/raid1/www/Hosts/bankrupt/TCRAP_Public/140429.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, April 29, 2014, Vol. 17, No. 83
Headlines
A U S T R A L I A
CHALK HOTEL: Placed in Liquidation
GUNNS LIMITED: New Forests Refuses to Take on Pulp Mill
LIBERTY SERIES 2011-1: Fitch Affirms Class D Notes Rating to BB+
LIGHT TRUST NO. 2: Fitch Affirms 'BBsf' Rating on Class B Notes
LM INVESTMENT: Investor Launches Campaign For Independent Probe
C H I N A
LONKING HOLDINGS: S&P Revises Outlook to Stable & Affirms BB- CCR
I N D I A
AADYA MOTOR: CRISIL Assigns 'B' Rating to INR200MM Loan
AIR INDIA: Mulls Selling Overseas Assets to Rake in Resources
ANSALDO CALDAIE: CARE Lowers Rating on INR9cr Loan to 'C (SO)'
ASPI CARS: ICRA Assigns 'B+' Rating to INR18cr Loans
BIOP STEELS: ICRA Assigns 'B+' Rating to INR40cr Loans
CH. VEERRAJU: CRISIL Reaffirms 'B-' Rating on INR40MM Loan
DAMATI PLASTICS: CARE Assigns 'B+' Rating to INR3.03cr Loan
G.S.R. MOTORS: CARE Assigns 'B+' Rating to INR5.50cr Loan
GAJIWALA SAREES: CRISIL Assigns 'B+' Rating to INR180MM Loans
GAMMON INDIA: CARE Lowers Rating on INR1,273.05cr Loan to 'C'
KINGFISHER AIRLINES: SBI Only Recovered Up to INR400 crore
KODARMA CHEMICAL: CRISIL Assigns 'B' Rating to INR125.5MM Loans
NV RESORTS: CARE Reaffirms 'C' Rating on INR21.12cr Bank Loan
ORCHID CHEMICALS: CARE Ups Rating on INR2,395.30cr Loans to 'C'
RAJENDRA INDUSTRIES: ICRA Suspends 'B' Rating on INR6cr Loan
ROBO EQUIPMENTS: ICRA Assigns 'B' Rating to INR12.98cr Loans
RP MULTIMETALS: ICRA Revises Rating on INR25cr Loan to 'B'
SHABINA FOODS: CRISIL Cuts Rating on INR225.6MM Loans to 'D'
SRI VENKATESWARA: ICRA Assigns 'B' Rating to INR10.16cr Loans
SUPER HOBS: ICRA Assigns 'B' Rating to INR7.15cr Loans
SWASTIK LUMBERS: CARE Assigns 'B+' Rating to INR3.25cr Bank Loan
TASA FOODS: ICRA Assigns 'B' Rating to INR9.48cr Loans
VAISHNAVI RICE: ICRA Reaffirms 'B' Rating to INR10.98cr Loans
VAL NIRMAN: CRISIL Assigns 'B' Rating to INR100M Loans
J A P A N
JLOC XXX: S&P Lowers Rating on Class C Trust Certificates to D
MT. GOX: Bankruptcy Judge Orders CEO to US For Deposition
N E W Z E A L A N D
AVIATION PAINTING: To Close Doors This Week
P A K I S T A N
PAKISTAN MOBILE: Auction Credit Positive for B2 Rated Company
S O U T H K O R E A
DOOSAN INFRACORE: Moody's Assigns (P)B1 Corporate Family Rating
DOOSAN INFRACORE: S&P Assigns 'B+' CCR & Rates $1.3BB Loan 'BB-'
X X X X X X X X
* BOND PRICING: For the Week April 21 to April 25, 2014
- - - - -
=================
A U S T R A L I A
=================
CHALK HOTEL: Placed in Liquidation
----------------------------------
Cliff Sanderson at dissolve.com.au reports that Chalk Hotel, owned
by of FV Hotels has been placed into liquidation.
Mcleod & Partners' Jonathan Paul McLeod has been appointed as
liquidator of Chalk Hotel on April 24, the report discloses.
GUNNS LIMITED: New Forests Refuses to Take on Pulp Mill
-------------------------------------------------------
Matthew Denholm at The Australian reports that the prospect of a
world-scale pulp mill being built in Tasmania's Tamar Valley has
been diminished -- but not extinguished -- by an initial failure
to find a buyer for the project permit.
The Australian relates that receivers of Gunns Limited,
KordaMentha, are finalising the sale of the failed forestry
company's plantations -- previously earmarked to feed the mill --
to Sydney-based timber investment fund New Forests.
New Forests was not interested in bidding for the permit to build
and operate the proposed AUD2.5 billion pulp mill, and
successfully competed against two bidders who were seeking both
plantations and the mill permit, according to the report.
Without the 100,000ha plantation estate to feed the mill, the
project is not seen as viable, with industry sources saying "every
stick" of available plantation in Tasmania was needed for the mill
to achieve production of 1.3 million air-dry tonnes of pulp a
year, The Australian relates.
According to the report, industry sources said the failure to sell
the plantations and mill permits and 650ha project site as a
package meant the stalled project was less likely to proceed.
However, it was still possible that one of the two unsuccessful
bidders interested in the permit could negotiate a joint venture
or wood supply agreement with New Forests, then buy the permit and
develop the mill, the report relays.
"It will now obviously be a case of whether anyone does buy the
pulp mill permit and, if they do, whether or not they can enter
into a supply agreement with presumably New Forests," the report
quotes Terry Edwards, chief of the Forest Industries Association
of Tasmania, as saying.
Some in the industry believe New Forests, understood to have
obtained the plantations and two woodchip mills for about AUD330
million, is more likely to have the trees harvested, woodchipped
and exported.
However, Mr. Edwards said even if this was the case in the short
term, it was still possible a pulp mill proponent could persuade
New Forests to enter into a longer-term wood supply deal for the
project.
"It will now obviously be a case of whether anyone does buy the
pulp mill permit and, if they do, whether or not they can enter
into a supply agreement with presumably New Forests," said Terry
Edwards, chief of the Forest Industries Association of Tasmania.
Some in the industry believe New Forests, understood to have
obtained the plantations and two woodchip mills for about AUD330
million, is more likely to have the trees harvested, woodchipped
and exported.
However, Mr Edwards said even if this was the case in the short
term, it was still possible a pulp mill proponent could persuade
New Forests to enter into a longer-term wood supply deal for the
project, the report adds.
The receiver said it was "finalising negotiations". A decision on
the sale is expected on today, April 29, or on Wednesday.
Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities. Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.
On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators. KordaMentha has also been
appointed Receivers and Managers.
The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.
Gunns was placed into liquidation in March 2013.
LIBERTY SERIES 2011-1: Fitch Affirms Class D Notes Rating to BB+
----------------------------------------------------------------
Fitch Ratings has upgraded two classes of notes from Liberty PRIME
Series 2010-1 (Liberty 2010-1) and affirmed four. The transaction
is a securitisation of Australian prime residential mortgages
originated by Liberty Financial Pty Ltd. Fitch has also affirmed
the ratings on Liberty Series 2011-1 Auto Trust (Liberty 2011-1A),
a securitisation of prime and non-prime auto receivables also
originated by Liberty Financial Pty Ltd. The rating actions are
as follows:
Liberty PRIME Series 2010-1:
AUD69.1m Class A2 (ISIN AU3FN0011250) affirmed at 'AAAsf'; Outlook
Stable;
AUD10.4m Class AB (ISIN AU3FN0011268) affirmed at 'AAAsf'; Outlook
Stable;
AUD3.6m Class B (ISIN AU3FN0011276) upgraded to 'AAAsf' from
'AAsf'; Outlook Stable;
AUD3.6m Class C (ISIN AU3FN0011284) upgraded to 'AAsf' from 'Asf';
Outlook Stable;
AUD3.4m Class D (ISIN AU3FN0011292) affirmed at 'BBBsf'; Outlook
Stable; and
AUD1.0m Class E (ISIN AU3FN0011300) affirmed at 'BBsf'; Outlook
Stable.
Liberty Series 2011-1 Auto Trust:
AUD14.9m Class B (ISIN AU3FN0014726) affirmed at 'AAsf'; Outlook
Stable;
AUD4.2m Class C (ISIN AU3FN0014734) affirmed at 'Asf'; Outlook
Stable; and
AUD3.9m Class D (ISIN AU3FN0014742) affirmed at 'BB+sf'; Outlook
Stable.
KEY RATING DRIVERS
The Class B and C notes of Liberty 2010-1 were upgraded due to a
build-up of credit enhancement for the notes sufficient to achieve
the higher ratings. The affirmations of Liberty 2010-1 and
Liberty 2011-1A reflect Fitch's view that credit enhancement
levels are able to support the notes' current ratings, and the
agency's expectations of Australia's economic conditions. The
credit quality and performance of the loans in the respective
collateral pools remain in line with the agency's expectations.
Liberty 2010-1's principal is paid sequentially for the life of
the transaction. As a result, credit enhancement has continued to
build across all notes and will continue to increase as there is
no step-down mechanism incorporated in the transaction. Credit
enhancement is also provided by the earlier trapping of excess
available income in a guarantee fee reserve account.
As at end-February 2014, 30+ days arrears levels were 2.48%, above
Fitch's 4Q13 Dinkum Index of 1.21%. Losses were low, totalling
AUD31,118, all of which was covered by excess spread.
The Fitch-calculated weighted average (WA) loan-to-value ratio was
66.4%, which decreased to 61.4% after indexation was applied, with
WA seasoning of more than six years for the pool. Low
documentation loans formed 11% of the pool.
Liberty 2011-1A has performed in line with Fitch's expectations
and since closing excess spread has been strong and sufficient to
cover all losses incurred to date. This is expected to continue
with additional support provided by the guarantee fee and credit
reserves. Defaults experienced to date have trended below those
of historical vintages.
Cumulative gross losses amounted to AUD2.9m, equivalent to 3.2% of
the initial collateral balance as at end-February 2014, compared
to an initial base-case gross loss estimate of 11.8%. Losses have
steadily increased over time and the excess income has been
sufficient to pay for losses with no charge-offs against the
notes.
As of end-February 2014, 60+ days arrears were 8% of the
outstanding collateral and recent average levels of 60+ days
arrears have been above the conditions required for the
transaction to step down. Consequently, sequential amortisation
has remained in place to date, resulting in increased credit
enhancement.
RATING SENSITIVITIES
Based on transaction performance and increased subordination due
to sequential repayment and the build-up of reserves, the
likelihood of a downgrade of any of the classes of Liberty 2010-1
is remote. Significant increases in loss severity and foreclosure
frequency that are well above current break-even credit support
levels would need to occur before any downgrades would be
considered.
The credit enhancement available to Liberty 2011-1A's rated notes
has built since issuance and, together with excess spread, is
sufficient to withstand potential losses above and beyond current
rating levels. The prospects for upgrades are constrained by the
level of arrears, which are increasing on a percentage basis as
the pool pays down.
A comparison of Liberty Series 2011-1 Auto Trust's
representations, warranties and enforcement mechanisms (RW&Es) to
those of typical RW&Es for this asset class is available by
accessing the reports and/or links given under Related Research
below.
LIGHT TRUST NO. 2: Fitch Affirms 'BBsf' Rating on Class B Notes
---------------------------------------------------------------
Fitch Ratings has affirmed the ratings of 8 Light Trust RMBS
tranches from three transactions. The transactions are backed by
pools of Australian first-ranking residential mortgages originated
by People's Choice Credit Union (a trading name of Australian
Central Credit Union Ltd.). The rating actions are as follows:
Light Trust No. 2 Trust:
AUD51.1m Class A1 notes affirmed at 'AAAsf'; Outlook Stable;
AUD9.3m Class A2 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD3.0m Class B notes affirmed at 'BBsf'; Outlook Stable.
Light Trust No. 3 Trust:
AUD181.4m Class A3 notes affirmed at 'AAAsf'; Outlook Stable; and
AUD13.4m Class AB notes affirmed at 'AAAsf'; Outlook Stable.
Light Trust No. 4 Trust:
AUD264.8m Class A notes affirmed at 'AAAsf'; Outlook Stable;
AUD22.5m Class AB notes affirmed at 'AAAsf'; Outlook Stable; and
AUD9.0m Class B1 notes affirmed at 'AA-sf'; Outlook Stable.
KEY RATING DRIVERS
The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, the
agency's expectations of Australia's economic conditions, and that
the credit quality and performance of the underlying loans have
remained within the agency's expectations. The ratings also
reflect People's Choice Credit Union's mortgage underwriting and
servicing capabilities.
At March 31, 2014, 30+ days arrears levels for the three Light
Trust transactions were below or in line with the Fitch's Dinkum
RMBS Index of 1.19%. Light Trust No. 2 had the highest level of
arrears at 1.19%, while Light Trust No. 4 recorded the lowest
level at 0.4%.
As at March 31, 2014, the three transactions were 100% covered by
lenders' mortgage insurance (LMI) provided by QBE Lenders Mortgage
Insurance Ltd (Insurer Financial Strength Rating: AA-/Stable).
The transactions have experienced no losses since closing.
RATING SENSITIVITIES
Unexpected increases in delinquencies, defaults and losses would
be necessary before any negative rating action would be
considered.
Credit enhancement levels for the Class A notes on all three
transactions can support multiples of the arrears levels reported
in the latest investor reports. The ratings of the transactions'
Class A notes are independent of downgrades to the LMI provider's
ratings.
Credit enhancement levels for the Light Trust No.4 Class B1 notes
can support multiples of arrears levels. However, once the
transaction moves to pro-rata amortisation, the Class B1 notes
will be constrained by concentration as the pool amortises.
Fitch's initial key rating drivers and rating sensitivities are
further discussed in the transactions' corresponding New Issue
reports listed under "Related Research".
A comparison of the Light Trust No. 4 representations, warranties
and enforcement mechanisms (RW&Es) to those of typical RW&Es for
this asset class is also available by accessing the reports and/or
links given under Related Research below.
LM INVESTMENT: Investor Launches Campaign For Independent Probe
---------------------------------------------------------------
Rob Stock at Fairfax NZ News reports that a British ex-pat living
in Malaysia has launched an international campaign to get out-of-
pocket investors, including New Zealanders, to lobby for an
independent inquiry into a funds collapse in which investors have
lost hundreds of millions of dollars.
Fairfax NZ News relates that operating under the alias "Victor
John" because he fears for his safety, the former electronics
engineer is using his LM Investor Victim Centre website to call on
investors globally to write to Australian Prime Minister Tony
Abbott and their own finance ministers to pressure the Australian
Government into ordering an inquiry into the collapse of LM
Investment Management (LMIM) and the funds it managed.
He hopes an inquiry would highlight the actions of the Australian
securities regulator, the Australian Securities and Investments
Commission (ASIC), and ultimately lead to the Australian
Government making good at least a portion of investors' losses,
the report says.
According to the news agency, the collapse of the LM funds has
left a serious blot on the international reputation of the
Australian funds industry, something John said that country should
deal with in the year it is hosting the G20 summit of powerful
developed nations.
