/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/170523.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, May 23, 2017, Vol. 20, No. 101 Headlines A U S T R A L I A AZMAC PTY: Second Creditors' Meeting Slated for May 30 LABOUR 2U: Second Creditors' Meeting Set for May 29 MATON AIRCONDITIONING: Second Creditors' Meeting Set for May 30 REMOTE CONTRACTING: Second Creditors' Meeting Set for May 29 SURFSTITCH: Warns Losses to Double; To Close N. American Ops TREE MINDERS: First Creditors' Meeting Set for May 29 B A N G L A D E S H BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Ratings C H I N A 361 DEGREES: S&P Affirms 'BB' CCR Despite Rising Competition AOXING PHARMACEUTICAL: Posts $143K Net Income for Third Quarter TONGJI HEALTHCARE: Delays Filing of March 31 Quarterly Report I N D I A AGARWAL AND ASSOCIATES: CRISIL Cuts Rating on INR7.5MM Loan to B ARAVIND CERAMICS: Ind-Ra Migrates BB- Rating to Non-Cooperating ASVINI FOUNDATIONS: CRISIL Reaffirms 'B' Rating on INR15MM Loan BELL-O-SEAL VALVES: CRISIL Cuts Rating on INR15MM Loan to B BENARA AUTOS: CRISIL Lowers Rating on INR2.5MM Loan to 'D' CALANCE SOFTWARE: Ind-Ra Migrates BB+ Rating to Non-Cooperating DHIR GLOBAL: CRISIL Reaffirms 'D' Rating on INR9MM Loan GEETA COTTON: CRISIL Raises Rating on INR35MM Cash Loan to BB- GEM MOTORS: Ind-Ra Migrates B Rating to Non-Cooperating GLOBAL TECHNOCRATS: CRISIL Reaffirms 'B+' Rating on INR7MM Loan GS COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating GUPTA & SONS: Ind-Ra Affirms BB Long-Term Issuer Rating ICON DEVELOPERS: CRISIL Lowers Rating on INR6MM Term Loan to B ITMS INDIA: Ind-Ra Assigns BB- Rating to INR20MM Capital Facility K D INFRA: CRISIL Lowers Rating on INR10MM Term Loan to 'B' KAILASH RICE: CRISIL Assigns B+ Rating to INR12.1MM Cash Loan KHARE & TARKUNDE: Ind-Ra Migrates BB+ Rating to Non-Cooperating KUNA IMPEX: Ind-Ra Assigns BB- Long-Term Issuer Rating MAHALAXMI PADDY: CRISIL Cuts Rating on INR6.76MM Loan to 'B' MIDAAS CONSTRUCTION: CRISIL Cuts Rating on INR5.5MM Loan to B MODERN GRIT: CRISIL Downgrades Rating on INR2.7MM LT Loan to B O. M. S. TAMARIND: CRISIL Cuts Rating on INR1.5MM LT Loan to B ORIILON INDIA: Ind-Ra Assigns BB+ Long-Term Issuer Rating ORION MOTORS: CRISIL Lowers Rating on INR5MM Loan to B PADMESH BEVERAGES: CRISIL Cuts Rating on INR9.5MM Loan to 'B' PATIKARI POWER: CRISIL Lowers Rating on INR14.25MM LT Loan to D PRAVIN MOHANLAL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan PURE MILK: CRISIL Reaffirms 'D' Rating on INR37.48MM Cash Loan R. S. ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan RADHIKA INFRA: CRISIL Reaffirms 'D' Rating on INR13.54MM Loan RAJDHANI COLD: CRISIL Assigns B+ Rating to INR5MM LT Loan RAKESH TEXTILES: CRISIL Reaffirms 'B' Rating on INR5MM Loan SAISHA ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR6.42MM Loan SAVORIT LIMITED: Ind-Ra Migrates B+ Rating to Non-Cooperating SHRI RAMESHWAR: CRISIL Reaffirms 'C' Rating on INR30MM Loan SOHONI METAL: CRISIL Lowers Rating on INR2MM Cash Loan to 'B' STALLION INVESTMENTS: Ind-Ra Puts 'BB' Rating to Non-Cooperating SUPER HOZE: CRISIL Lowers Rating on INR2.5MM Cash Loan to 'B' SUPRINT TEXTILES: CRISIL Cuts Rating on INR2.5MM Loan to 'B' SURYA ALLOY: CRISIL Reaffirms D Rating on INR91.49MM Cash Loan THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR18.94MM Loan UJALA PUMPS: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan VIZAG COMPANYS: CRISIL Reaffirms 'D' Rating on INR15MM Cash Loan * INDIA: Infusing Funds Into Lenders Won't Solve Debt Mess I N D O N E S I A ANTAM PERSERO: S&P Keeps B- Corporate Credit Rating BANK NEGARA: S&P Raises ICR to BB+ Following Sovereign Upgrade S I N G A P O R E MARCO POLO: Unit Gets Order to Temporarily Restrain Creditors VALLIANZ HOLDINGS: Posts US$173.2 Million Loss in Q1 2017 X X X X X X X X * BOND PRICING: For the Week May 15 to May 19, 2017 - - - - - ================= A U S T R A L I A ================= AZMAC PTY: Second Creditors' Meeting Slated for May 30 ------------------------------------------------------ A second meeting of creditors in the proceedings of Azmac Pty Limited has been set for May 30, 2017, at 11:00 a.m. at the offices of Condon Associates Group, Level 6, 87 Marsden Street, in Parramatta, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 29, 2017, at 4:00 p.m. Schon Gregory Condon RFD of Condon Associates Group was appointed as administrator of Azmac Pty Limited on Feb. 28, 2017. LABOUR 2U: Second Creditors' Meeting Set for May 29 --------------------------------------------------- A second meeting of creditors in the proceedings of Labour 2U Pty Ltd has been set for May 29, 2017, at 10:00 a.m. at the offices of Jirsch Sutherland, Level 27, 259 George Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by May 26, 2017, at 4:00 p.m. Daniel Jean Civil of Jirsch Sutherland was appointed as administrator on April 21, 2017. MATON AIRCONDITIONING: Second Creditors' Meeting Set for May 30 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Maton Airconditioning and Refrigeration Pty Ltd has been set for May 30, 2017, at 3:00 p.m. at the offices of RSM Australia Partners, Equinox Building 4, Level 2, 70 Kent Street, in Deakin, ACT. 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 May 29, 2017, at 4:00 p.m. Frank Lo Pilato and Mitchell Herrett of RSM Australia Partners were appointed as administrators of Maton Airconditioning on April 24, 2017. REMOTE CONTRACTING: Second Creditors' Meeting Set for May 29 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Remote Contracting Services Pty Ltd has been set for May 29, 2017, at 3:00 p.m. at Paspalis Business Centre, Level 1, 48 - 50 Smith Street, in Darwin, Northern Territory. 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 May 26, 2017, at 4:00 p.m. Nicholas David Gyss and Stephen James Duncan of DuncanPowell were appointed as administrators of Remote Contracting on April 21, 2017. SURFSTITCH: Warns Losses to Double; To Close N. American Ops ------------------------------------------------------------ SmartCompany reports that SurfStitch Group Ltd has warned investors of an additional AUD5 million in losses for the current financial year, blaming the "general business environment" and difficult international trading conditions for the decline. This brings the company's earnings before interest, tax, depreciation and amortisation (EBITDA) loss forecast to between AUD10.5 and AUD11.5 million, which is much steeper than the previously forecasted loss of AUD5 to AUD6.5 million, SmartCompany discloses. "The work to transform our business model; through improved operational capabilities, enriched customer engagement and a reduced cost base; is going well," the report quotes chief executive Mike Sonnard as saying in a market update on May 22. "However, the retail environment has made it difficult to deliver the planned sales and gross margin improvements as quickly as we would like, resulting in the revised forecast for the group's underlying EBITDA." SmartCompany adds that the company also announced it would be closing its North American operations by January 2018, noting the region "continued to be unprofitable for the foreseeable future". SurfStitch Group Ltd -- https://www.surfstitch.com/ -- is fashion & surf store based in Australia. TREE MINDERS: First Creditors' Meeting Set for May 29 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Tree Minders Pty Ltd will be held on May 29, 2017, at 10:00 a.m., at the offices of KordaMentha Level 24, 333 Collins Street, in Melbourne, Victoria. Rahul Goyal and Bryan Webster of KordaMentha were appointed as administrators of Tree Minders on May 18, 2017. =================== B A N G L A D E S H =================== BANGLADESH: S&P Affirms 'BB-' Sovereign Credit Ratings ------------------------------------------------------ S&P Global Ratings affirmed its 'BB-' long-term and 'B' short- term sovereign credit ratings on the People's Republic of Bangladesh. The outlook remains stable. The transfer and convertibility (T&C) assessment remains 'BB-'. RATIONALE The ratings on Bangladesh reflect the country's low economic development and limited fiscal flexibility owing to a combination of constrained revenue-generation capacity and the high spending to improve its basic infrastructure and government services. The country's volatile political setting combined with administrative and institutional weaknesses represent additional rating constraints. S&P weighs these factors against a relatively modest external debt burden, reflecting support from substantial donor engagement, and large remittances from the Bangladeshi diaspora. Low economic development, as represented by per capita GDP of US$1,500 for 2017, is one of Bangladesh's main rating constraints. This income level offers a weak and narrow revenue base, in turn limiting the fiscal and monetary flexibility needed to respond to exogenous shocks. Nevertheless, Bangladesh's real per capita GDP growth of about 5.3% is healthy and in line with peers' at this income level. Despite numerous structural impediments to growth, in particular the shortage of electricity, the economy has a record of steady growth. Should these impediments be addressed, S&P believes Bangladesh's growth trajectory would be stronger than peers'. That said, the high dividend payouts in comparison to foreign direct investments suggest little earnings are retained due to the difficult business operating environment. Bangladesh's fractious domestic political conditions distract from stable policymaking. In the past, widespread strikes and blockades had often caused substantial economic disruption. Domestic security concerns stemming from extremist activities had also heightened over the past year. In addition, the confrontational stance between the incumbent Awami League and opposition Bangladesh Nationalist Party harbors the potential for conflict. Given a weak institutional setting and infrastructure deficiencies, Bangladesh's foreign direct investment have remained persistently low. That said, large-scale strikes disruptive to economic activities have subsided since early 2015. On the fiscal front, Bangladesh tends to run moderate deficits. S&P forecasts the change in general government debt will average 2.8% of GDP annually over fiscal 2017-2020 (end June 30). However, many basic social and infrastructure needs remain unmet, implying the need for higher outlays ahead. Although the government's debt burden is low, with net general government debt at S&P's projection of 22% of GDP as of the end of fiscal 2017, its high interest expense at 17.4% of revenues limits fiscal flexibility. The government's increasing use of a costlier national savings certificates scheme rather than commercial borrowings infers that its debt-servicing ratio will not necessarily fall even if there is fiscal consolidation. In addition, over 40% of the total government debt is denominated in foreign currency. Nevertheless, the availability of official concessional funding tempers the negative effect of high foreign currency exposure. S&P sees moderate risk of contingent liabilities from financial institutions, in particular the state-owned commercial banks (SOCB) sector. Although the private sector banks are in adequate shape, significant risks reside in the SOCBs. SOCBs account for 28% of total banking sector assets and nonperforming loans had reached 25% of its total loans as of end 2016. Although the government has begun to recapitalize some of the SOCBs, S&P expects the sector to remain below prudential norms and will continue to require budgetary support. Bangladesh's narrow revenue base limits the government's flexibility to mitigate the effect of economic downturns or other shocks. It has only 2 million registered taxpayers (out of a population of 155 million). General government revenue was 10% of GDP in fiscal 2016, among the lowest of rated sovereigns globally. Numerous initiatives are underway to expand the tax base, most notably the plan to reform the complicated Value Added Tax (VAT) system. The government has set a target to standardize the VAT rate at 15% by July 2017. However, the plan has been repeatedly delayed over the past years since it was first passed into law in 2012. S&P views Bangladesh's monetary assessment as a neutral rating factor. The central bank's limited independence, multiple mandates, and underdeveloped capital markets hamper monetary flexibility. After the cyber heist of US$100 million in foreign reserves from Bangladesh Bank last year, the Ministry of Finance has since asserted more control over the central bank. Bangladesh's exchange regime is classified by the IMF as "stabilized arrangement," which is akin to a managed float. The Bangladeshi Taka exchange rate has remained fairly stable in the past two to three years. However, Bangladesh's real effective exchange rate has been rising, reflecting the currency depreciation of its trading partners. Should this persist, it could strain the competiveness of its export garment sector. The central bank has made progress in managing inflationary expectations. In the past two years, inflationary pressure subsided with reduced government borrowing from the banking sector. Inflation has stayed in the single digits since 2011. Bangladesh's low external borrowings support the ratings. Large remittance inflows and an internationally competitive garment export sector resulted in current account surpluses for most years. But S&P expects modest current account deficits over the forecast period given that remittances have contracted of late due to the oil price slump taking its toll on the Gulf States, the largest hosts of the Bangladeshi diaspora. S&P envisage remittance inflows to remain subdued over the next one to two years, but a drastic collapse is not within its base-case scenario. S&P expects Bangladesh's gross external financing needs to average 77% of current account receipts plus usable reserves over 2017-2020. The country's significant reserve accumulation improved the narrow net external debt position, and S&P projects it to be about 7.6% of current account receipts by end 2017. But S&P expects reserve accumulation to stagnate due to lower remittance flows. Nonetheless, S&P believes external balance and liquidity will remain key credit-supporting factors. Bangladesh's external profile draws substantial donor support, ensuring that the bulk of public external debt is low-cost borrowing with long maturity. Additionally, donors and multilateral lenders condition policy formulation and provide direct budgetary support. OUTLOOK The stable outlook reflects S&P's expectation that Bangladesh's steady growth path and strong donor support will continue raising average income and sustaining the country's external profile over the next 12 months. These factors are balanced against lingering governance and fiscal weaknesses, and infrastructure deficiencies. S&P may raise the ratings if measures aimed at expanding the revenue base and boosting collection efficiency materially improve Bangladesh's fiscal performance. S&P may also upgrade Bangladesh if the government significantly reduces energy, infrastructure, and administrative bottlenecks, and boosts investment, leading to a durable increase in trend growth for real per capita GDP. In addition, S&P may raise the ratings if Bangladesh's monetary flexibility strengthens, as seen in well- controlled inflation over a sustained period and deeper capital markets with market-based tools. Conversely, S&P may downgrade the sovereign if fiscal slippages result in rising public debt and external donor support declines materially. In accordance with S&P's relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable. At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision. After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee agreed that the fiscal assessment: flexibility and performance had weakened and all other key rating factors were unchanged. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action. RATINGS LIST Ratings Affirmed Bangladesh (People's Republic of) Sovereign Credit Rating BB-/Stable/B ========= C H I N A ========= 361 DEGREES: S&P Affirms 'BB' CCR Despite Rising Competition ------------------------------------------------------------ S&P Global Ratings said it affirmed its 'BB' long-term corporate credit rating on 361 Degrees International Ltd. The outlook is stable. S&P also affirmed its 'cnBBB-' Greater China regional scale rating on the China-based sportswear manufacturer. At the same time, S&P affirmed its 'BB' long-term issue rating and 'cnBBB-' long-term Greater China regional scale rating on the company's senior unsecured notes. "We affirmed the ratings because we expect 361 Degrees to maintain its good sales growth and market position in the intensely competitive sportswear industry in China," said S&P Global Ratings credit analyst Sophie Lin. "We also expect the company to sustain its debt leverage below 3.0x over the next 12 months, by gradually improving the turnover of its working capital and remaining disciplined with capital spending." Plans by global sportswear brands to penetrate into lower-tier cities in China will intensify competition for domestic players, including 361 Degrees. Nevertheless, S&P expects the company to maintain its market position in the sportswear industry in China over the next 12-24 months. The company's strength is underpinned by its extensive distribution network across China, and active brand management, including through sponsorship of sports events and sports stars. 361 Degrees was the seventh- largest sportswear brand and the fourth-largest domestic sportswear brand in China, with about 4% market share in 2016, according to market-research group Euromonitor. S&P believes 361 Degrees will benefit from the overall good growth prospects of the Chinese sportswear industry. S&P's base case assumes the industry will grow 6%-9% annually on average over the next two to three years. This is higher than S&P's estimated GDP growth in China, and driven by a rising middle class, the growing popularity of sporting activities, and favorable government policy to encourage sports participation. 