/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/180904.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, September 4, 2018, Vol. 21, No. 175 Headlines A U S T R A L I A HILLFOOT TRADING: Second Creditors' Meeting Set for Sept. 11 MESOBLAST LIMITED: Reports $35.3 Million Net Loss for FY 2018 RDS MANAGEMENT: First Creditors' Meeting Set for Sept. 11 RETAIL PROPERTY: First Creditors' Meeting Set for Sept. 11 ROOF RIGHT: First Creditors' Meeting Set for Sept. 11 C H I N A SHARING ECONOMY: SEIL Extends License Deal with ECrent Until 2019 SPI ENERGY: Inks Deal for the Disposition of its Chinese Business SPI ENERGY: Makes Changes to Management and Board I N D I A APNA SCIENTIFIC: Insolvency Resolution Process Case Summary AURO IMPEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating B.V.S. DISTILLERIES: CRISIL Lowers Rating on INR29cr Loan to D BHARANI COMMODITIES: ICRA Withdraws D Rating on INR30cr Loans BRAINER TRADE: Insolvency Resolution Process Case Summary CHANDI STEEL: ICRA Withdraws B Rating on INR6cr Loan CKOMPAX METATECH: CRISIL Lowers Rating on INR30cr Loan to D DECOR PAPER: ICRA Moves B+ Rating to Not Cooperating Category FINE WOOD: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable FORT GLOSTER: Insolvency Resolution Process Case Summary FORTUNE FOAM: ICRA Reaffirms B+ Rating on INR24cr LT Loan GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR5cr Loan GOPALA POLYPLAST: Ind-Ra Migrates BB- Rating to Non-Cooperating GRACE MICRON: CRISIL Lowers Rating on INR6.75cr LT Loan to D INDUSTRIAL FORGING: ICRA Moves B+ Rating to Not Cooperating INDUSTRIAL GLASS: CRISIL Migrates B Rating to Not Cooperating JAMNADAS AND COMPANY: CRISIL Migrates D Rating to Not Cooperating KANAIYA EXPORTS: ICRA Hikes Rating on INR3cr Cash Loan to B+ KUMAR ELECTRICALS: Ind-Ra Maintains BB Rating in Non-Cooperating LAVASA CORP: NCLT Admits Insolvency Bid Against Firm MALT (CO.): ICRA Reaffirms B+ Rating on INR19.75cr LT Loan MANASA QUALITY: CRISIL Migrates B+ Rating From Not Cooperating MNG OVERSEAS: CRISIL Migrates B+ Rating From Not Cooperating NAVDURGA PULP: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ODYSSEY ADVANCED: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable ORANGE MEGASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating PIYUSH COLONISERS: ICRA Moves D Rating to Not Cooperating PMV MALTINGS: ICRA Reaffirms B+ Rating on INR51cr Term Loan POPURI STEELS: ICRA Maintains B- Rating in Not Cooperating RAJGANGPUR ISPAT: ICRA Maintains B- Rating in Not Cooperating RAYAT & BAHRA: ICRA Lowers Rating on INR72.61cr Loan to D SADHBHAWANA IMPEX: Insolvency Resolution Process Case Summary SAMEERA HOTELS: CRISIL Migrates B- Rating to Not Cooperating SDS INFRATECH: CRISIL Withdraws D Rating on INR50cr Term Loan SH. RANSINGH: CRISIL Migrates B+ Rating to Not Cooperating SHANTI DEVELOPERS: ICRA Maintains C Rating in Not Cooperating SHASHANK NIDHI: Ind-Ra Maintains BB- LT Rating in Non-Cooperating SHIVANGOUDA PATIL: CRISIL Migrates B+ Rating to Not Cooperating SHREE BABA: CRISIL Migrates B Rating to Not Cooperating Category SHREE HANUMAN: ICRA Maintains B+ Rating in Not Cooperating SHRENUJ AND CO: Bank of India Files Insolvency Case vs. Firm SIDDHI VINAYAK: Insolvency Resolution Process Case Summary SIGNAPURKAR'S LEATHER: Insolvency Resolution Process Case Summary SIWANA SOLAR: Ind-Ra Retains BB Issuer Rating in Non-Cooperating SREE DHANNVIJAY: CRISIL Migrates B+ Rating From Not Cooperating SRI TOORSA: ICRA Reaffirms B- Rating on INR7.12cr Term Loan SRI VARADHARAJA: ICRA Withdraws B+ Rating on INR4.80cr Loan SUBADRA TEXTILE: ICRA Lowers Rating on 4cr LT Loan to 'D' SUPER SEAL: CRISIL Reaffirms B+ Rating on INR9cr Cash Loan TI STEELS: ICRA Maintains D Rating in Non-Cooperating Category V CARE: ICRA Reaffirms B+ Rating on INR7cr LT Cash Credit VEER RESOURCES: Insolvency Resolution Process Case Summary VEERAL CONTROLS: CRISIL Lowers Rating on INR4cr Cash Loan to B M A L A Y S I A PRASARANA MALAYSIA: CEO Steps Down; Salaries Paid Via Bond Issue N E W Z E A L A N D AVONMORE TERTIARY: Training College Goes Into Liquidation MARAMA FOX: Owes at Least NZ$70,000 to Creditors S I N G A P O R E NAM CHEONG: To Raise Up to $29MM From Renounceable Rights Issue SWISSCO HOLDINGS: Inks LOI to Transfer Mainboard Listing X X X X X X X X * BOND PRICING: For the Week Aug. 27 to Aug. 31, 2018 - - - - - ================= A U S T R A L I A ================= HILLFOOT TRADING: Second Creditors' Meeting Set for Sept. 11 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Hillfoot Trading & Investments Pty Ltd, trading as Hillsview Gourmet Butcher, has been set for Sept. 11, 2018, at 11:00 a.m. at the offices of Romanis Cant, Level 2, 106 Hardware 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 Sept. 10, 2018, at 5:00 p.m. Renee Sarah Di Carlo and Anthony Robert Cant of Romanis Cant were appointed as administrators of Hillfoot Trading on Aug. 8, 2018. MESOBLAST LIMITED: Reports $35.3 Million Net Loss for FY 2018 ------------------------------------------------------------- Mesoblast Limited has filed with the Securities and Exchange Commission its Annual Report on Form 20-F reporting a net loss attributable to the owners of Mesoblast of US$35.29 million on US$17.34 million of revenue for the year ended June 30, 2018, compared to a net loss attributable to the owners of Mesoblast of US$76.81 million on US$2.41 million of revenue for the year ended June 30, 2017. As of June 30, 2018, Mesoblast had US$692.4 million in total assets, US$146.4 million in total liabilities and US$546.0 million in total equity. Loss after tax was significantly reduced by US$41.5 million (54%) for FY2018, compared with FY2017. The main items which reduced loss after income tax were: * Revenues were US$17.3 million for FY2018, compared with US$2.4 million for FY2017, an increase of US$14.9 million. These revenues primarily consisted of US$11.8M from the Company's patent license agreement with TiGenix (now fully owned by Takeda) in December 2017 and US$5.1 million in royalties and milestones from sales of TEMCELL by its licensee in Japan, JCR Pharmaceuticals Co. Ltd. Royalties from TEMCELL increased by 152% for FY2018 compared with FY2017. * Research and Development expenses were US$65.9 million for FY2018, compared with US$58.9 million for FY2017, an increase of US$7.0 million (12%) as the Company invested in its phase 3 clinical programs. * Manufacturing expenses were US$5.5 million for FY2018, compared with US$12.1 million for FY2017, a decrease of US$6.6 million (54%) due to a reduction in manufacturing activity because sufficient quantities of clinical grade product were previously manufactured for all ongoing clinical trials. * Management and Administration expenses were US$21.9 million for FY2018, compared with US$23.0 million for FY2017, a decrease of US$1.1 million (5%) primarily due to decreased legal activities and corporate overhead expenses such as rent, IT costs and depreciation. This decrease was partially offset by an increase in labor costs primarily for recruitment and short term incentives. * Finance Costs of US$1.8 million in interest expenses were recognized in FY2018 in relation to the Company's loan and security agreement entered into with Hercules in March 2018. No interest expense was recognized in FY2017. The overall decrease in loss after income tax also includes movements in other items which did not impact current cash reserves, such as: fair value remeasurement of contingent consideration, and foreign exchange movements within other operating income and expenses. A non-cash income tax benefit of US$30.7 million was recognized in FY2018 in relation to the net change in deferred tax assets and liabilities recognized on the balance sheet during the period, primarily due to a revaluation of our deferred tax assets and liabilities recognized as a result of changes in tax rates. On Dec. 22, 2017, the United States signed into law the Tax Cuts and Jobs Act (the Tax Act), which changed many aspects of United States corporate income taxation, including a reduction in the corporate income tax rate from 35% to 21%. A non-cash income tax benefit of US$13.4 million was recognized in FY2017 in relation to the net change in deferred tax assets and liabilities recognized on the balance sheet during the period. Financial Results for Fourth quarter Loss after tax was significantly reduced by US$6.3 million (23%) for the fourth quarter of FY2018, compared with the fourth quarter of FY2017 due to the items below: * Revenues were US$1.7 million in the fourth quarter of FY2018, of which US$1.6 million was due to sales of TEMCELL by the Company's licensee in Japan, JCR Pharmaceuticals Co. Ltd. Revenues increased by US$1.1 million (200%) compared with the fourth quarter of FY2017. * Research and Development expenses were US$17.5 million for the fourth quarter of FY2018, compared with US$15.9 million for the fourth quarter of FY2017, an increase of US$1.6 million (10%) as the Company invested in Tier 1 clinical programs. * Manufacturing expenses were US$2.1 million for the fourth quarter of FY2018, compared with US$1.2 million for the fourth quarter of FY2017, an increase of US$0.9 million (84%) primarily due to an increase in process validation activities for MSC-based manufacturing. * Management and Administration expenses were US$5.2 million for the fourth quarter of FY2018, compared with US$7.1 million for the fourth quarter of FY2017, a decrease of US$1.9 million (27%) due to an overall decrease in corporate activities. * Finance Costs of US$1.4 million in interest expenses were recognized in the fourth quarter of FY2018 in relation to the Company's loan and security agreement entered into with Hercules in March 2018. No interest expense was recognized in the fourth quarter of FY2017. The overall increase in loss after income tax also includes movements in other items which did not impact current cash reserves, such as: fair value remeasurement of contingent consideration, and foreign exchange movements within other operating income and expenses. A non-cash income tax benefit of US$1.0 million was recognized in the fourth quarter of FY2018 in relation to the net change in deferred tax assets and liabilities recognized on the balance sheet during the period, compared to US$4.1 million in the fourth quarter of FY2017. The net loss attributable to ordinary shareholders was US$20.8 million, or 4.39 cents loss per share, for the fourth quarter of FY2018, compared with US$27.2 million, or 6.34 cents loss per share, for the fourth quarter of FY2017. At June 30, 2018, the Company had cash reserves of US$37.8 million. As of June 30, 2018, the Company recognized funds receivable from debt financing and unissued capital of US$39.0 million pursuant to a financing facility with NovaQuest. On July 10, 2018 the net proceeds from the financing facility of US$39.0 million were received and recognized in cash reserves. The Company will also receive US$40.0 million from Tasly on closing of the strategic alliance that the two companies announced in July 2018 for cardiovascular therapies in China. This transaction has been approved by the Tianjin Bureau of Ministry of Commerce and the Tianjin Bureau of National Development Reform Commission, and is subject to filing with the State Administration of Foreign Exchange. Mesoblast retains an equity facility for up to A$120 million/US$90 million, to be used at its discretion over the next 12 months to provide additional funds as required. Corporate highlights Mesoblast entered into a strategic alliance with Tasly Pharmaceutical Group for the development, manufacture and commercialization of MPC-150-IM and MPC-25-IC in the treatment and prevention of chronic heart failure and heart attacks in China. Mesoblast granted TiGenix NV (now fully owned by Takeda Pharmaceutical Co. Ltd) exclusive access to certain of its patents to support global commercialization of Alofisel in the local treatment of fistulae. This product is the first allogeneic mesenchymal stem cell therapy to receive approval from the European Commission. As consideration, Mesoblast will receive up to EUR20 million in payments, as well as single digit royalties on net sales. Mesoblast accessed non-dilutive capital for commercialization of MSC-100-IV (remestemcel-L) through credit facilities with Hercules Capital and NovaQuest. New non-executive Directors Joseph R. Swedish and Shawn Cline Tomasello joined the Board of Directors, bringing substantial commercial and transactional healthcare expertise. Going Concern PricewaterhouseCoopers, in Melbourne, Australia, the Company's auditor since 2008, issued a "going concern" opinion in its report on the consolidated financial statements for the year ended June 30, 2018. The auditors noted that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. A full-text copy of the Form 20-F is available for free at: https://is.gd/rVvxOt About Mesoblast Headquartered in Melbourne, Australia, Mesoblast Limited (ASX:MSB; Nasdaq:MESO) -- http://www.mesoblast.com/-- is a global developer of innovative cell-based medicines. The Company has leveraged its proprietary technology platform to establish a broad portfolio of late-stage product candidates with three product candidates in Phase 3 trials - acute graft versus host disease, chronic heart failure and chronic low back pain due to degenerative disc disease. Through a proprietary process, Mesoblast selects rare mesenchymal lineage precursor and stem cells from the bone marrow of healthy adults and creates master cell banks, which can be industrially expanded to produce thousands of doses from each donor that meet stringent release criteria, have lot to lot consistency, and can be used off-the-shelf without the need for tissue matching. Mesoblast has facilities in Melbourne, New York, Singapore and Texas and is listed on the Australian Securities Exchange (MSB) and on the Nasdaq (MESO). RDS MANAGEMENT: First Creditors' Meeting Set for Sept. 11 --------------------------------------------------------- A first meeting of the creditors in the proceedings of RDS Management Services Pty Ltd will be held at the offices of Pilot Partners, Level 10, 1 Eagle Street, in Brisbane, Queensland, on Sept. 11, 2018, at 11:00 a.m. Ann Fordyce of Pilot Partners was appointed as administrator of RDS Management on Aug. 30, 2018. RETAIL PROPERTY: First Creditors' Meeting Set for Sept. 11 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Retail Property Advisors Pty Ltd will be held at the offices of APL Insolvency, Level 5, 150 Albert Road, in South Melbourne, Victoria, on Sept. 11, 2018. Jeremy Robert Abeyratne of APL Insolvency was appointed as administrator of Retail Property on Sept. 3, 2018. ROOF RIGHT: First Creditors' Meeting Set for Sept. 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Roof Right Australia Pty Ltd will be held at the offices of O'Brien Palmer Level 9, 66 Clarence Street, in Sydney, NSW, on Sept. 11, 2018, at 11:00 a.m. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of Roof Right on Aug. 30, 2018. ========= C H I N A ========= SHARING ECONOMY: SEIL Extends License Deal with ECrent Until 2019 ----------------------------------------------------------------- Sharing Economy Investment Limited, a wholly owned subsidiary of Sharing Economy International Inc., has entered into a second amendment to a license agreement, dated May 8, 2018 with ECrent Capital Holdings Limited. In accordance with the terms of the Amendment, the term of the license will be extended for six months to Dec. 31, 2019. In addition, per the terms of the Amendment, ECrent will provide a guarantee on revenue and profit of US$13,000,000 and US$2,522,000, respectively. A full-text copy of the Amending Agreement, dated Aug. 30, 2018 is available at: https://is.gd/O52K6b About Sharing Economy Headquartered in Jiangsu Province, China, Sharing Economy International Inc. -- http://www.seii.com/-- through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company's latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Throughout 2017, the Company made significant changes in the overall direction of the Company. Given the headwinds affecting its manufacturing business, the Company is targeting high growth opportunities and have established new business divisions to focus on the development of sharing economy platforms and related rental businesses within the company. These initiatives are still in an early stage. The Company did not generate significant revenues from its sharing economy business initiatives in 2017. RBSM LLP's audit opinion included in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 contains a going concern explanatory paragraph stating that the Company had a loss from continuing operations for the year ended Dec. 31, 2017 and expects continuing future losses, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. RBSM has served as the Company's auditor since 2012. Sharing Economy incurred a net loss of $12.92 million in 2017 and a net loss of $11.67 million in 2016. As of June 30, 2018, Sharing Economy had $74.97 million in total assets, $9.83 million in total liabilities and $65.13 million in total stockholders' equity. SPI ENERGY: Inks Deal for the Disposition of its Chinese Business ----------------------------------------------------------------- SPI Energy Co., Ltd. has entered into a share purchase agreement with Lighting Charm Limited, an affiliate of Tracy Zhoushan, the spouse of Xiaofeng Peng, the Company's chairman of the Board of Directors and chief executive officer. The agreement has been approved by an independent committee of the Company's Board of Directors. The SPA provides that the Company will sell the Buyer 100% of the shares