/raid1/www/Hosts/bankrupt/TCRAP_Public/150217.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 17, 2015, Vol. 18, No. 033
Headlines
A U S T R A L I A
1 DENISON: First Creditors' Meeting Slated For Feb. 24
BUTTERWORTH BAR: Benefit Launched for Workers of Restaurant
DL EMPLOYMENT: Darrell Lea Workers Lose AUD400,000 in Pay
HI-FI BAR: Three Live Music Venues Up For Sale
KEEFORCE GROUP: Placed in Liquidation
KENOSS CONTRACTORS: Manager Defends Himself in Hearing
C H I N A
CHINA GINSENG: Incurs $746,000 Net Loss in Second Quarter
KAISA GROUP: Sees "Substantial" Decline in 2014 Profit
KAISA GROUP: Bonds Slip Further Into Distressed Level
H O N G K O N G
ASIA TELEVISION: Secretary Warns of Tribunal Over Unpaid Salaries
I N D I A
APT PACKAGING: CRISIL Cuts Rating on INR82.1MM Term Loan to D
BAJRANG GINNING: ICRA Suspends B+ Rating on INR5cr Long Term Loan
BALKRUSHNA COTEX: CRISIL Reaffirms B+ Rating on INR150MM Loan
BHAGYANAGAR CHLORIDES: CRISIL Reaffirms D Rating on INR50MM Loan
CHARLY FISHERIES: CRISIL Reaffirms B+ Rating on INR8MM Bank Loan
CONTROLS & SCHEMATICS: ICRA Cuts Long Term Rating to B
DEVKINANDAN PAPERMILL: ICRA Rates INR6cr Cash Credit at B+
HARIRAM PACKAGING: CRISIL Reaffirms B+ Rating on INR90MM Loan
HEM MOTOR: CRISIL Reaffirms 'B-' Rating on INR120M Loan
HIMALAY COLD: CRISIL Assigns B Rating to INR60MM Overdraft Loan
HOIN MAL: ICRA Assigns B+ Rating to INR9.90cr Cash Credit
HORIZON DREAM: ICRA Cuts Rating on INR9.80cr Fund Based Loan to D
JONNA IRON: ICRA Assigns B+ Rating to INR12cr Fund Based Loan
KANMANI POULTRY: CRISIL Reaffirms B- Rating on INR74.5MM LT Loan
KDS GREENLAND: ICRA Suspends B Rating on INR7.0cr Fund Based Loan
KESORAM INDUSTRIES: To Hive Off Loss Making Tyre Unit
KG CABLES: CRISIL Suspends D Rating on INR160MM Letter of Credit
KINJAL CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR200MM Loan
KK POLYCOLOR: CRISIL Cuts Rating on INR90MM Cash Loan to 'D'
LAGGAR INDUSTRIES: CRISIL Suspends B Rating on INR140MM Cash Loan
LEBURU CONSTRUCTIONS: CRISIL Puts B Rating on INR48.5MM Cash Loan
MAHALAXMI COTTON: CRISIL Assigns B Rating to INR60MM Cash Credit
MEHRA POLYTEX: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
MIRACLE CABLES: CRISIL Suspends B+ Rating on INR120MM Cash Loan
MITTAL COT: ICRA Assigns B Rating to INR4.0cr Cash Credit Limit
MOR FARMS: CRISIL Rates INR114.2MM Loan at B-; Suspension Revoked
MVM HANDICRAFTS: CRISIL Suspends D Rating on INR94.7MM Term Loan
OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR18.4MM Loan
PHOENIX ISPAT: CRISIL Assigns B+ Rating to INR102.5MM Bank Loan
RAHEE INFRATECH: CRISIL Assigns B- Rating to INR730MM Cash Loan
RAMKY INFRASTRUCTURE: Posts INR149.72cr Loss in Q3 Ended Dec. 31
REFRATHERM INTERNATIONAL: ICRA Rates INR15.10cr Cash Loan at B+
RUNGTA PROJECTS: CRISIL Reaffirms D Rating on INR500MM Cash Loan
SAI SABURI: CRISIL Cuts Rating on INR60MM LT Term Loan to 'D'
SANPRO CHEMICALS: CRISIL Suspends D Rating on INR90MM Cash Loan
SEACOM MARINE: CRISIL Reaffirms D Rating on INR434.8MM Term Loan
SELMEC ENGINEERING: CRISIL Rates INR5MM Cash Credit at B+
SHAKEEL HAIDER: ICRA Puts D Rating on INR9cr Non Fund Based Loan
SHIVAM MOTORS: ICRA Reaffirms B+ Rating on INR48cr Cash Credit
SHREEGOPAL CONCRETE: CRISIL Reaffirms B+ Rating on INR340MM Loan
SHRI RAMANA: CRISIL Suspends D Rating on INR47.5MM Cash Credit
SOHAM RENEWABLE: ICRA Reaffirms B Rating on INR38.70cr Term Loan
SPICEJET LTD: Loss Widens to INR275cr in Q3 FY2015
SRS MEDITECH: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
STANDARD BRICK: ICRA Assigns D Rating to INR60cr Term Loan
STP LIMITED: ICRA Assigns B- Rating to INR24cr Cash Credit
SUHANI KNITFAB: ICRA Assigns B+ Rating to INR9.42cr LT Bank Loan
TIRUPATI TUBES: ICRA Suspends B+ Rating on INR6.40cr Cash Credit
J A P A N
JAPAN: Exits Recession as GDP Expands 2.2% in Q4
N E W Z E A L A N D
EHOME NZ: Goes Into Receivership, Confident of Sale
MANA TRANSPORT: Placed Into Liquidation
X X X X X X X X
* BOND PRICING: For the Week Feb. 9 to Feb. 13, 2015
- - - - -
=================
A U S T R A L I A
=================
1 DENISON: First Creditors' Meeting Slated For Feb. 24
------------------------------------------------------
Philip Carter and Marcus Ayres of PPB Advisory were appointed as
administrators of 1 Denison Street Holdings Pty Ltd on Feb. 12,
2015.
A first meeting of the creditors of the Company will be held at
Wesley Conference Centre, 220 Pitt Street, in Sydney, on
Feb. 24, 2015, at 10:30 a.m.
BUTTERWORTH BAR: Benefit Launched for Workers of Restaurant
-----------------------------------------------------------
Hospitality Magazine reports that Perth restaurateur Scott Taylor
together with business partner James Connolly, have launched a
benefit for workers affected by the collapse of Perth restaurant
Butterworth Bar & Kitchen.
Less than two years after opening, the inner-city restaurant went
into liquidation, allegedly owing over 30 staff members tens of
thousands of dollars in entitlements, The West reported, according
to Hospitality Magazine.
The report notes that Mr. Taylor, who runs Beaufort Street
Merchant, The Trustee and Enrique's School For To Bullfighting
decided to take it upon himself to organize an event aimed at
rising money for the affected workers at Perth rum bar, Angel's
Cut by The Trustee on February 23.
The report relays that Mr. Taylor said that half of the takings
from the night will be distributed to the workers.
"Regardless of whose fault it is, regardless of what happened . .
. my heart just went out to them. I thought I've just got to do
something," the report quoted Mr. Taylor as saying.
The report notes that Mr. Taylor said that he decided to host the
event on a Monday night in the hope of getting fellow hospitality
workers involved.
Angel's Cut by The Trustee is located at 133 St Georges Terrace,
Perth.
DL EMPLOYMENT: Darrell Lea Workers Lose AUD400,000 in Pay
---------------------------------------------------------
John Rolfe at News Corp Australia reports that a company that was
part of Darrell Lea has defied the Fair Work Commission by leaving
six Sydney workers more than AU400,000 out of pocket.
In a first, the company formerly responsible for employing Darrell
Lea staff -- DL Employment -- was ordered to pay redundancies but
has been liquidated instead, leaving workers without entitlements,
according to the report.
Darrell Lea is owned by Queensland-based dog-food millionaires
Tony and Christina Quinn.
The report recalls that in January, the Fair Work Commission told
DL Employment -- part of Darrell Lea, bought by the Quinn family
in 2012 -- to pay out the six workers because personal
circumstances meant it was not reasonable for the sweet-maker to
require them to journey to a new factory in the south-western
Sydney suburb of Ingleburn, 36 kilometres from the original
Kogarah site.
Instead of paying, DL Employment was placed in voluntary
administration, News Corp Australia relates.
"I don't have AUD400,000 to pay them," liquidator Jason Bettles, a
partner at Worrells, told News Corp Australia.
DL Employment doesn't even have AUD400 in the bank, according to a
directors' report seen by News Corp Australia.
The report adds that Mr. Bettles, who said he'd not seen a
liquidation like this, hopes to raise about AUD200,000 from an
annual leave kitty and tax overpayments.
For the remainder he's suggested the workers to turn to the
taxpayer via the Fair Entitlements Guarantee fund, the report
notes.
But the Australian Manufacturing Workers' Union, which represented
the employees at the commission, said the guarantee fund would not
cover employees short-changed in such circumstances, adds News
Corp Australia.
HI-FI BAR: Three Live Music Venues Up For Sale
----------------------------------------------
Eloise Keating at SmartCompany reports that three popular live
music venues in Melbourne, Brisbane and Sydney are for sale, after
collapsing into voluntary administration earlier this month.
According to the report, the Hi-Fi Bar chain is owned by former
Carlton Blues footballer Luke O'Sullivan and has hosted the likes
of homegrown bands Hunters and Collectors, Eskimo Joe and The Cat
Empire, and international drawcards No Doubt, the Foo Fighters and
Public Enemy.
But Simon Nelson of Romanis Cant was appointed as administrator of
each of the three venues on February 12 after a dispute with a
major creditor "could not be resolved," SmartCompany says.
"The creditor as a result put the business into voluntary
administration," SmartCompany quotes Hi-Fi group as saying in a
statement earlier this month. "However, it's business as usual in
all three venues."
Administrator Simon Nelson told Fairfax a new owner will be sought
for the business, according to SmartCompany.
"All three venues will continue to trade under my control with the
support of key employees, industry stakeholders, landlords and
other stakeholders," Mr. Nelson, as cited by SmartCompany, said.
The Melbourne Hi-Fi Bar was been operating since 1997, while the
Brisbane venue opened in 2009. A Sydney venue followed in 2012.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 16, 2015, Simon Patrick Nelson of Romanis Cant was appointed
as administrator of The Hi-Fi Brisbane Pty Ltd, The Hi-Fi Sydney
Pty Ltd, and The Hi-Fi Melbourne Pty Ltd on Feb. 12, 2015.
A first meeting for each of the Companies will be held at
Romanis Cant, Level 2, 106 Hardware Street, in Melbourne, on
Feb. 24, 2015, at 10:00 a.m., 10:30 a.m. and 11:00 a.m.,
respectively.
KEEFORCE GROUP: Placed in Liquidation
-------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Ferrier Hodgson,
the administrators of Keeforce and Fresh Produce Logistics,
announced the liquidation of all the parts of the business.
Customers were reportedly advised to get their goods in transit,
the report says.
The remaining employees of the transport group will be made
redundant, Dissolve.com.au relates.
Keeforce is one of Queensland's largest express linehaul carriers
servicing the East Coast and Darwin on behalf of a number of major
transport providers. It has additional locations in Melbourne and
Sydney and operates a very modern transport fleet. Fresh Produce
Logistics is a refrigerated freight business located in Bundaberg
and also operates a modern fleet. The business has additional,
strategically located operating premises including a dry
warehouse, cold storage and hand stand facilities. The Group was
established in 2002 and turnover is approximately AUD75 million.
Ferrier Hodgson's Brendan Richards, Will Colwell, and Tim Michael
were appointed as Voluntary Administrators of Brisbane-based
linehaul carriers, Keeforce Group and Fresh Produce Logistics
(FPL) on Jan. 28, 2015.
KENOSS CONTRACTORS: Manager Defends Himself in Hearing
------------------------------------------------------
The Canberra Times reports that a manager charged over the
electrocution death of a truck driver has decided to fight to
clear his name without a lawyer, telling a magistrate he once beat
a case in Switzerland using one word and a dictionary.
Failed company Kenoss Contractors and its former project manager
Munir al-Hasani are facing criminal charges over the accident at a
Turner work site in 2012, which killed Michael Booth, 48,
according to The Canberra Times.
The report notes that Mr. Booth was tipping his truck to offload
gravel at a dumping station when his trailer hit a power line.
The report relates that the company and Mr. Al-Hasani each face a
similar charge of failing to maintain safe work systems and a safe
work environment.
The report discloses that Kenoss has since gone into
administration, and its liquidators don't have the funds to appear
to defend the case.
That's left Mr. Al-Hasani, also known as Allan Hassani, to fight
the charges himself, the report relays.
Mr. Al-Hasani told the ACT Industrial Court that he has been
denied legal aid, and could not get a pro-bono lawyer, the report
relays.
Mr. Al-Hasani said he could not afford to pay for representation,
and committed to defending the case himself, the report notes.
Mr. Al-Hasani faces a maximum penalty of AU$300,000 if found
guilty, the report says.
The Crown, represented by Sara Gul, allege al-Hasani was in a
position of influence in the company and had a high degree of
control over its operation, the report notes.
It is alleged Mr. Al-Hasani failed to exercise due diligence to
ensure the company was following safe work practices, the report
relays.
Mr. Al-Hasani said he wished to clear his name, the report notes.
Industrial Magistrate Lorraine Walker acknowledged the hearing was
not going to be an easy process for Mr. Al-Hasani or for the
court, the report discloses.
The proceedings could also be complicated by the lack of
attendance by Kenoss, the report notes.
The case against them will proceed in their absence at the same
time as Mr. al-Hasani's hearing. It is set down for two days
starting next Feb. 23.
=========
C H I N A
=========
CHINA GINSENG: Incurs $746,000 Net Loss in Second Quarter
---------------------------------------------------------
China Ginseng Holdings, Inc., filed with the U.S. Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of $746,000 on $147,000 of revenues for the three
months ended Dec. 31, 2014, compared to a net loss of $514,000 on
$2.48 million of revenues for the same period a year ago.
For the six months ended Dec. 31, 2014, the Company reported a net
loss of $1.31 million on $152,000 of revenues compared to a net
loss of $770,300 on $2.54 million of revenues for the same period
during the prior year.
As of Dec. 31, 2014, China Ginseng had $9.03 million in total
assets, $15.8 million in total liabilities, and a $6.72 million
stockholders' deficit.
"Since our inception in 2004, we have been engaged in the business
of farming, processing, distribution and marketing of fresh
ginseng, dry ginseng, ginseng seeds, and seedlings. Starting in
August 2010, we have gradually shifted the focus of our business
from direct sales of ginseng to canned ginseng juice and have
started to store our raw material and sell limited self-produced
ginseng. We also purchase ginseng from outside sources, and then
resell them to generate revenue and those sales are based on the
order from the market. However, due to the global recession and
local market conditions, demand for ginseng exports declined
starting in 2008, creating a significant oversupply in China.
All those factors caused us to have losses in recent years. In
addition, market of ginseng products is very competitive; we need
to spend capital to promote our new products, and develop our
marketing plan. There is no assurance that there will be
sufficient demand for our ginseng beverages to allow us to operate
profitably, or at all. Our auditors have determined that we do
not currently have sufficient working capital necessary and have
raised substantial doubt about our ability to continue as a going
concern. As of Dec. 31, 2014, the cash balance on hand for the
Company was about $132,215," the Company stated in the Report.
A full-text copy of the Form 10-Q is available for free at:
http://is.gd/jcZpps
About China Ginseng
Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China. The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards. However, recent harvests of grapes showed
poor quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.
China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.
Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014. The independent auditors noted
that the Company has incurred an accumulated deficit of
$14.2 million since inception, has a working capital deficit of
$11.6 million, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully. These conditions raise substantial
doubt about its ability to continue as a going concern.
KAISA GROUP: Sees "Substantial" Decline in 2014 Profit
------------------------------------------------------
Bloomberg News reports that Kaisa Group Holdings Ltd., the
troubled developer being acquired by Sunac China Holdings Ltd.,
said it expects a "substantial" decline in its 2014 profit.
A debt restructuring needs to be expedited given the company's
financial position and its future obligations, Shenzhen-based
Kaisa said in a Hong Kong exchange filing on Feb. 16, Bloomberg
relates. The stock was suspended before the release, the report
says.
According to the report, Kaisa narrowly avoided becoming the first
Chinese real-estate company to default on its U.S. currency debt
after making a coupon payment on $500 million of bonds due in 2020
earlier this month.
Bloomberg says Sunac, a developer based in the northern Chinese
city of Tianjin, bought a 49.3 percent stake in Kaisa on Jan. 30,
and on Feb. 6 proposed buying the shares it doesn't already own at
HK$1.80 apiece.
Kaisa last traded at HK$1.71. The stock has slumped 39 percent in
the past six months, Bloomberg notes.
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
Feb. 11, 2015, Moody's Investors Service placed Kaisa Group
Holdings Ltd's Ca corporate family and senior unsecured debt
ratings under review for upgrade.
On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.
On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.
The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.
KAISA GROUP: Bonds Slip Further Into Distressed Level
-----------------------------------------------------
David Yong and Christopher Langner at Bloomberg News report that
Kaisa Group Holdings Ltd.'s dollar bonds slipped further into
distressed territory as the trouble developer halted trade in its
shares, pending the release of inside information.
The company's $800 million of 8.875 percent notes due 2018 fell
0.8 cents to 60.6 cents on the dollar as of 12:02 p.m. [Feb. 15]
in Hong Kong, yielding 29 percent, according to prices compiled by
Bloomberg. Its 10.25 percent 2020 debentures dropped 0.9 cents to
60.9 cents, to yield 24.4 percent, Bloomberg discloses.
According to Bloomberg, Sunac China Holdings Ltd., another
developer based in the northern Chinese city of Tianjin, bought a
49.3 percent stake in Kaisa on Jan. 30 and on Feb. 6, proposed
buying the rest of the shares it doesn't already own at HK$1.80
apiece. Shares in Kaisa rallied 4.3 percent on Feb. 13 to close at
HK$1.71.
Bloomberg relates that Sunac also plans to cancel 176 million
stock options and buy back Kaisa's yuan-denominated 2015
convertible notes at 68 percent of their face value. The
securities, sold at par, or 100 percent, in 2010, can be converted
into Kaisa shares at HK$2.64 and are currently trading at about
79.1 percent of face value.
"Sunac has got a reasonable position of power because there
doesn't appear to be other companies looking at acquiring Kaisa,"
Bloomberg quotes Ashley Perrott, the head of pan Asia fixed income
in Singapore UBS Global Asset Management, which owns some of Kaisa
notes, as saying. "They could use that as a bargaining tool."
Bloomberg recalls that Kaisa, based in southern Chinese city of
Shenzhen, said in a Feb. 11 stock exchange filing it expects
"material modifications" to offshore obligations, and lenders and
bondholders shouldn't expect principal and interest payments to be
in line with existing terms. The developer is under investigation
over alleged links to a senior official in Shenzhen who's the
subject of a graft probe, people familiar with the matter said on
Jan. 13, and has had several of its projects in the city blocked,
the report recounts.
According to the report, the company has hired Houlihan Lokey
China Ltd. to provide advice on capital structure. Houlihan Lokey
has already started contacting Kaisa's bondholders, seeking
feedback on what kind of return they would accept on their debt
and other things like coupon delays and maturity extensions, three
people familiar with the matter told Bloomberg. No firm plans are
on the table yet, they said, asking not to be identified because
the details are private, Bloomberg relays. Brandon Gale, a
representative for Kaisa at Houlihan Lokey, didn't immediately
reply to an e-mail and two telephone calls seeking comment,
Bloomberg notes.
Offshore noteholders aren't being afforded the same treatment as
onshore creditors, and are losing out, according to Benjamin
Chekroun, a money manager in Paris at Neuflize OBC
Investissements, a unit of ABN Amro Bank NV that managed 187
billion euros ($213 billion) at the end of September, including
some of Kaisa's convertible debentures, Bloomberg relays.
Bloomberg notes that Kaisa narrowly avoided becoming the first
Chinese real estate company to default on its U.S. currency debt
after making a coupon payment on its $500 million of 2020 bonds
earlier this month. Kaisa must pay $16.1 million of interest March
18 on its $250 million of bonds due 2017, and $35.5 million March
19 on its $800 million securities due 2018, Bloomberg-compiled
data show.
