/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/171121.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, November 21, 2017, Vol. 20, No. 231 Headlines A U S T R A L I A ALL STARS: Second Creditors' Meeting Set for November 24 GRIFFIN COAL: Miners Vote on 35% Pay Cut to Save Jobs PRIMESTYLE PTY: Second Creditors' Meeting Set for November 28 PROSEC SECURITY: Second Creditors' Meeting Set for Nov. 24 TURNING POINT: Second Creditors' Meeting Set for November 28 C H I N A BINHAI INVESTMENT: Moody's Affirms Ba1 CFR, Outlook Now Stable CHINA HUISHAN: Lawyers to Prepare for Provisional Liquidation HEALTH & HAPPINESS: Rights buy-back No Impact on Moody's Ba2 CFR TAHOE GROUP: Fitch Publishes B Long-Term IDR; Outlook Stable TAHOE GROUP: Moody's Assigns B1 CFR; Outlook Negative H O N G K O N G WTT INVESTMENT: Fitch Corrects November 7 Release I N D I A A.G. RICE: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan AATULYA LIFECARE: CARE Assigns B Rating to INR5.20cr LT Loan ANUBHAV PLAST: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating BALAJI PACKPLAST: CARE Reaffirms B+ Rating on INR10.71cr Loan BEE JAY: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating BRIGHT FOUNDRIES: CRISIL Withdraws B Rating on INR4.25MM Loan BTM CORP: CARE Lowers Rating on INR27cr LT Loan to 'D' BTM INDUSTRIES: CARE Lowers Rating on INR27cr LT Loan to 'D' DELUXE KNITTING: CRISIL Reaffirms C Rating on INR8.0MM Loan DIVYA SHREE: CARE Moves B+ Rating to Not Cooperating Category EMBOSS EDUCATION: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan GALFAN ENGINEERS: CRISIL Assigns 'B' Rating to INR4MM LT Loan IMAN FRUIT: CRISIL Reaffirms 'B' Rating on INR6.5MM Loan INDRAYANI SALES: CARE Assigns B/A4 Rating to INR12.50cr Loan JEKIN ENTERPRISE: CARE Moves B+ Rating to Not Cooperating JYOTI ENTERPRISES: Ind-Ra Migrates B+ Rating to Non-Cooperating KESHVANAND CERAMIC: CARE Moves B Rating to Not Cooperating MAA UTTAR: CARE Moves B+ Rating to Not Cooperating Category MOHAN TRACTORS: CRISIL Reaffirms B+ Rating on INR23.5MM Loan MONNET POWER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating MS PARTHAS: CARE Reaffirms B+ Rating on INR20cr LT Loan MUKTAR AUTOMOBILE: CARE Revises Rating on INR13.56cr Loan to B+ MULPURI FISHERIES: CRISIL Reaffirms B Rating on INR102MM Loan OM SUGARS: CARE Lowers Rating on INR28.27cr LT Loan to 'D' PRAMODKUMAR PRAVINKUMAR: CRISIL Reaffirms B INR5.6MM Loan Rating PRECISION GRANITES: Ind-Ra Migrates B+ Rating to Non-Cooperating S.B. IMPEX: CARE Assigns B+ Rating to INR10cr LT Loan SADARAM JINING: CARE Lowers Rating on INR8.19cr LT Loan to D SAI MANASA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating SAURAVA TOWERS: CRISIL Reaffirms B- Rating on INR10MM Term Loan SELVARAAJ PRABHU: Ind-Ra Moves D Issuer Rating to Non-Cooperating SGS MARKETING: CARE Moves B+ Rating to Not Cooperating Category SHIV METTALICKS: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan SHREE RADHA: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating SIMOCO TELECOM: CARE Moves D Rating to Not Cooperating Category SRI RAM TECHNOPACK: CARE Moves B+ Rating to Not Cooperating SRI VENKATA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating SRI VENKATESWARA: CRISIL Reaffirms 'B' Rating on INR23.48MM Loan SYRMA TECHNOLOGY: Ind-Ra Withdraws BB+ Long-Term Issuer Rating TRIPURARI AGRO: CRISIL Reaffirms B Rating on INR5MM Cash Loan VIKRANT ISPAT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating J A P A N MTGOX CO: Mark Karpeles Exploring Ways to Revive Business TOSHIBA CORP: To Explore Divestment Alternatives for Westinghouse TOSHIBA CORP: To Raise $5.3BB From New Shares to Avoid Delisting M A L A Y S I A CHASWOOD RESOURCES: Malaysian Unit in Debt Restructuring Talks X X X X X X X X * S&P: Emerging Markets Push Global Corp. Default Tally to 83 * BOND PRICING: For the Week Nov. 13 to Nov. 17, 2017 - - - - - ================= A U S T R A L I A ================= ALL STARS: Second Creditors' Meeting Set for November 24 -------------------------------------------------------- A second meeting of creditors in the proceedings of All Stars International Group Pty Limited, trading as Galaxy Tax Free in NSW; Trading as Ocean Star Tax Free in QLD; and Trading as Southern Star Tax Free in VIC, has been set for Nov. 24, 2017, at the offices of Jones Partners Insolvency & Business Recovery Level 13, 189 Kent Street, Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 23, 2017, at 5:00 p.m. Michael Gregory Jones of Jones Partners was appointed as administrator of All Stars on Oct. 20, 2017. GRIFFIN COAL: Miners Vote on 35% Pay Cut to Save Jobs ----------------------------------------------------- Daniel Mercer at The West reports that workers at a struggling Collie coal mine have agreed to sacrifice more than a third of their pay after a knife-edge vote to accept a heavily diluted wage deal. According to the report, Gary Wood from the Construction, Forestry, Mining and Energy Union confirmed that production workers at Griffin Coal had voted 57 to 54 to accept a three-year enterprise agreement put to them by the Indian-owned company. The West relates that the decision, which came after a three-day ballot that wound up at midnight on November 13, will slash earnings for about 200 workers by 35 per cent to AUD90,000 from about AUD140,000 a year. Australia's industrial umpire, the Fair Work Commission, will need to ratify the deal, the report states. According to the West, Mr. Wood, the State secretary of the CFMEU's mining and energy division, said the close nature of the vote showed how angry many workers were about taking such a big pay cut. But he said the fact it succeeded at all was a sign that workers recognised the seriousness of Griffin's predicament, with concerns the miner's Indian banker, ICICI, could have withdrawn support in the absence of a deal, the report relays. "Obviously half the workforce is very unhappy and I'd say the other half is to a degree unhappy," the report quotes Mr. Wood as saying. "But look at what the alternatives are." Despite the breakthrough, Mr. Wood revealed Griffin was still not expected to return to the black over the life of the deal as the company laboured with poor strip ratios and unprofitable contracts, the report says. Griffin has been haemorrhaging money since Indian conglomerate Lanco Infratech bought it from the wreckage of fallen coal tycoon Ric Stowe's business empire for AUD800 million in 2010, The West discloses. Annual losses are believed to have been about AUD50 million since 2011. "The circumstances are something which is just out of this world . . . when you look at the losses the company had made -- they paid too much for it in the first instance, they focused on the wrong areas in the initial stage. With proper management and working with their people it can be a sustainable business," the report quotes Mr. Wood as saying. "But it's still very narrow and over the three years of the agreement we wouldn't be expecting that they'll return to a profit but at least it puts them in a position to in the future." Under the proposal, hourly rates will be cut by 25 per cent, rosters will be reduced from 42 hours a week to 36.75 hours and superannuation payments will be pared back, the report notes. As a compromise, annual leave entitlements will be retained, while Griffin has agreed to preference local workers and ensure 80 per cent of its workforce is permanent, adds The West. Based in Australia, The Griffin Coal Mining Company Pty Ltd -- http://www.griffincoal.com.au/-- is engaged in coal mining and processing. Griffin Coal operates major mines in the Collie area, approximately 220 kilometers south east of Perth. The Company is producing more than three million tons of coal per year. Griffin Coal has operations at Ewington Mine, Muja Mine and Buckingham Mine. PRIMESTYLE PTY: Second Creditors' Meeting Set for November 28 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Primestyle Pty Ltd has been set for Nov. 28, 2017, at 9:30 a.m. at the Conference Room, Level 4, 16 St Georges Terrace, in Perth, WA. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 27, 2017, at 5:00 p.m. Cameron Shaw and Richard Albarran of Hall Chadwick were appointed as administrators of Primestyle Pty on Oct. 24, 2017. PROSEC SECURITY: Second Creditors' Meeting Set for Nov. 24 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Prosec Security Pty Ltd has been set for Nov. 24, 2017, at 11:00 a.m. at the Meeting Room of Servcorp, Level 26, 44 Market Street, in Sydney. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 23, 2017, at 4:00 p.m. Henry Kwok and Gavin Moss of Chifley Advisory Pty Ltd were appointed as administrators of Prosec Security on Oct. 20, 2017. TURNING POINT: Second Creditors' Meeting Set for November 28 ------------------------------------------------------------ A second meeting of creditors in the proceedings of Turning Point Solutions Pty Ltd has been set for Nov. 28, 2017, at the offices of William Buck, Level 29, 66 Goulburn Street, in Sydney, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Nov. 27, 2017 at 4:00 p.m. Sean Wengel and Robert Whitton of William Buckwere appointed as administrators of Turning Point Solutions on Oct. 24, 2017. ========= C H I N A ========= BINHAI INVESTMENT: Moody's Affirms Ba1 CFR, Outlook Now Stable -------------------------------------------------------------- Moody's Investors Service has changed to stable from negative the outlook on Binhai Investment Company Limited's (BICL) Ba1 corporate family and senior unsecured debt ratings. At the same time, Moody's has affirmed all ratings. RATINGS RATIONALE "The change in outlook to stable reflects BICL's improved standalone credit profile, which is supported by its stable growth in gas volumes and reduction in its reliance in connected party gas sales," says Osbert Tang, a Moody's Vice President and Senior Analyst. The stable outlook incorporates Moody's expectation that BICL will continue to achieve stable gas sales volume growth. Moody's expects its gas sales to achieve over 15% annual growth for 2018- 2019. In 1H 2017, BICL's gas sales revenue to third party customers increased by over 20% year-on-year. Moody's expects future growth in gas sales to be driven by contributions from coal-to-gas projects, expansion in the city gas distribution business, and supply to gas-fired power stations. "Also, BICL's proportion of revenue from connected parties has declined in the last two years, while Moody's expect its reliance on connection fees will also fall in the next two years as its gas sales volume continues to register healthy growth," adds Tang, who is also the local market analyst for BICL. In 1H 2017, connected party sales revenue was 17% of total revenue, down from 24% in 2016 and 31% in 2015, reflecting its efforts in reducing its reliance on connected party transactions. Moody's estimates BICL's capex, mostly for the expansion of its gas distribution network, to average about HKD550 million in 2017-2019 annually, which is a manageable level for the company. Moody's expects BICL's adjusted funds from operations (FFO)/debt of 11%-14% and FFO/interest cover of 2.8x-4.0x for 2018-2019; and such credit metrics position it within the rating tolerance level for its current Ba1 rating. Moody's notes that BICL will continue to be exposed to currency risk from the fluctuations in RMB/USD exchange rate, given its unhedged USD-denominated debt. In addition, the rating continues to consider the credit profile of BICL's parent -- Tianjin TEDA Investment Holding Co., Ltd. (TEDA) -- which is likely to have a lower credit quality than BICL. BICL continues to have a high reliance on connection fees and this remains a constraint to its rating. In 1H 2017, connection fees accounted for 21% of its revenue and generated 63% of its total gross profit. However, as BICL's gas sales continue to grow, Moody's expects such reliance will decrease over the next two years. After excluding connection fees and retail tariffs, BICL's average return on regulated assets in 2016 is below the permitted maximum return of 7% under the new distribution tariff mechanism to be implemented by June 2018. Hence, Moody's expects this mechanism's impact on BICL's standalone credit profile will be very limited. Nevertheless, Moody's expects the evolving regulatory regime for gas utilities will continue to weigh on the ratings of gas distributors, including that of BICL. The rating is unlikely to be upgraded in the near term, given BICL's financial and business profile. Over time, BICL's rating could be upgraded if it demonstrates a further consistent improvement in its financial profile. Key financial metrics that Moody's would consider for an upgrade include adjusted FFO/debt surpassing 20% and adjusted FFO/interest coverage surpassing 5.0x over a prolonged period. Any rating upgrade in future would assume that BICL's credit profile is not negatively impacted by the credit quality of TEDA. BICL's ratings could be downgraded if there are unfavorable regulatory changes that significantly impact the company's ability to pass through costs; delays in the execution of its growth plans; and if its credit metrics weaken significantly due to aggressive debt-funded expansions or higher-than-expected dividend payouts. Financial indicators that Moody's would consider for a downgrade include adjusted FFO/debt below 10% and adjusted FFO/interest coverage below 2.0x over a prolonged period. A weakening of TEDA's credit profile and any sign of cash leakage from BICL to TEDA could also lead to downward pressure on BICL's rating. The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in June 2017. Binhai Investment Company Limited (BICL) is principally engaged in city gas distribution and gas pipe connection businesses in China, mainly in the Tianjin Municipality. Its gas sales volumes reached 385.55 million cubic meters in 1H 2017; and it derives 69% of its gas sales volume from the Tianjin Municipality. BICL is listed on the Hong Kong Stock Exchange and is 63.19% owned by Tianjin TEDA Investment Holding Co., Ltd. (TEDA), which is a wholly owned conglomerate of the State-owned Assets Supervision and Administration Commission of Tianjin Municipality. CHINA HUISHAN: Lawyers to Prepare for Provisional Liquidation ------------------------------------------------------------- South China Morning Post reports that China Huishan Dairy Holdings has instructed lawyers to prepare for its provisional liquidation after finding more debt, leaving some of the top lenders in Asia vulnerable. According to a filing to the Hong Kong stock exchange on Nov. 16, 2017, the net liabilities of the Liaoning-based firm's China entities "could have been" CNY10.5 billion (US$1.58 billion) as of March, the Post discloses. "The board has instructed the Cayman legal advisers of the company to prepare the relevant documentation to place the company into provisional liquidation," said Huishan Dairy in the filing, the Post relays. "Such steps will take into account, as far as possible, options available to the company to preserve the assets of the group." A provisional liquidation filed by a company is usually to shield its assets from creditor claims while it tries to implement a restructuring, the report notes. Huishan said in early November that a debt restructuring proposal had been passed by a majority of its onshore creditors, the Post says. According to the Post, Shen Meng, executive director with investment bank Chanson & Co, said that the more urgent issue here should be for those offshore creditors, who were in a weaker position compared to their mainland peers, to voice their requirements before the liquidation process begins, as the current environment was more beneficial for onshore creditors. "Once a decision has been made through mainland creditors and shareholders, it will be much more difficult for those offshore lenders to defend their rights," the report quotes Shen as saying. The Post recalls that concerns about Huishan were first raised by short seller Muddy Waters in a report published in December, in which it said that the company was worth "close to zero." Three months later, on March 24, Huishan's shares plunged 85 per cent in 90 minutes, following which the company's shares were suspended from trading. Since then, Huishan Dairy has been trying to restructure its debt, which has proved difficult, the report says. The company said in a June filing that its total debt stood at CNY26.73 billion, including loans from banks of about CNY18.7 billion, according to the report. The banks with exposure to Huishan Dairy include ICBC, Bank of China, Bank of Communications and HSBC. HSBC, which took part in a US$200 million syndicated loan, in September was the first to declare that Huishan had defaulted, the Post notes. The report says Bank of China has extended about US$490 million in loans to the company, making it Huishan's biggest creditor, followed by a much lesser known local lender, Jilin Jiutai Rural Commercial Bank, which has given US$270 million in loans. HSBC said it would not comment on this issue, while calls to the Bank of China's communications department went unanswered, the report states. As the debt owed by Huishan has already exceeded its whole assets, the key problem here is whether some of the personal assets of Yang Kai, the chairman, could be used to repay the debt, Chanson's Shen said, the Post relays. The Post adds that analysts said the case should serve as a renewed reminder for foreign and Hong Kong banks, as they are increasingly exposed to mainland companies. "This is indeed an area that we are following closely in order to assess whether there is a pattern that points towards weaknesses in banks' underwriting standards," the Post quotes Sabine Bauer, senior director for financial institutions at Fitch Ratings in Hong Kong, as saying. About China Huishan China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally engaged in the production and sales of raw milk, liquid milk products and milk powder products. The Company operates its business through three segments. The Dairy Farming segment is engaged in planting, growing and harvesting alfalfa grass and other feed crops, processing feeds and breeding dairy cows. The Liquid Milk Products Production segment is engaged in the production and sales of pasteurized milk, ultra-high temperature (UHT) milk, yoghurt and milk beverages. The Milk Powders Production segment is engaged in the production and sales of infant milk formula products, adult milk powder products and dairy ingredient products. As reported in the Troubled Company Reporter-Asia Pacific on April 13, 2017, The South China Morning Post said a Shanghai court has frozen assets of China Huishan Dairy Holding and its chairman as requested by a mainland wealth management firm, and that HSBC alleges it has defaulted on a US$200 million loan. Huishan said in a filing to the Hong Kong stock exchange on April 10 that it had received a letter on April 7 from HSBC alleging "non-compliance with certain of the covenants" and "has therefore called events of default under the Facility Agreement". HSBC acted on behalf of six creditor banks, including China CITIC Bank International. HEALTH & HAPPINESS: Rights buy-back No Impact on Moody's Ba2 CFR ---------------------------------------------------------------- Moody's Investors Service says that the agreement by Health and Happiness (H&H) International Holdings Limited's wholly owned subsidiary to buy back distribution rights from PGT Healthcare LLP will not immediately affect Health and Happiness' Ba2 corporate family rating or the Ba3 senior unsecured rating on its senior notes. The ratings outlook is stable. On November 13, 2017, Health and Happiness' 100% owned subsidiary, Swisse Wellness Group Pty Ltd, entered into an agreement with PGT Healthcare LLP for PGT to sell to Swisse for USD100 million the distribution rights granted to PGT by Swisse under their collaboration agreement. Swisse is an Australian vitamin, herbal and mineral supplements provider. PGT is a joint venture between The Procter & Gamble Company (Aa3 stable) and Teva Pharmaceutical Industries Ltd (Baa3 negative). "Health and Happiness will fund Swisse's buy-back of distribution rights with cash-on-hand, and the company's credit metrics after the acquisition will continue to support its Ba2 corporate family rating," says Gerwin Ho, a Moody's Vice President and Senior Analyst. Moody's expects that Health and Happiness' adjusted debt/EBITDA will reach about 3.0x over the next 12-18 months, driven by a rise in EBITDA and debt reduction through scheduled repayments of its USD450 million senior loan. This level of debt leverage is consistent with the company's Ba2 corporate family rating. Under the collaboration agreement between Swisse and PGT, Swisse had granted PGT the exclusive right to market and distribute Swisse's products across most markets globally, except in Australia, New Zealand, North America and China, in exchange for royalty payments from PGT to Swisse. The collaboration agreement also granted PGT an option in respect to the active sales of Swisse's products in China, which encompass sales through China cross border e-commerce platforms and normal trade. Active sales of Swisse's products in China accounted for 10% of Health and Happiness' total revenue during the six months between January and June 2017 (1H 2017), up from 6% in 2016. The PGT option, if exercised, would have required Swisse to either: (1) transfer its China active sales business to PGT and receive from PGT an annual fixed income stream plus royalties and milestone payments, or (2) continue to operate in China and pay PGT a royalty based on net sales achieved after the exercise date. The earliest time that the option could have taken effect is in September 2020, subject to a 12-month notice period. Under the agreement that Swisse and PGT entered into on November 13, 2017, Swisse and PGT's collaboration agreement and all ancillary agreements, including PGT's option in respect to the active sales of Swisse's products in China, terminated as of November 13, 2017 in all jurisdictions globally - including China - except Hong Kong, Italy, the Netherlands and Singapore, where termination will take place during 1H 2018. The termination of PGT's option in respect to the active sales of Swisse's products in China as a result of Swisse's buy-back of distribution rights will reduce the uncertainty relating to Swisse's business in China, a development that will benefit Swisse's business expansion in the country. Health and Happiness' liquidity profile is solid. At June 30, 2017, its cash balance - excluding restricted cash - totaled RMB1.9 billion, which is sufficient to cover its reported short- term debt of RMB774 million and the USD100 million (RMB664 million) consideration for Swisse's buy-back of the distribution rights. The principal methodology used in these ratings was Global Packaged Goods published in January 2017. Health and Happiness (H&H) International Holdings Limited is a leading domestic infant milk formula provider in China. The company acquired an 83% stake in the leading Australian vitamin, herbal and mineral supplements provider, Swisse Wellness Group Pty Ltd in September 2015, and further raised its stake to 100% in February 2017. Established in 1999, Health and Happiness is headquartered in Guangzhou and listed on the Hong Kong Stock Exchange in December 2010. Its chairman and CEO, Mr. LUO Fei, and other principal shareholders together held a 71% stake in the company at June 30, 2017. TAHOE GROUP: Fitch Publishes B Long-Term IDR; Outlook Stable ------------------------------------------------------------ Fitch Ratings has published Tahoe Group Co., Ltd.'s (Tahoe) Long- Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with Stable Outlook. Fitch has also assigned the Chinese homebuilder a foreign-currency senior unsecured rating of 'B-', with Recovery Rating of 'RR5'. Fitch has also assigned Tahoe Group Global (Co.,) Limited's proposed US dollar senior notes that will be unconditionally and irrevocably guaranteed by Tahoe a 'B-(EXP)' expected rating. The notes are rated at the same level as Tahoe's senior unsecured rating because they constitute direct and senior unsecured obligations of the company. The final rating is subject to the receipt of final documentation conforming to information already received. Tahoe intends to use the net proceeds from the note issue for onshore project development and other general corporate purposes. Tahoe's rating is supported by its rapidly growing contracted sales, diversified footprint across China and its strong product lines. Tahoe's projects, which are designed to include references to Chinese culture, differentiates it from other small to medium homebuilders, who have fast-churn business models. These are offset by its very weak financial profile due to aggressive land acquisitions since 2013. KEY RATING DRIVERS High Leverage Constrains Rating: Tahoe's leverage of 73.9% at end-2016 was high, and has increased to 87.9% at end-September 2017 due to its aggressive land banking. Fitch expects Tahoe's net leverage to stay around 85%-90% as Fitch think Tahoe is not likely to deleverage because a faster churn rate will require the company to expand its current land bank, which is sufficient for only around 2.5 to 3 years of development. Tahoe's high interest cost is a drag on its cash flow. Its annual interest expenses of above CNY7 billion are the single largest cash outflow, other than land and construction expenditure. The company has little cash flow left to fund working capital expansion and dividend payment after paying for interest expenses, taxes, and sales, general and administrative expenses, and capex. Therefore, Tahoe will have to fund its inventory expansion with additional debt. Growing Contracted Sales: Tahoe's rating is supported by the rapid increase in