/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/171128.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 28, 2017, Vol. 20, No. 236 Headlines A U S T R A L I A ALINTA ENERGY: Chow Tai Fook Deal No Impact on Moody's Ba1 CFR HAY DIRECT: Second Creditors' Meeting Set for Dec. 4 HEALTHZONE LTD: Ex-Director Gets 4 Years and 3 Mos Jail for Fraud IDEAPOINT PTY: Second Creditors' Meeting Set for Dec. 5 INLINE ORTHOPAEDICS: First Creditors' Meeting Set for Dec. 6 LEICESTER INVESTMENTS: Second Creditors' Meeting Set for Dec. 4 LOVER CLOTHING: First Creditors' Meeting Set for Dec. 5 MESOBLAST LTD: Presents Corp Update at Credit Suisse Conference MESOBLAST LTD: Reports Q1 Loss Before Income Tax of US$9.9MM OSTWALD BROS: More Than 200 Workers Face Job Cuts WESTERN AUSTRALIA RUGBY: KordaMentha Appointed as Administrators C H I N A BIOSTAR PHARMACEUTICALS: Incurs $1.3MM Net Loss in Second Quarter TIMES PROPERTY: Fitch Rates US$300MM USD Notes Final B+ TONGJI HEALTHCARE: Delays Third Quarter Form 10-Q Filing H O N G K O N G NOBLE GROUP: To Sell US Ethanol Producer for US$12.5MM I N D I A AJINKYA BIG: CRISIL Lowers Rating on INR4.5MM Cash Loan to D ANKUR IRON: CRISIL Lowers Rating on INR9MM Cash Loan to 'D' AXISON VITRIFIED: ICRA Assigns B+ Rating to INR9.87cr Term Loan B.S. SPONGE: CRISIL Withdraws B Rating on INR22MM Cash Loan BAJRANG BRONZE: ICRA Moves B- Issuer Rating to Not Cooperating BOLTMASTER INDIA: ICRA Lowers Rating on INR22.80cr Loan to D CAPTAIN TRACTORS: ICRA Withdraws B+ Rating on INR18.46cr Loan CHENAB IMPEX: CRISIL Withdraws 'B' Rating on INR3MM Cash Loan CREATIVE THERMOLITE: ICRA Withdraws B Rating on INR54cr Loan GLOBAL CLOUD: Fitch Affirms B- Long-Term IDR; Outlook Negative HEENA ENTERPRISES: Ind-Ra Moves BB- Rating to Non-Cooperating KAIRALI EXPORTS: CRISIL Reaffirms B+ Rating on INR21MM LT Loan KAMTANATH FOOD: CRISIL Assigns B+ Rating to INR8MM LT Loan KANWAL FOOD: CRISIL Assigns 'B' Rating to INR4MM LT Loan LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR5cr Loan MASTER BLENDERS: ICRA Reaffirms B+/A4 Rating on INR7cr Loan MOBILE TELECOM: CRISIL Keeps B+ Rating on Watch Negative NOBLE EDUCATIONAL: ICRA Cuts Rating on INR14.01cr Loan to D POLYPLASTICS UTTAR: CRISIL Withdraws B Rating on INR4.96MM Loan RAMAKRISHNA TELETRONICS: ICRA Cuts Rating on INR54cr Loan to D ROYAL PLAZA: CRISIL Reaffirms 'D' Rating on INR10MM Term Loan SAI POINT: ICRA Moves 'B' Rating to Not Cooperating Category SESHA SAI: ICRA Moves B Rating to Not Cooperating Category SHRIAMAN AGROVET: CRISIL Reaffirms B+ Rating on INR4.25MM Loan ULTRA DENIM: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating VAIDEHI ENTERPRISE: ICRA Moves B Rating to Not Cooperating VAISHNAV CASHEWS: CRISIL Lowers Rating on INR5.5MM Loan to 'D' VARSHA INDUSTRIES: ICRA Raises Rating on INR47cr Loan to B+ VEDAMATHA ENTERPRISES: ICRA Lowers Rating on INR12.50cr Loan to D VICKY FASHION: ICRA Moves B Rating to Not Cooperating Category J A P A N TAKATA CORP: EU Fines Firm EUR12.7MM for Role in Parts Cartel P H I L I P P I N E S PHILIPPINE NATIONAL BANK: Moody's Hikes BCA From ba1 S I N G A P O R E SINGAPORE: Makes a 'Good Start' on Debt Restructuring Ambitions X X X X X X X X * BOND PRICING: For the Week Nov. 20 to Nov. 24, 2017 - - - - - ================= A U S T R A L I A ================= ALINTA ENERGY: Chow Tai Fook Deal No Impact on Moody's Ba1 CFR -------------------------------------------------------------- Moody's Investors Service says that Alinta Energy Pty Limited's Ba1 corporate family rating (CFR) and stable outlook are not immediately affected by the acquisition by its holding company, Chow Tai Fook Enterprises (CTFE) of the 1000MW coal-fired generator Loy Yang B (LYB) from ENGIE SA (A2 stable). Alinta will enter into an offtake agreement for a significant proportion of LYB's generation capacity following the acquisition. Alinta Energy Pty Limited is an energy retailer based in Australia, with a gas and electricity retail presence in Western Australia, and to a lesser extent, in the east coast national electricity market. The company serves around 800,000 customers. It owns and operates six intermediate or peaking power stations across the country, and a single power station in New Zealand. The company's generation fleet has a combined generation capacity of around 2,000 MW. "Key considerations for Alinta's rating would include the benefits flowing from its offtake of fixed price generation capacity from LYB over the next few years, and the longer-term uncertainty associated with reselling carbon-intensive generation and Alinta's linkages with LYB", says Arnon Musiker, a Moody's Senior Vice President. Moody's analysis of Alinta would include a partial capitalisation of the payments made by Alinta to LYB under the offtake. This approach reflects CTFE's sole shareholding of LYB and Alinta, LYB's dependence on payments from Alinta for meeting its obligations, and Alinta's partial exposure to the risk of LYB outages. The part-capitalisation also reflects the consideration that although Alinta's financial flexibility will benefit from the incremental earnings which will materialize from reselling power procured under the offtake agreement over the next few years, Alinta's position becomes more uncertain over time as renewable energy displaces carbon-intensive generation, such as that from LYB. Operationally, Moody's believes that the transaction will enhance Alinta's ability to expand its east coast retail business by providing the company with a competitively priced source of energy and certainty of supply to secure customers at a time of increasing power prices. This new business stream will also diversify Alinta's exposure to the Western Australia gas market, given the increasing competition in the latter . Although Moody's expects Alinta's funds from operations (FFO)/Debt ratio to remain at close to 40% over the next three years - which is above the rating tolerance level of 20% - the Ba1 rating is currently constrained by CTFE's limited track record as the owner of Alinta Energy. As such, Alinta's Ba1 rating could be upgraded, if the group's future financial performance remains consistent with Moody's central scenario, and there is no deterioration in its business risk profile over time. In particular, Moody's would consider upgrading the rating if, for example, Alinta's FFO/debt exceeds 30%, and its FFO/interest coverage stays above 5x on a consistent and sustained basis. On the other hand, Alinta's rating could experience downward pressure, if Moody's expects a material deterioration in its financial metrics, as indicated by FFO/debt falling below 20%, and/or interest cover declining below 3.5x on a sustained basis, and/or if Moody's believes there has been a material increase in the company's business risk. Such an increase could result from a material weakening in the credit quality of key counterparties, larger-than-expected churn and discounting in the Western Australian gas market, and/or adverse regulatory developments. The principal methodology used in this rating was Unregulated Utilities and Unregulated Power Companies published in May 2017. Alinta Energy Pty Limited is an energy retailer based in Australia, with a gas and electricity retail presence in Western Australia, and to a lesser extent, in the east coast national electricity market. The company serves around 800,000 customers. It owns and operates six intermediate or peaking power stations across the country, and a single power station in New Zealand. The company's generation fleet has a combined generation capacity of around 2,000 MW. HAY DIRECT: Second Creditors' Meeting Set for Dec. 4 ---------------------------------------------------- A second meeting of creditors in the proceedings of Hay Direct Australia Pty Ltd has been set for Dec. 4, 2017, at 11:00 a.m. at the offices of Macks Advisory, Level 8 West, 50 Grenfell Street, in Adelaide, South Australia, on Dec. 4, 2017, at 11:00 a.m. 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 Dec. 1, 2017 at 4:00 p.m. Ian Wayne Burford of Macks Advisory was appointed as administrator of Hay Direct on Aug. 16, 2017. HEALTHZONE LTD: Ex-Director Gets 4 Years and 3 Mos Jail for Fraud ----------------------------------------------------------------- Former Healthzone Limited director, Mr. Peter David Roach, was sentenced on Nov. 24, 2017, in the Sydney District Court to 4 years and 3 months imprisonment for fraud and related offences. The sentencing comes after Mr. Roach was found guilty on Oct. 12, 2017 of conspiracy to dishonestly obtain a AUD1 million director's loan, as well as two counts of providing false and misleading information to the ASX and six counts of falsifying company documents. Mr. Roach must serve a minimum of 2 years and 3 months of his sentence in prison before becoming eligible for parole. The jury hearing the case found that Mr. Roach conspired with Ge Wu, a fellow director of Healthzone, to defraud the Commonwealth Bank of Australia (CBA) and Healthzone by obtaining a AUD1 million loan. The AUD1 million was loaned to Healthzone by CBA for on-lending to Mr. Roach to buy shares in Healthzone. Instead, Mr. Roach used AUD900,000 of those funds to settle a family- related property issue and did not purchase any shares with the money from the loan. Instead, he used the balance to pay personal and business related expenses. The Court heard that both he and Mr. Wu knew that the true purpose of the loan was to settle this family-related property issue and not to purchase shares in Healthzone as represented to the CBA and the board of directors. Following CBA providing the loan, Mr. Roach authorised two ASX announcements to be made which falsely stated that he had purchased shares in Healthzone. No such purchase took place. In addition, Mr. Roach falsified company documents, including altering legal advice provided by Healthzone's lawyers. ASIC Commissioner Cathie Armour said: "This was serious misconduct by the former Chairman of a publicly listed company, calculated to defraud a bank of a very large sum of money and mislead shareholders and investors." "The sentence imposed by the Court sends a clear message to the corporate world that the consequences of such misconduct are serious. ASIC reminds those who are thinking of engaging in illegal conduct that the likelihood of being detected by ASIC is increasing." The matter was prosecuted by the Commonwealth Director of Public Prosecutions. Healthzone listed on the ASX in November 2006 following an initial public offering and was delisted when it was placed into external administration and receivership in November 2011. Healthzone went into liquidation in March 2012. Mr. Wu had previously pleaded guilty to the conspiracy with Mr. Roach and Mr. Dulhunty to commit the market manipulation offences and also to a breach of his director's duties in relation to the AUD1 million director's loan for Mr. Roach. Mr. Wu was sentenced for these offences in December 2015 and served a period of imprisonment. His period of imprisonment was discounted by 35% for his early guilty plea and he also received a further discount of 5% for his assistance to ASIC and giving evidence in Mr. Roach's trial. IDEAPOINT PTY: Second Creditors' Meeting Set for Dec. 5 ------------------------------------------------------- A second meeting of creditors in the proceedings of Ideapoint Pty Limited, trading as Link2China and Enterprise Now, has been set for Dec. 5, 2017 at 11:00 a.m. at the offices of HoskingHurst Pty Ltd, Level 3, 65 York 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 Dec. 4, 2017, at 4:00 p.m. David Anthony Hurst of HoskingHurst was appointed as administrator of Ideapoint Pty on Oct. 17, 2017. INLINE ORTHOPAEDICS: First Creditors' Meeting Set for Dec. 6 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Inline Orthopaedics Pty Ltd will be held at the offices of Worrells, 8th Floor 102 Adelaide St, in Brisbane, Queensland, on Dec. 6, 2017, at 10:30 a.m. Rajendra Kumar Khatri, Lee Crosthwaite & Morgan Gerard Lane of Worrells Solvency were appointed as administrators of Inline Orthopaedics on Nov. 24, 2017. LEICESTER INVESTMENTS: Second Creditors' Meeting Set for Dec. 4 --------------------------------------------------------------- A second meeting of creditors in the proceedings of Leicester Investments Pty Ltd, trading as Caboolture River Lakes Motel, has been set for Dec. 4, 2017, at 11:00 a.m. at the offices of Heard Phillips Chartered Accountants at Level 12, 50 Pirie Street, in Adelaide. 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 Dec. 1, 2017, at 5:00 p.m. Anthony Phillips and Mark Lieberenz of Heard Phillips were appointed as administrators of Leicester Investments on Oct. 30, 2017. LOVER CLOTHING: First Creditors' Meeting Set for Dec. 5 ------------------------------------------------------- Morgan Kelly and Ryan Eagle of Ferrier Hodgson were appointed Voluntary Administrators of Lover Clothing Pty Ltd on Nov. 23, 2017. The Administrators now control the Company's operations and are assessing the Company's financial position. In the interim, the Administrators intend to trade the business in the ordinary course whilst they conduct an urgent sale of business process to secure a sale of the business as a going concern. The first meeting of creditors will be held on Dec. 5, 2017 at 12:00 p.m. MESOBLAST LTD: Presents Corp Update at Credit Suisse Conference --------------------------------------------------------------- Mesoblast Limited presented a corporate update at the 26th Annual Credit Suisse Healthcare Conference held in Scottsdale, Arizona. Chief Medical Officer Dr. Donna Skerrett discussed the key upcoming milestones for Mesoblast's lead product candidates using the Company's proprietary disruptive mesenchymal lineage technology to treat acute graft versus host disease, chronic heart failure, and chronic low back pain due to disc degeneration. The presentation also focused on potential regulatory strategies to pursue accelerated approval pathways for these product candidates based on the serious and life- threatening nature of the diseases and the cumulative clinical results obtained to date. A replay of the webcast is accessible at: https://cc.talkpoint.com/cred001/110717a_as/?entity=79_6XW8VHP About Mesoblast Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a global developer of innovative cell-based medicines. The Company has leveraged its proprietary technology platform, which is based on specialized cells known as mesenchymal lineage adult stem cells, to establish a broad portfolio of late-stage product candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncologic/hematologic conditions. Mesoblast Limited reported a net loss before income tax of US$90.21 million for the year ended June 30, 2017, a net loss before income tax of US$90.82 million for the year ended June 30, 2016, and a net loss before income tax of US$96.24 million for the year ended June 30, 2015. As of Sept. 30, 2017, Mesoblast had US$671.89 million in total assets, US$112.30 million in total liabilities and US$559.59 million in total equity. PricewaterhouseCoopers, in Melbourne, Australia, issued a "going concern" opinion on the consolidated financial statements for the year ended June 30, 2017, noting that Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. MESOBLAST LTD: Reports Q1 Loss Before Income Tax of US$9.9MM ------------------------------------------------------------ Mesoblast Limited reported a loss before income tax of US$9.92 million on US$1.17 million of revenue for the three months ended Sept. 30, 2017, compared to a net loss before income tax of US$22.90 million on US$395,000 of revenue for the three months ended Sept. 30, 2016. As of Sept. 30, 2017, Mesoblast had US$671.89 million in total assets, US$112.30 million in total liabilities and US$559.59 million in total equity. According to Mesoblast, "We have incurred losses from operations since our inception in 2004 and as of September 30, 2017, we had an accumulated deficit of $351.9 million. We had cash and cash equivalents of $62.9 million as of September 30, 2017 and incurred net cash outflows from operations of $20.3 million for the three months ended September 30, 2017. "We have committed to partner one or more of our four Tier 1 product candidates resulting in a non-dilutive funding for operations. We also continue to work on various cost containment and deferment strategies. A fully discretionary equity facility remains for up to A$120.0 million / US$90.0 million over 2 years to provide additional funds as required. We may also consider issuing new capital to fund future operational requirements. "There is uncertainty related to our ability to partner programs and raise capital at terms to meet our requirements. Additionally, there is uncertainty related to our ability to sustainably maintain implemented cost reductions and further defer programs on a timely basis while achieving expected outcomes. "The continuing viability of us and our ability to continue as a going concern and meet our debts and commitments as they fall due are dependent upon entering into an arrangement with a third party partner on one or more of our four Tier 1 product candidates that would result in non-dilutive funding and/or raising further capital, together with maintaining implemented cost containment and deferment strategies. "Management and the directors believe that we will be successful in the above matters and, accordingly, have prepared the financial report on a going concern basis, notwithstanding that there is a material uncertainty that may cast significant doubt on our ability to continue as a going concern and that we may be unable to realize our assets and liabilities in the normal course of business." The Company contained spending while