Bonds are technically considered to be trading in distressed
territory when they yield 1,000 basis points, or 10 percentage
points, or more over similar maturity U.S. Treasuries, Bloomberg
says. Yields on Kaisa's 2018 notes jumped to as high as 61.8
percent on Jan. 7 when prices touched 29.6 cents on the dollar,
Bloomberg discloses.
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
Feb. 11, 2015, Moody's Investors Service placed Kaisa Group
Holdings Ltd's Ca corporate family and senior unsecured debt
ratings under review for upgrade.
On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.
On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.
The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.
================
H O N G K O N G
================
ASIA TELEVISION: Secretary Warns of Tribunal Over Unpaid Salaries
-----------------------------------------------------------------
China Morning Post reports that Labor Secretary Matthew Cheung
Kin-chung warned major shareholders of beleaguered Asia Television
Limited to pay their staff, adding that the government would help
employees pursue claims at the Labor Tribunal.
This was a scenario he said might ultimately lead to the
broadcaster's liquidation, according to China Morning Post.
"We will definitely help the employees to pursue the unpaid
salaries, and to make sure their rights are not undermined," the
report quoted Mr. Cheung as saying.
"As long as it is the wish of the employee, we will assist them to
file claims to the tribunal; once this happens, ATV may well be
heading towards liquidation," Mr. Cheung added.
The report notes that Mr. Cheung urged ATV's shareholders to look
beyond their own interests and be "rational" with the station's
financial issues.
Roughly 10 per cent of staff are still owed wages for December, to
the tune of HK$2 million, the report relates. None of the
station's employees have been paid for January yet.
Meanwhile, the broadcaster's executive director Ip Ka-po said an
earlier decision by the station to quadruple its advertising fees,
leading to a fall in revenue, is one of the reasons for ATV's
current predicament, the report notes.
In an interview with TVB -- ATV's only competitor in the city's
free-to-air TV market -- Mr. Ka-po said that even after it
receives an undisclosed sum from the sale of farmland in Tsuen Wan
later this week, it will still need HK$15 million to pay its
outstanding license fee and wages, the report discloses.
"If we were to continue operating, charging the same rates for
advertising [we used to charge clients before the price rise],
even if we sold all the slots we would still be running at a
loss," Mr. Ka-po said in the interview, the report relays.
"[We made that decision] because we realized that the prices we
charged were much lower than that of other media outlets. And back
then, even though our ratings lagged behind [others], the
difference was not as great as most people might have thought,"
Mr. Ka-po said, the report notes.
Mr. Ka-po also said a change in programming policy to focus more
on current affairs -- after Wong Ching acquired the majority
holding in ATV in 2010 -- was not welcomed by viewers. Mr. Wong,
who said ATV owed him HK$1.8 billion, agreed to reduce his claim
to HK$900 million to make the station more appealing to potential
investors, Mr. Ka-po said, the report notes.
Mr. Ka-po also admitted uncertainty over the station's license
renewal would deter potential buyers, the report adds.
=========
I N D I A
=========
APT PACKAGING: CRISIL Cuts Rating on INR82.1MM Term Loan to D
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Apt Packaging Ltd to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit-Book 22.5 CRISIL D (Downgraded from
Debt 'CRISIL B-/Stable')
Cash Credit-Stoc 22 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Letter of Credit 21 CRISIL D (Downgraded from
'CRISIL A4')
Packing Credit 11 CRISIL D (Downgraded from
'CRISIL A4')
Post Shipment Credit 11 CRISIL D (Downgraded from
'CRISIL A4')
Rupee Term Loan 82.1 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The rating downgrade reflects delays in servicing of term loan by
Apt; the delays are on account of the company's weak liquidity
arising from operating losses over the past four years because of
high interest cost. The company had undertaken a large capital
expenditure (capex) programme to set up a plant in Haridwar
(Uttarakhand) to take advantage of the excise duty exemption
offered by the state government. The company contracted a large
loan to finance the capex, which has resulted in a substantial
interest burden on it. Its operating profit is lower than its
interest cost leading to losses at the operating level.
Apt also has a weak financial risk profile, marked by a small net
worth, high gearing, and weak debt protection metrics, and small
scale of operations. However, the company benefits from its
established relationships with customers.
Apt was established in 1979 as Anil Chemicals Pvt Ltd, and was
listed on the Bombay Stock Exchange in 1985 as Anil Chemicals and
Industries Ltd; it got its present name in 2008. Apt manufactures
coextruded plastic tubes for pharmaceutical and fast-moving
consumer goods companies. The company was discharged from the
Board for Industrial and Financial Reconstruction in June 2011.
BAJRANG GINNING: ICRA Suspends B+ Rating on INR5cr Long Term Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating to the INR5.00 crore bank
facilities of Bajrang Ginning and Pressing Factory. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term - Fund 5.00 [ICRA]B+ Suspended
Based Limits
Established in 2009, Bajrang Ginning & Pressing Factory (BGPF) is
a partnership firm owned and managed by Mr. Ramesh Bodar, Mr.
Hitesh Bodar and the other members of Bodar family. It deals in S-
6 variety of cotton and is involved in ginning of raw cotton to
produce cotton bales and cotton seeds. The firm started its
operations with 18 fully automated ginning machines and has added
6 more machines in October 2010 resulting in an intake capacity of
30,000 MTPA. The firm has two sister concerns namely M/s Ravi
Trading Co and M/s Rameshbhai Vithalbhai, involved in trading of
raw cotton.
BALKRUSHNA COTEX: CRISIL Reaffirms B+ Rating on INR150MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balkrushna
Cotex Private Limited (BCPL) continues to reflect BCPL's modest
scale of operations in a highly fragmented industry coupled with
company's exposure to intense competition and susceptibility to
changes in government policies.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 8.1 CRISIL B+/Stable (Reaffirmed)
Term Loan 16.9 CRISIL B+/Stable (Reaffirmed)
The ratings also take into account BCPL's average financial risk
profile, marked by a modest net worth, high gearing and modest
debt protection metrics. These rating weaknesses are partially
offset by the extensive experience of BCPL's promoter's in the
cotton industry.
Outlook: Stable
CRISIL believes that BCPL will continue to benefit over the medium
term from the extensive experience of its promoters . The outlook
may be revised to 'Positive' in case of a higher than expected
growth in revenue ,sustainable and significant increase in cash
accruals or in case of any large equity infusion lead to
improvement in capital structure. Conversely, the outlook may be
revised to 'Negative' if BCPL's profitability declines because of
volatility in cotton prices, or its financial risk profile,
particularly its liquidity, deteriorates because of a stretch in
working capital cycle, or larger-than-expected debt funded capex,
or if any change in government policy relating to the cotton
industry has a negative impact on its operations.
Balkrushna Cotex Private Limited (BCPL) was initially established
as a partnership firm in May 2011 under the name 'Balkrushna
Cotex' by Mr. Bhavdeepbhai Kantibhai Aghera, Mr. Ankitbhai
Amarshibhai Bhalodiya and their family members. The firm was
converted into a private limited company in November'13. The
Company has a cotton ginning and pressing unit located at Gondal
in Rajkot district of Gujarat with an installed capacity of around
230-250 bales/day.
BCPL reported a profit after tax (PAT) of INR0.04 million on net
sales of INR517.4 million in 2013-14 as against a net profit of
INR2.47 million on net sales of INR378.6 million in 2012-13.
BHAGYANAGAR CHLORIDES: CRISIL Reaffirms D Rating on INR50MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Bhagyanagar Chlorides
Pvt Ltd (BCPL) continue to reflect instances of delay by BCPL in
servicing its term debt; the delays have been caused by the
company's weak liquidity. BCPL also has modest scale of
operations, leading to low bargaining power. However, the company
benefits from the extensive industry experience of its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 42.5 CRISIL D (Reaffirmed)
Cash Credit 50 CRISIL D (Reaffirmed)
Long Term Loan 35 CRISIL D (Reaffirmed)
Proposed Cash Credit 22.5 CRISIL D (Reaffirmed)
Limit
Incorporated in 1991, BCPL is promoted by Mr. P Srinivasa Rao and
Mr. A V S Prasad. It has been in the business of processing
aluminium chloride anhydrous, an industrial chemical, for more
than two decades.
CHARLY FISHERIES: CRISIL Reaffirms B+ Rating on INR8MM Bank Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Charly Fisheries (CF)
continue to reflect CF's below-average financial risk profile,
marked by high gearing, and the firm's modest scale of operations
in the intensely competitive seafood industry. These rating
weaknesses are partially offset by the extensive industry
experience of CF's promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 60 CRISIL A4 (Reaffirmed)
Foreign Bill Purchase 20 CRISIL A4 (Reaffirmed)
Long Term Loan 2 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 8 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that CF will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports a
sustained increase in its revenue and profitability, leading to
improvement in its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if CF's financial risk profile
weakens, most likely because of decline in cash accrual, a large
debt-funded capital expenditure (capex), or sizeable capital
withdrawals by the promoters.
Update
CF reported operating income of INR249 million for 2013-14 (refers
to financial year, April 1 to March 31), up 18 per cent year-on-
year because of steady demand in the export market. The firm's
operating margin improved to 5.9 in 2013-14 from 4.7 in 2012-13,
primarily because of better realisations and favourable foreign
exchange rates. CRISIL believes that CF's business risk profile
will continue to improve over the medium term on account of steady
demand from its customers.
CF's financial risk profile is below average, marked by weak
capital structure. The firm had a modest net worth of INR14
million and gearing of 3.48 times as on March 31, 2014. The net
worth is expected to increase on account of equity infusion by the
promoters to support operations. The firm is likely to increase
its capacity over the medium term to cater to incremental demand,
and is likely to fund the capex of INR20 million in a debt-to-
equity ratio of 1:1. CRISIL believes that CF's financial risk
profile will improve over the medium term on account of steady
accretion to reserves and equity infusion.
CF has adequate liquidity marked by sufficient cash accruals to
meet debt obligations. The firm is likely to generate cash
accruals of INR14 million to INR21 million over the medium term
against debt obligation of INR2 million in 2014-15. CRISIL
believes that CF's liquidity will improve over the medium term
marked by sufficient cash accruals to meet debt obligations.
CF, set up in Kollam (Kerala) in 1997, exports seafood. The firm's
daily operations are managed by Mr. Charly Joseph.
CONTROLS & SCHEMATICS: ICRA Cuts Long Term Rating to B
------------------------------------------------------
ICRA has revised the long-term rating from [ICRA]B+ to [ICRA]B and
reaffirmed the short term rating of [ICRA]A4 assigned to the
INR0.60 crore term loan and INR4.00 crore fund-based limits and
INR12.00 crore non-fund based limits and INR0.40 crore proposed
limits of Controls & Schematics Limited.
The revision in the long-term rating takes into account the
deterioration in the company's financial risk profile
characterized by weakening in debt-protection metrics and de-
growth in operating income owing to reduced demand, particularly
from the company's main customer viz. BHEL, which accounts for
more than 70% of its overall sales. The rating is also constrained
by limited revenue visibility on account of modest order book
position and the intense competitive pressures from larger
established entities, which benefit from backward integration in
manufacturing of switchgear components. The ratings are also
tempered by CSL's high working capital intensity in the business,
its small scale of operations and vulnerability of profitability
to any adverse fluctuations in raw material/bought-out prices,
given the 'fixed-price' nature of most of the supply contracts.
The company's ability to improve its order book position as well
as to ensure timely execution of these orders within the budgeted
costs remains crucial from the credit perspective. The ratings,
however, favourably factor in the longstanding experience of the
company's promoter in manufacturing of control equipments and its
reputed client profile along with pre-qualification status
obtained from various PSUs and private companies.
Controls and Schematics Ltd. (CSL) was incorporated in 1971 as a
partnership firm by Mr. P.P. Reddy, Mr. A.A. Raje, Mr. A.M.
Bendrey, Mr. K.S. Reddy, Mrs. Lalitha Rajmal Davda and Mrs. Vimal
Deshmukh. The company undertakes total turnkey orders of Low
Tension Switchgear projects comprising of supply of equipments
like Motor Control Centre (MCC), Power Control Centre (PCC), Bus
Ducts, Distribution Boards and Push Button stations for process
industries and their erection and commissioning. Historically, the
company has maintained its focus towards the customers in power
sector and, to some extent, in refineries & petrochemicals. The
turnkey orders include design, engineering, manufacturing, supply,
erection and commissioning. At present, the company has only one
operational manufacturing facility at Hyderabad.
For FY 2014, CSL has reported a profit after tax (PAT) of INR0.10
crore on an operating income of INR16.8 crore. During six month
period ending September 2014, the company reported a PAT of
INR0.30 crore on an operating income of INR9.5 crore.
DEVKINANDAN PAPERMILL: ICRA Rates INR6cr Cash Credit at B+
----------------------------------------------------------
The rating of [ICRA]B+ has been assigned to the INR7.08 crore long
term fund based facilities of Devkinandan Paper Mills Private
Limited. The rating of [ICRA]A4 has also been assigned to the
INR0.50 crore short-term non-fund based facilities of DPMPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 6.00 [ICRA]B+ assigned
Term Loan 1.08 [ICRA]B+ assigned
Bank Guarantee 0.50 [ICRA]A4 assigned
The assigned ratings are constrained by the company's modest scale
of operations and lack of revenue diversification given its single
paper product portfolio and its weak financial risk profile as
characterized by low margins, weak coverage indicators and
significantly high working capital intensity. The ratings are
further constrained by the vulnerability of the company's
profitability to any adverse fluctuations in the prices of key
inputs intense competitive pressures in the business and exposure
to currency related fluctuations in the absence of a formal
hedging policy.
The ratings, however take comfort from the long track record of
the promoter in the kraft paper manufacturing and logistical
advantages accruing to the company on account of its facility
being located in Morbi in proximity to its customers.
Incorporated in 2002, Devkinandan Paper Mills Private Limited
(DPMPL) is engaged in manufacturing of Kraft paper for flexible
packaging applications. The manufacturing unit is located at
Morbi, Gujarat and has a current production capacity of 12,000
MTPA. Currently the company manufactures kraft paper in the range
of 80-180 GSM (grams per square meter) having a Burst Factor of
12-16 BF. The company's director Mr. Rasik Patel has an experience
of about eight years in the business of manufacturing kraft paper
by virtue of his past partnership in Divyang Paper Mills Private
Limited.
For the year ended March 31, 201 4 (provisional financials) the
company reported a profit after tax (PAT) of INR0.44 crore on an
operating income of INR22.80 crore as against a PAT of INR0.39
crore on an operating income of INR27.52 crore for the year ended
March 31, 2013.
HARIRAM PACKAGING: CRISIL Reaffirms B+ Rating on INR90MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed the rating of bank facilities of
Hariram Packaging & Polymers (HPP) at 'CRISIL B+/Stable/CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 70 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 90 CRISIL B+/Stable (Reaffirmed)
CRISIL's ratings on the bank facilities of HPP continue to reflect
the firm's weak financial risk profile, marked by low net worth,
high gearing, and below average debt protection metrics. The
rating weakness is partially offset by its established promoters
experience and long term relationship with clients.
Outlook: Stable
CRISIL believes that HPP will continue to benefit from its
established relations with customers and suppliers over the medium
term. The outlook may be revised to 'Positive' if the firm
significantly increases the scale of its operations and
profitability. Conversely, the outlook may be revised to
'Negative' if HPP's revenue or profitability decline sharply,
leading to further weakening or capital structure and debt
protection metrics, or if the firm undertakes debt-funded capital
expenditure, leading to further weakening of capital structure and
liquidity.
HPP is a del-credere and consignment agent of Haldia
Petrochemicals limited for polymer products such as HDPE and PP.
HPP was set up as a partnership firm by Mr. Dilip Murarka and his
wife, Mrs. Sandhya Murarka in Nagpur (Maharashtra) in 2001.
HPP reported net profit of INR1.12 million on sales of INR2.49
billion for 2013-14, against a net loss of INR3.73 million on
sales of INR3.22 billion for 2012-13.
HEM MOTOR: CRISIL Reaffirms 'B-' Rating on INR120M Loan
-------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Hem Motor
Division Pvt Ltd (HMDPL) continues to reflect HMDPL's weak
financial risk profile, marked by a small net worth, high gearing,
and weak debt protection metrics. The rating also factors in the
company's modest scale of operations with low profitability. These
rating weaknesses are partially offset by the extensive experience
of HMDPL's promoters in the automobile dealership business and its
established relationship with its principal, Tata Motors Ltd
(TML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 42.5 CRISIL B-/Stable (Reaffirmed)
Channel Financing 120 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that HMDPL will continue to benefit over the
medium term from its promoters' extensive industry experience and
its established relationship with TML. The outlook may be revised
to 'Positive' in case of significant improvement in the company's
financial risk profile, driven most likely by substantial cash
accruals or equity infusion, along with efficient working capital
management. Conversely, the outlook may be revised to 'Negative'
if HMDPL's liquidity weakens, most likely because of low cash
accruals, large working capital requirements, or substantial debt-
funded capital expenditure.
Update
In 2013-14 (refers to financial year, April 1 to March 31), HMDPL
clocked a turnover of INR450 million, down from INR932 million in
the previous year, in line with CRISIL's expectation. In 2014-15,
though the company's performance displayed signs of recovery in
the quarter through December 2014, its full year sales are
expected below INR300 million, constrained by sluggish automobile
demand. With continuously weakening topline and presence in the
low-margin auto dealership business, HMDPL's operating margin is
expected to remain low, around 1 per cent, over the medium term.
HMDPL's working capital requirements remain large because of
inventory of around two months. The company receives negligible
credit from TML.
HMDPL's financial risk profile remains weak, marked by small net
worth of INR0.5 million and high total outside liabilities to
tangible net worth ratio and gearing as on March 31, 2014. The
continued losses over the past couple of years have wiped out a
significant portion of the company's net worth. Large debt and
weak profitability have resulted in weak debt protection metrics.
The company's liquidity remains weak with continued cash losses
and fully utilised bank lines.
Incorporated in 1999, HMDPL has been an authorised dealer of the
entire range of passenger vehicles (except Jaguar and Land Rover)
of TML since 2006 for Satara (Maharashtra). HMDPL is a part of the
Hem group of companies promoted by Mr. Bipin Shaha and his family.
HIMALAY COLD: CRISIL Assigns B Rating to INR60MM Overdraft Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Himalay Cold Storage (HCS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 60 CRISIL B/Stable
The ratings reflect the weak financial risk profile marked by high
gearing and low net worth along with modest scale of operations
and fragmented nature of the cold storage industry. These rating
weaknesses are partially offset by the extensive experience of the
company's promoter in the cold storage business.
Outlook: Stable
CRISIL believes that HCS will continue to benefit over the medium
term from its promoters extensive experience in the cold storage
business. The outlook may be revised to 'Positive' in case the
company reports efficient management of farmer credit financing,
and significantly scales up its operations and improves its
profitability. Conversely, the outlook may be revised to
'Negative' in case of deterioration in its working capital cycle,
lower-than expected cash accruals, or any large, debt-funded
capital expenditure which can impact the liquidity of the company.
HCS is a partnership firm set up in 2007 by Padhiyar Family,. The
firm is based at Deesa, Banaskantha (Gujarat). HCS reported a
profit after tax of INR0.1 million on net sales of INR8.2 million
in 2012-13.
HOIN MAL: ICRA Assigns B+ Rating to INR9.90cr Cash Credit
---------------------------------------------------------
ICRA has assigned its long term rating of [ICRA] B+ to the
INR19.40 crore fund based bank facilities of Hoin Mal Sons
Enterprises Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 9.90 [ICRA]B+; Assigned
Term Loan 9.50 [ICRA]B+; Assigned
ICRA's ratings are constrained by HMPL's nascent stage of
operations, its presence in a highly fragmented and competitive
industry, which coupled with the cyclical nature of the steel
industry, exposes it to raw material price fluctuations. These
factors, along with the power costs which are highly dependent on
the state government's policies and slowdown in the end user
industry mainly construction segment imbue volatility to the
profitability margins of the firm. The ratings also take into
account the relatively high gearing level due to debt funded capex
and working capital requirements. The ratings, however, derive
comfort from the extensive track record of the promoters in the
industry and easy availability of key raw materials from
surrounding location.
