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T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, January 8, 2019, Vol. 22, No. 005
Headlines
A U S T R A L I A
CELESTE CORPORATION: Second Creditors' Meeting Set for Jan. 21
CHOOSE NATURAL: First Creditors' Meeting Set for Jan. 15
LAINSON HOLDINGS: Half-Built Apartment Placed in Administration
LTG LINE: Second Creditors' Meeting Set for Jan. 15
C H I N A
YANKUANG GROUP: S&P Assigns 'BB' Long-Term ICR, Outlook Stable
I N D I A
AAJVETO MFG: ICRA Reaffirms B+ Rating on INR17.34cr Loan
AASTHA INFRACITY: ICRA Revises Rating on INR48cr Loan to B
AMIYA COMMERCE: ICRA Reaffirms D Rating on INR12.50cr Loan
ANDAMAN TIMBER: CARE Reaffirmed B+ Rating on INR3.50cr LT Loan
ANKITA AGRO: CARE Reaffirms B- Rating on INR9.16cr LT Loan
BRP ASSOCIATES: CARE Assigns B+ Rating to INR2.0cr LT Loan
BUDHIA AGENCIES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
CHAMUNDA NANDIKESHWAR: CARE Lowers Rating on INR5cr Loan to D
CHANDRAWATI HOSPITALITY: CARE Reaffirms B Rating on INR14cr Loan
EARTH STONE: CARE Reaffirms B+ Rating on INR1.25cr LT Loan
ESQUIRE MACHINES: ICRA Reaffirms B+ Rating on INR8cr Loan
GANPATI UDYOG: CARE Assigns 'B' Rating to INR8.75cr LT Loan
GINGER INFRASTRUCTURE: CARE Lowers Rating on INR15cr Loan to D
IDBI BANK: S&P Affirms BB Long-Term ICR, Off CreditWatch Negative
IL&FS TAMIL: ICRA Lowers Rating on INR6,080cr Loan to D
INDIA MEGA: CARE Lowers Rating on INR25cr LT Loan to D
ITAMAX CERAMIC: ICRA Reaffirms B+ Rating on INR5.96cr Term Loan
JANA HOLDINGS: Ind-Ra Rates INR1.55M Debt 'PP-MLD emr B+'
JET AIRWAYS: Bankers to Meet Vendors, Lessors on Debt Revamp Plan
JET AIRWAYS: ICRA Lowers Rating on INR4,970cr LT Loan to D
K. MADANA: ICRA Assigns B+ Rating to INR12cr Cash Loan
KANCHAN GANGA: ICRA Withdraws B Rating on INR11.25cr Cash Loan
KINGFISHER AIRLINES: Mallya Declared Fugitive Economic Offender
LKP INFRA: CARE Lowers Rating on INR5.59cr LT Loan to B+
NEW FRONT: CARE Assigns B+ Rating to INR15cr LT Loan
PRAKASH WOOLLEN: Ind-Ra Lowers Long Term Issuer Rating to BB+
PRASHAST FOOD: CARE Assigns B+ Rating to INR11cr LT Loan
RAIPUR DEVELOPMENT: Ind-Ra Cuts LT Debt Ratings to 'D', Non-Coop.
RAJVIR INDUSTRIES: CARE Migrates D Rating to Not Cooperating
RUDRA ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
SHIV SUNDAR: CARE Reaffirms 'B' Rating on INR13.40cr LT Loan
SPARSH INDUSTRIES: Ind-Ra Affirms BB+ LT Rating, Outlook Positive
SUN PACKAGING: ICRA Assigns B+ Rating to INR5cr Cash Loan
VIKRAM HOSPITAL: ICRA Withdraws B Rating on INR30cr LT Loan
S I N G A P O R E
OFO: CASE Warns Ofo Singapore as Users Complain of Fewer Bikes
X X X X X X X X
* BOND PRICING: For the Week Dec. 31, 2018 to Jan. 4, 2019
- - - - -
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A U S T R A L I A
=================
CELESTE CORPORATION: Second Creditors' Meeting Set for Jan. 21
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Celeste
Corporation Pty Ltd, formerly trading as Jiffy Foods, has been
set for Jan. 21, 2019, at 12:00 p.m., at the offices of SM
Solvency Accountants, at Level 8/490 Upper Edward Street, in
Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 20, 2019, at 5:00 p.m.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Celeste Corporation on Oct. 15, 2018.
CHOOSE NATURAL: First Creditors' Meeting Set for Jan. 15
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Choose
Natural Food Pty Ltd, trading as The Bunyip Beekeeper, will be
held at the offices of Australian Institute of Company Directors,
at Level 26, 367 Collins Street, in Melbourne, Victoria, on
Jan. 15, 2019, at 4:00 p.m.
Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Choose Natural on Jan. 3,
2019.
LAINSON HOLDINGS: Half-Built Apartment Placed in Administration
---------------------------------------------------------------
Australian Financial Review reports that a half-built apartment
project is up for sale in Cronulla, after developer Lainson
Holdings' non-bank financier called time on its unpaid loans.
According to AFR, builders walked off the 25-29 Tonkin Street
property after the local developer's unidentified private lender
called in administrators on the 28-unit project, six months
before the scheduled settlement with buyers.
HLB Mann Judd's Todd Gammel and Barry Taylor were appointed last
month to manage "Dingle", a luxury boutique development on the
shores of Gunnamatta Bay, AFR discloses.
AFR says non-bank lenders are moving into construction lending as
the major banks, which have traditionally accounted for 85 per
cent of Australia's AUD270 billion market, reduce their share to
an estimated 70 per cent over the next decade. It's giving
developers alternative sources of funding that many are
embracing.
But the Lainson story shows the risks for the clients of non-bank
lenders, who can be more aggressive in taking steps to recover
loans - even cutting a project loose before practical completion,
the report states.
According to the report, the group was understood to have
disagreements with its current builders. It was not the first
time it ran into problems with builders since the project was
launched for sale about four years ago.
Lainson also runs Cronulla-Crete and Calypso Holiday Apartments
in Coffs Harbour.
Between 2016 and 2017, the developer headed to court over unpaid
bills of about AUD1 million with another builder, Duffy Kennedy.
This leaves the project in limbo as the sunset date -- the last
date either the developer or buyers can rescind contracts --
looms.
The administrator has put the half-built project on the market
for sale. Colliers International's Matthew Meynell and Miron
Solomons are handling the expressions of interest sale, AFR
discloses.
It is understood only about half of the 28-apartment project has
sold through local selling agent Highland Property Agents.
The development includes one to three-bedroom apartments as well
as penthouses. It will also have two retail units and underground
parking, adds AFR.
LTG LINE: Second Creditors' Meeting Set for Jan. 15
---------------------------------------------------
A second meeting of creditors in the proceedings of LTG Line Haul
Pty Ltd has been set for Jan. 15, 2019, at 10:00 a.m. at the
offices of Hall Chadwick, at Level 14, 440 Collins Street, in
Melbourne, Victoria.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 14, 2019, at 5:00 p.m.
Richard Lawrence and Richard Albarran of Hall Chadwick were
appointed as administrators of LTG Line on Dec. 6, 2018.
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C H I N A
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YANKUANG GROUP: S&P Assigns 'BB' Long-Term ICR, Outlook Stable
--------------------------------------------------------------
S&P Global Ratings assigned its 'BB' long-term issuer credit
rating to Yankuang Group Co. Ltd. (Yankuang Group). The outlook
is stable.
S&P also assigned its 'BB' long-term issue rating to the U.S.
dollar senior unsecured notes that Yankuang Group (Cayman) Ltd.,
a wholly owned subsidiary of Yankuang Group, proposes to issue.
Yankuang Group will guarantee the issuance.
Yankuang Group is one of the largest coal miners in China, and
has substantial operations in Australia. It also engages in other
businesses including the production of chemicals and trading. The
company has its headquarters in China's Shandong province.
The rating on Yankuang Group reflects the company's 'b' stand-
alone credit profile (SACP) and S&P's view of a high likelihood
that the government of Shandong province would extend timely and
sufficient extraordinary support to the company in case of
financial distress.
S&P views Yankuang Group as a government-related entity (GRE).
S&P's assessment of the high likelihood of extraordinary
government support is based on the following company
characteristics:
An important role to the Shandong government. Yankuang Group
operates as a profit-seeking entity in the competitive coal
industry. It is one of the largest coal producers in China. As
one of the first coal companies that has ventured out of China,
Yankuang Group plays an important role in helping the government
to secure more coal resources worldwide. Moreover, Yankuang Group
is one of the coal companies identified by the government to be a
consolidator of China's fragmented coal industry. Yankuang Group
also ranks among the top Shandong state-owned enterprises (SOEs)
by revenue and assets. S&P views the company's credit standing to
be important for the Shandong government. S&P believes that a
credit stress or default by the company would have an important
impact on the coal sector in China.
A very strong link with the Shandong government. The Shandong
government wholly owns Yankuang Group. Shandong State-owned
Assets Supervision and Administration Commission appoints the
company's board members and senior management. S&P said, "In our
view, the local government has a strong influence on Yankuang
Group's strategy and business plans, and it has procedures in
place to continuously monitor the company. We believe that a
considerable deterioration in the creditworthiness of Yankuang
Group would significantly affect the Shandong government's
reputation. It would also negatively affect the access to debt
market for other GREs controlled by the local government."
S&P said, "Our assessment of the Shandong provincial government's
credit profile reflects our expectation that the government's
creditworthiness will benefit from the province's relatively fast
economic growth and access to funding from state-owned banks. We
also expect support from the Chinese central government to
moderate revenue and expenditure imbalances of the provincial
government. We believe these factors will help mitigate the
impact of Shandong's very high debt burden and contingent
liabilities.
"Yankuang Group's SACP mainly reflects our view of the company's
coal mining business. We expect this segment to contribute 80%-
90% of the company's profit in the next two to three years.
Yankuang Group's high dependence on a single commodity subjects
its profit to fluctuations in coal prices. However, the company's
rich coal reserves, mid-large-sized operational scale, mid-level
cost position, and geographically diversified operations temper
these weaknesses."
Yankuang Group's core subsidiary Yanzhou Coal Mining Co. Ltd.
(BB/Stable/--) is mainly responsible for the group's coal mining
activities. S&P said, "We expect Yanzhou Coal to contribute 80%-
85% of Yankuang Group's adjusted EBITDA in 2018-2019. In our
opinion, Yanzhou Coal will remain one of the largest coal miners
in China and a mid-tier producer globally." The company produced
85.6 million tons of raw coal in 2017. As of end-2017, it has 2.6
billion tons of recoverable coal reserves under the Australasian
Joint Ore Reserves Committee standard, translating into a mine
life of about 30 years, comparable with that of its domestic and
international peers.
S&P said, "We expect Yanzhou Coal to stay at the mid-level of the
global cost curve in the next one to two years. The company's
unit cash cost of goods sold (COGS) for self-produced coal was
Chinese renminbi (RMB) 181 per ton in 2017. While its cost
increased significantly in 2018 due to higher labor and raw
material costs, we view this to be an industrywide phenomenon.
"At the same time, we expect Yanzhou Coal to remain
geographically diversified with major operations spread across
China and Australia. We estimate that the Australian operations
will contribute 30%-35% of Yanzhou Coal's total coal sales volume
and 40%-45% of its gross profit in the next one to two years.
"We expect Chinese coal prices to decline moderately over the
next one to two years. Decelerating infrastructure construction
and property investment are likely to slow down industrial
activities and dampen coal demand. On the other hand, coal supply
could increase due to the launch and ramp up of new mines.
"We expect the profit contribution from Yankuang Group's
chemicals segment to remain immaterial, at less than 10% of total
profit. Yankuang Group has a narrow product portfolio in this
segment, with small production capacity and an insignificant
market share in China. The company produces methanol, acetic
acid, urea, coke, and coal-to-liquid, with annual production
capacity of 1.0 million-3.0 million tons for each product. We do
not expect Yankuang Group to aggressively expand the chemicals
business in the next two years." The profit contribution from
trading and other businesses is smaller than the chemicals
segment due to small size and lower margins.
Yankuang Group's leverage has been high over the past few years
due to heavy debt incurred for previous expansions in the coal
and chemicals businesses. Its leverage ratio declined moderately
in 2017 owing to a recovery in coal prices and improved operating
cash flows. The company also made good progress in selling its
loss-making chemicals and aluminum subsidiaries.
S&P said, "We forecast Yankuang Group's leverage will dip
slightly but remain high in 2018. Higher coal prices and
increasing profit should temper the impact of high capital
spending. We anticipate that Yankuang Group's operating cash
flows will trend down in 2019 on declining coal prices and be
insufficient to cover its capital expenditure. As such, the
company's free operating cash flows will remain negative and
leverage will rise.
"The stable outlook reflects our view that Yankuang Group can
tolerate a moderate decline in coal prices over the next 12
months if industry conditions deteriorate. We expect the company
to maintain its mid-large-sized large operational scale and mid-
level cost position, while its leverage remains high due to heavy
debt. We also believe Yankuang Group will continue to have a high
likelihood of receiving extraordinary government support in case
of need.
"We could lower the rating on Yankuang Group if the company's
financial ratios fall significantly below our expectation for a
sustained period, as indicated by EBITDA interest coverage of
below 2.0x. This could happen due to: (1) significant declines in
coal prices resulting in lower cash flows; or (2) higher capital
spending than we expect, owing to an increasing appetite for
organic expansion or acquisitions.
"We could also lower the rating if the likelihood of
extraordinary government support for Yankuang Group weakens. We
view this as unlikely in next 12-24 months.
"We may upgrade Yankuang Group if the company's financial
leverage decreases significantly, possibly due to stronger coal
prices or lower capital spending than we expect. An indication of
such improvement would be the debt-to-EBITDA ratio approaching
5.0x for an extended period."
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I N D I A
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AAJVETO MFG: ICRA Reaffirms B+ Rating on INR17.34cr Loan
--------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Aajveto
Manufacturing Private Limited (AMPL) at [ICRA]B+(Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based:
Term Loan I 17.34 [ICRA]B+(Stable) reaffirmed
Fund-based:
Term Loan II 1.70 [ICRA]B+(Stable) reaffirmed
Fund-based:
Working Capital
Facilities 11.50 [ICRA]B+(Stable) reaffirmed
Sub Limit:
PC/FBP/FBD (6.00) [ICRA]B+(Stable) reaffirmed
Non-fund based:
Bank Guarantee 4.50 [ICRA]A4 reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by the
company's average financial risk profile, characterised by
leveraged capital structure, weak debt coverage indicators and
high working capital intensity. The ratings also factor in the
intense competition in the ceramic industry and the exposure of
AMPL's profitability to volatility in raw material and fuel
prices. The ratings further take into account the exposure of the
company's operations and cash flows to the cyclicality in the
real-estate industry, which is the main end-user sector.
The ratings, however, continue to favourably factor in the
extensive experience of the promoters in the ceramic industry and
the proximity to raw material sources, by virtue of its presence
in Morbi (Gujarat).
Outlook: Stable
ICRA believes AMPL will continue to benefit from the experience
of its promoters in the ceramic industry. The outlook may be
revised to Positive if substantial growth in revenue and
profitability leads to higher-than-expected cash accruals and
better working capital management strengthens the overall
financial risk profile. Conversely, the outlook may be revised to
Negative in a substantial decline in scale and profitability
leads to inadequate cash accruals, or in case any major debt-
funded capital expenditure or a stretch in the working capital
cycle weakens the capital structure and the liquidity profile.
Key rating drivers
Credit strengths
Extensive experience of promoters in ceramic industry:
Incorporated in 2013, AMPL is managed by directors who have long
standing experience in the ceramic industry. The director's
association with other entities involved in ceramic business has
ensured a loyal customer base for the company.
Location-specific advantage: The firm benefits in terms of low
transportation cost and easy access to quality raw materials as
well as power and fuel sources due to the plant's strategic
location the Morbi region of Gujarat, which is considered to be
the ceramic hub of India.
Credit challenges
Average financial risk profile: AMPL's operating income (OI) has
remained in line with that of the previous fiscals (INR55.12
crore in FY2018 compared to INR55.77 crore in FY2017). The
operating margin continued to remain healthy, at 14.69% in FY2018
compared to 13.56% in FY2017, supported by decline in power and
fuel cost as the company used coal gasifier in FY2018. However,
the net margin continued to remain low, at 1.19% in FY2018,
because of high interest and depreciation cost, though it
improved from 0.37% in FY2017. The overall debt level has
remained high, at INR29.42 crore in FY2018, though it reduced
from INR32.73 crore in FY2017, due to scheduled repayments of
term loan and some unsecured loans. The capital structure
remained leveraged, with gearing of 3.78 times as on March 31,
2018, though it moderated from 4.59 times in March 31, 2017. High
debt resulted in weak debt protection metrics, as evident from
the interest coverage at 2.61 times, Total Debt/OPBDITA at 3.63
times and DSCR at 1.22 times in FY2018.
High working capital intensity: Due to prolonged delays from
customers (debtors days stood at 88 days for FY2018) and high
inventory levels (inventory days stood at 116 days for FY2018) to
meet the order book, the company's working capital intensity
remained high, at 27% as on March 31, 2018. The creditor days
also remained high (creditors days stood at 293 days for FY2018)
to support the working capital, resulting in weak TOL/TNW at 5.97
times as on March 31, 2018.
Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: The firm's profitability remains
exposed to fluctuation in raw materials (body clay, feldspar and
glazed frit) as well as power and fuel (coal and PNG) prices. Raw
materials and fuel are the two major components that determine
the cost competitiveness in the ceramic industry. The firm has
little control over the prices of key inputs and thus its margins
are exposed to raw material and fuel price fluctuations since it
has limited ability to pass on any upward movement in prices to
its customers.
Intense competition and cyclicality in real estate industry: The
ceramic tile manufacturing industry is highly competitive because
of low entry barriers. The presence of both organised as well as
numerous unorganised players in Gujarat limits the company's
pricing flexibility and bargaining power with customers, thereby
putting pressure on its revenues and margins. Further, the real
estate industry is the major end user of ceramic tiles, and hence
the firm's profitability and cash flows remain highly vulnerable
to the cyclicality in the real estate industry.
Liquidity position
The firm's cash flows remained positive in FY2018, following the
reduction in its working capital requirements. The liquidity is
expected to remain adequate, supported by increase in
profitability. However, any major capital expenditure in the near
to medium term or any further stretch in working capital cycle
could weaken the company's liquidity position.
AMPL's fund flow from operations (FFO) and free cash flows
(before the debt repayment) remained positive in FY2017 and
FY2018. The overall liquidity position of the company remained
tight due to high working capital requirement, resulting in high
cash credit utilization (97%) in the last sixteen months (June
2017 to September 2018). Further, the creditor repayment remained
stretched to support the liquidity. Also, the company has
sizeable debt repayment over the next few years. Hence, timely
support from promoters through equity infusion/unsecured loans
remains critical in case of any cash flow mismatch.
Aajveto Manufacturing Private Limited (AMPL) was incorporated as
a private limited company in June 2013 with its manufacturing
facility at Morbi, Rajkot (Gujarat). The company was promoted by
Mr. Pritesh Jivani and other shareholders, including his
relatives and friends. It manufactures digital ceramic wall tiles
and vitrified glaze tiles with an installed capacity of 65,625
MTPA. The four directors of the company -- Mr. Karsan Jivani,
Mr. Arvind Jivani, Mr. Pritesh Jivani and Mr. Jignesh Fultaria -
have extensive experience in the ceramic industry by virtue of
their association with other ceramic companies.
In FY2018, the firm reported a net profit of INR0.66 crore on an
OI of INR55.12 crore, as compared to a net profit of INR0.21
crore on an OI of INR55.77 crore in the previous year.
AASTHA INFRACITY: ICRA Revises Rating on INR48cr Loan to B
----------------------------------------------------------
ICRA has revised the rating on the bank facility of Aastha
Infracity Limited's (AIL) to [ICRA]B (Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based- 48.0 [ICRA]B (Stable) from
Term Loan [ICRA]B+ (Stable);
Removed from the 'Issuer
Not Cooperating' category
Rationale
The rating revision takes into account the slower-than-expected
physical progress on AIL's residential project - Aastha Greens in
Noida Extension. In addition, the company has high execution
commitment of INR71 crore by June 2019 and the risk of missing
the completion deadline if extension under RERA1 is not received.
