/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/180814.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, August 14, 2018, Vol. 21, No. 160 Headlines A U S T R A L I A AUSTRALIAN LAWN: Ferrier Hodgson Appointed as Liquidator BCP INDUSTRIES: Second Creditors' Meeting Set for Aug. 16 JOHN COOTES: To Close Doors After 35 Years; 135 Jobs Axed DIVE CONNECT: High Court Enters Liquidation Order MIRABELA NICKEL: Sale Campaign Successful, Receivers Say NATURAL WATER: Second Creditors' Meeting Set for Aug. 17 SIRENS BY THE BAY: Second Creditors' Meeting Set for Aug. 16 W.D. ENTERPRISES: Second Creditors' Meeting Set for Aug. 24 YORK CIVIL: Administrators Shut Down Contractor C H I N A CBAK ENERGY: Receives Noncompliance Notice from NASDAQ SHANGHAI TONGYE: Chinese Court Declares Coal Maker Bankrupt SHARING ECONOMY: Incurs $6 Million Net Loss in Second Quarter * CHINA: Scramble to Head Off Private Bond Risks, FT Reports I N D I A AANCHAL CEMENT: Ind-Ra Maintains B+ LT Rating in Non-Cooperating AMRUTHA VARSHINI: CRISIL Maintains 'D' Rating in Not Cooperating ANMOL STEEL: CRISIL Lowers Rating on INR75CR Loan to D AP INC: CRISIL Maintains 'B' Rating in Not Cooperating Category APL METALS: CRISIL Hikes Rating on INR57cr Cash Loan to B ARUN POLYMERS: CRISIL Maintains B Rating in Not Cooperating ASHOK BRICKS: CRISIL Maintains 'B' Rating in Not Cooperating ASTON CERAMIC: CRISIL Reaffirms B Rating on INR3.5cr Term Loan BASANT BETONS: CRISIL Maintains 'B' Rating in Not Cooperating BHAGWATI DIAMONDS: CRISIL Reaffirms B+ Rating on INR10cr Loan BRILLIANT ALLOYS: CRISIL Maintains 'D' Rating in Not Cooperating BRITEX COTTON: CRISIL Maintains 'D' Rating in Not Cooperating CHEMITECH ENGINEERS: CRISIL Maintains D Rating in Not Cooperating CLAVECON INDIA: CRISIL Maintains 'B' Rating in Not Cooperating COCHIN MINERALS: Ind-Ra Lowers Long Term Issuer Rating to 'B-' DISHA INDUSTRIES: Ind-Ra Maintains BB+ Rating in Non-Cooperating DLORDS FOOTWEAR: CRISIL Reaffirms B+ Rating on INR0.5cr Loan GVT INFRA: CRISIL Maintains 'B' Rating in Not Cooperating HARMAN COTTEX: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating IDEAL HOTEL: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating JALGAON GOLDEN: CRISIL Maintains 'B' Rating in Non-Cooperating JET AIRWAYS: Servicing All Loans on Time Despite Cost Pressures KSR COTTON: CRISIL Lowers Rating on INR5.1cr LT Loan to D LINNHOFF INDIA: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating MS INFRAENGINEERS: CRISIL Maintains B Rating in Non-Cooperating MAGNEWIN ENERGY: CRISIL Maintains 'D' Rating in Non-Cooperating MALABAR HOTELS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating MANAF P.B.: CRISIL Lowers Rating on INR5.9cr Cash Loan to D MIDAAS CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating MITHRA COTTON: CRISIL Lowers Rating on INR5.1cr Cash Loan to D MPR PROJECTS: CRISIL Maintains 'B' Rating in Non-Cooperating MUZAFFARPUR VIDYUT: Ind-Ra Lowers Long Term Issuer Rating to BB+ PAWAN COMMUNICATION: Ind-Ra Retains BB Rating in Non-Cooperating PCS AUTO: CRISIL Raises Rating on INR4cr Cash Loan to B+ PRAFULLA KUMAR: CRISIL Maintains 'B' Rating in Non-Cooperating PRATEEK APPARELS: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable PRIYESH AGRO: CRISIL Maintains 'D' Rating in Not Cooperating RELIANCE COMMUNICATIONS: INR774cr Bank Guarantees Reinstated RICHA INTERNATIONAL: CRISIL Maintains D Rating in Non-Cooperating SAI AMRUT: CRISIL Maintains 'D' Rating in Non-Cooperating SEVEN STAR: CRISIL Reaffirms B Rating on INR22cr Cash Loan SHERLOCK INDUSTRIES: Ind-Ra Migrates D Rating to Non-Cooperating SHRENIK MARBLE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating SHREE BALAJI: CRISIL Maintains 'B' Rating in Non-Cooperating SHRESID INTERIORS: CRISIL Maintains B- Rating in Non-Cooperating SIDDH SAI: CRISIL Maintains 'D' Rating in Non-Cooperating SKOPOS DREDGING: CRISIL Lowers Rating on INR15cr Term Loan to D SRI VASAVI: CRISIL Reaffirms B+ Rating on INR19cr Cash Loan SUTAPA INTERNATIONAL: CRISIL Hikes Rating on INR8cr Loan to B+ UP ASBESTOS: CRISIL Raises Rating on INR36.5cr Loan to B P H I L I P P I N E S RURAL BANK OF STA. ELENA: Depositors Claims Deadline Set Aug. 17 X X X X X X X X * BOND PRICING: For the Week Aug. 6 to Aug. 10, 2018 - - - - - ================= A U S T R A L I A ================= AUSTRALIAN LAWN: Ferrier Hodgson Appointed as Liquidator -------------------------------------------------------- David Kidman of Ferrier Hodgson, on Aug. 7, 2018, was appointed Liquidator of: -- Australian Lawn Wholesalers Pty Ltd -- Australian Lawn Wholesalers VIC Pty Ltd -- Australian Lifestyle Group Pty Ltd -- Think Home Improvements Pty Ltd The Companies ceased trading as of the date of the Liquidator's appointment. A report to creditors detailing the Liquidator's investigations into the Company's affairs will be issued to creditors in due course. Australian Lawn Wholesalers operated as a supplier and installer of artificial lawn and decking for residential and commercial properties across South Australia, Victoria and New South Wales. BCP INDUSTRIES: Second Creditors' Meeting Set for Aug. 16 --------------------------------------------------------- A second meeting of creditors in the proceedings of BCP Industries Australia Pty Limited has been set for Aug. 16, 2018, at 12:00 p.m. at the offices of Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, 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 Aug. 15, 2018, at 4:00 p.m. Vincent Pirina and David Iannuzzi of Veritas Advisory were appointed as administrators of BCP Industries on July 12, 2018. JOHN COOTES: To Close Doors After 35 Years; 135 Jobs Axed --------------------------------------------------------- News.com.au reports that after 35 years of business in Australia, John Cootes Furniture has been forced to close its doors, shedding 135 jobs. According to the report, the closure will also see 12 stores close across New South Wales (NSW) and the Australian Capital Territory (ACT) by the end of December. Those affected include 90 full-time and 45 casual and part-time workers, the report relays. News.com.au relates that the decision was announced on Aug. 13 by the retailer's owner Elanor Investors Group and follows a strategic review of the business. "Following the review, Elanor has now decided to commence an orderly closure of the business," the report quotes Elanor Investors as saying in a statement to the stock exchange. Elanor said it was committed to ensuring the payout of all entitlements and redundancies, along with an unspecified ex-gratia payment, to workers, the report relays. It has blamed tough retail market conditions in NSW for the closure of Australian-owned John Cootes, which has operated since the 1980s, says news.com.au. "The significant increase in the competitive environment, combined with softer retail market conditions has resulted in our decision," the report quotes CEO Glenn Willis as saying. The report adds that the store has announced they are taking 40 per cent off as part of their closing down sale on their website. John Cootes has 12 stores in NSW at Merrylands, Penrith, Tuggerah, Prospect, Newcastle, Auburn, Campbelltown, Canberra, Wagga Wagga, Taree, Bathurst and Rutherford. Its distribution centre is in Silverwater. There are no stores outside NSW and the ACT. DIVE CONNECT: High Court Enters Liquidation Order ------------------------------------------------- The Supreme Court of South Australia entered a liquidation order for Dive Connect Pty Ltd. Simon Miller of Clifton Hall was appointed liquidator of the Company on August 7, 2018. MIRABELA NICKEL: Sale Campaign Successful, Receivers Say -------------------------------------------------------- The receivers and managers of Mirabela Nickel Ltd provide the following overview and update of the sale process in relation to the assets of MBN. Sale campaign In late 2015, the Receivers commenced an extensive international sale process for the assets of MBN including MBN's shareholding in Mirabela Mineracao do Brasil Ltdaand its related assets. The sale campaign did not result in any offers for the Assets that were capable of acceptance. Following this, the Receivers engaged in extensive negotiations with an ad hoc group of noteholders of MBN (the 'Ad Hoc Group') to reach an agreement for the sale or recapitalisation of the Assets. The Ad Hoc Group was ultimately unable to deliver a bid that was capable of implementation. In early 2017, following a rebound in the global demand for Nickel assets, the Receivers commenced a second-round international sale campaign. This campaign included several parties who had previously expressed interest in the assets as well as several new parties identified as being capable of recapitalising MMB. Interested parties were provided updated detailed marketing documentation as well as access to an extensive virtual data room. Interested parties were also provided the opportunity to access MMB management and conduct site visits in Brazil before submitting non-binding indicative offers. After a comprehensive initial due diligence phase, seven indicative bids were submitted that ranged in terms of price and conditionality. The final bid that was accepted and which has now completed had the highest cash consideration, lowest conditionality and was the only bid capable of completion. Following acceptance of the bid, an Asset Sale Agreement with the successful bidder was signed in late 2017. Due primarily to the need to engage with several key stakeholders in the USA, Australia and Brazil, completion of the sale occurred on July 30, 2018. The buyers of the Assets are related parties to Appian Capital Advisory LLP, an investment advisor to the Appian Natural Resources Fund LP, a private fund that invests solely in mining or mining related companies (the 'Buyer'). The Buyer is well positioned to recapitalise MMB given its proven track record in completing large scale mining acquisitions, its ability to work alongside existing management teams, and its capacity to operate across select geographies and commodities. The sale price for the Assets is confidential. However, the price was less than the total amount outstanding to the secured creditors and accordingly the Receivers do not anticipate a return to unsecured creditors or shareholders. Mirabela Nickel Limited was an Australia-based mineral resource company engaged in mining, production and sale of nickel concentrate. The Company's principal asset was the 100%-owned Santa Rita nickel sulphide mine in Bahia, Brazil. The Santa Rita mine is located approximately 360 kilometers south-west of Salvador and approximately six kilometers from the town of Ipiau. The Company also had a portfolio of prospective nickel targets in Brazil, including an underground mineral resource at Santa Rita. Mirabela Nickel Limited was placed under Voluntary Administration on Sept. 24, 2015. Martin Jones and Darren Weaver of Ferrier Hodgson were appointed as Joint and Several Administrators. On Oct. 28, 2015, Martin Madden, Scott Langdon and Richard Tucker of KordaMentha were appointed Receivers and Managers of the Company. The company was placed into liquidation in June 2016. NATURAL WATER: Second Creditors' Meeting Set for Aug. 17 -------------------------------------------------------- A second meeting of creditors in the proceedings of Natural Water Solutions Pty Ltd has been set for Aug. 17, 2018, at 11:30 a.m. at Unit 6, 7 Prindiville Drive, in Wangara, WA. 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 Aug. 16, 2018, at 5:00 p.m. Melanie Samantha Grohovaz of EMJ Consulting was appointed as administrator of Natural Water on July 23, 2018. SIRENS BY THE BAY: Second Creditors' Meeting Set for Aug. 16 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Sirens By The Bay Pty Ltd has been set for Aug. 16, 2018, at 4:00 p.m. at the offices of Australian Institute of Company Directors, Level 26, 367 Collins Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 15, 2018, at 4:00 p.m. Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay Goodwin were appointed as administrators of Sirens By The Bay on, July 25, 2018. W.D. ENTERPRISES: Second Creditors' Meeting Set for Aug. 24 ----------------------------------------------------------- A second meeting of creditors in the proceedings of W.D. Enterprises Pty Ltd has been set for Aug. 24, 2018, at 10:00 a.m. at the offices of McLeod & Partners, Hermes Building, Level 1, 215 Elizabeth Street, in Brisbane, Queensland. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 23, 2018, at 5:00 p.m. Jonathan Paul McLeod and Bil Karageozis of McLeod & Partners were appointed as administrators of W.D. Enterprises on July 20, 2018. YORK CIVIL: Administrators Shut Down Contractor ----------------------------------------------- Ferrier Hodgson has advised that due to insufficient cash resources to continue business operations and the inability to achieve a sale of the business and transition of employees, York Civil will cease trading with immediate effect from Aug. 13, 2018. Employees and contractors of York Civil were informed on Aug. 13, 2018. A creditors' meeting, managed by Ferrier Hodgson Partners Martin Lewis and Tim Mableson, has been convened for Aug. 16, 2018. Mr. Lewis said it is regrettable that the business of York Civil cannot continue to operate. "We expect any shortfall of employee entitlements will be met through the Fair Entitlements Guarantee Scheme (should the company be placed into liquidation at the second meeting of creditors), however it is too early to form a view on the likelihood of payment to unsecured creditors. "It's our understanding that any Joint Venture projects York Civil is a party to, will be continued by the remaining Joint Venture partners. "Arrangements have been made with the respective Joint Venture partners for a continuation of works on the North Terrace Tram Extension, Torrens to Torrens upgrade and Swan River Pedestrian Bridge." York Civil provides engineering and construction services for infrastructure across Australia. Timothy David Mableson and Martin David Lewis of Ferrier Hodgson were appointed as administrators of York Civil on Aug. 6, 2018. The Voluntary Administrators now control the Company's operations and are assessing the Company's financial position and the status of its contracts. ========= C H I N A ========= CBAK ENERGY: Receives Noncompliance Notice from NASDAQ ------------------------------------------------------ CBAK Energy Technology, Inc. received on Aug. 9, 2018, a notice from the Listing Qualifications Department of The NASDAQ Stock Market indicating that, for the last 30 consecutive business days, the bid price for the Company's common stock had closed below the minimum $1.00 per share and as a result, the Company is no longer in compliance with the NASDAQ Listing Rule 5450(a)(1). The notification letter states that the Company will be afforded 180 calendar days, or until Feb. 5, 2019, to regain compliance with the minimum bid price requirement. In order to regain compliance, shares of the Company's common stock must maintain a minimum closing bid price of at least $1.00 per share for a minimum of ten consecutive business days. In the event the Company does not regain compliance with the minimum closing bid price requirement by Feb. 5, 2019, Nasdaq may provide the Company an additional 180- day period to regain compliance, subject to the Company, at that time, transferring its securities to The Nasdaq Capital Market and satisfying certain other requirements. However, if Nasdaq determines that the Company will not be able to cure the deficiency, or should the Company determine not to submit a transfer application or make the required representation, Nasdaq will notify the Company that its securities will be subject to delisting. The Company said it intends to actively monitor the bid price for its common stock between now and Feb. 5, 2019, and will consider all available options to resolve the deficiency and regain compliance with the NASDAQ minimum bid price requirement. About CBAK Energy Dalian, China-based CBAK Energy Technology, Inc., formerly China BAK Battery, Inc. -- http://www.cbak.com.cn/-- is engaged in the business of developing, manufacturing and selling new energy high power lithium batteries, which are mainly used in the following applications: electric vehicles; light electric vehicles; and electric tools, energy storage, uninterruptible power supply, and other high power applications. CBAK Energy reported a net loss of US$21.46 million in 2017 compared to a net loss of US$12.65 million for the year ended Sept. 30, 2016. The Company reported a net loss of US$2.19 million for the three months ended Dec. 31, 2016. As of Dec. 31, 2017, CBAK Energy had US$153.13 million in total assets, US$150.93 million in total liabilities and US$2.19 million in total shareholders' equity. As of March 31, 2018, CBAK Energy had US$148.80 million in total assets, US$148.95 million in total liabilities, and a total shareholders' deficit of US$152,826. Centurion ZD CPA Limited, in Hong Kong, China, the Company's auditor since 2016, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended Dec. 31, 2017 stating that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Dec. 31, 2017. All these factors raise substantial doubt about its ability to continue as a going concern. SHANGHAI TONGYE: Chinese Court Declares Coal Maker Bankrupt ----------------------------------------------------------- Xu Wei at Yicai Global reports that China's authorities declared Shanghai Tongye Coal Chemical Group bankrupt on Aug. 7 after the coking product maker could not pay its debt of CNY2.2 billion (USD322.5 million). Deutsche Bank's Shanghai branch filed an application with the local No.3 Intermediate People's Court to redeem its loan of CNY91.6 million (USD13.4 million), as well as the interest, from the Shanghai-based chemical firm by liquidation, court papers show, according to Yicai Global. Tongye, Yicai Global relays, objected the appeal by saying that the company can pay its liabilities as it has an annual output worth CNY50 billion, adding that a bankruptcy would result in losses among other creditors, many of which are state-owned enterprises. Tongye however could not provide enough evidence for its case so the court approved Deutsche Bank's application, Yical Global discloses. Back in September 2016, Deutsche Bank contacted Chinese authorities when Tongye's insolvency issues appeared, the report cites. Some 90 other creditors joined the financial institution while the worth of alleged receivables rose to CNY4.2 billion, according to the report. Tongye did not deny the claims of 57 of these creditors so the total value of money that it should pay back reduced to CNY2.2 billion, Yicai Global discloses. Shanghai Tongye Coal Chemical Group Co. Ltd. manufactures coking products. The Company mainly produces and sells coal, coke, tar, and more. Shanghai Tongye Coal Chemical Group also operates real estate development, auto parts production, and other businesses. SHARING ECONOMY: Incurs $6 Million Net Loss in Second Quarter ------------------------------------------------------------- Sharing Economy International Inc. has filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $6.02 million on $2.56 million of revenues for the three months ended June 30, 2018, compared to a net loss of $521,422 on $3.71 million of revenues for the three months ended June 30, 2017. For the six months ended June 30, 2018, the Company reported a net loss of $10.88 million on $5.13 million of revenues compared to a netloss of $667,906 on $8.36 million of revenues for the same period a year ago. As of June 30, 2018, Sharing Economy had $74.97 million in total assets, $9.83 million in total liabilities and $65.13 million in total stockholders' equity. Net cash flow used in investing activities was $71,000 for the six months ended June 30, 2018 as compared to net cash flow provided by investing activities of $2,081,000 for the six months ended June 30, 2017. For the six months ended June 30, 2018, net cash flow used in purchase of property and equipment of $73,000, offset by cash received from the purchase subsidiary operations of approximately $2,000. For the six months ended June 30, 2017, net cash flow provided by investing activities of $2,081,000, which reflects the purchase of property and equipment of $14,000 and proceeds received from sale of subsidiary in cash of $2,095,000. Net cash flow provided by financing activities was $1,561,000 for the six months ended June 30, 2018 as compared to net cash flow used in financing activities of $11,000 for the six months ended June 30, 2017. During the six months ended June 30, 2018, the Company received proceeds from convertible note of $900,000 and deducted offering costs paid by $195,000, the Company also received proceeds form bank loan of $706,000, advanced from related party of $874,000 and received proceeds from sale of common stock of $256,000, offset by repayments for bank loan of $706,000 and payments for the decrease in bank acceptance notes payable of $275,000. During the six months ended June 30, 2017, the Company received proceeds from sale of common stock of $860,000 and proceeds from related party advances of $132,000, offset by repayment of bank loans of $727,000. "We have historically funded our capital expenditures through cash flow provided by operations and bank loans. We intend to fund the cost with cash flow from our operations and by obtaining financing mainly from local banking institutions with which we have done business in the past. We believe that the relationships with local banks are in good standing and we have not encountered difficulties in obtaining needed borrowings from local banks," the Company stated in the Quarterly Report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/1u5mqS 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. Moreover, the Company will actively pursue blockchain technology in its existing and to-be-acquired business, enabling the general public to realize the beauty of resource sharing. 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. * CHINA: Scramble to Head Off Private Bond Risks, FT Reports ------------------------------------------------------------ The Financial Times reports that it was not so long ago that investors were speculating just when Chinese regulators would allow the first onshore bond to default. Now, the authorities are rushing to provide liquidity relief to calm a surge in bond market failures. The FT relates that the government must act because the defaults represent collateral damage in its broader campaign to rein in excess borrowing in the financial system. Private companies have suffered most, exposing vulnerabilities in a sector that is largely responsible for creating jobs in the Chinese economy. According to the FT, regulators have relaxed their policy stance in recent weeks to increase the flow of liquidity into the financial system and to encourage banks to lend more to the corporate sector. Although this appears to be a response to the intensifying trade war with the US - the Communist party politburo at the end of July called for stability in the face of new challenges and "significant external changes" - steps taken so far are aimed at ameliorating the impact of the campaign to reduce financial system risk and have done more to help investors in bonds of companies controlled by local governments, the FT says. More needs to be done because the volume of maturities remains high while companies are having to sell ever-shorter-dated paper in their struggle to refinance, the report notes. This hardly counts as a wave of defaults. After the first failure in 2014, by private solar cell maker Chaori Solar, 2018 is on track to break Chinese records for renminbi bond defaults. However, failures through July totalled just CNY31.6 billion (US$4.6 billion), while companies issued RMB160.3 billion in bonds in July alone, according the FT. Furthermore, defaults have been concentrated in just four companies. Shanghai Huaxin International Group, China City Construction Holding Group, Yiyang Group and Dandong Port Group account for 60 per cent of the year's failures so far, the FT says. According to the FT, 16 companies in total have defaulted on their bonds in 2018, including 11 private firms which account for around 70 per cent of the failures by face value. This is a tiny part of China's corporate bond universe, accounting for just 0.7 per cent of CNY17.1 trillion in outstanding issuance. On the other hand, the authorities are tasked with the contradictory goals of maintaining market stability while cleaning up the financial system, says the FT. The FT notes that maintaining stability means ensuring that a small number of defaults does not become something systemic in a market that is equivalent to 20 per cent of Chinese GDP. Regulators have closed off risky lending channels as one of three of the leadership's "critical battles," the FT says. The combined outstanding stock of three major categories of shadow finance assets - entrusted loans, trust loans and bankers' acceptances - shrank by CNY1.26 trillion in the first half and was down 0.6 per cent year on year at the end of June compared with 15.6 per cent growth a year ago. This has been a double blow for private firms, the FT notes. State-bank bias towards state-owned firms forced private companies to rely on shadow finance and the bond market for funding. This becomes more difficult as liquidity has tightened and as the government has stressed the need to rein in risk, the report states. The average maturity of corporate bonds has shortened to 4.35 years this year versus 7.89 years in 2010. Net financing via corporate papers has fallen as more companies have dropped or shelved plans to sell bonds. According to the FT, the government has taken steps to improve financing conditions for these firms, though much of this has been mistaken for wholehearted stimulus. At the start of June, the People's Bank of China (PBoC) lowered collateral requirements for institutions borrowing from its medium-term lending facility (MLF), encouraging banks to buy lower rated corporate bonds in exchange for central bank funding. At the same time, the PBoC has increased MLF loans by a hefty CNY502 billion. This year's reserve requirement ratio cuts were intended to boost lending to small companies, part of long-running - if relatively unsuccessful - efforts to improve credit provisions to this underserved part of the economy, the FT states. The FT notes that although yields on lower rated bonds have fallen in recent weeks, spreads remain wide, with the difference between AA-rated five-year corporate bond yields and AAA-rated equivalents at more than 100 basis points. Furthermore, for all the official rhetoric about supporting private sector firms, the big beneficiaries of easing signals in the bond market have been government-linked, with investors downgrading the possibility that a local government financing vehicle will default on one of its urban construction, or chengtou, bonds, the FT says. ========= I N D I A ========= AANCHAL CEMENT: Ind-Ra Maintains B+ LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Aanchal Cement Limited's (ACL) Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limit maintained in non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; and -- INR132.19 mil. Non-fund-based working capital limit maintained in non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 27, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2010, ACL is engaged in chicken processing in Kolkata, West Bengal. AMRUTHA VARSHINI: CRISIL Maintains 'D' Rating in Not Cooperating ---------------------------------------------------------------- CRISIL said the rating on bank facilities of Amrutha Varshini Dairy Farms Private Limited (AVDF) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 4.5 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with AVDF for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of AVDF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on AVDF is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of AVDF continues to be 'CRISIL D Issuer not cooperating'. AVDF was set up in 2001 by Mr. A V S N Rao and his family members; it is a part of the Agri Gold group. The company, based in Hyderabad, processes and sells milk and milk products. ANMOL STEEL: CRISIL Lowers Rating on INR75CR Loan to D ------------------------------------------------------ CRISIL has downgraded the rating on bank facilities of Anmol Steel Processors Private Limited (ASPPL) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB+/Stable; ISSUER NOT COOPERATING') Channel Financing 50 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL BB+/Stable; ISSUER NOT COOPERATING') Letter of Credit 75 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL A4+ ISSUER NOT COOPERATING') CRISIL has been consistently following up with ASPPL for obtaining information through letters and emails dated December 26, 2017 and January 9, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ASPPL. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for the company is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information' corresponding to CRISIL BB rating category or lower. Based on banker feedback indicating irregularities in conduct of account, CRISIL has downgraded the rating on bank facilities of ASPPL to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'. ASPPL, incorporated in 1994, is promoted and managed by Mr. Dinesh Shah and his sons, Mr. Amar Shah and Mr. Paras Shah. The company processes and trades in hot- and cold-rolled coils, galvanised coils, and other steel products. It is an authorised distributor for JSW Steel Ltd, which accounts for 40% of total purchases. Its processing facility is at Navi Mumbai, Maharashtra. AP INC: CRISIL Maintains 'B' Rating in Not Cooperating Category --------------------------------------------------------------- CRISIL said the rating on bank facility of AP Inc Lic (APIL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 26 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with APIL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of APIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on APIL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facility of APIL continues to be 'CRISIL B/Stable Issuer not cooperating'. APIL was established as a partnership firm by Mr. Ashok Saxena and Met Brass Plasssim India Limited (a unit of the MMG group) in September 2006. The firm operates a 4 star hotel under the name 'Fortune Landmark' in Ahmedabad. APL METALS: CRISIL Hikes Rating on INR57cr Cash Loan to B --------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of APL Metals Limited (APL; formerly Associated Pigments Ltd) to 'CRISIL B/Stable' from 'CRISIL C'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bill Discounting 30 CRISIL B/Stable (Upgraded from 'CRISIL C') Cash Credit 57 CRISIL B/Stable (Upgraded from 'CRISIL C') The upgrade reflects CRISIL's believe that business risk profile and financial risk profile of APL will further improve over the medium term, led by growth in demand and repayment of debt. Further, infusion of unsecured loans by promoters has had positive impact on the business risk profile driven by improved capacity; better revenue and better working capital management. This improvement is expected to be sustained over the medium term. The rating continues to reflect the weak financial risk profile. These weaknesses are partially offset by extensive experience of the promoter, and established relationships with a reputed clientele. Key Rating Drivers & Detailed Description Weaknesses * Weak capital structure: Financial risk profile is marked by a highly leveraged capital structure, with gearing at 33.60 times as on March 31, 2018, owing to larger debt contracted by the company. Strength * Extensive experience of the promoter, and healthy relationships with reputed clientele: The two decade-long experience of managing director, Mr. Sanjiv Nandan Sahaya, in the lead industry, and the company's established track record of six decades, have resulted in healthy relationships with key lead battery manufacturers. Outlook: Stable CRISIL believes APL will continue to benefit from the extensive experience of its promoter, and his strong relationships with reputed clientele. The outlook may be revised to 'Positive' if the company improves its working capital management, or reports sustained growth in revenue and profitability. The outlook may be revised to 'Negative', if a stretched working capital cycle, decline in revenue or profitability, leading to significantly low cash accrual, or any large capital expenditure, weakens the capital structure. APL, promoted by the late Mr. DN Sahaya, was incorporated in 1948, for carrying on business of manufacturing lead oxides, white lead, antimonial lead, lead salts, zinc dust, and zinc oxide. Operations are managed by his grandson, Mr. SN Sahaya, who is also the managing director. ARUN POLYMERS: CRISIL Maintains B Rating in Not Cooperating ----------------------------------------------------------- CRISIL said the rating on bank facilities of Arun Polymers (AP) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .15 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 3.50 CRISIL B/Stable (ISSUER NOT COOPERATING) Letter of Credit 7.55 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Short 0.90 CRISIL A4 (ISSUER NOT Term Bank Loan COOPERATING) Facility SME Credit 0.25 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 2.40 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with AP for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of AP, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on AP is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of AP continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. AP is a partnership firm set up in 2000 by Mr. P. Thiyagarajan. The firm manufactures PVC pipes. ASHOK BRICKS: CRISIL Maintains 'B' Rating in Not Cooperating ------------------------------------------------------------ CRISIL said the rating on bank facilities of Ashok Bricks Industries Private Limited (ABIPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 20 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Cash 0.03 CRISIL B/Stable (ISSUER NOT Credit Limit COOPERATING) Standby Letter 1.5 CRISIL B/Stable (ISSUER NOT of Credit COOPERATING) Term Loan .47 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with ABIPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ABIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on ABIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of ABIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. ABIPL was formed as a partnership firm in 1992, between Orissa based, Mr. Pramod Agarwal and his brother Mr. Ashok Agarwal, to manufacture red bricks used in construction industry. The firm was reconstituted as Ashok Bricks Industries Pvt. Ltd. (ABIPL), a private limited company, in the year 2000 and entered the business of road construction. ASTON CERAMIC: CRISIL Reaffirms B Rating on INR3.5cr Term Loan -------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B/Stable/CRISIL A4' ratings on the bank facilities of Aston Ceramic (Aston). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.4 CRISIL A4 (Reaffirmed) Cash Credit 3.5 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 1.6 CRISIL B/Stable (Reaffirmed) Term Loan 3.5 CRISIL B/Stable (Reaffirmed) The ratings continue to reflect the extensive experience of the firm's promoters in the ceramics industry, and its limited exposure to demand risk. These strengths are partially offset by large working capital requirement, small scale of operations in a highly fragmented industry, and weak financial risk profile because of high gearing and modest debt protection metrics. Key Rating Drivers & Detailed Description Weaknesses * Modest scale in a fragmented industry: The firm's scale, reflected in operating revenue of INR12 crore in fiscal 2018, is expected to remain small over the medium term. * Working capital-intensive operations: Working capital requirement will remain large, because of receivables and inventory of over 150 and 60 days, respectively, despite considerable payables. Strength * Promoters' extensive industry experience: The promoters' extensive experience in the ceramic industry, and longstanding relationships with customers and suppliers, help manage working capital cycle. Outlook: Stable CRISIL believes Aston will benefit from its promoters' industry experience. The outlook may be revised to 'Positive' if cash accrual is substantially high because of a significant increase in revenue or a sustained improvement in operating profitability, enhancing the financial risk profile and liquidity. The outlook may be revised to 'Negative' if the financial risk profile and liquidity weaken due to low cash accrual, stretched working capital cycle, or large, debt-funded capital expenditure. Aston, a Morbi, Gujarat-based partnership firm set up in 2014, manufactures digital wall tiles. The promoters have been involved in the ceramic industry for about 10 years through associate concerns. BASANT BETONS: CRISIL Maintains 'B' Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the rating on bank facilities of Basant Betons (Basant) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 11.65 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 14.35 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) CRISIL has been consistently following up with Basant for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Basant, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Basant is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of Basant continues to be 'CRISIL B/Stable Issuer not cooperating'. Set up in 1993, Basant manufactures concrete products used in making paving pathways, car parks, and other areas. The firm also sells granite products used in landscaping. BHAGWATI DIAMONDS: CRISIL Reaffirms B+ Rating on INR10cr Loan ------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long- term bank facilities of Bhagwati Diamonds Private Limited (BDPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Reaffirmed) Proposed Cash Credit Limit 1.5 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect modest scale of BDPL's operations, large working capital requirement, and a weak financial risk profile. These weaknesses are partially offset by the experience of the promoters in the gold and diamond jewellery industry. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations: Revenue declined to around INR47 crore in fiscal 2018 from INR52.58 crore in fiscal 2017 due to the implementation on the Goods and Sales tax, Further, intense competition may continue to restrict scalability and pricing power and, therefore, profitability. * Large working capital requirement: Gross current assets, inventory, and receivables were 150 days, 131 days, and 23 days, respectively, as on March 31, 2018. Working capital requirement may remain high even over the medium term. * Weak financial risk profile: Interest coverage and net cash accrual to total debt ratios are 1.31 times and 0.04 time, respectively, in fiscal 2018. Total outside liabilities to tangible networth ratio was moderate at 1.77 times as on March 31, 2018. Financial risk profile may remain subdued over the medium term. Strength * Experience of promoters: Benefits from the promoters' experience of a decade, their strong understanding of the local market dynamics, and healthy relations with customers and suppliers should continue to support the business. Outlook: Stable CRISIL believes BDPL will continue to benefit from the experience of the promoters experience. The outlook may be revised to 'Positive' if substantial increase in revenue and profitability along with prudent working capital management strengthens financial risk profile. Conversely, the outlook may be revised to 'Negative' if sharp decline in revenue and profitability, or stretched working capital requirement weakens financial risk profile. BDPL, incorporated in 2007 at Delhi, manufactures and supplies diamond and gold studded jewellery in Delhi and Haryana. Mr. Sanjay Kumar, Mr. Suresh Kumar, and Mr. Anuj Garg are the promoters. BRILLIANT ALLOYS: CRISIL Maintains 'D' Rating in Not Cooperating ---------------------------------------------------------------- CRISIL said the rating on bank facilities of Brilliant Alloys Private Limited (BAPL) continues to be 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term 0.16 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING) Rupee Term Loan 12.75 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BAPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BAPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BAPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of BAPL continues to be 'CRISIL D Issuer not cooperating'. Incorporated in 2011 and promoted by Mr. R Indrajit, BAPL manufactures mild steel billets at its facility in Thirvannamalai Tamil Nadu. BRITEX COTTON: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------- CRISIL said the ratings on bank facilities of Britex Cotton International Limited (BCIL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 75 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with BCIL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BCIL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BCIL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of BCIL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. BCIL was