increasing its R&D investment in Tier 1 clinical programs by constraining manufacturing production, and management and administration costs. Research and development expenses increased by US$1.4 million (10%), this increase was offset by cost savings of US$2.4 million (73%) for manufacturing and US$0.4 million (8%) for management & administration for the first quarter of FY2018, compared with the first quarter of FY2017. There was a decrease of US$13.0 million (57%) in the loss before income tax for the first quarter of FY2018, compared with the first quarter of FY2017. This overall decrease in loss before income tax was primarily due to non-cash items that do not affect cash reserves. The main items which impacted the loss before income tax movement were: * Revenues from royalties on sales of TEMCELL increased by US$0.4 million (178%) in the first quarter of FY2018 compared with the first quarter of FY2017 and the Company recognized milestone revenue of US$0.5 million on the cumulative sales of TEMCELL in the first quarter of FY2018 compared with US$Nil in the first quarter of FY2017. * Research and Development expenses were US$15.4 million for the first quarter of FY2018, compared with US$14.0 million for the first quarter of FY2017, an increase of US$1.4 million (10%) as the Company invested in Tier 1 clinical programs. * Manufacturing expenses were US$0.9 million for the first quarter of FY2018, compared with US$3.3 million for the first quarter of FY2017, a decrease of US$2.4 million (73%) due to a reduction in manufacturing activity because sufficient quantities of clinical grade product were previously manufactured for all ongoing clinical trials. * Management and Administration: expenses were US$5.0 million for the first quarter FY2018, compared with US$5.4 million for the first quarter of FY2017, a decrease of US$0.4 million (8%) primarily due to a decrease of US$0.5 million in corporate overhead expenses such as rent and IT costs. The overall decrease in loss before income tax also includes movements in other items which did not impact current cash reserves, such as: fair value remeasurement of contingent consideration, and foreign exchange movements within other operating income and expenses. The net loss attributable to ordinary shareholders was US$7.0 million, or 1.60 cents per share, for the first quarter of FY2018, compared with US$19.8 million, or 5.24 cents per share, for the first quarter of FY2017. At Sept. 30, 2017, the Company had cash reserves of US$62.9 million. Cash outflows from operating activities were reduced by US$0.5m (2.3%) for the quarter as compared to the three months ended Sept. 30, 2016 (first quarter of FY2017). Based on cumulative clinical results to date and the serious and life-threatening nature of the diseases being targeted, the Company believes that its Phase 3 product candidates for acute graft versus host disease (aGVHD), chronic heart failure, and chronic low back pain may represent a paradigm shift in the treatment of these conditions which can lead to earlier market entry due to opportunities afforded by the United States 21st Century Cures Act. The Company continues to have an active and ongoing strategy to partner one or more of its four Tier 1 product candidates. Fundamental to this strategy is to conclude partnership transactions with those organizations that will deliver the best short and long term outcomes for the company and maximize shareholder value. Upcoming Milestones The Company expects multiple key inflection points over the remainder of the 2018 financial year, including: - completion of enrollment in Q4 CY2017 in the Phase 3 trial evaluating MSC-100-IV in children with aGVHD; - the trial's 28-day primary endpoint data is expected in Q1 CY2018 and the 100-day survival result is expected in Q2 CY2018; - completion of enrollment in early Q1 CY2018 in the Phase 3 trial evaluating MPC-06-ID in patients with chronic low back pain; - the 6-month primary endpoint in Q1 CY2018 for the fullyenrolled Phase 3 trial evaluating MPC-150-IM in NYHA Class IV patients with advanced heart failure, with full 12-month study results expected in Q3 CY2018; and - completion of enrollment in 2H CY2018 in the Phase 3 trial evaluating MPC-150-IM in NYHA Class III patients with advanced heart failure. A full-text copy of the Quarterly Report is available at: https://is.gd/pmVzSC About Mesoblast Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a global developer of innovative cell-based medicines. The Company has leveraged its proprietary technology platform, which is based on specialized cells known as mesenchymal lineage adult stem cells, to establish a broad portfolio of late-stage product candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular conditions, orthopedic disorders, immunologic and inflammatory disorders and oncologic/hematologic conditions. Mesoblast Limited reported a net loss before income tax of US$90.21 million for the year ended June 30, 2017, a net loss before income tax of US$90.82 million for the year ended June 30, 2016, and a net loss before income tax of US$96.24 million for the year ended June 30, 2015. PricewaterhouseCoopers, in Melbourne, Australia, issued a "going concern" opinion on the consolidated financial statements for the year ended June 30, 2017, noting that Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. OSTWALD BROS: More Than 200 Workers Face Job Cuts ------------------------------------------------- Matthew Newton at The Chronicle reports that more than 200 Ostwald Bros employees are facing the sack, with administrators of the embattled civil construction company to recommend the company be liquidated at a creditors' meeting next week. According to The Chronicle, the employees were kept on by administrators PricewaterhouseCoopers after they took control of the company in late August in an effort to improve the company's bottom line and complete several contracted projects. At a meeting at Toowoomba's Empire Theatre at 2:30 p.m. on November 30, it will be left up to the company's hundreds of creditors to decide what would be in their best interests - to restructure the company through a deed of company arrangement, for the administration to end, or for the company to be liquidated, the report says. The Chronicle has obtained a copy of PricewaterhouseCoopers' creditors' report, which will be discussed at next week's meeting. The Chronicle notes that while administrators received 39 confidential expressions of interest from other companies interested in restructuring the company, purchasing it, or parts of the company, only 23 were willing to sign confidentiality agreements to gain access to Ostwald Bros' financials. In the end, no company was interested in purchasing the business as a whole, nor have there been any deeds of company arrangement received by the administrators, the Chronicle states. PricewaterhouseCoopers has recommended that since no deed of company arrangement has been put forward, and the company is insolvent, Ostwald Bros should be wound up and placed into liquidation, the report says. According to The Chronicle, company financials show Ostwald Bros, run by directors Daniel, Brendan and Matthew Ostwald, hit its peak in 2014 after winning a number of large construction contracts, generating AUD382 million in revenue for the financial year, with nearly 1,500 employees and about 1000 contract or subcontract employees. Revenue declined by 27% the following year, followed by a further 50% in 2015/16 and 16/17 financial years, the report discloses. Ostwald Bros made a AUD19.2 million profit after tax in 13/14, AUD15.2 million in 14/15, before hitting financial trouble. Considerable project losses contributed to significant net losses of AUD26.3 million in 15/16, a AUD292,000 loss in 16/17, and a AUD5.1 million loss from May of this year to present day. It all came crashing down when the company was placed into voluntary administration on August 25, The Chronicle relays. The Chronicle, citing creditors' report, says the Ostwald brothers, as directors, advised PricewaterhouseCoopers the company suffered large losses around 2015/16, the most significant being their APLNG Eurombah Creek contract where the company had costs of AUD135 million and revenue of only AUD112 million. That was compounded by Cockatoo Coal going into administration in 2016, where Ostwald Bros lost a further AUD5 million, The Chronicle relates. Despite downsizing, the company encountered problems with cash flow as a result of the withholding of July and August progress claims by Nexus and Seymour White to the value of AUD15 million. Nexus and Seymour White dispute the debts owed to Ostwald Bros. The Chronicle notes that the death blow came in August, when the Australian Taxation Office issued Director Penalty Notices in relation to a AUD4.2 million debt owed by the company to the ATO. The DPNs made the three Ostwald brothers personally liable for the ATO debt after 21 days, unless the debt was paid, or the company was placed in administration or liquidation, the report relates. Investigations by PricewaterhouseCoopers found the company's books were three months out of date at the time of appointment, says The Chronicle. In the event the Ostwald Bros is liquidated, the PricewaterhouseCoopers report notes that there "may be claims that a liquidator could pursue against directors in respect to trading the company while insolvent," according to The Chronicle. The Chronicle says the company currently owes creditors AUD62.5 million, made up of AUD30 million owing to the ANZ bank as a secured creditor, AUD9 million in employee entitlements assuming all are made redundant, and AUD23.5 million to unsecured creditors. Satellite venues to allow creditors in other parts of the country to take part in the creditors' meeting will be held at Christie Conference Centre, Level 2, 320 Adelaide Street, Brisbane and the Grafton District Services Club, 105-107 Mary Street, Grafton, the Chronicle adds. Derrick Craig Vickers of PricewaterhouseCoopers was appointed as administrator of Ostwald Bros. Civil Pty Ltd on Aug. 25, 2017. WESTERN AUSTRALIA RUGBY: KordaMentha Appointed as Administrators ---------------------------------------------------------------- KordaMentha Restructuring partners Scott Langdon, John Bumbak and Richard Tucker of KordaMentha have been appointed voluntary administrators of Western Australia Rugby Union (Inc) (RugbyWA). Mr. Langdon said RugbyWA would continue operating as normal with all remaining staff while KordaMentha worked on a financial restructure. He explained that the directors of RugbyWA appointed voluntary administrators because of concerns of the future solvency of the business. In a voluntary administration, control of the operations transfers from directors to the administrators and all debts are put on hold while the future of the business is decided. Mr Langdon said: "This concern was due to the financial constraints on RugbyWA from the Western Force's elimination from Super Rugby Competition and Australian Rugby Union pursuing RugbyWA for its legal costs." The role of administrators is to achieve the best result for the business and the creditors. Creditors make the final decision on options proposed by the administrators, who make a recommendation based on their statutory responsibility to get the best outcome for stakeholders. Mr Langdon said: "In these circumstances, KordaMentha will actively pursue a restructure with any party interested in participating in the future of RugbyWA. We are confident that a restructure is achievable so that the future of the sport is assured in Western Australia. A restructure will provide a platform for RugbyWA to survive and an opportunity to thrive. "RugbyWA is committed to regaining a presence in the national professional competition and a restructure is a pathway to achieve that objective. "Meanwhile, RugbyWA remains responsible for the local competition and development of the sport. Many local clubs have begun pre- season training, so our objective is to settle the business as soon as possible." A first meeting of creditors will be called within approximately one week. At that meeting, RugbyWA creditors can decide to appoint a committee to represent creditors throughout the administration. A second meeting of creditors will be held about three to four weeks later. At that meeting, creditors must decide whether or not to accept a financial restructuring, usually through a Deed of Company Arrangement. ========= C H I N A ========= BIOSTAR PHARMACEUTICALS: Incurs $1.3MM Net Loss in Second Quarter ----------------------------------------------------------------- Biostar Pharmaceuticals, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.31 million on $0 of net sales for the three months ended Sept. 30, 2017, compared to a net loss of $6.90 million on $620,138 of net sales for the three months ended June 30, 2016. For the six months ended Sept. 30, 2017, the Company reported a net loss of $2.32 million on $0 of net sales compared to a net loss of $7.52 million on $1.42 million of net sales for the same period during the prior year. As of June 30, 2017, Biostar had $40.77 million in total assets, $5.29 million in total liabilities, all current, and $35.48 million in total stockholders' equity. As of June 30, 2017, the Company had $407,410 of cash and negative working capital of $4,399,847. The Company generated cash flow from operations even though it incurred a net loss as (1) it collected outstanding receivables from its trade debtors; and (2) its net loss includes certain non-cash expenses that are added back to its cash flow from operations as shown on its condensed consolidated statements of cash flows. "We had experienced no sales volume of all Aoxing Pharmaceutical Products due to the temporarily suspension of production to conduct maintenance of its production lines to renew its GMP certificates from 2015," the Company stated in the Quarterly Report. "In addition, for the upgrade of the production facilities, the operation of Shaanxi Weinan was temporarily suspended since December 2016. There is no assurance that the production lines at Aoxing Pharmaceutical will resume and the renewal of GMP certificates will occur when anticipated, or even if they are renewed, we will be able to return to the production levels as anticipated. Our inability to regain our production levels as anticipated may have material adverse effects on our business, operations and financial performance, and the Company may become insolvent. In addition, the Company already violated its financial covenants included in its short-term bank loans... Currently, the Company could still rely on the collection of outstanding debtors and potential fund raising to meet its obligations." A full-text copy of the Form 10-Q is available for free at: https://is.gd/etKRWB About Biostar Pharmaceuticals Based in Xianyang, China, Biostar Pharmaceuticals, Inc., develops, manufactures and markets pharmaceutical and health supplement products for a variety of diseases and conditions in the People's Republic of China. Biostar was incorporated in the State of Maryland on March 27, 2007. The Company became the indirect holding company for Aoxing Pharmaceutical, a medical and pharmaceutical developer, manufacturer and marketer in the PRC on Nov. 1, 2007. Visit www.biostarpharmaceuticals.com for more information. Biostar incurred a net loss of $5.69 million in 2016 and a net loss of $25.11 million in 2015. Mazars CPA Limited, Certified Public Accountants, in Hong Kong, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company had experienced a substantial decrease in sales volume which resulting a net loss for the year ended Dec. 31, 2016. Also, part of the Company's buildings and land use rights are subject to litigation between an independent third party and the Company's chief executive officer, and the title of these buildings and land use rights has been seized by the PRC Courts so that the Company cannot be sold without the Court's permission. In addition, the Company already violated its financial covenants included in its short-term bank loans. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TIMES PROPERTY: Fitch Rates US$300MM USD Notes Final B+ ------------------------------------------------------- Fitch Ratings has assigned Times Property Holdings Limited's (Times Property; B+/Positive) US$300 million 6.6% senior notes due 2023 a final rating of 'B+' and Recovery Rating of 'RR4'. The notes are rated at the same level as Times Property's senior unsecured rating because they constitute direct and senior unsecured obligations of the company. The assignment of the final rating follows the receipt of documents conforming to information already received. The final rating is in line with the expected rating assigned on Nov. 21, 2017. Fitch revised the Outlook on Times Property to Positive from Stable on 11 January 2017, and Fitch may take further positive rating action if the company can maintain leverage below 45% and keep its land bank sufficient for three years of development. The China homebuilder's ratings are supported by its execution track record but constrained by the need to consistently replenish its land bank with quality sites, which results in a fluctuation in leverage. KEY RATING DRIVERS Larger Scale, Strong Sales: Times Property's January-October 2017 sales increased by 32% yoy to CNY31.6 billion, almost reaching its annual sales target of CNY32.5 billion, with an average selling price of CNY15,340/sq m, higher than the CNY11,860/sq m in full-year 2016 and only CNY9,010/sq m in full-year 2015. The company will be able to retrieve around CNY28 billion in 2017 from the sales proceeds, assuming a historical cash-collection rate of 86%. Fitch believes that Times Property's strong cash collection from larger sales will continue to support expansion in the next three years. Better Land Bank Quality: Times Property had 14.5 million sq m of land as of end-June 2017, with 13% located in Guangzhou, 34% in Guangdong's Tier 2 cities (Foshan, Zhuhai and Zhongshan) and the rest in less-developed noncore cities - Qingyuan, Dongguan, Changsha and Huizhou. Fitch estimates that the company kept its land bank in its core markets (Guangzhou, Foshan and Zhuhai) at above 3.5 years of development activity at end-June 2017. High-Cost Acquisitions: Times Property acquired nine projects with an average cost of CNY5,043/sq m in 1H17. The developer started to acquire higher-priced land parcels in its core markets from 2015 to expand the share of products that appeal to upgraders and to solidify its foothold in Guangzhou and core Tier 2 cities such as Foshan and Zhuhai. It bought several land parcels in Foshan and Zhuhai at above CNY12,000/sq m, resulting in a weighted-average land-acquisition cost of more than CNY8,500/sq m in 2016, compared with around CNY6,000/sq m in 2015 and less than CNY3,000/sq m before 2014. However, Fitch expects Times Property to add two to three projects from urban redevelopment sites annually to complement high-cost land acquisitions from public auctions. Stable Leverage: Times Property's leverage, measured by net debt/adjusted inventory, rose to about 40% at end-June 2017, from 33% at end-2016. Fitch expects leverage to fluctuate while Times Property expands, particularly as the government has implemented a series of policies since October 2016 to curb excessive increases in housing prices. The company's sustainable sales at current levels would be key to managing the fluctuation in leverage. Fitch will consider taking positive rating action if Times Property is able to maintain its leverage below 45%. Concentration in Guangdong Province: Times Property is a regional property developer focused on Guangdong Province in southern China. Guangzhou, Foshan and Zhuhai together accounted for more than 85% of the total contracted sales in the past three years. Fitch believes that Times Property will focus on expanding within Guangdong Province and is unlikely to expand into other provinces in the near term. DERIVATION SUMMARY Times Property expanded by about 50% in 2016 to reach a contracted sales scale similar to 'BB' category peers - such as Yuzhou Properties Company Limited's (BB-/Stable) CNY23 billion and China Aoyuan Property Group Limited's (BB-/Stable) CNY26 billion. Times Property had previously been constrained by relatively high leverage (around 40%) compared with its small scale, due to constant pressure to increase its land bank in its core markets in Guangdong province. The company has managed to maintain its leverage stable while significantly boosting scale and saleable resources during the past two years to support future growth. Fitch revised the Outlook to Positive from Stable in January 2017, and will take further positive action if Times Property is able to meet positive rating sensitivities on a sustainable basis in the next 12 months. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: - Contracted sales sustain above CNY30 billion in the next three years - Gross profit margin (including capitalised interests) maintain at 20%-25% over 2017-2019 - Attributable land premium around 45% of total contracted sales in the next three years. RATING SENSITIVITIES Future developments that may, individually or collectively, lead to positive rating action include: - Net debt/adjusted inventory sustained below 45% - Contracted sales/total debt sustained above 1.5x (2016: 1.4x) - EBITDA margin sustained above 20% (2016: 19.4%, 1H17: 19.3%) - Land bank sufficient for three years of development Future developments that may lead to the Outlook reverting to Stable: - Failing to maintain the positive guidelines LIQUIDITY Sufficient Liquidity: Times Property had cash and cash equivalents of CNY13.1 billion (including restricted cash) as of end-June 2017, compared with its CNY2.4 billion short-term debt. The company has already issued two offshore senior notes in 2017 to refinance the USD305 million 12.625% bond due 2019 (redeemed in February 2017) and the CNY1.5 billion 10.375% bond due 2017. TONGJI HEALTHCARE: Delays Third Quarter Form 10-Q Filing -------------------------------------------------------- Tongji Healtcare Group, Inc. filed a Form 12b-25 with the Securities and Exchange Commossion notifying the late filing of its quarterly report on Form 10-Q for the period ended Sept. 30, 2017. According to the Company, it has encountered a delay in assembling the information, in particular its financial statements for the quarter ended Sept. 30, 2017, required to be included in its Sept. 30, 2017 Form 10-Q Quarterly Report. The Company expects to file its Sept. 30, 2017 Form 10-Q Quarterly Report with the SEC within five calendar days of the prescribed due date. About Tongji Healthcare Based in Nanning, Guangxi, the People's Republic of China, Tongji Healthcare Group, Inc., a Nevada corporation, operates Nanning Tongji Hospital, a general hospital with 105 licensed beds. Tongji Healthcare reported a net loss of $3.64 million on $1.93 million of total operating revenue for the year ended Dec. 31, 2016, compared to a net loss of $588,600 on $2.35 million of total operating revenue for the year ended Dec. 31, 2015. As of June 30, 2017, the Company had $7.45 million in total assets, $14.47 million in total liabilities and a total stockholders' deficit of $7.02 million. Anton & Chia, LLP, in Newport Beach, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has negative working capital of $6.74 million, an accumulated deficit of $7.20 million, and shareholders' deficit of $6.16 million as of Dec. 31, 2016. The Company's ability to continue as a going concern ultimately is dependent on the management's ability to obtain equity or debt financing, attain further ================ H O N G K O N G ================ NOBLE GROUP: To Sell US Ethanol Producer for US$12.5MM ------------------------------------------------------ The Business Times reports that Noble Group is selling its US- based ethanol producing business for US$12.5 million plus adjustments for working capital, inventory and debt. If the deal was closed on Oct. 1, the gross consideration would have been US$17 million, assuming net working capital of US$0.9 million, inventory value of US$3.6 million and no debt as at Sept. 30 for the business, which is called North Americas South Bend Ethanol (NASBE), BT relates. NASBE, which owns and operates an ethanol production plant in South Bend, Indiana, had a book value of around US$80.4 million as at Sept. 30, with a net tangible asset value of US$80.4 million, the report discloses. Family-owned agricultural and transportation services firm Zeeland Farm Services is the buyer, BT says. According to BT, the sale comes as Noble is selling off its global oil liquids business. NASBE is fully held by Noble Americas Corp (NAC), which Noble is selling to Vitol US Holdings. If the NASBE sale to Zeeland Farm takes place before or together with the NAC sale, the base consideration for NAC, which was US$217 million as at July 1, will be reduced by one quarter of the proceeds received from the NASBE sale, the report states. If the sale of NASBE falls through, Vitol will carry on with its plans to proceed with its own sale of NASBE after the NAC deal is completed, adds BT. About Noble Group Hong Kong-based Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- engages in supply of agricultural, industrial and energy products. The Company supplies agricultural and energy products, metals, minerals and ores. Agriculture products include grains, oilseeds and sugar to palm oil, coffee, and cocoa. Energy business includes coal, gas and liquid energy products. In metals, minerals and ores (MMO), it supplies iron ore, aluminum, special ores and alloys. The Company operates nearly in 140 locations. It supplies growth demand markets in Asia and Middle East. Alcoa World Alumina and Chemicals is the subsidiary of this company. As reported in the Troubled Company Reporter-Asia Pacific on Nov. 22, 2017, Fitch Ratings downgraded Hong Kong-based commodities trader Noble Group Limited's Long-Term Foreign- Currency Issuer Default Rating (IDR), senior unsecured rating and the ratings on all its outstanding senior unsecured notes to 'CC' from 'CCC'. The Recovery Rating is 'RR4'. The downgrade follows Noble's Nov. 15, 2017 announcement that it has commenced discussions with stakeholders on its capital structure. ========= I N D I A ========= AJINKYA BIG: CRISIL Lowers Rating on INR4.5MM Cash Loan to D ------------------------------------------------------------ CRISIL Ratings has downgraded its rating on the long-term bank facilities of Ajinkya Big Bazar (ABB) to 'CRISIL D' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4.5 CRISIL D (Downgraded from 'CRISIL B+/Stable') Proposed Bank .32 CRISIL D (Downgraded from Guarantee 'CRISIL B+/Stable') Working Capital 2.50 CRISIL D (Downgraded from Demand Loan 'CRISIL B+/Stable') Rupee Term Loan .68 CRISIL D (Downgraded from 'CRISIL B+/Stable') Proposed Cash 1.00 CRISIL D (Downgraded from Credit Limit 'CRISIL B+/Stable') The downgrade reflects recent delays in debt servicing due to weak liquidity driven by a subdued operating performance in fiscal 2017 and high working capital requirement to fund new business lines. The rating also reflects a small scale of operations in the intensely competitive retail trading business, a weak financial risk profile, and substantial working capital requirement. These weaknesses are partially offset by the extensive industry experience of the partners. Key Rating Drivers & Detailed Description Weaknesses * Delays in debt servicing: There have been recent delays in term loan repayment. * Modest scale of operations: Operating income was modest at INR26.7 crore in fiscal 2017 (Rs 22.9 crore in fiscal 2016). Revenue is constrained by competition from local and organised, large players in the retail trading business. * Weak financial risk profile: The gearing was high and the networth was wiped out on the account of a loss in fiscal 2017. This led to weak debt protection metrics as indicated by negligible interest coverage and net cash accrual to total debt ratios in fiscal 2017. Strength * Extensive experience of the partners: The partners have an experience of around two decades in retail trading; this should continue to support operations. Established in 1996 by Mr. Avinash Gandhi and his family members, ABB is a partnership firm with a departmental store in Baramati, Maharashtra. The firm also operates an electronics and home furnishing store and recently ventured into edible oil distributorship for Cargill India, in and around the Baramati region. ANKUR IRON: CRISIL Lowers Rating on INR9MM Cash Loan to 'D' ----------------------------------------------------------- CRISIL Ratings has downgraded its ratings on the bank facilities of Ankur Iron India Private Limited (AIPL) to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 9 CRISIL D (Downgraded from 'CRISIL B/Stable') Letter of Credit 5 CRISIL D (Downgraded from 'CRISIL A4') Proposed Long Term 2.12 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B/Stable') Term Loan .38 CRISIL D (Downgraded from 'CRISIL B/Stable') The downgrade reflects weak liquidity resulting in overdrawals for more than 90 days. The firm's margins are also susceptible to cyclicality in steel sector. These rating weaknesses are partially offset by the extensive experience of promoters in the steel industry. Key Rating Drivers & Detailed Description Weakness * Overdrawals in account: Working capital-intensive operations have led to high reliance on debt and overdrawals in cash credit account for more than 90 days. * Susceptibility of operating margin to cyclicality in steel sector: AIPL trades in steel and steel products such as cold- rolled sheets, galvanised sheets, and hot-rolled sheets. Its profitability is linked to trends in the steel industry which in turn depends on the overall level of economic activity. AIPL's operating margin has been in the range of 1 to 2.2 per cent over the past three years. Due to the commodity-like nature of products traded, the demand is highly sensitive to change in the prices of these products, which has led to high competitive pressures along with low operating margins for players. Strength * Extensive experience of promoters in steel trading industry: The main promoter of AIPL, Mr. Kiran Mehta, has an experience of more than three decades in the steel trading industry. The promoter started his first proprietorship venture under the name of Ankur Steel Corporation in 1982. The extensive experience of the promoters has enabled the company to develop strong relationship with its suppliers and customers. AIPL was set up as a proprietorship concern named Ankur Steel Corporation in 1982 by Mr. Kiran Mehta; it was reconstituted as a private limited company with its current name in 2011. AIPL trades in steel and steel products such as cold-rolled sheets, galvanized sheets, hot-rolled sheets and plates. AXISON VITRIFIED: ICRA Assigns B+ Rating to INR9.87cr Term Loan --------------------------------------------------------------- ICRA has assigned a long -term rating of [ICRA]B+ to the INR13.57-crore (enhanced from INR12.40-crore) fund-based facilities of Axison Vitrified Pvt. Ltd. ICRA also has an outstanding short-term rating of [ICRA]A4 to the non-fund based bank facilities of AVPL. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 9.87 [ICRA]B+ (Stable); Loan Outstanding Fund based-Cash 2.53 [ICRA]B+ (Stable); Assigned/ Credit Outstanding Non-fund based- Bank Guarantee 1.50 [ICRA]A4; Outstanding Rationale The assigned ratings reflect risks associated with stabilisation of operations as per expected operating parameters, since the company has recently commenced operations from July 2017. ICRA notes the stretched financial profile, given the debt funded nature of the project with a high debt-to-equity ratio of 1.98 times and impending high debt repayments. The ratings are further constrained by the vulnerability of the company's profitability to the cyclicality inherent in the real estate industry, which is the main consuming sector. ICRA also notes the adverse fluctuations in prices of raw materials and natural gas, which is the major cost component for tile manufacturing. The ratings, moreover, take into consideration the highly competitive ceramic industry with a large number of established, organised as well as unorganised players in Morbi (Gujarat), resulting in limited pricing flexibility. The ratings, however, favourably factor in the past experience of the promoters in the ceramic industry and the logistical advantages to the company from its location in India's ceramic hub, with easy access to quality raw material. Outlook: Stable ICRA believes Axison Vitrified Pvt. Ltd will continue to benefit from the long experience of its promoters. The outlook may be revised to 'Positive' if substantially higher than expected revenue and profitability strengthens the financial risk profile. The outlook may be revised to 'Negative' if cash accrual is lower than expected, or if any major capital expenditure, or stretch in the working capital cycle, weakens liquidity. Key rating drivers Credit strengths Experience of promoters in the ceramic industry - The promoters of the company, Mr. Ashwin Laljibhai Ghodasara, Mr. Chetan Morarjibhai Vadgasiya and Mr. Kirit Shivlal Bhalodiya, have long experience in the ceramic industry by virtue of their association with other companies involved in the same sector, such as Patel's Ceramic Pvt. Ltd. (manufactures ceramic clay), Axiom Ceramic Pvt. Ltd. (manufactures ceramic tiles) and Bharat Minerals (manufactures ceramic clay). Location advantage from presence in Morbi (Gujarat), India's ceramic hub - The company is benefitted in terms of lower transportation costs and access to quality raw material due to its proximity to raw material suppliers. Credit weaknesses * Nascent stage of operations; risks associated with stabilisation of operations: AVPL was incorporated in May 2016 and commenced its commercial operations from July 18, 2017. Hence, its nascent stage of operations exposes the company to stabilisation risk. * Financial risk profile expected to remain stretched in the near term: The financial risk profile of the company is expected to remain stretched in the near to medium term, given the debt funded nature of the project with a high debt-to-equity ratio of ~1.98 times. The company also has repayment obligations on its term loan commencing from December 2017, with annual repayment of INR1.67 crore. * Intense competition and fragmented industry: The company faces stiff competition from other organised and unorganised players present in the ceramic industry, which limits its pricing flexibility and bargaining power with customers, thereby putting pressure on its revenues and margins. * Vulnerability of profitability to any adverse fluctuation in raw material and natural gas prices: The sales realisations of the company are largely affected by the raw material and natural gas price fluctuations, which would in turn affect its margins. Vulnerability of profitability and cash flows to cyclicality inherent in the real estate industry - The real estate industry is the main consuming sector for tiles, and hence, the demand for tiles is exposed to cyclicality in the sector. Incorporated in May 2016, Axison Vitrified Pvt. Ltd. manufactures glazed vitrified tiles (GVT) and polished glazed vitrified tiles (PGVT) of two sizes -- 600 X 600 mm and 600 X 1,200 mm. AVPL's manufacturing facility, located