/raid1/www/Hosts/bankrupt/TCRAP_Public/150203.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, February 3, 2015, Vol. 18, No. 023
Headlines
A U S T R A L I A
BYTECAN PTY: First Creditors' Meeting Slated For Feb. 6
ILLAWARRA 2005-1: Fitch Affirms 'BBsf' Rating on Class B Notes
ILLAWARRA 2007-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
IMDM HOPE: First Creditors' Meeting Set For Feb. 9
MBD CORPORATION: First Creditors' Meeting Set For Feb. 9
NID PTY: Family Business Put On the Market
C H I N A
AOXING PHARMACEUTICAL: Deadline to Comply With NYSE Extended
CHINA TELETECH: Acquires 51% Equity Interest in Jinke
CHINA XD: Fitch Affirms 'BB-' IDR; Outlook Stable
KAISA GROUP: Sunac China Plans to Buy Four Sites in Shanghai
KAISA GROUP: Chief Executive Officer Steps Down
KAISA GROUP: Appoints Houlihan Lokey as Financial Advisor
LANDISON PLAZA HOTEL: Falls Into Receivership
SINO-FOREST CORP: Banks Reach Settlement Over Stock Sale
I N D I A
ALANKIT ASSIGNMENTS: CRISIL Suspends D Rating on INR540MM Loan
ALFA CHEMO: CRISIL Cuts Rating on INR25MM Cash Loan to B-
AMBICA AGARBATHIES: CARE Reaffirms D Rating on INR54.73cr LT Loan
APOLLO COMPUTING: CRISIL Reaffirms B- Rating on INR60MM Bank Loan
BASANTI MATA: CARE Assigns B+ Rating to INR10.56cr LT Bank Loan
BRK RICELAND: CARE Assigns B+ Rating to INR8.67cr LT Loan
CISCONS PROJECTS: CRISIL Reaffirms B+ Rating on INR132.5MM Loan
DIAMOND ENGINEERING: CRISIL Cuts Rating on INR1.26BB Loan to D
EVEREST STARCH: CRISIL Reaffirms B+ Rating on INR250MM Term Loan
EXCEED CROP: CRISIL Assigns B+ Rating to INR61.7MM LT Loan
GSS INDUSTRIES: ICRA Assigns B Rating to INR5.05cr Term Loan
HIGH BREETD: CRISIL Reaffirms B+ Rating on INR45MM Bank Loan
ICON HOSPITALITY: CARE Assigns D Rating to INR19.13cr LT Loan
INDTECH INTERIOR: CRISIL Assigns B+ Rating to INR50MM Loan
JAI MAHARASHTRA: ICRA Cuts Rating on INR100cr Loan to C+
JAYANTH INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Loan
KC SOCIAL: CARE Reaffirms D Rating on INR56.50cr ST Loan
LAXME SAAI: CRISIL Assigns B- Rating to INR86.4MM LT Loan
MAA BHAGWATI: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
MARUTI COMFORTS: CARE Assigns D Rating to INR2.36cr LT Loan
MID INDIA: ICRA Assigns B+ Rating to INR105cr LT Loan
NADAR PRESS: CRISIL Assigns B- Rating to INR40MM Term Loan
NIMBUS PIPES: CARE Reaffirms D Rating on INR28.51cr LT Bank Loan
PANYAM CEMENTS: CARE Cuts Rating on INR80.88cr LT Loan to 'D'
PATO BUILDERS: CARE Reaffirms B+ Rating on INR8.54cr LT Loan
PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Cash Loan to B
PENGUIN PLYWOOD: CRISIL Puts B- Rating on INR44MM LT Loan
REDDY PHARMACEUTICALS: CRISIL Rates INR63.5MM LT Loan at 'B+'
RELIABLE INFRA: CRISIL Cuts Rating on INR50MM Cash Loan to B-
RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR3.3MM LT Loan
RMG ALLOY: CARE Reaffirms D Rating on INR257.40cr LT Loan
SHANKAR AGRO: CARE Assigns B+ Rating to INR7.28cr LT Loan
SHANKAR RICE: ICRA Reaffirms B Rating on INR8.43cr Loan
SPANDANA SPHOORTY: CRISIL Reaffirms D Rating on INR3.29BB Loan
SPICEJET LTD: Board OKs Up to $243 Million Share Sale Plan
SRI BAJRANG: CARE Reaffirms B+ Rating on INR12cr LT Bank Loan
STAR RISING: CRISIL Assigns B+ Rating to INR55MM Bank Loan
SUPRIME STEEL: ICRA Suspends B+ Rating on INR2.0cr LT Loan
TRIBHUVAN SPINTEX: ICRA Reaffirms B+ Rating on INR26.5cr Loan
VARMORA FURNITURE: CRISIL Reaffirms B+ Rating on INR123.8MM Loan
VENKATESHWARA COTTON: CARE Revises Rating on INR8.92cr Loan to B+
VIJAYAWADA HOSPITALITIES: CRISIL Ups Rating on INR65MM Loan to B+
J A P A N
MINOYA KICHIBEE: Files For Bankruptcy Protection
P H I L I P P I N E S
SECURITY BANK: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes
X X X X X X X X
* BOND PRICING: For the Week Jan. 26 to Jan. 30, 2015
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A U S T R A L I A
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BYTECAN PTY: First Creditors' Meeting Slated For Feb. 6
-------------------------------------------------------
Steven Nicols of Nicols + Brien was appointed as administrator of
Bytecan Pty Ltd on Jan. 27, 2015.
A first meeting of the creditors of the Company will be held at
Mediation Central, Ground Floor, 162 Goulburn Street, in Sydney,
on Feb. 6, 2015, at 3:00 p.m.
ILLAWARRA 2005-1: Fitch Affirms 'BBsf' Rating on Class B Notes
--------------------------------------------------------------
Fitch Ratings has affirmed the ratings of four Illawarra Series
RMBS transactions. The transactions are securitisations of first-
ranking Australian residential mortgages originated by IMB Limited
(IMB). The rating actions are:
Illawarra Series 2005-1 RMBS Trust:
AUD39.3m Class A (ISIN AU300ILWD018) notes affirmed at 'AAAsf';
Outlook Stable; and
AUD13.0m Class B (ISIN AU300ILWD026) notes affirmed at 'BBsf';
Outlook Stable.
Illawarra Series 2006-1 RMBS Trust:
AUD65.4m Class A (ISIN AU3FN0000139) notes affirmed at 'AAAsf';
Outlook Stable; and
AUD12.5m Class B (ISIN AU3FN0000147) notes affirmed at 'BBsf';
Outlook Stable.
Illawarra Series 2010-1 RMBS Trust:
AUD84.0m Class A (ISIN AU3FN0010468) notes affirmed at 'AAAsf';
Outlook Stable; and
AUD8.2m Class AB (ISIN AU3FN0010476) notes affirmed at 'AAAsf';
Outlook Stable.
Illawarra Series 2013-1 RMBS Trust:
AUD167.9m Class A (ISIN AU3FN0018784) notes affirmed at 'AAAsf';
Outlook Stable.
KEY RATING DRIVERS
The affirmations reflect Fitch's view that available credit
enhancement is sufficient to support the notes' current ratings,
and the agency's expectations of Australia's economic conditions.
The sequential amortisation of the notes has resulted in improved
credit enhancement for all senior notes. The credit quality and
performance of the loans in the collateral pools have remained in
line with Fitch's expectations, and all transactions benefit from
lenders' mortgage insurance (LMI) and excess spread levels.
As at December 2014, 30+ days arrears levels for all four
Illawarra RMBS transactions were below Fitch's 30+days Dinkum
Index of 1.08%. Illawarra Series 2006-1 RMBS Trust had the
highest level of arrears at 0.82%, while Illawarra Series 2005-1
RMBS Trust recorded no loans in 30+ days arrears. The
transactions have experienced low levels of losses, with all
losses being covered by LMI or excess spread.
LMI is provided by QBE Lenders' Mortgage Insurance Limited
(Insurer Financial Strength Rating: AA-/Stable), Genworth
Financial Mortgage Insurance Pty Ltd (Insurer Financial Strength
Rating: A+/Stable), and Housing Loan Insurance Corporation. Of
the four transactions, Illawarra Series 2006-1 RMBS Trust
experienced the highest cumulative claims on LMI at 0.04% of the
original balance, while Illawarra Series 2013-1 Trust has not
experienced any losses to date. Excess spread has covered all
losses not covered by LMI.
All the pools are geographically concentrated in the New South
Wales Illawarra region and Fitch has taken this into account in
the pool analysis. All pools have benefitted from indexation,
with Illawarra Series 2005-1 RMBS Trust experiencing the largest
improvement to 38.8%, from 47.4% before indexation.
RATING SENSITIVITIES
Sequential pay-down has increased credit enhancement for the
senior notes of each transaction, with the 'AAAsf' rated notes
able to withstand many multiples of the latest reported arrears.
The 'AAAsf' modelled loss severities after LMI ranged between
20.22% and 24.05% across the transactions. Each transaction's
senior notes could withstand default rates of between 45.7% and
100%, with LMI, at the 'AAAsf' loss severity level. This analysis
excludes credit to excess spread, which has been strong and stable
in each of the transactions.
The ratings of all the transactions' Class A notes are independent
of downgrades to the LMI providers' ratings.
Class B notes would be downgraded if there were a significant
reduction in payment of LMI claims and excess spread. There are
currently no charge offs to date on the Class B notes.
A comparison of the transactions' representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.
ILLAWARRA 2007-1: Fitch Affirms 'BB+sf' Rating on Class E Notes
---------------------------------------------------------------
Fitch Ratings has upgraded two and affirmed two tranches of
Illawarra Series 2007-1 CMBS Trust. Fitch has also affirmed the
ratings of Illawarra Series 2011-1 CMBS Trust. The transactions
are securitisations of Australian small balance commercial
mortgages originated by IMB Limited (IMB). The rating actions
are:
Illawarra Series 2007-1 CMBS Trust (Illawarra 2007-1 CMBS):
AUD2.8m Class B (ISIN AU3FN0002754) notes affirmed at 'AAAsf';
Outlook Stable;
AUD10.3m Class C (ISIN AU3FN0002838) notes upgraded to 'AAAsf'
from 'AAsf'; Outlook Stable;
AUD8.0m Class D (ISIN AU3FN0002853) notes upgraded to 'AAsf' from
'Asf'; Outlook Stable; and
AUD4.3m Class E (ISIN AUSFN0002788) notes affirmed at 'BB+sf';
Outlook Stable.
Illawarra Series 2011-1 CMBS Trust (Illawarra 2011-1 CMBS):
AUD52.7m Class A (ISIN AU3FN0014007) notes affirmed at 'AAAsf';
Outlook Stable;
AUD4.2m Class B (ISIN AU3FN0014015) notes affirmed at 'AAsf';
Outlook Stable;
AUD6.8m Class C (ISIN AU3FN0014023) notes affirmed at 'Asf';
Outlook Stable;
AUD7.9m Class D (ISIN AU3FN0014031) notes affirmed at 'BBBsf';
Outlook Stable; and
AUD1.7m Class E (ISIN AUSFN0014049) notes affirmed at 'BBsf';
Outlook Stable.
KEY RATING DRIVERS
The rating actions reflect Fitch's view that available credit
enhancement supports the notes at their current ratings, the
agency's expectations of Australia's economic conditions and that
the credit quality and performance of the underlying loans has
remained within the agency's expectations. Arrears and losses
have been consistently low, and excess spread has remained stable.
The sequential amortisation of the notes has resulted in an
improvement in credit enhancement for all senior notes. The
Illawarra 2007-1 CMBS Class C & D notes have been upgraded due to
sequential amortisation and the increased level of subordination.
As the mortgage portfolios reduce in size, the risk of principal
losses resulting from the concentrated default of large loans
becomes the primary driver for Fitch's analysis.
Since closing in May 2007, Illawarra 2007-1 CMBS has experienced
five defaults generating a loss of AUD275,676, which was fully
covered by the excess spread and credit enhancement provided by
the unrated Class F notes. Arrears have historically been low
and, at end-December 2014, 30+ days arrears were 0.9% of the
outstanding pool balance.
Illawarra Series 2011-1 CMBS has experienced no defaults since
closing in August 2011. At end-December 2014, no loans were in
arrears.
RATING SENSITIVITIES
Current and expected concentration levels in both portfolios are a
constraint on the ratings. Sequential pay-down has increased
credit enhancement for the senior notes of each transaction, with
the 'AAAsf' rated notes able to withstand many multiples of the
latest reported arrears.
At 'AAAsf' loss severity levels, the senior notes of each
transaction could withstand default rates of over 40%. This
analysis excludes credit to excess spread.
There are currently no charge offs on any notes. The ratings of
the junior notes are unlikely to change unless there is a
significant increase in defaults and losses and Fitch considers
that levels of excess spread are no longer adequate.
A comparison of the transactions' representations, warranties and
enforcement mechanisms (RW&Es) to those of typical RW&Es for this
asset class is available by accessing the reports and/or links
given under Related Research below.
IMDM HOPE: First Creditors' Meeting Set For Feb. 9
--------------------------------------------------
Grahame Peter Hill of Hills Corporate Services Pty Ltd was
appointed as administrator of IMDM (Hope Harbour) Pty Ltd on
Jan. 28, 2015.
A first meeting of the creditors of the Company will be held at
Suite M2 135 Victoria Road, Drummoyne, in New South Wales on
Feb. 9, 2015, at 10:30 a.m.
