/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/181218.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, December 18, 2018, Vol. 21, No. 250 Headlines A U S T R A L I A BUSINESS AVIATION: First Creditors' Meeting Set for Dec. 28 DIG-IT CIVIL: Second Creditors' Meeting Set for Dec. 21 LAURA ASHLEY: No Buyer Found; To Close Australian Stores MODSCAPE PTY: Second Creditors' Meeting Set for Dec. 20 ONECASH LTD: ASIC Bans Three Directors from Managing Corporations OPEN SPATIAL: Second Creditors' Meeting Set for Dec. 21 RCR TOMLINSON: Owes AUD120MM to CBA; Bids Expected this Week C H I N A CHINA: Sees Bankruptcies Surge; Bondholders May Get Less Back I N D I A AKL INFRACON: CARE Assigns B+ Rating to INR8.50cr LT Loan AMRIT HOMES: CARE Lowers Rating on INR25.90cr LT Loan to D AVINASH ASSOCIATES: CARE Assigns B+ Rating to INR6.50cr LT Loan BARWA ADDA: Ind-Ra Moves B+ LT Loan Rating to Non-Cooperating CHENANI NASHRI: Ind-Ra Migrates BB Loan Rating to Non-Cooperating CREAMCRUST FOOD: CARE Migrates 'B' Rating to Not Cooperating FLORA NATURAL: CRISIL Assigns B+ Rating to INR5cr Cash Loan GOKUL GINNING: CARE Reaffirms B+ Rating on INR6.59cr LT Loan GRAND PINKCITY: CARE Reaffirms B+ Rating on INR9.40cr LT Loan GURU KIRPA: CARE Assigns B+ Rating to INR12.96cr LT Loan GURUKUL FOUNDATION: CRISIL Migrates B Rating to Not Cooperating INCOM WIRES: CRISIL Migrates 'D' Rating to Not Cooperating JEEVISHA FOODS: CRISIL Migrates B+ Rating from Not Cooperating KALYAN COTTON: CRISIL Revokes Suspension; Assigns B+ Loan Rating KANORIA SUGAR: Ind-Ra Affirms D Issuer Rating, Moves to Non-Coop. METENERE LIMITED: CRISIL Migrates 'D' Ratings to Not Cooperating MODEL TANNERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable MOOL CHAND: CRISIL Assigns B+ Rating to INR4.0cr Cash Loan NEERAKKAL LATEX: CRISIL Migrates B Rating to Not Cooperating ODHAV MET: CRISIL Migrates 'B' Rating to Not Cooperating Category ORIENTAL NAGPUR: CARE Ups Rating on INR843.89cr Loan from D PANTONE TEXTILE: CARE Assigns 'B' Rating to INR7.25cr LT Loan PRAVEEN AROMA: Ind-Ra Assigns BB+ Rating to INR150MM Loan R.F. EXPORTS: CRISIL Raises Rating on INR3cr Term Loan to B+ REFKINGS COTT: CRISIL Migrates 'B' Rating to Not Cooperating S.K. SHOE: CRISIL Lowers Rating on INR2.84cr Proposed Loan to D SANSAR TEXTURISERS: CRISIL Migrates B- Rating to Not Cooperating SATPAL STRIPS: CRISIL Migrates B+ Rating to Not Cooperating SHEETAL STRUCTURALS: Ind-Ra Moves BB+ Rating to Non-Cooperating SHIV MARINE: CARE Migrates B+/A4 Rating to Not Cooperating SHRIMATI KATORI: CRISIL Migrates B- Rating to Not Cooperating SHRIMATI POORNA: CRISIL Migrates D Rating to Not Cooperating SIKAR BIKANER: Ind-Ra Migrates B+ Loan Rating to Non-Cooperating SREE RAJYALAKSHMI: CRISIL Migrates B Rating to Not Cooperating SRI JAYAJOTHI: CRISIL Migrates 'D' Rating to Not Cooperating SRI MAHALAXMI: CRISIL Migrates B+ Rating to Not Cooperating SRIVATSA BIO-TECH: CRISIL Migrates B+ Rating to Not Cooperating SURANI PAPER: CRISIL Assigns B+ Rating to INR7.25cr Cash Loan TANISHQ REALITIES: Ind-Ra Migrates 'B' Rating to Non-Cooperating UNIVERSAL STAINLESS: CARE Lowers Rating on INR6.73cr Loan to D I N D O N E S I A INDONESIA: Posts Five-Year High Trade Deficit in November N E W Z E A L A N D MATRIX HOMES: Receivers and Liquidators Unable to Find Buyer X X X X X X X X * BOND PRICING: For the Week Dec. 10 to Dec. 14, 2018 - - - - - ================= A U S T R A L I A ================= BUSINESS AVIATION: First Creditors' Meeting Set for Dec. 28 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Business Aviation Australia Pty Ltd will be held at the offices of Romanis Cant, at 2nd Floor, 106 Hardware Street, in Melbourne, Victoria, on Dec. 28, 2018, at 11:00 a.m. Anthony Robert Cant of Romanis Cant was appointed as administrator of Business Aviation on Dec. 14, 2018. DIG-IT CIVIL: Second Creditors' Meeting Set for Dec. 21 ------------------------------------------------------- A second meeting of creditors in the proceedings of Dig-It Civil Pty Ltd has been set for Dec. 21, 2018, at 9:30 a.m. at the offices of O'Brien Palmer, at Level 9, 66 Clarence Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 20, 2018, at 4:00 p.m. Liam Thomas Bailey of O'Brien Palmer was appointed as administrator of Dig-It Civil on Nov. 19, 2018. LAURA ASHLEY: No Buyer Found; To Close Australian Stores -------------------------------------------------------- Mathew Dunckley at The Sydney Morning Herald reports that troubled fashion and furniture chain Laura Ashley will close its doors in Australia by the end of the year after administrators were unable to find a buyer to keep the retailer trading. Laura Ashley collapsed into administration for the second time in three years earlier this month putting the future of its then 18 stores in doubt, SMH says. According to SMH, KordaMentha administrator Craig Shepard said on Dec. 17 that a sale process had been unable to turn up a buyer for the chain. "Despite a number of parties engaging in an expression of interest process, there was no offer for the business as a going concern," the report quotes Mr. Shepard as saying. SMH relates that on Dec. 13, Mr. Shepard had said there were three potential buyers for the chain who had been asked to provide "firm offers" by Dec. 17. There were stores in every state, he said, although a store in Brisbane and the chain's online store had been closed since it was placed in administration, a statement from KordaMentha said, SMH relays. According to SMH, Mr. Shepard said the focus was now on an "orderly closure" of the remaining stores over the next fortnight as a clearance sale was run over Christmas. "Laura Ashley customers are invited to shop for a Christmas bargain," Mr. Shepard, as cited by SMH, said. SMH adds that Mr. Shepard thanked the store's 100 employees for the work during the administration. Like other retailers, Mr. Shepard said the business had suffered from the "soft retail environment, rising fixed costs and competition from online retailers". Laura Ashley has operated in Australia for more than 35 years and was placed in administration once before in 2016. At its peak in Australia, it had more than 45 stores. MODSCAPE PTY: Second Creditors' Meeting Set for Dec. 20 ------------------------------------------------------- A second meeting of creditors in the proceedings of Modscape Pty Ltd has been set for Dec. 20, 2018, at 12:00 p.m. at the offices of Cor Cordis, at Level 29, 360 Collins Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 19, 2018, at 5:00 p.m. Rachel Elizabeth Baker and Barry Wight of Cor Cordis were appointed as administrators of Modscape Pty on Oct. 17, 2018. ONECASH LTD: ASIC Bans Three Directors from Managing Corporations ----------------------------------------------------------------- The Australian Securities and Investments Commission (ASIC) has disqualified Damian and Marie Dodds of Thornlands, Queensland, and Stephen Anderson of Capalaba, Queensland, from managing corporations, following reports from liquidators. Both Mr. Dodds and Mr. Anderson have been disqualified for 2 years and 6 months. Ms. Dodds has been disqualified for an 18- month period. The disqualification follows the appointment of liquidators to the following companies: * OneCash Ltd ACN 161 241 612 (OneCash); * RPMZone Pty Ltd ACN 165 793 279 (RPMZone); * DSM Connect Pty Ltd ACN 147 812 235 (DSM); and * All Breads Australia Pty Ltd ACN 161 705 031 (All Breads). As a result of information contained in the liquidator reports, ASIC concluded that: * Mr. Dodds had failed to ensure that OneCash had complied with record keeping obligations, failed to ensure OneCash, RPMZone and All Breads had paid taxes and failed to discharge his duty as a director of all three companies; * Ms. Dodds had failed to ensure that OneCash had complied with record keeping obligations, failed to ensure OneCash and All Breads had paid taxes and failed to discharge her duty as a director of both companies; and * Mr. Anderson had failed to ensure that OneCash and DSM had complied with record keeping obligations, failed to ensure OneCash, DSM and All Breads had paid taxes and failed to discharge his duty as a director of all three companies. Liquidators reported that the total amount owed to creditors exceeded AUD60,000,000 across all four companies. Mr. Dodds and Mr. Anderson are disqualified from managing corporations until May 29, 2021, while Ms. Dodds has been disqualified from managing corporations until May 29, 2020. Mr. Anderson was director of OneCash, DSM and All Breads. Mr. Dodds was director of OneCash, RPMZone and All Breads. Ms. Dodds was director of OneCash and All Breads. Section 206F of the Corporations Act allows ASIC to disqualify a person from managing corporations for up to five years if, within a seven-year period, the person was an officer of two or more companies, and those companies were wound up and a liquidator provides a report to ASIC about the company's inability to pay its debts. ASIC maintains a public register of banned and disqualified persons that provides information about people who have been: * disqualified from involvement in the management of a corporation; * disqualified from auditing self-managed superannuation funds (SMSFs); or * banned from practising in the financial services or credit industry. OPEN SPATIAL: Second Creditors' Meeting Set for Dec. 21 ------------------------------------------------------- A second meeting of creditors in the proceedings of Open Spatial Australia Pty. Ltd., trading as "GEOSENTIAL", has been set for Dec. 21, 2018, at 12:00 p.m. at the offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Dec. 20, 2018, at 4:00 p.m. Grahame Robert Ward of Mackay Goodwin was appointed as administrator of Open Spatial on Nov. 19, 2018. RCR TOMLINSON: Owes AUD120MM to CBA; Bids Expected this Week ------------------------------------------------------------ Jenny Wiggins at Australian Financial Review reports that binding offers to buy all of collapsed engineering group RCR Tomlinson, as well as for parts of the company, are expected this week, as creditors' minutes reveal Commonwealth Bank of Australia is owed AUD120.5 million. CBA lent RCR three times as much money as its other bank, Japan's MUFG Bank, which is owed AUD42.8 million, AFR relates. Both CBA and MUFG's loans were secured, putting them at the the top of the list behind employees for payments from the proceeds of a potential sale of the company or its assets, the report says. According to AFR, RCR's administrators, McGrathNicol, are understood to have received some serious indicative offers last week for all of RCR's business (excluding its solar operations, which are being shut down), as well as for different parts of the company. Interested parties are doing diligence, with binding offers expected early this week, the report notes. Any sale or sales could be completed as asset sales without needing a Deed of Company Arrangement, which would need to be voted on at the second creditors' meeting. The first creditors meeting was held on December 3. According to AFR, McGrathNicol received a court order last week giving permission to delay the second creditors' meeting until March 26 to give the firm more time to deal with creditors' claims and investigate what caused RCR to collapse. The administrators can convene the second meeting any time before March 26, the report states. Other secured lenders include HCC International insurance, which is owed AUD34.2 million; Chubb Insurance which is owed AUD22.8 million; and Swiss Re Singapore, which is owed AUD17 million, AFR discloses. A superannuation trustee based in Nudgee, Queensland, named Ashita Tomi, has claimed AUD165 million. Ashita Tomi is being represented in a class action against RCR by law firm Quinn Emanuel, the report adds. According to AFR, Quinn Emanuel filed class action proceedings against RCR on November 16 in the NSW Supreme Court alleging the company breached continuous disclosure laws because its senior management team either was aware or should have been aware of problems on its Queensland solar farm problems before announcing them to the market on August 28. After being in a trading halt for most of July, RCR reported a AUD57 million write-down on its Daydream and Hayman solar farm projects for Edify Energy in Queensland at the end of August and launched a AUD100 million capital raising at AUD1 a share, the report says. AFR relates that the stock reopened for trading on August 30 but RCR went into a second trading halt on November 12, and then went into administration on November 21 without providing any explanation to shareholders. Edify Energy is claiming AUD73 million from RCR for its Daydream solar farm and AUD37.8 million for its Hayman solar farm, AFR discloses. Unsecured claims have been made by AIG Australia for AUD15.4 million; Jardine Lloyd Thompson for AUD4.6 million; and Insurance Australia for AUD24 million. Other big creditors include Visy Energy, which says it is owed AUD66.7 million, and Custom Service Leasing, which is asking for AUD40.4 million. RCR has 4,000 unsecured trade creditors and owes about 2,800 RCR employees AUD32 million in entitlements, excluding redundancy payments, AFR discloses. RCR's solar farm contracts are being scrapped, with the APA group last week confirming that it had terminated its contract with the company for its Darling Downs solar farm, adds AFR. ========= C H I N A ========= CHINA: Sees Bankruptcies Surge; Bondholders May Get Less Back ------------------------------------------------------------- Bloomberg News reports that China's effort to cut the burden of insolvent companies weighing on its slowing economy has kicked into higher gear, with a slew of bankruptcy filings that's set to enrich the case history of debt resolutions for bond investors. Bloomberg says local courts have accepted or plan to accept at least five bankruptcy applications from firms that defaulted on publicly issued bonds since early November. That's roughly on par with the number seen over the previous four years. The new pace may continue: China's top planning body called on Dec. 4 for local officials to clean up the debt of firms with excess production capacity or insolvent balance sheets by 2020, Bloomberg notes. Bloomberg relates that