/raid1/www/Hosts/bankrupt/TCRAP_Public/190115.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, January 15, 2019, Vol. 22, No. 010
Headlines
A U S T R A L I A
ACTCO-PICKERING: Second Creditors' Meeting Set for Jan. 21
HALIFAX INVESTMENT: ASIC Suspends AFS License Til January 2020
HEIDENS HARDWARE: Second Creditors' Meeting Set for Jan. 22
MOBIZONE PTY: Second Creditors' Meeting Set for Jan. 21
NAKED BRAND: Insufficient Capital Raises Going Concern Doubt
PROFESSIONAL FREDDY: Second Creditors' Meeting Set for Jan. 22
TRADITIONAL THERAPY: ASIC Seeks to Wind Up Chinese Wellness Shop
UPFRONT SECURITY: Second Creditors' Meeting Set for Jan. 22
C H I N A
CBAK ENERGY: Creditors Agree to Cancel $5.2 Million in Debt
OFO: Shuts International Unit as Staff 'Prepare for Bankruptcy'
SHARING ECONOMY: Iliad Research Has 9.9% Stake at Jan. 10
H O N G K O N G
PRIME SOURCE: 3rd Interim Cash Collateral Order Entered
I N D I A
ADITYA ENGINEERS: CRISIL Maintains B+ Rating in Not Cooperating
ARJUN TECHNOLOGIES: CRISIL Maintains D Rating in Not Cooperating
ARIHANT CORP: CRISIL Maintains B Rating in Not Cooperating
BANSAL LUMBERS: CARE Assigns B+ Rating to INR3cr LT Loan
BELAGAVI CITY: Faces Insolvency, Struggling to Pay Workers
BHAGAT RAM: Insolvency Resolution Process Case Summary
BIRMI IMPEX: CRISIL Retains B Rating in Not Cooperating Category
D. JAMNADAS: CRISIL Maintains B+ Rating in Not Cooperating
D - ART FURNITURE: Insolvency Resolution Process Case Summary
DEV RAJ: CRISIL Maintains B+ Rating in Not Cooperating Category
EMPEE DISTILLERIES: Insolvency Resolution Process Case Summary
GUJARAT STEEL: CARE Lowers Rating on INR24cr LT/ST Loan to D
HOTEL RAJ: CARE Assigns B+ Rating to INR15cr Long Term Loan
IENERGIZER LTD: S&P Cuts Long-Term ICR to 'B', Off CreditWatch
J.M. LABORATORIES: CRISIL Migrates B+ Rating to Not Cooperating
J.S. INTERNATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
JAYAKUMARAN EXPORTS: Ind-Ra Assigns BB- LT Rating, Outlook Stable
JET AIRWAYS: To Restart Bailout Talks With to Tata Group
LIVING WATERS: Insolvency Resolution Process Case Summary
MAA VINDHWASINI: CRISIL Maintains B+ Rating in Not Cooperating
MADHAVA HYTECH: ICRA Lowers Rating on INR4cr Cash Loan to D
MARUTI GINNING: ICRA Reaffirms B+ Rating on INR6.05cr Loan
MADHUSUDAN GARAI: ICRA Reaffirms B Rating on INR6.50cr Loan
MIRHA EXPORTS: ICRA Reaffirms D Rating on INR173cr Loans
MONET EXPORTS: Insolvency Resolution Process Case Summary
NALANDA BUILDERS: CRISIL Maintains D Rating in Not Cooperating
NAVKAR INFRASTRUCTURE: CARE Assigns B+ Rating to INR9cr LT Loan
NAYATI HEALTHCARE: CRISIL Withdraws B+ Rating on INR161cr Loan
NIBULA PRINT: Insolvency Resolution Process Case Summary
NOVEX PRIVATE: Insolvency Resolution Process Case Summary
PENINSULA PROJECTS: ICRA Reaffirms B Rating on INR20cr Loan
RICHA INDUSTRIES: Insolvency Resolution Process Case Summary
RL STEELS: CARE Assigns B+ Rating to INR90.70cr Long Term Loan
SHRI GANESH: ICRA Hikes Rating on INR3cr LT Loan to C-
SONA WIRES: CARE Lowers Rating on INR3.18cr LT Loan to D
TARAWADE LOGISTICS: CARE Raises Rating on INR1cr Loan to B+
UPPER INDIA: CARE Lowers Rating on INR44.70cr LT Loan to B+
VRIDDHI INFRATECH: CARE Hikes Rating on INR15cr LT Loan to B+
I N D O N E S I A
PT SENTUL CITY: S&P Withdraws 'B' Long-Term Issuer Credit Rating
M O N G O L I A
MONGOLIAN MORTGAGE: S&P Rates New USD Sr. Unsecured Notes 'B'
M A L A Y S I A
PERISAI PETROLEUM: Bursa Rejects Plan; To be Delisted on Feb. 13
P H I L I P P I N E S
HANJIN HEAVY: Dennis Uy Not Interested in Subic Shipyard
HANJIN HEAVY: Senator Urges DOLE to Help Displaced Workers
X X X X X X X X
* BOND PRICING: For the Week Jan. 7, 2019 to Jan. 11, 2019
- - - - -
=================
A U S T R A L I A
=================
ACTCO-PICKERING: Second Creditors' Meeting Set for Jan. 21
----------------------------------------------------------
A second meeting of creditors in the proceedings of Actco-
Pickering Metal Industries Pty Ltd, trading as Ridgeback Service
Bodies And Trade Service Body, has been set for Jan. 21, 2019, at
2:30 p.m. at the offices of KordaMentha, at Rialto South Tower,
Level 31, 525 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. 18, 2019, at 4:00 p.m.
Craig Peter Shepard and Bryan Webster of KordaMentha were
appointed as administrators of Actco-Pickering on Dec. 5, 2018.
HALIFAX INVESTMENT: ASIC Suspends AFS License Til January 2020
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
suspended the Australian financial services (AFS) license held by
Halifax Investment Services Pty Ltd until Jan. 10, 2020.
The suspension follows the appointment of Morgan Kelly, Stewart
McCallum and Phil Quinlan, of Ferrier Hodgson, as joint voluntary
administrators of Halifax, appointed on Nov. 23, 2018.
The terms of the AFS license suspension allow the Halifax AFS
license to continue in effect for the following purposes only:
* to ensure that clients of Halifax continue to have access
to an external dispute resolution scheme;
* to ensure that Halifax continues to be required to have
arrangements for compensating retail clients, including
the holding of professional indemnity insurance cover;
and
* to allow for the termination of existing arrangements with
clients of Halifax.
Investors seeking information should visit ASIC's dedicated page
on Halifax updates.
Halifax was a financial services licensee headquartered in Sydney
with a partially-owned subsidiary in Auckland, New Zealand.
HEIDENS HARDWARE: Second Creditors' Meeting Set for Jan. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Heidens
Hardware Pty. Ltd. has been set for Jan. 22, 2019, at 10:30 a.m.
at the offices of BRI Ferrier Western Australia, at Unit 3,
99-101 Francis Street, in Northbridge, Western Australia.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2019, at 4:00 p.m.
Giovanni Maurizio Carrello of BRI Ferrier Western Australia was
appointed as administrator of Heidens Hardware on Dec. 6, 2018.
MOBIZONE PTY: Second Creditors' Meeting Set for Jan. 21
-------------------------------------------------------
A second meeting of creditors in the proceedings of Mobizone Pty
Ltd has been set for Jan. 21, 2019, at 12:00 p.m. at the offices
of Worrells Solvency & Forensic Accountants, at Suite 1103, Level
11, 147 Pirie Street, in Adelaide, SA.
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. 18, 2019, at 5:00 p.m.
Nicholas David Cooper and Dominic Charles Cantone of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Mobizone Pty on Dec. 5, 2018.
NAKED BRAND: Insufficient Capital Raises Going Concern Doubt
------------------------------------------------------------
Naked Brand Group Limited filed its Form 6-K report, disclosing a
net loss of NZ$26,094,000 on NZ$56,750,000 of net revenues for the
six months ended July 31, 2018, compared with a net loss of
NZ$19,213,000 on NZ$59,787,000 of net revenues for the same period
in 2017.
At July 31, 2018, the Company had total assets of NZ$75,849,000,
total liabilities of NZ$59,617,000, and NZ$16,232,000 in total
stockholders' equity.
Despite the loss in the current period and the other negative
financial conditions as at July 31, 2018, the Directors are
confident that the Company will continue as a going concern.
However, while the Directors are confident of continuing as a
going concern and meeting its debt obligation to its Bank and
creditor commitments as they fall due, the going concern is
dependent upon the Directors and Company being successful in:
* Raising further capital of at least NZ$26 million and
collecting it between December 2018 and July 2019;
* Reducing overheads and increasing gross profit margin that
leads to a reduction in the current cash outflow being
incurred each month to reach a cash flow positive position by
October 2019;
* Renegotiating the current bank facilities of NZ$20 million to
a facility that is at least a 12 month facility, reviewed
annually, and is subject to amortisation of NZ$1.667 million
per quarter commencing July 2019; and
* Maintaining the creditors within the negotiated terms.
As a result the viability of the Group is dependent on the above
matters, and there is a substantial doubt about the Company's
ability to continue as a going concern. However, the Directors'
believe that the Group will be successful in the above matters
and, accordingly, have prepared the report on a going concern
basis.
A copy of the Form 6-K is available at:
https://is.gd/a9Qr2s
Naked Brand Group Limited designs, manufactures, and markets
intimate, apparel, and swimwear products worldwide. The Company
has a portfolio of 11 company-owned and licensed brands, including
Heidi Klum Intimates, Heidi Klum Accessories, Bendon, Fayreform,
Pleasure State, Lovable, Heidi Klum Swim, Naked, Hickory, Bendon
Man, and Davenport. It operates through approximately 6,000 retail
stores and 61 company-owned Bendon retail and outlet stores in
Australia and New Zealand, as well as e-commerce sites. The
Company is based in Alexandria, Australia.
PROFESSIONAL FREDDY: Second Creditors' Meeting Set for Jan. 22
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Professional
Freddy Pty Ltd has been set for Jan. 22, 2019, at 11:00 a.m. at
the Holiday Inn Sydney Airport (Lawrence Hargraves Meeting Room),
Corner Bourke Road & ORiordan Street, in Mascot, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Jan. 21, 2019, at 4:30 p.m.
Brendan J. Nixon of SM Solvency Accountants was appointed as
administrator of Professional Freddy on Dec. 6, 2018.
TRADITIONAL THERAPY: ASIC Seeks to Wind Up Chinese Wellness Shop
----------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
applied to the Federal Court to wind up Traditional Therapy
Clinics Limited (TTC), a company that was previously listed on the
Australian Securities Exchange (ASX) and has business operations
in China.
The application arises from ASIC's concerns that:
* TTC has no directors ordinarily residing in Australia
and no company secretary;
* TTC's external auditors found irregularities in bank
records that they received from the company's China-based
management;
* TTC failed to provide authorisation to its external auditors
for them to obtain independent confirmation of TTC's cash
balances directly from the Chinese banks;
* Funds raised from investors may have been improperly
diverted or dissipated; and
* TTC has failed to lodge its half-year review for the period
ending on June 30, 2018.
ASIC seeks orders that TTC be wound up and liquidators Adam
Nitikins and Samuel Freeman, of Ernst & Young, be appointed.
ASIC's application has been listed for hearing before the Federal
Court at Melbourne on Feb. 22, 2019 at 9:30 a.m.
Traditional Therapy Clinics Limited (TTC) has its registered
office in Perth, Western Australia, and is a franchisor and owner
of traditional therapeutic health and wellness clinics in China.
On Sept. 3, 2015, TTC was admitted to the official list of the ASX
following the company raising $15 million through a prospectus
issued on June 20, 2015.
On Sept. 3, 2018, the ASX suspended TTC's shares from trading
following the company's failure to lodge its 2018 half year report
by the due date.
On Nov. 16, 2018, the TTC board appointed Daniel Johannes
Bredenkamp and Bryan Kevin Hughes, of Pitcher Partners, as
administrators of the company.
On Dec. 17, 2018, the ASX delisted TTC following the company's
failure to respond to various ASX queries.
Until ASIC's application is determined, queries from TTC creditors
or shareholders should be directed to company's administrators, on
(08)-9322-2022.
UPFRONT SECURITY: Second Creditors' Meeting Set for Jan. 22
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Upfront
Security Solutions Pty Ltd has been set for Jan. 22, 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. 21, 2019, at 4:00 p.m.
Blair Pleash and Joanne Keating of Hall Chadwick were appointed as
administrators of Upfront Security on Dec. 11, 2018.
=========
C H I N A
=========
CBAK ENERGY: Creditors Agree to Cancel $5.2 Million in Debt
-----------------------------------------------------------
CBAK Energy Technology, Inc. has entered into a cancellation
agreement with two individual creditors who loaned an aggregate of
approximately $5.2 million to the Company's wholly-owned
subsidiary. Pursuant to the terms of the Cancellation Agreement
dated Jan. 7, 2019, the creditors agreed to cancel the Debts in
exchange for an aggregate of 5,098,040 shares of common stock of
the Company at an exchange price of $1.02 per share. Upon receipt
of the Shares, the creditors will release the Company from any
claims, demands and other obligations relating to the Debts. The
Cancellation Agreement contains customary representations and
warranties of the creditors. The creditors do not have
registration rights with respect to the Shares.
The issuance of the Shares to the creditors will be made in
reliance on the exemption provided by Section 4(a)(2) of the
Securities Act of 1933, as amended, for the offer and sale of
securities not involving a public offering, and Regulation S
promulgated thereunder. None of the Shares have been registered
under the Act and neither may be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements.
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the
business of developing, manufacturing and selling new energy high
power lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.
CBAK Energy reported a net loss of US$21.46 million for the year
ended Dec. 31, 2017 compared to a net loss of US$12.65 million for
the year ended Sept. 30, 2016. As of Sept. 30, 2018, the Company
had $132.15 million in total assets, $128.18 million in total
liabilities, and $3.97 million in total equity.
Centurion ZD CPA Limited, in Hong Kong, China, the Company's
auditor since 2016, issued a "going concern" opinion in its report
on the consolidated financial statements for the year ended Dec.
31, 2017 stating that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2017. All these factors raise substantial
doubt about its ability to continue as a going concern.
OFO: Shuts International Unit as Staff 'Prepare for Bankruptcy'
---------------------------------------------------------------
The Financial Times reports that staff at struggling dockless
bike-sharing start-up Ofo's international subsidiaries are
"prepared for bankruptcy or acquisition" after the company shut
its overseas department.