MBD CORPORATION: First Creditors' Meeting Set For Feb. 9
--------------------------------------------------------
Richard J Cauchi, Michael Carrafa and Peter Gountzos of SV
Partners were appointed as administrators of:
* MBD Corporation Limited;
* Marbletrend Pty Ltd;
* Marbletrend Holdings Pty Ltd;
* Marbletrend Investments Pty Ltd; and
* Avalon Investments (AUS) Pty Ltd.
A first meeting of the creditors of the Company will be held at
The Waratah Room of the Adina Apartment Hotel Melbourne, 189 Queen
Street, in Melbourne, Victoria, on Feb. 9, 2015, at 9:00 a.m.,
9:30 a.m., 10:00 a.m., 10:30 a.m. and 11:30 a.m., respectively.
Dissolve.com.au reports that urgent expressions of interest are
sought for the purchase of the business and assets of MBD
Corporation Limited.
MBD Corporation Limited (ASX:MBD), formerly Marbletrend Group
Limited, is an Australia-based manufacturer, importer and designer
of bathroomware. The Company offers a range of bathroom products
to both the renovation and new home building markets.
NID PTY: Family Business Put On the Market
------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that the administrators
of NID Pty Limited are seeking expressions of interest for the
purchase of the assets and business of the company. The second-
generation family business entered administration on November 18,
2014, the report discloses.
David Solomons and Riad Tayeh from de Vries Tayeh were appointed
administrators of the company.
NID is a manufacturer of machines used internationally to produce
jellies and gums for more than fifty years.
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C H I N A
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AOXING PHARMACEUTICAL: Deadline to Comply With NYSE Extended
------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., previously received notice
from NYSE MKT LLC that, based upon the financial statements
contained in Aoxing Pharma's annual report on Form 10-K for the
year ended June 30, 2013, and its quarterly reports on Form 10-Q
for the periods ended Sept. 30, 2013, and Dec. 31, 2013, the
Company is not in compliance with the following sections of the
NYSE MKT Company Guide:
* Section 1003(a)(i) since it reported stockholders' equity of
less than $2,000,000 at Dec. 31, 2013, and has incurred
losses from continuing operations and/or net losses in two of
its three most recent fiscal years ended June 30, 2013;
* Section 1003(a)(ii) since it reported stockholders' equity of
less than $4,000,000 at Sept. 30, 2013, and has incurred
losses from continuing operations and/or net losses in three
of its four most recent fiscal years ended June 30, 2013;
* Section 1003(a)(iii) since it reported stockholders' equity
of less than $6,000,000 at June 30, 2013 and has incurred
losses from continuing operations and/or net losses in its
five most recent fiscal years then ended; and
* Section 1003(a)(iv) since it has sustained losses that are so
substantial in relation to its overall operations or its
existing financial resources, or its financial condition has
become so impaired that it appears questionable, in the
opinion of the NYSE MKT, as to whether the Company will be
able to continue operations and/or meet its obligations as
they mature.
The Company was afforded the opportunity to submit plans of
compliance to the Exchange. Based on the plans of compliance
submitted by the Company, the Exchange granted the Company an
extension until April 27, 2015, to regain compliance with Sections
1003(a)(i), 1003(a)(ii) and 1003(a)(iii). The Exchange also
granted the Company an extension until Jan. 23, 2014, to regain
compliance with Section 1003(a)(iv).
On Jan. 29, 2015, the Exchange notified the Company that the
period during which it will be permitted to regain compliance with
Section 1003(a)(iv) has been extended to March 21, 2015. The
Company will be subject to periodic review by the Exchange Staff
during the extension periods. Failure to make progress consistent
with the plans or to regain compliance with the listing standards
by the ends of the extension periods could result in the Company
being delisted from the NYSE MKT LLC.
About Aoxing
Aoxing Pharmaceutical Company, Inc., is a Jersey City, New Jersey-
based specialty pharmaceutical company. The Company is engaged in
the development, production and distribution of pain-management
products, narcotics and other drug-relief medicine.
In its report on the consolidated financial statements for the
year ended June 30, 2014, BDO China Shu Lun Pan Certified Public
Accountants LLP expressed substantial doubt about the Company's
ability to continue as a going concern, citing that the Company
continues to incur losses from operations, has negative cash flow
from operations and a working capital deficit.
The Company reported a net loss of $8.63 million for the fiscal
year ended June 30, 2014, compared to a net loss of $17.3 million
last year.
As of Sept. 30, 2014, the Company had $39.07 million in total
assets, $38.4 million in total liabilities and $632,000 in total
equity.
CHINA TELETECH: Acquires 51% Equity Interest in Jinke
-----------------------------------------------------
China Teletech Holding Inc., Shenzhen Jinke Energy Development
Co., Ltd., a company organized under the laws of the People's
Republic of China, and Guangyuan Liu, the holder of 97% of the
equity interest of Jinke entered into a share exchange agreement
on Jan. 28, 2015, pursuant to which the Company agreed to issue an
aggregate of 20,000,000 shares of its common stock, $0.001 par
value per share to Guangyuan Liu in exchange for 51% of the issued
and outstanding securities of Jinke. Of the 20,000,000 shares to
be issued by the Company, 16,000,000 were issued and delivered
prior to closing and 4,000,000 were issued and delivered at
closing. The Share Exchange closed on Jan. 28, 2015. As promptly
as practicable after closing, Jinke and Guangyuan Liu agreed to
obtain confirmation from the relevant PRC governmental authorities
of the change in registration of ownership of Jinke to reflect the
transfer of the 51% equity interest to the Company.
In connection with the Share Exchange, the cooperation agreement
dated June 30, 2014, into which Jinke and the Company previously
entered, was terminated and superseded in its entirety by the
Share Exchange Agreement.
In connection with the Share Exchange, Mr. Guangyuan Liu was
appointed a director of the Company, and Ms. Yankuan Li was
appointed a director of Jinke.
Additional information is available for free at:
http://is.gd/rDJXny
About China Teletech
Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-added
services. The Company is an independent qualified corporation
that serves as one of the principal distributors of China Telecom,
China Unicom, and China Mobile products in Guangzhou City.
On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party. GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.
China Teletech reported a net loss of $1.96 million on
$30.9 million of sales for the year ended Dec. 31, 2013, as
compared with net income of $53,500 on $26.6 million of sales in
2012.
As of Sept. 30, 2014, the Company had $11.3 million in total
assets, $13.9 million in total liabilities and a $2.53 million
total deficit.
WWC, P.C., in San Mateo, California, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2013, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.
CHINA XD: Fitch Affirms 'BB-' IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed China XD Plastics Co. Ltd's (XD
Plastics) Long-Term Issuer Default Rating (IDR) at 'BB-'. The
Outlook is Stable. The rating reflects the company's steady
performance over the past year and adequate liquidity.
Fitch has also downgraded XD Plastics' senior unsecured rating and
the rating on its 2019 US-dollar denominated notes to 'B+' from
'BB-', based on the agency's recovery analysis for the company's
latest debt structure. The recovery rating on the bond is 'RR5'.
The notes are issued by XD Plastics' wholly owned subsidiary Favor
Sea Limited.
KEY RATING DRIVERS
Steady Cashflow Generation: XD Plastics' revenue rose 75.2% to
USD1.05bn in 2013, driven by a 50.5% increase in sales volume and
14.6% increase in average selling price (ASP). Although the
company's reported gross margin dropped slightly to 21.3% in 2013
from 24% in 2012, the net cash provided by operating activities of
USD115.6m in 2013 was much stronger than the net cash outflow of
USD31.4m in 2012.
For the first half of 2014, XD Plastics's sales volume rose 14.6%
from a year earlier to 150,000 tonnes. Revenue during the period
rose by 31% from a year earlier, driven by both volume and ASP
increase. Although the receivable days (Fitch defined) increased
to 88 days for 1H14 from 75 days for full-year 2013 due to the
company's expansion in new markets, we expect the operating cash
flow generated during 2014 to be higher than a year ago.
Long-Term Funding Secured: XD Plastics has successfully secured
long-term funding through the issuance of USD150m of 11.75% senior
unsecured notes due 2019, and it has extended the effective
maturity date for the USD100m convertible preferred shares to Feb
2019.
In addition, under the terms of the preferred shares, XD Plastics
may convert all convertible preferred shares to common shares
after its 2013 net profit exceeded CNY800m. The company reported
a 2013 net profit of CNY830m, and may convert the preferred shares
at any time, which means it isn't bound by this potential debt
obligation any longer. This removes a major potential liquidity
risk.
Higher Priority Debt: Although XD Plastics issued the US dollar
bond in February 2014, its higher-priority debt further increased
to USD346m at end-June 2014 from USD314.7m at end-2013 because the
company didn't use all of the bond proceeds to repay debt. This
large amount of higher-priority debt warrants a downgrade to the
senior unsecured rating based on Fitch's recovery analysis. The
company used part of the bond proceeds to fund the building of a
new plant in Sichuan (total planned capex of approximately
USD410m).
Capacity Expansion on Track: Construction of XD Plastics' new
plant at Sichuan, which will add planned capacity of 300,000
tonnes a year, is on track. XD Plastics currently has capacity of
390,000 tonnes a year at Harbin. The new facility is due to start
production in end-2015 and start generating operating cashflow in
2016. In 2014, XD Plastics started building a small plant with
capacity of 4,000 tonnes a year in the United Arab Emirates to
take advantage of the low cost, high quality local feedstock
supply and low tax rate.
Moderate Leverage Profile: XD Plastics would still maintain a
healthy balance sheet during its capacity expansion, with
estimated funds from operations (FFO)-adjusted net leverage
peaking at around 1.5x in 2015 (2013: 0.15x). Fitch expects the
company to deleverage beginning 2016, after the completion of the
new plants.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, result in negative rating action:
-- EBITDAR margin sustained below 15% (2013: 20%)
-- Receivable days sustained above 90 days
-- FFO-adjusted net leverage sustained above 2.5x during the
Sichuan plant's construction period or/and sustained above
2x after the plant is completed
Fitch does not envisage any positive action until XD Plastics
achieves market leadership in multiple geographical regions in
China.
KAISA GROUP: Sunac China Plans to Buy Four Sites in Shanghai
------------------------------------------------------------
Sandy Li at South China Morning Post reports that Sunac China
plans to acquire four residential and commercial development sites
in Shanghai from troubled property developer Kaisa for a total of
CNY2.37 billion (HK$2.93 billion), Sunac said on
Jan. 31.
SCMP relates that the announcement dispelled speculation that
luxury home builder Sunac China would be Kaisa's white knight and
sign an agreement to buy a 49.3 per cent stake in Kaisa from
former Kaisa chairman Kwok Ying-shing.
"It is a bit disappointing and far from the market expectation of
the arrival of a white knight to save troubled Kaisa," the report
quotes Kenny Tang Sing-hing, general manager at AMTD Financial
Planning, as saying. "But the news at least will reduce the
anxiety of creditors for a moment. The sale manages to generate
cash flow for debt repayment."
SCMP relates that in a filing to the Hong Kong stock exchange,
Sunac said the four sites would yield a total gross floor area of
553,211 square metres when completed.
The acquisition came one month after Sunac's plan to buy 24.288
per cent stake from three majority shareholders of Greentown China
collapsed after the trio, including Greentown founder Song
Weiping, decided to sell their stake to China Communications
Construction for CNY6.01 billon, the report says.
According to the report, Sunac said the acquisition agreements and
the transactions contemplated would "further expand the market
share of the company in Shanghai and strengthen its leading
position in the Shanghai property market".
Of the four plots, Sunac will acquire a 100 per cent stake in a
Qingpu district residential site, which could yield a total gross
floor area of 210,290 square metres, for CNY1.17 billion. It will
pay CNY609.63 million for 100 per cent of a residential site in
Fengxian district for the development of Kaisa No8 phase two.
It will pay CNY598.6 million for 51 per cent stakes in two
projects -- the commercial site for the development of the office-
retail Pudong Financial Centre in Pudong and a residential site in
Jiading district, SCMP adds.
The report adds that Sunac said construction of the four projects
had not started.
It said the deals were subject to approval from the central
government, regulatory authorities, creditors and shareholders.
Kaisa said the sales would incur a loss of CNY43.9 million,
according to the report.
SCMP says the Shenzhen government has been seeking investors for
Kaisa after it missed a bond payment due on January 8. Kaisa is
being investigated over alleged links to a senior official in the
city, sources said this month, the report adds.
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$400 million
offshore loan from HSBC on Dec. 31, 2014, when the resignation of
Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory
repayment.
KAISA GROUP: Chief Executive Officer Steps Down
-----------------------------------------------
The Board of directors of Kaisa Group Holdings Ltd. said that Mr.
Jin Zhigang has tendered his resignation as the chief executive
officer of the Company with effect from Feb. 1, 2015, due to his
wishes to devote more time to his personal career development. Mr.
Jin will remain as an executive director of the Company.
Mr. Jin has confirmed that there is no disagreement with the Board
and that there is no matter relating to his resignation that needs
to be brought to the attention of the shareholders of the Company.
About Kaisa Group
China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 7, 2015, Standard & Poor's Ratings Services said that it had
lowered its long-term corporate credit rating on China-based real
estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'. At
the same time, S&P lowered its long-term Greater China regional
scale rating on Kaisa to 'SD' from 'cnBB+'. S&P also lowered its
issue rating on the company's senior unsecured notes to 'CC' from
'BB-' and the Greater China regional scale rating to 'cnCC' from
'cnBB+'. S&P removed all the ratings from CreditWatch, where they
were placed with negative implications on Dec. 23, 2014.
"We downgraded Kaisa because the company has defaulted on a
Hong Kong dollar (HK$) 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.