Going forward the company's ability to stabilize the plant and
maintain adequate profitability to generate enough cash accruals
for repayment of its current debt and interest obligations thereby
managing its working capital cycle to build up adequate liquidity
will be the key rating sensitivities.
As per provisional numbers HMPL reported sales of INR16.03 crore
till the end of December 31, 2014.
HMPL was established in 2008 for manufacturing of MS (mild steel)
Billets and TMT (thermo mechanically treated) bars. The company
started its commercial operations from April 2014. The Company is
promoted by Mr. Anshul Chandwani and Mr. Chandan Chandwani along
with other members of their family. All the directors are
experienced in manufacturing and sale of steel and iron products.
Further, the firm is a part of Chandwani group which has other
companies in a similar line of business. The manufacturing
facility of the company is located in UPSIDC Industrial Area in
Rae Bareli with an installed capacity of 70 MT (metric tonnes) per
day for Billets and 100 MT per day for TMT bars.
HORIZON DREAM: ICRA Cuts Rating on INR9.80cr Fund Based Loan to D
-----------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR9.80
crore fund based bank facilities of Horizon Dream Homes Private
Limited to [ICRA]D from [ICRA]B assigned to the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 9.80 [ICRA]D from [ICRA]B
The rating revision takes into account delays in debt servicing by
the company as witnessed in the recent past.
Horizon Dream Homes Private Limited was incorporated on July 16,
2009 with the main objective of undertaking real estate
development in Mumbai and is currently executing two projects
aggregating to 63,055 sft of saleable area in Malad, Mumbai. The
company is managed by the three directors Mr. Dhiren Chheda, Mr.
Amith Punjabi and Mr. Nishad Todankar. Currently, the company's
operations are concentrated in Malad, Mumbai with a focus on
redevelopment projects.
JONNA IRON: ICRA Assigns B+ Rating to INR12cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to INR12.00 crore
fund based limits of Jonna Iron Mart.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 12.00 [ICRA]B+ assigned
The assigned rating is constrained by JIM's modest scale of
operations in the steel trading industry; thin profitability
levels akin to trading nature of the business and working capital
intensive nature of operations owing to high inventory levels. The
rating is also constrained by leveraged capital structure as
reflected in gearing of 3.25 times for FY2014 end with modest
interest coverage of 1.12 times for FY2014 and susceptibility of
operations to price volatility of traded products and cyclicality
inherent in the steel industry, which is likely to keep the
profitability and cash flows of the company volatile. The rating,
however, favorably consider the long experience of the promoters
in the steel trading business and authorized dealership of reputed
steel makers (TATA Steel Ltd) who enjoy wide market acceptance
ensures salability of products.
Going forward, scaling up of operating while maintaining the
margins and managing of working capital requirements will be key
sensitivities from a credit perspective.
Jonna Iron Mart was founded as a partnership firm in the year 1962
to engage in the business of trading in iron and steel products.
The firm operates as a dealer in products of TATA Steel, RINL and
SAIL in addition to selling re-rolled steel products procured from
rolling mills located in Hyderabad. The firm is managed by the
Jonna family and operates out of Anantapur.
Jonna Iron Mart has recorded an operating income of INR56.80 crore
and a net profit of INR0.11 crore in FY2014 as against an
operating income of INR57.62 crore and a net profit of INR0.11
crore in FY2013.
KANMANI POULTRY: CRISIL Reaffirms B- Rating on INR74.5MM LT Loan
----------------------------------------------------------------
CRISIL's rating on the bank facilities of Kanmani Poultry Farm
(KPF) continues to reflect KPF's weak financial risk profile,
modest scale of operations, and exposure to customer concentration
risks in the intensely competitive poultry industry. These rating
weaknesses are partially offset by the benefits that KPF derives
from the promoters' extensive experience in the poultry segment.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B-/Stable (Reaffirmed)
Long Term Loan 74.5 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KPF will continue to benefit over the medium
term from its established track record and the promoters'
extensive industry experience in the poultry segment. The outlook
may be revised to 'Positive' if diversification in customer
profile or sustainable increase in scale of operations and
operating profitability leads to sizeable cash accruals and
improved liquidity. Conversely, the outlook may be revised to
'Negative' if KPF's relations with key customer weaken, leading to
a decline in revenue or operating profitability; or if KPF
undertakes a larger-than-expected, debt-funded capital
expenditure, thereby weakening its financial risk profile.
Set up as a proprietorship firm in 1990, KPF was reconstituted as
a partnership firm in 2002. Promoted by Mr. Arumugam and his
family, the firm operates in the poultry segment.
KDS GREENLAND: ICRA Suspends B Rating on INR7.0cr Fund Based Loan
-----------------------------------------------------------------
ICRA has suspended the [ICRA]B rating outstanding on the INR7.0
crore fund based and non fund based facilities of KDS Greenland
Builders & Promoters Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Facility 7.0 [ICRA]B; Suspended
The suspension follows ICRA's inability to carry out a rating
surveillance due to non cooperation from the company.
KESORAM INDUSTRIES: To Hive Off Loss Making Tyre Unit
-----------------------------------------------------
The Hindu Business Line reports that loss-making BK Birla group
outfit Kesoram Industries has decided to transfer its tyre unit at
Laskar in Uttarakhand into a subsidiary.
A board-appointed committee had recommended such a move, the
report says.
According to the Hindu Business Line, the company said the
committee also suggested "monetising some of its assets" to reduce
its debt burden.
Hindu Business Line relates that in a note to its accounts for the
third quarter of 2014-15, the company indicated without specifics
that it would seek approvals on the subject.
Burgeoning finance costs for the third quarter stood at INR174.38
crore (INR139.81 crore), Hindu BusinessLine discloses. In the
first nine months of the fiscal, it logged finance costs of
INR517.62 (INR418.93 crore).
It reported a net loss of INR244.60 crore (INR88.28 crore) in Q3,
according to Hindu Business Line. Kesoram had clocked a net loss
of INR515.55 crore in whole of 2013-14, Hindu Business Line
relays.
KG CABLES: CRISIL Suspends D Rating on INR160MM Letter of Credit
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
KG Cables Pvt Ltd (KGCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL D Suspended
Letter of Credit 160 CRISIL D Suspended
Term Loan 35 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by
KGCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KGCPL is yet to
provide adequate information to enable CRISIL to assess KGCPL'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'
KGCPL was originally incorporated in April 2007 as Knitcraft
Creations Pvt Ltd. The name was changed to the present one in
April 2010. In 2010, KGCPL began setting up a unit to manufacture
copper products, such as bus bars, strips, profiles, and copper
cables. The unit started commercial operations from November 2011.
Its unit is in Alwar (Rajasthan).
KGCPL is promoted by Mr. Surinder Mittal and Mr. Rakesh Mittal
along with their sons, Mr. Kapil Mittal and Mr. Abhishek Mittal,
respectively. The promoters also operate other group entities in
similar lines of business, such as Santoshi Hyvolt Electricals
Private Limited ('CRISIL B+/Stable/CRISIL A4'), and Janta Wire
Works. These group entities mainly cater to the requirements of
the Indian Railways.
KINJAL CONSTRUCTION: CRISIL Reaffirms B+ Rating on INR200MM Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Kinjal Construction Co
(KCC) continue to reflect the firm's exposure to risks related to
its tender-based activities and the susceptibility of its
operating margin to volatility in input prices. These rating
weaknesses are partially offset by the extensive experience of
KCC's proprietor in the civil construction business and the firm's
moderate financial flexibility because of support from group
entities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4 (Reaffirmed)
Cash Credit 200 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 4.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 45.5 CRISIL B+/Stable (Reaffirmed)
Working Capital
Demand Loan 200.0 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KCC will benefit over the medium term from
the extensive industry experience of its proprietor and support
from its group entities. The outlook may be revised to 'Positive'
if the firm achieves significant and sustainable improvement in
its scale of operations, while maintaining operating profitability
and improving its financial risk profile. Conversely, the outlook
may be revised to 'Negative' if its financial risk profile weakens
because of lengthening of working capital cycle, or a sharp
decline in revenue or margins. The outlook may also be revised to
'Negative' if liquidity is further stretched or tied up on account
of funds transfer or support to group companies.
Update
While the firm reported strong revenue growth of 67 per cent in
2013-14 (refers to financial year, April 1-March 31), KCC's
operating profitability for the year declined significantly to 11
per cent, from 26 per cent the previous year. The margin decline
was driven by the smaller size of orders executed in the year,
resulting in higher overheads. CRISIL notes that the intense
competition in the segment will continue to limit the firm's
pricing flexibility, although its order book of around INR1200
million, to be executed over 2.5 years, boosts its business risk
profile. CRISIL expects the order book will translate into revenue
growth of 20-25 per cent in 2014-15. Further, KCC's order mix will
continue to impact its profitability, which is expected to be at
12 to 15 per cent over the medium term.
KCC's working capital cycle remains long, given its construction
nature of business. The gross current assets (GCA) days are high,
at 54 days for 2013-14. GCA is largely driven by loans and
advances extended to group / affiliate companies, which stood at
INR429.1 million as on March 31, 2014.
The firm's financial risk profile weakened in the last three
years, mainly on account of capital withdrawals of about INR100.7
million in the period. This resulted in the gearing increasing
sharply to over 9 times as on March 31, 2014. Further, the benefit
of increasing sales is mitigated on account of the decline in
margins. KCC's debt protection metrics deteriorated, marked by an
interest coverage ratio of around 0.5 times in 2013-14 from 1.5
times the previous year. However, considering a large portion of
interest outgo was to group entities and there was interest income
from the advances given, the adjusted interest coverage ratio was
at 1.1 times in 2013-14.
KCC had no long-term debt as on March 31, 2014. However, since it
has availed of a working capital demand loan, the firm is expected
to have a repayment obligation of INR50 million during 2015-16.
Its liquidity continues to be supported by investment in fixed
deposits of around INR70 million year-on-year which provides
cushion in case of exigencies.
KCC, set up as a proprietorship concern in 1994 by Mr. Heeralal
Doshi, undertakes construction, repair, and maintenance of
buildings for state government agencies such as the Public Works
Department of Maharashtra. The firm also undertakes road
construction and maintenance for the Municipal Corporation of
Greater Mumbai and the Thane Municipal Corporation.
KK POLYCOLOR: CRISIL Cuts Rating on INR90MM Cash Loan to 'D'
------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
KK Polycolor Asia Ltd (KKPA) to 'CRISIL D/CRISIL D' from 'CRISIL
B-/Stable/CRIAIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 7.5 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 90.0 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Letter of Credit 45.0 CRISIL D (Downgraded from
'CRISIL A4')
Term Loan 33.9 CRISIL D (Downgraded from
'CRISIL B-/Stable')
The rating downgrade reflects instances of delay by KKPA in
payment of its term loan instalments; the delays have been caused
by the company's weak liquidity.
KKPA also has working-capital-intensive operations leading to weak
liquidity, and a modest scale of operations in the fragmented dyes
and pigments industry. Moreover, the company has a below-average
financial risk profile, marked by a small net worth and high
gearing. However, it benefits from the extensive industry
experience of its promoters.
KKPA is promoted by the Kolkata-based Ladha family. The company
manufactures calcium compounds and colour materbatches.
LAGGAR INDUSTRIES: CRISIL Suspends B Rating on INR140MM Cash Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Laggar
Industries Ltd (LIL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B/Stable Suspended
The suspension of ratings is on account of non-cooperation by LIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, LIL is yet to
provide adequate information to enable CRISIL to assess LIL'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'.
LIL was incorporated in 1990, promoted by Mr. Sandeep Sobti. The
company manufactures and trades in bulletproof steel which are
used primarily in bulletproof jackets, patkas, and morchas, and in
armoured vehicles. The company has a rolling mill with installed
capacity of 30,000 tonnes per annum in Jalandhar (Punjab).
LEBURU CONSTRUCTIONS: CRISIL Puts B Rating on INR48.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Leburu Constructions Pvt Ltd (LCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 16.5 CRISIL B/Stable
Proposed Bank
Guarantee 25.0 CRISIL A4
Long Term Loan 10.0 CRISIL B/Stable
Bank Guarantee 25.0 CRISIL A4
Cash Credit 48.5 CRISIL B/Stable
The ratings reflect LCPL's modest scale of, and working-capital-
intensive, operations, revenue concentration risks, and
susceptibility to risks related to intense competition in the
civil construction industry. These rating weakness are partially
offset by LCPL's moderate financial risk profile, marked by modest
networth and moderate debt protection metrics, benefits derived
from extensive industry experience of the promoters.
Outlook: Stable
CRISIL believes that LCPL will continue to benefit from the
extensive experience of the promoters in the civil construction
sector, over the medium term. The outlook may be revised to
'Positive' if the company reports higher-than-expected revenue and
profitability, coupled with improvement in working capital cycle,
thereby enhancing its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if LCPL's financial risk
profile weakens due to reduced revenue and margins, or if the
company undertakes a large debt-funded capital expenditure
programme, or in case of delays in the receipt of bills from its
principal contractors.
Incorporated in 2010, LCPL is based out of Hyderabad and promoted
by Mr. L Prabhakar Reddy and his family. The company is involved
in undertaking irrigation projects, such as water supply and
sewerage systems, in Karnataka, Odisha, and Maharashtra.
LCPL reported profit after tax (PAT) of INR4.1 million on net
sales of INR94.9 million for 2013-14 (refers to financial year,
April 1 to March 31) as against PAT of INR2.2 million on net sales
of INR45 million for 2012-13.
MAHALAXMI COTTON: CRISIL Assigns B Rating to INR60MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable' on the long term bank
facilities of Mahalaxmi Cotton (MC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 1.5 CRISIL B/Stable
Cash Credit 60.0 CRISIL B/Stable
Long Term Loan 16.0 CRISIL B/Stable
The rating factors MC's weak financial risk profile, marked by a
modest net worth, weak gearing and weak debt protection metrics.
The rating also factors in the firm's vulnerability to volatility
in raw material prices, and its modest scale of operations in the
intensely competitive cotton-ginning industry. These weaknesses
are partially offset by the extensive industry experience of MC's
partners.
Outlook: Stable
CRISIL believes that Mahalaxmi Cotton (MC) will maintain its
business risk profile backed by its promoters' extensive
experience in the cotton industry. The outlook may be revised to
'Positive' if the firm increases it scale of operations leading to
higher-than-expected cash accruals as well as improved financial
risk profile. Conversely, the outlook may be revised to 'Negative'
if its operating margin is lower than expected, or it undertakes
any large debt-funded expansion programmes or its working capital
management deteriorates, constraining its financial risk profile.
Incorporated in 2013, MC is a partnership firm located in Kadi,
Gujarat. The partnership firm is promoted by partners with
combined experience of around 10 years in the cotton industry. The
firm is engaged in ginning and cotton seed extraction activity.
The firm has started the unit in December 2013.
MEHRA POLYTEX: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ to INR9.03 cr
fund based bank limits of Mehra Polytex Private Limited. ICRA has
also reaffirmed a short term rating of [ICRA]A4 to the INR1.39 cr
non fund based bank limits of MPPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based 7.00 [ICRA]B+ reaffirmed
Limits-Cash Credit
Long Term Fund Based 2.03 [ICRA]B+ reaffirmed
Limits-Term Loan
Short Term Non Fund 0.86 [ICRA]A4 reaffirmed
Based Limits-Letter
of Guarantee
Proposed Limit 0.53 [ICRA]B+/[ICRA]A4
reaffirmed
The ratings reaffirmation takes note of high financial risk
profile of the company as reflected in weak profitability on the
back of limited value addition; highly leveraged capital structure
and consequent weak debt protection metrics. The ratings further
incorporate the intense competition prevailing in the industry
restricting pricing flexibility, and the vulnerability of
profitability to the commoditised nature of POY (basic raw
materials). The ratings are also constrained by highly volatile
and cyclical nature of the textile industry, restricting revenue
growth. The rating also takes into consideration, the
vulnerability of the business to the regulatory norms of the
government related to the export and import of POY and polyester
texturised yarn.
The rating however reflects the long standing experience of the
promoters in the textile sector and its well established clientele
along with consistent growth in top line.
Incorporated in 1993, Mehra Polytex Private Limited is an
associate concern of Mehra Tex India Limited. MPPL undertakes
manufacturing of texturised polyester yarn in various deniers. The
company commenced operation in 2000. The company is managed by Mr.
Yashpal Mehra and Mr. Pankaj Mehra along with a group of well
defined team of second tier management that has a rich experience
of more than 15 years in the same line of business.The entire
manufacturing unit is spread out over 20,000 square meters. The
factory operates in three shifts of eight hours each. The company
also has a warehouse facility located within the manufacturing
unit.
During FY14, the company has reported a net profit of INR0.22 cr
on an operating income of INR213.02 cr and profit before tax of
INR0.02 cr on an operating income of INR114.90 cr for period
ending September 30, 2014.
MIRACLE CABLES: CRISIL Suspends B+ Rating on INR120MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Miracle
Cables (India) Pvt Ltd (MCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL A4 Suspended
Cash Credit 120.0 CRISIL B+/Stable Suspended
Letter of Credit 2.5 CRISIL A4 Suspended
Term Loan 14.4 CRISIL B+/Stable Suspended
The suspension of ratings is on account of non-cooperation by MCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MCPL is yet to
provide adequate information to enable CRISIL to assess MCPL'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'
MCPL, incorporated in 2002, By Mr. M Yesudhason, is engaged in
manufacturing of various types of cables such as uninyvin cables,
power cables and wiring harness. Mr. Yesudhason started the
business under his proprietary concern 'Miracle Cables' in 1996.
The business is now mostly booked under MCPL. The company's
manufacturing facilities are located at Bhandup (Mumbai), Mahape
(Thane, Maharashtra) and Ambernath (Thane, Maharashtra).
MITTAL COT: ICRA Assigns B Rating to INR4.0cr Cash Credit Limit
---------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR4.00
crore long term fund based bank limits and INR2.50 crore of term
loan limits of Mittal Cot Fibers (MCF).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Limits 4.00 [ICRA] B; Assigned
Term Loan Limits 2.50 [ICRA] B; Assigned
The assigned rating takes into account MCF's modest installed
capacity, its recent commencement of operations in January, 2015
and the highly competitive and seasonal nature of the cotton
ginning industry. ICRA also takes note of the pressure on the
company's profitability on account of the low value additive
nature of the work, seasonality of the cotton ginning industry and
volatility in raw material prices. The rating, however, favorably
factors in the extensive experience of the promoters in the cotton
ginning industry, and existing relationships with customers, which
will help the firm in the initial phase of operations. Further,
ICRA also notes the proximity of the manufacturing units to the
cotton producing belt of Madhya Pradesh, resulting in easy access
to raw material and reduction in transportation costs and agent
commission.
In ICRA's view, the ability of the firm to ramp up its operations
in the initial phase of operations and generate healthy
profitability shall be the key rating sensitivities.
Mittal Cot Fibers (MCF) is a partnership firm promoted by Mittal
family of Sendhwa in the year 2014 and is engaged in cotton
ginning and pressing. In the ginning operations, the raw cotton
(kapas) is processed to separate cotton lint and cotton seed which
is then pressed to produce cotton bales. The yield of the cotton
lint is ~35% of the kapas. The cotton seed, which is by-product of
ginning operation, is sold to oil extraction units.The promoters
have extensive experience in the cotton ginning business through
other group companies like Mittal Udyog & Rajrajeshwar Cotex Pvt.
Ltd.
MOR FARMS: CRISIL Rates INR114.2MM Loan at B-; Suspension Revoked
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Mor Farms Pvt Ltd (MFPL) and has assigned its
'CRISIL B-/Stable' rating to the facilities. CRISIL had, on
September 16, 2014, suspended the rating as MFPL had not provided
the necessary information for maintaining a valid rating. The
company has now shared the requisite information, enabling CRISIL
to assign a rating to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 114.2 CRISIL B-/Stable (Assigned;
Suspension Revoked)
Term Loan 130.8 CRISIL B-/Stable (Assigned;
Suspension Revoked)
The rating reflects MFPL's small scale of operations in a
fragmented industry, its below-average financial risk profile
marked by high gearing and average net worth, and the
vulnerability of its operating profitability to risks inherent in
the poultry industry. These rating weaknesses are partially offset
by the extensive industry experience of the company's promoters.