According to the FT, a person familiar with the company said that
Beijing-headquartered Ofo's international arm, which managed the
global subsidiaries, had closed last week but employees abroad
still had their jobs. The division's closure was first reported by
local Chinese media, the FT says.
The FT relates that the person said the number of bikes available
in the UK had been "dramatically reduced" and staff were taking
them off the street and putting them back in depots "so they're in
good order" in case the business shuts.
As of Jan. 9, Ofo's mobile app was showing fewer than 10 bikes for
hire across the whole of its central London coverage zone, which
crosses several of the capital's boroughs and the City of London,
the report notes. At its peak, there were 3,000 of the company's
bright yellow bikes in London.
Ofo said: "The overseas department is going through normal
business adjustments," the FT relays.
Last month, Ofo's founder, Dai Wei, said the business had
"immense" cash flow problems and had considered applying for
bankruptcy, the FT recalls.
"I've thought countless times . . . of even dissolving the company
and applying for bankruptcy," he wrote in a letter to employees.
"For the whole of this year, we've borne immense cash flow
pressure. Returning deposits to users, paying debts to suppliers,
in order to keep the company running we have to turn every
renminbi into three."
Millions of Chinese Ofo users have since applied for refunds on
their RMB99 ($14) deposits, the FT notes.
According to the report, Ofo exemplified the Chinese start-up
model of growing quickly by raising money and burning through
cash. Last year, an industry insider estimated that rival Mobike
spent $50 million a month, while Ofo burnt through roughly $25
million, the report notes.
The FT says Mobike was bought out by food delivery giant Meituan
last April at an enterprise value of roughly $3.7 billion, while
fellow bike-sharing rival Bluegogo was brought back from
bankruptcy after it was acquired by ride-sharing company Didi
Chuxing in January for an undisclosed amount. Didi was reportedly
in talks to buy Ofo in August.
Mobike is preparing to spin off its European arm, which it is
valuing at $100 million, the report states.
Last summer Ofo, which has raised $2.2 billion from companies
including tech group Alibaba since it was founded in 2014,
withdrew from most locations in the UK, including Sheffield and
Norwich, and sacked most of its staff in Britain, according to the
FT.
The FT notes that London proved particularly difficult for Ofo,
which applied for operating agreements on a borough-by-borough
basis. The company also struggled because of broader technological
and design flaws such as a lack of GPS or bikes that were too
small for many riders.
SHARING ECONOMY: Iliad Research Has 9.9% Stake at Jan. 10
---------------------------------------------------------
Iliad Research and Trading, LP, Iliad Management, LLC, Fife
Trading, Inc., and John M. Fife disclosed in a Schedule 13G filed
with the Securities and Exchange Commission that as of Jan. 10,
2019, they beneficially own 753,039 shares of common stock of
Sharing Economy International, Inc., which represents 9.99 percent
of the shares outstanding.
John Fife is the president of Fife Trading, Inc., which is the
manager of Iliad Management, LLC, which is the general partner of
reporting person Iliad. Iliad has rights, under a convertible
promissory note, to own an aggregate number of shares of the
Issuer's common stock which, except for a contractual cap on the
amount of outstanding shares that Iliad may own, would exceed such
a cap. Iliad's current ownership cap is 9.99%. Thus, the number of
shares of the Issuer's common stock beneficially owned by Iliad as
of the date of Jan. 10, 2019 was 753,039 shares, which is 9.99% of
the 7,537,925 shares outstanding on Nov. 13, 2018 (as reported in
the Issuer's Form 10-Q filed on that date).
A full-text copy of the regulatory filing is available at no
charge at: https://is.gd/tZZcQi
About Sharing Economy
Headquartered in Jiangsu Province, China, Sharing Economy
International Inc. -- http://www.seii.com/-- through its
affiliated companies, designs, manufactures and distributes a line
of proprietary high and low temperature dyeing and finishing
machinery to the textile industry. The Company's latest business
initiatives are focused on targeting the technology and global
sharing economy markets, by developing online platforms and rental
business partnerships that will drive the global development of
sharing through economical rental business models. Throughout
2017, the Company made significant changes in the overall
direction of the Company. Given the headwinds affecting its
manufacturing business, the Company is targeting high growth
opportunities and has established new business divisions to focus
on the development of sharing economy platforms and related rental
businesses within the company. These initiatives are still in an
early stage. The Company did not generate significant revenues
from its sharing economy business initiatives in 2017.
RBSM LLP's audit opinion included in the company's Annual Report
on Form 10-K for the year ended Dec. 31, 2017 contains a going
concern explanatory paragraph stating that the Company had a loss
from continuing operations for the year ended Dec. 31, 2017 and
expects continuing future losses, and has stated that substantial
doubt exists about the Company's ability to continue as a going
concern. RBSM has served as the Company's auditor since 2012.
Sharing Economy incurred a net loss of $12.92 million in 2017 and
a net loss of $11.67 million in 2016. As of Sept. 30, 2018, the
Company had $59.80 million in total assets, $9.46 million in total
liabilities and $50.33 million in total equity.
================
H O N G K O N G
================
PRIME SOURCE: 3rd Interim Cash Collateral Order Entered
-------------------------------------------------------
The Hon. Mindy A. Mora of the U.S. Bankruptcy Court for the
Southern District of Florida has entered a third interim order
authorizing Prime Source Accessories, Inc., to use its cash
collateral in the regular course of its business affairs pursuant
to the budget on an interim basis until further Order of the
Court.
A fourth interim hearing on Debtor's use of cash collateral is
scheduled for March 26, 2019 at 1:30 p.m.
The Debtor's authorization to use cash collateral is limited to a
variance not to exceed 10% of any particular line item expense on
the budget. However, the total amount of cash collateral
authorized to be used pursuant to the Interim Order will not
exceed the amount of the Debtor's cash on hand and in the bank as
of the Petition Date, which is estimated to be $110,000 in the
aggregate.
The Court finds that the Debtor is a party a Factoring Agreement
with Rosenthal & Rosenthal, Inc., which includes a statement that
Rosenthal claims to have a security interest in substantially all
cash collateral of the Debtor.
All other cash collateral (including accounts receivables) will be
collected and applied by Rosenthal to the debt owing by Debtor to
Rosenthal as adequate protection for the use by Debtor of such
cash collateral.
As adequate protection for and to the extent of the Debtors use of
cash collateral, as well as for any decrease in the value of any
of Rosenthal's Collateral as of the Petition Date, Rosenthal is
granted nunc pro tunc, as of the Petition Date:
(a) a replacement lien to the same extent as any prepetition
lien on and in all property set forth in the respective security
agreements and related lien documents of Rosenthal on the specific
collateral listed in the security documents, including proceeds
derived from the creditors' collateral generated post-petition by
the Debtor, on an interim basis through and including the interim
hearing in this matter, without any waiver by the Debtor as to the
extent, validity or priority of said liens; and
(b) a super-priority administrative expense claim pursuant to
Section 507(b) of the Bankruptcy Code.
However, any lien granted in the Third Interim Order will exclude
any avoidance actions that may exist as property of the estate
A full-text copy of the Third Interim Order is available at
http://bankrupt.com/misc/flsb18-20158-76.pdf
About Prime Source Accessories
Prime Source Accessories, Inc., with headquarters in south Florida
and full service sourcing offices in Hong Kong & Shenzhen, China,
is a design and manufacturing and sourcing firm targeting the
teen, collegiate and adult segments of the retail industry. Prime
Source is a privately held company founded in 1997.
Prime Source Accessories filed a voluntary petition under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 18-
20158) on Aug. 21, 2018. In the petition signed by Jamie Chauss,
president, the Debtor disclosed $394,163 in assets and $1,011,261
in liabilities. The case is assigned to the Hon. Erik P. Kimball.
Craig I. Kelley, Esq., at Kelley & Fulton, PL, is the Debtor's
counsel.
No official committee of unsecured creditors has been appointed in
the Chapter 11 case of Prime Source Accessories, Inc., as of Oct.
4, according to a court docket.
=========
I N D I A
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ADITYA ENGINEERS: CRISIL Maintains B+ Rating in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Aditya Engineers
(AE) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 3.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 4.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 1.0 CRISIL A4 (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AE for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AE continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
The firm was established by proprietor, Mr Shriram Krishnaji Surve
at Karad (Maharashtra) in 1998. It executes turnkey contracts for
erection of transmission lines.
ARJUN TECHNOLOGIES: CRISIL Maintains D Rating in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Arjun Technologies
India Limited (ATIL) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL D (ISSUER NOT
COOPERATING)
Cash Credit 10 CRISIL D (ISSUER NOT
COOPERATING)
Letter of Credit 3 CRISIL D (ISSUER NOT
COOPERATING)
Long Term Loan 2.28 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 5.42 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Standby Line of 2 CRISIL D (ISSUER NOT
Credit COOPERATING)
CRISIL has been consistently following up with ATIL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ATIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of ATIL continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.
Incorporated in 1998, and promoted by Mr P Chandrasekhar, ATIL is
an engineering and equipment turnkey system supplier for the pulp
and paper industry.
ARIHANT CORP: CRISIL Maintains B Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of Arihant Corporation
(AC) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 6 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 0.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with AC for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of AC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.
Based on the last available information, the ratings on bank
facilities of AC continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.
Arihant Corporation (AC), established in 2003, by Mr. Ramesh Mehta
in Mumbai, Maharashtra. The firm is engaged in executing road
contracts awarded by different central government, state
government and semi government agencies in Maharashtra.
BANSAL LUMBERS: CARE Assigns B+ Rating to INR3cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bansal
Lumbers Private Limited (BLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 3.00 CARE B+; Stable Assigned
Short-term Bank
Facilities 17.00 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of Bansal Lumbers
Private Limited are constrained by its small and fluctuating scale
of operations, low profitability margins, leveraged capital
structure and foreign exchange fluctuation risk. The ratings are
further constrained on account of presence in a highly fragmented
timber sector with low entry barriers and high competition and
susceptibility to fluctuation in log prices and government
regulations.
The ratings however, draw comfort from experienced promoters, and
moderate operating cycle and liquidity position.
Going forward, the ability of the company to increase its scale of
operations while improving its profitability margins, improving
its capital structure and effective working capital management
shall be some of the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Small and fluctuating scale of operations: The scale of operations
of the company stood small marked by total operating income of
INR36.65 crores and gross cash accruals of INR 0.44 crores during
FY18 (FY refers to the period April 1 to March 31). Further, the
net worth base was relatively small at INR2.29 crores as on March
31, 2018. The small scale limits the company's financial
flexibility in times of stress and deprives it from scale
benefits. Furthermore, company's total operating income has been
fluctuating over the past three years. Total Operating Income has
registered a decline of 4.74% in FY17 over previous year and
growth of 11.98% in FY18. During 6MFY19 (refers to the period
April 1 to September 2018; based on provisional results) the
company has achieved a total operating income of INR15.00 crores.
Low profitability margins: The company operates in highly
fragmented nature of industry characterized by intense competition
with limited value addition. The profitability margins of the
company stood low as marked by PBILDT margin which stood around 3%
for the past three financial years i.e. FY16-FY18. Further due to
high interest and depreciation cost, the PAT margin stood below
unity the past three financial years i.e. FY16-FY18.
Leveraged capital structure: The capital structure of the company
stood leveraged owing to high proportion of LC-backed creditors as
marked by overall gearing ratio of above 5.5x (including LC backed
creditor) as on the balance sheet date of the past two financial
years i.e. FY17-FY18.
Foreign exchange fluctuation risk: The company is mainly importing
material from Dubai and its import procurement to raw material
cost stood at 95% for last three financial years (FY16-FY18). The
material is completely sold in the domestic market. With initial
cash outlay for procurement in foreign currency and significant
chunk of sales realization in domestic currency, the company is
exposed to the fluctuation in exchange rates which the company
does not hedge. The risk is more evident now that the rupee has
registered considerable volatility and could leave the company
carrying costly inventory in case of sudden appreciation.
Susceptibility to fluctuation in log prices and government
regulations: BLPL imports wooden logs (around 95% of total
purchases) from Dubai based company. This exposes the company to
adverse changes in the government policies in these countries with
respect to wooden log export. Earning are also susceptible to the
regulatory policies relating to the tariff barriers (import duty,
custom duty), non-tariff barriers (restriction on quantity of
imports) anti-dumping duties, international freight rates and port
charges etc.
Presence in a highly fragmented timber sector with low entry
barriers and high competition: The major income of BLPL comes from
trading of timber where the company processes timber logs and
markets them to various retailers with limited value addition to
the product. Timber trading business is characterized by high
volumes and low margins. The timber trading sector is highly
competitive, comprising a large number a large number of players
as a result of low entry barriers. This results in intense
competition which has a cascading effect on the player's margins.
Key Rating Strengths
Experienced promoters
The operations of BLPL are currently being managed by Mr. Mangat
Rai, Mr. Ashish Bansal and Ms. Shweta Bansal. Mr. Mangat Rai has
an experience of more than three and half decades in manufacturing
and trading of wood and wood products through his association with
this entity and other family run business. The directors have a
considerable track record in the industry which has resulted in
long term relationships with suppliers and customers.
Moderate operating cycle and liquidity position: The operating
cycle of the company stood moderate at 73 days in FY18 on account
of high creditors' days. The company had high payable period due
to high proportion of LC-backed creditors since the company
purchases mostly through imports backed by LC (normally up to 180
days). The company is required to maintain adequate inventory of
goods of around one month on account of high lead time for
procurement and company has to meet the immediate demands of its
customers. Further, being a highly competitive business, the
company has to give extended credit which resulted into high
collection period of 85 days during FY18. The working capital
borrowings of the company utilized around 80% during past 12 month
period ending September, 2018. The liquidity position of the
company stood moderate marked by current ratio of 1.59x as on
March 31, 2018.
Delhi based Bansal Lumbers Private Limited (BLPL) established in
2003 as a private limited company and currently being managed Mr.
Mangat Rai, Mr. Ashish Bansal and Ms. Shweta Bansal. The company
is engaged into trading of rough squares lumbers. The company
procures the wooden primarily logs from Dubai (import purchases
~95% in FY18) and the remaining from local market. The company
sells the traded goods to traders located in mainly Delhi-NCR.
BELAGAVI CITY: Faces Insolvency, Struggling to Pay Workers
----------------------------------------------------------
The Times of India reports that the Belagavi City Corporation
(BCC), supposed to be one of the richest urban local bodies in the
state, seems to be facing insolvency going by the fact that it is
struggling to pay its employees and clear electricity dues.
The report says the city corporation owes INR18 crore to its
employees including pourakarmikas and various service and
infrastructure supply agencies.