Fairfax NZ News relates that investors from dozens of countries
invested in two giant Australian mortgage funds run by LM, a Gold
Coast-based funds manager founded by Kiwi expat Peter Drake; the
First Mortgage Income Fund (FMIF), which at its peak boasted more
than A$800 million in loans, and the Managed Performance Fund
(MPF).
New Zealand investors, some of whom say they thought they were
investing in safe Australian real estate-backed loans, are
reported to have had around NZ$175 million invested in the FMIF
fund when withdrawals were suddenly stopped in 2009, the report
discloses.
Fairfax NZ News notes that since then investors have seen LMIM
implode with huge loan write-offs in the FMIF, voluntary
administrators called in to LMIM, a takeover bid from a rival fund
manager, and the Australian courts appointing a receiver to the
FMIF whose investors have been told to expect to get back between
13c and 18c for every dollar they invested.
MPF investors, including John, have been told they will get back
5c or less in the dollar, the report notes.
It's a dismal fate for investors, all of whom invested through
financial advisers, the report says. The Kiwi investors are all in
FMIF, which was marketed here by some financial advisers,
including those from the Money Managers advisory group which no
longer exists.
But John thinks the only prospect for a decent return to investors
is for the Australian government to order an inquiry into the LM
collapse and whether ASIC failed investors in its oversight of LM.
If the regulator was found to be at fault the Government
compensate investors, he claimed, the report adds.
About LM Investment
New Zealand Herald reported that voluntary administrators have
been appointed to LM Investment Management, a beleaguered
Australian firm that controlled a frozen mortage fund which
New Zealanders had more than NZ$100 million tied up in. LM
directors on March 19, 2013, appointed John Park and Ginette
Muller of FTI Consulting as voluntary administrators, blaming the
move on liquidity problems caused by a smear campaign.
LM is the responsible entity of these registered managed
investment schemes:
-- LM Cash Performance Fund;
-- LM First Mortgage Income Fund;
-- LM Currency Protected Australian Income Fund;
-- LM Institutional Currency Protected Australian Income Fund;
-- LM Australian Income;
-- LM Australian Structured Products Fund; and
-- The Australian Retirement Living Fund.
LM also operates the unregistered LM Managed Performance Fund.
The Supreme Court of Queensland in April appointed KordaMentha and
its affiliate firm Calibre Capital as joint trustees of the AUD350
million Gold Coast-based LM Managed Performance Fund (LMPF).
Ms. Muller and Mr. Park were appointed liquidator of LM Investment
Management Limited on August 1.
=========
C H I N A
=========
LONKING HOLDINGS: S&P Revises Outlook to Stable & Affirms BB- CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services revised the rating outlook on
Lonking Holdings Ltd. to stable from negative. At the same time,
S&P affirmed the 'BB-' long-term corporate credit rating on
company. S&P also affirmed its 'B+' long-term issue rating on the
senior unsecured notes of the China-based construction machinery
manufacturer. In line with the outlook revision, S&P raised its
long-term Greater China regional scale rating on Lonking to
'cnBB+' from 'cnBB' and on the notes to 'cnBB' from 'cnBB-'.
"We revised the outlook because we expect Lonking to maintain its
already improved financial performance over the next 12 months as
operating conditions stabilize," said Standard & Poor's credit
analyst Huma Shi.
Lonking's performance in 2013 was modestly better than S&P's
expectation on improved operating conditions. S&P also believes
that the company's liquidity position has strengthened because it
has increased its cash balance and reduced debt repayments. As a
result, S&P has revised its liquidity assessment on the company to
"adequate" from "less than adequate."
"We assess Lonking's business risk profile as "weak" to reflect
its smaller revenue base than its major domestic and global peers,
its limited geographic and product diversity, and its exposure to
government policies on infrastructure spending. We also note that
the company's market share has fallen from no. 1 to no. 3, at
14.7%, due to heightened competition from its domestic peers.
However, Lonking has an established market position in wheel
loaders. We expect the company to maintain its position as a top-
four player in this segment for the next 12 months, underpinned by
its established sales and distribution network across the
country," S&P said.
"In our base case, we anticipate that Lonking's revenue will grow
3%-5% over the next 12 months while profitability is likely to
remain stable. The Chinese government has taken tentative steps
this year to restart some infrastructure investments to maintain
economic growth. These measures could enable demand for
construction machinery to recover modestly over the next two
years. We also estimate that Lonking's EBITDA margin will remain
at 15%-18% over the next 12 months as prices remain low for steel,
its main material, and the company continues its internal cost-
control efforts," S&P added.
S&P continues to assess Lonking's financial risk profile as
"aggressive" because it has yet to see any meaningful improvement
in its working capital management. While accounts receivables
stayed flat at Chinese renminbi (RMB) 2.9 billion in 2013, the
ratio of those past due rose 23% year over year. A weakening
domestic economy and the deteriorating creditworthiness of
Lonking's customers could heighten credit risks over the next 12
months, in S&P's view. Nevertheless, S&P notes that the company
has tightened its credit underwriting policies and collections
since late 2011.
S&P expects Lonking to maintain high total debt, including its
contingent liabilities. In S&P's base-case scenario, it
anticipates that over the next two years, Lonking's ratio of debt
to EBITDA will be slightly below 4x and its ratio of funds from
operations (FFO) to debt will be about 15%-18%, in line with its
2013 performance. The company reduced its debt level by 18% at
the end of 2013 compared with a year earlier on repayment of
short-term debt and the partial early redemption of its senior
unsecured notes.
Based on S&P's comparable rating analysis, it has applied a one-
notch uplift to Lonking's anchor rating of 'b+'. This reflects
S&P's view that the company is at a more favorable end of both the
"weak" business risk profile and "aggressive" financial risk
profile categories.
S&P may lower the rating if Lonking's financial strength weakens,
such that its ratio of FFO to total debt is less than 15%. This
could happen if the company's sales and profitability materially
weaken due to intensifying competition or if demand for
infrastructure investment in China is weaker than S&P expects.
S&P may also lower the rating if Lonking's working capital
management further deteriorates. This could happen if the company
loosens its credit underwriting policies or customer credit risks
increase and lead cash flows to weaken.
The potential rating upside is limited over the next 12 months.
S&P may raise the rating if Lonking's market position strengthens
and the company's revenue and margin increases more than S&P's
base-case expectation. However, S&P views this scenario as
unlikely, given Lonking's small operating scale and revenue base.
S&P do not expect the company's financial performance to
materially improve over the next 12 months.
=========
I N D I A
=========
AADYA MOTOR: CRISIL Assigns 'B' Rating to INR200MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISILA4' ratings to the
bank facilities of Aadya Motor Company (India) Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 120 CRISIL A4
Working Capital Facility 200 CRISIL B/Stable
The ratings reflect AMCPL's exposure to high competition in the
luxury car segment in the Mumbai region, and its below-average
financial risk profile, marked by high external indebtedness and
subdued debt protection metrics. These rating weaknesses are
partially offset by the benefits that AMCPL derives from its
promoters' extensive experience in the automobile dealership
industry and association with Volskwagen group for the 'Porsche'
brand of automobiles.
Outlook: Stable
CRISIL believes that AMCPL will continue to benefit over the
medium term from its promoters' extensive experience in the
automobile dealership industry. The outlook may be revised to
'Positive' if the company records significantly higher-than-
expected growth in its accruals, while improving its capital
structure and debt protection metrics. The outlook may be revised
to 'Negative' in case AMCPL registers a substantially lower than
expected growth in revenues or profitability, or if it undertakes
any further large debt-funded capital expenditure programme,
thereby impacting its debt servicing metrics.
AMCPL, set up in 2012 by Mr. V. Ramanand Rao, is the authorized
dealer for Porsche in Mumbai. Its showroom is located in
Prabhadevi, Mumbai. The company began operations in September
2012. The promoters also have interests in auto dealerships of
other brands through group entities.
AMCPL reported a profit after tax (PAT) of INR2.4million on net
sales of INR941.5 million for 2012-13 (refers to financial year,
April 1 to March 31).
AIR INDIA: Mulls Selling Overseas Assets to Rake in Resources
-------------------------------------------------------------
The Times of India reports that Air India is considering selling
off its properties in foreign destinations like Hong Kong, Nairobi
and Mauritius as part of asset monetization to garner resources.
According to the report, airline officials said the national
carrier has started approaching Indian banks and public sector
undertakings for disposal of these properties including floorspace
in prime locations.
They said the Indian high commissions at these places have also
been approached to help the airline find suitable buyers for the
assets, the report relates.
TOI says the plan to monetize real estate assets is an important
ingredient of Air India's financial restructuring and turnaround
plans, under which the airline aims to raise an estimated INR5,000
crore over a period of ten years, with an annual target of INR500
crore from 2013-14 onwards.
According to TOI, the airline has already chalked out plans to
monetize its unutilized or surplus immovable assets over the next
few years, the officials said, adding properties in several cities
including Delhi and Mumbai are already in the process of either
being sold, or leased or rented out.
Air India was also exploring other avenues for generating
ancillary revenues, including leasing out space in some of its
booking offices for banks to install ATM outlets, the report adds.
Air India Ltd -- http://www.airindia.com/-- transports
passengers throughout India and to more than 40 destinations
throughout the world. Affiliate Air India Express operates as a
low-fare carrier, mainly between India and destinations in the
Middle East, and Air India Cargo provides freight transportation.
The government of India has merged Air India with another state-
controlled carrier, Indian Airlines, which has focused on
domestic routes. The combined airline, part of a new holding
company called National Aviation Company of India, uses the Air
India brand. The new Air India and its affiliates have a fleet
of more than 110 aircraft altogether.
* * *
The Troubled Company Reporter-Asia Pacific, citing the Hindustan
Times, reported on June 19, 2009, that Air India has been
bleeding cash due to excess capacity, lower yield, a drop in
passenger numbers, an increase in fuel prices and the effects of
the global slowdown. Air India had debts of INR42,570 crore and
accumulated losses of INR22,000 crore as of March 31, 2011,
according to livemint.com.
In April 2012, the Union Cabinet approved an operational
turnaround plan through an equity infusion of INR30,000 crore
(US$5.8 billion) over the next eight years.
"The Cabinet Committee on Economic Affairs (CCEA) has approved
the turnaround plan (TAP) and financial restructuring plan (FRP)
of Air India, under which the government will infuse INR30,000
crore into the airline by 2020-21, subject to certain milestones
that AI will have to meet," civil aviation minister Ajit Singh
said.
ANSALDO CALDAIE: CARE Lowers Rating on INR9cr Loan to 'C (SO)'
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Ansaldo Caldaie Boilers India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term facilities 9.00 CARE C (SO) Revised from
CARE B (SO)
Short Term facilities 120.00 CARE A4 (SO) Reaffirmed
Long/Short-term Bank
Facilities 30.00 CARE C (SO)/CARE A4 (SO)
Revised from
CARE B (SO)/CARE A4 (SO)
Rating Rationale
The revision in ratings follows revision in ratings of Gammon
India Ltd's bank facilities/instruments from CARE B/CARE A4 to
CARE C/CARE A4.
Rating Rationale of GIL
The revision in ratings of Gammon India Ltd. takes into account
poor financial performance coupled with heavy losses incurred
during FY13 (refers to the period April 1 to March 31) and 9MFY14
leading to weak liquidity position.
The ratings continue to derive strength from GIL's long-track
record in the construction sector and efficient project execution
capabilities demonstrated in the past along with deferment in debt
repayment obligations to a considerable extent owing to company's
decision to restructure its debt under the corporate debt
restructuring (CDR) mechanism.
The ability of GIL to improve its profitability margins as well as
its working-capital cycle, realize dues, disputed or otherwise
from various projects within a reasonable time period, monetize
assets as envisaged under the CDR package and take timely measures
to improve its capital structure are the key rating sensitivities.
Ansaldo Caldaie Boilers India Private Limited is a joint venture
between Gammon India Ltd. (74%) and Ansaldo Caldaie SpA of Italy
(26%). ABIPL is engaged in manufacturing industrial boilers, power
utility steam boilers and undertakes Engineering, Procurement and
Construction (EPC) related to power utilities. ABIPL has close
linkages with GIL in terms of supply of goods and services and
receipt of orders.
ASPI CARS: ICRA Assigns 'B+' Rating to INR18cr Loans
----------------------------------------------------
ICRA has assigned the rating of '[ICRA]B+' to Rs.18.00 crore long
term fund based facilities of Aspi Cars Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.00 [ICRA]B+ assigned
Electronic Dealer
Financing Scheme 13.00 [ICRA]B+ assigned
The assigned ratings are constrained by the company's weak
financial profile characterized by de-growth in the operating
income in last two years as well as net losses in FY 2013 with
weak coverage indicators. The ratings are further constrained by
strong competitive pressures faced by the principal (Tata Motors
Limited) from large number of established players and new entrants
as well as relatively small and declining market share of TML in
the passenger vehicles market in India. Further, the company not
being an exclusive dealer for TML in Ahmedabad makes it
susceptible to competition from other dealerships and has limited
profitability margins as inherent to any dealership business. ICRA
further takes note that susceptibility of the company operations
to the lower growth/slowdown in the passenger vehicle market in
India in the near term.
The ratings, however, take comfort from the established track
record of the company with its promoters having longstanding
experience in car dealership as well as its established market
position in Ahmedabad with the dealership operational for past
eight years which further helps in building alternative revenue
streams like servicing, repairs and spare parts income.
Incorporated in 2006, Aspi Cars Private Limited is promoted by Mr.
Vijay Patel and Mr. Kaushik Shah. The company is engaged in
automobile dealership. Currently, it has an outlet at Narol-
Sarkhej Highway in Ahmedabad having infrastructure to provide
sales, service and spares. Another service centre is under
construction at S. G. Highway. The company was initially named
Universal Aspi Motors Private Limited which was later changed to
Aspi Cars Private Limited.
BIOP STEELS: ICRA Assigns 'B+' Rating to INR40cr Loans
------------------------------------------------------
ICRA has assigned long term rating of '[ICRA]B+' to the INR40.0
crore proposed term loan and cash credit facilities of BIOP Steels
& Power Private Limited. ICRA has also assigned short term rating
of '[ICRA]A4' to the INR23.5 Crore proposed non-fund based limits
of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan-Proposed 30.0 [ICRA]B+
Cash Credit-Proposed 10.0 [ICRA]B+
Non-fund Based-Proposed 23.5 [ICRA]A4
Rating is constrained due to plans of the company to undertake
debt funded expansion projects, significant execution risk related
to proposed power project capacity expansion and uncertainty with
regards to mining in Bellary region resulting in tight raw
material availability situation. Ratings also factor in the
commoditised nature of its end product which, along with the
cyclicality in the steel business, makes cash flows and
profitability volatile. ICRA takes note of the successful
commissioning of the sponge iron unit and advanced stage of
completion of power project, despite no tie-up of external debt.
BIOP's ability to backward integrate operation and successfully
commission power plant will be key rating drivers.