Outlook: Stable
CRISIL believes that MFPL will continue to benefit over the medium
term from its promoters' extensive experience in the poultry
industry. The outlook may be revised to 'Positive' if the
company's gearing and liquidity improve, most likely because of a
significant increase in its scale of operations or profitability
leading to large accretion to reserves. Conversely, the outlook
may be revised to 'Negative' if MFPL's revenue and profitability
decline, or if its working capital cycle stretches, resulting in
worsening of its liquidity.
MFPL was incorporated in 2009 in Jind (Haryana). The company is in
the poultry business and produces eggs from layer chickens. Its
poultry farm has a capacity to accommodate about 630,000 chickens.
The company sells primarily to wholesalers and traders in Haryana.
MFPL is managed by Mr. Anil Kumar Mor and his brothers, Mr.
Shamsher Singh Mor and Mr. Raj Kumar Mor.
MFPL reported a profit after tax (PAT) of INR3 million on net
sales of INR463 million for 2013-14 (refers to financial year,
April 1 to March 31), against a PAT of INR2.0 million on net sales
of INR276.7 million for 2012-13.
MVM HANDICRAFTS: CRISIL Suspends D Rating on INR94.7MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
MVM Handicrafts Pvt Ltd (MVM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 61 CRISIL D Suspended
Term Loan 94.7 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by MVM
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MVM is yet to
provide adequate information to enable CRISIL to assess MVM'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 2005, and promoted by Mr. Vipin Dutt Sharma MVM
manufactures stainless steel utensils made from stainless steel
bars and sheets.
OVERSEAS LEATHER: CRISIL Reaffirms B Rating on INR18.4MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Overseas Leather Goods
Company Private Limited (OLG) continue to reflect OLG's large
working capital requirements and low profitability, leading to a
below-average financial risk profile, marked by a small net worth,
high gearing, and weak debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill Purchase 18.4 CRISIL B/Stable (Reaffirmed)
Packing Credit 89.6 CRISIL A4 (Reaffirmed)
Term Loan 5.9 CRISIL B/Stable (Reaffirmed)
The ratings also factor in the company's modest scale of
operations in the intensely competitive leather industry, and
geographic concentration in its revenue profile. These rating
weaknesses are partially offset by the extensive experience of
OLG's promoter in manufacturing leather fashion accessories, and
its established relationships with customers.
Outlook: Stable
CRISIL believes that OLG 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 significantly
improves its scale of operations and profitability, leading to
better-than-expected cash accruals, or improves its working
capital management, resulting in lower dependence on bank
borrowings. Conversely, the outlook may be revised to 'Negative'
if OLG's financial risk profile, particularly in its liquidity,
deteriorates, most likely because of lower-than-expected
profitability or substantial debt-funded working capital
requirements or capital expenditure.
Update
OLG reported a turnover of INR212.9 million in 2013-14 (refers to
financial year, April 1 to March 31), higher than turnover of
INR171.7 million in 2012-13, the increase in sales supported by
steady inflow of export orders from the company's existing
clientele. The company recorded an operating margin of 8.3 per
cent in 2013-14.
OLG's operations are highly working-capital-intensive, with gross
current assets (GCAs) of 387 days as on March 31, 2014. GCAs are
primarily driven by large inventory of 260 days and receivables of
88 days as on March 31, 2014. OLG partly funds its working capital
requirements through credit from suppliers; it had creditors of
116 days as on March 31, 2014. Its bank lines have been utilised
at an average of 96% for the 12 months through March 2014.
OLG's financial risk profile remains below average, marked by
modest net worth, high gearing and weak debt protection metrics.
Its net worth was modest at INR66.4 million, and its gearing at
1.98 times, as on March 31, 2014. The company's total outstanding
debt is INR131.6 million, with long-term loans of INR 5.5 million
and short-term working capital bank borrowings of INR126.1
million. Modest operating margin and large debt levels have led to
weak debt protection metrics, with net cash accruals to total debt
and interest coverage ratios estimated at 0.05 times and 1.3
times, respectively, for 2013-14.
For 2013-14, OLG reported a profit after tax (PAT) of INR19.5
million on net sales of INR212.9 million; it had reported a PAT of
INR17.2 million on net sales of INR171.7 million for 2012-13.
OLG was set up by Mr. Anup Chattopadhyaya in 1986. It mainly
manufactures and exports leather fashion accessories. It has its
fabrication unit at Kolkata (West Bengal). The company also
manufactures industrial safety products.
PHOENIX ISPAT: CRISIL Assigns B+ Rating to INR102.5MM Bank Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Phoenix Ispat Pvt Ltd (PIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 47.5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 102.5 CRISIL B+/Stable
The rating reflects PIPL's below-average financial risk profile,
its low operating profitability owing to the trading nature of its
operations, and its low bargaining power with its principal. The
rating also factors in the company's exposure to intense
competition in the steel industry, and to volatility in steel
prices and in demand from end-user industries. These rating
weaknesses are partially offset by the extensive entrepreneurial
experience of PIPL's promoters and its established dealer network.
Outlook: Stable
CRISIL believes that PIPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience and
its established dealer network. The outlook may be revised to
'Positive' if the company improves its capital structure through
equity infusion, or if it registers a significant improvement in
its revenue and operating margin, leading to higher cash accruals
and hence to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if PIPL contracts substantial
debt to fund its incremental working capital requirements, or if
its revenue or margin declines sharply.
PIPL was incorporated in 2013, promoted by the Odisha-based
Agarwal and Adukia families. The company is an exclusive
distributor of Concast Ispat Ltd for thermo-mechanically-treated
(TMT) steel bars and other long products in Odisha. Its day-to-day
operations are looked after by its promoter-directors Mr. Milan
Agarwal, and Mr. Shailendra Adukia.
RAHEE INFRATECH: CRISIL Assigns B- Rating to INR730MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to
the bank facilities of Rahee Infratech Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 205 CRISIL B-/Stable
Bank Loan Facility
Bank Guarantee 1,765 CRISIL A4
Cash Credit 730 CRISIL B-/Stable
The ratings reflect Rahee's weak liquidity on account of its
working-capital-intensive operations resulting in high utilisation
of the sanctioned bank lines of the company. The ratings also
reflect high customer concentration in the revenue profile as
majority of the revenue comes from Indian railways. These rating
weaknesses are partially offset by Rahee's moderate scale of
operations and diversified product profile.
Outlook: Stable
CRISIL believes Rahee's liquidity will remain below average on
account of its working-capital-intensive operations. The outlook
may be revised to 'Positive' in case of improvement in Rahee's
liquidity led by sustainable improvement in working capital
management, healthy accruals or infusion of capital by promoters.
Conversely, the outlook may be revised to 'Negative' in case of
considerably low accruals or further stretch in working capital or
if the company undertakes a large debt-funded capital expenditure.
Rahee was set up in 1948 as a partnership firm under the name
Ramchander Heeralall for supply of fastening to Indian railway. In
1998, the firm was reconstituted as a private limited company with
its current name. Rahee has two main line of operations;
construction and fabrication business, and fastening business.
RAMKY INFRASTRUCTURE: Posts INR149.72cr Loss in Q3 Ended Dec. 31
----------------------------------------------------------------
The Hindu Business Line reports that Ramky Infrastructure Ltd has
posted a loss of INR149.72 crore for the third quarter ended
December 31, 2014, as against a loss of INR133.31 crore for the
corresponding quarter last year.
The company's revenue was down at INR446.95 crore for the third
quarter as against INR572.26 crore for the same period last year,
the Hindu Business Line relates.
According to the report, the company performance has been impacted
mainly due to tough liquidity situation, high interest costs
cutting down on its profitability and also due to slower pace of
project implementation due to various external issues such as
delays in securing clearances.
For the nine months ended December 31, 2014, the company posted a
loss of INR431.85 crore and a turnover of INR1,148.80 crore as
against a loss of INR239.48 crore and income of INR1,805.90 crore
for the same period previous year, the Hindu Business Line
discloses.
The company has initiated debt restructuring under joint lenders
forum (JLF) with a consortium banks, the report notes.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 10, 2014, CRISIL reaffirmed its ratings on the bank
facilities of Ramky Infrastructure Ltd (Ramky Infra; part of the
Ramky Infra group) at 'CRISIL D/CRISIL D'. The ratings on the bank
loan facilities of Ramky Infra group are based on publicly
available information.
The ratings reflect delays by the Ramky Infra group in meeting its
debt service obligations. The delays have been caused by the
group's weak liquidity, mainly on account of its stretched working
capital cycle. Ramky Infra group's working capital cycle is
expected to remain stretched in the near term.
Ramky Infra group has working-capital-intensive operations, and is
exposed to risks associated with the execution of its
infrastructure projects. However, the Ramky Infra group benefits
from a diversified revenue base and a moderate net worth.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Ramky Infra and its 11 subsidiaries:
Ramky Towers Ltd, Ramky Enclave Ltd, MDDA Ramky IS Bus Terminal
Ltd, Ramky Pharmacity India Ltd, Ramky Herbal and Medicinal Park
(Chhattisgarh) Ltd, Ramky Food Park (Chhattisgarh) Ltd, Naya
Raipur Gems and Jewellery SEZ Ltd, Ramky-MIDC Agro Processing Park
Ltd, Ramky Engineering and Consulting Services (FZC), Ramky
Multiproduct Industrial Food Park Ltd, and Ramky Food Park
(Karnataka) Ltd. These entities are collectively referred to as
the Ramky Infra group. This is because of the subsidiaries'
strategic importance to Ramky Infra, and Ramky Infra's majority
shareholding in them. CRISIL has moderately consolidated the on-
going BOT road projects of the Ramky Infra group. The investments
made by Ramky Infra in these BOT projects have been factored into
the group's financials.
Ramky Infra, the flagship company of the Ramky group, was
originally incorporated as Ramky Engineers Pvt Ltd in 1994 to
provide civil and environmental engineering consultancy services.
In 1998, it diversified into the construction business and began
to undertake civil and environmental engineering, procurement, and
construction projects, primarily in the water and waste-water
sector. Subsequently, it expanded into road, building, irrigation,
and industrial construction. In 2003, the company was renamed
Ramky Infrastructure Pvt Ltd, and was thereafter reconstituted as
a public limited company. Ramky Infra principally operates in two
business segments: construction (carried out by Ramky Infra
itself) and development business (implemented through special-
purpose vehicles). In the development business, the Ramky Infra
group is engaged in development of industrial parks, special
economic zones, and bus terminals.
Ramky Infra, on a standalone basis, reported a net loss of INR4.3
billion on net sales of INR17.6 billion for 2013-14 (refers to
financial year, April 1 to March 31), against a profit after tax
(PAT) of INR0.6 billion on net sales of INR30.4 billion in the
previous year.
REFRATHERM INTERNATIONAL: ICRA Rates INR15.10cr Cash Loan at B+
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ for the INR30.00
crore fund based/non fund based bank facilities of Refratherm
International Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 15.10 [ICRA]B+ assigned
Term Loan 14.21 [ICRA]B+ assigned
Other Proposed Limits 0.69 [ICRA]B+ assigned
Non fund based limits (5.50) [ICRA]B+ assigned
Letter of Credit
and Buyer's Credit
The assigned rating takes into account the long standing
experience of the promoters in the steel and power sector with
established relationship with their clients, which has enabled
them to garner repeat orders over the years. The rating also
factor in the healthy revenue growth of 83% (y-o-y) reported by
the company in FY14 and its healthy order book position of INR28
Crore as of December 31, 2014 which provides revenue visibility in
the near term.
The rating, however, is constrained by RIPL's small scale of
operations; its weak financial profile as reflected by high
gearing level of 2.02 times as of March 31, 2014 and modest
coverage indicators; company's exposure to adverse fluctuations in
prices of key raw material (petroleum coke); supplier
concentration risks arising out of significant dependence on a
single supplier for procurement of petroleum coke; and business
vulnerability of the company to the cyclacity in the steel
industry. Further, the rating also factors in the risks related to
the implementation of the proposed capital expenditure (capex)
plan and likely weakening of the capital structure owing to
largely debt funded nature of this capex.
Going forward, the ability of the company to complete the proposed
capacity expansion plan without any time or cost overruns and to
augment its scale of operations while maintaining its
profitability and capital structure within prudent levels remain
the key rating sensitivities.
Refratherm International Private Ltd (RIPL) was incorporated in
February 2007. The company is promoted by Mr. Krishnendu Shaw and
his wife Mrs. Meeta Shaw. RIPL is engaged in manufacturing of high
quality Calcined Petroleum Coke (CPC) and other related Ferro
alloys. CPC is a carbon used in making Steel, Aluminum & Graphite
Manufacturing Units.At present, RIPL supplies CPC majorly to steel
industry. The corporate office of the company is located in
Nagpur. The company has one Calcination plant with total installed
capacity of 36,500 MTPA which is located in the industrial area --
Butibory (around 30km from Nagpur city).
RUNGTA PROJECTS: CRISIL Reaffirms D Rating on INR500MM Cash Loan
----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Rungta Projects Ltd
(RPL) continue to reflect instances of delay by the company in
servicing its debt; the delays have been caused by the company's
weak liquidity. RPL's liquidity weakened on account of large
working capital requirements and insufficiency of cash accruals to
service debt.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 300 CRISIL D (Reaffirmed)
Cash Credit 500 CRISIL D (Reaffirmed)
Long Term Loan 200 CRISIL D (Reaffirmed)
Set up in 1983 by Mr. R S Rungta, RPL provides open-cast contract
coal-mining services. It is engaged in overburden removal,
transportation of coal and overburden, and civil construction. The
company also trades in textiles and steel. RPL's operations are in
Jharkhand, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Odisha,
and the northeastern states.
SAI SABURI: CRISIL Cuts Rating on INR60MM LT Term Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Sai Saburi Hospitals Pvt Ltd (SSHPL) to 'CRISIL D' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 60 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating reflects instances of delay by SSHPL in payment of
interest on its term loan. The delays have been caused by the
company's weak liquidity driven by the project stage of its
operations.
SSHPL is also exposed to implementation and demand risks
associated with its hospital project in Khurda (Odisha). However,
the company benefits from the entrepreneurial experience of its
promoter.
SSHPL, incorporated in 2013, is setting up a multi-speciality
hospital in Khurda. The project is scheduled to be completed by
March 2015. The company is promoted by Mr. Sarada Mishra.
SANPRO CHEMICALS: CRISIL Suspends D Rating on INR90MM Cash Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Sanpro Chemicals Pvt. Ltd. (SCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by SCPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SCPL is yet to
provide adequate information to enable CRISIL to assess SCPL'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'
SCPL, taken over by the current promoters, Mr. Nafis Ahmed, Mr.
Amit Kumar Singh, and Mr. Shaukat Hossain, in 2005, was
incorporated in 1991. The company trades in textile chemicals,
such as dyestuff and dye auxiliaries in Kolkata (West Bengal).
SEACOM MARINE: CRISIL Reaffirms D Rating on INR434.8MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Seacom Marine
College (Seacom) reflects instances of delay in servicing its
monthly interest obligations on the term loan availed; the delays
have been caused by the trust's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 434.8 CRISIL D (Reaffirmed)
The rating also reflects Seacom's modest scale of operations and
exposure to intense competition in the education sector and to the
regulatory environment governing the education sector. These
rating weaknesses are partially offset by the trust's established
position in the sector and its wide range of course offerings.
Seacom was established in 2003 by Mr. Anish Chakraborty as an
educational and charitable trust in Kolkata. The trust operates
three institutions in the engineering (Seacom Engineering
College), marine (Seacom Marine College), and management (Seacom
Management College) fields. It is affiliated to West Bengal
University of Technology and is approved by the Directorate
General of Shipping, Government of India, while the professional
courses such as bachelor of engineering, Masters in Business
Administration, and Masters in Computer Application are affiliated
to the All India Council for Technical Education. The trust also
established 'Seacom Skills University', located in Shantiniketan,
which has been established as a university by an Act passed by the
West Bengal State Assembly. The university commenced engineering
and diploma courses from August 2014.
SELMEC ENGINEERING: CRISIL Rates INR5MM Cash Credit at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Selmec Engineering Construction (SEC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 2 CRISIL B+/Stable
Bank Loan Facility
Bank Guarantee 63 CRISIL A4
Cash Credit 5 CRISIL B+/Stable
The ratings reflect SEC's modest scale of operations in the
intensely competitive civil construction segment and its below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of SEC's
promoters.
Outlook: Stable
CRISIL believes that SEC will continue to benefit over the medium
term from its promoter's industry experience. The outlook may be
revised to 'Positive' if SEC significantly scales up its
operations and profitability while it maintains its working
capital management, thereby enhancing its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if SEC's
accruals decline; or if its working capital management weakens
leading to stretch in liquidity; or in case of a significant
capital withdrawal by the promoters, weakening its financial risk
profile.
SEC is a Calicut (Kerala)-based civil contractor. The operations
of the firm are managed by the proprietor Mr. V A Azeez.
For 2013-14 (refers to financial year, April 1 to March 31), SEC
reported net profit of INR7.15 million on income of INR175.21
million against net profit of INR6.57 million on income of
INR160.1 million for 2012-13.
SHAKEEL HAIDER: ICRA Puts D Rating on INR9cr Non Fund Based Loan
----------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]D to INR9.00 crore
non-fund based bank facilities and INR1.00 crore fund based bank
facilities of Shakeel Haider Engineers and Contractors.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Fund-based Bank 9.00 [ICRA]D, Assigned
facilities
Fund Based facilities 1.00 [ICRA]D, Assigned
The assigned rating is constrained on account of delays in
liquidation of temporary overdraft facilities availed by the
company, which in turn is due to stretched liquidity position of
the firm owing to delays in receivable collections. Given that the
firm has completed all its projects and all the new contracts are
being bid in group company SH Infratech Limited (SHIL) rated
[ICRA] D), there are no business activities in the company and the
outstanding bank exposure apart from the overdraft limit is toward
performance guarantees (current outstanding of ~Rs 3.49 crore),
which are expected to be released during FY16. The levels of these
guarantees are moderate in relation to the total net worth of the
firm as well as the net current assets of the firm.
Going forward, improvement in liquidity leading to regularity of
overdraft facility account shall be the key rating sensitivities.
Shakeel Haider Engineers and Contractors is a proprietorship firm
based in Sultanpur (Uttar Pradesh) operating in the civil
construction business since 1989. The firm is mainly into road
construction activities and has mostly worked in Uttar Pradesh,
Delhi and Haryana. The clients of the firm are mostly government
and semi government organizations such as Public Works Departments
(PWD), Haryana State Roads and Bridge Development Corporation
(HSRDC), Steel Authority of India Limited (SAIL) etc.
The promoters of the firm have established a company named SH
Infratech Limited (SHIL) in December 2009 and all the new
contracts are bid in this company.
The firm reported a net profit of INR1.95 crore on an operating
income of INR29.79 crore in FY 2012-13, as against a net profit of
INR4.42 crore on an operating income of INR94.21 crore in the
previous year.
SHIVAM MOTORS: ICRA Reaffirms B+ Rating on INR48cr Cash Credit
--------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ for the long-term fund
based facilities of Shivam Motors Private Limited. ICRA has also
reaffirmed rating of [ICRA]A4 for the short term fund based bank
limits of the company. The total amount rated is INR78 crore.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 48.00 [ICRA]B+ reaffirmed
Term loan 2.25 [ICRA]B+ assigned
Over Draft 3.00 [ICRA]A4 assigned
Long-term/Short-term 24.75 [ICRA]B+/A4 assigned
Unallocated
The rating reaffirmation considers the competitive position of
SMPL as the sole dealer of Tata Motors Limited (TML) in the seven
districts of Chhattisgarh and promoters experience in dealership
business as well as established relation with the OEM. Although
the company's revenues decline between FY12 and FY14, the recovery
of the heavy vehicles' segment, lifting of bans on mining of iron
ore in select areas and up gradation of existing showrooms is
expected to drive the revenue growth in the medium term. However,
ratings continue to remain constrained on account of SMPL's
moderate financial profile evident from thin profit margins and a
stretched cash flow position, both inherent in the automotive
dealership business. The company has an adverse capital structure
and reported a financial leverage of 3.4x (as on March 31, 2014)
on account of high working capital borrowings. In the backdrop of
weak demand outlook for small and light commercial vehicles,
continuing discounts and expected dealer commission cuts, the
company's ability to manage its liquidity and improve its
financial risk profile will remain key rating sensitivities.
