/raid1/www/Hosts/bankrupt/TCRAP_Public/150303.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, March 3, 2015, Vol. 18, No. 043
Headlines
A U S T R A L I A
ABC LEARNING: Former CFO Pleads Guilty to ASIC Charges
CARRINGTON EQUIPMENT: First Creditors' Meeting Set For March 6
CERAMIC FUEL: In Administration After Failing to Get Funding
MISSION NEWENERGY: Posts US$28.6-Mil. Profit for 2nd Half of 2014
MISSION NEWENERGY: Executive Directors OK Escrow of 15MM Shares
REDDO MEDIA: First Creditors' Meeting Slated For March 11
TAYLORS LAKES: First Creditors' Meeting Slated For March 12
WOLLONGONG HAWKS: Placed in Administration
C H I N A
CHINA SHANSHUI: S&P Rates Proposed US$ Senior Unsecured Notes 'B'
CIFI HOLDINGS: S&P Raises Rating to 'BB-' on Good Sales Execution
SHAGANG SHIPPING: Files for Liquidation With Hong Kong Court
I N D I A
ABHIJEET TRADEIMPEX: ICRA Reaffirms B Rating on INR5.5cr Loan
AMBICA TIMBERTRADE: ICRA Rates INR5cr Fund Based Loan at B+
ANC ENTERPRISES: CRISIL Reaffirms B Rating on INR75MM Cash Loan
ARTEMIS AUTO: CRISIL Reaffirms B Rating on INR60MM Cash Credit
ASHUTOSH FIBRE: CARE Reaffirms B+ Rating on INR9.73cr LT Loan
AZICO PHARMACEUTICALS: CRISIL Reaffirms B Rating on INR131MM Loan
BEARDSELL LTD: CRISIL Rates INR50MM Fixed Deposit Programme 'FB+'
BHARATH AGRO: ICRA Assigns B+ Rating to INR3.50cr Cash Credit
BHATIA PHOTO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
BRINDHA COTTON: ICRA Reaffirms D Rating on INR6.65cr Term Loan
CYBERWALK TECH: ICRA Assigns 'D' Rating to INR68.84cr Term Loan
EMAAR ALLOYS: CRISIL Assigns 'B' Rating to INR95.4MM Cash Credit
G V PARIVAAR: CRISIL Assigns B+ Rating to INR60MM Cash Credit
GARG RICE: ICRA Reaffirms 'B' Rating on INR1cr LT Fund Loan
ISHAAN METALS: ICRA Assigns B+ Rating to INR10cr Loan
KBS MOTORS: CRISIL Cuts Rating on INR37.2MM Term Loan to B-
LITECON INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.42cr Loan
LOK ENTERPRISES: ICRA Revises Rating on INR1cr LT Loan to B
MAHENDRA SUBMERSIBLE: CRISIL Reaffirms B+ Rating on INR100MM Loan
MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Fund Based Loan
MARIA RUG: CRISIL Assigns B- Rating to INR16MM Proposed LT Loan
MIRA MARINE: CRISIL Assigns B+ Rating to INR33.2MM Proposed Loan
MODERN RICE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
MOTHER LAM: CRISIL Assigns B+ Rating to INR49.8MM LT Loan
NARAYANI HOTELS: CRISIL Ups Rating on INR736.9MM Term Loan to B-
PRAKHHYAT INFRAPROJECTS: CRISIL Cuts INR111.5MM Loan Rating to D
RAMA KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
RASILANT TECHNOLOGIES: ICRA Assigns B+ Rating to INR7.50cr Loan
RATNAGIRI GAS: CARE Reaffirms D Rating on INR9,127.01cr LT Loan
RAY INTERNATIONAL: CRISIL Assigns B+ Rating to INR35MM Loan
S.S. AGRO: CRISIL Reaffirms B Rating on INR150MM Cash Credit
S.S. OVERSEAS: CRISIL Reaffirms B Rating on INR160MM Cash Credit
SAHA BUILDING: CRISIL Assigns B+ Rating to INR60MM Cash Credit
SAHARA GROUP: Central Bank Asked to probe INR500cr Fraud
SAI-LAXMI TEXOFAB: ICRA Reaffirms B Rating on INR6.65cr LT Loan
SAI INDIA: CARE Upgrades Rating on INR5.97cr LT Loan to 'B'
SANGO AUTO: CRISIL Reaffirms B Rating on INR15cr Term Loan
SAWLANI SYNTHETICS: ICRA Assigns B+(SO) Rating to INR12cr Loan
SHAKAMBRI KHADYA: ICRA Reaffirms B-/A4 Rating on INR10cr Loan
SHREE LAXMI: CARE Assigns B+ Rating to INR6.38cr LT Bank Loan
SHRID METAL: CRISIL Assigns B- Rating to INR45MM Cash Credit
SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
TIJIYA ENGINEERING: CRISIL Reaffirms B Rating on INR10MM Loan
UNITED EXIM: CARE Assigns B+ Rating to INR9.0cr LT Loan
VENUS CONTROLS: CRISIL Ups Rating on INR400MM Cash Loan to B-
VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR50MM Loan
I N D O N E S I A
GENERAL MOTORS: To Close Down Assembly Plant in Bekasi
N E W Z E A L A N D
SHANTON FASHIONS: Napier Branch Closes
SOLID ENERGY: Delays H1 Report on Lower Coal Prices
SOLID ENERGY: Pip Dunphy Steps Down as Chairman
WYNYARD GROUP: Net Loss Widens to NZ$22.3MM in FY2014
S O U T H K O R E A
* SOUTH KOREA: Banks' Loan Delinquency Rate Climbs in January
X X X X X X X X
* BOND PRICING: For the Week Feb. 23 to Feb. 27, 2015
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A U S T R A L I A
=================
ABC LEARNING: Former CFO Pleads Guilty to ASIC Charges
------------------------------------------------------
The former chief financial officer of ABC Learning Centres Limited,
James Black, appeared in the Brisbane District Court on March 2 and
pleaded guilty to one rolled-up charge of making available,
authorising or permitting the making available of false or misleading
information relating to the affairs of ABC that he knew to be false or
misleading in material particulars.
The charge carries a maximum penalty of five years in jail and/or a
fine of AUD22,000.
The matter will return to court on March 31, 2015, for sentence.
The Commonwealth Director of Public Prosecutions is prosecuting the matter.
Mr. Black was first charged in May 2013.
About ABC Learning
Based in Australia, ABC Learning Centres Limited (ASX: ABS) --
http://www.childcare.com.au/-- provides childcare services and
education in more than 1,200 centers in Australia, New Zealand,
the United States and the United Kingdom. The Company's
subsidiaries include A.B.C. Developmental Learning Centers Pty
Ltd., A.B.C. Early Childhood Training College Pty Ltd., Premier
Early Learning Centers Pty Ltd., A.B.C. Developmental Learning
Centers (NZ) Ltd., A.B.C. New Ideas Pty Ltd., A.B.C. Land Holdings
(NZ) Limited and Child Care Centers Australia Ltd. On Jan. 26, 2007,
it acquired La Petite Holdings Inc. On Feb. 2, 2007, it acquired
Forward Steps Holdings Ltd. On March 23, 2007, it acquired Children's
Gardens LLP. In September 2007, the Company purchased the Nursery
division (Leapfrog Nurseries) from Nord Anglia Education PLC. In June
2008, the Company completed the sale of a 60% stake in its United
States business to Morgan
Stanley Private Equity.
In November 2008, ABC Learning Centres Limited appointed Peter
Walker and Greg Moloney of Ferrier Hodgson as voluntary
administrators of the company and a number of its subsidiaries.
Subsequent to the appointment of administrators, the company's
banking syndicate appointed Chris Honey, Murray Smith and John
Cronin of McGrathNicol as receivers.
The Administrators filed a Chapter 15 petition for the Company
(Bankr. D. Del. Case No. 10-11711) on May 26, 2010. Joel A.
Waite, Esq., at Young, Conaway, Stargatt & Taylor, represents the
Petitioners in the Chapter 15 case. ABC's debts and assets were
estimated to be between US$100 million and US$500 million.
A separate Chapter 15 petition was filed for affiliate A.B.C.
USA Holdings Pty Ltd., listing assets and debts of at least
US$100 million.
In June 2010, ABC Learning creditors in Australia voted to wind
up the failed childcare provider.
CARRINGTON EQUIPMENT: First Creditors' Meeting Set For March 6
--------------------------------------------------------------
Stewart William Free and Andrew John Spring of Jirsch Sutherland were
appointed as administrators of Carrington Equipment Pty Limited on
Feb. 24, 2015.
A first meeting of the creditors of the Company will be held at
Hotel Novocastrian, 21 Parnell Place, in Newcastle, New South Wales,
on March 6, 2015, at 10:00 a.m.
CERAMIC FUEL: In Administration After Failing to Get Funding
------------------------------------------------------------
Business Spectator reports that ASX-listed Ceramic Fuel Cells said it
has gone into administration after being "unsuccessful in securing
further funding to enable it to explore a corporate transaction to
maintain the ongoing future operations of the company."
The directors of the solid oxide fuel cell maker have appointed Adam
Nikitins and Justin Walsh of Ernst & Young as voluntary
administrators.
"The appointment of the voluntary administrators to the company in
Australia will also impact the international corporate operations of
the company, which the Voluntary Administrators will consider," the
company said in an ASX release obtained by the news agency.
MISSION NEWENERGY: Posts US$28.6-Mil. Profit for 2nd Half of 2014
-----------------------------------------------------------------
Mission NewEnergy Ltd reported profit of $28.7 million on $688,000 of
total revenue for the six months ended Dec. 31, 2014, compared to
profit of $3.58 million on $10.4 million of total revenue for the six
months ended Dec. 31, 2013. As at Dec. 31, 2014, Mission NewEnergy
had $29.7 million in total assets, $16.2 million in total liabilities
and $13.5 million in net assets.
A full-text copy of the Report is available for free at:
http://is.gd/rrTkjE
About Mission NewEnergy
Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.
The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.
Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.
BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue as
a going concern.
MISSION NEWENERGY: Executive Directors OK Escrow of 15MM Shares
---------------------------------------------------------------
Mission NewEnergy Limited announced that its executive directors have
agreed to a 12-month voluntary escrow of all 15,000,000 shares issued
to them on Feb. 19, 2015, as per Shareholder approval received in
October 2014.
"With the recent completion of the company transformation as announced
on 19 February 2015 the Executive Directors are confident in the
business and are demonstrating strong continued commitment to the
company with this voluntary escrow," said Nathan Mahalingam, chief
executive officer Mission NewEnergy.
About Mission NewEnergy
Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.
The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.
Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.
The Company's balance sheet at June 30, 2014, showed
$4.04 million in total assets, $15.40 million in total liabilities and
a $11.35 million total deficiency.
BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other matters,
raise substantial doubt the Company's ability to continue as a going
concern.
REDDO MEDIA: First Creditors' Meeting Slated For March 11
---------------------------------------------------------
Ronald Dean-Willcocks at Dean-Willcocks Insolvency Solutions was
appointed as administrator of Reddo Media Services Pty Limited on
Feb. 27, 2015.
A first meeting of the creditors of the Company will be held at
Dean-Willcocks Insolvency Solutions, Level 2, 32 Martin Place, in
Sydney, on March 11, 2015, at 11:30 a.m.
TAYLORS LAKES: First Creditors' Meeting Slated For March 12
-----------------------------------------------------------
Glenn J. Franklin and Petr Vrsecky of PKF Melbourne were appointed as
administrators of Taylors Lakes Garden World (Vic.) Pty. Ltd. on Feb.
27, 2015.
A first meeting of the creditors of the Company will be held at
PKF Melbourne, Level 13, 440 Collins Street, in Melbourne, on March
12, 2015, at 10.30 a.m.
WOLLONGONG HAWKS: Placed in Administration
------------------------------------------
Cara Waters at SmartCompany reports that National Basketball League
team, Wollongong Hawks, entered into administration on March 2.
Nicols + Brien have been appointed as administrators, the report says.
SmartCompany says the Wollongong Hawks were purchased last year by
Rich Lister and founder of ASX-listed Vocus Communications, James
Spenceley.
SmartCompany relates that Mr. Spenceley brought in new administration,
signed new players and sponsors and revamped the club's membership and
marketing program.
He told Fairfax at the time he had already spent "north of a million
dollars" trying to keep the Wollongong Hawks solvent, according to
SmartCompany.
"It was probably days away from going into administration and having
to call in the liquidator," Mr. Spenceley said at the time,
SmartCompany relays. "We didn't have any players signed and no lease
on the [home] stadium. There has been a lot to do."
However, Mr. Spenceley's efforts appear to have failed with the club
appointing administrators, SmartCompany says.
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C H I N A
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CHINA SHANSHUI: S&P Rates Proposed US$ Senior Unsecured Notes 'B'
-----------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' long-term issue
rating and 'cnBB-' long-term Greater China regional scale rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
China Shanshui Cement Group Ltd. (Shanshui: B+/Stable/--; cnBB/--).
The ratings are subject to S&P's review of the final issuance
documentation. The company intends to use the issuance proceeds to
refinance its US$400 million senior unsecured notes due 2016.
The issue rating is one notch lower than the corporate credit rating
on Shanshui to reflect S&P's opinion that offshore noteholders would
be materially disadvantaged, compared with onshore creditors, in the
event of default. In S&P's view, the company's ratio of priority
obligations to total assets will remain above its notching threshold
of 15% for speculative-grade debt.
S&P anticipates that Shanshui's financial performance in 2014 was
slightly weaker than S&P's expectation, but was commensurate with an
"aggressive" financial risk profile. Shanshui's average selling price
is Chinese renminbi (RMB) 238 per ton as of Oct. 30, 2014, compared
with RMB246 per ton we assumed for full-year 2014.
In S&P's view, operating conditions for Shanshui are likely to
stabilize over the next 12 months, but a recovery is uncertain. S&P
anticipates that cement prices will stabilize owing to increased
infrastructure projects in northeast China, but weaker property demand
will temper the benefits.
S&P continues to assess Shanshui's liquidity as "less than adequate."
Shanshui's liquidity sources are likely to cover less than 1.0x of its
liquidity needs over the next 12 months, even after the proposed
notes, mainly because of the company's high reliance on short-term
financing. That said, S&P expects Shanshui to continue to have access
to short-term loans from domestic banks.
The stable outlook on the corporate credit rating reflects S&P's
expectation that Shanshui's continued access to funding from the
domestic capital market and banks will temper refinancing risk over
the next 12 months. S&P anticipates that the company's operating
performance and profit margin will stabilize, and its debt leverage
will not increase over the period.
CIFI HOLDINGS: S&P Raises Rating to 'BB-' on Good Sales Execution
-----------------------------------------------------------------
Standard & Poor's Ratings Services said that it raised the rating on
China-based property developer CIFI Holdings (Group) Co. Ltd. to 'BB-'
from 'B+'. The outlook is stable. At the same time, S&P raised its
issue rating on the company's outstanding senior unsecured notes to
'B+' from 'B'. As a result of the upgrade, S&P raised its long-term
Greater China regional scale rating on CIFI to 'cnBB+' from 'cnBB' and
on its notes to 'cnBB' from 'cnBB-'.
"We raised the ratings on CIFI to reflect our view of the company's
solid sales performance, increasing operating scale, and steady
profitability," said Standard & Poor's credit analyst Dennis Lee.
To reflect these improvements, S&P has raised the company's business
risk profile to "fair" from "weak." S&P also expects CIFI to manage
its leverage within its expectation, such that the debt-to-EBITDA
ratio stays below 5x for the next two years.
S&P expects CIFI to continuously expand its scale through satisfactory
sales execution. In S&P's view, CIFI is committed to a
fast-asset-turnover model, and has the operational experience to allow
for a quick development cycle with strong project standardization and
targeted marketing. Over the past two years, CIFI has achieved high
cash collection and sell-through rates under the model. The company's
sell-through ratio in 2013 was about 70%, compared with the industry
average of 50%-60%. Although the ratio is likely to drop as CIFI's
operating scale continues to expand, S&P believes that the company can
maintain an above-average level.
S&P believes CIFI's sales growth will be more moderate over the coming
two years. S&P forecasts that the company's total contracted sales,
including sales from joint ventures (JVs), will increase to Chinese
renminbi (RMB) 25 billion in 2015 and RMB30 billion in 2016, from
RMB21.2 billion in 2014. CIFI targets end-user demand in higher-tier
cities, a strategy that should continue to support its growth in the
coming years, in S&P's view. S&P believes end-user demand in these
cities remains strong and they have less oversupply than lower-tier
cities. More than 90% of CIFI's saleable resources in 2015 are in
first- and second-tier cities, of which Shanghai and Beijing
contribute 42%.
S&P estimates that sales from JVs will significantly increase and
account for a substantial part of CIFI's total contracted sales from
2014 onwards. In S&P's base-case scenario, it estimates that 40% of
the company's total sales in 2014 were from unconsolidated JVs, and
the percentage should slightly decrease in 2015 and 2016 as the
overall operating scale increases. Given CIFI's strategy to penetrate
higher-tier cities where land costs are rising, S&P anticipates that
the company will continue to use JVs as a platform to expand its
scale. This strategy could help to reduce project concentration risk
and lessen CIFI's investment burden.
In S&P's view, CIFI's credit risk exposure to its JVs is currently
manageable. The company's large JV projects, such as Hangzhou
Greenland CIFI Glorious City and Shanghai Henderson CIFI Center, are
partnered with large, reputable developers. These partners have
well-established market positions, long operating records, and
satisfactory credit standing. Some other smaller JV projects are
partnered with onshore private funds. The sales performance of CIFI's
JV projects has been satisfactory so far.
To factor in CIFI's credit exposure in its JV projects, S&P has
adjusted its total debt to include the guaranteed amount of the JVs'
debt. In 2014, the company's JVs with Greenland and Henderson (China)
obtained two offshore syndicated loans for project development, of
which CIFI guaranteed 50% of each borrowing. S&P haven't factored in
any contribution from CIFI's JVs as it estimates that many of these
projects will not be completed until 2016.
S&P anticipates that CIFI will maintain its current leverage over the
next two years while it continues to improve its financing costs. The
company's financial management has been disciplined while it has
expanded its scale and increased its financing channels over the past
two years. In addition to lower funding costs, the company has
extended its debt maturity profile through the issuance of senior
notes and offshore bank borrowings. CIFI's effective interest rate
reduced to 8.7% in the first half of 2014 from over 10% in 2012
through continuous repayment of high-cost trust financings.
CIFI obtained a new offshore bank loan with good pricing in January
2015 despite the generally adverse market sentiment, and S&P views
this as a sign of confidence in the company from the banking
community. Over the past two years, the coupon rate of CIFI's notes
issuances has also substantially reduced to less than 9% from over
12%.
The 'BB-' rating on CIFI continues to reflect S&P's view of the
company's aggressive growth appetite, execution risk from rapid
expansion, high debt leverage, and short track record of prudent
financial management. The company's good sales execution,
continuously improving financial flexibility, and satisfactory market
position in Shanghai temper these weaknesses.
"The stable outlook over the next 12 months reflects our view that
CIFI will maintain its good sales execution and strategy execution in
penetrating higher-tier cities along the Yangtze River Delta and
service end-user demand in the region. We also expect CIFI to manage
its balance sheet and control its debt leverage, with its
debt-to-EBITDA ratio remaining below 5x in 2015," said Mr. Lee.
S&P could lower the rating if CIFI's leverage deteriorates such that
the debt-to-EBITDA ratio exceeds 5x on a sustained basis. This could
happen if the company's debt-funded expansion is more aggressive than
S&P expected or its profitability declines substantially due to
increased competition. S&P's sensitivity analysis suggests that
revenue growth of less than 7% or a gross margin of lower than 23% in
2015, while other factors remain constant, could lead to such
deterioration.
An upgrade is unlikely in the coming 12 months, given that CIFI's
operating scale and product and geographic diversity are weaker than
those of 'BB'-rated peers. S&P may consider raising the rating if
CIFI continues to diversify and expand its scale. Nevertheless, S&P
may raise the rating if the company adopts a more conservative
financial policy and significantly improves its leverage, such that
its debt-to-EBITDA ratio is sustainably below 4x.
SHAGANG SHIPPING: Files for Liquidation With Hong Kong Court
------------------------------------------------------------
Sino Ship News reports that dry bulk operator Shagang Shipping has
filed for liquidation with a Hong Kong court, adding to the recent
wave of bankruptcies of dry bulk shipping firms.
Shagang Shipping joins three dry bulk shipping companies that have
gone bankrupt, namely Dalian Winland Shipping, Korean owner Daebo
Shipping and Danish owner Copenship, according to Sino Ship News.
The report notes that Zhang Jie, sole director of Shagang Shipping,
disclosed that a creditors' meeting will be held on March 5.
According to notice the company sent to Hong Kong Companies Registry,
Fok Hei Yu and John Howard Batchelor of FTI Consulting HK have been
appointed as joint and several provisional liquidators, the report
relates.
Shagang Shipping has been involved in a charter dispute against
China's HNA Group, in a case that has yet to be settled, the report
discloses.
The company was established in 2004, with Jiangsu Shagang Group
holding a 51% equity share in the company. Jiangsu Shagang Group no
longer holds any equity in Shagang Shipping after two restructurings,
in 2008 and 2012.