This apart, the rating is constrained by the high market risk
given that substantial area remains unsold (68% of the total
area) owing to slow sales velocity in the last three years,
leading to modest inflow to outflow ratio of 0.74 times as on
September 30, 2018. ICRA also takes into account the intense
competition in the vicinity which in turn led to high supply and
demand pressure on AIL's inventory. Further, ICRA takes note of
the significant outflows on execution and debt repayments in the
short to medium term, which could lead to cash flow mismatch in
the event of lower sales and collections than anticipated.
Nonetheless, ICRA's rating draws comfort from the low funding and
approval risks, given that the debt is already sanctioned and all
the approvals related to the project are in place. The rating
continues to factor in the track record of AIL's promoters in
developing real estate projects in Bihar over the last 15 years.
Going forward, the company's ability to ensure adequate sales
under the project would be critical. In the absence of the same,
there would be pressure on the cash flows over the medium term.
Outlook: Stable
ICRA believes that AIL's rating may be revised to Positive in
case of timely receipt of extension in the completion timeline
coupled with substantial improvement in the collection pace which
will help in addressing committed cost obligations. The rating
may be downgraded if there are funding constraints as a result of
slow sales and collections. ICRA will monitor the outcome of the
extension application filed under RERA and its associated impact.
Key rating drivers
Credit strengths
Extensive experience of promoters: The promoters have extensive
experience in Bihar's real estate business and have successfully
completed various housing projects in the past through Group
companies there.
Approval in place for the ongoing project: AIL has received all
the requisite approvals for its ongoing project and the land
payments are almost complete.
Credit challenges
High execution risk with sizeable area to be constructed by June
2019: The company launched its first project - Aastha Greens - in
June 2015. Till date, however, only 61% of the project has been
completed. The risk of completion is high as AIL has to incur
INR71 crore within seven months. Further, the project has been
delayed by six months and is expected to be completed by December
2019. Though ICRA notes that the company is in the process of
filling an extension under RERA, and in the absence of timely
extension, the risk of missing the project deadline is high with
a penalty of 10% of the total cost of project.
High market risk: Given the slow physical progress on the
project, the sales velocity remained weak in the last three
years. Till September 30, 2018, the company has sold only 32% of
the overall area progress with a modest collection efficiency of
76%. Though ICRA notes that the build-up of the committed
receivables is comfortable against the pending cost, leading to
modest committed inflow to outflow ratio of 74%. However, the
collection of the same in a timely manner is critical given the
funding dependency on customer advances and scheduled debt
repayments, which will start from June 2019.
High industry risk with real estate slowdown and competition from
other established players in the vicinity: Like other players,
the company is exposed to the risk of slowdown in real estate
market. The slowdown the real estate market has impacted fresh
bookings in the last few years. This risk is further accentuated
by intense competition in the vicinity, which in turn led to high
inventory supply in the region, impacting the pricing and demand
for AIL.
Liquidity position
The company has stretched liquidity position on account of weak
sales velocity and substantial committed cost obligation in the
near term. This apart, the debt repayments will be starting in
the short term, which could lead to cash flow mismatch in the
event of lower sales and collections than anticipated.
Incorporated in 2010, AIL has started developing a residential
project - Aastha Greens - in Greater Noida West, Uttar Pradesh in
June 2015. The project has G+19 floors with a total of 636 units
spread over ~12.2 lakh sq ft of saleable area. The project cost
is estimated at INR182.7 crore and is envisaged to be funded by
debt of INR48 crore, customer advances of INR90.7 crore and
promoter funds of INR44.0 crore. The company is promoted by Mr.
Sanjay Kumar and Mr. Arun Kumar. Till September 30, 2018, the
company has incurred 61% of the cost and 32% of the area has been
sold. It did not started recognising operating income as on
March 31, 2018 and reported work-in-progress of INR90.3 crore and
customer advances of INR37.7 crore as on March 31, 2018.
AMIYA COMMERCE: ICRA Reaffirms D Rating on INR12.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Amiya
Commerce And Construction Company Pvt Ltd (ACCCPL) at [ICRA]D and
removed the ratings from non-cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 12.50 [ICRA]D; Reaffirmed and
limit-cash removed from 'Issuer Not
credit Cooperating' Category
Fund-based- 3.00 [ICRA]D; Reaffirmed and
term loan removed from 'Issuer Not
Cooperating' Category
Non-fund- 10.00 [ICRA]D; Reaffirmed and
based-limit removed from 'Issuer Not
Cooperating' Category
Rationale
The rating reaffirmation considers the continuing delays in debt
servicing by Amiya Commerce And Construction Company Pvt Ltd
(ACCCPL) due to its stretched liquidity position. The rating is
also constrained by ACCCPL's weak financial risk profile,
reflected by a net loss reported in FY2018, high gearing and
depressed debt coverage metrics. ICRA notes that intense
competition and a tender-based contract awarding system exert
pressure on the company's profitability. In addition, absence of
price escalation clause in most of the contracts exposes ACCCPL's
profitability to the risks of adverse fluctuation in raw material
prices.
ICRA, however, notes that the experience of the promoters in
construction of pre-engineered metal buildings and a comfortable
order book position, which provides revenue visibility in the
near term.
Outlook: Not Applicable
Key rating drivers
Credit strengths
Significant experience of ACCCPL's promoters in the construction
of pre-engineered metal buildings: ACCPL's promoters have
significant experience in the field of fabrication and erection
of steel and metal structures with presence of over five decades.
The company also commenced civil construction work on a turnkey
basis from 2002.
Sizeable order book position provides revenue visibility in the
near term: The company's pending order book stood at INR35.20
crore as on December 15, 2018. This provides revenue visibility
in the near term as all the pending orders are scheduled to be
executed within April 2019. Nevertheless, the company's ability
to secure incremental fresh orders and timely execution of the
same would remain important for its turnover growth, going
forward.
Credit challenges
Continuing delays in debt servicing due to stretched liquidity
position: The company's stretched liquidity position on account
of high receivables and high inventory levels led to continuing
delays in debt servicing.
Weak financial risk profile: In FY2018, ACCCPL posted a net loss
of INR2.13 crore compared to a net profit of INR0.35 crore in
FY2017. Its net cash accrual also turned negative in FY2018. The
company's capital structure remained aggressive with a gearing of
2.20 times as on March 31, 2018. Its weak profitability and high
debt level also resulted in depressed debt coverage metrics, as
reflected by an interest coverage of 0.19 times and total debt
relative to OPBDITA of 75.66 times.
Intense competition and tender-based contract awarding system
exert pressure on profitability: The construction industry is
intensely competitive and fragmented in nature with presence of
numerous players, impacting the pricing flexibility and
profitability. This coupled with a tender-based contract awarding
system keeps margins of all players, including ACCCPL, under
check.
Absence of price escalation clause in most of the contracts makes
ACCCPL vulnerable to adverse fluctuation in raw material prices:
ACCCPL's profitability remains exposed to volatility in raw
material prices due to absence of price escalation clause in most
of the contracts. Consequently, the company's profit margins
exhibited significant fluctuation over the last few years.
Liquidity Position: ACCCPL's liquidity position continued to
remain constrained on account of its stretched receivable
position and high inventory days, resulting in delays in debt
servicing. The company's average working capital utilisation
during March 2017 to September 2018 stood high at 102%. The
average utilisation of bank guarantee also remained high at 95%
during the period January 2018 to September 2018, reflecting the
company's low financial flexibility.
Incorporated in 1990, ACCCPL is a part of Amiya Group of
Companies, which was established in 1957 by Mr. Ghattak and his
family. The company is involved in manufacturing, erection,
commission and installation of pre-engineered buildings (PEB).
The company manufactures space frame structures, porta cabins,
scaffoldings and provides steel fabrication for various steel
equipment. The company is also involved in civil construction
work, which it commenced in 2002.
ANDAMAN TIMBER: CARE Reaffirmed B+ Rating on INR3.50cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Andaman Timber Company (ATC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 3.50 CARE B+; Stable Reaffirmation
Short-term Bank
Facilities 22.00 CARE A4 Reaffirmation
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of ATC continues to be
tempered by small scale of operations with fluctuating total
operating income, leveraged capital structure, moderately weak
debt protection metrics, Foreign currency fluctuation and
government regulations on industry, working capital intensive
nature of operations, constitution of the entity as proprietary
with inherent risk of withdrawal of capital and highly fragmented
timber sector with low entry barriers.
The rating also factors the decline in the total operating
income, and improvement in the profitability margins.
The rating, however, continued to derive its strengths from
experienced of the proprietor more than three decades in
timber industry, and established relationships with key suppliers
and customers.
The ability of the firm to increase its scale of operations while
maintaining the profit margins amidst competition, the ability to
improve its capital structure and enhance its geographical
influence are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with fluctuating total operating
income: Although having a existence of 38 years in the industry,
the scale of operations of the firm remains small marked by TOI
of INR22.98 crore and low net worth base of INR3.99crore during
FY18. Further, the TOI continues to be in fluctuating trend and
has declined in the review period by 26.28%, backed by lower
orders received from the customers.
Leveraged capital structure: The capital structure of the firm
continues to be leveraged as on March 31, 2018, denoted by its
overall gearing level at 3.29x as against 4.34x as on March 31,
2017, however improved. This slight improvement is factored by
decrease in the quantum of total debt along with marginal
increase in the networth base.
Moderately weak debt protection metrics: The debt protection
metrics of the firm stood moderately weak, witnessed by TD/GCA at
18.35x in FY18, however improved marginally compared to previous
year (19.55x as on March 31, 2017) on account of decrease in the
quantum of total debt along with almost same level of cash
accruals of previous year. Further, interest coverage ratio also
stood satisfactory and improved to 2.10x as on March 31, 2018 as
against 1.79x as on March 31, 2017.
Decline in the total operating income: The firm has registered
decline in the total operating income (TOI) in FY18 viz a viz
FY17. It has been witnessed by TOI at 22.98 Crore in FY18 as
against INR 31.17 Crore in FY17. This decline in TOI accounts the
decrease in orders from the customers.
Foreign currency fluctuation and government regulations on
industry: The firm is mainly importing raw material from
countries like Myanmar, Malaysia and Indonesia etc. Its import
procurements constitute 100% of its total purchases. All the
sales however are concentrated to the domestic market,
particularly Tamilnadu. As a result of foreign procurements and
no hedging mechanism, the firm is exposed to foreign exchange
fluctuation risk. Revenue is further susceptible to government
regulatory policies in relation to import-export duties, custom
duties, restriction on volume of imports, freight rates, port
charges etc. The firm has incurred a net gain of INR1.28 crore in
FY18 as against INR 0.69 crore in FY17 on foreign exchange.
Working capital intensive nature of operations: The operation of
the firm continues to be working capital intensive in nature,
marked by elongation of operating cycle days from 173 days in
FY17 to 192 days in FY18. In order to survive in the high level
of competition, the collection period were also high by providing
extension in credit period to its customers. Further, the average
utilization of working capital limits by the firm for the last 12
months ended December 2018 was around 90%.
Constitution of the entity as proprietary with inherent risk of
withdrawal of capital: The sole proprietor typically makes all
the decisions and runs the entire business operation. If he
becomes ill or disabled, there may be nobody else who can step in
and keep the business going. Running a business single-handedly
can also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure.
Highly fragmented timber sector with low entry barriers: The
timber industry has a large number of unorganized players who
chiefly cater to local demands. Most of these players have
limited value addition to their products and subsequently, the
industry is classified by having stiff competition and low entry
barriers. Although the volume of trade may be high, the
profitability margins are generally low.
Key Rating Strengths
Long track record with experienced proprietor for more than three
decades in Timber Industry: ATC was established in the year 1979
as a proprietorship concern started by Mr. Pandian, aged 61
years, and is a qualified graduate who has more than three
decades of experience in the trading of wood products. Due to
long term presence in the market, the proprietor has good
relations with its suppliers and customers.
Improvement in the profitability margins: The profitability
margins of the firm have shown steady increase between FY16-18.
Though there is a degrowth in the Total operating income (TOI),
the profitability margins continued to be improved in FY18 marked
by PBILDT and PAT margins at 8.34% and 2.71% respectively, as
against 7.43% and 2.21% in FY17, thus increased by 12bps and
22bps respectively. This improvement in the PBILDT margins mainly
constitutes from higher dollar difference income received and
control in indirect expenses of the firm. Further the PAT margin
improved slightly, factored by decreased interest and finance
costs on account of reduction in LC usance expenses.
Established relationships with customers and suppliers: The firm
has established long term relationship with its key suppliers
through a decade long presence in the market. Some of its key
suppliers are Wajilam Exports Pvt Ltd, Multi Agro Impex Pte Ltd,
and Shree Madhav Overseas Ltd etc.
Liquidity Analysis: The liquidity position of the firm remains
satisfactory marked by its current ratio and quick ratio at 1.42x
and 1.11x respectively as on March 31, 2018. The firm is having
liquid assets in the form of fixed deposits to the tune of
INR2.54Crore, investment in chit fund amounting INR0.24 Crore and
cash in hand and at bank amounts INR0.39Crore, as on
March 31, 2018.
Andaman Timber Company (ATC) was established in the year 1979 as
a proprietorship concern with its registered office located at
Chennai, Tamil Nadu. Mr. R. Pandian is the proprietor of the firm
having experience of more than two decades in trading and
processing of timber products. The firm is mainly engaged in
trading and processing of different types of timber logs, sawn
timber and timber products. The major raw material, timber logs
are mainly imported from Myanmar, Malaysia, Indonesia and South
African countries which are subsequently sized at its saw mill
unit into various commercial sizes as per requirement of the
customers. The firm sells the same to the wholesalers and
retailers across Karnataka and Andhra Pradesh.
ANKITA AGRO: CARE Reaffirms B- Rating on INR9.16cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Ankita Agro and Food Processing Private Limited (AAFPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.16 CARE B-; Stable Reaffirmed
Short-term Bank
Facilities 3.75 CARE A4 Reaffirmed
Detailed Rationale & Key rating Drivers
The ratings assigned to the bank facilities of AAFPL continue to
remain constrained on account of financial profile marked by
decline in Total Operating Income (TOI) with continuous net
losses during last three years ended FY18 (FY refers to the
period from April 1 to March 31) and negative net-worth base
attributed to leveraged capital structure. The ratings are
further constrained mainly on account of high level of
competition, raw material prices dependent on agro-climactic
conditions and stressed liquidity position.
The ratings, however, derive strength from experienced management
and reputed customer base with healthy demand prospects for
processed oats and exemption available in indirect taxes.
The ability of the firm to increase in scale of operations with
improvement in profitability margins and efficient management of
working capital are the key rating sensitivities
Detailed description of the key rating drivers
Key Rating Weaknesses
Decline in Total Operating Income (TOI) with net losses from last
three years: During FY18, Total Operating Income (TOI) of the
company stood modest at INR32.35 crore, decreased by 15.96% over
FY17 mainly on account of decrease in sale of oats. Further,
PBILDT margin of the company stood at 9.36% in FY18. The company
has registered net loss of INR2.27 crore in FY18 as against
INR2.02 crore in FY17 owing to increase in depreciation and
interest and finance cost.
Weak solvency position: The solvency position of AAFPL stood
leveraged marked by negative overall gearing as on March 31,
2018. Further, debt coverage indicators of the company also stood
weak marked by negative Total debt to GCA in FY18 owing to
negative GCA level and the interest coverage ratio stood weak at
0.91 times in FY18.
High level of competition and raw material prices dependent on
agro-climactic conditions: The breakfast cereals industry is
highly fragmented in nature due to presence of a large number of
unorganized players and few organized players in the industry.
Further, there are large numbers of options available to the
consumers and such options can be differentiated based on
nutrition available in it and taste it adds into the meal.
Moreover, the business is also susceptible to changing
preferences of consumers towards products, brands etc. The major
raw material of AFPL will be raw oats which are cultivated mainly
in Australia, Canada, Russia, USA and European countries and
prices of it are fluctuating because of the seasonal availability
and irregularity of climatic condition leading to unpredictable
yields etc.
Key Rating Strengths
Experienced management: Mr Rajesh Kumar Jain and Mrs Preeti Jain
having wide experience of more than a decade in the food
processing industry and looks after overall affairs and
administrative functions respectively in the company. They are
assisted by Mr Rajesh Kumar Dugad, brother in law of Mr Rajesh
Kumar Jain, who has vast experience of more than three decades in
food processing industry.
Reputed customer base and exemptions available in indirect taxes:
The company has established strong relationship with reputed
customers and sells its products mainly to Patanjali, Horlicks,
Weikfield, Saffola, ITC and Marico all over India. The company
operates in tender driven industry. The main raw material of the
company is raw oats which it imports from Australia.
Oats consumption in India is in the form of jumbo oats, quick
cooking oats, broken oats, oats bran and oats floor etc. Finish
oats is majorly imported in India mainly from Australia and
European countries, which attach 36% of custom duty in total.
While importing oats in raw form does not attach any import duty,
hence, the company proposes to import duty free raw oats from
Australia, Russia, Canada, USA and European countries and further
process it into oat flakes and jumbo oats.
New Delhi based Ankita Agro and Food Processing Private Limited
(AAFPL) was established in 2005 as a private limited company by
Mr. Rajesh Kumar Jain along with his wife Mrs Preeti Jain.
However, the operations have started from 2013. AFPL is engaged
in the business of processing of raw oats into oat flakes. The
manufacturing unit of the company is located at Neemrana,
Rajasthan, with a total installed capacity of Plain Oats of 4
Tonnes Per Hour, Masala Oats of 30 Tonnes Per Day, Atta Oats of 1
Tonne Per Hour as on March 31, 2018. The company imports its raw
material from Australia. The company markets its product under
the brand name of "Mournvita". Brief Financials (INR crore) FY17
BRP ASSOCIATES: CARE Assigns B+ Rating to INR2.0cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of BRP
Associates (BRP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 5.00 CARE A4 Assigned
Detailed Rationale & Key rating Drivers
The ratings assigned to the bank facilities of BRP are primarily
constrained on account of nascent stage of operations along with
dependency on single work order in the highly competitive
intensity in the government civil construction segment. The
ratings are, further, constrained on account of vulnerability of
margins to fluctuation in raw material prices.
The ratings, however, favorably take into account of wide
experience of partner in the civil construction industry.
The ability of the firm to achieve envisaged level TOI by
completing the contract within time and securing more contracts
along with speedy execution of same with better management of
working capital would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Nascent stage of operations coupled with dependency on single
work order: The firm was formed in September 2017 and started
commercial operation from November 2017 onwards. BRP has single
work order to construct 1376 house and other infrastructure
facility in Katni, Madhya Pradesh for Municipal Corporation
under Pradhan Mantri Aawas Yojna (PMAY) amounting to INR 123.00
crore and is expected to be completed within 18 months.
As on July 31, 2018, BRP has single work order in hand to execute
and therefore there is an inherent risk of dependency on single
order book which makes its operations highly susceptible. Its
presence is only in civil construction segment, which exposes it
to sectorial concentration risk as well. Till July 31, 2018 the
firm has achieved Total Operating Income of INR7.00 crore.
Further, liquidity position of the firm remained comfortable
marked by 50-60% average utilization of its working capital
bank borrowing since November 2017. The firm gets received
payment from department within 5-10 days after presenting the
invoice.
High competitive intensity in the government civil construction
segment and vulnerability of margins to fluctuation in
raw material prices: The construction industry is highly
fragmented in nature with presence of large number of unorganized
players and a few large organized players coupled with the tender
driven nature of construction contracts poses huge competition
and puts pressure on the profitability margins of the players.
Further, as the firm participates in tenders invited by large
lead contractor, high competition and lower bargaining power
restricts its profitability margins. Further, the profitability
of the firm is exposed to fluctuation in raw material prices
where contract size is less than one contract and contract period
is less than one year.
Key Rating Strengths
Wide experience of partner in the civil construction industry:
The overall affairs of the firm are managed by Mr Balram Shukla,
Mr Rajeev Shrivastava and Mr Sanjeev Shrivastava, Partners in the
firm engaged in the civil construction industry through their
individual proprietorship concern since more than two decade and
have executed various construction projects.
