to timely
completion of projects and flow of customer advances.
* Vulnerability to cyclicality inherent in the Indian real estate
industry: The real estate sector in India is cyclical, and
affected by volatility in prices, opaque transactions, and a
highly fragmented market structure. Hence, the business risk
profile will remain susceptible to risks arising from any
industry slowdown.
* Modest bookings: The ongoing projects have witnessed modest
booking so far, and hence, the flow of customer advances is yet
to gain momentum.
Strengths
* Extensive experience of the promoters in the real estate
business: The nearly three-decade-long experience of the
promoter, in the real estate business, and successful completion
of past projects, have enabled the company to establish its
market position in Pune.
* Strategic location of the projects: Three ongoing projects are
in prime localities (close to the Information Technology park at
Hinjewadi), and well-connected to Pune's industrial belt, and
therefore, likely to support sales.
Outlook: Stable
CRISIL believes DPPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if healthy booking of units and receipt of customer
advances, lead to substantial cash inflows. The outlook may be
revised to 'Negative' in case of time or cost overrun in new
projects, or if a slower-than-expected ramp up in customer
bookings, adversely impacts cash inflows and weakens the
financial risk profile and liquidity.
Incorporated in 2011, DPPL develops residential and commercial
real estate properties, mainly in Pune. Mr Umang Madan and his
wife, Mrs Mansi Madan are the promoters of the company.
ELLENBARRIE TEA: CRISIL Migrates B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, has migrated the rating of Ellenbarrie Tea and
Industries Limited (ETIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating'. However, the management has subsequently shared
information necessary for carrying out a comprehensive review of
the rating. Consequently, CRISIL is migrating the rating on the
bank facilities of ETIL from 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee .5 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 4.25 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Long Term Loan 1.5 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
Proposed Fund- 1.75 CRISIL B+/Stable (Migrated
Based Bank Limits from 'CRISIL B+/Stable
ISSUER NOT COOPERATING')
The ratings continue to reflect a modest scale of operations,
susceptibility to seasonality in tea production and to climatic
conditions, and a below-average financial risk profile. These
rating weaknesses are partially offset by the extensive industry
experience of the promoters.
Analytical Approach
Unsecured loans of INR2.88 crore as on March 31, 2018, have been
treated as neither debt nor equity, as they are subordinated to
bank debt and expected to remain in the business over the medium
term, though there have been instances of minimal withdrawal in
the past.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations, and susceptibility to seasonality
in tea production and to climatic conditions: The scale of
operations (estimated revenue of INR17.84 crore in fiscal 2018,
vis-a-vis INR14.73 crore in fiscal 2017) is likely to remain
modest, constrained by intense competition. The presence of
established players also constrains growth prospects of small
players like ETIL. Further, tea plantations are susceptible to
seasonality in production and climatic conditions. Pest attacks
and inadequate rainfall may lead to less-than-normal production
and deterioration in the quality of the crop, and thus, adversely
affect revenue and profitability
* Below-average financial risk profile: The networth was small at
INR4.65 crore and the gearing high at 3.24 times, as on March 31,
2018. Debt protection metrics have been weak, owing to low
profitability and high reliance on bank debt. The adjusted
interest coverage and net cash accrual to adjusted debt ratios
were 1.6 times and 0.05 time, respectively, for fiscal 2018.
Strength
* Extensive industry experience of the promoters: Benefits from
the four-decade experience of the promoters, their keen grasp
over industry dynamics, and healthy relationships with labourers,
customers, and raw material suppliers, should continue.
Outlook: Stable
CRISIL believes ETIL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of substantial and sustained increase in
the scale of operations and a stable operating margin, leading to
higher cash accrual, along with better working capital
management. The outlook may be revised to 'Negative' if low
operating income or profitability, a stretch in the working
capital cycle, or any significant, debt-funded capital
expenditure, weakens the financial risk profile, particularly
liquidity.
ETIL, incorporated in 2010, is engaged in plantation and
processing of tea. It is promoted by Mr Shanti Prasad Agrawal,
who is based in West Bengal and owns a tea estate, Karala Valley
Tea Garden, Dooars. Operations began from May 2016.
GARG ROAD: CARE Assigns B+ Rating to INR6cr LT Loan
---------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Garg
Road Lines (GRL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of GRL is primarily
constrained on account of its modest scale of operations with
thin profitability due to limited bargaining power and its
presence in a highly competitive industry, leveraged solvency
position, moderate liquidity position and constitution as a
proprietorship concern. The rating, however, derives strength
from the experienced proprietor with authorised dealership of
Bharat Petroleum Corporation Limited (BPCL).
The ability of the firm to increase in the scale of operations
with improvement in profitability and solvency position with
efficient management of working capital would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations with thin profitability due to limited
bargaining power: The scale of operation of the firm stood modest
with Total Operating Income (TOI) of INR70.13 crore in FY18
declined, marginally by 2.47% over FY17 owing to lower sales. Due
to trading nature of the business, the profitability margins
stood
thin with PBILDT and PAT margin of 0.98% and 0.15% respectively
in FY18. As per the agreement, the margins of the firm are fixed
by BPCL and the prices of petrol and diesel depends upon the
market rate on daily basis.
Weak solvency position and moderate liquidity position: The
capital structure of the firm stood leveraged with an overall
gearing of 4.23 times as on March 31, 2018. Further, the debt
service coverage indicators of the GRL stood weak with total debt
to GCA of 50.14 times as on March 31, 2018 and interest coverage
ratio of 2.02 times in FY18. The liquidity position of the firm
stood moderate with comfortable operating cycle of 33 days in
FY18. The firm sells petroleum products to retail customers on
cash basis and gives credit period of 5 to 25 days to large
corporate client. It maintains inventory of around 2 to 4 days.
Further, the liquidity ratios stood moderate with current ratio
and quick ratio stood at 1.20 times and 1.13 times respectively
as on March 31, 2018. The firm has utilized average around 90% to
95% of the working capital bank borrowings during the past 12
months ended August 31, 2018.
Presence in a highly competitive industry and constitution as a
proprietorship concern: The petroleum retailing industry is
highly competitive in nature with presence of large retail
outlets of few companies. The products of all retail outlets are
same and available at same rate with marginal difference.
Constitution as a proprietorship concern with small net worth
base restricts its overall financial flexibility in terms of
limited access to external fund for any future expansion plans.
Furthermore, there is an inherent risk of possibility of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of proprietor.
Key Rating Strengths
Experienced proprietor with authorised dealership of Bharat
Petroleum Corporation Limited (BPCL): Mr. Praveen Kumar Garg,
proprietor, looks after the overall affairs of the firm and has
more than three decade of experience in the industry. Further he
is supported by experienced employees in smooth functioning of
the firm. Further, the proprietor has also promoted "GSV
Products" which is engaged in trading of Furnace oil. The firm is
an authorised dealer of BPCL since 2005 where the firm has
established a retails outlet on NH-10, Delhi. The agreement was
entered for a period of 30 years.
Mundka (Delhi) based GRL was formed as a proprietorship concern
by Mr Praveen Kumar Garg in 2005. GRL is engaged in the business
of the retailing and trading of petroleum products of BPCL. The
firm has a retail outlets located at NH 10.
GENERAL PETROCHEMICALS: Ind-Ra Withdraws BB- LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn General
Petrochemicals Limited's Long-Term Issuer Rating of 'IND BB-
(ISSUER NOT COOPERATING)'. The instrument-wise rating actions are
given below:
-- The IND BB- rating on the INR206.24 mil. Term loan due on
July 2027 are withdrawn; and
-- The IND BB- rating on the INR80 mil. Fund-based limits are
withdrawn.
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the rated
facilities' lenders. This is consistent with the Securities and
Exchange Board of India's circular dated 31 March 2017 for credit
rating agencies.
COMPANY PROFILE
Incorporated in 1995, General Petrochemicals manufactures greige
fabric in Surat, Gujarat, on a job-work basis.
GRD TRUCKS: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of GRD
Trucks Private Limited (GRD) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.50 CARE B+; Issuer Not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GRD to monitor the ratings
vide e-mail communications/letters dated July 11, 2018, June 21,
2018, June 11, 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
publicly available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on GRD
Trucks Private Limited's bank facilities will now be denoted as
CARE B+; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.
Delhi-based, GRD was incorporated in 2012 and is promoted by Mr
Manish Agarwal and Mr Mayank Agarwal. GRD has been appointed as
an authorized dealer of Ashok Leyland Limited in 2012, to sell
its heavy commercial vehicles such as Ecomet, Viking etc. GRD
commenced commercial operations in January, 2014. The company
operates 4 showrooms in Delhi, Faridabad, Palwal and Pali with 3S
(sales, service, spares) facility. GRD has three group associates
Ganganagar Sales & Service, Ganganagar Motors and Leyland House;
all engaged in trading auto parts.
As on March 31, 2017, the total operating income of the company
has increased significantly to INR286.85 crore (FY16: 184.85
crore). However, the company didn't provide any further
information/clarification.
GULSHAN FASHIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gulshan
Fashions' 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:
-- INR60 mil. Fund-based working capital limit maintained in
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
March 31, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Gulshan Fashions is a partnership entity with registered office
in Jaipur. The entity manufactures and supplies garment fabrics.
INDIA: Top Court Tightens Rules on Bad-Debt Resolution Timeline
---------------------------------------------------------------
Bloomberg News reports that India's top court has set new norms
for the country's bankruptcy law in an attempt to speed up the
resolution of billions of dollars worth of soured loans weighing
down banks.
According to Bloomberg, the Supreme Court on Oct. 4 set mandatory
timelines for the various stages of the insolvency resolution
process, which the law says must be concluded in 270 days, and
imposed restrictions on when and why the process can be appealed
or stalled.
"This would not only support the development of credit markets
and encourage entrepreneurship, but would also improve ease of
doing business and facilitate more investment, leading to higher
economic growth and development," the court said, Bloomberg
relays.
Two years after parliament passed the Insolvency and Bankruptcy
Code, the resolution process has been slowed as courts are
inundated with appeals from founders, administrators, lenders and
bidders, Bloomberg says. In a country infamous for judicial
delays, the number of cases being referred to the company courts
threaten a crucial reform of the Narendra Modi government. The
law helped India jump 30 points in World Bank's ease of doing
business rankings in 2017, Bloomberg states.