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I N D I A
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ABHIJEET TRADEIMPEX: ICRA Reaffirms B Rating on INR5.5cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the INR3.03
crore term loan facilities and INR5.50 crore working capital
facilities of Abhijeet Tradeimpex. ICRA has also reaffirmed the short
term rating of [ICRA]A4 to the INR2.00 crore short term non fund based
facility, which is a sub limit of long term working capital facility.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund Based 3.03 [ICRA]B reaffirmed
Limits-Term Loans
Long Term-Fund Based 5.50 [ICRA]B reaffirmed
Limits-Cash Credit
Short Term-Non Fund (2.00) [ICRA]A4 reaffirmed
Based Limits-Letter
of Credit
The ratings continue to factor in Abhijeet Tradeimpex's (ATI) weak
financial profile as reflected by its thin profit margins as inherent
in the trading business, highly leveraged capital structure on account
of debt funded capital expenditure and weak debt coverage indicators.
The ratings also incorporate its modest operating scale despite
product diversification and the delay in implementation of Phase II of
the hotel project on account of a delay in the funding tie up. The
ratings further take note of the intense competition in trading of
steel and iron products with exposure to cyclicality in the real
estate sector given that 100% of the revenue is derived from sales to
companies engaged in construction activity in Mumbai and Pune only.
The ratings, however, favourably factor in the experience of the
proprietor in the trading of steel and iron products as well as
revenue diversification efforts undertaken in the form of the
expansion of the hotel project, addition of GI sheets and coils, and
suiting and shirting material (textile) to the trading portfolio. The
ratings also draw comfort from the firm's low susceptibility to price
volatility risks in products traded, as the procurement is done only
against confirmed orders.
Abhijeet Tradeimpex (ATI) was set up as a proprietary firm in 2001 by
Mr. Abhijeet Patodia. The firm is mainly into trading of TMT Bars,
Ingots, GI sheets and Coils, aluminum structures and suiting and
shirtings. The firm also runs a hotel in Jalgaon district in
Maharashtra. ATI has a registered office at Fort, Mumbai.
ATI recorded a net profit of INR0.47 crore on an operating income of
INR38.92 crore for the year ending March 31, 2014. The firm recorded
an operating income of INR26.60 crore (provisional) for the first 9
months of FY15 ending December 31, 2014.
AMBICA TIMBERTRADE: ICRA Rates INR5cr Fund Based Loan at B+
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR5 crore
fund based facilities of Ambica Timbertrade Private Limited. ICRA has
also assigned its short term rating of ICRA]A4 to the INR27 crores non
fund based facilities and INR3 crores unallocated non fund based
limits of ATT.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based facilities 5 [ICRA]B+; Assigned
Non fund based 27 [ICRA]A4; Assigned
facilities
Unallocated non fund 3 [ICRA]A4; Assigned
based facilities
For arriving at its ratings, ICRA has combined the business and
financial risk profiles of Ambica Timbertrade Private Limited and
group firm Sharda Timbers (together referred to as 'the group'). This
is because the two entities have common promoters and operate in the
same line of business
ICRA's rating is constrained by the group's moderate scale of
operations, which, coupled with the high competitive intensity in the
industry, has led to low operating margins and profits. The ratings
are further constrained by the group's weak financial profile as
reflected in its low net worth, high gearing, high TOL/TNW ratio and
weak debt coverage indicators. The ratings also take into account the
vulnerability of the group's profitability to fluctuations in exchange
rates, as most of the purchases are from imports. The rating, however,
favourably factors in the extensive experience of the promoters in
trading of timber and the group's low debt repayment obligations
Going forward, the ability of the group to scale up its operations in
a profitable manner while optimally managing its working capital
intensity will be the key rating sensitivities.
ATPL is a privately owned company that was incorporated in year 2010.
The firm imports timber mainly from Malaysia, Singapore and New
Zealand. The variety of timber that the firm deals in is mainly used
in furniture making and light construction work. The firm's factory at
Gandhidham, Gujarat is engaged in cleaning and sawing of logs to make
clean squared timber blocks. These blocks are thereafter sold from the
firm's offices in Nangloi, Haryana and Gandhidham, Gujarat
The company reported a net profit of INR0.11 crore on an operating
income of INR89.50 crores in FY14 as against net profit of INR0.06
crore on an operating income of INR58.2 crores in FY13.
ANC ENTERPRISES: CRISIL Reaffirms B Rating on INR75MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of ANC Enterprises
(ANCE; part of the ANC group) continues to reflect the ANC group's
weak financial risk profile, marked by a modest net worth, high
gearing, and subdued debt protection metrics. The rating also factors
in the group's small scale of operations, large working capital
requirements, high customer concentration in its revenue profile, and
its susceptibility to cyclicality in the commercial vehicle industry.
These rating weaknesses are partially offset by the extensive industry
experience of its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B/Stable (Reaffirmed)
Term Loan 9.8 CRISIL B/Stable (Reaffirmed)
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ANCE and Sango Auto Forge Pvt Ltd (SAFPL).
This is because these entities, together referred to as the ANC group,
are in similar lines of business, have significant operational and
financial linkages with each other (SAFPL derives most of its revenues
from ANCE), and have common promoters.
Outlook: Stable
CRISIL believes that the ANC group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group's liquidity improves
significantly, most likely driven by sizeable equity infusion or
improvement in its working capital management. Conversely, outlook may
be revised to 'Negative' if the ANC group's revenue and profitability
decline, or it undertakes a large debt-funded capital expenditure
(capex) programme, thereby weakening its financial risk profile,
particularly its liquidity.
Update
For 2013-14 (refers to financial year, April 1 to March 31), the ANC
group registered revenue of INR237 million, a year-on-year decline of
about 25 per cent. The decline was largely because of subdued demand
from its key customer, Tata Motors Ltd (TML). However, it has achieved
a higher operating margin of 18.1 per cent in 2013-14 as against 12.7
per cent in the previous year on account of revision in payment terms
with TML and lower material costs. The group's operating profitability
is healthy due to its partially integrated operations, with ANCE
procuring most of its forging requirements from SAFPL. The ANC group
has working-capital-intensive operations, as reflected in its gross
current assets of 380 days as on March 31, 2014. This was mainly on
account of its inventory and debtors of 306 and 74 days, respectively.
The ANC group's financial risk profile continues to be weak, marked by
a modest net worth and a high gearing of INR65 million and 2.75 times,
respectively, as on March 31, 2014. Also, it has subdued debt
protection metrics as reflected in its net cash accruals to total debt
and interest coverage ratios of 0.03 times and 1.71 times,
respectively, for 2013-14. The group's financial risk profile is
expected to remain weak over the medium term on account of its
working-capital-intensive operations. Furthermore, its liquidity is
stretched on account of capital withdrawal of INR11 million by its
promoters in 2013-14 from ANCE, resulting in high reliance on debt for
meeting its working capital requirements and hence in fully utilised
bank limits. CRISIL believes that the group's liquidity will remain
stretched over the medium term in the absence of any significant
equity infusion, due to its working-capital-intensive operations.
ANCE undertakes the machining of components used in the automobile
industry. The firm operates two machining units at Bhosari in Pune
(Maharashtra) with an installed capacity of 600 tonnes per month
(tpm). SAFPL, incorporated in 2007, has a forging capacity of 350 tpm
and caters to 100 per cent of ANCE's forging requirements.
ARTEMIS AUTO: CRISIL Reaffirms B Rating on INR60MM Cash Credit
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Artemis Auto India Pvt Ltd
(AIPL) continue to reflect AIPL's working-capital-intensive operations
and exposure to intense competition in the automobile dealership
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 13.4 CRISIL A4 (Reaffirmed)
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Long Term Loan 16 CRISIL B/Stable (Reaffirmed)
The ratings also reflect the company's weak financial risk profile,
marked by a highly leveraged capital structure and weak debt
protection metrics. These rating weaknesses are partially offset by
AIPL's relationship with its principal, Volvo Auto India Pvt Ltd
(VAIL), and the entrepreneurial experience of the company's promoters.
Outlook: Stable
CRISIL believes that AIPL will continue to benefit over the medium
term from its promoters' extensive entrepreneurial experience. The
outlook may be revised to 'Positive' if substantial improvement in
sales volumes and operating margin or sizeable equity infusions by the
promoters result in a better capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' in case
of revenue de-growth or reduced profitability, or any large
debt-funded capex weakens its financial risk profile.
AIPL was set up in 2010 by Mr B Umamaheswari as a private limited
company. The company runs dealership of VAIL cars. The company
operated two showrooms, with one each in Coimbatore and Chennai (both
in Tamil Nadu).
ASHUTOSH FIBRE: CARE Reaffirms B+ Rating on INR9.73cr LT Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of Ashutosh
Fibre Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.73 CARE B+ Reaffirmed
Short-term Bank Facilities 2.00 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Ashutosh Fibre Private
Limited continued to remain constrained on account
of its modest scale operations in a highly competitive and fragmented
textile industry coupled with its financial risk profile marked by
modest profitability which is susceptible to the volatility in the raw
material prices and foreign exchange rate fluctuations.
The ratings, however, continue to take comfort from the vast
experience of the promoters and established track record of
AFPL in the textile industry, comfortable capital structure and debt
coverage indicators.
The ratings also positively factor in gradual increase in total
operating income and cash accruals along with improvement
in capital structure, liquidity indicators, consistent support from
the promoters by way of infusion of unsecured loans to
support the operations of the company and successful completion of
debt-funded capex during FY14 (refers to the period April 1 to March
31).
The ability of AFPL to increase its scale of operations with
improvement in profitability and capital structure along with
better working capital management and stabilization of the facilities
to achieve envisaged scale of operations is the key
rating sensitivity.
AFPL was established in 1985 by Mr Purshottamdas Patel and was taken
over by the present management [consisting of Mr Siddharth Patel, Mr
Abhishek Agarwal, and Mr Vinod Agarwal] in 1995. AFPL is engaged in
the production, processing and sale of different types of yarn which
includes technical yarn as well as textile yarn. The product portfolio
of the company mainly consist of Polypropylene ring spun yarn (yarn
counts 4 Ne - 30 Ne), Polypropylene FDA Dref yarn (yarn counts 0.5 Ne
- 4 Ne) and Antistatic polypropylene spun yarn (yarn counts 7.5 Ne -
40 Ne). These yarns finds application in carpet backing and are used
in manufacturing water and chemical filter bags, heat & flame
retardant gloves, filter bags and filter cartridge. AFPL also
manufactures cotton yarn (yarn counts 7.5 Ne - 60 Ne) which finds
application in children's apparels, intimate wear, active wear and bed
spreads. AFPL has expanded its operations over the last two decades
and has a manufacturing capacity of 4399 MTPA to produce yarns. The
company's manufacturing facility is located in Petlad, Gujarat.
During FY14, AFPL reported the profit after tax of INR0.25 crore on a
TOI of INR18.38 crore as against the profit after tax of
INR0.43 crore on a TOI of INR13.75 crore in FY13. As per the
provisional result of 9MFY15, the company has registered the
TOI of INR19.30 crore.
AZICO PHARMACEUTICALS: CRISIL Reaffirms B Rating on INR131MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Azico Pharmaceuticals Pvt
Ltd (Azico) continues to reflect company's average financial risk
profile marked by moderate net worth, moderate gearing and weak debt
protection metrics, small scale of operations, and exposure to risks
relating to fluctuations in raw materials prices and intense
competition in the pharmaceuticals industry. These rating weaknesses
are partially offset by the promoters' extensive experience in the
pharmaceuticals industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 27 CRISIL B/Stable (Reaffirmed)
Letter of Credit 11 CRISIL A4 (Reaffirmed)
Long Term Loan 131 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Azico will face pressure on its liquidity over
the medium term as its cash accruals are expected to tightly match its
debt obligations. The outlook may be revised to 'Positive' if there is
a substantial and sustained improvement in the company's revenues and
profitability margins, or there is a substantial improvement in its
liquidity on the back of sizeable equity infusion from its promoters.
Conversely, the outlook may be revised to 'Negative' if there is delay
in financial support from promoter, or significant deterioration in
its capital structure caused most likely by its large working capital
cycle.
Incorporated in 2009 by Mr. A.P. Rameswara Rao, Azico manufactures
active pharmaceutical ingredients (API's) for supply to the regulated
market. The company commenced its commercial production in the last
quarter of FY2012-13 and is based out of Hyderabad (Telangana).
BEARDSELL LTD: CRISIL Rates INR50MM Fixed Deposit Programme 'FB+'
-----------------------------------------------------------------
CRISIL has assigned its 'FB+/Stable' rating to the fixed deposit
programme of Beardsell Ltd (Beardsell).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fixed Deposit Programme 50 FB+/Stable (Assigned)
The rating reflects Beardsell's moderate scale of operations, its
susceptibility to volatility in raw materials prices and intense
competition in the industry. The rating also factors in Beardsell's
moderate financial risk profile and operating efficiencies. These
rating weaknesses are partially offset by the benefits derived from
the extensive industry experience of its promoters', and its long
standing customer relationships.
Outlook: Stable
CRISIL believes that Beardsell over the medium term will continue to
benefit from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if the company diversifies and
scales up its operations and sustainably improves its profitability,
while maintaining its capital structure. Conversely, the outlook may
be revised to 'Negative' if Beardsell's financial risk profile weakens
because of a reduced operating margin and revenues; or if the company
undertakes a large, debt-funded capital expenditure (capex) programme
or in case of deterioration in its liquidity because of a stretch in
its working capital cycle.
Based in Chennai (Tamil Nadu) and incorporated in 1936, Beardsell is
engaged in manufacturing of polystyrene sheets and prefabricated
panels. The day-to-day operations of the company are managed by
Mr.Bharat Anumolu. The company is listed on the National Stock
Exchange (NSE).
Beardsell reported a profit after tax (PAT) of INR13 million on net
sales of INR1.06 billion for 2013-14 (refers to financial year, April
1 to March 31), vis-a-vis a PAT of INR29 million on net sales of
INR0.95 billion for 2012-13.
BHARATH AGRO: ICRA Assigns B+ Rating to INR3.50cr Cash Credit
-------------------------------------------------------------
ICRA has assigned the [ICRA]B+ to the INR3.50 crore fund based limits
and [ICRA]A4 to INR1.70 Cr non fund based limits of Bharath Agro
Agencies. ICRA has also assigned ratings of [ICRA]B+/[ICRA]A4 to the
INR1.80 Cr unallocated limits of BAA.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 3.50 [ICRA]B+ assigned
Letter of Credit 1.70 [ICRA]A4; assigned
Unallocated Limits 1.80 [ICRA]B+/[ICRA]A4; assigned
The assigned rating is constrained by the low operating margin in the
auto dealership business and the pressure to pass on the
commissions/price discounts to the customers further stressing the
margins. The rating also takes into consideration the strong
competitive pressures from the various established players in the
market even though Mahindra and Mahindra Limited is the market leader
in the tractor segment. Further, the ratings also factor in dependence
of the sector on the agricultural production which exposes the
industry to agro-climatic risks. Being a partnership firm, the firm
also faces the risk of capital withdrawal which will ultimately affect
the net worth and hence the firm's capital structure. The ratings,
however, favourably factors in the long standing experience of the
promoters in the tractor dealership business for Mahindra and Mahindra
Limited and their established position in the Kurnool market with 5
showrooms and 4 dedicated service centers.
Bharath Agro Agencies was incorporated as a partnership firm in 2005.
The firm is an authorized tractor dealer, spares & accessories
distributor and service provider for Mahindra & Mahindra Limited (MML;
rated [ICRA]AAA(Stable)/A1+). The firm caters to the Kurnool market
and operates through 5 showrooms at Adoni, Dhone, Atmapur, Nandikotkur
and Kurnool and 4 dedicated service centres at all the centres except
Atmapur.
According to audited FY14 financials, the company registered an
operating income of INR30.06 Cr and operating profit of INR0.76 Cr as
against the operating income of INR20.18 Cr and operating profit of
INR0.75 Cr in FY13.
BHATIA PHOTO: CRISIL Assigns B+ Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Bhatia Photo Industries Private Limited (BPIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 46.5 CRISIL B+/Stable
Bank Loan Facility
Letter of Credit 25.5 CRISIL A4
Bank Guarantee 3.0 CRISIL A4
Cash Credit 60.0 CRISIL B+/Stable
The rating reflects BPIPL's below-average financial risk profile
marked by modest net worth, high gearing and weak debt protection
metrics. The ratings also factor in the company's modest scale of
operations in the electronics goods trading industry. These rating
weaknesses are partially offset by the promoters' extensive industry
experience.
Outlook: Stable
CRISIL believes that BPIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if BPIPL significantly improves its scale
of operations and profitability along with substantial equity
infusion, while it manages its working capital prudently. Conversely,
the outlook maybe revised to 'Negative' in case of low cash accruals
or large working capital requirements or large debt-funded capital
expenditure exerting pressure on the company's financial risk profile.
BPIPL, incorporated in 1992, is a private limited company that trades
in computer, laptop, camera and accessories such as laptop battery,
chargers, motherboard panels and camera stands. The company is based
in Delhi and promoted by Mr. H S Bhatia and his family.
BRINDHA COTTON: ICRA Reaffirms D Rating on INR6.65cr Term Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D to the INR6.65
crore term loan facilities, INR6.00 crore fund based facilities,
INR0.90 crore non fund based facilities and INR1.00 crore proposed
facilities of Brindha Cotton Mills Private Limited. ICRA has also
reaffirmed the short term rating of [ICRA]D to the INR2.00 crore
non-fund based facilities of the Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT - Term loan 6.65 [ICRA]D/reaffirmed
facilities
LT - Fund based 6.00 [ICRA]D/reaffirmed
facilities
LT - Non-fund based 0.90 [ICRA]D/reaffirmed
facilities
LT - Proposed 1.00 [ICRA]D/reaffirmed
Facilities
ST - Non-fund based 2.00 [ICRA]D/reaffirmed
facilities
The reaffirmation of the rating reflects the continuing delays in debt
servicing by the company. BCMPL's liquidity position continues to be
stretched due to the high repayment obligation from the term loans
availed for the capacity expansion in the past, against lower accruals
from the operations, despite steps taken by Company to mitigate the
impact of erratic power supply, which has impacted production in the
past and delays in interest subsidy receivables under the TUF scheme
(~INR1.37 crore as on March 31, 2014). It will be critical for the
Company to achieve revenue growth and margin improvement, which remain
susceptible to yarn and cotton prices; and regularize its debt
servicing which is the key rating sensitivity.
BCMPL was incorporated in 2000 by Mr. P V Mahadeva Raja, who had
acquired the firm from M/s Mohammed Ismail Mills in 1998, which was
initially a partnership firm. The Company, which commenced commercial
production in 1999-20, currently operates with a capacity of 35,750
spindles. The Company has two units located in Ambasamudram &
Perumalpatti village, Rajapalayam with 9,350 and 26,400 spindles
respectively and is involved in manufacturing and selling of cotton
yarn. The Company procures raw material from Andhra Pradesh,
Karnataka, Gujarat and Maharashtra.
For the year ended March 31, 2014, BCMPL has reported a net profit of
INR0.3 crore on an operating income of INR35.9 crore as against net
profit of INR0.1 crore on operating income of INR29.8 crore during
2012-13.
CYBERWALK TECH: ICRA Assigns 'D' Rating to INR68.84cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]D for INR68.84 crore
term loans of Cyberwalk Tech Park Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 68.84 [ICRA]D assigned
The rating action takes into account delays in debt servicing by the
company following its stretched liquidity position due to subdued
incremental sales/leasing activity in its project. Further the company
also remains exposed to market risk; and sales have been slower than
anticipated sales owing to oversupply situation in the vicinity of the
project. In light of the same, CTPPL has submitted a
debt-restructuring proposal to its banks to gain more time to service
the debt in line with expected cash flows.
Nevertheless the rating draws comfort from company's majority
shareholder - Aarone Group's long experience in the industry and
continued funding support extended by the promoters towards the
project. Going forward, timely servicing of debt repayment commitments
and CTPPL's ability to lease/sell the remaining area at desired prices
and maintain its collection efficiency will remain the key rating
sensitivities.
Cyberwalk Tech Park Private Limited (Sofed Retailer Private Limited)
was taken over by Mr. Amit Kumar Modi and Parabolic Real Estate
Private Limited (jointly promoted as a Special Purpose Vehicle by Mr.
Pranav Gupta and Mr.Vineet Gupta) to set up an IT Park at Manesar,
Gurgaon. Thereafter, Aarone Promoters Private Limited (a group company
of Aarone Group) was included in the management of CTPPL in the
capacity of a real estate developer. Presently Aarone Promoters
Private Limited is the largest shareholder with 44.20% stake followed
by Mr.Amit Kumar Modi and Parabolic Real Estate Private Limited at
27.9% each. The IT Park is titled 'Cyber Walk' and is being developed
in two phases, with a total leasable/saleable area of 11.28 lakh
sq.ft; with 8.8 lakh sq.ft to be developed in phase one.
EMAAR ALLOYS: CRISIL Assigns 'B' Rating to INR95.4MM Cash Credit
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank loan
facilities of Emaar Alloys Pvt Ltd (EAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 95.4 CRISIL B/Stable
The rating reflects EAPL's marginal market share along with its
vulnerability to cyclicality in the steel industry, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the promoters in the
sponge iron business.
Outlook: Stable
CRISIL believes that EAPL will continue to benefit over the medium
term from the extensive experience of its promoters in the sponge iron
business. The outlook may be revised to 'Positive' in case of
improvement in the company's scale of operations and accruals or
better working capital management, leading to a better business risk
profile. Conversely, the outlook may be revised to 'Negative' in case
of decline in EAPL's operating income, stretch in its working capital
cycle, or it has significant debt-funded capital expenditure, leading
to weakening of its financial risk profile.
Incorporated in 2004, EAPL manufactures sponge iron. The company is
promoted by Mr. Abhimanyu Singh, Mr. Manoj Sinha, and Mr. Vikas Sinha.