361 Degrees' small scale, limited product differentiation, and low pricing power will continue to constrain its competitive position over the next 12-24 months. Relative to major domestic peers, the company offers its distributors higher wholesale price discounts and longer accounts-receivable days. Although the company is investing in research and development capabilities and actively diversifying its business by expanding overseas and cooperating with foreign sportswear brands, these initiatives are in early stages and it may take time before they generate meaningful profit and cash flow. S&P also expects that 361 Degrees will continue to generate positive operating cash flow and sustain its debt-to-EBITDA ratio comfortably below 3.0x over the next 12 months. The company's gradual improvement in accounts-receivable turnover, efficient inventory management, and disciplined capital spending underpin S&P's estimate. S&P expects 361 Degrees to gradually shorten its accounts-receivable turnover days to 150-160 in 2017-2018, from about 163 days in 2016, through a mix of active management of distributors, and continuous product-portfolio enhancement. S&P views 361 Degrees' overall competitive position at the stronger end of the weak business risk profile category and its credit metrics as very solid for the rating. This relative strength is reflected in S&P's positive comparable rating analysis assessment, resulting in a one-notch rating uplift from the company's anchor score of 'bb-'. S&P equalizes the issue ratings on the company's senior unsecured notes with the corporate credit ratings on 361 Degrees, reflecting S&P's view of limited subordination risk. The majority of the company's debts are directly borrowed under its parent, which then passes through the funds to its operating subsidiaries in China, therefore alleviating subordination risks. The stable outlook reflects S&P's expectation that 361 Degrees will maintain its market position in the sportswear industry in China and good operating cash flow over the next 12 months, despite intense competition. S&P also expects the company to gradually improve its working capital management and remain disciplined with debt-funded capital spending. S&P could lower the rating if 361 Degrees' debt-to-EBITDA ratio exceeds 3x without signs of improvement. This could happen if the company's sales growth or profit margin is materially below S&P's expectation, due to intense competition or a material markdown on inventories or accounts receivable. This could also happen if the company undertakes more aggressive debt-funded investments or shareholder-friendly capital distributions than S&P expects. S&P could raise the rating if 361 Degrees improves its debt-to- EBITDA ratio below 2x and EBITDA interest coverage above 6.0x on a sustained basis. This could happen if the company materially increases profit margins and operating cash flows by continuously upgrading its product mix toward higher margin sportswear products. This could also happen if the company uses cash to pay down its debts. AOXING PHARMACEUTICAL: Posts $143K Net Income for Third Quarter --------------------------------------------------------------- Aoxing Pharmaceutical Company, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing net income of $143,407 on $5.70 million of sales for the three months ended March 31, 2017, compared to net income of $670,376 on $6.56 million of sales for the three months ended March 31, 2016. For the nine months ended March 31, 2017, Aoxing reported net income of $502,205 on $21.28 million of sales compared to net income of $4.20 million on $23.50 million of sales for the same period during the prior year. As of March 31, 2017, Aoxing had $62.46 million in total assets, $44.38 million in total liabilities and $18.08 million in total equity. The Company's cash balance as of March 31, 2017, was $7,080,460, compared to $6,912,100 as of June 30, 2016. Cash used for operating activities was $2,794,428 during the nine month period ended March 31, 2017, as compared to $1,965,846 cash used in operations during the nine month period ended March 31, 2016. Cash flow from operation was impacted by increases in accounts receivable $7,628,847 and prepaid expenses and other current assets $5,073,660, offset partially by higher accrued expenses and other current liabilities and accounts payable. During this reporting period, the Company did not make any major investment. During the nine month period ended March 31, 2017, the Company had net short-term borrowing of $3,183,152, whereas during the nine month period ended March 31, 2016, the Company completed a public offering of stock and warrants for net proceeds of $2,739,000 and borrowed $1,348,510 from related parties, a portion of which the Company used to satisfy $820,051 in bank loans and short-term debt. The Company's working capital deficit on March 31, 2017, was $9,167,630, compared to $10,948,767 as of June 30, 2016. The improvement resulted primarily from a $7,628,847 increase in accounts receivable, although the effect of that increase on its balance sheets was partially offset by the $3,080,174 bad debt expense that the Company recorded in the nine months ended March 31, 2017. The increase in accounts receivable reflects the conversion of the Company's marketing program from a distributor network to direct sales to hospitals, since accounts receivable from hospitals typically take longer to collect than those from distributors. "The Company's negative working capital is primarily due to our accumulated deficit, which we have been partially funded by taking short-term bank loans," according to the report. "The Company is able to operate with negative net working capital because of loans from banks and related parties that are rolled- over or refinanced as needed. The Company believes future positive operating cash flows, continued support from related parties, and the ability to continue to roll over short-term debt, taken together, provide adequate resources to fund ongoing operations in the foreseeable future. The Company may also seek equity financing to replace both short-term and long-term debts. The Company believes that the market demand for its main product will recover in the near term and the sales from several new products in future years will produce substantial positive cash flow. "Management of the Company believes that the Company's large negative working capital will continue to improve going forward. Management expects the improvement to come from improved operating results, by extending short term into longer term loans, and by selling equity and converting debt to equity. Management anticipates that these improvements will enable the Company to reduce current high interest expenses and fund on- going operations. The management of the Company will continue to address this situation in order for the Company to achieve a sound financial position going forward." A full-text copy of the Form 10-Q is available for free at: https://is.gd/f3s0Fe About Aoxing Foster City, California-based Aoxing Pharmaceutical Company, Inc., has one operating subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is organized under the laws of the People's Republic of China. Since 2002, Hebei Aoxing has been engaged in developing narcotics and pain management products. In 2008 Hebei Aoxing supplemented its product lines by acquiring Shijiazhuang Lerentang Pharmaceutical Company, Ltd., a specialty pharmaceutical company focusing on herbal pain related therapeutics. The Company owns 95% of the equity in Hebei Aoxing. Aoxing reported net income of $2.24 million for the year ended June 30, 2016, compared to net income of $5.81 million for the year ended June 30, 2015. BDO China Shu Lun Pan Certified Public Accountants LLP, in Shanghai, People's Republic of China, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company accumulated a large deficit and a working capital deficit that raise substantial doubt about its ability to continue as a going concern. TONGJI HEALTHCARE: Delays Filing of March 31 Quarterly Report ------------------------------------------------------------- Tongji Healthcare Group, Inc., disclosed that it has encountered a delay in assembling the information, in particular its financial statements for the quarter ended March 31, 2017, required to be included in its March 31, 2017 Form 10-Q Quarterly Report. The Company expects to file its March 31, 2017, Form 10- Q Quarterly Report with the U.S. Securities and Exchange Commission within 5 calendar days of the prescribed due date. About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. Tongji Healthcare reported a net loss of $3.64 million on $1.93 million of total operating revenue for the year ended Dec. 31, 2016, compared to a net loss of $588,557 on $2.35 million of total operating revenue for the year ended Dec. 31, 2015. As of Dec. 31, 2016, Tonji had $8.36 million in total assets, $14.52 million in total liabilities and a total stockholders' deficit of $6.16 million. Anton & Chia, LLP, in Newport Beach, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has negative working capital of $6,745,663, an accumulated deficit of $7,206,416, and shareholders' deficit of $6,162,728 as of Dec. 31, 2016. The Company's ability to continue as a going concern ultimately is dependent on the management's ability to obtain equity or debt financing, attain further operating efficiencies, and achieve profitable operations. ========= I N D I A ========= AGARWAL AND ASSOCIATES: CRISIL Cuts Rating on INR7.5MM Loan to B ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Agarwal and Associates Impex Private Limited (AAIPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 7.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Letter of Credit 8.5 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term .61 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL B+/Stable') Term Loan .89 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') '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 Agarwal and Associates Impex Private Limited. 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 Agarwal and Associates Impex Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the long term rating to CRISIL B/Stable and reaffirmed short term rating at CRISIL A4. AAIPL, a Noida (Uttar Pradesh [UP])-based private limited company, manufactures and distributes natural veneers, reconstituted veneers, veneer doors, wardrobes, and decorative ply doors. Mr. Ankur Agarwal, the managing director, manages the company's operations. Its registered office is in Noida and manufacturing facilities are in Surajpur (UP). ARAVIND CERAMICS: Ind-Ra Migrates BB- Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Aravind Ceramics Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance 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: -- INR430 mil. Fund-based limits migrated to Non-Cooperating Category; Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 10, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Aravind Ceramics is a family owned tile and sanitary fittings trading business, incorporated in 1996. ASVINI FOUNDATIONS: CRISIL Reaffirms 'B' Rating on INR15MM Loan --------------------------------------------------------------- CRISIL Ratings has been consistently following up with Asvini Foundations Private Limited (Asvini) for obtaining information through letters and emails dated January 31, 2017, and February 24, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 15 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) '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 Asvini Foundations Private Limited. 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 Asvini Foundations Private Limited is consistent with 'Scenario 3' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BBB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL B/Stable. Set up as a private limited company in 2006, Asvini is involved in the construction and sale of residential apartments in Tamil Nadu. The firm is promoted by Mr. Sivagurunathan along with his friends and family. BELL-O-SEAL VALVES: CRISIL Cuts Rating on INR15MM Loan to B ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Bell-O- Seal Valves Private Limited (BSVPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 10 CRISIL A4 (Issuer Not Cooperating; Downgraded from CRISIL BB+/Stable) Cash Credit 15 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from CRISIL BB+/Stable) Term Loan 5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from CRISIL BB+/Stable) '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 Bell-O-Seal Valves Private Limited. 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 Bell-O-Seal Valves Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. BSVPL, incorporated in 1998, manufactures fluid and gas valves, which are primarily used in the oil and gas and petrochemical industries. The company is headquartered in Udupi (Karnataka) and is owned and managed by Mr. Gilbert Salins and his family. BENARA AUTOS: CRISIL Lowers Rating on INR2.5MM Loan to 'D' ---------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Benara Autos Private Limited (BAPL) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee .25 CRISIL D (Downgraded from 'CRISIL A4') Cash Credit 2.50 CRISIL D (Downgraded from 'CRISIL B+/Stable') Foreign Bill .50 CRISIL D (Downgraded from Discounting 'CRISIL B+/Stable') Letter of Credit .25 CRISIL D (Downgraded from 'CRISIL A4') Packing Credit 1.50 CRISIL D (Downgraded from 'CRISIL A4') Standby Fund- 0.40 CRISIL D (Downgraded from Based Limits 'CRISIL B+/Stable') The downgrade reflects recent delay in meeting interest obligation on cash credit facility due to stretched liquidity. Also, cash credit account had been overdrawn for more than 30 days as on May 3, 2017. Key Rating Drivers & Detailed Description Weakness * Delay in meeting interest obligation on and sustained overdrawal lasting over 30 days in cash credit account * Modest scale of operations in competitive segment: Over the three years through fiscal 2016, operating income has remained flat at around INR20 crore due to intense competition and low pricing power in the auto component industry. Revenue is estimated to have declined to INR15 crore in fiscal 2017. * Working capital-intensive operations: Gross current assets have been at 339-353 days in the three years ended March 31, 2016, due to large inventory. * Modest financial risk profile: The financial risk profile is constrained by modest networth of INR6.64 crore as on March 31, 2016, and modest debt protection metrics, with interest coverage ratio at 1.3 times in fiscal 2016. Strengths * Extensive experience of promoters: Presence of over three decades in the auto component industry has helped the promoters to establish strong relationship with customers and suppliers. * Moderate leverage: Total outside liabilities to adjusted networth ratio (TOLANW) has been in the 1.9-2.3 times range in the three years ended March 31, 2016, and is expected to remain moderate over the medium term in the absence of debt funded capital expenditure. Incorporated in 1985 and promoted by Mr. Ajay Kumar Jain and his mother, Ms. Prem Lata Jain, BAPL manufactures auto components such as engine bearing, hoses, rubber parts, and oil seals for the domestic and global markets. Profit after tax (PAT) was INR0.07 crore on net sales of INR21 crore in fiscal 2016, against a PAT of INR0.35 crore on net sales of INR20 crore in fiscal 2015. CALANCE SOFTWARE: Ind-Ra Migrates BB+ Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Calance Software Private Limited's (CSPL) Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the surveillance 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. Instrument-wise rating actions are: -- INR70 mil. Term loan migrated to Non-Cooperating Category; -- INR30 mil. Fund-based working capital limits migrated to Non-Cooperating Category; and -- INR20 mil. Non-fund-based working capital limits migrated to Non-Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Feb. 1, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2004, CSPL provides information technology solutions across North America and India, specializing in staff contracting, data centre/cloud/mobile services, e-Governance services and talent services. CSPL has a wholly-owned subsidiary in the US - Partner's Information Technology. The company has offices in New Delhi, London, New York, Los Angeles and Chicago. DHIR GLOBAL: CRISIL Reaffirms 'D' Rating on INR9MM Loan ------------------------------------------------------- CRISIL Ratings has been consistently following up with Dhir Global Industria Private Limited (DGIPL) for obtaining information through letters and emails dated January 24, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 8.5 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Foreign Bill Purchase 6.0 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Letter of Credit 9.0 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Long Term Loan 0.6 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Packing Credit 9.0 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term 1.9 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) '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 Dhir Global Industria Private Limited. 