Bloomberg says the top court on Oct. 4 listed the number of days
to be taken on things like admission of a case, appointment of a
valuer for assets and selection of the best resolution plan.
It also ruled that only a panel of lenders can decide on the
eligibility of bids for stressed assets and not the court-
appointed insolvency administrator, as was previous practice,
Bloomberg relates. No cases can be filed until lenders have
reached a decision on the bids, it ruled. This clarifies two of
the biggest sticking points in the insolvency proceedings of
marquee defaulters such as Essar Steel India Ltd., Binani Cements
Ltd. and Bhushan Power & Steel Ltd, according to Bloomberg.
Bloomberg notes that the verdict followed a legal battle between
the world's largest steelmaker ArcelorMittal and Numetal, a
consortium led by Russia's VTB Capital, to take control of Essar
Steel, the largest steel mill on sale under the new law.
JBC INDUSTRIES: CARE Assigns B+ Rating to INR8.50cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of JBC
Industries (JBC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 8.50 CARE B+; Stable Assigned
Facilities
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of JBC is constrained
by small scale of operations with low profit margins,
proprietorship nature of constitution, renewal based dealership
agreement, working capital intensive nature of business,
leveraged capital structure with moderate debt coverage
indicators and its presence in an intensely competitive industry.
The rating, however, derive comfort from experienced proprietor
with long track record of operations and its association with
reputed supplier.
Going forward, the entity's ability to increase its scale of
operations, improvement in profitability margins and ability to
manage working capital effectively shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with low profit margins: The scale of
operations of the entity remained small marked by total operating
income of INR35.73 crore (INR30.69 crore in FY17) with a PAT of
INR0.42 crore (INR0.35 crore in FY17) in FY18, provisional.
However, the total operating income has witnessed year on year
growth during last three years (FY16-FY18) and the same has grown
at a CAGR of 12.56% during the aforesaid period. Furthermore, the
profit margins of the entity remained low marked by PBILDT margin
of 5.09% and PAT margin of 1.18% in FY17.
Proprietorship nature of constitution: JCB, being a
proprietorship entity, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship entity has restricted access to external borrowing
as credit worthiness of the partners would be the key factors
affecting credit decision for the lenders.
Renewal based dealership agreement: The dealership agreement
between Tata Steel Limited (Agrico & wire division) and JBC is
valid for one year expiring on December 2018, thereafter it is
subject to automatic yearly renewal unless it is terminated due
to breach of contract/fraud by the entity or its going into
liquidation. The agreement has been renewed regularly in the past
starting since 1995. The entity has been continuously growing
over the past years hence; the probability of non-renewal of
contract is low.
Working capital intensive nature of operations: The business
operation of JBC is highly working capital intensive in nature
marked by high inventory period. The average inventory period was
high during last three years (FY16-FY18) as the entity maintained
high level of traded goods inventory to meet customer
requirements coupled with sluggish demand and raw material
inventory in view of volatile nature of iron and steel products.
Apart from this, Tata Steel requires advance payment for the
goods. On the other hand, JBC has been offering credit period of
around a month to its
customers. This has resulted in significant working capital
requirement for the entity. Accordingly, average working capital
utilization remained high at 98% during last twelve months ending
August 31, 2018.
Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the entity remained
leveraged owing to its working capital-intensive nature of
operations resulting in higher dependence on bank borrowings. The
overall gearing stood at 2.60x (2.49x as on March 31, 2017) as on
March 31, 2018. The debt coverage indicators remained moderate
marked by interest coverage of 1.57x (1.46x in FY17) and total
debt to GCA of 20.66x (22.56x in FY17) in FY18, provisional.
Intensely competitive industry: The entity is engaged in the
trading & manufacturing of iron & steel related products
which is primarily dominated by large players and characterized
by high fragmentation and competition due to the presence of
numerous players in India owing to relatively low entry barriers.
High competitive pressure limits the pricing flexibility of the
industry participants which induces pressure on profitability.
The fortunes of companies like JCB from the steel industry are
heavily dependent on the automotive, engineering and
infrastructure industries. Steel consumption and, in turn,
production mainly depends upon the economic activities in the
country. Construction and infrastructure sectors drive the
consumption of steel. Slowdown in these sectors may lead to
decline in demand of steel& alloys. Furthermore, all these
industries are susceptible to economic scenarios and are cyclical
in nature.
Key Rating Strengths
Experienced proprietor with long track record of operations: JBC
has been engaged in trading and manufacturing of iron & steel
products since 1995 and thus has more than two decades of track
record of operations. Being in the industry since 1995, the
proprietor has built up good relationship with clients. Mr.
Jitendra Patra, having four decades of experience in iron & steel
industry, looks after overall management of the entity.
Association with reputed supplier: JBC enjoys the advantage of
being an authorized dealer of Tata Steel Ltd (Agrico & wire
division) having established presence and brand image in Indian
market.
JBC Industries (JBC) was established as a proprietorship entity
on August 1, 1995 by Mr. Jitendra Patra based out of Odisha.
Since inception, the entity has been engaged in trading of iron &
steel hardware products like HB wire, GI wire, agricultural
equipment's and manufacturing of binding wire, barbed wire,
chain-link net and fastener nails. JBC is the authorized dealer
of Tata Steel Limited (Agrico and wire division) for 22 districts
of Orissa. The manufacturing facility of JBC is located at
Mancheswar Industrial Estate of Bhubaneswar, Orissa with an
aggregate installed capacity of 200 MTPA. The entity derived its
major revenue (96% of total revenue in FY18) from trading
activities and balance from
manufacturing activities.
JS DESIGNER: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed JS Designer
Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR610.30 mil. Fund-based limit (long-/short-term) affirmed
with IND D (ISSUER NOT COOPERATING) rating;
-- INR47.50 mil. Non-fund-based limit (short-term) affirmed with
IND D (ISSUER NOT COOPERATING) rating; and
-- INR356.50 mil. Term loans (long-term) affirmed with IND D
(ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information
KEY RATING DRIVERS
The affirmation reflects the classification of JS Designer as a
non-performing asset by its lenders in March 2018.
COMPANY PROFILE
Set up in 1997, JS Designer manufactures garments and exports
designed apparels, which includes women's wear and kids wear.
KAMALAKANTA COLD: CRISIL Reaffirms B Rating on INR7.07cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Kamalakanta Cold Storage Private Limited (KCSPL) at 'CRISIL
B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7.07 CRISIL B/Stable (Reaffirmed)
Term Loan 1.46 CRISIL B/Stable (Reaffirmed)
Working Capital
Facility 1.47 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect a weak financial risk profile and
exposure to risks relating to changes in regulations and to
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 the highly regulated and intensely
competitive nature of the cold storage industry in WB: The potato
cold storage industry in WB is regulated by the West Bengal Cold
Storage Association, while rental rates are fixed by the
Department of Agricultural Marketing, WB. The fixed rental will
continue to limit the ability of players 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 was modest, estimated
at INR3.19 crore as on March 31, 2018, despite marginal
improvement in recent years on account of accretion to reserves.
The gearing was high at 2.93 times as on this date due to loans
extended to farmers and a term loan availed. Debt protection
metrics are likely to remain moderate: the interest coverage and
net cash accrual to total debt ratios were 1.52 times and 0.05
time, respectively, in fiscal 2018.
Strengths
* Extensive industry experience of the promoters: The promoters'
industry experience of over two decades and their strong
relationship with potato farmers should continue to support the
business risk profile. The company has maintained healthy
utilisation of its storage capacity (90% on an average in fiscal
2017).
Outlook: Stable
CRISIL believes KCSPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if farmer credit financing is efficiently managed,
operations are significantly scaled up, and profitability
improved. 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.
KCSPL was incorporated in 2012; Mr Kartik Ghosh, Mr Sibsankar
Sinha, Mr Ganesh Chandra Ghosh, and Ms Mousumi Ghosh are the
directors. The company operates a cold storage unit for potatoes,
with capacity of 2 lakh quintal, in Bankura, West Bengal. It
occasionally trades in potatoes to ensure optimum capacity
utilisation of the unit. It also finances potato storage of
farmers; this is refinanced by banks.
NAMAN MALL: CARE Migrates D Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Naman
Mall Management Company Private Limited (NMMPL) to Issuer Not
Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank 70.24 CARE D; Issuer not cooperating;
Facilities- Based on best available
Term Loan Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from NMMPL to monitor the
rating(s) vide e-mail communications/letters dated Aug. 1, 2018,
July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018,
Feb. 6, 2018, Oct 23, 2017 and numerous phone calls. However,
despite our repeated requests, Naman Mall Management Company
Private Limited has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Naman Mall
Management Company Private Limited's bank facilities will 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 reaffirmation of the rating takes in to account past delays
in debt servicing and absence of adequate information required
for review of rating.
Detailed description of the key rating drivers
The reaffirmation in rating is on account of past delays in
servicing debt.
NMMPL was formed to develop and operate 2.36 lakh square feet
(lsf) shopping mall-cum-multiplex and entertainment complex,
namely, Central Naman Mall, at Indore. NMMPL is owned and
promoted by Entertainment World Developers Ltd. (EWDL) which is a
part of Kalani Group. EWDL based in Indore, Madhya Pradesh,
focuses on development and management of shopping malls,
hospitality, and residential projects in tier II cities. The
company is promoted by Mr Manish Kalani. The group has diverse
interests in real estate development, and wind energy generation.
Currently, EWDL operates two malls in Indore (Treasure Island and
Treasure Central). Apart from these, the group is also developing
residential projects Treasure Town and Treasure Fantasy in
Indore.
NATIONAL CAPSULES: Ind-Ra Maintains BB- Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained National
Capsules Private Limited's Long-Term Issuer Rating in the non-
cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR35.2 mil. Long-term loan maintained in Non-Cooperating
Category with IND BB- (ISSUER NOT COOPERATING) rating; and
-- INR27.5 mil. Fund-based working capital limits maintained in
Non-Cooperating Category with IND BB- (ISSUER NOT
COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 20, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
National Capsules was incorporated in 2010 and manufactures empty
hard gelatin capsules and transmissible spongiform
encephalopathy/bovine spongiform encephalopathy free capsules in
Vidisha, near Bhopal, Madhya Pradesh.