G V PARIVAAR: CRISIL Assigns B+ Rating to INR60MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of G V Parivaar Retails Ltd (GVPRL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable
The rating reflects GVPRL's modest scale of operations in the
electronic goods distribution industry, and below-average financial
risk profile, marked by weak debt-protection metrics. These rating
weaknesses are partially offset by the extensive industry experience
of the company's promoters, and its established market position as a
sole distributor of electronic goods for Samsung India Electronics Pvt
Ltd (SIEPL) in the Kumaon region of Uttarakhand.
Outlook: Stable
CRISIL believes that GVPRL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company's revenue, profitability,
and working capital management improve, leading to a considerable
increase in its net cash accruals and hence to better debt protection
measures. Conversely, the outlook may be revised to 'Negative' if
GVPRL's financial risk profile, particularly its liquidity,
deteriorates, most likely on account of a decline in its revenue and
profitability, or large debt-funded capital expenditure, or a
significant increase in its working capital requirements.
GVPRL was incorporated in 2008 as a closely held public limited
company, promoted by Haldwani (Uttarakhand)-based Mr. Vimmal Sethi,
Ms. Kanchan Sethi, and Ms. Amita Sethi. The company is an authorised
distributor for SIEPL's various products, such as refrigerators,
television sets, air conditioners, washing machines, and microwave
ovens in the Kumaon region. Mr. Vimmal Sethi is the managing director
and is actively engaged in managing the company's day-to-day
operations.
GVPRL registered a book profit of INR0.75 million on net sales of
INR267.63 million for 2013-14 (refers to financial year, April 1 to
March 31), as against a book profit of INR0.68 million on net sales of
INR261.06 million for 2012-13.
GARG RICE: ICRA Reaffirms 'B' Rating on INR1cr LT Fund Loan
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR1.00
crore fund based bank facilities of Garg Rice Mills. ICRA has also
reaffirmed its short term rating of [ICRA]A4 on the INR13.00 crore
fund based bank facilities of GRM.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 1.00 [ICRA]B; reaffirmed
Based Limits
Short Term Fund 13.00 [ICRA]A4; reaffirmed
Based Limits
The reaffirmation of the ratings takes into account further weakening
in GRM's credit profile in 2013-14 as reflected by an increase in
gearing, arising out of substantial debt funding of large working
capital requirements and poor coverage indicators. The rating also
takes into account the decline in the operating and net profitability
margins, due to the high intensity of competition in the rice milling
industry and agro climatic risks which affect the availability of
paddy in adverse weather conditions, thus impacting the raw material
costs.
The ratings, however, favorably take into account the extensive
experience of the promoters, and their long standing relationships
with several customers and suppliers, healthy growth in the operating
income in the last two years and proximity of the mill to a major rice
growing area which results in easy availability of paddy.
Going forward, the ability of the company to improve its profitability
and optimally manage its working capital cycle will be the key rating
sensitivities.
GRM was established in 1980 as a partnership firm and is currently
being managed by Mr. Sugam Chand, Mr. Radhe Shyam and Mr. Nilesh Garg
and all the partners are actively engaged in the management of the
firm. GRM is engaged in processing and trading of basmati and non
basmati rice in the domestic market, and also exports to countries in
the Middle East and Europe. The firm has its manufacturing unit at
Taraori, Karnal in Haryana, with a milling capacity of 3 tonnes per
hour of paddy.
Recent Results
GRM reported a net profit of INR0.23 crore on an operating income of
INR72.27 crore for 2013-14, as against a net profit of INR0.19 crore
on an operating income of INR41.80 crore for the previous year.
ISHAAN METALS: ICRA Assigns B+ Rating to INR10cr Loan
-----------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR12.50
crore long term fund based bank facilities of Ishaan Metals Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
OD 10.00 [ICRA]B+; assigned
Unallocated 2.50 [ICRA]B+; assigned
ICRA's ratings take into account the vulnerability of IMPL's
profitability to volatility in agro commodity prices; given the
trading nature of operations and volatility in the commodities market
the profitability also remains thin. These factors combined with high
debt levels on the back of debt funding of working capital
requirements and the company's modest net worth, have led to high
gearing and average debt coverage indicators. The ratings however
derive comfort from the healthy revenue growth witnessed by the
company in the past two years, supported by increased trading volumes.
Additionally, the ratings also factor in the extensive experience of
the promoters in the business.
Going forward, an increase in IMPL's scale of operations, sustained
improvement in profitability and improvement in its leverage and
coverage indicators will be the key rating sensitivities.
IMPL was established in 2003 as a private limited company with Mr.
Lalit Sharma, Mr. Anshul Gupta and Mr. Vikas Singhal as promoters. It
is engaged in trading of agricultural products and precious metals.
The company is a member of the National Commodity and Derivatives
Exchange (NCDEX) and Multi Commodity Exchange (MCX). It is also
involved in client and proprietary trading in these exchanges.
IMPL reported a net profit of INR0.56 crore on an operating income of
INR70.60 crore for the year ended March 31, 2014 as compared to a net
profit of INR0.49 crore on an operating income of INR44.90 crore for
the previous year.
KBS MOTORS: CRISIL Cuts Rating on INR37.2MM Term Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
KBS Motors (KBS) to 'CRISIL B-/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 32 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Term Loan 37.2 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The rating downgrade reflects deterioration in KBS's financial risk
profile. The firm's net worth declined to INR45.8 million as on March
31, 2014, from INR75.2 million as on March 31, 2013, while its total
outside liabilities to tangible net worth ratio increased to 2.04
times from 0.96 times over this period. The firm reported a net loss
of INR19.8 million for 2013-14 (refers to financial year, April 1 to
March 31). Its debt protection metrics also weakened during the year,
with its interest coverage ratio declining to a negative 0.9 times
from 0.11 times in the previous year. CRISIL believes that KBS's
business and financial risk profiles will remain constrained over the
medium term
The rating reflects KBS's small scale of operations, its
susceptibility to low demand in its area of operations and its
below-average financial risk profile. These rating weaknesses are
partially offset by the increase in the firm's business volumes and
the benefits it derives from its association with Tata Motors Ltd
(TML).
Outlook: Stable
CRISIL believes that KBS will continue to benefit over the medium term
from its association with the established TML brand, especially the
Tata Sumo model, in Shillong (Meghalaya). The outlook may be revised
to 'Positive' in case of an early increase in the firm's scale of
operations, resulting in higher cash accruals, or if its promoter
infuses equity, leading to improvement in its financial risk profile,
especially its liquidity. Conversely, the outlook may be revised to
'Negative' if KBS generates low cash accruals or undertakes a
debt-funded capital expenditure programme, thereby weakening its
liquidity.
KBS was established in Shillong in 2011 by Mr. Kitbok Lang Sympli. The
firm has a memorandum of understanding with TML for distribution and
servicing of the latter's passenger cars and utility vehicles in
Shillong.
LITECON INDUSTRIES: ICRA Reaffirms B+ Rating on INR9.42cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to the
INR5.00 crore cash credit facility and the INR9.42 crore term loan
facility of Litecon Industries Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit facilities 5.00 [ICRA]B+ reaffirmed
Term Loan facilities 9.42 [ICRA]B+ reaffirmed
The reaffirmation in the ratings takes into account the limited past
experience of the promoters in the AAC blocks manufacturing space,
though the promoters have been engaged in trading of construction
material (cement) through the group concern, Virat Cements. The rating
is also constrained by the company's limited pricing power as compared
to established players in this space as reflected by reduced gross
realisations, low entry barriers with low technology and low capital
intensive nature of AAC manufacturing operations and presence of
cheaper established substitute in the form of clay bricks.
The ratings, however, take into account the stable demand outlook for
AAC blocks and favorable location of the company's manufacturing
facility in proximity to raw material sources as well as major
consumption centres including Mumbai, Surat and Ahmedabad.
Incorporated in September 2010, Litecon Industries Private Limited
(LIPL) is involved in manufacturing of AAC blocks at its manufacturing
facility located at Kamrej near Surat with a current installed
capacity to manufacture 180,000 m3 of AAC blocks per annum. The
commercial production was commenced at the newly set up plant in June
2012. The promoters of LIPL are also involved in manufacturing and
marketing of cement in Gujarat through a separate entity since 2006.
For the year ended 31st March 2014, LIPL reported an operating income
of INR26.48 crore and profit after tax of INR0.49 crore as against an
operating income of INR19.21 crore and profit after tax of INR0.49
crore in FY 2013. Further, during 10M FY 2015, LIPL reported an
operating income of INR16.92 crore and profit before depreciation and
tax of INR1.17 crore (as per provisional numbers).
LOK ENTERPRISES: ICRA Revises Rating on INR1cr LT Loan to B
------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR1.00 crore
fund based bank limits from [ICRA]B to [ICRA]B+ for Lok Enterprises.
ICRA has reaffirmed the short term rating of [ICRA]A4 assigned to the
INR10.00 crore (enhanced from INR8.00 crore) non fund based bank
limits of LE.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 1.00 [ICRA]B+ Revised
Based Limits
Short Term Non Fund 10.00 [ICRA]A4 Reaffirmed
Based Limits
The revision in the rating takes note of sustained growth in the
operating income along with marginal improvement in profitability and
coverage indicators. The ratings however continue to reflect thin
profit margins due to low value addition and small scale of
operations. The ratings are further constrained by the high
competitive intensity in the business, and susceptibility of the
margins to exchange rate risks as well as any adverse fluctuations in
commodity prices, which are in turn dependent on agro climatic
factors. ICRA also notes that Lok Enterprises is a partnership firm
and any significant withdrawals from the capital account would affect
its net worth and thereby the gearing levels.
The rating however favourably factors in the promoter's experience in
the agro trading business, long standing relationships with its major
customers and various import incentives in the form of zero duty on
import of pulses.
Lok Enterprises is a partnership firm established in 2002 by Mr. Sri
Prakash Goenka and Mr. Lokesh Goenka as partners and has its
registered office in Mumbai, Maharashtra. The firm is a trading house
engaged in the business of trading of various forms of pulses and
beans in the domestic market. Lok Enterprises was formed with a motive
to import computer parts and other electronics items such as CDs, pen
drive etc. From 2003 to 2006 the firm was engaged into import of
electronics part, however as a result of anti-dumping duty imposed,
Lok Enterprises discontinued the import of these products, shifting
its focus to import of pulses and beans.
During 2013-14, the firm has reported net profit of INR0.24 crore on
an operating income of INR32.64 crore.
MAHENDRA SUBMERSIBLE: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Mahendra Submersible Pumps
Private Limited (MSPPL) continue to reflect MSPPL's below-average
financial risk profile, marked by a small net worth and a high
gearing, driven by its large working capital requirements.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.8 CRISIL A4 (Reaffirmed)
Cash Credit 100.0 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term 10.0 CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
SME Gold Card 10.0 CRISIL B+/Stable (Reaffirmed)
Term Loan 37.5 CRISIL B+/Stable (Reaffirmed)
The ratings also factor in the company's small scale of operations in
the intensely competitive pump manufacturing industry, and the
susceptibility of its operating margin to volatility in raw material
prices. These rating weaknesses are partially offset by MSPPL's
established market position in the pump manufacturing industry,
primarily in southern India, supported by its promoters' extensive
industry experience and its established relationships with customers.
Outlook: Stable
CRISIL believes that MSPPL will maintain its established position in
the pump manufacturing industry over the medium term, supported by its
promoters' extensive industry experience. The outlook may be revised
to 'Positive' if the company registers significant improvement in
revenues and profitability leading to improved cash accruals and
liquidity. Conversely, the outlook may be revised to 'Negative' if
MSPPL's financial risk profile, especially its liquidity, weakens,
most likely because of considerably large working capital
requirements, low cash accruals, or substantial debt-funded capex.
Update
MSPPL reported an operating revenue of INR335 million for 2013-14
(refers to financial year, April 1 to March 31). The company's
revenues have remained flat in 2013-14 largely on account of MSPPL's
focus on high value pumps because of slowdown in demand and intense
competition in the industry. The company's focus on high value pumps
has resulted in an increase in its operating margin to 9.4 per cent in
2013-14 from 8.5 per cent in 2012-13. CRISIL believes that MSPPL's
revenue will show modest growth over the medium term while maintaining
its profitability with the company's established market position and
its customer relations.
MSPPL's financial risk profile is below average, marked by high
gearing and average debt protection metrics. The gearing stood at 4.85
times as on March 31, 2014, and is expected to moderate over the
medium term driven by steady repayment of term loans and absence of
debt-funded capex plans. The company's net cash accruals to total debt
and interest coverage ratios were 6 per cent and 1.53 times,
respectively, for 2013-14. MSPPL's financial risk profile is expected
to improve over the medium term with steady accretion to reserves and
absence of debt-funded capex plans.
MSPPL has moderate liquidity, marked by adequate cash accruals
vis-a-vis debt obligations; however the bank limit utilisation is high
averaging 97 per cent over the 12 months through October 2014. MSPPL
is likely to generate net cash accruals of INR11 million to INR14
million per annum against debt obligations of INR8 million per annum
over the medium term. CRISIL believes that MSPPL's liquidity will
remain moderate over the medium term backed by stable cash accruals
and absence of debt-funded capex plans.
MSPPL, set up in 1985, manufactures motors and pump sets, especially
submersible pumps. It has an integrated manufacturing facility
(foundry and machine shop) at Kalapatty in Coimbatore (Tamil Nadu).
Most of the company's casting requirement is met in-house. MSPPL also
has two branches: at Raipur (Chhattisgarh) and Bengaluru (Karnataka);
these act as stock points for its finished goods.
MAHESH RICE: ICRA Reaffirms 'B' Rating on INR12cr Fund Based Loan
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B for the INR12.00
crore fund based limits of Mahesh Rice Mill.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based limits 12.00 [ICRA]B (reaffirmed)
The rating reaffirmation factors in MRM's weak financial profile,
reflected by low profitability metrics, high gearing and consequently
weak coverage indicators. The rating also takes into account high
intensity of competition in the industry and agro climatic risks,
which can affect the availability of paddy in adverse weather
conditions. The rating, however favorably takes into account long
standing experience of promoters in rice industry and the proximity of
the mill to major rice growing area which results in easy availability
of paddy.
Mahesh Rice Mill (MRM) was established in 1993 as partnership firm.
The Company is primarily engaged in the milling of Rice with an
installed capacity of 3 Tons per hour which is located in Taraori,
Karnal District (Haryana). The company has sortex plant with capacity
of 3 tons/hour. The company is professionally managed by Mr. Mukesh
Goel.
During the financial year 2013-14, the firm reported a profit after
tax (PAT) of INR0.07 crore on an operating income of INR46.89 crore as
against PAT of INR0.05 crore on an operating income of INR29.46 crore
in 2012-13.
MARIA RUG: CRISIL Assigns B- Rating to INR16MM Proposed LT Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
bank facilities of Maria Rug International (MRI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 16 CRISIL B-/Stable
Bank Loan Facility
Bill Purchase 45 CRISIL A4
Packing Credit 9 CRISIL A4
The ratings reflect MRI's small scale of operations in the intensely
competitive home furnishing industry, and its
working-capital-intensive operations. The ratings also factor in the
firm's below-average financial risk profile, marked by high gearing.
These rating weaknesses are partially offset by the extensive industry
experience of MRI's promoters.
Outlook: Stable
CRISIL believes that MRI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the firm improves its capital structure, most
likely by a substantial increase in its cash accruals, backed by
improvement in its scale of operations and working capital management,
or by equity infusion. Conversely, the outlook may be revised to
'Negative' if MRI's financial risk profile, particularly its
liquidity, deteriorates, most likely on account of a further decline
in its revenue and profitability, or large debt-funded capital
expenditure, or an increase in its working capital requirements.
MRI was set up in 2005 as a partnership firm by Mr. Zakir Husain
Ansari and his brothers, Mr. Shabir Ahmad and Mr. Abdul Quadir. The
firm manufactures and exports rugs, carpets, and home furnishing
products made of wool, cotton, and leather under the brand MRI. These
products include hand-tufted, hand-knotted, leather wall-to-wall
carpets, bath rugs, and other home furnishing products. The promoters
manage the firm's day-to-day operations.
MRI registered a book profit of INR0.37 million on net sales of
INR88.28 million for 2013-14 (refers to financial year, April 1 to
March 31), against a book profit of INR1.59 million on net sales of
INR66.31 million for 2012-13.
MIRA MARINE: CRISIL Assigns B+ Rating to INR33.2MM Proposed Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Mira Marine Foods (MMF).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Working 33.2 CRISIL B+/Stable
Capital Facility
Bill Discounting 30.0 CRISIL B+/Stable
Packing Credit 22.8 CRISIL A4
The ratings reflect MMF's modest scale and limited track record of
operations in the intensely competitive marine product export
industry, and the firm's below-average financial risk profile. These
rating weaknesses are partially offset by the extensive industry
experience of MMF's partners.
Outlook: Stable
CRISIL believes that MMF will continue to benefit over the medium term
from its partners industry experience. The outlook may be revised to
'Positive' if the firm significantly scales up its operations, while
improving its operating profitability and working capital management,
resulting in improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if MMF's accruals decline; or
if its working capital management weakens, leading to deterioration in
its financial risk profile, particularly its liquidity.
MMF is a Kodamthuruthu (Kerala)-based exporter of processed marine
products. The firm's operations are managed by the partner, Mr.
Baburaj.
For 2013-14 (refers to financial year, April 1 to March 31), MMF
reported a profit after tax of INR0.43 million on total revenue of
INR159.97 million.
MODERN RICE: CARE Assigns B+ Rating to INR15cr LT Bank Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank facilities of
Modern Rice and General Mills.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 15.00 CARE B+ Assigned
Short term Bank Facilities 4.50 CARE A 4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Modern Rice and General
Mills (MRM) are constrained by MRM's relatively small and fluctuating
scale of operations with low net worth base, weak financial risk
profile and working capital-intensive nature of business operations.
The ratings are further constrained by partnership nature of
constitution, foreign exchange fluctuation risk, high degree of
competition due to the fragmented nature of the industry and
susceptibility of margins to fluctuation in raw material prices with
monsoon-dependent operations.
The ratings, however, favourably take into account the reasonable
experience of the partners and favourable manufacturing location.
The ability of the firm to increase the scale of operations while
improving profitability margin, improve its capital structure
while managing the working capital requirements efficiently would be
the key rating sensitivities.
MRM was established in 1982 as a partnership concern and is currently
being managed by Mr Dev Raj Malik, Mr Vinod Malik and Mr Davinder
Malik, sharing profit and loss in the ratio of 2:5:3. The firm is
engaged in the processing of paddy at its manufacturing facility
located in Karnal, Punjab, with total installed capacity of 32,000
metric ton per annum (MTPA) as on March 31, 2014. The main raw
material is paddy, which is procured from dealers and agents from the
state of Haryana.
The firm sells its products, ie, basmati and non-basmati rice in the
states of Maharashtra, West Bengal, Delhi, Haryana and
Punjab through a network of commission agents & traders and also
exports to Dubai and Iran.
For FY14 (refers to the period April 01 to March 31), MRM reported a
total income of INR45.23 crore with PBILDT and PAT of INR2.42 crore
and INR0.08 crore, respectively, as against the total income of
INR28.13 crore with PBILDT and PAT of INR1.40 crore and INR1.22 crore,
respectively, in FY13. Furthermore, during FY15, the firm has achieved
gross sales of INR60 crore till January 15, 2015.
MOTHER LAM: CRISIL Assigns B+ Rating to INR49.8MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' ratings to the bank
facilities of Mother Lam Pvt Ltd (MLPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 0.2 CRISIL B+/Stable
Cash Credit 41.5 CRISIL B+/Stable
Long Term Loan 49.8 CRISIL B+/Stable
The ratings reflect MLPL's working-capital-intensive operations,
aggressive capital structure, and small scale of operations in the
intensely competitive laminates industry. These rating weaknesses are
partially offset by the industry experience of MLPL's promoters.
Outlook: Stable
CRISIL believes that MLPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if the company significantly increases
its scale of operations and efficiently manages its working capital
requirements; equity infusion by its promoters, resulting in an
improvement in its capital structure, may also result in a 'Positive'
outlook. Conversely, the outlook may be revised to 'Negative' if
MLPL's financial risk profile deteriorates, most likely because of
large debt-funded capital expenditure, pressure on profitability, or
further increase in working capital requirements.
Incorporated in 2011, MLPL is promoted by Ahmedabad (Gujarat) based
Mr. Rajesh Gothi; Mr Nilesh Patel, Mr Kantilal Patel and Mr Mahesh
Patel. The company manufactures decorative laminates used for
furnishing especially for doors, veneers and industrial laminates. The
company has a plant at Navavas Village, Taluk Talod, Gujarat with an
installed capacity of 7.20 lakh sheets per annum.
NARAYANI HOTELS: CRISIL Ups Rating on INR736.9MM Term Loan to B-
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of
Narayani Hotels and Resorts Limited (NHRL) to 'CRISIL B-/Stable/CRISIL
A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter Of Guarantee 19 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 124.1 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 736.9 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The ratings upgrade reflect partial alleviation of pressure on NHRL's
liquidity following the restructuring of its debt and thereby
deferment of its debt repayment obligations. Under an approved
restructuring scheme, interest on the company's term debt and working
capital term loan is being funded by a funded interest term loan,
which is repayable from March 2015. NHRL's operation is also expected
to benefit from step up repayment obligation, leading to no major
repayment obligation in 2014-15 (refers to financial year, April 1 to
March 31) and 2015-16. The rating upgrade also factors in an expected
improvement in NHRL's liquidity, driven by a healthy increase in its
sales and operating margin. Healthy increase in food and beverage
income led to net sales of INR177.3 million in 2013-14 as compared to
INR110.7 million in 2012-13, at year-on-year growth of 60 per cent.
