/raid1/www/Hosts/bankrupt/TCRAP_Public/150127.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 27, 2015, Vol. 18, No. 018
Headlines
A U S T R A L I A
HMFT WINES: First Creditors' Meeting Slated For Feb. 3
M E PINE: First Creditors' Meeting Set For January 28
C H I N A
AMERICAN NANO: Paritz & Company Raises Going Concern Doubt
CHINA: Banks' Bad Loans Ratio Jumps Most in at Least a Decade
CHINA: Developers Offshore Bond Sales Stall as Default Fears Rise
COUNTRY GARDEN: Fitch Affirms 'BB+' IDR & Changes Outlook to Pos.
KAISA GROUP: In Talks With Bankers on Possible Asset Sales
I N D I A
AJANTA POLYMERS: ICRA Suspends B+ Rating on INR7.55cr Bank Loan
AMBICA CHEMICALS: CARE Assigns B+ Rating to INR7.38cr LT Loan
ATUL COMMODITIES: ICRA Suspends B+ Rating to INR4cr Cash Credit
B.P. ALLOYS: ICRA Revises Rating on INR7cr LT Loan to 'B'
BRAHMANI DEVELOPERS: ICRA Rates INR2.50cr Cash Credit at 'B+'
BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
BANSAL CONSTRUCTION: ICRA Reaffirms B+ Rating on INR12cr Loan
CONVEYOR AND ROPEWAY: CRISIL Reaffirms B+ Rating on INR40MM Loan
ENFIELD APPARELS: ICRA Suspends D Rating on INR30.04cr Term Loan
EVERGREEN DRUMS: ICRA Assigns C+ Rating to INR6cr Corporate Loan
FRANK LIFECARE: ICRA Reaffirms B+ Rating on INR14.40cr Term Loan
GB RAJA: CRISIL Lowers Rating on INR180.5MM LT Loan to 'D'
GIRIRAJ COT-GIN: ICRA Reaffirms B+ Rating on INR14.5cr LT Loan
GOLD KING: CRISIL Cuts Rating on INR50MM Cash Credit to 'B-'
GURUKRUPA COTTON: ICRA Reaffirms B Rating on INR9.50cr Cash Loan
IMOSYS ENGINEERING: ICRA Assigns B Rating to INR5.25r Term Loan
JAHANVI ISPAT: ICRA Assigns 'D' Rating to INR11cr Term Loan
JASMER FOODS: CRISIL Cuts Rating on INR200MM Cash Credit to C
KAMADGIRI EXPORTS: CRISIL Cuts Rating on INR95MM Term Loan to D
KOTALIPARA DEVELOPMENT: ICRA Puts B Rating on INR17cr Term Loan
MADHUVAN PRASAD: ICRA Upgrades Rating on INR7.5c LT Loan to B+
MANTRA PACKAGING: ICRA Revises Rating on INR3cr LT Loan to 'B'
MRJ STEELS: ICRA Reaffirms B+ Rating on INR38cr Fund Based Loan
MURLI ELECTRODE: CARE Reaffirms B+ Rating on INR7cr LT Bank Loan
NUTEK INDIA: CRISIL Cuts Rating on INR300MM Bank Loan to 'B'
PANKAJ STEEL: ICRA Assigns B+ Rating to INR4.50cr Cash Credit
PERTH CERAMIC: ICRA Assigns 'B' Rating to INR33r Term Loan
QUADROS AUTOMARK: CARE Assigns B+ Rating to INR11.27cr LT Loan
RLJ MULTIGRAIN: ICRA Revises Rating on INR7.93cr Term Loan to B
S N THAKKAR: CRISIL Reaffirms B- Rating on INR75MM Cash Credit
SHIVDHAN BOARDS: CRISIL Ups Rating on INR77.5MM Cash Credit to B
SHREE RAM: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
SHREE SUSHMA: ICRA Suspends B+ Rating on INR5cr Fund Based Limits
SHRIRAM NON-CONVENTIONAL: ICRA Rates INR20cr Term Loan at 'D'
SRI HARI: ICRA Assigns 'B' Rating to INR46.60cr Long Term Loan
ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
SURESOFT SYSTEMS: CRISIL Cuts Rating on INR112MM LT Loan to 'D'
VIVEKANANDA SEEDS: ICRA Assigns B Rating to INR7.20cr LT Loan
S O U T H K O R E A
DONGBU GROUP: Chairman in Danger of Losing Insurance Unit
X X X X X X X X
* BOND PRICING: For the Week Jan. 19 to Jan. 23, 2015
- - - - -
=================
A U S T R A L I A
=================
HMFT WINES: First Creditors' Meeting Slated For Feb. 3
------------------------------------------------------
Simon Miller and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of HMFT Wines Pty Ltd on Jan. 22, 2015.
A meeting of creditors will be held at 10:30 a.m. on Feb. 3, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.
M E PINE: First Creditors' Meeting Set For January 28
-----------------------------------------------------
Timothy Clifton and Mark Hall of Clifton Hall were appointed Joint
and Several Liquidators of M E Pine Carpenters Pty Ltd on Jan. 15,
2015.
A meeting of creditors will be held at 2:00 p.m. on Jan. 28, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.
=========
C H I N A
=========
AMERICAN NANO: Paritz & Company Raises Going Concern Doubt
----------------------------------------------------------
American Nano Silicon Technologies, Inc., filed with the U.S.
Securities and Exchange Commission on Jan. 7, 2015, its annual
report on Form 10-K for the fiscal year ended Sept. 30, 2014.
Paritz & Company, P.A., expressed substantial doubt about the
Company's ability to continue as a going concern, citing the
Company's current liabilities exceed its current assets by
$14.8 million at Sept. 30, 2014. The current cash and inventory
level will not be sufficient to support the Company's resumption
of its normal operations and repayments of its loans. In addition,
the Company has suffered negative cash flows for past
two years.
The Company reported a net loss of $6.37 million on $1.76 million
of revenues for the fiscal year ended Sept. 30, 2014, compared
with a net loss of $7.17 million on $798,000 of revenue in fiscal
2013.
The Company's balance sheet at Sept. 30, 2014, showed $22.9
million in total assets, $21.02 million in total liabilities, and
stockholders' equity of $1.93 million.
A copy of the Form 10-K is available at:
http://is.gd/1pl8bU
With headquarters in Nanchong, Sichuan province, in China,
American Nano Silicon Technologies (ANNO: OTC US) makes and
distributes micro-nano silicon that is used in consumer and
industrial products, including petrochemical, plastics, laundry
detergent, rubber, paper and ceramics. The Company operates
through its subsidiary Nanchong Chunfei Nano Silicon Technologies
Co., Ltd.
CHINA: Banks' Bad Loans Ratio Jumps Most in at Least a Decade
-------------------------------------------------------------
Bloomberg News reports that Chinese banks' bad-loan ratio jumped
the most in at least a decade in the fourth quarter as a property-
market slump and an economic slowdown constrained borrowers'
repayment ability.
Bloomberg relates that nonperforming loans accounted for 1.29
percent of commercial banks' total advances as of Dec. 31, up from
1.16 percent three months earlier, the China Banking Regulatory
Commission said in a statement on Jan. 12. The bad-loan ratio for
all banking institutions, including policy banks, stood at 1.64
percent at the end of last year, according to the CBRC.
Bad loans may swell to 1.6 percent this year as economic growth
weakens, adding pressure on Chinese banks to boost provisions,
Bank of Communications Co. estimated in mid-January. The world's
second-largest economy may expand 7.2 percent this year, the
Chinese Academy of Sciences said on Jan. 23, after growing
7.4 percent in 2014, the weakest pace since 1990, according to
Bloomberg.
Banks' bad-loan coverage ratio, a measure of reserves for soured
credit, fell to 230.5 percent as of Dec. 31 from 247 percent in
September, Bloomberg relays citing the CBRC. The 0.13 percentage-
point increase in the bad-loan ratio was the biggest since the
regulator began compiling quarterly data in 2004, the report
states.
CHINA: Developers Offshore Bond Sales Stall as Default Fears Rise
-----------------------------------------------------------------
Langi Chiang at the South China Morning Post reports that offshore
bond sales by mainland property developers have stalled in January
as rising investor fears of a flurry of debt defaults have junked
one of the usually busiest months of the year for real estate
issuance.
The report relates that with an estimated US$10 billion in
offshore debt falling due for repayment this year and next, a bad
January bodes ill for the ability of developers to refinance huge
foreign borrowings.
"Offshore refinancing will become more difficult and expensive for
mainland developers this year and weaker players will suffer even
more," Christopher Yip, a director of corporate ratings at S&P in
Hong Kong, told the South China Morning Post.
Defaults by Kaisa Group Holdings are the main reason why investors
are spooked, the report says.
The South China Morning Post relates that first Shenzhen-based
Kaisa failed to repay a HK$400 million loan to HSBC at the end of
last month and then defaulted earlier this month on the interest
on senior notes due in 2020 after local authorities banned it from
selling some projects in the city bordering Hong Kong.
It was then that offshore investors realised that they ranked
behind everyone else in the queue for repayment after onshore
creditors asked for court protection to freeze Kaisa's assets on
the mainland, according to the report.
The report notes that foreign bondholders are now watching closely
how Kaisa and the Shenzhen government resolve the situation.
The developer is still seeking a financial adviser, the report
states.
According to the report, salvation for foreign currency debt
holders could come courtesy of the local currency credit market,
which is gradually reopening to property companies after a
government-imposed four-year lockout.
The report says Beijing allowed developers to issue debt in the
interbank market in September for the first time since 2010 and
further relaxed borrowing rules earlier this month by removing the
requirement that listed property firms get Land Ministry approval
for fundraising and restructuring plans.
Some 13 listed mainland property developers including China Vanke,
China Merchants Property and Thaihot Group have since announced
plans to issue medium-term notes totalling almost
CNY100 billion (HK$125 billion), the report discloses.
COUNTRY GARDEN: Fitch Affirms 'BB+' IDR & Changes Outlook to Pos.
-----------------------------------------------------------------
Fitch Ratings has affirmed China-based Country Garden Holdings Co.
Ltd.'s Long-Term Issuer Default Rating (IDR) at 'BB+'. The
Outlook is changed to Positive from Stable. Fitch has also
affirmed Country Garden's senior unsecured rating and the ratings
on its outstanding notes at 'BB+'.
The Outlook revision reflects the Chinese homebuilder's progress
in becoming a nationwide homebuilder and improved financial
discipline, which can be seen in its lower leverage and more
diversified funding sources. The ratings are supported by its
strong execution track record.
KEY RATING DRIVERS
Better Financial Discipline: Country Garden's contracted sales in
2014 increased 21% to CNY128bn, after growth of 123% in 2013. The
company has kept a consistent financial policy even as it grew
strongly over the two years. Its leverage (measured by net debt
to adjusted inventory) fell to 30% as of end-1H14, including the
HKD3.2bn proceeds from a rights issue; after increasing to 34% in
2013 from 31% a year earlier. Country Garden has also further
diversified its financing sources by arranging a club loan in
December 2014 in its efforts to lower its financing expenses.
Niche Market: Country Garden's business strength lies in targeting
upgraders or the upper- and mid-income level homebuyers who can
afford spacious landed housing in locations away from cities.
Such locations bring about two important benefits - lower land
costs that allow for a low average selling price (CNY6,680 per
square metre in 2014), and buyers are less affected by the home
purchase restrictions imposed in the major cities.
Increasing Diversification Lowers Risks: Country Garden is in the
process of becoming a nationwide homebuilder. As of end-1H14, the
developer had expanded into 22 out of China's 31 provinces and
municipalities, compared with only 11 as recently as 2010 when 61%
of its 84 projects were in its home-ground of Guangdong. The
proportion of contracted sales from Guangdong fell to 33% in 1H14,
from 44% in 2013 and over 60% before 2013. This transformation
has significantly reduced the company's market-specific risks.
Stable Metrics, Moderate Leverage: Country Garden's rapid
expansion has been supported by a high asset turnover rate,
allowing it to avoid the large debt build-up seen in many rapidly
growing homebuilders. Its ratio of contracted sales to gross debt
averaged 1.5x in the past four years, and was 1.9x in 1H14, the
same as at end-2013. Land purchase expenditures have been
restricted to within 30% of sales. Country Garden's leverage
fluctuated in a narrow range of 31% to 35% in the past four years.
Product-Mix Transition: Country Garden has turned towards
developing more high-rise homes. While this has not resulted in a
lengthening of its project turnover rate, Fitch expects profit
margin to come under pressure. Almost three quarters of Country
Garden's 1H14 contracted sales were derived from high-rise
buildings, although the company continued to sell to wealthy
individuals and upgraders. Only 16% of its residential properties
sold in 1H14 were below 90 sqm, the segment that first-time
homebuyers gravitate towards. The Chinese government's increased
emphasis on enhancing land use has resulted in fewer large plots
being released for landed-housing development, the company's core
product.
Expansion Abroad, Resources Needed: Country Garden also ventured
into overseas markets with projects in Malaysia and Australia.
The risks in these new markets are high, even if the projects
produce significant opportunities in the future. Such rapid
expansion may put a strain on the company's resources, which is
mitigated by its execution strength. The overseas expansion is
still relatively small compared with Country Garden's operations
in China; in 1H14, overseas contracted sales accounted for around
1% of total contracted sales.
RATING SENSITIVITIES
Positive: Future developments that may individually or
collectively, lead to positive rating action include:
-- Maintaining the ratio of net debt to net adjusted inventory
below 35% on a sustained basis,
-- Maintaining the ratio of contracted sales to gross debt
above 2.0x on a sustained basis;
-- Sustaining trend towards becoming a larger nationwide
player.
Negative: Future developments that may individually or
collectively, lead to negative rating action include:
-- Failing to maintain the positive guidelines will lead to
the Outlook reverting to Stable
KAISA GROUP: In Talks With Bankers on Possible Asset Sales
----------------------------------------------------------
Reuters reports that Kaisa Group is talking to banks and rival
developers about selling its assets as the company scrambles to
raise cash, according to people with knowledge of the matter.
Reuters relates that one person said a number of developers have
approached the company about possibly buying some of its holdings.
"Banks, developers, Shenzhen government want this to happen," said
another, Reuters relates.
According to Reuters, The Wall Street Journal reported on Jan. 23
that developers speaking to Kaisa include China Vanke and Shenzhen
Overseas Chinese Town.
Kaisa failed earlier this month to make a $26 million interest
payment on its bonds due to mature in 2020, Reuters recalls. It is
now in a grace period, and has until Feb. 9 to pay that coupon or
else become the first Chinese real estate firm to default on its
offshore debt, according to Reuters.
Reuters says the missed payment came after a string of bad news
for the company, including the local government in Shenzhen
blocking sales at some of its development projects and the abrupt
resignation of its chairman and a number of executives.
Adding to Kaisa's woes is the fact that holders of its convertible
bonds, due to expire in December, will get the option during
February to demand an early repayment, Reuters reports.
Reuters says hopes that the company may be able to work out some
kind of rescue deal though caused its bonds to rise on Jan. 23.
Its four dollar bonds were trading in the 52-60 cents on the
dollar range versus Jan. 22's 45-50. Trading in Kaisa's shares has
been suspended since last month, Reuters notes.
Despite the talks on asset sales, the company is yet to appoint a
financial adviser to guide a restructuring, Reuters report citing
people with knowledge of the process.
Those in the running include Houlihan Lokey, Jefferies, BDO
International, KPMG and PricewaterhouseCoopers, adds Reuters.
About Kaisa Group
China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'. At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'. S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'. S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.
"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 400 million offshore term loan," said
Standard & Poor's credit analyst Dennis Lee. "This is an event of
default and could cause an acceleration of debt repayment on all
its other debt. Kaisa's other debt instruments have cross-default
clauses."
The missed repayment on the loan puts Kaisa in "selective default"
as the company has not yet defaulted on its other debt
obligations. The company failed to repay its HK$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.
=========
I N D I A
=========
AJANTA POLYMERS: ICRA Suspends B+ Rating on INR7.55cr Bank Loan
---------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR7.55 crore bank facilities of Ajanta Polymers Private
Limited. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
AMBICA CHEMICALS: CARE Assigns B+ Rating to INR7.38cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Ambica
Chemicals.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7.38 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Ambica Chemicals
(AC) is primarily constrained on account of fluctuating turnover
and very low profit margins from trading operations. The rating is
also constrained by risk associated with project implementation
and stabilization coupled with its presence in the highly
fragmented industry along with fortunes dependent upon the
pharmaceutical market, susceptibility of margins to volatility in
raw material prices and proprietorship nature of constitution.
The above constraints outweigh the benefits derived from the
proprietors' experience of more than two decades in the
pharmaceutical and other allied products industry, strategic
location in the chemical hub with easy access to raw material,
power and fuel and comfortable capital structure and debt coverage
indicators during FY14 (refers to the period April 1 to March 31).
AC's ability to complete the project within envisaged cost and
timeline coupled with achieving envisaged sales and profitability
are the key rating sensitivities.
Ankleshwar (Gujarat) based Ambica Chemicals (AC) was established
during 1989 as a proprietorship firm by Mr Amrutlal N Chaudhari to
undertake trading activity of pharma intermediates. Currently, the
firm is initiating project for manufacturing of pharma
intermediates and for that it proposes to invest INR7.67 crore
which will be funded through a term loan of INR5 crore, proprietor
capital of INR2 crore and balance by way of unsecured loan.
Project debt to equity ratio will be 2.84x. Commercial production
from the proposed plant is envisaged to commence from February
2015.
During FY14, AC reported a PAT of INR0.04 crore on a TOI of
INR6.57 crore as against PAT of INR0.03 crore and TOI of INR8.70
crore during FY13. During 9MFY15 (Provisional), AC has achieved
TOI of INR11.68 crore.
