/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/170829.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, August 29, 2017, Vol. 20, No. 171 Headlines A U S T R A L I A ALL HOLDINGS: First Creditors' Meeting Set for Sept. 5 AURIGEN GROUP: First Creditors' Meeting Set for Sept. 4 AUSTRADIA PTY: UK Owner Saves Topshop Shops After Administration AUSTRALIAN ABRASIVE: First Creditors' Meeting Set for Sept. 5 CITYSCORE PTY: First Creditors' Meeting Set for Sept. 4 FORTESCUE METALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable MARKETPLACE MARION: First Creditors' Meeting Set for Sept. 6 MATERA 3: First Creditors' Meeting Set for Sept. 4 NETWORK TEN: CBS Agrees to Buy Troubled Australian Broadcaster C H I N A CBAK ENERGY: Incurs $3.75 Million Net Loss in Second Quarter CHINA COMMERCIAL: Reports $4.7M Net Loss for Second Quarter GENERAL STEEL: Simon & Edward Replaces Friedman as Accountants SINO UNITED: Inability to Obtain Financing Cast Doubt TONGJI HEALTHCARE: Incurs $539,000 Net Loss in Second Quarter YUZHOU PROPERTIES: 1H 2017 Results Support Moody's B1 Ratings I N D I A AAKAF STEEL: CARE Reaffirms B+ Rating on INR18cr Bank Loan AI COTTON: CRISIL Lowers Rating on INR14MM Cash Loan to 'B' ANIL CONSTRUCTION: Ind-Ra Migrates BB- Rating to Not Cooperating AXIS OVERSEAS: Ind-Ra Migrates BB- Rating to Not Cooperating BIRBAL INTERNATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating CVT TECHNOLOGY: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan DELTA PAPER: CRISIL Raises Rating on INR52MM Cash Loan to B DS AGRIFOODS: CARE Reaffirms B+ Rating on INR14.98cr LT Loan GOLDEN STAR: CRISIL Lowers Rating on INR6.2MM Cash Loan to 'B' HILLTOP CONCRETE: CARE Lowers Rating on INR17cr LT Loan to 'D' HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan INDUSTRIAL ASSOCIATES: CRISIL Cuts Rating on INR11.75MM Loan to B ISHWAR OIL: CARE Lowers Rating on INR5.53cr LT Loan to 'D' ISR INFRA: CRISIL Lowers Rating on INR5.0MM Cash Loan to B ITP ELECTRONICS: CRISIL Cuts Rating on INR3.5MM LT Loan to 'B' JANAKIRAMA RAW: CRISIL Lowers Rating on INR9MM Cash Loan to 'B' JAYPEE INFRATECH: Ready to Hand Over 25 Apartments KHOKHAR INFRA: Ind-Ra Moves BB- Rating to Not Cooperating KISANMITRA COLD: CARE Assigns B Rating to INR19cr LT Loan M.S. REDDY: CARE Assigns INR7.40cr LT Bank Loan to B+ MAHA MARUTI: CRISIL Lowers Rating on INR1.5MM Cash Loan to 'B' MODULUS COSMETICS: CRISIL Cuts Rating on INR10MM Loan to 'B' MOENUS TEXTILE: Ind-Ra Migrates BB+ Rating to Not Cooperating NAGABHUSHANAM & CO: Ind-Ra Migrates BB- Rating to Not Cooperating NAYAAB JEWELS: CARE Downgrades Rating on INR17.70cr Loan to 'D' PADHAS HYDEL: CRISIL Lowers Rating on INR24MM Term Loan to 'B' PATIDAR AGRICARE: CARE Assigns 'B' Rating to INR5.15cr LT Loan PITTI CASTINGS: Ind-Ra Migrates D Rating to Not Cooperating PRASAD EDUCATION: CARE Lowers Rating on INR43.82cr Loan to 'D' S M INDUSTRIES: CARE Assigns 'B+' Rating to INR6.0cr LT Loan SATYAM BALAJEE: Ind-Ra Migrates BB- Rating to Not Cooperating SHIVOM COTSPIN: CRISIL Lowers Rating on INR12MM Loan to 'B' SIWANA SOLAR: Ind-Ra Migrates BB Rating to Not Cooperating SPACETECH EQUIPMENT: CARE Assigns 'B' Rating to INR1.75cr Loan SPICA PROJECTS: Ind-Ra Migrates BB Rating to Not Cooperating SPS EDUCATIONAL: CARE Lowers Rating on INR25.25cr Loan to 'D' SRI VIJAYA: Ind-Ra Migrates 'B+' Rating to Not Cooperating TIRUMALA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR11.50MM Loan YADAV RICE: CRISIL Raises Rating on INR6MM Cash Loan to B+ J A P A N TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel TK HOLDINGS: Creditors' Panel Hires Milbank Tweed as Counsel TK HOLDINGS: Creditors' Panel Hires Zolfo as Financial Advisor TOSHIBA CORP: Edges Closer to Chip Unit Deal With Western Digital T A I W A N HTC CORP: May Seek to Spin Off Vive Virtual Reality Business X X X X X X X X * BOND PRICING: For the Week Aug. 21 to Aug. 25, 2017 - - - - - ================= A U S T R A L I A ================= ALL HOLDINGS: First Creditors' Meeting Set for Sept. 5 ------------------------------------------------------ A first meeting of the creditors in the proceedings of All Holdings Group Pty Ltd will be held at 6.05, 50 Clarence Street, in Sydney, NSW, on Sept. 5, 2017, at 10:00 a.m. Timothy Cook of Balance Insolvency was appointed as administrator of All Holdings on Aug. 24, 2017. AURIGEN GROUP: First Creditors' Meeting Set for Sept. 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Aurigen Group Ltd will be held at Level 8, BGC Centre, 28 The Esplanade, in Perth, on Sept. 4, 2017, at 10:30 a.m. Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor Cordis were appointed as administrators of Aurigen Group on Aug. 23, 2017. AUSTRADIA PTY: UK Owner Saves Topshop Shops After Administration ---------------------------------------------------------------- Ryan Eagle, James Stewart and Jim Sarantinos, partners of Ferrier Hodgson and Joint Administrators of Austradia Pty Ltd (trading as Topshop and Topman in Australia) on August 25 announced a successful restructure of the Australian retail business. This has been achieved by the completion of a sale of certain assets to Top Shop / Top Man (Australia) Limited, an entity controlled by the Arcadia Group, a British multinational fashion retailer. As a result of this transaction, four retail stores located at Gowings and Bondi Junction in Sydney, Emporium in Melbourne and Brisbane City will now be operated by the UK based retailer. Joint Administrator, Ryan Eagle said: "The Administrators are delighted with the outcome of our discussions with Topshop / Topman as it finalises a successful restructure and rightsizing of the business in Australia. Throughout this process we have considered the optimal operational structure of the business, ensuring the brand will continue in the local market and to preserve a significant number of jobs within the business." A Topshop / Topman spokesperson said: "We are excited to operate directly in the Australian market and look forward to delivering unparalleled fashion to our customers. We are delighted to be offering more than 290 jobs within the Australian market at Topshop and Topman." 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 disclosed. AUSTRALIAN ABRASIVE: First Creditors' Meeting Set for Sept. 5 ------------------------------------------------------------- A first meeting of the creditors in the proceedings of Australian Abrasive Minerals Pty Ltd and Mineral Separation Plant Pty Ltd will be held at the offices of KordaMentha, Level 10, 40 St Georges Tce, in Perth, WA, on Sept. 5, 2017, at 10:00 a.m. John Bumbak, Richard Tucker and Rahul Goyal of KordaMentha were appointed as administrators of Australian Abrasive on Aug. 24, 2017. CITYSCORE PTY: First Creditors' Meeting Set for Sept. 4 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Cityscore Pty Ltd will be held at the Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in Perth, on Sept. 4, 2017, at 12:00 p.m. Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor Cordis were appointed as administrators of Cityscore Pty on Aug. 23, 2017. FORTESCUE METALS: Fitch Affirms BB+ Long-Term IDR; Outlook Stable ----------------------------------------------------------------- Fitch Ratings has affirmed Australia-based iron ore miner Fortescue Metals Group Limited's Long-Term Issuer Default Rating (IDR) at 'BB+'. The Outlook on the IDR is Stable. Fortescue's 'BB+' IDR continues to be constrained by the sizeable secured debt in its capital structure. This is despite the improvement in its credit metrics, which Fitch views as now in line with an investment-grade rating, following the company's commitment to strengthen its balance sheet since FY13. "We see Fortescue's operational profile as commensurate with a low 'BBB' rating, supported by its position as one of the lowest- cost iron ore suppliers to Asia (mainly China), which has helped it withstand periods of weak global iron ore prices. Together with its scale and substantial mining assets, this counterbalances the risks associated with producing a single commodity and low geographic diversity," Fitch says. KEY RATING DRIVERS Improving Capital Structure: Fortescue has USD2.16 billion of senior secured debt in its capital structure that constrains its IDR. However, Fitch believes that Fortescue's deleveraging has given it better financial flexibility and, as a result, enhanced its ability to improve its capital structure. The proportion of Fortescue's secured debt to EBITDA continued to decline, reaching 0.6x by the end of financial year to June 2017 (FYE17) from 1.7x at FYE16, following the issuance of USD1.5 billion new unsecured notes in May 2017 and the repayment of USD976 million of secured facilities with the proceeds. Low-Cost Producer: Fortescue's cost of mining and shipping a tonne of iron ore to its main market in China now compares well with other major low-cost ore producers, such as Rio Tinto Ltd (A-/Stable) and BHP Billiton Limited (A+/Negative). Fortescue's cash production costs (C1 costs, which include the cost of mining, processing, port and rail) declined to USD12.82 per wet metric tonne (wmt) in FY17, 17% less than a year earlier and 53% lower than two years ago. The improvement in Fortescue's production costs were driven by an enhanced blend, which uses ore from its newer Solomon mines that have low strip ratios, and better ore processing and beneficiations across all of its ore processing facilities. This allowed the company to mine ore with higher impurities and lower iron ore content, but still maintain product quality. Operating productivity and efficiencies, including managing its plant maintenance and shut-down periods, increased utilisation of its infrastructure, and, to a lesser extent, a weak local exchange rate, together with lower global crude oil prices also helped to reduce costs. Further Cost Improvements Challenging: Fitch expects the company's C1 costs to average around USD12 per wmt in FY18, which is at the upper end of the company's guidance of USD11-12 per wmt. This recognises that factors beyond Fortescue's control, such as crude oil prices and the Australian dollar exchange rate, can have an impact. Investment-Grade Credit Metrics: Fortescue's credit metrics are strong for its rating, as it demonstrated its commitment to deleveraging by using most of the increase in free cash flows to reduce its net debt since FY13. Over that period, the company repaid USD8.2 billion of debt, including USD2.7 billion in FY17. Fitch expects Fortescue to maintain its strong credit metrics, with FFO-adjusted net leverage to remain below 2.5x over the next two years (FY17: 0.6x). This is supported by Fitch expectations that operating cash flows should remain strong as Fortescue benefits from its low cost profile. Fitch expects Fortescue to generate EBITDA of USD17 per dry metric tonne (dmt) of iron ore shipped in FY18 and USD14 per dmt in FY19. Fitch estimates for Fortescue's leverage and EBITDA per dmt are based on Fitch expectations that the benchmark iron ore price, for ore with 62% iron content delivered to China, will average USD55 per dmt for the remainder of 2017 and USD45 per dmt from 2018. Flat Iron Ore Prices: Fitch has maintained Fitch long-term expectations for benchmark iron ore prices at USD45 per dmt for 2018 and thereafter. This is based on Fitch expectations that the global iron ore market is likely to remain well supplied, with new capacity continuing to be added amid weaker demand. This is lower than the average price of USD70 per dmt recorded in FY17, following high iron ore prices in late 2016 and the first half of 2017, but Fitch expects prices to fall in line with market fundamentals over the longer term. DERIVATION SUMMARY Fortescue's credit profile compares well with that of Anglo American plc (BBB-/Stable). Anglo American is one of the world's largest mining companies with significant commodity and geographic diversification. However, Anglo American's rating also reflects its high exposure to South Africa, which is a challenging environment to operate in, given an active unionised workforce and comparatively high wage and electricity cost inflation. In contrast, Fortescue's operations rely on the sale of a single commodity, iron ore. This risk is offset by its strong cost position among global iron ore miners, which supports strong cash flow generation during periods of low iron ore prices. Like Anglo American, Fortescue has successfully improved its financial profile as it prioritises deleveraging and balance sheet strength. However, the presence of secured debt in Fortescue's capital structure remains a rating constraint, which is reflected in the one-notch gap between the ratings on the two companies. KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Fortescue include: - benchmark iron ore price to average USD55 per dmt for 2017 and USD45 per dmt thereafter - Fortescue's C1 costs to remain at between USD12-13 per wmt in FY18 and FY19 - capex of around USD900 million for FY18 in line with the company's guidance - dividend payout ratio to remain at the lower end of Fortescue's guidance of 50% to 80% of net profit after tax from FY18 to FY21 RATING SENSITIVITIES Developments that may, individually or collectively, lead to positive rating action: - absence of secured debt in Fortescue's capital structure. - maintaining FFO-adjusted net leverage at less than 2.5x. - sustaining EBITDA per dmt at USD15 or higher. - maintaining neutral FCF on average. Developments that may, individually or collectively, lead to negative rating action: - FFO-adjusted net leverage sustained at higher than 3.0x. - EBITDA per dmt sustained at less than USD10. LIQUIDITY Comfortable Liquidity, Debt Structure: Fortescue had USD1.8 billion of cash on hand at FY17 and a USD525 million undrawn revolving credit facility (completed on 28 July 2017). It has no debt maturities until 2022, when its senior secured notes of USD2.16 billion and the first tranche of the unsecured notes issued in FY17 of USD750m fall due. The company's total debt of USD4.5 billion at FY17 does not include financial maintenance covenants and the secured notes can be repaid from May 2018 at Fortescue's option. This provides the company with the flexibility to reshape its capital structure, which is supported by its strengthened financial credit profile. FULL LIST OF RATING ACTIONS Fortescue Metals Group Limited -- Long-Term Issuer Default Rating: Affirmed at 'BB+'; Outlook at Stable -- Long-term rating on senior unsecured debt: Affirmed at 'BB+' -- Long-term rating on senior secured debt: Affirmed at 'BBB-' FMG Resources (August 2006) Pty Ltd -- Senior secured notes due in 2022: Affirmed at 'BBB-' -- Senior unsecured notes due in 2022 and 2024: Affirmed at 'BB+' MARKETPLACE MARION: First Creditors' Meeting Set for Sept. 6 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Marketplace (Marion) Pty Limited will be held at the offices of DEM Australasia, Suite 4.02, Level 4, 249 Pitt Street, in Sydney, NSW, on Sept. 6, 2017, at 11:00 a.m. Damien Mark Hodgkinson of DEM Australasia was appointed as administrator of Marketplace (Marion) on Aug. 26, 2017. MATERA 3: First Creditors' Meeting Set for Sept. 4 -------------------------------------------------- A first meeting of the creditors in the proceedings of Matera 3 Pty Ltd will be held at the Conference Room, Plaza Level, BGC Centre, 28 The Esplanade, in Perth, on Sept. 4, 2017, at 1:30 p.m. Cliff Rocke, Jeremy Joseph Nipps and Dino Travaglini of Cor Cordis were appointed as administrators of Matera 3 on Aug. 23, 2017. NETWORK TEN: CBS Agrees to Buy Troubled Australian Broadcaster -------------------------------------------------------------- Dominic Powell at SmartCompany reports that Network Ten has been acquired by US TV giant CBS after Ten entered voluntary administration in June, with CBS entering a binding agreement to acquire all of Network Ten's businesses and assets. Network Ten entered administration after shareholders Lachlan Murdoch and Bruce Gordon did not guarantee a AUD250 million loan to cover the station's AUD200 million debt. Along with the purchase, CBS will look to launch its on demand streaming service CBS All Access in Australia as a competitor to existing services Netflix and Stan, SmartCompany says. "Network Ten is a prime broadcasting asset with over half a century of experience and brand equity in Australia. We have been able to acquire it at a valuation that gives us confidence we will grow this asset by applying our programming expertise in a market with which we are already familiar," the report quotes chairman and chief executive of CBS Corporation Leslie Moonves as saying in a statement. "This acquisition not only presents CBS with considerable broadcasting opportunities in Australia, but also allows for further multi-platform distribution and growth." The acquisition is still subject to regulatory approvals, and the size of the deal has not been disclosed, SmartCompany notes. About Network Ten Network Ten is a division of Ten Network Holdings, one of Australia's leading entertainment and news content companies, with free-to-air television and digital media assets. Ten Network Holdings includes three free-to-air television channels - TEN/TEN HD, ELEVEN and ONE - in Australia's five metropolitan markets of Sydney, Melbourne, Brisbane, Adelaide and Perth, plus the online catch-up and streaming service tenplay. As reported in the Troubled Company Reporter-Asia Pacific on June 15, 2017, KordaMentha Restructuring partners Mark Korda, Jenny Nettleton and Jarrod Villani have been appointed voluntary administrators to Network Ten. "Network Ten will continue to operate under its existing management and operating structures with KordaMentha oversight. Customers, employees and other stakeholders are assured that the administrators intend to keep the business running. Viewers can expect the same content they currently enjoy on Network Ten," KordaMentha said in a statement. The appointment will allow the voluntary administrators to explore options for the recapitalisation or sale of Network Ten. ========= C H I N A ========= CBAK ENERGY: Incurs $3.75 Million Net Loss in Second Quarter ------------------------------------------------------------ CBAK Energy Technology, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of US$3.75 million on US$6.33 million of net revenues for the three months ended June 30, 2017, compared to a net loss of US$2.66 million on US$1.36 million of net revenues for the three months ended June 30, 2016. For the six months ended June 30, 2017, CBAK Energy reported a net loss of US$5.82 million on US$10.05 million of net revenues compared to a net loss of US$4.57 million on US$4.56 million of net revenues for the same period during the prior year. The Company's balance sheet at June 30, 2017, showed US$103.97 million in total assets, US$86.68 million in total liabilities and US$17.29 million in total shareholders' equity. The Company has financed its liquidity requirements from short- term bank loans and bills payable under bank credit agreements and issuance of capital stock. As of June 30, 2017, CBAK Energy had cash and cash equivalents of $2.0 million. Its total current assets were $40.5 million and its total current liabilities were $56.8 million, resulting in a net working capital deficiency of $16.3 million. These factors raise substantial doubts about our ability to continue as a going concern. In June 2016, the Company received advances in the aggregate of $2.9 million from Mr. Jiping Zhou and Mr. Dawei Li. These advances were unsecured, non-interest bearing and repayable on demand. On July 8, 2016, the Company received further advances of $2.6 million from Mr. Jiping Zhou. On July 28, 2016, to convert these advances into equity interests in our Company, the Company entered into securities purchase agreements with Mr. Jiping Zhou and Mr. Dawei Li to issue and sell an aggregate of 2,206,640 shares of its common stock, at $2.5 per share, for an aggregate consideration of approximately $5.52 million. On Aug. 17, 2016, the Company issued these shares to the investors. "We are currently expanding our product lines and manufacturing capacity in our Dalian plant, which require more funding to finance the expansion," the Company stated in the filing. "We may also require additional cash due to changing business conditions or other future developments, including any investments or acquisitions we may decide to pursue. We plan to renew these loans upon maturity, if required, and plan to raise additional funds through bank borrowings and equity financing in the future to meet our daily cash demands, if required. However, there can be no assurance that we will be successful in obtaining this financing. If our existing cash and bank borrowing are insufficient to meet our requirements, we may seek to sell equity securities, debt securities or borrow from lending institutions. We can make no assurance that financing will be available in the amounts we need or on terms acceptable to us, if at all. The sale of equity securities, including convertible debt securities, would dilute the interests of our current shareholders. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict our operations and our ability to pay dividends to our shareholders. If we are unable to obtain additional equity or debt financing as required, our business operations and prospects may suffer." A full-text copy of the Form 10-Q is available for free at: https://is.gd/r00sEt About CBAK Energy Dalian, China-based CBAK Energy Technology, Inc., formerly China BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding company. The Company and its subsidiaries are principally engaged in the manufacture, commercialization and distribution of a range of standard and customized lithium ion (Li-ion) rechargeable batteries for use in an array of applications. The Company's products are sold to packing plants operated by third parties primarily for use in mobile phones and other electronic devices. The Company conducts its manufacturing activities in China. China Bank is the first China-based lithium battery company listed in the U.S., in January 2005 (NASDAQ: CBAK). The Company's subsidiaries include China BAK Asia Holdings Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK Power). Dalian BAK Trading focuses on the wholesale of lithium batteries and lithium batteries' materials, import and export business, and related technology consulting services. Dalian BAK Power focuses on the development and manufacture of high-power lithium batteries. China BAK reported a net loss of US$12.65 million for the year ended Sept. 30, 2016, following net profit of $15.87 million for the year ended Sept. 30, 2015. Centurion ZD CPA Limited, in Hong Kong, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Sept. 30, 2016, stating that the Company has a working capital deficiency, accumulated deficit from recurring net losses and significant short-term debt obligations maturing in less than one year as of Sept. 30, 2016. All these factors raise substantial doubt about its ability to continue as a going concern. CHINA COMMERCIAL: Reports $4.7M Net Loss for Second Quarter ----------------------------------------------------------- China Commercial Credit, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of US$4.72 million on US$56,016 of total interest and fee income for the three months ended June 30, 2017, compared to a net loss of US$1.71 million on US$250,008 of total interest and fee income for the three months ended June 30, 2016. For the six months ended June 30, 2017, China Commercial reported a net loss of US$6.01 million on US$162,792 of total interest and fee income compared to a net loss of US$581,671 on US$484,809 of total interest and fee income for the six months ended June 30, 2016. As of June 30, 2017, the Company had US$6.75 million in total assets, US$7.23 million in total liabilities and a total shareholders' deficit of US$480,945. The Company had an accumulated deficit of US$76,249,601 as of June 30, 2017. In addition, the Company had a negative net asset of US$480,945 as of June 30, 2017. As of June 30, 2017, the Company had cash and cash equivalents of US$1,906,585, and total short-term borrowings of US$ nil. Caused by the limited funds, the management assessed that the Company was not able to keep the size of lending business within one year from the filing. During the six months ended June 30, 2017, the Company incurred operating loss of US$6,014,952. Affected by the reduction of lending business and guarantee business and increased loss loans, the management was in the opinion that recurring operating losses with be made within one year from the issuance of the filing. The Company continues to use its best effort to improve collection of loan receivable and interest receivable. Management engaged two PRC law firms to represent the Company in the legal proceedings against the borrowers and their counter guarantors. During the six months ended June 30, 2017, the Company incurred negative operating cash flow of US$678,054. Affected by significant balance of charged-off interest receivable, the management assessed the Company would continue to have negative operating cash flow within one year from the issuance of the filing of Form 10-Q. The Company continues to reduce the redundant headcount and entered into a new office lease with lower rent commitment since January 1, 2017, to improve operating cash flow. Most loan customers are from textile industry which has been facing downward pressure. Additionally adversely affected by emergence of internet finance entities, the Company was facing fierce competition. Considering the high risks from customer base and competitors, management assessed the Company would further reduce the loan business without strong financial support. The Company is actively seeking other strategic investors with experience in lending business. If necessary, the shareholders of Wujiang Luxiang will contribute more capital into Wujiang Luxiang. "While management believes that the measures in the liquidity plan will be adequate to satisfy its liquidity and cash flow requirements for the twelve months after the unaudited condensed interim consolidated financial statements are available to be issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan will have a material adverse effect on the Company's business, results of operations and financial position, and may materially adversely affect its ability to continue as a going concern," the Company said. A full-text copy of the Form 10-Q is available for free at: https://is.gd/NXhV7p About China Commercial Credit China Commercial Credit, Inc., offers financial services in China. It provides direct loans, loan guarantees and financial leasing services to small-to-medium sized businesses, farmers and individuals in the city of Wujiang, Jiangsu Province. China Commercial reported a net loss of US$1.98 million on US$1.29 million of total interest and fee income for the year ended Dec. 31, 2016, compared with a net loss of US$61.26 million on US$2.98 million of total interest income for the year ended Dec. 31, 2015. Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has accumulated deficit that raises substantial doubt about its ability to continue as a going concern. GENERAL STEEL: Simon & Edward Replaces Friedman as Accountants -------------------------------------------------------------- General Steel Holdings, Inc., disclosed in a Form 8-K report filed with the Securities and Exchange Commission that it engaged Simon & Edward, LLP, as its principal accountant on April 7, 2017, and dismissed Friedman LLP from that role. The change in accountants was approved by the Company's Audit Committee. The audit report of Friedman on the Company's financial statements for the fiscal years ended Dec. 31, 2015, and 2014 contained no adverse opinion or disclaimer of opinion, but the report raised substantial doubt about the Company's ability to continue as a going concern. During the Company's two most recent fiscal years ended Dec. 31, 2015, and 2014, which were audited by Friedman, and for the year ended Dec. 31, 2016, and the subsequent interim period through April 7, 2017, the Company had no "disagreements" with Friedman on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Friedman, would have caused it to make reference in connection with its opinion to the subject matter of the disagreements. According to the Company, during its two most recent fiscal years ended Dec. 31, 2015, and 2014 and for the year ended Dec. 31, 2016, and the subsequent interim period through April 7, 2017, neither the Company, nor anyone on behalf of the Company consulted with S&E. About General Steel Holdings General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel -- http://www.gshi-steel.com/-- has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. Net loss attributable to the Company for the year ended Dec. 31, 2015, was $789 million as compared to $48.7 million for the same period in 2014. As of Dec. 31, 2015, General Steel had $35.8 million in total assets, $78.2 million in total liabilities, and a total deficiency of $42.4 million. Friedman LLP, in New York, NY, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2015, citing that the Company has an accumulated deficit, has incurred continued losses from operations, and has a working capital deficiency at Dec. 31, 2015. In addition, the majority of the Company's operating assets and business has been divested at year-end or in the first quarter of 2016 to related parties. These conditions raise substantial doubt about the Company's ability to continue as a going concern. SINO UNITED: Inability to Obtain Financing Cast Doubt ----------------------------------------------------- Sino United Worldwide Consolidated Ltd. filed its quarterly report on Form 10-Q, disclosing a net loss of $63,128 on $1,221,013 of net revenues for the three months ended June 30, 2017, compared with a net loss of $54,524 on $490,119 of net revenues for the same period in 2016. For the six months ended June 30, 2017, the Company listed a net income of $3,001,120 on $5,043,278 of net revenues, compared to a net income of $1,204 on $1,102,123 of net revenues for the same period in the prior year. The Company's balance sheet at June 30, 2017, showed $5.76 million in total assets, $2.51 million in total liabilities, and a stockholders' equity of $3.24 million. There are no assurances that the Company will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support the Company's working capital requirements. To the extent that funds generated from any private placements, public offering and/or bank financing are insufficient to support the Company's working capital requirements, the Company will have to raise additional working capital from additional financing. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not be able continue its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. A copy of the Form 10-Q is available at: https://is.gd/A4vb55 Sino United Worldwide Consolidated Ltd. is engaged in electronic products and general cargo trading and related consulting service business through its subsidiary named Jin Chih International, Ltd in Taiwan. The Company focuses on providing greentech products outside of China. The Company plans to expand the green energy and technology business in the United States and globally. TONGJI HEALTHCARE: Incurs $539,000 Net Loss in Second Quarter ------------------------------------------------------------- Tongji Healthcare Group, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q disclosing a net loss of $539,219 on $319,303 of total operating revenue for the three months ended June 30, 2017, compared to a net loss of $27,472 on $559,260 of total operating revenue for the three months ended June 30, 2016. For the six months ended June 30, 2017, the Company reported a net loss of $702,408 on $657,699 of total operating revenue compared to a net loss of $152,777 on $1.06 million of total operating revenue for the same period during the prior year. As of June 30, 2017, the Company had $7.45 million in total assets, $14.47 million in total liabilities and a total stockholders' deficit of $7.02 million. "We generally finance our operations through our operating profits and borrowings from related parties. As of the date of this report, we have not experienced any difficulty in raising funds from related parties, and we have not experienced any liquidity problems in settling our payables in our ordinary course of business. We believe that we have adequate funds and capital with respect to conducting its business over the next twelve months." Net cash used in operating activities primarily consists of net loss, as adjusted by depreciation, stock option, and changes in operating assets and liabilities such as accounts receivable, medical supplies, capital lease deposits, prepaid expense and other current assets, accounts payables and accrued liabilities , and other payables. Net cash used in operating activities was $112,105 for the six months ended June 30, 2017, an increase of $88,890 or 383% as compared with the net cash used in operating activities of $23,215 for the same period in 2016. The decrease in net cash provided in operating activities was primarily due to the $702,408 net operating loss. Net cash used in investing activities was $0 for the six months ended June 30, 2017, a decrease of $104,148 or 100%, as compared with the net cash used in investing activities of $104,148 for the same period in 2016. The decrease in net cash used in investing activities was primarily due to no fixed assets being added compared to the same period of 2016. Net cash provided by financing activities primarily consists of proceeds from related party loans. Net cash provided by financing activities was $100,997 for the six months ended June 30, 2017, a decrease of $53,319 or 35%, as compared with net cash provided by financing activities of $154,316 for the same period in 2016. The decrease was primarily attributable to less money being needed to be financed from our related party. The Company's working capital was negative $7,578,047 as of June 30, 2017, as compared with negative $6,745,663 as of Dec. 31, 2016, a decrease of $832,384, which is primarily attributable to the increase in related party loans of approximately $352,804, the decrease of other current receivables of $839,393, and the decrease in other payables of $541,706. A full-text copy of the Form 10-Q is available for free at: https://is.gd/9CnMmf About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. Tongji Healthcare reported a net loss of $3.64 million on $1.93 million of total operating revenue for the year ended Dec. 31, 2016, compared to a net loss of $588,557 on $2.35 million of total operating revenue for the year ended Dec. 31, 2015. Anton & Chia, LLP, in Newport Beach, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has negative working capital of $6,745,663, an accumulated deficit of $7,206,416, and shareholders' deficit of $6,162,728 as of Dec. 31, 2016. The Company's ability to continue as a going concern ultimately is dependent on the management's ability to obtain equity or debt financing, attain further operating efficiencies, and achieve profitable operations. YUZHOU PROPERTIES: 1H 2017 Results Support Moody's B1 Ratings ------------------------------------------------------------- Moody's Investors Service says that Yuzhou Properties Company Limited's 1H 2017 results are in line with Moody's expectations and support the positive outlook on its B1 corporate family rating and senior unsecured rating. "Yuzhou's growing operating scale, robust profitability, and solid liquidity profile continue to support its positive outlook," says Chris Wong, a Moody's analyst. Yuzhou's revenue in 1H 2017 increased by 75% year-on-year to RMB7.2 billion, backed by its strong sales performance over the last 1-2 years. The company's contracted sales grew by 63% year- on-year to RMB24.2 billion during the first seven months of 2017, which will result in robust revenue growth over the next 1-2 years. This sales performance also puts it on track to achieve its revised full-year target of RMB40 billion. The company has RMB35.8 billion of sellable resources for 2H 2017, 76% of which represent new projects. Yuzhou's gross profit margin remained high at 33% in 1H 2017, which continues to support its interest coverage. Consequently, the company's EBIT/interest coverage for the 12 months to June 2017 improved to 4.1x from 3.6x in 2016. Moody's expects Yuzhou's EBIT/interest coverage will register around 3.8x-4.2x over the next 12-18 months, which is strong when compared with its B1 peers. The company continued to extend its debt maturity profile and lowered its funding costs - including one offshore bond - to refinance its higher-cost borrowings. As a result, its borrowing cost fell slightly to 5.99% in 1H 2017 from 6.08% in 2016. Yuzhou's liquidity position remains strong. Its cash balance of RMB19.6 billion at end-June 2017 and strong contracted sales will enable it to meet repayment of its short-term debt of RMB5.4 billion over the next 12 months, as well as committed land premiums of RMB5.8 billion and acquisition cost of project companies of RMB3.4 billion. "However, Yuzhou needs to lower its debt leverage," adds Wong, also the lead analyst for Yuzhou. Yuzhou had been active in land acquisitions to support its growth in 1H 2017. It purchased 10 plots of land for a total attributable cost of RMB8.7 billion during this period. As a result, its reported debt increased to RMB27.8 billion at end-June 2017 from RMB25.8 billion at end-2016, and its debt leverage - as measured by revenue/adjusted debt - remained high at around 52% for the 12 months to June 2017 compared to around 50% in 2016 (This excludes the RMB2.1 billion in debt raised for prefunding the redemption of its offshore bond in February 2017). Moody's expects the company to adopt a prudent land acquisition strategy to control its growth in debt in 2H 2017, such that its revenue/debt will trend towards 70% over the next 12-18 months. Upgrade pressure for the company's corporate family rating could emerge if Yuzhou can: (1) achieve sustainable contracted sales growth, (2) reduce its debt leverage by controlling its appetite for land acquisitions, while ramping up revenue recognition, or (3) maintain high profit margins, strong liquidity and interest coverage. The credit metrics indicating upgrade rating pressure would include revenue/adjusted debt above 70%-75% and EBIT/interest coverage above 3.0x-3.5x on a sustained basis. On the other hand, the ratings outlook could return to stable, if Yuzhou shows: (1) slower-than-expected growth in contracted sales and revenue, (2) a strong appetite for land acquisitions, or (3) that its credit metrics are unlikely to reach upgrade levels over the medium term. In such a situation, EBIT/interest coverage will fall below 3.0x and/or revenue/adjusted debt will remain below 65%-70%. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Yuzhou Properties Company Limited is a property developer that focuses on residential housing in the West Strait Economic Zone and Yangtze River Delta. The company moved its headquarters to Shanghai from Xiamen in 2016. At end-July 2017, it had a land bank of over 10.1 million square meters in terms of total saleable gross floor area. ========= I N D I A ========= AAKAF STEEL: CARE Reaffirms B+ Rating on INR18cr Bank Loan ---------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Aakaf Steel Private Limited (ASPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term/Short Term Bank Facilities 18.00 CARE B+; Stable/CARE A4 Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of ASPL continue to remain constrained on account of decline in total operating income during FY17 (refers to the period April 1 to March 31), its thin profit margins due to low value addition nature of business, leveraged capital structure, weak debt coverage indicators and moderate liquidity position. The ratings are further constrained by risk associated with volatility in steel prices and intense competition in the steel trading business. The ratings, however, continue to derive comfort from promoter's experience in steel trading business. ASPL's ability to increase its scale of operations with improvement in profitability, capital structure and debt coverage indicators along with better working capital management will be the key rating sensitivity. Detailed description of the key rating drivers Key Rating Weaknesses Decline in TOI coupled with thin profit margins during FY17 (Prov.) During FY17 (Prov.), ASPL has registered de-growth in its TOI by 14.81% and stood at INR79.20 crore as compared to previous year on account of decline in sales volumes as well as sales realizations. Overall, profit margins stood very thin owing to trading nature of operations. Leveraged capital structure and weak debt coverage indicators As on March 31, 2017, capital structure stood leveraged marked by an overall gearing ratio of 2.59x due to high debt level against that of net worth base. Further, due to low level of cash accruals and high debt level, total debt to GCA also stood weak at 48.32x as on March 31, 2017 while interest coverage ratio stood low at 1.27x during FY17 which was in line as compared to previous year. Risk associated with volatility in steel prices ASPL trades in iron and steel products, whose prices are linked to prices of iron ore and coal. Iron ore and coal are globally traded commodities and their prices depend on a number of factors including demand and supply scenario, macroeconomic parameters as well as govt. policies. The prices of these commodities have exhibited volatility. Any fluctuation in prices of iron ore and coal normally results in fluctuation in prices of steel products. Highly fragmented and cyclical nature of steel industry The steel industry is cyclical in nature and its prospects are correlated to economic cycles. Moreover, steel industry is highly fragmented and competitive marked by the presence of numerous players in India. Hence the players in the steel trading industry do not have any pricing power and are exposed to high competition thereby putting pressures on profitability. Key Rating Strengths Experienced promoters ASPL was incorporated by Mr.Abdul kadir H. Memon and Mr. Sirajabdul Rajak Nagani who are holding total experience of more than two decades in the trading of iron and steel. Incorporated in June 2000 post merger of Aakaf Industrial Corporation and its associate company, Aakar Steel, Aakaf Steel Private Limited (ASPL) is promoted by Mr. Abdul kadir H. Memon and Mr. Sirajabdul Rajak Nagani. The company is engaged in trading of iron and steel products mainly steel plates, beams, channels, angel Plate, CTD Bars, Round Bars, square bars, etc. ASPL belongs to Myco group where other group entity Myco Infra Pvt. Ltd. (rated CARE B) is engaged into real estate development. AI COTTON: CRISIL Lowers Rating on INR14MM Cash Loan to 'B' ----------------------------------------------------------- CRISIL has been consistently following up with AI Cotton Industries (AIC) for obtaining information through letters and emails dated April 18, 2017 and May 10, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 14 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of AI Cotton Industries. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for AI Cotton Industries is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower.' Based on the last available information, CRISIL has downgraded the rating to CRISIL B/Stable. AIC, set up by Mr. Rasik Thakkar in 2007, gins and presses cotton in Kutch. Its plant has capacity to manufacture 46,000 bales of cotton per annum, and is operating at 60 percent of capacity. The firm integrated operations forward in 2009-10 (refers to financial year, April 1 to March 31) by setting up a cotton oil refinery with capacity of 2835 tonnes per annum, which is operating at 50 percent of capacity. ANIL CONSTRUCTION: Ind-Ra Migrates BB- Rating to Not Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Anil Construction Company's (ACC) Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based limits migrated to non-cooperating category with IND BB-(ISSUER NOT COOPERATING) rating; and -- INR70 mil. Non-Fund Based Limits migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 6 May 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2000, ACC is a partnership firm engaged in road construction and maintenance for MPRDA, with whom it has a 'Class A' contractor status. AXIS OVERSEAS: Ind-Ra Migrates BB- Rating to Not Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Axis Overseas Limited's Long Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR220 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING) rating; -- INR30 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Aug. 19, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Axis Overseas Limited is primarily engaged in trading raw jute and finished jute products. BIRBAL INTERNATIONAL: Ind-Ra Moves B+ Rating to Not Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Birbal International Private Limited's (BIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR100 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 4, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE BIPL was incorporated in 1995 in New Delhi. The company manufactures and exports garments such as kidswear, shirts, t- shirts, jeans and trousers. The company is a 100% export house. CVT TECHNOLOGY: CRISIL Reaffirms 'B' Rating on INR5MM LT Loan ------------------------------------------------------------- CRISIL's rating on the long term bank facilities of CVT Technology Solutions Private Limited (CVT) continues to reflect its small scale of operations in an intensively competitive information technology (IT) industry and average financial risk profile due to weak liquidity. These weaknesses are partly offset by the extensive experience of its promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 5 CRISIL B/Stable (Reaffirmed) Overdraft 1 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 2 CRISIL B/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weakness * Small scale of operations: CVT's scale continues to remain small with estimated operating income of INR5 cr in fiscal 2016-17 in a highly competitive Information technology industry. CVT's small scale will restrict it from achieving benefits associated with economies of scale. * Average financial risk profile Financial risk profile is average marked by estimated gearing of 1.2 times as on March 31, 2017; however debt protection metrics remain weak with estimated interest coverage ratio of 1.7 times for fiscal 2017. Further liquidity is weak marked by stretched receivables and highly utilized bank line. Strengths * Experience of promoters: Promoters have experience of more than 20 years in the IT industry and understand the nuances of the business. The same is expected to help the business risk profile of the company over the medium term. Outlook: Stable CRISIL believes CVT will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' if increase in scale of operations and profitability strengthen financial risk profile. The outlook may be revised to 'Negative' if low cash accrual, or large, debt-funded capital expenditure, or further stretch in working capital cycle weakens financial risk profile. Incorporated in 1995 as Kaveri Infosys Pvt Ltd and promoted by Mr. Thangamuthu and his friend Mr. Pasupathy, CVT got its current name in 2012. The company provides software solutions and services mainly to the healthcare industry. Mr. Thangamuthu has experience in the application development industry. Mr. Pasupathy is the founder-promoter of US-based CareVoyant Inc that provides integrated healthcare solutions in clinical, financial, and business intelligence. DELTA PAPER: CRISIL Raises Rating on INR52MM Cash Loan to B ------------------------------------------------------------ CRISIL has upgraded its rating on the long-term bank facilities of Delta Paper Mills Limited (DPML) to 'CRISIL B/Stable' from 'CRISIL B-/Stable while reaffirming its rating on the short term facilities at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3.5 CRISIL A4 (Reaffirmed) Cash Credit 52.0 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Letter of Credit 6.5 CRISIL A4 (Reaffirmed) Long Term Loan 38.0 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Overdraft 8.0 CRISIL A4 (Reaffirmed) The upgrade reflects CRISIL's belief that the company's business risk profile will continue to improve over the medium term. Business risk profile improved over the past two years as reflected in increase in revenues and operating margins. Revenue and operating margins improved to around INR260 crore and 7.81%, respectively, in Fiscal 2017 against INR236 crore and 3.8%, respectively, in the fiscal 2016. Improvement in business risk profile is on account of gearing up in operations after fire accident in Fiscal 2015. However liquidity of the company remains stretched as reflected in fully utilized cash credit limits and low current ratio. Liquidity is supported by no major maturing debt obligations over the medium term. Liquidity is expected to improve over the medium term with increase in cash credit limits to INR60 crore from current limits of INR43 crore however the same will remain a key rating sensitivity factor over the medium term. Furthermore the planned capital expenditure of INR50 crore (of which INR8-9 crore has already been done) will increase the debt exposure of the company and hence gearing. Resulting in deterioration of financial risk profile of the company. Any significant delay in the planned capital expenditure or more than expected debt exposure may result in adverse effect on rating. Rating continues to reflect large working capital requirement and exposure to intense competition in the paper manufacturing industry. Rating also reflects weak financial risk profile because of high gearing and subdued debt protection measures albeit supported by moderate net worth. These weaknesses are partially offset by DPML's established presence in the paper industry and established relationships with customers. Key Rating Drivers & Detailed Description Weakness * Weak financial risk profile Financial risk profile is weak marked by high gearing, and subdued debt protection measures albeit supported by