/raid1/www/Hosts/bankrupt/TCRAP_Public/150120.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, January 20, 2015, Vol. 18, No. 013
Headlines
A U S T R A L I A
BRICKMAKERS PLACE: First Creditors' Meeting Set For Jan. 27
COACHING ABUNDANCE: Placed Into Liquidation
HOTHOUSE INTERACTIVE: Closes Doors Following Liquidation
SC SYSTEMS: First Creditors' Meeting Set For Jan. 29
VOCATION LTD: Placed In Another Trading Halt
C H I N A
CHINA SOUTH: Fitch Affirms 'B+' IDR & Revises Outlook to Stable
GENERAL STEEL: Receives Notice of Non-Compliance from NYSE
KEYUAN PETROCHEMICALS: Has $259-Mil. Working Capital Deficit
* CHINA: Rated Developers' Bonds Due 2015 Well Funded, Fitch Says
I N D I A
ABHIJEET GROUP: Offers to Pay Staff to Prevent Winding Up
AIR INDIA: To Cut Costs by $227MM in Next FY to Reduce Losses
ASOLUTION PHARMACEUTICALS: ICRA Rates INR30cr LT Loan at 'B+'
BHUMYA TEA: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
BIVAB DEVELOPERS: CRISIL Ups Rating on INR28.7MM Term Loan to B
CERTA INFRASTRUCTURE: CARE Rates INR50cr LT Loan at 'B+'
CHANDAN TRADING: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
DHANLAXMI COTEX: CRISIL Assigns B Rating to INR80MM Cash Credit
EXPAT ENGINEERING: CARE Revises Rating on INR11cr LT Loan to B
GOLDEN CELLAR: ICRA Suspends B+ Rating on INR5cr Line of Credit
JAI SAKTHI: CARE Reaffirms B+ Rating on INR26.58cr LT Loan
JAY BHARAT: ICRA Reaffirms B+ Rating on INR13cr Cash Credit
JAYSHREE CHEMICALS: ICRA Suspends D Rating on INR105.84cr Loan
JET AIRWAYS: Taps Former AI Official as Head of Operations
LAL BABA: ICRA Reaffirms D Rating on INR13.50cr Cash Credit
LIBRA HYUNDAI: CRISIL Reaffirms B+ Rating on INR61MM Bank Loan
MODERNA JYOTI: CARE Rates INR7cr LT Bank Loan at 'B+'
MULCHAND FIBER: ICRA Suspends B Rating on INR13cr LT Loan
OM SOKHAL: CARE Assigns B+ Rating to INR16.90cr LT Bank Loan
OXIVE ENVIRONMENTAL: CARE Assigns B+ Rating to INR6.2cr LT Loan
PRINTWELL OFFSET: CARE Reaffirms B Rating on INR8.88cr LT Loan
PROPLARITY HOMES: CARE Assigns B+ Rating to INR50cr LT Loan
R.I.COTTON: CARE Reaffirms B+ Rating on INR13.87cr LT Loan
S.J. RETAIL: CRISIL Ups Rating on INR110MM Cash Loan to B+
SAHARA HOSPITALITY: CARE Revises Rating on INR629.33cr Loan to D
SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.41cr Loan
SAKTHI RICE: ICRA Reaffirms B+ Rating on INR6.75cr LT Loan
SELECT EXIM: CRISIL Assigns B Rating to INR62MM Bank Loan
SHREE MAHALAXMI: CARE Assigns B+ Rating to INR13.09cr LT Loan
SHREE MARUTI: ICRA Suspends B- Rating on INR6cr Cash Credit
SHREE SAI: CARE Assigns B+ Rating to INR6.05cr Bank Loan
SHRI GANGA: ICRA Assigns B Rating to INR8cr Unallocated Loan
SHRI MAHAVIR: CARE Revises Rating on INR537.74cr LT Loan to B+
SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR100MM Loan
SP COAL: ICRA Assigns B+ Rating to INR2cr Fund Based Loan
SR CONSTRUCTIONS: ICRA Reaffirms B Rating on INR15cr FB Loan
SRI LAKSHMIKANTHA: ICRA Ups Rating on INR15cr FB Loan to B
SUNRISE STONE: CARE Assigns B Rating to INR7.36cr LT Bank Loan
SURYA WIRES: CARE Reaffirms B+ Rating on INR17.6cr LT Bank Loan
TELEPHONE ELECTRONIC: ICRA Rates INR0.75cr Cash Credit at B+
VANTAGE SPINNERS: CARE Reaffirms C Rating on INR48cr LT Bank Loan
VENKATESH COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan
VISURA TRADING: ICRA Assigns B+ Rating to INR9cr Fund Based Loan
ZIRCONIA CERA: CARE Reaffirms B+ Rating on INR5.25cr LT Loan
I N D O N E S I A
BERLIAN LAJU: U.S. Court Dismisses Chapter 15 Cases
J A P A N
SBIM 2007-1: Moody's Cuts Rating on Class 2 Notes to B3
N E W Z E A L A N D
GLOBAL BROKERS: FMA Aware of Firm's Financial Rules Breach
S O U T H K O R E A
KUMHO ASIANA: Bidding For Kumho Industrial to Begin This Month
X X X X X X X X
* BOND PRICING: For the Week Jan. 12 to Jan. 16, 2015
- - - - -
=================
A U S T R A L I A
=================
BRICKMAKERS PLACE: First Creditors' Meeting Set For Jan. 27
-----------------------------------------------------------
Trajan John Kukulovski and Glenn Anthony Crisp of Jirsch
Sutherland were appointed as administrators of Brickmakers Place
Pty Ltd on Jan. 14, 2015.
A first meeting of the creditors of the Company will be held at
Jirsch Sutherland, Melbourne, Level 12, 460 Lonsdale Street, in
Melbourne, on Jan. 27, 2015, at 10:30 a.m.
COACHING ABUNDANCE: Placed Into Liquidation
-------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Coaching Abundance
Pty Ltd has been placed into liquidation. Raj Khatri and Jason
Walter Bettles of Worrells Solvency and Forensic Accountants were
appointed liquidators of the business on
Jan. 13, 2015, the report discloses.
According to the report, the liquidators do not expect to pay a
distribution to creditors as the company has no physical assets.
However, the liquidators are still investigating to determine
possible transactions which can be overturned, the report adds.
HOTHOUSE INTERACTIVE: Closes Doors Following Liquidation
--------------------------------------------------------
Mumbrella reports that digital agency HotHouse Interactive has
closed its doors after just over 20 years in business after going
into liquidation on Jan. 15.
Mumbrella says more than 40 HotHouse Interactive staff have been
laid off after parent company Big River made the decision to send
the company into liquidation.
While it has been speculated, the collapse of the agency was
linked to the loss of major client Toyota, a Toyota spokesperson
told Mumbrella the agency were still under contract with them.
A spokesperson for Toyota said the car giant had not been told of
the closure and had been working with the agency "until Jan. 15,"
the report relays.
According to Mumbrella, the decision to close the agency was made
following the deferral of a number of big projects for Toyota,
which coincided with a drop in the agency's revenues.
It is unclear what will happen to HotHouse clients, the report
adds.
The agency was founded by Simon Van Wyk in March 1994, who
departed the company in 1999 to set up e-commerce provider
HighBall. In 2000, HighBall and HotHouse Interactive merged to
form Big River Corporation with Van Wyk returning to HotHouse. Van
Wyk has most recently been strategy and innovation director for
the agency, Mumbrella discloses.
SC SYSTEMS: First Creditors' Meeting Set For Jan. 29
----------------------------------------------------
Mitchell Ball of BPS Recovery was appointed as administrator of SC
Systems Pty Ltd on Jan. 16, 2015.
A first meeting of the creditors of the Company will be held at
Level 18, 201 Kent Street, in Sydney, on Jan. 29, 2015, at
10:00 a.m.
VOCATION LTD: Placed In Another Trading Halt
--------------------------------------------
The Australian reports that troubled education and training group
Vocation has placed its shares in another trading halt ahead of an
expected update on its earnings forecast.
Vocation expects its shares will remain in a trading halt until it
releases its updated forecast on or before Jan. 21, the report
says.
"Vocation is seeking the trading halt to enable the company to
complete certain financial reviews which are currently in
progress," The Australian quotes Vocation as saying.
The Australian notes that the company was placed in a trading in
early December as it carried out a review of its finances.
The report says Vocation was put into another trading halt in late
October after a Victorian government review found that some
students were enrolled in inappropriate and low quality courses.
The Australian adds that former federal education minister John
Dawkins quit as Vocation's chairman in November as a shareholder
launched legal action against the company, claiming it had misled
investors. Vocation's share price has plummeted in recent months,
from AUD3.35 as recently as September to a record low of 18.5c in
December.
It was trading at 25c before the latest trading halt, the report
discloses.
Vocation Limited (ASX:VET) delivers education and training
services to corporate clients, individuals, and ancillary services
to third party VET providers in Australia.
=========
C H I N A
=========
CHINA SOUTH: Fitch Affirms 'B+' IDR & Revises Outlook to Stable
---------------------------------------------------------------
Fitch Ratings affirmed China-based trade centre developer China
South City Limited's (CSC) Long-Term Issuer Default Rating (IDR)
and senior unsecured rating of 'B+' and Recovery Rating of 'RR4'.
The Outlook for the IDR has been revised to Stable from Positive.
The Outlook revision reflects CSC's slower sales momentum and
higher leverage as development activities increase to expand its
business scale. The slower sales have also delayed CSC's
diversification efforts. The Stable Outlook is supported by CSC's
strong position in developing modern integrated trade centres in
selected provincial capital cities within China. CSC will be able
to sustain sales in 2015 because it has a supply of units ready
for sale, although it plans to reduce development amid softer
market conditions.
KEY RATING DRIVERS
Regional Trade Centre Developer: The rating reflects CSC's leading
position in the development of large-scale integrated trade centre
projects in China; it currently has eight large-scale integrated
projects across eight provincial capital cities. CSC's execution
ability gives it an edge in securing new projects.
Slower Sales: CSC's credit profile is constrained by its high
exposure to trade centre sales, which tend to be more cyclical and
subject to investment demand, compared to mass-market residential
sales. Contracted sales for the nine months to December 2014 fell
29% y-o-y to HKD8.9bn due to slower relocation demand and delays
in the completion of transportation networks by local governments
in some cities. Fitch expects CSC's contracted sales to be stable
at around HKD14bn for the financial year ending March 31, 2015
(FY15) instead of its targeted HKD18bn-20bn.
Higher Leverage: Fitch expects CSC's leverage to rise to around
35% at FYE15 from 28% at end-September 2014. Fitch expects net
debt/adjusted inventory to hover between 35% and 40% over the next
two years, because CSC plans to reduce inventory by decreasing
development and increasing sales of completed stock while
supporting on-going capex.
Longer Diversification Process: The geographical and project
diversification process for CSC is slower because of its large-
scale integrated projects and the time needed to negotiate with
local governments to secure new locations. Project concentration
is still a constraint; its Zhengzhou project accounted for 40% of
the company's contracted sales in 1H FY15.
Cheap Land Still Supports Margins: CSC's low weighted average land
cost of CNY283/sqm would likely support EBITDA margins at above
30% over the medium term. CSC's EBITDA margin fell to 35% in
1HFY15 from as high as 40%, as CSC recognised more sales from
projects outside Shenzhen that have lower average selling prices,
particularly during their initial phases.
First Mover in O2O Integration: CSC was one of the first
developers to actively integrate features to facilitate online-to-
offline (O2O) commerce in its trade centres. These initiatives
indirectly drive traffic growth and business activities in CSC's
trade centres and outlets. Significant financial returns or
monetisation of these assets, however, may only materialise over
the longer term.
Low Yielding Investment Properties: CSC's investment properties
totalling 880,000 sqm outside Shenzhen have yet to make material
contributions to cash flows. CSC is at an early stage of
increasing other recurring income from its outlet malls, e-
commerce programme and warehousing service. Fitch estimates the
ratio of recurring EBITDA to interest would likely be around 0.30x
over the next one to two years (1HFY15: 0.23x), higher recurring
income partly offset by higher interest costs given the increase
in leverage.
Sufficient Liquidity: CSC has sufficient liquidity with available
cash of HKD8.53bn and unutilised credit facilities of HKD2.38bn at
end-September 2014 to cover for short-term borrowings of HKD6.6bn
and land acquisitions. The company also has yet to draw on CNY2bn
(HKD2.5bn) under its onshore medium-term note programme.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to negative rating action include:
-- Substantial decrease in contracted sales
-- EBITDA margin sustained below 30%
-- Net debt/adjusted inventory sustained at above 45% (with
investment property valued at cost)
-- Contracted sales/total debt sustained at below 0.5x (12
months to September 2014: 0.74x)
Future developments that may, individually or collectively, lead
to positive rating action include:
-- Ability to sustain sales outside Shenzhen without dominance
by any one particular project (no more than 30% of total
contracted sales), with total contracted sales sustained at
above CNY12bn a year
-- EBITDA margin sustained at above 40%
-- Net debt/adjusted inventory sustained at below 35% (with
investment property valued at cost)
-- Contracted sales/total debt sustained at above 1x
GENERAL STEEL: Receives Notice of Non-Compliance from NYSE
----------------------------------------------------------
The New York Stock Exchange notified General Steel Holdings, Inc.,
by a letter dated as of Jan. 9, 2015, that General Steel is not in
compliance with the continued listing standards set forth in
Section 802.01B of the NYSE's Listed Company Manual.
The Company is below NYSE minimum requirements for average market
capitalization over a 30 trading-day period of greater than $50
million and reported stockholders' equity of greater than $50
million.
In accordance with NYSE procedures, the Company has 45 days from
the date of receipt of the NYSE's notice to submit a business plan
to the NYSE demonstrating its ability to achieve compliance with
the continued listing standards of Section 802.01B within 18
months of the date of receipt of the NYSE's Notice. The Company
intends to provide the NYSE with the required response to the
NYSE's notice within 10 business days of its receipt, and submit a
business plan subsequently, stating its intent to cure this
deficiency. In the event the NYSE approves the Company's plan,
the Company's common stock will continue to be listed and traded
on the NYSE during this 18-month cure period, subject to NYSE's
discretion, under the symbol "GSI", but will continue to be
assigned a ".BC" indicator.
The Company's business operations and United States Securities and
Exchange Commission reporting requirements are not affected by the
receipt of the NYSE's notice. The Company intends to actively
monitor the closing price of its common stock during the cure
period and will evaluate available options to resolve this
deficiency and regain compliance with the applicable NYSE
regulations.
About General Steel Holdings
General Steel Holdings, Inc., headquartered in Beijing, China,
produces a variety of steel products including rebar, high-speed
wire and spiral-weld pipe. General Steel -- http://www.gshi-
steel.com/ -- has operations in China's Shaanxi and Guangdong
provinces, Inner Mongolia Autonomous Region and Tianjin
municipality with seven million metric tons of crude steel
production capacity under management.
The Company reported a net loss of $42.6 million in 2013, a net
loss of $232 million in 2012, a net loss of $283 million in 2011,
and a net loss of $46.3 million in 2010.
The Company's balance sheet at Sept. 30, 2014, showed
$2.76 billion in assets, $3.35 billion in liabilities, and a
$584 million total deficiency.
KEYUAN PETROCHEMICALS: Has $259-Mil. Working Capital Deficit
------------------------------------------------------------
Keyuan Petrochemicals, Inc., filed its quarterly report on Form
10-Q, reporting a net loss of $5.66 million on $136 million of
total revenue for the quarter ended Sept. 30, 2014, compared with
net income of $2.24 million on $150.3 million of total revenue for
the same period in 2013.
The Company's balance sheet at Sept. 30, 2014, showed $998 million
in total assets, $917 million in total liabilities, and
stockholders' equity of $63.4 million.
The Company reported net loss and cash flows used in operations of
$8.4 million and $2.2 million, respectively, for the nine months
ended Sept. 30, 2014 and net income and cash flows used in
operations of $4.1 million and $53.1 million, respectively, for
the year ended Dec. 31, 2013. At Sept. 30, 2014 and Dec. 31,
2013, the Company had a working capital deficit of $259 million
and $210 million, respectively. These factors raise substantial
doubt about the Company's ability to continue as a going concern,
according to the regulatory filing.
A copy of the Form 10-Q is available at:
http://is.gd/mxCHLW
Keyuan Petrochemicals, Inc., through its operating subsidiaries,
Ningbo Keyuan and Ningbo Keyuan Petrochemicals, are engaged in the
manufacture and sale of petrochemical and rubber products in the
People's Republic China. The Company's operations include
production facility with an annual petrochemical production
capacity of 720,000 metric tons of a variety of petrochemical
products, and facilities for the storage and loading of raw
materials and finished goods. It manufactures and supply's
petrochemical products, including BenzeneToluene-Xylene Aromatics
(BTX Aromatics), propylene, styrene, liquid petroleum gas (LPG),
Methyl Tertiary Butyl Ether (MTBE), Styrene butadiene styrene
(SBS), and other petrochemicals. Its BTX Aromatics consists of
benzene, toluene, xylene and other chemical components used for
further processing into plastics, gasoline and solvent materials
used in paint, ink, construction coating and pesticide.
* CHINA: Rated Developers' Bonds Due 2015 Well Funded, Fitch Says
-----------------------------------------------------------------
Fitch Ratings says that Chinese property developers rated by the
agency that have offshore bonds due in 2015 have ample liquidity
to redeem them or are in a position to refinance these maturities,
if they have not already done so.
Three Fitch-rated homebuilders have bonds due in 2015: Country
Garden Holdings Company Limited (BB+/Stable) has USD400m
(equivalent to CNY2.5bn) of bonds due in August 2015, Beijing
Capital Land Ltd (BB/Stable) has CNY2bn of offshore bonds due in
November 2015, and Sino-Ocean Land Holdings Limited (BBB-/Stable)
has CNY2.6bn of onshore bonds due in June 2015. Trade centre
developer China South City Limited (B+/Stable) has CNY2.2bn of
offshore bonds due in October 2015.
These maturities are small compared with the sales generated by
these companies. In December 2014 alone, Country Garden generated
contracted sales of CNY24.8bn, 10 times the amount of its 2015
bonds maturing. Beijing Capital Land's December sales of CNY4.8bn
was 2.4x its maturing 2015 bonds, and the corresponding number for
Sino-Ocean Land is almost 2.0x with CNY5.1bn in sales. China
South City does not report monthly sales, but its sales in the
quarter ending December 2014 was CNY2bn.
This shows that the Chinese developers with good-quality projects
can readily raise cash from property sales to service their debt
maturities. For example, in December 2014, homebuilder Evergrande
Real Estate Group Limited (BB-/Negative) redeemed USD1.35bn of
bonds originally due in January 2015 using cash on its balance
sheet.
These Chinese property developers typically hold large cash
balances to ensure unforeseen changes in sales trends do not
materially impact their liquidity profile. The unrestricted cash
positions as at June 2014 for Country Garden, Beijing Capital
Land, and Sino-Ocean Land were CNY15.9bn, CNY9.5bn and CNY11.8bn
respectively; while that for China South City as at September 2014
was CNY8.5bn. These amounts are materially larger than the amount
of their bonds due in 2015.
The companies also have a good amount of control over their
liquidity positions because cash outflows, mainly for land
acquisitions and development expenditure, are usually
discretionary items. Any uncertainty that causes sales
fluctuations -- and impacts liquidity -- is due to either
government policy changes or market imbalances. In most cases,
the companies can adjust their development pace in a matter of
months to improve their liquidity positions.
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I N D I A
=========
ABHIJEET GROUP: Offers to Pay Staff to Prevent Winding Up
---------------------------------------------------------
The Times India reports that facing a winding-up petition by
employees of two of its companies, Abhijeet Group has agreed to
clear the dues of the petitioners. The case was filed before the
Calcutta High Court and will be next heard on February 3.
Employees of two companies under the Abhijeet Group, who were
posted at Nagpur, had moved the court seeking the liquidation of
the businesses to clear their unpaid salaries, which had not been
paid since February 2013 in their case, according to The Times
India. Since the case will be now heard after three weeks, it is
expected the dues will be cleared within that period, said an ex-
employee involved in the petition, the report notes.
Winding up means the assets of the company have to be sold off to
pay the creditors in the prescribed order of preference. Abhijeet
Group's lawyer requested the court not to pass a winding up order
as the petitioner's dues shall be cleared, the report relates.
Rajendra Chauhan and Nitol Das, who worked for Corporate Power
Limited (CPL) and Corporate Ispat Alloys Limited (CIAL)
respectively, had filed a petition for winding up the two entities
before the Calcutta High Court, the report notes.