ATUL COMMODITIES: ICRA Suspends B+ Rating to INR4cr Cash Credit
--------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR4 crore
cash credit facility and the [ICRA]A4 rating assigned INR5 crore
letter of credit and INR6 crore secured overdraft facilities of
Atul Commodities Private Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
B.P. ALLOYS: ICRA Revises Rating on INR7cr LT Loan to 'B'
---------------------------------------------------------
ICRA has revised its long term rating on the INR7.00 crore fund
based limits and INR1.25 crore (reduced from INR1.42 crore) term
loans of B.P. Alloys Limited to [ICRA]B from [ICRA]BB- with a
'Stable' outlook. ICRA has reaffirmed the short term rating of
[ICRA]A4 for the INR8.00 crore (reduced from INR10.00 crore) non
fund based limits of BPAL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund
based Limits 7.00 [ICRA]B; revised from
[ICRA]BB- (Stable)
Term Loans 1.25 [ICRA]B; revised from
[ICRA]BB- (Stable)
Short term non fund
based limits 8.00 [ICRA]A4; reaffirmed
The revision in rating is driven by the significant deterioration
in the financial performance of the company as evident in
operating losses in 2013-14, mainly due to lower realizations
owing to low demand and tight liquidity due to an elongated
working capital cycle. The company suffered forex losses in 2013-
14 and its liquidity further weakened due to withdrawal of
unsecured loans by the promoters. The ratings also factor in the
steep decline in capacity utilization on account of lower off-take
due to weak industry conditions, resulting in decline in revenues
during 2013-14. BPAL remains exposed to the inherent cyclicality
in the steel industry and fluctuations in exchange rates by virtue
of it being a net importer. The ratings however, favourably factor
in the long track record of the company in the manufacturing steel
flats and ingots and its established client base.
Going forward, BPAL's ability to optimally utilize its
manufacturing facility, while at the same time improve its
profitability and manage its forex exposure, would be the key
rating sensitivities.
Established in 1987; BPAL manufactures mild steel flats and
ingots, primarily catering to automotive leaf spring
manufacturers. The company is managed by Mr. Baldev Prasad Gupta
who has more than three decades of experience in the steel
industry. The company's rolling mill is located in Ludhiana with
an induction furnace of 15,000 metric tonnes (MT) capacity and a
rolling mill with a capacity of 22,500 MT. BPAL procures majority
of its raw materials through imports from Middle East and sells
its products under the brand 'BP'.
Recent Results
BPAL incurred a net loss of INR3.01 crore on an operating income
(OI) of INR26.38 crore in FY2014 as against a profit after tax of
INR0.14 crore on an OI of INR38.60 crore in FY2013.
BRAHMANI DEVELOPERS: ICRA Rates INR2.50cr Cash Credit at 'B+'
-------------------------------------------------------------
ICRA has assigned an [ICRA]B+ rating to the INR2.50 crore cash
credit facility of Brahmani Developers Private Limited. ICRA has
also assigned [ICRA]B+ and [ICRA]A4 ratings to the INR2.50 crore
bank guarantee facility and INR7.50 crore untied limit of BDPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits-
Cash Credit 2.50 [ICRA]B+ assigned
Non Fund Based
Limits- Bank
Guarantee 2.50 [ICRA]B+/[ICRA]A4 assigned
Fund Based/Non
Fund Based Limits-
Untied Limit 7.50 [ICRA]B+/[ICRA]A4 assigned
The assigned ratings take into account the weak financial profile
of the company characterized by nominal profits and cash accruals
at an absolute level, and stretched liquidity profile, on account
of high level of inventory (unsold property) and receivables, as
reflected by high utilization of bank limits, which restricts
financial flexibility. The ratings also factor in the relatively
small scale of current operations; although, top-line witnessed
significant growth in 2013-14 over the previous year, supported by
revenue generated from real estate business and high geographical
concentration risks arising from its operations being concentrated
in the state of Odisha only.
The ratings, however, derive comfort from the experience of the
promoters in the civil construction business and BDPL's status as
a super class contractor with Public Works Department, Odisha,
which enables BDPL to bid for large contracts floated by the
department across the state. Nevertheless, real estate sector
remains susceptible to economic cycles. Hence, the ability of the
company to sell the unsold area profitably, given the current
subdued market condition and intense competition from other
players in the region, remains a concern.
Incorporated in 2007, BDPL is engaged in the business of real
estate (residential and commercial) development at Rourkela,
Odisha. The company is also engaged in the execution of civil
construction contracts for various public and private sector
parties in the state of Odisha. The company is registered as a
Super Class contractor with Public Works Department (PWD), Odisha.
Recent Results
During the first seven months of 2014-15, the company reported a
turnover of INR11.96 crore (provisional). The company reported a
net profit of INR0.50 crore on an operating income of INR17.68
crore in 2013-14.
BALKRISHNA GINNING: CRISIL Reaffirms B+ Rating on INR175MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balkrishna
Ginning and Pressing Factory (BGPF) continue to reflect to reflect
BGPF's below-average financial risk profile, marked by a modest
net worth and weak debt protection metrics, and its susceptibility
to adverse regulatory changes. These rating weaknesses are
partially offset by the extensive experience of BGPF's promoters
in the cotton ginning industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 175 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that BGPF will continue to benefit over the medium
term from its promoters' experience in the cotton ginning
business. The outlook may be revised to 'Positive' if the firm
strengthens its capital structure while as a result of increase in
its scale of operations and accruals or infusion of capital by
partners. Conversely, the outlook may be revised to 'Negative' if
BGPF undertakes a large, debt-funded capital expenditure (capex)
programme and/or if its working capital management weakens,
leading to deterioration in its debt protection metrics or capital
structure.
Update
For the year 2013-14 (refers to April 1st to march 31st), BGPF's
turnover grew ~13 per cent year on year (y-o-y) at INR957 million
backed by stable demand. Till June 2014, the firm posted turnover
of INR115 million reflecting some uptick in its overall growth.
Over the medium term CRISIL expects the firm to maintain the
turnover growth in the range of 10 to 15 per cent, although the
turnover growth continues to be is susceptible to the economic
scenario and government policies. In current year 20114-15 due to
demand supply correction the cotton prices have dipped leading to
some pressure on the operating level margin for the firm. Over the
medium term CRISIL believes that the fragmented nature of industry
will restrict the firm's bargaining power thus leading to similar
low operating margins range bound at 1.5 to 2.5 per cent. CRISIL
expects BGPF's GCA -days in the range of 75-80 days; however the
overall working capital requirements are expected to rise with its
scale of operations over the medium term. As of March 2014 the
gearing of the firm marginally decreased y-o-y to 3.85 times on
account of capital infusion of INR10 million to support its
networth at INR46 million coupled with increasing debts levels by
INR23 million for incremental working capital requirements. Over
the medium term, the gearing is expected to remain high and be
close to 4.0 times on account of incremental debt to service its
working capital requirements vs. modest accruals. Over the medium
term, the financial risk profile is expected to be constrained by
its high gearing, below avg. debt protection metrics and stretched
liquidity.
BGPF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm is involved in the ginning and
pressing of raw cotton to make cotton bales and also manufacturing
of cotton seed wash oil, cotton seed linter, and de-oiled cake
from them.
BGPF reported a net profit of INR2.5 million on net sales of
INR956.7 million for 2013-14, against a book profit of INR1.6
million on net sales of INR841.6 million for 2012-13.
BANSAL CONSTRUCTION: ICRA Reaffirms B+ Rating on INR12cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR12.00 crore1
fund-based limits of Bansal Construction Works. ICRA has also
reaffirmed its [ICRA]A4 rating on the INR8.00 crore short term
non-fund based limits of BCW.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 12.00 [ICRA]B+; reaffirmed
Non Fund Based 8.00 [ICRA]A4; reaffirmed
ICRA's ratings continue to remain constrained by BCW's dependence
on projects from group companies, geographic concentration risk
that the firm is exposed to -with all the projects being located
in Madhya Pradesh, as well as the competitive pressures in the
industry. Moreover, the firm remains dependent on mobilization
advances from group entities (reflected in high TOL/TNW of 5.18
times as on March 31, 2014) and also remains exposed to risks on
account of its partnership nature-like risk of dissolution and
withdrawal of capital, as was seen in the significant withdrawals
in the past. ICRA notes that the firm's continued ability to
receive mobilisation advances for funding remains critical for
smooth order execution. Despite the low working capital
requirements owing to the mobilisation advances received, the
firm's liquidity remains stretched as evidenced by the
consistently high utilization of the firm's working capital
limits.
However the rating continues to favourably factor in the long
track record of the firm in the construction industry, its
adequate resource base (Gross block of INR55.95 crore as on
March 31, 2014) and healthy profitability indicators. While the
firm has orders worth ~INR184 crore leading to Order book/
Operating income of 1.38 times, most of the orders are expected to
be completed by early 2015-16, leading to modest revenue
visibility for the medium term.
Going forward, the ability of the firm to continue its revenue
growth by securing new orders and executing the order book as
planned while maintaining adequate liquidity, will be the key
rating sensitivities.
BCW, a partnership firm, was established in 1968 by the Bansal
family of Madhya Pradesh and is engaged in civil and road
construction. The Bansal group has interests in construction,
education, steel rolling, edible oil extraction etc. Presently BCW
is managed by Mr. Anil Bansal and Mr. Sunil Bansal, sons of Mr.
Kailash Chandra Gupta, the promoter. The works undertaken by the
firm have primarily been concentrated in the state of Madhya
Pradesh and have been largely for group entities over the past few
years.
Recent Results
In 2013-14, BCW reported an operating income of INR133.21 crore
and a net profit of INR10.10 crore, as compared to an operating
income of INR118.25 crore and a net profit of INR8.03 crore in the
previous year.
CONVEYOR AND ROPEWAY: CRISIL Reaffirms B+ Rating on INR40MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Conveyor and Ropeway
Services Pvt Ltd (CRSPL) continue to reflect the company's average
financial risk profile, marked by a small net worth and high
gearing, and modest scale of operations despite a healthy order
book. These rating weaknesses are partially offset by CRSPL's
established track record in the aerial ropeways segment and
moderate revenue visibility.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 4 CRISIL A4 (Reaffirmed)
Long Term Loan 40 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term 9.4 CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
Standby Line of 1.5 CRISIL B+/Stable (Reaffirmed)
Credit
Outlook: Stable
CRISIL believes that CRSPL will benefit over the medium term from
its promoters' extensive industry experience and its moderate
revenue visibility. The outlook may be revised to 'Positive' if
CRSPL significantly improves its scale of operations while
sustaining its profitability, or if there is a marked improvement
in its financial risk profile, most likely through equity infusion
by promoters. Conversely, the outlook may be revised to 'Negative'
if the company's revenue declines sharply, or if significant
decline in profitability or a large debt-funded capital
expenditure leads to further deterioration in its financial risk
profile.
Update
CRSPL's scale of operations increased moderately in 2013-14
(refers to financial year, April 1 to March 31), with its
operating income increasing to INR202.8 million from INR188.4
million in 2012-13. The company's scale is expected to remain at
similar levels in the near term supported by a moderate order
book, which provides revenue visibility. CRSPL's operating
profitability, however, declined significantly to 6.55 per cent in
2013-14 from 16.6 per cent in 2012-13 due to cost escalations in
the ropeway project executed in Chittagong (Bangladesh).
The company's financial risk profile remains average, marked by a
modest net worth of INR35 million and gearing of 1.74 times as on
March 31, 2014. However, despite a small net worth, CRSPL's debt
protection metrics are strong, with interest coverage and net cash
accruals to total debt ratios at over 6 times and 17 per cent,
respectively, driven by moderate profitability, as on
March 31, 2014.
The company's liquidity remains stretched, as reflected in high
bank limit utilisation of 86 per cent over the 12 months ended
November 2014. Its cash accruals of around INR11.5 million remain
tightly matched with debt obligation of INR9 million to 11.1
million over the medium term. However, given that the repayment of
CRSPL's Tsomgo (Sikkim) project loan has commenced from April
2014, and that the project has already been delayed from April
2014 to April 2015 due to extreme weather conditions; timely
completion of the project will be critical for the company's
liquidity and will remain a key rating sensitivity factor.
CRSPL reported a profit after tax (PAT) of INR4.6 million on net
revenue of INR202.8 million for 2013-14, against a PAT of INR4.9
million on net revenue of INR188.4 million for 2012-13.
CRSPL designs, manufactures, erects, and commissions aerial
ropeway systems, material handling plants, and coal washing
plants, besides undertaking techno-feasibility studies for ropeway
systems.
ENFIELD APPARELS: ICRA Suspends D Rating on INR30.04cr Term Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR30.04
crore term loans (including funded interest term loans of INR10.21
crore) and INR34.00 crore cash credit facilities of Enfield
Apparels Limited. The suspension follows ICRA's inability to carry
out a rating surveillance in the absence of the requisite
information from the company.
EVERGREEN DRUMS: ICRA Assigns C+ Rating to INR6cr Corporate Loan
----------------------------------------------------------------
ICRA has assigned an [ICRA]C+ rating to the INR3.00 crore term
loan, INR6.00 crore corporate loan and INR5.50 crore cash credit
facilities of Evergreen Drums & Cans Private Limited. ICRA has
also assigned an [ICRA]A4 rating to the INR10.00 crore non-fund
based bank facility of EDCPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit-
Term Loan 3.00 [ICRA]C+ assigned
Fund Based Limit-
Corporate Loan 6.00 [ICRA]C+ assigned
Fund Based Limit-
Cash Credit 5.50 [ICRA]C+ assigned
Non-Fund Based
Limit-Letter of
Credit 10.00 [ICRA]A4 assigned
The ratings primarily take into account EDCPL's stretched
financial profile, characterised by a low net margin, weak
coverage indicators and high working capital intensity of
operations which adversely impacted the company's liquidity
position, leading to delays in debt servicing in the past. ICRA
also takes note of the continuing de-growth in the company's top-
line witnessed over the last two years on account of low demand
from one of the major consuming industries. The ratings are also
constrained by the highly fragmented and competitive nature of the
metal cans and drums manufacturing industry which leads to limited
bargaining power against established customers and suppliers,
EDCPL's vulnerability to the risks of fluctuation in raw material
prices, which is accentuated by its high level of raw material
inventory, and the company's exposure to foreign exchange rate
fluctuation risk, as a significant portion of its raw material
requirement is met through imports. However, the ratings
favourably take into account the experience of the promoters in
the packaging industry, established relationship with its
clientele and the company's recent initiatives to include more
packaging items in its product mix, which is likely to diversify
and strengthen revenue stream to an extent, going forward.
Incorporated in 1996, EDCPL has been promoted by the Kolkata based
Jhunjhunwala family. The company is engaged in the manufacturing
of open top sanitary (OTS) cans, general line cans, steel drums
and barrels. The company has manufacturing facilities in the
states of West Bengal, Andhra Pradesh and Uttar Pradesh.
Recent Results
The company reported a net profit of INR0.02 crore on an operating
income of INR30.75 crore in 2013-14, as compared to a net profit
of INR1.22 crore on an operating income of INR43.04 crore in 2012-
13.
FRANK LIFECARE: ICRA Reaffirms B+ Rating on INR14.40cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR14.40 crore
term loan facility and the INR0.60 crore long-term unallocated
limits of Frank Lifecare Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 14.40 [ICRA]B+; reaffirmed
Long-Term Un-
allocated Limits 0.60 [ICRA]B+; reaffirmed
The rating reaffirmation takes into account the progress in the
execution of the hospital project, which is as per schedule and
broadly within the budgeted cost. However, the risks associated
with the stabilisation of the project as per the expected
operating parameters remain. The rating continues to be
constrained by the geographical concentration due to its single
location presence and the likely competition from established
hospitals in Delhi. However, ICRA continues to favourably consider
the extensive experience of the promoters in the healthcare
industry with a number of specialities/departments proposed to be
headed by the promoter doctors and their spouses. The rating also
factors in the good catchment area of the hospital as it is
located in the high population density area of Sonipat (Haryana),
with a number of colonies and institutions in the vicinity. Going
forward, the ability of the hospital to stabilise operations and
optimally utilize the new facility through build up of patient
volumes will remain the key rating sensitivities.
Incorporated in 1993 in the name of Frank Pharmaceutical Private
Limited, the company was earlier engaged in the manufacturing of
High Density Polypropylene and High Density Polyethylene bags.
Later, the promoters decided to set up a hospital by the name of
Frank Institute of Medical Sciences in the Sonipat district of
Haryana. Subsequent to the decision to construct a hospital, the
promoters divested the packaging business of the company in 2014.
The project cost for setting up the hospital is estimated at INR24
crore is being funded by INR9.60 crore of equity from the
promoters and INR14.40 crore of term loans. The hospital is
expected to commence operations in April 2015. The promoters of
the hospital project are Dr Anand Mittal (20% stake), Dr Anil Jain
(15%), Dr. Sandeep Jain (20%), Mr Rajpal Jain (20%), Mr Vijay
Mittal (15%) and Mr. Naresh Mittal (15%).
Recent Results
In 2013-14, FLPL recorded a net profit of INR0.01 crore on an
operating income of INR1.47 crore, as against a net profit of
INR0.03 crore on an operating income of INR1.36 crore in the
previous year.
GB RAJA: CRISIL Lowers Rating on INR180.5MM LT Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
GB Raja Top Weaving Pvt Ltd (GBRTPL; a part of the GB Raja group)
to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Corporate Loan 30 CRISIL D (Downgraded from
'CRISIL A4+')
Letter of Credit 160 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Long Term Loan 180.5 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Standby Line of 15 CRISIL D (Downgraded from
Credit 'CRISIL BB-/Stable')
Proposed Long Term 20 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
The rating downgrade reflects instances of delay by the GBRTPL in
servicing its debt; the delays have been caused by the group's
weak liquidity.
The GB Raja group also has a below-average financial risk profile,
marked by high gearing and weak debt protection metrics. However,
the group benefits from the promoters' experience in the textile
industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GBRTPL and the promoter's group
companies, Gold King Tex (I) Pvt Ltd and GB Raja Tex Pvt Ltd. This
is because all these companies, collectively referred to as the GB
Raja group, are in the same line of business, have fungible cash
flows, and are managed by the same promoter. Moreover, the
management of the GB Raja group intends to merge all the three
companies into a single entity over the medium term.
The GB Raja group, currently managed by Mr. B Raajarajan, derives
most of its revenue from weaving of fabrics for home textiles.
