/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/180501.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 1, 2018, Vol. 21, No. 085 Headlines A U S T R A L I A 84 DIXON: First Creditors' Meeting Slated for May 9 AUSSIE FARMERS: Mulled IPO Months Before AUD80 Million Collapse GRENFELL SECURITIES: First Creditors' Meeting Set for May 7 HANLEC ELECTRICAL: First Creditors' Meeting Set for May 8 HANLEC POWER: First Creditors' Meeting Set for May 8 HERMITAGE BENDIGO: ASIC Seeks to Wind Up 5 Land Banking Companies RAG PROPERTY: First Creditors' Meeting Set for May 7 WARNE TRANSPORT: First Creditors' Meeting Set for May 8 C H I N A GRIDSUM HOLDING: Suspends Audit Report on Financial Statements HNA GROUP: Borrowing Costs Surge to Record Last Year ZHONGHONG HOLDING: Defaults on More Than CNY1.1BB Loans I N D I A AKAR TOOLS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating AMBA FOODS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating AMBICA CHEMICALS: Ind-Ra Maintains 'B' Rating in Non-Cooperating ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable APOLLO COMPUTING: Ind-Ra Affirms BB- Long-Term Issuer Rating ARCHEAN CHEMICAL: ICRA Reaffirms D Rating on INR404.34cr Loan BLUEFLAME INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr Loan CADILLAC GRANITO: ICRA Withdraws B Rating on INR15cr Term Loan CHAMARIA INFRASTRUCTURES: Ind-Ra Assigns B Rating, Outlook Stable DCS TECHNO: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating DOABA KHALSA: CARE Assigns D Rating to INR31.20cr LT Loan ELEGANT SALES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable ESSAR STEEL: Lenders to Assess Numetal, ArcelorMittal Bids ESSAR STEEL: Numetal Challenges ArcelorMittal's Eligibility GEM MOTORS: CARE Assigns B+ Rating to INR19.78cr LT Loan HARAN CHANDRA: ICRA Cuts Ratings to D; Remains in Not Cooperating IBD UNIVERSAL: ICRA Moves D Rating to Not Cooperating Category INDIAN ART: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating KISH EXPORTS: ICRA B Rating Remains in Not Cooperating Category KISSAN SOLVEX: CARE Assigns B+ Rating to INR14cr LT Loan KOHINOOR FOODS: CARE Lowers Rating on INR747.30cr Loan to D LIGHT CRAFT: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating MAYURAKSHI COLD: CARE Reaffirms B+ Rating on INR8.07cr Loan MIDAS AGRO: ICRA Moves B Rating to Not Cooperating Category NAVDURGA ISPAT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable P & Y ENTERPRISES: Ind-Ra Migrates 'BB' Rating to Non-Cooperating P KISHANCHAND: ICRA Reaffirms B Rating, Removes From Not Coop. PATNA SAHIB: CARE Assigns 'D' Rating to INR21.75cr LT Loan PRAFFUL EXPORTS: Ind-Ra Maintains B LT Rating in Non-Cooperating PRJ POLYMERS: ICRA Moves B+ Rating to Not Cooperating Category RATIONAL HANDLOOM: Ind-Ra Maintains BB Rating in Non-Cooperating RIVIPAC POLYMERS: CARE Assigns B Rating to INR4.32cr LT Loan SDM PROJECTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating SHILPI CABLE: ICRA Cuts Rating to D; Keeps Not Cooperating Cat. SHINDE DEVELOPERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating SHREE BALBIR: ICRA Assigns B+ Rating to INR12cr Cash Loan SHREE GANGA: CARE Assigns B Rating to INR1.75cr LT Loan SHRI MURUGAN: ICRA Assigns B+ Rating INR12cr Cash Loan SINGHAL BUSINESS: CARE Assigns B+ Rating to INR9cr LT Loan SIYARAM COTTON: CARE Assigns B+ Rating to INR13.90cr LT Loan SKYWIN SPINNING: Ind-Ra Rates INR138.8MM Loan 'BB+' SRI POWER: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating SRI SARVARAYA: ICRA Moves D Rating to Not Cooperating Category SWIFT CERAMIC: ICRA Withdraws B+ Rating on INR3.50cr Cash Loan USS EXIM: ICRA Withdraws 'B' Rating on INR1cr LT Loan VIRENDRA KUMAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable VISHRAMBHAI GORASIA: Ind-Ra Affirms BB- LT Rating, Outlook Stable VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to D M A L A Y S I A KONSORTIUM TRANSNASIONAL: Auditors Cast Going Concern Doubt S O U T H K O R E A GM KOREA: To Turn Around Next Year, General Motors CFO Says X X X X X X X X * BOND PRICING: For the Week April 23 to April 27, 2018 - - - - - ================= A U S T R A L I A ================= 84 DIXON: First Creditors' Meeting Slated for May 9 --------------------------------------------------- A first meeting of the creditors in the proceedings of 84 Dixon Pty Ltd will be held at the offices of Morgan Conley, Level 6, 239 George Street, in Brisbane, on May 9, 2018, at 10:00 a.m. Daniel Moore -- daniel.moore@dpmrecovery.com.au -- of DPM Recovery was appointed as administrator of 84 Dixon on April 26, 2018. AUSSIE FARMERS: Mulled IPO Months Before AUD80 Million Collapse --------------------------------------------------------------- Sue Mitchell at Australian Financial Review reports that Aussie Farmers Direct was considering an initial public offering only months before collapsing last month, owing more than $80 million to creditors including franchisees, staff and primary producers. According to a report to creditors by the administrators of Stay in Bed Milk & Bread, which traded as Aussie Farmers, directors appointed advisers in mid-2017 to help the group raise pre- initial public offering funding, AFR relays. "They thought there was enough of an upside story to get people on board," AFR quotes one source close to the company as saying. "But the accounts would not have made pretty reading." AFR says Aussie Farmers abandoned IPO plans in mid-to-late November after failing to generate enough interest from investors, who were no doubt spooked by the fact the company had racked up losses of more than $52 million pre-tax since 2015 and could only keep trading with the support of its major shareholders. After abandoning IPO plans, Aussie Farmers appointed a global investment bank to find buyers for the business, which was launched in 2005 and delivered fresh food boxes, meal kits and packaged groceries to about 150,000 customers using a network of franchisees, AFR relates. By February 2018, three potential buyers had expressed interest in the business, but no firm offers emerged, according to AFR. AFR relates that Aussie Farmers was losing AUD500,000 a week when directors finally pulled the plug in March after major shareholders including Everyday Gourmet, Hendale AM (Singapore) and Sujajo Investments withdrew their support following unsuccessful efforts to restructure, recapitalise or sell the business. According to the administrators report, the shareholders had advanced more than AUD70 million to Aussie Farmers' parent company over the past four years and had committed to financially support the group until July 2018, AFR relays. Directors pointed the finger at competition from Coles and Woolworths, new entrants in the home delivery market and an influx of cheap imported produce. However, the administrators, Craig Shepard and Leanne Chesser of KordaMentha, said Aussie Farmers' unsustainable growth strategy contributed to its demise, AFR adds. "(Aussie Farmers) strategy appeared to be focused on sales growth," the administrators report, as cited by AFR, said. "To drive sales, management invested heavily in building a geographic footprint, IT platform and logistics infrastructure that resulted in a significant fixed cost base that was not supported by the level of revenue that was being generated." According to AFR, the administrators have recommended Stay in Bed Milk & Bread be wound up at the second creditors' meeting on April 26 as no deed of company arrangement has been proposed. Aussie Farmers had realisable assets of AUD4.9 million and owed secured creditors and unsecured creditors including staff, franchisees and primary producers more than AUD80 million, resulting in a net assets deficiency of AUD69.6 million, AFR discloses. Major secured creditors include Baida Poultry, BMW Finance, Crown Equipment, Everyday Gourmet, Hendale, Sujajo, Loscam, Luv-a-Duck, Pro-Pac Packaging, Royal Wolf, Shaw Investments, a company associated with chief executive Brendan Shaw, Visy and Metcash, adds AFR. AFR notes that Aussie Farmers subsidiary The General Store had a strategic partnership with Metcash's Campbells Cash & Carry to pick and pack pantry items and household goods. While there were no buyers for the business as a going concern, the administrators are still trying to sell Aussie Farmers' intellectual property, including a database of 1 million customer records, a bespoke e-commerce platform, trademarks and domain names. The administrators have received three non-binding offers for the IP assets and expect to complete a sale by the end of this month, AFR reports. AFR says the administrators refunded AUD58,060 to customers who had ordered but not received deliveries but another 3000 customers owed a total of AUD40,630, most likely because of items missing from deliveries, now rank as unsecured creditors, taking the number of creditors to 3,600. The administrators said they not found any evidence that directors had breached their duties or failed to act in good faith. From December 2017, the company relied on Safe Harbour laws to protect itself from insolvent trading claims, adds AFR. About Aussie Farmers Aussie Farmers Direct was an online grocery delivery company. The company had 160 employees in Victoria, 59 in NSW and about 13 in Queensland, South Australia and Western Australia. There were 35 franchisees in Victoria, 30 in NSW, nine in South Australia, eight in both Queensland and Western Australia and three in the ACT. Aussie Farmers Direct is the trading name of Stay in Bed Milk & Bread Pty Ltd. That company lists its shareholder as Aussie Farmers Holding Company. Leanne Kylie Chesser and Craig Peter Shepard of KordaMentha were appointed as administrators of Aussie Farmers Direct on March 5, 2018. GRENFELL SECURITIES: First Creditors' Meeting Set for May 7 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Grenfell Securities Limited will be held at the offices of Farnsworth Shepard, Level 5, 2 Barrack Street, in Sydney, NSW, on May 7, 2018, at 11:00 a.m. Adam Shepard at Farnsworth Shepard was appointed as administrator of Grenfell Securities on April 24, 2018. HANLEC ELECTRICAL: First Creditors' Meeting Set for May 8 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Hanlec Electrical Pty Ltd will be held at Level 3, 35 Outram Street, in West Perth, WA, on May 8, 2018, at 10:00 am. Kimberley Stuart Wallman of HLB Mann Judd was appointed as administrator of Hanlec Electrical on April 27, 2018. HANLEC POWER: First Creditors' Meeting Set for May 8 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Hanlec Power Solutions Pty Ltd will be held at Level 3, 35 Outram Street, in West Perth, WA, on May 8, 2018, at 11:00 am. Kimberley Stuart Wallman of HLB Mann Judd was appointed as administrator of Hanlec Power on April 27, 2018. HERMITAGE BENDIGO: ASIC Seeks to Wind Up 5 Land Banking Companies ----------------------------------------------------------------- The Australian Securities and Investments Commission has started legal action in the Federal Court in Melbourne to wind up companies associated with two land banking schemes operated in Victoria and to disqualify Michael Grochowski and Ian Edward Stephens from managing corporations. The two land banking schemes are known as: * Hermitage Bendigo (formerly Acacia Banks) located at Midland Highway, Bagshot, Victoria; and * Veneziane, located at Brooklyn Park Drive and Balmer Grange, Brookfield. ASIC is seeking to appoint liquidators to four development companies which operated, or were associated with, the land banking schemes. The development companies are: * Brookfield Riverside Pty Ltd (ACN 159 111 047); * Bilkurra West Pty Ltd (ACN 169 059 143); * Bilkurra South Pty ltd (ACN 602 374 390); and * Gillies Road Pty Ltd (ACN 163 866 724). ASIC is also seeking to appoint liquidators to Project Management (Aust) Pty Ltd (ACN 151 902 126) (PMA) and is seeking orders disqualifying Mr Stephens and Mr Grochowski from managing corporations for such period as the Court considers justified. ASIC alleges that PMA, Mr Stephens and Mr Grochowski were involved in the operation of the land banking schemes and that bank accounts relating to the development companies were operated by PMA under the control of Mr Grochowski. ASIC is concerned that the development companies and PMA are insolvent and that it is just and equitable that the companies are wound up. ASIC's investigation suggests that the development companies raised in excess of AUD15m from unsophisticated investors by the sale of options to purchase land or off the plan contracts of sale in land proposed to be developed by the development companies. However, the development companies have never owned the land. ASIC's investigation also suggests that attempts by the development companies to purchase the land have failed and that the developments are therefore unable to proceed or to be completed. ASIC is also concerned that monies raised from investors have been transferred between a number of companies without any apparent concern for obligations that might be owed to those investors and that the majority of funds raised from investors have been dissipated. Background This proceeding is part of ASIC's wider and ongoing investigation into land banking schemes. ASIC has already taken action in respect of: * Midland Hwy Pty Ltd and Bilkurra Investments Pty Ltd operating the Hermitage Bendigo scheme; and * Foscari Holdings Pty Ltd operating the Foscari scheme in respect of land at 99 Palmers Road, Truganina. Land banking is a real estate investment scheme involving the acquisition of large blocks of land by a promoter or developer of the scheme, often in undeveloped rural areas, who then offer portions of the land to investors. Land banking companies typically promote the investment with representations of high potential returns if the land is developed, or if plans for rezoning and development are finalised. Investors either purchase a lot in the land, or acquire an option to purchase a lot of land in an unregistered plan of subdivision. Investors should be vigilant when investing in such schemes and seek independent legal and financial advice. Investors should also assess their risk tolerance for this type of scheme. ASIC notes that many of the promoters of land banking schemes offer access to lawyers and financial advice, but is concerned that those advisors may not be independent. These types of investments may constitute a managed investment scheme and/or a financial product. Developers and promoters should therefore hold an Australian Financial Services Licence and register these schemes with ASIC. Further information on land banking is available on ASIC's MoneySmart website. At the first case management hearing of this matter on April 20, 2018 the Court made orders for the filing of pleadings, affidavits and submissions. ASIC's winding up application is to be listed by the Court for a hearing to be held after June 22, 2018 and the matter is otherwise listed for a directions hearing at 10:15 a.m. on June 8, 2018. RAG PROPERTY: First Creditors' Meeting Set for May 7 ---------------------------------------------------- A first meeting of the creditors in the proceedings of RAG Property Group Pty Ltd formerly trading as Blackburns Taxi Trucks and Exalted Property Services will be held at Level 5, 97 Pirie Street, in Adelaide, SA, on May 7, 2018, at 1:00 p.m. Clifford Stuart Rocke, Jeremy Joseph Nipps, and Sam Kaso of Cor Cordis were appointed as administrators of RAG Property on April 24, 2018. WARNE TRANSPORT: First Creditors' Meeting Set for May 8 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Warne Transport (QLD) Pty Ltd will be held at the offices of Mackay Goodwin, Level 10, 239 George Street, in Brisbane, Queensland, on May 8, 2018, at 11:00 a.m. Domenico Alessandro Calabretta of Mackay Goodwin were appointed as administrators of Warne Transport on April 24, 2018. ========= C H I N A ========= GRIDSUM HOLDING: Suspends Audit Report on Financial Statements -------------------------------------------------------------- Gridsum Holding Inc., disclosed that PricewaterhouseCoopers Zhong Tian LLP ("PwC"), the Company's independent registered public accounting firm, notified the Company's Board of Directors and Audit Committee on April 20, 2018, that PwC's audit report for the Company's financial statements for the year ended December 31, 2016 should no longer be relied upon. Therefore, investors should not rely on that audit opinion. In its letter, dated April 16, 2018 ("PwC Letter"), PwC informed the Company of certain issues it had identified in conducting its audit of the Company's financial results for the year ended December 31, 2017. Those issues relate to certain revenue recognition, cash flow, cost, expense items, and their underlying documentation which PwC had previously raised with the Company. Of the items specifically identified in the PwC Letter, the Company estimates a 2016 revenue impact of approximately RMB 2 million and a 2016 expense impact of approximately RMB 6 million. There can be no assurance that the Company or PwC will not identify more items as the Company finalizes the review. The Audit Committee Chairman and the Company's Co-Chief Financial Officer have discussed the topics covered by the PwC Letter with representatives of PwC. The Company's Audit Committee is fully investigating these issues with assistance from external legal and accounting advisors and is working diligently toward an expeditious conclusion of the investigation. The Company undertakes no obligation to update its disclosures on this topic until the Audit Committee investigation is complete. Because PwC will not be in a position to issue reports on the Company's financial statements until the Audit Committee completes its review and PwC is satisfied that any outstanding issues have been satisfactorily addressed, the Company's 20-F filing will be delayed until such audit is completed. Mr. Guosheng Qi, Chief Executive Officer of Gridsum, commented, "For many years, starting well before our IPO, we have been committed to transparency and good corporate governance and remain so. When we became aware of certain accounting issues, we immediately took measures to address this situation. Our Audit Committee started an investigation and appointed a respected global law firm to conduct that review with the assistance of 'big four' forensic accounting specialists. This work is still ongoing. I have full confidence in the integrity and professionalism of all parties involved and we hope to report our results as soon as practicable after that work concludes." "Meanwhile, we continue to make good progress in our efforts to grow the Company and expand our product range and client base. Our fundamentals and business prospects remain robust, and we look forward to continuing to work toward increasing shareholder value." About Gridsum Gridsum Holding Inc. (NASDAQ: GSUM) is a provider of cloud-based big-data analytics and AI solutions for multinational and domestic enterprises and government agencies in China. Gridsum's core technology, the Gridsum Big Data Platform, is built on a distributed computing framework and performs real-time multi- dimensional correlation analysis of both structured and unstructured data. This enables Gridsum's customers to identify complex relationships within their data and gain new insights that help them make better business decisions. The Company is named "Gridsum" to symbolize the combination of distributed computing (Grid) and analytics (sum). As a digital intelligence pioneer, the Company's mission is to help enterprises and government organizations in China use data in new and powerful ways to make better informed decisions and be more productive. HNA GROUP: Borrowing Costs Surge to Record Last Year ---------------------------------------------------- Prudence Ho at Bloomberg News reports that HNA Group Co.'s interest expenses surged to a record last year, topping all other non-financial companies in Asia and illustrating why the once- acquisitive Chinese conglomerate had to dump more than $13 billion of assets in the past four months. Borrowing costs surged to 32.1 billion yuan ($5.1 billion) in 2017 from 20.2 billion yuan a year earlier, Bloomberg relates citing figures derived from an annual report released on April 27. Earnings before interest and taxes rose too but not enough to cover the payments -- a rarity for a non-financial company with assets of over $100 billion. Total debt jumped 21 percent to 598.2 billion yuan, or about $94 billion, Bloomberg discloses. Bloomberg says the report provides the most extensive details yet of HNA's financial distress before it began offloading property from Hong Kong to New York, and selling shares in companies from Hilton Worldwide Holdings Inc. to Deutsche Bank AG in 2018. More disposals are on the way, as HNA still has put up more than $7 billion in real estate and stock for sale, according to a Bloomberg tally. The disposals have been emblematic of China's sudden loss of appetite for foreign trophy assets, Bloomberg notes. HNA and other acquisitive Chinese conglomerates such as Anbang Insurance Group Co., Dalian Wanda Group Co. and CEFC China Energy Co. are now hunkering down after going on a multiyear buying binge gobbling up everything from New York's Waldorf Astoria hotel to large stakes in Deutsche Bank, according to Bloomberg. Yet the reversal of HNA's empire-building ways has stood out. In the face of a liquidity crunch, HNA was said to have told Chinese lenders early this year that it planned to sell about $16 billion in assets during the first half of 2018. The group is on its way, having disposed of $13 billion this year, with the biggest being the $6 billion sale of its Hilton Worldwide stake. Bloomberg notes that the disposals have helped improve investor sentiment on HNA. Some of the conglomerate's bonds -- including a dollar-denominated one due in December and a local note due next year -- are headed for their sharpest three-month increases ever. Also, Chinese President Xi Jinping recently announced measures to bolster the economy in HNA's home base of Hainan, which could benefit the embattled group. Yet challenges abound, says Bloomberg. The probability of an HNA default in the coming year touched a 10-month high of 0.6 percent this month, according to the Bloomberg Default Risk model, and the group faces record bond repayments in the second half. Analysts at Bondcritic Ltd. and Australia & New Zealand Banking Group Ltd. have recently said that it's unclear whether HNA's problems are behind it. Short-term debts climbed 25 percent last year to 192.6 billion yuan. That exceeded what HNA's cash and earnings could cover, illustrating the urgency of its liquidity needs. While this year's asset sales give HNA some breathing room, the company still faces the challenge of regaining the trust of its lenders to help bring down borrowing costs, Bloomberg discloses. Total debt amounted to about 20 times the company's Ebit, while net income was only 0.2 percent of assets. Those ratios ranked the Chinese group among the worst globally for non-financial companies of its size, while interest expenses ranked No. 1 in Asia, according to data compiled by Bloomberg as of April 27. About HNA China-based HNA Group Co. Ltd. offers airlines services. The Company provides domestic and international aviation transportation, air travel, aviation maintenance, and aviation logistics services. HNA Group also operates holding, capital, tourism, logistics, and other business. Bloomberg News said HNA has been facing increasing pressure -- some banks are said to have frozen some unused credit lines to HNA units after they missed payments -- after a debt-fueled acquisition spree that left it with global assets ranging from hotels and refrigerated trucks to aviation and car rentals. ZHONGHONG HOLDING: Defaults on More Than CNY1.1BB Loans ------------------------------------------------------- The Wall Street Journal reports that a Chinese property developer whose owner bought a stake in SeaWorld Entertainment Inc. is piling up overdue loans worth hundreds of millions of dollars, as a government campaign to control debt starts to squeeze China's property sector. Zhonghong Holding Co. disclosed in a regulatory filing on April 23 that it defaulted on more than CNY1.1 billion in borrowings, doubling in the past five weeks a pile of overdue debt that totaled CNY2.27 billion ($360 million), according to the Journal. The Journal relates that in the filing with the Shenzhen Stock Exchange, Zhonghong said the debt came from "various kinds of borrowings" and didn't disclose further details. Zhonghong is talking with creditors, which include financial institutions and banks, said a company representative. She declined to disclose further information, saying, "It's complicated," the Journal relays. While Zhonghong is a relatively small developer of offices, shopping malls and other commercial real estate, its mounting defaults are seen as a bellwether of emerging problems in the real-estate sector that could ripple across the banking system, according to the Journal. "This is a reflection of the challenges that particularly smaller developers are facing, and refinancing is particularly difficult," the Journal quotes Cindy Huang, an S&P Global Ratings analyst, as saying. "It wouldn't be a surprise to see more defaults like this." A two-year-old government effort to rein in debt and risky lending is bearing down on the property sector, which suffers in many places from overbuilding and speculation, the Journal says. Regulators are forcing banks to bring hidden debts from nonbank, or "shadow," lenders on the books and close those off-book channels. That tightening, said S&P's Ms. Huang and other analysts, is especially pinching smaller firms such as Zhonghong, which are finding it tougher to borrow than during the heyday of the housing boom when new borrowings could replace old debts, the Journal relates. According to the Journal, Zhonghong has been showing signs of trouble, reporting a net loss of 2.48 billion yuan for 2017. Its controlling shareholder, Wang Yonghong, splashed out last year on SeaWorld, paying $448.5 million via his Zhonghong Zhuoye Group to Blackstone Group LP to become the U.S. theme-park and entertainment company's largest shareholder. Mr. Wang later made a failed bid for Brookdale Senior Living Inc., a U.S. operator of elderly residential centers. After Mr. Wang's Zhonghong Zhuoye failed to repay more than CNY213 million in debt owed a trust company, a Beijing court early this year froze the company's entire 26.5% controlling stake in the property developer, the Journal reports citing a regulatory filing. Zhonghong, which is registered in the eastern province of Anhui, also said last week that it received a regulatory warning for failing to disclose in time its overdue debts and a decision to suspend work on a project on smaller island off the coast of Hainan island, the Journal relays. Developers across China are sitting on a mountain of borrowings. Amid the pile, at least $40 billion in bonds may come due this year, compared with $10 billion last year, if creditors exercise options for full repayment, the Journal discloses. The Journal relates that Zhonghong owes CNY2.9 billion of outstanding local-currency bonds, according to data provider FactSet, though those don't appear to be part of its overdue debt. As of April 26, there were no reports of yuan bond defaults by any Chinese developer this year, according to data provider Wind Information, which provides daily updates on