/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/170711.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, July 11, 2017, Vol. 20, No. 136 Headlines A U S T R A L I A AUSTRADIA PTY: Topshop Closes 5 Underperforming Stores INDUX AIR: Second Creditors' Meeting Set for July 19 MALOUF GROUP: ASIC Commences Legal Proceedings REMANET PTY: First Creditors' Meeting Set for July 19 I N D I A AIR INDIA: Break-Up an Option as PM Modi Pushes for Sale AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable ARDHENDU MONDAL: ICRA Assigns B+ Rating to INR5.50cr Cash Loan AYODHYA NAGAR: Ind-Ra Puts BB- Rating on Rating Watch Positive CALYX MERLIN: CARE Assigns B+ Rating to INR20cr LT Bank Loan CLASSIC MICROTECH: ICRA Reaffirms 'B' Rating on INR10cr Loan D. S. KULKARNI: CARE Lowers Rating on INR111.59cr Loan to D DECOR HOME: CARE Assigns B+ Rating to INR30cr LT Loan DRUSHTI REALTORS: CARE Assigns 'D' Rating to INR15cr LT Loan EXTOL EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating GANESHA INTERNATIONAL: CARE Reaffirms B+ Rating on INR4cr Loan GOVERDHAN VERMA: CARE Assigns B+ Rating to INR10cr LT Loan GUJARAT GINNING: CARE Assigns B+ Rating to INR12cr LT Loan GULZAR EDUCATIONAL: Ind-Ra Migrates BB- Rating to Non-Cooperating GMW ENGINEERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable HIGH STREET: ICRA Withdraws B- Rating on INR6.44CR LT Loan HIND PLASTIC: CARE Assigns B+ Rating to INR5cr LT Loan K.P. CHACKO: CARE Assigns B+ Rating to INR17cr LT Bank Loan KOHINOOR ELITE: ICRA Reaffirms D Rating on INR2.45cr LT Loan KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR45.13cr Loan MALHATI TEA: ICRA Reaffirms B- Rating on INR6.46cr Loan MONTANA TILES: ICRA Reaffirms 'B' Rating on INR8.75cr Loan RAJ ARCADE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR6.50cr Loan RLJ MULTIGRAIN: ICRA Reaffirms B Rating on INR6.50cr Cash Loan SHAKTI CABLES: ICRA Reaffirms B- Rating on INR3.75cr Loan SRI LAXMI: CARE Assigns B+ Rating to INR15.80cr LT Loan STATE TRADING: CARE Lowers Rating on INR4,000cr Loan to D SUDARSHAN SULZ: ICRA Withdraws B+ Rating on INR3.50cr LT Loan SWARGIYA BHIKAM: Ind-Ra Migrates BB Rating to Non-Cooperating UTTARA FOOD: ICRA Reaffirms D Rating on INR145.83cr LT Loan VASUNDHARA DEVELOPERS: ICRA Reaffirms B Rating on INR10cr Loan VISHWA GYAN: Ind-Ra Migrates BB- Rating to Non-Cooperating WORLD STEELTECH: ICRA Reaffirms B- Rating on INR9.80cr Loan J A P A N TAKATA CORP: Injured Drivers Get Official Role in Bankruptcy TOSHIBA CORP: Under Pressure to Consider Plan B TOSHIBA CORP: Seeks Unconventional $6 Billion Credit Line M A L A Y S I A ALAM SWIBER: High Court Grants Wind Up Order P H I L I P P I N E S 2GO GROUP: Restates 2015 and 2016 Audited Financial Statements S I N G A P O R E GEO ENERGY: Fitch Assigns B+ Long-Term IDR; Outlook Stable X X X X X X X X * BOND PRICING: For the Week July 3 to July 7, 2017 - - - - - ================= A U S T R A L I A ================= AUSTRADIA PTY: Topshop Closes 5 Underperforming Stores ------------------------------------------------------ Melissa Singer at The Sydney Morning Herald reports that the administrators for the failed Topshop franchise in Australia are closing five of its nine stand-alone stores in a bid to save the local arm of the UK fast-fashion retailer. According to SMH, Stores at Chatswood and Miranda shopping centres in NSW, Highpoint in Melbourne, and Perth have closed in the past two weeks. But the closure expected to send the biggest shockwaves through the broader retail industry is in Chapel Street, in Melbourne's South Yarra, which has been struggling for several years against competition from surrounding shopping strips, the CBD and online, SMH relates. Chapel Street was the first Topshop store to open in Australia, in 2011, the report notes. On July 8, the Chapel Street store had "closing soon" and "final reductions" signs on the windows. It is expected to close within weeks, SMH says. The report notes that the Australian franchise of Topshop entered into voluntary administration in May, and talks to try to save the business continue between its Australian owners and the UK owners of the business, including Sir Philip Green. Myer has a 20% stake in the Australian operation and has Topshop concessions in 17 stores. One option to save the company could be to transfer ownership of the trimmed down Australian operation to its UK franchisors, SMH states. About Topshop Austradia Pty Ltd (trading as 'Topshop/Topman'), one of Australia's best known fast fashion retailers, was placed into voluntary administration on May 24. Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan Eagle were appointed voluntary administrators by the company's board of directors. Topshop and Topman are the foundational brands of Arcadia Group Ltd, a British multinational fashion retailer. The separately owned and operated Australian franchise, Topshop/Topman, opened locally in 2011. When it went into voluntary administration on May 25, Topshop Australia had debts totalling $35 million, SMH discloses. INDUX AIR: Second Creditors' Meeting Set for July 19 ---------------------------------------------------- A second meeting of creditors in the proceedings of Indux Air Systems Pty Ltd has been set for July 19, 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 are (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 July 18, 2017, at 4:00 p.m. Frank Lo Pilato and Richard Stone of RSM Australia Partners were appointed as administrators of Indux Air on June 14, 2017. MALOUF GROUP: ASIC Commences Legal Proceedings ---------------------------------------------- The Australian Securities and Investments Commission has launched legal proceedings against Gold Coast-based credit repair business, Malouf Group Enterprises Pty Ltd, and its director Jordan Francis Malouf. ASIC alleges that between January 1, 2014 and December 31, 2015, Malouf Group made false or misleading representations and engaged in unconscionable conduct in the operation of its credit repair business, including by representing to consumers that Malouf Group could remove negative listings from their credit file when in fact often nothing could actually be done about the listings. ASIC also alleges that in some cases there was nothing in fact wrong with the consumer's credit file. Malouf Group usually charged consumers a fee of AUD1,095 for its services. ASIC is seeking: * declarations that Malouf Group made representations that were false or misleading, and engaged in conduct that was misleading or deceptive and unconscionable; * declarations that Mr. Malouf was knowingly concerned in the contraventions by Malouf Group; * orders to stop Malouf Group and Mr. Malouf from continuing to make false or misleading representations; * fines; * refunds for consumers; and * orders requiring Malouf Group to establish compliance and training programs and to publish corrective notices. The maximum penalties for breaches of the Australian Consumer Law are AUD1.1 million for a corporation and AUD220,000 for an individual. The proceeding has been listed for a directions hearing in the Brisbane Federal Court on July 12, 2017. ASIC has commenced these proceedings in the Federal Court following delegation of power from the Australian Competition and Consumer Commission. The delegation gives ASIC functions and powers under the Competition and Consumer Act 2010 to regulate conduct (including taking enforcement action) in relation to credit repair and debt collection. Malouf Group trades under various business names including Credit Wash, Credit Clean Australia, Credit Fix Australia and Clean Your Credit. REMANET PTY: First Creditors' Meeting Set for July 19 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Remanet Pty Ltd will be held at the offices of Gregory J Shilton & Co, Unit 25, 282 Chesterville Road, in Moorabbin, on July 19, 2017, at 11:00 a.m. Gregory John Shilton -- greg@gregshilton.com.au -- of Gregory J Shilton & Co was appointed as administrator of Remanet Pty on July 10, 2017. ========= I N D I A ========= AIR INDIA: Break-Up an Option as PM Modi Pushes for Sale -------------------------------------------------------- The Times of India reports that India is considering selling state-owned Air India in parts to make it attractive to potential buyers, as it reviews options to divest the loss-making flagship carrier, several government officials familiar with the situation said. Prime Minister Narendra Modi's cabinet gave the go-ahead last month for the government to try to sell the airline, after successive governments spent billions of dollars in recent years to keep the airline going, the report recalls. Air India -- founded in the 1930s and known to generations of Indians for its Maharajah mascot -- is saddled with a debt burden of $8.5 billion and a bloated cost structure. The government has injected $3.6 billion since 2012 to bail out the airline, TOI discloses. Once the nation's largest carrier, its market share in the booming domestic market has slumped to 13 percent as private carriers such as InterGlobe Aviation's IndiGo and Jet Airways have grown. According to TOI, previous attempts to offload the airline have been unsuccessful. If Modi can pull this off, it will buttress his credentials as a reformer brave enough to wade into some of the country's most intractable problems. His office has set a deadline of early next year to get the sale process underway, the officials said, declining to be named as they were not authorized to speak publicly about the plans. The timeline is ambitious and the process fraught, with opinion divided on the best way forward: should the government retain a stake or exit completely, and should it risk being left with the unprofitable pieces while buyers pick off the better businesses, officials said. Already, a labor union that represents 2,500 of the airline's 40,000 employees has opposed the idea of a sale even though it is ideologically aligned to Modi's Bharatiya Janata Party, TOI states. The report says officials who have to make it happen are grappling with the sheer scale of the exercise. Air India has six subsidiaries -- three of which are loss-making -- with assets worth about $4.6 billion. It has an estimated $1.24 billion worth of real estate, including two hotels, where ownership is split among various government entities. No one has properly valued the company's various businesses and assets before, two officials with direct knowledge of the process said, TOI relays. Earlier this month, about $30 million worth of art, including paintings by artist M. F. Husain, went missing from its Mumbai offices, chairman Ashwani Lohani said. "The exercise is complex and there is no easy way out," TOI quotes Jitendra Bhargava, operational head of Air India in 1997- 2010, as saying. "At this juncture, selling even part of Air India is far from certain." About Air India Air India Ltd -- http://www.airindia.com/-- is the flag carrier airline of India owned by Air India Limited (AIL), a Government of India enterprise. The airline operates a fleet of Airbus and Boeing aircraft serving various domestic and international airports. It is headquartered at the Indian Airlines House in New Delhi. As reported in the Troubled Company Reporter-Asia Pacific on March 28, 2014, The Times of India said Air India got a breather in the form of INR1,000-crore equity infusion from the government on March 26, 2014. According to the report, the airline's unending financial stress had got worse as the Centre had so far given INR6,000 crore instead of the promised INR8,500 crore for the fiscal. As a result, AI had to bridge this gap by borrowing money from banks at 11%-12%, which increased its debt servicing burden, the report said. Before the infusion, the government had injected INR12,200 crore into AI and there was a shortfall in equity to the tune of INR3,574 crore -- despite the airline meeting most of the milestone-linked equity targets -- leading to a liquidity crunch, the report related. TOI said the airline's aircraft and working capital debt was INR26,033 crore and INR21,125 crore respectively on December 31, 2013. The airline is expected to lose INR3,990 crore this fiscal. Air India has posted continuous losses since 2007, according to The Economic Times. AKLAVYA INDUSTRIES: ICRA Reaffirms B+ Rating on INR7.0cr Loan ------------------------------------------------------------- ICRA has re-affirmed the long-term rating of [ICRA]B+ and the short-term rating of [ICRA]A4 for the INR11.49 crore bank facilities of Aklavya Industries Private Limited. The outlook on long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Cash Credit 7.00 [ICRA]B+ (Stable); Re-affirmed Fund-based Term Loan 4.49 [ICRA]B+ (Stable); Re-affirmed Non-fund Based Bank Guarantee 0.0045 [ICRA]A4; Re-affirmed Non-fund Based Letter of Credits (Sublimit of Cash Credit) (2.65) [ICRA]A4; Re-affirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with Aklavya Industries Private Limited, ICRA has been seeking information from the company to undertake a surveillance of ratings. Despite multiple requests, however, the company's management has remained non-cooperative. In the absence of the requisite information, ICRA's Rating Committee has taken a rating view based on the best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited information or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Established experience of the promoters in the fabric processing business * Operational synergy in terms of value buying with higher credit from suppliers as Group companies are engaged in same line of business. * Location advantage in terms of raw material availability and proximity to customers by virtue of presence in Surat Credit weaknesses * Moderate scale of operations * Low profitability and leveraged capital structure, which may remain under pressure on account of the proposed capex and inadequate coverage indicators * Intensely competitive business environment on account of a fragmented industry structure; limited scope of differentiation in the industry * Vulnerability of operations to cyclicality inherent in the textile industry Description of key rating drivers AIPL is involved in the processing of synthetic, polyester, cotton and viscose fabrics on a job-work basis. It has capacity to dye 1,25,000 meters fabric per day and print 35000 meters fabric per day. The fabrics processed by the company are in turn used to manufacture saris and dress materials. AIPL's manufacturing unit is located in Surat, Gujarat, which facilitates raw material availability and access to a larger customer base for business expansion. The promoters have over a decade of experience in the textile business through other group entities like Armaan Industries Pvt. Ltd. and Aastha Fashions Pvt. Ltd., which are primarily engaged in the processing (dyeing and printing) business in Surat. Since Group companies are in the same line of business, these entities together achieve operational synergies to some extent in terms of higher credit from suppliers. Nevertheless, the company's scale of operations remains moderate and profit metrics remain weak due to limited value addition in the fabric-processing operations. Furthermore, a highly fragmented and competitive industry structure with a large number of unorganised players due to low entry barriers limits the AIPL's pricing flexibility. AIPL was originally incorporated in 1998 as Sheetal Dyeing & Printing Mills Pvt. Ltd. The name of the company was changed to Aklavya Industries Private Limited in February 2007, when Mr. Abhishek Kanodia and Mr. Kamal Bhutra took over the company. At present, Mr. Kanodia and Mr. Bhutra look after the operations of the company. AIPL is engaged in the processing of synthetic, polyester cotton and viscose fabrics on a job-work basis. Its head office and manufacturing unit is in Surat. ALLIED MEDICAL: Ind-Ra Affirms BB Issuer Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Allied Medical Limited's (AML) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. Instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limits affirmed with IND BB/Stable/IND A4+ ratings; and -- INR50 mil. Non-fund-based working capital limits affirmed with IND A4+ ratings KEY RATING DRIVERS The affirmation reflects AML's continued small scale of operations and moderate credit metrics. According to FY17 provisional financials, revenue was INR301.07 million (FY16: INR303.30 million). EBITDA margins declined to 15.61% in FY17P (FY16: 17.44%) due to fluctuations in raw material prices. Interest coverage (operating EBITDA/gross interest expense) improved to 3x (2.98x) and net financial leverage (total adjusted net debt/operating EBITDAR) to1.99x (2.33x) on account of decrease in debt and the consequent decline in interest expense. The ratings, however, continue to be supported by AML's promoters over 30 years of operating experience in the life saving equipment manufacturing business. The ratings also remain supported by the company's strong relationships with customers and suppliers. The ratings also continue to factor in AML's comfortable liquidity position as reflected by 76.76% average utilisation of working capital limits during the 12 months ended June 2017. RATING SENSITIVITIES Negative: A further decline in the revenue due to a fall in orders leading to weaker credit metrics will be negative for the ratings. Positive: An increase in the revenue while maintaining or improving the credit metrics from the current levels will be positive for the ratings. COMPANY PROFILE Incorporated in 1982, AML is engaged in manufacturing and trading of life saving equipment, and surgical and hospital equipment such as anesthesia machines and anesthesia vapourisers and other medical equipment. Its manufacturing facility is located in Gurugram, Haryana. ARDHENDU MONDAL: ICRA Assigns B+ Rating to INR5.50cr Cash Loan -------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to the INR5.50-crore cash credit and INR2.48-crore unallocated limit of M/s. Ardhendu Mondal. ICRA has also reaffirmed the short-term rating of [ICRA]A4 for the INR2.02-crore bank-guarantee limit of the firm. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 5.50 Reaffirmed at [ICRA]B+; Stable outlook assigned Unallocated Limit 2.48 Reaffirmed at [ICRA]B+; Stable outlook assigned Bank Guarantee 2.02 Reaffirmed at [ICRA]A4 The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with MAM, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the entity's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the entity's rating is now denoted as: "[ICRA]B+ (Stable) / [ICRA]A4 ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the entity's performance since the time it was last rated. Incorporated in 2004 as a partnership firm, M/s. Ardhendu Mondal is involved primarily in the business of civil construction in West Bengal. The registered office of the firm is in Burdwan, West Bengal. The activities of the firm include earth work, river bank protection, bridge construction and maintenance work, road and building construction work etc. AYODHYA NAGAR: Ind-Ra Puts BB- Rating on Rating Watch Positive -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Ayodhya Nagar Palika Parishad (AYNPP) a Long-Term Issuer Rating of 'IND BB-' and placed it on Rating Watch Positive (RWP). KEY RATING DRIVERS Ayodhya city has inadequate civic infrastructure. It does not have a proper underground sewerage system, at the same time inadequate water supply, drainage network, proper solid waste management and collection facilities. The lack of these adequate basic civic services as reflected by Service Level Benchmark reports calls for an immediate attention. However, civic infrastructure is likely to improve due to its selection under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) scheme. Urban civic services delivery is also hampered by the multiplicity of authorities providing these services. Besides AYNPP, other state agencies such as Uttar Pradesh Jal Nigam, Public Works Department are involved in provision of civic services. The transfer of some of the services from these agencies to the council can help speed up improvement in service delivery. AYNPP jurisdiction is about 10.24 square km. Economic activities in the town are not buoyant and taxes on average contributed 7.67% to the total revenue over FY13-FY16. Along with tax revenues, AYNPP's revenue sources comprise non-tax revenue, grants & contribution and other income. The municipality's non- tax revenue mainly emanates from various fees & charges and rental income from municipal properties, and contributed 5.47% on an average to the total revenue income over FY13-FY16. AYNPP reported a moderate financial performance in FY16. Its revenue receipts increased to INR162.42 million in FY16 from INR85.68 million in FY13, at a CAGR of 23.76%. It had an overall balance of INR2.70 million for FY16. AYNPP has a high level of dependence on the state government. It receives compensation in lieu of stamp duty and revenue grants for development purposes. Revenue compensation and revenue grants cumulatively contributed 83.31% to the total revenue income during FY13-FY16. The RWP reflects the announcement of a merger between AYNPP and a stronger entity Faizabad Nagar Palika Parishad to form Ayodhya Nagar Nigam, which may have a positive impact on the financial ratios of the merged entity. The decision of merger was taken in a meeting of Cabinet Minister of Uttar Pradesh on 9 May 2017. RATING SENSITIVITIES Ind-Ra is likely to resolve the RWP once the financials and capital investment plan of the merged entity is available. However, Ind-Ra does not have clarity as when the merged financials will be available. It may take more than six months. The RWP indicates that the ratings may be upgraded or affirmed. COMPANY PROFILE Ayodhya city is administered by AYNPP. AYNPP was established in 1978 by separating it from Faizabad Nagar Palika Parishad. Ayodhya city is located in the Faizabad district of Uttar Pradesh. This city is situated on the banks of river Saryu River. It is regarded as one of the seven most important pilgrimage sites (Saptapuri) for Hindus. It is also a city of religious harmony where besides almost five thousand temples there are The Prophet of Islam, Shrine of Nau Gaji Pari as well as historic Gurudwara of Sikhs along with Jain temples. According to 2011 census, Ayodhya had a population of 55,890 with average literacy rate of 78.15%, and sex ratio of 908 females per 1000 males. CALYX MERLIN: CARE Assigns B+ Rating to INR20cr LT Bank Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Calyx Merlin Buildcon LLP (CMBLLP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 20 CARE B+; Stable Assigned Detailed Rationale & Key rating drivers The rating assigned to CMBLLP is constrained on account of project execution and marketing risk, pending financial closure for the project, low booking status and advances received from booked units, competition from other real estate players in the region along with cyclical nature of the industry and constitution of the firm as a partnership concern. The above weaknesses are partially offset from considerable experience of the partners in the real estate industry, strategic location of the project and receipt of approvals and proposals. The ability of the firm to execute the project as per the schedule and within envisaged cost thereby enabling timely inflow of the receivables and sale of the inventory as estimated are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Experienced promoters: Pune-based Calyx Group has more than 20 years of experience in the real estate industry. The group has adequate land bank and has completed 21 projects. Merlin Group has extensive experience of over 50 years in the real estate industry and also has an established market position in Kolkata. However, in the past four years, the groups have entered in JV's to develop properties in Raipur, Ahmadabad, Chennai, Kanpur, Bhubaneswar and Pune with a focus on mid income segment. Strategic location of the project: The project is well-connected to the commercial and residential hubs of Pune, with reputed educational institutes, IT parks and MIDC located right in its vicinity. Furthermore, the company also markets the project through the advertisement in print media and participates in exhibitions. Receipt of approvals and clearances for the project: CMBLLP has received all the necessary clearances and approvals for the project related to land acquisition and construction. The requisite sanction plan of the Phase II of the said project has been approved under PMRD (Pune Municipal Region Development Authority). Apart from these, CMBLLP has received the necessary clearances and approvals for the project related to commencement certificate, environmental, pollution, and fire related approval. However, the project has not attained RERA (Real Estate Regulatory Authority) certificate however, will be shortly applying for the same. Key Rating Weaknesses Project execution and marketing risk with low booking status: The execution of the project commenced in March 2017 and is expected to be completed by March 2020.The firm has incurred around 14% of total cost on the project as on March 31, 2017. Furthermore, CMBLLP has sold the area of 0.15 lsf (about 14% of the total saleable area) and has received the advances of 4% of sold area and balance 96% is expected to be received in the phase-wise manner as per the progress of the project. Thus, the project execution risk remains high as significant required work is yet to be done. CMBLLP also faces competition from other developers developing the properties in the locality. Furthermore, with low booking status the ability of the firm to sell the property at envisaged rates in a timely manner shall be critical from the perspective of credit. Cyclical nature of the real estate industry: The real estate in India is highly fragmented and is capital intensive in nature. The life cycle of a real estate project is long and the state of the economy at every point in time, right from land acquisition to construction to actual delivery, has an impact on the project. This capital intensive sector is extremely vulnerable to the economic cycles. Adverse movement in interest rate affects the real estate players in both ways by hampering demand as well as increasing the cost of construction. Presence in a competitive environment: The real estate industry in India is highly fragmented with most of the real estate developers having region-specific presence. CMBLLP faces competition from other real-estate developers who exist with residential projects in Pirangut, Pune such as Vilas Javdekar Developers, Mont Vert Homes, Earnest and Shah Venture N G Rathi Associates etc. and such other upcoming projects. However, the partner's has a good understanding of the region and its dynamics which partly mitigates this risk. Partnership nature of its constitution limiting the financial flexibility of the firm: Being partnership nature of constitution, the firm is exposed to the risk of withdrawal of capital by partners due to personal exigencies, dissolution of firm due to retirement or death of any partner and restricted financial flexibility due to inability to explore cheaper sources of finance leading to limited growth potential. Established in 2012, Calyx Merlin Buildcon LLP (CMBLLP) is an SPV formed by Calyx Group & Merlin Group and is executing a residential project in Pirangut, Pune. Calyx Group based out of Pune is into real estate business since 1998. The Calyx group has completed around 21 projects in Pune and nearby areas with a total saleable area of 18.35 lakh sq. ft. Kolkata based Merlin Group have over 30 years of experience in the Real Estate & Hospitality. The group has till date completed over 120 projects spanning 175 lakh square feet (lsf). CMBLLP is currently undertaking a residential project named "Navya Aangan - Phase II" consisting of two buildings (Building A and B) and commercial shops at Pirangut, Pune with saleable area of 1.10 lsf (excluding land owner's share) at an estimated cost of INR33.90 crore and estimated total revenue of INR45.03 crore. The project is expected to complete by March 2020. CLASSIC MICROTECH: ICRA Reaffirms 'B' Rating on INR10cr Loan ------------------------------------------------------------ ICRA has reaffirmed its long term rating assigned to the INR10.00 crore cash credit facility of Classic Microtech Private Limited at [ICRA]B and its short term rating assigned to the INR5.00 crore letter of credit facility of Classic Microtech Private Limited (CMPL) at [ICRA]A4. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 10.00 [ICRA]B (Stable) Reaffirmed Letter of Credit 5.00 [ICRA]A4 Reaffirmed The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with CMPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable)/ A4 ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Classic Microtech Pvt. Ltd., incorporated in 2000, is engaged in the business of manufacturing zirconium silicate - a mineral used as an input during manufacturing of ceramic glaze frits for tiles, sanitary ware etc. CMPL has an installed capacity to manufacture approx. 4200 Metric Tonnes Per Annum (MTPA) of zirconium silicate at its manufacturing facility located in Pratij, Gujarat. CMPL is a closely held entity with the members of the Patel family being the key stakeholders. D. S. KULKARNI: CARE Lowers Rating on INR111.59cr Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of D. S. Kulkarni Developers Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible Debentures 111.59 CARE D Revised from CARE C; Negative Fixed Deposits 33.86 CARE D Revised from CARE C (FD); Negative Detailed Rationale & Key Rating Drivers The revision in the rating of instruments is on account of inability of the company to service its interest obligations on due date on Option I and Option IV of its Non- Convertible Debentures as per the company's intimation to Stock Exchange. The likely delays are on account of deterioration in overall financial risk profile and stretched liquidity position of the company. Detailed description of the key rating drivers Key Rating Weaknesses Delays in debt servicing As per the intimation by the company to Stock Exchange, the company would not be able to service its interest obligations due on July 1, 2017 on the Option I and Option IV of its Non- Convertible Debentures on account of its stretched liquidity position. Moreover there are on-going delays in debt servicing in the existing bank facilities. Deterioration in financial risk profile The company reported a decline of 34.22% (Y-o-Y) in Total Operating Income (TOI) from INR175.01 crore in FY16 to INR115.12 crore in FY17 and a drop in Profit After Tax (PAT) margin by 631 bps to INR0.89 crore in FY17 from INR12.39 crore in FY16. D S Kulkarni Developers Limited was incorporated in 1991 by Mr. D S Kulkarni. The equity shares of the company are listed on stock exchanges. DSKDL is the flagship company of the diversified DSK Group, formed for the purpose of real estate development, initially commencing from Pune. Between 1991 and 2015 the company developed 212 lakh square feet (lsf) (largest in Pune) of real estate projects (predominantly residential properties). The company has developed and delivered more than 65 projects comprising of more than 19,000 apartments in the recent past and has a significant presence in Pune along with footprints in Mumbai, Nasik and Bangalore in India and New Jersey in USA (through its fully owned subsidiary). During FY17, the company reported PAT of INR0.89 crore on TOI of INR115.12 crore as compared to PAT of INR12.39 crore on TOI of INR175.01 crore in FY16. The financial results are in accordance with Indian Accounting Standards (Ind AS). DECOR HOME: CARE Assigns B+ Rating to INR30cr LT Loan ----------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Decor Home India Private Limited (DHIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 30 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of DHIPL is constrained by its modest and fluctuating scale of operations, low and fluctuating profit margins, highly leveraged capital structure, weak debt coverage indicators and working capital intensive operations. The rating is further constrained by susceptibility of margins to fluctuation in foreign exchange rates, presence in highly fragmented and competitive industry along with tender-driven nature of business. The rating, however, derives benefit from the experience of the promoters, long track record of operations, strong brand presence and well-established marketing network, reputed and diversified customer base and moderate order book position. The ability of DHIPL to increase its scale of operations and improve its profitability and capital structure amidst competition and efficient working capital management are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Experienced promoters and long track record of operations: The promoters of the company hold an experience of around two and a half decades in the d‚cor industry through their association with DHIPL. Over the years of track record of operations, DHIPL has developed strong association with the suppliers as well as customers which has resulted in garnering regular orders from them. Strong brand presence and well-established marketing network: The company has successfully established "D‚cor Home" as a brand name in d‚cor thereby ensuring customer loyalty and aids in the differentiation of products/services with the competitors. Additionally, the company has well established marketing network providing wide spread reach and additional credibility to company. Reputed and diversified customer base: The company has been dealing with the reputed and diversified clients across India and has managed to get orders from them thereby the counter-party risk gets mitigated to an extent on the back of healthy credit profile of these reputed clients. Key Rating Weaknesses Modest and fluctuating operations: The total operating income of the company has been fluctuating during the last three financial years, i.e. FY14-FY16 (refers to the period April 1 to March 31) due to tender-based nature of business along with slower execution of some of the projects resulting into lower income booked. Furthermore, the net worth base remained small which limits its financial flexibility to meet any exigency. Low and fluctuating profit margins: The profit margins of the company have historically been on the lower side due to trading nature of the business (accounting for approx. 20-25% of the total sales in past three years), tender-based business leading to competitive work contract rates, labour intensive operations and high cost of procurement of material. Furthermore, the profit margins have shown a fluctuating trend over past three years (FY14-FY16) mainly due to fluctuation in operating overheads, competitive bidding for tenders in the light of stiff competition and slower execution of few projects impacting the profit margins. Highly leveraged capital structure and weak debt service coverage indicators: The capital structure of the company stood leveraged marked by overall gearing of over 8x as on March 31, 2016, on account of high reliance on external debt and low net worth base. The debt service coverage indicators remained weak owing to low profitability leading to low gross cash accruals and high debt levels. Working capital intensive nature of operations: The operations of the company remains working capital intensive in nature with funds being blocked in debtors and inventory resulting in high utilization of its working capital limits. Decor Home India was established in 1989 as a partnership firm by Mr. Chandresh Thakkar, Mr. Sunil Dalwadi, Mr. Gira Dalwadi and Mr. Hitesh Dalwadi. Later in 2002, it was converted into private limited company named D‚cor Home India Private Limited (DHIPL). The company is engaged in interior & furniture designing services, civil construction services and trading of interior design material, furniture & fixtures. The company mainly executes projects for commercial sector whereby it receives orders through bidding and tendering process. The company imports 0.3% of the interior design material from China & Germany and the rest is procured domestically. Besides DHIPL, the group consists of Venus Furniture Private Limited, Artemis Properties Private Limited, Venus Interior Solutions, Design Unlimited, Alliance Infrastructure Company and Pride Developers. During FY16 (refers to the period April 1 to March 31), DHIPL reported total operating income of INR72.94 crore (vis-…-vis INR45.74 FY15) and PAT of INR0.39 crore (vis-a-vis INR0.02 crore in FY15). Furthermore, the company has achieved total income of INR94.05 crore and PAT of INR0.80 crore as per FY17 provisional. DRUSHTI REALTORS: CARE Assigns 'D' Rating to INR15cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Drushti Realtors Private Limited (DRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 15 CARE D Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Drushti Realtors factors in the default in servicing its debt obligations marked by the ongoing delays in the repayment of principal and payment of interest due to weak liquidity position. The ability of DRPL to establish track record of timely servicing its debt obligations with improvement in liquidity position is the key rating sensitivity. Detailed description of the key rating drivers Key Rating Weaknesses Delays in debt servicing: As per the interaction with the banker, DRPL has been delaying the repayments of term loan and payment of interest in the term loan due to low booking status thereby leading to cash flow mismatches and deterioration in liquidity position. Incorporated in 2005 by Mr. Ashok Jagdale, DRPL belongs to the Drushti Group (DG), and is engaged in construction & development of residential as well as residential cum commercial spaces. The company has recently completed a residential cum commercial project named Varun at Pant Nagar, Ghatkopar (East), spanning across total area of 50,000 Sq. Ft. with ground & 1st floor of commercial spaces and 16 floors of residential spaces. The complex comprises 50 flats, 7 shops and 3 offices (however, the bank term loan is yet to be repaid fully). Moreover, DG has developed many residential as well as residential cum commercial spaces in Andheri (West) and Bandra (East). Currently, DRPL is undertaking a residential project named Embassy at Pant Nagar, Ghatkopar (East), spanning across total area of 1,28,250 Sq. Ft. with 16 floors plus basement & ground floor, with a total project cost of INR88.02 crore to be funded by promoters' contribution worth INR26 crore, bank term loan worth INR25 crore and the balance from customer advances. Status of non-cooperation with previous CRA: As per PR dated December 30, 2016, ICRA has suspended rating assigned to the INR13 crore long-term fund-based facilities of Drushti Realtors Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. EXTOL EDUCATION: Ind-Ra Migrates BB Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Extol Education Society's bank loan ratings to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's website. The rating actions are: -- INR37.04 mil. Term loan migrated to Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING) rating; and -- INR60 mil. Bank overdraft facility migrated to Non- Cooperating Category with IND BB(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 7 July 2015. Ind-Ra is unable to provide an update as it does not have adequate information to review the rating. COMPANY PROFILE Extol Education Society is an educational society registered under Madhya Pradesh Society Registration Act in 1996. The society runs a college which became operational in 1997 and a school which became operational in 2005. Both are situated in Bhopal, Madhya Pradesh. GANESHA INTERNATIONAL: CARE Reaffirms B+ Rating on INR4cr Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Ganesha International (GIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4 CARE B+; Stable Reaffirmed Short-term Bank Facilities 13 CARE A4 Reaffirmed Detailed Rationale and key rating drivers The ratings assigned to Ganesha International (GIL) are primarily constrained by small and declining scale of operations coupled with low net-worth base and low profitability margins. The ratings are further constrained by highly fragmented and competitive nature of industry and business risk associated with tender-based orders. The ratings, however, continue to draw comfort from the experienced proprietor, moderate capital structure and operating cycle. Going forward, the ability of GIL to increase its scale of operations while improving its profitability margins and efficiently managing its working capital requirement shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Small and declining scale of operations coupled with low net worth base: The scale of operations stood small which limits the firm's financial flexibility in times of stress and deprives it of scale benefits. Further the scale of operations is declining owing to discontinuation of trading of jewellery business in June, 2015 as the firm switched to the business of manufacturing of garments. Furthermore, the net-worth base of the firm also remained small as on March 31, 2016. Low profitability margins: The profitability margins of the firm remained on lower side for the past three financial years FY14- FY16 (refers to the period April 1 to March 31) owing to trading nature of the business and intense market competition in the industry. Highly fragmented and competitive nature of industry: The textile related products industry is characterized by numerous small players and is concentrated in the northern part of India. Low entry barriers and low investment requirement makes the industry highly lucrative and thus competitive. Smaller companies in general are more vulnerable to intense competition due to their limited pricing flexibility, which constrains their profitability as compared to larger companies who have better efficiencies and pricing power considering their scale of operations. Business risk associated with tender-based orders: The firm majorly undertakes government projects, which are awarded through the tender-based system. The growth of the business depends on its ability to successfully bid for the tenders and emerge as the lowest bidder. Furthermore, any changes in the government policy or government spending on projects are likely to affect the revenues of the firm. Key Rating Strengths Experienced proprietor: The proprietor of the firm has an experience of around a decade in trading and manufacturing of ready-made garments mainly through his association with his other group entities and looks after the overall operations of the firm. Moderate capital structure and coverage indicators: The capital structure of the firm stood moderate as on March 31, 2016 owing to low reliance on the external debts by the firm. Furthermore, the firm has moderate coverage indicators for FY16 owing to lower interest cost and the debt levels of the firm. Gurgaon-based (Haryana) Ganesha International (GIL) is a proprietorship firm established in 2007 by Mr. Kinshuk Goel. In FY16 the firm commenced business of manufacturing of uniforms primarily for the defense sector. Previously, the firm was engaged in the trading of gold bars and gold jewelry business until June, 2015. The manufacturing facility is located in Gurgaon, Haryana. GIL obtains orders on tender basis from Director General of Ordinances Services (DGOS). The main raw materials for the firm are various type of fabric (like cotton, nylon, polyester cotton, charcoal coated fabric, PU coated fabric, etc.) and related accessories like buttons, threads, labels etc. which it procures domestically from manufacturers located in Delhi, Haryana, Punjab and Mumbai. The firm has group associates namely Goel Exports and Heritage Creations engaged in manufacturing of handicrafts. During FY17 (refers to the period April 1 to March 31; based on provisional results), GIL has achieved a total operating income (TOI) of INR4.04 crore with PAT of INR0.13 crore respectively, as against TOI of INR42.91 crore with PAT of INR0.07 crore respectively in FY16. Furthermore, the firm has achieved a turnover of INR5.75 crore till May 31, 2017. GOVERDHAN VERMA: CARE Assigns B+ Rating to INR10cr LT Loan ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Goverdhan Verma Punjab Jewellers Private Limited (GVPJ), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10 CARE B+; Stable Assigned Detailed Rationale and key rating drivers The rating assigned to bank facilities of GVPJ is primarily constrained by the small scale of operations coupled with low net worth base, low profitability margins, leveraged capital structure and weak debt service coverage indicators. The rating is further constrained by elongated inventory holding period, vulnerability of margins to gold price fluctuations and competition from various organized or unorganized players. The rating, however, draws comfort from experienced promoters coupled with long track record of operations. Going forward; ability of the company to profitably increase its scale of operations while improving the capital structure shall be the key rating sensitivities. Detailed description of the key rating drivers Key rating weakness Small scale of operations: The scale of operations of the company stood small which limits the company's financial flexibility in times of stress and deprives it of scale benefits. Low and fluctuating profitability margins, leveraged capital structure and weak coverage indicators: The Company's profitability margins have been historically on the lower side owing to intense market competition given the highly fragmented nature of the industry. The profitability margins of the company marked by PBILDT margin which has been fluctuating during the past three financial years (FY14-FY16) on account of change in product mix. Furthermore, higher interest cost restricted the PAT margins for last three years (FY14-FY16). The capital structure of the company stood leveraged due to high dependence on external borrowings to meet working capital requirements. Furthermore, coverage indicators as marked by interest coverage ratio and total debt to GCA stood also stood weak for the past three financial year i.e. (FY14-FY16) owing to low profitability margins and low cash accruals. Elongated inventory holding period: GVPJ had elongated operating cycle of more than three months in FY16 days attributable to high inventory holding days. The company had to stock variety of jewelry pieces for display and caters to immediate demand of the customers. Being in a retailing business, the company sells mainly on cash basis. Furthermore, the average utilization of working capital limits stood 85% for past 12 months ended April 2017. Vulnerability of margins to gold price fluctuations: The prices of gold have experienced high