KAISA GROUP: Appoints Houlihan Lokey as Financial Advisor
---------------------------------------------------------
Kaisa Group Holdings Ltd. said that it has decided to appoint
Houlihan Lokey (China) Limited as its financial advisor for the
purposes of providing strategic advice with respect to the
Company's capital structure, including its offshore and onshore
debt and other obligations. The Financial Advisor, once appointed,
will assist the Company in reviewing and assessing various options
and in formulating a plan to reach a consensual solution, taking
into consideration the interests of all stakeholders, including
the Company's onshore and offshore creditors.
The Board expects to formulate and implement the plan to improve
the financial position of the Group, taking into account the
findings of the Financial Advisor, and the Company will update the
market on process and timetable following completion of this
assessment.
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.
LANDISON PLAZA HOTEL: Falls Into Receivership
---------------------------------------------
Wang Wen at China Daily reports that the Landison Plaza Hotel Cixi
in the eastern city of Ningbo, Zhejiang province, has become the
first five-star hotel in China to go into receivership after
allegedly being hurt by the government's ongoing anti-corruption
campaign.
Opened in 2009 and given its top-star rating at the end of 2013,
its owners first hinted at trouble in November after revealing its
parent company was seeking new investors, according to China
Daily.
Although still open for business, the hotel's owner Golden Harbor
Tourism Company first applied to the local court for bankruptcy
reorganization nearly a year ago, according to a court statement,
as the hotel was effectively insolvent, the report notes.
Wang Niancheng, director of Ningbo Weiyuan Certified Public
Accountants, which has been appointed as the receiver, said that
the hotel has CNY450 million ($72.26 million) in debt and still
has to pay CNY23 million in annual interest, the report relays.
"The hotel made a number of wrong investment decisions," the
report quoted Mr. Wang as saying.
The collapse of the five-star site, say analysts, is indicative of
the growing pressure on China's top-end hotels sector, the report
notes.
Statistics from STR Global, a consulting and research group based
in the United States, show that the room rates of Chinese high-end
hotels dropped 3.32 percent during the first nine months of 2014
compared with the year before, and rates of hotels considered
"super-luxury" also dropped by 2.81 percent, the report discloses.
"The high-end hotel business will not be good in 2015 and we
expect many hotels, including those managed by international
brands, to lose money," said Ji Qi, chief executive officer of the
Huazhu Hotel Group Ltd, which runs a variety of properties, the
report says.
The report notes that the government's anti-corruption drive is
being seen as instrumental in the tougher conditions, especially
for the upper-end market, with many hotels previously relying on
generous entertainment and business spending by officials.
The Alliance of China Conference Hotels released a report in
December showing that the conference industry's total income from
the public sector dropped from 36.3 percent in 2010 to 22.1
percent in 2013, the report relays.
Experts said there is a growing oversupply of high-end hotels in
the Chinese market, and with five-star sites opening across the
country in recent years, the problem is wide spread, the report
discloses.
Zhao Huanyan, chief expert at Huamei Consulting, a consulting firm
for hotel industry based in Shenzhen, Guangdong province, said
that some local governments had been especially keen to attract
multinational hotel chains, as global names in town were seen as
helping attract other international investment, the report relays.
Mr. Huanyan said that many new hotels were funded with borrowed
money, but as income has dropped in recent years, keeping up with
repayments has become increasingly difficult for some owners, the
report adds.
SINO-FOREST CORP: Banks Reach Settlement Over Stock Sale
--------------------------------------------------------
Ben Dummett at The Wall Street Journal reports that a group of
Canadian and other investments banks agreed to pay a total of
C$32.5 million (US$26.1 million) to settle claims related to their
role as underwriters to help Sino-Forest Corp. sell stock.
The dealers "do not admit any wrongdoing or liability" under the
agreement, which would settle shareholder allegations that Sino-
Forest's public filings "contained false and misleading statements
about [its] financial results, assets, business and transactions,"
the Journal relays citing a copy of the pact filed with the
Ontario Superior court. The agreement still needs court approval.
"We believe this to be the largest underwriter settlement in
Canadian history," the Journal quotes Dimitri Lascaris, a lawyer
for Sino-Forest investors, as saying.
Sino-Forest was once one of the largest forest-products companies
listed in Canada, but it collapsed in 2012 amid allegations that
it fraudulently inflated the value of its timber assets in China,
the Journal notes.
The dealer group includes the Canadian arm of Credit Suisse Group
AG, TD Securities Inc., Dundee Securities Corp., RBC Dominion
Securities Inc., Scotia Capital Inc., CIBC World Markets Inc.,
Merrill Lynch Canada Inc., Canaccord Financial Ltd., Merrill Lynch
Canada, and Maison Placements Canada Inc., according to the court
documents obtained by the Journal.
According to the Journal, the latest agreement comes after Ernst &
Young LLP agreed in 2013 to pay C$117 million to settle
shareholder allegations related to its role as Sino-Forest's
auditor. Last year, the Ontario Securities Commissions fined Sino-
Forest's former chief financial officer C$700,000 for breaching
Ontario securities laws and banned the executive from being a
director or officer of any Ontario public company, the Journal
recalls.
The Journal says the commission's staff has alleged fraud was
committed by five other former Sino-Forest executives. A panel of
commissioners, who act as independent adjudicators, are holding
hearings. The executives are contesting the allegations, the
Journal states.
About Sino-Forest Corp.
Sino-Forest Corporation -- http://www.sinoforest.com/-- is a
commercial forest plantation operator in China. Its principal
businesses include the ownership and management of tree
plantations, the sale of standing timber and wood logs, and the
complementary manufacturing of downstream engineered-wood
products. Sino-Forest also holds a majority interest in
Greenheart Group Limited, a Hong-Kong listed investment holding
company with assets in Suriname (South America) and New Zealand
and involved in sustainable harvesting, processing and sales of
its logs and lumber to China and other markets around the world.
Sino-Forest's common shares have been listed on the Toronto Stock
Exchange under the symbol TRE since 1995.
Sino-Forest Corporation on March 30, 2012, obtained an initial
order from the Ontario Superior Court of Justice for creditor
protection pursuant to the provisions of the Companies' Creditors
Arrangement Act.
Under the terms of the Order, FTI Consulting Canada Inc. will
serve as the Court-appointed Monitor under the CCAA process and
will assist the Company in implementing its restructuring plan.
Gowling Lafleur Henderson LLP is acting as legal counsel to the
Monitor.
FTI Consulting commenced a Chapter 15 case for Sino-Forest in New
York (Bankr. S.D.N.Y. Case No. 13-10361) to give force and effect
of Sino-Forest's plan of compromise and reorganization that has
been sanctioned by creditors and an Ontario court. The
Chapter 15 petition claimed assets and debt both exceed $1
billion. Jeremy C. Hollembeak, Esq., at Milbank, Tweed, Hadley &
McCloy, LLP, serves as counsel in the U.S. case.
=========
I N D I A
=========
ALANKIT ASSIGNMENTS: CRISIL Suspends D Rating on INR540MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Alankit
Assignments Ltd (Alankit).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 224.4 CRISIL D
Cash Credit 72.5 CRISIL D
Long Term Loan 540 CRISIL D
Proposed Bank Guarantee 350 CRISIL D
Proposed Cash Credit Limit 150 CRISIL D
The suspension is on account of non-cooperation by Alankit with
CRISIL's efforts to undertake a review of the ratings. Despite
repeated requests by CRISIL, Alankit is yet to provide adequate
information to enable CRISIL to assess Alankit's ability to
service its debt. The suspension reflects CRISIL's inability to
maintain a valid rating in the absence of adequate information.
CRISIL considers information availability risk as a key credit
factor in its rating process and non-sharing of information as a
first signal of possible credit distress, as outlined in its
criteria 'Information Availability Risk in Credit Ratings'.
Incorporated in 1991, Alankit is registered with Securities and
Exchange Board of India as a broker with National Stock Exchange
of India Ltd, Bombay Stock Exchange Ltd, and Multi Commodity
Exchange. Alankit also offers other financial services such as
registrar and transfer agent, depository initial public offering
distribution, debt market distribution, and currency futures
segment, wealth management, and distribution of financial
products.
Alankit started offering various e-governance services such as tax
information network, e-return, central recordkeeping agency, and
national skill registry, and has set up numerous facilitation
centres. The company ventured into the UID project and has
invested around INR904 million (Rs.540 million debt-funded) in UID
equipment.
Alankit reported a net loss of INR26.5 million on total income of
INR958 million for 2011-12 (refers to financial year, April 1 to
March 31), as compared to a profit after tax of INR178 million on
total income of INR865 million for 2010-11.
ALFA CHEMO: CRISIL Cuts Rating on INR25MM Cash Loan to B-
---------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Alfa Chemo Plast Pvt Ltd (ACPPL) to 'CRISIL B-/Stable' from
'CRISIL B/Stable' while reaffirming its rating on the company's
short-term bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 25 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Letter of Credit 55 CRISIL A4 (Reaffirmed)
Proposed Long Term 20 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating downgrade reflects weakening of ACPPL's liquidity with
instances of devolvement of letter of credit and extensive
utilization of bank line at an average of around 94 per cent over
the 10 months through December 2014. The weak liquidity is driven
by the company's below-average operating performance, with
operating margin declining to around 0.5 per cent during 2013-14
(refers to financial year, April 1 to March 31) from 2.8 per cent
during 2012-13. The liquidity is also constrained by ACPPL's
stretched receivables, with debtors at 118 days as on March 31,
2014. Furthermore, the promoters withdrew unsecured loans of INR22
million from the company in 2013-14. The withdrawal of the
unsecured loan however followed liquidation of additional business
premises of ACPPL and hence led to lower interest liability on the
company.
The ratings reflect ACPPL's weak financial risk profile, marked by
moderate gearing and weak debt protection metrics. The ratings
also factor in the company's large working capital requirements,
small scale of operations, and the susceptibility of its operating
margin to volatility in raw material prices and fluctuations in
foreign exchange rates. These rating weaknesses are partially
offset by the extensive experience of ACPPL's promoters in the
chemicals trading business.
Outlook: Stable
CRISIL believes that ACPPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers
increase in its scale of operations and sustainable improvement in
its operating margin, leading to better liquidity. Conversely, the
outlook may be revised to 'Negative' if ACPPL's working capital
cycle lengthens, constraining its liquidity, or if the company
undertakes a large debt-funded capital expenditure programme,
weakening its financial risk profile.
ACPPL was set up in 2005-06 by Mr. Ambrish Mehta and his wife,
Mrs. Jigna Mehta. The company trades in speciality chemicals. Its
office is in Mumbai and it has a godown at Bhiwandi in Thane
(Maharashtra). PU is used in cold storage, refrigeration, and
other insulation applications. Till 2012-13 ACPPL was acting as a
distributor of Germany based Multi-National Company, BASF. However
the distributorship was discontinued and ACPPL was appointed as
distributor by Singapore based, Asian Polyurethane Pvt Ltd and
Korea based Kumho ' Mistubishi.
AMBICA AGARBATHIES: CARE Reaffirms D Rating on INR54.73cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Ambica Agarbathies Aroma & Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 54.73 CARE D Re-affirmed
Short-term Bank Facilities 1.00 CARE D Re-affirmed
Rating Rationale
The ratings continue to take into account, the ongoing delays in
servicing of debt obligation of Ambica Agarbathies Aroma &
Industries Limited on account of the stretched liquidity position
of the company.
Ambica Agarbathies Aroma & Industries Limited (AAAIL) was
incorporated as Ambica Agarbathies & Aroma Industries Limited on
April 21, 1995 and subsequently the name of the company was
changed to the current nomenclature on November 19, 2007. AAAIL is
majorly engaged in manufacturing and trading of Agarbathies which
comprised about 80% of the revenue for FY14 (refers to the period
April 1 to March 31) at its factories located at Satrampadu and
Duggirala, Eluru, Andhra Pradesh (A.P.). Apart from this, the
company also operates a hotel business (approximately 20% of
revenue for FY14) and is involved in wind power generation and
construction activities, however AAAIL has not generated any
revenue from these sectors during FY14.
AAAIL is promoted by Mr Alapati Ramachandra Rao. The promoters
have established experience in the business segment and the
product manufactured has a well-established brand name; "Ambica",
in the region.
During FY14, AAAIL posted a PBILDT of INR14.17 crore (FY13:
INR12.01 crore) and a PAT of INR1.06 (FY13: INR1.29 crore)
on a total operating income of INR112.14 crore (FY13: INR100.10
crore).
APOLLO COMPUTING: CRISIL Reaffirms B- Rating on INR60MM Bank Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Apollo Computing
Laboratories Pvt Ltd (ACL) continues to reflect ACL's small scale
of operations and large working capital requirements. These rating
weaknesses are partially offset by ACL's above-average financial
risk profile marked by a modest net worth, a low gearing and
robust debt protection metrics, and the company's established
relationships with its customers and promoter's extensive industry
experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 180 CRISIL A4 (Reaffirmed)
Cash Credit 60 CRISIL B-/Stable (Reaffirmed)
Letter of Credit 40 CRISIL A4 (Reaffirmed)
Long Term Loan 10 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 60 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that ACL will continue to benefit over the medium
term from its promoter's extensive experience in the avionics
industry and its established relationships with its customers. The
outlook may be revised to 'Positive' in case the company registers
substantial and sustainable improvement in its revenues, while it
maintains its profitability margins, or there is a sustained
improvement in its working capital management. Conversely, the
outlook may be revised to 'Negative' in case ACL records steep
decline in its profitability margins, or there is a significant
deterioration in its capital structure caused most likely by a
large debt-funded capital expenditure or a stretch in its working
capital cycle.