incorporated in 1996, promoted by Mr. Bhadresh Mehta, a first-generation entrepreneur from Mumbai. The company trades in yarn, fabrics, and cotton, and operates mainly in the Indian market. CHEMITECH ENGINEERS: CRISIL Maintains D Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Chemitech Engineers Private Limited (CEPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 8 CRISIL B/Stable (ISSUER NOT COOPERATING) Inland/Import 21 CRISIL A4 (ISSUER NOT Letter of Credit COOPERATING) CRISIL has been consistently following up with CEPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of CEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on CEPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of CEPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. CEPL was set up in 1988 as a partnership firm that was reconstituted as a private limited company in 1997. CEPL is promoted by Mr. D L Gupta and Mr. N K Gupta. It trades in chemicals and undertakes civil construction work in the National Capital Region. CLAVECON INDIA: CRISIL Maintains 'B' Rating in Not Cooperating -------------------------------------------------------------- CRISIL said the rating on bank facilities of Clavecon India Private Limited (CIPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan 12 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with CIPL for obtaining information through letters and emails dated February 28,2018 and July 31,2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of CIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on CIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the rating on bank facilities of CIPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Established in 2013 by Mr. B B Goyal, CIPL manufactures AAC blocks. The company, based in Ghaziabad, commenced commercial operations in June 2015. COCHIN MINERALS: Ind-Ra Lowers Long Term Issuer Rating to 'B-' -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Cochin Minerals and Rutile Limited's (CMRL) Long-Term Issuer Rating to 'IND B-' from 'IND B'. The Outlook is Stable. The instrument-wise rating actions are: -- INR83.68 mil. (reduced from INR147.38 mil.) Long-term loans due on June 2020 downgraded with IND B-/Stable rating; -- INR315 mil. (reduced from INR365 mil.) Fund-based working capital facilities Long-Term rating downgraded; short-term rating affirmed with IND B-/Stable/IND A4 rating; and -- INR414 mil. Non-fund-based facilities affirmed with IND A4 rating. KEY RATING DRIVERS The downgrade reflects CMRL's continued stressed liquidity position and a further elongation of its working capital cycle, due to the working capital-intensive nature of operations. The company has overutilized its fund-based working capital limits up to three weeks due to the devolvement of a letter of credit in the 12 months ended June 2018. Net cash cycle elongated to 268 days in FY18 (FY17: 132 days), primarily due to a longer inventory holding period. The company had finished goods (synthetic rutile) of around 3,800 metric tons in FY18. Moreover, return on capital employed was weak at 8% during FY18 (FY17: negative 1%) and EBITDA margin modest at 5.5% (negative 0.3%; FY16: negative 8.4%). The improvement in margins was due to an increase in the demand of synthetic rutile in the market, leading to an improvement in operating EBITDA to INR91 million (negative INR4 million). Ind-Ra expects the EBITDA margins to remain at a similar level during FY19-FY20 as the realization of synthetic rutile is on an improving trend. CMRL's credit metrics remained moderate in FY18, with net leverage (adjusted net debt/operating EBITDA) of 3.6x in FY18 (FY17: negative 97.4x) and interest coverage (operating EBITDA/gross interest expense) of 1.3x (negative 0.1x). The improvement in credit metrics was attributed to the improvement in the operating EBITDA. CMRL's scale of operations is medium with revenue of INR1,641 million in FY18 (FY17: INR1,484 million). The improvement in revenue was on account of an improvement in the syntactic rutile price realization. The company had achieved INR438.1 million during 1QFY19. CMRL has an outstanding order book of INR1,681 million which will be executed by March 2019. The ratings favorably factor in over 20 years of experience of the company's promoters in manufacturing synthetic rutile. RATING SENSITIVITIES Positive: A significant increase in the scale of operations and EBITDA margins leading to an improvement in the credit metrics and liquidity profile, all on a sustained basis, could be positive for the ratings. Negative: Any further tightening of the liquidity profile and/or deterioration in the EBITDA margin and credit metrics on a sustained basis could be negative for the ratings. COMPANY PROFILE Incorporated in 1989, CMRL manufactures and exports metallurgical- grade synthetic rutile. Its 50,000 metric tons per annum manufacturing facility is located in Aluva, Kerala. In addition, CMRL sells by-products such as ferric chloride, ferrous chloride and cemox. DISHA INDUSTRIES: Ind-Ra Maintains BB+ Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Disha Industries Private Limited's (DIPL) Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR208 mil. Long-term loan maintained in Non-Cooperating Category with IND BB+ (ISSUER NOT CO-OPERATING rating; -- INR125 mil. Fund-based facilities maintained in Non- Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-fund-based facilities maintained in Non- Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 11, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1995, Uttar Pradesh-based Disha Industries manufactures kraft paper from recyclable waste paper. DLORDS FOOTWEAR: CRISIL Reaffirms B+ Rating on INR0.5cr Loan ------------------------------------------------------------ CRISIL ratings on the bank facilities of Dlords Footwear and Fashions Private Limited (DFFPL) continues to reflect the weak business risk profile, owing to a drop in revenue, and the below- average financial risk profile, marked by muted debt protection metrics. However, these rating weaknesses are partially offset by the extensive experience of DFFPL's promoters. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 0.5 CRISIL B+/Stable (Reaffirmed) Packing Credit in Foreign Currency 13.0 CRISIL A4 (Reaffirmed) CRISIL has downgraded its rating on bank facilities of DFFPL to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+' vide its release dated July 27, 2018. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations: Operating income declined nearly 25% in fiscal 2018 and remains modest at INR44 crore in fiscal 2018, against INR62 crore in the previous fiscal. Major portion of the revenue is derived through exports. * Weak financial risk profile: Financial risk profile is marked by a small networth and high total outside liabilities to tangible networth (TOL/TNW) ratio. Networth declined to INR1.58 crore as on March 31, 2018, from INR3.14 crore a year before, owing to losses incurred. TOL/TNW ratio was high at 9 times while debt protection metrics were weak, with no interest coverage for fiscal 2018. Strength * Extensive experience of the promoters: The two decade-long experience of the main promoter, Mr. Jagdish Pranji Vandas Bhagat, will continue to support the business risk profile. Operations are currently managed by his son, Mr. Vipul Jagdish Bhagat, who has a strong understanding of latest trends in the footwear market. Outlook: Stable CRISIL believes DFFPL will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' in case of significant growth in revenue and operating margin, along with equity infusion by the promoters. The outlook may be revised to 'Negative' if any major capital expenditure in the near future, and/or stretch in the working capital cycle, weakens the financial risk profile, particularly liquidity. DFFPL was set up by promoters, Mr. Jagdish Pranjivandas Bhagat and Mr. Vipul Jagdish Bhagat in 1999. The Navsari (Gujarat)-based company trades in footwear. GVT INFRA: CRISIL Maintains 'B' Rating in Not Cooperating --------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of Gvt Infra (GI). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 10 CRISIL B/Stable (Assigned) The rating factors in extensive experience of the proprietor in the real estate business. This rating strength is partially offset by exposure to moderately high demand risk, accentuated by cyclicality inherent in the real estate industry. Key Rating Drivers & Detailed Description Weaknesses * Exposure to demand risk and lack of approvals: The ongoing project, Belinston Avenue, faces demand risk. Sales momentum would be a key rating sensitivity factor, going forward. Also, Real Estate (Regulation and Development) Act (RERA) registration of the project is not completed and any delay in completing the same is expected to delay the completion of the project. * Exposure to risks and cyclicality inherent in the Indian real estate industry: The highly fragmented market structure and presence of a large number of regional players accentuate the risks associated with the real estate industry, which tends to be cyclical and vulnerable to changing regulations. Strength * Experience of the partners: The experience of the partner, Mr Rajnish Singla in the real estate industry, and his established track record will continue to support the business risk profile. Outlook: Stable CRISIL believes GI will continue to benefit from the extensive experience of its proprietor in the real estate industry. The outlook may be revised to 'Positive' in case of higher-than- expected sales realisations from the project leads to substantially large cash inflow. The outlook may be revised to 'Negative' if there are any delays in execution of the project or in receipt of customer advances, or if any other large, debt- funded project, weakens the financial risk profile. GI was set up as a partnership firm with Mr Rajnish Singla, Ms Sunita Singla, Mr Abhinav Singla, Mr Deepanshu Singla as partners, to undertake residential real estate projects. HARMAN COTTEX: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Harman Cottex & Seeds 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: -- INR125 mil. Fund-based limits migrated to non-cooperating category IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR25 mil. Proposed fund- based limits migrated to non- cooperating category with Provisional IND BB+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 10, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Harman Cottex & Seeds is primarily engaged in the cotton trading and cotton seed processing businesses, with the former being the core activity. IDEAL HOTEL: Ind-Ra Maintains 'B+' LT Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ideal Hotel and Industries Limited's Long-Term Issuer Rating in the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR150 mil. Fund-based working capital limits maintained in Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING) /IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 19, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1985, Ideal Hotel and Industries provides hospitality services. It operates a hotel under the brand name Amaya, which is at a prime location in Mall Road Cant., Varanasi. JALGAON GOLDEN: CRISIL Maintains 'B' Rating in Non-Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Jalgaon Golden Transport Private Limited (JGTPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Bank Guarantee 2 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Cash Credit Limit 1 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with JGTPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of JGTPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on JGTPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of JGTPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' JGTPL, setup in 1993 by members of the Vyas family of Jalgaon (Maharashtra), provides road transport services to fertilizer manufacturers and government agencies. JET AIRWAYS: Servicing All Loans on Time Despite Cost Pressures ---------------------------------------------------------------- Anurag Kotoky and Anto Antony at Bloomberg News report that Jet Airways India Ltd., the Mumbai-based carrier trading at the lowest since June 2015 on deteriorating finances and rising default risk on its debt obligations, said it is servicing all its loans on time in spite of surging fuel prices. "We are regular in all our payment obligations to all our banks and statutory dues including provident fund obligations. Our account with all the banks as on date is standard," the company said in an emailed statement on Aug. 10, Bloomberg relays. The carrier had a total debt of INR94.3 billion (US$1.4 billion) as of March 31, 2018, according to data compiled by Bloomberg. Shares of the carrier, part-owned by Etihad Airways PJSC, plunged 8.5 percent on Aug. 10 in Mumbai after the company postponed announcing its first-quarter earnings, Bloomberg says. Earlier this month, the company had denied a report that it needed drastic measures to cut costs and bolster its finances as the airline was facing competition from budget carriers in the South Asian nation and fuel prices were surging, according to Bloomberg. Bloomberg relates that Jet Airways said the company has been continuously working on "various cost and revenue initiatives to mitigate the significant increase in fuel rates and depreciation in rupee." The firm's total debt ballooned to 55.4 times earnings before interest and tax as of March 31, compared with 4.9 times the previous year, data compiled by Bloomberg shows. The probability of the airline failing to repay its obligations in the next 12 months is near the highest since October 2015, according to a Bloomberg Default Risk model, which tracks metrics including share price, debt and cash flow. Jet Airways, along with wholly owned subsidiary Jet