Biop Steels & Power Private Limited was incorporated by "MODI
GROUP" on 20th Oct 2010. The company had initial plan to come up
with a sponge iron unit comprising of production capacity of an
around 200MTPD with a kilns capacity of 100X2 TPD and also Power
Plant with a capacity of 6 M W in its First Phase. In its Second
Phase of expansion company intends to add further 9 M.W and also
to come up with Beneficiation Plant, Ferro Alloys and Pellet
Plant. The sponge iron unit was completed and commissioned in July
2013. Company is currently procuring iron ore through e-auction
and intends to source it from Group Company mines once operation
resume. One of the group companies Bellary Iron Ores Pvt Ltd holds
44% stake in this company. Bellary Iron Ores Pvt. Ltd has category
B iron ore mine which is non operational due to legal issues. It
procures coal and dolomite locally. Work on 6 MW power plant is
continuing and plant is expected to be commissioned by August
2014.
CH. VEERRAJU: CRISIL Reaffirms 'B-' Rating on INR40MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Ch. Veerraju & B.
Venkateswara Rao (CVBVR) continue to reflect CVBVR's small scale
of operations, high degree of geographic and customer
concentration in its revenue profile, and its large working
capital requirements. The ratings of the firm are also constrained
on account of its below-average financial risk profile marked by
its low net worth, moderate gearing, and below-average debt
protection metrics. These rating weaknesses are partially offset
by the benefits that the firm derives from its promoters'
extensive experience in the civil construction business.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 40 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 20 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that CVBVR will continue to benefit over the
medium term from its promoters' extensive industry experience, and
established relations with clients. The outlook may be revised to
'Positive' if there is a substantial and sustained in the firm's
scale of operations, while maintaining its profitability margins,
or there is a substantial improvement in its capital structure on
the back of capital additions from its partners. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the firm's profitability margins, or significant deterioration in
its capital structure caused most likely because of large debt-
funded capex or a stretch in its working capital cycle.
CVBVR, a partnership firm located at Rajahmundry (Andhra Pradesh),
was set up in 2008, by Mr. Cherukuri Veerraju along with Mr. B.
Venkateswara Rao. The firm is engaged in civil engineering works
primarily related to irrigation projects in Andhra Pradesh.
DAMATI PLASTICS: CARE Assigns 'B+' Rating to INR3.03cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Damati Plastics.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 3.03 CARE B+ Assigned
Short-term Bank Facilities 8.93 CARE A4 Assigned
Long/Short-term Bank
Facilities 5.70 CARE B+/CARE A4
Assigned
The ratings assigned by CARE are based on the capital deployed by
the partners and the financial strength of the firm at present.
The ratings may undergo a change in case of withdrawal of the
capital or the unsecured loan brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale
The ratings assigned to the bank facilities of Damati Plastics are
constrained by its weak financial risk profile marked by low PAT
margin along with weak solvency and liquidity position,
susceptibility to volatility in raw material prices, small scale
of operations and its constitution as a partnership.
The ratings, however, derive strength from the satisfactory
experience of the promoters in manufacturing of plastic products
along with moderate track record of the firm.
The ability of the firm to increase its scale of operations along
with an improvement in profitability and solvency position would
be the key rating sensitivity.
Mumbai-based DPL was established by the Parwani family as a
partnership concern in the year 2003. The firm is engaged into
manufacturing of plastic containers, cutlery, glass and paper
cups. The manufacturing facility of the firm is located at Daman,
Gujarat with an installed capacity to manufacture 11.06 crore
utensils per annum. The major raw materials required are
polypropylene (PP), polyvinyl chloride (PVC) and high density
polyethylene (HDPE), which it procures from the domestic (75% in
FY13 refers to the period April 1 to March 31) as well as from the
international market (25% in FY13). The firm sells its final
products in the domestic and international market.
Exports contributed around 80-85% to the total income of the firm
while rest is from domestic sales. In FY13, DPL has registered a
PAT of INR0.09 crore as against the total operating income of
INR11.55 crore.
G.S.R. MOTORS: CARE Assigns 'B+' Rating to INR5.50cr Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of G.S.R.
Motors Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.50 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of G.S.R. Motors
Private Limited is primarily constrained by its small and
fluctuating scale of operations with low profitability margins,
leveraged capital structure and weak debt coverage indicators. The
rating is further constrained by fortunes linked to performance of
the Original Equipment Manufacturer (OEM), subdued domestic demand
outlook of passenger vehicles and intense competition amongst
dealers and from other brands.
The rating, however, favorably takes into account the long
experience of the promoters and GMPL's association with reputed
brand.
GMPL's ability to profitably increase the scale of operations in a
competitive and subdued industry scenario along with improvement
in capital structure shall be a key rating sensitivity.
G.S.R. Motors Private Limited was incorporated in 2008 Mr Raj Dhar
Mishra, Mr Gulab Dhar Mishra, Mr Shyam Dhar Mishra and Mr
Kaushalesh Kumar Mishra. The company is engaged in the business of
automobile dealership 3S (sales, service and spares) in Varanasi,
Uttar Pradesh and adjoining cities. The company entered into
dealership agreement with Ford India Pvt Ltd in 2008 to sell its
passenger vehicles (Fiesta, Figo, Ecosport and Endeavour).
During FY13 (refers to the period April 1 to March 31), GMPL
achieved a total operating income (TOI) of INR23.05 crore with a
Profit After Tax (PAT) of INR0.21 crore. During 9M FY14 (refers to
the period April 1 to December 31), GMPL has achieved a TOI of
INR23 crore.
GAJIWALA SAREES: CRISIL Assigns 'B+' Rating to INR180MM Loans
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of M/s. Gajiwala Sarees.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 80 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 100 CRISIL B+/Stable
The rating reflects GS's below average financial risk profile
marked by modest networth and high gearing levels, exposure to
intensely competitive garment industry and large working capital
requirements. These rating weaknesses are partially offset by the
long standing experience of promoters in the textile business.
Outlook: Stable
CRISIL believes that GS will maintain its credit risk profile over
the medium term, backed by its promoter's extensive experience in
the textile industry and the fund support that is received from
them. The outlook may be revised to 'Positive' in case of
improvement in working capital management or if the firm generates
more-than-expected cash accruals, because of sustained improvement
in revenues and profitability leading to improvement in its
capital structure.Conversely, the outlook may be revised to
'Negative' in case of deterioration in its financial risk profile,
on account of a stretch in working capital or lower-than-expected
accruals or any large, debt-funded capital expenditure programme.
Surat based GS is engaged in the selling of Lehanga, Sarees, Dress
materials, Children's ware, Embroidery, Traditional Wear, Fabrics
as per needs & fabrics for scarves, pareos, stoles, khaftan and
etc for nearly three decades. The firm has a finishing unit at
Udhna Udhyognagar at Surat city in Gujarat and outsources dying,
printing and embroidery design.
The firm is promoted by two partners - Mr. Vikram Gajiwala and
Mrs. Sweety Gajiwala (Wife of Mr. Vikram Gajiwala). However, day
to day operations of the firm is managed by Mr. Vikram Gajiwala
(Partner) and Mr. Mukul Shah (Friend of Mr. Vikram Gajiwala).
For 2012-13 (refers to financial year, April 1 to March 31), GS
reported a book profit of INR2 million on net sales of INR239
million, as against a book profit of INR2.4 million on net sales
of INR183.0 million for 2011-12. The firm is expected to report
net sales of around INR900 million for 2013-14.
GAMMON INDIA: CARE Lowers Rating on INR1,273.05cr Loan to 'C'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities and
instruments of Gammon India Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 949.05 CARE C Revised from
CARE B
Long/Short-term Bank 10,355.00 CARE C/CARE A4
Facilities Revised from
CARE B/CARE A4
Non-convertible Debentures 324.00 CARE C Revised from
CARE B
Rating Rationale
The revision in ratings of Gammon India Ltd. (GIL) takes into
account poor financial performance coupled with heavy losses
incurred during FY13 (refers to the period April 1 to March 31)
and 9MFY14 leading to weak liquidity position.
The ratings continue to derive strength from GIL's long-track
record in the construction sector and efficient project execution
capabilities demonstrated in the past along with deferment in debt
repayment obligations to a considerable extent owing to company's
decision to restructure its debt under the corporate debt
restructuring (CDR) mechanism.
The ability of GIL to improve its profitability margins as well as
its working-capital cycle, realize dues, disputed or otherwise
from various projects within a reasonable time period, monetize
assets as envisaged under the CDR package and take timely measures
to improve its capital structure are the key rating sensitivities.
GIL is a century old, leading construction engineering company in
the country, with experience spanning across the spectrum in the
construction industry. GIL undertakes construction of roads,
bridges, flyovers, power plants, chimneys and cooling towers,
cross-country pipelines, structures for hydro-electric power
projects, buildings and factories.
Key developments
On March 13, 2013, GIL decided to approach its bankers for
realigning its debt through the Corporate Debt Restructuring (CDR)
process and subsequently the CDR package of GIL was approved by
the CDR empowered group and finally the Letter of Approval (LOA)
dated June 29, 2013 was issued to the company.
During FY13, the company on a standalone basis registered net loss
of INR446 crore on total operating income of INR5335 crore vis-…-
vis profit of INR87 crore on operating income of INR5707
crore in FY12. The operating income of the company declined in
FY13 on account of the general slowdown in the economy whereas the
company posted a net loss due to rise in input costs along with
surge in interest costs during the same period. Furthermore, the
company recently changed its financial year ending to December 31,
and for the nine months period ending December 31, 2013, GIL's net
loss widened to INR766 crore on an income of INR3364 crore against
a net loss of INR321 crore and income of INR3669 crore during
9MFY13.
On a consolidated basis, the company in FY13 registered a net loss
of INR849 crore (previous year net loss of INR121 crore) on
operating income of INR7586 crore (previous year INR8201 crore).
KINGFISHER AIRLINES: SBI Only Recovered Up to INR400 crore
----------------------------------------------------------
The Times of India reports that State Bank of India (SBI) has only
recovered around INR350 to INR400 crore of its overall INR1,500
crore lending to the grounded Kingfisher Airlines, said the bank's
chairperson.
Arundhati Bhattacharya, CMD of SBI, who was in Bangalore on
April 26, said that recovering the full loan given to Vijay
Mallya's airline business would take more time, the report
relates. "We have taken necessary steps for recovery, but that
will take time because there is the legal system to negotiate,"
the report quotes Ms. Bhattacharya as saying.
A 17-bank consortium, led by SBI, has been selling pledged shares
in Mallya's UB Group of companies in the open market and has been
trying to also sell other mortgaged assets of KFA and the UB
group, the report relays.
However, Mr. Mallya has been stalling these attempts of sale by
taking legal action, TOI notes.
Headquartered in Mumbai, India, Kingfisher Airlines --
http://www.flykingfisher.com/-- formerly known as Deccan
Aviation Ltd., served about 35 domestic destinations with a fleet
of more than 40 aircraft, including Airbus jets and ATR 72
turboprops.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 15, 2014, Bloomberg News said Kingfisher has grounded planes
since October 2012. The airline lost its operating license in
January last year after failing to convince authorities it
has enough funds to restart flights.
The airline defaulted on payments to lessors, creditors and
airports as losses widened amid rising fuel costs and competition.
Bloomberg said Mr. Mirpuri said in an e-mail on January 13 the
airline continues its efforts to recapitalize and restart
services.
As reported in the TCR-AP on Jan. 27, 2014, CRISIL's ratings on
bank loan facilities of Kingfisher Airlines Ltd continue to
reflect delays by KFAL in servicing its debt; the delays have been
caused by the company's weak liquidity and continued losses at the
operating level. Losses in the past six years have resulted in a
complete erosion of KFAL's net worth, leading to its weak
financial risk profile.
For 2012-13 (refers to financial year, April 1 to March 31),
KFAL reported a net loss of INR83.5 billion (INR23.3 billion for
2011-12) on net sales of INR5 billion (INR54.85 billion). For the
six months ended September 30, 2013, it reported a net loss of
INR18.72 billion (INR14.04 billion for the corresponding period
of 2012-13) on net revenues of INR0.0 (INR5.01 billion).
KODARMA CHEMICAL: CRISIL Assigns 'B' Rating to INR125.5MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Kodarma Chemical Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 80 CRISIL B/Stable
Term Loan 45.5 CRISIL B/Stable
The rating reflects KCPL's modest scale of operations and
profitability in the highly fragmented and competitive industrial
chemicals industry, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.
Outlook: Stable
CRISIL believes that KCPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company improves its
financial risk profile, most likely due to higher-than-expected
revenue and profitability and significant improvement in its
working capital cycle. Conversely, the outlook may be revised to
'Negative' if KCPL is adversely impacted by any regulatory
changes, or its profitability declines, or its financial risk
profile deteriorates, most likely because of substantial debt-
funded capital expenditure or working capital requirements.
KCPL was incorporated in June 2008. The company manufactures
industrial chemicals and solvents (coal tar, fuel oil, and various
laboratory chemicals).
NV RESORTS: CARE Reaffirms 'C' Rating on INR21.12cr Bank Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
NV Resorts Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 21.12 CARE C Reaffirmed
Short term Bank Facilities 1.50 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to bank facilities of NV Resorts Private
Limited continue to remain constrained by weak financial risk
profile marked by continuing losses, high overall gearing and
weak debt coverage indicators along with its small scale of
operations and competition from other hotels.
The ratings however continue to draw comfort from experienced and
resourceful promoters, strategic location of the hotel property,
moderate average room revenue (ARR) and occupancy levels.
Going forward, the ability of the company to achieve increase its
revenue by achieving higher occupancy levels and high ARR amidst
increasing competition and continued support from the promoters
would be the key rating sensitivities.
NV Resorts Private Limited was promoted by Mr.Ashok Jain,
Mr.Sameer Goyal and Mrs.Vanita Jain in 2005. NVRPL is operating a
three star 55 room budget hotel (under Park Inn brand name) in
Gurgaon (Haryana) since November 2009. The promoters have rich
experience in alcoholic beverage industry through group companies
of NVRPL. Other group companies include NV Distilleries &
Breweries Private Limited (rated CARE BB-/CARE A4; March 2014),
Gemini Distilleries (Goa) Private Limited, NV Distilleries &
Breweries (North East) Private Limited (CARE BB-/CARE A4; March
2014), NV International Private Limited (rated CARE BB-;
November 2013) and NV Distilleries Limited (rated CARE BB-;
February 2014).
In FY13 (refers to the period April 01 to March 31), NVRPL
reported net loss of INR3.36 crore on total operating of INR7.76
crore.
ORCHID CHEMICALS: CARE Ups Rating on INR2,395.30cr Loans to 'C'
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Orchid
Chemicals and Pharmaceuticals Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 1,035.43 CARE C Revised from
CARE D
Short-term Bank Facilities 1,359.87 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Orchid Chemicals and Pharmaceuticals Limited takes into account
the restructuring of outstanding debt under Corporate Debt
Restructuring process. The company is in the process of
implementing the terms of CDR package.
The ratings continue to factor in the weak financial risk profile
of Orchid characterised by poor performance in FY13 (refers to the
period April 1 to September 30) and Q1FY14 (refers to the period
October 1 to December 31), strained liquidity position and highly
leveraged capital structure.
Established in 1992, Orchid is an integrated pharmaceutical
company with presence in bulk drug manufacturing, formulations and
drug discovery. Orchid started its operations as a cephalosporin
Active Pharmaceutical Ingredient (API) manufacturer with a focus
on less-regulated markets and largely remained so till 2004 before
moving to formulations. During FY10, Orchid sold its sterile
injectable formulations business to Hospira Inc. The business
transfer was completed in March 2010 and Orchid presently operates
in the API business (of antibiotics namely cephalosporin,
penicillin, carbapenem and non-antibiotics) and oral formulation
businesses of cephalosporin and nonantibiotics.
