/raid1/www/Hosts/bankrupt/TCRAP_Public/190205.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, February 5, 2019, Vol. 22, No. 025
Headlines
A U S T R A L I A
CRYSTALAID PTY: First Creditors' Meeting Set for Feb. 12
DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Ratings to BB
DUE SOUTH: Second Creditors' Meeting Set for Feb. 12
HIGHRISE TELECOMS: Second Creditors' Meeting Set for Feb. 11
MAYFORD CONTRACTING: Second Creditors' Meeting Set for Feb. 13
MORGAN CONSULTING: First Creditors' Meeting Set for Feb. 12
VP PLAS: First Creditors' Meeting Set for Feb. 12
ZEEV KITCHENS: Second Creditors' Meeting Set for Feb. 8
C H I N A
SHARING ECONOMY: Terminates Letter Agreement with BM Nine
YANZHOU COAL: Fitch Corrects Jan. 30 Press Release
I N D I A
AARVEE COLD: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
ADDYA SAKTI: CARE Hikes Rating on INR11cr LT Loan to B
BAHARAMPUR MINI: CARE Cuts Rating on INR5.30cr LT Loan to B+
BAJLA MOTORS: CARE Lowers Rating on INR11.75cr LT Loan to B+
BHIMA JEWELLERS: CARE Assigns B+ Rating to INR11cr LT Loan
DHIRENDRA NARAYAN: CARE Reaffirms B+ Rating on INR9.29cr Loan
ESSAR STEEL: NCLT to Decide on Insolvency Case by Feb. 11
GUNA POULTRY: CARE Assigns 'B+' Rating to INR10cr LT Loan
JET AIRWAYS: Loan Restructuring to be Under Sashakt Scheme
KALYANI CONSTRUCTION: CARE Assigns 'B' Rating to INR6.05cr Loan
LUHIT TEA: CARE Migrates B+ Rating to Not Cooperating Category
MAA BAMESWARI: CARE Reaffirms B+ Rating on INR8.21cr LT Loan
MELLCON ENGINEERS: CARE Reaffirms B+ Rating on INR4cr LT Loan
MUSLIM ALI: CARE Migrates B+ Rating to Not Cooperating Category
NASIR ILAHI: CARE Assigns 'B' Rating to INR6cr New LT Loan
PILLAR 9: CARE Assigns B Rating to INR6.50cr LT Loan
SAI KRIPA: CARE Assigns 'B' Rating to INR6cr LT Loan
SHREE SUKHAKARTA: Ind-Ra Affirms D on INR3.5BB Debentures
SHRI OM: CARE Raises Rating on INR8.75cr LT Loan to BB-
SUPERIOR INDUSTRIES: Ind-Ra Retains BB Rating in Non-Cooperating
I N D O N E S I A
MEDCO ENERGY: Moody's Affirms B3 CFR, Outlook Positive
N E W Z E A L A N D
PINNACLE LIFE: A.M. Best Affirms B(Fair) Finc'l. Strength Rating
S I N G A P O R E
EZION HOLDINGS: Flags FY18 Net Loss Amid Loan Impairments
HYFLUX LIMITED: Wins More Time to Execute Agreement for Tuaspring
NO SIGNBOARD: Says Buyback During Black-Out Period 'a Mistake'
S O U T H K O R E A
DAEWOO SHIPBUILDING: Hyundai Heavy Aims to Reach Deal in March
V I E T N A M
VIETNAM BANK: Moody's Assigns Ba3 Issuer Ratings, Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week Jan. 28, 2019 to Feb. 1, 2019
- - - - -
=================
A U S T R A L I A
=================
CRYSTALAID PTY: First Creditors' Meeting Set for Feb. 12
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Crystalaid
Pty. Ltd. will be held on Feb. 12, 2019, at 11:00 a.m. at the
offices of SM Solvency Accountants, at Level 8/490 Upper Edward
Street, in Spring Hill, Queensland.
Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Crystalaid Pty. on Feb. 1, 2019.
DIAMOND OFFSHORE: Egan-Jones Lowers Sr. Unsec. Ratings to BB
------------------------------------------------------------
Egan-Jones Ratings Company, on January 23, 2018, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Diamond Offshore Drilling, Inc. to BB- from BB.
Diamond Offshore Drilling, Inc. is an offshore drilling
contractor.
The company is headquartered in Houston, Texas, United States,
and has major offices in Australia, Brazil, Mexico, Scotland,
Singapore, and Norway. The company operates 17 drilling rigs
including 13 semi-submersible platforms and 4 drillships.
DUE SOUTH: Second Creditors' Meeting Set for Feb. 12
----------------------------------------------------
A second meeting of creditors in the proceedings of Due South
Fashion Agency Pty Ltd has been set for Feb. 12, 2019, at 11:00
a.m. at the offices of Bruce Mulvaney & Co, at Suite 3 Level 4,
858 Glenferrie Road, in Hawthorn, 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 Feb. 11, 2019, at 4:00 p.m.
Bruce Neil Mulvaney of Bruce Mulvane was appointed as
administrator of Due South on Dec. 28, 2018.
HIGHRISE TELECOMS: Second Creditors' Meeting Set for Feb. 11
------------------------------------------------------------
A second meeting of creditors in the proceedings of Highrise
Telecoms Pty Limited has been set for Feb. 11, 2019, at 11:00
a.m. at the offices of Deloitte Financial Advisory Pty Ltd
Eclipse Tower, Level 19, 60 Station Street, in Parramatta, 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 Feb. 8, 2019, at 4:00 p.m.
David Ian Mansfield and Neil Robert Cussen of Deloitte Financial
were appointed as administrators of Highrise Telecoms on Oct. 8,
2018.
MAYFORD CONTRACTING: Second Creditors' Meeting Set for Feb. 13
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Mayford
Contracting Pty Ltd has been set for Feb. 13, 2019, at 11:00 a.m.
at the offices of Level 20, Central Plaza 1, 345 Queen Street, in
Brisbane, Qld.
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 Feb. 12, 2019, at 4:00 p.m.
Joanne Dunn and John Park of FTI Consulting were appointed as
administrators of Mayford Contracting on Jan. 15, 2019.
MORGAN CONSULTING: First Creditors' Meeting Set for Feb. 12
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Morgan
Consulting Pty Ltd and AACN 169 936 690 Pty Ltd will be held on
Feb. 12, 2019, at 10:30 a.m. at the offices of Hamilton Murphy,
Level 1, 255 Mary Street, Richmond, Victoria.
Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Morgan Consulting on Jan. 31, 2019.
VP PLAS: First Creditors' Meeting Set for Feb. 12
-------------------------------------------------
A first meeting of the creditors in the proceedings of VP Plas
Pty Ltd will be held on Feb. 12, 2019, at 1:30 p.m. at The
Conference Room, Central Park Business Centre, at 152-158 St
Georges Terrace, in Perth, WA.
Daniel Hillston Woodhouse and Ian Charles Francis of FTI
Consulting were appointed as administrators of VP Plas on Jan.
31, 2019.
ZEEV KITCHENS: Second Creditors' Meeting Set for Feb. 8
-------------------------------------------------------
A second meeting of creditors in the proceedings of Zeev Kitchens
Management Pty Ltd has been set for Feb. 8, 2019, at 2:00 p.m. at
the offices of SV Partners Insolvency (VIC) Pty Ltd, at Level 17,
200 Queen 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 Feb. 7, 2019, at 5:00 p.m.
Fabian Kane Micheletto and Michael Carrafa of SV Partners
Insolvency were appointed as administrators of Zeev Kitchens on
Sept. 25, 2018.
=========
C H I N A
=========
SHARING ECONOMY: Terminates Letter Agreement with BM Nine
---------------------------------------------------------
Sharing Economy International, Inc. and its wholly-owned
subsidiary, EC Technology & Innovations Limited terminated on
Jan. 29, 2019, the letter agreement entered into with BM Nine
Limited on Jan. 18, 2018.
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.
YANZHOU COAL: Fitch Corrects Jan. 30 Press Release
--------------------------------------------------
Fitch Ratings replaced a ratings release on Yanzhou Coal
published on January 30, 2019 to correct the name of the obligor
for the bonds.
The amended rating is as follows:
Fitch Ratings has upgraded China-based Yanzhou Coal Mining
Company Limited's Long-Term Foreign-Currency Issuer Default
Rating to 'BB-' from 'B+'. The Outlook is Stable. Fitch has also
upgraded Yanzhou Coal's senior unsecured rating to 'BB-' from
'B+'/'RR4'.
Fitch has also upgraded the rating on the USD1.1 billion dual-
tranche notes issued by Yancoal International Resources
Development Co., Limited to 'BB-' from 'B+'/'RR4'. The notes are
guaranteed by Yanzhou Coal.
The upgrade was driven by improvement in the consolidated credit
profile of Yanzhou's immediate parent, Yankuang Group., Ltd., as
its Fitch-defined cash flow from operations (CFO) has turned
positive since 2017 and its FFO adjusted net leverage has
declined. Fitch has assessed Yankuang Group's consolidated credit
profile using a bottom-up approach from its standalone credit
profile that reflects potential support from its ultimate parent,
Shandong State-owned Assets Supervision and Administration
Commission (SASAC), as per Fitch's Government-Related Entities
Rating Criteria. Yanzhou's rating is aligned with the
consolidated credit profile of Yankuang Group as Fitch has
assessed that the linkage between the two entities is strong,
underpinned by their solid operational ties, as per the agency's
Parent and Subsidiary Rating Linkage criteria.
KEY RATING DRIVERS
Parent's Strong State Linkage: Yankuang Group's relationship with
Shandong SASAC is reflected in its position as one of the Chinese
province's two key provincial coal suppliers, the second-largest
employer and fourth-largest domestic bond issuer. Fitch assesses
Yankuang Group's status, ownership and control as 'Strong'.
Yankuang Group is 70%-owned by Shandong SASAC, while Shandong
Guohui Investment Co., Ltd and Shandong Provincial Council for
Social Security Fund together own the remaining 30%. The Shandong
provincial government effectively controls Yankuang Group's board
and key senior management and has a strong influence over the
group's major strategies and investment decisions.
Fitch assesses Yankuang Group's track record and expectation of
support as 'Moderate' as tangible government support has been
limited. Support mainly included annual subsidies of CNY200
million-400 million and zero-cost land injections, with the
group's financial profile kept at persistently weak levels.
Strong Financial Impact of Default: Fitch assesses the socio-
political implications from a default as weak because most of
Shandong's coal demand is met by supply from other provinces;
around two-thirds of Yankuang Group's coal capacity is outside
Shandong. The financial implications from a default are assessed
as 'Strong' due to Yankuang Group's status as one of the
province's biggest state-owned entities (SOE) and its fourth-
largest domestic bond issuer.
Strong Parent-Subsidiary Linkage: Yanzhou is 51.81%-owned by
Yankuang Group and holds most of the group's high-quality assets
as its sole listing platform. Yanzhou contributed 59% of the
group's coal production and around 74% of its EBITDA in 2017.
Operational ties are significant, reflected in a high degree of
overlap in key board members and management between the two
entities. The group centralises treasury functions within a
finance company, which is 90%-owned by Yanzhou.
Upgrade in Yankuang's Standalone Assessment: Yankuang's CFO
recovered to CNY4.8 billion in 2017, boosted by strong coal and
methanol prices, and climbed higher in 9M18 after staying
negative for many years. Fitch expects Yankuang's FFO adjusted
net leverage to improve to 7.4x-8.5x in 2018-2020, from 11.3x at
end-2016, making its financial metrics more in line with other
Fitch-rated Chinese state-owned commodity companies with
standalone credit profiles in the 'B' category. Yankuang's
standalone credit profile is supported by its large scale,
geographical diversification of production, long reserve life and
cost position while constrained by leverage that is still
considered high.
Financial Improvement: Yanzhou's free cash flow improved to
CNY2.6 billion in 2017 and Fitch estimates it stayed positive in
2018. Fitch expects that to continue in the following years based
on its assumptions of coal prices in line with the government-set
range, larger methanol capacities and lower capex. The company
reduced its FFO adjusted net leverage to 4.4x by end-2017 and
Fitch expects the leverage metric to stay around 4.0x in 2019-
2021. Fitch thinks disciplined capex and acquisition may be the
key for further deleveraging. Fitch has also upgraded Yanzhou's
standalone credit profile to 'BB-' from 'B+'.
Margin Expansion on Higher ASP: The average selling price (ASP)
of coal produced by Yanzhou rose 9.5% to CNY541/tonne in 9M18
from 2017. The unit cost of Yanzhou's coal-mining segment rose
3.1% in 1H18 to CNY264/tonne from 2017, which Fitch considers
reasonable as some costs were related to the higher coal price.
Fitch estimates Yanzhou's dollar margin, or its gross profit per
tonne of coal, rose in 2018 although it may drop in 2019-2021 as
medium-term coal prices are likely to fall into the CNY500/tonne-
570/tonne range set by the National Development and Reform
Commission.
Fitch expects China's tight coal supply to ease in 2019 on its
assumption of declining coal demand. The impact of demolishing
obsolete capacities on coal supply may not be as strong in 2019-
2020 as it was in 2016-2018 as most of the capacity reduction
targets for China's 13th Five-Year Plan (2016-2020) have been
met.
Capex Likely to Have Plateaued: Fitch believes capex of both
Yanzhou and its parent peaked in 2018 as most of the major green-
field mines under construction in previous years have been
completed. Fitch also expects the two second-phase methanol
projects in Yulin and Ordos to be completed in the first half of
this year. The annual capex of Yanzhou may fall to CNY6.0
billion-7.0 billion in the coming years, provided there are no
large new coal mines in the pipeline. Fitch thinks the company is
also taking a more cautious stance in its financial-segment
investments, evident from the lower cash outflow on acquisitions
in 9M18.
DERIVATION SUMMARY
Yanzhou's rating is equalised with the consolidated credit
profile of Yankuang Group based on the strong linkage between the
two entities as per Fitch's Parent and Subsidiary Rating Linkage
criteria. Yankuang Group's consolidated credit profile
incorporates uplift based on Fitch's Government-Related Entities
Rating Criteria. Shandong SASAC owns 70% and effectively controls
Yankuang Group, which is one of the province's key SOEs as well
as one of its largest employers and domestic bond issuers.