the bad news is that some bondholders may find they're going to get less back from defaulted issuers than they anticipated. The good news: there's likely to be swifter resolution once court procedures take over from ad-hoc work-out negotiations. And the process will give both creditors and debtors the chance to gain experience in restructuring obligations, little more than four years after China began embracing the concept of defaults in the world's third-largest bond market, according to Bloomberg. "Bondholders could face considerable losses after bankruptcy proceedings, but what is more important is that they can learn how to fight for their rights via the legal system, and how to choose among debt proposals," Bloomberg quotes Ivan Chung, an associate managing director at Moody's Investors Service in Hong Kong, as saying. As with many things in China, government direction is probably behind the latest development, market players said, Bloomberg relays. According to the report, China is steadily encouraging a financial system where the pricing of credit bears more relation to the risk of the borrower. Local and central authorities have for decades moved to support -- or press creditors to support -- troubled companies that could fuel unemployment and social unrest if they collapsed. "Usually, local governments would only allow firms or creditors to file for bankruptcy proceedings if they couldn't come to any agreement with financial institutions and other creditors after long negotiations," Bloomberg quotes Chen Sheng, a Shanghai-based senior partner at Rolmax, a Chinese law firm, as saying. Some creditors will probably have bigger losses than they expected, he also said. Average recovery rates for unsecured creditors in liquidation cases might be 10 to 15 percent, he said, Bloomberg relays. Bloomberg adds that China's bankruptcy law has been in place for more than a decade, though corporate bond defaults in the modern era only began in 2014. This year, issuers have reneged on payments on a record CNY103 billion of local bonds, adding to the need for clear procedures. Workout plans of only three bond delinquents have been made public after they went through a court restructuring, with Dongbei Special Steel Group Co. perhaps the best known, Bloomberg says. According to Bloomberg, the National Development and Reform Commission, in its statement earlier this month, encouraged local governments and courts to coordinate and support the acceptance of applications for bankruptcy. At stake is helping to shut down less productive parts of China's industries, improving productivity and pricing power. "Resorting to bankruptcy proceedings is an effective way for bondholders to protect their interest, although it is time- consuming and the recovery rate is uncertain," the report quotes Sun Chao, vice general manager of fixed-income at Changjiang Securities in Shanghai, as saying. "No matter if issuers end up being restructured or being liquidated, bondholders can get something back." ========= I N D I A ========= AKL INFRACON: CARE Assigns B+ Rating to INR8.50cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of AKL Infracon Private Limited (AKL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.50 CARE B+; Stable Assigned Short-term Bank Facilities 6.50 CARE A4 Assigned Detailed Rationale and key rating drivers The ratings assigned to the bank facilities of AKL are constrained by small scale of operation with low profitability margins, volatility in prices of input materials, working capital intensive operation nature of operation and geographical concentration, vulnerability of change in budget allocation policies and intense competition. The ratings, however, derives comfort from extensive experience of the promoters with long track of operations, comfortable capital structure with moderate debt coverage indicators and satisfactory order book position. Going forward, the ability of the company to maintain a healthy order book, achieve envisaged revenue and profit margin, ability to execute orders within stipulated time period and effective management of working capital shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses: Small scale of operation with low profitability margins: AKL is small player vis-a-vis other players in the domestic construction industry marked by its total operating income of INR14.65 crore (Rs.15.80 crore in FY17) with a PAT of INR0.40 crore (Rs.0.45 crore in FY17) in FY18. Furthermore, the total operating income witnessed year on year de-growth during last three years (FY16- FY18) owing to low orders in hand. Moreover, the company has reported turnover of INR12.00 crore during H1FY19. The profitability margins of the company remained low marked by PBILDT margin of 5.78% (6.62% in FY17) and PAT margin of 2.73% (2.85% in FY17) in FY18. Further, the PBILDT margin deteriorated in FY18 due to intense competition in the industry. The PAT margin moved in line with the PBILDT margin during last three. Volatility in prices of input materials: Since its inception, the company has been engaged in civil construction activities in the segment like construction of buildings, road, bridge, water supply system etc. So, the major inputs required by the company are bitumen, asphalt, murram, stone chips, metals, concrete, iron, steel etc. the prices of which are volatile. However, the company does not contain any escalation clause to safe guard against volatile input material price. This apart, it does not enter into any agreement with contractees to safeguard its margins against any increase in labour prices and being present in a highly labour intensive industry, it remains susceptible to the same. Working capital intensive operations nature of operation: The operations of the company remained working capital intensive in nature marked by high operating cycle. The company mainly deals with government clients like various departments of West Bengal Government. Accordingly the average collection period was around one to two months during last three years due to procedural delays by the government authorities which exerts pressure on the liquidity of the company. The average utilization of its fund- based limit was around 99% during last 12 months ended in October 31, 2018. Geographical concentration, vulnerability of changes in budget allocation policies and intense competition: The project portfolio of AKL is concentrated in the state of West Bengal. Any change in geo political environment would affect all the projects at large. Furthermore, any changes in current policies of the state government with regard to change in budget allocation would impact AKL's revenue considerably. AKL operates in an industry characterized by the presence of many small and mid-sized players resulting into a fragmented and competitive nature of industry. Furthermore, the awards of contracts are tender-driven and lowest bidder gets the work. Increase in competition on the back of bid- driven nature of the business and relaxation in the pre- qualification criteria by some of the nodal agencies has resulted in aggressive bidding by many construction companies during the last couple of years. Key Rating Strengths Long track record of operation and experienced promoters: AKL is into civil construction business since 1982 and thus has long track record of operations. The key promoter; Mr. Arup Kr Som has around four decades of experience in the same line of the business; looks after the day to day operation of the company. He is support by the other promoter Mr. Sayantan Som, who has around four years of experience in construction industry. Comfortable capital structure with moderate debt coverage indicators: The capital structure of the company though deteriorated as on March 31, 2018 owing to higher utilization of fund based limit but the same remained comfortable marked by overall gearing ratio of 0.79x (0.26x as on March 31, 2017) as on March 31, 2018. The debt coverage indicators remained moderate marked by interest coverage ratio of 2.90x (FY17: 2.66x) and total debt to GCA of 7.19x (FY17: 1.99x) in FY18. Marginal improvement in interest coverage ratio was on account of lower interest expenses during FY18. However, the total debt to GCA deteriorated in FY18 due to higher debt level and lower cash accruals during the year. Satisfactory order book position: The company has an unexecuted order book position of INR22.37 crore (1.53x of TOI of FY18) as on October 31, 2018 which is to be executed by August 2019. The revenue visibility seems to be satisfactory in near to medium term as revealed from its satisfactory order book position. AKL Infracon Private Limited (AKL) was initially set up as a proprietorship entity in the name of 'AK Engineers' in the year 1982. Later in June 2013, it was incorporated as a private limited company and the name of the company changed to the current one. Currently; the company is managed by the three promoters Mr. Arup Kr Som, Mrs Lila Som and Mr. Sayantan Som. Since its inception, the company has been engaged in civil construction activities in the segment like construction of buildings, road, bridge, water supply system etc. AKL is classified as 'Class A' contractor by the West Bengal Government which enables it to participate in higher value contracts. AKL secures work contracts through tender and executes orders mainly for various departments of West Bengal Government. The company has an order book position of INR22.37 crore (1.53x of total sales for FY18) as on October 31, 2018 which is to be completed by August 2019. Liquidity position: The liquidity position of the company was adequate marked by current ratio 1.32x as on March 31, 2018. The company has cash and bank balance amounting to INR0.95 crore as on March 31, 2018. AMRIT HOMES: CARE Lowers Rating on INR25.90cr LT Loan to D ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Amrit Homes Private Limited (AHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 25.90 CARE D Revised from CARE BB+; Facilities Stable Detailed Rationale & Key rating Drivers The revision in the rating of AHPL takes into account ongoing delay in the repayment of term loan. Detailed description of the key rating drivers Key Rating Weakness Delay in the repayment of term loan: As per management interaction, owing to slow movement in the growth of booking of flats and continuous increase in the receivables from the customers, AHPL could not able to pay its current debt obligation. Bhopal (Madhya Pradesh) based Amrit Homes Private Limited (AHPL) was incorporated by Mr. Dalip Singh Bindra and Mr. Pritpal Singh Bindra in 1995 with an objective to carry out real estate activity. The company has completed various real estate projects which include 6 residential and 2 commercial complexes. Currently, AHPL is working on six residential projects located at Raipur and Bhopal with total saleable area of 15.02 lakh square Feet. Further, the promoters have also promoted Amrit Colonisers Private Limited (ACPL) which is engaged in same line of business. AVINASH ASSOCIATES: CARE Assigns B+ Rating to INR6.50cr LT Loan --------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Avinash Associates (AVA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 6.50 CARE B+; Stable Assigned Facilities Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of AVA is constrained by its small scale of operations along with low profitability margins, leveraged capital structure, weak debt coverage indicators and working capital intensive nature of operations. The rating is further constrained by firm's presence in fragmented and unorganized nature of the textile industry and proprietorship nature of its constitution. The rating, however, derives strength from experienced proprietor and favorable location of operations. Going forward, ability of the firm to profitably scale up the operations while improving its capital structure and manage its working capital cycle efficiently shall remain the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations along with low net-worth base and profitability margins: Despite being in operations for more than one decade, the firm's scale of operations has remained small marked by Total Operating Income (TOI) of INR26.66 crore in FY18 and net-worth base of INR1.41 crore as on March 31, 2018. Additionally, AVA's gross cash accruals were relatively small at INR0.25 crore for FY18. The small scale limits the firm's financial flexibility in times of stress and deprives it from scale benefits. Although, the TOI of the firm increased from INR13.76 crore in FY16 to INR26.66 crore in FY18 at a compounded annual growth rate (CAGR) of ~39% on account of increased sales volume, however, the same continues to remain small. Furthermore, the firm has reported total operating income of INR5.43 crore from April 1, 2018 to October 25, 2018 (Provisional). The profitability margins of the firm also remained low marked by PBILDT margin and PAT margin of 4.43% and 0.85% respectively in FY18. The PBILDT margin improved from 3.75% in FY17 due to higher sales of products having better margins. Due to high interest expenses, PAT margin remained low for the last three financial years. Leveraged capital structure and weak debt coverage indicators: AVA has a leveraged capital structure marked by overall gearing ratio of 2.75x as on March 31, 2018 on account of high dependence upon borrowings to meet various business requirements and low net-worth base. The overall gearing ratio deteriorated from 2.32x as on March 31, 2017 mainly due to higher utilization of working capital limits as on balance sheet date as compared to previous year. Further, the debt coverage indicators also remained weak marked by interest coverage ratio of 1.27x in FY18 and total debt to GCA ratio of 24.90x for FY18. (PY: 1.31x and 21.55x respectively). Working capital intensive nature of operations: The average operating cycle of the firm stood elongated at 88 days for FY18 (PY: 81 days). The firm is required to maintain adequate inventory of traded goods to meet the demand of customers resulting into average inventory period of 86 days for FY18 (PY: 80 days). Furthermore, the firm offers a credit period of around one and a half months to its customers due to firm's presence in