Orchid has entered into a Business Transfer Agreement with Hospira
Inc., during FY13 for the sale and transfer of Orchid's API
business of penicillin and penem, the API facility located in
Aurangabad (Maharashtra) together with an associated R&D
Infrastructure located in Chennai.
For the year ended September 2013, Orchid has registered an after
tax loss of INR530 crore on a total income of INR1,946 crore. For
the three months ended December 2013, Orchid has registered an
after tax loss of INR54 crore on a total income of INR372 crore.
RAJENDRA INDUSTRIES: ICRA Suspends 'B' Rating on INR6cr Loan
------------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR6.00
crore long term fund based facilities of Rajendra Industries. The
suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.
Rajendra Industries was incorporated in the year 2008 by the
Depani family as a partnership firm and is primarily engaged in
the manufacturing of polypropylene (PP) straps of 6mm, 8mm, 9mm,
11mm, 12mm, 15mm and 18mm width. It also undertakes job work for
sorting of rice, beans, pulses, wheat, dehydrated onion, garlic,
spices, nuts as well as non-food commodities such as plastics. It
operates from its production unit located at GIDC, Rajkot
(Gujarat), with an installed capacity of 15000 MTPA for its Sortex
Division and 1600 MTPA for its Polymer Division.
ROBO EQUIPMENTS: ICRA Assigns 'B' Rating to INR12.98cr Loans
------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to INR11.98
crore fund based limits and INR1.00 crore non-fund based limits of
Robo Equipments and Forgings Private Limited. ICRA has also
assigned ratings of '[ICRA]B/[ICRA]A4' to INR7.02 crore
unallocated limits of REFPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 11.98 [ICRA]B assigned
Non fund based
limits 1.00 [ICRA]B assigned
Unallocated limits 7.02 [ICRA]B/[ICRA]A4 assigned
The assigned ratings are constrained by the company's small scale
of operations in the steel fabrication industry; high customer
concentration with a single customer accounting for 95% of revenue
in FY2013 and working capital intensive nature of business as
reflected by high cash credit utilization owing to high debtor
days. The ratings are further constrained by the highly
competitive nature of the steel fabrication industry which can
impact the thin operating margins. The ratings however favorably
factors in the long standing experience of the promoter in the
steel fabrication industry; comfortable order book position of
INR16.78 crore as on February, 2014 providing revenue visibility
in the near term and reputed client base including Simplex
Infrastructures Ltd, Bharat Heavy Electricals Limited, Larsen &
Toubro Limited etc.
Going forward, the company's ability to increase its operating
revenue by executing new orders in a timely manner while managing
its working capital requirements is the key rating sensitivity
from credit perspective.
Incorporated in 2010, Robo Equipments and Forging Private Limited
is engaged in fabrication of heavy steel structures specifically
used in power projects and conveyor belts. The company is promoted
by Mr. Shiva Rama Raju and the operations commenced in June, 2012.
The unit is located in Guntur district of Andhra Pradesh.
Recent Results
The company reported profit after tax of INR0.05 crore on an
operating income of INR10.03 crore during FY2013.
RP MULTIMETALS: ICRA Revises Rating on INR25cr Loan to 'B'
----------------------------------------------------------
ICRA has revised the rating assigned to INR25.00 crore (Enhanced
from INR20.00 crore) Fund based limits of RP Multimetals Private
Limited to '[ICRA]B' from '[ICRA]B+' on the long terms scale.
Also, ICRA has reaffirmed the rating assigned to INR30.00 crore
Non Fund Based Limits at '[ICRA]A4' on the short term scale.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 25.00 [ICRA]B; revised from
[ICRA]B+
Non Fund Based
Limits 30.00 [ICRA]A4; reaffirmed
The rating revision takes into account deterioration of debt
protection metrics in FY 2012-13 on account of decline in
profitability coupled with increase in interest costs. Further,
debt levels remained high with gearing of 3.64 times as on
March 31, 2013.
The assigned ratings continue to factor in RPMPL's stretched
liquidity profile (owing to working capital intensive operations)
and relatively low value additive nature of business which has
resulted in low operating margins and modest debt coverage
indicators. The ratings also take into consideration the company's
susceptibility to adverse movements in foreign exchange rates due
to the large share of imports in raw material procurement.
However, the ratings draw comfort from the long experience of
promoters and strong relationship with its client base. The
assigned ratings also positively factor in the favorable location
of RPMPL's manufacturing unit which is in proximity to several
rolling mills (key consumer of RPMPL's products).
RPMPL was established in the year 1999 and is engaged in the
manufacturing of steel billets & blooms and steel coils/flats at
its manufacturing facility situated in Gobindhgarh, Punjab
(installed capacity of 66,600 MT per annum). The major raw
materials used by the company are ferro alloys and scrap metal
which are procured chiefly via imports. The steel products
manufactured by the company are primarily supplied to steel
rolling mills present in Mandi Gobindgarh. During FY 2014, the
company set up a facility for manufacturing of flats/coils from
the billets manufactured in the company's plant. The facility
includes 3 concasts (continuous casting systems) that convert
billets into hot charge which is then rolled into coils/flats.
In FY 2013, the company reported an operating income of INR220.77
crore and a profit after tax of INR0.39 crore.
SHABINA FOODS: CRISIL Cuts Rating on INR225.6MM Loans to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shabina Foods to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Foreign Bill Purchase 30 CRISIL D (Downgraded from
'CRISIL A4')
Inland Guarantees 10.6 CRISIL D (Downgraded from
'CRISIL A4')
Packing Credit 75 CRISIL D (Downgraded from
'CRISIL A4')
Term Loan 110 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating downgrade reflects the delays by SF in payment of
interest on its bank facilities by over two months; the delays
were caused by the firm's weak liquidity.
SF also has working-capital-intensive operations and is exposed to
intense industry competition. However, the firm benefits from the
extensive experience of its partners in the seafood processing
industry.
SF was established as a partnership firm in 2011 by the Veraval
(Gujarat)-based Safi family. The firm is engaged in export of
processed seafood.
SF reported a profit after tax (PAT) of INR0.62 million on net
sales of INR45 million for 2011-12 (refers to financial year,
April 1 to March 31).
SRI VENKATESWARA: ICRA Assigns 'B' Rating to INR10.16cr Loans
-------------------------------------------------------------
ICRA has assigned a long-term rating of '[ICRA]B' to the INR10.16
crore fund based and non-fund based facilities of Sri Venkateswara
Constructions Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based-Cash
Credit 8.00 [ICRA]B Assigned
Non-fund based-
Bank Guarantee 2.16 [ICRA]B Assigned
The assigned ratings are constrained by the low scale of
operations within the civil contracts segment and the relatively
low value additive nature of contracts undertaken leading to
significant competition and consequent pressure on margins. The
company is also exposed to high geographic concentration risk with
orders concentrated only in Andhra Pradesh.
The ratings also factor in the highly leveraged capital structure
with a gearing of 4.61 times as on 31st December 2013 due to the
high working capital borrowings and interest-free unsecured loans
taken to support the working capital requirement arising out of
the stretched receivables position. However the assigned ratings
take comfort from the 10-year long experience of the promoters in
the civil contracts business and the healthy growth in the
operating income over the last four years, albeit over a small
base. The ratings also factor in the comfortable order book size
of INR81 Crore as on 31st January 2014 (5.28 times of operating
income of FY13) that provides revenue visibility for the next 2
years.
M/s Sri Venkateswara Constructions, a partnership firm set up in
2006 and promoted by Mr. S. Srinivasa Reddy and Mr. Ramakrishna
Reddy was converted into a private limited company, Sri
Venkateswara Constructions Private Limited (SVCPL) in January
2012. SVCPL undertakes civil contracts involving building,
earthworks, irrigation, water supply and road works for
Transmission Corporation of Andhra Pradesh Limited, Andhra Pradesh
Irrigation and Command Area Development Department, Andhra Pradesh
Education Welfare & Infrastructure Development Corporation, Andhra
Pradesh State housing Corporation Limited, Andhra Pradesh Medical
Services & Infrastructure Development Corporation, Bharat Dynamics
Limited and Andhra Pradesh Rural Water Supply & Sanitation
engineering department.
SUPER HOBS: ICRA Assigns 'B' Rating to INR7.15cr Loans
------------------------------------------------------
ICRA has assigned an '[ICRA]B' rating to the INR7.15 crore fund
based bank facilities of Super Hobs & Broaches Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit-
Cash Credit 1.20 [ICRA]B assigned
Fund Based Limit-
Term Loan 5.95 [ICRA]B assigned
The rating action takes into account SHBPL's small scale of
current operation and its weak financial profile marked by a
levered capital structure and also inadequate coverage indicators.
ICRA notes that the debt levels have increased consistently to
fund the working capital requirements of a growing scale of
operations. Further, debt funded capital expenditure programme
which the company is expected to undertake, is likely to adversely
impact the capital structure going forward. In addition, rating
concerns emanate from the high competitive intensity in the
business of manufacturing of cutting tools and broaches and high
working capital intensity of SHBPL's business on account of high
credit period extended to customers. The rating, however, takes
into consideration the long experience of the promoters in this
business, SHBPL's established relationship with customers which
ensures receipt of orders and its ability to command premium price
for its products as it is able to customize tools as per
customer's requirement. Going forward, SHBPL's ability to increase
its scale of operations while managing its working capital
requirement would remain key rating drivers for the company.
Incorporated in 2004, SHBPL is involved in manufacturing of
cutting tools and broaches. The manufacturing facility is located
at Patiala, Punjab. The company sells its products mostly to
vendors of OEMs.
Recent Results
The company has reported a net profit of INR0.14 crore on an
operating income of INR3.57 crore during 2012-13; as compared to a
net profit of INR0.22 crore on an operating income of INR2.81
crore during 2011-12.
SWASTIK LUMBERS: CARE Assigns 'B+' Rating to INR3.25cr Bank Loan
----------------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of
Swastik Lumbers Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 3.25 CARE B+ Assigned
Short-term Bank Facilities 14.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Swastik Lumbers Pvt
Ltd are primarily constrained by the small scale of operations
coupled with low profitability margins, leveraged capital
structure and weak debt protection metrics. The ratings are
further constrained by vulnerability of profitability margins to
fluctuation in timber prices & currency rates, highly fragmented
nature of the industry resulting in intense competition and
dependence on the real estate sector.
The ratings, however, derive strength from the experienced
promoters and growing scale of operations.
Going forward, the ability of SLPL to increase its scale of
operations along with improvement in its profitability margins and
capital structure shall be the key rating sensitivities. Effective
management of foreign exchange fluctuation risk shall also be a
key rating sensitivity.
Karnal, Haryana-based Swastik Lumbers Pvt Ltd was incorporated in
2007 by MrSuresh Kumar Jindal and Mr Ravinder Kumar Jain. SLPL
imports logs from Malaysia, New Zealand, Nigeria and some African
countries and supplies processed timber to wholesalers in the
states of Maharashtra, Haryana, Uttar Pradesh, Punjab and
Karnataka. The company has a saw mill in Gandhidham, Gujarat, for
processing of the imported logs. Main varieties of wood imported
include Malaysian Saal, Ivory Coast Teak Wood, Nigerian Wood and
New Zealand wood. Termed as commercial wood, these varieties of
wood find application in making doors, windows, furniture and
other wooden items.
The company reported a total operating income of INR47.57 crore
with a PAT of INR0.16 crore for FY13 (refers to the period
April 1 to March 31). During 10MFY14 (refers to the period
April 1 to January 31), the company has achieved TOI of
approximately INR30 crore.
TASA FOODS: ICRA Assigns 'B' Rating to INR9.48cr Loans
------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR5.40 Crore
term loan and INR1.00 Crore non fund based limits of Tasa Foods
Private Limited at '[ICRA]B'. The short term rating assigned to
INR14.30 Crore fund based limit (enhanced from INR10.25 Crore) has
been reaffirmed at [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 8.48 [ICRA]B
Non Fund based
limits 1.00 [ICRA]B
Fund Based Limits 14.30 [ICRA]A4
The rating takes into account the continued stretched financial
profile of TFPL as reflected by and high gearing (4.95 times net-
worth as on March 31, 2013) and weak debt servicing indicators
(OPBDITA / Interest and Finance Charges at 1.62 as on March 21,
2013). Initial debt funded capacity expansion and subsequent low
accrual to reserves on account of low net margin coupled with high
working capital requirement has kept gearing at high level. The
ratings are constrained by seasonal nature of the company's
operations on account of raw material availability which leads to
low capacity utilization for most part of the year and
susceptibility of its margins to agro climatic conditions which
impact raw material availability and prices. The ratings also take
into account susceptibility of TFPL's earnings to exchange rate
fluctuations on account significant contribution from export sales
and the high competitive intensity of the industry due to
fragmented nature of the fruits and vegetables processing
industry.
The ratings positively factor in TFPL's experienced management,
the Group's efficient procurement and distribution network,
increasing demand for mango pulp and other processed fruits and
vegetables in the domestic as well as export markets and
successful implementation of capacity expansion which is aiding
the steady increase in company's revenues. Going forward, the
ability of the company to increase sales and accruals through
optimum utilisation of its increased capacity and timely servicing
of debt obligations will remain key rating sensitivity factors.
Tasa Foods Private Limited was incorporated in 1999 as a Merchant
Exporting Company for the export of mango pulp. Initially, the
company was primarily engaged in procurement of mangoes, while
pulping work was outsourced to other units on job work basis. In
the year 2007-08, TFPL set up a Mango Pulp Canning unit at
Chitoor, Andhra Prdeash. Subsequently, in 2009, TFPL established
aseptic packaging unit for pulps and concentrate manufacturing
unit at the same location. TFPL primarily exports its products to
countries in Europe and Middle East, however, recently the company
has also started exporting to countries like Egypt and Libya.
TFPL's group company RMM Foods, is also engaged in the same line
of business and has a mango pulp canning, aseptic packaging and
packaging unit at Chitoor.
In FY2013, TFPL reported profit after tax (PAT) of INR0.83 crore
on net sales of INR40.06 crore, as against PAT of INR0.53 crore on
net sales of INR40.10 crore in FY 2012.
VAISHNAVI RICE: ICRA Reaffirms 'B' Rating to INR10.98cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of '[ICRA]B' assigned to
INR10.93 crore (revised from INR11.43 crore) fund based limits and
INR0.05 crore non-fund based limits of Vaishnavi Rice Industries.
ICRA has also reaffirmed the short-term rating of '[ICRA]A4'
assigned to INR0.02 crore of non-fund based limits and reaffirmed
ratings of [ICRA]B/[ICRA]A4 to INR14.00 crore (enhanced from
INR3.50 crore) unallocated limits of VRI.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 10.93 [ICRA]B reaffirmed
Non-fund based limits 0.05 [ICRA]B reaffirmed
Non-fund based limits 0.02 [ICRA]A4 reaffirmed
Unallocated limits 14.00 [ICRA]B/[ICRA]A4 reaffirmed
The reaffirmation of ratings continues to be constrained by
relatively nascent stage of operations of VRI with commercial
operations starting from November, 2013. Moreover, the debt funded
nature of the project is likely to put pressure on the timely
servicing of the term loan and on the capitalization and coverage
indicators of the firm in the initial period.
