/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/190312.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, March 12, 2019, Vol. 22, No. 51 Headlines A U S T R A L I A A.M.I.E INVESTMENTS: Second Creditors' Meeting Set for March 19 AP HUMAN: First Creditors' Meeting Set for March 21 MICKIM INVESTMENTS: First Creditors' Meeting Set for March 18 ONTERRAN LIMITED: First Creditors' Meeting Set for March 20 PARKHURST FARM: Administrator to Sell Little River Poultry Farm SECURICOM NSW: First Creditors' Meeting Set for March 19 SHOES OF PREY: Online Retailer Enters Liquidation SPECIAL ONE: Creditors Vote to Put Company into Liquidation THINKHOLDINGS LIMITED: First Creditors' Meeting Set for March 19 I N D I A A H MALLICK: CARE Migrates 'D' Ratings to Not Cooperating ACARA BIOHERB: CARE Lowers Rating on INR8.50cr ST Loan to D AGRAWAL DISTILLERIES: Ind-Ra Rates INR40MM Loan 'BB+' AGRI VENTURE: CARE Keeps D on INR5.95cr Loans in Non-Cooperating AURAD SOLAR: Ind-Ra Keeps BB on INR129MM Loan in Non-Cooperating BKD INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating BRIAR KNOLL: CARE Moves D on INR4.95cr Loan on Non-Cooperating BROADWAY MEGAAPLEX: CRISIL Assigns B Rating to INR70cr LT Loan CONSOLIDATED CONSTRUCTION: CARE Moves D Ratings to Not Cooperating D.R.J. IMPEX: CRISIL Reaffirms B+ Ratings on INR6.75cr Loans DAULATRAM INDUSTRIES: CARE Moves D Rating to Not Cooperating DHANASHREE AGRO: CRISIL Reaffirms D Ratings on INR122.7cr Loans EMDEE DIGITRONICS: Ind-Ra Moves BB Debt Rating to Non-Cooperating GMW PRIVATE: Ind-Ra Affirms 'BB+' Rating on INR55MM Loans GOPAL CHAKRABORTY: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating INNOVATIVE TEXTILES: Ind-Ra Rates INR528MM Loans 'BB+' JCBL LIMITED: Ind-Ra Rates INR165MM Term Loan 'BB-' JET AIRWAYS: Secures INR2,050 crore Loan from PNB, Mint Reports K.S. PIPE: Ind-Ra Affirms 'B+' Rating on INR70MM Loan KAMACHI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating KANUPAT HIMGHAR: CARE Migrates 'D' Ratings to Not Cooperating LEITWIND SHRIRAM: CARE Migrates 'D' Ratings to Not Cooperating M P AGARWALA: Ind-Ra Affirms BB Rating on INR105MM Loans M.R. GUPTA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating MAISON DE COUTURE: CARE Migrates 'D' Ratings to Not Cooperating MANIK COMMERCIAL: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating MANIYAR REFINARY: Ind-Ra Rates INR80MM Loan 'BB' MAXWELL AUTO: CRISIL Withdraws D Ratings on INR15.5cr Loans MEGH CONSTRUWELL: CRISIL Lowers Ratings on INR5cr Loans to D PATNA SAHIB: Ind-Ra Keeps D on INR217MM Loan on Non-Cooperating PUNJ LLOYD: NCLT Admits ICICI Bank's Insolvency Plea RATTAN POLYCHEM: CARE Migrates 'D' Ratings to Not Cooperating SAGA AUTOMOTIVE: CARE Migrates 'D' Ratings to Not Cooperating SAHDEV JEWELLERS: CARE Migrates 'D' Ratings to Not Cooperating SAI LEASING: CARE Moves D on INR10cr Debt to Not Cooperating SAMRAT IRONS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating SANGAM RICE: CRISIL Retains B Ratings in Not Cooperating Category SARA SPINTEX: Ind-Ra Lowers Long Term Issuer Rating to 'D' SARVESH RICE: CRISIL Maintains 'D' Ratings in Not Cooperating SCT PRIVATE: Ind-Ra Affirms 'BB-' Rating on INR70MM Loan SPRINGFIELD SHELTERS: CARE Migrates D Rating to Not Cooperating SVM CERA: CARE Keeps D Rating on INR7.0cr Loans in Not Cooperating SWADESHI TEXTILES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating TERA SOFTWARE: Ind-Ra Affirms BB+ Rating on INR430MM Loans TISSORI INDIA: CARE Migrates 'D' Ratings to Not Cooperating WORLDSTAR FABRICS: CARE Moves D on INR42cr Loans to Not Cooperating WORSTED OVERSEAS: CARE Migrates 'D' Ratings to Not Cooperating ZEPHYR FABRIC: CARE Moves D on INR25cr Loans to Not Cooperating P H I L I P P I N E S CENORE CORP: Big Hotel Workers to Lose Jobs as Hotel Set to Close S I N G A P O R E RYOBI KISO: Placed Under Interim Judicial Management STATS CHIPPAC: Moody's Raises CFR to 'B2', Outlook Stable X X X X X X X X BOND PRICING: For the Week March 4, 2019 to March 8, 2019 - - - - - ================= A U S T R A L I A ================= A.M.I.E INVESTMENTS: Second Creditors' Meeting Set for March 19 --------------------------------------------------------------- A second meeting of creditors in the proceedings of A.M.I.E Investments Pty Ltd has been set for March 19, 2019, at 12:00 p.m. at Level 9, 440 Collins Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 18, 2019, at 4:00 p.m. Grahame Robert Ward and Domenico Alessandro Calabretta of Mackay Goodwin were appointed as administrators of A.M.I.E Investments on Feb. 13, 2019. AP HUMAN: First Creditors' Meeting Set for March 21 --------------------------------------------------- A first meeting of the creditors in the proceedings of AP Human Resources Pty Ltd will be held on March 21, 2019, at 11:00 a.m. at the offices of HoganSprowles Pty Ltd, at Level 2, 152 Marsden Street, in Parramatta, NSW. Christian Sprowles and Michael Andrew Hogan of HoganSprowles were appointed as administrators of AP Human on March 11, 2019. MICKIM INVESTMENTS: First Creditors' Meeting Set for March 18 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Mickim Investments Pty. Ltd., trading as XCEL Real Estate, will be held on March 18, 2019, at 11:00 a.m. at Level 7, 175 Eagle Street, in Brisbane, Queensland. Anthony Norman Connelly and William James Harris of McGrathNicol were appointed as administrators of Mickim Investments on March 7, 2019. ONTERRAN LIMITED: First Creditors' Meeting Set for March 20 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Onterran Limited will be held on March 20, 2019, at 10:30 a.m. at Christie Spaces, Conference Room E, 320 Adelaide Street, in Brisbane, Queensland. David Lewis Clout and Patricia Talty of David Clout & Associates were appointed as administrators of Onterran Limited on March 8, 2019. PARKHURST FARM: Administrator to Sell Little River Poultry Farm --------------------------------------------------------------- Property Observer reports that a poultry farm in the Werribee area has hit the market, with industry interests and land bankers tipped to be interested. Colliers International's Jesse Manuel and Jock Grimshaw have been appointed to sell Parkhurst Farm at 925 Bulban Road, Little River, on the outskirts of Werribee, Victoria, the report says. Property Observer relates that the appointment has been made by Richard Hughes of Deloitte in his capacity as Deed Administrator of Parkhurst Farm Pty Ltd (Subject to Deed of Company Arrangement). According to the report, Mr. Manuel said with its proximity to the amenity of Melbourne's west and its expanding urban boundary, the Little River property will be sought-after by a diverse range of buyers. "It represents an excellent opportunity for existing poultry industry participants to expand their holdings and geographically diversify, as well as opportunists looking to acquire land in close proximity to major development activity," Property Observer quotes Mr. Manuel as saying. "Historically we've seen chicken meat processors look at these types of farms to convert to breeder farms, the egg industry to rear pullets or install laying infrastructure, as well as the broad acre sector looking to store grain and fertiliser." The property is located about 11 kilometres south-west of Werribee, 38 kilometres north-east of Geelong and 47 kilometres south-west of the Melbourne CBD via the West Gate and Princes Freeways. The area of Little River was famously the inspiration for the name of the classic Australian rock band Little River Band. Parkhurst Farm is a well developed poultry farm that has a history of both poultry meat and egg production and comprises a total shed production area of over 20,000 square metres. Property Observer says the property contains a total land area of 115 hectares (approx.) and has been developed to eight tunnel ventilated grower sheds complete with automated climate-control, feeding, drinking and lighting systems. The sheds were developed from 2003 to 2006, with a key feature being their concrete wall construction. Property Observer relates that associated improvements include manager's residence, various farm shedding, grain silos, extensive water storage tanks, office/control rooms, backup diesel generators and a desalination plant to treat groundwater from the onsite bore. Three phase electricity and reticulated town water are connected to the property. Mr. Grimshaw said the region was characterised by cropping and grazing enterprises and is also a nationally recognised region for commercial chicken meat production with a significant number of broiler farms located in the region, adds Property Observer. Offers are due March 27, Property Observer discloses. SECURICOM NSW: First Creditors' Meeting Set for March 19 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Securicom (NSW) Pty. Limited, trading as "Microlatch" & "Magnetic Head Recording Equipment", will be held on March 19, 2019, at 1:00 p.m. at the offices of Chifley Advisory, at Level 2, 9 Phillip Street, in Parramatta, NSW, and The Glass House Meeting Room, at Level 2, 194 Varsity Parade, in Varsity Lakes, Queensland. Gavin Moss of Chifley Advisory was appointed as administrator of Securicom (NSW) on March 7, 2019. SHOES OF PREY: Online Retailer Enters Liquidation ------------------------------------------------- Tess Bennett at Which-50 reports that after failing to gain traction in a mass market and an ultimately unsuccessful pivot attempt, liquidators have been appointed to online retailer Shoes of Prey. Launched in 2009, Shoes of Prey was a darling of the Australian start-up scene, enjoying strong organic growth and pioneering customisation in ecommerce. The business attracted venture capital investment from Khosla Ventures and Blue Sky Capital and formed strategic distribution partnerships with department stores David Jones and Nordstrom in the US. However the company failed to gain mass market traction and in August 2018, the company announced it was no longer taking orders while it paused "to consider our options for the future," Which-50 relates. FTI Consulting was appointed liquidator earlier this month, after attempts to find a buyer or improve the business failed, Which-50 reports citing The Australian. According to Which-50, Shoes of Prey co-founder Michael Fox on March 10 penned a post on Medium titled The Shoes of Prey Journey Ends, chronicling the rise and fall of the Australian ecommerce company. Which-50 relates that Mr. Fox said the business had attempted to pursue two new strategies: selling footwear to customers who have small, large, wide and narrow feet or using its factory to providing short, fast run manufacturing runs for other retailers and brands. However, complicated operations, high fixed costs and price competition from Chinese factories worked against the 10 year old company. "As with our customisation business, while there are strong early signs that the sizing and short run manufacturing markets might work for us, we've not been able to clearly prove that these customers are willing to pay us enough at a large enough scale to cover our fixed costs. And with the money we've already raised to date it hasn't been possible to raise a round of funding to pursue these avenues," Mr. Fox, as cited by Which-50, wrote. A key learning, Mr. Fox wrote, was to better understand the consumer psychology when attempting to change their behaviour. While early market research suggested the Shoes of Prey model would scale, ultimately designing your own shows failed to gain traction it needed to keep the business afloat. "The customisation niche are creative people who enjoy spending the time to create something unique which they can wear. We learnt the hard way that mass market customers don't want to create, they want to be inspired and shown what to wear," Mr. Fox wrote, Which-50 relays. "If we'd been able to understand that the mass market customer didn't want to customise, we shouldn't have gone down the path of raising venture capital and instead focused on building a strong but smaller business serving our niche of women who wanted to customise, as we did for the first 2.5 years of the business." Mr. Fox offered an alternative lesson to start-up founders: "to pick a business that doesn't require changing consumer behaviour." Co-founder Jodie Fox is currently writing a book on the Shoes of Prey journey, Mr. Fox wrote, which is scheduled to be released this year, adds Which-50. SPECIAL ONE: Creditors Vote to Put Company into Liquidation ----------------------------------------------------------- Liz Wells at Grain Central reports that a meeting of Special One Grain Accumulator's creditors in Dubbo on March 6 has voted to put the company into liquidation, with unsecured creditors estimated to get 9 cents in the dollar for the AUD10.3 million they are collectively owed. According to Grain Central, Special One's board voted last year to put the company into voluntary administration, and Andrew Spring and Trent Devine of Jirsh Sutherland were appointed administrators on October 18. Last month, they provided Special One's creditors with an outline of the company's financial situation, Grain Central relates. It includes a AUD5.6 million debt to NAB as the secured creditor which looks likely to be paid in full when the company is wound up, the report says. With proof of debt totalling AUD1,659,921, Walgett Special One Co-operative is at the top of the unsecured creditors list. It is followed by Allied Pinnacle with AUD748,000 owing, and Louis Dreyfus Company Australia, which is owed AUD593,491. Other unsecured creditors include Australian traders, millers and growers. "We're managing the wind-down of the company's affairs, and we're going through the process of maximising the value that can be returned to creditors," Grain Central quotes Mr. Spring as saying. "There's still a fair bit of work to do." A committee of inspection of four parties, all unsecured creditors, was formed at the meeting to provide guidance to the liquidator, the report notes. According to Grain Central, the administrators' report said Special One Grain had a significant trading loss in the year to June 30, 2018, and declining working-capital ratios, both indicators of insolvency. Special One's directors are Walgett farmers James Moore and David Berrell, Walgett farmer and agronomist Greg Rummery, and Cryon farmer Fiona Denyer, Grain Central discloses. They advised the administrators the current drought, legacy issues from Special One's 2010 wheat and chickpea pools, trading losses and breaching of its banking covenants were reasons for its insolvency, Grain Central relates. The administrators have also cited under-capitalisation, and shrinking margins due to market forces as contributing to the company's inability to trade on, the report adds. Trent Andrew Devine of Jirsch Sutherland was appointed as administrator of Special One on Oct. 18, 2018. THINKHOLDINGS LIMITED: First Creditors' Meeting Set for March 19 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of: -- Thinkholdings Limited; -- Mortron Pty. Ltd.; -- Pay Smart Plus Pty Ltd; -- Thinktrading Pty Ltd; and -- Thinkprocurement Pty Ltd will be held on March 19, 2019, at 11:00 a.m. at Level 9, 1 Castlereagh Street, in Sydney, NSW. Hugh Armenis and Katherine Elizabeth Barnet of Bentleys Corporat were appointed as administrators of Thinkholdings Limited on March 7, 2019. ========= I N D I A ========= A H MALLICK: CARE Migrates 'D' Ratings to Not Cooperating --------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of A H Mallick Agro Services and Cold Storage Pvt. Ltd. (AMASCS) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.56 CARE D; Issuer not cooperating; Facilities Revised from CARE B; Stable based on best available information Short-term Bank 0.26 CARE D; Issuer not cooperating; Facilities Revised from CARE A4 based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from AMASCS to monitor the ratings vide e-mail communications/letters dated November 8, 2018, January 8, 2019, February 6, 2019 and numerous phone calls. However, despite CARE's repeated requests, the entity has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on AMASCS's bank facilities will now be denoted as 'CARE D; ISSUER NOT COOPERATING'. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The revisions in the ratings take into account the on-going delay in debt servicing of the company. Detailed description of the key rating drivers Key Rating Weaknesses On-going delay in debt Servicing: There is an on-going delay in debt servicing of the company as confirmed by banker. A H Mallick Agro Services and Cold Storage Pvt. Ltd. (AMASCS) was incorporated in January 2012 by Mallick family of Hooghly, West Bengal to provide cold storage services with the facility being located at village: Gholsara, Hooghly, West Bengal. However, the commercial operation has been started from March 2013. The company is currently engaged in the business of providing cold storage facility at the same location primarily for potatoes and is operating with a storage capacity of 15,650 metric ton (MT). This apart, the company is in potato trading business during last two years. Liquidity position: The liquidity position of entity was stressed as reflected by its high utilisation of working capital limits and there is on-going delay in the debt servicing of the company. ACARA BIOHERB: CARE Lowers Rating on INR8.50cr ST Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Acara Bioherb Private Limited (ABPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short-term Bank 8.50 CARE D; ISSUER NOT COOPERATING; Facilities Revised from CARE A4 Detailed Rationale & Key Rating Drivers CARE has been seeking information from ABPL to monitor the rating vide e-mail communications/letters dated January 31, 2019, February 1, 2019, February 5, 2019, February 6, 2019 and February 7, 2019 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of best available information which however, in CARE's opinion is not sufficient to arrive at fair rating. The rating on Acara Bioherb Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers Key Rating Weakness Ongoing delays in servicing interest: There are On-going delays in servicing of interest and bills for over two months and over-drawls since July 2018. Small scale of operations with declining profitability margins albeit remained moderate: The scale of operations continued to remain small, however marginally improved during FY18. PBILDT margin decline and stood at 12.94% in FY18 as against 18.34% in FY17. The PAT margin decline and stood at 0.54% in FY18 as compared to 5.50% in FY17. Leveraged capital structure and weak debt coverage indicators: The capital structure marked by overall gearing has deteriorated to 4.25x as on March 31, 2018 as compared to 2.76x as on March 31, 2017. Working capital intensive nature of operations: The working capital cycle stood at 311 days in FY18 as compared to 315 days in FY17. Risk associated with foreign exchange fluctuations and international market regulations: ABPL derives approximately 90% of its income from exports to countries like UAE, Saudi Arabia, Oman, Bahrain, Egypt and UK. However, ABPL does not hedge its foreign currency exposure which exposes its margins to foreign exchange price fluctuations. Further, companies engaged in global trade are subject to both international and regional customs requirements concerning quotas, tariffs and licensing obligations. Dealing with international customs can impact the business, particularly in markets with high tariffs, strict quality regulations or export-import quotas. Competitive nature of industry: ABPL operates on a small scale of operations in a fragmented and highly competitive cosmetic industry which is characterized by the presence of many established players who have global presence. Due to high competition, ABPL has limited flexibility over pricing of their products which may result in low profit margins. However, ABPL with its diversified product range carved a niche for itself in the middle-eastern countries. Key Rating Strengths Experienced promoters in the trading of herbal aromatic oils, extracts and incense sticks: The promoters, Mr H.R.Hanumantha Kumar and Mr H.Pawan have an experience of 48 years and 20 years respectively in the business of trading of herbal aromatic and essential oils, herbal extracts and incense sticks. The experience and knowledge gained from this business helped the promoters in setting up of the manufacturing of the herbal cosmetics and extracts and establishing relationships with suppliers and customers. Growth in operating income and moderate order book position: The TOI of the company has increased from INR11.76 crore in FY17 to INR17.03 crore in FY18. Encouraging market for herbal cosmetics around the world: Consumers worldwide prefer herbal beauty products such as skin care products, hair care products, make-up products and others. The market share for herbal beauty products has been increasing considerably as compared to synthetic beauty products. Companies manufacturing herbal beauty products are primarily focused towards mitigating the adverse effects of synthetic beauty products. There is increasing demand of herbal beauty products owing to the rising consumer awareness regarding harmful effects of the chemical added to the beauty products. Also, there is a rising trend of using herbal medicines in the skin care industry, which is predicted to bolster the growth of the herbal beauty products market. Thus, the domestic and international markets for the products of ABPL look encouraging in the coming years. Diversified product portfolio: ABPL is involved in manufacture of various products like henna, hair cream, shampoos, scrubs and moisturizers, body sprays, hair oils and herbal extracts for use in the pharmaceutical, food and dietary supplement industry. Further, the company also intends to launch 13 variants of henna hair colour and hair colour creams in the coming years. The diversified product portfolio helps ABPL to expand its market reach and mitigate risk associated with failure of any product. Bangalore based Acara Bioherb Private Limited (ABPL) is a private limited company started by Mr H.Pawan in the year 2012. ABPL is involved in the business of manufacturing and exporting of herbal cosmetics and extracts. Some of the main products of ABPL are henna, hair cream, shampoos, scrubs, moisturisers, herbal health supplements. The company procures most of its raw materials like glycerine, harinol IPM and fragrances locally from Maharashtra. ABPL exports majority (about 90%) of its produce to Middle East and United Kingdom. While the herbal cosmetics are sold on business to customer model in Middle Eastern Countries (under the brand name 'Acara'), the herbal extracts used in pharmaceutical, food and dietary industry are sold on business to business model in United Kingdom. ABPL manufactures its products in a plant taken on job work bases in Mumbai from M/s.Glint Cosmetics Pvt. Ltd. The company, apart from outsourcing the research work, also has an own R&D team of 10 members. AGRAWAL DISTILLERIES: Ind-Ra Rates INR40MM Loan 'BB+' ----------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Agrawal Distilleries Private Limited (ADPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR40 mil. Fund-based limits assigned with IND BB+/Stable rating; -- INR23.8 mil. Term loan due on April 2023 assigned with IND BB+/Stable rating; and -- INR20 mil. Non-fund-based limits assigned with IND A4+ rating. KEY RATING DRIVERS The ratings reflect the company's modest scale of operations, as indicated by revenue of INR503 million in FY18 (FY17: INR459 million). The revenue rose due to an increase in sales. As per interim financials, the company achieved a revenue of INR444 million in 9MFY19. The management plans to set up a 144 lakh bulk liters per annum grain-based distillery to increase its production capacity. The expansion would entail a capex of INR540 million, which will be funded through a mix of debt and equity in the ratio of 4:1 in the coming years. Moreover, the company's operates in a highly regulated business environment, as the state government tightly controls the manufacturing and supply of liquor. Any changes in state government policies towards liquor consumption or prohibition would significantly impact ADPL's revenue. In addition, the company's operations are restricted to four districts in Madhya Pradesh, which has led to high geographical concentration. The ratings, however, benefit from ADPL's comfortable credit metrics because of healthy EBITDA margins. The interest coverage (operating EBITDA/gross interest expense) improved to 8.1x in FY18 (FY17: 6.1x) and the net financial leverage improved to 0.8x (1.3x) due to low financial cost and also because the EBITDA increased to INR63 million (INR53 million) owing to a drop in raw material costs (molasses). Nonetheless, the agency expects the credit metrics to deteriorate in the medium term due to the infusion of secured and unsecured debt of INR430 million for the planned capex. The company's RoCE was 29% in FY18 (FY17:30%), and the EBITDA margin rose to 12.6% (11.3%). As per interim financials, the EBITDA margin stood at 15.96% in 9MFY19. The ratings are also supported by the comfortable liquidity profile. ADPL's average utilization of fund-based limits was less than 90% during the 12 months ended January 2019. Its cash and cash equivalent stood at INR24 million in FY18 (FY17: INR7 million), and the cash flow from operations amounted to INR19 million (INR18 million). Furthermore, the promoter has an experience of more than three decades in the liquor industry. RATING SENSITIVITIES Positive: A substantial improvement in the scale of operations while maintaining the credit metrics at comfortable levels, on a sustained basis, will be positive for the ratings. Negative: A substantial deterioration in the credit metrics or liquidity profile, on a sustained basis, will be considered negative for the ratings. COMPANY PROFILE ADPL manufactures portable spirit (country liquor) and has a bottling unit in Khargone, Madhya Pradesh. AGRI VENTURE: CARE Keeps D on INR5.95cr Loans in Non-Cooperating ---------------------------------------------------------------- CARE had, vide its press release dated January 25, 2018, placed the ratings of Agri Venture under the 'Issuer noncooperating' category as Agri Venture had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. Agri Venture continues to be non-cooperative despite repeated requests for submission of information through phone calls and letter/emails dated November 13, 2018, December 4, 2018, January 21, 2019 and January 25, 2019. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long/Short-term 5.95 CARE D/CARE D; Issuer not Bank Facilities cooperating; 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 rating. Detailed description of the key rating drivers At the time of last rating done on January 25, 2018, the following was the rating weakness: Key Rating Weaknesses Delay in debt servicing: Agri venture has been irregular in servicing its debt obligation due to its weak liquidity position and account has become NPA on the back of on-going delay in its debt servicing. Rajkot-based (Gujarat), Agri Venture was incorporated in 2014. Agri Venture is merchant exporter of Agri commodities such as Sesame Seeds, Turmeric Finger, Groundnut and Cumin seeds. Mr. Chirag Mahesh Sangani, proprietor, who has an experience of more than thirteen years, manages the overall operations of the firm. They majorly export to countries like Vietnam, Greece, Turkey, Israel and Egypt. AURAD SOLAR: Ind-Ra Keeps BB on INR129MM Loan in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Aurad Solar Private Limited's (ASPL) Long-Term Issuer Rating in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating action is: -- The 'IND BB' rating on the INR129.2 mil. Term Loan due on August 2031 maintained in the non-cooperating category and withdrawn; and * Maintained in 'IND BB (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS ASPL did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no objection certificate from the rated facilities' lenders. COMPANY PROFILE ASPL is a special purpose vehicle formed in November 2015 to develop, own and operate a 3MW solar power plant in Jonnikeri Village, Karnataka; it is promoted by Mr. Niraj Gelli and Mr. Girish Gelli. The total project cost of INR210 million is being funded in a debt-equity ratio of 62:38. BKD INFRASTRUCTURE: Ind-Ra Moves BB+ Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated BKD Infrastructure Pvt Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR20 mil. Fund-based limits migrated to non-cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; and -- INR120 mil. Non-fund-based limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 13, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE BIPL was incorporated in April 2008 and has a registered office in Sambalpur, Odisha. The company, promoted by Braja Kishore Das and Monalisa Das, executes civil construction works. BRIAR KNOLL: CARE Moves D on INR4.95cr Loan on Non-Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Briar Knoll Mills Private Limited (BKM) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.95 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from BKM to monitor the rating vide e-mail communications dated December 31, 2018, February 4, 2019, a letter dated February 7, 2019 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Briar Knoll Mills Private Limited bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating on December 28, 2017, the following were the rating strengths and weaknesses. Detailed description of the key rating drivers Key Rating Weaknesses NPA Classification from Bank: CARE is in receipt in a communication from the bank that the account has been classified as Non-performing asset. Small scale of operations: BKM commenced its operations during November 2014 and the scale of operations of the company remained small with a total income of INR30.49 cr and PBIDT of INR 4.53 during FY17. Key Rating Strengths Promoter's experience in the textile business: BMK is a 100% subsidiary of Briar Knoll Textile Private Limited (BKT). The Company is managed by a team of professionals with vast experience in their functional areas of Production, Marketing and Finance. Briar Knoll Mills Private Limited (BKM) was incorporated in August 1, 2012 and started commercial operations during November 2014. BTM is engaged in manufacture and sale of fine linen fabrics for home decor both domestic and internationally which is used as input to produce Bed Sheets, Duvets, Curtains and Upholsteries. As on November 30, 2017, BKM had 24 Rapier looms with installed capacity to produce 12.8 lakh metres of fabrics per annum at its facility in Madurai, Tamilnadu. BROADWAY MEGAAPLEX: CRISIL Assigns B Rating to INR70cr LT Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating on the long term bank facilities of Broadway Megaaplex Private Limited (BMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 70 CRISIL B/Stable (Assigned) The ratings reflect BMPL's exposure to risks related to implementation and timely completion of its ongoing project and the risks related to successful ramp up of operations at the facility after the project completion. These weaknesses are partially offset by the extensive entrepreneurial experience of the promoters and their high financial flexibility. Key Rating Drivers & Detailed Description Weaknesses: * Exposure to risks related to implementation and timely completion of its ongoing project: BMPL is yet to start operations and the company is setting up a family entertainment center in Coimbatore. The company is in the nascent stages of the project development. Timely implementation and completion of the ongoing project shall remain a key risk. Any delay in the implementation, shall result in time and cost over runs for BMPL, which shall adversely impact the financial risk profile, particularly, liquidity. * Exposure to risks related to successful ramp up of operations after the project completion: Post the timely completion of the project, successful stabilisation and ramp up of operations at the project shall remain a key monitorable. During the initial stages of operations, footfalls might be lower which might constrain the revenue, however with increasing awareness due to extensive marketing to be undertaken, the footfalls is expected to increase. Strength * Promoter's extensive entrepreneurial experience and their funding support: The promoters have been engaged in the film exhibition industry for over 2 decades. The promoters have also extended funding support in the form of equity and unsecured loans, which stood at around INR7.04 crore and INR7.5 crore respectively as on March 31, 2018. CRISIL believes that BMPL shall benefit from the extensive industry experience and funding support of its promoters, over the medium term. Liquidity The project is funded through a term loan of INR70 crore and the remaining through equity infusion and unsecured loans from the promoters. The company's liquidity shall be supported with fund infusion from the promoters in the