highly competitive industry. However, the same elongated from 45 days for FY17 and stood at 77 days for FY18 due to delay in realization of funds from few customers. Consequently, creditor period elongated from 44 days for FY17 to 75 days for FY18. The cash credit limit remained fully utilized for the past 12 months period ended September, 2018. Constitution of the entity being a proprietorship firm: AVA's constitution as a proprietorship firm has the inherent risk of possibility of withdrawal of the proprietor's capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of proprietor. Fragmented and unorganized nature of the textile business: Textile industry is characterized by highly fragmented and unorganized nature of industry due to numerous small players with high concentration in the northern part of India. Low entry barriers and low investment requirement makes the industry highly lucrative and thus competitive. Smaller companies in general are more vulnerable to intense competition due to their limited pricing flexibility, which constrains their profitability as compared to larger companies who have better efficiencies and pricing power considering their scale of operations. Key Rating Strengths Experienced proprietor: AVA was established in 2005 and its day to day operations are looked after by the proprietor himself. Mr. Avinash Goyal has an industry experience of 12 years gained through his association with AVA and other group concerns (engaged in similar business operations). The proprietor has adequate acumen about various aspects of business which is likely to benefit the firm in the long run. Favorable location of operations: AVA's manufacturing facility is located in Rohtak, Haryana which is one of the largest textile hubs in India. The firm benefits from the location advantage in terms of easy accessibility to large customer base located in Rohtak. Additionally, various raw materials required in manufacturing of products are readily available owing to established supplier base in the same location. Furthermore, skilled labor is also available by virtue of it being situated in the textile cluster. Avinash Associates (AVA) was established in 2005 as a proprietorship firm by Mr. Avinash Goyal. The firm is an authorized dealer of Raymond Limited for men's shirt and suit fabric and the firm is also engaged in trading of blankets (mink, polar and fleece blankets) at its facility located in Rohtak, Haryana. Apart from AVA, the proprietor is associated with four other group concerns i.e. Ramayni Gurgaon, established in 2013 as a proprietorship firm. Ramayni Rewari, established in 2015 as a proprietorship firm. Ramayni Hissar, established in 2017 as a proprietorship firm and Ramesh and Company, established in 1988 as a partnership firm. All these group entities are engaged in trading of blankets and fabric. BARWA ADDA: Ind-Ra Moves B+ LT Loan Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Barwa Adda Expressway Limited's term loan rating to the non-cooperating category. The issuer has not shared critical information with the agency to enable continuous monitoring of the project (including no-default statements for the months of August 2018 to November 2018 and current liquidity availability). Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)'/Rating Watch Negative (RWN) on the agency's website. The detailed rating action is: -- INR14.4 bil. Term loan due on June 2030 migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING)/ RWN. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 17, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. RATING SENSITIVITIES The RWN indicates that the rating may be downgraded or affirmed. Ind-Ra may resolve the RWN on the receipt of sufficient information on BAEL's liquidity position and track record of timely sponsor support. COMPANY PROFILE Barwa Adda Expressway has been granted a 20-year concession by National Highways Authority of India (IND AAA/Stable) to widen the Barwa-Adda-Panagarh section of NH-2 from km 398.240 to km 521.120 to six lanes including Panagarh Bypass in the states of Jharkhand and West Bengal on a design, build, fund, operate, and transfer basis. The original schedule project completion date was Sept. 26, 2016 and the revised date shall be in FY19, depending upon the availability of requisite right of way from the concessionaire. CHENANI NASHRI: Ind-Ra Migrates BB Loan Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Chenani Nashri Tunnelway Limited's bank loans to the non-cooperating category. The issuer has not shared critical information with the agency to enable continuous monitoring of the project (including no-default statements for September 2018-November 2018 and current liquidity availability). 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)' /RWN on the agency's website. The detailed rating actions are: -- INR29.760 bil. (INR28,074.3 bil. outstanding on August 31, 2018) Senior long-term bank loans* migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING)/ RWN rating; and -- INR3,720 bil. (INR3,391.20 bil. outstanding on August 31, 2018 bil.) Subordinate long-term bank loans migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) / RWN rating. * including USD43 million external commercial borrowings Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 28, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. RATING SENSITIVITIES Ind-Ra may resolve the RWN on receipt of sufficient information on the borrowing position, terms of the additional loans availed and liquidity profile of CNTL. COMPANY PROFILE Sponsored by IL&FS Transportation Networks Limited (100%), Chenani Nashri Tunnelway is a special purpose vehicle created to implement the four-laning of the Chenani-to-Nashri section of the National Highway 1A (including a two-lane, 9km tunnel in the Udhampur district near Jammu) on a design, build, finance, operate and transfer basis under a 20-year concession (expiring in May 2031) from the National Highways Authority of India (IND AAA/Stable). CREAMCRUST FOOD: CARE Migrates 'B' Rating to Not Cooperating ------------------------------------------------------------ CARE has been seeking information from Creamcrust Food Products Company (CFPC) to monitor the ratings vide e-mail communications/letters dated July 02, 2018, July 27, 2018, August 20, 2018, September 10, 2018, October 22, 2018, October 26, 2018, October 29, 2018 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings on CFPC's bank facilities will now be denoted as CARE B; Stable/CARE A4; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 5.00 CARE B; Stable; Issuer not Facilities cooperating; Based on best available information Long-term/Short 1.00 CARE B; Stable/CARE A4; Term Bank Issuer not cooperating; Facilities Based on best available Information Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on September 06, 2017 the following were the rating strengths and weaknesses: Key Rating Weaknesses Partnership nature of constitution: CFPC being a partnership firm is exposed to inherent risk of the partners' capital being withdrawn at the time of contingency and also limits the ability to raise the capital. The partners may withdraw capital from the business as when it is required, which may put pressure on the capital structure of the firm. Nascent stage of operations: CFPC was established in 2015 and initially commenced operations for ice-cream from small manufacturing unit in Ahmedabad from January 2016. However, later it has set-up the plant for manufacturing of quality ice-cream at Sidhpur, Patan with total cost of INR9.32 crore with project gearing of 6.11 times. The Sidhpur project was established with installed capacity of 36 lakh litres per annum and commenced operations from June 2017 onwards. CFPC reported TOI of INR1.27 crore in FY17 (A) (Audited-refers to period April 1 to March 31) as against INR0.18 crore during FY16. Further, CFPC has reported net loss as well as cash loss during FY17. During 4MFY18 (Provisional), CFPC reported TOI of INR0.86 crore. Leveraged capital structure and weak debt coverage indicators: Capital Structure of CFPC remained leveraged marked by an overall gearing of 1.15 times as on March 31, 2017. Gearing level remained high due to low net worth with high total debt. Further, on account of cash loss reported during FY17, the debt protection metrics also remained weak as on March 31, 2017. Elongated working capital cycle: Overall liquidity position stood modest level along with elongated working capital cycle. Current ratio stood unity as on March 31, 2017 and operating cycle remained elongated at 110 days due to high inventory period of 179 days. Intense competitive pressure in highly fragmented industry: CFPC operates in highly fragmented ice cream manufacturing industry marked by presence of many big players and large number of small sized players. The industry is characterized by low entry barriers due to easy access to customers and suppliers. Also, the presence of big sized domestic players has established marketing & distribution network resulting into intense competition in the industry. Owing to stiff competition in the market, profit margins of the companies operating into this segment also remain thin. High volatility in prices of the raw materials along with seasonality of product and changing customer tastes and Preferences: The major raw materials for manufacture of ice cream are milk, butter and Skimmed Milk Powder (SMP), sugar, etc. CFPC procures major raw materials from local dairies near to its manufacturing units. The prices of key raw materials have consistently been rising over the years. The sales of the company are concentrated over the summer months, reflecting the seasonality of the business. The business is also susceptible to changing tastes of consumers. As such, CFPC will have to constantly invest to come up with new products (flavours etc.) in line with the industry as well as changing customer preferences. Key Rating Strengths Experienced partners albeit no relevant experience in Ice-cream industry: CFPC is established by Mr Ismailbhai Dauwa, Mr Akbarali Dauwa, Mr Muktarhusen Dauwa and Mr Zakirhussain Dauwa. All partners have more than 2 decades of experience in the hotel industry and manage overall operations of the firm jointly. Overall the partners are qualified and well-experienced in the hotel industry. However, partners does not possesses relevant experience into the same industry. FLORA NATURAL: CRISIL Assigns B+ Rating to INR5cr Cash Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Flora Natural Flavours and Extracts Private Limited (FNFEP). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5 CRISIL B+/Stable (Assigned) The rating reflects the small scale of FNFEP's operations and weak financial risk profile. These weaknesses are partially offset by the experience of the promoters. Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations: Intense competition may continue to constrain scalability, pricing power, and profitability. Revenue was modest at INR14.5 crore in fiscal 2018. Further, the company needs to depend upon the export-oriented unit for exporting its products. * Weak Financial risk profile: The company's networth is negative due to previous year losses getting carried forward. However, it is expected to improve over the medium term supported by the expected increase in scale and profitability going forward. Strength * Experience of promoters: Benefits from the promoters' experience of nearly a decade, their strong understanding of local market dynamics, and healthy relations with customers and suppliers should continue to support the business. Outlook: Stable CRISIL believes FNFEP will continue to benefit from the experience of the promoters. The outlook may be revised to 'Positive' if there is substantial and sustainable increase in revenue, profitability, and cash accrual, along with prudent working capital management. Conversely, the outlook may be revised to 'Negative', if significantly low cash accrual, further stretch in working capital cycle, weakens financial risk profile and liquidity. FNFEP, incorporated in 2010 at Thrissur (Kerala), manufactures and exports curcumin with capacity of 6 tonne per hour. Mr Antony Arickatt Devassy Mr Aricatt Devassykutty Aby and Mrs Mary Aby are the promoters. GOKUL GINNING: CARE Reaffirms B+ Rating on INR6.59cr LT Loan ------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of Gokul Ginning Factory (GGF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.59 CARE B+; Stable Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of GGF continues to remain constrained on account of modest scale of operations with constitution as a partnership concern, thin profitability margins, leveraged capital structure and moderate liquidity position. The rating is, further, continues to remain constrained on account of vulnerability of margins to cotton price fluctuation, its presence in the lowest segment of the textile value chain and in a highly fragmented cotton ginning industry. The rating, however, continue to favorably takes into account experienced management in the cotton ginning industry and established relations with customers and suppliers. The rating, further, continue to takes comfort from the location advantage being present in the cotton producing region. Improvement in the scale of operations while sustaining profitability margins in light of volatile raw material prices and efficient management of working capital would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Modest scale of operations with constitution as a partnership firm: During FY18, Total Operating Income (TOI) of GGF has improved by 5.63% over FY17. The scale of operations of the firm stood modest with Total Operating Income (TOI) of INR24.31 crore and PAT of INR0.08 crore in FY18 and tangible networth of INR3.26 crore as on March 31, 2018. Further, its constitution as a partnership firm restricts its overall financial flexibility in terms of limited access to external funds for any future expansion plans. Further, there is inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/insolvency of proprietor. Thin profitability margins, leveraged capital structure and moderate liquidity position: The profitability