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 Dhir Global Industria Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D/CRISIL D. Gurgaon (Haryana)-based DGIPL was promoted by Mr. M K Dhir and his family in 1999. It manufactures readymade garments sold in domestic and export markets Its manufacturing facility is in Gurgaon. GEETA COTTON: CRISIL Raises Rating on INR35MM Cash Loan to BB- -------------------------------------------------------------- CRISIL Ratings has upgraded its rating on the long-term bank facility of Geeta Cotton Company Private Limited (GCC; part of the Geeta group) to 'CRISIL BB-/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 35 CRISIL BB-/Stable (Upgraded from 'CRISIL B+/Stable') The rating upgrade reflects CRISIL's belief that Geeta group's liquidity will improve over the medium term on account of absence of any long term debt obligations and large debt funded capex plans. Geeta group is expected to report steady revenue growth of 5 to 7 percent and stable operating margins in the range of 3.8 to 4.0 per cent over the medium term. Liquidity is further supported by timely need-based fund support extended by the promoters of Rs. 7 crores during the 3 years ended fiscal 2016 which are treated as debt. Absence of debt-funded capital expenditure (capex) plans and demonstrated financial flexibility of the promoters will support the group's liquidity profile over the medium term. The rating reflects the extensive experience of the promoters in the cotton ginning industry, proximity to a cotton growing region and its established customer and supplier relationships. These rating strengths are partially offset and exposure to intense competition, to raw material price volatility and modest financial risk profile. Analytical Approach For arriving at the ratings, CRISIL has combined the business and financial risk profiles of GCC and Krishna Cotton Company (KCC). This is because both the entities, together referred to as the Geeta group, have common promoters, are in the same line of business, and have operational linkages. Key Rating Drivers & Detailed Description Strengths * Extensive industry experience of the partners: The promoters have been active in the cotton industry for more than two decades. This has helped them to understand local market dynamics and establish relationships with farmers and customers. * Proximity to the cotton growing-belt in Telangana: The production facility is close to Telangana's cotton-growing belt, resulting in easy availability of raw cotton directly from farmers. Weaknesses * Susceptibility to volatility in cotton prices: Cotton prices are highly volatile as cotton yield depends on the monsoon. The group is unable to pass on any increase in cotton prices to customers because of intense competition. * Modest financial risk profile: Financial risk profile remains modest, with high gearing and below-average debt protection metrics. Outlook: Stable CRISIL believes Geeta group will continue to benefit over the medium term from its promoters' extensive experience and its proximity to Telangana's cotton-growing belt. The outlook may be revised to 'Positive' in case of sustained and significant improvement in scale of operations and profitability, leading to higher accrual, while efficient working capital management improves capital structure. The outlook may be revised to 'Negative' if the financial risk profile or liquidity weakens, most likely because of a decline in profitability, a stretch in working capital requirement, or large, debt-funded capital expenditure GCC was originally set up as a proprietorship firm in 1983 by Mr. K Nagnath Patel; this firm was reconstituted as a private limited company in 2013. KCC was set up as a proprietorship concern by Mr. Patel in 2006. Both the entities primarily undertake ginning and pressing of raw cotton. The group also has crushing units to extract de-oiled cake and oil from cotton seeds. The manufacturing facilities of both the entities are in Bhainsa, Telangana. Loss was INR0.2 Cr on operating income of INR180 Cr in fiscal 2016, vis-a-vis Profit after tax (PAT) of INR0.04 Cr on operating income of INR140 Cr in fiscal 2015. GEM MOTORS: Ind-Ra Migrates B Rating to Non-Cooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Gem Motors (India) Private Limited's (GEM) 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: -- INR150 mil. Fund-based limit migrated to Non-Cooperating Category; -- INR50 mil. Non-fund-based limit Migrated to Non-Cooperating Category; -- INR150 mil. Proposed Fund-based limits migrated to Non- Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 23, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporate in 2007, GEM is an authorised Maruti car dealer in Hyderabad. The company is engaged in the sales and also service of both new and old cars. The firm is owned and promoted by the Yadav family. GLOBAL TECHNOCRATS: CRISIL Reaffirms 'B+' Rating on INR7MM Loan --------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the long-term bank loan facilities of Global Technocrats Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 7 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect the company's average financial risk profile, exposure to risks related to project execution, small scale of operations, and large working capital requirement. These weaknesses are partially offset by its promoters' extensive experience in the concertina coils industry, and their financial support. Analytical Approach CRISIL has treated GTPL's estimated unsecured loans of INR4.6 crore as on March 31, 2017, as neither debt nor equity, as they bear low interest, and are likely to remain in the business. Key Rating Drivers & Detailed Description Weaknesses * Average financial risk profile: Though gearing was moderate at estimated 1.8 times, networth was small at INR3.1 crore as on March 31, 2017. Debt protection indicators were modest, with interest coverage ratio estimated at 1.9 times and net cash accrual to total debt ratio at 0.14 time for fiscal 2017. * Small scale of operations: GTPL's small scale, indicated by sales of estimated INR47.5 crore for fiscal 2017, limits its ability to negotiate credit terms with suppliers and to pass on increases in raw material prices to customers, thereby affecting working capital management and operating profitability. * Large working capital requirement: The company had gross current assets of estimated 110 days as on March 31, 2017, driven by receivables and inventory of 50 days each vis-a-vis negligible credit of 10 days. * Exposure to risks related to project execution: The company will undertake capital expenditure (capex) of INR2-2.5 crore in fiscal 2018. As the plan is still in a nascent stage, funding and execution of the capex will be a key factor. Strengths * Promoters extensive industry experience: The promoters' experience of close to two decades has helped GTPL establish relationships with customers and suppliers, and execute projects. The company has implemented key projects for customers such as the Indian Armed Forces and Border Security Forces. * Financial support from promoters: The promoters had extended unsecured loans of INR4.6 crore as on March 31, 2017, which support working capital management. Outlook: Stable CRISIL believes GTPL will continue to benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if substantial revenue and profitability result in better financial indicators, especially debt protection indicators, or if timely stabilisation of planned project leads to improvement in the business and financial risk profiles. The outlook may be revised to 'Negative' if an increase in working capital requirement or any delay in stabilisation of operations post the proposed capex weakens the financial risk profile. GTPL was set up by Mr Atul Agarwal in 1998. The company manufactures concertina coils, which are used in security fencing products. Its manufacturing unit is in Bhiwadi, Rajasthan. Its products include punched tape concertina coils, razor wire concertina coils, concertina barbed tape, concertina flat wrap, reinforced barbed tape, and concertina wire mesh. Net profit was INR19.37 lakh on net sales of INR46.9 crore in fiscal 2016, against net profit of INR13.03 lakh on net sales of INR41.01 crore in fiscal 2015. Revenue is estimated at INR47.5 crore for fiscal 2017. GS COTTON: Ind-Ra Migrates B+ Rating to Non-Cooperating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated G.S. Cotton Company 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: -- INR40 mil. Fund-based working capital limit migrated to Non-Cooperating Category; -- INR20 mil. Proposed fund-based working capital limit migrated to Non-Cooperating Category; and -- INR40 mil. Proposed non-fund-based working capital limit migrated to Non-Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Feb. 10, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2012, G.S. Cotton Company trades cotton to various spin millers in Punjab and Haryana. GUPTA & SONS: Ind-Ra Affirms BB Long-Term Issuer Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Gupta & Sons (Motors) Private Limited's (GSMPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR60 mil. (reduced from INR70) Fund-based limits affirmed with 'IND BB/Stable' rating; and -- INR20 mil. (increased from INR10) Non-fund-based limits affirmed with 'IND A4+' rating KEY RATING DRIVERS The affirmation reflects GSMPL's continued small scale of operations and moderate credit profile. According to provisional financials for FY17, revenue was INR413 million (FY16: INR426 million; FY15: INR440 million), gross interest coverage (EBITDA/gross interest) was 1.6x (1.2x; 1.1x), net financial leverage (net debt/EBITDA) was 3.7x (5.4x; 4.2x) and operating EBITDA margin was 3.1% (3.0%; 3.4%). The decline in revenue was due to a decline in the total units sold during the year. Meanwhile, the marginal improvement in EBITDA margin was due to a decline in operating cost. The ratings factor in GSMPL's comfortable liquidity position, indicated by an average maximum working capital limit utilization of 85% during the 12 months ended April 2017. The ratings, however, supported by the more than four decades- long experience of GSMPL's promoters in the automobile industry. Also, the company has been an authorized dealer of Bajaj Auto Limited's two-wheelers with 3S facilities i.e. sales, spares and service. RATING SENSITIVITIES Negative: Further deterioration in the scale of operations and overall credit metrics will be negative for the ratings. Positive: A substantial improvement in the revenue and credit metrics would be positive for the ratings. COMPANY PROFILE GSMPL was incorporated in 1973 in the Gwalior district of Madhya Pradesh by Mr Sunil Gupta. The company has a two-wheeler dealership of Baja Auto. ICON DEVELOPERS: CRISIL Lowers Rating on INR6MM Term Loan to B -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Icon Developers (ID) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 6 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') '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 Icon Developers. 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 Icon Developers is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. Icon Developers (ID) is constructing 145 luxury apartments along with club & other facilities over 2 acres of land area at Bara Devi (Kidwai Nagar). ID developer is partnership firm , the day to day operations of the project is managed by Mr Pawan Garg. ITMS INDIA: Ind-Ra Assigns BB- Rating to INR20MM Capital Facility ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has rated ITMS India Private Limited's (ITMSIPL) additional bank limits as: -- INR20 mil. Fund-based working capital facility assigned with 'IND BB-/Stable/IND A4+' rating RATING SENSITIVITIES Negative: A decline in the EBITDA margin leading to deterioration in the credit metrics will be negative for the ratings. Positive: A sustained growth in revenue along with an improvement in the EBITDA margin will be positive for the ratings. COMPANY PROFILE Incorporated in October 2012, ITMSIPL is a Delhi-based company operating in the signage and offset printing industry. ITMSIPL has structured its business into three verticals: signage, interior & architectural, and offset printing. K D INFRA: CRISIL Lowers Rating on INR10MM Term Loan to 'B' ----------------------------------------------------------- CRISIL Ratings has been consistently following up with K D Infra (KDI) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 4 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Proposed Long Term 6 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') Term Loan 10 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') '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 K D Infra. 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 K D Infra is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. KDI, a partnership firm, was set up in 2012 for setting up a project to manufacture autoclaved aerated concrete blocks, commonly known as fly-ash bricks at Changsari in Guwahati (Assam). The plant is estimated to have an installed capacity of 180,000 cubic metres of fly ash bricks a year. The project is expected to cost Rs.430.5 million, which will be funded through debt of Rs.250 million and equity of Rs.180.4 million. KAILASH RICE: CRISIL Assigns B+ Rating to INR12.1MM Cash Loan ------------------------------------------------------------- CRISIL Ratings has revoked the suspension of its rating on the long-term bank facilities of Kailash Rice and General Mills Private Limited (KRGM) and has assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL had, on June 01, 2015, suspended the rating as KRGM had not provided necessary information required for a rating review. KRGM has now shared the requisite information, enabling CRISIL to assign ratings to its bank facilities. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 12.1 CRISIL B+/Stable (Assigned; Suspension revoked) Proposed Fund-Based .08 CRISIL B+/Stable (Assigned; Bank Limits Suspension revoked) Term Loan .02 CRISIL B+/Stable (Assigned; Suspension revoked) Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations in highly fragmented industry: With revenue of INR24.23 crore in fiscal 2016, estimated at INR25 crore for fiscal 2017, and limited installed milling capacity of 6 tonne per hour, KRGM is a small player in the highly fragmented rice processing industry. Scale of operations is expected to remain small over the medium term due to limited capacities and intense fragmentation in the industry * Working capital-intensive operations and low return on capital employed (RoCE): Operations are highly working capital intensive, with gross current assets (GCAs) of 289 days as on March 31, 2016, estimated at 247 days as on March 31 2017. High GCAs are driven by high inventory holding of over 120 days. The rice industry is highly working capital intensive as operations involve high inventory storage. Paddy, the major raw material, is available only in the crop season, and therefore players have to procure the paddy during this period for their next year's requirement. Paddy is procured through mandis with limited credit of 60-80 days. Large inventory with limited credit period from suppliers increases dependence on bank loans to fund inventory. Due to high working capital requirement and low profitability, KRGM is estimated to have low RoCE of 5.07% in fiscal 2016, estimated at 5.11% in fiscal 2017. * Weak financial risk profile Financial risk profile is weak because of small networth of INR3.99 crores as on March 31, 2016, estimated at INR3.74 crores as on March 31, 2017, driven by low accretion to reserve due to low profitability and small scale of operations. Also, gearing stood high at 3.71 times as on March 31, 2016, estimated at 3.71 times as on March 31, 2017. Interest coverage and net cash accrual to total debt ratios were 1.26 times and 0.03 time, respectively, in fiscal 2016, estimated at 1.27 times and 0.03 time, respectively, for fiscal 2017. The financial risk profile is likely to remain stable over the medium term. Strengths * Experience of promoter and established relationships with customers: The promoter has over two decades of experience in the rice industry. He has a successful track record in sustaining the business even in adverse conditions. The company had a recent capital expenditure to significantly increase sorting capacity, which will help in improving production. Over the years, the promoter established strong relationships with customers and suppliers in the domestic market. The company established relationships of over six years with major customers. Benefits from the experience of promoter and established business relationships should continue over the medium term. Outlook: Stable CRISIL believes KRGM will benefit over the medium term from the promoter's experience. The outlook may be revised to 'Positive' if financial risk profile strengthens, driven by better-than- expected cash accrual or equity infusion by promoter, along with efficient working capital management. Conversely, the outlook may be revised to 'Negative' if liquidity is constrained by lower- than-expected cash accrual or larger-than-expected working capital requirement. Incorporated in 2001 by Mr Vipan Gupta, KRGM is engaged in milling, manufacturing and trading of basmati and other varieties of rice. KRGM operates a rice mill in Kapurtala, Punjab. The company derives its entire sales from the domestic market i.e. sales of rice to export houses (70%) and the remaining from sales to wholesalers and traders located throughout the country. The company does not undertake direct exports. Net loss was INR0.34 crores on net sales of INR24.23 crores in fiscal 2016, against INR0.16 crores and INR34.54 crores, respectively, in fiscal 2015. KHARE & TARKUNDE: Ind-Ra Migrates BB+ Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Khare & Tarkunde Infrastructure Private Limited's (KTIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance 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: -- INR425 mil. Fund-based limit migrated to Non-Cooperating Category; and -- INR1.003 bil. Non-fund-based limit migrated to Non- Cooperating Category; -- INR 181 mil. Term loan migrated to Non-Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 10, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE KTIPL was set up as a partnership firm in 1962 by engineers Mr. Khare and Mr. Tarkunde, and was converted into a private limited company in 1997. The founders have experience in the construction of roads, bridges, railways and irrigation facilities. The company primarily focuses on designing and constructing bridges for governments or government enterprises. KUNA IMPEX: Ind-Ra Assigns BB- Long-Term Issuer Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Kuna Impex Private Limited (KIPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR57.5 mil. Fund-based limits assigned with 'IND BB-/Stable' rating -- INR6.18 mil. Term loans assigned with 'IND BB-/Stable' rating; and -- INR55.0 mil. Non-fund-based limits assigned with 'IND A4+' rating KEY RATING DRIVERS The ratings reflect KIPL's small scale of operations and moderate credit profile. According to provisional financials for FY17, revenue was INR242.72 million (FY16: INR199.34m). The increase in revenue was driven by a rise in the volume of products sold, an increase in the customer base and an expansion in demand for LED lights. In FY17, EBITDA interest coverage (operating EBITDA/interest) was 1.5x (1.5x) and net financial leverage (net debt/operating EBITDA) was 5.1x (4.6x). Moreover, operating EBITDA margin declined to 6.2% in FY17 from 7.7% in FY16 due to a rise in raw material costs. The ratings also reflect KIPL's moderate liquidity, indicated by an average maximum utilization of 95% during the 12 months ended March 2017. The ratings factor in KIPL's high working capital requirement on account of an elongated realization period from customers owing to late payments and a high inventory holding period, inherent in the trading nature of business. Furthermore, given KIPL sources the majority of materials from overseas markets, it remains exposed to foreign exchange currency fluctuations. The ratings, however, are supported by the promoters' close to three decades of experience in the trading of industrial automation products such as AC drives, servo drives, programmable logic controllers (PLCs) and switchgears. Moreover, it has exclusive distributorship arrangements with Shenzen Sunfar Electric Technologies Company, Nanjing Estun Automation Company and Chint Group for selling their products in India. RATING SENSITIVITIES Negative: A negative rating action may result from a decline in revenue and a deterioration in credit profile. Positive: A positive rating action may result from a substantial improvement in revenue, along with an improvement in credit metrics. COMPANY PROFILE Incorporated in December 1998, KIPL is engaged in the trading of industrial automation and electrical and lighting products. The company is managed by Mr. Ved Naithani and Mr. Palak Shah. The company's head office is in Ahmedabad, Gujarat. KIPL is an exclusive distributor of Sunfar AC drives, Estun servo drives and Chint low-voltage switchgears in India. MAHALAXMI PADDY: CRISIL Cuts Rating on INR6.76MM Loan to 'B' ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Mahalaxmi Paddy Products (P) Ltd. (MPPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6.76 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Letter of Credit 1.60 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term 4.56 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL B+/Stable') '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 Mahalaxmi Paddy Products (P) Ltd. 