of SPI China (HK) Limited, which holds all of the Company's assets and liabilities related to its business in China. These assets include EPC business, PV projects, Internet finance lease related business, and E-commerce in China. Prior to the closing, the Company will effect an internal restructuring following which SPI China (HK) Limited will hold the Company's assets and liabilities in China but none of the subsidiaries of the Company related to its business outside China. Pursuant to the terms of the SPA, the consideration for the Acquired Business to be paid by the Buyer to the Company in cash is the greater of (i) US$1.00 or (ii) the fair market value of the business as determined by an independent appraisal firm. The Company will grant the Buyer the option to purchase from the Company up to 10,000,000 of the Company's Ordinary Shares par value of US$0.00001 per share, which Option will be exercisable by the Buyer at any time on or prior to the date that is three years after Aug. 21, 2018. The option exercise price will be US$0.38 per share. The Company and its any subsidiaries will be entitled to repurchase the Acquired Business at the Consideration. The Transactions are subject to customary closing conditions, including satisfactory due diligence, completion of Restructuring, and a fairness valuation report by independent appraisal firm. About SPI Energy SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI Energy focuses on the EPC/BT, storage and O2O PV market including the development, financing, installation, operation and sale of utility-scale and residential PV projects in China, Japan, Europe and North America. The Company operates an online energy e- commerce and investment platform in China, as well as B2B e- commerce platform offering a range of PV and storage products in Australia. The Company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia. SPI Energy incurred net losses of $5.2 million, $185.1 million and $220.7 million in 2014, 2015 and 2016, respectively. The Company had an accumulated deficit of $466.8 million as of Dec. 31, 2016. The Company had net cash used in operating activities of $56.5 million in 2014, net cash used in operating activities of $155.5 million in 2015 and net cash used in operating activities of $47.0 million in 2016. The Company also had a working capital deficit of $176.2 million as of Dec. 31, 2016. In addition, the Company has substantial amounts of debts that will become due in 2017. As of Dec. 31, 2016, SPI Energy had $361.8 million in total assets, $374.7 million in total liabilities and a total shareholders' deficit of $12.92 million. KPMG Huazhen LLP, in Shanghai, China, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Group has suffered recurring losses from operations and has a working capital deficit and a net capital deficit as of Dec. 31, 2016. In addition, the Group has defaulted repayment of substantial amounts of debts and borrowings. These factors raise substantial doubt about the Group's ability to continue as a going concern. SPI Energy has not yet filed its Annual Report on Form 20-F for the year ended Dec. 31, 2017. The Company has experienced a delay in preparing the Form 20-F and the audited financial statements required in the Form 20-F. SPI ENERGY: Makes Changes to Management and Board ------------------------------------------------- SPI Energy Co., Ltd., announced changes to the senior management team and board of directors of the Company. Mr. Min Xiahou resigned as the deputy chairman and director on the Board of Directors for personal reasons and was appointed consultant to the Board. Mr. Michael Kim has been appointed to the position of vice president and finance controller. Mr. Tairan Guo, who has served as the Company's CFO since February 2017, resigned from that position and has been appointed special assistant to the Chairman and will continue to oversee the Company's green power consumption business and power plant assets. Prior to SPI, Michael held various finance and accounting management positions with companies such as Arrow Electronics, Orica Mining Services, Milgard Manufacturing and PricewaterhouseCoopers. He has established accounting policies, procedures, internal controls and SOX compliance and has extensive experience in implementing systems and procedures to effectively and efficiently perform financial reporting requirements. Michael received his MBA from University of Washington and a bachelor's degree in Accounting from University of California-Santa Barbara. "We are pleased to welcome Michael on board as the Company's Vice President and Finance Controller and looking forward to working closely with him to further improve financial management," said Xiaofeng Peng, chairman and chief executive officer of SPI Energy. "On behalf of myself and the board, I would like to thank Tairan for his outstanding contributions and leadership during his tenure. We look forward to continuing to work with him. I especially want to express our deep appreciation for Mr. Min Xiahou's leadership and important contributions to SPI's success. I look forward to continuing to work together closely with Min in his new capacity as consultant to the Board." About SPI Energy SPI Energy Co., Ltd. -- http://investors.spisolar.com/-- is a global provider of photovoltaic (PV) solutions for business, residential, government and utility customers and investors. SPI Energy focuses on the EPC/BT, storage and O2O PV market including the development, financing, installation, operation and sale of utility-scale and residential PV projects in China, Japan, Europe and North America. The Company operates an online energy e- commerce and investment platform in China, as well as B2B e- commerce platform offering a range of PV and storage products in Australia. The Company has its operating headquarters in Hong Kong and maintains global operations in Asia, Europe, North America and Australia. SPI Energy incurred net losses of $5.2 million, $185.1 million and $220.7 million in 2014, 2015 and 2016, respectively. The Company had an accumulated deficit of $466.8 million as of Dec. 31, 2016. The Company had net cash used in operating activities of $56.5 million in 2014, net cash used in operating activities of $155.5 million in 2015 and net cash used in operating activities of $47.0 million in 2016. The Company also had a working capital deficit of $176.2 million as of Dec. 31, 2016. In addition, the Company has substantial amounts of debts that will become due in 2017. As of Dec. 31, 2016, SPI Energy had $361.8 million in total assets, $374.7 million in total liabilities and a total shareholders' deficit of $12.92 million. KPMG Huazhen LLP, in Shanghai, China, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Group has suffered recurring losses from operations and has a working capital deficit and a net capital deficit as of Dec. 31, 2016. In addition, the Group has defaulted repayment of substantial amounts of debts and borrowings. These factors raise substantial doubt about the Group's ability to continue as a going concern. SPI Energy has not yet filed its Annual Report on Form 20-F for the year ended Dec. 31, 2017. The Company has experienced a delay in preparing the Form 20-F and the audited financial statements required in the Form 20-F. ========= I N D I A ========= APNA SCIENTIFIC: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s. Apna Scientific Supplies Private Limited E-10, Guindy Industrial Estate Guindy, Chennai 600032 Insolvency Commencement Date: August 10, 2018 Court: National Company Law Tribunal, Chennai Bench Estimated date of closure of insolvency resolution process: February 6, 2019 (180 days from commencement) Insolvency professional: Gopal Krishna Raju Interim Resolution Professional: Gopal Krishna Raju New No.2, South Dhandapani Street, Meena Arcade, Ground Floor, Burkit Road, Chennai, Tamil Nadu, 600017 E-mail: gopalkrishnarajuca@gmail.com Last date for submission of claims: August 27, 2018 AURO IMPEX: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Auro Impex & Chemicals Pvt. Ltd.'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: -- INR120 mil. Fund-based limits migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; -- INR55 mil. Non-fund-based limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR16.5 mil. Proposed non-fund-based limits migrated to non- cooperating category with Provisional IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 28, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in January 1994, Auro Impex & Chemicals manufactures components, spares and fabricated internal structures, primarily used in pollution control equipment such as electrostatic precipitators. B.V.S. DISTILLERIES: CRISIL Lowers Rating on INR29cr Loan to D -------------------------------------------------------------- CRISIL has downgraded its rating on the long term bank facility of B.V.S. Distilleries Private Limited (BDPL) to 'CRISIL D' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 29 CRISIL D (Downgraded from 'CRISIL B/Stable') Downgrade reflects delay in debt servicing The rating reflects the company's below-average financial risk profile because of high gearing and weak debt protection metrics, modest scale of operations, and exposure to stringent government regulations in the Indian-made foreign liquor (IMFL) segment. These weaknesses are partially offset by the extensive experience of its promoter and benefits expected from tie-up with Pernod Ricard India (P) Ltd (Pernod). Key Rating Drivers & Detailed Description Weakness * Delay in repayment of term loans: BDPL has been repaying its term loan with delays and the same is on account of temporarily stretch in liquidity. * Modest scale of operations and exposure to intense competition BDPL has set up its bottling plant during 2012-13, which commenced commercial operations during Feb 2017. The company is still in stabilization phase, as reflected in estimated modest revenues of around INR6.2 crore in Fiscal 2018, and hence its capacity utilisation has been low. * Below-average financial risk profile: Gearing was high at 3.52 times as on March 31, 2017. The gearing ratio of the company is estimated to have remained high in Fiscal 2018. The company is expected to have had weak debt protection metrics in Fiscal 2018, the same is on account of small scale of operations and hence low accruals. * Exposure to government regulations: The liquor manufacturing industry is regulated by both central and state governments. In the case of BDPL, Government of Andhra Pradesh regulates production, wholesale and retail prices, distribution, and raw material availability. Any change in government regulations can affect competitiveness and profitability. Strengths * Extensive experience of promoter and benefits expected from tie- up with Pernod: The company's promoter has been providing transportation service to Pernod through group entities since the past one decade. Hence, BDPL set up an IMFL bottling unit for Pernod that commenced production from February 2017. The company will continue to benefit from its tie-up with Pernod, which has established premium IMFL brands in India. Incorporated in 2011 and promoted by Mr. Bommadevara Venkata Subba Rao, BDPL manufactures IMFL at its unit in Kankipadu, Andhra Pradesh. BHARANI COMMODITIES: ICRA Withdraws D Rating on INR30cr Loans ------------------------------------------------------------- ICRA has withdrawn the ratings of [ICRA]D to the INR30.00 crore bank facilities of Bharani Commodities Private Limited(BCPL) in accordance with ICRA's policy on withdrawal and suspension. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-fund 2.00 [ICRA]D; ISSUER NOT COOPERATING; based limits Withdrawn Short term-Non 23.00 [ICRA]D; ISSUER NOT COOPERATING; fund based Withdrawn limits Unallocated 5.00 [ICRA]D; ISSUER NOT COOPERATING; Limits Withdrawn Rationale The ratings are withdrawn in accordance with ICRA's policy on withdrawal and suspension at the request from the company based on no objection certificate provided by its lenders. Bharani Commodities Private Limited (BCPL) was incorporated in 2012 and is involved in trading of steel and allied products such as Mild Steel (MS) Ingots, Billets, MS Bars, MS Angles, MS Flats, Scrap, Sponge Iron etc. The company is managed by Mr. J. SridharReddy who is having more than 4 decades of experience in trading of iron and steel products. The company caters to the demands of the customers based out of Hyderabad and has its warehouse facility at Nacharam, Hyderabad. BRAINER TRADE: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: Brainer Trade And Fin-Tech Private Limited 102, Shree Gajanan Apartment Chincholi Bunder Rd Opp Infant Jesus School Malad West, Mumbai 400064 Insolvency Commencement Date: July 25, 2018 Court: National Company Law Tribunal, Pune Bench Estimated date of closure of insolvency resolution process: January 21, 2019 (180 days from commencement) Insolvency professional: Anagha Anasingaraju Interim Resolution Professional: Anagha Anasingaraju c/o Kanjmag & Co, Company Secretaries, 1-2, Aishwarya Sankul 17 G.A. Kulkarni Path Opp. Joshi's Railway Museum, Kothrud, Pune 411038 E-mail: rp.anagha@kanjcs.com Last date for submission of claims: August 28, 2018 CHANDI STEEL: ICRA Withdraws B Rating on INR6cr Loan ---------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]B assigned to the INR6.00-crore cash-credit facility of Chandi Steel Industries Limited. ICRA has also withdrawn the short-term rating of [ICRA]A4 assigned to the INR1.50-crore bank-guarantee limit of CSIL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limit 6.00 [ICRA]B (Stable); Withdrawn Non-fund Based Limit 1.50 [ICRA]A4; Withdrawn Rationale The ratings are withdrawn in accordance with ICRA's policy on withdrawal and suspension and as desired by the company. The company was incorporated in 1978 as Chandi Steel Industries Private Limited by the promoters of a partnership concern, Haryana Steel Corporation. The promoters of the Jai Balaji Group purchased the company in 1993, and subsequently converted the entity into its current form in November, 2003 by listing CSIL on the Calcutta Stock Exchange Association Limited. It re-rolls semi-finished steel (alloy and non-alloy billets/ ingots/ blooms/ slabs) into long products (alloy and non-alloy bars, rounds, squares and flats). CSIL also manufactures a specialised product, copper cylindrical rod cast inside the cathode bar. The company's re- rolling plant is located at Belur in Howrah district, West Bengal, and has a production capacity of 16,500 MTPA (based on one shift and 300 working days). The promoters have around four decades of experience in the steel industry through CSIL as well as other group companies. CKOMPAX METATECH: CRISIL Lowers Rating on INR30cr Loan to D ----------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Ckompax Metatech Private Limited (CMPL) to 'CRISIL D' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 20 CRISIL D (Downgraded from 'CRISIL B/Stable') Proposed Working 30 CRISIL D (Downgraded from Capital Facility 'CRISIL B/Stable') The downgrade reflects instances of overdues in the working capital limit for more than 30 days continuously on account of stretched liquidity. The rating also considers modest scale of CMPL's operations and a below-average financial risk profile. However, the company benefits from the experience of the promoters in the sugar industry. Key Rating Drivers & Detailed Description * Continuous Overdue for above 30 days: There are instances of overdues for more than 30 days in the overdraft limit owing to stretched liquidity. Weakness * Modest scale of operations: Although revenue increased to INR144 crore in fiscal 2018 from INR53.4 crore in fiscal 2017, intense competition may continue to constrain scalability, pricing power, and profitability. * Below-average financial risk profile: Total outside liabilities to adjusted networth ratio was high at 5 times as on March 31, 2018. Interest coverage ratio was subdued at 1 times in fiscal 2018. Strength * Experience of promoters: Benefits from the promoters' experience of over a decade, their strong understanding of the local market dynamics, and healthy relations with customers and suppliers should continue to support the business. CMPL, incorporated in October 2011 promoted by Zaveri family, CMPL was acquired in July 2016 by its current promoters, Mr. Atul Kshirsagar and Mr. Sachin Singare. Since then, the company changed its operations from lock assembly to sugar and ethanol trading. DECOR PAPER: ICRA Moves B+ Rating to Not Cooperating Category ------------------------------------------------------------- ICRA has moved the long-term and short-term ratings for the bank facilities of Decor Paper Mills Limited (DPML) to the 'Issuer Not Cooperating' category. The ratings are now denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING" and "[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 13.00 [ICRA]B+ (Stable) ISSUER NOT Fund-based COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Short-term 0.13 [ICRA]A4 ISSUER NOT COOPERATING; Non-fund-based Rating moved to the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2007, Decor Paper Mills Limited (DPML) is engaged in the manufacturing of kraft paper, which finds applications in the packaging industry, especially for making corrugated boxes. The company has its manufacturing unit located in Hyderabad having a production capacity of around 60,000 MTPA of kraft paper of various grades. The grades manufactured by the company include 12 BF, 14 BF, 16 BF, 18 BF, 20 BF, and 22 BF. DPML is promoted by the Agarwal group, which has a long track record in the paper and