/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/150407.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, April 7, 2015, Vol. 18, No. 067 Headlines A U S T R A L I A GEMSTAR DIAMONDS: Liquidators Seek Expression of Interest MANCHESTER UNITY: S&P Revises Outlook on 'BB-' ICR to Positive ONE STOP: In Liquidation; Creditors' Meeting Set For April 14 SNEAKERBOY: Bought Out of Voluntary Administration C H I N A CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014 CHINA TELETECH: Needs More Time to File Form 10-K CLOUD LIVE: Sparks Corporate Default Worries, WSJ Reports COUNTRY GARDEN: Moody's Reviews Ba2 CFR for Upgrade GENERAL STEEL: Delays Form 10-K Filing LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement LOGAN PROPERTY: Moody's Says Ratings Unaffected by Credit Metrics PARKSON RETAIL: Moody's Says Penalty Payment No Impact on Ba3 CFR SOUND GLOBAL: Moody's Downgrades CFR to Caa1, Outlook Negative WUZHOU INT'L: Moody's Affirms B2 CFR; Alters Outlook to Negative YANZHOU COAL: Moody's Says Credit Profile Constrained by Capex ZOOMLION: S&P Lowers CCR to 'B+'; Outlook Negative I N D I A BHUJBAL CONSTRON: CRISIL Cuts Rating on INR80MM Term Loan to D BIGJO'S INFRAESTATE: CRISIL Puts B Rating on INR100MM Term Loan CONCEPT SHAPERS: CRISIL Ups Rating on INR65MM Loan From D CRISTOPIA ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan DHARAM PAUL: CRISIL Assigns B+ Rating to INR120MM Cash Credit DHAULAGIREE POLYOLEFINS: CRISIL Rates INR23.5MM Bank Loan at B+ G K SHELTERS: CRISIL Assigns 'D' Rating to INR250MM LT Loan GOYAL SALES: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9BB Loan to C JAIN ABHUSHAN: CRISIL Ups Rating on INR80MM Cash Loan to B+ JAY KHODIYAR: CRISIL Reaffirms B Rating on INR60MM Demand Loan JAYCEE STEEL: ICRA Suspends B+ Rating on INR10cr LT Loan JHANWAR RICE: CRISIL Ups Rating on INR100MM Cash Loan to B+ KAMAKSHI LAMIPACK: CRISIL Reaffirms D Rating on INR77MM Loan KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr FB Loan LUKE EXPORT: CRISIL Ups Rating on INR20MM Term Loan to B+ MAHALAXMI DHATU: CRISIL Cuts Rating on INR120MM Loan to B+ MALWA AUTO: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit MILANO PAPERS: CRISIL Assigns B Rating to INR150MM Cash Loan NAV BHARAT: ICRA Reaffirms B Rating on INR6cr LT Loan PURNA FISHERIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR492MM Loan RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan SHIKARPUR & BHANDAPUR: ICRA Reaffirms B- Rating on INR5.06cr Loan SHREE RAJASVI: CRISIL Reaffirms B Rating on INR160MM Cash Loan SHREE SACHIDANAND: ICRA Cuts Rating on INR6.25cr Loan to D SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan SHYAMSUNDAR SATYANARAYAN: ICRA Rates INR15cr Cash Loan at B+ SILVERSUN SOLAR: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength SIPAI COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit SRI SAI: ICRA Reaffirms B+ Rating on INR12cr Cash Credit SONATANI FOOD: CRISIL Assigns B Rating to INR36MM Term Loan SUNRISE AGRO: CRISIL Reaffirms B Rating on INR30MM Cash Loan SURENDRA ELECTRICALS: ICRA Rates INR2cr Cash Credit at 'B' TRIVANDRUM SPECIALISTS: CRISIL Assigns B+ Rating to INR285MM Loan UPPAL FERROCAST: CRISIL Assigns B+ Rating to INR30MM LT Loan VERTIGO IMPEX: CRISIL Assigns B Rating to INR50MM Cash Loan J A P A N SHARP CORP: Seeks JPY100BB From State-backed Entity for Spin-Off N E W Z E A L A N D WINTON HOME: No Further Assets to be Sold, Liquidator Says S O U T H K O R E A * SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2014 X X X X X X X X * BOND PRICING: For the Week March 31 to April 3, 2015 - - - - - ================= A U S T R A L I A ================= GEMSTAR DIAMONDS: Liquidators Seek Expression of Interest --------------------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that urgent expressions of interest are sought for the sale of the shareholding of around 11.4 million shares of Gemstar Diamonds Ltd in Central Kimberley Diamonds Ltd (CKD). The shareholding reflects 45.9% of issued capital. CKD is a public company that invested in Urafiki Gems Pty Ltd that reflects an interest in a South Africa diamond exploration asset. Gemstar Diamonds was put into liquidation on October 1, 2014 with Giovanni Maurizio Carrello of BRI Ferrier Western Maurizio Carrello being appointed liquidator, the report discloses. MANCHESTER UNITY: S&P Revises Outlook on 'BB-' ICR to Positive -------------------------------------------------------------- Standard & Poor's Ratings Services said that it has revised its outlook on Manchester Unity Friendly Society's 'BB-' financial strength and issuer credit ratings to positive from stable. The positive outlook on MUFS reflects the company's recent track record of maintaining a strong solvency ratio, and the prospect for such strength to continue over the coming year. The positive outlook also acknowledges the benefits of the introduction of a formal management plan to respond to a scenario of a shrinking solvency ratio. The outlook assumes a continuation of an orderly runoff of the life insurance business and management of capital and assets sales. S&P expects that capital--in particular regulatory capital--will strengthen as the business gradually contracts. S&P also expects earning losses to remain at manageable levels. Upward movement to the ratings would involve the removal of a negative one-notch adjustment to the rating, which currently mainly reflects the heightened risks associated with the sensitivity of the solvency ratio to the discount rate, and would be considered should: -- The regulatory solvency ratio be approaching or exceed 2.0x over the next year, with an expectation that such strength would continue over the medium term; and -- There was evidence of an underlying improvement in regulatory capital adequacy, either through internally generated capital or as a result of lower solvency requirements that are unrelated to increases in the discount rate. A downgrade could occur should there be a material deterioration in MUFS's capitalization, a sustained worsening in operating performance, or evidence of a more aggressive risk appetite in business or investment strategy. Should the solvency ratio fall below 1.8x over the coming year, with no expectation of a material improvement over the short-to-medium term, the outlook is likely to be revised to stable. ONE STOP: In Liquidation; Creditors' Meeting Set For April 14 ------------------------------------------------------------- Simon Miller and Timothy Clifton of Clifton Hall were appointed as Joint and Several Liquidators of One Stop Print Pty Ltd on March 31, 2015. A meeting of creditors will be held at 10:30 a.m. on April 14, 2015, at Clifton Hall, Level 3, 431 King William Street, in Adelaide. SNEAKERBOY: Bought Out of Voluntary Administration -------------------------------------------------- Cara Waters at SmartCompany reports that cult retailer Sneakerboy has been sold after collapsing into voluntary administration in February. Sneakerboy was founded by Melbournian Chris Kyvetos, who was credited with "pioneering a luxury retail revolution" by The Business of Fashion. The retailer sells luxury sneakers, priced at up to AUD1,600 for a pair of Giuseppe Zanotti sneakers, online and through two stores in Melbourne and Sydney, notes the report. Mr. Kyvetos' unique retail strategy involved no till, no fixed point of sale and no on-site inventory at Sneakerboy, with all stock stored in Hong Kong, says SmartCompany. "Why pay thousands per square metre when you can basically pay zero?" Mr. Kyvetos told The Australian in 2013, the report relays. "Sneakerboy is about maximising retail space with online efficiency. We only use 77sqm of our 80sqm of shop floor and carry over 300 [SKUs] of shoes with a back area of 3m." But administrator Michael Carrafa of SV Partners told SmartCompany Sneakerboy ran into trouble after a dispute between Mr. Kyvetos and one of the shareholders. SmartCompany says the administration brought that dispute to "a standstill", which enabled Sneakerboy to be sold last week to "a party relating to one of the directors" for an undisclosed price. According to the report, Mr. Carrafa said Mr. Kyvetos is still involved in the business overseeing the buying of stock. "We went through an expressions of interest process, we had two interested parties but only received one offer," the report quotes Mr. Carrafa as saying. SmartCompany understands Sneakerboy turns over around AUD50,000 per week and Mr. Carrafa said "it's a strong business model". "The conflicting interests of director and shareholders was really to the detriment of the trading operations but it seems through the voluntary administration process it traded well," he says. SmartCompany relates that Mr. Carrafa said the successful sale demonstrates the benefit of seeking help from administrators at an early stage. "It's always great to get us in earlier as there is a better chance of survival, in this case they got it early and there was a solution," SmartCompany quotes Mr. Carrafa as saying. "If it's too far gone it's a lot more difficult." ========= C H I N A ========= CHINA SHIANYUN: Incurs $1.33 Million Net Loss in 2014 ----------------------------------------------------- China Shianyun Group Corp., Ltd., filed with the Securities and Exchange Commission its annual report on Form 10-K disclosing a net loss of $1.33 million on $210,000 of revenues for the year ended Dec. 31, 2014, compared to a net loss of $382,000 on $2 million of revenues for the year ended Dec. 31, 2013. As of Dec. 31, 2014, the Company had $3.52 million in total assets, $5.74 million in total liabilities, and a $2.21 million total stockholders' deficit. AWC (CPA) Limited, in Hong Kong, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2014, noting that the Company has a significant accumulated deficits and negative working capital. These factors raise substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Form 10-K is available for free at: http://is.gd/59WDOb About China Shianyun China Shianyun Group Corp., Ltd, formerly known as China Green Creative, Inc., develops and distributes consumer goods, including herbal teas, health liquors, meal replacement products, and cured meat using ecological breeding methods in China. The Company is based in Shenzhen Guandong Province, China. CHINA TELETECH: Needs More Time to File Form 10-K -------------------------------------------------- China Teletech Holding, Inc. filed with the U.S. Securities and Exchange Commission a Notification of Late Filing on Form 12b-25 with respect to its annual report on Form 10-K for the period ended Dec. 31, 2014. The Company said it has experienced a delay in completing the disclosures necessary for inclusion in its Annual Report. The Company expects to file that report within the allotted extension period. On June 30, 2014, the Company entered into a cooperation agreement with Shenzhen Jinke Energy Development Co., Ltd. Pursuant to the Agreement, 20 million shares of the Company's common stock were to be issued to SJD in exchange for 51% of all the outstanding capital of SJD. The accompanying financial statements to the Company's Annual Report to be filed will be reported on a consolidated basis. The financials will be significantly different from the same period in 2013 due to the Share Exchange. About China Teletech Tallahassee, Fla.-based China Teletech Holding, Inc., is a national distributor of prepaid calling cards and integrated mobile phone handsets and a provider of mobile handset value-added services. The Company is an independent qualified corporation that serves as one of the principal distributors of China Telecom, China Unicom, and China Mobile products in Guangzhou City. On June 30, 2012, the Company strategically sold its wholly-owned subsidiary, Guangzhou Global Telecommunication Company Limited ("GGT"), to a third party. GGT was engaged in the trading and distribution of cellular phones and accessories, prepaid calling cards, and rechargeable store-value cards. China Teletech reported a net loss of $1.96 million on $30.9 million of sales for the year ended Dec. 31, 2013, as compared with net income of $53,500 on $26.6 million of sales in 2012. As of Sept. 30, 2014, the Company had $11.3 million in total assets, $13.9 million in total liabilities and a $2.53 million total deficit. WWC, P.C., in San Mateo, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013, citing that the Company has incurred substantial losses which raise substantial doubt about its ability to continue as a going concern. CLOUD LIVE: Sparks Corporate Default Worries, WSJ Reports ---------------------------------------------------------- Yang Jie and Carlos Tejada at The Wall Street Journal report that a restaurant chain that abruptly shifted into cloud computing and is under regulatory scrutiny could become the first Chinese company to fail to repay principal to local bond investors. The Journal relates that Cloud Live Technology Group Co. said it is unable to pay back CNY240.6 million ($38.8 million) in debt due March 31. In an April 2 filing with the stock exchange in the southern Chinese city of Shenzhen, Cloud Live said it had raised CNY161.4 million to pay back about CNY400 million in debt sold three years ago. Still, Cloud Live said it might not be able to pay back the remainder, the report says. "To all bondholders we extend our most sincere apologies!" it said in the filing, the Journal relays. According to the report, potential Chinese corporate bond defaults have been closely watched amid a slowdown in the country's growth and as companies in a number of industries grapple with high debt levels. The first such default occurred last year, when Chaori Solar Energy Science & Technology Ltd. missed interest payments worth CNY89.8 million, the report notes. Still, China has shown little willingness to let corporate bond investors take a hit, says the Journal. Chaori's restructuring package made bond investors whole, in what analysts said was a sign of official worry that defaults could scare investors away from China's corporate bond market, which is still relatively young. The Journal says a second Chinese company, Xuzhou Zhongsen Tonghao New Board Co., missed an interest payment last year, but regulators said the bond's guarantor had agreed to pay investors back. China's corporate bond market has grown quickly as companies seek new funding sources, the report notes. The volume of domestic corporate bonds issued rose 46% in 2014 to CNY696.2 billion from CNY475 billion a year earlier, the Journal discloses citing ChinaBond, a data service run by the official China Central Depository & Clearing Co. The Journal notes that Cloud Live's disclosure to the Shenzhen exchange was the latest development in a run of trouble for a tech company that until last year ran restaurants and was famous for delicacies such as fish heads. In December, Chinese regulators said they were investigating whether Chairman Meng Kai violated securities laws, the report relates. He resigned in early January, the company, as cited by the Journal, said. As of late December, Chinese regulators had frozen Mr. Meng's shares in Cloud Live, which represent a stake of nearly 23%, the Journal says. Until last year, Cloud Live was known as Beijing Xiangeqing Group Co. It ran 18 restaurants specializing in fiery fare from China's Hunan province and the surrounding area, the Journal states. It was long a favorite of Chinese officials, but that business has been hurt by President Xi Jinping's drive to enforce official austerity. Last year, it lost CNY564 million. In May, the company that became Cloud Live said it would raise CNY3.6 billion by selling new shares in a private placement to fund an expansion into big data and cloud computing. At the time, it said the shift could be expensive and wouldn't lead to short- term payoffs, the Journal relates. Cloud Live agreed in December to sell its restaurants to a catering company for CNY230 million, according to filings cited by the Journal. But it cut the sale price to CNY100 million, citing negative media coverage, it said. COUNTRY GARDEN: Moody's Reviews Ba2 CFR for Upgrade --------------------------------------------------- Moody's Investors Service has put Country Garden Holdings Company Limited's Ba2 corporate family and senior unsecured debt ratings on review for upgrade. On April 1, 2015, Country Garden announced that it proposed to issue about 2.24 million new shares, or approximately 9.9% of the enlarged share capital of the company to Ping An Insurance (Group) Company of China, Ltd. (unrated). The total amount of new proceeds is estimated at around HKD6.3 billion. "Country Garden's proposed share placement to Ping An, if successful, will improve its capital base and funding," says Franco Leung, a Moody's Vice President and Senior Analyst. Moody's estimates that the company's pro-forma adjusted debt/total capitalization will improve to about 55.4% from 57.5% at end-2014, and 59.9% at end-2013. The company's funding plans are good. In particular, it: (1) completed a rights issue in 2014, garnering net proceeds of around HKD3.18 billion; and (2) issued two senior notes for $800 million and obtained its first offshore club loan for HKD4.5 billion in 2014. As a result, the company lengthened the average tenure of its debt portfolio and reduced its weighted average cost of borrowing to around 8.16% in 2014 from 8.54% in 2013. The proposed share placement will add further funding support to facilitate business growth. "The share placement will also further strengthen Country Garden's liquidity position," adds