ACL was set up in 1992 in Hyderabad (Andhra Pradesh) by Mr. Jaipal
Reddy. It manufactures electronic systems for embedded computing.
ACL's products are used in electronic systems of defence vessels,
and other aeronautical and nautical applications, commonly known
as avionics.
BASANTI MATA: CARE Assigns B+ Rating to INR10.56cr LT Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Basanti Mata Agri Product Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 10.56 CARE B+ Assigned
Short term Bank Facilities 0.20 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Basanti Mata Agri
Product Private Ltd (BMAPL) are constrained by project
implementation risk, seasonality of its business with
susceptibility to the vagaries of nature, regulated nature of
business and intense competition from other players. The ratings
constraints are partially offset by the experience of the
promoters and its proximity to raw material sources.
The ability to complete the ongoing project without cost and time
overrun and derive benefits as envisaged thereafter would be the
key rating sensitivities.
BMAPL was incorporated on July 8, 2013, by the Ghosh family of
Hooghly, West Bengal. The company was promoted to set up a cold
storage unit mainly for preservation of potatoes. The proposed
unit is to be located at Hooghly, West Bengal, with an aggregate
proposed storage capacity of 20,000 metric ton per annum (MTPA).
The cold storage unit is estimated to be set up with an aggregate
project cost of INR9.54 crore to be financed at a debt equity
ratio of 1.85x. The financial closure for the project has already
been tied up. BMAPL has already incurred about INR 8.43 crore till
January 9, 2015. The project is estimated to be operational by
April 2015.
BRK RICELAND: CARE Assigns B+ Rating to INR8.67cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of BRK
Riceland Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.67 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of BRK Riceland Private
Limited (BRK) is constrained by BRK's relatively small scale of
operations with low net worth base, declining profitability
margins and leveraged capital structure. The rating is further
constrained by a high degree of competition due to the fragmented
nature of the industry and susceptibility of margins to
fluctuation in raw material prices with monsoon-dependent
operations. The rating, however, favourably takes into account
the reasonable experience of the promoters.
The ability of the company to increase the scale of operations
while improving profitability margin, improve its capital
structure while managing the working capital requirements
efficiently would be the key rating sensitivities.
BRK Riceland Private Limited (BRK) was incorporated in April 2010
and is currently being managed by Mr Baldev Raj Kataria, Mr
Sandeep Kataria, Mr Pardeep Kataria and Ms Amita Kataria. The
company is engaged in the processing of paddy and also does the
same on a job work basis for government and other private entities
at its manufacturing facility located in Faridkot, Punjab, with
total installed capacity of 32,000 metric ton per annum (MTPA) as
on March 31, 2014.
For FY14 (refers to the period April 01 to March 31), BRK reported
a total income of INR15.90 crore with PBILDT and PAT of INR1.42
crore and INR0.16 crore respectively as against the total income
of INR2.30 crore with PBILDT and PAT of INR0.90 crore and INR0.01
crore in FY13. Furthermore, the company has achieved the gross
sales of INR5.95 crore till December 31, 2014.
CISCONS PROJECTS: CRISIL Reaffirms B+ Rating on INR132.5MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Ciscons Projects Pvt
Ltd (Ciscons) continue to reflect Ciscons's modest scale of
operations in the intensely competitive civil construction
industry, its working-capital-intensive nature of operations, high
degree of customer concentration in its order-book, and its modest
net worth limiting its financial flexibility. These rating
weaknesses are partially offset by the extensive experience of the
promoters in the civil construction industry, and its above-
average financial risk profile marked by low gearing and above-
average debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Overdraft Facility 27.5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 132.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 10.0 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Ciscons will continue to benefit over the
medium term on the back of its promoters' extensive industry
experience and established relations with customers. The outlook
may be revised to 'Positive' if the company registers a
substantial and sustained increase in its scale of operations,
while maintaining its profitability margins; or in case of a
sizeable improvement in its net worth supported by an equity
infusion from the promoters. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in Ciscons's
profitability margins, or significant deterioration in its capital
structure caused by a stretch in its working capital cycle.
Incorporated in 2008, Ciscons is promoted by Mr. N Rama Krishna
and his son Mr. N Sakaar and his nephew Mr. P Nagendra Prasad. The
company undertakes civil construction, and mainly caters to power
generation companies. Ciscons is based in Hyderabad (Telangana).
DIAMOND ENGINEERING: CRISIL Cuts Rating on INR1.26BB Loan to D
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Diamond Engineering (Chennai) Pvt Ltd (DECPL) to 'CRISIL D/CRISIL
D' from 'CRISIL B-/Negative/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 407.9 CRISIL D (Downgraded from
'CRISIL B-/Negative')
Letter of credit & 150.0 CRISIL D (Downgraded from
Bank Guarantee 'CRISIL A4')
Proposed Long Term 56.6 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B-/Negative')
Term Loan 94.8 CRISIL D (Downgraded from
'CRISIL B-/Negative')
Working Capital 1,264.4 CRISIL D (Downgraded from
Term Loan 'CRISIL B-/Negative')
Cash Credit 200.0 CRISIL D (Downgraded from
'CRISIL B-/Negative')
The rating downgrade reflects recent delays by DECPL in servicing
its debt. The delays have been caused by the company's weak
liquidity on account of large working capital requirements and
cash losses in 2013-14 (refers to the financial year, April 1 to
March 31).
DECPL's operations are highly susceptible to downturns in the
capital goods industry. Moreover, the company has a below-average
financial risk profile marked by weak debt protection metrics and
limited financial flexibility. The company, however, benefits from
its established position in the steel fabrication business and its
strong relationships with key customers.
DECPL, established in 1987, is one of the larger players operating
in the light engineering and steel structural fabrication
business. The company fabricates steel components based on the
engineering designs and requirements of its customers in the
construction, cement, power, sugar, and automotive components
industries. DECPL's portfolio of fabricated products includes
structural steel, bulk material handling equipment, and industrial
process equipment for domestic and overseas projects of
international original equipment manufacturers and engineering,
procurement, and construction companies. DECPL's services include
heavy machining, surface finishing, packing, and forwarding.
For 2013-14, DECPL reported net loss of INR469 million on net
sales of INR2.64 billion against profit after tax of INR3.4
million on net sales of INR2.60 billion for 2012-13.
EVEREST STARCH: CRISIL Reaffirms B+ Rating on INR250MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Everest Starch
India Pvt Ltd (ESIPL) continues to reflect ESIPL's average
financial risk profile, marked by weak debt protection metrics and
stretched liquidity, albeit supported by promoters' funds. This
rating weakness is partially offset by the extensive experience of
ESIPL's promoters in the starch and other agriculture-related
industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B+/Stable (Reaffirmed)
Term Loan 250 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that ESIPL will continue to benefit over the
medium term from the extensive experience of its directors in
manufacturing starch and in other agriculture-related industries.
The outlook may be revised to 'Positive' if ESIPL scales up its
operations while prudently managing its working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
company reports significant weakening of its liquidity, or if its
working capital cycle lengthens, or if its revenue and
profitability come under pressure.
Update
ESIPL reported lower-than-expected sales in 2013-14 (refers to
financial year, April 1 to March 31) as its plant was shut down on
account of ongoing capital expenditure (capex), and because of
increased competition in the domestic market with weak export
demand. However, with completion of capex and stabilisation of
production, the company achieved sales of INR180 million from
April to October 2014 and is likely to report sales of over INR400
million for 2014-15.
ESIPL's financial risk profile is marked by high gearing, expected
at about 3 times as on March 31, 2015. Supported by increasing net
worth backed by accretion to reserves, its gearing is expected to
reduce to about 2 times over the medium term. Its debt protection
metrics are expected to remain moderate, with interest coverage
ratio and net cash accruals to total debt ratio of about 2 times
and 0.1 times, respectively, over the medium term.
ESIPL's liquidity is marked by tightly matched cash accruals
against term debt obligations of around INR36 million per annum
over the medium term. With working-capital-intensive operations
marked by large gross current assets of over 400 days as on
March 31, 2014, the company's reliance on outside debt remains
high. Its bank limit utilisation over the seven months through
2014 averaged around 80 per cent. Its liquidity is supported by
funding support from promoters by way of unsecured debt.
Incorporated in June 2011, ESIPL is engaged in starch and glucose
manufacturing in Rajkot (Gujarat).
For 2013-14, ESIPL reported a profit after tax (PAT) of INR5.6
million on net sales of INR88 million, against a PAT of INR0.1
million on net sales of INR3.9 million for 2012-13,
EXCEED CROP: CRISIL Assigns B+ Rating to INR61.7MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Exceed Crop Science Pvt Ltd (ECSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8.3 CRISIL B+/Stable
Long Term Loan 61.7 CRISIL B+/Stable
The rating reflects ECSPL's modest scale of operations in the
regulated fertilizer industry and exposure to risks related to
implementation of, and offtake from, its ongoing nitrogen,
phosphorus, and potassium (NPK) fertiliser project. The rating
also factors in the company's expected below-average financial
risk profile because of its ongoing debt-funded capex and large
working capital requirements. These rating weaknesses are
partially offset by the extensive experience of ECSPL's promoters
in the fertiliser industry and their committed funding support to
the company, and the increasing demand for NPK fertilisers.
Outlook: Stable
CRISIL believes that ECSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' in case of timely completion of the
company's project within the budgeted cost and significant ramp-up
in its revenue and cash accruals. Conversely, the outlook may be
revised to 'Negative' if ECSPL's financial risk profile,
particularly liquidity, weakens because of time or cost overrun in
the project or delay in ramp-up of operations and low cash
accruals, or stretch in its working capital cycle.
Incorporated in 2013 and based in Hubli (Karnataka), ECSPL
manufactures and trades in granulated fertilizers, mainly NPK
mixtures and soil conditioners. The company is setting up a NPK
fertilizer manufacturing unit with processing capacity of around
50,000 tonnes per annum in Hubli.
GSS INDUSTRIES: ICRA Assigns B Rating to INR5.05cr Term Loan
------------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B to the INR8.55
crore bank facilities of GSS Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 5.05 [ICRA]B; Assigned
Cash Credit 3.50 [ICRA]B; Assigned
The assigned rating factors in the risk associated with timely
stabilization of operations of the company's green field rice
milling plant, which is expected to be commissioned by February
2015. The rating is also constrained by the company's future
financial risk profile, which is expected to remain modest, given
the expected moderate scale of operations, moderate coverage
indicators and sizeable debt repayment burden relative to cash
accruals in the early years of operations. The rating also factors
in the risks of time and cost overruns associated with the
project, these are however considerably diminished given that the
project is close to commissioning. The rating also factors in the
highly fragmented and competitive nature of the rice industry,
marked by the presence of a large number of participants in the
unorganized sector, given the low entry barriers and relatively
low technical and capital intensity.
However, the rating favourably factors in the extensive experience
of the promoters in the rice industry and relatively low funding
risk for the project given that the entire debt requirement has
been tied up. Further, the demand risk for the company is minimal
given the stable demand outlook for rice in both domestic and
international markets.
Going forward, the ability of the firm to complete its project
with minimal time and cost overruns and achieve timely
stabilization of operations will be the key rating sensitivities.
Incorporated in January 2014, GSS is a closely held company,
promoted by Mr. Vinod Yadav and his sons- Mr. Gaurav Yadav and Mr.
Saurabh Yadav. The company is setting up a rice mill and sortex
plant in Jalalpur, Ambedkarnagar (Uttar Pradesh), for milling and
processing of basmati and non basmati rice. The total cost of the
project, estimated at INR7.90 crore is to be funded by promoters'
funds of INR2.85 crore and term loan of INR5.05 crore. The plant
will have a capacity of 8 metric tonnes per hour and is expected
to be commissioned by February 2015.
HIGH BREETD: CRISIL Reaffirms B+ Rating on INR45MM Bank Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of High Breetd Fashions
(HBF) continue to reflect HBF's modest scale of operations,
customer concentration in its revenue profile, and its
susceptibility to volatility in raw material prices. The ratings
also factor in the firm's below-average financial risk profile,
marked by a small net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of HBF's promoter in the ready-made garments (RMG)
sector.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill Negotiation 35 CRISIL A4 (Reaffirmed)
Packing Credit 30 CRISIL A4 (Reaffirmed)
Proposed Long Term Bank 45 CRISIL B+/Stable
Loan Facility (Reaffirmed)
Outlook: Stable
CRISIL believes that HBF will continue to benefit over the medium
term from the extensive industry experience of its promoter. The
outlook may be revised to 'Positive' in case of a sustainable
increase in the firm's scale of operations and profitability,
while it maintains its moderate capital structure. Conversely, the
outlook may be revised to 'Negative' if HBF undertakes a large
debt-funded capital expenditure programme, or if its volumes or
margins decline steeply, leading to weakening of its financial
risk profile.
Established in 2004 by Mr. Sundaram and his family members, HBF
manufactures and exports RMG. Mr. Sundaram has an experience of
over three decades in the garment manufacturing business. HBF's
manufacturing facility is in Tirupur (Tamil Nadu).
ICON HOSPITALITY: CARE Assigns D Rating to INR19.13cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Icon
Hospitality Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 19.13 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of Icon Hospitality
Private Limited (IHPL) factors in the ongoing delays in the
debt-servicing on account of the stressed liquidity position of
the company.