The report discloses that though the employees were posted in
Nagpur, the court in Kolkata had to be approached as the companies
are registered there. Almost all the companies in Abhijeet Group
are registered in Kolkata though their operations are controlled
from Nagpur, the report says. The employees have dues of INR6.5
lakh and INR17 lakh respectively.
However, even as the company agreed to pay the two employees,
others have also joined the petition, the report notes. Their
case will be heard during the next hearing.
In CPL's case, where the petition has been filed by Chauhan,
another employee has joined as a supporting creditor, the report
says. In CIAL, Das has been joined by 10 others. So, the case is
expected to go on.
Abhijeet Group, which was named in the coalgate scam, has emerged
as one of the biggest defaulters for the banking system. As the
banks have held up further financing to the companies, till the
CBI inquiry in coalgate continues, the company has run out of
cash, the report relays. The situation was so bad that salaries
could not be paid and many persons quit the organization.
Meanwhile, bankers are scouting for a strategic investor to take
over CPL, so as to clear their dues, the report discloses. This
company alone owes over INR4,500 crore to the banks, with the
group's total debt estimated to be over INR12,000 crore, the
report adds.
AIR INDIA: To Cut Costs by $227MM in Next FY to Reduce Losses
-------------------------------------------------------------
The Times of India reports that Air India is to cuts its costs by
INR14 billion ($227 million), or about 6 per cent of its total
outlays, in the next financial year after the government asked the
loss-making airline to improve its finances.
Air India, which controls close to a fifth of India's domestic air
travel market, has been losing money for years and has long been
criticized for its high costs, the report says. In 2012, the
government handed the company a $5.8 billion bailout package.
According to TOI, The airline said in a statement on Jan. 18 that
it would identify "surplus staff", freeze contractual hiring and
discontinue flights which are not meeting fuel cost targets, to
reduce its variable spending of 140 billion rupees by a tenth.
Restrictions on staff travel and hospitality have also been
introduced, Air India said, the report relays.
Air India Ltd -- http://www.airindia.com/-- is the flag carrier
airline of India owned by Air India Limited (AIL), a Government of
India enterprise. The airline operates a fleet of Airbus and
Boeing aircraft serving various domestic and international
airports. It is headquartered at the Indian Airlines House in
New Delhi.
As reported in the Troubled Company Reporter-Asia Pacific on
March 28, 2014, The Times of India said Air India got a breather
in the form of INR1,000-crore equity infusion from the government
on March 26. According to the report, the airline's unending
financial stress had got worse as the Centre had so far given
INR6,000 crore instead of the promised INR8,500 crore for the
fiscal. As a result, AI had to bridge this gap by borrowing money
from banks at 11%-12%, which increased its debt servicing burden,
the report said. Before the infusion, the government had injected
INR12,200 crore into AI and there was a shortfall in
equity to the tune of INR3,574 crore -- despite the airline
meeting most of the milestone-linked equity targets -- leading to
a liquidity crunch, the report related. TOI said the airline's
aircraft and working capital debt was INR26,033 crore and
INR21,125 crore respectively on December 31, 2013. The airline is
expected to lose INR3,990 crore this fiscal.
Air India has posted continuous losses since 2007, according to
The Economic Times.
ASOLUTION PHARMACEUTICALS: ICRA Rates INR30cr LT Loan at 'B+'
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR30.00
crore long-term, fund based facility and a short-term rating of
[ICRA]A4 to the INR0.50 crore1 short-term, non-fund based and
INR0.50 crore short-term, fund based facilities of Asolution
Pharmaceuticals Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, fund
based facilities 30.00 [ICRA]B+ assigned
Short-term, fund
based facilities 0.50 [ICRA]A4 assigned
Short-term, non fund
based facilities 0.50 [ICRA]A4 assigned
Rating Rationale
The ratings assigned take into account the long-standing
experience of the promoters of the company in the pharmaceutical
industry and the established relationship with the clientele,
which is expected to support scaling up of the revenue base
following the stabilisation of the plant.
Being a Greenfield project in its nascent stage of operations, the
company's ability to scale up its operations successfully with
adequate client and product diversity remains to be seen. The
ratings are, also constrained by the debt funded nature of the
project, although ~77% of the debts have been contributed by the
promoters and the Group Company.
The pharmaceutical Contract Manufacturing/ custom synthesis space
is generally characterised by high degree of competition. However,
given that the company intends to operate in niche, specialty
products, the competition in this remains to be seen.
ASolution Pharmaceutical Private Limited was incorporated under
the guidance of Dr. Laxmi Chodankar and Dr. Nandkumar Chodankar
who have nearly three decades of experience in the pharmaceutical
industry. The company is currently engaged in custom synthesis and
manufacturing of Specialty products for API for the international
regulated markets. Also, the setup for development and
manufacturing of specialty chemicals, API and formulations is
expected to be operational from February 2015. The company's
product profile comprises of niche, small volume products
depending on the requirements of the clients. The manufacturing
unit of the company is located in MIDC, Ambernath (Maharashtra).
Recent Results
As per September 2014 numbers (provisional), the company reported
a PBT of INR0.89 crore on an operating income of INR2.49 crore.
For the twelve months ending March 31, 2014 (Audited), Asolution
Pharmaceuticals Private Limited reported net loss of INR-0.22
crore on an operating income of INR0.24 crore as compared to a
Profit After Tax (PAT) of INR0.04 crore on an operating income of
INR0.72 crore for the twelve months ending March 31, 2013
(Audited).
BHUMYA TEA: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Bhumya Tea Company
Pvt Ltd (Bhumya) reflects its large working capital requirements
and the vulnerability of its operating profitability to
seasonality in production and high operating leverage. These
rating weaknesses are partially offset by the company's stable
business risk profile, supported by its promoters' extensive
experience in the tea industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL B+/Stable (Reaffirmed)
Term Loan 172.4 CRISIL B+/Stable (Reaffirmed)
CRISIL had upgraded its ratings on the bank facilities of Bhumya
Tea Company Pvt Ltd (Bhumya) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable' through its rating rationale dated December 23, 2014.
The rating upgrade reflects an improvement in Bhumya's liquidity
with continued fund support from its promoters; the promoters
infused equity of INR17 million and INR21.3 million in 2013-14
(refers to financial year, April 1 to March 31) and 2012-13,
respectively, and had extended unsecured loans, the balance of
which stood at INR197 million as on March 31, 2014, against INR133
million a year earlier. The rating upgrade also factors the
improvement in Bhumya's financial risk profile, with its gearing
expected to improve to between 2.3 and 2.5 times from 3.2 times
over the short term driven by the likely increase in equity by
INR50 million and modest accretion to reserves. CRISIL believes
Bhumya's liquidity will be supported over the medium term by funds
from its promoters in the form of equity and unsecured loans.
CRISIL has treated unsecured loans of INR197.3 million extended to
Bhumya by its promoters, their group companies, friends, and
family members as neither debt nor equity. This is based on the
management's assurance that the loans will be retained in the
business over the medium term.
Outlook: Stable
CRISIL believes that Bhumya will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves on account of improvement in capital
structure or better profitability, leading to increase in its net
cash accruals. Conversely, the outlook may be revised to
'Negative' in case of weakening of Bhumya's financial risk
profile, particularly its liquidity, most likely because of low
cash accruals, a stretch in its working capital cycle, or large
debt-funded capital expenditure.
Bhumya was a proprietorship concern and was taken over by Mr.
Sanjay Prakash Bansal in 2003. The company is engaged in
plantation and processing of organic Assam tea and its tea estate,
Jamguri Tea Estates, is in Golaghat (Assam). Bhumya also
manufactures conventional tea by purchasing leaf from other tea
estates.
BIVAB DEVELOPERS: CRISIL Ups Rating on INR28.7MM Term Loan to B
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Bivab Developers Pvt Ltd (BDPL) to 'CRISIL B/Stable' from 'CRISIL
D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 21.3 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Term Loan 28.7 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects sharp and sustainable improvement in
BDPL's liquidity resulting from full repayment of its debt with
the surplus generated from its completed projects. The company
subsequently availed of a lease rental discounting loan with
monthly debt payment obligations that are sufficiently covered by
the rentals received from its properties, ensuring timely
repayment. The upgrade also factors in CRISIL's belief that BDPL
will prudently fund the cost of constructing the ongoing real
estate project, Bivab Angan, such that the company's liquidity and
capital structure are not adversely affected.
The rating reflects BDPL's exposure to risks and cyclicality
inherent in the real estate sector and implementation-related
risks associated with its ongoing project, which can affect its
saleability, and therefore, its operating cash flows. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the real estate business, the favourable
location of ongoing project, and the long-term nature of its
existing lease rental agreements.
Outlook: Stable
CRISIL believes that BDPL will continue to benefit over the medium
term from its promoters' extensive experience in the real estate
industry and their funding support. The outlook may be revised to
'Positive' in case of further improvement in the company's
liquidity, with a significant increase in customer bookings
leading to sizeable cash flows. Conversely, the outlook may be
revised to 'Negative' if BDPL's liquidity weakens in case of
discontinuation of any lease arrangement or poor response to its
ongoing project.
BDPL was formed in 1997 by Mr. Binay Krishna Das in Odisha. The
company develops and constructs residential buildings.
CERTA INFRASTRUCTURE: CARE Rates INR50cr LT Loan at 'B+'
--------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Certa
Infrastructure Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 50 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Certa Infrastructure
Pvt. Ltd. (CIPL) is constrained by the nascent stage of the
project leading to execution and offtake risk, funding risk owing
to high dependence on customer advances, financial closure yet to
be achieved and inherent risks associated with the real estate
industry. The rating, however, derives strength from the
promoters' experience in real estate consulting & sales, major
approvals in place and reasonable booking status for the project.
Going forward, timely execution and saleability of the project and
timely recovery of sales receipts/advances from the customers
would be the key rating sensitivities.
Incorporated in September 2012, CIPL is a special purpose vehicle
promoted by the Noida-based Proplarity group for development of
residential real estate project by the name of "Aruba" in Lucknow.
The Proplarity group is promoted by Mr Saurabh Pandey, Mr
Satyendra Tomar and Mr Pawan Jasuja for development of
residential, commercial and retail real estate projects. The group
is currently developing two residential/group housing projects and
two commercial project involving development of about 22.10 lakh
sq. ft of saleable area in Lucknow and Noida.
Aruba is a mid-segment and luxury residential project located at
Awadh Vihar Yojna, Lucknow. The project is spread across 2.04
acres of land and consists of six towers having 250 units (2BHK,
3BHK & 4BHK). The project has amenities like spa, pool, gymnasium,
floating cabana, infinity pool and scented garden. The company has
sold about 1.41 lsf (as on September 30, 2014) out of the total
saleable area of 4.50 lsf.
CHANDAN TRADING: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR7.00 crore cash credit facility of Chandan Trading Company
Private Limited. ICRA has also reaffirmed the short term rating of
[ICRA]A4 assigned to the INR7.00 crore fund based bank facilities
(sub-limit of cash credit limit) of CTCPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit-
Cash Credit 7.00 [ICRA]B+ reaffirmed
Fund Based Limit-
PCL/FBD/FBP (7.00) [ICRA]A4 reaffirmed
The reaffirmation of the ratings factor in CTCPL's modest size of
current operations, concentrated clientele profile with top three
customers accounting for around 58% of total sales in 2013-14, and
weak financial risk profile as reflected by its thin margins,
stretched capital structure and weak debt coverage indicators. The
ratings also take into account the intense competition in the
business due to low entry barriers resulting from its trading
nature, thus exerting pressure on margins. ICRA also takes note of
the vulnerability of earnings to any fluctuations in availability
and prices of traded materials, which are influenced by the agro-
climatic conditions, crop harvest and changes in regulations.
The ratings, however, positively consider the long experience of
the promoters in agro commodities trading business, favorable
location of the company in Chhattisgarh with proximity to major
agro commodities cultivated in the region, mainly tamarind and
maize; and steady revenue growth witnessed in the past few years,
which is also likely to continue in the current fiscal mainly
driven by the contract entered with the State Government for
supplies of agro commodities for one year.
Incorporated in 2011, CTCPL is primarily engaged in trading of
maize and tamarind; and other agro-products including amchur,
rice, etc. The company was promoted by the Somani family of
Jagdalpur, Chhattisgarh. The promoters of CTCPL had been engaged
in agro trading business since 1988 through a proprietorship firm
namely, Chandan Trading Company (CTC), which currently stands
discontinued with the commencement of operations of CTCPL from
April 2011.
Recent Results
During 2013-14, CTCPL reported a net profit of INR0.47 crore on an
operating income of INR73.15 crore as compared to a net profit of
INR0.32 crore on an operating income of INR65.78 crore in 2012-13.
DHANLAXMI COTEX: CRISIL Assigns B Rating to INR80MM Cash Credit
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Dhanlaxmi Cotex (DC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B/Stable
Cash Term Loan 20 CRISIL B/Stable
The rating reflects the firm's modest scale of operations in the
highly competitive cotton industry, its large working capital
requirements, and expected average financial risk profile marked
by average gearing and weak debt protection metrics. These rating
weaknesses are partially offset by the extensive industry
experience of DC's promoters and the benefits expected from the
proximity of the firm's unit to the cotton-growing belt in
Gujarat.
Outlook: Stable
CRISIL believes that DC will benefit over the medium term from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm reports substantial revenue
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
considerable decline in revenue and profitability, or
deterioration in working capital management impacting its
liquidity, or large debt-funded capital expenditure, weakening its
financial risk profile.
Set up in 2013, DC is a partnership firm promoted by the Patel
family. The firm undertakes cotton ginning and pressing operations
at its production facility in Kadi (Gujarat). DC started its
commercial production in October 2014.
EXPAT ENGINEERING: CARE Revises Rating on INR11cr LT Loan to B
--------------------------------------------------------------
CARE revises/reaffirms the ratings to bank facilities of Expat
Engineering India Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 11 CARE B Revised from
CARE B+
Short-term Bank Facilities 7 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating of Expat Engineering India
Limited (EEIL) factors in the significant deterioration in the
capital structure, debt coverage indicators and liquidity position
with elongation of collection period due to related party
transactions. The ratings continue to be constrained by
implementation risk associated with its ongoing projects, high
dependence on projects from its group companies, risks inherent
to the real estate sector and competition from other real estate
players. The ratings, however, continue to derive strength from
the long-standing experience of the promoters and growth in
operating income over the last three years ending FY14 (refers to
the period April 1 to March 31) along with infusion of funds.
The ability of the company to complete its projects in a timely
manner, broaden its clientele base by bagging new orders, improve
its capital structure and liquidity position through effectively
manage its working capital requirements are the key rating
sensitivities.
EEIL was originally a division of Expat Properties India Limited,
established in 1999 and part of the Expat group.
Later in 2007, this division was demerged into a separate entity,
EEIL. This restructuring was done in order to expand the
operations for construction of residential buildings other than
the group projects.
EEIL, promoted by Mr Santosh Balakrishna Shetty and several
others, is engaged in executing contracts for land &
infrastructure development and construction of residential &
commercial buildings for projects belonging to the Expat group as
well as others. In 2010, EEIL entered into a strategic alliance
with a US-based firm, TMAD-Taylor & Gaines, in order to execute
the international projects. However, no international project
has been executed till now.
The group consists of two other entities, Expat Projects and
Development Private Limited and Expat Properties India Limited,
which are engaged in the real estate business and land purchase
and development of plots business, respectively.
During FY14, EEIL reported a PAT of INR1.10 crore on a total
operating income of INR46.71 crore as against a PAT of INR0.69
crore on a total operating income of INR39.04 crore in FY13.
GOLDEN CELLAR: ICRA Suspends B+ Rating on INR5cr Line of Credit
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ rating
assigned to the INR05.00 crore line of credit of Golden Cellar
Private Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.
Promoted by Mr. Ravi Jain, Golden Cellar private Limited was
incorporated as a Private Limited Company in December 1991. It was
taken over by Mr. Rakesh Dutt in the year 1994. Golden cellar
Private Limited is engaged in the distribution of well known beer
and IMFL brands for established companies like United Breweries
Limited and Khoday India Limited in Mumbai region. The company has
its registered office in Mumbai and a warehouse at Kurla, Mumbai.
JAI SAKTHI: CARE Reaffirms B+ Rating on INR26.58cr LT Loan
----------------------------------------------------------
CARE reaffirms the rating to the bank facilities of Jai Sakthi
Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 26.58 CARE B+ Reaffirmed
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 capital
or the unsecured loans brought in by the partners in addition to
the financial performance and other relevant factors.
Rating Rationale
The rating of Jai Sakhti Mills (JSM) continues to be constrained
by the limited operational track record of the firm, profitability
susceptible to the volatile raw material prices and the working
capital-intensive nature of operation. The rating is further
constrained by the debt-funded capex carried out in 9MFY15, and
the constitution of the entity as a partnership firm with inherent
risk of withdrawal of the capital.
The rating also factors in the satisfactory financial performance
of the firm in FY14 (refers to the period April 1 to March 31)
marked by healthy growth in the income, albeit on low base,
moderate gearing and coverage indicators as well as moderate
operating cycle. The rating also factors in favourable demand
scenario for yarn and cloth.
Going forward, the ability of the firm to effectively utilise the
additional capacity, achieve the envisaged scale of operations and
effectively manage the raw material price risk will be the key
rating sensitivities. Furthermore, the ability of the firm to
prudently manage its working capital requirements will also be a
key rating sensitivity.
JSM is a partnership concern, established in April 2010, for the
production of yarn and cloth in Sulur, Coimbatore, in Tamil
Nadu. JSM presently has 10 partners, all belonging to the same
family. The main partners, managing operations are Mr M.S. Senthil
Kumar and Mr S. Prakash Kumar. In FY14, the firm admitted 7
partners from the family in order to infuse more capital to
support the operations. The family was originally involved in
agricultural operations and trading in coconuts. In 2010, the
family decided to venture into the production of yarn and cloth.
Mr S. Prakash Kumar worked in a textile mill for a period of 1
year before constituting the partnership business under the name
JSM. Although established in April 2010, JSM commenced its
commercial production of yarn and cloth from June 2012. As of
November 30, 2014, JSM has 18,000 spindles. The entire cloth
manufacturing is completely outsourced to other units
wherein the yarn is supplied by JSM. Essentially, the firm
operated only for about 9 months in FY13. FY14 is the first full
year of operations for the firm. Presently, the firm operates in
three shifts.
The raw material cotton (Sankar-6 variety) is purchased from
around 10 suppliers from Gujarat, on cash basis depending
upon the price and requirement of the cotton. JSM produces yarn
varieties in the count of 25s, 30s and 34s semi-combed
hosiery yarn, which are used in making cloth used in manufacturing
men's vests and T-Shirts. JSM has a production capacity of 46.80
lakh kg of yarn per annum. The yarn and cloth are supplied to
around 60 customers in Tirupur, Tamil Nadu.
JSM has achieved a PAT of INR0.8 crore on a total operating income
of INR39.5 crore in FY14 as compared with a PAT of INR0.03 crore
on a total operating income of INR15.2 crore in FY13.
JAY BHARAT: ICRA Reaffirms B+ Rating on INR13cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR13
crore cash credit facility and INR1.95 crore term loans of Jay
Bharat Spices Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 13.00 [ICRA]B+ reaffirmed
Term Loans 1.95 [ICRA]B+ reaffirmed
The rating reaffirmation takes into account JBSPL's weak financial
profile with nominal profits and cash accruals, high gearing and
depressed debt coverage indicators and the company's weak cash
flows on account of higher working capital requirements to support
increasing turnover and regular capital expenditure. ICRA also
notes the risks associated with JBSPL's operations being entirely
dependent on agricultural commodities, exposing it to agro-
climatic risks and a highly competitive nature of the industry
characterised by a large number of organised and unorganised
players. However, the rating derives support from the experience
of the promoters in the spices procurement and grinding business,
an established brand name and growth in turnover during the past
five years.
JBSPL was incorporated in 2003 by the Panda family based at
Cuttack, Orissa. The company is currently engaged in procuring
whole spices and grinding them into powder. The produce is
marketed by JBSPL under the brand name Bharat. JBSPL's product
portfolio includes spices like haldi, mirch, jeera, and dhania.
Recent Results
JBSPL reported a profit after tax of INR0.31 crore (provisional)
during FY14 on an OI of INR100.00 crore (provisional) as against a
net profit of INR0.19 crore and an OI of INR76.05 crore during
FY13.
JAYSHREE CHEMICALS: ICRA Suspends D Rating on INR105.84cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR105.84
crore bank lines of Jayshree Chemicals Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the entity.
JET AIRWAYS: Taps Former AI Official as Head of Operations
----------------------------------------------------------
The Times of India reports that Jet Airways has roped in former
Air India official KM Unni to head its operations.
According to the report, sources said Mr. Unni, who retired from
the national carrier in 2013 moved to the Naresh Goyal-promoted
airline last month to handle its operations, and engineering and
maintenance services.