NAVIN CONSTRUCTION: CRISIL Moves B Rating from Not Cooperating
--------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the ratings of Navin Construction
Corporation (Navin) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. However, the management has subsequently started
sharing requisite information necessary for carrying out
comprehensive review of the rating. Consequently, CRISIL is
migrating the ratings on the bank facilities of the firm from
'CRISIL B/Stable/CRISIL A4 Issuer not Co-operating' to 'CRISIL
B/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 4 CRISIL A4 (Migrated from
'CRISIL A4 ISSUER NOT
COOPERATING')
Cash Credit 8 CRISIL B/Stable (Migrated
from 'CRISIL B/Stable
ISSUER NOT COOPERATING')
The ratings reflect the firm's small scale of operations in the
intensely competitive and highly fragmented civil construction
industry, working capital intensive nature of operations and
revenue concentration risks. The ratings also reflect the weak
financial risk profile of the company. These rating weaknesses
are partially offset by the extensive experience of the promoters
in the civil construction industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in the intensely competitive and
highly fragmented civil construction industry: The firm's
business is tender-based and is exposed to competitive pressures,
leading to low bargaining power. Moreover, the firm takes between
six months to two years to implement a contract. Its revenue
profile is, therefore, vulnerable to the risk of project-related
cost overruns. Additionally, the engineering and capital goods
industry is linked to economic cycles. Thus, investments in water
engineering tend to be cyclical.
* Working capital intensive operations: The firm operates in an
industry that is inherently working capital intensive because of
high inventory requirements and long payment cycles. Furthermore,
because of the company's tender-based nature of business, it has
to provide a bank guarantee or earnest money deposit to bid for
any project. On allocation of the project, Navin has to provide
an advance bank guarantee (for 10 to 20 per cent of the contract
value) to avail an advance.
* Below average financial risk profile: The firm has a weak
financial risk profile, marked by small net worth and high
gearing of INR3.8 crore and 3 times respectively as on March 31
2018. Debt protection metrics are also weak, marked by interest
coverage ratio of 1.2 times and NCA/TD ratio (Net cash
accrual/Total debt) of 2% in fiscal 2018.
Strengths
* Extensive experience of promoters in the civil construction
industry: The firm has been operating in the water engineering
segment for more than two decades. The firm is engaged in laying
of pipelines, construction of water treatment plants, overhead
tanks, etc. for the KWA. Over the past ten years, the firm has
developed strong technical expertise in implementing EPC of
sewage treatment plants, water treatment plants, and water
augmentation projects for government entities and private
parties.
Outlook: Stable
CRISIL believes that Navin will continue to benefit over the
medium term from the extensive experience of its promoters in the
construction industry. The outlook may be revised to 'Positive'
in case of significant improvement in the company's scale of
operations and profitability resulting in higher-than-expected
cash accruals. Conversely, the outlook may be revised to
'Negative', if the company undertakes larger-than-expected debt-
funded capital expenditure or in case of decline in revenues and
profitability leading to deterioration in its financial risk
profile.
Based in Cochin, Navin undertakes civil construction works in
Kerala. The firm is promoted by Mr N Sugathan and his family
members.
P.C. JAIN: CRISIL Reaffirms B+ Rating on INR3.5cr Overdraft
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
bank loan facilities of P.C. Jain and Company (PCJC).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6.5 CRISIL A4 (Reaffirmed)
Overdraft 3.5 CRISIL B+/Stable (Reaffirmed)
Proposed Bank
Guarantee 2 CRISIL B+/Stable (Reaffirmed)
Proposed Overdraft
Facility 1 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 3 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect small scale of operations and
geographical concentration in revenue. These weaknesses are
partially offset by extensive industry experience of the
proprietor.
Analytical Approach
Unsecured loans of INR1.79 crore from the proprietor as on
March 31, 2018, have been treated as neither debt nor equity as
it will remain in the business and is subordinate to bank debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: This exposes the firm to any adverse
external factors. The scale of operations is expected to remain
small owing to low revenue visibility given the tender-based
nature of operations and limited orders in hand.
* Geographical concentration in revenue: The firm bids for road
projects only in Banswara district of Rajasthan.
Strengths
* Extensive industry experience of the proprietor: The
proprietor, Mr P C Jain, has been engaged in the civil
construction industry for over three decades. This has helped to
develop an established relationship with customers and suppliers
and resulted in a sound understanding of the business environment
in Rajasthan.
Outlook: Stable
CRISIL believes PCJC will continue to benefit from the extensive
industry experience of its proprietor. The outlook may be revised
to 'Positive' in case of a significant ramp-up in scale of
operations while profitability is maintained, leading to higher-
than-expected cash accrual and improvement in the financial risk
profile. The outlook may be revised to 'Negative' if large, debt-
funded capital expenditure or a decline in profitability weakens
the financial risk profile, particularly liquidity.
PCJC was established as a proprietorship firm in 1975 in
Rajasthan by Mr P C Jain. The firm provides turnkey construction
services, mainly for civil works relating to roads for
authorities such as the Public Works Department, Rajasthan.
PLANET PR: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Planet PR
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise,
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will now
appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR80 mil. Fund-based limit migrated to Non-Cooperating
Category with IND B+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 17, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2004, Planet PR is engaged in the trading of coal
and iron ore.
PRIME TECHNOPLAST: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Prime
Technoplast Private Limited's (PTPL) Long-Term Issuer Rating at
'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate
in the rating exercise despite continuous requests and follow-ups
by the agency. Thus, the rating is based on the best available
information. Therefore, investors and other users are advised to
take appropriate caution while using these ratings.
The instrument-wise rating actions are:
-- INR270 mil. Fund-based working capital limit (Long-term)
affirmed with IND D (ISSUER NOT COOPERATING) rating;
-- INR46.5 mil. Long-term loan (Long-term) affirmed with IND D
(ISSUER NOT COOPERATING) rating; and
-- INR50 mil. Non-fund-based working capital limits (Short-term)
affirmed with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
best available information
KEY RATING DRIVERS
The affirmation reflects continued delays in debt servicing by
PTPL.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a rating upgrade.
COMPANY PROFILE
PTPL is a private limited company, incorporated in April 2009.
The company manufactures woven sacks made of high density
polyethylene or polypropylene.
R J COLD: CARE Migrates B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of R J Cold
Storage Private Limited (RJCS) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 30 CARE B+; Issuer Not cooperating;
Facilities Based on best available
Information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RJCS to monitor the
ratings vide e-mail communications/letters dated July 11, 2018,
June 21, 2018, June 11, 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 publicly available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on R J Cold Storage Private Limited's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
RJCS, incorporated in July 1992, is promoted by Mr Vipul
Aggarwal. RJCS has been operating a cold storage facility at
Sonepat, Haryana, and derives rental income from it. In FY13
(refers to the period April 1 to March 31), the company started
trading in various grocery items such as lentils, pulses, spices,
etc. The company purchases agro commodities in bulk, and stores
them in its cold storage facility to maintain freshness and
improve their shelf life. The stored commodities are sold during
off season. As on March 31, 2017, the total operating income of
the company has increased significantly to INR615.54 crore (PY:
INR342.26), however, the company didn't provide any
information/clarification.
RAJ KISHORE: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Raj Kishore Engineering Constructions
Private Limited (RKECPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 2 CRISIL A4 (Reaffirmed)
Cash Credit 3 CRISIL B+/Stable (Reaffirmed)
Proposed Bank
Guarantee 2 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 6 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the modest scale of operations,
amidst intense competition, and large working capital
requirement. These rating weaknesses are partially offset by
extensive experience of the promoter in the civil construction
business.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations amid intense competition: Scale of
operation is modest as reflected in revenue of INR 26.5 crores in
fiscal 2018, as against INR 25.88 crores in fiscal 2017.
Furthermore, the company is exposed to intense competition in the
civil construction industry, which is highly fragmented in
nature. Modest scale and exposure to competition has led to
modest operating profitability.
* Working capital-intensive operations: Operations are highly
working capital intensive, as reflected in gross current assets
of 262 days as on March 31, 2018. The high working capital
intensity is due to large receivables.
Strengths
* Extensive experience of the promoter: The three-decade-long
experience of the promoter, and the company's track record of
successful implementation of projects within the stipulated time
and cost, have led to healthy relationships with key clients.
Outlook: Stable
CRISIL believes RKECPL will continue to benefit from its
established market position and the extensive experience of the
promoter. The outlook may be revised to 'Positive' if RKECPL
reports significant and sustained growth in cash accrual, and
improves its working capital management. The outlook may be
revised to 'Negative' if a stretch in the working capital cycle,
or any large capital expenditure, weakens the financial risk
profile, especially liquidity.
RKECPL was set up in 2010, by Mr S Rajasekaran. The company
undertakes civil construction projects, related to industrial
buildings, RCC roads, towers, chimneys and other related works.
RAM ENGINEERS: CRISIL Lowers Rating on INR4.0cr Overdraft to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank loan facilities of
Ram Engineers and Contractors (REC) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL D (Downgraded from
'CRISIL A4')
Long Term Loan 1.0 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Overdraft 4.0 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long Term 3.7 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
The downgrade reflects delays by the company in servicing bank
debt. The same was on account of weak liquidity.
The ratings continue to reflect the firm's small scale of
operations, below average financial risk profile because of
moderate gearing, modest net worth and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of its proprietor.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations: With sales of INR3.7 crore for
fiscal 2018, scale remains modest in the intensely competitive
construction industry.
* Below Average financial risk profile: Gearing is high at 3.54
times as on March 31, 2018.The net worth is modest at Rs.1.59
Crore as on March 31, 2018.
* Large Working Capital Requirement: The firm has high GCA days
of 595 days as on march 31, 2018 reflecting the working capital
intensity.
Strength
* Established track record: REC benefits from the extensive
experience of its promoter in real estate development; the
promoter has been engaged in this segment for about 16 years.
Before setting up REC, the promoter, Mr. Sethuraman, a civil
engineer, was employed with Coromandel Engineers for 16 years.
Established in 2010 as a proprietorship concern by Mr.
Sethuraman, REC carries out civil construction in Chennai.
RAMA INFRAPROJECTS: CRISIL Assigns B+ Rating on INR6cr Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Rama Infraprojects Private Limited
(RIPPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 1 CRISIL B+/Stable (Assigned)
Bank Guarantee 1 CRISIL A4 (Assigned)
Cash Credit 6 CRISIL B+/Stable (Assigned)
The ratings reflect modest scale of operations, subdued operating
margin, working capital-intensive nature of operations, and
exposure to risks related to tenders and intense competition.