GIRIRAJ COT-GIN: ICRA Reaffirms B+ Rating on INR14.5cr LT Loan
--------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating for the INR14.50 crore
(enhanced from INR12.00 crore) cash credit facility and INR0.17
crore term loan facilities (reduced from INR0.92 crore) of Giriraj
Cot-Gin Private Limited. ICRA has also assigned the short term
rating of [ICRA]A4 for the INR0.08 crore short term non fund based
facilities of Giriraj Cot-Gin Private Limited. ICRA has also
withdrawn the long term rating of [ICRA]B+ assigned to the
unallocated facilities of Giriraj Cotgin Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based-Cash Credit 14.50 [ICRA]B+ reaffirmed
Long Term Fund
Based-Term loans 0.17 [ICRA]B+ reaffirmed
Short Term Non
Fund Based Limits 0.08 [ICRA]A4 assigned
The ratings continue to be constrained by the company's weak
financial profile as reflected in low profitability, adverse
capital structure, weak debt coverage indicators and stretched
liquidity position. The ratings also take into account the low
value additive nature of operations and the intense competition on
account of the fragmented industry structure leading to thin
profit margins. The ratings are further constrained by
vulnerability to adverse fluctuations in raw material prices which
are subject to the seasonal availability of raw cotton and
government regulations on the minimum support price (MSP) for the
procurement of raw cotton and the export quota for cotton bales.
The ratings, however, positively factor in the long experience of
the promoters in the cotton ginning and pressing business,
favorable location of the company, giving it easy access to raw
cotton.
Giriraj Cot-Gin Private Limited (GCPL) was established in August
2008 and started commercial production in January 2010.The
business is managed by Girdharbhai G Vekariya, Naresh Girdharbhai
Lotia and Smitaben Naresh Lotia. The factory is located at
Parbani, Maharastra. GCPL is engaged in the ginning of raw cotton
to produce cotton seeds and cotton bales. The company is equipped
with 48 ginning machines and has a production capacity of around
450 bales per day.
Recent Results
For the year ended 31st March 2014, Giriraj Cotgin Private Limited
reported an operating income of INR116.51 crore and profit after
tax of INR0.17 crore.
GOLD KING: CRISIL Cuts Rating on INR50MM Cash Credit to 'B-'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Gold King Tex India Pvt Ltd (GKT; part of the GB Raja group) to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B-/Stable (Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 100 CRISIL A4 (Downgraded from
'CRISIL A4+')
Standby Line of 1.8 CRISIL A4 (Downgraded from
Credit 'CRISIL A4+')
The rating downgrade reflects the group's weakening liquidity,
with full utilisation of its bank lines, led by the significant
increase in its working capital requirements in 2013-14 (refers to
financial year, April 1 to March 31); the group's operating cycle
is stretched, marked by gross current assets (GCAs) of 129 days as
on March 31, 2014. The GB Raja group's liquidity will remain weak
over the medium term because of large working capital
requirements.
The ratings reflect the GB Raja group's below-average financial
risk profile, marked by high gearing and weak debt protection
metrics. These weaknesses are mitigated by the promoters'
extensive experience in the textile industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GKT, GB Raja Top Weaving Pvt Ltd
(GBRTPL) and GB Raja Tex Pvt Ltd. This because the companies,
together referred to as the GB Raja group, operate in the same
line of business, have fungible cash flows, and are managed by the
same promoter. Moreover, the management of the GB Raja group
intends to merge all companies into a single entity over the
medium term.
Outlook: Stable
CRISIL believes that the GB Raja group will continue to benefit
over the medium term from its promoter's extensive experience in
the weaving industry. The outlook may be revised to 'Positive' if
the group reports significant and sustained improvement in its
revenues and profitability, resulting in larger-than-expected cash
accruals, along with improvement in its working capital
management. Conversely, the outlook may be revised to 'Negative'
if the GB Raja group undertakes a larger-than-expected debt-funded
capital expenditure programme, or if its revenues or profitability
margins decline, leading to significant deterioration in its
financial risk profile, particularly its liquidity.
The GB Raja group, currently managed by Mr. B Raajarajan, derives
most of its revenue from weaving fabrics for home textiles.
GURUKRUPA COTTON: ICRA Reaffirms B Rating on INR9.50cr Cash Loan
----------------------------------------------------------------
The rating of [ICRA]B has been reaffirmed to the INR9.50 crore
fund based cash credit facility of Gurukrupa Cotton & Oil
Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limits 9.50 [ICRA]B reaffirmed
The rating continues to be constrained by Gurukrupa Cotton & Oil
Industries (GCI) weak financial profile as reflected by the
adverse capital structure along with weak debt coverage indicators
and a stretched liquidity position. The rating also takes into
account the low value additive nature of operations and intense
competition on account of the fragmented industry structure
leading to thin profit margins. The rating is further constrained
by the vulnerability to adverse fluctuations in raw material
prices that are subject to the seasonal availability of raw cotton
and government regulations on MSP and export quota. Further, GCOI
being a partnership firm, any significant withdrawals from the
capital account will affect its net worth adversely.
The rating, however, positively considers the long experience of
the partners in the cotton ginning and pressing industry and the
advantage the firm enjoys by virtue of its location in a cotton
producing region with the positive demand outlook for cotton and
cottonseed.
Incorporated in November 2007, commercial production started in
October 2008; Gurukrupa Cotton & Oil Industries is promoted by Mr.
Rajesh, Mr.Kailash, Mr.Samji and Mr. Amrutlal. It is engaged in
the cotton ginning and pressing and oil extraction from the cotton
seeds and has an installed capacity to process 4574 MTPA of raw
cotton per annum.
Recent Results
For the year ended 31st March, 2014, GCOI reported an operating
income of INR51.21 crore and profit after tax of INR0.17 crore.
IMOSYS ENGINEERING: ICRA Assigns B Rating to INR5.25r Term Loan
---------------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B to INR6.25 crore
fund based limits of Imosys Engineering Company Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limits 1.00 [ICRA]B assigned
Term Loan 5.25 [ICRA]B assigned
The assigned rating is constrained by modest scale of operations
and weak financial profile of the company as characterized by high
gearing, low cash accruals, low profitability/losses and stretched
debt protection metrics. The rating also incorporates the
stretched liquidity position on account of elongated operating
cycle/cash conversion cycle as reflected by high working capital
intensity (NWC/OI=58.86% in FY2014). These apart, the rating is
also constrained by the debt-funded capital expenditure plans
towards capacity expansion, which might further exert pressure on
the capital structure and debt protection metrics of the company
going forward.
The ratings however favorably factor in the long track record of
the promoters in the field of manufacturing moulds base and die
sets; its relationships with the reputed clients like Euro
American Plastic Products Private Limited, SMIIEL etc. The rating
also positively considered the product usability in different
industries and positive demand prospects of the moulded plastics
which ensures demand of the company's product throughout the
business cycle.
Imosys Engineering Company Private Limited was incorporated in the
year 2010 as a private limited company. The directors of IECPL are
Mr. Shrikrishna Upadhyay and Ms. Sumi Ajit Thandassery. The
company is into manufacturing of moulds base and die sets. Major
customers of the IECPL include companies from automotive, consumer
electrical and medical & cosmetics etc. IECPL has commenced their
operations from February 2013. The manufacturing plant of the
company is situated at Belgaum, Karnataka.
Recent Results
As per the results for FY2014, the firm has reported loss of
INR0.88 crore on an OI of INR2.70 crore as against a loss of
INR0.19 crore on OI of INR0.01 crore in FY2013 (2 months).
JAHANVI ISPAT: ICRA Assigns 'D' Rating to INR11cr Term Loan
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]D to the INR18.0
crore bank facilities of Jahanvi Ispat Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 7.0 [ICRA]D assigned
Term Loans 11.0 [ICRA]D assigned
ICRA's rating centrally factors in the delays in debt servicing by
JIPL. ICRA also notes that JIPL has a weak credit profile with a
gearing of 2.5x as on March 31, 2014 along with weak coverage
indicators and a stretched liquidity position. The company has
reported declining operating margins and net profit margins below
1% for the last three years, despite a healthy growth in revenues
in the last three years. ICRA, however, positively notes that the
promoters have extensive experience in the steel industry, with
other companies of the group also operating in the sector. The
completion of expansion of capacity to 40,000 metric tonnes per
annum completed in November 2014, is expected to boost the sales
of the company in future. Further, ICRA also positively notes that
the promoters have vertically integrated the company's operations
through the acquisition of Saran Ispat, which uses MS Ingots
manufactured by JIPL to manufacture TMT bars, which could improve
profits of the company and the group in future.
Going forward, the timely servicing of debt by the company would
be the key rating sensitivity.
JIPL was incorporated in January 2009 by Mr Pramod Gupta and Ms
Deepti Gupta to undertake manufacturing of Mild Steel (MS) Ingots.
The company has a plant with a capacity of 40,000 MT per annum
which became operational in 2010. It is mainly supplying MS Ingots
to Saran Ispat, a manufacturer of TMT bars which was acquired by
the promoters in December 2013. JIPL also has associate firms,
namely, Salasar Steel and Profile Industries (SSPI) and Rohit
Steel and Profile Industries (RSPI) which are in the business of
trading in steel products.
Recent Results
In 2013-14, JIPL reported an operating income of INR48.8 crore and
a net profit of INR0.4 crore as against an operating income of
INR46.5 crore and a net profit of INR0.4 crore in the previous
year.
JASMER FOODS: CRISIL Cuts Rating on INR200MM Cash Credit to C
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jasmer Foods Pvt Ltd (JFPL) to 'CRISIL C' from 'CRISIL BB-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term 20 CRISIL C (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
Standby Line of 30 CRISIL C (Downgraded from
Credit 'CRISIL BB-/Stable')
Term Loan 100 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
Warehouse Financing 50 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade factors in the JFPL management's decision to
discontinue the company's operations following significant
inventory losses in 2014-15. JFPL is liquidating its leftover
inventory, which is expected to be fully liquidated by March 2015;
the company is currently repaying its bank debt through proceeds
of the inventory sale.
The rating reflects no expectation of revival of JFPL's
operations, the company's weak financial risk profile, and its
significantly large debtors and inventory.
JFPL commenced operations in June 2011, with an integrated rice
milling unit with capacity of 6 tonnes per hour. The company's
manufacturing facility is in Kurukshetra (Haryana).
For 2013-14 (refers to financial year, April 1 to March 31), JFPL
reported a net profit of INR21.6 million on net sales of INR1137
million, against a net profit of INR18.1 million on net sales of
INR761 million for the previous year.
KAMADGIRI EXPORTS: CRISIL Cuts Rating on INR95MM Term Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Kamadgiri Exports Pvt Ltd (KEPL) to 'CRISIL D' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL D (Downgraded from
'CRISIL B/Stable')
Proposed Long Term 50 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Term Loan 95 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating downgrade reflects instances of delay by KEPL in
servicing its term debt; the delays were because of the company's
weak liquidity owing to the start-up nature of its operations.
KEPL also has a weak financial risk profile, marked by a highly
leveraged capital structure and weak debt protection metrics.
Furthermore, the company has a small scale of operations. However,
KEPL benefits from its promoters' extensive experience in the
steel industry.
KEPL was incorporated in 2003, promoted by Mr. Sushil Kumar Jalan.
The company manufactures stainless steel flats and trades in
plastic (high-density and low-density poly ethylene) granules. It
commenced operations in February 2013. Its manufacturing facility
in Sonepat (Haryana) has a processing capacity of 5000 tonnes per
month.
KEPL reported a net loss of INR22.6 million on net sales of
INR110.2 million for 2013-14 (refers to financial year, April 1 to
March 31), its first full year of operations.
KOTALIPARA DEVELOPMENT: ICRA Puts B Rating on INR17cr Term Loan
---------------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR5.0 crore cash
credit facility and INR17.0 crore proposed term loan of Kotalipara
Development Society.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.00 [ICRA] B Assigned
Term Loans-Proposed 17.0 [ICRA] B Assigned
The rating is constrained on account of KDS's small scale and
geographically concentrated nature of operations (portfolio of
INR32.22 crore as on September 30, 2014 across nine districts of
West Bengal), limited financial flexibility owing to access to
only a single credit line from one bank, moderate capitalization
profile given its small net worth (Rs. 6.69 crore as on October
31, 2014) and low profitability indicators (ROE of 0.96% during
FY14 and 0.90% during FY13). The rating is also constrained by
KDS's status as a society which limits access to external capital
including private equity investments as profits cannot be
distributed out of the society, therefore, KDS is entirely
dependent on internal accruals and capital grants, which has
impacted its ability to raise debt and consequently expand scale
of operations.
The rating further takes into account KDS's weak internal control
systems and processes and the society's moderate asset quality
indicators (30 + delinquencies stood at ~1.7% as on Sep 14). KDS
is also exposed to the risks of unsecured lending business, which
is further aggravated with the society currently not using credit
bureau data to take credit decisions. With a large number of MFI
players operating in West Bengal, it could lead to overleveraging
among KDS's borrowers. The rating, however, takes cognisance of
KDS's reasonable track record of about 17 years in microfinance
lending, albeit on a small scale, its reasonably experienced
management team and KDS's ability to add and retain members given
its credit-plus activities and skill building programmes in its
areas of operations. Ability of the society to secure funds going
forward to achieve business growth and geographical
diversification, to implement strong systems and control measures,
broad base its senior management team, and demonstrate control
over asset quality with scale up of operations would be critical
from rating perspective.
As on September 2014 KDS had 91 branches, however none of the
branches were computerized and all the records were manually
maintained. The records from the branch level are collated at the
head office on a monthly basis. With the society not using credit
bureau data in making credit decision, the asset quality risks for
the society could aggravate considering large number of MFIs
operating in the state of West Bengal. KDS's financial flexibility
is limited with the society having credit line from one bank (term
loan from an institution would be completely repaid by January
2015). Currently, to meet its funding requirements KDS resorts to
borrowings from a private entity - KDS Trust. As on October 2014,
85.5% of KDS's loans were from KDS Trust. Nonetheless, the society
intends to diversify its resource profile by adding more public
sector banks/ FIs, that could help lower the cost of borrowings.
In ICRA's view the society's ability to raise funds from various
sources at competitive cost would be critical for its growth.
KDS has witnessed high operating expenses (13.03% during FY14 and
13.34% during FY13) owing to low operating efficiency and small
portfolio of INR0.10 to INR0.13 crore per employee since FY13.
Hence, despite the society charging an IRR of 26% and 1% as
percent as processing fees across its products and revenues from
other activities including distribution of NPS, agency for Bajaj
Insurance for life insurance, agency for Western Union Money
transfer, selling of solar light systems etc. the profitability
remains weak. KDS reported PAT/ATA and return on net worth of
0.18% (0.17% during FY13) and 0.96% (0.90% during FY13)
respectively during FY14. Although KDS has reported significant
improvement in its provisional PAT/ATA (1.01%) and return on net
worth (5.73%) during the period April - October 2014 supported by
decline in operating costs, the same remains weak and the society
would need to significantly bring down its operating expenditure
and broad base its funding profile to scale up operations and to
report improvement in profitability indicators. Going forward,
unless the society is able to broad base its funding profile, the
scale of operations and incremental profitability indicators are
likely to remain low.
KDS is a non-governmental organisation (NGO) -- microfinance
institution (MFI) and was incorporated in the year 1991. The
society commenced microfinance operations in 1997. KDS extends
microfinance loans to women self help groups (SHGs) in the urban,
semi-urban and rural areas for self employment. The society's
operations remains geographically concentrated across 9 districts
in the states of West Bengal. As on September 2014, the society
had a borrower base of 59,899 and a portfolio size of INR32.22
crore. The society also generates revenues from other activities
including distribution of NPS, agency for Bajaj Insurance for life
insurance, agency for Western Union Money transfer, selling of
solar light systems etc., however the aggregate contribution of
these remains limited.
Recent Results
KDS reported net surplus of INR0.06 crore on an asset base of
INR36.65 crore in FY14 as against a net surplus of INR0.06 crore
on an asset base of INR33.71 crore in FY13 respectively. KDS also
reported a net surplus of INR0.22 crore (provisional) on an asset
base of INR38.51 cr. (provisional) during the period
April to October 2014.
MADHUVAN PRASAD: ICRA Upgrades Rating on INR7.5c LT Loan to B+
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR7.5 crore
fund based limits of Madhuvan Prasad Infra Pvt. Ltd. (MPIPL) from
[ICRA]B- to [ICRA]B+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Fund based 7.50 Upgraded to [ICRA]B+
from [ICRA]B-
The revision in rating reflects the better-than-anticipated
financial performance of the company during the financial year
FY14 backed by healthy profitability levels, which resulted in
improved funds flow from operations. The rating also takes comfort
from the successful and timely construction and commencement of
hotel operations with healthy occupancy levels. The rating
assigned continues to factor in the prime location of the hotel
and premium positioning at competitive prices as it is the first
3-star hotel in Manipal, which could aid in attaining healthy
occupancy levels at above average ARRs, and also mitigate the
competition to an extent.
The rating is, however, constrained by the MPIPL's stretched
capital structure and weak coverage indicators, on account of
recently completed, primarily debt funded, hotel construction. The
repayment obligations falling due in the short to medium term are
sizable vis-…-vis cash accruals witnessed by the company. Further,
the hotel, with 46 operational rooms, has modest scale of
operations limiting the financial and operational flexibility to
an extent. The rating continues to factor in the cyclical nature
of the hotel industry with vulnerability to general economic
slowdowns, which could impact ARRs and occupancy levels.
Madhuvan Prasad Infra Pvt Ltd (MPIPL) was incorporated as a
Private Limited Company in 2010 at Manipal, Karnataka. The company
is into the hospitality industry and has recently built a 3-star
hotel by the name "Hotel Madhuvan Serai" at Upendra Nagar in
Manipal. The hotel commenced operations on July 19, 2013. The
hotel consists of 7 floors with a built-up area of about 55,000
sft. It consists of vegetarian and non-vegetarian restaurants, two
banquet halls, a conference hall and 46 rooms. The company has
leased out a space of 4750 sft in the ground floor to State Bank
of India for opening its branch and ATM and to Axis Bank for ATM
for a total yearly rental of ~INR25 lakhs.
MANTRA PACKAGING: ICRA Revises Rating on INR3cr LT Loan to 'B'
--------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR5 crore
fund based facilities of Mantra Packaging Private Limited to
[ICRA]B from [ICRA]B-. ICRA has also reaffirmed [ICRA]A4 rating to
the INR2 crore non fund based limits of MPPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 3.00 [ICRA]B (revised from
based-Cash Credit [ICRA]B-)
Long Term Fund 2.00 [ICRA]B (revised from
based -Term Loan [ICRA]B-)
Short term Non 2.00 [ICRA]A4 reaffirmed
Fund Based-Letter
of Credit
The ratings revision incorporates stabilization in financial
profile of the company in FY14 as witnessed in breakeven levels
achieved and infusion of capital to support its capital structure.