contracted sales and diversification outside of Fujian province. Tahoe's attributable contracted sales rose 14% to CNY34.3 billion in 2016, and the company will increase its churn rate from 2017 with contracted sales estimated at above CNY50 billion in the first nine months of the year despite unfavourable government policies. Tahoe also has a strong product line. Its unique project designs differentiate its products from those of other small to medium sized homebuilders that focus on fast-churn models. Low Cash Collection: Fitch estimates that Tahoe's cash collection rate was around 65% for the past three years, which was much lower than the industry average of above 80%. This was because its reported sales included purchase intentions that did not result in actual sales, and the company's relatively high-end products were more affected by tight bank-mortgage policy. Furthermore, Tahoe had slower collections from its commercial properties, which is in line with the industry norm. Given the deviation, Fitch has used collected sales in place of contracted sales in Fitch calculation of ratios. Fitch may adopt contracted sales ratios when Tahoe's cash collection rates are more comparable to industry peers, of above 80%, on a sustained basis. Weak Parent, Weak Linkage: Fitch believes Tahoe's largest shareholder, Tahoe Investment Group Co., Ltd. (Tahoe Investment), which owns a 48.97% stake in Tahoe, does not have an impact on its ratings. Fitch has not linked Tahoe's ratings to the parent's because linkages between the two are weak. Tahoe has a low dividend payout rate despite the weaker financial profile of Tahoe Investment; the related-party transactions that give Tahoe Investment access to Tahoe's cash are limited; and both entities have separate management teams. Tahoe Investment has pledged almost all of its shares in Tahoe, and the parent may reduce control over Tahoe, especially when Tahoe Investment is under extreme credit stress. DERIVATION SUMMARY Tahoe's business profile is similar to that of peers in the low 'BB' rating category as the company's contracted sales are increasing rapidly and it is diversified across geography and products. These support its ratings and offset its very aggressive financial profile, which is in the weak 'B' category. Tahoe's leverage is among the highest in the rated homebuilder space. Its net debt / adjusted inventory was 87.1% as of end-June 2017, compared with Oceanwide Holdings Co. Ltd.'s (B/Negative) 97% and China Evergrande Group's (B+/Stable) 54.1%. However, Oceanwide has more substantial available-for-sale assets and debt allocated to the expansion in the financial sector, which, if included, would reduce net leverage to around 70%. Evergrande is much bigger than Tahoe, but it also has a large accounts payable as working capital funding to support its expansion. Tahoe's faster churn of closer to 0.5x expected in 2017 coupled with its EBITDA margin in the low 20% reflects its decent product and land bank quality. This is neutral to its rating compared with either faster-churn peers such as Future Land Development Holdings Limited's (BB-/Positive), whose churn is around 2.0x and margin in the high teens, or lower-churn peers such as Oceanwide, whose churn is as low as 0.2x but margin in the mid-30%. KEY ASSUMPTIONS Fitch's key assumptions within Fitch rating case for the issuer include: - Attributable contracted sales to rise to CNY60 billion in 2017 and CNY70 billion in 2018 - Cash collection rate of 85% in 2017- 2019 - Average selling price of contracted sales and land acquisition costs continue to drop, with an increasing share of sales from second- tier cities or cities adjacent to first-tier cities rather than Beijing, Shanghai and Shenzhen. - Attributable land premium to be 100% of the total attributable contracted sales in 2017 and 60% in 2018. - 8% borrowing cost for new borrowings Recovery rating assumptions - Tahoe would be liquidated in a bankruptcy because it is an asset-trading company - 10% administrative claims - The value of inventory and other assets can be realised in a reorganisation and distributed to creditors - A haircut of 30% on adjusted inventory, which is lower than the norm used for peers because of Tahoe's higher-than- industry profit margin, which implies its inventory will have a higher liquidation value than that of peers - A 20% haircut to investment properties and the net tangible assets of its financial subsidiaries - A 60% haircut to available-for-sale financial securities - Based on Fitch calculation of the adjusted liquidation value after administrative claims, Fitch estimate the recovery rate of the offshore senior unsecured debt to be 12%, which corresponds to a Recovery Rating of 'RR5'. RATING SENSITIVITIES Developments that may, individually or collectively, lead to negative rating action include: - EBITDA margin sustained below 18% - Land bank sustaining below 2.5 years of development activity - Increasing linkage with Tahoe Investment, including more related-party transactions or consistently high dividend payouts, which lead to a sustained weakening in Tahoe's profile Developments that may, individually or collectively, lead to positive rating action include: - Net debt/adjusted inventory sustained below 55% and EBITDA margin sustaining above 25% - Collected sales/total debt sustained above 1.0x (2016: 0.3x) LIQUIDITY Sufficient Liquidity: Tahoe has CNY15.7 billion in unrestricted cash and CNY66.5 billion in unused banking facilities as of end- September 2017. This is enough to cover the CNY36.5 billion in short term debt. Meanwhile, the company is quite active in domestic bond markets and it recently received approval for a CNY6 billion corporate bond quota and a CNY7 billion onshore medium-term note programme. The company also has access to equity markets while its CNY7 billion private placement is waiting for approval from the regulator. TAHOE GROUP: Moody's Assigns B1 CFR; Outlook Negative ----------------------------------------------------- Moody's Investors Service has assigned a first-time B1 corporate family rating to Tahoe Group Co., Ltd (Tahoe Group). At the same time, Moody's has assigned a B2 senior unsecured rating to the proposed notes to be issued by Tahoe Group Global (Co.,) Limited and guaranteed by Tahoe Group. All ratings outlook is negative. RATINGS RATIONALE "Tahoe Group's B1 corporate family rating reflects the company's strong sales execution, large scale, broad product offerings, and good track record in the development of residential and commercial properties in first- and second-tier cities in China," says Franco Leung, a Moody's Vice President and Senior Credit Officer. Tahoe Group's track record of strong sales execution has enabled it to grow to a scale larger than most single-B-rated Chinese property developers. Its contracted sales grew about 22.5% year-over-year in 2016 to RMB37.2 billion. In the first three quarters of 2017, the company delivered a 103% year-over-year growth in contracted sales to RMB47.8 billion. Moody's expects that Tahoe Group will achieve a year-on-year growth in contracted sales in excess of 100% in 2017. Tahoe Group has established a premium brand name and has a reputation for developing high-quality residential products in China (A1 stable). These factors help its sales growth. The company is well recognized, in particular in Beijing and in cities in Fujian Province. At the same time, it offers a broad range of products that include mass-market, mid-end and ultra- high-end properties. Its top-end products include Tahoe China Garden, which is in a good location in Beijing and sold at around RMB200,000 per sqm. Its development properties include commercial properties, which accounted for around 26% of its total contracted sales value in 2016. Its commercial products are mid- to high-end, with a relatively high average selling price of around RMB22,076 per sqm in 2016. The company's strong sales are also driven by its business strategy of investing in higher-tier cities in China, where property demand is higher relative to the lower-tier cities. This approach is consistent with its business strategy to develop quality residential properties. Based on company information, 72% and 86% of its total saleable resources by gross floor area and value respectively were situated in these cities at June 30, 2017. Tahoe Group's B1 corporate family rating (CFR) has factored in the company's good ability to access the domestic debt and equity markets. For example, it has issued a total of RMB18.5 billion of domestic bonds since 2015, and raised RMB4 billion from a rights issue through a private placement in 2015. On the other hand, Tahoe Group's B1 CFR is constrained by its aggressive debt-funded land replenishments and construction spending for its expansion into new regions since 2015. This situation has resulted in weak credit metrics. Specifically, its debt leverage - as measured by revenue/adjusted debt - was weak at around 21%-33% in 2014-2016. Its interest coverage was also weak, at 1.2x-1.4x over the same period, due in part to a drop in gross profit margins to around 18% in 2016 from 24.6% in 2015. Nevertheless, Moody's expects that the company will benefit from high growth in revenue, after successful contracted sales in 2016, and also during the first three quarters of 2017. Consequently, its gross margins and credit metrics will improve over the next 12-18 months. Its gross profit margins could return to normalized levels of 25%-30%. And, its revenue/adjusted debt could improve to around 33%-35%, and interest coverage could trend towards 2.1x. These levels support the company's CFR of B1. Another rating constraint is Tahoe Group's exposure to execution risk in its expansion in China's southern region, where there is strong competition among developers, in cities like Guangzhou, Donguan, Foshan, Zhuhai and Shenzhen. In addition, the company's cash collection for its high-end products could be adversely affected by the tight regulatory controls prevalent in higher-tier cities in China. Tahoe's liquidity position is weak. The company's cash balance of around RMB16.6 billion at June 30, 2017 was insufficient to cover its short-term debt of around RMB31 billion. Nevertheless, Moody's expects that its liquidity risk could be partly mitigated by its strong contracted sales and ability to raise project construction loans from domestic banks. The senior unsecured rating is lower than the CFR by one notch because of the risk of structural and legal subordination. This risk reflects Moody's expectation that the majority of claims will be at the operating subsidiaries' level, and will have priority over claims at the holding company in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the expected recovery rate for claims at the holding company will be lower. The ratings outlook is negative, reflecting Tahoe Group's high debt leverage at June 30, 2017, a situation which will take time to improve to an appropriate level through higher contracted sales and revenues, as well as slower debt growth. Upward ratings pressure is unlikely in the near term, given the negative ratings outlook. Nonetheless, Moody's could revise Tahoe Group's ratings outlook to stable, if the company: (1) continues to generate strong contracted growth or improves its cash collection; and (2) improves its credit metrics, with EBIT/interest coverage above 2x and revenue/adjusted debt trending towards 40%-45% on a sustained basis. On the other hand, downward ratings pressure could increase, if there is a further deterioration in Tahoe Group's credit metrics, levels of cash collections from contracted sales, or growth in its contracted sales and revenues, or liquidity position. Financial indicators of downgrade ratings pressure include adjusted EBIT/gross interest below 1.75x on a sustained basis. The principal methodology used in these ratings was Homebuilding And Property Development Industry published in April 2015. Tahoe Group Co., Ltd listed on the Shenzhen Stock Exchange in 2010. The company began its first residential property project in Fuzhou in Fujian Province in 1996. Its operations are mainly focused on residential property developments. It is also engaged in commercial property developments. At June 30, 2017, its land bank totaled 16.25 million square meters by saleable gross floor area. ================ H O N G K O N G ================ WTT INVESTMENT: Fitch Corrects November 7 Release ------------------------------------------------- The following press release replaces the version published on 7 Nov. 7, 2017 to include the Non-Financial Corporates Notching and Recovery Ratings Criteria. Fitch Ratings has assigned WTT Investment Limited (WTT) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR) of 'B+'. The Outlook is Positive. The agency has simultaneously assigned an expected 'BB-(EXP)' with a Recovery Rating of 'RR3' to the proposed senior unsecured notes. WTT is an investment holding company which holds a 100% stake in Hong Kong-based WTT HK Ltd. The final rating of the notes is contingent upon the receipt of final documents conforming to information already received. We rate the proposed bond one notch higher than the IDR, reflecting above-average recovery prospects as indicated by the 'RR3' Recovery Rating. The notes are guaranteed by most of the key operating subsidiaries, and will be subordinated to any future secured debt of the issuer or its subsidiaries including the proposed USD50 million (HKD390 million) senior secured revolving credit facility. The notes will also be structurally subordinated to any future debt at some non-guarantor subsidiaries which represent approximately 3% and 6% of consolidated revenue and assets, respectively. The bond proceeds will be used to refinance existing debt of HKD5 billion, and to cover transaction fees and other expenses incurred in the note issuance. The Positive Outlook reflects Fitch expectation that WTT's FFO adjusted net leverage can come down to below 4.8x by 2020, driven by its ability to generate a pre-dividend free cash flow (FCF) margin of around 10% (or HKD200 million-250 million) - supported by its position in Hong Kong's business-to-business telecoms market. Furthermore, WTT's sponsors - MBK Partners and TPG Capital - have stated their commitment to achieve net debt/EBITDA of 4.0x (or 4.5x on a FFO adjusted net leverage basis) over the medium term. The covenants attached to the proposed notes also impose certain restrictions on the additional debt that WTT can assume, based on a net debt to EBITDA threshold of 4.0x. KEY RATING DRIVERS High Leverage; Challenger Status: WTT's ratings are constrained by its Fitch-estimated 2017 FFO adjusted net leverage of 6.0x, and a "market challenger" position with about a 16% market share in the Hong Kong enterprise market. The enterprise market consists of business voice, broadband and IT services among other related offerings. The industry is dominated by incumbent Hong Kong Trust (HKT), part of PCCW group, which has around a 60% market share. However, WTT's ratings benefit from its second-largest market position, benign competitive dynamics in Hong Kong's enterprise market, a strong network position, and a loyal and diversified customer base of 55,000 business clients with only a limited churn rate. About 60% of customers have relationships of over five years with WTT. The average length of a customer's contract is around two to three years. Strong Network Position: WTT's business risk profile is reasonably strong, with extensive fibre coverage which connects 5,300 commercial buildings - covering 90% of business customers. Hutchison Global (HGC) and HK Broadband (HKBN), the other two industry participants, have a weaker network reach and could struggle to achieve a similar network strength as WTT, given capital requirements and space constraint in existing buildings to inject new sets of fibre cables and to house equipment. WTT, with its better execution and sole focus on the enterprise market, has steadily improved its market share in the Hong Kong sector over the last five years. WTT differentiates itself by offering customised packaged solutions including connectivity, fixed-voice and IT services to its customers, and thereby enhancing customer loyalty. WTT's in- house ICT capabilities give it a competitive edge over some of the smaller rivals that lack such capabilities. WTT's network position is further enhanced by ownership of submarine cables connecting Hong Kong islands and Kowloon via Lantau, which HGC and HKBN lack. Fitch expects higher competition in the small- and medium-scale customer segments, which is not a key focus of WTT. However, rising competition from HKBN and HKT could mean that WTT is not completely immune from pricing pressures, notwithstanding the low churn rate of its core clientele. High FCF Margin Visibility: Fitch believe that the visibility of WTT's pre-dividend FCF margin of 10% (HKD HKD200-250 million) is high, as it invests only about 15% of its revenue on maintenance and growth capex, and is likely to spend another 15% on interest expense with limited cash taxes and working-capital movements. Fitch expect WTT's post-dividend FCF margins to reach a comparable level to that of its peers in the 'B+' and 'BB-' rating levels when WTT starts dividend payments. Low but Stable Revenue Growth: Fitch expect WTT's revenue and EBITDA to grow by 3%-4% over the rating horizon as it adds new customers, secures larger orders from existing customers, and gradually wins market share from HKT. Fitch expect its operating EBITDAR margin to improve to around 44%-46% (2016: 44%), benefitting from inherent operating leverage due to low marginal costs of adding new customers. Furthermore, the declining trends in the revenue of the low-margin international voice segment will help to boost its operating EBITDA margin. Recovery Rating of 'RR3': Fitch have rated WTT's proposed senior unsecured bond at 'BB-(EXP)' with a Recovery Rating of 'RR3, one notch higher than its IDR of 'B+'. The company derives most of its economic value from Hong Kong; under Fitch criteria, Country- Specific Treatment of Recovery Ratings, Hong Kong falls into Group B, which allows up to two notches of uplift for securities above the issuer's IDR based on above-average recovery prospects. Fitch uses the going-concern value approach to calculate the post-restructuring enterprise value. Fitch estimates post-restructuring cash flow to be around HKD633 million - a discount of 25% from Fitch-forecast EBITDA of HKD844 million in 2017 - which assumes a depletion of the current business position leading to any financial distress, and a level of corrective action that would have occurred during restructuring. Fitch have assumed a cash flow multiple of 6.0x, given the cash-generative characteristics of the business, and is in line with 'BB-' rated peers in similar businesses. The adjusted going-concern enterprise value after administrative claims of HKD3.4 billion is then applied to the potential HKD390 million senior revolving credit facility, and the balance to the proposed senior unsecured notes, which results in a recovery in line with 'RR3' for the proposed notes. DERIVATION SUMMARY WTT's ratings reflects its high 2017 Fitch-estimated FFO adjusted net leverage of 6.0x, but with potential to improve over the medium term; small scale; and "market challenger" market position in the Hong Kong enterprise market, despite a relatively better business risk profile than some peers. WTT's leverage is higher than most 'BB-' peers - including the UK's Virgin Media (BB- /Stable) at 5.0x and TalkTalk Telecom Group PLC (BB-/Stable) at 3.3x; Belgium's Telenet Group Holding N.V. (BB-/Stable) at 5.0x; and Axtel, S.A.B. de C.V. (BB-/Stable) of Mexico, at 4.2x. WTT's strong business profile benefits from its extensive fibre coverage, high competition barriers and recurring revenue derived from an established customer base, despite its relatively small scale and a "market challenger" position. European fixed broadband network providers such as Virgin Media, TalkTalk and Telenet operate in markets that are more competitive and have lower competition barriers than WTT, although many of these peers have a significantly higher scale. The Positive Outlook reflects Fitch expectation that WTT's FFO adjusted net leverage can improve to below 4.8x by 2020, provided its ability to generate strong pre-dividend FCF remains largely unimpaired notwithstanding some increase in competition, and supported by the sponsors' commitment to achieve net debt/EBITDA of 4.0x over the medium term. KEY ASSUMPTIONS Fitch's key assumptions within Fitch rating case for the issuer include: - Revenue to grow by around 3%-4% during 2017-2019, driven by new customer additions and broadband and IT demand from existing customers. - Operating EBITDAR margin to improve to around 44%-45% during 2017-2018, reflecting benign competition in the enterprise market. - Capex/revenue ratio of around 15%. - No dividend payment during 2017-2020 until it achieves net debt/EBITDA of 4.0x or FFO adjusted net leverage of 4.5x. - Effective tax rate of 16.5%. - No M&A activity. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to an Upgrade to 'BB-' - Greater clarity on WTT's ability to improve its FFO adjusted net leverage to or below 4.8x by 2020, and - Ability to maintain FFO fixed-charge coverage of at least 2.5x, and - WTT retaining its market position with no significant adverse changes to its pricing power and operating EBITDA margin. Developments That May, Individually or Collectively, Lead to Outlook being Revised to Stable - Failure to achieve FFO adjusted net leverage of below 4.8x by 2020 on a forecast basis, and/or - Failure to maintain FFO fixed-charge cover at or above 2.5x by 2020 on a forecast basis. - Deterioration in WTT's market position or its ability to generate positive pre-dividend FCF as currently expected by Fitch. LIQUIDITY Adequate Liquidity: Liquidity was adequate at end-2016, with an unrestricted cash balance of HKD136 million and an undrawn revolving credit facility of HKD405 million which is sufficient to pay short-term debt maturities of HKD134 million due in 2017. WTT has paid HKD270 million up to August 2017, which includes a prepayment of HKD203 million on its senior secured bank facility. The senior secured loan is amortised through 2021 and has an average maturity of 5.5 years. The mezzanine facility of HKD814 million bearing an interest cost of 11% has a bullet maturity in May 2022. The proceeds from the proposed notes issue are to be utilised to fully refinance these debt facilities. ========= I N D I A ========= A.G. RICE: CRISIL Reaffirms B+ Rating on INR14MM Cash Loan ---------------------------------------------------------- CRISIL Ratings has been consistently following up with A.G. Rice Mills (AGRM) for obtaining information through letters and emails dated August 10, 2017 and September 28, 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; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of A.G. Rice Mills. 