BRP Associates (BRP) was formed as a partnership concern in
September 2017 by Mr Balram Shukla, Mr Rajeev Shrivastava, Mr
Prithvijay Das and Mr Sanjeev Shrivastava and agreed to share
profit and loss equally to carry out all kind of construction
work. BRP is registered contractor from PWD, Madhya Pradesh and
currently the firm has single work order for construction of
Houses and Development of Infrastructure for slum localities. The
firm also gets work done on subcontract basis.
BUDHIA AGENCIES: Ind-Ra Migrates BB LT Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Budhia Agencies
Private Limited's Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating action is:
-- INR195 mil. Fund-based working capital limit migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 8, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2002, Budhia Agencies is an authorized dealer of
Tata Motors' light commercial vehicles, and medium and heavy
commercial vehicles based in Jharkhand.
CHAMUNDA NANDIKESHWAR: CARE Lowers Rating on INR5cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Chamunda Nandikeshwar Mining (CNM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information; Revised from
CARE B+; Stable; Issuer Not
Cooperating
Short-term Bank 2.00 CARE D; Issuer not cooperating;
Facilities Based on best available
Information; Revised from
CARE A4; Issuer Not Cooperating
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from CNM to monitor the ratings
vide e-mail communications/letters dated October 30, 2018,
October 31, 2018 and December 31, 2018 and numerous phone calls.
However, despite our repeated requests, the firm has not provided
the requisite information and monthly NDS 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 CNM's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The rating has been revised on account of the delays in debt
repayments owing to weak liquidity position.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing: CNM has been irregular in
servicing its debt obligation owing to its weak liquidity
position of the firm.
Vadodara-based (Gujarat), CNM is a partnership firm established
in 2013 by Mr. Jitendrasing Rana and Mr. Randipsing Jamwal with
an objective of providing earthwork operations such as coal
overburden, loading and unloading, excavation, mining, quarrying,
drilling and blasting, foundation works, spillway works etc at
Dhanbad. CNM does the sub-contracting work related to earth work
for Saakar Infra Nirman Private Limited (SINPL - is service
provider for mining operations).
CNM receives work orders from SINPL for the activities like mines
overburden, coal and lignite resources, providing road logistics
supply services.
CHANDRAWATI HOSPITALITY: CARE Reaffirms B Rating on INR14cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Chandrawati Hospitality and Tourism (CHT), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 14.00 CARE B; Stable Reaffirmed
Detailed Rationale & Key rating Drivers
The ratings assigned to the bank facilities of CHT continues to
remain constrained on account of time and cost overrun in on-
going project along with implementation risk associated with debt
funded project. The ratings are further constrained on account of
its constitution as a partnership concern, inherent cyclical
nature of hotel industry and intense competition.
The ratings, however, derive strength from strategic location of
hotel along with collaboration with an established hotel brand
"JW Marriott".
The ability of CHT to complete the project on time without any
further cost overrun, achieve envisaged sales realization along
with high occupancy ratio by attracting higher number of visitors
would be the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project implementation risk: CHT is currently implementing a
green-field project to construct hotel at Bharatpur, Rajasthan.
The commercial operation is envisaged to commence from April,
2019 after a delay of 22 months (earlier expected COD was June,
2017). Further, there has been a cost overrun of INR9 crore due
to this delay. With the given funding mix, the project gearing
stood moderately leveraged at 2.11 times. The repayment of term
loan is envisaged to commence from June, 2019 onwards.
Constitution as a partnership firm: There is inherent risk of
possibility of withdrawal of capital and dissolution of the firm
in case of death/retirement/insolvency/personal contingency of
any of the partners.
Inherent cyclical nature of hotel industry and intense
competition: Hotel industry is inherently cyclical in nature with
demand linked to economic scenario and performance of the
economy. The performance of hotel also depends upon the
parameters like location of property, demand supply scenario;
target customers etc. Also, Indian hotel industry is highly
fragmented in nature with presence of large number of organized
and unorganized players spread across all regions, which
intensifies competition.
Key Rating Strengths
Strategic location of hotel: The site for the project (Bharatpur,
Rajasthan) is a strategic one as there is a famous bird sanctuary
named Keoladeo National Park or Ghana Pakshi Vihar in its
vicinity and Lohagarh Fort (Bharatpur) which attract many
tourists mainly foreigners. Also nearby cities like Agra is 50
kms away from the site along with Fatehpur Sikri which is 23 kms
and Mathura-Vrindavan which is at a distance of about 30-35 kms.
The site is also a part of NCR (National Capital Region) of
India. Bharatpur is also well connected by road and rail with
Jaipur, New Delhi, Uttar Pradesh and other cities of Rajasthan.
Bharatpur based (Rajasthan) Chandrawati Hospitality and Tourism
(CHT) is a partnership firm established on December 25, 2010 by
Mr. Jitendra Singh, Mrs Beena Singh and Mr. Bijil Singh. The firm
was formed with an objective to construct a hotel at Bharatpur.
The firm has done tie up with Mariott Hotels India Private
Limited for running the operations and would also use the brand
name of J W Mariott for the same. It will be a 4-star hotel
consisting of total 124 spacious rooms, delightful range of in-
house dining venues, Swimming Pool, Coffee shop, Banquet halls
etc. with modern conveniences offered for travellers.
EARTH STONE: CARE Reaffirms B+ Rating on INR1.25cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Earth Stone Global (ESG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 1.25 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 10.75 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of ESG continue to
remain constrained on account of vulnerability of margins to
fluctuation in the raw material prices and foreign exchange
rates, easy availability of substitute products in the
competitive industry with fortunes linked to cyclical real estate
sector and its constitution as a proprietorship concern. The
ratings, further, constrained on account of modest scale of
operations with moderate profitability margins, weak solvency
position and stressed liquidity position.
The ratings, however, continue to derive strength from the
experienced promoter with established presence in the natural
stone business and strategic location of manufacturing units with
close proximity to raw material sources. The ability of the firm
to increase its scale of operations with maintaining of
profitability margins and improvement in solvency position with
better management of working capital is the key rating
sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operations with moderate profitability margins:
Total Operating Income (TOI) of the firm has declined by 50.68%
and stood at INR 15.59 crore over FY17 owing to shut down stone
mines due to National Green Tribunal Court Decision for six
months and GST Impact. Despite decline in TOI, the profitability
of the firm stood comfortable with PBLIDT margin and PAT margin
of 12.52% and 0.86% respectively. In FY18, PBILDT margin of the
firm has increased by 557 bps over FY17 mainly on account of
lower material cost due to veneer stone sheet. In line with
increase in PBILDT margin, PAT margin of the firm has also
improved by 18 bps in FY18, however, lower in quantum owing to
high interest cost. Further, GCA of the firm has declined from
INR 0.47 crore to INR 0.38 crore in FY18.
Weak solvency position: The solvency position of the firm
remained weak with an overall gearing of 4.75 times as on
March 31, 2018 as against 4.77 times as on March 31, 2017.
Further, debt coverage indicators of the firm stood weak with
total debt to GCA of 51.34 times as on March 31, 2018, increased
from 43.65 times as on March 31, 2017 mainly on account of
decline in GCA level. Further, interest coverage ratio stood low
at 1.24 times in FY18.
Stressed Liquidity Position: The liquidity position of the firm
stood stressed with almost full utilization of working capital
bank borrowings in last twelve month ended November 2018.
Further, the operating cycle of the firm stood elongated at 363
days in FY18 mainly on account of higher collection period and
inventory period which offset to an extent with high creditors
period. As on March 31, 2018, the creditors stood high at
INR15.03 crore (INR14.19 crore as on March 31, 2017) out of which
INR11.81
crore (INR10.53 crore) from its group concern, ESG. Due to it,
liquidity ratios of the firm stood low with current ratio of
1.04 times and quick ratio stood below unity level of 0.52 times
respectively as on March 31, 2018.
Vulnerability of margins to fluctuation in raw material prices
and foreign exchange rates and easy availability of substitute
products: Different types of natural stones are the main raw
material used by ESG to produce various finished products. The
firm procures raw materials mainly from Rajasthan and Madhya
Pradesh. The profitability of the firm is vulnerable to any
adverse movement in raw material prices as the firm will not be
immediately able to pass on the increased price to its customer
and its elongated raw material inventory holding period.
ESG is exposed to foreign exchange fluctuation risk considering
that the firm generates entire income in foreign currency and
does not follow active hedging policy. Therefore, any adverse
movement in the prices of foreign currency can negatively affect
the profitability margin of the firm to an extent of unhedged
portion.
Further, there are various substitute products which are easily
available in the market and ESG faces competition from same.
Fortunes linked to cyclical real estate sector with constitution
as proprietorship concern: The products of the firm find
application in construction, real estate sector as well as
various allied activities and hence, fortunes of the firm are
lined to cyclical real estate sector. The risks associated with
real estate industry are - cyclical nature of business (linked to
economic cycle) and investments in real estate worldwide have
been driven based on the economic growth. Further, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of proprietor
due to its constitution as a proprietorship concern.
Key Rating Strength
Wide experience of the promoters in the natural stone industry
and strong group support: Mr. Vikas Kanchhal, Post graduate by
qualification, has experience of around one decade in the natural
stone industry. Further, relatives of proprietor, Mr. Hari
Shankar Kanchhal, Mr. Nitesh Kanchhal and Mr. Nakul Kanchhal have
wide
experience in the natural stone industry through its group
concerns, Aggarwal Granimarmo (I) Pvt. Ltd., Ashok Marble
Industries, Classical Natural Stone Pvt. Ltd., Earth Stone World
Wide, Classical natural Stones, Image Craft India Pvt. Ltd.
and Sand Stone Impex.
The company is benefitted from the presence of group concerns in
the same line of business. The management has already established
relationship with customers as well as suppliers. ESG sells its
product through established marketing network. Further, the firm
meets its raw material requirement through mines in its group
concern and sells final product in overseas market.
Strategic location of manufacturing units with close proximity to
raw material sources: ESG manufacturing facility is located at
Jaipur, strategically located in one of the major minerals
producing region of India which makes it easier for the firm to
access its primary stones like granite, marble, veneer tiles,
decorative stones. It uses mainly natural stone to manufacture
its finished products. ESG has developed good business relations
with the mines owners resulting in benefits derived from lower
logistic cost, easy and timely availability and procurement of
raw materials at effective prices.
Jaipur (Rajasthan) based Earth Stone Global (ESG) was formed in
July 2010 as a proprietorship concern by Mr. Viaks Kanchhal. The
firm is engaged in manufacturing and export of natural stones-
based products (like granite, marble, veneer tiles, decorative
stones). The unit of the firm has well equipped in-house
processing facility to deliver optimum variety of products and
finishing according to customer specifications. The products of
the firm find applications in real estate as well as various
allied activities. It exports its product mainly to UK, Norway,
USA and Netherland etc.
ESQUIRE MACHINES: ICRA Reaffirms B+ Rating on INR8cr Loan
---------------------------------------------------------
ICRA has reaffirmed the rating on the bank facility of Esquire
Machines Private Limited (EMPL) at [ICRA]B+(Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based
Limits 8.00 [ICRA]B+(Stable); Reaffirmed
Non-Fund
based Limits 2.00 [ICRA]A4; Reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by
EMPL's weak financial risk profile, which is characterised by
decline in scale of operations, high gearing, and weak coverage
indicators. ICRA notes the high working capital intensity because
of high inventory and receivables, which have led to stretched
liquidity position, as reflected by high utilisation of fund-
based limits. The ratings further take into account the
fragmented nature of the construction equipment industry, which
results in high competition from organised as well as unorganised
players in the domestic market, and the exposure of business
operations to the cyclicality associated with the real estate and
infrastructure sector. The ratings also reflect the vulnerability
of the entity's profitability to adverse fluctuations in raw
material prices coupled with its limited ability to pass on the
same to customers.
The ratings, however, continue to positively consider the
experience of the promoters and the established presence of the
company in the construction equipment and machinery industry; the
company's R&D capabilities and its reputed and geographically
diversified client base.
Outlook: Stable
ICRA believes that EMPL will continue to benefit from the
experience of its promoters in the construction equipment
industry. The outlook may be revised to Positive if substantial
growth in revenue and profitability leads to higher-than-expected
net cash accruals, which coupled with capital infusion and better
working capital management strengthens the financial risk
profile. Conversely, the outlook may be revised to Negative if
substantial decline in sales and profitability leads to lower-
than-expected cash accruals; or any debt-funded capital
expenditure or stretch in the working capital cycle weakens the
capital structure and the overall liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters and company in construction
equipment manufacturing business; robust R&D capabilities: EMPL
launched its first concrete mixer in 1975 and has an established
track record of almost four decades in the construction equipment
industry. Further, the promoters of EMPL were engaged in the
construction equipment industry before establishing EMPL. The
company carries out constant R&D to develop new products with
latest technology.
Established relationship with reputed clientele; diversified
geographical presence: EMPL's domestic customer profile continues
to include some of the leading players from construction and
infrastructure industry with history of repeat orders from them.
Moreover, the company also caters to export market, majorly to
trading houses in the Middle East, Africa and Sri Lanka.
Credit challenges
Weak financial risk profile: The company's operating income
declined by 30% to INR19.27 crore in FY2018 from INR27.44 crore
in FY2017 as implementation of GST and transfer of hoist business
to JV lowered the sales in H1FY2018. However, the operating
margin increased to 10.64% in FY2018 from 5.78% in FY2017 due to
reduced input cost burden with transfer of hoist. Consequently,
the net margin increased to 3.31% in FY2018 from 1.72% in FY2017
with increase in the operating margin and higher non-operating
income earned. Overall, the debt increased to INR19.30 crore in
FY2018 from INR14.42 crore in FY2017 with increase in business
loans and fresh term loan availed to manage its working capital
requirement as well as R&D expenses. Consequently, the capital
structure continued to remain leveraged with gearing at 3.00
times in FY2018. The coverage indicators continued to remain weak
with Total Debt/OPBDITA at 9.42 times, NCA/TD at 8%, DSCR at 1.33
times and interest coverage at 2.03 times as on March 31, 2018.
High working capital intensity, stretched liquidity position and
high utilisation of limits: The inventory levels increased to 210
days in FY2018 from 84 days in FY2017 mainly as the company
purchased goods to cater to a specific order. Debtor days
continued to remain high, at 108 days in FY2018, though it
moderated from 146 days in FY2017. To support the liquidity, the
creditors have been stretched; however, they moderated to 145
days in FY2018 from 225 days in FY2017. Stretched creditors
indicate the company's liquidity constraint. Accordingly, the
working capital intensity increased, as evident from NWC/OI of
80% in FY2018 against 42% in FY2017. On an overall basis, the
liquidity profile remained tight with full utilisation of fund-
based limits.
Profitability exposed to volatility in raw material prices and
adverse foreign exchange fluctuations: EMPL's major raw materials
predominantly include metals and steel components and cast-iron
castings and constitute almost ~60% of the operating income.
Thus, EMPL's ability to procure raw materials at competitive cost
and to pass on any adverse fluctuations in the same to its
customers continues to be a key determinant of profitability.
Further, in FY2018, EMPL derived ~55% of revenue from export
market, exposing its profitability to fluctuation in foreign
exchange rates.
Intense competitive intensity; exposure to cyclicality associated
with real estate and infrastructure sector: The construction
equipment industry is characterised by intense competition both
from unorganised players as well organised and multi-national
manufacturers. Moreover, the demand for construction equipment
and machinery depends primarily on the fortunes of the real
estate, construction and infrastructure development activity,
which is cyclical in nature.
Liquidity Position:
EMPL's fund flow from operations (FFO) remained positive in
FY2018, though free cash flow (before the debt repayment) was
negative due to high working capital requirement and capital
expenditure towards purchase of machineries. The overall
liquidity position of the company remains tight with almost full
utilisation of the working capital limits during September 2017
to November 2018 period. Further, the company has sizeable debt
repayment over the next few years. Hence, timely support from
promoters through equity infusion/unsecured loans remains
critical in case of any cash flow mismatch.
Esquire Machines Private Limited (EMPL) was started in 1975 as a
proprietorship concern promoted by Mr. Mahesh Gohil and has been
a corporate entity since 1996. The company is based out of Por
(near Vadodara) and manufactures wide range of equipment and
machines for the construction industry. The company has an
indigenous R&D and designing department, a team of experienced
employees and contract labours. EMPL is IS0 9001:2008 certified
and has membership associations with Builders Association of
India (BAI), Vadodara Chambers of Commerce & Industry (VCCI) and
Baroda Management Association (BMA).
The company entered into a joint venture with Ideation Private
limited and Stros Sedlcanske Strohirny to form Esquire Ideation
Private Limited and Stros Esquire Elevators and Hoists Private
Limited respectively. Stros Esquire Elevators and Hoists Private
Limited develops premium segment hoist, with higher speed and
load pulling capacities.
In FY2018, the company reported a net profit of INR0.64 crore on
an operating income (OI) of INR19.27 crore as against a net
profit of INR0.47 crore on an OI of INR27.44 crore in FY2017.
GANPATI UDYOG: CARE Assigns 'B' Rating to INR8.75cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Ganpati Udyog (GU), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8.75 CARE B; Stable Assigned
Detailed Rationale & Key rating Drivers
The ratings assigned to the bank facilities of GU are primarily
constrained on account of its project implementation risk
associated debt funded project and constitution as a partnership
concern. The ratings, further, are constrained on account of its
seasonality associated with agro based commodities and presence
in highly fragmented and government regulated industry.
The ratings, however, derive strength from highly experienced
management in the agro based industry, location advantage and
available moratorium period.
The ability of the firm to implement the project within time
frame and without cost overrun, to achieve the projected scale of
operations while fulfilling working capital requirements would be
the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project implementation risk: The firm has envisaged total project
cost of INR8.70 crore to be funded through promoter's capital of
INR3.23 crore, INR1.72 crore from unsecured loan from promoter's
and relatives and INR3.75 crore from term loan. Till September
30, 2018 the firm has completed civil work and incurred INR2.50
crore which was funded through partner's capital of INR1.25 crore
and balance through unsecured loan from promoters and relatives.
The firm is expected to commence its commercial operations from
October, 2019.
Seasonality associated with agro based commodities and presence
in highly fragmented and government regulated industry and
constitution as a partnership concern: As the firm is engaged in
the business of trading of agriculture commodities, the prices of
agriculture commodities remained fluctuating and depend on
production yield, demand of the commodities and vagaries of
weather. Hence, profitability of the GU is exposed to
vulnerability in prices of agriculture commodities. Further, the
business of the firm is characterized by highly fragmented and
competitive in nature as evident by the presence of numerous
unorganized and few organized players. Furthermore, the industry
is characterized by high degree of government control both in
procurement and sales for agriculture commodities. Government of
India (GoI) decides the Minimum Support Price (MSP) payable to
farmers.
Constitution as a partnership concern with moderate 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 partner.
Key Rating Strengths
Experienced management in agro-based industry: Mr Jai Chand Lal
Sethia, partner, looks after the overall affairs of the firm and
has experience of more than a decade in the industry. Further, GU
is also supported by its sister concern, namely, M/s Sethia
Enterprises which is engaged in the business of commission agent
of grains in which Mr. Jai Chand Lal Sethia is a partner and M/s
Ajitnath Enterprises which is engaged in the business of oil mill
in which Mr. Vinod Sethia is a partner.
Location Advantage: The raw material of the firm is fenugreek
seed, cumin seed, coriander seed and fennel seed. The firm is
located at Rajasthan where all the raw material is available
locally as the Rajasthan is the major producer of fenugreek seed,
cumin seed, coriander seed and fennel seed. Ganpati Udyog's
presence in the region results in benefit derived from cheap and
easy availability of raw material and low transportation and
storage cost.
Available moratorium period: The firm will start commercial
operations of its unit from October, 2019 and repayment of term
loan is scheduled to commence from April, 2020. Hence, GU has
sufficient time in order to stabilize its operations and generate
enough cash accruals to service its debt obligations.
Bikaner (Rajasthan) based Ganpati Udyog (GU) was formed in July,
2015 as a partnership concern by Mr. Jai Chand Lal Sethia, Mr.