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 Mahalaxmi Paddy Products (P) Ltd. is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the long term rating to CRISIL B/Stable and reaffirmed short term rating at CRISIL A4. Set up in 1990, MPPL is promoted by Mr. Arun Kumar Maheshwari and family. The company mills and processes basmati and non-basmati rice at its production facility in Mainpuri (Uttar Pradesh). MIDAAS CONSTRUCTION: CRISIL Cuts Rating on INR5.5MM Loan to B ------------------------------------------------------------- CRISIL has been consistently following up with Midaas Construction Company Private Limited (Midaas) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 5.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Overdraft 3.85 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Proposed Long Term 2.15 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Midaas Construction Company Private Limited. 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 Midaas Construction Company Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. Midaas, incorporated in 2010 and based in West Bengal, is promoted by Mr. Haridas Badlani, Mr. Narayan Badlani, and Mr. Nitesh Badlani. The company supplies construction material to several infrastructure and construction companies. It also undertakes the construction of roads, bridges, and dams. Its clients include various government entities and private infrastructure companies. MODERN GRIT: CRISIL Downgrades Rating on INR2.7MM LT Loan to B -------------------------------------------------------------- CRISIL has been consistently following up with Modern Grit Private Limited (MGPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') Proposed Long Term 2.7 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL B+/Stable') Term Loan 1.3 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') '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 Modern Grit Private Limited. 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 Modern Grit Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. Incorporated in 2011, MGPL is engaged in stone-crushing activities in Pilibhit district (UP). The company procures stones from the quarry on the Nandaun river bed and has a total stone- crushing capacity of 250 tonnes per hour. The operations are managed by key promoters Mr. Pramod Aggarwal and his brother, Mr. Ujjawal Aggarwal. O. M. S. TAMARIND: CRISIL Cuts Rating on INR1.5MM LT Loan to B -------------------------------------------------------------- CRISIL Ratings has been consistently following up with O. M. S. Tamarind Merchants Private Limited (OMS) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft 6.5 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term Bank Loan Facility 1.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from CRISIL B+Stable) '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 O. M. S. Tamarind Merchants Private Limited. 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 O. M. S. Tamarind Merchants Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the long term rating to CRISIL B/Stable and reaffirmed short term rating at CRISIL A4. Set up in 1950, and based in Chennai, OMS trades in tamarind, pulses, edible oil, sugar, and chilly. Mr. C Raja Sankaralingam manages the company's daily operations. ORIILON INDIA: Ind-Ra Assigns BB+ Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Oriilon India Private Limited (OIPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. Instrument-wise rating actions are: -- INR63 mil. Term loan assigned with 'IND BB+/Stable' rating; -- INR30 mil. Term loan assigned with 'IND BB+/Stable' rating; -- INR87 mil. Term loan assigned with 'IND BB+/Stable' rating; and -- INR150 mil. Fund-based working capital limits assigned with 'IND BB+/Stable/IND A4+' rating KEY RATING DRIVERS The ratings reflect OIPL's volatile EBITDA margins and moderate scale of operations and credit metrics. The EBITDA margins were 10-13% over FY14-FY17 due to raw material price fluctuations, volatility in power and fuel expenses, and job work charges. As per provisional financials for FY17, revenue grew to INR1.227 million in FY17 (FY16: INR638 million) on account of increased demand for nylon filament yarn from existing and new customers. OIPL has also increased its installed capacity in December 2015 to 23,500kgs/day from 15,000kgs/day to meet the increase in order demand. Net interest coverage (operating EBITDAR/net interest expense + rents) improved to 3.35x (FY16: 2.02x) and net leverage (total adjusted net debt/operating EBITDAR) to 3.0x (6.41x) on account of an improvement in EBITDA. The ratings, however, are supported by OIPL's comfortable liquidity position as reflected by 67.5% average maximum utilization of fund-based limits over the 12 months ended March 2017. The ratings also derive strength from OIPL's promoters' more than three decades of experience in the manufacturing of nylon yarn, resulting in established relationships with customers and suppliers. RATING SENSITIVITIES Negative: Any dip in the revenue or operating profitability leading to deterioration in the credit metrics on a sustained basis will be negative for the ratings. Positive: A substantial growth in the revenue along with an improvement in the operating profitability, leading to an improvement in the credit metrics on a sustained basis will be positive for the ratings. COMPANY PROFILE Incorporated in 2008, OIPL (erstwhile Vandana Suppliers Pvt. Ltd. involved in trading of polyester) is engaged in the manufacturing of nylon filament yarn, mainly used in the textile industry for high-end special apparels. The company's sole manufacturing facility located in Surat, Gujarat, has an installed capacity of 5,475MTPA. OIPL commenced manufacturing of nylon yarn from August 2013. ORION MOTORS: CRISIL Lowers Rating on INR5MM Loan to B ------------------------------------------------------ CRISIL Ratings has been consistently following up with Orion Motors Private Limited (OMPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Inventory Funding 5 CRISIL B/Stable (Issuer Not Facility Cooperating; Downgraded from 'CRISIL BB/Stable') '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 Orion Motors Private Limited. 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 Orion Motors Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. Incorporated in 1999, OMPL is an authorised automobile dealer of HMIL in Hisar and Hansi. The company is promoted by Mr. Jagmohan Oberoi and Ms. Rita Oberoi and is based in Hisar (Haryana). PADMESH BEVERAGES: CRISIL Cuts Rating on INR9.5MM Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Padmesh Beverages (Padmesh) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 9.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Corporate Loan .5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Term Loan 1.82 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') '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 Padmesh Beverages. 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 Padmesh Beverages is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. Padmesh, established in 2002, manufactures and distributes Parle products, such as Frooti, Appy Fizz, Love Litchi, Cafaa Cuba, LMN lemon-, aqua- and orange-flavoured fruit drinks, and Bailey Soda. The firm has exclusive distribution rights for Parle's products in North-East India. Located at Satgaon in Guwahati (Assam), Padmesh is managed by Mr. Manoj Kumar Agarwala. PATIKARI POWER: CRISIL Lowers Rating on INR14.25MM LT Loan to D --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Patikari Power Pvt Ltd (PPPL) to 'CRISIL D' from 'CRISIL BB/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 14.25 CRISIL D (Downgraded from 'CRISIL BB/Stable') Proposed Long Term 7.36 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL BB/Stable') The downgrade reflects a recent instance of delay in servicing term debt obligations owing to stretched liquidity. Operating revenue declined to INR12.7 crore in fiscal 2016 from INR14.1 crore in fiscal 2015 and is estimated to decline further to INR9.55 crore in fiscal 2017 due to lower power generation, resulting from less water in the catchment area because of low rainfall. However, operating margin remained healthy at 71% in fiscal 2016 and is estimated at around 70% for fiscal 2017. Key Rating Drivers & Detailed Description Weakness * Delays in servicing term debt obligation: The company has recently delayed servicing term debt obligation due to stretched liquidity. * Counter-party risk, with Himachal Pradesh State Electricity Board (HPSEB) being its sole customer: Though long-term agreement with HPSEB provides revenue visibility, revenue nevertheless remains dependant on a single customer, thereby exposing PPPL to high counter party risk. Any delay in payment from HPSEB could impact PPPL's liquidity. Timely receipt of payments from HPSEB will remain a key rating sensitivity factor over the medium term. * Susceptibility to hydrology risk associated with terrain: PPPL is exposed to hydrology risk. Power generation is dependent on the availability of adequate water flow through the stream. Bhakli Khad, a left bank tributary of the Beas River joining into the reservoir behind the Pandoh dam, is the main source of water flow. Discharge in the stream is mainly contributed by rain water and partially by natural springs. Therefore, the company faces a risk of low water discharge during January to March. Though small perennial streams also contribute a lot of discharge to the main stream, the plant load factor of the power plant remains vulnerable to any significant drop in water flow level, as witnessed in fiscal 2017. Strengths * Limited exposure to demand and price risk with assured offtake through long-term power purchase agreement (PPA): PPPL supplies electricity to HPSEB under a long-term PPA signed for 40 years (from the commercial operation date) at a tariff rate of INR2.25 per unit. Long-term agreement with the customer provides revenue visibility, minimising offtake risk and ensuring steady cash flow. * High operating profitability: The main raw material in hydel power is water which is available free of cost from the Beas River, on which the plant is commissioned. This ensures high operating margin for the hydel project; the company is likely to have an operating margin of around 70% though revenue per megawatt is generally modest due to lower capacity utilisation. PPPL was incorporated in 2002 to establish and operate the 16 megawatts Patikari hydro-electric project, a run of the river scheme built on Bakhli Khad, a left bank tributary of the Beas River, in Mandi, Himachal Pradesh. The project started commercial operation in February 2008. Profit after tax was INR6 lakhs on net sales of INR12.7 crore for fiscal 2016, vis-a -vis INR61 lakhs and INR14.14 crore, respectively, in fiscal 2015. Status of non-cooperation with previous CRA: PPPL has not cooperated with ICRA Ltd, which suspended its rating on the company on December 07, 2016. The reason provided by ICRA Ltd is non-furnishing of information required for monitoring the rating. PRAVIN MOHANLAL: CRISIL Reaffirms 'B+' Rating on INR10MM Loan ------------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facility of Pravin Mohanlal (PM) at 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B+/Stable (Reaffirmed) The rating reflects a below-average financial risk profile because of a small networth, high total outside liabilities to adjusted networth (TOLANW) ratio, and average debt protection metrics. The rating also factors in a modest scale of operations and exposure to intense competition in the diamond industry resulting in low profitability margins. These rating weaknesses are partially offset by the extensive experience of the promoter in the gems and jewellery industry, established relationship with customers, and moderate working capital requirement. Key Rating Drivers & Detailed Description Weakness * Below-average financial risk profile: The networth was small at INR2.2 crore, and the TOLANW ratio high at 13.8 times, as on March 31, 2016. The debt protection metrics were average with interest coverage ratio of 2.3 times in fiscal 2016. * A modest scale of operations and exposure to intense competition resulting in low profitability margins: Revenue is estimated at INR29.1 crore for fiscal 2017. Also, the diamond industry is highly fragmented as low entry barriers on account of limited capital and technology requirements attract numerous unorganised players across India. Hence, the firm has modest profitability margins. Strengths * Extensive industry experience of the promoters, and established relationship with customers: The Mumbai-based Selvadia family, to which the promoter belongs, has been engaged in the diamond trading business since 1974, though PM was established in 1994. Outlook: Stable CRISIL believes PM will continue to benefit from the extensive industry experience of its promoter and established relationship with customers. The outlook may be revised to 'Positive' if there is substantial improvement in the capital structure on the back of sizeable capital infusion, or sustained improvement in working capital management. The outlook may be revised to 'Negative' in case of a steep decline in profitability margins, or significant deterioration in the capital structure caused most likely by an increase in working capital requirement. PM, a proprietorship concern, was set up in 1994 by Mumbai-based Mr Pravin Mohanlal Selvadia. The firm primarily trades in rough and polished diamonds. It also manufactures diamond-studded jewellery. The trading division contributes around 70% of the revenue, and the manufacturing division contributes the rest. Profit after tax was INR0.43 crore on net sales of INR45.5 crore in fiscal 2016, against a profit after tax of INR0.74 crore on net sales of INR71.5 crore in fiscal 2015. PURE MILK: CRISIL Reaffirms 'D' Rating on INR37.48MM Cash Loan -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Pure Milk Products Private Limited (PMPPL) for obtaining information through letters and emails dated January 23, 2017, and February 15, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 37.48 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term .98 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) Term Loan 13.54 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Working Capital 11 CRISIL D (Issuer Not Demand Loan Cooperating; Rating Reaffirmed) '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 Pure Milk Products Private Limited. 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 Pure Milk Products Private Limited is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D. PMPPL was established in 1989 as a partnership firm, and was reconstituted as a private limited company. It was acquired by Mr. Charanjit Singh and his wife in 1993. PMPPL processes milk at its plant in Ludhiana (Punjab), which has capacity of 0.4 million litres per day. R. S. ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR14MM Loan -------------------------------------------------------------- CRISIL Ratings has been consistently following up with R. S. Enterprises (Ludhiana) (RSE) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 14 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Foreign Exchange 3 CRISIL D (Issuer Not Forward Cooperating; Rating Reaffirmed) Proposed Long Term 2.95 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) Term Loan 6.05 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 R. S. Enterprises (Ludhiana). 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 R. S. Enterprises (Ludhiana) is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D/CRISIL D. RSE was established in 2001 as a proprietorship concern in Ludhiana (Punjab) by Mr. Rachit Tuli. The firm manufactures textiles and trades in fabric and has a knitting capacity of 8 tonnes per day. The proprietor's family has over six decades of experience in the textiles industry. RADHIKA INFRA: CRISIL Reaffirms 'D' Rating on INR13.54MM Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Radhika Infra Estate Private Limited (RIPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 13.54 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 Radhika Infra Estate Private Limited. 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 Radhika Infra Estate Private Limited is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D. RIPL was incorporated in 2009 by Mr. Manoj Kumar Jain, Mr. Arvind Agarwal, and Mr. Prashant Kumar Saxena. It is currently undertaking a real estate project, Maple Tree, at the airport bypass road, near RGPV University, Bhopal. RAJDHANI COLD: CRISIL Assigns B+ Rating to INR5MM LT Loan --------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Rajdhani Cold storage (RCS). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 1.5 CRISIL B+/Stable Long Term Loan 5 CRISIL B+/Stable The rating reflects the working capital-intensive nature, and small scale, of operations in an intensely competitive industry. These rating weaknesses are partially offset by the extensive entrepreneurial experience of the proprietor. The rating also factors a moderate financial risk profile because of a comfortable total outside liabilities to adjusted networth (TOLANW) ratio and healthy debt protection metrics. Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations in an intensely competitive industry Operating income is estimated at INR3.75 crore for fiscal 2017. The presence of a large number of small players reduces the bargaining power of all players in the industry. * Working capital-intensive nature of operations Receivables are stretched as payment of rent from customers is received when they pick their last slot of goods from the cold storage. Strengths * Extensive entrepreneurial experience of the proprietor. The proprietor, Mr Nirmolak Singh Mutreja, has an experience of over two decades in the agricultural commodities industry. He was earlier engaged in processing of and trading in rice through a group concern, Lucky Rice Mills. Established relationship with major suppliers and customers further strengthens the market position. * Moderate financial risk profile Both capital structure and debt protection metrics are expected to remain healthy over the medium term. The networth was modest, estimated at INR3.5 crore as on March 31, 2017, against INR3.4 crore a year earlier. The interest coverage ratio is expected to remain healthy at around 2.5 times over the medium term driven by stable cash accrual. Outlook: Stable CRISIL believes RCS will continue to benefit from the extensive entrepreneurial experience of its proprietor. The outlook may be revised to 'Positive' in case of a significant and sustained increase in scale of operations along with improvement in working capital management. The outlook may be revised to 'Negative' in case of lower-than-expected cash accrual, any debt-funded capital expenditure resulting in weakening of the capital structure, or an increase in working capital requirement leading to stretched liquidity. RCS was formed in 2014 by Mr Mutreja in Raipur, Chhattisgarh. The firm provides cold storage and warehouse services to farmers, merchants, and traders. It has a total capacity of 6000 tonne, with two chambers, for storing perishables. The firm also undertakes opportunity-based trading in agro commodities such as tamarind, jaggery, gram, and pulses. Profit after tax (PAT) was INR0.12 crore on operating income of INR3.75 crore, estimated for fiscal 2017, against INR0.9 crore and INR3.23 crore, respectively, in fiscal 2016. RAKESH TEXTILES: CRISIL Reaffirms 'B' Rating on INR5MM Loan ----------------------------------------------------------- CRISIL's ratings on the bank facilities of Rakesh Textiles (RT) continues to the limited track record in operations, and exposure to intensive competition in the textile industry. These weaknesses are partially offset by the extensive experience of the partners, and their funding support. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5 CRISIL B/Stable (Reaffirmed) Long Term Loan 1.8 CRISIL B/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weaknesses: * Limited track record of operations: Given the limited track record, as operations commenced only around September 2016, estimated sales for fiscal 2017, stood at INR15 crore. * Exposure to intense competition in the textile industry: Intense competition restricts the pricing and bargaining power of players. Operating margin also remains vulnerable to volatile raw material prices. Strength * Extensive experience of the partners, and their funding support: Benefits from the two decade-long experience of the partners, and their established relationships with suppliers and customers, will continue. Additionally, the partners have extended unsecured loans and infused equity capital to support operations. Outlook: Stable CRISIL believes RT will continue to benefit from the extensive experience of its partners. The outlook may be revised to 'Positive' if a ramp-up in the scale of operations leads to healthy revenue and profitability. The outlook may be revised to 'Negative' in case of delay in stabilisation of project, leading to lower-than-expected revenue, profitability and a weak financial risk profile. Set up in 2004, RT is a partnership firm based in Panipat, Haryana. It began commercial operations in fiscal 2017, by manufacturing and selling polyester curtains. Daily operations are managed by the partners, Mr Rakesh Khanna and his brother, Mr Yogesh Khanna. SAISHA ENTERPRISES: CRISIL Reaffirms 'D' Rating on INR6.42MM Loan ----------------------------------------------------------------- CRISIL Ratings has been consistently following up with Saisha Enterprises Private Limited (SEPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 6.08 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) Term Loan 6.42 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 Saisha Enterprises Private Limited. 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 Saisha Enterprises Private Limited is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D. Incorporated in 2010, SEPL derives parking income from its parking space located in Shirdi (Maharashtra). The company has constructed its commercial complex including 13 shops, 40-room hotel and a restaurant having total rental area of 1.5 lakh square feet. SEPL is promoted by Mr. Navnath Gondkar and has its registered office in Ahmednagar (Maharashtra). SAVORIT LIMITED: Ind-Ra Migrates B+ Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Savorit Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance 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: -- INR70 mil. Fund-based limit migrated to Non-Cooperating Category; -- INR97.34 mil. Non-fund based limit migrated to Non- Cooperating Category; and -- INR82.66 mil. Term loans migrated to Non-Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 14, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Savorit is a Chennai-based manufacturer of wheat products. Its manufacturing facilities are located in Chennai and Dindigul. SHRI RAMESHWAR: CRISIL Reaffirms 'C' Rating on INR30MM Loan ----------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facility of Shri Rameshwar Sahakari Sakhar Karkhana Limited (SRSSKL) at 'CRISIL C'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL C (Reaffirmed) The rating continues to reflect its below-average financial risk profile because of weak capital structure and inadequate debt protection metrics, and exposure to cyclicality in the sugar industry and to regulatory framework. These weaknesses are partially offset by the society's established regional position. Key Rating Drivers & Detailed Description Weakness * Exposure to cyclicality in the sugar industry and regulatory framework The sugar industry is cyclical, seasonal, and highly fragmented. Dependence on monsoon can adversely affect yield. Government tries to balance the interests of sugar consumers by regulating prices and distribution, and also ensures remunerative price to farmers by advising floor prices for sugarcane called statutory minimum price or state advised price. * Below-average financial risk profile Networth has depleted owing to huge losses incurred in the past. Debt protection metrics have also remained muted due to high interest expense and low operating margin. Financial risk profile will remain subdued over the medium term. Strengths * Established position in the sugar industry Currently, the society has 7500 shareholders. Proprietor's extensive experience will help support business risk profile over the medium term. Established in 2001 by a group of agriculturists in Jalna, Maharashtra, SRSSKL is promoted by Mr. Raosaheb Patil Danve (member of Parliament) and manufactures sugar. Mr. Santosh Patil Danve is its chairman, and operations are managed by Mr. Dharmaraj Shewale (managing director) with support from other functional personnel. For fiscal 2017, estimated loss is INR8.2 crore on net sales of INR27 crore; loss was INR9.8 crore on net sales of INR47.9 crore for fiscal 2016. SOHONI METAL: CRISIL Lowers Rating on INR2MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Sohoni Metal Craft Private Limited (SMCPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from CRISIL BB-/Stable) Letter of Credit 3.2 CRISIL A4 (Issuer Not Cooperating; Downgraded from CRISIL BB-/Stable) Standby Line of Credit .3 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from CRISIL BB-/Stable) '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 Sohoni Metal Craft Private Limited. 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 Sohoni Metal Craft Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. SMCPL, based in Umbergaon (Gujarat), was set up in 1992-93 (refers to financial year, April 1 to March 31) by Mr. Dilip Sohoni and his family. The company manufactures battery caps and bottoms and polyvinyl chloride sleeves for dry-cell batteries. STALLION INVESTMENTS: Ind-Ra Puts 'BB' Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Stallion Investments Private Limited's (SIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance 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 action is: -- INR47.19 mil. Term loan migrated to Non-Cooperating Category Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Jan. 5, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE SIPL was established in 1981. The promoters own a building called Queen's Mansion in the Fort area of Mumbai, which contains 15 commercial and 28 residential units. SUPER HOZE: CRISIL Lowers Rating on INR2.5MM Cash Loan to 'B' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Super Hoze Industries Private Limited (SHIPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Letter of credit & 3.5 CRISIL A4 (Issuer Not Bank Guarantee Cooperating; Downgraded from 'CRISIL A4+') '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 Super Hoze Industries Private Limited. 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 Super Hoze Industries Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. SHIPL was incorporated in 2005. The company was initially set up by Mr. Deepak Talwar, the Burman family (promoters of the Dabur group), and Avigo Venture Investment Pvt Ltd, with equal shareholding. In 2008-09 (refers to financial year, April 1 to March 31), the Burman family acquired the entire stake in the company after the exit of Mr. Talwar and Avigo Venture Investment Pvt Ltd. SHIPL manufactures liquefied natural gas (LPG) hoses and industrial (hydraulic and others) hoses at its plant in Baddi (Himachal Pradesh). SUPRINT TEXTILES: CRISIL Cuts Rating on INR2.5MM Loan to 'B' ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Suprint Textiles (Jaipur) Private Limited (STPL) for obtaining information through letters and emails dated January 23, 2017, and February 13, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 2.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Packing Credit 3.5 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Term Loan 1.0 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') '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 Suprint Textiles (Jaipur) Private Limited. 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 Suprint Textiles (Jaipur) Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable/CRISIL A4. STPL incorporated in 2000 by Sodhi family, manufactures and exports home furnishing and accessary products such as cushion covers, curtains, bed covers, and quilts. The manufacturing facility includes two plants which are based in Jaipur (Rajasthan). SURYA ALLOY: CRISIL Reaffirms D Rating on INR91.49MM Cash Loan -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Surya Alloy Industries Limited (SAIL) for obtaining information through letters and emails dated March 21 2017, and April 18, 2017, among others, apart from telephonic communication. However, the issuer has remained non-cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 91.49 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Letter of credit & 50.77 CRISIL D (Issuer Not Bank Guarantee Cooperating; Rating Reaffirmed) Term Loan 173.38 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 SAIL. 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 SAIL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' The company has been continuing to delay its repayments and classified as non-performing asset as confirmed by its banker. The delays have been caused by the weak financial risk profile stemming from lack of cash accrual and high gearing. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL D/CRISIL D'. Surya Alloy was promoted by Mr. Ashish Rungta and the late Mr. Motilal Rungta in 1990. The Rungta group has been mainly manufacturing railway track material for the Indian Railways for the past 20 years. Surya Alloy mainly manufactures and supplies railway track material, including spheroidal graphite cast iron inserts, elastic railway clips, grooved rubber pads, metal liners, and fish plates. The company is approved by the Research Design & Standards Organisation of the Indian Railways. Over the years, Surya Alloy has expanded its product profile to include ingots and billets (alloy/non-alloy steel), special spring steel rounds, and rolled products such as angles, channels, joists, Zsection bars, and flats. The company has also set up a ferroalloys division. THOUSU PERIYAKKAL: CRISIL Reaffirms 'D' Rating on INR18.94MM Loan ----------------------------------------------------------------- CRISIL Ratings has been consistently following up with Thousu Periyakkal Educational Health and Charitable Trust (TPHCT) for obtaining information through letters and emails dated January 19, 2017, and February 9, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 1.6 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Long Term Loan 18.94 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Overdraft 2.70 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 Thousu Periyakkal Educational Health and Charitable Trust. 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 Thousu Periyakkal Educational Health and Charitable Trust is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D. TPHCT, located in Trichy (Tamil Nadu), was set up in 2004 by Mr. B Selvaraj as a trust registered under the Indian Trust Act, 1881.The trust offers undergraduate, post-graduate, and diploma courses in engineering and teacher education courses. UJALA PUMPS: CRISIL Reaffirms 'D' Rating on INR30MM Cash Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Ujala Pumps Private Limited (UPPL) for obtaining information through letters and emails dated January 19, 2017, and February 15, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Letter of Credit 18 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Rupee Term Loan 7 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) '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 Ujala Pumps Private Limited. 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 Ujala Pumps Private Limited is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D/CRISIL D. Set up in 1992 by the Gupta family of Rajasthan, UPPL manufactures water pumps, which it sells under its Ujala brand. The company primarily manufactures mini mono-bloc pumps and submersible pumps, along with jet pumps and centrifugal pumps. VIZAG COMPANYS: CRISIL Reaffirms 'D' Rating on INR15MM Cash Loan ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Vizag Companys Steel (VCS) for obtaining information through letters and emails dated January 19, 2017, and February 15, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL D (Issuer Not Cooperating; Rating Reaffirmed) Proposed Long Term 3 CRISIL D (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) '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 Vizag Companys Steel. 