Leung. Country Garden's liquidity profile is strong. It reported cash to short-term debt of about 182% in 2014; a result which was strong, despite the 215% achieved in 2013. Its cash holdings -- including restricted cash -- of RMB27.2 billion at end-2014 were sufficient to cover its maturing debt of RMB14.9 billion and committed land payments over the next 12 months. These positive developments could improve the competitiveness of the company. Consequently, Moody's is reviewing Country Garden's ratings for upgrade. In its review, Moody's will evaluate: (1) any synergy as a result of its strategic partnership with Ping An Insurance; (2) any change to the company's business plan, given the challenges in the property market, such as the general industry trend of declining profit margins and the weaker levels of demand in lower-tier cities; and (3) the company's plan to expand into the development business in overseas markets. The principal methodology used in these ratings was the Global Homebuilding Industry published in March 2009. Country Garden Holdings Company Limited, founded in 1997 and listed on the Hong Kong Stock Exchange, is a leading Chinese integrated property developer. At end-2014, its land bank totaled a sizeable 77.56 million square meters in attributable gross floor area. At Dec. 31, 2014, it owned and operated 44 hotels with a total of 12,433 rooms. The hotels were located mainly in Guangdong Province and support its development of townships. GENERAL STEEL: Delays Form 10-K Filing -------------------------------------- General Steel Holdings, Inc. was unable to file its annual report on Form 10-K for the year ended Dec. 31, 2014, within the prescribed time period because, according to the Company, additional time is required to complete the preparation of its financial statements. The Company said the Annual Report will be filed as soon as practicable. About General Steel Holdings General Steel Holdings, Inc., headquartered in Beijing, China, produces a variety of steel products including rebar, high-speed wire and spiral-weld pipe. General Steel -- http://www.gshi-steel.com/-- has operations in China's Shaanxi and Guangdong provinces, Inner Mongolia Autonomous Region and Tianjin municipality with seven million metric tons of crude steel production capacity under management. The Company reported a net loss of $42.6 million in 2013, a net loss of $232 million in 2012, a net loss of $283 million in 2011, and a net loss of $46.3 million in 2010. The Company's balance sheet at Sept. 30, 2014, showed $2.76 billion in assets, $3.35 billion in liabilities, and a $584 million total deficiency. LAKELAND INDUSTRIES: China Subsidiary Has RMB 8MM Loan Agreement ---------------------------------------------------------------- Lakeland Industries, Inc.'s China subsidiary, Weifang Lakeland Safety Products Co., Ltd, and Chinese Rural Credit Cooperative Bank completed an agreement for WF to refinance pursuant to an existing line of credit from CRCCB, according to a document filed with the Securities and Exchange Commission. This refinances a loan on the same terms by WF to CRCCB in the amount RMB 8,000,000 (approximately USD $1,300,000). WF intends to draw down most of the amount, if not all, within a relatively short period of time. The Loan will mature on Sept. 21, 2015. Interest is based on 120% of the benchmark rate. The annum interest rate is 6.42%. Monthly interest is RMB 42,800 which will be paid monthly. CRCCB has hired a professional firm to supervise WF's inventory flow, which WF will pay yearly at a rate of RMB 42,800 (approximately US $6,895). About Lakeland Industries Ronkonkoma, N.Y.-based Lakeland Industries, Inc., manufactures and sells a comprehensive line of safety garments and accessories for the industrial protective clothing market. The Company reported a net loss of $26.3 million on $95.1 million of net sales for the year ended Jan. 31, 2013, as compared with a net loss of $377,000 on $96.3 million of sales for the year ended Jan. 31, 2012. In their report on the consolidated financial statements for the year ended Jan. 31, 2013, Warren Averett, LLC, in Birmingham, Alabama, expressed substantial doubt about Lakeland Industries' ability to continue as a going concern. The independent auditors noted that the Company is in default on certain covenants of its loan agreements at Jan. 31, 2013. As of Oct. 31, 2014, the Company had $86.8 million in total assets, $31.8 million in total liabilities and $54.9 million in total stockholders' equity. LOGAN PROPERTY: Moody's Says Ratings Unaffected by Credit Metrics ----------------------------------------------------------------- Moody's Investors Service said that Logan Property Holdings Company Limited's Ba3 corporate family rating and B1 senior unsecured rating are unaffected by the company's weaker year-on- year credit metrics at end-2014. The ratings outlook is stable. "Logan's credit metrics at end-2014 were weaker than expected, resulting in lower headroom for its ratings. Nevertheless, Moody's expect its credit metrics to stabilize in 2015, through tighter debt controls and greater prudence in its growth plan," says Franco Leung, a Moody's Vice President and Senior Analyst. Contracted sales in 2014 fell slightly below Moody's expectations, due to Logan's challenging operating environment. While revenue increased by 12% in 2014 to RMB12.5 billion from RMB11.1 billion in 2013, contracted sales was flat at RMB13.4 billion from RMB 13.2 billion during the same period. Nevertheless, Moody's estimates that Logan's contracted sales will grow by 10%-15% in 2015, on the back of higher land purchases in 2014 and Moody's expectation that market conditions will stabilize gradually. In addition, Moody's notes that Logan adopts a fast asset turnover model that aims to reduce working capital cycles. Its EBITDA margin fell to 23.7% from 30.8% year-over-year in 2014, as a result of the recognition of a greater proportion of lower- end products in its revenue for 2014, as well as lower selling prices. While Moody's expects Logan's margins to exceed 20% in 2015, its margins will gradually trend downwards, due to higher land costs and pressure on selling prices; the latter of which is due to the persistent oversupply of new homes in the market. Leverage, in terms of revenue/adjusted debt, weakened to 67% in 2014 from 115% in 2013, as a result of the 94% increase in total adjusted debt to RMB18.8 billion. Part of the deterioration was due to debt issuance in late 2014 to pre-fund debt maturities. Adjusted debt to capitalization on the other hand, remained broadly stable at 59% versus 57% over the same period. Moody's expects Logan's revenue to adjusted debt ratio to trend back towards Moody's threshold of 80% in 2015 as Logan exercise greater financial discipline in 2015 and utilize funds raised from offshore financing in 2014 to pay down its short-term debt. As for its EBITDA interest coverage, Moody's notes that this result weakened substantially in 2014 to 2.7x from 5.2x in 2013, because of a step-up in debt. Nonetheless, the ratio remained comparable to other Ba3 industry peers. "Logan's liquidity profile supports its Ba3 corporate family rating," adds Leung. Cash-on-hand, including restricted cash and assets under cross- border guarantee arrangements, rose to RMB9.1 billion in 2014 from RMB4.5 billion in 2013, after successive offshore financing rounds by the company, including the $300 million, 5-year senior unsecured notes issued in May 2014, the $105 million, 3-year syndicated loan signed in October 2014, and the $250 million 3- year senior unsecured notes issued in December 2014. Cash-to-short term debt stayed healthy at 183%, slightly higher than 164% seen in 2013. Moody's expects that Logan will maintain its cash to short term debt in excess of 100-125%. The stable ratings outlook reflects Moody's expectation that Logan will exercise financial prudence in its expansion plans, control its debt levels, and maintain adequate liquidity. Upward ratings pressure could emerge if the company: (1) Consistently meets its sales targets and continues to implement a disciplined approach to acquiring land and managing its financials; (2) Maintains stable profitability through business cycles, such that its EBITDA margin exceeds 30% on a consistent basis; (3) Grows in scale and diversifies its funding sources; (4) Maintains good liquidity, with a minimum cash balance exceeding 200% of its short-term debt; and (5) Maintains an EBITDA/interest coverage in excess of 4.0x- 4.5x, and revenue/debt in excess of 100%. Downward ratings pressure could emerge if: (1) Logan's liquidity and operating cash flow generation weaken, due to lower than expected contracted sales growth, aggressive land acquisitions, or the emergence of more severe conditions in China's property sector; (2) Its profit margins come under pressure, which would in turn negatively affect interest coverage and financial flexibility; or (3) The company engages in material debt-funded acquisitions. Credit metrics that Moody's would consider for a downgrade include: (1) an EBITDA margin below 20% on a sustained basis; (2) a cash balance below 100%-125% of short-term debt; (3) an EBITDA interest coverage below 2.5x-3.0x on a sustained basis; and (3) a revenue/adjusted debt below 80% on a sustained basis. The principal methodology used in this rating was Global Homebuilding Industry published in March 2009. Established in 1996, Logan Property Holdings Company Limited is a property developer based in Shenzhen. The company's principal focus is on residential projects in Shantou, Nanning and Huizhou. It listed on the Hong Kong Stock Exchange in December 2013. At end-2014, its land bank totaled 13.7 million sqm in gross floor area across 13 cities in China, including in Shantou, Nanning, and cities in the Pearl River Delta. PARKSON RETAIL: Moody's Says Penalty Payment No Impact on Ba3 CFR ----------------------------------------------------------------- Moody's Investors Service said the penalty imposed on Parkson Retail Group Limited in favor of a former landlord is credit negative, but has no impact on its Ba3 corporate family rating, senior unsecured debt rating and its stable rating outlook. Parkson announced on March 31, 2015 that China International Economic and Trade Arbitration Commission is requiring it to pay RMB140 million to the former landlord of a store it operated in Beijing's Chaoyang District. The payment is a result of the dispute between Parkson and the former landlord on the performance of lease agreement. "While the penalty will result in cash outflow, the amount can be absorbed by Parkson's substantial cash on hand," says Lina Choi, a Moody's Vice President and Senior Analyst. The RMB140 million payment equals about 33% of Parkson's adjusted operating profit of RMB430 million for 2014. It also represents about 20% of the RMB750 million operating cash flow that Moody's forecasts for 2015. But Parkson had RMB4.9 billion in cash and cash equivalent at end- 2014. The RMB140 million payment will have no material impact on its liquidity position. The principal methodology used in this rating was Global Retail Industry published in June 2011. Parkson Retail Group Limited, listed on the Hong Kong Stock Exchange, is one of the largest operators of department store chains in China. At end-2014, Parkson owned and managed 60 stores. The 60 stores were spread across 37 Chinese cities. The company targets the middle- and middle-upper end of the Chinese retail market. It is 52.1%-owned by Parkson Holdings Berhad (unrated), an affiliate of Malaysia's Lion Group. SOUND GLOBAL: Moody's Downgrades CFR to Caa1, Outlook Negative -------------------------------------------------------------- Moody's Investors Service downgraded Sound Global Limited's corporate family rating to Caa1 from Ba3 and senior unsecured debt rating to Caa2 from B1. The ratings outlook has been changed to negative from review for downgrade. The downgrade actions follow the company's announcement that (1) its external auditor has identified potential audit issues, which are holding up the completion of the company's audited 2014 annual results; (2) its board of directors has resolved to set up an independent review committee and considers engaging independent forensic accountants to conduct an investigation; and (3) an independent non-executive director -- who was the chairman of audit committee and nomination committee and a member of remuneration committee of the company -- has resigned. "The downgrade reflects Moody's concern that the company's default risk on its offshore bonds will increase in the near term," says Chenyi Lu, a Moody's Vice President and Senior Analyst. Given the potential audit issues, Moody's believes that there is high probability that the company may not publish audited 2014 financial statements in the next 30 days. This places the company at high risk of not complying with the senior unsecured notes' requirement of providing audited financial statements within 120 days from fiscal year end. Such non-compliance could trigger an event of default and an acceleration of repayment of the $150 million senior unsecured notes due August 2017. The company reported cash on hand of RMB3.75 billion as of 30 June 2014. However, as it hasn't filed audited financial statements for Dec. 31, 2014, Moody's cannot verify that its liquidity position can withstand an accelerated repayment of the senior unsecured notes. "The company's inability to complete its audited 2014 annual results also impairs its access to funding," adds Lu, who is also the Lead Analyst for Sound Global. As long as the company cannot deliver its audited 2014 annual results and maintains less-than-minimum members of independent directors required by the Hong Kong Stock Exchange, it cannot access the equity market and the offshore debt market. "The downgrade also reflects heightened corporate governance risk," says Lu. Moody's is very concerned about the resignation of the chairman of the audit committee and the potential engagement of independent forensic accountants. This reflects serious corporate governance issues that could add uncertainty to the company's financial position and its operations. Moody's will continue to monitor (1) the company's resolution of the potential audit issues and the completion of its annual results for 2014; and (2) the appointment of a new independent non-executive director. The negative outlook reflects the company's high repayment risk due to its uncertain financial position, impaired source of funding and high corporate governance risk. Given the negative outlook, there is a low probability of an upgrade in the near term. Completion of audited 2014 results with no material qualifications would be positive for the ratings. The principal methodology used in this rating was Construction Industry published in November 2014. Established in 2005, Sound Global Limited is one of the leading providers of turnkey water and wastewater treatment solutions in China. The company was listed on the Hong Kong Stock Exchange in 2010 and was founded by Mr. Wen Yibo. WUZHOU INT'L: Moody's Affirms B2 CFR; Alters Outlook to Negative ---------------------------------------------------------------- Moody's Investors Service changed the outlook on Wuzhou International Holdings Limited's corporate family and senior unsecured ratings to negative from stable. Moody's has also affirmed Wuzhou's B2 corporate family rating and B3 senior unsecured rating. "The change in outlook to negative reflects the weakened credit profile of Wuzhou International Holdings Ltd, including its weaker-than-expected operating margins and the deterioration in interest coverage, thereby positioning it weakly relative to its B2 peers," says Stephanie Lau, a Moody's Assistant Vice President. Wuzhou's adjusted EBITDA interest coverage declined to 1.1x in 2014 from 3.0x in 2013 and its adjusted EBITDA margin fell significantly to 14.1% in 2014 from 25.3% in 2013. The main reason for the weakened EBITDA coverage was a steep decline in gross margins to 34.8% in 2014 from 43.7% in 2013. A total 43% of its 2014 revenue was recognized from auxiliary properties that included SOHO apartments, office buildings and various other categories, wherein gross margins declined to 15% in 2014 from 39% in 2013. Moody's notes that revenue recognition has been slower than expected. Despite a 28% year-on-year growth in contracted sales to RMB6.6 billion in 2014, revenue from property development was only RMB4.1 billion, some 15% below our expectations. Wuzhou's 2014 revenue recognition mainly came from Nantong, Hangzhou and Jiangyin. Leverage also increased, with revenue-to-adjusted debt falling to 75.9% in 2014 from 100.7% in 2013. In October 2014, Wuzhou completed the issue of USD100 million convertible notes due 2019, which partially reduced its immediate debt-funding needs. "The negative outlook also reflects concerns over Wuzhou's profitability, the sustainability of sales and its ability to execute in light of a rapid expansion into third- and fourth-tier cities," adds Lau, who is also the Lead Analyst for Wuzhou. Moody's expects Wuzhou's adjusted EBITDA margin to remain at around 15-20% in 2015, given the likely slow recovery in demand in third- and fourth-tier cities where Wuzhou operates, and volatility in investment demand for trade and logistics centers. The company's liquidity position weakened in 2014 as short-term debt increased to RMB1.8 billion from RMB1.1 billion in 2013, after accounting for RMB488 million of convertible notes listed under current liabilities. As a