In FY14, SMPL recorded an operating income of INR353.9 crore. The
company's operating profit before depreciation, interest and tax
stood at INR6.4 crore. They recorded a profit of INR0.3 crore at
the net profit level.
SMPL is the sole supplier of TML commercial vehicles and spare
parts in the seven districts of Chhattisgarh, namely, Bilaspur,
Korba, Janjgir, Surguja, Koriya, Raigarh and Jashpurnagar. The
company was incorporated in 1983 by Mr. Kailash Gupta as its key
director and other family members - Mr. Prem Chand Gupta and Mrs.
Shalini Gupta as directors.
SMPL is one of the many companies under Mr. Kailash Gupta. The
flagship company of the group is Commercial Automobiles Private
Limited, a dealership of TML CVs and PVs in Madhya Pradesh.
Another group company of SMPL is Commercial Engineers and Body
Builders Company Limited, which manufactures bodies for commercial
vehicles.
SHREEGOPAL CONCRETE: CRISIL Reaffirms B+ Rating on INR340MM Loan
----------------------------------------------------------------
CRISIL rating continues to reflects improvement in ShreeGopal
Concrete Pvt Ltd's (SGCPL) liquidity, backed primarily by fund
support from the promoters in the form of equity infusion. Equity
of around INR75 million was infused in 2012-13 (refers to
financial year, April 1-March 31), primarily to support working
capital requirements, which is expected to continue to contribute
to lower reliance on external funding in the near-term. CRISIL
expects that the improvement in the company's gearing following
the equity infusion will allow higher financial flexibility in the
near-medium term.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 19.2 CRISIL A4 (Reaffirmed)
Cash Credit 340.0 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 51.2 CRISIL B+/Stable (Reaffirmed)
Term Loan 101.2 CRISIL B+/Stable (Reaffirmed)
CRISIL has upgraded its rating on SGCPL long-term bank facilities
to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and reaffirmed its
rating on SGCPL's short-term facility at 'CRISIL A4' on 20th
December, 2014.
While gearing is comfortable at 1.4 times as on March 31, 2014,
the company's financial risk profile is constrained by the limited
cushion between cash accruals generated, of about INR39 million in
2013-14, and term scheduled term debt repayments. Improvement in
SGCPL's annual cash accruals to ensure timely debt repayment,
along with maintenance of the company's current capital structure,
will remain a key rating sensitivity factor.
CRISIL's ratings also reflect SGCPL's susceptibility to intense
competition in the steel industry, and below-average financial
risk profile marked by weak debt protection metrics. These rating
weaknesses are partially offset by the benefits that SGCPL derives
from its proximity to raw material sources and the end-user market
for TMT bars and promoters extensive experience in the industry.
Outlook: Stable
CRISIL's ratings continue to reflect ShreeGopal Concrete Private
Limited's (SGCPL's) susceptibility to intense competition in the
steel industry, and below-average financial risk profile marked by
weak debt protection metrics. These rating weaknesses are
partially offset by the benefits that SGCPL derives from its
proximity to raw material sources and the end-user market for TMT
bars.
SGCPL, set up in 2005, manufactures, as well as trades in, TMT
bars. It also manufactures cement. Its cement plant is in Durgapur
(West Bengal). SGCPL commenced commercial operations in 2008-09.
SHRI RAMANA: CRISIL Suspends D Rating on INR47.5MM Cash Credit
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Shri Ramana Heavy Engineering Pvt Ltd (SRHEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 17.5 CRISIL D Suspended
Cash Credit 47.5 CRISIL D Suspended
Letter of Credit 10 CRISIL D Suspended
Long Term Loan 10 CRISIL D Suspended
The suspension of ratings is on account of non-cooperation by
SRHEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SRHEPL is yet to
provide adequate information to enable CRISIL to assess SRHEPL'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'
SRHEPL, based in Chennai (Tamil Nadu), was started as a
partnership firm in 2000. It manufactures and supplies bulk
material handling systems. The company was reconstituted as a
private limited company in 2005. Mr. H Ramalingam and his wife
hold stakes in the company in the ratio 2:1.
SOHAM RENEWABLE: ICRA Reaffirms B Rating on INR38.70cr Term Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
INR38.70 crore term loan of Soham Renewable Energy India Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 38.70 [ICRA]B reaffirmed
The reaffirmation of rating takes into consideration the high
capital cost (Rs.11.26 crore/MW) of the Mahadevapura Mini Hydel
Scheme (MMHS) due to time overruns and subsequent cost overrun of
INR12.29 crore (funded from promoter's funds); and exposure of the
company's revenues to hydrology risks as the project is not
covered under any deemed generation clause in case of loss of
generations due to shortage of water. Further, the rating is also
constrained by demand off take risk as the Power Purchase
Agreement (PPA) with Tanglin Developments Limited (TDL) is open in
terms of tenor with no obligation for TDL for purchase of power
from SREIPL. However, general supply-demand gap in the power
sector in Karnataka is expected to partially mitigate the same.
ICRA also notes that SREIPL is the holding company of the Soham
group of companies, which has sizable on-going expansion plans.
The rating, however, positively factors in the progress in the
project given that 94% of the project cost has already been
incurred as on November 2014 and that the project has achieved
partial COD in March 2014. While ICRA notes that project
performance remains to be demonstrated in terms of consistent
generations after the left bank diversion wier is completed, ICRA
also notes that the company has tied up funds for the remaining
cost to be incurred. Further, eligibility for capital subsidy of
INR2.2 crore is expected to improve the project's viability to a
certain extent. The rating also positively factors in the
financial and managerial strengths and technical knowhow of Soham
Group which ensures optimum usage of resources with respect to in-
house operation and maintenance activities, and the ability of the
company to raise funds from various strategic investors in the
past in order to meet its funding requirements.
Going forward, the company's ability to achieve consistent
generations in stipulated time and generate commensurate accruals
towards repayment remains the key rating sensitivity.
Incorporated in December 2007, Soham Renewable Energy India
Private Limited (SREIPL) is the flagship company of Soham group
which is engaged in diverse activities such as Renewable Energy
Generation, Business Investments and Infrastructure Development.
With 43 MW of operational and partially operational hydel projects
and 23 MW of hydel projects under construction, the main focus of
the group is renewable power generation in India. SREIPL operates
a mini hydel power project (MMHS) located 2 km from the village of
Mahadevapura, Mandya District, Karnataka. The project is a gated
diversion weir being built across the river Cauvery with a
capacity of 6 MW of power generation per annum. The project has
achieved partial COD on March 28, 2014. While INR67.57 crore is
the total project cost, INR4.39 crore remains to be incurred as on
date toward construction of left bank diversion wier post which
complete operations with consistent generations are expected to
commence from June 2015.
SPICEJET LTD: Loss Widens to INR275cr in Q3 FY2015
--------------------------------------------------
SpiceJet Ltd reported a net loss of INR275 cr in Q3FY15, higher
than the net loss of INR172cr in the previous year same quarter.
Excluding one-off and exceptional items that include MR write-
offs, unproductive lease rentals, and provisions for impact of
fleet reductions and early contract terminations, the company
would have achieved net profit of INR20cr for the quarter.
Commenting on the results, Sanjiv Kapoor, SpiceJet's Chief
Operating Officer noted, "The last quarter was an extremely
challenging quarter for SpiceJet as legacy issues, accumulated
losses, and delays in expected and required re-capitalization
eventually led to aircraft fleet reductions and consequential
cancellations of flights in what is traditionally one of the best
quarters of the year".
"The impact of aircraft fleet reductions negatively impacted both
revenues and costs, as we had to combine flights to handle
cancellations which severely limited available inventory to sell
at high yields during peak season, while having to incur distress
costs and absorb fixed costs and overheads over a much lower
capacity (ASK) base. Further, in order to quantify and account for
liabilities related to early terminations of contracts, we have
provisioned for costs related to those terminations where deemed
necessary", added Kiran Koteshwar, Chief Financial Officer of
SpiceJet. "With imminent re-capitalization, our focus going
forward will be on re-negotiating contracts and settling
outstandings, which are together expected to bring down costs
considerably", Mr Koteshwar added.
"Despite all the aircraft and fleet reduction-related challenges,
the company achieved a 5% higher unit revenue (RASK) on a year-on-
year basis. Excluding one off and exceptional costs, the company
would have achieved a profit of INR20cr for the quarter, even with
the cancellations and impact on revenue", Mr Kapoor added. "The
timing of our fleet reductions was unfortunate as it severely
impacted our high season and more than negated the positive impact
of declining fuel prices. However the worst is behind us now.
Operations are now back to normal, the company is in the process
of changing hands and being imminently re-capitalized, staff
morale is high, customer confidence is rapidly returning as seen
in our daily bookings and in the response to our sales and promos,
and the fleet is expected to grow again in time for the Summer
schedule. All of this will allow us to benefit more strongly from
fuel cost reductions as well as positive demand and macro-economic
revenue-side trends, while we continue our efforts at building a
more efficient, innovative, and customer-friendly airline that
continues to be a trend setter in India", Mr Kapoor concluded.
Performance Summary on year-on-year basis:
1. Capacity (Available Seat Km) down 31%, Total revenues down 27%
(passenger revenues down 28%, ancillary revenues down 20%), and
Total expenses (including one-off items and exceptional items and
provisions related to fleet reductions and early contract
terminations) down 20%
2. Load Factor up 18%, Total RASK (Revenue per Available Seat Km)
up 5%, yield (Revenue per RPK) down 12% due to cancellations and
clubbing of flights that resulted in less capacity available to
sell at high yield in peak season
3. Total CASK (Cost per Available Seat Km) up 16%. Fuel CASK
reduced by 14% while Non-Fuel CASK increased by 42% (driven by
combination of one-off and exceptional costs, and unabsorbed fixed
costs and overheads over 31% reduced capacity (ASKs)). Excluding
one-off and exceptional items, Non-Fuel CASK increased by 8%,
driven by fixed costs and overheads that had to be
absorbed over a lower ASK base.
4. Year-over-Year net loss (including one-off items and
exceptional items and provisions related to fleet reductions and
early lease terminations) increased 59% in Q3FY15, from INR172cr
in Q3FY14 to 275cr in Q3FY15 (an increase of INR103cr). EBITDA for
the quarter was negative INR195cr, and EBITDAR was positive 20cr
(compared to negative 110cr and positive 162cr respectively last
year)
5. There were INR295cr of one-off & exceptional expenses in the
quarter. Excluding these one off and exceptional expenses, Net
profit for the quarter would have been INR20cr, EBITDA would have
been INR100cr, and EBIDTAR would have been INR315 cr.
About Spicejet
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.
SRS MEDITECH: ICRA Reaffirms B+ Rating on INR8cr Cash Credit
------------------------------------------------------------
ICRA has reaffirmed its long term rating on the INR16.57 crore
fund based bank facilities of SRS Meditech Limited (SRSM) at
[ICRA]B+. ICRA has also reaffirmed its short term rating on the
INR4.00 crore non-fund based bank facilities of SRSM at [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based bank 8.00 [ICRA]B+; reaffirmed
facilities-Cash Credit
Fund based bank 4.61 [ICRA]B+; reaffirmed
facilities-Term loans
Unallocated 3.96 [ICRA]B+; reaffirmed
Non-fund based bank 4.00 [ICRA]A4; reaffirmed
facilities
ICRA's ratings continue to derive strength from the long track
record of the management in the medical disposable industry. While
the company exhibited a healthy revenue growth in 2012-13, the
capacity utilization and revenues remained almost stagnant in
2013-14. The stagnant revenue base in combination with
profitability pressures arising on account of the competitive
nature of the industry as well as continued high interest expenses
on account of the leveraged capital structure, resulted in decline
in the cash accruals as well moderation of debt coverage
indicators of SRSM in 2013-14.
With SRSM augmenting its distribution network as well as client
base to the Government sector in the current fiscal, there has
been a moderate improvement in the capacity utilization and sales
growth. The company is also proposing launching of new products in
the short term, which besides supporting revenue growth, is also
expected to reduce dependence of SRSM's revenues on the syringes
segment (which currently accounts for over 94% of the company's
revenues). SRSM has also improved its working capital management
over the last three months, funds released from which were
utilized for partial prepayment of term loans. Nevertheless, ICRA
notes that SRSM being in the growth phase continues to witness
tight liquidity position, which is also reflected in the complete
utilization of working capital limits as well as sustained
dependence on unsecured loans from promoter group.
Notwithstanding the proposed ramp up in capacity as well as well
product launches, ICRA notes that the credit profile of the
company will be driven by its ability to profitably scale up the
operations while effectively managing the working capital cycle.
This apart, timely funding tie ups in the form of enhancement in
working capital limits and/or equity infusion by the promoters
will be critical to support liquidity during the capacity ramp up
phase and would be a key rating monitorable.
Incorporated in the year 2010, SRSM is engaged in the
manufacturing of medical disposables, including Syringes, Needles,
Intra Venal Set and Scalp vein sets under its own brand-
'Sterivan' and 'iSafe'. The company is promoted by Dr. P K Kapoor,
Mr. Askari and Mr. Bhalla, who have over 20 years of experience in
the medical disposable industry.
The manufacturing facility of the company is located in Greater
Noida (Uttar Pradesh) and has a per day installed capacity to
manufacture 2,250,000 pieces of syringes, 250,000 pieces Intra
Vein sets, 80,000 pieces of Scalp Vein sets and 3,000,000 pieces
of needles.
STANDARD BRICK: ICRA Assigns D Rating to INR60cr Term Loan
----------------------------------------------------------
ICRA has assigned a [ICRA]D rating to the INR60 crore (enhanced
from INR30 crore) term loan facilities of The Standard Brick and
Tile Company (Yelahanka) Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Term Loan 60.00 [ICRA]D assigned
The rating takes into account the recent delays in servicing of
interest payments by the company arising on account of delay in
project completion by the JD partner, RMZ group, which has
resulted in a cash flow mismatch. The servicing of interest
payments is for the project loan availed by the company for
interior and technical up gradation work for their share in the
project. SBTCPL also faces high concentration risk as the debt is
secured against cash flows from a single property. Moreover, the
marketing risk is also high as the office space of 0.3 million
sqft under company's share is yet to be leased out.
The rating, however, positively factors in the promoter's
experience in the clay tile industry. The rating takes into
account the experience and track record of the RMZ group in the
area of real estate development. In addition the rating also
derives comfort from the stable and predictable cash flows arising
from the minimum monthly guaranteed rent in the retail portion of
the project in which the company has 38% revenue share. ICRA takes
note of the high market value of property holdings by the company
which provides financial flexibility to an extent.
Given the high dependence on lease rentals from customers, ICRA
notes that the company's cash flows and debt servicing capability
will be driven by the timely completion of the project and the
ability of the entity to effectively tie up with tenants for the
office space.
The Standard Brick and Tiles Company (Yelahanka) Private Limited
(SBTPL) was incorporated on 28th July, 1939 and is engaged in
manufacturing of clay tiles, bricks and other decorative items
which has usage in commercial as well as domestic buildings. The
company was started by Mr. VS Natarajan and is now being run by
three directors, Mr. VS Shanumugam, Mr. VS Surendar and Mr. VS
Guatam. The company has its manufacturing facility in Tumkur,
Karnataka with an installed capacity to manufacture 40 lakh tiles
per annum.
STP LIMITED: ICRA Assigns B- Rating to INR24cr Cash Credit
----------------------------------------------------------
ICRA has assigned its long-term rating of [ICRA]B- to the
INR24.001 crore fund-based bank facilities and INR2.00 crore non
fund-based bank facilities of STP Limited. ICRA has also assigned
its short-term rating of [ICRA]A4 to the INR9.00 crore non fund-
based bank facilities of STPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 24.00 [ICRA]B-; assigned
Bank Guarantee 2.00 [ICRA]B-; assigned
Letter of Credit 9.00 [ICRA]A4; assigned
ICRA's ratings are constrained by STPL's weak operating
performance in the past few years characterized by sub-optimal
utilization of its production capacities, thus resulting in weak
operating profit margins and net losses. Further, the company's
working capital cycle has remained elongated owing to high
inventory holding requirements and often stretched debtors, which
coupled with cash losses and debt repayment requirements have kept
the liquidity stretched. In the absence of adequate cash accruals,
STPL is dependent on its holding company for fund infusion in
order to meet debt obligations; hence timely fund infusion is
critical for debt servicing. However, the ratings positively
factor in the extensive track record of STPL of over seven decades
in the manufacturing of waterproofing and protective coatings, and
its established presence across various parts of the country.
Going forward, the ability of the company to attain improved order
in-flow and achieve higher capacity utilization leading to a
sustained improvement in its profitability, so as to reduce
dependence on external funding will be the key rating
sensitivities. Timely funding support from the holding company to
meet the interim funding requirements, till the company becomes
capable of servicing its debt independently, will also be a key
rating monitorable.
Incorporated in 1935, STPL is a part of the Turner Morrison group,
and is engaged in manufacturing and supply of waterproofing
products, corrosion protection products, and construction
chemicals. The company has its manufacturing facilities in Chennai
(Tamil Nadu), Goa, Jamshedpur (Jharkhand), Kosi (Uttar Pradesh)
and Sipaigachi (West Bengal).
STPL reported an Operating Income (OI) of INR131.1 crore and a Net
Loss of INR3.9 crore in 2013-14 as compared to an OI of INR129.5
crore and a net loss of INR3.4 crore in the previous year.
During the nine month period ended December 31, 2014, the company,
on a provisional basis, reported an OI of INR99.1 crore and a net
loss of INR1.2 crore.
SUHANI KNITFAB: ICRA Assigns B+ Rating to INR9.42cr LT Bank Loan
----------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR9.42
crore fund-based bank limits of Suhani Knitfab Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Fund 9.42 [ICRA]B+ Assigned
Based Limits
The rating is constrained by the company's project implementation
risks, given that the project is still at initial stages and
ability of the company to timely commission the entire project
without any cost-overruns and successfully market the products so
as to scale-up the operations thereafter remains crucial. Further,
post commissioning and stabilization of the operations, the
company's profitability will be exposed to volatility in key raw
material prices. The rating is further constrained by the
aggressive debt-funded capacity expansion undertaken by the
company. Hence the ability of the company to maintain healthy
return indicators and ensure timely debt-servicing, post
commission will remain crucial from a rating perspective.
However, the rating also considers the long standing experience of
the promoter/management in the textile business through its group
companies and the easy access to raw material suppliers and
customers by virtue of its presence in Surat. ICRA also notes that
the company will primarily deal in raschel knitted fabric which
has a limited capacity in India at present. Demand is being
largely met through imports; hence the competitive intensity in
this segment is relatively moderate. This along with benefits to
the company accruing from subsidies under the Technology Up
gradation Fund Scheme (TUFS) is expected to support the profit
margins post commissioning.
Suhani Knitfab Private Limited was incorporated in March 2014, to
manufacture raschel and warp knitted grey fabrics. The company's
products will find application in sarees, dress materials. The
installed capacity of the plant is expected to be ~360 metric
tonnes per annum (MTPA). The company has its registered office and
manufacturing facility is in Surat (Gujarat). The promoters are
involved in the textile business for more than 15 years, SKPL has
two group companies: Sanskruti Embroidery Private Limited which is
involved in embroidery job-work and Sajeelee Creation Private
Limited which is involved in trading of sarees and dress
materials.
TIRUPATI TUBES: ICRA Suspends B+ Rating on INR6.40cr Cash Credit
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR6.40
crore long term fund based facilities cash credit facility and
INR1.60 crore term loan facility of Tirupati Tubes Private
Limited. ICRA has also suspended the [ICRA]A4 rating assigned to
the INR3.00 crore non fund based letter of credit (sublimit of
cash credit) of Tirupati tubes Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term- Cash 6.40 [ICRA]B+ suspended
Credit Limit
Long Term - Term 1.60 [ICRA]B+ suspended
Loan Limit
Short Term - Letter (3.00) [ICRA]A4 suspended
of Credit
The suspension follows ICRAs inability to carry out a rating
surveillance due to non cooperation from the company.