IHPL was incorporated in January 28, 2003, and is a 51.07%
subsidiary of Royal Orchid Hotels Limited (rated 'CARE BB-' in
April 2014). Royal Orchid Hotels Limted (ROHL) was promoted by Mr
C K Baljee in January 1986 and on a consolidated basis, has a
portfolio of 28 business and leisure hotels in 20 destinations in
India & Africa. IHPL owns and operates the Royal Orchid Central
(ROC) hotel in Bangalore. Royal Orchid Central (formerly Central
Park) was promoted by Sacred Hospitality co Ltd, a Manipal group
company and started its operation in April 1993. In
February 2003, ICHPL took over the hotel property on lease
agreement from Sacred Hospitality Co Ltd (the Manipal group) for
the period of 25 years for the consideration of lease rent.
Subsequently, in November 2007, the lease was cancelled and
property was purchased by IHPL held by Royal Orchid Hotels Ltd
(51% stake), Mr P. Dayanand Pai (42.5% stake) and Mr Satish Pai
(6.5% stake).
ROC holds 4-star status, was developed on a land area of 34,906
sqft and is located at a prime location in Bangalore with
an inventory of 130 rooms, 3 banquet halls and 2 restaurants.
As per the audited results of FY14 (refers to the period April 1
to March 31), IHPL recorded a loss of INR5.1 crore on a total
operating income of INR17.3 crore).
INDTECH INTERIOR: CRISIL Assigns B+ Rating to INR50MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Indtech Interior & Contractors Pvt Ltd
(Indtech).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 40 CRISIL A4
Secured Overdraft 50 CRISIL B+/Stable
Facility
The ratings reflect Indtech's modest scale of operations in an
intensely competitive industry and large working capital
requirements. These rating weaknesses are partially offset by the
extensive experience of Indtech's promoters in the civil
construction and interior decoration industry and moderate
financial risk profile.
Outlook: Stable
CRISIL believes that Indtech will continue to benefit over the
medium term from its promoters' industry experience. The outlook
may be revised to 'Positive' if the company registers sustainable
improvement in its scale of operations and operating margins
leading to improvement in cash accruals. Conversely, the outlook
may be revised to 'Negative' if Indtech registers lower than
expected cash accruals, or if its working capital management
deteriorates, resulting in weakening of its liquidity.
Indtech, established in 1994 as a proprietorship concern and
reconstituted as a private limited company in 2009, undertakes
civil construction and interior decoration contracts. The
company's daily operations are managed by Mr. Ceen Mathew.
Indtech reported a profit after tax (PAT) of INR4.7 million on
total revenue of INR203 million for 2013-14 (refers to financial
year, April 1 to March 31), as against a PAT of INR2.2 million on
total revenue of INR102 million for 2012-13.
JAI MAHARASHTRA: ICRA Cuts Rating on INR100cr Loan to C+
--------------------------------------------------------
ICRA has revised the long-term rating assigned to INR100 crore
Non-Convertible Debenture (NCD) programme of Jai Maharashtra Nagar
Development Private Limited to [ICRA]C+ from [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible 100.00 [ICRA]C+ (revised
Debenture Programme from [ICRA]B)
The rating revision factors in the debt servicing of INR65 crore
due on 16th March 2015 for which the management is still in the
process of arranging alternate funding, significantly larger-than-
expected increase in project cost from INR640 crore to INR1,131
crore and further to INR2,007 crore mainly due to change in
Development Control Regulations by MCGM for which the construction
area has increased by 72% from 1.3 million sq ft to 2.3 million sq
ft and higher registration costs. This has accentuated JMNDPL's
exposure to market risks since the increased project cost is
expected to be met through sales of residential units in the
project and additional debt funding (not sanctioned presently).
The rating continues to remain constrained by the company's
exposure to permitting and project execution risk since the
receipt of critical approvals including Intimation of Disapproval
(IOD) for sale portion has still not been received with
construction not having commenced at the site till date. The
timely availing of alternate funding, receipt of the key approval
i.e. IOD and the commencement of construction coupled with ability
to ensure timely tie up of additional debt for the increased
project cost and healthy sales level constitutes a key
monitorable.
The rating however favourably factors in the attractive location
of the company's redevelopment project at Borivali East, Mumbai,
in close proximity to the suburban railway stations of Borivali
and Kandivali; as well as the long-standing experience and
demonstrated track record of the promoters in Mumbai's
redevelopment space.
JMNDPL is a special purpose vehicle (SPV) promoted by a Mumbai-
based promoter group for undertaking the redevelopment of the Jai
Maharashtra Nagar Co-operative Housing Federation Limited -- a
federation of eight societies at Borivali (east), near Magathane
bus depot in Mumbai. 54.55% of the company's equity is held by the
promoter group (Shubh Group), 44.62% is held by a private equity
investor (Signature Realty Advisory India Pvt. Ltd.) and remainder
0.83% is held by Volsacom Services Limited. The land is owned by
the Maharashtra Housing and Area Development Authority (MHADA); of
the ten societies, eight are covered under the redevelopment
project being undertaken by the company. The remaining two
societies have not yet received the conveyance from MHADA; and are
hence not covered under the project.
The promoters -- Shubh Group -- are a Mumbai-based real estate
development group, with 15 years experience in the redevelopment
space. The promoter group has developed over 1 million sq.ft.
across projects executed at Andheri and Borivali; and has over 2.5
million sq.ft. under development.
JAYANTH INDUSTRIES: CRISIL Assigns B+ Rating to INR45MM Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long term
bank facilities of Jayanth Industries (Jayanth).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 5 CRISIL B+/Stable
Cash Credit 45 CRISIL B+/Stable
Proposed Long Term 20 CRISIL B+/Stable
Bank Loan Facility
The rating reflects Jayanth's small scale of operations in the
intensely competitive rice milling industry and its below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of Jayanth's promoters in the
rice milling business.
Outlook: Stable
CRISIL believes that Jayanth will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially leading to an improvement in
its financial risk profile. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes aggressive debt-funded
expansion, or if its accruals decline substantially, leading to
deterioration in its financial risk profile.
Set up in 2010, Jayanth mills and processes paddy. The firm is
promoted by Mr. Surya Prakash Reddy, Mr. Rajendra Kumar Reddy, and
Mr. Venkat Krishna Reddy.
For 2013-14 (refers to financial year, April 1 to March 31),
Jayanth reported a net profit of INR1.84 million on sales of
INR468 million, against a net profit of INR1.44 million on sales
of INR376.9 million for 2012-13.
KC SOCIAL: CARE Reaffirms D Rating on INR56.50cr ST Loan
--------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
KC Social Welfare Trust.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 16.88 CARE D Reaffirmed
Short term Bank Facilities 56.50 CARE D Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of KC Social Welfare
Trust (KSWT) continue to factors in the ongoing delays in debt
servicing due to stressed liquidity position.
Established in 1999 by the Mr Prem Pal Gandhi, KSWT is a non-
minority charitable trust registered under Section 12A of
the Income Tax Act, 1964. KSWT is a family-run trust with the
objective to provide education services. For the same, the trust
started under graduate and post graduate courses under the
flagship brand of K.C. Group of Institutions in 1996.
The first academic session was started in 1999-2000. KSWT is also
running a school K.C Public School in Nawanshahar affiliated from
Central Board of Secondary Education (CBSE). Currently, the trust
is running one campus having five colleges and one school under
the brand name of 'K.C Group'. Courses offered by KSWT are
approved by All India Council for Technical Education (AICTE), New
Delhi, Ministry of HRD, State Department of Technical Education &
Industrial Training of Punjab, Chandigarh and Government of
Punjab.
KSWT registered a total operating income of INR24.12 crore during
FY14 (Provisional; refers to the period April 1 to
March 31) with a PBILDT of INR13.25 crore and PAT of INR1.71
crore.
LAXME SAAI: CRISIL Assigns B- Rating to INR86.4MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Laxme Saai Steel Pvt Ltd (LSSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 38.6 CRISIL B-/Stable
Long Term Loan 86.4 CRISIL B-/Stable
The rating reflects LSSPL's modest scale of operations, large
working capital requirements, and weak financial risk profile
marked by high gearing and weak debt protection metrics. These
rating weaknesses are partially offset by the extensive experience
of LSSPL's promoters in the ferroalloy industry and the company's
improved liquidity supported by restructuring of its debt.
Outlook: Stable
CRISIL believes that LSSPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company improves its financial risk
profile with a sustainable increase in its revenue and
profitability. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile further weakens
with decline in revenue and profitability or sizeable debt-funded
capital expenditure.
LSSPL manufactures ferroalloys. Incorporated in 2009 as ASV Ferro
Alloys Pvt Ltd, the company got its current name in 2012-13
(refers to financial year, April 1 to March 31). Its manufacturing
facility is in Visakhapatnam (Andhra Pradesh).
MAA BHAGWATI: CRISIL Reaffirms B+ Rating on INR95MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Maa Bhagwati
Rice Mill (MBRM) continues to reflect MBRM's small scale of
operations in a highly fragmented industry, constrained financial
risk profile marked by high gearing and small net worth, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by MBRM's moderately efficient
working capital management and its promoters' extensive experience
in the rice industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 95 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 19 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that MBRM will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if MBRM reports sizeable
increase in its scale of operations and cash accruals, or a
significant improvement in its capital structure and liquidity
driven by capital infusion. Conversely, the outlook may be revised
to 'Negative' if the firm undertakes any large debt-funded capital
expenditure programme, leading to deterioration in its capital
structure, or if its working capital cycle lengthens.
Update
MBRM reported operating income of INR593.3 million for 2013-14
(refers to financial year, April 1 to March 31), up from INR400
million for 2012-13 mainly on account of better price realisation
in 2013-14. The firm recorded sales of around INR250 million till
December 2014 in 2014-15 and is likely to achieve sales of around
INR410 million for the full year. The decline in revenue is mainly
on account of decline in rice prices to around INR5000 per quintal
in the current season from INR7500 per quintal in the previous
season on account of decline in paddy prices. MBRM reported a book
profit of INR2.5 million for 2013-14, vis-a-vis INR2.4 million for
2012-13. The firm's operating margin is expected to remain
constrained at around 2 per cent over the medium term on account
of its weak bargaining power and small scale of operations in a
fragmented industry.
The firm's financial risk profile has improved, marked by
improvement in gearing to 2.56 times as on March 31, 2014, from
5.60 times as on March 31, 2013, driven by low inventory leading
to less dependence on bank limits. The gearing is expected to
increase to 4.5 to 5.0 times over the near term on account of
large incremental working capital requirements and low cash
accruals to fund the same. MBRM's interest coverage ratio is
expected to remain weak, at 1.39 times, over the medium term on
account of weak profitability. Its net cash accruals are expected
in the range of INR4.5 million to INR5.0 million, sufficient to
meet small loan obligation of around INR0.5 million, in 2015-16.
The firm's inventory is expected to remain large, at around 65
days at the year-end, because of seasonal procurement. MBRM's
liquidity remains weak on account of small net cash accruals and
high dependence on bank borrowings to fund inventory during the
peak season.
MBRM was set up as a partnership firm by Mr. Pawan Kumar Goyal and
Mr. Joginder Pal in 2006. The firm mills and processes basmati
rice. MBRM has a manufacturing facility in Cheeka (Haryana).
MARUTI COMFORTS: CARE Assigns D Rating to INR2.36cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of Maruti
Comforts &Inn Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 2.36 CARE D Assigned
Rating Rationale
The ratings assigned to the bank facilities of Maruti Comforts &
Inn Private Limited factors in the ongoing delays in the debt-
servicing on account of the stressed liquidity position of the
company.
Maruti Comforts & Inn Private Limited (MCIPL) is a 65% subsidiary
of Royal Orchid Hotels Limited (rated CARE BB- in April 2014). The
other 35% is held by Senet Cables Private Limited. Royal Orchid
Hotels Limted (ROHL) was promoted by Mr C K Baljee in January 1986
and on a consolidated basis, has a portfolio of 28 business and
leisure hotels in 20 destinations. MCIPL owns and operates the
Royal Orchid Resort & Convention Centre in Bangalore. The resort
is spread over 8 acres and houses 42 deluxe rooms, 8 superior
rooms and has 4 exclusive cottages.
As per the audited results of FY14 (refers to the period April 1
to March 31), MCIPL recorded a loss of INR0.6 crore on a
total operating income of INR12.8 crore.
MID INDIA: ICRA Assigns B+ Rating to INR105cr LT Loan
-----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ on INR25.0
crore enhanced bank facilities of Mid India Creations (MIC). ICRA
has outstanding rating of [ICRA]B+ for INR80.0 crore fund based
bank facilities.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term fund 105.00 ICRA]B+; assigned/outstanding
based limits
ICRA rating continues to take into account the favorable project
location on the Indore bypass road, which has many upcoming
residential and commercial projects nearby. Further, the rating
also takes into account the extensive experience of the promoters
in the construction and real estate industry. While reaffirming
the rating, ICRA has taken note of increase in the scope of the
project which has increased the estimated project cost from
INR123.27 crore to INR164.37 crore. Due to the change in the scope
of the project, the commercial operations date (COD) of the
project has been shifted from the previously planned date of
October 2014 to July 2015. However, given that 55% of the costs
were incurred by August 2014 (majority of which comprise of land
costs), achieving the targeted COD will be challenging. The
additional costs are being funded in almost the originally planned
debt to equity ratio of 1.55x. Nevertheless, the terms of the
loans are favorable with a maturity of eight years, along with
ballooning repayments starting from December 2015. Subsequently,
ability to achieve planned occupancies and realizations and thus
generate adequate cash accruals to meet the repayments will be
critical. Further, the rating factors in the concentration risk of
the revenue stream by virtue of the single hotel property and
risks inherent in a partnership firm.
Going forward, timely infusion of promoter funds, completion of
the project within the revised estimates and subsequently achieve
targeted realizations and occupancies will be crucial for timely
debt servicing and hence will remain the key rating sensitivities.