bond defaults, the Journal relates. For Zhonghong, trust financing is likely to be at the center of its problems, said S&P's Ms. Huang. Loans from trusts to developers rapidly surged last year until the government stepped up scrutiny of the financing channel. New issuances plunged 30% in the first three months of the year to about $25 billion, according to an S&P Global Ratings report cited by the Journal. "This points to a pretty ominous sign for smaller developers, those that have relied on trust financing," the Journal quotes Ms. Huang as saying. "They will be impacted first and foremost." In last week's filing, Zhonghong warned that failure to make payments on its overdue debts may result in late fees, other penalties and further funding pressure, though it didn't provide due dates for those debts, the Journal reports. Zhonghong is "currently negotiating with relevant creditors to properly resolve the issue and is working hard to raise funds," according to the regulatory filing, the Journal relays. Headquartered in Beijing, China, Zhonghong Holding Co., Ltd. engages in the development and sale of real estate. It also engages in industrial investment, management and consulting, infrastructure investment, property management, rental, hotel management, decoration, metal materials, building materials, machinery and electrical equipment sales and project investment. ========= I N D I A ========= AKAR TOOLS: Ind-Ra Maintains 'BB+' LT Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Akar Tools Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR45 mil. Long-term loans maintained in non-cooperating category with IND BB+ (ISSUER NOT COOPERATING) rating; -- INR343 mil. Fund-based facilities maintained in non- cooperating category with IND BB+ (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-fund-based facilities maintained in non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 11, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1989, Akar Tools manufactures and sells hand tools, automobile forgings, leaf springs and parabolic springs. AMBA FOODS: Ind-Ra Maintains 'B' Issuer Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Amba Foods' (Amba) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR90 mil. Fund-based limits maintained in Non-Cooperating Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 4, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Amba was incorporated in 2000 as a partnership firm. It is engaged in rice milling and sorting. The firm is based in Cheeka (Haryana). AMBICA CHEMICALS: Ind-Ra Maintains 'B' Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Ambica Chemicals' Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR42.2 mil. Long-term loan maintained in Non-Cooperating Category with IND B (ISSUER NOT COOPERATING) rating; and -- INR23.8 mil. Fund-based working capital limit maintained in Non-Cooperating Category with IND B (ISSUER NOT COOPERATING) /IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 4, 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 1989, Ambica Chemicals is a proprietorship firm engaged in the manufacturing of nebivelol hydrochloride and drugs intermediates. ANANTNATH SILK: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Anantnath Silk Mills Private Limited's (ASMPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR241.5 mil. (increased from INR231.3 mil.) Fund-based limit affirmed with IND BB+/Stable/IND A4+ rating; and -- INR27.5 mil. (reduced from INR40.1 mil.) Term loan due on July 2021 affirmed IND BB+/Stable rating. KEY RATING DRIVERS The affirmation reflects ASMPL's continued moderate credit metrics and profitability, due to intense competition. In FY17, net leverage (Ind-Ra-adjusted total net debt/operating EBITDAR) was 2.7x (FY16: 2.6x) and interest coverage (operating EBITDA/gross interest expense) was 3.2x (3.0x). However, EBITDA margin improved to 9.4% in FY17 (FY16: 8.6%), on account of increased contribution from its high-margin linen fabric product. The ratings remain constrained by ASMPL's modest scale of operations, marked by revenue of INR1,003.2 million in FY17 (FY16: INR1,092.9 million). The revenue fell in FY17 on account of a sluggish demand due to demonetization and a general slowdown in the domestic and export markets, leading to lower order volumes. According to FY18 provisional financials, revenue increased to INR1,404.4 million because of an increase in sales contribution from linen fabric product. The ratings are also constrained by ASMPL's long net working capital cycle of 127 days in FY17 (FY16: 105 days) due to high receivable days of 56 (46 days) and high inventory holding days of 118 (84). The ratings, however, are supported by the company's comfortable liquidity position, with 72% average use of the fund-based facilities during the 12 months ended March 2018. The ratings are also supported by ASMPL's established operational track record coupled with its promoters' over 30 years of experience in the suiting fabric manufacturing business, leading to well-established relationships with customers and suppliers. RATING SENSITIVITIES Negative: A substantial decline in the profitability resulting in deterioration in the credit profile, on a sustained basis, would lead to a negative rating action. Positive: Substantial growth in the top line while maintaining the profitability leading to an improvement in the credit metrics, on a sustained basis, will be positive for the ratings. COMPANY PROFILE Incorporated in 1982, ASMPL manufactures suiting fabric and linen product. The company is equipped with in-house fabric weaving facilities. ASMPL operates with a capacity of 114 looms. APOLLO COMPUTING: Ind-Ra Affirms BB- Long-Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Apollo Computing Laboratories Private Limited's (ACL) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR11.9 mil. Term loans due on January 2018 withdrawn (limits repaid in full) and the rating is withdrawn; -- INR120 mil. (increased from INR100 mil.) Fund-based working capital limits affirmed with IND BB-/Stable rating; -- INR260 mil. (increased from INR220 mil.) Non-fund based limits affirmed with IND A4+ rating; and -- INR260 mil. Non-fund-based limits assigned with IND BB- /Stable rating. KEY RATING DRIVERS The affirmation reflects ACL's continued medium scale of operations and moderate margins and credit metrics, due to the project nature of business. The company caters to the aerospace and defense segments, and designs and develops electronics products as per customer requirements. The project life cycle may extend up to 2 years, depending on the complexity of the product. In FY17, revenue declined to INR254 million (FY16: INR354.6 million) owing to delays in obtaining orders from government institutions. Although EBITDA margins improved to 25.6% FY17 (FY16: 24.1%), due to lower raw material expenses, interest coverage fell to 2.7x (3.3x) and net leverage indicators increased to 2.3x (1.8x) due to a rise in debt levels. The ratings also factor in ACL's modest liquidity, due to the working capital intensive nature of business. Its net cash conversion cycle was long at 355 days in FY17, due to a large number of critical tests and delays on account of clearances from customers for defense orders. Also, its average peak use of the working capital was around 95% during April 2017 to March 2018. However, the ratings are supported by ACL's over 20 years of relationships with reputed clientele. Its major customers include Defense Research and Development Organization, Hindustan Aeronautics Limited and Aeronautical Development Agency. The ratings also reflect over two decades of the experience of ACL's founders in the defense equipment manufacturing industry. RATING SENSITIVITIES Positive: An increase in the scale of operations along with an improvement in liquidity position could be positive for the ratings action. Negative: Further stretch in liquidity will be negative for the ratings. COMPANY PROFILE Incorporated in 1992, ACL manufactures a wide range of customized electronic systems (around 300 products) for the aerospace industry. The company's manufacturing unit is located in Hyderabad, Telangana. ARCHEAN CHEMICAL: ICRA Reaffirms D Rating on INR404.34cr Loan ------------------------------------------------------------- ICRA has reaffirmed the long -term rating of [ICRA]D assigned to the. INR240.25 crore (revised from INR599.0 crore) term loans, INR53.41 crore fund-based working capital facilities (revised from INR99.00 crore), and INR404.34 crore long-term fund-based unallocated facilities (revised from INR0.0 crore) of Archean Chemical Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term Loan 240.25 [ICRA]D; Reaffirmed Fund based-Working Capital Facilities 53.41 [ICRA]D; Reaffirmed Long-term, Unallocated limits 404.34 [ICRA]D; Reaffirmed Rationale The rating reaffirmation takes into account the continuing delays in debt servicing following from the large delay in achieving full commercial operation, the resultant cost overrun which reflected in incremental losses, and an unfavorable debt repayment schedule. ICRA also notes that, management had proposed a restructuring of the debt under the S4A restructuring scheme during FY2017, and subsequently the lenders had approved it in March 2017 (with effect from October 2016) wherein the banks had converted part of the debt into equity / Optionally Convertible Debentures (OCDs). Nevertheless, the company continues to post substantial losses due to the weak international prices of its products and hence continues to delay on its restructured debt obligations. The promoters have been unable to infuse the requisite additional funds due to the weak financial profile of the Archean Group. However, ICRA considers the improvement in the production volumes of the bromine and industrial salt during 9M FY2018 as well as stabilisation in Sulphate of Potash (SOP) production. ICRA also notes that, the offtake agreements signed for salt and the robust market demand for bromine mitigates the business risk significantly. Owing to lack of funds required for meeting working capital requirements, company had shut down its plant for two to three months during FY2017. Scenarios for Rating Upgrade: Improvement in salt and SOP sale volumes and sustained improvement in operating profitability aiding in meeting the debt obligations in a timely manner. Key rating drivers Credit strengths Diversified product portfolio: ACIPL manufactures industrial salt, bromine and SOP in its integrated marine chemicals facility. During FY2018, the company witnessed improvement in production of all the three products. however, owing to lower cash accruals and lack of sufficient funding, capacity utilisation remains low at an absolute level. Integrated manufacturing plant provides cost advantages in the manufacturing process: ACIPL's integrated manufacturing plant is located at Hajipir near Rann of Kutch (Gujarat). The company uses the abundant and unique Rann brine as raw material and. this provides a cost advantage relative to the other producers. Distinctive location of Rann of Kutch acts as a major entry barrier for newer players as available land has already been taken up by the existing players, including ACIPL. In-place marketing arrangements reduce business risks for to a large extent: The Company has long-term offtake agreement with Sojitz Corporation of Japan, an equity investor in the project, for the entire production quantity of industrial salt and this has reduced the company's business risk significantly given the contribution of salt to the overall revenue mix. The marketing of bromine, the other key product, has also been successful with the company able to acquire a number of new customers. Credit challenges Delays in debt servicing: The company continues to delay on its debt obligation commitments since current scale of operations and cash accruals are insufficient to meet the repayments despite the debt restructuring completed in October 2016. Lower scale of operations is mainly on account of lack of availability of funds required for meeting working capital requirements. The initial targeted COD for the project was April 2012, whereas, the company had been able to achieve completion only by June 2015. The large delay was due to multiple factors such as delay in receipt of approvals, heavy rainfall and changes in scope of the project. However, company didn't reschedule the repayments and continued to service the term loans. This, in addition to the operational losses and substantial working capital requirements, has strained the liquidity of the company. Subdued prices of SOP & salt and lower production volume impacting the profitability: Selling prices of industrial salt and SOP has remained subdued in line with global prices trend and this has impacted the overall profitability of the company. Financial Profile is characterised by levered capital structure and modest coverage indicators: Weakened profitability since last few years has significantly deteriorated company's net worth position. This coupled with high debt levels has resulted in highly levered capital structure with the gearing as on March 2017at 9.7 times. Owing to lower operating profits, interest cover further declined to 0.7 times during FY2017 compared to 1.0 times during FY2016. Company's operations are exposed to risk of excessive rain fall: Company's operations are exposed to risk of excessive rain fall which can adversely impact the quality of key raw materials as well as operational stoppage impacting the scale of production. Incorporated in July 2009, ACIPL has set up an integrated marine chemicals complex for producing sulphate of potash (SOP), industrial salt and bromine. The project was commissioned in June 2015. The manufacturing plant is located in Hajipir, in the Kutch district of Gujarat. The integrated complex utilizes naturally available brine flowing over marine mineral deposits in the Rann of Kutch. The Archean Group is already one of the leading producers of industrial salt in the country; through this project it has also become the first domestic manufacturer of SOP. ACIPL is part of the Archean Group, which is a conglomerate with businesses across building materials, mining & minerals, industrial chemicals & fertilizers, shipping & shipbuilding, oil & gas, and renewable energy industries. In FY2017, the company reported a net loss of INR73.24 crore on an operating income of INR288.35 crore, as compared to a net loss of INR88.63 crore on an operating income of INR341.36 crore in the previous year. BLUEFLAME INDUSTRIES: CARE Assigns B+ Rating to INR5.50cr Loan -------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Blueflame Industries Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.50 CARE B+; Stable Assigned Short-term Bank Facilities 2.50 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of Blueflame Industries Private Limited are constrained by its small scale of business along with short track record of operations, regulated nature of business, working capital intensive nature. However, the aforesaid constraints are partially offset by its experienced management and stable demand outlook for LPG cylinder. Going forward, ability to increase its scale of operation and profitability margins and ability to manage working capital effectively are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of business along with nascent stage of operations: BIPL is a relatively small player in the manufacturing of LPG Cylinder industry as the company has achieved the TOI of around INR6.37 crore during the first two months of operations in FY18. The small scale of operation restricts the financial risk profile of the company limiting its ability to absorb losses or financial exigencies in adverse economic scenario. Further, BIPL commenced operation since January, 2018 and accordingly has a limited operational track record of around three months. Working Capital intensive nature of business: LPG cylinders are manufactured either in two piece or three piece construction. In two piece construction, cylinders are fabricated by welding two domed ends directly together. A three piece cylinder is fabricated by joining two domed ends to a cylindrical body. The domed ends can be tori-Spherical; Semi ellipsoidal. The raw material as per IS 6240 or equivalent either in coil or sheet form may be used for producing LPG cylinders. For a two piece cylinder, circular blanks are cut from sheet to produce top and bottom domes. Top dome further undergoes piercing operation to accommodate bung. Valve protection ring and foot rings are produced by blanking, rolling, joining and forming operations. There are different stages involved in manufacturing of LPG cylinder. Hence it is a working capital intensive nature of business. Regulated nature of business: Liquefied Petroleum Gas (LPG) Cylinders are manufactured and tested under stringent norms before they get certified by Bureau of Indian Standards (BIS) for market use. These LPG cylinders are designed and manufactured as per Indian standard. Normally, cylinders are produced in batches from raw material specified in Indian standards and tested before dispatching to market. As a part of design, cylinder thickness is calculated, that is based on the shape of the cylinder dome and cylindrical portion of the dome. Cylinders are then produced through various stages and tested before BIS Certifies. The essential tests to be conducted on cylinders before they get certified by Bureau of Indian standards such tests are Acceptance test, Burst and volumetric expansion test, Hydrostatic stretch test and burst test, Hydrostatic test, Pneumatic leak test, Radiographic examination and, Fatigue test/ Cycle test. Key Rating Strengths Experienced management: Mr. Nitin Punamchand Khara, Mr. Elesh Punamchand Khara, Mr. Sunil Kumar Saria and Mr. Sunil Kumar Aggarwal are the directors of BIPL and looks after the overall management of the company. Mr. Nitin Punamchand Khara having around three decades of experience in the same line of business, looks after the day to day operations of the company. He is supported by other directors and a team of experienced professionals. The promoters are actively involved in the strategic planning and running the day to day operations of the company along with a team of experienced personnel. Healthy demand prospect of the LPG cylinder: Liquid Petroleum Gas (LPG) is used worldwide for cooking and heating, especially in the area without connection to piped natural gas. It is a clean fuel. What distinguish LPG from other fuels is cylinder management. Because LPG has to be stored under pressure, metal cylinders are required. India is a fastest LPG consumption country in the world. In India government also launched several programmes to cover up the villages which are currently using traditional methods of fuelling for cooking. LPG demand growth is expected to remain high in near future. Accordingly, metal cylinder demands are high in near future. Blueflame Industries Private Limited was incorporated in 2015 by Mr. Nitin Punamchand Khara with an objective to enter into LPG cylinder manufacturing and repair business. The company has established a LPG cylinder manufacturing unit at Dhanbad, Jharkhand with an installed capacity of 5,00,000 LPG cylinders per annum. The commercial operation of the company started from January, 2018. The company has also obtained necessary license from the respective authority. The registered office of the company is located at Nagpur, Maharashtra. Mr. Nitin Punamchand Khara, having more than three decades of experience in the same line of business, looks after the overall management of the company along with the other directors and supported by the team of experienced professionals. CADILLAC GRANITO: ICRA Withdraws B Rating on INR15cr Term Loan -------------------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]B on the INR15.00-crore term loan facility and the INR7.50-crore cash credit facility of Cadillac Granito Pvt. Ltd. ICRA has also withdrawn the short-term rating of [ICRA]A4 on the INR2.50-crore non-fund based bank guarantee facility of CGPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- Term Loan 15.00 [ICRA]B; Withdrawn Fund-based- Cash Credit 7.50 [ICRA]B; Withdrawn Non-fund Based- Bank Guarantee 2.50 [ICRA]A4; Withdrawn Rationale The ratings assigned to CGPL have been withdrawn at the request of the company, based on the no-objection certificate provided by its banker. Outlook: Not applicable Cadillac Granito Pvt. Ltd. (CGPL) was incorporated in May 2016 by Mr. Sanjay Kachrola, Mr. Amit Parecha, and Mr. Deepak Parecha. The company manufactures single charge and twin charge vitrified tiles. The manufacturing unit is located at Morbi, Gujarat. CHAMARIA INFRASTRUCTURES: Ind-Ra Assigns B Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Chamaria Infrastructures Private Limited (CIPL) a Long-Term Issuer Rating of 'IND B'. The Outlook is Stable. The instrument-wise rating action is: -- INR55 mil. Term loan due on January 2025 assigned with IND B/Stable rating. KEY RATING DRIVERS The ratings reflect the occupancy risk associated with CIPL's under-construction hotel project, i.e. Vilasa International, in Burhar, Madhya Pradesh. The project cost of INR95 million is being funded in a debt/equity ratio of 1.8:1.0. The project is progressing as per the schedule and is scheduled to be launched in May 2018. The ratings, however, are supported by the advanced stage of project completion and the project's favorable location in proximity to targeted corporates. RATING SENSITIVITIES Negative: Any delay in the commencement of commercial operations will lead to a negative rating action. Positive: The project coming online on the scheduled launch date and the stabilization of operations leading to the generation of sufficient cash flows will lead to a positive rating action. COMPANY PROFILE Incorporated in July 2015, CIPL is constructing a hotel, which comprises 52 rooms of different categories, two banquet halls, a marriage garden, a multi-cuisine restaurant, a bar and other ancillary facilities. DCS TECHNO: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained DCS Techno Services Private Limited's Long-Term Issuer Rating in the non- cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR57.5 mil. Fund-based facilities maintained in non- cooperating category with IND BB- (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR62.5 mil. Non-fund-based facilities maintained in non- cooperating category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 10, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in 1997, DCS (formerly known as DCS Trading and Services Private Limited) is a Hyderabad-based trading company. It deals in machinery spare parts and consumables which are used in mining, power and automobile industries. DOABA KHALSA: CARE Assigns D Rating to INR31.20cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Doaba Khalsa Trust (DKT), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank Facilities 31.20 CARE D Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of DKT factor in the ongoing delays in the servicing of the debt obligations due to the stressed liquidity position of the trust. Detailed description of the key rating drivers Key Rating Weaknesses Ongoing delays in debt servicing: There are ongoing delays in the servicing of the debt obligations. Small and fluctuating scale of operations and weak debt coverage indicators: The scale of operations of the trust remained small and fluctuating with a total income of INR18.42 Cr. in FY17. The same increased by ~3% from FY16 on the back of higher student enrolment during the year. The debt coverage indicators remained stressed in the past. In 9MFY18 (Prov.) the trust reported a total income of INR14.50 Cr. which declined by ~2% from the corresponding period last year. High competition: Due to increasing focus on technical education in India, a number of colleges have opened in various parts of India. This exposes the revenue of DKT to competition from other colleges in and around Punjab and in other parts of the country. High level of regulation in the educational sector in India: The Indian education sector faces a high level of regulation by the Ministry of Human Resources at the national level, the education ministries in each state, central bodies like University Grants Commission and other professional councils like All India Council for Technical Education (AICTE) etc. Key Rating Strengths Experienced trustees and qualified faculty: The Trust is managed by Mr. Mohinder Singh Batth as its Chairman. Mr. Batth has a total work experience of around four decades in the education sector. Other members of the trust include Mr. Kulbir Singh Batth (Vice-Chairman) who has an experience of around one-and-a-half decades in the education industry. DKT has also employed experienced and qualified teaching staff to support the academic requirements of the institutions. Satisfactory capital structure: The capital structure of the trust remained satisfactory as on March 31, 2018. Doaba Khalsa Trust was established in 1998 under the India Trust Act, 1882 to impart higher education. The trust operates with Mr. Mohiner Singh Batth as its chairman. It is currently operating three campuses one each in Mohali, Ropar and Nawanshahar (Punjab) under the name 'Doaba Group of Colleges'. The colleges offer graduation, post-graduation and diploma courses in engineering and technology, management and pharmacy. The different courses offered are duly approved by AICTE (All India Council of Technical Education), PTU (Punjab Technical University), Jalandhar, SCERT (State Council of Educational Research and Training), Punjab, PU (Punjab University), Chandigarh and PSBTE (Punjab State Board of Technical Education), Chandigarh. Various members of the trust are also members of Patna Sahib Charitable Educational Trust (PTCET; rated 'CARE D') operating higher education institutes in Bihar. ELEGANT SALES: Ind-Ra Assigns 'BB-' Issuer Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Elegant Sales and Marketing (ESM) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR45 mil. Fund-based working capital limits assigned with IND BB-/Stable/IND A4+ rating; and -- INR35 mil. Non-fund-based working capital limits assigned with IND A4+ rating. KEY RATING DRIVERS The ratings reflect ESM's weak financial and credit profile, due to its limited operational track record, considering it commenced commercial operations in November 2014, and intense competition in the interior designing industry. FY16 was the first full year of operations. According to the latest audited financials, revenue was low at INR146 million in FY17 (FY16: INR88 million), EBITDA margin was moderate at 7% (4.2%), net financial leverage (Ind-Ra adjusted net debt/operating EBITDA) was high at 3.7x (4.7x) and interest coverage (operating EBITDA/gross interest expense) was weak at 2.7x (2.8x). The revenue improved due to increased order volumes from new customers. EBITDA margin rose due to a reduction in variable expenses. The credit metrics improved due to an increase in operating EBITDA. According to unaudited 9MFY18 numbers, the firm achieved revenue of INR270.9 million, EBITDA margin of 7.4% and interest coverage of 5.8x. The firm has an outstanding order book of INR112.9 million in April 2018 which is likely to be executed within the next two months. The ratings also factor in the partnership form of the organization and its tight liquidity position, with