Lite (India) Limited, currently provides scheduled services to around 56 destinations in India and 20 international destinations. The Company's fleet stands at 113 aircraft as of March 2014. KSR COTTON: CRISIL Lowers Rating on INR5.1cr LT Loan to D --------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of KSR Cotton Agencies (KSR) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 5.1 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with KSR for obtaining information through letters and emails dated November 13, 2017, and January 17, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of KSR, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL has downgraded its ratings on the bank facilities of KSR to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating'. The downgrade reflects delays in repayment of debt obligations, because of its stretched liquidity position; the account is currently an NPA (non-performing asset). Established in 2007, KSR is engaged in ginning and pressing of raw cotton and sells cotton lint and cotton seeds. Based out of Guntur Andhra Pradesh, the firm is promoted by Mr. Kondaveeti Srinivasa Rao. LINNHOFF INDIA: Ind-Ra Withdraws 'BB+' Long Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Linnhoff India Private Limited's (LIPL) Long-Term Issuer Rating of 'IND BB+'. The Outlook was Stable. The instrument-wise rating actions are: -- The IND BB+ rating on the USD1.78 mil. foreign currency term loans due on December 2018 are withdrawn; -- The IND BB+ rating on the INR165 mil. fund-based facilities is withdrawn; and -- The IND BB+ rating on the INR100 mil. non-fund-based facilities are withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated 31 March 2017 for credit rating agencies. Ind-Ra will no longer provide analytical and rating coverage for LIPL. COMPANY PROFILE Incorporated in 2012, LIPL is a joint venture between S-T Group and IPS Lintech Asia Pacific Pte Ltd. It manufactures asphalt and concrete batch-mixing machines for road contractors. MS INFRAENGINEERS: CRISIL Maintains B Rating in Non-Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of M S Infraengineers Private Limited (MIPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 9 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with MIPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of MIPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' MIPL, based in Cuttack (Odisha), took over the business of its promoter's proprietorship concern Mahendra Swain with effect from September 2011. The company is involved in civil construction and mainly undertakes works for irrigation dams, canals, and road construction. It derives more than 95 per cent of its revenue from irrigation and from work for the Public Works Department, Odisha. MAGNEWIN ENERGY: CRISIL Maintains 'D' Rating in Non-Cooperating --------------------------------------------------------------- CRISIL said the ratings on bank facilities of Magnewin Energy Private Limited (MEPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.25 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 1.50 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 1.50 CRISIL D (ISSUER NOT COOPERATING) Long Term Loan 1.68 CRISIL D (ISSUER NOT COOPERATING) Standby Line of Credit 0.20 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with MEPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MEPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MEPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of MEPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating' Incorporated in 1991, MEPL manufactures electrical capacitors'special-purpose capacitors, and high- and low-tension capacitors'used for compensating transmission line losses and power factor improvement. These capacitors are primarily used by utility companies and the defence sector; the capacitors also find application in industries such as textiles, coal, chemicals, and sugar. Set up as Magnewin Magnetics, the company was reconstituted as a private limited company in September 2009. MALABAR HOTELS: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Malabar Hotels Private Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR300 mil. Term loan (long-term) maintained in Non- Cooperating Category with IND D (ISSUER NOT COOPERATING) rating; and -- INR30 mil. Fund-based working capital limits (long-term) maintained in Non-Cooperating Category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 28, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2002, Malabar Hotels operates a five-star hotel, Kohinoor-Asiana, in Chennai. MANAF P.B.: CRISIL Lowers Rating on INR5.9cr Cash Loan to D ----------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Manaf P.B. (MPB) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 5.9 CRISIL D (Downgraded from 'CRISIL B+/Stable') Proposed Long Term 1.6 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B+/Stable') The downgrade reflects delays by the firm in servicing its debt obligations on account of stretch in receivable collection. The ratings also reflect the firm's modest scale of operations and exposure to intense competition in the civil construction segment, below average financial risk profile. However, the firm benefits from extensive experience of the proprietor. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations, with concentration in revenue: Intense competition from few large players and several unorganised entities operating within Kerala, and tender-based nature of business, have kept the scale of operations modest, as reflected in revenue of INR18.5 crore in fiscal 2017. * Below-average financial risk profile: Capital structure is weak with networth of around 5 crore and subdued debt protection metrics with interest coverage ratio of around 1.3 times. Further, stretch in working capital has led to delays in servicing debt obligation Strength * Extensive experience of the proprietor: The three decade-long experience of the proprietor, Mr. Manaf PB, in the civil construction business, and his track record of successfully executing various projects for the Public Works Department (PWD) of Kerala, will continue to support the business risk profile. MPB was set up as a proprietorship firm at Aluva (Kerala) in 2004. The firm undertakes civil contracts for the PWD of Kerala. Daily operations are managed by the proprietor, Mr. PB Manaf. MIDAAS CONSTRUCTION: CRISIL Maintains B Rating in Not Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Midaas Construction Company Private Limited (Midaas) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 5.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Overdraft 3.85 CRISIL A4 (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 2.15 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with Midaas for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Midaas, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Midaas is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of Midaas continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Midaas, incorporated in 2010 and based in West Bengal, is promoted by Mr. Haridas Badlani, Mr. Narayan Badlani, and Mr. Nitesh Badlani. The company supplies construction material to several infrastructure and construction companies. It also undertakes the construction of roads, bridges, and dams. Its clients include various government entities and private infrastructure companies. MITHRA COTTON: CRISIL Lowers Rating on INR5.1cr Cash Loan to D -------------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Mithra Cotton Enterprises (MCE) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable Issuer Not Cooperating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.9 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Cash 5.1 CRISIL D (ISSUER NOT Credit Limit COOPERATING; Downgraded from 'CRISIL B+/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with MCE for obtaining information through letters and emails dated November 13, 2017, and January 17, 2018, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ME. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for MCE is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL B+' rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B+/Stable Issuer Not Cooperating' as the account has classified as NPA. Established in 2008, Guntur-based MCE gins and presses raw cotton and sells cotton lint and seeds. Ms Kondaveeti Siva Kumari is the promoter. MPR PROJECTS: CRISIL Maintains 'B' Rating in Non-Cooperating ------------------------------------------------------------ CRISIL said the ratings on bank facilities of MPR Projects Private Limited (MPRPL) continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating.' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 1 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with MPRPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MPRPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MPRPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of MPRPL continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating' Incorporated in 2013, MPRPL is based out of Hyderabad in Telangana. Promoted by Mr. Munagala Prasada Reddy and his associates, the company is engaged in civil construction. MUZAFFARPUR VIDYUT: Ind-Ra Lowers Long Term Issuer Rating to BB+ ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Muzaffarpur Vidyut Vitaran Limited's (MVVL) Long-Term Issuer Rating to 'IND BB+' from 'IND BBB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR728.2 mil. (reduced from INR732.6 mil.) Term loan due on June 30, 2027 downgraded with IND BB+/Stable rating; -- INR 100 mil. Fund-based working capital facility downgraded with IND BB+/Stable rating; and -- INR415.4 mil. Non-fund-based working capital facility downgraded with IND A4+ rating. KEY RATING DRIVERS The downgrade reflects MVVL's continued tight liquidity position, as reflected in its near peak utilization of the working capital limits during the 12 months ended June 2018. The stretched liquidity was mainly on account of continued delays in receiving tariff adjustments from the distribution licensee, North Bihar Power Distribution Company Limited (NBPDCL). The ratings continue to reflect MVVL's counterparty risk and arrear build-up due to defaulting customers. MVVL is entitled to receive an adjustment in its tariff pertaining to a specific billing period (i.e. for the 12 months period from November to October) every year from NBPDCL. Depending on the current average billing rate (ABR), MVVL would receive an adjustment to the extent of 75% of the difference, if the current ABR exceeds the base ABR of INR5.99/unit, which was fixed at the time of tendering in November 2013. However, if the current ABR is less than the base ABR, MVVL would receive 100% by way of tariff adjustment. MVVL has been receiving this adjustment in tariff with a lag from NBPDCL, which continues to affect its liquidity. The ratings also reflect MVVL's overall moderate credit profile due to high transmission and distribution losses (FY18: 31.25%; FY17: 30.17%). The losses increased in FY18 on account of focused operations on residential customers in rural areas to increase the number of subscribers under metering. Revenue improved to INR3,300 million in FY18 (FY17: INR2,566.1 million) due to an increase in the overall customer base to 3,44,423 (3,13,499), EBITDA margins declined to 5.6% (6.5%) due to increased transmission and distribution losses. Return on capital employed was 7.5% in FY18 (FY17: 7.6%), net leverage (net debt/EBITDA) was 6.9x (6.6x) and interest coverage (EBITDA/gross interest) was 1.5x (1.6x). MVVL's credit metrics deteriorated slightly in FY18 because of reduced profitability and increased debt. The ratings, however, continue to be supported by MVVL's strong parentage. The company is a 100% subsidiary of Utilities Grid Solutions Limited with Pan India Network Infravest Limited being the ultimate parent. UGSL has provided financial support to MVVL through compulsorily convertible debentures (outstanding at FYE18: INR50 million) and optionally convertible debentures (INR315.1 million). Ind-Ra has considered the debentures as 100% debt. The agency expects UGSL will continue supporting MVVL. The ratings are also supported by the company being a part of the Essel group, which provides it both operational and financial flexibility. RATING SENSITIVITIES Negative: Further delays in the receipt of tariff adjustments from NBPDCL or a higher build-up of arrears from defaulting customers leading to a continued stressed liquidity position will be negative for the ratings. Positive: Timely receipts of tariff adjustments from NBPDCL as well as improved collection efficiency, leading to an improvement in the liquidity, on a sustained basis, could lead to a positive rating action. COMPANY PROFILE Founded in April 2013, MVVL is a special purpose vehicle, sponsored by UGSL. The sponsor is owned by Essel Utilities Distribution Company Limited, which is an engineering procurement and construction arm of Pan India Network Infravest. MVVL operates as a power distribution franchise in the Muzaffarpur circle in Bihar. PAWAN COMMUNICATION: Ind-Ra Retains BB Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Pawan Communication Private Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based working capital limit maintained in non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR20 mil. Non-fund-based working capital limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 6, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Pawan Communication undertakes turnkey engineering, procurement and construction projects such as the installation of optical fiber networks and laying of pipes and ducts in Assam as well as northeast India. PCS AUTO: CRISIL Raises Rating on INR4cr Cash Loan to B+ -------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of