of the firm stood thin on account of its presence in the lowest segment of textile value chain and in a highly fragmented and competitive industry. The capital structure of the firm stood moderate with an overall gearing of 1.55 times as on March 31, 2018, improved from 1.88 times as on March 31, 2017 due to lower utilization of working capital bank borrowings and accretion of profit to reserves. The debt coverage indicators stood weak with total debt to GCA stood at 33.86 times as on March 31, 2018 and interest coverage of 1.28 times in FY18. The operating cycle of the firm stood elongated with 118 days owing to high inventory holding period. Due to it, the current ratio stood at 1.47 times whereas quick ratio stood below unity at 0.24 times as on March, 2018. It has utilized 80-85%% of its working capital bank borrowings in last twelve month ended October 26, 2018. Operating margins susceptible to cotton price fluctuation and seasonality associated with the cotton industry: Operations of cotton business are seasonal in nature, as sowing season is done during March to July and harvesting cycle (peak season) is spread from November to February every year. Prices of raw material i.e. raw cotton are highly volatile in nature and depend upon factors like monsoon condition, area under production, yield for the year, international demand supply scenario, export policy decided by government and inventory carried forward of the last year. Presence in the lowest segment of the textile value chain and in a highly fragmented cotton ginning industry: High proportion of small scale units operating in cotton ginning and pressing industry has resulted in fragmented nature of industry leading to intense competition amongst the players. As GGF operates in this highly fragmented industry wherein large numbers of un-organised players are also present, it has very low bargaining power against both its customers as well as its suppliers. Key Rating Strengths Experienced management in the cotton ginning industry and established relations with customers and suppliers: Mr. Praveen Shah, has more than three decades of experience in the cotton ginning industry and looks after overall affairs of the firm. Further, he is assisted by his son Mr. Ankit Praveen Shah, who looks after purchase related functions of the firm. Being present in the industry since long period of time, the proprietor has established relationship with the customers and suppliers. Strategically located in the cotton growing region: Gujarat, Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil Nadu are the major cotton producer's states in India. The plant of GGF is located in one of the cotton producing belt of Barwani (Madhya Pradesh) in India. The presence of GGF in cotton producing region results in benefit derived from lower logistics expenditure (both on transportation and storage), easy availability and procurement of raw materials at effective price. Barwani (Madhya Pradesh) based GGF was formed in 2007 as a partnership firm by Mr. Parveen Shah, Ms Nirupama Shah, Mr Sharmila Shah and Mr Abhishek Shah in the ratio of 20:14:33:33. The firm is engaged in the business of cotton ginning and pressing along with the production of cotton seed and cake. The manufacturing unit of the firm has installed capacity to manufacture cotton bales of 2000-2500 Bales per Day (BPD) as on March 31, 2018. GGF procures raw cotton directly from farmers and local mandis and sells its finished products mainly in Madhya Pradesh, Maharastra, Gujarat and South India. GRAND PINKCITY: CARE Reaffirms B+ Rating on INR9.40cr LT Loan ------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Grand Pinkcity Infraproject (GPI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 9.40 CARE B+; Stable Reaffirmed Detailed Rationale & Key rating Drivers The rating assigned to the bank facilities of GPI continues to remain constrained on account of slow movement in booking of flats in the view of subdued outlook for cyclical real estate sector and project implementation risk associated with it. The rating is, further, constrained on account of salability risk associated with unbooked units and constitution as a partnership concern. The rating, however, derives strength from the experienced management in real estate sector and location advantage. The ability of the firm to increase in booking of flats along with timely receipt of payment from customers is the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Project implementation risk coupled with slow movement in booking of flats: GPI is constructing the residential building having 66 flats out of which 44 flats of 3BHK specifications and 22 flats of 4BHK specification. It has started construction work on project from August 2014. Further, the company has incurred around 92% of total project cost i.e INR67.20 crore. The project is envisaged to be completed by December, 2018 and hence, project implementation risk is associated with GPI to complete the project within envisaged time and cost parameters. However, movement in the booking of its project remained slow, though overall bookings stood moderate, as till September 30, 2018, GPI has booked 19 flats for its project as against 14 flats till October 31, 2017. Subdued outlook for the cyclical real estate sector: The real estate industry in India is highly fragmented with most of the real estate developers having a city-specific or region-specific presence. Real estate investments worldwide have been driven by one or several themes based on the economic growth. The major drive in India is expected to come from housing, organized retailing, hospitality etc. Strong economic growth, huge population, large skilled workforce, growing employment and increasing purchasing power has kick-started the growth in real estate market in India. Key Rating Strengths Experienced partner with established track record in executing real estate projects: Mr. Ajay Jain, and Mrs Manju Loonia, Partners have wide experience of around two and half decade of experience in the real estate sector and constructed 14 residential as well as commercial projects and look after construction affair of the firm. Mr. Naresh Kumar Jain and Mr. Tarun Jain look after finance function of the firm. They are assisted by 2nd tier management. Location advantage: Radiant CASA is located strategically at prime location of Jaipur. It is situated at Jawahar Circle which is near to Airport, National Highway and Jagatpura Railway Station. Further, the building is situated behind Grand Lalit and Eternal Heart Care Center (EHCC) hospital. Various renowned complexes and hotels are located i.e. WTP Mall, Hotel Marriot, Fern, Radisson Blu, Royal Orchid, Entertainment Paradise. Jaipur (Rajasthan) based Grand Pinkcity Infraproject (GPI) was formed as a partnership concern in April 2014 by Mr Ajay Jain along with family members with a purpose to construct a residential project named 'Radiant Casa' having saleable area of 225338 Sq Feet, situated at Plot no 5, behind Jawahar Circle, Jaipur. GURU KIRPA: CARE Assigns B+ Rating to INR12.96cr LT Loan -------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Guru Kirpa Agro Industries (GKA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 12.96 CARE B+; Stable Assigned Short-term Bank Facilities 15.00 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of GKA are constrained by modest scale of operations along with low profitability margins, weak solvency position and elongated operating cycle. The ratings are further constrained by susceptibility to fluctuation in raw material prices, firm's presence in fragmented nature of industry and partnership nature of its constitution. The ratings, however, take comfort from the experienced partners along with location advantages. Going forward, the ability of GKA to scale up its operations while improving its profitability margins and its overall solvency position would remain the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Modest scale of operations along with low profitability margins: The firm's scale of operations has remained modest marked by Total Operating Income (TOI) of INR65.94 crore in FY18 (refers to the period of April 1 to March 31). The modest scale of operations limits the firm's financial flexibility in times of stress and deprives it from scale benefits. The PBILDT margin of the firm stood low at 3.78% in FY18 (PY: 5.90%) owing to firm's presence in highly competitive and fragmented industry. Furthermore, the PAT margin remained below unity during last three financial years on account of high depreciation and interest costs. Leveraged capital structure and weak debt coverage indicators: The capital structure of the firm stood leveraged with overall gearing ratio of 6.86x as on March 31, 2018 mainly on account of firm's high reliance on borrowings to fund various business requirements. The overall gearing ratio deteriorated from 5.96x as on March 31, 2017 to 6.86x as on March 31, 2018 mainly on account of higher utilization of working capital limits as on last balance sheet date coupled with infusion of additional unsecured loans in FY18. The debt coverage indicators also remained weak with the total debt to GCA at 36.04x for FY18 and interest coverage ratio at 1.38x in FY18 (PY: 32.59x and 1.36x, respectively). Elongated operating cycle: The operating cycle of the firm stood elongated at 124 days for FY18 (PY: 161 days). As per the banker, the average utilization of the working capital limits remained at ~65% for the last 12 months period ended October, 2018. Susceptibility to fluctuation in raw material prices and monsoon dependent operations: Agro-based industry is characterized by its seasonality, due to its dependence on raw materials whose availability is affected directly by the vagaries of nature. Availability and prices of agro commodities are highly dependent on the climatic conditions. Adverse climatic conditions can affect their availability and leads to volatility in raw material prices. Any sudden spurt in the raw material prices may not be passed on to customers completely owing to firm's presence in highly competitive industry. Partnership nature of constitution: GKA's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Highly fragmented and competitive nature of industry: The industry in which GKA operates is highly fragmented and competitive in nature marked by the presence of various large and small players. The players in the industry, especially the small players, do not have any pricing power and are exposed to competition induced pressures on profitability. Furthermore, the commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. Key rating strengths Experienced partners: GKA was established in 2014 and its day to day operations are looked after by the partners jointly. All the partners have an industry experience of ranging from 8 years 31 years through GKA, group concerns (BTC and PTC) and various family run businesses. Location advantages: GKA's manufacturing unit is located in Fazilka, Punjab. The area is one of the hubs for paddy/rice, leading to its easy availability. The unit is also in proximity to the grain market resulting in procurement at competitive rates and lower logistical costs. The favorable location also puts the firm in a position to cut on the freight component on raw materials. Guru Kirpa Agro Industries (GKA) was established in April 2014 as a partnership firm and is currently being managed by Mr. Deepak Kumar (17%), Mr. Rakesh Kumar (17%), Mr. Gagandeep (16%, S/o of Prem Nath), Mr. Vikrant Kumar (9%), Mr. Rajinder Kumar (11%), Mr. Surinder Kumar (11%), Mr. Ram Chand (11%) and Mr. Gagandeep (8%, S/o of Jagdish Rai). The firm is engaged in processing of paddy at its manufacturing facility located in Fazilka, Punjab with an installed capacity of processing 26,000 Tonnes of paddy per annum as on September 30, 2018. GURUKUL FOUNDATION: CRISIL Migrates B Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Gurukul Foundation (GF) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 18 CRISIL B/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with GF for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 GF, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on GF 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 GF to 'CRISIL B/Stable Issuer not cooperating'. GF is a trust, formed in June 2016, by four trustees - Mr. Piyush Agarwal, Mr. Niraj Kumar, Mr.Ashok Kumar and Mr. Shailendra Kumar Gupta with an objective to impart education and conduct other charitable activities. Its operations are expected to start by April 2018. INCOM WIRES: CRISIL Migrates 'D' Rating to Not Cooperating ---------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Incom Wires and Cables Limited (IWCL) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long 2.15 CRISIL D (ISSUER NOT COOPERATING; Term Bank Rating Migrated) Loan Facility Term Loan 3.85 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with IWCL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 IWCL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on IWCL 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 IWCL to 'CRISIL D/CRISIL D Issuer not cooperating'. IWCL, incorporated in 1995, manufactures different types of electric wires, power cables, control cables, railway signaling cables, railway quad cables and telephone cables at its unit in Mayapuri Industrial Estate, Delhi. IWCL is approved by the Research Design and Standards Organisation as a Part 1 supplier of signaling and telecommunication cables to Indian Railways. The company is also an approved vendor for other state government power utilities such as National Thermal Power Corporation Ltd, state electricity boards of Punjab, Haryana and Rajasthan and private companies like L&T Ltd. JEEVISHA FOODS: CRISIL Migrates B+ Rating from Not Cooperating -------------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, had migrated the rating Jeevisha Foods Private Limited (JFPL) to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL is migrating the rating on bank facilities of JFPL from ' CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Long 0.93 CRISIL B+/Stable (Migrated from Term Bank Loan 'CRISIL B+/Stable ISSUER NOT Facility COOPERATING') Term