its peak average working capital utilization being 98.4% over the 12 months ended February 2018. The ratings, however, are supported by the company's promoters' more than 10 years of experience in the interior product manufacturing business. RATING SENSITIVITIES Negative: Any decline in the EBITDA margin leading to deterioration in the credit metrics or a stretch in the liquidity position, on a sustained basis, will lead to a negative rating action. Positive: Substantial revenue growth while maintaining profitability leading to an improvement in the credit metrics, and an improvement in the liquidity, on a sustained basis, will lead to a positive rating action. COMPANY PROFILE Incorporated in 2014 and based out in Hyderabad, ESM is engaged in the supply and installation of interior products such as glass partitions, moveable walls, aluminum skirting's and trims, carpets and architectural concrete. ESSAR STEEL: Lenders to Assess Numetal, ArcelorMittal Bids ---------------------------------------------------------- BloombergQuint reports that lenders to Essar Steel Ltd. have decided to assess bids submitted by Numetal Mauritius and ArcelorMittal India on their individual merit. BloombergQuint relates that the committee of creditors will not challenge an order passed by the National Company Law Tribunal last week, directing them to review bids submitted by the two companies. The CoC decision was taken at the end of deliberations that spanned over two days as lenders assessed the tribunal's order, three people in the know told BloombergQuint on the condition of anonymity. According to BloombergQuint, the two bids were considered ineligible by the resolution professional as they were seen to be in violation of Section 29(A) of the Insolvency and Bankruptcy Code. The section, introduced as an amendment, does not allow promoters of a defaulting company to submit a resolution plan. In the case of Numetal Mauritius, the Ruia family - promoters of the Essar Group - had an interest in the bidding entity. ArcelorMittal was disqualified as it was classified as a promoter of Uttam Galva Steel Ltd. and KSS Petron, both defaulting firms, BloombergQuint says. As the CoC had relied on the resolution professional's decision on eligibility the NCLT ordered that lenders do their own evaluation and if found ineligible give the bidder opportunity to rectify that, BloombergQuint states. The CoC will conduct separate hearings for both these bidders to understand how they intend to resolve these issues under Section 29(A) of the IBC, the people quoted above said, BloombergQuint adds. BloombergQuint adds that the lenders also took note of a letter submitted by Numetal proposing to "match and better" ArcelorMittal India's bid. The Numetal offer, according to the people quoted above, is conditional and will depend on lenders disqualifying the bid submitted by ArcelorMittal. The Luxembourg-based steel giant offered a 35-40 percent haircut to financial creditors in the first bid it had submitted, while Numetal, a VTB Bank-led special purpose vehicle, had offered a 65-70 percent haircut, BloombergQuint reported on April 25. Essar Steel owes INR49,000 crore to its financial creditors, BloombergQuint discloses. About Essar Steel Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar Group and is having 10 MTPA integrated steel manufacturing facilities at Hazira, Gujarat and iron ore beneficiation and pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns and operates two iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore slurry from the beneficiation plant (located near the iron ore mines in Dabuna and Kirandul) to the pellet plant (located near the Paradip and Vizag ports). A large portion of the iron ore pellets produced are intended for captive consumption by ESIL's steel plant at Hazira for cost optimization. The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted Essar Steel's insolvency case on Aug. 2, 2017. Satish Kumar Gupta of Alvarez and Marsal India has been appointed as interim resolution professional upon the suggestion of State Bank of India (SBI). Essar Steel owes more than INR45,000 crore to lenders, of which INR31,671 crore had already been declared as non-performing as of March 31, 2016, The Economic Times disclosed. The SBI-led consortium of 22 creditors accounts for 93% of this amount. Essar Steel owes $ 450.67 million to Standard Chartered Bank (SCB) in debt. ESSAR STEEL: Numetal Challenges ArcelorMittal's Eligibility ----------------------------------------------------------- BloombergQuint reports that Numetal Mauritius has initiated proceedings at the National Company Law Appellate Tribunal challenging ArcelorMittal India's eligibility in bidding for Essar Steel. The NCLAT on April 28 agreed to hear Numetal's plea and issued notices to the committee of creditors (CoC), the resolution professional and ArcelorMittal. The next hearing is scheduled for May 17, the report says. BloombergQuint relates that the CoC's decision on the eligibility of both bidders will be subject to the NCLAT proceedings, the people quoted said. About Essar Steel Incorporated in 1976, Essar Steel India Ltd. is a part of the Essar Group and is having 10 MTPA integrated steel manufacturing facilities at Hazira, Gujarat and iron ore beneficiation and pelletisation facilities in Paradeep, Odisha (12 mtpa) and Vizag, Andhra Pradesh (8 mtpa). The company also owns and operates two iron ore slurry pipelines -- one each in Odisha (Dabuna to Paradip) and Andhra Pradesh (Kirandul-Vizag), which transport the iron ore slurry from the beneficiation plant (located near the iron ore mines in Dabuna and Kirandul) to the pellet plant (located near the Paradip and Vizag ports). A large portion of the iron ore pellets produced are intended for captive consumption by ESIL's steel plant at Hazira for cost optimization. The National Company Law Tribunal (NCLT) - Ahmedabad Bench admitted Essar Steel's insolvency case on Aug. 2, 2017. Satish Kumar Gupta of Alvarez and Marsal India has been appointed as interim resolution professional upon the suggestion of State Bank of India (SBI). Essar Steel owes more than INR45,000 crore to lenders, of which INR31,671 crore had already been declared as non-performing as of March 31, 2016, The Economic Times disclosed. The SBI-led consortium of 22 creditors accounts for 93% of this amount. Essar Steel owes $ 450.67 million to Standard Chartered Bank (SCB) in debt. GEM MOTORS: CARE Assigns B+ Rating to INR19.78cr LT Loan -------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Gem Motors India Private Limited (GMIPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 19.78 CARE B+; Stable Assigned Short-term Bank Facilities 5.00 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of GMIPL is primarily tempered by Thin and fluctuating profitability margins, Leveraged capital structure and weak debt coverage indicators, Working capital intensive nature of operations, Performance of GMIPL linked to fortunes of Maruti Suzuki India Limited and Volume driven business with intense competition in the industry. However, the rating derives comfort from Vast experience of the key promoter in automobile dealership line of business, Five operational showrooms and six workshops, Increasing scale of operations and Growing demand for automobiles in India. Going forward, the company's ability to improve its profitability, capital structure and debt coverage indicators and efficiently utilize its working capital requirements are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Thin and fluctuating profitability margins: The company expanded its services to different locations during the review period. This led to increase in quantity of goods sold resulting in higher cost of procurement of goods and additional cost was incurred on labour, advertisements etc. which declined the PBILDT margin from 5.32% in FY15 to 3.95% in FY16, however improved to 4.50% in FY17 on the back of increased revenue generation. The PAT margin also fluctuated in line with the PBILDT margin and stood at below unity at 0.74% as of FY17. Leveraged capital structure and debt coverage indicators: The capital structure of the firm marked by overall gearing stood leveraged at 6.67x as on March 31, 2017, deteriorated from 5.96x as on March 31, 2016 due to higher outstanding balance of working capital borrowings as on account closing date and increase in the amount of term loan borrowed for the purpose of expansion of service localities and purchase of test drive vehicles. The total debt/GCA stood weak at 14.98x in FY17 with a slight improvement from 15.95x in FY16 due to increase in cash accruals from better revenue. The interest coverage ratio was fluctuating during the review period on the back of increase in profit by absolute terms and higher interest charges associated with term loan borrowings from financial institutions. The interest coverage ratio stood at 1.31x as of FY17. Working capital intensive nature of operations: The company purchases vehicles and spares directly from the manufacturing unit of MSIL located in Gurugram, Haryana. The oils and other lubricants are purchased locally from MSIL's recommended dealers. The purchase of vehicles, spares and oils is made against advance payment and hence the average creditor days stood low at 10 days. While on sales, customers are generally given credit of 5-15 days for making the payment on sale of vehicles and servicing. On the back of increase in the demand for MSIL cars in the market, the inventory held by the company has been moving out steadily, which led to comfortable inventory holding period at 22 days. Due to comfortable collection, creditors and inventory period, the operating cycle also stood comfortable at 28 days in FY17. Since the company has to make advance payments to its suppliers, working capital facilities are being utilized. The working capital utilization levels stood at 90% for the last 12 months ended February 2018. Performance of GMIPL linked to fortunes of Maruti Suzuki India Limited: GMIPL is an authorised dealer of Maruti Suzuki India Limited (MSIL) and the business risk profile is directly linked to that MSIL in terms of delivery of vehicles, new product launches and marketing effort undertaken to promote the sale of its vehicles. The market share of Maruti Suzuki India Limited stood over 47.3% during FY17. Also, the profitability margins are guided by MSIL as it fixes the ex-showroom price as well the ex- factory price. Volume driven business with intense competition in the industry: The Indian automobile industry is highly competitive in nature as there are large numbers of players operating in the market. Furthermore, the entry of global players in the Indian market has intensified the competition. MSIL offers various discount schemes to attract customers. Due to very high competition in the industry, dealers are also forced to pass on discounts and exchange schemes to attract customers as this is a volume driven business. The dealer's fate is also linked to the industry scenario and performance of MSIL. The automobile industry is highly cyclical and its performance is linked to the economic scenario. High interest rates and fuel prices may lead to subdued demand of auto products in the medium term. Key Rating Strengths Vast experience of the key promoter in automobile dealership line of business: Mr. Raju Yadav Erragudla, the Managing Director of GMIPL has been associated with the automobile segment since the inception of GMIPL in 2007. The promoter has around three years of experience in the two wheeler segment through his association with Gem Automotive LLP, a two wheeler dealership of Suzuki Motorcycle India Limited which was established in 2015. Prior to establishing GMIPL, he was a real estate developer for 15 years. The directors of GMIPL have a sister concern namely, Gem Urban Infra Private Limited which is engaged in civil construction since 2008. The vast experience of the key promoter in the automobile segment is to benefit GMIPL at large. Five operational showrooms and six workshops: GMIPL has five showrooms and six workshops operating in Telangana. The models sold include Wagon R, Alto, Baleno, Swift zxi, Swift Dzire, Vitara Brezza etc. The showrooms have a storage capacity of 40 cars. The workshops have installed facilities like lifts, ramps, wheel alignment machines and paint booths for servicing the cars. The company also has a stock yard located in Hyder Nagar, Telangana which has a capacity to stock upto 500 cars at a time. Increasing scale of operations: The operating income of the company has been increasing at a CAGR of 25.42% from INR131.38 crore in FY15 to INR206.67 crore in FY17 on the back of expansion of showrooms and workshops to different locations in Telangana, which resulted in better revenue generation. 90% of the operating income was generated through sale of goods and 7-8% through services. Growing demand for automobiles in India: The Indian automotive aftermarket is estimated to grow at around 10-15 per cent to reach US$ 16.5 billion by 2021 from around US$ 7 billion in 2016. It has the potential to generate up to US$ 300 billion in annual revenue by 2026, create 65 million additional jobs and contribute over 12 per cent to India's Gross Domestic Product. Gem Motors India Private Limited (GMIPL) was incorporated in the year 2007 by Mr. Raju Yadav Erragudla and Mr. Venkatesh Yadav Erragudla. Mr. Venkatesh Yadav Erragudla has resigned from the company and Ms. Madhavi Erragudla has taken his place as the director and Mr. Raju Yadav Erragudla continues to be the Managing Directors of GMIPL. GMIPL is the authorised dealer of Maruti Suzuki India Limited (MSIL rated CRISIL AAA; stable/CRISIL A1+) for vehicles and spare parts. It has five operational showrooms and six workshops in Telangana. The company purchase the vehicles and spare parts directly from MSIL's manufacturing units in Gurugram, Haryana. The registered office is located in Kondapur, Telangana. HARAN CHANDRA: ICRA Cuts Ratings to D; Remains in Not Cooperating ----------------------------------------------------------------- ICRA has downgraded the long-term rating assigned to the INR5.09- crore term-loan, INR4.29-crore seasonal cash-credit facility, INR0.42-crore working-capital facility and INR0.20-crore bank- guarantee facility of Haran Chandra Cold Storage Pvt Ltd to [ICRA]D ISSUER NOT COOPERATING from [ICRA]B ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 5.09 [ICRA]D ISSUER NOT COOPERATING; Loan Rating downgraded from [ICRA]B and continues to remain under 'Issuer Not Cooperating' Category Fund based- 4.29 [ICRA]D ISSUER NOT COOPERATING; Seasonal cash Rating downgraded from [ICRA]B credit and continues to remain under 'Issuer Not Cooperating' Category Fund based- 0.42 [ICRA]D ISSUER NOT COOPERATING; Working Capital Rating downgraded from [ICRA]B Facility and continues to remain under 'Issuer Not Cooperating' Category Non-fund based- 0.20 [ICRA]D ISSUER NOT COOPERATING; Bank Guarantee Rating downgraded from [ICRA]B and continues to remain under 'Issuer Not Cooperating' Category Rationale The rating downward primarily takes into account the company's delay in servicing of debt-obligations in the recent past. The rating also remain constrained by HCCSPL's small scale of current operations, its weak financial risk profile as reflected by nominal profits, high gearing and depressed coverage indicators. The rating is also impacted by the high working-capital intensive nature of operations due to the practice of extending up-front advances to the farmers at the time of loading of potatoes, which exerts pressure on the liquidity position. The ratings are further constrained by the regulated nature of the industry, making it difficult to pass on the increase in operating costs, which exerts pressure on the profitability. HCCSPL is exposure to the agro-climatic risks as its business performance entirely depends upon a single agro commodity - potato. ICRA notes that the company remains exposed to the counterparty risk due to loans extended to farmers, given the chances of delinquencies, if potato prices fall to a low level. The rating, however, derives support from the established track record of the company in the cold-storage business and the promoters' extensive experience in the industry. Besides, HCCSPL enjoys location-specific advantage as its cold storage unit is situated in West Bengal, a state well known for large-scale potato production. Going forward, the firm's ability to service its debt obligations in a timely manner and improve profitability, while managing its liquidity profile, would be the key rating sensitivities. Key rating drivers Credit strengths Long track record of promoters in the management of cold storages: The promoters are involved in the business of cold storage through other group entities since long, and the experience gained supports the operations of HCCSPL. Location-specific advantage due to presence in West Bengal: HCCSPL enjoys location-specific advantage due to its presence in West Bengal, a state well known for large-scale potato production. Credit challenges Delays in servicing of debt obligations: The company has delayed in timely servicing of debt-obligations in the recent past due to stretched liquidity position. Regulated nature of the industry exerts pressure on profitability: The West Bengal State Marketing Board determines the maximum rental to be charged by the cold storage and revises it periodically. As income from rental charged is the major source of the company's revenue and while expenses incurred to run the cold storage like maintenance, human resource, and finance cost etc. are being variable in nature, the same exert pressure on profitability. Recovery of rental and advance given to farmers, contingent upon movement in potato price: As per the industry practice, HCCSPL provides advances against storage of potato to farmers/ traders, which it recovers along with interest and rent at the time of inventory release. This practice exposes the company to counterparty risk due to loans extended to the farmers, given the chances of default if potato prices fall significantly. Weak financial profile indicated by nominal profits, high gearing, and depressed coverage indicators: The regulated nature of the industry and the practice of providing advances to farmers keep the company's profitability under check and requirement of working-capital facilities high. The company has also availed term loan facility to increase its storage capacity. The financial risk profile of the company has remained weak as reflected by nominal profits, high gearing and depressed level of coverage indicators. High working-capital intensity of business exerts pressure on liquidity position and restricts financial flexibility: Industry practice of providing advances to farmers and its recovery along with rental charges at the time of off-loading exerts pressure on its liquidity. ICRA notes that the company has sizeable long-term debt-service obligations and high working-capital intensity for business, which are likely to keep its cash flows stretched over the mid-term at-least. Incorporated in 2014, Haran Chandra Cold Storage Pvt Ltd (HCCSPL) provides cold storage facilities to farmers and traders. The warehouse is located in the Cooch Behar district of West Bengal with an installed capacity of 317,275 quintals and is mainly used for storage of potatoes by farmers/ traders in that area. Apart from HCCSPL, the promoters are engaged in the business of cold storage through other group companies and have an existing network which is expected to support the revenue generation of HCCSPL. IBD UNIVERSAL: ICRA Moves D Rating to Not Cooperating Category -------------------------------------------------------------- ICRA has moved the long-term rating for the bank facilities of Ibd Universal Pvt. Ltd. (IBD) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA] D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 27.0 [ICRA]D ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Fund based- Unallocated 27.0 [ICRA]D ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category 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. IBDU was incorporated on July 15, 1999 and is the flagship company of the IBD Group of central India. IBDU is headed by Lt. Vinay Bhadauria and Mr. Anil Kumar Nigam, who hold ~31% and 33% stakes, respectively. Currently, the company is developing four projects in Bhopal, which are in various stages of execution. The phase IV of Hallmark Citii, the company's affordable housing project, is currently under construction; IBD Emporia is the commercial phase in Hallmark Citii. Other than this, IBDU is developing a high-end residential apartment project called Kings Park and a villa project called Queens Court in a joint development agreement with the land owners. INDIAN ART: Ind-Ra Maintains BB- Issuer Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Indian Art Gallery's Long-Term Issuer Rating in 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 continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR100 mil. Fund-based limits maintained in non-cooperating category with IND BB- (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 10, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in 1996, Indian Art Gallery manufactures handmade and hand-woven carpets and rugs. KISH EXPORTS: ICRA B Rating Remains in Not Cooperating Category --------------------------------------------------------------- The rating for the INR11-crore bank facility of Kish Exports Limited (KEL) continues to be in the 'Issuer Not Cooperating' category. The rating is denoted as [ICRA]B(Stable)/A4 ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 10.00 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Non-Fund Based Limits 1.00 [ICRA] A4 ISSUER NOT COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' Category ICRA has been seeking information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA on the basis of the best available/dated/limited information on the issuer's performance. Accordingly, lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity. KEL was incorporated in 1993. The company, promoted by Mr. M.K. Lakhwani and Ms. Sanjana Samtani, manufactures and exports all types of woven garments for ladies and kids segments. KEL derives 90% of its revenues from sales of ladies garments, 5% from kids garments and the remaining 5% from accessories. The company deals in garments made of different fabrics like cotton, linen, silk, mosscrepe, georgette, Y/D plaids etc., which are procured from Surat and South India and some from Delhi NCR. The designing of garments is done in-house based on the instructions/designs approved by customers. Most of the garment manufacturing for KEL is done by Ishvar International, which is a Group company (proprietorship firm with Mrs. Lakhwani as proprietor). The entire cutting, finishing and packing of garments is done in-house. The company mainly exports to the US, the UK and South Africa. KISSAN SOLVEX: CARE Assigns B+ Rating to INR14cr LT Loan -------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Kissan Solvex Private Limited, as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 14.00 CARE B+ Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Kissan Solvex Private Limited is constrained by its small scale of operations, low profitability margins, leveraged capital structure, weak debt coverage indicators, elongated operating cycle and raw material price fluctuation risk. The rating is further constrained by customer concentration risk and company's presence in highly competitive and fragmented nature of the edible oil industry. The rating, however, derives strength from experienced promoters, long track record of operations, reputed customer base, favorable location of operation and positive demand outlook for the industry Going forward, the ability of the company to scale up its operations while improving its profitability margins and overall gearing would remain its key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations with low profitability margins: The firm's scale of operations has remained small marked by total operating income (TOI) of INR45.49 crore in FY17 (refers to the period April 01 to March 31). The small scale limits the firm's financial flexibility in times of stress and deprives it from scale benefits. Furthermore, the firm has achieved total operating income of INR44.00 crore in 11MFY18 (Provisional). Also, the profitability margins of the company stood low marked by PBILDT margin and PAT margin of 2.25% and 0.12% respectively in FY17. Leveraged capital structure: The capital structure of the KSP stood leveraged with overall gearing ratio of 6.70x as on March 31, 2017 mainly on account of company's high reliance on bank borrowings to fund working capital requirements of business. The same, however, improved from 7.79x as on March 31, 2016 mainly on account of lower utilization of working capital limits as on last balance sheet date. Weak debt coverage indicators: The debt coverage of the company indicators stood weak marked by interest coverage ratio of 1.13x in FY17 and total debt to GCA of 173.29x for FY17. Elongated operating cycle: The operating cycle of the company stood elongated at 128 days for FY17. In order to support its uninterrupted oil extraction activity, and to meet the demand of customers, the company has to maintain a stock of raw material inventory and finished goods inventory which resulted in average elongated average inventory period for FY17. The company also offers a credit period of upto two months to its customers, However, the company receives a credit period of one month only from its suppliers. Raw material price fluctuation risk: The entities in edible oil industry are susceptible to fluctuations in raw material prices. Price of rice is governed by the demand-supply dynamics prevalent in major rice growing nations, weather conditions and prices of substitute. Furthermore, any increase in the rice bran prices without a corresponding increase in edible crude oil prices will adversely impact the profitability margins of the entities in this business. High degree of competition resulting from fragmented nature of the edible oil industry: Low barriers to entry have resulted in highly fragmented nature of the edible oil industry. Furthermore, rice bran oil and sunflower oil industry faces tough competition because of the presence of a number of close substitute products in market which poses serious threat to the profit margin of the players operating in rice bran and sunflower oil segment. Key Rating Strengths Experienced promoters and long track record of operations: The company is promoted by Mr. Inderjit Singh and Mrs. Sarabjeet Kaur collectively, having an industry experience of three decades and one decade respectively through their association with KSP only. The promoters have adequate acumen about various aspects of business which is likely to benefit KSP in the long run. The long track record has aided the company in establishment of strong relationships with suppliers as well as customers. Reputed customer base though concentrated: The company is engaged in the extraction of rice bran oil and is supplying to various refineries including reputed customers such as A.P. Refinery Private Limited (CRISIL BBB+; Stable), A P Organics Limited (CRISIL BBB; Stable), Marico Limited (CRISIL AA+; Positive). The sales to these top 3 customers constituted 80% of total