MIC is a partnership firm incorporated in October, 2011 under the
Limited Liability Partnership Act 2008 and is constructing a 120
room hotel in Indore, Madhya Pradesh. MIC has three partners
belonging to the BCM Group and the Naidunia Group of Madhya
Pradesh, and the Surana Group of Jaipur. The BCM Group has
undertaken many real estate projects in Madhya Pradesh, while the
Naidunia Group is engaged in the print media business in Madhya
Pradesh and is also present in information technology services.
The Surana Group has presence in jewellery and construction
business and also operates a multiplex, a hotel and a convention
centre.
NADAR PRESS: CRISIL Assigns B- Rating to INR40MM Term Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long term
bank facilities of The Nadar Press Ltd (TNPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 40 CRISIL B-/Stable
Cash Credit 16 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 23.5 CRISIL B-/Stable
The rating reflects TNPL's small scale of operations in a
fragmented industry and its below-average financial risk profile
marked by weak debt protection metrics. These rating weaknesses
are partially offset by the promoters' extensive experience in the
printing business.
Outlook: Stable
CRISIL believes that TNPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, or
substantial equity infusion, leading to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if TNPL undertakes aggressive, debt-funded expansions,
or reports low revenue and operating profit margin, leading to
further deterioration in its financial risk profile.
TNPL, established in 1922 in Sivakasi (Tamil Nadu), undertakes
printing of packaging material for beedi, textbooks, diaries,
notebooks, envelopes, and calendars.
TNPL reported a loss of INR8.3 million on a total income of
INR57.7 million for 2013-14 (refers to financial year, April 1 to
March 31), against a loss of INR7.8 million on a total income of
INR45.1 million for 2012-13.
NIMBUS PIPES: CARE Reaffirms D Rating on INR28.51cr LT Bank Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Nimbus Pipes Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 28.51 CARE D Reaffirmed
Short term Bank Facilities 6.50 CARE D Reaffirmed
Long term/Short term Bank 1.50 CARE D/CARE D
Facilities Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Nimbus Pipes
Limited (NPL) continue to remain constrained on account of the
frequent instances of delays in servicing of interest and
installment of its term loan due to the stretched liquidity
position.
NPL, incorporated in the year 2001 as a partnership firm 'Nimbus
Industries', has been promoted by Mr Pravin Kumar Lath along with
his family members. Nimbus Industries was reconstituted as a
public limited company in January 2010. NPL is engaged in the
manufacturing of various types of Poly Ethylene (PE) pipes and
fittings used in irrigation projects, construction projects,
manufacturing of sprinklers and drip irrigation systems and
execution of customised turnkey projects for installation of pipes
and fittings. As on March 31, 2014, NPL has a total installed
capacity of 49,940 metric tonnes per annum (MTPA). NPL sells its
pipes under the brand name of 'Nimbus' through its dealers having
presence across India.
During FY14 (refers to the period April 1 to March 31), NPL
reported a total operating income of INR65.64 crore (FY13:
Rs.61.07 crore) with a Net loss of INR2.60 crore (FY13: Net loss
of INR0.02 crore).
PANYAM CEMENTS: CARE Cuts Rating on INR80.88cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Panyam
Cements And Mineral Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 80.88 CARE D Revised from
CARE C
Short-term Bank Facilities 9.32 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Panyam Cements and Minerals Industries Limited (PCMIL) is
on account of the ongoing delays in servicing of debt obligations
owing to the stretched liquidity position of the company.
Panyam Cements & Mineral Industries Limited (PCMIL), incorporated
in June 23, 1955, is part of the Nandi Group of Industries based
out of Nandyal in Andhra Pradesh. The group since 1978 has built a
diversified presence of businesses such as cement, dairy, PVC
pipes, construction, TMT bars etc. PCMIL is currently engaged in
manufacturing of Ordinary Portland Cement (OPC) 53 grade & 43
grade and Pozzolona Portland cement (PPC) with an installed
capacity of 1 million tones per annum.
PCMIL was acquired by Nandi Group from its earlier promoters Mr M
V Subba Rao and Associates during September 2004 following company
turning sick with accumulated losses. Over the years Nandi Group
has successfully revived the company and further the promoters
have undertaken large modernization and expansion projects to
increase the scale of operations and reduce operational costs.
During FY14 (refers to the period April 01 to March 31), the
Company has posted a PBILDT of INR(12.76) crore (FY13: INR0.12
crore) and a PAT of INR(4.26) (FY13: INR17.49 crore) on a total
operating income of INR52.54 crore (FY13: INR107.43 crore).
PATO BUILDERS: CARE Reaffirms B+ Rating on INR8.54cr LT Loan
------------------------------------------------------------
CARE reaffirms ratings to the bank facilities of Pato Builders
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.54 CARE B+ Reaffirmed
Short term Bank Facilities 5.00 CARE A4 Reaffirmed
Rating Rationale
The ratings for the bank facilities of Pato Builders Ltd (PBL)
continue to remain constrained by its small scale of operations
limiting the ability of the company to bid for larger projects,
dependence on government contracts, exposure to the tender driven
process risk, increasing competition in government funded projects
with risk of delay in project execution, working capital intensive
nature of operations with high collection period and sluggish
growth in the construction sector in the current subdued economic
scenario. The aforesaid constraints are partially offset by the
rich experience of the promoters with satisfactory track record of
operations, long operating history of the company with proven
project execution capabilities and long standing association with
government clients as an approved contractor, presence of price
variation clause in contracts, moderate capital structure and its
strong order book position providing near term revenue visibility.
The ability of the company to increase its total operating income
with an improvement in profit margins, ability to enhance its
order book position with an improvement in working capital cycle
and effective management of working capital would be the key
rating sensitivities.
PBL was originally incorporated as a private limited company in
1997 by Mr Mukesh Kumar of Jamshedpur (Jharkhand) along with his
family members and was converted into a public limited company in
November, 2009. PBL is registered as a 'Class-I A' Building and
Roads (B & R) with Central Public Works Department (CPWD). Since
its inception, the company has been engaged in civil and
electrical structural work for government and semi government
bodies with major focus on the construction of high rise
buildings, refurbishment/modification of buildings, schools,
hostels, sophisticated & complex laboratories, water supply &
sewage disposal and electrical engineering works. PBL mainly
executes works for government departments such as Bharat Sanchar
Nigam Ltd, Central Public Works Departments (CPWD), Ranchi, CPWD
Patna, CPWD Jamshedpur etc.
During FY14 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR3.15 crore (Rs.3.61 crore in
FY13) and a PAT of INR0.76 crore (of INR1.14 crore in FY13) on a
total operating income of INR20.84 crore (Rs.29.62 crore in
FY13). Furthermore, the company achieved a total operating income
of INR13 crore during 9MFY15.
PAWAR PATKAR: CRISIL Cuts Rating on INR100MM Cash Loan to B
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pawar Patkar and D.S. Contractors Associates Pvt Ltd (Pawar
Patkar) to 'CRISIL B/Stable' from 'CRISIL B+/Stable'; the rating
on the company's short-term facilities has been reaffirmed at
'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4 (Reaffirmed)
Cash Credit 100 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Long Term 30 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
The rating downgrade reflects deterioration in Pawar Patkar's
business risk profile, resulting in weak liquidity. The company's
revenue declined by 56 per cent to INR107.6 million in 2013-14
(refers to financial year, April 1 to March 31) from INR221.4
million in 2012-13. The decline was because of a stay on approvals
for the construction of higher floor space index (FSI) projects.
Furthermore, the company's working capital requirements increased,
driven by large inventory. Its gross current assets increased to
over 600 days as on March 31, 2014, resulting in weak liquidity as
reflected in almost full utilisation of its bank limits with
instances of over utilisation during the 10 months through
November 2014.
CRISIL believes that Pawar Patkar's liquidity will remain weak
over the medium term on account of delays in the payment cycle
until approvals are received from the government. Furthermore, the
company had an order book of around INR800 million as on December
31, 2014, to be completed by the end of 2015, if it receives the
approvals; this would increase its working capital requirements.
An improvement in Pawar Patkar's topline along with government
approval to construct higher FSI projects, leading to increased
accruals to support the company's working capital requirements,
will remain a rating sensitivity factor over the medium term.
The ratings reflect Pawar Patkar's small scale of operations in
the highly competitive construction industry, and its large
working capital requirements. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoter.
Outlook: Stable
CRISIL believes that Pawar Patkar will continue to benefit over
the medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' if the company reports a
substantial increase in its scale of operations and profitability,
leading to higher cash accruals and, hence, to improvement in its
capital structure. Conversely, the outlook may be revised to
'Negative' if Pawar Patkar's profitability is low, or if its
working capital cycle is further stretched by delays in project
execution and realisation of receivables, resulting in weakening
of its liquidity.
Pawar Patkar was established in 2010 by Mr. R D Pawar. The company
undertakes government-funded civil construction projects. It is
based in Nashik (Maharashtra).
Pawar Patkar's profit after tax (PAT) and net sales are estimated
at INR0.9 million and INR107.6 million, respectively, for 2013-14;
the company reported PAT of INR7.2 million on net sales of
INR221.4 million for 2012-13.
PENGUIN PLYWOOD: CRISIL Puts B- Rating on INR44MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the long-term bank facilities of Penguin Plywood Pvt Ltd (PPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 13.5 CRISIL B-/Stable
Bank Loan Facility
Proposed Letter of 20.0 CRISIL A4
Credit & Bank Guarantee
Proposed Cash Credit 10.0 CRISIL B-/Stable
Limit
Cash Credit 12.5 CRISIL B-/Stable
Long Term Loan 44 CRISIL B-/Stable
The ratings reflect PPPL's limited track record of operations in
the competitive plywood and laminates industry and its expected
modest scale of operations over the medium term. The rating also
factors in PPPL's below-average financial risk profile marked by a
leveraged capital structure. These rating weaknesses are partially
offset by the extensive experience of PPPL's promoters and their
established relationships in the plywood and laminates industry.
Outlook: Stable
CRISIL believes that PPPL will continue to benefit over the medium
term from its strong track record of operations and its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if the company's scale of operations increases with
improvement in liquidity because of better working capital
management and ramp-up in operations and profitability.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates, most likely because
of large debt-funded capital expenditure or significant increase
in working capital requirements leading to large incremental bank
borrowings and pressure on liquidity.
PPPL was set up in 2013 by Mr. Govindbhai Patel and his family
members in Anand (Gujarat). The company manufactures different
grades of plywood, block boards, and flush doors.
REDDY PHARMACEUTICALS: CRISIL Rates INR63.5MM LT Loan at 'B+'
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Reddy Pharmaceuticals Ltd (Reddy Pharma)
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 63.5 CRISIL B+/Stable
Bank Loan Facility 14.0 CRISIL B+/Stable
Cash Credit
Letter of Credit 2.5 CRISIL A4
The ratings reflect Reddy Pharma's small scale of operations, its
large working capital requirements, and its exposure to intense
competition in the bulk drugs industry resulting in low
profitability margins. The ratings also factor in the company's
below-average financial risk profile marked by small net worth,
high total outside liabilities to tangible net worth ratio, and
average debt protection metrics. These rating weaknesses are
partially offset by the company's established presence in the bulk
drugs industry supported by its promoters' extensive industry
experience and its established relationships with customers.
Outlook: Stable
CRISIL believes that Reddy Pharma will continue to benefit over
the medium term from its promoters' extensive industry experience
and its established relationships with customers. The outlook may
be revised to 'Positive' in case of substantial and sustainable
increase in the company's scale of operations and profitability
margins, or considerable improvement in its capital structure on
the back of sizeable equity infusion by its promoters. Conversely,
the outlook may be revised to 'Negative' in case of a steep
decline in the company's profitability margins, or significant
deterioration in its capital structure caused most likely by a
stretch in its working capital cycle.
Reddy Pharma was set up in 1994 by Mr. Konda Raghurami Reddy and
his wife Mrs. Konda Lalitha Reddy. The company manufactures and
trades in bulk drugs. It also trades in formulations and steel
products. The company is headquartered in New Delhi, and its
manufacturing unit is in Medak (Telangana); the unit commenced
operations in December 2014.
RELIABLE INFRA: CRISIL Cuts Rating on INR50MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Reliable Infrastructure Pvt Ltd (RIPL) to 'CRISIL B-/Stable'
from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Proposed Long Term 9 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
Term Loan 11 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The rating downgrade reflects deterioration in RIPL's liquidity as
indicated by the over-utilisation of its working capital limits,
which are regularised within 30 days. Furthermore, the company's
cash accruals are expected to be tightly matched with its annual
debt obligations of INR2.4 million, over the medium term.
The ratings reflect RIPL's modest scale of operations in the
intensely competitive and cyclical stone-crushing business. The
ratings also factor in the company's weak financial risk profile,
marked by small net worth, high gearing, and weak debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of RIPL's promoters in the construction
materials segment.
Outlook: Stable
CRISIL believes that RIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
substantial growth in its revenue and profitability, while
improving its capital structure and working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of a
significant decline in RIPL's revenue and margins, or lengthening
of its working capital cycle, leading to pressure on its financial
risk profile, particularly its liquidity.
RIPL was set up in 2008 in Mumbai by Mr. Preetpal Singh Kohli and
Mr. Aslam Khan. The company began commercial activities in July
2012. RIPL mines and crushes stone aggregates, and has a quarry in
Khopoli (Maharashtra). Mr. Kohli has been engaged in the
construction sector for more than a decade through group entities
including Rheoplast Technology Pvt Ltd, which manufactures
construction chemicals, and AZ Techno Engineering Services Pvt
Ltd, which provides project management services.