Vinod Sethia, Mr. Rajat Sethia, Mr. Sanyam Jain and Mr. Prashant
Sethia to share profit or loss in the ratio of 10%, 20%, 20%, 30%
and 20% respectively. GU was formed with an objective to setup a
unit for cleaning, grading and sorting of spices such as cumin,
fenugreek, fenal and coriander. The firm will have total capacity
of 6656 Tonne Per Annum (TPA). The firm will purchase raw-
material from the local market and will sell its products all
over India.
GINGER INFRASTRUCTURE: CARE Lowers Rating on INR15cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ginger Infrastructure Private Limited (GIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE D; Issuer not cooperating;
Facilities Based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GIPL to monitor the
rating(s) vide e-mail communications/letters dated June 29, 2018,
July 31, 2018, August 31, 2018, September 21, 2018, September 21,
2018, November 30, 2018, December 21, 2018 and numerous phone
calls. However, despite our repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on GIPL's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings take into account delay in servicing of debt
obligations by the company.
Detailed description of the key rating drivers
At the time of last rating on October 31, 2017 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Delay in servicing of debt obligations: As per the interaction
with the banker, there are delays in the repayment of term
loan and the account has been classified as SMA-1.
Incorporated in December 19, 2012, GIPL is a Nagpur based special
purpose vehicle (SPV) formed by Diamant Infrastructure Limited
(DIL) for construction and development of commercial complex at
Jaripatka, Nagpur under the name and style of "Ginger Square" to
be operated on a built-operate-transfer (B-O-T) basis for a
concession period of 30 years commencing from August 2016 and
ending in August 2046, with renewal of lease for further period
of 30 years.
IDBI BANK: S&P Affirms BB Long-Term ICR, Off CreditWatch Negative
-----------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' long-term and 'B' short-term
foreign currency issuer credit ratings on IDBI Bank Ltd. The
outlook on the long-term rating is stable. At the same time, S&P
affirmed its 'BB' long-term issue rating on the senior unsecured
notes issued by the Dubai branch of the India-based bank.
S&P said, "We removed the ratings from CreditWatch, where they
were placed with negative implications on Aug. 17, 2018.
"We affirmed the ratings because we expect IDBI Bank to meet the
regulatory capital requirement following a capital infusion by
Life Insurance Corp. of India (LIC)."
IDBI Bank has announced that it received fresh capital amounting
to Indian rupee (INR) 145 billion from LIC on Dec. 28, 2018. This
is part payment for LIC's proposed acquisition of a 51%
controlling stake in IDBI Bank. The total infusion from the
transaction is likely to be INR170 billion-INR202.3 billion,
greater than the bank's total capital of INR138.6 billion as of
Sept. 30, 2018.
S&P said, "Such a large capital infusion supports our view of a
very high likelihood of support for the bank from the government
(and government-owned entities such as LIC). The infusion could
enable IDBI Bank to accelerate write-offs and make sufficient
provisions against stressed assets. However, we believe derisking
of the balance sheet and a substantial cleanup of the bank's
large stressed assets may take at least a couple of years.
"IDBI Bank has been by far the weakest bank in our pool of rated
Indian banks (Indian Overseas Bank [IOB] is a close second). IDBI
Bank and IOB are the only two banks in our pool that have a very
weak risk position, largely due to their substantial stressed
assets and extremely high credit costs resulting in losses over
the past few years."
IDBI Bank's asset quality remains weak. Its reported gross
nonperforming loans (NPL) ratio was 31.8% as of Sept. 30, 2018,
and the bank had insufficient provisioning coverage of 55%
against stressed assets. In addition, the bank has a high
concentration of loans to risky sectors, including
infrastructure. Moreover, IDBI Bank's loans are concentrated in
terms of customers. Its 20 largest borrowers account for a high
15.5% of total exposure (including non-fund-based) and 200% of
the bank's equity as of March 31, 2018.
The bank has taken steps to reduce its loan concentration and
derisk the balance sheet by increasing exposure to the more
granular retail and micro, small and midsize enterprise segments.
IDBI Bank's loan portfolio has shrunk over the past couple of
years due to negative growth in the corporate book owing to the
derisking initiatives as well as the bank being under prompt
corrective action.
S&P expects a gradual improvement in asset quality for the
banking industry in India. The Reserve Bank of India (RBI; the
central bank) has significantly tightened bad loan recognition
norms over the past three years. This more realistic recognition,
coupled with rebounding corporate profits, and quicker resolution
of nonperforming assets (NPAs) under the new bankruptcy law,
should help banks, including IDBI Bank, to gradually recover from
a protracted bad-debt cycle.
The resolution of National Company Law Tribunal (NCLT) cases (38%
of IDBI Bank's nonperforming loans are in the RBI's first and
second list of such cases) could also offset a possible
deterioration in IDBI Bank's asset quality over the next six to
12 months as the bank completes recognition of weak loans. IDBI
Bank's exposure to Infrastructure Leasing & Financial Services
(which defaulted in 2018), its few unrecognized weak power sector
loans, and a potential deterioration in agriculture loans (due to
moral hazard caused by recent farm loan waivers) could weigh on
its asset quality. S&P therefore believes a large portion of this
capital is likely to be utilized for setting aside provisions on
incremental slippages and taking haircuts on legacy NPLs.
S&P said, "The stable outlook on IDBI Bank reflects our
expectation that the capital infusion from LIC will help the bank
meet its regulatory capital requirement on a sustained basis. At
the same time, we expect the likelihood of support to the bank
from the government of India (unsolicited ratings: BBB-/Stable/A-
3) to remain very high.
"We could upgrade IDBI Bank if the bank is able to reduce its
stressed assets and credit costs to levels comparable to midsize
public sector peers and derisk its balance sheet. While the
upside potential for the bank is greater than the downside risk,
we believe an upgrade is unlikely over our 12-month outlook
horizon.
"We could downgrade IDBI Bank if we believe that government
support to the bank has weakened. That could happen if the
government (or LIC) considers privatizing the bank by lowering
its stake through a strategic sale. However, we view this as
unlikely."
IL&FS TAMIL: ICRA Lowers Rating on INR6,080cr Loan to D
-------------------------------------------------------
ICRA has revised the ratings on the bank facilities of IL&FS
Tamil Nadu Power Company Limited to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 6,080 [ICRA]D; downgraded from
[ICRA]BB+@
Non-Convertible 500 [ICRA]D; downgraded from
Debenture [ICRA]BB+@
Programme
@ under Watch with Negative Implications
Rationale
The revision in the rating takes into account the irregularities
in the debt servicing by the company for the month of November
2018. ICRA has also not received the monthly No Default Statement
(NDS) from the company for November 2018. The company has been
referred to National Company Law Tribunal (NCLT) by one of its
lenders in September 2018, however company has approached the
Madras High Court against the referral and the matter currently
remains sub-judice.
The rating continues to remain constrained by weak financial risk
profile of company's parent company - IL&FS Energy Development
Company Limited (IEDCL) and the ultimate holding company -
Infrastructure Leasing & Financial Services Limited (IL&FS
Limited, rated [ICRA]D). The PPA for Unit I (600 MW) is entirely
tied up with Tamil Nadu Power Generation & Distribution Company
Ltd (TANGEDCO) and PLF for Unit I remained moderate owing to its
weak merit order position. The PLF level for Unit-II (600 MW)
also remained modest due to dependence on short-term arrangements
with either state discoms or power trading entities. However, the
company has recently won the medium-term contract and has signed
Power Purchase Agreement (PPA) for Unit II with PTC India Ltd for
three years at a fixed tariff of INR4.25/unit (including 1
paise/unit as a fixed capacity charge) with a minimum contracted
PLF of 55%, which is expected to limit the offtake risk to
certain extent. The assigned ratings also take into account of
the high counter-party credit risk owing to the weak financial
strength of TANGEDCO as evident from delays of 3-4 months in
payments from the invoice date.
The rating further takes into account of the company's exposure
to volatility in imported coal price level which has
significantly increased in CY 2018. While bid tariff in PPA for
Unit-I comprises of non-escalable energy charge component, the
Unit-II medium term arrangement has a fixed tariff structure over
the next three-year period. Consequently, any substantial
increase in the imported coal cost can lead to risk of fuel cost
under-recovery and can thus impact the overall profitability of
the company as witnessed during FY2018. However, the
renegotiation of the imported coal procurement supply contract at
favourable price term for FY2019 (i.e. price contracted being
lower than the assumed price level for energy charge (which is
non-escalable) in the PPA signed with TANGEDCO), mitigates the
risk to certain extent in the near term. The rating is also
constrained by the foreign exchange fluctuation risk as entire
coal requirements for both the units are met through imports.
However, since the energy charge is quoted in USD terms, foreign
exchange component for the procurement of coal for Unit I remains
a pass through. The company is also implementing captive jetty
for procurement of imported coal which is expected to be ready by
March 2019 and this in turn, is expected to result into a saving
of coal inland railway transportation cost from the next FY year
onwards. While medium term PPA is for three-year period w.e.f.
October 2018, the company's ability to tie-up the cost reflective
long term PPA thereafter remains critical in the long term.
Key rating drivers:
Credit strengths
Entirely operational capacity with PPA for Unit 1 with TANGEDCO
and expected PPA tie-up with PTC India for unit 2: For unit I,
the company has signed a PPA with TANGEDCO for a capacity of 540
MW in December 2013 at a levelised tariff of INR4.91/unit. As per
the PPA, both the components of tariff i.e. energy charge (which
is quoted in USD terms) and capacity charge are non-escalable.
However, since the energy charge is quoted in USD terms, foreign
exchange component for the procurement of coal remains a pass
through. The company is in process of signing PPA with PTC India
for the entire capacity of Unit-II at a fixed tariff comprising
of fixed variable charge of INR4.24/unit and fixed capacity
charge of INR0.01/unit. The PPA effective date is October 2018.
Credit challenges
Irregularities in debt servicing obligations: The company has
defaulted on its debt servicing obligations for the month of
November 2018. ICRA has also not received the monthly NDS by the
company for November 2018.
Referral to NCLT and the matter currently being sub-judice: The
company has been referred to National Company Law Tribunal (NCLT)
by one of its lenders. While the flexible debt restructuring was
implemented by all the lenders and the company was regular in
debt servicing as per the revised schedule, one of the lenders
has referred the company to NCLT as the flexible restructuring
was implemented by all the lenders after the Reserve Bank of
India (RBI) circular on the Resolution of Stressed Asset dated
February 12, 2018. The company has, however, approached the
Madras High Court against the referral and the matter currently
remains sub-judice.
Sizeable refinancing requirements: ITPCL remains exposed to high
refinancing risk with bullet NCD repayment of INR250 crore each
due in March 2020 and March 2021.
Weakening of the credit profile of the parent company-IEDCL and
the ultimate parent-IL&FS Limited: The credit profile of IEDCL
and IL&FS Limited has significantly weakened owing to the
elevated debt levels, high debt refinancing risk and slow
progress on asset monetisation and deterioration in credit
profile of key investee companies. IL&FS Limited is in the
process of raising INR8,000 crore of funds from the promoter
group (through a mix of rights issue and long-term line of
credit). ICRA notes that timely receipt of the same remains
important to improve the overall liquidity profile of the group.
Counter-party credit risk pertaining to TANGEDCO; payments
received with delays of 3-4 months: The company remains exposed
to high counter-party credit risk owing to the weak financial
strength of TANGEDCO as also reflected in its payments with a
delay of 3-4 months from the invoice date.
Modest PLF levels: The PLF level for the company has remained
modest and stood at ~57% during FY 2018. While PLF for Unit I
(which is entirely tied up with TANGEDCO) remained moderate owing
to the weak merit order position, the PLF level for Unit-II (600
MW) remained modest due to the absence of any long-term power
purchase agreement forcing the company to remain dependent on
short-term arrangements with state discoms or with power trading
entities. However, with plant availability higher than the
normative requirement, the company has been able to receive the
entire fixed capacity charge for Unit-I. Also, with the expected
PPA tie-up for Unit-II with a minimum offtake of 55% of the
contracted capacity, the PLF level for Unit-II is expected to
improve.
Exposure to fluctuation in coal price and foreign exchange rate:
While bid tariff in PPA for Unit-I comprises of non-escalable
energy charge component, the Unit-II medium term arrangement has
a fixed tariff structure over the next three-year period.
Consequently, any substantial increase in the imported fuel cost
can lead to under-recovery and can impact the overall
profitability of the company which the company witnessed during
FY2018. However, the renegotiation of the imported coal
procurement supply contract, as per which the coal procurement
price for FY2019 will be lower than the assumed price level for
energy charge (which is non-escalable) in the PPA signed with
TANGEDCO, mitigates the risk to certain extent in the near term.
The ratings are further constrained by the foreign exchange
fluctuation risk as entire coal requirements for both the units
are met through imports. However, since the energy charge is
quoted in USD terms, foreign exchange component for the
procurement of coal for Unit I remains a pass through.
Liquidity position
As on October 31, 2018, the company had very limited free cash
balance but had access to unutilised fund based limits of INR460
crore. The Debt Service Reserve Account (DSRA) is partly funded
and has a balance of ~Rs. 42 crore in the form of cash deposits.
ITPCL is a special purpose vehicle promoted by IEDCL, which is a
subsidiary of IL&FS Limited, for the development of a 3180-MW
coal-based thermal power plant at Cuddalore in Tamil Nadu. The
project would be implemented in phases and in the first phase,
the company has set up a 1200 MW (2x600 MW) power plant based on
imported coal with sub-critical technology. IL&FS has an
established track record of financing various infrastructure
projects as well as developing projects through the SPV route.
IEDCL is a subsidiary of IL&FS and the holding company for
project SPVs in the power domain. The total project cost in the
first phase, which was estimated at INR6371 crore initially, was
revised by the lenders to INR9116 crore because of execution
delays and increase in project scope and was financed be INR6080
crore of term loans and balance through equity.
INDIA MEGA: CARE Lowers Rating on INR25cr LT Loan to D
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
India Mega Agro Anaj Ltd. (IMA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 25.00 CARE D; Issuer Not Cooperating;
Facilities Revised from CARE BB+; Stable;
ISSUER NOT COOPERATING on the
basis of best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from IMA to monitor the rating
vide e-mail communications dated July 17, 2018; July 24, 2018;
July 31, 2018; August 27, 2018 & September 04, 2018 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on IMA's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised on deterioration in liquidity
position on account of stoppage of production & commercial
activity in the Nanded factory as a result of being accused in
illegal diversion of subsidized food grains meant for public
distribution system. This has impacted the debt servicing
capability of the company thereby resulting in delayed payments.
The ratings are also constrained due to low profitability,
working capital intensive nature of operations leading to
leveraged capital structure and presence in fragmented and
competitive nature of the industry. However, long experience of
the promoters in the agro processing industry, diversified
product profile with established distribution network partially
offset the rating constraints.
Detailed description of the key rating drivers
Key Rating Weaknesses
Working capital intensive nature of operations: The working
capital intensity is high in the business due to procurement
of agro commodities like wheat on advance/cash basis while it
extends credit to its customers. Thus the average working capital
utilization for IMA remained moderate whereas DRFM utilizes the
facility to the fullest. However, with the ongoing restriction on
manufacturing activities, the liquidity position is expected to
deteriorate.
Leveraged capital structure: Increasing profitability and
infusion of funds by the promoters over the years has resulted in
increased net-worth. However continuous expansion undertaken by
the company has resulted in increased debt levels; thereby the
overall capital structure of group is leveraged with overall
gearing of 2.29x as on March 31, 2017.
Susceptibility to volatile agro commodity prices: Availability of
wheat, rice and other key raw material; is seasonal and dependent
on weather and climate condition which leads to volatility in
prices of raw material. Further, its prices are also impacted by
government policies and trade regulations.
Presence in fragmented industry leading to intense competition:
The flour mill industry is highly fragmented with more than two-
third of total number of players being unorganized and most of
the flour being supplied by small 'chakki' units.
Key Rating Strengths
Experienced management in the agro processing industry with
diversified product profile: Dattakrupa Group (DKG) is promoted
by Baheti family which is into the business of rice & flour mill
processing since 2005. Presently the entire operations are
managed under the leadership of Mr. Ajay Kumar Baheti who has
more than a decade of experience. DKG group consists of two
companies India Mega Agro Ananj Limited (IMA) and Dattakrupa
Roller Flour Mill Private Limited (DRFM).
Over the period of time, the group has set-up various food
processing divisions like roller flour mill; then cattle &
poultry
unit in 2015; dal & rice mill in 2016; oil mill & refinery in
2017 and solvent & biscuit unit would commence its operation by
September & December 2017 respectively.
Continuous financial support: The promoters have continuously
infused funds in the form of equity and unsecured loans from
friends & family. The financial support is primarily to aid the
capital expenditure plans of the company and to support the
operations if required.
Established distribution network: The manufacturing facility of
the group is located at Nanded & Prabhani in Maharastra. The
produce from these units are marketed and distributed through
well established distribution network of over 100 distributors
across various regions namely Maharashtra, Karnataka, Tamil Nadu,
Andhra Pradesh, Gujarat and Madhya Pradesh through distributors
Ramp up of new capacities resulted in healthy growth in scale of
operations: The continuous capacity increase and addition of new
units every year, has lead to diversification of revenue under
the agro processing industry. Thus stabilization of these
capacities has garnered healthy growth in revenue with combined
Compounded Annual Growth Rate of 33.20% for the past three years.
The same is expected to sustain in the medium term.
India Mega Agro Ananj Limited (IMA) was incorporated in 2010 by
presently the promoter cum managing director; Mr. Ajay Kumar
Baheti. IMA is a part of Dattakrupa group which was formed in the
year 2005 through incorporation of company named Dattakrupa
Roller Flour Mill Private Limited (DRFM) at Prabhani. The group
started its manufacturing activity with processing of flour mill
and dal mill. Later in order to expand & diversify its operations
and avail various government benefits attached to the food
processing industries, the group incorporated IMA; which was set
up by acquiring 50 acres on lease at MIDC, Krushnoor district,
Nanded. Over the period of time, the group has set-up various
food processing divisions like roller flour mill; then cattle &
poultry unit in 2015; dal & rice mill in 2016; oil mill &
refinery in 2017 and solvent & biscuit unit would commence its
operation by September & December 2017 respectively. Currently
the group has two manufacturing units located at Prabhani and
Nanded.
ITAMAX CERAMIC: ICRA Reaffirms B+ Rating on INR5.96cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Itamax
Ceramic Private Limited (ICPL) at [ICRA]B+(Stable).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-
Term Loan 5.96 [ICRA]B+(Stable); Reaffirmed
Fund-based-
Cash Credit 2.00 [ICRA]B+(Stable); Reaffirmed
Non-fund-based-
Bank Guarantee 1.00 [ICRA]A4; Reaffirmed
Unallocated Limits 0.54 [ICRA]B+(Stable); Reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by the
limited track record of the company and the average financial
risk profile marked by leveraged capital structure, weak coverage
indicators and high working capital intensity. The ratings also
factor in the intense competition in the ceramic industry and the
exposure of ICPL's profitability to volatility in raw material
and fuel prices. The ratings further take into account the
exposure of the company's operations and cash flows to the
cyclicality of the real-estate industry, which is the main end-
user sector.
The ratings, however, continue to favourably factor in the past
experience of ICPL's promoters in the ceramic industry and its
proximity to raw material sources by virtue of its presence in
Morbi (Gujarat).
Outlook: Stable
ICRA believes that ICPL will continue to benefit from the
experience of its promoters in the ceramic industry. The outlook
may be revised to Positive if substantial growth in revenue and
profitability leads to higher-than-expected cash accruals or
better working capital management coupled with reduction in
creditors strengthens the financial risk profile. The outlook may
be revised to Negative if substantial reduction in scale and
profitability leads to inadequate cash accruals needed to support
debt repayments, or if any major debt-funded capex or elongation
in working capital cycle leading deteriorates the capital
structure and liquidity.
Key rating drivers
Credit strengths
Extensive experience of promoters in ceramic industry: The
promoters of the company have experience in the ceramic industry.