KEY ASSUMPTIONS
Fitch's Key Assumptions Within Its Rating Case for the Issuer
- QHD 5500Kcal coal price to average CNY570 per tonne in
2019, CNY550/tonne in 2020 and CNY540/tonne in 2021
- Unit coal production cost increased by 3.6% in 2018 and
remaining flat thereafter
- Capex averaging CNY7.5 billion in 2018-2021 and following a
downward trend
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Stronger likelihood of support from Shandong province to
Yankuang Group
- FFO adjusted net leverage of Yankuang Group to stay below 6x
on a sustained basis
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Cash flow from operations of Yankuang Group turning negative
Sensitivities for Yanzhou's standalone credit profile of 'BB-':
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- FFO adjusted net leverage below 3.5x on a sustained basis
(end-2017: 4.4x)
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- FFO adjusted net leverage above 4.5x for a sustained period
LIQUIDITY
Sufficient Liquidity: Yanzhou's readily available cash rose to
CNY23.7 billion by end-1H18 (end-2017: CNY21.1 billion), almost
enough to cover its debt maturing within one year of CNY26.7
billion (end-2017: CNY27.8 billion). Yanzhou also had total
undrawn bank credit facilities of CNY46.2 billion as of 1H18.
Fitch expects the company to continue to benefit from strong
access to domestic funding sources due to its large SOE status.
FFO fixed-charge coverage improved to 4.2x in 2017 (2016: 2.3x)
as a result of stronger cash flow from a recovery in coal prices.
=========
I N D I A
=========
AARVEE COLD: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Aarvee Cold
Chain Logistics Private Limited's Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's
website.
The instrument-wise rating actions are:
-- INR90 mil. Term loan due on November 2024 migrated to non-
cooperating category with IND BB (ISSUER NOT COOPERATING)
rating; and
-- INR80 mil. Proposed term loan* migrated to non-cooperating
category with Provisional IND BB (ISSUER NOT COOPERATING)
rating.
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 8, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Aarvee Cold Chain Logistics has a cold chain building in Pune
that has been leased to Coldman Logistics Private Limited.
ADDYA SAKTI: CARE Hikes Rating on INR11cr LT Loan to B
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Addya Sakti Cold Storage Private Limited (ASCS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Bank 11.00 CARE B; Stable Revised
Facilities from CARE B-; Stable
Key Rating Weaknesses
Small size of operations: The scale of operations of the company
remained small marked by total operating income of INR1.42 crore
(INR0.36 crore in FY17) with a PAT of INR0.01 crore (net loss of
INR0.30 crore in FY17) in FY18. However, the total operating
income increased in FY18 vis-a-vis FY17 on the back of increase
in rental income. The networth base of the company improved but
the same remained low at INR0.67 crore as on March 31, 2018 as
against negative networth of INR0.07 crore as on March 31, 2017.
Moreover, the profitability margin remained on the lower side.
PBILDT margin was 15.11% whereas PAT margin was 0.48% as on
March 31, 2018. The company has achieved a turnover of INR2.03
crore during 9MFY19.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by state government
through West Bengal State Marketing Board. Due to ceiling on the
rentals to be charged it is difficult for cold storage units like
ASCS to pass on sudden increase in operating costs leading to
downward pressure on profitability.
Seasonality of business and susceptibility to vagaries of nature:
The cold storage business is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. However, the company will store multi products which
will reduce the aforesaid risk to a certain extent. Moreover,
lower agricultural output may have an adverse impact on the
rental collections as the cold storage units collect rent on the
basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, ASCS provides advances to
farmers. Before the close of the season in November, the farmers
are required to pay their outstanding dues, including repayment
of the loan taken. In view of this, there exists a risk of
delinquency in loans extended to farmers as significant amount of
working capital remained blocked in advances given to the farmers
in case of downward correction in potato or other stored goods
prices as all such goods are agro commodities which may affect
the financial risk profile of the company.
Leveraged capital structure and moderate debt coverage
indicators: The capital structure of the company deteriorated
significantly as on March 31, 2018 due availment of term loan for
modernisation of its cold storage facility and higher utilisation
of working capital limit for supporting its increased scale of
operations. The capital structure remained leveraged marked by
debt equity ratio of 6.46x and overall gearing ratio of 15.04x as
on March 31, 2018. Moreover, the networth base of the company
improved but the same remained low at INR0.67 crore as on
March 31, 2018 as against negative networth of INR0.07 crore as
on March 31, 2017. The debt coverage indicators remained weak
marked by interest coverage of 1.81 and total debt to GCA of
107.80x in FY18. The interest coverage was below unity during
FY17; however, the company has served its debt obligation in
timely manner by infusion of unsecured loans during the year.
Furthermore, the interest coverage ratio improved in FY18 on
account of low interest costs.
Competitive and fragmented nature of Industry: In spite of being
capital intensive, the entry barrier for new cold storage is low,
backed by capital subsidy schemes of the government. As a result,
the potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.
ASCS is mainly into storage of potatoes which is highly
fragmented and competitive in nature due to presence of many
small players with low entry barriers. In such a competitive
scenario smaller companies like ASCS in general are more
vulnerable on account of its limited pricing flexibility.
Key Rating Strengths
Experienced promoters & long track record of operations: ASCS is
into cold storage services since 1979 and thus has long
operational track record. Further, the Key promoter, Mr.Chiranjit
Saha has more than a decade of experience in cold storage
business through his associate concerns, looks after the overall
management of the company supported by other directors.
Proximity to potato growing area: ASCS's storage facility is
located at Hooghly, West Bengal which is one of the major potato
growing regions of the state. The favourable location of the
storage unit, in close proximity to the leading potato growing
areas provides it with a wide catchment and making it suitable
for the farmers in terms of transportation and connectivity.
Incorporated in March 1979, Addya Sakti Cold Storage Private
Limited (ASCS) was initially promoted by the Manna family of West
Bengal. However, since January 2017, the entire management of the
company has been changed and it is currently managed by the Saha
family of West Bengal. Since its inception, the company has been
engaged in providing cold storage services to potato-growing
farmers and traders on a rental basis with a storage capacity of
16500 metric tonnes (MT).The cold-storage unit is located at
Hooghly, West Bengal. Besides providing cold storage facility the
unit also works as a mediator between the farmers and marketers
of potato to facilitate sale of potatoes stored and it also
provides interest bearing advances to farmers for farming of
potatoes.
Liquidity position
The liquidity position of the company was moderate marked by
current ratio of 1.05x as on March 31, 2018. The company has cash
and cash equivalent of INR0.30 crore as on March 31, 2018. The
average utilization of fund based limit was around 85% during
last 12 month ended on December 31, 2018.
BAHARAMPUR MINI: CARE Cuts Rating on INR5.30cr LT Loan to B+
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Baharampur Mini Rice Mill, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.30 CARE B+; Stable; Issuer not
Facilities cooperating; Revised from
CARE BB-; Stable; based on
best available information
Short-term Bank 0.05 CARE A4; Issuer not
Facilities cooperating; based on
best available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Baharampur Mini Rice Mill
to monitor the ratings vide letters/e-mails communications dated
October 12, 2018, October 26, 2018, November 16, 2018 and
January 14, 2019 and numerous phone calls. However, despite
CARE's repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the ratings on the
basis of the publicly available information which however, in
CARE's opinion is not sufficient to arrive at fair ratings. The
ratings on Baharampur Mini Rice Mill 's bank facilities will now
be denoted as CARE B+; Stable/A4; ISSUER NOT COOPERATING.
Users of these rating (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.
The ratings takes into account its partnership nature of
constitution, small scale of operation with low profitability
margin, highly fragmented, competitive and cyclical industry,
volatility in profit margins subject to government regulations
and raw material price fluctuations and working capital intensive
nature of operations. The ratings, however, derive strength from
experienced partners, proximity to paddy growing areas, stable
demand for the product and satisfactory financial risk profile
marked by comfortable overall gearing and satisfactory interest
coverage ratio.
Going forward, the ability of the firm to improve its scale of
operation along with profitability margins and efficient
management of working capital are the key rating sensitivities.
Detailed description of the key rating drivers
At the time of last rating in March 16, 2018 the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Partnership nature of constitution: BMRM, being a partnership
firm, is exposed to inherent risk of partners' capital being
withdrawn at the time of personal contingency. Furthermore,
limited ability to raise capital and poor succession planning may
result in dissolution of the firm.
Small scale of operation with low profitability margin: BMRM is a
small player in rice milling business with total operating income
and PAT of INR29.24 crore and INR0.56 crore, respectively, in
FY17. Furthermore, the total capital employed was also modest at
INR7.46 crore as on March 31, 2017. The small scale restricts the
financial flexibility of the firm in times of stress. During
11MFY18, the firm has achieved total operating income of around
INR30.01 crore. Furthermore, profitability margin has been low
over the years, with PBILDT margin at 3.59% and PAT margin at
1.91% during FY17.
Highly fragmented, competitive and cyclical industry: Bardhaman
and nearby districts of West Bengal has many rice mills. The high
fragmentation and competitive nature of industry due to low entry
barriers and presence of a large number of players in the
organized and unorganized sector puts pressure on the
profitability margins.
Volatility in profit margins subject to government regulations
and raw material price fluctuations: BMRM is into processing and
milling of rice from paddy. The raw material cost forms over 80%
of the total cost during FY17 for the firm. The Government of
India (GoI), every year decides a minimum support price (MSP - to
be paid to paddy growers) for paddy which limits the bargaining
power of rice millers over the farmers. The sale of rice in the
open market is also regulated by the government. Given the market
determined prices for finished product vis-Ö-vis fixed
acquisition cost for raw material, the profitability margins are
highly vulnerable. Such a situation does not augur well for the
firm, especially in times of high paddy cultivation.
Working capital intensive nature of operation: Paddy, the main
raw material for BMRM is available at reasonable prices during
crop season, from October to January. Owing to the seasonality of
rice harvest, the business requires maintaining higher raw
material inventory. Accordingly, the working capital intensity
remains high. Efficient management of working capital requirement
is a key rating sensitivity. Also, paddy cultivation is highly
dependent on monsoon, thus exposing the fate of the firm's
operation to vagaries of nature. The average utilisation during
last 12 months ended December 2018 was 80%.
Key Rating Strengths
Experienced partners: BMRM is currently managed by Mr. Tarun
Haldar, Managing Partner, along with other six partners. All the
partners are having around a decade of experience in similar line
of business.
Proximity to paddy growing areas: BMRM's plant is located at
Bardhaman district of West Bengal, which is in proximity to the
paddy growing areas of the country. Hence, HGAP's presence in the
paddy growing region results in benefits derived from a lower
logistic expenditure (both on transportation and storage), easy
availability and procurement of raw materials at effective
prices.
Stable demand for the product: Rice is one of the major food
grains in India and it is considered as the most widely consumed
staple food grain across the country. Accordingly the demand
prospect of rice is expected to remain stable throughout the year
due to dependence of the majority of Indian population on rice.
Satisfactory financial risk profile marked by comfortable overall
gearing and satisfactory interest coverage ratio: Financial risk
profile of the firm is satisfactory marked by comfortable overall
gearing ratio at 0.90x as on March 31, 2017 and the same has
improved from last financial year on the back of accretion of
profits to capital. This apart, interest coverage ratio has been
satisfactory at 3.32x during FY17. Current ratio was adequate as
on March 31, 2017.
West Bengal based Baharampur Mini Rice Mill (HGAP) was
established in April 2008 as a partnership firm. The firm is in
rice milling business and has installed a production unit at
Purba Bardhaman with a production capacity of 12,600 MTPA. During
recent past, the firm has taken a regular capital expenditure
project to install an additional dryer machine at a cost of
INR0.80 lakh, financed by the promoter's contribution of INR0.50
crore and bank financing of INR0.30 crore. Financial closure for
the term loan has already been achieved. The day-to-day affairs
of the firm are looked after by Mr Tarun Halder (Managing
Partner) along with other six partners and a team of experienced
personnel.
BAJLA MOTORS: CARE Lowers Rating on INR11.75cr LT Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bajla Motors Private Limited(BMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 11.75 CARE B+; Stable; Issuer not
Facilities cooperating; Revised from
CARE BB-; based on best
available information
CARE has been seeking information from BMPL to monitor the rating
vide e-mail communications/letters dated January 8, 2019,
January 10, 2019, January 14, 2019 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The rating on BMPL's bank facilities will now be denoted
as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.
The rating takes into account Limited bargaining power with TML
and dependence on volume momentum, renewal based dealership
agreement, linkage to the fortunes of TML and PVPL, working
capital intensive nature of operation resulting in high overall
gearing, Increasing competition. Moreover, the rating continues
to derive strengths by its long track record and experienced
promoters.
Detailed description of the key rating drivers
At the time of last rating in November 10, 2017 the following
were the rating strengths and weaknesses:
Key Rating Weaknesses:
Limited bargaining power with TML and dependence on volume
momentum: BMPL's automobile dealership model is purely in the
nature of trading wherein profit margins are very thin and
bargaining power over the principal manufacturer is also low.
Renewal based dealership agreement: The dealership agreement with
TML and PVPL is valid for two years. Though the non-renewability
of the same would pose a
risk to the business sustenance of the company, the past track
record on agreement renewability and satisfactory performance of
the company, mitigates the risk related to renewability to an
extent.
Linkage to the fortunes of TML and PVPL: BMPL is an authorized
dealer of TML & PVPL and hence its fortune is linked to the
performance of TML & PVPL products. Any shift in customer
preference and brand equity will negatively impact the
performance of BMPL.
Working capital intensive nature of operation resulting in high
overall gearing: The business of automobile dealership is having
inherent high working capital intensity due to high inventory
holding as the company has to maintain fixed level of inventory
for display and to guard against supply shortages. Accordingly,
the average fund based working capital utilization remained high
at 95% during the last 12 months ended December 31,
2018.
Key Rating Strengths:
Long track record: The company has been in automobile dealership
business since 2001, thus having a track record of more than 18
years.
Experienced promoters: Shri Sanjay Bajla possesses 14 years of
experience in same line of business and looks after the day-to-
day operations of the company. Smt. Ritu Bajla and Shri.
Giridhari Bajla has more than 13 years of experience in the same
line of business.