Prior to his retirement, Mr. Unni was the head of the airline's
special business unit for MRO besides holding the charge of its
ground handling subsidiary, Air India Air Transport Services
Limited (AIATSL), the report discloses.
He also held the charge of chief operating officer at Air India,
though for a brief period, after the government removed the then
expat COO Gustav Baldauf in March 2011 from the post, the report
adds.
Mr. Unni also served Air India Board as its member for seven
years, the report notes.
Jet Airways (along with Jet Lite (India) Limited -- its wholly-
owned subsidiary) currently provides scheduled services to around
56 destinations in India and 20 international destinations. The
Company's fleet stands at 113 aircraft as on March 2014.
As reported in the Troubled Company Reporter-Asia Pacific on
Sept. 23, 2014, ICRA upgraded the long-term rating assigned to the
INR3,210.0 crore, long-term, fund-based bank facilities of Jet
Airways (India) Limited to [ICRA]C from [ICRA]D. ICRA has also
upgraded the short-term rating assigned to the INR4,250.0 crore,
short-term, fund-based/ non-fund based bank facilities of Jet
Airways to [ICRA]A4 from [ICRA]D.
The ratings upgrade reflects the regularisation of debt servicing
obligations by the Company for the last three months, as confirmed
by the lead banks and the management. As indicated by the
management, the delays in receipt of equity infusion from Etihad
Airways PJSC on the back of delays in receipt of regulatory
approvals, in an already weak operating environment, had impacted
the liquidity profile of the Company, resulting in delays in debt
servicing in the past. Improvement in the ratings from current
levels would depend on a sustainable improvement in liquidity and
credit profile of the Company, which may arise from improved
operating performance or support from its strategic partner.
LAL BABA: ICRA Reaffirms D Rating on INR13.50cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D assigned to
the INR24.50 crore fund based bank facilities of Lal Baba Seamless
Tubes Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit- 11.00 [ICRA]D reaffirmed
Term Loan
Fund Based Limit- 13.50 [ICRA]D reaffirmed
Cash Credit
Non Fund Based Limit- (1.20) [ICRA]D reaffirmed
Bank Guarantee
The rating reaffirmation primarily takes into account LBST's
continued delays in servicing of debt obligations on account of
high level of debt needed to fund the loss making operations of
the company. The rating also factors in LBST's weak financial
profile characterized by losses suffered by the company during the
past few years, leading to weak coverage indicators and sub-
optimal level of capacity utilization. LBST also remains exposed
to volatility in steel prices, given the company's nature of
business of holding high inventory levels and vulnerability of the
company's profitability to volatility in foreign currency rates,
given exports constitute a significant portion of company's
turnover in 2013-14. The rating, however, favourably factors in
the experience of the promoters in the steel industry and
significant increase in the company's exports during 2013-14
resulting in increased operating margin; however, absolute scale
of operations remains moderate. In ICRA's opinion, the ability of
the company to service its debt obligations in a timely manner
would remain a key rating sensitivity going forward.
Incorporated in 2006, Lal Baba Seamless Tubes has been promoted by
Mr. Murari Lal Dhanuka and Mr. Babulal Dhanuka, who have around 40
years of experience in the steel industry. The company is engaged
in the manufacturing of alloy and carbon steel seamless tubes with
an installed capacity of 36,000 metric tonnes per annum (MTPA) at
its manufacturing facility in Haldia, West Bengal. The
manufacturing facility became operational in March, 2010 prior to
which LBST was engaged in trading of seamless tubes. The company
is an ISO certified organization and its products have been
approved by Engineers India Limited (EIL), Indian Boiler
Regulation (IBR), and Bureau of Indian Standards (BIS) among
others.
Recent Results
In 2013-14, the company reported a net loss of INR4.07 crore on an
operating income of INR53.46 crore, as compared to a net loss of
INR4.25 crore on an operating income of INR57.96 crore in 2012-13.
LIBRA HYUNDAI: CRISIL Reaffirms B+ Rating on INR61MM Bank Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Libra Hyundai
(Libra) continues to reflect Libra's weak financial risk profile,
marked by a small net worth and weak debt protection metrics, and
exposure to intense competition in the automobile dealership
business. These rating weaknesses are partially offset by the
extensive industry experience of Libra's proprietor.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 61 CRISIL B+/Stable (Reaffirmed)
Term Loan 24 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Libra will maintain its established market
position over the medium term, supported by its strong
relationship with its principal, Hyundai Motor India Ltd
(Hyundai). The outlook may be revised to 'Positive' if the firm
registers improvement in its revenue and profitability, while
maintaining a comfortable total outside liabilities to tangible
net worth (TOLTNW) ratio. Conversely, the outlook may be revised
to 'Negative' if Libra's revenue and profitability decline
substantially, or if it undertakes any large, debt-funded capital
expenditure (capex) programme, resulting in deterioration in its
financial risk profile, particularly its liquidity.
Update
Libra's revenue declined to INR356 million in 2013-14 (refers to
financial year, April 1 to March 31) from INR420 million in 2012-
13, on account of subdued demand scenario. The firm has registered
revenue of INR298 million for April 2014 to September 2014, and is
expected to achieve revenue of INR600 million for 2014-15. Libra's
operating margin improved to 5.2 per cent in 2013-14 from 3.8 per
cent in 2012-13, on account of the firm's increased contribution
from higher-margin-generating service income and higher incentives
availed from Hyundai.
Libra has moderate working capital requirements, as reflected in
its gross current assets (GCAs) of 107 days as on March 31, 2014
(81 days as on March 31, 2013). The GCA days have increased mainly
because of increase in inventory of 73 days as on
March 31, 2014 (46 days as on March 31, 2013). Libra's bank lines
were utilised around 76 per cent during the 12 months through
September 2014. CRISIL believes that Libra's working capital
requirements will remain moderate, over the medium term
Libra's financial risk profile has been weak, with a net worth of
INR54.9 million, and a TOLTNW ratio of 2.14 times, as on
March 31, 2014. Moreover, its interest coverage ratio declined to
1.58 times in 2013-14 from 1.80 times in 2012-13. In 2014-15, the
firm plans to open a second showroom in Dhanbad (Jharkhand) and
has taken a term loan of INR200 million for the same. Given
Libra's modest net worth, low profitability, and debt-funded capex
plan, CRISIL believes that the firm's financial risk profile will
remain weak over the medium term.
Set up as a proprietorship concern by Mr. Sheo Narayan Singh in
Dhanbad, Libra is an authorised dealer of passenger cars
manufactured by Hyundai. The firm started operations in 2004 as a
dealer for Hyundai, with one showroom. Currently, Libra has one
showroom and a workshop and plans to start another showroom and
workshop.
MODERNA JYOTI: CARE Rates INR7cr LT Bank Loan at 'B+'
-----------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Moderna
Jyoti Products Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Moderna Jyoti
Products Private Limited (MJP) are primarily constrained by its
nascent stage of operation, susceptibility of profitability to
volatility in raw material price, high working capital intensity
of the operations and pricing constraints owing to its presence in
a highly fragmented industry.
The aforesaid constraints are partially offset by the experience
of the promoters in the industry, presence of established brand
and moderate marketing & distributorship network.
Going forward, MJP's ability to achieve envisaged sales and
profitability with effective working capital management would be
the key rating consideration.
MJP was incorporated in December 2011, and is promoted by Mr
Yashwant Jain and Mr Pankaj Agarwal of Patna, Bihar. In April
2014, the company has acquired 'Moderna' plastic-moulded furniture
brand of VIP Industries Ltd. (VIP), whereby it markets and sells
plastic-moulded chairs under the 'Moderna' brand. The company does
not have its own manufacturing facility and is outsourcing the
same on a job-work basis from VIP and Jyoti Moulders Pvt. Ltd.
(JMP; associate concern).
The company commenced operations from May 2014. In the first six
months of operations in FY15 (till October 2014), the company has
stated to have achieved a total operating income of INR6.39 crore.
MULCHAND FIBER: ICRA Suspends B Rating on INR13cr LT Loan
---------------------------------------------------------
ICRA has suspended [ICRA]B rating assigned to the INR13.00 crore,
long term fund based facilities of Mulchand Fiber Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
Incorporated in 2012, MFPL is a project company. The Company has
been incorporated to set up an integrated project of Cotton
Ginning & Pressing mill with capacity of 160 bales per day
production. Mr. Ashok Agrawal and Mrs. Chhaya Agrawal are the
directors of MFPL. Presently Mr. Ashok Agrawal is heading Cotton
Ginning & Pressing Association, Jalna as President. The Company is
promoted by Mulchand Phulchand Krishi Udyog Private Limited which
is a holding company having 51% equity stake in MFPL.
OM SOKHAL: CARE Assigns B+ Rating to INR16.90cr LT Bank Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of OM Sokhal
Builders And Construction Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 16.90 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Om Sokhal Builders
and Construction Private Limited (OBCPL) is primarily constrained
on account of its relatively low booking status, project
implementation and saleability risks associated with its
ongoing real estate residential project. The rating is, further,
constrained on account of OBCPL's small scale of operations
with fluctuating profitability margins, weak solvency and
liquidity position and inherent risks associated with the real
estate sector.
The rating, however, favourably takes into account the vast
experience of management in the construction industry, moderate
booking advances of its real estate residential project and
moderate order book pertaining to construction business.
The ability of OBCPL to successfully complete its on-going project
within envisaged time and cost parameters, sale of units at
envisaged price and timely receipt of the booking advances are the
key rating sensitivities.
OBCPL was initially incorporated in December 2006 with the name of
Sokhal Builders & Construction Private Limited. Later on, in the
year 2011, the name of the company was changed and assumed its
current name OBCPL. OBCPL is a flagship company of the OSD group,
incorporated with the objective to provide complete construction
services. OBCPL is an ISO: 9001 2008 certified company and it is
registered as 'AA' class contractor with Public Works Department
(PWD) of Rajasthan Government. The company has executed some
turnkey projects which include "Jankidevi Public School" at
Jaipur, "Birla International School" and "Presidency School" at
Kishangarh. OBCPL has also executed residential project "Arpan the
Villas" owned by Manglam Build Developers Limited (MBDL). OBCPL
has received a project from Prem Sagar Infra Projects Private
Limited' (PSIPPL) for construction of residential buildings at
Jaipur.
Furthermore, OBCPL entered into real estate segment with its own
residential project Aradhana Residency (AR) which is under
execution.
During FY14, OBCPL reported a total operating income of INR13.58
crore (FY13: INR13.55 crore) with a PAT of INR0.44 crore
(FY13: INR0.26 crore).
OXIVE ENVIRONMENTAL: CARE Assigns B+ Rating to INR6.2cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities
of Oxive Environmental Management Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.20 CARE B+ Assigned
Short- term Bank Facilities 0.80 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Oxive Environmental
Management Private Limited (Oxive) are primarily constrained on
account of short track record of the entity, small scale of
operations and very low networth base. The ratings are also
constrained by its presence in highly competitive and fragmented
nature of business and customer concentration risk.
However, the ratings derive strength from extensive industry
experience of its promoter and strong order book on hand. The
ability of Oxive to increase its scale of operations with timely
execution of existing order book along with diversification of its
customer base with further strengthening of order book and
efficient management of working capital requirements are the key
rating sensitivities.
Incorporated in 2012, Vadodara-based (Gujarat) Oxive is a waste
management company engaged into the field of water treatment and
purification of plants. Oxive is jointly owned by Mr Suketu Y Shah
and two companies, namely, M/s Subhash Systems Pvt ltd and M/s
Technomechanical Services Pvt Ltd, which are owned by SPL
Infrastructure limited During FY14 (refers to the period April 1
to March 31), Oxive earned a net profit of INR0.04 crore on a
total operating income (TOI) of INR2.34 crore as against a net
loss of INR0.04 crore on a TOI of INR0.05 crore in FY13.
PRINTWELL OFFSET: CARE Reaffirms B Rating on INR8.88cr LT Loan
--------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Printwell
Offset.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.88 CARE B Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Printwell Offset
(PWO) continues to remain constrained on account of its modest
networth base, short track record of operations, cash loss
incurred during FY14 (refers to the period April 1 to March 31)
due to foreign exchange rate fluctuation, working capital
intensive operations and its presence in the fragmented &
competitive printing and packaging industry. The rating further
continues to remain constrained due to its partnership nature of
constitution, weak liquidity position, leveraged capital structure
and weak debt coverage indicators. The rating continues to derive
strength from the promoters' long experience in the printing and
packaging industry.
The ability of PWO to increase its scale of operations, improve
profitability and capital structure along with efficient
management of working capital requirements are the key rating
sensitivities.
Rajkot-based PWO was established in October 2011 by four partners
viz. Mr Kakadiya Jitendrabhai Jadavbhai, MrKakadiya Dharmeshbhai
Chhaganbhai, Ms Kakadiya Jayshreeben Mukeshbhai and Ms Kakadiya
Hiralben Hiteshbhai. The unit started its operations from January
2013 and is engaged in the manufacturing of paper packaging items
and various forms of printing like catalogue printing, UV
printing, emboss printing, 3D printing, coated printing, printing
on boxes etc. as per the requirement of its customers. FY14 was
the first full year operations of PWO. The production capacity of
PWO for printing the papers and manufacturing the box was 15,000
numbers per day as on March 31, 2014.
During FY14, PWO registered a total operating income (TOI) of
INR11.44 crore with net loss of INR3.66 crore as compared
with TOI ofINR6.22 crore with net loss of INR0.80 crore during
FY13.
PROPLARITY HOMES: CARE Assigns B+ Rating to INR50cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of
Proplarity Homes Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 50 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Proplarity Homes
Pvt. Ltd. (PHPL) is constrained by the nascent stage of the
project leading to execution and offtake risk, funding risk owing
to high dependence on customer advances, financial closure yet to
be achieved and inherent risks associated with the real estate
industry. The rating, however, derives strength from the
promoters' experience in real estate consulting & sales, major
approvals in place and reasonable booking status for the project.
Going forward, timely execution and saleability of the project and
timely recovery of sales receipts/advances from the customers
would be the key rating sensitivities.
Incorporated in 2013, PHPL is a special purpose vehicle promoted
by the Noida-based Proplarity group for development of residential
real estate project by the name of "Pratham" in Lucknow.
The Proplarity group is promoted by Mr Saurabh Pandey, Mr
Satyendra Tomar and Mr Pawan Jasuja for development of
residential, commercial and retail real estate projects. The group
is currently developing two residential/group housing projects and
two commercial project involving development of about 22.10 lakh
sq. ft of saleable area in Lucknow and Noida.
Pratham is an affordable and mid-segment residential project
located at Bijnore, Lucknow. The project is spread across 6.96
acres of land and consists of seven towers having unit sizes from
950 to 1,800 sq. ft. (2BHK & 3BHK). The company has sold about
2.74 lsf (as on September 30, 2014) out of the total saleable area
of 6.50 lsf.
R.I.COTTON: CARE Reaffirms B+ Rating on INR13.87cr LT Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
R.I. Cotton Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.87 CARE B+ Reaffirmed
Short-term Bank Facilities 1 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of R.I.Cotton Private
Limited (RICPL) continues to remain constrained on account of its
thin profitability which is further susceptible to volatile cotton
prices. The rating is further constrained on account of its high
leverage, working capital intensive operations, impact of
regulatory changes by the government for cotton and its presence
in a highly competitive and fragmented cotton ginning business
which entails low value addition.
The ratings, however, continue to take into consideration the vast
experience of the promoters in the cotton ginning industry along
with its presence in the cotton producing region of Gujarat.
RICPL's ability to increase its scale of operations along with
improvement in its profitability and efficient management of
working capital requirements would be the key rating
sensitivities.
Incorporated in June 2010, RICPL is a private limited company.
Promoted by the Patel family based out of Kadi (Gujarat),
RICPL is engaged in cotton ginning and pressing at its sole
manufacturing facility located at Kadi with an installed capacity
of 22,500 Metric Tonne per Annum (MTPA) as on March 31, 2014. Mr
Niranjan R. Patel, key promoter and director, is actively involved
in the strategic and routine operations of the company.
RICPL belongs to the Vaibhav Laxmi Group (VLG), which has presence
across cotton processing value chain. VLG is primarily present in
cotton ginning , manufacturing, trading and exports of cotton
bales, cotton seeds, cotton seeds cakes through Vaibhav Laxmi
Exports Pvt. Ltd. (VLEPL; rated: CARE A4) and Vaibhav Laxmi
Industries (VLI; rated CARE B/CARE A4). VLG is also setting up a
spinning unit to produce cotton yarn through its group concern
VaibhavLaxmi Spinning Mills Ltd. (VLSML; rated CARE BB-/ CARE A4).
As per the audited results for FY14 (refers to the period April 1
to March 31), RICPL earned a PAT of INR0.06 crore on a TOI of
INR101.78 crore as against a PAT of INR 0.07 crore on a TOI of
INR118.31 crore in FY13. Furthermore, as per the provisional
results for H1FY15, RICPL has registered a TOI of INR27.76 crore
with a PBT of INR0.07 crore.
S.J. RETAIL: CRISIL Ups Rating on INR110MM Cash Loan to B+
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
S.J. Retail Pvt Ltd (SRPL) to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 110 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Cash Credit
Limit 70 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term
Bank Loan Facility 6.4 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 63.6 CRISIL B+/Stable(Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects sustained improvement in SRPL's
business risk profile, marked by a sharp increase in its turnover
and its cash generation from business while maintaining its
working capital management. The company's turnover increased by
more than 50 per cent year-on-year to INR736 million in 2013-14
(refers to financial year, April 1 to March 31), and is expected
to increase to over INR1.2 billion in 2014-15. Its cash generation
from business has doubled to INR19.8 million in 2013-14 from INR9
million in 2012-13. The upgrade also factors in the funding
support from its promoters, with equity infusion of INR40 million
in 2013-14 and INR30 million in the current year; this has
resulted in a comfortable overall financial risk profile. CRISIL
believes that SRPL will maintain its stable business risk profile,
while its promoters funding support will ensure continuation of
the sharp growth in its business without pressure on its
liquidity, over the medium term.
The rating reflects SRPL's exposure to risks related to its
presence in the highly competitive ready-made garment retailing
industry and its working-capital-intensive operations. The rating
is also constrained by the company's weak financial risk profile,
marked by a high total outside liabilities to tangible net worth
ratio and a low interest coverage ratio. These rating weaknesses
are partially offset by the extensive industry experience of the
company's promoters, its increasing number of showrooms across
India, and the established brands showcased in its stores.
Outlook: Stable
CRISIL believes that SRPL will continue to benefit over the medium
term from its promoters' extensive industry experience and its
increasing number of showrooms across India. The outlook may be
revised to 'Positive' in case of sustained increase in the
company's topline and profitability, or an improvement in its
working capital cycle, leading to better liquidity. Conversely,
the outlook may be revised to 'Negative' if SRPL's financial risk
profile, particularly its liquidity, weakens, most likely because
of large working capital requirements or debt-funded capital
expenditure, or low cash accruals.
SRPL, incorporated in September 2011, retails ethnic wear (for
women, men, and children) under the retail chain, Ethnicity; it
has a presence across Maharashtra, Gujarat, Tamil Nadu, Andhra
Pradesh and Karnataka. The company's operations are managed by Mr.
Sunil Biyani.
SRPL reported a profit after tax (PAT) of INR5.1 million on net
sales of INR738.8 million for 2013-14, as against a PAT of INR2.7
million on net sales of INR487.9 million for 2012-13.
SAHARA HOSPITALITY: CARE Revises Rating on INR629.33cr Loan to D
----------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Sahara
Hospitality Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 629.33 CARE D Revised from
CARE BB
Short term Bank Facilities 20 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings takes into account the stressed
liquidity position resulting in delays in servicing the bank
longterm loan obligations.
Sahara Hospitality Limited (SHL) is a 100% subsidiary of one of
the Sahara Group companies viz Sahara Prime City Limited (SPCL).
SPCL, the real estate company of the Sahara Group, has developed
residential projects which include townships, premium group
housing projects, hospitals and hotels. The flagship project of
SPCL is 'Sahara City Homes', a chain of townships proposed to be
developed across 217 cities in India. Sahara Group is promoted by
Mr Subrata Roy having interests in finance, infrastructure and
housing, media & entertainment, consumer products, manufacturing,
services and trading.
SHL operates Sahara Star Hotel in Mumbai, the construction of
which was planned in three phases. Phase-I of the project was
completed in October 2007 wherein 223 rooms and 9 specialty
restaurants outlets where constructed. Phase II and III includes
construction of 209 rooms (186 rooms in phase-II and remaining in
phase-III), new restaurants, banquets and conference facilities,
meeting rooms, swimming pool (4,100 sq ft), internationally
branded salon, preview theatre, gymnasium, health clubs, squash
and badminton courts, a 5-floor tower with banquet hall, business
centres, night clubs, event hall (25 ft height), entertainment
zone and pent house etc.
