/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/181016.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, October 16, 2018, Vol. 21, No. 205 Headlines A U S T R A L I A 300K ENTERPRISES: Second Creditors' Meeting Set for Oct. 23 B & I FINANCES: First Creditors' Meeting Set for Oct. 24 GN & CA MURCH: First Creditors' Meeting Set for Oct. 24 INTERLOGIC PTY: First Creditors' Meeting Set for Oct. 24 M GROUP: Second Creditors' Meeting Set for Oct. 23 UPRIGHT CARPENTRY: First Creditors' Meeting Set for Oct. 23 C H I N A JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes 'B3' LIUZHOU DONGTONG: Fitch Publishes BB LT IDR, Outlook Stable SHARING ECONOMY: Receives Noncompliance Notice from Nasdaq I N D I A ARCHANA MINES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating B S ENTERPRISE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating B S TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating B. N. CIVITECH: CARE Assigns B+ Rating to INR10cr LT Loan DERON PROPERTIES: CRISIL Reaffirms B+ Rating on INR50cr Term Loan ELLENBARRIE TEA: CRISIL Migrates B+ Rating from Not Cooperating GARG ROAD: CARE Assigns B+ Rating to INR6cr LT Loan GENERAL PETROCHEMICALS: Ind-Ra Withdraws BB- LT Issuer Rating GRD TRUCKS: CARE Migrates B+ Rating to Not Cooperating Category GULSHAN FASHIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating INDIA: Top Court Tightens Rules on Bad-Debt Resolution Timeline JBC INDUSTRIES: CARE Assigns B+ Rating to INR8.50cr LT Loan JS DESIGNER: Ind-Ra Affirms 'D' Long Term Issuer Rating KAMALAKANTA COLD: CRISIL Reaffirms B Rating on INR7.07cr Loan NAMAN MALL: CARE Migrates D Rating to Not Cooperating Category NATIONAL CAPSULES: Ind-Ra Maintains BB- Rating in Non-Cooperating NAVIN CONSTRUCTION: CRISIL Moves B Rating from Not Cooperating P.C. JAIN: CRISIL Reaffirms B+ Rating on INR3.5cr Overdraft PLANET PR: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating PRIME TECHNOPLAST: Ind-Ra Affirms 'D' Long Term Issuer Rating R J COLD: CARE Migrates B+ Rating to Not Cooperating Category RAJ KISHORE: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan RAM ENGINEERS: CRISIL Lowers Rating on INR4.0cr Overdraft to D RAMA INFRAPROJECTS: CRISIL Assigns B+ Rating on INR6cr Cash Loan RDC AUTOMOBILE: CRISIL Migrates B Rating from Not Cooperating S.S. AGRI: CARE Migrates B Rating to Not Cooperating Category SAHIL SPINTEX: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating SAMARA COLD: Ind-Ra Maintains B Issuer Rating in Non-Cooperating SHIRISH HOTELS: CARE Reaffirms B+ Rating on INR12.85cr LT Loan SHITAL DIAM: Ind-Ra Affirms 'D' Long Term Issuer Rating SHRIMATI NARASAMMA: CARE Assigns D Rating to INR5.33cr LT Loan SRI MADAN: CARE Lowers Rating on INR10cr Bank Loan to 'D' SRI NAGA: CRISIL Lowers Rating on INR19.80cr LT Loan to 'B' SRI RANGANATHASWAMY: CARE Migrates D Rating to Not Cooperating SRI VENKATACHALAPATHY: CARE Assigns B+ Rating to INR10cr LT Loan SUHAG GEMS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating SVR SEA: CRISIL Reaffirms B+ Rating on INR8.9cr Packing Loan VAMSADHARA GINNING: CRISIL Reaffirms 'B' Rating on INR12cr Loan VIDEOCON GROUP: NCLT Admits Bid to Consolidate Insolvency Cases M A L A Y S I A APFT BHD: Posts MYR2.58 Million Net Loss in Q2 Ended July 31 P A K I S T A N PAKISTAN: IMF to Seek 'Absolute Transparency' of Debts S I N G A P O R E HYFLUX GROUP: Lone Bid for Tuaspring Now Being Assessed TRIYARDS HOLDINGS: SGX Denies Bid for Annual Meeting Extension TRIYARDS HOLDINGS: Unit Faces Winding-Up Petition X X X X X X X X * BOND PRICING: For the Week Oct. 8 to Oct. 12, 2018 - - - - - ================= A U S T R A L I A ================= 300K ENTERPRISES: Second Creditors' Meeting Set for Oct. 23 ----------------------------------------------------------- A second meeting of creditors in the proceedings of 300K Enterprises Ltd has been set for Oct. 23, 2018, at 10:30 a.m. at the offices of BRI Ferrier Western Australia, Unit 3, 99-101 Francis Street, in Northbridge, Western Australia. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 22, 2018, at 4:00 p.m. Giovanni Maurizio Carrello of BRI Ferrier Western Australia was appointed as administrator of 300K Enterprises on Sept. 17, 2018. B & I FINANCES: First Creditors' Meeting Set for Oct. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of B & I Finances Pty Ltd, Erma Nominees Pty Ltd, and Ligon 158 Pty Ltd will be held at the offices of Sheahan Lock Partners, Level 2, 234 George Street, in Sydney, NSW, on Oct. 24, 2018, at 11:00 a.m. Ian Russell Lock -- ilock@slp.net.au -- and John Sheahan -- jsheahan@slp.net.au -- of Sheahan Lock Partners were appointed as administrators of B & I Finances on Oct. 12, 2018. GN & CA MURCH: First Creditors' Meeting Set for Oct. 24 ------------------------------------------------------- A first meeting of the creditors in the proceedings of GN & CA Murch Pty Ltd will be held at Level 7, 91 Phillip St, Parramatta NSW 2150 and the Chaffey Community Centre, 86 Nineteenth St, in Renmark, SA, on Oct. 24, 2018, at 10:00 a.m. Trent McMillen of MaC Insolvency was appointed as administrator of GN & CA Murch on Oct. 13, 2018. INTERLOGIC PTY: First Creditors' Meeting Set for Oct. 24 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Interlogic Pty Ltd will be held at the offices of Dye & Co. Pty Ltd, 165 Camberwell Road, in Hawthorn East, on Oct. 24, 2018, at 10:00 a.m. Nicholas Giasoumi and Roger Darren Grant of Dye & Co. were appointed as administrators of Interlogic Pty on Oct. 15, 2018. M GROUP: Second Creditors' Meeting Set for Oct. 23 -------------------------------------------------- A second meeting of creditors in the proceedings of M Group Comms Pty Ltd, trading as Moraitis Communications, has been set for Oct. 23, 2018, at 11:00 a.m. at the offices of PricewaterhouseCoopers, Level 17, One International Towers Sydney, Watermans Quay, in Barangaroo, NSW. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Oct. 22, 2018, at 5:00 p.m. Kenneth Michael Whittingham and David Michael Webb of PricewaterhouseCoopers were appointed as administrators of M Group on Sept. 17, 2018. UPRIGHT CARPENTRY: First Creditors' Meeting Set for Oct. 23 ----------------------------------------------------------- A first meeting of the creditors in the proceedings of Upright Carpentry & Building Pty Ltd will be held at the offices of Worrells Solvency and Forensic Accountants, Suite 601B, Level 6, 91 Phillip Street, in Parramatta, NSW, on Oct. 23, 2018, at 3:00 p.m. Graeme Robert Beattie of Worrells Solvency was appointed as administrator of Upright Carpentry on Oct. 11, 2018. ========= C H I N A ========= JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes 'B3' -------------------------------------------------------- Moody's Investors Service has assigned a B3 senior unsecured rating to the proposed notes to be issued by Jiayuan International Group Limited (B2 stable). The proceeds of the notes will be used to refinance existing indebtedness. RATINGS RATIONALE "The proposed notes will not have a material impact on the company's credit metrics, because the proceeds will be used for refinancing," says Kaven Tsang, a Moody's Vice President and Senior Credit Officer. Jiayuan's B2 corporate family rating (CFR) reflects (1) the company's track record in its core markets of Nanjing, Yangzhou and Taizhou in Jiangsu Province; and (2) its low-cost and quality land bank. These strengths support the company's business growth plan and give it pricing flexibility in a down-cycle. However, the B2 CFR is constrained by Jiayuan's small operating scale, its high geographic concentration, the execution risks associated with its rapid growth plan, and its weak liquidity. The B2 CFR also reflects Jiayuan's elevated leverage owing to its fast expansion plan. The company achieved robust 115% year-on-year contracted sales growth to RMB10.3 billion in the first eight months of 2018. This sales performance will provide funding for the company's expansion and debt repayment, and support future revenue growth. Moody's expects Jiayuan's revenue/adjusted debt will be at 45%- 47% and EBIT/interest at 2.3x-2.6x over the next 12-18 months. These credit metrics remain appropriate for the company's B2 CFR. Jiayuan's liquidity position remains weak but manageable, with cash/short-term debt at 99% at the end of June 2018. The B3 senior unsecured rating is one notch lower than its CFR due to structural subordination risk. This risk reflects the fact that the majority of claims are at the operating subsidiaries. These claims have priority over Jiayuan's senior unsecured claims in a bankruptcy scenario. In addition, the holding company lacks significant mitigating factors for structural subordination. As a result, the likely recovery rate for claims at the holding company will be lower. The stable outlook reflects Moody's expectation that Jiayuan (1) will grow its sales as planned; and (2) adjust its pace of expansion in line with market conditions to maintain adequate liquidity. Jiayuan's CFR could be upgraded if the company (1) materially grows its scale and geographic coverage while maintaining financial discipline; (2) builds its brand in new locations outside its home market; (3) improves its liquidity, with cash/short-term debt coverage consistently over 1.5x and a lengthened debt maturity profile; and (4) improves its financial metrics, with EBIT/interest coverage consistently above 3.0x and revenue/adjusted debt above 70%-75% on a sustained basis. On the other hand, downward rating pressure could emerge if (1) Jiayuan's liquidity profile weakens materially; (2) its contracted sales or revenue falls short of Moody's expectations or its profit margins substantially decline, in turn affecting its interest coverage and financial flexibility; or (3) the company engages in significant debt-funded acquisitions. Metrics indicative of a rating downgrade include Jiayuan's cash falling below 1.0x short-term debt or the company's EBIT/interest coverage weakening below 1.5x on a sustained basis. The principal methodology used in this rating was Homebuilding And Property Development Industry published in January 2018. Jiayuan International Group Limited develops mass-market residential properties mainly in Jiangsu Province. The company expanded its footprint to Shenzhen in 2016, Macau and New York in 2017, and Guiyang, Shanghai, Hong Kong and Cambodia in the first half of 2018. The company had a total land bank of around 9.8 million square meters (sqm) at the end of June 2018. It also develops and operates commercial properties alongside its residential property projects. LIUZHOU DONGTONG: Fitch Publishes BB LT IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings has published China-based Liuzhou Dongtong Investment & Development Co., Ltd's Long-Term Foreign- and Local- Currency Issuer Default Ratings of 'BB'. The Outlook is Stable. Concurrently, Fitch has assigned LDI's proposed US dollar senior unsecured notes an expected rating of 'BB(EXP)'. The proposed notes will be directly issued by LDI. The proposed notes will constitute direct, unconditional, unsubordinated and unsecured obligations of LDI and will at all times rank pari passu with its all other present and future unsecured and unsubordinated obligations. Proceeds will be used for refinancing and general corporate purposes. The final rating on the proposed bonds is contingent on the receipt of final documents conforming to information already reviewed. KEY RATING DRIVERS 'Very Strong' Status, Ownership, Control: The company is wholly controlled by the Liuzhou municipal government, the board members are also appointed by the government, and major decisions require the government's approval. The company's financing plans and debt levels are closely monitored by the municipality. 'Strong' Support Record: LDI is a major government-related entity in Liuzhou city and has a solid government support track record. The company has received over CNY17 billion in capital injections from the government since its inception in 2002, accounting for around 36% of total assets. Fitch expects the government support to continue in the next few years. 'Moderate' Socio-Political Implications: LDI plays an important role in social housing, primary land development, and urban infrastructure construction in the city. A default by the company may not cause an immediate disruption of its business activities and would have a moderate socio-political impact on the municipal government. 'Strong' Financial Implications: LDI, as the city's major GRE, has borrowed substantially from banks and the onshore debt market over the past few years. A financial default by LDI would negatively affect the funding for other enterprises owned by the Liuzhou municipal government. 'B' Standalone Profile: LDI's standalone credit profile is constrained by its very high leverage, with net debt/EBITDA of around 90x at end-2017. Fitch expects the high leverage to be maintained over the next two to three years, although ongoing government financial support will mitigate its weak credit profile. RATING SENSITIVITIES LDI's ratings could change if Fitch revises its perception of Liuzhou municipality's ability to provide subsidies, grants or other legitimate resources allowed under the country's policies and regulations. A positive rating action could be triggered by a stronger and more explicit support commitment from the municipality or stronger assessment of default factors. A downgrade could be triggered by a reduction in the likelihood of support from the municipality or a dilution of its shareholding as well as a weaker assessment of the default factors. An improvement of LDI's standalone credit profile or liquidity position could also affect LDI's ratings. Any change in LDI's IDR will result in a similar change in the rating of the notes. SHARING ECONOMY: Receives Noncompliance Notice from Nasdaq ---------------------------------------------------------- Sharing Economy International Inc. received a staff deficiency notice from The Nasdaq Stock Market on Oct. 8, 2018, informing the Company that it has failed to comply with Nasdaq's shareholder approval requirements set forth in Listing Rule 5635(c). During the period from May 11, 2017 to date, the Company entered into approximately one hundred arrangements resulting in the issuance or potential issuance of more than three million shares to officers, directors, employees, and consultants. The Company did not receive shareholder approval for the Equity Compensation Grants, and the shares were not issued from a shareholder approval equity compensation plan. The Company is continuing to review its internal records relating to prior issuances, and as information becomes available regarding any shares issued in similar circumstances, the Company will notify Nasdaq. The Company intends to submit its plan to regain compliance no later than Oct. 26, 2018. If the plan is accepted, Nasdaq can grant an extension of up to one hundred eighty calendar days from Oct. 8, 2018 to evidence compliance. The Company believes that it has otherwise been compliant with its filing obligations pursuant to the Securities Exchange Act of 1934, as amended, including making all appropriate disclosures to the marketplace. The Company said it is currently doing everything possible to cure its deficiencies regarding the Rule. About Sharing Economy Headquartered in Jiangsu Province, China, Sharing Economy International Inc. -- http://www.seii.com/-- through its affiliated companies, designs, manufactures and distributes a line of proprietary high and low temperature dyeing and finishing machinery to the textile industry. The Company's latest business initiatives are focused on targeting the technology and global sharing economy markets, by developing online platforms and rental business partnerships that will drive the global development of sharing through economical rental business models. Throughout 2017, the Company made significant changes in the overall direction of the Company. Given the headwinds affecting its manufacturing business, the Company is targeting high growth opportunities and has established new business divisions to focus on the development of sharing economy platforms and related rental businesses within the company. These initiatives are still in an early stage. The Company did not generate significant revenues from its sharing economy business initiatives in 2017. RBSM LLP's audit opinion included in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2017 contains a going concern explanatory paragraph stating that the Company had a loss from continuing operations for the year ended Dec. 31, 2017 and expects continuing future losses, and has stated that substantial doubt exists about the Company's ability to continue as a going concern. RBSM has served as the Company's auditor since 2012. Sharing Economy incurred a net loss of $12.92 million in 2017 and a net loss of $11.67 million in 2016. As of June 30, 2018, Sharing Economy had $74.97 million in total assets, $9.83 million in total liabilities and $65.13 million in total stockholders' equity. ========= I N D I A ========= ARCHANA MINES: Ind-Ra Migrates 'BB-' LT Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Archana Mines 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: -- INR45.2 mil. Term loan due on March 2023 migrated to Non- Cooperating Category with IND BB- (ISSUER NOT COOPERTAING) rating; and -- INR140 mil. Fund-based working capital limits migrated to Non-Cooperating Category with IND BB- (ISSUER NOT COOPERTAING)/ IND A4+ (ISSUER NOT COOPERTAING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on October 4, 2017. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Archana Mines is engaged in the procurement and mining of granite. B S ENTERPRISE: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained B S Enterprise'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: -- INR19.4 mil. Fund-based limits maintained at Non-Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; -- INR45.29 mil. Term loan due on August 2020 maintained at Non- Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR1.13 mil. Non-fund-based limits maintained at Non- Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 27, 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 2011, B S Enterprise is engaged in providing LPG transportation facilities in the eastern part of India. B S TRANSPORT: Ind-Ra Maintains BB- LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained B S Transport Company'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: -- INR17 mil. Fund-based limits maintained in Non-Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; -- INR37.74 mil. Term loan due on August 2020 maintained in Non- Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR1 mil. Non-fund-based limits maintained in Non-Cooperating Category with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 27, 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 2011, B S Transport Company provides LPG transportation facilities in the eastern part of India. B. N. CIVITECH: CARE Assigns B+ Rating to INR10cr LT Loan --------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of B. N. Civitech (BNC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10.00 CARE B+; Stable Assigned Detailed Rationale and key rating drivers The rating assigned to the bank facilities of BNC is primarily constrained by the small scale of operations, partnership nature of constitution, project salability risk, risk associated with geographical concentration and competition from similar type of projects in the adjoining areas. However, the aforesaid constraints are partially offset by its experienced partners, favorable project location, satisfactory profitability margins, comfortable capital structure and satisfactory debt coverage indicators and satisfactory project execution capabilities. The ability of the firm to complete the on-going project as per schedule without any major cost overrun, sale out its current real estate project, increase its scale of operations and profitability margins will be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations: The scale of operations of the firm remained small with total operating income of INR2.69 crore (Rs.6.10 crore in FY17) with a PAT of INR0.22 crore (INR0.30 crore in FY17) in FY18 provisional. Furthermore, the tangible net worth of the firm also remained low at INR1.91 crore as on March 31, 2018. The small size restricts financial flexibility in times of stress. The firm has generated revenue of around INR1.00 crore in 5MFY19. Partnership nature of constitution: BNC, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. Project implementation and salability risk: The firm has already developed a residential project namely Shanti Valley with total saleable area of 1.80 lakh square feet since its inception. In the aforesaid project, the firm has already developed three towers which are completely sold out and currently, it is coming up with a new tower named 'PRAKRITIK' inside the Shanti Valley Project compound. The aggregate cost of project is estimated to be INR14.13 crore with a saleable area of 0.83 lakh square feet. The total project cost of INR14.13 crore is estimated to be funded by term loan of INR7.55 crore, customer advances of INR2.55 crore and balance from partners' contribution of INR4.03 crore. The firm has already applied for the term loan but the same is yet to be tied up. The firm has spent around INR0.93 crore till July 31, 2018 in the aforesaid project funded through partners' contribution. Since the project is into initial stage, the project implementation risks also exist. Furthermore, the booking of the project has not yet started. Going forward, the ability of the firm to complete the on-going project without any major cost and time overrun, receipts of customer advance as envisaged and sale out of its apartments will be crucial for the firm. Risk associated with geographical concentration: The firm's operations are restricted in the state of Jharkhand only indicating high geographical concentration risk. Being confined only in the state of Jharkhand, BNC remains exposed to the risk associated with slowdown in the real estate market in the region resulting from demand supply mismatch. In recent times, many new real estate projects have been launched in the state, by organized and unorganized players due to the surge in property prices coupled with low entry barriers which has led to high competition in real estate market. Competition from similar type of projects in the adjoining areas: Real estate, while being one of the largest sectors of the economy, is regional and fragmented in nature. In recent times, many new real estate projects have been launched in Jharkhand, by organized and unorganized players due to the surge in property prices coupled with low entry barriers which has led to high competition in real estate market. Key Rating Strengths Experienced partners with favourable project location: All the partners Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay Shankar and Mrs. Geeta Shankar are associated with the firm since its inception, looks after the day to day operations of the firm. Furthermore, Jamshedpur is on the fast track of development being the commercial city of the state of Jharkhand. Large scale influx of professionals in the wake of rapid establishment of corporate projects and branches in Jharkhand has added the necessary impetus to the growth of real estate. While the major growth has been marked in the housing sector, investments in commercial property have far exceeded even that of the housing sector. This has resulted in surge in the population of the city thereby creating high demand for residential properties. Furthermore, with upgrading lifestyle and growing middle class, there is a strong demand for new apartments and bungalows with modern facilities for residential purpose. While this augurs well for the property developers including BNC operating in the region. Satisfactory profitability margins: The profitability margins of the firm remained satisfactory during last three years. The operating margin improved in FY18 owing to lower cost of operations and remained at 11.02% in FY18 as against 6.26% in FY17. Furthermore, the PAT margin improved significantly in FY18 and the same stood at 8.18% in FY18 as against 4.89% in FY17. Comfortable capital structure and satisfactory debt coverage indicators: The capital structure of the firm improved and remained comfortable as on last three account closing dates. The overall gearing ratio improved on account of accumulation of surplus into capital and stood comfortable at 0.74x as on March 31, 2018. Furthermore, the debt coverage indicators of the firm remained satisfactory in the last three years marked by interest coverage at 6.00x in FY18. Total debt to GCA also remained satisfactory at 5.81x in FY18. B. N. Civitech (BNC) was constituted as a partnership firm in the year 2007 by Mr. Jai Shankar Prasad, Mr. Uma Shankar, Mr. Binay Shankar and Mrs. Geeta Shankar based out of Jamshedpur, Jharkhand. Since its inception, the firm has been engaged in development of real estate projects in the state of Jharkhand. Currently, it is coming up with a new tower named 'PRAKRITIK' inside its Shanti Valley project compound which is a residential complex. DERON PROPERTIES: CRISIL Reaffirms B+ Rating on INR50cr Term Loan ----------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long- term bank facilities of Deron Properties Private Limited (DPPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12.5 CRISIL B+/Stable (Reaffirmed) Proposed Rupee Term Loan 50 CRISIL B+/Stable (Reaffirmed) Rupee Term Loan 17.5 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect the company's exposure to risks related to implementation, funding, and saleability of its projects, apart from intense competition and cyclicality inherent in the real estate industry. These weaknesses are partially offset by extensive experience of the promoters, and healthy sales reported in past projects. Key Rating Drivers & Detailed Description Weaknesses * Exposure to risks related to implementation, funding, and saleability of projects: DPPL is developing three projects (mix of residential and commercial) in Pune, at an estimated cost of INR145.5 crore. The company has incurred around INR71.2 crore on these projects till August 2018, (about 48% of the total cost). Operating performance will thus, remain susceptible to timely completion of projects and flow of customer advances. * Vulnerability to cyclicality inherent in the Indian real estate industry: The real estate sector in India is cyclical, and affected by volatility in prices, opaque transactions, and a highly fragmented market structure. Hence, the business risk profile will remain susceptible to risks arising from any industry slowdown. * Modest bookings: The ongoing projects have witnessed modest booking so far, and hence, the flow of customer advances is yet to gain momentum. Strengths * Extensive experience of the promoters in the real estate business: The nearly three-decade-long experience of the promoter, in the real estate business, and successful completion of past projects, have enabled the company to establish its market position in Pune. * Strategic location of the projects: Three ongoing projects are in prime localities (close to the Information Technology park at Hinjewadi), and well-connected to Pune's industrial belt, and therefore, likely to support sales. Outlook: Stable CRISIL believes DPPL will continue to benefit from the extensive experience of its promoters. The outlook may be revised to 'Positive' if healthy booking of units and receipt of customer advances, lead to substantial cash inflows. The outlook may be revised to 'Negative' in case of time or cost overrun in new projects, or if a slower-than-expected ramp up in customer bookings, adversely impacts cash inflows and weakens the financial risk profile and liquidity. Incorporated in 2011, DPPL develops residential and commercial real estate properties, mainly in Pune. Mr Umang Madan and his wife, Mrs Mansi Madan are the promoters of the company. ELLENBARRIE TEA: CRISIL Migrates B+ Rating from Not Cooperating --------------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, has migrated the rating of Ellenbarrie Tea and Industries Limited (ETIL) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the management has subsequently shared information necessary for carrying out a comprehensive review of the rating. Consequently, CRISIL is migrating the rating on the bank facilities of ETIL from 'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating' to 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee .5 CRISIL A4 (Migrated from 'CRISIL A4 ISSUER NOT COOPERATING') Cash Credit 4.25 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Long Term Loan 1.5 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Fund- 1.75 CRISIL B+/Stable (Migrated Based Bank Limits from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The ratings continue to reflect a modest scale of operations, susceptibility to seasonality in tea production and to climatic conditions, and a below-average financial risk profile. These rating weaknesses are partially offset by the extensive industry experience of the promoters. Analytical Approach Unsecured loans of INR2.88 crore as on March 31, 2018, have been treated as neither debt nor equity, as they are subordinated to bank debt and expected to remain in the business over the medium term, though there have been instances of minimal withdrawal in the past. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations, and susceptibility to seasonality in tea production and to climatic conditions: The scale of operations (estimated revenue of INR17.84 crore in fiscal 2018, vis-a-vis INR14.73 crore in fiscal 2017) is likely to remain modest, constrained by intense competition. The presence of established players also constrains growth prospects of small players like ETIL. Further, tea plantations are susceptible to seasonality in production and climatic conditions. Pest attacks and inadequate rainfall may lead to less-than-normal production and deterioration in the quality of the crop, and thus, adversely affect revenue and profitability * Below-average financial risk profile: The networth was small at INR4.65 crore and the gearing high at 3.24 times, as on March 31, 2018. Debt protection metrics have been weak, owing to low profitability and high reliance on bank debt. The adjusted interest coverage and net cash accrual to adjusted debt ratios were 1.6 times and 0.05 time, respectively, for fiscal 2018. Strength * Extensive industry experience of the promoters: Benefits from the four-decade experience of the promoters, their keen grasp over industry dynamics, and healthy relationships with labourers, customers, and raw material suppliers, should continue. Outlook: Stable CRISIL believes ETIL will continue to benefit from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' in case of substantial and sustained increase in the scale of operations and a stable operating margin, leading to higher cash accrual, along with better working capital management. The outlook may be revised to 'Negative' if low operating income or profitability, a stretch in the working capital cycle, or any significant, debt-funded capital expenditure, weakens the financial risk profile, particularly liquidity. ETIL, incorporated in 2010, is engaged in plantation and processing of tea. It is promoted by Mr Shanti Prasad Agrawal, who is based in West Bengal and owns a tea estate, Karala Valley Tea Garden, Dooars. Operations began from May 2016. GARG ROAD: CARE Assigns B+ Rating to INR6cr LT Loan --------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Garg Road Lines (GRL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 6.00 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of GRL is primarily constrained on account of its modest scale of operations with thin profitability due to limited bargaining power and its presence in a highly competitive industry, leveraged solvency position, moderate liquidity position and constitution as a proprietorship concern. The rating, however, derives strength from the experienced proprietor with authorised dealership of Bharat Petroleum Corporation Limited (BPCL). The ability of the firm to increase in the scale of operations with improvement in profitability and solvency position with efficient management of working capital would be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Modest scale of operations with thin profitability due to limited bargaining power: The scale of operation of the firm stood modest with Total Operating Income (TOI) of INR70.13 crore in FY18 declined, marginally by 2.47% over FY17 owing to lower sales. Due to trading nature of the business, the profitability margins stood thin with PBILDT and PAT margin of 0.98% and 0.15% respectively in FY18. As per the agreement, the margins of the firm are fixed by BPCL and the prices of petrol and diesel depends upon the market rate on daily basis. Weak solvency position and moderate liquidity position: The capital structure of the firm stood leveraged with an overall gearing of 4.23 times as on March 31, 2018. Further, the debt service coverage indicators of the GRL stood weak with total debt to GCA of 50.14 times as on March 31, 2018 and interest coverage ratio of 2.02 times in FY18. The liquidity position of the firm stood moderate with comfortable operating cycle of 33 days in FY18. The firm sells petroleum products to retail customers on cash basis and gives credit period of 5 to 25 days to large corporate client. It maintains inventory of around 2 to 4 days. Further, the liquidity ratios stood moderate with current ratio and quick ratio stood at 1.20 times and 1.13 times respectively as on March 31, 2018. The firm has utilized average around 90% to 95% of the working capital bank borrowings during the past 12 months ended August 31, 2018. Presence in a highly competitive industry and constitution as a proprietorship concern: The petroleum retailing industry is highly competitive in nature with presence of large retail outlets of few companies. The products of all retail outlets are same and available at same rate with marginal difference. Constitution as a proprietorship concern with small net worth base restricts its overall financial flexibility in terms of limited access to external fund for any future expansion plans. Furthermore, there is an inherent risk of possibility of withdrawal of capital and dissolution of the firm in case of death/insolvency of proprietor. Key Rating Strengths Experienced proprietor with authorised dealership of Bharat Petroleum Corporation Limited (BPCL): Mr. Praveen Kumar Garg, proprietor, looks after the overall affairs of the firm and has more than three decade of experience in the industry. Further he is supported by experienced employees in smooth functioning of the firm. Further, the proprietor has also promoted "GSV Products" which is engaged in trading of Furnace oil. The firm is an authorised dealer of BPCL since 2005 where the firm has established a retails outlet on NH-10, Delhi. The agreement was entered for a period of 30 years. Mundka (Delhi) based GRL was formed as a proprietorship concern by Mr Praveen Kumar Garg in 2005. GRL is engaged in the business of the retailing and trading of petroleum products of BPCL. The firm has a retail outlets located at NH 10. GENERAL PETROCHEMICALS: Ind-Ra Withdraws BB- LT Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has withdrawn General Petrochemicals Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT COOPERATING)'. The instrument-wise rating actions are given below: -- The IND BB- rating on the INR206.24 mil. Term loan due on July 2027 are withdrawn; and -- The IND BB- rating on the INR80 mil. Fund-based limits are withdrawn. KEY RATING DRIVERS Ind-Ra is no longer required to maintain the ratings, as the agency has received no objection certificates from the rated facilities' lenders. This is consistent with the Securities and Exchange Board of India's circular dated 31 March 2017 for credit rating agencies. COMPANY PROFILE Incorporated in 1995, General Petrochemicals manufactures greige fabric in Surat, Gujarat, on a job-work basis. GRD TRUCKS: CARE Migrates B+ Rating to Not Cooperating Category --------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of GRD Trucks Private Limited (GRD) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 4.50 CARE B+; Issuer Not cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from GRD to monitor the ratings vide e-mail communications/letters dated July 11, 2018, June 21, 2018, June 11, 2018, and numerous phone calls. However, despite our repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on GRD Trucks Private Limited's bank facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Delhi-based, GRD was incorporated in 2012 and is promoted by Mr Manish Agarwal and Mr Mayank Agarwal. GRD has been appointed as an authorized dealer of Ashok Leyland Limited in 2012, to sell its heavy commercial vehicles such as Ecomet, Viking etc. GRD commenced commercial operations in January, 2014. The company operates 4 showrooms in Delhi, Faridabad, Palwal and Pali with 3S (sales, service, spares) facility. GRD has three group associates Ganganagar Sales & Service, Ganganagar Motors and Leyland House; all engaged in trading auto parts. As on March 31, 2017, the total operating income of the company has increased significantly to INR286.85 crore (FY16: 184.85 crore). However, the company didn't provide any further information/clarification. GULSHAN FASHIONS: Ind-Ra Maintains B+ Rating in Non-Cooperating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Gulshan Fashions' 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 action is: -- INR60 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 March 31, 2015. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Gulshan Fashions is a partnership entity with registered office in Jaipur. The entity manufactures and supplies garment fabrics. INDIA: Top Court Tightens Rules on Bad-Debt Resolution Timeline --------------------------------------------------------------- Bloomberg News reports that India's top court has set new norms for the country's bankruptcy law in an attempt to speed up the resolution of billions of dollars worth of soured loans weighing down banks. According to Bloomberg, the Supreme Court on Oct. 4 set mandatory timelines for the various stages of the insolvency resolution process, which the law says must be concluded in 270 days, and imposed restrictions on when and why the process can be appealed or stalled. "This would not only support the development of credit markets and encourage entrepreneurship, but would also improve ease of doing business and facilitate more investment, leading to higher economic growth and development," the court said, Bloomberg relays. Two years after parliament passed the Insolvency and Bankruptcy Code, the resolution process has been slowed as courts are inundated with appeals from founders, administrators, lenders and bidders, Bloomberg says. In a country infamous for judicial delays, the number of cases being referred to the company courts threaten a crucial reform of the Narendra Modi government. The law helped India jump 30 points in World Bank's ease of doing business rankings in 2017, Bloomberg states. Bloomberg says the top court on Oct. 4 listed the number of days to be taken on things like admission of a case, appointment of a valuer for assets and selection of the best resolution plan. It also ruled that only a panel of lenders can decide on the eligibility of bids for stressed assets and not the court- appointed insolvency administrator, as was previous practice, Bloomberg relates. No cases can be filed until lenders have reached a decision on the bids, it ruled. This clarifies two of the biggest sticking points in the insolvency proceedings of marquee defaulters such as Essar Steel India Ltd., Binani Cements Ltd. and Bhushan Power & Steel Ltd, according to Bloomberg. Bloomberg notes that the verdict followed a legal battle between the world's largest steelmaker ArcelorMittal and Numetal, a consortium led by Russia's VTB Capital, to take control of Essar Steel, the largest steel mill on sale under the new law. JBC INDUSTRIES: CARE Assigns B+ Rating to INR8.50cr LT Loan ----------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of JBC Industries (JBC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.50 CARE B+; Stable Assigned Facilities Detailed Rationale and key rating drivers The rating assigned to the bank facilities of JBC is constrained by small scale of operations with low profit margins, proprietorship nature of constitution, renewal based dealership agreement, working capital intensive nature of business, leveraged capital structure with moderate debt coverage indicators and its presence in an intensely competitive industry. The rating, however, derive comfort from experienced proprietor with long track record of operations and its association with reputed supplier. Going forward, the entity's ability to increase its scale of operations, improvement in profitability margins and ability to manage working capital effectively shall be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Small scale of operations with low profit margins: The scale of operations of the entity remained small marked by total operating income of INR35.73 crore (INR30.69 crore in FY17) with a PAT of INR0.42 crore (INR0.35 crore in FY17) in FY18, provisional. However, the total operating income has witnessed year on year growth during last three years (FY16-FY18) and the same has grown at a CAGR of 12.56% during the aforesaid period. Furthermore, the profit margins of the entity remained low marked by PBILDT margin of 5.09% and PAT margin of 1.18% in FY17. Proprietorship nature of constitution: JCB, being a proprietorship entity, is exposed to inherent risk of the capital being withdrawn at time of personal contingency and entity being dissolved upon the death/insolvency of the proprietor. Further, proprietorship entity has restricted access to external borrowing as credit worthiness of the partners would be the key factors affecting credit decision for the lenders. Renewal based dealership agreement: The dealership agreement between Tata Steel Limited (Agrico & wire division) and JBC is valid for one year expiring on December 2018, thereafter it is subject to automatic yearly renewal unless it is terminated due to breach of contract/fraud by the entity or its going into liquidation. The agreement has been renewed regularly in the past starting since 1995. The entity has been continuously growing over the past years hence; the probability of non-renewal of contract is low. Working capital intensive nature of operations: The business operation of JBC is highly working capital intensive in nature marked by high inventory period. The average inventory period was high during last three years (FY16-FY18) as the entity maintained high level of traded goods inventory to meet customer requirements coupled with sluggish demand and raw material inventory in view of volatile nature of iron and steel products. Apart from this, Tata Steel requires advance payment for the goods. On the other hand, JBC has been offering credit period of around a month to its customers. This has resulted in significant working capital requirement for the entity. Accordingly, average working capital utilization remained high at 98% during last twelve months ending August 31, 2018. Leveraged capital structure and moderate debt coverage indicators: The capital structure of the entity remained leveraged owing to its working capital-intensive nature of operations resulting in higher dependence on bank borrowings. The overall gearing stood at 2.60x (2.49x as on March 31, 2017) as on March 31, 2018. The debt coverage indicators remained moderate marked by interest coverage of 1.57x (1.46x in FY17) and total debt to GCA of 20.66x (22.56x in FY17) in FY18, provisional. Intensely competitive industry: The entity is engaged in the trading & manufacturing of iron & steel related 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. The fortunes of companies like JCB from the steel industry are heavily dependent on the automotive, engineering and infrastructure industries. Steel consumption and, in turn, production mainly depends upon the economic activities in the country. Construction and infrastructure sectors drive the consumption of steel. Slowdown in these sectors may lead to decline in demand of steel& alloys. Furthermore, all these industries are susceptible to economic scenarios and are cyclical in nature. Key Rating Strengths Experienced proprietor with long track record of operations: JBC has been engaged in trading and manufacturing of iron & steel products since 1995 and thus has more than two decades of track record of operations. Being in the industry since 1995, the proprietor has built up good relationship with clients. Mr. Jitendra Patra, having four decades of experience in iron & steel industry, looks after overall management of the entity. Association with reputed supplier: JBC enjoys the advantage of being an authorized dealer of Tata Steel Ltd (Agrico & wire division) having established presence and brand image in Indian market. JBC Industries (JBC) was established as a proprietorship entity on August 1, 1995 by Mr. Jitendra Patra based out of Odisha. Since inception, the entity has been engaged in trading of iron & steel hardware products like HB wire, GI wire, agricultural equipment's and manufacturing of binding wire, barbed wire, chain-link net and fastener nails. JBC is the authorized dealer of Tata Steel Limited (Agrico and wire division) for 22 districts of Orissa. The manufacturing facility of JBC is located at Mancheswar Industrial Estate of Bhubaneswar, Orissa with an aggregate installed capacity of 200 MTPA. The entity derived its major revenue (96% of total revenue in FY18) from trading activities and balance from manufacturing activities. JS DESIGNER: Ind-Ra Affirms 'D' Long Term Issuer Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed JS Designer Limited's Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR610.30 mil. Fund-based limit (long-/short-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; -- INR47.50 mil. Non-fund-based limit (short-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; and -- INR356.50 mil. Term loans (long-term) affirmed with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on the best available information KEY RATING DRIVERS The affirmation reflects the classification of JS Designer as a non-performing asset by its lenders in March 2018. COMPANY PROFILE Set up in 1997, JS Designer manufactures garments and exports designed apparels, which includes women's wear and kids wear. KAMALAKANTA COLD: CRISIL Reaffirms B Rating on INR7.07cr Loan ------------------------------------------------------------- CRISIL has reaffirmed its rating on the long-term bank facilities of Kamalakanta Cold Storage Private Limited (KCSPL) at 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7.07 CRISIL B/Stable (Reaffirmed) Term Loan 1.46 CRISIL B/Stable (Reaffirmed) Working Capital Facility 1.47 CRISIL B/Stable (Reaffirmed) The rating continues to reflect a weak financial risk profile and exposure to risks relating to changes in regulations and to intense competition in the cold storage industry in West Bengal (WB). These weaknesses are partially offset by the extensive industry experience of the promoters. Key Rating Drivers & Detailed Description Weakness * Exposure to risks related to the highly regulated and intensely competitive nature of the cold storage industry in WB: The potato cold storage industry in WB is regulated by the West Bengal Cold Storage Association, while rental rates are fixed by the Department of Agricultural Marketing, WB. The fixed rental will continue to limit the ability of players to earn profits based on their respective strengths and geographical advantages. Pressure to offer discounts to ensure healthy utilisation of storage capacity, especially given the intense competition, will also constrain profitability. * Weak financial risk profile: The networth was modest, estimated at INR3.19 crore as on March 31, 2018, despite marginal improvement in recent years on account of accretion to reserves. The gearing was high at 2.93 times as on this date due to loans extended to farmers and a term loan availed. Debt protection metrics are likely to remain moderate: the interest coverage and net cash accrual to total debt ratios were 1.52 times and 0.05 time, respectively, in fiscal 2018. Strengths * Extensive industry experience of the promoters: The promoters' industry experience of over two decades and their strong relationship with potato farmers should continue to support the business risk profile. The company has maintained healthy utilisation of its storage capacity (90% on an average in fiscal 2017). Outlook: Stable CRISIL believes KCSPL will continue to benefit from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if farmer credit financing is efficiently managed, operations are significantly scaled up, and profitability improved. The outlook may be revised to 'Negative' in case of pressure on liquidity because of delays in repayment by farmers, low cash accrual, or large, debt-funded capital expenditure. KCSPL was incorporated in 2012; Mr Kartik Ghosh, Mr Sibsankar Sinha, Mr Ganesh Chandra Ghosh, and Ms Mousumi Ghosh are the directors. The company operates a cold storage unit for potatoes, with capacity of 2 lakh quintal, in Bankura, West Bengal. It occasionally trades in potatoes to ensure optimum capacity utilisation of the unit. It also finances potato storage of farmers; this is refinanced by banks. NAMAN MALL: CARE Migrates D Rating to Not Cooperating Category -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of Naman Mall Management Company Private Limited (NMMPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Bank 70.24 CARE D; Issuer not cooperating; Facilities- Based on best available Term Loan Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from NMMPL to monitor the rating(s) vide e-mail communications/letters dated Aug. 1, 2018, July 12, 2018, June 25, 2018, June 18, 2018, June 11, 2018, Feb. 6, 2018, Oct 23, 2017 and numerous phone calls. However, despite our repeated requests, Naman Mall Management Company Private Limited has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Naman Mall Management Company Private Limited's bank facilities will be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The reaffirmation of the rating takes in to account past delays in debt servicing and absence of adequate information required for review of rating. Detailed description of the key rating drivers The reaffirmation in rating is on account of past delays in servicing debt. NMMPL was formed to develop and operate 2.36 lakh square feet (lsf) shopping mall-cum-multiplex and entertainment complex, namely, Central Naman Mall, at Indore. NMMPL is owned and promoted by Entertainment World Developers Ltd. (EWDL) which is a part of Kalani Group. EWDL based in Indore, Madhya Pradesh, focuses on development and management of shopping malls, hospitality, and residential projects in tier II cities. The company is promoted by Mr Manish Kalani. The group has diverse interests in real estate development, and wind energy generation. Currently, EWDL operates two malls in Indore (Treasure Island and Treasure Central). Apart from these, the group is also developing residential projects Treasure Town and Treasure Fantasy in Indore. NATIONAL CAPSULES: Ind-Ra Maintains BB- Rating in Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained National Capsules 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: -- INR35.2 mil. Long-term loan maintained in Non-Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR27.5 mil. Fund-based working capital limits maintained in Non-Cooperating Category with IND BB- (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 20, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE National Capsules was incorporated in 2010 and manufactures empty hard gelatin capsules and transmissible spongiform encephalopathy/bovine spongiform encephalopathy free capsules in Vidisha, near Bhopal, Madhya Pradesh. NAVIN CONSTRUCTION: CRISIL Moves B Rating from Not Cooperating -------------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, had migrated the ratings of Navin Construction Corporation (Navin) to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information necessary for carrying out comprehensive review of the rating. Consequently, CRISIL is migrating the ratings on the bank facilities of the firm from 'CRISIL B/Stable/CRISIL A4 Issuer not Co-operating' to 'CRISIL B/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 4 CRISIL A4 (Migrated from 'CRISIL A4 ISSUER NOT COOPERATING') Cash Credit 8 CRISIL B/Stable (Migrated from 'CRISIL B/Stable ISSUER NOT COOPERATING') The ratings reflect the firm's small scale of operations in the intensely competitive and highly fragmented civil construction industry, working capital intensive nature of operations and revenue concentration risks. The ratings also reflect the weak financial risk profile of the company. These rating weaknesses are partially offset by the extensive experience of the promoters in the civil construction industry. Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations in the intensely competitive and highly fragmented civil construction industry: The firm's business is tender-based and is exposed to competitive pressures, leading to low bargaining power. Moreover, the firm takes between six months to two years to implement a contract. Its revenue profile is, therefore, vulnerable to the risk of project-related cost overruns. Additionally, the engineering and capital goods industry is linked to economic cycles. Thus, investments in water engineering tend to be cyclical. * Working capital intensive operations: The firm operates in an industry that is inherently working capital intensive because of high inventory requirements and long payment cycles. Furthermore, because of the company's tender-based nature of business, it has to provide a bank guarantee or earnest money deposit to bid for any project. On allocation of the project, Navin has to provide an advance bank guarantee (for 10 to 20 per cent of the contract value) to avail an advance. * Below average financial risk profile: The firm has a weak financial risk profile, marked by small net worth and high gearing of INR3.8 crore and 3 times respectively as on March 31 2018. Debt protection metrics are also weak, marked by interest coverage ratio of 1.2 times and NCA/TD ratio (Net cash accrual/Total debt) of 2% in fiscal 2018. Strengths * Extensive experience of promoters in the civil construction industry: The firm has been operating in the water engineering segment for more than two decades. The firm is engaged in laying of pipelines, construction of water treatment plants, overhead tanks, etc. for the KWA. Over the past ten years, the firm has developed strong technical expertise in implementing EPC of sewage treatment plants, water treatment plants, and water augmentation projects for government entities and private parties. Outlook: Stable CRISIL believes that Navin will continue to benefit over the medium term from the extensive experience of its promoters in the construction industry. The outlook may be revised to 'Positive' in case of significant improvement in the company's scale of operations and profitability resulting in higher-than-expected cash accruals. Conversely, the outlook may be revised to 'Negative', if the company undertakes larger-than-expected debt- funded capital expenditure or in case of decline in revenues and profitability leading to deterioration in its financial risk profile. Based in Cochin, Navin undertakes civil construction works in Kerala. The firm is promoted by Mr N Sugathan and his family members. P.C. JAIN: CRISIL Reaffirms B+ Rating on INR3.5cr Overdraft ----------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on bank loan facilities of P.C. Jain and Company (PCJC). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 6.5 CRISIL A4 (Reaffirmed) Overdraft 3.5 CRISIL B+/Stable (Reaffirmed) Proposed Bank Guarantee 2 CRISIL B+/Stable (Reaffirmed) Proposed Overdraft Facility 1 CRISIL B+/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 3 CRISIL B+/Stable (Reaffirmed) The rating continues to reflect small scale of operations and geographical concentration in revenue. These weaknesses are partially offset by extensive industry experience of the proprietor. Analytical Approach Unsecured loans of INR1.79 crore from the proprietor as on March 31, 2018, have been treated as neither debt nor equity as it will remain in the business and is subordinate to bank debt. Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations: This exposes the firm to any adverse external factors. The scale of operations is expected to remain small owing to low revenue visibility given the tender-based nature of operations and limited orders in hand. * Geographical concentration in revenue: The firm bids for road projects only in Banswara district of Rajasthan. Strengths * Extensive industry experience of the proprietor: The proprietor, Mr P C Jain, has been engaged in the civil construction industry for over three decades. This has helped to develop an established relationship with customers and suppliers and resulted in a sound understanding of the business environment in Rajasthan. Outlook: Stable CRISIL believes PCJC will continue to benefit from the extensive industry experience of its proprietor. The outlook may be revised to 'Positive' in case of a significant ramp-up in scale of operations while profitability is maintained, leading to higher- than-expected cash accrual and improvement in the financial risk profile. The outlook may be revised to 'Negative' if large, debt- funded capital expenditure or a decline in profitability weakens the financial risk profile, particularly liquidity. PCJC was established as a proprietorship firm in 1975 in Rajasthan by Mr P C Jain. The firm provides turnkey construction services, mainly for civil works relating to roads for authorities such as the Public Works Department, Rajasthan. PLANET PR: Ind-Ra Migrates B+ LT Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Planet PR 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 B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR80 mil. Fund-based limit migrated to Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on October 17, 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 2004, Planet PR is engaged in the trading of coal and iron ore. PRIME TECHNOPLAST: Ind-Ra Affirms 'D' Long Term Issuer Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Prime Technoplast Private Limited's (PTPL) Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The instrument-wise rating actions are: -- INR270 mil. Fund-based working capital limit (Long-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; -- INR46.5 mil. Long-term loan (Long-term) affirmed with IND D (ISSUER NOT COOPERATING) rating; and -- INR50 mil. Non-fund-based working capital limits (Short-term) affirmed with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on best available information KEY RATING DRIVERS The affirmation reflects continued delays in debt servicing by PTPL. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a rating upgrade. COMPANY PROFILE PTPL is a private limited company, incorporated in April 2009. The company manufactures woven sacks made of high density polyethylene or polypropylene. R J COLD: CARE Migrates B+ Rating to Not Cooperating Category ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of R J Cold Storage Private Limited (RJCS) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 30 CARE B+; Issuer Not cooperating; Facilities Based on best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from RJCS to monitor the ratings vide e-mail communications/letters dated July 11, 2018, June 21, 2018, June 11, 2018, and numerous phone calls. However, despite our repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on R J Cold Storage Private Limited's bank facilities will now be denoted as CARE B+; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. RJCS, incorporated in July 1992, is promoted by Mr Vipul Aggarwal. RJCS has been operating a cold storage facility at Sonepat, Haryana, and derives rental income from it. In FY13 (refers to the period April 1 to March 31), the company started trading in various grocery items such as lentils, pulses, spices, etc. The company purchases agro commodities in bulk, and stores them in its cold storage facility to maintain freshness and improve their shelf life. The stored commodities are sold during off season. As on March 31, 2017, the total operating income of the company has increased significantly to INR615.54 crore (PY: INR342.26), however, the company didn't provide any information/clarification. RAJ KISHORE: CRISIL Reaffirms B+ Rating on INR6cr Cash Loan ----------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank facilities of Raj Kishore Engineering Constructions Private Limited (RKECPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 2 CRISIL A4 (Reaffirmed) Cash Credit 3 CRISIL B+/Stable (Reaffirmed) Proposed Bank Guarantee 2 CRISIL B+/Stable (Reaffirmed) Proposed Cash Credit Limit 6 CRISIL B+/Stable (Reaffirmed) The ratings continue to reflect the modest scale of operations, amidst intense competition, and large working capital requirement. These rating weaknesses are partially offset by extensive experience of the promoter in the civil construction business. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations amid intense competition: Scale of operation is modest as reflected in revenue of INR 26.5 crores in fiscal 2018, as against INR 25.88 crores in fiscal 2017. Furthermore, the company is exposed to intense competition in the civil construction industry, which is highly fragmented in nature. Modest scale and exposure to competition has led to modest operating profitability. * Working capital-intensive operations: Operations are highly working capital intensive, as reflected in gross current assets of 262 days as on March 31, 2018. The high working capital intensity is due to large receivables. Strengths * Extensive experience of the promoter: The three-decade-long experience of the promoter, and the company's track record of successful implementation of projects within the stipulated time and cost, have led to healthy relationships with key clients. Outlook: Stable CRISIL believes RKECPL will continue to benefit from its established market position and the extensive experience of the promoter. The outlook may be revised to 'Positive' if RKECPL reports significant and sustained growth in cash accrual, and improves its working capital management. The outlook may be revised to 'Negative' if a stretch in the working capital cycle, or any large capital expenditure, weakens the financial risk profile, especially liquidity. RKECPL was set up in 2010, by Mr S Rajasekaran. The company undertakes civil construction projects, related to industrial buildings, RCC roads, towers, chimneys and other related works. RAM ENGINEERS: CRISIL Lowers Rating on INR4.0cr Overdraft to D -------------------------------------------------------------- CRISIL has downgraded its ratings on the bank loan facilities of Ram Engineers and Contractors (REC) to 'CRISIL D/CRISIL D' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.3 CRISIL D (Downgraded from 'CRISIL A4') Long Term Loan 1.0 CRISIL D (Downgraded from 'CRISIL B+/Stable') Overdraft 4.0 CRISIL D (Downgraded from 'CRISIL A4') Proposed Long Term 3.7 CRISIL D (Downgraded from Bank Loan Facility 'CRISIL B+/Stable') The downgrade reflects delays by the company in servicing bank debt. The same was on account of weak liquidity. The ratings continue to reflect the firm's small scale of operations, below average financial risk profile because of moderate gearing, modest net worth and large working capital requirement. These weaknesses are partially offset by the extensive experience of its proprietor. Key Rating Drivers & Detailed Description Weaknesses * Small scale of operations: With sales of INR3.7 crore for fiscal 2018, scale remains modest in the intensely competitive construction industry. * Below Average financial risk profile: Gearing is high at 3.54 times as on March 31, 2018.The net worth is modest at Rs.1.59 Crore as on March 31, 2018. * Large Working Capital Requirement: The firm has high GCA days of 595 days as on march 31, 2018 reflecting the working capital intensity. Strength * Established track record: REC benefits from the extensive experience of its promoter in real estate development; the promoter has been engaged in this segment for about 16 years. Before setting up REC, the promoter, Mr. Sethuraman, a civil engineer, was employed with Coromandel Engineers for 16 years. Established in 2010 as a proprietorship concern by Mr. Sethuraman, REC carries out civil construction in Chennai. RAMA INFRAPROJECTS: CRISIL Assigns B+ Rating on INR6cr Cash Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Rama Infraprojects Private Limited (RIPPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Term Loan 1 CRISIL B+/Stable (Assigned) Bank Guarantee 1 CRISIL A4 (Assigned) Cash Credit 6 CRISIL B+/Stable (Assigned) The ratings reflect modest scale of operations, subdued operating margin, working capital-intensive nature of operations, and exposure to risks related to tenders and intense competition. These rating strengths are partially offset by the comfortable capital structure, and the extensive experience of the promoter in the construction industry, with a long track record of operations. Key Rating Drivers & Detailed Description Weakness * Modest scale of operations and subdued operating margin: The scale remains modest, with operating income of INR16.38 crore in fiscal 2018, owing to the tender-driven business. Further with modest order book, the revenue should remain modest over the medium term. Operating margin was subdued at -1.9% in fiscals 2018, as volatility in material prices, in the absence of an escalation clause, coupled with low bargaining power, led to lower realisations. * Working capital-intensive nature of operations: Operations are highly working capital intensive, as reflected in gross current assets of around 291 days as on March 31, 2018, led by sizable inventory of 80 days and receivables of 64 days. Realisations tend to stretch, as funds are blocked with government entities. Nevertheless, credit of 70-90 days extended by the suppliers, supports working capital management. * Susceptibility to tender-based nature of operations: RIPPL operates in a highly competitive market, which has both large players and smaller entities. This, coupled with the tender- driven nature of business, exerts pressure on the profit margin. Strengths * Extensive experience of the promoter: The promoter, Mr Uma Shankar Mishra has over two decades of experience in the construction business, which includes interior decoration, modernisation of building, and civil projects. Over the years, he has maintained a longstanding relationship with existing customers, and has been able to add new customers as well. * Comfortable capital structure: Capital structure was marked by a moderate networth of INR8.12 crore, and adjusted gearing and total outside liabilities to adjusted networth ratios of 0.89 time and 1.38 times, respectively, as on March 31, 2018, aided by lower reliance on external debt. Outlook: Stable CRISIL believes RIPPL will continue to benefit from its strong order pipeline, and the management's established presence in the construction industry. The outlook may be revised to 'Positive' if growth in revenue and profitability leads to higher cash accrual, while the working capital cycle remains stable. The outlook may be revised to 'Negative' if a sharp decline in sales or profitability, stretch in the working capital cycle, or any large capital expenditure, weakens the financial risk profile. Incorporated in 2000, RIPPL undertakes civil projects, interior decoration, modernisation of buildings, and other construction related work, mainly for public sector undertakings. RIPL has corporate & registered office located at Mumbai and has its operational presence spread all over India. Operations are currently managed by Mr Uma Shankar Mishra and Ms Vandana Mishra. RDC AUTOMOBILE: CRISIL Migrates B Rating from Not Cooperating ------------------------------------------------------------- Due to inadequate information, CRISIL, in line with Securities and Exchange Board of India (SEBI) guidelines, had migrated the rating of RDC Automobile Private Limited (RDC) to 'CRISIL B/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary to carry out a comprehensive review of the rating. Consequently, CRISIL is migrating the rating on bank facilities of RDC from 'CRISIL B/Stable Issuer Not Cooperating' to 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Drop Line 3.6 CRISIL B/Stable (Migrated from Overdraft 'CRISIL B/Stable ISSUER NOT Facility COOPERATING') Electronic 15.0 CRISIL B/Stable (Migrated from Dealer Financing 'CRISIL B/Stable ISSUER NOT Scheme(e-DFS) COOPERATING') The ratings reflect a weak financial risk profile and modest scale of operations. These rating weaknesses are partially offset by the extensive experience of the promoters in the automobile dealership industry. Key Rating Drivers & Detailed Description Weakness * Weak financial risk profile: Financial risk profile continues to be weak due to eroded networth due to past loses leading to leveraged capital structure. Debt protection metrics are weak with interest cover of 1.8 times and net cash accruals to adjusted debt of 6 percent for fiscal 2018. * Modest scale of operations: Scale is modest at around INR58 crores in fiscal 2018 in an intense competitive industry. The company faces significant competitive pressures from other luxury car makers especially BMW, Porsche, etc. While Jeep has seen strong interest in the car enthusiasts in India, the satiation of base level demand for Jeep, introduction of newer models by other car makers as well as entry of other luxury car manufactures into the potentially high growth Indian market may impact revenue growth. Strength * Extensive experience of the promoters in the automobile industry: The promoter family has been associated with the automobile industry for over three decades. Mr Chandrasekar had been engaged in the auto dealership business for close to 20 years and hence, has a keen understanding of the industry. Outlook: Stable CRISIL believes RDC will continue to benefit from the extensive experience of its promoters and their need-based fund support. The outlook may be revised to 'Positive' in case of significant improvement in liquidity due to a more-than-expected increase in cash accrual, efficient working capital management, and funding support from promoters. The outlook may be revised to 'Negative' in case of deterioration in the financial risk profile, particularly liquidity, due to lower-than-anticipated cash accrual, higher-than-expected working capital requirement, or any significant debt-funded capital expenditure. Set up in 2015, RDC is an authorised dealer for cars of Jeep India. Jeep is a brand of American automobiles that is a division of FCA US LLC (formerly Chrysler Group, LLC), a wholly owned subsidiary of Fiat Chrysler Automobiles. The promoters also promoted RDC Motors Private Limited (RDCMPL), an authorised dealer for cars of Fiat India Automobiles Limited (FIAL) in Chennai and Vellore. S.S. AGRI: CARE Migrates B Rating to Not Cooperating Category ------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of S.S. Agri Business Private Limited (SSABPL) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 11.53 CARE B; Stable; Issuer not Facilities cooperating; Revised from CARE B+; Stable Detailed Rationale & Key Rating Drivers CARE has been seeking information from SSABPL to monitor the rating vide e-mail communications/letters dated July 16, 2018, August 3, 2018, September 3, 2018 and numerous phone calls. However, despite our repeated requests, the company has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on SSABPL's bank facilities will now be denoted as CARE B; ISSUER NOT COOPERATING. Further, Banker could not be contacted. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The ratings assigned to the bank facilities of S.S. Agri Business Private Limited (SSABPL) are constrained by its small scale of operation with low profitability margins, project implementation risk, regulated nature of the industry, fragmented and competitive nature of the industry, high working capital intensity and exposure to vagaries of nature and moderately leveraged capital structure with moderate debt coverage indicators. The aforesaid constraints are partially offset by its experienced promoters, close proximity to raw material sources & favourable industry scenario, and stable demand outlook of rice. The ability of the company to complete the project without any cost & time overrun, ability to grow its scale of operation and profitability margins and ability to manage working capital effectively would be the key rating sensitivities. Detailed description of the key rating drivers At the time of last rating in October 25, 2017 the following were the rating strengths and weaknesses: Key Rating Weaknesses: Small scale of operation with low profitability margins: SSABPL is a relatively small player in the rice milling industry with revenue and PAT of INR26.01 crore and INR0.22 crore respectively, in FY17. Further, the net worth base and total capital employed was low at INR2.16 crore and INR11.37 crore, respectively, as on March 31, 2017. This apart, the PBILDT and PAT margin is low at 6.63% and 0.83% respectively, during FY17. The management is stated to have achieved total operating income of INR23.16 crore during first six months of FY18 i.e. H1FY18. The small size restricts the financial flexibility of the company in times of stress and it suffers on account of economies of scale. Project implementation risk: SSABPL is engaged in the expansion of its rice milling unit with an additional proposed installed capacity of 28,800 metric tonne per annum (MTPA). The project is estimated to be set up at a cost of INR7.61 crore, to be financed by way of unsecured loan from promoters aggregating INR2.09 crore, equity infusion of INR0.51 crore and term loan of INR5.01 crore. The company has already invested INR1.83 crore towards plant & machinery etc. till September 30, 2017 which is met partially through term loan of INR1.20 crore and unsecured loan from promoters of INR0.63 crore. The project is expected to be operational from January, 2018. 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 company, especially in times of high paddy cultivation. Fragmented and competitive nature of the industry: SSABPL's plant is located in Balasore district, Orissa which is in close proximity to hubs for paddy/rice cultivating region of Orissa. Owing to the advantage of close proximity to raw material sources, large number of small units are engaged in milling and processing of rice in the region. This has resulted in intense competition which is also fuelled by low entry barriers. Given that the processing activity does not involve much of technical expertise or high investment, the entry barriers are low. 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 company'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 12 months ended September 30, 2017. Moderately Leveraged capital structure with moderate debt coverage indicators: Capital structure of the company remained leveraged as on last three account closing dates owing to high working capital intensity of the business. The debt protection indicators remained moderate marked by moderately high total debt to GCA of 10.37x in FY17 on account of increased in utilization of cash credit limit during the period. However, Interest coverage ratio is comfortable marked by 2.19 as on FY17. Key Rating Strengths Experienced promoters: The company is being promoted by Mr. Chunnilal Gupta and his brother Mr. Rajendra Kumar Gupta based out of Odisha. Mr. Chunnilal Gupta and Mr. Rajendra Kumar Gupta are having an average experience of three decade in the agro industry by virtue of being the co-promoters of entities engaged in coconut oil manufacturing but they have limited experience (of 6 years) in rice milling business. They are supported by a team of experienced personnel having experience in the rice milling industry. Close proximity to raw material sources and favourable industry scenario: SSAB's plant is located at Balasore district, Odisha which is in the midst of paddy growing areas of the state. The entire raw material requirement is met locally from the farmers (or local agents) which helps the company 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. S.S. Agri Business Private Limited (SSABPL), incorporated in 1997, commenced operation from February, 2011. The company is engaged in processing and milling of rice. The milling unit of SSABPL is located at Balasore, Orissa with 3 CARE Ratings Limited Rationale-Press Release processing capacity of 28,800 Metric Ton Per Annum (MTPA). SSABPL procures paddy from farmers & local agents and sells its products through the wholesalers and distributors in Odisha, West Bengal, Bihar, Andhra Pradesh, etc. and also exports to Bangladesh. The company also has premium flagship brand named 'Nirmalya'. Mr. Chunnilal Gupta (aged, 57 years), having more than three decades of experience in the rice milling industry, looks after the day to day operations of the company. He is supported by other director Mr. Rajendra Kumar Gupta (aged, 51 years) and a team of experienced professionals. SAHIL SPINTEX: Ind-Ra Maintains 'D' LT Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Sahil Spintex 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 D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR330 mil. Term loan (long-term) maintained in Non- Cooperating Category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on November 5, 2014. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in August 2012, Sahil Spintex manufactures cotton yarn. SAMARA COLD: Ind-Ra Maintains B Issuer Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Samara Cold Chain'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 B (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR188 mil. Term loan maintained in Non-Cooperating Category with IND B (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on September 28, 2016. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Samara Cold Chain was established in November 2015 as a partnership firm engaged in the cold storage of apple and other fruits. SHIRISH HOTELS: CARE Reaffirms B+ Rating on INR12.85cr LT Loan -------------------------------------------------------------- CARE Ratings reaffirmed ratings on certain bank facilities of Shirish Hotels Private Limited (SHPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 12.85 CARE B+; Stable Reaffirmed Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SHPL continues to be tempered by the short track record with small scale of operations, highly fragmented business segment with presence of numerous players resulting in huge competition, leveraged capital structure and weak debt coverage indicators. The rating, however, continues to derive its strengths from experience of the promoters in hotel industry, location advantage, achieved satisfactory revenue and profit margins in first full year of operations and satisfactory working capital days. Going forward, the ability of SHPL to improve the scale of operations and maintain profitability margins in competitive environment, improve the capital structure and debt coverage indicators while managing the working capital facilities efficiently will be the key rating sensitivities. Detailed description of the key rating drivers Key Rating Weaknesses Short track record with small scale of operations: SHPL was established in the year 2016. Hence, the company has very short track record. FY18, being the first full year of operations the company achieved total operating income of INR 7.13 crore in FY18 (CA Certified Prov.) with low net worth base of INR4.11 crore as compared to other peers in the industry. Competition from other players in the industry: The company faces competition from a number of small and medium players since it is located in commercial area of the city. Though there are other regional players offering services, SHPL is able to withstand in the market through its vast experience through its associate firm with continuous business promotion activities. Apart from this, expansion of business operations will help the company to attract new customers as well. Geographic concentration risk: The business operations of the company are geographically concentrated to Hyderabad, Telangana State. However, the company is diversifying by opening multiple branches in the state of Telangana which would mitigate the risk of geographical concentration to an extent. Leveraged capital structure and weak debt coverage indicators: The capital structure of the company stood leverage and marked by debt equity and overall gearing ratio at 4.08x and 4.31x as on 31st March 2018 (CA Certified Prov.) due to low net worth and high debt levels including the higher outstanding balance of working capital facility Debt coverage indicators of the company remained weak. Total debt/GCA and interest coverage ratio of the company stood at 32.42x and 1.31x in FY18 (CA Certified Prov.). Key rating strengths Experience of promoter in hotel industry for over two decades: SHPL was incorporated in the year 2016, promoted by Mr. YugandharDande (Managing Director),Mr. Shanmy ShirishDande (Director), and Mrs. Uma Devi Dande(Director).All the directors are qualified graduates and have more than a decade of experience in hotel industry through its associate firm (Shirish Hotels). Mr. YugandharDande is also proprietor of "Shirish Hotels" under which the proprietor runs a hotel located at Panjagutta, Hyderabad. The directors are actively involved in day to day operations of the company. The operations of the company are well supported by strong management team who are qualified and experienced in their respective fields. Location advantage of the Hotel: SHPL has the location advantage, as the hotel premise is located in one of the prime commercial areas of Hyderabad city. The hotel provides restaurant, coffee shop, bar and banquet hall services. With the commercial nature of location of the hotel, the company is likely to have assured business from room bookings, restaurant business and other related incomes. Achieved satisfactory revenue and profit margins in first full year of operations FY18 (CA Certified Prov.) SHPL was established in the year 2016 and the commercial operations of the company started from Nov 2016, hence it has a very short operational track record. FY18, being the first full year of operations the company achieved total operating income of INR 7.13 crore in FY18 (CA Certified Prov.). The PBILDT margin and PAT margin of the company stood at 33.35% and 0.83% respectively in FY18 (CA Certified Prov.) Satisfactory operating cycle days: Operating cycle days of the company remained satisfactory and stood at 27 days. Average inventory days stood at 27 days as the company maintains the stock of rice, dal, wheat flour etc as inventory in store room for a period of around one month. The company makes the payment to its supplier within a week. The average utilisation of working capital facility stood at 85% for the last 12 months ended 31 August, 2018. Hyderabad based, Shirish Hotels Private Limited (SHPL) was incorporated on September 12, 2016 as a private limited company by Mr. YugandharDande (Managing Director), Mr. Dande Shanmug Shirish (Director) and Mrs. Uma Devi Dande (Director). The company is engaged in hospitality business and offers services in the area of restaurants, bar, banquet hall, rooms, and coffee shop. Mr. YugandharDande is also the proprietor of "Shirish Hotels (SH)" under which the proprietor runs a hotel located at Panjagutta, Hyderabad. SH is engaged in bar & restaurants. Currently, the company is managed by Mr. YugandharDande and his son Mr. Shanmug Shirish who looks after overall operations of the company SHITAL DIAM: Ind-Ra Affirms 'D' Long Term Issuer Rating ------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Shital Diam's Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Thus, the rating is based on the best available information. Therefore, investors and other users are advised to take appropriate caution while using the rating. The rating will continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating action is: -- INR220 mil. Fund-based facilities (long-/short-term) affirmed with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: Issuer did not cooperate; Based on the best available information KEY RATING DRIVERS The affirmation reflects continued delays in debt servicing by Shital Diam. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in an upgrade. COMPANY PROFILE Shital Diam is a partnership concern with Mr. Mukesh Kantilal Shah, Mr. Hasmukh Kantilal Shah and Mr. Arvind Kantilal Shah as the partners. The firm primarily manufactures cut and polished diamonds. SHRIMATI NARASAMMA: CARE Assigns D Rating to INR5.33cr LT Loan -------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Shrimati Narasamma Gotyal Shikshna Samsthe (SNGSS), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.33 CARE D Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SNGSS is tempered by ongoing delays in repayment of term loan installment and interest repayments due to weak liquidity position along with insufficient cash accruals generated during FY17 and FY18(Provisional) to meet the debt obligation on time. Detailed description of the key rating drivers Key Rating Weaknesses On-going delays in debt repayments: There are on-going delays in repayment of term loan installment and interest repayments due to weak liquidity position along with insufficient cash accruals generated during FY17 and FY18(Provisional) to meet the debt obligation on time. The quarterly repayment of installment due on July, 2018 was not met with over dues of INR0.16 crore and INR0.04 crore in term loan 1 and term loan 2 respectively. Short track record of entity and small size of operations: SNGSS was established in 2015. The society held classes for two academic years so far. Further, the Trust has small size of operations marked by gross receipts of INR0.04 crore during FY17 and low corpus fund of INR1.43 crore as on March 31, 2017. The trust received gross receipts of INR0.61 crore during FY18 (Provisional) with surplus of INR0.09 crore. Financial risk profile marked by leveraged capital structure and net and cash losses during first year of operations: The capital structure marked by overall gearing stood leveraged at 2.03x as of March 31, 2017 on back of high debt and low corpus fund amount due to initial years of operation. Further, the society also registered cash losses of INR0.05 crore during FY17 on account of school registration fees and other fixed expenditure incurred and low gross receipts received on account of low enrolment of students. Low enrolment ratio: Being a newly established educational society, the enrolment ratio of SNGSS has been low during the last two academic years. Key Rating Strengths Vast experience of the key management in the educational sector: SNGSS was established by Mr Jettappa Siddappa Bolegaon, a social worker. The key executives, forming the teaching and non-teaching staff of the society have combined experience of more than a decade. Mr Ch.Kalyan, the Principal of P.U.C College has an experience of 7 years and holds master's degree in science and education (Msc, Med). Mr G.T.Grebal, the Principal of the primary and secondary school has an experience of 3 years and is Master's degree in Arts and Bachelor's degree in Education (M.A and Bed). Apart from the above, the society is supported by well qualified teaching staff of 26 members. Satisfactory infrastructure facilities: The school and P.U.C buildings are constructed in a 6,972 square feet campus and have 2 floors with 3 science labs, a computer lab with 38 computers, 1000 Litre Purified Drinking Water Tank and a playground measuring 3267 square meter. The society also has hostel facility which accommodates up to 300 students. Shrimati Narasamma Gotyal Shikshna Samsthe (SNGSS) was established in the year 2015 to provide primary and higher school education by Mr Jettappa Siddappa Bolegaon, a social worker. The society is located in Vijapur district of Karnataka. Currently, the society runs classes from kinder garden to 8th standard and Pre- University Course -1 (PUC -1) and Pre- University Course -2 and has strength of 528 students (as on March 31, 2018 (Provisional)) and 44 staff members. The campus is built in an area of 6,972 square feet. SRI MADAN: CARE Lowers Rating on INR10cr Bank Loan to 'D' --------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Sri Madan Gopal Bhikamchand Marketing Private Limited (SMPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/short- 10.00 CARE D/CARE D Revised from term Bank CARE B; Stable/CARE A4 Facilities Detailed Rationale& Key Rating Drivers The revision in the ratings of SMPL takes into account ongoing delays in servicing of interest and installment of its debt owing to stressed liquidity position. Detailed description of the key rating drivers Key Rating Weakness Ongoing delays in debt servicing: There are ongoing delays in servicing of interest and installment of debt owing to stressed liquidity position and competitive market. Jaipur (Rajasthan) based, SMPL was established in 2006 as a private limited company by Mall Family. SMPL is engaged in trading and exports of agricultural products, such as spices, animal feeds, and herbs. It also trades in lac, used in bangles and paints, in the domestic market. SMPL exports to Srilanka, Bangladesh and Dubai. In domestic market SMPL serving mainly Rajasthan and Madhya Pradesh. SRI NAGA: CRISIL Lowers Rating on INR19.80cr LT Loan to 'B' ----------------------------------------------------------- CRISIL has downgraded its long term rating on the bank facilities of Sri Naga Malleswara Spintex India Private Limited (SNSRSXIPL) to 'CRISIL B/Stable' from 'CRISIL B+/Stable' and short term rating reaffirmed at 'CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.6 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') EPCG Guarantee (ST) 0.38 CRISIL A4 (Reaffirmed) Long Term Loan 19.80 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade reflects CRISIL's belief that SNSRSXIPL's Liquidity will remain weak over the medium term marked by inadequate cash accruals against repayment obligations. In fiscal 2018, the company reported cash accruals of INR2.2 Cr which was inadequate to service its repayment obligations. The promoters however brought in funds to service debt on time which is expected to continue over the medium term as well. The ratings continue to reflect weak financial risk profile, and vulnerability of margins to volatility in raw material prices. These weaknesses are partially offset by the extensive experience of the promoters and their funding support and longstanding relationship with customers. Key Rating Drivers & Detailed Description Weakness * Vulnerability of margins to volatility in raw material prices: Raw material account for a significant portion of input costs and renders margins vulnerable to volatility in prices. * Weak Financial Risk Profile: The company has net worth of INR11.56 Cr and gearing stood at 2.3 times as on March 31, 2018.The NCATD ratio stood at 7% and interest coverage ratio stood at 1.8 times as on March 31, 2018. Strengths * Extensive experience of the promoters and funding support: The promoters have an experience of more than two decades in the cotton industry. The company has a large and diversified customer and supplier base and timely fund support provided by the promoters. Outlook: Stable CRISIL believes SNSRSXIPL's shall continue to benefit from promoters experience and funding support. The outlook may be revised to 'Positive' if substantial revenue and profitability lead to healthy cash inflow and improved liquidity. The outlook may be revised to 'Negative' if the capital structure and liquidity weaken on account of large, debt-funded capital expenditure, deterioration in working capital management, or a significant decline in revenue or profitability. SNSRSXIPL, established in 2010 by Mr S B Suryanarayana and Mr K S Rao, manufactures cotton yarn. Its spinning mill is in Guntur, Andhra Pradesh. SRI RANGANATHASWAMY: CARE Migrates D Rating to Not Cooperating -------------------------------------------------------------- CARE Ratings has migrated the rating on bank facility of Sri Ranganathaswamy Jewellary Works (SRJW) to Issuer Not Cooperating category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.50 CARE D; Issuer Not Cooperating, Facilities based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from SRJW to monitor the rating vide e-mail communications/letters dated May 8, 2018, July 3, 2018, August 6, 2018, September 3, 2018 and September 7, 2018 and numerous phone calls. However, despite our repeated requests, the firm has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of best available information which however, in CARE's opinion is not sufficient to arrive at fair rating. The rating on Sri Ranganathaswamy Jewellary Works bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating on July 12, 2017 the following were the rating strengths and weaknesses: Key Rating Weakness Delays in debt servicing: The firm has been delaying in debt servicing (interest payments on cash credit facility) due to working capital intensive nature of operations and cash flow mismatches. The firm is required to hold sufficient inventory level of jewelry and ornaments to showcase in showroom. Furthermore, a high proportion of sales and operating income in jewelry retail business is generated in the months of festivals and auspicious occasions. Hence, cash flows and working capital requirements fluctuate during the year. Weak financial risk profile: The firm continues to have weak debt service indicators in FY16 (refers to the period April 1 to March 31) due to decline in profitability margins resulting in low cash accruals along with high utilization of working capital limits. The total debt/GCA and interest coverage stood at 55.29x and 1.19x, respectively, in FY16. The capital structure marked by overall gearing also deteriorated from 4.81x as on March 31, 2015, to 5.53x as on March 31, 2016, due to withdrawal of capital by proprietor to the tune of INR0.35 crore in FY16. Risk associated with fluctuation in gold price: Gold prices have exhibited sharp volatility depending up on the demand & supply scenario and volatility in the foreign currency exchange rates. Supply of gold is also being continuously regulated by the Government of India (GOI) and Reserve Bank of India (RBI) interventions. The volatility in the gold prices and the regulatory controls has an impact on the margins of players in the gems & jewelry industry. The changes in the gold prices could also impact the profitability to the extent of SRGS's inventory holding which is very long. The firm has policy of purchasing gold and silver on bi-weekly basis. Presence in intensely competitive industry: RGS has its presence in the gold jewelry industry with a marginal presence in a highly fragmented industry with the presence of numerous independent small-scale enterprises in the unorganized sector and some of the large players in organized sector amid high level of competition. As India's jewelry market matures, it is expected to get more organized, resulting to a high competition in the local market. High competition in the operating spectrum and small size of the firm limits the scope for improvement in margins and compels the firm to constantly update the stock of latest and trendy ornaments so as to maintain its market share. Key Rating Strengths Experienced proprietor: Mr Rangachari has experience of around 30 years in the gold and silver industry; he is also the managing partner in "Sri Ranganatha gold and silver" which is also involved in the similar line of business. The showrooms of these entities are situated in Challakere, Karnataka. He is also part of Board of directors of "Sri Ranganatha Theater Pvt ltd", a family concern. Increasing trend in total operating income albeit declining profitability margin: The total operating income (TOI) of the firm has been witnessing an increasing trend in the last three years. TOI increased by about 311% to INR22.94 crore in FY16 from INR 5.58 crore in FY15 due to high volume sales of jewelry through wholesale trading at larger premises coupled with an increased demand of ornaments in domestic market. However, the PBILDT margin has been witnessing decline due to increased overheads expenses y-o-y which was significantly influenced by high inventory levels of gold brought at higher prices and decline in gold price resulting in a decline of PBILDT margin.The PBILDT margin declined by 473 bps to 2.65% in FY16 from 7.38% in FY15. For the same reasons, the company's PAT margin also declined from 1.42% to 0.42%. During FY17 (provisional), the firm achieved sales of INR22 crore. Improvement in working capital cycle in FY16: The working capital cycle of the firm improved from 151 days in FY15 to 54 days in FY16 on account of improvement in average inventory period. The average inventory period improved from 131 days in FY15 to 36 days in FY16 at the back of improvement in sales during the year. SRJW operates in a working capital intensive industry, associated with high working capital requirements. The average collection days of the firm stood at 18 days in FY16 as the firm is engaged in retailing of gold and silver ornaments where majority of sales happen against upfront cash payments. Sri Ranganathaswamy Jewellary Works (SRJW) is a proprietary concern started by Mr K. Rangachari in September 1989. The firm is engaged in the business of wholesale trading and retailing of gold and silver ornaments. It is also engaged in designing and making gold and silver ornaments as per the request of customers. Their showroom is situated at Challakere, Karnataka. Mr Ranagachari has an experience of around 25 years in the industry. He is also the Managing Partner of group entity by name 'Sri Ranganatha Gold and Silver (SRGS)' which is involved in the similar line of business. The other associate concerns of the firm are 'Ranganatha Gold Palace' (RGP) and Sri Ranganatha Theatre Private Limited (SRTPL). SRI VENKATACHALAPATHY: CARE Assigns B+ Rating to INR10cr LT Loan ---------------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Sri Venkatachalapathy Sago Factory (SVSF), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10.00 CARE B+; Stable Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SVSF are tempered by small scale of operations with fluctuating profitability margins, leveraged capital structure and weak debt coverage indicators, intense competition from other several players and material price volatility and partnership nature of constitution with inherent risk of withdrawal of capital. However, the rating derives comfort from experience of partners for more than two decades in sago manufacturing industry, growth in total operating income, comfortable operating cycle, healthy demand outlook of tapioca and locational advantage with presence in cluster and easy availability of tapioca roots. Going forward, the ability of the firm to increase its scale of operations and improve the profitability margins along with efficient management of working capital, ability to improve its capital structure and debt coverage indicators would be the key rating sensitivities. Detailed Description of the key rating drivers Key Rating Weaknesses Small scale of operations and fluctuating profitability margins during the review period: SVSF was established in the year 2014. The total operating income stood small at INR46.68 crore in FY18 (Prov.) with a low net worth base of INR1.43 crore as on March 31, 2018 (Prov) when compared to other peers in the industry. The profitability margins of the firm were fluctuating during the review period. The PBILDT margin decreased from 2.38% in FY16 to 1.22% in FY18 (Provisional), due to fluctuation in price of raw material and other manufacturing expenses. The firm incurred net loss in FY16 and FY17 due to increase in depreciation and interest cost. Leveraged capital structure and weak debt coverage indicators: The capital structure of the firm remained leveraged during review period. The debt equity ratio of the firm has been improving year-on-year and remained below unity during the last three financial years due to repayment of term loans. Furthermore, the overall gearing ratio stood leveraged, however improved year on year from 12.35x as on March 31, 2016 to 4.52x as on March 31, 2018(Prov) due to repayment of long term loan coupled with increase tangible networth along with infusion of capital by the partners of INR 0.83 crore. The debt coverage indicators of the firm though improved remained weak marked by total debt/GCA improved from 188.51x in FY16 to 16.49x in FY18 (prov) due to decrease in total debt. The PBILDT interest coverage ratio, improved from 1.07x in FY15 to 3.31x in FY18 (Prov.) due to decrease in interest cost associated with repayment of debt. Constitution of the entity as a partnership firm: SVSF, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firm business has restricted avenues to raise capital which could prove a hindrance to its growth. However, the partners infused capital of INR 0.83crore. Key Rating Strengths Experience of partners for two decades in sago manufacturing: SVSF was promoted by Mr. R Durairaj (Managing Partner), Mr. D. Thilakam (partner) and Mrs. D. Vishnupriya (partner). Partners have about 20 years of experience in sago processing business. Through this experience in the sago processing, they have established healthy relationship with key suppliers, customers, local farmers, dealers and also with the brokers facilitating easy flow of sago business within the state. Growth in total operating income during review period: The total operating income of the firm has increased at a Compounded Annual Growth Rate (CAGR) of 34.17% from INR 25.93 crore in FY16 to INR46.68 crore in FY18 (Prov) due to increase in installed capacity from 18000 kgs to 25000 kgs. Comfortable operating cycle during review period: The operating cycle of the firm remained comfortable at 41 days in FY18 (Prov.). The firm receives the payment from its customer within 10-15 days and makes the payment to its supplier within 25-35 days. The firm holds the average inventory of around 60-80 days to meet the requirements of the customers. The average utilization of the working capital limit stood at 70% for the last 12 months ended June 30, 2018. Locational advantage with presence in cluster and easy availability of tapioca root: The Sago manufacturing unit of SVSF is located in Salem district, which is the top district for producing sago in Tamil Nadu, which ensures easy raw material access and smooth supply of raw materials at competitive prices and lower logistic expenditure. Healthy demand outlook of tapioca: The global tapioca market is expected to grow steadily at a CAGR of around 3% by 2021. Tapioca is high in carbohydrates and free from nut, grain, and gluten and this helps prevent food allergies, celiac disease, and gluten sensitivity. Tapioca also helps in the reduction of cholesterol levels and the tapioca flour has a high amount of fiber that helps maintain blood sugar level and prevent constipation. Tapioca flour is a source of calcium, folate, manganese, and iron which is beneficial for pregnant women and helps metabolize carbohydrates. Moreover, tapioca also extends the feeling of fullness and helps avoid overeating. The increased awareness on the health benefits of tapioca will be one of the major factors fueling the growth of the tapioca market during the next few years. Sri Venkatachalapathy Sago Factory (SVSF) was established in 2014 as a partnership firm. SVSF is engaged in manufacturing of sago. The Sago manufacturing unit of the firm is located at Attur Main Road, Mettala, Karkudalpatty, and Salem. The manufacturing process include washing of large size raw material (tapioca roof), peeling of skin from tapioca root, crushing in roller to make pulp and sago. The firm purchases tapioca (raw material for sago manufacturing) from local farmers in and around Salem. The firm sells its product to Maharashtra, Madhya Pradesh and Tamil Nadu. Presently, the firm has an installed capacity of 22500 kgs per day. SUHAG GEMS: Ind-Ra Maintains B+ Issuer Rating in Non-Cooperating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained Suhag Gems and Jewels (India) Pvt. Ltd.'