pulp industry. The key group companies are Bazargaon Paper and Pulp Mills Private Limited (Nagpur, 25,000 MTPA) and Kolar Paper Mills Limited (plant being setup at Chittoor, Andhra Pradesh with an installed capacity of 105,000 MTPA). FINE WOOD: Ind-Ra Affirms 'BB+' LT Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Fine Wood Products Private Limited's (FWPPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR50 mil. Fund-based facilities affirmed with IND BB+/Stable rating; and -- INR250 mil. (reduced from INR350 mil.) Non-fund-based facilities affirmed with IND A4+ rating. Ind-Ra continues to take a consolidated view of FWPPL and its Myanmar-based subsidiary Fine Ply Myanmar Private Limited (FPMPL), which was formed after the government of Myanmar banned the export of raw timber in 2014. FWPPL has a 60% share in FPMPL and the remaining is held by another sister concern. KEY RATING DRIVERS The affirmation reflects FWPPL's continued modest scale of operations, albeit its revenue rose to INR1,193.40 million in FY18 from INR936.40 million in FY17, driven by a rise in orders. The ratings continue to be constrained by FWPPL's tight liquidity, indicated by an average fund-based limit utilization of about 97.4% for the 12 months ended July 2018. The ratings factor in FWPPL's average EBITDA margin, which rose to 7.4% in FY18 from 7.2% in FY17 on account of a decline in the material cost. Its return on capital employed was 12.0% in FY18 (FY17: 9.0%). The ratings, however, continue to benefit from the promoters' experience of two decades in the plywood manufacturing business. The ratings are supported by FWPPL's comfortable credit metrics. In FY18, FWPPL's gross interest coverage (operating EBITDA/ net interest expenses) was 4.5x (FY17: 2.9x) and net financial leverage (total adjusted net debt/operating EBITDA) was 1.4x (3.0x). The improvement in the credit metrics was due to a fall in interest expenses, a decline in debt and a rise in EBITDA. The ratings are further supported by a modest-yet-improved net working capital days of 61 days in FY18 (FY17: 133 days). The improvement in the cycle was driven by an improvement in inventory days. RATING SENSITIVITIES Negative: A decline in the profitability and the credit metrics, on a sustained basis, will be negative for ratings. Positive: A substantial rise in the revenue, while maintaining the credit metrics, on a sustained basis, will be positive for ratings. COMPANY PROFILE FWPPL, founded and managed by the Garg family, manufactures plywood and markets its products under the brand Fine Ply. Mr. Ashok Kumar Garg is responsible for the day-to-day management. As per FWPPL's standalone financials, its revenue increased to INR539 million in FY18 from INR331 million in FY17, driven by a rise in veneer sales. Its operating EBITDA margin fell to 10.8% in FY18 from 13.2% in FY17 due to an increase in material cost. However, its interest coverage improved to 3.5x in FY18 from 1.9x in FY17, with its net leverage enhancing to 2.4x from 3.3x. The improvement in the standalone credit metrics was driven by a fall in interest expense due to the repayment of existing term loan and a rise in absolute EBITDA. FORT GLOSTER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Fort Gloster Industries Limited PO. Fort Gloster, Bauria Howrah, West Bengal 711310 Insolvency Commencement Date: August 9, 2018 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: February 5, 2019 (180 days from commencement) Insolvency professional: Mr. Manish Jain Interim Resolution Professional: Mr. Manish Jain 2B Grant Lane 3rd Floor, Room No. 303 Kolkata 700001 -- and -- AV Insolvency Professionals Pvt. Ltd. BajarangKunj, Room No. 412 & 413 2B Grant Lane, 4th Floor, Kolkata 700012 E-mail: manishmahavir@gmail.com cirp.fortgloster@avipgroup.co.in Last date for submission of claims: August 24, 2018 FORTUNE FOAM: ICRA Reaffirms B+ Rating on INR24cr LT Loan --------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ for the INR31.50-crore fund-based bank facilities of Fortune Foam Pvt. Ltd. (FFPL). ICRA has also reaffirmed the long-term and short-term ratings of [ICRA]B+/[ICRA]A4 for the INR0.50-crore unallocated limits of the company. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term: Fund Based/Cash Credit 7.50 [ICRA]B+ (Stable); reaffirmed Long Term: Fund Based/TL 24.00 [ICRA]B+ (Stable); reaffirmed Long Term/Short 0.50 [ICRA]B+ (Stable)/[ICRA]A4; Term-Unallocated Reaffirmed Rationale The ratings reaffirmation factors in the good year-on-year revenue growth registered by FFPL in FY2018, which has however been accompanied by some compression in operating margins. ICRA also notes the addition of branded products, including mattresses and pillows to its product profile, which supported the volume growth in FY2018. The ratings continue to favourably factor in the extensive experience of the promoters in the polyrethane (PU) foam industry and their continued financial support to the business in the form of unsecured loans. However, the ratings are constrained by the company's weak capital structure due to losses in the previous fiscals, which have eroded the net worth. High repayment obligations going forward have also led to a weak debt service coverage ratio. ICRA also takes note of the highly competitive and fragmented industry in which the company operates, where due to the presence of a large number of participants, both organised and unorganised, the pricing flexibility is constrained. The ratings also factor in the working capital-intensive nature of the company's operations owing to high inventory holding, which impacts its liquidity and results in high reliance on working capital borrowings throughout the year. The rating is also constrained by the vulnerability of the company's profitability to fluctuations in raw material prices. Further, while ICRA takes note of the company's healthy near-term revenue visibility by virtue of the stable demand from the consuming sectors like automobiles, furnishing, textiles etc., its ability to generate sufficient accruals will be a key monitorable. Going forward, the company's ability to improve its scale of operations and receive support from the promoters in a timely manner, would be the key rating sensitivities. Outlook: Stable ICRA believes FFPL will continue to benefit from the extensive experience of its promoters in the foam industry and their continued financial support to the business. The outlook may be revised to Positive if the company reports higher-than-anticipated growth in revenues and profitability as well as streamlines its working capital cycle and maintains a comfortable capital structure, thereby strengthening its credit profile. The outlook may be revised to Negative if cash accruals are lower-than- expected, or there is a change in financial support from the promoters, or a stretch in working capital cycle weakens liquidity. Key rating drivers Credit strengths Healthy improvement in capacity utilisation over the last three years: Supported by healthy demand, the production levels from the company's manufacturing unit have continuously increased. The company achieved ~81% capacity utilisation in FY2018. Consequently, the revenues increased to INR79.73 crore in FY2018 from INR46.78 crore in the previous year. Financial support from the promoters: The promoters have been supporting the company financially by way of unsecured loans during times of need. The company infused interest free unsecured loans of INR11.25 crore and INR2.65 crore in FY2017 and FY2018 respectively. Favourable demand outlook for foam products in India: The growth in the Indian PU foam industry is expected to be driven by the expanding middle class with increasing disposable income and rising urbanisation supplemented strongly by investments in infrastructure. Increased disposable incomes are expected to increase the demand for residential furnishing, electrical appliances, clothing and footwear, automobiles etc. This in turn will push the demand for PU foam, which is used as a raw material in all these industries. The demand for mattresses too is expected to grow in line with population and increase in the demand for housing. Credit challenges Stretched capital structure: In FY2015, the company undertook debt-funded capex to fund its manufacturing unit and the working capital requirement continued to be high resulting in elevated debt levels. This, coupled with low net worth due to low cash accruals and losses from the business in the previous two fiscals, have led to a stretched capital structure. Further, the company has sizeable repayment obligations in the near-term. Hence scaling up of revenues along with improvement in profitability and continued promoters' support whenever required will remain critical. Operations in a competitive and fragmented industry: PU foam industry is intensely competitive and fragmented, which limits its pricing flexibility and bargaining power with customers. This puts pressure on the company's revenues and margins. FFPL's ability to garner market share across a range of products in an intensely competitive market will remain a rating sensitivity. Working capital intensive operations: The company's operations remain working capital intensive owing to high inventory holdings. The liquidity profile remains stretched due to almost full utilisation of working capital limits. The company remains dependent on continued requirements of working capital loans to fund the high working-capital requirements. Susceptibility to volatile input prices: Raw material cost forms a significant portion of the total manufacturing cost (about 80%). Polyol and toluene di-isocyanate (TDI), the major raw materials, are manufactured from by-products of crude oil. Along with the price of crude oil, the prices of these materials are linked to the demand-supply conditions prevailing in the market. Prices of TDI saw steep increase due to a shortage of supply in the market during in FY2017 and FY2018, which affected the company's operating margins. In addition, intense competition in the industry and the price-sensitive customer base influence the margins. Incorporated in 2003, FFPL manufactures PU (Polyurethane) foam and (Expanded Polyethylene Foam) used for making mattresses, pillows, cushions, leather jackets, roll foam for lamination of apparels. Besides foam, the company also manufactures mattresses. It sells the products under its own brands Sleepkraft (for mattresses). FFPL started its commercial production from August 2015. FFPL currently has an installed manufacturing capacity of 6,000 MTPA from at its manufacturing facility located in Hyderabad. GARGO MOTORS: CRISIL Reaffirms B+ Rating on INR5cr Loan ------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long- term bank facilities of Gargo Motors Limited (GML). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (Reaffirmed) Channel Financing 5 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 2 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect a modest scale of operations in an intensely competitive industry and a below average financial risk profile because of small networth and subdued debt protection metrics. These weaknesses are mitigated by the extensive experience of its promoters and an established relationship with the principal, Tata Motors Ltd (TML). Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations and exposure to intense competition: Operating income has been modest and was at INR38.72 crore in fiscal 2018 against INR33.25 crore in fiscal 2017. Further GML faces intense competition from other dealers of TML as well as from dealers of other passenger vehicle manufacturers. The revenues are likely to remain modest over the medium term which shall continue to constrain the business profile. * Below average financial risk profile: GML's financial risk profile is constrained by its small networth was estimated at INR5.5 crore as on March 31, 2018, and is expected to remain small over the medium term because of muted accretion to reserves. High total outside liabilities to adjusted networth (TOLANW) ratio of around 2.3 times and subdued profitability have resulted in weak interest coverage around 1.5 times estimated for fiscal 2018. Strengths * Promoter's extensive experience and established relationship with the principal, TML: The promoters have been involved in automobile dealership business for over a decade, and have established cordial relations with TML. A group entity, Gargo Motors (rated 'CRISIL BB-/Stable'), has also been dealing in commercial vehicles of TML for the past 16 years. Outlook: Stable CRISIL believes GML will continue to benefit over the medium term from the extensive experience of its promoter and diverse customer base.The outlook may be revised to 'Positive' if significant cash accrual or large equity infusion improves the capital structure alongwith the northward movement in the topline while maintaining consistencies in the working capital operations . The outlook may be revised to 'Negative' with the increase in pressure on topline and profitability or large, debt funded capital expenditure weakens the financial risk profile and stretch in working capital creates challenges with the normal operations of the business. Incorporated in 1996, GML is a closely held public-limited entity promoted by Mr Kamakhya Borthakur; it commenced operations in 2006. The company is an authorised dealer for passenger cars of TML in Assam. Mr Borthakur has also promoted Gargo Motors, which is an authorised dealer of TML's commercial vehicles. GML has five showrooms in Assam: at Tinsukia, Duliajan, Jorhat, Sibsagar, and Dibrugarh. It also has stockyards and workshops at Guwahati, Tinsukia, Dibrugarh, and Duliajan. GOPALA POLYPLAST: Ind-Ra Migrates BB- Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Gopala Polyplast 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 continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR225.7 mil. Secured term loan due on March 2021 migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; -- INR500 mil. Cash credit facility Migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR23 mil. Non-fund-based limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 29, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Gopala Polyplast manufactures polypropylene/high density polyester woven sacks and woven labels. GRACE MICRON: CRISIL Lowers Rating on INR6.75cr LT Loan to D ------------------------------------------------------------ CRISIL has downgraded the ratings on bank facilities of Grace Micron LLP (GML) from 'CRISIL B/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL D' owing to delay in term debt installment repayment. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .75 CRISIL D (Downgraded from 'CRISIL A4 ISSUER NOT COOPERATING') Cash Credit 2.00 CRISIL D (Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Long Term Loan 6.75 CRISIL D (Downgraded from 'CRISIL B/Stable ISSUER NOT COOPERATING') Due to inadequate information, CRISIL, in line with Securities and Exchange Board of India guidelines, had migrated the ratings on the bank facilities of GML to 'CRISIL B/Stable/CRISIL A4+ Issuer Not Cooperating'. However, GML has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL has downgraded the ratings from 'CRISIL B/Stable/CRISIL A4+ Issuer Not Cooperating' to 'CRISIL D/CRISIL D' owing to delay in term debt installment repayment. Key Rating Drivers & Detailed Description Weakness * Delay in servicing term debt obligation: GML has delayed servicing its July 2018 instalment, which still remains overdue. The initial phase of operations has resulted in cash flow mismatch and weak liquidity. Strength * Experience of partners: Benefits from the partners' experience of around three decades, their strong understanding of the local market dynamics, and healthy relations with customers and suppliers should continue to support the business. GML, established in 2016 at Morbi, is a Greenfield project for manufacturing and purifying of soda and potash feldspar mainly used in the ceramic industry. The firm commenced operations in October 2017. INDUSTRIAL FORGING: ICRA Moves B+ Rating to Not Cooperating ----------------------------------------------------------- ICRA has moved the long-term and short-term rating for the bank facilities of Industrial Forging Industries to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B+ (Stable)/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 11.95 [ICRA]B+ (Stable) ISSUER NOT Limits COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Non-fund-based 1.50 [ICRA]A4 ISSUER NOT Limits COOPERATING; Rating moved to the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuer's performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit-risk profile of the entity. Industrial Forging Industries (IFI) is involved in forging of steel products such as MS round, MS flat, MS angle and MS channel for manufacturing of structural items such as cross arm, clamps, eye hook etc, which find application in overhead lines for transmission of power. The entity's manufacturing facilities are located at Howrah and Jangalpur in West Bengal and have an installed capacity of 12,000 MT per annum. INDUSTRIAL GLASS: CRISIL Migrates B Rating to Not Cooperating ------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Industrial Glass Company - Navi Mumbai (IGC) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 2 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 1.25 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Long Term Bank Facility 3.10 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 5.65 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with IGC for obtaining information through letters and emails dated June 28, 2018, July 31, 2018, August 7, 2018 and August 13, 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 Industrial Glass Company - Navi Mumbai. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Industrial Glass Company - Navi Mumbai is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BBB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Industrial Glass Company - Navi Mumbai to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Established in 1984 as a proprietorship firm, IGC is promoted by Mr. Joseph Varghese and is based out of Navi Mumbai. IGC undertakes manufacturing of abrasives and fiber glass. JAMNADAS AND COMPANY: CRISIL Migrates D Rating to Not Cooperating ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Jamnadas and Company (JNC) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 14 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with JNC for obtaining information through letters and emails dated May 31, 2018, June 30, 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 Jamnadas and Company. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Jamnadas and Company is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Jamnadas and Company to 'CRISIL D Issuer not cooperating'. Set up in 1969 in Nagpur as a partnership firm by Mr Jamnadas Udeshi and his family, JNC trades in structural steel products such as mild steel angles, beams, channels, flat, and round and square bars. KANAIYA EXPORTS: ICRA Hikes Rating on INR3cr Cash Loan to B+ ------------------------------------------------------------ ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B assigned to the INR3.00-crore cash credit facility and the INR2.00-crore stand-by limit of Kanaiya Exports Private Limited. ICRA has reaffirmed the short-term rating of [ICRA]A4 to the INR10.00-crore packing credit facility of the company. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 3.00 [ICRA]B+ (Stable); Upgraded from [ICRA]B (Stable) Stand by Limit 2.00 [ICRA]B+ (Stable); Upgraded from [ICRA]B (Stable) Packing Credit 10.00 [ICRA]A4; Reaffirmed Rationale The upgrade in the long-term rating takes into account the steady revenue growth in FY2018 (provisional figures) along with the improvement in the company's capital structure on YoY basis. Nonetheless, the ratings continue to remain constrained by the company's relatively moderate scale, leveraged capital structure and below-average debt coverage indicators. Further, the ratings factor in the highly fragmented nature of the agro commodity trading industry, due to low entry barriers, which limits the company's pricing power and puts pressure on its operating margins. The ratings are also constrained by the susceptibility of company's profitability to fluctuations in raw material prices and foreign exchange rates, considering its high dependence on exports and absence of any formal hedging mechanism. The ratings, however, continue to favourably factor in the extensive experience of KEPL's promoters and the established track record of the company in the trading and export of agro commodities. ICRA also notes KEPL's favourable location in Gujarat, which ensures easy availability of various agro commodities. Outlook: Stable ICRA believes KEPL will continue to benefit from the extensive experience of its promoters in the agro commodity trading industry. The outlook may be revised to Positive if substantial growth in revenue and profit, and better working capital management strengthen the financial risk profile. The outlook may be revised to Negative if cash accrual is lower than expected; or if an adverse capital structure; or major debt-funded capex; or a stretch in working capital cycle weakens liquidity. Key Rating Drivers Credit strengths Extensive experience of promoters in agro commodity trading industry: The key promoters, Mr. Rameshchandra Nayak and Mr. Ashvinkumar Nayak manage the operations of the company. They have extensive experience of around two decades in the agro commodity- based businesses. Location-specific advantage: The unit of the company has a location advantage by virtue of its presence in Gujarat, which provides easy access to various agro commodities. Credit Challenges Weak financial risk profile: The company's scale of operations is modest-revenue was INR63.93 crore in FY2018 (provisional figures). The gearing level improved to 2.94 times as on March 31, 2018, from 3.32 times as on March 31, 2017 with sequential improvement in the net worth base following accretion to reserves; nevertheless, it continued to remain on the weaker side. The debt coverage indicators continued to remain at below average levels- interest coverage was 1.23 times, NCA/Debt was 4% and TD/OPBDITA was 7.44 times in FY2018. Business exposure to agro-climatic and regulatory changes; intense competition due to low-entry barriers: The agro commodity trading business remains dependent on the performance of the agricultural sector, which is further impacted by a combination of factors such as climatic conditions, prevailing demand-supply scenario, and regulatory changes pertaining to export incentive. Further, the low value-adding nature of operations, coupled with intense competition in the industry, exerts pressure on profitability. Vulnerability of profitability to fluctuations in raw material prices and foreign exchange rates: The company's profitability remains exposed to agro commodity prices, which depend on the agro climatic conditions and the demand-supply situation in the market. Further, with the company making ~95% of its total sales in the export market, its profitability margins remain susceptible to foreign exchange fluctuations in the absence of any formal hedging policy. Established in 1994, KEPL is promoted and managed by Mr. Rameshchandra Nayak, Mr. Ashvin Nayak and Mr. Kantilal Nayak along with other family members. The company trades and exports various agro products namely sesame seeds, cumin seeds, fennel seeds, and celery seeds. The promoters of KEPL are also associated with another Group concern named Kalpesh Corporation, which processes and exports psyllium seeds. The facilities of both the entities are in Unjha. KUMAR ELECTRICALS: Ind-Ra Maintains BB Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Kumar Electricals' 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: -- INR20 mil. Fund-based limit maintained in Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING) rating; -- INR230 mil. Non-fund-based limit maintained in Non- Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR100 mil. Proposed fund-based limit maintained in Non- Cooperating Category with Provisional IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 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 1979, Kumar Electricals is a partnership firm managed by Mr. Vasant Kumar and Mr. Rohit Kumar that executes electrical contracts for the Karnataka government, as well as for private entities. LAVASA CORP: NCLT Admits Insolvency Bid Against Firm ---------------------------------------------------- Livemint.com reports that the Mumbai bench of the National Company Law Tribunal (NCLT) on Aug. 30 admitted an insolvency petition against Lavasa Corp. Ltd, a subsidiary of BSE-listed Hindustan Construction Co. Ltd (HCC). Lavasa is India's first privately developed city, some 180 km from Mumbai. It is held jointly by HCC (68.7%), Avantha Group (17.18%), Venkateshwara Hatcheries (7.81%) and Vithal Maniar (6.29%), Livemin says. According to the report, the tribunal has approved the appointment of Devendra Prasad as the interim resolution professional (IRP) under the provisions of the Insolvency and Bankruptcy Code (IBC). Livemint relates that the petition was filed by one of Lavasa's lenders, Raj Infrastructure Development (India) Pvt. Ltd, seeking to recover dues under Section 9 of the IBC. Presiding officer M.K. Shrawat had reserved the order after hearing the petition on Sept. 5, the report notes. Livemint says Rohit Gupta, the counsel for Lavasa, argued in the tribunal that the project was disrupted by abrupt environmental issues. He said it subsequently resumed, but could not be implemented due to non-cooperation from some of the banks. "In view of the Reserve Bank of India's (RBI) recent circular, there is a default and banks will eventually file an application before the NCLT in future. In these circumstances, the present petition be admitted and any reputed IRP be appointed to carry out corporate insolvency resolution process so that interests of all stakeholders, including the buyers, can be protected," the report quotes Gupta as saying. Lavasa, which owes more than INR3,000 crore to lenders, owns about 20,000 acres in Maharashtra. A government registered valuer has estimated the land cost at INR9,280 crore. "Lavasa is a very special urban development project and an initiative well ahead of its time. While shareholders' interests have been sacrificed, we are hopeful that the pioneering efforts to grow Lavasa into a thriving smart city will now find stewardship in the hands of a new owner, enabled by NCLT," the report quotes Arjun Dhawan, director and group chief executive of HCC, as saying in an exchange filing. "A swift resolution through IBC will benefit all stakeholders, especially customers, who have patiently supported Lavasa through this tumultuous period," he added. Livemint relates that HCC also said that the project was severely impacted by a ministry of environment notification to stop work for jurisdictional reasons and not for environmental infractions. "The consequent delay of 1.5 years in obtaining clearances affected the project and brand Lavasa in many ways. Operations slowly came to a standstill due to paucity of working capital and caused Lavasa's investors and partners to also step back or defer their investment plans," the company, as cited by Livemint, said. "Furthermore, delay in implementation of an approved Joint Lenders Forum (JLF) financial restructuring plan resulted in the project remaining stalled for a further 2.5 years. On Sept. 20, 2017, lenders decided to invoke Strategic Debt Restructuring (SDR). However, RBI's revised guidelines on Stressed Assets dated Feb. 12, 2018, disbanded all earlier restructuring schemes," it said. Lavasa Corporation Limited develops and manages a hill city in India. Its portfolio includes R&D and training centers, IT and biotech industry, KPOs and those related to art, fashion, and animation companies; hospitality, tourism, health, education, and IT and ITES industries; lakeside apartments, villas, rental housing, and retiree housing; and studio apartments, starter homes, and workforce apartments. MALT (CO.): ICRA Reaffirms B+ Rating on INR19.75cr LT Loan ---------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA] B+ on the INR19.75-crore long-term fund-based bank facilities of The Malt (Co.) India Private Limited (MCIPL). ICRA has also reaffirmed its short-term rating of [ICRA] A4 on the INR2.60-crore short-term non-fund based bank facilities of MCIPL. It has also reaffirmed its rating of [ICRA] A4 on the INR2.65-crore unallocated limits of MCIPL. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term-fund- based limits 19.75 [ICRA]B+ (Stable); reaffirmed Short-term-Non- fund based limits 2.60 [ICRA]A4; re-affirmed Unallocated limits 2.65 [ICRA]A4: re-affirmed Rationale ICRA's ratings take into account the operating profits reported by MCIPL in FY2018 on a provisional basis as the company had been incurring operating losses during the last few financial years due to ageing plant and machines. However, during FY2018, MCIPL recorded profit. The ratings also factor in the moderate coverage indicators and the established presence of the Malt Group in the malt production business. The ratings, however, are constrained by the company's modest scale of operations, which result in limited pricing and bargaining power. The sector and customer-concentration risk to which the company is exposed to (though this risk is largely mitigated by over four decades of relationship with its customers), and the exposure to agro-climatic risk as the raw material (barley) is an agricultural produce. The ratings, however, favorably factor in the long track record of the company in the malt production business, the favourable demand growth prospects over the medium to long term, the established relationships with major health food producers, and the limited industry competition as most of the capacity is vested with only two producers (the Malt Group and Barmalt Maltings (India) Private Limited). Going forward, the ability of the company to ramp up its scale of operations in a profitable manner and manage its liquidity position will be the key rating sensitivities. Outlook: Stable ICRA believes that MCIPL will continue to benefit from the healthy demand for its products. The outlook may be revised to Positive if substantial growth in revenues and profitability, and better working capital management strengthen the financial risk profile. The outlook may be revised to Negative if cash accrual is lower than expected, or any major decline in sales turnover or stretch in the working capital cycle weakens liquidity. Key Rating Drivers Credit strengths Three-decade-long experience of promoters in the industry: The promoters have over three decades of experience in the rice milling industry, which has helped the company establish relationships with customers. Duopolistic nature of the industry provides comfortable position: The company has been operating in an industry with a limited number of players, thus enjoying a relatively comfortable position. Easy availability of raw material due to group synergy: The easy availability of raw materials has resulted in an established customer base, which has further helped the company to get regular orders. Credit challenges Moderate scale of operations: The company's scale of operations is moderate, which limits its financial flexibility. Moderate financial profile: MCIPL's moderate financial profile is reflected by the low operating margin and stretched coverage indicators with interest coverage. Industry susceptible to agro-climatic risks: The industry is susceptible to agro-climatic risks, which can affect the availability of raw materials in adverse weather conditions. MCIPL was established in 1970 by Mr. P.K. Jain to produce malt extract and barley malt. The malt extract is sold in two forms- liquid extract and malt extract powder. The company commenced operations at its facility at Khandsa (Gurgaon) and subsequently established two more units at Pataudi (Gurgaon) and Kashipur (Uttrakhand) in 2002 and 2010, respectively. With effect from April 2013, the company was demerged with the transfer of Pataudi and Kashipur units to the newly-formed company, PMV Maltings Private Limited. MCIPL retained the Khandsa unit, which has an installed capacity of 25,000 metric tonne per annum (MTPA) of Malt and 25,000 MTPA of liquid malt extract and 500 MTPA of Malt extract powder. MANASA QUALITY: CRISIL Migrates B+ Rating From Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Manasa Quality Enterprises Limited (MQEL) from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Export Packing 55 CRISIL B+/Stable (Migrated from Credit 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Long Term 5 CRISIL B+/Stable (Migrated from Bank Loan Facility 'CRISIL B+/Stable ISSUER NOT COOPERATING') Due to inadequate information, CRISIL, in line with Securities and Exchange Board of India guidelines, had migrated the rating on bank facilities of MQEL to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the management subsequently started sharing the information necessary for carrying out a comprehensive review of the rating. Consequently, CRISIL is migrating the rating from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. CRISIL's rating on long-term bank loan facilities of MQEL continues to reflect a below-average financial risk profile because of weak debt protection metrics, and susceptibility to any adverse impact of regulatory changes and to intense competition in the agricultural commodities trading industry. These rating weaknesses are partially offset by the extensive industry experience of the promoters and a moderate scale of operations. Key Rating Drivers & Detailed Description Weakness * Below average financial risk profile: The company has modest net worth of around INR8.68 Cr as on March 31, 2017 and estimated networth of INR9.17 Cr as on March 2018. TOL/TNW is stood at around 8.85 times as on March 2017 and estimated TOL/TNW of 8.33 times as on March 2018. The company has weak debt protection metrics as indicated by its NCATD and interest coverage ratio of 0.01 and 1.28 times for fiscal 2017 and estimated NCATD and interest coverage ratio of 0.01 and 1.21 times for fiscal 2018. * Susceptible to adverse government regulations and exposure to intense competition: The domestic rice industry is highly regulated in terms of paddy prices, export/import policy for rice, and the rice-release mechanism, which affects the credit quality of players in the industry. The minimum support price of paddy and prevailing rice prices are two important factors that determine a rice mill's profitability. The commoditized nature of the industry has led to high competitive pressures along with very low operating margin Strengths * Extensive experience of promoters: The company benefits from the extensive industry experience of the promoters. They have been dealing in agricultural commodities for the past two decades and have developed strong relationships with various overseas customers and suppliers. The promoters are high net worth individuals