at Morbi (Gujarat), has an annual manufacturing capacity of 46,800 metric tonnes. It commenced its commercial operations from July 18, 2017. The company has been promoted by Mr. Ashwin Laljibhai Ghodasara, Mr. Chetan Morarjibhai Vadgasiya and Mr. Kirit Shivlal Bhalodiya, with significant experience in the ceramic industry through their association with Patel's Ceramic Pvt. Ltd. (manufactures ceramic clay), Axiom Ceramic Pvt. Ltd. (manufactures ceramic tiles) and Bharat Minerals (manufactures ceramic clay). B.S. SPONGE: CRISIL Withdraws B Rating on INR22MM Cash Loan ----------------------------------------------------------- CRISIL Ratings has been consistently following up with B.S. Sponge Private Limited (BSPL) through letters and emails (dated Jan. 24, 2017, and Feb. 13, 2017, among others), apart from telephonic communication, for obtaining information. However, the issuer has remained non-cooperative. The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 22 CRISIL B/Stable (Issuer Not Cooperating; Rating Withdrawal) Letter of credit .5 CRISIL A4 (Issuer Not & Bank Guarantee Cooperating; Rating Withdrawal) Proposed Long Term 2.92 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Rating Withdrawal) Detailed Rationale CRISIL has withdrawn its ratings on the bank facilities of BSPL at the company's request and on receipt of a no-objection certificate from its banker. The rating action is in line with CRISIL's policy on withdrawal of its ratings on bank loan facilities. Incorporated in 2000 in Kolkata, BSPL is promoted by Mr. P Agarwal, who manages operations along with his son Mr. Ashish Agarwal. The company commenced commercial production in 2004 and has capacity to manufacture 90,000 tonne of sponge iron per annum. BAJRANG BRONZE: ICRA Moves B- Issuer Rating to Not Cooperating -------------------------------------------------------------- ICRA has moved the long term ratings for the bank facilities of Bajrang Bronze LLP (BBL) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B- (Stable) ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term Loan 2.29 [ICRA]B- (Stable) ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Fund based-Cash 3.00 [ICRA]B- (Stable) ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category The rating is based on limited or no updated information on the entity's performance since the time it was last rated in May 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating does not adequately reflect the credit risk profile of the entity. The entity's credit profile may have changed since the time it was last reviewed by ICRA; however, in the absence of requisite information, ICRA is unable to take a definitive rating action. As part of its process and in accordance with its rating agreement with Bajrang Bronze LLP, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information, and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Established in October 2015, Bajrang Bronze LLP (BBL) manufactures castings and bushing of various non-ferrous alloys such as bronze, brass, aluminium etc. The manufacturing facility of the entity is located at Rajkot, Gujarat with an installed capacity of 1200MT (700 MT of Bronze Casting, 200 MT of Brass Casting and 300 MT of Aluminium Casting). The commercial production has commenced in May 2016. BBL was established by the Mungara family having established experience in the business of casting materials, serving as proprietors or partners in associate concerns engaged in similar business lines. BOLTMASTER INDIA: ICRA Lowers Rating on INR22.80cr Loan to D ------------------------------------------------------------ ICRA has downgraded the rating of bank facilities of Boltmaster (India) Private Limited (Boltmaster) to [ICRA]D from [ICRA]B-. ICRA has also moved the ratings to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 22.80 [ICRA]D ISSUER NOT Loan COOPERATING; Revised from [ICRA]B- ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. Rationale The rating downgrade follows the delays in debt servicing by Boltmaster to the lender(s), as confirmed by them to ICRA. Boltmaster started manufacturing activities in 1976 at Goregaon Mumbai and has developed more than 2500 different varieties of fasteners either as per customer's requirements or conforming to national/international standards. In 1994, to meet increased demand, the company set up new factory at Bhayander in suburban Mumbai with installed capacity of 4000 MTPA or 12 million pieces per annum. The company's product range covers various types of Fasteners such as Bolts, Screws, Nuts Studs etc. and forged components, conforming to national and international standards such as ISO, IS, BS, DIN, ASTM, ANSI etc. CAPTAIN TRACTORS: ICRA Withdraws B+ Rating on INR18.46cr Loan ------------------------------------------------------------- ICRA has withdrawn the long term rating of [ICRA]B+ assigned to the INR18.46 crore fund-based facilities of Captain Tractors Private Limited. ICRA has also withdrawn the short-term rating of [ICRA]A4 assigned to the INR0.50 crore non-fund based facilities of CTPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 18.46 [ICRA]B+; Withdrawn Non-fund Based Limits 0.50 [ICRA]A4; Withdrawn Rationale The ratings assigned to CTPL have been withdrawn at the request of the company based on the no objection certificate provided by its banker. Incorporated in 1994, Captain Tractors Private Limited (CTPL) is engaged in the business of manufacturing tractors and implements (farm equipment). After successfully manufacturing mini tractors in 1998, the company obtained approval for beginning commercial operations of tractors in 2001. From 2002, it started manufacturing implements in order to provide a complete package for farming purposes. CTPL is predominantly present in the domestic market; however, it also transacts in overseas markets such as Saudi Arabia, Iran, Bangladesh, Sri Lanka, Nepal, Myanmar and several African nations. CTPL is currently managed by seven directors. Mr. G.T. Patel and Mr. M.T. Patel are the founders of the firm, with more than two decades of experience in the field of tractor manufacturing. Captain Tractors Private Limited has three group concerns - Captain Agrotech, a dealer arm of CTPL engaged in trading tractors and implements on retail basis; Captain Agri Machinery Exim LLP, a merchant exporter, mainly for CTPL; and Jark Pharma Private Limited, an investment firm where the directors of CTPL have made investments. CHENAB IMPEX: CRISIL Withdraws 'B' Rating on INR3MM Cash Loan ------------------------------------------------------------- CRISIL Ratings has withdrawn its ratings on the bank facilities Chenab Impex Private Limited (CIPL) at the company's request and based on the no due certificate received from the banker. The rating action is in-line with CRISIL's policy on withdrawal of bank loan ratings. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1.2 CRISIL A4 (Rating Withdrawal; Removed from 'Issuer Not Cooperating') Cash Credit 3.0 CRISIL B/Stable (Rating Withdrawal; Removed from 'Issuer Not Cooperating') Letter of Credit .75 CRISIL A4 (Rating Withdrawal; Removed from 'Issuer Not Cooperating') Proposed Long Term 3.05 CRISIL B/Stable (Rating Bank Loan Facility Withdrawal; Removed from 'Issuer Not Cooperating') Mumbai based CIPL was promoted in 2002 by Mr. Anil Chandhok. The company imports gourmet foods and sells them to niche domestic market. It is a sole representative in India for many of the fine foods it trades in. CREATIVE THERMOLITE: ICRA Withdraws B Rating on INR54cr Loan ------------------------------------------------------------ ICRA withdraws the long-term rating of [ICRA]B with a Stable outlook on the INR54.00-crore bank facilities of Creative Thermolite Power Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term: Non Fund Based Limits 54.00 [ICRA]B (Stable); withdrawn Rationale The rating is withdrawn in accordance with ICRA's policy on withdrawal and suspension, and as desired by the company on the receipt of no objection certification (NOC) from the bankers of the company. The company is a Special Purpose Vehicle (SPV) formed by Intos INC (proprietorship firm), Infinite Computer Solution (India) Limited and Eldeco Housing and Industries Limited. The SPV was formed to undertake the development of a 600 Mega Watt (MW) (2X300 MW) Thermal Power Plant (TPP) in Chitrakoot, Uttar Pradesh. The company entered into a MoU with the Government of Uttar Pradesh (GoUP) in October 2010. However the company has recently withdrawn its name from the project execution because of continuous delays in obtaining various approvals, and subsequently the bank guarantee (BG) in favour of Uttar Pradesh Power Corporation Limited (UPPCL) has been withdrawn. GLOBAL CLOUD: Fitch Affirms B- Long-Term IDR; Outlook Negative -------------------------------------------------------------- Fitch Ratings has affirmed Global Cloud Xchange Limited's (GCX) Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDRs) at 'B-'. The Outlook is Negative. Simultaneously, Fitch has affirmed the rating on GCX Limited's USD350 million 7% senior secured notes due 2019 at 'B+' with a Recovery Rating of 'RR2'. GCX Limited is a wholly owned subsidiary of GCX. The notes are secured by the assets and equity interests of GCX and its key subsidiaries and are guaranteed by GCX and its key operating subsidiaries, which generate most of the group's revenue and EBITDA. The notes are rated two notches higher than GCX's IDR due to superior recoveries of between 71%-90% on senior secured notes in a default scenario, based on its estimated value that would be available to creditors. The affirmations reflect better prospects for higher cash generation in the second half of the financial year ending March 2018 (FY18) and FY19, supported by increased indefeasible right of usage (IRU) sales. GCX's free cash flow (FCF) could also improve if it successfully completes its plan to replace receivables of USD120 million due from its parent, Reliance Communications Limited (Rcom, Restricted Default), with data centre assets. This would significantly lower the increasing receivables associated with Rcom. The Negative Outlook reflects the uncertainty and execution risks surrounding GCX's IRU sales and its plan to acquire Rcom's assets. The asset acquisition would require GCX and Rcom board approval and, more importantly, agreement from Rcom's joint lenders. Fitch could take negative rating action if there is a deterioration in financial performance, such that cash remains below USD40 million (end-September 2017: USD37 million), or a lack of resolution of Rcom's receivables impairing GCX's refinancing prospects. A revision of the Outlook to Stable would be contingent upon an improvement in GCX's cash generation along with minimal working capital outflows, such that FCF breaks even. If GCX's IDR is downgraded to 'CCC', the bond rating will be downgraded by two notches to 'B-'. In such a situation, the bond would still be two notches higher than the IDR, as instruments can be rated 'CCC+' under Fitch's criteria. KEY RATING DRIVERS Deteriorating Liquidity: Cash has fallen to USD37 million (FY17: USD62 million, 1QFY18: USD53 million) - below Fitch's negative guidance of USD40 million - due to IRU sales of only USD21 million in 1HFY18. Fitch forecast FY18 IRU sales of around USD50 million-55 million (FY17: USD51 million). However, management has disclosed that it could sign a large IRU deal in 2HFY18, leading to overall FY18 cash sales of around USD64 million. Persistent Negative FCF: Fitch forecasts a FCF deficit of around USD30 million for FY18, with cash flow from operations falling short of its capex estimate of around USD30 million (1HFY18: USD13 million) and dividends of at least USD13 million. GCX may pay USD13 million of loans due at its immediate parent, Reliance Global BV (RGBV), whose stake in GCX is pledged for the loan. GCX paid USD15 million in dividends in FY17. However, management does not intend to make any dividend payment unless IRU sales are exceptionally high at around USD80 million. Fitch believes FY18 cash EBITDA could decline to around USD65 million-70 million (FY17: USD78 million) due to flat IRU sales and weakness at its managed service segment. Cash flow will remain exposed to industry oversupply and frequent price erosion. Furthermore, technological advancements continue to improve the capacity of existing cables. Hence, bandwidth tariffs are likely to continue declining over the medium-term, despite increased demand. Refinancing Risk: Refinancing risk exists around the USD350 million secured notes due August 2019. The company's financial performance has weakened since the notes were issued in 2014 and lenders are likely to require a higher interest rate than the current 7%, even if replacement credit is available, putting pressure on GCX's cash generation. Higher Counterparty Risk: GCX's net receivables from Rcom steadily increased to USD120 million at end-September 2017 (FYE17: USD94 million). GCX continues to face high counterparty risk due to the uncertainty over the collection of the receivables from Rcom, with which it has an annual trading relationship worth about USD30 million-35 million. However, GCX hopes to replace Rcom's receivables by acquiring its data centres. This could replace a large part of the lost revenue and EBITDA from Rcom after the company shut down its wireless business. Fitch rates GCX's IDR based on its standalone profile under its Parent and Subsidiary Rating Linkage methodology due to weak legal, operational and strategic linkages with its parent. Rcom defaulted on the coupon payment on its USD300 million bond on 6 November 2017. Fitch understand Rcom may be looking to sell all or part of its stake in GCX. GCX's cash flow is ringfenced and dividends to Rcom are subject to an incurrence test of debt/EBITDA of below 3.75x (FY17: 3.00x) and restricted payment covenants. However, GCX is able to pay about USD10million-15 million in annual dividends under the ringfencing conditions. Recovery Rating of 'RR2': Fitch has affirmed GCX Limited's USD350 million bond at 'B+'/'RR2'. Fitch uses the going-concern value approach to calculate the post-restructuring enterprise value, as the liquidation approach is not appropriate since GCX's assets are of little use if dismantled and liquidated. Fitch estimates post-restructuring cash flow of around USD74 million, the same as last year. This assumes the depletion of the current position to reflect the distress that provoked a default and a level of corrective action that Fitch assumes would have occurred during restructuring. Fitch assumes a cash flow multiple of 4.5x, as Fitch believes Rcom may settle for a lower value for GCX, given its weak liquidity and cash requirements. The adjusted going concern enterprise value after administrative claims of USD300 million is then applied to the USD350 million secured notes, giving an estimated 86% recovery. DERIVATION SUMMARY The affirmation reflects the uncertainty around GCX's ability to refinance its USD350 million secured notes due August 2019. Its cash balance is depleting on persistently negative FCF due to lower cash generation and lack of collection of Rcom's receivables. GCX's business profile is exposed to high execution risk on the successful completion of lumpy IRU sales in FY18-FY19 amid an oversupplied industry that is characterised by frequent price erosion. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: - Revenue to decline by a low-single digit percentage in FY18 - Cash EBITDA of around USD65 million-70 million, with IRU sales of USD50 million-55 million - Rcom will not pay for net sales of around USD30 million-35 million during FY18. Minimal working capital outflow starting FY19 - Dividend of USD13 million to GCX's immediate parent, RGBV, during FY18 - Annual capex of around USD30 million RATING SENSITIVITIES Developments that May, Individually or Collectively, Lead to the Outlook reverting to Stable - An improvement in GCX's cash generation and minimal negative working capital outflow, such that FCF breaks even Developments that May, Individually or Collectively, Lead to Negative Rating Action - Deterioration of liquidity, as evidenced by GCX's cash balance remaining below USD40 million (end-September 2017: USD37 million) - FFO adjusted net leverage deteriorating to above 6.0x (FY18f: 4.0x-4.5x) - Deterioration in trading performance or cash receipts that negatively affect refinancing prospects LIQUIDITY Cash-Driven by IRU Sales: GCX had an unrestricted cash balance of USD37 million at end-September 2017, (1QFY18: USD53 million, FY17: USD62 million). Cash balance is driven by IRU sales and the resolution of Rcom receivables. Its only debt is the secured notes of USD350 million due in August 2019. The finance lease of USD13.5 million was extinguished in 1HFY18 after the completion of its Yipes Inc. sale. GCX's committed undrawn facilities of USD30 million expired in September 2017. It needs a minimum cash balance of USD40 million-50 million to pay its annual interest cost of USD25 million, maintenance capex of USD22 million and taxes of USD3 million. In accordance with Fitch's policies, GCX appealed and provided additional information to Fitch that resulted in a rating action different than the original rating committee outcome. HEENA ENTERPRISES: Ind-Ra Moves BB- Rating to Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated M/s Heena Enterprises' (Heena) 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: -- INR260 mil. Fund-based working capital limits migrated to non-cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; and -- INR100 mil. Proposed fund-based working capital limits migrated to non-cooperating category with Provisional IND BB- (ISSUER NOT COOPERATING)/Provisional IND A4+(ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on Nov. 