moderate net worth. Interest coverage ratio and net cash accruals to total debt was 1.64 times and 7%, respectively, in Fiscal 2017. Financial risk profile is expected to remain weak over the medium term. * Large working capital requirements Business is highly working capital intensive, as reflected in gross current assets of 180 days as on March 31, 2017; and is estimated to remain at similar levels over the medium term. Working capital intensive operations is a result of moderate debtors and inventory of around 45 days and 95 days, respectively as on March 31 2017. * Exposure to intense competition in the paper manufacturing industry The Indian paper manufacturing sector is highly fragmented with the presence of a number of large and small players competing for market share. While large players have better efficiencies and pricing power because of their scale of operations, small players are exposed to intense competition and low pricing flexibility, which constrains their profitability Strengths * Established presence in the paper industry supported by promoters' extensive industry experience and established relations with customers DPML benefits from the extensive industry experience of its promoters and its established regional position in the paper manufacturing industry. The overall management of the Delta Paper Mills is controlled by the Laila group, which is headed by Dr. Ganga Raju. He, along with his brother Mr. Ranga Raju who is an engineer by qualification, has wide experience in sugar, paper and herbal extract industries. The third brother, Mr. Rama Raju is a degree holder in pharmacy and is on the board of various group companies such as Nizam Sugars, Delta Sugars, Laila Finance, and Laila Global Feeds. Outlook: Stable CRISIL believes DPML will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of sustained improvement in revenues and operating margins or improvement in working capital management, or in capital structure backed by sizeable equity infusion. Conversely, the outlook may be revised to 'Negative' if steep decline in profitability, higher-than- expected debt-funded capex, or significant increase in working capital cycle lead to weak liquidity and financial risk profile. DPML was established in 1975, by Late Mr. Vijay Kumar Raju. The company commenced its production in 1978. It is a part of the Laila group of companies, which is engaged in diverse businesses including sugar, paper, nutraceuticals, and education. DPML manufactures writing and printing paper, including creamwove, white printing, offset, and maplitho paper DPML reported a profit after tax of INR0.98 crore on revenue of INR238.8 crore in fiscal 2017, against a net loss of INR5.84 crore and revenue of INR218.41 crore in fiscal 2016. DS AGRIFOODS: CARE Reaffirms B+ Rating on INR14.98cr LT Loan ------------------------------------------------------------ CARE Ratings reaffirmed ratings on certain bank facilities of DS Agrifoods Private Limited (DSA), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 14.98 CARE B+; Stable Reaffirmed Detailed Rationale and Key Rating Drivers The rating assigned to the bank facilities of DSA continues to remain constrained by its small scale of operations coupled with low net worth base, low profitability margins, leveraged capital structure and weak debt coverage indicators. The rating is further constrained by susceptibility to fluctuation in raw material prices and monsoon dependent operations and fragmented nature of industry coupled with high level of government regulation. The rating, however, continue to take comfort from experienced directors, growing scale of operations and moderate operating cycle. Going forward; ability of DSA to increase its scale of operations while improving its profitability margins and overall gearing ratio shall remain the key rating sensitivities. Also, effectively managing the working capital requirements shall be the key rating sensitivity. Detailed description of the key rating drivers Key Rating Weaknesses Small though growing scale of operations coupled with low net worth base: The scale of operations of DSA continues to remain small marked by total operating income (TOI) and gross cash accruals of INR62.60 crore and 0.65 crore in FY17 ( refers to the period April 1 to March 31; based on provisional results). Furthermore, the tangible net worth of the company stood relatively small at INR6.27 crore as on March 31, 2017. The small scale limits the company'. s financial flexibility in times of stress and deprives it of scale benefits. The total operating income of DSA has grown from INR53.73 crore in FY15 to INR62.60 crore in FY17 (Provisional) reflecting a compounded annual growth of around 8%. This was attributable to higher quantity sold to its existing customers coupled with addition of newly added customers. Further, the firm achieved TOI of around INR21.86 crore in 4MFY18 (refers to period April 1 to July 31, based on provisional results). Low profitability margins, leveraged capital structure and weak debt coverage indicators: The profitability margin of the company continues to remain low for the past 3 financial years (FY15-17) due to low value addition and highly fragmented nature of industry characterized by intense competition. This apart, interest burden on working capital borrowing also restricts the net profitability of the company. The PBILDT margin of the company stood around 3% in last 3 financials years (FY15-17). During the same period, the PAT margin has improved and stood at 0.25% in FY17 as against 0.10% in FY16. The capital structure of the company continues to remain leveraged marked by overall gearing ratio of above ~2x on the balance sheet of last three financial years (FY15-17). The company has leveraged capital structure mainly attributed to high working capital requirement which are largely met through bank borrowings. The coverage indicators remained weak though improved in FY17 marked by interest coverage and total debt to gross cash accruals of 1.53x and 23.53x respectively as against 1.37x and 29.22x in FY16 on account of lower interest cost coupled with improvement in profitability levels resulting in better GCA levels. Susceptibility to fluctuation in raw material prices and monsoon dependent operations: Agro-based industry is characterized by its seasonality, as it is dependent on the availability of raw materials, which further varies with different harvesting periods. The price of rice moves in tandem with the prices of paddy. Availability and prices of agro commodities are highly dependent on the climatic conditions. Adverse climatic conditions can affect their availability and leads to volatility in raw material prices. Paddy is the major raw material and the peak paddy procurement season is during November to January during which the company builds up raw material inventory to cater to the milling and processing of rice throughout the year. The monsoon has a huge bearing on crop availability which determines the prevailing paddy prices. Since there is a long time lag between raw material procurement and liquidation of inventory, the company is exposed to the risk of adverse price movement resulting in lower realization than expected. Fragmented nature of industry coupled with high level of government regulation: The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. There are several small scale operators which are not into end- to-end processing of rice from paddy, instead they merely complete a small fraction of processing and dispose-off semi- processed rice to other big rice millers for further processing. The raw material (paddy) prices are regulated by government to safeguard the interest of farmers, which in turn limits the bargaining power of the rice millers. Key Rating Strengths Experienced Directors: Mr. Rakesh Kumar Agarwal and Mr. Amit Agarwal collectively look after the overall operations of the company. Both the directors have around one and a half decades of experience in trading and processing of agro products through their association with DSA. Moderate operating cycle: The operating cycle of the company continues to remain moderate at 71 days for FY17. The company maintains a minimum inventory of raw material for around two months for smooth functioning of the processing business. Moreover, the firm maintains inventory in the form of finished goods to meet the immediate needs of the customers. All these resulted into an average inventory of 46 days for FY17. The firm receives payment in up to 30 days from its customers. Furthermore, the company procures raw material with a credit period of up to 7 days for FY17. The average utilization of it working capital limits stood 80% utilized for the past 12 months ended July, 2017. Pilibhit (Uttar Pradesh) based DS Agrifoods Private Limited (DSA) was incorporated in 2013 and was promoted by Mr. Amit Agarwal, Mr. Rakesh Kumar Agarwal and Mr. Anuj Agarwal. The company has succeeded an erstwhile partnership firm 'D.S. Exports (DSE)'. (established in 2000) and the said firm was converted into private limited company. The company is engaged in trading and processing (milling) of paddy and rice. The manufacturing unit is located at Pilibhit, Uttar Pradesh with a total installed capacity of 20 tonne per day (TPD) as on March 31, 2017. DSA procures paddy and rice from local grain markets located in Uttar Pradesh through commission agents. The company sells its products i.e. basmati and nonbasmati rice mainly in Uttar Pradesh, Uttarakhand, Delhi and Rajasthan through dealer and distribution network. The company also exports to Singapore, Nepal and gulf countries. The export proportion stood at ~35% of the net sales for FY17 and The company sells basmati rice in the brand name 'Doon Malai'. and 'Hill Queen'. and non-basmati rice is mainly sold in the brand name 'Goodric'. The product is sold in packaging of 1kg, 5kg, 10kg and 25kg. The firm has two group concerns namely Durgar Rice Industries engaged in trading of paddy and Lord Pashupati Seeds Private Limited engaged in seeds farming. GOLDEN STAR: CRISIL Lowers Rating on INR6.2MM Cash Loan to 'B' -------------------------------------------------------------- CRISIL has been consistently following up with Golden Star Facilities and Services Private Limited (GSFL) for obtaining information through letters and emails dated April 18, 2017, and May 9, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6.2 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB+/Stable') Proposed Long Term 1.8 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB+/Stable') Working Capital 1.0 CRISIL B/Stable (Issuer Not Demand Loan Cooperating; Downgraded from 'CRISIL BB+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Golden Star Facilities and Services Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Golden Star Facilities and Services Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. GSFL was set up in 1999 as a proprietorship firm - Golden Star Services - by Ms. Anita Verghese. The firm was reconstituted as a private-limited company with the current name in 2010. In December 2015, Manipal Integrated Services Pvt Ltd acquired 60 percent stake in the company. It is headquartered in Hyderabad, Telangana. HILLTOP CONCRETE: CARE Lowers Rating on INR17cr LT Loan to 'D' -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Hilltop Concrete Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 17 CARE D Revised from CARE B Detailed Rationale & Key Rating Drivers Ongoing delay in debt servicing: The revision in the rating assigned to the bank facilities of HCPL is primarily due to irregularity in servicing its debt obligations owing to weak liquidity position. Incorporated in 2012, Surat (Gujarat) based, HCPL is promoted by Mr. Vinay Chaudary, Mr. Kirtee Chaudary, Mr. Priyank Chaudary and Mr. Gaurav Chaudary. During March 2016, HCPL completed debt funded capital expenditure to set up plant for manufacturing of AAC Block at Kapadvanj (Dist: Kheda, Gujarat) which has installed capacity of 285,000 cubic meters per annum. HOLISTIC REMEDIES: CARE Assigns B Rating to INR6.0cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Holistic Remedies Private Limited (HEPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 6.00 CARE B; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Holistic Remedies Private Limited (HEPL) is tempered on account of modest scale of operations, weak profitability; highly leveraged capital structure coupled with weak debt coverage indicators. The rating is further tempered by working capital intensive nature of operations and presence in highly competitive and fragmented industry. Above weakness are partially offset by long track record of operation and experience of promoters and their demonstrated financial support in past. The ability of HEPL to increase its scale of operations and improvement in profitability margins and capital structure along with efficient management of working capital requirement are the key rating sensitivities. Detailed description of Key rating drivers Key rating Weakness Modest scale of operations coupled with low profitability: Over the past three years, HEPL'. s operating income has grown steadily at a CAGR of 7.5% to INR21.77 crore in FY16. Nonetheless, with a modest net-worth base of INR1.35 crore as on March 31, 2016, its scale of operations remains relatively modest restricting its financial flexibility. Further, due to stiff competition faced from local organized and unorganized sector manufacturers, as well as reliance on high cost external borrowings to fund working capital, HRPL'. s profitability has remained thin. Highly leveraged capital structure coupled with weak debt coverage indicators: HEPL higher reliance on external borrowings to fund its working capital requirements led to leveraged capital structure. The aforementioned, coupled with low profitability led to HRPL'. s weak debt protection metrics. Working capital intensive nature of operations with weak liquidity position: HRPL'. s operations are working capital intensive in nature with funds largely being blocked in receivables and inventory. The company has long standing business relations with its clientele and offers credit of 60-90 days to them. Furthermore, due to low profitability, it relies heavily on bank borrowings to fund working capital requirements leading to a weak liquidity position. Presence in highly competitive and fragmented industry: HEPL operates in the niche market of Homeopathic remedial products which largely constitutes of manufacturers in unorganized segment and clinics formulating their own pills with Homeopathic liquids being imported from European manufacturers such as Germany. The industry is categorized as a highly competitive and fragmented industry facing stiff competition from conventional medicine as well as Ayurveda. Key rating Strengths Experienced and resourceful promoters along with strong group support: HEPL is promoted by Dr. Nalini Batra who is a practitioner in the field of Homeopathy for nearly 3 decades. Her medical expertise helps the company to develop and update its products as well as help gain customers such as the reputed Homeopathic clinic chain of Dr. Batra'. s. She is further support by her son Mr. Pranav Batra who has been involved with the company since its inception. Furthermore, the promoters have demonstrated financial support for the operations of the company by way of infusion of interest free unsecured loans. Incorporated in the year 1986 by Dr. Pranav Batra and Dr. Nalini Batra, Holistic Remedies Private Limited (HRPL) is engaged into manufacturing of Homeopathic medicines in collaboration with Bioforce AG (a Switzerland based company) at its facility in Kundhan Village, Thane which is spread over 52040 sq. ft. Its products are marketed under the brand name 'Bioforce'. and 'Blooume'. across India. The company supplies Homeopathic products to Dr. Batra'. s Positive Health Clinic Private Limited. INDUSTRIAL ASSOCIATES: CRISIL Cuts Rating on INR11.75MM Loan to B ----------------------------------------------------------------- CRISIL has been consistently following up with Industrial Associates (IA) for obtaining information through letters and emails dated April 24, 2017 and May 4, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3.25 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 11.75 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Industrial Associates. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Industrial Associates is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B' category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. Established in 1969, IA is a partnership firm. It manufactures and trades in refractory materials used in lining furnaces, kilns, fireboxes, and fireplaces. The firm primarily deals in firebricks and its product profile includes fireclay, high-grade alumina, sillimanite, monolithic, and other basic and special purpose refractories. It also trades in insulation materials, and designs insulation systems for kilns and ovens. ISHWAR OIL: CARE Lowers Rating on INR5.53cr LT Loan to 'D' ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Ishwar Oil Industries (IOI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.53 CARE D Revised from CARE B+; ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers Ongoing delays in Debt servicing The revision in the rating assigned to the bank facilities of IOI is primarily due to irregularity in servicing its debt obligations on account of weak liquidity position. Rajkot (Gujarat) based Ishwar Oil Industries (IOI) was established during November 2013 by Mr. Rameshbhai Gamdha, Mr. Jadavbhai Gamdha and Mr. Ketanbhai Gamdha. IOI is a partnership firm engaged in manufacturing of cotton seed cake and trading of all agricultural produce. However the commercial operation commenced from November 2014. The day-to-day operations are managed by Mr. Rameshbhai Gamdha and he has experience of more than a decade in this industry. The firm procures cotton seeds from traders and cotton ginning units, and undertakes processing on the same, while the finished products are sold to oil refining companies and industrial users. ISR INFRA: CRISIL Lowers Rating on INR5.0MM Cash Loan to B ---------------------------------------------------------- CRISIL has been consistently following up with ISR Infra Private Limited (IIPL) for obtaining information through letters and emails dated April 18, 2017, and May 9, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 2.17 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Open Cash Credit 5.00 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Working Capital 0.83 CRISIL B/Stable (Issuer Not Term Loan Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ISR Infra Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for ISR Infra Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable/CRISIL A4'. Established in 2010, IIPL is engaged in civil construction related to construction of roads and bridges. Based out of Visakhapatnam in Andhra Pradesh, IIPL is promoted by Mr. Srinivas Rao and his family. ITP ELECTRONICS: CRISIL Cuts Rating on INR3.5MM LT Loan to 'B' -------------------------------------------------------------- CRISIL has been consistently following up with ITP Electronics Private Limited (IEPL) for obtaining information through letters and emails dated April 13, 2017, and May 8, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 3 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 3.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Proposed Long Term 3.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of ITP Electronics Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for ITP Electronics Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. IEPL was set up in 2001 as ITP Infotech Pvt Ltd and got its current name in 2014. It manufactures wire harnesses, coil assemblies, relays, power cords, connectors, and stabilizers. The company is promoted by Mr. Brij Mohan Vaish and his son Mr. Pawan Vaish. It has two plants, one each in Haridwar and Gurgaon. JANAKIRAMA RAW: CRISIL Lowers Rating on INR9MM Cash Loan to 'B' --------------------------------------------------------------- CRISIL has been consistently following up with Janakirama Raw and Boiled Rice Mill (JRBRM) for obtaining information through letters and emails dated April 18, 2017, and May 9, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Open Cash Credit 9 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Janakirama Raw and Boiled Rice Mill. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Janakirama Raw and Boiled Rice Mill is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. Set up in 2000, JRBRM mills and processes paddy into rice, rice bran, broken rice and husk. Its rice mill is located in Vakada, Andhra Pradesh. The operations are managed by key promoter, Mr. Bhaskara Rao. JAYPEE INFRATECH: Ready to Hand Over 25 Apartments -------------------------------------------------- The Times of India reports that the first possession letters in Jaypee Infratech projects after insolvency proceedings began against the company came on August 26 when 25 flats in Aman were offered for handover to their buyers. TOI relates that the handovers, by the insolvency resolution professional (IRP) appointed for the company, are part of a bigger exercise to give possession of 671 flats over the next 45 days or so. Over the next two-three months, another 450 apartments in six towers of Aman and one tower of Kosmos are to be offered for possession, taking the number of deliveries to around 1,150, sources told TOI. This is a confidence-building exercise for nearly 25,000 individuals who are waiting for villas, plots and apartments in 27 Jaypee projects that are covered by the insolvency proceedings, TOI says. In addition to delivering flats, efforts will also be made to speed up construction in pending projects, something that the IRP has already indicated. For this, however, funding has still to be tied up. In addition, efforts are under way for the registration of another 1,350 apartments where possession had already been offered but several homebuyers were reluctant to take it up. However, the insolvency proceedings have changed that and the buyers are now keen on taking possession at the earliest. Sources said registrations will begin as soon as all payments are made, although it is expected that the process will be completed after the constitution of the creditors' committee, which has to be done by September 9. "Besides, there is a capacity issue at the registry office," said a source. The realtor, which is running years behind schedule, had offered a time-frame for handing over possession till 2021, which is over a decade after the projects were launched by the Gaurs. The flats that are being offered for possession now were almost ready when the National Company Law Tribunal ordered the initiation of insolvency proceedings against Jaypee Infratech. The insolvency plea was filed by IDBI Bank, on instructions of the Reserve Bank of India as the company had defaulted in loan repayment and the Gaurs, the promoters, were seen to be dithering in making their share of compromise to get the projects back on track. "The idea is to signal that it is business-as-usual and there is a very bright light at the end of the tunnel as far as homebuyers are concerned," said a source. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 15, 2017, Moneycontrol said the Allahabad bench of the National Company Law Tribunal on Aug. 9 accepted lender IDBI Bank's plea and classified Jaypee Infratech as an insolvent company. With this, the board of directors of the company remains suspended. According to the report, the Tribunal will now appoint an insolvency resolution professional -- an official from one of the seven accounting firms selected for this purpose. The professional will sit with Jaypee's creditors to see if a resolution of the company's debt is possible. The appointed official will get 270 days to turn around the company's finances. In case the turnaround doesn't happen, the company's assets will be liquidated. Jaypee Infratech Limited (JIL) is engaged in the real estate development. The Company's business segments include Yamuna Expressway Project and Healthcare. The Company's Yamuna Expressway Project is an integrated project, which inter alia includes construction of 165 kilometers long six lane access controlled expressway from Noida to Agra with provision for expansion to eight lane with service roads and associated structures on build, own, operate and transfer basis. The Company provides operation and maintenance of Yamuna Expressway for over 36 years, collection of toll and the rights for development of approximately 25 million square meters of land for residential, commercial, institutional, amusement and industrial purposes at over five land parcels along the expressway. The Healthcare business segment includes hospitals. The Company has commenced development of its Land Parcel-1 at Noida, Land Parcel-3 at Mirzapur and Land Parcel-5 at Agra. KHOKHAR INFRA: Ind-Ra Moves BB- Rating to Not Cooperating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Khokhar Infrastructure Private Limited's (KIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions as follows: -- INR50 mil.Fund-based working capital limit migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING) rating; -- INR300 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were assigned on July 14, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2007, KIPL is an 'A' class contractor registered in Jharkhand and Bihar. The company is engaged in the construction of roads and bridges. KISANMITRA COLD: CARE Assigns B Rating to INR19cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Kisanmitra Cold Storage Private Limited (KCSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 19 CARE B; Stable Assigned Detailed Rationale& Key Rating Drivers The rating assigned to the bank facilities of Kisanmitra Cold Storage Private Limited (KCSPL) is tempered on account of short track record of operations with low capitalization, project execution and stabilization risk, weak liquidity position with working capital nature of operations and its presence in a highly competitive and fragmented industry. The rating however derives strength from the experience of the promoter in agro based business and locational advantage and comfortable capital structure and moderate profitability. Going forward ability of the company to increase its scale of operations with timely completion and subsequent stabilization of its project and maintain its profitability and improve capital structure and liquidity position are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations coupled with short track record of operations: KCSPL was incorporated in the year 2013. However, commenced its commercial operations in the year 2015. Owing to short track record of operations of two years the scale of operations has remained small with low net worth base. The small scale restricts the financial flexibility of the company in times of stress and deprives it from scale benefits. Seasonality of business with susceptibility to vagaries of nature coupled with price volatility of agro based products: KCSPL's operations are seasonal in nature as the firm is in agro based business which is inherently dependent on the vagaries of nature. In view of the same, lower agricultural output may have an adverse impact on the availability of agro commodities and rental collections. Availability and prices of agro commodities are highly dependent on the climatic conditions. Adverse climatic conditions can affect their availability and lead to volatility in prices. Moreover there is a time lag between procurement of fruits and vegetables and liquidation of inventory the company is exposed to the risk of adverse price movement resulting in lower realization than expected. Working capital intensive nature of operations with weak liquidity position: Owing to agro based nature of business the company has to maintain high level of inventory which is highly dependent on vagaries of nature which makes the operations of the company working capital intensive in nature. However, the entity receives sufficient credit period from its suppliers resulting in comfortable operating cycle. However, the liquidity position of the entity remained weak with current ratio remaining below unity as on March 31, 2017. Project execution and stabilization risk: The company is in process of setting up of a new cold storage unit with a storage capacity of 5000 MT within the same premises and is also setting up a processing plant for frozen food and fruit pulp. The total cost of the project is estimated at INR14.70 crore and the project is expected to be completed by December 2017. Timely completion of the project is critical from credit perspective. Fragmented nature of operations and intense competition from other players in the region: The Indian trading industry is highly unorganized & fragmented in nature. Due to low entry barriers, the trading Industry in the country is flooded with many unorganized players. This has led to high level of competition in the industry and players work on wafer-thin margins. The cost of goods purchased is the major cost component for the trading industry, accounting for about 93-94% of the sales. Availability of goods is not an issue for the industry but procuring these goods at competitive prices poses a challenge to maintain margins. Key Rating Strengths Experienced Promoter: KCSPL was established by Ms Usha Vaidya, Mr. Sanjay Ayachit, Ms SmitaAyachit and Ms Snehal Deshmukh. The promoters of the company are the members of Ayachit and Vaidya family. They have been associated with the company since inception. The overall operations of the company are managed Ms Usha Vaidya who has an experience of one decade in the field of electrical engineering. She is assisted by Mr. Hemant Vaidya possessing an experience of about fifteen years in trading and warehousing of agro based products through associate entity Kisanmitra Warehousing Private Limited. The other promoters of the company Mr. Sanjay Ayachit, Ms Snehal Deshmukh and Ms Smita Ayachit have an experience of around a decade in agro based industries. The long experience of the promoter supports the business risk profile of the company. Locational advantage with proximity to raw material and customer base: Location advantage emanating from proximity of oilseeds and pulses growing areas as KCSPL is situated in Latur district of Maharashtra which covers all major oil seed and pulses growing areas like Udgir, Ausa, Bhada, etc. Also for the cold storage it has a favorable location proximity to the leading grapes, custard apple and vegetable growing areas (Marathwada Region) augers well for the company. As both the factors provide wide catchment and making it suitable for the farmers in terms of transportation and connectivity. In addition to this KCSPL is also in trading of oil seeds and pulses procured from farmers. This enables KCSPL to reduce its dependence on any single agricultural commodity as well as single business model. Comfortable capital structure and profitability: Owing to initial years of operations and with the nature of business being rental and trading dependence on external funds has remained low in initial years. Consequently capital structure has remained comfortable with below unity overall gearing. Further the profitability has remained at comfortable level owing to rental income being received against low operational cost against it despite slightly higher contribution of trading income towards total income. However, with debt funded capacity expansion planned by the entity capital structure is expected to deteriorate. Eligible for subsidy against capital expenditure under central and state government funded scheme: KCSPL is eligible for capital subsidy under the scheme of Ministry of Food Processing Industries (MOFPI) along with Maharashtra Industrial Development Corporation. The company has filed all the necessary documents for the same and has received approval for the same in the month of April 2017. KCSPL is engaged in trading of agro commodities and providing cold storage facility to farmers. The company has one central unit consisting of multi chambered and multi commodity cold storage having a storage capacity of 5000 metric tons (MT). The cold storage is used for storing traded material (fruits, vegetable, dairy products etc.) and for renting the facility to farmers. The trading business contributes more than 50% to the total operating income. Currently the company is in the process of setting up of a new cold storage unit with a storage capacity of 5000 MT within the same premises and is also setting up a processing plant for frozen food and fruit pulp. The total cost of the project is estimated at INR14.70 crore. M.S. REDDY: CARE Assigns INR7.40cr LT Bank Loan to B+ ----------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of M.S. Reddy, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 7.40 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of M.S. Reddy (MSR) are constrained by the short track record, project implementation risk with substantial project cost yet to be incurred and constitution of the entity as proprietorship firm with inherent risk of withdrawal of capital. The rating is, however, underpinned by the experienced and qualified proprietor, financial closure achieved for the project and stable outlook of the warehousing sector. Going forward, the ability of the firm to complete the project within the envisaged cost and time and consistently add new customers are key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Short track record M.S. Reddy was established in the year 2014 as a proprietorship firm promoted by Mr. M Sahadeva Reddy. The entity is engaged in the setting up of agriculture rural godown with an installed capacity of 39,030 MT/1,70,000 Sq. feet in the location Kasaba Hobli, Nelamangala Taluk, Bengaluru, Karnataka. The Scheduled Commercial Operational Date (SCOD) of the project is expected to be on December, 2017. Project implementation risk with substantial project cost yet to be incurred The total proposed cost of project is INR10.75 crore which is funded through bank term loan of INR7.40 crore and promoters'. contribution of INR3.35 crore. As on July 31, 2017, the firm has incurred expenses of INR5.50 crore (around 51.16% of total project cost) and the same is funded by the promoters'. capital (Rs.1.50 crore) and term loan (Rs.4.00 crore). Therefore, the ability of the firm to complete the project without any cost and time over run will remain critical from credit perspective. Constitution of the entity as proprietorship firm with inherent risk of withdrawal of capital Constitution as a proprietorship 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, proprietorships 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 Experienced and qualified proprietor M.S. Reddy is promoted by Mr. M Sahadeva Reddy, who is a Fellow Chartered Accountant and Fellow Company Secretary and has 3 years of experience in warehousing business. Further, Mr. M Sahadeva Reddy also has experience of three decades in finance and auditing sector. He is a practicing chartered accountant in the name of M.S. Reddy & Company from 1985. Through his vast experience and knowledge in various business, the promoter has establish good relationship with customers. Financial closure achieved for the project The entity has achieved financial closure for the said project. The total proposed cost of project is INR10.75 crore which is funded through bank term loan of INR7.40 crore and promoters'. contribution of INR3.35 crore. Stable outlook of the warehousing sector Warehousing plays a very vital role in promoting agriculture marketing, rural banking and financing and ensuring Food Security in the county. It enables the markets to ease the pressure during harvest season and to maintain uninterrupted supply of agricultural commodities during off season. Hence, it solves the problems of glut and scarcity, which are the usual problems in agricultural marketing. Though warehousing is an independent economic activity, yet is closely linked with production, consumption and trade. Warehousing is now seen as an integral part of the supply chain where goods are not only stored for safekeeping, but also where other value processes are implemented, thereby minimizing wastage and costs. Agricultural warehousing accounts for fifteen percent of the warehousing market in India and is estimated to be worth INR 8,500 crore. However, it is perceived to be inadequate and unorganized. More than 40 percent of the agricultural warehouses are run by state enterprises such as FCI, CWC and SWCs. About 30 per cent of the warehousing capacity is held by unorganized small godown players. These unorganized warehouses lack scale and quality. On the other hand, there are a few large national-level players in the warehousing market who run professionally and also provide ancillary services around warehousing. Although there is no exact data on the number of warehouses present, some of the substantial capacities available in public, cooperatives and private sectors are depicted in the adjacent table. Given the fact, that a huge quantity of government procured food grains are kept in open storage (CAP) for months together, the risk of quality deterioration needs no emphasis. In this context, the finding of an expert Committee, point to a total warehousing gap of 35 million MT during the 12th plan period, reflecting the excess of demand for warehousing capacity. In other words, warehousing capacity of 35 million MT needs to be created in the country during the 12th plan period to ensure that the demand for storage of agri commodities is adequately taken care of. Of this gap, as indicated above, capacity of 12.11 million MT has already been created. The gap in so far as the private sector is concerned is likely to be about 10 million MT as the bulk of the storage gap is in the public sector. M.S Reddy is a proprietorship firm and was established in the year 2014 and promoted by Mr. M Sahadeva Reddy. The entity is engaged in the setting up of agriculture rural Godown with an installed capacity of 39,030 MT/1,70,000 Sq. feet in the location Kasaba Hobli, Nelamangala Taluk, Bengaluru, Karnataka. The total proposed cost of project is INR10.75 crore which is funded through bank term loan of INR7.40 crore and promoters'. contribution of INR3.35 crore. The Godowns would be utilized by governments, private organizations and local formers for storage requirements of products like Mirchi and various food grains. The proposed rent for the Godown during initial year of commencement is INR 14 /- per Sq. feet per month. The Scheduled Commercial Operational Date (SCOD) of the project is expected to be on December 2017. MAHA MARUTI: CRISIL Lowers Rating on INR1.5MM Cash Loan to 'B' -------------------------------------------------------------- CRISIL has been consistently following up with Maha Maruti Logistics Private Limited for obtaining information through letters and emails dated April 18, 2017, and May 09, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 7 CRISIL A4 (Issuer Not Cooperating; Downgraded from 'CRISIL A4+') Cash Credit 1.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Proposed Long Term 1.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Maha Maruti Logistics Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Maha Maruti Logistics Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable/CRISIL A4'. Maha Maruti Logistics Private Limited (Mahamaruti) was earlier established as a partnership firm Maruti Transports in 1978 by Mr. A Satyanarayana Murthy. During the year 2004, the firm was reconstituted to a private limited company. Mahamaruti is engaged in the business of providing freight forwarding, customs clearance, inland transportation, warehousing, and consultancy. MODULUS COSMETICS: CRISIL Cuts Rating on INR10MM Loan to 'B' ------------------------------------------------------------ CRISIL has been consistently following up with Modulus Cosmetics (MDC) for obtaining information through letters and emails dated April 13, 2017, and May 10, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 3 CRISIL A4 (Issuer Not under Letter of Cooperating; Downgraded from Credit 'CRISIL A4+') Cash Credit 10 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB-/Stable') Long Term Bank 2.12 CRISIL B (Issuer Not Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') Proposed Long Term 0.88 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB-/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Modulus Cosmetics. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Modulus Cosmetics is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. MDC, a proprietorship firm of Mr. Rajan Dhir set up in 2010, manufactures soap billets at its unit in Taksal, Himachal Pradesh. MOENUS TEXTILE: Ind-Ra Migrates BB+ Rating to Not Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Moenus Textile Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR106 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB+(ISSUER NOT COOPERATING) rating; -- INR57.1 mil. Term loans migrated to non-cooperating category with IND BB+(ISSUER NOT COOPERATING) rating; and -- INR21 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 11, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2005, Moenus Textile Private Limited manufactures cotton yarn in Mandideep, Madhya Pradesh, using rotor spinning technology. The company also has a waste recycling plant to produce low-value cotton yarn. NAGABHUSHANAM & CO: Ind-Ra Migrates BB- Rating to Not Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Nagabhushanam & Co's (NC) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR34.5 mil. Fund-based facilities migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; -- INR140 mil. Non-fund-based facilities migrated to non- cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 3, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2001, NC executes civil works for the government of Telangana such as the construction and improvement of roads & bridges. The firm is a partnership concern and is operated by two partners Nagabhushana Rao and Visweswara Rao. NAYAAB JEWELS: CARE Downgrades Rating on INR17.70cr Loan to 'D' --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Nayaab Jewels (NJ), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 17.70 CARE D Revised from Facilities CARE B Short-term Bank 0.27 CARE D Revised from Facilities CARE A4 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of NJ factors in the continuous delay in servicing of debt obligations by the firm. Establishing a clear track record of timely debt servicing is the key rating sensitivity. Detailed description of the key rating drivers Key Rating Weakness Delay in debt servicing obligations: As per interaction with the banker, there are continuous delays in servicing of interest payments and overdrawals in cash credit facility and the account has been classified as NPA. Established in the year, 2003, Nayaab Jewels (NJ) is engaged in the manufacturing and designing of gems, diamonds, precious and semi-precious stone studded jewellery in gold, silver and platinum. The firm is promoted by Mr. Upendra Bothra and Mrs Manali Bothra. Mr. Upendra Bothra is a third generation entrepreneur of the Bothra family having presence in the gems and jewellery business segment since 1961. Further, Mrs Manali Bothra, hails from the Lalwani family who are also engaged in the manufacturing and designing under the brand name of "Rajmal Lakhichand Jewellers Private Limited" having presence across Maharashtra. Thus, being in the industry from a very young age, Mrs.Manali Bothra has a long standing experience in the gems and jewellery segment. The firm has two showrooms situated in Jaipur and Mumbai spread across an area of 5,000 square feet and 2,500 square feet respectively along with a manufacturing facility in Jaipur. PADHAS HYDEL: CRISIL Lowers Rating on INR24MM Term Loan to 'B' -------------------------------------------------------------- CRISIL has been consistently following up with Padhas Hydel Projects Private Limited (PHPPL) for obtaining information through letters and emails dated April 13, 2017, and May 10, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1.6 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) Term Loan 24.0 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL B+/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Padhas Hydel Projects Private Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Padhas Hydel Projects Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating at 'CRISIL B/Stable/CRISIL A4'. PHPPL, promoted by Himachal Pradesh-based Kishore and Mishra families, is setting up a small hydropower project of 5 megawatt near Boh in Kangra. The plant is likely to start commercial operations in February 2017. PATIDAR AGRICARE: CARE Assigns 'B' Rating to INR5.15cr LT Loan -------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Patidar Agricare(PAGR), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.15 CARE B; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of PAGR is constrained on account of its small scale of operations, thin profit margins, constitution as a partnership firm, competition from other local players and seasonal nature of business. The rating is further constrained on account of short track record of its operations and its overall financial position marked by weak solvency and liquidity position. The rating, however, derives strength from the wide experience of the key promoter in the agriculture industry, located in potato growing region of Gujarat and availability of fiscal benefits from the government. The ability of PAGR to Increase its scale of operations along with improvement in the overall financial risk profile marked by an improvement in profit margins, solvency position along with efficient working capital management are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations with thin profitability Overall scale of operations stood very small marked by total operating income (TOI) of INR4.44 crore during FY16 and net worth base of INR1.80 crore as on March 31, 2016. Further, margins stood very low on account of limited value addition nature of operations. Leveraged capital structure, weak debt coverage indicators and liquidity position As on March 31, 2016, capital structure of PAGR stood leveraged marked by an overall gearing ratio of 3.17 times. Further, debt coverage indicators stood weak as marked by very high total debt to gross cash accruals as on March 31, 2016 due to low gross cash accruals. The current ratio stood at 1.26x as on March 31, 2016. Partnership nature of constitution Being a partnership firm, PAGR faces risk of withdrawal of capital and dissolution of the firm in case of death/insolvency of partner which may ultimately put pressure on financial flexibility of the firm. Fragmented nature of industry coupled with competitive nature of business The firm operates in the cold storage services industry which is highly fragmented with presence of numerous independent small- scale enterprises owing to low entry barriers leading to high level of competition in the segment. Key Rating Strengths Experienced partners PAGR is established by Mr. Dilip Patel, Mr. Ashok H. Patel, Mr. Suresh Patel, Mr. Narendra Patel, Mr. Arvind Patel, Mr, Pravin Patel, Mr. Harshad Patel and Mr. Ashok L. Patel. All the partners have more than two decades of experience in growing and cultivating better quality grading of potatoes. Mr. Dilip Patel manages overall operations of PAGR with help of other partners. Location advantage The cold storage facility of the firm is located in potato growing region of Gujarat having wide network of potato growers, thereby making it suitable for the farmers and potato chips manufacturers in terms of transportation and connectivity. Hence, PAGR's presence in potato producing region results in benefit of consistent demand from potato chips manufacturers and farmers; providing sustainable and clear revenue visibility. Fiscal benefits from the government PAGR is eligible for credit linked back-ended subsidy from Central Government and Government of Gujarat (GoG). PAGR is also eligible for rebate on electricity tariff from Uttar Gujarat Vij Company Limited (UGVCL), excise duty exemption on purchase of plant and machinery etc. PAGR was established in 2015 by Mr. DilipPael and his family members. PAGR was set up to provide cold storage facilities at Dehgam (Gujarat) with total installed capacity of 1,00,000 bags (50 kg each) along with trading of potatoes. The main objective of setting up PAGR is to preserve potatoes and potato seeds for longer duration. The plant will be located at Dehgam (Gujarat) which is one of the major Potatoes growing area region in Gujarat. PITTI CASTINGS: Ind-Ra Migrates D Rating to Not Cooperating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Pitti Castings Pvt Ltd's (PCPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are given below: -- INR250 mil. Fund-based working capital limit (Long- term/Short- term) migrated to non-cooperating category with IND D(ISSUER NOT COOPERATING) rating; -- INR845.5 mil. Term loan (Long-term) migrated to non- cooperating category with IND D(ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non fund-based working capital limit (Short-term) migrated to non-cooperating category with IND D(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 24, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in August 2012, PCPL is a part of the Pitti group of companies. It manufactures graded iron and steel castings which are used in various industries such as windmills, earth moving equipment, vehicles, among others. PRASAD EDUCATION: CARE Lowers Rating on INR43.82cr Loan to 'D' -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Prasad Education Trust, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 43.82 CARE D Revised from Facilities CARE BB-; Issuer Not Cooperating In the absence of minimum information required for the purpose of rating, CARE was unable to express an opinion on the ratings of Prasad Education Trust and in line with the extant SEBI guidelines, CARE revised the rating(s) of long term bank facilities of