The key promoter, Mr. Randip Kavathiya, was a director in Allix
Ceramic Private Limited, which is engaged in ceramic tiles
manufacturing.
Favourable location: ICPL's manufacturing facility is located in
the ceramic tile manufacturing hub of Morbi (Gujarat), which
provides easy access to quality raw materials and also saves
transportation cost.
Credit challenges
Company's limited track record and average financial risk
profile: The company commenced commercial operation in May 2017
with an installed capacity of 32,400 metric tonne per annum
(MTPA) and achieved operating income of INR12.0 crore in
FY2018.The capital structure of the company is expected to remain
leveraged with gearing of 2.2 times, given the debt-funded
capital expenditure incurred for setting up the manufacturing
unit. The debt coverage indicators have also remained weak with
interest coverage of 3.3 times, TD/OPBIDTA of 4.5 times, DSCR of
1.7 times and NCA/TD of 15% as on FY2018-end. Further, the
company's working capital intensity remained high with NWC/OI at
24% in FY2018 due to stretched receivables and high inventory
holdings. Further, the creditors also remained stretched to
support working capital.
Vulnerability of profitability to adverse fluctuations in raw
material and fuel prices: Raw material and fuel are the two
major components that determine the cost competitiveness in the
ceramic industry. The company has, however, little
control over the prices of its key inputs such as natural
gas/coal and raw materials, and thus the profit margins remain
exposed to adverse movement in raw material and gas/coal prices
as the ability to pass on any upward movement in cost
to the customers remains limited due to stiff competition.
Margins subject to pressure from intense competition and
cyclicality in real estate industry: The ceramic tile
manufacturing industry remains highly fragmented because of
competition from the organised as well as unorganised
players, most of whom are located in Gujarat and operate on low-
cost structures, creating a pressure on prices. Further,
the real estate industry accounts for majority uptake in the
ceramic tiles, and hence ICPL's profitability and cash flows
are expected to remain vulnerable to the cyclicality in the real
estate industry.
Liquidity Position:
ICPL's fund flow from operations (FFO) has remained positive in
FY2018, though free cash flows (before the debt repayment) were
negative due to high working capital requirement and capital
expenditure towards setting up of plant. The overall liquidity
position of the company remains tight with almost full
utilisation of the working capital limits during August 2017-
November 2018. Further, the company has sizeable debt repayment
over the next few years. Hence, timely support from promoters
through equity infusion/unsecured loans remains critical in case
any cash flow mismatch.
Incorporated in December 2015, Itamax Ceramic Private Limited
(ICPL) manufactures printed ceramic wall tiles in two sizes of
12"X18" and 12"X24". The commercial operations commenced in
May 2017 with capacity of 32,400 MTPA. The manufacturing
facilities is located at Morbi, Gujarat.
In FY2018, the company reported a net loss of INR0.25 crore on an
operating income (OI) of INR12.01 crore.
JANA HOLDINGS: Ind-Ra Rates INR1.55M Debt 'PP-MLD emr B+'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Jana Holdings
Limited's (JHL) additional debt instruments as follows:
-- INR1.55 mil. Principal protected market linked debentures
(PP-MLD) assigned with IND PP-MLD emr B+/Stable rating.
The suffix 'emr' denotes the exclusion of the embedded market
risk from the rating. Ratings of the market-linked debentures is
an ordinal assessment of the underlying credit risk of the
instrument and do not factor in the market risk that investors in
such instruments will assume. This market risk stems from the
fact that coupon payment on these instruments will be based on
the performance of a reference index or equity share (detailed in
the information memorandum of the issue).
PP-MLD refers to full principal protection in the equity linked
notes wherein the issuer is obligated to pay the full principal
upon maturity.
Analytical Approach: JHL's PP-MLDs are junior to its existing
debt and will mature before the maturities of JHL's existing non-
convertible debentures (NCDs). Under the conditions of an initial
public offering, any liquidity event or default on the NCDs from
Caladium Investment Pte. Ltd. (INR1 billion) and Edelweiss
Capital Limited (INR1.55 billion) will have a senior claim on
JHL's assets, or initial public offering or refinance proceeds.
The claims of PP-MLDs would be pari passu to the NCDs raised from
TPG Capital Asia (INR4.03 billion).
The rating is based on the profiles of both JHL and Jana Small
Finance Bank's (JanaSFB). The two companies have limited
financial strength. JHL is a non-operating financial holding
company (NOFHC) of JanaSFB and the value of its investments is
derived solely from its 43.98% shareholding in JanaSFB. The
investment value is largely subject to incremental performance of
JanaSFB (banking operations commenced in July 2018) and the
ability of the bank to manage the credit costs emanating out of
its legacy portfolio.
KEY RATING DRIVERS
Holding Company of JanaSFB, Bank's Legacy Asset Quality Overhang:
JanaSFB commenced its banking operations in July 2018 and
inherited significant asset quality issues from when it operated
as a non-banking financial company(NBFC)-microfinance institution
(Janalakshmi Financial Services Limited; JFSL). JFSL grew its
loan book to INR109.8 billion in FY16 from INR37.7 billion in
FY15 and was among the largest microfinance NBFC in terms of its
asset size. However, some of its growth came from moderate
controls on the lending system and conflicting targets for the
field staff. As a result, demonetization exposed these
shortcomings and JFSL was more severely affected than its peers.
Its 0 days past due (dpd) in FY17 increased to 39% (FY16: 1%). It
had to focus on collections on priority and had to write-
off/provide INR26.2 billion over FY17, FY18 and 1HFY19. However,
the company managed to raise substantial capital (INR29.42
billion) over the same period and this helped it survive. In
addition, the management plans to raise INR6 billion of equity
for JanaSFB (INR3 billion that JHL is raising through PPMLD and
another INR3 billion by other investors directly in the bank).
The bank's gross NPAs in 1HFY19 were about 35% while net NPAs we
are about 13%. Based on the partial payment and recovery
analysis, the agency expects a recovery of INR2 billion-3 billion
during November 2018-March 2019. The credit costs in 2HFY19 could
be significantly lower than observed in 1HFY19 (INR10 billion,
13.8%).
Bank to face Medium-term Profitability Pressures: In the agency's
assessment, the bank may not see significantly higher credit
costs on the newly originated portfolio (post-December 17
disbursement); however, it could face profitability issues in the
medium term as there is a need to achieve a certain scale to
cover operating costs out of gross income. Ind-Ra expects
marginal profitability in FY21 under the business as usual
scenario, i.e. 45% growth in the loans under management over
FY20-FY21; most of the growth in the secured asset classes and
other non-microfinance products. At net profit levels, the
company had made a profit of INR1.7 billion in FY17, and losses
of INR25.0 billion in FY18 and INR12.9 billion in 1HFY19. Ind-Ra
also expects the bank to suffer net losses in FY19 and FY20.
Setting up Governance and Monitoring Structures within Bank: Post
demonetization, JanaSFB has attempted to set its house in order;
tightening monitoring by setting up monitoring systems at various
levels, independent risk vertical, technology-based checkpoints
at the front-end and limiting operating geographies of the
branches among others. The monthly reviews provide opportunities
to various sub-committees of the Board Risk Committee to analyses
and narrow down the problems. Almost the entire top management
has changed over the last two years and the incumbents are
strengthening the processes. Ind-Ra expects these systems have
been put in place to avoid 'growth at any cost', given the growth
compulsions to achieve profitability.
Bank's Liquidity Management Challenging; Deposits See Traction:
In a bank form, liquidity management is more complex; especially
when the access to certificates of deposits is restricted either
by the credit rating of the bank or it is awaiting 'scheduled'
status. At end-September 2018, the asset funding gap of the bank
was in a modest surplus in the short term (0.1% of total assets).
However, the bank would need to continue to operate with a
surplus, given that microfinance is likely to constitute bulk of
its loans under management over the medium term. The bank has
excess statutory liquidity reserves of about INR2.3 billion in
addition to the cash reserves that it needs to maintain. It has
also intensely focused on the marketing of longer tenor deposits
which has been successful; in the five months of bank's
operations since July 2018, it has mobilized INR21 billion of
deposits, of which 46% are of tenor more than one year.
Bank's Asset Diversification Positive; but Segments are
Competitive and Yields Could be Lower: The bank expects to grow
largely in non-microfinance loan products. Although these are
capital-conserving products, there is reasonable competition
among them as the number and size of NBFCs and banks serving this
segment has increased in the last few years. As a result, the
bank could see a decline in yields; depending on the asset mix,
the bank would have to grow at a faster pace and at lower yields
to achieve profitability; early delinquencies for the bank in
these products would be a key monitorable.
Bank Capital Constrained: Ind-Ra is of the view that microfinance
heavy institutions should operate at low leverage (advances to
net worth). JanaSFB's net worth was INR5.4 billion in 1HFY19 with
advances of INR50 billion, which indicates a leverage ratio of
10x which is higher than most other SFBs. Divestment ability is
limited as JHL has to hold at least 40% in the bank for a minimum
of five years. Also, the bank may have substantial accruals only
by FY22 and hence leverage may only increase. A significant
increase in leverage without a commensurate improvement in the
asset quality could result in a negative rating action.
High Refinance and Valuation Risk: The proposed three-year PPMLDs
face refinance risk; there are limitations to JHL regarding
diluting its shareholding in the bank on account of regulatory
requirements and share pledges (3.98% pledged to existing
lenders). The PPMLDs would have to be refinanced to the extent of
principal and the rate of return promised to the investors. The
NOFHC is required to hold at least 40% of the bank for a minimum
of five years. Any increase in JHL's shareholding on account of a
proposed infusion may not be enough to pay off the existing
obligations and hence, the valuation risk is significant.
RATING SENSITIVITIES
Positive: A significant improvement in the bank's asset quality,
the capitalization and leverage (advances to equity) of and
achievement of material profitability earlier than expected could
result in a positive rating action.
Negative: A significant increase in the bank's leverage ratio
without a commensurate improvement in the asset quality, its
inability to raise equity as per plans, capital levels close to
the regulatory minimum or a breach of the regulatory conditions
if any and large funding gaps that in the agency's opinion prove
challenging for the bank to meet repayment obligations could
result in a negative rating action. Any unrelated diversification
by the holding company could also result in a downgrade.
COMPANY PROFILE
JHL is registered as an NOFHC according to the regulatory
guidelines and is promoted by Jana Capital Ltd., to hold the
promoter stake in JanaSFB. JanaSFB commenced banking operations
in July 2018 and microfinance loans (small group loan, individual
loan and agri-loans) constituted 76% of its assets under
management at end-September 20 18. The other loan products
offered by the bank are small business loans, affordable housing,
gold loans etc.
JET AIRWAYS: Bankers to Meet Vendors, Lessors on Debt Revamp Plan
-----------------------------------------------------------------
Aditi Shah at Reuters reports that India's debt-laden Jet Airways
is close to reaching a deal with State Bank of India for a fresh
loan of INR15 billion ($215 million) to meet its working capital
needs, two sources aware of the matter told Reuters.
Reuters relates that the airline has scheduled a meeting today,
Jan. 8 with its vendors and lessors, many of whom are getting
increasingly concerned over non-payment of dues, and officials
from State Bank of India (SBI) to discuss the debt restructuring
plan, the first source with direct knowledge said.
The bankers are being called to the meeting to reassure the
creditors, some of whom are expected to come to India from
overseas, that Jet is working toward securing funding and has a
repayment plan which it will share with them, said the first
source, Reuters relays.
Jet, India's biggest full-service carrier by market share, owes
money to pilots, lessors, banks and vendors, according to
Reuters. Its problems have been exacerbated by higher oil prices
and intense pricing competition in the domestic market.
The airline, part owned by Etihad Airways, was in talks with the
Abu Dhabi-based carrier to infuse more equity, but any money
would be conditional on Jet's founder Naresh Goyal ceding
control, sources have told Reuters.
Reuters adds that lessors have already forced the airline to
ground at least four of its new fuel-efficient Boeing 737 MAX
aircraft over non-payment of dues, the first source said, adding
more planes could be grounded if lessors are unconvinced by the
plan Jet presents this week.
Jet did not respond to various Reuters queries for this article
but late on Jan. 4, after the story was published, a company
spokesman said none of its 737 MAX planes have been grounded.
According to Reuters, the airline on Jan. 1 said it had defaulted
on debt payment to a consortium of Indian banks, led by SBI,
prompting ratings agency ICRA to downgrade the carrier and send
its shares sharply lower.
SBI, which has an exposure to Jet of about INR16 billion, has in
principle agreed to lend another INR15 billion, the second
Mumbai-based source said, adding this is subject to the bank
satisfactorily completing a forensic audit of the airline's books
- a process that started in December.
SBI is discussing securitising part of the sales of Jet's tickets
against subsequent loans, the Mumbai-based source said, adding it
will not be able to securitise the entire amount, Reuters
reports.
"The debt will give the airline some money for its operational
needs but it will not solve the long term problem," the first
source, as cited by Reuters, said.
India's aviation watchdog, the Directorate General of Civil
Aviation (DGCA) has asked to meet Jet's CEO on Jan. 7 to get an
update on its financial state and fund-raising plans to ensure
non-payment of pilot salaries and other dues is not having an
impact on safety, the first source said, adds Reuters.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA has revised the rating on the bank facility
of Jet Airways (India) Limited to [ICRA]C.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 698.9 [ICRA]C; downgraded from
Debenture [ICRA]B (Negative)
Programme
Long-term Loans 4,970.0 [ICRA]C; downgraded from
[ICRA]B (Negative)
Long-term, Fund- 645.0 [ICRA]C; downgraded from
based Facilities [ICRA]B (Negative)
Long-term, Non- 700.0 [ICRA]C; downgraded from
fund Based [ICRA]B (Negative)
Facilities
Short-term, Non- 3,950.0 [ICRA]A4; reaffirmed
fund Based
Facilities
Rationale
The rating downgrade considers delays in the implementation of
the proposed liquidity initiatives by the management, further
aggravating its liquidity, as reflected in the delays in employee
salary payments and lease rental payments to the aircraft
lessors. Moreover, the company has large debt repayments due over
the next four months (December-March) of FY2019 (INR1,700 crore),
FY2020 (INR2,444.5 crore) and FY2021 (INR2,167.9 crore). The
company is undertaking various liquidity initiatives, which
includes, among others, equity infusion and a stake sale in Jet
Privilege Private Limited (JPPL), and the timely implementation
of these initiatives is a key rating sensitivity.
The company continues to witness a stress in its operating and
financial performance. During April-October 2018, the performance
has been impacted by the steep increase in jet fuel prices and
rupee depreciation and the airlines' inability to pass on the
same to the customers. However, while the decline in the fuel
price and rupee appreciation during November 2018 has provided
some respite, the domestic airline industry continues to face
headwinds of rising fuel costs and weak pricing power due to
excess competition. This is expected to continue to pressurise
the company's performance in the near term.
JET AIRWAYS: ICRA Lowers Rating on INR4,970cr LT Loan to D
----------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Jet
Airways to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-convertible 698.9 [ICRA]D; downgraded from
Debenture [ICRA]C
Programme
Long-term Loans 4,970.0 [ICRA]D; downgraded from
[ICRA]C
Long-term, Fund- 645.0 [ICRA]D; downgraded from
based Facilities [ICRA]C
Long-term, Non- 700.0 [ICRA]D; downgraded from
fund Based [ICRA]C
Facilities
Short-term, Non- 3,950.0 [ICRA]D; downgraded from
fund Based [ICRA]A4
Facilities
Rationale
The ratings downgrade considers the delays by the company in the
payment of the interest and principal installment due on December
31, 2018 due to cash flow mismatches. There have been delays in
the implementation of the proposed liquidity initiatives by the
management, which have aggravated its liquidity. The company has
already been delaying its employee salary payments and lease
rental payments to the aircraft lessors. Furthermore, the company
has large debt repayments due over December 2018 to March 2019
(INR1,700 crore), FY2020 (INR2,444.5 crore) and FY2021
(INR2,167.9 crore). The company is undertaking various liquidity
initiatives, which includes, among others, equity infusion and a
stake sale in Jet Privilege Private Limited (JPPL), and the
timely implementation of these initiatives remain critical to its
credit profile.
Outlook: Not applicable
Key rating drivers
Credit strengths
Strategic initiatives planned by Jet Airways together with Etihad
Airways has helped contain costs: With the strategic investment
by Etihad Airways, there is a YoY improvement (excluding
unrealised foreign exchange losses) of 1.8% in Jet Airways' CASK
excluding fuel during FY2018 and 0.4% during H1 FY2019.
Furthermore, the company has already renegotiated its maintenance
contracts with effect from January 01, 2019, with estimated
savings of US$ 100 million annually. The company has also planned
several initiatives aimed at significant reduction in costs.
However, the cash flows would largely depend on the jet fuel
prices and the ability of the company and the industry to pass on
the increase through increase in fares.
Of the 124 aircraft operated as on September 30, 2018, 16 are
owned, providing opportunities for monetization: The company has
16 owned aircraft as on date. A sale and lease back transaction
for the same would help reduce the debt burden.
Credit challenges
Credit profile of the company continues to remain stretched,
characterised by negative networth and high leverage: Jet Airways
continues to have negative networth due to accumulated losses and
diminution in the value of its investments in its subsidiary Jet
Lite (India) Limited. Furthermore, the liquidity strain has
aggravated due to delays by the company in implementation of its
liquidity initiatives. As on September 30, 2018, the company had
gross debt of INR8,411 crore, as against INR8,403 crore as on
March 31, 2018. This is despite the receipt of lease incentives
during June 2018 and advances from JPPL in October 2018. The debt
levels are, however, expected to increase in the near term
because of the ongoing stress on profitability, unless the
company is successful in its liquidity initiatives. Overall, till
the company starts reporting profits on a sustained basis, the
debt levels are expected to continue to remain high.
Large repayments due over FY2019 to FY2021: The company has
repayments of INR1,700 crore due over December 2018 to March
2019, INR2,444.5 crore in FY2020 and INR2,167.9 crore in FY2021.
In the absence of adequate cash accruals, the company requires
refinancing its repayments falling due. While the company has
been undertaking several liquidity initiatives, timely funds tie-
up is a key rating sensitivity.
Weak market conditions in the Middle East, resulting in pressure
on yields and thus profitability: The weakness in the
international markets is primarily attributed to the Gulf as the
economic slowdown has resulted in significant weakening of demand
and thus excess capacity, both in passenger and cargo. This has
resulted in a decline in fares in the Gulf. The depressed demand
in the Gulf has impacted its profitability, although other
markets such as Europe continue to be strong.
The Indian airline industry continues to be faced with
competitive pressures on industry-wide pricing power despite
increased jet fuel prices: The entry of new airlines in the past
two-three years and expansion of capacity by the existing ones
have resulted in intensely competitive market and the same has
prompted all the airlines to resort to variety of fare promotions
to improve their PLFs.
Liquidity Position:
The company's liquidity position is stressed, with operating
losses, high debt levels and negative networth. Furthermore, the
company has large repayments of INR1,700 crore due over December
2018 to March 2019, INR2,444.5 crore in FY2020 and INR2,167.9
crore in FY2021. The company had already been delaying payments
of employee salaries and lease rental payments to the aircraft
lessors on account of the liquidity stress, and has delayed on
the payment of interest and principal repayment due on December
31, 2018. In the absence of adequate cash accruals, the company
will be required to refinance its repayments falling due. While
it has been undertaking several liquidity initiatives, timely
funds tie-up is a key rating sensitivity. Timely implementation
of proposed liquidity initiatives by the management to alleviate
its liquidity strain would remain critical to its credit profile.
Incorporated in 1992 as a private limited company, Jet Airways
commenced operations as an Air Taxi Operator in May 1993, with a
fleet of four leased Boeing 737 aircraft. The company was granted
scheduled airline status in January 1995. Jet Airways was founded
by Mr. Naresh Goyal and is presently 51% owned by him, with a 24%
stake held by Etihad Airways post infusion of INR2,057.6 crore in
November 2013. As on September 30, 2018, Jet Airways
(consolidated) had a fleet of 124 aircraft.