Incorporated in 2012, Tirupati Tubes Private Limited is promoted
by Mr. Anil Somani, Mr. Ankit Somani and Mr. Shailesh Somani and
is engaged in the manufacturing of stainless steel pipes and
tubes. The manufacturing facility of the company is located at
Kalol, Gujarat and has an installed capacity of 4368 MTPA.
=========
J A P A N
=========
JAPAN: Exits Recession as GDP Expands 2.2% in Q4
------------------------------------------------
RTT News reports that Japan's gross domestic product grew 2.2
percent on year in the fourth quarter of 2014, the Cabinet Office
said in Feb. 16's preliminary reading.
RTT News says the headline figure was well shy of forecasts for an
increase of 3.7 percent following the revised 2.3 percent decline
in the third quarter (originally -1.9 percent).
It did, however, mark an end to the recession that started with a
7.1 percent tumble in Q2 -- which was due in large part to a sharp
decline in consumer spending following the implementation of a
consumption tax hike in April, RTT News relates.
On an annualized quarterly basis, GDP added 0.6 percent -- also
shy of expectations for an increase of 0.9 percent following the
downwardly revised 0.6 percent contraction in Q3 (originally -0.5
percent), the report discloses.
According to RTT News, nominal GDP gained 1.1 percent on quarter,
also missing forecasts for 1.2 percent following the 0.9 percent
decline in the third quarter.
The GDP deflator was up 2.3 percent on year, exceeding
expectations for an increase of 1.9 percent following the 2.0
percent gain in Q3, RTT News relays.
RTT News adds that business spending added just 0.1 percent on
quarter versus forecasts for a gain of 1.0 percent following the
0.1 percent decline in the three months prior.
Private consumption gained 0.3 percent on quarter, also below
expectations for an increase of 0.8 percent following the 0.1
percent decline in the third quarter.
Net exports contributed 0.2 percentage points to GDP growth, RTT
News reports.
====================
N E W Z E A L A N D
====================
EHOME NZ: Goes Into Receivership, Confident of Sale
---------------------------------------------------
Richard Meadows at stuff.co.nz reports that receivers of Auckland
prefab company eHome NZ, which has been involved in many of the
city's social housing developments, are confident of a quick sale.
Peri Finnigan and Tony Maginness of McDonald Vague were appointed
as receivers, and laid off 42 of the 100-strong workforce.
Ms. Finnigan said there had been strong interest in the business
even before receivers were appointed, according to stuff.co.nz.
Ms. Finnigan said her colleagues managing the sales process
believed a quick sale would be best for everyone involved, the
report relates.
The company is currently involved in four major projects with 15
houses in progress, and Ms. Finnigan said receivers were working
with eHome staff to assess which projects would advance, the
report says.
The report discloses that while initially lacking scale, the
company has previously said it expected prefabrication to become
more competitive with traditional building techniques over time.
The report relays that Ms. Finnigan said she believed the company
had run out of capital.
"They had a steep learning curve with a new business and new
machinery. One contract was not profitable, so that was a
hurdle," the report quoted Ms. Finnigan as saying.
The report relays that Ms. Finnigan said she had heard the
techniques the company used were "the way of the future", and the
sale presented a good opportunity to big building firms.
eHome aimed to produce 300 homes last year and has been involved
in projects for the Centre of Refuge Trust, the Housing Foundation
New Zealand, and the Salvation Army. It also has a partnership
with the Salvation Army to recruit and train assembly line staff.
MANA TRANSPORT: Placed Into Liquidation
---------------------------------------
Radio New Zealand News reports that a Porirua-based transport
company facing insolvency has been put into liquidation.
Mana Transport, which merged with A-One Movers a year ago,
specialised in fragile freight with a fleet of 35 vehicles and
other depots in Auckland, Wellington and Christchurch, according
to Radio New Zealand News. Both companies have now been
liquidated.
Preliminary documents filed by the liquidators show Mana Transport
owes at least $3 million to creditors, including NZ$775,000 to
Inland Revenue, although those figures are thought to be
understated, the report notes.
The company is owed about NZ$500,000 but some customers withheld
payments in recent months, the report discloses.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Feb. 9 to Feb. 13, 2015
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY LT 10.00 10/30/23 AUD 1.96
BOART LONGYEAR MA 7.00 04/01/21 USD 70.00
BOART LONGYEAR MA 7.00 04/01/21 USD 70.00
CML GROUP LTD 9.00 01/29/20 AUD 1.00
CRATER GOLD MININ 10.00 08/18/17 AUD 25.25
EMECO PTY LTD 9.88 03/15/19 USD 72.75
EMECO PTY LTD 9.88 03/15/19 USD 73.00
GRIFFIN COAL MINI 9.50 12/01/16 USD 74.00
GRIFFIN COAL MINI 9.50 12/01/16 USD 74.00
KBL MINING LTD 10.00 02/16/17 AUD 0.24
MIDWEST VANADIUM 11.50 02/15/18 USD 8.00
MIDWEST VANADIUM 11.50 02/15/18 USD 11.00
RESOLUTE MINING L 10.00 12/04/17 AUD 1.00
STOKES LTD 10.00 06/30/17 AUD 0.46
TREASURY CORP OF 0.50 11/12/30 AUD 66.18
CHINA
-----
CHANGCHUN CITY DE 6.08 03/09/16 CNY 70.46
CHANGCHUN CITY DE 6.08 03/09/16 CNY 69.50
CHANGZHOU INVESTM 5.80 07/01/16 CNY 70.00
CHANGZHOU INVESTM 5.80 07/01/16 CNY 70.24
CHINA GOVERNMENT 1.64 12/15/33 CNY 71.57
CHINA NATIONAL ER 5.65 09/26/17 CNY 63.00
DANYANG INVESTMEN 6.30 06/03/16 CNY 70.34
HANGZHOU XIAOSHAN 6.90 11/22/16 CNY 70.85
HANGZHOU XIAOSHAN 6.90 11/22/16 CNY 71.55
HEILONGJIANG HECH 7.78 11/17/16 CNY 70.20
HEILONGJIANG HECH 7.78 11/17/16 CNY 71.30
HUAIAN CITY URBAN 7.15 12/21/16 CNY 70.21
HUNAN CHANGDE REG 5.90 01/29/16 CNY 69.00
JIANGSU HUAJING A 5.68 09/28/17 CNY 73.58
JIANGSU LIANYUN D 7.85 07/22/15 CNY 70.70
KUNSHAN ENTREPREN 4.70 03/30/16 CNY 68.96
KUNSHAN ENTREPREN 4.70 03/30/16 CNY 69.84
LIAOYUAN STATE-OW 7.80 01/26/17 CNY 71.26
LIAOYUAN STATE-OW 7.80 01/26/17 CNY 71.35
NANJING PUBLIC HO 5.85 08/08/17 CNY 65.02
NANTONG STATE-OWN 6.72 11/13/16 CNY 70.07
NANTONG STATE-OWN 6.72 11/13/16 CNY 71.22
NINGDE CITY STATE 6.25 10/21/17 CNY 60.44
PANJIN CONSTRUCTI 7.70 12/16/16 CNY 71.86
PANJIN CONSTRUCTI 7.70 12/16/16 CNY 71.41
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 50.55
QINGZHOU HONGYUAN 6.50 05/22/19 CNY 50.33
TAIZHOU CITY CONS 6.90 01/25/17 CNY 70.19
WUXI COMMUNICATIO 5.58 07/08/16 CNY 50.11
WUXI COMMUNICATIO 5.58 07/08/16 CNY 50.01
XIANGTAN JIUHUA E 6.93 12/16/16 CNY 69.99
XIANGTAN JIUHUA E 6.93 12/16/16 CNY 70.67
YANGZHOU URBAN CO 5.94 07/23/16 CNY 70.42
YANGZHOU URBAN CO 5.94 07/23/16 CNY 69.09
YIYANG CITY CONST 8.20 11/19/16 CNY 71.86
ZHENJIANG CITY CO 5.85 03/30/15 CNY 70.01
ZHENJIANG CITY CO 5.85 03/30/15 CNY 69.94
ZHUCHENG ECONOMIC 7.50 08/25/18 CNY 49.12
ZIBO CITY PROPERT 5.45 04/27/19 CNY 60.33
ZOUCHENG CITY ASS 7.02 01/12/18 CNY 61.55
INDONESIA
---------
BERAU COAL ENERGY 7.25 03/13/17 USD 65.25
BERAU COAL ENERGY 7.25 03/13/17 USD 61.93
DAVOMAS INTERNATI 11.00 12/08/14 USD 18.75
PERUSAHAAN PENERB 6.75 04/15/43 IDR 72.71
PERUSAHAAN PENERB 6.10 02/15/37 IDR 70.66
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 30.00
BLUE DART EXPRESS 9.30 11/20/17 INR 10.10
BLUE DART EXPRESS 9.50 11/20/19 INR 10.23
BLUE DART EXPRESS 9.40 11/20/18 INR 10.17
CORE EDUCATION & 7.00 05/07/15 USD 10.00
COROMANDEL INTERN 9.00 07/23/16 INR 15.75
GTL INFRASTRUCTUR 3.03 11/09/17 USD 28.25
INCLINE REALTY PV 10.85 08/21/17 INR 15.59
INCLINE REALTY PV 10.85 04/21/17 INR 12.44
INDIA GOVERNMENT 7.64 01/25/35 INR 24.00
JAIPRAKASH ASSOCI 5.75 09/08/17 USD 74.52
JCT LTD 2.50 04/08/11 USD 22.50
MASCON GLOBAL LTD 2.00 12/28/12 USD 3.68
ORIENTAL HOTELS L 2.00 11/21/19 INR 72.24
PRAKASH INDUSTRIE 5.25 04/30/15 USD 67.00
PYRAMID SAIMIRA T 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 & G 5.00 08/17/15 USD 26.13
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 35.25
AVANSTRATE INC 5.00 11/05/17 JPY 30.25
ELPIDA MEMORY INC 0.70 08/01/16 JPY 17.00
ELPIDA MEMORY INC 0.50 10/26/15 JPY 12.50
ELPIDA MEMORY INC 2.10 11/29/12 JPY 17.00
ELPIDA MEMORY INC 2.03 03/22/12 JPY 17.00
ELPIDA MEMORY INC 2.29 12/07/12 JPY 17.00
KOREA
-----
2014 KODIT CREATI 5.00 12/25/17 KRW 27.40
2014 KODIT CREATI 5.00 12/25/17 KRW 27.40
DONGBU CORP 8.95 02/28/15 KRW 44.21
DONGBU CORP 4.00 06/29/15 KRW 41.27
DONGBU METAL CO L 5.20 09/12/19 KRW 53.80
EXPORT-IMPORT BAN 0.50 12/22/17 BRL 71.64
EXPORT-IMPORT BAN 0.50 11/21/17 BRL 73.00
HYUNDAI HEAVY IND 4.90 12/15/44 KRW 57.73
HYUNDAI HEAVY IND 4.80 12/15/44 KRW 58.80
HYUNDAI MERCHANT 7.05 12/27/42 KRW 37.54
KIBO ABS SPECIALT 10.00 02/19/17 KRW 31.31
KIBO ABS SPECIALT 10.00 09/04/16 KRW 32.78
KIBO ABS SPECIALT 5.00 01/31/17 KRW 29.19
KIBO ABS SPECIALT 5.00 03/29/18 KRW 26.53
KIBO ABS SPECIALT 10.00 08/22/17 KRW 30.27
KIBO GREEN HI-TEC 10.00 12/21/15 KRW 33.67
LSMTRON DONGBANGS 4.53 11/22/17 KRW 27.13
POSCO ENERGY CORP 4.72 08/29/43 KRW 70.72
POSCO ENERGY CORP 4.72 08/29/43 KRW 70.44
POSCO ENERGY CORP 4.66 08/29/43 KRW 71.27
SINBO SECURITIZAT 5.00 01/29/17 KRW 29.91
SINBO SECURITIZAT 5.00 09/28/15 KRW 31.83
SINBO SECURITIZAT 5.00 08/31/16 KRW 30.64
SINBO SECURITIZAT 5.00 08/31/16 KRW 31.28
SINBO SECURITIZAT 5.00 01/19/16 KRW 20.40
SINBO SECURITIZAT 10.00 12/27/15 KRW 32.77
SINBO SECURITIZAT 5.00 05/27/16 KRW 31.34
SINBO SECURITIZAT 5.00 12/07/15 KRW 29.88
SINBO SECURITIZAT 5.00 05/27/16 KRW 31.34
SINBO SECURITIZAT 5.00 07/08/17 KRW 28.77
SINBO SECURITIZAT 5.00 07/08/17 KRW 28.77
SINBO SECURITIZAT 5.00 08/24/15 KRW 32.03
SINBO SECURITIZAT 5.00 12/13/16 KRW 30.20
SINBO SECURITIZAT 5.00 07/19/15 KRW 35.00
SINBO SECURITIZAT 5.00 07/26/16 KRW 31.67
SINBO SECURITIZAT 5.00 07/26/16 KRW 30.86
SINBO SECURITIZAT 5.00 02/21/17 KRW 29.50
SINBO SECURITIZAT 5.00 10/05/16 KRW 30.54
SINBO SECURITIZAT 5.00 10/05/16 KRW 27.49
SINBO SECURITIZAT 5.00 06/07/17 KRW 24.68
SINBO SECURITIZAT 5.00 06/07/17 KRW 24.68
SINBO SECURITIZAT 4.60 06/29/15 KRW 39.58
SINBO SECURITIZAT 4.60 06/29/15 KRW 39.58
SINBO SECURITIZAT 9.00 07/27/15 KRW 39.31
SINBO SECURITIZAT 5.00 06/29/16 KRW 31.09
SINBO SECURITIZAT 5.00 02/11/18 KRW 26.83
SINBO SECURITIZAT 5.00 02/11/18 KRW 26.83
SINBO SECURITIZAT 5.00 03/12/18 KRW 26.66
SINBO SECURITIZAT 5.00 03/12/18 KRW 26.66
SINBO SECURITIZAT 5.00 10/01/17 KRW 27.82
SINBO SECURITIZAT 5.00 10/01/17 KRW 27.82
SINBO SECURITIZAT 5.00 10/01/17 KRW 27.82
SINBO SECURITIZAT 5.00 08/16/16 KRW 30.79
SINBO SECURITIZAT 5.00 08/16/17 KRW 28.38
SINBO SECURITIZAT 5.00 08/16/17 KRW 28.38
SINBO SECURITIZAT 5.00 01/15/18 KRW 27.24
SINBO SECURITIZAT 5.00 01/15/18 KRW 27.24
SINBO SECURITIZAT 5.00 12/25/16 KRW 29.62
SINBO SECURITIZAT 5.00 02/21/17 KRW 29.50
SINBO SECURITIZAT 5.00 02/02/16 KRW 19.90
SINBO SECURITIZAT 8.00 02/02/16 KRW 32.05
SINBO SECURITIZAT 5.00 03/14/16 KRW 29.55
SINBO SECURITIZAT 5.00 09/13/15 KRW 31.32
SINBO SECURITIZAT 5.00 09/13/15 KRW 29.47
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.28
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.28
SK TELECOM CO LTD 4.21 06/07/73 KRW 68.41
STX OFFSHORE & SH 3.00 09/06/15 KRW 71.60
STX OFFSHORE & SH 6.90 04/09/15 KRW 73.15
TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00
U-BEST SECURITIZA 5.50 11/16/17 KRW 28.00
WOONGJIN ENERGY C 2.00 12/19/16 KRW 64.77
MALAYSIA
--------
BANDAR MALAYSIA S 0.35 12/29/23 MYR 69.51
BANDAR MALAYSIA S 0.35 02/20/24 MYR 68.93
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 69.97
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.03
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.92
LAND & GENERAL BH 1.00 09/24/18 MYR 0.40
SENAI-DESARU EXPR 0.50 12/31/38 MYR 62.92
SENAI-DESARU EXPR 0.50 12/31/40 MYR 65.58
SENAI-DESARU EXPR 0.50 12/31/46 MYR 72.58
SENAI-DESARU EXPR 0.50 12/30/39 MYR 64.50
SENAI-DESARU EXPR 0.50 12/31/47 MYR 73.48
SENAI-DESARU EXPR 0.50 12/31/43 MYR 69.65
SENAI-DESARU EXPR 0.50 12/31/42 MYR 68.20
SENAI-DESARU EXPR 0.50 12/31/41 MYR 66.70
SENAI-DESARU EXPR 0.50 12/30/44 MYR 70.52
SENAI-DESARU EXPR 0.50 12/29/45 MYR 71.46
SENAI-DESARU EXPR 1.15 12/29/23 MYR 66.23
SENAI-DESARU EXPR 1.35 06/29/29 MYR 53.74
SENAI-DESARU EXPR 1.10 12/31/21 MYR 72.04
SENAI-DESARU EXPR 1.10 06/30/22 MYR 70.43
SENAI-DESARU EXPR 1.15 06/30/23 MYR 67.68
SENAI-DESARU EXPR 1.15 12/31/24 MYR 63.40
SENAI-DESARU EXPR 1.35 12/31/27 MYR 57.17
SENAI-DESARU EXPR 1.35 06/28/30 MYR 51.65
SENAI-DESARU EXPR 1.35 12/31/30 MYR 50.70
SENAI-DESARU EXPR 1.35 12/29/28 MYR 54.86
SENAI-DESARU EXPR 1.15 06/28/24 MYR 64.81
SENAI-DESARU EXPR 1.35 12/31/26 MYR 59.58
SENAI-DESARU EXPR 1.35 12/31/29 MYR 52.63
SENAI-DESARU EXPR 1.35 06/30/31 MYR 49.97
SENAI-DESARU EXPR 1.10 06/30/21 MYR 73.84
SENAI-DESARU EXPR 1.15 12/30/22 MYR 69.17
SENAI-DESARU EXPR 1.15 06/30/25 MYR 61.98
SENAI-DESARU EXPR 1.35 12/31/25 MYR 62.17
SENAI-DESARU EXPR 1.35 06/30/26 MYR 60.85
SENAI-DESARU EXPR 1.35 06/30/27 MYR 58.37
SENAI-DESARU EXPR 1.35 06/30/28 MYR 56.01
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.25
PHILIPPINES
-----------
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE 7.49 05/18/18 USD 59.53
BAKRIE TELECOM PT 11.50 05/07/15 USD 6.85
BAKRIE TELECOM PT 11.50 05/07/15 USD 7.00
BERAU CAPITAL RES 12.50 07/08/15 USD 64.75
BERAU CAPITAL RES 12.50 07/08/15 USD 65.13
BLD INVESTMENTS P 8.63 03/23/15 USD 12.75
BUMI CAPITAL PTE 12.00 11/10/16 USD 30.00
BUMI CAPITAL PTE 12.00 11/10/16 USD 21.50
BUMI INVESTMENT P 10.75 10/06/17 USD 30.00
BUMI INVESTMENT P 10.75 10/06/17 USD 26.00