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 B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR2.5 mil. Term loan maintained in Non-Cooperating Category with IND B+ (ISSUER NOT COOPERATING) rating; -- INR50 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 August 19, 2014. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Suhag Gems and Jewels (India) is a private limited company, which was incorporated in December 2011 and has a retail outlet in Bhatinda, Punjab. The company is engaged in the retail sale of gold jewelry, silver ornaments and diamonds. SVR SEA: CRISIL Reaffirms B+ Rating on INR8.9cr Packing Loan ------------------------------------------------------------ CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on the bank facilities of SVR Sea Foods Exports Private Limited (SEPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 0.1 CRISIL A4 (Reaffirmed) Export Packing Credit 8.9 CRISIL B+/Stable (Reaffirmed) Standby Export Packing Credit 1.0 CRISIL A4 (Reaffirmed) The ratings continue to reflect SEPL's modest scale and weak financial risk profile because of high gearing, subdued debt protection metrics, and small networth. The ratings also factor in susceptibility to volatility in raw material prices and foreign exchange (forex) rates, and to inherent risks in the seafood industry. These weaknesses are partially offset by the promoter's extensive experience and established customer relationships. Key Rating Drivers & Detailed Description Weaknesses * Small scale: Despite growth in fiscal 2018, operating income remained small at INR56.3 crore. * Weak financial risk profile: Financial risk profile is constrained by modest networth and high gearing of INR2.15 crore and 3.41 times, respectively, as on March 31, 2018. Debt protection metrics were subdued, with interest coverage and net cash accrual to total debt ratios at 1.75 times and 0.04 time, respectively, in fiscal 2018. * Susceptibility to volatility in raw material prices and forex rates, and to inherent risks in the seafood industry: Raw material accounts for 80-85% of the company's cost of sales and hence profitability is susceptible to raw material prices. Also, any volatility in forex rates impacts operating margin. Moreover, the seafood export industry faces risks arising from regulatory changes in the client countries and the high quality consciousness of clients. Adverse impact of regulatory changes, such as the levy of anti-dumping duties by importing countries, can hit the profitability of the entire industry. Strength * Promoter's extensive experience: The promoter Mr C Ramesh has been associated with the shrimp industry for over two decades. The company benefits extensively from his established relationships with suppliers and the customers. Outlook: Stable CRISIL believes SEPL will continue to benefit from the promoter's extensive experience and established customer relationships. The outlook may be revised to 'Positive' if there is a significant scaling up of operations or material improvement in profitability. The outlook may be revised to 'Negative' if decline in revenue and operating margin, or large, debt-funded capital expenditure, leads to deterioration in the financial risk profile. Established in 2012 and promoted by Mr C Ramesh, SEPL exports seafood, primarily shrimp. VAMSADHARA GINNING: CRISIL Reaffirms 'B' Rating on INR12cr Loan --------------------------------------------------------------- CRISIL has reaffirmed its rating on the long term bank facilities of Vamsadhara Ginning and Pressing Industries (VGPI) at 'CRISIL B/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 12 CRISIL B/Stable (Reaffirmed) Long Term Loan 2.69 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 2.31 CRISIL B/Stable (Reaffirmed) The ratings reflect its modest scale of operations and exposure to intense competition in the cotton ginning industry, large working capital requirements, susceptibility to volatility in cotton prices and below-average financial risk profile. These weaknesses are partially offset by the extensive industry experience of the partners. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations and exposure to intense competition in the cotton ginning industry: VGPI's business risk profile is constrained on account of its modest scale of operations and exposure to intense competition in the cotton ginning industry with its estimated revenues of around Rs.67.5 crores in fiscal 2018 (refers to the financial year April 1 to March 31).Fiscal 2018 is the first full year of operations of the firm. * Large working capital requirements: Gross current assets (GCA) were around 149 days as on March, 2018 driven by large inventory of 102 days and low creditor days of 9 days as on March 31, 2018. * Susceptibility to volatility in cotton prices: Profitability will remain susceptible to government's regulation in pricing of cotton, and its intervention when cotton prices go below minimum supply price. * Below-average financial risk profile: VGPI's financial risk profile is below-average marked by modest capital structure and debt protection metrics. The gearing was high at gearing of 3.03 times as on March, 2018. Interest coverage and net cash accrual to total debt ratios were modest at 2.52 times and 0.07 times in fiscal 2018. Strength * Partner's extensive experience: Partner's experience of more than two decades in the ginning industry has resulted in established relationships with a wide clientele and farmers. Outlook: Stable CRISIL believes VGPI will continue to benefit over the medium term from the partner's extensive experience. The outlook may be revised to 'Positive' if revenue and profitability increase substantially, strengthening the financial risk profile, or in case of significant capital infusion, improving the capital structure. Conversely, the outlook may be revised to 'Negative' if the firm undertakes aggressive debt-funded expansions, or if its revenue and profitability decline substantially, or if the partners withdraw capital from the firm leading to weakening in its financial risk profile. Established in 2017, VGPI is into ginning of cotton. The firm, located in Guntur (Andhra Pradesh), commenced commercial operation in February 2017 and Fiscal 2018 is the first full year of operations and is managed by Mr. Sontineni Venkateswara Rao. VIDEOCON GROUP: NCLT Admits Bid to Consolidate Insolvency Cases --------------------------------------------------------------- Economic Times reports that the bankruptcy court has decided to entertain a plea by Videocon Group founder Venugopal Dhoot seeking to consolidate separate insolvency proceedings initiated by lenders led by State Bank of India against 15 of his companies under a single court. National Company Law Tribunal's (NCLT) principal bench in New Delhi on Oct. 11 admitted Dhoot's plea and sought a reply from SBI by Oct. 24, the report says. The country's top bank and other lenders had filed separate proceedings against Videocon companies in different courts during June-September to recover INR20,000 crore, ET notes. According to ET, Dhoot's lawyers argued that separate proceedings in multiple courts would lead to unnecessary delays and also adversely impact the valuation of the consumer electronics business housed in these 15 entities which have inter-connected operations. If the tribunal allows for consolidation of various proceedings against Videocon companies currently ongoing at different benches of NCLT under a single bench, it would be the first such ruling in a bankruptcy case, the report states. Advocate Sandeep Ladda is representing Venugopal Dhoot and Videocon Group, ET notes. SBI is being represented by law firm Cyril Amarchand Mangaldas. Several banking officials ET spoke with agreed that single proceeding is likely to help the group get maximum valuation. They contended that valuation of Amtek Auto was adversely affected as separate proceedings were initiated against multiple units of the company that had inter-linked businesses. ET had reported on September 20 that the lenders to Videocon are looking to appoint a common process advisor to ensure coordinated and timely progress of proceedings of the 15 units that are being auctioned. About Videocon Videocon Industries sells consumer products like color televisions, washing machines, air conditioners, refrigerators, microwave ovens and many other home appliances in India. Videocon is on the second list of 28 defaulters by the Reserve Bank of India (RBI) under the Insolvency and Bankruptcy Code. The State Bank of India (SBI) filed its insolvency petition against Venugopal Dhoot-controlled Videocon Industries in January before the NCLT, which admitted the plea on June 6, 2018. On June 9, the NCLT had also admitted the insolvency petition filed by SBI against Videocon Telecommunications Ltd. =============== M A L A Y S I A =============== APFT BHD: Posts MYR2.58 Million Net Loss in Q2 Ended July 31 ------------------------------------------------------------ The Sun Daily reports that Practice Note 17 (PN17) company APFT Bhd registered a widened net loss of MYR2.58 million for the second quarter ended July 31 compared with MYR781,000 in the previous corresponding period, mainly due to operating costs. Revenue for the quarter under review also plunged 94.2% to MYR636,000 from MYR10.91 million, Sun Daily says. For the first half of the year, APFT's net loss, however, narrowed to MYR2.96 million from MYR10.32 million, while revenue plummeted 98% to MYR1.24 million from MYR61.41 million, the report discloses. According to the report, the aviation training provider told Bursa Malaysia that it has embarked on a restructuring exercise, in which it has divested loss-making subsidiaries. "The group has applied for new ATO licences under APFT Aviation Sdn Bhd which is pending approval. On Sept. 13, APFT Services obtained approval for the Air Service Permit. The conditional approval is valid for 12 months." The Sun Daily relates that APFT said the group is also venturing into other aviation related businesses - tourism and air charter services - as the group has the facilities and assets. Last June, its external auditor Messrs Adam & Co highlighted a material uncertainty that cast doubt on the group's ability to continue as a going concern, the report recalls. APFT Berhad owns and operates flight education and training academy, the Asia Pacific Flight Training Academy (APFTA), located at Sultan Ismail Petra Airport, Pengkalan Chepa, Kota Bharu Kelantan. APFTA is a flight education and training service provider in Malaysia. The Company operates through two segments: flight education and training, and mechanical works and services. It has a fleet strength of over 30 aircrafts, and over 40 flight and ground instructors operating out of three commercial airports in Malaysia. APFT was admitted into Practice Note 17 (PN17) category in January this year as its shareholders' equity fell below the 50% threshold. =============== P A K I S T A N =============== PAKISTAN: IMF to Seek 'Absolute Transparency' of Debts ------------------------------------------------------ Reuters reports that the International Monetary Fund launched formal bailout talks with Pakistan on Oct. 11, and IMF managing director Christine Lagarde said she would require "absolute transparency" of Pakistan's debts, including those owed to China, Reuters reported. She said such disclosures were necessary to determine the debt sustainability of countries seeking IMF loans, Reuters says. Reuters relates that the requirements are likely to shine a spotlight on the extent, composition and terms of Pakistan's debts to China for infrastructure projects as part of Beijing's massive Belt and Road building program. According to Reuters, China has pledged some $60 billion in financing to Pakistan for ports, railways and roads, but rising debt levels have caused Islamabad to cut the size of the biggest Belt and Road project by some $2 billion. "In whatever work we do, we need to have a complete understanding and absolute transparency about the nature, size, and terms of the debt that is bearing on a particular country," Ms. Lagarde told a news conference when asked about Pakistan's debts to China, Reuters relays. Reuters says the United States has criticized China's infrastructure lending, warning that it has saddled some developing countries with debts that they cannot afford to repay. U.S. Secretary of State Mike Pompeo has said there would be "no rationale" for an IMF bailout of Pakistan that pays off Chinese loans. The United States has become increasingly impatient with what it sees as a lack of support from nuclear-armed Pakistan in quelling a Taliban insurgency that U.S.-led forces are fighting in neighboring Afghanistan, the report says. According to Reuters, Ms. Lagarde said that the IMF would need to know the extent and composition of a country's debt, including sovereign debt and state-owned enterprise debt, "so that we can actually really appreciate and determine the debt sustainability of that country, if and when we consider a program." Reuters relates that Ms. Lagarde said in a statement that Pakistan requested IMF assistance during a meeting with Pakistani Finance Minister Asad Umar and central bank governor Tarik Bajwa on the sidelines of the IMF and World Bank annual meetings in Bali. "An IMF team will visit Islamabad in the coming weeks to initiate discussions for a possible IMF-supported economic program," Reuters quotes Ms. Lagarde as saying. "We look forward to our continuing partnership." The formal request follows an apparent 7 percent devaluation of the Pakistani rupee by the central bank on Oct. 9, after Pakistani President Imran Khan announced it would seek financial assistance to ease a mounting balance of payments crisis, Reuters states. If a package is agreed, it would be Pakistan's 13th IMF bailout since 1988. The Fund lent Islamabad $6.7 billion in 2013, Reuters discloses. ================= S I N G A P O R E ================= HYFLUX GROUP: Lone Bid for Tuaspring Now Being Assessed ------------------------------------------------------- The Strait Times reports that Hyflux Group said on Oct. 12 that only one of two parties approved by the regulatory authorities has put in a bid for its Tuaspring water and power project, and that the bid is being assessed. The report relates that Hyflux, which is seeking to restructure its debt, said that it could not provide further details because of confidentiality requirements and to protect the company's interests in ongoing negotiations. According to the Strait Times, the new information came just over a week after Bloomberg reported that Keppel Corp and Sembcorp Industries were the only parties pre-approved by Singapore's Public Utilities Board as potential buyers of Tuaspring, and that of the two, only Sembcorp had submitted a final bid. In a previous response, Hyflux did not comment on the pre-approval or the existence of a bid, the report says. Hyflux reiterated that it remains in separate but parallel talks about strategic investments in the overall business, with or without Tuaspring, the Strait Times relays. The Strait Times relates that Hyflux said it has not committed itself to any particular option or any of the proposals received at this point in time, and remains open to considering various opportunities. Any proposals received are also subject to approval by the relevant authorities where required. The sale of Tuaspring, which includes South-east Asia's largest desalination plant, is a key component in Hyflux's plans to obtain capital and restructure its debts, the report states. Bloomberg, citing sources, said Sembcorp's offer was below Tuaspring's book value and will not be enough to fully pay back loans to the project's main creditor, Maybank, adds the Strait Times. About Hyflux Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides various solutions in water and energy areas worldwide. The company operates through two segments, Municipal and Industrial. The Municipal segment supplies a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplies infrastructure solutions for water to industrial customers. As reported in the Troubled Company Reporter-Asia Pacific on May 24, 2018, Hyflux Ltd. said that the Company and five of its subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High Court of the Republic of Singapore pursuant to Section 211B(1) of the Singapore Companies Act to commence a court supervised process to reorganize their liabilities and businesses. The Company said it is taking this step in order to protect the value of its businesses while it reorganises its liabilities. The Company has engaged WongPartnership LLP as legal advisors and Ernst & Young Solutions LLP as financial advisors in this process. TRIYARDS HOLDINGS: SGX Denies Bid for Annual Meeting Extension -------------------------------------------------------------- The Strait Times reports that Triyards Holdings said that the Singapore Exchange Securities has rejected the company's application for further extension of time to hold the annual general meeting for the financial year ended Aug. 31, 2017, by Feb. 28, 2019. This was one of several things conveyed in a letter that the shipyard arm of Ezra Holdings, received from SGX on Oct. 12, the report says. According to the report, SGX has also rejected Triyards' request for waiver of the requirements to release its results for each of the first, second and third quarters of FY2018. Also turned down was the company's request for an eight-month extension of time to release its results for the year ended Aug 31, 2018 (FY2018) by June 30, 2019, the report relays. The Strait Times relates that Triyards had also applied for more time to submit a trading resumption proposal by Jan. 5, 2019. On this, SGX said that it has no objection to the application, under Listing Rule 1304. However, this will be subject to the company announcing the extension granted, the reasons for seeking the extension, the conditions as required under Mainboard Listing Rule 107; and if the conditions have been satisfied. If the conditions have not been met on the date of the announcement, the company must make an update announcement when the conditions have all been met, the report adds. "For the reasons disclosed in the company's application for extension of time to submit the trading resumption proposal, the contents of which are confidential, the company requires more time to prepare the resumption proposal," Triyards, as cited by the Strait Times, said. Trading of Triyards shares have been suspended since September 2017 about six months after Ezra, an erstwhile stock market darling, filed for US Chapter 11 bankruptcy, the report notes. Triyards Holdings Limited is a Singapore-based investment holding company. The Company operates through Engineering and Fabrication Services segment. The Company's geographical segments include Asia, Europe and Other Countries. The Company provides integrated engineering, fabrication and ship construction solutions for the global offshore and marine industry. The Company focuses on shipbuilding, ship conversions, medium to heavy fabrication works and ship repairs. The Company's offerings include offshore support vessels, liftboats, research vessels, aluminum built security vessels, chemical tankers and windfarm service vessels. The Company's business and facilities include specialized shipbuilding; ship repair, maintenance and conversion; rig building, and offshore engineering, construction and fabrication. The Company's Strategic Marine's military portfolio includes Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol Vessels and Landing Craft. TRIYARDS HOLDINGS: Unit Faces Winding-Up Petition ------------------------------------------------- Annabeth Leow at Business Times reports that a subsidiary of Ezra Holdings' shipyard arm has been hit with a winding-up application, Triyards Holding disclosed on Oct. 11, even as another hearing for the winding-up of parent Triyards was postponed. According to the report, regional Caterpillar dealer Tractors Singapore filed an application against Triyards Marine Services on Oct. 3, and a court hearing has been scheduled for Oct. 26. Meanwhile, the hearing for Hong Leong Finance's Sept 18 winding- up application against Triyards has been rescheduled from Oct. 12 to Nov. 7, BT discloses. BT says holding company Ezra has previously announced plans to wrap up its own United States Chapter 11 bankruptcy proceedings and apply to the Singapore High Court to be placed under judicial management. Triyards Holdings Limited is a Singapore-based investment holding company. The Company operates through Engineering and Fabrication Services segment. The Company's geographical segments include Asia, Europe and Other Countries. The Company provides integrated engineering, fabrication and ship construction solutions for the global offshore and marine industry. The Company focuses on shipbuilding, ship conversions, medium to heavy fabrication works and ship repairs. The Company's offerings include offshore support vessels, liftboats, research vessels, aluminum built security vessels, chemical tankers and windfarm service vessels. The Company's business and facilities include specialized shipbuilding; ship repair, maintenance and conversion; rig building, and offshore engineering, construction and fabrication. The Company's Strategic Marine's military portfolio includes Inshore Patrol Vessels, Fast Response Vessels, Offshore Patrol Vessels and Landing Craft. =============== X X X X X X X X =============== * BOND PRICING: For the Week Oct. 8 to Oct. 12, 2018 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.31 CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.94 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.07 QUINTIS LTD 8.75 08/01/23 USD 70.52 QUINTIS LTD 8.75 08/01/23 USD 70.52 QUINTIS LTD 8.75 08/01/23 USD 70.52 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 73.14 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 25.02 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 70.18 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.29 ALXA ZUOQI URBAN CONSTR 8.60 04/28/21 CNY 62.30 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 60.17 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 60.97 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.08 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.12 ANJI COUNTY ASSET OPERA 8.30 04/24/21 CNY 61.28 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.81 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 39.83 ANQING ECONOMIC&TECHNOL 6.00 06/18/20 CNY 41.07 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.40 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 40.46 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 39.85 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 40.50 BAIYIN CITY DEVELOPMENT 6.78 07/19/20 CNY 39.53 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 40.12 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 25.12 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.34 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.35 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.70 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 40.83 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 40.38 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.70 