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 1977, Heena is engaged in the trading of iron and steel products, with more than 95% of its revenue being derived from the trading of steel products. It is an authorised dealer for reputed steel manufactures such as JSW Steel Limited ('IND AA-'/Negative), Rashtriya Ispat Nigam Limited ('IND A- '/Negative), and Steel Authority of India Limited ('IND AA- '/Negative) in the Maharashtra region. KAIRALI EXPORTS: CRISIL Reaffirms B+ Rating on INR21MM LT Loan -------------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facilities of Kairali Exports (KE) at 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Packing Credit 12 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 21 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect a below-average financial risk profile and large working capital requirement. These weaknesses are partially offset by the extensive experience of the promoter, and an established market position, in processing and exporting cashew kernels. Analytical Approach Unsecured loans of INR10.5 crore from the promoters have been treated as neither debt nor equity. Key Rating Drivers & Detailed Description Weakness * Below-average financial risk profile: The networth was modest and the total outside liabilities to tangible networth (TOLTNW) moderate at INR10.3 crore and 0.9 time, respectively, as on March 31, 2017. Debt protection metrics were below average, with net cash accrual to total debt and interest coverage ratios at NIL and 1.7 times, respectively, in fiscal 2017. * Working capital-intensive operations: Gross current assets (GCAs) were high at 261 days as on March 31, 2017, driven by large inventory and receivables. Strength * Extensive experience of the promoter: The promoter has an experience of more than three decades in the cashew industry. Outlook: Stable CRISIL believes KE will continue to benefit from the extensive industry experience of its promoter. The outlook may be revised to 'Positive' if the financial risk profile improves because of significant increase in cash accrual and better working capital management. The outlook may be revised to 'Negative' in case of deterioration in working capital management, or a significant decline in cash accrual because of lower revenue or operating profitability, weakening liquidity. KE, set up by Mr. Mohan Chandra Nair in Kerala in 2010, processes and exports cashew kernels. On a provisional basis, profit after tax (PAT) was INR0.2 crore on operating income of INR42.6 crore for fiscal 2017; PAT and operating income were INR0.2 crore and INR43.3 crore, respectively, for fiscal 2016. KAMTANATH FOOD: CRISIL Assigns B+ Rating to INR8MM LT Loan ---------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the long-term bank facilities of Kamtanath Food Product Private Limited (KFPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4 CRISIL B+/Stable Long Term Loan 8 CRISIL B+/Stable The rating reflects project implementation risk and modest scale of operations. These rating weaknesses are partially offset by extensive entrepreneurial experience of the promoters. Key Rating Drivers & Detailed Description Weaknesses * Exposure to implementation Risk: The company's project is expected to be completed by the end of November 2017 and start commercial operations from December 2017. Though the promoters have extensive entrepreneurial experience and strong business connections, and the project implementation progress is on track, any material delay in commissioning it will hamper debt-repayment ability. * Modest scale of operations in a fragmented industry: Revenue is expected at INR30-35 crore in fiscal 2018. The modest scale of operations would restrict the ability to negotiate with customers or suppliers as the agro commodity processing industry is highly fragmented with several small players operating within the country. Strength * Extensive entrepreneurial experience of the promoters: The key promoters have an entrepreneurial experience of almost a decade. An established relationship with major suppliers and customers further strengthens the market position. Outlook: Stable CRISIL believes KFPPL will continue to benefit from the entrepreneurial experience of its promoters. However, the company will remain exposed to implementation-related risks in its ongoing project. The outlook may be revised to 'Positive' if the project is completed on time and cash accrual and operating margin from the processing unit are high, thereby improving the capital structure. The outlook may be revised to 'Negative' if there is a significant cost overrun or if accrual is low, adversely impacting debt-servicing ability. Established in May 2017 by Mr. Nitin Agarwal, Mr. Neelesh Jain, Mr. Bal Kishan Sahu, and Ms Tripti Gautam, KFPPL is setting up a rice processing unit at Dabra, Madhya Pradesh, with an installed capacity of 6912 tonne per annum. The company is expected to commence commercial operation from December 2017. KANWAL FOOD: CRISIL Assigns 'B' Rating to INR4MM LT Loan -------------------------------------------------------- CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Kanwal Food And Beverages (KFB). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 1.5 CRISIL B/Stable Long Term Loan 4.0 CRISIL B/Stable The rating reflects KFB's initial stage of operations, susceptibility to offtake risks, modest scale of operations in the intensely competitive agro-commodity-based industry, and below-average financial risk profile. These weaknesses are partially offset by extensive experience of the proprietor and his funding support. Key Rating Drivers & Detailed Description Weaknesses * Initial stage of operations and susceptibility to offtake risk: The unit for manufacturing mixed fruit jams and murabas commenced operations from April 2017. It could face initial challenges especially in stabilisation of operations and ramp up of sales. Timely stabilisation of capacities and commensurate ramp up will remain key monitorables. * Modest scale of operations and intense competition: KFB is expected to have modest scale of operations, with expected sales of below INR7 crore from its first full year of operations. This limits the firm's bargaining power with suppliers and customers. Scale may remain modest over the medium term. * Below-average financial risk profile: Networth is expected to be modest at INR1.8 crore as on March 31, 2018, marked by initial stage of operations. The capital structure may be leveraged due to debt-funded capital expenditure for setting up the manufacturing unit. Strength * Extensive experience of proprietor and their fund support: The proprietor has an experience of over two decades in the in the agro-commodity based industry through associate concerns and group entities. This led to established associations with suppliers and customers. The proprietor infused equity of INR2.5 crore and extended unsecured loans of INR2.23 crore for project implementation. The comfort is also derived from committed need based fund support from them. Outlook: Stable CRISIL believes KFB will continue to benefit over the medium term from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if quick ramp up in sales leads to higher than expected accruals and better-than expected financial risk profile during the initial phase. Conversely, the outlook may be revised to 'Negative' if lower than expected revenues or profitability, or large working capital requirements leads to weakening of financial risk profile and liquidity. KFB, incorporated in 2015, manufactures various food products such as mixed vegetables pickles, mixed fruit jams, murabas, spice pastes/gravies, dehydrated fruits, canned vegetables and fruits. The manufacturing unit in Jammu has installed capacity of 4,728 tonne per annum. The firm commenced operations from April 2017. Mr. Farooq Amin is the proprietor. LOVATO CERAMIC: ICRA Reaffirms B+ Rating on INR5cr Loan ------------------------------------------------------- ICRA has reaffirmed the long -term rating of [ICRA]B+ on the INR2.71 crore term loans and the INR5.00 crore cash credit facility of Lovato Ceramic Private Limited. ICRA has also reaffirmed the short term rating of [ICRA]A4 on the INR1.60 crore non fund based bank guarantee of LCPL. The outlook on the long- term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term Loan 2.71 [ICRA]B+ (Stable); Reaffirmed Fund based-Working Capital Facilities 5.00 [ICRA]B+ (Stable); Reaffirmed Non-fund based-Bank Guarantee 1.60 [ICRA]A4; Reaffirmed Rationale The reaffirmation of ratings take into account the company's small scale of operations, high gearing, average coverage indicators and the intense competitive business environment given the fragmented nature of the tiles industry which results in moderate profitability levels. The ratings also continue to take into account the vulnerability of LCPL's profitability to the cyclicality associated with the real estate industry as well as to volatility in the prices of raw materials and fuel costs. The ratings, however, continue to take comfort from the longstanding experience of the promoters in the ceramic industry and the competitive advantage of the company in raw material procurement over other tile manufacturers on account of its favourable location in Morbi (Gujarat). Outlook: Stable ICRA believes Lovato Ceramic Private Limited will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' if substantial growth in revenue and profitability, and better working capital management, strengthens the financial risk profile. The outlook may be revised to 'Negative' if cash accrual is lower than expected, or if any major debt-funded capital expenditure, or stretch in the working capital cycle, weakens liquidity. Key rating drivers Credit strengths * Long experience of the management in the ceramic industry: The promoters have a longstanding experience of close to a decade in the ceramic industry vide their association with other companies in the ceramic industry. * Locational advantage: The manufacturing facility of the company is located in the ceramic tiles manufacturing hub of Morbi (Gujarat), which provides easy access to quality raw materials like body clay, feldspar and glazed frit in Gujarat as well as Rajasthan. Credit weaknesses * Moderate financial risk profile: The financial profile of the company remains moderate as reflected by small scale of operations, high gearing levels and average coverage indicators. The company reported an operating income of INR34.86 crore and net profit of INR0.49 crore in FY2017. The operating margins remain low in the range of 6.00%-6.50%. The debt levels have increased as on March 31, 2017 owing to the debt funded capex incurred during the fiscal coupled with higher utilisation of working capital facilities to fund the increased inventory holdings. The same has resulted in deterioration in the gearing levels and weakening of coverage indicators. Nonetheless, the coverage indicators remain average with NCA/Debt at 16%, Total Debt/OPBDITA at 4.50 times and OPBDITA/I&F at 3.38 times for FY2017 as compared to 41%, 1.66 times and 4.55 times respectively for FY2016. * Margins subject to pressure from intense competition and cyclicality of the real estate industry: The tile manufacturing industry remains highly fragmented with competition from the organised as well as unorganised segments, apart from imports. The large number of players in the unorganised segment, most of whom are located in Gujarat and operate with low cost structures, create a pressure on prices. Moreover, the demand for tiles remains exposed to cyclicality in the real estate sector, which currently is in a downward trend. * Profitability susceptible to volatility in raw material and fuel prices: Despite the locational advantage for raw material procurement, the company has limited control over the prices of other key inputs such as natural gas/coal, and thus its margins remain exposed to adverse movement in gas/coal prices. * Profitability vulnerable to adverse fluctuation in foreign currency exchange rate: The export sales of the company have witnessed an gradual increase from 16% of revenues in FY2014 to 27% in FY2015 and further to 64% in FY2016 and 79% in FY2017. Given the lack of a formal hedging policy, the increasing contribution of exports exposes the company's profitability to any adverse fluctuation in foreign currency exchange rate. Incorporated in June 2009, Lovato Ceramic Private Limited (LCPL) commenced commercial production of ceramic wall tiles in February 2010. Its plant is located at Morbi in Rajkot district of Gujarat. LCPL is managed by Mr. Jaydeep Patel. The company currently manufactures wall tiles of sizes 12"x12", 12"x18" and 12"x24" and has established 'Lovato' brand for selling its product. In FY2017, the company reported a net profit of INR0.49 crore on an operating income of INR35.90 crore, as compared to a net profit of INR0.66 crore on an operating income of INR33.83 crore in the previous year. MASTER BLENDERS: ICRA Reaffirms B+/A4 Rating on INR7cr Loan ----------------------------------------------------------- ICRA has re-affirmed the long -term rating of [ICRA]B+ and the short-term rating of [ICRA]A4 assigned to the INR7.00 crore fund based bank limits of Master Blenders Private Limited. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based limits 7.00 [ICRA]B+(Stable)/[ICRA]A4; Re-affirmed Rationale The re-affirmed ratings continue to consider the moderate scale of the company's operations with high geographical concentration risk, owing to its major presence in the rural and semi-urban regions of Maharashtra. The ratings also factor in the intense competition from a large number of unorganised players (especially in the low-end India made foreign liquor (IMFL) segment) which restrict pricing flexibility, thereby impacting the profitability. The ratings are further constrained by the existing duty structure for alcohol in Maharashtra and the low- value additive nature of the liquor brewing business, which have kept the profitability weak. The ratings also factor in the company's high working capital intensive nature of operations, which has led to a tight liquidity position as reflected in high utilisation of sanctioned bank limits. While the demand prospects for the domestic IMFL industry continues to remain positive, the company's growth is likely to remain restricted on account of the highly regulated nature of the industry, extensive government control and ban on advertising. The ratings, however, take into account the promoters' experience in the liquor production and distribution business and business synergies and support from the promoter group companies, in terms of financing, marketing, and supply chain management. The perennial demand for potable alcohol due to the absence of any seasonality in business is also a rating comfort. Key rating drivers Credit strengths * Demonstrated support from the promoters and family, who have wide experience in the alcohol business: MBPL is promoted by the members of the Kalani family, Mr. Pradip Kalani and Mr. Kanyalal Kalani who have a rich experience in the liquor manufacturing and distribution business. The operations are also ably supported by other companies of the Kalani family which are engaged in trading of liquor in Mumbai, Thane and Raigad area in Maharashtra. * Insulation from seasonality in business on account of perennial demand for potable alcohol: The consumption of alcoholic beverages in India, which is amongst the lowest in the world (in terms of per capita consumption levels), has been on the steady rise benefitting from stable macro-economic environment, increasing proportion of India's young population entering the drinking age, increasing acceptance within the social circles and a shift from country liquor. Because of these reasons, the demand for liquor and IMFL in particular is likely to increase over short to medium term. Credit weaknesses * Modest scale of operations: The operating scale of MBPL remained modest and the operating income has grown at a low compounded annual growth rate (CAGR) of 3% in the last three years, from FY2015 to FY2017. It stood at INR79.76 crore in FY2017. * Low profitability due to limited value addition, intense competition and fluctuation in input costs: The value addition in the liquor manufacturing business remains low, especially in the segment where the company's products are sold. In addition, there is strong competition due to the presence of many players and presence of high taxes. The prices of molasses, the key raw material are governed by various factors, including the supply of molasses, which is in turn dependent upon sugarcane production, government regulations, and demand from other sectors like biodiesel, etc. This limits the ability of the company to achieve high margins. * Stretched liquidity position as evident from near to full utilisation of working capital limits: The company's liquidity profile is stretched, on account of the high working capital intensive nature of operations as is evident by the near-to-full utilisation of sanctioned fund-based limits in the last one year. * Domestic sales restricted to Maharashtra; competition from national players with more established brands and wider reach: The company's domestic sales are routed through an established network of 15 distributors with major presence in rural and semi- urban regions of Maharashtra. The operations are restricted only in Maharashtra. There is severe competition from other players (for the same price points) who have a deeper distribution network in the domestic market and have a better brand recall value than MBPL. * High business risk