form of unsecured loans and equity, till the completion of the project. Further the repayments are expected to commence only from fiscal 2022, providing cushion to the liquidity. Outlook: Stable CRISIL believes that BMPL shall continue to benefit over the medium term, from the extensive entrepreneurial experience of the promoters. The outlook may be revised to "Positive" in case of timely construction progress of the project that shall result in timely completion and stabilisation of operations. Conversely, the outlook may be revised to "Negative, if any delay in the progress results in time and cost over runs, that shall impact BMPL's liquidity adversely. Broadway Megaaplex Private Limited was incorporated in 2016 and is currently setting up a family entertainment Centre at Coimbatore Chennai. The entertainment centre shall consist of 10 movie screens, a gaming arena, shopping area, restaurants, a hotel and banquet halls. The company is yet to commence commercial operations. CONSOLIDATED CONSTRUCTION: CARE Moves D Ratings to Not Cooperating ------------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Consolidated Construction Consortium Limited (CCCL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 597.89 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Short term Bank 602.00 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from CCCL to monitor the ratings vide e-mail communications dated September 19, 2018, December 21, 2018 and February 6, 2019 and a letter dated February 7, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on CCCL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The ratings take into account the on-going delays in debt servicing by the company. Detailed description of the key rating drivers At the time of last rating on March 14, 2018 the following were the rating strengths and weaknesses (updated for the information available from Registrar of Companies and stock exchange): Ongoing delays in debt servicing: CCCL has ongoing delays in servicing of interest on account of tight liquidity position due to its elongated operating cycle. Weak financial profile: The financial profile of CCCL is characterised by net losses and elongated working capital cycle. The company reported loss during FY18. The collection period stands high due to delayed payments from clients. Moderate order book position: The contracts are secured primarily on tender basis. The company participates in the bidding on its own or through joint venture route to secure a contract. The order book has been declining over the years and the size of the order being executed has also been reduced. The company had orders worth of INR903.60 crore at the beginning of FY19. The company has reported total revenue of INR349.5 crore during 9 months period of FY19. Key Rating Strengths Significant experience of the promoters & track record of project execution: CCCL was promoted by first-generation entrepreneurs - Mr R. Sarabeswar, Mr S Sivaramakrishnan, and Mr V.G. Janarthanam. The promoters are well qualified and had worked with L&T-ECC and Shobakshi Group with an experience of around three decades in the construction business. The technical experience gained over the years has enabled them to execute various projects across different sectors. CCCL was incorporated in 1997 by first-generation entrepreneurs Mr R Sarabeswar, Mr S Sivaramakrishnan and Mr V G Janarthanam. CCCL is primarily engaged in construction activities in commercial, infrastructure, industrial and residential domain. CCCL has other subsidiaries, namely, Consolidated Interiors Ltd (interior contracts and fit out services), Noble Consolidated Glazing Ltd (Glazing Services) and CCCL Power Infrastructure Ltd (BOP Orders for Power Projects and food processing). D.R.J. IMPEX: CRISIL Reaffirms B+ Ratings on INR6.75cr Loans ------------------------------------------------------------ CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank facilities of D. R. J. Impex Private Limited (DRJIPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 1.25 CRISIL B+/Stable (Reaffirmed) Overdraft 5.50 CRISIL B+/Stable (Reaffirmed) The rating reflects DRJIPL's modest scale of operations and large working capital requirement. These weaknesses are partially offset by the experience of the promoter. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations: Small scale of operations (revenue was INR7.54 crore in fiscal 2018) and intense competition limit pricing power with suppliers and customers, thereby constraining profitability. Capacity utilisation, however, may increase from the current 55-60% over the medium term because of healthy demand for dried and roasted chicory. * Large working capital requirement: Gross current assets were 365 days as on March 31, 2018, driven by high inventory of 313 days. The trend may continue over the medium term. Strength: * Experience of promoters: The benefits derived from the promoter's experience of over two decades in contract farming, and healthy relationships with industry stakeholders, will, likely, continue to ensure regular inflow of raw material and orders. Liquidity Liquidity is adequate marked by expected cash accruals of INR0.97 crore, against repayment obligation of INR0.6 crore in fiscal 2019. Bank limits of INR5.5 crore is highly utilized at 86.59% for 10 months ended January 2019. Further, bank limits are enhanced to INR6.9 crore, against INR5.5 crore previously, that will give extra cushion to the liquidity. Further, liquidity is supported by the unsecured loan of INR1.64 crore in fiscal 2018 from promoter and family members. Outlook: Stable CRISIL believes DRJIPL will continue to benefit from the experience of the promoter. The outlook may be revised to 'Positive' if a substantial increase in revenue, profitability, and cash accrual, and prudent working capital management strengthen financial risk profile. Conversely, the outlook may be revised to 'Negative' if delays in realisation of receivables or a sizeable withdrawal of capital weakens the financial risk profile. DRJIPL, incorporated in 2014 by Mr Dev Rishi Jain, manufactures chicory. The manufacturing plant at Etah (Uttar Pradesh) has installed capacity of 45 tonne per day and produces dried chicory cubes, roasted chicory and other derivatives of chicory. Commercial production began in 2015 and by 2017, the company achieved 40-45% of capacity; revenue was INR6.58 crore in fiscal 2017. DAULATRAM INDUSTRIES: CARE Moves D Rating to Not Cooperating ------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Daulatram Industries (DI) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 16.97 CARE D; Issuer not cooperating; Facilities based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from DI to monitor the ratings vide e-mail communications dated November 13, 2018, December 24, 2018 and January 8, 2019 and numerous phone calls. E-mail communications and letter dated February 1, 2019 seeking information are attached as Annexure II. 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, DI has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on DI's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed Rationale & Key rating Drivers The rating assigned to the bank facilities of Daulatram Industries continues to remain constrained by Irregularity in debt servicing. Detailed description of the key rating drivers At the time of last rating on January 25 2018, the following were the rating strengths and weaknesses. Key Rating Weakness Delay in debt servicing owing to stress liquidity position: Banker has confirmed in written that there are instances of delay in long term accounts as it has not repaid the installments for the month of November and December 2017. Further CC accounts were overdrawn during the year due to interest application. The management has confirmed the same and delay in debt servicing was mainly due to late receipt of payment from Railways. Late payments from railways resulted in stressed liquidity position reflected by elongated operating cycle of 379 days in FY17. Bhopal (Madhya Pradesh) based Daulatram Industries (DI) was incorporated in 1973 as a partnership firm. The firm is a manufacturer and supplier of dynamic braking systems for diesel and electric locomotives and cooling systems (air conditioners) to Indian Railways. DHANASHREE AGRO: CRISIL Reaffirms D Ratings on INR122.7cr Loans --------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL D/CRISIL D' ratings on the bank facilities of Dhanashree Agro Products Private Limited (DAPPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 1.2 CRISIL D (Reaffirmed) Cash Credit 60 CRISIL D (Reaffirmed) Letter of Credit 1.5 CRISIL D (Reaffirmed) Long Term Loan 60 CRISIL D (Reaffirmed) The ratings continue to reflect instances of delay in servicing term debt because of stretched liquidity following operational losses and large working capital requirement. The rating also factors in large working capital requirement and a weak financial risk profile. However, the company benefits from the extensive experience of the promoters in the sugar industry. Key Rating Drivers & Detailed Description Weaknesses: * Delay in servicing debt: There have been continuous delays in servicing interest and principal, on account of weak liquidity resulting from large working capital requirement and operating losses. * Large working capital requirement: Gross current assets were high at 316 days, driven by large inventory and moderate receivables of 255 and 35 days, respectively, as on March 31, 2018. However, stretched payables of 286 days partially aids working capital management. * Weak financial risk profile: The networth was a negative INR82.64 crore as on March 31, 2018, owing to substantial losses incurred over the past few fiscals; this also led to weak debt protection metrics. The capital structure remains highly leveraged due to sizeable debt and may weaken in case of any increase in working capital requirement. Strength: * Extensive industry experience of the promoters: Benefits from the promoters' experience of seven decades in the sugar industry, established relationships with customers and suppliers, and the professional management of manufacturing activities and product marketing should continue to support the business. Liquidity Liquidity is stretched. There have been recent instances of overdrawing of the cash credit limit owing to large working capital requirement. Also, cash accrual is insufficient against repayment obligation, which, however, is supported by unsecured loans from the promoters. DAPPL (formerly, Lakshmi Sugar Mills Company Pvt Ltd), incorporated in September 1940, is promoted by the Sawhney family. It is one of the oldest sugar manufacturing companies in Uttarakhand. It has a sugar factory at Iqbalpur in Haridwar. EMDEE DIGITRONICS: Ind-Ra Moves BB Debt Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Emdee Digitronics Pvt Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR25 mil. Fund-based working capital limits migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating; -- INR35 mil. Proposed fund-based working capital limits* migrated to non-cooperating category with Provisional IND BB (ISSUER NOT COOPERATING) rating; -- INR96.5 mil. Non-fund-based limits migrated to non-cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR83.5 mil. Proposed non-fund-based limits* migrated to non- cooperating category with Provisional IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 6, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Formed as a partnership firm in 1995, Emdee Digitronics was reconstituted as a private limited company in 2005. It provides several data and manpower services to government entities. The directors are Mr. Manash Das, Mr. Malay Das, and Mrs. Jaya Das Chatterjee. GMW PRIVATE: Ind-Ra Affirms 'BB+' Rating on INR55MM Loans --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed GMW Private Limited's (GMW) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR155 mil. Fund-based limits affirmed with IND BB+/Stable rating; and -- INR725 mil. Non-fund-based limits affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects GMW's modest liquidity as a result of its stressed working capital cycle. The company's average utilization of fund-based facilities was about 94% during the 12 months ended January 2019. Moreover, from January 2019, the company's drawing power of its fund-based limits has reduced to INR50 million from INR135 million. The cash flow from operations remained weak at INR0.99 million in FY18 (FY17: negative INR8.83 million). The cash and cash equivalents stood at INR1.77 million at end-FY18 (end-FY17: INR4 million). The net cash cycle was 230 days in FY18 (FY17: 229 days). Debtor days ranged between 263 days and 268 days over FY15-FY18 (FY18:264 days; FY17: 263 days, FY16: 268 days) due to slow realization and the company's requirement of maintaining retention money for up to 12-24 months post project completion. GMW had an inventory holding period of 60-80 days during FY15-FY18 (FY18: 68 days; FY17: 94 days, FY16: 80 days). The company's creditor period reduced to102 days in FY18 (FY17: 128 days, FY16: 140 days). Additionally, the company's scale of operations remained moderate in FY18, as indicated by revenue of INR620 million (FY17: INR564 million). The revenue increased in FY18 because of higher execution of orders during the period. GMW achieved gross revenue of INR260.30 million in 9MFY19. The company expects revenue to increase in the near term, given the order book of INR2,632 million (4.2x of FY18 revenue) as of February 2019. The same will be executed over FY19-FY23. The company has historically been generating higher amount of revenues from its engineering, procurement, and construction segment (revenue share of about 53% in FY18). However, from FY19, GMW has begun to focus more on its product manufacturing segment (revenue share of about 59.4% in 9MFY19) to improve its overall cash conversion cycle. Furthermore, the RoCE was 11.85% in FY18 (FY17:10.38%) and the EBITDA margin was modest at 14.57% (15.47%) on account of the inherent nature of the business. The margin declined slightly because of an increase in raw material costs. The ratings factor in the moderate credit metrics. The EBITDA/interest coverage increased to 2.22x in FY18 (FY17: 2.09x) and net leverage reduced to 1.65x (1.83x), as interest and finance costs decreased to INR41 million (INR42 million) owing to partial repayment of debts and growth in absolute EBITDA to INR90 million (FY17: INR87 million). The ratings are supported by the promoters' experience of more than 30 years in executing engineering, procurement, and construction contracts. RATING SENSITIVITIES Positive: A substantial, sustained improvement in the revenue and/or operating profitability, leading to an improvement in the overall credit metrics, along with an improvement in financial flexibility will be positive for the ratings. Negative: Any decline in the revenue or operating profitability, leading to deterioration in the liquidity position or its overall credit metrics, and the inability to improve its financial flexibility could lead to a negative rating action. COMPANY PROFILE Incorporated in 1986, GMW installs hydro mechanicals equipment such as hydel gates, stop log gates, piping work and penstock piping for various power projects. The company is promoted by Mr. Onkar Singh, Mr. Nagindar Singh, Mr. Jasbir Singh, and their family. GOPAL CHAKRABORTY: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Gopal Chakraborty Charitable Trust's bank loans' ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR292.66 mil. Bank loans migrated to non-cooperating category with IND BB- (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The rating was last reviewed on March 9, 2018. Ind-Ra is unable to provide an update as the agency does not have adequate information to review the ratings. COMPANY PROFILE Gopal Chakraborty Charitable Trust runs the Indus Valley World School, which is spread over 170,000 square feet, offers K-12 education and is affiliated to the Central Board of Secondary Education. The trust was established in 2008 in Kolkata and is registered under the Indian Trust Act, 1882. INNOVATIVE TEXTILES: Ind-Ra Rates INR528MM Loans 'BB+' ------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Innovative Textiles Limited (ITL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR528.89 mil. Term loans due on March 2024 assigned with IND BB+/Stable rating; -- INR210 mil. Fund-based working capital limits assigned with IND BB+/Stable/IND A4+ rating; and -- INR130 mil. Non-fund-based