result, cash to short-term debt fell to 101% from 131% in 2013. Wuzhou intends to improve operating cash flow through achieving greater efficiency in inventory turnover, which is expected to contribute to 20-25% of its 2015 contracted sales. It is also focusing on maintaining gross margins for shops and auxiliary properties above 40% and 20-25%, respectively. Upward rating pressure is unlikely due to the negative outlook. Nevertheless, the outlook could revert to stable if Wuzhou (1) successfully executes its business plan and improves revenue recognition and margins in 2015; (2) improves its liquidity position, such that cash to short-term debt rises above 1.0x on a sustained basis; and (3) EBITDA/interest improves above 2x. Downward rating pressure could emerge if (1) Wuzhou's sales decline further as a result of a poor reception to its development projects, or a significant downturn in the regional economies where it operates; (2) EBITDA/interest coverage falls below 1.5- 2.0x; or (3) its liquidity position deteriorates with cash to short-term debt falling below 0.8x-1.0x. The principal methodology used in this rating was Global Homebuilding Industry published in March 2009. Listed on the Hong Kong Stock Exchange in June 2013, Wuzhou International Holdings Ltd specializes in the development and operation of wholesale markets and multi-functional commercial complexes in China. At Dec. 31, 2014, it had a total planned GFA for its land bank of approximately 8.008m sqm, distributed across Jiangsu, Yunnan, Henan, Shandong, and seven other provinces. YANZHOU COAL: Moody's Says Credit Profile Constrained by Capex -------------------------------------------------------------- Moody's Investors Service said that capacity expansions and a depressed operating environment will constrain Yanzhou Coal Mining Co. Ltd's (Ba2, negative) credit profile in 2015. Moody's says that the company's planned capital expenditure of RMB9.7 billion in 2015 -- despite its decline in profitability due to the weakness in the coal market -- coupled with the weakened coal market will result in its net debt/EBITDA staying higher at 6.5x-7x for the year. "This strategy is contrary to other mining companies, which are scaling down capex and conserving liquidity in response to declining coal prices," said Simon Wong, a Moody's Vice President and Senior Credit Officer. The company's EBIT margin should remain weak, at around 5% under our coal price assumption of RMB400-RMB450 per tonne for 2015, against the backdrop of a sluggish global macro-economy and oversupply in both the domestic and international markets. The average selling price for coal declined by 9% year-on-year, to RMB476 per tonne in 2014. Yanzhou Coal's credit metrics weakened in 2014 from 2013, in line with Moody's expectations. The company's weakened credit profile is expected and is reflected by the negative rating outlook on its Ba2 corporate family rating. The company's profitability fell in 2014, as its adjusted EBIT margin declined to 5% from 9% in 2013, due to prolonged weakness in thermal coal prices. While total revenue increased by 7% to RMB60 billion in 2014 from RMB56 billion in 2013. As a result, adjusted net debt/EBITDA increased to 6.75x from 4.56x in 2013 and adjusted EBIT/interest declined to 1.30x from 2.54x. During the year, Yanzhou Coal was successful in driving down production costs, which softened the margin compression from lower coal prices, says Moody's. Yanzhou Coal's self-produced coal cost fell by 7% year-on-year to RMB17.9 billion in 2014 from RMB19.4 billion in 2013, mainly through savings on salaries, materials costs, and other general and administrative costs. Nevertheless, Yanzhou Coal's main Australian subsidiary continued to recorded operational losses, with negative EBITDA of AUD46.6 million in 2014 from positive EBITDA of AUD43.7 million in 2013. The losses in 2014 were attributable to the oversupply in the seaborne coal market. Cost optimization measures were not substantial enough to offset the fall in coal price. Finally, Yanzhou's Coal's defensive liquidity strategy remained, with RMB15 billion in cash holdings and RMB5 million in term deposits at end-2014. These liquid holdings, together with its operating cash flow for the year, were sufficient to cover the company's short-term debt of RMB10 billion, as well as its capital expenditure of RMB9.7 billion for the same period. The principal methodology used in this rating was Global Mining Industry published in August 2014. Yanzhou Coal Mining Co. Ltd. listed in Shanghai, Hong Kong and New York in 1998. It is 56.52%-owned by the Yankuang Group (unrated), a state-owned enterprise that is wholly owned by the Shandong Provincial State-Owned Assets Supervision and Administration Commission. ZOOMLION: S&P Lowers CCR to 'B+'; Outlook Negative -------------------------------------------------- Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on Zoomlion Heavy Industry Science and Technology Co. Ltd. to 'B+' from 'BB'. The outlook is negative. At the same time, S&P lowered the issue ratings on US$400 million in 6.875% senior unsecured notes due 2017 and US$600 million in 6.125% senior unsecured notes due 2022 issued by Zoomlion H.K. SPV Co. Ltd. to 'B+' from 'BB'. Zoomlion guarantees the notes. In addition, S&P lowered its long-term Greater China regional scale rating on Zoomlion and on its guaranteed notes to 'cnBB-' from 'cnBB+'. Zoomlion is a China-based machinery manufacturer. "We downgraded Zoomlion because the company's 2014 performance was substantially weaker than our base-case expectation due to weak market demand, intense competition, and Zoomlion's increased customer credit risks," said Standard & Poor's credit analyst Tony Tang. The company's financial leverage has increased drastically over the past six months, and S&P sees limited prospect for improvement in the next 12 months. Zoomlion's debt-to-EBITDA ratio increased to 20x in 2014, when factoring in contingent liabilities. S&P believes Zoomlion's cash flows will likely be weak and the company will face increasing funding pressure over the next 12 months. S&P expects operating cash flow to be negative in 2015, but it should improve somewhat from 2014. In S&P's view, the company's receivables may further deteriorate, translating into longer payment days or potential defaults by customers. Zoomlion could face losses and cash flow constraints if the credit quality of its customers continues to deteriorate. The company still guarantees Chinese renminbi (RMB) 14.53 billion in bank loans that its customers obtained at the end of 2014. In addition, Zoomlion bought back RMB2.5 billion in previously factored finance lease receivables in 2014, which is almost 3.7x the RMB673 million buyback in 2013. Even though Zoomlion had no finance lease receivables factored to banks at the end of 2014, the company still had RMB5.2 billion in trade receivables factored to banks, an amount that it may need to buy back later. In S&P's base-case scenario, it estimates the company's working capital outflow will be RMB2.4 billion and customer default payment and product buybacks will be RMB1.5 billion in 2015. S&P projects Zoomlion's total sales will increase 10.8% year over year in 2015 to RMB28.6 billion, of which construction machinery sales will likely decline 8%-12% across different product groups. Environmental and sanitation machinery should grow 28% during the year. In addition, S&P projects that Chery Heavy Industry Co. Ltd. will contribute RMB3.5 billion in sales to the group in 2015. "We expect Zoomlion's leverage ratios to improve slightly over the next 12-36 months. However, they should remain way above our threshold," said Mr Tang. S&P has therefore revised its assessment of Zoomlion's financial risk profile to "highly leveraged" from "aggressive." Zoomlion has a strong domestic market share and diversified machinery product offerings, particularly after its expansion in environmental machinery and agriculture machinery segments, which continue to underpin its "satisfactory" business risk profile. The prolonged downturn in China's heavy equipment industry since 2011 contributed to the deterioration in Zoomlion's operating performance. Despite the recent rate cuts by China's central bank, S&P don't believe the construction machinery industry has benefited much from this lower interest environment. Moreover, S&P don't think the Chinese government's so-called "one belt, one road" development strategy for investments will have any material uplift for the industry until 2017. Zoomlion tightened its credit underwriting standards in 2014, and S&P believes it is still early to tell whether this will prevent its receivables from further deteriorating. "The negative outlook on Zoomlion for the next 12 months reflects our expectation that the downturn in the construction machinery industry will continue in 2015, and that will exert a further strain on the company's margins and potentially greater funding pressure to buy back previously sold products and securitized receivables," said Mr. Tang. S&P expects limited improvement in Zoomlion's high leverage. S&P could revise the outlook to stable if the deterioration of Zoomlion's receivables has stabilized, and S&P has clearer visibility about its buy back obligations. This could happen if the machinery industry demand recovers on increased infrastructure investments and property market stabilizes. S&P may lower the rating if Zoomlion's market position deteriorates substantially, such that its EBITDA margin stays depressed for a prolonged period. S&P could also lower the rating if the funding pressure escalates further, which could be caused by uncontrolled buybacks and overly leveraged balance sheet. ========= I N D I A ========= BHUJBAL CONSTRON: CRISIL Cuts Rating on INR80MM Term Loan to D -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facility of Bhujbal Constron (Bhujbal) to 'CRISIL D' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 80 CRISIL D (Downgraded from 'CRISIL B/Stable') The rating downgrade reflects instances of delay by Bhujbal in servicing its debt. The firm has received lower-than-expected advance for its project. Consequently, its liquidity has been constrained and its cash flows are inadequate for meeting its debt obligations, resulting in delays in servicing its debt. Bhujbal is also exposed to funding, implementation, and offtake risks with respect to its ongoing project, and is susceptible to the cyclicality in the Indian real estate industry. The firm, however, benefits from its promoter's extensive industry experience. Set up in April 2012, Bhujbal is implementing a residential real estate project on the outskirts of Wai (Maharashtra). The project comprises 108 residential units (54 units, each with one bedroom along with a hall and kitchen [1-BHK], and 54 with 2-BHK); it is being marketed under the name Grand County. Bhujbal is a part of the Bhujbal group of entities promoted by Mr. Abhijit Bhujbal. BIGJO'S INFRAESTATE: CRISIL Puts B Rating on INR100MM Term Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facilities of Bigjo's Infraestate Ltd (Bigjosinfra). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 100 CRISIL B/Stable The rating reflects Bigjosinfra exposure to project-related risks and to cyclicality in the Indian real estate industry. These rating weaknesses are partially offset by the industry experience of the company's promoters. Outlook: Stable CRISIL believes that Bigjosinfra will continue to benefit over the medium term from its promoters' industry experience. The outlook may be revised to 'Positive' if the company successfully completes its ongoing project within the stipulated timeline and has substantial realisations, leading to improvement in its profitability. Conversely, the outlook may be revised to 'Negative' in case of a time or cost overrun in project implementation, resulting in weakening of Bigjosinfra financial risk profile. Bigjosinfra was originally incorporated in 1993 in Delhi as Big Jos Estates Ltd; the name of this company was changed to the present one in 2008. Bigjosinfra is engaged in real estate development for commercial and residential units. The company is managed by Mr. Sidharth Jain and his family. Bigjosinfra has already executed two commercial complex towers in Netaji Subhash Place (Delhi) and is at present executing one group housing project, Bigjos Estates, in Gannaur, Sonepat (Haryana). Bigjosinfra registered a profit after tax (PAT) and net sales of INR2.6 million and INR47.9 million, respectively, for 2013-14 (refers to financial year, April 1 to March 31), as against a PAT and net sales of INR1.5 million and INR12.9 million, respectively, for 2012-13. CONCEPT SHAPERS: CRISIL Ups Rating on INR65MM Loan From D --------------------------------------------------------- CRISIL has upgraded its ratings on the bank facilities of Concept Shapers and Electronics Private Limited's (CSEPL) to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B-/Stable (Upgraded from 'CRISIL D') Letter of credit & 10 CRISIL A4 (Upgraded from Bank Guarantee 'CRISIL D') Proposed Long Term 65 CRISIL B-/Stable (Upgraded Bank Loan Facility from 'CRISIL D') The rating upgrade reflects the company's improved liquidity profile due to healthy accrual generation and infusion of unsecured loans by the promoters. The company has entirely repaid its long-term bank loans, and the absence of fixed repayment obligations is expected to support liquidity in the near-term. The company is estimated to register strong growth of more than 50 per cent in 2014-15 (refers to financial year, April 1-March 31) to around INR200 million due to improved order flow from customers. The incremental orders from its existing customers, along with current order book size of about INR400 million, executable till mid-2015-16 provides visibility to CSEPL's revenue growth over the medium term. CSEPL has a long working capital cycle with gross current assets of over 400 days estimated in 2014-15; primarily due high debtor (over 250) and inventory days (around 200). While the working capital cycle is partly supported by the high credit period it receives from its creditors (around 350 days), reliance on short- term debt is expected to remain high, given the strong growth anticipated and the corresponding increase in working capital requirements. However, CRISIL expects that the increase in accruals will contribute to improvement in financial risk profile; CSEPL's gearing is expected to improve to 2.3-2.5 times as on March 31, 2016 from about 3.9 times as on March 31, 2015. CRISIL's rating reflects CSEPL's highly working capital intensive nature of operations, modest scale of operations and weak financial risk profile. These weakness are partially offset are the promoters' extensive industry experience, and their established relationships with customers. Outlook: Stable CRISIL believes that CSEPL's financial risk profile will remain weak over the medium term, constrained by its working capital intensive nature of operations and modest liquidity. The outlook may be revised to 'Positive' if CSEPL's working capital cycle improves along with driven by sustained increase in profitability and accretion to reserves. Conversely, the outlook may be revised to 'Negative' in case of stretch in CSEPL's working capital cycle, or any large debt-funded capital expenditure further weakening its liquidity profile and capital structure. Set up in 1988 by Mr. M D Raghunarayan, CSEPL designs, manufactures, assembles, and tests rugged portable computers and electronic instruments, especially for the defense sector. The company is based in Mumbai (Maharashtra). CRISTOPIA ENERGY: CRISIL Assigns B+ Rating to INR80MM Cash Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Cristopia Energy Systems (India) Pvt Ltd (CESIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 15 CRISIL A4 Cash Credit 80 CRISIL B+/Stable The ratings reflect CESIPL's modest scale of operations, exposure to risks related to tender-driven business, and working-capital- intensive operations constraining the company's liquidity and debt protection metrics. These rating weaknesses are partially offset by the promoters' extensive industry experience and CESIPL's moderate order book. Outlook: Stable CRISIL believes that CESIPL will benefit over the medium term from the promoters' extensive industry experience. The outlook may be revised to 'Positive' if higher cash accruals, moderation in working capital management or fresh infusion of funds by promoters leading to improvement in liquidity. Conversely, the outlook may be revised to 'Negative' in case of a significant decline in CESIPL's revenue or profitability, or a large debt-funded capital expenditure programme, or a stretched working capital cycle, leading to deterioration in its financial risk profile, particularly liquidity. Incorporated in 1993, CESIPL is a joint venture between the Kehems group, India and CIATS SA, France. The company manufactures chillers (used for air conditioners) and thermal energy storage systems. DHARAM PAUL: CRISIL Assigns B+ Rating to INR120MM Cash Credit ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facility of Dharam Paul Rice Mills (DPRM). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B+/Stable Rupee Term Loan 27 CRISIL B+/Stable The rating reflects DPRM's weak financial risk profile marked by high gearing and working capital intensive operations. These rating weaknesses are partially offset by the extensive industry experience of DPRM's partners and their financial support to the firm, and the healthy growth prospects of the basmati rice industry. Outlook: Stable CRISIL believes that DPRM will maintain its business risk profile, backed by the extensive experience of its promoters in the rice industry. Its financial risk profile is, however, expected to remain constrained due to high gearing and below average debt protection metrics. The outlook may be revised to 'Positive' in case of significant improvement in the firm's financial risk profile, due to capital infusion or improvement in the scale of operations. Conversely, the outlook may be revised to 'Negative' in case of deterioration in the DPRM's financial risk profile due to significant increase in inventory, leading to large incremental bank borrowings or in case of a debt-funded capital expenditure programme. DPRM was established in 1999 by Mr. Ashok Kumar, Mr. Mahendra Pal and Mr. Sandeep Kumar. Firm is engaged in business of rice milling and rice shelling at its plant located in Budhlada, Punjab. The firm has an installed capacity of producing 4 tonnes of rice per hour. The firm processes basmati rice and by products like bran, phuk, bardana which are sold to both merchant exporters and domestic traders. DHAULAGIREE POLYOLEFINS: CRISIL Rates INR23.5MM Bank Loan at B+ --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Dhaulagiree Polyolefins Pvt Ltd (DPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 2.5 CRISIL B+/Stable Proposed Long Term 23.5 CRISIL B+/Stable Bank Loan Facility Cash Credit 14.0 CRISIL B+/Stable Letter of Credit 20.0 CRISIL A4 The ratings reflect DPPL's susceptibility to volatility in raw material prices and to intense competition in the packaging industry, and its below-average financial risk profile. These rating weaknesses are partially offset by the extensive experience of DPPL's promoters in the polypropylene (PP) and high-density poly ethylene (HDPE) bags, films, and fabrics manufacturing industry, and the company's established customer base. Outlook: Stable CRISIL believes that DPPL will continue to benefit over the medium term from the extensive industry experience of its promoters and its established customer base. The outlook may be revised to 'Positive' if the company reports substantial accruals or improves its working capital management, leading to a much better financial risk profile, particularly liquidity. Conversely, the outlook may be revised to 'Negative' if DPPL's accruals are low, its working capital cycle is stretched, or it undertakes a large debt-funded capital expenditure programme, leading to deterioration in its financial risk profile, particularly its liquidity. Incorporated in 1981 and promoted by the Kolkata-based Garodia family, DPPL manufactures PP and HDPE woven bags and fabrics, which are used for packaging in various industries such as cement, fertiliser, food, textiles, and others. The company's daily operations are being managed by Mr. Mishri Lal Garodia and Mr. Saurabh Garodia. G K SHELTERS: CRISIL Assigns 'D' Rating to INR250MM LT Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL D' rating to the long-term bank facilities of G K Shelters Private Limited (GKSPL). The rating reflects instances of delay by GKSPL in servicing its term debt; the delays are primarily because of the company's weak liquidity. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 250 CRISIL D GKSPL also has a below-average financial risk profile, marked by high gearing and modest net worth. However, the company benefits from the extensive industry experience of its promoters. Set up in 2007, Bengaluru based GKSPL is engaged in real estate development. The day-to-day operations are managed by its promoter director Mr. K. Narasimhulu Naidu. GOYAL SALES: ICRA Assigns 'SP 3D' Grading on Weak Fin'l Strength ---------------------------------------------------------------- ICRA has assigned SP3D grading to Goyal Sales & Akshaya Urja Shop. The grading indicates Moderate performance capability and Weak financial strength of the channel partner to undertake solar projects. The grading is valid for a period of two years from March 25, 2015 after which it will be kept under surveillance. Grading Drivers Strengths Technically sound promoters with long experience in running business. Positive feedback from customers, suppliers and banker. Risk Factors Relatively smaller scale of operations Large number of unorganized players indicating high level of competition may lead to pressure on margins. Fact Sheet Year of Establishment: 2010 Office Address: Block-C, Janta Market, Power House, Bhilai, Chattisgarh-490001 Proprietor: Mr. Devendra Aggarwal Started in year 2010 Goyal Sales & Akshaya Urja Shop is engaged in solar system integration and manufacturing. The product profile of the firm is as follows: Solar PV Power Plant Gensets Home Lighting Solar Pump Solar Water Heater Insulated Porta Cabin Inverter UPS Batteries Solar BOS SI Related Business - Moderate Performance Capability Promoter Track Record The firm was started by Mr. Devendra Aggarwal in the year 2010. He has been in the business for the last 14 years. He has an experience of 8 years in the power backup industry. The promoters have an extensive experience in the supply of power transition units, batteries, inverters. Technical competence and adequacy of manpower: The firm is primarily engaged in the supply of Solar PV Power Plant, Gensets, Home Lighting, Solar Pump, Solar Water Heater, Insulated Porta Cabin, Inverter, UPS, Batteries and Solar BOS. The firm has supplied around 451 KW of the Solar PV space. The technical competence is adequate as represented by positive feedback from the customers and well qualified management profile. As on March 2015 the firm has 5 skilled employees including Mr. Devendra Aggarwal. The firm also hires other employees on contractual basis. The employee base for the company is adequate for the size of operations for the company. Quality of suppliers and tie ups: The firm sources solar modules, batteries, PCU and inverters to manufacture its products from various suppliers like Sukam Power, Waaree Energy, etc. Goyal Sales & Akhshaya Urja Shop mostly does advance payment for the products procured. Most of the suppliers from which Goyal Sales & Akshaya Urja Shop procures are holding standard quality certifications. Customer and O&M Network: In the PV space it has been supplying the solar products to government as well as private parties. The customers of the firm were satisfied with the performance of the products supplied and the services provided by the company. Financial Strength - Weak Revenues: Revenues of INR3.05 crore Return on Capital Employed (RoCE): 19.78% in FY14 Total Outside Liabilities/Tangible Net worth: 5.05 times Interest Coverage Ratio: 2.04 times Net-Worth: 0.17 crore Current Ratio: 2.02 times Relationship with bankers: Bankers are satisfied with firm's conduct The overall financial profile of the firm is weak. HYDERABAD EXPRESSWAYS: CRISIL Cuts Rating on INR2.9BB Loan to C --------------------------------------------------------------- CRISIL has downgraded its rating on the bank facilities of Hyderabad Expressways Ltd (HEL) to 'CRISIL C' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 2,900 CRISIL C (Downgraded from 'CRISIL B+/Stable') The rating downgrade reflects delays in receipt of annuities from Hyderabad Growth Corridor Ltd (HGCL) and support extended to the group entity, Cyberabad Expressway Ltd (CEL; rated CRISIL D) which has resulted in HEL's tight cash flow position. HEL has liquid investments of INR157.5 million which will be adequate to meet operational and maintenance expenses as well as interest payment for the next four months. However, the cash flows for meeting operating expenses and debt obligations thereafter, and for funding major maintenance expense to be incurred in future, will be dependent on receipt of future annuity payments on time. Hence, the timely receipt of future annuity payments and any substantial change in the loans and advances extended by HEL to its group companies will remain key rating sensitivity factors. The rating continues to reflects HEL's low debt service coverage ratio and exposure to operational and maintenance risks. However, HEL benefits from the annuity nature of its build, operate, and transfer (BOT) project. HEL, a special-purpose vehicle, was promoted to build and maintain the 13-kilometre Bongulur to Tukkuguda section of the eight-lane outer ring road in Hyderabad on a BOT basis. HEL completed the project in August 2010. Gayatri Projects Ltd holds a 50.0 per cent stake in HEL, IL&FS Engineering & Construction Company Ltd owns 42.7 per cent, and Terra Projects Pvt Ltd owns 7.3 per cent stake. As per the concession agreement, HEL will receive a semi-annual annuity of INR304.9 million from HGCL for 15 years until December 2022. The annuity has to be deposited in an escrow account and appropriations from the account have to be as per the concession agreement. JAIN ABHUSHAN: CRISIL Ups Rating on INR80MM Cash Loan to B+ ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Jain Abhushan Pvt Ltd (JAPL) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects CRISIL's belief that JAPL's business and financial risk profiles will improve over the medium term. JAPL reported 44 per cent year-on-year revenue growth with operating income of INR2.2 billion in 2013-14 (refers to financial year, April 1 to March 31) as compared to INR1.5 billion in 2012- 13. Operating income was INR2.4 billion until December 2014, and is expected to improve to INR2.7 billion in 2014-15. The operating margin has been low at 0.2 to 0.7 per cent over the five years ended 2013-14, given the company's trading nature of business. In addition, JAPL's working capital requirement has reduced with the closing of one of its showrooms. The company repaid its external debt of INR100 million, which was availed of to fund its working capital for a new showroom. The promoters have also added INR36 million of unsecured loans to fund JAPL's working capital requirements (treated as neither debt nor equity) as on March 20, 2015. Subsequently, the total outside liabilities to tangible net worth (TOLTNW) ratio improved to 2.3 times as on March 31, 2014 from 3 times in the previous year and is expected to improve further in 2014-15. The interest coverage ratio is also expected to improve to 2.0 to 2.5 times on account of low interest expense in 2014-15. CRISIL believes that JAPL's business and financial risk profiles will improve over the medium term on account of the promoter's extensive industry experience and funding support. The rating reflects JAPL's modest scale of operations and exposure to risks related to the fragmented and competitive retail jewellery and bullion trading segments, and low operating margin, driven by trading nature of operations. These rating weaknesses are partially offset by the promoters' financial support and their extensive experience in the retail jewellery and bullion segments. Outlook: Stable CRISIL believes that JAPL will continue to benefit from its promoters' extensive experience in the bullion and retail jewellery segments, over the medium term. The outlook may be revised to 'Positive' if the company significantly improves its financial risk profile and profitability margins with sizeable cash accruals. Conversely, the outlook may be revised to 'Negative' if JAPL's financial risk profile deteriorates with deficient risk management strategies or an increase in its working capital requirements. JAPL was set up as a partnership firm by Mr. Kamlesh Jain and his father, Mr. Rajendra Kumar Jain, in New Delhi in 1998. The firm was reconstituted as private limited company in 2008. JAPL manufactures gold, silver, and diamond jewellery and trades in gold bullion. Currently, the company operates two showrooms of 125 square feet (sq ft) and 300 sq ft in Chandni Chawk (New Delhi). The promoter family has been active in the gold industry over the past two decades. JAPL's day-to-day operations are managed by Mr. Kamlesh Jain. JAY KHODIYAR: CRISIL Reaffirms B Rating on INR60MM Demand Loan -------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Jay Khodiyar Cotton Pvt Ltd (JKCPL) reflects JKCPL's susceptibility to intense competition in the cotton ginning industry and low bargaining power, high seasonality in working capital requirements, and weak financial risk profile, marked by high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the benefits that the company derives from its promoters' extensive experience in the cotton industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 4.5 CRISIL B/Stable (Reaffirmed) Working Capital Demand Loan 60.0 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes that JKCPL will continue to benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if the company improves its scale of operations and/or profitability resulting in better cash accruals, or if it receives any sizeable equity infusion leading to sustained improvement in capital structure and debt protection metrics. Conversely, the outlook may be revised to 'Negative' if it faces further pressure on its profitability or if its working capital requirements increase further, weakening its financial risk profile, particularly liquidity. JKCPL was set up in 2008 by Mr. Nanabhai Kalsaria, Mr. Mangalbhai Ladmur, and Mr. Nagjibhai Rathore, who have over twenty years of experience in the cotton industry. The company processes raw cotton into cotton bales and cotton seeds and caters to domestic markets. The company's unit is based in Bhavnagar (Gujarat). JAYCEE STEEL: ICRA Suspends B+ Rating on INR10cr LT Loan -------------------------------------------------------- ICRA has suspended the long term rating of '[ICRA]B+' assigned to the INR10.0 crore long term fund based limits of M/s Jaycee Steel Pvt. Ltd. and short term rating of [ICRA]A4 assigned to the INR1.0 crore short term non fund based limits of JSPL. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. JHANWAR RICE: CRISIL Ups Rating on INR100MM Cash Loan to B+ ----------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Jhanwar Rice and Dall Mill (JRDM) to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Proposed Long Term 16.7 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B/Stable') Term Loan 13.3 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Warehouse Receipts 30.0 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects improvement JRDM's business risk profile backed by sustained revenue growth driven by established relationships with its customers and enhancement in the capacity. The firm registered a healthy compound annual growth rate of 17 per cent in revenue along with operating margin of over 5 per cent over the past four years and is expected to maintain the momentum over the medium term. The rating upgrade also factors improvement in the financial risk profile because of funding support from the promoter through equity infusion and unsecured loans, leading to improvement in gearing. The firm's liquidity is expected to remain healthy as reflected by generation of sufficient cash accruals against its minimum term debt repayment obligations, and bank limit utilisation at 49 per cent, on average, over the 12 months ended December 31, 2014. The rating reflects JRDM's average financial risk profile, marked by average gearing and moderate debt protection metrics, and the firm's working-capital-intensive operations. The rating also factors in the firm's small scale of operations in the highly fragmented rice industry. These rating weaknesses are partially offset by the extensive industry experience of JRDM's promoters. Outlook: Stable CRISIL believes that JRDM will, over the medium term, maintain its business risk profile backed by established relationships with its customers and suppliers. The outlook may be revised to 'Positive' if the firm scales up its operations, while maintaining its profitability or improves its working capital management, leading to better liquidity, and capital structure. Conversely, the outlook may be revised to 'Negative' if JRDM's liquidity further weakens, primarily due to a decline in revenue or profitability, leading to low net cash accruals or it undertakes any large debt- funded capital expenditure programme. JRDM was incorporated in 1979 by Mr. Kailash Jhanwar in Bundi (Punjab). The firm mills and trades in paddy and rice. It has a milling capacity of 6 tonnes per hour, with utilisation of around 70 per cent. JRDM reported net profit of INR4.5 million on net sales of INR331.60 million for 2013-14 (refers to financial year, April 1 to March 31), against net profit of INR3.6 million on net sales of INR334.20 million for 2012-13. KAMAKSHI LAMIPACK: CRISIL Reaffirms D Rating on INR77MM Loan ------------------------------------------------------------ CRISIL's ratings on the bank facilities of Kamakshi Lamipack Private Limited (KLPL) continue to reflect instances of delays by KLPL in servicing its term debt. The delays have been caused by the company's weak liquidity resulting from continuing cash losses from its operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL D (Reaffirmed) Letter of Credit 25 CRISIL D (Reaffirmed) Long Term Loan 77 CRISIL D (Reaffirmed) KLPL also has a below-average financial risk profile, marked by a highly leveraged capital structure, and modest scale of operations. These rating weaknesses are partially offset by KLPL's established regional position in the flexible packaging industry, aided by its promoters' extensive industry experience. KLPL, established in 1982, is engaged in the manufacture of flexible packaging materials. The company's