According to the report, the officials revealed in the council
meeting on Jan. 4 that BCC hasn't paid the salary of 1,099
pourakarmikas for three months and computer operators for seven
months. Electricity bills have been pending since the past several
months. BCC also owes dues to a gen cies like Ramkey
Infrastructure company, which operates solid waste ma nagement
plant at Tu rmuri, TOI notes.
Commissioner Shashidhar Kurer said the situation arose due to
various reasons including doubling of minimum wages of
pourakarmikas from INR7,300 to INR14,040, poor revenue collection
and taking up of several unplanned works worth around INR25 crore,
the report relays.
According to TOI, Kurer said the present financial condition of
the BCC is critical and every effort is being made to increase the
revenue. This year, the target of tax collection is INR35 crore of
which INR28 crore has been achieved so far. He said the BCC has
given 97 properties on lease but not revised the lease amount
since the past 20 years. Steps will be taken to revise the rental,
he added.
Speaking on the occasion, members Kiran Saynak, Pandhari Parab,
and Deepak Jamkhandi lamented the financial condition of the
corporation and urged the commissioner to take a delegation to the
urban development ministry seeking special funds for the city, the
report adds.
BHAGAT RAM: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Bhagat Ram Motor Ways Private Limited
Rakkar Road, Teh. & Distt. Una
Una, HP 174303 IN
Insolvency Commencement Date: December 10, 2018
Court: National Company Law Tribunal, SAS Nagar Mohali Bench
Estimated date of closure of
insolvency resolution process: June 8, 2019
Insolvency professional: Arvind Kumar
Interim Resolution
Professional: Arvind Kumar
94, Gillco Valley Mohali (Kharar)
140301 Punjab
E-mail: sankhyain@gmail.com
- and -
#303, 3rd Floor, Plot No. D-190
Ind. Area, Phase 8 B, Sector 74
SAS Nagar Mohali 160071
Punjab
E-mail: irparvindkumar@gmail.com
Mobile: 98162-00033
Tel.: 172-4089990
Last date for
submission of claims: December 24, 2018
BIRMI IMPEX: CRISIL Retains B Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Birmi Impex Private
Limited (BIPL) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.3 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 2.5 CRISIL B/Stable (ISSUER NOT
COOPERATING)
Term Loan 3.0 CRISIL B/Stable (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with BIPL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of BIPL continue to be 'CRISIL B/Stable/CRISIL A4
Issuer not cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
BIPL, incorporated in 2011, is promoted by Mr. Puneet Bansal and
his cousins. The company commenced operations in March 2016 and
manufactures polyester/polar fabrics used in winter wear. It will
start manufacturing mink blankets in September 2016. It has
installed capacity of 5 tonne per day (tpd), and is increasing
capacity to 12 tpd. Its manufacturing plant is in Panipat,
Haryana.
D. JAMNADAS: CRISIL Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
CRISIL said the ratings on bank facilities of D. Jamnadas and Co.
(DJC) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Bank Guarantee 0.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Cash Credit 1.0 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 4.0 CRISIL A4 (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with DJC for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DJC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DJC is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of DJC continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Setup in 1940, DJC is a sole proprietorship concern of Mr.
Dhirajlal Jamnadas Sanghavi. The firm is engaged in trading of
chemicals, solvents, dyes and intermediaries. The firm mainly
caters to the pharmaceutical industry. DJC is based out of Mumbai,
Maharashtra.
D - ART FURNITURE: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: D - Art Furniture Systems Private Limited
Regional office:
I-107A, Kirti Nagar
New Delhi 110015
India
Also at:
G-80, Kirti Nagar
New Delhi 110015
India
Insolvency Commencement Date: December 14, 2018
Court: National Company Law Tribunal, Agra Bench
Estimated date of closure of
insolvency resolution process: June 12, 2019
(180 days from commencement)
Insolvency professional: Mr. Pramod Kumar Sharma
Interim Resolution
Professional: Mr. Pramod Kumar Sharma
H.No. 16, Dasharath Kunj-B
West Arjun Nagar
Agra 282001
Uttar Pradesh
India
E-mail: pksharmafcs@gmail.com
claims.dartfurniture12@gmail.com
Last date for
submission of claims: January 1, 2019
DEV RAJ: CRISIL Maintains B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Dev Raj Rangwala
(DRR) continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 7 CRISIL B+/Stable (ISSUER NOT
COOPERATING)
Letter of Credit 2.5 CRISIL A4 (ISSUER NOT
COOPERATING)
Letter of Credit 1 CRISIL A4 (ISSUER NOT
Bill Discounting COOPERATING)
Proposed Long Term 1 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
Working Capital 1 CRISIL B+/Stable (ISSUER NOT
Demand Loan COOPERATING)
CRISIL has been consistently following up with DRR for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of DRR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on DRR is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of DRR continue to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.
Dev Raj Rangwala (DRR) is a partnership firm, started in 1993 by
Delhi based Mr. Ashwini Khurana and his brother Mr. Rakesh
Khurana. The firm undertakes trading of different grades of
resins, textile chemicals, transfer papers, organic and inorganic
pigments, adhesives, additives and other chemicals. The firm is
based in Delhi and has warehouses in Delhi and Mumbai.
EMPEE DISTILLERIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: M/s. Empee Distilleries Limited
Empee Tower, No. 59
Harris Road Pudupet Chennai
Tamil Nadu 600002
Insolvency Commencement Date: November 3, 2018
Court: National Company Law Tribunal, Chennai Bench
Estimated date of closure of
insolvency resolution process: 180 days
Insolvency professional: V. Venkata Sivakumar
Interim Resolution
Professional: V. Venkata Sivakumar
No. 10/11, Dr. Subbrayan Nagar Main Road
Near Samiyarmadam, Kodambakkam
Chennai 600024
E-mail: vsk.insolvencyprofessional@
gmail.com
Last date for
submission of claims: November 17, 2018
GUJARAT STEEL: CARE Lowers Rating on INR24cr LT/ST Loan to D
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gujarat Steel & Pipes (GSP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short- 24.00 CARE D/CARE D; ISSUER NOT
Term Bank COOPERATING; Revised from
Facilities CARE B+; Stable/CARE A4
based on best available
information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from GSP to monitor the ratings
vide e-mail communications dated September 20, 2018, October 25,
2018, November 6, 2018, November 27,2018 and January 3, 2018 along
with numerous phone calls. However, despite our repeated requests,
the firm has not provided the requisite information for review of
assigned ratings. In line with extant SEBI guidelines, CARE has
reviewed the rating on the basis of best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on GSP's bank facilities will now be
denoted as CARE D/ CARE D; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
The revision in the ratings assigned to the bank facilities of GSP
takes into account the ongoing delay in bank interest servicing
along with overdrawal in its cash credit limits for more than 30
consecutive days.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in bank interest servicing along with overdrawing in cash
credit limits for more than 30 consecutive days Due to weak
liquidity position of the firm, it is delaying in servicing of the
bank interest. Also there is overdrawal in the cash credit limit
for more than 30 consecutive days.
Constituted in 1983, Ahmedabad based Gujarat Steel & Pipes (GSP)
was promoted by Mr. Rajnikant P. Shah. Entity is primarily engaged
in the trading of long steel products like rounds, billets,
angles, beams, bloom, channel, pipes, sheets, plates, TMT Bars and
wires. The firm is one of the four authorized distributors for
billets and rounds in Gujarat region for Rashtriya Ispat Nigam
Limited (RINL), a Government of India 'Navratna' company which is
one of leading producers of long steel products in India.
HOTEL RAJ: CARE Assigns B+ Rating to INR15cr Long Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Hotel
Raj Mahal (HRM), 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 HRM is constrained
by its constitution as a proprietorship entity, project
implementation risk, competition from other players in the
industry, and seasonality associated with hotel industry. The
aforesaid constraints are partially offset by its experienced
management, strategic locational advantage of the hotel and high
growth prospects of the industry.
The ability of the firm to complete the project without any cost &
time overrun, ability to achieve the projected scale of operations
and profitability as envisaged and ability to manage its working
capital effectively would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Constitution as a proprietorship entity: Hotel Raj Mahal, being a
proprietorship entity, is exposed to inherent risk of the
proprietor capital being withdrawn at time of personal contingency
and entity being dissolved upon the death/insolvency of the
proprietor. Furthermore, proprietorship entities have restricted
access to external borrowing as credit worthiness of proprietor
would be the key factors affecting credit decision for the
lenders.
Project implementation risk: Mr. Debi Prasad Mondal is setting up
a luxury hotel cum restaurant under the name "Hotel Raj Mahal" in
Birbhum, West Bengal. The hotel has proposed to provide services
like multi-cuisine restaurant and swimming pool and banquet cum
conference room among others. The hotel is expected to comprise of
109 rooms consisting of 93 double room (deluxe), 8 four bedded
room and 6 suits. The total cost of the project is INR25.23 crore
and the same is funded by promoters contribution of INR10.23 crore
and term loan of INR15.00 crore. The hotel is expected to start in
two phases with Phase-I being expected to start from April 2019
and Phase-II being expected to start from January 2020. The Phase-
I is expected to be completed by March 2019 and the commercial
operations expected to start from April 2019. The firm has already
invested INR5.00 crore towards land & site development, building,
civil works etc. till December 15, 2018 which is met through
proprietor's contribution. The financial closure of the aforesaid
term loan from the bank is yet to be achieved. The ability of the
firm to complete the project without any cost or time over run
will remain critical from the credit risk perspective of the
entity.
Highly fragmented and competition from other players in the
industry: The entity faces competition from a number of small and
medium players since it is located in a tourist destination.
Though there are other regional players offering services, the
entity is able to withstand in the market through its satisfactory
experience with continuous business promotion activities. Further,
the hotel industry is region-based and is highly sensitive to the
untoward events such as slowdown in the economy.
Seasonality associated with hotel industry: The demand for hotel
and hospitality sector has direct relation to the overall health
of economy. The hotel industry in the normally experiences high
demand during March to June month, mainly on account of summer
vacations and from October to November mainly on account of
festive vacations all over India. However, this trend is seeing a
change over the recent few years. Hotels have introduced various
offerings to improve performance (occupancy) during the lean
months. These include targeting the conferencing segment and
offering lucrative packages during the lean period.
Key Rating Strengths
Experienced management: Mr. Debi Prasad Mondal (aged 44 years) has
almost two decades of experience in similar line of business.
Apart from that, he owns a fooding and lodging facility in the
name of "Hotel Mahaprabhu" Tarapith, Birbhum, West Bengal for more
than last one decade. He is proposed to look after the overall
management of the firm, with adequate support from a team of
experienced personnel.
Strategic locational advantage of the hotel: The proprietor is
setting up a hotel in Birbhum district of West Bengal. The
proposed hotel is proposed to be set up at a prime location in
Tarapith. The place is with connected through Railway with nearest
railway station being Rampurhat (9.7 Kms) which is well linked
through Howrah and Sealdah railway stations. These stations are
connected to most of the other major cities in the country as
well. From Rampurhat one can avail a cab or a taxi to reach
Tarapith. The place is also well connected by bus route from
Kolkata. Moreover, Tarapith being a prime religious destination
for Hindus at Tarapith it attracts huge number of pilgrims on a
regular basis.
High growth prospects of the industry: The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. The Government of India
is working to achieve 1 per cent share in world's international
tourist arrivals by 2020 and 2 per cent share by 2025. Tarapith is
a small temple town near Rampurhat in Birbhum district of West
Bengal, which known for its Goddess Kali temple. Being a prime
religious destination for Hindus at Tarapith it attracts huge
number of pilgrims on a regular basis.
Mr. Debi Prasad Mondal is setting up a luxury hotel cum restaurant
under the name "Hotel Raj Mahal" in Birbhum, West Bengal. The
hotel has proposed to provide services like multi-cusine
restaurant and swimming pool and banquet cum conference room among
others. The hotel is expected to comprise of 109 rooms consisting
of 93 double room (deluxe), 8 four bedded room and 6 suits. The
total cost of the project is INR25.23 crore and the same is funded
by promoters contribution of INR10.23 crore and term loan of
INR15.00 crore. The hotel is expected to start in two phases. The
Phase-I is expected to be completed by March 2019 and the
commercial operations expected to start from April 2019. The
phase-II and Phase-II is expected to start from January 2020. The
financial closure of the aforesaid term loan from the bank is yet
to be achieved.
Mr. Debi Prasad Mondal (aged 44 years) having almost two decades
of experience in hotel and restaurant business. He is proposed to
look after the overall management of the firm, with adequate
support from a team of experienced personnel.
Liquidity
Not applicable, as the entity is into project phase and the
commercial operation is expected to commence from April 2019.
IENERGIZER LTD: S&P Cuts Long-Term ICR to 'B', Off CreditWatch
--------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term issuer
credit rating on iEnergizer Ltd. to 'B' from 'B+'. The outlook is
stable. At the same time, S&P lowered its long-term issue rating
on the company's bank loan to 'B' from 'B+'.
S&P said, "We removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 18, 2018.
iEnergizer is an India-based global business process outsourcing
(BPO) services provider. Geophysical Substrata Ltd., a holding
company based in the British Virgin Islands, owns about 83% of
iEnergizer through its wholly owned subsidiary EICR (Cyprus) Ltd.
"We downgraded iEnergizer because we believe the credit profile of
the company's ultimate parent, Geophysical, has deteriorated
following a US$151.5 million debt issuance in December 2018 under
its US$400 million medium-term note program.
"We believe dividends from iEnergizer and SDP Services Ltd.
(another subsidiary of Geophysical that operates in the oilfield
services business segment) will remain the only source of funds
for Geophysical." The weakened credit profile of Geophysical will
therefore constrain iEnergizer's financial position.
Geophysical's debt issuance and planned capital spending for the
oilfield services business are likely to keep its leverage high
over the next 12-18 months. The company's business position also
remains weak owing to its small operating scale, limited market
share, and exposure to a weak counterparty in the oilfield
services business. S&P assesses Geophysical's credit profile at
'b' and the stand-alone credit profile (SACP) of iEnergizer as
'b+'.
S&P said, "We believe iEnergizer will remain integral to the
Geophysical group's long-term strategy and growth. We understand
that iEnergizer's parent, EICR, and SDP Services, are co-
guarantors for the debt at Geophysical. iEnergizer's presence in
the BPO services business also enhances the group's revenue
diversity. The company's stable operating performance tempers the
weakness in the group's oilfield services business, in our view.
We expect iEnergizer to contribute to over two-thirds of the
group's consolidated revenue and almost one-third of the
consolidated EBITDA over the next 12-24 months.