Bajla Motors Pvt. Ltd. (BMPL) was incorporated in August, 2000 by
Bajla Family of Siliguri, West Bengal and started its commercial
operation from January, 2001. The company is an authorized dealer
of Tata Motors Ltd (TML) for its passenger cars, spares &
accessories for three districts of West Bengal. BMPL has been
associated with TML since 2001 and received the dealership of
Piaggio Vehicles Pvt. Ltd. (PVPL) for light commercial vehicles
in 2006. At present, BMPL offers vehicles of TML & PVPL through
its four showrooms (two in Siliguri , one in Darjeeling and one
in Cooch Behar districts of West Bengal) equipped with 3-S
facilities (Sales, Service and Spare-parts). Apart from this, the
company also purchases and sells pre-owned cars.
Liquidity
The liquidity position of the company remained adequate marked by
current ratio of 1.29x and quick ratio of 0.31x as on March 31,
2015. The cash and bank balance amounting to INR 0.55 crore
remained outstanding as on March 31, 2015. The GCA remained low
at INR 0.46 crore as on March 31, 2015.
BHIMA JEWELLERS: CARE Assigns B+ Rating to INR11cr LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhima
Jewellers (BJ), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of BJ are tempered by
small and fluctuating scale of operations with net and cash
losses incurred for the period under review, financial risk
marked by erosion of net worth and weak debt coverage indicators,
elongated working capital cycle, partnership nature of
constitution which inherent to withdrawal of capital, presence in
a highly competitive and fragmented gems & jewellery (G&J)
industry and susceptibility of operating profitability to
volatile gold prices. The rating, however, derives strength from
reputed brand and experienced promoters in gems and jewellery
industry and increasing demand for gold and other precious
jewellery.
Going forward, ability of the company to increase its sales and
turnaround from loss to profit amidst competition and to improve
its capital structure, debt coverage indicators and manage its
working capital requirements efficiently are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small and fluctuating scale of operations with net and cash
losses incurred for the period under review: The scale of
operations of the firm has been fluctuating for the period under
review due to retail nature of business and competition from
peers in the industry. However, the operations are improved
marginally marked by the total operating income (TOI) of INR
43.80 crore in FY18 as compared to INR 41.64 crore in FY17. The
net worth base has been eroded and stood negative at INR 2.15
crore as on March 31, 2018 on the account of under absorption of
carry forward losses for the period under review. The PBILDT
margin has been fluctuating due to volatility in gold prices. The
PBILDT margin declined from 4.21% in FY17 to 3.12% in FY18 due to
impact of implementation of GST. Further, BJ has registered the
net and losses due to high finance
cost backed by the higher utilization of working capital
facilities.
Financial risk marked by erosion of net worth and weak debt
coverage indicators: The net worth of the company has eroded as a
result of accumulation losses in the preceding years due to due
to low profitability along with high finance charges. BJ has
working capital facility of INR 10.00 crore to manage day-to-day
operations. Further, the debt coverage indicators such as
interest coverage stood weak at 0.88x in FY18. The total debt to
cash flow from operations improved and stood at 2.83x as on March
31, 2018 as compared to 27.42x as on March 31, 2017 due to
improvement in the changes in the working capital (i.e., decline
in the inventory level and short term borrowings).
Elongated working capital cycle: The firm has elongated working
capital cycle due to high average inventory holding period on the
account of retail nature of business wherein stock of jewelry is
required to be kept for display. Hence, the average inventory
period stood at 89 days in FY18. Further, the firm avails the
credit period of 15 to 20 days from its suppliers and receives
the cash from its customers. The average working capital
utilization of the firm stood at 95% for the last 12 months
ending October 31, 2018.
Partnership nature of constitution which inherent to withdrawal
of capital: BJ's constitution as a partnership concern with low
net worth base restricts its overall financial flexibility in
terms of limited access to external funds for any future
expansion plans. At the same time, there is inherent risk of
withdrawal of capital and dissolution of the firm in case of
death/insolvency of partner.
Presence in a highly competitive and fragmented Gems & Jewellery
(G&J) industry: The gems & Jewellery industry is highly
unorganized with organized market accounting for a mere 5-6% of
the jewelry retail market. This is because of the buyers'
preference for their neighborhood goldsmith. Even the
standardization of designs is not possible due to varying local
tastes. Presence of large number of small and big players in the
retail jewelry market leads to pressure on profitability.
Susceptibility of operating profitability to volatile gold
prices: Gold prices have exhibited sharp volatility depending up
on the demand & supply scenario and volatility in the foreign
currency exchange rates. Supply of gold is also being
continuously regulated by the Government of India (GOI) and
Reserve Bank of India (RBI) interventions. The volatility in the
gold prices and the regulatory controls has an impact on the
margins of players in the gems & jewellery industry. The changes
in the gold prices could also impact the profitability to the
extent of KGP's inventory holding which is very long.
Key Rating Strengths
Reputed brand and experienced promoters in gems and jewellery
industry: The Bhima group is engaged jewellery trading business
since 1925. The five sons of Mr. Bhima Bhatter, administer the
different entities separately under the same brand name "Bhima"
in South India. Mr. B Girirajan, the Managing Partner of Bhima
Jewellers, who has more than five decades of business experience
in trading of jewellery and he was the former president of the
All Kerala Gold and Silver Merchants Association.
Increasing demand for gold and other precious jewellery: Retail
jewellery segment in the country is expected to improve its scale
of operations on back of regulatory headwinds fading out and
continued favourable demographics. Margins of retail players are
expected to see improvement over medium term with availability of
gold metal loans and increase in share of higher margins diamond
and precious stone studded jewellery. Overall domestic gems &
jewellery demand would see a growth of 9% - 11% in volume terms
over a medium term. Supply of rough diamonds is expected to
continue to remain tight going ahead which would push up the
rough diamond prices.
Liquidity Analysis
The current ratio of less than unity as on March 31, 2018 due to
relatively high current liabilities and utilization of working
capital borrowings. The firm has cash and cash equivalents of INR
0.04 crore and closing stock of INR 9.14 crore as on March 31,
2018.
Wayand (Kerala) based Bhima Jewellery (BJ) was established in
2011 as a Partnership firm by Mr. B Girirajan, Mr. G Balachandra
Kiran, Ms. G Vanamala, Ms. G Anupama and Ms. G Swetha Bhattar.
The firm is part of Bhima Group, which was started by Mr. Bhima
Bhatter in 1925 which is one of the leading family-run businesses
in South India. The firm is engaged in retail trading of gold and
silver ornaments, other precious jewellery. BJ has one retail
store in Sultan Bathery, Kerala. The firm procures ornaments from
local vendors. The firm gets 80% of revenue by sale of gold
ornaments and 20% by sale of silver and diamond ornaments. Mr. B
Girirajan, the Managing Partner looks after day-to-day
operations.
DHIRENDRA NARAYAN: CARE Reaffirms B+ Rating on INR9.29cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Dhirendra Narayan Cold Storage Private Limited (DNCS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.29 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 0.20 CARE A4
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of DNCS are
constrained by its small scale of operation, regulated nature of
industry, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
moderate capital structure with moderate debt coverage indicators
and competition from other local players. However, the aforesaid
constraints are partially offset by its experienced promotors
with long track record of operations, satisfactory profitability
margins and proximity to potato growing area.
Going forward, ability to increase its scale of operation,
improve profitability margins and ability to manage working
capital effectively would remain as the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters with long track record of operations: The
promoters of the company are having more than two decades of
experience in the cold storage business and they look after the
overall management of the company. Furthermore, DNCS commenced
commercial operation since 1971 and accordingly has a long track
record of operations.
Satisfactory profitability margins: The profitability margins of
the company were satisfactory marked by PBILDT and PAT margins of
16.09% (22.60% in FY17) and 3.78% (3.04% in FY17) respectively in
FY18.
Proximity to potato growing area: DNCS is located in the potato
growing belt of the Hooghly district of West Bengal, having a
large network of potato growers along with potato traders,
thereby making it suitable for the farmers and traders in terms
of transportation and connectivity and ensures company's higher
level of capacity utilization.
Key Rating Weaknesses
Small scale of operation: DNCS is a small player in the cold
storage industry marked by total operating income of INR2.79
crore (INR2.92 crore in FY17) with a PAT of INR0.11 crore
(INR0.09 crore in FY17) in FY18. Moreover, the net worth base of
the company was low at INR0.46 crore as on March 31, 2018. During
9MFY19, the company has booked revenue of around INR2.66 crore.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.
Seasonality of business with susceptibility to vagaries of
nature: DNCS's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, DNCS provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities.
Leveraged capital structure with weak debt coverage indicators:
The capital structure of the company remained leverage marked by
long term debt-equity ratio of 1.72x (0.06x as on March 31, 2017)
and overall gearing ratio of 14.15x(2.34x as on March 31, 2017),
as on March 31, 2018. Furthermore, the leverage ratios were
deteriorated as on March 31, 2018 mainly on account of higher
utilization of working capital limit and availament of term loan
in FY18. The debt coverage indicators also remained weak marked
by total debt to GCA of 27.18x in FY18. The interest coverage
ratio was satisfactory at 2.63x in FY18.
Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.
Dhirendra Narayan Cold Storage Private Limited (DNCS) was
incorporated in 1971 to set up a cold storage facility. Since its
inception, the company has been engaged in the business of
providing cold storage facility primarily for potatoes to farmers
and traders. Besides providing cold storage facility, the company
also provides interest bearing advances to farmers for their
agricultural activities against the receipts of potato stored.
The cold storage facility of the company is located in Hooghly
district of West Bengal with a storage capacity of 20,800 metric
tons.
The promoters of the company are having more than two decades of
experience in the cold storage business and they look after the
overall management of the company and they are further supported
by a team of experienced professionals.
Liquidity
The liquidity position of the company remained moderate marked by
current ratio and quick ratios both are of 0.97x as on March 31,
2018. The cash and bank balance amounting to INR0.05 crore
remained outstanding as on March 31, 2018. The Gross cash
accruals also remained at INR0.24 crore in FY18.
ESSAR STEEL: NCLT to Decide on Insolvency Case by Feb. 11
---------------------------------------------------------
Livemint.com reports that the National Company Law Appellate
Tribunal (NCLAT) on Feb. 4 directed the Ahmedabad bench of the
National Company Law Tribunal (NCLT) to decide on the insolvency
plea filed against Essar Steel (India) Ltd. by February 11.
A two-member NCLAT bench headed by its chairperson Justice S.J.
Mukhopadhaya said only after the matter had been heard at NCLT,
Ahmedabad, would the appellate tribunal hear it on February 12
Livemint.com relates.
According to Livemint.com, the NCLAT's directive was issued while
it was hearing a petition filed by the committee of creditors
(CoC) of Essar Steel, through State Bank of India, against
resolution professional Satish Kumar Gupta and others.
Livemint.com says the appellate tribunal also asked the
operational creditors to choose one representative as the bench
will not be hear all of them individually.
Last week, the Ahmedabad bankruptcy court had turned down the bid
by Essar Steel Asia Holdings Ltd (ESAHL) to regain control over
the debt-laden Essar Steel, which came as a major setback to the
promoter Ruia family, Livemint.com recounts.
Livemint.com says the Ruias have been seeking withdrawal of the
petition under Section 12A of the Insolvency and Bankruptcy Code
(IBC) that allows it subject to approval by 90% of the creditors
and the NCLT. Their offer was made on a day when more than 92% of
creditors to Essar Steel voted in favour of handing over the
company to ArcelorMittal Netherlands BV.
The Ruia family backed ESAHL holds 72% of shares in Essar Steel.
The NCLT decision paves the way for ArcelorMittal to move closer
to its plans for acquiring Essar Steel, Livemint.com notes.
On January 3, the NCLAT had directed the Ahmedabad bench of the
NCLT to expedite the insolvency case filed against Essar Steel,
Livemint.com says.
According to Livemint.com, the financial creditors had voted in
favour of the resolution plan of ArcelorMittal on October 25.
Essar Steel shareholders then proposed to pay all its lenders,
including operational lenders, in full.
ArcelorMittal's resolution plan envisages an upfront payment of
INR42,000 crore to lenders and an additional INR8,000 crore
towards capital expenditure, the report discloses.
Later, Standard Chartered Bank also approached the bankruptcy
court challenging the resolution plan approved by the majority of
the financial lenders. Standard Chartered, which has more than
7.5% weight in the voting process, voted against ArcelorMittal's
resolution plan, Livemint.com states.
About Essar Steel
Incorporated in 1976, Essar Steel India Ltd. is a part of the
Essar Group and is having 10 MTPA integrated steel manufacturing
facilities at Hazira, Gujarat and iron ore beneficiation and
pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag,
Andhra Pradesh (8 mtpa). The company also owns and operates two
iron ore slurry pipelines -- one each in Odisha (Dabuna to
Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the
iron ore slurry from the beneficiation plant (located near the
iron ore mines in Dabuna and Kirandul) to the pellet plant
(located near the Paradip and Vizag ports). A large portion of
the iron ore pellets produced are intended for captive
consumption by ESIL's steel plant at Hazira for cost
optimization.
The National Company Law Tribunal (NCLT) - Ahmedabad Bench
admitted Essar Steel's insolvency case on Aug. 2, 2017.
Satish Kumar Gupta of Alvarez and Marsal India has been appointed
as interim resolution professional upon the suggestion of State
Bank of India (SBI).
Essar Steel owes more than INR45,000 crore to lenders, of which
INR31,671 crore had already been declared as non-performing as of
March 31, 2016, The Economic Times disclosed. The SBI-led
consortium of 22 creditors accounts for 93% of this amount. Essar
Steel owes $450.67 million to Standard Chartered Bank (SCB).
GUNA POULTRY: CARE Assigns 'B+' Rating to INR10cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Guna
Poultry Feeds (GPF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.00 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of GPF are tempered by
small scale of operations with low networth base, declining
PBILDT margin and thin PAT margin during the review period, weak
debt coverage indicators, working capital intensive nature of
business, highly fragmented industry with intense competition
from large number of players risk and constitution of the entity
as proprietor firm with inherent risk of withdrawal of capital.