working capital limits assigned with IND A4+ rating. KEY RATING DRIVERS The ratings reflect ITL's medium scale of operations, as indicated by revenue of INR2,494.26 million in FY18 (FY17: INR2,155.23 million). The revenue rose because of an increase in sales volume as well as realizations due to a favorable demand scenario. The ratings also factor in the volatile and modest EBITDA margins due to fluctuations in raw material prices and the highly fragmented nature of the industry. The margin increased to 10.11% in FY18 (FY17: 9.84%) due to a fall in raw material costs, and the RoCE was 4.40% (4.11%). The company's ability to earn returns on capital is subdued due to the low capacity utilization of the new garment manufacturing facility in Nagpur. Also, the company's credit metrics are moderate. The interest coverage (EBITDA/gross interest expenses) improved to 2.01x in FY18 (FY17: 1.86x) owing to the increase in operating profits to INR252.18 million (INR212.18 million). The net leverage improved to 7.83x in FY18 (FY17: 9.45x) due to repayment of long-term loans. The debt-to-equity ratio has been high owing to the infusion of high amounts of debt for the capex incurred to set up the garments manufacturing plant in Nagpur. However, the ratio improved slightly to 3.85x in FY18 (FY17: 3.98x) due to the debt repayments. The ratings also factor in PAPL's tight liquidity position, as evident from the low cash flow from operations and around 99% average peak utilization of the working capital limits. The cash flow from operations turned positive at INR70.01 million in FY18 (FY17: negative INR250.25 million) due to the shortening of the net working capital cycle to 145 days (158 days) In addition, the ratings reflect the high customer concentration risk, as 39% of the revenue in FY18 (FY17: 29%) was derived from the top five customers. The ratings, however, are supported by the promoter's experience of more than a decade in the textile industry. RATING SENSITIVITIES Positive: A substantial growth in revenue along with sustaining of the EBITDA margins, leading to an improvement in the credit metrics, all on a sustained basis, could lead to a positive rating action. Negative: A decline in the EBITDA margin, leading to deterioration in the credit metrics, all on a sustained basis, could result in a negative rating action. COMPANY PROFILE Incorporated in 1993, ITL was previously engaged in the manufacturing of yarn, fabric and garments. However, the company sold its yarn plant in January 2019 and is now focusing only on fabric and garments manufacturing in Nagpur. JCBL LIMITED: Ind-Ra Rates INR165MM Term Loan 'BB-' --------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned JCBL Limited (JCBL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR340 mil. Fund-based working capital limit assigned with IND BB-/Stable/INDA4+ rating; -- INR230 mil. Non-fund-based working capital limit assigned with IND A4+ rating; and -- INR165 mil. Term loan due on March 2025 assigned with IND BB- /Stable rating. KEY RATING DRIVERS The ratings reflect JCBL's moderate scale of operations. The company's revenue rose to INR2,123.32 million in FY18 (FY17: INR1,494.99 million) due to an increase in the number of orders. Also, the company's credit metrics are weak because of the average EBITDA margins. The interest coverage improved to around 1.50x in FY18 (FY17: 1.43x) on account of a decrease in interest expenses. The net leverage improved to 3.47x in FY18 (FY17: 3.69x) because the total debt declined to INR543.46 million (INR579.66 million). JCBL's EBITDA margins have been average because of fluctuations in raw material costs. The margin declined to 7.26% in FY18 (FY17: 10.28%) because of an increase in raw material prices; the RoCE stood at 13% in FY18 (FY17: 11%). The ratings factor in JCBL's moderate liquidity position. The company's working capital cycle is elongated owing to high inventory days. However, it improved to 89 days in FY18 (FY17: 114 days) due to a decline in the inventory and debtor days. The cash flow from operations rose to INR103.56 million in FY18 (FY17: INR95.26 million) because of the improvement in the working capital cycle. However, the cash and cash equivalent declined to INR8.96 million in FY18 (FY17: INR12.65 million). Moreover, the company's average use of the working capital limits was 99.65% during the 12 months ended January 2019. The ratings, however, are supported by the promoter's experience of three decades in the bus manufacturing segment. RATING SENSITIVITIES Positive: Improvement in the revenue, EBITDA margin or liquidity, leading to an improvement in the credit metrics, all on a sustained basis, and sustained credit metrics, will be positive for the ratings. Negative: A significant decline in the revenue or EBITDA margin, leading to deterioration in the credit metrics and/or tightening of liquidity, all on a sustained basis, will be negative for the ratings. COMPANY PROFILE Incorporated in 1989, JCBL is engaged in bodybuilding and fabrication of buses and containers for original equipment manufacturers such as Swaraj Mazda Limited, Eicher Motors Limited, Tata Motor Limited, Ashok Leyland Limited and state transport undertakings. The company also provides transport solutions to prime fleet operators, schools and other institutions in the country. JET AIRWAYS: Secures INR2,050 crore Loan from PNB, Mint Reports --------------------------------------------------------------- Livemint reports that Jet Airways (India) Ltd has secured fresh credit facilities of INR2,050 crore from state-run Punjab National Bank (PNB) that could provide a temporary lifeline to the cash-strapped airline. The Mumbai-based airline has raised foreign currency term loans worth INR1,100 crore and a non-fund based credit facility of INR950 crore from PNB, according to loan documents, copies of which were reviewed by Mint. Although the documents mention that Jet Airways will use the credit facility for its working capital needs, a person directly aware of the airline's plans said on condition of anonymity that the money would be primarily used to pay rental dues to aircraft lessors and salary arrears, Livemint relates. If the loan proceeds are used to pay dues to lessors and pare the company's debt, then this may improve Jet Airways' credit rating and also help it resume flights it stopped after at least 49 leased planes were grounded since February 8 because of non-payment of rents, Livemint says. "The bank is a part of the consortium of lenders led by the State Bank of India (SBI) which has lent to the airline in the past. The consortium partners continue to be in talks with the Jet Airways management to explore different ways of resolving its issues," Livemint quotes a PNB spokesperson as saying. A spokesperson for Jet Airways did not respond to an emailed questionnaire, Livemint notes. Livemint relates that in an emailed response to queries, a spokesperson for Abu Dhabi-based Etihad Airways PJSC, which has a 24% stake in Jet Airways, said: "As a minority shareholder, Etihad continues to work constructively with the Jet Airways board, management team and other stakeholders." The credit facility has been raised in two lots through separate agreements with PNB. Under one agreement, Jet Airways received a credit facility of INR1,050 crore, including a term loan in dollars worth INR350 crore (at a notional rate of INR67 per dollar) and a non-fund based facility of INR700 crore. The second agreement, a credit facility of INR1,000 crore, includes a term loan of INR750 crore and a non-fund based facility of INR250 crore. "The loan has been raised in dollars at a stronger rupee as compared to the value of rupee now. So, there is a cost arbitrage, which could help the company to repay larger amounts of rupee loans," said the person cited earlier. According to Livemint, both the term loans have a five-year repayment tenure, although their interest rates vary. The INR750 crore loan has been sanctioned at a rate of 12-month Libor plus 5%, with a yearly reset. The rate for the INR300 crore term loan is 6-month Libor plus 3.5%, with a half-yearly reset. The loan agreement was signed on January 14, the report says. Jet Airways has an option to sell down as much as INR250 crore of the term loan to other investors, according to the loan agreements with PNB. "The non-fund based facility can be later converted to current account credit facility and be used to fund operations or meet other dues," said the person cited earlier, Livemint relays. About Jet Airways Based in Mumbai, India, Jet Airways (India) Limited -- https://www.jetairways.com/ -- provides passenger and cargo air transportation services. It also provides aircraft leasing services. It operates flights to 66 destinations in India and international countries. As of November 22, 2018, the company had a fleet of 124 aircraft, comprising Boeing 777-300 ERs, Airbus A330-200/300, the latest Boeing 737 Max 8, Next Generation Boeing 737s, and ATR 72-500/600s. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 28, 2018, ICRA revised the ratings on certain bank facilities of Jet Airways (India) Limited to [ICRA]C from [ICRA]B. The rating downgrade considers delays in the implementation of the proposed liquidity initiatives by the management, further aggravating its liquidity, as reflected in the delays in employee salary payments and lease rental payments to the aircraft lessors. Moreover, the company has large debt repayments due over the next four months (December-March) of FY2019 (INR1,700 crore), FY2020 (INR2,444.5 crore) and FY2021 (INR2,167.9 crore). The company is undertaking various liquidity initiatives, which includes, among others, equity infusion and a stake sale in Jet Privilege Private Limited (JPPL), and the timely implementation of these initiatives is a key rating sensitivity. Moreover, the company continues to witness a stress in its operating and financial performance. K.S. PIPE: Ind-Ra Affirms 'B+' Rating on INR70MM Loan ----------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed and withdrawn K.S. Pipe Fittings Private Limited's (KSPF) Long-Term Issuer Rating of 'IND B+'. The Outlook was Stable. The instrument-wise rating actions are: -- The 'IND B+' rating on the INR70.00 mil. Fund-based working capital limits* affirmed and withdrawn; and -- The 'IND A4' rating on the INR50.0 mil. Non-fund-based limit^ affirmed and withdrawn. * Affirmed at 'IND B+'/'IND A4' before being withdrawn ^ Affirmed at 'IND A4' before being withdrawn KEY RATING DRIVERS The affirmation reflects KSPF's continued medium scale of operations, as indicated by revenue of INR225 million in FY18 (FY17: INR169.08 million). The rise in revenue, which was driven by demand growth, boosted the EBITDA to INR26.21 million (INR20.35 million). The company's RoCE stood at around 12.6% in FY18 (FY17: 9.11%) and the operating margin remained modest at 11.62% (12.04%) because of fluctuations in raw material costs. Additionally, the working capital cycle is elongated; however, it improved to 425 days in FY18 (FY17: 490 days) due to a decline in debtor and inventory days. The cash flow from operations was around INR32.97 million (negative INR5.53 million), and the cash and cash equivalent amounted to around INR0.91 million (INR0.37 million). The company's credit metrics improved but remained weak in FY18. The net financial leverage (total adjusted net debt/operating EBITDAR) improved to 3.85x in FY18 (FY17: 4.76x) because of the increase in the EBITDA. The interest coverage deteriorated to 1.50x (1.53x) as interest expenses rose to INR17.46 million (INR13.30 million). The ratings, however, are supported by the promoter's experience of more than 10 years in the pipe and fittings industry, which has led to established relationships with customers such as Bharat Heavy Electricals Limited ('IND AA+'/Stable), Hindustan Petroleum Corporation Limited ('IND AAA'/Stable), and Indian Oil Corporation Ltd ('IND AAA'/Stable). Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the rated facilities' lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Incorporated in 2007, KSPF company manufactures a large variety of butt-weld forged pipe–fittings, all types of flanges, fabricated pipes and fittings in stainless steels, carbon steel, alloy steel metals etc. The company is located in Faridabad, Haryana. Its directors are Bhagwan Dass Sharma and Kavita Sharma. KAMACHI INDUSTRIES: Ind-Ra Affirms 'D' Long Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Kamachi Industries Limited's (KIL) Long-Term Issuer Rating at 'IND D'. The instrument-wise rating actions are: -- INR7,131.1 bil. Term loans (long-term) due on June 2022 affirmed with IND D rating; -- INR2,119.8 bil. Fund-based working capital limits (long- /short-term) affirmed with IND D rating; and -- INR4,476.8 bil. Non-fund-based working capital limits (short- term) affirmed with IND D rating. KEY RATING DRIVERS The affirmation reflects continued delays in the servicing of term loan obligations during the 12 months ended January 2018 because of a tight liquidity position. RATING SENSITIVITIES Positive: Timely debt service for at least three consecutive months would result in a positive rating action. COMPANY PROFILE Incorporated in 2003, KIL manufactures and trades sponge iron, mild steel billets, and thermo mechanical-treated (TMT) bars. The company has an integrated steel plant, with facilities to manufacture 120,000 metric tons (MT) of sponge iron, 205,000MT of steel billets and 500,000MT of TMT bars. In addition, it operates a 10MW waste heat recovery plant and a 70MW thermal power plant. The company's debt was restructured under corporate debt restructuring in February 2013. KANUPAT HIMGHAR: CARE Migrates 'D' Ratings to Not Cooperating ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of from Kanupat Himghar Private Limited (KHPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 11.09 CARE D; Issuer not cooperating; Facilities Based on best available Information Short term Bank 0.09 CARE D; Issuer not cooperating; Facilities Based on best available Information Detailed Rationale and key rating drivers CARE has been seeking information from KHPL to monitor the rating vide e-mail communications/letters dated Feb. 5, 2019, Feb. 6, 2019 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 rating on Kanupat Himghar Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating in December 28, 2017, the following were the rating strengths and weaknesses: Key Rating Weaknesses: Ongoing delays in debt servicing: There are on-going delays in servicing of debt obligations by the company due to its stressed liquidity position. Kanupat Himghar Private Ltd (KHPL) was incorporated in May 1997 by Mr Nemai Charan Ghosh, Mr Sanjay Kumar Ghosh and Mr Dhananjoy Ghosh. After remaining dormant for around one and half decade, it has commenced operations of cold storage services and trading of potatoes in May 2013. The cold storage facility of KHPL is located at Udaynarayanpur, Howrah (West Bengal) with aggregated storage capacity of 16789 metric ton. KHPL earned revenue of around 68% from trading activities and rest from rental business in FY16. Liquidity position: Comment on liquidity is not available due to non cooperation and also banker could not be contacted. LEITWIND SHRIRAM: CARE Migrates 'D' Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Leitwind Shriram Manufacturing Private Limited (LSML) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 470.86 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Short-term Bank 162.01 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from LSML to monitor the ratings vide e-mail communications dated August 3, 2018, August 6, 2018, November 13, 2018 and November 17, 2018 and a letter dated February 11, 2019. 