"We anticipate that iEnergizer will maintain healthy operating
cash flows over the next two years. The company's high-margin back
office services (BOS) and real-time processing (RTP) businesses
should drive revenue growth over this period. iEnergizer's
operating performance has stabilized over the past 12-18 months
with new customer wins across these business segments. The
addition of new customers has also lowered the businesses' client
concentration and fueled growth. We estimate that iEnergizer will
generate US$20 million-US$25 million of free operating cash flows
over this period owing to its stable profitability and low capital
expenditure requirements.
"We note that the covenants under iEnergizer's bank loan currently
restrict dividend distributions. However, successful refinancing
or repayment of the loan due in April 2019 will give the company
added flexibility to support debt servicing at Geophysical, in our
view.
"We expect iEnergizer to maintain financial discipline (even with
such additional financial flexibility), given the presence of
minority shareholders and an independent board. However, this
remains to be tested. Since Geophysical is a significant majority
owner of iEnergizer, it can exercise control over the company's
cash flows. We therefore cap the rating on iEnergizer at the group
credit profile.
"The stable outlook on iEnergizer reflects our outlook on
Geophysical.
"We could lower our rating on iEnergizer if we downgrade
Geophysical or, in a remote instance, we lower our assessment of
iEnergizer's SACP by two notches.
"We may lower our rating on Geophysical if the company faces
liquidity pressure or its EBITDA interest coverage approaches 2x
on a sustained basis. This could happen if: (1) the company's
oilfield services or software services businesses lose clients,
resulting in a material decline in revenues; or (2) the company
takes on debt to fund growth significantly beyond our expectation
or makes substantial related-party distributions, investments, or
advances.
"We are likely to lower our view of iEnergizer's SACP by one notch
if the company's financial position deteriorates such that its
ratio of FFO to debt falls below 30% sustainably. This could
happen if iEnergizer loses clients or the company pursues
substantial debt-funded acquisitions or shareholder distributions.
"We may raise the rating on iEnergizer if we upgrade Geophysical.
However, we are unlikely to upgrade Geophysical over the next 12-
18 months given its very small scale, high concentration to a weak
counterparty, and large debt-funded investment plan.
"We could raise our rating on Geophysical if: (1) we expect the
company to remain debt-free; or (2) the financial position of its
single counterparty significantly improves resulting in steady
cash flows, and the company commits to not undertaking any
significant related party distributions, investments, or
advances."
J.M. LABORATORIES: CRISIL Migrates B+ Rating to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of J.M.
Laboratories (JML) to 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 4.5 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Long Term Loan 4.9 CRISIL B+/Stable (ISSUER NOT
COOPERATING; Rating Migrated)
Proposed Fund- 0.6 CRISIL B+/Stable (ISSUER NOT
Based Bank Limits COOPERATING; Rating Migrated)
CRISIL has been consistently following up with JML for obtaining
information through letters and emails dated November 30, 2018,
December 13, 2018 and December 18, 2018 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of JML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on JML is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' category or
lower.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of JML to 'CRISIL B+/Stable Issuer not cooperating'.
Established in July 2015 by the Sharma family, JML manufactures
pharmaceutical formulations such as capsules, tablets, and dry
syrups. Its manufacturing unit is in Bhanat Solan (Himachal
Pradesh). Mr Sandeep Sharma, Ms Veena Sharma, Mr Sahil Sharma, and
Mr K R Vijay are partners in the firm.
J.S. INTERNATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.S.
International's Long-Term Issuer Rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.
The instrument-wise rating actions are:
-- INR800 mil. Fund-based limit maintained in Non-Cooperating
Category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+
(ISSUER NOT COOPERATING) rating; and
-- INR86 mil. Term loan maintained in Non-Cooperating Category
with IND BB+ (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 12, 2015. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Established in 2006, J.S. International operates an integrated
meat processing plant in Unnao, Kanpur. The firm produces and
exports frozen halal boneless buffalo meat (daily processing
capacity of 105MT), sheep meat (6MT) and leather dog chews
(3.85MT). It complies with ISO 22000-2005 Certificate, HACCP
Certificate, Halal Certificate; all of its products have been
approved by Agricultural and Processed Food Products Export
Development Authority.
JAYAKUMARAN EXPORTS: Ind-Ra Assigns BB- LT Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jayakumaran
Exports (JE) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.
The instrument-wise rating actions are:
-- INR110 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating;
-- INR50 mil. Term loan due on September 9, 2027 assigned with
IND BB-/Stable rating; and
-- INR20 mil. Proposed fund-based working capital limit*
assigned Provisional IND BB-/Stable/Provisional IND A4+
rating.
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility by
JE to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect JE's modest credit profile. Its revenue
declined to INR422.8 million in FY18 from INR459.3 million in FY17
due to a decline in export orders. Its net leverage (adjusted net
debt/operating EBITDA) and interest coverage (operating
EBITDA/gross interest expenses) deteriorated to 4.5x and 2.7x in
FY18 from 3.7x and 3.9x in FY17, respectively, owing to a
proportionately higher increase in debt and interest expenses than
that in absolute EBITDA. Moreover, JE's EBITDA margin rose to
10.5% in FY18 from 8.4% as the firm passed on the increase in raw
material cost to customers. The return on capital employed of JE
was 9% in FY18 (FY17: 10%).
The ratings also reflect JE's tight liquidity, indicated by a
90.3% fund-based limit utilization during the 12 months ended
December 2018. Its cash and cash equivalent stood at INR1.3
million in FY18 (FY17: INR2.4 million).
The ratings further reflect JE's presence in a highly competitive
and fragmented knitted garment export business, where both
international and domestic players operate.
The ratings are also constrained by the forex risk faced by JE,
given export sales accounted for over 95% of its revenue in FY18,
and the partnership nature of the business.
The ratings, however, benefit from JE's location advantage. The
firm's facility in Tirupur, Tamil Nadu, is in proximity to raw
material, thereby helping the firm in procuring raw material at a
competitive price.
The ratings are also supported by the partners' experience of over
two decades in the knitted garment export business.
RATING SENSITIVITIES
Negative: Any decline in the revenue and/or the operating
profitability, leading to any deterioration in the credit metrics
and a stress on the liquidity on a sustained basis, will be
negative for the ratings.
Positive: Any rise in the revenue, along with an increase in the
profitability, leading to any improvement in the credit metrics
and the liquidity on a sustained basis, will lead to a positive
rating action.
COMPANY PROFILE
Established in 1993 as Imayam Knitwear and later renamed in 2006,
Tirupur-based JE manufactures knitted garments. It started
exporting garments the UAE and the UK in 1993. The firm has in-
house facilities for knitting, dyeing, printing, embroidery and
washing.
JET AIRWAYS: To Restart Bailout Talks With to Tata Group
--------------------------------------------------------
P R Sanjai and Saloni Shukla at Bloomberg News report that Jet
Airways India Ltd. is running out of money, forcing it to weigh
re-starting bailout talks with Tata Group, the nation's biggest
conglomerate, according to people with knowledge of the matter.
Bloomberg relates that while its founder and Chairman Naresh Goyal
has been discussing a deal with Etihad Airways PJSC, talks with
the foreign partner stalled over the latter's demand that Goyal
step aside from his management role, the people said, asking not
to be identified as the discussions are private. With Jet Airways
set to run out of cash in about a month, the carrier is now
looking to restart talks with the Tata Group, they said, the
report relays.
Tata said in November that it held "preliminary" talks with Jet
Airways though no proposal was made, Bloomberg recalls. Acquiring
Jet Airways's business could give the conglomerate's fledgling
aviation unit a shot at dominating the fastest-growing major air-
travel market, where fares as low as 2 cents have kept the
industry unprofitable for a decade.
According to Bloomberg, crushing fare wars are a hallmark of
India's intensely competitive aviation market, and Mumbai-based
Jet Airways hasn't seen a profit in nine of the past 11 fiscal
years. Losses at Indian carriers will balloon to as much as $1.9
billion in the year ending March 2019, and they need to raise more
than $3 billion in working capital in the near term, Bloomberg
relays citing Sydney-based consultancy CAPA Centre for Aviation.
Most of them have cash balances that can cover expenses for only
two to three weeks, according to CAPA.
"I don't see a dead end for Jet, and continue to believe it is an
attractive target for acquisition, subject to conditions,"
Bloomberg quotes Kapil Kaul, South Asia CEO at Sydney-based CAPA
Centre for Aviation, as saying. "Some of of the options under
consideration may still be open."
Jet reported its third straight quarterly loss in November as
liabilities surged. It has fallen behind on payments to staff and
lessors, the report notes.
Goyal and Tony Douglas, chief executive officer of Etihad, which
owns 24 percent of the Indian carrier, have met State Bank of
India Chairman Rajnish Kumar multiple times to explore ways to
keep the airline afloat, the people, as cited by Bloomberg, said.
According to Bloomberg, the people familiar said creditors are
open to lending $500 million to Jet Airways if Goyal and Etihad
inject a similar amount into the company. A decision will be made
once a forensic examination being conducted into the airline's
books is completed, one of the people said.
Bloomberg relates that the Tata Group and lenders to Jet Airways
have been in touch on the progress of discussions with Etihad, the
people said.
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
Jan. 8, 2019, 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.
LIVING WATERS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Living Waters Hospitality Private Limited
SN. 207/1, Landmark Garden, PL-78
Kalyaninagar, Yerwada
Pune 411006
Insolvency Commencement Date: December 14, 2018
Court: National Company Law Tribunal (not specified)
Estimated date of closure of
insolvency resolution process: June 12, 2019
Insolvency professional: Pawan Kumar Agrawal
Interim Resolution
Professional: Pawan Kumar Agrawal
K-1/114, First Floor
Chittaranjan Park
New Delhi 110019
E-mail: pawan1007@gmail.com
- and -
C/o G S Nayak & Co.
Office No. 2, Chhadva Apts.
ST Road, Near Diamond Garden
Chembur, Mumbbai 400071
E-mail: irp@ppglegal.com
Last date for
submission of claims: January 8, 2019
MAA VINDHWASINI: CRISIL Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Maa Vindhwasini
Mahila Prashikshan Evam Samaj Sewa Sansthan (MVMPESSS) continue to
be 'CRISIL B+/Stable Issuer not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Proposed Long Term 1 CRISIL B+/Stable (ISSUER NOT
Bank Loan Facility COOPERATING)
CRISIL has been consistently following up with MVMPESSS for
obtaining information through letters and emails dated June 28,
2018 and December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MVMPESSS, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on MVMPESSS
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of MVMPESSS continue to be 'CRISIL B+/Stable Issuer not
cooperating'.
Furthermore, the company has not paid the fee for conducting
rating surveillance as agreed to in the rating agreement.
MVMPESSS, set up in 1993, is a not-for-profit society. It
implements state and central government schemes in and around
Deoria in Uttar Pradesh.
MADHAVA HYTECH: ICRA Lowers Rating on INR4cr Cash Loan to D
-----------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Madhava
Hytech Infrastructures India Private Limited (MHIIPL) to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 4.00 [ICRA]D; ISSUER NOT COOPERATING;
Cash Credit Reassigned from [ICRA]B(Stable)
and Rating continue to remain in
'Issuer Not Cooperating' category
Non-Fund based- 10.00 [ICRA]D ISSUER NOT COOPERATING;
Bank Guarantee Reassigned from [ICRA]A4 and
Rating continue to remain in
'Issuer Not Cooperating' category
Unallocated 5.00 [ICRA]D/[ICRA]D ISSUER NOT
Limits COOPERATING; Reassigned from
[ICRA]B(Stable)/[ICRA]A4 and
Rating continue to remain in
'Issuer Not Cooperating' category
Rationale
The rating is downgraded primarily based on the public information
available to ICRA that the company has not been meeting its debt
servicing obligations in a timely manner. The current rating
action has been taken by ICRA basis best available information on
the issuers' performance. Accordingly, the lenders, investors and
other market participants are advised to exercise appropriate
caution while using this rating as the rating may not adequately
reflect the credit risk profile of the entity.
As part of its process and in accordance with its rating
agreement, ICRA has been trying to seek information from the
entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information and in line
with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
Madhava Hytech Infrastructures India Private Limited (MHIIPL) was
incorporated in 2008 by Mr. K Pradeep Kumar and his family
members. The company is involved in the construction of roads,
bridges, and railway tracks in states like Andhra Pradesh,
Karnataka, Tamil Nadu, and North-eastern states. MHIIPL was
incorporated post the demerger of Madhava Hytech Engineers Pvt.
Ltd. (MHEPL) with effect from April 1, 2009. MHEPL was
incorporated by Mr. Madhava Rao (father of Mr. K. Pradeep Kumar).
He has over 30 years of experience in the construction industry.
As per the court decision on demerger, MHIPL and MHEPL would
continue to retain the registrations and credentials of MHEPL.
MARUTI GINNING: ICRA Reaffirms B+ Rating on INR6.05cr Loan
----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of Maruti
Ginning and Pressing Industries (MGPI) at [ICRA]B+. The outlook on
the rating is 'stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 6.05 [ICRA]B+(Stable); Reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by the
firm's weak financial risk profile, characterised by low profit
margins, stretched capital structure, weak coverage indicators and
high working capital intensity. The rating also continues to
factor in the vulnerability of the firm's profitability to adverse
fluctuations in raw material prices (raw cotton), considering the
inherently low value-added ginning business and the stiff industry
competition. Further, operations remain exposed to regulatory
risks with regard to the minimum support price (MSP) set by the
Government.
ICRA also notes the partnership constitution of MGPI, wherein any
significant withdrawal from the capital account could adversely
impact its net worth and thereby impacting its credit profile.
The rating reaffirmation, however, continues to favorably factor
in the extensive experience of the promoters in the cotton ginning
industry and the proximity of the firm's manufacturing unit to raw
material sources.
Outlook: Stable
ICRA believes that MGPI will continue to benefit from the
experience of its promoters in the cotton ginning 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, 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
major capital withdrawal 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 in cotton ginning industry: The
promoters of MGPI have around two decades of
experience in the cotton ginning industry by virtue of their
association with MGPI since 1999, resulting in established
relationship with customers.
Location-specific advantages: The firm is based in the Saurashtra
region (Gujarat), an area of high cotton acreage and
quality cotton crop. Hence, the firm benefits in terms of low
transportation cost and easy access to quality raw material
because of its proximity to raw material suppliers.
Credit challenges
Moderate financial risk profile: The profitability continues to
remain low due to low value-added cotton ginning operations and
the stiff competition. The operating profitability increased to
2.98% in FY2018 from 2.39% in FY2017 mainly due to lower
procurement cost. Consequently, the net margin increased to 0.77%
in FY2018 from 0.60% in FY2017, though it continued to remain low.