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 Vizag Companys Steel is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower.' Based on the last available information, CRISIL has reaffirmed the rating at CRISIL D. VCS was set up in 2002 as a partnership firm by Mr. Ashok Chaudhary and Mr. Yashwant. The firm trades in thermo- mechanically treated bars and billets. It is based in Visakhapatnam, Andhra Pradesh. * INDIA: Infusing Funds Into Lenders Won't Solve Debt Mess ---------------------------------------------------------- Pradipta Mukherjee and Anirban Nag at Bloomberg News report that Indian central bank Deputy Governor Viral Acharya said injecting new funds into lenders won't resolve the nation's stressed asset plight until companies take steps to reduce debt. According to Bloomberg, the Reserve Bank of India is seeking to strengthen the banking system through measures including merging weaker banks and pushing to privatize some state-run lenders as it ramps up efforts to resolve the world's highest stressed-asset ratios. Banks would be happy to lend but there is no demand from corporates as they are heavily indebted, he said in a speech in Kolkata on May 19, Bloomberg relays. Cleaning up bank balance sheets is key to reviving credit growth and furthering Prime Minister Narendra Modi's goal of creating more jobs in the $2 trillion economy, Bloomberg says. Various programs proposed by the Reserve Bank of India to solve the problem have been unsuccessful, with lenders reluctant to write down assets sufficiently and company owners unwilling to negotiate repayment plans. "If you fix the banks by simply putting capital into them or you simply provision better at the banks so that they get restoration of their lending capacity, that by itself is not going to create credit," Bloomberg quotes Acharya as saying. "You need to fix the underlying corporations because there might be excess capacity that you have to clear before you can see pick up in demand." Earlier this month, the government amended the Banking Regulation Act to enable the RBI to order lenders to initiate insolvency proceedings against defaulters and to create committees to advise banks on recovering non-performing loans. Stressed assets have reached "unacceptably high levels" requiring urgent measures to resolve them, Bloomberg report citing a statement on the Gazette of India website. Stressed assets -- which include bad loans, restructured debt and advances to companies that can't meet servicing requirements -- have risen to about 17 percent of total loans, the highest level among major economies, data compiled by the government showed, Bloomberg relays. In the past two weeks the central bank has put two banks under restrictions so that they can bring down their non-performing loans, notes the report. IDBI Bank and Kolkata-based UCO Bank have been put under a regime that may reduce their ability to lend or distribute dividends. In earlier speeches, Acharya, who took over as deputy governor in January, said it's not clear if the country needed so many state- run banks and whether the sector will be better off if they were consolidated into fewer healthier banks, notes Bloomberg News. He also said some state-run banks which were struggling could be privatized with the government divesting its stake, adds Bloomberg. Some banks can be merged, as a quid pro quo for timely government capital injection into the combined entity, he said. ================= I N D O N E S I A ================= ANTAM PERSERO: S&P Keeps B- Corporate Credit Rating --------------------------------------------------- S&P Global Ratings said that it had raised its long-term corporate credit ratings on seven Indonesian companies following a similar action on the sovereign credit rating on Indonesia (BBB-/Stable/A-3; axA-/axA-2). S&P raised the long-term ASEAN regional scale rating on four companies. S&P also raised the issue ratings to 'BBB-' from 'BB+' on the outstanding notes issued by the following entities: PT Pertamina (Persero); PT Pelabuhan Indonesia II (Persero); PT Pelabuhan Indonesia III (Persero); PT Perusahaan Gas Negara (Persero) Tbk.; and the issue ratings to 'BB+' from 'BB' on the outstanding notes issued by PT Saka Energi Indonesia. The ratings list is: Ratings raised; Ratings affirmed To From PT Pertamina (Persero) Corporate credit rating BBB-/Stable/-- BB+/Pos./-- ASEAN regional scale axA- axBBB+ PT Pelabuhan Indonesia II (Persero) Corporate credit rating BBB-/Stable/-- BB+/Pos./-- ASEAN regional scale axA- axBBB+ PT Perusahaan Gas Negara (Persero) Tbk. Corporate credit rating BBB-/Stable/-- BB+/Pos./-- ASEAN regional scale axA- axBBB+ PT Pelabuhan Indonesia III (Persero) Corporate credit rating BBB-/Neg./-- BB+/Dev./-- ASEAN regional scale axBBB+ axBBB+ PT Saka Energi Indonesia Corporate credit rating BB+/Stable/-- BB/Pos./-- ASEAN regional scale axBBB+ axBBB PT Telekomunikasi Selular Corporate credit rating Foreign currency BBB/Stable/-- BBB-/Pos./-- Local currency BBB+/Stable/-- BBB/Pos./-- ASEAN regional scale axA+ axA+ PT Astra International Tbk. Corporate credit rating Foreign currency BBB/Stable/-- BBB-/Pos./-- Local currency BBB+/Stable/-- BBB/Pos./-- ASEAN regional scale axA+ axA+ Ratings unchanged To From PT Perusahaan Listrik Negara (Persero) Corporate credit rating BB/Stable/-- BB/Stable/-- ASEAN regional scale axBBB- axBBB- PT ANTAM (Persero) Tbk. Corporate credit rating B-/Stable/-- B-/Stable/-- ASEAN regional scale axB axB S&P raised the ratings on four government-related entities--PT Pertamina, PT Perusahaan Gas Negara (PGN), PT Pelabuhan Indonesia II, and PT Pelabuhan Indonesia III--to reflect the sensitivity of these entities to the sovereign credit rating on Indonesia, given their relationship to the government. S&P's base case assumes that the government will maintain its majority ownership and continue to influence the business and financial strategies of the companies over the next two years at least. The stable rating outlook on PT Pertamina, PGN, and PT Pelabuhan Indonesia II reflects the stable outlook on the sovereign rating on Indonesia. In addition, the stable rating outlook on PT Pelabuhan Indonesia II reflects S&P's expectation that the company will maintain a stand-alone credit profile (SACP) consistent with a 'bb+' level, including a ratio of funds from operations (FFO) to debt exceeding 20%. The stable rating outlook on PGN reflects S&P's expectation that the company will maintain an SACP consistent with a 'bbb-' level, including a ratio of FFO to debt exceeding 23%, with contribution from higher risk oil and gas production activities sustaining below 35% of consolidated EBITDA. S&P raised the rating on port operator PT Pelabuhan Indonesia III (Persero) to reflect the sensitivity of the entity to the sovereign credit rating on Indonesia, given its relationship to the government. Nevertheless, S&P revised the outlook to negative from developing to reflect the prospects of a weaker SACP over the next 12 to 18 months if the company fails to moderate its capital spending and control leverage such that its FFO-to-debt ratio falls below 20% sustainably. S&P raised the rating on oil and gas producer PT Saka Energi Indonesia to reflect the upgrade on its 100% shareholder parent PGN. The stable outlook on the company reflects the stable outlook on PGN and S&P's expectation that Saka Energi will maintain a close operational, financial, and ownership relationship with its parent company over the next two years at least. S&P raised the ratings on PT Astra International and PT Telekomunikasi Selular to reflect S&P's higher assessment of the transfer and convertibility (T&C) risk of Indonesia following the sovereign action. S&P had raised its T&C assessment on Indonesia to 'BBB' from 'BBB-'. S&P rates PT Astra International above the sovereign because of the company's low leverage, solid cash flows, and S&P's view that the company has the financial flexibility to withstand a significant period of sovereign stress and still have enough liquidity to honor all its obligations in a timely manner. The SACP is 'bbb+'. The stable outlook on the company reflects the stable outlook on the sovereign rating on Indonesia and S&P's expectation that Astra will maintain sound competitive positions in its key businesses, generate resilient cash flows, and preserve its minimal leverage in both financial services and industrial operations. S&P rates PT Telekomunikasi Selular above the sovereign because S&P believes the company would be able to meet its debt maturities even in the event of sovereign stress, given minimal debt and strong free operating cash flow. The SACP is 'a-'. At the same time, S&P believes the company will continue to be exposed to the T&C risk of Indonesia, given that most of its operations are based in the country. The stable rating outlook on PT Telekomunikasi Selular reflects the stable outlook on the sovereign credit rating on Indonesia. The ratings on power producer PT Perusahaan Listrik Negara (Persero) (PLN: BB/Stable/--; axBBB-) and diversified mining company PT ANTAM (Persero) Tbk. (B-/Stable/--; axB) are unaffected by the upgrade in the sovereign rating on Indonesia. S&P lowered the SACP on PLN to 'b+' from 'bb-' in June 2016 to reflect the prospect of weaker cash flow adequacy ratios and sizable capital spending. At the time, S&P had highlighted that the weaker SACP on the company would no longer lead to a rating upgrade in the event of an upgrade in the sovereign rating. S&P do not incorporate extraordinary government support in the rating on PT ANTAM. This is because the company operates in the mostly private, competitive upstream mining and downstream mineral processing segment; its operations are largely run independently; and S&P do not consider the company is providing an essential infrastructure, goods or services that cannot be provided on a commercial basis by other market participants. BANK NEGARA: S&P Raises ICR to BB+ Following Sovereign Upgrade -------------------------------------------------------------- S&P Global Ratings raised its ratings on PT Bank Negara Indonesia (Persero) Tbk. (BNI) and Lembaga Pembiayaan Ekspor Indonesia (Indonesia Eximbank) following a similar action on the sovereign credit rating on Indonesia. S&P also raised the ASEAN regional scale ratings on both the financial institutions and the senior unsecured debt ratings on Indonesia Eximbank. RATINGS LIST Upgraded To From BNI Issuer credit ratings BB+/Stable/B BB/Positive/B ASEAN regional scale axBBB+/axA-2 axBBB/axA-3 Indonesia Eximbank Issuer credit ratings BBB-/Stable/A-3 BB+/Positive/B ASEAN regional scale axA-/axA-2 axBBB+/axA-2 Senior unsecured BBB- BB+ ASEAN regional scale axA- axBBB+ The sovereign ratings upgrade is driven by S&P's assessment of reduced risks to Indonesia's fiscal metrics. S&P believes the government's increased focus on realistic budgeting has reduced the likelihood that a shortfall in future revenue would widen the general government deficit significantly beyond what S&P expects now. This also reduces the risk of a rising net general government debt ratio and debt servicing burden. S&P upgraded BNI to reflect the high likelihood of extraordinary government support because of the bank's high systemic importance in Indonesia and S&P's assessment of the government as highly supportive. BNI's systemic importance is based on its status as the fourth-largest bank in Indonesia with 7.6% market share in loans and 8.0% market share in deposits. S&P's ratings on BNI also factor in the bank's adequate capital base and strong funding and liquidity. S&P expects the bank to maintain adequate capitalization despite a downward pressure on net interest margins amid several policy rate cuts and incremental growth coming mainly from the low-yielding corporate segment. Asset quality pressures on account of stress in the small and midsize enterprises and commodities related segments will likely keep the bank's credit costs high over the next 12 months. The stable outlook on BNI reflects S&P's expectation that the bank will maintain its satisfactory financial profile and strong funding and liquidity metrics over the next 12 months. S&P is unlikely to raise the bank's stand-alone credit profile (SACP) of 'bb' over the next 12 months, because it requires both the bank's asset quality and capital to improve. S&P expects BNI's asset quality to weaken slightly over the next 12 months. S&P may downgrade BNI if the deterioration in its asset quality is significantly higher than S&P's expectations. S&P upgraded Indonesia Eximbank because S&P sees an almost certain likelihood that the Indonesian government will provide extraordinary support to the company if needed. S&P's view is based on its assessment of the critical importance of Indonesia Eximbank's public policy role and its integral link with the government. Therefore, S&P equalizes the ratings on Indonesia Eximbank with the sovereign ratings on Indonesia. The stable rating outlook on Indonesia Eximbank reflects the outlook on the sovereign rating on Indonesia. S&P expects Indonesia Eximbank to remain an important instrument of the government's medium- to long-term export development strategy. S&P also expects it to remain integral to the sovereign through the government's sole ownership. The ratings on Indonesia Eximbank will move in tandem with the sovereign ratings on Indonesia. ================= S I N G A P O R E ================= MARCO POLO: Unit Gets Order to Temporarily Restrain Creditors ------------------------------------------------------------- The Business Times reports that Marco Polo Marine said that its PT Marcopolo Shipyard has filed an application to place itself under a suspension of debt payment plan as it undertakes a court- supervised debt restructuring. According to the report, the troubled offshore and marine group said that following the application on May 18, a temporary restraint of legal proceedings against the shipyard unit will be put in place for 45 days commencing from the date of the application. A supervisory judge has been appointed and a team of administrators have been designated to assist the shipyard in managing its assets, The Business Times relates. During this initial 45-day period, the shipyard unit is required to submit a debt restructuring plan for consideration at a creditors' meeting, the report says. The Business Times notes that the group warned that should the debt restructuring plan fail to secure the consent of the requisite majority of creditors, a possible outcome is that PT Marcopolo Shipyard may be placed into bankruptcy. Singapore-based Marco Polo Marine Ltd (SGX:5LY) -- http://www.marcopolomarine.com.sg/-- engages in marine logistics services. The Company's segments include Ship chartering services, which relates to charter hire activities, and Ship building and repair services, which relates to ship building and ship repair activities. Its shipping business consists of offshore support and marine logistics services, and relates to the chartering of offshore supply vessels (OSVs), which include anchor handling tug supply vessels (AHTS) for deployment in the regional waters, including the Gulf of Thailand, Malaysia, Indonesia and Australia, as well as the chartering of tugboats and barges to customers, which are engaged in the mining, commodities, construction, infrastructure and land reclamation industries. Its shipyard business relates to ship building, as well as the provision of ship maintenance, repair, outfitting and conversion services that are carried out through its shipyard in Batam, Indonesia. VALLIANZ HOLDINGS: Posts US$173.2 Million Loss in Q1 2017 --------------------------------------------------------- The Business Times reports that Vallianz Holdings suffered a net loss of US$173.2 million for the three months ended March from a profit of US$4.9 million a year ago due to substantial non-cash impairment expenses on the back of a sector slowdown. The Business Times relates that the offshore support vessels provider saw quarterly revenue fall 21.5 per cent to US$38.7 million from US$49.3 million for the period mainly due to completion of various one-time vessel management projects in the second half of 2016. Also, despite the commencement of new contracts over the fifth quarter (it had changed its financial year from end December to end March), the group experienced lower utilisation from certain existing fleet of vessels amid a challenging environment, the report says. It reported a loss per share of 4.38 US cents for the period versus earnings per share of 0.56 US cents a year ago, The Business Times discloses. No dividend was recommended, the report notes. For the 15 months ended March 2017, Vallianz reported a net loss of US$159.4 million from a profit of US$17.5 million over the 12 months to December 2015 on the back of a nearly 7% increase in revenue to US$247.8 million, The Business Times discloses. The Business Times adds that the losses for the FY2017 period were due to a slowdown in the offshore oil and gas sector which led the group to record non-cash net impairment expenses of US$214.6 million for certain of its assets. Vallianz Holdings Limited is Singapore-based investment holding company. The Company is a provider of offshore support vessels and integrated offshore marine solutions to the oil and gas industry. Its segments include Vessel chartering and brokerage, which is engaged in chartering of owned vessels and brokering of vessels; Vessel management and services, which is engaged in the provision of crew, consultancy and logistics, and marine yard services and construction services, and Investment holding, which is engaged in holding available-for-sale investments for long- term purposes. The Company's offshore marine services include vessel ownership, chartering, brokering, vessel management services and marine marketing services in Asia Pacific, the Middle East and Latin America. It provides a range of vessel management services for both owned vessels and third party vessels. It owns and operates a fleet of approximately 70 offshore support vessels. =============== X X X X X X X X =============== * BOND PRICING: For the Week May 15 to May 19, 2017 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14 ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 14.50 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 15.00 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.05 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.38 CML GROUP LTD 9.00 01/29/20 AUD 1.04 CRATER GOLD MINING LTD 10.00 08/18/17 AUD 20.00 HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.30 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72 LAKES OIL NL 10.00 05/31/18 AUD 8.03 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10 PALADIN ENERGY LTD 7.00 03/31/20 USD 68.00 PALADIN ENERGY LTD 6.00 04/30/17 USD 70.00 RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76 RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76 STOKES LTD 10.00 06/30/17 AUD 0.32 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 69.91 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 51.06 ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 61.13 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 60.96 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.74 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.80 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 41.60 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.56 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.71 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.87 BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 58.50 BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 61.47 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 59.01 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 60.42 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 61.71 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.05 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.61 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.00 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 62.02 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 61.59 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.20 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.53 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 50.01 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.02 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 60.77 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.44 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 74.40 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 59.30 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 60.61 BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 40.27 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 72.89 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 61.19 BENGBU URBAN INVESTMENT 5.78 08/10/17 CNY 30.03 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.77 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 60.99 C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 61.50 