The ratings, however, derives strength from long track record and
experience of the proprietor for more than one decade in poultry
feeds manufacturing segment, growth in total operating income
during the review period, comfortable capital structure as on
March 31, 2018 and stable outlook of Poultry feed industry. Going
forward, ability of the company to increase its scale of
operations and improve profitability margins in competitive
environment, manage working capital requirements efficiently and
improve its debt coverage indicators would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with low networth base: The firm has a
track record of sixteen years, however, the total operating
income (TOI) of the firm remained low at INR27.85 crore in FY18
with a low net worth base of INR1.23 crore as on March 31, 2018
as compared to other peers in the industry.
Declining PBILDT margin and thin PAT margin during the review
period: The PBILDT margin of the firm was seen declining during
the review period. The PBILDT margin of the firm has decreased
from 3.16% in FY16 to 1.59% in FY18 due to increase in raw
material expenses and other expenses (plant maintenance and
employee cost) associated with increased production. The PAT
margin of the firm has decreased from 0.16% in FY16 to 0.10% in
FY17 due to decrease in PBILDT levels. However, it increased to
0.22% in FY18 due to decline in interest cost on the back of
lower utilization of working capital limits.
Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak during the review period. The total
debt/GCA has improved from 128.27x in FY16 to 114.11x in FY18 due
to increase in gross cash accruals (GCA) levels. However, the
total debt/GCA stood at zero as on March 31, 2018 owing to
closure of working capital limits. The PBILDT interest coverage
ratio improved marginally from 1.06x in FY16 to 1.21x in FY18 due
to decline in interest cost on the back of lower utilization of
working capital limits.
Working capital intensive nature of operations: The operating
cycle of the company improved from 81 days in FY16 to 19 days in
FY18 due to decrease in inventory period and collection period.
The firm maintains 1-2 months inventory in order to meet the
demand of the market. The firm receives payment in respect of
poultry feeds within 1-7 days from the date of invoice. The firm
sells eggs to local traders on cash basis. The firm makes payment
to its creditors within 1-60 days depending on the relationship
with the supplier. The average utilization of CC facility was 90%
for the last 4 months ended November 30, 2018.
Liquidity analysis: The current ratio of the company stood at
0.95x as on March 31, 2018 mainly on account of high payables on
the closing date of March 31, 2018. The cash balances stood at
0.05 crore as on March 31, 2018. The company did not have any
current investments as on March 31, 2018. The unutilized working
capital limits stood at 10% as on December 19, 2018.
Highly fragmented industry with intense competition from large
number of players: The firm is engaged in manufacturing of
poultry feeds which is highly fragmented industry due to presence
of large number of organized and unorganized players in the
industry resulting in huge competition.
Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital: The sole proprietor typically
makes all the decisions and runs the entire business operation.
If he becomes ill or disabled, there may be nobody else who can
step in and keep the business going. Running a business single-
handedly can also pose a risk due to heavy burden. Constitution
as a proprietorship has the inherent risk of possibility of
withdrawal of the capital at the time of personal contingency,
which can adversely affect its capital structure. The proprietor
has infused capital to the tune of INR0.99 crore FY18.
Key Rating Strengths
Long track record and experience of the proprietor for more than
one decade in poultry feeds manufacturing segment: Guna Poultry
Feeds (GPF) was established in the year 2002 as proprietorship
firm by Mrs. R.Gunavathi. She has around 16 years of experience
in poultry feeds business. The business operations of the firm
are actively managed by the proprietor who is also supported by
Mr. Rajamanickam (Spouse of Mrs. R.Gunavathi). Mr. Rajamanickam
has more than four decades of experience in poultry business. Due
to long term presence in the market, the firm has good
relationship with the customers and suppliers.
Growth in total operating income during the review period. The
total operating income of the firm increased y-o-y at a CAGR of
43.47% from INR13.53 crore in FY16 to INR27.85 crore in FY18 on
account of increase in demand for poultry feeds from the
associate concern (RPF) and local poultry farms. With an increase
in the number of birds reared by RPF, the feed requirement also
increased. Hence the operating income of GPF was also seen
increasing. Furthermore, the firm achieved a total operating
income of INR21.29 crore in 8MFY19 (Prov.).
Comfortable capital structure as on March 31, 2018: The capital
structure of the firm stood comfortable as on March 31, 2018. The
overall gearing ratio has improved from 19.22x as on March 31,
2016 to 16.59x as on March 31, 2017 due to increase in networth
on the back of accretion of profits. However, owing to closure of
working capital limits in March 2018, the overall gearing ratio
stood at zero as on March 31, 2018
Stable outlook of Poultry feed industry: The global poultry feed
market was estimated at USD 3,161.14 million in 2017. The
industry is expected to register a CAGR of over 3.91% over the
forecast period. Demand for poultry feed in India has been
increasing consistently over the last five years on account of
rising population, growing demand for healthy poultry products
such as broiler meat and surging demand for compound poultry feed
poultry products in India is being witnessed on account of
increasing poultry population, and this is further anticipated to
drive growth in India poultry feed market in the coming years.
Increasing per capita income, expansion of domestic and
international quick service restaurants in India, along with
growing demand for quality poultry products have significantly
contributed to the rising demand for poultry feed in India.
Guna Poultry Feeds (GPF) was established in the year 2002 as
proprietorship firm by Mrs. R. Gunavathi. The firm is engaged in
manufacturing of poultry feed with an installed capacity of 40
tons per day at Rajagoundanur, Namakkal, Tamil Nadu. The firm is
also engaged in trading of eggs. The firm purchases major raw
materials (Maize, Soya) from the local dealers in and around
Namakkal. The firm sells the poultry feeds to its associate
concern Rajamanickam Poultry Farm (RPF) (75% of total poultry
feed sales) and other local poultry farms (25% of total poultry
feed sales). The firm purchases eggs from RPF and sells them to
local traders.
JET AIRWAYS: Loan Restructuring to be Under Sashakt Scheme
----------------------------------------------------------
The Economic Times reports that lenders of the cash strapped Jet
Airways will restructure loans given to the airline under the
'Sashakt' scheme, State Bank of India (SBI) Chairman Rajnish
Kumar said on Feb. 1.
Speaking at a concall after the third quarter earnings results on
Feb. 1, Kumar said the debt recast proposal would go to the
screening panel of Indian Banks' Association (IBA), ET relates.
Recently, Jet Airways has been in a tight spot financially as a
rescue plan is said to be stitched between its partner Etihad and
a consortium of banks, the report says.
According to the report, the airline has a loan burden of over
INR8,000 crore and it could see some of that amount being
converted into equity by the banks.
In a stock exchange filing on January 28, Jet Airways said an
Extraordinary General Meeting (EGM) of the company would be held
on February 21.
It said a special resolution would be put forth at the EGM to
consider and "to approve conversion of loan into shares or
convertible instruments or other securities," ET relays.
About Jet Airways
Based in Mumbai, India, Jet Airways (India) Limited --
https://www.jetairways.com/EN/PH/Home.aspx -- provides passenger
and cargo air transportation services. It operates through two
segments, Air Transportation and Leasing of Aircraft. The company
also leases aircrafts. It operates flights to 64 destinations in
India and international countries, including Abu Dhabi,
Amsterdam, Bahrain, Bangkok, Colombo, Dammam, Dhaka, Doha, Dubai,
Hong Kong, Jeddah, Kathmandu, Kuwait, London Heathrow, Muscat,
Paris, Riyadh, Sharjah, Singapore, and Toronto. As of August 31,
2017, the company had a fleet of 113 aircraft, which includes a
mix of Boeing 777-300 ERs, Airbus A330-200/300 aircraft, Next
Generation Boeing 737s, and ATR 72-500/600s.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 28, 2018, ICRA revised the ratings on certain bank
facilities of Jet Airways (India) Limited to [ICRA]C from
[ICRA]B. The rating downgrade considers delays in the
implementation of the proposed liquidity initiatives by the
management, further aggravating its liquidity, as reflected in
the delays in employee salary payments and lease rental payments
to the aircraft lessors. Moreover, the company has large debt
repayments due over the next four months (December-March) of
FY2019 (INR1,700 crore), FY2020 (INR2,444.5 crore) and FY2021
(INR2,167.9 crore). The company is undertaking various liquidity
initiatives, which includes, among others, equity infusion and a
stake sale in Jet Privilege Private Limited (JPPL), and the
timely implementation of these initiatives is a key rating
sensitivity. Moreover, the company continues to witness a stress
in its operating and financial performance.
KALYANI CONSTRUCTION: CARE Assigns 'B' Rating to INR6.05cr Loan
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Kalyani Construction, as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.05 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Kalyani
Construction is primarily constrained by the proprietorship
nature of constitution; small scale of operations, project
saleability risk, low booking status, risk associated with
geographical concentration, competition from similar type of
projects in the adjoining areas and leveraged capital structure
with weak debt coverage indicators. However, the aforesaid
constraints are partially offset by its long track record of
operation with experienced proprietor and favorable project
location and satisfactory profitability margins. The ability of
the firm to complete the on-going project as per schedule without
any major cost overrun, sale out its current real estate project,
increase its scale of operations and profitability margins will
be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Long track record of operation with experienced proprietor and
favourable project location: Kalyani Construction is into real
estate sector since April 2001 and thus has long track record of
operations. Since, its inception the entity has been engaged in
real estate business. Mr. Kajal Ghosh aged about 47 years who has
around 18 years of experience in real estate business looking
after the day to day operation of the entity. He is further
supported by the experienced professionals. Furthermore, Kolkata
is on the fast track of development being the commercial city of
the state of West Bengal. Large scale influx of professionals in
the wake of rapid establishment of corporate projects and
branches in West Bengal has added the necessary impetus to the
growth of real estate. While the major growth has been marked in
the housing sector, investments in commercial property have far
exceeded even that of the housing sector. This has resulted in
surge in the population of the city thereby creating high demand
for residential properties. Furthermore, with upgrading lifestyle
and growing middle class, there is a strong demand for new
apartments and bungalows with modern facilities for residential
purpose.
Satisfactory profitability margins: The profitability margins of
the entity remained satisfactory in FY18. However, the operating
margin declined in FY18 owing to higher increase in cost of
operations but the same remained satisfactory at 42.65% in FY18.
Moreover, the PAT margin declined significantly in FY18 mainly on
account of higher interest charged and the same has remained
satisfactory at 6.54% in FY18.
Key Rating Weaknesses
Proprietorship nature of constitution: Kalyani Construction,
being a proprietorship entity, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and entity being dissolved upon the
death/retirement/insolvency of the proprietor. Furthermore,
proprietorship entity has restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.
Small scale of operation: Kalyani Construction is a small player
vis-a-vis other players in the domestic real estate industry
marked by total income of INR2.80 crore (Rs.0.30 crore in FY17)
with a PAT of INR0.18 crore (INR0.05 crore in FY17) in FY18.
However, the total operating income has witnessed a growth of
about 833.33% on account of timely completion of projects as well
as higher demand of residential and commercial projects in
Barackpore and Kolkata area. Moreover, the total net worth of the
entity was INR1.20 crore as on March 31, 2018. The entity has
reported revenue of INR5.00 crore in 7MFY19.
Project saleability risk: The entity is developing two projects
namely Ghosh para project and masjid more project with an
aggregate project cost of INR22.49 crore and INR7.53 crore,
respectively. The total saleable area of the same is 80000 square
feet for Ghosh Para project and 29000 square feet for Masjid More
project. The Ghosh para project is to be funded by term loan of
INR6.96 crore, customer advance of INR4.69 crore and promoters'
contribution of INR10.84 crore. Masjid more project is to be
funded by term loan of INR4.35 crore, customer advance of INR1.62
crore and promoters' contribution of INR1.56 crore. The entity
has spent around INR20.56 crore and INR4.68 crore in Ghosh para
project and Masjid more project, respectively. Since the project
is into initial stage of operations, the entity is exposed to the
execution risk for the projects under development. Furthermore,
considering rising commodity prices and labour shortage along
with subdued economic scenario, risk related to the timely
construction of the balance projects cannot be ignored. The
project is located in prime location of Barrackpore in West
Bengal. The entity has already sold 7653 square feet and given
17263 square feet on lease rent to Reliance Corporate IT Park of
Ghosh para project out of 80000 square feet.
Low booking status: The entity has low booking status. The entity
has sold 7653 square feet and given on lease 17263 square feet
only out of 80000 square feet of Ghosh para project and there is
no pre booking in the Masjid more project as on November 15,
2018.
Risk associated with geographical concentration: The entity's
operations are restricted in the state of West Bengal only
indicating high geographical concentration risk. Being confined
only in the state of West Bengal, Kalyani Construction remains
exposed to the risk associated with slowdown in the real estate
market in the region resulting from demand supply mismatch. In
recent times, many new real estate projects have been launched in
the state, by organized and unorganized players due to the surge
in property prices coupled with low entry barriers which has led
to high competition in real estate market.
Competition from similar type of projects in the adjoining areas:
Real estate, while being one of the largest sectors of the
economy, is regional and fragmented in nature. In recent times,
many new real estate projects have been launched in West Bengal,
by organized and unorganized players due to the surge in property
prices coupled with low entry barriers which has led to high
competition in real estate market.
Leveraged capital structure with weak debt coverage indicators:
Capital structure of the entity remained leveraged as marked by
long term debt-equity of 13.91x (9.96x as on March 31, 2017) and
overall gearing ratio of 13.91x (9.94x as on March 31, 2017)
respectively, as on March 31, 2018. Moreover, the debt coverage
indicators remained weak as marked by total debt to GCA ratio of
64.19x (62.64x in FY17) in FY18. Furthermore, interest coverage
ratio remained moderate at 1.28x (1.18x in FY17) in FY18.
Kalyani Construction was established on April, 2001 as a
proprietorship entity and it is being managed by Mr. Kajal Ghosh.
Since its incorporation, the entity has been engaged in
development of commercial and residential real estate projects.