The development of phase-II and phase-III of the project has been
delayed. SHL is facing liquidity stress since the project loans to
the extent of INR165 crore have not been disbursed by the banks.
Moreover, the project cost has been increased substantially from
nearly INR840 crore to INR1,225 crore. With part of the project
being non-operational, SHL has not been able to generate revenues
as envisaged.
As on September 30, 2014, SHL has incurred a total cost of
INR1,083.30 crore towards Phase II and III of the project funded
by term loan from banks of INR389.25 crore and the balance
INR694.05 crore is infused by the group companies.
SAIDRISTI SUITINGS: CARE Reaffirms B+ Rating on INR5.41cr Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Saidristi Suitings Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.41 CARE B+ Reaffirmed
Rating Rationale
The rating continues to remain constrained on account of the
relatively small scale of operations of Saidristi Suitings Private
Limited (SSPL) in the highly competitive and fragmented textile
industry and its weak financial risk profile marked by range bound
profitability, leveraged capital structure and working capital
intensive nature of operations. The rating, further, remains
constrained on account of the susceptibility of the company's
profitability to fluctuations in the raw material prices.
The rating, however, continues to draw strength from the long
standing experience of SSPL's management along with its
established track record of operations of more than a decade in
the textile industry and location advantage by way of proximity to
the raw material as well as customers due to its presence in the
textile cluster.
SSPL's ability to increase its scale of operation while improving
profitability in light of the volatile raw material prices and
efficient management of working capital is the key rating
sensitivities.
Bhilwara-based (Rajasthan) SSPL was initially incorporated in the
name of Sairam Suitings Private Limited in 2003 by Mr Kamal Singh
Jain along with his son, Mr Amit Kumar Mahnot. However in July,
2014, the name of the company was changed to the present one. SSPL
is primarily engaged in the business of manufacturing of synthetic
grey fabrics from polyester yarn and outsources the processing
work required for the manufacturing of finished fabrics on job
work basis to the nearby process house located at Bhilwara.
Furthermore, the company also does trading of grey and finished
fabrics.
The manufacturing facility of SSPL is located at Bhilwara with
total of 56 sulzer looms having an installed capacity of 36
Lakh Meters Per Annum (LMPA) as on March 31, 2014.
During FY14 (refers to the period April 1 to March 31), SSPL has
replaced four obsolete looms with second hand sulzer looms at a
total cost of INR0.59 crore, financed through infusion ofcapital
by the promoter and through internal funds. The company caters to
the domestic market and sells its products through the network of
its agents located all over India under the brand name of "SSPL".
During FY14, SSPL has reported a total operating income of
INR18.75 crore (FY13: INR17.79 crore), with a PAT of INR0.04
crore (FY13: net loss of INR0.09 crore).
SAKTHI RICE: ICRA Reaffirms B+ Rating on INR6.75cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR1.05 crore (revised from INR1.35) term loans and INR6.75
crore (revised from INR5.10 crore) fund based facilities of Sakthi
Rice Mill. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR0.25 crore fund based facilities of
the Firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: Term
loans 1.05 [ICRA]B+/reaffirmed
Long-term: Fund
based facilities 6.75 [ICRA]B+/reaffirmed
Short Term: Fund
based facilities 0.25 [ICRA]A4/reaffirmed
The reaffirmation of the ratings takes into account the experience
of the promoters in the rice milling business and the Firm's long-
standing association with the wholesalers which supports the
volumes. The ratings takes note of the improvement in the Firm's
operating margins during 2013-14, driven by inventory gains,
though it remains thin. Moreover, following the conversion into a
partnership firm with a capital contribution lower than the net
worth position as on March 31, 2013, and largely stable debt
levels, the capital structure deteriorated with gearing of 1.7x as
on March 31, 2014 (as against 1.3x previously). The ratings are
further constrained by the high working capital requirements
necessitated by the seasonality in the availability of paddy and
the time required for ageing of rice; and the intense competition
in the highly commoditized rice milling industry with limited
scope for value addition, resulting in thin profit margins. Going
forward, the ability of the Firm to improve its revenues and
profit margins and moderate its working capital intensity will be
critical sensitivity factor from a credit perspective.
Sakthi Rice Mill, started in 1928, is a single unit rice mill in
Pondicherry typically producing around 1,000 bags (75kg per bag)
of par-boiled rice per day. SRM is a modern rice mill with
continuously linked operations for paddy soaking, boiling,
milling, cleaning, de-stoning, polishing and grading rice. SRM
primarily produces non-basmati par-boiled rice of ADT-39, CR-1009
and CR-1000 varieties. Milled rice produced by the Firm is sold
primarily to wholesalers in Kerala (~75% of total sales), Tamil
Nadu and Pondicherry under the entity's brand "Mother Brand". SRM
does not engage in processing of by-products like husk and bran.
SRM was converted into a partnership firm with effect from April
01, 2013, with Mr. D Senthilkumar and his wife Mrs. S Renukadevi
being the partners in the new firm.
Other business interest of the proprietor includes real estate
investment, which yields a rental income of INR1.5 lakh per month
from the property leased to a spinning mill. The promoters'
extended family has rich experience in rice milling and along with
their relatives they own and operate own more than ten mills in
the vicinity.
Recent Results
The Firm reported a net profit of INR0.1 crore on an operating
income of INR28.5 crore in 2013-14 as against a net profit of
INR0.1 crore on an operating income of INR30.5 crore in 2012-13.
SELECT EXIM: CRISIL Assigns B Rating to INR62MM Bank Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Select Exim (Select).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Rupee Term Loan 43 CRISIL B/Stable
Cash Credit 20 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 62 CRISIL B/Stable
The rating reflects the start-up nature of Select's operations,
and below-average financial risk profile marked by subdued debt
protection metrics. These rating weaknesses are partially offset
by the entrepreneurial experience of Select's promoters in the
dish antenna manufacturing industry.
Outlook: Stable
CRISIL believes that Select will benefit over the medium term from
its promoters' entrepreneurial experience. The outlook may be
revised to 'Positive' if the firm stabilises its operations at its
manufacturing unit earlier than expected, resulting in higher cash
accruals. Conversely, the outlook may be revised to 'Negative' if
Select registers low revenue or profitability, thereby negatively
impacting its financial risk profile.
Select, incorporated in 2011, manufactures dish antenna for
various Direct to Home (DTH) service providers. The Chennai-based
firm is promoted by Mr. A R Azam Khan and his brother Mr. A R
Mohammed Salaieh.
SHREE MAHALAXMI: CARE Assigns B+ Rating to INR13.09cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree
Mahalaxmi Agro Farms Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.09 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Shree Mahalaxmi Agro
Farms Private Limited (SMFPL) is constrained on account of the
financial risk profile marked by leveraged capital structure
accompanied by high operating cycle, volatility in the raw
material prices, seasonality associated with raw material and
small scale of operations in highly fragmented fruit processing
industry.
The rating, however, draws support from experienced management
personnel, locational advantage for procurement of mangoes and
geographically diversified revenue profile.
The ability of the firm to scale up its operations while
maintaining its profitability margins and amidst fluctuating raw
material prices and forex rates is the key rating sensitivity.
Incorporated in 2004, SMFPL was promoted by Mr Sanjay More and his
wife Mrs Santoshi More. Initially, till the year 2012, SMFPL was
engaged in the trading and exporting of mangoes. However, from
2012 onwards, SMFPL also started processing of mangoes with
processing unit located at village Shirgaon, district Sindhudurg,
Maharashtra, with an installed capacity of manufacturing 30 tonnes
of mango pulp per day. The business of the company is seasonal in
nature and it carries out processing of mangoes during the period
April to July. The product range includes alphonso mango, alphonso
mango pulp, kesar mango pulp, mango fruit, green mango and Devgad
hapus mango. The income from trading of mangoes and manufacturing
of mango pulp constituted 30% and 70%, respectively, of total
operating income in FY14 (refers to the period of April 1 to March
31). Furthermore, the promoters of SMFPL presently have land bank
of around 350 acres in the areas of Shevare, Ombal and Nimatwadi,
district Sindhudurg, which is used for cultivation of mangoes.
Presently, the company exports its products to foreign
destinations like Canada, England, Hong Kong, Dubai, North
America, South America and Eastern Asia. SMFPL also started
catering to the domestic market of India from 2014. The
company is certified as ISO 22000:2005 and from European
Inspection and Certification Company S.A.
During FY14, SMFPL earned a PAT of INR0.42 crore on a total income
of INR4.09 crore as against a PAT of INR0.20 crore on a total
income of INR3.63 crore for FY13.
SHREE MARUTI: ICRA Suspends B- Rating on INR6cr Cash Credit
-----------------------------------------------------------
ICRA has suspended the [ICRA]B- rating assigned to the INR6.00
crore cash credit limits of Shree Maruti Steel & Energy Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
SMSEPL is promoted by Raipur based Nathani family. Incorporated in
2009, the company commenced operations in February 2013 and is
engaged in trading of steel products like TMT Bars, angle
channels.
SHREE SAI: CARE Assigns B+ Rating to INR6.05cr Bank Loan
--------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Shree Sai
Hasti Agro.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.05 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Shree Sai Hasti Agro
(SSHA) is primarily constrained on account of the short track
record of operation coupled with low profit margins, moderate
capital structure, debt coverage indicators and liquidity
position. The rating is further constrained due to proprietorship
nature of constitution coupled with susceptibility of profit
margins to raw material price fluctuations and dependence on
monsoon, presence in the fragmented industry and high level of
government regulations.
Going forward, SSHA's ability to increase its scale of operations
in addition to improving its profit margins and capital structure
are the key rating sensitivities.
SSHA was established during December 2012 by Mr Pragneshkumar R
Naik as a proprietorship entity. The firm is engaged into
manufacturing of rice flakes (flattened rice products) such as
'Poha'. The manufacturing unit of the firm is located near
Navsari, Gujarat, which has an installed capacity of 340 metric
tons per day (MTPD) as on March 31, 2014. The firm sells its
products in various states such as Gujarat, Maharashtra, Delhi and
Haryana through local distributor, ie, Kailash Marketing. Paddy is
the main raw material, which is being procured from the local
mandis of the district.
During FY14 (refers to the period April 1 to March 31), SSHA
reported a PAT of INR0.20 crore on a TOI of INR19.74 crore as
against PAT of INR0.04 crore and TOI of INR3.41 crore during FY13.
During 8MFY15, SSHA has achieved TOI of INR24 crore.
SHRI GANGA: ICRA Assigns B Rating to INR8cr Unallocated Loan
------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4.00
crore cash credit limits and INR8.00 crore unallocated limits of
Shri Ganga Bishan Cotton Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limits 4.00 [ICRA]B; assigned
Unallocated 8.00 [ICRA]B; assigned
ICRA's rating is constrained by SGBCM's small scale of operations,
its weak profitability and its highly leveraged capital structure,
as reflected in gearing of 5.91 times as on March 31, 2014,
resulting in weak debt coverage indicators as indicated by an
interest cover of 1.10 times for FY2014. The rating also factors
in the high working capital intensity of the firm's operations and
the highly competitive and fragmented nature of the cotton ginning
industry, marked by the presence of participants from both the
organised as well as unorganised sectors, which limits the pricing
power of participants like SGBCM. ICRA also notes that the firm's
earnings are highly vulnerable to adverse movement in raw material
prices which are subject to seasonality, agro climatic and
regulatory risks.
The assigned rating also takes into consideration risks pertaining
to withdrawal of partners' capital, risk of dissolution, and
limited ability to raise capital on account of the firm's
constitution as a partnership.
However, the rating favourably takes into account the firm's
established operational track record, extensive experience of its
promoters in the cotton ginning and pressing industry, and the
location advantage enjoyed by SGBCM due to its cotton ginning
plant located in proximity to the cotton producing belt of North
India.
Established in the year 2000 as a partnership concern by Mr.
Naveen Kumar Garg and Mr. Neeraj Kumar Garg, SGBCM is engaged in
cotton ginning and pressing. The firm set up its cotton ginning
plant at Fatehbad, Haryana in 2000, where it undertakes cotton
ginning to produce cotton (lint) from raw cotton. The firm also
produces cotton seed oil from cottonseed which is a by-product of
ginning operations.
Recent Results
SGBCM reported a profit after tax (PAT) of INR14,070 on an
operating income (OI) of INR37.39 crore in FY2014 as against a PAT
of INR0.01 crore on an OI of INR32.15 crore in FY2013.
SHRI MAHAVIR: CARE Revises Rating on INR537.74cr LT Loan to B+
--------------------------------------------------------------
CARE revises and reaffirms rating assigned to the bank facilities
of Shri Mahavir Ferro Alloys Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 537.74 CARE B+ Revised from
CARE B-
Short-term Bank Facilities 15.50 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating of Shri Mahavir Ferro Alloys
Private Limited (SMFA) is on account of timely debt servicing as
per approved debt restructuring scheme.
The ratings continue to be constrained by SMFA's small scale of
operation, profitability susceptible to volatility in raw material
prices, low capacity utilization, weak financial performance in
FY14 (refers to the period April 1 to March 31) with tight
liquidity position, de-allocation of captive coal block, project
implementation risk and inherent cyclicality of the steel
industry. The ratings weakness, however, continues to be partially
offset by experienced promoters and strategic location of the
plant. The ability of the company to operate its existing capacity
at optimum levels while improving the PBILDT margin, efficiently
manage the working capital and successfully commission the on-
going project without any cost & time over-run shall remain the
key rating sensitivities.
Shri Mahavir Ferro Alloys Pvt Ltd (SMFA), incorporated in
September 2001, is promoted by Mr. Suresh Chand Jain and Mr.
Vicky Jain of Rourkela, Odisha. SMFA is engaged in the
manufacturing of sponge iron (capacity 90,000 MTPA), and MS
ingots (capacity 57,600 MTPA). SMFA commenced commercial
production of sponge iron in its plant located in Rourkela,
Odisha, in September 2003.
SMFA is setting up a coal washery, railway siding, 18 MW captive
power plant (CPP) & 0.6 MT pellet plant at a cost of INR440.2
crore (being funded at a debt-equity ratio of 2.76:1) for
operational integration of its existing facilities. The entire
project is expected to be commissioned by December 2016. Debt
portion for the project has already been tied-up. As on December
15, 2014, SMFA has incurred INR194.5 crore on the project. During
FY14, SMFA reported a net loss of INR16.1 crore on a total
operating income of INR143.1 crore.
SIDHGIRI HOLDINGS: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------------
CRISIL's rating on bank loan facilities of Sidhgiri Holdings Pvt
Ltd (SHPL) continues to reflect SHPL's below-average financial
risk profile, especially liquidity, constrained by large working
capital requirements and its low operating margin leading to low
cash accruals.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Standby Line of
Credit 15 CRISIL B+/Stable (Reaffirmed)
The rating also factors in SHPL's modest scale of operations in a
highly fragmented and competitive coal trading industry. These
rating weaknesses are partially offset by the extensive experience
of SHPL's promoters in the coal trading industry and the benefits
that the company is expected to derive from the increasing demand
for coal in India.
Outlook: Stable
CRISIL believes that SHPL's liquidity will remain stretched over
the medium term driven by its large working capital requirements
and low operating margin. However, it benefits from its promoters'
extensive experience in coal trading business over the medium
term. The outlook may be revised to 'Positive' if the company
improves its capital structure driven by improvement in
profitability and higher than expected net cash accruals or
significant infusion of equity by the promoters. Conversely, the
outlook may be revised to 'Negative' if SHPL's working capital
requirements are higher than expected, or its liquidity
deteriorates further driven by decline in its revenue or profits.
Update
SHPL's scale of operation is expected to remain modest over the
medium term driven by customer concentration risk and competitive
nature of coal trading industry. Its liquidity is likely to remain
stretched on account of low profitability and large working
capital requirements. The company reported an operating income of
INR62.64 million as on March 31, 2014. SHPL's marginal growth in
sale was driven by moderate growth in offtake from existing
customers. Going forward also revenues are expected to grow at a
moderate rate on account of no major customer addition. The SHPL's
operating margin was around 3.5 per cent in 2013-14 and is
expected to stay at similar levels over the medium term.
SHPL has weak liquidity; its bank limit utilisation has been at an
average 99 per cent for the 12 months through November 2014.
However, the same has been supported by equity infusion of around
INR13 million. SHPL had a net worth of INR 62.1 million and total
outside liabilities to tangible net worth ratio of 2.94 times as
on March 31, 2014. The firm had low interest coverage ratio of
1.48 times for 2013-14; but its risk coverage1 ratio continues to
be healthy. CRISIL believes that SHPL's financial risk profile
will remain weak due to its large working capital requirement and
low profitability.
SHPL reported a profit after tax (PAT) of INR4.9 million on net
sales of INR626.4 million for 2013-14, as compared to a PAT of
INR5.7 million on net sales of INR579.7 million for 2012-13.
SHPL was established in 2008 by the Tulsyan family. The company
trades in non-coking coal and is based in Varanasi (Uttar
Pradesh). It procures coal through open market (from traders) e-
auctions from Coal India Ltd's subsidiaries, Northern Coal Fields
Ltd and Central Coalfields Ltd.
SP COAL: ICRA Assigns B+ Rating to INR2cr Fund Based Loan
---------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR2.00
crore fund based facilities of SP Coal Resources Private Limited.
ICRA has also assigned the short term rating of [ICRA]A4 to the
INR12.00 crore non-fund based facilities of SP Coal Resources
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term, Fund Based 2.00 [ICRA]B+ Assigned
Short-term, Non-fund
Based 12.00 [ICRA]A4 Assigned
The rating considers the experience of the promoters in the
industry; moderate working capital intensity with procurement
largely backed by firm orders and periodic funding support from
promoters (in the form of unsecured loans) which limits Company's
dependence on bank debt for working capital funding. The ratings
also consider the favorable demand for coal in the domestic
markets due to gap in demand and supply. The ratings are however
constrained by the Company's small scale of operations which
limits benefits from economies of scale; susceptibility to
inherent price volatility in commodity markets and thin profit
margins due to trading nature of business; vulnerability to
fluctuation in exchange rates and high dependence on imported
coals, which exposes the company to regulatory changes in coal
producing countries.
SP Coal Resources Private Limited traces its origin to a
partnership firm founded by Ms. Sudha Prasath in 1998 for trading
in coal in and around Chennai. The erstwhile entity was converted
to a private limited company in 2010. The company is currently
purchasing coal mainly from Indonesia and South Africa on high sea
basis and selling it in high seas as well as in the domestic
market.
Recent Results
According to provisional results, SP Coal Resources Private
Limited reported PAT of INR0.7 crore on operating income of
INR51.20 crore during 6mFY2015 against PAT of INR0.6 crore on
operating income of INR42.70 crore during 2013-14.
SR CONSTRUCTIONS: ICRA Reaffirms B Rating on INR15cr FB Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR15.00
crore fund based limit and INR7.00 crore (enhanced from 0.20
crore) Unallocated limit of SR Constructions at [ICRA]B. ICRA has
reaffirmed the short term rating assigned to the INR100.00 crore
(enhanced from 50 crore) non-fund based limits of the company at
[ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 15.00 [ICRA]B re-affirmed
Unallocated Limits 7.00 [ICRA]B re-affirmed
Non-Fund Based Limits 100.00 [ICRA]A4 re-affirmed
The ratings assigned take into account the firm operating in a
fragmented industry which restricts the ability of the firm to
pass on hike in input costs. Further, the firm is exposed to high
geographic and customer concentration risk with most of the
projects restricted to government departments of Karnataka and
Andhra Pradesh.
The ratings are also constrained by the weak financial profile of
the firm characterized by high gearing resulting and stretched
liquidity position as reflected by high fund based working capital
limit utilization. ICRA also takes into account the inherent risk
associated with a partnership firm, including risk of capital
withdrawal as reflected in the past.
The ratings however, positively factor in the long track record of
promoters in the civil construction business and the healthy
increase in operating income of the firm with a CAGR of 53% during
the period FY10-FY14. The ratings also factor in healthy
unexecuted order book position of INR493 crore as on Nov. 30,
2014, which provides revenue visibility in medium term.
Going forward, ability of the firm to execute current orders in a
timely manner while managing its working capital requirement would
be key sensitivity.
SR Constructions incorporated as a partnership firm in the year
1998 is into providing construction services as a contractor,
mainly to government departments. It undertakes irrigation, civil
and structural works for public infrastructure & residential
buildings etc. in India. The firm has its registered office in
Anantapur, Andhra Pradesh and an administrative office in
Bangalore, Karnataka.
The company is managed by its 3 partners Mr. Rajagopal, Mr.
Surendra Babu & Mr. D Venkatesh who are vastly experienced in the
construction industry.