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on LSML's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings take into account the instances of delays in servicing debt obligations. Detailed description of the key rating drivers At the time of last rating on September 19, 2017, the following were the rating strengths and weaknesses: Key Rating Weaknesses Instances of delays in debt servicing: With low order book in hand during FY17 and non-availability of working capital, the company witnessed decline in total operating income during FY17 at INR153 crore as against INR269 crore during FY16. On account of higher material and employee costs including volatile nature of raw material prices, the company reported net loss of INR181 crore in FY17. Continuing losses during the period FY15-FY17 along with cash flow mismatches has led to tight liquidity position for the company resulting in instances of delays in servicing of debt obligations. LSML's operations are working capital intensive, in FY17, given the slow execution of orders and non-availability of working capital limits there has been accumulation of inventory; higher inventory holding and receivables resulted in high operating cycle for the company. Key Rating Strength Part of non-financial vertical of Shriram group: Chennai based Shriram group came into existence in 1974 and has significant presence in financial services industry including Commercial Vehicle Finance, Consumer & Enterprise Finance, Life & General Insurance and Financial product distribution. LSML has been supported by the holding companies in terms of funding requirements. During the period FY15-FY16, LSML has received capital infusion from its shareholders to the tune of INR228 crores to part fund the working capital requirement and meet repayment obligations. LSML is a joint venture between Shriram Group's SVL limited [Formerly known as Shriram Industrial Holding Ltd. (SIHL)] and Italy based Windfin BV, was incorporated to provide wind power solution on turnkey basis. LSML is engaged in the manufacturing, installation, commissioning of Wind Electric Generators (WEG), creating infrastructure such as site development and proving power evacuation facility for wind power projects, and their maintenance. The company has a fully integrated manufacturing facility in Chennai with a capacity of 144 WEG per annum and offers 1.5MW/1.8 MW WEG with different variants. M P AGARWALA: Ind-Ra Affirms BB Rating on INR105MM Loans -------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed M P Agarwala's (MPA) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR105 mil. (increased from INR70 mil.) Fund-based facilities affirmed with IND BB/Stable/IND A4+ rating; and -- INR270 mil. (increased from INR110 mil.) Non-fund-based facilities affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects MPA's continued medium scale of operations. Revenue grew to INR638 million in FY18 (FY17: INR556 million), driven by higher execution of orders. The firm achieved revenue of INR581 million in 9MFY19. As on January 1, 2019, the firm had an order book of INR2,103.7 million (3.3x of FY18 revenue), to be executed by FY21. The ratings continue to factor in the firm's modest credit metrics as indicated by interest coverage (operating EBITDA/gross interest expense) of 4.9x in FY18 (FY17: 3.6x) and net leverage (total adjusted net debt/operating EBITDAR) of 1.8x (1.3x). The improvement in interest coverage was on account of an increase in absolute EBITDA to INR54 million in FY18 (FY17: INR42 million). While, the net leverage deteriorated owing to a rise in total debt to INR104 million in FY18 (FY17: INR66 million), resulting from higher use of its fund-based limits at FYE18. The ratings are constrained by the proprietorship nature of the business. The ratings also reflect the MAP's modest liquidity position as indicated by 92.4% and 93.6% average utilization of the fund-based and non-fund-based limits, respectively, during the 12 months ended January 2019. Fund flow from operations remained positive during FY15-FY18 (FY18: INR50 million, FY17: INR36 million). The net cash conversion cycle improved to 31 days in FY18 (FY17: 62 days), on account of a reduction in inventory holding period to 69 days (90 days). However, the ratings benefit from MAP's healthy EBITDA margins of 8.4% in FY18 (FY17: 7.5%). The improvement was because of a decrease in raw material cost. Its return on capital employed was 29% in FY18 (FY17: 24%). The ratings remain supported by the firm's founder's more than three decades of experience in executing engineering, procurement and construction contracts. RATING SENSITIVITIES Negative: A decline in the operating profitability or elongation of the working capital cycle, resulting in deterioration of the credit metrics on a sustained basis could be negative for the ratings. Positive: A substantial improvement in the scale of operations, while maintaining the credit metrics could be positive for the ratings. COMPANY PROFILE Incorporated in 2010, MPA is a proprietorship firm set up by Mr. Mahabir Prasad Agarwala. The firm undertakes civil construction of roads, bridges, and building for the Public Works Departments of Assam and Meghalaya. M.R. GUPTA: Ind-Ra Migrates 'BB-' Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated M.R. Gupta & Company Private Limited's Long-Term Issuer Rating of 'IND BB-' to the non-cooperating category and simultaneously withdrawn it. The instrument-wise rating actions are: -- The 'IND BB-' rating on the INR488.50 mil. Fund-based working capital limit* migrated to Non-Cooperating Category and withdrawn; and -- The 'IND A4+' rating on the INR50.00 mil. Bank guarantee# migrated to Non-Cooperating Category and withdrawn. * Migrated to 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn # Migrated to 'IND A4+ (ISSUER NOT COOPERATING)' before being withdrawn Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 6, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. KEY RATING DRIVERS The ratings have been migrated to the non-cooperating category because the issuer did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra. Ind-Ra has simultaneously withdrawn the ratings as it has received no objection certificates from the lenders. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Formed in 1992, M.R. Gupta & Company is engaged in the trading of plastic raw materials and polymer products such as high-density polyethylene, linear low-density polyethylene, and low-density polyethylene and polyvinyl chloride resins. The company has a presence in Delhi, Haryana, and Uttar Pradesh. MAISON DE COUTURE: CARE Migrates 'D' Ratings to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Maison De Couture Fabrics Private Limited to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11.70 CARE D; Issuer Not Cooperating; Facilities Based on best available (Term Loan) information Long-term Bank 28.82 CARE D; Issuer Not Cooperating; Facilities Based on best available (Cash Credit) information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Maison De Couture Fabrics Private Limited to monitor the ratings vide e-mail communications dated January 4, 2019; January 14, 2019; January 22, 2019 and January 29, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on the company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in servicing of debt obligations: As per interaction with the lenders, there are on-going delays in servicing of interest payment and overdrawls in fund based limits due to stretched liquidity position of the company. The company operates in a working capital intensive nature of business and stretched recoveries from customers further tightened the liquidity position of the company. Analytical approach: Combined A combined view is considered for ‘Oneworld Group' companies which includes Oneworld Creation Private Limited (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL) and Oneworld Design Studios Private Limited (ODS). The combined view for the group is on account of strong operational and managerial linkages being in the same line of business and common promoters. Established in the year 1995 by Mr Urvil Jani and Mr Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and ready-made garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited companies incorporated in the year 2012 viz. Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Maison De Couture Fabrics Private Limited was incorporated on August 10, 2015 to establish and undertake business of trading of shirting fabrics in India under the brand name ‘Tissori' on stock and sales basis. MANIK COMMERCIAL: Ind-Ra Migrates 'B' LT Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Manik Commercial Pvt. Ltd.'s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based limits migrated to non-cooperating category with IND B (ISSUER NOT COOPERATING) rating; -- INR49 mil. Term loans due on September 2023 migrated to non- cooperating category with IND B (ISSUER NOT COOPERATING) rating; and -- INR2.46 mil. Non-fund-based limits migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 14, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1996, West Bengal-based Manik Commercial is a trader of agro products. The company’s day-to-day operations are managed by Mithun Bose and Manik Chandra Bose. MANIYAR REFINARY: Ind-Ra Rates INR80MM Loan 'BB' ------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Maniyar Refinary Private Limited (MRPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument-wise rating action is: -- INR80 mil. Fund-based working capital limits assigned with IND BB/Stable/IND A4+ rating. KEY RATING DRIVERS The ratings reflect MRPL's medium scale of operations, as indicated by revenue of INR740.6 million in FY18 (FY17: INR1,065.4 million). The revenue declined in FY18 mainly due to the absence of trading activities. The company has indicated revenue of INR467 million in 9MFY19. The ratings also factor in the company's modest and volatile margins, as a result of no major value addition in the business and fluctuations in raw material prices. EBITDA margin was 1.5% in FY18 (FY17: 0.9%) and RoCE was 6.7% ( 5.9%). The ratings also factor in MRPL's moderate credit metrics. Net leverage improved to 7.0x in FY18 (FY17: 7.8x), on account of a decrease in short-term debt and an increase in absolute EBITDA, on the back of improved EBITDA margin. However, interest coverage (operating EBITDA/gross interest expense) remained at 1.3x in FY18 (FY17: 1.3x), because of an increase in interest cost and a decline in revenue. The ratings are constrained by the company's tight liquidity. Its peak utilization of the working capital limits was around 96.7% on average during the 12 months ended January 2019. Cash and equivalent were INR1.7 million in FY18 (FY17: INR4.9 million). However, the working capital cycle was short at 58 days in FY18 (FY17: 41 days), and there is no term debt obligation over the medium term. The ratings, however, are supported by the promoters' experience of more than two decades in the edible oil industry, which has enabled the company to establish strong relationships with customers and suppliers. RATING SENSITIVITIES Negative: A decline in the revenue and/or the absolute EBITDA, leading to deterioration in the credit metrics, all on a sustained basis, will be negative for the ratings. Positive: A substantial increase in the revenue, along with a rise in the absolute EBITDA, leading to an improvement in credit metrics, all on a sustained basis, will lead to a positive rating action. COMPANY PROFILE Incorporate in 2007, MRPL is engaged in the blending and packaging of edible oils. The unit is in Gaganpahad (Telangana) and is managed by Mr. Maniyar's sons, Mr. Vijay Kumar Maniyar and Mr. Vinay Kumar Maniyar. MAXWELL AUTO: CRISIL Withdraws D Ratings on INR15.5cr Loans ----------------------------------------------------------- CRISIL has withdrawn its rating on the bank facilities of Maxwell Auto Components Private Limited (MACPL) on the request of the company and after receiving no objection certificate from the bank. The rating action is in-line with CRISIL's policy on withdrawal of its rating on bank loan facilities. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.75 CRISIL D (ISSUER NOT COOPERATING; Rating Withdrawn) Cash Term Loan 8.00 CRISIL D (ISSUER NOT COOPERATING; Rating Withdrawn) Proposed Long 1.75 CRISIL D (ISSUER NOT Term Bank Loan COOPERATING; Rating Withdrawn) Facility CRISIL has been consistently following up with MACPL for obtaining information through letters and emails dated April 25, 2018, May 9, 2018, June 8, 2018 and June 12, 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 MACPL. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for MACPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has Continues the ratings on the bank facilities of MACPL to 'CRISIL D Issuer not cooperating'. Incorporated in 2011, MACPL manufactures grey and spheroidal graphite (SG) iron casting products for customers in the automobile, heavy vehicle, and transmission industries. It is promoted by Mr. A Chandrasekaran. MEGH CONSTRUWELL: CRISIL Lowers Ratings on INR5cr Loans to D ------------------------------------------------------------ CRISIL has downgraded its ratings on bank facilities of Megh Construwell (Megh) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 1.5 CRISIL D (Downgraded from 'CRISIL B+/Stable') Term Loan 1.5 CRISIL D (Downgraded from 'CRISIL B+/Stable') The rating downgrade reflects recent delays in repayment of term loan obligations on account of weak liquidity. The delayed realization of payment from government agencies has led to strained liquidity. The ratings also reflect Megh's modest scale and geographic concentration in operations, large working capital requirement and weak financial risk profile. These weaknesses are partially offset by healthy experience of the proprietor in the civil construction industry. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations and geographical concentration: The scale remained modest at INR5.35 crore in fiscal 2018 (Rs 6 crore in fiscal 2017). Megh undertakes civil contracts majorly for Nashik Municipal Corporation. Geographic and customer concentration risks are, therefore, high. Revenue growth is dependent on regional impetus on infrastructure development * Large working capital requirement: Gross current assets were high at about 376 days, with inventory and debtors of 166 and 52 respectively, as on March 31, 2018. Stretching creditors partially supports working capital. * Weak financial risk profile: A small networth, high gearing and low accruals constrain the financial risk profile. Strengths: * Extensive experience of the proprietor: The proprietor has experience of more than two decades in the civil construction business, having executed various projects for the government in the past. Liquidity Liquidity remained weak driven by delays in payments from customers leading to insufficient cash flows to service term loan obligations. Working capital bank line has also been almost fully utilised. Megh was set up in 1993 as a proprietorship firm by Mr Meghraj Suresh Avadh and got its present name in 2008. It undertakes projects in civil construction for Municipal Corporation for laying pipes, construction of drainage systems, elevated water tanks and reservoirs primarily for Nashik Municipal Corporation. PATNA SAHIB: Ind-Ra Keeps D on INR217MM Loan on Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Patna Sahib Charitable Educational Trust’s bank loan rating of 'IND D (ISSUER NOT COOPERATING)' in the non-cooperating category and has simultaneously withdrawn it. The instrument-wise rating action is: -- The 'IND D' rating on the INR217.5 mil. Term loans* due on January 2019 maintained in non-cooperating category and withdrawn. * Maintained in 'IND D (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS Patna Sahib Charitable Educational Trust did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Ind-Ra is no longer required to maintain the rating, as the agency has received a no objection certificate from the lenders. This is consistent with The Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Patna Sahib Charitable Educational Trust was established in December 2010 under the Societies Registration Act XXI of 1860. The trust manages Patna Sahib Group of Colleges that was established in FY12 and is based in Vaishali, Bihar. Patna Sahib Charitable Educational Trust offers B.Tech and diploma courses in engineering, which are approved by All India Council for Technical Education and affiliated to Aryabhatt Knowledge University, Patna. PUNJ LLOYD: NCLT Admits ICICI Bank's Insolvency Plea ---------------------------------------------------- Livemint reports that in a setback to Punj Lloyd Ltd, National Company Law Tribunal (NCLT) on March 8 admitted an insolvency plea against the engineering and construction firm filed by ICICI Bank Ltd. A two-member principal bench headed by president Justice M.M. Kumar has admitted the lender's plea to initiate insolvency proceedings against Punj Lloyd for a default of INR853.83 crore, the report says. Confirming the development, Punj Lloyd said in a regulatory filing that the company was waiting for the copy of the full order to provide further details, Livemint relates. "We hereby inform you that NCLT Principal Bench, New Delhi vide order pronounced on March 8, 2019, has admitted the petition filed