In past, the entity has developed various real estate projects in
Barrackpore, Kolkata namely, Anima Apartment, Tanuka Apartment,
Srish Apartment, Anandadham, Kalyani Apartment, Khan Mansion,
Upasana Apartment, Baishakhi Apartment, Amrabati Apartment,
Swadesh Kunj, Addama Bhavan. Currently, the entity is developing
two residential and commercial projects namely Ghosh para project
and Masjid more project both with an aggregate project cost of
INR22.49 crore and INR7.53 crore, respectively. Total saleable
area is 0.80 lakh square feet for Ghosh para project and 0.29
lakh square feet for Masjid more project. The project is located
in prime location of Barrackpore in West Bengal. The total
project cost for Ghosh para project of INR22.49 crore is to be
funded by term loan of INR6.96 crore, customer advance of INR4.69
crore and promoters' contribution of INR10.84 crore. The
financial closure for the debt portion of the project has already
been achieved and the entity has already spent around INR20.56
crore till September 30, 2018 funded though term loan of INR5.09
crore, customer advance of INR4.63 crore and promoters'
contribution of INR10.84 crore. The said project is estimated to
be completed by March 2019. Furthermore, the total project cost
for Masjid more project of INR7.53 crore is estimated to be
funded through term loan of INR4.35 crore, customer advance of
INR1.62 crore and promoters' contribution of INR1.56 crore. The
financial closure for the debt portion of the project has already
been achieved; however, the loan amount is expected to be
disbursed in phased manner. The entity has already spent around
INR4.68 crore till September 30, 2018 funded though term loan of
INR2.70 crore, customer advance of INR0.42 crore and promoters'
contribution of INR1.56 crore. The said project is estimated to
be completed by March 2021. The promoter (Mr. Kajal Ghosh) has
satisfactory business experience of around 18 years in real
estate industry.
LUHIT TEA: CARE Migrates B+ Rating to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Luhit
Tea Company Private Limited (LTC) to Issuer Not Cooperating
category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 17.90 CARE B+; Stable; Issuer not
Facilities cooperating; based on best
available information
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from LTC to monitor the rating
vide letters/e-mails communications dated October 4, 2018,
October 22, 2018, November 09, 2018 and numerous phone calls.
However, despite CARE's repeated requests, the entity has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the
ratings on the basis of the publicly available information, which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on company's bank facilities will now be
denoted as CARE B+; Stable; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating take into account constitution as a, susceptible to
vagaries of the nature, volatility in tea prices, high
competition. The rating, however, continues to draw comfort from
long & established track record and experience management.
Detailed description of the key rating drivers
Key Rating Strengths
Long & established track record: LTC has been engaged in
processing and sale of tea since 1997. Over the years, LTC has
been able to grow over the years by constantly increasing the
quality of manufactured tea.
Experienced management
Mr. Hiralal Somani, Mr. Manoj Somani and Mr. Binod Somani are the
directors of LTC and looks after overall management of the
company. Mr. Hiralal Somani having around five decades of
experience in the tea industry and are ably supported by other
director Mr. Manoj Somani and Mr. Binod Somani along with the
team of experienced professionals who have rich experience in the
same line of business.
Key Rating Weaknesses
Susceptibility to vagaries of nature: Tea production, besides
being cyclical, is susceptible to vagaries of nature. LTC has its
manufacturing facilities in Golaghat district of Assam, the
largest tea producing state in India. However, the region has
sometimes witnessed erratic weather conditions in the past.
Though demand for tea is expected to have a stable growth rate,
supply can vary depending on climatic conditions in the major tea
growing areas. Therefore adverse natural events have negative
bearing on the productivity of tea gardens in the region and
accordingly LTC is exposed to vagaries of nature.
Volatility in tea price: The prices of tea are linked to the
auctioned prices, which in turn, are linked to prices of tea in
the international market. Hence, significant price movement in
the international tea market affects LTC's profitability margins.
Further, tea prices fluctuate widely with demand-supply
imbalances arising out of both domestic and international
scenarios. Tea is perishable product and demand is relatively
price inelastic, as it caters to all segments of the society.
While demand has a strong growth rate, supply can vary depending
on climatic conditions in the major tea growing countries. Unlike
other commodities, tea price cycles have no linkage with the
general economic cycles, but with agro-climatic conditions.
High competition: While the tea industry is an organised agro-
industry, it is highly fragmented in India with presence of many
small, midsized and large players. There are about 1000 of tea
brands in India, of which 90% of the brands are represented by
regional players while the balance of the 10% is dominated by big
corporate houses. Since, LTC sells all its produce through
auctions and doesn't have any brand; in addition to that growing
shift from loose to branded tea, would further intense the
competition.
Luhit Tea Company Private Limited (LTC) was incorporated in
August, 1997 by Assam based Somani family. Since its
incorporation the company is engaged in the business of
processing of black tea at Dhulia Gaon, Golaghat, Assam. The
company sells tea in auction and through brokers. The company is
currently engaged in blending of tea in its existing location.
Mr. Hiralal Somani having around five decades of experience in
the tea industry looks after the day to day operations of the
company. He is supported by other director Mr. Manoj Somani and
Mr. Binod Somani and a team of experienced professionals.
Liquidity
The liquidity position of the company remained moderate marked by
current ratio and quick ratios of 0.85x and 0.76x, respectively,
as on March 31, 2017. The cash and bank balance amounting to
INR0.32 crore remained outstanding as on March 31, 2017. The
Gross cash accruals also remained at INR1.70 crore in FY17.
MAA BAMESWARI: CARE Reaffirms B+ Rating on INR8.21cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Maa Bameswari Cold Storage Private Limited (MBCS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank
Facilities 8.21 CARE B+; Stable Reaffirmed
Short Term Bank
Facilities 0.25 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of MBCS are
constrained by its small scale of operation, regulated nature of
business, seasonality of business with susceptibility to vagaries
of nature, risk of delinquency in loans extended to farmers,
leveraged capital structure with moderate debt coverage
indicators, competition from other local players. However, the
aforesaid constraints are partially offset by its experienced
promoters with long track record of operations, satisfactory
profitability margins and proximity to potato growing area.
Going forward, the ability of the company to increase its scale
of operations, improve profitability margins and manage working
capital effectively will be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations: MBCS is a small player in the cold
storage industry marked by total operating income of INR2.70
crore (INR2.91 crore in FY17) with a PAT of INR0.09 crore
(INR0.03 crore in FY17) in FY18. Moreover, the net worth base and
total capital employed was low at INR1.28 crore and INR8.11
crore, respectively, as on March 31, 2018. During 9MFY18, the
company has booked turnover of around INR2.40 crore as maintained
by the management.
Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.
Seasonality of business with susceptibility to vagaries of
nature: MBCS's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in
February. The loading of potatoes in cold storages begins by the
end of February and lasts till March. Additionally, with potatoes
having a perceivable life of around eight months in the cold
storage, farmers liquidate their stock from the cold storage by
end of season i.e., generally in the month of November. The unit
remains non-operational during the period from December to
January. Furthermore, lower agricultural output may have an
adverse impact on the rental collections as the cold storage
units collect rent on the basis of quantity stored and the
production of potato is highly dependent on vagaries of nature.
Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, MBCS provides interest bearing
advances to the farmers & traders. Before the closure of the
season in November, the farmers & traders are required to clear
their outstanding dues with the interest. In view of this, there
exists a risk of delinquency in loans extended, in case of
downward correction in potato or other stored goods prices, as
all such goods are agro commodities. Leveraged capital structure
with moderate debt coverage indicators The capital structure of
the company remained leveraged with overall gearing ratio of
5.33x (FY17: 1.07x) and debt equity ratio of 1.39x (FY17: 0.54x)
as on March 31, 2018. Further the debt coverage indicators
remained moderate marked by interest coverage of 2.32x (FY17:
1.71x) and total debt to GCA of 15.77x (FY17: 5.04x) in FY18.
Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed
by capital subsidy schemes of the government. As a result, the
potato storage business in the region has become competitive,
forcing cold storage owners to lure farmers by providing them
interest bearing advances against stored potatoes which augments
the business risk profile of the companies involved in the trade.
Key Rating Strengths
Experienced promoters with long track record of operations: The
promoters of the company are having more than two decades of
experience in the cold storage business and they look after the
overall management of the company and they are further supported
by a team of experienced professionals. Furthermore, MBCS
commenced commercial operation since 2004 and accordingly has a
long track record of operations.
Satisfactory profitability margins: The PBILDT margin declined
during FY18 over FY17 and remained at 29.59% during FY18.
Furthermore, the PAT margin improved during FY18 over FY17 and
remained at 3.44% during FY18 mainly on account of slight
decrease in operating expenses.
Proximity to potato growing area: MBCS is located in the potato
growing belt of the Hooghly district of West Bengal, having a
large network of potato growers along with potato traders,
thereby making it suitable for the farmers and traders in terms
of transportation and connectivity and ensures company's higher
level of capacity utilization
Maa Bameswari Cold Storage Private Limited (MBCS) was
incorporated in 2004 to set up a cold storage facility with a
storage capacity of 19,300 metric tonnes in Hooghly district of
West Bengal. Since its inception, the company has been engaged in
the business of providing cold storage services primarily for
potatoes to farmers and traders. Besides providing cold storage
facility, the company also provides interest bearing advances to
farmers for their agricultural activities against the receipts of
potato stored. The promoters of the company are having more than
two decades of experience in the cold storage business and they
look after the overall management of the company and they are
further supported by a team of experienced professionals.
Liquidity
The liquidity position of the entity remained moderately weak
marked by the cash and bank balance at INR0.16 crore and
current ratio of 0.98x as on March 31, 2018. The Gross cash
accrual was INR0.43 crore in FY18.
MELLCON ENGINEERS: CARE Reaffirms B+ Rating on INR4cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mellcon Engineers Private Limited (MEPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 4.00 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 2.50 CARE A4 Reaffirmed
Detailed Rationale and key rating drivers
The ratings of MEPL continue to remain constrained by small and
fluctuating scale of operations with low net worth base, low PAT
margin, leveraged capital structure and weak coverage & liquidity
indicators. The ratings are further by working capital intensive
nature of operations, business risk associated with tender based
orders and competitive nature of industry. The ratings continue
to draw comfort from experienced directors.
The ability of MEPL to profitably increase its scale of
operations while improving the net profitability and capital
structure along with efficient management of working capital
requirements shall be the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small and fluctuating scale of operations coupled with low net
worth: The scale of operations has remained small marked by total
operating income of INR7.76 crore and gross cash accruals of
INR0.24 crore during FY18 (FY refers to the period April 1 to
March 31). Further, the net worth base of the company stood small
at INR2.94 crore as on March 31, 2018. The small scale limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.
Low PAT margin, Leveraged capital structure and weak coverage
indicators: The profitability margins of the company marked by
PBILDT margin stood moderate though fluctuating for the past
three financial years (FY16-FY18) mainly on account of customized
product manufactured having varied profitability margin. However,
PAT margin continued to remain low at 0.20% in FY18 on account
high finance and depreciation cost. The capital structure stood
leveraged marked by overall gearing of above 2x for the past
three balance sheet dates mainly on account of high reliance on
external borrowings to meet working capital requirements against
low net worth base. Overall gearing stood at 2.72x as on
March 31, 2018 as against 2.31x as on March 31, 2017 on account
of higher utilization of working capital limits as on balance
sheet date. Further, owing to high finance cost due to high debt
levels, the debt service coverage indicators remained weak marked
by interest coverage and total debt to GCA of 1.51x and 32.82x
for FY18.
Working capital intensive nature of operations: The operations of
MEPL are working capital intensive marked by an average operating
cycle of 341 days in FY18 mainly on account of high collection
and inventory holding period. The realization generally takes 5-6
months owing to lengthy clearance process attributable to quality
inspections at different levels coupled with procedural delays
relating to billing and its collection. Subsequently, it also led
to inventory as finished goods for around a month. Besides this,
the company mainly maintains inventory for smooth functioning of
its manufacturing process. Also, the company has work in progress
inventory owing to lengthy manufacturing process as manufacturing
period varies up to 8 months depends upon nature of product
manufactured. The same resulted into high average inventory
holding period of 242 days for FY18. The company normally
receives payable period of around two months from its suppliers.
Though, the liquidity indicators stood moderate as marked by
current ratio of 1.72x as on March 31, 2018; however high
operating cycle emanates from elongated collection period and
high inventory days, indicates the weak liquidity position of the
company. The cash and bank balances stood at INR0.34 crore as on
March 31, 2018.
Business risk associated with tender-based orders: MEPL majorly
undertakes government/public sector undertakings projects, which
are awarded through the tender-based system. The firm is exposed
to the risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.
Highly competitive nature of industry: MEPL operates in a
competitive industry marked by the presence of a large number of
players in the organized and unorganized sector. Further, with
presence of various players, the same limits bargaining power
which exerts pressure on its margins.
Key Rating Strengths
Experienced directors: The company is currently being managed by
Mr. Rajesh Kalia (managing director) and Mrs. Neena Kalia
(director). Both of them have an experience of more than three
decades in manufacturing of engineering goods through their
association with this entity. Further, there long standing
association in the industry has aided in establishing
relationships with both suppliers and customers.
MEPL was incorporated in 1986 by Mr. Rajesh Kalia and Mrs. Neena
Kalia. It is engaged in manufacturing of compressed air/ gas
dryers, chillers, refrigeration systems, nitrogen plants and gas
generators etc.
MUSLIM ALI: CARE Migrates B+ Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Muslim
Ali to Issuer Not Cooperating category.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 2.00 CARE B+; Stable; Issuer not
Facilities cooperating; based on best
available information
Short-term Bank
Facilities 4.00 CARE A4; Issuer Not
Cooperating
Detailed Rationale & Key Rating Drivers
CARE has been seeking information from Muslim Ali to monitor the
rating vide letters/e-mails communications dated October 04,
2018, October 22, 2018, November 09 2018 and numerous phone
calls. However, despite CARE's repeated requests, the entity has
not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at fair rating. The rating on entity's bank facilities
will now be denoted as CARE B+; Stable/A4; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The ratings take into account as constitution as a proprietorship
entity, risk associated with participating in tenders and intense
competition in the industry, working capital intensive nature of
business and volatility associated with fluctuation in input
prices. The ratings, however, continue to draw comfort from its
experienced management & long track record of operation.
Detailed description of the key rating drivers
At the time of last rating in January 10, 2018, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced management & long track record of operations: Muslim
Ali started its business from April 1970 and thus has
satisfactory track record of operations. It is a professionally
managed government registered contractor managed by Mr. Muslim
Ali (Proprietor) who has a long experience in similar line of
business. They are ably supported by other engineers and
professionals who have long experience in the similar industry.
Mr. Muslim Ali (Proprietor) along with the team of experienced
professionals looks after the day to day activities
of business.