For the six-month period that ended on September 30, 2018, Jet
Airways (consolidated) reported a net loss of INR2,587 crore on
an operating income (OI) of INR12,748 crore. For the 12-month
period that ended on March 31, 2018, Jet Airways (consolidated)
reported a net loss of INR724.9 crore on an OI of INR24,455.2
crore, as against a profit after tax (PAT) of INR1,445.3 crore on
an OI of INR22,366.6 crore for the 12-month period that ended on
March 31, 2017.
K. MADANA: ICRA Assigns B+ Rating to INR12cr Cash Loan
------------------------------------------------------
ICRA has assigned [ICRA]B+(Stable) ratings to the bank facilities
of K. Madana Mohana Rao and Company's (KMMRC).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits-
Cash Credit 12.00 [ICRA]B+(Stable); Assigned
Fund based limits-
Term Loans 1.50 [ICRA]B+(Stable); Assigned
Rationale
The rating considers KMMRC's moderate scale of operations in the
highly fragmented ginning industry and commoditised nature of the
product, leading to low pricing power. The rating also factors in
the weak financial profile as reflected by low profitability,
high gearing of 4.3 times as on March 31, 2018 and stretched
coverage indicators for FY2018. Given the high inventory, KMMRC
is exposed to inventory holding risks, wherein, any adverse
movement in lint prices would impact margins. The rating also
considers the tight liquidity position with high average
utilisation of 90.2% of working capital limits for the period
April 2017 to September 2018. Further, the entity is exposed to
risks associated with proprietorship nature of entity.
The rating, however, positively factors in the significant
experience of the proprietor in the cotton trading and ginning
business and the established relationship with suppliers and
customers. The proximity of the entity's ginning unit to cotton
growing areas of Guntur district in Andhra Pradesh provides easy
access to raw materials, resulting in lower transportation costs.
Outlook: Stable
ICRA believes that KMMRC will continue to benefit from extensive
experience of its proprietor. The outlook may be revised to
Positive if improvement in entity's scale of operations,
profitability, and liquidity position improves its financial
profile. The outlook might be revised to Negative if any
significant debt-funded capital expenditure, lower-than-expected
cash accruals, or stretched working capital cycle weakens the
capital structure and liquidity position.
Key rating drivers
Credit strengths
Experience of promoters in the cotton industry: The proprietor
has over four decades of experience in the cotton industry, and
maintain healthy relationships with farmers, traders and
customers, resulting in repeat orders from clients.
Proximity to cotton growing areas: The entity's plant is located
near major cotton growing areas of Andhra Pradesh, resulting in
easy availability of raw materials and savings in transportation
costs.
Credit challenges
Moderate scale of operations: The entity's scale of operations
has been moderate with revenues of INR61.9 crore in FY2018,
limiting its financial flexibility. The entity's revenue
increased by ~78.5% in FY2018 due to higher trading revenues.
Weak financial profile: The entity's financial profile is weak,
characterised by thin net margin (0.3% in FY2018), high gearing
of 4.3 times as on March 31, 2018 and stretched coverage
indicators with an interest coverage ratio of 1.5 times and
NCA/total debt ratio of 4.1% in FY2018. Further, the entity's
liquidity position is stretched as reflected in high utilisation
of the working capital limit averaged at 90.2% for the period
April 2017 to September 2018. The entity has been utilising
short-term loans from farmers to meet its working capital
requirements.
Low pricing power in the highly fragmented ginning industry: The
ginning industry is highly fragmented with presence of many small
and medium-sized units, which results in stiff competition.
Intense competition and commoditised nature of the product result
in lower pricing power. KMMRC's profitability is also exposed to
fluctuations in cotton prices, given the seasonality in cotton
availability.
Risks inherent to the proprietorship nature of the entity: KMMRC
is exposed to the risks associated with proprietorship nature of
the entity including capital-withdrawal risks that could
adversely impact the capital structure.
Liquidity Position
The entity had an external term loan of INR1.52 crore as on
March 31, 2018 which was availed for setting up the ginning
machines. It has repayment obligations of INR0.5 crore is per
year for the period FY2019-FY2021. KMMRC's liquidity position
remains constrained given the high utilisation of the cash credit
limit averaged at 90.2% for the period April-17 to September-18.
The entity has been utilising short-term loans from farmers to
meet its working capital requirements.
K. Madana Mohana Rao and Company (KMMRC) was incorporated in 2007
as a proprietorship entity and started operations in February
2015. The entity's unit is located at Guntur, Andhra Pradesh and
is engaged in cotton ginning, pressing and trading of cotton
bales, seeds and cotton lint and is equipped with 36 ginning
machines capable of producing 40,500 bales annually. The
proprietor has more than four decades of experience in the cotton
business.
KMMRC has reported an operating income of INR104.4 crore and net
profit of INR0.3 crore in FY2018 against an operating income of
INR167.7 crore and net profit of INR0.5 crore in FY2017.
KANCHAN GANGA: ICRA Withdraws B Rating on INR11.25cr Cash Loan
--------------------------------------------------------------
ICRA said the rating is withdrawn in accordance with ICRA's
policy on withdrawal and suspension at the request from Kanchan
Ganga Seed Company Private Limited based on no objection
certificate provided by its lenders.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-
Cash Credit 11.25 [ICRA]B (Stable; Withdrawn
Unallocated
Facilities 0.75 [ICRA]B (Stable); Withdrawn
Key rating drivers
Key Rating drivers has not been captured as the rated instruments
are being withdrawn.
Liquidity Position:
Key Rating drivers has not been captured as the rated instruments
are being withdrawn.
Kanchan Ganga Seed Company Private Limited (KGSCPL) was
incorporated in the year 1984 by Mr. Jivan Thakur ,Mr. G.
Venkaiah and Dr. Vimal J Thakur, and is engaged in the production
and marketing of hybrid seeds and has a portfolio of over 30
hybrid seeds across maize, jowar, bajra, tomato and others. The
R&D facility for the company was started in the year 1986. The
company has a processing plant in Nizamabad district of Telangana
with a total capacity of 8 tons per hour and seed drying plant in
Karnataka with capacity of 100 tons per day.
KINGFISHER AIRLINES: Mallya Declared Fugitive Economic Offender
---------------------------------------------------------------
Subhadip Sircar at Bloomberg News reports that Vijay Mallya, the
Indian tycoon fighting multiple cases in the U.K. after
defaulting on bank loans, was declared a "fugitive economic
offender" by a special Mumbai court under a new law, television
channels reported.
Mr. Mallya is the first to be declared a fugitive under the new
law, which gives authorities greater powers to seize and
confiscate assets of economic offenders, Bloomberg relates citing
CNN-News18 and India Today TV. The ruling comes on the back of
Mr. Mallya losing a bid last month to avoid extradition to India
from the U.K., where he is currently based, the report says.
According to Bloomberg, Prime Minister Narendra Modi's government
has been battling to contain the political damage after some 31
Indians linked to fraud cases fled abroad to avoid prosecution.
With national elections due early this year, Modi is under
pressure to act against wealthy defaulters as the nation's
lenders step up efforts to clean up bad loans, partly by
tightening bankruptcy rules.
Mr. Mallya left the country in 2016 for England to be closer to
his children and has since refused to return. He was arrested in
London in April 2017 after a consortium of 17 banks accused him
of willfully defaulting on more than INR91 billion ($1.3 billion)
in debt accumulated by his Kingfisher Airlines -- a full-service
carrier he founded in 2005 and shut down seven years later,
Bloomberg discloses.
LKP INFRA: CARE Lowers Rating on INR5.59cr LT Loan to B+
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
LKP Infra Projects (LKPIP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.59 CARE B+; Stable Revised from
Facilities CARE BB-; Stable
Short-term Bank
Facilities 2.50 CARE A4 Reaffirmed
Detailed Rationale& Key Rating Drivers
The ratings of bank facilities of LKPIP continues to be tempered
by limited operational track record, small scale of operations
and low net worth, customer and geographic concentration risk,
tender based nature of operations and constitution of the entity
as partnership firm with inherent risk of withdrawal of capital.
The rating also takes into account decrease in total operating
income, increase in operating cycle days and deterioration in
debt coverage indicators. The ratings, however, derives strength
from experienced promotes for over a decade in construction
industry, comfortable capital structure, satisfactory
profitability margins, and stable outlook of construction
industry.
Going forward, ability of the firm to increase its scale of
operations, maintain the profitability margins and to complete
the orders in hand within scheduled time and procure new orders
are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Limited operational track record, small scale of operations and
low net worth: LKP commenced its operations in the year 2014 due
to which the scale of operations of the firm was small marked by
total operating income (TOI) of INR3.73 crore in FY18.
Furthermore, the networth of the firm was also low at INR5.41
crore as on March 31, 2018 as compared to other peers in the
industry.
Deterioration debt coverage indicators: The debt coverage
indicators of the firm deteriorated and remained moderate in
FY18. The PBILDT interest coverage ratio deteriorated from 4.48x
in FY17 to 2.42x in FY18 due to increase in interest cost at the
back of high utilization of working capital limits coupled with
decrease in PBILDT levels in absolute terms. The total debt/GCA
deteriorated to 7.24x as March 31, 2018 as against 2.96x as on
March 31, 2017 due to increase in debt levels as a result of
increase in unsecured loans borrowed and higher outstanding
balance of working capital bank borrowings as on account closing
date coupled with decrease in gross cash accruals (GCA) levels.
Short-term revenue visibility from order book position of
INR15.45 crore as on December 14, 2018.
The firm has order book of INR15.45 crore as on December 14, 2018
which translates to 4.14x of the total operating income of FY18.
The same is likely to be completed by August 2019. The said order
book provides revenue visibility for the short term.
Customer and geographic concentration risk: The firm is a
contractor for road works for R&B departments of state government
of Telangana. LKPIP participates in tenders for receiving work
orders from R&B departments of government of Telangana. The
geographic presence of these customers are restricted to
Nalgonda, Ranga Reddy and Medak districts of Telangana reflecting
high geographical concentration risk along with customer
concentration risk.
Tender based nature of operations: The firm receives 100% of its
work orders from government of Telangana which are tender- based
and are procured online. The revenues of the firm are dependent
on its ability to bid successfully for the tenders and execute
the same effectively. However, the promoter's experience in the
construction industry for over a decade mitigates the risk to an
extent.
Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital: Constitution as a partnership has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its
capital structure. Furthermore, partnerships have restricted
access to external borrowings as credit worthiness of the
partners would be key factor affecting credit decision for the
lenders. The partners have withdrawn capital to the tune of
INR0.30 lakh in FY18.
Highly fragmented and competitive civil construction industry:
LKPIP is operating in highly competitive and fragmented industry.
The firm witnesses intense competition from both the organized
and largely unorganized players as the projects are tender-based
and the revenues are dependent on the firm's ability to bid
successfully for these tenders. This fragmented and highly
competitive industry results into price competition thereby
affecting the profitability margins of the companies operating in
the industry.
Key Rating Strengths
Experienced promotes for over a decade in construction industry:
Mr. S Rajendra Prasad, Mr. M Ramulu and Mrs. S Jayalakshmi are
the partners in the firm. These partners look after the day to
day activities of the firm and have experience of over a decade
in civil construction industry. Moreover, the promoters have also
extended their tangible support in the form of unsecured loans to
manage business operations. Furthermore, the firm is benefitted
in terms of bagging new orders in competitive environment through
their experience in the civil construction business.
Comfortable capital structure: The financial risk profile of the
firm, although deteriorated marginally, remained comfortable as
on March 31, 2018. The debt equity has improved from 0.25x as
March 31, 2017 to 0.18x as on March 31, 2018 at the back of
repayment of existing term loan. However, the overall gearing
ratio has deteriorated marginally from 0.71x as on March 31, 2017
to 0.98x as on March 31, 2018 due to availing of unsecured loans
from friends and relatives coupled with higher outstanding
balance of working capital bank borrowings as on account closing
date.
Stable outlook of construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development
of the economy and hence, the construction sector assumes an
important role. The Government of India has undertaken several
steps for boosting the infrastructure development and revives the
investment cycle. The same has gradually resulted in increased
order inflow and movement of passive orders in existing order
book. The focus of the government on infrastructure development
is expected to translate into huge business potential for the
construction industry in the long-run. In the short to medium
term (1-3 years), projects from transportation and urban
development sector are expected to dominate the overall business
for construction companies.
Liquidity Analysis: The current ratio of the firm stood
comfortable at 1.78x as on March 31, 2018. The current loans and
advances were relatively higher than sundry creditors and other
current liabilities as on March 31, 2018. The cash balances stood
at INR0.03 crore as on March 31, 2018. The unutilized working
capital limits stood at 5% as on December 24, 2018.
Stable outlook of civil construction industry: The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development
of the economy and hence, the construction sector assumes an
important role. The sector was marred by varied challenges during
the last few years on account of economic slowdown, regulatory
changes and policy paralysis which had adversely impacted the
financial and liquidity profile of players in the industry. The
Government of India has undertaken several steps for boosting the
infrastructure development and revive the investment cycle. The
same has gradually resulted in increased order inflow and
movement of passive orders in existing order book.
LKP Infra Projects (LKPIP) was established in the year 2012 as a
partnership firm. The firm is a class I civil contractor and has
its registered office located at Hyderabad. LKP commenced its
operation in the year 2014 and is engaged in civil construction
of road works. The firm is primarily a contractor for Government
of Telangana (GoT) where the firm receives the work orders from
roads and building (R&B) for various districts of Telangana
through participating in tenders. At present, the firm has order
book position of INR15.45 crore as on December 14, 2018 and the
same is likely to be completed by August 2019.
NEW FRONT: CARE Assigns B+ Rating to INR15cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of New
Front Housing (NFH), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NFH is constrained
on account of the project execution risk emanating from the
nascent stage of construction with a low booking status. The
rating is further constrained on account of its presence in a
highly competitive and cyclical real estate industry with a
changing regulatory framework. The rating, however, derives
strength from the extensive experience of the promoters in real
estate development along with the track record of the group and
strategic location of the project.
The ability of the company to timely complete the project within
envisaged cost, thereby enabling timely inflow of the receivables
and sell the inventory at estimated rates are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project execution risk emanating from the nascent stage of the
project: The total cost of the project is estimated at INR41.49
crore which is to be funded by promoter's contribution of
INR10.76 crore, term loan from bank of INR15 crore and customer
advances of INR15.73 crore. As on September 30, 2018 the firm has
incurred a total cost of INR22.81 crore which is 55% of the total
project cost. Moreover, the company has only sold approximately
18% of the total saleable area and customer advances receivables
covers approximately 14% of the debt and remaining cost. The
ability of the entity to complete the project as per schedule
within the envisaged cost and achieve the project sales at the
assumed price will be critical from credit perspective.
Regulatory risk with the enforcement of The Real Estate
(Regulation and Development) Act, 2016: The company has
registered Phase-I of the project under MAHA-RERA Maharashtra
Real Estate Regulatory Authority). However, the registration of
Phase-II is pending; any delay in getting registered with MAHA-
RERA, or in terms of compliance with the act, may result in delay
in execution of the project and subsequently affect the revenue
generating ability of the company. However, the company has
received other necessary clearances and approvals for the project
related to land acquisition and construction. The requisite
sanction plan of the buildings of the said project has been
approved by the collectorate and commencement certificate has
been received. Furthermore, the said land has also been converted
to non-agriculture use and environmental clearance for the
projects has also been obtained.
Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real
estate sector which has direct linkage with the general
macroeconomic scenario, interest rates and level of disposable
income available with individuals. In case of real estate
companies, the profitability is highly dependent on property
markets. A high interest rate scenario could discourage the
consumers from borrowing to finance the real estate purchases and
may depress the real estate market. The real estate industry in
India is highly fragmented with most of the real estate
developers having region-specific presence. NFH also faces
competition from other real-estate projects in the area.
Key Rating Strengths
Long track record and experience of the promoters: NFH is a part
of New Front Group (NFG) which is one of the established real
estate groups in Pune. The group has been engaged in real estate
business since past one and a half decade and has completed
projects around 5.92 lsf. Also the group has three ongoing
projects with a total saleable area of around 4.33 lsf. The key
partners in the group Mr. Mukund Deshpande and Mr. Pravin Ghadge
have an average experience of over one decade in the real estate
business.
Strategic location of the projects: NFH is currently developing a
project namely 48 East Parkat Kalepadal, Hadapsar Pune which is
very well connected to Pune Solapur Highway. The project is
residential project with modern amenities targeting customers
from the middle class and lower middle class. In addition, the
project is situated in area with easy access to basic civic
amenities such as schools, hospitals, colleges, malls, situated
and has close proximity to Magarpatta city and Pune Solapur
Highway.
Established in the year 2009, NFH is the SPV of New Front Group.
The group has executed 14projects of around 0.59 lsf till 2017.
NFH was established with a view to execute the real estate
project namely "48 East Park" situated in Hadapsar, Pune.
PRAKASH WOOLLEN: Ind-Ra Lowers Long Term Issuer Rating to BB+
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Prakash
Woollen & Synthetic Mills Limited's (PWSMLL) Long-Term Issuer
Rating to 'IND BB+' from 'IND BBB-'. The Outlook is Stable.
The instrument-wise rating actions are:
-- INR139.7 mil. (reduced from INR228.8 mil.) Term loan due on
January 2025 downgraded with IND BB+/Stable rating;
-- INR230 mil. (increased from INR200 mil.) Fund-based working
capital limits downgraded with IND BB+/Stable/IND A4+ rating;
and
-- INR10 mil. Non-fund-based working capital limits assigned
with IND A4+ rating.
KEY RATING DRIVERS
The downgrade reflects a decline in the scale of operations to
small levels, drop in actual production and deterioration in
credit metrics to weak levels in FY18.
PWSML's revenue declined to INR996.56 million in FY18 (FY17:
INR1,040.83 million) as production of mink blankets decreased to
1,805,104 units (1,905,321 units) due to the impact of GST
implementation. The downgrade also factors in the drop in ROCE to
10.5% in FY18 (FY17:11.5%) and the EBITDA margin standing at a
modest 12.0% (11.1%). Moreover, revenue and profitability will
remain susceptible to fluctuations in the prices of raw material:
cotton and yarn.
The credit metrics deteriorated in FY18, mainly because total
debt rose to INR381.8 million (INR289.7 million) due to the
effect of debt-led capex. The interest coverage (operating
EBITDA/gross interest expense) declined to 3.6x (FY17: 3.8x) and
net financial leverage (total adjusted net debt/operating
EBITDAR) increased to 3.0x (2.5x).
Additionally, the ratings reflect the worsening of the liquidity
profile, as evident from two instances of overutilization in the
standby line of credit limit during the three months ended
November 2018 and around 89.9% utilization of its cash credit
limits during the past 12 months ended November 2018, owing to an
elongated working capital cycle (FY18: 101 days; FY17: 94 days).
The cash flow from operation was positive at INR69.02 million
(FY17:INR38.92 million) and cash and cash equivalent stood at
INR18.23 million in FY18 (INR3.97 million).
However, the ratings continue to factor in the company's
promoter's over three decades of experience in the mink blanket
manufacturing business, leading to established relationships with
customers and suppliers.
RATING SENSITIVITIES
Negative: Deterioration in the overall credit metrics and
liquidity profile from the present level may lead to a negative
rating action.
Positive: An improvement in revenue and liquidity profile along
with the improvement in credit metrics will be positive for the
ratings.
COMPANY PROFILE
Incorporated in August 1979, PWML was established as a
manufacturing concern of woollen blankets; it was converted into
a public limited company in 1993. The company is listed on the
Bombay Stock Exchange.
PWSML has an installed capacity to manufacture around 2.4 million
double bed blankets per annum in Moradabad, Uttar Pradesh. The
unit is equipped with the latest technology available for
knitting, dyeing, cutting, processing and printing, and
packaging.
PRASHAST FOOD: CARE Assigns B+ Rating to INR11cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Prashast Food Products Private Limited (PFPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of PFPPL are
constrained on account of inherent implementation and
stabilization risk associated with on-going greenfield
manufacturing project, susceptibility of profit margins to
volatility in raw material prices, low entry barriers along with
highly fragmented and regulated food industry.
The ratings, however, derive strength from experienced promoters
in trading of agro commodities, subsidy benefit from KISAN
SAMPADA YOJANA, accessibility of existing selling and
distribution network along with availability of raw material.