volatility in the past one year. Therefore, any adverse change in prices of the same is likely to have a significant impact on margins of the players in the G&J industry. Furthermore, the high price gold can also have an adverse impact on the demand for jewellery, thereby exposing the company to risk of decline in sales volume. Competition from various organized or unorganized players: The Company operates in the Gems & Jewelry (G&J) industry, which is a fragmented industry with a high level of competition from both the organized and unorganized sector. Currently, the organized retailers account for a mere 5-6% of the total jewelry retail market. This is primarily because of the buyers' preference and trust in their neighborhood goldsmith. Even the standardization of designs is not possible due to varying local tastes. Key rating Strengths Experienced promoters and long track record of operations: GVPJ was incorporated in 1992 and is currently being managed by Mr. Sanjiv Verma, Mrs Poonam Verma and Mr. Sumit Verma. All the directors are actively involved in day-today operations of the business. Due to their longstanding industry presence, the directors have been able to establish their own reputation. Delhi based Goverdhan Verma Punjab Jewellers Private Limited (GVPJ) is a private limited company incorporated in 1992. The company is currently being managed by Mr. Sanjiv Verma, Mrs Poonam Verma and Mr. Sumit Verma. GVPJ is engaged in manufacturing, designing and retailing of gold jewellery and diamond studded gold jewellery such as necklaces, earrings, rings, pendants and bangles etc. The main raw material is gold, diamonds, precious stones etc. which is procured domestically. The company also manufacture jewellery on job work basis for its group concern namely Regalia Jewels Private Limited; engaged in retailing of Jewellery. The total operating income and PAT of the company stood at INR31.78 crore and INR0.16 crore in FY16 (refers to the period April 1 to March 31). Furthermore, in FY17 (refer to period April 1, 2016 to March 31, 2017), the company has achieved sales of INR33.70 crore (based on provisional results). GUJARAT GINNING: CARE Assigns B+ Rating to INR12cr LT Loan ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Gujarat Ginning and Oil Industries (GGOI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 12 CARE B+; Stable (Assigned) Detailed rationale The rating assigned to the bank facilities of GGOI is constrained on account of moderate scale of operations coupled with low profit margins and moderate liquidity position. Furthermore, the rating remained constrained on account of its partnership nature of constitution, presence in a highly fragmented cotton industry and seasonality associated with cotton availability, leveraged capital structure and weak debt coverage indicators, susceptibility of margins to cotton price fluctuations and prices and supply for cotton being highly regulated by the government. The rating, however, derives strength from experienced partners, proximity to cotton-growing areas of Gujarat. The ability of GGOI to increase its scale of operations coupled with improvement in profitability, capital structure and debt coverage indicators along with efficient management of its working capital requirements are the key rating sensitivities. Detailed description of key rating drivers Key Rating Weaknesses Partnership nature of constitution Being a partnership firm, GGOI is exposed to inherent risk of partners' capital being withdrawn at the time of personal contingency, and the firm being dissolved upon the death/retirement/insolvency of partners. Moderate scale of operations coupled with low profit margins Overall scale of operations remained moderate marked by TOI of INR58.58 crore FY17 (Provisional; refers to the period April 1 to March 31). Profit margins stood low on the back of low value addition nature of operations. Leveraged Capital Structure, weak debt coverage indicators and moderate liquidity position Capital structure stood leveraged marked by an overall gearing ratio of 4.18 times as on March 31, 2017. Debt coverage indicators stood weak marked by total debt to gross cash accruals of 35.61 times as on March 31, 2017 and Interest coverage of 1.37 times during FY17. The liquidity position stood moderate marked operating cycle of 109 days during FY17 (Provisional) and average fund-based working capital utilization remained at 95% for the past 12 months ended March 2017. Key Rating Strengths Experienced promoters GGOI has been promoted by nine partners in 1994. Currently, the firm has been managed by two partners and both the partners hold healthy experience in the cotton industry. Proximity to cotton-growing area of Gujarat The manufacturing facilities of GGOI are located at Gondal in Gujarat. GGOI's presence in the cotton producing region results in benefit derived from a lower logistic expenditure (both on transportation and storage), easy availability and procurement of raw materials at effective prices. Gondal-based (Gujarat) GGOI is a partnership firm established in 1994 by nine partners. Currently, there are two partners; Mr. Magan Parvadia and Mr. Chandu Parvadia. The firm is engaged in cotton ginning & pressing and crushing of cotton seed. The manufacturing unit of the firm is located at Gondal (Gujarat) and operates with an installed capacity of 300 bales per day (annualized capacity of 90,000 bales as 300 working days) and 50 MT Cotton Oil per day (annualized capacity of 15000 MT as 300 working days) for cotton bales as on March 31, 2017. The firm has two associate concerns named Gujarat Hy-spin Private Limited and Paras Cotton. As per the provisional results for FY17, GGOI reported profit after tax (PAT) of INR0.27 crore on a total operating income (TOI) of INR58.59 crore as against INR0.16 crore on a TOI of INR68.38 crore during FY16 (A). GULZAR EDUCATIONAL: Ind-Ra Migrates BB- Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Gulzar Educational & Charitable Trust's (GECT) bank facilities to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR358.4 mil. Term loan Migrated to Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING) rating; and -- INR41.6 mil. Fund-based working capital facilities Migrated to Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING) rating Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 2 July 2015. Ind-Ra is unable to provide an update as the agency does not have adequate information to review the ratings COMPANY PROFILE GGI, under the aegis of GECT, started Gulzar Institute of Engineering and Technology and Gulzar School of Management in FY10 and Gulzar College of Engineering in FY12. GGI offers diploma and B.Tech courses in various engineering streams, graduate and postgraduate courses in business administration and computer application. Spread across an area of 16 acres, it is located on the National Highway 1 near Khanna in Ludhiana district. GMW ENGINEERS: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned GMW Engineers Private Limited (GEPL) a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR17 mil. Fund-based facilities assigned with IND BB+/Stable/IND A4+ rating; -- INR105 mil. Non-fund-based facilities assigned with IND A4+ rating; and -- INR3 mil. Term loan due on June 2019 assigned with IND BB+/Stable rating KEY RATING DRIVERS The rating reflects GEPL's small scale of operations with revenue of INR100 million in FY17 (provisional) (FY16: INR103 million). As of May 2017, the company had an order book of INR223 million on account of faster power project approvals from the government, to be executed over FY18-FY20. The ratings are further constrained by the company' elongated net cash cycle of 212 days in FY17 (FY16: 174) owing to increased debtors days and high inventory period. Debtor days ranged between 177 and 372 days over FY13-FY17 due to slow realisation and the company's requirement to maintain retention money of up to 24 months following project completion. GEPL had an inventory holding period of 88-125 days in FY13-FY17 (FY17P: 125 days, FY16: 107 days). However, the company extends its creditor period (FY17P: 90 days, FY16: 187 days) to meet its working capital requirement. The ratings also factor in GEPL's comfortable liquidity position as reflected by 89% maximum average utilisation of working capital limits over the 12 months ended March 2017. Ind-Ra expects the company expects to have sufficient cash flow from operations in FY18 to meet its term loan obligations. The ratings also draw comfort from the company's healthy EBITDA margins and strong credit metrics, given entry barriers in hydro mechanical equipment works. EBITDA margin was 17.3%-20.9% over FY13-FY17 (FY17P: 20%). Net leverage (total adjusted net debt/operating EBITDAR) was 1.2x in FY17P (FY16: 1.5x) and interest cover (operating EBITDA/gross interest expense) was 4.0x (3.7x). Ind-Ra expects the credit metrics to remain comfortable over the medium term due to absence of any significant debt- funded capex or incremental working capital requirement. The ratings are also supported by the promoters more than 30 years of experience in the engineering, procurement and construction contract industry. RATING SENSITIVITIES Positive: A substantial improvement in the scale of operations and net cash cycle leading to a sustained improvement in the credit metrics will be positive for the ratings. Negative: A substantial decline in the EBITDA margins and/or elongation of net cash cycle leading to deterioration in the credit metrics or liquidity position will be negative for the ratings. COMPANY PROFILE Incorporated in 1986, GEPL is engaged in installation of hydro mechanicals equipment such as hydel gates, stop log gates, piping work and penstock piping for various power projects. The company is promoted by Mr. Onkar Singh, Mr. Arvinderpal Singh, Mr. Jasbir Singh and other family members. HIGH STREET: ICRA Withdraws B- Rating on INR6.44CR LT Loan ---------------------------------------------------------- ICRA withdraws the rating of [ICRA]B- assigned to the INR11.50- crore bank facilities of High Street Fashions Private Limited (HSFL) Rationale The rating is withdrawn in accordance with ICRA's policy on withdrawal and suspension and as desired by the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- Based-Cash credit 4.00 [ICRA]B-; withdrawn Long-term Fund- Based-Term loans 6.44 [ICRA]B-; withdrawn Long-term Non- fund Based 0.55 [ICRA]B-; withdrawn Long-term- Unallocated 0.51 [ICRA]B-; withdrawn Incorporated in June 2000, HSFL is promoted by Mr. R.K Sethia and Mrs. Neeta Sethia. The company manufactures and exports socks, leggings, wrist bands and head bands. Socks and leggings are made using mercerised cotton, lycra and spandex. The complete manufacturing process, which includes knitting, washing, embroidery and packaging, is undertaken in house, at its manufacturing unit in Jaipur, Rajasthan. HIND PLASTIC: CARE Assigns B+ Rating to INR5cr LT Loan ------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Hind Plastic Industries (HPI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5 CARE B+; Stable Assigned Short-term Bank Facilities 5 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of HPI are constrained by its modest scale of operations, low profit margins, leveraged capital structure, weak debt coverage indicators and working capital intensive operations. The ratings are further constrained by concentrated customer base, susceptibility of margins to fluctuation in traded goods prices and foreign exchange rates, presence in highly fragmented and competitive nature of industry and constitution of the entity as a partnership firm. The ratings, however, derive benefit from the experience of the promoters, long track record of operations and growing scale of operations. Ability of HPI to increase its scale of operations and improve its profitability and capital structure amidst competition and efficient working capital management are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Experienced promoters and long track record of operations: The promoters of the company ie Mr. Amit Goyal and Mrs Kavita Goyal both hold an experience of around twenty years and fifteen years respectively in the plastic industry. Over the years of track record of operations, HPI has developed strong association with the suppliers as well as customers which has resulted in garnering regular orders from them which is also evident from increasing operating income during last 3 years. Key Rating Weaknesses Modest scale of operations with low profit margins: The total operating income of the company has been growing at a CAGR of around 17.34% during the last three financial years i.e. FY14- FY16 (refers to the period April 1 to March 31). However, it stood small with low net worth base which deprives it of scale benefits and limits its financial flexibility to meet any exigency. The profit margins of the company have historically been on the lower side due to trading nature of the business and pricing pressure owing to competitive industry. Leveraged capital structure and weak debt service coverage indicators : The capital structure of the company stood leveraged marked by overall gearing of over 4x as on March 31, 2016 on account of high reliance on external debt and low net worth base. The debt service coverage indicators remained weak owing to low profitability leading to low gross cash accruals. Working capital intensive nature of operations: The operations of the company remains working capital intensive in nature with funds being blocked in debtors resulting in high utilization of its working capital limits. Customer concentration risk: The firm generates 60% of its sales from its top 3 clients for FY16, thereby exposing the firm to customer concentration risk. Hind Plastic Industries (HPI) was established in 1988 as partnership firm by Late Mr. Ramesh Goyal. The firm is currently being managed by Mr. Amit Goyal and Mrs Kavita Goyal. The firm is engaged in the business of trading of poly vinyl chloride (PVC) resins & plastic granules. The company imports 25% of the traded goods from Singapore & 25% of the traded goods from Taiwan each and rest is procured domestically (Reliance Industries). HPI mainly sells its products domestically across Punjab. During FY16 (refers to the period April 1 to March 31), HPI reported total operating income of INR24.80 crore (vis-a-vis INR21.33 FY15) and PAT of INR0.06 crore (vis-a-vis INR0.02 crore in FY15). Furthermore, the company has achieved total sales of INR29.22 crore till February 28, 2017. K.P. CHACKO: CARE Assigns B+ Rating to INR17cr LT Bank Loan ----------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of K.P. Chacko and Sons (KPCS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 17 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of K.P. Chacko and Sons (KPCS) is constrained by the modest scale of operations with fluctuating total operating income, leveraged capital structure and weak debt coverage indicators, thin and fluctuating profitability margins due to volatility associated with gold prices and presence in highly fragmented industry leading to intensive competition, working capital intensive nature of business due to elongated operating cycle and constitution of the entity as partnership firm with inheritance risk of withdrawal of capital. The rating, however, is underpinned by the vast experience of the promoter with long track record of the firm and stable demand outlook of jewellery business with scope of growth for certified and branded jewellery. Going forward, the firm's ability to increase its scale of operations, improve its profitability margins, capital structure and debt coverage indicators and manage working capital requirements efficiently would be key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Modest scale of operations with fluctuating total operating income Despite long track record of the firm, the scale of operations are moderately marked by total operating income (TOI) of the firm increased from INR53.49 crore in FY15 to INR60.82 crore in FY16 at the back of increased amount of volumes coupled with increased prices of gold by the firm. However, TOI decreased by 7.52% to INR56.26 crore during FY17 (CA certified) due to lower cash sales of the firm post October, 2016 due to demonetization effect. Leveraged capital structure and weak debt coverage indicators The capital structure of the firm marked by overall gearing ratio remained leveraged at 2.36x as on March 31, 2017 (CA Certified Prov.) due to high working capital requirements to fund the operations. However, the overall gearing of the firm improved marginally to 2.36x as on March 31, 2017 (CA certified.) due to relatively lower outstanding balance of working capital borrowings as on account closing date. Furthermore, the debt coverage indicators of the firm have been weak due to thin profitability, low cash accruals and high debt levels. Total debt to GCA of the firm stood weak at 158.57x in FY15 majorly due to high level of debt with lower amount of cash accruals of the firm, however, the same improved y-o-y to 53.50x in FY17 (prov.) at the back of increase in gross cash accruals. Furthermore, PBILDT/Interest coverage ratio of the firm remained low at 1.16x in FY17 (CA certified). Elongated working capital cycle with working capital intensive nature of business The firm's working capital cycle days stood on a higher side i.e. 130 days during FY15 and the same is seen increasing further y-o- y to 135 days and 161 days in FY16 and FY17 (CA Certified) respectively. Higher working capital cycle days of the firm are majorly due to higher level of inventory level of the firm to cater to the minimum display stock level of jewellery. The firm maintains an average inventory holding of 2-3 months to cater to the ready display of ornament jewellery for the walk-in customers of the firm. Thin and fluctuating profitability margins due to volatility associated with gold prices The firm is engaged in retailing of gold ornament jewellery, silver ornaments and sale of diamonds. Prices of gold and silver are highly volatile affected by international market and domestic demand forces. Such high volatile products of the firm resulted in fluctuating and thin profitability margins during the review period. KPCS has fluctuating and thin PBILDT margin during FY14- FY17 (CA certified.). in the range of around 2%-4% due to volatile bullion prices along with presence in highly fragmented industry leading to intensive competition. The PAT margin also stood low in the range of 0.10-0.88% during FY14-FY17 due to higher amount of interest costs of the firm. Presence in highly fragmented industry leading to intensive competition The firm operates in the Jewellery industry which is a fragmented industry with a high level of competition from both the organized and largely unorganized sector. Moreover, the global and domestic macroeconomic environment continues to remain uncertain and poses a major challenge for the companies operating in Jewellery industry. Constitution of the entity as partnership firm with inherent risk of withdrawal of capital Constitution as a partnership has the inherent risk of possibility of withdrawal of the capital at the time of personal contingency which can adversely affect its capital structure. Furthermore, partnership firms have restricted access to external borrowings as credit worthiness of the partners would be key factors affecting credit decision for the lenders. Key Rating Strengths Vast experience of the promoters with long track record of the firm Mr. Jerald Jacob who is the Managing Partner of the firm has more than three decades of experience in retailing of jewellery. He belongs to the K.P Chacko family who are engaged in jewellery business for over 35 years and considered to be one of the established players in the jewellery business of Kerala. He handles the overall operations of the firm and is ably supported by his wife Mrs. Rajee Jerald. The firm was established in the year 1992 and since then is engaged in retailing of ornament jewellery. The firm is likely to be benefitted from the experienced promoters and long track record of the firm. Stable outlook of gold business with scope of growth for certified and branded jewellery In the past few years, the dynamics of consumption of gold and other jewellery has been changing. The preference for good quality, branded, certification and fashionable jewellery have been rising. KPCS being BIS hall Mark certificated has good opportunity to grow due to the changing dynamics. K.P. Chacko & Sons (KPCS) based at Kerala was established in the year 1992 as a partnership firm by Mr. Jerald Jacob and his wife Mrs. Rajee Jerald. The firm is mainly engaged in retailing of jewelry, ethnic gold and stone studded ornaments along with silver jewellery and gift articles. KPCS has its retail showroom located at Thodupuzha, Kerala in around 2000 sq. ft. area. Around 95% of the total revenues of the firm are generated from sale of gold and gold ornaments while balance of the sales is being done from sale of silver and silver articles. In FY17 [(CA. Certified Prov.), refers to period April 1 to March 31], KPS reported a PAT of INR0.25 crore on a total operating income of INR56.26 crore, as against a PAT and TOI of INR0.19 crore and INR60.84 crore, respectively, in FY16. KOHINOOR ELITE: ICRA Reaffirms D Rating on INR2.45cr LT Loan ------------------------------------------------------------ ICRA has re-affirmed the long-term rating of [ICRA]D outstanding on the INR2.45 crore (earlier INR23.00 crore) term loan of Kohinoor Elite Hotels Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund Based Limit 2.45 [ICRA]D; re-affirmed Rationale The re-affirmation of the rating takes into account KEHPL's continued delays in debt servicing following inadequate cash flows to support its funding requirements. The ratings further take into account the sensitivity of cash flows to occupancy levels and average room rates (ARRs), as well as the high competitive intensity in the industry. ICRA notes that the hospitality industry is cyclical in nature and is vulnerable to general economic slowdown and exogenous shocks. ICRA has favorably factored in the long experience of the promoters in the hospitality industry and the favorable location of the hotel. While there has been a satisfactory ramp up of occupancy levels and the gradual improvement in revenue per available room, the company's ability to improve operating metrics and generate adequate accruals to meet the debt servicing requirements, will be the key rating sensitivities. Meanwhile, for servicing the existing debt obligation in the near term, the group's ability to raise adequate funds through sales or re- financing, for meeting the debt obligations, remains critical from the credit perspective. Key rating drivers Credit strengths * Favorable location of the hotel in proximity to LBS Marg, Bandra-Kurla Complex, Mumbai and domestic and international Airports * Over 25 years of experience of the promoters in the hospitality sector * Satisfactory ramp up of occupancy levels and ARRs in the past few years; occupancy level stood high at 85% in FY2017 Credit weaknesses * Although there has been improvement in the financial profile, the hotel is yet to generate adequate cash flows to support its funding requirements which has led to continued delays in debt servicing of long-term loans * Competition from existing and upcoming hotels may impact occupancy levels * Cyclical nature of hospitality industry, vulnerable to general economic slowdown as well as other factors such as geo-political crises Description of key rating drivers: KEHPL's financial profile is characterised by the small scale of its operations. The hotel commenced operations from May 2011. The hotel reported a 11% year-over-year growth in revenues in FY2016 to INR13.72 crore from INR12.34 crore during FY2015, supported by increase in occupancy rates. For FY2017 revenue of INR15.48 crore was reported. On account of debt funded capital expenditure, which resulted in high interest expenses despite improving operating margins, the company reported losses till FY2015. However, during FY2016 KEHPL reported net profit of INR1.68 crore, supported by scaling up of operations and decline in interest cost following part repayment of the term loan. Although the profit levels have improved, KEHPL is yet to generate adequate cash flows to support its funding requirement, which has led to continuous delays in servicing of debt obligations. Moderate profitability of operations, coupled with high debt levels, have resulted in weak coverage indicators, reflected by Total Debt/OPBDITA of 8.68 times and DSCR of 0.60 times as on March 31, 2016. The capital structure has also remained adverse following erosion of net-worth because of the net losses incurred till FY2015. KEHPL's liquidity also remains stretched as reflected by high reliance on creditors for funding its working capital requirements. ICRA also notes that the occupancy level of the hotel remain susceptible to the competition from existing hotels in the vicinity as well as to the cyclicality in the hotel industry. Nonetheless, the management's vast experience of more than two decades in the hospitality sector and the favourable location of the hotel, provide some comfort. KEHPL has achieved a gradual improvement in revenue per available room and occupancy rates since the commencement of its operations in May 2011. KEHPL had an average occupancy of 49% with a RevPAR3 (revenue per available room) of INR2026 for FY2012. As against this, the company was able to achieve occupancy levels of 85% with a RevPar of INR3856 for the 9M of FY2017. KEHPL is part of the Kohinoor Group promoted by Mr. Manohar Joshi. It is currently managed by Mr. Unmesh Joshi. KEHPL is a Special Purpose Vehicle (SPV) that was set up to manage the 100- room, three-star hotel -- Kohinoor Elite at Kurla (West), Mumbai. The hotel commenced operations from May 2011. Established by Mr. Manohar Joshi in 1961, the Kohinoor Group is present in the education, hospitality and real estate sectors. KOHINOOR HOSPITALS: ICRA Reaffirms B- Rating on INR45.13cr Loan --------------------------------------------------------------- ICRA has re-affirmed the long-term rating of [ICRA]B- outstanding on the INR45.13 crore (earlier INR56.41 crore) term loan of Kohinoor Hospitals Private Limited. The unallocated amount of INR12.28 crore has been rated on long-term scale at [ICRA]B-. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund Based Limit 45.13 [ICRA]B-(Stable); re-affirmed Unallocated Limits 12.28 [ICRA]B-(Stable); re-affirmed Rationale The reaffirmation of the rating takes into account the limited track record of the promoter group in the healthcare business, modest scale of operations and low occupancy rate at present. The hospital's financial profile continues to remain weak as evidenced by loss making operations and modest cash accruals. However, ICRA notes that the business turned profitable at operating level from FY2016, owing to cost rationalisation measures undertaken. The rating also takes into account its exposure to concentration risks inherent in single asset companies. The rating, however, positively takes into account the presence of experienced consultants in the hospital's panel of doctors, which is likely to have a positive impact on the occupancy levels of the hospital and limited competition faced by KHPL, given the lack of adequate tertiary care facilities in the vicinity and no major expected supply. Going forward, KHPL's ability to increase the occupancy levels of the hospital through better utilisation of its existing facilities, scale up its operations, achieve a healthy profit level and infusion of funds by the promoters to support the capital structure would be the key rating sensitivities. Key rating drivers Credit strengths * Limited competition given the lack of adequate tertiary care facilities in the vicinity and no major expected supply * Presence of experienced and renowned in-house consultants likely to improve the occupancy of the hospital in the future, although the ability of the hospital to retain consultants remains critical for ensuring sustenance of operations Credit weaknesses * Limited track record of the group in the healthcare sector with this project being its maiden venture * Occupancy level continues to remain low, limiting growth in revenues * Weak financial profile of the hospital with weak operating profitability levels, continuing net losses, stressed capital structure and weak coverage indicators * Exposed to revenue concentration risks owing to single location presence Description of key rating drivers: KHPL was set up in May 2007 by the Mumbai-based Kohinoor Group, as part of the Group's endeavour to venture into the healthcare sector. Kohinoor Hospitals Private Limited inaugurated the Outpatient Department (OPD) and pharmacy facilities at its hospital in December 2009. The in-patient department became fully operational by July 2010. At present approx. 123 beds are operational. The occupancy rates have remained low during the past five years, declining from 57% in FY2016 to 55% in FY2017 as the hospital stopped admitting patients through the Central Government Health Scheme (CGHS). Although the occupancy rates declined in FY2017, the average revenue per occupied bed reported a healthy growth increasing from INR12,873 in FY2013 to INR19,089 in FY2017, supported by the increase in cash patients as against patients admitted through the CGHS and an increase in brand recognition of the hospital in the region. Supported by the increase in average revenue per occupied bed, the company has reported a marginal growth of 1.58% in its revenues with operating income at INR56.28 crore during FY2017, as against INR55.40 crore during FY2016. Although the hospital reported an operating profit of INR1.34 crore in FY2017, high financial costs dented the net profit levels and KHPL reported a net loss of INR8.34 crore during FY2017. The capital structure also continued to remain stressed, following erosion of net-worth on account of continuing losses reported at net level. ICRA notes the hospital's high revenue concentration risk because of its presence in a single location. Nonetheless, limited competition faced due to the lack of adequate tertiary care facilities in the vicinity and no major upcoming supply, as well as presence of renowned and experienced in-house consultants, provide some comfort. Incorporated in May 2007, Kohinoor Hospitals Private Limited was promoted by the Mumbai-based Kohinoor Group, as part of the Group's endeavour to venture into the healthcare sector. KHPL has set up a 147-bed, multi-speciality hospital at the Kurla suburb of Mumbai, which became operational in FY2011. The project is a part of an integrated township project being undertaken by the Group. The hospital commenced operations with 71 paid beds that were made fully operational in July 2010. At present this number has grown to approx. 123 paid beds. KHPL's board of members comprises Mr. Unmesh Manohar Joshi, Ms. Anagha Manohar Joshi and Ms. Madhavi Unmesh Joshi. In FY2017, KHPL reported a net loss of INR8.34 crore on an operating income of INR56.28 crore, as compared to a net loss of INR8.27 crore on an operating income of INR55.40 crore during the previous year. MALHATI TEA: ICRA Reaffirms B- Rating on INR6.46cr Loan ------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B- assigned to the INR0.89 crore term loan facilities, INR2.50 crore fund based facilities, and INR6.46 crore unallocated facilities of Malhati Tea & Industries Limited. ICRA has also reaffirmed the short term rating of [ICRA]A4 assigned to the INR0.15 crore non-fund based facilities of MTIL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Term Loan 0.89 [ICRA]B- (Stable); Reaffirmed Fund-based- Unallocated 6.46 [ICRA]B- (Stable); Reaffirmed Fund based limits 2.50 [ICRA]B- (Stable); Reaffirmed Non fund based limits 0.15 [ICRA]A4; Reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with MTIL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B- (Stable) and [ICRA]A4 ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Malhati Tea & Industries Limited was acquired by the present management in 2010-11 from the erstwhile promoters. MTIPL has a tea garden in the Jalpaiguri district of West Bengal, with a total area of around 463.47 hectares under plantation. The total production capacity of SBTEPL is around 14 lac kg of tea. MONTANA TILES: ICRA Reaffirms 'B' Rating on INR8.75cr Loan ---------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B on the INR2.75-crore fund-based secured overdraft facility and INR6.00 crore term loan facility of Montana Tiles Private Limited. ICRA has also reaffirmed an [ICRA]A4 rating to the INR1.25 crore Inland Bank Guarantee facility of MTPL. The outlook on the long- term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 8.75 [ICRA]B (Stable); Reaffirmed Non Fund-based Limits 1.25 [ICRA]A4; Reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with MTPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable)/A4 ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Experience of key promoters in the ceramic industry * Company's location in Morbi, India's ceramic hub, provides easy access to raw material sources Credit weaknesses * Vulnerability to cyclicality inherent in the real estate industry, which is the main consuming sector * Vulnerability to volatility in prices of raw material and to availability and fluctuating prices of gas, as gas is its major source of fuel * Competitive business environment with the presence of large established organized tile manufacturers as well as unorganized players Description of key rating drivers: Montana Tiles Private Limited (MTPL) is equipped to manufacture ceramic wall tiles. The plant has an installed capacity to manufacture approx. 19,50,000 boxes of ceramic tiles per annum at its manufacturing facility located at Morbi, Gujarat. The main raw materials used by MTPL to manufacture tiles are feldspar powder, Santarpur powder, glaze frit, Bikaner clay, body clay, powder and glaze material, etc which are largely sourced from Gujarat through local vendors as well as from Rajasthan. For the supply of natural gas, MTPL has entered into a contract with Gujarat State Petroleum Corporation (GSPC) Gas for the supply of 6,500 scm per day of PNG. The company sells its products both in the domestic market through dealers at pan India level as well as in overseas market. The company has an established network of 200 dealers across India and markets its products under a single brand name i.e. 'Montana' and sells its products primarily in the domestic market targeting the retail segment. The company is also into exports and the same is mainly done in countries like Middle East, Saudi Arabia, Oman and South Africa. ICRA notes the high competitive intensity with presence of large established organized and unorganized players in the industry. ICRA also considers the experience of the promoters in the industry for more than a decade and the location advantage enjoyed by the company in terms of proximity of its plant to major raw material sources. Incorporated in December 2013, Montana Tiles Private Limited (MTPL) is engaged in the manufacture of digitally printed ceramic glazed wall tiles of three sizes i.e. 10X15, 12X18 and 12X24. The manufacturing unit of the company is located in Morbi, Gujarat, with an installed capacity of 45,000 MTPA. The company has commenced its commercial production from February 2015. The company is promoted and managed by Mr. Manoj Sharma, Mr. Mahesh Padsumbia, Mr. Manoj Bhumbharia and Mr. Pawankumar Mangal having experience in the line of ceramic business. RAJ ARCADE: Ind-Ra Assigns BB Issuer Rating, Outlook Stable ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Raj Arcade Homes Private Limited (RAHPL) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR1,020 mil. Proposed Long term loan assigned with Provisional IND BB/Stable rating The rating is provisional and shall be confirmed upon the sanction and execution of loan documents for the above facilities by RAHPL to the satisfaction of Ind-Ra. KEY RATING DRIVERS The ratings reflect the risk of time and cost overrun in RAHPL's ongoing residential project, as only 25.15% of the total construction has been completed. Construction is likely to be completed by September 2018. The ratings factor in the project completion being mostly dependent on customer advances. Therefore, any delay in the booking of flats may affect the progress of the project. The ratings are supported by over 10 years of experience of the company's promoter in the real estate sector and the project's strategic location close to schools, colleges, markets, etc. The ratings are also supported by 62.61% of the project (206 flats) having already been sold out. RATING SENSITIVITIES Positive: Sale of a substantial number of housing units leading to strong visibility of cash flow will be positive for the ratings. Negative: Any slowing down in bookings leading to a cash flow shortfall will be negative for the ratings. COMPANY PROFILE RAHPL is constructing a residential project Kalpavruksh Heights in New Link Road, Kandivali (West), Mumbai. The project was started in January 2012. The said project is a redevelopment project under SRA Authorities. The company was incorporated by Mr Rajesh Savla. RIDDHI SIDDHI: ICRA Reaffirms 'B' Rating on INR6.50cr Loan ---------------------------------------------------------- ICRA has reaffirmed the long-term rating assigned to the INR6.50 crore cash credit facility of Riddhi Siddhi Jewellers Pvt. Ltd. at [ICRA]B. ICRA has also reaffirmed the rating of [ICRA]B to the unallocated amount of INR3.50 crore. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Cash Credit 6.50 [ICRA]B (Stable); Reaffirmed Unallocated 3.50 [ICRA]B (Stable); Reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with RSJ, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Longstanding experience of the promoters in the gold jewellery sector Credit weaknesses * Working capital intensive operations owing to high inventory requirements leading to susceptibility of profitability to gold price fluctuations in the wake of unhedged exposure * Highly competitive and fragmented industry; future growth exposed to increasing competition from organised players Description of key rating drivers: RSJ derives majority of its revenue from trading in gold jewellery, while the rest of its income is contributed by retail sales of jewellery procured from dealers across India. The company follows BIS standards for purity and only sells jewellery with BIS Hallmark. The company's collection ranges from 18 to 22 karat gold jewellery. The business is predominantly working capital intensive owing to high inventory levels to be maintained and stock clearance being vulnerable to changing consumer tastes, dynamic fashion trends and economic environment. Fixed price inventory held by RSJ exposes the company to the risks of adverse movement in gold prices. RSJ operates in a highly fragmented and competitive industry structure with increasing competition from the organised segment. The promoters have extensive experience of the gold jewellery sector spanning over a decade. Riddhi Siddhi Jewellers Pvt. Ltd. was established as a private limited company in 2010 by the Patel family. The company, primarily managed by Mr. Prashant Patel, is mainly engaged in trading and retailing of gold jewellery. The company deals only in BIS certified gold jewellery to ensure purity of the product it sells. RLJ MULTIGRAIN: ICRA Reaffirms B Rating on INR6.50cr Cash Loan -------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B assigned to the INR5.50 crore term loan facilities, and INR6.50 crore cash credit facility of RLJ Multigrain Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Term Loan 5.50 [ICRA]B (Stable); Reaffirmed Fund-based-Cash Credit 6.50 [ICRA]B (Stable); Reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with RLJMPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. RLJ Multigrain Private Limited was originally incorporated as a partnership firm M/s Swastik Udyog. Subsequently the promoters reconstituted the company as a private limited entity in 2012. The company is promoted by Jain family based out of Kolkata and the unit has rice milling annual capacity of 63,000 tons. SHAKTI CABLES: ICRA Reaffirms B- Rating on INR3.75cr Loan --------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B- assigned to the INR1.75 crore fund-based bank facilities and INR4.50 crore non fund based limits of Shakti Cables Private Limited. ICRA has also reaffirmed the short term rating of [ICRA]A4 assigned to the INR1.50 crore non fund based limits and also reaffirmed the ratings of long term/short term ratings of [ICRA]B-/[ICRA]A4 assigned to the INR3.75 crore unallocated limits of SCPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Cash Credit 1.75 [ICRA]B- (Stable); Reaffirmed Non Fund-based- Bank Guarantee 3.00 [ICRA]B- (Stable); Reaffirmed Non Fund-based- Letter of Credit 1.50 [ICRA]A4 (Stable); Reaffirmed Unallocated 3.75 [ICRA]B- (Stable)/[ICRA]A4; Reaffirmed The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with SCPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings, but despite repeated requests by ICRA, the company's management has remained non-cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B-(Stable)/[ICRA]A4; ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Shakti Cables Pvt. Ltd. (SCPL) was incorporated in 1984 by Mr. Anil Parikh to manufacture cables and conductors. The company is engaged in manufacturing Low Tension (LT) power cables, control cables, and instrumentation cables for the Andhra Pradesh and Telangana Transmission and Distribution companies. SCPL's plant is located at Patancheru, Hyderabad, with a manufacturing capacity of 150 tons per month. SRI LAXMI: CARE Assigns B+ Rating to INR15.80cr LT Loan ------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Sri Laxmi Vinayaka Agro Foods (SLVAF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 15.80 CARE B+; Stable Assigned Detailed Rationale& Key Rating Drivers The rating assigned to the bank facilities of SLVAF is constrained by the firm's short track record and small scale of operations with low net worth base, leveraged capital structure and weak debt coverage indicators, seasonal nature of availability of paddy resulting in working capital intensive nature of operations, constitution of the entity as a partnership firm with inherent risk of withdrawal of capital, The rating is, however, underpinned by the experience of managing partner for around two decades in agro industry, growth in total operating income and improving profitability margins during the review period, location advantage with presence in cluster and easy availability of paddy and healthy demand outlook of rice. Going forward, ability of the firm to scale up its operations, improve the capital structure and debt coverage indicators while managing its working capital requirement efficiently are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Short track record and small scale of operations with low net worth base SLVAF has attack record of three years and started its commercial operations from April 2015.The scale of operations of the entity remained small marked by TOI which stood at INR52.67 crore in FY17 (Provisional) coupled with low net worth base of INR6.29 crore as on March 31, 2017(Provisional) as compared to other peers in the industry. Leveraged capital structure and debt coverage indicators The capital structure of the firm was leveraged for the last two balance sheet date ended March 31, 2017 (Provisional) marked by overall gearing ratio which deteriorated from 2.52x as on March 31, 2016 to 2.72x as on March 31, 2017 (Prov.) due to higher closing working capital bank borrowing as on closing balance sheet date and increase in unsecured loans to support the business operations along with low networth base. Due to high debt levels and low profitability, the debt coverage indicators of the firm remained weak during review period. The total debt/GCA of the firm deteriorated from 20.76x in FY16 to 45.46x in FY17 (Provisional). The PBILDT interest coverage ratio of the firm deteriorated from 3.15x in FY16 to 1.21x during FY17 (Prov.) due to increase in financial expenses. Seasonal nature of availability of paddy resulting in working capital intensive nature of operations Paddy in India is harvested mainly at the end of two major agricultural seasons Kharif (June to September) and Rabi (November to April). The millers have to stock enough paddyby the end of the each season as the price and quality of paddy is better during the harvesting season. During this time, the working capital requirements of the rice millers are generally on the higher side. Due to the above reason the operating cycle of the entity deteriorated from 71 days in FY16 to 141 days and remain elongated in FY 17 (CA Certified) on account of high inventory days of 73 days in FY 17 (CA certified) Moreover, the paddy is procured from the farmers generally against cash payments or with a minimal credit period of 10-15 days while the millers have to extend credit to the wholesalers and distributors around 20-30 days resulting in high working capital utilization reflecting working capital intensity of business. The average utilization of fund based working capital limits was around 90% during the last 12 months period ended April 30, 2017. Constitution of the entity as a partnership firm with inherent risk of withdrawal of capital SLVAF, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firm business has restricted avenues to raise capital which could prove a hindrance to its growth. Key Rating Strengths Experience of promoter for two decades in rice business SLVAF was promoted by Mr. N. Suri Babu (Managing Partner) and his family members. He is a qualified graduate and has around 20 years of experience in rice business. Apart from the existing business, Mr. Suri Babu is also actively involved in the educational institutions like Sai Pavan Educational Trust (President), Sri Vidhyani Public School (Chairman), Sri Narayana Educational Trust (President), Sri Vidhyani Pre University (Chairman).Through his experience in the rice trading business, he has established healthy relationship with key suppliers, customers, local farmers, dealers and also with the brokers facilitating the rice business smoothly. Growth in total operating income and increase in profitability margins during the review period The company was established on March 3, 2014 and started its commercial operations from April 2015. The total operating income of the firm increased from INR48.13 crore in FY16 to INR52.67 crore in FY17 (Provisional) representing growth of 9.43% due to increase in orders from existing customers. The PBILDT margin of the