The capital structure continued to remain leveraged, with gearing
of 2.13 times as on March 31, 2018. Low profitability and high
debt level resulted in weak debt protection metrics, with interest
coverage ratio of 1.72 times, Total Debt/OPBDITA of 7.95 times and
NCA/Debt of 3% in FY2018 end. The working capital intensity was
stretched, at 31% in FY2018 (22% in FY2017), due to high inventory
holding.
Profitability remains vulnerable to fluctuations in raw material
prices and regulatory changes: The profit margins are exposed to
fluctuations in raw cotton prices, which depend on various factors
such as seasonality, climatic conditions, global demand and supply
situation, and export policy. Further, it is also exposed to the
regulatory risks with regard to the MSP set by the Government.
Intense competition and fragmented industry structure: The cotton
ginning industry is highly fragmented with presence of numerous
small to mid-sized players. Thus, the firm faces stiff
competition, which limits its bargaining power and exerts pressure
on its margins.
Risks associated with partnership concern: Any capital withdrawal,
given the partnership nature of the firm, could
adversely impact its capital structure.
Liquidity position: MGPI'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. The overall liquidity position of the company
remained tight, with almost full utilisation of the working
capital limits during the 15-month period from August 2017 to
October 2018. Hence, timely support from promoters through capital
infusion/unsecured loans remains critical in case of any cash flow
mismatch.
Established in 1999, Maruti Ginning and Pressing Industries (MGPI)
is involved in ginning and pressing of raw cotton from
its manufacturing facility in Una (Gujarat). The firm is equipped
with 18 ginning machines and a pressing machine with an
installed processing capacity of 150 bales per day (with 24-hour
operations).
In FY2018, the firm reported a net profit of INR0.19 crore on an
operating income (OI) of INR25.10 crore as against a net profit of
INR0.18 crore on an OI of INR29.32 crore in FY2017.
MADHUSUDAN GARAI: ICRA Reaffirms B Rating on INR6.50cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the ratings on the bank facilities of
Madhusudan Garai (MG) at [ICRA]B. The outlook on the rating is
'stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based 3.00 [ICRA]B (Stable); Reaffirmed
Limit-Cash
Credit
Non-fund based 3.50 [ICRA]B (Stable); Reaffirmed
Limit-Bank
Guarantee
Rationale
The reaffirmation of the rating considers MG's relatively small
scale of current operations and weak financial profile, as
reflected by low profits and cash accruals, and subdued coverage
indicators. The rating also notes the high working capital
intensity of the business on the back of high receivables, leading
to stretched liquidity position of the concern. MG remains exposed
to client and geographical concentration risks since a major
portion of the revenues and the current outstanding order book are
contributed by the Indian Railways, which again are confined to
West Bengal. The rating is also impacted by the highly fragmented
and competitive nature of the industry, which coupled with tender-
based contract awarding system, limits the profitability. ICRA
also notes the risk associated with the entity's status as a
proprietorship concern, including the risk of capital withdrawal.
The rating, however, derives comfort from the long experience of
the promoter in the civil construction business, and a reputed
client base, which mitigate the counterparty credit risk to a
large extent.
In ICRA's opinion, the concern's ability to scale up operations
while improving its profitability and coverage indicators and
managing its working capital requirement efficiently would remain
key rating sensitivities, going forward.
Outlook: Stable
ICRA believes that the concern will continue to benefit from the
extensive experience of the promoter. The outlook may be revised
to Positive if the concern is able to scale up operations while
improving its profitability and coverage indicators. The outlook
may be revised to Negative if cash accrual is lower than expected
or if there is an increase in the working capital requirement,
which could adversely impact the liquidity position of the
concern.
Key rating drivers
Credit strengths
Long experience of promoter: MG was established as a
proprietorship concern in 1979 by the Nadia-based Mr. Madhusudan
Garai, who has an experience of around four decades in
constructing and maintaining roads, car sheds, buildings, bridges,
subways, structural steel sheds etc.
Reputed customer profile reduces counterparty risk to an extent:
The promoter of the concern has established relationship with
various government departments like Public Works Department (PWD),
Central Public Works Department (CPWD) and Eastern Railways and
has availed repeat orders. The counterparty risk reduces to a
large extent due to a reputed client base. However, at present,
Indian Railways accounts for the entire revenue and the
outstanding order book, which again is concentrated in West
Bengal. This exposes the concern to high client and geographical
concentration risks.
Credit challenges
Relatively small scale of current operations: MG's scale of
operations continued to remain relatively small. Moreover, the
operating income declined to INR9.79 crore in FY2018 from INR15.70
crore in FY2017, depicting a de-growth of ~38%, on the back of
lower execution of contracts, which in turn resulted in fall in
profits and cash accrual.
Weak financial profile characterised by low profits and cash
accruals, and subdued coverage indicators: The profits and cash
accruals of the concern have declined due to decrease in the scale
of operations. Consequently, the coverage indicators deteriorated,
as indicated by an interest coverage indicator of 0.83 times,
total debt relative to operating profit (Total Debt/OPBDITA) of
8.63 times and net cash accrual relative to total debt (NCA/Total
Debt) of 21% in FY2018.
High working capital intensity of business leading to stretched
liquidity position: MG's working capital intensity of operations
has increased substantially in FY2018 due to decrease in scale of
operations, as reflected by the net working capital relative to
operating income (NWC/OI) of 44% in FY2018 against 26% in FY2017.
This in turn, has stretched the concern's liquidity position,
which restricts its financial flexibility to a large extent.
Fragmented and intensely competitive nature of the industry: Small
and medium-sized government civil construction projects lead to
low entry barriers and allow many players to enter this sector,
thus intensifying competition. As contracts are awarded to the L1
bidder, margins remain under pressure.
Risks associated with the entity's status as a proprietorship
concern - MG's legal status as a proprietorship concern gives rise
to the risk of capital withdrawal by the proprietor, which might
impact the capital structure and the liquidity position.
Liquidity position
Low external long-term borrowings as on March 31, 2018 kept the
repayment burden low as witnessed by a DSCR of 2.51 times in
FY2018. However, MG's fund flow from operations (FFO) remained
negative in FY2018 primarily on account of y-o-y increase in
working capital intensity of operation. With MG's business
expected to record a modest growth in the medium term, its FFO is
estimated to remain low in the near term, at least. Moreover, MG's
deposits in the form of margin money for non-fund based limits,
earnest money, performance guarantee and retention money increase
the working capital requirements and stretch the concern's
liquidity position, which restricts its financial flexibility to a
large extent.
Established in 1979, Madhusudan Garai (MG) is promoted by Nadia-
based Mr. Madhusudan Garai. It is involved in construction and
maintenance of roads, car sheds, buildings, bridges, subways,
structural steel sheds etc. in West Bengal.
MIRHA EXPORTS: ICRA Reaffirms D Rating on INR173cr Loans
--------------------------------------------------------
ICRA has reaffirmed short-term rating of [ICRA]D to the INR173.0
crore bank facilities of Mirha Exports Private Limited (MEPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 140.00 [ICRA]D; reaffirmed
Non-fund Based 33.00 [ICRA]D; reaffirmed
Going forward, MEPL's ability to service its debt obligations in a
timely manner and a sustained improvement in the liquidity
position will be the key credit sensitivity.
Outlook: Not applicable
Key rating drivers:
Credit challenges
Overdues in the bill discounting facility: There have been
instances of overdues in the bill-discounting facility, of more
than 30 days, due to the delays in realisation of receivables from
a few overseas clients in the recent past. However, as of now, the
overdues have been cleared.
Commoditised nature of business and unorganised market for raw
material sourcing limits profitability: The company's
profitability remains under pressure due to the fragmented nature
and the unorganised structure of the meat-processing industry.
Vulnerability of profitability to adverse currency movements: With
exports contributing a healthy share of MEPL's revenues, its
margins remain exposed to adverse fluctuations in currency
movements.
Liquidity position
The company's liquidity profile is weak due to delays in realising
payments from its overseas customers.
Incorporated in September 1997, MEPL is involved in processing and
export of frozen buffalo meat products from India. It has an
integrated abattoir-cum-processing facility at Dera Bassi
(Punjab), which has a license to slaughter 1,200 animals per day
(installed capacity to slaughter 2,000 animals per day) and a
processing capacity of 150 metric tonnes (MT) of meat per day. It
also has a 60 MT per day processing facility at Sahibabad, Uttar
Pradesh.
MONET EXPORTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Monet Exports Private Limited
Registered address:
E-47/3, Okhla Industrial Area Phase-II
New Delhi 110020
Insolvency Commencement Date: December 20, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 18, 2019
(180 days from commencement)
Insolvency professional: Kapil Dev Taneja
Interim Resolution
Professional: Kapil Dev Taneja
56-C/BB, Janak Puri
New Delhi 110058
E-mail: kapildtaneja@gmail.com
- and -
Witworth Insolvency Professional Pvt Ltd.
C-124, Ground Floor, Lajpat Nagar-1
New Delhi 110024
E-mail: monetexports.ip@gmail.com
Last date for
submission of claims: January 4, 2019
NALANDA BUILDERS: CRISIL Maintains D Rating in Not Cooperating
--------------------------------------------------------------
CRISIL said the ratings on bank facilities of Nalanda Builders and
Developers India Limited (NBDIL) continue to be 'CRISIL D Issuer
not cooperating'.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Cash Credit 5 CRISIL D (ISSUER NOT
COOPERATING)
Overdraft 2 CRISIL D (ISSUER NOT
COOPERATING)
Proposed Long Term 23 CRISIL D (ISSUER NOT
Bank Loan Facility COOPERATING)
Term Loan 20 CRISIL D (ISSUER NOT
COOPERATING)
CRISIL has been consistently following up with NBDIL for obtaining
information through letters and emails dated June 28, 2018 and
December 10, 2018 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NBDIL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NBDIL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.
Based on the last available information, the ratings on bank
facilities of NBDIL continues to be 'CRISIL D Issuer not
cooperating'.
Incorporated in September 2005, NBDIL undertakes residential real
estate development in Agra, Jhansi, and Vrindavan (all in Uttar
Pradesh). The company is promoted by Mr. Santosh Katara, Dr.
Sharad Bhaduria, and Mr. Radhey Shyam Sharma, and their families.
The promoters are first-generation entrepreneurs, who set up the
business in 2003 as a partnership firm, which was reconstituted as
a private limited company in 2005.
NAVKAR INFRASTRUCTURE: CARE Assigns B+ Rating to INR9cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Navkar
Infrastructure (NIF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NIF is primarily
constrained on account of partnership nature of its constitution,
saleability risk owing to low booking status and timely receipt of
advances(albeit modest dependence on receipt of customer advances
for project implementation). The rating is further constrained on
account of its presence in a cyclical and highly fragmented real
estate industry.
The rating, however, derives strength from NIF's experienced
partners in the real estate industry along with advanced stage of
project completion.
The ability of NIF to successfully complete its on-going real
estate project within envisaged time and cost parameters along
with timely receipt of booking advances and sales proceeds are the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Constitution as a partnership firm: NIF being a partnership firm
is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability
to raise the capital. The partners may withdraw capital from the
business as when it is required, which may put pressure on the
capital structure of the firm which may restrict the financial
flexibility to a certain extent.
Saleability risk owing to low booking status and timely receipt of
advances; albeit modest dependence on customer advances for
project implementation: Till October 31, 2018 the booking status
of NIF remained at 6.12% (12 out of 196 units have been booked)
reflecting very low booking status. Till October 31, 2018, it has
received the booking advance of INR1.67 crore reflecting lower
receipt of advances. Hence, NIF is exposed to risk related to sale
of remaining units and timely receipt of booking advances.
However, NIF has envisaged the project cost at INR30.71 crore
which is proposed to be funded via partners' capital infusion of
around 55.36% and bank debt of around 29.30% in the total means of
finance. Resultantly, the customer advances constitute only 15.34%
of the total envisaged means of finance amounting to around
INR4.71crore. Out of the said envisaged customer advances for
project completion, 35.46% is received till October 31, 2018. In
the absence of envisaged bookings in the project, the ability of
the partners to infuse additional funds to complete the project in
a timely manner will be crucial.
Presence in a cyclical and highly fragmented real estate industry:
The life cycle of a real estate project is generally long and the
state of the economy at every point of time is changing, right
from land acquisition to construction to actual delivery. Further,
NIF faces intense competition from many regional players, who have
significant presence in their respective local markets.
Key Rating Strengths
Experienced partners: NIF is formed by three partners Mr. Mayur
Kanaiyalal Shah , Mr.Samkit Sureshkumar Shah and Mr. Rajendra
Indravadan Thakar. The key partner, Mr. Mayur Kanaiyalal Shah has
an experience of around 24 years in the real estate industry,
while Mr. Samkit Sureshkumar Shah has an experience of 5 years and
Mr. Rajendra Indravadan Thakar holds an experience of 17 years in
the real estate industry. The promoter group belongs to the 'Kala
Group' and has over the years, developed more than 25 numbers of
projects in residential and commercial segments under the group,
primarily in Ahmedabad.
Advanced stage of project completion: The entire project 'Kala
Dham' comprises of 8 blocks, NIF has largely completed excavation
and construction work for all these blocks, while few other
activities like flooring, plaster, lift installation etc. are
under process. Till October 31, 2018 NIF has incurred 72% of total
project cost, reflecting advance stage of project completion,
while the balance is expected to be incurred by end of December,
2020.
Ahmedabad-based (Gujarat), NIF was formed as a partnership firm in
2017 by three partners viz. Mr. Mayur Kanaiyalal Shah, Mr. Samkit
Sureshkumar Shah and Mr. Rajendra Indravadan Thakar. The partners
belongs to the 'Kala Group' which has over the years, developed
more than 25 projects in residential and commercial segments under
the group, primarily in Ahmedabad.
NIF is currently executing a residential project named "Kala Dham"
(Registered under Gujarat RERA; RERA Registration No.
PR/GJ/AHMEDABAD/DASKROI /AUDA/RAA01232/060118) involving
construction of residential building consisting of 196 flats at
Chandkheda Daskroi, Ahmedabad (Gujarat)having total saleable area
of 19,970.30 square meters. The project implementation of said
project commenced from August 2016 and is expected to be completed
by December, 2020. Till October 31, 2018, NIF had incurred a total
cost of INR22.16 crore (72% of total project cost) out of the
total cost of INR30.71 crore and rest is expected to be incurred
by end of December, 2020. Out of total 196 units, NIF received
booking advance of INR1.67 crore for 12 flats, till October 31,
2018.