Key Rating Weaknesses
Constitution as a proprietorship entity: Muslim Ali, being a
proprietorship entity, is exposed to inherent risk of the
proprietor's 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.
Risk associated with participating in tenders and intense
competition in the industry: The entity has to bid for the
contracts based on tenders opened by the various governments and
public sector units. Upon successful technical evaluation of
various bidders, the lowest bid is awarded the contract. The
entity receives projects which majorly are of a short to medium
tenure (i.e. to be completed within maximum period of one to two
years). Furthermore, orders are generally tender driven floated
by government units indicating a risk of non-receipt of contract
in a competitive industry. The outlook of construction sector
appears challenging in view of slow execution of the existing
order book in view of hindrances related to land acquisition,
obtaining requisite clearances, labour shortage and liquidity
issues with the clients, etc. Additionally, the sector is plagued
with elongated working capital cycle leading to increase in debt
level of construction companies.
Working capital intensive nature of business: The operations of
the entity remained working capital intensive as the entity
executes orders mainly for public sector units and government
departments. Due to its working capital intensive nature of
operations, the entity stretches its payments to its suppliers.
Volatility associated with fluctuations in input prices: The
major input materials for the entity are cement, bitumen, steel
structures, angles etc., the prices of which are volatile.
Further the orders executed by the firm contain price escalation
clause on some of the orders and thus the firm mitigates price
volatility of the input materials to some extent. This apart, any
increase in labour prices will also impact its profitability
being present in a highly labour intensive industry.
Muslim Ali was established in 1970 by Mr. Muslim Ali with an
objective to enter into undertaking infrastructure and civil
construction business. Since its inception, the entity has been
engaged in civil construction business in the segment like PWD
projects, water supply projects, irrigation projects etc. Mr.
Muslim Ali (Proprietor) has around 48 years of experience in
civil construction industry, looks after the day to day
operations of the entity.
Liquidity
The liquidity position of the company remained moderate marked by
current ratio and quick ratios of 1.54x and 0.62x, respectively,
as on March 31, 2017. The cash and bank balance amounting to
INR0.06 crore remained outstanding as on March 31, 2017. The
Gross cash accruals also remained at INR0.38 crore in FY17.
NASIR ILAHI: CARE Assigns 'B' Rating to INR6cr New LT Loan
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Nasir
Ilahi & Co. (NIC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Long term 6.00 CARE B; Stable Assigned
Bank Facilities
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of NIC is constrained
by project funding and execution risk, margins remains
susceptible to adverse fluctuations in raw material prices and
fragmented and Inherent risk associated with the poultry industry
coupled with high competition from local players. The rating
however, derives strength from experienced and resourceful
promoters. The ability of NIC to timely completion of the project
without any cost and time overrun and to achieve the targeted
revenue and profits are the key rating sensitivities are the key
rating sensitivities.
Detailed description of Key rating drivers
Key Rating Weakness
Project funding and execution risk: NIC is planning to develop 4
sheds with 10000 parent broilers each. Execution of project is
started in January 2018 and expected to be completed in March
2019. Total estimated cost of the project is INR8.40 crore which
is proposed to be funded through partner's owned funds of INR3.90
crore and balance thorough bank borrowing of INR4.50 crore,
however debt is not yet tied up. As on November 30, 2018, company
has incurred expenses of INR 2.00 crore towards land purchase,
construction of sheds through partner's funds. Thus going forward
NIC's ability to timely tie-up the bank debt to complete the
balance project in timely manner without any cost and time
overrun with repayment commencing from June 2019 thus timely
receipt of accruals to meet the debt obligation shall be critical
from credit perspective.
Susceptibility of margins to fluctuation in prices of feed: The
major raw material for entities engaged in poultry business is
the poultry feed which is expected to be ~78% of the total cost
in FY20. NIC's profitability will be vulnerable to the volatility
associated with feed prices. Maize is the primary source of
energy whereas soybean is the primary source of protein for
chicks. Maize is relatively grown in smaller quantity in India
and being a rain-fed crop, any failure in monsoon can materially
impact the harvest. The poultry industry is estimated to consume
nearly 50% of the domestic maize production and the demand for
maize is expected to exceed the overall supply of maize in the
future. In case of soybean, although there is adequate
availability, its prices remain volatile in relation to movement
in global prices and production. As the poultry industry is
virtually a buyers' market, producers may not be able to pass on
any sharp increase in raw material prices to the end users.
Inherent risk associated with the poultry industry coupled with
high competition from local players: The poultry industry is
driven by regional demand and supply because of transportation
constraints and perishable nature of the products. Low capital
intensity and low entry barriers facilitate easy entry of players
leading to a large unorganized sector. Poultry industry is also
vulnerable to outbreaks of diseases, like bird flu, extreme
weather conditions and contamination by pathogens. The outbreak
of bird flu leads to a fall in demand and consequent sharp crash
in the egg/meat prices. Diseases can also impact production of
healthy chicks. Furthermore, the poultry industry is highly
fragmented and competitive marked by the presence of numerous
players in India. Given the fact that the entry barriers to the
industry are low, the players in the industry do not have pricing
power and are exposed to competition induced pressures on
profitability.
Key Rating Strengths
Experienced and resourceful partners: NIC is founded by Mr. Nasir
Ilahi and Mr. Wasim Ilahi, Mr. Dinesh Singh and Mr. Sukhchain
Singh. Mr. Dinesh Singh and Mr. Sukhchain Singh belong to family
having poultry farming business and have rich experience in
running of hatchery, trading of poultry feed, medicines and
running poultry feed mill. Mr. Nasir Ilahi and Mr. Wasim Ilahi
are having long experience in trading of eggs. All the partners
look after overall management of the firm. Further partners also
plan to hire experienced manpower of 25 employees who will look
after various day to day operations such as hatching, accounts
and sales. Further the partners of the firm have already infused
INR2.00 crore through their own funds towards execution of the
project.
Nasir Ilahi & Co. (NIC) was established on June 2017 as a
partnership firm by Mr. Nasir Ilahi and Mr. Wasim Ilahi, Mr.
Dinesh Singh and Mr. Sukhchain Singh. Firm is engaged in chicken
egg hatchery business and its hatchery farm is located in Meerut,
Uttar Pradesh. Firm is proposed to sale the chicks to bird
growers. Currently firm is in project phase and the total project
cost is expected to be at INR8.40 crore which is proposed to be
funded through term loan of INR4.50 crore and balance thorough
partner's owned funds of INR3.90 crore. Its commercial operations
are expected to start from April 2019. Firm plans to procure
feeding material i.e. maize, millets, soyabean, different types
of de oiled cakes like soyabean, mustard, ground nut, etc. from
suppliers located in Haryana.
PILLAR 9: CARE Assigns B Rating to INR6.50cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pillar
9 Tae India (PTI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.50 CARE B; Stable Assigned
Short-term Bank
Facilities 2.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of PTI are tempered by
short track record and small scale of operations with lower
networth base, tender based nature of operations with high
customer concentration risk, highly fragmented industry with
intense competition from large number of players, constitution of
the entity as proprietorship firm with inherent risk of
withdrawal of capital, financial risk profile marked by leveraged
capital structure debt coverage indicators, short term revenue
visibility from current order book position and working capital
intensive nature of business operations.
However, the ratings are underpinned by experienced of promoter
with more than five years of experience in Laboratories Industry
and growth in total operating income, with increasing
profitability margins during review period. Going forward,
ability of the firm to increase its revenue while improving the
profitability margins amidst competition, maintain its capital
structure and improve working capital requirements effectively,
improve its debt coverage indicators and diversify its clientele
are key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record and small scale of operations with lower
networth base: The firm was established in 2012, hence it has
short track of business operations. The firm has small scale of
operations, marked by total operating income of INR5.62 crore
with PAT of INR0.17 crore in FY18(CA Certified Prov.) as on
March 31, 2018 as compared to other peers in the industry.
Furthermore, the low net worth base of INR0.51 crore as on
March 31, 2018(CA Certified Prov.), restricts the financial
flexibility in times of stress.
Short term revenue visibility from current order book position:
The firm has an order book of INR 3.33 crore as on January 11,
2019 and the same is likely to be completed by April 2019. The
said order book is related to construction of laboratories at
government hospitals and colleges. However, the orders in hand
provide short revenue visibility to the firm.
Financial risk profile marked by leveraged capital structure debt
coverage indicators: The capital structure of the firm remained
leveraged during the review period. Debt equity ratio of the firm
remained below unity for the last three balance sheet date ended
March 31, 2018(CA Certified Prov.) on account of increase in
tangible net worth due to year-on-year accretion of profits to
net worth along with low loans from other financial institutions.
Overall gearing ratio of the firm, deteriorated and remained
leveraged i.e., from 3.29x as on March 31, 2016 to 3.49X as on
March 31, 2018 (CA Certified Prov.) at the back of lower networth
base, along with increase in debt levels. The debt coverage
indicators of the firm remained leveraged during review period.
Furthermore, the debt/GCA deteriorated from 8.29x in FY16 to
10.02x in FY18 (CA Certified Prov.) due to increase in debt
levels (enhancement in bank facilities) to support the business
operation. Total debt/Cash flow from operations stood at -1.95x
as on March 31, 2018(CA Certified Prov.), due to increase in cash
flow from operating activities along with decrease in debtors and
inventory levels. The PBILDT interest coverage ratio also
deteriorated from 4.47x in FY16 to 2.33x in FY18 (CA Certified
Prov.), due to increase in interest cost at the back of interest
bearing enchantment and new bank facilities availed by the firm
to support the business.
Tender based nature of operations with high customer
concentration risk: The firm receives 95% work orders from
government organizations, resulting in high customer
concentration risk. All these are tender-based and the revenues
are dependent on the firm's ability to bid successfully for these
tenders. Profitability margins come under pressure because of
competitive nature of the industry.
Highly fragmented industry with intense competition from large
number of players: PTI is operating in highly competitive and
fragmented industry. The firm witnesses intense competition from
both the organized and largely unorganized players as the
projects are tender-based and the revenues are dependent on the
firm's ability to bid successfully for these tenders. This
fragmented and highly competitive industry results into price
competition thereby affecting the profitability margins of the
companies operating in the industry.
Constitution of the entity as Proprietorship firm with inherent
risk of withdrawal of capital: Constitution as a proprietorship
firm has the inherent risk of possibility of withdrawal of the
capital at the time of personal contingency which can adversely
affect its capital structure. Furthermore, proprietorship firms
have restricted access to external borrowings as credit
worthiness of the proprietor would be key factors affecting
credit decision for the lenders. The Proprietor have withdrawn
capital of INR 0.02 crore and INR0.03 crore in FY17 and FY18 (CA
Certified Prov.) respectively.
Working capital intensive nature of business operations: The
operations of the firm is working capital intensive since the
firm gets major orders from government authorities wherein
receipt of payments for works completed takes around a month. The
firm gets the payment from the government after part by part
completion of the project. The firm maintains average inventory
of around 1-2 months to execute the current projects in timely
manner. Furthermore, the work-in-progress across locations
increases average inventory period. The operating cycle of the
firm stood elongated at 104 days in FY18 (CA Certified Prov.).
The firm makes the payment to its suppliers within 30 days. The
average utilization of working capital limit for the last 12
month ended i.e., December 31, 2018 remained at 100%, in order to
meet day to day working capital requirements.
Key Rating Strengths
Experienced of promoter with more than five years of experience
in Laboratories Industry: Pillar 9 Tae India (PTI), was
established in 2012 as a Proprietorship by Mrs. Shabari Shetty.
The promoter of the firm is a qualified graduate and has more
than five years of experience in Laboratories industry.
Growth in total operating income, with increasing profitability
margins during review period: The total operating income of the
firm has been increasing y-o-y at a CAGR of 19.27% i.e., from INR
3.31 crore in FY16 to INR 5.62 crore in FY18 (CA Certified Prov.)
primarily on account of year on year increase in number of work
orders received by the firm from government. Furthermore, during
9MFY19, the firm has achieved total operating income of INR
8.50 crore and PAT of 2.00 crore. The PBILDT margin of the firm
has been increased from 3.47% in FY16 to 7.75% in FY18 (CA
Certified Prov.) on account of presence of price variation clause
in the orders which protects the profit margins, coupled with
increase the work orders received by the firm and timely
execution of the orders. Furthermore, PAT margin has also
increased from 2.41% in FY16 to 3.04% in FY18 (CA Certified
Prov.) due to increase in PBILDT in absolute terms.
Liquidity Analysis
The current ratio of the firm is above unity during the review
period and stood at 1.28x as on March 31, 2018 (CA Certified
Prov.) due to relatively high current assets as compared to
current liabilities on account of higher amount of inventory, in
order to execute the work orders in timely manner. The cash and
cash equivalents of the firm stood at INR0.04 crore as on March
31, 2018 (CA Certified Prov.). Pillar 9 Tae India (PTI) was
established in the year 2012, by Mrs. Shabari Shetty (Managing
Proprietor) for turnkey projects of laboratories. The firm
undertakes orders from the government for constructing
laboratories in medical colleges and hospitals. The firm receives
more than 95% orders from government through participating in
tenders. The proprietor of the firm is a qualified graduate and
has more than a five years of experience in the same business.
The firm has its registered office located at Kundapur, Ududpi
District, and Karnataka.
SAI KRIPA: CARE Assigns 'B' Rating to INR6cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Sai
Kripa Agro Processor (SKAP), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.00 CARE B; Stable Assigned
Detailed Rationale & Key rating Drivers
The rating assigned to the bank facilities of SKAP is primarily
constrained on account of project implementation risk associated
with it, susceptibility to volatile raw material prices and
intense competition in the fragmented edible oil industry. The
rating, further, constrained on account of seasonality associated
with agro commodities and seasonal nature of operations with easy
availability of close substitutes.
The rating, however, derive strength from experienced management,
favorable demand outlook of edible oil industry and strategic
location of manufacturing unit with close proximity to raw
material sources.
The ability of the firm to successful complete its project with
achieving envisaged level of TOI and PAT would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced management: Ms Anjali Dadheech, proprietor, is
responsible for the marketing affairs of the firm and is
instrumental in making strategic decision of the firm. She has
experience of 1 year 10 months as marketing executive in Kutch
Oil & Soap Industry at Gandhidham, Gujarat. She is supported by
her mother Ms Jyotsna Dadheech, who looks after production and
finance aspect and has experience of more than 2 decades in
education sector and one year in oil industry. Ms Jyotsana
Dadheech is trustee of Mahamaya Dadhimati Shiksha Prachar Samiti
at Rajsamand.