inherent in the liquor industry owing to stringent government controls and regulations and high taxes: The alcoholic beverages industry in India is highly regulated with about 65% of the domestic market being controlled by state-owned corporations (the Government market). Tight controls placed by State Governments over distribution, has resulted in low penetration of outlets for selling alcoholic beverages in the domestic market. This in turn has resulted in restricted growth of this industry in India. Furthermore, Indian regulations do not permit the advertisement of alcoholic beverages in mass media. The industry also remains heavily taxed, with taxes averaging over 30%. Master Blenders Private Limited was incorporated in September 1985. In September 1993, the company was taken over by the Kalani family. The company is currently closely held within the Mumbai- based Kalani family. MBPL manufactures IMFL and deals in different products such as whisky, vodka, rum, brandy and gin. The company buys the molasses based alcohol which it uses for further manufacturing. The company has its registered office in Mumbai and its manufacturing facility is in Khopoli (Maharashtra) with an installed capacity of around 4 lakh cases per year. Apart from this, MBPL also trades in IMFL which are procured from Deejay Distilleries Private Limited. In the domestic market, the company has its presence only in Maharashtra and it also exports to Angola, Nigeria, Hong Kong and the UAE, with exports accounting for 23% of the total sales in FY2017. In FY2016, the firm reported a net profit of INR0.99 crore on an operating income of INR77.27 crore, and a net profit of INR1.19 crore on an operating income of INR79.76 crore in FY2017 (provisional numbers). MOBILE TELECOM: CRISIL Keeps B+ Rating on Watch Negative -------------------------------------------------------- CRISIL's rating on the bank facilities of Mobile Telecommunications Limited (MTL) continue to be on 'Rating Watch with Negative Implications'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft 14 CRISIL B+/Watch Negative (Continues on 'Rating Watch with Negative Implications') The rating was placed on Watch on Aug. 14, 2017 following MTL's name appearing among the 331 suspected shell companies in Securities and Exchange Board of India's (SEBI's) notification dated August 7, 2017 to Bombay Stock Exchange (BSE), National Stock Exchange of India Ltd and Metropolitan Stock Exchange of India Ltd. SEBI's notification directed the exchanges to put significant restrictions on the trading of shares for the listed entities and initiate measures for verification of the credentials and fundamentals of the companies. CRISIL is closely monitoring the announcements from SEBI pertaining to the above and will remove the ratings from watch after the outcome of the proposed due diligence to be conducted by the exchanges is released and CRISIL is able to ascertain the impact of the same on the credit profile of the company. The rating reflects the company's below-average financial risk profile because of subdued debt protection metrics, and low and volatile operating margin due to trading nature of business. These weaknesses are partially offset by the extensive experience of its promoter and established relationship with customers. Key Rating Drivers & Detailed Description Weaknesses * Below-average financial risk profile: Debt protection metrics are subdued, reflected in interest coverage an net cash accrual to total debt ratios of 1.38 times and 0.04 time, respectively, for fiscal 2017. The company has also incurred net losses in the last two fiscals. * Low operating margin: Profitability is estimated at 0.9 percent in fiscal 2017 and has been in the 0.2-1.3 percent range in the last three fiscals due to trading nature of business. Modest margin constrains ability to generate cash flow. Strength * Extensive experience of promoters: Presence of around two decades in the electronic equipment business has enabled the promoter to establish strong relationship with customers. Established in 1995 by Mr. Anil Ved Mehta, MTL manufactures and trades in electronic hardware. It is listed on the Bombay Stock Exchange. In fiscal 2017, net loss was INR53 lakh on total sales of INR152.89 crore, against a net loss of INR134 lakh on total sales of INR125.17 crore in fiscal 2016. NOBLE EDUCATIONAL: ICRA Cuts Rating on INR14.01cr Loan to D ----------------------------------------------------------- ICRA has revised the long-term rating to [ICRA]D from [ICRA]B+ assigned to the INR14.26-crore fund based bank facilities of Noble Educational and Charitable Trust. Further, ICRA has also revised the long term/short term rating to [ICRA]D from [ICRA]B+/[ICRA]A4 assigned to the INR0.74-crore unallocated bank limits of Noble Educational and Charitable Trust. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Term Loan 14.01 [ICRA]D; Revised from [ICRA]B+ (Stable) Long Term-Cash Credit 0.25 [ICRA]D; Revised from [ICRA]B+ (Stable) Long Term/Short Term- 0.74 [ICRA]D; Revised from Unallocated [ICRA]B+ (Stable)/[ICRA]A4 Rationale The rating revision reflects delays in servicing of debt obligations falling due for payment in the months of October and November 2017, owing to stretched liquidity position and cash flow mismatch. Key rating drivers Credit strengths * Long experience of the trustee members: The trustee members have rich experience in the education sector for more than two decades. The Chairman, Mr. P V Thomas, is the founder member of BPC Arts and Science College at Piravom, Kerala. He is also the founder of Sneha Bhavan, which is a school for differently-abled children. Credit weaknesses * Risk of cash flow mismatch: Risk of cash flow mismatch during the year owing to varying fee collection and debt servicing timelines which has also led to the recent delays in debt servicing. * Small scale of operations and leveraged capital structure: The financial profile of the trust is characterized small scale of operations limiting economies of scale and by leveraged capital structure on account of debt funded capital expenditure incurred by the trust towards construction of college buildings. * High intensity of competition: The competitive intensity for NECT's institute is high, marked by the presence of several other established colleges offering similar courses in and around Kerela. * High regulatory intensity of the educational sector: The revenue of the trust continues to remain vulnerable on the back of tight regulatory structure in the higher education sector in India. The trust's institute has to abide by the rules framed by various regulatory bodies like All Indian Council of Technical Education (AICTE), University Grants Commission (UGC), University and state governments. Noble Educational and Charitable Trust was incorporated in the year 2009 and manages an engineering college named Holy Kings College of Engineering and Technology located in Pampakuda, Kerala. The college started functioning in September 2011 and was affiliated to Mahatma Gandhi University, Kottayam till 2014-15. From 2015-16 onwards, it is affiliated to A P J Abdul Kalam Technological University, previously known as Kerala Technological University. The college is All India Council for Technical Education (AICTE) approved and is ISO 9001:2008 certified. The college offers five engineering courses, namely, Civil Engineering, Computer Science Engineering, Electronics and Communication Engineering, Electrical and Electronics Engineering and Mechanical Engineering. From the academic year 2015-16, the college has also started to offer two M. Tech courses, namely, Structural Engineering and Construction Management and Industrial Instrumentation and Control. POLYPLASTICS UTTAR: CRISIL Withdraws B Rating on INR4.96MM Loan -------------------------------------------------------------- CRISIL Ratings has been consistently following up with Polyplastics Uttar Bharat Private Limited (PUBL) for obtaining information through letters dated Nov. 10, 2016 and Dec. 14, 2016 among others, apart from telephonic communication. However, the issuer remains non-cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3.25 CRISIL B/Stable (Issuer Not Cooperating; Rating Withdrawal) Letter of Credit 1.50 CRISIL A4 (Issuer Not Cooperating; Rating Withdrawal) Proposed Long Term 3.18 CRISIL B/Stable (Issuer Not Bank Loan Facility Cooperating; Rating Withdrawal) Term Loan 4.96 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 they are arrived at without any management interaction and are based on best available or limited or dated information on the company'. Detailed Rationale CRISIL has withdrawn its ratings on the bank facilities of PUBL. The ratings have been withdrawn after receipt of client request along with no objection certificate from its banker, State Bank of India. The rating action is in line with CRISIL's policy on withdrawal of its bank loan ratings. Analytical Approach For arriving at its ratings, CRISIL has combined the business and financial risk profiles of PUBL with Polyplastics Industries (India) Pvt Ltd (PIPL), Polyplastics Auto Components Pvt Ltd (PACL), United Precision Engineering Co (UPEC), and Euro American Plastic Products Pvt Ltd (EAPL). This is because all these entities, together referred to as the Polyplastic group, have significant inter-group operational linkages and are under a common management Incorporated in 2008, PUBL manufactures wheel covers, bow ties (General Motors' emblem), and injection-moulded components. The Polyplastic group has plants in Yamuna Nagar, Bawal (both in Haryana), Bhiwadi (Rajasthan), Chennai (Tamil Nadu), and Pune (Maharashtra). The group's main company, PIPL, supplies automotive components to original equipment manufacturers. PUPL and EAPL supply plastic automotive components to PIPL. UPEC manufactures dies and moulds for group companies. PACL, based in Chennai, supplies products exclusively to Renault Nissan Automotive India Pvt Ltd. RAMAKRISHNA TELETRONICS: ICRA Cuts Rating on INR54cr Loan to D -------------------------------------------------------------- ICRA has downgraded the ratings for the INR60.00 crore bank facilities of Ramakrishna Teletronics Private Limited to [ICRA]D/[ICRA]D from [ICRA]B(Stable)/ [ICRA]A4. ICRA has also moved the ratings to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Fund Based 6.00 [ICRA]D ISSUER NOT Limits COOPERATING; Rating downgraded from [ICRA]A4 and moved to the 'Issuer Not Cooperating' category Unallocated Limits 54.00 [ICRA]D/[ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B(Stable)/[ICRA]A4 and moved to the 'Issuer Not Cooperating' category Rationale The rating downgrade follows the delays in debt servicing by RTPL to the lenders, as confirmed by them. ICRA has limited information on the entity's performance since the time it was last rated in January, 2017. As part of its process and in accordance with its rating agreement with RTPL, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers Credit strengths * Steady growth in operating income: The operating income increased from INR112.76 crore in FY2013 to INR247.49 crore in FY2016 owing to opening up of new stores. * Long experience of the promoters in distribution and retail business: RTPL is involved in retailing and distribution of consumer durables such as flat panels, refrigerators, washing machine, air conditioners, electronic appliances, mobiles through a chain of 12 retail stores located across Hyderabad, Vizag and Rajahmundry under the brand name "Yes Mart". Credit weaknesses * Delays in debt servicing: The rating downgrade follows the delays in debt servicing by RTPL owing to closure of its showrooms. * RTPL's weak financial risk profile and high working capital intensity: The financial profile of RTPL is characterised by high gearing of 4.83 times, low interest coverage ratio of 1.16 times, and low NCA/Total Debt of 1.76% for FY2016 and high working capital intensity of 34% due to high inventory levels required to be maintained in consumer durables retailing business. * High geographic concentration: The geographic concentration is high with nine out of 12 stores located in Hyderabad. * Low margins, stiff and increasing competition limiting profitability: The low margins in electronic retailing business coupled with stiff and increasing competition from e-commerce players which restricts pricing flexibility, and fragmented nature of the industry leading to high competitive intensity (resulting in pressure on the retailers to offer discounts), limits the profitability of RTPL Ramakrishna Teletronics Pvt. Ltd. (RTPL) was incorporated in 2008 by Mr. V. Raghavendra and Mr. V Ravi Kumar based in Hyderabad. RTPL is involved in retailing and distribution of consumer durables such as flat panels, refrigerators, washing machine, air conditioners, and electronic appliances, mobiles through a chain of 12 retail stores located across Hyderabad, Vizag and Rajahmundry under the brand name "Yes Mart". The company is acting as a distributor of Sony in Telangana region and Vu flat Panels in Telangana and Andhra Pradesh region. ROYAL PLAZA: CRISIL Reaffirms 'D' Rating on INR10MM Term Loan ------------------------------------------------------------- CRISIL Ratings has reaffirmed its rating on the long-term bank facility of Royal Plaza Inn (RPI) at 'CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 10 CRISIL D (Reaffirmed; Removed from 'Issuer Not Cooperating') The ratings reflects the delay in servicing debt, caused by weak liquidity and delays in completion of the project. Key Rating Drivers & Detailed Description Weaknesses * Weak liquidity profile: The firm has not generated revenues as it is yet to commence operations due to delays in project completion. * Delays in completion of the project: The hotel has faced delays in completing the project due to pending approvals and labour issues. Strength * Experience of the proprietor in the real estate industry.: Extensive experience of the proprietor, (ranging from 10 to 15 years) in the real estate industry will support the firm's operations in the hospitality industry. RPI, a sole proprietorship entity set up in 2010 by Mr. M P Shamsudheen, is currently constructing a 108 room hotel in Arayidathupalam, Kozhikode. SAI POINT: ICRA Moves 'B' Rating to Not Cooperating Category ------------------------------------------------------------ ICRA has moved the rating for the INR12.00 crore fund-based bank facilities of Sai Point Bikes and Cars to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Dropline facility 12.00 [ICRA]B(Stable); ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Rationale The rating action is based on the best available information. As part of its process and in accordance with its rating agreement with Accord, ICRA has been trying to seek information from the company to undertake a surveillance of ratings; but despite multiple requests, the company's management has remained non- cooperative. In the absence of the requisite information, ICRA's Rating Committee has taken a rating view based on the best available information. In line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the company's rating is now denoted as: "[ICRA]B (Stable); ISSUER NOT COOPERATING". The lenders, investors and other market participants may exercise appropriate caution while using this rating, given that it is based on limited or no updated information on the company's performance since the time it was last rated. Key rating drivers Credit strengths * Extensive experience of proprietor in the automobile dealership sector through its group companies: The proprietor enjoys a longstanding experience in the auto dealership sector through its group companies, which has resulted in a strong market presence in Maharashtra. Further, Sai Point derives operational and financial synergy from its group companies due to similar line of business operations. Credit weaknesses * Nascent stage of operations with strong competitive intensity amongst other organised and unorganised players engaged in similar line of business: The firm commenced commercial operations from April 2015 in the field of in reselling second hand luxury cars. Due to nascent stage of operations in a highly competitive industry, Sai Point's revenues are vulnerable to cyclicality inherent in the automotive industry in its area of operations. * Stretched financial risk profile characterised by high gearing, relatively modest coverage indicators, low cash accruals and high working capital intensity of operations: The financial profile of the firm is weak due to a leveraged capital structure with gearing of 8.39 times, modest debt protection metrics with OPBDITA/Interest at 1.88 times and low cash accruals with NCA/Total Debt at 8% as a result of high reliance on external borrowings for the period Apr-Dec 2016. Further, inventory of superior value luxury cars has resulted in high working capital intensity of operations with NWC/OI of 39% for the period Apr-Dec 2016. Established in 2015, Sai Point Bikes and Cars (SPBC or firm) is a proprietorship concern started by Mr. Dilip Patil. The company refurbishes and sells pre-owned luxury cars of known brands, mainly Audi, Mercedes Benz, BMW and Jaguar and has two showrooms -- one in Mumbai and the other in Pune. SPBC is part of the established Sai Point Group, based in Thane, Maharashtra. The group's flagship company Sai Point Automobiles Private is an authorised dealer of two-wheelers and spare parts manufactured by Honda Motorcycle and Scooter India, Private Limited. The other group companies are also involved in automobile (four-wheeler) dealership and vehicle financing and construction businesses. SESHA SAI: ICRA Moves B Rating to Not Cooperating Category ---------------------------------------------------------- ICRA