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 A.G. Rice Mills is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'. Established in 1981 as a partnership between Mr Avtar Singh, Mr Abhishek Vohra, Ms Harjit Kaur and Ms Neelam Vohra, AGRM processes and exports basmati and non-basmati rice. Its processing plant in Amritsar, Punjab, with a total milling capacity of 5 tonne per hour (tph) and sorting capacity of 8 tph, has around 80% utilisation. The firm trades rice under its Darbar and Minar brands. AATULYA LIFECARE: CARE Assigns B Rating to INR5.20cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Aatulya Lifecare Private Limited (APPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 5.20 CARE B; Stable Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of APPL is constrained on account of its nascent stage of operations and challenges of attracting and retaining quality doctors and medical professionals in a competitive healthcare industry. The rating, however, derives strength from experienced promoters. Timely achievement of break-even of recently completed debt funded expansion project with an ability to increase its scale of operations along with an improvement in overall financial risk profile. Detailed description of the key rating drivers Key Rating Weaknesses Nascent stage of operations: ALPL commenced operations from September 2016 onwards. The reported total operating income (TOI) for its 7 months of operations till March 31, 2017 stood at INR1.96 crore, while it booked operational loss of INR0.04 crore during FY17. The capital structure as marked by an overall gearing ratio stood highly leveraged as on March 31, 2017. The debt coverage indicators of the company as marked by total debt to GCA also stood weak as on March 31, 2017 while liquidity position of the company stood weak as marked by current ratio of 0.19 times as on March 31, 2017. Challenges of attracting and retaining quality doctors and medical professionals in a competitive healthcare industry: Success of a new hospital project or expansion of existing facilities requires availability of adequate trained doctors and medical personnel. Due to the scarcity of trained medical persons, including doctors, owing to intense competition in the healthcare sector, it becomes relatively difficult to attract and retain a skilled pool of medical personnel. Further, the ability of the company to retain its current medical fraternity would be a key differentiator. Key Rating Strengths Experienced promoters: Key Promoters of the company Dr Hirenkumar Patel (MD), Dr Mehul Shah (MD), Dr Manish Patel (MD) and Dr Chirag Rathod (MD) are qualified medical practitioners with presence in the medical field for about a decade. Analytical Approach: Standalone Aatulya Lifecare Private Limited (ALPL) was incorporated in 2014 and started it operations from September 2016. ALPL has been promoted by Dr Hirenkumar Patel, Dr Mehul Shah, Dr Manish Patel and Dr Chirag Rathod. The company operates a hospital by the name Aastha Multi Speciality Hospital, providing quality services and patient care to the people in the vicinity of Vadodara (Gujarat). The hospital has specialized departments in Gynaecology, Orthopaedic, General surgery, Paediatric, Physiotherapy, Ears, Nose and Throat (ENT), Critical Care and Pharmacy for its patients and visitors. The hospital has capacity of 100 beds and 1 in-house ambulance, while the average occupancy rate for in- patient department has remained between 20-30% during 7MFY17. ANUBHAV PLAST: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Anubhav Plast Private Limited's (APPL) Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR70 mil. Fund-based working capital limit migrated to non- cooperating category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) rating; -- INR15 mil. Non-fund-based working capital limit migrated to non-cooperating category with IND A4(ISSUER NOT COOPERATING) rating; and -- INR15 mil. Proposed non-fund-based working capital limit migrated to non-cooperating category with Provisional IND A4(ISSUER NOT COOPERATING) rating; Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 16, 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 1987, APPL manufactures steel tubular poles, traffic light poles, single-hand light poles, double-hang light poles, pipes and others at its facility in Kanpur, Uttar Pradesh. BALAJI PACKPLAST: CARE Reaffirms B+ Rating on INR10.71cr Loan ------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Balaji Packplast Private Limited (BPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10.71 CARE B+; Stable Reaffirmed Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of BPPL continue to remain constrained on account of its nascent stage of operations, susceptibility of profit margins to volatility in raw material price along with presence in highly fragmented and competitive plastic industry. However, the ratings continue to derive strength from the experience of promoters. Going forward, BPPL's ability to increase its scale of operations with improvement in profitability, capital structure and debt coverage indicators along with efficient working capital management is the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Nascent stage of operation: During FY17, the company completed its project and started commercial production from May 2016. It achieved total operating income (TOI) of INR19.91 crore during FY17 (Prov.). PBILDT margin of the company remained comfortable at 15.84% while it reported net profit of INR0.07 crore. Capital structure of the company remained leveraged marked by debt equity and overall gearing of 2.29 times and 3.27 times respectively as on March 31, 2017. Debt coverage indicators of the company remained moderate marked by total debt to GCA of 7.05 years as on March 31, 2017 and interest coverage of 2.21 times during FY17. Liquidity position of the company remained moderate marked by current ratio of 1.53 times and quick ratio of 1.07 times as on March 31, 2017 (Prov.). Operating cycle of the company remained comfortable at 35 days during FY17. Average utilization of working capital borrowings remained high at 90% during past 12 months ended August 2017. Susceptibility of profit margins to volatility in raw material price: The primary raw materials used by the company are PP granules, which is a derivative of crude oil. Thereby any adverse fluctuation in crude oil prices is likely to impact the profitability margins of BPPL. Presence in highly fragmented and competitive plastic industry BPPL operates in highly fragmented and unorganized market of plastic industry marked by large number of small sized players. The industry is characterized by low entry barrier due to minimal capital requirement and easy access to customers and supplier. Key Rating Strengths Experienced promoters: Mr. Hitesh Gandhi has an experience of more than a decade in trading and manufacturing of polythene woven sacks through other firm namely Dayanand Polyplast Private Limited. Mr. Jagdish Panara has an experience of more than a decade in the similar line of business through other firms namely Somnath Polypack and Dayanand Polyplast Private Limited. Both the promoters have experience of business activities of manufacturing and marketing of woven sacks and they are actively involved in the day to day operations of BPPL. Morbi (Gujarat)-based, BPPL is a private limited company incorporated on August 4, 2015 by Mr. Hitesh Gandhi and Mr. Jagdish Panara. BPPL had undertaken a debt funded capex of setting up a manufacturing unit of Polypropylene (PP), Low Density Polythene (LDPE) and High Density polythene (HDPE) based Woven fabrics and sacks with installed capacity of 4320 MTPA of bags. BPPL has commenced commercial production from May, 2016. BEE JAY: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Bee Jay Industrial Corporation'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 action is: -- INR200 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on November 10, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Bee Jay Industrial Corp was established as a partnership concern in 1996 by Mr. Devender Garg and Mrs. Anju Garg. The company is engaged in the trading of iron and steel products and has its head office in Faridabad. BRIGHT FOUNDRIES: CRISIL Withdraws B Rating on INR4.25MM Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Bright Foundries Coimbatore Private Limited (BFCPL) for obtaining information through letters and emails dated January 27, 2017 and July 12, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4.25 CRISIL B/Stable (Issuer Not Cooperating; Rating Withdrawal) Letter of Credit 0.15 CRISIL A4 (Issuer Not Cooperating; Rating Withdrawal) Long Term Loan 0.40 CRISIL B/Stable (Issuer Not Cooperating; Rating Withdrawal) Proposed Long Term Bank Loan Facility 3.20 CRISIL B/Stable (Issuer Not Cooperating; Rating Withdrawal) 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 CRISIL has withdrawn its ratings on the proposed bank facilities of BFCPL based on request from the company for the withdrawal and on receipt of no objection certificate from banker. The rating action is in line with CRISIL's policy on withdrawal of bank loan ratings. Incorporated in 2003, BFCPL manufactures grey iron, spheroidal graphite iron, nickel-resist, and nickel-hard castings largely for the pump and valve industry. The operations are managed by Mr. S Balraj. Its plant in Coimbatore (Tamil Nadu) has capacity to produce 3,600 tonnes of castings per annum. BTM CORP: CARE Lowers Rating on INR27cr LT Loan to 'D' ------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of BTM Corp Limited (BCL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 27.00 CARE D Revised from Facilities CARE BB; Stable Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities of BCL is primarily constrained on account of delays in debt servicing. Detailed description of the key rating drivers Key Rating Weakness Delays in debt servicing: As per banker interaction, there have been ongoing delays in debt servicing and the client has confirmed the same. Further, the company has stopped its operations. Bhilwara (Rajasthan) based BCL was incorporated in October, 2005 by Tekriwal brothers as a closely held public limited company. Mr. Rajeev Tekriwal is the Managing Director and the other two brothers Mr. Anil Tekriwal and Mr. Sanjeev Tekriwal are the Directors on the board of BCL. The company is engaged in the business of manufacturing of grey (cotton, polyester and synthetic) fabrics. All of the weaving activities are done in- house while the processing of the finished fabric is outsourced to various process houses. The company markets its products under the brand name of "BTM". The plant of BCL is located at Bhilwara, Rajasthan which is a textile cluster and has 96 single width Air Jet looms as on March 31, 2016. The company markets its products directly and also through various dealers who supply its products all over country and overseas mainly to Afghanistan and Egypt. BTM INDUSTRIES: CARE Lowers Rating on INR27cr LT Loan to 'D' ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of BTM Industries Limited (BTMIL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 27.00 CARE D Revised from Facilities CARE BB-; Negative Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities of BTMIL primarily takes into account continuousoverdrawn in its working capital limit owing to stress liquidity position. Detailed description of the key rating drivers Key Rating Weakness Irregularities in Cash Credit account The cash credit account has been over utilized by more than one month. Banker has confirmed the same and account has been classified as SMA-2. The client has confirmed the same that there are delays in debt servicing and at present the company has stopped its operations. Incorporated in 1998, BTMIL is part of "BTM group" based out of Bhilwara. BTMIL is engaged in the business of processing of synthetic grey fabrics and trading of finished fabrics. The processing facility at Bhilwara has an installed capacity of 360 Lakh Meters Per Annum (LMPA) as on March 31, 2016 and capacity utilized remained at 91% in FY16 (FY refers to the period April 1 to March 31). BTM group consists of BTM Corp Limited (BCL) and Prestige Suitings Private Limited (PSPL) which are also engaged in manufacturing of synthetic grey fabric. DELUXE KNITTING: CRISIL Reaffirms C Rating on INR8.0MM Loan ----------------------------------------------------------- CRISIL Ratings has been consistently following up with Deluxe Knitting Mill (DKM) for obtaining information through letters and emails dated July 17, 2017 and August 14, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 0.5 CRISIL C (Issuer Not Cooperating; Rating Reaffirmed) Mortgage Loan 8.0 CRISIL C (Issuer Not Facility Cooperating; Rating Reaffirmed) Packing Credit 3.5 CRISIL A4 (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Deluxe Knitting 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 Deluxe Knitting Mill is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL C/CRISIL A4'. Established as a partnership firm at Tiruppur, Tamil Nadu, in 1987, DKM exports knitted garments. DIVYA SHREE: CARE Moves B+ Rating to Not Cooperating Category ------------------------------------------------------------- CARE Ratings has been seeking information from Divya Shree Industries (DSI) to monitor the rating via e-mail communications/ letters dated June 19, 2017, Aug. 31, 2017, Nov. 9, 2017 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requiste information for monitoring the rating. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Divya Shree Industries bank facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 7.12 CARE B+; ISSUER NOT Facilities COOPERATING Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating in September 06, 2016 the following were the rating strengths and weaknessess: Key Rating Strengths Growing scale of operations alongwith moderate profitability: The total operating income of the firm has been growing significantly over the last two financial years. The total operating income of the firm (TOI) increased from INR0.08 crore in FY14 to INR15.95 crore in FY16 primarily on account of increase in the revenue from existing customers in addition of new customers owing to accelerated demand for aluminium profiles in the market. High growth prospects of the industry Power & Construction sector in India has emerged as the largest end user sectors for aluminium profiles and billets. The government's thrust on power & construction sector & strong investment sentiment in India will be a strong demand driver of aluminium in India. Key Rating Weaknesses Partnership nature of constitution: Divya Shree Industries, being a partnership firm, is exposed to inherent risk of partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. Limited experience of partners & short track record of the operations: Established in 2012,Divya Shree Industries has been engaged in the business of manufacturing of aluminium profiles & billets. The partners do not have any prior experience in the same line of business. The management's experience is limited coupled with the firm's short track record of operations. Volatility in the prices of raw materials: The prices of raw materials, especially metals like aluminium ingots required for the manufacturing of automobile and household appliances, are volatile in nature. The firm sources the same from the local suppliers and it does not have any long term supply arrangement with them. Any adverse movement in the raw material prices would adversely affect the profitability of the firm. Highly fragmented and competitive nature of the industry: Divya Shree Industries is operating in a competitive industry marked by the presence of a large number of players in the organized sector. In addition to the competition in domestic market, the firm also faces competition from imports. Furthermore, the industry is characterized by low technological inputs and standardized machinery for the production. Thus, going forward, this gives an opportunity to mid-size players in the unorganized segment to enter into the industry which would further intensify the competition for the firm. Cyclicality inherent to the aluminum industry: The aluminium industry is sensitive to the shifting business cycles, including changes in the general economy, interest rates and seasonal changes in the demand and supply conditions in the market. Apart from the demand side fluctuations, the highly capital intensive nature of aluminium projects along-with the inordinate delays in the completion hinders the responsiveness of supply side to demand movements. This results in several aluminium projects bunching-up and coming on stream simultaneously leading to demand supply mismatch. Working capital intensive nature of operation: The average fund based working capital utilization remained relatively high at about 98% during last twelve month ending on June 30, 2016. Divya Shree Industries, established in February 2012, was promoted by Agarwal family of Raipur to set up an aluminium profile and billets manufacturing business. The manufacturing facility is located at industrial area Rawabhata, Raipur. Since its inception, Divya Shree Industries has been engaged in manufacturing of aluminium profiles & billets. The commercial operation has been started from April 2014 with an installed capacity of around 3000 MTPA. The day to day affairs of the firm are looked after by Mr Mukesh Agarwal, with adequate support from other partners and a team of experienced personnel. Client profile of Divya Shree Industries includes M/s Indian Steel &Infrastructure Pvt Ltd., M/s MsqaureFurnitech Pvt Ltd., and M/s RamnikVanijya Pvt Ltd. The firm procures its raw materials from the suppliers like M/s Layon International Private Ltd, M/s JSK Industries Pvt Ltd. & M/s Khanuja Brothers. EMBOSS EDUCATION: CRISIL Reaffirms 'B' Rating on INR8.5MM Loan -------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the long-term bank facility of Emboss Education LLP (EEL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Rupee Term Loan 8.5 CRISIL B/Stable (Reaffirmed) The rating continues to reflect the firm's small scale in the kindergarten education segment, exposure to quantum and timeliness of rental income from property leased to Apple Global School, and constrained financial risk profile because of large, debt-funded capital expenditure (capex). These weaknesses are partially offset by the extensive entrepreneurial and education sector experience of the promoters and their financial support. Analytical Approach Unsecured loans have been treated as neither debt nor equity as they are expected to remain in the books, and carry lower interest than the market rate. Key Rating Drivers & Detailed Description Weakness * Small scale of operations in fragmented industry: Scale of operations is expected to remain modest (current capacity of 180 students) in the highly fragmented education sector, as the number of schools and kindergartens has mushroomed in the past decade. * Exposure to quantum and timeliness of cash flow: The firm has monthly debt obligation, met through fee collection and rental income. Hence, the quantum and timeliness of cash flow will remain key monitorables. * Weak financial risk profile: With recently concluded capex, the financial profile is expected to remain weak with declining networth (due to loss in the initial stage of operations) and expected high gearing of over 2.0 times over the medium term. Strength * Extensive industry experience of the promoters: The promoters' experience of about two decades in the education industry with a vision to provide quality education to the children should help the firm stabilise business risk profile. Outlook: Stable CRISIL believes EEL will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' if cash inflow is higher than expected, easing the pressure on liquidity. The outlook may be revised to 'Negative' if lower cash inflow constrains debt servicing ability. EEL is a limited liability partnership firm set up in 2014. Promoted by Ms Liza Shah and Mr. Jigish Shah, the firm provides infrastructure services to group entity, Apple Global School (AGS), and operates a kindergarten school, A for Apple. It commenced operations in April 2016. GALFAN ENGINEERS: CRISIL Assigns 'B' Rating to INR4MM LT Loan ------------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Galfan Engineers Private Limited (GEPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B/Stable (Assigned) Proposed Long Term Bank Loan Facility 4 CRISIL B/Stable (Assigned) The rating reflects its modest scale of operations, large working capital requirement, and weak financial profile. These weaknesses are partially offset by the extensive experience of its promoter. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: With revenue of INR2.7 crore in fiscal 2017, scale remains small in a fragmented industry. * Working capital-intensive operations: Gross current assets were 592 days on March 31, 2017, due to sizeable inventory of 504 days and high, year-end receivables level. However, this is mitigated by payables of 294 days. * Weak financial risk profile: Networth was small at INR2.74 crore as on March 31, 2017, and debt protection metrics subdued, with interest coverage and net cash accrual to total debt ratios of 1.79 times and 0.08 time, respectively, for fiscal 2017. Strength * Extensive experience of promoter: Presence of over two decades in the electro forged and manual gratings segment has enabled the prompter to manage operations and establish strong relationship with customers and suppliers. Outlook: Stable GEPL is expected to benefit from the extensive experience of its promoter. The outlook may be revised to 'Positive' if significant ramp up in operations leads to higher cash accrual. The outlook may be revised to 'Negative' if further stretched in working capital cycle or any debt-funded capital expenditure puts pressure on liquidity. Incorporated in 1985 in Chennai and promoted by Mr Shakti Mohan, GEPL manufactures electro forged and manual gratings. IMAN FRUIT: CRISIL Reaffirms 'B' Rating on INR6.5MM Loan -------------------------------------------------------- CRISIL Ratings has been consistently following up with Iman Fruit Company for obtaining information through letters and emails dated August 10, 2017 and September 28, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 0.5 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Rating Reaffirmed) Secured Overdraft 6.5 CRISIL B/Stable (Issuer Not Facility Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Iman Fruit Company.. 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 Iman Fruit Company. is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. Established in 1968, Iman is a partnership firm engaged in trading of mangoes and apples, and caters to the requirement of most of the fruit pulp industries across South India. Its operations are managed by partners ' Syed Mateen Aga and Syed Saleem Aga, both of whom are brothers. INDRAYANI SALES: CARE Assigns B/A4 Rating to INR12.50cr Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Indrayani Sales Private Limited (ISPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/Short- 12.50 CARE B; Stable/CARE A4 term Bank Assigned Facilities Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of ISPL are constrained by relatively small & fluctuating scale of operations, moderate & fluctuating profit margins, highly leveraged capital structure & weak debt coverage indicators, working capital intensive nature of operations with stretched liquidity position, supplier concentration & foreign exchange fluctuation risk and presence in competitive & fragmented industry. The ratings, however, derive strength from the company's established track record of over a decade of operations coupled with highly experienced promoters with over a decade of experience in remanufacturing of cartridges & trading of parts thereof, established relationship with diversified customer base. The ability of the company to increase the scale of operations and improve profit margins amidst competitive scenario and to improve the capital structure and the liquidity position by efficiently managing the operating cycle is the key rating sensitivity. Detailed description of the key rating drivers Key Rating Weaknesses Relatively small scale of operations with fluctuations over last 3 years: The scale of operations of ISPL stood relatively small with the total operating income ranging from INR30-40 crore over FY14-FY17. Moreover, the same has been fluctuating over the same period owing to fluctuating realizations. Further, the net-worth base also remained low at INR4.62 crore as on March 31, 2017, thereby limiting the financial flexibility of the entity. Further, during FY17, a group entity was setup wherein manufacturing of new cartridges was undertaken resulting in lower sales during the year. Moderate & fluctuating profit margins: The PBILDT margin of ISPL stood moderate in the range of 5-11% over FY14-FY17. Moreover, the same has been fluctuating over the same period owing to fluctuations in raw material prices and employee costs. Highly leveraged capital structure & weak debt coverage indicators: The capital structure of ISPL is highly leveraged with high overall gearing over FY14-FY17, given the high reliance on unsecured term loans and working capital bank borrowings, both to fund the working capital requirements. Given this, coupled with low profitability owing to high interest costs, the debt coverage indicators stood weak over the aforementioned period. Working capital intensive nature of operations marked by elongated operating cycle: The operations of ISPL are highly working capital intensive in nature with majority of funds of over 90-170 days blocked in inventory and over 50-90 days blocked in debtors. Liquidity position of the entity remained weak resulting in elongating creditor period and high utilization of working capital limits. Further cash flow from operations also remained negative during the year. In FY16, led by deteriorating liquidity position and high working capital requirement, the company had to avail unsecured term loans from various banks & NBFCs to fund the increasing working capital requirements. Supplier concentration & foreign exchange fluctuation risk: ISPL is exposed to supplier concentration risk with the top 5 suppliers comprising 54.82% of the total purchases in FY17 (vis- a-vis 65.26% in FY16). Moreover, the company is also exposed to significant foreign exchange fluctuation risk since the entire procurement requirement is met by way of imports from China and Korea. Furthermore, the company doesn't undertake any hedging activities to mitigate the said risk. Presence in competitive & fragmented industry: ISPL operates in a highly competitive & fragmented industry wherein a large number of small & medium players are engaged in manufacturing & remanufacturing of cartridges and trading of parts thereof. Moreover, the said line of activity is not much capital intensive, since it involves only assembling & reassembling of various cartridge parts, which intensifies the competition in the market. Key Rating Strengths Established track record of over a decade of operations in remanufacturing of cartridges and trading of parts thereof: ISPL possesses and established track record of over 12 years of operations in remanufacturing of cartridges and trading of various cartridge parts, which are used in laser printers & copiers at various corporate offices, shops, copy centers, etc. The remanufacturing process comprises dismantling of old cartridges received from the customers, thereby replacing the worn & torn parts with the new ones and re-assembling the same. The manufacturing facility of ISPL is located at Patalganga in Raigad, whereas the same is certified by BSCIC and ISO 14001:2004. Experienced promoters with over a decade of experience in remanufacturing of cartridges and trading of parts thereof: The overall operations of ISPL are looked after by the promoters - Mr. Rahul Zine with Mr. Bapusaheb Jadhav, both of who possess a total experience of over 13 years in the field of remanufacturing of cartridges and trading of parts thereof. Established relationship with diversified customer base: The cartridges remanufactured by ISPL are sold to various corporates, shops, copy centers, etc. across various parts of India viz. Rajasthan, Tamil Nadu, Kerala, Maharashtra, West Bengal, Andhra Pradesh, etc. Moreover, the customer profile of the company is diversified with the top 5 customers comprising 17.81% of the net sales in FY17 (vis-a-vis 20.87% in