Recent Results
As per financials for FY14, the company reported net profit of
INR9.02 crore on operating income of INR200.81 crore as compared
to net profit of INR5.86 crore on operating income of INR110.97
crore for FY13.
SRI LAKSHMIKANTHA: ICRA Ups Rating on INR15cr FB Loan to B
----------------------------------------------------------
ICRA has revised the long term rating assigned to INR15.00 crore
(enhanced from INR2.25 crore earlier) fund based limits of
Sri Lakshmikantha Enterprises Limited from [ICRA]B- to [ICRA]B.
ICRA has also revised long term rating assigned to INR2.25 crore
(reduced from INR3.00 crore earlier) unallocated fund based
facilities of SLEL from [ICRA]B- to [ICRA]B and reaffirmed the
short term rating at [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 15.00 [ICRA]B upgraded
Unallocated 2.25 [ICRA]B/[ICRA]A4 upgraded/
Reaffirmed
The revision in ratings factors in the improvement in SLEL's
trading business in 6mFY2015 owing to availing of higher bank
facilities by the company. Also, SLEL's initiative towards
entering into manufacturing of lint through a leased ginning unit
would support its thin operating margins going forward, though
execution risk remains in terms of achieving the expected
operational parameters considering the high amount payable towards
lease agreement.
The ratings also consider the consistent improvement in company's
capital structure in the last three years though the overall
financial risk profile is weak characterized by low profitability
and depressed coverage indicators. The ratings also factor in the
fragmented nature of cotton lint trading industry which restricts
pricing flexibility and exposure of profitability to fluctuations
in cotton prices. The ratings, however, continue to derive comfort
from the experience of the promoters in the cotton industry and
SLEL's established relationship with suppliers through its group
companies.
The ability of the company to grow its revenues and improve
profitability levels while managing working capital requirements
would remain key rating sensitivities going forward.
Sri Lakshmikantha Enterprises Limited (SLEL) was founded in 2007
by Mr. C. Swami Reddy and his family members as a partnership firm
in the name of Sri Lakshmikantha Enterprise (SLE). On January 10,
2014 the constitution of the firm was changed to limited company
and name was changed to Sri Lakshmikantha Enterprise Limited
(SLEL). The company is engaged in cotton trading with main product
being cotton lint. Promoter, Mr. C. Swami Reddy has more than 45
years of experience in the cotton industry. SLEL supplies cotton
lint primarily to its group companies, other spinning mills and
traders.
SUNRISE STONE: CARE Assigns B Rating to INR7.36cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B' ratings to bank facilities of Sunrise Stone
Crusher Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7.36 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of Sunrise Stone
Crusher Private Limited (SSC) is primarily constrained by its
residual project execution and stabilization risk associated with
setting up of unit coupled with regulatory risk pertaining to
environmental issue like noise and air pollution. The rating is
further constrained by the highly competitive nature of the
industry and slowdown in the construction and infrastructure
sector.
These rating constraints are partially offset due to the support
from the experienced promoters in the stone crushing business.
Going forward, the ability of SSC to achieve its envisaged
revenues and profitability and ability of the company to improve
its capital structure shall be the key rating sensitivities.
Sunrise Stone Crusher Private Limited (SSC) was incorporated in
February, 2013 by Mr Satpal Singh, Mr Sandeep Beniwal and
Mr.Mandeep Choudhary. SSC was established to undertake crushing of
stones at Bazpur, Uttrakhand. The total cost of the project is
estimated to be around INR7.29 crore which is to be funded
through a term loan and promoter's contribution of INR3.36 crore
and INR3.93 crore (Rs.1 crore in the form of equity capital and
INR2.93 crore in the form of unsecured loans) respectively. The
company has a proposed installed capacity of about 40,000 quintal
per annum. The company is planning to set up the unit in two
phases and as per management INR3.29 crore of the total cost (for
phase one of the project) has been incurred as on September 30,
2014.
The company commenced its commercial operations in April 2014 with
partial completion and FY15 (refers to the period April 1 to March
31) will be the first full year of operations for the company. SSC
sells the stone dust & stone grit to construction companies as
well as to individual customers. Furthermore, the company procures
stone pieces and sand from local vendors and companies engaged in
excavation work. The crushed stones find application in
construction of roads, civil construction, bridges etc.
SURYA WIRES: CARE Reaffirms B+ Rating on INR17.6cr LT Bank Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Surya Wires Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 17.60 CARE B+ Reaffirmed
Long-term/ Short-term
Bank Facilities 6.00 CARE B+/CARE A4
Reaffirmed
Short term Bank Facilities 5.00 CARE A4 Reaffirmed
Rating Rationale
The ratings for the bank facilities of Surya Wires Pvt. Ltd.
(SWPL) continue to remain constrained by its relatively small
scale of operation with low profit margin, presence in highly
competitive and fragmented industry, susceptibility to
fluctuation in raw material prices, working capital-intensive
nature of business and sluggish growth of the user industries.
The ratings, however, derive strength from its experienced
promoters with long track record of operation and reputed
clientele.
Going forward, the ability of the company to improve its profit
margins and efficient management of working capital are
the key rating sensitivities.
SWPL incorporated in October 1989, was promoted by one Mr S. K.
Jain of Raipur, Chhattisgarh. The company had started its
operation from 1983 as a proprietorship firm. It is engaged in the
manufacturing of G.I. wire, stay wire, G.I. barbed wire, etc.
having an installed capacity of 74,000 MTPA. Apart from
manufacturing, SWPL is also engaged in trading of wires which
contributed 56.58% of the total sales during FY14 (refers to the
period April 1 to March 31). The products of SWPL are largely used
in industries like power, construction, automobile, engineering,
etc. SWPL primarily sells its products to wire dealers and
retailers. Apart from this, the company also participates in
tender issued by various government entities for supply of wire.
SWPL is a closely-held company with both the directors from the
promoter's family. The day-to-day affairs of the company are
looked after by Mr S. K. Jain, MD, with adequate support from
other director, Mr Harsh Agarwal, and a team of experienced
personnel.
During FY14, the company reported a total operating income of
INR112.3 crore (FY13: INR93.5 crore) and a PAT of INR0.2
crore (FY13: INR0.1 crore). The company has achieved a total
operating income of INR71.05 crore during 8MFY15 (refers to
the period April 1 to November 30).
TELEPHONE ELECTRONIC: ICRA Rates INR0.75cr Cash Credit at B+
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR0.75 crore
fund based cash credit limits of Telephone Electronic Corporation.
ICRA has also assigned a short term rating of [ICRA]A4 to INR6.50
crore non-fund based bank facilities of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-Cash Credit 0.75 [ICRA]B+; Assigned
Short term-Bank
Guarantee 2.50 [ICRA]A4 ; Assigned
Short term-Letter of
Credit 4.00 [ICRA]A4 ; Assigned
The ratings assigned to Telephone Electronic Corporation (TEC) are
constrained by significant product and client concentration risks
in the trading of AVD's wherein ability to receive regular orders
from the current customer base remains critical. Further any
change in procurement policy of the defense sector with respect to
AVDs including opting for alternate technologies and/or vendors,
can adversely impact the operations of the company. The rating
also incorporates the weak financial risk profile as is evident
from weak profitability levels, lower net worth, stretched capital
structure and stretched receivables on account of delays from
government departments. ICRA also takes note of the tender based
operations of the company, lower pricing flexibility due to the
highly competitive nature of industry and vulnerability of profit
margins to fluctuating Indian currency.
Nevertheless, the assigned ratings favorably factor in the
promoters' experience within the networking and communication
industry, repeated orders from well reputed government owned
companies namelyIndian Army and Air force, Nuclear Power
Corporation of India Limited, Bhabha Atomic Research Centre,
Bharat Petroleum Corporation Limited, Hindustan Petroleum
Corporation Limited, and ONGC. ICRA also takes a positive note of
company's exclusive distributorship for selling and distribution
of AVD's (Avalanche Victim Detectors) of RUAG Scheiwz AG a Swiss
company in India.
Telephone Electronic Corporation (TEC) was established in the year
1979 as a partnership concern engaged in the sales, installation
and maintenance of all communication systems. Mrs. Asha Ajmera,
Mr. Manoj Ajmera and Mr. Amar Ajmera are equal partners in the
company. The company has its head office and service centre
located in Mumbai. Prior to 1979, TEC was engaged in the same line
of business as a proprietorship concern of Mr. Mohanlal Ajmera,
father of the present partners of the company.
Recent updates
Telephone Electronic Corporation has achieved a net profit of
INR0.10 crore on an operating income of ~ INR4.16crore as on 30th
September 2014(provisional) and a net profit of ~INR0.08 Crore on
an operating income of ~INR10.21 crore as on 31st March 2014
(Audited).
VANTAGE SPINNERS: CARE Reaffirms C Rating on INR48cr LT Bank Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Vantage Spinners Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 48 CARE C Reaffirmed
Rating Rationale
The rating is constrained by high inventory holding period,
susceptibility towards volatility in raw cotton prices, limited
track record of the company in the industry and fluctuating profit
margins. The rating, however, takes into account improvement in
the liquidity position, continuous growth in the revenue,
locational advantage for adequate raw material availability and
power supply and various subsidies received from the government.
The ability of the company to further improve the liquidity
position with efficient management of working capital, withstand
the volatility of raw cotton prices and sustain the profit margins
are the key rating sensitivities.
Vantage Spinners Pvt. Ltd. (VSPL) was incorporated on July 28,
2006, by Mr Potluri Mohana Murali Krishna, Mr Potluri Soma Sekhar
and Ms Nandamuri Meenalatha. The promoters inducted Mr J. S.
Prasad Reddy as the chairman of VSPL, who has over 26 years of
experience of working with spinning mill. VSPL is mainly into
manufacturing of cotton yarn (40s and 60s count) with an installed
capacity of 31,500 spindles. The company's manufacturing plant is
located at Nuzividu Mandalam in Krishna district, Andhra Pradesh.
The company started commercial operation in February 2010.
For FY14 (refers to the period April 01 to March 31), VSPL
reported a total operating income of INR80.47 crore and PBILDT
of INR15.2 crore as against a total operating income of INR66.71
crore and PBILDT of INR16.46 crore in FY13. The net profit
margin was at 1.30% in FY14 as against 0.34% in FY13.
In H1FY15, the company has reported a total operating income of
INR61.01 crore.
VENKATESH COTTON: CARE Reaffirms B+ Rating on INR8.55cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of
Venkatesh Cotton Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.55 CARE B+ Re-affirmed
Rating Rationale
The rating assigned to the bank facilities of Venkatesh Cotton
Private Limited (VCPL) continues to remain constrained on account
of the weak financial risk profile of marked by thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The rating further continues to be constrained by its
presence in the lowest segment of the textile value chain with
limited value addition in the cotton ginning business, seasonality
associated with the procurement of raw material resulting into
working-capital intensive nature of operations and susceptibility
to adverse changes in government policies. The rating also factors
in the improvement in capital structure and debt coverage
indicators despite decline in total operating income (TOI) during
FY14 (refers to the period April 1 to
March 31).
The rating, however, continues to draw strength from the wide
experience of the promoters in the cotton industry and location
advantage in terms of proximity to the cotton seed growing regions
in Mahrashtra.
The ability of VCPL to increase its scale of operations, improve
its profit margins, capital structure and better working capital
management in light of the competitive nature of the industry
remain the key rating sensitivities.
VCPL was incorporated in May 2011 by Mr Deepak Agrawal, Mr Mayank
Agrawal & Mr Gaurav Agrawal for setting up of new ginning and
pressing unit with automization with the capacity of 18,900 MT per
annum. The plant is situated at Manwath, Maharastra which has an
installed capacity of 14,400 MTPA of cotton bales. Though the
promoters of VCPL are young, their family is engaged in cotton
trading and ginning & pressing business since 25 years.
During FY14, VCPL reported a total income of INR39.62 crore with a
PAT of INR0.23 crore as against a total income of INR45.44 crore
and PAT of INR0.11 crore during FY13. During 8MFY15 VCPL has
achieved a TOI of INR13.01 crore.
VISURA TRADING: ICRA Assigns B+ Rating to INR9cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to INR9.00 crore
fund based limits and short term rating of [ICRA]A4 to INR3.00
crore non-fund based limits of Visura Trading & Investment(India)
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 9.00 [ICRA]B+ assigned
Non Fund Based Limits 3.00 [ICRA]A4 assigned
The assigned ratings are constrained by VTIL's relatively modest
scale of operations in DCA/CS (Del Credere agency/Consignment
stockiest) business; dependence on a single supplier & product for
its revenue being the DCA/CS agent for GAIL and moderate customer
concentration risk with top 6 customers contributing to 35% of
total sales in FY2014. The ratings are also constrained by
leveraged capital structure as reflected in gearing of 3.31 times
as on 31st March 2014 due to low net worth and high working
capital borrowings and exposure to default on payments from
customers since the counter party credit risk is transferred by
GAIL to VTIL. The ratings however positively factor in the long
track record of the management in the polymer industry;
relationship with GAIL as the sole distributor of HDPE/LLDPE/PP in
Andhra Pradesh (AP) and Telangana states and established
relationships with key customers in the industry.
Going forward, the company's ability to maintain the profitability
while managing working capital requirements will remain key rating
sensitivities from credit perspective.
Visura Trading & Investment (India) Limited (VTIL) is incorporated
in the year 1985 and is involved in trading of polymer products.
The company is a DCA cum CS of GAIL (India) Limited for state of
Andhra Pradesh and Telangana for polymer raw materials such as
HDPE/LLDPE/PP from 1998-99. The company has its godowns located at
Guntur, Vishakapatnam for Andhra Pradesh region and in Hyderabad
for Telangana Region.
Recent Results
The company reported an operating income and net profit of INR1.73
crore and INR0.18 crore respectively in FY2014 as against an
operating income and net profit of INR1.43 crore and INR0.15 crore
respectively in FY2013.
ZIRCONIA CERA: CARE Reaffirms B+ Rating on INR5.25cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Zirconia Cera Tech Glazes.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5.25 CARE B+ Re-affirmed
Short-term Bank Facilities 1.50 CARE A4 Re-affirmed
Rating Rationale
The ratings assigned to the bank facilities of Zirconia Cera Tech
Glazes (ZCTG) continue to remain constrained due to low profit
margins, weak debt coverage indicators and very long operating
cycle. The ratings further continue to remain constrained by
presence of the firm in competitive frit industry with fortunes
linked to ceramic industry which has dependence on cyclical real
estate industry and constitution of entity as a partnership
concern.
The ratings, however, favourably take into account the vast
experience of the partners coupled with presence of ZCTG in
largest ceramic tile cluster of India and moderate capital
structure. The ratings also take into account the marginal growth
reported by ZCTG in its total operating income (TOI) as well as
improvement in capital structure during FY14 (refers to the
period April 1 to March 31).
The ability of ZCTG to increase its scale of operations, improve
its profit margins and better working capital management thereby
improving its operating cycle in light of the competitive nature
of the industry remain the key rating sensitivities.
Established in 2005, ZCTG is a partnership firm formed by Mr
Kishor Kumar Patel, Mr Pravin Kumar Patel and Mr Upesh Kumar
Thakkar. The firm is engaged in the manufacturing of ceramic glaze
frit (CGF), which is used for the purpose of coating tile with a
layer of glaze, with an installed capacity of 7,500 tonnes per
annum as on March 31, 2014. The manufacturing facility is located
at Palaj in Gujarat and the firm caters to domestic markets only,
primarily in Gujarat.
During FY14, reconstitution of the firm took place whereby one of
the partners Mr Kishorechand Patel retired and new partner named
Mr Dilipkumar G Patel entered into the firm. Furthermore, profit
sharing ratio of the firm was also changed.
During FY14, ZCTG reported a TOI of INR18.90 crore and PAT of
INR0.20 crore as against TOI of INR18.13 crore and PAT of
INR0.37 crore during FY13. During 8MFY15, ZCTG has achieved TOI
of INR15.21 crore and operating profit of INR1.19 crore.
=================
I N D O N E S I A
=================
BERLIAN LAJU: U.S. Court Dismisses Chapter 15 Cases
---------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of New York
has dismissed Berlian Laju Tanker's Chapter 15 cases tied to
tonnage controlled by U.S. affiliate Chembulk Tankers, in addition
to a determination that forces opponents of the Indonesian
restructuring process to adhere to the terms of the PKPU plan,
Aaron Kelley at TradeWinds reports.
Citing Chembulk Tankers chief Jack Noonan, TradeWinds relates that
BLT has secured the orders that will allow it to proceed with the
implementation of an overhaul backed by PKPU administrators in
Jakarta, and has won a battle with bondholders that tried to force
the diversified operator to pursue a restructuring under Chapter
11 of the U.S. bankruptcy code. The report quoted Mr. Noonan as
saying, "These three US Court orders, along with the previously
obtained Singapore High Court Section 210 recognition, essentially
provide for the international recognition of BLT's restructuring
plan originally sanctioned by the Indonesian court under the
PKPU."
About PT Berlian
PT Berlian Laju Tanker Tbk is the largest Indonesian shipping
company, focusing on liquid bulk cargo, with operations primarily
in Asia with some expansion into the Middle East and Europe.
It has about 70 tankers.
Starting in the latter half of 2008, the financial crisis in the
United States and Europe led to dramatic decreases in various
industrial production capabilities. As a result BLT suffered
significant financial difficulties. In January 2012, BLT breached
a covenant to maintain certain cash ratios and some of its
subsidiaries had failed to pay certain charter hires.
In March 2012, PT Berlian put 15 subsidiaries into Chapter
15 proceedings in Manhattan (Bankr. S.D.N.Y. Lead Case No. 12-
11007) to complement a bankruptcy reorganization in Singapore,
where the subsidiaries are based, and to prevent creditors from
seizing the company's vessels when they call on U.S. ports. In
April 2012 the U.S. judge ruled that Singapore is home to the so-
called foreign main proceeding for the operating subsidiaries.
In June 2012, Indonesian bank PT Bank Mandiri (Persero) Tbk began
involuntary bankruptcy proceedings in Indonesia against the PT
Berlian parent, followed by the involuntary petition the Gramercy
funds filed in New York in December.
PT Berlian was the subject of an involuntary Chapter 11 bankruptcy
filed in New York (Bankr. S.D.N.Y. Case No. 12-14874) on Dec. 13,
2012, by investor Gramercy Distressed Opportunity Fund II along
with two sister funds. The funds, all located in Greenwhich,
Conn., are allegedly owed $125.5 million.
In addition, more than a dozen subsidiaries have been under
Chapter 11 protection in New York since 2012.
PT Berlian Laju filed a Chapter 15 cross-border bankruptcy (Bankr.
S.D.N.Y. Case No. 13-10901) on March 26, 2013, in New York to
enforce its restructuring in Indonesia.
As reported by the Troubled Company Reporter on July 17, 2013, the
Hon. Stuart M. Bernstein of the Bankruptcy Court for the Southern
District of New York on May 22, 2013, recognized the Indonesian
proceedings of PT Berlian Laju Tanker TB, pending in the Central
Jakarta Commercial Court, as a "foreign main" proceeding pursuant
to Sections 1515 and 1517 of the U.S. Bankruptcy Code.
=========
J A P A N
=========
SBIM 2007-1: Moody's Cuts Rating on Class 2 Notes to B3
-------------------------------------------------------
Moody's Japan K.K. has downgraded to B3 (sf) from A3 (sf) the
rating of the Class 2 Senior Beneficial Interests issued by SBIM
2007-1 Investment-Purpose Condominium Loan Senior Beneficial
Interests.
This concludes Moody's rating review, initiated since July 17,
2014 when Moody's published a request for comment to align the
definition it uses for structured finance impairment in Japan with
international standards.
Moody's maintained the review for downgrade after publishing the
updated impairment definition on October 21, 2014.
The affected rating is as follows:
SBIM 2007-1 Investment-Purpose Condominium Loan Senior Beneficial
Interests
Class 2 Senior Beneficial Interests, downgraded to B3 (sf);
previously on July 17, 2014 A3 (sf) placed under review for
downgrade
Deal Name: SBIM 2007-1 Investment-Purpose Condominium Loan Senior
Beneficial Interests
Class: Class 2 Senior Beneficial Interests
Issue Amount: JPY1.26 billion
Scheduled Dividend: Fixed
Issue Date: August 10, 2007
Final Maturity Date: July 20, 2044
Underlying Asset: Investment-purpose condominium loans
Seller (Originator/Initial Servicer): SBI Mortgage Co., Ltd.
Asset Trustee: Mitsubishi UFJ Trust and Banking Corporation
Back-up Servicer: Mitsubishi UFJ Nicos Co., Ltd.
Special Servicer: MU Frontier Servicer Co., Ltd.
Arranger/Private Placement Dealer: Deutsche Securities Inc.