ENERCOAL RESOURCE 6.00 04/07/18 USD 23.75
INDO INFRASTRUCTU 2.00 07/30/10 USD 1.88
ORO NEGRO DRILLIN 7.50 01/24/19 USD 74.97
OSA GOLIATH PTE L 12.00 10/09/18 USD 72.75
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.63
MDX PCL 4.75 09/17/03 USD 26.50
TAIWAN
-------
ADVANCED SEMICOND 1.45 08/19/16 TWD 1.30
ADVANCED SEMICOND 1.45 08/19/16 TWD 1.50
ADVANCED SEMICOND 1.45 08/19/16 TWD 1.30
ADVANCED SEMICOND 1.45 08/19/16 TWD 1.05
ADVANCED SEMICOND 1.45 08/19/16 TWD 1.10
AGRICULTURAL BANK 3.28 06/30/15 TWD 3.28
AGRICULTURAL BANK 1.43 10/17/19 TWD 1.53
AGRICULTURAL BANK 1.53 10/17/22 TWD 1.53
ASIA CEMENT CORP 1.36 05/23/19 TWD 1.45
BANK OF KAOHSIUNG 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 06/06/20 TWD 3.00
BANK OF PANHSIN 3.00 11/12/18 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 3.20 03/25/15 TWD 2.32
BANK SINOPAC 2.80 04/29/16 TWD 2.80
BANK SINOPAC 1.85 11/04/18 TWD 1.45
BANK SINOPAC 2.05 09/30/24 TWD 2.05
BANK SINOPAC 1.92 03/11/18 TWD 1.92
BANK SINOPAC 1.80 12/09/17 TWD 1.38
BANK SINOPAC 2.70 06/23/15 TWD 1.30
BANK SINOPAC 2.90 06/23/17 TWD 2.90
BANK SINOPAC 1.65 09/18/22 TWD 1.65
BANK SINOPAC 1.95 08/18/18 TWD 1.46
BANK SINOPAC 1.53 09/18/19 TWD 1.68
CATHAY FINANCIAL 3.10 12/24/15 TWD 1.00
CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21
CATHAY UNITED BAN 1.70 04/24/23 TWD 1.90
CATHAY UNITED BAN 1.85 05/19/24 TWD 1.85
CATHAY UNITED BAN 1.55 04/24/20 TWD 1.55
CATHAY UNITED BAN 1.70 05/19/21 TWD 1.70
CATHAY UNITED BAN 1.65 08/07/22 TWD 1.60
CATHAY UNITED BAN 1.48 06/06/19 TWD 1.48
CHAILEASE FINANCE 2.05 10/30/21 TWD 2.05
CHAILEASE FINANCE 2.30 10/30/24 TWD 2.30
CHAILEASE FINANCE 1.50 06/16/19 TWD 1.50
CHAILEASE FINANCE 1.60 07/22/18 TWD 1.40
CHAILEASE FINANCE 1.50 06/05/17 TWD 1.29
CHANG HWA COMMERC 3.10 05/19/15 TWD 0.89
CHANG HWA COMMERC 3.05 12/15/15 TWD 3.05
CHANG HWA COMMERC 2.30 09/15/16 TWD 1.26
CHANG HWA COMMERC 1.85 04/16/24 TWD 1.85
CHANG HWA COMMERC 1.65 03/11/18 TWD 1.64
CHANG HWA COMMERC 1.72 03/11/21 TWD 1.72
CHANG HWA COMMERC 1.70 04/16/21 TWD 1.70
CHENG SHIN RUBBER 1.40 07/18/19 TWD 1.43
CHENG SHIN RUBBER 1.55 08/19/18 TWD 1.40
CHENG SHIN RUBBER 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBER 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBER 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBER 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBER 1.38 09/03/15 TWD 0.88
CHINA AIRLINES LT 1.35 05/20/16 TWD 1.28
CHINA AIRLINES LT 1.60 01/17/18 TWD 1.60
CHINA AIRLINES LT 1.85 01/17/20 TWD 1.85
CHINA AIRLINES LT 1.35 05/20/16 TWD 1.39
CHINA AIRLINES LT 1.35 05/20/16 TWD 1.35
CHINA DEVELOPMENT 1.37 05/23/18 TWD 1.37
CHINA DEVELOPMENT 1.80 03/01/15 TWD 1.13
CHINA DEVELOPMENT 2.00 03/01/17 TWD 1.45
CHINA DEVELOPMENT 3.40 06/18/15 TWD 3.40
CHINA DEVELOPMENT 1.32 03/07/17 TWD 1.19
CHINA DEVELOPMENT 1.42 03/07/19 TWD 1.39
CHINA STEEL CORP 2.30 12/29/15 TWD 0.81
CHINA STEEL CORP 1.36 10/19/16 TWD 0.98
CHINA STEEL CORP 2.15 01/23/29 TWD 2.16
CHINA STEEL CORP 1.50 08/03/22 TWD 1.65
CHINA STEEL CORP 1.75 01/23/21 TWD 1.58
CHINA STEEL CORP 1.88 07/12/28 TWD 1.89
CHINA STEEL CORP 1.57 10/19/18 TWD 101.12
CHINA STEEL CORP 1.37 08/10/19 TWD 1.66
CHINA STEEL CORP 1.95 01/23/24 TWD 1.90
CHINA STEEL CORP 1.60 07/12/23 TWD 1.84
CHINA STEEL CORP 1.44 07/12/20 TWD 1.56
CHINESE MARITIME 1.40 06/08/17 TWD 1.40
CHINESE MARITIME 1.40 06/08/17 TWD 1.35
CHINESE MARITIME 1.40 06/08/17 TWD 1.39
CHINESE MARITIME 1.40 06/08/17 TWD 1.40
COTA COMMERCIAL B 3.20 03/29/18 TWD 3.20
CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.06
CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.36
CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.63
CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60
CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.12
CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91
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 1.88 12/24/24 TWD 1.87
CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.32
CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93
CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13
CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00
CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56
CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86
CPC CORP/TAIWAN 1.68 12/23/21 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
CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70
CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60
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 1.36 06/08/19 TWD 1.28
CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80
CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00
CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49
CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92
CTBC FINANCIAL HO 1.66 02/20/19 TWD 1.58
CTBC FINANCIAL HO 1.80 02/20/22 TWD 1.80
DA-LI CONSTRUCTIO 1.42 06/23/19 TWD 1.42
DRAGON STEEL CORP 1.40 06/10/19 TWD 1.45
DRAGON STEEL CORP 1.75 06/10/21 TWD 1.72
E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.70
E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50
E.SUN COMMERCIAL 3.10 02/15/15 TWD 2.30
E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95
E.SUN COMMERCIAL 2.35 10/20/16 TWD 1.34
E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.62
E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75
E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15
E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50
E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57
E.SUN COMMERCIAL 2.20 05/28/17 TWD 1.45
E.SUN COMMERCIAL 2.20 07/13/17 TWD 2.20
E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88
E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85
E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70
E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55
E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58
E.SUN FINANCIAL H 2.70 04/28/17 TWD 1.87
E.SUN FINANCIAL H 1.75 06/29/19 TWD 1.65
ENTIE COMMERCIAL 3.25 08/23/17 TWD 1.97
ENTIE COMMERCIAL 3.25 12/16/17 TWD 3.25
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.25
EVA AIRWAYS CORP 1.44 08/31/16 TWD 0.90
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.06
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.01
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.29
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVERGREEN MARINE 1.28 04/26/17 TWD 1.18
EVERGREEN MARINE 1.28 04/26/17 TWD 1.31
EXPORT-IMPORT BAN 0.88 02/12/16 TWD 0.74
EXPORT-IMPORT BAN 0.68 06/20/16 TWD 0.68
EXPORT-IMPORT BAN 0.90 01/28/16 TWD 0.82
EXPORT-IMPORT BAN 0.80 10/16/16 TWD 0.80
EXPORT-IMPORT BAN 0.90 06/24/17 TWD 0.90
EXPORT-IMPORT BAN 1.25 05/30/17 TWD 1.25
FAR EASTERN DEPAR 1.38 09/07/15 TWD 1.16
FAR EASTERN INTER 2.05 12/23/21 TWD 2.05
FAR EASTERN INTER 2.10 11/06/20 TWD 1.81
FAR EASTERN INTER 1.95 11/10/18 TWD 1.80
FAR EASTERN INTER 2.10 09/29/17 TWD 1.47
FAR EASTERN INTER 2.98 05/18/17 TWD 2.98
FAR EASTERN INTER 1.75 06/27/19 TWD 1.70
FAR EASTERN NEW C 1.38 02/06/20 TWD 1.38
FAR EASTERN NEW C 1.47 12/04/19 TWD 1.40
FAR EASTERN NEW C 1.68 05/27/15 TWD 0.80
FAR EASTERN NEW C 1.45 12/23/18 TWD 1.44
FAR EASTERN NEW C 1.36 02/15/17 TWD 1.08
FAR EASTERN NEW C 1.59 09/16/15 TWD 0.80
FAR EASTERN NEW C 1.55 09/29/16 TWD 1.03
FAR EASTERN NEW C 1.30 11/26/17 TWD 1.21
FAR EASTERN NEW C 1.35 06/07/17 TWD 1.21
FAR EASTERN NEW C 1.47 08/21/19 TWD 1.41
FAR EASTONE TELEC 1.58 10/15/18 TWD 1.61
FAR EASTONE TELEC 1.27 12/24/17 TWD 1.16
FAR EASTONE TELEC 1.33 06/27/20 TWD 1.47
FAR EASTONE TELEC 1.58 12/24/19 TWD 1.37
FAR EASTONE TELEC 1.17 12/24/16 TWD 1.17
FAR EASTONE TELEC 1.46 10/15/17 TWD 1.38
FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20
FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95
FIRST COMMERCIAL 1.47 09/25/19 TWD 1.44
FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56
FIRST COMMERCIAL 1.50 09/28/17 TWD 1.36
FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72
FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00
FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26
FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59
FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65
FIRST COMMERCIAL 1.72 06/24/21 TWD 1.72
FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16
FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57
FIRST FINANCIAL H 2.25 07/22/17 TWD 1.41
FIRST FINANCIAL H 1.60 07/22/15 TWD 0.90
FORMOSA CHEMICALS 1.52 07/29/15 TWD 0.59
FORMOSA CHEMICALS 1.24 07/08/18 TWD 1.29
FORMOSA CHEMICALS 1.29 07/26/17 TWD 1.16
FORMOSA CHEMICALS 1.23 12/07/17 TWD 100.06
FORMOSA CHEMICALS 1.44 06/10/16 TWD 0.91
FORMOSA CHEMICALS 1.56 06/29/15 TWD 0.77
FORMOSA CHEMICALS 1.38 10/31/16 TWD 1.16
FORMOSA CHEMICALS 1.51 12/07/22 TWD 1.53
FORMOSA CHEMICALS 1.40 07/26/19 TWD 1.47
FORMOSA CHEMICALS 1.52 07/08/23 TWD 1.54
FORMOSA CHEMICALS 1.36 12/07/19 TWD 1.40
FORMOSA CHEMICALS 1.81 07/04/24 TWD 1.84
FORMOSA CHEMICALS 2.03 07/04/29 TWD 2.04
FORMOSA CHEMICALS 1.50 01/22/23 TWD 1.80
FORMOSA PETROCHEM 1.33 10/14/15 TWD 0.69
FORMOSA PETROCHEM 1.28 06/26/18 TWD 1.23
FORMOSA PETROCHEM 1.30 06/20/17 TWD 1.14
FORMOSA PETROCHEM 1.54 05/25/15 TWD 0.72
FORMOSA PETROCHEM 1.55 04/27/15 TWD 0.76
FORMOSA PETROCHEM 1.25 03/12/18 TWD 1.31
FORMOSA PETROCHEM 1.54 07/15/15 TWD 0.72
FORMOSA PETROCHEM 1.35 07/27/17 TWD 1.11
FORMOSA PETROCHEM 1.40 04/20/16 TWD 0.93
FORMOSA PETROCHEM 1.44 07/27/19 TWD 1.47
FORMOSA PETROCHEM 1.42 05/25/16 TWD 0.82
FORMOSA PETROCHEM 1.37 03/12/20 TWD 1.41
FORMOSA PETROCHEM 1.41 06/26/20 TWD 1.53
FORMOSA PETROCHEM 1.43 09/12/19 TWD 1.42
FORMOSA PETROCHEM 1.90 09/12/24 TWD 1.90
FORMOSA PETROCHEM 1.99 09/12/26 TWD 1.99
FORMOSA PETROCHEM 1.44 06/20/19 TWD 1.58
FORMOSA PLASTICS 1.35 12/15/16 TWD 0.93
FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47
FORMOSA PLASTICS 1.53 11/05/22 TWD 1.55
FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45
FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94
FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73
FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15
FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96
FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54
FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86
FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24
FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49
FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23
FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44
FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73
FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30
FUBON FINANCIAL H 1.56 08/23/15 TWD 0.85
FUBON FINANCIAL H 1.72 07/21/21 TWD 1.72
FUBON FINANCIAL H 1.42 12/18/18 TWD 1.45
FUBON FINANCIAL H 1.60 12/18/20 TWD 1.65
FUBON FINANCIAL H 2.60 01/27/17 TWD 1.32
FUBON FINANCIAL H 1.58 08/28/20 TWD 1.58
FUBON FINANCIAL H 1.45 08/15/19 TWD 1.47
FUBON FINANCIAL H 1.90 01/28/17 TWD 1.40
FUBON FINANCIAL H 2.60 01/28/17 TWD 1.46
FUBON FINANCIAL H 1.40 11/15/16 TWD 0.72
FUBON FINANCIAL H 1.45 08/28/18 TWD 1.36
FUBON FINANCIAL H 1.35 08/15/17 TWD 1.06
GOLDSUN DEVELOPME 1.40 12/25/19 TWD 1.40
GTM HOLDINGS CORP 1.30 07/24/18 TWD 1.31
HIYES INTERNATION 1.40 09/23/17 TWD 1.40
HON HAI PRECISION 1.35 12/17/16 TWD 1.07
HON HAI PRECISION 1.37 05/21/19 TWD 1.37
HON HAI PRECISION 1.43 12/27/15 TWD 0.90
HON HAI PRECISION 1.45 01/14/20 TWD 1.45
HON HAI PRECISION 1.33 01/30/18 TWD 1.20
HON HAI PRECISION 1.18 08/06/15 TWD 1.20
HON HAI PRECISION 1.45 10/08/19 TWD 1.45
HON HAI PRECISION 1.80 01/14/22 TWD 1.80
HON HAI PRECISION 1.23 03/18/17 TWD 1.12
HON HAI PRECISION 1.50 12/17/18 TWD 1.50
HON HAI PRECISION 1.17 05/21/17 TWD 1.14
HON HAI PRECISION 1.66 06/14/18 TWD 1.32
HON HAI PRECISION 1.23 01/14/18 TWD 1.23
HON HAI PRECISION 1.47 03/08/16 TWD 0.89
HON HAI PRECISION 1.43 05/23/17 TWD 1.12
HON HAI PRECISION 2.02 10/08/24 TWD 2.02
HON HAI PRECISION 2.15 10/08/26 TWD 2.15
HON HAI PRECISION 1.51 07/18/16 TWD 0.98
HON HAI PRECISION 1.40 03/18/19 TWD 1.40
HON HAI PRECISION 1.45 10/18/16 TWD 1.07
HON HAI PRECISION 1.80 10/08/21 TWD 1.80
HON HAI PRECISION 1.70 05/21/21 TWD 1.70
HON HAI PRECISION 1.85 12/17/20 TWD 1.70
HON HAI PRECISION 1.95 07/08/24 TWD 1.95
HON HAI PRECISION 1.43 06/14/16 TWD 1.25
HON HAI PRECISION 1.82 06/14/21 TWD 1.78
HON HAI PRECISION 1.35 10/11/17 TWD 1.50
HON HAI PRECISION 1.75 03/18/21 TWD 1.74
HON HAI PRECISION 2.00 03/18/24 TWD 2.00
HON HAI PRECISION 1.95 05/21/24 TWD 1.95
HON HAI PRECISION 1.70 07/08/21 TWD 1.70
HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.71
HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48
HSBC BANK TAIWAN 1.25 01/31/17 TWD 1.11
HSBC BANK TAIWAN 1.40 01/31/19 TWD 1.27
HSBC BANK TAIWAN 1.23 02/05/18 TWD 1.20
HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60
HSBC BANK TAIWAN 1.34 02/05/20 TWD 1.47
HUA NAN COMMERCIA 1.43 11/06/19 TWD 1.41
HUA NAN COMMERCIA 3.10 04/18/15 TWD 0.88
HUA NAN COMMERCIA 1.98 09/26/24 TWD 1.98
HUA NAN COMMERCIA 1.65 11/23/20 TWD 1.65
HUA NAN COMMERCIA 1.85 03/28/24 TWD 1.85
HUA NAN COMMERCIA 1.63 12/06/18 TWD 1.52
HUA NAN COMMERCIA 1.83 09/26/21 TWD 1.83
HUA NAN COMMERCIA 2.60 04/24/17 TWD 2.60
HUA NAN COMMERCIA 2.60 12/29/19 TWD 2.60
HUA NAN COMMERCIA 2.45 07/16/17 TWD 1.62
HUA NAN COMMERCIA 3.20 05/16/16 TWD 3.20
HUA NAN COMMERCIA 3.08 01/16/18 TWD 3.08
HUA NAN COMMERCIA 1.55 11/06/22 TWD 1.55
HUA NAN COMMERCIA 1.83 12/19/21 TWD 1.83
HUA NAN COMMERCIA 1.98 12/19/24 TWD 1.98
HUA NAN FINANCIAL 1.55 01/21/20 TWD 1.56
HUA NAN FINANCIAL 1.23 01/21/18 TWD 1.33
HWATAI BANK LTD 2.70 11/15/19 TWD 2.70
INDUSTRIAL BANK O 1.95 05/30/20 TWD 1.85
INDUSTRIAL BANK O 1.95 03/27/21 TWD 1.94