Favourable demand outlook for edible oils: The consumption of
edible oil in India has been rising steadily which can be
attributed mainly to economic boom resulting in better standard
of living, decline in edible oil prices and growth in demand for
fried processed food products. India's per capita consumption in
edible oils is growing and hence the domestic demand for edible
oil is estimated to move faster in the medium to long term on
account of the higher disposable income. India's annual per
capita consumption is well below the world average; thus
signifying substantial growth potential for the edible oil
industry. The transition phase of this growing demand is also
triggered by rise in the branded packaged edible oil. The Indian
edible oil market continues to be underpenetrated, and given the
positive macro and demographic fundamentals, it has a favourable
demand growth outlook over the medium-to-long term. Further,
India is a major participant in the export market for DOC and is
the largest exporter of DOC from Asia. Proximity to South-East
Asian markets has provided the benefit of cheaper freight and
faster reach for Indian exporters.
Strategic location of manufacturing unit with close proximity to
raw material sources: SKAP manufacturing facility is located at
Udaipur (Rajasthan), strategically located in one of the largest
soya producing regions of India which makes it easier for the
firm to access its primary raw material. Due to the proximity to
raw material producing region, SKAP has access to soya seeds and
soya oil throughout the year which makes it possible for SKAP to
provide oil on demand to its customers.
Key rating weakness
Project implementation risk: SKAP undertook a greenfield project
to set up a plant for extraction of soya bean oil with an
installed capacity of 30000 MT per annum. The firm had envisaged
total project cost of INR5.88 crore towards the project to be
funded through term loan of INR3.00 crore, promoter's fund of
1.96 crore and remaining fund both by way of proprietor's capital
as well as unsecured loans from relatives. Firm has incurred the
total cost of INR 0.92 crore till October 31, 2018 via
proprietor's capital and the project is expected to be completed
by April, 2019.
Susceptibility to volatile raw material prices and intense
competition in the fragmented edible oil industry: The edible oil
industry is characterized by a large number of small sized
unorganized players having a regional presence. These players
primarily cater to regional demand to save on high transportation
cost. Due to highly fragmented nature of industry, the players
have limited flexibility to pass on raw material price increase.
Seasonal nature of operations with easy availability of close
substitutes: Being agro based product, the availability of
oilseeds is susceptible to agro-climatic vagaries and
pests/diseases, which may affect crop output and/or quality.
Mustard/rapeseed oil is largely consumed in Eastern & North-
Eastern regions of India, whereas the major cultivating region is
Rajasthan, besides North Gujarat and Madhya Pradesh to an extent.
The key characteristic of soyaseed oil is pungency, particularly
in its pure form. Due to its peculiar properties soyaseed oil has
historically maintained its premium over other forms of oils
(such as palm oil, mustard and rice bran oil which act as close
substitutes). However, of late, the prices of the soyaseed oil
have been increasingly influenced from other oils due to rising
substitution following blending. Besides, the other factors
influencing prices are the soyaseed cultivation.
Udaipur (Rajasthan) based Sai Kripa Agro Processor (SKAP) was
formed as a proprietorship concern in 2018 by Ms Anjali Dadheech
(Proprietor) with an objective to set up a unit for extraction of
soyabean oil from soya seeds with an installed capacity of 30000
MT per annum. The firm has envisaged total cost of INR5.88 crore
towards the project to be funded through term loan of INR3.00
crore, promoter's fund of INR1.96 crore and remaining fund both
by way of proprietor's capital as well as unsecured loans from
relatives. The project is expected to be completed by April,
2019.
SHREE SUKHAKARTA: Ind-Ra Affirms D on INR3.5BB Debentures
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shree Sukhakarta
Developers Private Ltd.'s (SSDPL) Long-Term Issuer Rating at 'IND
D (ISSUER NOT COOPERATING)'. The issuer did not participate in
the rating exercise despite continuous requests and follow-ups by
the agency. Thus, the rating is based on the best available
information. The rating will continue to appear as 'IND D (ISSUER
NOT COOPERATING)' on the agency's website.
The instrument-wise rating action is:
-- INR3.50 bil. Non-convertible debentures September 2020 ISIN
INE261P07023 coupon rate is 14% issued on December 30, 2016
affirmed with IND D (ISSUER NOT COOPERATING) rating.
Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information
KEY RATING DRIVERS
The affirmation reflects the delays in debt servicing by SSDPL
during the 12 months ended December 2018.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months would be positive for the ratings.
COMPANY PROFILE
SSDPL, incorporated in 2013, is an SPV set up by the Ruparel
Group for the execution of its project, Ariana, at Sewri in
Mumbai. The group primarily undertakes real-estate projects
pertaining to slum rehabilitation and redevelopment of
dilapidated buildings.
SHRI OM: CARE Raises Rating on INR8.75cr LT Loan to BB-
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shri Om Sai Auto (SOSA), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.75 CARE BB-; Stable Revised from
CARE B+; Stable
Detailed Rationale & Key Rating Drivers
The revision in the long term rating assigned to the bank
facilities of SOSA is on account of growth in its total operating
income, increase in its gross cash accrual and net profit margin
and improvement in leverage ratios during FY18. However, the
ratings continue to remain constrained by its partnership nature
of constitution, short track record, small scale of operations,
risk of non-renewal of dealership agreement from principles,
pricing constraints and margin pressure arising out of
competition from other auto dealers in the market and working
capital intensive nature of operation. The rating, however,
continues to draw comfort from experienced partners and
authorised dealership of Hero Motocorp Ltd with integrated nature
of business.
Going forward, the ability of the firm to increase the scale of
operations and profitability margins and ability to manage
working capital effectively would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Partnership nature of constitution: SOSA, being a partnership
firm, is exposed to inherent risk of partner's capital being
withdrawn at time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of the partners.
Moreover, partnership firms have restricted access to external
borrowing as credit worthiness of partner would be the key
factors affecting credit decision for the lenders. Short track
record: The firm has started its operation from April 2016 and
has a short track record of operation of around 3 years.
According to the management, the firm has earned around INR 29.00
crore during 9MFY19.
Small scale of operations: The scale of operations remained small
as compared to its peers with a PAT of INR0.68 crore on total
operating income of INR32.06 crore during FY18. Further, the
total capital employed of the firm also remained low at INR13.92
crore as on Mar.31, 2018. Furthermore, the firm has achieved the
turnover of around INR29.00 crore during 9MFY19.
Risk of non-renewal of dealership agreement from principles: SOSA
has entered into a dealership agreement with HMC in October,
2014. The dealership agreement with the principle is generally
renewed at the discretion of HMC. Furthermore, the agreements
may get terminated at any time on violation of certain clauses.
Pricing constraints and margin pressure arising out of
competition from other auto dealers in the market: SOSA faces
aggressive competition on account of established presence of
authorized dealers of other two wheeler manufacturers like Bajaj,
TVS, Honda, and Yamaha etc. Considering the existing competition,
SOSA is required to offer better terms like providing discounts
on purchases to attract new customers. Such discounts offered to
customers create margin pressure and may negatively impact the
revenue earning capacity of the firm. Furthermore, the revenues
of SOSA would also be governed by launch of newer models by HMC,
and acceptance of the products in the market.
Working capital intensive nature of operation: The business of
automobile dealership is having inherent high working capital
intensity due to high inventory holding period. The firm has to
maintain the fixed level of inventory for display and to guard
itself against supply shortages. Furthermore, HMC, with whom SOSA
is having its association, demands payment in advance, resulting
in higher working capital requirements. Accordingly, the average
fund based working capital utilisation remained moderately high
at 95% during the last 12 months ended Dec, 2018.
Key Rating Strengths
Experienced partners: The firm is managed by Mr. Sidhi Nath with
the help of other partner, namely Mrs. Urmila Sharma (wife of Mr
Sidhi Nath). The managing partner is having over two decades of
experience in automobile dealership business through its
associate concern M/s Siddhartha Tractors (dealership of Mahindra
& Mahindra).
Authorised dealership of Hero Motocorp Ltd with integrated nature
of business: SOSA is an authorised dealer of HMC and has started
its association since 2014. The firm has one showroom located at
Gaya in Bihar. SOSA is getting a competitive advantage of being
one of the two dealers of Hero vehicles for Gaya. Hero has been
one of market leaders in the two wheelers segment for decades and
has a wide & established distribution network of sales and
service centres across India, providing it a competitive
advantage over its peers.
Shri Om Sai Auto (SOSA) is a partnership firm established in
August 2014 by one Mr Sidhi Nath of Gaya along with other
partners Mrs Urmila Sharma. Afterwards the firm started to
initiate an auto dealership business and has setup a selling
and servicing facility at Gaya in Bihar. The firm has taken
dealership authority from Hero Motocorp Ltd for selling and
servicing two wheelers. The firm has started commercial operation
from April 2016.
The day-to-day affairs of the firm are looked after by Mr. Sidhi
Nath (Managing Partner) with adequate support from other partner
and a team of experienced personnel.
Liquidity
The liquidity position of the firm was weak as on March 31, 2018.
Cash and Bank Balance was INR 0.32 crore and current ratio was at
0.96x and quick ratio was at 0.35x as on Mar.31, 2018.
SUPERIOR INDUSTRIES: Ind-Ra Retains BB Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Superior
Industries Limited's (SIL) Long-Term Issuer Rating of IND BB
(ISSUER NOT COOPERATING) in the non-cooperating category and has
simultaneously withdrawn it.
The instrument-wise rating action is:
-- INR325 mil. Fund-based working capital limits maintained in
the non-cooperating category and withdrawn.
Maintained in 'IND BB (ISSUER NOT COOPERATING)' / 'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn
KEY RATING DRIVERS
SIL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer
required to maintain the rating as the agency has received a no-
objection certificate from the rated facility's lender.
COMPANY PROFILE
Established in 1998, SIL manufactures alcohol under Superior
Lite, Superior 50000 & John's Berg brands. It has a beer
production facility of 3 million cases per annum, a rectified
spirits manufacturing facility of 40,000 litres per day and an
ethanol production facility of 25,000 litres per day.
=================
I N D O N E S I A
=================
MEDCO ENERGY: Moody's Affirms B3 CFR, Outlook Positive
------------------------------------------------------
Moody's Investors Service has affirmed the B2 corporate family
rating of Medco Energi Internasional Tbk (P.T.).
Moody's has also affirmed the B2 ratings on the backed senior
unsecured bonds issued by Medco Strait Services Pte. Ltd. and
Medco Platinum Road Pte. Ltd.
The outlook on all ratings remains positive.
RATINGS RATIONALE
On January 30, 2019, Medco announced a cash offer to acquire
London-listed oil and gas company Ophir Energy plc for GBP390.6
million ($513 million). The acquisition, which remains subject to
regulatory and shareholder approvals, will be funded with a mix
of fresh borrowings and Medco's internal cash.
"The B2 ratings and positive outlook reflect our expectations
that Medco's credit metrics will continue to improve over the
next few quarters, despite the increase in borrowings to fund the
proposed acquisition. Such improvement in credit metrics will be
supported by Medco's sale of its non-core assets in line with its
deleveraging plan and also takes into account the strong
operating cash flow generation from Ophir's portfolio once the
transaction is complete," says Rachel Chua, a Moody's Assistant
Vice President and Analyst.
Despite the increase in absolute debt levels, Moody's projects
Medco's post-acquisition adjusted net debt/ EBITDA (net of cash
in escrow earmarked for debt repayment) will improve to 3.5x over
the next two years, from around 4.0x in 2018 and 4.3x in 2017.
Over the same period, its EBITDA interest cover will be around
3.5x-4.0x and RCF/adjusted net debt will be about 14%. These
credit metrics will be supportive of a rating upgrade.
Medco expects to raise proceeds of around $200 million through
asset sales in 2019.
"We view the proposed acquisition as credit positive because it
will meaningfully enhance Medco's operating scale, improve
geographical diversification and provide the company with growth
potential from Ophir's exploration and development assets which
are currently not in production phase," adds Chua, who is also
Moody's Lead Analyst for Medco.
The transaction, if completed, will increase Medco's oil and gas
production by almost 30% to around 110 thousand barrels of oil
equivalents per day and boost 2P reserves by over 20% to over 350
million barrels of oil equivalents. In addition, Medco will
operate producing assets across three Southeast Asian countries,
which will reduce its concentration risk in Indonesia.
The Ophir acquisition will expose Medco to execution risk related
to integration of Ophir's operations into its own. However, post
transaction, Moody's expects Medco to focus its capital spending
on exploration and development of its enlarged Southeast Asian
asset base to support production and extend reserves. A change in
Medco's business strategy including investing in Ophir's African
assets will likely elevate its risk profile, and would require a
reassessment of its credit quality.
The B2 CFR also reflects Medco's modest scale of production and
reserves, and a moderate degree of cash flow visibility from
fixed-price natural gas sales agreements accounting for 25%-30%
of total production volumes over the next two to three years.
At the same time, the rating remains constrained by Medco's
exposure to the cyclicality of commodity prices, acquisitive
growth appetite as well as execution risk associated with its
investment plan of around $150-$200 million per annum over the
next few years.
Medco's CFR could be upgraded after the completion of the
proposed acquisition and the debt-reduction plan, if its credit
metrics continue to improve such that adjusted net debt/EBITDA
remains below 4.5x, RCF/adjusted net debt increases to 10%-15%,
and EBITDA/interest expense increases above 4.0x.
In addition, a ratings upgrade would also require the company to
maintain strong liquidity with cash and cash equivalents covering
at least the amount of debt maturing over the next 12 months.
Given the positive outlook, a rating downgrade is unlikely.
Nonetheless, the rating outlook could be revised to stable if (1)
Medco fails to execute its deleveraging plan, or if there are
material delays in implementation; or (2) the proposed
acquisition results in higher increase in borrowings than Moody's
current expectations or if Medco makes further material debt-
funded acquisitions; or (3) Medco provides funding support to its
mining or power businesses.