Ratings Rationale
Moody's downgrade has been prompted by the suspension of the Class
2 dividend payments since May 2014 following the breach of a
performance trigger. The suspension is expected to last for
approximately 10 years at the end of which no payment of interest
on interest will be paid to investors to compensate them for a
delay in payment.
The difference between (1) the scheduled dividend payments (i.e.
fixed rate paid every month) discounted at the scheduled fixed
dividend rate and (2) the actual dividend payments to be received
(without interest on interest) discounted at the scheduled fixed
dividend rate -- is expected to be around 4%-5% of the principal
amount of the Class 2 Senior Beneficial Interests.
Moody's have downgraded the rating to B3 (sf), the level implied
by the expected loss, given the current status of the deal as
informed by the arranger.
The principal methodology used in this rating was "Updated:
Moody's Approach to Rating RMBS Transactions in Japan" (Japanese)
published in November 2013.
On October 22, 2014, Moody's issued a "Request for Comment" asking
for market feedback on proposed changes to the methodology it uses
to rate RMBS in Japan.
Factors that would lead to an upgrade or downgrade of the rating:
The primary factors that could lead to an upgrade or downgrade of
the rating are (a) a performance improvement or deterioration of
the underlying assets that is better or worse than Moody's
expectations, and (b) an amendment to the transaction structure
that impacts the expected loss on the Class 2 Senior Beneficial
Interests.
====================
N E W Z E A L A N D
====================
GLOBAL BROKERS: FMA Aware of Firm's Financial Rules Breach
----------------------------------------------------------
Tim Hunter at Stuff.co.nz reports that the Financial Markets
Authority knew bust forex broker Global Brokers NZ was in breach
of financial regulations, but appears to have taken no action.
Information provided to Fairfax under the Official Information Act
lists Global Brokers NZ among 3,892 companies that failed to
comply with the Financial Reporting Act as of March 2013,
according to Stuff.co.nz.
The report says the act required all subsidiaries of foreign
companies to file audited financial statements to the Companies
Office or face potential criminal sanction by the Companies
Registrar.
On Jan. 16, Excel Markets told customers it had sustained a total
loss of operating capital after an unexpected Swiss central bank
decision triggered dramatic currency market moves, the report
relates.
"GBL can no longer meet regulatory minimum capitalisation
requirements of NZ$1,000,000 and will not be able to resume
business," it said, Stuff.co.nz relays.
Global Markets NZ was an authorised futures dealer under the
Securities Markets Act, but was required to apply for a new
Derivatives Issuer licence when the law changed on December 1 last
year, the report notes.
"We are aware of previous breaches of the terms of their
authorisation as a futures dealer, regarding the provision of
financial statements," the report quotes Financial Markets
Authority spokesman Andrew Park as saying in a statement. "Any
historical issues of non-compliance are taken into consideration
during the application for a licence under the Financial Markets
Conduct Act, and this is the case for all market participants. We
are still in the process of considering Global Brokers'
application for a Derivatives Issuer licence."
Stuff.co.nz says Global Brokers NZ has never filed financial
statements. Its current owners -- Epicus Corporation and XT
International Holdings, both registered in the British Virgin
Islands -- have been shareholders since October 2011.
Under the act, directors failing to file accounts faced
infringement fees of NZ$7,000 each, as well as fines of up to
NZ$100,000 each if prosecuted and convicted, the report notes.
Its current managing director is Michael Samuel Johnson, whose
registered address is in Kinsale, Ireland, according to
Stuff.co.nz.
Global Brokers NZ offered customers contracts for difference, a
kind of derivative that allows traders to bet on changes in the
price of an underlying asset.
====================
S O U T H K O R E A
====================
KUMHO ASIANA: Bidding For Kumho Industrial to Begin This Month
--------------------------------------------------------------
The Korea Herald reports that a tough bidding war for Kumho
Industrial, the de facto holding company of Kumho Asiana Group, is
set to begin this month.
The report relates that the state-run Korea Development Bank and
other creditors of Kumho Industrial sent an information memorandum
to major conglomerates and financial investors on
Jan. 15 on the selloff of their 57.5 percent stake in the company,
after a debt workout program was completed last month.
"The memo on the takeover was sent to the top 100 domestic
companies and major private equity funds," the report quotes an
official at one of the creditors as saying. "We plan to sell the
entire stake in the firm in the first half of this year."
The creditors plan to officially announce the start of the bid by
the end of January, the report notes.
The Korea Herald says a handful of domestic companies and
investors are eyeing the acquisition of Kumho Industrial, which
owns key affiliates of Kumho Asiana Group, including the country's
second-biggest air carrier Asiana Airlines. The builder holds a
30.1 percent stake in the carrier.
The market value of Kumho Industrial is estimated around
KRW420 billion ($389 million). But when its premium on business
control over Asiana Airlines is added, the cost of acquisition is
expected to soar to anywhere from KRW600 billion to KRW1 trillion,
market watchers said, the report relays.
The Korea Herald notes that Kumho Asiana Group chairman Park Sam-
koo seems to have the upper hand in the bidding process as he has
a pre-emptive right to buy the stake in Kumho Industrial. If he
wins the deal, he will retake control of the entire group.
Mr. Park, however, is short on funds to buy out Kumho Industrial
after injecting his cash into the group's flagship units -- Kumho
Tire and Kumho Industrial -- to save them amid a workout crisis in
2012, according to The Korea Herald.
According to The Korea Herald, the country's big three retail
enterprises -- Lotte, Shinsegae and CJ -- are reportedly mulling
to participate in the acquisition bid as they have sufficient cash
flow. Some of them are internally considering entering the
aviation industry.
The Troubled Company Reporter-Asia Pacific on Aug. 6, 2009, citing
The Korea Herald, reported that Kumho Asiana Group has been
suffering from a liquidity crisis, which observers describe as a
typical case of acquisition indigestion. In a bid to ease a cash
shortage, the conglomerate in July 2009 decided to re-sell the
controlling stakes and management rights of Daewoo Engineering,
after acquiring it in 2006 for KRW6.4 trillion. The creditors
decided on Dec. 30, 2009, to put two other ailing units -- Kumho
Industrial Co. and Kumho Tire Co. -- under a debt rescheduling
program. Meanwhile, the group's other two units -- Korea Kumho
Petrochemical Co. and Asiana Airlines Inc. -- will have to improve
their financial health through rigorous self- restructuring
efforts as earlier agreed with creditors. Kumho
Asiana unveiled a restructuring plan on Jan. 5, 2011, that
involves raising KRW1.3 trillion (US$1.1 billion) by selling off
assets, while cutting costs via a 20% reduction in executive
positions and wages.
About Kumho Asiana
Established in 1946, Kumho Asiana Group is a large South Korean
conglomerate, with subsidiaries in the automotive, industry,
leisure, logistic, chemical and airline fields. The group is
headquartered at the Kumho Asiana Main Tower in Sinmunno 1-ga,
Jongno-gu, Seoul, South Korea.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 12 to Jan. 16, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY L 10.00 10/30/23 AUD 1.96
BOART LONGYEAR M 7.00 04/01/21 USD 74.00
BOART LONGYEAR M 7.00 04/01/21 USD 80.70
CRATER GOLD MINI 10.00 08/18/17 AUD 23.50
GRIFFIN COAL MIN 9.50 12/01/16 USD 71.00
GRIFFIN COAL MIN 9.50 12/01/16 USD 71.00
KBL MINING LTD 10.00 02/16/17 AUD 0.21
MIDWEST VANADIUM 11.50 02/15/18 USD 11.00
MIDWEST VANADIUM 11.50 02/15/18 USD 11.00
RESOLUTE MINING 10.00 12/04/17 AUD 0.95
ST BARBARA LTD 8.88 04/15/18 USD 81.50
ST BARBARA LTD 8.88 04/15/18 USD 81.00
STOKES LTD 10.00 06/30/17 AUD 0.45
TREASURY CORP OF 0.50 11/12/30 AUD 64.50
CHINA
-----
CHANGCHUN CITY D 6.08 03/09/16 CNY 69.97
CHANGCHUN CITY D 6.08 03/09/16 CNY 70.40
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.10
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.09
CHINA GOVERNMENT 1.64 12/15/33 CNY 69.03
CHINA NATIONAL E 5.65 09/26/17 CNY 62.62
DANYANG INVESTME 6.30 06/03/16 CNY 70.28
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 70.18
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 70.59
HEILONGJIANG HEC 7.78 11/17/16 CNY 71.25
HEILONGJIANG HEC 7.78 11/17/16 CNY 70.50
HUAIAN CITY URBA 7.15 12/21/16 CNY 70.23
JIANGSU HUAJING 5.68 09/28/17 CNY 74.02
JIANGSU LIANYUN 7.85 07/22/15 CNY 70.78
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.70
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.72
NANJING PUBLIC H 5.85 08/08/17 CNY 64.77
NANTONG STATE-OW 6.72 11/13/16 CNY 64.79
NANTONG STATE-OW 6.72 11/13/16 CNY 70.99
NINGDE CITY STAT 6.25 10/21/17 CNY 60.23
OCEAN RIG UDW IN 7.25 04/01/19 USD 69.50
OCEAN RIG UDW IN 7.25 04/01/19 USD 69.25
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.79
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.90
QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.39
QINGZHOU HONGYUA 6.50 05/22/19 CNY 53.27
WUXI COMMUNICATI 5.58 07/08/16 CNY 49.94
WUXI COMMUNICATI 5.58 07/08/16 CNY 50.09
XIANGTAN JIUHUA 6.93 12/16/16 CNY 69.80
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.55
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.28
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.48
YIYANG CITY CONS 8.20 11/19/16 CNY 71.83
ZHENJIANG CITY C 5.85 03/30/15 CNY 69.83
ZHENJIANG CITY C 5.85 03/30/15 CNY 69.98
ZHUCHENG ECONOMI 7.50 08/25/18 CNY 48.98
ZIBO CITY PROPER 5.45 04/27/19 CNY 59.92
ZOUCHENG CITY AS 7.02 01/12/18 CNY 61.34
INDONESIA
---------
BERAU COAL ENERG 7.25 03/13/17 USD 48.50
BERAU COAL ENERG 7.25 03/13/17 USD 44.49
DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50
DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50
PERUSAHAAN PENER 6.75 04/15/43 IDR 74.80
PERUSAHAAN PENER 6.10 02/15/37 IDR 70.50
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 32.13
BLUE DART EXPRES 9.30 11/20/17 INR 10.15
BLUE DART EXPRES 9.40 11/20/18 INR 10.20
BLUE DART EXPRES 9.50 11/20/19 INR 10.26
CORE EDUCATION & 7.00 05/07/15 USD 9.00
COROMANDEL INTER 9.00 07/23/16 INR 15.72
GTL INFRASTRUCTU 3.03 11/09/17 USD 29.13
INCLINE REALTY P 10.85 04/21/17 INR 13.20
INCLINE REALTY P 10.85 08/21/17 INR 16.34
INDIA GOVERNMENT 0.25 01/25/35 INR 22.27
INDIA GOVERNMENT 1.44 06/05/23 INR 83.00
JAIPRAKASH ASSOC 5.75 09/08/17 USD 73.14
JCT LTD 2.50 04/08/11 USD 18.13
MASCON GLOBAL LT 2.00 12/28/12 USD 3.93
ORIENTAL HOTELS 2.00 11/21/19 INR 71.11
PRAKASH INDUSTRI 5.25 04/30/15 USD 67.13
PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 55.88
REI AGRO LTD 5.50 11/13/14 USD 55.88
SHIV-VANI OIL & 5.00 08/17/15 USD 26.25
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 39.13
AVANSTRATE INC 5.00 11/05/17 JPY 30.75
ELPIDA MEMORY IN 0.50 10/26/15 JPY 12.88
ELPIDA MEMORY IN 0.70 08/01/16 JPY 17.00
ELPIDA MEMORY IN 2.10 11/29/12 JPY 17.00
ELPIDA MEMORY IN 2.03 03/22/12 JPY 17.00
ELPIDA MEMORY IN 2.29 12/07/12 JPY 17.00
KOREA
-----
2014 KODIT CREAT 5.00 12/25/17 KRW 30.26
2014 KODIT CREAT 5.00 12/25/17 KRW 30.26
DONGBU CORP 4.00 06/29/15 KRW 104.91
DONGBU CORP 8.95 02/28/15 KRW 100.51
DONGBU CORP 8.95 06/10/15 KRW 97.82
DONGBU METAL CO 5.20 09/12/19 KRW 55.56
EXPORT-IMPORT BA 0.50 12/22/17 BRL 70.72
EXPORT-IMPORT BA 0.50 11/21/17 BRL 72.03
HYUNDAI HEAVY IN 4.90 12/15/44 KRW 59.35
HYUNDAI HEAVY IN 4.80 12/15/44 KRW 60.41
HYUNDAI MERCHANT 7.05 12/27/42 KRW 39.22
KIBO ABS SPECIAL 5.00 03/29/18 KRW 30.06
KIBO ABS SPECIAL 10.00 09/04/16 KRW 32.53
KIBO ABS SPECIAL 10.00 02/19/17 KRW 31.09
KIBO ABS SPECIAL 10.00 08/22/17 KRW 30.42
KIBO ABS SPECIAL 5.00 01/31/17 KRW 30.15
KIBO GREEN HI-TE 10.00 03/20/15 KRW 69.58
KIBO GREEN HI-TE 10.00 12/21/15 KRW 33.41
LSMTRON DONGBANG 4.53 11/22/17 KRW 29.99
POSCO ENERGY COR 4.66 08/29/43 KRW 73.17
POSCO ENERGY COR 4.72 08/29/43 KRW 72.62
SINBO SECURITIZA 5.00 07/26/16 KRW 30.71
SINBO SECURITIZA 5.00 12/07/15 KRW 29.75
SINBO SECURITIZA 5.00 06/29/16 KRW 30.94
SINBO SECURITIZA 10.00 12/27/15 KRW 32.54
SINBO SECURITIZA 5.00 07/19/15 KRW 32.10
SINBO SECURITIZA 5.00 10/05/16 KRW 27.38
SINBO SECURITIZA 5.00 05/27/16 KRW 31.17
SINBO SECURITIZA 5.00 05/27/16 KRW 31.17
SINBO SECURITIZA 5.00 10/05/16 KRW 30.42
SINBO SECURITIZA 5.00 09/28/15 KRW 31.64
SINBO SECURITIZA 5.00 02/02/16 KRW 15.33
SINBO SECURITIZA 8.00 02/02/16 KRW 32.00
SINBO SECURITIZA 5.00 01/19/16 KRW 17.90
SINBO SECURITIZA 5.00 12/13/16 KRW 30.04
SINBO SECURITIZA 5.00 07/26/16 KRW 30.71
SINBO SECURITIZA 9.00 07/27/15 KRW 35.20
SINBO SECURITIZA 4.60 06/29/15 KRW 34.96
SINBO SECURITIZA 4.60 06/29/15 KRW 34.96
SINBO SECURITIZA 5.00 01/29/17 KRW 29.84
SINBO SECURITIZA 5.00 08/31/16 KRW 30.51
SINBO SECURITIZA 5.00 09/13/15 KRW 31.16
SINBO SECURITIZA 5.00 09/13/15 KRW 26.86
SINBO SECURITIZA 8.00 03/07/15 KRW 68.35
SINBO SECURITIZA 5.00 08/24/15 KRW 31.83
SINBO SECURITIZA 5.00 03/14/16 KRW 29.41
SINBO SECURITIZA 5.00 08/31/16 KRW 30.51
SINBO SECURITIZA 5.00 02/21/17 KRW 29.70
SINBO SECURITIZA 5.00 10/01/17 KRW 29.97
SINBO SECURITIZA 5.00 10/01/17 KRW 29.97
SINBO SECURITIZA 5.00 10/01/17 KRW 29.97
SINBO SECURITIZA 5.00 03/13/17 KRW 29.60
SINBO SECURITIZA 5.00 03/13/17 KRW 29.60
SINBO SECURITIZA 5.00 02/11/18 KRW 30.00
SINBO SECURITIZA 5.00 02/11/18 KRW 30.00
SINBO SECURITIZA 5.00 02/21/17 KRW 29.70
SINBO SECURITIZA 5.00 12/25/16 KRW 30.33
SINBO SECURITIZA 5.00 06/07/17 KRW 26.09
SINBO SECURITIZA 5.00 01/15/18 KRW 30.26
SINBO SECURITIZA 5.00 08/16/17 KRW 30.35
SINBO SECURITIZA 5.00 08/16/17 KRW 30.35
SINBO SECURITIZA 5.00 08/16/16 KRW 30.74
SINBO SECURITIZA 5.00 06/07/17 KRW 26.09
SINBO SECURITIZA 5.00 07/08/17 KRW 30.52
SINBO SECURITIZA 5.00 07/08/17 KRW 30.52
SINBO SECURITIZA 5.00 03/12/18 KRW 30.09
SINBO SECURITIZA 5.00 03/12/18 KRW 30.09
SINBO SECURITIZA 5.00 01/15/18 KRW 30.26
SK TELECOM CO LT 4.21 06/07/73 KRW 70.25
STX OFFSHORE & S 3.00 09/06/15 KRW 71.53
TONGYANG CEMENT 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT 7.50 04/20/14 KRW 70.00
U-BEST SECURITIZ 5.50 11/16/17 KRW 30.39
WOONGJIN ENERGY 2.00 12/19/16 KRW 65.79
MALAYSIA
--------