The ratings are further constrained by intensely competitive
nature of the rice industry with presence of several small-scale
players which further increases the pressure on the operating
margins; susceptibility to agro-climatic risks which impact the
availability of the paddy in adverse weather condition and the
government policy restrictions on the quantity of rice which can
be sold in the open market limit the flexibility and realizations
for the firm.
The ratings however take comfort from more than 20 years of
experience of promoters in the rice milling and trading business;
easy availability of paddy from proximity of plant in major paddy
cultivating region of the country and favourable demand prospects
for rice with India being the second largest producer and consumer
of rice internationally.
Going forward, the firm's ability to increase its operating
revenue and effective management of working capital requirements
are key rating sensitivities from credit perspective.
Founded in 2012 as a partnership firm by Mr. Mallidi Venkata
Krishna Reddy and other family members, Vaishnavi Rice Industries
is engaged in the milling of paddy to produce raw and boiled rice.
The firm is located in the East Godavari District of Andhra
Pradesh with an installed capacity is 10 tonnes per hour. The firm
commenced its operations in the month of November, 2013.
VAL NIRMAN: CRISIL Assigns 'B' Rating to INR100M Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facilities of VAL Nirman Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Proposed Long Term
Bank Loan Facility 38.5 CRISIL B/Stable
Proposed Term Loan 61.5 CRISIL B/Stable
The rating reflects VNPL's exposure to risks related to project
implementation, which is currently in the nascent stage, and
exposure to risk on account of geographic concentration in its
expected revenue profile. These rating weaknesses are partially
offset by benefits derived from the extensive industry experience
of its promoters.
Outlook: Stable
CRISIL believes that VNPL will continue to benefit from the
promoter's extensive industry experience of its promoters and the
strategic location of its proposed project. The outlook may be
revised to 'Positive' if the company achieves earlier than
expected completion and stabilization of project, leading to an
improved cash accruals and financial risk profile thereof.
Conversely, the outlook may be revised to 'Negative' in case of
any larger than expected delay in project implementation or in
case of cost overruns, leading to deterioration in its financial
risk profile.
VNPL, incorporated as private limited company in 2012, is promoted
by Mr. Ashok Valluru and Mr. N.Laxman Rao. It is currently setting
up a convention hall in Vijayawada (Andhra Pradesh).
=========
J A P A N
=========
JLOC XXX: S&P Lowers Rating on Class C Trust Certificates to D
--------------------------------------------------------------
Standard & Poor's Ratings Services lowered to 'D (sf)' from 'CCC-
(sf)' its rating on the class C trust certificates issued in May
2006 under the JLOC XXX Trust Certificates transaction.
Collections from the remaining specified bond backing the
transaction have been completed. However, the outstanding balance
of the specified bond exceeded the amount of proceeds collected
through the sales of the underlying collateral properties, and the
principal on the specified bond was impaired. The outstanding
balance of the class C trust certificates, in turn, exceeded the
total amount of proceeds collected from the specified bond that
were payable to the class C trust certificates. S&P lowered to 'D
(sf)' its rating on class C because this class incurred a loss on
the transaction's final maturity date.
S&P intends to maintain its 'D (sf)' rating on the class C trust
certificates for at least 30 days, and then withdraw its rating on
this class.
A total of six specified bonds initially secured the JLOC XXX
Trust Certificates commercial mortgage-backed securities (CMBS)
transaction. Morgan Stanley Japan Securities Co. Ltd. (currently,
Morgan Stanley MUFG Securities Co. Ltd.) arranged the transaction,
and ORIX Asset Management & Loan Services Corp. acted as the
servicer.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities. The Rule applies to in-scope securities initially
rated (including preliminary ratings) on or after Sept. 26, 2011.
If applicable, the Standard & Poor's 17g-7 Disclosure Report
included in this credit rating report is available at:
http://standardandpoorsdisclosure-17g7.com
RATING LOWERED
JLOC XXX Trust Certificates
JPY333.8 billion floating-rate trust certificates due April 2014
Class To From Initial issue amount
C D (sf) CCC- (sf) JPY37.3 bil.
MT. GOX: Bankruptcy Judge Orders CEO to US For Deposition
---------------------------------------------------------
Law360 reported that a Texas bankruptcy judge ordered the CEO of
troubled Japanese Bitcoin exchange Mt. Gox to show up in Dallas
for a deposition later this month as the company seeks a stay of
U.S. litigation related to the exchange's alleged loss of 750,000
of its customers' Bitcoins.
According to the report, U.S. Bankruptcy Judge Stacey Jernigan
said although Mt. Gox CEO Mark Karpeles is a French citizen living
in Japan, because he's the majority owner of the company and
sought bankruptcy relief in the Northern District of Texas, he is
required to present himself for deposition.
About Mt. Gox
Bitcoin exchange MtGox Co., Ltd., filed a petition under Chapter
15 of the U.S. Bankruptcy Code on March 9, 2014, days after the
company sought bankruptcy protection in Japan. The bankruptcy in
Japan came after the bitcoin exchange lost 850,000 bitcoins valued
at about $475 million "disappeared."
The Japanese bitcoin exchange that halted trading in February
2014. It filed for bankruptcy protection in the U.S. to prevent
customers from targeting the cash it holds in U.S. bank accounts.
The Chapter 15 case is In re MtGox Co., Ltd., Case No. 14-31229
(Bankr. N.D. Tex.). The Chapter 15 Petitioner is Robert Marie
Mark Karpeles, the company's chief executive officer. Mr.
Karpeles is represented by John E. Mitchell, Esq., and David
William Parham, Esq., at BAKER & MCCKENZIE LLP, in Dallas, Texas.
The company said it has estimated assets of $10 million to $50
million and debts of $50 million to $100 million.
====================
N E W Z E A L A N D
====================
AVIATION PAINTING: To Close Doors This Week
-------------------------------------------
Narelle Henson at Fairfax NZ News reports that Aviation Painting
Services will be closing its doors on April 30.
Fairfax NZ recalls that the company was hailed as a great success
when it opened its NZ$3 million facility at Hamilton Airport's
Ingram Rd in December 2011.
As the only certified and purpose-built aircraft painting
operation in New Zealand initial demand for its services was huge,
the report says.
Fairfax NZ relates that four months into operation it had painted
15 turbo-prop passenger and commercial aircraft, light planes and
helicopters. It had also painted two Air New Zealand Eagle Air
B1900s, and had another in the pipelines. It had work booked in
until the end of 2013, and twenty staff were employed in the
building, with 15 contractors on call. APS had to turn away work
on larger aircraft because its 32m by 32m painting booth was not
big enough.
At the time director Phil Hanrahan said the company had earmarked
land for a NZ$10 million expansion in 2014 so it could work on
bigger aircraft. The goal for expansion was to attract work from
around the Pacific. New Zealand Trade and Enterprise had part
funded the venture through funding given to the Waikato Aviation
Cluster.
However, Mr. Hanrahan confirmed the company would close up this
week, the report notes.
"Initially there was a fair bit of work. But in the last two years
there has been less and less . . . there were a couple of other
factors," the report quotes Mr. Hanrahan as saying. "We were
disappointed over the lack of support from the CAA [Civil Aviation
Authority]."
He said the other factor was aircraft were being painted in non-
certified facilities which were "much cheaper and we can't
compete," Fairfax NZ relays.
According to the report, the company had been running at a loss
since it opened, and Mr. Hanrahan said despite three restructures
"it comes to a point where you have to be realistic."
That point was reached in the middle of last year, and the two
permanent and three casual staff were told about the closure last
week.
Mr. Hanrahan said the facility would go up for sale, the report
adds.
===============
P A K I S T A N
===============
PAKISTAN MOBILE: Auction Credit Positive for B2 Rated Company
-------------------------------------------------------------
Moody's Investors Service says that the outcome of the 3G and 4G
spectrum auctions held on April 23 in Pakistan are credit positive
for Pakistan Mobile Communications Limited (Mobilink, B2
negative).
"Mobilink was able to secure 10MHz of 3G spectrum in the 2100MHz
frequency for $300.9 million, which is well below Moody's earlier
expectation of at least $400 million. In addition, it was only 2%
above the base price set by the regulator -- the Pakistan
Telecommunication Authority (PTA)," says Yoshio Takahashi, a
Moody's Assistant Vice President and Analyst.
Due to the expected increase in debt to finance the spectrum
license, Moody's had previously forecast that Mobilink's leverage
-- as measured by adjusted debt/EBITDA -- would increase to 2.0x-
2.2x, from about 1.0x in 2013.
Following the auction, Moody's now estimates that its leverage
will only increase to 1.8x-2.0x in 2014. It also expects
Mobilink's leverage will decline to the 1.5x-1.7x range in 2015,
given its solid cash flow generation. These ratios are very strong
for its rating.
The size of the spectrum license is also sufficient for the
company to defend its existing leading market position in terms of
number of subscribers.
As of January 2014, Mobilink had 37.7 million customers, or a
market share of 29%, according to PTA. Telenor Pakistan (unrated),
Pakistan Telecom Mobile Limited (Ufone, unrated), and CMPak
Limited (Zong, unrated) had market shares of 26%, 19% and 18%,
respectively.
Moody's notes that the company's management estimates that its
active subscribers accounted for about 37% of all active mobile
users in the country as of January 2014.
Telenor and Ufone each obtained 5MHz of 3G spectrum ($147.5
million) at the spectrum auction, while Zong obtained 10MHz of 3G
spectrum ($306.9 million) and 10MHz of 4G spectrum ($210 million).
While Mobilink's spectrum holding will therefore help it to
maintain better network quality when compared to Telenor and
Ufone, Zong's large spectrum holding, including 4G, could be a
potential threat.
Zong is a subsidiary of China Mobile Communications Corporation
(unrated), the parent of China Mobile Limited (Aa3 stable). China
Mobile is the largest mobile operator in China by number of
subscribers and has already launched 4G services in China.
Nevertheless, Moody's expects that the proportion of 4G
subscribers in the total market will be below 3% in the coming two
to three years, compared with 10-15% for 3G services, given the
expected higher tariffs for 4G services. As such, Zong is less
likely to significantly affect Mobilink's market position.
Moody's also considers that Mobilink's stronger brand and overall
network coverage will help it retain its customers.
The launch of 3G services will allow Mobilink to sustain revenue
and earnings growth as the increased data revenue will drive up
the average revenue per user (ARPU). According to PTA, ARPU in
Pakistan is $2.14 per month -- currently lower than neighboring
India ($2.56 per month) and Sri Lanka ($2.35 per month).
"We expect Mobilink to benefit from the increased data revenues as
subscribers shift to 3G services. The ongoing migration to 3G
services will also be fuelled by the proliferation of more
affordable smartphones," adds Takahashi.
However, as the proportion of data revenue with lower margins will
increase, Moody's expects its adjusted EBITDA margins to
moderately decline to 38%-39% in the coming two to three years,
from approximately 40% in 2013. Nevertheless, its adjusted EBITDA
margin of over 35% is still strong for its rating level.
Moody's notes that Mobilink's B2 corporate family rating is
constrained by a two-notch differential with Pakistan's Caa1
sovereign rating to reflect the macro-economic and financial
market risk that the company shares with the sovereign, despite
the company's stronger fundamental credit strength (see Credit
Policy paper entitled "How Sovereign Credit Quality May Affect
Other Ratings" and published on 13 February 2012).
The principal methodology used in this rating was the Global
Telecommunications Industry published in December 2010.
Mobilink is the largest mobile operator in Pakistan by number of
subscribers.
====================
S O U T H K O R E A
====================
DOOSAN INFRACORE: Moody's Assigns (P)B1 Corporate Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a provisional (P)B1
corporate family rating (CFR) to Doosan Infracore International
Inc (DII).
At the same time, Moody's has assigned a provisional (P)Ba3 rating
to the proposed $1.3 billion senior secured term loan co-borrowed
by DII and Doosan Holdings Europe Limited (DHEL, unrated).
The outlook on all the ratings is stable.
The provisional status of the ratings will be removed upon
completion of the loan transactions in satisfactory terms. The
ratings would come under pressure if the term loan facility is not
completed or if the terms and conditions differ materially from
Moody's expectations.
Ratings Rationale
DII and DHEL are co-borrowers on a joint and several basis for the
proposed term loan. Accordingly, the ratings are essentially based
on the combined business and financial profiles of the two co-
borrowers.
"The (P)B1 CFR primarily reflects DII's dominant position in the
compact farm and construction equipment market in North America,
as underpinned by its strong brand equity and extensive dealer
networks. The rating also reflects DII and DHEL's ability to
generate positive free cash flow in the next 2-3 years," says
Chris Park, a Moody's Vice President and Senior Credit Officer.
"However, the CFR is constrained by the highly cyclical nature of
the industry, the two companies' moderate scale, a high level of
product concentration, and the challenging operating environment
facing DHEL in EMEA," adds Park.
DII's and DHEL's combined adjusted debt/EBITDA is expected to
improve to about 5x over the next 12-18 months from 5.7x in 2013.
Similarly, their combined retained cash flow (RCF)/net debt should
grow to 16%-18% from 14%. Such a financial profile is consistent
with the B1 CFR.
Although the overall credit profile of their parent -- Doosan
Infracore Co Ltd (DI) -- is not as strong as DII's and DHEL's
combined credit profile, Moody's considers the parent's impact on
the ratings as neutral.
This view is predicated on the presence of reasonably effective
covenants in the proposed term loan facilities, which largely
mitigate concerns on potential cash leakage to the parent. In
addition, Moody's is of the opinion that DI has a strong
commitment to maintain viable standalone credit profiles for DII
and DHEL.
The proceeds from the proposed term loan will primarily be applied
to refinance the existing syndicated credit facilities of $1.72
billion, which are guaranteed by DI. In addition to the proposed
term loan, there will be a $400 million unsecured term loan due
2022 (unrated) and senior secured revolving facility of $100
million (unrated) with a maturity of five years to provide back-up
liquidity.
The (P)Ba3 rating on the $1.3 billion term loan mainly reflects
the first lien -- except for those assets secured by the first
lien for the revolver -- on substantially all of the assets and
capital stock of the co-borrowers, their immediate holding
company, and subsidiaries. This structure means that the facility
ranks ahead of most other debt and liabilities.
The stable ratings outlook reflects Moody's expectation that DII
and DHEL will gradually improve their financial profiles and
maintain robust market positions in their core businesses over the
next 12-18 months.
Upward pressure on the ratings could arise over time if: (1) DII
and DHEL's financial profiles improve, through enhanced earnings
and prudent management of their investments, such that adjusted
debt/EBITDA stays below 3.5x and RCF/net debt exceeds 20%-22%; and
(2) at the same time, there is a considerable improvement in their
parent's overall credit quality.
On the other hand, the ratings could be downgraded if DII and
DHEL's profitability and cash flows remain weak, such that
adjusted debt/EBITDA fails to trend down to 5.0x and its RCF/net
debt stays below 12%-13%. The ratings could also be pressured if
DI extracts cash from DII and DHEL on a large scale.