FY16). Incorporated in 2005 by Mr. Rahul Zine with Mr. Bapusaheb Jadhav, ISPL is engaged in remanufacturing of cartridges and trading of various cartridge parts which are used in laser printers & copiers. The said cartridges & parts thereof are sold to various corporates, shops, copy centers, etc. all over India, whereas the various parts & components viz. laser toner, OPC (Organic Photo Conductor) drums, toner powder, PCR (Primary Charge Roller) & roller parts, etc. are entirely procured from Korea and China. JEKIN ENTERPRISE: CARE Moves B+ Rating to Not Cooperating --------------------------------------------------------- CARE Ratings has been seeking information from Jekin Enterprise to monitor the rating(s) vide e-mail communications/letters dated June 27, 2017, July 21, 2017, Oct. 9, 2017 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on Jekin Enterprise's bank facilities will now be denoted as CARE B+/ CARE A4; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 25.00 CARE B+; ISSUER NOT COOPERATING Short term Bank Facilities 20.00 CARE A4; ISSUER NOT COOPERATING Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating on June 13, 2016 the following were the rating strengths and weaknesses: Key Rating Weaknesses Modest scale of operations: Despite being operational for around one and a half decade the scale of operations has remained modest thereby limiting the ability of the firm to bid for large projects. Leveraged capital structure and weak coverage indicators: The capital structure of the firm remained leveraged owing to higher dependence on external funds to support the operations in light of low networth base. Delays in execution of projects coupled with absence of escalation clause: In FY16 there was delays in executions of 7 on-going projects out of 11 projects due to delayed site handover resulting from encroachment issues and design changes in some of the projects, public resistance and delays in bill realization from government departments. Any delays in the project execution along with the delayed receipt from government entities are likely to result in higher working capital requirements which are likely to impact its margin. Intense competition & absence of price escalation clause leading to fluctuating profitability margin: The raw material (cement & steel) cost is the major cost driver as increase in material cost and absence of price escalation clause in existing order of the firm have exposed to profit margins as price of steel & cements are very volatile & have negative impact on profit margins. Geographical concentration risk and vulnerability of changes in budget allocation policies: The operations of JE are confined to the state of Maharashtra which exposes the firm to geographical concentration risk. Further the firm is only registered to the Municipal corporations in Maharashtra where it faces fierce competition from other companies for tenders of contracts and any changes in current policies of the government with regard to change in budget allocation would impact JE's revenue considerably. Dependence on construction and infrastructure sector: The business of JE is highly dependent on construction and infrastructure industry. Currently, given the high interest rates and volatile economic environment, there has been slowdown in release of new contracts, which has resulted in sluggish growth being witnessed by the industry. Liquidity related concerns and execution challenges continue to impact the sector in the country Key rating strengths Long track record of operations and experienced partners: Partners have average three decades of experience in civil construction company. The directors are assisted by qualified and experienced management team. JE has been in the civil construction business for around one and a half decade and has an established track record of completion of roads, bridges and other civil construction contracts awarded by government bodies and other private players. Moderate profitability margins and comfortable operating cycle: In past two years ended as on March 31, 2016 there has been on- going delay in execution of projects which results into increase in working capital requirement due to volatility in raw material prices in absence of escalation clause have affected operating margin of the firm. Profit margins in FY16 deteriorated on account of low realiasation of income and due to cost of depreciation & interest. Location advantage: The project is located in Bandra (W) and has location advantage in terms of being located in a premium location, good connectivity to south Mumbai, close proximity to railway station. Furthermore, the project is located in close proximity of school, hospital, shopping mall and sports complex. Jekin Enterprise (JE) is a partnership firm set up by Mr. Mukesh B. Shah and Mrs. Savita Shah in 2001. Later, in 2011, it was reconstituted with Mr. Mukesh B. Shah and Mr. Jekin M Shah as the partners of the firm. The firm was originally established as a proprietary concern in the year 1990 The firm is engaged in execution of civil construction projects which involve earth work, road work, deep excavation, bridges, hard rock cuttings, blasting operations, land development, drainage system, industrial building (civil work) and various other infrastructure jobs for both private as well as government departments whereby it gets orders through bidding and tendering process. The firm also executes projects as sub-contractor for government projects which are obtained through private corporates. The firm has been classified as Class 1A contractor by Public Works Department. JYOTI ENTERPRISES: Ind-Ra Migrates B+ Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Jyoti Enterprises' 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 ratings will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR40 mil. Fund-based working capital limits migrated to non- cooperating category with IND B+(ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 31, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Jyoti Enterprises was incorporated in 1990 by Mr Jai Prakash Goyal as a proprietorship concern. The company trades mild steel and heavy steel plates and other structural items such as angles and channels. KESHVANAND CERAMIC: CARE Moves B Rating to Not Cooperating ---------------------------------------------------------- CARE Ratings has been seeking information from Keshvanand Ceramic Industries to monitor the ratings vide e-mail communications/letters dated May 2, 2017, July 4,2017, July 12, 2017, July 21, 2017, August 10, 2017, August 18, 2017, August 23, 2017, August 28, 2017, October 18, 2017, October 26, 2017 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. The rating on Keshvanand Ceramic Industries's bank facilities will now be denoted as CARE B; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 4.10 CARE B; ISSUER NOT Facilities COOPERATING Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on March 22, 2017 the following were the rating strengths and weaknesses: Key Rating Weaknesses Nascent stage of operations with net losses: During past 2 years ended FY16 (Audited), the total operating income (TOI) of KCI has shown declining trend. TOI of KCI has declined by 28.74% to INR9.10 crore during FY16 (Audited) as against INR12.77 crore during FY15 mainly on account of lower demand from the ceramic industry. Moreover, FY16 was the second full year of operations and hence operations of the firm are at a nascent stage. KCI has reported PBILDT of INR0.83 crore during FY16 (Audited) as against INR1.08 crore during FY15. Despite improvement in PBILDT, KCI has reported net loss of INR0.35 crore during FY16 (Audited) as against net loss of INR0.17 crore during FY15. Financial risk profile marked by leveraged capital structure, moderate debt coverage indicators and weak liquidity position: As on March 31, 2016 (Audited), the capital structure of KCI stood leveraged marked by an overall gearing ratio of 1.98 times as against 1.45 times as on March 31, 2015. Deterioration in capital structure was mainly on account of increase in total debt in the form of working capital bank borrowings. The debt coverage indicators of KCI remained moderate marked by its total debt to gross cash accruals (GCA) ratio of 17.12 times (7.33 times in FY15) in FY16 due to increase in total debt as on March 31, 2016. The interest coverage ratio remained at 1.57 times in FY16 (Audited) as against 2.15 times in FY15. The firm's operating cycle improved but stood elongated at 99 days during FY16 (Audited) as against 55 days in FY15. Average creditors period stood elongated to 174 days and average collection period remains at 176 days in FY16. Partnership nature of its constitution leading to limited financial flexibility and risk of capital withdrawals by partners Being a partnership firm, it is exposed to the risk of withdrawal of capital by partners due to personal exigencies, dissolution of the firm due to retirement or death of any partner and restricted financial flexibility. Presence in highly competitive ceramic industry and fortune linked with demand from real estate: KCI operates in a highly competitive and open market of ceramic industry marked by a large number of medium sized players. The industry is characterized by low entry barrier due to negligible government policy restrictions, no inherent resource requirement constraints and easy access to customers and supplier. Susceptibility of profitability to volatile raw material prices KCI is into the business of manufacturing of body ceramic minerals and primary raw material is sand and prices of raw materials i.e. clay, sand are market driven due to which higher demand is expected to put pressure on the margins of tile manufacturers. Key Rating Strengths Experienced promoters: Mr Vinod Bhimani has an experience of more than two decades in the ceramic industry, Mr Jayantilal Padaliya has an experience of more than two decades in the ceramic industry, Mr Manish Bhimani has an experience of more than a decade in the ceramic industry and Mr Bipin Bhimani has an experience of more than a decade in the ceramic industry. Located in the ceramic hub with easy access to raw material and labour: The manufacturing unit of KCI is located at Morbi in Gujarat which is one of the largest ceramic clusters in India. Almost 70% of the total ceramic tiles production in India comes from the Morbi cluster that houses more than 600 units engaged in manufacturing of wall tiles, vitrified tiles, floor tiles, sanitary wares, roofing tiles and others such products. Furthermore, skilled labour is also easily available by virtue of it being situated in the ceramic cluster belt. Furthermore, the cluster is well connected by a good road network which provides logistical benefits. Morbi (Gujarat) - based, KCI was established in 2014 by Mr. Vinod Bhamani, Mr. Jayantilal Padaliya, Mr. Manish Bhimani and Mr. Bipin Bhimani. KCI is engaged in manufacturing of ceramic body minerals in the form of clay. The ceramic body minerals are used in manufacturing of tiles. The manufacturing plant is located at Morbi with an installed capacity of 3000 MTPA of ceramic body minerals as on March 31, 2016. Partners of KCI are also involved in their group entity namely Purusharth Oil Industry which is into manufacturing of oil. MAA UTTAR: CARE Moves B+ Rating to Not Cooperating Category ----------------------------------------------------------- CARE Ratings has been seeking information from Maa Uttar Bahini Agro Industries Private Limited (MUBAPL) to monitor the ratings via letters/e-mails communications dated July 12, 2017, October 4, 2017, October 6, 2017 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The ratings on MUBAPL's bank facilities will now be denoted as CARE B+/A4;ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 3.46 CARE B+; Issuer not Facilities cooperating; Based on best available information Short term bank 0.28 CARE A4; Issuer Not Facilities Cooperating Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. The rating takes into account its small scale of operations, volatility in profit margins subject to government regulations, nascent stage of operations, seasonal nature of availability of paddy resulting in working capital intensity and exposure to vagaries of nature and fragmented and competitive nature of industry. The ratings, however, derive strength from the experienced promoters and close proximity to raw material sources and favorable industry scenario. Detailed description of the key rating drivers: At the time of last rating on October 27, 2016 the following were the rating weaknesses and strengths; (updated for the information available from Registrar of Companies.) Key Rating Weaknesses: Small scale of operations: The scale of operations of MUBAPL remained small marked by total operating income of INR2.40crore and a net loss of INR0.06 crore in FY16.Further, the total capital employed of the company was also low at INR2.18 crore as on March 31, 2016. Volatility in profit margins subject to government regulations: The Government of India (GOI), every year decides a minimum support price (MSP-to be paid to paddy growers) for paddy which limits the bargaining power of rice millers over the farmers. The MSP of paddy has increased during the crop year 2017-18 to INR1550/quintal from INR1470/quintal in crop year 2016-17. Given the market determined prices for finished product vis-a-vis fixed acquisition cost for raw material, the profitability margins are highly vulnerable. Such a situation does not augur well for the company, especially in times of high paddy cultivation. Nascent stage of operations: The company has started commercial operations since March 2016 and thus has very short track record of operations of one and a half year. Since, the plant is already operational the project execution risk is mitigated. However, there exists risk relating to stabilization of operations at the newly commissioned unit and off-take of its products. Seasonal nature of availability of raw material resulting in high working capital intensity and exposure to vagaries of nature: Agro product processing business is working capital intensive as the millers have to stock paddy by the end of each season till the next season as the price and quality of agro products are better during the harvesting season. Furthermore, while raw material is sourced mainly on cash basis, the millers are required to extend credit period of around three weeks to their customers. Accordingly, the working capital intensity remains high impacting company's profitability. Also, agro products cultivation is highly dependent on monsoons, thus exposing the fate of the company's operation to vagaries of nature. Fragmented and competitive nature of the industry: MUBAPL's plant is located in Murshidabad, West Bengal which is in close proximity to hubs for paddy/rice cultivating region of West Bengal. Owing to the advantage of close proximity to raw material sources, large numbers of small units are engaged in milling and processing of rice in the region. This has resulted in intense competition which is also fuelled by low entry barriers. Given that the processing activity does not involve much of technical expertise or high investment, the entry barriers are low. Key Rating Strengths: Experienced promoters: Mr.Sandipan Sinha and Mr.Sumanta Sinha belong to the same family and have around 7 years of experience in rice milling business through its associated company 'Maa Uttar Vahini Rice Mill Private Ltd. They look after the day to day operations of the company. The company is deriving benefits out of wide experience of the directors. Close proximity to raw material sources: MUBAPL's plant is located in Murshdabad District, West Bengal which is in close proximity to the paddy growing areas of the state. The entire raw material requirement is met locally from the farmers (or local agents) helping the company to save simultaneously on transportation cost and paddy procurement cost. Further, rice being a staple food grain with India's position as one of the largest producer and consumer, demand prospects for the industry is expected to remain good in near to medium term. MUBAPL was incorporated in May 2015 by the Sinha family of Murshidabad (West Bengal) for setting up a milling and processing unit of rice. The company has started commercial operations from March 2016 onwards at its plant located at Bharatpur, Murshidabad in West Bengal. The plant has processing capacity of 14400 metric ton per annum of rice. The company mainly supplies its finished product to Government of West Bengal (Food & Supplies Department, Murshidabad). MOHAN TRACTORS: CRISIL Reaffirms B+ Rating on INR23.5MM Loan ------------------------------------------------------------ CRISIL Ratings has been consistently following up with Mohan Tractors Private Limited (MTPL) for obtaining information through letters and emails dated July 10, 2017 and August 08, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating; Rating Reaffirmed) Channel Financing 23.5 CRISIL B+/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Mohan Tractors 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 Mohan Tractors Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'. MTPL was originally set up in 1978 by Mr Jagmohan Mittal as a partnership frim; it was reconstituted as a private limited company in 1991. The company is currently managed by Mr Gopal Mittal, son of Mr Jagmohan Mittal. It is an authorised dealer for ALL (light, medium, and heavy commercial vehicles) in Haryana and New Delhi. In addition, it is a dealer for JCB and EML (trucks). MTPL started the logistics business in February 2011, wherein it transports vehicles for manufactures such as Maruti Suzuki India Ltd (rated 'CRISIL AAA/Stable/CRISIL A1+'), Mahindra & Mahindra Ltd ('CRISIL AAA/Stable/CRISIL A1+'), and Toyota Motor Corporation. MONNET POWER: Ind-Ra Migrates D Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded ratings of Monnet Power Company Ltd's (MPCL) senior project bank loans (including external commercial borrowing) and subordinated term loan to 'IND D' from 'IND C(suspended)'. The ratings have also been migrated to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. 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: -- INR38,190 mil. (including an external commercial borrowing of USD140 mil.) Senior project bank loans (Long-term) downgraded and migrated to non-cooperating category with IND D(ISSUER NOT COOPERATING) rating -- INR3,500 mil. Subordinated term loan (Long-term) downgraded and migrated to non-cooperating category with IND D(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information KEY RATING DRIVERS The downgrade reflects classification of MPCL's account as non- performing by the most of the lenders as mentioned in the FY17 annual report. This was mainly because the project is still under implementation stage and does not have any revenue of its own. RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months will be positive for the ratings. COMPANY PROFILE Monnet Ispat & Energy Limited is implementing a 1,050MW coal- based thermal power project, through MPCL, in Angul, Orissa. MPCL has a 25-year power purchase agreement with PTC India Ltd for around 42% of generation. PTC India has tied up with West Bengal Electricity Distribution Co Ltd. The company has another 25-year power purchase agreement with PTC India for around 21% of the power generated, to be sold on a short/medium-term basis at a guaranteed tariff. MS PARTHAS: CARE Reaffirms B+ Rating on INR20cr LT Loan ------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of M/s. Parthas, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 20.00 CARE B+; Stable Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Parthas factors in growth in total operating income, improved capital structure and expansion of showroom. The rating continues to be tempered by small size of operations as measured by networth, relatively thin profitability margins, concentration risk with the revenue stream limited to one showroom, intensifying competition in the city, working capital intensive nature of operations and constitution being a partnership concern with risks of continuity of business and withdrawal of capital. The rating, however, continues to derive strength from long experience of the partners in the same line of business and long operational track record of the firm, favourable market image for the showroom in the locality and established relationship with suppliers of renowned brands. Going forward, the firm's ability to improve its scale of operations and effective management of working capital requirements remains the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Small size of operations as measured by networth: The scale of operations continues to remain small. However the negative networth of the firm improved and stood at INR11.51 crore in FY17 (Prov.) on account of accretion of profits and infusion of capital by the partners. Relatively thin profitability margins: The profitability margins remained thin during the review period. The PBILDT margin declined from 10.26% in FY16 to 10.08% in FY17 (Prov.). However the PAT margin improved from 0.48% in FY16 to 2.26% in FY17 (Prov.) on account absorption of interest charges. Working capital intensive nature of operations: The operating cycle of the firm increased significantly to 66 days in FY17 (Prov.) compared to 37 days in FY16. Parthas procures finished garments from its purchasing office, Rajulus at Mumbai and other renowned suppliers across the country. The procured garments are stored as inventory and displayed in the showroom for final sales. Since the stock is cleared based on the demand of garments, the inventory period stood elongated at 125 days and the firm predominantly sells on cash and carry basis. The firm enjoys a credit period upto 2-3 months from its suppliers on account of established relationship. The operating cycle stood comfortable despite deterioration at 66 days as of FY17 (Prov.).The working capital facility was utilized in full for the last 12 months ended September 30, 2017. Constitution being a partnership concern with risks of continuity of business and risk of withdrawal of capital and limited resources of the partners: The firm was established as a partnership concern and the risk of withdrawal of partner's capital prevails. There is parity between the existence of the firm and the life of the partners. Key Rating Strengths Growth in total operating income and expansion of showroom: The total operating income increased by 16% from INR61.11 crore in FY16 to INR70.64 crore in FY17 (Prov.) on account of increased sales made by the firm. The firm's reputation among the customers has also added to the growth in sales. The firm had borrowed funds to expand its showroom by way of adding a separate garment section for men, which was completed in September 2017. This substantial increase in the retail space is expected to increase its sale of garments for men. Improvement in Capital structure: The capital structure of the firm stood negative in FY16 over the payment of compensation to an ex-partner from the present partner's capital account. However, the debt-equity ratio and overall gearing improved and stood at 1.40x and 2.39x respectively as on March 31, 2017 (Prov.)due to accretion of profit and infusion of capital to the extent of INR7.03 crore by the partners. The debt coverage indicators of the firm marked by Total debt/GCA and interest coverage ratio also improved and stood at 9.51x and 1.69x respectively in FY17 (Prov.) as against 11.11x and 1.38x in FY16 on account of increase in gross cash accruals and networth of the firm. Long experience of the partners in the same line of business and long operational track record of the firm: The promoter family has been engaged in the business of retailing of textile/readymade garments for over five decades. Currently, the firm is being managed by second-generation entrepreneurs wherein all the partners possess considerable experience in the line of business. The partners collectively oversee the strategic as well as the daily operations of the firm. The firm is part of the Parthas Group, engaged in retailing of textiles primarily in the Kerala market. The Parthas Group was promoted in 1960 by (Late) Mr.LakshmanaReddiar and (Late) Mr.SreenivasaReddiar (brothers-in- law) at Kottayam. Favourable market image for the showroom in the locality: Having started operations in Trivandrum in 1981, the firm has been able to develop a favourable image for the 'Parthas' brand and enjoys good patronage amongst customers in the region. The store benefits from being located in a commercial hub at the heart of the Trivandrumcity, easily accessible by road and rail transport which provides ample visibility. Established relationship with suppliers of renowned brands: The suppliers of Parthas mainly comprise of renowned garments suppliers including the likes of Aditya Birla Nuvo, Raymonds, Zodiac Clothing Company and others. The firm has been able to establish a strong relationship with its suppliers allowing it to source the garments at competitive rates. Also the firm get supplies from its purchasing unit, Rajulus in Mumbai. M/s. Parthas (Parthas) is a partnership firm engaged in retailing of branded garments, home textiles, cosmetics, furniture and upholstery through its retail showroom having an area of about 50,000 sq. ft. located at the centre of Trivandrum city in Kerala. The firm is part of the Parthas Group, engaged in retailing of textiles primarily in the Kerala market. The Parthas Group was promoted in 1960 by (Late) Mr.LakshmanaReddiar and (Late) Mr.SreenivasaReddiar (brothers-in-law) at Kottayam.At present, Mr.Arjunan, Mr.Viswanathan and Mr.Rajakrishnan, sons of (L) Mr.SreenivasaReddiar along with Mr.Lakshman (S/o.Mr.Nagarjulu), Mr. AvineshArjunan and Mr. AbhishekArjunan, sons of Mr. Arjunan are the partners of the firm managing the day-to-day operations as well as attending to strategic matters. Besides the showroom at Trivandrum, the family also operates another textile retail showroom at Kottayam, Kerala and Nagercoil, Tamil Nadu under the constitution of another partnership firm. MUKTAR AUTOMOBILE: CARE Revises Rating on INR13.56cr Loan to B+ -------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Muktar Automobile Private Limited (MAPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 13.56 CARE B+; Stable Revised from CARE B; Stable Short- term Bank Facilities 3.00 CARE A4 Reaffirmed Detailed Rationale& Key Rating Drivers The revision in the rating assigned to the bank facilities of MAPL, derives strengths from improvement in profit margins and comfortable capital structure and debt coverage indicator for the year ended Fy17 (refers to the period from April 1 to March 31). The rating constrained by the Short track record of MAPL coupled with limited experience of about 7 years of the promoters in the automobile dealership business, Linkage to the fortunes of Mahindra and Mahindra (M&M) Limited, Working capital intensive nature of operations. The ratings derive strength from the Authorized dealer for Mahindra and Mahindra Limited in Goa. Sustaining the improvement in its profitability margins and efficient management of its working capital going forward are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Linkage to the performance of Mahindra and Mahindra Limited (MML) Around 80% of the revenue of MAPL comes from the sale of MML's vehicles and remaining 20% from the sale of spare parts & accessories, after sale services and commission on sale of vehicle insurance. As MAPL is an authorized dealer to sell the products of MML in Goa and Mangalore region Inherent constraints relating to pricing and margin pressure on account of competitive intensity from various auto dealers in the market. The business of vehicle trading has margins being set at a particular level by the company (MML), thereby restricting MAPL to earn incremental income along with increasing competitive intensity. In order to capture the market share, the auto dealers will have to offer better buying terms like providing lucrative purchase offers or allowing discounts on purchases. Such discounts offered to customers create margin pressure, the absence of which would negatively impact the revenue growth MAPL. Key Rating Strengths: Short track record and limited experience of promoters in the automobile dealership business MAPL is promoted by Mr. Muktar Sheikh, his wife Mrs. Shamshun and his daughter Miss Mizba. Mr. Muktar Sheikh began his career within the construction domain when he inherited his father's construction business in the year 1985. The promoters have a long track record of almost three decades business in the iron ore mining and expanded his footprint into other businesses such as engineering, hospitality, logistics, shipping and automobiles. Financial risk profile marked by growth in the total operating income, albeit with thin operating margins, highly leveraged capital structure and weak debt protection indicators. During FY17, MAPL registered a y-o-y de-growth of 4.4% with a total operating income of INR114.33 crore as against Rs 119.63 crore in FY16, mainly on account of decreased in car sales during the year. Further the PBDILT margin has improved to 4.68% during FY17 as against negative 0.33% in FY16 on account of decreased in cost of trading goods which stood at 83.71% of TOI in FY17 as against 91.01% of TOI in FY16 was due to increased in dealer's margin from Mahindra and Mahindra (M&M). With the higher interest cost in line with increasing proportion of debt, the PAT margins came in at 0.48% in FY17 as against 0.41% in FY16. Muktar Automobiles Private Limited (MAPL) incorporated in May 2011 is an authorized dealer of passenger vehicles (PV) segment for Mahindra & Mahindra Limited. MAPL is based out of Goa and is engaged in the sale of new cars, servicing of the vehicles and sale of the spare parts and accessories for MML During FY17, company reported total operating income (TOI) of INR114.33 crore (FY16: INR 119.63) crore and Profit after tax (PAT) of INR1.54crore (FY15: INR -3.62 crore). MULPURI FISHERIES: CRISIL Reaffirms B Rating on INR102MM Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Mulpuri Fisheries Private Limited (MFPL; part of the Mulpuri group) for obtaining information through letters and emails dated June 19, 2017 and July 20,2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 102 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Mulpuri Fisheries Private Limited. This restricts CRISIL's ability to take a forward Mulpuri Fisheries Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. For arriving at its rating, CRISIL has combined the business and financial risk profiles of MFPL, Mulpuri Foods and Feeds Pvt Ltd (MFFPL), Mulpuri Poultries (MP), and Sri Venkateswara Poultry Farm (SVPF). This is because all these entities, together referred as the Mulpuri group, have a common management, and significant intra-group operational and financial linkages. Furthermore, there are cross corporate guarantees extended to each other. The Mulpuri group was set up by Mr. Lakshmana Swamy who has more than three decades of experience in the poultry industry. The group is based in Vijayawada, Andhra Pradesh. SVPF, established in1992, and MP, established in 2003, sell hatching eggs. MFFPL, incorporated in 2009, manufactures floating fish feed and poultry feed. MFPL, was incorporated in 2009, breeds Pangasius and Indian carp fish. OM SUGARS: CARE Lowers Rating on INR28.27cr LT Loan to 'D' ---------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Om Sugars Limited (OSL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 28.27 CARE D Revised from CARE B Detailed Rationale and Key Rating Drivers The revision in rating of the bank facilities OSL is on account of delay in debt servicing by the company. The company faced liquidity issues due to lower scale of operations owing to low availability of sugarcane in the Karnataka region during the sugar season SS16-17. Detailed description of the key rating drivers Key Rating Weaknesses Delay in debt servicing by the company:The company is faced with acute liquidity issues due to lower scale of operations owing to low availability of sugarcane due to drought like situation in the Karnataka region during the sugar season SS16-17. This resulted in relatively shorter duration of crushing of 61 days in FY17 as against 110 days in FY16. The total sugarcane crushed remained low at 0.64 lakh MT in FY17 (PY: 1.60 lakh MT) leading to lower sugar production. During FY17(Prov.) the company reported net loss of INR 17.56 crore as against a net loss of INR 3.08 crore in FY16, resulting in stressed liquidity and on-going delays in servicing debt obligations. Om Sugars Limited (OSL) is promoted by Mr. Mallikaarjun S. Dandinawar is engaged in the production of white crystal sugar & molasses from sugarcane. PRAMODKUMAR PRAVINKUMAR: CRISIL Reaffirms B INR5.6MM Loan Rating ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Pramodkumar Pravinkumar Ginning & Pressing Factory (PPG) for obtaining information through letters and emails dated August 10, 2017 and September 28, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5.6 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Term Loan 1.45 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) 'The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Pramodkumar Pravinkumar Ginning & Pressing Factory. 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 Pramodkumar Pravinkumar Ginning & Pressing Factory is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. While arriving at the rating, CRISIL has consolidated the financials of PPG with Khushi Cotspin Pvt Ltd (KCPL, CRISIL B/ Stable) as both the companies are in similar line of business, managed by same promoter family and have significant operational linkages. Incorporated in 2012, (KCPL) is engaged in ginning of raw cotton at its facility in Akot, Maharashtra. It also trades cotton seeds and cotton bales. PPG is a partnership firm engaged in the business of ginning raw cotton and sale of cotton lint, seed and seed cake. Its unit is also located in Akot. Both the companies are promoted by Mr Navinkumar Chandak and his family. PRECISION GRANITES: Ind-Ra Migrates B+ Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Precision Granites Private Limited's (PGPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+(ISSUER NOT COOPERATING)'on the agency's website. The instrument-wise rating actions are: -- INR165.6 mil. Term loan migrated to non-cooperating category with IND B+(ISSUER NOT COOPERATING) rating; -- INR163.5 mil. Fund-based working capital limit migrated to non-cooperating category with IND B+(ISSUER NOT COOPERATING)/IND A4(ISSUER NOT COOPERATING) Note: ISSUER NOT COOPERATING: The ratings were last reviewed on October 21, 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 February 1980, PGPL is a Bengaluru-based company engaged in the exports of processed granites and marbles. S.B. IMPEX: CARE Assigns B+ Rating to INR10cr LT Loan ----------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of S.B. Impex (SBIM), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10.00 CARE B+; Stable Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of SBIM is primarily constrained on account of its financial risk profile marked by modest scale of operations, thin profitability margins, leveraged capital structure and moderate liquidity position. The ratings are further constrained on account of its constitution as a partnership concern and highly fragmented and competitive mineral industry with vulnerability of margins to fluctuations in raw material prices and foreign exchange fluctuation risk. The ratings, however, derive strength from the experienced as well as qualified management with strong group presence. The ability of the firm to increase its scale of operations while improving profitability in light of the volatile mineral prices and improvement in the capital structure as well as efficient management of working capital shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weakness Financial risk profile marked by modest scale of operations, thin profitability margins, leveraged capital structure and moderate liquidity position. The scale of the operations of SBIM stood modest as indicated by TOI and PAT of INR34.63 crore and INR0.29 crore respectively in FY17 and low net-worth of INR2.75 crore as on March 31, 2017. As per provisional result of FY17, TOI of the firm has marginally declined by 5.73% over FY16 mainly on account of demonetization in FY17 which led to lower sales of Gypsums and industrial equipment's. Further, being trading nature of the business with its presence in the highly fragmented and competitive industry, profitability margins of the firm stood thin marked by PBILDT and PAT margin of 2.85% and 0.83% respectively in FY17. The capital structure of the firm stood moderately leveraged with an overall gearing of 2.57 times as on March 31, 2017. Further, the debt service coverage indicators also stood weak with total debt to GCA stood at 24.06 times as on March 31, 2017 owing to lower GCA level as against higher utilization of bank borrowings. Furthermore, interest coverage ratio stood moderate at 1.42 times in FY17. The liquidity position of the firm stood leveraged with full utilization of working capital bank borrowings during last 12 months ended August 2017. Constitution as a partnership concern Constitution of the firm as a proprietorship concern with low net worth base of INR2.75 crore restricts its overall financial flexibility in terms of limited access to external fund for any future expansion plans. Furthermore, there is an inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/insolvency of proprietor. Highly fragmented and competitive mineral industry with vulnerability of margins to fluctuations in foreign exchange Risk: SBIM is primarily engaged in trading of Gypsum which is characterized by high fragmentation mainly due to presence of a large number of unorganized players. Moreover, small regional players like SBIM are more susceptible to adverse industry scenario as compared to large companies which have advantages in terms of broad service offerings and market reach, which give them the edge over newer entrants. Further, the profitability margins of the firm is exposed to fluctuation in foreign exchange rates as the firm imports from international market and it does not follow any active hedging policy. Key Rating Strength Experienced as well as qualified management and strong group presence: Mr. Nikhil Khandelwal, proprietor, Masters in Business Administration by qualification, has around two decades of experience in the mineral industry and looks after overall affairs of the firm. SBIM is a part of MMVK Group which is one of the leading organizations based at SATNA. The group concern includes MM Sharda Rare Earths Private Limited which is engaged in trading of minerals mainly Gypsums and Madan Mohan Vinod Kumar distributors Private Limited which is engaged in trading of Industrial spare parts and hardware etc. Satna based S. B. Impex (SBIM) was formed in 2014 as a proprietorship concern by Mr. Nikhil Khandelwal. SBIM is engaged in the business of trading of minerals & chemicals which includes mainly Gypsums as well as industrial machinery equipment's that includes Pumps etc. The firm purchases Gypsums from United Arab Emirates (U.A.E.) and industrial equipment's from Japan and China. It sells its product in local market mainly to cement industries like J K laxmi Cement Limited, Shree Cement, Century Cement and etc. SADARAM JINING: CARE Lowers Rating on INR8.19cr LT Loan to D ------------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Sadaram Jining and Pressing Industries, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.19 CARE D Revised from Facilities CARE B+; Stable Detailed Rationale & Key Rating Drivers Ongoing delays in Debt servicing The revision in the rating assigned to the bank facilities of Sadaram Jining and Pressing Industries is primarily due to irregularity in servicing its debt obligations. Analytical approach: Standalone SJPI Patan-Gujarat based partnership firm was established in 2014 by Mr. Bharat Bhatiya, Mr. Bhavesh Patel, Mr. Chandanji Thakor, Mr. Dashrat Bhatiya and Mr. Mafa Modi. The firm is engaged in cotton ginning and pressing of raw cotton. SJPI has commenced its operation from August 2014. The manufacturing unit of the firm is located in Patan, Gujarat which has an installed capacity of 14,400 Metric tonnes per annum (MTPA) as on March 31, 2016 for raw cotton processing. Status of non-cooperation with previous CRA: CRISIL has put rating assigned to the bank facilities of Sadaram Jining and Pressing Industries in to 'Non Cooperation' vide press release dated April 21, 2017 on account of non-cooperation by SJPI with CRISIL's efforts to undertake a review of the rating outstanding. SAI MANASA: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sai Manasa Spintex (India) Limited's (SMSIL) 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 ratings will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR112 mil. Fund-based working capital limits migrated to non-cooperating category IND BB-(ISSUER NOT COOPERATING) rating; -- INR215.5 mil. Long-term loan migrated to non-cooperating category with IND BB-(ISSUER NOT COOPERATING) rating; and -- INR15.2 Non-fund-based working capital limits migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 13, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE SMSIL was incorporated by K Gopala Reddy and P Rama Rao in 2009 and commenced commercial production from 2011. The company is located in Marturu Village, Andhra Pradesh and manufactures cotton yarn from raw cotton. SAURAVA TOWERS: CRISIL Reaffirms B- Rating on INR10MM Term Loan --------------------------------------------------------------- CRISIL Ratings has been consistently following up with Saurava Towers Private Limited (STPL) for obtaining information through letters and emails dated July 11, 2017 and August 17, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Term Loan 10 CRISIL B-/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Saurava Towers 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 Saurava Towers Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B-/Stable'. STPL was incorporated in 2008 by Mr. Runeeth Reddy. The company began commercial operations from 2010. It builds mobile network towers for lease to telecom operators. SELVARAAJ PRABHU: Ind-Ra Moves D Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has downgraded Selvaraaj Prabhu and Company's (SPC) Long-Term Issuer Rating to 'IND D' from 'IND B-'. The Outlook was Stable. The ratings have also been migrated to the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Thus, the rating is on the basis of best available information. 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 action is: -- INR177.5 mil. Fund-based working capital facilities (Long- term/Short-term) downgraded and migrated to non-cooperating category with IND D(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information KEY RATING DRIVERS The rating action reflects delays in debt servicing by SPC, details of which are not available. RATING SENSITIVITIES Positive: Timely debt servicing for three consecutive months could result in a rating upgrade. COMPANY PROFILE SPC was set up in 1997 as a proprietorship concern in the name of Samrat Exim Corporation. It was converted to a partnership firm in 2003. It is involved in the milling of various raw pulses and trading of processed pulses along with other agri commodities. SPC has a manufacturing unit in Chennai with an installed capacity of 900tonnes/ month. The day-to-day operations are managed by Mr. Selvaraj Prabhu. SGS MARKETING: CARE Moves B+ Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has been seeking information from SGS Marketing to monitor the ratings vide letters/e-mail communications dated July 12, 2017, October 4, 2017, October 6, 2017 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of ratings, CARE is unable to express opinion on the ratings. In line with the extant SEBI guidelines CARE's rating on SGSM's bank facilities will now be denoted as CARE B+/A4; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 2.50 CARE B+; Issuer not Facilities cooperating Long term/Short 2.00 CARE B+/A4; Issuer not Term cooperating Short term Bank 5.50 CARE A4; Issuer not Facilities cooperating Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating in February 17, 2017 the following were the rating strengths and weaknesses: Key Rating Weaknesses: Inherently low margin business due to trading nature of operations & pricing constraints: SGSM operates at low profitability margins mainly due to the trading nature of firm's operations and profitability is largely linked to dealership and distributorship margin. However, there is no major price risk to the firm as most of price changes in the final product are pass through the customers. Accordingly, profitability margins remained on the lower side with the PBILDT margin and the PAT margin remaining at 2.50% and 0.95% respectively in FY16. Risk of non-renewal of dealership and distributorship agreement: SGSM has entered into a dealership agreement with Gionee since October 2014. The dealership is guided by an agreement between the two parties, which is valid for a period of 1 years, which is expiring in April 2017. On the expiry of the term a fresh agreement shall be signed between the two parties based on mutual consent. Though the renewability of the same would pose a risk to the business sustenance of the firm, the healthy growth achieved by the firm specifically in the last two years mitigates the risk related to renewability to an extent. This apart, other distributorship agreement is also renewable in every one to three years, which also leads to risk of non-renewability. Primarily linked to the fortunes of Gionee: The dealership business of Gionee handsets provides around 75% of total sales on an average for SGSM. Thereby, the fortune is largely depending to the performance of Gionee. The financial risk profile of the firm has a high degree of correlation with the performance of Gionee's products in the market and ability of Gionee to launch new products as per the market dynamics. However, the risk is marginally mitigated by the multi-products FMCG distributorship and retailing business operates by the company. Stiff competition and fast changing dynamics of the mobile handset industry: Even though the overall outlook for the mobile handset industry is positive, increasing competition with the advent of number of brands and need for constant innovation have made the industry highly demanding. Though Gionee's market share in the mobile handset industry has seen impressive growth in recent times, rising competition may impact the profitability of the incumbent players including distributors. Key Rating Strengths Experienced partners: The firm is managed by Mr Nitin Jain, partner, with the help of other partner - Mr. Sushil Kr. Chhabara. The partners are having around over two decades of experience in trading operation. Wide distribution network and increasing trend in sales: SGSM deals in dealership of wide ranges of Gionee's mobiles and accessories through a chain of 26 distributors scattered across seven states in North-East India. The firm has witnessed sharp jump in revenues over the past three years on the back of robust demand of Gionee mobile phones coupled with wide distribution network resulting into continued increase in the volumes. The company reported sales of about INR29.40 crore in FY14 which jumped to INR107.85 crore in FY16. The growth in sales are also got momentum from other revenue segments like FMCG products and Titan showroom business. Association with renowned brands: SGSM has long association with renowned brands like Gionee, Cadbury India, Everest Spices, L'OrÇal India, Titan watches etc. As the said brands are reputed players in their own segments and has established distribution network, providing the firm a competitive advantage over its peers. Guwahati -Assam based SGSM was established in 2007 as a partnership firm by one Mr. Nitin Jain along with another partner Mr. Sushil Kumar Chhabara. From inception, the firm has been engaged into dealership and distributorship business of various FMCG products and mobile handset and accessories. During October 2014, the firm has been offered sole dealership of Gionee mobile handsets for entire North-East India which accounted around 75% of total operating income for the firm. This apart, the firm is enjoying the distributorship of FMCG products like Cadbury chocolates, Everest cooking articles, Loreal beauty products etc. The firm also owns a showroom of Titan watches in Guwahati. SHIV METTALICKS: CRISIL Reaffirms B+ Rating on INR12MM Cash Loan ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Shiv Mettalicks Private Limited (SMPL) for obtaining information through letters and emails dated July 11, 2017 and August 10, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 12 CRISIL B+/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Shiv Mettalicks 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 Shiv Mettalicks Private Limited is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B+/Stable'. Incorporated in 2004, SMPL manufactures sponge iron at its facility in Rourkela, Odisha. Operations are managed by Mr. Mahesh Khaitan. SHREE RADHA: Ind-Ra Migrates B+ Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Shree Radha Govind Agro Industries' Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR11.6 mil. Term loans migrated to non-cooperating category with IND B+(ISSUER NOT COOPERATING) rating; and -- INR70 mil. Fund-based working capital limits 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 November 3, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Ahmedabad-based Shree Radha Govind Agro Industries is a partnership firm established in 1998. The firm has a 13,500MTPA rice mill. SIMOCO TELECOM: CARE Moves D Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has been seeking information from Simoco Telecommunication (South Asia) Limited (STL) to monitor the rating vide letters/e-mail communications dated May 5, 2017, August 18, 2017, September 11, 2017 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requiste information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. In line with the extant SEBI guidelines CARE's rating on STL's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 15.00 CARE D; Issuer not Facilities cooperating; based on best available information Users of these ratings (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers At the time of last rating on June 28, 2016 the following were the rating strengths and weaknesses: Key Rating Weaknesses Stressed liquidity condition leading to continuous over drawl in the cash credit account: STL rating is constrained by its stressed liquidity condition leading to continuous overdrawl in the cash credit account. Simoco Telecommunication (South Asia) Limited (STL) incorporated in the year April 1979, was initially engaged in manufacturing of wireless equipment, mobile phones, computer parts and accessories, software solutions, surveillance system and solar products. The company was taken over by Mr. Sanjoy Kumar Ghosh, Managing Director, from Simoco International Limited, U.K., in the year 2001. STL is currently engaged in manufacturing of LED products, solar lantern and two way radio communication equipment and is currently running with an installed capacity