the trust to 'CARE BB-; ISSUER NOT COOPERATING'. However, the trust has now submitted the requisite information to CARE. CARE has carried out a full review of the ratings and the rating(s) stand at 'CARE D'. Rating Rationale The rating assigned to the bank facilities of Prasad Education Trust (PET) are primarily constrained by ongoing delays in debt servicing, small scale of operations and elongated collection period. The rating is further constrained by below average enrolment ratio and highly regulated educational sector in India. The ratings however, derive strength from experienced and qualified members of the trust and moderate profitability margins and capital structure. Going forward, the ability of PET to scale-up its operations while improving its enrollment ratio amidst high competition will be the key rating sensitivity. Detailed description of the key rating drivers Key rating weakness Ongoing delay in debt servicing: There have been delays in debt servicing on account of liquidity stress due to cash flow miss match arising out of non-receipt of fee from students owing to delay in permission from Medical Council of India for admissions in its MBBS course. Small scale of operations: The scale of operations of the trust marked by total operating income stood small at INR34.51 crore in FY17 (refers to the period April 1 to March 31; based on provisional results). The small scale limits the trust's financial flexibility in times of stress and deprives it from scale benefits. Below average enrolment ratio: Though PET offers various specialized courses in diverse domains in undergraduate and post graduate courses. Furthermore, the society also operates a school in the name of Prasad International School providing primary and secondary education from Nursery to class XIIth. However, the average enrollment ratio stood low at 60% in AS2016- 17 owing to high competition prevailing in the education sector. Low surplus margins: Though SBID margin of the trust improved from 40.10% in FY16 to 48.26% in FY17 owing to commencement of MBBS course which has the higher fee amongst the all courses offered by the trust. However, surplus margin continues to remain low at 3.40% in FY17 owing to high interest cost and depreciation cost owing to debt funded capex undertaken in past. Highly regulated educational sector in India: In addition to AICTE, the educational institutes are regulated by respective State Governments with respect to the number of management seats, amount of the tuition fees charged for the Government quota and management quota. The factors have a significant impact on the revenue and surplus of the institution. Key Rating strength Experienced and qualified members of the society: Mr. B. P Yadav is the current chairman of the trust, he is an IIT graduate with around more than one year of experience in running an education institution in association with PET. Prior to which, he has around two decades of experience as a chief engineer. Mrs Anita Yadav (Trustee) is a graduate by qualification and has an experience more than one decade in association with this trust. Further, they are assisted by Mr. Palash Yadav (Vice Chairperson), LLB by qualification and has 5 year of experience through his association with this trust. Moreover, they also get support from other qualified members in the field of social work to carry out the day-to-day operations. Uttar Pradesh based PET was established in 1997 with an objective to provide education services. The society is managed by Mr. B. P. Singh (Chairman), Mrs. Anita Yadav (Trustee) and Mr. Palash P Yadav (Vice Chairman). PET provides undergraduate and post-graduate courses in various fields of Engineering, Computers Science, Management and Pharma. The college is affiliated to Uttar Pradesh Technical University, Dr. Ram Manohar Lohia Avadh University and is approved by the All India Council for Technical Education (AICTE). The society also operates a CBSE school in the name of Prasad International School providing primary and secondary education from Nursery to class XIIth. The school is affiliated to Central Board of Secondary Education (CBSE). PET has a total strength of 3720 students in college in the academic session (AS) 2016-17 and Prasad International School has a total strength of 1179 students for the academic session 2016-17. S M INDUSTRIES: CARE Assigns 'B+' Rating to INR6.0cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of S M Industries (SMI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.00 CARE B+; Stable Assigned Rating Rationale & Key Rating Drivers The rating assigned to the bank facilities of SMI is primarily constrained on account of its modest scale of operations with constitution as a partnership concern and its financial risk profile marked by thin profitability margins, weak solvency position and moderate liquidity position. The rating is, further, constrained on account of high fragmentation and competition among domestic participants due to low entry barriers within edible oils and vulnerability of profitability to volatility in prices of raw materials. The rating, however, derive strength from the experienced management and reputed customer base. SMI's ability to improve scale of operations along with increase in its profitability margin in light of the competitive nature of the industry and raw material price fluctuation and improvement in solvency position is key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Modest scale of operations with constitution as a partnership concern and thin profitability margins The scale of operations of the firm stood modest with Total Operating Income (TOI) of INR60.93 crore and PAT of INR0.01 crore in FY16 and tangible net-worth of INR1.93 crore as on March 31, 2016. Further, its constitution as a partnership concern restricts its overall financial flexibility in terms of limited access to external funds for any future expansion plans. Further, there is inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/insolvency of partners. Further, profitability margins of the company stood thin as reflected by PBILDT and PAT margins of 1.98% and 0.02% respectively in FY16 due to competitive market scenario and limited value additive nature of operations. During FY16, PBILDT margin of the company improved over FY15. PAT margin remains same in FY16. As per provisional results till March 31, 2017, the firm has registered turnover INR 86.05 crore. Leveraged solvency position and moderate liquidity position The capital structure of SMI stood highly leveraged with an overall gearing of 5.06 times as on March 31, 2016, deteriorated from 3.89 times as on March 31 2015 mainly on account of increase in total debt owing to increase in working capital requirement. Further, debt service coverage indicators of the company stood weak as reflected by total debt to GCA of 50.76 times as on March 31, 2016, deteriorated over March 31, 2015 mainly due to increase in total debt. Interest coverage ratio stood low at 1.19 times in FY16 due to increase in interest cost. SMI has utilized around 80-90% of working capital bank borrowings in last twelve month ended July 2017. Liquidity position of the company stood moderate marked by current ratio and quick ratio at 1.39 times and 0.12 times respectively as on March 31, 2017, deteriorated from 1.65 times and 0.61 times respectively as on March 31, 2016. However, working capital cycle stood comfortable at 49 days in FY17. Vulnerability of profitability to volatility in prices of raw materials SMI uses mustard seeds as well as cakes as the key raw material for the extraction process, which are agricultural commodity, prices to a certain extent are affected by various factors like monsoon during the year, area under cultivation, global pricing scenario (linked to global demand supply) and government policies leading to volatility in the same. Furthermore, profitability is vulnerable to the movement in the prices of mustard based products like mustard seeds, mustard oil and substitute oils, since edible oil is a price-sensitive product. Key Rating Strengths Experienced management and reputed customer base Mr. Ratan Chander, Mr. Jagdish Rajotia and Mr. Mahesh Gupta, all the partners look after overall affairs of the firm. The partners have around 12 years of experience in the industry. SMI has established reputed customer base and clientele of the firm includes Emami Agrotech Limited, Delhi Kanodia Oil Marketing. SMI has agreement to supply 350 Tonnes mustard oil every month to Emami Agrotech Limited and 200 Tonnes mustard oil every month to Delhi Kanodia Oil Marketing. Continuous growth in TOI TOI of SMI has shown continuous growth and has grown at a Compounded Annual Growth Rate (CAGR) of 46.39% in the last three financial years ended FY16. During FY16, TOI of the firm has increased by 15.31% over FY15 (85.85% in FY15 over FY14) mainly on account of increase in sales volume. As per FY17 (Provisional), TOI has increased by 41.23% over FY16 and stood at INR86.05 crore. Shri Ganganagar (Rajasthan) based, SMI was established in 2005 as a partnership firm by Mr. Ratan Chander, Mr. Jagdish Rajotia and Mr. Mahesh Gupta and shares profit & loss in the ratio of 50%, 10% and 40%, respectively. SMI is engaged in extraction of edible oil and mustard cakes from mustard seeds. The plant has an installed capacity of 850 quintals per day (QPD) as on March 31, 2017. It sells mustard edible oil under the brand name of 'Sanjiwani' mainly in Rajasthan, Uttar Pradesh, Delhi and Himachal Pradesh. SATYAM BALAJEE: Ind-Ra Migrates BB- Rating to Not Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Satyam Balajee Automotives Pvt. Ltd.'s (SBAPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR110 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING) rating; and -- INR57.42 mil. Long-term loans migrated to non-cooperating category with IND BB-(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on June 24, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2010, REPL is engaged in chicken processing in Kolkata, West Bengal. SHIVOM COTSPIN: CRISIL Lowers Rating on INR12MM Loan to 'B' ----------------------------------------------------------- CRISIL has been consistently following up with Shivom Cotspin Limited (SCL) for obtaining information through letters and emails dated April 21, 2017 and May 09, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 7.5 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') Proposed Long Term 6.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Downgraded from 'CRISIL BB/Stable') Term Loan 12 CRISIL B/Stable (Issuer Not Cooperating; Downgraded from 'CRISIL BB/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Shivom Cotspin Limited. This restricts CRISIL's ability to take a forward looking view on the credit quality of the entity. CRISIL believes that the information available for Shivom Cotspin Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL B rating category or lower. Based on the last available information, CRISIL has downgraded the rating to 'CRISIL B/Stable'. Incorporated in 2007 and promoted by Mr. Satish Bansal, SCL manufactures yarn. Its plant in Himachal Pradesh receives tax exemption and is equipped with 18,000 spindles, with processing capacity of 9 tonne per day (tpd). In 2010-11 (refers to financial year, April 1 to March 31), the company installed an open-ended yarn machine with a capacity of 4 tpd, which subsequently increased to around 8 tpd in 2011-12. In 2013-14, SCL converted all its open-ended yarn manufacturing capacities to ring-frame yarn of similar capacity by adding new machinery or replacing the old machineries. SIWANA SOLAR: Ind-Ra Migrates BB Rating to Not Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Siwana Solar Power Project Private Limited's (SSPPPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR200 mil. Term loan due on July 2023 migrated to non- cooperating category with IND BB(ISSUER NOT COOPERATING). Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Aug. 19, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2012, SSPPPL operates a 5MW solar photovoltaic power plant in village Mithi, Bhiwani, Haryana under a 25-year power purchase agreement mechanism under the renewable policy of Haryana. SPACETECH EQUIPMENT: CARE Assigns 'B' Rating to INR1.75cr Loan -------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Spacetech Equipment and Structurals Private Limited (STES), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1.75 CARE B; Stable Assigned Short term Bank Facilities 7.00 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Spacetech Equipment and Structurals Private Limited (STES) are constrained on account of its small scale of operations with low capitalization, moderate and fluctuating profit margin, leveraged capital structure and weak debt coverage indicators and stretched liquidity position with working capital intensive nature of operation. The ratings are also constrained on account of its presence in highly competitive industry, susceptibility of margin to volatility in raw material prices and foreign exchange fluctuation risk. The ratings however, derive strength from long track record of operation, experience of promoters in the industry with their financial support and healthy order book position. The ability of STES to increase its scale of operations and improvement in profit margins and capital structure while improving its liquidity position with efficient management of working capital requirement are the key rating sensitivities. Detailed description of Key rating drivers Key rating Weakness Small scale of operations and moderate albeit fluctuating profit margins: With over a three decade long track record, the scale of operations of STES has remained small with total operating income of INR14.86 crore in FY17 and net-worth base of INR1.99 crore limiting financial flexibility of the entity. Further the TOI has been fluctuating during last three years owing to fluctuation in order execution. STES operates on moderate and fluctuating profit margins which remained in the range of 7%-9% during last three years ending FY17 due to volatile prices of it raw material and varying fixed costs which are dependent on utilization of external funds. Leveraged capital structure and weak debt coverage indicators: The capital structure of the company stood leveraged on account of higher reliance on external borrowing and infusion of unsecured loans to fund its business operation owing to low net- worth base. Owing to high debt levels debt coverage indicators of the company remained weak despite moderate profitability. Working capital intensive nature of operations: The liquidity position of the entity remained stretched with moderate current ratio and working capital intensive in nature of operations. Funds remained largely blocked in inventory and receivables as production takes around 5-6 months while receipt of payments took longer time owing to low bargaining power of STES. Owing to same creditor period also remained stretched and dependence on external borrowings remained high to support the working capital intensity. Volatile raw material prices & foreign exchange fluctuation risk: STES is exposed to volatility in input (MS Sheets & plates, welding Rod, Grinding wheel, SS Sheet etc.) prices in the absence of any long-term contract with suppliers and especially on the back of its high inventory holding (average inventory of around 4 months), it is exposed to the risk of raw material price fluctuation as it is not able to pass on the rise in raw material prices. Moreover, STES procures the raw materials in batches which further expose the company to volatility in prices. STES exports around 40% thereby exposing it to forex risk. Further, STES has does not follow hedging policy, thus affecting its profitability. Present in competitive nature of industry: STES is engaged into steel equipment manufacturing industry which is highly fragmented with a high level of competition from both the organized and largely unorganized sector, along with the susceptibility of margins to volatile raw material prices. Key rating Strengths Experienced and resourceful promoters and their financial support: The company is benefited by experience management which generates sizable business from existing as well as new clients. Promoters have an average experience of more than three in the field of Design, Engineering, Fabrication & Project Engineering & Project management, for the hard Core Industries like Petroleum, Petrochemical, Fertilizers, Cement, Steel, Ceramics etc. in India and Abroad. Extensive experience of promoters have help STES to generate more revenue and developed strong business relations with reputed customers. Furthers to support growing scale of operations directors have infused owns capital continuously. Long track record and reputed clientele base: STES is in existence for more than three decades and carries out its activity in manufacturing & supply of critical capital equipment's required for core industries such as Petroleum, Fertilizers, Chemical, Cement, Steel, Ceramics etc. in India and abroad. Over the years the promoters have developed strong business relations with reputed customers. The aforementioned has helped STES in growing its operations over the period. Incorporated in the March 1982 by group of "Technocrats", Spacetech Equipment And Structural Private Limited (STES) is engaged into manufacturing and supply of a broad array of Equipment and Structures viz. Pressure Vessel, Air receiver, Gas Holder Erection & Installation, Process Equipment, Fertilizers & Chemicals Storage and Installation, Process Columns & Tower etc. All this critical capital equipment range is used in core industries such as petroleum, fertilizers, chemical, cement, steel, and ceramics etc. STES is specialized for undertaking turnkey projects for chemical & process industries. Having a plant is located at Ambernath spread over 1200 sq.mtr. STES procures raw material like MS Sheets & plates, welding Rod, Grinding wheel, SS Sheet etc. from domestic players (viz. Mukesh Traders, Jindal Steel & Power Ltd, Sangeeta Metal Corporation etc.) and its generate 60% of revenue from domestic market and 40% of revenue from overseas market. Its exports its products to overseas countries like Bangladesh, Nigeria, Iran, Oman & Srilanka. SPICA PROJECTS: Ind-Ra Migrates BB Rating to Not Cooperating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Spica Projects & Infrastructures Pvt. Ltd.'s (SPIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR48.7 mil. Fund-based working capital limit migrated to non-cooperating category with IND BB(ISSUER NOT COOPERATING) rating; -- INR20 mil. Long-term loans migrated to non-cooperating category IND BB(ISSUER NOT COOPERATING) rating; -- INR150 mil. Non-fund-based facilities migrated to non- cooperating category with IND BB(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; -- INR138.5 mil. Non-fund-based facilities migrated to non- cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Aug. 19, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1997, SPIPL was previously a proprietorship entity, Santosh Kumar Singh. It was reconstituted as a private limited company in 2012. It executes construction contracts of roads and bridges for the Jharkhand government. SPIPL is managed by Santosh Kumar Singh, Anima Singh, Surya Prakash Singh and Chandra Prakash Singh. SPS EDUCATIONAL: CARE Lowers Rating on INR25.25cr Loan to 'D' ------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of SPS Educational Trust (SPS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 25.25 CARE D Revised from CARE B+; Facilities ISSUER NOT COOPERATING Detailed Rationale & Key Rating Drivers Ongoing delays in Debt servicing The revision in the rating assigned to the bank facilities of SPS Educational Trust (SPS) is primarily due to irregularity in servicing its debt obligations on account of weak liquidity position. Palwal-based (Haryana),SPS Educational Trust (SPS) was established in the year 2010 by Mr. Sureshchandra Bharadwaj, Mrs. Sunita Bhardwaj, Mr. Shyam Sunder, Mr. Brijesh Kumar and Mr. Ram Kumar Gupta with the object of setting up educational institutions. SPS is running a school in the name of SPS International at Palwal (Haryana) since, August, 2011. The school is affiliated to the Central Board of Secondary Education (CBSE) and offers education from Kindergarten to class XII. The school is spread across the area of 5.25 acres and it has all the state of the art facilities like computer labs, library, smart classes, various sports facilities and swimming pool etc. SRI VIJAYA: Ind-Ra Migrates 'B+' Rating to Not Cooperating ---------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sri Vijaya Venkateswara Cotton Mills Private Limited's (SVVCM) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR100 mil. Fund-based limits migrated to non-cooperating category with IND B+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 4 July 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE SVVCM was incorporated in 2006 by Mr. M. Nagamalleswara Rao and Mr. M. Rajasekhara Rao. It is engaged in the ginning and pressing of cotton. Its processes are completely automated, with the capacity to process 300 bales of cotton per day and operate 42 double roller gins. TIRUMALA AUTOMOTIVES: CRISIL Assigns B+ Rating to INR11.50MM Loan ----------------------------------------------------------------- CRISIL has assigned ratings of 'CRISIL B+/Stable/CRISIL A4' to the bank facilities of Tirumala Automotives (TA). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility .35 CRISIL B+/Stable Open Cash Credit 11.50 CRISIL B+/Stable Bank Guarantee 3.15 CRISIL A4 Channel Financing 2.00 CRISIL B+/Stable The rating reflects its modest scale of operations in the intensely competitive automobile dealership segment, its low bargaining power with its main principal, and its below average financial risk profile, marked by a high total outside liabilities to adjusted net worth (TOLANW) and modest interest coverage ratio. These rating weaknesses are partially offset by the benefits it derives from the extensive industry experience of its partners and its established presence in the automobile dealership business. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations in the intensely competitive automobile dealership segment TA has modest scale of operations as reflected by its estimated revenues of around INR83 crores during 2016-17 (refers to the financial year April 1 to March 31). TA's scale of operation has remained subdued on account of increasing competition from other new players in the market. * Low bargaining power with its main principal TA is exposed to risks relating to low bargaining power with principal, Bajaj Auto Limited (BAL; 'CRISIL AAA/FAAA/Stable/CRISIL A1+'), Tata Motors Limited (TML; 'CRISIL AA/Positive/CRISIL A1+') and John deere India. BAL, TML and John deere India faces intense competition from other manufacturers. TA also faces competition from other dealers in Andhra Pradesh region. * Below average financial risk profile TA's financial risk profile is marked by high total outside liabilities to tangible net worth ratio and modest interest coverage. The firm has TOLANW of 3 times and interest coverage of 1.3 times as on March, 2017. Strengths * Extensive industry experience of its promoter's and its established presence in the automobile dealership business TA benefits from the extensive industry experience of its promoters in the automobile dealership business. The firm is promoted and managed by Mr. K Sridhar, who has around two decades of extensive experience in the automobile dealership industry and has helped TA establish a comfortable presence in Andhra Pradesh automobile dealership market. Outlook: Stable CRISIL believes that TA will continue to benefit over the medium term from the extensive industry experience of its partners and its established regional presence. The outlook may be revised to 'Positive' in case there is a sustained improvement in the revenues and profitability of the firm leading to an improvement in its business risk profile. Conversely, the outlook may be revised to 'Negative' if the firm undertakes any aggressive debt- funded capital expenditure, or if there is a stretch in the working capital cycle of the firm, withdrawal by partners leading to deterioration in its financial risk profile of the firm. Incorporated in September, 2012, and based in Ongole (Andhra Pradesh), TA is a sole authorized dealer of BAL for 2 wheelers and 3 wheelers in Prakasam and Chittor district, respectively. It is also the sole authorized dealer of John deere tractors in Prakasam and Chittoor district and of TML for passenger vehicles in Praksam district. The firm is promoted and managed by Mr.K Sridhar. YADAV RICE: CRISIL Raises Rating on INR6MM Cash Loan to B+ ---------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Yadav Rice Mills (YRM) to 'CRISIL B+/Stable' from 'CRISIL B/Stable/Issuer not cooperating'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable/Issuer Not Cooperating') CRISIL had, on April 22, 2017, downgraded the long-term rating to 'CRISIL B/Stable' from 'CRISIL BB-/Stable' and assigned an 'issuer not cooperating' remark as the firm had not provided the requisite information. It has now shared this information, enabling CRISIL to assign rating to the bank facility. The rating reflects modest scale of operations and exposure to intense competition. Revenue, estimated at INR42.50 crore in fiscal 2017, is expected to remain stable marked by growth of 5% per fiscal over the medium term. Operating profitability is modest, estimated at 3.9% in fiscal 2017, and is expected to remain stable over the medium term. Liquidity is supported by nil debt-funded capital expenditure (capex) planned for the medium term and funding from partners and related parties in the form of unsecured loans (Rs 5.42 crore on March 31, 2017). Further, bank limit utilisation was moderate at around 83% over the 12 months through May 2017. Analytical Approach CRISIL has treated unsecured loans extended to YRM by partners and related parties as neither debt nor equity. That's because the loans are interest free and are expected to remain in the business over the medium term. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations and intense competition: Modest scale is indicated by operating income estimated at INR42.50 crore in fiscal 2017 and limited capacity of 6 tonne per hour. Despite stable growth, revenue is expected to remain low over the medium term amid intense competition. * Working capital-intensive operations: Gross current assets (GCAs) were sizeable at 199 days as on March 31, 2017, driven by inventory and receivables of 186 and 17 days, respectively. Against this, credit from suppliers were 6 days. Operations may remain working capital intensive over the medium term, with GCAs at 190-200 days. * Average financial risk profile: Total outside liabilities to tangible networth ratio was moderate at 1.74 times as on March 31, 2017, due to modest networth of INR3.62 crore and sizeable working capital requirement. The ratio is likely to remain at 1.7-1.8 times over the medium term. Debt protection metrics were average, with interest coverage ratio of 1.44 times in fiscal 2017. Strengths * Partners' experience and their funding support: The partners' experience of almost two decades helped establish strong relationships with customers and suppliers. The partners also extended unsecured loans to support the business. Outlook: Stable CRISIL believes YRM will continue to benefit over the medium term from the partners' experience. The outlook may be revised to 'Positive' if higher-than-expected cash accrual and substantial improvement in working capital management strengthen financial risk profile, especially liquidity, or if capital infusion by partners enhances capital structure. Conversely, the outlook may be revised to 'Negative' if financial risk profile weakens due to decline in revenue and profitability, large, debt-funded capex, or increase in working capital requirement. YRM was set up by Mr. Pankaj Yadav and family of Muktsar (Punjab) in 1997 as a partnership firm. It mills and processes paddy into basmati rice, rice bran, broken rice and husk. Mr. Om Prakash Yadav, the key partner, manages the business. Profit after tax is estimated at INR0.13 crore on net sales of INR42.50 crore for fiscal 2017 against INR0.11 crore and INR31.31 crore, respectively, for fiscal 2016. ========= J A P A N ========= TK HOLDINGS: Creditors' Panel Hires Whiteford as Delaware Counsel ----------------------------------------------------------------- The Official Committee of Unsecured Creditors of TK Holdings Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Whiteford Taylor & Preston LLC, as Delaware counsel to the Committee. The Committee requires Whiteford Taylor to: a. provide legal advice regarding local rules, practices, and procedures and provide substantive and strategic advice on how to accomplish Committee goals, bearing in mind that the Delaware Bankruptcy Court relies on Delaware counsel such as Whiteford Taylor to be involved in all aspects of each bankruptcy proceeding; b. draft, review and comment on drafts of documents to ensure compliance with local rules, practices, and procedures; c. draft, file and service of documents as requested by Milbank; d. prepare certificates of no objection, certifications of counsel, and notices of fee applications; e. print of documents and pleadings for hearings, prepare binders of documents and pleadings for hearings; f. appear in Court and at any meetings of creditors on behalf of the Committee in its capacity as Delaware counsel with Milbank; g. monitor the docket for filings and coordinating with Milbank on pending matters that may need responses; h. participate in calls with the Committee; and i. provide additional administrative support to Milbank, as requested. Whiteford Taylor will be paid at these hourly rates: Christopher M. Samis, Partner $550 L. Katherine Good, Partner $525 Aaron H. Stulman, Associate $375 Christopher L. Lano, Paralegal $255 Whiteford Taylor will also be reimbursed for reasonable out-of-pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Whiteford Taylor did not represent the Committee or any Committee member in the 12 months prepetition. Whiteford Taylor may represent in the future certain Committee members and their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to the chapter 11 cases. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: No. At the time of the filing of the Application, Whiteford Taylor has not yet submitted a prospective budget and staffing plan to the Committee, but it intends to do so and obtain approval of same in the near term. Christopher M. Samis, a partner of Whiteford Taylor & Preston LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtors; (b) has not been, within two years before the date of the filing of the Debtors' chapter 11 petition, directors, officers or employees of the Debtors; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors, or for any other reason. Whiteford Taylor can be reached at: Christopher M. Samis, Esq. WHITEFORD TAYLOR & PRESTON LLC 405 North King Street, Suite 500 Wilmington, DE 19801-3700 Tel: (302) 353-4144 Fax: (302) 661-7950 E-mail: csamis@wtplaw.com About TK Holdings Inc. 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 Chapter11 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. 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) granting, among other things, 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 Claimants in the Chapter 11 cases. 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 Committee retained Epiq Bankruptcy Solutions, LLC, as information agent, Zolfo Cooper, LLC, as financial advisor, and Moelis & Company, LLC, as investment banker. The committee representing TK Holdings Inc.'s tort claimants retained Pachulski Stang Ziehl & Jones LLP as its legal counsel; Alvarez & Marshal North America, LLC as financial advisor; Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as special counsel. Roger Frankel, the legal representative for future personal injury claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as his counsel. Chapter 15 Cases Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. TK HOLDINGS: Creditors' Panel Hires Milbank Tweed as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of TK Holdings Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Milbank Tweed Hadley & McCloy LLP, as counsel to the Committee. The Committee requires Milbank Tweed to: (a) participate in in-person and telephonic meetings of the Committee and any subcommittees formed thereby, and otherwise advise the Committee with respect to its rights, powers and duties in the Chapter 11 Cases; (b) assist and advise the Committee in its consultations, meetings and negotiations with the Debtors and all other parties in interest regarding the administration of the Chapter 11 Cases; (c) assist the Committee in analyzing the claims asserted against and interests asserted in the Debtors, and in negotiating with the holders of such claims and interests and bringing, or participating in, objections or estimation proceedings with respect to such claims or interests; (d) assist with the Committee's review of the Debtors' Schedules of Assets and Liabilities, Statement of Financial Affairs and other financial reports prepared by the Debtors, and the Committee's investigation of the acts, conduct, assets, liabilities and financial condition of the Debtors and of the historic and ongoing operation of their businesses; (e) assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to, among other things, financings, asset disposition transactions, compromises of controversies, assumption or rejection of executory contracts and unexpired leases; (f) assist the Committee in its analysis of, and negotiations with, the Debtors or any third party related to the negotiation, formulation, confirmation and implementation of a chapter 11 plan or plans for the Debtors, and all documentation related thereto; (g) assist and advise the Committee with respect to its communications with the general creditor body regarding significant matters in the Chapter 11 Cases; (h) respond to inquiries from individual creditors as to the status of, and developments in, the Chapter 11 Cases; (i) represent the Committee at all hearings and other proceedings before the Court and such other courts or tribunals, as appropriate; (j) review and analyze all complaints, motions, applications, orders and other pleadings filed with the Court, and advise the Committee with respect to its position thereon and the filing of any response thereto; (k) assist the Committee in preparing pleadings and applications, and pursuing or participating in adversary proceedings, contested matters and administrative proceedings as may be necessary or appropriate in furtherance of the Committee's interests and objectives; and (l) perform such other legal services as may be necessary or as may be requested by the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. Milbank Tweed will be paid at these hourly rates: Partners $1,015-$1,395 Of Counsel $1,015-$1,225 Associates $390-$950 Legal Assistants $200-$345 Milbank Tweed will be paid a retainer in the amount of $350,000. Milbank Tweed will also be reimbursed for reasonable out-of- pocket expenses incurred. In accordance with Appendix B-Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 for Attorneys in Larger Chapter 11 Cases, the following is provided in response to the request for additional information: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: Milbank Tweed did not represent the Committee prior to the commencement of the Chapter 11 case. Milbank Tweed has in the past represented, currently represents, and may represent in the future certain Committee members and their affiliates in their capacities as members of official committees in other chapter 11 cases or individually in matters wholly unrelated to the Chapter 11 case. Question: Has your client approved your prospective budget and staffing plan, and, if so for what budget period? Response: Milbank Tweed is in the process of developing a prospective budget and staffing plan for the Committee's review and approval. Furthermore, Milbank Tweed understands that the Committee, along with the Debtors and the U.S. Trustee, will maintain active oversight of Milbank Tweed's billing practice. Abhilash M. Raval, a partner of Milbank Tweed Hadley & McCloy LLP, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtors; (b) has not been, within two years before the date of the filing of the Debtors' chapter 11 petition, directors, officers or employees of the Debtors; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors, or for any other reason. Milbank Tweed can be reached at: Abhilash M. Raval, Esq. MILBANK TWEED HADLEY & MCCLOY LLP 28 Liberty St. New York, NY 10005 Tel: (212) 530-5000 Fax: (212) 530-5219 E-mail: araval@milbank.com About TK Holdings Inc. 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 Chapter11 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. 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) granting, among other things, 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 Claimants in the Chapter 11 cases. 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 Committee retained Epiq Bankruptcy Solutions, LLC, as information agent, Zolfo Cooper, LLC, as financial advisor, and Moelis & Company, LLC, as investment banker. The committee representing TK Holdings Inc.'s tort claimants retained Pachulski Stang Ziehl & Jones LLP as its legal counsel; Alvarez & Marshal North America, LLC as financial advisor; Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as special counsel. Roger Frankel, the legal representative for future personal injury claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as his counsel. Chapter 15 Cases Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. TK HOLDINGS: Creditors' Panel Hires Zolfo as Financial Advisor -------------------------------------------------------------- The Official Committee of Unsecured Creditors of TK Holdings Inc., et al., seeks authorization from the U.S. Bankruptcy Court for the District of Delaware to retain Zolfo Cooper, LLC, as financial advisor to the Committee. The Committee requires Zolfo Cooper to: (a) monitor the Debtors' cash flows and operating performance. Specifically, the Committee needs the firm to: (i) compare actual financial and operating results to certain filings; (ii) evaluate the adequacy of financial and operating controls; (iii) track the status of the Debtors' progress relative to developing and implementing programs such as preparation of restructuring and winddown plans, identifying and disposing of non-productive assets, and other such activities; and (iv) prepare periodic presentations to the Committee, and summarize findings and observations resulting from the foregoing monitoring activities; (b) advise the Committee regarding any sale of the Debtors' businesses or assets, including analysis of value allocation and intercompany claims among Debtor and non-Debtor entities; (c) analyze and comment on operating and cash flow projections, restructuring and winddown plans, the global accommodation agreement, operating results, financial statements, other documents and information provided by the Debtors or the Debtors' professionals, and other information and data pursuant to the Committee's requests; (d) advise the Committee concerning interfacing with the Debtors, other constituencies and their respective professionals; (e) prepare for and attend meetings of the Committee and other parties in interest; (f) analyze claims and perform investigations of potential preferential transfers, fraudulent conveyances, related-party transactions and such other transactions, each as may be requested by the Committee; (g) analyze and advise the Committee regarding any proposed plan of reorganization or liquidation, disclosure statement, and business plan, including the related assumptions and rationale; (h) prepare an expert report and provide testimony at Court hearings, as requested by the Committee; and (i) provide such other services as may be requested by the Committee. Zolfo Cooper will be paid at these hourly rates: Managing Directors $850-$1,035 Professional Staff $305-$850 Support Personnel $60-$290 Zolfo Cooper will also be reimbursed for reasonable out-of-pocket expenses incurred. David MacGreevey, managing director of Zolfo Cooper, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and (a) is not creditors, equity security holders or insiders of the Debtors; (b) has not been, within two years before the date of the filing of the Debtors' chapter 11 petition, directors, officers or employees of the Debtors; and (c) does not have an interest materially adverse to the interest of the estate or of any class of creditors or equity security holders, by reason of any direct or indirect relationship to, connection with, or interest in, the Debtors, or for any other reason. Zolfo Cooper can be reached at: David MacGreevey Zolfo Cooper, LLC 5 Becker Farm Road, 4th Floor Roseland, NJ 07068 Tel: (973) 618-5000 Fax: (973) 618-5000 About TK Holdings Inc. 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 Chapter11 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. 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) granting, among other things, 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 Claimants in the Chapter 11 cases. 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 Committee retained Epiq Bankruptcy Solutions, LLC, as information agent, Zolfo Cooper, LLC, as financial advisor, and Moelis & Company, LLC, as investment banker. The committee representing TK Holdings Inc.'s tort claimants retained Pachulski Stang Ziehl & Jones LLP as its legal counsel; Alvarez & Marshal North America, LLC as financial advisor; Gilbert LLP as insurance counsel; and Sakura Kyodo Law Offices as special counsel. Roger Frankel, the legal representative for future personal injury claimants, has retained Ashby & Geddes PA and Frankel Wyron LLP as his counsel. Chapter 15 Cases Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. TOSHIBA CORP: Edges Closer to Chip Unit Deal With Western Digital ----------------------------------------------------------------- Nikkei Asian Review reports that Western Digital CEO Steve Milligan is visiting Japan for negotiations with Toshiba President Satoshi Tsunakawa over the planned sale of Toshiba Memory. After prolonged confusion over selecting a buyer for the memory chip unit, Toshiba directors last week decided to prioritize negotiations with a consortium that includes its U.S. partner, Western Digital, The Nikkei relates. The companies are now finalizing terms for the sale that have yet to be agreed upon, including Western Digital's stake, the report says. They hope to conclude the deal by the end of this month, says the Nikkei. According to the Nikkei, key members of the consortium also include U.S. private-equity firm Kohlberg Kravis Roberts, the public-private Innovation Network Corp. of Japan and the state- backed Development Bank of Japan. They are offering about JPY2 trillion ($18.3 billion) for the memory chip business. The two sides have almost agreed on conditions regarding Toshiba Memory being listed in the future, as well as Japanese partners ultimately owning a majority stake in the company, the Nikkei says. 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 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. =========== T A I W A N =========== HTC CORP: May Seek to Spin Off Vive Virtual Reality Business ------------------------------------------------------------ Ed Hammond, Jonathan Browning and Mark Gurman at Bloomberg News report that HTC Corp., the beleaguered manufacturer that once ranked among the world's top smartphone makers, is exploring options that could range from separating its virtual-reality business to a full sale of the company, according to people familiar with the matter. The Taiwanese firm is working with an adviser as it considers bringing in a strategic investor, selling its Vive virtual reality headset business or spinning off the unit, the people said, Bloomberg relates. HTC has held talks with companies including Alphabet Inc.'s Google, according to the people, who asked not to be identified because the information is private, Bloomberg relays. A full sale of HTC, which has businesses ranging from VR to handset manufacturing, is less likely because it isn't an obvious fit for a single acquirer, one of the people, as cited by Bloomberg, said. Shares of HTC rose 4.7 percent in Taipei on August 25 to the highest close in more two weeks, giving the company a $1.9 billion market value, Bloomberg notes. The company has shed about 75 percent of its value over the past five years as its smartphone market share dipped below 2 percent, Bloomberg discloses. No final decisions have been made, and HTC may choose not to proceed with any strategic changes, the people said, Bloomberg relays. Representatives for HTC and Google declined to comment. According to Bloomberg, research firm IDC said the Taoyuan City- based firm has been attempting to refocus its growth prospects on the high-end VR business, with shipments of the Vive headset totaling more than 190,000 units in the first quarter. HTC cut the price of the Vive by $200 earlier last week, in an effort to expand product sales and its user base, which is more important now than earnings, Sanford C. Bernstein & Co. analyst David Dai, Bloomberg relays. Bloomberg says the company is also trying to revive its smartphone unit with its latest flagship U11 model and a contract manufacturing deal to assemble Google's Pixel handset. "It's a cutthroat Android smartphone market out there," Bloomberg quotes Ramon Llamas, IDC's research manager for wearables and mobile phones, said in an interview, referring to the mobile operating system developed by Google, as saying. "Apple and Samsung have made it hard for HTC to stay at the top of the market, and Chinese phone makers have made it hard for HTC to dominate the middle and low end of the market," Llamas said. A transaction with a Silicon Valley firm like Google would mark a face-saving moment for Cher Wang, HTC's co-founder and largest shareholder, who took over as chief executive officer of the the manufacturer in 2015, Bloomberg says. Wang has been unable to stem the losses in market share since returning to the company in a full-time capacity. The daughter of a petrochemical billionaire, Wang was Taiwan's richest woman until HTC's stock tanked, Bloomberg notes. Taiwan-based HTC Corporation -- http://www.htc.com/sea/-- designs, manufactures, assembles, processes, and sells smart mobile devices. =============== X X X X X X X X =============== * BOND PRICING: For the Week Aug. 21 to Aug. 25, 2017 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 2.65 ARTSONIG PTY LTD 11.50 04/01/19 USD 2.65 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 20.00 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 20.00 CML GROUP LTD 9.00 01/29/20 AUD 1.20 HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.56 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.75 LAKES OIL NL 10.00 05/31/18 AUD 4.01 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.09 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.09 PALADIN ENERGY LTD 7.00 03/31/20 USD 57.25 PALADIN ENERGY LTD 6.00 09/30/17 USD 57.88 RELIANCE RAIL FINANCE P 2.06 09/26/23 AUD 59.52 RELIANCE RAIL FINANCE P 2.06 09/26/23 AUD 77.08 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 70.05 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 50.62 ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 60.94 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 60.61 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.62 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 61.06 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.39 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.60 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 41.17 ANSHAN CITY CONSTRUCTIO 6.39 04/25/20 CNY 61.04 ANSHAN CITY CONSTRUCTIO 6.39 04/25/20 CNY 61.25 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.09 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.21 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 41.19 BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 60.55 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.29 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 61.11 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 61.33 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 50.65 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 50.98 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.69 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 61.33 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.35 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 50.57 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.28 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 61.35 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.50 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.24 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.62 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.63 BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 40.11 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 71.91 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 80.00 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 80.09 BEIJING TIANLUTONG TECH 8.50 10/23/17 CNY 100.57 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 61.12 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.14 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 40.85 BINZHOU URBAN CONSTRUCT 6.15 07/12/20 CNY 61.00 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 61.91 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 62.35 C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 61.08 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.14 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.35 CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.54 CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.61 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.28 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.38 