The principal methodology used in this rating was the Global Heavy
Manufacturing Rating Methodology published in November 2009. Other
methodologies used include Loss Given Default for Speculative-
Grade Non-Financial Companies in the US, Canada and EMEA published
in June 2009.
Doosan Infracore International, Inc, with its Bobcat brand, is the
leading manufacturer of compact construction equipment in the
North America. Its affiliate, Doosan Holdings Europe Limited,
operates the compact construction equipment business in the EMEA.
Both companies are collectively wholly owned by Doosan Infracore
Co Ltd and Doosan Engine Co Ltd.
DOOSAN INFRACORE: S&P Assigns 'B+' CCR & Rates $1.3BB Loan 'BB-'
----------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'B+'
long-term corporate credit rating to Korea-based Doosan Infracore
Bobcat Holdings Co. Ltd. (DIBH). The outlook is stable.
At the same time, S&P assigned its 'BB-' issue rating and '2'
recovery rating to a proposed $1.3 billion senior secured term
loan belonging to subsidiaries Doosan Infracore International Inc.
(DII) and Doosan Holdings Europe Limited (DHEL) that is due in
2021. DII and DHEL will be coborrowers of the term loan, and DIBH
will guarantee the loan. The '2' recovery rating indicates S&P's
expectation that lenders can make a substantial recovery (70%-90%)
in the event of a payment default. The company will use the
proceeds of this debt issuance to repay existing debt.
"The 'B+' corporate credit rating reflects the company's highly
leveraged financial metrics, its exposure to the cyclical
construction equipment industry, and the weak creditworthiness of
the parent Doosan Infracore Co. Ltd. (DI; not rated) group," said
Hong Kong-based credit analyst JunHong Park. "However, the
company's good market position in compact construction equipment
and gradually improving operating and financial performance temper
these weaknesses, in our view. We assess the company's business
and financial risk profiles as 'fair' and 'highly leveraged,'
respectively."
DIBH is a Korea-based holding company, which owns about 88% of
U.S.-based DII and about 78% of Europe-based DHEL. The company
primarily engages in compact and heavy construction equipment
businesses in the U.S. and Europe, and its compact equipment
business accounts for over 90% of its operating profits.
S&P's assessment of the company's business risk profile as "fair"
primarily reflects the company's good position in the compact
construction equipment market. The company maintains fairly good
competitiveness with its "Bobcat"-brand skid-steer loaders,
compact track loaders, and compact excavators. Although the
company incurred large losses in 2009, mainly due to the severe
downturn in the U.S. construction equipment industry, the
company's operating performance has gradually recovered since 2011
thanks to a modest recovery in demand. S&P expects DIBH to
maintain stable operating performance over the next one to two
years with EBITDA margins of around 10%-11%.
S&P assess DIBH's financial risk profile as "highly leveraged,"
reflecting high debt and a ratio of adjusted debt to EBITDA of
about 5.0x. S&P expects the company to modestly improve its
financial metrics, with debt to EBITDA of about 4.5x-5.0x over the
next two to three years, on the basis of positive free cash flows
with prudent investments policies. However, S&P also views
potential volatility in cash flows and credit measures as a result
of highly variable demand during industry downturns.
"We assess the parent DI's group credit profile (GCP) as 'b',
mainly reflecting financial measures that show very high leverage,
such as debt to EBITDA of about 10.0x. The rating on DIBH is
higher than the GCP because we believe DIBH is somewhat distanced
from its parent in financial terms. We view DIBH as severable
from the group and able to maintain its major operational
functions fairly independently from the group. Also, covenants in
DIBH's term loans should restrict somewhat the potential for the
parent to extract value, in our view," S&P noted.
The stable outlook on DIBH reflects S&P's expectation that the
company will maintain stable operating and financial performance
over the next one to two years on the basis of its well-
established market position and positive free operating cash flow.
S&P could lower the ratings if the company's profitability and
financial measures deteriorate, potentially due to a weakening
market position or a slower-than-expected recovery in the U.S. and
Europe, and, as a result, debt to EBITDA rises substantially above
5.0x for a prolonged period. The ratings could also come under
pressure if S&P lowers the parent group's GCP, potentially due to
deteriorating financial metrics or weakening liquidity.
S&P sees limited potential to raise the rating over the next 12
months, mainly due to the parent DI's very highly leveraged
financial metrics. S&P may raise the ratings if the following
occur:
-- Substantial improvement in its operating and financial
performance and lower debt to EBITDA of about 4.0x on a
sustainable basis; and
-- Significant reduction in the parent DI group's debt and
improvement in its profitability, and, as a result, lower
debt to EBITDA of about 5.0x.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 21 to April 25, 2014
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
GRIFFIN COAL M 9.50 12/01/16 USD 71.38
GRIFFIN COAL M 9.50 12/01/16 USD 71.38
MIDWEST VANADI 11.50 02/15/18 USD 54.00
MIDWEST VANADI 11.50 02/15/18 USD 54.75
MIRABELA NICKE 8.75 04/15/18 USD 22.13
MIRABELA NICKE 8.75 04/15/18 USD 22.13
NEW SOUTH WALE 0.50 09/14/22 AUD 71.58
NEW SOUTH WALE 0.50 03/30/23 AUD 70.83
NEW SOUTH WALE 0.50 11/18/22 AUD 70.92
NEW SOUTH WALE 0.50 10/28/22 AUD 71.15
NEW SOUTH WALE 0.50 10/07/22 AUD 71.36
NEW SOUTH WALE 0.50 12/16/22 AUD 71.89
NEW SOUTH WALE 0.50 02/02/23 AUD 71.99
TREASURY CORP 0.50 11/12/30 AUD 49.27
TREASURY CORP 0.50 08/25/22 AUD 73.06
TREASURY CORP 0.50 03/03/23 AUD 72.31
CHINA
-----
CHINA GOVERNME 1.64 12/15/33 CNY 60.44
CHINA DEVELOPM 3.80 10/30/36 CNY 73.90
INDIA
-----
DAVOMAS INTERN 11.00 12/08/14 USD 19.50
DAVOMAS INTERN 11.00 12/08/14 USD 19.50
INDIA
-----
3I INFOTECH LT 5.00 04/26/17 USD 30.00
CORE EDUCATION 7.00 05/07/15 USD 11.80
COROMANDEL INT 9.00 07/23/16 INR 15.77
DEWAN HOUSING 5.50 09/24/23 INR 73.75
GTL INFRASTRUC 2.53 11/09/17 USD 30.75
INDIA GOVERNME 0.23 01/25/35 INR 18.04
JCT LTD 2.50 04/08/11 USD 20.00
MASCON GLOBAL 2.00 12/28/12 USD 10.00
PRAKASH INDUST 5.25 04/30/15 USD 45.00
PRAKASH INDUST 5.63 10/17/14 USD 56.50
PYRAMID SAIMIR 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 56.00
REI AGRO LTD 5.50 11/13/14 USD 56.00
SHIV-VANI OIL 5.00 08/17/15 USD 26.63
SUZLON ENERGY 5.00 04/13/16 USD 48.19
SUZLON ENERGY 7.50 10/11/12 USD 68.88
VIDEOCON INDUS 6.75 12/16/15 USD 72.84
JAPAN
-----
ELPIDA MEMORY 0.70 08/01/16 JPY 10.13
ELPIDA MEMORY 0.50 10/26/15 JPY 12.13
ELPIDA MEMORY 2.29 12/07/12 JPY 15.38
ELPIDA MEMORY 2.03 03/22/12 JPY 15.25
ELPIDA MEMORY 2.10 11/29/12 JPY 12.13
JAPAN EXPRESSW 0.50 03/18/39 JPY 70.74
JAPAN EXPRESSW 0.50 09/17/38 JPY 71.28
KOREA
------
2013 KIBO SECU 10.00 02/19/17 KRW 29.61
2013 KIBO SECU 10.00 09/04/16 KRW 30.25
ACE AUTO INVES 3.24 07/21/14 KRW 69.71
ACE AUTO INVES 3.28 09/19/14 KRW 23.74
ACE AUTO INVES 2.92 12/22/14 KRW 10.91
ACE AUTO INVES 2.91 10/22/14 KRW 34.98
ACE AUTO INVES 2.86 09/26/14 KRW 58.46
ACE AUTO INVES 2.91 04/27/15 KRW 28.46
ACE AUTO INVES 2.85 02/06/15 KRW 65.22
ACE AUTO INVES 3.02 09/07/15 KRW 20.34
ACE AUTO INVES 2.92 12/05/14 KRW 64.74
ACE AUTO INVES 2.93 01/06/15 KRW 71.99
ACE AUTO INVES 3.00 04/06/15 KRW 38.17
ACE AUTO INVES 3.07 07/06/15 KRW 7.67
ACE AUTO INVES 2.82 08/06/14 KRW 74.72
ACE AUTO INVES 2.87 10/06/14 KRW 28.46
ACE AUTO INVES 3.11 09/04/15 KRW 8.39
ACE AUTO INVES 3.16 11/06/15 KRW 8.94
ACE AUTO INVES 3.22 01/06/16 KRW 19.37
ACE AUTO INVES 2.78 07/07/14 KRW 55.21
ACE AUTO INVES 2.79 09/05/14 KRW 73.65
ACE AUTO INVES 2.80 10/07/14 KRW 10.33
ACE AUTO INVES 2.83 12/05/14 KRW 18.02
ACE AUTO INVES 2.87 03/06/15 KRW 9.51
ACE AUTO INVES 2.96 07/07/15 KRW 34.40
ACE AUTO INVES 3.07 11/06/15 KRW 2.76
ACE AUTO INVES 2.84 07/25/14 KRW 43.04
ACE AUTO INVES 3.05 11/17/15 KRW 12.10
ACE AUTO INVES 3.10 02/17/16 KRW 3.81
ACE AUTO INVES 3.15 05/17/16 KRW 6.55
ACE AUTO INVES 2.84 11/24/14 KRW 36.83
ACE AUTO INVES 2.85 12/24/14 KRW 70.78
ACE AUTO INVES 2.88 02/24/15 KRW 62.24
ACE AUTO INVES 2.89 03/24/15 KRW 62.20
ACE AUTO INVES 2.98 09/24/15 KRW 48.14
ACE AUTO INVES 3.03 11/24/15 KRW 14.70
ACE AUTO INVES 3.08 01/22/16 KRW 41.37
ACE AUTO INVES 2.90 12/22/14 KRW 68.18
ACE AUTO INVES 2.99 06/22/15 KRW 21.74
ACE AUTO INVES 2.82 08/22/14 KRW 56.24
ACE AUTO INVES 2.85 09/22/14 KRW 48.76
ACE AUTO INVES 3.30 06/22/16 KRW 23.36
ACE AUTO INVES 2.89 01/16/15 KRW 72.20
ACE AUTO INVES 2.91 02/17/15 KRW 48.69
ACE AUTO INVES 2.99 08/17/15 KRW 33.77
AUTOPIA SECURI 6.32 08/18/14 KRW 43.93
AUTOPIA SECURI 6.25 06/18/14 KRW 74.85
AUTOPIA SECURI 6.36 09/18/14 KRW 9.43
AUTOPIA SECURI 6.39 10/18/14 KRW 49.61
AUTOPIA SECURI 6.45 01/18/15 KRW 44.96
AUTOPIA SECURI 6.50 03/18/15 KRW 23.73