has moved the long-term rating for the INR6.00-crore cash- credit and INR6.00-crore unallocated facilities of Sesha Sai Cotton Company to the 'Issuer Non-Co-operating' category. The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Cash Credit 6.00 [ICRA]B (Stable) ; ISSUER NOT COOPERATING; Ratings moved to the 'Issuer Not Cooperating' category Unallocated 6.00 [ICRA]B (Stable) ; ISSUER NOT COOPERATING; Ratings moved to the 'Issuer Not Cooperating' category Rationale The rating is based on no updated information on the entity's performance since the time it was last rated in July 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating does not adequately reflect the credit risk profile of the entity. The entity's credit profile may have changed since the time it was last reviewed by ICRA; however, in the absence of requisite information, ICRA is unable to take a definitive rating action. As part of its process and in accordance with its rating agreement with Sesha Sai Cotton Company, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers Credit strengths * Significant experience of the promoter in the cotton industry: More than two decade experience of promoters in cotton industry helps in understanding the market trend resulting in procuring better raw materials at competitive rate. * Location Advantage: The firm benefits from its presence in cotton growing region of Andhra Pradesh and proximity to ginning mills which resulting in ease of raw material procurement and lower transportation costs. Credit weaknesses * Small scale of operations: The firm has small scale of operations in a highly fragmented industry characterised by presence of large number of players which limits firm's ability to pass on any adverse movement to its customers. * Industry susceptible to agro-climatic risks: The industry is susceptible to agro-climatic risks, which can affect the availability of raw material in adverse weather conditions. * Profitability indicators exposed to the volatility in price movements of raw material: The margins of the firm are affected by the raw material price fluctuation which in turn affects the sales realisations. Any adverse movement in the price of raw materials could have an adverse impact on the firm's margins * High Customer Concentration risk: The company is exposed to high customer concentration risk with 62% of the total sales for FY2015 were derived from the top five customers. * Risk from proprietorship nature of business: Any substantial withdrawal would adversely affect the capital structure of the firm as evidenced in FY2015 SSCC was established in the year 2001 as a proprietorship concern by Mr. Jampu Anjaneyulu. The entity is engaged in ginning and pressing of cotton and trading of cotton lint and cotton seed. The firm has an installed capacity of 12 ginning machines located in Guntur, Andhra Pradesh on lease, while pressing of cotton bales is outsourced. SHRIAMAN AGROVET: CRISIL Reaffirms B+ Rating on INR4.25MM Loan -------------------------------------------------------------- CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the long-term bank loan facilities of Shriaman Agrovet Private Limited (SAPL). The rating continues to reflect the company's modest scale of operations in intensely competitive industry, vulnerability to risks inherent in the poultry industry and stretched liquidity. These weaknesses are partially offset by promoters' extensive experience in the poultry industry and healthy debt protection metrics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 2.2 CRISIL B+/Stable (Reaffirmed) Long Term Loan 4.25 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 1.55 CRISIL B+/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: The modest scale is reflected in revenue of INR10.96 crore in fiscal 2017. Modest scale, along with intense competition in the industry limits the bargaining power with customers and suppliers. The scale is expected to increase over the medium term with better capacity utilisation, but will remain modest. * Vulnerability to risks inherent in the poultry industry: The poultry farming industry is driven by regional demand and supply factors, due to constraint on transportation because of perishability of products. Furthermore, there are inherent risk in the industry like frequent outbreaks of disease which may impact realizations and profitability of players like SAPL. * Stretched liquidity: SAPL's liquidity is stretched marked by accruals tightly match with repayments and moderately high utilisation of bank lines. Strengths * Extensive industry experience of the promoters: The promoters have been in the business for over two decades, and have established strong relationships with customers and suppliers. * Healthy debt protection metrics: Interest coverage ratio was 3.8 times and net cash accrual to total debt ratio was 0.14 time in fiscal 2017; compared to xx and xx times, respectively, a year ago. The debt protection metrics will remain comfortable over the medium term. Outlook: Stable CRISIL believes SAPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if revenue and profitability increase, leading to higher cash accruals and better financial risk profile. The outlook may be revised to 'Negative' if the financial risk profile deteriorates due to lower-than expected accrual or stretch in working capital cycle or large, debt-funded capital expenditure. Set up in 2015, SAPL manufactures poultry feed and cattle feed at its plant is in Surguja (Chhattisgarh), and has capacity of 8 tonne per hour. Operations are managed by Mr. Gopal Agrawal and his family. ULTRA DENIM: Ind-Ra Migrates BB- Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Ultra Denim Private Limited's (UDPL) Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR110 mil. Fund-based working capital limits migrated to non-cooperating category with IND BB-(ISSUER NOT COOPERATING)/IND A4+(ISSUER NOT COOPERATING) rating; -- INR25 mil. Non-fund-based working capital limits migrated to non-cooperating category with IND A4+(ISSUER NOT COOPERATING) rating; and -- INR772.7 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 Nov. 14, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE UDPL was established in 2011 by Mr. Bhogibhai L. Patel. The company manufactures denim fabrics at its unit in Surat, Gujarat, which has an annual installed capacity of 9.1 million metres. VAIDEHI ENTERPRISE: ICRA Moves B Rating to Not Cooperating ---------------------------------------------------------- ICRA has moved the long term ratings for the bank facilities of Vaidehi Enterprise (VE) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING" Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Cash Credit 5.00 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category The rating is based on limited or no updated information on the entity's performance since the time it was last rated in April 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating does not adequately reflect the credit risk profile of the entity. The entity's credit profile may have changed since the time it was last reviewed by ICRA; however, in the absence of requisite information, ICRA is unable to take a definitive rating action. As part of its process and in accordance with its rating agreement with Vaidehi Enterprise, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Incorporated in July 2014 by Mr. Suresh Goyal and Mr. Ajay Bhaootra, Vaidehi Enterprises (VE) is engaged in the marketing of high end women's dress material in tier I and tier II cities. The firm commenced commercial operations in December 2014. The firm's products include sarees and dress materials. While it procures grey cloth from the local market, it outsources the dyeing & printing activities and embroidery work to local units and utilises the premises of its group company for the finishing work and for despatching to wholesalers / distributors. VAISHNAV CASHEWS: CRISIL Lowers Rating on INR5.5MM Loan to 'D' ------------------------------------------------------------- CRISIL Ratings has been consistently following up with Vaishnav Cashews (VC) for obtaining information through letters and emails dated Jan. 19, 2017, and Feb. 9, 2017, among others, apart from telephonic communication. However, the issuer has remained non cooperative. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 5.5 CRISIL D (Issuer Not Cooperating; Downgraded from 'CRISIL B/Stable') The investors, lenders and all other market participants should exercise due caution while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company'. Detailed Rationale CRISIL has downgraded its rating on the long-term bank facility of VC to 'CRISIL D/Issuer Not Cooperating' from 'CRISIL B/Stable/Issuer Not Cooperating'. Th rating downgrade reflects delays in servicing of debt obligations by the firm. The delays have been on account of weak operational performance. Set up as a proprietorship firm in 2007, VC processes raw cashew nuts and sells cashew kernels. The operations of the firm are managed by the proprietor, Mr. Susheelan Pillai. VARSHA INDUSTRIES: ICRA Raises Rating on INR47cr Loan to B+ ----------------------------------------------------------- ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B for the INR47.00 crore1 cash credit limits, INR1.60 crore term loan and INR0.01 crore of unallocated limit of Varsha Industries Private Limited. ICRA has reaffirmed the short-term rating at [ICRA]A4 for the fund based limits of VIPL. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term Loan 1.60 [ICRA]B+(Stable) upgraded from [ICRA]B(Stable) Fund based/Non 47.00 [ICRA]B+(Stable) upgraded Fund based-Cash from [ICRA]B(Stable)/ Credit [ICRA]A4 reaffirmed Unallocated 0.01 [ICRA]B+(Stable) upgraded from [ICRA]B/[ICRA]A4 reaffirmed Rationale The upgrade in the long-term rating takes into account the equity infusion in the current fiscal with growing scale of operations. Nonetheless, the ratings continue to be constrained by company's weak financial profile characterised by thin profitability, leveraged capital structure and low coverage indicators. The ratings further take into account the high competitive intensity in the agro commodity business resulting from low entry barriers; exposure of company's profitability to any adverse regulatory changes particularly those related to export incentives and availability of agro commodities as the same is linked to seasonality and crop harvest. The ratings however, continue to favourably consider the extensive experience of the promoters in agro commodities business; its reputed clientele with established business relations and favourable location in Gujarat, easing procurement. Outlook: Stable ICRA believes Varsha Industries Pvt. Ltd. will continue to benefit from the extensive experience of its promoters and geographically diversified customer profile. The outlook may be revised to 'Positive' if substantial growth in scale and profitability, and improvement in capital structure, strengthens the financial risk profile. The outlook may be revised to 'Negative' if cash accrual is lower than expected because of low profitability, or in case of any major capital expenditure, or stretch in working capital cycle, weakens liquidity. Key rating drivers Credit strengths * Extensive experience of promoters in the agro commodities business: VIPL was incorporated in 2013 by the Desai family and is engaged in processing and trading of agro commodities. The management of the company has vast experience through other associated concerns- Archana Industries, Bhaskar Agro Seeds and Vivek Enterprise engaged in agro commodities business. * Established business relations with reputed clientele: The company focuses on domestic as well as overseas markets (57% and 43% respectively in FY2017). In the domestic market, Haldiram group has consistently remained one of the major customers with increasing off-take each year (Rs. 73.0 crore in FY2016 and INR132.0 crore in FY2017). * Favourable location of VIPL benefits in terms of procurement of agro products: The company derives majority of the revenue from processing of groundnut (78% of total sales in FY2017) with Gujarat accounting for ~40% of the total groundnut production in the country. Hence, company benefits in terms of availability of superior quality groundnut and ease of procurement with savings in transportation costs. Credit weaknesses * Scale up of operations albeit thin profitability margins: VIPL's total operating income has increased from INR289.09 crore in FY2015 to INR434.26 crore in FY2017 supported by expansion in plant capacity and demand from European markets. The company has recorded sales of INR140.0 crore in H1FY2018 against INR102.0 crore in H1FY2017. However, due to the trading nature of business, the profitability has continued to remain low with 1.15% at operating level and 0.40% at net level in FY2017. * Leveraged capital structure and weak coverage indicators: The Total Debt of the company mainly consists of working capital borrowings from the bank, standing at INR46.95 crore as on October 15, 2017. The net worth has improved from INR15.45 crore on FY2017 end to INR22.93 crore as on H1FY2018 end due to equity infusion of INR4.00 crore in October, 2017. Consequently, the gearing improved to 2.08 times as on H1FY2018 end against 3.39 times as on FY2017 end. On account of high interest expense, the coverage indicator continued to remain weak with interest coverage ratio of 1.28 times in FY2017. * Exposure to regulatory changes and export incentive pertaining to export markets: The contribution of export incentives continues to have significant impact on the profitability of VIPL. In the recent past, the export incentive on groundnut has been reduced to 0.15% from 1.0% under Focus Product Scheme (FPS). Hence, the company's operations and profitability remain susceptible to regulatory changes pertaining to foreign trade. * Business exposure to agro-climatic changes; Intense competition due to low entry barriers: The agro commodity trading business remains dependent on the performance of the agricultural sector, which is further impacted by a combination of factors like climatic conditions, Government policies, prevailing demand- supply scenario, etc. Further, the low value additive nature of operations, coupled with intense competition in the industry, exert pressure on profitability. Incorporated in 2013, Varsha Industries Private Limited (VIPL) is involved in the business of processing and trading of agro- commodities such as grains, oil seeds, spices, etc. VIPL's processing facility is located at Junagadh in Gujarat with an installed sorting capacity of 800 tonnes per day. The company is promoted by the Desai family with its promoters having vast experience in the agro commodity sector through associate concerns, namely Archana Industries and Bhaskar Agro Seeds and Vivek Enterprise, engaged in trading of agro commodities. The company is an ISO 22000:2005 certified company and is registered as a Recognised Export House by the Ministry of Commerce and Industry, and the Spice Board (Government of India). The company is also a member of the Indian Oilseeds & Produce Export Promotion Council and the Agricultural & Processed Food Products Export Development Authority (Government of India). Further, it has also been awarded for its several groundnut products by Indian Oilseeds and Produce Export Promotion Council. In FY2017, the company reported a net profit of INR1.75 crore on an operating income of INR434.26 crore, as compared to a net profit of INR1.47 crore on an operating income of INR258.97 crore in the previous year. VEDAMATHA ENTERPRISES: ICRA Lowers Rating on INR12.50cr Loan to D ----------------------------------------------------------------- ICRA has downgraded the rating to [ICRA]D and has also moved the rating to the 'Issuer Not Cooperating' category for the INR12.50- crore bank facilities of Vedamatha Enterprises Pvt. Ltd. (VEPL). The rating is now denoted as "[ICRA]D ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term-Fund- 12.50 [ICRA]D ISSUER NOT based Cash Credit COOPERATING; downgraded from [ICRA]B; Rating moved to the 'Issuer Rationale The rating downgrade follows the delays in debt servicing by Vedamatha Enterprises Pvt. Ltd. to the lender, as confirmed by them to ICRA. ICRA has limited information on the entity's performance since the time it was last rated in July 2016. As part of its process and in accordance with its rating agreement with Vedamatha Enterprises Pvt. Ltd., ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers Credit strengths * Long experience of promoters in the business: The rating takes into account the director's long experience of around 3 decades in the trading business. Credit weaknesses * Delays in debt servicing: The company has delayed in servicing its debt obligations with State Bank of India and the account has turned into a non performing asset. Vedamatha Enterprises Pvt Ltd was incorporated in 2002, and is currently engaged in the decorative laminations business as a distributor of Greenlam Industries Ltd for Bangalore, under a partnership firm named as "Vishaka Enterprises". The company is also engaged in to trading of silk sarees through its retail show room 'Devanad Silks' in Chickpet, Bangalore through partnership firm named "Devanand Marketing". Since inception till June 2015, the company was a distributor of HUL's FMCG products for Bangalore City area. VICKY FASHION: ICRA Moves B Rating to Not Cooperating Category -------------------------------------------------------------- ICRA has moved the rating for the INR7.00-crore bank facilities of Vicky Fashion Limited to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B (Stable)/[ICRA]A4 ISSUER NOT COOPERATING." Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based-Cash Credit 5.00 [ICRA]B (Stable); ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Fund-based-Packing 2.00 [ICRA]A4; ISSUER NOT Credit COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Rationale The rating is based on no updated information on the entity's performance since the time it was last rated in June 2016. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating does not adequately reflect the credit risk profile of the entity. The entity's credit profile may have changed since the time it was last reviewed by ICRA; however, in the absence of requisite information, ICRA is unable to take a definitive rating action. As part of its process and in accordance with its rating agreement with Vicky Fashion Limited, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information, and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers Credit strengths * Extensive experience of promoters in the textile business: VFL's key promoter has an experience of more than four decades in the textile business. The extensive experience of the promoters has facilitated the company to establish strong relationship with customers as well as suppliers. * Comfortable capital structure: The total debt of INR4.33 Crore as on March 31, 2016 comprised of cash credit facilities (Rs. 0.20 Crore), packing credit (Rs. 1.58 Crore), unsecured loan from directors and their relatives (Rs. 1.77 Crore) and vehicle loan (Rs.0.76 Crore). With a gearing of 0.26 times as on March 31, 2016, the capital structure is at comfortable level. Credit weaknesses * Fluctuating operating income and weak coverage indicators - VFL's operating income has been fluctuating over the past few years. The coverage indicators have also remained at a modest level as reflected by interest coverage of 0.41 times and Total Debt/OPBDITA of 9.80 time in FY2016. * Low profitability due to low value added nature of business: The margins of VFL have remained low on account of low value added nature of business due to significant presence of trading revenues. This along with high competition in fabric manufacturing business has limited the company's pricing flexibility. * Intense competitive pressures on account of fragmented industry structure: VFL faces stiff competition from established organised players and dominant unorganised players in the industry. During the last few years, the textile industry has become more competitive with several new players entering the industry, thereby putting pressure on VFL's revenues and margins. Incorporated in 1996, Vicky Fashion Limited (VFL) is predominantly into trading of grey yarn and fabrics. In the year 2006, the company diversified into manufacturing of garments. The company has an in-house manufacturing unit at Mahape in Mumbai with a processing capacity of ~50,000 garments a month. Apart from domestic sales, the company also exports garments to various destinations like Italy, United States of America (USA) and France. VFL is one of the group companies run by the Jhunjhunwala family. The other companies in the group are Colours International Limited (CIL) which is involved in fabric trading and has a similar customer base as VFL and J.J Exports which mainly acts as a commission agent in fabric trading business. ========= J A P A N ========= TAKATA CORP: EU Fines Firm EUR12.7MM for Role in Parts Cartel ------------------------------------------------------------- Jiji Press reports that the European Union has fined Takata Corp. and four other companies a total of EUR34 million over alleged cartels for seat belts and other automobile parts, the European Commission said on Nov. 22. The remaining four are Japanese firms Tokai Rika Co., Toyoda Gosei Co. and Marutaka Co., as well as Sweden's Autoliv Inc., according to the executive branch of the EU, Jiji Press. According to Jiji Press, Takata was fined EUR12.7 million and Toyoda Gosei EUR11.3 million. The other three also acknowledged their involvement and agreed to pay fines. The report relates that the commission said the five companies participated in part or all of the four cartels between July 2004 and July 2010 for seat belts, airbags and steering wheels sold to automakers including Toyota Motor Corp. and Honda Motor Co. in Europe's single market. About Takata Corp Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. Takata Corp. filed for bankruptcy protection in Tokyo and the U.S., amid recall costs and lawsuits over its defective airbags. Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court on June 25, 2017. Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No.17-11375) on June 25, 2017. Together with the bankruptcy filings, Takata announced it has reached a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion. Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Prime Clerk is the claims and noticing agent. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor. UBS Investment Bank also provides financial advice to KSS. On June 28, 2017, TK Holdings, as the foreign representative of the Chapter 11 Debtors, obtained an order of the Ontario Superior Court of Justice (Commercial List) granting, among other things, a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act. The Canadian Court appointed FTI Consulting Canada Inc. as information officer. TK Holdings, as the foreign representative, is represented by McCarthy Tetrault LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Trade Creditors and a separate Official Committee of Tort Claimants. The Official Committee of Unsecured Creditors has selected Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F. Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The Committee has also tapped Chuo Sogo Law Office PC as Japan counsel. The Official Committee of Tort Claimants selected Pachulski Stang Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the insurance policies. Sakura Kyodo Law Offices will serve as special counsel. Roger Frankel, the legal representative for future personal injury claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and Ashby & Geddes PA to serve as co-counsel. Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. ===================== P H I L I P P I N E S ===================== PHILIPPINE NATIONAL BANK: Moody's Hikes BCA From ba1 ---------------------------------------------------- Moody's Investors Service has upgraded the foreign currency deposit ratings of Philippine National Bank (PNB) and Rizal Commercial Banking Corporation (RCBC) to Baa2/P-2 from Baa3/P-3. Moody's has also upgraded PNB's local currency deposit rating to Baa2/P-2 from Baa3/P-3. In the case of RCBC, Moody's has upgraded the bank's senior unsecured debt and senior unsecured MTN program rating to Baa2 and (P)Baa2 from Baa3 and (P)Baa3, as well as the bank's other short term rating to (P)P-2 from (P)P-3. Furthermore, for these two banks, Moody's has upgraded their baseline credit assessments (BCAs) and adjusted BCAs to baa3 from ba1. And, Moody's has affirmed the Counterparty Risk Assessment (CR Assessment) of PNB and RCBC at Baa2(cr)/P-2(cr). The ratings outlook for these two banks is maintained at stable. RATINGS RATIONALE UPGRADE OF THE BCA AND LONG-TERM RATINGS The upgrade of PNB and RCBC's deposit ratings to Baa2 takes into account the one-notch upgrade of their BCAs to baa3, and a one- notch uplift to reflect Moody's assumption that the banks will receive support from the Government of the Philippines (Baa2 stable) in times of need. The upgrade of PNB and RCBC's BCAs also takes into account the stable operating environment for banks in the Philippines, supported by a strong economy, and the private sector's benign leverage and stable debt servicing metrics. Philippine banks exhibit strong funding profiles that are dominated by deposits, and demonstrate little reliance on short-term wholesale funding. These factors are incorporated in Moody's assessment of the macro profile of the Philippines of Moderate(+). PNB: The upgrade of PNB's BCA to baa3 from ba1 reflects the bank's improved financial profile since its merger with Allied Banking Corporation (ABC) in 2013. In particular, the bank's asset quality and capital buffers have become comparable with those of its peers in the Philippines. The bank's high levels of capitalization and loan-loss coverage provide sufficient loss- absorption capacity at its current rating level to withstand moderate asset quality deterioration over the next 12-18 months. PNB's BCA of baa3 is also supported by its relatively stable funding profile with limited depositor concentration as compared to other peers in the country. PNB was the fifth-largest bank in the system, with 689 branches and 1,176 ATMs as of the end of September 2017. The bank's franchise was enhanced after the merger with ABC in 2013, particularly in the significant markets of Metro Manila and Luzon. Furthermore, the bank's liquid assets -- which represented 36% of the total tangible assets as of the end of December 2016 -- provide support against downside risks. Nevertheless, these strengths are balanced by the bank's low profitability metrics, when compared with other peers in the country, given its low cost efficiency. Although, Moody's expects PNB's interest income to improve as the bank expands loans to the higher-yielding small and medium enterprises and the retail segments, nevertheless, the bank's high cost to income ratio of 67% over the last three years will limit improvements to its profitability profile. RCBC: The upgrade of RCBC's BCA to baa3 from ba1 reflects Moody's assessment that the bank's standalone profile has become comparable with its peers in the Philippines, as reflected by its solvency and funding metrics. In addition, Moody's expects the bank to maintain its capital buffers in line with the other similarly rated peers in the Philippines, by periodically accessing the equity markets, as it has done in the past. RCBC's BCA of baa3 incorporates the modest deterioration in its asset quality metrics as reflected by its net non-performing loan ratio of 1.41% as of September 2017 as compared to 0.97% in the year before. Over the next 12-18 months, its new NPL formation rate is likely to rise gradually as loans begin to season, but will remain manageable, given the robust operating environment in the Philippines. RCBC's BCA also reflects the bank's smaller branch network which limits its ability to garner low-cost deposits compared with that of its larger peers in the country. Nevertheless, liquid assets - which represented 32% of the bank's tangible assets at end-2016 - provide support against downside risks. OUTLOOK STABLE The outlook on PNB's and RCBC's ratings is stable, in line with the stable outlook on the Government of the Philippines' long- term rating. WHAT COULD MOVE THE RATING UP PNB: PNB's deposit rating of Baa2 is at the same level as the Philippines' sovereign rating. It is unlikely that PNB will be rated above the sovereign, because of the high correlation of risk between the bank and the sovereign. Moreover, the stable outlook on the sovereign's rating suggests that the upside and downside risks are balanced. The following factors could result in an upward revision of PNB's BCA: (1) a proven ability to maintain its asset quality metrics and its loss absorption buffers (capital and loan loss reserves), and (2) evidence that the bank can improve cost efficiency and its risk-adjusted profitability on a sustained basis. RCBC: RCBC's deposit and debt ratings of Baa2 are at the same level as the Philippines' sovereign rating. It is unlikely that RCBC will be rated above the sovereign, because of the high correlation of risk between the bank and the sovereign. And, the stable outlook on the sovereign's rating suggests that the upside and downside risks are balanced. The following factors could result in an upward revision of the bank's BCA: (1) a proven ability to maintain its asset quality metrics; (2) its ability to maintain its capitalization level and loan loss reserves in line with that of its domestic peers; and (3) evidence that the bank can continue to reduce its credit costs and improve its risk-adjusted profitability to support capital generation. WHAT COULD MOVE THE RATING DOWN PNB The bank's BCA and consequently its ratings could be lowered if: (1) aggressive expansion or acquisitions result in a significant increase in its risk profile; (2) its underwriting practices become lax, resulting in a significant increase in nonperforming assets; (3) its capital buffers fall materially; (4) the operating environment for banks in the Philippines deteriorates as reflected by a slowdown in the country's economic growth or a rapid increase in leverage and/or a deterioration in the funding and liquidity conditions for the banking system. A downgrade of the Philippine's sovereign rating will also result in a downgrade of the bank's ratings. RCBC RCBC's BCA and consequently its ratings could be lowered if: (1) aggressive expansion or acquisitions lead to a significant increase in the bank's risk profile; (2) its operating environment weakens significantly or underwriting practices become lax, resulting in a significant increase in nonperforming assets; (3) its capital buffers fall materially; (4) the operating environment for banks in the Philippines deteriorates as reflected by a slowdown in the country's economic growth or a rapid increase in leverage and/or a deterioration in the funding and liquidity conditions for the banking system. A downgrade of the Philippine's sovereign rating will also result in a downgrade of the bank's ratings. The principal methodology used in these ratings was Banks published in September 2017. Philippine National Bank, headquartered in Manila, reported total assets of PHP799 billion at September 30, 2017. Rizal Commercial Banking Corporation, headquartered in Manila, reported total assets of PHP504 billion at September 30, 2017. ================= S I N G A P O R E ================= SINGAPORE: Makes a 'Good Start' on Debt Restructuring Ambitions --------------------------------------------------------------- David Yong at Bloomberg News reports that Singapore has made "a good start" in its bid to become a debt restructuring hub in the region, with six workout cases filed before its courts after it adopted U.S. Chapter 11-like incentives in local company laws this year, a senior government official said. Indonesian developer PT Bakrieland Development is set to complete its group restructuring after a plan by its unit BLD Investments Pte. was sanctioned by a local judge earlier this month in the first of such cases, Bloomberg relates. Other publicly disclosed filings involved Attilan Group Ltd., TT International Ltd., EMAS Offshore Ltd. and Nam Cheong Ltd, Bloomberg notes. "The fact that we have six filed this year alone after the amendment is an indication that people are certainly looking to try out this new restructuring regime," Indranee Rajah, senior minister of state for law and finance, told Bloomberg. The key to a good restructuring is for counsels, the parties and the court "to take a commercial approach to it," she said. Bloomberg relates that Singapore, aiming to bolster its position as a center for debt revamps, amended the Companies Act in March, giving worldwide effect for debt moratorium, enabling debtor-in- possession financing, and granting rescue-capital providers super-priority claims on assets over existing creditors. Such features are among the hallmarks of U.S. bankruptcy law. A fallout in global oil prices from mid-2014 has roiled companies in the city-state, a regional energy-industry hub as well as financial center, Bloomberg says. There have been about SGD1.4 billion ($1 billion) of local bond defaults since late 2015, led by offshore oilfield services groups, Bloomberg-compiled data shows. As companies turned to the courts to reorganize debt and crude oil stabilized, sentiment in the local high yield bond market recovered, Bloomberg notes. Such notes have gained every quarter this year after posting their worst losses in late 2016, Bloomberg reports citing a Markit Iboxx index. In Bakrieland, "the approach of the court was commercial, pragmatic and progressive in the spirit of the new provisions," said Ashok Kumar, a partner at lawfirm BlackOak LLC in Singapore, who advises the local unit of the Indonesian developer in its $290 million debt restructuring, Bloomberg relays. The cross- border moratorium gave it sufficient time to engage creditors and secure support to the revamp, he said. Ezra Holdings Ltd. and China Fishery Group Ltd. are among Singapore-listed groups that have filed for Chapter 11 bankruptcy protection from creditors. Closely held semiconductor assembler Global A&T Electronics Ltd. is preparing a pre-pack Chapter 11 filing after obtaining 95 percent support from noteholders on its restructuring offer, according to Bloomberg. While Singapore seeks to capture a slice of revenue from debt restructuring works, the amended legislation was aimed at helping troubled companies get back on their feet, Rajah, as cited by Bloomberg, said. The incentives came about after it met with U.S. officials to study the popularity of the Chapter 11 restructuring regime, she added. "One thing they emphasized is that we have to grapple with the commercial reality, judges were flexible in the way they try the new approaches, provided you get the companies back up," Bloomberg quotes Rajah as saying. "What we were looking for was a good substantive framework that would help companies get back on their feet, and ensure all the stakeholders get something out of it." =============== X X X X X X X X =============== * BOND PRICING: For the Week Nov. 20 to Nov. 24, 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 ***