The ratings also continue to favorably factor in the promoters'
long standing experience in the plastic industry, operational
support from the group concerns engaged in similar line of
business and the geographically diversified customer base of the
company with presence in domestic as well as international
markets. However, the ratings continue to be constrained by MPPL's
small scale of operations, leveraged capital structure and
stretched liquidity emanating from high inventory levels. The
ratings are further constrained by exposure of MPPL's profit
margins to fluctuations in raw material prices which are linked to
the movement of crude oil prices and foreign exchange
fluctuations. ICRA also notes the intense competition arising due
to the fragmented nature of the plastic industry.
Mantra Packaging Pvt. Ltd. (MPPL) was incorporated as a private
limited company in 2010 and the operations commenced from
September 2011. MPPL is engaged in manufacture of plastic
packaging bags. The company has its registered office in Mumbai
and a manufacturing facility at Silvassa. MPPL has two associate
concerns viz. Lila Polymers Pvt. Ltd (rated
[ICRA]BB+(stable)/[ICRA]A4+ and Elite Industries; both the
entities are engaged in trading of polymers and plastics.
Recent Results
MPPL recorded a net loss of INR0.68 crore on an operating income
of INR11.67 crore for the year ending March 31, 2013 and a net
profit of INR0.05 crore on an operating income of INR12.34 crore
for the half year ending March 31, 2014.
MRJ STEELS: ICRA Reaffirms B+ Rating on INR38cr Fund Based Loan
---------------------------------------------------------------
ICRA has reaffirmed its [ICRA]B+ rating on the INR38.00 crore
fund-based limits of MRJ Steels Private Limited. ICRA has also
reaffirmed the [ICRA]A4 rating on the INR15.00 crore short term
non-fund based limits of MRJ.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based 38.00 [ICRA]B+; reaffirmed
Non Fund Based 15.00 [ICRA]A4; reaffirmed
ICRA's ratings continue to remain constrained by MRJ's weak
financial profile characterized by high gearing and weak debt
protection metrics (gearing of 6.36 times, OPBDITA/Interest of
1.12 times, NCA/Debt of 1% and Debt/OPBDITA of 7.05 times as on
March 31, 2014). Further the rating takes into account the low
operating margins of the company owing to the trading nature of
the business and the susceptibility of the revenues to the
slowdown in the economy and dependence on the iron and steel
sector. Moreover, the ratings remain constrained by the stretched
liquidity position of the company, as evident from the continued
high utilization of the working capital limits. The ratings,
however, favourably factor in the extensive experience of the
promoters in the iron and steel trading business in North India
and their established relationships with the customers and
suppliers which have enabled the company to maintain its operating
scale.
Going forward, the ability of the company to improve its coverage
indicators while optimally managing its working capital cycle and
maintain adequate liquidity will be the key rating sensitivities.
MRJ, the flagship company of the M.R Juneja group was incorporated
in 1990. Since then, the company is engaged in the trading of iron
and steel, primarily sponge iron which is the key raw material for
steel manufacturing. The main promoter, Mr Juneja has experience
of more than 30 years in the steel industry. MRJ has an
established network of distributors catering to the requirement of
over 250 customers spread across the states of Punjab, Uttar
Pradesh, Haryana, Rajasthan, Himachal Pradesh and Delhi. The
company has its head office in New Delhi and three
warehouses/branches in Ludhiana, Punjab and Muzaffarnagar and
Ghaziabad in Uttar Pradesh.
Recent Results
In 2013-14, MRJ reported an operating income of INR307.97 crore
with a net profit of INR0.65 crore, as compared to an operating
income of INR300.29 crore and a net profit of INR0.57 crore in the
previous year.
MURLI ELECTRODE: CARE Reaffirms B+ Rating on INR7cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Murli Electrode Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7 CARE B+ Reaffirmed
Short-term Bank Facilities 2 CARE A4 Reaffirmed
Rating Rationale
The ratings continue to be constrained by weak financial risk
profile of Murli Electrode Private Limited (MEPL) with thin
profit margins, elongated working capital cycle and weak debt
protection indicators. The ratings continue to be further
constrained by the small scale of operations along with the
presence in a highly fragmented engineering industry leading
to intense competition, susceptibility of operating margins to raw
material price fluctuation and susceptibility to slowdown in the
end-user industry.
The ratings continue to derive strength from the experience of the
promoters along with the long track record of the operations of
the company and wide dealer distribution network. The ability of
MEPL to increase its scale of operations with an improvement in
the profitability margins, and effective management of the working
capital remain the key rating sensitivities.
Nagpur-based MEPL was incorporated on June 23, 1998, by Mr Murli
Maloo, Mr Mahesh Maloo, Mr Dinesh Maloo and Mr Harish Maloo. MEPL
has been engaged in the manufacturing of various types of welding
electrodes, welding consumables and wires. The product portfolio
of the company includes high frequency (HF) electrode, high
tensile steel and low hydrogen electrode, mild steel electrode,
stainless steel electrode and metal inert gas (MIG) wires. The
company sells its products under the brand names of Wonder Weld,
Fast Weld, Super Weld and Murli 6013 in Maharashtra, Madhya
Pradesh, Goa, Gujarat and is in the process of diversifying its
business to 10 more states. MEPL operates from its manufacturing
facilities located in Nagpur, Maharashtra, with an installed
capacity of 14,400 MTPA as on March 31, 2014, for welding
electrodes and 360 MT for MIG wires with capacity utilisation of
around 58% and 70%, respectively; inFY14 (refers to the period of
April 1 to March 31). The manufacturing facility is well equipped
with modern amenities and also enjoys ISO 9001:2008 certification.
Furthermore, MEPL belongs to the Murli group and is a sister
concern of Murli Industries Limited Nagpur, which is engaged in
the production of cement, paper, solvent extractions and power
generation.
During FY14, MEPL earned a PAT of INR0.19 crore on a total income
of INR16.77 crore as against a PAT of INR0.11 crore on a total
income of INR11.93 crore for FY13.
NUTEK INDIA: CRISIL Cuts Rating on INR300MM Bank Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nutek India Ltd (Nutek) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable' and has reaffirmed its rating on Nutek's short-term bank
facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 25 CRISIL A4 (Reaffirmed)
Cash Credit 150 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Letter of Credit 25 CRISIL A4 (Reaffirmed)
Proposed Long Term 300 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating downgrade reflects decline in Nutek's profitability in
2013-14 (refers to financial year, April 1 to March 31); the
company reported a loss of INR303.3 million for the year vis-a-vis
net profit of INR22.9 million for the previous year. The company
suffered liquidity damages of INR150 million for non-execution of
contract obtained in the first quarter of 2013-14. Furthermore,
the company incurred a loss on account of exceptional item of
unserviceable projects of INR167.2 million. Its sales declined in
2014-15, as reflected in muted sales of INR240.6 million and
INR217.9 million for the first and second quarters of the year,
respectively, primarily on account of dip in demand from
telecommunications (telecom) players as well as shift in Nutek's
focus from full turnkey projects to active infrastructure
projects. Nutek's working capital requirements remain large, as
reflected in its gross current assets of 860 days as on March 31,
2014, in line with CRISIL's expectation. CRISIL believes that
Nutek's liquidity will remain weak over the medium term on account
of its working-capital-intensive operations.
The ratings reflect Nutek's susceptibility to unfavourable
environment in the telecom sector and to any change in government
policies. The ratings also factor in Nutek's constrained financial
flexibility because of large working capital requirements and
diversification into unrelated lines of business. These rating
weaknesses are partially offset by the extensive experience of
Nutek's promoters in the telecom industry, with an established
customer base, and the company's moderate financial risk profile,
marked by low gearing.
Outlook: Stable
CRISIL believes that Nutek will continue to benefit over the
medium term from its strong track record of operations and
established customer base in the telecom infrastructure industry.
The outlook may be revised to 'Positive' if the company reports
substantial revenue and operating margin, and improves its working
capital management. Conversely, the outlook may be revised to
'Negative' if Nutek reports a low operating margin, or if it is
adversely affected by changes in government policies regarding the
telecom sector.
Nutek, established in 1993 by Mr. Inder Sharma, is a telecom
infrastructure services provider offering infrastructure rollout
solutions for both mobile and fixed telecom networks. The company
also offers services in installing and maintaining telecom network
equipment and infrastructure.
PANKAJ STEEL: ICRA Assigns B+ Rating to INR4.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned [ICRA]B+ rating to INR4.5 crore cash credit
limits which is a sublimit of INR10 crore short term fund based
facilities of Pankaj Steel Corporation. ICRA has also assigned
[ICRA]A4 rating to INR10 crore short term fund based facilities of
PSC. The combined utilisation should not exceed INR10 crore at any
point of time.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits- (4.50) [ICRA]B+ assigned
Cash Credit
Non Fund based 10.00 [ICRA]A4 assigned
Limits-Letter of
Credit
Non Fund based (5.00) [ICRA]A4 assigned
limits - Sub limit
of letter of Credit
Letter of Comfort/
Buyer's Credit
Non Fund based (10.00) [ICRA]A4 assigned
limits - Sub limit
of letter of Credit-
Letter of Credit
for ship breaking
Non Fund based limits- (2.00) [ICRA]A4 assigned
Sub limit of letter
of Credit- Letter of
Credit for metal
trading
The assigned ratings reflect Pankaj Steel Corporation's (PSC) weak
financial profile characterized by low net profitability,
depressed level of coverage indicators and leveraged capital
structure. The ratings also take into account the firm's small
scale of operations with muted growth in a highly fragmented
industry with low entry barriers resulting in intense competition.
Moreover, the ratings are further affected by high inventory
levels entailing high working capital intensity, which amplify the
firm's exposure to volatility in steel prices. ICRA further notes
that the firm is exposed to foreign exchange fluctuation risks in
the absence of natural hedge and a firm hedging mechanism. The
ratings are further constrained by the fact that PSC is a
proprietorship concern and the quantum of withdrawals from the
capital account will remain a key sensitivity.
The ratings, however, factor in the long experience of the key
management in the iron and steel trading business and the
moderately diversified customer base, which mitigates client
concentration risk to certain extent.
M/s Pankaj Steel Corporation (PSC) promoted by Mrs. Usha Agarwal
was incorporated as proprietorship concern in 1978. PSC is
primarily engaged in trading iron and steel scrap and waste. Apart
from trading PSC is also involved in processing both long and flat
steel products on a job work basis.PSC has its registered office
at Reay Road, Mumbai and rented warehouse facility at Kalamboli,
Navi Mumbai.
Recent Results:
The firm recorded a profit before tax of INR0.09 crore on an
operating income of INR9.04 crore for the year ending March 31,
2014 (provisional).
PERTH CERAMIC: ICRA Assigns 'B' Rating to INR33r Term Loan
----------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR33.00 crore term
loan and INR12.50 crore cash credit facilities of Perth Ceramic
Private Limited. ICRA has also assigned an [ICRA]A4 rating to
INR6.00 crore letter of guarantee facility of PCPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 33.00 [ICRA]B; Assigned
Cash Credit 12.50 [ICRA]B; Assigned
Letter of Guarantee 6.00 [ICRA]A4; Assigned
The assigned ratings reflect the risks associated with
stabilization of plant as per expected operating parameters,
limited product portfolio of vitrified tiles constraining
institutional sales and the highly competitive business
environment given the fragmented nature of the tiles industry.
Further, the assigned ratings are constrained by the vulnerability
of PCPL's profitability to the cyclicality associated with the
real estate industry as well as to increasing prices of gas and
power. While assigning the ratings, ICRA also notes that the
financial profile is expected to remain stretched in the near term
given the debt funded nature of the project and the impending debt
repayment.
The assigned ratings, however, favourably consider the experience
of promoters in the ceramic industry, the location advantage,
giving it easy access to raw material as well as marketing support
from established group concerns; the company also expects to
benefit from the group's established distribution network in the
tiles industry.
Established in March 2014, Perth Ceramic Private Limited (PCPL) is
engaged in the manufacture of vitrified tiles. The manufacturing
unit of the company is located in Morbi, Gujarat, with an
installed capacity of 93000 metric tonnes per annum. The company
is promoted and managed five directors i.e. Mr. Parshottam
Sherasiya, Mr. Jayanti Kotadiya, Mr. Rupesh Kotadiya, Mr. Vinod
Barasara and Mr. Haresh Barasara having a long experience in the
line of ceramic business. The directors of the company are
associated with the other group concern i.e. Elica Vitrified
Private Limited which is also engaged in manufacturing of
vitrified tiles of size 605 mm X 605 mm.
QUADROS AUTOMARK: CARE Assigns B+ Rating to INR11.27cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Quadros
Automark Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11.27 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Quadros Automark
Private Limited (QAPL) is constrained on account of the financial
risk profile marked by moderate profitability, leveraged capital
structure and moderate debt coverage indicators.
The rating is further constrained on account of QAPL's fortunes
linked to the performance of Renault India Private Limited
(Renault) and presence in a competitive and cyclical industry.
The rating derives strength from the wide experience of the
promoters, growth in the scale of operations along with
increase in the demand for Renault cars in India.
The ability of the company to scale up its size of operations
along with improvement in the profitability and management of
working capital is the key rating sensitivity.
QAPL incorporated in the year 2012 is the authorised dealer for
Renault and covers the south Goa region. QAPL is promoted by Mr
Evencio Quadros and Mr Ramchandra Shirodkar, who are first-
generation entrepreneurs. QAPL being an authorised dealer for
Renault, also provides its spares and services by virtue of being
a '3-S' dealer. QAPL has its two showrooms located at Mapusa
(operational since FY13 [refers to the period April 1 to March 31]
onwards) & Panjim, and one service facility located at Verna in
South Goa. The showroom in Panjim was set up in FY14 (refers to
the period April 1 to March 31) with a total project cost of about
INR6.10 crore. The same was funded with a bank debt of INR4.35
crore and balance through unsecured loans from directors. QAPL has
three other group concerns engaged in similar nature of
operations, viz, M/s Quadros Moto Ride an authorised dealer for
Yamaha Motor Company Limited, M/s Qudaros Motocorp Co an
authorized dealer for Piaggio Vehicles Private Limited and Quadros
Motors Private Limited (QMPL; rated 'CARE BB-') an authorised
dealer for Suzuki Motors India Private Limited.
In FY14, the company reported a total operating income of INR31.82
crore and net profit of INR0.71 crore as against the total
operating income of INR9.99 crore with a net profit of INR0.18
crore in FY13. Furthermore, QAPL has reported sales of INR28 crore
as on 8MFY15.
RLJ MULTIGRAIN: ICRA Revises Rating on INR7.93cr Term Loan to B
---------------------------------------------------------------
ICRA has revised downwards the long term rating of INR7.93 crore
term loan and INR4.00 crore fund-based limits of RLJ Multigrain
Private Limited from [ICRA]B+ to [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.00 Downgraded to [ICRA]B
Term Loan 7.93 Downgraded to [ICRA]B
The revision in the rating primarily reflects the deterioration in
the financial profile of the company during 2013-14 as reflected
by significant decline in the profit margins on account of
increase in raw material cost, higher gearing and weakening of
coverage indicators. The rating also takes into account the low
value addition and fragmented nature of the industry, leading to
intense price competition, adversely impacting the operating
margins and the vulnerability of the company to adverse changes in
Government policies towards agro based commodities like rice and
the agro climatic risks which can affect the availability of
paddy. The rating also favorably factors in the strategic location
of the mill in a major rice growing region thereby ensuring easy
availability of paddy and the favourable demand prospects of the
industry with rice being a staple food grain and India being the
world's second largest producer and consumer of rice.
RLJ Multigrain Private Limited was originally incorporated as a
partnership firm M/s Swastik Udyog. Subsequently the promoters
reconstituted the company as a private limited entity in 2012. The
company is promoted by Jain family based out of Kolkata and the
unit has rice milling annual capacity of 63,000 tons.
Recent Results
The company reported a net loss of INR0.28 crore in FY14 on an OI
of INR22.35 crore, as compared to a net profit of INR0.08 crore on
an OI of INR4.01 crore during FY13.
S N THAKKAR: CRISIL Reaffirms B- Rating on INR75MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of S N Thakkar
Construction Private Limited (SN Thakkar) continue to reflect the
tender based nature of, and intense competition in, the civil
construction industry. The ratings also reflect the company's high
working capital requirements. These weaknesses are partially
offset by the promoters' extensive experience in the civil
construction industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 300 CRISIL A4 (Reaffirmed)
Bill Purchase-
Discounting Facility 140 CRISIL A4 (Reaffirmed)
Cash Credit 75 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5 CRISIL B-/Stable (Reaffirmed)
CRISIL had on December 17, 2014, downgraded its rating on the bank
facilities of SN Thakkar Construction Pvt Ltd (SN Thakkar) to
'CRISIL B-/Stable/CRISIL A4' from 'CRISIL BB+/Negative/CRISIL
A4+'.
The ratings downgrade follows deterioration in the liquidity
profile of the company on account of lengthening of its working
capital cycle. SN Thakkar's Gross Current Assets (GCAs) increased
sharply to 481 days as on March 31, 2014 from 353 days a year ago
on the back of slower payment cycle from government departments.
The company's receivables increased to 332 days from 260 days
during the same period. While CRISIL notes that the year-end
debtors are likely to be overstated due to the large proportion of
sales in the fourth quarter, the company's liquidity is expected
to be stressed due to the lengthening of the average debtor
collection period, coupled with pressure on order flow. The
liquidity continues to be stretched in 2014-15 which is reflected
in continued full utilisation of bank limits for the six months
ended September 2014.
The company's GCAs increased despite about 9 per cent decline in
revenue in 2013-14, reflecting the increase in working capital
requirements. The company stretched payment to creditors and
increased its bank borrowings to fund the increased working
capital requirements; reflected in increased creditors of 290 days
as on March 31, 2014, compared to 237 days a year ago and high
bank limit utilisation of about 96 per cent for 2013-14.
The stable net cash accruals of INR33 million generated in 2013-14
backed by increase in operating margin by 350 bps to 9.1 per cent,
absence of major capex and term debt repayments partly supported
the liquidity profile. However, the speed of receivables'
collection will continue to determine the liquidity profile and
thus remains a key rating sensitivity factor.