RHYTHM KNIT: CRISIL Reaffirms B+ Rating on INR3.3MM LT Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Rhythm Knit India Pvt
Ltd (RKIPL) continue to reflect RKIPL's below-average financial
risk profile, marked by a small net worth and average debt
protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 3.3 CRISIL B+/Stable (Reaffirmed)
Post Shipment Credit 20.0 CRISIL A4 (Reaffirmed)
Pre Shipment Credit 46.7 CRISIL A4 (Reaffirmed)
The ratings also factor in the company's small scale of operations
in the highly fragmented knitted garments industry. These rating
weaknesses are partially offset by the extensive industry
experience of RKIPL's promoters and its established relationships
with customers.
Outlook: Stable
CRISIL believes that RKIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company significantly
scales up its operations while it improves its profitability,
thereby improving its cash accruals. Conversely, the outlook may
be revised to 'Negative' if RKIPL's financial risk profile,
particularly its liquidity, deteriorates, most likely because of a
substantial increase in its working capital requirements, or debt-
funded capital expenditure, or low cash accruals.
RKIPL was incorporated in 2010 to take over the business of the
promoters' proprietary firm, Rhythm Fashions. RKIPL manufactures
and exports knitted garments, mainly to Europe, the US, and
Africa. The company has its manufacturing facility at Tirupur
(Tamil Nadu).
RMG ALLOY: CARE Reaffirms D Rating on INR257.40cr LT Loan
---------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of RMG Alloy
Steel Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 257.40 CARE D Reaffirmed
Short term Bank Facilities 155.98 CARE D Reaffirmed
Rating Rationale
The ratings continue to factor in the ongoing delays in servicing
of debt obligations by the company on account of its weak
liquidity position as a result of continuing net losses.
Promoted by Mr. V.C. Saraf and Mr. R.C. Saraf, RMG Alloy Steel Ltd
(RMGL) is engaged in manufacturing of alloy steel and steel
seamless pipes/tubes at its facilities located in Jhagadia,
Gujarat. RMGL's produced steel is mainly used for
automanufacturing/auto components, earth-moving equipment and
bearing applications, while seamless pipes and tubes find
application mainly in boilers, which are required in the power
sector. Due to inefficiencies in the plant on account of lack
of critical equipment, the operations of the company were
unprofitable. Subsequently, the company became a sick unit in
August 1999 and has been under the purview of the Board for
Industrial and Financial Reconstruction (BIFR) since then. In
2009, the Welspun group, having experience in steel industry and
clientele in oil & gas and petroleum industry, was inducted as a
strategic partner of RMGL for revival of the company.
During FY14 (refers to the period April 1, 2013 to March 31,
2014), RMGL posted a total income of INR419.13 crore with a
net loss of INR34.12 crore. Further, the company posted a total
income of INR209.91 crore and a net loss of INR34.37 crore
in H1FY15 (refers to the period April 1, 2014 to September 30,
2014).
SHANKAR AGRO: CARE Assigns B+ Rating to INR7.28cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shankar
Agro Food.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.28 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Shankar Agro Food
(SAF) is constrained by SAF's relatively small scale of operations
with low net worth base, working capital-intensive nature of
operations, and leveraged capital structure. The rating is further
constrained by high degree of competition due to the fragmented
nature of the industry, susceptibility of margins to fluctuation
in raw material prices with monsoon-dependent operations and
constitution of the entity as a partnership firm.
The rating, however, favourably takes into account the reasonable
experience of the partners in processing of paddy. The ability of
the firm to increase the scale of operations while improving
profitability margin, improve its capital structure while managing
the working capital requirements efficiently would be the key
rating sensitivities.
Shankar Agro Food (SAF) was initially established as a
proprietorship firm in 2005 and later, the constitution was
changed to a partnership firm in April 2009. The firm is currently
having four partners, viz, Mr Kewal Krishan, MrBal Krishan, Mr
Jagdish Rai and Mr Raghav Garg having 4:4:1:1 share in profit and
loss. The firm is engaged in the processing of paddy and also does
the same on a job work basis for other rice millers at its
manufacturing facility located in Moga, Punjab, with total
installed capacity of 64,000 metric ton per annum (MTPA) as on
March 31, 2014.
For FY14 (refers to the period April 01 to March 31), SAF reported
a total operating income of INR8.99 crore with PBILDT and PAT of
INR1 crore and INR0.10 crore respectively as against the total
operating income of INR5.74 crore with PBILDT and PAT of INR1.20
crore and INR0.13 crore in FY13. Furthermore, the firm has
achieved the gross sales of INR9 crore till December 31, 2014.
SHANKAR RICE: ICRA Reaffirms B Rating on INR8.43cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B for INR8.43
crore* fund based limits and INR1.33 crore proposed limits of
Shankar Rice & General Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based facilities 8.43 [ICRA]B (reaffirmed)
Proposed limits 1.33 [ICRA]B (reaffirmed)
The rating reaffirmation factors in SRGM's weak financial profile,
reflected by low profitability metrics, high gearing and
consequently weak debt coverage indicators. The rating also takes
into account high intensity of competition in the industry and
agro climatic risks, which can affect the availability of paddy in
adverse weather conditions. The rating however, favorably takes
into account long standing experience of promoters, expected
benefits arising out of established client relationships of its
group companies in rice industry and proximity of the mill to
major rice growing area which results in easy availability of
paddy.
Shankar Rice & General Mills (SRGM) was established in 2000 as
partnership firm. The Firm is primarily engaged in the milling of
Rice with an installed capacity of 18 tons/hour which is situated
in Moga (Punjab). The firm has 3 sortex plants with capacity of 3
tons/hour each.
Recent Results
During the financial year 2013-14, the firm reported a profit
after tax (PAT) of INR0.28 crore on an operating income of
INR85.91 crore as against PAT of INR0.28 crore on an operating
income of INR44.39 crore in 2012-13.
SPANDANA SPHOORTY: CRISIL Reaffirms D Rating on INR3.29BB Loan
--------------------------------------------------------------
CRISIL's ratings on Spandana's bank facilities reflect instances
of delay in debt servicing by Spandana Sphoorty Financial Ltd
(Spandana).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Bank Facility 3,290 CRISIL D (Reaffirmed)
Spandana's debt repayments were restructured under the CDR
mechanism in September 2011. The debt restructuring package, inter
alia, provided for a revised loan repayment schedule, which began
in April 2012. Spandana was adhering to the revised debt repayment
schedule for all the lenders as per the CDR master restructuring
agreement till March 2014. In April 2014 Spandana was sanctioned
fresh borrowings by the CDR committee giving all banks an option
either to release fresh sanction or to defer a similar amount from
the existing CDR debt for two years till December 2015. As several
banks took time in choosing the option of deferment on fresh
sanction, Spandana suspended the repayments of existing CDR loans
to those banks. Still, a few banks are yet to make the decision,
and, therefore, the repayments to those banks remain overdue.
However, with the one time settlement approved by CDR in respect
of Citibank, there is no lender outside the CDR arrangement.
Spandana's ratings continue to be constrained by weak
capitalization. The net worth of the company was negative to the
extent of INR8.7 billion as on September 30, 2014 as the company
had completely provided for the entire Andhra Pradesh/Telengana
loan book. Forbearance on the regulatory minimum capital
requirement allowed by the RBI is available upto March 2016.
However, Spandana has benefitted from the experienced of its top
management which has helped the company to navigate during
challenging times. Mrs. Padmaja Reddy, the main promoter continues
to be closely engaged in strategic as well as operational
management of the company. Post the crisis in 2010, the
outstanding non- Andhra Pradesh/Telengana loan book witnessed
growth for the first time during 2014-15, by about 20 per cent. In
addition, healthy asset quality in non AP/Telengana states has
enabled the company to operate profitably over the past eighteen
months. Besides, there has been a marginal recovery from the
AP/Telengana old portfolio as well. Furthermore, Spandana has
diversified into gold loans (forms 2.58 per cent of loans
outstanding as on September 2014), apart from broad basing its
loan portfolio geographically. This apart, the lenders have
demonstrated confidence in the management by sanctioning fresh
debt in April 2014.
Spandana was incorporated as Spandana Sphoorty Innovative
Financial Services Ltd (SSIFSL) in 2003. It is a non-banking
financial company (NBFC). It took over the microfinance operations
of Spandana, a non-governmental organisation. Spandana's name was
changed to the current one in 2007-08 (refers to financial year,
April 1 to March 31). Spandana lends predominantly to women. The
company had assets under management of INR22.0 billion as on
September 30, 2014.
For 2013-14, Spandana reported a PAT of INR644 Million on a total
income of INR2.8 billion, against a net loss of INR11.6 billion
(mainly due to provision for the delinquent AP portfolio) on a
total income of INR2.7 billion for the previous year. During the
six months ended September 30, 2014, the company reported a PAT of
INR519 million on a total income of INR1.4 billion. Spandana had
advances book of INR22 billion as on September 30, 2014.
SPICEJET LTD: Board OKs Up to $243 Million Share Sale Plan
----------------------------------------------------------
The Times of India reports that SpiceJet Ltd said its board has
approved selling shares worth up to INR15 billion ($242.6 million)
in the company, following a deal between its current majority
owner and a co-founder leading a rescue plan.
TOI relates that the carrier said on Jan. 30 its board had decided
to increase the authorised share capital of the company to INR20
billion -- comprising 1.5 billion equity shares of
INR10 each and 5 million non-convertible redeemable preference
shares of INR1,000 each.
SpiceJet's board also decided to allot up to 3.75 million
preference shares to Kalanithi Maran or one of his group firms,
the report says.
Ajay Singh, who helped found the airline in 2005, agreed this
month to buy a controlling stake from billionaire majority owner
Kalanithi Maran's Sun Group in a bid to turn around the money-
losing airline, according to the report.
SpiceJet has been struggling to pay its bills due to a cash crunch
and had briefly grounded planes in December, TOI says.
SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier. The Company operates daily flights
between major cities in India. The carrier is India's second-
biggest budget airline, after IndiGo.
As reported in the Troubled Company Reporter-Asia Pacific on
May 21, 2014, The Times of India said SpiceJet has posted its
highest ever annual loss of INR1,003.2 crore in the financial year
2013-14 up five times from INR191 crore in the previous fiscal.
As reported in the TCR-AP on Nov. 17, 2014, The Times of India
said auditors of financially struggling SpiceJet airlines have
cast 'significant' doubts on the ailing company's future. The
low-cost carrier incurred a loss of INR310 crore in the quarter
ended Sept. 30, 2014, down 45% from the loss of INR560 crore in
same period last fiscal.
"As of that date (Sept. 30, 2014) the company's total liabilities
exceed its total assets by INR1,459.7 crore. These conditions
. . . indicate the existence of a material uncertainty that may
cast significant doubt about the company's ability to continue as
auditors point out that SpiceJet had made no provision for
interest of INR7.5 crore. "Had the same been accounted for, the
net loss for the quarter ended Sept.30, 2014, would have been
higher by INR7.5 crore," the auditor said.
SRI BAJRANG: CARE Reaffirms B+ Rating on INR12cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sri Bajrang Seeds.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12 CARE B+ Reaffirmed
Rating Rationale
The rating continues to remain constrained by the small scale of
operations of Sri Bajrang Seeds (SBS), low profitability margins,
leveraged capital structure and weak debt service coverage
indicators. The rating is further constrained by SBS's presence in
a highly fragmented & seasonal agro-based industry and its
constitution as a partnership concern.
The rating continues to draw comfort from the experienced partners
and its favorable location being present in the agro processing
cluster of Uttarakhand.
Going forward, increase in the scale of operations with an
improvement in profitability and capital structure shall be the
key rating sensitivities.
SBS, based in Gadarpur, Uttarakhand, was incorporated in 1997 as a
partnership firm engaged in the processing and trading of wheat
and paddy seeds, with four partners, viz, Mr Virendra Kumar, Mr
Shyam Lal, Ms Sweta Rani and Ms Suman Rani sharing equal profit
and loss. Currently, the firm is managed by Mr Virendra Kumar and
Ms Sweta Rani, while the other two partners (Mr Shyam Lal and Ms
Suman Rani) have retired from the partnership in 2012. Mr Virendra
Kumar has around two decades of experience in the processing of
seeds and looks after the overall operations of the firm. SBS
purchases the breeder seeds (raw seeds) of wheat and paddy from
the state authorities or agriculture universities.
These seeds are sold to farmers for up-gradation to foundation
seeds. Foundation seeds are then repurchased back from the farmers
for further germination and for producing final seeds as per the
specifications of State Certification Agency (for agriculture
seed). Post certification, these seeds are sold commercially in a
packed form.
For FY14 (refers to the period April 1 to March 31) SBS achieved a
total operating income of INR15.34 crore and PAT of INR0.13 crore
as compared with a total operating income of INR12.76 crore and
PAT of INR0.01 crore for FY13. The firm has achieved around
INR11.55 crore till November 30, 2014.
STAR RISING: CRISIL Assigns B+ Rating to INR55MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/ CRISIL A4' ratings to
the bank facilities of Star Rising Energy Pvt Ltd (SREPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 35 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 55 CRISIL B+/Stable
Bank Guarantee 15 CRISIL A4
Cash Credit 20 CRISIL B+/Stable
The ratings reflect the SREPL's modest scale of operations in
intensely competitive market and below average financial risk
profile marked by low networth and large working capital
requirements. These rating weaknesses are partially offset by
promoters' extensive experience in the power transmission
equipment industry.