operating income in FY17. Thus, the company is exposed to customer concentration risk. However, the company has been receiving repetitive orders from its customers which reflect company's ability to provide quality products. Positive demand outlook: The consumption of edible oil in India has been rising during the past few years which can be attributed mainly to rising population and economic growth resulting in better standard of living and growth in demand for fried processed food products. Thus, the underpenetrated market coupled with positive macro and demographic fundamentals give the favorable demand growth outlook over the medium to long term. Location advantage leading to easy availability of raw material The plant of the company is located in Jalalabad, Punjab, which is surrounded by various rice millers and processors. KSP uses rice bran as its main raw material which is a by-product of rice milling. Punjab being a major paddy hub of the country, there are lot of rice millers around the vicinity of the plant which gives easy access to the company for availability of rice bran at competitive rates and also at reduced freight costs. Kissan Solvex Private Limited (KSP) was incorporated as a private limited company in February 1988 and is currently being managed by Mr. Inderjit Singh and Mrs. Sarabjeet Kaur. The company is engaged in the extraction of rice bran oil at its processing facility located in Jalalabad, Punjab with an installed solvent extraction capacity of 350 metric tonne of rice bran oil per day as on March 30, 2018. The company manufactures rice bran oil in semi-edible form for industrial use, which is sold to refineries based in Punjab, Haryana, and Himachal Pradesh directly as well as through brokers. Besides KSP, one of the directors is also engaged in managing another group concerns namely Kissan Industries. Kissan Industries is a partnership firm engaged in processing of paddy since 1996. KOHINOOR FOODS: CARE Lowers Rating on INR747.30cr Loan to D ----------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Kohinoor Foods Limited (KFL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 199.50 CARE D Revised from CARE BB; Negative Short term Bank Facilities 747.30 CARE D Revised from CARE A4 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of KFL take into account the delays in servicing of its debt obligation. Going forward, the ability of the company to improve its liquidity profile through efficient management of its working capital requirements are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Delays in servicing of Debt Obligations: On account of the stressed liquidity position of the company due to deterioration in its financial and operational profile, there are overdues in the working capital facility assigned by various banks. Going forward, the ability of the company to improve its liquidity position shall remain critical. Working capital intensive operations: Owing to the seasonality of rice harvest, the business has to maintain suitable raw material inventory to ensure uninterrupted production throughout the year. Further, basmati rice requires higher ageing of the semi-finished rice for better quality, thereby elongating the working capital cycle. Deterioration in the Financial Risk Profile: The operational performance of the company has deteriorated in FY17 (refers to period from April 01 to March 31) due to high cost of raw material w.r.t. total sales. In FY17 the cost of material consumed as a percentage of total sales has increased to 89% (PY: 74%) as the company was not able to sell rice in domestic markets due to legal issues which resulted in pilling-up of inventory. The inventory in the books was being carried at a higher cost than the amount realized for the same which resulted in operational losses for KFL. In FY17 KFL booked a net loss of Rs 148.63 crore on account of operational losses and some exceptional losses. The exceptional losses were primarily on account of bad-debts due to write off receivables from subsidiary companies & Kohinoor Specialty Foods Limited (KSFL). KFL reported loss of INR148.63 crore in FY17 (PY: INR3.18 crore of PAT) which has led to moderation in the Net-worth base from INR415.38 crore in FY16 to INR266.75 crore in FY17. However, the company has booked a PAT of INR5.98 crore during 9MFY18. Overall gearing increased to 3.16x as on March 31, 2017 (PY: 2.09x) due to moderation of Net-worth. KFL's debt profile as on March 31, 2017 largely comprised of working capital borrowings. Key Rating Strengths Experienced and resourceful promoter group: KFL was founded by Mr. Jugal Kishore Arora (Chairman) along with his brothers Mr. Satnam Arora (Jt. Managing Director) and Mr. Gurnam Arora (Jt. Managing Director).The promoters have an experience of 4 decades in the industry. The promoters are assisted by an experienced team of professionals for carrying out the day-to-day operations of the company. Strong distribution network and geographically diversified operations: KFL has a strong marketing and distribution setup with more than 100 distributors across the world each of whom has his own network of dealers and retailers. Company has taken initiatives for increasing foothold in various countries. With presence in over 60 countries across the globe, KFL has geographically diversified operations. Incorporated in 1989, Kohinoor Foods Ltd (KFL) is engaged in the milling, processing and selling of rice, and trading of food products and other agri-commodities. The rice mill is located at Murthal (Haryana) with total installed capacity of 50 metric tonne per hour (MTPH) as on March 31, 2017. Over the years, KFL has emerged as one of the dominant Indian players in the global basmati rice market. KFL has established its brand both in India and abroad in geographies like USA, UK, Middle Eastern countries, Australia, Belgium and other European countries. LIGHT CRAFT: Ind-Ra Maintains 'BB-' LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Light Craft and Sound Private Limited's (LCSPL) Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow- ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR44.2 mil. Long-term loan maintained in Non-Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR5 mil. Fund-based facilities maintained in Non-Cooperating Category IND BB- (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on January 28, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Started in 2011, LCSPL provides entertainment solutions (light and sound) to the motion picture and advertising fraternity. MAYURAKSHI COLD: CARE Reaffirms B+ Rating on INR8.07cr Loan ----------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Mayurakshi Cold Storage Private Limited (MCSPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.07 CARE B+; Stable Reaffirmed Short-term Bank Facilities 0.21 CARE A4 Reaffirmed Detailed Rationale and key rating drivers The ratings assigned to the bank facilities of MCSPL are continue to remain constrained by short track record of operations, regulated nature of industry, seasonality of business with susceptibility to vagaries of nature, risk of delinquency in loans extended to farmers and competition from local players. The ratings, however, continue to derive comfort from experienced promoters and proximity to potato growing area. Ability of the company to grow its scale of operations, improve profitability margins and ability to manage working capital effectively would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Short track record with small scale of operations: The company has started its commercial operations since December 2017 and thus has very short operational track record. Furthermore, the scale of operations of the company remained small marked by total operating income of INR2.21 crore with a PAT of INR0.05 crore in FY18. Further, the networth base and total capital employed was low at INR2.66 crore and INR6.55 crore, respectively, as on March 31, 2018 provisional. Regulated nature of business: In West Bengal, the basic rental rate for cold storage operations is regulated by the state government through West Bengal State Marketing Board. The rent of these cold storages is decided by taking into account political considerations, not economic viability. Due to severe government intervention, the cold storage facility providers cannot enhance rental charge commensurate with increased power tariff and labour charge. Seasonality of business with susceptibility to vagaries of nature: MCSPL's operation is seasonal in nature as potato is a winter season crop with its harvesting period commencing in March. The loading of potatoes in cold storages begins by the end of February and lasts till March. Additionally, with potatoes having a perceivable life of around eight months in the cold storage, farmers liquidate their stock from the cold storage by end of season i.e., generally in the month of November. The unit remains non-operational during the period from December to January. Furthermore, lower agricultural output may have an adverse impact on the rental collections as the cold storage units collect rent on the basis of quantity stored and the production of potato is highly dependent on vagaries of nature. Risk of delinquency in loans extended to farmers: Against the pledge of cold storage receipts, MCSPL provides interest bearing advances to the farmers & traders. Before the closure of the season in November, the farmers & traders are required to clear their outstanding dues with the interest. In view of this, there exists a risk of delinquency in loans extended, in case of downward correction in potato or other stored goods prices, as all such goods are agro commodities. Moderate capital structure with moderate debt coverage indicators: The capital structure of the company remained moderate marked by overall gearing ratio at 1.42x as on March 31, 2018. Furthermore, the debt coverage indicators also remained moderate marked by interest coverage ratio of 2.88 times and total debt to GCA of 4.59x in FY18 (Provisional). Competition from other local players: In spite of being capital intensive, the entry barrier for new cold storage is low, backed by capital subsidy schemes of the government. As a result, the potato storage business in the region has become competitive, forcing cold storage owners to lure farmers by providing them interest bearing advances against stored potatoes which augments the business risk profile of the companies involved in the trade. Key Rating Strengths Experienced promoters: MCSPL is currently managed by Mr. Sunil Ghosh who has more than a decade of experience in the same industry, looks after the day to day operations of the company. He is being duly supported by the other directors Mrs. Amrita Ghosh along with a team of experienced personnel. Proximity to potato growing area: MCSPL's storing facility is situated at Cooch Bihar, West Bengal which is one of the major potato growing regions of the state. The favorable location of the storage unit, in close proximity to the leading potato growing areas provides it with a wide catchment and making it suitable for the farmers in terms of transportation and connectivity. Incorporated in June 2015, Mayurakshi Cold Storage Private Limited (MCSPL) was promoted by Mr. Sunil Ghosh and Mrs. Amrita Ghosh based out of West Bengal to set up cold storage facility in the state of West Bengal with an aggregate storing capacity of 163890 quintal. The company has commenced its commercial operations since December 2017. MIDAS AGRO: ICRA Moves B Rating to Not Cooperating Category ----------------------------------------------------------- ICRA has moved the long-term rating for the bank facilities of Midas Agro Foods Private Limited (MAF) 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 Limits 9.76 [ICRA]B (Stable) ISSUER NOT COOPERATING; Rating moved to the 'Issuer Not Cooperating' category ICRA has been seeking information from the entity so as to monitor its performance. Despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA on the basis of the best available/dated/limited information on the issuers' performance. Accordingly, lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity. MAF took over Shankar Rice & General Mills on August 26, 2016, along with all the assets and liabilities of the latter. MAFPL primarily mills rice. Its manufacturing unit situated in Moga (Punjab) has an installed capacity of 12 tonne per hour. The company has three sortex plants with capacity of 3 tonne per hour each. NAVDURGA ISPAT: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Navdurga Ispat (P) Ltd.'s (NIPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating action is: -- INR160 mil. Fund-based working capital limits affirmed with IND BB+/Stable rating. KEY RATING DRIVERS The affirmation reflects NIPL's continued medium scale of operations, modest credit metrics and low EBITDA margin, owing to high competition. NIPL's revenue rose to INR885.97 million in FY17 from INR766.29 million in FY16, driven by a rise in the customer base. Its net financial leverage (adjusted net debt/operating EBITDA) deteriorated to 5.17x from 4.31x in FY16, primarily owing to a fall in operating EBITDA margin to 3.59% from 4.08%. The fall in the operating EBITDA margin was due to an increase in raw material cost and personnel expenses. Moreover, its interest coverage (operating EBITDA/gross interest expense) slightly improved to 1.58x in FY17 from 1.51x in FY16. The ratings continue to be constrained by NIPL's modest liquidity position, indicated by an average 98.1% utilization of the fund- based limits for the 12 months ended March 2018. The ratings, however, continue to be supported by the directors' over 11 years of experience in the steel manufacturing business. RATING SENSITIVITIES Negative: Any decline in the EBITDA margin leading to any deterioration in the overall credit metrics on a sustained basis could lead to a negative rating action. Positive: Further revenue growth, along with an improvement in the overall credit metrics, on a sustained basis could lead to a positive rating action. COMPANY PROFILE NIPL manufactures a wide range of steel-rolled structures, including beams, joists, channels, angles, round bars and flats. It has an annual structural steel item production capacity of 30,000 tons. In December 2009, the company commissioned a 30,000 tons per annum induction furnace to manufacture ingots. P & Y ENTERPRISES: Ind-Ra Migrates 'BB' Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated P & Y Enterprises Private Limited's Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR374.78 mil. Long-term foreign currency term loan due on July 2021 migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on February 15, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in June 2013, P & Y Enterprises was set up to provide inland water transport to foreign companies. It owns one vessel (Distya Pushti), which is chartered mainly for cargo, chemical and oil tanker shipment. P KISHANCHAND: ICRA Reaffirms B Rating, Removes From Not Coop. -------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B and the short-term rating of [ICRA]A4 assigned to the INR15.00-crore (enhanced from INR13.00 crore) bank facilities of P Kishanchand Textiles Limited. The outlook on the long-term rating is 'Stable'. The ratings have been removed from the 'Issuer Not Co- operating' category due to submission of No Default Statement (NDS). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-fund based- 15.00 [ICRA]B(Stable); Reaffirmed Working Capital Removed from 'Issuer Not Facility Co-operating' category Fund based- (3.00) [ICRA]A4; Reaffirmed Working Capital Removed from 'Issuer Not Facility Co-operating' category Rationale The reaffirmed ratings consider the modest scale of PKTL's operations along with declining revenues in the last two years. The ratings are also constrained by the company's weak profitability metrics in the absence of value addition in the business as the entire revenue is accrued from trading of fabrics. Additionally, the company's weak capital structure, marked by a modest net-worth base and relatively high external borrowings, were also factored in while reaffirming the ratings. Apart from borrowings, the company's working capital requirement is also met through letter of credit (LC) backed creditors, resulting in a high TOL/TNW3 of 7.11 times as on March 31, 2017. ICRA also takes note of the company's presence in a highly fragmented and competitive industry structure with the presence of a large number of unorganised players due to low entry barriers, which limits its pricing flexibility. The ratings, however, favourably considers the extensive experience of the promoters in the fabric trading business, and benefits accruing from being located in the textile hub of Bhiwandi (Maharashtra), which provides advantages in terms of proximity to suppliers and customers. Outlook: Stable Due to the unfavourable demand growth prospects in the textile industry currently, ICRA believes that the operating scale of P Kishanchand Textiles Limited will continue to remain stressed in the near to medium term. However, it will derive benefit from the experience of its management in the textile industry. The outlook may be revised to 'Positive' if sustained growth in revenue and profitability, and better working capital management strengthen the financial risk profile. The outlook may be revised to 'Negative' if revenues and profitability are lower than expected, higher receivables or inventory levels stretch the working capital cycle and weaken the liquidity further. Key rating drivers Credit strengths Extensive experience of promoters in the textile industry: PKTL trades in different kinds of fabrics, which are procured locally or imported, and sold to traders and garment manufacturers. The director, Mr. Anand Agarwal, has an experience of more than a decade in the textile industry. He undertakes business development and marketing of the products. Location advantages due to the company's presence in Bhiwandi: The company's warehousing facility is located in Bhiwandi, which is a textile hub near Mumbai and houses many fabric manufacturers and other textile warehouses. The proximity to suppliers ensures a steady supply of required fabric, while helping to save on the transportation cost, buying agent commission and transit insurance. Credit challenges Modest scale of operations; decline in revenues in the last two years: The company continues to operate on a modest scale with the operating income declining by around 29% to INR40.41 crore in FY2017, from INR56.61 crore in FY2016, majorly due to the impact of demonetisation in the second half of the fiscal. The OI declined sharply in FY2018, with the company registering sales of INR16.89 crore till December 31, 2017, because of uncertainty in the textile sector, over the reforms under the Goods and Services Tax (GST). In addition, there were lower sales of denim fabrics in FY2018, which were the major revenue drivers in the previous years. Low profitability due to limited value addition in the nature of its business: The fabric trading business is a low margin business with the absence of any value addition. The fabric is procured as per the customer's specifications, mostly from fabric manufacturers. The freight expenses and packing cost is usually borne by the company, while it is incorporated in the pricing wherein the company gets a margin of 3% to 5% on the traded fabrics, depending on its type. In the absence of any value addition there is limited scope of margin improvement in the near term. The operating profit and net profit margins stood at 2.52% and 0.35%, respectively, in FY2017. Weak capital structure marked by modest net-worth and relatively high external borrowings; high TOL/TNW due to LC-backed creditors: Even though the capital structure improved as on March 31, 2017, it continued to stay high in absolute terms with the gearing at 2.89 times (3.17 times as on March 31, 2016). Further, a large part of the working capital requirement of the company is met through LC-backed creditors resulting in high TOL/TNW of 7.11 times as on March 31, 2017. Highly fragmented and competitive industry structure with low entry barriers, which limits pricing flexibility: The fabric trading business is extremely fragmented and dominated by a large number of small players. Due to intense competitive pricing pressures, there is hardly any pricing flexibility within the industry. The critical success factor in this industry is volume- led growth to achieve economies of scale and preferences among apparel manufacturers. Incorporated in 1998, by Mr. Kishanchand Agarwal, P Kishanchand Textiles Limited is primarily involved in the trading of different types of fabrics such as viscose, denim and knitted fabrics, which are sold through a network of wholesalers across Maharashtra, Haryana, Punjab, Madhya Pradesh and Delhi. The company has two warehousing facilities at Bhiwandi (Thane) in Maharashtra, while its registered office is in Mumbai. In FY2015, the company's operations were consolidated with its sister concern, Unicorn Textiles Private Limited (UTPL), which is also involved in the fabric trading business. Under this arrangement, UTPL bought a 99.90% stake in PKTL, while it transferred its business operations to PKTL. PKTL recorded a net profit of INR0.14 crore on an operating income of INR40.41 crore for the year ending March 31, 2017. PATNA SAHIB: CARE Assigns 'D' Rating to INR21.75cr LT Loan ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Patna Sahib Charitable Educational Trust (PSCET), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 21.75 CARE D Assigned Detailed Rationale The ratings assigned to the bank facilities of PSCET factor in the ongoing delays in the debt servicing owing to the stressed liquidity position of the trust. Detailed description of the key rating drivers Key rating weaknesses Ongoing delays in the servicing of the debt obligations: There are ongoing delays in the servicing of the repayment obligation of the term loans due to the stressed liquidity position of the trust arising from insufficiency in the cash flow generation. Weak financial risk profile: The scale of operations of the trust remained small with a total income of INR7.05 Cr. in FY17 (refers to the period April 01 to March 31). The same declined by ~25% from FY16 on the back of lower student enrolment during the year. The student enrolment ratio remained low and declined on a year- on-year basis to ~33% in academic year 2016-2017 (AY2016-2018). This coupled with stable level of expenses led to a decline in the SBID margins in FY17. Owing to the high depreciation and interest expenses the trust also reported a cash deficit in FY17. In 9MFY18 (Provisional) the trust reported a total income of INR4.65 Cr. which declined by ~4% from the corresponding period last year on account of the further decrease in student enrolments. The debt coverage indicators of the trust also remained weak, in FY17, on account of poor surplus generation. High level of competition along with limited geographical reach and course offerings: PSCET operates from a single campus in Bihar which limits the penetration level. Further, the two colleges operated by the trust have limited course offerings viz. degree and diploma courses in engineering only. The trust also faces a high level of competition from various government and private education institutes located in Bihar and elsewhere. Highly regulated nature of the educational sector: The Indian education sector faces a high level of regulation by the Ministry of Human Resources at the national level, the education ministries in each state, central bodies like University Grants Commission and other professional councils like All India Council for Technical Education (AICTE) etc. Key Rating Strengths Experienced trustees and qualified faculty: The main functionaries of the trust include its current chairman, Mr. J.S. Dhaliwal, who holds a rich industry experience of around four decades. He also acts as the chairman of Desh Bhagat Memorial Educational Trust (rated, 'CARE BBB-; Stable/CARE A3') which is also engaged in the higher education sector. Other functionaries of the trust, including Mr. HS Batth the current Vice-Chairman, are also members of the Doaba Khalsa Trust (rated 'CARE D') which operates the Doaba Group of colleges in Punjab, since 1998. The trust has also employed qualified and experienced staff members at the two colleges. Established in December-2010 under the Societies Registration Act XXI 1860, PSCET is engaged in the imparting of higher education. It is operating from a single campus in Vaishali, Bihar under the name 'Patna Sahib Group of Colleges'. These include two colleges: Patna Sahib Institute of Engineering and Technology offering bachelors in Engineering and Patna Sahib Polytechnic College offering diploma courses in engineering. The courses are approved by AICTE, New Delhi and are affiliated to Aryabhatt Knowledge University, Patna. The college had AY2011-2012 as its first academic session. PRAFFUL EXPORTS: Ind-Ra Maintains B LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Prafful Exports' Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the surveillance exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR60 mil. Fund-based facilities maintained in Non- Cooperating Category with IND B (ISSUER NOT COOPERATING)/ IND A4 (ISSUER NOT COOPERATING) rating; and -- INR35 mil. Non-fund-based facilities maintained in Non- Cooperating Category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 29, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Started in 1993, Prafful Exports exports fabrics and ready-to- stitch dress materials to Europe, the US and the Middle East. PRJ POLYMERS: ICRA Moves B+ Rating to Not Cooperating Category -------------------------------------------------------------- ICRA has moved the long term and short ratings for the bank facilities of Prj Polymers Private Limited (PRJ) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B+ (Stable)/A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Cash 8.0 [ICRA]B+ (Stable) ISSUER NOT Credit COOPERATING; Rating moved to the 'Issuer Not Cooperating' category Non fund based- 6.0 [ICRA]A4 ISSUER NOT Bank Guarantee COOPERATING; Rating moved to the 'Issuer Not Cooperating' category 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. Incorporated in 2006, PPPL was earlier involved in the business of distributing chemicals and polymers for GAIL India Ltd, Reliance Industries Limited, and IOCL etc. In 2009, PPPL applied to be a distributor of IOCL and got the distributorship for polymer products in May, 2010. Presently, PPPL is a del-credere agent (DCA) as well as a consignment stockist (CS) of IOCL for distribution of polymer products in the National Capital Region. The company has a rented warehouse in the Kavinagar industrial area, with a capacity of 350 metric tonnes (MT). RATIONAL HANDLOOM: Ind-Ra Maintains BB Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Rational Handloom Company Private Limited's (RHCPL) Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR350 mil. Fund-based-working capital limits maintained in Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR124.82 mil. Long-term loan maintained in Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on April 1, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE RHCPL was founded as a proprietorship concern named M/s National Handloom Corporation by Mr. Lalit