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.72 CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.51 CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.64 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.76 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.97 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 55.60 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 61.24 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.70 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.99 CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.30 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.75 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.03 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.41 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.50 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.27 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.78 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.80 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 61.06 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 61.14 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 62.11 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.57 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.80 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.00 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.40 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.58 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.73 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 61.36 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.31 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.50 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.52 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.53 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.14 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.37 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.15 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.30 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.26 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.66 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 72.76 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.50 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.74 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.78 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 62.11 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.89 CHIFENG CITY CONSTRUCTI 6.18 05/18/17 CNY 50.05 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 60.93 CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 40.38 CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 40.38 CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.11 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.60 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.66 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 62.09 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.72 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.79 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.05 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.06 CHONGQING FULING STATE- 6.39 01/21/20 CNY 61.36 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.63 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.55 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.92 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.48 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.71 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.77 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.85 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.93 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.66 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.89 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 61.13 CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 39.92 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 41.62 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.53 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.75 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.10 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.11 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 61.65 CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.93 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 60.30 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 61.82 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 61.43 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.97 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.94 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 62.06 CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 61.52 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 61.36 CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.57 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.82 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 62.13 CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.21 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 61.24 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.30 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.31 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 56.30 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 62.07 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.28 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 62.11 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.87 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 64.00 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 61.45 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 60.98 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 61.26 DALIAN MACHINE TOOL GRO 7.00 07/30/18 CNY 53.94 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 73.53 DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 39.96 DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 70.45 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.52 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 61.84 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 63.00 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 61.36 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.90 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 61.27 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 39.60 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.04 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 31.17 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 61.39 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.65 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.80 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.55 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.93 DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 62.07 DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00 DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00 DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00 DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00 DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00 DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00 DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00 DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00 DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.51 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.62 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.95 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 62.08 DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 70.75 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.00 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 62.23 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 25.06 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.13 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 50.83 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.01 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 61.70 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.36 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.51 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 72.33 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 72.88 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.25 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 60.00 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.97 FUZHOU INVESTMENT DEVEL 7.75 02/28/18 CNY 50.51 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.85 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.67 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 51.00 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 71.24 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 71.75 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.00 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.64 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.84 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 51.05 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.74 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.97 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.29 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.34 GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.59 GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 61.06 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.95 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.96 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 60.01 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 61.99 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.78 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.79 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 71.01 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 73.21 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.01 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.70 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.35 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.55 GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 41.83 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 46.90 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.69 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 61.33 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 62.00 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 60.66 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 44.40 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.74 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.05 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.69 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 71.30 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 72.40 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.00 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.64 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 61.42 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 71.85 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 72.07 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.97 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 62.00 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 61.05 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 81.00 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.13 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.52 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.20 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.28 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 51.04 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.50 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 41.33 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 62.01 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 82.80 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.30 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.89 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.52 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.75 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.59 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.69 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.75 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.76 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 61.61 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 61.42 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 81.75 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 40.30 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 42.06 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.45 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.53 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 61.31 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 73.50 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 61.90 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 61.84 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 61.15 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 81.85 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.09 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 40.51 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.85 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.83 HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.00 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.52 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.53 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.50 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 51.04 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.50 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.58 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.53 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 62.06 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 61.42 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.91 HULUDAO INVESTMENT GROU 8.47 03/01/19 CNY 61.20 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 51.13 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.20 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.25 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.92 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.93 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 41.75 HUZHOU URBAN CONSTRUCTI 7.02 12/21/17 CNY 40.50 HUZHOU URBAN CONSTRUCTI 6.70 12/14/19 CNY 61.27 HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.81 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 60.01 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.41 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 40.51 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 41.68 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 60.51 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 61.79 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.50 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.97 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 41.13 JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 40.01 JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 41.69 JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 62.00 JIANGSU DAFENG HARBOR H 7.98 11/15/17 CNY 50.01 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.00 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.74 JIANGSU HUAJING ASSETS 5.68 09/28/17 CNY 25.00 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.76 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.51 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.82 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.28 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.47 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.06 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.55 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 60.01 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.70 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 61.83 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 72.68 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 73.42 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.66 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 61.78 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.04 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.37 JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.39 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 60.00 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 61.53 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 61.89 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.16 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.62 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.56 JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 41.76 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 60.90 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 61.33 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.16 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.29 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.15 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.61 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.64 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.83 JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.51 JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 51.11 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 61.62 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 41.68 JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.59 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.37 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.80 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 62.17 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 61.71 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 61.96 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.81 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.30 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 41.99 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.31 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.42 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 61.83 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.65 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.79 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 61.13 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.41 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.74 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.98 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.31 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.65 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.50 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.17 