With net sales of INR174 million in the nine months ended December 31,
2014, CRISIL expects NHRL to report healthy growth of 40 per cent for
2014-15. Besides, the operating margin improved to 20.6 per cent in
2013-14 from 15.2 per cent a year ago, and is likely to increase to
around 35 per cent over the medium term.
The ratings reflect NHRL's below-average financial risk profile,
marked by high gearing and weak debt protection metrics, and the
company's vulnerability to risks related to cyclical demand in the
hotel sector because of its small market share. These rating
weaknesses are partially offset by the extensive experience of NHRL's
promoters in the service industry, and the company's strong brand
name.
Outlook: Stable
CRISIL believes that NHRL will continue to benefit over the medium
term from its promoters' extensive experience in the service industry.
The outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and profitability, leading to
sizeable cash accruals. Conversely, the outlook may be revised to
'Negative' if NHRL's liquidity weakens with lower than expected
profitability, or stretched working capital cycle or large debt-funded
capital expenditure.
NHRL was established in 1993, but became fully operational in 1998-99.
The company has restaurant and banquet facilities in Ahmedabad
(Gujarat; near the airport), and provides catering services across
Gujarat, Rajasthan, and Madhya Pradesh.
NHRL reported a profit after tax (PAT) of INR0.7 million on net sales
of INR177.3 million for 2013-14, against a PAT of INR5.7 million on
net sales of INR110.7 million, for 2012-13.
PRAKHHYAT INFRAPROJECTS: CRISIL Cuts INR111.5MM Loan Rating to D
----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities of
Prakhhyat Infraprojects Pvt Ltd (PIPL) to 'CRISIL D' from 'CRISIL
B/Stable'. The downgrade reflects instances of delay by PIPL in
meeting its term loan obligations. The delays are on account of cash
flow mismatches arising from delays in realisation from debtors.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 111.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Term Loan 88.5 CRISIL D (Downgraded from
'CRISIL B/Stable')
PIPL is exposed to execution and offtake risks associated with its
ongoing warehouses and industrial buildings project in Bhiwandi
(Maharashtra). The company, however, benefits from its promoters'
extensive industry experience.
PIPL was promoted in 2008 by Mr. Naresh Sharma, Mr. Rakesh Jain, Mr.
Sandeep Bagla, Mr. Sumeet Balotia, Mr. Manish Shah, and Mr.
Satyanarayan Rathi. The promoters are business acquaintances with
interests mainly in the textile sector. The company develops
commercial real estate and is implementing a commercial project, K
Square, comprising warehouses and industrial buildings near Bhiwandi
(Maharashtra). Its registered office is in Mumbai.
PIPL reported profit after tax (PAT) of INR11 million on net sales of
INR238 million for 2013-14 (refers to financial year, April 1 to March
31), as against PAT of INR4 million on net sales of INR165 million for
2012-13.
RAMA KRISHNA: CRISIL Reaffirms B+ Rating on INR100MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Rama Krishna Rice
Mill (RKRM) continues to reflect RKRM's average financial risk profile
marked by high gearing and modest scale of operations in the highly
fragmented and competitive rice milling industry. These rating
weaknesses are partially offset by its promoters' extensive experience
in the industry, and its healthy growth prospects.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Term Loan 10 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that RKRM will maintain its credit risk profile over
the medium term backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the firm
continues to increase its scale of operations while it maintains its
operating margin and manages its working capital efficiently leading
to better financial risk profile. Conversely, the outlook may be
revised to 'Negative 'in case the firm registers low profitability or
contracts large debt to fund its capex or to meet its working capital
requirements.
RKRM was setup as a partnership firm in 2004 by Mr. Munish Kumar, Mr.
Suresh Kumar and Mr. Ashok Kumar. However, Mr. Murari lal had become
partner in 2012-13. The firm is engaged in milling and sorting of
basmati rice. The firm has its manufacturing unit in Panipat (Haryana)
with milling capacity of 10 tonnes per hour (tph) and a sorting
capacity of 8 tph.
RASILANT TECHNOLOGIES: ICRA Assigns B+ Rating to INR7.50cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR7.50 crore
fund based bank facilities of Rasilant Technologies Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Fund 7.50 [ICRA]B+ Assigned
Based Limits
The assigned rating factors in the technical expertise and experience
of the promoters and the management team in the IT Industry along with
the demonstrated ability of the promoters to infuse funds to support
the working capital requirements of the company as witnessed in the
past. The rating also takes into account the steady growth in revenues
at a CAGR of 20% during the last five years owing to favourable demand
scenario in the largely untapped automation market in the India. The
rating, however, is constrained by the small scale of operations;
modest financial profile characterized by low net profitability and
leveraged capital structure on account of low net worth. The rating
also factors in the high customer concentration risks and stretched
liquidity profile on account of an elongated receivable cycle.
Incorporated in 2005, Rasilant Technologies Private Limited provides
software platforms and hardware implementation for auto ID
technologies such as RFID, access control, building automation and
CCTV surveillance. RTPL is closely held and managed by the promoters
Mr. Sahil Anand and Mr. Shiladitya Mukhopadhyaya. The company caters
to automation requirements of the industrial, government, healthcare
and hospitality sectors. The company is based out of Mumbai with
branches in New Delhi and Bangalore with operations spreads across the
country.
For the full year FY14, the company reported a profit after tax of
INR0.34 crore on a topline of INR30.55 crore, as compared to a profit
after tax of INR0.33 crore for FY13 on a topline of INR22.87 crore.
RATNAGIRI GAS: CARE Reaffirms D Rating on INR9,127.01cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ratnagiri Gas and Power Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9,127.01 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the rating of the bank facilities of Ratnagiri
Gas & Power P Ltd (RGPPL) takes into account the
ongoing delays in servicing of its debt obligations.
RGPPL is promoted by NTPC Ltd (32.86%), GAIL (India) Ltd (32.86%),
MSEB Holding Company Ltd (MSEBHCL) (17.41%) and domestic banks (IDBI
Bank, SBI, ICICI Bank and Canara Bank) (16.87%).
RGPPL owns an integrated gas-based power generation plant having a
capacity of approximately 1,967 MW and a regasified LNG (R-LNG)
terminal with a capacity of approximately 5 million metric tonnes per
annum (MMTPA) at Dabhol, Maharashtra.
During FY14 (refers to the period April 01 to March 31), RGPPL
registered a net loss of INR1,486 crore on a total income of
INR965 crore as against net loss of INR375 crore on a total income of
INR2,206 crore in FY13.
RAY INTERNATIONAL: CRISIL Assigns B+ Rating to INR35MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank facilities of Ray International (Ray).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 35 CRISIL B+/Stable
Packing Credit 35 CRISIL A4
The ratings reflect Ray's working-capital-intensive nature and small
scale of operations. These rating weaknesses are partially offset by
the extensive industry experience of the firm's promoters and its
long-standing relationships with customers.
Outlook: Stable
CRISIL believes that Ray will continue to benefit over the medium term
from its promoters' extensive industry experience and its increasing
scale of operations. The outlook may be revised to 'Positive' in case
of a substantial increase in the firm's scale of operation, better
working capital management, or improvement in its profitability,
leading to an overall improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if Ray's
financial risk profile, especially its liquidity, deteriorates, most
likely because of a stretch in its working capital cycle or
debt-funded capital expenditure.
Incorporated in 1998, Ray manufactures and exports television brackets
(wall mounts) and other telecommunication and electrical assemblies.
Its manufacturing facility is in Aligarh (Uttar Pradesh).
S.S. AGRO: CRISIL Reaffirms B Rating on INR150MM Cash Credit
------------------------------------------------------------
CRISIL's rating on the bank facilities of S.S. Agro (SSA; part of the
SS group) continues to reflect the SS group's weak financial risk
profile, marked by high gearing, small net worth and weak debt
protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B/Stable (Reaffirmed)
The rating also factors in the group's large working capital
requirements, small scale of operations, and susceptibility to
vagaries in the monsoon, and volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience of
the group's promoters in the rice processing industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SSA and S.S. Overseas (SSO). This is
because the two firms, together referred to as the SS group, are in
the same line of business, with common promoters and management, and
have strong financial linkages. Also, the firms have provided
guarantees to each other's bank lines.
Outlook: Stable
CRISIL believes that the SS group's financial risk profile will remain
weak over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' if significant improvement in operating revenue and
profitability and efficient management of working capital requirements
lead to a stronger financial risk profile for the group. Conversely,
the outlook may be revised to 'Negative' if the SS group's operating
margin declines significantly, leading to low cash accruals; or if it
undertakes any large, debt-funded capital expenditure weakening its
overall financial risk profile.
Update
The SS group's operating income improved in 2013-14 (refers to
financial year, April 1 to March 31) by around 52 per cent to
INR1313.2 million, from INR864.3 million in the previous year, backed
by better realisation on sale of rice. However, with the ongoing
slowdown in the rice industry, the group's operating income is
expected to remain stagnant in 2014-15. The operating margins are
expected to remain around 6 per cent over the medium term.
The SS group has sizeable working capital requirements, as reflected
in its high bank limit utilisation at 90 to 95 per cent on average in
the 12 months through October 2014. The gross current asset (GCA) have
improved to 220 days as on March 31, 2014 from 251 days a year ago,
and are expected to be around 220 days as on March 31, 2015. The
improvement in GCAs was on account of reduction in inventory days to
172 from 198 during the period. The SS group has a highly leveraged
capital structure; the gearing is expected to remain above 9 times
over the near term mainly on account of large working capital
borrowings. The debt protection metrics are also expected to remain
weak over the near term, with an interest coverage ratio of 1.2 to 1.4
times and net cash accruals to total debt (NCATD) of 0.03 to 0.05
times. The group is expected to generate accruals of INR10 million to
INR15 million, sufficient to service the maturing debt of INR4 million
to INR5 million over the medium term. Given the group's sizeable
inventory holdings, prolonged downturn in the rice industry could
weaken its business risk profile.
The SS group, based in Jalalabad, District Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice. The group was primarily engaged in
processing of non-basmati rice (parmal) till 2007-08, and started
processing basmati rice on job-work basis from the second half of
2008-09. The group commenced processing of basmati rice on its own
account in 2010-11.
The SS group reported a profit after tax (PAT) of INR5.8 million on
net sales of INR1313.2 million for 2013-14; it had a PAT of INR4.4
million on net sales of INR864.3 million for 2012-13.
S.S. OVERSEAS: CRISIL Reaffirms B Rating on INR160MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the bank facilities of S.S. Overseas (SSO; part of
the SS group) continues to reflect the SS group's weak financial risk
profile, marked by high gearing, small net worth and weak debt
protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 160 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 10 CRISIL B/Stable (Reaffirmed)
Term Loan 10 CRISIL B/Stable (Reaffirmed)
The rating also factors in the group's large working capital
requirements, small scale of operations, and susceptibility to
vagaries in the monsoon, and volatility in raw material prices. These
rating weaknesses are partially offset by the extensive experience of
the group's promoters in the rice processing industry.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of S.S. Agro (SSA) and SSO. This is because
the two firms, together referred to as the SS group, are in the same
line of business, with common promoters and management, and have
strong financial linkages. Also, the firms have provided guarantees to
each other's bank lines.
Outlook: Stable
CRISIL believes that the SS group's financial risk profile will remain
weak over the medium term because of its large working capital
requirements and small net worth. The outlook may be revised to
'Positive' if significant improvement in operating revenue and
profitability and efficient management of working capital requirements
lead to a stronger financial risk profile for the group. Conversely,
the outlook may be revised to 'Negative' if the SS group's operating
margin declines significantly, leading to low cash accruals; or if it
undertakes any large, debt-funded capital expenditure weakening its
overall financial risk profile.
Update
The SS group's operating income improved in 2013-14 (refers to
financial year, April 1 to March 31) by around 52 per cent to
INR1313.2 million, from INR864.3 million in the previous year, backed
by better realisation on sale of rice. However, with the ongoing
slowdown in the rice industry, the group's operating income is
expected to remain stagnant in 2014-15. The operating margins are
expected to remain around 6 per cent over the medium term.
The SS group has sizeable working capital requirements, as reflected
in its high bank limit utilisation at 90 to 95 per cent on average in
the 12 months through October 2014. The gross current asset (GCA) have
improved to 220 days as on March 31, 2014 from 251 days a year ago,
and are expected to be around 220 days as on March 31, 2015. The
improvement in GCAs was on account of reduction in inventory days to
172 from 198 during the period. The SS group has a highly leveraged
capital structure; the gearing is expected to remain above 9 times
over the near term mainly on account of large working capital
borrowings. The debt protection metrics are also expected to remain
weak over the near term, with an interest coverage ratio of 1.2 to 1.4
times and net cash accruals to total debt (NCATD) of 0.03 to 0.05
times. The group is expected to generate accruals of INR10 million to
INR15 million, sufficient to service the maturing debt of INR4 million
to INR5 million over the medium term. Given the group's sizeable
inventory holdings, prolonged downturn in the rice industry could
weaken its business risk profile.
The SS group, based in Jalalabad, District Bhatinda (Punjab), is
managed by Mr. Pravesh Kumar and his brothers. Both SSA and SSO
process and sell basmati rice. The group was primarily engaged in
processing of non-basmati rice (parmal) till 2007-08, and started
processing basmati rice on job-work basis from the second half of
2008-09. The group commenced processing of basmati rice on its own
account in 2010-11.
The SS group reported a profit after tax (PAT) of INR5.8 million on
net sales of INR1313.2 million for 2013-14; it had a PAT of INR4.4
million on net sales of INR864.3 million for 2012-13.
SAHA BUILDING: CRISIL Assigns B+ Rating to INR60MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the
bank loan facilities of Saha Building Centre Pvt Ltd (SBCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 35 CRISIL A4
Cash Credit 60 CRISIL B+/Stable
The ratings reflect SBCPL's working-capital-intensive and modest scale
of operations in the fragmented and competitive civil construction
industry. These rating weaknesses are partially offset by the industry
experience of the company's promoters.
Outlook: Stable
CRISIL believes SBCPL will continue to benefit over the medium term
from its promoters' industry experience. The outlook may be revised to
'Positive' in case of significant increase in its scale of operations
and accruals, or if its working capital management improves, leading
to improvement in its financial risk profile, especially its
liquidity. Conversely, substantially low accruals, or a stretch in
SBCPL's working capital cycle, or any large debt-funded capital
expenditure, leading to deterioration in its financial risk profile,
particularly its liquidity, may lead to a revision in the outlook to
'Negative'.
SBCPL was set up in 1999 as a proprietorship firm; the firm was
reconstituted as a private limited company in 2008. The company
undertakes civil construction, mainly related to construction of
buildings. Its daily operations are managed by Mr. Apurba Saha.
SAHARA GROUP: Central Bank Asked to Probe INR500cr Fraud
--------------------------------------------------------
The Times of India reports that unable to cough up INR10,000 crore to
secure the release of its chief Subrata Roy since
March 4 last year, the troubled Sahara group on Feb. 24 faced fresh
setbacks in the Supreme Court which ordered Roy to be taken back to
jail from the conference room inside Tihar and asked Reserve Bank of
India to probe an alleged INR500 crore financial fraud by group
company Sahara India Financial Corporation (SIFCL).
TOI relates that appearing for RBI, senior advocate Parag Tripathi
said the court had on June 14 last year relaxed its earlier freeze
order on alienation of bonds, securities and fixed deposits to enable
the group to sell these financial instruments and raise bail bond
money to get Roy and two directors out of jail.
According to the report, Tripathi alleged that in the garb of the SC
order, the Sahara group company liquidated its securities, bonds and
fixed deposits, which were secured against repayment to investors and
depositors, but diverted nearly INR500 crore to its sister concern
Sahara India. However, only a little over INR3 crore was paid to
investors and the company maintains that there are no claimants for
INR1,000 crore deposits, he said, the report relays.
A bench of Justices T S Thakur, A R Dave and A K Sikri was livid at
Sahara group's audacity to misuse the apex court orders for diversion
of money and sarcastically said, "You are a very lucky group of
companies. You take money from depositors and these depositors never
come back to claim their money," TOI relays. An identical stand was
taken by Sahara Real Estate and Sahara Housing when the court had
asked them to refund INR24,000 crore to nearly three crore investors
through market regulator Sebi, according to the report.
TOI says the bench permitted RBI to initiate proceedings against SIFCL
and asked the central bank to submit a final report to the court in
three weeks. "Your (Sahara group's) problems are increasing and it is
all your doing. All of them income tax department, Sebi and RBI are
here. You have to deal with them," it said, TOI relays.
The report relates that Roy and the two directors were allowed to stay
in the Tihar Jail conference room to negotiate a deal with US-based
Mirach group for raising over $1 billion. With the deal turning out to
be a damp squib and resulting in acrimonious exchange between Sahara
and Mirach, Roy's counsel Rajeev Dhavan requested the court to allow
him to stay in the conference room till March 31 to finalize two
"exploratory proposals" with European Bank and Dutch Pension Fund.
Refusing to allow them to stay in the conference room any longer, the
bench said, "It has really turned out to be a mirage. How could you
not foresee such a thing, especially when you yourself are a mirage
master? Why don't you sell Aamby Valley properties, which you say is
worth INR39,000 crore? For the last several hearings, nothing is
moving. You don't seem to be interested in earning your liberties. You
seem to put your business over your liberties," the report adds.
Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media. Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.
SAI-LAXMI TEXOFAB: ICRA Reaffirms B Rating on INR6.65cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR6.65 crore
(enhanced from INR5.50 crore) fund based bank limits of Sai-Laxmi
Texofab at [ICRA]B. ICRA has also reaffirmed a rating of [ICRA]A4 to
the INR0.16 crore non fund based bank limit of SLT.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund 6.65 [ICRA]B Reaffirmed
Based Limits
Short-term Non fund 0.16 [ICRA]A4 A4 Reaffirmed
Based Limit
The reaffirmed ratings continue to reflect the weak financial profile
of SLT, characterized by fall in operating income on account of
decline in sales volume and high gearing levels following its working
capital intensive nature of operations. The ratings are also
constrained on account of vulnerability of profit margins to
volatility in raw material prices and the high competitive pressure
prevailing in the industry because of the presence of many unorganized
players. Further, SLT is a partnership concern and withdrawals from
the capital account have affected its capital structure in the past.
However, the ratings favorably factor in the promoter's long track
record in textile industry and location advantages due to its presence
in the textile belt of Surat.
Sai-Laxmi Texofab (SLT) started operations in 2002. The firm is
involved in texturising of yarn and manufacturing of grey cloth. Its
registered office and its manufacturing facility for grey cloth are
located at Surat city, while the facility for yarn is located at Kim
village, Surat.
SLT recorded a net profit of INR0.89 crore on an operating income of
INR40.37 crore for the year ending March 31, 2014.
SAI INDIA: CARE Upgrades Rating on INR5.97cr LT Loan to 'B'
-----------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Sai India Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5.97 CARE B Revised from
CARE D
Short-term Bank Facilities 0.95 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings assigned to bank facilities of Sai India
Limited (SIL) factors in the timely servicing of debt
obligations with cash profits made during 10MFY15. The ratings,
however, continue to be constrained by small scale of operations and
sluggish industry demand resulting in decline in sales and cash losses
in FY14 (refers to the period April 1 to March 31). The ratings are
also constrained by the client concentration risk, elongation in
collection cycle and the deterioration in the capital structure of the
company.
However, the ratings continue to derive strength from long experience
of the promoters, long operational track record of
the company, comfortable capital structure and strong market presence
in radial piston hydraulic motors manufacturing
industry.
The ability of the company to grow its scale of operations and profits
amidst the fluctuation in raw material prices while
managing its working capital requirements efficiently are the key
rating sensitivities.
SIL was incorporated in the year 1989 with the objective of marketing
various hydraulic products, and for establishing the
products of SAI spa, Italy. SIL was promoted by SAI spa (with 51%
stake), Yuken India Limited (40%) and Mr K. K. Rangan (5%). In 2003,
FIN.OL.IM.Srl, an Italian company (presently the holding company of
SAI group and an associate company of SAI Spa), acquired a majority
stake (51%) in SIL from SAI spa. SIL is an ISO 9001:2008 company and
has manufacturing facilities in Bengaluru and Shimogga. Currently, SIL
manufactures hydraulic motors (capacity of 12,000 nos. p.a.) and is
the only manufacturer of radial-piston hydraulic motors in India. In
FY14, 78% of hydraulic motors were sold domestically and remaining
were exported. Hydraulic motors are used in construction, mining,
marine and agriculture industry. The company also imports Linde
products (a type of hydraulic motors) from Germany and sells it in the
domestic market.
During FY14, Sai India Limited reported a net loss of INR2.15 crore on
a total operating income of INR11.62 crore as compared with a net loss
of INR0.07 crore on a total operating income of INR17.47 crore in
FY13.
SANGO AUTO: CRISIL Reaffirms B Rating on INR15cr Term Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Sango Auto Forge Pvt Ltd
(SAFPL; part of the ANC group) continue to reflect the ANC group's
weak financial risk profile, marked by modest net worth, high gearing,
and subdued debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B/Stable (Reaffirmed)
Letter of Credit 40 CRISIL A4(Reaffirmed)
Proposed Long Term 9.7 CRISIL B/Stable (Reaffirmed)
Bank Loan Facility
Term Loan 15.0 CRISIL B/Stable (Reaffirmed)
The ratings also factor in the group's small scale of operations,
large working capital requirements, high customer concentration in
revenue, and susceptibility to cyclicality in the commercial vehicles
industry. These rating weaknesses are partially offset by the benefits
that the ANC group derives from its promoters' extensive industry
experience.