Specific credit metrics that Moody's would consider to revise the
outlook to stable include adjusted net debt/EBITDA between 4.5x-
5.0x, EBITDA/interest expense below 3.5x-4.0x or weakening of its
RCF/ adjusted net debt from current levels.
====================
N E W Z E A L A N D
====================
PINNACLE LIFE: A.M. Best Affirms B(Fair) Finc'l. Strength Rating
----------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair)
and the Long-Term Issuer Credit Rating of "bb+" of Pinnacle Life
Limited (New Zealand). The outlook of these Credit Ratings
(ratings) is stable.
The ratings reflect Pinnacle Life's balance sheet strength, which
AM Best categorizes as adequate, as well as its adequate
operating performance, limited business profile and appropriate
enterprise risk management (ERM).
Pinnacle Life's balance sheet strength is underpinned by its
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), which is at the strongest level. Despite
this, the company has a small absolute capital base, which
increases its sensitivity to shock events, as well as to changes
in future performance and intangible assets. AM Best also views
the company as having a high reliance on third-party reinsurance
and a thin regulatory solvency margin when compared with other
New Zealand life insurers.
Pinnacle Life's operating performance is viewed as adequate, with
the company having generated a five-year average return on equity
ratio of 7.5% (fiscal years 2014-2018). Overall earnings during
this period have exhibited moderate volatility, driven mainly by
discount rate movements impacting reported technical results.
Prospectively, AM Best expects controlled underwriting growth and
a robust pricing strategy to support the maintenance of adequate
operating performance over the medium term.
AM Best views Pinnacle Life's business profile as limited. The
company is a small New Zealand life insurer, with a market share
that remains below 1% based on 2018 in-force and new business
premiums. All of the company's business originates from New
Zealand, with its underwriting portfolio focused on mortality
life products.
AM Best views Pinnacle Life's ERM framework as developed and its
approach to managing key risks as appropriate given the size and
complexity of the company.
=================
S I N G A P O R E
=================
EZION HOLDINGS: Flags FY18 Net Loss Amid Loan Impairments
---------------------------------------------------------
The Strait Times reports that Ezion Holdings said on
Feb. 4 that it is expecting a fourth-quarter and full-year 2018
net loss amid uncertainty on whether its joint ventures can repay
shareholder loans.
The liftboat company is also expecting a "significant decrease"
in net asset value due to a review in the fair value of its
vessels, the report says.
As at end-September 2018, Ezion's non-current assets rose to
US$1.7 billion (SGD2.3 billion) from US$1.6 billion a year
earlier due to certain joint venture bank loans taken up at the
group level, which translated to an increase in shareholder loans
to joint ventures, according to the Strait Times.
As the market conditions of the global oil and gas industry
remains uncertain, the group carried out an assessment on the
recoverability of the shareholder loans to joint ventures, the
company said in a Singapore Exchange announcement, the Strait
Times relays. The value of the impairments has not been
determined, but Ezion expects a net loss for the quarter and year
ended December as a result.
The Strait Times relates that Ezion is also reviewing the fair
value of its vessels to comply with newly adopted accounting
rules, and expects that doing so will result in consolidated net
asset value significantly decreasing.
According to the report, the company said it has been unable to
achieve "meaningful deployment" for some of its jack-up rigs, in
light of depressed market conditions and "continued struggles" of
the industry. This is along with payment delays and defaults by
customers who have been granted credit terms or are on settlement
plans.
"The group is taking steps to recover the outstanding amounts
and/or regain control of the relevant vessels," Ezion said.
Singapore-based Ezion Holdings Limited --
http://www.ezionholdings.com/-- engages in investment
holding and provision of management services. The Company, along
with its subsidiaries, specializes in the development, ownership
and chartering of offshore assets to support the offshore energy
markets. Its segments include Production and maintenance support,
which is engaged in owning, chartering and management of rigs and
vessels involved in the production and maintenance phase of the
oil and gas industry; Exploration and development support, which
is engaged in owning, chartering and management of rigs and
vessels involved in the exploration and development phase of the
oil and gas industry, and Others, which includes assets or
investments involved in renewable energy and other oil and gas
related industry. The Company owns a fleet of multipurpose self-
propelled service rigs. It owns a fleet of service rigs in
Southeast Asia for use in offshore oil and gas industry, and
offshore wind farm industry.
HYFLUX LIMITED: Wins More Time to Execute Agreement for Tuaspring
-----------------------------------------------------------------
Marissa Lee at the Business Times reports that Hyflux said on
Feb. 4 that it has received an additional month from secured
lender Maybank to divest the Tuaspring integrated water and power
plant.
Maybank is now giving Hyflux until February 28, 2019 to execute a
binding agreement with a successful bidder or investor, an
extension of the Oct. 29, 2018 deadline earlier agreed upon, the
report says.
The Business Times says Maybank reserves the right to terminate
the collaboration agreement if the new deadline is breached.
Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides
various solutions in water and energy areas worldwide. The
company operates through two segments, Municipal and Industrial.
The Municipal segment supplies a range of infrastructure
solutions, including water, power, and waste-to-energy to
municipalities and governments. The Industrial segment supplies
infrastructure solutions for water to industrial customers.
As reported in the Troubled Company Reporter-Asia Pacific on
May 24, 2018, Hyflux Ltd. said that the Company and five of its
subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering
Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux
Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied
to the High Court of the Republic of Singapore pursuant to
Section 211B(1) of the Singapore Companies Act to commence a
court supervised process to reorganize their liabilities and
businesses. The Company said it is taking this step in order to
protect the value of its businesses while it reorganises its
liabilities.
The Company has engaged WongPartnership LLP as legal advisors and
Ernst & Young Solutions LLP as financial advisors in this
process.
NO SIGNBOARD: Says Buyback During Black-Out Period 'a Mistake'
--------------------------------------------------------------
The Strait Times reports that No Signboard Holdings' chief
executive Lim Yong Sim inadvertently instructed the company's
broker to buy back shares of the seafood restaurant operator
during a trading restriction period, the company said on Feb. 3
in response to a Singapore Exchange query.
According to the report, the company said it held its annual
general meeting on Jan. 31 to approve the company's share buyback
mandate.
The Strait Times relates that Mr. Lim later instructed the
company's broker, UOB Kay Hian, to queue to buy the shares at a
price of up to SGD0.14 each. By 12:12 p.m. on Jan. 31, about 1.07
million shares were purchased.
"This was an honest mistake on the part of Mr. Lim, as he did not
notice that the share purchase at prices of up to SGD0.14
exceeded the 5 per cent cap above the average closing price of
the last five days permitted under the share buyback mandate of
SGD0.1226 as at January 31, 2019," the company explained, The
Strait Times relays. On Jan. 31, the stock surged nearly 24 per
cent to SGD0.15, prompting the SGX query and soon after, a
trading halt from the restaurant operator.
As the company had not held its audit committee and board
meetings to approve its results for the three months ended
Dec. 31, 2018, the shares purchase was carried out during the
black-out period, during which dealing in the company's
securities was restricted, the report says.
"In light of the above, the share purchase has inadvertently
resulted in two breaches, that is, dealing in the shares of the
company during the black-out period and the purchase of shares at
a price which exceeded the share price cap," the company, as
cited by the Strait Times, said.
In the wake of the breaches, No Signboard's sponsor, RHT Capital,
has directed Mr. Lim to attend directors' trainings to re-
familiarise himself with the listing rules and other regulatory
requirements. In addition, the company has been directed by the
sponsor to develop and immediately implement a comprehensive
internal policy and procedure on the share buyback process, the
report relays.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 4, 2019, the Strait Times said No Signboard Holdings sank
deeper in the red with a net loss of SGD573,643 for the first
quarter ended Dec 31, 2018, from a restated loss of SGD416,366 a
year ago. This comes as the numbers from a year ago were
significantly restated after the company adopted the latest
accounting rules. Under the new accounting framework, the group
reported a restated net loss of SGD416,366 for the fiscal first
quarter ended December 2017, a marked difference from the SGD1.4
million net profit it had initially reported under the old
accounting rules.
No Signboard Holdings Ltd., an investment holding company,
manages and operates food and beverage outlets in Singapore. The
company operates a chain of seafood restaurants under the No
Signboard Seafood brand that serve various seafood cuisine
prepared in Chinese and Singapore styles. It owns and operates
three restaurants, as well as operates one restaurant under a
franchise agreement. The company also produces, promotes, and
distributes beer under the Draft Denmark brand; and distributes
various third party brands of beer, as well as operates as an OEM
beer supplier for third party brands. In addition, it produces
and distributes ready meals through a network of vending
machines. Further, the company engages in leasing financial
intangible assets, such as patents, trademarks, brand names, etc.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: Hyundai Heavy Aims to Reach Deal in March
--------------------------------------------------------------
Nikkei Asian Review reports that Hyundai Heavy Industries Group
revealed on Feb. 1 it aims to reach a final deal in March on the
acquisition of Daewoo Shipbuilding & Marine Engineering, barring
a bid from compatriot Samsung Heavy Industries.
Under the conditional deal announced on Jan. 31, Hyundai Heavy,
the world's largest shipbuilder, agreed to acquire a controlling
stake in its third-ranked peer from state lender Korea
Development Bank, the Nikkei relates. Hyundai Heavy "intends to
reach a final agreement with KDB as soon as early March," said a
company insider, the report relays.
According to the report, the transaction is predicated on KDB
confirming that Samsung Heavy, the world's second-largest
shipbuilder, has no interest in purchasing Daewoo Shipbuilding
shares. But because Samsung Heavy has been steadily losing money
due to its struggling offshore plant business, it is unlikely to
make a superior offer, the report relays.
"I cannot comment concerning the inclinations of other
companies," the report quotes the Hyundai Heavy source as saying.
Hyundai Heavy's deal involves the group's holding company setting
up a joint shipbuilding venture with KDB. The newly established
unit would acquire all of KDB's 55.7% stake in Daewoo
Shipbuilding, the Nikkei discloses.
The Nikkei says the plan also entails infusing KRW1.5 trillion
($1.34 billion) into Daewoo Shipbuilding through a private share
placement, strengthening the joint venture's control. An
additional KRW1 trillion in financial support for the company is
also under consideration.
The three shipbuilders affiliated with the Hyundai Heavy group
would be placed under the umbrella of the joint venture along
with Daewoo Shipbuilding. If the deal goes through, it would
create an entity twice the size of Samsung Heavy, the report
notes.
According to Yonhap News, Daewoo Shipbuilding ended a debt
rescheduling program in August 2001 after being told to
streamline operations in August 1999. Its parent Daewoo Group
collapsed under heavy debt in the wake of the 1997 financial
crisis.
In 2009, KDB put Daewoo Shipbuilding back on the block after
scrapping a deal to sell a controlling stake in the shipyard to
Hanwha Group. So far, up to KRW10 trillion has been spent to
salvage Daewoo Shipbuilding, Yonhap relates.
In 2015, Daewoo Shipbuilding received KRW4.2 trillion in bailout
loans from state-run lenders. In 2017, another KRW2.9 trillion
was poured into the shipyard. Creditor banks also conducted a
debt-to-equity swap worth KRW9 trillion for the shipyard, Yonhap
adds.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.
=============
V I E T N A M
=============
VIETNAM BANK: Moody's Assigns Ba3 Issuer Ratings, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service assigned the following first-time
ratings and assessments to Vietnam Bank for Agriculture and Rural
Development:
1. Long-term local and foreign currency deposit ratings of
Ba3/B1; stable outlook
2. Long-term local and foreign currency issuer ratings of Ba3;
stable outlook
3. Short-term local and foreign currency deposit and issuer
ratings of Not Prime (NP)
4. Baseline credit assessment (BCA) and adjusted BCA of b2
5. Counterparty Risk Assessments of Ba3(cr)/NP(cr)
6. Local and foreign currency Counterparty Risk Ratings of
Ba3/NP
The outlook is stable.
RATINGS RATIONALE
The Ba3 ratings assigned to Agribank are based on the b2 BCA and
two notches of uplift due to a very high probability of
government support to Agribank from the Government of Vietnam
(Ba3 stable) in case of need.
In turn, the b2 BCA assigned to Agribank reflects its modest
solvency, coupled with good funding and liquidity.
Agribank has made significant progress in cleaning up legacy
problem assets in the last five years, with material improvements
in the second half of 2018. Around 6% of loans were problematic
at the end of 2018, based on Moody's definition of problem loans
that includes securities issued by Vietnam Asset Management
Company (VAMC), special mention loans and non-performing loans.
Agribank's asset quality is in line with the average for Moody's-
rated banks in Vietnam.
The bank's capital is modest, based on a risk-weighted and gross
assets basis. The bankruptcy and deconsolidation of a troubled
subsidiary Agribank Leasing Company II in July 2018 resulted in
an increase in Agribank's consolidated capital ratio in the
latter part of 2018.
Nevertheless, the bank's tangible common equity (TCE) / adjusted
risk weighted assets remained modest at around 7% at the end of
2018, based on Moody's estimate. Gross leverage, as measured by
TCE / total assets, was below 5% as of the same date, a low level
in Moody's view.
Agribank's return on assets was low at around 0.5% for 2018, but
will likely improve in 2019 due to lower provisioning expenses.
Funding and liquidity are good at Agribank. The bank is mainly
funded by retail deposits, and has a low reliance on market-
sensitive funding. The deposit franchise is supported by the
bank's branch network, which is the largest in Vietnam.
The very high probability of government support for Agribank is
underpinned by the bank's 100% government ownership, its
significant market shares of loans and deposits, and its policy
role as the largest provider of rural credit in Vietnam.
WHAT COULD MOVE THE RATINGS UP/DOWN
Agribank's ratings could be upgraded if Vietnam's sovereign
rating is upgraded, and the bank posts improved stand-alone
credit metrics that lead to a higher BCA. A material improvement
in the bank's capital ratio will be positive for its BCA.
The ratings could be downgraded if Vietnam's sovereign rating is
downgraded or if Moody's assumption for government support is
lowered, or both. The bank's BCA could be downgraded if its
financial fundamentals deteriorate significantly. If all other
rating factors are constant, the BCA would come under adverse
pressure if the bank reports a significantly higher problem loans
ratio or significantly reduced capitalization. A material
deterioration in funding and liquidity could also be negative for
the ratings.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 28, 2019 to Feb. 1, 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 ***