AUTOPIA SECURI 3.00 07/18/15 KRW 7.57
AUTOPIA SECURI 3.02 08/18/15 KRW 74.69
AUTOPIA SECURI 3.04 09/18/15 KRW 1.32
AUTOPIA SECURI 3.05 10/18/15 KRW 4.94
AUTOPIA SECURI 3.12 02/18/16 KRW 67.82
AUTOPIA SECURI 3.14 03/18/16 KRW 0.57
AUTOPIA SECURI 3.16 04/18/16 KRW 0.46
AUTOPIA SECURI 3.18 05/18/16 KRW 64.98
AUTOPIA SECURI 3.22 07/18/16 KRW 1.21
AUTOPIA SECURI 3.23 08/18/16 KRW 2.00
AUTOPIA SECURI 3.24 09/18/16 KRW 61.72
AUTOPIA SECURI 3.25 10/18/16 KRW 0.48
AUTOPIA SECURI 3.28 02/18/17 KRW 0.48
AUTOPIA SECURI 3.31 05/18/17 KRW 53.56
AUTOPIA SECURI 3.32 06/18/17 KRW 1.01
AUTOPIA SECURI 3.07 11/18/15 KRW 71.20
AUTOPIA SECURI 3.09 12/18/15 KRW 1.94
AUTOPIA SECURI 3.10 01/18/16 KRW 3.42
AUTOPIA SECURI 3.20 06/18/16 KRW 0.47
AUTOPIA SECURI 3.26 11/18/16 KRW 0.45
AUTOPIA SECURI 3.27 12/18/16 KRW 1.71
AUTOPIA SECURI 3.27 01/18/17 KRW 57.50
AUTOPIA SECURI 3.29 03/18/17 KRW 0.46
AUTOPIA SECURI 3.30 04/18/17 KRW 1.56
AUTOPIA SECURI 3.32 07/18/17 KRW 0.46
AUTOPIA SECURI 2.90 07/18/15 KRW 7.38
AUTOPIA SECURI 2.91 08/18/15 KRW 73.60
AUTOPIA SECURI 2.92 09/18/15 KRW 1.27
AUTOPIA SECURI 2.93 10/18/15 KRW 70.90
AUTOPIA SECURI 2.95 11/18/15 KRW 0.61
AUTOPIA SECURI 2.96 12/18/15 KRW 3.64
AUTOPIA SECURI 2.97 01/18/16 KRW 1.68
AUTOPIA SECURI 2.98 02/18/16 KRW 65.55
AUTOPIA SECURI 2.99 03/18/16 KRW 0.54
AUTOPIA SECURI 3.00 04/18/16 KRW 1.59
AUTOPIA SECURI 3.01 05/18/16 KRW 61.66
AUTOPIA SECURI 3.03 06/18/16 KRW 0.44
AUTOPIA SECURI 3.04 07/18/16 KRW 1.12
AUTOPIA SECURI 3.04 08/18/16 KRW 1.80
AUTOPIA SECURI 3.06 11/18/16 KRW 0.42
AUTOPIA SECURI 3.05 09/18/16 KRW 1.71
AUTOPIA SECURI 3.05 10/18/16 KRW 40.08
AUTOPIA SECURI 3.06 12/18/16 KRW 0.44
AUTOPIA SECURI 3.07 01/18/17 KRW 0.42
AUTOPIA SECURI 3.07 02/18/17 KRW 1.43
AUTOPIA SECURI 3.08 04/18/17 KRW 47.64
AUTOPIA SECURI 3.09 05/18/17 KRW 0.91
AUTOPIA SECURI 3.08 03/18/17 KRW 0.42
AUTOPIA SECURI 3.09 06/18/17 KRW 1.34
AUTOPIA SECURI 2.89 06/18/15 KRW 51.22
AUTOPIA SECURI 2.77 08/18/14 KRW 59.73
AUTOPIA SECURI 2.86 02/18/15 KRW 27.64
AUTOPIA SECURI 2.90 05/18/15 KRW 12.03
AUTOPIA SECURI 2.98 08/18/15 KRW 12.68
AUTOPIA SECURI 3.11 02/18/16 KRW 12.37
AUTOPIA SECURI 3.15 05/18/16 KRW 5.21
AUTOPIA SECURI 3.29 11/18/16 KRW 1.06
AUTOPIA SECURI 3.33 02/18/17 KRW 1.08
AUTOPIA SECURI 3.41 08/18/17 KRW 2.44
AUTOPIA SECURI 3.45 11/18/17 KRW 15.19
AUTOPIA SECURI 3.59 02/18/18 KRW 2.74
AUTOPIA SECURI 4.42 05/18/18 KRW 3.33
AUTOPIA SECURI 7.13 08/18/18 KRW 27.23
BS CAPITAL CO 3.13 05/22/15 KRW 6.55
BS CAPITAL CO 3.10 09/19/14 KRW 39.89
CJ KOREA EXPRE 2.93 06/21/18 KRW 5.79
COMMERCIAL AUT 4.86 08/18/14 KRW 14.71
COMMERCIAL AUT 4.81 06/18/14 KRW 67.97
COMMERCIAL AUT 4.88 09/18/14 KRW 44.95
COMMERCIAL AUT 4.95 12/18/14 KRW 18.39
COMMERCIAL AUT 4.97 01/18/15 KRW 26.81
COMMERCIAL AUT 5.00 03/18/15 KRW 19.39
COMMERCIAL AUT 5.12 06/18/14 KRW 74.39
COMMERCIAL AUT 5.19 09/18/14 KRW 34.82
COMMERCIAL AUT 5.21 10/18/14 KRW 5.72
COMMERCIAL AUT 5.25 11/18/14 KRW 33.76
COMMERCIAL AUT 5.32 02/18/15 KRW 20.11
COMMERCIAL AUT 5.34 03/18/15 KRW 5.54
COMMERCIAL AUT 5.37 04/18/15 KRW 18.23
COMMERCIAL AUT 2.82 08/18/14 KRW 68.28
COMMERCIAL AUT 2.86 11/18/14 KRW 13.53
COMMERCIAL AUT 2.97 05/18/15 KRW 62.89
COMMERCIAL AUT 3.05 08/18/15 KRW 2.59
COMMERCIAL AUT 3.13 11/18/15 KRW 9.37
COMMERCIAL AUT 3.39 11/18/16 KRW 1.10
COMMERCIAL AUT 3.18 02/18/16 KRW 6.98
COMMERCIAL AUT 3.55 08/18/17 KRW 2.62
COMMERCIAL AUT 3.61 11/18/17 KRW 19.18
COMMERCIAL AUT 6.90 05/18/18 KRW 5.17
COMMERCIAL AUT 10.00 08/18/18 KRW 5.93
DAPSIMNI SECUR 3.26 10/11/14 KRW 42.41
DOOSAN CAPITAL 3.08 12/15/14 KRW 21.71
DOOSAN CAPITAL 3.11 03/13/15 KRW 27.09
DOOSAN CAPITAL 3.03 08/05/14 KRW 44.20
DOOSAN CAPITAL 3.08 10/02/14 KRW 29.66
DOOSAN CAPITAL 3.36 12/04/15 KRW 20.75
DOOSAN CAPITAL 3.52 06/03/16 KRW 4.17
DOOSAN CAPITAL 3.30 09/04/15 KRW 26.77
DY CHANGJEON 3 3.84 04/25/17 KRW 2.39
EXPORT-IMPORT 0.50 10/23/17 TRY 68.74
EXPORT-IMPORT 0.50 01/25/17 TRY 74.10
EXPORT-IMPORT 0.50 12/22/17 BRL 64.46
EXPORT-IMPORT 0.50 12/22/17 TRY 67.28
EXPORT-IMPORT 0.50 10/27/16 BRL 74.40
EXPORT-IMPORT 0.50 11/28/16 BRL 73.55
EXPORT-IMPORT 0.50 09/28/16 BRL 74.84
EXPORT-IMPORT 0.50 11/21/17 BRL 64.93
EXPORT-IMPORT 0.50 12/22/16 BRL 72.68
FN HYUNSEOK SE 3.35 03/20/16 KRW 4.41
GANGWONDO DEVE 3.75 11/28/14 KRW 17.53
GARDEN PARK AB 3.55 10/02/16 KRW 2.39
GREAT KODIT SE 10.00 09/29/14 KRW 65.73
GS CALTEX CORP 3.09 03/21/18 KRW 7.25
HAN KOOK CAPIT 3.35 07/23/14 KRW 69.06
HANA SK CARD C 5.62 01/24/17 KRW 68.54
HANA SK CARD C 5.62 01/31/17 KRW 3.16
HANA SK CARD C 5.00 01/09/17 KRW 3.11
HANA SK CARD C 4.39 09/22/14 KRW 40.85
HANA SK CARD C 3.88 06/22/17 KRW 1.70
HANA SK CARD C 5.34 02/14/17 KRW 7.57
HANA SK CARD C 3.69 06/22/15 KRW 44.37
HYUNDAI CAPITA 3.29 04/02/18 KRW 44.80
HYUNDAI CAPITA 3.31 01/06/17 KRW 21.92
HYUNDAI CAPITA 3.56 02/01/19 KRW 1.01
HYUNDAI CAPITA 2.89 06/21/18 KRW 2.72
HYUNDAI CAPITA 3.31 03/21/18 KRW 5.02
HYUNDAI CAPITA 2.78 04/24/15 KRW 59.42
HYUNDAI CAPITA 3.38 03/15/19 KRW 2.44
HYUNDAI CAPITA 3.65 01/18/19 KRW 14.59
HYUNDAI CAPITA 3.31 03/20/18 KRW 35.95
HYUNDAI CAPITA 3.16 04/02/18 KRW 14.90
HYUNDAI CAPITA 3.26 09/21/17 KRW 6.90
HYUNDAI CAPITA 3.32 02/09/17 KRW 2.14
HYUNDAI CAPITA 4.84 06/22/16 KRW 5.72
HYUNDAI CAPITA 3.11 05/02/18 KRW 1.07
HYUNDAI CAPITA 3.25 08/05/16 KRW 26.36
HYUNDAI CAPITA 3.07 05/02/18 KRW 1.05
HYUNDAI CAPITA 3.08 03/21/18 KRW 4.38
HYUNDAI CAPITA 3.02 10/30/15 KRW 0.95
HYUNDAI CAPITA 4.74 06/20/16 KRW 9.73
HYUNDAI CAPITA 4.40 03/20/16 KRW 2.45
HYUNDAI CAPITA 4.46 10/06/16 KRW 3.04
HYUNDAI CAPITA 3.25 11/04/16 KRW 0.89
HYUNDAI CAPITA 4.22 09/22/14 KRW 72.14
HYUNDAI CAPITA 3.19 05/13/16 KRW 1.40
HYUNDAI CAPITA 4.46 12/18/14 KRW 32.63
HYUNDAI CAPITA 4.70 06/21/16 KRW 13.61
HYUNDAI CAPITA 3.21 03/04/16 KRW 8.98
HYUNDAI CARD C 3.19 11/28/16 KRW 29.83
HYUNDAI CARD C 3.23 01/20/17 KRW 2.28
HYUNDAI CARD C 4.03 03/23/15 KRW 32.23
HYUNDAI CARD C 3.27 04/03/17 KRW 15.63
HYUNDAI CARD C 3.58 09/21/18 KRW 7.76
HYUNDAI CARD C 3.16 05/29/18 KRW 0.12
HYUNDAI CARD C 3.13 01/15/16 KRW 32.29
HYUNDAI CARD C 3.05 01/29/16 KRW 0.95
HYUNDAI CARD C 3.51 07/13/17 KRW 1.39
HYUNDAI CARD C 3.19 05/13/16 KRW 1.40
HYUNDAI CARD C 3.00 03/25/16 KRW 4.50
HYUNDAI CARD C 3.16 04/02/18 KRW 9.18
HYUNDAI CARD C 3.40 01/10/17 KRW 1.44
HYUNDAI CARD C 4.05 12/22/14 KRW 62.92
HYUNDAI COMMER 3.00 02/26/16 KRW 1.80
HYUNDAI COMMER 2.97 12/26/14 KRW 70.29
HYUNDAI COMMER 3.11 09/25/15 KRW 28.91
HYUNDAI COMMER 3.37 12/21/17 KRW 13.64
HYUNDAI COMMER 3.32 03/22/18 KRW 7.75
HYUNDAI COMMER 3.22 12/04/15 KRW 11.31
HYUNDAI MERCHA 7.05 12/27/42 KRW 46.64
HYUNDAI SECURI 3.16 03/22/18 KRW 7.00
HYUNDAI STEEL 3.27 03/21/18 KRW 36.64
INCHEON DEVELO 3.12 06/10/14 KRW 29.26
INCHEON DEVELO 3.60 12/21/17 KRW 5.05
IPARK SAM-SONG 3.18 04/10/15 KRW 40.77
IPARK SAM-SONG 3.27 08/10/15 KRW 7.56
IPARK SAM-SONG 3.37 02/10/16 KRW 29.98
JB WOORI CAPIT 2.82 08/14/14 KRW 48.80
JB WOORI CAPIT 2.86 11/14/14 KRW 26.78
JB WOORI CAPIT 2.95 05/15/15 KRW 0.87
JB WOORI CAPIT 3.01 08/14/15 KRW 0.59
JB WOORI CAPIT 2.86 07/25/14 KRW 64.79
JB WOORI CAPIT 3.09 06/26/15 KRW 61.81
JB WOORI CAPIT 3.24 06/11/15 KRW 51.23
JB WOORI CAPIT 3.22 11/30/14 KRW 3.15
JEONBUK BANK 3.41 01/06/19 KRW 32.60
KB CAPITAL CO 5.70 01/10/19 KRW 10.22
KB CAPITAL CO 3.42 12/22/17 KRW 6.35
KB CAPITAL CO 3.09 03/28/16 KRW 4.07
KB CAPITAL CO 2.96 12/19/14 KRW 64.96
KB KOOKMIN CAR 3.92 03/24/15 KRW 41.55
KB KOOKMIN CAR 4.18 03/22/17 KRW 1.79
KB KOOKMIN CAR 3.18 12/11/15 KRW 25.27
KB KOOKMIN CAR 3.32 02/17/17 KRW 2.41
KB KOOKMIN CAR 4.20 09/21/16 KRW 1.20
KB KOOKMIN CAR 3.05 03/21/18 KRW 1.74
KB KOOKMIN CAR 3.10 05/02/18 KRW 1.07
KB KOOKMIN CAR 3.75 06/22/15 KRW 1.29
KB KOOKMIN CAR 3.93 06/20/17 KRW 1.24
KB KOOKMIN CAR 3.88 06/22/17 KRW 1.29
KB KOOKMIN CAR 3.24 12/21/17 KRW 3.61
KB KOOKMIN CAR 3.65 06/22/15 KRW 23.92
KB KOOKMIN CAR 3.65 06/23/15 KRW 23.85
KB KOOKMIN CAR 3.64 09/22/15 KRW 30.40
KB KOOKMIN CAR 3.33 09/22/17 KRW 14.45
KB KOOKMIN CAR 3.46 09/21/17 KRW 19.95
KB KOOKMIN CAR 4.00 12/22/14 KRW 55.84
KDB CAPITAL CO 3.10 04/15/16 KRW 4.56
KDB CAPITAL CO 3.25 12/24/15 KRW 35.27
KDB CAPITAL CO 3.01 07/14/14 KRW 66.53
KDB CAPITAL CO 3.14 12/22/14 KRW 64.62
KOREA DEVELOPM 3.70 02/29/24 KRW 3.16
KOREA HOUSING 2.94 09/15/18 KRW 68.39
KOREA LAND & H 3.99 03/26/44 KRW 68.57
KOREA LAND & H 3.40 09/21/18 KRW 5.50
KOREA LAND & H 2.93 03/20/18 KRW 1.71
KOREA LAND & H 3.17 10/02/17 KRW 1.21
KOREA LAND & H 2.87 06/21/18 KRW 69.67
KOREA LAND & H 2.86 06/21/18 KRW 5.54
KOREA LAND & H 3.44 10/21/18 KRW 70.08
KOREA LAND & H 3.30 12/21/18 KRW 6.72
KOREA LAND & H 2.76 06/21/18 KRW 7.75
KOREA RAIL NET 2.95 10/22/15 KRW 11.37
KT CAPITAL COR 3.47 03/22/18 KRW 5.76
KT CAPITAL COR 3.65 09/22/17 KRW 34.10
KT RENTAL CORP 2.98 06/21/18 KRW 2.81
LG ELECTRONICS 3.11 03/21/18 KRW 4.69
LG ELECTRONICS 3.29 05/24/20 KRW 2.06
LG HAUSYS LTD 3.11 06/21/18 KRW 5.98
LH ABS SECURIT 2.95 12/22/15 KRW 10.70
LOTTE CAPITAL 4.54 03/22/17 KRW 2.15
LOTTE CAPITAL 3.40 12/16/16 KRW 14.45
LOTTE CAPITAL 3.67 02/25/19 KRW 2.84
LOTTE CAPITAL 3.00 06/21/18 KRW 5.59
NATIONAL FEDER 2.75 12/01/14 KRW 63.77
NEW STAR ABS S 3.93 01/26/17 KRW 26.66
NEW STAR SUKKW 4.92 03/30/15 KRW 36.08
NEWSTAR SIN-GI 4.84 01/30/15 KRW 3.21
NH CAPITAL CO 5.02 01/14/18 KRW 30.24