of 128300 numbers per annum. Further, STL has entered into an agreement with Ocean Freight Enterprises Pvt. Ltd. and Godrej Properties Limited for development of lands and building of residential complex in the land area owned by STL at Salt Lake. After the construction of residential complex, STL would get its own share of the property in its name as per the agreement along with the other two parties. SRI RAM TECHNOPACK: CARE Moves B+ Rating to Not Cooperating ----------------------------------------------------------- CARE has been seeking information from Sri Ram Technopack Private Limited (SRPL) to monitor the ratings vide e-mail communications/letters dated June 19, 2017, August 16, 2017, October 5, 2017 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In the absence of minimum information required for the purpose of rating, CARE is unable to express opinion on the rating. In line with the extant SEBI guidelines CARE's rating on SRPL's bank facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING. CARE gave these ratings: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 4.90 CARE B+; ISSUER NOT Facilities COOPERATING Short term Bank 0.25 CARE A4; ISSUER NOT Facilities COOPERATING Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers At the time of last rating in December 20, 2016 the following were the rating strengths and weaknessess: Key Rating Weaknesses Small scale of business along with short track record of operations: SRPL is a relatively small player in the packaging industry having total operating income and PAT of INR10.55 crore and INR0.31 crore respectively in FY15. Further, the net worth base and total capital employed was low at INR2.66 crore and INR7.86 crore respectively as on Mar.31, 2015. The small scale of operation restricts the financial risk profile of the company limiting its ability to absorb losses or financial exigencies in adverse economic scenario. Further, SRPL commenced operation since April, 2012 and accordingly has a limited operational track record of around four years. The management has informed that it has achieved the TOI of around INR15 crore during FY16. Intensely competitive nature of the industry with presence of many unorganized players: The packaging industry is highly fragmented with large number of organized and unorganized players in India. There is high competition within the industry due to low entry barriers. Further, fungible nature of products with no visible differentiators has also resulted in a highly competitive market. In such a competitive scenario smaller entities like SRPL in general are more vulnerable on account of its limited pricing flexibility. Working capital intensive nature of operations marked by elongated operating cycle: The financial risk profile of the company is restricted on account of its working capital intensive nature of operations marked by elongated operating cycle mainly due to moderately high average inventory period. The inventory period remained moderately on the higher side in the range 26-91 days due to holding of adequate raw material inventory to mitigate the price fluctuation risk and to ensure uninterrupted production along with holding of adequate level of materials to address orders in a timely manner. This apart, the average collection period also remained moderately high as SRPL offers moderately high credit period to its customers to attract them and retain them on the backdrop of intense competition. The working capital utilization for the company remained high at about 95% during last twelve months ending on September 30, 2016. Volatility in raw material prices: The primary raw material required by SRPL is Polypropylene (PP), the prices of which are dependent on crude oil prices which are highly volatile. Further, the company does not have any long term contracts with the domestic suppliers for the purchase of raw materials. Hence the profitability margins of the company could get adversely affected with any sudden spurt in the raw material prices. Key Rating Strengths Experienced promoters: The promoter of SRPL is Mr. Rajendra Prasad Agarwal, Director, aged about 65 years, has around four decades of experience in the packaging industry. He is being duly supported by the other promoter director Mr. Rakesh Agarwal and Mr. Rahul Agarwal, having experience of five years and eight years respectively in similar line of business. The promoters are actively involved in the strategic planning and running the day to day operations of the company along with a team of experienced personnel. Favourable industry scenario: Indian packaging industry is anticipated to register 18 percent annual growth rate, with the flexible packaging and rigid packaging expected to grow annually at 25 percent and 15 percent, respectively. So demand prospects for the industry are expected to remain good in near to medium term. Sri Ram Technopack Private Limited (SRPL) was incorporated in the year 2009 by Agarwal family. The company started its commercial operations from April 2012 and is engaged in manufacturing polypropylene (PP) woven sacks, laminated bags and fabric with its manufacturing facility located at Burdwan, West Bengal with an aggregate installed capacity of 4,800 MTPA. Mr. Rajendra Prasad Agarwal, having around four decades of experience in the packaging industry, looks after the overall management of the company along with the other directors Mr. Rakesh Agarwal and Mr. Rahul Agarwal and supported by the team of experienced professionals. SRI VENKATA: Ind-Ra Migrates BB Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Sri Venkata Lakshmi Narasimha Spinning Mills Pvt. Ltd.'s (SVLN) 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: -- INR144 mil. Fund-based Limits migrated to non-cooperating category with IND BB(ISSUER NOT COOPERATING) rating; -- INR20.8 mil. Non-fund-based limits migrated to non- cooperating category with IND A4+(ISSUER NOT COOPERATING) rating; and -- INR55.37 mil. Term loan migrated to non-cooperating category with IND BB(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on August 17, 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 2008, SVLN manufactures cotton yarn and has an installed capacity of 20,400 spindles in Chebrolu, near Guntur (Andhra Pradesh). SVLN sells its product in the domestic market. SRI VENKATESWARA: CRISIL Reaffirms 'B' Rating on INR23.48MM Loan ---------------------------------------------------------------- CRISIL Ratings has been consistently following up with Sri Venkateswara Poultry Farm (SVPF; part of the Mulpuri groups) for obtaining information through letters and emails dated October 23, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Long Term Loan 23.48 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Sri Venkateswara Poultry Farm. 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 Sri Venkateswara Poultry Farm is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with 'CRISIL BB Category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. For arriving at its rating, CRISIL has combined the business and financial risk profiles of SVPF, Mulpuri Foods and Feeds Pvt Ltd (MFFPL), Mulpuri Fisheries Pvt Ltd (MFPL), and Mulpuri Poultries (MP). This is because all these entities, together referred as the Mulpuri group, have a common management, and significant intra-group operational and financial linkages. Furthermore, there are cross corporate guarantees extended to each other. The Mulpuri group was set up by Mr. Lakshmana Swamy who has more than three decades of experience in the poultry industry. The group is based in Vijayawada, Andhra Pradesh. SVPF, established in1992, and MP, established in 2003, sell hatching eggs. MFFPL, incorporated in 2009, manufactures floating fish feed and poultry feed. MFPL, was incorporated in 2009, breeds Pangasius and Indian carp fish. SYRMA TECHNOLOGY: Ind-Ra Withdraws BB+ Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn Syrma Technology Private Limited's Long-Term Issuer Rating of 'IND BB+(ISSUER NOT COOPERATING)'. The instrument-wise rating actions are: -- INR30.4 mil. Term loan due on December 2021 withdrawn with WD rating; -- INR270 mil. Fund-based working capital facilities withdrawn with WD rating; and -- INR202 mil. Non-fund-based working capital facilities withdrawn with WD rating. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received no-objection certificates from the lenders. COMPANY PROFILE Incorporated in 2005, Syrma Technology manufactures and exports coils, coil subassemblies, tags, printed circuit board assemblies, memory modules and transmission equipment. TRIPURARI AGRO: CRISIL Reaffirms B Rating on INR5MM Cash Loan ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Tripurari Agro Private Limited (TAPL) for obtaining information through letters and emails dated July 10, 2017 and September 06, 2017 among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Term Loan 3.5 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) Warehouse Financing 3.5 CRISIL B/Stable (Issuer Not Cooperating; Rating Reaffirmed) The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of Tripurari Agro 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 Tripurari Agro Private Limited is consistent with 'Scenario 2' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BBB' rating category or lower. Based on the last available information, CRISIL has reaffirmed the rating at 'CRISIL B/Stable'. TAPL was established in June 2013 by Mr. S.P. Sharma and his family. The company is engaged in processing and selling of basmati rice. TAPL has its plant at Ludhiana, Punjab. VIKRANT ISPAT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Vikrant Ispat Udyog's (VIU) 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: -- INR145 mil. Fund-based working capital limit migrated to non- cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and -- INR20 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 August 16, 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 1976, VIU is a partnership firm engaged in the dealership of Tata Steel Limited's ('IND AA'/RWE) products. VIU is promoted by Mr Bhupinder Kumar Bansal and Mr Pramod Kumar Singhal. Its key products include TMT bars, wires, pipes, angles, steel bar, steel angles, coils and plates. ========= J A P A N ========= MTGOX CO: Mark Karpeles Exploring Ways to Revive Business --------------------------------------------------------- Reuters reports that to solve the Mt. Gox bankruptcy mess, its former chief executive said he is exploring a dramatic solution - reviving the exchange so it can start generating money again. Mark Karpeles told Reuters he believes Mt. Gox, which collapsed in 2014, could be resurrected under new management and ownership - at a cost of $245 million. He said he would have no role and would only receive "money for required expenses, mostly legal," Reuters relays. According to Reuters, Mr. Karpeles is currently on trial in Japan, accused of embezzling money from Mt. Gox and manipulating its data, as well as breach of trust. He has pleaded not guilty to the charges. Reuters relates that Mr. Karpeles said the $245 million would be needed to set up a fund to cover possible payments to "uncooperative creditors," to fund a year's operating expenses and future cash flow, for compliance in the United States, Europe and Japan, and to convince creditors to support the plan. To raise the money, he proposes either finding a buyer for Mt. Gox or conducting an online fundraiser, the report states. If Mt. Gox were to resume business, as unlikely as that may seem, Mr. Karpeles said he would have "no role nor benefit at all, except for the fact people may hate me a little less," adds Reuters. About Mt. Gox Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter 15 of the U.S. Bankruptcy Code on March 9, 2014, days after the company sought bankruptcy protection in Japan. The bankruptcy in Japan came after the bitcoin exchange lost 850,000 bitcoins valued at about $475 million "disappeared." The Japanese bitcoin exchange halted trading in February 2014. It filed for bankruptcy protection in the U.S. to prevent customers from targeting the cash it holds in U.S. bank accounts. The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229 (Bankr. N.D. Tex.). The Chapter 15 Petitioner is Robert Marie Mark Karpeles, the company's chief executive officer. Mr. Karpeles is represented by John E. Mitchell, Esq., and David William Parham, Esq., at Baker & Mcckenzie LLP, in Dallas, Texas. The bankruptcy trustee and foreign representative of MtGox Co. Ltd. with respect to the Japan Bankruptcy Proceedings: MtGox Co., Ltd. Office of Bankruptcy Trustee Kojimachi 3 chome building #202 Kojimachi 3-4-1 Chiyoda-ku, Tokyo Tel: +81-3-4588-3922 Attn: Nobuaki Kobayashi The Ontario Superior Court of Justice (Commercial List) on Oct. 3, 2014, ordered, pursuant to Section 272 of the Bankruptcy and Insolvency Act, that the bankruptcy proceedings commenced with respect to MtGox Co., Ltd. -- aka Mt. Gox KK and dba MtGox -- be recognized as a "foreign main proceeding." The Canadian legal counsel to the bankruptcy trustee and foreign representative of MtGox Co., Ltd, are Jeffrey Carhart and Margaret Sims, at Miller Thomson LLP. The company said it has estimated assets of $10 million to $50 million and debts of $50 million to $100 million. TOSHIBA CORP: To Explore Divestment Alternatives for Westinghouse ----------------------------------------------------------------- Toshiba Corporation announced on November 19 that as approved by its Board of Directors, it has decided to explore alternatives to sell to a third party its claims against Westinghouse Electric Company LLC, including for reimbursement, along with the investment in Westinghouse, subject to obtaining certain required regulatory approvals. The successful completion of such efforts will allow Toshiba to significantly reduce the internal resources that it is required to allocate to Westinghouse's rehabilitation proceedings, and to focus them on cultivating its new businesses. Following Westinghouse's filing of Chapter 11 in March 2017, Toshiba successfully negotiated with the owners of the Vogtle project, and entered into a settlement agreement in June 2017. The agreement sets the limit of Toshiba's parent company guarantee obligation at US$3.68 billion, and specifies that payments are to be made in installments during the period from October 2017 to January 2021. In July, Toshiba also successfully entered into a settlement agreement with the owners of the V.C. Summer project, which sets the limit of Toshiba's parent company guarantee obligation at US$2.168 billion, and specifies that payments are to be made in installments during the period from October 2017 to September 2022. However, both maximum guarantee amounts are specified in US dollars, and payments to both are to be made at the same time, exposing Toshiba to extremely high risks in respect of fluctuations in currency exchange rates associated with such huge amount of debt. Further, since occurrence of the goodwill impairment in connection with Westinghouse's acquisition of CB&I Stone & Webster Inc. (S&W), Toshiba has been required to devote material internal resources in monitoring and participating in Westinghouse's Chapter 11 proceedings. Considering Toshiba's other priorities that are unrelated to Westinghouse, Toshiba believes that it is the best interests of Toshiba and its stakeholders to resolve as many issues in connection with Westinghouse's Chapter 11 proceedings as it can, as soon as practicable, in order to focus Toshiba's internal resources on its core business. For these reasons, Toshiba has decided to find the necessary funding to offer to make early payment of the parent company guarantee obligation in the full amount, and to obtain the right to demand reimbursement from Westinghouse of the amount paid. Toshiba intends to sell its claims to a third party, including such reimbursement against Westinghouse, and also Westinghouse- related interests that it holds. Given that Toshiba has been spending immense internal resources in connection with Westinghouse's rehabilitation proceedings, Toshiba believes that it is highly reasonable to make early payment of the parent company guarantee obligations, to gain subrogation rights obtained by the full repayment, and to sell Westinghouse-related assets to a third party. In addition, it is also highly reasonable to now accelerate payment of the parent company guarantee obligations denominated in US dollar, as doing so will avoid uncertainty in respect of future currency exchange rates and currency fluctuation risk. Furthermore, if the proposed sales of Toshiba's Westinghouse- related assets, is completed by the end of March 2018, Toshiba is expected to be able to reduce the tax impact recorded as a result of determining the value of the memory business, which would contribute a minimum of JPY240 billion to further remedying the negative consolidated balance sheet. About Toshiba Corp 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 Oct. 6, 2017, S&P Global Ratings said that it has affirmed its 'CCC-' long-term corporate credit and 'C' short-term corporate credit and commercial paper program ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. S&P also removed the ratings from CreditWatch. The outlook is negative. S&P said, "At the same time, we raised the senior unsecured rating one notch to 'CCC-' from 'CC' following completion of our review of the rating. The review follows our publication of our revised issue rating criteria, "Reflecting Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017, after which we placed the rating "under criteria observation" (UCO). With our criteria review complete, we are removing the UCO designation from the rating. We also removed the senior unsecured rating from CreditWatch with negative implications following our affirmation of the long-term corporate credit rating and resolution of the CreditWatch." TOSHIBA CORP: To Raise $5.3BB From New Shares to Avoid Delisting ---------------------------------------------------------------- Japan Today reports that Toshiba Corp said it would raise JPY600 billion ($5.3 billion) from a sale of new shares, a key step that would allow the troubled conglomerate to remain a publicly traded company even if the sale of its chip unit is delayed. Japan Today relates that Toshiba's board met on November 19 and approved a plan to raise JPY600 billion by offering new shares to 60 overseas investors who have signed up to the deal, the company said. Toshiba needs to raise JPY750 billion by the end of March to plug a balance sheet hole left by its bankrupt U.S. nuclear power business, or it will be delisted from the Tokyo Stock Exchange, according to Japan Today. The company said it would use proceeds from the share sale to pay off liabilities related to the bankrupt unit and book losses that will allow tax write-offs sufficient to boost its assets back above liabilities, the report relays. The share sale, together with the tax write-offs, will boost its balance sheet by at least JPY840 billion in total, the company, as cited by Japan Today, said. Toshiba will issue the new shares at JPY262.8 per share, a discount to November 17's closing price of JPY292, Japan Today discloses. Payments from investors for the new shares will be completed on December 5, the report adds. According to the report, Singapore-based fund Effissimo, established by former colleagues of Japan's most famous activist investor Yoshiaki Murakami, will become the largest shareholder in Toshiba with an 11.34 percent stake. Japan Today says Toshiba agreed in September to sell its prized chip unit to a group led by Bain Capital for $18 billion. But potentially lengthy regulatory reviews mean the deal may not close before the end of March. About Toshiba Corp 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 Oct. 6, 2017, S&P Global Ratings said that it has affirmed its 'CCC-' long-term corporate credit and 'C' short-term corporate credit and commercial paper program ratings on Japan-based capital goods and diversified electronics company Toshiba Corp. S&P also removed the ratings from CreditWatch. The outlook is negative. S&P said, "At the same time, we raised the senior unsecured rating one notch to 'CCC-' from 'CC' following completion of our review of the rating. The review follows our publication of our revised issue rating criteria, "Reflecting Subordination Risk In Corporate Issue Ratings" on Sept. 21, 2017, after which we placed the rating "under criteria observation" (UCO). With our criteria review complete, we are removing the UCO designation from the rating. We also removed the senior unsecured rating from CreditWatch with negative implications following our affirmation of the long-term corporate credit rating and resolution of the CreditWatch." =============== M A L A Y S I A =============== CHASWOOD RESOURCES: Malaysian Unit in Debt Restructuring Talks -------------------------------------------------------------- Ann Williams at The Business Times reports that Chaswood Resources Holdings said on November 20 its wholly owned Malaysian subsidiary has started restructuring proceedings on MYR22 million (SGD7.18 million) of credit facilities. Under the proposed debt restructuring, the unit, Chaswood Resources Sdn Bhd (CSRB), is holding discussions with its principal lenders - CIMB Bank Berhad, Malayan Banking Berhad and AmBank (M) Berhad - on the restructuring and rescheduling of loan repayments, the report relates. The Business Times relates that while the talks are ongoing ongoing, restaurant operator CRSB will temporarily cease repayment on all of its borrowings with the lenders. It has also obtained a 90-day moratorium order from the High Court of Malaysia on Nov. 17, 2017, against the enforcement of winding up proceedings or appointment of receiver or manager over all the firm's assets by the lenders, according to the report. CSRSB has net current liabilities of approximately MYR50 million as at Sept. 30, 2017, the report discloses. It recorded consecutive after-tax losses of approximately MYR5.7 million, MYR9.7 million and MYR9.0 million for the 2014, 2015 and 2016 financial years respectively. According to the report, Chaswood Resources said it believes CSRB is be able to continue as a going concern and has sufficient working capital for the next 12 months, barring any unforeseen circumstances, and subject to the successful outcome of the proposed debt restructuring, fund raising options, and business rationalisation and market conditions. In terms of business rationalisation, CSRB is undertaking cost- cutting measures at its head office and restaurants, negotiating with landlords and suppliers to reduce or contain operating costs, improving operational efficiencies, closing non-performing restaurants, the report relays. Chaswood Resources said its unit's performance, which relies heavily on the health of consumer sentiment, has been adversely affected due to the protracted and continuing economic downturn in Malaysia in the last three years, the Business Times adds. =============== X X X X X X X X =============== * S&P: Emerging Markets Push Global Corp. Default Tally to 83 ------------------------------------------------------------- The 2017 global corporate default tally rose to 83 after four issuers defaulted, said S&P Global Fixed Income Research in a Nov. 16, 2017 article titled "Emerging Markets Push The Global Corporate Default Tally To 83." Three of the defaults were from emerging markets: Venezuela-based Petroleos de Venezuela S.A. and Corporacion Electrica Nacional S.A. and Kazakhstan-based Bank RBK JSC. The remaining default was U.S.