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SAFPL and ANC Enterprises (ANCE). This is
because the two entities, together referred to as the ANC group
herein, are in similar lines of business, and have significant
operational and financial linkages (SAFPL derives most of its revenue
from ANCE) and common promoters.
Outlook: Stable
CRISIL believes that the ANC group will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the group's liquidity improves
significantly, most likely because of sizeable equity infusion or
improved working capital management. Conversely, the outlook may be
revised to 'Negative' if the ANC group registers decline in its
revenue and profitability or undertakes any large debt-funded capital
expenditure programme, weakening its financial risk profile,
particularly liquidity.
Update
For 2013-14 (refers to financial year, April 1 to March 31), the ANC
group registered revenue of INR237 million, a year-on-year decline of
about 25 per cent, largely on account of subdued demand from its key
customer Tata Motors Ltd (TML). However, the group achieved higher
operating margin of 18.1 per cent in 2013-14 as against 12.7 per cent
the previous year on account of revision in payment terms with TML and
lower material costs. The group's operating profitability is healthy
on account of its partially integrated operations, with ANCE procuring
a large portion of forgings from SAFPL. The ANC group has large
working capital requirements, as reflected in its gross current assets
of 380 days as on March 31, 2014, driven by inventory and debtors of
306 and 74 days, respectively.
The ANC group's financial risk profile remains weak, marked by a
modest net worth and a high gearing of INR65 million and 2.75 times,
respectively, as on March 31, 2014. Also, the group has subdued debt
protection metrics, as reflected in its net cash accruals to total
debt and interest coverage ratios of 0.03 times and 1.71 times,
respectively, for 2013-14. The financial risk profile is expected to
remain weak over the medium term on account of the group's
working-capital-intensive operations. Furthermore, its liquidity is
stretched on account of capital withdrawal of INR11 million by the
promoters in 2013-14 from ANCE resulting in high reliance of debt for
funding working capital requirements leading to fully utilised bank
limits. CRISIL believes that the ANC group's liquidity will remain
stretched over the medium term in the absence of any significant
equity infusion because of its working-capital-intensive operations.
ANCE is involved in machining of components used in the automotive
industry. The firm operates two machining units at Bhosari in Pune
(Maharashtra) with installed monthly capacity of 600 tonnes per month
(tpm). SAFPL, incorporated in 2007, has forging capacity of 350 tpm
and caters to 100 per cent of ANCE's forging requirements.
SAWLANI SYNTHETICS: ICRA Assigns B+(SO) Rating to INR12cr Loan
--------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ (SO) to the INR12.00
crore fund based bank limits of Sawlani Synthetics Private Limited.
ICRA has also assigned a short term rating of [ICRA]A4(SO) to the
INR2.50 crore non-fund based bank limit of the company.
The letters "SO" in parenthesis suffixed to a rating symbol stand for
Structured Obligation. An SO rating is specific to the rated issue,
its terms, and its structure. 'SO" ratings do not represent ICRA's
opinion on the general credit quality of the issuers concerned.
The assigned ratings take into account the irrevocable corporate
guarantee issued by SEL for the INR14.50 crore rated bank facilities
of SSPL. The ratings address the servicing of the bank lines to happen
as per the terms of the underlying sanction letter and the guarantee
arrangement and assumes that the guarantee will be duly invoked, as
per the terms of the underlying sanction letter and guarantee
agreements, in case there is a default in payment by the borrower. The
ratings are based on the strength of guarantee and it would have to be
reviewed for any incremental funding after the guarantee is revoked.
Besides drawing comfort from the guarantee extended by Shantai Exim
Limited, the ratings also draw support from the long experience of the
promoters in the textile industry and the location advantages arising
from its presence in the textile hub of Surat, thus giving the company
access to a large base of suppliers. The ratings also incorporate the
company's affiliation to an established group providing strong
marketing support and other operational synergies in terms of access
to an already established clientele.
However, the ratings are constrained by limited track record of
operations, vulnerability of profits and cash flows to volatility in
raw material prices and fluctuations in the exchange rates along with
the intense competition in export markets from other domestic and
international suppliers.
Sawlani Synthetics Private Limited was incorporated in October 1993,
and the company was converted to a 100% subsidiary of Shantai Exim
Limited in August 2014. SSPL is a part of the Surat-based 'HMV Sawlani
group' which has its presence in the textile and real estate sectors
through its associate entities, namely Shantai Developers, Shantai
Realty India Limited(real estate) and Shantai Exim Limited (textiles).
SSPL is engaged in the manufacture and export of women's fashion wear,
mainly sarees and dress materials. The company has its registered
office and its processing facility in Surat(Gujarat).
As per the provisional numbers till January 20, 2015, the company has
registered a net profit of INR0.87 crore on an operating income of
INR135.77 crore.
SHAKAMBRI KHADYA: ICRA Reaffirms B-/A4 Rating on INR10cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B- and short term
rating of [ICRA]A4 for INR10 crore fund based facilities of Shakambri
Khadya Bhandar.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 10.0 [ICRA]B-/[ICRA]A4 Reaffirmed
The ratings reaffirmation factors in relatively modest size of
operations of the firm in agro commodities trading resulting in modest
economies of scale and the inherently low and volatile margins in the
trading business. Given the nature of the business in which the
company is operating, ICRA does not expect any significant improvement
in profitability indicators in the medium term.The ratings are further
constrained by the fact that the firm's working capital requirements
have been funded mainly through bank borrowings, leading to highly
leveraged capital structure.The ratings also factors in intense
competition in the industry due to low entry barriers which exerts
pressure on the margins of the firm. However, the ratings favourably
factor in long experience of the promoter in agro commodity trading
and healthy growth in the firm's revenues in FY2014. The rating also
takes into account that there is no inventory price risk for the firm
as its hedges its physical trading with corresponding future
contracts. Further, demand risk for the firm is minimal given the
growing consumption of pulses and sugar in India.
Incorporated in the year 1995, Shakambri Khadya Bhandar (SKB) is a
proprietorship firm promoted by Mr. Radha Krishan Goyal. The firm is
engaged in trading of various pulses, food grains and sugar. The
operations of the firm are managed by Mr. Radha Krishan Goyal and his
nephew Mr. Pawan Goyal. SKB has its trading office located at Lawrence
Road, Delhi which is an established market for food grains in Delhi.
Recent Results
The firm reported a net profit after tax of INR0.23 crore on an
operating income of INR260.95 crore in FY2014 as against net profit of
INR0.22 crore on an operating income of INR179.60 crore in FY2013.
SHREE LAXMI: CARE Assigns B+ Rating to INR6.38cr LT Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Shree Laxmi Enterprises.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 6.38 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Shree Laxmi Enterprises
(SLE) is constrained by SLE's relatively small scale of operations
with low net worth base, weak financial risk profile reflected by low
profitability, leveraged capital structure and weak coverage
indicators as well as working capital-intense nature of operations.
The rating is further constrained by exposure to raw material price
volatility, proprietorship nature of continuation and high competition
prevailing in the industry.
The rating, however, favourably takes into account the experience of
the proprietor and association with reputed customer base with
location advantage of the manufacturing facility. The ability of the
firm to increase the scale of operations while improving profitability
margin, improve its capital structure while managing the working
capital requirements efficiently would be the key rating
sensitivities.
SLE is a proprietorship concern established in 2003 by Mr Sanjay
Gupta. The firm is engaged in the manufacturing of H.B wires at its
manufacturing facilities situated in Ludhiana, Punjab, with an
installed capacity of 7,600 metric ton per annum (MTPA) as on March
31, 2014. The firm sells its products in the states of Uttar Pradesh
and Punjab directly to bicycle and tyre manufacturers.
For FY14 (refers to the period April 01 to March 31), SLE reported a
total income of INR17.82 crore with PBILDT and PAT of INR0.87 crore
and INR0.19 crore, respectively, as against the total income of
INR14.58 crore with PBILDT and PAT of INR0.71 crore and INR0.16 crore,
respectively, in FY13. Furthermore, during FY15, the firm has achieved
gross sales of INR16 crore till Oct. 31, 2014.
SHRID METAL: CRISIL Assigns B- Rating to INR45MM Cash Credit
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable/CRISIL A4' ratings to the
bank facilities of Shrid Metal Technologies Pvt Ltd (SMTPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 15.8 CRISIL B-/Stable
Bank Guarantee 30 CRISIL A4
Cash Credit 45 CRISIL B-/Stable
The ratings reflect SMTPL's weak financial risk profile and
constrained liquidity driven by debt-funded capital expenditure,
limited ramp up in operations, and depressed profitability. The rating
also factors in the company's small scale of operations and its large
working capital requirements. These rating weaknesses are partially
offset by extensive experience of SMTPL's promoters in the engineering
industry and their continued funding support.
Outlook: Stable
CRISIL believes that SMTPL will continue to benefit over the medium
term from its promoters' extensive industry experience and continued
funding support. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile, especially
liquidity, driven by higher cash accruals, or infusion of large funds
by the promoters. Conversely, the outlook may be revised to 'Negative'
in case of further pressure on SMTPL's liquidity on account of lower
cash accruals or a stretch in its working capital cycle impacting the
company's ability to service debt.
SMTPL, incorporated in 2012, manufactures machined and forged
components, which find application in the defence, food-processing,
pharmaceuticals, and the automobile industries. The company's
manufacturing facility is located in Pune (Maharashtra) with installed
capacity of around 700 tonnes per month. The company has been promoted
by Mr. Shriyash Kulkarni and his family.
SRI NACHAMMAI: CRISIL Reaffirms B+ Rating on INR200MM Cash Credit
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Nachammai Cotton Mills
Ltd (SNCML) continue to reflect SNCML's weak financial risk profile
and susceptibility of operating margins to volatility in raw material
prices. These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the textile industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 14 CRISIL A4 (Reaffirmed)
Cash Credit 200 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 150 CRISIL A4 (Reaffirmed)
Long Term Loan 140 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SNCML will continue to benefit over the medium
term from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' in case of a healthy increase in the
company's revenue and profitability, leading to a significant and
sustained improvement in its cash accruals and capital structure.
Conversely, the outlook may be revised to 'Negative' if SNCML's
financial risk profile weakens further, most likely because of large
working capital requirements or debt-funded capital expenditure, or a
delay in funding support from its promoters.
Update:
SNCML reported an operating income of INR1.8 billion for 2013-14
(refers to financial year, July 1 to June 30), driven by increased
orders from existing customers following the improved demand for
cotton yarn. The company reported an operating margin of 6.7 per cent
and cash accruals of INR66 million for 2013-14. SNCML has reported
revenue of INR800 million for the six months ended December 31, 2014
and it is estimated to book revenue of around INR1.6 billion in
2014-15.
SNCML has a weak financial risk profile, marked by a small net worth
and high gearing; its debt protection metrics were below average, with
net cash accruals to total debt ratio at 0.09 times and interest
coverage ratio at 1.35 times in 2013-14. The company's financial risk
profile is expected to remain weak over the medium term, due to
limited accretion to reserves.
SNCML's liquidity is marked by tightly matched accruals as against its
repayment obligations, and moderate bank limit utilisation. The
company has large working capital requirements as indicated by its
gross current assets of 144 days as on June 30, 2014. However, the
pressure on liquidity is offset by moderately utilized bank lines,
which are utilized at an average of 89 per cent over 12-month ended
December 2014. Further, the liquidity is supported by need based fund
support, as reflected from the unsecured loan from promoters and
associate companies of INR160 million as on June 30, 2014.
SNCML, incorporated in 1980 in Tamil Nadu, is promoted by Mr. P
Palaniappan. The company manufactures cotton yarn in three
varieties-hosiery yarn, warp yarn, and hank yarn-with counts ranging
from 10s to 80s, which are used for manufacturing garments.
TIJIYA ENGINEERING: CRISIL Reaffirms B Rating on INR10MM Loan
-------------------------------------------------------------
CRISIL rating on the bank facilities of Tijiya Engineering Pvt Ltd
(TEPL) continue to reflect TEPL's low market position in the mild
steel (MS) products industry, its average financial risk profile,
marked by small net worth and modest debt protection metrics despite a
low gearing, and its working-capital-intensive
operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 50 CRISIL A4 (Reaffirmed)
Cash Credit 10 CRISIL B/Stable (Reaffirmed)
Packing Credit 40 CRISIL A4 (Reaffirmed)
Standby Line of Credit 10 CRISIL A4 (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of TEPL's promoters in the MS products industry, and its
partially integrated operations, involving cutting, moulding, welding,
finishing, and packaging of its in-house manufactured products.
Outlook: Stable
CRISIL believes that TEPL's liquidity will remain stretched over the
medium term because of its working-capital-intensive operations. The
outlook may be revised to 'Positive' if the company's scale of
operations increases significantly, along with a sustained improvement
in its profitability. Conversely, the outlook may be revised to
'Negative' if TEPL's financial risk profile deteriorates, most likely
because of lower-than-expected profitability, larger-than-expected
working capital requirements, or large debt-funded capital expenditure
(capex).
TEPL, incorporated in 1983, is managed by Mr. Rajesh Poddar and Mr.
Rajiv Poddar. The company manufactures various MS products such as
barbed wire arms, flat and round stakes, clamps, and rods for the
construction and fencing industries.
TEPL's reported profit after tax (PAT) of INR0.9 million with an
operating income of INR174.8 million, for 2013-14 (refers to
financial year, April 1 to March 31) on provisional basis; it had
reported a PAT of INR1 million on net sales of INR172.3 million for
2012-13.
UNITED EXIM: CARE Assigns B+ Rating to INR9.0cr Long Term Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of United Exim Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 9.0 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of United Exim Pvt. Ltd.
(UEPL) are primarily constrained by its small scale of
operations, lack of backward integration vis-a-vis volatility in raw
material prices, project risk, presence in a highly competitive and
fragmented industry along with working capital intensive nature of
operation leading to leveraged capital structure. The rating, however,
derives strength from its long track record of operation and strong
client profile.
Going forward, the ability of the company to improve its scale of
operation along with improvement in profit levels and margins,
efficient management of working capital and ability to implement the
ongoing project without time and cost overrun would be the key rating
sensitivities.
UEPL incorporated in June 1995, was promoted by one Mr Inderpal Singh
of New Delhi. UEPL is engaged in the manufacturing of readymade
garments like trousers and suits with an installed capacity of 450,000
pieces per annum. The company has its manufacturing facilities at
Noida. UEPL sale its products based on orders from various reputed
companies. Apart from this, the company also manufactures products on
a job work basis for various companies.
Furthermore, it also operates through its own brand 'Envoy'. In FY15
(refers to the period April 1 to March 31), the company has started to
export (expected to be around 10% of total sales in FY15) its products
to USA, UK and West Indies.
Presently, the day-to-day affairs of the company are looked after by
Mr Gurveer Singh, Director, with adequate support from other director
Mr Ishpreet Singh. Both the present directors are sons of Mr Inderpal
Singh.
During FY14, the company reported a total operating income of INR19.29
crore (FY13: INR5.84 crore) and a PAT of INR0.51
crore (FY13: Net loss of INR0.33 crore). In 9MFY15, the company has
achieved a total income of INR21.35 crore.
VENUS CONTROLS: CRISIL Ups Rating on INR400MM Cash Loan to B-
-------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Venus
Controls and Switchgear Private Limited (VCSPL) to 'CRISIL
B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 100 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 400 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 100 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 200 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
The rating upgrade reflects VCSPL's timely payment of interest on its
cash credit limit, and no devolvement on its letters of credit, over
the three months through January 2015.
The ratings reflect VCSPL's below-average financial risk profile,
marked by subdued debt protection metrics, and its
working-capital-intensive operations. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the electrical equipment industry.
Outlook: Stable
CRISIL believes that VCSPL will continue to benefit over the medium
term from its established relationship with its clients and its
promoters' experience in the electrical equipment industry. The
outlook may be revised to 'Positive' in case the company's revenues
and operating margins increase substantially, leading to improvement
in cash accruals and liquidity, along with improving its working
capital management significantly. Conversely, the outlook may be
revised to 'Negative' in case VCSPL reports decline in revenues or
operating margin or a significant deterioration in its financial risk
profile because of large, debt-funded capital expenditure (capex) or
further lengthening of its working capital cycle.
VCSPL, incorporated in 1989, manufactures electrical control panels.
The company also started undertaking turnkey projects in 2010 to set
up entire power sub-stations. Its manufacturing facilities are in
Haryana. VCSPL has a team of engineers that design products or systems
based on customer specifications. The company's day-to-day operations
are managed by its promoter-director, Mr. Shyam Sunder Patodia, and
his son, Mr. Vijay Kumar Patodia.
VETRIVEL EXPLOSIVES: CRISIL Reaffirms B+ Rating on INR50MM Loan
---------------------------------------------------------------
CRSIL's ratings on bank facilities of Vetrivel Explosives Pvt Ltd
(VEPL) continues to reflect the company's below-average financial risk
profile, marked by high gearing and average debt protection metrics,
and its modest scale of operations in the intensely competitive civil
explosives segment.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 40 CRISIL A4 (Reaffirmed)
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 40 CRISIL A4 (Reaffirmed)
Proposed Long Term 42.5 CRISIL B+/Stable (Reaffirmed)
Bank Loan Facility
These rating weaknesses are partially offset by the extensive
experience of the promoters in the explosives industry and VEPL's
established regional presence.
Outlook: Stable
CRISIL believes that VEPL will continue to benefit from its
established regional presence and healthy customer relationships. The
outlook may be revised to 'Positive' if the company records
significant growth in revenue and profitability, with sizeable cash
accruals, thereby leading to significant improvement in its capital
structure and liquidity. Conversely, the outlook may be revised to
'Negative' if the company's financial risk profile deteriorates
because of lower-than-expected cash accruals or substantial
debt-funded capital expenditure or deterioration in its working
capital requirement.
Update
VEPL reported operating income of INR950 million and operating margin
of 14.3 per cent for 2013-14 (refers to financial year, April 1 to
March 31). The company's operating performance is supported by its
established regional presence and healthy customer relationships in
the civil explosives segment. Revenue from the hotel segment was muted
due to intense competition in the industry leading to low occupancy
levels. The company's scale of operations is expected to grow at a
healthy rate over the medium term, primarily supported by expansion of
its explosives manufacturing capacities.
VEPL has a weak capital structure, marked by net worth of INR110
million and high gearing of 3.41 times as on March 31, 2014. Gearing
of the company deteriorated in 2013-14 from around 1.18 times as on
March 31, 2013 due to merger of Sivasakthi Hotels Ltd (Sivasakthi
Hotels), wherein the debt levels were higher, with VEPL in 2013-14.
Despite the deterioration in capital structure post-merger, the
capital structure is expected to improve supported by moderate
accretion to reserves. Furthermore, INR85 million is expected to be
infused in 2014-15 as equity, supporting the capital structure. The
company is undertaking a capital expenditure (capex) programme of
around INR180 million to expand its explosives manufacturing capacity.
The capex plan is expected to be funded by INR100 million of term loan
and the remaining through equity infusion. VEPL's debt protection
metrics were average, with net cash accruals to total debt ratio at
0.19 times and interest coverage ratio at 2.49 times in 2013-14. The
company's financial risk profile is expected remain below average due
to high gearing over the medium term.
VEPL's liquidity is moderate, marked by adequate cash accruals as
against debt obligations but constrained by high bank limit
utilisation. The company is likely to post net cash accruals of over
INR70 million against debt obligations of around INR60 million for
2014-15. The bank limits were utilised at an average of 88 per cent
over the 12 months ended December 31, 2014. VEPL's liquidity is
expected to remain moderate over the medium term, supported by
adequate cash accruals to meet debt obligations.
VEPL was set up as a partnership firm in Salem (Tamil Nadu) in 1999.
The firm was reconstituted as a closely held private company in 2000.
Till 2012-13, VEPL was only manufacturing civil explosives. From
2013-14, post-merger with Sivasakthi Hotels, the company also operates
a 4-star hotel at Salem.
=================
I N D O N E S I A
=================
GENERAL MOTORS: To Close Down Assembly Plant in Bekasi
------------------------------------------------------
Carla Isati Octama at The Jakarta Globe reports that General Motors
Indonesia is closing its assembly plant in Bekasi, on the outskirts of
Jakarta, at the end of June in a move that will lead to 500 job cuts.
According to the report, GM executive vice president Stefan Jacoby
said the decision was made after considering high material costs and
declining supply potential as a result of limited production in the
country.
Mr. Jacoby also attributed the decision to the company's plan to
become more market oriented, the report relates.
"The transformation will further strengthen the business structure and
marketing network by focusing on the Chevrolet brands and at the same
time offer competitive high quality products to cater to the needs of
Indonesian customers,"
Mr. Jacoby said in a press release sent to BeritaSatu.com on
Feb. 26, the Jakarta Globe relays.
The company will continue to distribute its Orlando, Captiva and
Trailblazer models through dealers in Indonesia, he added, but did not
mention its best-selling Spin MPV, which is assembled at the Bekasi
plant, the Jakarta Globe relates.
The closure will hit some 500 workers, the report notes.
"We can understand that the decision will disappoint all employees who
have shown high dedication. We will cooperate with all local
stakeholders, including the Indonesian government to help our
workers," the report quotes GM Southeast Asia operations president Tim
Zimmerman as saying.