firm improved from 2.19% in FY16 to 4.12% in FY17 (Provisional), due to absorption of overheads. In line with increase in PBILDT, the PAT margin of the company also increased from 0.31% in FY16 to 0.37% in FY17 (Provisional). Location advantage with presence in cluster and easy availability of paddy The rice milling unit of SLVAF is located at Koppal district of which is one of the major paddy cultivation areas in Karnataka. The manufacturing unit is located near the rice producing region, which ensures easy raw material access and smooth supply of raw materials at competitive prices and lower logistic expenditure. Healthy demand outlook of rice Rice is consumed in large quantity in India which provides favorable opportunity for the rice millers and thus the demand is expected to remain healthy over medium to long term. India is the second largest producer of rice in the world after China and the largest producer and exporter of basmati rice in the world. The rice industry in India is broadly divided into two segments - basmati (drier and long grained) and non-basmati (sticky and short grained). Demand of Indian basmati rice has traditionally been export oriented where the South India caters about one- fourth share of India's exports. However, with a growing consumer class and increasing disposable incomes, demand for premium rice products is on the rise in the domestic market. Demand for non- basmati segment is primarily domestic market driven in India. Sri Laxmi Vinayaka Agro Foods is a Koppal (Karnataka) based firm which was established in the year 2014 and commercial operations were started from April 2015.The firm was promoted by Mr.N. Suri Babu along with his wife Mrs.N.Leelarani. The rice milling unit of the firm is located at Near Dasnal Bridge, Venkatagiri, Gangavathi, Dist. Koppal, Karnataka. Apart from rice processing, the firm is also engaged in selling its by-products such as broken rice, husk and bran. The main raw material, paddy, is directly procured from local farmers located in and around Karnataka. The firm sells rice and other by-products in the open markets of Karnataka (90%) and Tamil Nadu (10%). The firm has approximately 150 customers. In FY17 (CA Certified), SLVAF reported a Profit after Tax (PAT) of INR0.19 crore on a total operating income of INR52.67 crore, as against a PAT and TOI of INR0.15 crore and INR48.13 crore respectively in FY16. STATE TRADING: CARE Lowers Rating on INR4,000cr Loan to D --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of The State Trading Corporation of India Limited (STC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 2,000 CARE D Revised from CARE BB+; Stable Short-term Bank Facilities 4,000 CARE D Revised from CARE A4+ Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of STC take into account its weak financial profile characterized by volatile operating income and high amount of outstanding trade receivables. Furthermore, CARE has also taken cognizance of the fact that there were delays in servicing of its debt obligation during FY17 (refers to the period April 1 to March 31). Going forward, the ability of the company to strengthen its risk management policies, recovery of past dues and improvement in its profitability and capital structure will be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Weak financial risk profile: During FY17, STC's total income declined by 25.53% to INR8,093.72 crore from INR10,868.03 crore in FY16 primarily on account of decline in exports turnover attributable to non-renewal of contract relating to export of steel plates/coils to Iran, decline in import of bullions because of lower demand attributable to large imports of dore bars into the country (for which STC does not hold the license)and further decline in import revenue on account of fall in Urea sales due to lower allocation of tenders & higher indigenous production. During FY17, the PBILDT margins improved to 2.15% (1.40% in FY16), margins were to some extent improved by shift in the sales model to sale of items like Cardamom, red sanders & edible oil,etc. which though are small sale items as far as the value is concerned but they hold good margins compared to bullion sale where the company did not hold higher margins. Furthermore, STC reported net loss of INR165.54 crore for FY17 as against PAT of INR17.86 crore for FY16 as it was required to make provisions for INR200.67 crore in FY17 in respect of parties from whom the amount was due over 3 years. Delays in servicing of debt obligations: There were delays recorded in repayment of debt obligations by STC to EXIM bank in the audit report of FY17. As per the discussion with the management of STC, the delays in repayment to EXIM Bank occured on account of restructuring of the terms & conditions for the underlying loan which STC had requested EXIM Bank in view of the financial crunch. The said proposal of STC was agreed by EXIM bank vide their letter dated April 4, 2016, to STC. However the formal agreement was signed between the parties on November 29, 2016. During the interim period there was uncertainty regarding the due dates for the repayment of the debt obligation.& hence the delays were reported which were though made good as soon as the management was notified. Trade receivables outstanding for more than 6 months: As on March 31, 2017, STC had outstanding trade receivables of INR3,093.12 crore of which INR2,831.92 crore has been outstanding for more than 6 months. Although, in certain cases there are corresponding creditors under back to back arrangement and pledge of stocks and are under litigation for recovery of over dues, the overall receivables are significantly high in comparison to the net worth of STC. Against the outstanding receivable, STC had a net worth of only INR19.18 crore as on March 31, 2017. Key Rating Strengths Long & established track record: STC was set up in May 1956, primarily with a view to undertake trade with East European Countries and to supplement the efforts of private trade and industry in developing exports from the country. As a result of liberalization of foreign trade since 1991, all export and import items earlier canalised through STC were decanalised. Presently, it is primarily engaged in the exports to Iran & trade of bullion, fertilisers, food grains, coal, cardamom, edible oil & pulses. Predominant ownership by the Government of India: The Corporation functions under the administrative control of the Ministry of Commerce & Industry, Government of India. STC arranges import/ export of mass consumption items including rice, wheat, edible oils, sugar as per instructions of the Government. As on March 31, 2017, the Government of India had approximately 90% shareholding in STC. STC is a Miniratna Category-1 Central Public Sector Enterprise and is recognised by the Government of India (GOI) as a Star Trading House. It is a trading company engaged primarily in the export and import operations. The company functions under the administrative control of the Ministry of Commerce & Industry, GOI. STC has 13 branch offices in India, the major ones being at Mumbai, Kolkata, Chennai, Ahmedabad, Bangalore and Hyderabad. STC owns tank farms, warehouses, godowns at various locations of the country for storage of liquid/dry cargo. GOI holds 90% stake in the company. STC had a total income of INR8,093.72 crore with net loss of INR165.54 crore in FY17 as compared with the total income of INR10,868.03 crore with a PAT of INR17.86 crore in FY16. SUDARSHAN SULZ: ICRA Withdraws B+ Rating on INR3.50cr LT Loan ------------------------------------------------------------- ICRA withdraws the long-term rating of [ICRA]B+ and short-term rating of [ICRA]A4 assigned to the INR7.17-crore bank facilities of Sudarshan Sulz Private Limited (SSPL). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- Based-Cash credit 3.50 [ICRA]B+; withdrawn Long-term Fund- Based-Term loans 2.87 [ICRA]B+; withdrawn Short-term Non Fund-based 0.30 [ICRA]A4; withdrawn Long-term- Unallocated 0.50 [ICRA]B+; withdrawn Rationale The rating is withdrawn in accordance with ICRA's policy on withdrawal and suspension and as desired by the company. Incorporated in 1993, SSPL weaves polyester blended fabric at its manufacturing unit in Bhilwara, Rajasthan. SSPL started with fabric trading and set up its in-house weaving capacity in 1999- 2000. The company produces the fabric on job work basis and sells directly through a network of distributors in the domestic market. The company is managed by Mr. Raj Kumar Melana and his family. SWARGIYA BHIKAM: Ind-Ra Migrates BB Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan's bank loans ratings to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-up by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The ratings will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency website. The rating action is: -- INR74.28 mil. Bank loans migrated to Non-Cooperating Category with IND BB(ISSUER NOT COOPERATING) rating; Note: ISSUER NOT COOPERATING: The rating was last reviewed on 10 July 2015. Ind-Ra is unable to provide an update as the agency does not have adequate information to review the rating. COMPANY PROFILE Swargiya Bhikam Singh Smriti Samaj Kalyan Sansthan was established in 1998 under the Societies Registration act, 1973 in Gwalior. It manages two colleges and offers nursing, computer application and business administration courses. The society established Shri Ram Singh Dhakre Memorial Hospital and Research Centre in Gwalior to offer medical courses which was likely to start from the academic year 2016 (extended to academic year 2019) for which the society has 350-bed hospital facilities. UTTARA FOOD: ICRA Reaffirms D Rating on INR145.83cr LT Loan ----------------------------------------------------------- ICRA has reaffirmed the long term rating assigned to the INR145.83 crore fund based limits of Uttara Food and Feeds Private Limited at [ICRA]D. ICRA has also reaffirmed the short term rating outstanding on the INR120.00 crore non fund based facilities at [ICRA]D. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term-Fund based 145.83 [ICRA]D Reaffirmed Short term-Non Fund based 120.00 [ICRA]D Reaffirmed As part of its process and in accordance with its rating agreement with UFPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings, but despite repeated requests by ICRA, the company's management has remained non-cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]D/D ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Uttara Foods and Feeds Private Limited (UFFPL) is a part of the Venkateshwara Hatcheries Group (VH) group which is the largest and most integrated poultry player in India. UFFPL, commenced operations in 1996 in order to further the groups involvement in the poultry feeds industry, later on diversifying into other segments such as cattle feed and hatchery. With four hatcheries located at various locations across the country, the hatcheries division accounts for 12% of the company's revenues. However to date, poultry feed continues to remain the company's main line of business; accounting for approx. 85% of the company's operating income with annual feed production capacity of 248,255 MT. Presently, the company has seven feed manufacturing plants in the country which have been located strategically in order to cater to poultry farmers located across the country. UFFPL also forayed into parent breeding with two breeder farms at Julekal and Pullur with a combined output capacity of 2,24,000 birds. VASUNDHARA DEVELOPERS: ICRA Reaffirms B Rating on INR10cr Loan -------------------------------------------------------------- ICRA has reaffirmed its long term rating assigned to the INR10.00 crore fund based facilities of Vasundhara Developers at [ICRA]B. The outlook on the long term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Term Loan 10.00 [ICRA]B (Stable); Reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with SCPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings, but despite repeated requests by ICRA, the company's management has remained non-cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable) ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Experience of over two decades of partner in the real estate business and a good understanding of the Vijayawada and Guntur Markets Credit weaknesses * High market risk given that around 85% amounting to 47 flats out of 55 are yet to be sold; the response for the project has been moderate so far with the firm able to achieve 8 bookings in a span of 6 months and also the sales velocity is expected to increase going forward. * Considerable dependence on customer advances however the firm has bookings only for 8 flats of the available 55 * Like other real estate players, the firm is exposed to the risk of slowdown in demand, falling property prices and sluggishness in the sector * Risks arising from partnership nature of the firm Based in Vijayawada, Vasundhara Developers (VD) is a partnership firm engaged in construction of residential projects. The promoters of the group have long track record of operations in the field of real estate and have developed diversified portfolio of projects. VD is developing Vasundhara Orchids in Vijayawada on a land area of 4360 sq Yards. The proposed project is in Poranki which is about 6 Kms from centre of Vijayawada and 5 Kms from Prakasam Barrage, 6 Kms from Vijayawada Junction, 7 Kms from RTC Bus Station and 8Kms from PVR Mall and 20Kms from Gannavaram Airport. The Proposed site location has been most attractive location for residential apartment in the recent times after formation of Andhra Pradesh new capital. Vasundhara Developers has entered into a JDA (revenue sharing) with land owner for the development of 1,19,094 sft of residential project, of which, 72,455 sft is saleable. The project construction has commenced in February 2015 is planned to be completed by 2016. Vasundhara Developers (VD) is a partnership firm founded in 2014 and is engaged in the business of construction of residential apartments with its head office is located in Guntur District of Andhra Pradesh. The firm has developed Vasundhara Orchids in Vijayawada on a land area of 4360 sq Yards. VISHWA GYAN: Ind-Ra Migrates BB- Rating to Non-Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Vishwa Gyan Punj Trust's (VGPT) bank loan ratings to 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 ratings will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. Instrument- wise rating action is: -- INR67.34 mil. Bank loans migrated to Non-Cooperating Category with IND BB-(ISSUER NOT COOPERATING) rating Note: ISSUER NOT COOPERATING: The rating was last reviewed on 29 June 2015. Ind-Ra is unable to provide an update as the agency does not have adequate information to review the rating. COMPANY PROFILE VGPT established a school at Jamshedpur in collaboration with the Delhi Public School Society in 2002. VGPT is registered under Indian Trust Act, 1857. Dhanraj Singh is the chairman of the trust. The trust manages a school with intake capacity of 5,000 students. WORLD STEELTECH: ICRA Reaffirms B- Rating on INR9.80cr Loan ----------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B- on the INR4.00 crore cash credit facility and the INR5.80 crore term loans facility of World Steeltech (India) Private Limited. ICRA has reaffirmed the short-term rating of [ICRA]A4 on the INR1.50 crore non-fund based bank guarantee facility of WSIPL. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 9.80 [ICRA]B- (Stable); reaffirmed Non-fund based Limits 1.50 [ICRA]A4; reaffirmed Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with WSIPL, ICRA has been trying to seek information from the company so as to undertake a surveillance of the ratings and also had sent repeated reminders to the company for payment of surveillance fee that became overdue, but despite repeated requests by ICRA, the company's management has remained non- cooperative. In the absence of requisite information, ICRA's Rating Committee has taken a rating view based on best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]BB- (Stable)/A4 ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Location advantage resulting in easy access to raw material Sources * Long standing experience of the promoters in ceramic, textile and steel Industry Credit weaknesses * Limited track record of operations * Vulnerability of margins to adverse fluctuations in raw material prices due to cyclicality associated with the steel industry * Competitive business environment given the fragmented nature of industry with large number of MS billet manufacturers in the region and weak outlook Description of key rating drivers: Incorporated as a private limited company in March 2012, World Steel Tech (India) Private Limited (WSTPL) is engaged in manufacturing of mild steel billets with a capacity to manufacture 2,030 MT of billets per month. The company commenced its commercial operations of MS Billets from August 2015. Waste and scrap of iron, steel and silico manganese are the major raw materials which are generally procured from ship breakers located in Bhavnagar (Gujarat) on credit period ranging from 1 to 10 days. The company also imports raw material from Dubai in case of requirement. Billets are sold to rolling mills in the local market based on the daily spot prices prevailing in the market which remains fluctuating based on steel prices. The company also faces competition from large number of players in the organised and unorganised sector, which together with low value additive nature of finished goods i.e. MS billets restricts the pricing flexibility for players like WSTPL. Incorporated in March 2012 as a private limited company, World Steel Tech (India) Private Limited was promoted by Mr. Kailash Kanani, Mr. Rohit Kanani and Mr. Vishal Nandasana along with family members and is engaged in the manufacturing of Mild Steel Billets through Induction furnace route. The company has an installed capacity of 2,030 MT per month of billets manufacturing at its manufacturing unit in Rajkot. ========= J A P A N ========= TAKATA CORP: Injured Drivers Get Official Role in Bankruptcy ------------------------------------------------------------ Tom Hals at Reuters reports that people injured by Takata Corp's defective air bags were given an official role in the bankruptcy of its U.S. unit on July 6, allowing them to challenge restructuring plans that plaintiffs' lawyers have criticized as protective of automakers. A seven-member official committee will represent economic loss and personal injury or tort claimants, David Buchbinder, a lawyer with the U.S. Department of Justice's bankruptcy watchdog, told a meeting of creditors of Takata's U.S. business, Reuters relates. Official committees receive funds from a debtor to hire professionals who can carry out investigations and test financial assumptions, Reuters says. According to Reuters, William Weintraub, a lawyer with Goodwin Procter who is not involved in the Takata case, said he expected the committee "to be active and to make sure that the claims of the car manufacturers are not treated preferentially and that tort victims are fairly compensated." A second five-member committee of suppliers and vendors was also appointed, Mr. Buchbinder, as cited by Reuters, said. One person appointed to the personal injury committee, Adrian Antonio Pielago, allegedly suffered a major neck laceration and nerve damage last year in an accident involving a Takata air bag, Reuters relates citing court records. Reuters says Takata is finalizing a $1.6 billion sale of most of its business to Michigan-based Key Safety Systems, owned by China's Ningbo Joyson Electronic Corp. The deal is meant to save 14,000 jobs, provide a stable supply of replacement air bags and finance a $1 billion settlement with the U.S. government, the report notes. Reuters relates that personal injury lawyers said at a bankruptcy hearing last month that Takata was deferring too much to automakers, which claim they are owed billions of dollars in recall costs. Lawyers for Takata's U.S. business said the automakers provided financing to Takata and received protections in return, the report states. Reuters notes that the company has set aside $125 million for injury claims, but lawyers for injured drivers said it may not be enough because millions of air bags have yet to be recalled. The lawyers said more money could come from Takata's insurance, as well as from its sale to Key Safety, Reuters relays. About Takata Corp Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. Takata Corp. filed for bankruptcy protection in Tokyo and the U.S., amid recall costs and lawsuits over its defective airbags. Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court on June 25, 2017. Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11375) on June 25, 2017. Together with the bankruptcy filings, Takata announced it has reached a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion. Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Prime Clerk is the claims and noticing agent. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor while UBS Investment Bank also provides financial advice to KSS. On June 28, 2017, TK Holdings, as the foreign representative of the Chapter 11 Debtors, obtained an order of the Ontario Superior Court of Justice (Commercial List), among other things, granting a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act. The Canadian Court appointed FTI Consulting Canada Inc. as information officer. TK Holdings, as the foreign representative, is represented by McCarthy Tetrault LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Trade Creditors and a separate Official Committee of Tort Claimant. The Official Committee of Unsecured Creditors has selected Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F. Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The Official Committee of Unsecured Tort Claimant Creditors has selected Laura Davis Jones, Esq., and James I. Stang, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware, as its bankruptcy counsel. TOSHIBA CORP: Under Pressure to Consider Plan B ----------------------------------------------- Reuters reports that as the $18 billion sale of Toshiba Corp.'s memory chip unit to a government-approved consortium falters, some bankers and potential investors are pressing the board to seriously consider alternatives, including picking a new buyer, sources said. Reuters relates that those people said Toshiba's leadership is sticking to plan A: selling the world's second-largest memory chip maker to a Japanese government-backed group that also includes Bain Capital. But the clock is ticking for Toshiba, which was still recovering from a $1.3 billion accounting scandal in 2015 when it was hit by billions of dollars of cost overruns at its U.S. nuclear unit Westinghouse in December, Reuters says. Unless it closes a deal by March, a gaping balance-sheet hole will prompt automatic delisting of its shares from Tokyo's stock market -- further battering its shareholders, according to Reuters. As questions emerge around the role of South Korean rival SK Hynix in the preferred bidder group, some Toshiba executives and officials at the company's main creditor banks said they want top management to look at other options, Reuters reports. "Toshiba hastily picked the consortium ahead of its (June 28) annual shareholders meeting, but more and more flaws are emerging as time passes," Reuters quotes a senior official at one of Toshiba's banks as saying. SK Hynix, which was initially included just to help fund the deal, is now looking to own equity in Toshiba's chip unit, according to sources, raising antitrust and national concerns in Japan, Reuters states. Addressing concerns that its chip technology could be handed to a foreign rival, Toshiba said previously that SK Hynix would have no equity or management influence, says Reuters. Reuters relates that scrapping that deal would leave one obvious option: rival suitor Western Digital, which bid for the chip business with private equity firm KKR. But Western Digital, already a joint venture partner with Toshiba, is in a legal dispute with the beleaguered firm amid what sources described as a deep distrust between the two sides. But Western Digital could have the support of the state-backed Development Bank of Japan and Innovation Network Corp. of Japan, who are both part of the preferred buyer consortium, the sources, as cited by Reuters, said. They are said to be wary of SK Hynix and of Toshiba agreeing to the sale to the group while Western Digital sought an injunction to stop it. "If asked, we are ready to team up with Western Digital and KKR, and we actually prefer that," said a senior official at one of the government investors. A Toshiba spokesman said the firm is negotiating with the preferred buyer consortium to sign a definitive agreement as soon as possible, adds Reuters. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large- scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on June 19, 2017, S&P Global Ratings said it has kept its 'CCC-' long-term and 'C' short-term ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. on CreditWatch with negative implications. The long- and short-term ratings on Toshiba have remained on CreditWatch with negative implications since December 2016, when S&P also lowered the long-term ratings because of a likelihood that the company might recognize massive losses in its U.S. nuclear power business. S&P kept them on CreditWatch negative when it lowered the long- and short-term ratings in January 2017 and when S&P lowered the long-term ratings in March 2017. The ratings remain on CreditWatch, reflecting S&P's view that creditor banks' support for Toshiba together with the company's liquidity levels warrant continued close monitoring because its plan to sell its memory business has yet to materialize and additional losses or financial burdens might still arise in connection with its U.S. nuclear power business. S&P continues to hold the view that without unanticipated, significantly favorable changes in Toshiba's circumstances, the company might become unable to fulfill its financial obligations in a timely manner or might undertake a debt restructuring S&P classifies as distressed in the next six months. TOSHIBA CORP: Seeks Unconventional $6 Billion Credit Line --------------------------------------------------------- Leo Lewis at The Financial Times reports that fears are growing over Toshiba Corp's ability to secure a quick sale of its prized memory chip business as the crisis-hit conglomerate negotiates an "unconventional" $6bn credit line with its main lenders, say people briefed on discussions. Rather than using the traditional route of pledging shares as collateral, the new loans will involve Toshiba depositing with its banks a number of share certificates in the chip business, which was spun off this year in preparation for a sale, the FT says. According to the report, the unusual step, which highlights Toshiba's increasing financial desperation, comes as further blows have landed on a company that some analysts say is at rising risk of bankruptcy. A judgment from the European Court of Justice, announced on July 7, requires Toshiba to pay charges of EUR56.8 million over violations of competition law in the switchgear, or power generation equipment, market, the FT discloses. The FT relates that another EU decision on July 7 hinted at the potentially massive collateral damage elsewhere in corporate Japan, arising from Toshiba's financial woes. In 2015, after the company was exposed in a seven-year accounting fraud, it began a rapid jettisoning of prized assets that included selling its profitable medical systems business to Canon. To book the sale in its 2015 financial year and rapidly shore up its numbers, Toshiba sold the business via a "warehousing" method that involved an interim buyer and would not incur antitrust-related delays, the report says. In a preliminary view issued on July 7, EU antitrust regulators said Canon had breached merger rules with this structure and could be fined 10% of its annual revenue, or about $2.9 billion based on its 2016 fiscal year, says the FT. The FT notes that the latest round of negotiations between Toshiba and its banks over new credit lines has become more urgent since two weeks ago, when the company announced an indefinite delay to the planned $20 billion sale of the Nand memory chip business. The auction has been overshadowed by political objections to the involvement of potential overseas bidders from South Korea and Taiwan, and by an acrimonious legal row with Toshiba's joint venture partner, Western Digital, the FT states. Last month, Toshiba identified a consortium led by a Japanese government-backed fund as its preferred bidder, but bankers said that talks have been put on hold until a Californian court rules in the coming week on a legal attempt by Western Digital to block the sale altogether, the FT recalls. The FT adds that Toshiba needs to secure the chip unit's sale within the next few months, say analysts, if it is to dig itself out of a JPY582 billion hole in its shareholder equity: failure to do so by March 2018 will see Toshiba delisted from the Tokyo Stock Exchange. About Toshiba Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is a Japan-based manufacturer involved in five business segments. The Digital Products segment offers cellular phones, hard disc devices, optical disc devices, liquid crystal televisions, camera systems, digital versatile disc (DVD) players and recorders, personal computers (PCs) and business phones, among others. The Electronic Device segment provides general logic integrated circuits (ICs), optical semiconductors, power devices, large- scale integrated (LSI) circuits for image information systems and liquid crystal displays (LCDs), among others. The Social Infrastructure segment offers various generators, power distribution systems, water and sewer systems, transportation systems and station automation systems, among others. The Home Appliance segment offers refrigerators, drying machines, washing machines, cooking utensils, cleaners and lighting equipment. The Others segment leases and sells real estate. As reported in the Troubled Company Reporter-Asia Pacific on June 19, 2017, S&P Global Ratings said it has kept its 'CCC-' long-term and 'C' short-term ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. on CreditWatch with negative implications. The long- and short-term ratings on Toshiba have remained on CreditWatch with negative implications since December 2016, when S&P also lowered the long-term ratings because of a likelihood that the company might recognize massive losses in its U.S. nuclear power business. S&P kept them on CreditWatch negative when it lowered the long- and short-term ratings in January 2017 and when S&P lowered the long-term ratings in March 2017. The ratings remain on CreditWatch, reflecting S&P's view that creditor banks' support for Toshiba together with the company's liquidity levels warrant continued close monitoring because its plan to sell its memory business has yet to materialize and additional losses or financial burdens might still arise in connection with its U.S. nuclear power business. S&P continues to hold the view that without unanticipated, significantly favorable changes in Toshiba's circumstances, the company might become unable to fulfill its financial obligations in a timely manner or might undertake a debt restructuring S&P classifies as distressed in the next six months. =============== M A L A Y S I A =============== ALAM SWIBER: High Court Grants Wind Up Order -------------------------------------------- Reuters reports that Alam Maritim Resources said that an order had been granted by the High Court Of Malaya Kuala Lumpur in favor of KTL Offshore Pte Ltd. Alam Swiber Offshore may be wound up by the court, according to the order, Reuters relays. Malaysia-based Alam Swiber Offshore (M) Sdn Bhd provides support services for offshore installation and construction projects. ===================== P H I L I P P I N E S ===================== 2GO GROUP: Restates 2015 and 2016 Audited Financial Statements -------------------------------------------------------------- BusinessWorld Online reports that 2GO Group, Inc. has appointed a new chief financial officer after announcing adjustments in reported profits for the last two years following a special audit, the logistics firm told the Philippine Stock Exchange late on July 7. In a regulatory filing after its board meeting on July 7, 2GO said it appointed William Charles Howell as chief financial officer and treasurer to replace Jeremias E. Cruzabra, who resigned, BusinessWorld relays. According to BusinessWorld, the company also submitted a restatement of its audited financial results for 2015 and 2016, as well as the unaudited financial statements for the period ended March 31, 2017. 2GO reported its restated net income for 2015 stood at PHP109.131 million. This is 90% lower than the PHP1.08-billion profit it earlier disclosed in its 2015 annual report. For 2016, 2GO said its restated profit is PHP344.035 million, a 74% decline from the P1HP.34-billion net income it earlier reported. For the first quarter of 2017, 2GO said it should have reported a net loss of PHP264.86 million, instead of a PHP267.562-million profit, BusinessWorld relays. According to BusinessWorld, 2GO President and CEO Dennis A. Uy said the company had tapped SyCip Gorres Velayo & Co. to conduct the special audit of the company's financial statements after his group took over. "The audit revealed certain accounts in the previously audited financials required restatement, and the new management, with the support and approval of the newly elected members of the audit committee and board of directors, agreed to restate prior period financial statements to reflect fairly the state of the business," BusinessWorld quotes Mr. Uy as saying in the disclosure. Despite this, Mr. Uy remained confident that the "potential of 2GO to grow and be a major player in this dynamic shipping and logistics industry remains intact." "The restatement is a commitment of the new management and Board of Directors to raise corporate governance standards in the company," Mr. Uy, as cited by BusinessWorld, said. The PSE is implementing a trading suspension on 2GO shares on July 10, pending the company's submission of additional information, BusinessWorld notes. 2GO Inc. is an integrated supply chain operator whose businesses include shipping, freight forwarding, warehousing and express delivery services. ================= S I N G A P O R E ================= GEO ENERGY: Fitch Assigns B+ Long-Term IDR; Outlook Stable ---------------------------------------------------------- Fitch Ratings has assigned Geo Energy Resources Limited (Geo) a Long-Term Issuer Default Rating (IDR) of 'B+'. The Outlook is Stable. The agency has also assigned Geo Coal International Pte Ltd's proposed senior unsecured guaranteed notes an expected rating of 'B+(EXP)' and a Recovery Rating of 'RR4'. Geo and its key subsidiaries will unconditionally and irrevocably guarantee the proposed senior unsecured notes. The notes will rank pari-pasu with other senior unsecured borrowings of Geo and its subsidiaries. The final ratings on the proposed notes are contingent upon the receipt of documents conforming to information already received. KEY RATING DRIVERS Small Scale of Operations: Geo has proved reserves of around 77 million metric tonnes (MMT) and total reserves of around 95MMT) and produced around 6MMT of coal in 2016. Fitch expects the company to ramp up production volumes to around 10MMT in 2017 and further to around 15MMT in 2018. Geo's current operations are also concentrated, with its two key co-located mines in Indonesia accounting for the majority of its reserves and production; the concessions for these mines expire in 2022. However, Fitch expects Geo to make further investments to boost reserves and production, and extend its concession period. Geo's commitment to expand its operations and reserves is also supported by a mandatory obligation to repurchase the notes 3.5 years after issue unless the company fulfils a specified minimum reserves level and maintains producing mines with a specified concession life. Exposure to Cyclical Coal Industry: Geo remains vulnerable to the commodity cycle, as its earnings and cash flow are linked to the thermal coal industry. Thermal coal prices have come off a peak in late 2016, reflecting China's policies aimed at managing coal prices. Fitch expects some production uptick in response to higher prices, which should lead to some moderation in prices over the medium term. This is reflected in Fitch price assumptions (see Updating Fitch's Mid-Cycle Commodity Price Assumptions, dated 2 March 2017). However, these risks are partially mitigated by Geo's position as a low-cost producer. Low-Cost Position: Geo has a competitive cost position, with its low cash cost of production for its two key mines PT Sungai Danau Jaya (SDJ) and PT Tanah Bumbu Resources (TBR) (mid-range calorific value (CV) of coal at 4,000 - 4,200 KCal). The company also benefits from well-connected infrastructure and logistics for its key mines. Fitch expects the low-cost position to support Geo's stable profitability and operating cash flows over the medium term. Asset-Light Model: Geo has entered into production contracts for its key mines with PT Bukit Makmur Mandiri Utama's (BUMA, BB- /Stable), the second-largest coal mining contractor in Indonesia. The company intends to follow this 'asset light model' over the medium term, thereby limiting any large capex for its mines. Geo has also entered into off-take agreements simultaneously with coal-trading companies, minimising operational and off-take risks. Coal off-take agreements expose Geo to customer concentration and resultant counterparty risks. At the same time, the mid-range CV of coal from its key mines, the flexibility to sell directly (in the case of any default under the off-take agreements), and Geo's relationships with end-buyers offset these risks to a large extent. Investments to Continue: Fitch expects Geo to continue investing over the medium term to augment its coal reserves and production scale. Geo acquired TBR (proved reserves of around 41MMT and total reserves of around 45MMT) for a purchase consideration of USD90 million in June 2017; the location of TBR adjacent to SDJ is likely to help ramp up production swiftly and also provide synergies. Fitch expects Geo to acquire additional mines/mining concessions in the near term; Geo may focus primarily on producing - or nearly producing - mines of acceptable calorific value, limiting the risks relating to development of the acquired mines. Any investments in new coal mines exposes Geo to additional risks, while Fitch derive comfort from the company's track record and previous experience as a coal-mining contractor before divesting the business in early 2016. Comfortable Financial Profile: Fitch anticipates Geo's operational cash flows will improve, driven by rising coal volumes, its competitive cost position and Fitch coal-price assumptions. This is likely to support investments in the near to medium term. Credit metrics are likely to remain comfortable, with FFO net leverage of around 1.5x (2016:0.2x) and FFO fixed- charge cover of over 5x (2016: 8.6x) over the medium term. This factors Fitch's assumptions of continuing moderate investments of around USD250 million over the next three years (excluding TBR); in the absence of these investments, Fitch expects Geo to achieve a net cash position post 2018. DERIVATION SUMMARY Geo's rating of 'B+' reflects its small scale of operations, low cost position, minimal off-take and operational risks, comfortable financial profile and liquidity. By comparison, China's Yanzhou Coal Mining Company Limited ('B'/Stable) is constrained by its aggressive financial profile and weak liquidity. Geo's comfortable financial profile and relatively lower cost position results in the higher rating despite Yanzhou's much larger and diversified operations with an improved cost position. KEY ASSUMPTIONS Fitch's key assumptions within Fitch ratings case for the issuer include: - Coal prices in line with Fitch's mid-cycle commodity price assumptions, adjusted for difference in calorific value (average Newcastle 6000 kcal free-on-board (FOB): USD70/MT in 2017 and USD65/MT thereafter). - Investments of around USD100 million-130 million in the next 6-12 months - Coal production volumes of around 10MMT in 2017 and around 15MMT in 2018. - Dividend pay-out of around 15%-20% RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - Fitch does not expects any upgrade, given the small size of Geo's operations which constrains its business profile. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Any sustained weakening in operating profile including production, reserves or cost position - FFO net leverage of over 2.5x on a sustained basis - FFO fixed-charge cover sustained below 5x LIQUIDITY Comfortable Liquidity: Fitch expects healthy liquidity in the absence of any major debt maturities following the issuance of the proposed US dollar notes. The company plans to partly use the proceeds to repay its outstanding SGD100 million notes due in 2018. Fitch expects strong operating cash flows and the cash balance from the proposed notes' proceeds to support investments in the near to medium term. =============== X X X X X X X X =============== * BOND PRICING: For the Week July 3 to July 7, 2017 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50 ARTSONIG PTY LTD 2.65 04/01/19 USD 11.50 BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00 BOART LONGYEAR MANAGEMENT PT 17.51 04/01/21 USD 7.00 BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00 BOART LONGYEAR MANAGEMENT PT 73.88 10/01/18 USD 10.00 CML GROUP LTD 1.05 01/29/20 AUD 9.00 HILLGROVE RESOURCES LTD 2.10 12/20/19 AUD 6.00 KEYBRIDGE CAPITAL LTD 0.73 07/31/20 AUD 7.00 LAKES OIL NL 7.50 05/31/18 AUD 10.00 MIDWEST VANADIUM PTY LTD 1.72 02/15/18 USD 11.50 MIDWEST VANADIUM PTY LTD 2.15 02/15/18 USD 11.50 PALADIN ENERGY LTD 73.63 03/31/20 USD 7.00 RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14 RELIANCE RAIL FINANCE PTY LT 67.84 09/26/23 AUD 2.14 TREASURY CORP OF VICTORIA 69.22 11/12/30 AUD 0.50 CHINA ----- AKESU XINCHENG ASSET INVESTM 50.79 10/10/18 CNY 7.50 ALXA LEAGUE INFRASTRUCTURE C 60.38 03/14/20 CNY 6.40 ANHUI PROVINCE WANBEI COAL-E 74.89 02/26/19 CNY 6.80 ANKANG DEVELOPMENT & INVESTM 61.96 03/06/20 CNY 6.35 ANQING URBAN CONSTRUCTION IN 58.00 12/31/19 CNY 6.76 ANQING URBAN CONSTRUCTION IN 61.05 12/31/19 CNY 6.76 ANSHAN CITY CONSTRUCTION INV 41.44 03/05/19 CNY 8.25 ANSHAN CITY CONSTRUCTION INV 60.48 04/25/20 CNY 6.39 ANSHAN CITY CONSTRUCTION INV 81.67 04/25/20 CNY 6.39 ANSHUN STATE-RUN ASSETS MANA 61.05 01/10/20 CNY 6.98 ANSHUN STATE-RUN ASSETS MANA 61.12 01/10/20 CNY 6.98 ANYANG INVESTMENT GROUP CO L 41.17 04/17/19 CNY 8.00 BAICHENG ZHONGXING URBAN INF 60.33 12/18/19 CNY 7.00 BAISHAN URBAN CONSTRUCTION I 60.17 07/31/19 CNY 7.00 BAODING NATIONAL HI-TECH IND 61.47 12/24/19 CNY 7.33 BAOJI INVESTMENT GROUP CO LT 50.99 12/26/18 CNY 7.14 BAOJI INVESTMENT GROUP CO LT 51.61 12/26/18 CNY 7.14 BAOSHAN STATE-OWNED ASSET OP 61.01 12/10/19 CNY 7.30 BAOSHAN STATE-OWNED ASSET OP 61.60 12/10/19 CNY 7.30 BAOTOU STATE OWNED ASSET MAN 61.04 09/17/19 CNY 7.03 BAYAN ZHUOER HETAO WATER AFF 74.61 03/31/22 CNY 8.54 BAYANNUR URBAN DEVELOPMENT I 60.51 03/15/20 CNY 6.40 BAYANNUR URBAN DEVELOPMENT I 61.20 03/15/20 CNY 6.40 BAYINGUOLENG INNER MONGOLIA 50.81 09/10/18 CNY 7.48 BEIJING CAPITAL DEVELOPMENT 60.46 05/29/19 CNY 5.95 BEIJING CHAOYANG STATE-OWNED 60.02 03/27/20 CNY 5.25 BEIJING CHAOYANG STATE-OWNED 74.40 03/27/20 CNY 5.25 BEIJING CONSTRUCTION ENGINEE 59.30 07/05/19 CNY 5.95 BEIJING CONSTRUCTION ENGINEE 60.52 07/05/19 CNY 5.95 BEIJING ECONOMIC TECHNOLOGIC 40.12 03/06/18 CNY 5.29 BEIJING GUCAI GROUP CO LTD 72.26 12/15/18 CNY 8.28 BEIJING XINGZHAN STATE OWNED 61.05 08/31/19 CNY 6.48 BENGBU URBAN INVESTMENT HOLD 30.01 08/10/17 CNY 5.78 BIJIE XINTAI INVESTMENT CO L 61.04 08/20/19 CNY 7.15 BINZHOU BINCHENG DISTRICT EC 60.63 07/05/19 CNY 6.50 BINZHOU BINCHENG DISTRICT EC 61.00 07/05/19 CNY 6.50 C&D REAL ESTATE CO LTD 60.79 04/03/20 CNY 6.15 CANGZHOU CONSTRUCTION & INVE 61.11 01/23/20 CNY 6.72 CHANGDE CITY CONSTRUCTION AN 61.25 02/25/20 CNY 6.50 CHANGDE CITY CONSTRUCTION AN 61.70 02/25/20 CNY 6.50 CHANGDE ECONOMIC DEVELOPMENT 61.18 09/12/19 CNY 7.19 CHANGDE ECONOMIC DEVELOPMENT 61.36 09/12/19 CNY 7.19 CHANGSHA CITY CONSTRUCTION I 40.98 04/24/19 CNY 6.95 CHANGSHA CITY CONSTRUCTION I 55.60 04/24/19 CNY 6.95 CHANGSHA COUNTY XINGCHENG CO 41.66 04/06/19 CNY 8.35 CHANGSHA ECONOMIC & TECHNICA 74.10 04/13/22 CNY 8.45 CHANGSHA PILOT INVESTMENT HO 57.00 12/10/19 CNY 6.70 CHANGSHA PILOT INVESTMENT HO 61.33 12/10/19 CNY 6.70 CHANGSHU BINJIANG URBAN CONS 40.71 04/27/19 CNY 6.85 CHANGSHU CITY OPERATION INVE 39.51 01/16/19 CNY 8.00 CHANGSHU CITY OPERATION INVE 41.12 01/16/19 CNY 8.00 CHANGSHU DEVELOPMENT INVESTM 60.66 04/19/20 CNY 5.80 CHANGXING URBAN CONSTRUCTION 57.50 11/30/19 CNY 6.80 CHANGXING URBAN CONSTRUCTION 61.21 11/30/19 CNY 6.80 CHANGYI ECONOMIC AND DEVELOP 71.80 10/30/20 CNY 7.35 CHANGZHI CITY CONSTRUCTION I 60.62 02/26/20 CNY 6.46 CHANGZHOU HI-TECH GROUP CO L 60.58 03/21/20 CNY 6.18 CHANGZHOU HI-TECH GROUP CO L 61.75 03/21/20 CNY 6.18 CHANGZHOU JINTAN DISTRICT CO 41.44 03/14/19 CNY 8.30 CHANGZHOU JINTAN DISTRICT CO 60.55 04/26/20 CNY 6.38 CHANGZHOU JINTAN DISTRICT CO 60.86 04/26/20 CNY 6.38 CHANGZHOU WUJIN CITY CONSTRU 50.26 06/08/18 CNY 6.22 CHAOHU URBAN TOWN CONSTRUCTI 60.88 12/24/19 CNY 7.00 CHAOYANG CONSTRUCTION INVEST 59.70 05/25/19 CNY 7.30 CHAOYANG CONSTRUCTION INVEST 61.27 05/25/19 CNY 7.30 CHENGDU CITY DEVELOPMENT AND 61.38 01/14/20 CNY 6.18 CHENGDU CITY DEVELOPMENT AND 61.43 01/14/20 CNY 6.18 CHENGDU ECONOMIC&TECHNOLOGIC 50.35 07/17/18 CNY 6.50 CHENGDU ECONOMIC&TECHNOLOGIC 50.36 07/17/18 CNY 6.50 CHENGDU ECONOMIC&TECHNOLOGIC 60.70 07/17/19 CNY 6.55 CHENGDU ECONOMIC&TECHNOLOGIC 60.85 07/17/19 CNY 6.55 CHENGDU HI-TECH INVESTMENT G 60.68 11/20/19 CNY 6.28 CHENGDU HI-TECH INVESTMENT G 60.96 11/20/19 CNY 6.28 CHENGDU XINCHENG XICHENG REA 40.80 03/19/19 CNY 8.35 CHENGDU XINCHENG XICHENG REA 41.21 03/19/19 CNY 8.35 CHENGDU XINDU XIANGCHENG CON 72.26 12/13/18 CNY 8.60 CHENGDU XINGCHENG INVESTMENT 61.00 01/28/20 CNY 6.17 CHENGDU XINGCHENG INVESTMENT 61.31 01/28/20 CNY 6.17 CHENGDU XINGJIN URBAN CONSTR 61.36 11/27/19 CNY 7.30 CHENGDU XINGJIN URBAN CONSTR 61.38 11/27/19 CNY 7.30 CHENZHOU URBAN CONSTRUCTION 61.20 09/13/19 CNY 7.34 CHIFENG CITY CONSTRUCTION IN 50.00 05/18/17 CNY 6.18 CHIFENG CITY HONGSHAN INFRAS 60.55 07/25/19 CNY 7.20 CHINA CITY CONSTRUCTION HOLD 31.63 12/17/17 CNY 5.55 CHINA CITY CONSTRUCTION HOLD 31.63 07/14/20 CNY 4.93 CHINA GOVERNMENT BOND 72.01 12/15/33 CNY 1.64 CHIZHOU CITY MANAGEMENT INVE 61.90 10/17/19 CNY 7.17 CHONGQING BEIFEI INDUSTRY CO 61.81 12/25/19 