-based J.G. Wentworth LLC. "By country, Venezuela and Kazakhstan lead emerging market defaults in 2017 with two each," said Diane Vazza, head of S&P Global Fixed Income Research. The U.S. continues to hold the highest share of defaults, with 55 (66.3%), followed by Europe with 12 (14.5%), emerging markets with nine (10.8%), and other developed markets (Australia, Canada, Japan, and New Zealand) with seven (8.4%). Distressed exchanges have been the predominant reason for default in 2017, accounting for 32 defaults, followed by 22 bankruptcy- related defaults (Chapter 11 or 15), 19 defaults due to missed interest or principal payments, nine confidential defaults, and one default due to regulatory intervention. * BOND PRICING: For the Week Nov. 13 to Nov. 17, 2017 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.06 HILLGROVE RESOURCES L 6.00 12/20/19 AUD 2.60 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.77 LAKES OIL NL 10.00 05/31/18 AUD 8.01 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.96 MIDWEST VANADIUM PTY 11.50 02/15/18 USD 1.05 PALADIN ENERGY LTD 6.00 09/30/17 USD 45.00 PALADIN ENERGY LTD 7.00 03/31/20 USD 45.00 RELIANCE RAIL FINANCE 2.05 09/26/23 AUD 73.58 TREASURY CORP OF VICT 0.50 11/12/30 AUD 70.92 CHINA ----- AKESU XINCHENG ASSET 7.50 10/10/18 CNY 25.42 ALXA LEAGUE INFRASTRU 6.40 03/14/20 CNY 60.73 ANHUI CHIZHOU CITY TI 7.40 10/23/20 CNY 61.19 ANKANG DEVELOPMENT & 6.35 03/06/20 CNY 60.51 ANQING ECONOMIC&TECHN 6.00 06/18/20 CNY 60.51 ANQING ECONOMIC&TECHN 6.00 06/18/20 CNY 60.73 ANQING URBAN CONSTRUC 6.76 12/31/19 CNY 61.09 ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 41.02 ANSHAN CITY CONSTRUCT 6.39 04/25/20 CNY 60.66 ANSHAN CITY CONSTRUCT 6.39 04/25/20 CNY 60.97 ANSHUN STATE-RUN ASSE 6.98 01/10/20 CNY 60.90 ANSHUN STATE-RUN ASSE 6.98 01/10/20 CNY 61.00 ANYANG INVESTMENT GRO 8.00 04/17/19 CNY 40.96 BAICHENG ZHONGXING UR 7.00 12/18/19 CNY 60.39 BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 40.19 BAIYIN CITY DEVELOPME 6.78 07/19/20 CNY 60.62 BAIYIN CITY DEVELOPME 6.78 07/19/20 CNY 80.00 BAODING NATIONAL HI-T 7.33 12/24/19 CNY 60.95 BAOJI INVESTMENT GROU 7.14 12/26/18 CNY 50.58 BAOJI INVESTMENT GROU 7.14 12/26/18 CNY 50.63 BAOSHAN STATE-OWNED A 7.30 12/10/19 CNY 60.59 BAOTOU STATE OWNED AS 7.03 09/17/19 CNY 40.94 BAYAN ZHUOER HETAO WA 8.54 03/31/22 CNY 74.56 BAYANNUR URBAN DEVELO 6.40 03/15/20 CNY 60.61 BAYINGUOLENG INNER MO 7.48 09/10/18 CNY 25.43 BEIJING BIOMEDICINE I 6.35 07/23/20 CNY 60.60 BEIJING BIOMEDICINE I 6.35 07/23/20 CNY 61.12 BEIJING CAPITAL DEVEL 5.95 05/29/19 CNY 40.30 BEIJING CHAOYANG STAT 5.25 03/27/20 CNY 59.94 BEIJING CHAOYANG STAT 5.25 03/27/20 CNY 60.43 BEIJING CONSTRUCTION 5.95 07/05/19 CNY 40.45 BEIJING ECONOMIC TECH 5.29 03/06/18 CNY 39.95 BEIJING FUTURE SCIENC 6.28 09/22/19 CNY 50.66 BEIJING FUTURE SCIENC 6.28 09/22/19 CNY 50.71 BEIJING GUCAI GROUP C 6.60 09/06/20 CNY 61.03 BEIJING GUCAI GROUP C 6.60 09/06/20 CNY 61.25 BEIJING GUCAI GROUP C 8.28 12/15/18 CNY 71.47 BEIJING HAIDIAN STATE 5.50 08/07/20 CNY 59.77 BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 60.50 BEIJING JINGMEI GROUP 6.14 09/09/20 CNY 60.82 BEIJING JINLIYUAN STA 7.00 10/28/20 CNY 59.35 BEIJING JINLIYUAN STA 7.00 10/28/20 CNY 61.89 BEIJING XINGZHAN STAT 6.48 08/31/19 CNY 40.72 BENGBU URBAN INVESTME 6.30 09/11/20 CNY 61.02 BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 40.58 BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 40.71 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 39.95 BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 40.59 BINZHOU URBAN CONSTRU 6.15 07/12/20 CNY 60.00 BINZHOU URBAN CONSTRU 6.15 07/12/20 CNY 61.22 BORALA MONGOL AUTONOM 7.18 08/09/20 CNY 61.61 BORALA MONGOL AUTONOM 7.18 08/09/20 CNY 61.70 C&D REAL ESTATE CO LT 6.15 04/03/20 CNY 60.98 CANGZHOU CONSTRUCTION 6.72 01/23/20 CNY 61.07 CHANGDE CITY CONSTRUC 6.50 02/25/20 CNY 61.19 CHANGDE CITY CONSTRUC 6.50 02/25/20 CNY 61.61 CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 40.93 CHANGDE ECONOMIC DEVE 7.19 09/12/19 CNY 40.94 CHANGJIZHOU STATE OWN 6.00 06/03/19 CNY 50.38 CHANGJIZHOU STATE OWN 6.00 06/03/19 CNY 50.45 CHANGRUN INVESTMENT H 6.88 09/16/20 CNY 61.39 CHANGRUN INVESTMENT H 6.88 09/16/20 CNY 61.63 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 40.65 CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 40.89 CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 40.70 CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 41.14 CHANGSHA ECONOMIC & T 8.45 04/13/22 CNY 73.94 CHANGSHA HIGH-TECH HO 7.30 11/22/17 CNY 39.80 CHANGSHA PILOT INVEST 6.70 12/10/19 CNY 61.01 CHANGSHA PILOT INVEST 6.70 12/10/19 CNY 61.31 CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 40.00 CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 40.91 CHANGSHU DEVELOPMENT 5.80 04/19/20 CNY 61.00 CHANGXING URBAN CONST 6.80 11/30/19 CNY 60.69 CHANGXING URBAN CONST 6.80 11/30/19 CNY 60.89 CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 56.94 CHANGYI ECONOMIC AND 7.35 10/30/20 CNY 72.50 CHANGZHI CITY CONSTRU 6.46 02/26/20 CNY 60.62 CHANGZHI CITY CONSTRU 6.46 02/26/20 CNY 60.75 CHANGZHOU HI-TECH GRO 6.18 03/21/20 CNY 60.67 CHANGZHOU HI-TECH GRO 6.18 03/21/20 CNY 60.68 CHANGZHOU JINTAN DIST 8.30 03/14/19 CNY 40.54 CHANGZHOU JINTAN DIST 6.38 04/26/20 CNY 61.05 CHANGZHOU JINTAN DIST 6.38 04/26/20 CNY 61.31 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 25.00 CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 25.14 CHAOHU URBAN TOWN CON 7.00 12/24/19 CNY 60.77 CHAOHU URBAN TOWN CON 7.00 12/24/19 CNY 60.86 CHAOYANG CONSTRUCTION 7.30 05/25/19 CNY 40.56 CHEN ZHOU GAO KE ASSE 7.25 10/21/20 CNY 62.02 CHENGDU CITY DEVELOPM 6.18 01/14/20 CNY 60.82 CHENGDU CITY DEVELOPM 6.18 01/14/20 CNY 60.95 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 25.11 CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 25.16 CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 40.64 CHENGDU HI-TECH INVES 6.28 11/20/19 CNY 60.60 CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 61.29 CHENGDU PIDU DISTRICT 7.25 10/15/20 CNY 61.80 CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 40.92 CHENGDU XINDU XIANGCH 8.60 12/13/18 CNY 71.50 CHENGDU XINGCHENG INV 6.17 01/28/20 CNY 59.50 CHENGDU XINGCHENG INV 6.17 01/28/20 CNY 60.77 CHENGDU XINGJIN URBAN 7.30 11/27/19 CNY 61.16 CHENGDU XINGJIN URBAN 7.30 11/27/19 CNY 61.19 CHENZHOU URBAN CONSTR 7.34 09/13/19 CNY 40.94 CHENZHOU URBAN CONSTR 7.34 09/13/19 CNY 41.09 CHENZHOU XINTIAN INVE 6.30 07/17/20 CNY 60.42 CHENZHOU XINTIAN INVE 6.30 07/17/20 CNY 60.56 CHIFENG CITY HONGSHAN 7.20 07/25/19 CNY 40.24 CHINA CITY CONSTRUCTI 5.55 12/17/17 CNY 45.50 CHINA CITY CONSTRUCTI 4.93 07/14/20 CNY 45.50 CHINA GOVERNMENT BOND 3.70 05/23/66 CNY 68.39 CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 69.87 CHINA SECURITY & FIRE 4.45 11/11/19 CNY 58.00 CHINA YIXING ENVIRONM 7.10 10/18/20 CNY 61.29 CHINA YIXING ENVIRONM 7.10 10/18/20 CNY 61.62 CHIZHOU CITY MANAGEME 7.17 10/17/19 CNY 40.68 CHONGQING BEICHENG CO 7.30 10/16/20 CNY 61.19 CHONGQING BEICHENG CO 7.30 10/16/20 CNY 61.55 CHONGQING BEIFEI INDU 7.13 12/25/19 CNY 61.00 CHONGQING CHANGSHOU D 7.45 09/25/19 CNY 40.88 CHONGQING CHANGSHOU D 7.45 09/25/19 CNY 41.09 CHONGQING CITY CONSTR 5.12 05/21/20 CNY 59.88 CHONGQING CITY CONSTR 5.12 05/21/20 CNY 60.09 CHONGQING DASUN ASSET 6.98 09/10/20 CNY 61.22 CHONGQING DAZU DISTRI 6.75 04/26/20 CNY 60.83 CHONGQING DAZU DISTRI 6.75 04/26/20 CNY 61.69 CHONGQING FULING DIST 8.40 03/23/19 CNY 71.71 CHONGQING FULING DIST 8.40 03/23/19 CNY 71.71 CHONGQING FULING STAT 6.39 01/21/20 CNY 60.58 CHONGQING FULING STAT 6.39 01/21/20 CNY 61.34 CHONGQING HECHUAN IND 6.19 06/17/20 CNY 60.52 CHONGQING HECHUAN IND 6.19 06/17/20 CNY 60.53 CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 25.23 CHONGQING HECHUAN URB 6.95 01/06/18 CNY 40.12 CHONGQING HONGRONG CA 7.20 10/16/19 CNY 40.90 CHONGQING HONGRONG CA 7.20 10/16/19 CNY 41.00 CHONGQING HONGYE INDU 6.30 06/03/20 CNY 60.65 CHONGQING HONGYE INDU 6.30 06/03/20 CNY 61.17 CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 40.15 CHONGQING JIANGJIN HU 7.46 09/21/19 CNY 40.90 CHONGQING JIANGJIN HU 7.46 09/21/19 CNY 41.13 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 40.02 CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 40.41 CHONGQING LAND PROPER 7.35 04/25/19 CNY 40.71 CHONGQING LAND PROPER 7.35 04/25/19 CNY 40.79 CHONGQING LAND PROPER 6.30 08/22/20 CNY 61.21 CHONGQING MAIRUI CITY 6.82 08/17/19 CNY 40.67 CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 40.02 CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 40.08 CHONGQING NAN'AN URBA 8.20 04/09/19 CNY 40.96 CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 40.88 CHONGQING NANCHUAN DI 7.35 09/06/19 CNY 40.91 CHONGQING NANFA URBAN 6.43 04/27/20 CNY 60.27 CHONGQING NANFA URBAN 6.43 04/27/20 CNY 60.91 CHONGQING QIANJIANG C 8.40 03/23/19 CNY 71.71 CHONGQING QIANJIANG C 8.40 03/23/19 CNY 71.84 CHONGQING QIJIANG EAS 6.75 01/29/20 CNY 54.10 CHONGQING QIJIANG EAS 6.75 01/29/20 CNY 60.40 CHONGQING SHUANGFU CO 7.49 10/23/20 CNY 61.84 CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 60.79 CHONGQING SHUANGQIAO 6.75 04/26/20 CNY 61.02 CHONGQING THREE GORGE 6.40 01/23/19 CNY 50.25 CHONGQING WANSHENG EC 6.39 04/17/20 CNY 60.30 CHONGQING WANSHENG EC 6.39 04/17/20 CNY 60.78 CHONGQING WESTERN MOD 7.08 10/18/20 CNY 61.67 CHONGQING WESTERN MOD 7.08 10/18/20 CNY 75.60 CHONGQING XINGRONG HO 8.35 04/19/19 CNY 40.95 CHONGQING XINGRONG HO 8.35 04/19/19 CNY 41.05 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 40.50 CHONGQING XIYONG MICR 6.76 07/25/19 CNY 40.71 CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 40.31 CHONGQING YONGCHUAN H 7.33 10/16/19 CNY 41.00 CHONGQING YONGCHUAN H 7.33 10/16/19 CNY 61.00 CHONGQING YUFU ASSET 6.50 09/04/19 CNY 40.00 CHONGQING YUFU HOLDIN 6.50 09/04/19 CNY 40.70 CHONGQING YULONG ASSE 6.87 05/31/19 CNY 40.60 CHONGQING YUXING CONS 7.29 12/08/17 CNY 40.07 CHONGQING YUXING CONS 7.30 12/10/19 CNY 61.11 CHONGQING YUXING CONS 7.30 12/10/19 CNY 61.14 CHUXIONG AUTONOMOUS D 6.60 03/29/20 CNY 59.67 CHUZHOU CITY CONSTRUC 6.81 11/23/19 CNY 60.96 CHUZHOU CITY CONSTRUC 6.81 11/23/19 CNY 60.98 CHUZHOU TONGCHUANG CO 7.05 01/09/20 CNY 61.16 CIXI STATE OWNED ASSE 6.60 09/20/19 CNY 40.63 CIXI STATE OWNED ASSE 6.60 09/20/19 CNY 40.78 DALI ECONOMIC DEVELOP 8.80 04/24/19 CNY 41.18 DALIAN CHANGXING ISLA 6.60 01/25/20 CNY 60.20 DALIAN CHANGXING ISLA 6.60 01/25/20 CNY 60.96 DALIAN DETA INVESTMEN 6.50 11/15/19 CNY 60.70 DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 40.00 DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 40.48 DALIAN RONGQIANG INVE 8.60 03/30/19 CNY 70.76 DALIAN SHUNXING INVES 6.97 10/18/20 CNY 61.83 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 41.00 DANYANG INVESTMENT GR 8.10 03/06/19 CNY 41.07 DANYANG INVESTMENT GR 6.81 10/23/19 CNY 50.98 DANYANG INVESTMENT GR 6.90 10/23/20 CNY 59.68 DANYANG INVESTMENT GR 6.90 10/23/20 CNY 61.58 DANYANG INVESTMENT GR 6.81 10/23/19 CNY 76.20 DAQING GAOXIN STATE-O 6.88 12/05/19 CNY 60.83 DAQING URBAN CONSTRUC 6.55 10/23/19 CNY 40.66 DASHIQIAO URBAN CONST 6.58 02/21/20 CNY 60.51 DASHIQIAO URBAN CONST 6.58 02/21/20 CNY 60.81 DAWA COUNTY CITY CONS 7.25 09/17/20 CNY 61.22 DAWA COUNTY CITY CONS 7.25 09/17/20 CNY 61.22 DAZHOU INVESTMENT CO 6.99 12/25/19 CNY 60.84 DEYANG CITY CONSTRUCT 6.99 12/26/19 CNY 60.94 DEYANG CITY CONSTRUCT 6.99 12/26/19 CNY 61.19 DEZHOU DEDA URBAN CON 7.14 10/18/19 CNY 41.22 DONGTAI COMMUNICATION 7.39 07/05/18 CNY 25.20 DONGTAI UBAN CONSTRUC 7.10 12/26/19 CNY 61.02 DONGYING CITY URBAN A 6.75 04/20/18 CNY 35.00 DONGYING CITY URBAN A 6.75 04/20/18 CNY 35.22 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 26.00 DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 29.75 ENSHI URBAN CONSTRUCT 7.55 10/22/19 CNY 41.12 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 24.94 ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 25.00 EZHOU CITY CONSTRUCTI 7.08 06/19/19 CNY 40.63 FEICHENG CITY ASSETS 7.10 08/14/18 CNY 25.26 FENGHUA CITY INVESTME 7.45 09/24/19 CNY 40.91 FENGHUA CITY INVESTME 7.45 09/24/19 CNY 40.92 FORESEA LIFE INSURANC 6.25 09/30/25 CNY 68.83 FUJIAN JINJIANG URBAN 6.35 04/26/20 CNY 60.86 FUJIAN LONGYAN CITY C 7.45 08/14/19 CNY 40.92 FUJIAN NANPING HIGHWA 7.90 10/26/18 CNY 40.97 FUJIAN NANPING HIGHWA 6.69 01/28/20 CNY 60.74 FUJIAN NANPING HIGHWA 6.69 01/28/20 CNY 60.86 FUQING CITY STATE-OWN 6.66 03/01/21 CNY 71.26 FUSHUN URBAN INVESTME 5.95 05/11/18 CNY 40.04 FUSHUN URBAN INVESTME 8.53 03/22/22 CNY 73.83 FUSHUN URBAN INVESTME 8.53 03/22/22 CNY 74.79 FUXIN INFRASTRUCTURE 7.55 10/10/19 CNY 41.00 FUZHOU INVESTMENT DEV 7.75 02/28/18 CNY 50.30 FUZHOU INVESTMENT DEV 6.78 01/16/20 CNY 60.22 FUZHOU INVESTMENT DEV 6.78 01/16/20 CNY 61.06 FUZHOU URBAN AND RURA 6.35 09/25/18 CNY 25.00 FUZHOU URBAN AND RURA 6.35 09/25/18 CNY 25.18 GANSU PROVINCIAL HIGH 7.20 09/19/18 CNY 40.57 GANSU PROVINCIAL HIGH 6.75 11/16/18 CNY 70.30 GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 25.01 GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 25.30 GANZHOU DEVELOPMENT Z 6.70 12/26/18 CNY 50.29 GANZHOU DEVELOPMENT Z 6.70 12/26/18 CNY 50.36 GAOMI STATE-OWNED ASS 6.75 11/15/18 CNY 50.23 GAOMI STATE-OWNED ASS 6.75 11/15/18 CNY 50.31 GAOMI STATE-OWNED ASS 6.70 11/15/19 CNY 60.76 GAOMI STATE-OWNED ASS 6.70 11/15/19 CNY 60.86 GREENLAND HOLDING GRO 6.24 05/23/20 CNY 72.81 GUANG ZHOU PANYU COMM 6.30 04/12/19 CNY 50.04 GUANG ZHOU PANYU COMM 6.30 04/12/19 CNY 50.30 GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 41.01 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 40.33 GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 40.35 GUANGXI LAIBIN URBAN 8.36 03/14/19 CNY 71.72 GUANGYUAN INVESTMENT 7.25 11/26/19 CNY 60.96 GUANGZHOU DEVELOPMENT 6.70 08/14/22 CNY 72.60 GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 25.09 GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 25.20 GUIYANG ECO&TECH DEVE 8.42 03/27/19 CNY 40.41 GUIYANG JINYANG CONST 6.70 10/24/18 CNY 25.26 GUIYANG JINYANG CONST 6.70 10/24/18 CNY 25.32 GUIYANG PUBLIC RESIDE 6.70 11/06/19 CNY 40.84 GUIYANG PUBLIC RESIDE 6.70 11/06/19 CNY 60.93 GUIYANG URBAN DEVELOP 6.20 02/28/20 CNY 59.86 GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 25.35 GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 25.35 HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 25.24 HAICHENG URBAN INVEST 8.39 11/07/18 CNY 70.94 HAILAR URBAN INFRASTR 6.20 05/14/20 CNY 59.79 HAILAR URBAN INFRASTR 6.20 05/14/20 CNY 60.56 HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 40.33 HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 40.76 HAINAN HARBOR & SHIPP 6.80 10/18/19 CNY 71.02 HAINING CITY JIANSHAN 6.90 11/04/20 CNY 63.06 HAINING STATE-OWNED A 7.80 09/20/18 CNY 40.83 HAINING STATE-OWNED A 7.80 09/20/18 CNY 40.89 HAINING STATE-OWNED A 6.08 03/06/20 CNY 59.49 HAIYAN COUNTY STATE-O 7.00 09/04/20 CNY 62.43 HAIYAN COUNTY STATE-O 7.00 09/04/20 CNY 82.42 HANDAN CITY CONSTRUCT 7.05 12/24/19 CNY 61.11 HANGZHOU CANAL COMPRE 6.00 04/02/20 CNY 59.82 HANGZHOU CANAL COMPRE 6.00 04/02/20 CNY 60.75 HANGZHOU HIGH-TECH IN 6.45 01/28/20 CNY 60.62 HANGZHOU HIGH-TECH IN 6.45 01/28/20 CNY 60.89 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 25.09 HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 25.13 HANGZHOU XIAOSHAN ECO 6.70 12/26/18 CNY 50.42 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 40.69 HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 41.07 HANGZHOU YUHANG INNOV 6.50 03/18/20 CNY 61.12 HANGZHOU YUHANG INNOV 6.50 03/18/20 CNY 61.45 HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 40.10 HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 40.31 HARBIN HELI INVESTMEN 7.48 09/26/18 CNY 40.64 HARBIN HELI INVESTMEN 7.48 09/26/18 CNY 40.76 HARBIN HIGH-TECH INDU 7.00 09/16/20 CNY 61.47 HARBIN HIGH-TECH INDU 7.00 09/16/20 CNY 61.81 HARBIN WATER INVESTME 5.70 05/06/20 CNY 60.20 HARBIN WATER INVESTME 5.70 05/06/20 CNY 60.56 HEBEI SHUNDE INVESTME 6.98 12/05/19 CNY 60.87 HEBEI SHUNDE INVESTME 6.98 12/05/19 CNY 60.95 HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 69.10 HEFEI BINHU NEW ZONE 6.35 06/13/19 CNY 70.81 HEFEI CONSTRUCTION IN 6.60 08/28/18 CNY 40.00 HEFEI GAOXIN DEVELOPM 7.98 03/22/19 CNY 71.69 HEFEI GAOXIN DEVELOPM 7.98 03/22/19 CNY 71.79 HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 40.84 HEFEI INDUSTRIAL INVE 6.30 03/20/20 CNY 60.96 HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 41.24 HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 40.74 HEGANG KAIYUAN CITY I 6.50 07/19/19 CNY 40.48 HEIHE CITY CONSTRUCTI 8.48 03/23/19 CNY 71.71 HEILONGJIANG HECHENG 7.05 06/21/22 CNY 71.57 HENAN JIYUAN CITY CON 7.50 09/25/19 CNY 41.18 HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 40.94 HENGYANG HONGXIANG ST 6.20 06/19/20 CNY 60.63 HENGYANG HONGXIANG ST 6.20 06/19/20 CNY 60.65 HEYUAN CITY URBAN DEV 6.55 03/19/20 CNY 60.51 HEYUAN CITY URBAN DEV 6.55 03/19/20 CNY 60.82 HONGHEZHOU ROAD DEVEL 6.27 05/06/20 CNY 60.60 HUAIAN CITY URBAN ASS 6.87 12/26/19 CNY 61.00 HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 41.06 HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 40.83 HUAI'AN DEVELOPMENT H 7.20 09/06/19 CNY 41.47 HUAIAN QINGHE NEW ARE 6.68 01/24/20 CNY 60.59 HUAIAN QINGHE NEW ARE 6.68 01/24/20 CNY 60.82 HUAIBEI CITY CONSTRUC 6.68 12/17/18 CNY 50.25 HUAIBEI CITY CONSTRUC 6.68 12/17/18 CNY 50.35 HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 25.22 HUAIHUA CITY INDUSTRI 7.70 10/29/20 CNY 62.54 HUANGGANG CITY CONSTR 7.10 10/19/19 CNY 41.05 HUANGGANG CITY CONSTR 7.10 10/19/19 CNY 41.10 HUANGSHI URBAN CONSTR 6.96 10/25/19 CNY 40.84 HUIAN STATE ASSETS IN 7.50 10/15/19 CNY 40.83 HUIAN STATE ASSETS IN 7.50 10/15/19 CNY 41.00 HULUDAO INVESTMENT GR 7.05 10/18/20 CNY 61.16 HULUDAO INVESTMENT GR 7.05 10/18/20 CNY 61.25 HUNAN CHANGDE DEYUAN 7.18 10/18/18 CNY 25.41 HUNAN CHENGLINGJI HAR 7.70 10/15/18 CNY 25.47 HUNAN CHENGLINGJI HAR 7.70 10/15/18 CNY 25.48 HUNAN ZHAOSHAN ECONOM 7.00 12/12/18 CNY 50.37 HUNAN ZHAOSHAN ECONOM 7.00 12/12/18 CNY 50.70 HUZHOU NANXUN STATE-O 8.15 03/31/19 CNY 40.94 HUZHOU URBAN INVESTME 7.02 12/21/17 CNY 40.07 HUZHOU URBAN INVESTME 6.70 12/14/19 CNY 60.92 HUZHOU WUXING NANTAIH 7.71 02/17/18 CNY 40.14 INNER MONGOLIA HIGH-T 7.20 09/25/19 CNY 40.64 INNER MONGOLIA ZHUNGE 6.94 05/10/18 CNY 50.33 JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 40.76 JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 40.93 JIANAN INVESTMENT HOL 7.68 09/04/19 CNY 41.21 JIANGDONG HOLDING GRO 6.90 03/27/19 CNY 40.58 JIANGMEN CITY BINJIAN 6.60 02/28/20 CNY 60.23 JIANGMEN NEW HI-TECH 7.39 11/04/20 CNY 62.08 JIANGSU FURUDONGHAI D 7.09 09/13/20 CNY 61.60 JIANGSU FURUDONGHAI D 7.09 09/13/20 CNY 61.64 JIANGSU HANRUI INVEST 8.16 03/01/19 CNY 40.55 JIANGSU HUAJING ASSET 6.00 05/16/20 CNY 60.31 JIANGSU JINGUAN INVES 6.40 01/28/19 CNY 50.50 JIANGSU JURONG FUDI B 8.70 04/26/19 CNY 71.77 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 39.69 JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 40.26 JIANGSU NANJING PUKOU 7.10 10/08/19 CNY 40.76 JIANGSU NEWHEADLINE D 7.00 08/27/20 CNY 56.35 JIANGSU NEWHEADLINE D 7.00 08/27/20 CNY 56.46 JIANGSU SUHAI INVESTM 7.20 11/07/19 CNY 60.86 JIANGSU TAICANG PORT 7.66 05/16/19 CNY 40.85 JIANGSU WUZHONG ECONO 8.05 12/16/18 CNY 71.09 JIANGSU WUZHONG ECONO 8.05 12/16/18 CNY 71.15 JIANGSU XISHAN ECONOM 6.99 11/01/19 CNY 40.53 JIANGSU XISHAN ECONOM 6.99 11/01/19 CNY 40.78 JIANGSU ZHANGJIAGANG 6.98 11/16/19 CNY 60.88 JIANGSU ZHANGJIAGANG 6.98 11/16/19 CNY 60.95 JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 41.11 JIANGXI HEJI INVESTME 8.00 09/04/19 CNY 41.29 JIANGYAN STATE OWNED 6.85 12/03/19 CNY 60.44 JIANGYAN STATE OWNED 6.85 12/03/19 CNY 60.65 JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 40.89 JIANGYIN GAOXIN DISTR 7.31 04/25/18 CNY 50.38 JIANGYIN GAOXIN DISTR 6.60 02/27/20 CNY 61.05 JIANHU URBAN CONSTRUC 6.50 02/22/20 CNY 60.62 JIANHU URBAN CONSTRUC 6.50 02/22/20 CNY 60.63 JIASHAN STATE-OWNED A 6.80 06/06/19 CNY 40.67 JIAXING CULTURE FAMOU 8.16 03/08/19 CNY 40.89 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 40.57 JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 40.72 JILIN CITY CONSTRUCTI 6.34 02/26/20 CNY 60.52 JILIN CITY CONSTRUCTI 6.34 02/26/20 CNY 60.60 JILIN RAILWAY INVESTM 6.63 06/26/19 CNY 70.00 JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 24.50 JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 25.19 JINAN XIAOQINGHE DEVE 7.15 09/05/19 CNY 41.04 JINGDEZHEN STATE-OWNE 7.48 03/23/18 CNY 50.32 JINGDEZHEN STATE-OWNE 6.59 06/25/20 CNY 60.82 JINGDEZHEN STATE-OWNE 6.59 06/25/20 CNY 60.93 JINGJIANG BINJIANG XI 6.80 10/23/18 CNY 25.28 JINGMEN CITY CONSTRUC 7.00 10/17/20 CNY 61.58 JINGMEN CITY CONSTRUC 6.85 07/09/22 CNY 72.20 JINGMEN CITY CONSTRUC 7.00 10/17/20 CNY 81.92 JINGZHOU URBAN CONSTR 7.98 04/24/19 CNY 41.05 JINING CITY CONSTRUCT 8.30 12/31/18 CNY 40.81 JINING CITY YANZHOU D 8.50 12/28/17 CNY 25.10 JINING CITY YANZHOU D 5.90 05/28/21 CNY 69.31 JINING HI-TECH TOWN C 6.60 01/28/20 CNY 60.80 JINING HI-TECH TOWN C 6.60 01/28/20 CNY 60.86 JINING WATER SUPPLY G 7.18 01/22/20 CNY 61.14 JINSHAN STATE-OWNED A 6.65 11/27/19 CNY 60.91 JINZHONG CITY PUBLIC 6.50 03/18/20 CNY 60.73 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 40.45 JINZHOU CITY INVESTME 7.08 06/13/19 CNY 40.56 JISHOU HUATAI STATE O 7.37 12/12/19 CNY 61.00 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 40.56 JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 40.91 JIUJIANG FUHE CONSTRU 6.10 03/19/19 CNY 49.88 JIUJIANG FUHE CONSTRU 6.10 03/19/19 CNY 50.04 JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 60.40 JIUJIANG STATE-OWNED 6.68 03/07/20 CNY 61.02 JIXI STATE OWN ASSET 7.18 11/08/19 CNY 61.08 JIXI STATE OWN ASSET 7.18 11/08/19 CNY 63.49 KAIFENG DEVELOPMENT I 6.47 07/11/19 CNY 40.56 KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 40.92 KARAMAY URBAN CONSTRU 7.15 09/04/19 CNY 40.97 KASHI URBAN CONSTRUCT 7.18 11/27/19 CNY 60.99 KIZILSU KIRGHIZ AUTON 7.15 09/16/20 CNY 60.41 KIZILSU KIRGHIZ AUTON 7.15 09/16/20 CNY 60.80 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 25.25 KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 25.26 KUNMING DIANCHI INVES 6.50 02/01/20 CNY 60.95 KUNMING INDUSTRIAL DE 6.46 10/23/19 CNY 40.58 KUNMING INDUSTRIAL DE 6.46 10/23/19 CNY 40.59 KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 25.44 KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 60.06 KUNSHAN ENTREPRENEUR 6.28 11/07/19 CNY 60.72 KUNSHAN HUAQIAO INTER 7.98 12/30/18 CNY 40.67 LAIWU CITY ECONOMIC D 6.50 03/01/18 CNY 30.06 LANZHOU CITY DEVELOPM 8.20 12/15/18 CNY 68.03 LANZHOU CITY DEVELOPM 8.20 12/15/18 CNY 68.05 LEQING CITY STATE OWN 6.50 06/29/19 CNY 40.55 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 40.13 LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 40.21 LIAONING YAODU DEVELO 7.35 12/12/19 CNY 60.49 LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 35.23 LIAOYANG CITY ASSETS 7.10 11/13/19 CNY 60.93 LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 40.45 LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 42.00 LIJIANG GUCHENG MANAG 6.68 07/26/19 CNY 40.55 LINCANG STATE-OWNED A 6.58 04/11/20 CNY 59.60 LINCANG STATE-OWNED A 6.58 04/11/20 CNY 60.79 LINFEN CITY INVESTMEN 6.20 05/23/20 CNY 60.70 LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 60.40 LINFEN YAODU DISTRICT 6.99 09/27/20 CNY 61.09 LINHAI CITY INFRASTRU 6.30 03/21/20 CNY 60.64 LINHAI CITY INFRASTRU 6.30 03/21/20 CNY 61.28 LINYI CITY ASSET MANA 6.68 12/12/19 CNY 59.00 LINYI CITY ASSET MANA 6.68 12/12/19 CNY 61.12 LINYI ECONOMIC DEVELO 8.26 09/24/19 CNY 41.50 LINYI INVESTMENT DEVE 8.10 03/27/18 CNY 25.27 LISHUI CITY CONSTRUCT 6.00 05/23/20 CNY 60.37 LISHUI CITY CONSTRUCT 6.00 05/23/20 CNY 60.54 LISHUI URBAN CONSTRUC 5.80 05/29/20 CNY 60.31 LIUPANSHUI DEVELOPMEN 6.97 12/03/19 CNY 60.54 LIUPANSHUI DEVELOPMEN 6.97 12/03/19 CNY 61.00 LIUZHOU DONGCHENG INV 7.40 10/29/20 CNY 61.80 LIUZHOU DONGCHENG INV 7.40 10/29/20 CNY 62.21 LIUZHOU INVESTMENT HO 6.98 08/15/19 CNY 40.91 LIYANG CITY CONSTRUCT 6.20 03/08/20 CNY 60.60 LIYANG CITY CONSTRUCT 6.20 03/08/20 CNY 60.92 LIYANG CITY CONSTRUCT 8.20 11/08/18 CNY 67.57 LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 40.07 LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 40.22 LONGYAN HUIJIN DEVELO 7.10 10/18/20 CNY 61.66 LONGYAN HUIJIN DEVELO 7.10 10/18/20 CNY 61.92 LOUDI CITY CONSTRUCTI 7.28 10/19/18 CNY 25.30 LOUDI CITY CONSTRUCTI 7.28 10/19/18 CNY 25.49 LUOHE CITY CONSTRUCTI 6.99 10/30/19 CNY 40.99 LUOYANG CITY DEVELOPM 6.89 12/31/19 CNY 61.20 LUOYANG HIGH NEW TECH 6.50 05/30/20 CNY 60.53 MAANSHAN ECONOMIC TEC 7.10 12/20/19 CNY 61.10 MEISHAN HONGDA CONSTR 6.56 06/19/20 CNY 58.80 MEISHAN HONGDA CONSTR 6.56 06/19/20 CNY 61.13 MEIZHOU KANGDA HIGHWA 6.95 09/10/20 CNY 61.36 MEIZHOU KANGDA HIGHWA 6.95 09/10/20 CNY 61.73 MIANYANG INVESTMENT H 7.70 03/26/19 CNY 71.38 MIANYANG INVESTMENT H 7.70 03/26/19 CNY 71.85 MIANYANG SCIENCE TECH 6.30 07/22/18 CNY 27.60 MIANYANG SCIENCE TECH 7.16 05/15/19 CNY 40.52 MINXIXINGHANG STATE-O 6.20 03/26/19 CNY 50.34 MINXIXINGHANG STATE-O 6.20 03/26/19 CNY 50.41 MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 40.55 MUDANJIANG STATE-OWNE 7.08 08/30/19 CNY 40.90 NANAN CITY TRADE INDU 8.50 04/25/19 CNY 41.18 NANCHANG CITY CONSTRU 6.19 02/20/20 CNY 60.83 NANCHANG CITY CONSTRU 6.19 02/20/20 CNY 61.00 NANCHANG COUNTY URBAN 6.50 07/17/19 CNY 50.54 NANCHANG COUNTY URBAN 6.50 07/17/19 CNY 50.58 NANCHANG ECONOMY TECH 6.88 01/09/20 CNY 60.87 NANCHANG MUNICIPAL PU 5.88 02/25/20 CNY 60.52 NANCHANG MUNICIPAL PU 5.88 02/25/20 CNY 60.83 NANCHANG WATER CONSER 6.28 06/21/20 CNY 61.04 NANCHONG DEVELOPMENT 6.69 01/28/20 CNY 60.54 NANCHONG ECONOMIC DEV 8.16 04/26/19 CNY 40.94 NANJING JIANGNING SCI 7.29 04/28/19 CNY 40.76 NANJING NEW&HIGH TECH 6.94 09/07/19 CNY 40.75 NANJING NEW&HIGH TECH 6.94 09/07/19 CNY 40.95 NANJING STATE OWNED A 5.40 03/06/20 CNY 60.21 NANJING STATE OWNED A 5.40 03/06/20 CNY 60.50 NANJING URBAN CONSTRU 5.68 11/26/18 CNY 50.22 NANJING URBAN CONSTRU 5.68 11/26/18 CNY 50.50 NANJING XINGANG DEVEL 6.80 01/08/20 CNY 60.45 NANJING XINGANG DEVEL 6.80 01/08/20 CNY 61.15 NANPING CITY WUYI NEW 6.70 08/06/20 CNY 61.00 NANPING CITY WUYI NEW 6.70 08/06/20 CNY 61.08 NANTONG CITY GANGZHA 7.15 01/09/20 CNY 61.12 NANTONG CITY GANGZHA 7.15 01/09/20 CNY 61.27 NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 40.64 NANTONG ECONOMIC & TE 5.80 05/17/20 CNY 60.55 NANTONG ECONOMIC & TE 5.80 05/17/20 CNY 60.60 NANYANG INVESTMENT GR 7.05 10/24/20 CNY 61.83 NANYANG INVESTMENT GR 7.05 10/24/20 CNY 61.90 NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 25.16 NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 25.31 NEIMENGGU XINLINGOL X 7.62 02/25/18 CNY 40.22 NINGBO CITY YINZHOU C 6.50 03/18/20 CNY 60.00 NINGBO CITY YINZHOU C 6.50 03/18/20 CNY 61.19 NINGBO EASTERN NEW TO 6.45 01/21/20 CNY 59.94 NINGBO EASTERN NEW TO 6.45 01/21/20 CNY 60.38 NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 25.19 NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 25.19 NINGBO ZHENHAI HAIJIA 6.65 11/28/18 CNY 50.36 PANJIN CONSTRUCTION I 7.50 05/17/19 CNY 40.73 PANJIN CONSTRUCTION I 7.42 03/01/18 CNY 60.25 PANJIN PETROLEUM HIGH 6.95 01/10/20 CNY 60.78 PANJIN PETROLEUM HIGH 6.95 01/10/20 CNY 60.79 PEIXIAN STATE-OWNED A 7.20 12/06/19 CNY 60.87 PENGLAI CITY PENGLAIG 6.80 01/30/21 CNY 70.63 PENGLAI CITY PENGLAIG 6.80 01/30/21 CNY 71.92 PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 40.86 PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 40.94 PINGDU CITY STATE OWN 7.25 11/05/20 CNY 62.26 PINGHU CITY DEVELOPME 7.20 09/18/19 CNY 39.55 PINGHU CITY DEVELOPME 7.20 09/18/19 CNY 40.84 PINGLIANG CHENGXIANG 7.10 09/17/20 CNY 61.60 PINGTAN COMPOSITE EXP 6.58 03/15/20 CNY 60.80 PINGXIANG HUIFENG INV 7.06 10/11/20 CNY 61.47 PINGXIANG HUIFENG INV 7.06 10/11/20 CNY 82.20 PINGXIANG URBAN CONST 6.89 12/10/19 CNY 60.36 PINGXIANG URBAN CONST 6.89 12/10/19 CNY 60.46 PIZHOU RUNCHENG ASSET 7.55 09/25/19 CNY 41.59 PUER CITY STATE OWNED 7.38 06/20/19 CNY 40.59 PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 40.87 PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 40.97 QIANAN XINGYUAN WATER 6.45 07/11/18 CNY 25.08 QIANDONG NANZHOU DEVE 8.80 04/27/19 CNY 40.84 QIANDONGNANZHOU KAIHO 7.80 10/30/19 CNY 