Outlook: Stable
CRISIL believes that the pressure on SN Thakkar's liquidity will
continue over the medium term because of slower payment cycle in
projects for government departments. The outlook may be revised to
'Positive' if the working capital cycle improves, reflected mostly
by the decreased dependence on external funding. Conversely, the
outlook may be revised to 'Negative' if the working capital cycle
deteriorates thereby further impacting the liquidity profile.
SN Thakkar, engaged in civil and infrastructure construction,
started operations in Mumbai in 1984, as a partnership firm, SN
Thakkar Constructions; the firm was reconstituted as a private
limited company in 1992. SN Thakkar is closely held by Mr. Praveen
Thakkar, Mr. Pradeep Thakkar, and their family members.
For 2011-12 (refers to financial year, April 1 to March 31), SN
Thakkar reported a profit after tax (PAT) of INR28.1 million on
revenues of INR1.1 billion, as against a PAT of INR21.8 million on
revenues of INR1.2 billion for 2010-11.
SHIVDHAN BOARDS: CRISIL Ups Rating on INR77.5MM Cash Credit to B
----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Shivdhan Boards Pvt Ltd (SBPL) to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 77.5 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Term Loan 11.1 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The rating upgrade reflects SBPL's improving financial risk
profile and expected steady business risk profile over the medium
term. The company's gearing improved to 2.8 times as on March 31,
2014, from 4.7 times as on March 31, 2013; with no capital
expenditure (capex) planned, the gearing is expected to improve
over the medium term. Also, the company is likely to repay its
entire term loan by May 2015, providing cushion to its liquidity.
The company is expected to achieve steady growth in business over
the near to medium term and has achieved steady profitability.
The rating reflects SBPL's modest scale of operations in the
highly fragmented particle board industry and its below-average
financial risk profile marked by modest net worth. These rating
weaknesses are partially offset by the extensive industry
experience of SBPL's promoters and the company's established
network.
Outlook: Stable
CRISIL believes that SBPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if SBPL's financial risk
profile improves on account of significant increase in its scale
of operations with steady operating margin, leading to sizeable
cash accruals and large net worth. Conversely, the outlook may be
revised to 'Negative' if the company achieves substantially low
cash accruals or if it undertakes a large debt-funded capex
programme.
SBPL was set up by Mr. Narendra Patel in 2003-04 (refers to
financial year, April 1 to March 31). The company manufactures
bagasse boards and pre-laminated particle boards, which are used
in the furniture and construction industry. Its manufacturing unit
is in Nagpur (Maharashtra). The boards are sold under the Shivdhan
brand. SBPL's promoters have experience of over 15 years in the
industry.
SBPL achieved a profit after tax (PAT) of INR1.9 million on net
sales of INR205.6 million during 2013-14, as against a PAT of
INR2.8 million on net sales of INR235.0 million during 2012-13.
SHREE RAM: CARE Reaffirms B+ Rating on INR5.50cr LT Loan
--------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shree Ram
Fibres India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5.50 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Shree Ram Fibres
India Pvt. Ltd. (SRFPL) continues to remain constrained by thin
profit margins, moderately leveraged capital structure and weak
debt coverage indicators. The rating further continues to remain
constrained on account of seasonality associated with the
procurement of raw material, susceptibility of profitability to
cotton price fluctuation and changes in the government policy
coupled with its presence in the highly fragmented industry with
limited value addition and working capital intensive nature of
operations.
The rating, however, continues to derive comfort from the vast
experience of the promoters of SRFPL in the cotton industry and
established business operations of the company. The rating also
takes into consideration increase in total operating income (TOI)
during FY14 (refers to the period April 1 to March 31).
SRFPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by improving
profit margins, capital structure and debt coverage indicators
along with better working capital management remains the key
rating sensitivities.
Dhar-based (Madhya Pradesh), Shree Ram Fibres India Private
Limited (SRFPL) is promoted by Mr Mohanlal Khandelwal and family
in 2007. SRFPL is engaged in manufacturing of cotton bales by
ginning and pressing of raw cotton. Apart from ginning & pressing,
SRFPL is also involved in the trading of ginned cotton, cotton
seeds, soyabeans and other agro commodities. SRFPL has established
a fully automated pressing unit having 28 doubled roll ginning
machines at Gandhwani, Dhar with an installed capacity of 12,000
metric tonnes per annum (MTPA) as on March 31, 2014.
SHREE SUSHMA: ICRA Suspends B+ Rating on INR5cr Fund Based Limits
-----------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to the INR5.00 Crore
fund based limits and [ICRA]A4 rating assigned to the INR1.00
Crore non fund based limits of Shree Sushma Ferrous Alloys Private
Limited. ICRA has also suspended the ratings of [ICRA]B+/[ICRA]A4
assigned to the INR9.00 Crore unallocated amount. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
SHRIRAM NON-CONVENTIONAL: ICRA Rates INR20cr Term Loan at 'D'
-------------------------------------------------------------
ICRA has revised the long term rating for the INR5.00 crore fund
based facility of Shriram Non-Conventional Energy Limited to
[ICRA]D from [ICRA]BB+. ICRA has also assigned long term rating of
[ICRA]D to the INR20 crore term loan facility of SNEL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based 5.00 Revised to [ICRA]D
Term loan 20.00 Assigned [ICRA]D
ICRA's rating action follows the delays in servicing of the debt
obligations by SNEL on account of significant decline in power
generation by the company's 7.5 MW biomass power plant with PLF
(plant load factor) decreasing from 73% in FY2013 to 45% in FY2014
and remaining sub-optimal at 55% during the first 5 months of
FY2015, owing to non-availability of fuel with adequate calorific
value at a viable cost. ICRA also takes note of the decline in
profitability with SNEL reporting PAT loss of INR4.04 crore in
FY2014 as against a profit of INR1.55 crore in FY2013, on account
of decline in generation coupled with increase in fuel costs.
Further, the rating is constrained by the subdued market for
Renewable Energy Certificates (RECs) on account of weak compliance
of renewable purchase obligation by state distribution utilities,
which has adversely affected the company's ability to liquidate
the issued RECs (SNEL has outstanding RECs of INR3.54 crore at the
end of FY2014). However, the rating takes comfort from the
presence of power sale agreements with group captive customers and
healthy tariff realizations for the power sold by the company
during FY2014 and 5M-FY2015.
SNEL a wholly-owned subsidiary of Orient Green Power Company
Limited (OGPCL) operates a 7.5 MW biomass plant at Pattukotai,
located in the Tanjore district of Tamil Nadu. The plant was
commissioned in January 2009 by its previous owner. OGPCL acquired
the SPV holding the plant in June 2009 through purchase of 99.63%
of the shares and the balance shareholding was acquired in
November 2009. OGPCL is focused on developing, owing and operating
diversified portfolio renewable energy projects, primarily in wind
energy and biomass power.
Post commissioning, SNEL sold power to Tamil Nadu Electricity
Board (TNEB) under a long term PPA. However, owing to the long
delays in receiving payments from TNEB, the company has come out
of the PPA with TNEB and is now selling power to group captive
customers and is also availing the benefit of renewable energy
certificates.
Recent Results
SNEL reported operating income of INR19.98 crores during FY2014
with net loss of INR4.04 crore, as against operating income of
INR35.07 crore and PAT of INR1.55 crore in FY2013.
SRI HARI: ICRA Assigns 'B' Rating to INR46.60cr Long Term Loan
--------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B to the INR14.60
crore long term fund based bank limits of Sri Hari Har Overseas
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based Limits 46.60 [ICRA]B outstanding/ assigned
ICRA also has a long term rating of [ICRA] B outstanding on the
INR32.00 crore long term fund based limits of SHHL.
The rating factors in SHHL's elevated gearing levels due to debt
funding of its large working capital requirements and the debt
funded capital expenditure undertaken by the company. The rating
is further constrained by the company's low net profitability and
moderate coverage indicators. The rating also takes into account
the high intensity of competition in the rice milling industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. However, the proximity of the mill to
major rice growing areas results in easy availability of paddy and
mitigates this risk to a certain extent. The rating also derives
comfort from the ramp up of operations of the company and the
extensive experience of the partners in the rice industry and
their strong relationships with several customers and suppliers.
SHHL was established in 2012 as a private limited company with Mr
Rajesh Gupta, Mrs Roma Gupta as Directors. Mr Rajesh Gupta is
actively engaged in the operations of the company and has
experience of more than two decades in the rice industry. SHHL is
engaged in processing and trading of Basmati rice. The company has
its manufacturing unit at Karnal Kaithal Road, Nissing, Haryana
with a milling capacity of 15 tonnes/hour of paddy.
Recent Results
SHHL reported a net profit of INR0.24 crore on an operating income
of INR78.91 crore for 2013-14 as against a net profit of INR0.02
crore on an operating income of INR5.20 crore for part operations
in the previous year (from November 2012 to March 2013).
ST. NICHOLAS: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
St. Nicholas Cashew Exports (SNCE) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming its rating on the firm's
short-term bank facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable (Reaffirmed)
Packing Credit 20 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 20 CRISIL B+/Stable (Reaffirmed)
The rating upgrade reflects CRISIL's belief that SNCE will
maintain its improved financial risk profile, particularly
liquidity, over the medium term. The firm's liquidity improved
because of capital infusion of INR24 million in 2013-14 (refers to
financial year, April 1 to March 31); consequently, its gearing
improved to 1.54 times as on March 31, 2014, from 8.20 times as on
March 31, 2013. CRISIL believes that SNCE's liquidity will
continue to improve over the medium term because of moderate cash
accruals.
The ratings reflect SNCE's small scale of operations, large
working capital requirements, and below-average financial risk
profile, marked by modest net worth and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of SNCE's promoter in the cashew business.
Outlook: Stable
CRISIL believes that SNCE will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' in case of considerable
increase in the firm's scale of operations and profitability,
leading to improved cash accruals. Conversely, the outlook may be
revised to 'Negative' if low revenue and profitability, or large
borrowings to fund capital expenditure or working capital
requirements, lead to deterioration in SNCE's financial risk
profile.
Set up as a proprietorship concern in 1980 by Mr. Y Rajan, SNCE
processes raw cashew nuts. The firm is based in Kollam (Kerala).
SURESOFT SYSTEMS: CRISIL Cuts Rating on INR112MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Suresoft Systems Pvt Ltd (SSPL) to 'CRISIL D' from 'CRISIL
B/Stable'. The rating downgrade reflects SSPL's delays in
servicing its term loan because of its weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 18 CRISIL D (Downgraded from
'CRISIL B/Stable')
Long Term Loan 112 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating also reflects SSPL's modest scale of operations,
exposure to intense competition in the software services industry,
and it also has below-average financial risk profile marked by
weak debt protection metrics. However, the company benefits from
its promoters' extensive experience in the embedded systems
software industry.
SSPL, incorporated in 1997, provides embedded system software
solutions for digital consumer products, such as set top boxes and
television sets. The company is managed by Mr. Kanagasabapathy,
Ms. Nikila Rani, and Mr. Thillairajan.
VIVEKANANDA SEEDS: ICRA Assigns B Rating to INR7.20cr LT Loan
-------------------------------------------------------------
ICRA has assigned [ICRA]B to the INR7.20 crore long term fund
based limits. ICRA has also assigned [ICRA]B/A4 to the INR2.30
crore unallocated limits of Vivekananda Seeds.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based Limits 7.20 [ICRA]B assigned
Long/Short Term
Unallocated Limits 2.30 [ICRA]B/[ICRA]A4 assigned
The ratings assigned takes into account the small scale of
operations and the highly competitive and fragmented market with
both production and sales exposed to agro-climatic conditions. The
ratings also takes into account the seasonal nature of the
business, which is highly dependent on a single product of paddy
seeds. The ratings, further takes into account the moderate
financial profile of the firm as reflected in gearing of 1.14x as
on 31st March 2014 and stretched coverage indicators as reflected
in OPBIDT/Int. and Fin. Charges at 1.36 times and NCA/Debt at
3.01%. The ratings, however, favourably takes into account more
than two decades of experience of the promoter in the industry and
long established relationships of the firm with farmers, dealers
and distributors.
Vivekananda Seeds is a partnership firm incorporated in the year
1992 by Mr. S. Janardhana Reddy and his family. The firm is into
the business of producing, processing, and marketing of paddy
seeds and has a processing plant in Anaparthi, East Godavari Dist.
in A.P. The firm has a capacity to process 50400 MT p.a. and deals
only with paddy seeds. The firm has a group firm by name
Vivekananda seeds and farms in Orissa which is a proprietary firm
owned by Mr. S. Janardhana Reddy which is only involved in
processing of seeds.
Recent Results
As per audited financials for FY14, Vivekananda Seeds reported an
operating income of INR24.52 crore with PAT of INR0.10 crore as
against INR22.67 crore of operating income with PAT of INR0.10
crore in FY13.
====================
S O U T H K O R E A
====================
DONGBU GROUP: Chairman in Danger of Losing Insurance Unit
---------------------------------------------------------
Kim Jae-won at The Korea Times reports that Dongbu Group Chairman
Kim Jun-ki is in danger of losing control of Dongbu Insurance
because more than 90 percent of shares owned by Kim and his
children have been used as collateral for loans, said an online
business watchdog on Jan. 22.
The Korea Times relates that Chaebul.com said that Kim, his son
Nam-ho and his daughter Joo-won provided 90.08 percent of their
shares in the insurance unit as collateral for loans from Hana
Bank, Korea Exchange Bank and Korea Development Bank, among
others.
According to the report, the watchdog said the Kim family owns a
combined 26 percent stake valued at KRW900 billion ($830 million)
in the company.
The Korea Times relates that market watchers said the declining
price of shares in Dongbu Insurance is threatening the ownership
of the Kim family. Creditors of the insurance company may sell the
shares seized as collateral, if the price of the shares goes below
the value of the loans, the report states.
"If the share price of Dongbu Insurance slides under 45,000 won,
I'm sure that creditors will sell out the shares which they seize.
In that case, share prices of the company will tumble further, a
dangerous scenario for the Kim family," the report quotes Jeong
Seon-seob, CEO of Chaebul.com, as saying.
The report relates that Mr. Jeong said Dongbu Insurance is the
most profitable affiliate in Dongbu Group, so collapse of the
insurance unit will serve a serious blow to the chairman, who
dreams of reviving its old glory.
The Korea Times says Dongbu had been one of the 20 largest
conglomerates in the country, boasting a business portfolio from
insurance to construction to steelmaking, but its credit crunch
came from Dongbu Corp., a construction affiliate of the group,
which filed for court receivership last month. The builder failed
to pay back debts totaling KRW137 billion, with retail investors
accounting for KRW23 billion, the report relates.
Dongbu Corp., well-known for its Centreville apartments, has
struggled to repay the loans since its apartment construction
businesses in Seoul, Incheon and Gyeonggi Province were hit by the
2008 global financial crisis.
Affiliates of the group have been under pressure from its
creditors to beef up its deteriorating financial situation.
Dongbu Steel, a steelmaking arm of the group, has been undergoing
a creditor-driven tough reconstruction program since July, while
Dongbu CNI, an information technology (IT) service affiliate of
the group, sold part of its business unit for 90 billion won to
solve liquidity problems.
Dongbu Group is a South Korean conglomerate corporation which
operates through seven business segments with 42 subsidiaries and
35,000 employees. The Group produces industry, chemical, shipping,
insurance and financial products.
As reported in the Troubled Company Reporter-Asia Pacific on
June 30, 2014, Yonhap News Agency said cash-starved Dongbu Group
is at risk of falling into a deeper hole as its affiliates are
likely to face hurdles in refinancing maturing debts following the
failure of a deal to sell its key assets, analysts said on June
27. The news agency said Dongbu has been under pressure from its
creditors to beef up its worsening financial status.