by ICICI Bank under Section 7 of the Insolvency and Bankruptcy Code, 2016 in respect of an alleged default amount of INR853.83 crore," Punj Lloyd, as cited by Livemint, said in the filing. ICICI Bank had in June 2018 filed an application before NCLT against Punj Lloyd alleging default by the company. However, at that time, its other lenders—including the State Bank of India—opposed the insolvency plea, saying that the company has several ongoing projects and favoured restructuring of its debts. Punj Lloyd has total debt of around INR6,000 crore, of which ICICI Bank accounts for around INR854 crore. Punj Lloyd Ltd is an engineering & construction company in India, providing integrated design, engineering, procurement, construction (EPC) and project management services for oil & gas, process industry and infrastructure sector projects. PLL has various subsidiaries operating in multiple geographies and engaged in EPC in the field of oil and gas and infrastructure sector. RATTAN POLYCHEM: CARE Migrates 'D' Ratings to Not Cooperating ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Rattan Polychem Private Limited (RPPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 13.00 CARE D; Issuer not cooperating; Facilities Revised from CARE BB; Stable On the basis of best available information Short-term Bank 5.00 CARE D; Issuer not cooperating; Facilities Revised from CARE A4 on the basis of best available information Long-term/Short- 12.00 CARE D; Issuer not cooperating; Term Bank Revised from CARE BB; Stable/ Facilities CAREA4 on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from RPPL to monitor the ratings vide e-mail communications/letters dated February 8, 2019, February 4, 2019, February 1, 2019, December 24, 2018, November 22, 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on RPPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating has been revised on account of ongoing delays in servicing the debt obligations. Detailed description of the key rating drivers Key Rating Weakness Ongoing delays in servicing debt obligation: There are ongoing delays in servicing of debt obligations on account of stretched liquidity position. Faridabad (Haryana) based, RPPL incorporated in December 3, 2009 is promoted by Mr. Yashvir Singh Dagar and Mrs. Darshana Dagar. The company is engaged in manufacturing of Expandable polystyrene (EPS) of various grades ranging from RPCL 1218 to RPCL 9100. The manufacturing facility of the company is located at Faridabad, Haryana. SAGA AUTOMOTIVE: CARE Migrates 'D' Ratings to Not Cooperating ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Saga Automotive (India) Private Limited (SAIPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 21.21 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Short-term Bank 0.50 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key rating Drivers CARE has been seeking information from SAIPL to monitor the ratings vide email communications/letters dated November 29, 2018, December 5, 2018, and January 7, 2019 and February 4, 2019 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 ratings on the basis of the available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, SAIPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The ratings on KPPL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating continues to take into account delay in debt servicing in the past. Detailed description of the key rating drivers Key rating weaknesses Irregularity in debt servicing: There were instances of delay in debt servicing in the past. Jaipur (Rajasthan) based Saga Automotive India Private Limited (SAIPL) was incorporated in 2006 by Mr. Sanjay Maheshwari, Mrs. Kanak Biyani, Mr. Harmeet Singh Anand and Mr. Naveen Maheshwari. SAIPL is an authorized dealer of Skoda Auto India Private Limited (Skoda) since the beginning of incorporation and currently, the company operates four showrooms, two at Jaipur, one at Sikar and Kota respectively and has two workshops at Jaipur and one at Kota. The company has been awarded with respect to "Best Dealership", "Most Fastest Dealer Award" etc in many a times in previous years. It also has highest market share in Rajasthan for D-segment. SAHDEV JEWELLERS: CARE Migrates 'D' Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Sahdev Jewellers (SJW) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Short term Bank 13.20 CARE D; Issuer Not Cooperating; Facilities Based on best available (Fund Based) Information Short term bank 38.20 CARE D; Issuer Not Cooperating; Facilities Based on best available (Non-fund based) Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from SJW to monitor the rating(s) vide e-mail communications/letters dated February 1, 2019, January 31, 2019, January 23, 2019, January 16, 2019, January 7, 2019, December 31, 2018, November 30, 2018, October 25, 2018, August 9, 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Sahdev Jeweller's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings assigned to the bank facilities of SJW takes into account on-going delays in debt servicing. Detailed description of the key rating drivers At the time of last rating on April 3, 2018, the following were the rating weakness. Key Rating Weaknesses Delays in the servicing of debt obligations: The weak financial profile is marked by the delays in the servicing of debt obligations in the PCFC account. The company has defaulted on the debt servicing in the PCFC account and has ongoing LC devolvements. The company has ongoing delays as per bankers. SJW was established in 1998 as a partnership firm by Mr. Vasdev Sahdev and Mr. Ravi Sahdev (son of Mr. Vasdev Sahdev) as partners. During FY17, the constitution of the firm has been changed to a proprietorship firm following demise of Mr. Vasdev Sahdev. The firm is an export oriented unit and is engaged in manufacturing, trading and export of plain gold Jewellery. The firm has a manufacturing unit at SEZ (Special Economic Zone) in Noida, Uttar Pradesh and has a wholesale outlet in Karol Bagh, Delhi. SAI LEASING: CARE Moves D on INR10cr Debt to Not Cooperating ------------------------------------------------------------ CARE Ratings has migrated the rating on bank facilities of Sai Leasing Company to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.00 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Sai Leasing Company to monitor the ratings vide letter dated February 7, 2019, e-mail communications dated February 6, 2019; February 5,2019; February 2, 2019; January 22, 2019; January 8, 2019 etc. and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requiste information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Sai Leasing Company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating takes into account delays in debt servicing due to stretched liquidity of Sai leasing Company. The prospects of the firm are also exposed to cyclicality in the real estate and construction sector and risk of being partnership nature of constitution. However, the firm has experienced partners in the construction industry. Going forward, the ability of the firm to improve its liquidity position and achieve envisaged sales while achieving profitability would remain the key rating sensitivity. Detailed description of the key rating drivers At the time of last rating on March 6, 2018, the following were the rating strengths and weaknesses: Key Rating Weaknesses Ongoing delays in debt servicing: There are ongoing delays in servicing the debt obligations. The delays are on account of weak liquidity position as the firm started its commercial operations in April, 2017 and is unable to generate sufficient funds. Exposure to cyclicality in the real estate and construction sector: The prospects of the firm are primarily dependent upon the demand of real estate and construction sector across the globe. The real estate industry is cyclical in nature and is exposed to various external factors like the deposable income, interest rate scenario etc. Any adverse movement in the macro economic factors may affect the real estate industry which in turn would impact the demand for SLC's products. The credit outlook for the sector remains weak until demand picks up which depends on the improvement in the affordability. Partnership nature of constitution: SLC'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. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision of the lenders. Fragmented nature of the construction sector albeit improving growth prospects: The construction sector in India is highly fragmented with a large number of small and mid-sized players. This coupled with tendering process in order procurement results into intense competition within the industry. Despite these road blocks faced by the industry, the sector is expected to grow, given huge economic significance associated with it and rising investor interest. Also, the outlook for Indian construction sector continues to be stable in the medium to long-term on account of increased thrust of Government on development of infrastructure to support economic growth. Key Rating Strengths Experienced partners in the construction industry: Mr. Mohit Dabra has total work experience of 8 years which he gained through his association with Dabra Weighbridge, engaged in manufacturing weighbridges (capital goods) and Jai Financing Company, engaged in providing financial services, as an employee. On the other hand, Mrs. Pakija Arora has total work experience of around one decade in the construction industry. She gained this experience through her association with R K City Developers Private Limited (RKC) as employee. Both the partners have adequate acumen about various aspects of business. Sai Leasing Company (SLC) was established in September, 2016 as a partnership firm by Mr. Mohit Dabra and Mrs. Pakija Arora sharing profit and losses equally. SLC is engaged in providing of construction material like aluminum scaffoldings, shuttering plates, planks and other equipment such as cranes to various contractors, builders and developers located in the Chandigarh Tricity area (Chandigarh, Panchkula and Mohali) on rental basis. The premises of the firm are based in Zirakpur, Punjab. The firm started its commercial operations in April 2017. SAMRAT IRONS: Ind-Ra Migrates 'BB+' LT Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Samrat Irons Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR660.0 mil. Fund-based working capital limit migrated to non-cooperating category with IND BB+ (ISSUER NOT COOPERATING) / IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR12.5 mil. Term loan due on February 2020 migrated to non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 6, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in FY12, Samrat Irons is engaged in the trading of steel products. SANGAM RICE: CRISIL Retains B Ratings in Not Cooperating Category ----------------------------------------------------------------- CRISIL said the ratings on bank facilities of Sangam Rice Private Limited (SRPL) continues to be 'CRISIL B/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 5.5 CRISIL B/Stable (ISSUER NOT COOPERATING) Long Term Loan .55 CRISIL B/Stable (ISSUER NOT COOPERATING) Proposed Term Loan 1.45 CRISIL B/Stable (ISSUER NOT COOPERATING) Warehouse Receipts 11.00 CRISIL B/Stable (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SRPL for obtaining information through letters and emails dated July 31, 2018 and January 15, 2019 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 SRPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SRPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of SRPL continues to be 'CRISIL B/Stable Issuer not cooperating'. Furthermore, the company has not paid the fee for conducting rating surveillance as agreed to in the rating agreement. SRPL, set up in 2008, mills, processes, and markets rice. Its plant is in Patran, Punjab. The company is managed by Mr. Sanjiv Kumar and Mr. Deepak Garg. SARA SPINTEX: Ind-Ra Lowers Long Term Issuer Rating to 'D' ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Sara Spintex India Pvt Ltd.'s (SSIPL) Long-Term Issuer Rating to 'IND D' from 'IND B-'. The Outlook was Stable. The instrument-wise rating actions are: -- INR287.3 mil. Long-term loan (Long Term) due on December 2021 downgraded with IND D rating; -- INR150 mil. Fund-based working capital limits (Long Term) downgraded with IND D rating; and -- INR20 mil. Non-fund-based working capital limits (Short Term) downgraded with IND D rating. KEY RATING DRIVERS The downgrade reflects SSIPL's delays in the repayment of term loan installment since December 2018, owing to a tight liquidity position. RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months could result in a rating upgrade. COMPANY PROFILE Formed in 2013, SSIPL is promoted by Jalal Gilani and Muniza Gilani. The company manufactures cotton yarn at its installed capacity of 50,400 quintals per annum located in Yavatmal, Maharashtra. SARVESH RICE: CRISIL Maintains 'D' Ratings in Not Cooperating ------------------------------------------------------------- CRISIL said the ratings on bank facilities of Sarvesh Rice Mill Private Limited (SRMPL) continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.5 CRISIL D (ISSUER NOT COOPERATING) Cash Credit 5.25 CRISIL D (ISSUER NOT COOPERATING) Proposed Term 3.55 CRISIL D (ISSUER NOT COOPERATING) Loan Term Loan 10.70 CRISIL D (ISSUER NOT COOPERATING) CRISIL has been consistently following up with SRMPL for obtaining information through letters and emails dated July 31, 2018 and January 15, 2019 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 SRMPL, which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on SRMPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Based on the last available information, the ratings on bank facilities of SRMPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'. SRMPL, incorporated in 2009, processes par-boiled rice at its facility in Bardhaman, West Bengal. Its operations are managed by Mr. Ritesh Agarwal and Ms. Vasudha Agarwal. SCT PRIVATE: Ind-Ra Affirms 'BB-' Rating on INR70MM Loan -------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed SCT Private Limited's (SCTPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR70 mil. Fund-based working capital limit affirmed with IND BB-/Stable/IND A4+ rating; and -- INR80 mil. Non-fund-based working capital limit affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects SCTPL's continued small scale of operations as reflected by revenue of INR162.34 million in FY18 (FY17: INR244.90 million). The decline in revenue was on account of lower execution of orders. The company booked revenue of INR124 million as of 10MFY19. The company's return on capital employed was 5% and EBITDA margin was modest at 18.87% in FY18 (FY17: 13.41%). Despite the revenue decline, the margin improved on account of a decline in the cost of raw materials consumed. The ratings continue to factor in SCTPL's modest credit metrics as indicated by gross interest coverage (operating EBITDA/gross interest expense) of 1.92x in FY18 (FY17: 1.78x) and net financial leverage (total adjusted net debt/operating EBITDAR) of 4.56x (2.94x). The deterioration in net financial leverage was due to a decline in absolute EBITDA and an increase in debt. While, the interest coverage improved to a decline in bank charges and commission. The ratings are constrained by the company's tight liquidity position as reflected by 89.86% average use of its fund-based facilities for the 12 months ended January 2019. The working capital cycle elongated to 462 days in FY18 (FY17: 262 days), owing to an increase in inventory holding period to 433 days in FY18 (FY17: 231 days). Cash flow from operations remained low at INR15.19 million in FY18 (FY17: INR16.04 million). Cash and cash equivalents stood at INR7.44 million at FYE18 (FYE17: INR11.94 million). However, the ratings continue to benefit from SCTPL's promoter's experience of more than four decades in the transformer business. RATING SENSITIVITIES Negative: A negative rating action could result from a decline in the EBITDA margin, leading to a sustained deterioration in the credit metrics. Positive: A positive rating action could result from a substantial rise in the EBITDA margin, leading to an improvement in the credit metrics. COMPANY PROFILE Incorporated on June 26, 1979, SCTPL was incorporated as a System Controls & Transformers Private Limited. On March 21, 2016, the company was renamed as SCTPL. It manufactures current and potential transformers at its facility in Ghaziabad (Uttar Pradesh). The site has