NAYATI HEALTHCARE: CRISIL Withdraws B+ Rating on INR161cr Loan
--------------------------------------------------------------
CRISIL, due to inadequate information, in line with SEBI
guidelines, had migrated the rating of Nayati Healthcare and
Research NCR Private Limited (formally known as OSL Healthcare
Private Limited) (OSLHP) to 'CRISIL B+/Stable Issuer Not
Cooperating'. CRISIL has withdrawn its rating on bank facility of
OSLHP following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of OSLHP from 'CRISIL
B+/Stable Issuer Not Cooperating to 'CRISIL B+/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.
Amount
Facilities (INR Crore) Ratings
---------- ----------- -------
Term Loan 161 CRISIL B+/Stable (Migrated
from 'CRISIL B+/Stable ISSUER
NOT COOPERATING'; Rating
Withdrawn)
Incorporated in 2007, OSLHP is implementing a multi-speciality
417-bed hospital at Gurgaon (Haryana). The company is owned and
managed by OSL group and Dr Rajiv K Sharma. The group's flagship
company is Orissa Stevedores Ltd (rated 'CRISIL C'). The phase-I
of the project partially commenced operation from 2015-16.
NIBULA PRINT: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Nibula Print and Pack Private Limited
C-203, Prasant Vihar New Delhi
DL 110085, India
Insolvency Commencement Date: December 11, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 8, 2019
(180 days from commencement)
Insolvency professional: Ashok Kriplani
Interim Resolution
Professional: Ashok Kriplani
10/18, First Floor
Old Rajinder Nagar
New Delhi 110060
E-mail: ashok.kriplani1956@gmail.com
nibulacirp@gmail.com
Last date for
submission of claims: December 31, 2018
NOVEX PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s Novex Private Ltd.
Registered office:
Plot No. 1 & 2, Behind GPO
Kashmere Gate
New Delhi 110029
Insolvency Commencement Date: December 10, 2018
Court: National Company Law Tribunal, New Delhi Bench
Estimated date of closure of
insolvency resolution process: June 8, 2019
(180 days from commencement)
Insolvency professional: Rishi Parkash Vats
Interim Resolution
Professional: Rishi Parkash Vats
19, Park Area, Karol Bagh
New Delhi 110005
E-mail: rpvats@vgclawfirm.com
ipnovex@gmail.com
Last date for
submission of claims: January 6, 2019
PENINSULA PROJECTS: ICRA Reaffirms B Rating on INR20cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR20.00-
crore bank facilities of Peninsula Projects (Bangalore) Private
Limited (PPPL) at [ICRA]B. The outlook on the long-term rating is
'stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 20.00 [ICRA]B (Stable); reaffirmed
Rationale
The rating reaffirmation continues to be constrained by the modest
scale of operations of the company, its improving yet subdued
Average Room Rate (ARR), and weak financial profile characterised
by continuing net losses leading to erosion in net worth levels
and weak coverage indicators. The rating also factors in the
company's susceptibility to the inherent cyclicality in the hotel
industry and the intense competition in the micro market given the
presence of various other established hotels.
The rating, however, continues to derive comfort from the hotel's
favourable location at Whitefield in Bangalore which is the city's
IT hub, and its brand recognition resulting from its tie-up with
Royal Orchid Hotel Group (ROHG). ICRA takes note of various
measures undertaken by the company to reduce costs and improve
occupancy levels resulting in improved operating profitability in
FY2018. The rating also draws comfort from the continuing
financial support from the company's promoters and group entities
enabling it to meet its debt-servicing obligations given its
inadequate cash flows.
Outlook: Stable
The Stable outlook reflects ICRA's expectation that the company
will continue to maintain its income levels given its favourable
location and brand association with Royal Orchid group. The
outlook may be revised to Positive if there is a substantial
growth in profitability of the company, leading to improvement in
its net worth and coverage indicators. The outlook may be revised
to Negative if the company reports higher losses resulting in
further deterioration of its financial profile.
Key rating drivers
Credit strengths
Favorable location of the property: The hotel is situated in
Whitefield close to International Tech Park Bangalore (ITPB) that
houses companies in the fields of IT and ITES, telecommunications,
electronics, etc., employing thousands of professionals. Also,
proximity to shopping centers and entertainment hubs serves as an
added advantage.
Management tie-up with Royal Orchid Hotel Group: The company has
entered into a management tie-up arrangement with Royal Orchid
Hotel group that provides it a reasonably strong brand name. The
Royal Orchid Hotel Group (ROHG) has an established presence in the
hospitality business through 47 business and leisure hotels in 29
popular destinations. It has a collective inventory of ~3300
rooms.
Credit challenges
Modest scale of operations and weak financial profile: The scale
of operations of the company is modest given its dependence on a
single property with limited scope for increase in revenues. Given
the high fixed overheads and interest expenses, the company
continued to incur net losses in FY2018, notwithstanding the
improvement in operating profitability owing to cost-cutting
measures undertaken by the management. Subsequently, the financial
profile of the company remained under stress with negative net
worth and weak coverage indicators.
Intense competition in the market and vulnerability to
cyclicality: The hotel faces intense competition from various
competitors in Whitefield. The micro market has many established
players such as Lemon Tree, Keys Hotel, Ginger, Radha Hometel etc.
that compete with Royal Orchid imparting pressure on Average Room
Rates (ARR) and occupancy levels of the property. Being a highly
cyclical segment, hotels witness significant variations in revenue
and profitability through an economic cycle and are exposed to
discretionary spends.
Liquidity Position:
The liquidity position remains stretched with the company
incurring net losses over the years and having high interest and
principle repayment obligations, notwithstanding the support from
the group entities/promoters for timely debt servicing. Also, with
the reduction in dropline overdraft facility going forward, there
could be further funding support required until the company is
able to meet the financial obligations through internal cash
generation.
Peninsula Projects (Bangalore) Private Limited operates a hotel
property named Royal Orchid Suites in Bangalore since 2009. The
company is a part of Bangalore-based Vaswani Group, which is
primarily into real estate space. The property has a management
tie-up with Royal Orchid Hotel Group (ROHG) and is situated in
Whitefield that hosts various IT and other companies. The hotel
consists of 88 rooms, including 42 executive apartments, 42 studio
apartments and four penthouse suites, apart from a banquet hall,
lounge bar, restaurant, spa and swimming pool.
RICHA INDUSTRIES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Richa Industries Limited
Plot No-29, DLF Industrial Area
Phase-II, Faridabad
Haryana 121003
Insolvency Commencement Date: December 21, 2018
Court: National Company Law Tribunal, SAS Nagar Mohali Bench
Estimated date of closure of
insolvency resolution process: June 16, 2019
Insolvency professional: Arvind Kumar
Interim Resolution
Professional: Arvind Kumar
H.No. 94, Gillco Valley Sec. 127
Mohali 140301
Punjab
E-mail: sankhyain@gmail.com
- and -
#303, 3rd Floor, Plot No. D-190
Ind. Area, Phase 8B, Sector 74
SAS Nagar Mohali 160071
Punjab
E-mail: irpricha@gmail.com
Mobile: 98162-00033
Tel.: 0172-4089990
Last date for
submission of claims: January 4, 2019
RL STEELS: CARE Assigns B+ Rating to INR90.70cr Long Term Loan
--------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of RL
Steels and Energy Limited (RLSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term 90.70 CARE B+; Stable Assigned
Long Term/
Short Term 61.07 CARE B+; Stable/CARE A4
Assigned
Short Term 72.14 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to bank facilities of RLSL are constrained by
working capital intensive nature of operations, weak capital
structure and debt coverage indicators, deterioration in operating
profit margin during past three years ended March 31, 2018 and
susceptibility to cyclicality associated with steel industry and
dependence on end users of automobile industry.
The ratings however derive strength from promoter's experience in
the field of steel industry over three decades, established
relationship with diversified clientele (distributors) and growth
in operating income during FY18 (refers to the period from
April 1 to March 31).
The ability to improve operating profit margins and effectively
manage working capital cycle in the backdrop volatility in the
steel prices is the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Strength
Experienced promoters coupled with established track record of
operations: The Chairmen Shri Raghunandanlal Gupta & their family
were earlier engaged in the steel business for last 30 years. Mr.
Narendra Kumar Gupta has actively involved in the company in the
strength of directors they are commerce graduates and spearhead
the company in various operations. The top management of RLSL is
ably supported by a qualified and professional team who look after
various activities such as production, procurement, operations,
marketing and branding.
Growing scale of operations backed by increased capacity
utilization: The Total Operating Income (TOI) of RLSL registered a
y-o-y growth of 25% from INR392.76 crore in FY17 to INR523.79
crore in FY18. This revenue growth was on account of increase in
sales volume of Alloy Steel Billets and sale of MS billets backed
by increase in capacity utilization. In H1FY19 (refers to the
period from April 1 to September 30) the total operating income
stood at INR320.12 crore.
Established relationship with diversified clientele and suppliers:
The major raw materials required for producing Alloy Steel Billets
is MS scraps (50%) & Sponge iron/pig iron (50%). MS Scraps are
procured from local market itself or from across Maharashtra,
whereas, Sponge Iron/Pig iron is procured from Nagpur
(Maharashtra), Raipur (MP), Bellary (Karnataka) & Zarsiguda
(Orissa) .The Company has a strong procurement network and has
long association with the supplier for almost 10 years now. RLSL
has a moderate concentrated customer base as evident from the fact
that the top ten customers constituted to 26% of the total
operating income during FY18. The top 10 suppliers of RLSL
contributed up to 50% of the total purchases during FY18.
Key rating weaknesses
Low profitability, moderate capital structure and debt coverage
indicators: The EBITDA margin declined to 14.84% in FY17 as
against 9.86 % in FY18 because of increase in cost of raw material
and selling expenses and also aided by increase in power cost and
fuel cost. The PAT margin has increased year on year from 2.28%
during FY17 to 4.53% during FY18 on account of drop in finance
cost backed by scheduled repayment of term debt. Capital structure
though improved continued to remain weak with overall gearing
levels at 3.90x as on March 31, 2018. Debt coverage indicators
marked by total debt to GCA remained weak at 8.22times for FY18
viz a viz14.52times for FY17. Addition in the debt for envisaged
capital expenditure is a key rating sensitivity.
Working capital intensive nature of operations: The working
capital cycle of RLSL remained in the range of 135 days in FY18
from158 days in FY17 and the time period of creditor's improved to
57 days in FY18 which earlier was 90 days in FY17. The average
collection period improved from 136 in FY17 to 97 in FY18. Average
cash credit utilization for 12 months ended October 2018 remained
at 86%. The cash balance as on March 31, 2018 stood at INR0.75
crore. The current ratio stood at 1.15 as on March 31, 2018.
Efficient management of working capital cycle and improve
liquidity position is a key rating sensitivity.
Cyclicality inherent in the steel 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 risk associated to mismatch of supply side to demand
side. Furthermore, the value addition in the steel construction
materials like TMT bars is also low, resulting into low product
differentiation in the market. The producers of steel construction
materials are essentially price-takers in the market, which
directly expose their cash flows and profitability to volatility
in the steel prices.
RLSL was incorporated in 1985 as the flagship company of the
Aurangabad based group promoted by Mr. R L Gupta. RLSL is engaged
in manufacturing alloy steel products in rounds, squares, flats
and special profiles, through Induction Furnace LD Convertor-Ladle
Refining-billet casting-hot rolling route. RLSL has a steel
melting capacity of 1,27,200 MTPA and a rolling mill with capacity
of 1,23,000 MTPA at Waluj, Aurangabad. RLSL caters majorly to the
demand of forging and spring industry with considerable export
presence. The group is integrated forward into Akar Tools Limited
(hand tools and leaf spring) which consumes close to 10% of RLSL
production.
SHRI GANESH: ICRA Hikes Rating on INR3cr LT Loan to C-
------------------------------------------------------
ICRA has revised the ratings on the bank facilities of Shri Ganesh
Fire Equipments (P) Limited (SGFEPL) to [ICRA]C-.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: Fund 3.00 [ICRA]C-; revised from [ICRA]D
Based/Cash Credit and removed from 'Issuer Not
Co-operating' category
Short-term: Non- 3.00 [ICRA]A4; revised from [ICRA]D
fund Based and removed from 'Issuer Not
Co-operating' category
Rationale
ICRA's rating revision takes into account the regularisation of
the credit facility in the past few months availed by SGFEPL as
confirmed by the lender. Further, ICRA continues to positively
factor in the long track record of the promoters in the
firefighting equipment industry. However, the ratings continue to
be constrained by the company's stretched liquidity position
because of high receivables and unsold inventory. The receivable
cycle remains elongated, which kept the operations working capital
intensive. Consequently, the liquidity position remains stretched
with high utilisation of working capital facilities. Moreover, it
has high customer-concentration risk, given its dependence on a
few Government organisations for its orders, accentuating the risk
of order volatility. The ratings also take in to account the
company's small scale of current operations and low order book
providing limited revenue visibility in the near term. ICRA also
notes the weak financial risk profile, characterised by low
profitability, leveraged capital structure and weak debt coverage
metrics.
Going forward, the company's ability to service its debt
obligations in a timely manner and a sustained improvement in the
liquidity position will be the key credit sensitivity.
Outlook: Not applicable
Key rating drivers
Credit strengths
Regularisation of payments to lending institutions over past few
months: The company has been able to regularise its cash credit
facility in the past few months. This has been on account of
timely receipt of payments from its customers.
Extensive experience of the management: The promoters have been
involved in the business for more than three decades and have
gained a thorough knowledge of the market.
Credit challenges
Stretched liquidity position due to high receivables: The
company's working capital intensity continued to be high with an
NWC/OI of 70% as on March 31, 2018 due to elongated receivables
position. Debtors greater than six months stood at INR9.25 crore
as on March 31, 2018, which is ~5 times the net worth of the
company as on the same date. As a result, the working capital
limits remain almost fully utilised and often overdrawn, thereby
stretching SGFEPL's liquidity position.
Small scale of operations: Despite the marginal turnover increase
in FY2018, the company's scale of operations remains small,
primarily on account of limited order book. The company's order
book remained low at INR5 crore as on November 30, 2018.
Weak financial risk profile: The financial risk profile of the
company is weak with low operating profitability margins owing to
limited value addition in the business. The dependence on outside
funds for the execution of order book is high, resulting in
gearing of 3.24 times and TOL/TNW of 12.76 times as on March 31,
2018. The net margin improved but remained weak at 0.51% in FY2018
against 0.11% in FY2017.
Liquidity position
With limited bargaining power with the Government agencies, the
company's working capital cycle and liquidity position remains
stretched.