The Group's construction arm filed for court receivership in
December 2014.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 19 to Jan. 23, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY 10.00 10/30/23 AUD 1.88
BOART LONGYEAR 7.00 04/01/21 USD 74.00
BOART LONGYEAR 7.00 04/01/21 USD 80.70
CRATER GOLD MIN 10.00 08/18/17 AUD 23.50
EMECO PTY LTD 9.88 03/15/19 USD 71.75
EMECO PTY LTD 9.88 03/15/19 USD 76.00
GRIFFIN COAL MI 9.50 12/01/16 USD 73.50
GRIFFIN COAL MI 9.50 12/01/16 USD 73.50
KBL MINING LTD 10.00 02/16/17 AUD 0.28
MIDWEST VANADIU 11.50 02/15/18 USD 11.00
MIDWEST VANADIU 11.50 02/15/18 USD 11.00
RESOLUTE MINING 10.00 12/04/17 AUD 1.00
STOKES LTD 10.00 06/30/17 AUD 0.46
TREASURY CORP O 0.50 11/12/30 AUD 65.67
CHINA
-----
CHANGCHUN CITY 6.08 03/09/16 CNY 70.47
CHANGCHUN CITY 6.08 03/09/16 CNY 70.40
CHANGZHOU INVES 5.80 07/01/16 CNY 70.00
CHANGZHOU INVES 5.80 07/01/16 CNY 70.23
CHINA GOVERNMEN 1.64 12/15/33 CNY 71.60
CHINA NATIONAL 5.65 09/26/17 CNY 63.29
DANYANG INVESTM 6.30 06/03/16 CNY 70.38
HANGZHOU XIAOSH 6.90 11/22/16 CNY 71.71
HANGZHOU XIAOSH 6.90 11/22/16 CNY 70.59
HEILONGJIANG HE 7.78 11/17/16 CNY 71.30
HEILONGJIANG HE 7.78 11/17/16 CNY 71.35
HUAIAN CITY URB 7.15 12/21/16 CNY 70.22
JIANGSU HUAJING 5.68 09/28/17 CNY 73.88
JIANGSU LIANYUN 7.85 07/22/15 CNY 70.86
KUNSHAN ENTREPR 4.70 03/30/16 CNY 69.83
KUNSHAN ENTREPR 4.70 03/30/16 CNY 69.50
NANJING PUBLIC 5.85 08/08/17 CNY 65.11
NANTONG STATE-O 6.72 11/13/16 CNY 71.12
NANTONG STATE-O 6.72 11/13/16 CNY 70.01
NINGDE CITY STA 6.25 10/21/17 CNY 60.47
PANJIN CONSTRUC 7.70 12/16/16 CNY 71.91
PANJIN CONSTRUC 7.70 12/16/16 CNY 71.58
QINGZHOU HONGYU 6.50 05/22/19 CNY 50.59
QINGZHOU HONGYU 6.50 05/22/19 CNY 50.00
TAIZHOU CITY CO 6.90 01/25/17 CNY 70.20
WUXI COMMUNICAT 5.58 07/08/16 CNY 50.07
WUXI COMMUNICAT 5.58 07/08/16 CNY 50.00
XIANGTAN JIUHUA 6.93 12/16/16 CNY 69.00
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.00
YANGZHOU URBAN 5.94 07/23/16 CNY 69.50
YANGZHOU URBAN 5.94 07/23/16 CNY 70.41
YIYANG CITY CON 8.20 11/19/16 CNY 71.92
ZHENJIANG CITY 5.85 03/30/15 CNY 70.04
ZHENJIANG CITY 5.85 03/30/15 CNY 70.06
ZHUCHENG ECONOM 7.50 08/25/18 CNY 49.18
ZIBO CITY PROPE 5.45 04/27/19 CNY 59.19
ZOUCHENG CITY A 7.02 01/12/18 CNY 61.11
INDONESIA
---------
BERAU COAL ENER 7.25 03/13/17 USD 46.00
BERAU COAL ENER 7.25 03/13/17 USD 47.47
DAVOMAS INTERNA 11.00 12/08/14 USD 19.13
DAVOMAS INTERNA 11.00 12/08/14 USD 19.13
PERUSAHAAN PENE 6.10 02/15/37 IDR 71.73
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 32.13
BLUE DART EXPRE 9.30 11/20/17 INR 10.15
BLUE DART EXPRE 9.40 11/20/18 INR 10.24
BLUE DART EXPRE 9.50 11/20/19 INR 10.33
CORE EDUCATION 7.00 05/07/15 USD 9.00
COROMANDEL INTE 9.00 07/23/16 INR 15.73
GTL INFRASTRUCT 3.03 11/09/17 USD 29.13
INCLINE REALTY 10.85 04/21/17 INR 12.84
INCLINE REALTY 10.85 08/21/17 INR 15.99
INDIA GOVERNMEN 0.26 01/25/35 INR 23.60
JAIPRAKASH ASSO 5.75 09/08/17 USD 73.56
JCT LTD 2.50 04/08/11 USD 18.13
MASCON GLOBAL L 2.00 12/28/12 USD 3.78
ORIENTAL HOTELS 2.00 11/21/19 INR 72.19
PRAKASH INDUSTR 5.25 04/30/15 USD 67.38
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 31.13
ELPIDA MEMORY I 0.70 08/01/16 JPY 17.00
ELPIDA MEMORY I 0.50 10/26/15 JPY 12.50
ELPIDA MEMORY I 2.10 11/29/12 JPY 17.00
ELPIDA MEMORY I 2.03 03/22/12 JPY 17.00
ELPIDA MEMORY I 2.29 12/07/12 JPY 17.00
KOREA
-----
2014 KODIT CREA 5.00 12/25/17 KRW 27.26
2014 KODIT CREA 5.00 12/25/17 KRW 27.26
DONGBU CORP 4.00 06/29/15 KRW 49.24
DONGBU CORP 8.95 02/28/15 KRW 50.01
DONGBU METAL CO 5.20 09/12/19 KRW 56.21
EXPORT-IMPORT B 0.50 12/22/17 BRL 72.33
EXPORT-IMPORT B 0.50 11/21/17 BRL 73.16
HYUNDAI HEAVY I 4.90 12/15/44 KRW 58.52
HYUNDAI HEAVY I 4.80 12/15/44 KRW 59.58
HYUNDAI MERCHAN 7.05 12/27/42 KRW 38.64
KIBO ABS SPECIA 5.00 03/29/18 KRW 26.41
KIBO ABS SPECIA 10.00 02/19/17 KRW 31.18
KIBO ABS SPECIA 10.00 09/04/16 KRW 32.64
KIBO ABS SPECIA 5.00 01/31/17 KRW 29.08
KIBO ABS SPECIA 10.00 08/22/17 KRW 29.87
KIBO GREEN HI-T 10.00 12/21/15 KRW 33.53
LSMTRON DONGBAN 4.53 11/22/17 KRW 27.00
POSCO ENERGY CO 4.72 08/29/43 KRW 71.58
POSCO ENERGY CO 4.66 08/29/43 KRW 72.14
SINBO SECURITIZ 5.00 01/29/17 KRW 29.88
SINBO SECURITIZ 5.00 09/28/15 KRW 31.73
SINBO SECURITIZ 5.00 08/31/16 KRW 30.56
SINBO SECURITIZ 5.00 08/31/16 KRW 30.57
SINBO SECURITIZ 9.00 07/27/15 KRW 37.14
SINBO SECURITIZ 4.60 06/29/15 KRW 37.13
SINBO SECURITIZ 4.60 06/29/15 KRW 37.13
SINBO SECURITIZ 5.00 09/13/15 KRW 31.23
SINBO SECURITIZ 5.00 09/13/15 KRW 28.10
SINBO SECURITIZ 5.00 12/13/16 KRW 30.07
SINBO SECURITIZ 5.00 03/13/17 KRW 29.63
SINBO SECURITIZ 5.00 03/13/17 KRW 29.63
SINBO SECURITIZ 5.00 07/19/15 KRW 33.01
SINBO SECURITIZ 5.00 05/27/16 KRW 31.24
SINBO SECURITIZ 5.00 05/27/16 KRW 31.24
SINBO SECURITIZ 5.00 06/29/16 KRW 31.00
SINBO SECURITIZ 5.00 01/15/18 KRW 27.10
SINBO SECURITIZ 5.00 01/15/18 KRW 27.10
SINBO SECURITIZ 10.00 12/27/15 KRW 32.65
SINBO SECURITIZ 5.00 01/19/16 KRW 19.74
SINBO SECURITIZ 5.00 12/07/15 KRW 29.81
SINBO SECURITIZ 5.00 02/02/16 KRW 18.05
SINBO SECURITIZ 8.00 02/02/16 KRW 32.12
SINBO SECURITIZ 5.00 10/05/16 KRW 30.46
SINBO SECURITIZ 5.00 10/05/16 KRW 27.42
SINBO SECURITIZ 5.00 02/21/17 KRW 29.73
SINBO SECURITIZ 5.00 02/21/17 KRW 29.73
SINBO SECURITIZ 5.00 08/24/15 KRW 31.92
SINBO SECURITIZ 5.00 07/26/16 KRW 30.77
SINBO SECURITIZ 5.00 07/26/16 KRW 30.77
SINBO SECURITIZ 5.00 12/25/16 KRW 29.47
SINBO SECURITIZ 5.00 03/12/18 KRW 26.54
SINBO SECURITIZ 5.00 03/12/18 KRW 26.54
SINBO SECURITIZ 5.00 07/08/17 KRW 28.62
SINBO SECURITIZ 5.00 07/08/17 KRW 28.62
SINBO SECURITIZ 5.00 08/16/16 KRW 30.65
SINBO SECURITIZ 5.00 08/16/17 KRW 28.23
SINBO SECURITIZ 5.00 08/16/17 KRW 28.23
SINBO SECURITIZ 5.00 06/07/17 KRW 26.07
SINBO SECURITIZ 5.00 06/07/17 KRW 26.07
SINBO SECURITIZ 5.00 02/11/18 KRW 26.70
SINBO SECURITIZ 5.00 02/11/18 KRW 26.70
SINBO SECURITIZ 5.00 10/01/17 KRW 27.68
SINBO SECURITIZ 5.00 10/01/17 KRW 27.68
SINBO SECURITIZ 5.00 10/01/17 KRW 27.68
SINBO SECURITIZ 5.00 03/14/16 KRW 29.47
SK TELECOM CO L 4.21 06/07/73 KRW 69.00
STX OFFSHORE & 3.00 09/06/15 KRW 71.50
STX OFFSHORE & 6.90 04/09/15 KRW 72.63
TONGYANG CEMENT 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT 7.30 04/12/15 KRW 70.00
U-BEST SECURITI 5.50 11/16/17 KRW 27.85
WISEPOWER CO LT 4.00 08/10/15 KRW 63.48
WOONGJIN ENERGY 2.00 12/19/16 KRW 65.98
MALAYSIA
--------
BANDAR MALAYSIA 0.35 12/29/23 MYR 68.56
BANDAR MALAYSIA 0.35 02/20/24 MYR 68.07
BIMB HOLDINGS B 1.50 12/12/23 MYR 68.73
BRIGHT FOCUS BH 2.50 01/22/31 MYR 62.03
BRIGHT FOCUS BH 2.50 01/24/30 MYR 63.92
LAND & GENERAL 1.00 09/24/18 MYR 0.40
SENAI-DESARU EX 0.50 12/31/38 MYR 61.91
SENAI-DESARU EX 0.50 12/31/47 MYR 72.20
SENAI-DESARU EX 0.50 12/31/42 MYR 67.51
SENAI-DESARU EX 0.50 12/29/45 MYR 70.44
SENAI-DESARU EX 0.50 12/31/40 MYR 64.92
SENAI-DESARU EX 0.50 12/30/39 MYR 63.69
SENAI-DESARU EX 0.50 12/30/44 MYR 69.52
SENAI-DESARU EX 0.50 12/31/41 MYR 65.98
SENAI-DESARU EX 0.50 12/31/43 MYR 68.73
SENAI-DESARU EX 0.50 12/31/46 MYR 71.32
SENAI-DESARU EX 1.15 12/29/23 MYR 65.85
SENAI-DESARU EX 1.35 06/29/29 MYR 53.25
SENAI-DESARU EX 1.10 12/31/21 MYR 71.91
SENAI-DESARU EX 1.15 06/28/24 MYR 64.36
SENAI-DESARU EX 1.15 06/30/25 MYR 61.49
SENAI-DESARU EX 1.35 12/29/28 MYR 54.46
SENAI-DESARU EX 1.15 06/30/23 MYR 67.37
SENAI-DESARU EX 1.15 12/31/24 MYR 62.89
SENAI-DESARU EX 1.35 12/31/27 MYR 56.86
SENAI-DESARU EX 1.35 12/31/30 MYR 49.70
SENAI-DESARU EX 1.35 06/30/31 MYR 48.79
SENAI-DESARU EX 1.35 06/30/28 MYR 55.67
SENAI-DESARU EX 1.35 12/31/25 MYR 61.73
SENAI-DESARU EX 1.35 06/30/27 MYR 58.02
SENAI-DESARU EX 1.35 12/31/29 MYR 52.06
SENAI-DESARU EX 1.10 06/30/22 MYR 70.25
SENAI-DESARU EX 1.35 06/30/26 MYR 60.46
SENAI-DESARU EX 1.35 06/28/30 MYR 50.89
SENAI-DESARU EX 1.10 06/30/21 MYR 73.67
SENAI-DESARU EX 1.15 12/30/22 MYR 68.93
SENAI-DESARU EX 1.35 12/31/26 MYR 59.25
UNIMECH GROUP B 5.00 09/18/18 MYR 1.28
PHILIPPINES
-----------
BAYAN TELECOMMU 13.50 07/15/06 USD 22.75
BAYAN TELECOMMU 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE P 7.49 05/18/18 USD 60.60
BAKRIE TELECOM 11.50 05/07/15 USD 8.55
BAKRIE TELECOM 11.50 05/07/15 USD 7.00
BERAU CAPITAL R 12.50 07/08/15 USD 55.00
BERAU CAPITAL R 12.50 07/08/15 USD 55.00
BLD INVESTMENTS 8.63 03/23/15 USD 14.13
BUMI CAPITAL PT 12.00 11/10/16 USD 24.00
BUMI CAPITAL PT 12.00 11/10/16 USD 21.50
BUMI INVESTMENT 10.75 10/06/17 USD 23.50
BUMI INVESTMENT 10.75 10/06/17 USD 23.89
ENERCOAL RESOUR 6.00 04/07/18 USD 22.00
INDO INFRASTRUC 2.00 07/30/10 USD 1.88
ORO NEGRO DRILL 7.50 01/24/19 USD 67.25
OSA GOLIATH PTE 12.00 10/09/18 USD 72.75
SRI LANKA
---------
SRI LANKA GOVER 5.35 03/01/26 LKR 74.86
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.63
MDX PCL 4.75 09/17/03 USD 26.50
TAIWAN
------
ADVANCED SEMICO 1.45 08/19/16 TWD 1.30
ADVANCED SEMICO 1.45 08/19/16 TWD 1.50
ADVANCED SEMICO 1.45 08/19/16 TWD 1.30
ADVANCED SEMICO 1.45 08/19/16 TWD 1.10
ADVANCED SEMICO 1.45 08/19/16 TWD 1.05
AGRICULTURAL BA 3.28 06/30/15 TWD 3.28
AGRICULTURAL BA 1.43 10/17/19 TWD 1.53
AGRICULTURAL BA 1.53 10/17/22 TWD 1.53
ASIA CEMENT COR 1.36 05/23/19 TWD 1.45
BANK OF KAOHSIU 3.40 01/20/16 TWD 1.89
BANK OF PANHSIN 3.00 12/02/17 TWD 3.00
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 PANHSIN 3.25 11/05/16 TWD 3.25
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 1.80 12/09/17 TWD 1.38
BANK SINOPAC 1.95 08/18/18 TWD 1.46
BANK SINOPAC 2.70 06/23/15 TWD 1.30
BANK SINOPAC 2.90 06/23/17 TWD 2.90
BANK SINOPAC 2.80 04/29/16 TWD 2.80
BANK SINOPAC 2.05 09/30/24 TWD 2.05
BANK SINOPAC 1.65 09/18/22 TWD 1.65
CATHAY FINANCIA 2.65 10/08/16 TWD 1.21
CATHAY FINANCIA 3.10 12/24/15 TWD 1.00
CATHAY UNITED B 1.70 04/24/23 TWD 1.90
CATHAY UNITED B 1.85 05/19/24 TWD 1.85
CATHAY UNITED B 1.55 04/24/20 TWD 1.55
CATHAY UNITED B 1.48 06/06/19 TWD 1.48
CATHAY UNITED B 1.65 06/06/22 TWD 1.81
CATHAY UNITED B 1.65 08/07/22 TWD 1.60
CATHAY UNITED B 1.70 05/19/21 TWD 1.70
CHAILEASE FINAN 2.05 10/30/21 TWD 2.05
CHAILEASE FINAN 2.30 10/30/24 TWD 2.30
CHAILEASE FINAN 1.60 07/22/18 TWD 1.40
CHAILEASE FINAN 1.50 06/16/19 TWD 1.50
CHAILEASE FINAN 1.50 06/05/17 TWD 1.29
CHANG HWA COMME 3.10 05/19/15 TWD 0.89
CHANG HWA COMME 3.05 12/15/15 TWD 3.05
CHANG HWA COMME 1.72 03/11/21 TWD 1.72
CHANG HWA COMME 1.65 03/11/18 TWD 1.64
CHANG HWA COMME 2.30 09/15/16 TWD 1.26
CHANG HWA COMME 1.70 04/16/21 TWD 1.70
CHANG HWA COMME 1.85 04/16/24 TWD 1.85
CHENG SHIN RUBB 1.55 08/19/18 TWD 1.40
CHENG SHIN RUBB 1.40 07/18/19 TWD 1.40
CHENG SHIN RUBB 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBB 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBB 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBB 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBB 1.38 09/03/15 TWD 0.88
CHINA AIRLINES 1.60 01/17/18 TWD 1.60
CHINA AIRLINES 1.85 01/17/20 TWD 1.85
CHINA AIRLINES 1.35 05/20/16 TWD 1.28
CHINA AIRLINES 1.35 05/20/16 TWD 1.39
CHINA AIRLINES 1.35 05/20/16 TWD 1.35
CHINA DEVELOPME 1.80 03/01/15 TWD 1.13
CHINA DEVELOPME 1.37 05/23/18 TWD 1.37
CHINA DEVELOPME 3.40 06/18/15 TWD 3.40
CHINA DEVELOPME 2.00 03/01/17 TWD 1.45
CHINA DEVELOPME 1.32 03/07/17 TWD 1.19
CHINA DEVELOPME 1.42 03/07/19 TWD 1.39
CHINA DEVELOPME 3.00 01/30/15 TWD 3.00
CHINA STEEL COR 2.30 12/29/15 TWD 0.81
CHINA STEEL COR 1.75 01/23/21 TWD 1.58
CHINA STEEL COR 1.50 08/03/22 TWD 1.74
CHINA STEEL COR 1.60 07/12/23 TWD 1.84
CHINA STEEL COR 1.88 07/12/28 TWD 1.89
CHINA STEEL COR 1.36 10/19/16 TWD 0.95
CHINA STEEL COR 1.44 07/12/20 TWD 1.56
CHINA STEEL COR 2.15 01/23/29 TWD 2.16
CHINA STEEL COR 1.95 01/23/24 TWD 1.90
CHINA STEEL COR 1.37 08/10/19 TWD 1.66
CHINA STEEL COR 1.57 10/19/18 TWD 1.35