Mehta in 1982; it was a shop in Jodhpur that sold handloom items. It was incorporated as RHCPL in 2000 and runs 12 showrooms: nine in Rajasthan and three in Gujarat. RIVIPAC POLYMERS: CARE Assigns B Rating to INR4.32cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Rivipac Polymers Private Limited (RPPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.32 CARE B; Stable Assigned Long-term/Short term Bank Facilities 2.85 CARE B; Stable/CARE A4 Assigned Short-term Bank Facilities 0.19 CARE A4 Assigned Detailed Rationale & Key rating drivers The ratings assigned to the bank facilities of RPPL are tempered by its relatively small scale of operations, loss registered by the company in FY17 (FY refers to the period from April 01 to March 31), weak solvency position and working capital intensive nature of operations. The ratings also factors in the limited experience of the promoters in plastic packaging industry, susceptibility of margins to fluctuation in raw material prices and its presence in highly competitive and fragmented nature of industry. The ratings, however, derive its strength from experience of the promoters in diversified business. The ability of the company to increase its scale of operations, improve profit margins and capital structure while managing working capital efficiently are the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations and losses registered in FY17: The operations of the company remained small with total operating income of INR7.06 crore in FY17 and capital employed of Rs 14.51 crore as on March 31, 2017. Small scale of operations restricts the company's ability to meet any financial exigencies. Further, the company has registered cash loss in FY17 owing to high raw material cost and fixed capital charges. Weak Solvency position: The relatively high debt profile of the company as against the low net worth base resulted in leveraged capital structure for the company. Owing to loss registered and negative cash accruals, debt coverage indicators of RPPL remained weak. Working capital intensive nature of operations: The liquidity position of the company remained stretched with funds blocked majorly in debtors and inventory as reflected by high gross current asset days of 175 days during FY17. The same resulted in high utilization of its working capital limits. Presence in competitive and fragmented industry: RPPL operates in a highly competitive and fragmented market which consists of large to small sized players. This further leads to high competition among the various players and low bargaining power with the suppliers. Susceptibility of margins to fluctuations in raw material prices: The primary raw material required by the company is polyethylene terephthalate (PET) Granules, which is a derivative of crude oil. Hence, the price of raw material is highly volatile in nature making the profitability margins susceptible to any adverse change in prices. Key Rating Strengths Experience of promoters in diversified business albeit limited in plastic packaging industry: The key promoters Mr Fatechand Shah and Mr Rishikesh Shah have an average experience of around four decades in diversified business like manufacturing of consumer and pharmaceutical products and real estate activities. However, the promoters have a limited experience of around five years in plastic packaging industry. Long experience of the promoters in diversified business will aid in smooth operations of RPPL. RPPL was incorporated in June 2014 as a private limited company Mr Fatechand Shah and Mr Rishikesh Shah. The company is engaged in the business of plastic packaging boxes at its manufacturing facility located at Nashik (Maharashtra). The products of the company i.e. PET Sheets and PET Punnets find application in packaging industry. SDM PROJECTS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated SDM Projects Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR20 mil. Fund-based facilities migrated to Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-fund-based facilities migrated to Non- Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on March 27, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2007, SDM Projects is a Bengaluru-based civil contractor, engaged in the construction and development of infrastructure project such as water supply projects, national highway project, power project, specialized infrastructure construction works for special economic zones. SHILPI CABLE: ICRA Cuts Rating to D; Keeps Not Cooperating Cat. --------------------------------------------------------------- ICRA has downgraded the rating for the INR27.00 crore NCD programme of Shilpi Cable Technologies Limited (SCTL) to [ICRA]D ISSUER NOT COOPERATING from [ICRA]C ISSUER NOT COOPERATING. The rating continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-convertible 27.00 [ICRA]D ISSUER NOT COOPERATING; Debenture (NCD) Rating downgraded from [ICRA]C Programme and continues to remain in the 'Issuer Not Cooperating' Category 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 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 revision factors in the delay in servicing of interest on the NCD programme. The current rating action has been taken by ICRA basis the available information on timeliness of servicing of dues against the NCD by SCTL, while the entity's management has remained non-cooperative. Key rating drivers Delay/default in debt servicing: Based on the available information, SCTL has unpaid dues against the INR27.00 crore (issued and outstanding principal amount: INR10.80 crore) NCD programme. As per the list of creditors (admitted for corporate insolvency resolution process) published on SCTL's website, an amount of INR11.10 crore has been claimed as receivable by the NCD investor. SCTL was established in July 2006 as Rosenberger Shilpi Cable Technologies Limited, a 50:50 joint venture (JV) between Shilpi Communications Private Limited and Rosenberger Hochfrequenztechnik GmbH & Co. KG, Germany. The JV was formed to manufacture and sell radio frequency (RF) feeder cables in the domestic market. The JV set up a manufacturing facility at Chopanki, Rajasthan. The facility commenced commercial production in early 2008, and during the same year the stake of the German partner was bought by the Indian promoters. Though initially SCTL was only into RF feeder cables manufacturing, it has, over the years, added products such as wiring harnesses and battery cables for automobiles, wiring harness sets and power cords for white goods, and copper conductors (magnet copper wires and bunched copper wires) to expand and diversify its offerings. SCTL thus caters to automotive, telecom, and consumer durables segments, among others. In addition, it sells house wires, circuit breakers (MCCB and RCCB), and switches through distributors under the 'SAFE' brand name. SCTL, headquartered in Delhi, has five manufacturing units in Bhiwadi, Chopanki, Bahadurgarh (owned by an associate-AGH Wires), Hosur, and Pune (Bhiwadi and Chopanki plants are owned by the company, while the remaining have been taken on lease), and has 13 sales offices across India. SCTL also has subsidiaries and joint ventures in Singapore and UAE, which trade in copper cables and other products. The company is listed on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) since 2011. As per audited financials for FY2017, SCTL, on a consolidated basis, reported a net loss of INR834.34 crore on an operating income (OI) of INR3,833.89 crore as against a profit after tax (concern share) of INR163.48 crore on an operating income of INR3,895.53 crore during FY2016. For the nine months ending December 31, 2017, SCTL reported 81% YoY decline in standalone operating income to INR296.79 crore and a net loss of INR326.71 crore. SHINDE DEVELOPERS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Shinde Developers Private Limited's Long-Term Issuer Rating to the non- cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions is: -- INR170 mil. Fund-based working capital limits migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) /IND A4+ (ISSUER NOT COOPERATING) rating; and -- INR 360 mil. Non-fund-based limits migrated to non- cooperating category with INDA4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on April 10, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Established in 1997 and located in Pune, Maharashtra, Shinde Developers is an engineering, procurement & construction company. SHREE BALBIR: ICRA Assigns B+ Rating to INR12cr Cash Loan --------------------------------------------------------- ICRA has assigned a long -term rating of [ICRA]B+ to the INR12.00-crore cash credit facility and INR3.00-crore term loan bank facility of Shree Balbir Food Product Private Limited. The outlook on the long-term rating is Stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Cash Credit 12.00 [ICRA]B+ (Stable) Assigned Fund Based-Term Loan 3.00 [ICRA]B+ (Stable) Assigned Rationale The assigned rating reflects Shree Balbir's limited track record of operations, coupled with its small scale of operations and presence in the low value additive flour-milling business. The rating also factors in the company's weak capital structure resulting from its eroded net-worth base and high reliance on the unsecured debt and working capital borrowings along with the term loan availed for setting up of the plant. Furthermore, low profitability and high borrowings have resulted in weak coverage indicators as depicted by its TD/OPBITDA of 10.5 times as on March 31, 2017. The rating is also constrained by the company's highly fragmented nature of the flour-milling industry resulting in intense competition, agro-climatic risks and government policies, which impact the availability and prices of the raw material, which in turn affect its revenues and profitability. The rating, however, draws comfort from the stable outlook for milling business as wheat flour forms an important part of staple Indian diet leading to perennial demand in the domestic market. The rating also factors in the presence of Group support through financial assistance provided by the Group companies by extending interest-free unsecured loan to the company. Outlook: Stable ICRA believes Shree Balbir will continue to benefit from the demand prospects of the sector. The rating may be revised upward if the scale of operations and profitability improve or if there is sustained improvement in the capital structure. The rating might be revised downward if any significant debt- funded capital expenditure weakens the capital structure and liquidity position further. Key rating drivers Credit strengths Presence of Group support in the form of unsecured loan extended by the Group companies: Shree Balbir is a whollyowned subsidiary of Balbir Structures Private Limited. The company benefits from the financial support extended by the parent company by way of unsecured interest free loans for setting up of the plant. Favourable demand prospects of the flour-milling business: The demand prospects of the industry are likely to remain good as wheat flour forms an important part of the staple Indian diet. Credit challenges Small scale of operations and limited track record of the promoters: The company has a small scale of operations with an installed capacity of 72,000 MTPA of wheat processing limiting its pricing flexibility. Further, it is comparatively newer in the wheat processing industry with an experience of only one year. Financial profile characterised by leveraged capital structure and weak debt coverage indicators: The total debt of the company mainly consists of unsecured debt infused by the promoters, working capital borrowings and a term loan from the bank. High preliminary expenses and low retained profits in the business had led to erosion of the net worth, thereby resulting in an adverse capital structure as on March 31, 2017. Further, low profitability has resulted in weak coverage indicators with the TD / OPBDITA of 10.5 times as on March 31, 2017. Intense competition in the industry and low value-additive nature of business result in weak profitability margin: The flour- milling industry is very competitive with the presence of many organised and unorganised players. Stiff competition coupled with the limited value-additive nature of the business limits the pricing flexibility and margins. Susceptibility to agro-climatic risks and government regulations: The flour-milling industry is susceptible to agroclimatic risks, which can affect the availability of wheat in adverse weather conditions. Further, being an essential commodity in India, its prices are controlled by Government policies. Any unfavourable change in the policies and fluctuations in supply due to adverse weather conditions, in turn, expose the company to price- volatility risks. Shree Balbir is promoted by the Balbir Vikas Bhushan Group. The Group is involved in the manufacture and trading of steel products such as thermo-mechanical-treatment (TMT) bars, mild steel angles, channels and beams etc. The Group ventured in manufacturing food products with the establishment of Shree Balbir in 2015. It is a wholly-owned subsidiary of Balbir Structures Private Limited (BSPL). SHREE GANGA: CARE Assigns B Rating to INR1.75cr LT Loan ------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Shree Ganga Paddy Processors (SGPP), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facility 1.75 CARE B; Stable Assigned Short-term Facility 3.25 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SGPP is constrained by its small scale of operation with low profitability margins, constitution being a partnership firm, regulated, fragmented and competitive nature of the industry and high working capital intensity with exposure to vagaries of nature. However, the aforesaid constraints are partially offset by its experienced partners with satisfactory track record of operations, close proximity to raw material sources, stable demand outlook of rice and satisfactory leverage ratios with comfortable debt coverage indicators. The ability of the firm to grow its scale of operation and profitability margins and ability to manage its working capital effectively would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Shree Ganga Paddy Processors established in the year 2009 and thus has satisfactory track record of operations. Mr. Gridharilal Agrawal (aged, 60 years), having more than three decades of experience in the rice milling industry, looks after the day to day operations of the firm along Mr. Ashish Agrawal, Smt. Anandi Agrawal and a team of experienced professionals who have rich experience in the similar line of business. Close proximity to raw material sources and favorable industry scenario: SGPP's plant is located at Durg district, Chhattisgarh which is in the midst of paddy growing states like Chhattisgarh, Jharkhand and Bihar. The entire raw material requirement is met locally from the farmers (or local agents) which helps the firm to save on substantial amount of transportation cost and also procure raw materials at effective prices. Further, rice being a staple food grain with India's position as one of the largest producer and consumer, demand prospects for the industry is expected to remain good in near to medium term. Stable demand outlook of rice: Rice, being one of the primary food articles in India, demand is high throughout the country and with the change in life style and health consciousness; by- products of the same like rice bran oil etc. are in huge demand. Satisfactory leverage ratios with comfortable debt coverage indicators: Capital structure of the entity remained satisfactory marked by overall gearing ratio of 0.51x as on March 31, 2017. The overall gearing ratio improved in FY17 over FY16 mainly on account of scheduled repayment of unsecured loan and accretion of profits to capital. Moreover, the debt coverage indicators also remained comfortable marked by total debt to GCA ratio of 5.16x and satisfactory interest coverage ratio of 14.46x in FY17. Key Rating Weaknesses Constitution as a partnership firm: SGPP, being a proprietorship firm, is exposed to inherent risk of the partners' capital being withdrawn at time of personal contingency and firm being dissolved upon the death/insolvency of the partners. Furthermore, proprietorship entities have restricted access to external borrowing as credit worthiness of partner would be the key factors affecting credit decision for the lenders. Small scale of operation with low profitability margins: SGPP is a relatively small player in the rice milling industry with revenue and PAT of INR1.69 crore and INR0.02 crore respectively, in FY17. Further, the capital base and total capital employed was low at INR1.29 crore and INR1.95 crore, respectively, as on March 31, 2017. This apart, the PBILDT and PAT margins were low at 8.63% and 1.18%, respectively, during FY17. This apart, the firm has achieved total operating income of around INR2.73 crore during FY18. The small size restricts the financial flexibility of the firm in times of stress and it suffers on account of economies of scale. Regulated nature of the industry: The Government of India (GoI) decides a minimum support price (MSP - to be paid to paddy growers) for paddy every year limiting the bargaining power of rice millers over the farmers. The MSP of paddy was increased during the crop year 2017-18 to INR1550/quintal from INR1470/quintal in crop year 2016-17. Given the market determined prices for finished product vis-Ö-vis fixed acquisition cost for paddy, the profitability margins are highly volatile. Such a situation does not augur well for the firm, especially in times of high paddy cultivation. Fragmented and competitive nature of the industry: SGPP's plant is located in Durg district which is in close proximity to hubs for paddy/rice cultivating region of Chhattisgarh. Owing to the advantage of close proximity to raw material sources, large number of small units is engaged in milling and processing of rice in the region. This has resulted in intense competition which is also fuelled by low entry barriers. Given that the processing activity does not involve much of technical expertise or high investment, the entry barriers are low. High working capital intensity and exposure to vagaries of nature Rice milling is a working capital intensive business as the rice millers have to stock rice by the end of each season till the next season as the price and quality of paddy is better during the harvesting season. Also, paddy cultivation is highly dependent on monsoons, thus exposing the fate of the firm's operation to vagaries of nature. Accordingly, the working capital intensity remains high leading to higher stress on the financial risk profile of the rice milling units. Accordingly, the average utilization of working capital limits was around 95% during last 7 months ended March, 2018. Shree Ganga Paddy Processors (SGPP) was established as a partnership firm in 2009. The firm is engaged in milling of raw and boiled rice and trading of paddy, rice, broken rice, bran and husk. The milling unit of SGPP is located at Durg, Chhattisgarh with processing capacity of 40,000 Metric Ton Per Annum (MTPA). The firm is promoted by Raipur based Agrawal family heading by Mr. Gridharilal Agrawal who have a long experience in the rice milling industry. SGPP procures paddy from farmers & local agents and sells its products through the wholesalers and distributors located in Chhattisgarh. Mr. Gridharilal Agrawal (aged, 60 years), having more than three decades of experience in the rice milling industry, looks after the day to day operations of the firm along Mr. Ashish Agrawal, Smt. Anandi Agrawal and a team of experienced professionals who have rich experience in the similar line of business. SHRI MURUGAN: ICRA Assigns B+ Rating INR12cr Cash Loan ------------------------------------------------------ ICRA has assigned long-term rating of [ICRA]B+ to the INR17.00- crore fund-based facilities and ratings of [ICRA]B+/[ICRA]A4 to the INR3.00-crore unallocated limits of Shri Murugan Industries. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- Cash Credit 12.00 [ICRA]B+ (Stable); Assigned Fund based- Term Loan 5.00 [ICRA]B+ (Stable); Assigned Unallocated 3.00 [ICRA]B+ (Stable)/[ICRA]A4; Assigned Rationale The assigned ratings consider the firm's modest scale of operations in intensely competitive industry limiting its financial flexibility. The firm's revenues and profitability are exposed to fluctuations in the prices of raw material, cotton, which is an agro-commodity, and its prices are subject to seasonality and crop harvest. The ratings are further constrained by the firm's weak financial profile with low profitability, moderate coverage indicators, and highly leveraged capital structure. Further, ICRA also considers the stretched liquidity profile with average working capital utilisation of 86.1% for the period October 2016 to January 2018. The ratings also factor in cash withdrawal risks associated with partnership firm. However, the ratings favorably factor in the extensive experience of the partners spanning over four decades in the cotton ginning industry, who operate several other companies in the same industry, resulting in the established customer and supplier base of the firm. The ratings also consider the location advantage with firm's proximity to cotton growing areas of Ranga Reddy district of Telangana, provides logistic advantage. Outlook: Stable The stable outlook reflects ICRA belief that SMI will continue to benefit from the extensive experience of its partners in the cotton ginning business. The outlook may be revised to 'Positive' if substantial higher-than-estimated growth in revenue and profitability, strengthens the financial risk profile and effective working capital management. The outlook may be revised to 'Negative' if any major debt-funded capital expenditure weakens liquidity. Key rating drivers Credit strengths Long experience of the partners: SMI was established in 2005 and started operations in October 2015 by Mr. B. Sujith Reddy and Mr. B. Veeralingam, who have extensive experience in cotton ginning business. Moreover, the firm has various group companies which are also engaged in the same line of business leading to established supplier base and sales network. Proximity of manufacturing unit to cotton-producing belt of Telangana: The firm's manufacturing facility is located at Ranga Reddy district of Telangana, which provides the firm easy access to raw material and savings on logistics costs. Credit weaknesses Modest scale of operations: The firm's scale of operations is modest with operating income of INR156.5 crore in FY2017 due to nascent stage of operations. Moreover, the firm's revenue growth is expected to be only marginal increase by 1.5-2.0% in FY2018 due to lower sales volume owing to unavailability of raw material at favorable rates. Financial profile characterised by low profitability and moderate coverage indicators: The profitability of the firm remained low due to the low value addition in the cotton ginning business, which, coupled with high working borrowing levels, resulted in moderate coverage indicators. The gearing of the firm stood high at 4.5 times as on March 31, 2017. Moreover, the liquidity position of the firm remained stretched as reflected in the high utilization of the working capital limits of 86.1% for the period October 2016 to January 2018. Intense competition and fragmentation in the industry given the low entry barriers: The firm faces stiff competition from organised and unorganised players limiting its pricing flexibility and bargaining power. Profitability exposed to fluctuation in raw material prices which is subject to seasonality and Government regulations: The profit margins of the firm are exposed to the fluctuation in raw material prices, which depend upon factors like seasonality, monsoon condition, international demand and supply situation, export policy etc. Further, it is exposed to the regulatory risks, as prices are decided through the minimum support price, set by the Government. Inherent risks being a partnership firm: Being a partnership firm, it is vulnerable to capital withdrawals by the partners. Srinivasa Murugan Industries (SMI) was constituted as a partnership firm in the year 2015 and commenced operations in October 2015. The firm's plant is located at Talakondapally, Ranga Reddy district of Telangana and is engaged in ginning, pressing & trading of cotton lint. The installed capacity of the firm is 1,63,296 quintals of cotton ginning. In FY2017, the firm reported a net profit of INR0.5 crore on an operating income of INR156.5 crore, as compared to a net profit of INR0.1 crore on an operating income of INR70.5 crore in 6M FY2016. SINGHAL BUSINESS: CARE Assigns B+ Rating to INR9cr LT Loan ---------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Singhal Business Private Limited (SBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facility 9.00 CARE B+; Stable Assigned Short-term Bank Facility 6.00 CARE A4; Assigned Detailed Rationale & Key Rating Drivers The ratings assigned to the bank facilities of SBPL are constrained by small scale of operation with low profitability margin, volatility in prices of traded goods, working capital intensive nature of business, high leveraged ratios and weak debt coverage indicators and intensely competitive nature of the industry with presence of many unorganized players. However, the aforesaid constraints are partially offset by extensive experience of the management with satisfactory track record of operation and stable demand outlook of its products. Going forward, the ability of the company to grow its scale of operations, improve its profit margins and ability to manage working capital effectively would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Strengths Experienced management with satisfactory track record of operation: SBPL has commenced operations from 2010. Since its inception the company has been engaged in the trading of Iron ore fines, coal, mill scale, billets and other steel products business. The company has satisfactory track record of operations. Over the years, Singhal Business Private Limited has been able to grow over the years by constantly improving its service. Mr. Rahul Agarwal (Director) along with his Mr. Ram Awatar Agarwal (Director) who has around 20 years and 23 years of experience in the similar line of business look after the day to day operation of the company. Stable demand outlook of its traded products: The demand of iron ore fines, coal, mill scale, billets and other steel products will increase in the medium to long term with the pick-up in the manufacturing activities and increased thrust of GoI on the development of iron and steel sector. Key Rating Weaknesses Small scale of operation with low profitability margin: SBPL is a relatively small player in trading business with total operating income and PAT of INR41.30 crore and INR0.18 crore, respectively, in FY17. Net worth base of the company was INR6.33 crore as on March 31, 2017. This apart, the PBILDT and PAT margins were low at 3.46% and 0.45%, respectively, in FY17. Moreover, the company has achieved sales of around INR36.82 crore during 10MFY18. The small size restricts the financial flexibility of the company in times of stress and it suffers on account of economies of scale. Volatility in prices of traded goods: SBPL purchases trading goods (i.e. iron ore fines, coal, mill scale, billets and other