INDUSTRIAL BANK O 2.30 10/28/18 TWD 1.80
INDUSTRIAL BANK O 1.85 08/17/19 TWD 1.83
INDUSTRIAL BANK O 1.85 06/26/21 TWD 1.85
INDUSTRIAL BANK O 3.20 12/28/16 TWD 2.24
INDUSTRIAL BANK O 2.30 08/26/18 TWD 1.59
INDUSTRIAL BANK O 3.00 04/12/17 TWD 3.00
INDUSTRIAL BANK O 1.95 09/26/21 TWD 1.95
JIH SUN INTERNATI 2.20 01/30/22 TWD 2.20
JIH SUN INTERNATI 2.18 04/30/19 TWD 2.18
KGI SECURITIES CO 1.15 03/15/15 TWD 0.72
KINDOM CONSTRUCTI 1.30 06/18/18 TWD 1.30
KINDOM CONSTRUCTI 1.60 09/26/18 TWD 1.60
KINDOM CONSTRUCTI 1.41 06/25/17 TWD 1.41
KINDOM CONSTRUCTI 1.40 12/15/16 TWD 1.28
KINDOM CONSTRUCTI 1.40 10/28/16 TWD 1.40
KINDOM CONSTRUCTI 1.55 08/28/19 TWD 1.55
LAND BANK OF TAIW 3.00 04/15/15 TWD 0.87
LAND BANK OF TAIW 1.98 12/25/24 TWD 1.98
LAND BANK OF TAIW 2.80 12/29/15 TWD 1.00
LAND BANK OF TAIW 2.00 06/29/17 TWD 1.61
LAND BANK OF TAIW 1.72 12/26/20 TWD 1.72
LAND BANK OF TAIW 1.55 12/26/22 TWD 1.55
LAND BANK OF TAIW 1.60 12/29/18 TWD 1.54
LAND BANK OF TAIW 1.53 12/15/17 TWD 1.38
LAND BANK OF TAIW 1.50 06/26/19 TWD 1.45
LAND BANK OF TAIW 1.43 10/22/19 TWD 1.43
LAND BANK OF TAIW 1.64 10/20/18 TWD 1.42
LAND BANK OF TAIW 1.55 04/13/19 TWD 1.60
LAND BANK OF TAIW 1.43 12/26/19 TWD 1.47
MAI-LIAO POWER CO 1.25 12/19/17 TWD 1.25
MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43
MEGA FINANCIAL HO 3.26 12/26/15 TWD 1.46
MEGA INTERNATIONA 1.65 06/24/21 TWD 1.64
MEGA INTERNATIONA 1.53 12/24/17 TWD 1.36
MEGA INTERNATIONA 2.90 03/20/15 TWD 2.90
MEGA INTERNATIONA 1.48 05/18/19 TWD 1.48
MEGA INTERNATIONA 3.00 09/29/15 TWD 0.95
MEGA INTERNATIONA 1.65 04/15/18 TWD 1.40
MEGA INTERNATIONA 3.00 12/23/15 TWD 1.18
MEGA INTERNATIONA 3.10 06/26/15 TWD 0.90
MEGA INTERNATIONA 1.70 03/28/21 TWD 1.70
MEGA INTERNATIONA 1.62 11/24/18 TWD 1.38
NAN YA PLASTICS C 1.56 06/25/15 TWD 0.90
NAN YA PLASTICS C 1.45 08/05/18 TWD 1.24
NAN YA PLASTICS C 1.36 07/04/17 TWD 1.15
NAN YA PLASTICS C 1.37 09/07/19 TWD 1.33
NAN YA PLASTICS C 1.35 11/07/16 TWD 1.00
NAN YA PLASTICS C 1.36 02/25/20 TWD 1.51
NAN YA PLASTICS C 1.25 09/07/17 TWD 1.17
NAN YA PLASTICS C 1.56 08/30/15 TWD 0.68
NAN YA PLASTICS C 1.50 02/25/23 TWD 1.52
NAN YA PLASTICS C 2.08 12/18/25 TWD 2.10
NAN YA PLASTICS C 2.04 06/24/29 TWD 2.04
NAN YA PLASTICS C 1.98 12/18/23 TWD 1.94
NAN YA PLASTICS C 1.40 08/05/17 TWD 1.21
NAN YA PLASTICS C 1.55 08/05/20 TWD 1.54
NAN YA PLASTICS C 1.45 07/04/19 TWD 1.38
NAN YA PLASTICS C 1.93 11/11/24 TWD 1.93
NAN YA PLASTICS C 1.45 11/11/19 TWD 1.45
PACIFIC CONSTRUCT 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 CONSTRUC 1.70 05/07/19 TWD 1.37
RUN LONG CONSTRUC 1.60 08/01/19 TWD 1.37
SAN FAR PROPERTY 1.55 10/23/18 TWD 1.58
SHANGHAI COMMERCI 3.05 12/26/15 TWD 3.05
SHANGHAI COMMERCI 1.83 11/25/21 TWD 1.83
SHANGHAI COMMERCI 1.70 03/25/21 TWD 1.65
SHANGHAI COMMERCI 1.50 12/15/17 TWD 1.50
SHANGHAI COMMERCI 3.15 06/10/15 TWD 0.90
SHANGHAI COMMERCI 1.54 05/22/19 TWD 1.60
SHANGHAI COMMERCI 1.43 11/15/19 TWD 1.43
SHANGHAI COMMERCI 1.55 11/15/22 TWD 1.55
SHANGHAI COMMERCI 1.85 03/25/24 TWD 1.85
SHANGHAI COMMERCI 1.48 04/10/19 TWD 1.45
SHANGHAI COMMERCI 1.43 12/27/19 TWD 1.57
SHIHLIN DEVELOPME 1.60 07/31/19 TWD 1.33
SHIN KONG FINANCI 3.65 09/29/15 TWD 0.96
SHINING BUILDING 1.60 11/10/17 TWD 1.60
SINYI REALTY INC 1.48 06/27/19 TWD 1.48
SOLAR APPLIED MAT 1.75 11/10/15 TWD 1.80
SUNNY BANK LTD 2.45 12/30/21 TWD 2.45
SUNNY BANK LTD 2.35 08/26/21 TWD 2.35
SUNNY BANK LTD 3.25 10/29/17 TWD 3.25
SUNNY BANK LTD 2.35 03/31/21 TWD 2.35
SUNNY BANK LTD 2.45 04/30/20 TWD 2.45
SUNNY BANK LTD 3.25 04/30/17 TWD 3.25
SUNNY BANK LTD 2.85 06/27/18 TWD 2.85
SUNNY BANK LTD 2.45 05/30/19 TWD 2.45
TA CHONG BANK LTD 2.05 03/21/21 TWD 2.05
TA CHONG BANK LTD 2.00 11/19/21 TWD 2.00
TA CHONG BANK LTD 2.15 03/30/19 TWD 2.15
TA CHONG BANK LTD 3.25 01/05/17 TWD 3.25
TA CHONG BANK LTD 3.50 02/26/17 TWD 3.50
TA CHONG BANK LTD 3.00 03/09/18 TWD 1.92
TA CHONG BANK LTD 3.75 03/05/17 TWD 3.75
TA CHONG BANK LTD 2.05 06/22/19 TWD 2.05
TA CHONG BANK LTD 2.00 09/26/21 TWD 2.00
TA CHONG BANK LTD 1.90 12/27/19 TWD 1.90
TAIPEI FUBON COMM 1.60 05/20/15 TWD 1.14
TAIPEI FUBON COMM 1.60 03/01/15 TWD 0.70
TAIPEI FUBON COMM 1.50 11/15/17 TWD 1.38
TAIPEI FUBON COMM 1.70 05/20/17 TWD 1.70
TAIPEI FUBON COMM 1.95 08/20/17 TWD 1.60
TAIPEI FUBON COMM 3.05 03/28/15 TWD 3.05
TAIPEI FUBON COMM 2.20 01/25/17 TWD 1.14
TAIPEI FUBON COMM 3.14 06/20/15 TWD 3.15
TAIPEI FUBON COMM 1.65 12/01/18 TWD 1.46
TAIPEI FUBON COMM 1.85 05/15/24 TWD 1.85
TAIPEI FUBON COMM 2.20 12/22/16 TWD 1.17
TAIPEI FUBON COMM 1.70 08/05/18 TWD 1.45
TAIPEI FUBON COMM 1.68 05/25/22 TWD 1.83
TAIPEI FUBON COMM 2.50 01/25/20 TWD 2.50
TAIPEI FUBON COMM 1.80 03/01/17 TWD 1.48
TAIPEI FUBON COMM 1.70 08/01/23 TWD 1.70
TAIPEI FUBON COMM 1.48 04/05/19 TWD 1.48
TAIPEI FUBON COMM 1.98 09/25/24 TWD 1.98
TAIPEI FUBON COMM 1.55 10/15/20 TWD 1.55
TAIPEI FUBON COMM 2.30 01/29/17 TWD 2.30
TAIPEI FUBON COMM 2.50 03/02/20 TWD 2.50
TAIPEI FUBON COMM 2.05 08/20/20 TWD 2.05
TAIPEI FUBON COMM 3.09 05/30/15 TWD 3.10
TAIPEI FUBON COMM 1.65 03/18/18 TWD 1.65
TAIPEI FUBON COMM 1.52 08/01/20 TWD 1.52
TAIPEI FUBON COMM 1.70 05/15/21 TWD 1.70
TAISHIN FINANCIAL 2.30 12/17/17 TWD 1.65
TAISHIN FINANCIAL 2.20 08/05/18 TWD 1.61
TAISHIN FINANCIAL 2.20 10/05/18 TWD 2.20
TAISHIN FINANCIAL 2.00 05/15/19 TWD 1.85
TAISHIN INTERNATI 1.95 05/16/24 TWD 1.95
TAISHIN INTERNATI 2.65 04/12/17 TWD 2.65
TAISHIN INTERNATI 1.53 12/14/19 TWD 1.53
TAISHIN INTERNATI 1.65 10/19/22 TWD 1.65
TAISHIN INTERNATI 1.53 10/19/19 TWD 1.53
TAISHIN INTERNATI 1.65 12/14/22 TWD 1.65
TAIWAN ACCEPTANCE 1.25 10/17/17 TWD 1.25
TAIWAN ACCEPTANCE 1.12 06/20/17 TWD 1.16
TAIWAN BUSINESS B 1.92 09/02/17 TWD 1.45
TAIWAN BUSINESS B 1.92 11/25/20 TWD 1.82
TAIWAN BUSINESS B 1.68 03/25/20 TWD 1.71
TAIWAN BUSINESS B 2.50 12/18/16 TWD 1.36
TAIWAN BUSINESS B 2.32 03/05/17 TWD 2.32
TAIWAN BUSINESS B 2.35 08/27/15 TWD 1.98
TAIWAN COOPERATIV 1.85 05/26/24 TWD 1.85
TAIWAN COOPERATIV 1.70 07/28/18 TWD 1.41
TAIWAN COOPERATIV 1.55 12/25/22 TWD 1.55
TAIWAN COOPERATIV 1.45 10/25/17 TWD 1.28
TAIWAN COOPERATIV 1.70 05/26/21 TWD 1.70
TAIWAN COOPERATIV 3.00 05/28/15 TWD 0.89
TAIWAN COOPERATIV 1.65 06/28/22 TWD 1.60
TAIWAN COOPERATIV 1.48 03/28/20 TWD 1.58
TAIWAN COOPERATIV 1.72 12/25/20 TWD 1.72
TAIWAN COOPERATIV 1.43 12/25/19 TWD 1.43
TAIWAN LAND DEVEL 1.36 04/25/17 TWD 1.36
TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21
TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44
TAIWAN POWER CO 1.37 08/20/15 TWD 0.63
TAIWAN POWER CO 1.10 03/18/17 TWD 1.05
TAIWAN POWER CO 1.10 05/30/17 TWD 1.04
TAIWAN POWER CO 1.24 11/21/16 TWD 0.85
TAIWAN POWER CO 1.30 06/17/18 TWD 1.20
TAIWAN POWER CO 1.38 06/01/15 TWD 0.70
TAIWAN POWER CO 1.40 03/17/19 TWD 1.36
TAIWAN POWER CO 1.32 12/19/16 TWD 0.92
TAIWAN POWER CO 1.55 11/20/16 TWD 0.90
TAIWAN POWER CO 1.33 06/28/16 TWD 0.90
TAIWAN POWER CO 1.28 05/06/18 TWD 1.30
TAIWAN POWER CO 1.38 04/21/15 TWD 0.54
TAIWAN POWER CO 1.39 07/21/15 TWD 0.56
TAIWAN POWER CO 1.64 06/28/21 TWD 1.52
TAIWAN POWER CO 1.87 04/28/16 TWD 0.89
TAIWAN POWER CO 1.35 09/26/16 TWD 0.89
TAIWAN POWER CO 1.49 08/15/22 TWD 1.84
TAIWAN POWER CO 1.95 10/22/19 TWD 1.40
TAIWAN POWER CO 1.78 11/20/19 TWD 1.36
TAIWAN POWER CO 2.15 12/28/19 TWD 1.42
TAIWAN POWER CO 1.10 12/15/17 TWD 1.10
TAIWAN POWER CO 1.23 12/27/16 TWD 0.95
TAIWAN POWER CO 1.50 11/22/18 TWD 1.28
TAIWAN POWER CO 1.77 10/16/21 TWD 1.77
TAIWAN POWER CO 2.62 11/25/15 TWD 0.63
TAIWAN POWER CO 2.75 04/18/15 TWD 0.51
TAIWAN POWER CO 1.48 11/21/18 TWD 1.32
TAIWAN POWER CO 1.39 08/16/19 TWD 1.42
TAIWAN POWER CO 1.64 08/20/17 TWD 1.10
TAIWAN POWER CO 2.84 04/18/18 TWD 1.25
TAIWAN POWER CO 1.39 05/06/20 TWD 1.46
TAIWAN POWER CO 1.65 07/19/17 TWD 1.10
TAIWAN POWER CO 1.99 10/16/24 TWD 1.99
TAIWAN POWER CO 1.45 06/17/20 TWD 1.55
TAIWAN POWER CO 1.29 06/15/17 TWD 0.94
TAIWAN POWER CO 1.46 12/15/19 TWD 1.43
TAIWAN POWER CO 1.40 05/30/19 TWD 1.42
TAIWAN POWER CO 1.75 06/01/17 TWD 1.10
TAIWAN POWER CO 1.75 04/23/17 TWD 1.20
TAIWAN POWER CO 2.02 12/15/24 TWD 2.02
TAIWAN POWER CO 1.60 12/15/20 TWD 1.52
TAIWAN POWER CO 1.47 09/23/17 TWD 1.08
TAIWAN POWER CO 1.71 08/23/20 TWD 1.56
TAIWAN POWER CO 1.65 07/19/18 TWD 1.25
TAIWAN POWER CO 1.95 12/30/23 TWD 1.88
TAIWAN POWER CO 1.23 04/23/17 TWD 1.44
TAIWAN POWER CO 1.37 04/23/19 TWD 1.50
TAIWAN POWER CO 1.75 05/30/21 TWD 1.69
TAIWAN POWER CO 2.99 09/17/15 TWD 0.65
TAIWAN POWER CO 1.64 09/21/20 TWD 1.61
TAIWAN POWER CO 1.43 10/31/22 TWD 1.42
TAIWAN POWER CO 1.53 05/03/23 TWD 1.96
TAIWAN POWER CO 1.30 11/17/16 TWD 0.98
TAIWAN POWER CO 1.77 12/17/21 TWD 1.77
TAIWAN POWER CO 1.46 12/17/17 TWD 1.02
TAIWAN POWER CO 1.55 06/28/18 TWD 1.23
TAIWAN POWER CO 2.74 06/16/15 TWD 0.53
TAIWAN POWER CO 1.85 04/22/20 TWD 1.50
TAIWAN POWER CO 1.65 10/20/21 TWD 1.57
TAIWAN POWER CO 1.79 07/21/20 TWD 1.48
TAIWAN POWER CO 1.10 10/16/17 TWD 1.10
TAIWAN POWER CO 1.42 10/16/19 TWD 1.42
TAIWAN POWER CO 1.58 12/21/21 TWD 1.41
TAIWAN POWER CO 1.55 07/22/20 TWD 1.42
TAIWAN POWER CO 2.85 11/04/15 TWD 0.60
TAIWAN POWER CO 2.99 07/21/15 TWD 0.58
TAIWAN POWER CO 1.27 11/30/19 TWD 1.43
TAIWAN POWER CO 1.41 11/28/22 TWD 1.41
TAIWAN POWER CO 1.31 10/31/19 TWD 1.44
TAIWAN POWER CO 1.83 06/01/20 TWD 1.43
TAIWAN POWER CO 1.75 07/21/21 TWD 1.67
TAIWAN POWER CO 1.51 10/21/18 TWD 1.29
TAIWAN POWER CO 1.60 04/22/18 TWD 1.36
TAIWAN POWER CO 1.69 04/22/21 TWD 1.50
TAIWAN POWER CO 2.35 12/30/18 TWD 1.27
TAIWAN POWER CO 1.46 12/30/18 TWD 1.35
TAIWAN POWER CO 1.94 11/22/23 TWD 1.89
TAIWAN POWER CO 1.75 07/23/23 TWD 1.76
TAIWAN POWER CO 1.75 12/30/20 TWD 1.66
TAIWAN POWER CO 1.43 06/15/19 TWD 1.41
TAIWAN POWER CO 1.52 06/15/22 TWD 1.52
TAIWAN POWER CO 1.50 04/24/22 TWD 1.75
TAIWAN POWER CO 1.98 07/21/24 TWD 1.99
TAIWAN POWER CO 1.42 07/21/19 TWD 1.44
TAIWAN POWER CO 1.39 12/26/22 TWD 1.49
TAIWAN POWER CO 1.74 03/17/21 TWD 1.74
TAIWAN POWER CO 1.92 03/17/24 TWD 1.93
TAIWAN POWER CO 1.95 05/28/24 TWD 1.96
TAIWAN SEMICONDUC 1.50 07/16/20 TWD 1.40
TAIWAN SEMICONDUC 1.40 09/28/16 TWD 0.81
TAIWAN SEMICONDUC 1.23 02/06/18 TWD 1.11
TAIWAN SEMICONDUC 1.23 01/04/18 TWD 1.11
TAIWAN SEMICONDUC 1.35 01/04/20 TWD 1.37
TAIWAN SEMICONDUC 1.63 09/28/18 TWD 101.63
TAIWAN SEMICONDUC 1.28 09/26/17 TWD 100.60
TAIWAN SEMICONDUC 1.29 01/11/17 TWD 1.05
TAIWAN SEMICONDUC 1.28 08/02/17 TWD 1.06
TAIWAN SEMICONDUC 2.10 09/25/23 TWD 2.03
TAIWAN SEMICONDUC 1.35 09/25/16 TWD 1.38
TAIWAN SEMICONDUC 1.45 09/25/17 TWD 1.47
TAIWAN SEMICONDUC 1.50 02/06/23 TWD 1.91
TAIWAN SEMICONDUC 1.53 10/09/22 TWD 1.53
TAIWAN SEMICONDUC 1.46 01/11/19 TWD 1.46
TAIWAN SEMICONDUC 1.34 08/09/17 TWD 1.34
TAIWAN SEMICONDUC 1.52 08/09/19 TWD 1.52
TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45
TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10
TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85
TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51
TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63
TONG YANG INDUSTR 1.35 01/28/20 TWD 1.35
TONG YANG INDUSTR 1.35 01/28/20 TWD 1.35
TONG YANG INDUSTR 1.35 01/28/20 TWD 1.35
U-MING MARINE TRA 1.32 08/22/17 TWD 1.32
UNION BANK OF TAI 2.32 03/01/19 TWD 2.32
UNION BANK OF TAI 2.78 06/15/18 TWD 2.78
UNION BANK OF TAI 2.10 12/19/20 TWD 2.10
UNI-PRESIDENT ENT 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT ENT 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT ENT 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT ENT 1.39 02/18/19 TWD 1.41
UNI-PRESIDENT ENT 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT ENT 1.29 06/23/19 TWD 1.34
UNI-PRESIDENT ENT 1.43 06/17/16 TWD 1.01
UNI-PRESIDENT ENT 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT ENT 1.22 02/26/18 TWD 1.17
UNI-PRESIDENT ENT 1.78 06/23/24 TWD 1.81
UNI-PRESIDENT ENT 1.39 10/29/19 TWD 1.53
UNITED MICROELECT 1.35 03/15/18 TWD 100.36
UNITED MICROELECT 1.43 06/07/17 TWD 1.20
UNITED MICROELECT 1.50 03/15/20 TWD 1.58
UNITED MICROELECT 1.95 06/18/24 TWD 1.95
UNITED MICROELECT 1.63 06/07/19 TWD 1.50
UNITED MICROELECT 1.70 06/18/21 TWD 1.71
USI CORP 1.55 06/24/16 TWD 1.34
WAN HAI LINES LTD 1.65 08/14/19 TWD 1.65
WAN HAI LINES LTD 1.95 08/14/21 TWD 1.95
WAN HAI LINES LTD 1.65 06/22/16 TWD 1.25
WAN HAI LINES LTD 1.85 06/24/18 TWD 1.55
YANG MING MARINE 2.20 11/01/18 TWD 1.90
YANG MING MARINE 1.42 05/20/15 TWD 1.45
YANG MING MARINE 2.45 11/01/20 TWD 2.45
YANG MING MARINE 1.30 12/27/16 TWD 1.16
YANG MING MARINE 1.30 12/27/16 TWD 1.15
YANG MING MARINE 1.42 05/20/15 TWD 1.35
YANG MING MARINE 1.42 05/20/15 TWD 1.23
YANG MING MARINE 1.42 05/20/15 TWD 1.42
YANG MING MARINE 1.42 05/20/15 TWD 1.46
YANG MING MARINE 1.42 05/20/15 TWD 1.31
YANG MING MARINE 1.42 05/20/15 TWD 1.31
YANG MING MARINE 1.42 05/20/15 TWD 1.38
YANG MING MARINE 1.30 12/27/16 TWD 1.34
YANG MING MARINE 1.30 12/27/16 TWD 1.26
YANG MING MARINE 1.30 12/27/16 TWD 1.14
YANG MING MARINE 1.30 12/27/16 TWD 1.11
YANG MING MARINE 1.30 12/27/16 TWD 1.15
YANG MING MARINE 1.30 12/27/16 TWD 1.05
YFY INC 1.40 06/28/15 TWD 0.95
YFY INC 1.40 06/28/15 TWD 1.40
YUAN DING INVESTM 1.35 05/26/19 TWD 1.43
YUAN DING INVESTM 1.25 08/06/15 TWD 1.30
YUAN DING INVESTM 1.40 08/06/17 TWD 1.20
YUAN DING INVESTM 1.62 07/19/15 TWD 1.45
YUAN DING INVESTM 1.50 07/20/16 TWD 1.27
YUAN DING INVESTM 1.35 11/25/16 TWD 1.14
YUAN DING INVESTM 1.45 12/15/16 TWD 1.40
YUANTA COMMERCIAL 2.00 09/04/24 TWD 2.00
YUANTA COMMERCIAL 2.30 06/10/17 TWD 1.38
YUANTA COMMERCIAL 1.95 10/27/21 TWD 1.95
YUANTA COMMERCIAL 1.80 10/27/18 TWD 1.80
YUANTA COMMERCIAL 1.75 06/27/18 TWD 1.53
YUANTA COMMERCIAL 1.85 08/22/18 TWD 1.55
YUANTA COMMERCIAL 1.80 09/04/21 TWD 1.80
YUANTA COMMERCIAL 1.85 10/29/21 TWD 1.85
YUANTA FINANCIAL 1.50 06/29/16 TWD 1.15
*********
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 ***