NH CAPITAL CO 5.88 01/14/17 KRW 23.29
NONGHYUP BANK 4.06 05/28/22 KRW 3.33
NONGHYUP BANK 3.33 10/15/20 KRW 1.76
OLLEHKT SECURI 3.04 12/31/15 KRW 0.95
OLLEHKT SECURI 2.72 06/27/14 KRW 74.84
OLLEHKT SECURI 3.71 06/30/14 KRW 54.33
OLLEHKT SECURI 3.71 07/30/14 KRW 43.47
OLLEHKT SECURI 3.73 10/30/14 KRW 56.06
OLLEHKT SECURI 3.74 11/28/14 KRW 18.38
OLLEHKT SECURI 3.91 01/29/16 KRW 15.48
OLLEHKT SECURI 2.82 09/26/14 KRW 48.98
OLLEHKT SECURI 2.83 03/26/15 KRW 57.27
OLLEHKT SECURI 2.83 04/24/15 KRW 34.41
OLLEHKT SECURI 2.83 05/26/15 KRW 57.43
OLLEHKT SECURI 2.84 07/24/15 KRW 48.02
OLLEHKT SECURI 2.84 08/26/15 KRW 18.23
OLLEHKT SECURI 2.84 09/25/15 KRW 48.49
OLLEHKT SECURI 2.91 11/25/16 KRW 2.49
OLLEHKT SECURI 3.15 10/24/14 KRW 59.65
OLLEHKT SECURI 3.33 08/26/16 KRW 2.17
OLLEHKT SECURI 4.12 11/26/15 KRW 15.99
OLLEHKT SECURI 2.88 10/24/14 KRW 20.24
OLLEHKT SECURI 2.89 12/26/14 KRW 51.34
OLLEHKT SECURI 3.04 10/26/16 KRW 1.08
OLLEHKT SECURI 2.87 09/26/14 KRW 57.67
OLLEHKT SECURI 2.90 03/26/15 KRW 30.93
OLLEHKT SECURI 2.91 04/24/15 KRW 72.10
OLLEHKT SECURI 2.92 06/26/15 KRW 22.65
OLLEHKT SECURI 2.93 07/24/15 KRW 4.47
OLLEHKT SECURI 2.97 12/24/15 KRW 12.89
OLLEHKT SECURI 3.05 05/30/14 KRW 45.79
OLLEHKT SECURI 3.09 11/28/14 KRW 1.18
OLLEHKT SECURI 3.19 01/30/15 KRW 2.14
OLLEHKT SECURI 3.13 04/30/15 KRW 10.19
OLLEHKT SECURI 3.12 07/25/14 KRW 56.51
OLLEHKT SECURI 3.15 11/26/14 KRW 27.82
OLLEHKT SECURI 3.17 02/26/15 KRW 52.80
OLLEHKT SECURI 3.20 04/24/15 KRW 49.42
OLLEHKT SECURI 3.25 09/25/15 KRW 29.18
OLLEHKT SECURI 3.07 08/29/14 KRW 6.17
OLLEHKT SECURI 3.08 09/30/14 KRW 2.57
OLLEHKT SECURI 3.09 12/31/14 KRW 68.20
OLLEHKT SECURI 3.13 05/29/15 KRW 0.86
OLLEHKT SECURI 3.72 11/28/14 KRW 28.63
OLLEHKT SECURI 3.73 12/26/14 KRW 25.20
OLLEHKT SECURI 3.77 03/27/15 KRW 55.00
OLLEHKT SECURI 3.86 02/26/16 KRW 5.61
OLLEHKT SECURI 3.05 10/02/14 KRW 28.57
OLLEHKT SECURI 3.06 11/03/14 KRW 22.84
OLLEHKT SECURI 3.19 05/03/16 KRW 1.51
OLLEHKT SECURI 2.97 08/28/14 KRW 47.23
OLLEHKT SECURI 2.99 09/26/14 KRW 74.62
OLLEHKT SECURI 3.01 11/28/14 KRW 29.73
OLLEHKT SECURI 3.03 12/26/14 KRW 24.66
OLLEHKT SECURI 3.05 01/28/15 KRW 58.69
OLLEHKT SECURI 3.09 03/27/15 KRW 46.67
OLLEHKT SECURI 3.11 04/28/15 KRW 24.24
OLLEHKT SECURI 3.13 05/28/15 KRW 47.14
OLLEHKT SECURI 3.16 07/28/15 KRW 12.92
OLLEHKT SECURI 3.17 08/28/15 KRW 43.01
OLLEHKT SECURI 3.19 09/25/15 KRW 29.38
OLLEHKT SECURI 3.20 10/28/15 KRW 28.39
OLLEHKT SECURI 3.21 11/27/15 KRW 16.00
OLLEHKT SECURI 3.25 01/28/16 KRW 31.05
OLLEHKT SECURI 3.43 01/26/17 KRW 1.85
OLLEHKT SECURI 3.04 11/27/15 KRW 3.68
OLLEHKT SECURI 3.06 12/29/15 KRW 2.32
OLLEHKT SECURI 3.18 05/27/16 KRW 3.01
OLLEHKT SECURI 2.83 08/22/14 KRW 47.26
OLLEHKT SECURI 2.89 11/24/14 KRW 27.24
OLLEHKT SECURI 2.96 02/24/15 KRW 69.72
OLLEHKT SECURI 3.03 07/24/15 KRW 11.86
OLLEHKT SECURI 3.05 08/24/15 KRW 37.78
OLLEHKT SECURI 3.08 10/23/15 KRW 15.95
OLLEHKT SECURI 3.14 04/22/16 KRW 24.25
OLLEHKT SECURI 3.16 05/24/16 KRW 14.57
OLLEHKT SECURI 3.20 07/22/16 KRW 20.96
OLLEHKT SECURI 3.42 07/24/17 KRW 12.13
OLLEHKT SECURI 2.84 11/28/14 KRW 49.28
OLLEHKT SECURI 2.81 09/30/14 KRW 3.87
OLLEHKT SECURI 2.95 05/29/15 KRW 1.03
OLLEHKT SECURI 3.00 08/31/15 KRW 19.17
OLLEHKT SECURI 2.88 12/31/14 KRW 2.88
OLLEHKT SECURI 3.15 06/30/16 KRW 0.90
OLLEHKT SECURI 3.28 05/31/17 KRW 0.86
OLLEHKT SECURI 2.73 05/30/14 KRW 36.06
OLLEHKT SECURI 2.80 08/29/14 KRW 73.96
OLLEHKT SECURI 2.86 11/28/14 KRW 3.17
OLLEHKT SECURI 2.90 01/30/15 KRW 64.91
OLLEHKT SECURI 3.09 03/31/16 KRW 19.46
OLLEHKT SECURI 2.79 06/27/14 KRW 54.77
OLLEHKT SECURI 2.85 01/29/15 KRW 39.88
OLLEHKT SECURI 2.88 03/27/15 KRW 33.18
OLLEHKT SECURI 2.96 07/29/15 KRW 5.00
OLLEHKT SECURI 2.98 08/28/15 KRW 21.02
OLLEHKT SECURI 3.36 03/29/17 KRW 5.56
OLLEHKT SECURI 2.86 02/27/15 KRW 36.27
OLLEHKT SECURI 2.80 07/29/14 KRW 42.83
OLLEHKT SECURI 2.82 09/29/14 KRW 26.41
OLLEHKT SECURI 3.03 05/27/16 KRW 2.51
OLLEHKT SECURI 3.06 08/26/16 KRW 4.08
OLLEHKT SECURI 2.77 09/26/14 KRW 48.18
OLLEHKT SECURI 2.78 10/28/14 KRW 8.31
OLLEHKT SECURI 2.81 12/26/14 KRW 46.54
OLLEHKT SECURI 2.85 03/27/15 KRW 8.46
OLLEHKT SECURI 2.88 06/26/15 KRW 62.82
OLLEHKT SECURI 2.92 09/25/15 KRW 4.11
OLLEHKT SECURI 2.95 11/27/15 KRW 9.42
PLAN-UP BOK-HY 3.99 08/10/14 KRW 35.84
PURUN WOORI SE 3.63 03/20/15 KRW 19.90
SAENGGAKDAERO 3.93 12/31/15 KRW 17.14
SAMSUNG CARD C 3.08 02/28/15 KRW 66.78
SAMSUNG CARD C 3.50 05/30/19 KRW 1.97
SAMSUNG CARD C 3.16 09/21/17 KRW 15.79
SAMSUNG CARD C 3.14 03/21/18 KRW 0.96
SAMSUNG CARD C 3.17 12/20/17 KRW 5.58
SBY BUPYEONG5 3.20 01/29/15 KRW 58.87
SH CORP OF THE 3.12 07/03/15 KRW 16.43
SH CORP OF THE 3.10 01/22/16 KRW 42.13
SHINHAN CAPITA 3.51 12/09/16 KRW 1.45
SHINHAN CAPITA 4.48 09/22/14 KRW 75.09
SHINHAN CAPITA 4.01 06/22/17 KRW 16.29
SHINHAN CAPITA 3.81 09/23/15 KRW 19.46
SHINHAN CARD C 3.28 04/09/18 KRW 10.63
SHINHAN CARD C 3.46 06/20/19 KRW 6.00
SHINHAN CARD C 3.35 09/02/16 KRW 1.37
SHINHAN CARD C 3.56 02/07/19 KRW 1.19
SHINHAN CARD C 3.16 09/21/17 KRW 6.55
SHINHAN CARD C 3.19 09/20/17 KRW 9.17
SHINHAN CARD C 3.74 06/23/15 KRW 10.51
SHINHAN CARD C 2.87 10/02/17 KRW 7.50
SHINHAN CARD C 3.88 06/22/17 KRW 15.99
SHINHAN CARD C 3.62 06/21/15 KRW 13.80
SHINHAN CARD C 2.78 06/21/18 KRW 4.79
SHINHAN CARD C 3.27 03/26/18 KRW 5.47
SHINHAN CARD C 3.64 06/23/15 KRW 44.71
SHINHAN CARD C 3.30 09/22/17 KRW 20.33
SHINHAN CARD C 2.93 06/21/18 KRW 69.48
SINBO CONSTRUC 10.00 09/29/14 KRW 65.73
SINBO SECURITI 5.00 07/08/17 KRW 29.92
SINBO SECURITI 5.00 07/08/17 KRW 29.92
SINBO SECURITI 5.00 07/19/15 KRW 70.84
SINBO SECURITI 5.00 07/26/16 KRW 29.81
SINBO SECURITI 5.00 07/26/16 KRW 29.81
SINBO SECURITI 4.60 06/29/15 KRW 72.40
SINBO SECURITI 4.60 06/29/15 KRW 72.40
SINBO SECURITI 5.00 05/27/16 KRW 30.04
SINBO SECURITI 5.00 05/27/16 KRW 30.04
SINBO SECURITI 8.00 02/02/15 KRW 74.85
SINBO SECURITI 5.00 02/02/16 KRW 72.97
SINBO SECURITI 5.00 01/19/16 KRW 72.39
SINBO SECURITI 5.00 12/07/15 KRW 72.45
SINBO SECURITI 8.00 03/07/15 KRW 74.16
SINBO SECURITI 5.00 03/14/16 KRW 72.32
SINBO SECURITI 5.00 06/29/16 KRW 29.93
SINBO SECURITI 5.00 09/13/15 KRW 73.02
SINBO SECURITI 5.00 09/13/15 KRW 61.55
SINBO SECURITI 5.00 09/28/15 KRW 70.67
SINBO SECURITI 5.00 08/31/16 KRW 29.72
SINBO SECURITI 5.00 08/31/16 KRW 29.72
SINBO SECURITI 5.00 08/24/15 KRW 70.71
SINBO SECURITI 5.00 03/13/17 KRW 29.35
SINBO SECURITI 5.00 03/13/17 KRW 29.35
SINBO SECURITI 5.00 02/21/17 KRW 27.85
SINBO SECURITI 5.00 12/13/16 KRW 29.53
SINBO SECURITI 5.00 01/29/17 KRW 29.44
SINBO SECURITI 5.00 10/05/16 KRW 29.71
SINBO SECURITI 5.00 10/05/16 KRW 29.71
SINBO SECURITI 5.00 02/21/17 KRW 29.35
SINBO SECURITI 5.00 06/07/17 KRW 28.51
SINBO SECURITI 5.00 06/07/17 KRW 28.51
SMALL & MEDIUM 3.69 02/08/24 KRW 4.48
SMALL & MEDIUM 5.24 12/09/14 KRW 69.82
SMALL & MEDIUM 5.16 12/09/14 KRW 69.55
SMALL & MEDIUM 4.77 12/09/15 KRW 12.29
SMALL & MEDIUM 3.17 03/15/17 KRW 2.17
SMALL & MEDIUM 5.15 09/09/15 KRW 48.61
SMALL & MEDIUM 5.15 12/09/15 KRW 9.24
SMORE SECURITI 3.09 02/29/16 KRW 0.41
SYSINGIL ABS S 3.95 08/22/15 KRW 18.67
TONGYANG CEMEN 7.30 04/12/15 KRW 70.00
TONGYANG CEMEN 7.50 04/20/14 KRW 70.00
TONGYANG CEMEN 7.50 09/10/14 KRW 70.00
TONGYANG CEMEN 7.50 07/20/14 KRW 70.00
TONGYANG CEMEN 7.30 06/26/15 KRW 70.00
UPLUS LTE SECU 2.77 12/05/14 KRW 14.38
UPLUS LTE SECU 2.80 02/06/15 KRW 74.34
UPLUS LTE SECU 2.97 02/05/16 KRW 18.34
UPLUS LTE SECU 3.06 08/05/16 KRW 9.84
UPLUS LTE SECU 2.64 06/05/14 KRW 66.64
UPLUS LTE SECU 2.72 08/07/15 KRW 5.71
UPLUS LTE SECU 2.77 02/05/16 KRW 0.36
UPLUS LTE SECU 2.78 10/07/16 KRW 0.73
UPLUS LTE SECU 2.94 04/10/15 KRW 46.67
UPLUS LTE SECU 2.97 08/12/15 KRW 0.48
UPLUS LTE SECU 3.00 12/11/15 KRW 1.79
UPLUS LTE SECU 3.09 09/05/14 KRW 69.57
UPLUS LTE SECU 3.11 12/05/14 KRW 54.26
UPLUS LTE SECU 3.07 12/04/15 KRW 18.54
UPLUS LTE SECU 3.23 06/03/16 KRW 3.19
UPLUS LTE SECU 2.89 12/05/14 KRW 14.08
UPLUS LTE SECU 3.01 06/05/15 KRW 74.33
UPLUS LTE SECU 3.15 12/04/15 KRW 18.90
UPLUS LTE SECU 3.27 06/03/16 KRW 6.44
UPLUS LTE SECU 3.32 08/05/16 KRW 10.52
UPLUS LTE SECU 3.54 06/05/17 KRW 0.97
UPLUS LTE SECU 2.82 12/05/14 KRW 54.57
UPLUS LTE SECU 3.35 02/06/17 KRW 0.93
UPLUS LTE SECU 2.86 12/05/14 KRW 54.83
UPLUS LTE SECU 2.89 02/06/15 KRW 59.90
UPLUS LTE SECU 2.88 10/02/14 KRW 60.92
UPLUS LTE SECU 3.03 12/04/15 KRW 21.06
WOONGJIN ENERG 2.00 12/19/16 KRW 59.37
WOORI CARD CO 3.39 11/11/16 KRW 1.06
WOORI CARD CO 3.15 03/04/16 KRW 8.46
WOORI CARD CO 3.07 09/04/15 KRW 26.64
SRI LANKA
---------
SRI LANKA GOVE 5.35 03/01/26 LKR 65.04
MALAYSIA
--------
BANDAR MALAYSI 0.35 02/20/24 MYR 65.87
PHILIPPINES
-----------
BAYAN TELECOMM 13.50 07/15/06 USD 22.75
BAYAN TELECOMM 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/15 USD 11.97
BAKRIE TELECOM 11.50 05/07/15 USD 12.88
BLD INVESTMENT 8.63 03/23/15 USD 30.13
BUMI CAPITAL P 12.00 11/10/16 USD 51.28
BUMI CAPITAL P 12.00 11/10/16 USD 48.52
BUMI INVESTMEN 10.75 10/06/17 USD 50.00
BUMI INVESTMEN 10.75 10/06/17 USD 48.69
ENERCOAL RESOU 9.25 08/05/14 USD 54.60
INDO INFRASTRU 2.00 07/30/10 USD 1.88
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 13.63
MDX PCL 4.75 09/17/03 USD 17.13
*********
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.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***