SGFEPL, an ISO 9001:2008 certified company, manufactures fire
fighting vehicles such as water tenders, foam tenders, dry
chemical powder tenders, crash fire tenders, and trailer fire
pumps and special purpose vehicles such as water cannon vehicles
for riot control operations. SGFEPL has three manufacturing
facilities, of which two are located in Delhi and one is in
Vaishali, Bihar.
SONA WIRES: CARE Lowers Rating on INR3.18cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sona Wires Pvt. Ltd. (SONA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 3.18 CARE D Revised from CARE B+;
Facilities Stable
Short term Bank 0.27 CARE D Revised from CARE A4
Facility
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SONA takes into
account the on-going delays in debt servicing arising out of
stretched liquidity position.
The ratings continue to take into account its small scale of
operation with thin profit margin, susceptibility of profitability
to volatility in raw material prices, presence in the highly
competitive and fragmented industry, working capital intensive
nature of operation, deterioration in financial performance in
FY18 (refers to the period April 1 to March 31) and weak debt
protection metrics. The ratings, however, derive strength from the
experienced promoters and satisfactory capital structure.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays in debt servicing: There are on-going overdrawals
in cash credit account on account of stretched liquidity position.
The banker had debited CC account, which has led to overdrawals to
the extent of INR0.16 crore for repayment of overdue instalments
of working capital term loan.
Small scale of operations: SONA is a small player having an annual
turnover of INR24.78 crore in FY18 and total capital employed of
INR 13.69 crore as on March 31, 2018. The small size deprives the
benefits of economies of scale and restricts the financial
flexibility of the company in times of stress.
Thin profit margins: Given the high proportion of trading sales
(33%) in the total revenue and intense competition in the
operating spectrum SWPL operates on thin profit margins. The
PBILDT margin continued to remain thin at 1.86% in FY18 vis-Ö-vis
4.21% in FY17. PAT margin also continued to remain thin at 0.13%
in FY18 (0.15% in FY17).
Profitability susceptible to volatility in raw material prices:
The major raw materials of SONA are wire rod, Hard bright
(H.B) wire etc., the prices of which are highly volatile. Raw
materials comprise around 97% of total cost of sales (excluding
cost of traded goods) in FY18. Hence any adverse movement in raw
material prices may affect the profitability of the company.
Working capital intensive nature of operation: SONA's operations
are working capital intensive in nature as the company needs to
extend higher credit period to its clients due to its low
bargaining power attributable to its small size.
Furthermore, the company usually maintains high inventory although
the average inventory period has improved from 215 days in FY17 to
116 days in FY18 due to decrease in absolute level of finished
goods inventory as on March 31, 2018. The average creditor's
period is low at around 5 days in FY18 (9 days in FY17). Therefore
the operating cycle of the company has improved from 321 days in
FY17 to 197 days in FY18.
Presence in highly competitive and fragmented industry: The steel
wire trading industry is highly fragmented and competitive marked
by presence of numerous players across India. Hence the players in
the industry lacks pricing power and exposed to competition
induced pressures on profitability.
Deteriorated financial performance in FY18: SONA's total operating
income increased by about 55% y-o-y to INR24.78 crore in FY18
driven by increase in manufacturing sales of HB wires. However,
the PBILDT margin deteriorated from 4.21% in FY17 to 1.86% in FY18
due to decline in overall gross margin as well as under absorption
of fixed overheads. Interest coverage ratio has dipped below unity
from 1.08x in FY17 mainly due to decline in absolute level of
PBILDT. The company generated cash accruals of INR0.05 crore in
FY18 vis-Ö-vis debt repayment obligation of INR0.73 crore. The
shortfall in debt repayment is being made out of working capital
facilities. In 9MFY19 SONA reported total operating income of
INR25.00 crore.
Key Rating Strengths
Experienced promoters: The promoter of SONA, Mr. S.K. Jain, is
having more than three decades of experience in manufacturing of
wires, ferro alloys and trading activities of steel and steel
related products. Presently, the day-to-day operations of the
company is looked after by Mr. S.K. Jain. Moreover, SONA is in
operations for about three decades and thereby having an
established track record of operations.
Comfortable capital structure albeit weak debt protection metrics:
The capital structure continued to remain comfortable, marked by
its satisfactory debt equity ratio at 0.12x and overall gearing
ratio at 0.37x as on March 31, 2018 as against 0.19x and 0.45x
respectively as on March 31, 2017. Total debt/GCA also improved
marginally from 90.01x in FY17 to 71.66x in FY18 due to decline in
absolute level of total debt.
Liquidity: The liquidity profile of SONA continued to remain weak
owing to its low cash accrual and elongated operating cycle. The
current ratio of the company was 2.52x as on March 31, 2018 and
the free cash & bank balance as on March 31, 2018 was INR0.05
crore.
Sona Wires Private Limited (SONA) was incorporated in July 1986 by
Mr. S.K. Jain of Raipur, Chhattisgarh along with his family
members. SONA is engaged manufacturing of Galvanised Iron (G.I.)
wire (installed capacity 5200 TPA), Stay wires (installed capacity
2564 TPA) and G.I. barbed wires (installed capacity 400 TPA). The
company is also engaged in trading of HB wires, GI wires & MS Bar
Coils. The products sold by SONA are largely used in industries
like power, construction, automobile, engineering, etc.
Presently, the day-to-day affairs of the company are looked after
by Mr. S.K. Jain, (Director) with adequate support from the other
director Mr. P.K. Jain.
TARAWADE LOGISTICS: CARE Raises Rating on INR1cr Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tarawade Logistics Private Limited (TLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 1 CARE B+; Stable Revised from
Facilities CARE B; Stable; Issuer Not
Cooperating
Short-term Bank 5 CARE A4 Revised from CARE A4;
Facilities Issuer Not Cooperating
In the absence of minimum information required for the purpose of
rating, CARE was unable to express an opinion on the rating of
Tarawade Logistics Private Limited and in line with the extant
SEBI guidelines, CARE revised the rating of bank facilities of the
company to 'CARE B; Stable/CARE A4; ISSUER NOT COOPERATING*'.
However, the company has now submitted the requisite information
to CARE. CARE has carried out a full review of the rating and the
rating stands at 'CARE B+; Stable/CARE A4'.
Detailed Rationale & Key rating drivers
The revision in the ratings assigned to the bank facilities of
TLPL factors in the improvement in profit margins and solvency
position. However, the rating continues to remain constrained on
account of small scale of operations with low capitalization,
working capital intensive nature of operations, concentrated
customer base and its presence in fragmented and highly
competitive industry with susceptibility to economic downturn.
The above weaknesses are partially offset by wide experience of
the promoters with satisfactory operational track record and long
association with reputed clientele.
The ability of the company to increase its scale of operations
along with regular receipts of orders and manage its working
capital requirement efficiently is a key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Strengths
Improvement in profit margins and solvency position: The
profitability margins of the company improved and stood moderate
with operating margin in the range of 11.70%-22.76% and PAT margin
in the range of 2.90%-13.35% during the past three financial years
ended in FY18. Further, the capital structure of the company as
indicated by an overall gearing ratio also improved and stood
moderate at 1.06x as on March 31, 2018, owing to scheduled
repayment of loans and accretion of profit to reserves. Moreover,
due to improved accruals and modest gearing levels, the debt
coverage indicators also remained moderate.
Experienced promoter with satisfactory operational track record:
TLPL has been in operation since 2010 and has a satisfactory track
record of over eight years. The company is managed by Mr. Avinash
Tarawade (Director) and Mr Pravin Tarawade (Director) who have an
average experience of about two decades in the transportation and
logistics segment through their association with M/s P. D.
Tarawade and Tarawade Transport Private Limited. Being in the
industry for more than two decades has helped the promoters in
gaining adequate acumen about the industry which has helped in the
smooth operations of the company.
Established relationship with reputed clientele albeit
concentration risks: TLPL is the clearing and forwarding agent of
Rashtriya Ispat Nigam Limited (RINL) for Pune District and is also
associated with other players like Bhagwati Steel Corporation,
Ganga & Trading Company Limited and Gerdau Steel India Private
Limited. The company has a revenue stream that is concentrated
with the top four customers contributing 90% to the total revenue
in FY18 with RINL contributing about 75 percent. However the risk
is partly mitigated from the fact that the company has been
dealing with these customers since long and also is the authorised
dealer of RINL for Pune District.
Key Rating Weaknesses
Small scale of operation with low capitalization: The scale of
operation of the company, though improved remained small with
total operating income of INR6.77 crore and total capital employed
of INR3.83 crore as on March 31, 2018 (Audited). The small size
restricts the financial flexibility of the entity in times of
stress and deprives it from scale benefits. Moreover, the company
has achieved a turnover of around INR4.69 crore during 8MFY19
ended on November 2018.
Working capital intensive nature of operations: The operations of
the company remained working capital intensive with gross current
asset of 210 days with funds blocked in receivables. Further,
working capital utilization stood high during last 12 months ended
November 30, 2018.
Presence in growing industry albeit fragmented, highly competitive
and susceptible to economic downturn: The clearing and forwarding
industry has grown leaps and bounds since independence and
especially since liberalization. However, having achieved a
matured stage, the road freight transport industry is deregulated
and highly fragmented. Around 80-85 per cent of the road freight
transport industry consists of small transport operators that own
less than 5 trucks, are fragmented and unorganized. The highly
fragmented and unorganized nature of the industry results in
intense price competition and may lead to pressure on the firm's
profitability in case of adverse situations. Further, the freight
rates are dependent on economic activity in the country with high
susceptibility to slowdown.
Pune based, TLPL was incorporated in December 2010 and is led by
Mr. Avinash Tarawade and is engaged in clearing and forwarding
services and operates out of a facility located at Kunjirwadi
(Pune). The company is the clearing and forwarding agent of RINL
for Pune District. Further, the company also undertakes
transportation of goods for private clients. A group concern of
TLPL, Tarawade Transport Private Limited operates in
transportation and logistics sector as well.
UPPER INDIA: CARE Lowers Rating on INR44.70cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Upper India Steel Manufacturing and Engineering Company Limited
(UIS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 44.70 CARE B+; Stable Revised from
Facilities CARE BB-; Stable
Short-term Bank 19.90 CARE A4 Reaffirmed
Facilities
Detailed Rationale & Key Rating Drivers
The revision in the long term rating assigned to the bank
facilities of UIS takes into account cash losses in FY18 (refers
to the period April 1 to March 31) and deterioration in the
overall solvency position of the company. The ratings are also
constrained by the limited level of integration, weak liquidity
position along with susceptibility of margins to raw material
prices & foreign exchange rate fluctuations.
The ratings, however, derive strength from the experience &
resourcefulness of the promoters and UIS's status as an approved
supplier for various Original Equipment Manufacturers (OEMs).
Going forward, UIS's ability to increase its scale, improve its
profitability margins and manage its working capital requirements
efficiently shall remain the key rating sensitivities. Further
continued financial support from the promoters will also remain a
key rating sensitivity.
Detailed description of the key rating drivers
Key Rating weaknesses
Cash losses and deterioration in the overall solvency position:
The operating income of the company increased by ~15% in FY18 on
the back of increased quantity of steel bars and rounds sold
during the year. The PBILDT margins of the company, however,
deteriorated on a year-on-year basis on account of competitive
nature of industry. UIS continued to remain in losses at the net
level in FY18. Furthermore, the company reported cash losses of
INR2.13 Cr. in FY18 (cash profits of INR2.62 Cr. in FY17).
The solvency position of the company deteriorated significantly
marked by overall gearing and total debt to GCA of 6.81x and (-
)30.58x, respectively, as on March 31, 2018 (PY: 4.77x and 25.39x,
respectively). In 8MFY19 (Prov.), the company has achieved total
operating income of INR147 Cr.
Weak liquidity position: The operating cycle of the company
remained elongated at ~79 days, as on March 31, 2018 (PY: 100
days). The average cash credit limit utilization level remained at
a high level of ~95% in the 12 months period ended Nov-18. The
company has a total debt repayment obligation of INR10 cr. in
FY19, proposed to be met through the internal accruals and
unsecured loans from the promoters and related parties. The
current and quick ratios also remained at a weak level of 0.85x
and 0.31x, respectively (Previous Year: 1.18x and 0.40x,
respectively). Continued financial support from the promoters will
remain a key rating sensitivity.
Limited level of integration in the operations with low capacity
utilization: The company has an installed capacity of 65,000 MT,
as on March 31, 2018 for the manufacturing of steel ingots &
billets which are primarily used for captive consumption for
manufacturing of bars and rounds. This apart, the company does not
have any captive power generation facility and is primarily
dependent on the procurement of power from the state power
utility. The level of integration is also low, as the company is
unable to utilize the hot charge created by the induction furnace,
as the rolling mill is installed at a certain distance from the
furnace and therefore allows the material to cool down which
results in higher fuel and electricity charges. The limited level
of integration in the operations coupled with low capacity
utilization, has a bearing on the profitability of the company.
Exposure to raw material price fluctuation and volatility in
exchange rates: UIS is exposed to risks associated with
fluctuation in raw material prices since major raw material for
UIS's products is steel scrap and sponge iron, the prices of which
are volatile in nature. Also, the company faces a time lag in
recovering the increase in cost of raw materials from its clients.
With an initial cash outlay for procurement in foreign currency
and significant portion of sales realization in domestic currency
coupled with the absence of any hedging mechanism, UIS is exposed
to the fluctuation in foreign exchange rates.
Key Rating Strengths
Experienced and resourceful promoters: UIS was originally
incorporated by Mr S Pritpal Singh Grewal, Mr S S Grewal and Late
Mr S Indermohan Singh Grewal in 1961. Presently, the company is
managed by the younger generation of the Grewal family under the
Chairmanship of Mr S Pritpal Singh. The day-to-day affairs of the
company are looked after by Mr S Gursimran Singh, (the managing
director and the son of Mr S Pritpal S Grewal) who is supported by
a team of professionals. The promoters of the company have infused
funds in the form of unsecured loans, outstanding of which stood
at INR16.43 cr. as on March 31, 2018.
Approved suppliers for OEMs of reputed automobile players: UIS is
an approved supplier for major OEMs (Original Equipment
Manufacturer) on account of its presence in the market for over
five decades. The steel components manufactured by the company are
used by various auto component suppliers and are then supplied to
various OEMs, after some value addition.