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 53.30 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 60.10 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 61.90 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 39.95 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.15 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.26 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.56 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.73 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.40 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.83 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.00 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.12 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 19.91 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 40.14 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 50.53 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 40.44 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.60 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 60.61 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 59.90 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 60.40 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 59.00 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 61.22 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.54 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 60.72 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 40.35 BEIJING XINGZHAN STATE 6.66 04/24/21 CNY 61.74 BENGBU URBAN INVESTMENT 6.30 09/11/20 CNY 60.97 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.68 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.69 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 52.14 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.40 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 40.60 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.39 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.41 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 60.10 C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.22 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.25 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 40.39 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.97 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.32 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.63 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.00 CHANGJIZHOU STATE OWNED 6.00 06/03/19 CNY 25.02 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.11 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 60.23 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.27 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.43 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.44 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 72.47 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 73.36 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 62.52 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.75 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 72.89 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 40.51 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.85 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.45 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.11 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.16 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.15 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 60.85 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.70 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 60.92 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.37 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 75.00 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 40.25 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.02 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 55.20 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.18 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 61.87 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.22 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.31 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.34 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.12 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 39.88 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.08 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 81.45 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.14 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 40.46 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 60.00 CHEN ZHOU GAO KE ASSET 7.25 10/21/20 CNY 61.03 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.48 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.49 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.14 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.31 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 40.36 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 50.70 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 54.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.00 CHENGDU LONGQUANYI STAT 6.90 05/30/21 CNY 61.11 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.27 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 60.41 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.26 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 40.27 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.37 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.51 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 40.56 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 60.61 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.78 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.98 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 40.21 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 40.11 CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 30.38 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 59.99 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 60.21 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.31 CHIZHOU CONSTRUCTION IN 7.17 10/17/19 CNY 40.60 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 60.05 CHIZHOU JINQIAO INVESTM 7.70 06/16/21 CNY 81.00 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 60.60 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 40.32 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.12 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 40.17 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.27 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.78 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 59.91 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.11 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.70 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 39.74 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 60.36 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.16 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.29 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.44 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.45 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.88 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 60.89 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.31 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.35 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 61.54 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.22 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.41 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 60.44 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.66 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 60.99 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 39.94 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 60.91 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.14 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 39.60 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 40.43 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 39.91 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.06 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 60.77 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.33 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 40.35 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.03 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 39.70 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.30 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 60.87 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.28 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 40.21 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.38 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.01 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 40.20 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 39.79 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.33 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.60 CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 40.61 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 62.40 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.54 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 58.69 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.87 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 39.94 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.22 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 82.30 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.07 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.00 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.03 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.90 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 39.91 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.29 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.99 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 61.09 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.00 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.00 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 40.33 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.34 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 40.43 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.71 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 60.88 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.46 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 40.50 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.11 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.94 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 59.95 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 39.52 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 40.42 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 60.91 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 38.93 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 39.91 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.06 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 40.25 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.23 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.44 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 40.43 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.31 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.37 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.71 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.07 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 61.27 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.00 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 41.41 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 40.30 DALIAN HUANGHAI PORT CO 7.17 07/07/21 CNY 61.82 DALIAN PULANDIAN CONSTR 8.48 12/12/18 CNY 55.48 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.97 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.60 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.01 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.09 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 61.26 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.49 DALIAN SHUNXING INVESTM 6.97 10/18/20 CNY 61.35 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.33 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.55 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.26 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.27 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 50.32 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 60.35 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 39.74 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 39.96 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 40.00 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 57.15 DAQING URBAN CONSTRUCTI 7.10 03/05/21 CNY 60.34 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 39.90 DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 40.50 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 60.47 DASHIQIAO URBAN CONSTRU 7.40 06/23/21 CNY 62.33 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 59.20 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.26 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 60.57 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 40.13 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.91 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 60.92 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 39.90 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 40.31 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.03 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.40 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 61.54 DUNAN HOLDING GROUP CO 7.30 12/21/18 CNY 69.92 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 40.55 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.14 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.52 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 19.99 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 60.84 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.36 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.24 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 84.50 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 25.00 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.12 FENGCHENG CITY CONSTRUC 7.50 02/28/21 CNY 61.14 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 61.63 FENGCHENG CITY CONSTRUC 8.65 01/14/21 CNY 62.70 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.20 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 40.47 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 60.88 FENGHUA CITY INVESTMENT 7.80 04/24/21 CNY 61.25 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.07 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.21 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.44 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 40.73 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.00 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 40.26 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.06 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 38.80 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.28 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 70.81 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 25.03 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 20.08 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 40.16 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.20 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.42 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.04 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 25.07 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.59 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.64 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 50.89 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 51.83 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.07 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.17 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 24.97 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 25.03 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 40.14 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 60.35 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.05 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.14 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.24 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.00 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.01 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 60.93 GUANGXI FINANCIAL INVES 5.75 01/23/21 USD 83.72 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.43 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.55 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.37 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 61.38 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 61.91 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.01 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.00 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 40.39 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.30 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 60.52 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 59.59 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.26 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 49.87 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 38.98 GUIZHOU KAILI CITY CONS 7.80 02/21/21 CNY 60.65 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 61.53 GUIZHOU KAILI CITY CONS 8.30 12/12/20 CNY 62.20 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 25.07 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 40.24 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 60.18 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.14 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.39 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.64 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.01 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.08 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 60.93 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 61.00 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.12 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 40.16 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.43 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.28 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 61.69 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.02 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 61.12 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.64 HANDAN CITY DEVELOPMENT 7.05 12/24/19 CNY 40.86 HANDAN CITY DEVELOPMENT 7.60 11/25/20 CNY 61.70 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.39 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.80 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.85 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 60.97 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.42 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.46 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.02 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 25.15 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.33 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.38 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.40 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.55 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.81 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.68 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.31 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.58 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.35 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.49 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.19 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.27 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.25 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 61.44 HARBIN GLORIA PHARMACEU 5.30 02/28/22 CNY 50.01 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.06 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 40.19 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.16 HARBIN HELI INVESTMENT 7.10 05/27/21 CNY 60.17 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.62 HARBIN HELI INVESTMENT 6.87 05/27/21 CNY 60.63 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.66 HARBIN HIGH-TECH INDUST 7.00 09/16/20 CNY 61.68 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 50.04 HEBEI BOHAI INVESTMENT 6.90 06/30/20 CNY 74.00 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.28 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.30 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.41 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.61 HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 72.21 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.10 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.22 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.12 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.35 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 20.50 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.37 HEFEI TAOHUA INDUSTRIAL 7.80 04/09/21 CNY 61.38 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.23 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.13 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.59 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 58.98 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.72 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.79 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 40.38 HENAN SHENGRUN HOLDING 7.39 01/10/19 CNY 76.00 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 40.40 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.39 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 60.94 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.14 HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 40.25 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 61.74 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.04 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.32 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 39.94 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.52 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 40.54 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.38 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.58 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.15 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 40.52 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.39 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.63 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.09 HUAIAN NEW CITY INVESTM 7.45 03/04/21 CNY 61.35 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.05 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 24.96 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 25.04 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 51.95 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 60.11 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.67 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 59.93 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 40.50 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.02 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.17 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 62.41 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 61.35 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 61.99 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 40.33 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 69.80 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.28 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.17 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 40.31 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.19 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 60.32 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 68.89 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 25.02 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 59.95 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 60.98 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.03 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 25.07 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.20 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.21 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 61.79 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 65.00 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 61.43 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.00 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 24.99 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 25.15 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 40.42 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.25 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.49 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 60.84 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.07 INNER MONGLIA SHENGMU H 4.48 12/28/20 CNY 72.20 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 40.19 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.00 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 20.14 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.68 JIAMUSI NEW ERA INFRAST 7.90 02/26/21 CNY 60.75 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.15 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.28 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 60.83 JIAN CITY CONSTRUCTION 6.96 05/15/21 CNY 61.91 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 60.19 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.59 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.35 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.70 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 60.89 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.00 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.17 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.38 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 60.90 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.10 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.31 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 60.65 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.18 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 60.56 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 20.10 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 39.82 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.06 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.24 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 60.50 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.83 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.61 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.00 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.38 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.13 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 55.42 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.25 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 40.34 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.42 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.19 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.28 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.76 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.02 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.33 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 40.38 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.10 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 40.25 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.14 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.49 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 40.45 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.18 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 40.22 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.11 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.91 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.84 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.35 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.37 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.50 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.16 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 60.79 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 39.95 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.09 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.07 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 40.28 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.45 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.38 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.12 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.13 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.86 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 61.53 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.77 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.81 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 39.83 JILIN RAILWAY INVESTMEN 6.63 06/26/19 CNY 40.