GM set up its Indonesian assembly plant in 1995, but halted operations
in the country in 2005, before reviving the facility in 2013 to
produce the Spin for the domestic and Southeast Asian markets, the
report notes.
About General Motors
General Motors Corporation and three of its affiliates filed for
Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 09-50026) on
June 1, 2009. The Honorable Robert E. Gerber presides over the
Chapter 11 cases. Harvey R. Miller, Esq., Stephen Karotkin, Esq., and
Joseph H. Smolinsky, Esq., at Weil, Gotshal & Manges LLP, assist the
Debtors in their restructuring efforts. Al Koch at AP Services, LLC,
an affiliate of AlixPartners, LLP, serves as the Chief Executive
Officer for Motors Liquidation Company. GM is also represented by
Jenner & Block LLP and Honigman Miller Schwartz and Cohn LLP as
counsel. Cravath, Swaine, & Moore LLP is providing legal advice to
the GM Board of Directors. GM's financial advisors are Morgan
Stanley, Evercore Partners and the Blackstone Group LLP. Garden City
Group is the claims and notice agent of the Debtors.
The U.S. Trustee appointed an Official Committee of Unsecured
Creditors and a separate Official Committee of Unsecured Creditors
Holding Asbestos-Related Claims. Lawyers at Kramer Levin Naftalis &
Frankel LLP served as bankruptcy counsel to the Creditors Committee.
Attorneys at Butzel Long served as counsel on supplier contract
matters. FTI Consulting Inc. served as financial advisors to the
Creditors Committee. Elihu Inselbuch, Esq., at Caplin & Drysdale,
Chartered, represented the Asbestos
Committee. Legal Analysis Systems, Inc., served as asbestos
valuation analyst.
The Bankruptcy Court entered an order confirming the Debtors'
Second Amended Joint Chapter 11 Plan on March 29, 2011. The Plan
was declared effect on March 31.
On Dec. 15, 2011, Motors Liquidation Company was dissolved. On
the Dissolution Date, pursuant to the Plan and the Motors
Liquidation Company GUC Trust Agreement, dated March 30, 2011,
between the parties thereto, the trust administrator and trustee --
GUC Trust Administrator -- of the Motors Liquidation Company GUC
Trust, assumed responsibility for the affairs of and certain claims
against MLC and its debtor subsidiaries that were not concluded prior
to the Dissolution Date.
* * *
The Troubled Company Reporter, on Sep. 29, 2014, reported that
Standard & Poor's Ratings Services raised its corporate credit
rating on U.S. automaker General Motors Co. (GM) to 'BBB-' from
'BB+', and revised the outlook to stable from positive. At the
same time, S&P raised its issue-level rating on GM's unsecured
debt to 'BBB-' from 'BB+' and simultaneously withdrew its '4'
recovery rating on that debt, because S&P do not assign recovery
ratings to the issues of investment-grade companies.
On Oct. 21, 2014, the TCR reported that Fitch Ratings has assigned a
rating of 'BB+' to GM's amended unsecured credit facilities. Fitch
currently rates GM's Issuer Default Rating (IDR) 'BB+'. The Rating
Outlook is Positive. Fitch has also affirmed and withdrawn the 'BB+'
IDR of GM's General Motors Holdings LLC (GM Holdings) subsidiary, as
there is no longer any rated debt at the subsidiary, and Fitch does
not expect the subsidiary to be an active issuer going forward. Fitch
has also withdrawn GM Holdings' unsecured credit facility rating of
'BB+' as the subsidiary is no longer a borrower on the facilities.
The TCR, on Nov. 6, 2014, reported that Fitch Ratings has assigned a
rating of 'BB+' to GM's proposed issuance of senior unsecured notes.
The existing Issuer Default Rating (IDR) for GM is 'BB+' and the
Rating Outlook is Positive.
====================
N E W Z E A L A N D
====================
SHANTON FASHIONS: Napier Branch Closes
--------------------------------------
Hawkes Bay Today reports that the Napier branch of Shanton Fashions is
closing but Hastings remains open as the retail chain sheds up to 70
full-time jobs nationwide.
Seventeen stores will close as part of a restructuring process amid
voluntary administration, according to Hawkes Bay Today. About 10
people are employed in the two Hawke's Bay branches.
Of the 37 branches, closing are:
-- Napier,
-- Eastgate,
-- Northlands,
-- Whakatane,
-- Masterton,
-- The Base,
-- Palmerston North,
-- Feilding,
-- Thames,
-- Gisborne,
-- Nelson,
-- Westgate,
-- Fraser Cove,
-- Sylvia Park,
-- Botany,
-- Manukau Supa, and
-- Albany.
The report notes that BWA Insolvency administrator Bryan Williams --
bryan@bwainsolvency.co.nz -- said some staff would relocate to other
stores but he was unsure of the number.
It went into administration on January 12 in response to the
withdrawal of its credit facilities and a demand for immediate
repayment, the report says.
The company owes NZ$7.79 million to 206 creditors, including the IRD
and outstanding holiday pay to Shanton employees, the report
discloses.
When it entered administration there were 155 employees nationwide.
The report notes that Mr. Williams formally notified managers and
staff on February 24, but notice will run from March 2.
Mr. Williams said many staff were sad to lose the Shanton connection
and that some were long-time employees, the report adds.
SOLID ENERGY: Delays H1 Report on Lower Coal Prices
---------------------------------------------------
BusinessDesk reports that Solid Energy will delay reporting its
first-half accounts, saying forward pricing for coal may impact on its
ability to meet debt repayments when they come due next year.
According to the report, the company said low coal prices are expected
to remain lower for longer than previously forecast and won't recover
as quickly, prompting the board to hold back the company's accounts
after its monthly meeting on Feb. 27. Despite a favourable shift in
the exchange rate, current and expected coal prices mean Solid Energy
will need to keep making structural changes, the report relates.
"We can see an issue coming. It is not about current performance or
any immediate difficulty in meeting our commitments," BusinessDesk
quotes acting chair Andy Coupe as saying. "It is about the impact on
our balance sheet of future pricing for coal and our consequent
diminishing ability to repay or refinance debt when it falls due from
September 2016. We are acting early."
BusinessDesk notes that a restructuring of Solid Energy was announced
in 2013, coinciding with the publication of the annual reports, after
collapsing coking coal prices on world markets exposed the company's
over-commitment to a range of development initiatives, including
development of options to turn lignite coal into diesel and urea, and
renewable energy products such as pellets for wood burners.
Last year, Solid Energy received an extension of its $103 million
remediation indemnity with the Crown to reimburse the cost of
rehabilitation expenses of the company, Pike River (2012) and Spring
Creek Mining Co., the report recalls.
BusinessDesk relates that the company said its lenders and shareholder
were aware of the company's view.
About Solid Energy
Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.
BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31, 2014. The company's board doesn't anticipate it will
return to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.
SOLID ENERGY: Pip Dunphy Steps Down as Chairman
-----------------------------------------------
State Owned Enterprises Minister Todd McClay has thanked outgoing
Solid Energy Chair, Pip Dunphy, for her hard work and strong
leadership after her decision to stand down from the Board.
"Ms Dunphy has served on the Board of Solid Energy since December
2012, and stepped into the role of Chair in March last year."
"Ms Dunphy has played a very important leadership role in the company.
I am very grateful for her work leading both the assessment of a
potential re-entry into the Pike River Mine, and the company's
engagement with the Pike River families. We wish her well," Mr. McClay
said.
Current Board member, Andy Coupe, has been appointed as Acting Chair
of Solid Energy, while the Crown works through its appointment process
for a permanent Chair.
Mr. McClay said Solid Energy has been operating in a challenging environment.
The ongoing reductions in the international coal price mean the
company remains strongly focussed on executing plans to return to
profitability.
About Solid Energy
Solid Energy New Zealand Ltd is New Zealand's largest coal mining
company and an investor in research and commercialisation of
sustainable forms of energy that use coal, coal seam gas, biomass,
biodiesel and solar. Solid Energy's core mining business
includes hard coking coal, primarily for export to steel mills
throughout Asia, and thermal coal for the Huntly power station
and other domestic customers in the steel, dairy and cement
industries.
As reported in the Troubled Company Reporter-Asia Pacific on
Nov. 6, 2014, BusinessDesk said Solid Energy posted its third
annual loss in a row as the financially distressed state-
owned coal miner wrote down the value of its export operations
amid lower coal price assumptions, and warned of more red ink to
come.
BusinessDesk related that the Christchurch-based state-owned
enterprise reported a loss of NZ$181.9 million in the 12 months
ended June 30, compared to a loss of NZ$335.4 million a year
earlier, it said in its annual report tabled in Parliament on
October 31, 2014. The company's board doesn't anticipate it will
return to profitability until the 2017 financial year, based on its
current projections, BusinessDesk added.
WYNYARD GROUP: Net Loss Widens to NZ$22.3-Mil. in FY2014
--------------------------------------------------------
The New Zealand Herald reports that Wynyard Group reported a
near-doubling in its annual loss as its push for large global
contracts helped boost revenue 62 per cent in its first full year as a
listed company.
The net loss widened to NZ$22.3 million, or 19 cents per share, in
calendar 2014, more than twice the level forecast in its share float
prospectus, although the result was in line with market expectations,
owing to subsequent guidance from the company, the Herald discloses.
The company said the loss compares with a pro-forma
NZ$11.2 million loss a year earlier, and more than the
NZ$10.2 million flagged in its 2013 prospectus, the report relates.
The Herald says revenue rose to NZ$26 million, just below its NZ$27
million prospect forecast, and below Forsyth Barr's estimate of
NZ$27.5 million.
Last month, Wynyard said it missed its upgraded sales guidance for
revenue of between NZ$29 million to NZ$32 million as negotiations for
some key contracts dragged into the new year, the Herald recalls.
"In the middle of 2014 we made the strategic decision to focus on
larger contracts and expand Wynyard's government business," the report
quotes chief executive Craig Richardson as saying.
Based in Auckland, New Zealand, Wynyard Group Limited (NZE:WYN)
-- https://www.wynyardgroup.com/ -- provides software and solutions to
help protect companies and countries from threat, crime and
corruption. The Company has designed and developed software to operate
and connect three mission cycles: Risk Management, Intelligence and
Investigations. Wynyard products and solutions are used by fortune 500
companies, national security agencies and critical infrastructure
operators across government, financial services and infrastructure
sectors. The Company provides consulting and bureau services to
government agencies and financial institutions engaged in software to
help protect companies and countries from threat, crime and
corruption. The Company's solutions include risk management,
intelligence, investigations and digital forensics.
====================
S O U T H K O R E A
====================
* SOUTH KOREA: Banks' Loan Delinquency Rate Climbs in January
-------------------------------------------------------------
Yonhap News reports that the delinquency rate on loans extended by
South Korean banks, including household borrowing, edged up in January
from the previous month, the Financial Supervisory Service (FSS) said
on March 1.
According to Yonhap, the financial watchdog said the average
delinquency rate of bank loans stood at 0.71 percent at the end of
January, up 0.07 percentage point from a month earlier. From a year
earlier, the figure dropped 0.17 percentage point from 0.88 percent,
it added.
Yonhap relates that the FSS said over the cited period,
KRW1.7 trillion (US$1.5 billion) worth of fresh loans were added, with
KRW700 billion of debts paid off.
The report says the overdue rates of corporate debt climbed 0.09
percentage point to 0.86 percent from a month earlier, with those for
household loans gaining 0.04 percentage point to 0.53 percent.
Loans with both the principal and interest overdue by more than one
month are considered delinquent, the report notes.
The outstanding amount of won-denominated loans came in at KRW1,264.3
trillion as of end-January, up KRW8.7 trillion, or 0.7 percent, from
the previous month, Yonhap relays. Those extended to households
reached KRW518.6 trillion, up KRW400 billion over the cited period,
while corporate loans rose KRW8.4 trillion to KRW714.1 trillion, adds
Yonhap.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Feb. 23 to Feb. 27, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY L 10.00 10/30/23 AUD 1.92
AUSDRILL FINANCE 6.88 11/01/19 USD 74.89
BOART LONGYEAR M 7.00 04/01/21 USD 70.00
BOART LONGYEAR M 7.00 04/01/21 USD 70.00
CML GROUP LTD 9.00 01/29/20 AUD 1.00
CRATER GOLD MINI 10.00 08/18/17 AUD 25.25
EMECO PTY LTD 9.88 03/15/19 USD 72.68
GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00
GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00
KBL MINING LTD 10.00 02/16/17 AUD 0.20
MIDWEST VANADIUM 11.50 02/15/18 USD 8.00
MIDWEST VANADIUM 11.50 02/15/18 USD 11.00
RESOLUTE MINING 10.00 12/04/17 AUD 1.00
STOKES LTD 10.00 06/30/17 AUD 0.45
TREASURY CORP OF 0.50 11/12/30 AUD 65.87
CHINA
-----
CHANGCHUN CITY D 6.08 03/09/16 CNY 70.49
CHANGCHUN CITY D 6.08 03/09/16 CNY 70.17
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.67
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.32
CHINA EASTERN AI 5.05 03/18/23 CNY 75.00
CHINA GOVERNMENT 1.64 12/15/33 CNY 72.61
CHINA NATIONAL E 5.65 09/26/17 CNY 64.41
DANYANG INVESTME 6.30 06/03/16 CNY 70.40
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.50
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.74
HEILONGJIANG HEC 7.78 11/17/16 CNY 71.20
HEILONGJIANG HEC 7.78 11/17/16 CNY 71.37
HUAIAN CITY URBA 7.15 12/21/16 CNY 70.19
HUNAN CHANGDE RE 5.90 01/29/16 CNY 69.13
INNER MONGOLIA N 7.48 05/05/18 CNY 66.20
INNER MONGOLIA N 7.48 05/05/18 CNY 67.46
JIANGSU HUAIAN S 5.80 12/28/15 CNY 71.48
JIANGSU HUAJING 5.68 09/28/17 CNY 74.45
JIANGSU LIANYUN 7.85 07/22/15 CNY 70.65
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.13
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.93
LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.50
LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.37
NANJING NANGANG 6.13 02/27/16 CNY 49.46
NANJING NANGANG 6.13 02/27/16 CNY 46.89
NANJING PUBLIC H 5.85 08/08/17 CNY 65.29
NANTONG STATE-OW 6.72 11/13/16 CNY 71.01
NANTONG STATE-OW 6.72 11/13/16 CNY 71.29
NINGDE CITY STAT 6.25 10/21/17 CNY 60.60
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.31
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.91
QINGDAO CITY CON 6.19 02/16/17 CNY 71.65
QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.73
QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.66
SHENGZHOU HOTEL 9.20 02/26/16 CNY 107.11
TAIZHOU CITY CON 6.90 01/25/17 CNY 70.17
WUXI COMMUNICATI 5.58 07/08/16 CNY 50.21
WUXI COMMUNICATI 5.58 07/08/16 CNY 50.20
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.50
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.86
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.03
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.49
YIYANG CITY CONS 8.20 11/19/16 CNY 71.91
ZHENJIANG CITY C 5.85 03/30/15 CNY 70.02
ZHENJIANG CITY C 5.85 03/30/15 CNY 69.98
ZHUCHENG ECONOMI 7.50 08/25/18 CNY 49.26
ZIBO CITY PROPER 5.45 04/27/19 CNY 60.53
ZOUCHENG CITY AS 7.02 01/12/18 CNY 61.67
INDONESIA
---------
BERAU COAL ENERG 7.25 03/13/17 USD 62.50
BERAU COAL ENERG 7.25 03/13/17 USD 67.00
DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50