Upper India Steel Manufacturing & Engineering Company Ltd (UIS)
was incorporated in 1961 as a private limited company and was
subsequently converted to a closely held public limited company in
1983. The company is promoted and managed by Mr. Pritpal Singh
Grewal and Mr. Gursimran Singh Grewal and is engaged in the
manufacturing of specialized steel products for various automotive
ancillaries, Indian railways and engineering goods industry, at
its manufacturing facility situated at Ludhiana, with an installed
capacity of 65,000 MT for steel ingots/billets. The company also
has an installed capacity of 93,300 MT for rolling bars & rounds
and a capacity of 18,000 MT for annealing and drawing process. On
account of decline in the scale of operations and continued losses
in the past, the debt of the company was restructured in June
2014.
VRIDDHI INFRATECH: CARE Hikes Rating on INR15cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vriddhi Infratech - Blacklead Inftratech (JV) (VIBI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 15.00 CARE B+; Stable Revised
Facilities from CARE B; Stable
Detailed Rationale and key rating drivers
The revision in rating takes into account improvement in
profitability margins and capital structure. Further, it also
draws comfort from established track record of JV partners in the
infrastructure industry moderate operating cycle. The ratings,
however, remain constrained by modest scale of operations,
concentration in the order book with geographical concentration
risk low profitability margins and competitive nature of the
industry. Going forward; ability of JV to improve its scale of
operations while improving profitability margins and capital
structure shall be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations: FY18 is the first full year of
operations for the firm. The scale of operations as marked by
total operating income and gross cash accruals of INR57.43 crores
and 0.44 crores respectively. Further, the firm's net worth base
was relatively modest at INR7.03 crores as on March 31, 2018.
During 8MFY19 (refers to the period April 1 to November30, 2018;
based on provisional results) achieved total operating of
INR70.00crores.
Customer and geographical concentric order book: The order book
exhibits project concentration risk with firm's order book is
concentrated to two orders only, mainly includes road construction
projects awarded by UPPWD (Uttar Pradesh Public Works department).
Also, firm exposed to risk related with customer concentration
risk, as all the firm's projects are from UP PWD. Project
concentration risk coupled with customer concentration risk,
expose the firm with risk related to allocation of fund or
regulatory changes. Further, given majority of projects in UP, the
firm is also exposed to geographical concentration risk like
political uncertainty or natural disasters.
Highly competitive industry and business risk associated with
tender-based orders: The firm faces direct competition from
various organized and unorganized players in the market. There are
number of small and regional players catering to same market which
has limited bargaining power with government departments and has
exerted pressure on its margins. The firm majorly undertakes
government projects, which are awarded through tender-based
system. The firm is exposed to the risk associated with tender-
based business, which is characterized by intense competition. The
growth of business depends on its ability to successfully bid for
the tenders and emerge as the lowest bidder. Hence, going forward,
due to increasing level of competition and aggressive bidding,
profits margins are likely to be under pressure in the medium
term. Furthermore, any changes in the government policy or
government spending on projects are likely to affect the revenues
of the firm.
Key Rating Strengths
Established track record of JV partners in infrastructure sector
Vriddhi Infratech - Blacklead Inftratech (JV), incorporated in
2016, is a joint venture between Vriddhi Infratech India Private
Limited (rated CARE BB+; Stable /CARE A4+) and Blacklead Infratech
Private Limited. Vriddhi Infratech is currently managed by Mr.
Nimish Sanghavi. Mr. Nimish Sanghavi has an experience of more
than a decade in the construction industry. Blacklead Inftratech
is promoted by Mr. Shresth Toteja. Mr. Shresth Toteja is well
supported by Ms. Preeti Suri and Mrs. Mamta Toteja in managing the
business operations. They have an experience of one decade in
civil construction industry.
Improvement in profitability margin albeit remain low and
improvement in capital structure: Though, the profitability margin
improved over previous year owing to lower operational expenses.
The same stood low as marked by PBILDT and PAT margin which stood
at 1.92% and 0.76% respectively for FY18.
The overall gearing ratio stood at 0.31x as on March 31, 2018
improved over 0.35x as on March 31, 2017 owing to infusion of
capital by promoters.
Moderate Operating Cycle: The firm generally maintains inventory
in form of raw material and work-in-progress at different project
sites for smooth execution of its orders resulting in an average
inventory of 18 days in FY18. The firm receives payment from the
client on percentage of completion basis. Nearly 95% of the bill
amount raised by the firm is received within a month while the
remaining payment is made after completion of the contract
resulting into an average collection period of 29 days in
FY18. The firm gets a credit period of around 15 days from its
suppliers.
Vriddhi Infratech - Blacklead Inftratech (JV) (VIBI), incorporated
in 2016, is a joint venture between Vriddhi Infratech India
Private Limited and Blacklead Infratech Private Limited. VIBI was
formed to undertake road construction projects, related to
widening and strengthening of roads on engineering, procurement
and construction (EPC) basis.
=================
I N D O N E S I A
=================
PT SENTUL CITY: S&P Withdraws 'B' Long-Term Issuer Credit Rating
----------------------------------------------------------------
S&P Global Ratings withdrew its 'B' long-term issuer credit rating
on PT Sentul City Tbk., an Indonesia-based property developer, at
the company's request. The outlook was stable at the time of the
withdrawal.
===============
M O N G O L I A
===============
MONGOLIAN MORTGAGE: S&P Rates New USD Sr. Unsecured Notes 'B'
-------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to a
proposed issue of U.S. dollar-denominated senior unsecured notes
by Mongolian Mortgage Corp. HFC LLC (MIK HFC; B/Stable/B). The
rating on the notes is subject to S&P's review of the final
issuance documentation.
The proposed notes will constitute direct, unsecured, and
unsubordinated obligations of Mongolia-based MIK HFC. They shall
at all times rank at least equally with all other unsecured and
unsubordinated obligations of the company.
MIK HFC intends to use most of the proceeds from the proposed
notes to expand its business by purchasing mortgage pool
receivables that commercial banks have underwritten for their own
business purposes. The company has until now predominantly relied
on originating pass-through securitizations related to a Mongolian
government-initiated subsidized mortgage program. Nevertheless,
after taking into account this new business, S&P still considers
the company's stand-alone credit profile to be 'b+', which is
higher than the long-term sovereign credit ratings on Mongolia
(B/Stable/B). The sovereign ratings effectively cap the ratings on
MIK HFC.
S&P said, "We also note that MIK Holding JSC guarantees the
proposed issue by MIK HFC. In our view, this does not provide
incremental credit strength to the proposed issue as the guarantor
is likely to have the same creditworthiness as MIK HFC,
irrespective of whether the guarantee meets our criteria for
rating substitution."
===============
M A L A Y S I A
===============
PERISAI PETROLEUM: Bursa Rejects Plan; To be Delisted on Feb. 13
----------------------------------------------------------------
The Sun Daily reports that trading in the securities of Perisai
Petroleum Teknologi Bhd will be suspended from Jan. 22 following
the rejection of its proposed regularisation plan.
In a filing with Bursa Malaysia, Perisai said its securities will
be delisted on Feb. 13 unless an appeal against the rejection of
the regularisation plan and delisting is submitted on or before
Feb. 10, the report relates.
If Perisai submits an appeal to Bursa Securities within the appeal
timeframe, the delisting on Feb. 13 will be deferred, pending the
authority's decision on the company's appeal, the report says.
In May 2018, it announced plans to cancel off accumulated losses,
issue shares and irredeemable and redeemable unsecured loan stocks
to settle debt and a rights issue to raise funds, Sun Daily
recalls.
The report adds that the proposed plans were to enable it to focus
its business on the oil drilling rig and the floating production,
storage and offloading unit, Perisai Kamelia, as part of its
business rationalisation exercise.
About Perisai Petroleum
Perisai Petroleum Teknologi Bhd. (KLSE:PERISAI) --
http://www.perisai.biz/-- is a Malaysia-based investment holding
company engaged in the provision of management, administrative
and financial support services to its subsidiaries. The Company
operates in three segments: Drilling Units, which is engaged in
the operations and maintenance service and the provision of
offshore assets, which are primarily for oil and gas offshore
drilling; Production units, which is engaged in the operations
and maintenance service and the provision of offshore assets,
which are primarily for oil and gas production, and Marine
Vessels, which is engaged in the provision of vessels, barges and
equipment on vessel charter services. Its subsidiaries include
Alpha Perisai Sdn. Bhd., which is engaged in the provision of
administrative support services; Perisai Offshore Sdn. Bhd.,
which is engaged in the provision of oil and gas services in
upstream oil sector, and Perisai production Holdings Sdn. Bhd.,
which is an investment holding company, among others.
Perisai Petroleum has been classified as a Practice Note 17
(PN17) company after its unit Perisai Capital (L) Inc defaulted
on SGD125 million debt notes due on Oct. 3, 2016.
=====================
P H I L I P P I N E S
=====================
HANJIN HEAVY: Dennis Uy Not Interested in Subic Shipyard
--------------------------------------------------------
Denise A. Valdez at BusinessWorld reports that Davao-based
businessman Dennis A. Uy is not interested in rescuing debt-ridden
Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-
Philippines).
When asked if he has plans to invest in the South Korean
shipbuilder's Subic Bay shipyard, Mr. Uy told BusinessWorld in a
text message on Jan. 11, there are "none."
The shipping and logistics subsidiary of Mr. Uy's holding company
Udenna Corp. also showed no signs of interest in acquiring HHIC-
Philippines' operations, the report says.
"No plans for now," Chelsea Logistics Holdings Corp. (CLC)
President Chryss Alfonsus V. Damuy said in a mobile message on
Jan. 10, when asked about HHIC-Philippines, BusinessWorld relates.
Udenna was among the shortlisted companies eyeing to buy HHIC-
Philippines, BusinessWorld discloses citing a June 2018 report by
United Kingdom-based online shipping magazine IHS Fairplay.
According to BusinessWorld, the Department of Trade and Industry
(DTI) earlier said HHIC-Philippines has been "open" to investors
since last year, with two to three companies having visited the
shipyard in Subic Bay.
The DTI said two Chinese shipbuilders have shown interest in
investing in the $1.6 billion company, whose enterprise value
shrunk from around $2.6 billion last year, BusinessWorld reports.
BusinessWorld says Mr. Uy has been on an acquisition spree the
past years, with investments across education through Enderun
Colleges; food industry through Conti's Holdings Corp.;
information technology and communications through ISM
Communications Corp.; resorts and gaming through PH Resorts Group
Holdings, Inc.; energy through PXP Energy Corp.; and
telecommunications through Mislatel Consortium.
Mr. Uy's main businesses include oil and petroleum through Phoenix
Petroleum Holdings, Inc.; shipping and logistics through CLC; real
estate industry through Udenna Development Corp.; environmental,
trading and distribution through Udenna Management and Resources
Corp.; and energy, water and environmental services through Udenna
Water and Integrated Services, BusinessWorld notes.
According to BusinessWorld, DTI Undersecretary Ceferino S. Rodolfo
told reporters in a press conference on Jan. 11, the agency will
keep looking for a company that may save HHIC-Philippines which
was the biggest investor in Subic Bay.
"They are a valued investor, and we are looking at linking them
with other investors who have already expressed interest in
shipbuilding in general in the Philippines," the report quotes Mr.
Rodolfo as saying.
Meanwhile, Land Bank of the Philippines (LANDBANK) President and
Chief Executive Officer Alex V. Buenaventura said the Philippine
unit of the South Korean shipbuilder has $1.2 billion worth of
assets which could be more than enough to cover the exposure of
the Philippine banks, BusinessWorld reports.
"We'll have to address the problem. But the good news is we can
recover the assets. The shipyard is worth $1.2 billion and the
total exposure of the creditors is less than $400 million. Down
the road, we hope to recover our exposure," BusinessWorld quotes
Mr. Buenaventura as saying.
LANDBANK's exposure to HHIC-Philippines is at $85 million, the DoF
said, BusinessWorld relays.
Other banks that have extended loans to HHIC-Philippines include
Rizal Commercial Banking Corp., Metropolitan Bank & Trust Co.,
Bank of the Philippine Islands, and BDO Unibank, Inc., adds
BusinessWorld.
Korea-based Hanjin Heavy Industries & Construction Co.
established a shipyard in Subic, west of Manila, and delivered its
first vessel from the yard in July 2008. It uses the Philippine
yard to build big ships while its facility in Korea focuses on
smaller vessels.
Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-
Philippines) filed for voluntary rehabilitation on Jan. 8, 2019,
at the Olongapo City Regional Trial Court amid "heavy" financial
losses and debts amounting to about $400 million from local banks.
The company reported that it also had $900 million in debts with
lenders in South Korea.
HANJIN HEAVY: Senator Urges DOLE to Help Displaced Workers
----------------------------------------------------------
Manila Bulletin reports that Senator Joel Villanueva urged the
Department of Labor and Employment (DOLE) to ensure that
assistance would be available for the thousands of workers who
could be displaced by the bankruptcy of the local affiliate of
South Korean shipbuilding giant Hanjin.
According to the report, Senator Villanueva asked the DOLE to step
in the crisis hounding Hanjin as he aired his concern on the
possible effect of its bankruptcy to its some 23,000 workers.
"We express serious concerns over the impact of Hanjin's
bankruptcy to its 23,000 employees and their respective families,"
the chair of the Senate Committee on Labor, Employment, and Human
Resources Development said in a statement over the weekend, the
Bulletin relays.
"We hope that, at this point in time, DOLE has already convened an
inter-agency task force and conducted a well-coordinated and
immediate intervention for employment and livelihood assistance to
the would-be displaced workers," he added.
The Bulletin relates that the senator said DOLE should be
proactive and must now work on profiling the employees for job-
matching, re-tooling and capacity building trainings.
"Let us not wait for the workers and their families to starve
before we roll-out government interventions. We have to be
proactive," the report quotes Senator Villanueva as saying.
At the same time, Senator Villanueva called on the government to
"continue to implement reforms that will make our country
attractive to investors," such as the Build, Build, Build
infrastructure program.
He added that the country should not rely merely on business
subsidies and must reduce the cost of doing business.
"In that way, we can help our current investors, attract more
investments, and create more jobs locally," Senator Villanueva
said.
Korea-based Hanjin Heavy Industries & Construction Co.
established a shipyard in Subic, west of Manila, and delivered its
first vessel from the yard in July 2008. It uses the Philippine
yard to build big ships while its facility in Korea focuses on
smaller vessels.
Hanjin Heavy Industries and Construction Philippines, Inc. (HHIC-
Philippines) filed for voluntary rehabilitation on Jan. 8, 2019,
at the Olongapo City Regional Trial Court amid "heavy" financial
losses and debts amounting to about $400 million from local banks.
The company reported that it also had $900 million in debts with
lenders in South Korea.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 7, 2019 to Jan. 11, 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
---------
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 ***