PFPPL's ability to complete the project within envisaged time and
cost parameters and achievement of envisaged sales and
profitability while managing its working capital efficiently post
completion of project would be key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Risk associated with implementation and stabilization of green
field project: PFPPL is implementing greenfield project of
manufacturing of wheat flour and its by-products with project
debt/equity mix of 1.38x. PFPPL has incurred 32.83% of the total
project cost till November 12, 2018. With balance costs yet to
incur, timely completion and stabilization of operations will be
crucial.
Susceptibility to fluctuation in raw material prices and highly
regulated industry: PFPPL is primarily engaged in the processing
and milling of various agro based products like Wheat Flour,
Maida, Sooji, Bran etc. All products being an agricultural output
and staple food, its price is subject to intervention by the
government. In the past, the prices of wheat have remained
volatile mainly on account of the government policies in respect
of Minimum Support Price (MSP) & controls on its exports. The
prices are also sensitive to seasonality in wheat production,
which is highly dependent on monsoon. Any volatility in the wheat
prices will have an adverse impact on the performance of the
flour mill and consequently their profit margins.
Fragmented nature of industry and low entry barriers: PFPPL
operates in lower segment of the value chain and faces stiff
competition from other players in the area. The commodity nature
of the product makes the industry highly fragmented with more
than two-third of the total number of players being in
unorganized sector with very less product differentiation. Due to
the fragmented nature and low entry barriers in the industry, the
agro processing commodity mill units have limited flexibility
over pricing their products which also results in low profit
margins.
Key Rating Strengths
Experienced promoters: Mr. Pankaj Kalani was the promoter of
PFPPL holds vast experience of in trading of agro commodities
through his association in other associate firms as a Director.
Other directors also hold moderate experience in trading business
of agro commodities through their association with other
entities.
Subsidy benefit from KISAN SAMPADA YOJANA: PFPPL is eligible
under subsidy benefit scheme from Ministry of food processing
department (MOFPI) under New Central Scheme namely "Kisan Sampada
Yojana". PFPPL will be eligible for capital subsidy 35% and 50%
for building and plant & machinery respectively subject to
maximum of INR500 lakhs for setting up/ expansion &
diversification/ modernization of Agro and Food Processing Units.
The same is expected to provide cash flow cushion in medium term.
Accessibility of existing selling and distribution network along
with availability of raw material: The promoters of the company
have long experience in agro industry through their association
with its associate entities. These associate entities which are
majorly engaged into trading of agro commodities. PFPPL has an
advantage of established selling and distribution network of its
associate companies in all over India which will be later
replaced by its own setup of dealer and marketing network along
with easy availability of raw material.
Indore (Madhya Pradesh) based PFPPL was established in September
2015 as a private limited company by Kalani and Agrawal's to
undertake a green field project for manufacturing of wheat flour
and its by-products. PFPPL proposed to establish a modernized
flour mill with Atta Chakki with a proposed installed capacity of
66000 (MTPA) and 49500 (MTPA) Metric Tonnes Per Annum
respectively. The total project cost is envisaged at INR24.00
crore, which is to be funded through term loan of INR11.00 crore,
unsecured loan of INR1.45 and balance INR6.55 crore by equity.
PFPPL has incurred INR7.88 crore till November 12, 2018 which was
funded through equity infusion of INR2.49 crore, unsecured loans
of INR1.85 crore, term loan of INR2.78 crore and project
creditors of INR0.76 crore.
RAIPUR DEVELOPMENT: Ind-Ra Cuts LT Debt Ratings to 'D', Non-Coop.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the ratings of
Raipur Development Authority's (RDA) bank facilities to 'IND D'
from 'IND BBB' while migrating the ratings to the non-cooperating
category. The Outlook was Negative. The issuer did not
participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the ratings are based on the
best available information. Therefore, investors and other users
are advised to take appropriate caution while using these
ratings. The ratings will now appear as 'IND D (ISSUER NOT
COOPERATING)' on the agency's website.
The instrument-wise rating actions are:
-- INR3.403 mil. Bank loan (long-term) downgraded and migrated
to Non-Cooperating Category with IND D (ISSUER NOT
COOPERATING) rating;
-- INR785 mil. Bank loan (long-term) downgraded and migrated to
Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating; and
-- INR675 mil. Bank loan (long-term) downgraded and migrated to
Non-Cooperating Category with IND D (ISSUER NOT COOPERATING)
rating.
Note: Issuer did not cooperate; Based on the best available
information
KEY RATING DRIVERS
The downgrade reflects delays in debt servicing obligations by
RDA due to a tight liquidity. The liquidity was stretched during
FY16 and had affected RDA's ability to pay its overdue debt
servicing.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months will be positive for the ratings.
COMPANY PROFILE
RDA is a statutory body constituted by the state government for
the integrated development of Raipur under the Town and Country
Planning Act 1973 of the Chhattisgarh state. It functions under
the provisions of Section 38 (1) of the CG Nagar Tatha Gram
Nivesh Adhiniyam 1973.
RAJVIR INDUSTRIES: CARE Migrates D Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rajvir
Industries Limited (RIL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 172.51 CARE D; Issuer not cooperating;
Facilities Based on best available
Information
Long-term/Short- 10.00 CARE D/CARE D; Issuer not
term Bank cooperating; Based on best
Facilities available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking for information from RIL to monitor the
ratings vide-mail communications dated July 18, 2018, August 3,
2018, October 26, 2018, November 1, 2018, November 9, 2018,
November 16, 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
Rajvir Industries Limited bank facilities and will now be denoted
as CARE D/CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings take into account delays in debt servicing owing to
stretched liquidity position.
Detailed description of the key rating drivers
(At the time of last rating on September 22, 2017, the following
were the key rating strengths and weaknesses (Updated from
information available from Stock Exchange).
Key Rating Weaknesses
Delays in debt servicing owing to weak liquidity position: There
are delays in debt servicing on account of liquidity constraint.
The company continued to incur cash losses during FY18 which has
led to stretched liquidity position and consequently delays. The
operating cycle for the company has deteriorated further from 107
days in FY17 to 112 days in FY18 leading to a stretched inventory
& collection period, which is currently at 202 & 43 days
respectively. The free cash & bank balances (excluding margin
money) as on March 31, 2018 are INR12.27 crore.
Weak financial risk profile and cash losses for FY18: The capital
structure of the company is highly leveraged with entire networth
of the company having been eroded owing to accumulated losses.
The PBILDT interest coverage also deteriorated to 0.09x in FY18,
due to weak profitability margins, the debt coverage indicators
have been adversely affected. The operating margins of the
company also declined significantly during FY18. The company has
reported cash losses for FY18 backed by low operating margins
coupled with high capital charge. The company has incurred net
loss of INR24.97 crore for FY18.
Working capital intensive nature of operations: Spinning is
primarily a working capital intensive business as the raw:
material availability is seasonal which results in high inventory
holding period. Further, the procurement is primarily on cash
basis which results in high working capital utilization during
the months of availability which is October to April.
Key Rating Strengths
Established track record of promoters: RIL is promoted by Mr.
U.K. Agarwal. Mr. Agarwal has more than 40 years of experience in
cotton industry. He is the Chairman of the company and has
expertise in cotton selection process. Mr. Ritesh K. Agarwal is
the MD and looks after all the managerial activities handling
departments including marketing, finance, exports and production.
The board of RIL also comprises of Sri. K. C. Reddy, Mr. Vijay
Kumar Gupta and Ms. Padma Vijay.
By virtue of being in the industry for about four decades, the
promoters have established long standing relationship with
a diversified customer base.
Rajvir Industries Limited (RIL) was incorporated on September 1,
2004. RIL is engaged in manufacturing of cotton yarn, melange,
synthetics, modal, dyed products, compact yarn, flame-retardant,
supima, silk, wool, cashmere and angora blend with its facilities
located in Mahboobnagar (one unit), Tundur (one unit) and a
dyeing plant at Mahboobnagar. The company has facilities from
ginning to spinning of different kinds (raw white, melange) and
varied counts (10-40, 20-25, 10-60, 40-60 etc.).The company has
range that covers everything from 100% cotton/ organic/fair-
trade/combed yarns, blended yarns (polyester, viscose, modal,
spun silk and flame- retardant) etc. As on March 31, 2017 the
company has installed capacity of 1, 11,840 spindles. The company
also has massive collection that encompasses over 8,000
melange/heather shades. The Managing Director (MD) of the company
is Mr. Ritesh K. Agarwal who looks after all the managerial
activities for departments including marketing, finance, exports
and production. The company also exports to various countries
like Bangladesh, Argentina, Peru, Poland, Germany, and Sri Lanka.
RUDRA ALLOYS: CARE Moves B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facility of Rudra
Alloys Private Limited (RAPL) to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 8.00 CARE B+; Stable; Issuer not
Facilities cooperating; Based on best
available information
Short term Bank 2.00 CARE A4; Issuer not
Facilities cooperating; Based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from RAPL to monitor the rating
vide e-mail communications/letter dated November 8, 2018,
November 16, 2018, December 1, 2018, December 6, 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 ratings on the basis of the best available
infomation which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The ratings on Rudra Alloys Private
Limited's bank facilities will now be denoted as CARE B+; Stable
/CARE A4; 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).
Detailed description of the key rating drivers
The ratings take into account RAPL's low profitability margins,
weak overall solvency position and susceptibility of margins
to fluctuations in raw material prices & foreign exchange
fluctuations. The ratings are further constrained by its presence
in a highly fragmented & competitive industry and inherent
cyclicality in the steel industry. These constraints are,
however, partially offset by increasing scale of operations,
experienced promoters with established track record of the
company and established business relationships with clients.
Key Rating Weaknesses
Low profitability margins: The profitability margins continued to
remain low as reflected by the PBILDT and PAT margins of 1.72%
and 0.19%, respectively in FY18 (declined from 2.72% and 0.20%,
respectively, in FY17).
Weak overall solvency position: The capital structure of the
company continued to remain weak as marked by long-term debt
equity and overall gearing ratios of 1.55x and 4.53x,
respectively, as on March 31, 2018. The same deteriorated from
1.45x and 4.34x, respectively, as on March 31, 2017 owing to
higher debt outstanding at the end of the year. Further, the
total debt to GCA ratio remained weak at 26.83x, as on March 31,
2018 (PY: 27.80x). The interest coverage ratio stood satisfactory
at 1.36x in FY18 (PY: 1.30x).
Susceptibility of margins to fluctuations in raw material prices
& foreign exchange rates: The primary raw material for RAPL's
products is scrap which the company Imports from countries like
U.S.A, U.A.E, South Africa etc. and also from local suppliers
like Tata Steels, etc. The absence of any long-term contracts
with the suppliers coupled with high competition and
fragmentation prevailing in the industry has led to the raw
material price fluctuation being borne by the company itself.
Further, with no exports, the company is also exposed to any
adverse fluctuations in the foreign currency prices.
Cyclicality and fragmented nature of the industry: The steel
industry is sensitive to the shifting business cycles, including
changes in the general economy, interest rates and seasonal
changes in the demand and supply conditions in the market.
Apart from the demand side fluctuations, the highly capital
intensive nature of steel projects along with the inordinate
delays in the completion hinders the responsiveness of supply
side to demand movements. Furthermore, the value addition in the
steel construction materials like steel ingots/rounds is also
low, resulting into low product differentiation in the market.
Key Rating Strengths
Increasing scale of operations: The operating income of the
company increased to INR135.13 crore in FY18 (an increase of
75.40% on year-on-year basis) from INR 77.04 crore in FY17.
Experienced promoters with established track record of the
company: RAPL has been in the steel industry for more than
three decades. The company is currently being managed by
Mr.Naresh Gupta (Managing Director), who is having around four
decades of experience in the industry. The other director of the
company, Mr Nitin Gupta, has an experience of ~15 years in the
industry. The directors are assisted by a team of professionals
who are highly experienced in their respective domains.
Established business relationships with clients: Presence of RAPL
in the steel industry for the last three decades and favorable
location of the plant in the close proximity to its major
customers i.e. steel rolling mills in-and-around the Mandi
Gobindgarh, Punjab region has led to the development of long-term
relationships with the customers. Furthermore, long track record
of operations has also led to easy raw material procurement from
the suppliers.
Rudra Alloys Private Limited (RAPL) was originally incorporated
as Datta Multi Metals Pvt Ltd. in 1983 and later rechristened to
RAPL in 2006. The company is currently being managed by Mr Naresh
Gupta (Managing Director) who has an experience of nearly four
decades in the industry.
SHIV SUNDAR: CARE Reaffirms 'B' Rating on INR13.40cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shiv Sundar and Company (SSC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 13.40 CARE B; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating is, continue to remain constrained on account of its
nascent stage of operations with moderate profitability margins,
cyclical and competitive nature of the industry with dependence
on tourist arrivals. The ratings, further, constrained on account
of weak solvency position and stressed liquidity position.
The rating, however, continue to derives strength from its
experienced management and tie up with Royal Orchid Hotels
Limited and location advantage located in 'Omaxe City'.
The ability of the company to improve occupancy ratio and average
room revenue with maintaining of profitability in highly
competitive hotel industry and improvement in solvency position
will be the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Nascent stage of operations with moderate profitability margins:
SSC has started its operations from July, 2017 and in 9MFY18,
Total Operating Income (TOI) of the firm stood at INR2.84 crore
with moderate PBILDT margin of 30.07%. However, due to initial
stage of operations where depreciation and interest expenses
higher, it has registered net loss of INR2.86 crore and cash loss
of INR 0.59 crore. Further in 8MFY19 the company has achieved a
turnover of around Rs 5.19 crore.
Cyclical and Competitive nature of the industry with dependence
on tourist arrivals: Indian hotel industry is highly fragmented
in nature with presence of large number of organized and
unorganized players spread across all regions. The hospitality
industry is highly cyclical in nature and sensitive to any
untoward events such as slowdown in the economy. Tourism in India
has witnessed significant growth in the recent years. It is
considered to be the third largest net foreign exchange earner of
the country. Apart from various traditional attractions of the
country such as scenic locations, natural beauty, varied cultures
etc, the booming business opportunities in India has also opened
doors for new form of business/corporate tourism. To harness
these opportunities, India has placed renewed emphasis on high
yield MICE (Meetings, Incentives, Conventions and Exhibitions)
tourism.
Weak solvency position: The capital structure of SSC stood
moderate with an overall gearing of 1.60 times as on March 31,
2018. Further, the debt service coverage indicators of the firm
stood weak with negative total debt to GCA and below unity
interest coverage ratio.
Stressed liquidity position: The current and quick ratio stood
below unity at 0.24 times as on March 31, 2018. However, the cash
flow from operating activities stood at INR1.07 crore. It has
cash and bank balance of INR 0.12 crore as on March 31, 2018.
Key Rating Strengths
Experienced partners: SSC was formed by seven partners belonging
to Verma family. Mr Dinesh Verma and Mr. Jagdish Verma are
working partners of the firm and overall affairs of SSC are
looked after by them. Mr. Dinesh Verma has vast experience in the
business of grain trading and liquor shop through his group
concerns whereas Mr. Jagdish Verma has two decades of experience
in hotel industry and civil construction.
Location advantage located in 'Omaxe City': Shiv Sundar and
Company (SSC) was formed in December, 2011 as a partnership
concern by Mr. Dinesh Verma along with his family members. SSC
was established with an objective to set up two star hotel in
Indore (Madhya Pradesh). The hotel has started commercial
operations from July 2017 and has facility of total 52 rooms
which includes; 4 suits, 12 Deluxe/Super Deluxe rooms and 36
Simple rooms along with separate Vegetarian and Non-Vegetarian
restaurant and bar,
Gym, Spa as well as two banquet halls and marriage garden of
26000 Sq. Ft.
Further the partners also running group concerns Shri Dinesh
Verma, involved in wholesale business of food and beverages and
mainly in Liquor business and Shri Jagdish Verma engaged in civil
engineering and construction.
Shiv Sundar and Company (SSC) was formed in December, 2011 as a
partnership concern by Mr. Dinesh Verma along with his family
members. SSC was established with an objective to set up two star
hotel in Indore (Madhya Pradesh). The hotel has started
commercial operations from July 2017 and has facility of total 52
rooms which includes; 4 suits, 12 Deluxe/Super Deluxe rooms and
36 Simple rooms along with separate Vegetarian and Non-Vegetarian
restaurant and bar, Gym, Spa as well as two banquet halls and
marriage garden of 26000 Sq. Ft.
Further the partners also running group concerns Shri Dinesh
Verma, involved in wholesale business of food and beverages and
mainly in Liquor business and Shri Jagdish Verma engaged in civil
engineering and construction.
SPARSH INDUSTRIES: Ind-Ra Affirms BB+ LT Rating, Outlook Positive
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed and withdrawn
Sparsh Industries Private Limited's (SIPL) Long-Term Issuer
Rating of 'IND BB+'. The Outlook was Positive.
The instrument-wise rating actions are:
-- INR2.130 bil. Term loans* due on March 2019 - March 2026
affirmed & withdrawn and the rating is withdrawn;
-- INR780 mil. Fund-based bank facilities# affirmed & withdrawn
and the rating is withdrawn;
-- INR420 mil. Non-fund-based bank facilities# affirmed &
withdrawn and the rating is withdrawn.
* Affirmed at IND BB+/Positive before being withdrawn
# Affirmed at IND BB+/Positive/IND A4+ before being withdrawn
KEY RATING DRIVERS
The affirmation continues to reflect SIPL's high net leverage
(adjusted net debt/operating EBITDA), despite an improvement in
the ratio to 4.45x in FY18 from 8.65x in FY17, owing to a high
debt. The improvement was brought about by increase in absolute
EBITDA to INR810.71 million in FY18 (FY17: INR413.64 million).
FY18 financials are provisional.
Also, the scale of operations remains medium, although revenue
raised 49% yoy to INR5,562 million in FY18 on account of an
increase in sales volume growth and better price realizations
from its PET film plant. The sales volume growth at the PET film
facility was driven by steady sales volume growth from the newly
installed BOPET Line 2, as well as from the existing line (BOPET
Line 1; commissioned in October 2016).
The ratings factor in SIPL's return on capital employed of 7%-8%
during FY15-FY18, modest EBITDA margin of 14.57% in FY18 (FY17:
11.09%) and modest debt service coverage ratio (1.1x-1.3x for
FY18-FY19). The EBITDA margin rose because better prices
realizations and the management's focus on better fixed cost
absorption led to a higher EBITDA/kg of INR14.10 in FY18 (FY17:
INR10.0) against the earlier expectation of INR12.00.
The modest margins are attributed to the inherent business risks
of demand-supply disparity in the BOPET industry, BOPET price
volatility and adverse movements in the prices of raw materials
(which are derived from crude oil). Moreover, the ability of the
company to pass on input price variations to end consumers in an
oversupplied market remains constrained.
The ratings factors in SIPL's cash flow from operations, which
turned positive to INR50.33 million in FY18 (FY17: negative
INR89.90 million) owing to higher EBITDA.
Ind-Ra is no longer required to maintain the ratings, as the
agency has received no objection certificates from the lenders.
COMPANY PROFILE
SIPL is a part of the Kanpur-based Sparsh Group. It was
incorporated in 2009 and manufactures BOPET films at Jainpur
industrial area, near Kanpur. It has a total installed capacity
of 61,683mtpa.
SUN PACKAGING: ICRA Assigns B+ Rating to INR5cr Cash Loan
---------------------------------------------------------
ICRA has assigned [ICRA]B+(Stable) ratings to the bank facilities
of Sun Packaging (Sun).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 4.00 [ICRA]B+(Stable); Assigned
Term Loan
Fund-based- 5.00 [ICRA]B+(Stable); Assigned
Cash Credit
Unallocated 1.00 [ICRA]B+(Stable)/[ICRA]A4;
Limits Assigned
Rationale
The assigned ratings consider the long track record of the
promoters of Sun in the flexible packaging industry. The firm's
customer profile is characterised by a few reputed players,
enjoying a significant share of business with them. Further, the
ratings note the healthy demand forecast for all types of
polymers and chemicals in India due to its diverse applications
and growing demand from key end-user industries like fast moving
consumer goods (FMCG).