CHINESE MARITIM 1.40 06/08/17 TWD 1.40
CHINESE MARITIM 1.40 06/08/17 TWD 1.35
CHINESE MARITIM 1.40 06/08/17 TWD 1.39
CHINESE MARITIM 1.40 06/08/17 TWD 1.40
COTA COMMERCIAL 3.20 03/29/18 TWD 3.20
CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.37
CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.00
CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.18
CPC CORP/TAIWAN 1.88 12/24/24 TWD 1.87
CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.12
CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.31
CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56
CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13
CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.32
CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60
CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.50
CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85
CPC CORP/TAIWAN 1.08 10/29/15 TWD 0.56
CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00
CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93
CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86
CPC CORP/TAIWAN 1.46 07/19/20 TWD 1.45
CPC CORP/TAIWAN 1.68 07/22/23 TWD 1.69
CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.68
CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70
CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91
CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.29
CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60
CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36
CPC CORP/TAIWAN 1.29 09/21/19 TWD 1.40
CTBC BANK CO LT 3.49 04/10/23 TWD 1.80
CTBC BANK CO LT 3.10 04/25/15 TWD 0.92
CTBC BANK CO LT 2.00 06/26/29 TWD 2.00
CTBC BANK CO LT 1.80 09/27/18 TWD 1.49
CTBC FINANCIAL 1.66 02/20/19 TWD 1.58
CTBC FINANCIAL 1.80 02/20/22 TWD 1.80
DA-LI CONSTRUCT 1.42 06/23/19 TWD 1.42
DRAGON STEEL CO 1.75 06/10/21 TWD 1.72
DRAGON STEEL CO 1.40 06/10/19 TWD 1.45
E.SUN COMMERCIA 1.70 05/24/23 TWD 1.70
E.SUN COMMERCIA 3.10 02/15/15 TWD 2.30
E.SUN COMMERCIA 1.80 03/07/21 TWD 1.70
E.SUN COMMERCIA 1.75 08/28/20 TWD 1.75
E.SUN COMMERCIA 1.80 10/28/18 TWD 1.50
E.SUN COMMERCIA 1.85 12/19/20 TWD 1.85
E.SUN COMMERCIA 1.55 05/24/20 TWD 1.55
E.SUN COMMERCIA 2.35 10/20/16 TWD 1.34
E.SUN COMMERCIA 3.15 10/24/15 TWD 3.15
E.SUN COMMERCIA 1.95 03/07/24 TWD 1.95
E.SUN COMMERCIA 1.62 08/27/22 TWD 1.62
E.SUN COMMERCIA 1.58 04/27/19 TWD 1.58
E.SUN COMMERCIA 2.20 07/13/17 TWD 2.20
E.SUN COMMERCIA 2.50 04/03/16 TWD 2.50
E.SUN COMMERCIA 2.20 05/28/17 TWD 1.45
E.SUN COMMERCIA 1.50 08/27/19 TWD 1.57
E.SUN COMMERCIA 1.68 06/28/22 TWD 1.88
E.SUN FINANCIAL 1.75 06/29/19 TWD 1.65
E.SUN FINANCIAL 2.70 04/28/17 TWD 1.87
ENTIE COMMERCIA 3.25 08/23/17 TWD 1.97
ENTIE COMMERCIA 3.25 12/16/17 TWD 3.25
EVA AIRWAYS COR 1.15 06/14/18 TWD 1.20
EVA AIRWAYS COR 1.15 06/14/18 TWD 1.25
EVA AIRWAYS COR 1.15 06/14/18 TWD 1.20
EVA AIRWAYS COR 1.15 06/14/18 TWD 1.20
EVA AIRWAYS COR 1.15 06/14/18 TWD 1.20
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.27
EVA AIRWAYS COR 1.44 08/31/16 TWD 0.90
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.18
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.29
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.18
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.27
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.27
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.27
EVA AIRWAYS COR 1.22 05/31/17 TWD 1.18
EVA AIRWAYS COR 1.44 08/31/16 TWD 1.06
EVA AIRWAYS COR 1.44 08/31/16 TWD 1.28
EVA AIRWAYS COR 1.44 08/31/16 TWD 1.28
EVA AIRWAYS COR 1.44 08/31/16 TWD 1.28
EVA AIRWAYS COR 1.44 08/31/16 TWD 1.01
EVERGREEN MARIN 1.28 04/26/17 TWD 1.18
EVERGREEN MARIN 1.28 04/26/17 TWD 1.31
EXPORT-IMPORT B 0.88 02/12/16 TWD 0.74
EXPORT-IMPORT B 0.90 01/28/16 TWD 0.80
EXPORT-IMPORT B 0.80 10/16/16 TWD 0.80
EXPORT-IMPORT B 1.25 05/30/17 TWD 1.25
EXPORT-IMPORT B 0.68 06/20/16 TWD 0.68
EXPORT-IMPORT B 0.90 06/24/17 TWD 0.90
FAR EASTERN DEP 1.38 09/07/15 TWD 1.16
FAR EASTERN INT 1.75 06/27/19 TWD 1.59
FAR EASTERN INT 1.95 11/10/18 TWD 1.80
FAR EASTERN INT 2.10 11/06/20 TWD 1.81
FAR EASTERN INT 2.05 12/23/21 TWD 2.05
FAR EASTERN INT 2.10 09/29/17 TWD 1.47
FAR EASTERN INT 2.98 05/18/17 TWD 2.98
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 1.47 12/04/19 TWD 1.40
FAR EASTERN NEW 1.55 09/29/16 TWD 1.03
FAR EASTERN NEW 1.59 09/16/15 TWD 0.94
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 1.36 02/15/17 TWD 1.08
FAR EASTERN NEW 1.47 08/21/19 TWD 1.41
FAR EASTONE TEL 1.58 10/15/18 TWD 1.61
FAR EASTONE TEL 1.17 12/24/16 TWD 1.17
FAR EASTONE TEL 1.46 10/15/17 TWD 1.38
FAR EASTONE TEL 1.58 12/24/19 TWD 1.55
FAR EASTONE TEL 1.27 12/24/17 TWD 1.16
FAR EASTONE TEL 1.33 06/27/20 TWD 1.47
FIRST COMMERCIA 1.47 09/25/19 TWD 1.44
FIRST COMMERCIA 3.02 10/21/15 TWD 1.20
FIRST COMMERCIA 3.10 06/23/15 TWD 2.95
FIRST COMMERCIA 3.16 12/24/17 TWD 3.16
FIRST COMMERCIA 1.43 12/27/19 TWD 1.57
FIRST COMMERCIA 3.00 12/24/15 TWD 3.00
FIRST COMMERCIA 1.59 09/25/22 TWD 1.56
FIRST COMMERCIA 1.65 06/24/18 TWD 1.65
FIRST COMMERCIA 1.65 03/30/18 TWD 1.26
FIRST COMMERCIA 1.72 06/24/21 TWD 1.72
FIRST COMMERCIA 1.72 03/30/21 TWD 1.72
FIRST COMMERCIA 1.50 09/28/17 TWD 1.38
FIRST COMMERCIA 1.92 09/28/17 TWD 1.59
FIRST FINANCIAL 1.60 07/22/15 TWD 0.90
FIRST FINANCIAL 2.25 07/22/17 TWD 1.41
FORMOSA CHEMICA 1.56 06/29/15 TWD 0.77
FORMOSA CHEMICA 1.52 07/29/15 TWD 0.59
FORMOSA CHEMICA 1.24 07/08/18 TWD 1.30
FORMOSA CHEMICA 1.38 10/31/16 TWD 1.16
FORMOSA CHEMICA 1.50 01/22/23 TWD 1.80
FORMOSA CHEMICA 1.52 07/08/23 TWD 1.54
FORMOSA CHEMICA 1.34 01/22/20 TWD 99.23
FORMOSA CHEMICA 1.38 07/08/20 TWD 99.10
FORMOSA CHEMICA 1.29 07/26/17 TWD 1.14
FORMOSA CHEMICA 1.23 12/07/17 TWD 1.20
FORMOSA CHEMICA 1.44 06/10/16 TWD 0.91
FORMOSA CHEMICA 1.36 12/07/19 TWD 1.40
FORMOSA CHEMICA 1.51 12/07/22 TWD 1.53
FORMOSA CHEMICA 1.81 07/04/24 TWD 1.84
FORMOSA CHEMICA 1.40 07/26/19 TWD 1.47
FORMOSA CHEMICA 2.03 07/04/29 TWD 2.04
FORMOSA PETROCH 1.33 10/14/15 TWD 0.84
FORMOSA PETROCH 1.43 09/12/19 TWD 1.42
FORMOSA PETROCH 1.28 06/26/18 TWD 1.26
FORMOSA PETROCH 1.40 04/20/16 TWD 0.93
FORMOSA PETROCH 1.30 06/20/17 TWD 1.08
FORMOSA PETROCH 1.25 03/12/18 TWD 1.31
FORMOSA PETROCH 1.35 07/27/17 TWD 1.10
FORMOSA PETROCH 1.41 06/26/20 TWD 1.53
FORMOSA PETROCH 1.42 05/25/16 TWD 0.82
FORMOSA PETROCH 1.37 03/12/20 TWD 1.41
FORMOSA PETROCH 1.55 04/27/15 TWD 0.73
FORMOSA PETROCH 1.44 07/27/19 TWD 1.47
FORMOSA PETROCH 1.99 09/12/26 TWD 1.99
FORMOSA PETROCH 1.54 07/15/15 TWD 0.72
FORMOSA PETROCH 1.54 05/25/15 TWD 0.72
FORMOSA PETROCH 1.44 06/20/19 TWD 1.58
FORMOSA PETROCH 1.90 09/12/24 TWD 1.90
FORMOSA PLASTIC 1.35 12/15/16 TWD 0.93
FORMOSA PLASTIC 1.55 06/21/15 TWD 0.73
FORMOSA PLASTIC 1.34 11/16/16 TWD 0.73
FORMOSA PLASTIC 1.40 09/12/19 TWD 1.45
FORMOSA PLASTIC 1.42 11/08/18 TWD 1.47
FORMOSA PLASTIC 1.94 11/08/23 TWD 1.96
FORMOSA PLASTIC 1.83 05/21/24 TWD 1.86
FORMOSA PLASTIC 1.52 06/10/23 TWD 1.54
FORMOSA PLASTIC 1.92 05/21/26 TWD 1.94
FORMOSA PLASTIC 1.26 05/22/17 TWD 1.24
FORMOSA PLASTIC 1.23 06/10/17 TWD 1.30
FORMOSA PLASTIC 1.42 05/22/19 TWD 1.49
FORMOSA PLASTIC 1.39 11/05/19 TWD 1.44
FORMOSA PLASTIC 1.28 09/12/17 TWD 1.15
FORMOSA PLASTIC 1.25 11/05/17 TWD 1.23
FORMOSA PLASTIC 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 1.45 08/28/18 TWD 1.36
FUBON FINANCIAL 1.56 08/23/15 TWD 0.70
FUBON FINANCIAL 1.58 08/28/20 TWD 1.58
FUBON FINANCIAL 2.60 01/28/17 TWD 1.46
FUBON FINANCIAL 1.45 08/15/19 TWD 1.47
FUBON FINANCIAL 2.60 01/27/17 TWD 1.32
FUBON FINANCIAL 1.90 01/28/17 TWD 1.40
FUBON FINANCIAL 1.35 08/15/17 TWD 1.06
FUBON FINANCIAL 1.40 11/15/16 TWD 0.72
GOLDSUN DEVELOP 1.40 12/25/19 TWD 1.40
GTM HOLDINGS CO 1.30 07/24/18 TWD 1.31
HIYES INTERNATI 1.40 09/23/17 TWD 1.40
HON HAI PRECISI 1.35 12/17/16 TWD 1.07
HON HAI PRECISI 1.45 01/14/20 TWD 1.45
HON HAI PRECISI 1.23 01/14/18 TWD 1.23
HON HAI PRECISI 1.45 10/18/16 TWD 1.07
HON HAI PRECISI 1.33 01/30/18 TWD 1.20
HON HAI PRECISI 1.43 12/27/15 TWD 0.90
HON HAI PRECISI 1.80 01/14/22 TWD 1.80
HON HAI PRECISI 1.23 03/18/17 TWD 1.16
HON HAI PRECISI 1.66 06/14/18 TWD 1.32
HON HAI PRECISI 1.95 07/08/24 TWD 1.95
HON HAI PRECISI 1.45 10/08/19 TWD 1.45
HON HAI PRECISI 1.50 12/17/18 TWD 1.50
HON HAI PRECISI 1.80 10/08/21 TWD 1.80
HON HAI PRECISI 2.02 10/08/24 TWD 2.02
HON HAI PRECISI 1.85 12/17/20 TWD 1.70
HON HAI PRECISI 1.45 01/30/20 TWD 99.72
HON HAI PRECISI 1.47 03/08/16 TWD 0.89
HON HAI PRECISI 1.75 03/18/21 TWD 1.74
HON HAI PRECISI 1.37 05/21/19 TWD 1.37
HON HAI PRECISI 1.35 10/11/17 TWD 1.50
HON HAI PRECISI 1.18 08/06/15 TWD 1.20
HON HAI PRECISI 2.15 10/08/26 TWD 2.15
HON HAI PRECISI 1.40 03/18/19 TWD 1.40
HON HAI PRECISI 1.43 05/23/17 TWD 1.12
HON HAI PRECISI 1.17 05/21/17 TWD 1.14
HON HAI PRECISI 1.70 07/08/21 TWD 1.70
HON HAI PRECISI 1.95 05/21/24 TWD 1.95
HON HAI PRECISI 1.43 06/14/16 TWD 1.25
HON HAI PRECISI 1.82 06/14/21 TWD 1.78
HON HAI PRECISI 1.51 07/18/16 TWD 0.98
HON HAI PRECISI 2.00 03/18/24 TWD 2.00
HON HAI PRECISI 1.70 05/21/21 TWD 1.70
HSBC BANK TAIWA 1.48 02/05/23 TWD 1.48
HSBC BANK TAIWA 1.40 03/10/15 TWD 0.48
HSBC BANK TAIWA 1.40 01/31/19 TWD 1.27
HSBC BANK TAIWA 1.23 02/05/18 TWD 1.20
HSBC BANK TAIWA 1.34 02/05/20 TWD 1.47
HSBC BANK TAIWA 1.55 03/10/16 TWD 0.60
HSBC BANK TAIWA 1.25 01/31/17 TWD 1.11
HUA NAN COMMERC 1.43 11/06/19 TWD 1.45
HUA NAN COMMERC 1.98 12/19/24 TWD 1.98
HUA NAN COMMERC 1.85 03/28/24 TWD 1.85
HUA NAN COMMERC 3.10 04/18/15 TWD 0.88
HUA NAN COMMERC 3.08 01/16/18 TWD 3.08
HUA NAN COMMERC 1.98 09/26/24 TWD 1.98
HUA NAN COMMERC 3.20 05/16/16 TWD 3.20
HUA NAN COMMERC 2.60 12/29/19 TWD 2.60
HUA NAN COMMERC 1.65 11/23/20 TWD 1.65
HUA NAN COMMERC 1.83 09/26/21 TWD 1.83
HUA NAN COMMERC 1.63 12/06/18 TWD 1.52
HUA NAN COMMERC 2.60 04/24/17 TWD 2.60
HUA NAN COMMERC 2.45 07/16/17 TWD 1.62
HUA NAN COMMERC 1.55 11/06/22 TWD 1.55
HUA NAN COMMERC 1.83 12/19/21 TWD 1.83
HUA NAN FINANCI 1.55 01/21/20 TWD 1.56
HUA NAN FINANCI 1.23 01/21/18 TWD 1.33
HWATAI BANK LTD 2.70 11/15/19 TWD 2.70
INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85
INDUSTRIAL BANK 1.95 05/30/20 TWD 1.93
INDUSTRIAL BANK 1.95 03/27/21 TWD 1.94
INDUSTRIAL BANK 1.85 08/17/19 TWD 1.83
INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24
INDUSTRIAL BANK 2.30 08/26/18 TWD 1.59
INDUSTRIAL BANK 2.30 10/28/18 TWD 1.80
INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00
INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95
JIH SUN INTERNA 2.18 04/30/19 TWD 2.18
KGI SECURITIES 1.15 03/15/15 TWD 0.72
KINDOM CONSTRUC 1.60 09/26/18 TWD 1.60
KINDOM CONSTRUC 1.30 06/18/18 TWD 1.30
KINDOM CONSTRUC 1.41 06/25/17 TWD 1.41
KINDOM CONSTRUC 1.55 08/28/19 TWD 1.55
KINDOM CONSTRUC 1.40 12/15/16 TWD 1.28
KINDOM CONSTRUC 1.40 10/28/16 TWD 1.40
LAND BANK OF TA 3.00 04/15/15 TWD 0.87
LAND BANK OF TA 2.80 12/29/15 TWD 1.00
LAND BANK OF TA 1.53 12/15/17 TWD 1.38
LAND BANK OF TA 1.72 12/26/20 TWD 1.72
LAND BANK OF TA 2.00 06/29/17 TWD 1.61
LAND BANK OF TA 1.98 12/25/24 TWD 1.98
LAND BANK OF TA 1.55 12/26/22 TWD 1.55
LAND BANK OF TA 1.50 06/26/19 TWD 1.45
LAND BANK OF TA 1.64 10/20/18 TWD 1.42
LAND BANK OF TA 1.60 12/29/18 TWD 1.54
LAND BANK OF TA 1.55 04/13/19 TWD 1.60
LAND BANK OF TA 1.43 10/22/19 TWD 1.43
LAND BANK OF TA 1.43 12/26/19 TWD 1.47
MAI-LIAO POWER 1.25 12/19/17 TWD 1.25
MAI-LIAO POWER 1.37 12/19/19 TWD 99.42
MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43
MEGA FINANCIAL 3.26 12/26/15 TWD 1.46
MEGA INTERNATIO 1.53 12/24/17 TWD 1.37
MEGA INTERNATIO 1.65 06/24/21 TWD 1.65
MEGA INTERNATIO 2.90 03/20/15 TWD 2.90
MEGA INTERNATIO 3.00 09/29/15 TWD 0.95
MEGA INTERNATIO 3.10 06/26/15 TWD 0.90
MEGA INTERNATIO 1.65 04/15/18 TWD 1.40