steel products from domestic market for stock & sale basis. Since the prices of the traded goods are volatile in nature and it is basically determined by demand supply situation at a particular time. Thus the company is exposed to price volatility in the traded goods. Working capital intensive nature of business: The operations of SBPL remained working capital intensive marked by its moderately high inventory period in FY17. Further the company maintains stock of traded goods for timely supply to its clients demand. Accordingly the average utilization of cash credit remained on the higher side at about 95% during last twelve months ending on February, 2018. High leverage ratios and weak debt coverage indicators The capital structure of the company remained leveraged as marked by overall gearing ratio of 1.57x as on March 31, 2017. However, long term debt equity ratio was 0.02x as on March 31, 2017. Moreover, the debt coverage indicators also remained moderate with total debt to GCA ratio of 31.69x in FY17. However, interest coverage ratio remained at 1.44x in FY17. Intensely competitive nature of the industry with presence of many unorganized players: SBPL is engaged in the trading of iron ore fines, coal, mill scale, billets and other steel products which is primarily dominated by large players and characterized by high fragmentation and competition due to the presence of numerous players in India owing to relatively low entry barriers. High competitive pressure limits the pricing flexibility of the industry participants which induces pressure on profitability. Incorporated in October 2010, SBPL was promoted by Mr. Rahul Agarwal and his brother Mr. Ram Awatar Agarwal. Since its inception the company has been engaged in trading of iron ore, mill scale, coal, billet and other steel products. The company recently purchased a bauxite mine in Ambikapur, Chhattisgarh. The registered address of the company is located at Raipur, Chhattisgarh. SIYARAM COTTON: CARE Assigns B+ Rating to INR13.90cr LT Loan ------------------------------------------------------------ CARE Ratings has assigned rating to the bank facilities of Siyaram Cotton Industries (SCI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 13.90 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SCI is primarily constrained on account of project implementation risk associated with it and yet to achieve financial closure. The rating is, further, constrained on account of its presence in the lowest segment of the textile value chain coupled with highly competitive and fragmented cotton ginning industry, vulnerability of its operating margins to fluctuation in the cotton prices and constitution as a partnership concern. The rating, however, favorably takes into account the vast experience of the promoters in the cotton ginning industry and established relations with customers and suppliers. The rating, further, gets strength from location advantage being situated in the cotton growing region. The ability of the firm to successfully complete its project within envisaged time and cost parameters and achieve envisaged level of scale of operations and profitability with efficient management of working capital would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Project implementation risk with financial closure yet to achieve SCI undertook a green-field project to set up plant for cotton ginning and processing. The firm had envisaged total project cost of INR6 crore towards the project to be funded through term loan of INR4.00 crore and remaining of INR2 crore through unsecured loans and share capital. The firm is expecting to complete its project by October, 2018. However, it has yet to achieve financial closure. Till March 27, 2018, the firm has incurred total cost of INR1.25 crore towards the project funded partner capital. The overall gearing is expected to remain high due to debt taken for project funding as well as availment of working capital bank borrowing for working capital funding. Operating margins susceptible to cotton price fluctuation and seasonality associated with the cotton industry: Operations of cotton business are seasonal in nature, as sowing season is done during March to July and harvesting cycle (peak season) is spread from November to February every year. Prices of raw material i.e. raw cotton are highly volatile in nature and depend upon factors like monsoon condition, area under production, yield for the year, international demand supply scenario, export policy decided by government and inventory carried forward of the last year. Ginners usually have to procure raw materials at significantly higher volume to bargain bulk discount from suppliers. Furthermore, cotton being a seasonal crop, the inventory levels of the entity generally remains high at the end of the financial year. Thus, aggregate effect of both the above factors results in exposure of ginners to price volatility risk. Presence in the lowest segment of the textile value chain and in a highly fragmented cotton ginning industry: High proportion of small scale units operating in cotton ginning and pressing industry has resulted in fragmented nature of industry leading to intense competition amongst the players. As SKF operates in this highly fragmented industry wherein large numbers of un-organised players are also present, it has very low bargaining power against both its customers as well as its suppliers. This coupled with limited value addition in cotton ginning process results in the firm operating at very thin profitability (PAT) margins. Key Rating Strengths Experienced promoters in the textile and cotton ginning industry and established relations with customers and suppliers through group companies: Mr. Manoj Kumar Agrawal, Ms. Rekha Agarwal and Ms Aarti Agarwal, Partners, have more than two decades of experience in the industry and looks after purchase functions and administration and management functions respectively of the firm. Mr. D.L. Agrawal, Partner, has more than four decades of experience in the industry and looks after selling functions of the firm. Being present in the industry since long period of time, it has established relationship with customers and suppliers. Strategically located in the cotton growing region Gujarat, Maharashtra, Andhra Pradesh, Haryana, Madhya Pradesh and Tamil Nadu are the major cotton producer's states in India. The plant of SKF is located in one of the cotton producing belt of Sendhwa (Madhya Pradesh) in India. The presence of SKF in cotton producing region results in benefit derived from lower logistics expenditure (both on transportation and storage), easy availability and procurement of raw materials at effective price. Ratlam (Madhya Pradesh) based Siyaram Cotton Industries (SCI) was established in October, 2017 by Mr. Manoj Agrawal, Mr. DL Agrawal, Ms. Rekha Agrawal and Ms. Aarti Agrawal as a partnership concern and share equal profit and loss. The firm was formed with an objective to set up green field project for cotton ginning and pressing at Ratlam, Madhya Pradesh. SCI envisaged total project cost of INR6 crore towards the project which envisaged to be funded through term loan of INR4.00 crore and remaining of INR2.00 crore through unsecured loans and share capital. The plant of the company will have installed capacity to manufacture cotton bales of 400 Bales per Day (BPD). SKYWIN SPINNING: Ind-Ra Rates INR138.8MM Loan 'BB+' --------------------------------------------------- India Ratings and Research (Ind-Ra) has rated Skywin Spinning Private Limited's (SSPL) additional bank facility as follows: -- INR138.8 mil. Term loan due on March 2021 assigned with IND BB+/Stable rating; -- INR140 mil. Fund-based facilities assigned with IND BB+/Stable/IND A4+ rating; and -- INR14.2 mil. Non-fund-based facilities assigned with IND A4+ rating. RATING SENSITIVITIES Negative: A substantial decline in the revenue and profitability and deterioration in the overall credit metrics on a sustained basis could be negative for the ratings. Positive: Substantial growth in the revenue and EBITDA margin leading to an improvement in the credit metrics on a sustained basis could be positive for the ratings. COMPANY PROFILE Incorporated in November 2013, SSPL manufactures 100% cotton yarn (single ring spun yarn, combed yarn, carded yarn and knitting yarn), with an installed capacity of 19,584 spindles at its plant. SRI POWER: Ind-Ra Maintains 'BB' LT Rating in Non-Cooperating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sri Power Generation (India) Private Limited's Long-Term Issuer Rating in the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR51 mil. Long-term Loan maintained in Non-Cooperating Category with IND BB (ISSUER NOT COOPERATING) rating; -- INR31.5 mil. Non-fund-based maintained in Non-Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on October 19, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Sri Power Generation (India) develops solar power projects using photo voltaic technology. It has two solar power plants in Andhra Pradesh - one in Varadaipalem, Chittor district with a 2MW capacity and another of 1MW capacity in Kadiri, Anantapur district. SRI SARVARAYA: ICRA Moves D Rating to Not Cooperating Category -------------------------------------------------------------- ICRA has revised the long-term rating assigned to INR82.95 crore- term loan, INR132.00-crore fund-based bank facilities and INR7.39 crore unallocated limits of Sri Sarvaraya Sugars Limited from [ICRA]B+ to [ICRA]D. ICRA has also revised the rating assigned to the INR5-crore Fixed Deposit Programme of SSSL from MB+ to MD. ICRA has moved the ratings of SSSL to the 'ISSUER NOT COOPERATING' category due to non-submission of monthly 'No Default Statement' ("NDS") by the entity. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based-Term 82.95 [ICRA]D ISSUER NOT COOPERATING; Loan Rating downgraded from [ICRA]B+ (Stable) and moved to 'Issuer Not Cooperating' category Fund-based 132.00 [ICRA]D ISSUER NOT COOPERATING; Limits Rating downgraded from [ICRA]B+ (Stable) and moved to 'Issuer Not Cooperating' category Unallocated Limits 7.39 [ICRA]D ISSUER NOT COOPERATING; Rating downgraded from [ICRA]B+ (Stable) and moved to 'Issuer Not Cooperating' category FD Programme 5.00 MD ISSUER NOT COOPERATING; Rating downgraded from MB+ (Stable) and moved to 'Issuer Not Cooperating' Category ICRA has been consistently following up with Sri Sarvaraya Sugars Limited for obtaining the monthly 'No Default Statement' and had also placed the ratings under review due to non-submission of NDS in the month of March 2018. However, the entity's management has remained non-cooperative. Rationale The ratings revision reflects delays in debt servicing by the company owing to subdued performance of SSSL's sugar division in the ongoing FY2018 due to reduced sugar cane availability. The ratings continue to remain constrained by the relatively stretched liquidity profile of the company due to high working capital requirements of the sugar division and high funding requirements of the bottling division due to regular maintenance costs incurred on RGB (returnable glass bottles) and coolers and sustained capex requirements. Furthermore, while the sugar operations of the company remains exposed to agro-climatic risks, the bottling unit remains vulnerable to the seasonality associated with the sales within the bottling unit and the exposure of beverages industry to regulatory risks from changes in government policies. The ratings, however, continue to favorably factor in the diversified operations of the company with presence of bottling unit along with a sugar division which in turn is fully forward integrated; and the stable business model of the company in the beverages division due to exclusive franchise agreement with Coca-Cola India Private Limited for three districts of Andhra Pradesh/Telangana. Sri Sarvaraya Sugars Limited(SSSL) was incorporated in the year 1956 by Mr. SBPBK Satyanarayana Rao. The company operates an integrated sugar plant with a crushing unit of 4000 TCD capacity located in Chelluru district in Andhra Pradesh. The company also operates a bottling division with units at four locations namely Vemagiri, Gopalapuram, Kesavaram and Sathupally in Andhra Pradesh/Telangana and is a franchisee bottler for Coca Cola India Private Limited. SWIFT CERAMIC: ICRA Withdraws B+ Rating on INR3.50cr Cash Loan -------------------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]B+ ISSUER NOT COOPERATING with a Stable outlook and the short-term rating of [ICRA]A4 ISSUER NOT COOPERATING assigned to the INR6.20 crore bank facilities of Swift Ceramic Private Limited (SCPL). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 3.50 [ICRA]B+ (Stable) ISSUER Cash Credit NOT COOPERATING; Withdrawn Fund based- 1.95 [ICRA]B+ (Stable) ISSUER Term Loan NOT COOPERATING; Withdrawn Non Fund based- 0.75 [ICRA]A4 ISSUER NOT Bank Guarantee COOPERATING; Withdrawn Rationale The ratings assigned to Swift Ceramic Private Limited have been withdrawn at its request based on the no-due certificate provided by its banker. Swift Ceramic Private Limited (SCPL) is engaged in manufacturing of digital wall tiles with its plant situated at Morbi, Gujarat. The company was established in April 2011 and the operations commenced in March 2012. It is promoted by Mr. Sanjay Zalaria along with other shareholders. The plant has an installed capacity of 25000 TPA. It currently manufactures wall tiles of size 12"x12", 12"x18", 12"x24" and 10"x15" with the current set of machineries and production facilities. The company is planning to introduce another size i.e. 10"x30" to its existing portfolio from March 2016. USS EXIM: ICRA Withdraws 'B' Rating on INR1cr LT Loan ----------------------------------------------------- ICRA has withdrawn the long-term rating of [ICRA]B for the INR1- crore long-term fund-based bank facilities and the short-term rating of [ICRA]A4 for the INR9.00-crore short-term non-fund based facilities of USS Exim Private Limited (UEPL). ICRA has also withdrawn the long/short-term rating of [ICRA]B and [ICRA]A4 for the INR2.50-crore unallocated facilities of USS Exim Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- based/CC 1.00 [ICRA]B; withdrawn Short-term Non- fund Based Limits 9.00 [ICRA]A4; withdrawn Unallocated 2.50 [ICRA]B/A4; withdrawn Rationale The ratings assigned to UEPL have been withdrawn at the request of the company, based on the no-objection certificate provided by its banker. The name of the company has been changed to USS Exim Private Limited from Trisha Marketing Private Limited (TMPL) in FY 2016. Incorporated in 2003, UEPL is a closely-held company promoted by Mr. Murari Lal Gupta and his son Mr. Mohit Gupta. The company commenced operations in June 2014 with importing and trading of chemicals, mobile handsets, steel sheets and pipes. UEPL has trading offices in Delhi and Mumbai. However, in FY2016 the sales of mobile were discontinued and that of steel declined. It executed a few orders for trading chemicals and machine parts in FY2016. However, due to low profitability in the business, both the segments were discontinued by the promoters in FY2016 itself. VIRENDRA KUMAR: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Virendra Kumar Singh's (VKS) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR40 mil. Fund-based limits affirmed with IND BB-/Stable rating; -- INR20 mil. Non-fund-based limits affirmed with IND A4+ rating; and -- INR10 mil. Proposed fund-based limits* affirmed with Provisional IND BB-/Stable rating. * The above rating is provisional and final rating shall be confirmed upon the sanction and execution of the loan documents for the above facilities by VKS to the satisfaction of Ind-Ra. KEY RATING DRIVERS The ratings continue to be constrained by VKS's continued small scale of operations in the highly fragmented construction industry. Revenue improved to INR181 million in FY17 (FY16: INR177 million) on account of timely execution of work orders. As of 9MFY18, it achieved revenue of INR147 million. The ratings also remain constrained by VKS's modest margins and credit metrics due to fluctuating raw material prices and a high debt balance. The EBITDA margin declined to 13.1% in FY17 (FY16: 14.4%) due to higher input costs. Net financial leverage (adjusted net debt/operating EBITDAR) deteriorated to 3.10x in FY17 (FY16: 2.59x) due to a high debt balance at the year-end and interest coverage (operating EBITDA/gross interest expense) increased to 3.00x (2.86x) due to a low interest cost paid during the year. The ratings factor in the proprietorship nature of the concern. However, the ratings are supported by VKS's promoters' more than three decades of experience in the construction business and order book of INR263 million, providing revenue visibility of 1.46x of FY17 revenue. Moreover, the liquidity is comfortable as reflected from its 55% average maximum utilization of the fund- based working capital limits during the 12 months ended March 2018. RATING SENSITIVITIES Negative: An increase in the revenue and profitability margins, along with an improvement in the credit metrics, on a sustained basis, will be positive for the ratings. Positive: A decline in the operating profitability, resulting in deterioration in the interest coverage, on a sustained basis, will be negative for the ratings. COMPANY PROFILE VKS, incorporated in August 1985 by Mr. Virendra Kumar Singh in Ambikapur, Chhattisgarh. The firm constructs bridges, roads and flyovers. VISHRAMBHAI GORASIA: Ind-Ra Affirms BB- LT Rating, Outlook Stable ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Vishrambhai Gorasia Construction Private Limited's (VGCPL) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions is: -- INR79.8 mil. (increased from INR50 mil.) Fund-based working capital limits affirmed with IND BB-/Stable/IND A4+ rating. KEY RATING DRIVERS The affirmation reflects VGCPL's continued small scale of operations and weak credit metrics owing to stiff competition. Its revenue declined 4.4% to INR258.7 million in FY17, due to a fall in orders from customers. As per interim financials for 9MFY18, the company booked INR247.2 million in revenue. At end of March 2018, the company had an order book of INR309.2 million (1.19x of FY17 revenue). VGCPL's gross interest coverage (operating EBITDA/gross interest expense) reduced to2.3x in FY17 from 2.5x in FY16 and net leverage (total adjusted net debt/operating EBITDAR) increased to 4.1x from 3.8x because EBITDA margin fell to 11.3% from 11.9% on account of an increase in variable cost. The ratings remain constrained by VGCPL's tight liquidity, indicated by almost full utilization of the fund-based facilities over the 12 months ended March 2018. However, the ratings continue to be supported by the presence of an escalation clause for cement prices in VGCPL's contracts for ready-mix concrete, safeguarding its margins from input price volatility. The ratings also continue to benefit from VGCPL's around 10 years of customer relationships and its founders' experience of over two decades in the construction and ready-mix concrete industry. RATING SENSITIVITIES Negative: A decline in the revenue and/or the profitability resulting in deterioration in the credit metrics on a sustained basis will lead to a negative rating action. Positive: A substantial rise in the revenue and the profitability leading to an improvement in the credit metrics on a sustained basis will lead to a positive rating action. COMPANY PROFILE Incorporated in 2008, VGCPL supplies readymade concrete and undertakes civil project works such as roads, buildings, dams, railways, and drainage and water supply lines. It has readymade concrete production facilities at four locations in Gujarat. The facilities have a combined capacity of 190.0 cubic meters per hour. It is a closely held private limited company founded by Mr. Vishram Karsan Gorasia. VIZAG REBARS: CARE Lowers Rating on INR95cr LT Loan to D -------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Vizag Rebars Private Limited (VRPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 95.00 CARE D Revised from CARE B+; Stable Short term Bank Facilities 5.00 CARE D Revised from CARE A4 Detailed Rationale & Key Rating Drivers The revision in the ratings assigned to the bank facilities of VRPL takes into consideration deterioration of financial risk profile of the company due to the subdued steel industry scenario resulting in stretched liquidity position and consequently leading to delays in servicing of debt obligations. Detailed description of the key rating drivers Key rating Weaknesses Delays in meeting the debt obligations on time due to stressed liquidity: The lenders have confirmed delays in debt servicing on account of stretched liquidity position resulting in cash flow mismatches. The liquidity position of the company witnessed deterioration primarily due to increased raw material prices and cost of traded goods purchased due to subdued industry scenario. Susceptibility to price fluctuation of steel product: Prices of steel products are very volatile in nature which are driven by the global prices and are also dominated by the demand-supply scenario. Intense competition: The steel trading industry is characterized by low entry barriers due to minimal capital required and easy availability of technology which has resulted in proliferation of large number of small and large traders spread across the country. Highly fragmented nature of the industry has resulted in intense competition within the industry. Key rating strengths Experienced Promoters: VRPL was promoted by Mr. T Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao. Mr Srinivasa Rao and Mr. Shiva Kumar have more than two decades of business experience with a majority of their experience in the trading business. Incorporated on November 28, 1995, Vizag Re-bars Pvt Ltd (VRPL) is primarily engaged in the trading of steel and steel products at Vijayawada, Andhra Pradesh. The company is promoted by Mr. T Srinivasa Rao, Mr. Kilaru Shiva Kumar and Mr. Mallikarjuna Rao. During November 2012, the company has forayed into manufacturing activity by taking a re-rolling mill (with an installed capacity of 45,000 TPA) from Steel Exchange India Limited, a group company. =============== M A L A Y S I A =============== KONSORTIUM TRANSNASIONAL: Auditors Cast Going Concern Doubt ----------------------------------------------------------- The Sun Daily reports that Konsortium Transnasional Bhd's (KTB) independent auditors Messrs. Jamal, Amin & Partners have expressed concerns over its ability to continue as going concerns as its current liabilities exceeded current assets by RM44.4 million and RM18.45 million at the group and company levels, respectively in its financial statement ended December 31, 2017. "These conditions indicate the existence of a material uncertainty which may cast significant doubt about the ability of the group and the company to continue as going concerns," the auditors, as cited by the Sun Daily, said. According to the Sun Daily, the auditors noted that KTB's ability to continue as going concerns are dependent upon it obtaining the support from the ultimate and penultimate holding companies; support funds from the relevant state governments and the Land Public Transport Commission (SPAD); the ability to generate adequate positive cash flows and future profits from its ongoing reorganisation of operations; raising additional cash flows from the sale of land and the support from creditors and lenders. KTB, however, highlighted that it is already in the process of addressing the current liabilities and has successfully reduced its net current liabilities to RM44.39 million as at December 31, 2017 as compared with RM131.24 million as at December 31, 2016, the report relays. Out of the RM18.45 million net current liabilities, RM17.79 million represent net amount due to related companies, says the Sun Daily. The report relates that the company has continued to negotiate with creditors for extension/converting debts into few years repayment period of the existing short-term debts until the completion of its turnaround exercise. KTB is also banking on revenue and financial support from its two separate agreements with SPAD to provide bus services under the MYBUS and Interim Stage Bus Support Fund (ISBSF) programmes, the Sun Daily adds. ==================== S O U T H K O R E A ==================== GM KOREA: To Turn Around Next Year, General Motors CFO Says ----------------------------------------------------------- Yonhap News Agency reports that General Motors Co.'s Chief Financial Officer Chuck Stevens said the agreement reached last week by the carmaker's South Korean unit will lay the foundation for a turnaround next year, GM Korea Co. said April 30. In a conference call to talk about its first-quarter results, Mr. Stevens said GM Korea will be able to reduce costs by US$400- $500 million a year by shutting down one of four car assembly plants in Korea and reorganizing the overall workforce, Yonhap relates. He said GM Korea, under a package of restructuring measures, is expected to make a profit from 2019 onward based on various cost- cutting efforts, according to Yonhap. GM owns a 77 percent stake in GM Korea, with the state-run Korea Development Bank and SAIC Motor Corp. controlling 17 percent and six percent, respectively. From 2014-2017, GM Korea posted KRW3.134 trillion in accumulated net losses due to a lack of new models and lower demand, Yonhap discloses. To help buoy sales in Korea, GM Korea plans to import the Chevrolet Equinox sport utility vehicle from the U.S. beginning in June amid a rising demand for SUVs, a company spokesman said, Yonhap relates. On April 26, GM signed a conditional agreement with the KDB to help resolve the liquidity problems facing the carmaker. In the deal to be finalized early next month, GM and the KDB agreed to inject a combined KRW7.7 trillion -- KRW6.9 trillion from GM and KRW810 billion from the KDB -- into the financially troubled company so it can continue operating and plan a course for future growth, adds Yonhap. =============== X X X X X X X X =============== * BOND PRICING: For the Week April 23 to April 27, 2018 ------------------------------------------------------- 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 BOART LONGYEAR MANAGEME 1.50 12/31/22 USD 50.00 DBCT FINANCE PTY LTD 2.28 06/09/26 AUD 74.17 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94 LAKES OIL NL 10.00 05/31/18 AUD 7.25 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.34 QUINTIS LTD 8.75 08/01/23 USD 70.13 QUINTIS LTD 8.75 08/01/23 USD 70.13 QUINTIS LTD 8.75 08/01/23 USD 70.13 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.31 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.14 ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 40.43 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.51 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 41.00 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.11 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.22 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 60.36 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.52 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.65 ANSHAN HI-TECH INDUSTRY 8.50 12/20/20 CNY 62.75 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.97 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.98 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 40.48 BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 