an annual production capacity of 3,000 transformers. SPRINGFIELD SHELTERS: CARE Migrates D Rating to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Springfield Shelters Private Limited (SSPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 36.85 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from SSPL to monitor the rating vide e-mail communications dated December 31, 2018, January 14, 2019, a letter dated February 7, 2019 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Springfield Shelters Private Limited bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating on January 22, 2018, the following were the rating strengths and weaknesses. Key Rating Weaknesses Delay in Servicing of Debt Obligations: The Company has delayed in servicing of its debt obligations. Moderate Booking Status & Slowdown in Execution: Due to slowdown in the real estate market, the booking status for the company's units has been low for the past 2 years. There has been very little improvement in both sales and execution of the ongoing projects Project implementation Risk: The company executes all the projects with its own construction team, without subcontracting the work. This exposes the overall project costs to fluctuations in raw material prices. Key Rating Strengths Promoter's experience in the industry: SFS is promoted by Mr. C Raja John and Mr. C Venkateswara Rao, both alumni of Anna University. All the residential projects of the company are executed by its own team, which gives it complete control on the project timelines and enables it to complete projects on time. Spring Field Shelters Private Limited (SFS) is a Coimbatore-based company engaged in the development of residential real estate projects. SFS was incorporated in May 2006 by Mr. C Raja John and Mr. C Venkateswara Rao, both having more than two decades of industrial experience. SFS is a closely held company with the entire shareholding held amongst Mr. C Raja John, Mr. C Venkateswara Rao and their family members. SVM CERA: CARE Keeps D Rating on INR7.0cr Loans in Not Cooperating ------------------------------------------------------------------ CARE had, vide its press release dated January 24, 2018, placed the ratings of SVM Cera Private Limited (SCPL) under the 'issuer non-cooperating' category as SCPL had failed to provide information for monitoring of the ratings for the rating exercise as agreed to in its Rating Agreement. SCPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated November 13, 2018, November 20, 2018, December 4, 2018 and February 5, 2019. In line with the extant SEBI guidelines, CARE has reviewed the ratings on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.50 CARE D; Issuer Not Cooperating; Facilities Based on best available Information Short term Bank 2.40 CARE D; 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 done on January 24, 2018 the following were the rating weaknesses: Key Rating Weaknesses Ongoing delay in debt servicing: SCPL has been irregular in servicing its debt obligation and there are on-going delays in debt servicing due to weak liquidity position of the company. Ankleshwar-based (Gujarat), SCPL (formerly known as SVM Cera Tea Limited and SVM Cera Limited) was incorporated in January, 1986. The registered office of the company is located at 2, Biplabi Tarilokya Maharaj Sarani, Kolkata. The management of the company is handled by Mr K.M. Bhandari (Director) under the leadership of Mr S.V. Mohta (Director) and Mr Ghanshyam Chomal (Director). Initially the company was engaged into the real estate business. In 1994, the company diversified its area of operations by entering into the manufacturing of ceramic glaze frit by setting up a manufacturing unit in Ankleshwar, spread across 14,000 Sq. Metres with total installed capacity of 14,490 metric tons per annum (MTPA) as on March 31, 2016. SWADESHI TEXTILES: Ind-Ra Migrates B+ LT Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Swadeshi Textiles Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 22, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2001, Mumbai-based Swadeshi Textiles manufactures interlining and wide width fabrics. TERA SOFTWARE: Ind-Ra Affirms BB+ Rating on INR430MM Loans ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has revised Tera Software Limited's (Terasoft) Outlook to Stable from Negative while affirming its Long-Term Issuer Rating at 'IND BB+'. The instrument-wise rating actions are -- INR430 mil. Fund-based limits affirmed; Outlook revised to Stable from Negative with IND BB+/Stable/IND A4+ rating; and -- INR880 mil. Non-fund-based limits affirmed; Outlook revised to Stable from Negative with IND BB+/Stable/IND A4+ rating. KEY RATING DRIVERS The Outlook revision reflects Terasoft's increased revenue visibility and collection of receivables overdue for more than 365 days as of September 2018. As on 31 December 2018, the company had an order book of INR10,246 million (7.04x of FY18 revenue), of which INR7,660 million worth of orders are to be executed by FY21. Of the INR584.6 million of receivables, Terasoft received INR192.3 million from Andhra Pradesh State Fibrenet Limited and INR57.6 million from Electronics Corporation of India Limited for a project during January-February 2019. Since Terasoft's clients are government agencies, the receivable risk is mitigated to some extent. Ind-Ra expects the revenue to increase from FY20 on account of the strong order book, leading to an improvement in its credit metrics. The ratings continue to reflect Terasoft's medium scale of operations as indicated by revenue of INR687.2 million in 3QFY19 (FY18: INR1,455.3 million, FY17: INR2,503.4 million). Terasoft's EBITDA margin was moderate at 10.5% in 9MFY19 (FY18: 6.6%, FY17: 8.0%)). Its return on capital employed was 5.1% in FY18 (FY17:13.6%). Ind-Ra expects the company to book around INR1,000 million in revenue during 4QFY19 as it is required to complete APSFL's project worth INR2,175.1 million, funded by the central government, by September 2019. The credit metrics remain modest. Interest cover improved marginally to 1.4x in 9MFY19 (FY18: 1.3x). The company's net leverage was 4.4x in FY18 (FY17: 2.3x). The company's net working capital cycle stretched to 240 days in FY18 (FY17: 124 days) on account of an increase in collection period to 292 days (206 days) and inventory holding period to 34 days (10 days). However, on an absolute level, the receivables decreased INR245.6 million to INR1,163.9 million in FY18 (FY17: INR1,409.5 million). The ratings remain constrained by the company's tight liquidity position to fund the working capital intensive nature of operations. Its average peak use of the fund-based working capital facilities was 96%% during the 12 months ended February 2019. Cash flow from operations turned positive to INR13.8 million in FY18 from negative INR121.5 million in FY17 owing to a decline in receivables. The absence of term loans and receipt of payments worth INR249.9 million during January-February 2019, helps in easing the stress on the liquidity to some extent. RATING SENSITIVITIES Negative: A decline in the revenue coupled with deterioration in the credit metrics and further stress on the liquidity position, all on a sustained basis, could result in a negative rating action. Positive: An increase in the revenue leading to an improvement in the credit metrics and liquidity position, all on a sustained basis, could lead to a positive rating action. COMPANY PROFILE Hyderabad-based Terasoft provides hardware and software services through long-term contracts on a build-own-operate-transfer basis to government organizations. Its three business segments are projects, technical services, and systems integration. TISSORI INDIA: CARE Migrates 'D' Ratings to Not Cooperating ----------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Tissori India Fabrics Private Limited to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 17.51 CARE D; Issuer Not Cooperating; Facilities Based on best available (Term Loan) information Long-term Bank 32.51 CARE D; Issuer Not Cooperating; Facilities Based on best available (Cash Credit) Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Tissori India Fabrics Private Limited to monitor the ratings vide e-mail communications dated January 4, 2019; January 14, 2019; January 22, 2019 and January 29, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on the company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in servicing of debt obligations: As per interaction with the lenders, there are on-going delays in servicing of interest payment and overdrawls in fund based limits due to stretched liquidity position of the company. The company operates in a working capital intensive nature of business and stretched recoveries from customers further tightened the liquidity position of the company. Analytical approach: Combined A combined view is considered for ‘Oneworld Group' companies which includes Oneworld Creation Private Limited (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL) and Oneworld Design Studios Private Limited (ODS). The combined view for the group is on account of strong operational and managerial linkages being in the same line of business and common promoters. Established in the year 1995 by Mr Urvil Jani and Mr Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and ready-made garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited companies incorporated in the year 2012 viz. Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Tissori India Fabrics Private Limited was incorporated on July 20, 2015 to establish and undertake business of trading of shirting fabrics in India under the brand name 'Tissori' on confirmed order basis. WORLDSTAR FABRICS: CARE Moves D on INR42cr Loans to Not Cooperating ------------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Worldstar Fabrics LLP to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 42.25 CARE D; Issuer Not Cooperating; Facilities Based on best available (Cash Credit) Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Worldstar Fabrics LLP to monitor the ratings vide e-mail communications dated January 4, 2019; January 14, 2019; January 22, 2019 and January 29, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on the company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in servicing of debt obligations: As per interaction with the lenders, there are on-going delays in servicing of interest payment and overdrawls in fund based limits due to stretched liquidity position of the firm. The firm operates in a working capital intensive nature of business and stretched recoveries from customers further tightened the liquidity position of the firm. Analytical approach: Combined A combined view is considered for 'Oneworld Group' companies which includes Oneworld Creation Private Limited (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT), Worldstar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL) and Oneworld Design Studios Private Limited (ODS). The combined view for the group is on account of strong operational and managerial linkages being in the same line of business and common promoters. Established in the year 1995 by Mr Urvil Jani and Mr Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and ready-made garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited companies incorporated in the year 2012 viz. Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Worldstar Fabrics LLP was incorporated on September 15, 2015 to establish and undertake business of trading of men's bottom wear in India. WORSTED OVERSEAS: CARE Migrates 'D' Ratings to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Worsted Overseas Trading LLP to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11.85 CARE D; Issuer Not Cooperating; Facilities Based on best available (Term Loan) information Long-term Bank 28.67 CARE D; Issuer Not Cooperating; Facilities Based on best available (Cash Credit) Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Worsted Overseas Trading LLP to monitor the ratings vide e-mail communications dated January 4, 2019; January 14, 2019; January 22, 2019 and January 29, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on the company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in servicing of debt obligations: As per interaction with the lenders, there are on-going delays in servicing of interest payment and overdrawls in fund based limits due to stretched liquidity position of the firm. The firm operates in a working capital intensive nature of business and stretched recoveries from customers further tightened the liquidity position of the firm. Analytical approach: Combined A combined view is considered for 'Oneworld Group' companies which includes Oneworld Creation Private Limited (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL) and Oneworld Design Studios Private Limited (ODS). The combined view for the group is on account of strong operational and managerial linkages being in the same line of business and common promoters. Established in the year 1995 by Mr Urvil Jani and Mr Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and ready-made garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited companies incorporated in the year 2012 viz. Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Worsted Overseas Trading LLP was incorporated on September 11, 2015 to undertake business of trading of premium fabrics on confirmed order basis. ZEPHYR FABRIC: CARE Moves D on INR25cr Loans to Not Cooperating --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facilities of Zephyr Fabric Trading LLP to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 25.00 CARE D; Issuer Not Cooperating; Facilities Based on best available (Cash Credit) Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Zephyr Fabric Trading LLP to monitor the ratings vide e-mail communications dated January 4, 2019; January 14, 2019; January 22, 2019 and January 29, 2019 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 best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on the company's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in servicing of debt obligations: As per interaction with the lenders, there are on-going delays in servicing of interest payment and overdrawls in fund based limits due to stretched liquidity position of the firm. The firm operates in a working capital intensive nature of business and stretched recoveries from customers further tightened the liquidity position of the firm. Analytical approach: Combined A combined view is considered for 'Oneworld Group' companies which includes Oneworld Creation Private Limited (OCPL), Oneworld Industries Private Limited (OIPL), Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS), Tissori India Fabrics Private Limited (TIFPL), Maison De Couture Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo Fabrics Private Limited (UFPL) and Oneworld Design Studios Private Limited (ODS). The combined view for the group is on account of strong operational and managerial linkages being in the same line of business and common promoters. Established in the year 1995 by Mr Urvil Jani and Mr Manoj Khushalani, the group began its business under a partnership firm "Roshvil Enterprise". The firm was engaged in the business of trading of fabrics in bulk quantities for men's wear. Subsequently, the product profile was diversified by the firm to cater to women's wear and ready-made garments. Owing to increase in the scale of operation over the years, the group was re-christened as Oneworld group and the business carried under the partnership firm was transferred to a private limited companies incorporated in the year 2012 viz. Oneworld Industries Private Limited. Consequently, many other companies were incorporated to carry on trading of various textile products. Currently, the group is engaged in the business of trading in fabric materials and readymade garments (manufactured on job work basis). Zephyr Fabric Trading LLP was incorporated on September 15, 2015 to establish and undertake business of trading of men's bottom wear in India. ===================== P H I L I P P I N E S ===================== CENORE CORP: Big Hotel Workers to Lose Jobs as Hotel Set to Close ----------------------------------------------------------------- BusinessWorld Online reports that at least 300 workers stand to lose their jobs as Big Hotel, owned by Cenore Corp., is stopping operations following the closure order issued earlier by the Mandaue City government over the sublease contract on the property. BusinessWorld relates that Cenore subleased the