and have developed strong relationships with the lending community. * Moderate scale of operations: MQEL's moderate scale is reflected in estimated revenue of INR301.13 crore in fiscal 2018.The agricultural commodities trading industry in India is dominated by a large number of unorganized players catering to local demand. MQEL is a moderate trading company operating in Andhra Pradesh and derives its revenue primarily from export of non-basmati rice to mostly Middle East and European countries. Outlook: Stable CRISIL believes MQEL will continue to benefit from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of higher-than-expected revenue and profitability, leading to a better financial risk profile. The outlook may be revised to 'Negative' in case of any large debt- funded expansions, a substantial decline in revenue and profitability, or a stretched working capital cycle, leading to weakening of the financial risk profile. MQEL was incorporated in 2012, promoted by Mr D Veerabhadra Reddy and his family. The company processes rice, maize, and broken rice. MNG OVERSEAS: CRISIL Migrates B+ Rating From Not Cooperating ------------------------------------------------------------ CRISIL is migrating the rating on bank facilities of MNG Overseas Private Limited (MNGOPL) from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Warehouse Receipts 9.5 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Due to inadequate information, CRISIL, in line with Securities and Exchange Board of India guidelines, had migrated the rating on the long-term bank facilities of MNG Overseas Private Limited (MNGOPL) to 'CRISIL B+/Stable/Issuer Not Cooperating'. However, management has subsequently started sharing the requisite information for carrying out a comprehensive review of the rating. Consequently, CRISIL is migrating the rating from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating reflects working capital-intensive operations, a weak financial risk profile, and a low operating margin due to the trading nature of operations. These weaknesses are partially offset by the extensive experience of the promoters in the rice- trading industry. Analytical Approach CRISIL has treated unsecured loans from the promoters as debt, as these loans are not subordinated to bank debt. Key Rating Drivers & Detailed Description Weakness * Working capital-intensive operations: Gross current assets were high at 296 days, driven by large inventory of 286 days, as on March 31, 2018. * Low operating profitability margin: The margin was 5.7% for fiscal 2018, and should remain low at 5.0-6.5% over the medium term due to the trading nature of operations and limited value addition to products. * Weak financial risk profile: The networth was low at INR210 crore, and the total outside liabilities to adjusted networth ratio high at 9.42 times, as on March 31, 2018. The debt protection metrics were subdued: the interest coverage and net cash accrual to total debt ratios were 1.2 times and 0.02 time, respectively, in fiscal 2018. Strength * Extensive industry experience of the promoters: The promoters have an experience of a decade in the rice-trading industry. This has resulted in an established relationship with key customers, thereby ensuring steady sales. Outlook: Stable CRISIL believes MNGOPL will continue to benefit from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if a significant increase in the scale of operations and operating profitability strengthens the financial risk profile. The outlook may be revised to 'Negative' if a decline in profitability or large working capital requirement weakens the financial risk profile. MNGOPL, based in Delhi, was established in 2012, promoted by Mr Mitihilesh Gupta, Ms Geeta Gupta, and their son, Mr Namit Gupta. The company trades in rice and maize, both locally and globally. NAVDURGA PULP: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Navdurga Pulp and Paper Mills (I) Pvt Ltd.'s Long-Term Issuer Rating in the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using 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: -- INR35 mil. Fund-based working capital limits maintained in non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR50.68 mil. Long-term loans maintained in non-cooperating category with IND BB- (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, Navdurga Pulp and Paper Mills (I) manufactures kraft paper from recycled waste paper. ODYSSEY ADVANCED: Ind-Ra Affirms 'BB-' LT Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Odyssey Advanced Telematics Systems' (OATS) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR80 mil. Fund-based limit affirmed with IND BB-/Stable rating; and -- INR19 mil. Non-fund-based limit affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects OATS' continued modest scale of operations and credit metrics. OATS's revenue raised to INR331 million in FY18 from INR278 million in FY17, driven by rise in order book size. Its gross interest coverage (operating EBITDAR/gross interest expense) was 2.1x in FY18 (FY17: 2.1x) and net financial leverage (total adjusted net debt/operating EBITDAR) was 3.0x (2.8x). FY18 financials are provisional. The ratings continue to reflect OATS' tight liquidity, indicated by a 98% utilization of the fund-based limit during the 12 months ended July 2018. The ratings also continue to reflect the proprietorship nature of business. Moreover, the ratings are constrained by a low short-term revenue visibility for OATS, given it had an order book of INR345 million as of July 2018. The ratings, however, are supported by a healthy EBITDA margin, which marginally declined to 9.0% in FY18 from 9.9% in FY17 owing to the execution of low-margin orders. Its return on capital employed was 16.0% in FY18 (FY17: 15.0%). The ratings continue to benefit from the proprietor's decade-long of experience in the construction industry. RATING SENSITIVITIES Negative: Any deterioration in the liquidity will be negative for the ratings. Positive: Any rise in the scale of operations, along with any improvement in the credit metrics, will be positive for the ratings. COMPANY PROFILE OATS is a proprietorship concern that provides operations and maintenance services to the telecommunication sector. In addition, it is engaged in civil construction and executes orders issued by different state government entities. ORANGE MEGASTRUCTURE: Ind-Ra Moves BB Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Orange Megastructure LLP's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR550 mil. Term loans due to May 2021 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR850 mil. Proposed term loans migrated to non-cooperating category with Provisional IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on October 25, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in January 2012, Orange Megastructure is a real estate company. PIYUSH COLONISERS: ICRA Moves D Rating to Not Cooperating --------------------------------------------------------- ICRA has maintained Piyush Colonisers Limited (PCL) bank facility rating in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 30.0 [ICRA] D ISSUER NOT COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Rationale The rating for the INR30 crore bank facilities of PCL continues to remain in the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA] D; ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. PCL was incorporated in 2004 as a private limited company. This flagship company of the Piyush Group and is managed by Mr. Anil Goel and his two sons Mr. Puneet Goel and Mr. Amit Goel. The company has completed several group housing projects in the NCR and is currently developing ten projects, namely 'Piyush Horizon' (1st phase completed) in Dharuhera, 'Piyush City', 'SCO' and 'Elite' in Palwal, 'Piyush Rosette, Square and Galleria' in Bhiwadi and 'Piyush Height' (possession given in 11 towers out of 17) in Faridabad. Apart from these projects the company has launched two projects 'Piyush Epitome' in Palwal and 'Piyush Pranakutti' in Bhiwadi. PMV MALTINGS: ICRA Reaffirms B+ Rating on INR51cr Term Loan ----------------------------------------------------------- ICRA has reaffirmed its long-term rating of [ICRA] B+ on the INR51.00-crore term loan facilities and INR35.00-crore working capital facilities of PMV Maltings Private Limited (PMV). ICRA has also reaffirmed its long-term rating of [ICRA] B+ on the INR14.00- crore unallocated limits of PMV. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- Working Capital Facilities 35.0 [ICRA]B+(Stable), reaffirmed Term loans 51.0 [ICRA]B+(Stable), reaffirmed Unallocated Limits 14.0 [ICRA]B+(Stable), reaffirmed Rationale The rating reaffirmation takes into account the continued support from the promoters in the repayments of the long-term liabilities in a timely manner. The rating also factors in the company's moderate coverage indicators, leveraged capital structure and the established presence of the Malt Group in the malt production business. ICRA also takes note of the limited competition in the industry as most of the capacity is utilised for only two producers (The Malt Group and Barmalt Maltings (India) Private Limited) and the favourable medium-term demand growth prospects for the beer industry in the domestic market. The rating, however, continues to be constrained by the company's exposure to agro-climatic risk as the raw material (barley) is an agricultural produce. ICRA also takes note of the sector- concentration risk faced by the company with 100% exposure to the beer industry. Nonetheless, this risk is largely mitigated by the over four-decade-old relationship of the Group with its customers. Going forward, the ability of the company to ramp up its scale of operations in a profitable manner and manage its liquidity position will be the key rating sensitivities. Outlook: Stable ICRA believes that PMV will continue to benefit from the healthy demand for its products. The outlook may be revised to Positive if substantial growth in revenues and profitability, and better working capital management strengthen the financial risk profile. The outlook may be revised to Negative if cash accrual is lower than expected, or any major decline in sales turnover or stretch in the working capital cycle weakens liquidity. Key rating drivers Credit strengths Three decades of experience of promoters in industry: The promoters have significant experience of over three decades in the industry, which has helped the company establish long relationship with customers. Duopolistic nature of the industry: The company operates in an industry which is characterised by a limited number of players. Thus, it enjoys a relatively comfortable position. Easy availability of raw material due to Group synergy: The easy availability of raw materials has resulted in an established customer base, which has further helped the company get regular orders. Credit challenges Moderate scale of operations: The company's scale of operations remains moderate, thereby limiting its financial flexibility. Moderate financial profile: MCIPL's financial profile remains moderate as reflected by the low operating margin and stretched coverage indicators. Stretched liquidity position: MCIPL's liquidity position has remained stretched over the years due to negative cash flows owing to high debt-repayment obligations and full utilisation of working capital limits. Incorporated in 2008, PMV was a dormant company till the demerger of The Malt Company India Private Limited (MCIPL) with effect from April 2013. Under the demerger scheme, MCIPL handed over two of its units - Pataudi (Haryana) and Kashipur (Uttarakhand) to PMV, while retaining the Khandsa (Haryana)-based unit. PMV manufactures barley malt with an installed capacity of 30,000 MTPA and 150,000 MTPA at its Pataudi and Kashipur units, respectively. In FY2017, the company reported a profit after tax (PAT) of INR0.59 crore on operating income (OI) of INR139.64 crore compared to a PAT of INR0.41 crore on an OI of INR126.52 crore in the previous year. POPURI STEELS: ICRA Maintains B- Rating in Not Cooperating ---------------------------------------------------------- ICRA has maintained the rating on bank facility of Popuri Steels Limited (PSL) in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 10.00 [ICRA]B-(Stable) ISSUER NOT Limits COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Rationale The ratings for the INR10.00 crore bank facilities of PSL continues to remain under 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B-(Stable) ISSUER NOT COOPERATING." ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Popuri Steels Limited (PSL) was incorporated in the year 2004 with the establishment of a 1 x 50 TPD DRI (Direct reduced Iron or Sponge Iron) at Mundargi Industrial area, Bangalore Road, Bellary. The plant was shut down in 2009 and the company started another 2 x 50 TPD DRI plant in Halakundi village, Bellary in 2009 onwards. The company is involved in the manufacturing of sponge iron using rotary klin process. Mr. Popuri Akineedu is the current Managing Director of the company. RAJGANGPUR ISPAT: ICRA Maintains B- Rating in Not Cooperating ------------------------------------------------------------- ICRA has maintained Rajgangpur Ispat Udyog's bank facility rating in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 3.00 [ICRA]B- (Stable) ISSUER NOT cash credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund-based- 5.00 [ICRA]A4 ISSUER NOT COOPERATING; bill discounting Rating continues to remain under 'Issuer Not Cooperating' Category Rationale The ratings for the INR8.00 crore bank facilities of Rajgangpur Ispat Udyog continue to remain under 'Issuer Not Cooperating' category. The ratings are denoted as "[ICRA]B- (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Rajgangpur Ispat Udyog, promoted in the year 1982, is a partnership concern promoted by the Agarwal family based out of Odisha. The firm has an installed annual crushing capacity of 90000MT for iron ore lumps and 30000MT for iron ore fines. RAYAT & BAHRA: ICRA Lowers Rating on INR72.61cr Loan to D --------------------------------------------------------- ICRA has revised the long-term rating from [ICRA]C to [ICRA]D for the INR78.00-crore fund-based and unallocated limits of Rayat & Bahra Group of Institutes: An Educational and Charitable Society (RBGI) and continues to remain in the Issuer not cooperating category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 72.61 [ICRA]D ISSUER NOT limits COOPERATING; downgraded from [ICRA]C, Rating continues to remain in the 'Issuer Not Cooperating' category Non-Fund based 3.20 [ICRA]D ISSUER NOT Limits COOPERATING; downgraded from [ICRA]C, Rating continues to remain in the 'Issuer Not Cooperating' category Unallocated 2.19 [ICRA]D ISSUER NOT COOPERATING; downgraded from [ICRA]C, Rating continues to remain in the 'Issuer Not Cooperating' category Rationale: The revision in rating is on account of delays in debt servicing owing to the stretched liquidity position of the society. ICRA takes note of weak financial profile due to cash flow mismatches. ICRA, however, takes note of the established presence of the Rayat-Bahra Group in Punjab, where it caters to about 30,000 students through 30 plus higher educational institutes and varied course offerings. Going forward, the society's ability to improve its liquidity position and service its debt in a timely manner will be the key rating sensitivity. Key rating drivers: Credit strengths Extensive experience of group: The group has a long-standing presence in the education segment where it caters to about 30,000 students through 30 plus higher educational institutes and varied course offerings. Credit challenges Stretched liquidity position resulted in delays in debt servicing: There have been delays in debt servicing owing to the stretched liquidity position of the company. Operational since 2005, RBGI is a part of Punjab-based Rayat-Bahra Group. RBGI operates 12 colleges through its two campuses located in Mohali and Hoshiarpur. While the Mohali campus became operational in 2005, the Hoshiarpur campus came into existence in 2008. The society through these two campuses offers various courses like engineering and technology, pharmacy, law, nursing, management and senior secondary education courses. SADHBHAWANA IMPEX: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Sadhbhawana Impex Private Limited Registered Office: 35-A DLF Colony Patiala, Punjab 147001 India E-mail: info@siplindia.com Factory Site: Godni Basahi Pargana Tehsil and Dist Behraich (U.P.) Insolvency Commencement Date: August 21, 2018 Court: National Company Law Tribunal, Chandigarh Bench Estimated date of closure of insolvency resolution process: February 16, 2019 (180 days from commencement) Insolvency professional: Mr. Sanjay Kumar Aggarwal Interim Resolution Professional: Mr. Sanjay Kumar Aggarwal #14, New Punjab Mata Nagar Main Street, Pakhowal Road Ludhiana 141013 (Pb) E-mail: sanjayaggarwal.fcs@gmail.com Last date for submission of claims: September 3, 2018 SAMEERA HOTELS: CRISIL Migrates B- Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Sameera Hotels (Chennai) Private Limited (SHPL) to 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 26 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SHPL for obtaining information through letters and emails dated May 31, 2018 and June 30, 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 Sameera Hotels (Chennai) Private Limited. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Sameera Hotels (Chennai) Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Sameera Hotels (Chennai) Private Limited to 'CRISIL B-/Stable Issuer not cooperating'. Incorporated in 2011, Chennai-based, SHPL owns two hotels in Chennai and Vellore. The company has a consolidated 110 rooms with various facilities like cafe, restaurant, bar, spa etc. The operations of the company are managed by the promoters, Mr Murugesan and his family. SDS INFRATECH: CRISIL Withdraws D Rating on INR50cr Term Loan ------------------------------------------------------------- CRISIL has withdrawn its ratings on the bank facilities of SDS Infratech Private Limited (SIPL) on the request of the company and receipt of a no objection from its bank. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loans. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 37.5 CRISIL D/Issuer Not Bank Loan Facility Cooperating (ISSUER NOT COOPERATING; Rating Withdrawn) Term Loan 50.0 CRISIL D/Issuer Not Cooperating (ISSUER NOT COOPERATING; Rating Withdrawn) CRISIL has been consistently following up with SIPL for obtaining information through letters and emails dated December 18, 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 they are arrived at without any management interaction and are 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. This restricts CRISIL's ability to take a forward 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 D Issuer Not Cooperating'. SIPL, formed in 2008 and based in Delhi, undertakes real estate development. The company is promoted by Mr Deepak Bansal. It is developing two residential projects, both under NRI residency, at Noida and Greater Noida. SH. RANSINGH: CRISIL Migrates B+ Rating to Not Cooperating ---------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sh. Ransingh Bohra Fuels to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 8 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with RSB for obtaining information through letters and emails dated May 31, 2018 and June 30, 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 Sh. Ransingh Bohra Fuels. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Sh. Ransingh Bohra Fuels is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Sh. Ransingh Bohra Fuels to 'CRISIL B+/Stable Issuer not cooperating'. Established in 2011, RSB is a Haryana-based proprietorship firm of Ms Kusum Bala; operations are looked after by Mr Hirdey Ram. The firm runs a petrol pump with a tie-up with IOCL. SHANTI DEVELOPERS: ICRA Maintains C Rating in Not Cooperating ------------------------------------------------------------- ICRA has maintained Shanti Developers (SD) bank facility rating in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 7.40 [ICRA]C ISSUER NOT COOPERATING; Term Loan Rating continues to remain in the 'Issuer Not Cooperating' category Rationale The rating for the INR7.40-crore fund-based term loan facility of SD continues to remain in the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]C ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2001, Shanti Developers (SD) is a partnership firm being promoted by Mr. Hitesh Makhecha and is involved in real estate development in Mumbai, Maharashtra. The promoters of the firm are also involved in organizing fairs and small amusement games in Tier-II cities in Maharashtra, Gujarat and Goa for the past thirty years through their group companies. SHASHANK NIDHI: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Shashank Nidhi Construction 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: -- INR120 mil. Fund-based working capital limit maintained in non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR8.50 mil. Term loan maintained in non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 5, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Shashank Nidhi Construction is engaged in the real estate business. SHIVANGOUDA PATIL: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Shivangouda B. Patil (Prop Patil Engineering Co) - Bijapur (SBP) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4.05 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit .50 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Overdraft 1.40 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Proposed Cash 4.05 CRISIL A4 (ISSUER NOT Credit Limit COOPERATING; Rating Migrated) CRISIL has been consistently following up with SBP for obtaining information through letters and emails dated May 31, 2018 and June 30, 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 Shivangouda B. Patil (Prop Patil Engineering Co) - Bijapur. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Shivangouda B. Patil (Prop Patil Engineering Co) - Bijapur is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Shivangouda B. Patil (Prop Patil Engineering Co) - Bijapur to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Shivangouda B. Patil, incorporated in the year 1991 by Mr. Shivanagouda. B.Patil, located in Bijapur, Karnataka, engaged in civil construction (95 per cent of the total revenue) and trading of Havel and Jain pipe (5 per cent of the total revenue). SHREE BABA: CRISIL Migrates B Rating to Not Cooperating Category ---------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Shree Baba Exports (SBE) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SBE for obtaining information through letters and emails dated May 31, 2018 and June 30, 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 Shree Baba Exports. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on Shree Baba Exports is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of Shree Baba Exports to 'CRISIL B/Stable Issuer not cooperating'. SBE was established in 1980 as a partnership firm, Shree Baba Enterprises, by Mr. Ramesh Agarwal and Ms. Batsoo Devi. Later, in 2000 the firm was converted into the proprietorship firm and got its current name. The firm manufactures menthol crystals and trades in essential oils, used in pharmaceuticals, perfume compounds, and toothpastes. SHREE HANUMAN: ICRA Maintains B+ Rating in Not Cooperating ---------------------------------------------------------- ICRA has maintained Shree Hanuman Trust (SHT) bank facility rating in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 59.50 [ICRA]B+ (Stable) ISSUER NOT Term Loan COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Rationale The rating for the INR59.50-crore fund-based term loan facility of SHT continues to remain in the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1982, Shree Hanuman Trust (SHT) is engaged in leasing of the 3rd floor of Mittal Court developed by the Mittal Group with an area of 22,111 sq. ft. at 244, Nariman Point, Mumbai to The Income Tax Department, Government of India. The trust is a part of the Mittal Group, which is engaged in real estate development since 1952. SHRENUJ AND CO: Bank of India Files Insolvency Case vs. Firm ------------------------------------------------------------ Livemint.com reports that century-old diamond house Shrenuj and Co., which had the late Maharani Gayatri Devi of Jaipur as its brand ambassador, is facing insolvency proceedings. State-owned Bank of India has approached the bankruptcy court against the company for defaulting on INR226 crore, the report says. According to Livemint, the counsel representing the consortium of 17 lenders, Pooja Karadia, told the Mumbai bench of the National Company Law Tribunal (NCLT) on Aug. 29 that Shrenuj's debt of INR1,113 crore had turned bad on March 31, 2016, and there is an admitted liability. "Bank of India is the lead banker to whom the company owes over INR226 crore and to the consortium of 17 banks, most of them are nationalized, the company owes over INR1,113 crore," the report quotes Karadia as saying. The company was given enough opportunity to give representations, but they have not even filed their response in the tribunal, he added. Livemint says the banks have proposed the name of Hiten Parikh as interim resolution professional in the matter. While countering the lenders' argument, advocates representing the company sought time to file its reply, the report states. The presiding officer, M.K. Shrawat, directed the parties to produce the company's audited accounts before the court and said that Shrenuj can file its reply to the insolvency plea filed by the lenders by September 6, the next date of hearing, the report says. "Typically, when it comes to recovery from diamond companies, the major recovery will come from the inventory and its trade receivables," Livemint quotes Pinakiranjan Mishra, partner and national leader, retail and consumer products, EY, as saying. Shrenuj's solitaire jewellery brand 'Arisia' had Gayatri Devi as its brand ambassador between 2007 and 2009, when she died at the age of 90. The Shreyas Doshi- and Vishal Doshi-promoted century-old company was among the first diamond houses to be listed on the stock exchanges in 1989. However, the company was delisted from the bourses on Aug. 8, 2018. The company had reported a standalone revenue of INR1,789.21 crore and loss of INR40.13 crore for the year ended March 2016, Livemint discloses citing Bloomberg data. Shrenuj & Company Limited, together with its subsidiaries, manufactures, markets, distributes, and retails diamond and jewellery products in India. It operates in two segments, Diamonds and Jewellery. The Diamonds segment is involved in cutting, polishing, and trading diamonds. The Jewellery segment offers diamond studded gold/platinum jewellery products. The company sells its products under the Amante88, Arisia, Bhavya, Caro74, Fiana, Hot diamonds, Lavanya, Lorenzo, Lume, Mastercut, Sveni, Syntila88, Trapz, and Valina brand names. In addition, it operates retail stores under the Joliesse brand name in Hong Kong, as well as under the Diti brand name in India. SIDDHI VINAYAK: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Siddhi Vinayak Logistics Limited Plot No. 14-15, Bhatpore GIDC ONGC Plant, Hazira, Surat, Gujarat 394510 Insolvency Commencement Date: September 12, 2017 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 9, 2018 (180 days from commencement) Insolvency professional: Mr. Dushyant C Dave Interim Resolution Professional: Mr. Dushyant C Dave 1101, Dalamal Tower Nariman Point Mumbai 400021 E-mail: dushyant.dave@dcdave.in irp.svll@dcdave.in Last date for submission of claims: July 25, 2018 SIGNAPURKAR'S LEATHER: Insolvency Resolution Process Case Summary ----------------------------------------------------------------- Debtor: Signapurka's Leather House Private Limited 208 C, Atlas Mill Compound Reay Road Mumbai City MH 400010 IN Insolvency Commencement Date: August 1, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: January 28, 2019 Insolvency professional: Prakash Dattatraya Naringrekar Interim Resolution Professional: Prakash Dattatraya Naringrekar 503-A, Blue Diamond Chs Ltd Chincholi Bunder, Link Road Junction Malad West, Mumbai 400064 E-mail: Prakash03041956@gmail.com Mobile No.: 9322714508/9819078236 Last date for submission of claims: August 30, 2018 SIWANA SOLAR: Ind-Ra Retains BB Issuer Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Siwana Solar Power Project 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 action is: -- INR200 mil. Term loan due on July 2023 maintained in non- cooperating category with IND BB (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 2012, Siwana Solar Power operates a 5MW solar photovoltaic power plant in village Mithi, Bhiwani, Haryana. SREE DHANNVIJAY: CRISIL Migrates B+ Rating From Not Cooperating --------------------------------------------------------------- CRISIL is migrating its rating on bank facilities of Sree Dhannvijay Texmills Private Limited (SDTPL) from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Term Loan 0.54 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Due to inadequate information and in line with Securities and Exchange Board of India guidelines, CRISIL had migrated its rating on the long-term bank facilities of SDTPL to 'CRISIL B+/Stable/Issuer Not Cooperating'. However, the company's management has subsequently started sharing requisite information necessary for carrying out a comprehensive review of the rating. Consequently, CRISIL is migrating its rating from 'CRISIL B+/Stable/Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating reflects the modest scale of operations in an intensely competitive industry, and below average financial risk profile because of muted debt protection metrics. This weakness is partially offset by the extensive experience of SDTPL's promoters in the textile industry. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations and exposure to intense competition: With turnover of INR51 crore for fiscal 2018, scale remains small. Furthermore, the company's unit is in Coimbatore, which is a major textiles belt and is hence intensely competitive. * Below average financial risk profile: Debt protection metrics are weak as indicated by the interest cover and net cash accrual to total debt of 1.99 times and 0.13 times respectively for fiscal 2018 and is likely to remain at similar levels over the medium term. The networth is also small at INR12 crores and gearing at 0.95 times as on March 31, 2018. Strength * Extensive experience of promoters: Presence of more than two decades in the textiles segment has enabled the promoters to establish healthy relationship with suppliers and customers. Outlook: Stable CRISIL believes SDTPL will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' in case of a significant improvement in scale of operations, leading to a better financial risk profile while maintaining its capital structure. The outlook may be revised to 'Negative' if decline in scale of operations or profitability, or large debt-funded capital expenditure further weakens financial risk profile. Established in 2004 by Mr Vijay Shankar and his wife, Ms Dhanalakshmi, Coimbatore-based SDTPL manufactures polyester cotton yarn. SRI TOORSA: ICRA Reaffirms B- Rating on INR7.12cr Term Loan ----------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B- for the INR7.12-crore term loans, INR1.50-crore fund-based cash credit limit and INR0.52-crore letter of credit/buyer's credit facilities (sub-limit of term loan) of Sri Toorsa Plantations Private Limited (STPPL). The outlook on the long-term rating is Stable. ICRA has also reaffirmed the short-term rating of [ICRA]A4 for the INR0.15- crore bank guarantee facility (sub-limit of cash-credit facility) and the above-mentioned letter of credit /buyer's credit facilities which have been rated on both the long-term and short- term scales. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- cash credit 1.50 [ICRA]B- (Stable) Reaffirmed Fund-based- term loan 7.12 [ICRA]B- (Stable) Reaffirmed Non-fund-based (0.15) [ICRA]A4 Reaffirmed Limit Fund Based/Non- (0.52) [ICRA]B- (Stable)/[ICRA]A4 fund Based-Letter Reaffirmed of Credit/Buyer's Credit Rationale The ratings reaffirmation considers the adverse cost structure of the company on account of low productivity of the tea gardens with an average yield of around 1,506 kg/hectare (HA) during FY2018, which coupled with the fixed cost-intensive nature of the company's operations is likely to exerts pressure on its operating profits. The ratings also take into consideration STPPL's weak financial profile, as reflected by depressed coverage indicators and negative tangible net worth due to losses suffered during FY2016 and FY2017. ICRA notes that STPPL's turnover and profits improved during FY2018 because of an increase in plucking of own leaves and sizeable trading of tea unlike the previous two years. Going forward, availability of such trading opportunity would remain contingent upon the market situation. Additionally, for Dooars and Darjeeling, the last wage agreement expired in March 2017. Although an interim increase in wage rates have been effected in January 2018 and May 2018, the final figure has not yet been decided. ICRA notes that any significant increase in wage rates would adversely impact the operating margins unless there is a commensurate increase in tea prices. The ratings also take into consideration the risks associated with tea being an agricultural commodity, which depends on favourable agro-climatic conditions. Such risks are aggravated by the geographical concentration of the company's operations, as both the gardens are in Dooars region. Moreover, the domestic tea prices are impacted, to some extent, by international prices and hence the demand-supply situation in the global tea market, in ICRA's opinion, would continue to have a bearing on the profitability of Indian players, including STPPL. The ratings, however, continue to derive comfort from the long experience of the management in the tea industry. Going forward, STPPL's ability to increase the productivity of the estates along with its ability to pass on the higher labour cost would be important determinants of its credit risk profile. Outlook: Stable ICRA believes that STPPL will continue to benefit from the long experience of its management in the tea industry. The outlook may be revised to Positive if a favourable trend in tea realisations, relative to input costs, leads to a substantial growth in revenue and profitability, strengthening the financial risk profile. The outlook may be revised to Negative if any sharp increase in input costs leads to deterioration in profitability on a sustained basis. Key Rating Drivers Credit strengths Long experience of the management in the tea industry: The promoters have experience of more than a decade in the tea industry. The Group's foray into the tea industry began with the takeover of Malnady Tea Estate Pvt. Ltd. in 2002. Subsequently, the Group had also acquired two other tea estates in 2007. While Malnady Tea Estate Pvt. Ltd. produces