40.52 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.07 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 59.75 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 60.07 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.35 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.22 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.30 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.20 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.49 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.58 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 61.42 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.38 BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 40.51 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 60.27 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 40.23 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 60.97 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.14 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.48 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.79 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 39.96 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.12 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.15 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.37 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.73 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.78 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.70 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.00 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.32 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.26 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.54 BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.67 BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.80 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 49.23 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.84 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.53 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.49 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 62.50 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.28 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.81 C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 40.40 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.15 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.92 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.65 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.76 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.32 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.46 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.35 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.71 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 50.22 CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.60 CHANGRUN INVESTMENT HOL 6.88 09/16/20 CNY 60.70 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.34 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 40.40 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.00 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 40.58 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.09 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.82 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 73.04 CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.33 CHANGSHA LUSHAN URBAN C 7.70 02/27/21 CNY 61.83 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.50 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.69 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 39.92 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 40.16 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.42 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.10 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 60.29 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.19 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.34 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.37 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.85 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.35 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.36 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 63.75 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.41 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.46 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.46 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 60.28 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 25.05 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.12 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.39 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.18 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 40.62 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.11 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.46 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.51 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 25.07 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 26.00 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.20 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 40.30 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.42 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.95 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 61.26 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.41 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.80 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.28 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.35 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.66 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.76 CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.20 CHENZHOU DEVELOPMENT IN 7.34 09/13/19 CNY 40.69 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 60.10 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.22 CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 73.17 CHINA RAILWAY CORP 3.40 10/27/46 CNY 74.11 CHINA SECURITY & FIRE C 4.45 11/11/19 CNY 67.22 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.81 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.46 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 40.60 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.73 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.63 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.24 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.67 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.79 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 59.80 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.59 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.55 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 60.65 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.52 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.92 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.58 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 62.25 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.17 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.40 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 61.47 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.57 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.70 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.26 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 60.32 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 24.99 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.63 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.27 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 60.77 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.63 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.66 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 40.09 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.10 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 40.56 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.70 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 61.05 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.41 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 40.47 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.44 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.45 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.20 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 60.23 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.86 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 41.00 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.71 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 82.45 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.41 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 60.99 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 61.33 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.22 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 60.30 CHONGQING THREE GORGES 6.40 01/23/19 CNY 24.80 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.15 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.28 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 60.39 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 60.75 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.06 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 40.54 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.42 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.54 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 41.00 CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 40.00 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.39 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 40.44 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.62 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.16 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.51 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.48 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.55 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.86 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 60.00 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.36 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.41 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 40.59 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.95 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 62.04 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.13 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 62.49 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.60 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.56 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 40.16 DALIAN LVTAI INVESTMENT 7.00 08/08/21 CNY 66.04 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 89.00 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 41.05 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.00 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 62.36 DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.10 DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.81 DANDONG CITY DEVELOPMEN 8.00 12/21/18 CNY 40.56 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.45 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.15 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.70 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.93 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.99 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 40.37 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.26 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.50 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.88 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.18 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.33 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.18 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.26 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 61.88 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.64 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.45 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 40.51 DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 40.82 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.00 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 25.08 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.66 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 60.00 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.90 DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 34.90 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.77 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 40.37 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.08 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.74 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.95 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.09 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 81.50 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.57 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 62.02 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 68.00 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 60.57 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.70 FUJIAN LONGYAN CITY CON 7.45 03/04/21 CNY 61.62 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.46 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.48 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.22 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 40.00 FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.17 FUSHUN URBAN INVESTMENT 8.53 03/22/22 CNY 63.75 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 40.55 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 41.00 FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 61.68 FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 61.82 FUYANG CONSTRUCTION INV 7.65 03/21/21 CNY 62.06 FUYANG CONSTRUCTION INV 7.60 03/13/21 CNY 62.07 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.58 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.90 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.13 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.22 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.38 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 69.78 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.17 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 25.07 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.16 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.26 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.04 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 51.15 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.49 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.65 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.63 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.81 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.15 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.42 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.47 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.35 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 61.70 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.06 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.10 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.30 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 40.56 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 40.27 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.90 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 41.08 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.98 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 62.13 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.53 GUANGZHOU DEVELOPMENT Z 6.70 08/14/22 CNY 71.96 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.04 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 25.05 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 50.05 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.16 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 25.19 GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.41 GUIYANG PUBLIC HOUSING 6.70 11/06/19 CNY 40.61 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 40.17 GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 61.60 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.62 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.21 HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.23 HAIAN COUNTY CITY CONST 7.45 03/04/21 CNY 61.83 HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 50.68 HAIAN COUNTY DEVELOPMEN 7.40 02/21/20 CNY 51.04 HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.12 HAIAN COUNTY DEVELOPMEN 7.49 02/21/21 CNY 61.80 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.59 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 61.09 HAILAR DISTRICT URBAN I 6.20 05/14/20 CNY 60.11 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 20.83 HAIMEN COMMUNICATION IN 8.00 03/18/21 CNY 62.84 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.58 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.60 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.30 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.42 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 39.60 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.00 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.46 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.14 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 62.85 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.08 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.16 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.79 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 42.00 HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 62.02 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 39.80 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.33 HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.45 HANGZHOU FUYANG CITY CO 7.10 02/26/21 CNY 61.58 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.72 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.48 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.52 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.90 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 24.96 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.22 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.41 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.44 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.72 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.09 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 63.49 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.38 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.42 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 40.50 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.42 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.85 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.25 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.37 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.67 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.84 HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.50 HARBIN WATER INVESTMENT 5.70 05/06/20 CNY 60.65 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 40.61 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 41.94 HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.16 HECHI CITY CONSTRUCTION 8.50 12/18/20 CNY 62.22 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 70.52 HEFEI CONSTRUCTION INVE 6.60 08/28/18 CNY 40.00 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.86 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.97 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 40.50 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.42 HEFEI NEW & HIGH TECHNO 6.90 03/12/20 CNY 71.26 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.54 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 40.45 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 40.17 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 41.03 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 70.00 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.75 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.65 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.47 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.50 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.36 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 60.55 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.31 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.60 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.57 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 60.25 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.64 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.75 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.55 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.36 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 41.06 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.30 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.44 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.42 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.91 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.18 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.34 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.08 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.40 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 61.00 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.54 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.65 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.80 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.84 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 63.50 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 62.12 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 63.08 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.58 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.11 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.52 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.61 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.52 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.58 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.17 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.21 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.23 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.49 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.42 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 80.00 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 85.00 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.74 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.12 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.19 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.63 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.45 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 62.27 INNER MONGLIA SHENG MU 4.48 12/28/20 CNY 55.00 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.43 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 40.50 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.55 INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.02 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.27 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.37 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 61.79 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.40 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 40.46 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.71 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.28 JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 38.06 JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 40.31 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 61.36 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.87 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.88 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.32 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 59.91 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.03 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 70.84 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 39.69 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 40.04 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.66 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.72 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.40 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 40.47 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.71 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.48 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.56 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.48 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.60 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.66 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.39 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 40.40 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.51 JIANGYIN GAOXIN DISTRIC 7.31 04/25/18 CNY 50.01 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.65 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 61.62 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.93 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.90 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 40.36 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.52 JIAXING CITY NANHU NEW 7.45 02/26/21 CNY 61.37 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.18 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 40.20 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.56 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.96 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.12 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.35 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.55 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 70.24 JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 50.50 JIMO CITY URBAN DEVELOP 8.10 12/17/19 CNY 51.06 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.58 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 39.80 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.62 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 59.89 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 60.42 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.00 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.07 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.73 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.77 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 70.80 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 71.06 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 61.76 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 40.49 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.41 JINING CITY YANZHOU DIS 5.90 05/28/21 CNY 70.50 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 40.45 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.74 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.54 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.18 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.22 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.25 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.35 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 62.59 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.49 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 62.12 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 85.00 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.19 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.51 