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.31 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.67 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.78 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 61.39 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 41.51 LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 30.34 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.50 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.51 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.01 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.60 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.82 LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.86 LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 61.63 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 65.74 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.01 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 41.69 LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 61.18 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.60 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.62 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 61.18 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.50 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 61.35 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 61.66 LINYI CITY ASSET MANAGE 6.80 03/24/20 CNY 72.50 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 62.73 LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.80 LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.77 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 40.51 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 41.82 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 61.10 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 61.25 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 68.52 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.77 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 41.00 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.87 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.15 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.70 LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 62.14 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 61.06 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.60 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 72.50 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 52.89 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 59.10 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 61.28 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.78 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 51.01 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.14 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.17 NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 62.00 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.73 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 82.30 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 62.67 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 61.11 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.75 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 61.64 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 61.84 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 61.38 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.26 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.46 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.58 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 81.85 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.75 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.96 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.00 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.88 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.97 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.29 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.00 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.31 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.63 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.67 NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.76 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 61.78 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.36 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.56 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.57 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.97 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.98 NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.12 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 60.10 PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 61.13 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 61.34 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.25 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.57 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 61.79 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 62.37 PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 71.06 PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 72.40 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.68 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.74 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 60.20 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.62 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.50 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.83 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.39 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.45 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.27 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 61.34 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.61 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.85 PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.68 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 49.00 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 50.53 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 62.08 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.66 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 60.00 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 61.03 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.00 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.06 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 61.55 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.05 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 61.69 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 29.60 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 30.30 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 50.89 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.08 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.68 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 62.13 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.85 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15 QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.00 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 60.88 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 61.11 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.63 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.74 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 61.75 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.83 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 62.60 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.54 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.55 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 61.57 RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.74 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.67 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 62.00 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 52.28 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.65 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 63.00 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.44 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.80 SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.54 SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.61 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.55 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.70 SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 62.02 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 71.03 SHANDONG SHANSHUI CEMEN 6.20 05/12/17 CNY 66.29 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.41 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.54 SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 60.20 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 61.40 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.80 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.20 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.50 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 71.80 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 72.04 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.29 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.30 SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.07 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.51 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.66 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 60.53 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 61.23 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 62.01 SHANGXI HUAYU OF CHINAC 5.53 12/26/17 CNY 39.92 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.50 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.63 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.78 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 62.01 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 50.39 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.17 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 62.20 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.92 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 51.10 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 61.73 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.10 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 61.58 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.13 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 51.02 SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.37 SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 47.06 SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.89 SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 51.36 SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.87 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 61.88 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.59 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.90 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 73.14 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 73.22 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 61.60 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 81.49 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.24 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.27 SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 50.75 SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 50.75 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 50.75 SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 50.75 SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.12 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 60.00 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 61.21 STAR LAKE BIOSCIENCE CO 5.80 07/07/17 CNY 59.90 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 61.96 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 41.16 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.33 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 41.29 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 61.43 SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.38 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 61.06 SUZHOU NEW & HI-TECH IN 7.98 09/27/18 CNY 72.28 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 51.14 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 61.19 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 65.20 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 73.04 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.61 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.86 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.25 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.80 TAIAN CITY TAISHAN INVE 6.76 01/25/20 CNY 61.86 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 72.55 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 73.03 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 61.85 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.03 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 61.85 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.65 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.75 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 72.09 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 61.18 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.85 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.86 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.20 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.81 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 71.51 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 73.50 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.87 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 61.21 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.60 TAIZHOU XINTAI GROUP CO 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SP 5.00 09/26/18 KRW 32.74 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84 SINBO SECURITIZATION SP 5.00 12/23/17 KRW 33.88 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43 SINBO SECURITIZATION SP 5.00 07/24/17 KRW 42.79 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71 U-BEST SECURITIZATION S 5.50 11/16/17 KRW 36.55 WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 62.18 WOORI BANK 5.21 12/12/44 KRW 340.03 MALAYSIA -------- ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.10 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.61 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.39 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.48 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.92 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96 HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.31 I-BHD 2.50 10/09/19 MYR 0.43 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.03 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.16 MALTON BHD 6.00 06/30/18 MYR 1.36 PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.05 PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.09 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.18 SEE HUP CONSOLIDATED BH 4.60 12/22/17 MYR 0.15 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.19 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.52 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.90 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.23 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.61 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.97 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.34 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.67 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.98 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 66.33 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.69 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 69.04 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 69.12 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 69.78 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.58 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 71.17 SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 72.13 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.13 SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 73.00 SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.68 SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.99 SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 74.96 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.29 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.39 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.03 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.47 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 SINGAPORE --------- INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 1.75 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.64 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.95 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 8.99 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 11.00 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 18.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00 RICKMERS MARITIME 8.45 05/15/17 SGD 24.25 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 30.13 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 36.51 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 40.55 ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 45.00 ENERCOAL RESOURCES PTE 9.25 04/07/18 USD 45.50 EZION HOLDINGS LTD 4.88 06/11/21 SGD 46.95 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.00 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.88 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.03 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.25 EZION HOLDINGS LTD 5.10 03/13/20 SGD 59.96 EZION HOLDINGS LTD 4.70 05/22/19 SGD 65.02 AUSGROUP LTD 7.95 10/20/18 SGD 66.25 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 68.38 ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 70.00 EZION HOLDINGS LTD 4.85 01/23/19 SGD 70.21 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 61.34 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 67.75 SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 68.01 SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 69.08 SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 72.76 SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 73.25 SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 73.72 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.00 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.12 DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.63 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2017. 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 or Joseph Cardillo at 856-381-8268. *** End of Transmission ***