green tea, two other companies are involved in the production of crush tear curl (CTC) variety of tea. Thus, the management has an exposure in processing both the variants of tea. During FY2017, STPPL also started manufacturing of green tea and a large portion of its produce in FY2018 comprised green tea. Improvement in turnover and profits in FY2018: STPPL's operating income increased from INR7.24 crore in FY2017 to INR12.26 crore in FY2018 on the back of a rise in sales volume supported by increased plucking of own leaves and significant trading as well as improvement in tea realisation. Since a significant portion (68% in FY2018) of the company's increased turnover is from trading of tea, going forward, the sustenance of the turnover would depend on the trading opportunities available to the company . However, an increase (by around 13% in FY2018) in the volume of green leaves plucked from the company's estate is also likely to support its revenues, going forward. STPPL's operating profits increased during FY2018, driven by scaling up of operations as well as improvement in the tea realisation by around INR14/per kg mainly because of shift towards green tea, which fetched higher realisation compared to the CTC variety of black tea. Credit challenges Low productivity of the estates coupled with fixed-cost intensive nature of operations: STPPL's garden costs, as inherent in the industry, are almost fixed, with labour costs accounting for 60% of the total production cost. Risks associated with high fixed- cost nature of the industry are further aggravated by the low productivity of the company's tea estate, as reflected by the yield of 1,506 kg per hectare in FY2018. Additionally, for Dooars and Darjeeling, the last wage agreement expired in March 2017. Although an interim increase in wage rates have been effected in January 2018 and again in May 2018, the final quantum of increase has not yet been decided. ICRA notes that any significant rise in wage rates would adversely impact the operating margins unless there is a commensurate increase in tea prices. Stretched financial profile reflected by depressed debt coverage metrics and negative tangible net worth: STPPL's financial profile remained weak, as reflected by depressed debt coverage metrics and negative tangible net worth during FY2018, notwithstanding the improvement in turnover and profits during the year compared to the previous year. Risks associated with tea being a cyclical agricultural commodity: Tea production is primarily dependent on agro-climatic conditions, subject to various agro-climatic risks. STPPL has two tea gardens -- Mohua Tea Estate and Hilla Tea Estate, which are located at a distance of 60 km. The presence of both the gardens in the Dooars region increases the company's geographical concentration risks and vulnerability to agro-climatic conditions. Prices of Indian tea, in spite of its better quality, remain vulnerable to price fluctuation in the international market: Prices of domestic tea, despite its better quality, are impacted by international prices to some extent. Hence, the demand-supply situation in the global tea market, in ICRA's opinion, would continue to have a bearing on the profitability of Indian players, including STPPL. Sri Toorsa Plantations Private Limited (STPPL) is a special purpose vehicle, incorporated in February 2015, by Malnady Tea Estate Private Limited (owning about 51% of the shares) and Tirupati Assets Private Limited (owning about 49% of the shares) for procuring two of the tea estates auctioned by West Bengal Tea Development Corporation Limited (WBTDCL) under the policy to rejuvenate the tea gardens and protect the interest of the workers. The company has two tea estates - Mohua Tea Estate and Hilla Tea Estate, located in Dooars region of West Bengal, with a total cultivable area of 413 hectares. SRI VARADHARAJA: ICRA Withdraws B+ Rating on INR4.80cr Loan ----------------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]B+(Stable) assigned to the INR6.50-crore bank facilities of Sri Varadharaja Fruit Products Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term fund- based/Cash Credit 4.80 [ICRA]B+ (Stable); Withdrawn Long-term fund- based/Term Loan 1.70 [ICRA]B+ (Stable); Withdrawn Rationale The ratings are withdrawn in accordance with ICRA's policy on withdrawal and at the request of the company, based on the no objection certificate provided by its banker. SVFP was incorporated in 2000 and in 2010, the company was taken over by the Asianlak group, which is promoted by Mr Radhe Shyam Poddar and his sons, Mr Gopal Poddar and Mr Neeraj Poddar. The company sells its fruit juices under the brand name 'Mr. Fresh' in various flavours such as mango, apple, lichi, guava, mixed fruit, etc. and soft drink under the brand name 'Top Cola'. SUBADRA TEXTILE: ICRA Lowers Rating on 4cr LT Loan to 'D' --------------------------------------------------------- ICRA has downgraded the long-term rating of [ICRA]B and short-term rating of [ICRA]A4 to [ICRA]D for the INR4.0-crore long-term fund- based facilities, INR3.5-crore short-term fund-based facilities and INR1.5-crore unallocated limits of Subadra Textile Private Limited (STPL). The rating continues to be in the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 4.0 [ICRA]D ISSUER NOT COOPERATING; Based Downgraded from [ICRA]B (Stable); Rating continues to remain in the 'Issuer Not Cooperating' category Short Term-Fund 3.5 [ICRA]D ISSUER NOT COOPERATING; Based Downgraded from [ICRA]A4; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term/Short 1.5 [ICRA]D ISSUER NOT COOPERATING; Term-Unallocated Downgraded from [ICRA]B (Stable)/A4; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Rationale The rating downgrade reflects the delay in debt servicing by STPL to the lender, as confirmed by them to ICRA. Incorporated in 1972, Subadra Textile Private Limited (erstwhile Bhadra Spinning Mills Private Limited (1963-1971)) has been functioning under the directorship of Mr. V.S. Rajagopal since 1975. It manufactures cotton yarn of counts ranging from 27s-100s for domestic as well as international markets. The company operates from Bangalore, with its manufacturing unit spread over 4.7 acres on the Magadi Main Road, and has an installed capacity of 18,720 spindles with combed and auto-coned capacity. It also outsources manufacturing of polyester yarn on a job-work basis to its wholly-owned subsidiary Subadra Spinning Mills Private Limited, located in Tiruvannamalai, Tamil Nadu. It has also diversified into the merchant exports business during FY2015. SUPER SEAL: CRISIL Reaffirms B+ Rating on INR9cr Cash Loan ---------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank facilities of Super Seal Flexible Hose Limited (SSFHL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 9 CRISIL B+/Stable (Reaffirmed) Inland/Import Letter of Credit 1 CRISIL A4 (Reaffirmed) CRISIL's ratings continue to reflect SSFHL's modest scale, fluctuating profitability and large working capital requirement. These weaknesses are partially offset by the extensive experience of its promoters. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Despite the company's presence of over 2 decades in the industry, revenue at INR26 crore for fiscal 2018, renders the scale modest thereby restricting cost efficiencies. * Fluctuating profitability: Profitability has been at 2.6-9.6% over the four years through 2018; 9.6% during fiscal 2018. The volatility is on account of fluctuation in raw material prices i.e. nitrile rubber and wire as they are linked to crude oil prices and the dollar rate. * Large working capital requirement: Operations are working capital intensive, as reflected in gross current assets of 223 days as on March 31, 2018 driven by high debtors and inventory of 86 and 131 days, respectively. Strength: * Extensive experience of the promoters: Benefits from the promoters' over two decades of experience and established relationship with customers and suppliers should support the business. Some of the leading customers include Action Construction Equipment, Bharat Earthmovers, Caterpillar, Escorts Group, Indian Tractors, Indian Railways and others. Outlook: Stable CRISIL believes SSFHL will continue to benefit from the extensive experience of its promoters and its established customer relationships. The outlook may be revised to 'Positive' if cash accrual increases, working capital cycle is efficient and profitability is stable. The outlook may be revised to 'Negative' if decline in revenue or profitability, or stretch in working capital cycle exerts pressure on liquidity. Incorporated in 1995, Noida-based SSFHL, promoted by Mr Sanjay Kumar Das and family, manufactures hydraulic and industrial hoses with an inner diameter of 2 inches and also undertakes their assembly. The company has a manufacturing capacity of 30 lakh metres per annum. TI STEELS: ICRA Maintains D Rating in Non-Cooperating Category -------------------------------------------------------------- ICRA has maintained TI Steels Private Limited (TSPL) bank facility rating in the non-cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 39.50 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain in the 'Issuer Not Cooperating' category Fund-based- 1.10 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain in the 'Issuer Not Cooperating' category Rationale The rating for the INR39.50-crore cash credit and INR1.10-crore term loan facilities of TSPL continues to remain in the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING". ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2003, TISPL began commercial production in 2007 and was engaged in the manufacture of mild steel products. At present, the company's product portfolio comprises SS ingots, billets, flats and hexagons, in addition to certain high-end alloys. V CARE: ICRA Reaffirms B+ Rating on INR7cr LT Cash Credit --------------------------------------------------------- ICRA has reaffirmed the long-term rating at [ICRA]BB- and short term rating at [ICRA]A4 for the INR12.00 crore (enhanced from INR10.00 crore) bank limits of V Care Agritech. The outlook on the long term rating is "Stable". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund 7.00 [ICRA]B+ (Stable); reaffirmed Based-Cash Credit Short Term-Fund 3.00 [ICRA]A4; reaffirmed Based Short Term-Non 0.50 [ICRA]A4; reaffirmed Fund Based Limits Long Term/Short 1.50 [ICRA]B+ (Stable)/[ICRA]A4; Term-Unallocated Reaffirmed Rationale The ratings reaffirmation is constrained by decline in operating income to INR33.49 crore in FY2018 from INR47.12 crore in FY2017 owing to decline in orders from customers along with decline in realisation of Bengal gram and ground nut and high dependence of revenues on Bengal gram and ground nut together accounting for 98% of FY2018 revenue. The ratings are further constrained by the thin operating margins owing to the low value additive nature of seed processing operations; vulnerability of revenues and profitability margins to agro-climatic conditions and highly fragmented seed processing industry constraining the margins. However, the ratings continue to factor in the established relationship with key customers; extensive experience of promoters in the seed processing industry; and comfortable financial risk profile with gearing of 0.61 times as on March 31, 2018 and moderate liquidity position with average limit utilization at ~60% over the past one year owing to low receivables. Going forward, ability of the company to increase revenues, maintain profitability margins and managing working capital requirements would remain the key rating sensitivities. Outlook: Stable The stable outlook reflects ICRA belief that VCA will continue to benefit from its promoters' extensive experience in the seed processing industry and their established relationship with farmers and customers. The rating may be upgraded if there is substantial growth in revenues and improved margins. The outlook may be revised to 'negative' if there is decline in revenues, significant drop in operating margins, or stretch in the working capital cycle, weakens liquidity. Key Rating Drivers Credit Strengths Extensive promoters experience: VCA was founded in the year 2009 by Mr D. Koti Swamy and Mr. D. Venkata Rao. The promoters have an extensive experience of two decades in the seed processing industry. They have established relationships with farmers and government agencies in Andhra Pradesh and Telangana. Established relationships with key customers: The firm has established relationship with key government agencies like Andhra Pradesh State Seeds Development Corporation Limited (APSSDC), Karnataka State Agricultural Department (KSAD), etc. The company is supplying the processed seeds over the past three years to its key customers. Comfortable capitalisation and liquidity indicators: The capital structure the firm is comfortable with gearing of 0.61 times as on March 31, 2018 while limit utilization is moderate at ~60% over the past one year owing to low receivables. Credit challenges Decline in operating income and thin profitability margins: The operating income of the company declined from INR47.12 crore in FY2017 to INR33.49 crore in FY2018 owing to decline in realisation and sales volume of bengal gram and ground nut. The profitability margins are thin over the years owing to limited value addition in the seed processing business and commoditized nature of the products. High revenue concentration on Bengal gram and ground nut: The company derives ~98% of revenues from groundnut and bengal gram over the past four years. The nature of business is seasonal and both production and sales are exposed to agro-climatic risks. High customer concentration risk: The customer base of the company primarily comprises of government agencies. However, the company is exposed to high customer concentration risk given that top three customers accounting for ~81% of the revenue. VCA is a partnership firm founded in the year 2009 by Mr D. Koti Swamy and his brother Mr. D. Venkata Rao. The firm is into the business of commercial seeds processing. VCA has processing capacity of 180,000 quintals of seeds annually. VCA sells the certified seeds to various government agencies such as Andhra Pradesh State Seeds Development Corporation Limited, Karnataka State Small Industrial Development Corporation Limited (KSSDC) etc. In FY2018, on a provisional basis, the company reported a net profit of INR0.65 crore on an operating income of INR33.49 crore, as compared to a net profit of INR0.89 crore on an operating income of INR47.12 crore in the previous year. VEER RESOURCES: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Veer Resources And Projects Private Limited 714, 7th Floor, Plot 211 Dalamal Tower, Free Press Journal Marg Nariman Point, Mumbai 400021 Insolvency Commencement Date: August 7, 2018 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: February 3, 2019 Insolvency professional: Prakash Dattatraya Naringrekar Interim Resolution Professional: Prakash Dattatraya Naringrekar 503-A, Blue Diamond Chs Ltd Chincholi Bunder, Link Road Junction Malad West, Mumbai 400064 E-mail: Prakash03041956@gmail.com Mobile No.: 9322714508/9819078236 Last date for submission of claims: September 3, 2018 VEERAL CONTROLS: CRISIL Lowers Rating on INR4cr Cash Loan to B -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Veeral Controls Private Limited (VCPL) to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and reaffirmed the short-term rating at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Inland Guarantees 1 CRISIL A4 (Reaffirmed) Proposed Long Term 3.5 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') The downgrade reflects VCPL's weak business risk profile, revenue was modest at INR4 crore in fiscal 2018 as the contract with a prime customer ended. The ratings also factored in stretched working capital cycle as indicated by high GCA days above 900 days. These weaknesses are partially offset by the experience of the promoters. Key Rating Drivers & Detailed Description Weaknesses * Weak business risk profile: Turnover was muted in fiscal 2018 due to end of contract with one of the prime customers, who contributed to over 70% of the revenue in fiscal 2017. Orders worth INR15 crore were reported as on June 2018, to be executed over the next 15-18 months. Thus, revenue is expected at around INR10-12 crore in fiscal 2019. * Stretched working capital cycle: Gross current assets were 911 days as on March 31, 2018, driven by sizeable inventory and debtors of 594 days and 362 days, respectively. High amount of debtors are due to receivables above 180 days which are due from one of its prime customer, expected to be received in the next couple of years. Strength * Experience of promoters: Benefits from the promoters' experience of over three decades, 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 VCPL will continue to benefit from the experience of the promoters. The outlook may be revised to 'Positive' if the revenue and profitability improves significantly which improves the business risk profile. Conversely, the outlook may be revised to 'Negative' if there is further decline in revenue or any further stretch in working capital cycle weakens financial risk profile and liquidity. Established as a partnership firm in 1981, VCPL was reconstituted into a private limited company in the year 1993. The company has four directors, the key director being Mr. Varuneshkumar Prasad, an electrical engineer from IIT Kanpur, who looks after the overall operations of the company. The company is engaged in production of precision power supplies, inverters, drives, power controllers, OEM activities