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 60.36 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 60.56 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.02 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 61.69 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.01 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 40.45 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 71.66 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 39.95 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.46 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 61.80 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 25.03 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.36 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.40 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 60.53 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 67.88 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 60.98 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.40 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 20.28 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 40.30 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 40.41 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.01 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.04 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.44 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.57 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 60.66 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.08 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.62 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.74 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.50 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 40.90 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.28 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 24.91 JIUJIANG FUHE CONSTRUCT 7.04 09/01/20 CNY 74.46 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.18 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.79 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 40.16 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.05 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.53 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.35 KUERLE CITY CONSTRUCTIO 7.48 09/10/18 CNY 25.02 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.21 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.35 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 39.88 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.18 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.03 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 40.10 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.53 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 40.44 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.72 KUNSHAN HITECH INDUSTRI 7.10 03/26/21 CNY 61.76 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 20.20 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 58.34 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 60.87 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.35 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 40.50 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 75.00 LANZHOU NEW AREA INVEST 8.30 04/29/21 CNY 60.56 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.08 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.16 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.33 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.58 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 19.96 LILING LUJIANG INVESTME 8.10 05/22/21 CNY 60.87 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.07 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 39.85 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.09 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.00 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.30 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 58.85 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 59.95 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.00 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.05 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 40.52 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 40.88 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 60.72 LINYI ECONOMIC DEVELOPM 7.70 04/16/21 CNY 61.49 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 62.33 LINYI FUTURE TECHNOLOGY 7.49 07/14/21 CNY 82.60 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 50.77 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.25 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 38.20 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.22 LISHUI URBAN CONSTRUCTI 5.80 05/29/20 CNY 39.62 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 66.50 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 70.65 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.73 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 60.75 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 40.22 LIUZHOU LONGJIAN INVEST 8.28 04/30/24 CNY 70.01 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 33.60 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.91 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 39.93 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.04 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 25.05 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 60.97 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 61.55 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 60.52 LU'AN CITY CONSTRUCTION 7.50 04/17/21 CNY 61.28 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.31 LU'AN CITY CONSTRUCTION 8.00 12/02/20 CNY 61.41 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.23 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 40.47 MAOMIN TRANSPORTATION C 6.90 05/28/21 CNY 61.50 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.30 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.47 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.42 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.43 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 60.53 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.80 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.06 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 27.50 MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 25.22 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 39.84 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 40.12 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.38 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 60.72 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.51 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.03 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.23 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.51 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.06 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.50 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.14 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 60.02 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.73 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 40.21 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.12 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.00 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 40.21 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.35 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.45 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 71.46 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.90 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 60.95 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.03 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 25.10 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.59 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.01 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.05 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 59.00 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 60.28 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.87 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 60.92 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.30 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.42 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.17 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.10 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 39.96 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 60.52 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 61.08 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.02 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.17 NEOGLORY HOLDING GROUP 8.10 11/23/18 CNY 55.82 NEOGLORY HOLDING GROUP 6.50 09/25/20 CNY 63.50 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 60.71 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 61.62 NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 40.00 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.01 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.81 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 60.82 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 25.05 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 60.77 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 59.50 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 60.35 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 60.92 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 61.54 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 61.64 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.00 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 61.15 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.09 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 40.13 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.12 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 20.22 PINGDU CITY STATE OWNED 7.25 11/05/20 CNY 61.48 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 40.02 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.09 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 63.00 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 60.52 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.17 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.92 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 39.82 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.40 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 40.51 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.27 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.46 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.10 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.36 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 61.89 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.62 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 61.86 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.17 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 39.93 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.00 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 40.08 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 70.99 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 60.00 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.50 QIDONG URBAN INVESTMENT 7.90 04/28/21 CNY 61.54 QIDONG URBAN INVESTMENT 8.20 04/04/21 CNY 61.91 QINGDAO CHENGYANG DEVEL 7.09 03/10/21 CNY 61.13 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.29 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.30 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.20 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.21 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.93 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 71.94 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.11 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.73 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 50.86 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.51 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 60.84 QINGHAI PROVINCIAL INVE 6.40 07/10/21 USD 68.65 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.13 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 61.59 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.04 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 19.95 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.04 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 25.05 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.36 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 40.43 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 61.50 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.19 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 41.30 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 60.85 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 61.08 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.10 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.38 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 60.80 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.48 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.80 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 69.86 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 39.46 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 40.12 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.64 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.79 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 79.13 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 60.84 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 61.93 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.96 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 61.97 REWARD SCIENCE AND TECH 5.95 06/22/19 CNY 74.89 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 39.70 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.00 RIZHAO ECONOMY TECHNOLO 6.53 06/17/21 CNY 61.13 RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 40.60 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 60.70 RONGCHENG ECONOMIC DEVE 6.75 05/29/21 CNY 61.49 RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.48 RUCHENG COUNTY URBAN CO 6.00 06/28/23 CNY 55.88 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 39.30 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 40.20 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 60.59 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.11 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 60.97 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.27 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.49 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.30 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.27 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.64 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.24 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 40.31 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 39.50 SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 40.37 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 61.60 SHAANXI WEINAN HIGH-TEC 8.28 02/28/21 CNY 62.00 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.49 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 61.72 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.79 SHANDONG JINMAO TEXTILE 9.00 02/21/19 CNY 97.37 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.30 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 60.31 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 36.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.74 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 61.00 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 65.70 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.01 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.25 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 60.90 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.17 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 50.52 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.34 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.74 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.34 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 25.04 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 60.81 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.42 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 40.47 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.14 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.16 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.25 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.25 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.38 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 40.59 SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 39.95 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 49.97 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 50.02 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 24.99 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 40.19 SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 50.49 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.07 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 50.25 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 60.15 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 61.01 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.17 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 40.49 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 62.30 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.27 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 40.37 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.12 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 24.97 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 25.08 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.03 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 40.18 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 60.57 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 40.25 SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 60.29 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 40.50 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 25.02 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 58.00 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 61.34 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.85 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 82.32 SHENMU COUNTY STATE-OWN 7.28 06/23/21 CNY 59.98 SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 69.87 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.05 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.00 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.26 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.30 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 60.51 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.17 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 60.78 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 48.80 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.53 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.66 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.87 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 39.82 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 40.30 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.10 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 40.23 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.45 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 60.59 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 59.74 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SIPING SITONG CITY INFR 8.10 04/25/21 CNY 60.91 SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.06 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.07 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.41 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 40.27 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 37.50 SUIFENHE HAIRONG URBAN 6.60 04/28/20 CNY 39.88 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 60.78 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.78 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 59.99 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.90 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.21 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 59.95 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 62.50 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 40.28 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.65 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 61.81 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.25 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 60.51 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 61.04 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.19 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 40.38 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.15 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.06 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.20 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 60.26 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.14 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.16 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.53 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 25.12 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.36 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 40.37 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 55.50 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 56.10 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.28 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 40.32 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.15 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 40.35 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.09 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.10 TACHENG DISTRICT STATE- 7.49 10/16/19 CNY 50.18 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.62 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.36 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 40.46 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 60.63 TAICANG ASSET MANAGEMEN 7.00 02/27/21 CNY 61.50 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 40.57 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.20 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.50 