These rating strengths are partially offset by the comfortable
capital structure, and the extensive experience of the promoter
in the construction industry, with a long track record of
operations.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations and subdued operating margin: The
scale remains modest, with operating income of INR16.38 crore in
fiscal 2018, owing to the tender-driven business. Further with
modest order book, the revenue should remain modest over the
medium term. Operating margin was subdued at -1.9% in fiscals
2018, as volatility in material prices, in the absence of an
escalation clause, coupled with low bargaining power, led to
lower realisations.
* Working capital-intensive nature of operations: Operations are
highly working capital intensive, as reflected in gross current
assets of around 291 days as on March 31, 2018, led by sizable
inventory of 80 days and receivables of 64 days. Realisations
tend to stretch, as funds are blocked with government entities.
Nevertheless, credit of 70-90 days extended by the suppliers,
supports working capital management.
* Susceptibility to tender-based nature of operations: RIPPL
operates in a highly competitive market, which has both large
players and smaller entities. This, coupled with the tender-
driven nature of business, exerts pressure on the profit margin.
Strengths
* Extensive experience of the promoter: The promoter, Mr Uma
Shankar Mishra has over two decades of experience in the
construction business, which includes interior decoration,
modernisation of building, and civil projects. Over the years, he
has maintained a longstanding relationship with existing
customers, and has been able to add new customers as well.
* Comfortable capital structure: Capital structure was marked by
a moderate networth of INR8.12 crore, and adjusted gearing and
total outside liabilities to adjusted networth ratios of 0.89
time and 1.38 times, respectively, as on March 31, 2018, aided by
lower reliance on external debt.
Outlook: Stable
CRISIL believes RIPPL will continue to benefit from its strong
order pipeline, and the management's established presence in the
construction industry. The outlook may be revised to 'Positive'
if growth in revenue and profitability leads to higher cash
accrual, while the working capital cycle remains stable. The
outlook may be revised to 'Negative' if a sharp decline in sales
or profitability, stretch in the working capital cycle, or any
large capital expenditure, weakens the financial risk profile.
Incorporated in 2000, RIPPL undertakes civil projects, interior
decoration, modernisation of buildings, and other construction
related work, mainly for public sector undertakings. RIPL has
corporate & registered office located at Mumbai and has its
operational presence spread all over India. Operations are
currently managed by Mr Uma Shankar Mishra and Ms Vandana Mishra.
RDC AUTOMOBILE: CRISIL Migrates B Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL, in line with Securities
and Exchange Board of India (SEBI) guidelines, had migrated the
rating of RDC Automobile Private Limited (RDC) to 'CRISIL
B/Stable Issuer Not Cooperating'. However, the management has
subsequently started sharing requisite information, necessary to
carry out a comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on bank facilities of RDC from
'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Drop Line 3.6 CRISIL B/Stable (Migrated from
Overdraft 'CRISIL B/Stable ISSUER NOT
Facility COOPERATING')
Electronic 15.0 CRISIL B/Stable (Migrated from
Dealer Financing 'CRISIL B/Stable ISSUER NOT
Scheme(e-DFS) COOPERATING')
The ratings reflect a weak financial risk profile and modest
scale of operations. These rating weaknesses are partially offset
by the extensive experience of the promoters in the automobile
dealership industry.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: Financial risk profile continues
to be weak due to eroded networth due to past loses leading to
leveraged capital structure. Debt protection metrics are weak
with interest cover of 1.8 times and net cash accruals to
adjusted debt of 6 percent for fiscal 2018.
* Modest scale of operations: Scale is modest at around INR58
crores in fiscal 2018 in an intense competitive industry. The
company faces significant competitive pressures from other luxury
car makers especially BMW, Porsche, etc. While Jeep has seen
strong interest in the car enthusiasts in India, the satiation of
base level demand for Jeep, introduction of newer models by other
car makers as well as entry of other luxury car manufactures into
the potentially high growth Indian market may impact revenue
growth.
Strength
* Extensive experience of the promoters in the automobile
industry: The promoter family has been associated with the
automobile industry for over three decades. Mr Chandrasekar had
been engaged in the auto dealership business for close to 20
years and hence, has a keen understanding of the industry.
Outlook: Stable
CRISIL believes RDC will continue to benefit from the extensive
experience of its promoters and their need-based fund support.
The outlook may be revised to 'Positive' in case of significant
improvement in liquidity due to a more-than-expected increase in
cash accrual, efficient working capital management, and funding
support from promoters. The outlook may be revised to 'Negative'
in case of deterioration in the financial risk profile,
particularly liquidity, due to lower-than-anticipated cash
accrual, higher-than-expected working capital requirement, or any
significant debt-funded capital expenditure.
Set up in 2015, RDC is an authorised dealer for cars of Jeep
India. Jeep is a brand of American automobiles that is a division
of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned
subsidiary of Fiat Chrysler Automobiles. The promoters also
promoted RDC Motors Private Limited (RDCMPL), an authorised
dealer for cars of Fiat India Automobiles Limited (FIAL) in
Chennai and Vellore.
S.S. AGRI: CARE Migrates B Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of S.S.
Agri Business Private Limited (SSABPL) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 11.53 CARE B; Stable; Issuer not
Facilities cooperating; Revised from
CARE B+; Stable
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SSABPL to monitor the
rating vide e-mail communications/letters dated July 16, 2018,
August 3, 2018, September 3, 2018 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on SSABPL's bank facilities will now be
denoted as CARE B; ISSUER NOT COOPERATING. Further, Banker could
not be contacted.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.
The ratings assigned to the bank facilities of S.S. Agri Business
Private Limited (SSABPL) are constrained by its small scale of
operation with low profitability margins, project implementation
risk, regulated nature of the industry, fragmented and
competitive nature of the industry, high working capital
intensity and exposure to vagaries of nature and moderately
leveraged capital structure with moderate debt coverage
indicators. The aforesaid constraints are partially offset by its
experienced promoters, close proximity to raw material sources &
favourable industry scenario, and stable demand outlook of rice.
The ability of the company to complete the project without any
cost & time overrun, ability to grow its scale of operation and
profitability margins and ability to manage working capital
effectively would be the key rating sensitivities.
Detailed description of the key rating drivers
At the time of last rating in October 25, 2017 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses:
Small scale of operation with low profitability margins: SSABPL
is a relatively small player in the rice milling industry with
revenue and PAT of INR26.01 crore and INR0.22 crore respectively,
in FY17. Further, the net worth base and total capital employed
was low at INR2.16 crore and INR11.37 crore, respectively, as on
March 31, 2017. This apart, the PBILDT and PAT margin is low at
6.63% and 0.83% respectively, during FY17. The management is
stated to have achieved total operating income of INR23.16 crore
during first six months of FY18 i.e. H1FY18. The small size
restricts the financial flexibility of the company in times of
stress and it suffers on account of economies of scale.
Project implementation risk: SSABPL is engaged in the expansion
of its rice milling unit with an additional proposed installed
capacity of 28,800 metric tonne per annum (MTPA). The project is
estimated to be set up at a cost of INR7.61 crore, to be financed
by way of unsecured loan from promoters aggregating INR2.09
crore, equity infusion of INR0.51 crore and term loan of INR5.01
crore.
The company has already invested INR1.83 crore towards plant &
machinery etc. till September 30, 2017 which is met partially
through term loan of INR1.20 crore and unsecured loan from
promoters of INR0.63 crore. The project is expected to be
operational from January, 2018.
Regulated nature of the industry
The Government of India (GoI) decides a minimum support price
(MSP - to be paid to paddy growers) for paddy every year limiting
the bargaining power of rice millers over the farmers. The MSP of
paddy was increased during the crop year 2017-18 to
INR1550/quintal from INR1470/quintal in crop year 2016-17. Given
the market determined prices for finished product vis-Ö-vis fixed
acquisition cost for paddy, the profitability margins are highly
volatile. Such a situation does not augur well for the company,
especially in times of high paddy cultivation.
Fragmented and competitive nature of the industry: SSABPL's plant
is located in Balasore district, Orissa which is in close
proximity to hubs for paddy/rice cultivating region of Orissa.
Owing to the advantage of close proximity to raw material
sources, large number of small units are engaged in milling and
processing of rice in the region. This has resulted in intense
competition which is also fuelled by low entry barriers. Given
that the processing activity does not involve much of technical
expertise or high investment, the entry barriers are low.
High working capital intensity and exposure to vagaries of
nature:
Rice milling is a working capital intensive business as the rice
millers have to stock rice by the end of each season till the
next season as the price and quality of paddy is better during
the harvesting season. Also, paddy cultivation is highly
dependent on monsoons, thus exposing the fate of the company's
operation to vagaries of nature. Accordingly, the working capital
intensity remains high leading to higher stress on the financial
risk profile of the rice milling units. Accordingly, the average
utilization of working capital limits was around 95% during last
12 months ended September 30, 2017.
Moderately Leveraged capital structure with moderate debt
coverage indicators: Capital structure of the company remained
leveraged as on last three account closing dates owing to high
working capital
intensity of the business. The debt protection indicators
remained moderate marked by moderately high total debt to GCA of
10.37x in FY17 on account of increased in utilization of cash
credit limit during the period. However, Interest coverage ratio
is comfortable marked by 2.19 as on FY17.
Key Rating Strengths
Experienced promoters: The company is being promoted by Mr.
Chunnilal Gupta and his brother Mr. Rajendra Kumar Gupta based
out of Odisha. Mr. Chunnilal Gupta and Mr. Rajendra Kumar Gupta
are having an average experience of three decade in the agro
industry by virtue of being the co-promoters of entities engaged
in coconut oil manufacturing but they have limited experience (of
6 years) in rice milling business. They are supported by a team
of experienced personnel having experience in the rice milling
industry.
Close proximity to raw material sources and favourable industry
scenario: SSAB's plant is located at Balasore district, Odisha
which is in the midst of paddy growing areas of the state. The
entire raw material requirement is met locally from the farmers
(or local agents) which helps the company to save on substantial
amount of transportation cost and also procure raw materials at
effective prices. Further, rice being a staple food grain with
India's position as one of the largest producer and consumer,
demand prospects for the industry is expected to remain good in
near to medium term.
Stable demand outlook of rice: Rice, being one of the primary
food articles in India, demand is high throughout the country and
with the change in life style and health consciousness; by-
products of the same like rice bran oil etc. are in huge demand.