and customized products and services. It has manufacturing facility located at Gandhinagar, Gujarat. =============== M A L A Y S I A =============== PRASARANA MALAYSIA: CEO Steps Down; Salaries Paid Via Bond Issue ---------------------------------------------------------------- The Star Online reports that Prasarana Malaysia Bhd chief executive officer Masnizam Hisham in her parting shot has expressed her appreciation to the Finance Ministry for the issuance of bonds to pay the salary of its employees. Masnizam, who has served Prasarana since 2005, stepped down from her position on Sept. 2, 2018. "I am grateful and would like to thank the Finance Ministry for approving the issuance of sukuk/bonds that will allow the salaries of Prasarana staff for September and the coming months. At least, I did not leave the group with no salary provisions," the report quotes Masnizam as saying in her farewell message on Warna Prasarana Facebook page. In the letter, she said she had taken over Prasarana at a time when costs were spiralling in several projects undertaken by the company, including the LRT3 project linking Petaling Jaya and Klang, the Star relates. "If we had been firm in managing costs, we would not be in a financially situation like today. When I started holding the position on January 18 this year, I faced a financial position or cash flow that was only enough for only three months while the cost for LRT3 has surged beyond the budget set," Masnizam said, the Star relays. She added that various efforts have been carried and up to July this year, the group saved a total cost of MYR175 million that would enable to the group to reduce its losses by MYR200 million this year. "What needs to be done now is to increase the number of passengers because we have a huge capacity and to grow our "non-fare" income or income other than ticket sales," she said. According to the Star, Finance Minister Lim Guan Eng, on July 10, said poor management by Prasarana had caused the total cost of the project - including land acquisitions, fees and interest - to increase to a massive MYR31.45 billion. The Star relates that the Cabinet had since directed Prasarana to cut this by almost half to MYR16.62 billion by reducing the number of train-sets, shelving five stations and extending the timeline to complete the project from 2020 to 2024. Prasarana Malaysia Berhad provides bus and rail public transport services. The company was formerly known as Syarikat Prasarana Negara Berhad and changed its name to Prasarana Malaysia Berhad in August 2014. ==================== N E W Z E A L A N D ==================== AVONMORE TERTIARY: Training College Goes Into Liquidation --------------------------------------------------------- Adele Redmond at Stuff.co.nz reports that a Christchurch training college has gone into voluntary liquidation, leaving about 140 students and 25 staff in tears and unsure of their futures. Avonmore Tertiary Institute told staff, students, and government agencies on Aug. 30 that it "can no longer provide most of its courses" in hairdressing, retail, tourism and computer studies, Stuff says. About 12 students aged 18 and under told Stuff they were "devastated". They had struggled at school and could not imagine continuing their studies without the support of their Avonmore "family". Most had their course fees and a small travel stipend covered by the Ministry of Education's youth guarantee programme, and were due to graduate in December, Stuff relates. "It's now thrown us all into the position of not knowing what to do. Some of us have jobs but now there's 100 students out there," Stuff quotes Grace Paul, 16, as saying. "You get into the routine of just sitting at home." According to Stuff, enrolments at Avonmore had dropped significantly since June 2017, when it had about 780 students, including roughly 300 international students, and 81 staff at its Christchurch and Tauranga campuses. At that time, the New Zealand Qualifications Authority (NZQA) said it was "not yet confident" in the college's educational performance, citing plagiarism by international students and inconsistent assessment practices, the report relays. Stuff says Avonmore closed its student-run cafe in May 2016, and started site sharing with the Design & Arts College in December that year to cut down on rent costs. D&A's owning company, Intueri Education Group, went into liquidation in September 2017. Stuff relates that the college's directors, Michael Hadley and Karl Yates, said in a statement stricter immigration rules and the introduction of fees-free university study, among other factors, had caused the decline in enrolments. Having to "adjust our business model to the new economic and political environment" caused significant financial losses in 2017 and 2018, it said, the report adds. MARAMA FOX: Owes at Least NZ$70,000 to Creditors ------------------------------------------------- Lucy Bennett at NZ Herald reports that former Maori Party MP and co-leader Marama Fox said she is devastated that the consultancy company she set up less than a year ago owes at least NZ$70,000 to creditors after it was put into liquidation. The Herald relates that Marama Fox Consultancy Group Tapui Ltd has left at least two small companies, one a Rotorua travel broker, the other a Masterton IT company, in the lurch after it was liquidated last week. Rotorua travel broker Amy Turuta is owed NZ$39,165.57 and Ohnyx IT is owed around NZ$33,000, liquidator Grant Reynolds of Reynolds and Associates confirmed to the Herald. Ms. Fox was listed as the sole director of Marama Fox Consultancy Group, which was registered in Masterton and formed in October 2017. In a statement, Ms. Fox told the Herald she would like to say more but had been advised by the liquidator not to comment until his report was complete. "Of course I'm devastated that it has come to this and I apologise unreservedly. I am fully co-operating with the liquidator whilst going through this process. He will present his report in 30 days." According to the Herald, Ms. Turuta said that although her business was doing well and she could weather the close to NZ$40,000 debt, she had expected better from a public figure and former MP. Ms. Fox and her team had booked air travel, accommodation and rental cars with Ms. Turuta's business and charged back other costs such as meals. "I thought she would probably be a bit more worried about her reputation than it appears that she is. But I don't know what's going on with her either. She's obviously got quite a bit going on. I thought she would have at least been in touch with me," Ms. Turuta said. Ohnyx IT Solutions Ltd, a Masterton-based information technology support services provider, filed proceedings against Fox's company at the High Court in Wellington on July 3, according to Stuff.co.nz. Associate Judge Kenneth Johnston made the order liquidating the company on Aug. 28, Stuff said. ================= S I N G A P O R E ================= NAM CHEONG: To Raise Up to $29MM From Renounceable Rights Issue --------------------------------------------------------------- The Strait Times reports that Nam Cheong announced on Sept. 3 that under the scheme of arrangement between the company and its creditors, it is launching a non-underwritten, one-for-one renounceable rights issue at a price of $0.014 for each new share. The issue price is a 30 per cent discount to the counter's last traded share price of $0.02 per share for trades done on July 20, 2017, the last trading day immediately before the mainboard-listed company filed a request for its shares to be suspended from trading. Should the proposed rights issue be fully subscribed, up to some 2.1 billion rights shares will be issued, said the company in a exchange filing, the report relays. However, should major shareholder and executive chairman Tan Sri Datuk Tiong Su Kouk be the only subscriber of the rights shares and additional rights shares, then some 1.15 billion shares will be issued, according to the report. Mr Tiong currently has a 51.26 per cent stake in the company, both direct and deemed, and has provided an irrevocable undertaking to subscribe for RM50 million of shares. The Strait Times says the firm estimates net proceeds from the issuance to be between $16 million to $29 million, based on the exchange rate of SGD1 to MYR3.11 on Sept 20, 2017. Proceeds raised from Mr. Tiong's subscription for his rights shares - as well as any additional rights shares in excess of his provisional allotment - will be used to fund a cash out option, where the company's creditors will cash out part of their debt by accepting a haircut in exchange for cash. Any remaining proceeds will go towards group operations, Nam Cheong said. The firm said it had received in-principle approval from the Singapore Exchange on July 16, 2018, to list the additional shares, adds the Strait Times. Nam Cheong Ltd is an investment holding company. The Company and its subsidiaries operate as an offshore marine company. It operates through two segments: Shipbuilding and Vessel chartering. The Company's business is the construction and supply of offshore support vessels (OSVs) used in the offshore oil and gas exploration and production, and oil services industries, including safety standby vessels, anchor handling tug supply (AHTS) vessels, accommodation work barges and maintenance work vessels. AHTS vessels are designed to provide anchor handling for offshore drilling rigs, tow offshore drilling rigs, barges and other types of OSVs. Accommodation Work Barges are vessels designed to house and accommodate crew. Maintenance Work Vessel are vessels designed as a platform for the loading and unloading of cargo. Platform Supply Vessel is designed for the transportation of supplies and equipment to and from offshore oil and gas support production platforms and offshore drilling rigs. SWISSCO HOLDINGS: Inks LOI to Transfer Mainboard Listing -------------------------------------------------------- Annabeth Leow at The Business Times reports that suspended marine company Swissco Holdings has entered into a letter of intent to transfer its listing on the Singapore Exchange mainboard, its court-appointed judicial managers said on Aug. 20. According to the report, the letter of intent would transfer debt- ridden Swissco's listing to solar and renewable energy company Plus Renewable Technologies by a scheme of arrangement. The letter of intent - which the judicial managers noted is not legally binding, except for clauses such as confidentiality, exclusivity and expiry - is valid for 60 days. Until it expires or an implementation agreement is signed, Swissco cannot enter into talks with anyone besides Cayman Islands- incorporated Plus Renewable Technologies to enter into similar arrangements. Swissco will make further announcements as and when there are material developments in this matter, the judicial managers said. They added that "there is no certainty or assurance that definitive agreements in relation to the proposed transfer will be entered into or that any of the transactions contemplated in the (letter of intent) will be completed". "Accordingly, shareholders and potential investors of the company are advised to exercise caution in dealings with the shares, and to consult their stockbrokers, bank managers, solicitors or other professional advisers if they have any doubt about the actions they should take." About Swissco Holdings Swissco Holdings Limited (SGX:ADP), along with its subsidiaries -- http://swissco.net/html/index.php-- is a Singapore-based integrated oil and gas service provider. The Company provides drilling rigs, accommodation jackups and vessel chartering services for the oil and gas industry. The Company's segments are Drilling, which includes drilling rig chartering; Offshore support vessels (OSV), which includes vessel chartering (such as sale of out-port-limit services), ship repair and maintenance services, maritime related services (such as sale of vessels) and OSV related investment activities; Service assets, which includes accommodation and service rig chartering, and Others segment, which includes corporate activities. Its OSV segment owns and operates a fleet of over 40 offshore support vessels that provide a range of offshore chartering services for the marine, offshore oil and gas, and civil construction industries. Its subsidiaries include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte) Ltd and Seawell Drilling Pte Ltd. Swissco and SOPL entered into judicial management last in November 2016 after the listed holding company slipped into a US$296 million quarterly loss on booking massive impairments. A Singapore court in April 2017 approved the application made by Swissco to be placed under judicial management. In November 2017, the High Court granted Swissco an extension of its judicial management order to Sept. 18 this year, the Strait Times said. =============== X X X X X X X X =============== * BOND PRICING: For the Week Aug. 27 to Aug. 31, 2018 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31 CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 QUINTIS LTD 8.75 08/01/23 USD 70.52 QUINTIS LTD 8.75 08/01/23 USD 70.52 QUINTIS LTD 8.75 08/01/23 USD 70.52 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.02 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.17 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.81 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35 BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74 BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10 C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11 CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.03 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30 DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82 DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49 DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54 DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93 GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98 GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86 HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44 HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61 HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38 HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07 INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35 KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00 LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96 LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47 MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82 NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22 PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91 QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84 QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97 REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49 RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48 RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79 SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59 SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19 SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25 SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32 SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98 SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91 SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10 TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44 ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31 URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30 URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51 VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40 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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 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12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52 EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22 EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13 EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JCT LTD 2.50 04/08/11 USD 25.53 PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 1.38 REI AGRO LTD 5.50 11/13/14 USD 1.38 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43 JAPAN ----- TAKATA CORP 1.02 12/15/17 JPY 0.50 TAKATA CORP 0.58 03/26/21 JPY 2.37 TAKATA CORP 0.85 03/06/19 JPY 2.37 KOREA ----- 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57 KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39 SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62 SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.48 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36 I-BHD 3.00 10/09/19 MYR 0.37 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18 PUC BHD 4.00 02/15/19 MYR 0.14 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40 UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42 NEW ZEALAND ------------ PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.02 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.40 PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.02 SINGAPORE --------- ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.48 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 52.02 AUSGROUP LTD 8.45 10/20/18 SGD 51.35 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00 BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13 EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84 HYFLUX LTD 4.20 08/29/19 SGD 50.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.53 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 67.62 DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.78 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2018. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***