day-to-day operations are managed by Mr. A L Chidambaram. KLPL reported a net loss of INR5.6 million on an operating income of INR302 million for 2013-14 (refers to financial year, April 1 to March 31), as against net loss of INR1.9 million on an operating income of INR291 million for 2012-13. KISH EXPORTS: ICRA Reaffirms B Rating on INR10cr FB Loan -------------------------------------------------------- ICRA has reaffirmed [ICRA]B rating for INR10.0 crores fund based limits of Kish Exports Limited. ICRA has also reaffirmed [ICRA]A4 rating for INR1.0 crore non-fund based limits of KEL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 10.00 [ICRA]B reaffirmed Non-Fund Based Limits 1.00 [ICRA]A4 reaffirmed The rating reaffirmation takes into account modest scale of operations of the company which coupled with high competition in the industry has resulted in modest profitability and debt coverage indicators (interest coverage of 1.61 times and NCA/TD of 3% for FY2014). The rating is also constrained by weak return indicators (ROCE of 2.7% for FY2014) and weak cash flow position of the company mainly due to high working capital intensity of operations led by high advances to group companies and for properties. Further the profitability of the company remain exposed to any adverse movements in raw material prices and the exchange rate fluctuations since KEL doesn't hedge its foreign currency denominated receivables. Nevertheless, the ratings derive some comfort from KEL's experienced management with long track record in the exports business. Kish Exports Limited [KEL] was incorporated in 1993 and is engaged in manufacturing and export of garments. The company is promoted by Mr. M.K. Lakhwani and Ms. Sanjana Samtani. The company is primarily an exporter and derives roughly 95% of its income from exports and the remaining 5% from domestic sales. The company specializes in silk garments with embroidery and beads with approximately 50% of the company's business in silk and silk products. Besides silk, the company is also engaged in fabrics like Mosscrepe, Georgette, Y/D plaids procured from South India, rayon cotton blends and Amritsar woolen fabric etc. The designing of garments is done in-house based on the instructions/designs approved by the customers. Majority of the garment manufacturing for Kish Exports Limited is done by Ishvar International, which is a group company (proprietorship firm with Mrs. Lakhwani as proprietor). The company majorly exports to USA, UK and South Africa. Recent Result In FY 2014, KEL reported net profit of INR0.18 crore on an operating income of INR32.18 crore as against net profit of INR1.28 crore on operating income of INR25.91 crores in FY2013. LUKE EXPORT: CRISIL Ups Rating on INR20MM Term Loan to B+ --------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Luke Export (LE) to 'CRISIL B+/Stable' from 'CRISIL B/Stable' and has reaffirmed its rating on the short-term bank facility at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Foreign Bill Discounting 80 CRISIL A4 (Reaffirmed) Packing Credit 50 CRISIL A4 (Reaffirmed) Term Loan 20 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects CRISIL's belief that LE will maintain its improved financial risk profile and liquidity over the medium term supported by steady cash accruals. The firm is expected to generate cash accruals of INR6.0 to 7.5 million over the medium term to meet repayment obligations of INR3.1 to 4.0 million. The ratings reflect LE's modest scale of operations and below- average financial risk profile, marked by a modest net worth and weak debt protection metrics. These rating weaknesses are partially offset by the extensive experience of the proprietor in the seafood industry. Outlook: Stable CRISIL believes that LE will continue to benefit over the medium term from the extensive industry experience of its proprietor. The outlook may be revised to 'Positive' if the concern records a significant and sustainable growth in revenues, while improving its profitability margins and debt protection metrics. Conversely, the outlook may be revised to 'Negative' if LE's revenues or margins decline significantly, or if it undertakes a debt-funded capital expenditure programme, leading to weakening of its financial risk profile. LE, established in 1998, is a proprietorship concern of Mr. Xavier Luke. The concern is engaged in processing and export of sea food. Its processing facilities are in Sakthikulangara (Kerala) and Padanthalumoodu (Tamil Nadu). MAHALAXMI DHATU: CRISIL Cuts Rating on INR120MM Loan to B+ ---------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Mahalaxmi Dhatu Udhyog Pvt Ltd (MDU) to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 40 CRISIL A4 (Downgraded from 'CRISIL A4+') Cash Credit 120 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') Proposed Long Term 58.2 CRISIL B+/Stable (Downgraded Bank Loan Facility from 'CRISIL BB-/Stable') Term Loan 1.8 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') The rating downgrade reflects deterioration in MDU's business risk profile, which is expected to lead to significantly weakened liquidity in the near-term. With slow order flow from its main customers, the company's revenues are expected to face continued pressure, following the estimated 45 per cent decline in 2014-15 (refers to financial year, April 1 to March 31). The demand pressure is also expected to translate into increase in working capital requirements, driven by stretched receivables. Its gross current assets are estimated to increase to around 240-250 days in 2014-15, resulting in stretched liquidity, as reflected in high utilisation of its bank limits utilisation during the 12 months through December 2014. CRISIL believes that MDU's liquidity will remain weak over the medium term on account of weak demand from its key customer, which alone contributes to over 50-60 per cent of company's revenues. The financial risk profile remains average with low interest coverage and moderate net worth but is supported by low gearing. As on March 31, 2015, the firm's net worth is estimated to be moderate at around INR 147 million and interest coverage at around 1 time but is supported by gearing at around 0.6-1 times. CRISIL's rating on bank facilities of Mahalaxmi Dhatu Udhyog Pvt Ltd (MDU) continues to reflect customer concentration in the company's revenue profile, its working-capital-intensive operations, and its exposure to risks related to cyclical demand in the steel industry. These rating strengths are partially offset by extensive experience of MDU's promoters in the structural steel components business. Outlook: Stable CRISIL believes that MDU will benefit in the medium term due to promoters' extensive experience in the structural steel components industry. The outlook may be revised to 'Positive' if MDU improves its scale of operations significantly, and achieves higher-than- expected profitability and cash accruals. Conversely, the outlook may be revised to 'Negative' if the company undertakes a large debt-funded capital expenditure programme, or if there is a further stretch in its working capital cycle, leading to deterioration in its financial risk profile, including its liquidity. MDU, incorporated in 1995, manufactures structural steel items such as window sections, angles, and high-tension towers. The company has a manufacturing unit at Hingne in Nagpur (Maharashtra), with a capacity to process 40,000 tonnes of steel per annum. The business belongs to the Rathi family of Nagpur, and is managed by Mr. Krishna Rathi and his father, Mr. Nandlal Rathi. MALWA AUTO: CRISIL Reaffirms B+ Rating on INR80MM Cash Credit ------------------------------------------------------------- CRISIL's rating on the long-term bank facility of Malwa Auto Sales Pvt Ltd (MAPL) continues to reflect MAPL's weak financial risk profile, marked by leveraged capital structure and moderate interest coverage ratio, and moderate scale of operations in the intensely competitive auto dealership industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 80 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the benefits that MAPL derives from its promoters' extensive experience in the automotive dealership business and sole-authorised distributorship of Hyundai Motors India Ltd (HMIL) in Sonipat (Haryana). Outlook: Stable CRISIL believes that MAPL will benefit over the medium term from its promoters' extensive experience in automobile dealership business and established relationship with its principal, HMIL. The outlook may be revised to 'Positive' if the company's financial risk profile improves on account of substantial accruals, led by improvement in scale and operating profitability. Conversely, the outlook may be revised to 'Negative' if MAPL's working capital management weakens further or it undertakes any debt-funded capital expenditure plans, leading to further deterioration in its overall financial risk profile. MAPL was incorporated in 2002, promoted by Mr. Nitin Sharma and his family members. The company commenced its operations in 2009 with dealership agreement of HMIL. Currently, MAPL is the sole authorised automobile dealer for HMIL in Kundli, Sonipat, Gohana, and Gannaur (all in Haryana). MAPL has three showrooms in 3S format and one outlet. MILANO PAPERS: CRISIL Assigns B Rating to INR150MM Cash Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Milano Papers Pvt Ltd (MPPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Bank Facility 90.5 CRISIL B/Stable Bank Guarantee 12.0 CRISIL A4 Cash Credit 150.0 CRISIL B/Stable The ratings reflect MPPL's modest scale of operations in the highly fragmented paper industry, the company's large working capital requirements, and expected weak financial risk profile, marked by high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of MPPL's promoter and healthy relations with customers. Outlook: Stable CRISIL believes that MPPL will continue to benefit over the medium term from its promoter's financial support and the proximity of its plant to various customers and suppliers. The outlook may be revised to 'Positive' in case MPPL's scale of operations improves substantially along with efficient working capital management. Conversely, the outlook may be revised to 'Negative' if the company's financial risk profile deteriorates due to substantially large working capital requirements, or sizeable debt-funded capital expenditure, or lower-than-expected accruals. Set up in 2011, MPPL is promoted by the Morbi (Gujarat)-based Mr. Bachubhai Agola. The company manufactures paper board, which is used by various fast-moving consumer goods and packaging companies. For 2013-14 (refers to financial year, April 1 to March 31), MPPL reported a net profit of INR51.85 million on net sales of INR686 million. NAV BHARAT: ICRA Reaffirms B Rating on INR6cr LT Loan ----------------------------------------------------- ICRA has reaffirmed its long term rating of [ICRA]B on the INR6.00 crore long term fund based limits of Nav Bharat Rice & General Mills. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based Limits 6.00 [ICRA]B; (reaffirmed) The rating reaffirmation takes into account the elevated gearing of the firm due to large working capital requirements, which have been primarily funded by working capital borrowings. Also, the low value added nature of operations and the intensely competitive nature of the rice milling industry have led to low profitability margins. The low margins coupled with the high gearing have resulted in weak coverage indicators as reflected in low interest coverage of 1.29 times during FY 2013-14. However, the ratings favourably take into account the extensive experience of the promoters and their strong relationships with several customers and suppliers, coupled with proximity of the mill to major rice growing areas, which results in easy availability of paddy. NBRGM was set up in 1987 by Mr. Subash Chand and his family as a partnership firm. The firm is engaged in the milling and trading of rice (which includes both basmati and non basmati rice). It has a plant at Cheeka (Haryana) with a milling capacity of 4 tonnes per hour. Recent Results NBRGM has reported a net profit of INR0.01 crore on an operating income of INR17.86 crore in FY 2013-14 as compared to a net profit of INR0.01 crore on an operating income of INR21.13 crore in the previous year. PURNA FISHERIES: CRISIL Assigns B+ Rating to INR150MM Cash Loan --------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-term bank facilities of Purna Fisheries Pvt Ltd (PFPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 150 CRISIL B+/Stable Term Loan 40 CRISIL B+/Stable The rating reflects PFPL's nascent stage of operations in the fragmented fish farming industry; subdued financial risk profile marked by modest net worth and high gearing; and working-capital- intensive operations. These rating weaknesses are partially offset by entrepreneurial experience of the promoters and healthy growth prospects of the company. Outlook: Stable CRISIL believes that PFPL will continue to benefit over the medium term from the promoter's extensive industry experience. The outlook may be revised to 'Positive' if the company reports significant growth in its revenue and profitability; or sizeable improvement in its capital structure. Conversely, the outlook may be revised to 'Negative' in case of lower-than-expected revenue or profitability; or if the company undertakes a large, debt-funded capital expenditure programme, resulting in further deterioration in the company's financial risk profile. Incorporated in 2013, PFPL is promoted by Mr. Balaji Nagre. The company undertakes fish farming activities at the Yeldari Reservoir located on the Purna River in Parbhani (Maharashtra). The company has its registered office located in Mumbai. PFPL reported a profit after tax (PAT) of INR0.5 million on net sales of INR3.7 million for 2013-14 (refers to financial year, April 1 to March 31). RADHEYA MACHINING: CRISIL Reaffirms B Rating on INR492MM Loan ------------------------------------------------------------- CRISIL's ratings on the long term bank facilities of Radheya Machining Ltd (RML) continue to reflect RML's exposure to small scale of operations and limited revenue diversity, and moderate financial risk profile. These rating weaknesses are partially offset by the company's established position in automotive transmission components segment. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 492 CRISIL B/Stable (Reaffirmed) Rupee Term Loan 30 CRISIL B/Stable (Reaffirmed) Working Capital Demand Loan 20 CRISIL B/Stable (Reaffirmed) CRISIL had upgraded its rating on the long-term bank facilities of RML to 'CRISIL B/Stable' from 'CRISIL D', through its rating rationale dated March 10, 2015. The rating upgrade reflected the improvement in RML's liquidity, marked by timely servicing of debt for the nine months through February 2015. The improvement was driven primarily by healthy cash accruals and refinancing of debt, resulting in adequacy of cash accruals for servicing of term debt. However, RML's liquidity is expected to remain stretched on account of tightly matched net cash accruals against its debt obligations and on account of its working-capital-intensive operations. Outlook: Stable CRISIL believes that RML will continue to benefit over the medium term from its established position in the auto transmission components segment. The outlook may be revised to 'Positive' if the company's financial risk profile improves significantly because of fresh equity infusion, stable profitability, and improved working capital management. Conversely, the outlook may be revised to 'Negative' if large, debt-funded capital expenditure materially constrains the company's capital structure and debt servicing ability or in case of a stretched working capital cycle. Incorporated in 2001, RML manufactures machined auto transmission components. The company, promoted by Mr. Sanjay Joshi, Mr. Dhananjay Bhargav, and Mr. Santosh Joshi, has two manufacturing units at Sanaswadi near Pune (Maharashtra). RML has four group concerns: Yashwant Forgings Pvt Ltd, Bhargav Gears, Prachay Auto Parts Pvt Ltd, and Aagneya Heat Treatment Technologies Pvt Ltd. These companies, in close association with RML, are involved in forging, machining, and heat treatment of auto components. RANA DENIM: CRISIL Reaffirms B+ Rating on INR130MM Demand Loan -------------------------------------------------------------- CRISIL's ratings on the bank facilities of Rana Denim Pvt Ltd (RDPL) continue to reflect RDPL's susceptibility to volatility in raw material prices, given its large inventory holding; and to changes in government policies, and customer concentration in its revenue profile. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 18.8 CRISIL A4 (Reaffirmed) Cash Credit 80 CRISIL B+/Stable (Reaffirmed) Long Term Loan 66.1 CRISIL B+/Stable (Reaffirmed) Working Capital Demand Loan 130.0 CRISIL B+/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of RDPL's promoters in the cotton industry and the benefits arising from its synergies with group concerns. The rating also reflects the company's average financial risk profile marked by moderate net worth and capital structure. For arriving at its ratings, CRISIL has treated unsecured loans extended by the promoters as neither debt nor equity as these are expected to remain in the business over the medium term. Outlook: Stable CRISIL believes that RDPL will continue to benefit over the medium term from its promoters' extensive industry experience and synergies from group concerns. The outlook may be revised to 'Positive' if the company improves its working capital cycle or significantly increases its scale of operations while maintaining stable margins, leading to higher cash accruals and subsequent improvement in liquidity. Conversely, the outlook may be revised to 'Negative' if RDPL's revenues and profitability decrease significantly, leading to substantially lower cash accruals, or if it undertakes a large debt-funded capital expenditure programme, resulting in further stretch in liquidity. Update Having achieved revenues of INR 330 million for the 9 months ended December 2014; the company's revenue is expected to increase approximately by 10 per cent in 2014-15 (refers to financial year, April 1 to March 31) to INR 500 to 550 million. The operating performance for 2013-14 (refers to financial year) was marginally weaker on a year-on-year basis with operating income of INR 480 million and operating margins of 13.6 per cent on account of a subdued business environment and lower demand for high quality fabric. Further, the company has large working capital requirements, as reflected in expected gross current asset (GCA) days of 250 to 270 days for 2014-15 emanating largely from high inventory levels. CRISIL believes that while the company will continue to operate at higher scale of operations and sustain operating profitability; funding of the large working capital requirements will remain a key monitorable. The working capital intensity impacts the company's liquidity; which remains stretched, despite comfortable gearing of about 1 time, and moderate net worth of about INR200 million as on March 31, 2015. RDPL's expected accruals of INR 35 to 40 million for 2014-15 against term debt obligations of approximately INR 35 million for the same period, continues to constrain the company's credit profile. Additionally, high working capital requirements lead to high utilization of bank limits. The company's BLU was high at 95 per cent for the 11 months ended December 2014. Liquidity continues to be supported by funding support from the promoters; they have brought in unsecured loans of INR30 million during 2014-15 leading to total unsecured loans extended by them of INR 60.3 million. According to CRISIL, while periodic support from promoters and absence of capex plans support the company's financial risk profile; low cash accruals post repayment obligations continue to constrain the company's average financial risk profile. RDPL was set up by Mr. Hasamali Rana Karani and his family in 2000. The company manufactures open-ended cotton yarn in counts of 6s to 20s, used in manufacturing denim garments. It operates a unit in Yavatmal (Maharashtra). RDPL reported a profit before tax (PBT) of INR4.2 million on net sales of INR474.7 million for 2013-14, as against a PBT of INR3.6 million on net sales of INR541.9 million for 2012-13. SHIKARPUR & BHANDAPUR: ICRA Reaffirms B- Rating on INR5.06cr Loan ----------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B- assigned to the INR5.06 crore tea hypothecation limit, INR2.52 crore term loan and INR0.25 crore bank guarantee of Shikarpur & Bhandapur Tea Estates Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Tea Hypothecation Limits 5.06 [ICRA]B-;reaffirmed Term Loan 2.52 [ICRA]B-;reaffirmed Bank Guarantee 0.25 [ICRA]B-;reaffirmed The reaffirmation of the rating takes into account SBTEPL's adverse financial risk profile as reflected by low net profitability, depressed level of debt coverage indicators and negative tangible net worth of the company. However, ICRA notes that interest free unsecured loans from the promoters of INR6.6 crores as on March 31, 2014, which as per agreement with banks cannot be withdrawn without their prior consent, provides some comfort. Moreover, with increase in wage rate and other input costs, the profitability of the company is likely to be under pressure over the medium term. The rating also takes into consideration SBTEPL's small scale of operations at present, with both gardens located in Dooars region of West Bengal that accentuates the agro climatic risks associated with tea, and the inherent cyclicality in the tea industry that leads to variability in profitability and cash flows of the company. The rating also takes note of the increased production volumes, which coupled with firm tea prices in the current financial year is likely to support the turnover of the company during FY15. The rating also incorporates the experience of the promoters in the tea industry and the favourable price outlook for the domestic bulk tea prices that is likely to be sustained at least over the short to medium term. However, any moderation in tea prices going forward could exert pressure on the operating margins given the continuous rise in input cost as well as the recent wage rate hike, which would increase the operating costs for the company, going forward. SBTEPL was acquired by the present management in 2011 from the erstwhile promoters. SBTEPL has two tea gardens in the Dooars region of North-East India, with a total area of around 550 hectares under plantation. The total production capacity of SBTEPL is around 20 lakh kgs of tea. Recent Results During FY14 the company registered a profit after tax (PAT) of INR0.03 crore on the back of an operating income (OI) of INR13.97 crore as against a PAT of INR0.04 crore on the back of OI of INR10.08 crore during FY13. SHREE RAJASVI: CRISIL Reaffirms B Rating on INR160MM Cash Loan -------------------------------------------------------------- CRISIL's rating on the long-term bank facilities of Shree Rajasvi Polyesters (Rajasvi) continues to reflect Rajasvi's below-average financial risk profile, marked by high gearing and weak debt protection metrics, and its modest scale and working-capital- intensive nature of operations. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 160 CRISIL B/Stable (Reaffirmed) Proposed Long Term Bank Loan Facility 20.3 CRISIL B/Stable (Reaffirmed) Term Loan 21.8 CRISIL B/Stable (Reaffirmed) These rating weaknesses are partially offset by the extensive experience of the firm's partners in the yarn industry. For arriving at its rating, CRISIL has treated unsecured loans of INR17.1 million extended to Rajasvi by its partners and their associates as neither debt nor equity; this is because these loans will be retained in the business until the bank loans are repaid. Outlook: Stable CRISIL believes that Rajasvi will continue to benefit over the medium term from its partners' extensive industry experience and their funding support. The outlook may be revised to 'Positive' in case of improvement in the firm's liquidity, most likely due to substantial capital infusion or a considerable improvement in revenue and profitability, resulting in much higher cash accruals. Conversely, the outlook may be revised to 'Negative' if Rajasvi's financial risk profile, especially its liquidity, deteriorates, owing to a stretch in its working capital cycle, lower-than- expected net cash accruals, or a sizeable withdrawal from partners' capital. Update Rajasvi's revenue is expected to increase by 15 per cent year-on- year to between INR800 million and INR850 million in 2014-15 (refers to financial year, April 1 to March 31), backed by continued demand for its texturised yarn products. In 2013-14, its revenue remained rather flat at INR693 million on account of a subdued business environment and intense industry competition. However, the firm's operating margin improved to 4.1 per cent in 2013-14 from 1.3 per cent in 2012-13 following several cost rationalisation measures. Rajasvi's working capital requirements remain high as reflected in its expected gross current assets of 107 days as on March 31, 2015, mainly due to large receivables. Furthermore, as the firm has low bargaining power with large corporate suppliers, from which it procures partially oriented polyester yarn (POY), it does not get support from creditors. CRISIL believes that while the firm will continue to increase its scale of operations and improve its operating margin, incremental working capital requirements will continue to constrain its credit risk profile over the medium term. Rajasvi's financial risk profile is marked by high gearing, estimated at around 3 times as on March 31, 2015, and weak debt protection metrics, with interest coverage ratio estimated at 1.2 times for 2014-15. The firm has weak liquidity, marked by high utilisation in bank lines and tightly matched cash accruals against repayment obligations of INR7.8 million for 2015-16. Furthermore, the partners withdrew capital of INR22 million during 2013-14. CRISIL believes that Rajasvi's financial profile will remain below-average over the medium term because of low accretions to reserves and continued dependence on bank limits for funding working capital requirements. Sustenance of partners' capital in the firm will remain a key rating sensitivity factor over the medium term. For 2013-14, on a provisional basis, Rajasvi reported net sales of INR692.6 million, as against INR669.3 million for 2012-13. Rajasvi manufactures texturised and twisted polyester yarn from POY. The firm's manufacturing facilities are in Surat (Gujarat). It also acts as a del credere agent for selling POY of Garden Silk Mills Pvt Ltd. Rajasvi was set up in 2010 by Mr. Naresh Gandhi and his family by dissolving multiple entities and consolidating their operations under Rajasvi. SHREE SACHIDANAND: ICRA Cuts Rating on INR6.25cr Loan to D ---------------------------------------------------------- ICRA has revised the long-term rating assigned to the INR11.25 crore fund based bank facilities of Shree Sachidanand Industries Private Limited from [ICRA]B to [ICRA]D. ICRA has also revised the ratings assigned to the INR3.25 crore unallocated limit of the company from [ICRA]B and/or [ICRA]A4 to [ICRA]D. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based 6.25 [ICRA]D Revised from Limit - Term Loans [ICRA]B Long Term Fund Based 5.00 [ICRA]D Revised from Limit - Cash Credit [ICRA]B Unallocated Limit 3.25 [ICRA]D Revised from [ICRA]B and/or [ICRA]A4 The revision in ratings takes into account the continuous delays in servicing of debt in the past six months, reflecting its strained liquidity position. The ratings also continue to take into account the company's modest scale of operations and its high financial risk profile characterized by deteriorating coverage indicators, stretched capital structure and high working capital intensity. Moreover, the ratings also consider the intense competitive pressure arising out of a fragmented industry structure and vulnerability of operations to cyclicality inherent in the textile industry given the absence of any long term contracts with customers. However, ICRA considers the locational advantages derived by the company by virtue of its proximity to raw material sources and customers and also the company's limited exposure to input price fluctuations, given the job-work nature of operations. Incorporated in the year 1993, Shree Sachidanand Industries Private Limited (SSIPL) is engaged in the business of dyeing and printing of fabrics. SSIPL is a group company of the Jajoo group. The company's registered office and processing facility is in Surat (Gujarat). Recent results SSPL recorded a profit after tax of INR1.17 crore on an operating income of INR26.51 crore for the year ending March 31, 2014 and a profit before tax of INR0.89 crore on an operating income of INR21.38 crore for the eight months ending November 30, 2014. SHRI GAJANAN: CRISIL Reaffirms B+ Rating on INR50MM Cash Loan ------------------------------------------------------------- CRISIL's ratings on the bank facilities of Shri Gajanan Engineering Services (SGES) continue to reflect SGES's modest scale of operations, large working capital requirements, and average financial risk profile marked by modest net worth and gearing. These rating weaknesses are partially offset by the established track record of SGES in the electrical contracting industry. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 30 CRISIL A4 (Reaffirmed) Cash Credit 50 CRISIL B+/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SGES will continue to benefit over the medium term from its established position in the electrical contracting industry. The outlook may be revised to 'Positive' if the firm achieves significant and sustained improvement in its revenue, while improving its capital structure. Conversely, the outlook may be revised to 'Negative' if SGES registers a significant decline in its revenue or margins, or if its working capital cycle lengthens, or if it undertakes any large debt-funded capital expenditure programme, weakening its financial risk profile. Update Having achieved revenue of INR120 million for the 11 months through February 2015, SGES is likely to achieve year-on-year revenue growth of around 10 per cent, to around INR160 million, in 2014-15 (refers to financial year, April 1 to March 31). Its operating margin remains stable, at 14 to 15 per cent. SGES has an outstanding order book of INR90 million, to be executed over the 10 months through January 2016, providing near-term revenue visibility. CRISIL believes that while SGES will continue to improve its scale of operations and maintain operating profitability over the medium term, its modest scale of operations will continue to constrain its business risk profile. SGES's financial risk profile is average, marked by expected modest net worth of around INR16 million and gearing of 1.22 times as on March 31, 2015. With external borrowings limited to working capital limits and nil term debt, the firm has a moderate interest outgo, resulting in above-average debt protection metrics; its interest coverage ratio is expected at around 2.5 times for 2014- 15. However, CRISIL believes that the low accretion to reserves, constrains the improvement in net worth; the company's modest net worth level limits the company's ability to withstand pressure on profitability. SGES has average liquidity with large working capital requirements continuing to result in high bank limit utilisation. With expected gross current assets of over 350 days as on March 31, 2015, driven by large receivables, the firm's bank limit utilisation was high, averaging 94 per cent over the 12 months through October 2014. CRISIL believes that while SGES will continue to have large working capital requirements over the medium term, absence of term debt obligations and capital expenditure plans will support the firm's liquidity over the medium term. SGES, established in 2001, is a proprietorship concern of Mrs. Shubangi Deshmukh. SGES is an engineering, procurement, and construction (EPC) contractor engaged in setting up of substations and transmission lines for state power transmission and distribution utilities in Maharashtra. Its day-to-day operations are managed by Mr. Ravindra Deshmukh (husband of Mrs. Shubangi Deshmukh). For 2013-14, SGES reported a profit after tax (PAT) of INR6.7 million on net sales of INR118.7 million on a provisional basis, as against a PAT of INR6.3 million on net sales of INR105.8 million for 2012-13. SHYAMSUNDAR SATYANARAYAN: ICRA Rates INR15cr Cash Loan at B+ ------------------------------------------------------------ ICRA has assigned an [ICRA]B+ rating to the INR15.00 crore cash credit facility of Shyamsundar Satyanarayan Textiles (P) Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits (Cash Credit) 15.00 [ICRA]B+ assigned The assigned rating takes into account the highly fragmented industry structure with the presence of a large number of players and limited value addition, which keeps margins under check, and the weak financial profile of the company characterized by nominal profits and cash accruals from the business, which along with a high gearing leads to depressed coverage indicators. Moreover, the working capital intensity of operations has remained at a high level on account of high receivables and significant inventory holding, which adversely impacts the liquidity position of the company. The rating also factors in the adverse price fluctuations of the traded materials, which is likely to keep SSTPL's profitability and cash flows volatile. The rating, however, derives comfort from the experience of the promoters in the fabric trading business and the established relationship of the promoters with reputed suppliers that ensures regular supply of traded materials. Incorporated in 2003, SSTPL is engaged in the trading of denim and other fabrics, and is an authorized dealer of Arvind Ltd. in eastern India. Besides, the company is also engaged in the trading of shares. Recent Results During the first nine months of 2014-15, the company reported a net profit before tax of INR0.55 crore (provisional) on an operating income of INR49.08 crore (provisional). The company reported a net profit of INR0.53 crore on an operating income of INR62.32 crore in 2013-14. SILVERSUN SOLAR: ICRA Puts 'SP 3D' Grading on Weak Fin'l Strength ----------------------------------------------------------------- ICRA has assigned the 'SP3D' grading to Silversun Solar Systems Private Limited (SSPL), which indicates 'Moderate Performance Capability' and 'Weak Financial Strength' of the channel partner to undertake off-grid solar projects. The grading is valid till March 22, 2017. Grading Drivers Strengths * Long term working relationship with equipment suppliers, which are among the leading solar modules and balance of systems suppliers in India * Positive customer feedback on the quality of products supplied and after sales services being