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.68 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 41.11 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 41.13 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.61 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 74.67 CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.22 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.34 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.35 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.72 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.80 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.96 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.00 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.65 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 60.86 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.00 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.26 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.50 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.60 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 60.98 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 60.72 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 61.22 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.33 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.84 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 61.04 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.24 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.15 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.26 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.98 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.16 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.91 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.28 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.30 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.59 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.79 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.04 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.18 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 72.06 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.17 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.27 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.53 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.22 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.41 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.82 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.64 CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 45.50 CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.50 CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 69.59 CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 71.32 CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 59.00 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.22 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.90 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 61.20 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 61.63 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.28 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.28 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 60.01 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 60.02 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 61.27 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 61.42 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 72.27 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 72.28 CHONGQING FULING STATE- 6.39 01/21/20 CNY 60.74 CHONGQING FULING STATE- 6.39 01/21/20 CNY 60.78 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 61.09 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 61.22 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.41 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.22 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.27 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.96 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 61.47 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.36 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.31 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.44 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.56 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.62 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 41.09 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 41.12 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 61.05 CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 40.00 CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 40.19 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 41.18 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.07 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.22 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.27 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 61.28 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 72.25 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 72.27 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 61.02 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.96 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 61.10 CHONGQING THREE GORGES 6.40 01/23/19 CNY 49.78 CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.39 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.50 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 61.09 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 41.34 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.87 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.57 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.38 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 63.00 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 61.04 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.98 CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.27 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.52 CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.00 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 61.23 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.30 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.51 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 61.44 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.01 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.19 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 41.56 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.96 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 61.01 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.00 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.69 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 71.77 DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 40.01 DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 70.00 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.12 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.15 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 61.40 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 61.00 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.84 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 61.00 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 60.95 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 60.95 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.14 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.24 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.19 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.30 DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 61.68 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.33 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.23 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.42 DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 32.93 DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 35.34 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 21.88 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 26.50 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 61.62 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 25.06 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.92 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.43 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.37 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.60 FORESEA LIFE INSURANCE 6.25 09/30/25 CNY 100.00 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 61.55 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 61.57 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 60.96 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.08 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 71.29 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 72.64 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.07 FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 74.33 FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 74.68 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.26 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.60 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 60.09 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.43 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.00 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.35 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 70.73 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 70.98 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.36 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.71 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.66 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.68 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 60.86 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.03 GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.00 GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.38 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.58 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 41.39 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.41 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.52 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 72.45 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.40 GUANGZHOU ECONOMIC & TE 6.70 08/14/22 CNY 82.55 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.30 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.40 GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 41.44 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 49.99 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.51 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 61.40 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 62.00 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 61.09 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 46.74 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.38 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.49 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 71.66 HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 60.00 HAILAR URBAN INFRASTRUC 6.20 05/14/20 CNY 61.14 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 40.80 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.43 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 61.08 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 71.19 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 71.50 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.51 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.78 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 61.00 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 61.07 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 60.80 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.42 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.18 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 25.27 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 50.70 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 50.79 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.96 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 41.02 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 61.38 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 61.45 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.59 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.09 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.43 HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.83 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.31 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.36 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 71.04 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 71.47 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 71.90 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.22 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 41.03 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 61.21 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 41.50 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 41.15 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.53 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 72.19 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 70.95 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 71.99 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 61.50 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 41.22 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 61.48 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 60.83 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 61.01 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.92 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 61.62 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 61.65 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.37 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.19 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.22 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.93 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 60.95 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.48 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.38 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.22 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.43 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 61.55 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.00 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.32 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 50.68 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 50.70 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 50.82 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.41 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.70 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 41.15 HUZHOU URBAN INVESTMENT 7.02 12/21/17 CNY 40.21 HUZHOU URBAN INVESTMENT 6.70 12/14/19 CNY 61.26 HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.48 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.22 INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.68 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 41.01 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.21 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 41.25 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.55 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.82 JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 60.75 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.49 JIANGSU HUAJING ASSETS 5.68 09/28/17 CNY 25.01 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 60.75 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.45 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 72.82 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.00 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.72 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 60.00 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.03 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 71.75 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 71.76 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.34 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 41.13 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 71.64 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 71.69 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.07 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 71.00 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 61.50 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.45 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.70 JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 60.40 JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.25 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 41.16 JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.81 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 61.17 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.86 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 60.93 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 41.17 JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 41.22 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.72 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.97 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.92 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.15 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 71.30 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 71.56 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.40 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.38 JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.69 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 61.49 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 62.53 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 49.80 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.43 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 72.68 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 41.26 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 41.15 JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.27 JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 70.89 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.11 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.23 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 61.58 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 61.42 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 60.87 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.75 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.76 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.35 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 41.43 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 49.98 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.37 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 60.08 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 61.80 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.05 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.09 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.44 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.23 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.34 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.31 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.31 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.43 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 60.86 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.06 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.34 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 60.97 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 40.87 LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 30.24 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 68.50 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 68.52 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 39.99 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.61 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.29 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.45 LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.99 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.31 LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 61.10 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.56 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 41.14 LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.94 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 61.06 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 61.03 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.50 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.54 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 61.18 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 62.00 LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.57 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.64 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 61.01 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 60.00 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 60.63 LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.13 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 41.12 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 41.00 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.60 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 60.79 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 68.17 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.23 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.40 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.50 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.67 LOUDI CITY CONSTRUCTION 7.15 03/11/19 CNY 71.57 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.24 LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 61.39 LUOYANG HIGH NEW TECH I 6.50 05/30/20 CNY 60.61 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 61.26 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 61.56 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.79 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.71 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.94 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.53 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.54 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 60.77 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 60.78 NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 41.45 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.09 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.88 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 61.39 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 61.12 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 61.67 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.80 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 61.32 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 41.25 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.84 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 41.06 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.03 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 62.00 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.53 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.54 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.30 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.32 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 60.00 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.68 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.46 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.50 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.68 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.86 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.30 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.35 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.82 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.25 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.47 NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.46 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 61.29 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 60.50 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 60.97 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.38 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.46 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.64 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.96 NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.03 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 41.20 PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 60.59 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 60.86 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.10 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 61.50 PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 67.00 PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 72.32 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 41.23 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 41.27 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.43 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.19 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 60.41 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 60.42 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 61.49 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.80 