Outlook: Stable
CRISIL expects that SREPL to benefit from the promoters extensive
industry experience and their funding support. The outlook maybe
revised to 'Positive' in case the company reports significantly
better than expected cash accruals along with efficient working
capital management after commencement of the new phase of
operations. Conversely, the outlook maybe revised to 'Negative' in
case of any lower than expected cash accruals or larger than
expected working capital requirements exerting further pressure on
the company's liquidity.
Incorporated in July 2012, SREPL is primarily engaged in trading
and manufacturing of power transmission equipments namely
Isolators, Air Break Switches, D.O.Fuses, Lightning Arrestors,
Control Panel Boxes, Autoreclosers. This equipment are
manufactured at facility located at VKI Industrial Area, Jaipur.
The day to day operations are managed by Mr. Vinod Bargoti.
SUPRIME STEEL: ICRA Suspends B+ Rating on INR2.0cr LT Loan
----------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]B+ assigned to
the INR2.00 Crore Fund based facility and the short term rating of
[ICRA]A4 assigned to the INR3.50 Crore Non-fund based facility of
Suprime Steel Industries. The suspension follows ICRA's inability
to carry out a rating surveillance, in the absence of the
requisite information from the company.
TRIBHUVAN SPINTEX: ICRA Reaffirms B+ Rating on INR26.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR9.00 crore cash
credit facility and INR26.50 crore term loan facility of Tribhuvan
Spintex Private Limited. ICRA has also reaffirmed the [ICRA]A4
rating to the INR1.46 crore short term non-fund based limits of
TSPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 26.50 [ICRA]B+ reaffirmed
Cash Credit 9.00 [ICRA]B+ reaffirmed
Bank Guarantee 1.30 [ICRA]A4 reaffirmed
Credit Exposure Limit 0.16 [ICRA]A4 reaffirmed
The assigned ratings continue to be constrained by the highly
competitive business environment given the fragmented nature of
cotton industry thus, limiting the company's ability to fully pass
on the increase in raw material prices; and vulnerability of
profitability to unexpected movements in cotton prices which are
in turn subject to seasonality and crop harvest. ICRA also takes
notes of the debt funded project undertaken by the company leading
to stretched capital structure and high working capital intensity
of its operations.
The ratings, however, favorably take into account the experience
of management in the cotton industry and close proximity to raw
material sources as the company is located in a major cotton
growing belt of India.
Tribhuvan Spintex Private Limited (TSPL) was incorporated in May
2011 by Mr. Pankaj Talati and Mr. Devjibhai Kanani along with
other shareholders. TSPL is engaged in cotton yarn spinning with
installed capacity to manufacture 2473 TPA of 30 count combed
hosiery cotton yarn.
Recent Results
During FY 2014, the company reported net profit of INR0.10 crore
on an operating income of INR63.76 crore as against net loss of
INR0.27 crore on an operating income of INR1.77 crore in FY 2013.
VARMORA FURNITURE: CRISIL Reaffirms B+ Rating on INR123.8MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Varmora Furniture Pvt
Ltd (VFPL; part of the Varmora group) continue to reflect the
Varmora group's modest scale of operations in the highly
competitive home products industry, and its weak financial risk
profile, marked by high gearing and weak debt protection metrics.
These rating weaknesses are partially offset by the financial
support that the group is expected to receive from its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4 (Reaffirmed)
Cash Credit 30 CRISIL B+/Stable (Reaffirmed)
Foreign Exchange 2 CRISIL A4 (Reaffirmed)
Forward
Letter of Credit 30 CRISIL A4 (Reaffirmed)
Term Loan 123.8 CRISIL B+/Stable (Reaffirmed)
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of VFPL, Varmora Plastech Pvt Ltd (VPPL),
and Varmora Homeware Pvt Ltd (VHPL). This is because the three
companies, together referred to as the Varmora group, have
significant operational linkages.
Outlook: Stable
CRISIL believes that the Varmora group will continue to benefit
over the medium term from financial support extended by its
promoters. The outlook may be revised to 'Positive' if group
reports a substantial increase in its revenue and profitability,
leading to higher cash accruals, or if its working capital
management improves, resulting in a better capital structure.
Conversely, the outlook may be revised to 'Negative' if the
Varmora group's debt protection metrics weaken on account of low
profitability, or if it undertakes a large debt-funded capital
expenditure (capex) programme, resulting in deterioration in its
capital structure.
Update
For 2013-14 (refers to financial year, April 1 to March 31), the
Varmora group reported net sales of INR100.8 million, with all
three companies commencing operations around the middle of
February 2014. The group's operating margin for the year was 15.1
per cent. For the six month ended September 30, 2014, the group
reported net sales of INR260 million, driven by the favourable
market response for its product launches in the moulded furniture
segment as well as in its home products line including storage and
service products. CRISIL believes that the Varmora group's scale
of operation and operating profitability will improve over the
medium term with stabilisation of its facilities and better
response for its range of more than 135 products.
The Varmora group's operations are working capital intensive in
nature, with gross current asset of 124 days as on March 31, 2014,
mainly driven by high inventory requirements. CRISIL believes that
with the increase in its scale of operations, the group's working
capital requirements will remain high over the medium term. The
Varmora group plans a capex of INR145.2 million in VFPL and VPPL
to enhance capacities and increase the product range. CRISIL
believes that with the current capex, and moderate equity infusion
of INR25 million and INR18 million in VPPL and VFPL, respectively,
the group's gearing will remain at around 2 times over the medium
term.
The Varmora group has moderate liquidity, with average bank line
utilisation of around 85 per cent during the 12 months ended
August 31, 2014. Its accruals are expected to remain sufficient to
meet its term debt obligations of INR10.42 million and INR31.2
million in 2014-15 and 2015-16, respectively.
The Varmora group reported a net loss of INR14.3 million on net
sales of INR100.8 million for 2013-14.
VFPL, VPPL, and VHPL were established in May 2013 in Ahmedabad
(Gujarat). The Varmora group manufactures moulded plastic
products. VPPL manufactures home products such as lunch boxes,
dinner sets, and containers. VFPL manufactures furniture such as
tables, chairs, and toy chairs, and also industrial pallets. VHPL
manufactures bathroom accessories, dustbins, and other products.
VENKATESHWARA COTTON: CARE Revises Rating on INR8.92cr Loan to B+
-----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Venkateshwara
Cotton Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.92 CARE B+ Revised from
CARE B
Rating Rationale
The revision in the rating assigned to the bank facilities of
Venkateshwara Cotton MIlls (VCM) was on account of successful
completion of capex and commencement of commercial operations
during FY14 (refers to the period April 1 to March 31) and
increase in operating income during 9MFY15.
The rating, however, continues to remain constrained on account of
constitution as a partnership firm and presence in the highly
fragmented cotton ginning industry with limited value addition,
seasonality associated with raw material availability and prices
and supply for cotton being highly regulated by the government.
The rating also factors in the weak financial profile marked by
thin profitability, leveraged capital structure and working
capital intensive nature of operations.
The rating continues to draw strength from vast experience of the
promoters and geographically diversified operations.
The ability of VCM to increase the scale of operations, improve
profitability and capital structure along with efficient
management of its working capital requirements remain the key
rating sensitivities.
Venkateshwara Cotton Mills (VCM) was incorporated on April 12,
2013 as a partnership firm by Mr Ravi Kumar Rameshwar Garg, Mr
Gokulsingh, Mr Chunnilal Dhobal, Mr Gopaldas Ramdayal Mittal and
Mr Pavan Manoharlal Mittal.
VCM has its cotton ginning & pressing unit located at
Sadashivepet, Andhra Pradesh having processing capacity of 25,000
bales per month. All partners of the firm are dealing in cotton
business as a partner in various firms of Suraj group of
Sendhwa i e Radha Madhav Trading Co. (RMTC), Suraj Cotex (SC;
rated as BWR B+ in October 2014), Suraj Fibers (SF).
During FY14, VCM earned a net profit of INR0.14 crore on a total
operating income (TOI) of INR23.19 crore.
VIJAYAWADA HOSPITALITIES: CRISIL Ups Rating on INR65MM Loan to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Vijayawada Hospitalities Pvt Ltd (VHPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 7.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term 2.5 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
Rupee Term Loan 65.0 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects the improvement in VHPL's business
risk profile driven by a steady increase in its revenues,
supported by an increase in occupancy levels, and profit margins.
The upgrade also reflects the increase in the company's net worth,
which has enhanced its financial flexibility, and the subsequent
improvement in its capital structure. CRISIL believes that VHPL
will sustain the improvement in its capital structure over the
medium term supported by consistent growth in its net worth and
repayment of term loans.
VHPL's revenue is expected to register a compound annual growth
rate of around 15 per cent from 2012-13 (refers to financial year,
April 1 to March 31) to 2014-15 on the back of increase in its
occupancy levels. The company's net profit margin is also expected
to increase to around 4.5 per cent from 2.3 per cent over this
period, driven by its cost-reduction initiatives and lower
interest expense due to a decline in debt. CRISIL believes that
VHPL will register an annual revenue growth of 12 per cent to 15
per cent over the medium term, with room demand expected to
improve as the resolution of the Telangana row is likely to ensure
some political stability.
VHPL's net worth is expected to increase to INR65 million as on
March 31, 2015 from INR37 million as on March 31, 2013 on the back
of moderate accretion to reserves. Consequently, its gearing is
expected to decline to 0.7 times from 1.6 times over this period.
The company's gearing is expected to remain further decline to
around 0.5 times as on March 31, 2016 on the back of consistent
growth in its net worth and repayment of term loans.
The rating reflects the high degree of geographic concentration in
VHPL's revenue profile, its exposure to intense competition and
cyclicality in the hotel industry, and its modest net worth
limiting its financial flexibility. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the hotel industry, and its established brand -
Minerva. The ratings of the company are also supported by its
above-average financial risk profile marked by its low gearing and
above-average debt protection metrics.
Outlook: Stable
CRISIL believes that VHPL will continue to benefit over the medium
term from its established brand and its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
there is a significant and sustained improvement in the company's
profitability margins, while it registers a moderate revenue
growth, or there is a substantial improvement in its net-worth on
the back of sizeable equity infusion from its promoters.
Conversely, the outlook may be revised to 'Negative' in case of a
steep decline in VHPL's profitability margins, or significant
deterioration in its capital structure caused most likely by large
debt-funded capital expenditure.
VHPL, set up by Mr. A Vijayavardhan Reddy, operates a three-star
hotel, Minerva Grand, in Vijayawada (Andhra Pradesh). The hotel
has 40 rooms, a multi-cuisine restaurant and bar, and a banquet
hall. The hotel commenced operations in 2010.
=========
J A P A N
=========
MINOYA KICHIBEE: Files For Bankruptcy Protection
------------------------------------------------
Jun Hongo at The Wall Street Journal's Japan Real Time reports
that a steamed fish-paste maker founded during the feudal era in
the 16th century filed for court protection under Japan's
bankruptcy laws after more than 450 years in business, the company
said on Jan. 30.
Minoya Kichibee, based in Odawara, Kanagawa prefecture, was
founded around 1550 and sells items including pickled plums,
salted squid guts and fish-paste products. It is now being managed
by the 22nd owner in company history, a spokesman at the company
told Japan Real Time.
According to the report, Minoya Kichibee filed at the Odawara
branch of the Yokohama District Court on Jan. 28 with
approximately JPY3 billion ($25 million) in liabilities. It will
continue operations while seeking rehabilitation under court
supervision, the spokesman said. He declined to give the reasons
for the filing, Japan Real Time notes.
Japan Real Time, citing Minoya Kichibee's website, relays the
company's founder was a member of the powerful Azai clan who moved
from central Japan to what is today Odawara. About 350 years ago,
the company came up with its original recipe for shio-kara, or
salted squid guts, which are often consumed with sake. It became a
popular gift for customers traveling from and to Tokyo, which was
then known as Edo, according to the company website.
=====================
P H I L I P P I N E S
=====================
SECURITY BANK: Fitch Assigns 'BB' Rating to USD300MM Sr. Notes
--------------------------------------------------------------
Fitch Ratings has assigned Philippines-based Security Bank
Corporation's (Security Bank; BB/Stable) USD300m 3.95% senior
notes due 2020 a final rating of 'BB'.
The proceeds will be used to extend term liabilities and expand
the foreign currency deposit unit funding base.
KEY RATING DRIVERS
The senior notes are rated at the same level as Security Bank's
'BB' Long-Term Issuer Default Rating (IDR). This is because the
notes constitute direct, unconditional and unsecured obligations
of the bank, and rank equally with all its other unsecured and
unsubordinated obligations.
RATING SENSITIVITIES
The rating on the notes is sensitive to changes in Security Bank's
IDR, which is driven by its Viability Rating of 'bb'. The bank's
ratings were last reviewed in July 2014.
Security Bank's credit profile continues to support its ratings.
Capitalisation remains satisfactory with a core equity Tier 1
ratio of 14.3% at end-September 2014, sustained by steady internal
capital generation, while the total capital adequacy ratio stood
at 18.5%, boosted by the bank's PHP10bn Basel III-eligible Tier 2
capital raising in July 2014. Asset quality is still benign (the
non-performing loan ratio is stable at around 1.0%), and the
loan/deposit ratio remained steady at around 80% at end-September
2014.
Security Bank's other ratings are:
Long-Term Foreign-Currency IDR 'BB'; Outlook Stable
Long-Term Local-Currency IDR 'BB'; Outlook Stable
Short-Term Foreign-Currency IDR 'B'
National Long-Term Rating 'AA-(phl)'; Outlook Stable
Viability Rating 'bb'
Support Rating '3'
Support Rating Floor 'BB-'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 26 to Jan. 30, 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 ***