property from Katumanan Hardware, which has the original lease contract with the city government during the administration of former mayor Jonas Cortes. The present city administration has questioned the agreement because it did not have the authority from the City Council. According to BusinessWorld, Cenore President Roderick Ngo said the company is shutting down operations within three months. Mr. Ngo said the members of the board of Cenore have nothing to discuss on the new terms demanded by the city government of its lease contract for the lot where Big Hotel stands. "After yesterday's [March 7] board meeting, Cenore has decided instead that it will direct the hotel management operator Travelbee Management Corporation to close the operations of Big Hotel effective three months from today," the report quotes Mr. Ngo as saying. He also said that the hotel management has been loosing at least PHP3 million every day since the city government served the notice last week. "On the business sense, Cenore believes that the bleeding from Travelbee's hotel operations of Big Hotel has to be stopped, taking into account the cancellations of hotel bookings, programs and events, and recorded daily loss of PHP3,000,000 caused by the Notice of Closure and the news about hotel closure," Mr. Ngo, as cited by BusinessWorld, said. ================= S I N G A P O R E ================= RYOBI KISO: Placed Under Interim Judicial Management ---------------------------------------------------- Lee Meixian at The Business Times reports that Ryobi Kiso on March 8 said that the High Court, after hearing the interim judicial managers' applications, has ordered the company and its subsidiary, Ryobi Kiso (S) Pte Ltd, to be placed under interim judicial management, pending the determination of the judicial management applications. Goh Thien Phong and Chan Kheng Tek from PricewaterhouseCoopers Advisory Services were appointed the joint interim judicial managers (JM) of the company and its subsidiary until the applications are determined, or until further order, BT discloses. They are empowered and authorised to exercise all such functions, powers and duties which are exercisable by a JM, and can take steps as they deem appropriate to manage the business of the company and its subsidiary, the report relates. BT says a pre-trial conference for the JM applications will be held on March 28 at the High Court of Singapore. The interim JMs will provide further updates on material developments as and when appropriate, the report notes. Ryobi Kiso Holdings Ltd. -- http://www.ryobi-kiso.com/-- an investment holding company, provides ground engineering solutions in Singapore, Australia, Malaysia, Vietnam, and Indonesia. Its Bored Piling segment offers piling works to carry heavy vertical loads from structures, such as buildings and bridges; and horizontal loads in earth retaining structures for deep excavation, including MRT tunnels and basements of buildings. STATS CHIPPAC: Moody's Raises CFR to 'B2', Outlook Stable --------------------------------------------------------- Moody's Investors Service has upgraded STATS ChipPAC Pte. Ltd.'s corporate family rating to B2 from B3. The rating outlook is stable. RATINGS RATIONALE "The upgrade reflects the significant reduction in debt following the sizeable cash injection from its parent Jiangsu Changjiang Electronics Tech Co., Ltd (JCET) which funded the early redemption of its senior secured notes," says Annalisa Di Chiara, a Moody's Vice President - Senior Credit Officer. In January, JCET injected $479 million of cash into STATS ChipPAC which was used to redeem the $425 million senior secured notes due 2020 at 104.25%. As a result, leverage, as measured by adjusted debt/EBITDA, is expected to remain around 3.0x-3.25x as compared to Moody's original expectations of around 4.5x for FYE2019. "This injection is significant as it came in as equity -- not as a shareholder loan -- and accounts for around half of the $950 million funding STATS ChipPAC has received from JCET since 2016," adds Di Chiara. JCET has shown a track record of consistent financial and operational support. With the inclusion of the $780 million acquisition cost paid in 2015, JCET has invested close to $1.8 billion in STATS ChipPAC over the last 3 years. JCET's financial support for STATS ChipPAC has in part been funded through the additional investments in JCET itself by its key shareholders, National Integrated Circuit Industry Investments Fund Co, Ltd (IC Fund) and Semiconductor Manufacturing Int'l Corp. (SMIC, Baa3 stable). Neither IC Fund nor SMIC have a direct interest in STATS ChipPAC although both have direct stakes in JCET. In fact, both participated in JCET's private placement -- which raised around RMB3.6 billion in late 2018 -- resulting in IC Fund's ownership in JCET climbing to 19.0% (from 9.54%) while SMIC contributed RMB517 million to maintain its 14.28% shareholding. The proceeds from JCET's private placement were ultimately used to fund the most recent $479 million cash injection into STATS ChipPAC. "We view the shareholders' investments as evidence of STATS ChipPAC's and JCET's strategic importance to China's integrated circuit industry. And we expect such shareholder support and commitment to continue over the next 12-24 months, particularly considering STATS ChipPAC's debt-service obligations through August 2020", adds Di Chiara. STATS ChipPAC reported just $116 million in cash on its balance sheet at September 30, 2018, and the company has no additional availability under its existing working capital facilities. Through March 2019, the company has around $100 million of amortization payments due on its $315 million syndicated bank loan. This bank loan matures in August 2020. The B2 rating also reflects the company's leading market position in the global outsourced semiconductor assembly and test (OSAT) industry. The outlook is stable, reflecting the expectation of continued financial support from JCET to help ensure adequate liquidity -- with a minimum cash balance of around $50 million -- and compliance with bank loan covenants. Moody's also expects leverage, as measured by adjusted debt/EBITDA, to remain under 4.0x. Furthermore, the stable outlook assumes timely refinancing of the company's syndicated bank loan in August 2020. Upward rating pressure is unlikely over the near term, given the recent upgrade. However, the rating could be upgraded over the longer term if (1) if STATS ChipPAC successfully refinances its upcoming debt maturities -- including bank debt and shareholder loan - in a way that improves the company's liquidity profile, (2) there is evidence of continued financial support from JCET, or (3) significantly improves free cash flow generation. Downgrade rating pressure could arise if (1) the company's cash levels are sustained below $50 million as a result of weak profitability, or (2) continued financial support from JCET fails to materialize. In addition, downward pressure could arise if EBITDA trends below $180 million or if a debt restructuring were to materialize, resulting in a failure by STATS ChipPAC to meet its debt service obligations as outlined in its original debt agreements. The principal methodology used in this rating was Semiconductor Industry published in July 2018. STATS ChipPAC Pte. Ltd. is a leading service provider of semiconductor packaging design, assembly, test and distribution solutions in diverse end market applications including communications, digital consumer and computing. With global headquarters in Singapore, STATS ChipPAC has design, research and development, manufacturing or customer support offices throughout Asia, the United States and Europe. STATS ChipPAC is a business unit of Jiangsu Changjiang Electronics Tech Co., Ltd. (JCET, unrated), a publicly-traded company on the Shanghai Stock Exchange. JCET is 19.0% owned by the National Integrated Circuit Industry Investments Fund Co, Ltd and 14.3% owned by SilTech Semiconductor (Shanghai) Corporation Limited (SilTech), an indirect, wholly owned subsidiary of Semiconductor Manufacturing Int'l Corp. (Baa3 stable). =============== X X X X X X X X =============== BOND PRICING: For the Week March 4, 2019 to March 8, 2019 --------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00 ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00 CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08 CHINA ----- AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83 BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17 BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22 BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20 BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37 C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36 CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81 CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.38 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66 CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66 CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85 CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27 DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15 ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50 FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09 FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81 GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55 HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51 HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14 HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84 HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01 HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64 HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63 HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92 JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10 JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50 JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92 JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23 JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03 KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55 KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62 KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35 KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36 KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19 KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10 KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03 LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85 LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08 LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18 LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38 LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99 NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33 NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27 NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50 NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29 PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00 PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60 QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32 QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61 QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07 QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08 QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69 QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34 RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40 RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08 RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06 SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39 SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25 SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95 SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38 SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29 SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23 SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48 SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08 SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21 SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26 SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86 SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15 SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75 SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30 SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74 SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96 SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56 SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50 SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73 SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66 SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45 TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23 TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15 TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40 TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19 TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53 VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39 WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00 WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50 WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97 WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72 WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37 WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50 WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50 XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46 XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01 XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41 XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35 XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52 XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19 XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08 XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30 YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44 YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74 YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46 YINYI CO LTD 7.03 06/21/21 CNY 72.00 YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39 ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00 ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15 ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18 ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99 ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30 ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97 ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04 HONG KONG --------- CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09 CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44 DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50 PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 10.36 ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82 AMPSOLAR 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CORP 1.02 12/15/17 JPY 0.50 TKJP CORP 0.85 03/06/19 JPY 2.02 TKJP CORP 0.58 03/26/21 JPY 2.02 KOREA ----- HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43 INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22 KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.80 SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82 SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79 SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93 SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72 SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19 SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.33 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29 I-BHD 3.00 10/09/19 MYR 0.29 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25 PUC BHD 4.00 02/15/19 MYR 0.05 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 68.00 PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57 SINGAPORE --------- APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05 ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50 EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 HYFLUX LTD 4.60 09/23/19 SGD 45.01 HYFLUX LTD 4.25 09/07/18 SGD 45.38 HYFLUX LTD 4.20 08/29/19 SGD 45.79 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32 OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63 PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24 THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 69.96 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.56 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14 DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2019. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***