S.S. Agri Business Private Limited (SSABPL), incorporated in
1997, commenced operation from February, 2011. The company is
engaged in processing and milling of rice. The milling unit of
SSABPL is located at Balasore, Orissa with 3 CARE Ratings Limited
Rationale-Press Release processing capacity of 28,800 Metric Ton
Per Annum (MTPA). SSABPL procures paddy from farmers & local
agents and sells its products through the wholesalers and
distributors in Odisha, West Bengal, Bihar, Andhra Pradesh, etc.
and also exports to Bangladesh. The company also has premium
flagship brand named 'Nirmalya'. Mr. Chunnilal Gupta (aged, 57
years), having more than three decades of experience in the rice
milling industry, looks after the day to day operations of the
company. He is supported by other director Mr. Rajendra Kumar
Gupta (aged, 51 years) and a team of experienced professionals.
SAHIL SPINTEX: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sahil Spintex
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 D (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating action is:
-- INR330 mil. Term loan (long-term) maintained in Non-
Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 5, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in August 2012, Sahil Spintex manufactures cotton
yarn.
SAMARA COLD: Ind-Ra Maintains B Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Samara Cold
Chain'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:
-- INR188 mil. Term loan maintained in Non-Cooperating Category
with IND B (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
September 28, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Samara Cold Chain was established in November 2015 as a
partnership firm engaged in the cold storage of apple and other
fruits.
SHIRISH HOTELS: CARE Reaffirms B+ Rating on INR12.85cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shirish Hotels Private Limited (SHPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 12.85 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SHPL continues to
be tempered by the short track record with small scale of
operations, highly fragmented business segment with presence of
numerous players resulting in huge competition, leveraged capital
structure and weak debt coverage indicators. The rating, however,
continues to derive its strengths from experience of the
promoters in hotel industry, location advantage, achieved
satisfactory revenue and profit margins in first full year of
operations and satisfactory working capital days. Going forward,
the ability of SHPL to improve the scale of operations and
maintain profitability margins in competitive environment,
improve the capital structure and debt coverage indicators while
managing the working capital facilities efficiently will be the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record with small scale of operations: SHPL was
established in the year 2016. Hence, the company has very short
track record. FY18, being the first full year of operations the
company achieved total operating income of INR 7.13 crore in FY18
(CA Certified Prov.) with low net worth base of INR4.11 crore as
compared to other peers in the industry.
Competition from other players in the industry: The company faces
competition from a number of small and medium players since it is
located in commercial area of the city. Though there are other
regional players offering services, SHPL is able to withstand in
the market through its vast experience through its associate firm
with continuous business promotion activities. Apart from this,
expansion of business operations will help the company to attract
new customers as well.
Geographic concentration risk: The business operations of the
company are geographically concentrated to Hyderabad, Telangana
State. However, the company is diversifying by opening multiple
branches in the state of Telangana which would mitigate the risk
of geographical concentration to an extent.
Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company stood leverage and marked by
debt equity and overall gearing ratio at 4.08x and 4.31x as on
31st March 2018 (CA Certified Prov.) due to low net worth and
high debt levels including the higher outstanding balance of
working capital facility Debt coverage indicators of the company
remained weak. Total debt/GCA and interest coverage ratio of the
company
stood at 32.42x and 1.31x in FY18 (CA Certified Prov.).
Key rating strengths
Experience of promoter in hotel industry for over two decades:
SHPL was incorporated in the year 2016, promoted by Mr.
YugandharDande (Managing Director),Mr. Shanmy ShirishDande
(Director), and Mrs. Uma Devi Dande(Director).All the directors
are qualified graduates and have more than a decade of experience
in hotel industry through its associate firm (Shirish Hotels).
Mr. YugandharDande is also proprietor of "Shirish Hotels" under
which the proprietor runs a hotel located at Panjagutta,
Hyderabad. The directors are actively involved in day to day
operations of the company. The operations of the company are well
supported by strong management team who are qualified and
experienced in their respective fields.
Location advantage of the Hotel: SHPL has the location advantage,
as the hotel premise is located in one of the prime commercial
areas of Hyderabad city. The hotel provides restaurant, coffee
shop, bar and banquet hall services. With the commercial nature
of location of the hotel, the company is likely to have assured
business from room bookings, restaurant business and other
related incomes. Achieved satisfactory revenue and profit margins
in first full year of operations FY18 (CA Certified Prov.)
SHPL was established in the year 2016 and the commercial
operations of the company started from Nov 2016, hence it has a
very short operational track record. FY18, being the first full
year of operations the company achieved total operating income of
INR 7.13 crore in FY18 (CA Certified Prov.). The PBILDT margin
and PAT margin of the company stood at 33.35% and 0.83%
respectively in FY18 (CA Certified Prov.)
Satisfactory operating cycle days: Operating cycle days of the
company remained satisfactory and stood at 27 days. Average
inventory days stood at 27 days as the company maintains the
stock of rice, dal, wheat flour etc as inventory in store room
for a period of around one month. The company makes the payment
to its supplier within a week. The average utilisation of working
capital facility stood at 85% for the last 12 months ended 31
August, 2018.
Hyderabad based, Shirish Hotels Private Limited (SHPL) was
incorporated on September 12, 2016 as a private limited company
by Mr. YugandharDande (Managing Director), Mr. Dande Shanmug
Shirish (Director) and Mrs. Uma Devi Dande (Director). The
company is engaged in hospitality business and offers services in
the area of restaurants, bar, banquet hall, rooms, and coffee
shop. Mr. YugandharDande is also the proprietor of "Shirish
Hotels (SH)" under which the proprietor runs a hotel located at
Panjagutta, Hyderabad. SH is engaged in bar & restaurants.
Currently, the company is managed by Mr. YugandharDande and his
son Mr. Shanmug Shirish who looks after overall operations of the
company
SHITAL DIAM: Ind-Ra Affirms 'D' Long Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shital Diam's
Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR220 mil. Fund-based facilities (long-/short-term) affirmed
with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on
the best available information
KEY RATING DRIVERS
The affirmation reflects continued delays in debt servicing by
Shital Diam.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.
COMPANY PROFILE
Shital Diam is a partnership concern with Mr. Mukesh Kantilal
Shah, Mr. Hasmukh Kantilal Shah and Mr. Arvind Kantilal Shah as
the partners. The firm primarily manufactures cut and polished
diamonds.
SHRIMATI NARASAMMA: CARE Assigns D Rating to INR5.33cr LT Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shrimati Narasamma Gotyal Shikshna Samsthe (SNGSS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.33 CARE D Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SNGSS is tempered
by ongoing delays in repayment of term loan installment and
interest repayments due to weak liquidity position along with
insufficient cash accruals generated during FY17 and
FY18(Provisional) to meet the debt obligation on time.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going delays in debt repayments: There are on-going delays in
repayment of term loan installment and interest repayments due to
weak liquidity position along with insufficient cash accruals
generated during FY17 and FY18(Provisional) to meet the debt
obligation on time. The quarterly repayment of installment due on
July, 2018 was not met with over dues of INR0.16 crore and
INR0.04 crore in term loan 1 and term loan 2 respectively.
Short track record of entity and small size of operations: SNGSS
was established in 2015. The society held classes for two
academic years so far. Further, the Trust has small size of
operations marked by gross receipts of INR0.04 crore during FY17
and low corpus fund of INR1.43 crore as on March 31, 2017. The
trust received gross receipts of INR0.61 crore during FY18
(Provisional) with surplus of INR0.09 crore.
Financial risk profile marked by leveraged capital structure and
net and cash losses during first year of operations: The capital
structure marked by overall gearing stood leveraged at 2.03x as
of March 31, 2017 on back of high debt and low corpus fund amount
due to initial years of operation. Further, the society also
registered cash losses of INR0.05 crore during FY17 on account of
school registration fees and other fixed expenditure incurred and
low gross receipts received on account of low enrolment of
students.
Low enrolment ratio: Being a newly established educational
society, the enrolment ratio of SNGSS has been low during the
last two academic years.
Key Rating Strengths
Vast experience of the key management in the educational sector:
SNGSS was established by Mr Jettappa Siddappa Bolegaon, a social
worker. The key executives, forming the teaching and non-teaching
staff of the society have combined experience of more than a
decade. Mr Ch.Kalyan, the Principal of P.U.C College has an
experience of 7 years and holds master's degree in science and
education (Msc, Med). Mr G.T.Grebal, the Principal of the primary
and secondary school has an experience of 3 years and is Master's
degree in Arts and Bachelor's degree in Education (M.A and Bed).
Apart from the above, the society is supported by well qualified
teaching staff of 26 members.
Satisfactory infrastructure facilities: The school and P.U.C
buildings are constructed in a 6,972 square feet campus and have
2 floors with 3 science labs, a computer lab with 38 computers,
1000 Litre Purified Drinking Water Tank and a playground
measuring 3267 square meter. The society also has hostel facility
which accommodates up to 300 students.
Shrimati Narasamma Gotyal Shikshna Samsthe (SNGSS) was
established in the year 2015 to provide primary and higher school
education by Mr Jettappa Siddappa Bolegaon, a social worker. The
society is located in Vijapur district of Karnataka. Currently,
the society runs classes from kinder garden to 8th standard and
Pre- University Course -1 (PUC -1) and Pre- University Course -2
and has strength of 528 students (as on March 31, 2018
(Provisional)) and 44 staff members. The campus is built in an
area of 6,972 square feet.
SRI MADAN: CARE Lowers Rating on INR10cr Bank Loan to 'D'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sri Madan Gopal Bhikamchand Marketing Private Limited (SMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/short- 10.00 CARE D/CARE D Revised from
term Bank CARE B; Stable/CARE A4
Facilities
Detailed Rationale& Key Rating Drivers
The revision in the ratings of SMPL takes into account ongoing
delays in servicing of interest and installment of its debt owing
to stressed liquidity position.
Detailed description of the key rating drivers
Key Rating Weakness
Ongoing delays in debt servicing: There are ongoing delays in
servicing of interest and installment of debt owing to stressed
liquidity position and competitive market.
Jaipur (Rajasthan) based, SMPL was established in 2006 as a
private limited company by Mall Family. SMPL is engaged in
trading and exports of agricultural products, such as spices,
animal feeds, and herbs. It also trades in lac, used in bangles
and paints, in the domestic market.
SMPL exports to Srilanka, Bangladesh and Dubai. In domestic
market SMPL serving mainly Rajasthan and Madhya Pradesh.