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.52 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.29 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.72 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 61.33 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.21 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 40.29 KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 59.55 KAIYUAN CITY TOWN CONST 7.88 02/24/21 CNY 61.69 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 40.92 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 41.16 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.00 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.63 KIZILSU KIRGHIZ AUTONOM 7.15 09/16/20 CNY 60.89 KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 61.70 KUCHE URBAN CONSTRUCTIO 7.95 12/09/20 CNY 80.00 KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.21 KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.25 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.00 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.02 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.39 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.44 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.25 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.00 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.48 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.93 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 62.17 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.35 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.45 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.58 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.76 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 39.90 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 45.44 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 46.91 LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 40.53 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 35.00 LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 40.47 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.12 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.50 LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 40.27 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 60.36 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 62.00 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.40 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.73 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 59.80 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 60.25 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.99 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.04 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.41 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.65 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.89 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 60.40 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 59.88 LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 41.30 LIUPANSHUI DEVELOPMENT 7.50 02/19/21 CNY 61.57 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 71.14 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.45 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.28 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 61.31 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.37 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.75 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.38 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.45 LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.19 LONGYAN HUIJIN DEVELOPM 7.10 10/18/20 CNY 61.37 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.15 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.20 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.83 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.52 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.78 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 62.08 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.21 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 60.59 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.61 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.68 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.49 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.59 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.43 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 40.14 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.00 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.01 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.43 NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 40.61 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.53 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 50.34 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.44 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.35 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.46 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.52 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 60.59 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 40.59 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 40.42 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.50 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.55 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 40.40 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.42 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.80 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 39.88 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.51 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 69.70 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 24.98 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.12 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.21 NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.05 NANNING URBAN CONSTRUCT 8.20 12/26/20 CNY 61.52 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.73 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 61.07 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.74 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.78 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.26 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 40.31 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.08 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 60.09 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.11 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.05 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 25.06 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 70.10 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.37 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.38 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.06 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.12 NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.04 NINGDE CITY STATE-OWNED 7.99 12/05/20 CNY 62.21 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.60 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 62.06 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 40.69 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.31 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 40.32 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.55 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.96 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.29 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.41 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 40.47 PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 60.85 PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.09 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.60 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.93 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.49 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 60.40 PINGXIANG HUIFENG INVES 7.06 10/11/20 CNY 61.21 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.80 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.68 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.70 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 40.29 PULANDIAN CITY CONSTRUC 8.48 12/12/18 CNY 56.17 PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.60 PULANDIAN CITY CONSTRUC 7.60 11/19/20 CNY 61.70 PULANDIAN CITY CONSTRUC 7.74 04/21/21 CNY 82.40 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 20.52 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 40.50 PUTIAN URBAN CONSTRUCTI 7.59 02/26/21 CNY 61.98 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.88 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 62.14 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.76 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.42 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 25.01 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 40.40 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 40.60 QIANNAN AUTONOMOUS PREF 6.90 09/04/20 CNY 60.92 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.24 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.50 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 71.60 QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.20 QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.97 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.32 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 40.55 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.27 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.66 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 76.00 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.59 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.06 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.53 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.93 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.90 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 20.03 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.01 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.26 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.52 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.73 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 40.14 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.40 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.51 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.46 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.78 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 70.98 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 40.50 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.62 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 40.72 QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 61.65 QUANZHOU TAISHANG INVES 7.22 02/25/21 CNY 62.49 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.50 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 40.97 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.39 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.48 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.00 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 60.26 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.63 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.48 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.75 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 61.00 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.69 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.51 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.55 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 60.81 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.00 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.83 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 39.94 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.57 RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.10 RUSHAN CITY STATE-OWNED 6.90 09/11/20 CNY 61.34 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.40 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.47 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 40.15 SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 40.79 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 60.91 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00 SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 69.83 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.91 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 61.27 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.38 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 66.18 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.43 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 60.53 SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 39.80 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.89 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.90 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.38 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.11 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.17 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.51 SHANGHAI LAKE DIANSHAN 5.95 01/30/21 CNY 74.96 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.24 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.26 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.32 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 70.18 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.44 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.56 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.21 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.46 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.80 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 25.11 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.03 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.48 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.54 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.83 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.88 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.42 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.67 SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 58.99 SHANGYU HANGZHOU BAY DI 6.95 10/11/20 CNY 60.80 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.10 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.23 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.30 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.60 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 24.98 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 25.00 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.16 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.43 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.06 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.24 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.50 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.30 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.38 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.46 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.22 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.30 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 62.69 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 60.38 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.14 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 70.18 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 60.07 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 40.51 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.64 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.63 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 61.12 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.35 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 40.58 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.94 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.63 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.97 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 41.12 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 71.13 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.08 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.20 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.21 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.24 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 60.36 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 31.41 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 59.41 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.32 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 60.37 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 82.33 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.31 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.40 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.83 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 62.53 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.38 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.30 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.52 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.39 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.39 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.41 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 60.45 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.56 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 40.08 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.28 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.21 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.29 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.04 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.67 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.73 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.45 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.58 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.57 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.74 TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.65 TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.70 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.71 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.78 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.94 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.12 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.70 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.63 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.73 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.14 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 62.50 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 56.04 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.25 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.54 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.11 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.19 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 61.64 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.07 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.50 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 39.96 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.25 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.39 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.88 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.10 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.38 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.05 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.06 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.82 TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.21 TANGSHAN URBAN CONSTRUC 7.10 02/26/21 CNY 61.96 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.89 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 61.60 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 39.80 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.67 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.66 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 60.14 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.27 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.29 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.32 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.41 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.07 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.08 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 69.04 TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 20.46 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.29 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.35 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.47 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.26 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 81.14 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 40.31 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.79 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 81.00 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.86 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 63.16 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 61.36 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 60.91 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.67 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.75 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.20 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 62.40 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 24.90 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 25.05 TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 40.10 TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 60.31 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.64 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.92 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 73.24 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00 TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 40.33 TONGREN TOURISM INVESTM 8.00 02/20/21 CNY 61.51 TONGREN TOURISM 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DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.55 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.55 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 12.88 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.59 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 74.48 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.25 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JCT LTD 2.50 04/08/11 USD 26.03 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 61.41 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 60.00 JAPAN ----- TAKATA CORP 0.58 03/26/21 JPY 5.13 TAKATA CORP 0.85 03/06/19 JPY 5.13 TAKATA CORP 1.02 12/15/17 JPY 8.75 KOREA ----- 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 73.98 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 62.03 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.15 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 70.32 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 71.28 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 72.42 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 72.69 KOREA TREASURY BOND 1.50 09/10/66 KRW 69.79 OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 36.38 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 66.41 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 68.92 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 69.67 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 70.01 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 70.27 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 70.55 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 71.29 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 71.51 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 71.73 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 71.79 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 72.55 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 72.97 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 73.20 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 73.44 SINBO SECURITIZATION SP 5.00 09/30/19 KRW 74.22 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 74.34 SINBO SECURITIZATION SP 5.00 08/27/19 KRW 74.49 SINBO SECURITIZATION SP 5.00 06/25/18 KRW 74.64 SINBO SECURITIZATION SP 5.00 07/29/19 KRW 74.72 SINBO SECURITIZATION SP 5.00 05/26/18 KRW 74.95 SINBO SECURITIZATION SP 5.00 06/25/19 KRW 75.00 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 74.04 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.42 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.11 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.76 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.32 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.43 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.62 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95 HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.42 I-BHD 3.00 10/09/19 MYR 0.36 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.11 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 67.45 PUC BHD 4.00 02/15/19 MYR 0.20 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.10 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.80 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 57.15 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 58.52 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.85 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 62.57 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.96 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 65.36 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 66.78 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 69.68 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 71.54 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 73.17 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 74.44 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 74.89 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.68 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.55 UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.95 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.01 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 46.88 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 46.88 AUSGROUP LTD 8.45 10/20/18 SGD 60.00 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.00 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 49.72 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 50.36 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.80 BLUE OCEAN RESOURCES PT 4.00 12/31/20 USD 25.89 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.11 EZION HOLDINGS LTD 4.88 06/11/21 SGD 14.84 EZION HOLDINGS LTD 4.70 05/22/19 SGD 14.88 EZION HOLDINGS LTD 4.60 08/20/18 SGD 14.88 EZION HOLDINGS LTD 5.10 03/13/20 SGD 14.88 EZION HOLDINGS LTD 4.85 01/23/19 SGD 14.88 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 6.05 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 69.13 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 36.70 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 42.96 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 2.56 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 11.13 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 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 0.53 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 69.62 DEBT AND ASSET TRADING 1.00 10/10/25 USD 71.75 ********* 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 2018. 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. *** End of Transmission ***