PERUSAHAAN PENER 6.75 04/15/43 IDR 74.79
PERUSAHAAN PENER 6.10 02/15/37 IDR 72.84
SMARTFREN TELECO 8.00 06/15/17 IDR 49.10
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 30.50
BLUE DART EXPRES 9.30 11/20/17 INR 10.11
BLUE DART EXPRES 9.40 11/20/18 INR 10.19
BLUE DART EXPRES 9.50 11/20/19 INR 10.25
CORE EDUCATION & 7.00 05/07/15 USD 10.00
COROMANDEL INTER 9.00 07/23/16 INR 15.84
GTL INFRASTRUCTU 3.03 11/09/17 USD 28.50
INCLINE REALTY P 10.85 08/21/17 INR 15.04
INCLINE REALTY P 10.85 04/21/17 INR 11.88
INDIA GOVERNMENT 7.64 01/25/35 INR 23.99
INDIA GOVERNMENT 1.44 06/05/23 INR 79.00
JAIPRAKASH ASSOC 5.75 09/08/17 USD 74.54
JCT LTD 2.50 04/08/11 USD 22.38
MASCON GLOBAL LT 2.00 12/28/12 USD 3.46
ORIENTAL HOTELS 2.00 11/21/19 INR 72.38
PRAKASH INDUSTRI 5.25 04/30/15 USD 60.88
PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 55.88
REI AGRO LTD 5.50 11/13/14 USD 55.88
SHIV-VANI OIL & 5.00 08/17/15 USD 25.75
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 38.00
AVANSTRATE INC 5.00 11/05/17 JPY 29.00
ELPIDA MEMORY IN 0.70 08/01/16 JPY 17.00
ELPIDA MEMORY IN 0.50 10/26/15 JPY 12.63
ELPIDA MEMORY IN 2.03 03/22/12 JPY 17.00
ELPIDA MEMORY IN 2.29 12/07/12 JPY 17.00
ELPIDA MEMORY IN 2.10 11/29/12 JPY 17.00
KOREA
-----
2014 KODIT CREAT 5.00 12/25/17 KRW 27.52
2014 KODIT CREAT 5.00 12/25/17 KRW 27.52
DONGBU CORP 4.00 06/29/15 KRW 40.38
DONGBU METAL CO 5.20 09/12/19 KRW 56.56
EXPORT-IMPORT BA 0.50 11/21/17 BRL 73.78
EXPORT-IMPORT BA 0.50 12/22/17 BRL 73.02
HYUNDAI HEAVY IN 4.80 12/15/44 KRW 59.59
HYUNDAI HEAVY IN 4.90 12/15/44 KRW 58.55
HYUNDAI MERCHANT 7.05 12/27/42 KRW 38.55
KIBO ABS SPECIAL 10.00 09/04/16 KRW 34.80
KIBO ABS SPECIAL 10.00 02/19/17 KRW 32.49
KIBO ABS SPECIAL 10.00 08/22/17 KRW 28.19
KIBO ABS SPECIAL 5.00 01/31/17 KRW 29.33
KIBO ABS SPECIAL 5.00 03/29/18 KRW 26.64
KIBO GREEN HI-TE 10.00 12/21/15 KRW 37.53
LSMTRON DONGBANG 4.53 11/22/17 KRW 27.25
POSCO ENERGY COR 4.66 08/29/43 KRW 71.64
POSCO ENERGY COR 4.72 08/29/43 KRW 71.08
POSCO ENERGY COR 4.72 08/29/43 KRW 70.86
SINBO SECURITIZA 5.00 12/13/16 KRW 30.38
SINBO SECURITIZA 5.00 02/02/16 KRW 28.35
SINBO SECURITIZA 8.00 02/02/16 KRW 35.69
SINBO SECURITIZA 5.00 09/28/15 KRW 33.92
SINBO SECURITIZA 5.00 12/07/15 KRW 33.17
SINBO SECURITIZA 5.00 05/27/16 KRW 32.60
SINBO SECURITIZA 5.00 05/27/16 KRW 32.60
SINBO SECURITIZA 5.00 06/29/16 KRW 32.22
SINBO SECURITIZA 5.00 07/19/15 KRW 37.70
SINBO SECURITIZA 5.00 07/26/16 KRW 31.88
SINBO SECURITIZA 5.00 07/26/16 KRW 31.88
SINBO SECURITIZA 5.00 08/24/15 KRW 34.63
SINBO SECURITIZA 5.00 08/31/16 KRW 31.48
SINBO SECURITIZA 5.00 08/31/16 KRW 31.48
SINBO SECURITIZA 9.00 07/27/15 KRW 42.91
SINBO SECURITIZA 5.00 03/14/16 KRW 32.32
SINBO SECURITIZA 5.00 09/13/15 KRW 34.74
SINBO SECURITIZA 4.60 06/29/15 KRW 41.19
SINBO SECURITIZA 4.60 06/29/15 KRW 41.19
SINBO SECURITIZA 5.00 10/05/16 KRW 31.14
SINBO SECURITIZA 5.00 10/05/16 KRW 29.61
SINBO SECURITIZA 10.00 12/27/15 KRW 37.01
SINBO SECURITIZA 5.00 01/29/17 KRW 29.88
SINBO SECURITIZA 5.00 02/21/17 KRW 29.63
SINBO SECURITIZA 5.00 01/19/16 KRW 28.60
SINBO SECURITIZA 5.00 09/13/15 KRW 34.74
SINBO SECURITIZA 5.00 12/25/16 KRW 29.76
SINBO SECURITIZA 5.00 03/13/17 KRW 29.45
SINBO SECURITIZA 5.00 03/13/17 KRW 29.45
SINBO SECURITIZA 5.00 01/15/18 KRW 27.36
SINBO SECURITIZA 5.00 01/15/18 KRW 27.36
SINBO SECURITIZA 5.00 06/07/17 KRW 24.84
SINBO SECURITIZA 5.00 06/07/17 KRW 24.84
SINBO SECURITIZA 5.00 08/16/16 KRW 30.96
SINBO SECURITIZA 5.00 08/16/17 KRW 28.51
SINBO SECURITIZA 5.00 08/16/17 KRW 28.51
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 03/12/18 KRW 26.77
SINBO SECURITIZA 5.00 03/12/18 KRW 26.77
SINBO SECURITIZA 5.00 07/08/17 KRW 28.91
SINBO SECURITIZA 5.00 07/08/17 KRW 28.91
SINBO SECURITIZA 5.00 02/21/17 KRW 29.63
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 02/11/18 KRW 26.93
SINBO SECURITIZA 5.00 02/11/18 KRW 26.93
SK TELECOM CO LT 4.21 06/07/73 KRW 68.46
STX OFFSHORE & S 3.00 09/06/15 KRW 74.00
TONGYANG CEMENT 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT 7.50 07/20/14 KRW 70.00
U-BEST SECURITIZ 5.50 11/16/17 KRW 28.14
WISEPOWER CO LTD 4.00 08/10/15 KRW 70.19
WOONGJIN ENERGY 2.00 12/19/16 KRW 58.15
MALAYSIA
--------
BANDAR MALAYSIA 0.35 12/29/23 MYR 69.37
BANDAR MALAYSIA 0.35 02/20/24 MYR 68.90
BIMB HOLDINGS BH 1.50 12/12/23 MYR 70.11
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 63.36
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.96
LAND & GENERAL B 1.00 09/24/18 MYR 0.37
SENAI-DESARU EXP 0.50 12/31/38 MYR 61.32
SENAI-DESARU EXP 0.50 12/31/40 MYR 63.97
SENAI-DESARU EXP 0.50 12/30/39 MYR 62.82
SENAI-DESARU EXP 0.50 12/31/43 MYR 67.14
SENAI-DESARU EXP 0.50 12/31/42 MYR 66.25
SENAI-DESARU EXP 0.50 12/31/47 MYR 70.80
SENAI-DESARU EXP 0.50 12/31/41 MYR 65.09
SENAI-DESARU EXP 0.50 12/29/45 MYR 69.17
SENAI-DESARU EXP 0.50 12/31/46 MYR 70.04
SENAI-DESARU EXP 0.50 12/30/44 MYR 68.23
SENAI-DESARU EXP 1.35 06/30/26 MYR 60.98
SENAI-DESARU EXP 1.35 06/30/31 MYR 49.95
SENAI-DESARU EXP 1.35 12/29/28 MYR 55.07
SENAI-DESARU EXP 1.10 06/30/21 MYR 74.02
SENAI-DESARU EXP 1.10 12/31/21 MYR 72.17
SENAI-DESARU EXP 1.15 06/28/24 MYR 64.68
SENAI-DESARU EXP 1.15 12/31/24 MYR 63.25
SENAI-DESARU EXP 1.35 06/30/28 MYR 56.26
SENAI-DESARU EXP 1.10 06/30/22 MYR 70.48
SENAI-DESARU EXP 1.15 12/30/22 MYR 69.17
SENAI-DESARU EXP 1.15 06/30/25 MYR 61.90
SENAI-DESARU EXP 1.15 06/30/23 MYR 67.63
SENAI-DESARU EXP 1.15 12/29/23 MYR 66.13
SENAI-DESARU EXP 1.35 12/31/26 MYR 59.80
SENAI-DESARU EXP 1.35 06/28/30 MYR 51.93
SENAI-DESARU EXP 1.35 12/31/30 MYR 50.94
SENAI-DESARU EXP 1.35 06/30/27 MYR 58.60
SENAI-DESARU EXP 1.35 12/31/27 MYR 57.44
SENAI-DESARU EXP 1.35 06/29/29 MYR 53.97
SENAI-DESARU EXP 1.35 12/31/29 MYR 52.93
SENAI-DESARU EXP 1.35 12/31/25 MYR 62.20
UNIMECH GROUP BH 5.00 09/18/18 MYR 1.20
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PT 7.49 05/18/18 USD 58.03
BAKRIE TELECOM P 11.50 05/07/15 USD 6.86
BAKRIE TELECOM P 11.50 05/07/15 USD 7.00
BERAU CAPITAL RE 12.50 07/08/15 USD 69.13
BERAU CAPITAL RE 12.50 07/08/15 USD 71.00
BLD INVESTMENTS 8.63 03/23/15 USD 12.25
BUMI CAPITAL PTE 12.00 11/10/16 USD 30.00
BUMI CAPITAL PTE 12.00 11/10/16 USD 27.83
BUMI INVESTMENT 10.75 10/06/17 USD 29.21
BUMI INVESTMENT 10.75 10/06/17 USD 29.22
ENERCOAL RESOURC 6.00 04/07/18 USD 25.00
G STEEL PCL 3.00 10/04/15 USD 3.80
INDO INFRASTRUCT 2.00 07/30/10 USD 1.88
MDX PCL 4.75 09/17/03 USD 26.38
ORO NEGRO DRILLI 7.50 01/24/19 USD 74.50
OSA GOLIATH PTE 12.00 10/09/18 USD 72.75
SRI LANKA
---------
SRI LANKA GOVERN 5.35 03/01/26 LKR 75.00
TAIWAN
------
ADVANCED SEMICON 1.45 08/19/16 TWD 1.10
ADVANCED SEMICON 1.45 08/19/16 TWD 1.50
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.05
AGRICULTURAL BAN 1.95 02/10/25 TWD 1.95
AGRICULTURAL BAN 3.28 06/30/15 TWD 3.28
AGRICULTURAL BAN 1.43 10/17/19 TWD 1.53
AGRICULTURAL BAN 1.53 10/17/22 TWD 1.53
ASIA CEMENT CORP 1.36 05/23/19 TWD 1.45
BANK OF KAOHSIUN 3.40 01/20/16 TWD 1.89
BANK OF PANHSIN 3.00 12/02/17 TWD 3.00
BANK OF PANHSIN 3.00 11/12/18 TWD 3.00
BANK OF PANHSIN 3.00 06/06/20 TWD 3.00
BANK OF PANHSIN 3.00 03/21/18 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 3.20 03/25/15 TWD 2.32
BANK SINOPAC 2.18 08/18/21 TWD 2.18
BANK SINOPAC 1.65 09/18/22 TWD 1.65
BANK SINOPAC 1.85 11/04/18 TWD 1.45
BANK SINOPAC 1.80 12/09/17 TWD 1.38
BANK SINOPAC 1.92 03/11/18 TWD 1.92
BANK SINOPAC 1.53 09/18/19 TWD 1.68
BANK SINOPAC 2.70 06/23/15 TWD 1.30
BANK SINOPAC 2.90 06/23/17 TWD 2.90
BANK SINOPAC 1.95 08/18/18 TWD 1.46
BANK SINOPAC 2.80 04/29/16 TWD 2.80
BANK SINOPAC 2.05 09/30/24 TWD 2.05
CATHAY FINANCIAL 3.10 12/24/15 TWD 1.17
CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21
CATHAY UNITED BA 1.85 05/19/24 TWD 1.85
CATHAY UNITED BA 1.55 04/24/20 TWD 1.55
CATHAY UNITED BA 1.48 06/06/19 TWD 1.48
CATHAY UNITED BA 1.65 06/06/22 TWD 1.84
CATHAY UNITED BA 1.65 08/07/22 TWD 1.84
CATHAY UNITED BA 1.70 04/24/23 TWD 1.90
CATHAY UNITED BA 1.70 05/19/21 TWD 1.70
CHAILEASE FINANC 2.05 10/30/21 TWD 2.05
CHAILEASE FINANC 1.60 07/22/18 TWD 1.40
CHAILEASE FINANC 1.50 06/05/17 TWD 1.29
CHAILEASE FINANC 1.50 06/16/19 TWD 1.50
CHAILEASE FINANC 2.30 10/30/24 TWD 2.30
CHANG HWA COMMER 3.10 05/19/15 TWD 0.89
CHANG HWA COMMER 3.05 12/15/15 TWD 3.05
CHANG HWA COMMER 1.65 03/11/18 TWD 1.64
CHANG HWA COMMER 1.72 03/11/21 TWD 1.72
CHANG HWA COMMER 2.30 09/15/16 TWD 1.26
CHANG HWA COMMER 1.70 04/16/21 TWD 1.70
CHANG HWA COMMER 1.85 04/16/24 TWD 1.85
CHENG SHIN RUBBE 1.40 07/18/19 TWD 1.43
CHENG SHIN RUBBE 1.55 08/19/18 TWD 1.40
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
CHINA AIRLINES L 1.60 01/17/18 TWD 1.60
CHINA AIRLINES L 1.35 05/20/16 TWD 1.28
CHINA AIRLINES L 1.35 05/20/16 TWD 1.39
CHINA AIRLINES L 1.35 05/20/16 TWD 1.35
CHINA AIRLINES L 1.85 01/17/20 TWD 1.85
CHINA DEVELOPMEN 1.42 03/07/19 TWD 1.39
CHINA DEVELOPMEN 3.40 06/18/15 TWD 3.40
CHINA DEVELOPMEN 1.37 05/23/18 TWD 1.37
CHINA DEVELOPMEN 2.00 03/01/17 TWD 1.45
CHINA DEVELOPMEN 1.32 03/07/17 TWD 1.19
CHINA STEEL CORP 2.30 12/29/15 TWD 0.92
CHINA STEEL CORP 1.36 10/19/16 TWD 0.98
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 1.21
CHINA STEEL CORP 1.37 08/10/19 TWD 1.66
CHINA STEEL CORP 2.15 01/23/29 TWD 2.16
CHINA STEEL CORP 1.60 07/12/23 TWD 1.84
CHINA STEEL CORP 1.44 07/12/20 TWD 1.56
CHINA STEEL CORP 1.50 08/03/22 TWD 1.65
CHINA STEEL CORP 1.95 01/23/24 TWD 1.90
CHINESE MARITIME 1.40 06/08/17 TWD 1.13
CHINESE MARITIME 1.40 06/08/17 TWD 1.39
CHINESE MARITIME 1.40 06/08/17 TWD 1.40
CHINESE MARITIME 1.40 06/08/17 TWD 1.35
COTA COMMERCIAL 3.20 03/29/18 TWD 3.20
CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.36
CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.05
CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.04
CPC CORP/TAIWAN 1.08 10/29/15 TWD 0.56
CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56
CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60
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 1.40 09/19/16 TWD 0.93
CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.15
CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.64
CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.17
CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00
CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.28
CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91
CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.60
CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13
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 1.29 09/21/19 TWD 1.40
CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70
CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36
CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60
CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85
CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86
CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80
CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92
CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49
CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00
CTBC FINANCIAL H 1.66 02/20/19 TWD 1.58
CTBC FINANCIAL H 1.80 02/20/22 TWD 1.80
DA-LI CONSTRUCTI 1.42 06/23/19 TWD 1.42
DRAGON STEEL COR 1.40 06/10/19 TWD 1.45
DRAGON STEEL COR 1.75 06/10/21 TWD 1.72
E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50
E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55
E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.93
E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75
E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57
E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88
E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15
E.SUN COMMERCIAL 2.20 07/13/17 TWD 2.20
E.SUN COMMERCIAL 2.20 05/28/17 TWD 1.45
E.SUN COMMERCIAL 2.35 10/20/16 TWD 1.34
E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50
E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58
E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.89
E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85
E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95
E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70
E.SUN FINANCIAL 1.75 06/29/19 TWD 1.65
E.SUN FINANCIAL 2.70 04/28/17 TWD 1.87
ENTIE COMMERCIAL 3.25 12/16/17 TWD 3.25
ENTIE COMMERCIAL 3.25 08/23/17 TWD 1.97
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
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 1.15 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 1.27
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.25
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 1.29
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 1.44 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 0.90
EVERGREEN MARINE 1.28 04/26/17 TWD 1.18
EVERGREEN MARINE 1.28 04/26/17 TWD 1.31
EXPORT-IMPORT BA 0.88 02/12/16 TWD 0.74
EXPORT-IMPORT BA 0.90 01/28/16 TWD 0.82
EXPORT-IMPORT BA 1.25 05/30/17 TWD 1.25
EXPORT-IMPORT BA 0.68 06/20/16 TWD 0.68
EXPORT-IMPORT BA 0.90 06/24/17 TWD 0.90
EXPORT-IMPORT BA 0.80 10/16/16 TWD 0.80
FAR EASTERN DEPA 1.38 09/07/15 TWD 1.16
FAR EASTERN INTE 1.95 11/10/18 TWD 1.80
FAR EASTERN INTE 2.05 12/23/21 TWD 2.05
FAR EASTERN INTE 2.10 09/29/17 TWD 1.47
FAR EASTERN INTE 2.98 05/18/17 TWD 2.98
FAR EASTERN INTE 1.75 06/27/19 TWD 1.70
FAR EASTERN INTE 2.10 11/06/20 TWD 1.81
FAR EASTERN NEW 1.68 05/27/15 TWD 0.80
FAR EASTERN NEW 1.59 09/16/15 TWD 0.80
FAR EASTERN NEW 1.45 12/23/18 TWD 1.44
FAR EASTERN NEW 1.47 08/21/19 TWD 1.41
FAR EASTERN NEW 1.47 12/04/19 TWD 1.40
FAR EASTERN NEW 1.55 09/29/16 TWD 1.03
FAR EASTERN NEW 1.38 02/06/20 TWD 1.38
FAR EASTERN NEW 1.30 11/26/17 TWD 1.21
FAR EASTERN NEW 1.36 02/15/17 TWD 1.08
FAR EASTERN NEW 1.35 06/07/17 TWD 1.21
FAR EASTONE TELE 1.17 12/24/16 TWD 1.17
FAR EASTONE TELE 1.58 10/15/18 TWD 1.61
FAR EASTONE TELE 1.27 12/24/17 TWD 1.16
FAR EASTONE TELE 1.33 06/27/20 TWD 1.47
FAR EASTONE TELE 1.46 10/15/17 TWD 1.38
FAR EASTONE TELE 1.58 12/24/19 TWD 1.37
FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20
FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72
FIRST COMMERCIAL 1.50 09/28/17 TWD 1.36
FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56
FIRST COMMERCIAL 1.47 09/25/19 TWD 1.44
FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57
FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26
FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00
FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16
FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59
FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95
FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65
FIRST COMMERCIAL 1.72 06/24/21 TWD 1.72
FIRST FINANCIAL 1.60 07/22/15 TWD 0.90
FIRST FINANCIAL 2.25 07/22/17 TWD 1.41
FORMOSA CHEMICAL 1.52 07/29/15 TWD 0.81
FORMOSA CHEMICAL 1.44 06/10/16 TWD 0.93
FORMOSA CHEMICAL 1.29 07/26/17 TWD 1.15
FORMOSA CHEMICAL 1.34 01/22/20 TWD 1.50
FORMOSA CHEMICAL 1.24 07/08/18 TWD 1.29
FORMOSA CHEMICAL 1.38 10/31/16 TWD 1.16
FORMOSA CHEMICAL 1.36 12/07/19 TWD 1.40
FORMOSA CHEMICAL 1.50 01/22/23 TWD 1.80
FORMOSA CHEMICAL 1.56 06/29/15 TWD 0.77
FORMOSA CHEMICAL 1.38 07/08/20 TWD 1.45
FORMOSA CHEMICAL 1.23 12/07/17 TWD 1.23
FORMOSA CHEMICAL 1.51 12/07/22 TWD 1.53
FORMOSA CHEMICAL 1.40 07/26/19 TWD 1.47
FORMOSA CHEMICAL 1.52 07/08/23 TWD 1.54
FORMOSA CHEMICAL 2.03 07/04/29 TWD 2.04
FORMOSA CHEMICAL 1.81 07/04/24 TWD 1.84
FORMOSA PETROCHE 1.54 07/15/15 TWD 0.81
FORMOSA PETROCHE 1.43 09/12/19 TWD 1.37
FORMOSA PETROCHE 1.55 04/27/15 TWD 0.73
FORMOSA PETROCHE 1.54 05/25/15 TWD 0.75
FORMOSA PETROCHE 1.40 04/20/16 TWD 0.93
FORMOSA PETROCHE 1.42 05/25/16 TWD 0.82
FORMOSA PETROCHE 1.33 10/14/15 TWD 0.69
FORMOSA PETROCHE 1.30 06/20/17 TWD 1.14
FORMOSA PETROCHE 1.28 06/26/18 TWD 1.23
FORMOSA PETROCHE 1.37 03/12/20 TWD 1.41
FORMOSA PETROCHE 1.44 07/27/19 TWD 1.47
FORMOSA PETROCHE 1.44 06/20/19 TWD 1.58
FORMOSA PETROCHE 1.41 06/26/20 TWD 1.53
FORMOSA PETROCHE 1.25 03/12/18 TWD 1.31
FORMOSA PETROCHE 1.35 07/27/17 TWD 1.11
FORMOSA PETROCHE 1.99 09/12/26 TWD 1.99
FORMOSA PETROCHE 1.90 09/12/24 TWD 1.90
FORMOSA PLASTICS 1.35 12/15/16 TWD 0.95
FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73
FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94
FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45
FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86
FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73
FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44
FORMOSA PLASTICS 1.53 11/05/22 TWD 1.62
FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47
FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23
FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24
FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49
FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54
FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15
FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30
FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96
FUBON FINANCIAL 1.56 08/23/15 TWD 0.85
FUBON FINANCIAL 1.60 12/18/20 TWD 1.65
FUBON FINANCIAL 1.72 07/21/21 TWD 1.72
FUBON FINANCIAL 2.60 01/28/17 TWD 1.46
FUBON FINANCIAL 1.45 08/15/19 TWD 1.47
FUBON FINANCIAL 1.40 11/15/16 TWD 0.72
FUBON FINANCIAL 1.45 08/28/18 TWD 1.36
FUBON FINANCIAL 1.58 08/28/20 TWD 1.58
FUBON FINANCIAL 1.35 08/15/17 TWD 1.06
FUBON FINANCIAL 2.60 01/27/17 TWD 1.32
FUBON FINANCIAL 1.90 01/28/17 TWD 1.40
FUBON FINANCIAL 1.42 12/18/18 TWD 1.45
GOLDSUN DEVELOPM 1.40 12/25/19 TWD 1.40
GTM HOLDINGS COR 1.30 07/24/18 TWD 1.31
HIYES INTERNATIO 1.40 09/23/17 TWD 1.40
HON HAI PRECISIO 1.35 12/17/16 TWD 1.07
HON HAI PRECISIO 1.18 08/06/15 TWD 1.20
HON HAI PRECISIO 1.45 01/14/20 TWD 1.45
HON HAI PRECISIO 1.43 12/27/15 TWD 0.90
HON HAI PRECISIO 1.47 03/08/16 TWD 0.89
HON HAI PRECISIO 1.43 05/23/17 TWD 1.12
HON HAI PRECISIO 1.45 10/18/16 TWD 1.07
HON HAI PRECISIO 2.15 10/08/26 TWD 2.15
HON HAI PRECISIO 1.33 01/30/18 TWD 1.20
HON HAI PRECISIO 1.40 03/18/19 TWD 1.40
HON HAI PRECISIO 2.02 10/08/24 TWD 2.02
HON HAI PRECISIO 1.51 07/18/16 TWD 0.98
HON HAI PRECISIO 1.66 06/14/18 TWD 1.32
HON HAI PRECISIO 1.95 07/08/24 TWD 1.95
HON HAI PRECISIO 1.23 03/18/17 TWD 1.12
HON HAI PRECISIO 1.23 01/14/18 TWD 1.23
HON HAI PRECISIO 1.50 12/17/18 TWD 1.50
HON HAI PRECISIO 1.45 01/30/20 TWD 1.55
HON HAI PRECISIO 1.35 10/11/17 TWD 1.50
HON HAI PRECISIO 1.43 06/14/16 TWD 1.25
HON HAI PRECISIO 1.82 06/14/21 TWD 1.78
HON HAI PRECISIO 1.75 03/18/21 TWD 1.74
HON HAI PRECISIO 2.00 03/18/24 TWD 2.00
HON HAI PRECISIO 1.45 10/08/19 TWD 1.45
HON HAI PRECISIO 1.80 10/08/21 TWD 1.80
HON HAI PRECISIO 1.80 01/14/22 TWD 1.80
HON HAI PRECISIO 1.85 12/17/20 TWD 1.70
HON HAI PRECISIO 1.70 07/08/21 TWD 1.70
HON HAI PRECISIO 1.17 05/21/17 TWD 1.14
HON HAI PRECISIO 1.95 05/21/24 TWD 1.88
HON HAI PRECISIO 1.37 05/21/19 TWD 1.37
HON HAI PRECISIO 1.70 05/21/21 TWD 1.70
HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.71
HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60
HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48
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 1.34 02/05/20 TWD 1.47
HSBC BANK TAIWAN 1.25 01/31/17 TWD 1.11
HUA NAN COMMERCI 1.43 11/06/19 TWD 1.41
HUA NAN COMMERCI 1.85 03/28/24 TWD 1.85
HUA NAN COMMERCI 3.10 04/18/15 TWD 0.88
HUA NAN COMMERCI 1.98 12/19/24 TWD 1.98
HUA NAN COMMERCI 1.63 12/06/18 TWD 1.52
HUA NAN COMMERCI 1.55 11/06/22 TWD 1.55
HUA NAN COMMERCI 1.65 11/23/20 TWD 1.65
HUA NAN COMMERCI 3.20 05/16/16 TWD 3.20
HUA NAN COMMERCI 2.60 04/24/17 TWD 2.60
HUA NAN COMMERCI 2.45 07/16/17 TWD 1.62
HUA NAN COMMERCI 2.60 12/29/19 TWD 2.60
HUA NAN COMMERCI 3.08 01/16/18 TWD 3.08
HUA NAN COMMERCI 1.83 09/26/21 TWD 1.83
HUA NAN COMMERCI 1.98 09/26/24 TWD 1.98
HUA NAN COMMERCI 1.83 12/19/21 TWD 1.83
HUA NAN FINANCIA 1.55 01/21/20 TWD 1.56
HUA NAN FINANCIA 1.23 01/21/18 TWD 1.33
HWATAI BANK LTD 2.70 11/15/19 TWD 2.70
INDUSTRIAL BANK 2.30 10/28/18 TWD 1.80
INDUSTRIAL BANK 2.30 08/26/18 TWD 1.59
INDUSTRIAL BANK 1.85 08/17/19 TWD 1.83
INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24
INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00
INDUSTRIAL BANK 1.95 03/27/21 TWD 1.94
INDUSTRIAL BANK 1.95 05/30/20 TWD 1.85
INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95
INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85
JIH SUN INTERNAT 2.18 04/30/19 TWD 2.18
JIH SUN INTERNAT 2.20 01/30/22 TWD 2.20
KGI SECURITIES C 1.15 03/15/15 TWD 0.72
KINDOM CONSTRUCT 1.41 06/25/17 TWD 1.41
KINDOM CONSTRUCT 1.40 10/28/16 TWD 1.40
KINDOM CONSTRUCT 1.40 12/15/16 TWD 1.28
KINDOM CONSTRUCT 1.60 09/26/18 TWD 1.60
KINDOM CONSTRUCT 1.30 06/18/18 TWD 1.30
KINDOM CONSTRUCT 1.55 08/28/19 TWD 1.55
LAND BANK OF TAI 3.00 04/15/15 TWD 0.87
LAND BANK OF TAI 2.80 12/29/15 TWD 1.00
LAND BANK OF TAI 2.00 06/29/17 TWD 1.61
LAND BANK OF TAI 1.98 12/25/24 TWD 1.98
LAND BANK OF TAI 1.64 10/20/18 TWD 1.42
LAND BANK OF TAI 1.55 04/13/19 TWD 1.60
LAND BANK OF TAI 1.43 10/22/19 TWD 1.43
LAND BANK OF TAI 1.53 12/15/17 TWD 1.38
LAND BANK OF TAI 1.50 06/26/19 TWD 1.45
LAND BANK OF TAI 1.60 12/29/18 TWD 1.54
LAND BANK OF TAI 1.43 12/26/19 TWD 1.47
LAND BANK OF TAI 1.55 12/26/22 TWD 1.55
LAND BANK OF TAI 1.72 12/26/20 TWD 1.72
MAI-LIAO POWER C 1.25 12/19/17 TWD 1.20
MAI-LIAO POWER C 1.37 12/19/19 TWD 1.39
MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43
MEGA FINANCIAL H 3.26 12/26/15 TWD 1.46
MEGA INTERNATION 1.65 06/24/21 TWD 1.64
MEGA INTERNATION 1.62 11/24/18 TWD 1.38
MEGA INTERNATION 3.00 12/23/15 TWD 1.18
MEGA INTERNATION 2.90 03/20/15 TWD 2.90
MEGA INTERNATION 1.70 03/28/21 TWD 1.70
MEGA INTERNATION 1.65 04/15/18 TWD 1.40
MEGA INTERNATION 1.53 12/24/17 TWD 1.36
MEGA INTERNATION 1.48 05/18/19 TWD 1.48
MEGA INTERNATION 3.10 06/26/15 TWD 0.90
MEGA INTERNATION 3.00 09/29/15 TWD 0.95
NAN YA PLASTICS 1.27 11/12/15 TWD 0.90
NAN YA PLASTICS 1.56 06/25/15 TWD 0.86
NAN YA PLASTICS 1.56 08/30/15 TWD 0.75
NAN YA PLASTICS 2.04 06/24/29 TWD 2.04
NAN YA PLASTICS 1.25 09/07/17 TWD 1.17
NAN YA PLASTICS 1.35 11/07/16 TWD 1.00
NAN YA PLASTICS 1.45 08/05/18 TWD 1.24
NAN YA PLASTICS 1.36 07/04/17 TWD 1.15
NAN YA PLASTICS 1.45 07/04/19 TWD 1.38
NAN YA PLASTICS 1.37 09/07/19 TWD 1.33
NAN YA PLASTICS 1.50 02/25/23 TWD 1.52
NAN YA PLASTICS 1.40 08/05/17 TWD 1.21
NAN YA PLASTICS 1.55 08/05/20 TWD 1.54
NAN YA PLASTICS 1.36 02/25/20 TWD 1.51
NAN YA PLASTICS 1.45 11/11/19 TWD 1.45
NAN YA PLASTICS 1.98 12/18/23 TWD 1.94
NAN YA PLASTICS 2.08 12/18/25 TWD 2.10
NAN YA PLASTICS 1.93 11/11/24 TWD 1.93
PACIFIC CONSTRUC 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 CONSTRU 1.70 05/07/19 TWD 1.37
RUN LONG CONSTRU 1.60 08/01/19 TWD 1.37
SAN FAR PROPERTY 1.55 10/23/18 TWD 1.58
SHANGHAI COMMERC 1.70 03/25/21 TWD 1.65
SHANGHAI COMMERC 1.48 04/10/19 TWD 1.45
SHANGHAI COMMERC 1.43 11/15/19 TWD 1.43
SHANGHAI COMMERC 1.55 11/15/22 TWD 1.55
SHANGHAI COMMERC 1.50 12/15/17 TWD 1.50
SHANGHAI COMMERC 1.54 05/22/19 TWD 1.60
SHANGHAI COMMERC 1.43 12/27/19 TWD 1.57
SHANGHAI COMMERC 3.15 06/10/15 TWD 0.90
SHANGHAI COMMERC 3.05 12/26/15 TWD 3.05
SHANGHAI COMMERC 1.85 03/25/24 TWD 1.85
SHANGHAI COMMERC 1.83 11/25/21 TWD 1.83
SHIHLIN DEVELOPM 1.60 07/31/19 TWD 1.33
SHIN KONG FINANC 3.65 09/29/15 TWD 0.96
SHINING BUILDING 1.60 11/10/17 TWD 1.60
SINYI REALTY INC 1.48 06/27/19 TWD 1.48
SOLAR APPLIED MA 1.75 11/10/15 TWD 1.80
SUNNY BANK LTD 2.35 03/31/21 TWD 2.35
SUNNY BANK LTD 2.45 04/30/20 TWD 2.45
SUNNY BANK LTD 2.45 05/30/19 TWD 2.45
SUNNY BANK LTD 3.25 10/29/17 TWD 3.25
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 2.35 08/26/21 TWD 2.35
SUNNY BANK LTD 2.45 12/30/21 TWD 2.45
TA CHONG BANK LT 3.50 02/26/17 TWD 3.50
TA CHONG BANK LT 3.00 03/09/18 TWD 1.92
TA CHONG BANK LT 3.75 03/05/17 TWD 3.75
TA CHONG BANK LT 2.05 06/22/19 TWD 2.05
TA CHONG BANK LT 1.90 12/27/19 TWD 1.90
TA CHONG BANK LT 2.15 03/30/19 TWD 2.15
TA CHONG BANK LT 3.25 01/05/17 TWD 3.25
TA CHONG BANK LT 2.00 09/26/21 TWD 2.00
TA CHONG BANK LT 2.05 03/21/21 TWD 2.05
TA CHONG BANK LT 2.00 11/19/21 TWD 2.00
TAIPEI FUBON COM 1.60 05/20/15 TWD 1.14
TAIPEI FUBON COM 3.05 03/28/15 TWD 3.05
TAIPEI FUBON COM 1.50 11/15/17 TWD 1.38
TAIPEI FUBON COM 1.65 03/18/18 TWD 1.65
TAIPEI FUBON COM 1.52 08/01/20 TWD 1.52
TAIPEI FUBON COM 1.85 05/15/24 TWD 1.85
TAIPEI FUBON COM 1.65 12/01/18 TWD 1.46
TAIPEI FUBON COM 2.50 01/25/20 TWD 2.50
TAIPEI FUBON COM 1.48 04/05/19 TWD 1.48
TAIPEI FUBON COM 1.68 05/25/22 TWD 1.83
TAIPEI FUBON COM 1.55 10/15/20 TWD 1.55
TAIPEI FUBON COM 1.70 05/20/17 TWD 1.70
TAIPEI FUBON COM 3.09 05/30/15 TWD 3.10
TAIPEI FUBON COM 3.14 06/20/15 TWD 3.15
TAIPEI FUBON COM 2.20 12/22/16 TWD 1.17
TAIPEI FUBON COM 1.70 08/05/18 TWD 1.45
TAIPEI FUBON COM 2.20 01/25/17 TWD 1.14
TAIPEI FUBON COM 2.30 01/29/17 TWD 2.30
TAIPEI FUBON COM 1.95 08/20/17 TWD 1.60
TAIPEI FUBON COM 2.05 08/20/20 TWD 2.05
TAIPEI FUBON COM 1.80 03/01/17 TWD 1.48
TAIPEI FUBON COM 2.50 03/02/20 TWD 2.50
TAIPEI FUBON COM 1.70 08/01/23 TWD 1.70
TAIPEI FUBON COM 1.98 09/25/24 TWD 1.98
TAIPEI FUBON COM 1.70 05/15/21 TWD 1.70
TAISHIN FINANCIA 2.30 12/17/17 TWD 1.65
TAISHIN FINANCIA 2.00 05/15/19 TWD 1.85
TAISHIN FINANCIA 2.20 08/05/18 TWD 1.61
TAISHIN FINANCIA 2.20 10/05/18 TWD 2.20
TAISHIN INTERNAT 1.53 10/19/19 TWD 1.53
TAISHIN INTERNAT 1.65 10/19/22 TWD 1.65
TAISHIN INTERNAT 1.53 12/14/19 TWD 1.53
TAISHIN INTERNAT 1.65 12/14/22 TWD 1.65
TAISHIN INTERNAT 2.65 04/12/17 TWD 2.65
TAISHIN INTERNAT 1.95 05/16/24 TWD 1.95
TAIWAN ACCEPTANC 1.25 10/17/17 TWD 1.25
TAIWAN ACCEPTANC 1.12 06/20/17 TWD 1.16
TAIWAN BUSINESS 1.92 09/02/17 TWD 1.45
TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98
TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36
TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32
TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71
TAIWAN BUSINESS 1.92 11/25/20 TWD 1.86
TAIWAN COOPERATI 3.00 05/28/15 TWD 0.89
TAIWAN COOPERATI 1.70 07/28/18 TWD 1.41
TAIWAN COOPERATI 1.65 06/28/22 TWD 1.60
TAIWAN COOPERATI 1.43 12/25/19 TWD 1.43
TAIWAN COOPERATI 1.55 12/25/22 TWD 1.55
TAIWAN COOPERATI 1.45 10/25/17 TWD 1.28
TAIWAN COOPERATI 1.48 03/28/20 TWD 1.58
TAIWAN COOPERATI 1.72 12/25/20 TWD 1.72
TAIWAN COOPERATI 1.70 05/26/21 TWD 1.70
TAIWAN COOPERATI 1.85 05/26/24 TWD 1.85
TAIWAN LAND DEVE 1.36 04/25/17 TWD 1.36
TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44
TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21
TAIWAN POWER CO 1.35 09/26/16 TWD 1.04
TAIWAN POWER CO 1.30 11/17/16 TWD 0.98
TAIWAN POWER CO 1.24 11/21/16 TWD 1.06
TAIWAN POWER CO 1.10 05/30/17 TWD 1.04
TAIWAN POWER CO 1.39 07/21/15 TWD 0.75
TAIWAN POWER CO 1.37 08/20/15 TWD 0.63
TAIWAN POWER CO 1.55 07/22/20 TWD 1.42
TAIWAN POWER CO 1.38 06/01/15 TWD 0.70
TAIWAN POWER CO 1.65 07/19/17 TWD 1.10
TAIWAN POWER CO 1.23 12/27/16 TWD 1.06
TAIWAN POWER CO 1.47 09/23/17 TWD 1.08
TAIWAN POWER CO 1.40 03/17/19 TWD 1.36
TAIWAN POWER CO 1.29 06/15/17 TWD 0.94
TAIWAN POWER CO 1.65 10/20/21 TWD 1.56
TAIWAN POWER CO 2.75 04/18/15 TWD 0.51
TAIWAN POWER CO 1.38 04/21/15 TWD 0.54
TAIWAN POWER CO 2.02 12/15/24 TWD 2.02
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 1.87 04/28/16 TWD 0.89
TAIWAN POWER CO 1.37 04/23/19 TWD 1.50
TAIWAN POWER CO 1.23 04/23/17 TWD 1.08
TAIWAN POWER CO 1.43 06/15/19 TWD 1.41
TAIWAN POWER CO 1.32 12/19/16 TWD 0.92
TAIWAN POWER CO 1.64 08/20/17 TWD 1.10
TAIWAN POWER CO 1.55 11/20/16 TWD 0.90
TAIWAN POWER CO 1.46 12/17/17 TWD 1.02
TAIWAN POWER CO 1.92 03/17/24 TWD 1.93
TAIWAN POWER CO 1.60 12/15/20 TWD 1.52
TAIWAN POWER CO 1.53 05/03/23 TWD 1.96
TAIWAN POWER CO 1.49 08/15/22 TWD 1.84
TAIWAN POWER CO 2.85 11/04/15 TWD 0.60
TAIWAN POWER CO 2.74 06/16/15 TWD 0.53
TAIWAN POWER CO 1.33 06/28/16 TWD 0.90
TAIWAN POWER CO 2.62 11/25/15 TWD 0.63
TAIWAN POWER CO 1.40 05/30/19 TWD 1.42
TAIWAN POWER CO 1.10 03/18/17 TWD 1.05
TAIWAN POWER CO 1.46 12/15/19 TWD 1.43
TAIWAN POWER CO 1.48 11/21/18 TWD 1.32
TAIWAN POWER CO 1.98 07/21/24 TWD 1.99
TAIWAN POWER CO 1.85 04/22/20 TWD 1.50
TAIWAN POWER CO 1.10 12/15/17 TWD 1.10
TAIWAN POWER CO 1.50 04/24/22 TWD 1.75
TAIWAN POWER CO 1.75 07/23/23 TWD 1.76
TAIWAN POWER CO 1.31 10/31/19 TWD 1.44
TAIWAN POWER CO 1.43 10/31/22 TWD 1.42
TAIWAN POWER CO 1.51 10/21/18 TWD 1.29
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 1.39 12/26/22 TWD 1.49
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 1.28 05/06/18 TWD 1.30
TAIWAN POWER CO 1.39 05/06/20 TWD 1.46
TAIWAN POWER CO 1.30 06/17/18 TWD 1.20
TAIWAN POWER CO 1.58 12/21/21 TWD 1.41
TAIWAN POWER CO 1.39 08/16/19 TWD 1.42
TAIWAN POWER CO 2.35 12/30/18 TWD 1.27
TAIWAN POWER CO 2.84 04/18/18 TWD 1.25
TAIWAN POWER CO 1.71 08/23/20 TWD 1.56
TAIWAN POWER CO 1.75 06/01/17 TWD 1.10
TAIWAN POWER CO 1.83 06/01/20 TWD 1.43
TAIWAN POWER CO 1.75 04/23/17 TWD 1.20
TAIWAN POWER CO 1.55 06/28/18 TWD 1.23
TAIWAN POWER CO 1.64 06/28/21 TWD 1.52
TAIWAN POWER CO 1.65 07/19/18 TWD 1.25
TAIWAN POWER CO 1.75 07/21/21 TWD 1.67
TAIWAN POWER CO 2.99 07/21/15 TWD 0.58
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 1.79 07/21/20 TWD 1.48
TAIWAN POWER CO 1.52 06/15/22 TWD 1.52
TAIWAN POWER CO 1.50 11/22/18 TWD 1.28
TAIWAN POWER CO 1.94 11/22/23 TWD 1.89
TAIWAN POWER CO 1.45 06/17/20 TWD 1.55
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 1.77 10/16/21 TWD 1.77
TAIWAN POWER CO 1.99 10/16/24 TWD 1.99
TAIWAN POWER CO 1.46 12/30/18 TWD 1.35
TAIWAN POWER CO 1.75 12/30/20 TWD 1.66
TAIWAN POWER CO 1.95 12/30/23 TWD 1.88
TAIWAN POWER CO 1.95 05/28/24 TWD 1.96
TAIWAN POWER CO 1.75 05/30/21 TWD 1.69
TAIWAN POWER CO 1.74 03/17/21 TWD 1.74
TAIWAN POWER CO 1.42 07/21/19 TWD 1.44
TAIWAN POWER CO 1.77 12/17/21 TWD 1.77
TAIWAN SEMICONDU 1.23 01/04/18 TWD 1.11
TAIWAN SEMICONDU 1.40 09/28/16 TWD 0.95
TAIWAN SEMICONDU 1.35 01/04/20 TWD 1.37
TAIWAN SEMICONDU 2.10 09/25/23 TWD 2.03
TAIWAN SEMICONDU 1.63 09/28/18 TWD 1.16
TAIWAN SEMICONDU 1.50 07/16/20 TWD 1.40
TAIWAN SEMICONDU 1.49 01/04/23 TWD 1.62
TAIWAN SEMICONDU 1.29 01/11/17 TWD 0.98
TAIWAN SEMICONDU 1.46 01/11/19 TWD 1.46
TAIWAN SEMICONDU 1.38 02/06/20 TWD 1.50
TAIWAN SEMICONDU 1.39 09/26/19 TWD 1.39
TAIWAN SEMICONDU 1.28 08/02/17 TWD 1.05
TAIWAN SEMICONDU 1.53 10/09/22 TWD 1.53
TAIWAN SEMICONDU 1.23 02/06/18 TWD 1.11
TAIWAN SEMICONDU 1.50 02/06/23 TWD 1.91
TAIWAN SEMICONDU 1.35 09/25/16 TWD 1.38
TAIWAN SEMICONDU 1.45 09/25/17 TWD 1.47
TAIWAN SEMICONDU 1.34 08/09/17 TWD 1.34
TAIWAN SEMICONDU 1.52 08/09/19 TWD 1.52
TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85
TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51
TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63
TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45
TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
U-MING MARINE TR 1.32 08/22/17 TWD 1.32
UNION BANK OF TA 2.78 06/15/18 TWD 2.78
UNION BANK OF TA 2.32 03/01/19 TWD 2.32
UNION BANK OF TA 2.10 12/19/20 TWD 2.10
UNI-PRESIDENT EN 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT EN 1.39 10/29/19 TWD 1.53
UNI-PRESIDENT EN 1.39 02/18/19 TWD 1.41
UNI-PRESIDENT EN 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT EN 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT EN 1.43 06/17/16 TWD 1.01
UNI-PRESIDENT EN 1.22 02/26/18 TWD 1.17
UNI-PRESIDENT EN 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT EN 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT EN 1.29 06/23/19 TWD 1.34
UNI-PRESIDENT EN 1.78 06/23/24 TWD 1.81
UNITED MICROELEC 1.35 03/15/18 TWD 1.33
UNITED MICROELEC 1.43 06/07/17 TWD 1.20
UNITED MICROELEC 1.63 06/07/19 TWD 1.50
UNITED MICROELEC 1.95 06/18/24 TWD 1.95
UNITED MICROELEC 1.50 03/15/20 TWD 1.58
UNITED MICROELEC 1.70 06/18/21 TWD 1.71
USI CORP 1.90 02/12/22 TWD 1.90
USI CORP 1.55 02/12/20 TWD 1.55
USI CORP 1.55 06/24/16 TWD 1.34
WAN HAI LINES LT 1.65 06/22/16 TWD 1.25
WAN HAI LINES LT 1.65 08/14/19 TWD 1.65
WAN HAI LINES LT 1.85 06/24/18 TWD 1.55
WAN HAI LINES LT 1.95 08/14/21 TWD 1.95
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 1.15
YANG MING MARINE 2.20 11/01/18 TWD 1.90
YANG MING MARINE 1.30 12/27/16 TWD 1.14
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 1.30 12/27/16 TWD 1.34
YANG MING MARINE 1.30 12/27/16 TWD 1.26
YANG MING MARINE 1.30 12/27/16 TWD 1.16
YANG MING MARINE 1.30 12/27/16 TWD 1.11
YANG MING MARINE 1.30 12/27/16 TWD 1.05
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
YFY INC 1.40 06/28/15 TWD 0.95
YFY INC 1.40 06/28/15 TWD 1.40
YUAN DING INVEST 1.62 07/19/15 TWD 1.45
YUAN DING INVEST 1.35 05/26/19 TWD 1.43
YUAN DING INVEST 1.25 08/06/15 TWD 1.30
YUAN DING INVEST 1.40 08/06/17 TWD 1.20
YUAN DING INVEST 1.45 12/15/16 TWD 1.40
YUAN DING INVEST 1.50 07/20/16 TWD 1.27
YUAN DING INVEST 1.35 11/25/16 TWD 1.14
YUANTA COMMERCIA 2.30 06/10/17 TWD 1.38
YUANTA COMMERCIA 2.00 09/04/24 TWD 2.00
YUANTA COMMERCIA 1.75 06/27/18 TWD 1.53
YUANTA COMMERCIA 1.95 10/27/21 TWD 1.95
YUANTA COMMERCIA 1.85 08/22/18 TWD 1.55
YUANTA COMMERCIA 1.80 10/27/18 TWD 1.80
YUANTA COMMERCIA 1.80 09/04/21 TWD 1.80
YUANTA COMMERCIA 1.85 10/29/21 TWD 1.85
YUANTA FINANCIAL 1.50 06/29/16 TWD 1.11
*********
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, Psyche A. Castillon, 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 ***