SRI NAGA: CRISIL Lowers Rating on INR19.80cr LT Loan to 'B'
-----------------------------------------------------------
CRISIL has downgraded its long term rating on the bank facilities
of Sri Naga Malleswara Spintex India Private Limited (SNSRSXIPL)
to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and short term
rating reaffirmed at 'CRISIL A4'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 6.6 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
EPCG Guarantee (ST) 0.38 CRISIL A4 (Reaffirmed)
Long Term Loan 19.80 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The downgrade reflects CRISIL's belief that SNSRSXIPL's Liquidity
will remain weak over the medium term marked by inadequate cash
accruals against repayment obligations. In fiscal 2018, the
company reported cash accruals of INR2.2 Cr which was inadequate
to service its repayment obligations. The promoters however
brought in funds to service debt on time which is expected to
continue over the medium term as well.
The ratings continue to reflect weak financial risk profile, and
vulnerability of margins to volatility in raw material prices.
These weaknesses are partially offset by the extensive experience
of the promoters and their funding support and longstanding
relationship with customers.
Key Rating Drivers & Detailed Description
Weakness
* Vulnerability of margins to volatility in raw material prices:
Raw material account for a significant portion of input costs and
renders margins vulnerable to volatility in prices.
* Weak Financial Risk Profile: The company has net worth of
INR11.56 Cr and gearing stood at 2.3 times as on March 31,
2018.The NCATD ratio stood at 7% and interest coverage ratio
stood at 1.8 times as on March 31, 2018.
Strengths
* Extensive experience of the promoters and funding support: The
promoters have an experience of more than two decades in the
cotton industry. The company has a large and diversified customer
and supplier base and timely fund support provided by the
promoters.
Outlook: Stable
CRISIL believes SNSRSXIPL's shall continue to benefit from
promoters experience and funding support. The outlook may be
revised to 'Positive' if substantial revenue and profitability
lead to healthy cash inflow and improved liquidity. The outlook
may be revised to 'Negative' if the capital structure and
liquidity weaken on account of large, debt-funded capital
expenditure, deterioration in working capital management, or a
significant decline in revenue or profitability.
SNSRSXIPL, established in 2010 by Mr S B Suryanarayana and Mr K S
Rao, manufactures cotton yarn. Its spinning mill is in Guntur,
Andhra Pradesh.
SRI RANGANATHASWAMY: CARE Migrates D Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Sri
Ranganathaswamy Jewellary Works (SRJW) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.50 CARE D; Issuer Not Cooperating,
Facilities based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from SRJW to monitor the rating
vide e-mail communications/letters dated May 8, 2018, July 3,
2018, August 6, 2018, September 3, 2018 and September 7, 2018
and numerous phone calls. However, despite our repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on Sri Ranganathaswamy
Jewellary Works 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.
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:
Key Rating Weakness
Delays in debt servicing: The firm has been delaying in debt
servicing (interest payments on cash credit facility) due to
working capital intensive nature of operations and cash flow
mismatches. The firm is required to hold sufficient inventory
level of jewelry and ornaments to showcase in showroom.
Furthermore, a high proportion of sales and operating income in
jewelry retail business is generated in the months of festivals
and auspicious occasions. Hence, cash flows and working capital
requirements fluctuate during the year.
Weak financial risk profile: The firm continues to have weak debt
service indicators in FY16 (refers to the period April 1 to March
31) due to decline in profitability margins resulting in low cash
accruals along with high utilization of working capital limits.
The total debt/GCA and interest coverage stood at 55.29x and
1.19x, respectively, in FY16. The capital structure marked by
overall gearing also deteriorated from 4.81x as on March 31,
2015, to 5.53x as on March 31, 2016, due to withdrawal of capital
by proprietor to the tune of INR0.35 crore in FY16.
Risk associated with fluctuation in gold price: Gold prices have
exhibited sharp volatility depending up on the demand & supply
scenario and volatility in the foreign currency exchange rates.
Supply of gold is also being continuously regulated by the
Government of India (GOI) and Reserve Bank of India (RBI)
interventions. The volatility in the gold prices and the
regulatory controls has an impact on the margins of players in
the gems & jewelry industry. The changes in the gold prices could
also impact the profitability to the extent of SRGS's inventory
holding which is very long. The firm has policy of purchasing
gold and silver on bi-weekly basis.
Presence in intensely competitive industry: RGS has its presence
in the gold jewelry industry with a marginal presence in a highly
fragmented industry with the presence of numerous independent
small-scale enterprises in the unorganized sector and some of the
large players in organized sector amid high level of competition.
As India's jewelry market matures, it is expected to get more
organized, resulting to a high competition in the local market.
High competition in the operating spectrum and small size of the
firm limits the scope for improvement in margins and compels the
firm to constantly update the stock of latest and trendy
ornaments so as to maintain its market share.
Key Rating Strengths
Experienced proprietor: Mr Rangachari has experience of around 30
years in the gold and silver industry; he is also the managing
partner in "Sri Ranganatha gold and silver" which is also
involved in the similar line of business. The showrooms of these
entities are situated in Challakere, Karnataka. He is also part
of Board of directors of "Sri Ranganatha Theater Pvt ltd", a
family concern.
Increasing trend in total operating income albeit declining
profitability margin: The total operating income (TOI) of the
firm has been witnessing an increasing trend in the last three
years. TOI increased by about 311% to INR22.94 crore in FY16 from
INR 5.58 crore in FY15 due to high volume sales of jewelry
through wholesale trading at larger premises coupled with an
increased demand of ornaments in domestic market. However, the
PBILDT margin
has been witnessing decline due to increased overheads expenses
y-o-y which was significantly influenced by high inventory levels
of gold brought at higher prices and decline in gold price
resulting in a decline of PBILDT margin.The PBILDT margin
declined by 473 bps to 2.65% in FY16 from 7.38% in FY15. For the
same reasons, the company's PAT margin also declined from 1.42%
to 0.42%. During FY17 (provisional), the firm achieved sales of
INR22 crore.
Improvement in working capital cycle in FY16: The working capital
cycle of the firm improved from 151 days in FY15 to 54 days in
FY16 on account of improvement in average inventory period. The
average inventory period improved from 131 days in FY15 to 36
days in FY16 at the back of improvement in sales during the year.
SRJW operates in a working capital intensive industry, associated
with high working capital requirements. The average collection
days of the firm stood at 18 days in FY16 as the firm is engaged
in retailing of gold and silver ornaments where majority of sales
happen against upfront cash payments.
Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary
concern started by Mr K. Rangachari in September 1989. The firm
is engaged in the business of wholesale trading and retailing of
gold and silver ornaments. It is also engaged in designing and
making gold and silver ornaments as per the request of customers.
Their showroom is situated at Challakere, Karnataka. Mr
Ranagachari has an experience of around 25 years in the industry.
He is also the Managing Partner of group entity by name 'Sri
Ranganatha Gold and Silver (SRGS)' which is involved in the
similar line of business.
The other associate concerns of the firm are 'Ranganatha Gold
Palace' (RGP) and Sri Ranganatha Theatre Private Limited (SRTPL).
SRI VENKATACHALAPATHY: CARE Assigns B+ Rating to INR10cr LT Loan
----------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sri
Venkatachalapathy Sago Factory (SVSF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SVSF are tempered
by small scale of operations with fluctuating profitability
margins, leveraged capital structure and weak debt coverage
indicators, intense competition from other several players and
material price volatility and partnership nature of constitution
with inherent risk of withdrawal of capital. However, the rating
derives comfort from experience of partners for more than two
decades in sago manufacturing industry, growth in total operating
income, comfortable operating cycle, healthy demand outlook of
tapioca and locational advantage with presence in cluster and
easy availability of tapioca roots.
Going forward, the ability of the firm to increase its scale of
operations and improve the profitability margins along with
efficient management of working capital, ability to improve its
capital structure and debt coverage indicators would be the key
rating sensitivities.
Detailed Description of the key rating drivers
Key Rating Weaknesses
Small scale of operations and fluctuating profitability margins
during the review period: SVSF was established in the year 2014.
The total operating income stood small at INR46.68 crore in FY18
(Prov.) with a low net worth base of INR1.43 crore as on March
31, 2018 (Prov) when compared to other peers in the industry. The
profitability margins of the firm were fluctuating during the
review period. The PBILDT margin decreased from 2.38% in FY16 to
1.22% in FY18 (Provisional), due to fluctuation in price of raw
material and other manufacturing expenses. The firm incurred net
loss in FY16 and FY17 due to increase in depreciation and
interest cost.
Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm remained leveraged during
review period. The debt equity ratio of the firm has been
improving year-on-year and remained below unity during the last
three financial years due to repayment of term loans.
Furthermore, the overall gearing ratio stood leveraged, however
improved year on year from 12.35x as on March 31, 2016 to 4.52x
as on March 31, 2018(Prov) due to repayment of long term loan
coupled with increase tangible networth along with infusion of
capital by the partners of INR 0.83 crore. The debt coverage
indicators of the firm though improved remained weak marked by
total debt/GCA improved from 188.51x in FY16 to 16.49x in FY18
(prov) due to decrease in total debt. The PBILDT interest
coverage ratio, improved from 1.07x in FY15 to 3.31x in FY18
(Prov.) due to decrease in interest cost associated with
repayment of debt.
Constitution of the entity as a partnership firm: SVSF, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth. However, the partners infused capital of INR 0.83crore.
Key Rating Strengths
Experience of partners for two decades in sago manufacturing:
SVSF was promoted by Mr. R Durairaj (Managing Partner), Mr. D.
Thilakam (partner) and Mrs. D. Vishnupriya (partner). Partners
have about 20 years of experience in sago processing business.
Through this experience in the sago processing, they have
established healthy relationship with key suppliers, customers,
local farmers, dealers and also with the brokers facilitating
easy flow of sago business within the state.
Growth in total operating income during review period: The total
operating income of the firm has increased at a Compounded Annual
Growth Rate (CAGR) of 34.17% from INR 25.93 crore in FY16 to
INR46.68 crore in FY18 (Prov) due to increase in installed
capacity from 18000 kgs to 25000 kgs.
Comfortable operating cycle during review period: The operating
cycle of the firm remained comfortable at 41 days in FY18
(Prov.). The firm receives the payment from its customer within
10-15 days and makes the payment to its supplier within 25-35
days. The firm holds the average inventory of around 60-80 days
to meet the requirements of the customers. The average
utilization of the working capital limit stood at 70% for the
last 12 months ended June 30, 2018.