PCS Auto Cast (PCS) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Term Loan 3 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The upgrade reflects CRISIL's expectation of sustained improvement in the business risk profile, with revenue growth of 80% and operating margin of 15%, reported in fiscal 2018, aided by stabilisation of operations and higher machining capacity. As a result, cash accrual rose to INR1.40 crore in fiscal 2018, from INR90 lakh in the previous fiscal. Unsecured loans extended by promoters and their family members, have also helped improve the capital structure. The rating continues to reflect PCS' modest scale of operations and weak financial risk profile. These weaknesses are partially offset by extensive experience of the partners. Analytical Approach Unsecured loans of INR4.68 crore extended by the partners as on March 31, 2018, have been treated as neither debt nor equity as these are sub-ordinated to bank debt. Key Rating Drivers & Detailed Description Weakness * Small scale of operations amidst intense competition: Intense competition in the castings business may continue to constrain the scale of operations, as reflected in revenue of around INR18 crore in fiscal 2018. * Average financial risk profile: Financial risk profile is marked by a modest networth and high gearing of around INR1 crore and 8.49 times, respectively, as on March 31, 2018. Debt protection metrics were moderate, marked by interest coverage and net cash accrual to adjusted debt ratios of 2.3 times and 0.17 time, respectively, in fiscal 2018. Liquidity remains comfortable, marked by sufficient cash accrual against debt obligation. Though the firm is highly dependent on working capital bank debt, expected enhancement in the limit should support liquidity. Strengths * Extensive experience of the partners: The two-and-half-decade- long experience of the partners in the castings business, has helped them maintain a healthy relationship with the customers. * Moderate profitability: Operating margin was moderate around 15% in the medium term, supporting cash accrual. Sustenance of profitability remains a key rating sensitivity factor. Outlook: Stable CRISIL believes PCS will continue to benefit from the extensive experience of its partners. The outlook may be revised to 'Positive' if sustained growth in revenue and profitability, and a stable working capital cycle, strengthen the business risk profile. Deterioration in financial risk profile, most likely because of lower-than-expected cash accrual or any large capital expenditure, may lead to a revision in outlook to 'Negative'. PCS was formed in fiscal 2015, as a partnership firm of Mr. Selva Kumar, Mr. Senthil Kumar and Mr. Chenniappan. The firm manufactures iron castings and has total capacity of 350 tonnes per month. Operations commenced in September 2015. PRAFULLA KUMAR: CRISIL Maintains 'B' Rating in Non-Cooperating -------------------------------------------------------------- CRISIL said the ratings on bank facilities of Prafulla Kumar Mohanty (PKM) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 3.5 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 3 CRISIL B/Stable (ISSUER NOT COOPERATING) Term Loan 0.18 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with PKM for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PKM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PKM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of PKM continues to be 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Established as a proprietorship firm, PKM is engaged in civil construction work mainly related to road construction for state and central governments. The firm is based in Cuttack (Odisha). It is promoted by Odisha-based Mr. Prafulla Kumar Mohanty, with over a decade's experience. PRATEEK APPARELS: Ind-Ra Assigns 'BB-' LT Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Prateek Apparels Private Limited (DHPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR874.3 mil. Fund-based limits assigned with IND BB- /Stable/IND A4+ rating; and -- INR60 mil. Non-fund-based limits assigned IND A4+ rating. KEY RATING DRIVERS The ratings reflect PAPL's medium scale of operations as indicated by revenue of INR1,999.92 million in FY18 (FY17: INR2,216.13 million). The decline in revenue was on account of discontinuation of business with one of its major customers due to delays in receiving payments. The company's return on capital employed was 5% in FY18 (FY17: 4%) and EBITDA margin was modest at 6.4% (5.1%). Despite the revenue decline, the margin improved due to an increase in absolute EBITDA to INR128.7 million in FY18 (FY17: INR108.78 million) owing to a decline in raw material prices and other overhead expenses. FY18 financials are provisional in nature. The ratings are also constrained by PAPL's weak credit metrics due to intense competition from small players. Interest coverage (operating EBITDA/gross interest expenses) improved to 1.0x in FY18 (FY17: 0.8x) and net leverage (total adjusted net debt/operating EBITDA) to 8.0x (10.1x) due to improvement in the absolute EBITDA. The ratings also reflect the company's tight liquidity position as indicated by near full utilization of its working capital limits during the 12 months ended June 2018. However, the rating benefits from the company's promoters' around two decades of experience in the garment manufacturing business, leading to strong relationships with established customers such as Brand Factory (Future group), Brand Studio Lifestyle Private Limited, Levis Strauss India Private Limited, among others. RATING SENSITIVITIES Positive: A substantial improvement in the revenue along with an improvement in the operating profitability and liquidity position leading to an improvement in the overall credit metrics, all on a sustained basis, could lead to positive rating action. Negative: Deterioration in the overall credit metrics on a sustained basis may lead to a negative rating action. COMPANY PROFILE Incorporated in 1995, PAPL manufactures readymade garments. It is also involved in retailing of apparels and trading of fabric. The company has four manufacturing units in Karnataka. PAPL is promoted by Mr. Pradeep Aggarwal and the Phulchand Group. PRIYESH AGRO: CRISIL Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CRISIL has downgraded its ratings on the bank facilities of Priyesh Agro Industries (PAI) to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects delays in repayment of debt obligations, because of its stretched liquidity position. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Term Loan 1 CRISIL D (ISSUER NOT COOPERATING; Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') CRISIL has been consistently following up with PAI for obtaining information through letters and emails dated 28-Feb-2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company.' Detailed Rationale Despite repeated attempts to engage with the management, CRISIL has not received any information on either the financial performance or strategic intent of PAI. This restricts CRISIL's ability to take a forward-looking view on the credit quality of the entity. CRISIL has downgraded its ratings on the bank facilities of PAI to 'CRISIL D Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The downgrade reflects delays in repayment of debt obligations, because of its stretched liquidity position. PAI was set up in 2012 as a partnership firm. It processes sesame, wheat, chana (chickpea), and groundnut at its production facility in Veraval (Gujarat); the firm also undertakes jobwork for processing these products. The operations are managed by the Virapara family which has experience of over five decades. RELIANCE COMMUNICATIONS: INR774cr Bank Guarantees Reinstated ------------------------------------------------------------ The Economic Times reports that Reliance Communications has furnished bank guarantees worth INR774 crore with the Department of Telecom (DoT), warding off a crisis which started after the telecom department threatened to cancel its licenses in 14 circles and revoke spectrum allotted in 2013 and 2015. According to the report, RCom got a breather from the Telecom Disputes and Settlements Appellate Tribunal (TDSAT) on Aug. 10 as it ordered the DoT to not take any follow-up action on its notices till the tribunal hears the appeal from RCom. The relief came after the company had informed the telecom department that it would furnish the bank guarantees and sell spectrum to Reliance Jio which will take care of future spectrum payments, ET had reported. ET says DoT had issued two show-cause notices to the embattled telecom firm citing breach of license conditions. The company approached the TDSAT saying that the DoT action would affect the RCom's sale of spectrum to Jio and push it towards insolvency, the report says. RCom expects to pare the INR46,000 crore debt on its books from its sale of wireless assets to Jio and real estate assets to Canada's Brookfield, ET notes. As reported in the Troubled Company Reporter-Asia Pacific on May 17, 2018, The Economic Times said the dedicated bankruptcy court has admitted three insolvency petitions filed against Reliance Communications and its subsidiaries, by Ericsson, dealing a severe blow to the telco's plans of selling most of its wireless units to Reliance Jio Infocom (Jio). The decision, which came after nearly eight months since the Swedish telecom equipment maker moved the National Company Law Tribunal's (NCLT) Mumbai bench to recover INR1150 crore in dues, effectively makes the Anil Ambani owned carrier bankrupt, the second such after Chennai-based Aircel, ET said. Based in Mumbai, India, Reliance Communications Ltd (BOM:532712) -- http://www.rcom.co.in/Rcom/personal/home/index.html-- is a telecommunications service provider. The Company operates through two segments: India Operations and Global Operations. India operations segment comprises wireless telecommunications services to retail customers through global system for mobile communication (GSM) technology-based networks across India; voice, long distance services and broadband access to enterprise customers; managed Internet data center services, and direct-to- home (DTH) business. Global operations comprise Carrier, Enterprise and Consumer Business units. It provides carrier's carrier voice, carrier's carrier bandwidth, enterprise data and consumer voice services. The Company owns and operates Internet protocol (IP) enabled connectivity infrastructure, comprising over 280,000 kilometers of fiber optic cable systems in India, the United States, Europe, Middle East and the Asia Pacific region. RICHA INTERNATIONAL: CRISIL Maintains D Rating in Non-Cooperating ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Richa International (RI) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 1 CRISIL D (ISSUER NOT COOPERATING) Packing Credit 6 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with RI for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of RI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RI is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of RI continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Richa International, a partnership firm, was set up in 1993 by Mr. Anil Dani in Mumbai. The firm exports agricultural commodities, mainly maize, rice, and sugar. It also exports commodities such as millet, sorghum and turmeric occasionally. SAI AMRUT: CRISIL Maintains 'D' Rating in Non-Cooperating --------------------------------------------------------- CRISIL said the rating on bank facility of Sai Amrut Murali Enterprises Private Limited (SMEL) continues to be 'CRISIL D Issuer not cooperating' Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Rupee Term Loan 5.62 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SMEL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SMEL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SMEL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facility of SMEL continues to be 'CRISIL D Issuer not cooperating' SMEL, incorporated in 2008, manages a three-star hotel, The Temple View, in Shirdi, Maharashtra, as well as a restaurant and pay-and- park business in Shirdi. The company is managed by the Gondakar family who have been in the hospitality industry for 30 years. SEVEN STAR: CRISIL Reaffirms B Rating on INR22cr Cash Loan ---------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long- term bank facility of Seven Star Grains Private Limited (SGPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 22 CRISIL B/Stable (Reaffirmed) The rating reflects a modest financial risk profile because of high leverage or total outside liabilities to adjusted networth, and a modest scale of operations. These weaknesses are partially offset by the extensive experience of the promoters in the grain processing industry. Analytical Approach Crisil has treated unsecured loans from the promoters of SGPL as on 31st March 2018 of INR1.66 crore as neither debt nor equity (NDNE). Key Rating Drivers & Detailed Description Weakness * Modest scale of operations: The operating income was modest at INR44 crore in fiscal 2016, and is estimated at around INR67 crore in fiscal 2017. That's due to geographical concentration and a short track record, as operations commenced only in May 2015. * Modest financial risk profile: The leverage or total outside liabilities to adjusted networth (TOLANW) was high at 13.65 times and the networth small at INR6.30 crore, as on March 31, 2018. With a modest scale of operations and high term loan obligation, accretion to the networth is negligible. The debt protection metrics were below average: the interest coverage ratio was 1.4 times and the net cash accrual to adjusted debt ratio 0.04 time, in fiscal 2018. Strength * Extensive industry experience of the promoters: The promoters have an experience of