BANDAR MALAYSIA 0.35 12/29/23 MYR 68.97
BANDAR MALAYSIA 0.35 02/20/24 MYR 68.50
BIMB HOLDINGS BH 1.50 12/12/23 MYR 68.71
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.02
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.92
LAND & GENERAL B 1.00 09/24/18 MYR 0.38
SENAI-DESARU EXP 0.50 12/31/47 MYR 69.82
SENAI-DESARU EXP 0.50 12/31/38 MYR 60.30
SENAI-DESARU EXP 0.50 12/31/40 MYR 63.12
SENAI-DESARU EXP 0.50 12/29/45 MYR 68.09
SENAI-DESARU EXP 0.50 12/31/42 MYR 65.40
SENAI-DESARU EXP 0.50 12/30/44 MYR 67.36
SENAI-DESARU EXP 0.50 12/30/39 MYR 61.91
SENAI-DESARU EXP 0.50 12/31/43 MYR 66.47
SENAI-DESARU EXP 0.50 12/31/41 MYR 64.16
SENAI-DESARU EXP 0.50 12/31/46 MYR 69.03
SENAI-DESARU EXP 1.35 06/29/29 MYR 52.90
SENAI-DESARU EXP 1.35 12/29/28 MYR 53.98
SENAI-DESARU EXP 0.65 06/30/20 MYR 74.98
SENAI-DESARU EXP 1.35 06/30/28 MYR 55.08
SENAI-DESARU EXP 1.10 06/30/21 MYR 73.33
SENAI-DESARU EXP 1.10 12/31/21 MYR 71.46
SENAI-DESARU EXP 1.10 06/30/22 MYR 69.75
SENAI-DESARU EXP 1.15 12/30/22 MYR 68.41
SENAI-DESARU EXP 1.15 06/30/23 MYR 66.80
SENAI-DESARU EXP 1.15 12/29/23 MYR 65.20
SENAI-DESARU EXP 1.15 06/28/24 MYR 63.68
SENAI-DESARU EXP 1.15 12/31/24 MYR 62.15
SENAI-DESARU EXP 1.15 06/30/25 MYR 60.72
SENAI-DESARU EXP 1.35 12/31/25 MYR 60.93
SENAI-DESARU EXP 1.35 06/30/26 MYR 59.68
SENAI-DESARU EXP 1.35 12/31/26 MYR 58.49
SENAI-DESARU EXP 1.35 06/30/27 MYR 57.32
SENAI-DESARU EXP 1.35 12/31/27 MYR 56.20
SENAI-DESARU EXP 1.35 12/31/29 MYR 51.84
SENAI-DESARU EXP 1.35 06/28/30 MYR 50.79
SENAI-DESARU EXP 1.35 12/31/30 MYR 49.73
SENAI-DESARU EXP 1.35 06/30/31 MYR 48.76
UNIMECH GROUP BH 5.00 09/18/18 MYR 1.25
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM P 11.50 05/07/15 USD 8.55
BAKRIE TELECOM P 11.50 05/07/15 USD 8.25
BERAU CAPITAL RE 12.50 07/08/15 USD 49.00
BERAU CAPITAL RE 12.50 07/08/15 USD 47.50
BLD INVESTMENTS 8.63 03/23/15 USD 14.13
BUMI CAPITAL PTE 12.00 11/10/16 USD 24.20
BUMI CAPITAL PTE 12.00 11/10/16 USD 21.50
BUMI INVESTMENT 10.75 10/06/17 USD 16.00
BUMI INVESTMENT 10.75 10/06/17 USD 20.79
ENERCOAL RESOURC 6.00 04/07/18 USD 19.00
INDO INFRASTRUCT 2.00 07/30/10 USD 1.88
OSA GOLIATH PTE 12.00 10/09/18 USD 72.75
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.63
MDX PCL 4.75 09/17/03 USD 25.00
TAIWAN
------
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.50
ADVANCED SEMICON 1.45 08/19/16 TWD 1.10
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.05
AGRICULTURAL BAN 3.28 06/30/15 TWD 3.28
AGRICULTURAL BAN 1.43 10/17/19 TWD 1.53
AGRICULTURAL BAN 1.53 10/17/22 TWD 1.53
ASIA CEMENT CORP 1.36 05/23/19 TWD 1.45
BANK OF KAOHSIUN 3.40 01/20/16 TWD 1.89
BANK OF PANHSIN 3.00 12/02/17 TWD 3.00
BANK OF PANHSIN 3.25 11/05/16 TWD 3.25
BANK OF PANHSIN 3.00 03/21/18 TWD 3.00
BANK OF PANHSIN 3.00 11/12/18 TWD 3.00
BANK OF PANHSIN 3.00 06/06/20 TWD 3.00
BANK OF TAIWAN 1.70 06/27/24 TWD 1.70
BANK SINOPAC 2.18 08/18/21 TWD 2.18
BANK SINOPAC 1.85 11/04/18 TWD 1.45
BANK SINOPAC 3.20 03/25/15 TWD 2.32
BANK SINOPAC 1.92 03/11/18 TWD 1.92
BANK SINOPAC 1.53 09/18/19 TWD 1.68
BANK SINOPAC 2.70 06/23/15 TWD 1.30
BANK SINOPAC 2.90 06/23/17 TWD 2.90
BANK SINOPAC 2.05 09/30/24 TWD 2.05
BANK SINOPAC 1.80 12/09/17 TWD 1.38
BANK SINOPAC 1.95 08/18/18 TWD 1.46
BANK SINOPAC 1.65 09/18/22 TWD 1.65
BANK SINOPAC 2.80 04/29/16 TWD 2.80
CATHAY FINANCIAL 3.10 12/24/15 TWD 1.00
CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21
CATHAY UNITED BA 1.85 05/19/24 TWD 1.85
CATHAY UNITED BA 1.70 04/24/23 TWD 1.90
CATHAY UNITED BA 1.65 08/07/22 TWD 1.60
CATHAY UNITED BA 1.65 06/06/22 TWD 1.80
CATHAY UNITED BA 1.48 06/06/19 TWD 1.48
CATHAY UNITED BA 1.55 04/24/20 TWD 1.55
CATHAY UNITED BA 1.70 05/19/21 TWD 1.70
CHAILEASE FINANC 2.05 10/30/21 TWD 2.05
CHAILEASE FINANC 2.30 10/30/24 TWD 2.30
CHAILEASE FINANC 1.60 07/22/18 TWD 1.43
CHAILEASE FINANC 1.50 06/05/17 TWD 1.29
CHAILEASE FINANC 1.50 06/16/19 TWD 1.50
CHANG HWA COMMER 3.05 12/15/15 TWD 3.05
CHANG HWA COMMER 3.10 05/19/15 TWD 0.89
CHANG HWA COMMER 2.30 09/15/16 TWD 1.26
CHANG HWA COMMER 1.65 03/11/18 TWD 1.64
CHANG HWA COMMER 1.72 03/11/21 TWD 1.72
CHANG HWA COMMER 1.70 04/16/21 TWD 1.70
CHANG HWA COMMER 1.85 04/16/24 TWD 1.85
CHENG SHIN RUBBE 1.40 07/18/19 TWD 1.40
CHENG SHIN RUBBE 1.55 08/19/18 TWD 1.40
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32
CHINA AIRLINES L 1.85 01/17/20 TWD 1.85
CHINA AIRLINES L 1.60 01/17/18 TWD 1.60
CHINA AIRLINES L 1.35 05/20/16 TWD 1.28
CHINA AIRLINES L 1.35 05/20/16 TWD 1.39
CHINA AIRLINES L 1.35 05/20/16 TWD 1.35
CHINA DEVELOPMEN 1.80 03/01/15 TWD 1.13
CHINA DEVELOPMEN 3.40 06/18/15 TWD 3.40
CHINA DEVELOPMEN 2.00 03/01/17 TWD 1.45
CHINA DEVELOPMEN 1.42 03/07/19 TWD 1.39
CHINA DEVELOPMEN 1.32 03/07/17 TWD 1.19
CHINA DEVELOPMEN 1.37 05/23/18 TWD 1.37
CHINA DEVELOPMEN 3.00 01/30/15 TWD 3.00
CHINA STEEL CORP 2.30 12/29/15 TWD 0.64
CHINA STEEL CORP 1.75 01/23/21 TWD 1.60
CHINA STEEL CORP 1.50 08/03/22 TWD 1.74
CHINA STEEL CORP 1.60 07/12/23 TWD 1.84
CHINA STEEL CORP 1.95 01/23/24 TWD 1.90
CHINA STEEL CORP 1.57 10/19/18 TWD 1.35
CHINA STEEL CORP 1.88 07/12/28 TWD 1.89
CHINA STEEL CORP 1.37 08/10/19 TWD 1.66
CHINA STEEL CORP 2.15 01/23/29 TWD 2.16
CHINA STEEL CORP 1.36 10/19/16 TWD 0.95
CHINA STEEL CORP 1.44 07/12/20 TWD 1.56
CHINESE MARITIME 1.40 06/08/17 TWD 1.40
CHINESE MARITIME 1.40 06/08/17 TWD 1.39
CHINESE MARITIME 1.40 06/08/17 TWD 1.40
CHINESE MARITIME 1.40 06/08/17 TWD 1.35
COTA COMMERCIAL 3.20 03/29/18 TWD 3.20
CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.40
CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.12
CPC CORP/TAIWAN 1.88 12/24/24 TWD 1.88
CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60
CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85
CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.00
CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.68
CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00
CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91
CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.18
CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.41
CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36
CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13
CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.31
CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93
CPC CORP/TAIWAN 1.08 10/29/15 TWD 0.56
CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56
CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60
CPC CORP/TAIWAN 1.68 07/22/23 TWD 1.69
CPC CORP/TAIWAN 1.46 07/19/20 TWD 1.45
CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86
CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.29
CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.50
CPC CORP/TAIWAN 1.29 09/21/19 TWD 1.40
CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70
CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92
CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80
CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00
CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49
CTBC FINANCIAL H 1.66 02/20/19 TWD 1.58
CTBC FINANCIAL H 1.80 02/20/22 TWD 1.80
DA-LI CONSTRUCTI 1.42 06/23/19 TWD 1.42
DRAGON STEEL COR 1.75 06/10/21 TWD 1.72
DRAGON STEEL COR 1.40 06/10/19 TWD 1.45
E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.70
E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70
E.SUN COMMERCIAL 3.10 02/15/15 TWD 2.30
E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50
E.SUN COMMERCIAL 2.35 10/20/16 TWD 1.34
E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15
E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95
E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50
E.SUN COMMERCIAL 2.20 07/13/17 TWD 2.20
E.SUN COMMERCIAL 2.20 05/28/17 TWD 1.45
E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58
E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88
E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57
E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55
E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.62
E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75
E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85
E.SUN FINANCIAL 1.75 06/29/19 TWD 1.65
E.SUN FINANCIAL 2.70 04/28/17 TWD 1.87
ENTIE COMMERCIAL 3.25 12/16/17 TWD 3.25
ENTIE COMMERCIAL 3.25 08/23/17 TWD 1.97
EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.21
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.26
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.29
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.25
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.05
EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.21
EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.26
EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.31
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.06
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.01
EVERGREEN MARINE 1.28 04/26/17 TWD 1.18
EVERGREEN MARINE 1.28 04/26/17 TWD 1.31
EXPORT-IMPORT BA 0.88 02/12/16 TWD 0.74
EXPORT-IMPORT BA 0.90 06/24/17 TWD 0.90
EXPORT-IMPORT BA 0.90 01/28/16 TWD 0.80
EXPORT-IMPORT BA 0.68 06/20/16 TWD 0.68
EXPORT-IMPORT BA 1.25 05/30/17 TWD 1.25
EXPORT-IMPORT BA 0.80 10/16/16 TWD 0.80
FAR EASTERN DEPA 1.38 09/07/15 TWD 1.16
FAR EASTERN INTE 1.75 06/27/19 TWD 1.59
FAR EASTERN INTE 2.10 11/06/20 TWD 1.81
FAR EASTERN INTE 2.10 09/29/17 TWD 1.47
FAR EASTERN INTE 2.98 05/18/17 TWD 2.98
FAR EASTERN INTE 1.95 11/10/18 TWD 1.80
FAR EASTERN INTE 2.05 12/23/21 TWD 2.05
FAR EASTERN NEW 1.68 05/27/15 TWD 0.90
FAR EASTERN NEW 1.45 12/23/18 TWD 1.44
FAR EASTERN NEW 1.59 09/16/15 TWD 0.94
FAR EASTERN NEW 1.47 12/04/19 TWD 1.47
FAR EASTERN NEW 1.36 02/15/17 TWD 1.18
FAR EASTERN NEW 1.55 09/29/16 TWD 1.03
FAR EASTERN NEW 1.30 11/26/17 TWD 1.21
FAR EASTERN NEW 1.35 06/07/17 TWD 1.21
FAR EASTERN NEW 1.47 08/21/19 TWD 1.46
FAR EASTONE TELE 1.58 10/15/18 TWD 1.61
FAR EASTONE TELE 1.33 06/27/20 TWD 1.47
FAR EASTONE TELE 1.58 12/24/19 TWD 1.55
FAR EASTONE TELE 1.27 12/24/17 TWD 1.16
FAR EASTONE TELE 1.46 10/15/17 TWD 1.38
FAR EASTONE TELE 1.17 12/24/16 TWD 1.17
FIRST COMMERCIAL 1.47 09/25/19 TWD 1.45
FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20
FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95
FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57
FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59
FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00
FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65
FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16
FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26
FIRST COMMERCIAL 1.50 09/28/17 TWD 1.38
FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72
FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56
FIRST COMMERCIAL 1.72 06/24/21 TWD 1.72
FIRST FINANCIAL 1.60 07/22/15 TWD 0.90
FIRST FINANCIAL 2.25 07/22/17 TWD 1.41
FORMOSA CHEMICAL 1.38 10/31/16 TWD 1.16
FORMOSA CHEMICAL 1.56 06/29/15 TWD 0.77
FORMOSA CHEMICAL 1.24 07/08/18 TWD 1.30
FORMOSA CHEMICAL 1.23 12/07/17 TWD 1.25
FORMOSA CHEMICAL 1.50 01/22/23 TWD 1.80
FORMOSA CHEMICAL 1.44 06/10/16 TWD 0.91
FORMOSA CHEMICAL 1.29 07/26/17 TWD 1.14
FORMOSA CHEMICAL 1.34 01/22/20 TWD 99.19
FORMOSA CHEMICAL 1.51 12/07/22 TWD 1.53
FORMOSA CHEMICAL 1.52 07/29/15 TWD 0.59
FORMOSA CHEMICAL 1.36 12/07/19 TWD 1.57
FORMOSA CHEMICAL 1.52 07/08/23 TWD 1.54
FORMOSA CHEMICAL 1.40 07/26/19 TWD 1.47
FORMOSA CHEMICAL 1.38 07/08/20 TWD 99.05
FORMOSA CHEMICAL 1.81 07/04/24 TWD 1.84
FORMOSA CHEMICAL 2.03 07/04/29 TWD 2.04
FORMOSA PETROCHE 1.30 06/20/17 TWD 1.22
FORMOSA PETROCHE 1.43 09/12/19 TWD 1.43
FORMOSA PETROCHE 1.40 04/20/16 TWD 0.72
FORMOSA PETROCHE 1.33 10/14/15 TWD 0.72
FORMOSA PETROCHE 1.25 03/12/18 TWD 1.31
FORMOSA PETROCHE 1.42 05/25/16 TWD 0.82
FORMOSA PETROCHE 1.55 04/27/15 TWD 0.73
FORMOSA PETROCHE 1.44 07/27/19 TWD 1.47
FORMOSA PETROCHE 1.99 09/12/26 TWD 1.99
FORMOSA PETROCHE 1.54 05/25/15 TWD 0.72
FORMOSA PETROCHE 1.54 07/15/15 TWD 0.72
FORMOSA PETROCHE 1.41 06/26/20 TWD 1.53
FORMOSA PETROCHE 1.28 06/26/18 TWD 1.30
FORMOSA PETROCHE 1.44 06/20/19 TWD 1.58
FORMOSA PETROCHE 1.37 03/12/20 TWD 1.41
FORMOSA PETROCHE 1.35 07/27/17 TWD 1.10
FORMOSA PETROCHE 1.90 09/12/24 TWD 1.90
FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73
FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45
FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73
FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44
FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86
FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24
FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94
FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30
FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23
FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15
FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47
FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54
FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49
FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96
FORMOSA PLASTICS 1.53 11/05/22 TWD 1.55
FUBON FINANCIAL 1.60 12/18/20 TWD 1.65
FUBON FINANCIAL 1.72 07/21/21 TWD 1.72
FUBON FINANCIAL 1.42 12/18/18 TWD 1.45
FUBON FINANCIAL 1.56 08/23/15 TWD 0.70
FUBON FINANCIAL 1.70 01/28/15 TWD 0.48
FUBON FINANCIAL 1.58 08/28/20 TWD 1.58
FUBON FINANCIAL 1.45 08/28/18 TWD 1.36
FUBON FINANCIAL 2.60 01/27/17 TWD 1.32
FUBON FINANCIAL 1.90 01/28/17 TWD 1.40
FUBON FINANCIAL 2.60 01/28/17 TWD 1.46
FUBON FINANCIAL 1.45 08/15/19 TWD 1.47
FUBON FINANCIAL 1.35 08/15/17 TWD 1.06
FUBON FINANCIAL 1.40 11/15/16 TWD 0.72
GOLDSUN DEVELOPM 1.40 12/25/19 TWD 1.40
GTM HOLDINGS COR 1.30 07/24/18 TWD 1.31
HIYES INTERNATIO 1.40 09/23/17 TWD 1.40
HON HAI PRECISIO 1.43 12/27/15 TWD 0.90
HON HAI PRECISIO 1.66 06/14/18 TWD 1.32
HON HAI PRECISIO 1.33 01/30/18 TWD 1.26
HON HAI PRECISIO 2.02 10/08/24 TWD 2.02
HON HAI PRECISIO 1.95 07/08/24 TWD 1.95
HON HAI PRECISIO 1.80 10/08/21 TWD 1.80
HON HAI PRECISIO 1.45 10/18/16 TWD 1.04
HON HAI PRECISIO 1.17 05/21/17 TWD 1.14
HON HAI PRECISIO 1.75 03/18/21 TWD 1.74
HON HAI PRECISIO 1.43 05/23/17 TWD 1.12
HON HAI PRECISIO 1.85 12/17/20 TWD 1.70
HON HAI PRECISIO 1.35 10/11/17 TWD 1.50
HON HAI PRECISIO 1.45 01/30/20 TWD 99.66
HON HAI PRECISIO 1.35 12/17/16 TWD 1.07
HON HAI PRECISIO 1.50 12/17/18 TWD 1.50
HON HAI PRECISIO 1.40 03/18/19 TWD 1.40
HON HAI PRECISIO 1.18 08/06/15 TWD 1.20
HON HAI PRECISIO 1.70 07/08/21 TWD 1.70
HON HAI PRECISIO 1.23 03/18/17 TWD 1.16
HON HAI PRECISIO 1.95 05/21/24 TWD 1.95
HON HAI PRECISIO 1.47 03/08/16 TWD 0.89
HON HAI PRECISIO 1.51 07/18/16 TWD 0.98
HON HAI PRECISIO 1.43 06/14/16 TWD 1.25
HON HAI PRECISIO 1.82 06/14/21 TWD 1.78
HON HAI PRECISIO 1.45 10/08/19 TWD 1.45
HON HAI PRECISIO 2.15 10/08/26 TWD 2.15
HON HAI PRECISIO 1.37 05/21/19 TWD 1.37
HON HAI PRECISIO 1.70 05/21/21 TWD 1.70
HON HAI PRECISIO 2.00 03/18/24 TWD 2.00
HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.53