Locational advantage with presence in cluster and easy
availability of tapioca root: The Sago manufacturing unit of SVSF
is located in Salem district, which is the top district for
producing sago in Tamil Nadu, which ensures easy raw material
access and smooth supply of raw materials at competitive prices
and lower logistic expenditure.
Healthy demand outlook of tapioca: The global tapioca market is
expected to grow steadily at a CAGR of around 3% by 2021. Tapioca
is high in carbohydrates and free from nut, grain, and gluten and
this helps prevent food allergies, celiac disease, and gluten
sensitivity. Tapioca also helps in the reduction of cholesterol
levels and the tapioca flour has a high amount of fiber that
helps maintain blood sugar level and prevent constipation.
Tapioca flour is a source of calcium, folate, manganese, and iron
which is beneficial for pregnant women and helps metabolize
carbohydrates. Moreover, tapioca also extends the feeling of
fullness and helps avoid overeating. The increased awareness on
the health benefits of tapioca will be one of the major factors
fueling the growth of the tapioca market during the next few
years.
Sri Venkatachalapathy Sago Factory (SVSF) was established in 2014
as a partnership firm. SVSF is engaged in manufacturing of sago.
The Sago manufacturing unit of the firm is located at Attur Main
Road, Mettala, Karkudalpatty, and Salem. The manufacturing
process include washing of large size raw material (tapioca
roof), peeling of skin from tapioca root, crushing in roller to
make pulp and sago. The firm purchases tapioca (raw material for
sago manufacturing) from local farmers in and around Salem. The
firm sells its product to Maharashtra, Madhya Pradesh and Tamil
Nadu.
Presently, the firm has an installed capacity of 22500 kgs per
day.
SUHAG GEMS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Suhag Gems and
Jewels (India) 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 the rating. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR2.5 mil. Term loan maintained in Non-Cooperating Category
with IND B+ (ISSUER NOT COOPERATING) rating;
-- INR50 mil. Fund-based working capital limit maintained in
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
August 19, 2014. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Suhag Gems and Jewels (India) is a private limited company, which
was incorporated in December 2011 and has a retail outlet in
Bhatinda, Punjab. The company is engaged in the retail sale of
gold jewelry, silver ornaments and diamonds.
SVR SEA: CRISIL Reaffirms B+ Rating on INR8.9cr Packing Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of SVR Sea Foods Exports Private Limited
(SEPL).
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.1 CRISIL A4 (Reaffirmed)
Export Packing
Credit 8.9 CRISIL B+/Stable (Reaffirmed)
Standby Export
Packing Credit 1.0 CRISIL A4 (Reaffirmed)
The ratings continue to reflect SEPL's modest scale and weak
financial risk profile because of high gearing, subdued debt
protection metrics, and small networth. The ratings also factor
in susceptibility to volatility in raw material prices and
foreign exchange (forex) rates, and to inherent risks in the
seafood industry. These weaknesses are partially offset by the
promoter's extensive experience and established customer
relationships.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale: Despite growth in fiscal 2018, operating income
remained small at INR56.3 crore.
* Weak financial risk profile: Financial risk profile is
constrained by modest networth and high gearing of INR2.15 crore
and 3.41 times, respectively, as on March 31, 2018. Debt
protection metrics were subdued, with interest coverage and net
cash accrual to total debt ratios at 1.75 times and 0.04 time,
respectively, in fiscal 2018.
* Susceptibility to volatility in raw material prices and forex
rates, and to inherent risks in the seafood industry: Raw
material accounts for 80-85% of the company's cost of sales and
hence profitability is susceptible to raw material prices. Also,
any volatility in forex rates impacts operating margin. Moreover,
the seafood export industry faces risks arising from regulatory
changes in the client countries and the high quality
consciousness of clients. Adverse impact of regulatory changes,
such as the levy of anti-dumping duties by importing countries,
can hit the profitability of the entire industry.
Strength
* Promoter's extensive experience: The promoter Mr C Ramesh has
been associated with the shrimp industry for over two decades.
The company benefits extensively from his established
relationships with suppliers and the customers.
Outlook: Stable
CRISIL believes SEPL will continue to benefit from the promoter's
extensive experience and established customer relationships. The
outlook may be revised to 'Positive' if there is a significant
scaling up of operations or material improvement in
profitability. The outlook may be revised to 'Negative' if
decline in revenue and operating margin, or large, debt-funded
capital expenditure, leads to deterioration in the financial risk
profile.
Established in 2012 and promoted by Mr C Ramesh, SEPL exports
seafood, primarily shrimp.
VAMSADHARA GINNING: CRISIL Reaffirms 'B' Rating on INR12cr Loan
---------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Vamsadhara Ginning and Pressing Industries (VGPI) at 'CRISIL
B/Stable'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 12 CRISIL B/Stable (Reaffirmed)
Long Term Loan 2.69 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.31 CRISIL B/Stable (Reaffirmed)
The ratings reflect its modest scale of operations and exposure
to intense competition in the cotton ginning industry, large
working capital requirements, susceptibility to volatility in
cotton prices and below-average financial risk profile. These
weaknesses are partially offset by the extensive industry
experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to intense competition
in the cotton ginning industry: VGPI's business risk profile is
constrained on account of its modest scale of operations and
exposure to intense competition in the cotton ginning industry
with its estimated revenues of around Rs.67.5 crores in fiscal
2018 (refers to the financial year April 1 to March 31).Fiscal
2018 is the first full year of operations of the firm.
* Large working capital requirements: Gross current assets (GCA)
were around 149 days as on March, 2018 driven by large inventory
of 102 days and low creditor days of 9 days as on March 31, 2018.
* Susceptibility to volatility in cotton prices: Profitability
will remain susceptible to government's regulation in pricing of
cotton, and its intervention when cotton prices go below minimum
supply price.
* Below-average financial risk profile: VGPI's financial risk
profile is below-average marked by modest capital structure and
debt protection metrics. The gearing was high at gearing of 3.03
times as on March, 2018. Interest coverage and net cash accrual
to total debt ratios were modest at 2.52 times and 0.07 times in
fiscal 2018.
Strength
* Partner's extensive experience: Partner's experience of more
than two decades in the ginning industry has resulted in
established relationships with a wide clientele and farmers.
Outlook: Stable
CRISIL believes VGPI will continue to benefit over the medium
term from the partner's extensive experience. The outlook may be
revised to 'Positive' if revenue and profitability increase
substantially, strengthening the financial risk profile, or in
case of significant capital infusion, improving the capital
structure. Conversely, the outlook may be revised to 'Negative'
if the firm undertakes aggressive debt-funded expansions, or if
its revenue and profitability decline substantially, or if the
partners withdraw capital from the firm leading to weakening in
its financial risk profile.
Established in 2017, VGPI is into ginning of cotton. The firm,
located in Guntur (Andhra Pradesh), commenced commercial
operation in February 2017 and Fiscal 2018 is the first full year
of operations and is managed by Mr. Sontineni Venkateswara Rao.
VIDEOCON GROUP: NCLT Admits Bid to Consolidate Insolvency Cases
---------------------------------------------------------------
Economic Times reports that the bankruptcy court has decided to
entertain a plea by Videocon Group founder Venugopal Dhoot
seeking to consolidate separate insolvency proceedings initiated
by lenders led by State Bank of India against 15 of his companies
under a single court.
National Company Law Tribunal's (NCLT) principal bench in New
Delhi on Oct. 11 admitted Dhoot's plea and sought a reply from
SBI by Oct. 24, the report says.
The country's top bank and other lenders had filed separate
proceedings against Videocon companies in different courts during
June-September to recover INR20,000 crore, ET notes.
According to ET, Dhoot's lawyers argued that separate proceedings
in multiple courts would lead to unnecessary delays and also
adversely impact the valuation of the consumer electronics
business housed in these 15 entities which have inter-connected
operations.
If the tribunal allows for consolidation of various proceedings
against Videocon companies currently ongoing at different benches
of NCLT under a single bench, it would be the first such ruling
in a bankruptcy case, the report states.
Advocate Sandeep Ladda is representing Venugopal Dhoot and
Videocon Group, ET notes.
SBI is being represented by law firm Cyril Amarchand Mangaldas.
Several banking officials ET spoke with agreed that single
proceeding is likely to help the group get maximum valuation.
They contended that valuation of Amtek Auto was adversely
affected as separate proceedings were initiated against multiple
units of the company that had inter-linked businesses.
ET had reported on September 20 that the lenders to Videocon are
looking to appoint a common process advisor to ensure coordinated
and timely progress of proceedings of the 15 units that are being
auctioned.
About Videocon
Videocon Industries sells consumer products like color
televisions, washing machines, air conditioners, refrigerators,
microwave ovens and many other home appliances in India.
Videocon is on the second list of 28 defaulters by the Reserve
Bank of India (RBI) under the Insolvency and Bankruptcy Code.
The State Bank of India (SBI) filed its insolvency petition
against Venugopal Dhoot-controlled Videocon Industries in January
before the NCLT, which admitted the plea on June 6, 2018.
On June 9, the NCLT had also admitted the insolvency petition
filed by SBI against Videocon Telecommunications Ltd.
===============
M A L A Y S I A
===============
APFT BHD: Posts MYR2.58 Million Net Loss in Q2 Ended July 31
------------------------------------------------------------
The Sun Daily reports that Practice Note 17 (PN17) company APFT
Bhd registered a widened net loss of MYR2.58 million for the
second quarter ended July 31 compared with MYR781,000 in the
previous corresponding period, mainly due to operating costs.
Revenue for the quarter under review also plunged 94.2% to
MYR636,000 from MYR10.91 million, Sun Daily says.
For the first half of the year, APFT's net loss, however,
narrowed to MYR2.96 million from MYR10.32 million, while revenue
plummeted 98% to MYR1.24 million from MYR61.41 million, the
report discloses.
According to the report, the aviation training provider told
Bursa Malaysia that it has embarked on a restructuring exercise,
in which it has divested loss-making subsidiaries.
"The group has applied for new ATO licences under APFT Aviation
Sdn Bhd which is pending approval. On Sept. 13, APFT Services
obtained approval for the Air Service Permit. The conditional
approval is valid for 12 months."
The Sun Daily relates that APFT said the group is also venturing
into other aviation related businesses - tourism and air charter
services - as the group has the facilities and assets.