The ratings, are however, constrained by Sun's nascent stage of
operations with achievement of breakeven in FY2018 on completing
three years of operations. Sun's bargaining power is limited by
high supplier concentration with a major portion of raw materials
being supplied by large petrochemical suppliers, exposing the
firm to supply disruptions from force majeure events and
susceptibility of its margins to volatility in raw material
prices, which are crude oil derivatives. The ratings also factor
in, limited liquidity buffer from modest free cash position and
consistent ad-hoc facilities availed on the working capital
borrowings in FY2019. ICRA also notes the intense competition in
the industry with underlying cyclicality in the end customer
segments (such as laminates, lubes and paints). However, the
growth outlook for these segments remains comfortable in the
medium term. Given Sun's constitution as a partnership firm, it
is exposed to discrete risks including the possibility of
withdrawal of capital by the partners.
Outlook: Stable
ICRA expects the firm to continue to benefit from the experience
of the promoters in the flexible packaging industry. The outlook
may be revised to Positive if there is substantial growth in
revenue and profitability and better working capital management,
strengthening the overall financial risk profile. The outlook may
be revised to a Negative if there is limited financial
flexibility from lower cash accruals because of adverse impact of
raw material price movement on profitability, degrowth in sales,
or if a stretch in the working capital cycle, weakens the
liquidity profile.
Key rating drivers
Credit strengths
Experience of the promoters for over a decade in the flexible
packaging industry: Sun was established in August 2015. The firm
is promoted by Mr. Rajan Aggarwal, Mr. Gopal Aggarwal, Mr. Rishab
Suman and Mr. Tushar Goyal. Mr. Gopal and Rajan Aggarwal are
commerce graduates with experience of over 15 years in the field
of plastic manufacturing prior to establishing Sun.
Customer profile characterised by reputed players; significant
share of business with reputed clients: The customer profile
consists of players in the laminates, food packaging industry and
paint and lubricant business including a few reputed ones. It
caters to customers across India in regions like Madhya Pradesh,
Chattisgarh, Gujarat, Maharashtra, etc. The firm's customer
profile is moderately diversified with top 10 customers driving
~75% of total operating income in FY2018.
Healthy demand forecast for all types of polymers and chemicals
in India: Sun manufactures multi-layer LD film and injection
moulded pail containers used in the paint and food packaging
industry using polypropylene co-polymer (PPCP), linear low-
density polyethylene (LLDPE) and varied grades of plastic
granules. LLDPE is the most flexible of plastic sheeting films.
The flexible packaging in the form of lamination film, surface
protection film is used for packing rice, pulses and other food
items while the containers find use in the food industry for
storage of curd, ice-cream and other edible items, and are also
used for storing lubricants, paint and distemper. India's
packaging industry has grown at a healthy CAGR of 15% over the
last three years (FY2015-2017) driven by favourable demographic
profile, rising income levels, changing spending patterns,
increased retail penetration to Tier II and III cities and
increasing consumerism. The long-term fundamental drivers for
growth in demand for packaging products is favourable, driven by
an increase in the market size of the food processing industry,
the largest consumer of packaging products in the country.
Credit challenges
Nascent stage of operations: With operations commencing in August
2015, the firm is in its nascent stage of operations. It has
achieved breakeven in FY2018 (third year of operations). With an
installed production capacity of 3,000 MT per annum and revenue
of INR31 crore in FY2018, it is a small sized player in the
flexible packaging industry.
High supplier concentration with a single supplier accounting for
~67% of total raw material procurement; vulnerability to raw
material price movements: The firm procures most of its raw
material from domestic suppliers, and 10-15% from importers. Its
top supplier, which is a large petrochemical company, accounts
for 67% of its total raw material procurement, exposing the firm
to supply disruptions from force majeure events and limited
bargaining power. The key raw materials are PPCP, LLDPE and
varied grades of plastic granules, all of which are crude oil
derivatives and, therefore, exposed to risk of price
fluctuations.
Limited liquidity buffer from cash and consistent ad-hoc
facilities availed on working capital borrowings: The reliance on
working capital borrowings is high over the period under study.
The firm has undrawn line of credit of INR0.34 crore as on
November 31, 2018, and buffer from INR0.03 crore of cash and bank
balance as on March 31, 2018.
Intense competition; cyclicality of end customer segments:
Pricing pressures on industry participants due to stiff
competition from both organised and unorganised players and
exposure to raw material price volatility and foreign exchange
fluctuations result in volatility in profitability margins. The
entry barriers are low owing to low initial capital requirements,
low technical expertise requirements and a healthy demand for the
products leading to numerous players and a fragmented industry
structure. The industry is also exposed to underlying cyclicality
of end customer segments.
Partnership constitution renders exposure to risks of capital
withdrawals: Given Sun's constitution as a partnership firm, it
is exposed to discrete risks including the possibility of
withdrawal of capital by the partners and the risk of dissolution
of the firm upon the death, retirement or insolvency of the
partners. However, in FY2017 and FY2018 there has been infusion
of capital amounting to INR0.40 crore and INR0.31 crore,
respectively.
Liquidity position
The firm has limited liquidity buffer from undrawn line of credit
of INR0.34 crore as on November 31, 2018 and buffer from a modest
cash and bank balance of INR0.03 crore as on March 31, 2018.
Established in 2015, Sun Packaging manufactures multi-layer LD
film and injection moulded pail containers used in the paint and
food packaging industries, using PPCP, LLDPE and varied grades of
plastic granules. The firm's manufacturing facility is in Daman
with a plastic injection moulding machine and multi-layer
extruder machine and an annual installed production capacity of
3,000 MT.
In FY2018, the firm reported a net profit of INR0.13 crore on an
OI of INR31.23 crore, compared to a net loss of INR0.39 crore on
an OI of INR19.98 crore in the previous fiscal.
VIKRAM HOSPITAL: ICRA Withdraws B Rating on INR30cr LT Loan
-----------------------------------------------------------
ICRA said the rating assigned to the non convertible debenture
(NCD) programme of Vikram Hospital (Bengaluru) Private Limited
(VHBPL) is withdrawn in accordance with ICRA's policy on
withdrawal and suspension. The rating has been withdrawn as per
the request of the company and there is no amount outstanding
against the rated instrument.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Non 30.00 [ICRA]B (Stable); Withdrawn
Convertible
Debenture
Outlook: Not applicable
Key rating drivers
Key rating drivers has not been captured since the rating I
withdrawn
Liquidity position
Liquidity position has not been captured since the rating has
been withdrawn
Vikram Hospital (Bengaluru) Private Limited was incorporated on
February 27, 2009 as private limited company under the Companies
Act, 1956. In the year 2013, Multiples Alternate Asset Management
Private Limited (Multiples) acquired 95.56% stake in VHBPL along
with fresh equity infusion of INR75.41 crore in FY2014. VHBPL has
as a 225-bedded multispecialty hospital with 24-hour human,
medical and infrastructural facility to render specialized
service. The hospital has 9 Medical Intensive Care Units (MICU),
9 Surgical Intense Care Units (SICU), 9 Intensive Cardiac Care
Units, 12 Dialysis beds,10 operation theatres, two Cathlabs and a
pharmacy.
=================
S I N G A P O R E
=================
OFO: CASE Warns Ofo Singapore as Users Complain of Fewer Bikes
--------------------------------------------------------------
https://www.channelnewsasia.com/news/singapore/bike-sharing-ofo-
singapore-service-fewer-case-11082224
Channel NewsAsia reports that even as bike-sharing company Ofo
faces cash flow problems, it must continue to ensure that it has
enough bicycles for its users in Singapore, said the Consumers
Association of Singapore (CASE).
In response to queries from Channel NewsAsia, the consumer
watchdog's executive director, Mr, Loy York Jiun, said on Jan. 2:
"There have been reports that Ofo China is encountering cash flow
problems.
"Hence, CASE has reached out to Ofo Singapore to request for more
information on the situation in Singapore.
"Notwithstanding the above, Ofo Singapore still has an obligation
to their existing customers to deliver a minimum level of
service -- there should be sufficient bikes available to meet the
needs of their existing pass holders until their passes expire,"
Mr. Low added.
Last month, Ofo's chief executive Dai Wei said the Chinese bike-
sharing startup is battling "immense" cash flow problems and
disbanding the firm has been considered as an option, Channel
NewsAsia recalls.
Dai has also been added to China's social credit blacklist, which
bars him from buying property or going on vacation, the report
says.
Ofo, known for its yellow bicycles, has also faced issues in
Singapore, the report notes. The Land Transport Authority had
said in November that it intended to take regulatory action
against Ofo for possessing a fleet of bicycles beyond its maximum
fleet size of 10,000.
Yet, customers in Singapore have expressed unhappiness over the
company's operations and some have said there are too few bikes
on the streets for use, the report says.
Currently, Ofo users who opt for the pay-as-you-go service are
charged SGD1 for rides of less than 15 minutes, SGD1.50 for a 30-
minute ride and SGD2.50 for an hour-long ride, the report
discloses.
Meanwhile, the Ofo pass allows users to pay SGD8.99 for unlimited
use within 30 days, SGD16.99 for 60 days and SGD26.99 for 90
days.
CASE confirmed that over the last three months, it has received
five complaints against Ofo Singapore, which were "generally
requests for refunds".
The consumer watchdog's Mr. Loy added that existing Ofo pass
holders "should be wary" that their subscriptions may be
automatically renewed through the mobile application and "may
wish to take decisive action" to cancel their subscription if
they no longer want to use the bike-sharing service, Channel
NewsAsia adds.
"Their notice of cancellation should be documented (for example
by taking screenshots) for ease of dispute resolution," Channel
NewsAsia quotes Mr. Loy as saying.
According to at least two of Ofo Singapore's former logistic
vendors, the Beijing-based firm owes them around SGD700,000 for
their services and has not replied to their letters of demand,
Channel NewsAsia relays. The two companies were employed by Ofo
to handle bicycle transportation, storage and rebalancing, and
are looking to make a report with the Singapore police white-
collar crime unit, the Commercial Affairs Department.
Mr. Kelvin Cheong, chief executive officer for one of the
logistics firms that served Ofo, told Channel NewsAsia that Ofo
owes his company a total of SGD174,000.
"They owe vendors money, and when asked, threaten to hold back
payment. We provided them services worth around SGD60,000 a
month, and then they offered to pay us SGD10,000. They keep using
the same tactic," said Mr. Cheong, who declined to name his
company but would only say it has existed for around 30 years.
Mr. Cheong and at least one other logistics vendor, SB Express,
are jointly looking to report the matter to the police, the
report states.
SB Express' managing director Sebastian Lee told Channel NewsAsia
that Ofo owes the firm around SGD400,000, and his attempts to
contact Ofo's acting general manager Jack Zhou has failed.
"The last time I heard from him was in November, and he said he
needed approval from Ofo's HQ in Beijing for the payments," said
Mr. Lee, who provided lorries, personnel and warehouses to fulfil
his services to Ofo, notes the report.
The contracts of hundreds of Ofo Singapore employees were also
terminated in November, according to a former senior manager
Channel NewsAsia spoke to.
The manager, who declined to be identified, said around 200
bicycle marshalls in November and dozens of its employees who
worked at the firm's registered office address at AXA Tower along
Shenton Way had their contracts terminated, Channel NewsAsia
reports.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Dec. 31, 2018 to Jan. 4, 2019
----------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00
CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08
CHINA
-----
AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00
ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63
ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35
ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91
ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56
ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13
BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79
BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00
BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77
BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16
BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52
BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70
BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16
BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20
BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56
BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30
BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72
BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77
BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70
BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17
BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20
BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54
BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23
BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16
BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17
BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37
C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57
CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86
CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87
CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24
CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21
CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67
CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01
CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93
CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23
CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01
CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42
CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00
CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55
CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95
CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90
CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05
CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74
CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81
CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.38
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50
CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50
CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77
CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36
CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25
CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47
CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66
CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66
CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26
CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50
CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00
CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90
CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75
CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10
CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28
CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20
CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16
CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22
CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02
CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94
CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13
CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28
CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51
CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39
CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00
CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77
CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85
CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83
CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51
CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70
CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00
CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00
CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95
CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80
CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25
CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86
CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20
CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72
CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44
CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21
CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00
CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45
CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10
CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87
CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40
CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80
CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76
CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00
DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70
DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27
DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29
DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20
DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98
DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17
DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00
DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24
DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31
DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15
DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42
DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12
DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04
DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86
DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15
ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58
ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18
EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52
EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37
FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50
FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25
FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10
FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25
FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51
FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09
FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70
FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44
GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78
GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78
GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66
GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62
GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81
GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89
GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14
GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43
GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18
GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23
GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66
GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41
GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49
GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02
GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61
GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62
GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90
GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76
HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43
HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66
HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51
HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74
HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00
HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39
HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43
HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79
HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68
HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72
HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90
HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60
HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54
HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00
HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40
HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51
HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24
HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14
HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84
HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89
HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01
HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20
HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77
HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41
HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91
HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07
HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14
HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07
HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50
HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56
HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14
HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67
HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27
HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38
HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21
HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54
HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25
HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81
HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00
HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09
HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25
HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44
HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89
HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16
HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52
HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80
HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39
HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63
HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60
HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31
HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92
HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22
HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02
INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91
INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12
INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00
JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95
JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54
JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93
JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50
JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00
JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30
JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00
JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87
JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03
JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05
JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88
JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73
JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10
JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06
JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74
JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50
JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59
JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43
JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80
JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17
JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39
JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16
JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87
JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15
JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89
JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92
JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23
JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00
JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90
JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06
JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27
JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10
JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39
JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80
JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28
JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77
JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95
JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08
JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51
JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28
JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35
JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95
JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57
JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65
JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03
KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55
KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62
KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82
KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10
KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15
KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35
KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36
KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10
KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99
KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99
KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63
LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41
LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42
LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00
LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64
LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57
LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65
LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85
LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08
LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35
LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12
LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00
LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01
LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24
LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63
LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90
LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29
LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08
LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18
LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19
LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30
LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38
LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78
MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30
MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90
MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70
MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11
MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15
NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70
NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53
NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26
NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94
NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99
NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30
NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12
NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25
NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86
NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93
NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29
NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25
NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90
NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89
NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34
NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37
NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32
NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33
NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50
NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84
NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81
NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10
NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29
NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68
PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00
PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18
PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02
PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04
PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12
PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98
PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01
PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10
QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44
QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09
QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00
QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24
QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60
QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32
QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39
QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07
QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77
QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07
QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69
QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05
QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86
QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13
QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75
QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03
QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33
QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01
QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65
QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66
QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92
QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50
QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70
QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96
QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24
QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33
RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34
RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00
RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40
RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54
RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76
RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77
RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83
RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08
RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30
SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95
SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06
SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82
SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23
SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65
SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27
SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39
SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16
SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25
SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04
SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95
SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50
SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23
SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25
SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90
SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30
SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38
SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23
SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29
SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23
SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00
SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39
SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33
SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48
SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21
SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58
SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85
SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20
SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57
SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26
SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20
SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64
SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86
SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90
SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95
SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72
SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08
SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78
SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33
SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05
SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75
SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47
SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30
SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74
SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57
SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85
SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00
SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96
SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64
SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18
SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55
SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57
SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50
SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42
SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71
SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50
SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10
SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91
SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66
SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90
SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45
SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47
SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37
TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45
TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55
TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20
TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23
TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08
TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09
TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86
TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26
TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05
TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40
TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80
TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47
TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80
TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20
TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01
TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29
TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14
TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81
TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92
TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09
TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89
TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89
TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14
TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90
TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65
TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37
TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31
TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72
TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50
TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84
TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00
TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18
TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19
TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34
TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54
TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43
TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08
TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20
URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70
WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24
WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38
WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39
WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00
WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50
WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00
WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96
WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72
WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06
WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10
WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57
WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64
WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39
WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45
WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91
WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72
WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25
WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37
WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13
WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49
WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76
XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50
XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72
XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29
XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50
XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53
XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28
XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49
XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05
XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47
XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24
XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38
XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41
XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67
XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15
XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66
XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01
XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20
XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35
XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96
XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27
XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28
XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73
XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32
XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50
XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52
XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19
XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90
XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27
XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12
XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08
XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97
XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66
XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08
XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00
XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23
XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14
YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08
YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00
YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84
YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70
YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31
YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80
YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74
YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07
YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72
YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00
YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07
YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77
YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41
YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46
YINYI CO LTD 7.03 06/21/21 CNY 72.00
YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69
YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41
YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94
YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57
YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73
YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54
YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20
YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48
YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50
YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40
YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02
ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69
ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48
ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54
ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50
ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85
ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98
ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69
ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85
ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31
ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09
ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11
ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73
ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34
ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54
ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89
ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00
ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32
ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25
ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33
ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08
ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85
ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57
ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33
ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44
ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14
ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84
ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30
ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90
ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18
ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18
ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99
ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97
ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48
ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04
HONG KONG
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CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09
CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44
DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44
EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50
PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 10.36
ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82
AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 18.25
AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 18.28
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 31.35
APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.74
ASHOKA HIGHWAYS BHANDAR 2.00 09/19/22 INR 72.98
AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 54.90
AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 55.06
BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 65.89
BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 67.55
BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 69.44
BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 71.55
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42
CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.28
CUMULUS TRADING CO PVT 0.01 05/21/32 INR 29.31
CUMULUS TRADING CO PVT 0.01 12/29/29 INR 35.93
CUMULUS TRADING CO PVT 0.01 01/23/30 INR 49.32
DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 49.93
EDELWEISS ASSET RECONST 2.00 10/07/28 INR 49.27
EDELWEISS ASSET RECONST 2.00 11/20/27 INR 51.96
EDELWEISS ASSET RECONST 2.00 03/28/27 INR 53.66
GREEN URJA PVT LTD 0.01 02/14/30 INR 35.94
GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00
HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 69.13
HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 46.20
HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 41.97
IL&FS PARADIP REFINERY 1.50 08/29/22 INR 74.90
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00
JASPER AUTO SERVICES PV 0.01 02/11/23 INR 67.54
JCT LTD 2.50 04/08/11 USD 25.75
JSM CORP PVT LTD 0.01 08/31/36 INR 20.14
KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 18.78
KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 60.37
MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 54.70
MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 67.89
MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 22.75
MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 20.76
MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 20.76
ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 19.71
PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 58.63
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63
PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 32.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 35.33
PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 38.06
PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 41.05
PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 44.32
PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 47.87
PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 51.74
PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 55.92
PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 60.44
PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 65.32
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
R L FINE CHEM PVT LTD 0.10 08/19/36 INR 20.48
REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 60.21
REI AGRO LTD 5.50 11/13/14 USD 0.32
REI AGRO LTD 5.50 11/13/14 USD 0.32
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 25.48
SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 55.79
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55
TN URJA PVT LTD 0.10 02/22/36 INR 23.53
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.75
WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 49.31
JAPAN
-----
AVANSTRATE INC 0.05 10/29/32 JPY 9.75
TKJP CORP 1.02 12/15/17 JPY 0.50
TKJP CORP 0.85 03/06/19 JPY 2.02
TKJP CORP 0.58 03/26/21 JPY 2.02
KOREA
-----
HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43
INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22
KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89
KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53
KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44
KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
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 12/21/20 KRW 65.80
SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82
SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79
SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93
SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72
SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98
SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19
SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20
SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93
SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38
SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64
SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91
SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65
SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95
SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82
MALAYSIA
--------
AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.33
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85
HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29
I-BHD 3.00 10/09/19 MYR 0.29
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01
PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46
PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25
PUC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35
NEW ZEALAND
-----------
PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03
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 68.00
PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57
SINGAPORE
---------
APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05
ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38
ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50
EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00
HYFLUX LTD 4.60 09/23/19 SGD 45.01
HYFLUX LTD 4.25 09/07/18 SGD 45.38
HYFLUX LTD 4.20 08/29/19 SGD 45.79
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21
ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32
OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63
PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00
RICKMERS MARITIME 8.45 05/15/17 SGD 5.00
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05
SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25
THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24
THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 69.96
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 0.56
MDX PCL 4.75 09/17/03 USD 30.00
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14
DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81
*********
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 2019. 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 ***