around 20 years in the food processing industry; this has resulted in operating revenue of INR88.29 crore in fiscal 2018. The promoters have built a strong relationship with customers. Outlook: Stable CRISIL believes SGPL will continue to benefit from extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of significant improvement in the scale of operations and profitability, leading to a better financial risk profile. The outlook may be revised to 'Negative' if there is any deterioration in working capital management, or larger-than- expected debt-funded capital expenditure, leading to further weakening of the financial risk profile. SGPL was incorporated in December 2013, promoted by Ms Esha Mahajan and Mr. Gorav Mahajan, who are also the directors. The company mills and markets varieties of rice. It started operations in May 2015 at its facility in Jammu. SHERLOCK INDUSTRIES: Ind-Ra Migrates D Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sherlock Industries' (SI) Long-Term Issuer Rating at 'IND D', while migrating the 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 D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR49.5 mil. Term loan (Long-term) due on April 2020 affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR30 mil. Fund-based working capital limits (Long- term/Short-term) affirmed and migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information KEY RATING DRIVERS The affirmation reflects SI's continued delays in debt servicing during the 12 months ended July 2018. RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months will be positive for the ratings. COMPANY PROFILE Established in 2012 in Gujarat, SI manufactures gypsum plasters and ceilings. It is promoted by Mr. Snehal Patel and his family. SHRENIK MARBLE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shrenik Marble Private Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR46 mil. Fund-based working capital limit maintained in non-cooperating category with IND BB- (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-fund-based working capital limit maintained in non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 24, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Shrenik Marble is primarily engaged in the mining and processing of marble with processing capacity of 2.5-3.0 million sf for imported marble blocks and 10-12 million sf for indigenous varieties. SHREE BALAJI: CRISIL Maintains 'B' Rating in Non-Cooperating ------------------------------------------------------------ CRISIL said the rating on bank facilities of Shree Balaji Gum Industries (SBGI) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Long Term 2.71 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING) Term Loan 0.29 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SBGI for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SBGI, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SBGI is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of SBGI continues to be 'CRISIL B/Stable Issuer not cooperating'. SBGI, a partnership firm, manufactures and exports guar gum and guar gum powder. These products are used by the food processing, petrochemical, pharmaceuticals, textile, and oil and gas drilling industries. The firm is promoted by Mr. Satish Kumar, Ms. Sumita Devi, and Mr. Ravi Kumar. It manufacturing unit is in Ellenabad (Haryana). SHRESID INTERIORS: CRISIL Maintains B- Rating in Non-Cooperating ---------------------------------------------------------------- CRISIL said the rating on bank facilities of Shresid Interiors Private Limited (SIPL) continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.5 CRISIL A4 (ISSUER NOT COOPERATING) Cash Credit 3.5 CRISIL B-/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SIPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the rating on bank facilities of SIPL continues to be 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. SIPL, incorporated in 1995, is promoted by Delhi-based Mr. Sanjiv Lamba. The company undertakes turnkey projects, primarily interior designing for hospitality and real estate projects; it also trades in ready-made furniture through its retail showroom in Delhi. SIDDH SAI: CRISIL Maintains 'D' Rating in Non-Cooperating --------------------------------------------------------- CRISIL said the ratings on bank facilities of Siddh Sai Developers Private Limited (SSDPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL D (ISSUER NOT COOPERATING) Letter of Credit 3 CRISIL D (ISSUER NOT COOPERATING) Proposed Long Term Bank Loan Facility 1.2 CRISIL D (ISSUER NOT COOPERATING) Standby Line of Credit 1.8 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SSDPL for obtaining information through letters and emails dated February 28, 2018 and July 31, 2018 among others, apart from telephonic communication. However, the issuer has remained non cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of SSDPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SSDPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB Rating category or lower'. Based on the last available information, the ratings on bank facilities of SSDPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. SSDPL was incorporated in 2008 by Delhi-based Agarwal family. Mr. Atul Agarwal and his nephews, Mr. Shikhar Agarwal and Mr. Shivam Agarwal, are the key promoters of the company and are actively managed in its day-to-day operations. SSDPL trades in iron and steel scrap, sponge iron, mild steel billets/ingots, and other long steel products such as thermo-mechanically treated bars and angels in Uttar Pradesh and the National Capital Region (NCR). SKOPOS DREDGING: CRISIL Lowers Rating on INR15cr Term Loan to D --------------------------------------------------------------- CRISIL has downgraded its rating on the long term bank facilities of Skopos Dredging And De-Silting Private Limited (SDDPL; formerly known as Maad Mines and Minerals Private Limited) to 'CRISIL D' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (Downgraded from 'CRISIL B+/Stable') Term Loan 15 CRISIL D (Downgraded from 'CRISIL B+/Stable') The downgrade reflects weak liquidity, delays in payment of interest on the cash credit facility. The weakened liquidity is marked by absence of any cushion in the Cash credit facility. Key Rating Drivers & Detailed Description Weaknesses * Working Capital intensive operations: The major portion of its sales is to group companies which are engaged in real estate business and depending upon availability of funds in the project the payment is made to SDDPL. Also, SDDPL maintains inventory of around 90 days. * Moderate Scale of Operation: The moderate scale of operations constrains the company's bargaining power against its large customers. Also, the company's revenue profile is characterized by geographic concentration as it derives its entire revenues from Mumbai. Any slowdown in construction activities in the state is likely to adversely impact the company's operations Strengths * Promoters' extensive experience in real estate industry & funding support from promoters: SDDPL is promoted by Mr. Arvind Singh and Mr. Anil Gupta. The promoters have been engaged in land trading and real estate development over a decade. They have completed 46 projects (admeasuring to over 2 million square feet) over the past 10 years primarily in Nallasopara, Vasai, and Naigaon region through various group entities of SDDPL. On the back this extensive experience promoters have setup the manufacturing plant for sand, aggregates, and bricks in order to ensure continuous supply of basic raw materials for its group companies. Based in Mumbai (Maharashtra), SDDPL is involved in manufacturing and distribution of sand, aggregate and fly ash bricks used in the construction sector. The company operates a plant with a capacity of about 60,000 tonnes per month (tpm), which is currently being utilised at about 400 tpm. SDDPL has also setup and fly ash brick plant which commenced its operations in April 2015. SRI VASAVI: CRISIL Reaffirms B+ Rating on INR19cr Cash Loan ----------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long- term bank facilities of Sri Vasavi Agro Foods (SVAF). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 19 CRISIL B+/Stable (Reaffirmed) Long Term Loan 2 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect SVAF's below-average financial risk profile because of high gearing, modest networth and weak debt protection metrics, susceptibility to adverse government regulations, and raw material price volatility. These weaknesses are partially offset by the extensive experience of key partner in the rice milling industry, and healthy relationships with customers and suppliers. Key Rating Drivers & Detailed Description Weaknesses * Below-average financial risk profile: The financial risk profile is constrained by high gearing of 4.1 times and modest networth of INR5 crore as on March 31, 2017. Debt protection metrics are weak, with net cash accrual to total debt and interest coverage ratios of over 0.04 time and 1.52 times, respectively, for fiscal 2017. The financial risk profile will likely remain subpar over the medium term. * Susceptibility to changes in government regulations and volatility in raw material prices: Availability of paddy, SVAF's key raw material, depends on monsoon/irrigation, thereby exposing the firm to uneven supply during unfavourable climatic conditions. Since paddy and rice are agricultural commodities, their prices are volatile. Furthermore, fragmentation in the rice processing industry limits players' ability to completely pass on price increases to customers and hence, exposes profitability to risk of volatility in paddy prices. Any significant government policy intervention over the medium term will likely impact operating margin. Strength * Key partner's extensive experience and healthy relationships with customers and suppliers: The main partner, Mr. Y Vasudev Shetty, has over two decades' experience in the rice milling industry. He has five other units in and around Karnataka and Tamil Nadu, with capacity of 3-16 tonne per hour. The promoters have established strong relationships with suppliers and customers. SVAF sells raw and parboiled rice across Karnataka (50%), Tamil Nadu, and Maharashtra under its Golden Kin, Bloom Rize, Parimala, and Rice Care brands. Revenue was INR105 crore for fiscal 2017. Outlook: Stable CRISIL believes SVAF will benefit over the medium term from the promoters' extensive experience. The outlook may be revised to 'Positive' if a significant improvement in the revenue and profitability substantially increases the cash accrual and thus improves the financial risk profile. Conversely, the outlook may be revised to 'Negative' in case of low cash accrual during the early stage of operations, constraining liquidity. Set up in fiscal 2013 as a partnership firm, SVAF processes paddy into rice, rice bran, broken rice, and husk; it commenced commercial production in December 2013. The rice mill is located at Karatagi in Koppal (Karnataka). The operations are managed by the chief partner Mr. Y Vasudev Shetty. SUTAPA INTERNATIONAL: CRISIL Hikes Rating on INR8cr Loan to B+ -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Sutapa International Exports Private Limited (SIPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Gold Loan 8 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The upgrade reflects sustained growth in sales to INR47 crore in fiscals 2017 from INR34 crore in fiscal 2016. Further, they have been able to maintain their sales at the same level in fiscal 2018. The financial risk profile has also improved, with steady rise in networth and additional buffer provided by unsecured loans from promoters. The rating continues to reflect a modest scale of operations and customer concentration in revenue. These weaknesses are partially offset by the extensive experience of the promoter in the jewellery business and low exposure to fluctuation in gold prices due to prudent inventory management. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations: Revenue is estimated at a modest INR49.0 crore for fiscal 2018. This restricts any benefits from economies of scale, lowers resilience to external shocks, such as slowdown in business, and brings down bargaining power with suppliers and customers, leading to pressure on the operating margin. Furthermore, there is intense competition from both branded, as well as small unorganised, players. * High customer concentration in revenue: Almost all revenue is derived from exports to only 4-5 counterparties in the UAE and the UK. However, this is mitigated by the long established relationship with these customers. Strengths * Extensive industry experience of the promoter: The main promoter, Mr. Jagdish Das, has been in the jewellery manufacturing business for over two decades through another proprietorship concern. The industry insight gained over the years has helped in understanding demand-supply patterns and in developing contemporary designs. The promoter has also developed a cordial relationship with suppliers, ensuring timely availability of raw material, and also established a loyal clientele base in the global market. * Low exposure to fluctuation in gold prices and foreign exchange (forex) rates: Without a hedging policy, exports of gold jewellery entail exposure to forex rate fluctuation risk.Tthe company has been sanctioned with a bullion loan by Union Bank of India, through which gold can be purchased in USD terms, thus providing a natural hedge. Furthermore, the entire purchase is backed by confirmed orders, wherein gold prices are agreed upon. Therefore, inventory is maintained only for such orders, thus providing protection against gold price fluctuations. Outlook: Stable CRISIL believes SIPL will continue to benefit from the extensive industry experience of its promoter. The outlook may be revised to 'Positive' if substantial capital infusion, higher-than-expected cash accrual, or better working capital management leads to improvement in the financial risk profile. The outlook may be revised to 'Negative' if lower-than-expected cash accrual, a stretched working capital cycle, or any large, debt-funded capital expenditure leads to deterioration in liquidity. Incorporated in May 2013, SIPL is promoted by Kolkata-based Mr. Jagdish Das and Ms. Sutapa Das; Mr. Das manages operations. The company manufactures and exports gold jewellery studded with precious and semi-precious stones to the UK and the UAE. UP ASBESTOS: CRISIL Raises Rating on INR36.5cr Loan to B --------------------------------------------------------- CRISIL has upgraded its rating on long term bank facility of U.P Asbestos Limited. (UPAL) 'CRISIL B/Stable' from 'CRISIL C' while reaffirming the short term rating at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2.82 CRISIL A4 (Reaffirmed) Cash Credit 36.50 CRISIL B/Stable (Upgraded from 'CRISIL C') Long Term Loan 15.28 CRISIL B/Stable (Upgraded from 'CRISIL C') Proposed Long Term 13.40 CRISIL B/Stable (Upgraded from Bank Loan Facility 'CRISIL C') The rating was downgraded on March 6, 2018, due to delay in repayment of term loan of Uttar Pradesh Financial Corporation. The reason for stretched liquidity was delay in refund amount, which was given as advance previously for allotment of land parcel to the government. However the same was delayed and consequently liquidity was stretched. The upgrade reflects regularization of the term loan repayment of UPAL as it has met all its obligation till date. The ratings continue to reflect modest debt protection metrics and modest operating margins due to exposure to intense competition in the asbestos cement (AC) sheets industry. These weaknesses are partially offset by the extensive industry experience of the company's promoters. Analytical Approach CRISIL has treated unsecured loans from the promoters of UPAL which stood at INR13.41 crore as of March 31, 2018, as debt. Key Rating Drivers & Detailed Description Weaknesses * Modest operating margins due to intense competition in the AC sheets industry: The company has a marginal market share in the highly competitive domestic AC sheet industry. Prominent players in the segment are Hyderabad Industries Ltd (Hyderabad Industries), Everest Industries Ltd, and Visaka Industries Ltd (Visaka Industries). High competition in the market along with the presence of many small players exerts downward pricing pressure on the products of UPAL. * Modest debt protection metrics: The debt protection metrics are modest marked by interest converge of 2.3 times and NCAAD of 0.10 times in fiscal 2018 (these figures were negative in fiscal 2016 due to operating losses and negative cash accrual, respectively) due modest operating margins along with the large debt contracted to fund the working capital intensive requirements. Strengths * Extensive industry experience of the company's promoters: UPAL's promoters have been active in the AC sheet manufacturing business for more than 25 years and have an established track record. Mr. Amitabh Tayal, the managing director, has been associated with the company since 1983. Despite rising competitive pressures in the industry, UPAL has maintained its market presence, supported by established marketing network and the promoters' extensive experience in the industry. Outlook: Stable CRISIL believes UPAL will continue to benefit over the medium term from its experienced promoters. The outlook may be revised to 'Positive' if more-than-expected increase in operating income and margin, or significant equity infusion strengthen the financial risk profile. The outlook may be revised to 'Negative' if continued pressure on demand leads to lower-than-expected accrual, or significant increase in debt results in deterioration in the financial risk profile, particularly liquidity. UPAL, incorporated in 1973, manufactures AC sheets. Its management team is headed by Mr. Amitabh Tayal, who has been associated with the company since 1983; Mr. Tayal gained management control over UPAL in 1994 after buying it out from the Times of India group. The company has four manufacturing facilities in Lucknow and Dadri, both in Uttar Pradesh. It has capacity to manufacture 180,000 ton of AC sheets per annum. ===================== P H I L I P P I N E S ===================== RURAL BANK OF STA. ELENA: Depositors Claims Deadline Set Aug. 17 ---------------------------------------------------------------- The Philippine Deposit Insurance Corporation (PDIC) will service the deposit insurance claims of depositors of the closed Rural Bank of Sta. Elena (Camarines Norte), Inc. on August 17 and 20, 2018, 8:00 AM to 5:00 PM, at the bank's office located in Brgy. Sta. Elena (Poblacion), Sta. Elena, Camarines Norte. Filing of claims is waived for depositors with valid deposit balances of PhP100,000 and below; who have no obligations with the bank, have not acted as co-makers of these obligations, are not spouses of the borrowers, have updated and complete mailing address in the bank records or through the PDIC-provided Mailing Address Update Form (MAUF), and have not maintained the account under the name of business entities. Postal Money Order checks (PMO) will be sent to said depositors at their respective mailing addresses. All other depositors, regardless of the type of their account or account balance, have to file deposit insurance claims. All valid claims will be paid. When filing claims for deposit insurance, depositors have to personally present their Savings Passbook, Certificate of Time Deposit or other evidence of deposit, and one (1) valid photo- bearing ID with their signature. It is recommended, however, that they bring at least two (2) valid IDs in case of discrepancy in signature. Depositors who are below 18 years old should be represented by a parent. For these depositors, a photocopy of the child's Birth Certificate issued by the Philippine Statistics Authority (PSA) or a duly certified copy issued by the Local Civil Registrar is required. The parent should sign the Claim Form and other requirements. However, if the claimant is not the signatory in the bank records, the original copy of a notarized or authenticated Special Power of Attorney (SPA) of depositor or parent of a minor depositor is required. PDIC will not accept claims, which are incomplete or lack the requisite documents. The deposit insurer may also require other documents in the course of processing of claims. PDIC reminds depositors to deal only with PDIC authorized officers. For more information on the payout process and requirements, depositors may contact the Public Assistance Department at telephone numbers (02) 841-4630 to 31, or e-mail at pad@pdic.gov.ph. Depositors outside Metro Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC (7342). The procedures and requirements for filing of deposit insurance claims are also posted in the PDIC website, www.pdic.gov.ph. The Claim Form and format of the SPA may also be downloaded free of charge from the PDIC website. =============== X X X X X X X X =============== * BOND PRICING: For the Week Aug. 6 to Aug. 10, 2018 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.29 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.29 CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.90 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 QUINTIS LTD 8.75 08/01/23 USD 70.50 QUINTIS LTD 8.75 08/01/23 USD 70.50 QUINTIS LTD 8.75 08/01/23 USD 70.50 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 24.01 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.17 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.70 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35 BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74 BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10 C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11 CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30 DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82 DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49 DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54 DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93 GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98 GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86 HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44 HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61 HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38 HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07 INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35 KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00 LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96 LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47 MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82 NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22 PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91 QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84 QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97 REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49 RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48 RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79 SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59 SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19 SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25 SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32 SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98 SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91 SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10 TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44 ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31 URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30 URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51 VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36 WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57 WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41 WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08 WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94 WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29 XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27 XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12 XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73 XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19 XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29 XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00 XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13 XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96 XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68 XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55 YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69 YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11 YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36 YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00 YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79 YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90 YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33 YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33 YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13 YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93 ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00 ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83 ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25 ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67 ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 39.00 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 41.21 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98 ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97 ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67 HONG KONG --------- CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.10 CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 12.50 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52 EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22 EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13 EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JCT LTD 2.50 04/08/11 USD 25.53 PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 1.38 REI AGRO LTD 5.50 11/13/14 USD 1.38 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43 JAPAN ----- TAKATA CORP 1.02 12/15/17 JPY 0.50 TAKATA CORP 0.58 03/26/21 JPY 2.23 TAKATA CORP 0.85 03/06/19 JPY 2.27 KOREA ----- 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57 KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39 SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62 SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 72.80 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36 I-BHD 3.00 10/09/19 MYR 0.37 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18 PUC BHD 4.00 02/15/19 MYR 0.14 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40 UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42 NEW ZEALAND ------------ PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.02 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.40 PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.02 SINGAPORE --------- ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 52.01 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.10 AUSGROUP LTD 8.45 10/20/18 SGD 51.35 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00 BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13 EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84 HYFLUX LTD 4.20 08/29/19 SGD 50.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.53 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 67.62 DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.78 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***