CNY 7.13 CHONGQING CHANGSHOU DEVELOPM 61.18 09/25/19 CNY 7.45 CHONGQING CHANGSHOU DEVELOPM 61.59 09/25/19 CNY 7.45 CHONGQING DAZU DISTRICT STAT 61.18 04/26/20 CNY 6.75 CHONGQING DAZU DISTRICT STAT 61.42 04/26/20 CNY 6.75 CHONGQING FULING DISTRICT TH 72.50 03/23/19 CNY 8.40 CHONGQING FULING DISTRICT TH 72.51 03/23/19 CNY 8.40 CHONGQING FULING STATE-OWNED 61.27 01/21/20 CNY 6.39 CHONGQING HECHUAN RURAL AGRI 25.00 04/10/18 CNY 8.28 CHONGQING HECHUAN RURAL AGRI 25.61 04/10/18 CNY 8.28 CHONGQING HECHUAN URBAN CONS 40.32 01/06/18 CNY 6.95 CHONGQING HONGRONG CAPITAL O 61.50 10/16/19 CNY 7.20 CHONGQING HONGRONG CAPITAL O 61.76 10/16/19 CNY 7.20 CHONGQING JIANGJIN HUAXIN AS 40.44 01/06/18 CNY 6.95 CHONGQING JIANGJIN HUAXIN AS 61.17 09/21/19 CNY 7.46 CHONGQING JIANGJIN HUAXIN AS 61.79 09/21/19 CNY 7.46 CHONGQING JINYUN ASSET MANAG 60.61 06/18/19 CNY 6.75 CHONGQING JINYUN ASSET MANAG 60.67 06/18/19 CNY 6.75 CHONGQING LAND PROPERTIES CO 41.27 04/25/19 CNY 7.35 CHONGQING LAND PROPERTIES CO 41.31 04/25/19 CNY 7.35 CHONGQING MAIRUI CITY INVEST 60.70 08/17/19 CNY 6.82 CHONGQING NAN'AN URBAN CONST 39.90 12/24/17 CNY 6.29 CHONGQING NAN'AN URBAN CONST 41.32 04/09/19 CNY 8.20 CHONGQING NANCHUAN DISTRICT 61.18 09/06/19 CNY 7.35 CHONGQING NANCHUAN DISTRICT 61.40 09/06/19 CNY 7.35 CHONGQING NANFA URBAN CONSTR 60.73 04/27/20 CNY 6.43 CHONGQING NANFA URBAN CONSTR 61.11 04/27/20 CNY 6.43 CHONGQING QIANJIANG CITY CON 72.59 03/23/19 CNY 8.40 CHONGQING QIANJIANG CITY CON 72.60 03/23/19 CNY 8.40 CHONGQING QIJIANG EAST NEW T 60.08 01/29/20 CNY 6.75 CHONGQING QIJIANG EAST NEW T 60.25 01/29/20 CNY 6.75 CHONGQING SHUANGQIAO ECONOMI 61.07 04/26/20 CNY 6.75 CHONGQING SHUANGQIAO ECONOMI 61.28 04/26/20 CNY 6.75 CHONGQING THREE GORGES INDUS 50.63 01/23/19 CNY 6.40 CHONGQING WANSHENG ECO TECH 60.36 04/17/20 CNY 6.39 CHONGQING XINGRONG HOLDING G 41.10 04/19/19 CNY 8.35 CHONGQING XINGRONG HOLDING G 41.63 04/19/19 CNY 8.35 CHONGQING XIYONG MICRO-ELECT 61.01 07/25/19 CNY 6.76 CHONGQING YONGCHUAN HUITONG 40.79 03/14/18 CNY 7.49 CHONGQING YONGCHUAN HUITONG 61.71 10/16/19 CNY 7.33 CHONGQING YUFU ASSET MANAGEM 61.42 09/04/19 CNY 6.50 CHONGQING YULONG ASSET MANAG 61.04 05/31/19 CNY 6.87 CHONGQING YUXING CONSTRUCTIO 40.41 12/08/17 CNY 7.29 CHONGQING YUXING CONSTRUCTIO 57.00 12/10/19 CNY 7.30 CHONGQING YUXING CONSTRUCTIO 61.58 12/10/19 CNY 7.30 CHUXIONG AUTONOMOUS DEVELOPM 50.20 10/18/17 CNY 6.08 CHUXIONG AUTONOMOUS DEVELOPM 60.40 03/29/20 CNY 6.60 CHUZHOU CITY CONSTRUCTION IN 61.07 11/23/19 CNY 6.81 CHUZHOU CITY CONSTRUCTION IN 61.30 11/23/19 CNY 6.81 CHUZHOU TONGCHUANG CONSTRUCT 56.30 01/09/20 CNY 7.05 CHUZHOU TONGCHUANG CONSTRUCT 61.33 01/09/20 CNY 7.05 CIXI STATE OWNED ASSET INVES 60.94 09/20/19 CNY 6.60 CIXI STATE OWNED ASSET INVES 61.13 09/20/19 CNY 6.60 DALI ECONOMIC DEVELOPMENT IN 41.73 04/24/19 CNY 8.80 DALIAN CHANGXING ISLAND DEVE 60.16 01/25/20 CNY 6.60 DALIAN CHANGXING ISLAND DEVE 64.00 01/25/20 CNY 6.60 DALIAN DETA INVESTMENT CO LT 60.84 11/15/19 CNY 6.50 DALIAN LVSHUN CONSTRUCTION D 60.81 07/02/19 CNY 6.78 DALIAN RONGQIANG INVESTMENT 71.82 03/30/19 CNY 8.60 DANDONG CITY DEVELOPMENT CON 39.81 09/06/17 CNY 5.84 DANDONG CITY DEVELOPMENT CON 70.02 12/21/18 CNY 6.63 DANYANG INVESTMENT GROUP CO 41.93 03/06/19 CNY 8.10 DAQING GAOXIN STATE-OWNED AS 57.00 12/05/19 CNY 6.88 DAQING GAOXIN STATE-OWNED AS 61.27 12/05/19 CNY 6.88 DAQING URBAN CONSTRUCTION IN 60.85 10/23/19 CNY 6.55 DAQING URBAN CONSTRUCTION IN 61.05 10/23/19 CNY 6.55 DASHIQIAO URBAN CONSTRUCTION 60.26 02/21/20 CNY 6.58 DASHIQIAO URBAN CONSTRUCTION 60.51 02/21/20 CNY 6.58 DATONG ECONOMIC CONSTRUCTION 40.02 06/01/17 CNY 6.50 DAXING ANLING FORESTRY GROUP 33.00 10/23/19 CNY 7.08 DAXING ANLING FORESTRY GROUP 60.96 10/23/19 CNY 7.08 DAZHOU INVESTMENT CO LTD 59.00 12/25/19 CNY 6.99 DAZHOU INVESTMENT CO LTD 60.75 12/25/19 CNY 6.99 DEYANG CITY CONSTRUCTION INV 60.95 12/26/19 CNY 6.99 DEYANG CITY CONSTRUCTION INV 61.93 12/26/19 CNY 6.99 DEZHOU DEDA URBAN CONSTRUCTI 61.36 10/18/19 CNY 7.14 DONGBEI SPECIAL STEEL GROUP 40.00 04/12/18 CNY 5.63 DONGBEI SPECIAL STEEL GROUP 40.00 01/15/18 CNY 6.10 DONGBEI SPECIAL STEEL GROUP 40.00 03/27/16 CNY 6.50 DONGBEI SPECIAL STEEL GROUP 40.00 07/17/17 CNY 7.40 DONGBEI SPECIAL STEEL GROUP 40.00 09/24/16 CNY 6.30 DONGBEI SPECIAL STEEL GROUP 40.00 05/05/16 CNY 5.88 DONGBEI SPECIAL STEEL GROUP 40.00 09/06/16 CNY 8.30 DONGBEI SPECIAL STEEL GROUP 40.00 07/10/16 CNY 7.00 DONGBEI SPECIAL STEEL GROUP 40.00 06/06/16 CNY 8.20 DONGTAI COMMUNICATION INVEST 50.36 07/05/18 CNY 7.39 DONGTAI UBAN CONSTRUCTION AN 58.00 12/26/19 CNY 7.10 DONGTAI UBAN CONSTRUCTION AN 61.45 12/26/19 CNY 7.10 DRILL RIGS HOLDINGS INC 29.00 10/01/17 USD 6.50 DRILL RIGS HOLDINGS INC 30.00 10/01/17 USD 6.50 ENSHI URBAN CONSTRUCTION INV 60.98 10/22/19 CNY 7.55 ERDOS DONGSHENG CITY DEVELOP 24.95 02/28/18 CNY 8.40 ERDOS DONGSHENG CITY DEVELOP 25.03 02/28/18 CNY 8.40 EZHOU CITY CONSTRUCTION INVE 60.86 06/19/19 CNY 7.08 FEICHENG CITY ASSETS MANAGEM 50.54 08/14/18 CNY 7.10 FENGHUA CITY INVESTMENT CO L 61.18 09/24/19 CNY 7.45 FENGHUA CITY INVESTMENT CO L 61.60 09/24/19 CNY 7.45 FUJIAN LONGYAN CITY CONSTRUC 61.17 08/14/19 CNY 7.45 FUJIAN NANPING HIGHWAY CO LT 60.72 01/28/20 CNY 6.69 FUJIAN NANPING HIGHWAY CO LT 61.29 01/28/20 CNY 6.69 FUJIAN NANPING HIGHWAY CO LT 71.96 10/26/18 CNY 7.90 FUQING CITY STATE-OWNED ASSE 72.02 03/01/21 CNY 6.66 FUSHUN URBAN INVESTMENT & DE 70.11 05/11/18 CNY 5.95 FUSHUN URBAN INVESTMENT & DE 73.67 03/22/22 CNY 8.53 FUSHUN URBAN INVESTMENT & DE 74.63 03/22/22 CNY 8.53 FUXIN INFRASTRUCTURE CONSTRU 61.63 10/10/19 CNY 7.55 FUXIN INFRASTRUCTURE CONSTRU 63.00 10/10/19 CNY 7.55 FUZHOU INVESTMENT DEVELOPMEN 61.51 01/16/20 CNY 6.78 FUZHOU URBAN AND RURAL CONST 50.00 09/25/18 CNY 6.35 FUZHOU URBAN AND RURAL CONST 50.51 09/25/18 CNY 6.35 GANSU PROVINCIAL HIGHWAY AVI 70.84 11/16/18 CNY 6.75 GANSU PROVINCIAL HIGHWAY AVI 71.27 09/19/18 CNY 7.20 GANZHOU CITY DEVELOPMENT & I 50.20 07/10/18 CNY 6.40 GANZHOU CITY DEVELOPMENT & I 50.40 07/10/18 CNY 6.40 GANZHOU DEVELOPMENT ZONE CON 50.53 12/26/18 CNY 6.70 GANZHOU DEVELOPMENT ZONE CON 50.61 12/26/18 CNY 6.70 GAOMI STATE-OWNED ASSETS MAN 50.42 11/15/18 CNY 6.75 GAOMI STATE-OWNED ASSETS MAN 50.65 11/15/18 CNY 6.75 GAOMI STATE-OWNED ASSETS MAN 61.12 11/15/19 CNY 6.70 GAOMI STATE-OWNED ASSETS MAN 61.15 11/15/19 CNY 6.70 GONGYI STATE OWNED ASSETS IN 60.13 01/18/20 CNY 6.70 GONGYI STATE OWNED ASSETS IN 60.52 01/18/20 CNY 6.70 GUANG ZHOU PANYU COMMUNICATI 50.54 04/12/19 CNY 6.30 GUANG ZHOU PANYU COMMUNICATI 50.56 04/12/19 CNY 6.30 GUANGAN INVESTMENT HOLDING G 40.10 04/25/19 CNY 8.18 GUANGAN INVESTMENT HOLDING G 41.29 04/25/19 CNY 8.18 GUANGXI BAISE DEVELOPMENT & 60.39 07/04/19 CNY 6.50 GUANGXI BAISE DEVELOPMENT & 60.42 07/04/19 CNY 6.50 GUANGXI LAIBIN URBAN CONSTRU 72.77 03/14/19 CNY 8.36 GUANGYUAN INVESTMENT HOLDING 60.91 11/26/19 CNY 7.25 GUILIN ECONOMIC CONSTRUCTION 25.32 05/09/18 CNY 6.90 GUILIN ECONOMIC CONSTRUCTION 50.00 05/09/18 CNY 6.90 GUIYANG ECO&TECH DEVELOPMENT 41.63 03/27/19 CNY 8.42 GUIYANG JINYANG CONSTRUCTION 46.90 10/24/18 CNY 6.70 GUIYANG JINYANG CONSTRUCTION 50.53 10/24/18 CNY 6.70 GUIYANG PUBLIC RESIDENTIAL C 61.02 11/06/19 CNY 6.70 GUIYANG URBAN DEVELOPMENT & 60.19 02/28/20 CNY 6.20 GUOAO INVESTMENT DEVELOPMENT 44.80 10/29/18 CNY 6.89 GUOAO INVESTMENT DEVELOPMENT 50.41 10/29/18 CNY 6.89 HAIAN COUNTY CITY CONSTRUCTI 25.43 03/28/18 CNY 8.35 HAIAN COUNTY CITY CONSTRUCTI 25.53 03/28/18 CNY 8.35 HAICHENG URBAN INVESTMENT & 71.05 11/07/18 CNY 8.39 HAICHENG URBAN INVESTMENT & 72.06 11/07/18 CNY 8.39 HAILAR URBAN INFRASTRUCTURE 60.38 05/14/20 CNY 6.20 HAIMEN CITY DEVELOPMENT INVE 41.25 03/20/19 CNY 8.35 HAINING STATE-OWNED ASSETS M 60.98 03/06/20 CNY 6.08 HAINING STATE-OWNED ASSETS M 71.39 09/20/18 CNY 7.80 HAINING STATE-OWNED ASSETS M 71.44 09/20/18 CNY 7.80 HANDAN CITY CONSTRUCTION & I 56.00 12/24/19 CNY 7.05 HANDAN CITY CONSTRUCTION & I 61.41 12/24/19 CNY 7.05 HANGZHOU CANAL COMPREHENSIVE 60.52 04/02/20 CNY 6.00 HANGZHOU CANAL COMPREHENSIVE 60.80 04/02/20 CNY 6.00 HANGZHOU HIGH-TECH INDUSTRIA 60.67 01/28/20 CNY 6.45 HANGZHOU HIGH-TECH INDUSTRIA 61.03 01/28/20 CNY 6.45 HANGZHOU MUNICIPAL CONSTRUCT 25.21 04/25/18 CNY 5.90 HANGZHOU MUNICIPAL CONSTRUCT 25.23 04/25/18 CNY 5.90 HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70 HANGZHOU XIAOSHAN ECO&TECH D 50.71 12/26/18 CNY 6.70 HANGZHOU YUHANG CITY CONSTRU 40.05 03/29/19 CNY 7.55 HANGZHOU YUHANG CITY CONSTRU 41.01 03/29/19 CNY 7.55 HANGZHOU YUHANG INNOVATION I 60.91 03/18/20 CNY 6.50 HANGZHOU YUHANG INNOVATION I 82.80 03/18/20 CNY 6.50 HANZHONG CITY CONSTRUCTION I 40.50 03/14/18 CNY 7.48 HARBIN HELI INVESTMENT HOLDI 71.06 09/26/18 CNY 7.48 HARBIN HELI INVESTMENT HOLDI 71.17 09/26/18 CNY 7.48 HARBIN WATER INVESTMENT CO L 60.73 05/06/20 CNY 5.70 HEBEI SHUNDE INVESTMENT GROU 61.18 12/05/19 CNY 6.98 HEBEI SHUNDE INVESTMENT GROU 61.19 12/05/19 CNY 6.98 HEFEI CONSTRUCTION INVESTMEN 70.67 08/28/18 CNY 5.23 HEFEI GAOXIN DEVELOPMENT & I 72.06 03/22/19 CNY 7.98 HEFEI GAOXIN DEVELOPMENT & I 72.38 03/22/19 CNY 7.98 HEFEI HAIHENG INVESTMENT HOL 61.39 06/12/19 CNY 7.30 HEFEI INDUSTRIAL INVESTMENT 60.77 03/20/20 CNY 6.30 HEFEI INDUSTRIAL INVESTMENT 81.75 03/20/20 CNY 6.30 HEFEI TAOHUA INDUSTRIAL PARK 41.71 03/27/19 CNY 8.79 HEFEI XINCHENG STATE-OWNED A 41.10 04/23/19 CNY 7.88 HEGANG KAIYUAN CITY INVESTME 61.03 07/19/19 CNY 6.50 HEIHE CITY CONSTRUCTION INVE 72.58 03/23/19 CNY 8.48 HENAN JIYUAN CITY CONSTRUCTI 61.73 09/25/19 CNY 7.50 HENGYANG CITY CONSTRUCTION I 61.37 08/13/19 CNY 7.06 HEYUAN CITY URBAN DEVELOPMEN 60.28 03/19/20 CNY 6.55 HEYUAN CITY URBAN DEVELOPMEN 81.85 03/19/20 CNY 6.55 HONGHEZHOU ROAD DEVELOPMENT 60.50 05/06/20 CNY 6.27 HUAIAN CITY URBAN ASSET OPER 57.00 12/26/19 CNY 6.87 HUAIAN CITY URBAN ASSET OPER 61.68 12/26/19 CNY 6.87 HUAIAN CITY WATER ASSET MANA 41.43 03/08/19 CNY 8.25 HUAI'AN DEVELOPMENT HOLDING 60.99 09/06/19 CNY 7.20 HUAI'AN DEVELOPMENT HOLDING 61.29 09/06/19 CNY 7.20 HUAIAN QINGHE NEW AREA INVES 60.44 01/24/20 CNY 6.68 HUAIAN QINGHE NEW AREA INVES 60.89 01/24/20 CNY 6.68 HUAIBEI CITY CONSTRUCTION IN 50.69 12/17/18 CNY 6.68 HUAIHUA CITY CONSTRUCTION IN 25.13 03/22/18 CNY 8.00 HUAIHUA CITY CONSTRUCTION IN 25.51 03/22/18 CNY 8.00 HUANGGANG CITY CONSTRUCTION 57.00 10/19/19 CNY 7.10 HUANGGANG CITY CONSTRUCTION 61.52 10/19/19 CNY 7.10 HUANGSHI URBAN CONSTRUCTION 61.14 10/25/19 CNY 6.96 HUIAN STATE ASSETS INVESTMEN 61.14 10/15/19 CNY 7.50 HULUDAO INVESTMENT GROUP CO 61.00 03/01/19 CNY 8.47 HULUDAO INVESTMENT GROUP CO 61.94 03/01/19 CNY 8.47 HUNAN CHANGDE DEYUAN INVESTM 50.68 10/18/18 CNY 7.18 HUNAN CHENGLINGJI HARBOR NEW 50.86 10/15/18 CNY 7.70 HUNAN CHENGLINGJI HARBOR NEW 50.90 10/15/18 CNY 7.70 HUNAN ZHAOSHAN ECONOMIC CONS 50.39 12/12/18 CNY 7.00 HUNAN ZHAOSHAN ECONOMIC CONS 50.85 12/12/18 CNY 7.00 HUZHOU NANXUN STATE-OWNED AS 41.41 03/31/19 CNY 8.15 HUZHOU URBAN INVESTMENT DEVE 40.44 12/21/17 CNY 7.02 HUZHOU URBAN INVESTMENT DEVE 61.07 12/14/19 CNY 6.70 HUZHOU WUXING NANTAIHU CONST 40.58 02/17/18 CNY 7.71 INNER MONGOLIA HIGH-TECH HOL 60.72 09/25/19 CNY 7.20 INNER MONGOLIA ZHUNGEER STAT 50.30 05/10/18 CNY 6.94 INNER MONGOLIA ZHUNGEER STAT 50.68 05/10/18 CNY 6.94 JIAMUSI NEW ERA INFRASTRUCTU 41.40 03/22/19 CNY 8.25 JIAN CITY CONSTRUCTION INVES 39.81 04/20/19 CNY 7.80 JIAN CITY CONSTRUCTION INVES 41.17 04/20/19 CNY 7.80 JIANAN INVESTMENT HOLDING GR 61.61 09/04/19 CNY 7.68 JIANGDONG HOLDING GROUP CO L 40.83 03/27/19 CNY 6.90 JIANGDU XINYUAN INDUSTRIAL I 41.34 03/23/19 CNY 8.10 JIANGMEN CITY BINJIANG CONST 61.18 02/28/20 CNY 6.60 JIANGSU DAFENG HARBOR HOLDIN 50.21 11/15/17 CNY 7.98 JIANGSU HANRUI INVESTMENT HO 40.70 03/01/19 CNY 8.16 JIANGSU HANRUI INVESTMENT HO 41.09 03/01/19 CNY 8.16 JIANGSU HUAJING ASSETS MANAG 25.05 09/28/17 CNY 5.68 JIANGSU JINGUAN INVESTMENT D 50.45 01/28/19 CNY 6.40 JIANGSU JINGUAN INVESTMENT D 50.60 01/28/19 CNY 6.40 JIANGSU JURONG FUDI BIO-TECH 73.54 04/26/19 CNY 8.70 JIANGSU LIANYUN DEVELOPMENT 60.13 06/19/19 CNY 6.10 JIANGSU LIANYUN DEVELOPMENT 60.38 06/19/19 CNY 6.10 JIANGSU NANJING PUKOU ECONOM 60.90 10/08/19 CNY 7.10 JIANGSU NANJING PUKOU ECONOM 60.93 10/08/19 CNY 7.10 JIANGSU NEWHEADLINE DEVELOPM 71.44 08/27/20 CNY 7.00 JIANGSU NEWHEADLINE DEVELOPM 71.86 08/27/20 CNY 7.00 JIANGSU SUHAI INVESTMENT GRO 60.98 11/07/19 CNY 7.20 JIANGSU TAICANG PORT DEVELOP 41.37 05/16/19 CNY 7.66 JIANGSU WUZHONG ECONOMIC TEC 71.60 12/16/18 CNY 8.05 JIANGSU WUZHONG ECONOMIC TEC 73.42 12/16/18 CNY 8.05 JIANGSU XISHAN ECONOMIC DEVE 61.09 11/01/19 CNY 6.99 JIANGSU XISHAN ECONOMIC DEVE 71.00 11/01/19 CNY 6.99 JIANGSU ZHANGJIAGANG ECONOMI 61.48 11/16/19 CNY 6.98 JIANGXI HEJI INVESTMENT CO L 61.66 09/04/19 CNY 8.00 JIANGXI HEJI INVESTMENT CO L 61.92 09/04/19 CNY 8.00 JIANGYAN STATE OWNED ASSET I 61.17 12/03/19 CNY 6.85 JIANGYIN CITY CONSTRUCTION & 61.40 06/11/19 CNY 7.20 JIANGYIN GAOXIN DISTRICT INV 51.99 04/25/18 CNY 7.31 JIANGYIN GAOXIN DISTRICT INV 61.50 02/27/20 CNY 6.60 JIANHU URBAN CONSTRUCTION IN 60.72 02/22/20 CNY 6.50 JIANHU URBAN CONSTRUCTION IN 61.16 02/22/20 CNY 6.50 JIASHAN STATE-OWNED ASSET IN 61.03 06/06/19 CNY 6.80 JIAXING CULTURE FAMOUS CITY 41.57 03/08/19 CNY 8.16 JIAXING ECONOMIC&TECHNOLOGY 60.81 06/14/19 CNY 6.78 JIAXING ECONOMIC&TECHNOLOGY 61.29 06/14/19 CNY 6.78 JILIN CITY CONSTRUCTION HOLD 60.72 02/26/20 CNY 6.34 JILIN CITY CONSTRUCTION HOLD 61.01 02/26/20 CNY 6.34 JINAN CITY CONSTRUCTION INVE 25.42 03/26/18 CNY 6.98 JINAN CITY CONSTRUCTION INVE 25.46 03/26/18 CNY 6.98 JINAN XIAOQINGHE DEVELOPMENT 61.16 09/05/19 CNY 7.15 JINAN XIAOQINGHE DEVELOPMENT 61.23 09/05/19 CNY 7.15 JINGDEZHEN STATE-OWNED ASSET 50.84 03/23/18 CNY 7.48 JINGJIANG BINJIANG XINCHENG 50.46 10/23/18 CNY 6.80 JINGJIANG BINJIANG XINCHENG 50.63 10/23/18 CNY 6.80 JINGZHOU URBAN CONSTRUCTION 41.47 04/24/19 CNY 7.98 JINING CITY CONSTRUCTION INV 41.41 12/31/18 CNY 8.30 JINING CITY YANZHOU DISTRICT 25.37 12/28/17 CNY 8.50 JINING HI-TECH TOWN CONSTRUC 60.96 01/28/20 CNY 6.60 JINING HI-TECH TOWN CONSTRUC 61.15 01/28/20 CNY 6.60 JINING WATER SUPPLY GROUP CO 61.98 01/22/20 CNY 7.18 JINJIANG URBAN CONSTRUCTION 60.98 04/26/20 CNY 6.35 JINSHAN STATE-OWNED ASSET OP 61.21 11/27/19 CNY 6.65 JINZHONG CITY PUBLIC INFRAST 58.00 03/18/20 CNY 6.50 JINZHONG CITY PUBLIC INFRAST 61.18 03/18/20 CNY 6.50 JINZHOU CITY INVESTMENT CONS 60.66 06/13/19 CNY 7.08 JINZHOU CITY INVESTMENT CONS 60.73 06/13/19 CNY 7.08 JISHOU HUATAI STATE OWNED AS 61.27 12/12/19 CNY 7.37 JIUJIANG CITY CONSTRUCTION I 40.21 02/23/19 CNY 8.49 JIUJIANG CITY CONSTRUCTION I 41.47 02/23/19 CNY 8.49 JIUJIANG FUHE CONSTRUCTION I 50.23 03/19/19 CNY 6.10 JIUJIANG FUHE CONSTRUCTION I 50.25 03/19/19 CNY 6.10 JIUJIANG STATE-OWNED ASSETS 61.07 03/07/20 CNY 6.68 JIXI STATE OWN ASSET MANAGEM 60.80 11/08/19 CNY 7.18 JIXI STATE OWN ASSET MANAGEM 60.91 11/08/19 CNY 7.18 KAIFENG DEVELOPMENT INVESTME 60.69 07/11/19 CNY 6.47 KARAMAY URBAN CONSTRUCTION I 61.29 09/04/19 CNY 7.15 KARAMAY URBAN CONSTRUCTION I 61.37 09/04/19 CNY 7.15 KASHI URBAN CONSTRUCTION INV 61.22 11/27/19 CNY 7.18 KUNMING CITY CONSTRUCTION IN 25.40 04/13/18 CNY 7.60 KUNMING CITY CONSTRUCTION IN 25.48 04/13/18 CNY 7.60 KUNMING DIANCHI INVESTMENT C 61.41 02/01/20 CNY 6.50 KUNMING INDUSTRIAL DEVELOPME 60.47 10/23/19 CNY 6.46 KUNMING INDUSTRIAL DEVELOPME 60.87 10/23/19 CNY 6.46 KUNMING WUHUA DISTRICT STATE 25.60 03/15/18 CNY 8.60 KUNSHAN ENTREPRENEUR HOLDING 60.55 11/07/19 CNY 6.28 KUNSHAN ENTREPRENEUR HOLDING 60.63 11/07/19 CNY 6.28 KUNSHAN HUAQIAO INTERNATIONA 41.13 12/30/18 CNY 7.98 LAIWU CITY ECONOMIC DEVELOPM 30.37 03/01/18 CNY 6.50 LANZHOU CITY DEVELOPMENT INV 68.68 12/15/18 CNY 8.20 LANZHOU CITY DEVELOPMENT INV 69.50 12/15/18 CNY 8.20 LEQING CITY STATE OWNED INVE 60.51 06/29/19 CNY 6.50 LESHAN STATE-OWNED ASSET INV 40.38 03/18/18 CNY 6.99 LESHAN STATE-OWNED ASSET INV 40.63 03/18/18 CNY 6.99 LIAONING YAODU DEVELOPMENT C 59.93 12/12/19 CNY 7.35 LIAOYANG CITY ASSETS OPERATI 59.22 11/13/19 CNY 7.10 LIAOYANG CITY ASSETS OPERATI 60.91 11/13/19 CNY 7.10 LIAOYANG CITY ASSETS OPERATI 65.57 06/13/18 CNY 6.88 LIAOYUAN STATE-OWNED ASSETS 41.00 03/13/19 CNY 8.17 LIAOYUAN STATE-OWNED ASSETS 41.44 03/13/19 CNY 8.17 LIJIANG GUCHENG MANAGEMENT C 60.97 07/26/19 CNY 6.68 LINAN CITY CONSTRUCTION DEVE 25.48 03/09/18 CNY 8.15 LINAN CITY CONSTRUCTION DEVE 25.50 03/09/18 CNY 8.15 LINCANG STATE-OWNED ASSET OP 60.64 04/11/20 CNY 6.58 LINHAI CITY INFRASTRUCTURE I 60.14 03/21/20 CNY 6.30 LINHAI CITY INFRASTRUCTURE I 60.50 03/21/20 CNY 6.30 LINYI CITY ASSET MANAGEMENT 60.95 12/12/19 CNY 6.68 LINYI ECONOMIC DEVELOPMENT C 62.16 09/24/19 CNY 8.26 LINYI INVESTMENT DEVELOPMENT 25.59 03/27/18 CNY 8.10 LIUPANSHUI DEVELOPMENT INVES 55.00 12/03/19 CNY 6.97 LIUPANSHUI DEVELOPMENT INVES 61.08 12/03/19 CNY 6.97 LIUZHOU DONGCHENG INVESTMENT 41.26 02/15/19 CNY 8.30 LIUZHOU INVESTMENT HOLDING G 60.81 08/15/19 CNY 6.98 LIYANG CITY CONSTRUCTION DEV 60.62 03/08/20 CNY 6.20 LIYANG CITY CONSTRUCTION DEV 68.17 11/08/18 CNY 8.20 LONGHAI STATE-OWNED ASSET IN 40.62 12/02/17 CNY 8.25 LOUDI CITY CONSTRUCTION INVE 50.61 10/19/18 CNY 7.28 LOUDI CITY CONSTRUCTION INVE 50.84 10/19/18 CNY 7.28 LUOHE CITY CONSTRUCTION INVE 61.33 10/30/19 CNY 6.99 LUOYANG CITY DEVELOPMENT INV 58.00 12/31/19 CNY 6.89 LUOYANG CITY DEVELOPMENT INV 61.69 12/31/19 CNY 6.89 MAANSHAN ECONOMIC TECHNOLOGY 60.64 12/20/19 CNY 7.10 MIANYANG INVESTMENT HOLDING 71.58 03/26/19 CNY 7.70 MIANYANG INVESTMENT HOLDING 71.60 03/26/19 CNY 7.70 MIANYANG SCIENCE TECHNOLOGY 39.68 05/15/19 CNY 7.16 MIANYANG SCIENCE TECHNOLOGY 40.82 05/15/19 CNY 7.16 MIANYANG SCIENCE TECHNOLOGY 52.76 07/22/18 CNY 6.30 MINXIXINGHANG STATE-OWNED IN 50.43 03/26/19 CNY 6.20 MINXIXINGHANG STATE-OWNED IN 50.46 03/26/19 CNY 6.20 MUDANJIANG STATE-OWNED ASSET 60.65 08/30/19 CNY 7.08 MUDANJIANG STATE-OWNED ASSET 60.81 08/30/19 CNY 7.08 NANAN CITY TRADE INDUSTRY & 41.45 04/25/19 CNY 8.50 NANCHANG CITY CONSTRUCTION I 61.35 02/20/20 CNY 6.19 NANCHANG ECONOMY TECHNOLOGY 61.34 01/09/20 CNY 6.88 NANCHANG MUNICIPAL PUBLIC IN 60.52 02/25/20 CNY 5.88 NANCHONG DEVELOPMENT INVESTM 61.01 01/28/20 CNY 6.69 NANCHONG ECONOMIC DEVELOPMEN 41.67 04/26/19 CNY 8.16 NANJING JIANGNING SCIENCE PA 41.02 04/28/19 CNY 7.29 NANJING NEW&HIGH TECHNOLOGY 60.76 09/07/19 CNY 6.94 NANJING NEW&HIGH TECHNOLOGY 61.01 09/07/19 CNY 6.94 NANJING STATE OWNED ASSETS I 60.17 03/06/20 CNY 5.40 NANJING STATE OWNED ASSETS I 81.85 03/06/20 CNY 5.40 NANJING URBAN CONSTRUCTION I 50.52 11/26/18 CNY 5.68 NANJING URBAN CONSTRUCTION I 50.96 11/26/18 CNY 5.68 NANJING XINGANG DEVELOPMENT 54.00 01/08/20 CNY 6.80 NANJING XINGANG DEVELOPMENT 61.60 01/08/20 CNY 6.80 NANTONG CITY GANGZHA DISTRIC 61.43 01/09/20 CNY 7.15 NANTONG CITY GANGZHA DISTRIC 61.76 01/09/20 CNY 7.15 NANTONG CITY TONGZHOU DISTRI 60.76 05/28/19 CNY 6.80 NANTONG CITY TONGZHOU DISTRI 61.30 05/28/19 CNY 6.80 NEIJIANG INVESTMENT HOLDING 50.38 07/19/18 CNY 7.00 NEIJIANG INVESTMENT HOLDING 50.50 07/19/18 CNY 7.00 NEIMENGGU XINLINGOL XINGFU T 41.22 02/25/18 CNY 7.62 NINGBO CITY YINZHOU CITY CON 61.36 03/18/20 CNY 6.50 NINGBO EASTERN NEW TOWN DEVE 60.68 01/21/20 CNY 6.45 NINGBO URBAN CONSTRUCTION IN 25.39 03/01/18 CNY 7.39 NINGBO URBAN CONSTRUCTION IN 25.47 03/01/18 CNY 7.39 NINGBO ZHENHAI HAIJIANG INVE 50.78 11/28/18 CNY 6.65 NINGDE CITY STATE-OWNED PROP 9.92 10/21/17 CNY 6.25 NONGGONGSHANG REAL ESTATE GR 40.22 10/11/17 CNY 6.29 PANJIN CONSTRUCTION INVESTME 60.00 05/17/19 CNY 7.50 PANJIN CONSTRUCTION INVESTME 60.83 03/01/18 CNY 7.42 PANJIN CONSTRUCTION INVESTME 60.88 05/17/19 CNY 7.50 PANJIN PETROLEUM HIGH TECHNO 60.98 01/10/20 CNY 6.95 PANJIN PETROLEUM HIGH TECHNO 61.14 01/10/20 CNY 6.95 PEIXIAN STATE-OWNED ASSETS M 61.33 12/06/19 CNY 7.20 PENGLAI CITY PENGLAIGE TOURI 70.93 01/30/21 CNY 6.80 PENGLAI CITY PENGLAIGE TOURI 71.59 01/30/21 CNY 6.80 PINGDINGSHAN CITY DEVELOPMEN 41.13 05/08/19 CNY 7.86 PINGDINGSHAN CITY DEVELOPMEN 41.27 05/08/19 CNY 7.86 PINGHU CITY DEVELOPMENT INVE 61.03 09/18/19 CNY 7.20 PINGTAN COMPOSITE EXPERIMENT 60.82 03/15/20 CNY 6.58 PINGTAN COMPOSITE EXPERIMENT 61.20 03/15/20 CNY 6.58 PINGXIANG URBAN CONSTRUCTION 60.77 12/10/19 CNY 6.89 PINGXIANG URBAN CONSTRUCTION 60.91 12/10/19 CNY 6.89 PIZHOU RUNCHENG ASSET OPERAT 61.72 09/25/19 CNY 7.55 PUER CITY STATE OWNED ASSET 60.80 06/20/19 CNY 7.38 PUTIAN STATE-OWNED ASSETS IN 41.23 03/21/19 CNY 8.10 PUTIAN STATE-OWNED ASSETS IN 41.56 03/21/19 CNY 8.10 PUYANG INVESTMENT GROUP CO 60.85 10/29/19 CNY 6.98 QIANAN XINGYUAN WATER INDUST 50.26 07/11/18 CNY 6.45 QIANDONG NANZHOU DEVELOPMENT 41.45 04/27/19 CNY 8.80 QIANDONGNANZHOU KAIHONG ASSE 61.27 10/30/19 CNY 7.80 QIANXI NANZHOU HONGSHENG CAP 60.80 11/22/19 CNY 6.99 QINGDAO CITY CONSTRUCTION IN 40.78 02/16/19 CNY 6.89 QINGDAO CITY CONSTRUCTION IN 40.84 02/16/19 CNY 6.89 QINGDAO HUATONG STATE-OWNED 41.17 04/18/19 CNY 7.30 QINGDAO HUATONG STATE-OWNED 62.05 04/18/19 CNY 7.30 QINGDAO JIAOZHOU CITY DEVELO 61.08 01/25/20 CNY 6.59 QINGZHOU HONGYUAN PUBLIC ASS 30.28 05/22/19 CNY 6.50 QINGZHOU HONGYUAN PUBLIC ASS 50.58 10/19/18 CNY 7.25 QINGZHOU HONGYUAN PUBLIC ASS 50.83 10/19/18 CNY 7.25 QINGZHOU HONGYUAN PUBLIC ASS 61.12 10/19/19 CNY 7.35 QINGZHOU HONGYUAN PUBLIC ASS 61.26 10/19/19 CNY 7.35 QINHUANGDAO DEVELOPMENT ZONE 61.50 10/17/19 CNY 7.46 QINHUANGDAO DEVELOPMENT ZONE 62.15 10/17/19 CNY 7.46 QITAIHE CITY CONSTRUCTION IN 60.42 10/18/19 CNY 7.30 QITAIHE CITY CONSTRUCTION IN 60.63 10/18/19 CNY 7.30 QUANZHOU QUANGANG PETROCHEMI 41.23 04/16/19 CNY 8.40 QUANZHOU QUANGANG PETROCHEMI 41.62 04/16/19 CNY 8.40 QUANZHOU TAISHANG INVESTMENT 61.86 12/10/19 CNY 7.08 QUANZHOU URBAN CONSTRUCTION 61.27 01/11/20 CNY 6.48 QUANZHOU URBAN CONSTRUCTION 62.60 01/11/20 CNY 6.48 QUJING DEVELOPMENT INVESTMEN 61.11 09/06/19 CNY 7.25 QUJING DEVELOPMENT INVESTMEN 61.12 09/06/19 CNY 7.25 RONGCHENG ECONOMIC DEVELOPME 60.00 03/18/20 CNY 6.45 RONGCHENG ECONOMIC DEVELOPME 60.92 03/18/20 CNY 6.45 RUDONG COUNTY DONGTAI SOCIAL 50.59 01/31/18 CNY 7.10 RUDONG COUNTY DONGTAI SOCIAL 61.14 09/24/19 CNY 7.45 RUDONG COUNTY DONGTAI SOCIAL 62.00 09/24/19 CNY 7.45 RUGAO COMMUNICATIONS CONSTRU 51.74 01/26/19 CNY 8.51 RUGAO COMMUNICATIONS CONSTRU 60.99 02/01/20 CNY 6.70 RUIAN STATE OWNED ASSET INVE 55.00 11/26/19 CNY 6.93 RUIAN STATE OWNED ASSET INVE 61.20 11/26/19 CNY 6.93 SANMENXIA CITY FINANCIAL INV 60.81 01/29/20 CNY 6.68 SANMENXIA CITY FINANCIAL INV 61.03 01/29/20 CNY 6.68 SANMING CITY CONSTRUCTION IN 60.93 03/05/20 CNY 6.40 SANMING CITY CONSTRUCTION IN 61.05 03/05/20 CNY 6.40 SANMING STATE-OWNED ASSET IN 61.38 12/05/19 CNY 6.92 SANMING STATE-OWNED ASSET IN 70.87 06/14/18 CNY 6.99 SHANDONG TAIFENG HOLDING GRO 58.28 03/12/20 CNY 5.80 SHANDONG TAIFENG HOLDING GRO 58.30 03/12/20 CNY 5.80 SHANGHAI BUND GROUP DEVELOPM 60.78 04/24/20 CNY 6.35 SHANGHAI BUND GROUP DEVELOPM 61.03 04/24/20 CNY 6.35 SHANGHAI CHENGTOU CORP 59.73 07/30/19 CNY 4.63 SHANGHAI FENGXIAN NANQIAO NE 61.12 03/05/20 CNY 6.25 SHANGHAI JIADING INDUSTRIAL 50.79 10/10/18 CNY 6.71 SHANGHAI JINSHAN URBAN CONST 61.20 12/21/19 CNY 6.60 SHANGHAI LUJIAZUI DEVELOPMEN 71.50 03/11/19 CNY 5.98 SHANGHAI LUJIAZUI DEVELOPMEN 71.78 02/25/19 CNY 5.79 SHANGHAI LUJIAZUI DEVELOPMEN 72.00 03/11/19 CNY 5.98 SHANGHAI MINHANG URBAN CONST 60.90 10/23/19 CNY 6.48 SHANGHAI MINHANG URBAN CONST 60.97 10/23/19 CNY 6.48 SHANGHAI REAL ESTATE GROUP C 40.00 05/17/17 CNY 6.12 SHANGHAI SONGJIANG TOWN CONS 50.48 08/15/18 CNY 6.28 SHANGHAI URBAN CONSTRUCTION 60.18 11/30/19 CNY 5.25 SHANGQIU DEVELOPMENT INVESTM 61.30 01/15/20 CNY 6.60 SHANGRAO CITY CONSTRUCTION I 61.44 09/10/19 CNY 7.30 SHANGYU COMMUNICATIONS INVES 61.23 09/11/19 CNY 6.70 SHANTOU CITY CONSTRUCTION DE 74.28 03/23/22 CNY 8.57 SHAOGUAN JINYE DEVELOPMENT C 60.91 10/18/19 CNY 7.30 SHAOGUAN JINYE DEVELOPMENT C 61.73 10/18/19 CNY 7.30 SHAOXING CHENGBEI XINCHENG C 50.25 06/11/18 CNY 6.21 SHAOXING CHENGZHONGCUN REFOR 60.54 01/24/20 CNY 6.50 SHAOXING CHENGZHONGCUN REFOR 62.20 01/24/20 CNY 6.50 SHAOXING HI-TECH