HSBC BANK TAIWAN 1.40 01/31/19 TWD 1.27
HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48
HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60
HSBC BANK TAIWAN 1.23 02/05/18 TWD 1.20
HSBC BANK TAIWAN 1.34 02/05/20 TWD 1.47
HSBC BANK TAIWAN 1.25 01/31/17 TWD 1.11
HUA NAN COMMERCI 1.98 12/19/24 TWD 1.98
HUA NAN COMMERCI 2.60 12/29/19 TWD 2.60
HUA NAN COMMERCI 3.10 04/18/15 TWD 0.88
HUA NAN COMMERCI 3.08 01/16/18 TWD 3.08
HUA NAN COMMERCI 2.60 04/24/17 TWD 2.60
HUA NAN COMMERCI 3.20 05/16/16 TWD 3.20
HUA NAN COMMERCI 1.98 09/26/24 TWD 1.98
HUA NAN COMMERCI 1.83 12/19/21 TWD 1.83
HUA NAN COMMERCI 1.85 03/28/24 TWD 1.85
HUA NAN COMMERCI 2.45 07/16/17 TWD 1.62
HUA NAN COMMERCI 1.65 11/23/20 TWD 1.65
HUA NAN COMMERCI 1.63 12/06/18 TWD 1.52
HUA NAN COMMERCI 1.43 11/06/19 TWD 1.45
HUA NAN COMMERCI 1.55 11/06/22 TWD 1.55
HUA NAN COMMERCI 1.83 09/26/21 TWD 1.83
HUA NAN FINANCIA 1.55 01/21/20 TWD 1.56
HUA NAN FINANCIA 1.23 01/21/18 TWD 1.33
HWATAI BANK LTD 2.70 11/15/19 TWD 2.70
INDUSTRIAL BANK 2.30 10/28/18 TWD 1.80
INDUSTRIAL BANK 2.30 08/26/18 TWD 1.59
INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00
INDUSTRIAL BANK 1.95 05/30/20 TWD 1.95
INDUSTRIAL BANK 1.85 08/17/19 TWD 1.83
INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24
INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85
INDUSTRIAL BANK 1.95 03/27/21 TWD 1.95
INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95
JIH SUN INTERNAT 2.18 04/30/19 TWD 2.18
KGI SECURITIES C 1.15 03/15/15 TWD 0.72
KINDOM CONSTRUCT 1.55 08/28/19 TWD 1.55
KINDOM CONSTRUCT 1.40 12/15/16 TWD 1.28
KINDOM CONSTRUCT 1.60 09/26/18 TWD 1.60
KINDOM CONSTRUCT 1.41 06/25/17 TWD 1.41
KINDOM CONSTRUCT 1.30 06/18/18 TWD 1.30
KINDOM CONSTRUCT 1.40 10/28/16 TWD 1.40
LAND BANK OF TAI 3.00 04/15/15 TWD 0.90
LAND BANK OF TAI 1.53 12/15/17 TWD 1.38
LAND BANK OF TAI 2.80 12/29/15 TWD 1.00
LAND BANK OF TAI 2.00 06/29/17 TWD 1.61
LAND BANK OF TAI 1.55 04/13/19 TWD 1.60
LAND BANK OF TAI 1.64 10/20/18 TWD 1.42
LAND BANK OF TAI 1.98 12/25/24 TWD 1.98
LAND BANK OF TAI 1.60 12/29/18 TWD 1.54
LAND BANK OF TAI 1.43 12/26/19 TWD 1.47
LAND BANK OF TAI 1.72 12/26/20 TWD 1.72
LAND BANK OF TAI 1.43 10/22/19 TWD 1.43
LAND BANK OF TAI 1.50 06/26/19 TWD 1.45
LAND BANK OF TAI 1.55 12/26/22 TWD 1.55
MAI-LIAO POWER C 1.37 12/19/19 TWD 99.37
MAI-LIAO POWER C 1.25 12/19/17 TWD 1.25
MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43
MEGA FINANCIAL H 3.26 12/26/15 TWD 1.46
MEGA INTERNATION 1.53 12/24/17 TWD 1.37
MEGA INTERNATION 2.90 03/20/15 TWD 2.90
MEGA INTERNATION 1.65 06/24/21 TWD 1.65
MEGA INTERNATION 3.00 09/29/15 TWD 0.95
MEGA INTERNATION 1.65 04/15/18 TWD 1.40
MEGA INTERNATION 3.10 06/26/15 TWD 0.90
MEGA INTERNATION 3.00 12/23/15 TWD 1.18
MEGA INTERNATION 1.62 11/24/18 TWD 1.38
MEGA INTERNATION 1.48 05/18/19 TWD 1.48
MEGA INTERNATION 1.70 03/28/21 TWD 1.70
NAN YA PLASTICS 1.45 08/05/18 TWD 1.28
NAN YA PLASTICS 2.04 06/24/29 TWD 2.04
NAN YA PLASTICS 1.93 11/11/24 TWD 1.93
NAN YA PLASTICS 1.98 12/18/23 TWD 1.94
NAN YA PLASTICS 1.36 02/25/20 TWD 1.51
NAN YA PLASTICS 1.45 11/11/19 TWD 1.45
NAN YA PLASTICS 1.36 07/04/17 TWD 1.13
NAN YA PLASTICS 1.27 11/12/15 TWD 0.93
NAN YA PLASTICS 1.56 08/30/15 TWD 0.68
NAN YA PLASTICS 1.35 11/07/16 TWD 1.20
NAN YA PLASTICS 1.56 06/25/15 TWD 0.90
NAN YA PLASTICS 1.40 08/05/17 TWD 1.21
NAN YA PLASTICS 1.55 08/05/20 TWD 1.54
NAN YA PLASTICS 1.25 09/07/17 TWD 1.22
NAN YA PLASTICS 1.37 09/07/19 TWD 1.47
NAN YA PLASTICS 1.45 07/04/19 TWD 1.38
NAN YA PLASTICS 1.50 02/25/23 TWD 1.52
NAN YA PLASTICS 2.08 12/18/25 TWD 2.10
PACIFIC CONSTRUC 1.50 05/06/16 TWD 1.50
PRINCE HOUSING & 1.33 07/12/17 TWD 1.33
PRINCE HOUSING & 1.55 11/21/18 TWD 1.55
RUN LONG CONSTRU 1.70 05/07/19 TWD 1.37
RUN LONG CONSTRU 1.60 08/01/19 TWD 1.37
SAN FAR PROPERTY 1.55 10/23/18 TWD 1.58
SHANGHAI COMMERC 3.05 12/26/15 TWD 3.05
SHANGHAI COMMERC 3.15 06/10/15 TWD 0.90
SHANGHAI COMMERC 1.85 03/25/24 TWD 1.85
SHANGHAI COMMERC 1.50 12/15/17 TWD 1.50
SHANGHAI COMMERC 1.43 11/15/19 TWD 1.43
SHANGHAI COMMERC 1.55 11/15/22 TWD 1.55
SHANGHAI COMMERC 1.48 04/10/19 TWD 1.45
SHANGHAI COMMERC 1.54 05/22/19 TWD 1.60
SHANGHAI COMMERC 1.43 12/27/19 TWD 1.57
SHANGHAI COMMERC 1.83 11/25/21 TWD 1.83
SHANGHAI COMMERC 1.70 03/25/21 TWD 1.65
SHIHLIN DEVELOPM 1.60 07/31/19 TWD 1.34
SHIN KONG FINANC 3.65 09/29/15 TWD 0.96
SHINING BUILDING 1.60 11/10/17 TWD 1.60
SINYI REALTY INC 1.48 06/27/19 TWD 1.48
SOLAR APPLIED MA 1.75 11/10/15 TWD 1.80
SUNNY BANK LTD 3.25 04/30/17 TWD 3.25
SUNNY BANK LTD 2.45 12/30/21 TWD 2.45
SUNNY BANK LTD 2.85 06/27/18 TWD 2.85
SUNNY BANK LTD 3.25 10/29/17 TWD 3.25
SUNNY BANK LTD 2.45 04/30/20 TWD 2.45
SUNNY BANK LTD 2.45 05/30/19 TWD 2.45
SUNNY BANK LTD 2.35 03/31/21 TWD 2.35
SUNNY BANK LTD 2.35 08/26/21 TWD 2.35
TA CHONG BANK LT 3.25 01/05/17 TWD 3.25
TA CHONG BANK LT 3.50 02/26/17 TWD 3.50
TA CHONG BANK LT 3.00 03/09/18 TWD 1.92
TA CHONG BANK LT 3.75 03/05/17 TWD 3.75
TA CHONG BANK LT 2.15 03/30/19 TWD 2.15
TA CHONG BANK LT 1.90 12/27/19 TWD 1.90
TA CHONG BANK LT 2.05 06/22/19 TWD 2.05
TA CHONG BANK LT 2.00 11/19/21 TWD 2.00
TA CHONG BANK LT 2.00 09/26/21 TWD 2.00
TA CHONG BANK LT 2.05 03/21/21 TWD 2.05
TAIPEI FUBON COM 1.60 05/20/15 TWD 1.14
TAIPEI FUBON COM 3.05 03/28/15 TWD 3.05
TAIPEI FUBON COM 1.98 09/25/24 TWD 1.98
TAIPEI FUBON COM 1.65 03/18/18 TWD 1.65
TAIPEI FUBON COM 2.20 12/22/16 TWD 1.17
TAIPEI FUBON COM 3.14 06/20/15 TWD 3.15
TAIPEI FUBON COM 1.60 03/01/15 TWD 0.65
TAIPEI FUBON COM 1.65 12/01/18 TWD 1.46
TAIPEI FUBON COM 2.05 08/20/20 TWD 2.05
TAIPEI FUBON COM 3.09 05/30/15 TWD 3.10
TAIPEI FUBON COM 1.95 08/20/17 TWD 1.60
TAIPEI FUBON COM 1.85 05/15/24 TWD 1.85
TAIPEI FUBON COM 2.50 01/25/20 TWD 2.50
TAIPEI FUBON COM 2.30 01/29/17 TWD 2.30
TAIPEI FUBON COM 2.20 01/25/17 TWD 1.14
TAIPEI FUBON COM 1.50 11/15/17 TWD 1.56
TAIPEI FUBON COM 1.70 08/05/18 TWD 1.45
TAIPEI FUBON COM 1.55 10/15/20 TWD 1.55
TAIPEI FUBON COM 1.70 05/20/17 TWD 1.70
TAIPEI FUBON COM 1.80 03/01/17 TWD 1.48
TAIPEI FUBON COM 2.50 03/02/20 TWD 2.50
TAIPEI FUBON COM 1.68 05/25/22 TWD 1.62
TAIPEI FUBON COM 1.48 04/05/19 TWD 1.48
TAIPEI FUBON COM 1.52 08/01/20 TWD 1.52
TAIPEI FUBON COM 1.70 08/01/23 TWD 1.70
TAIPEI FUBON COM 1.70 05/15/21 TWD 1.70
TAISHIN FINANCIA 2.00 05/15/19 TWD 1.85
TAISHIN FINANCIA 2.20 10/05/18 TWD 2.20
TAISHIN FINANCIA 2.30 12/17/17 TWD 1.65
TAISHIN FINANCIA 2.20 08/05/18 TWD 1.61
TAISHIN INTERNAT 1.95 05/16/24 TWD 1.95
TAISHIN INTERNAT 2.65 04/12/17 TWD 2.65
TAISHIN INTERNAT 1.53 10/19/19 TWD 1.53
TAISHIN INTERNAT 1.65 10/19/22 TWD 1.65
TAISHIN INTERNAT 1.53 12/14/19 TWD 1.53
TAISHIN INTERNAT 1.65 12/14/22 TWD 1.65
TAIWAN ACCEPTANC 1.25 10/17/17 TWD 1.25
TAIWAN ACCEPTANC 1.12 06/20/17 TWD 1.16
TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36
TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98
TAIWAN BUSINESS 1.92 11/25/20 TWD 1.82
TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32
TAIWAN BUSINESS 1.92 09/02/17 TWD 1.47
TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71
TAIWAN COOPERATI 1.70 07/28/18 TWD 1.41
TAIWAN COOPERATI 1.70 05/26/21 TWD 1.70
TAIWAN COOPERATI 1.85 05/26/24 TWD 1.85
TAIWAN COOPERATI 3.00 05/28/15 TWD 0.89
TAIWAN COOPERATI 1.72 12/25/20 TWD 1.72
TAIWAN COOPERATI 1.43 12/25/19 TWD 1.43
TAIWAN COOPERATI 1.48 03/28/20 TWD 1.58
TAIWAN COOPERATI 1.65 06/28/22 TWD 1.60
TAIWAN COOPERATI 1.55 12/25/22 TWD 1.55
TAIWAN COOPERATI 1.45 10/25/17 TWD 1.28
TAIWAN LAND DEVE 1.36 04/25/17 TWD 1.36
TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21
TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44
TAIWAN POWER CO 1.38 06/01/15 TWD 0.68
TAIWAN POWER CO 2.15 12/28/19 TWD 1.42
TAIWAN POWER CO 1.30 11/17/16 TWD 0.98
TAIWAN POWER CO 1.10 05/30/17 TWD 0.98
TAIWAN POWER CO 1.23 12/27/16 TWD 0.95
TAIWAN POWER CO 1.37 08/20/15 TWD 0.60
TAIWAN POWER CO 1.39 08/16/19 TWD 1.42
TAIWAN POWER CO 1.29 06/15/17 TWD 0.94
TAIWAN POWER CO 2.62 11/25/15 TWD 0.63
TAIWAN POWER CO 1.46 12/17/17 TWD 1.10
TAIWAN POWER CO 1.46 12/30/18 TWD 1.35
TAIWAN POWER CO 1.46 12/15/19 TWD 1.46
TAIWAN POWER CO 2.99 07/21/15 TWD 0.58
TAIWAN POWER CO 1.95 10/22/19 TWD 1.40
TAIWAN POWER CO 1.78 11/20/19 TWD 1.36
TAIWAN POWER CO 1.32 12/19/16 TWD 0.95
TAIWAN POWER CO 2.74 06/16/15 TWD 0.53
TAIWAN POWER CO 1.69 04/22/21 TWD 1.50
TAIWAN POWER CO 1.39 07/21/15 TWD 0.56
TAIWAN POWER CO 2.75 04/18/15 TWD 0.51
TAIWAN POWER CO 1.98 07/21/24 TWD 1.99
TAIWAN POWER CO 1.30 06/17/18 TWD 1.28
TAIWAN POWER CO 1.50 11/22/18 TWD 1.28
TAIWAN POWER CO 2.02 12/15/24 TWD 2.02
TAIWAN POWER CO 1.40 05/30/19 TWD 1.42
TAIWAN POWER CO 2.99 09/17/15 TWD 0.65
TAIWAN POWER CO 1.24 11/21/16 TWD 0.93
TAIWAN POWER CO 1.75 12/30/20 TWD 1.66
TAIWAN POWER CO 1.99 10/16/24 TWD 1.99
TAIWAN POWER CO 1.37 04/23/19 TWD 1.50
TAIWAN POWER CO 1.94 11/22/23 TWD 1.89
TAIWAN POWER CO 1.40 03/17/19 TWD 1.42
TAIWAN POWER CO 1.47 09/23/17 TWD 1.08
TAIWAN POWER CO 1.53 05/03/23 TWD 1.96
TAIWAN POWER CO 1.95 12/30/23 TWD 1.88
TAIWAN POWER CO 1.55 11/20/16 TWD 0.98
TAIWAN POWER CO 1.87 04/28/16 TWD 0.89
TAIWAN POWER CO 1.58 12/21/21 TWD 1.41
TAIWAN POWER CO 1.50 04/24/22 TWD 1.75
TAIWAN POWER CO 1.92 03/17/24 TWD 1.93
TAIWAN POWER CO 2.85 11/04/15 TWD 0.60
TAIWAN POWER CO 1.23 04/23/17 TWD 1.44
TAIWAN POWER CO 2.35 12/30/18 TWD 1.27
TAIWAN POWER CO 1.60 12/15/20 TWD 1.52
TAIWAN POWER CO 2.84 04/18/18 TWD 1.25
TAIWAN POWER CO 1.38 04/21/15 TWD 0.54
TAIWAN POWER CO 1.31 10/31/19 TWD 1.44
TAIWAN POWER CO 1.77 10/16/21 TWD 1.77
TAIWAN POWER CO 1.10 12/15/17 TWD 1.10
TAIWAN POWER CO 1.75 07/21/21 TWD 1.67
TAIWAN POWER CO 1.33 06/28/16 TWD 0.90
TAIWAN POWER CO 1.39 05/06/20 TWD 1.70
TAIWAN POWER CO 1.75 07/23/23 TWD 1.76
TAIWAN POWER CO 1.27 11/30/19 TWD 1.43
TAIWAN POWER CO 1.65 07/19/17 TWD 1.10
TAIWAN POWER CO 1.55 06/28/18 TWD 1.23
TAIWAN POWER CO 1.64 09/21/20 TWD 1.61
TAIWAN POWER CO 1.55 07/22/20 TWD 1.65
TAIWAN POWER CO 1.43 06/15/19 TWD 1.41
TAIWAN POWER CO 1.42 07/21/19 TWD 1.44
TAIWAN POWER CO 1.77 12/17/21 TWD 1.77
TAIWAN POWER CO 1.10 10/16/17 TWD 1.10
TAIWAN POWER CO 1.48 11/21/18 TWD 1.32
TAIWAN POWER CO 1.51 10/21/18 TWD 1.29
TAIWAN POWER CO 1.65 10/20/21 TWD 1.50
TAIWAN POWER CO 1.79 07/21/20 TWD 1.52
TAIWAN POWER CO 1.64 08/20/17 TWD 1.10
TAIWAN POWER CO 1.71 08/23/20 TWD 1.56
TAIWAN POWER CO 1.65 07/19/18 TWD 1.25
TAIWAN POWER CO 1.64 06/28/21 TWD 1.59
TAIWAN POWER CO 1.75 06/01/17 TWD 1.10
TAIWAN POWER CO 1.83 06/01/20 TWD 1.43
TAIWAN POWER CO 1.60 04/22/18 TWD 1.36
TAIWAN POWER CO 1.75 04/23/17 TWD 1.20
TAIWAN POWER CO 1.85 04/22/20 TWD 1.50
TAIWAN POWER CO 1.43 10/31/22 TWD 1.42
TAIWAN POWER CO 1.28 05/06/18 TWD 1.30
TAIWAN POWER CO 1.39 12/26/22 TWD 1.49
TAIWAN POWER CO 1.52 06/15/22 TWD 1.52
TAIWAN POWER CO 1.41 11/28/22 TWD 1.41
TAIWAN POWER CO 1.49 08/15/22 TWD 1.84
TAIWAN POWER CO 1.45 06/17/20 TWD 1.55
TAIWAN POWER CO 1.35 09/26/16 TWD 0.89
TAIWAN POWER CO 1.75 05/30/21 TWD 1.69
TAIWAN POWER CO 1.42 10/16/19 TWD 1.42
TAIWAN POWER CO 1.95 05/28/24 TWD 1.96
TAIWAN POWER CO 1.10 03/18/17 TWD 0.98
TAIWAN POWER CO 1.74 03/17/21 TWD 1.74
TAIWAN SEMICONDU 1.23 01/04/18 TWD 1.11
TAIWAN SEMICONDU 1.40 09/28/16 TWD 0.81
TAIWAN SEMICONDU 1.29 01/11/17 TWD 0.97
TAIWAN SEMICONDU 1.35 01/04/20 TWD 1.56
TAIWAN SEMICONDU 1.28 08/02/17 TWD 1.12
TAIWAN SEMICONDU 1.28 09/26/17 TWD 1.09
TAIWAN SEMICONDU 1.23 02/06/18 TWD 1.10
TAIWAN SEMICONDU 1.50 07/16/20 TWD 1.62
TAIWAN SEMICONDU 1.63 09/28/18 TWD 1.30
TAIWAN SEMICONDU 1.45 09/25/17 TWD 1.47
TAIWAN SEMICONDU 1.49 01/04/23 TWD 97.62
TAIWAN SEMICONDU 1.35 09/25/16 TWD 1.38
TAIWAN SEMICONDU 1.46 01/11/19 TWD 1.46
TAIWAN SEMICONDU 1.34 08/09/17 TWD 1.34
TAIWAN SEMICONDU 1.39 09/26/19 TWD 99.72
TAIWAN SEMICONDU 1.50 02/06/23 TWD 1.91
TAIWAN SEMICONDU 2.10 09/25/23 TWD 2.03
TAIWAN SEMICONDU 1.52 08/09/19 TWD 1.52
TAIWAN SEMICONDU 1.53 10/09/22 TWD 1.53
TAIWAN SEMICONDU 1.38 02/06/20 TWD 99.41
TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10
TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45
TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85
TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63
TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51
U-MING MARINE TR 1.32 08/22/17 TWD 1.32
UNION BANK OF TA 2.78 06/15/18 TWD 2.78
UNION BANK OF TA 2.32 03/01/19 TWD 2.32
UNION BANK OF TA 2.10 12/19/20 TWD 2.10
UNI-PRESIDENT EN 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT EN 1.78 06/23/24 TWD 1.81
UNI-PRESIDENT EN 1.39 02/18/19 TWD 1.42
UNI-PRESIDENT EN 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT EN 1.22 02/26/18 TWD 1.26
UNI-PRESIDENT EN 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT EN 1.39 10/29/19 TWD 1.53
UNI-PRESIDENT EN 1.43 06/17/16 TWD 1.00
UNI-PRESIDENT EN 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT EN 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT EN 1.29 06/23/19 TWD 1.34
UNITED MICROELEC 1.43 06/07/17 TWD 1.20
UNITED MICROELEC 1.35 03/15/18 TWD 1.35
UNITED MICROELEC 1.50 03/15/20 TWD 1.58
UNITED MICROELEC 1.63 06/07/19 TWD 1.50
UNITED MICROELEC 1.95 06/18/24 TWD 1.95
UNITED MICROELEC 1.70 06/18/21 TWD 1.71
USI CORP 1.52 01/19/16 TWD 1.58
USI CORP 1.55 06/24/16 TWD 1.34
WAN HAI LINES LT 1.95 08/14/21 TWD 1.95
WAN HAI LINES LT 1.65 08/14/19 TWD 1.65
WAN HAI LINES LT 1.65 06/22/16 TWD 1.25
WAN HAI LINES LT 1.85 06/24/18 TWD 1.55
YANG MING MARINE 2.45 11/01/20 TWD 2.45
YANG MING MARINE 1.30 12/27/16 TWD 1.15
YANG MING MARINE 2.20 11/01/18 TWD 1.90
YANG MING MARINE 1.42 05/20/15 TWD 1.45
YANG MING MARINE 1.30 12/27/16 TWD 1.05
YANG MING MARINE 1.42 05/20/15 TWD 1.35
YANG MING MARINE 1.42 05/20/15 TWD 1.23
YANG MING MARINE 1.42 05/20/15 TWD 1.42
YANG MING MARINE 1.42 05/20/15 TWD 1.46
YANG MING MARINE 1.42 05/20/15 TWD 1.31
YANG MING MARINE 1.42 05/20/15 TWD 1.31
YANG MING MARINE 1.42 05/20/15 TWD 1.38
YANG MING MARINE 1.30 12/27/16 TWD 1.34
YANG MING MARINE 1.30 12/27/16 TWD 1.26
YANG MING MARINE 1.30 12/27/16 TWD 1.16
YANG MING MARINE 1.30 12/27/16 TWD 1.14
YANG MING MARINE 1.30 12/27/16 TWD 1.11
YANG MING MARINE 1.30 12/27/16 TWD 1.15
YFY INC 1.40 06/28/15 TWD 1.40
YFY INC 1.40 06/28/15 TWD 0.95
YUAN DING INVEST 1.35 05/26/19 TWD 1.43
YUAN DING INVEST 1.35 11/25/16 TWD 1.14
YUAN DING INVEST 1.62 07/19/15 TWD 1.45
YUAN DING INVEST 1.50 07/20/16 TWD 1.27
YUAN DING INVEST 1.45 12/15/16 TWD 1.40
YUAN DING INVEST 1.40 08/06/17 TWD 1.20
YUAN DING INVEST 1.25 08/06/15 TWD 1.30
YUANTA COMMERCIA 2.00 09/04/24 TWD 2.00
YUANTA COMMERCIA 1.85 08/22/18 TWD 1.55
YUANTA COMMERCIA 1.75 06/27/18 TWD 1.53
YUANTA COMMERCIA 2.30 06/10/17 TWD 1.38
YUANTA COMMERCIA 1.80 10/27/18 TWD 1.80
YUANTA COMMERCIA 1.95 10/27/21 TWD 1.95
YUANTA COMMERCIA 1.85 10/29/21 TWD 1.85
YUANTA COMMERCIA 1.80 09/04/21 TWD 1.80
YUANTA FINANCIAL 1.50 06/29/16 TWD 1.12
*********
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 2015. 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 202-362-8552.
*** End of Transmission ***