MEGA INTERNATIO 3.00 12/23/15 TWD 1.18
MEGA INTERNATIO 1.62 11/24/18 TWD 1.38
MEGA INTERNATIO 1.48 05/18/19 TWD 1.48
MEGA INTERNATIO 1.70 03/28/21 TWD 1.70
NAN YA PLASTICS 1.45 08/05/18 TWD 1.24
NAN YA PLASTICS 1.36 02/25/20 TWD 1.51
NAN YA PLASTICS 1.98 12/18/23 TWD 1.94
NAN YA PLASTICS 2.04 06/24/29 TWD 2.04
NAN YA PLASTICS 1.37 09/07/19 TWD 1.47
NAN YA PLASTICS 1.27 11/12/15 TWD 100.33
NAN YA PLASTICS 1.56 06/25/15 TWD 0.90
NAN YA PLASTICS 1.55 08/05/20 TWD 1.54
NAN YA PLASTICS 1.36 07/04/17 TWD 1.09
NAN YA PLASTICS 1.45 11/11/19 TWD 1.45
NAN YA PLASTICS 1.50 02/25/23 TWD 1.52
NAN YA PLASTICS 1.40 08/05/17 TWD 1.21
NAN YA PLASTICS 2.08 12/18/25 TWD 2.10
NAN YA PLASTICS 1.93 11/11/24 TWD 1.93
NAN YA PLASTICS 1.56 08/30/15 TWD 0.68
NAN YA PLASTICS 1.45 07/04/19 TWD 1.38
NAN YA PLASTICS 1.35 11/07/16 TWD 1.20
NAN YA PLASTICS 1.25 09/07/17 TWD 1.22
PACIFIC CONSTRU 1.50 05/06/16 TWD 1.50
PRINCE HOUSING 1.55 11/21/18 TWD 1.55
PRINCE HOUSING 1.33 07/12/17 TWD 1.33
RUN LONG CONSTR 1.70 05/07/19 TWD 1.37
RUN LONG CONSTR 1.60 08/01/19 TWD 1.37
SAN FAR PROPERT 1.55 10/23/18 TWD 1.58
SHANGHAI COMMER 3.05 12/26/15 TWD 3.05
SHANGHAI COMMER 3.15 06/10/15 TWD 0.90
SHANGHAI COMMER 1.83 11/25/21 TWD 1.83
SHANGHAI COMMER 1.48 04/10/19 TWD 1.45
SHANGHAI COMMER 1.54 05/22/19 TWD 1.60
SHANGHAI COMMER 1.50 12/15/17 TWD 1.50
SHANGHAI COMMER 1.43 12/27/19 TWD 1.57
SHANGHAI COMMER 1.43 11/15/19 TWD 1.43
SHANGHAI COMMER 1.55 11/15/22 TWD 1.55
SHANGHAI COMMER 1.70 03/25/21 TWD 1.65
SHANGHAI COMMER 1.85 03/25/24 TWD 1.85
SHIHLIN DEVELOP 1.60 07/31/19 TWD 1.33
SHIN KONG FINAN 3.65 09/29/15 TWD 0.96
SHINING BUILDIN 1.60 11/10/17 TWD 1.60
SINYI REALTY IN 1.48 06/27/19 TWD 1.48
SOLAR APPLIED M 1.75 11/10/15 TWD 1.80
SUNNY BANK LTD 2.35 08/26/21 TWD 2.35
SUNNY BANK LTD 2.45 12/30/21 TWD 2.45
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 2.35 03/31/21 TWD 2.35
SUNNY BANK LTD 2.45 05/30/19 TWD 2.45
SUNNY BANK LTD 2.85 06/27/18 TWD 2.85
SUNNY BANK LTD 3.25 04/30/17 TWD 3.25
TA CHONG BANK L 2.00 11/19/21 TWD 2.00
TA CHONG BANK L 3.50 02/26/17 TWD 3.50
TA CHONG BANK L 3.75 03/05/17 TWD 3.75
TA CHONG BANK L 3.25 01/05/17 TWD 3.25
TA CHONG BANK L 3.00 03/09/18 TWD 1.92
TA CHONG BANK L 2.15 03/30/19 TWD 2.15
TA CHONG BANK L 2.05 06/22/19 TWD 2.05
TA CHONG BANK L 2.05 03/21/21 TWD 2.05
TA CHONG BANK L 2.00 09/26/21 TWD 2.00
TA CHONG BANK L 1.90 12/27/19 TWD 1.90
TAIPEI FUBON CO 1.60 05/20/15 TWD 1.14
TAIPEI FUBON CO 1.50 11/15/17 TWD 1.38
TAIPEI FUBON CO 3.05 03/28/15 TWD 3.05
TAIPEI FUBON CO 1.60 03/01/15 TWD 0.65
TAIPEI FUBON CO 1.98 09/25/24 TWD 1.98
TAIPEI FUBON CO 1.65 03/18/18 TWD 1.65
TAIPEI FUBON CO 1.70 08/01/23 TWD 1.70
TAIPEI FUBON CO 1.52 08/01/20 TWD 1.52
TAIPEI FUBON CO 3.14 06/20/15 TWD 3.15
TAIPEI FUBON CO 2.20 01/25/17 TWD 1.14
TAIPEI FUBON CO 1.65 12/01/18 TWD 1.46
TAIPEI FUBON CO 1.95 08/20/17 TWD 1.60
TAIPEI FUBON CO 1.85 05/15/24 TWD 1.85
TAIPEI FUBON CO 2.20 12/22/16 TWD 1.17
TAIPEI FUBON CO 3.09 05/30/15 TWD 3.10
TAIPEI FUBON CO 2.30 01/29/17 TWD 2.30
TAIPEI FUBON CO 1.80 03/01/17 TWD 1.48
TAIPEI FUBON CO 2.50 03/02/20 TWD 2.50
TAIPEI FUBON CO 1.55 10/15/20 TWD 1.55
TAIPEI FUBON CO 2.50 01/25/20 TWD 2.50
TAIPEI FUBON CO 1.70 08/05/18 TWD 1.45
TAIPEI FUBON CO 1.68 05/25/22 TWD 1.80
TAIPEI FUBON CO 1.48 04/05/19 TWD 1.48
TAIPEI FUBON CO 2.05 08/20/20 TWD 2.05
TAIPEI FUBON CO 1.70 05/20/17 TWD 1.70
TAIPEI FUBON CO 1.70 05/15/21 TWD 1.70
TAISHIN FINANCI 2.00 05/15/19 TWD 1.85
TAISHIN FINANCI 2.30 12/17/17 TWD 1.65
TAISHIN FINANCI 2.20 08/05/18 TWD 1.61
TAISHIN FINANCI 2.20 10/05/18 TWD 2.20
TAISHIN INTERNA 1.95 05/16/24 TWD 1.95
TAISHIN INTERNA 2.65 04/12/17 TWD 2.65
TAISHIN INTERNA 1.53 12/14/19 TWD 1.53
TAISHIN INTERNA 1.65 12/14/22 TWD 1.65
TAISHIN INTERNA 1.65 10/19/22 TWD 1.65
TAISHIN INTERNA 1.53 10/19/19 TWD 1.53
TAIWAN ACCEPTAN 1.25 10/17/17 TWD 1.25
TAIWAN ACCEPTAN 1.12 06/20/17 TWD 1.16
TAIWAN BUSINESS 1.92 11/25/20 TWD 1.82
TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71
TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32
TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36
TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98
TAIWAN BUSINESS 1.92 09/02/17 TWD 1.47
TAIWAN COOPERAT 1.48 03/28/20 TWD 1.58
TAIWAN COOPERAT 1.72 12/25/20 TWD 1.72
TAIWAN COOPERAT 3.00 05/28/15 TWD 0.89
TAIWAN COOPERAT 1.43 12/25/19 TWD 1.43
TAIWAN COOPERAT 1.70 05/26/21 TWD 1.70
TAIWAN COOPERAT 1.85 05/26/24 TWD 1.85
TAIWAN COOPERAT 1.55 12/25/22 TWD 1.55
TAIWAN COOPERAT 1.65 06/28/22 TWD 1.60
TAIWAN COOPERAT 1.70 07/28/18 TWD 1.41
TAIWAN COOPERAT 1.45 10/25/17 TWD 1.28
TAIWAN LAND DEV 1.36 04/25/17 TWD 1.36
TAIWAN MOBILE C 1.29 04/25/18 TWD 1.21
TAIWAN MOBILE C 1.34 12/20/19 TWD 1.44
TAIWAN POWER CO 1.38 06/01/15 TWD 0.70
TAIWAN POWER CO 1.24 11/21/16 TWD 0.85
TAIWAN POWER CO 1.37 08/20/15 TWD 0.77
TAIWAN POWER CO 1.10 03/18/17 TWD 1.05
TAIWAN POWER CO 1.10 05/30/17 TWD 0.98
TAIWAN POWER CO 1.39 07/21/15 TWD 0.56
TAIWAN POWER CO 2.15 12/28/19 TWD 1.42
TAIWAN POWER CO 1.39 08/16/19 TWD 1.42
TAIWAN POWER CO 1.46 12/15/19 TWD 1.43
TAIWAN POWER CO 1.30 06/17/18 TWD 1.28
TAIWAN POWER CO 1.79 07/21/20 TWD 1.48
TAIWAN POWER CO 1.29 06/15/17 TWD 0.94
TAIWAN POWER CO 1.46 12/17/17 TWD 1.02
TAIWAN POWER CO 1.32 12/19/16 TWD 0.92
TAIWAN POWER CO 1.30 11/17/16 TWD 0.98
TAIWAN POWER CO 1.87 04/28/16 TWD 0.89
TAIWAN POWER CO 2.75 04/18/15 TWD 0.51
TAIWAN POWER CO 1.78 11/20/19 TWD 1.36
TAIWAN POWER CO 1.23 12/27/16 TWD 0.95
TAIWAN POWER CO 1.55 07/22/20 TWD 1.42
TAIWAN POWER CO 1.69 04/22/21 TWD 1.50
TAIWAN POWER CO 1.95 10/22/19 TWD 1.40
TAIWAN POWER CO 1.53 05/03/23 TWD 1.96
TAIWAN POWER CO 2.84 04/18/18 TWD 1.25
TAIWAN POWER CO 1.65 07/19/17 TWD 1.10
TAIWAN POWER CO 1.35 09/26/16 TWD 0.89
TAIWAN POWER CO 1.50 11/22/18 TWD 1.28
TAIWAN POWER CO 1.40 05/30/19 TWD 1.42
TAIWAN POWER CO 1.58 12/21/21 TWD 1.41
TAIWAN POWER CO 1.64 08/20/17 TWD 1.10
TAIWAN POWER CO 1.75 07/23/23 TWD 1.76
TAIWAN POWER CO 1.94 11/22/23 TWD 1.89
TAIWAN POWER CO 1.99 10/16/24 TWD 1.99
TAIWAN POWER CO 2.62 11/25/15 TWD 0.63
TAIWAN POWER CO 1.40 03/17/19 TWD 1.42
TAIWAN POWER CO 1.10 12/15/17 TWD 1.10
TAIWAN POWER CO 2.74 06/16/15 TWD 0.53
TAIWAN POWER CO 1.47 09/23/17 TWD 1.08
TAIWAN POWER CO 1.95 12/30/23 TWD 1.88
TAIWAN POWER CO 1.45 06/17/20 TWD 1.55
TAIWAN POWER CO 1.28 05/06/18 TWD 1.30
TAIWAN POWER CO 1.39 05/06/20 TWD 1.46
TAIWAN POWER CO 1.98 07/21/24 TWD 1.99
TAIWAN POWER CO 2.99 07/21/15 TWD 0.58
TAIWAN POWER CO 1.38 04/21/15 TWD 0.54
TAIWAN POWER CO 1.37 04/23/19 TWD 1.50
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 1.42 10/16/19 TWD 1.42
TAIWAN POWER CO 2.85 11/04/15 TWD 0.60
TAIWAN POWER CO 1.46 12/30/18 TWD 1.35
TAIWAN POWER CO 1.77 10/16/21 TWD 1.77
TAIWAN POWER CO 2.99 09/17/15 TWD 0.65
TAIWAN POWER CO 1.60 12/15/20 TWD 1.52
TAIWAN POWER CO 2.35 12/30/18 TWD 1.27
TAIWAN POWER CO 2.02 12/15/24 TWD 2.02
TAIWAN POWER CO 1.10 10/16/17 TWD 1.10
TAIWAN POWER CO 1.33 06/28/16 TWD 0.90
TAIWAN POWER CO 1.51 10/21/18 TWD 1.29
TAIWAN POWER CO 1.75 12/30/20 TWD 1.66
TAIWAN POWER CO 1.27 11/30/19 TWD 1.43
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 1.55 06/28/18 TWD 1.23
TAIWAN POWER CO 1.43 06/15/19 TWD 1.41
TAIWAN POWER CO 1.64 09/21/20 TWD 1.61
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 1.60 04/22/18 TWD 1.36
TAIWAN POWER CO 1.64 06/28/21 TWD 1.59
TAIWAN POWER CO 1.52 06/15/22 TWD 1.52
TAIWAN POWER CO 1.23 04/23/17 TWD 1.44
TAIWAN POWER CO 1.65 07/19/18 TWD 1.25
TAIWAN POWER CO 1.75 07/21/21 TWD 1.67
TAIWAN POWER CO 1.55 11/20/16 TWD 0.98
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 1.48 11/21/18 TWD 1.32
TAIWAN POWER CO 1.65 10/20/21 TWD 1.50
TAIWAN POWER CO 1.71 08/23/20 TWD 1.56
TAIWAN POWER CO 1.31 10/31/19 TWD 1.44
TAIWAN POWER CO 1.43 10/31/22 TWD 1.42
TAIWAN POWER CO 1.39 12/26/22 TWD 1.49
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 1.74 03/17/21 TWD 1.74
TAIWAN POWER CO 1.75 05/30/21 TWD 1.69
TAIWAN POWER CO 1.95 05/28/24 TWD 1.96
TAIWAN SEMICOND 1.23 01/04/18 TWD 1.11
TAIWAN SEMICOND 1.40 09/28/16 TWD 0.81
TAIWAN SEMICOND 1.50 07/16/20 TWD 1.40
TAIWAN SEMICOND 1.35 01/04/20 TWD 1.40
TAIWAN SEMICOND 1.29 01/11/17 TWD 0.98
TAIWAN SEMICOND 1.63 09/28/18 TWD 1.19
TAIWAN SEMICOND 1.23 02/06/18 TWD 1.08
TAIWAN SEMICOND 1.28 08/02/17 TWD 1.03
TAIWAN SEMICOND 2.10 09/25/23 TWD 2.03
TAIWAN SEMICOND 1.50 02/06/23 TWD 1.91
TAIWAN SEMICOND 1.35 09/25/16 TWD 1.38
TAIWAN SEMICOND 1.38 02/06/20 TWD 99.47
TAIWAN SEMICOND 1.45 09/25/17 TWD 1.47
TAIWAN SEMICOND 1.49 01/04/23 TWD 97.68
TAIWAN SEMICOND 1.28 09/26/17 TWD 1.09
TAIWAN SEMICOND 1.46 01/11/19 TWD 1.46
TAIWAN SEMICOND 1.34 08/09/17 TWD 1.34
TAIWAN SEMICOND 1.39 09/26/19 TWD 99.77
TAIWAN SEMICOND 1.53 10/09/22 TWD 1.53
TAIWAN SEMICOND 1.52 08/09/19 TWD 1.52
TAIWAN SHIN KON 2.10 12/15/24 TWD 2.10
TAIWAN SHIN KON 2.50 12/18/16 TWD 1.45
TAIWAN SHIN KON 1.85 03/30/18 TWD 1.85
TAIWAN SHIN KON 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KON 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KON 1.51 12/28/19 TWD 1.51
TAIWAN SHIN KON 1.63 12/28/22 TWD 1.63
U-MING MARINE T 1.32 08/22/17 TWD 1.32
UNION BANK OF T 2.10 12/19/20 TWD 2.10
UNION BANK OF T 2.78 06/15/18 TWD 2.78
UNION BANK OF T 2.32 03/01/19 TWD 2.32
UNI-PRESIDENT E 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT E 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT E 1.39 02/18/19 TWD 1.42
UNI-PRESIDENT E 1.22 02/26/18 TWD 100.14
UNI-PRESIDENT E 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT E 1.43 06/17/16 TWD 1.01
UNI-PRESIDENT E 1.78 06/23/24 TWD 1.81
UNI-PRESIDENT E 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT E 1.29 06/23/19 TWD 1.34
UNI-PRESIDENT E 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT E 1.39 10/29/19 TWD 1.53
UNITED MICROELE 1.43 06/07/17 TWD 1.20
UNITED MICROELE 1.35 03/15/18 TWD 1.22
UNITED MICROELE 1.50 03/15/20 TWD 1.58
UNITED MICROELE 1.95 06/18/24 TWD 1.95
UNITED MICROELE 1.70 06/18/21 TWD 1.71
UNITED MICROELE 1.63 06/07/19 TWD 1.50
USI CORP 1.55 06/24/16 TWD 1.34
WAN HAI LINES L 1.95 08/14/21 TWD 1.95
WAN HAI LINES L 1.65 08/14/19 TWD 1.65
WAN HAI LINES L 1.65 06/22/16 TWD 1.25
WAN HAI LINES L 1.85 06/24/18 TWD 1.55
YANG MING MARIN 2.20 11/01/18 TWD 1.90
YANG MING MARIN 2.45 11/01/20 TWD 2.45
YANG MING MARIN 1.30 12/27/16 TWD 1.05
YANG MING MARIN 1.30 12/27/16 TWD 1.16
YANG MING MARIN 1.42 05/20/15 TWD 1.45
YANG MING MARIN 1.30 12/27/16 TWD 1.34
YANG MING MARIN 1.30 12/27/16 TWD 1.26
YANG MING MARIN 1.30 12/27/16 TWD 1.14
YANG MING MARIN 1.30 12/27/16 TWD 1.11
YANG MING MARIN 1.30 12/27/16 TWD 1.15
YANG MING MARIN 1.30 12/27/16 TWD 1.15
YANG MING MARIN 1.42 05/20/15 TWD 1.35
YANG MING MARIN 1.42 05/20/15 TWD 1.23
YANG MING MARIN 1.42 05/20/15 TWD 1.42
YANG MING MARIN 1.42 05/20/15 TWD 1.46
YANG MING MARIN 1.42 05/20/15 TWD 1.31
YANG MING MARIN 1.42 05/20/15 TWD 1.31
YANG MING MARIN 1.42 05/20/15 TWD 1.38
YFY INC 1.40 06/28/15 TWD 0.95
YFY INC 1.40 06/28/15 TWD 1.40
YUAN DING INVES 1.35 11/25/16 TWD 1.14
YUAN DING INVES 1.50 07/20/16 TWD 1.27
YUAN DING INVES 1.25 08/06/15 TWD 1.30
YUAN DING INVES 1.40 08/06/17 TWD 1.20
YUAN DING INVES 1.45 12/15/16 TWD 1.40
YUAN DING INVES 1.62 07/19/15 TWD 1.45
YUAN DING INVES 1.35 05/26/19 TWD 1.43
YUANTA COMMERCI 2.00 09/04/24 TWD 2.00
YUANTA COMMERCI 2.30 06/10/17 TWD 1.38
YUANTA COMMERCI 1.95 10/27/21 TWD 1.95
YUANTA COMMERCI 1.85 08/22/18 TWD 1.55
YUANTA COMMERCI 1.80 10/27/18 TWD 1.80
YUANTA COMMERCI 1.75 06/27/18 TWD 1.53
YUANTA COMMERCI 1.85 10/29/21 TWD 1.85
YUANTA COMMERCI 1.80 09/04/21 TWD 1.80
YUANTA FINANCIA 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 ***