INDUSTRIAL 50.84 12/05/18 CNY 6.75 SHAOXING KEQIAO DISTRICT CEN 50.44 02/26/19 CNY 6.30 SHAOXING PAOJIANG INDUSTRIAL 61.18 10/31/19 CNY 6.90 SHAOXING URBAN CONSTRUCTION 61.18 11/09/19 CNY 6.40 SHAOYANG CITY CONSTRUCTION I 49.50 09/11/18 CNY 7.40 SHAOYANG CITY CONSTRUCTION I 50.59 09/11/18 CNY 7.40 SHENYANG HEPING DISTRICT STA 55.00 11/13/19 CNY 6.85 SHENYANG HEPING DISTRICT STA 60.63 11/13/19 CNY 6.85 SHENYANG MACHINE TOOL CO LTD 42.63 03/27/18 CNY 6.50 SHENYANG MACHINE TOOL CO LTD 48.92 04/09/20 CNY 6.50 SHENZHEN LONGGANG DISTRICT I 50.46 03/27/19 CNY 6.18 SHENZHEN LONGGANG DISTRICT I 51.19 03/27/19 CNY 6.18 SHIJIAZHUANG REAL ESTATE GRO 80.57 05/15/20 CNY 5.65 SHISHI STATE OWNED INVESTMEN 61.36 09/13/19 CNY 7.40 SHIYAN CITY INFRASTRUCTURE C 41.29 04/20/19 CNY 7.98 SHOUGUANG JINCAI STATE-OWNED 61.06 10/23/19 CNY 6.70 SHOUGUANG JINCAI STATE-OWNED 61.23 10/23/19 CNY 6.70 SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.40 SHUANGLIU SHINE CHINE CONSTR 72.60 03/16/19 CNY 8.48 SHUANGLIU SHINE CHINE CONSTR 72.73 03/16/19 CNY 8.48 SHUANGYASHAN DADI CITY CONST 60.41 12/25/19 CNY 6.55 SHUYANG JINGYUAN ASSET OPERA 57.00 12/03/19 CNY 6.50 SHUYANG JINGYUAN ASSET OPERA 60.67 12/03/19 CNY 6.50 SICHUAN COAL INDUSTRY GROUP 45.00 05/15/17 CNY 5.94 SICHUAN COAL INDUSTRY GROUP 45.00 12/25/16 CNY 7.45 SICHUAN COAL INDUSTRY GROUP 45.00 09/27/17 CNY 7.80 SICHUAN COAL INDUSTRY GROUP 45.00 01/09/18 CNY 7.70 SICHUAN DEVELOPMENT HOLDING 29.98 11/10/17 CNY 5.40 SONGYUAN URBAN DEVELOPMENT C 60.96 08/29/19 CNY 7.30 STAR LAKE BIOSCIENCE CO INC 68.21 07/07/17 CNY 5.80 SUIFENHE HAIRONG URBAN CONST 59.43 04/28/20 CNY 6.60 SUINING DEVELOPMENT INVESTME 61.27 04/25/20 CNY 6.62 SUINING DEVELOPMENT INVESTME 61.37 04/25/20 CNY 6.62 SUIZHOU DEVELOPMENT INVESTME 61.43 08/22/19 CNY 7.50 SUQIAN ECONOMIC DEVELOPMENT 39.30 03/26/19 CNY 7.50 SUQIAN ECONOMIC DEVELOPMENT 40.89 03/26/19 CNY 7.50 SUQIAN WATER GROUP CO 60.95 12/04/19 CNY 6.55 SUZHOU CITY CONSTRUCTION INV 40.93 03/12/19 CNY 7.45 SUZHOU CITY CONSTRUCTION INV 60.79 04/17/20 CNY 6.40 SUZHOU CITY CONSTRUCTION INV 61.19 04/17/20 CNY 6.40 SUZHOU FENHU INVESTMENT GROU 50.21 10/22/17 CNY 7.00 SUZHOU INDUSTRIAL PARK TRIRU 60.40 05/30/19 CNY 5.79 SUZHOU TECH CITY DEVELOPMENT 50.72 11/01/18 CNY 7.32 SUZHOU URBAN CONSTRUCTION IN 60.75 10/25/19 CNY 5.79 SUZHOU URBAN CONSTRUCTION IN 61.45 10/25/19 CNY 5.79 SUZHOU WUJIANG COMMUNICATION 69.00 10/31/20 CNY 6.80 SUZHOU WUJIANG COMMUNICATION 71.34 10/31/20 CNY 6.80 SUZHOU WUJIANG EASTERN STATE 72.24 12/05/18 CNY 8.05 SUZHOU WUJIANG EASTERN STATE 72.86 12/05/18 CNY 8.05 SUZHOU XIANGCHENG URBAN CONS 60.76 09/03/19 CNY 6.95 SUZHOU XIANGCHENG URBAN CONS 61.54 09/03/19 CNY 6.95 TAIAN CITY TAISHAN INVESTMEN 61.61 01/25/20 CNY 6.76 TAICANG ASSET MANAGEMENT INV 71.93 12/31/18 CNY 8.25 TAICANG ASSET MANAGEMENT INV 72.36 12/31/18 CNY 8.25 TAICANG HENGTONG INVESTMENT 61.58 10/30/19 CNY 7.45 TAICANG URBAN CONSTRUCTION I 59.00 01/11/20 CNY 6.75 TAICANG URBAN CONSTRUCTION I 61.45 01/11/20 CNY 6.75 TAIXING ZHONGXING STATE-OWNE 25.54 03/27/18 CNY 8.29 TAIYUAN HIGH-SPEED RAILWAY I 71.82 10/30/20 CNY 6.50 TAIYUAN LONGCHENG DEVELOPMEN 60.00 09/25/19 CNY 6.50 TAIYUAN LONGCHENG DEVELOPMEN 60.71 09/25/19 CNY 6.50 TAIZHOU CITY HUANGYAN DISTRI 50.73 12/17/18 CNY 6.85 TAIZHOU CITY HUANGYAN DISTRI 50.79 12/17/18 CNY 6.85 TAIZHOU HAILING ASSETS MANAG 41.70 03/21/19 CNY 8.52 TAIZHOU JIAOJIANG STATE OWNE 72.25 09/13/20 CNY 7.46 TAIZHOU TRAFFIC INDUSTRY GRO 60.42 03/11/20 CNY 6.15 TAIZHOU TRAFFIC INDUSTRY GRO 60.68 03/11/20 CNY 6.15 TAIZHOU XINTAI GROUP CO LTD 50.39 08/14/18 CNY 6.85 TAIZHOU XINTAI GROUP CO LTD 50.55 08/14/18 CNY 6.85 TANGSHAN NANHU ECO CITY DEVE 61.16 10/16/19 CNY 7.08 TIANJIN BINHAI NEW AREA CONS 39.97 03/13/18 CNY 5.00 TIANJIN BINHAI NEW AREA CONS 59.85 03/13/20 CNY 5.19 TIANJIN DONGFANG CAIXIN INVE 71.85 11/23/18 CNY 7.99 TIANJIN ECO-CITY INVESTMENT 61.03 08/14/19 CNY 6.76 TIANJIN ECONOMIC TECHNOLOGY 56.00 12/03/19 CNY 6.20 TIANJIN ECONOMIC TECHNOLOGY 61.02 12/03/19 CNY 6.20 TIANJIN ECONOMIC TECHNOLOGY 74.00 12/03/22 CNY 6.50 TIANJIN HANBIN INVESTMENT GR 41.53 03/22/19 CNY 8.39 TIANJIN HI-TECH INDUSTRY PAR 41.00 03/27/19 CNY 7.80 TIANJIN HI-TECH INDUSTRY PAR 41.08 03/27/19 CNY 7.80 TIANJIN JINNAN CITY CONSTRUC 60.68 06/18/19 CNY 6.95 TIANJIN JINNAN CITY CONSTRUC 61.50 06/18/19 CNY 6.95 TIANJIN TEDA CONSTRUCTION GR 60.88 04/27/20 CNY 6.89 TIELING PUBLIC ASSETS INVEST 50.35 05/29/18 CNY 7.34 TIELING PUBLIC ASSETS INVEST 50.50 05/29/18 CNY 7.34 TIGER FOREST & PAPER GROUP C 59.79 06/14/17 CNY 5.38 TONGCHUAN DEVELOPMENT INVEST 60.71 07/17/19 CNY 7.50 TONGLIAO TIANCHENG URBAN CON 61.50 09/24/19 CNY 7.75 TONGLIAO URBAN INVESTMENT GR 40.01 09/01/17 CNY 5.98 TONGLIAO URBAN INVESTMENT GR 60.58 04/09/20 CNY 6.64 TONGLIAO URBAN INVESTMENT GR 60.61 04/09/20 CNY 6.64 TONGLING CONSTRUCTION INVEST 74.30 04/28/22 CNY 8.20 TONGREN FANJINGSHAN INVESTME 60.62 08/02/19 CNY 6.89 ULANQAB CITY JI NING DISTRIC 58.01 03/19/20 CNY 6.88 ULANQAB CITY JI NING DISTRIC 59.50 03/19/20 CNY 6.88 URUMQI CITY CONSTRUCTION & I 60.82 07/09/19 CNY 6.35 URUMQI ECO&TECH DEVELOPMENT 51.73 01/10/19 CNY 8.58 URUMQI HIGH-TECH INVESTMENT 60.11 03/05/20 CNY 6.18 URUMQI STATE-OWNED ASSET MAN 25.18 04/28/18 CNY 6.48 URUMQI STATE-OWNED ASSET MAN 25.20 04/28/18 CNY 6.48 WAFANGDIAN STATE-OWNED ASSET 41.52 04/19/19 CNY 8.55 WEIFANG BINHAI INVESTMENT DE 70.39 04/16/21 CNY 6.16 WEIFANG DONGXIN CONSTRUCTION 60.99 11/20/19 CNY 6.88 WEIFANG DONGXIN CONSTRUCTION 61.29 11/20/19 CNY 6.88 WEIHAI WENDENG URBAN PROPERT 60.40 03/06/20 CNY 6.38 WEIHAI WENDENG URBAN PROPERT 60.91 03/06/20 CNY 6.38 WEINAN CITY INVESTMENT GROUP 60.81 01/15/20 CNY 6.69 WEINAN CITY INVESTMENT GROUP 60.95 01/15/20 CNY 6.69 WENLING CITY STATE OWNED ASS 60.99 09/18/19 CNY 7.18 WENLING CITY STATE OWNED ASS 61.00 09/18/19 CNY 7.18 WENZHOU ANJUFANG CITY DEVELO 40.96 04/24/19 CNY 7.65 WENZHOU ECONOMIC-TECHNOLOGIC 61.11 01/15/20 CNY 6.49 WENZHOU ECONOMIC-TECHNOLOGIC 61.19 01/15/20 CNY 6.49 WUHAI CITY CONSTRUCTION INVE 40.70 03/31/19 CNY 8.20 WUHAI CITY CONSTRUCTION INVE 41.37 03/31/19 CNY 8.20 WUHAN METRO GROUP CO LTD 60.53 02/04/20 CNY 5.70 WUHAN METRO GROUP CO LTD 60.55 02/04/20 CNY 5.70 WUHAN REAL ESTATE GROUP 49.50 03/22/19 CNY 5.90 WUHAN REAL ESTATE GROUP 50.41 03/22/19 CNY 5.90 WUHAN URBAN CONSTRUCTION INV 60.19 03/08/20 CNY 5.60 WUHU CONSTRUCTION INVESTMENT 70.87 03/26/19 CNY 6.84 WUHU ECONOMIC TECHNOLOGY DEV 50.37 06/08/18 CNY 6.70 WUHU XINMA INVESTMENT CO LTD 60.78 11/14/19 CNY 7.18 WUHU XINMA INVESTMENT CO LTD 61.02 11/14/19 CNY 7.18 WUJIANG ECONOMIC TECHNOLOGY 61.18 12/27/19 CNY 6.88 WUXI CONSTRUCTION AND DEVELO 61.00 09/17/19 CNY 6.60 WUXI CONSTRUCTION AND DEVELO 61.06 09/17/19 CNY 6.60 WUXI HUISHAN ECONOMIC DEVELO 50.15 04/22/19 CNY 6.03 WUXI TAIHU INTERNATIONAL TEC 60.00 09/17/19 CNY 7.60 WUXI TAIHU INTERNATIONAL TEC 61.28 09/17/19 CNY 7.60 WUXI XIDONG NEW TOWN CONSTRU 60.69 01/28/20 CNY 6.65 WUXI XIDONG NEW TOWN CONSTRU 61.23 01/28/20 CNY 6.65 WUXI XIDONG TECHNOLOGY INVES 70.33 10/26/18 CNY 5.98 WUXI XIDONG TECHNOLOGY INVES 70.65 10/26/18 CNY 5.98 WUZHOU DONGTAI STATE-OWNED A 61.15 09/03/19 CNY 7.40 XIAMEN XINGLIN CONSTRUCTION 60.79 02/22/20 CNY 6.60 XIAMEN XINGLIN CONSTRUCTION 81.80 02/22/20 CNY 6.60 XI'AN AEROSPACE BASE INVESTM 61.28 11/08/19 CNY 6.96 XIAN CHANBAHE DEVELOPMENT CO 60.81 08/03/19 CNY 6.89 XI'AN HI-TECH HOLDING CO LTD 50.34 02/26/19 CNY 5.70 XI'AN HI-TECH HOLDING CO LTD 50.36 02/26/19 CNY 5.70 XI'AN URBAN INDEMNIFICATORY 71.79 04/18/19 CNY 7.31 XI'AN URBAN INDEMNIFICATORY 71.85 03/18/19 CNY 7.31 XI'AN URBAN INDEMNIFICATORY 72.02 03/18/19 CNY 7.31 XI'AN URBAN INDEMNIFICATORY 72.10 04/18/19 CNY 7.31 XIANGTAN CITY CONSTRUCTIVE G 40.01 03/16/19 CNY 8.00 XIANGTAN CITY CONSTRUCTIVE G 41.42 03/16/19 CNY 8.00 XIANGTAN HI-TECH GROUP CO LT 61.22 01/15/20 CNY 6.90 XIANGTAN HI-TECH GROUP CO LT 61.48 01/15/20 CNY 6.90 XIANGTAN JIUHUA ECONOMIC CON 61.30 08/29/19 CNY 7.43 XIANGYANG CITY CONSTRUCTION 41.25 01/12/19 CNY 8.12 XIANGYANG CITY CONSTRUCTION 41.42 01/12/19 CNY 8.12 XIANNING CITY CONSTRUCTION I 50.79 08/31/18 CNY 7.50 XIANNING CITY CONSTRUCTION I 51.29 08/31/18 CNY 7.50 XIAOGAN URBAN CONSTRUCTION I 41.27 03/26/19 CNY 8.12 XINGHUA URBAN CONSTRUCTION I 50.70 10/23/18 CNY 7.25 XINGHUA URBAN CONSTRUCTION I 50.95 10/23/18 CNY 7.25 XINING CITY INVESTMENT & MAN 41.19 04/27/19 CNY 7.70 XINJIANG SHIHEZI DEVELOPMENT 49.30 08/29/18 CNY 7.50 XINJIANG UYGUR AR HAMI ZONE 50.40 07/17/18 CNY 6.25 XINXIANG INVESTMENT GROUP CO 40.31 01/18/18 CNY 6.80 XINXIANG INVESTMENT GROUP CO 60.15 04/15/20 CNY 5.85 XINYANG HUAXIN INVESTMENT GR 60.80 06/14/19 CNY 6.95 XINYU CITY CONSTRUCTION INVE 59.00 12/13/19 CNY 7.08 XINYU CITY CONSTRUCTION INVE 61.25 12/13/19 CNY 7.08 XINZHOU CITY ASSET MANAGEMEN 50.81 08/08/18 CNY 7.39 XUCHANG GENERAL INVESTMENT C 41.59 04/27/19 CNY 7.78 XUZHOU ECONOMIC TECHNOLOGY D 41.23 03/07/19 CNY 8.20 XUZHOU ECONOMIC TECHNOLOGY D 41.50 03/07/19 CNY 8.20 XUZHOU XINSHENG CONSTRUCTION 25.72 05/08/18 CNY 7.48 YAAN STATE-OWNED ASSET OPERA 60.78 07/04/19 CNY 7.39 YANCHENG CITY DAFENG DISTRIC 57.00 12/13/19 CNY 7.08 YANCHENG CITY DAFENG DISTRIC 61.07 12/13/19 CNY 7.08 YANCHENG ORIENTAL INVESTMENT 50.02 06/08/17 CNY 5.75 YANCHENG ORIENTAL INVESTMENT 50.30 06/08/17 CNY 5.75 YANCHENG ORIENTAL INVESTMENT 60.88 10/26/19 CNY 6.99 YANCHENG SOUTH DISTRICT DEVE 58.71 10/26/19 CNY 6.93 YANCHENG SOUTH DISTRICT DEVE 61.25 10/26/19 CNY 6.93 YANGZHONG URBAN CONSTRUCTION 50.51 03/26/18 CNY 7.10 YANGZHOU HANJIANG URBAN CONS 60.59 03/12/20 CNY 6.20 YANGZHOU HANJIANG URBAN CONS 60.74 03/12/20 CNY 6.20 YANGZHOU URBAN CONSTRUCTION 60.66 07/26/19 CNY 6.30 YANTAI DEVELOPMENT ZONE STAT 60.40 04/10/20 CNY 5.70 YANTAI URBAN CONSTRUCTION DE 60.00 03/14/20 CNY 5.99 YANTAI URBAN CONSTRUCTION DE 60.70 03/14/20 CNY 5.99 YIBIN STATE-OWNED ASSET OPER 70.45 05/23/18 CNY 5.80 YICHANG MUNICIPAL FINANCE EC 61.23 10/16/19 CNY 7.12 YICHANG MUNICIPAL FINANCE EC 61.38 10/16/19 CNY 7.12 YICHANG URBAN CONSTRUCTION I 59.00 11/08/19 CNY 6.85 YICHANG URBAN CONSTRUCTION I 61.45 11/08/19 CNY 6.85 YICHANG URBAN CONSTRUCTION I 69.61 11/17/19 CNY 8.13 YICHUN CITY CONSTRUCTION INV 60.46 07/24/19 CNY 7.35 YIJINHUOLUOQI HONGTAI CITY C 61.75 03/19/19 CNY 8.35 YIJINHUOLUOQI HONGTAI CITY C 61.76 03/19/19 CNY 8.35 YILI STATE-OWNED ASSET INVES 48.00 11/19/18 CNY 6.70 YILI STATE-OWNED ASSET INVES 50.46 11/19/18 CNY 6.70 YINGKOU CITY CONSTRUCTION IN 58.01 04/18/20 CNY 7.98 YINGKOU COASTAL DEVELOPMENT 58.00 11/16/19 CNY 7.08 YINGKOU COASTAL DEVELOPMENT 60.42 11/16/19 CNY 7.08 YINGKOU ECO & TECH DEVELOPME 59.33 04/08/20 CNY 6.17 YIXING CITY DEVELOPMENT INVE 60.83 10/10/19 CNY 6.90 YIXING CITY DEVELOPMENT INVE 60.92 10/10/19 CNY 6.90 YIYANG CITY CONSTRUCTION INV 61.15 08/24/19 CNY 7.36 YIYANG GAOXIN TECHNOLOGY IND 61.09 03/13/20 CNY 6.70 YIYANG GAOXIN TECHNOLOGY IND 61.23 03/13/20 CNY 6.70 YIZHENG CITY CONSTRUCTION DE 58.50 06/14/19 CNY 7.78 YIZHENG CITY CONSTRUCTION DE 61.27 06/14/19 CNY 7.78 YUHUAN COUNTY COMMUNICATIONS 60.93 10/12/19 CNY 7.15 YULIN CITY INVESTMENT OPERAT 50.70 12/04/18 CNY 6.81 YULIN URBAN CONSTRUCTION INV 61.18 11/26/19 CNY 6.88 YUNCHENG URBAN CONSTRUCTION 61.48 10/15/19 CNY 7.48 YUNNAN PROVINCIAL INVESTMENT 39.96 08/24/17 CNY 5.25 YUNNAN PROVINCIAL INVESTMENT 40.11 08/24/17 CNY 5.25 YUYAO ECONOMIC DEVELOPMENT D 60.98 03/04/20 CNY 6.75 YUYAO WATER RESOURCE INVESTM 61.11 10/16/19 CNY 7.20 ZHANGJIAGANG JINCHENG INVEST 30.19 01/06/18 CNY 6.23 ZHANGJIAGANG MUNICIPAL PUBLI 60.90 11/27/19 CNY 6.43 ZHANGJIAJIE ECONOMIC DEVELOP 61.26 10/18/19 CNY 7.40 ZHANGJIAKOU CONSTRUCTION DEV 60.60 10/26/19 CNY 7.00 ZHANGJIAKOU TONGTAI HOLDING 70.51 07/05/18 CNY 6.90 ZHANGZHOU CITY CONSTRUCTION 61.12 03/26/20 CNY 6.60 ZHAOYUAN STATE-OWNED ASSET O 61.00 12/31/19 CNY 6.64 ZHEJIANG HUZHOU HUANTAIHU GR 61.46 11/28/19 CNY 6.70 ZHEJIANG JIASHAN ECONOMIC DE 58.00 12/03/19 CNY 7.05 ZHEJIANG JIASHAN ECONOMIC DE 61.77 12/03/19 CNY 7.05 ZHEJIANG PROVINCE DEQING COU 40.51 04/12/18 CNY 6.90 ZHEJIANG PROVINCE DEQING COU 61.01 02/22/20 CNY 6.40 ZHEJIANG PROVINCE XINCHANG C 60.93 04/24/20 CNY 6.60 ZHEJIANG PROVINCE XINCHANG C 62.03 04/24/20 CNY 6.60 ZHENGZHOU CITY CONSTRUCTION 61.15 12/03/19 CNY 6.37 ZHENJIANG CULTURE AND TOURIS 60.11 01/30/20 CNY 6.60 ZHENJIANG TRANSPORTATION IND 40.85 05/08/19 CNY 7.29 ZHENJIANG TRANSPORTATION IND 61.00 05/08/19 CNY 7.29 ZHONGSHAN TRANSPORTATION DEV 50.44 08/28/18 CNY 6.65 ZHONGSHAN TRANSPORTATION DEV 51.20 08/28/18 CNY 6.65 ZHOUSHAN DINGHAI STATE-OWNED 71.88 08/31/20 CNY 7.25 ZHOUSHAN DINGHAI STATE-OWNED 72.35 08/31/20 CNY 7.25 ZHUCHENG ECONOMIC DEVELOPMEN 20.24 04/26/18 CNY 6.40 ZHUCHENG ECONOMIC DEVELOPMEN 30.53 08/25/18 CNY 7.50 ZHUCHENG ECONOMIC DEVELOPMEN 37.50 04/26/18 CNY 6.40 ZHUCHENG ECONOMIC DEVELOPMEN 59.00 11/29/19 CNY 6.80 ZHUCHENG ECONOMIC DEVELOPMEN 61.37 11/29/19 CNY 6.80 ZHUHAI HUAFA GROUP CO LTD 25.35 02/16/18 CNY 8.43 ZHUHAI HUAFA GROUP CO LTD 25.49 02/16/18 CNY 8.43 ZHUHAI HUAFA GROUP CO LTD 70.36 06/05/19 CNY 5.50 ZHUJI CITY CONSTRUCTION INVE 56.00 12/19/19 CNY 6.92 ZHUJI CITY CONSTRUCTION INVE 61.50 12/19/19 CNY 6.92 ZHUJI CITY CONSTRUCTION INVE 70.00 07/05/18 CNY 6.92 ZHUJI CITY CONSTRUCTION INVE 70.73 07/05/18 CNY 6.92 ZHUMADIAN INVESTMENT CO LTD 61.02 11/26/19 CNY 6.95 ZHUZHOU GECKOR GROUP CO LTD 61.32 09/10/19 CNY 7.50 ZHUZHOU GECKOR GROUP CO LTD 61.33 09/10/19 CNY 7.50 ZHUZHOU GECKOR GROUP CO LTD 71.44 08/18/18 CNY 7.82 ZHUZHOU YUNLONG DEVELOPMENT 60.90 11/19/19 CNY 6.78 ZHUZHOU YUNLONG DEVELOPMENT 61.13 11/19/19 CNY 6.78 ZIBO CITY PROPERTY CO LTD 23.93 04/27/19 CNY 5.45 ZIBO CITY PROPERTY CO LTD 61.11 08/22/19 CNY 6.83 ZIGONG GAOXIN INVESTMENT CO 60.81 03/13/20 CNY 6.30 ZIGONG STATE-OWNED ASSETS MA 70.64 06/17/18 CNY 6.86 ZIYANG CITY CONSTRUCTION INV 50.80 01/09/19 CNY 7.58 ZOUCHENG CITY ASSET OPERATIO 20.18 01/12/18 CNY 7.02 ZOUCHENG CITY ASSET OPERATIO 50.30 03/12/19 CNY 6.18 ZOUCHENG CITY ASSET OPERATIO 50.72 03/12/19 CNY 6.18 ZOUPING COUNTY STATE-OWNED A 40.18 04/27/18 CNY 6.98 ZOUPING COUNTY STATE-OWNED A 40.41 04/27/18 CNY 6.98 ZUNYI CITY HUICHUAN DISTRICT 50.74 04/24/19 CNY 6.75 ZUNYI INVESTMENT GROUP LTD C 41.68 03/13/19 CNY 8.53 ZUNYI ROAD & BRIDGE ENGINEER 72.95 08/17/20 CNY 7.15 ZUNYI STATE-OWNED ASSET INVE 60.97 12/26/19 CNY 6.98 HONG KONG --------- CHINA CITY CONSTRUCTION INTE 70.63 07/03/17 CNY 5.35 INDONESIA --------- BERAU COAL ENERGY TBK PT 38.54 03/13/17 USD 7.25 BERAU COAL ENERGY TBK PT 48.54 03/13/17 USD 7.25 DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00 DAVOMAS INTERNATIONAL FINANC 1.17 12/08/14 USD 11.00 DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00 DAVOMAS INTERNATIONAL FINANC 1.17 05/09/11 USD 11.00 INDIA ----- 3I INFOTECH LTD 14.63 03/31/25 USD 2.50 BLUE DART EXPRESS LTD 10.09 11/20/17 INR 9.30 BLUE DART EXPRESS LTD 10.26 11/20/18 INR 9.40 BLUE DART EXPRESS LTD 10.41 11/20/19 INR 9.50 GTL INFRASTRUCTURE LTD 40.13 11/09/17 USD 5.53 JAIPRAKASH ASSOCIATES LTD 41.38 09/08/17 USD 5.75 JAIPRAKASH POWER VENTURES LT 10.00 02/13/49 USD 7.00 JCT LTD 27.00 04/08/11 USD 2.50 PRAKASH INDUSTRIES LTD 21.00 04/30/15 USD 5.25 PYRAMID SAIMIRA THEATRE LTD 1.00 07/04/12 USD 1.75 REI AGRO LTD 1.52 11/13/14 USD 5.50 REI AGRO LTD 1.52 11/13/14 USD 5.50 SVOGL OIL GAS & ENERGY LTD 1.46 08/17/15 USD 5.00 JAPAN ----- AVANSTRATE INC 29.75 10/31/17 JPY 5.55 AVANSTRATE INC 37.00 10/31/17 JPY 5.55 FUKUSHIMA BANK LTD/THE 74.37 12/05/23 JPY 1.19 MICRON MEMORY JAPAN INC 13.75 12/07/12 JPY 2.29 MICRON MEMORY JAPAN INC 13.75 11/29/12 JPY 2.10 MICRON MEMORY JAPAN INC 13.75 03/22/12 JPY 2.03 TAKATA CORP 38.13 03/26/21 JPY 0.58 TAKATA CORP 45.00 03/06/19 JPY 0.85 TAKATA CORP 49.75 12/15/17 JPY 1.02 KOREA ----- 2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00 2014 KODIT CREATIVE THE 1ST 35.87 12/25/17 KRW 5.00 2016 KIBO 1ST SECURITIZATION 31.59 09/13/18 KRW 5.00 CHEJU REGIONAL DEVELOPMENT B 25.26 07/25/18 KRW 3.00 DAEWOO SHIPBUILDING & MARINE 25.34 04/21/19 KRW 3.79 DAEWOO SHIPBUILDING & MARINE 51.24 11/29/17 KRW 3.50 DAEWOO SHIPBUILDING & MARINE 51.29 03/19/18 KRW 3.28 DAEWOO SHIPBUILDING & MARINE 59.77 07/23/17 KRW 3.73 DONGBU METAL CO LTD 73.74 04/16/20 KRW 5.75 DOOSAN CAPITAL SECURITIZATIO 52.93 04/22/19 KRW 20.00 HYUNDAI MERCHANT MARINE CO L 49.50 07/07/21 KRW 1.00 HYUNDAI MERCHANT MARINE CO L 52.00 04/07/21 KRW 1.00 JT CAPITAL FIRST ASSET SECUR 74.31 07/24/45 KRW 3.75 KIBO ABS SPECIALTY CO LTD 30.07 02/25/19 KRW 5.00 KIBO ABS SPECIALTY CO LTD 34.14 12/25/17 KRW 5.00 KIBO ABS SPECIALTY CO LTD 34.66 03/29/18 KRW 5.00 KIBO ABS SPECIALTY CO LTD 39.41 08/22/17 KRW 10.00 KOREA SOUTH-EAST POWER CO LT 55.71 12/07/42 KRW 4.38 KOREA SOUTH-EAST POWER CO LT 56.16 12/07/42 KRW 4.44 KOREA TREASURY BOND 73.16 09/10/66 KRW 1.50 LSMTRON DONGBANGSEONGJANG SE 35.17 11/22/17 KRW 4.53 MERITZ CAPITAL CO LTD 36.42 04/28/46 KRW 5.66 MERITZ CAPITAL CO LTD 37.24 09/29/46 KRW 5.44 OKC SECURITIZATION SPECIALTY 30.53 01/03/20 KRW 10.00 OKC SECURITIZATION SPECIALTY 52.40 02/17/42 KRW 3.00 SAMPYO CEMENT CO LTD 70.00 06/26/15 KRW 7.30 SAMPYO CEMENT CO LTD 70.00 04/12/15 KRW 7.30 SAMPYO CEMENT CO LTD 70.00 07/20/14 KRW 7.50 SAMPYO CEMENT CO LTD 70.00 09/10/14 KRW 7.50 SAMPYO CEMENT CO LTD 70.00 04/20/14 KRW 7.50 SHINHAN BANK 73.38 12/08/31 KRW 3.83 SHINHAN BANK 73.38 12/08/31 KRW 3.83 SINBO SECURITIZATION SPECIAL 18.59 10/30/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 26.29 07/28/20 KRW 5.00 SINBO SECURITIZATION SPECIAL 27.81 02/25/20 KRW 5.00 SINBO SECURITIZATION SPECIAL 27.93 01/28/20 KRW 5.00 SINBO SECURITIZATION SPECIAL 28.14 12/30/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 28.87 06/24/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 29.08 09/30/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 29.50 08/27/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 29.79 07/29/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 29.85 03/13/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 30.15 06/25/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.20 03/18/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.43 02/27/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 31.68 01/30/19 KRW 5.00 SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 32.06 12/23/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 32.08 07/29/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 32.44 06/25/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 32.76 05/26/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.02 09/26/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.28 08/29/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 33.88 07/24/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 34.15 06/27/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 34.16 12/23/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 34.83 03/12/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 35.11 02/11/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 35.66 01/15/18 KRW 5.00 SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 39.42 10/01/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 45.38 08/16/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 47.74 07/24/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 53.69 07/08/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00 SINBO SECURITIZATION SPECIAL 57.13 06/07/17 KRW 5.00 U-BEST SECURITIZATION SPECIA 36.87 11/16/17 KRW 5.50 WOONGJIN ENERGY CO LTD 63.69 12/19/19 KRW 3.00 WOORI BANK 342.58 12/12/44 KRW 5.21 SRI LANKA --------- SRI LANKA GOVERNMENT BONDS 63.64 03/01/26 LKR 5.35 SRI LANKA GOVERNMENT BONDS 69.30 01/01/32 LKR 8.00 SRI LANKA GOVERNMENT BONDS 70.15 12/01/24 LKR 6.00 SRI LANKA GOVERNMENT BONDS 70.70 06/01/43 LKR 9.00 SRI LANKA GOVERNMENT BONDS 74.39 11/01/33 LKR 9.00 SRI LANKA GOVERNMENT BONDS 74.90 06/01/33 LKR 9.00 MALAYSIA -------- ADVANCE SYNERGY BHD 0.10 01/26/18 MYR 2.00 BARAKAH OFFSHORE PETROLEUM B 0.63 10/24/18 MYR 3.50 BERJAYA CORP BHD 0.36 05/29/26 MYR 2.00 BERJAYA CORP BHD 0.48 04/22/22 MYR 5.00 BRIGHT FOCUS BHD 74.09 01/22/31 MYR 2.50 ELK-DESA RESOURCES BHD 0.98 04/14/22 MYR 3.25 HIAP TECK VENTURE BHD 0.31 06/27/21 MYR 5.00 I-BHD 0.45 10/09/19 MYR 2.50 IRE-TEX CORP BHD 0.03 06/10/19 MYR 1.00 LAND & GENERAL BHD 0.18 09/24/18 MYR 1.00 MALTON BHD 1.51 06/30/18 MYR 6.00 PUC FOUNDER MSC BHD 0.09 02/15/19 MYR 4.00 REDTONE INTERNATIONAL BHD 0.19 03/04/20 MYR 2.75 SAM ENGINEERING & EQUIPMENT 3.10 09/25/17 MYR 4.00 SEE HUP CONSOLIDATED BHD 0.13 12/22/17 MYR 4.60 SENAI-DESARU EXPRESSWAY BHD 54.92 06/30/31 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 56.27 12/31/30 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 57.65 06/28/30 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 58.97 12/31/29 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 60.30 06/29/29 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 61.61 12/29/28 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 62.94 06/30/28 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 64.21 12/31/27 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 65.48 06/30/27 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 66.79 12/31/26 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 68.10 06/30/26 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 69.45 12/31/25 MYR 1.35 SENAI-DESARU EXPRESSWAY BHD 69.54 06/30/25 MYR 1.15 SENAI-DESARU EXPRESSWAY BHD 71.03 12/31/24 MYR 1.15 SENAI-DESARU EXPRESSWAY BHD 71.07 12/31/38 MYR 0.50 SENAI-DESARU EXPRESSWAY BHD 72.50 12/30/39 MYR 0.50 SENAI-DESARU EXPRESSWAY BHD 72.59 06/28/24 MYR 1.15 SENAI-DESARU EXPRESSWAY BHD 73.54 12/31/40 MYR 0.50 SENAI-DESARU EXPRESSWAY BHD 74.17 12/29/23 MYR 1.15 SENAI-DESARU EXPRESSWAY BHD 74.44 12/31/41 MYR 0.50 SOUTHERN STEEL BHD 1.53 01/24/20 MYR 5.00 THONG GUAN INDUSTRIES BHD 4.31 10/10/19 MYR 5.00 UNIMECH GROUP BHD 1.10 09/18/18 MYR 5.00 VIZIONE HOLDINGS BHD 0.07 08/08/21 MYR 3.00 YTL LAND & DEVELOPMENT BHD 0.47 10/31/21 MYR 3.00 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD 13.50 BAYAN TELECOMMUNICATIONS INC 22.75 07/15/06 USD 13.50 SINGAPORE --------- ASL MARINE HOLDINGS LTD 45.00 10/01/21 SGD 5.85 ASL MARINE HOLDINGS LTD 70.00 03/28/20 SGD 5.50 AUSGROUP LTD 66.25 10/20/18 SGD 7.95 BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50 BAKRIE TELECOM PTE LTD 1.65 05/07/15 USD 11.50 BERAU CAPITAL RESOURCES PTE 48.55 07/08/15 USD 12.50 BERAU CAPITAL RESOURCES PTE 48.63 07/08/15 USD 12.50 BLD INVESTMENTS PTE LTD 4.63 03/23/15 USD 8.63 BUMI CAPITAL PTE LTD 55.38 11/10/16 USD 12.00 BUMI CAPITAL PTE LTD 55.50 11/10/16 USD 12.00 BUMI INVESTMENT PTE LTD 55.00 10/06/17 USD 10.75 BUMI INVESTMENT PTE LTD 56.38 10/06/17 USD 10.75 ENERCOAL RESOURCES PTE LTD 45.25 04/07/18 USD 9.25 EZION HOLDINGS LTD 47.33 06/11/21 SGD 4.88 EZION HOLDINGS LTD 59.97 03/13/20 SGD 5.10 EZION HOLDINGS LTD 65.06 05/22/19 SGD 4.70 EZION HOLDINGS LTD 70.34 01/23/19 SGD 4.85 EZRA HOLDINGS LTD 4.01 04/24/18 SGD 4.88 INDO INFRASTRUCTURE GROUP PT 1.00 07/30/10 USD 2.00 ORO NEGRO DRILLING PTE LTD 62.14 01/24/19 USD 7.50 OSA GOLIATH PTE LTD 0.72 10/09/18 USD 12.00 PACIFIC RADIANCE LTD 25.13 08/29/18 SGD 4.30 RICKMERS MARITIME 24.25 05/15/17 SGD 8.45 SWIBER CAPITAL PTE LTD 4.61 10/30/17 SGD 6.25 SWIBER CAPITAL PTE LTD 4.62 08/02/18 SGD 6.50 SWIBER HOLDINGS LTD 5.00 10/10/16 SGD 5.55 SWIBER HOLDINGS LTD 8.99 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 10.75 04/18/17 SGD 7.13 TRIKOMSEL PTE LTD 18.00 05/10/16 SGD 5.25 TRIKOMSEL PTE LTD 18.00 06/05/17 SGD 7.88 THAILAND -------- BANK OF THAILAND BOND 1.65 07/20/18 THB 1.55 G STEEL PCL 3.00 10/04/15 USD 3.00 MDX PCL 37.75 09/17/03 USD 4.75 VIETNAM ------- DEBT AND ASSET TRADING CORP 59.50 10/10/25 USD 1.00 DEBT AND ASSET TRADING CORP 60.25 10/10/25 USD 1.00 ********* 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, Psyche A. Castillon, 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 ***