Loan 4.07 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating reflects JFPL's large working capital requirement and a below-average financial risk profile. These weaknesses are partially offset by the experience of the promoters and their funding support. Analytical Approach CRISIL has not consolidated the business and financial risk profiles of JFPL with its group entity, Hari Om Foods - Kaithal. Though both the entities are in same line of business but ceased to have common promoters and management. Unsecured loans (outstanding at INR3.06 crore as on March 31, 2018) extended to JFPL by the promoters have been treated as neither debt nor equity. That is because these loans are expected to remain in the business over the medium term. Key Rating Drivers & Detailed Description Weakness * Large working capital requirement: Operations should remain working capital intensive even over the medium term. Gross current assets and inventory were sizeable at 130 days and 107 days, respectively, as on March 31, 2018, because paddy (main raw material), which is seasonally available, has to be procured in bulk during the season and stored for smooth operations throughout the year. * Below-average financial risk profile: Financial risk profile is likely to remain weak over the medium term. Gearing was high at 2.5 times as on March 31, 2018, while networth was low at INR3.93 crore. Gearing may marginally moderate over the medium term, with gradual repayment of term loan, but should remain high due to large working capital debt. Debt protection metrics were modest, with interest coverage and net cash accrual against adjusted debt ratios of 1.9 times and 0.10 time, respectively, in fiscal 2018. Strengths * Experience of the promoters and their funding support: Benefits from the promoters' experience of two decades, their strong understanding of the local market dynamics, healthy relations with customers and suppliers, and timely, need-based unsecured loans should continue to support the business. Outlook: Stable CRISIL believes JFPL will continue to benefit from the experience of the promoters and their funding support. The outlook may be revised to 'Positive' if substantial increase in profitability and cash accrual, sizeable equity infusion, or prudent working capital management strengthens financial risk profile and liquidity. Conversely, the outlook may be revised to 'Negative' if steep decline in profitability, or any larger-than-expected, debt-funded capital expenditure weakens financial risk profile and liquidity. JFPL was established in 2014 at Kaithal (Haryana) by Mr Amarjeet Singh and his brother Mr Nikhil Chhabra. The firm is engaged into milling and processing of basmati and non-basmati rice, with milling and sorting capacities each of around 6 tonne per hour. Mr Nikhil Chhabra has left the firm and managing the group company Hari Om Foods - Kaithal. JFPL is now managed by Mr Amarjeet Singh along with his son Mr Naman Chhabra. KALYAN COTTON: CRISIL Revokes Suspension; Assigns B+ Loan Rating ---------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the bank loan facilities of Kalyan Cotton Industries (KCI) and assigned its 'CRISIL B+/Stable' rating to KCI's bank facilities. CRISIL had, on November 24, 2016, suspended the ratings as KCI had not provided the necessary information for rating review. KCI has now shared the requisite information, enabling CRISIL to assign a rating. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4.75 CRISIL B+/Stable (Assigned; Suspension revoked) Long Term Loan 1.25 CRISIL B+/Stable (Assigned; Suspension revoked) The rating reflects its modest scale of operations in a competitive industry, susceptibility to volatility in raw material prices, and weak financial risk profile. These weaknesses are partially offset by the extensive experience of KCI's partners in the cotton seed processing industry. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations amidst intense competition: Scale of operations remain modest with revenue of around INR20.8 Cr for FY18. Intense competition in the cotton ginning industry further restricts the firm's bargaining power with customers, and precludes any benefits from economies of scale. * Exposure to volatility in raw material prices: Profitability is linked to raw material prices, as raw material cost, mainly cotton, accounts to 80-85% of operating income. Thus, any sharp fluctuation in raw material cost can adversely impact the operating margin. * Weak financial risk profile: Networth remained modest at INR2.77 crore as on March 31, 2018 and led to high gearing of 2.17 times. Debt protection metrics were average, with interest coverage and net cash accrual to total debt ratios of 1.99 times and 0.09 times respectively. Strengths * Extensive experience of promoters: Presence of about a decade in the cotton ginning industry has enabled the promoters to understand market dynamics and establish healthy relationship with suppliers and customers. Partners experience is expected to support the business in the medium term. Outlook: Stable CRISIL believes KCI will continue to benefit from its partners' extensive experience and strong customer relationship. The outlook may be revised to 'Positive' if financial risk profile improves on account of better than expected sales coupled with healthy profitability. The outlook may be revised to 'Negative' if significant increase in working capital requirement affects liquidity or sizeable capital expenditure adversely affects financial risk profile. Established in 2013 in Rajkot by Mr Chandrakant Bhimani and Family, KCI manufactures cotton bales, cotton seed oil, cotton de-oiled cake from Raw cotton, KANORIA SUGAR: Ind-Ra Affirms D Issuer Rating, Moves to Non-Coop. ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Kanoria Sugar and General Manufacturing Company Limited's (KSGM) Long-Term Issuer Rating at 'IND D' while migrating the rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the ratings are based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR382.4 mil. Working capital term loans (Long-term) due on December 2023 affirmed and migrated to non-cooperating category with IND D rating; -- INR316.1 mil. Fund-based limit (Long-term/Short-term) affirmed and migrated to non-cooperating category with IND D rating; and -- INR24.0 mil. Non-fund-based limit (Short-term) affirmed and migrated to non-cooperating category with IND D rating. ISSUER NOT COOPERATING: Issuer did not cooperate; Based on the best available information. KEY RATING DRIVERS The affirmation reflects the classification of KSGM as a non- performing asset by its lenders. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months may result in a positive rating action. COMPANY PROFILE KSGM was established in 1934 under the name Shankar Sugar Mills. It was acquired by Kanoria Industries Ltd in 1956. The company undertakes processing of sugar and manufactures air conditioning pressure pipes. METENERE LIMITED: CRISIL Migrates 'D' Ratings to Not Cooperating ---------------------------------------------------------------- CRISIL has migrated the ratings on the bank facilities of Metenere Limited (Metenere) to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Buyer's Credit a 35 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Buyer's Credit b 127.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Buyer's Credit b 10.0 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Buyer's Credit c 53.0 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit d1 89.50 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit e 49.00 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit f 50 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit f 130 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit f 95 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit g 30 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit h 190 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit i1 117 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit j 117 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit k 70 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit l 50 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit l 35 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 47 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit m 75 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Creditm1 65 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Creditm1 40 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Creditm1 15 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 20 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Packing Credit in 72 CRISIL D (ISSUER NOT Foreign Currency COOPERATING; Rating Migrated) Post Shipment Credit 26 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 122.9 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Proposed Short Term 84.5 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 214.6 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with Metenere for obtaining information through letters and emails dated September 20, 2018 and October 22, 2018 among others, apart from telephonic communication. However, the issuer remains 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 Metenere, which restricts CRISIL's ability to take a forward looking view on its credit quality. CRISIL believes information available on Metenere, is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB' category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the ratings on the bank facilities of Metenere to 'CRISIL D/CRISIL D Issuer Not Cooperating' from 'CRISIL D/CRISIL D'. Incorporated in 1997, Metenere, promoted by Mr Raman Gupta and his family, began operations in lead recycling, and subsequently diversified into manufacturing tin products. In fiscals 2009 and 2010, a new capacity to manufacture aluminium was set up. SIPL, part of the Gupta group, was merged with Metenere, effective April 1, 2012. SIPL manufactured aluminium billets/extrusions, rods, and alloys from aluminium scrap. MODEL TANNERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Model Tanners a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR260 mil. Fund-based working capital limit assigned with IND BB+/Stable/IND A4+ rating; and -- INR80 mil. Non-fund-based working capital limit assigned with IND A4+ rating. KEY RATING DRIVERS The ratings reflect MT's medium scale of operations. Its revenue grew at a CAGR of 39.13% over FY15 to INR1,047.59 million in FY18, majorly driven by an increase in demand for safety shoe leather. Also, the firm's return on capital employed was 10.15% in FY18 and EBITDA margins were modest at 8.29% in FY18 (FY17: 9.48%, FY16: 10.68%) due to its presence in the highly fragmented leather industry. The decline in EBITDA margins was on account of an increase in raw material and manufacturing costs. The ratings also factor in MT's modest credit metrics. Its gross interest coverage (operating EBITDA/gross interest expense) improved to 2.95x in FY18 (FY17: 2.23x), majorly on the account of a reduction in gross interest expenses, and net leverage deteriorated to 5.67x (5.02x), on the account of an increase in balance sheet debt. The ratings are constrained by MT's partnership nature of business; any substantial capital withdrawal would impact the net worth, and thereby the capital structure of the firm. The ratings are further constrained by the company's long working capital cycle of 155 days in FY18 (FY17: 173 days) because of high inventory requirements. The shorter cycle is the result of an improvement in both debtors and creditors days. However, the same was marginally offset by the deterioration in inventory holding days to 126 days in FY18 (FY17: 116 days). The ratings, however, are supported by the company's comfortable liquidity position, as indicated by 89.18% average utilization of the working capital limits during the 12 months ended October 2018 and positive cash flow from operation of INR8.03 million in FY18 (FY17: negative INR184.26 million) and absolute EBITDA of INR86.84 million in FY18 (FY17: INR86.22 million). The ratings are also supported by the promoters' experience in the leather and hide trading business since 1900. RATING SENSITIVITIES Negative: Any significant decline in the revenue and profitability, further elongation in the working capital cycle or any unexpected debt-led capex leading to the deterioration in the credit metrics will be negative for the ratings. Positive: Any significant increase in the revenue, EBITDA margin and a decline in the working capital cycle leading to an improvement in the credit metrics could be positive for the ratings. COMPANY PROFILE Established in December 2013, MT is a partnership firm and manufactures safety shoes and finished leather from raw hide majorly for safety shoes. MT is a part of Model Group. Mr. Tabrez Alam, Mr. Zeeshan Alam and Mr. Zain Alam are the partners of MT. MOOL CHAND: CRISIL Assigns B+ Rating to INR4.0cr Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term bank facilities of Mool Chand Edibles Private Limited (MCEPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 0.75 CRISIL B+/Stable (Assigned) Cash Credit 4.00 CRISIL B+/Stable (Assigned) Proposed Cash Credit Limit 1.50 CRISIL B+/Stable (Assigned) The rating reflects modest scale of operations, amidst intense competition and its average financial profile. These weaknesses are partially offset by extensive experience of the promoters in the segment and stable operating margins. Analytical Approach Unsecured loans to the tune of INR1.37 crores treated as debt on account of interest bearing in nature, however it is likely to remain in the firm over the medium period. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations, amidst intense competition: MCEPL's scale of operations is modest, which limits the negotiating power with suppliers and customers, and makes the company more vulnerable to business downturns. Moreover competition is intense due to presence of a large number of unorganized players in the industry on account of low capital requirement. * Average financial risk profile, because of high gearing and average debt protection metrics: MCEPL's gearing remained high at 5.69 times as on March 31, 2018. This is because the company has low cash accruals as compared to its incremental working capital requirements. Strengths * Extensive experience of promoters in segment: Benefits from the partners' decade-long experience in the industry and established relationships with customers should support business. * Stable operating margins: Operating margins of the company is expected to remain in the range of 5% to 5.5%. Operating margins improved in FY2018 on account of increase in prices of Rice and Dal. Outlook: Stable CRISIL believes that MCEPL will continue to benefit from extensive industry experience of partners. The outlook may be revised to 'Positive' if substantial growth in revenue, stable operating profit margin and better working capital management, strengthen the financial risk profile. The outlook may be revised to 'Negative' if decline in revenue or profitability or any large, debt-funded capex, weakens the financial risk profile. MCEPL was incorporated in 2010, by Mr Om Prakash Tekriwal and family. MCEPL is engage processing of Dal and Rice in north eastern region of U.P. NEERAKKAL LATEX: CRISIL Migrates B Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Neerakkal Latex Private Limited (NLPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 15 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with NLPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 NLPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on NLPL 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 NLPL to 'CRISIL B/Stable Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Established in 2002, NLPL is based out of Kottayam district, Kerala and is engaged in the manufacture of centrifuged latex. The day to day operations of the company is managed by Mr. N.K James and his son Mr. Tino James. ODHAV MET: CRISIL Migrates 'B' Rating to Not Cooperating Category ----------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Odhav Met Trade Pvt. Ltd. (OMTPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with OMTPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 OMTPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on OMTPL 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 OMTPL to 'CRISIL B/Stable Issuer not cooperating'. OMTPL, incorporated in 2011 by Delhi-based Mr Premji Bhansali and Mr Chetan Jain, manufactures lead alloys and pure lead. It has manufacturing capacity of 1,000 tonne per annum at its facility in Sampla, Haryana. The sales office is in New Delhi. ORIENTAL NAGPUR: CARE Ups Rating on INR843.89cr Loan from D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Oriental Nagpur Bye Pass Construction Private Limited (ONBCPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 843.89 CARE BB; Stable Revised from CARE D Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities of ONBCPL takes into account the satisfactory track record of debt servicing by the company at the back of improvement in toll collection during FY18 and 7MFY19. The rating also continues to derive strength from experience of the promoters in the roads and highways construction and operation business. The rating is, however, constrained by the inherent revenue risks associated with toll-based road projects, moderate debt coverage indicators and Operations & Maintenance (O&M) risk. Going forward, achievement of envisaged toll revenues, timely receipt of arbitral award claim amount from NHAI and meeting maintenance expenses as per the envisaged timelines and level shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Revenue risk associated with toll projects: Being a toll-based project, the company is exposed to the inherent revenue risks arising from the traffic fluctuations and annual revision of the toll rates which are indexed to the Wholesale Price Index (WPI). Moderate debt coverage indicators: The company has moderate debt coverage indicators and remains exposed to the risk of any adverse change in the interest rates in future. Also, some part of major maintenance is being done on a yearly basis from the project cash flows and no MMRA reserve has been created. Further, timely receipt of claim amount from NHAI is crucial to pay off capital creditors, maintenance of DSRA and carry out future major maintenance requirements. O&M Risk: The company remains exposed to the risk of any increase in O&M cost, as the company has not entered into any fixed price O&M contract. Key Rating Strengths Satisfactory track record of debt servicing: The company is now servicing its debt obligations in a timely fashion on account of an improvement in the toll collection during FY18 and 7MFY19. Improvement in toll collection: The toll collection grew by 25.57% to INR166.92 crore in FY18 (INR132.93 crore in FY17) and by 30% to INR123.25 crore during 7MFY19 (INR94.81 crore during 7MFY18), mainly on account of increase in traffic and commencement of tolling on additional 33.7 Km project length in August 2018. Completion of work on the balance stretch: The company has completed work on the balance road stretch of 38.45 Km. Of the pending stretch, work on 33.7 Km was completed and PCOD received in August 2018 and work on remaining 4.75 Km was completed in November 2018 and PCOD for the same is expected to be received by December 2018. Established track record of the promoters in the road sector ONBCPL's parent company, Oriental Structural Engineers Private Limited (OSEPL) has an established presence in the road construction industry. OSEPL along with its wholly-owned subsidiary, Oriental Tollways Private Limited (OTPL) has a portfolio mix of 13 BOT Toll, Annuity and HAM projects under various Special Purpose Vehicles, of which 8 BOT projects are operational (7 toll and 1 annuity), while 1 BOT Toll and 1 HAM projects are under execution. Further, OSEPL has also secured 3 new HAM projects. OSEPL's financial performance has improved during FY18 with operating income of INR2,436.69 crore and PAT of INR221.97 crore in FY18 as compared to operating income of INR1,659.86 crore and PAT of INR144.11 crore in FY17. Industry Outlook With increased focus on infrastructure sector by the government, especially the road sector, outlook on the industry is stable. PANTONE TEXTILE: CARE Assigns 'B' Rating to INR7.25cr LT Loan ------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Pantone Textile Mills Private Limited (PTM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 7.25 CARE B; Stable Assigned Long-term/Short- 0.25 CARE B; Stable/CARE A4 term Bank Assigned Facilities Detailed Rationale and key rating drivers The ratings assigned to the bank facilities of PTM are primarily constrained by project execution risk with debt funding not tied up and stabilization risk and its presence in competitive industry. The ratings, however, continue to draw comfort from experienced management in textile industry. Going forward; ability of the company for timely implementation of the project within the costs envisaged and achievability of envisaged revenue and profitability will be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Project execution risk with debt funding not tied up and stabilization risk: The company is being incorporated with the objective of setting up a unit for processing and dyeing of fabric and garments with the total project cost of INR11.58 crore. The project would be funded through term loan of INR7.08 crore, working capital borrowings of INR1.50 crore and balance through promoter's contribution in the form of equity and unsecured loan as INR3.00 crores. As on October 31, 2018, the company has incurred cost of INR1.12crores towards purchase of machinery. The execution of the project with the envisaged time and cost remains a crucial from analytical prospective in the consideration of funding yet to be tied up. Furthermore, post project implementation risk in the form of stabilization and streamlining of operations to achieve the envisaged scale of business and risk associated with the services in the light of competitive nature of industry is yet to been seen. During the initial phases of operations, the capital structure of the company is expected to remain leveraged due to debt funded CAPEX undertaken. Intense competition in the industry: PTM operates in a highly fragmented industry marked by the presence of a large number of players in the unorganized sector. Further, with presence of various players, the same limits bargaining power which exerts pressure on its margins. Key Rating Strengths Experienced management in textile industry: The operations of the company will be managed by Mr. Pushpender Kumar, Mr. Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria. Mr. Pushpender Kumar and Mr. Jai Prakash Singh are graduates by qualification and have an experience of around two and a half decades in textile industry through their association with PTM and other sister concerns. Mr. Sanjay Sharma has an experience of two decades in textile industry through his association with PTM and other sister concerns. Mr. Vinay Kataria is a graduate and is new to the business. Faridabad (Haryana) based, Pantone Textiles Mills Private Limited (PTM) was incorporated in January, 2017 as a private limited company and is currently being managed by Mr. Pushpender Kumar, Mr. Jai Prakash Singh, Mr. Sanjay Sharma and Mr. Vinay Kataria sharing profit and loss equally. PTM is setting up a unit for processing and dyeing of fabric and garments. The company would procure its raw material i.e. chemicals, colors and fuel etc. from manufactures and traders in local market. The firm is having group concerns namely M/s Neeta Polycots ,Tirupati Weaving, Sahi Residency Private Limited and Sahiram Textiles Private Limited. PRAVEEN AROMA: Ind-Ra Assigns BB+ Rating to INR150MM Loan --------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Praveen Aroma Private Limited (PAPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating action is: -- INR150 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating. KEY RATING DRIVERS The ratings reflect PAPL's moderate scale of operations, average EBITDA margin and credit metrics. The company's average margin is attributed to raw material price volatility and the higher share of trading volume in the revenue. Revenue surged to INR3,546.73 million in FY18 (FY17: INR1,874.80 million), driven by an increase in sales volume and realization due to a favorable demand scenario. However, EBITDA margin fell to 1.54% in FY18 (FY17: 2.08%) because the low-margin trading business accounted for about 51% of PAPL's revenue during the year. Return on capital employed was 13% in FY18 (FY17: 8%). Interest coverage (EBITDA/gross interest expenses) improved to 2.41x in FY18 (FY17: 1.45x) and net leverage (net debt/EBITDA) reduced to 3.94x (4.86x) because of an increase in absolute EBITDA and repayment of long-term debt. The ratings also factor in PAPL's tight liquidity position, as indicated by the almost full utilization of its working capital facilities during the 12 months ended October 2018. Cash flow from operations stood at a negative INR22.49 million in F18 (FY17: INR22.44 million) due to low profitability and high working capital requirements. The ratings, however, are supported by the promoter's experience of more than a decade in the menthol and allied products industry. RATING SENSITIVITIES Positive: Growth in the profitability leading to an improvement in the overall liquidity position and credit profile, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the EBITDA margin and further deterioration in liquidity leading to weakening of the overall credit profile, all on a sustained basis, would be negative for the rating. COMPANY PROFILE Incorporated in 2010, PAPL is engaged in the manufacturing and trading of mint and allied products in Uttar Pradesh. The company manufactures menthol, menthol crystals, peppermint oil, essential oils and other allied products that are used in industries such as food, pharmaceuticals, FMCG and tobacco. R.F. EXPORTS: CRISIL Raises Rating on INR3cr Term Loan to B+ ------------------------------------------------------------ CRISIL has upgraded its ratings on the long-term bank facilities of R.F. Exports (RFE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'; while reaffirming the short-term rating at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Foreign Discounting 17 CRISIL A4 (Reaffirmed) Bill Purchase Packing Credit 15 CRISIL A4 (Reaffirmed) Rupee Term Loan 3 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects expected sustained improvement of RFE's business profile with steady ramp up in its revenue profile. Operating revenue improved to INR131 crores for fiscal 2018 from INR85 crores for fiscal 2017. This has led to improved operating profit to INR8.4 crores from INR6.6 crores during the said period. The financial risk profile is however constrained due to high withdrawals in the recent years, leading to high gearing of 7.1 times for fiscal 2018. The ratings continue to reflect the firm's weak financial risk profile because of a highly leveraged capital structure, and exposure to inherent risks in the seafood industry. These weaknesses are partially offset by proprietor's extensive experience. Key Rating Drivers & Detailed Description Weakness * Weak financial risk profile: Networth was small at INR2.7 crore as on March 31, 2018, due to low accretion to reserves. This, along with large working capital debt, led to a high gearing of 7.1 times. Also sizeable withdrawals in the past had led to low networth. * Exposure to risks inherent in the seafood industry: Seafood exporters are exposed to intense competition. Furthermore, food product imports are subject to high quality standards in developed countries and any instance of rejection of a shipment will have impacting of future sales in the region. Strengths * Extensive experience of proprietor: The proprietor has entrepreneurial experience of over 20 years in the seafood, dairy, and auto dealership segments. The firm has strong procurement capabilities with a dedicated farmer network, and has established healthy relationship with customers. Outlook: Stable CRISIL believes RFE will continue to benefit over the medium term from the extensive experience of its proprietor. The outlook may be revised to 'Positive' if sustained