Last June, its external auditor Messrs Adam & Co highlighted a
material uncertainty that cast doubt on the group's ability to
continue as a going concern, the report recalls.
APFT Berhad owns and operates flight education and training
academy, the Asia Pacific Flight Training Academy (APFTA),
located at Sultan Ismail Petra Airport, Pengkalan Chepa, Kota
Bharu Kelantan. APFTA is a flight education and training service
provider in Malaysia. The Company operates through two segments:
flight education and training, and mechanical works and services.
It has a fleet strength of over 30 aircrafts, and over 40 flight
and ground instructors operating out of three commercial airports
in Malaysia.
APFT was admitted into Practice Note 17 (PN17) category in
January this year as its shareholders' equity fell below the 50%
threshold.
===============
P A K I S T A N
===============
PAKISTAN: IMF to Seek 'Absolute Transparency' of Debts
------------------------------------------------------
Reuters reports that the International Monetary Fund launched
formal bailout talks with Pakistan on Oct. 11, and IMF managing
director Christine Lagarde said she would require "absolute
transparency" of Pakistan's debts, including those owed to China,
Reuters reported.
She said such disclosures were necessary to determine the debt
sustainability of countries seeking IMF loans, Reuters says.
Reuters relates that the requirements are likely to shine a
spotlight on the extent, composition and terms of Pakistan's
debts to China for infrastructure projects as part of Beijing's
massive Belt and Road building program.
According to Reuters, China has pledged some $60 billion in
financing to Pakistan for ports, railways and roads, but rising
debt levels have caused Islamabad to cut the size of the biggest
Belt and Road project by some $2 billion.
"In whatever work we do, we need to have a complete understanding
and absolute transparency about the nature, size, and terms of
the debt that is bearing on a particular country," Ms. Lagarde
told a news conference when asked about Pakistan's debts to
China, Reuters relays.
Reuters says the United States has criticized China's
infrastructure lending, warning that it has saddled some
developing countries with debts that they cannot afford to repay.
U.S. Secretary of State Mike Pompeo has said there would be "no
rationale" for an IMF bailout of Pakistan that pays off Chinese
loans.
The United States has become increasingly impatient with what it
sees as a lack of support from nuclear-armed Pakistan in quelling
a Taliban insurgency that U.S.-led forces are fighting in
neighboring Afghanistan, the report says.
According to Reuters, Ms. Lagarde said that the IMF would need to
know the extent and composition of a country's debt, including
sovereign debt and state-owned enterprise debt, "so that we can
actually really appreciate and determine the debt sustainability
of that country, if and when we consider a program."
Reuters relates that Ms. Lagarde said in a statement that
Pakistan requested IMF assistance during a meeting with Pakistani
Finance Minister Asad Umar and central bank governor Tarik Bajwa
on the sidelines of the IMF and World Bank annual meetings in
Bali.
"An IMF team will visit Islamabad in the coming weeks to initiate
discussions for a possible IMF-supported economic program,"
Reuters quotes Ms. Lagarde as saying. "We look forward to our
continuing partnership."
The formal request follows an apparent 7 percent devaluation of
the Pakistani rupee by the central bank on Oct. 9, after
Pakistani President Imran Khan announced it would seek financial
assistance to ease a mounting balance of payments crisis, Reuters
states.
If a package is agreed, it would be Pakistan's 13th IMF bailout
since 1988. The Fund lent Islamabad $6.7 billion in 2013, Reuters
discloses.
=================
S I N G A P O R E
=================
HYFLUX GROUP: Lone Bid for Tuaspring Now Being Assessed
-------------------------------------------------------
The Strait Times reports that Hyflux Group said on Oct. 12 that
only one of two parties approved by the regulatory authorities
has put in a bid for its Tuaspring water and power project, and
that the bid is being assessed.
The report relates that Hyflux, which is seeking to restructure
its debt, said that it could not provide further details because
of confidentiality requirements and to protect the company's
interests in ongoing negotiations.
According to the Strait Times, the new information came just over
a week after Bloomberg reported that Keppel Corp and Sembcorp
Industries were the only parties pre-approved by Singapore's
Public Utilities Board as potential buyers of Tuaspring, and that
of the two, only Sembcorp had submitted a final bid. In a
previous response, Hyflux did not comment on the pre-approval or
the existence of a bid, the report says.
Hyflux reiterated that it remains in separate but parallel talks
about strategic investments in the overall business, with or
without Tuaspring, the Strait Times relays.
The Strait Times relates that Hyflux said it has not committed
itself to any particular option or any of the proposals received
at this point in time, and remains open to considering various
opportunities. Any proposals received are also subject to
approval by the relevant authorities where required.
The sale of Tuaspring, which includes South-east Asia's largest
desalination plant, is a key component in Hyflux's plans to
obtain capital and restructure its debts, the report states.
Bloomberg, citing sources, said Sembcorp's offer was below
Tuaspring's book value and will not be enough to fully pay back
loans to the project's main creditor, Maybank, adds the Strait
Times.
About Hyflux
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.
As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses. The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.
TRIYARDS HOLDINGS: SGX Denies Bid for Annual Meeting Extension
--------------------------------------------------------------
The Strait Times reports that Triyards Holdings said that the
Singapore Exchange Securities has rejected the company's
application for further extension of time to hold the annual
general meeting for the financial year ended Aug. 31, 2017, by
Feb. 28, 2019.
This was one of several things conveyed in a letter that the
shipyard arm of Ezra Holdings, received from SGX on Oct. 12, the
report says.
According to the report, SGX has also rejected Triyards' request
for waiver of the requirements to release its results for each of
the first, second and third quarters of FY2018. Also turned down
was the company's request for an eight-month extension of time to
release its results for the year ended Aug 31, 2018 (FY2018) by
June 30, 2019, the report relays.
The Strait Times relates that Triyards had also applied for more
time to submit a trading resumption proposal by Jan. 5, 2019. On
this, SGX said that it has no objection to the application, under
Listing Rule 1304. However, this will be subject to the company
announcing the extension granted, the reasons for seeking the
extension, the conditions as required under Mainboard Listing
Rule 107; and if the conditions have been satisfied. If the
conditions have not been met on the date of the announcement, the
company must make an update announcement when the conditions have
all been met, the report adds.
"For the reasons disclosed in the company's application for
extension of time to submit the trading resumption proposal, the
contents of which are confidential, the company requires more
time to prepare the resumption proposal," Triyards, as cited by
the Strait Times, said.
Trading of Triyards shares have been suspended since
September 2017 about six months after Ezra, an erstwhile stock
market darling, filed for US Chapter 11 bankruptcy, the report
notes.
Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.
TRIYARDS HOLDINGS: Unit Faces Winding-Up Petition
-------------------------------------------------
Annabeth Leow at Business Times reports that a subsidiary of Ezra
Holdings' shipyard arm has been hit with a winding-up
application, Triyards Holding disclosed on Oct. 11, even as
another hearing for the winding-up of parent Triyards was
postponed.
According to the report, regional Caterpillar dealer Tractors
Singapore filed an application against Triyards Marine Services
on Oct. 3, and a court hearing has been scheduled for Oct. 26.
Meanwhile, the hearing for Hong Leong Finance's Sept 18 winding-
up application against Triyards has been rescheduled from
Oct. 12 to Nov. 7, BT discloses.
BT says holding company Ezra has previously announced plans to
wrap up its own United States Chapter 11 bankruptcy proceedings
and apply to the Singapore High Court to be placed under judicial
management.
Triyards Holdings Limited is a Singapore-based investment holding
company. The Company operates through Engineering and Fabrication
Services segment. The Company's geographical segments include
Asia, Europe and Other Countries. The Company provides integrated
engineering, fabrication and ship construction solutions for the
global offshore and marine industry. The Company focuses on
shipbuilding, ship conversions, medium to heavy fabrication works
and ship repairs. The Company's offerings include offshore
support vessels, liftboats, research vessels, aluminum built
security vessels, chemical tankers and windfarm service vessels.
The Company's business and facilities include specialized
shipbuilding; ship repair, maintenance and conversion; rig
building, and offshore engineering, construction and fabrication.
The Company's Strategic Marine's military portfolio includes
Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol
Vessels and Landing Craft.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 8 to Oct. 12, 2018
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
QUINTIS LTD 8.75 08/01/23 USD 70.52
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.02
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29
ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.17
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12
ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.81
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83
ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50
BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35
BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74
BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00
CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00
CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00
CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31
CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05
CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.03
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30
DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82
DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49
DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15
DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47
DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54
DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12
FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63
FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88
FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93
GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98
GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53
GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64
HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86
HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44
HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16
HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62
HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66
HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04
HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37
HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38
HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09
HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07
INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68
JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83
JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83
JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91
JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35
KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72
KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00
LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72
LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33
LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22
LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22
LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52
LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31
LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47
MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17
NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82
NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22
PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50
QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54
QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91
QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84
QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97
REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00
RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70
RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48
RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60
SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79
SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32
SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50
SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10
TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63
TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10
TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25
TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76
TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31
URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39
URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25
URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15
WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10
WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57
WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09
WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36
WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57
WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41
WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00
XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12
XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25
XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73
XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92
XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15
XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67
XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13
XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96
XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69
YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22
YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36
YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00
YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79
YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80
YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77
YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90
YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33
YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20
YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97
ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.05
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.21
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97
ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67
HONG KONG
---------
CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 71.81
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 12.50
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52
EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22
EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13
EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JCT LTD 2.50 04/08/11 USD 25.53
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.38
REI AGRO LTD 5.50 11/13/14 USD 1.38
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43
JAPAN
-----
TAKATA CORP 1.02 12/15/17 JPY 0.50
TAKATA CORP 0.58 03/26/21 JPY 2.37
TAKATA CORP 0.85 03/06/19 JPY 2.37
KOREA
-----
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57
KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10
WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.48
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36
I-BHD 3.00 10/09/19 MYR 0.37
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18
PUC BHD 4.00 02/15/19 MYR 0.14
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42
NEW ZEALAND
------------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.02
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.40
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.02
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.48
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 52.02
AUSGROUP LTD 8.45 10/20/18 SGD 51.35
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00
BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13
EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84
HYFLUX LTD 4.20 08/29/19 SGD 50.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50
MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.53
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 67.62
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.78
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.
Copyright 2018. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000.
*** End of Transmission ***