40.66 QIANNAN AUTONOMOUS PR 6.90 09/04/20 CNY 60.86 QIANXI NANZHOU HONGSH 6.99 11/22/19 CNY 60.81 QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 40.49 QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 40.58 QINGDAO HUATONG STATE 7.30 04/18/19 CNY 40.71 QINGDAO JIAOZHOU CITY 6.59 01/25/20 CNY 61.04 QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 20.00 QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 20.06 QINGZHOU HONGYUAN PUB 7.25 10/19/18 CNY 25.41 QINGZHOU HONGYUAN PUB 7.35 10/19/19 CNY 41.01 QINGZHOU HONGYUAN PUB 7.35 10/19/19 CNY 41.05 QINGZHOU HONGYUAN PUB 7.25 10/19/18 CNY 50.99 QINHUANGDAO DEVELOPME 7.46 10/17/19 CNY 40.88 QINHUANGDAO DEVELOPME 7.46 10/17/19 CNY 41.06 QINZHOU BINHAI NEW CI 7.00 08/27/20 CNY 61.91 QINZHOU BINHAI NEW CI 7.00 08/27/20 CNY 81.50 QINZHOU CITY DEVELOPM 7.10 10/16/19 CNY 71.85 QITAIHE CITY CONSTRUC 7.30 10/18/19 CNY 39.81 QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 40.75 QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 40.78 QUANZHOU TAISHANG INV 7.08 12/10/19 CNY 61.04 QUANZHOU URBAN CONSTR 6.48 01/11/20 CNY 60.91 QUJING DEVELOPMENT IN 7.25 09/06/19 CNY 40.97 RIZHAO CITY CONSTRUCT 5.80 06/06/20 CNY 60.40 RONGCHENG ECONOMIC DE 6.45 03/18/20 CNY 60.16 RUDONG COUNTY DONGTAI 7.45 09/24/19 CNY 41.16 RUDONG COUNTY DONGTAI 7.10 01/31/18 CNY 50.07 RUGAO COMMUNICATIONS 8.51 01/26/19 CNY 51.16 RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.52 RUGAO COMMUNICATIONS 6.70 02/01/20 CNY 60.97 RUIAN STATE OWNED ASS 6.93 11/26/19 CNY 60.69 RUSHAN CITY STATE-OWN 6.90 09/11/20 CNY 61.05 SANMENXIA CITY FINANC 6.68 01/29/20 CNY 60.96 SANMENXIA CITY FINANC 6.68 01/29/20 CNY 60.99 SANMING CITY CONSTRUC 6.40 03/05/20 CNY 60.57 SANMING CITY CONSTRUC 6.40 03/05/20 CNY 60.59 SANMING STATE-OWNED A 6.99 06/14/18 CNY 40.44 SANMING STATE-OWNED A 6.92 12/05/19 CNY 60.92 SHANDONG RENCHENG RON 7.30 10/18/20 CNY 61.82 SHANDONG RENCHENG RON 7.30 10/18/20 CNY 61.88 SHANDONG TAIFENG HOLD 5.80 03/12/20 CNY 59.07 SHANGHAI BUND GROUP D 6.35 04/24/20 CNY 60.73 SHANGHAI BUND GROUP D 6.35 04/24/20 CNY 60.90 SHANGHAI CHENGTOU COR 4.63 07/30/19 CNY 39.81 SHANGHAI FENGXIAN NAN 6.25 03/05/20 CNY 60.84 SHANGHAI JIADING INDU 6.71 10/10/18 CNY 25.27 SHANGHAI JIADING INDU 6.71 10/10/18 CNY 25.32 SHANGHAI JINSHAN URBA 6.60 12/21/19 CNY 60.62 SHANGHAI JINSHAN URBA 6.60 12/21/19 CNY 60.96 SHANGHAI LUJIAZUI DEV 5.79 02/25/19 CNY 70.48 SHANGHAI LUJIAZUI DEV 5.98 03/11/19 CNY 70.51 SHANGHAI LUJIAZUI DEV 5.79 02/25/19 CNY 70.61 SHANGHAI MINHANG URBA 6.48 10/23/19 CNY 40.86 SHANGHAI MINHANG URBA 6.48 10/23/19 CNY 61.20 SHANGHAI NANFANG GROU 6.70 09/09/19 CNY 50.88 SHANGHAI NANFANG GROU 6.70 09/09/19 CNY 50.90 SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 24.97 SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 25.27 SHANGHAI URBAN CONSTR 5.25 11/30/19 CNY 60.13 SHANGLUO CITY CONSTRU 6.75 09/09/19 CNY 50.47 SHANGLUO CITY CONSTRU 6.75 09/09/19 CNY 50.85 SHANGLUO CITY CONSTRU 7.05 09/09/20 CNY 61.01 SHANGLUO CITY CONSTRU 7.05 09/09/20 CNY 61.70 SHANGQIU DEVELOPMENT 6.60 01/15/20 CNY 60.70 SHANGRAO CITY CONSTRU 7.30 09/10/19 CNY 40.80 SHANGRAO CITY CONSTRU 7.30 09/10/19 CNY 41.09 SHANGYU COMMUNICATION 6.70 09/11/19 CNY 40.32 SHANGYU COMMUNICATION 6.70 09/11/19 CNY 40.84 SHANGYU HANGZHOU BAY 6.95 10/11/20 CNY 61.58 SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 74.10 SHANTOU CITY CONSTRUC 8.57 03/23/22 CNY 74.46 SHAOGUAN JINYE DEVELO 7.30 10/18/19 CNY 41.13 SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 25.11 SHAOXING CHENGZHONGCU 6.50 01/24/20 CNY 60.95 SHAOXING HI-TECH INDU 6.75 12/05/18 CNY 50.20 SHAOXING HI-TECH INDU 6.75 12/05/18 CNY 50.35 SHAOXING KEQIAO DISTR 6.30 02/26/19 CNY 50.28 SHAOXING KEQIAO DISTR 6.30 02/26/19 CNY 50.47 SHAOXING PAOJIANG IND 6.90 10/31/19 CNY 40.81 SHAOXING URBAN CONSTR 6.40 11/09/19 CNY 60.47 SHAOXING URBAN CONSTR 6.40 11/09/19 CNY 60.78 SHAOYANG CITY CONSTRU 7.40 09/11/18 CNY 24.60 SHAOYANG CITY CONSTRU 7.40 09/11/18 CNY 25.43 SHENYANG HEPING DISTR 6.85 11/13/19 CNY 60.70 SHENYANG HEPING DISTR 6.85 11/13/19 CNY 61.00 SHENYANG MACHINE TOOL 6.50 03/27/18 CNY 70.08 SHENYANG SUJIATUN DIS 6.40 06/20/20 CNY 60.77 SHENZHEN LONGGANG DIS 6.18 03/27/19 CNY 50.33 SHENZHEN LONGGANG DIS 6.18 03/27/19 CNY 50.45 SHIJIAZHUANG REAL EST 5.65 05/15/20 CNY 60.32 SHISHI STATE OWNED IN 7.40 09/13/19 CNY 40.84 SHISHI STATE OWNED IN 7.40 09/13/19 CNY 61.00 SHIYAN CITY INFRASTRU 7.98 04/20/19 CNY 41.00 SHIYAN CITY INFRASTRU 6.88 10/11/20 CNY 61.42 SHIYAN CITY INFRASTRU 6.88 10/11/20 CNY 61.51 SHOUGUANG CITY CONSTR 7.10 10/18/20 CNY 61.44 SHOUGUANG CITY CONSTR 7.10 10/18/20 CNY 61.68 SHOUGUANG JINCAI STAT 6.70 10/23/19 CNY 40.89 SHOUGUANG JINCAI STAT 6.70 10/23/19 CNY 61.00 SHUANGLIU COUNTY WATE 6.92 07/30/20 CNY 73.65 SHUANGLIU COUNTY WATE 7.40 02/26/20 CNY 74.56 SHUANGLIU SHINE CHINE 8.48 03/16/19 CNY 71.88 SHUANGLIU SHINE CHINE 8.40 03/16/19 CNY 71.92 SHUANGLIU SHINE CHINE 8.40 03/16/19 CNY 71.96 SHUANGLIU SHINE CHINE 8.48 03/16/19 CNY 72.80 SHUANGYASHAN DADI CIT 6.55 12/25/19 CNY 60.47 SHUANGYASHAN DADI CIT 6.55 12/25/19 CNY 60.53 SHUYANG JINGYUAN ASSE 6.50 12/03/19 CNY 60.42 SHUYANG JINGYUAN ASSE 6.50 12/03/19 CNY 60.55 SICHUAN CHENGDU ABA D 7.18 09/12/20 CNY 61.19 SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 45.00 SICHUAN DEVELOPMENT H 5.40 11/10/17 CNY 29.99 SONGYUAN URBAN DEVELO 7.30 08/29/19 CNY 40.59 SUIFENHE HAIRONG URBA 6.60 04/28/20 CNY 59.80 SUINING DEVELOPMENT I 6.62 04/25/20 CNY 60.77 SUINING DEVELOPMENT I 6.62 04/25/20 CNY 60.89 SUIZHOU DEVELOPMENT I 7.50 08/22/19 CNY 40.41 SUQIAN CITY CONSTRUCT 6.88 10/29/20 CNY 62.16 SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 40.99 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.77 SUZHOU CITY CONSTRUCT 7.45 03/12/19 CNY 40.66 SUZHOU CITY CONSTRUCT 6.40 04/17/20 CNY 60.59 SUZHOU CITY CONSTRUCT 6.40 04/17/20 CNY 60.62 SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 40.00 SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 40.19 SUZHOU TECH CITY DEVE 7.32 11/01/18 CNY 25.53 SUZHOU URBAN CONSTRUC 5.79 10/25/19 CNY 40.38 SUZHOU WUJIANG COMMUN 6.80 10/31/20 CNY 56.97 SUZHOU WUJIANG EASTER 8.05 12/05/18 CNY 53.69 SUZHOU WUJIANG EASTER 8.05 12/05/18 CNY 71.32 SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 40.47 SUZHOU XIANGCHENG URB 6.95 09/03/19 CNY 40.66 TACHENG DISTRICT STAT 7.49 10/16/19 CNY 51.18 TACHENG DISTRICT STAT 7.49 10/16/19 CNY 51.30 TAIAN TAISHAN INVESTM 6.76 01/25/20 CNY 61.06 TAICANG ASSET MANAGEM 8.25 12/31/18 CNY 71.42 TAICANG ASSET MANAGEM 8.25 12/31/18 CNY 71.51 TAICANG HENGTONG INVE 7.45 10/30/19 CNY 41.04 TAICANG URBAN CONSTRU 6.75 01/11/20 CNY 60.95 TAIXING ZHONGXING STA 8.29 03/27/18 CNY 25.18 TAIYUAN HIGH-SPEED RA 6.50 10/30/20 CNY 56.54 TAIYUAN LONGCHENG DEV 6.50 09/25/19 CNY 40.05 TAIYUAN LONGCHENG DEV 6.50 09/25/19 CNY 40.57 TAIZHOU CITY HUANGYAN 6.85 12/17/18 CNY 50.25 TAIZHOU CITY HUANGYAN 6.85 12/17/18 CNY 50.44 TAIZHOU CITY JIANGYAN 7.10 09/03/20 CNY 62.13 TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 40.37 TAIZHOU JIAOJIANG STA 7.46 09/13/20 CNY 56.96 TAIZHOU TRAFFIC INDUS 6.15 03/11/20 CNY 60.64 TAIZHOU TRAFFIC INDUS 6.15 03/11/20 CNY 60.66 TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.00 TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 25.30 TANGSHAN CAOFEIDIAN D 7.50 10/15/20 CNY 60.86 TANGSHAN NANHU ECO CI 7.08 10/16/19 CNY 40.10 TANGSHAN NANHU ECO CI 7.08 10/16/19 CNY 41.04 TIANJIN BAOXING INDUS 7.10 10/17/20 CNY 61.77 TIANJIN BAOXING INDUS 7.10 10/17/20 CNY 82.62 TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 39.99 TIANJIN BINHAI NEW AR 5.19 03/13/20 CNY 59.81 TIANJIN DONGFANG CAIX 7.99 11/23/18 CNY 71.16 TIANJIN DONGLI CITY I 6.05 06/19/20 CNY 60.62 TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 40.59 TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 40.66 TIANJIN ECONOMIC TECH 6.20 12/03/19 CNY 60.53 TIANJIN ECONOMIC TECH 6.20 12/03/19 CNY 60.64 TIANJIN HANBIN INVEST 8.39 03/22/19 CNY 41.01 TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 40.70 TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 40.76 TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 40.49 TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 40.60 TIANJIN TEDA CONSTRUC 6.89 04/27/20 CNY 61.22 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 25.07 TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 25.21 TONGCHUAN DEVELOPMENT 7.50 07/17/19 CNY 40.46 TONGLIAO TIANCHENG UR 7.75 09/24/19 CNY 41.13 TONGLIAO URBAN INVEST 6.64 04/09/20 CNY 60.82 TONGLIAO URBAN INVEST 6.64 04/09/20 CNY 60.97 TONGLING CONSTRUCTION 6.98 08/26/20 CNY 61.49 TONGLING CONSTRUCTION 6.98 08/26/20 CNY 61.78 TONGLING CONSTRUCTION 8.20 04/28/22 CNY 74.62 TONGLING CONSTRUCTION 8.20 04/28/22 CNY 81.00 TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 40.69 TONGXIANG CITY CONSTR 6.10 05/16/20 CNY 60.05 TONGXIANG CITY CONSTR 6.10 05/16/20 CNY 60.75 TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 49.95 TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 51.70 ULANQAB CITY INVESTME 7.70 10/31/20 CNY 61.46 ULANQAB CITY INVESTME 7.70 10/31/20 CNY 62.13 ULANQAB CITY JI NING 6.88 03/19/20 CNY 59.75 URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 40.61 URUMQI ECO&TECH DEVEL 8.58 01/10/19 CNY 50.98 URUMQI HIGH-TECH INVE 6.18 03/05/20 CNY 60.94 URUMQI HIGH-TECH INVE 6.18 03/05/20 CNY 61.00 URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 25.06 VANZIP INVESTMENT GRO 7.92 02/04/19 CNY 45.83 WAFANGDIAN STATE-OWNE 8.55 04/19/19 CNY 40.98 WAFANGDIAN STATE-OWNE 6.20 06/20/20 CNY 60.35 WEIFANG BINHAI INVEST 6.16 04/16/21 CNY 70.83 WEIFANG DONGXIN CONST 6.88 11/20/19 CNY 60.86 WEIFANG DONGXIN CONST 6.88 11/20/19 CNY 60.89 WEIHAI WENDENG URBAN 6.38 03/06/20 CNY 60.63 WEINAN CITY INVESTMEN 6.69 01/15/20 CNY 60.78 WEINAN CITY INVESTMEN 6.69 01/15/20 CNY 60.79 WENLING CITY STATE OW 7.18 09/18/19 CNY 40.96 WENLING CITY STATE OW 7.18 09/18/19 CNY 61.20 WENZHOU ANJUFANG CITY 7.65 04/24/19 CNY 40.68 WENZHOU ECONOMIC-TECH 6.49 01/15/20 CNY 60.00 WENZHOU ECONOMIC-TECH 6.49 01/15/20 CNY 61.67 WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 40.79 WUHAN METRO GROUP CO 5.70 02/04/20 CNY 60.60 WUHAN METRO GROUP CO 5.70 02/04/20 CNY 61.29 WUHAN REAL ESTATE DEV 5.90 03/22/19 CNY 50.25 WUHAN URBAN CONSTRUCT 5.60 03/08/20 CNY 60.13 WUHU CONSTRUCTION INV 6.89 03/26/19 CNY 70.71 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 25.00 WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 25.14 WUHU ECONOMIC TECHNOL 6.90 06/08/22 CNY 72.71 WUHU JINGHU CONSTRUCT 6.68 05/16/20 CNY 60.29 WUHU XINMA INVESTMENT 7.18 11/14/19 CNY 61.00 WUHU XINMA INVESTMENT 7.18 11/14/19 CNY 61.44 WUJIANG ECONOMIC TECH 6.88 12/27/19 CNY 61.04 WUXI CONSTRUCTION AND 6.60 09/17/19 CNY 40.70 WUXI CONSTRUCTION AND 6.60 09/17/19 CNY 40.76 WUXI HUISHAN ECONOMIC 6.03 04/22/19 CNY 50.44 WUXI MUNICIPAL DEVELO 6.10 10/11/20 CNY 59.05 WUXI MUNICIPAL DEVELO 6.10 10/11/20 CNY 61.04 WUXI TAIHU INTERNATIO 7.60 09/17/19 CNY 41.14 WUXI TAIHU INTERNATIO 7.60 09/17/19 CNY 61.40 WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 60.69 WUXI XIDONG NEW TOWN 6.65 01/28/20 CNY 60.89 WUXI XIDONG TECHNOLOG 5.98 10/26/18 CNY 40.18 WUZHONG URBAN RURAL C 7.18 10/12/20 CNY 61.90 WUZHOU DONGTAI STATE- 7.40 09/03/19 CNY 41.07 XIAMEN XINGLIN CONSTR 6.60 02/22/20 CNY 60.76 XIAMEN XINGLIN CONSTR 6.60 02/22/20 CNY 60.87 XI'AN AEROSPACE BASE 6.96 11/08/19 CNY 60.93 XIAN CHANBAHE DEVELOP 6.89 08/03/19 CNY 40.78 XI'AN HI-TECH HOLDING 5.70 02/26/19 CNY 50.45 XI'AN URBAN INDEMNIFI 7.31 03/18/19 CNY 71.30 XI'AN URBAN INDEMNIFI 7.31 03/18/19 CNY 71.37 XI'AN URBAN INDEMNIFI 7.31 04/18/19 CNY 71.43 XI'AN URBAN INDEMNIFI 7.31 04/18/19 CNY 71.46 XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 40.71 XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 40.90 XIANGTAN HI-TECH GROU 6.90 01/15/20 CNY 60.95 XIANGTAN JIUHUA ECONO 7.43 08/29/19 CNY 40.84 XIANGTAN JIUHUA ECONO 7.15 10/15/20 CNY 61.59 XIANGTAN JIUHUA ECONO 7.15 10/15/20 CNY 82.24 XIANGTAN ZHENXIANG ST 6.60 08/07/20 CNY 59.95 XIANGTAN ZHENXIANG ST 6.60 08/07/20 CNY 61.11 XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 40.75 XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 40.82 XIANNING CITY CONSTRU 7.50 08/31/18 CNY 25.15 XIANNING CITY CONSTRU 7.50 08/31/18 CNY 25.30 XIANNING HIGH-TECH IN 5.80 06/05/20 CNY 60.10 XIANNING HIGH-TECH IN 5.80 06/05/20 CNY 60.97 XIAOGAN URBAN CONSTRU 8.12 03/26/19 CNY 41.01 XINGHUA URBAN CONSTRU 7.25 10/23/18 CNY 25.32 XINGHUA URBAN CONSTRU 7.25 10/23/18 CNY 25.34 XINING CITY INVESTMEN 7.70 04/27/19 CNY 40.87 XINING ECONOMIC DEVEL 5.90 06/04/20 CNY 60.11 XINJIANG SHIHEZI DEVE 7.50 08/29/18 CNY 24.80 XINJIANG UYGUR AR HAM 6.25 07/17/18 CNY 25.05 XINJIANG WUJIAQU URBA 6.10 05/23/20 CNY 60.06 XINJIANG WUJIAQU URBA 6.10 05/23/20 CNY 60.81 XINXIANG INVESTMENT G 6.80 01/18/18 CNY 40.08 XINXIANG INVESTMENT G 5.85 04/15/20 CNY 58.23 XINXIANG INVESTMENT G 5.85 04/15/20 CNY 61.08 XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 40.64 XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 40.66 XINYI CITY INVESTMENT 7.39 10/15/20 CNY 62.14 XINYI CITY INVESTMENT 7.39 10/15/20 CNY 62.27 XINYU CITY CONSTRUCTI 7.08 12/13/19 CNY 60.78 XINYU CITY CONSTRUCTI 7.08 12/13/19 CNY 60.83 XINZHENG NEW DISTRICT 6.52 06/28/19 CNY 50.55 XINZHENG NEW DISTRICT 6.52 06/28/19 CNY 50.58 XINZHOU CITY ASSET MA 7.39 08/08/18 CNY 25.41 XUCHANG GENERAL INVES 7.78 04/27/19 CNY 40.82 XUCHANG GENERAL INVES 6.95 10/16/20 CNY 61.68 XUCHANG GENERAL INVES 6.95 10/16/20 CNY 61.90 XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 61.06 XUZHOU CITY TONGSHAN 6.60 08/08/20 CNY 61.19 XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 40.67 XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 40.95 XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 25.25 YAAN DEVELOPMENT INVE 7.00 09/13/20 CNY 61.52 YAAN STATE-OWNED ASSE 7.39 07/04/19 CNY 40.55 YANCHENG CITY DAFENG 7.08 12/13/19 CNY 61.12 YANCHENG ORIENTAL INV 6.99 10/26/19 CNY 40.80 YANCHENG SOUTH DISTRI 6.93 10/26/19 CNY 40.82 YANCHENG SOUTH DISTRI 6.93 10/26/19 CNY 40.90 YANGJIANG HENGCAI CIT 6.85 09/09/20 CNY 61.38 YANGJIANG HENGCAI CIT 6.85 09/09/20 CNY 82.00 YANGZHONG URBAN CONST 7.10 03/26/18 CNY 50.18 YANGZHOU HANJIANG URB 6.20 03/12/20 CNY 60.67 YANGZHOU HANJIANG URB 6.20 03/12/20 CNY 60.70 YANGZHOU LONGCHUAN HO 8.10 03/23/19 CNY 40.90 YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 40.61 YANTAI DEVELOPMENT ZO 5.70 04/10/20 CNY 60.45 YANTAI URBAN CONSTRUC 5.99 03/14/20 CNY 60.64 YANTAI URBAN CONSTRUC 5.99 03/14/20 CNY 60.79 YIBIN STATE-OWNED ASS 5.80 05/23/18 CNY 40.14 YICHANG MUNICIPAL FIN 7.12 10/16/19 CNY 40.90 YICHANG MUNICIPAL FIN 7.12 10/16/19 CNY 41.05 YICHANG URBAN CONSTRU 6.85 11/08/19 CNY 60.99 YICHANG URBAN CONSTRU 6.85 11/08/19 CNY 61.01 YICHUN CITY CONSTRUCT 7.35 07/24/19 CNY 40.45 YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 61.72 YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 61.74 YILI STATE-OWNED ASSE 6.70 11/19/18 CNY 50.26 YINGKOU CITY CONSTRUC 7.98 04/18/20 CNY 57.21 YINGKOU CITY CONSTRUC 7.63 06/09/20 CNY 61.20 YINGKOU ECO & TECH DE 6.17 04/08/20 CNY 59.25 YINGKOU ECO & TECH DE 6.17 04/08/20 CNY 59.71 YIXING CITY DEVELOPME 6.90 10/10/19 CNY 40.68 YIXING CITY DEVELOPME 6.90 10/10/19 CNY 40.74 YIYANG CITY CONSTRUCT 7.36 08/24/19 CNY 41.00 YIYANG GAOXIN TECHNOL 6.70 03/13/20 CNY 60.82 YIYANG GAOXIN TECHNOL 6.70 03/13/20 CNY 61.54 YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 40.99 YONGZHOU CITY CONSTRU 7.30 10/23/20 CNY 61.65 YONGZHOU CITY CONSTRU 7.30 10/23/20 CNY 61.97 YUEYANG CITY CONSTRUC 6.05 07/12/20 CNY 59.65 YUEYANG CITY CONSTRUC 6.05 07/12/20 CNY 60.90 YUHUAN CITY COMMUNICA 7.15 10/12/19 CNY 40.99 YUHUAN CITY COMMUNICA 7.15 10/12/19 CNY 61.00 YULIN CITY INVESTMENT 6.81 12/04/18 CNY 50.42 YULIN URBAN CONSTRUCT 6.88 11/26/19 CNY 60.92 YUNCHENG URBAN CONSTR 7.48 10/15/19 CNY 41.14 YUYAO ECONOMIC DEVELO 6.75 03/04/20 CNY 60.69 YUYAO ECONOMIC DEVELO 6.75 03/04/20 CNY 60.77 YUYAO WATER RESOURCE 7.20 10/16/19 CNY 40.67 ZHANGJIAGANG FREE TRA 7.10 08/23/20 CNY 61.47 ZHANGJIAGANG FREE TRA 7.10 08/23/20 CNY 61.79 ZHANGJIAGANG JINCHENG 6.23 01/06/18 CNY 29.99 ZHANGJIAGANG MUNICIPA 6.43 11/27/19 CNY 60.79 ZHANGJIAJIE ECONOMIC 7.40 10/18/19 CNY 41.08 ZHANGJIAKOU CONSTRUCT 7.00 10/26/19 CNY 40.65 ZHANGJIAKOU TONGTAI H 6.90 07/05/18 CNY 40.41 ZHANGZHOU CITY CONSTR 6.60 03/26/20 CNY 60.88 ZHANJIANG INFRASTRUCT 6.93 10/21/20 CNY 60.70 ZHANJIANG INFRASTRUCT 6.93 10/21/20 CNY 61.96 ZHAOYUAN STATE-OWNED 6.64 12/31/19 CNY 60.88 ZHEJIANG GUOXING INVE 8.15 03/09/18 CNY 25.20 ZHEJIANG GUOXING INVE 8.15 03/09/18 CNY 25.24 ZHEJIANG HUZHOU HUANT 6.70 11/28/19 CNY 60.73 ZHEJIANG JIASHAN ECON 7.05 12/03/19 CNY 60.98 ZHEJIANG JIASHAN ECON 7.05 12/03/19 CNY 61.09 ZHEJIANG PROVINCE DEQ 6.90 04/12/18 CNY 40.21 ZHEJIANG PROVINCE DEQ 6.40 02/22/20 CNY 60.56 ZHEJIANG PROVINCE XIN 6.60 04/24/20 CNY 60.87 ZHEJIANG PROVINCE XIN 6.60 04/24/20 CNY 61.20 ZHENGZHOU PUBLIC HOUS 5.98 07/17/20 CNY 60.42 ZHENGZHOU PUBLIC HOUS 5.98 07/17/20 CNY 60.74 ZHENJIANG CULTURE AND 6.60 01/30/20 CNY 60.37 ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 40.58 ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 41.91 ZHONGSHAN TRANSPORTAT 6.65 08/28/18 CNY 25.30 ZHOUSHAN DINGHAI STAT 7.25 08/31/20 CNY 56.56 ZHOUSHAN DINGHAI STAT 7.25 08/31/20 CNY 56.97 ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 20.01 ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 20.03 ZHUCHENG ECONOMIC DEV 7.50 08/25/18 CNY 21.61 ZHUCHENG ECONOMIC DEV 6.80 11/29/19 CNY 60.91 ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 25.18 ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 25.20 ZHUHAI HUAFA GROUP CO 5.50 06/05/19 CNY 50.50 ZHUHAI HUAFA GROUP CO 5.50 06/05/19 CNY 50.87 ZHUHAI HUIHUA INFRAST 7.15 09/17/20 CNY 61.56 ZHUHAI HUIHUA INFRAST 7.15 09/17/20 CNY 61.80 ZHUJI CITY CONSTRUCTI 6.92 07/05/18 CNY 40.39 ZHUJI CITY CONSTRUCTI 6.92 12/19/19 CNY 61.06 ZHUMADIAN INVESTMENT 6.95 11/26/19 CNY 61.07 ZHUZHOU CITY CONSTRUC 6.95 10/16/20 CNY 61.08 ZHUZHOU CITY CONSTRUC 6.95 10/16/20 CNY 62.14 ZHUZHOU GECKOR GROUP 7.82 08/18/18 CNY 40.76 ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 40.99 ZHUZHOU GECKOR GROUP 7.50 09/10/19 CNY 41.06 ZHUZHOU YUNLONG DEVEL 6.78 11/19/19 CNY 60.70 ZIBO CITY PROPERTY CO 5.45 04/27/19 CNY 24.12 ZIBO CITY PROPERTY CO 6.83 08/22/19 CNY 40.95 ZIGONG GAOXIN INVESTM 6.30 03/13/20 CNY 60.90 ZIGONG STATE-OWNED AS 6.86 06/17/18 CNY 40.35 ZIYANG CITY CONSTRUCT 7.58 01/09/19 CNY 50.46 ZIYANG WATER INVESTME 7.40 10/21/20 CNY 61.70 ZOUCHENG CITY ASSET O 7.02 01/12/18 CNY 20.11 ZOUCHENG CITY ASSET O 6.18 03/12/19 CNY 50.30 ZOUCHENG CITY ASSET O 6.18 03/12/19 CNY 50.34 ZOUPING COUNTY STATE- 6.98 04/27/18 CNY 40.25 ZUNYI CITY HUICHUAN D 6.75 04/24/19 CNY 50.62 ZUNYI INVESTMENT GROU 8.53 03/13/19 CNY 41.12 ZUNYI ROAD & BRIDGE E 7.15 08/17/20 CNY 55.70 ZUNYI ROAD & BRIDGE E 7.15 08/17/20 CNY 57.20 ZUNYI STATE-OWNED ASS 6.98 12/26/19 CNY 61.08 HONG KONG --------- CHINA CITY CONSTRUCTI 5.35 07/03/17 CNY 66.50 INDONESIA --------- BERAU COAL ENERGY TBK 7.25 03/13/17 USD 52.14 BERAU COAL ENERGY TBK 7.25 03/13/17 USD 52.66 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.50 DAVOMAS INTERNATIONAL 11.00 12/08/14 USD 0.76 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.76 DAVOMAS INTERNATIONAL 11.00 05/09/11 USD 0.76 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 14.13 BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.01 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.21 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.39 CORE EDUCATION & TECH 7.00 05/07/49 USD 0.59 GTL INFRASTRUCTURE LT 5.53 11/09/17 USD 60.00 JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 55.50 JAIPRAKASH POWER VENT 7.00 02/13/49 USD 20.88 JCT LTD 2.50 04/08/11 USD 27.00 PRAKASH INDUSTRIES LT 5.25 04/30/15 USD 21.00 PYRAMID SAIMIRA THEAT 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 COMMUNICATIO 6.50 11/06/20 USD 38.50 SVOGL OIL GAS & ENERG 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES L 2.80 12/31/20 USD 59.99 JAPAN ----- EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 74.78 MICRON MEMORY JAPAN I 2.03 03/22/12 JPY 13.75 MICRON MEMORY JAPAN I 2.10 11/29/12 JPY 13.75 MICRON MEMORY JAPAN I 2.29 12/07/12 JPY 13.75 TAKATA CORP 0.58 03/26/21 JPY 6.75 TAKATA CORP 0.85 03/06/19 JPY 7.13 TAKATA CORP 1.02 12/15/17 JPY 8.75 KOREA ----- 2016 KIBO 1ST SECURIT 5.00 09/13/18 KRW 72.83 DOOSAN CAPITAL SECURI 20.00 04/22/19 KRW 57.66 EXPORT-IMPORT BANK OF 4.50 10/18/32 KRW 68.61 INDUSTRIAL BANK OF KO 3.84 03/10/45 KRW 43.10 KIBO ABS SPECIALTY CO 5.00 12/25/19 KRW 69.16 KIBO ABS SPECIALTY CO 5.00 08/29/19 KRW 70.09 KIBO ABS SPECIALTY CO 5.00 02/26/19 KRW 71.29 KIBO ABS SPECIALTY CO 5.00 02/25/19 KRW 71.55 KIBO ABS SPECIALTY CO 5.00 12/25/17 KRW 75.05 KOREA SOUTH-EAST POWE 4.38 12/07/42 KRW 57.58 KOREA SOUTH-EAST POWE 4.44 12/07/42 KRW 58.26 KOREA TREASURY BOND 1.50 09/10/66 KRW 72.01 MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 37.89 MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 38.75 OKC SECURITIZATION SP 10.00 01/03/20 KRW 33.51 OKC SECURITIZATION SP 3.00 02/17/42 KRW 50.21 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 7.50 04/20/14 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 71.43 SHINHAN BANK CO LTD 4.00 08/29/32 KRW 72.69 SHINHAN BANK CO LTD 3.83 12/08/31 KRW 74.85 SHINHAN BANK CO LTD 3.83 12/08/31 KRW 74.85 SINBO SECURITIZATION 5.00 01/27/21 KRW 69.19 SINBO SECURITIZATION 5.00 10/30/19 KRW 69.41 SINBO SECURITIZATION 5.00 12/22/20 KRW 69.43 SINBO SECURITIZATION 5.00 09/23/20 KRW 70.10 SINBO SECURITIZATION 5.00 08/26/20 KRW 70.32 SINBO SECURITIZATION 5.00 07/28/20 KRW 70.54 SINBO SECURITIZATION 5.00 06/24/19 KRW 70.62 SINBO SECURITIZATION 5.00 03/13/19 KRW 71.42 SINBO SECURITIZATION 5.00 02/25/20 KRW 71.78 SINBO SECURITIZATION 5.00 01/28/20 KRW 72.00 SINBO SECURITIZATION 5.00 12/30/19 KRW 72.23 SINBO SECURITIZATION 5.00 09/30/19 KRW 72.97 SINBO SECURITIZATION 5.00 07/29/18 KRW 73.19 SINBO SECURITIZATION 5.00 08/27/19 KRW 73.26 SINBO SECURITIZATION 5.00 06/25/18 KRW 73.46 SINBO SECURITIZATION 5.00 07/29/19 KRW 73.49 SINBO SECURITIZATION 5.00 05/26/18 KRW 73.68 SINBO SECURITIZATION 5.00 06/25/19 KRW 73.78 SINBO SECURITIZATION 5.00 03/18/19 KRW 74.59 SINBO SECURITIZATION 5.00 03/18/19 KRW 74.59 SINBO SECURITIZATION 5.00 02/27/19 KRW 74.76 SINBO SECURITIZATION 5.00 02/27/19 KRW 74.76 SINBO SECURITIZATION 5.00 01/30/19 KRW 74.99 SINBO SECURITIZATION 5.00 01/30/19 KRW 74.99 SINBO SECURITIZATION 5.00 12/23/17 KRW 75.08 WISE MOBILE SECURITIZ 20.00 09/17/18 KRW 74.10 WOORI BANK 5.21 12/12/44 KRW 293.31 SRI LANKA --------- SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 72.51 MALAYSIA -------- ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07 AEON CREDIT SERVICE M 3.50 09/15/20 MYR 1.31 ASIAN PAC HOLDINGS BH 3.00 05/25/22 MYR 0.88 BARAKAH OFFSHORE PETR 3.50 10/24/18 MYR 0.40 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.36 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.45 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.59 ELK-DESA RESOURCES BH 3.25 04/14/22 MYR 0.98 HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.41 I-BHD 3.00 10/09/19 MYR 0.42 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 MANUFA 0.50 12/17/25 MYR 66.04 PUC BHD 4.00 02/15/19 MYR 0.13 REDTONE INTERNATIONAL 2.75 03/04/20 MYR 0.15 SEE HUP CONSOLIDATED 4.60 12/22/17 MYR 0.10 SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 54.46 SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 55.75 SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 57.11 SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 58.47 SENAI-DESARU EXPRESSW 1.35 12/29/28 MYR 61.25 SENAI-DESARU EXPRESSW 1.35 06/30/28 MYR 62.62 SENAI-DESARU EXPRESSW 1.35 12/31/27 MYR 63.97 SENAI-DESARU EXPRESSW 1.35 06/30/27 MYR 65.35 SENAI-DESARU EXPRESSW 1.35 06/30/26 MYR 68.24 SENAI-DESARU EXPRESSW 1.15 06/30/25 MYR 70.01 SENAI-DESARU EXPRESSW 1.15 12/31/24 MYR 71.61 SENAI-DESARU EXPRESSW 1.15 06/28/24 MYR 73.31 SENAI-DESARU EXPRESSW 0.50 12/31/38 MYR 73.37 SENAI-DESARU EXPRESSW 1.15 12/29/23 MYR 75.01 SENAI-DESARU EXPRESSW 0.50 12/30/39 MYR 75.08 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 2.05 THONG GUAN INDUSTRIES 5.00 10/10/19 MYR 4.41 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.00 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.08 YTL LAND & DEVELOPMEN 3.00 10/31/21 MYR 0.46 NEW ZEALAND ----------- PRECINCT PROPERTIES N 4.80 09/27/21 NZD 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS L 5.85 10/01/21 SGD 44.00 ASL MARINE HOLDINGS L 5.50 03/28/20 SGD 69.38 AUSGROUP LTD 7.95 10/20/18 SGD 48.00 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 0.68 BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 1.00 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 52.57 BERAU CAPITAL RESOURC 12.50 07/08/15 USD 52.88 BLD INVESTMENTS PTE L 8.63 03/23/15 USD 3.80 BLUE OCEAN RESOURCES 4.00 12/31/20 USD 23.62 ENERCOAL RESOURCES PT 9.25 08/05/14 USD 41.15 EZION HOLDINGS LTD 4.70 05/22/19 SGD 15.00 EZION HOLDINGS LTD 4.60 08/20/18 SGD 15.00 EZION HOLDINGS LTD 4.85 01/23/19 SGD 15.00 EZION HOLDINGS LTD 5.10 03/13/20 SGD 15.38 EZION HOLDINGS LTD 4.88 06/11/21 SGD 45.00 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.59 GOLIATH OFFSHORE HOLD 12.00 06/11/18 USD 1.02 INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.00 ORO NEGRO DRILLING PT 7.50 01/24/19 USD 50.50 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 9.75 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LT 6.50 08/02/18 SGD 4.19 SWIBER CAPITAL PTE LT 6.25 10/30/17 SGD 4.19 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.50 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 13.63 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 13.63 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 2.55 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADIN 1.00 10/10/25 USD 69.63 DEBT AND ASSET TRADIN 1.00 10/10/25 USD 69.68 ********* 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 ***