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.14 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 61.59 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.14 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 61.21 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 55.56 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 40.22 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.10 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 61.78 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 25.03 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.73 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 51.03 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 60.60 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 60.25 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.15 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 60.10 TAIZHOU CONSTRUCTION IN 6.53 07/11/21 CNY 61.50 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.20 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 40.08 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 55.75 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 56.40 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 39.83 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.26 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.00 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 25.03 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 59.25 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.45 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 60.47 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.42 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.80 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.08 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.25 TIANJIN CITY JINGHAI UR 7.90 11/26/20 CNY 61.30 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 40.27 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 39.44 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 39.96 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 40.06 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.17 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 40.37 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.11 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 71.51 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 67.32 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.12 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 73.00 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.49 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 70.50 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 71.02 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.10 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.25 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 60.52 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.09 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.24 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.34 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.50 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.19 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 62.19 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 60.31 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.78 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.39 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.44 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 61.87 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.20 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 60.40 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 63.76 TONGLING CONSTRUCTION I 8.20 04/28/22 CNY 81.00 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 60.87 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 63.30 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.60 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 39.96 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.31 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 50.44 ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 39.41 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.29 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.31 URUMQI CITY CONSTRUCTIO 7.20 11/06/18 CNY 50.30 URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 25.35 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.01 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.39 URUMQI REAL ESTATE DEVE 7.27 04/25/21 CNY 60.68 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.25 URUMQI STATE-OWN ASSET 6.17 03/16/21 CNY 74.51 VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 22.86 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.38 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.15 WAFANGDIAN STATE-OWNED 6.20 06/20/20 CNY 40.48 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.10 WEIFANG BINCHENG INVEST 8.59 02/14/21 CNY 61.68 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 54.56 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.38 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 40.52 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.57 WEIHAI ECONOMIC TECHNOL 7.45 04/16/21 CNY 60.61 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.19 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 40.40 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.23 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.38 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 60.90 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.09 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 35.36 WINTIME ENERGY CO LTD 7.00 01/22/19 CNY 36.57 WINTIME ENERGY CO LTD 7.50 12/18/19 CNY 74.80 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 20.26 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 57.00 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 61.82 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.53 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.66 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.65 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.09 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.15 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.29 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.71 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.26 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.34 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.33 WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 40.87 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.61 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.65 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 60.98 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.20 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 61.38 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.25 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 40.41 WUXI EAST SCIENCE & TEC 5.98 10/26/18 CNY 40.08 WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.14 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.84 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 60.95 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 40.27 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.06 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.83 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 60.94 WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 40.26 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.42 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.45 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 39.89 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.29 XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 40.27 XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 40.29 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.11 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.19 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.41 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.60 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.66 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 70.50 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 60.30 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.01 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.11 XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 20.26 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 39.90 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.17 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.89 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.46 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 40.00 XIANGTAN JIUHUA ECONOMI 5.00 07/25/26 CNY 55.12 XIANGTAN JIUHUA ECONOMI 6.59 01/21/22 CNY 56.00 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 59.63 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 61.23 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.52 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 59.78 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.25 XIANGYANG HIGH TECH INV 7.00 05/29/21 CNY 60.77 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.00 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 25.09 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 39.69 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 59.70 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.58 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.59 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.44 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 60.85 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.31 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 58.94 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 60.73 XIN JIANG GUANG HUI IND 7.88 03/30/20 USD 61.19 XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 25.02 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.09 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.29 XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.22 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.22 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.73 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 49.93 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.54 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 24.84 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 59.92 XINJIANG UYGUR AR HAMI 6.87 07/14/21 CNY 60.14 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.15 XINJIANG UYGUR AR HAMI 6.63 07/14/21 CNY 60.44 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.62 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 82.38 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 39.67 XINJIANG WUJIAQU URBAN 6.10 05/23/20 CNY 40.36 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.14 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.05 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.19 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 60.82 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.30 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.70 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.91 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 61.50 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 67.00 XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 40.38 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.05 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.13 XINZHENG NEW DISTRICT D 6.60 01/29/21 CNY 74.96 XINZHOU ASSET MANAGEMEN 7.39 08/08/18 CNY 25.02 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 60.89 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.23 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.34 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 61.68 XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.46 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.36 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.37 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.41 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 60.64 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.24 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.25 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 61.00 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.53 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 61.74 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 60.87 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.11 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.29 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 60.35 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 19.85 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.31 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.20 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.21 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.49 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 63.30 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 53.00 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 60.55 YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 40.14 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 39.50 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 40.46 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.00 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 60.78 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 60.96 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.10 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.03 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.26 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.10 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 40.23 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.19 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 40.42 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.22 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 40.69 YICHANG URBAN CONSTRUCT 8.13 11/17/19 CNY 53.11 YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 19.65 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.38 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.59 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.33 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.73 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.07 YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 25.10 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 71.22 YINCHUAN NEW HI TECH IN 8.15 05/28/22 CNY 72.76 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.36 YINGKOU PORT GROUP CO L 6.10 04/27/22 CNY 70.00 YINGKOU PORT GROUP CO L 5.78 03/23/19 CNY 71.34 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 72.16 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.79 YINING CITY STATE OWNED 8.90 01/23/21 CNY 69.95 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.22 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 40.35 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 60.64 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.30 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 40.88 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 41.17 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.80 YIYANG CITY TRANSPORTAT 7.77 04/21/21 CNY 60.81 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.38 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.62 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 51.77 YONGAN STATE-OWNED ASSE 8.78 04/17/20 CNY 52.32 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.78 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 60.90 YONGZHOU CITY LINGLING 7.80 04/02/21 CNY 62.83 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 39.80 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.11 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 39.98 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 40.33 YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 25.06 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 39.00 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.11 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 40.33 YUNNAN HIGHWAY & BRIDGE 7.58 02/21/20 CNY 26.10 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.65 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.20 YUSHEN ENERGY DEVELOPME 8.50 02/21/21 CNY 60.52 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 60.84 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.77 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.05 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.13 YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 40.30 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 60.56 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 61.29 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.48 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 40.45 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 40.37 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 60.81 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.49 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 59.75 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.55 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 59.50 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 60.60 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 40.16 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.87 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.99 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.34 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.93 ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 40.26 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 60.97 ZHEJIANG LIN'AN ECONOMI 7.90 04/23/21 CNY 61.92 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.69 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 39.74 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.10 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.22 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.20 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.60 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 61.27 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.70 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00 ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 40.00 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.19 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.98 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 19.76 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 24.99 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 25.01 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 60.61 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.47 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 55.71 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.24 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 71.83 ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 21.25 ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 40.94 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 24.89 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 50.00 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 60.67 ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 40.23 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.04 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 61.30 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 61.39 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 40.05 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.11 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 40.22 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 40.21 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.98 ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.93 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.64 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 60.72 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 24.97 ZUNYI CITY HUICHUAN DIS 7.85 06/25/21 CNY 60.67 HONG KONG --------- CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 71.81 CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 74.05 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 12.50 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.89 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 49.04 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 9.71 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 9.96 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.29 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.27 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 55.52 EDELWEISS ASSET RECONST 2.00 08/28/27 INR 56.22 EDELWEISS ASSET RECONST 2.00 08/27/27 INR 56.23 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 57.13 EDELWEISS ASSET RECONST 2.00 04/27/27 INR 57.28 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 49.71 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.00 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JCT LTD 2.50 04/08/11 USD 25.53 PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 56.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 1.38 REI AGRO LTD 5.50 11/13/14 USD 1.38 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 51.83 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.43 JAPAN ----- TAKATA CORP 1.02 12/15/17 JPY 0.50 TAKATA CORP 0.58 03/26/21 JPY 2.37 TAKATA CORP 0.85 03/06/19 JPY 2.37 KOREA ----- 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 75.01 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 65.13 HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.04 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 71.27 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 72.18 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 73.30 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 73.57 KOREA TREASURY BOND 1.50 09/10/66 KRW 73.90 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 09/27/21 KRW 69.39 SINBO SECURITIZATION SP 5.00 08/25/21 KRW 69.62 SINBO SECURITIZATION SP 5.00 07/27/21 KRW 69.82 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 69.85 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 70.63 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 71.00 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 71.26 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 71.54 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 72.25 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 72.48 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 72.66 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 72.70 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 73.44 SINBO SECURITIZATION SP 5.00 02/25/20 KRW 73.97 SINBO SECURITIZATION SP 5.00 01/28/20 KRW 74.20 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 74.43 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 79.10 WISE MOBILE SECURITIZAT 20.00 09/17/18 KRW 73.93 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 73.48 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.30 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.73 BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.15 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.38 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.40 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.70 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.98 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.36 I-BHD 3.00 10/09/19 MYR 0.37 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.12 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 68.81 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.18 PUC BHD 4.00 02/15/19 MYR 0.14 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.09 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 57.04 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 58.33 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 59.67 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 60.97 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 63.69 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 65.11 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 66.65 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 68.17 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 71.03 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 72.86 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 74.43 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.40 UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.96 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.42 NEW ZEALAND ------------ PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.02 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 69.40 PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 73.02 SINGAPORE --------- ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.48 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 52.02 AUSGROUP LTD 8.45 10/20/18 SGD 51.35 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.83 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.89 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 48.93 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.00 BLUE OCEAN RESOURCES PT 6.00 12/31/20 USD 25.00 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 38.13 EZION HOLDINGS LTD 0.25 11/20/24 SGD 74.99 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.84 HYFLUX LTD 4.20 08/29/19 SGD 50.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 67.50 MICLYN EXPRESS OFFSHORE 8.75 11/25/18 USD 30.04 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 40.19 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63 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 7.88 06/05/17 SGD 16.00 TRIKOMSEL PTE LTD 5.25 05/10/16 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 67.62 DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.78 ********* 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 ***