increase in scale of operations and profitability leads to higher accretion; or if capital structure improves on account of equity infusion. The outlook may be revised to 'Negative' if large, debt-funded capital expenditure or significant capital withdrawal further weakens capital structure, or if revenue or margin declines steeply. Established in 1995 as a proprietorship firm by Mr F M Farook, RFE processes and exports marine products such as shrimps, squids, cuttlefish, octopus, and fish to Japan, the USA, and European countries. REFKINGS COTT: CRISIL Migrates 'B' Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Refkings Cott Soya Private Limited (RCPL) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Term Loan 12 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with RCPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 RCPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on RCPL 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 RCPL to 'CRISIL B/Stable Issuer not cooperating'. RCPL incorporated in 2016 and promoted by the Singare family is setting up an industrial unit for refining of raw oil of cotton seed, soyabeans and palm oil. The same is expected to have a capacity of 200tonnes/day in Jalna, Maharashtra. S.K. SHOE: CRISIL Lowers Rating on INR2.84cr Proposed Loan to D --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of S.K. Shoe Fashion (SKSF) to 'CRISIL D' from 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit .15 CRISIL D (Downgraded from 'CRISIL B/Stable') Proposed Long Term 2.00 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B/Stable') Proposed Working 2.84 CRISIL D (Downgraded from Capital Facility 'CRISIL B/Stable') Term Loan .01 CRISIL D (Downgraded from 'CRISIL B/Stable') The downgrade reflects delays in debt servicing because of weak liquidity. The firm also has modest scale of operations in an intensively competitive footwear industry and susceptible operating profitability due to volatility in raw material prices. However, it benefits extensive industry experience of the proprietor. Key Rating Drivers & Detailed Description Weakness * Recent delays in debt-servicing: The firm has been delaying in servicing of its term debt obligations due to weak liquidity. Lower ramp-up in sales and limited cash flows estimated to have constrained the liquidity. * Modest scale of operations in an intensively competitive footwear industry: Revenue was modest at INR1.7 crore in fiscal 2017 due to geographical concentration and high fragmentation in the industry, which comprises several small players. The industry is labor-intensive and requires limited fixed capital investment, leading to low entry barriers. Furthermore, product differentiation is limited. These factors result in intense competition among players and inability to significantly scale up operations without facing profitability pressures. In the absence of any significant capital expenditure (capex) plan, revenue will remain modest over the medium term. * Moderate operating profitability; susceptible to volatility in raw material prices: Operating profitability dipped to 12.46% in fiscal 2017 from 16.32% in the previous fiscal. The operating profitability is vulnerable to volatility in finished leather prices and will remain so over the medium term. Strength * Extensive industry experience of the proprietor: The firm derives benefits from the extensive experience of the proprietor, who has an experience of around 20 years in footwear manufacturing and related activities. Aided by his experience, the firm has been able to grow in scale and develop strong relationships with key stakeholders. Established in 2010, SKSF is a proprietorship firm of Mr. R Karthikeyan. The firm manufactures footwear. It undertakes sub- contracting work for footwear brands such as PA Footwear, Prime Shoes and Vistas Shoes. SANSAR TEXTURISERS: CRISIL Migrates B- Rating to Not Cooperating ---------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sansar Texturisers Private Limited (STPL) to 'CRISIL B-/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 35 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with STPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 STPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on STPL 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 STPL to 'CRISIL B-/Stable Issuer not cooperating'. STPL set up in 1989-90, trades in nylon and viscose yarn imported mainly from China and Korea. The company is promoted and managed by Mr. Vishnu Goenka and his family. The company is based in Surat (Gujarat). SATPAL STRIPS: CRISIL Migrates B+ Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Satpal Strips Private Limited (SSPL; part of the Satpal group) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 3.5 CRISIL B+/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SSPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SSPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SSPL 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 SSPL to 'CRISIL B+/Stable Issuer not cooperating'. For arriving at the rating, CRISIL has combined the business and financial risk profiles of SSPL and Satpal Metals Pvt Ltd (SMPL). This is because both the companies, together referred to as the Satpal group, are under a common management and have significant business and financial linkages. Also, SMPL sells products manufactured by SSPL while the entire raw material requirement of SMPL is met by SSPL. Incorporated in 2007 and promoted by Mr Amit Jain and Mr Atul Jain, SSPL manufactures cold-rolled coils, strips, and sheets. In fiscal 2011, promoters forward-integrated into manufacturing ERW pipes under SMPL. Facility is in Gobindgarh, Punjab. SHEETAL STRUCTURALS: Ind-Ra Moves BB+ Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sheetal Structurals Private Limited's Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based working capital limit migrated to Non- Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-fund-based working capital limit migrated to Non-Cooperating Category with IND BB+ (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on December 21, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Formed in 2005, Sheetal Structurals manufactures galvanized/painted transmission towers, telecom towers, substation structures, structures for rural electrifications and others. In February 2011, Shyama Power India Limited an engineering, procurement and construction company engaged in power transmission line, substation and rural electrification, acquired Sheetal Structurals, thereby owing 99.98% in the company. SHIV MARINE: CARE Migrates B+/A4 Rating to Not Cooperating ---------------------------------------------------------- CARE has been seeking information from Shiv Marine Industries Private Limited (SMIPL) to monitor the ratings vide e-mail communications/letters dated April 23, 2018, May 22, 2018, July 2, 2018, July 27, 2018, August 20, 2018, September 10, 2018, October 5, 2018, October 22, 2018, October 29, 2018 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings on SMIPL's bank facilities will now be denoted as CARE B+; Stable/ CARE A4; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term/Short 7.00 CARE B+; Stable/CARE A4; Term Bank Issuer not cooperating; Facilities Based on best available Information Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on August 31, 2017 following were the rating strengths and weaknesses. Key Rating Weaknesses Small scale of operations coupled with thin profit margins: SMIPL is engaged in the ship breaking activity. The scale of operations marked by total operating income remained small at INR9.95 crore during FY17 (A)(Audited-refers to period April 1 to March 31) and net worth base of INR1.31 crore as on March 31, 2017. Further, owing to low value addition nature of operations, overall profitability has remained thin during FY17. Leveraged capital structure and weak debt protection indicators: Capital structure remained leveraged marked by an overall gearing ratio of 1.77x on the back of increase in debt level against low net worth base as on March 31, 2017. Debt coverage indicators continued to remain weak marked by total debt to GCA of 39.47 as on March 31, 2017 and interest coverage ratio of 2.09x during FY17 on the back of higher total debt along with thin profitability during the year. Moderate liquidity position: The liquidity position stood moderate marked by an operating cycle of 76 days during FY17 as compared to previous year as well as moderate level of current ratio at 1.39 times as on March 31, 2017. Key Rating Strengths Experienced promoters coupled with location advantage: Promoters of SMIPL hold more than two decade of experience into ship breaking industry. Further, the operating facilities of SMIPL are located at Alang-Sosiya belt in Gujarat which is considered to be one of the world's largest ship-breaking yards and caters to nearly 90% of India's ship-breaking activity. Alang, Bhavnagar (Gujarat) based SMIPL was established during August 1996 as a private limited company by Mr. Prakash Shah and Mr. Bachubhai Shah. SMIPL is engaged in the ship breaking activity. SMIPL purchases ships, primarily bulk carriers and cargo ships from agents which are then sold as scrap. The ship breaking operations are carried out at premises which are taken on lease for tenure of 10 years from Alang Port from Gujarat Maritime Board (GMB). SMIPL purchases ships mainly from brokers through open market and sells scraps through brokers mainly in Shihor, Ahmedabad, Bhavnagar, Mehsana etc. which is being used for manufacturing of TMT bars. SHRIMATI KATORI: CRISIL Migrates B- Rating to Not Cooperating ------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Shrimati Katori Devi Garg Shiksha Samiti (SKGS) to 'CRISIL B- /Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Overdraft .15 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long .08 CRISIL B-/Stable (ISSUER NOT Term Bank COOPERATING; Rating Migrated) Loan Facility Term Loan 9.27 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SKGS for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SKGS, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SKGS 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 SKGS to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Smt. Katoridevi Garg Siksha Samiti (SKGS) was incorporated in 1995 by Garg family. Samiti provides primary and secondary education through two schools Neiil World School (Morena, Madhya Pradesh) and Neiil World School (Guna, Madhya Pradesh). SHRIMATI POORNA: CRISIL Migrates D Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Shrimati Poorna Devi Memorial Trust (SPDMT) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 9 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SPDMT for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SPDMT, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SPDMT 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 SPDMT to 'CRISIL D Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. SPDMT was set up in May 2015 by Mrs Deepti Rawat, Mr Toshit Rawat, and Mrs Lakshmi Rana to establish a nursing and paramedical college at Shankarpur village, District Dehradun. SIKAR BIKANER: Ind-Ra Migrates B+ Loan Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sikar Bikaner Highway Ltd.'s bank loans to the non-cooperating category. The issuer has not shared critical information with the agency to enable continuous monitoring of the project (including no-default statements for the months of September-November 2018 and the current liquidity availability) 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 B+ (ISSUER NOT COOPERATING) / RWN' on the agency's website. The instrument-wise rating action is: -- INR4.0 bil. Senior project bank loans migrated to Non- Cooperating Category with IND B+ (ISSUER NOT COOPERATING) / RWN rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 17, 018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. RATING SENSITIVITIES The RWN indicates that the rating may be downgraded or affirmed. Ind-Ra may resolve the RWN upon receipt of sufficient information on Sikar Bikaner Highway's liquidity position and track record of timely sponsor support. COMPANY PROFILE Sikar Bikaner Highway, which is wholly owned by IL&FS Transportation Networks Limited ('IND D'), is a special purpose company incorporated to undertake the widening and operations of a combination of a two-lane and a four-lane highway (National Highway 11) in Rajasthan. The concession grantor is the Public Works Department of the government of Rajasthan. The concession is for 25 years, with a right to collect toll during the concession. The security and terms of the subordinate debt agreement is junior to the senior debt. SREE RAJYALAKSHMI: CRISIL Migrates B Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sree Rajyalakshmi R & B Rice Mill (SRERBM) to 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.5 CRISIL B/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SRERBM for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SRERBM, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SRERBM 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 SRERBM to 'CRISIL B/Stable Issuer not cooperating'. Set up 2002 as a partnership firm by Mr. K.Ravi, Mr. K. Ramanamma, Mr. K. Rajeshwari, and Mr.B. Santhi , Mr. B.Vasantha SRERBM in processes steamed and raw rice at its facility in nellore, Andhra pradesh. The promoters have been in the rice milling business. SRI JAYAJOTHI: CRISIL Migrates 'D' Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Sri Jayajothi Textile Mills Private Limited (SJT) to 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Cash Credit 21 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Letter of Credit 55 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Long Term Loan 5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term 0.8 CRISIL D (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan 16.2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SJT for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SJT, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SJT 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 SJT to 'CRISIL D/CRISIL D Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. Set up in 1989 by Mr T Jayaraman and family members, SJT manufactures cotton yarn of 30-120 counts at its unit near Rajapalayam, Tamil Nadu. SRI MAHALAXMI: CRISIL Migrates B+ Rating to Not Cooperating ----------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Sri Mahalaxmi Timbers (SMT) to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Letter of Credit 3 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Secured Overdraft 4 CRISIL B+/Stable (ISSUER NOT Facility COOPERATING; Rating Migrated) CRISIL has been consistently following up with SMT for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SMT, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SMT 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 SMT to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'. SMT is engaged in processing (i.e. cutting and sawing) and trading of timber in Bengaluru, Karnataka, The firm processes various types of wood including teak, hard and fine woods. The daily operations are managed by the partners - Mr. Bipin Patel and Mr. Praveen Patel. SRIVATSA BIO-TECH: CRISIL Migrates B+ Rating to Not Cooperating --------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Srivatsa Bio-Tech India Private Limited (SBTIPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 14 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with SBTIPL for obtaining information through letters and emails dated August 28, 2018 and September 28, 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 SBTIPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SBTIPL 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 SBTIPL to 'CRISIL B+/Stable Issuer not cooperating'. Srivatsa Bio-Tech India Private Limited (SBTIPL), incorporated in 2014, has set-up cotton seed products, manufacturing unit in Chinakothapalli Village, Addanki Mandal, Prakassam, Andhra Pradesh (AP). The firm has an installed capacity of 400 tons per day. SURANI PAPER: CRISIL Assigns B+ Rating to INR7.25cr Cash Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facility of Surani Paper Private Limited (SUPPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.25 CRISIL B+/Stable (Assigned) The ratings reflect a modest scale of operation in the highly competitive paper industry, and below-average financial risk profile. These weaknesses are partially offset by product line diversification and promoters' support. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operation: Operations are expected to remain modest over the medium term revenue was INR28.47 crore in fiscal 2018. Intense competition and homogeneity in product limits the pricing flexibility available to smaller players such as SUPPL. * Below-average financial risk profile: Networth was small and gearing extremely high at INR0.52 crore and 21.69 times as on March 31, 2018. Further, debt protection metrics were also constrained with interest coverage ratio of 1.3 times in fiscal 2018. Losses are being incurred and profit after tax was INR1.15 crore, INR1.32 crore, INR1.94 crore in fiscals 2018, 2017 and 2016, respectively. Accumulated losses have wiped off networth, which stood at INR0.52 Cr on Mar 31, 2018. Strengths: * Product diversification leading to increase in turnover and margins: The addition of a new product, newsprint, has supplemented sales growth and boosted margins. The commencement of kraft paper exports to China and Dubai is resulting in a further surge in topline. * Funding support from the promoters: Need-based funding support from the promoters in the form of unsecured loans is expected to continue. In the absence of any term loan; accruals will support increased working capital requirement and help in expanding scale of operation. Outlook: Stable CRISIL believes SUPPL will continue to benefit from the addition of a new product to their portfolio. The outlook may be revised to 'Positive' if increase in revenue and profitability leads to better-than-expected cash accrual. The outlook may be revised to 'Negative' if decline in turnover and cash accrual, along with increase in working capital requirement or any large debt-funded capital expenditure weakens financial risk profile, particularly liquidity. Incorporated in 2011, SUPPL, promoted by Mr Mehulbhai Patel, Mr Hansrajbhai Patel, Mr Maheshbhai Patel, Mr Ramjibhai Patel, Mr Surendrabhai Patel and Mr Prakashbhai Patel, manufactures kraft paper from waste paper. Because of its strength, kraft paper is used for many industrial and commercial applications. The material is used for packing, wrapping individual items, bundling and void fill. The facility is located at Kheda district of Gujrat. TANISHQ REALITIES: Ind-Ra Migrates 'B' Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Tanishq Realities' 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 B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR300 mil. Term loan due on June 2020 migrated to non- cooperating category with IND B (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on November 27, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Set up in 2012, Tanishq Realities is a Pune-based partnership firm, engaged in executing residential and commercial real estate projects in the city. UNIVERSAL STAINLESS: CARE Lowers Rating on INR6.73cr Loan to D -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Universal Stainless (UNS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term 6.73 CARE D Revised from CARE B; Bank Facilities Stable Short-term Bank Facilities 2.55 CARE D Revised from CARE A4 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of UNS is primarily due to irregularity in servicing its debt obligations due to its weak liquidity. Detailed description of the key rating drivers Key Rating Weaknesses Delay in Debt Servicing: There is ongoing irregularity in debt servicing due to weak liquidity position of the firm. Ahmedabad (Gujarat)-based Universal Stainless (UNS) was established as partnership firm as Universal Stainless Suppliers in January 2015 by Mr. Jasmin J Patel, Mr. Avtar R Patel and Mr. Bharatkumar M Patel. During April 2015, Mr. Avtar R Patel withdrew his partnership and another four partners entered as partners. During April 2016 the name of the firm was changed to Universal Stainless from Universal Stainless Suppliers. UNS is operating from its sole manufacturing unit located Harsol (Sabarkantha, Gujarat) with installed capacity of 1,480 metric tonnes per annum (MTPA) as on March 31, 2018 for manufacturing of Stainless Steel Seamless and Welded Tubes & Pipes.UNS has commenced commercial operation from April 2016 onwards. ================= I N D O N E S I A ================= INDONESIA: Posts Five-Year High Trade Deficit in November --------------------------------------------------------- Karlis Salna and Harry Suhartono at Bloomberg News report that Indonesia posted its widest trade deficit in more than five years in November as exports fell, adding pressure on the currency. The trade deficit was $2.1 billion, much bigger than the $735 million shortfall predicted by economists in a Bloomberg survey, and the worst result since July 2013, notes the report. Imports jumped 11.7 percent from a year earlier, Bloomberg discloses citing figures released by the statistics bureau on Dec. 17. Interestingly, that is the weakest pace since March after the government adopted measures to reduce imports, including higher tariffs on some goods, Bloomberg says. Exports fell 3.3 percent, its first decline since June 2017, Bloomberg discloses. The government will boost the competitiveness of Indonesian exports, including through incentives and keep reviewing the import policies, Finance Minister Sri Mulyani Indrawati told reporters in Jakarta, Bloomberg relays. Indonesia needs to be cautious about its export markets as China might have to go through adjustments following the trade war with the U.S., she said. According to Bloomberg, Indonesia has been swept in an emerging- market rout this year, with the currency losing more than 7 percent against the dollar. The current-account deficit has been among the key vulnerabilities cited by investors, Bloomberg says. Indonesian stocks extended their decline, making the benchmark Jakarta Stock Exchange Composite Index among the worst performers in Asia on Dec. 17, Bloomberg notes. ==================== N E W Z E A L A N D ==================== MATRIX HOMES: Receivers and Liquidators Unable to Find Buyer ------------------------------------------------------------ Stuff.co.nz reports that receivers and liquidators have been unable to find a buyer for the business of pre-fabrication company Matrix Homes. According to the report, the company was set up by Sean Murrie in 2014 to develop modular houses that were factory built to capture efficiencies that were not available with traditional on-site builds. But lack of sales forced him to place Matrix it in receivership in July 2018 as the main security holder. He told Stuff the biggest problem was the Resource Management Act and local councils. "They want perfect solutions in an imperfect world. They caused so many delays it was impossible to plan ahead," Stuff quotes Mr. Murrie as saying. "It doesn't matter if it's modular construction or more traditional building. The same obstacles exist." He said he was completing 24 Matrix homes in Tawa under a different company. Ironically, in 2015 he had called for compulsory builders' and developers' insurance, the report relates. According to Stuff, the main secured creditor at Matrix was Mr. Murrie who was owed NZ$2,646,340, with preferential creditors including staff owed approximately NZ$956,721, and unsecured creditors NZ$2,948,308, taking the total amount to more than NZ$6.5 million. Only a small amount was recovered. Although Matrix had secured two significant developments and had been approved as a supplier to Housing New Zealand, the existing sales were insufficient to manage the mounting debt to Inland Revenue, and other creditors, Stuff notes. Among them was warehouse landlord Camperdown Studios, a company in which film maker Sir Peter Jackson has a significant shareholding, the report discloses. Stuff says Matrix shared space in the Camperdown warehouse with Weta Workshop and associated companies. Camperdown put Matrix into liquidation while the receivers were still completing their work, the report relates. Although there were no assets remaining, the liquidation being carried out by John Scuttor was contested by liquidator Damian Grant who called a creditors meeting and argued that he would pursue directors and any other avenue more aggressively, according to Stuff. Stuff relates that the vote was a stalemate because Mr. Grant won the vote by majority value but Mr. Scutter won by majority of votes, and as chairman declared the status quo. Mr. Grant could challenge the outcome in the High Court but has yet to do so, the report states. Stuff notes that the receivers had earlier tried to sell the business but were unsuccessful even though they received more than 30 expressions of interest and helped 10 parties conduct due diligence. The assets were sold in an on-site auction, the report says. A separate deal to sell the intellectual property, consisting mainly of the multiproof plans, collapsed following due diligence, the report notes. Employees had preferential claims of NZ$33,403 and were paid 75 per cent of their entitlements. Inland Revenue was owed more than NZ$800,000, Stuff adds. =============== X X X X X X X X =============== * BOND PRICING: For the Week Dec. 10 to Dec. 14, 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 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36 WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57 WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41 WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08 WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94 WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29 XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27 XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12 XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73 XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19 XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29 XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00 XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13 XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96 XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68 XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55 YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69 YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11 YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36 YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00 YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79 YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90 YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33 YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33 YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13 YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93 ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00 ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83 ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25 ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67 ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.05 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.21 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98 ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97 ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67 HONG KONG --------- CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 71.81 CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 12.50 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52 EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22 EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13 EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JCT LTD 2.50 04/08/11 USD 25.53 PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 1.38 REI AGRO LTD 5.50 11/13/14 USD 1.38 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43 JAPAN ----- TAKATA CORP 1.02 12/15/17 JPY 0.50 TAKATA CORP 0.58 03/26/21 JPY 2.37 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 ***