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.15 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.24 PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 60.50 PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.21 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.29 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 41.22 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.18 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 61.06 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.68 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 40.69 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 40.97 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 61.57 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.30 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 50.75 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.06 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.39 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.40 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.20 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.26 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 59.28 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.10 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.46 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 60.17 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 60.51 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.26 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.45 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.00 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.00 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 59.90 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.97 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 59.60 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 61.39 RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.43 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.06 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.47 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 51.55 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.31 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.35 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.05 SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.11 SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.14 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.11 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.19 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.56 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.80 SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 61.43 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.89 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 61.00 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 61.22 SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 40.09 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 59.55 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 61.34 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.05 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.36 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 60.55 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.27 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.89 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 70.92 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.06 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.30 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.15 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.20 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.35 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.49 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 60.28 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 62.19 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 61.15 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.10 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 74.85 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.23 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.50 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.15 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.30 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.33 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.00 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.67 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.00 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 50.71 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 61.17 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.50 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.63 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.58 SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.20 SHENYANG MACHINE TOOL C 6.50 03/27/18 CNY 55.49 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.62 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 61.12 SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.71 SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.73 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.38 SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.00 SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.14 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 41.39 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.12 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.17 SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 74.87 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 75.18 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 72.41 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 72.49 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 58.50 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 60.78 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 60.78 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 60.90 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 45.00 SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.05 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 60.95 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 60.79 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.68 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 61.02 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 41.40 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 41.07 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.38 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.10 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 41.08 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 61.02 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 61.38 SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.12 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.41 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 50.82 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 60.88 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 69.90 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 72.37 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 71.89 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.05 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 60.74 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.17 TAIAN TAISHAN INVESTMEN 6.64 03/02/18 CNY 40.28 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 61.54 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 71.63 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 72.25 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 61.36 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 61.62 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.52 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 72.12 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 60.46 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 60.69 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.65 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.72 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.31 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 72.59 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.93 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.94 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.42 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.50 TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.31 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.09 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.09 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 60.08 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 71.75 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.87 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 61.04 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 60.86 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.02 TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 41.30 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 40.97 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.18 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.81 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.84 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 61.91 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.08 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.17 TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.58 TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 61.51 TONGLIAO URBAN INVESTME 5.98 09/01/17 CNY 40.00 TONGLIAO URBAN INVESTME 5.98 09/01/17 CNY 40.03 TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.98 TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 61.40 TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.78 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 61.12 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 76.03 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 76.60 ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 59.71 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 41.03 URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 51.38 URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 61.00 URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 61.04 URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 25.25 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 41.47 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 59.77 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 60.51 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 71.46 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.19 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.55 WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 60.84 WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 61.06 WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.19 WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.23 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.20 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.23 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 40.93 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 61.24 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.17 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.93 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 60.94 WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 49.67 WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 50.51 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 60.44 WUHU CONSTRUCTION INVES 6.84 03/26/19 CNY 71.00 WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.20 WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 25.27 WUHU ECONOMIC TECHNOLOG 6.90 06/08/22 CNY 73.08 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.00 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71.89 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.01 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 41.15 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.27 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.34 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 61.25 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 61.61 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.20 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.42 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.48 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.69 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 60.33 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 41.37 XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.65 XINING CITY INVESTMENT 7.70 04/27/19 CNY 41.22 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 60.36 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 49.77 XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 25.28 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 60.39 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 61.40 XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 40.23 XINXIANG INVESTMENT GRO 5.85 04/15/20 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03/04/19 CNY 72.06 YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.66 YANTAI URBAN CONSTRUCTI 5.99 03/14/20 CNY 61.07 YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.21 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 61.19 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 61.38 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 60.94 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 60.95 YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 40.63 YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.88 YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.89 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 49.95 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 50.47 YINGKOU CITY CONSTRUCTI 7.98 04/18/20 CNY 57.96 YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 60.78 YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 60.89 YINGKOU ECO & TECH DEVE 6.17 04/08/20 CNY 60.08 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.91 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.92 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 61.47 YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.04 YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.27 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 41.14 YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 61.42 YUEYANG CITY CONSTRUCTI 6.05 07/12/20 CNY 78.00 YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 61.00 YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 61.08 YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 50.68 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 59.99 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 61.84 YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 39.98 YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 41.00 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 61.14 YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 61.80 ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 30.09 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 60.36 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 61.51 ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 60.75 ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 40.55 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 61.27 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 61.26 ZHEJIANG GUOXING INVEST 8.15 03/09/18 CNY 25.31 ZHEJIANG GUOXING 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ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 20.15 ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.25 ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.51 ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 40.50 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 50.86 ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 41.26 ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 57.07 ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 60.80 ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.50 HONG KONG --------- CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 67.63 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.97 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 50.63 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.33 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.33 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.33 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.33 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 14.00 BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.04 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.25 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.43 GTL INFRASTRUCTURE LTD 5.53 11/09/17 USD 59.38 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 56.25 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 15.00 JCT LTD 2.50 04/08/11 USD 27.00 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 0.34 REI AGRO LTD 5.50 11/13/14 USD 0.34 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 70.00 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 55.48 JAPAN ----- AVANSTRATE INC 5.55 10/31/17 JPY 21.88 AVANSTRATE INC 5.55 10/31/17 JPY 37.00 EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 73.79 JAPAN EXPRESSWAY HOLDIN 0.30 06/30/56 JPY 74.52 JAPAN FINANCE ORGANIZAT 0.49 07/28/56 JPY 75.00 MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.75 MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.75 MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.75 TAKATA CORP 0.58 03/26/21 JPY 7.13 TAKATA CORP 0.85 03/06/19 JPY 7.13 TAKATA CORP 1.02 12/15/17 JPY 11.63 KOREA ----- 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 41.16 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 41.16 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 32.60 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 55.76 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 29.15 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 30.85 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 31.01 KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 35.67 KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 39.08 KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 68.33 KOREA SOUTH-EAST POWER 4.38 12/07/42 KRW 57.81 KOREA SOUTH-EAST POWER 4.44 12/07/42 KRW 58.44 LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 44.36 MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 38.20 OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 32.36 OKC SECURITIZATION SPEC 3.00 02/17/42 KRW 52.37 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SHINHAN BANK CO LTD 4.20 08/07/32 KRW 71.54 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 18.65 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 26.63 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 26.89 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 27.14 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 28.75 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 28.89 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 29.10 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 29.77 SINBO SECURITIZATION SP 5.00 09/30/19 KRW 30.04 SINBO SECURITIZATION SP 5.00 08/27/19 KRW 30.47 SINBO SECURITIZATION SP 5.00 07/29/19 KRW 30.73 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 30.80 SINBO SECURITIZATION SP 5.00 06/25/19 KRW 31.09 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 32.18 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 32.18 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 32.41 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 32.41 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 32.67 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 32.67 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 32.97 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 33.05 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 33.05 SINBO SECURITIZATION SP 5.00 06/25/18 KRW 33.31 SINBO SECURITIZATION SP 5.00 05/26/18 KRW 33.59 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 34.03 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 34.03 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 34.03 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 34.34 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 34.34 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 34.81 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 34.81 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 35.07 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 35.07 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 35.84 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 35.84 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 36.30 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 36.30 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 38.94 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 38.94 SINBO SECURITIZATION SP 5.00 12/23/17 KRW 39.30 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 57.77 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 57.77 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 57.77 U-BEST SECURITIZATION S 5.50 11/16/17 KRW 47.60 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.55 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 70.87 MALAYSIA -------- ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.08 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.78 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.51 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.33 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.44 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.11 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96 HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.38 I-BHD 2.50 10/09/19 MYR 0.41 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.15 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 74.04 PUC BHD 4.00 02/15/19 MYR 0.07 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.17 SAM ENGINEERING & EQUIP 4.00 09/25/17 MYR 3.03 SEE HUP CONSOLIDATED BH 4.60 12/22/17 MYR 0.13 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.17 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 56.50 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.87 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.20 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 60.58 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.96 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.36 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 64.76 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 66.15 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 67.60 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 69.02 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 70.45 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 70.63 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 72.14 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 72.72 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 73.72 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 74.24 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.85 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.12 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.01 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.47 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 45.00 ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 69.38 AUSGROUP LTD 7.95 10/20/18 SGD 51.00 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.10 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.10 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.04 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.82 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 3.97 BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 30.00 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 55.38 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 55.38 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.00 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.25 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13 EZION HOLDINGS LTD 5.10 03/13/20 SGD 35.00 EZION HOLDINGS LTD 4.88 06/11/21 SGD 35.07 EZION HOLDINGS LTD 4.70 05/22/19 SGD 63.04 EZION HOLDINGS LTD 4.85 01/23/19 SGD 66.72 EZION HOLDINGS LTD 4.60 08/20/18 SGD 73.58 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.96 GOLIATH OFFSHORE HOLDIN 12.00 06/11/18 USD 1.02 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 56.25 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 71.57 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 72.27 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 26.38 RICKMERS MARITIME 8.45 05/15/17 SGD 13.88 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.31 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 6.75 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 10.00 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 10.00 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 10.25 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.38 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.38 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 2.67 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 62.38 DEBT AND ASSET TRADING 1.00 10/10/25 USD 62.48 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 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 ***