provided by the company. * Moderate return on capital employed Risk Factors * Lack of sufficient experience in executing large solar off grid power projects, although the promoter has a long track record in the design and installation of small solar power projects * Limited number of technically qualified manpower with experience in the solar photo voltaic industry, which may constrain future business prospects * Low turnover and nominal profits and cash flows from business; high gearing and adverse coverage indicators Grading Rationale While assigning the grading ICRA has taken into consideration the experience of the promoter in the design and installation of small solar photovoltaic (PV) systems in the domestic market. ICRA has also taken into consideration SSSPL's long term working relationships with its equipment suppliers, which are among the leading solar power systems suppliers in India, and the positive customer feedback on the quality of products supplied and the after sales services being provided by the company. The grading is however constrained by the lack of experience of the company in executing large solar off grid power projects. ICRA notes that the company has a limited number of technically qualified manpower with experience in the solar PV industry, which may constrain its future business prospects. SSPL's financial profile witnessed some deterioration in 2013-14 (FY14) as characterized by deterioration in the gearing and coverage indicators. The company's turnover is low, although a moderate order book provides some revenue visibility in the short term. However, ICRA notes that the return on capital employed (RoCE) remains at comfortable levels. SI Related Business - Moderate Performance Capability Promoter's Track Record: SSSPL is promoted and managed by Mr. Lalmohan Ghosh based in Kolkata. Mr. Ghosh has been associated with the solar PV industry since 2000. Prior to SSSPL, he had worked with Sunshine Power Products Pvt. Ltd. which is engaged in design and installation of solar lighting systems, solar batteries, solar water heaters and solar TV sets. However, the company lacks experience in commissioning large solar power projects. SSSPL, since inception, had been engaged in commissioning small solar PV plants like solar home lighting systems and solar street lighting systems, solar pumps etc. Till date, SSSPL has commissioned around 800 KW of solar PV projects in West Bengal. Technical Competence and Adequacy of Manpower: SSSPL has the capability to manufacture solar charge controllers and solar batteries, while it undertakes design and installation of solar PV home and street lighting systems. At present, SSSPL's operations are not backward integrated and the company procures solar PV modules, batteries, cables etc. from reputed manufacturers in India. As of now, the company has a limited number of technically qualified employees required to execute large solar off-grid projects. SSSPL had around 13 employees, working in various technical roles. ICRA notes that the company would be required to augment its resource base having in order to scale up its operations. Quality of Supplier and Tie-ups: SSSPL procures solar PV modules from TATA BP Solar India Limited (SI grading of SP1A by ICRA), Akshay Solar Energy Pvt. Ltd. (Solar SI gradation of SP 3B by CRISIL) and Vikram Solar Pvt. Ltd. (Solar SI gradation of SP1B by ICRA). The company procures batteries from Exide Industries Ltd and also uses its own batteries. The equipment suppliers to the company are reputed in the field of solar energy and SSSPL enjoys a long and good working relationship with them. Customer and O&M Network: SSSPL's customer base is concentrated in West Bengal, as most of the solar power projects commissioned by SSSPL have been procured through tenders floated by West Bengal Renewable Energy Development Agency (WBREDA). SSSPL's has an operations and maintenance network comprising of 29 service centres spread across West Bengal. Adequate training is provided by SSSPL to all the personnel in the service centres to enable them to cater to the customer requirements satisfactorily. Financial Strength - Weak Revenues Low turnover of INR1.52 crore in 2013-14 given the small scale of operation of the company at present although, the same has increased from INR0.73 crore in 2012-13 Return on Capital Employed (RoCE) High RoCE of the company of 16.00% in 2013-14 Total Outside Liabilities/Tangible Net Worth Deterioration in the ratio to 10.25x as on March 31, 2014 from 6.66x as on March 31, 2013 Interest Coverage Ratio Decline in the interest coverage ratio to 1.90x during 2013-14 from 2.14x during 2012-13 on account of increased debt levels. Net Worth Networth of the company was INR0.06 crore as on March 31, 2014 Current Ratio Moderate ratio of 1.18x in 2013-14 Relationship with bankers Bankers are satisfied with the account's conduct. SIPAI COTTON: ICRA Reaffirms B+ Rating on INR6cr Cash Credit ------------------------------------------------------------ ICRA has reaffirmed the [ICRA]B+ rating to INR6.00 crore fund based cash credit facility of Sipai Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.00 [ICRA]B+; Reaffirmed The rating continues to consider the company's modest scale of operations, with weak financial profile described by thin profitability, stretched capital structure and weak coverage indicators The rating also takes into account the low value add nature of operations and intense competition on account of the fragmented industry structure leading to thin profit margins. The rating is further constrained by the vulnerability to adverse fluctuations in raw material prices which are subject to seasonal availability of raw cotton and government regulations on MSP and export quota. Also, being a partnership firm, any substantial withdrawals from capital account would impact the net worth and thereby the capital structure. The rating however, favorably factors in the company's strategic location in cotton growing belt which ensures easy availability of cotton and the moderately diversified product profile due to presence in crushing operations. Sipai Cotton Industries (SCI) was set up in 1999 as a partnership firm by Mr. Ibrahim Sipai with an experience of more than a decade, and his family members and relatives as cotton ginning and pressing unit located at Wankaner, Gujarat. It is also engaged in trading activities of cotton bales and cottonseed. At present, the firm has installed 28 ginning machines and 1 pressing machine. Recent Results For the year ended 31st March, 2014, the firm reported an operating income of INR47.46 crore with profit after tax (PAT) of INR0.38 crore. SRI SAI: ICRA Reaffirms B+ Rating on INR12cr Cash Credit -------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to Rs.20.00 crore fund based limits of Sri Sai Krishna Raw & Boiled Rice Mill. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 12.00 [ICRA]B+ reaffirmed Unallocated Limits 8.00 [ICRA]B+ reaffirmed The rating was earlier suspended in October 2014 with long term rating of [ICRA]B+ and short term rating of [ICRA]A4. The short term rating no longer exists. The assigned ratings are constrained by small scale of operations in the rice milling industry and risks inherent in a partnership nature of the firm. The ratings are further constrained by susceptibility of profitability and revenues to agro-climatic risks which impact the availability of the paddy in adverse weather condition; and the government policy restrictions on the quantity of rice which can be sold in the open market limit the flexibility and realizations for the firm. The rating however takes comfort from the healthy growth in operating income; moderate gearing and the long track record of the promoters in the rice mill business; easy availability of paddy from proximity of plant in major paddy cultivating region of the country. Further, favorable demand prospects of the industry with India being the second largest producer and consumer of rice internationally augurs well for the firm. Key Rating Sensitivities Small scale of operations, low profitability Sri Sai Krishna Raw & Boiled Rice Mill (SSKRBRM) was founded as a partnership firm in the year 2003. The firm had setup a rice mill with production capacity of 12 tph (tons per hour) to produce raw & boiled rice. The unit is located at Nellore district of Andhra Pradesh. The firm's operations are overseen by managing partner Mr. K. Venku Reddy, who has more than more than 16 years of experience in rice milling business. Recent Results For FY2014, the firm reported an operating income of INR60.80 crore and operating profits of 1.77 crore as against operating income of INR52.03 crore and operating profits of INR1.30 crore in FY2013. SONATANI FOOD: CRISIL Assigns B Rating to INR36MM Term Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank loan facilities of Sonatani Food Industries Pvt Ltd (SFIL). The ratings reflect SFIL's nascent stage of operations in intensively competitive rice milling business and weak financial risk profile. These rating weaknesses are partially offset by the promoters' experience in the rice milling business. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 36 CRISIL B/Stable Proposed Long Term Bank Loan Facility 22.3 CRISIL B/Stable Bank Guarantee 1.7 CRISIL A4 Cash Credit 30.0 CRISIL B/Stable Outlook: Stable CRISIL believes that SFIL will benefit from the promoters' extensive experience in the rice milling business over the medium term. The outlook may be revised to 'Positive' in case of timely stabilisation of operations at its manufacturing facility resulting in substantial improvement in its revenue and profitability. Conversely, the outlook may be revised to 'Negative' if SFIL's financial risk profile, particularly its liquidity, weakens, most likely because of large working capital requirements, low cash accruals, or large debt-funded capital expenditure. Incorporated in 2013, SFIL mills and processes paddy into par boiled rice. It rice mill located near Bolpur (West Bengal). The day to day operations of the company is being managed by Mr. Manas Chandra. SUNRISE AGRO: CRISIL Reaffirms B Rating on INR30MM Cash Loan ------------------------------------------------------------ CRISIL's rating on the long-term bank facilities of Sunrise Agro Industries (SAI) continues to reflect SAI's below-average financial risk profile, marked by high gearing and a small net worth, and its working-capital-intensive nature of operations. These rating weaknesses are partially offset by the entrepreneurial and industry experience of the firm's partners. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 30 CRISIL B/Stable (Reaffirmed) Term Loan 20 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes that SAI will continue to benefit over the medium term from its partners' extensive experience in the cotton seed and de-oiled cake trading business. The outlook may be revised to 'Positive' if the firm achieves a significant increase in its revenue and profitability, leading to a better financial risk profile. Conversely, the outlook may be revised to 'Negative' if SAI's financial risk profile, particularly its liquidity, weakens, because of a stretch in its working capital cycle or large debt- funded capital expenditure. Update: SAI started its commercial operations in June 2014, against previous expectations of March 2014, leading to lower-than- expected revenue in 2014-15 (refers to financial year, April 1 to March 31). The firm has achieved revenue of around INR50.0 million for the 11 months ended February 28, 2015. It is expected to achieve healthy revenue growth during 2015-16, its first full year of commercial operations. SAI is expected to have modest profitability on account of low value-addition in its products. The firm's financial risk profile is constrained by high gearing, estimated at about 5.0 times as on March 31, 2015. The gearing is high due to aggressive project funding and a small net worth. The gearing is expected to remain high over the medium term due to the firm's dependence on debt to fund its large incremental working capital requirements, and it's expected small net worth because of low accretions to reserves and the absence of any capital infusion plans. SAI is expected to have large working capital requirements, with gross current assets of 120 to 150 days over the medium term. It is expected to generate sufficient accruals to meet its term debt obligations of INR3.3 million per annum over this period. The firm's bank limits were highly utilised at an average of 90 per cent over the 12 months through February 2015. CRISIL believes that SAI's liquidity will remain constrained over the medium term on account of large incremental working capital requirements. SAI was set up in May 2013 in Nagpur (Maharashtra) by Mr. Rangarao Gechode, Mr. Dhananjay Adsad, and Mr. Manik Thakre. The firm extracts oil from cotton seeds. SURENDRA ELECTRICALS: ICRA Rates INR2cr Cash Credit at 'B' ---------------------------------------------------------- ICRA has assigned its long term rating of [ICRA]B to the INR2 crore cash credit limit of Surendra Electricals Private Limited (SEPL). ICRA has also assigned its short term rating of [ICRA]A4 to the company's INR3 crore bank guarantee limit and INR4 crore letter of credit limit. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit Limit 2.00 [ICRA]B; Assigned Bank Guarantee Limit 3.00 [ICRA]A4; Assigned Letter of Credit Limit 4.00 [ICRA]A4; Assigned ICRA's rating factors in the high competitive intensity in the industry in which SEPL operates, which coupled with its modest scale of operations has resulted in weak and volatile profitability metrics. This has also translated into weak coverage indicators with thin interest coverage and elevated Total Debt/OPBDITA at 11.28x. The rating also takes into account the company's high customer concentration, with one order of INR47 crore, from Jodhpur Vidyut Vitran Nigam Limited, accounting for 84% of its total order book. The size of the contract, which is larger than any contract it has executed in the past, exposes the company to execution risk and also leads to the risk of build up of high receivables. However, ICRA favourably factors in the extensive experience of the promoters, and the company's moderately favourable capital structure. Going forward, SEPL's ability to increase its scale of operations and attain a sustained improvement in its profitability will be the key rating sensitivities. SEPL incorporated in 2005, is a manufacturer of low tension electric control panels and bus ducts at its manufacturing facility in Gurgaon, Haryana. The company also undertakes turnkey contracts for electrical, mechanical, plumbing, fire fighting and Heating Ventilation and Air Conditioning (HVAC) works. Recent Results The company reported a net profit of INR0.02 crore on an operating income of INR8.86 crore in FY 2013-14 as against a net profit of INR0.18 crore on an operating income of INR4.77 crore in the previous year. TRIVANDRUM SPECIALISTS: CRISIL Assigns B+ Rating to INR285MM Loan ----------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of The Trivandrum Specialists Hospital Pvt Ltd (TSHL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 285 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 5 CRISIL B+/Stable Cash Credit 20 CRISIL B+/Stable Cash Credit/Overdraft facility 40 CRISIL B+/Stable The rating reflects TSHL's below-average financial risk profile, marked by high gearing, and its exposure to intense competition in the healthcare industry. These rating weaknesses are partially offset by the extensive experience of the promoters in the healthcare segment and the company's established presence in the Trivandrum (Kerala market). Outlook: Stable CRISIL believes that TSHL will benefit from its long-standing presence in the healthcare market of Trivandrum. The outlook may be revised to 'Positive' if the company substantially scales up its operations while maintaining profitability, resulting in improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if TSHL the company undertakes larger-than-expected debt to fund its capital expenditure, resulting in further deterioration in its financial risk profile. TSHL was incorporated in 1987 by Mr. Bharth Chandran. In the two years ended 2013-14 (refers to financial year, April 1 to March 31), Ms. Seema Raghuram Shetty (wife of Mr. Bavaguthu Raghuram Shetty, Chief Executive Officer & Managing Director of the New Medical Centre [NMC]) acquired 98.09 per cent in TSHL from Mr. Bharth Chandran and his family. Under the SUT Hospital brand, TSHL runs three hospitals with 305 beds. All three are multi-speciality hospitals offering specialities across 20 departments, including cardiology, neurology, and gastroenterology. UPPAL FERROCAST: CRISIL Assigns B+ Rating to INR30MM LT Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings for the bank facilities of Uppal Ferrocast Private Limited (UFPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 30 CRISIL B+/Stable Bank Loan Facility Letter of Credit 5 CRISIL A4 Bank Guarantee 10 CRISIL A4 Cash Credit 55 CRISIL B+/Stable The ratings reflect UFPL's modest scale and working capital intensive - nature of operations. The ratings also reflect UFPL's weak financial risk profile marked by weak debt protection metrics and modest net worth levels. These rating weaknesses are partially offset by the benefits derived from the extensive industry experience of its promoters and its healthy customer relationships. Outlook: Stable CRISIL believes that UFPL will continue to benefit over the medium term from its promoter's extensive industry experience and its longstanding customer relationships. The outlook may be revised to 'Positive' if the company's revenues and profitability increase substantially, leading to an improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company undertakes aggressive debt-funded expansions, or if its revenues and profitability decline substantially leading to weakening in its financial risk profile. UFPL was initially established as a partnership concern 'Ferrocast' in 1984 by late Mr. T. Venkata Narsimha Rao Deshmukh and his associates. Subsequently, it was rechristened to its current name in 1997. The day to day operations of the company is managed by Mr. T. Sricharan Kumar. UFPL reported a profit after tax (PAT) of INR0.8 million on net sales of INR121 million for 2013-14 (refers to financial year, April 1 to March 31), as against a PAT of INR1.8 million on net sales of INR128 million for 2012-13. VERTIGO IMPEX: CRISIL Assigns B Rating to INR50MM Cash Loan ----------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings on the long-term bank facilities of Vertigo Impex Pvt Ltd (VIPL). Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable Inland/Import Letter of Credit 200 CRISIL A4 The ratings reflect VIPL's modest scale of operations and low operating profitability nature of business coupled with weak financial risk profile on the back of leverage capital structure. These rating weaknesses are partially offset by the extensive experience of the promoters in the coal trading industry. Outlook: Stable CRISIL believes that VIPL will continue to benefit over the medium term from its promoters' extensive experience in the coal trading industry. The outlook may be revised to 'Positive' if the company's scale of operations substantially increase, leading to higher accretion to reserves and better financial risk profile. Conversely, the outlook may be revised to 'Negative' if VIPL's financial risk profile deteriorates on account of decline in the operating margin or large working capital requirements. Established in 2003, VIPL trades in coal across Haryana, Punjab, and Uttarakhand. The company was promoted by the Bansal family which has been in the coal trading business since the 1970s. VIPL is currently managed by Mr. Anurag Bansal, a second generation entrepreneur. ========= J A P A N ========= SHARP CORP: Seeks JPY100BB From State-backed Entity for Spin-Off ---------------------------------------------------------------- The Japan Times reports that Sharp Corp. plans to spin off its business for small and midsize liquid crystal displays by having a government-backed fund invest around JPY100 billion in the new subsidiary by the end of next March, sources close to the matter said on April 5. The report relates that the sources said the struggling electronics maker has already sounded out Innovation Network Corporation of Japan, an investment fund set up with public- and private-sector funding, about spinning off its core LCD panel business. According to the report, the sources said Sharp has set up an internal team to spin off the business and plans to make it part of a new medium-term management plan to be unveiled in May. Sharp's main lenders have apparently consented to the move, the report says. Sharp's Kameyama plant in Kameyama, Mie Prefecture, is expected to be transferred to the new group company, the report relates. The Japan Times relates that the sources said Sharp hopes to work out a deal with Innovation Network Corporation that would give the fund a slightly more than 40 percent stake in the subsidiary, but there is also a plan to have the fund instead invest in Sharp itself. The report says Innovation Network Corporation, supervised by the Ministry of Economy, Trade and Industry, helped form Japan Display Inc., which was set up in 2012 by merging the display units of Sony Corp., Toshiba Corp. and Hitachi Ltd. The Japan Times relates that the latest rumors raise the possibility that Sharp and Japan Display may work together to compete against South Korean and Chinese LCD makers who are undercutting their Japanese rivals. According to the report, Sharp, once a leader in the segment, is struggling to remain profitable in LCD panels amid competition from Japan Display, which began supplying Chinese smartphone makers in the latter half of 2014. Spinning off the core unit is expected to speed up Sharp's decision-making ability, the sources said, the report relays. The Japan Times notes that the Osaka-based company, whose solar cell and television divisions are running in the red, expects a group net loss of around JPY200 billion for the business year ended March 31. About Sharp Corp. Based in Osaka, Japan, Sharp Corporation (TYO:6753) -- http://sharp-world.com/-- manufactures and sells electronic telecommunication devices, electronic machines and components. As reported in the Troubled Company Reporter-Asia Pacific on March 5, 2015, Standard & Poor's Ratings Services said it has lowered its long-term corporate credit and debt ratings on Japan- based electronics company Sharp Corp. to 'CCC+'. The ratings remain on CreditWatch with negative implications. S&P lowered its short-term corporate credit and commercial paper program ratings on Sharp to 'C' and placed them on CreditWatch with negative implications. S&P also lowered its long-term corporate credit rating on Sharp's overseas subsidiary Sharp International Finance (U.K.) PLC to 'CCC+' and kept it on CreditWatch with negative implications. S&P lowered its short-term corporate credit and commercial paper program ratings on Sharp International Finance to 'C' and placed the ratings on CreditWatch with negative implications. On Feb. 4, 2015, S&P placed the long-term ratings on Sharp and its subsidiary on CreditWatch with negative implications following Sharp's announcement of a steep cut in forecast earnings. The downgrades and CreditWatch placements reflect S&P's view that Sharp is more likely than previously to ask its main lender banks for support in a form S&P defines as 'SD' (selective default), such as a debt-for-equity swap, modifications to existing debt, or a debt waiver. S&P may further lower its ratings on Sharp by more than one notch if in the next few months S&P sees a greater likelihood of lender bank support in a form it deems as 'SD'. ==================== N E W Z E A L A N D ==================== WINTON HOME: No Further Assets to be Sold, Liquidator Says ---------------------------------------------------------- The Southland Times reports that a Winton building company that claims it is owed NZ$33,000 by the company formerly associated with Winton Home is resigned to the money being lost and says there's no justice for creditors involved. Winton Home Ltd is in liquidation after the closure of Winton Home and owes creditors nearly NZ$43,000, The Southland Times citing a liquidator's report. The sole director declined to comment, the Southland Times notes. According to the report, the rest home, on Great North Rd, closed in September just weeks after it employed extra staff and celebrated the opening of a new hospital-care wing. At the time, sole director Barry Bouton said the business had been trading in deficit, which led to the closure, the Southland Times notes. Southern Concrete and Builders owner Doug North has since bought the home and plans to lease it or sell the property outright, the report notes. The Southland Times reports that New Zealand Companies Office records showed the company was put into liquidation on February 4. Barry and Caryn Bouton are listed as shareholders. According The Southland Times, the liquidator's report said economic conditions resulting from a decrease in clients at the rest home were given as the reason for the company's liquidation. The liquidation process was estimated to be completed by July 9 and the prospect of a dividend was unlikely, the report says. The Southland Times, citing liquidator's report, discloses that the company was placed into liquidation by Westpac, which had security over the company's assets, which had been sold. There were understood to be no further assets to be sold, the report says. A Statement of Affairs had been received and the liquidator was presently investigating matters arising from this, the Southland Times notes. According to The Southland Times, the total estimated claims listed in the report are NZ$42,678.55 with ALSCO NZ, Contact Energy, Southern Transport Co. Ltd, TG & LM Caldwell Ltd, Unichem Waikiwi Pharmacy and Westpac listed as creditors. Barry and Caryn Bouton both went into bankruptcy on January 12, The Southland Times discloses citing Insolvency and Trustee Service records. The Southland Times relates that Winton builder Trevor Caldwell said his company (TG & LM Caldwell Ltd) and sub-contractors completed the NZ$33,000 worth of work at the home for Winton Home Ltd which included painting, flooring, wall-linings and electrical work. According to The Southland Times, Mr. Caldwell said the company chased the debt as far as it could, including bringing in a lawyer, but was resigned to the fact the money was lost. The Southland Times asked the Insolvency and Trustee Service if further creditor claims had been lodged or were expected to be lodged. A spokesman for the service said the Official Assignee was unable to release details of the creditor claims in the liquidation other than those detailed in the liquidator's first report, The Southland Times adds. ==================== S O U T H K O R E A ==================== * SOUTH KOREA: Large Firms' Debt-Repaying Ability Worsens in 2014 ----------------------------------------------------------------- Yonhap News Agency reports that nearly 1 out of 4 major companies in South Korea were unable to cover interest payments with their earnings in 2014 despite cheaper borrowing costs, data showed on April 6. Thirty-seven firms, or 23.6 percent, out of 167 companies that logged annual sales of 1 trillion won ($915 million) or more reported an interest coverage ratio of below 1 last year, Yonhap discloses citing Chaebul.com, which tracks the nation's top conglomerates. The report says the ratio, or a firm's operating profit divided by its interest costs, measures the company's ability to pay interest on outstanding debt. A reading higher than 1 means the firm earns more than what it has to pay in interest, while a drop in the reading indicates the firm's debt-repayment ability has deteriorated, the report notes. Yonhap relates that although South Korea's central bank cut interest rates twice last year, the portion of large firms with the ratio below 1 increased from 21.7 percent in 2013 due to slumping earnings by local refiners and shipbuilders. Data showed that the interest coverage ratio of Hyundai Heavy Industries, the world's largest shipbuilder that logged 1.92 trillion won in operating loss, stood at minus 22.4 last year, and the corresponding figure for its affiliate Hyundai Mipo Dockyard Co. plunged to minus 97.3, according to Yonhap. Yonhap says no. 3 refiner S-Oil Co. logged the interest coverage ratio of minus 6.8 as it turned to operating deficit for the first time in nearly three decades due to a plunge in oil prices. Airlines had an interest coverage ratio below 1, but their debt- servicing capacity improved sharply as cheaper oil prices enhanced their revenue by lowering fuel costs, says Yonhap. Korean Air Lines Co., the nation's biggest air carrier, improved the ratio to 0.9 in 2014, up from zero a year ago, and that for smaller rival Asiana Airlines Co. rebounded from minus 0.5 to 0.3 over the period, data, as cited by Yonhap, noted. =============== X X X X X X X X =============== * BOND PRICING: For the Week March 31 to April 3, 2015 ------------------------------------------------------ Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ANTARES ENERGY 10.00 10/30/23 AUD 1.85 AUSDRILL FINAN 6.88 11/01/19 USD 74.60 AUSDRILL FINAN 6.88 11/01/19 USD 74.77 BOART LONGYEAR 7.00 04/01/21 USD 64.88 BOART LONGYEAR 7.00 04/01/21 USD 64.25 CML GROUP LTD 9.00 01/29/20 AUD 1.00 CRATER GOLD MI 10.00 08/18/17 AUD 38.27 EMECO PTY LTD 9.88 03/15/19 USD 74.00 EMECO PTY LTD 9.88 03/15/19 USD 74.25 FMG RESOURCES 6.88 04/01/22 USD 76.18 FMG RESOURCES 6.88 04/01/22 USD 75.70 GRIFFIN COAL M 9.50 12/01/16 USD 39.88 GRIFFIN COAL M 9.50 12/01/16 USD 39.88 KBL MINING LTD 10.00 02/16/17 AUD 0.24 MIDWEST VANADI 11.50 02/15/18 USD 8.00 MIDWEST VANADI 11.50 02/15/18 USD 5.00 STOKES LTD 10.00 06/30/17 AUD 0.45 TREASURY CORP 0.50 11/12/30 AUD 68.41 CHINA ----- CHANGCHUN CITY 6.08 03/09/16 CNY 40.25 CHANGCHUN CITY 6.08 03/09/16 CNY 40.31 CHANGZHOU INVE 5.80 07/01/16 CNY 70.18 CHANGZHOU INVE 5.80 07/01/16 CNY 70.01 CHINA GOVERNME 1.64 12/15/33 CNY 70.45 CHINA NATIONAL 5.65 09/26/17 CNY 65.15 CLOUD LIVE TEC 6.78 04/05/17 CNY 81.00 DANYANG INVEST 6.30 06/03/16 CNY 70.31 ERDOS DONGSHEN 8.40 02/28/18 CNY 73.00 HANGZHOU XIAOS 6.90 11/22/16 CNY 71.31 HANGZHOU XIAOS 6.90 11/22/16 CNY 69.12 HEILONGJIANG H 7.78 11/17/16 CNY 71.32 HEILONGJIANG H 7.78 11/17/16 CNY 71.29 HUAIAN CITY UR 7.15 12/21/16 CNY 70.34 HUNAN CHANGDE 5.90 01/29/16 CNY 69.03 INNER MONGOLIA 7.48 05/05/18 CNY 72.02 INNER MONGOLIA 7.48 05/05/18 CNY 71.43 JIANGSU HUAIAN 5.80 12/28/15 CNY 71.24 JIANGSU HUAJIN 5.68 09/28/17 CNY 74.50 JIANGSU LIANYU 7.85 07/22/15 CNY 70.44 KUNSHAN ENTREP 4.70 03/30/16 CNY 39.82 KUNSHAN ENTREP 4.70 03/30/16 CNY 40.00 LIAOYUAN STATE 7.80 01/26/17 CNY 71.23 LIAOYUAN STATE 7.80 01/26/17 CNY 72.00 LINHAI CITY IN 7.98 11/06/16 CNY 72.59 LUOHE CITY CON 6.81 03/30/17 CNY 60.86 NANJING NANGAN 6.13 02/27/16 CNY 50.01 NANJING NANGAN 6.13 02/27/16 CNY 49.47 NANJING PUBLIC 5.85 08/08/17 CNY 64.64 NANTONG STATE- 6.72 11/13/16 CNY 68.76 NANTONG STATE- 6.72 11/13/16 CNY 70.90 NINGDE CITY ST 6.25 10/21/17 CNY 60.57 OCEAN RIG UDW 7.25 04/01/19 USD 57.50 OCEAN RIG UDW 7.25 04/01/19 USD 57.65 PANJIN CONSTRU 7.70 12/16/16 CNY 71.63 PANJIN CONSTRU 7.70 12/16/16 CNY 71.00 QINGDAO CITY C 6.19 02/16/17 CNY 71.07 QINGZHOU HONGY 6.50 05/22/19 CNY 50.43 QINGZHOU HONGY 6.50 05/22/19 CNY 51.00 SHENGZHOU HOTE 9.20 02/26/16 CNY 107.11 SOUND GLOBAL L 11.88 08/10/17 USD 65.48 TAIZHOU CITY C 6.90 01/25/17 CNY 70.33 WUXI COMMUNICA 5.58 07/08/16 CNY 50.01 WUXI COMMUNICA 5.58 07/08/16 CNY 50.07 XIANGTAN JIUHU 6.93 12/16/16 CNY 71.20 XIANGTAN JIUHU 6.93 12/16/16 CNY 70.70 YANGZHOU URBAN 5.94 07/23/16 CNY 68.46 YANGZHOU URBAN 5.94 07/23/16 CNY 70.32 YINCHUAN URBAN 6.28 03/09/17 CNY 50.52 YIYANG CITY CO 8.20 11/19/16 CNY 71.73 ZHUCHENG ECONO 7.50 08/25/18 CNY 49.02 ZIBO CITY PROP 5.45 04/27/19 CNY 60.00 ZOUCHENG CITY 7.02 01/12/18 CNY 61.29 INDONESIA --------- BERAU COAL ENE 7.25 03/13/17 USD 67.50 BERAU COAL ENE 7.25 03/13/17 USD 67.00 DAVOMAS INTERN 11.00 12/08/14 USD 18.00 INDIA ----- 3I INFOTECH LT 5.00 04/26/17 USD 23.25 BLUE DART EXPR 9.30 11/20/17 INR 10.14 BLUE DART EXPR 9.40 11/20/18 INR 10.21 BLUE DART EXPR 9.50 11/20/19 INR 10.27 CORE EDUCATION 7.00 05/07/15 USD 10.00 COROMANDEL INT 9.00 07/23/16 INR 16.01 GTL INFRASTRUC 3.03 11/09/17 USD 30.00 INCLINE REALTY 10.85 08/21/17 INR 14.21 INCLINE REALTY 10.85 04/21/17 INR 11.04 INDIA GOVERNME 7.64 01/25/35 INR 23.38 JAIPRAKASH ASS 5.75 09/08/17 USD 73.35 JCT LTD 2.50 04/08/11 USD 21.63 MASCON GLOBAL 2.00 12/28/12 USD 3.15 ORIENTAL HOTEL 2.00 11/21/19 INR 73.08 PRAKASH INDUST 5.25 04/30/15 USD 60.13 PYRAMID SAIMIR 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 25.00 JAPAN ----- AVANSTRATE INC 3.02 11/05/15 JPY 35.63 AVANSTRATE INC 5.00 11/05/17 JPY 30.13 ELPIDA MEMORY 0.70 08/01/16 JPY 9.50 ELPIDA MEMORY 0.50 10/26/15 JPY 9.50 ELPIDA MEMORY 2.03 03/22/12 JPY 9.50 ELPIDA MEMORY 2.10 11/29/12 JPY 9.50 ELPIDA MEMORY 2.29 12/07/12 JPY 9.50 KOREA ----- 2014 KODIT CRE 5.00 12/25/17 KRW 27.97 2014 KODIT CRE 5.00 12/25/17 KRW 27.97 DONGBU CORP 4.00 06/29/15 KRW 46.32 DONGBU CORP 4.00 05/03/16 KRW 65.96 EXPORT-IMPORT 0.50 11/21/17 BRL 73.75 EXPORT-IMPORT 0.50 12/22/17 BRL 72.25 HYUNDAI HEAVY 4.90 12/15/44 KRW 53.75 HYUNDAI HEAVY 4.80 12/15/44 KRW 54.76 HYUNDAI MERCHA 7.05 12/27/42 KRW 36.49 KIBO ABS SPECI 5.00 01/31/17 KRW 29.75 KIBO ABS SPECI 10.00 08/22/17 KRW 28.96 KIBO ABS SPECI 5.00 03/29/18 KRW 27.04 KIBO ABS SPECI 10.00 09/04/16 KRW 35.41 KIBO ABS SPECI 10.00 02/19/17 KRW 33.09 KIBO GREEN HI- 10.00 12/21/15 KRW 38.08 LSMTRON DONGBA 4.53 11/22/17 KRW 27.68 POSCO ENERGY C 4.72 08/29/43 KRW 67.37 POSCO ENERGY C 4.66 08/29/43 KRW 68.03 POSCO ENERGY C 4.72 08/29/43 KRW 67.50 SINBO SECURITI 5.00 08/16/16 KRW 31.38 SINBO SECURITI 5.00 03/13/17 KRW 29.89 SINBO SECURITI 5.00 07/26/16 KRW 32.36 SINBO SECURITI 5.00 07/08/17 KRW 29.37 SINBO SECURITI 5.00 08/16/17 KRW 28.97 SINBO SECURITI 5.00 06/27/18 KRW 26.66 SINBO SECURITI 5.00 02/11/18 KRW 27.36 SINBO SECURITI 5.00 07/26/16 KRW 32.36 SINBO SECURITI 5.00 07/19/15 KRW 41.80 SINBO SECURITI 5.00 12/25/16 KRW 30.19 SINBO SECURITI 5.00 01/15/18 KRW 27.80 SINBO SECURITI 5.00 01/15/18 KRW 27.80 SINBO SECURITI 5.00 01/29/17 KRW 30.36 SINBO SECURITI 5.00 03/13/17 KRW 29.89 SINBO SECURITI 5.00 02/21/17 KRW 30.11 SINBO SECURITI 5.00 02/21/17 KRW 30.11 SINBO SECURITI 9.00 07/27/15 KRW 47.32 SINBO SECURITI 5.00 08/31/16 KRW 31.96 SINBO SECURITI 5.00 08/31/16 KRW 31.97 SINBO SECURITI 5.00 05/27/16 KRW 33.09 SINBO SECURITI 5.00 05/27/16 KRW 33.09 SINBO SECURITI 5.00 10/05/16 KRW 31.62 SINBO SECURITI 5.00 10/05/16 KRW 30.08 SINBO SECURITI 5.00 06/29/16 KRW 32.70 SINBO SECURITI 5.00 10/01/17 KRW 28.42 SINBO SECURITI 5.00 10/01/17 KRW 28.42 SINBO SECURITI 5.00 10/01/17 KRW 28.42 SINBO SECURITI 5.00 08/24/15 KRW 37.62 SINBO SECURITI 5.00 09/28/15 KRW 34.66 SINBO SECURITI 5.00 03/14/16 KRW 32.60 SINBO SECURITI 5.00 09/13/15 KRW 37.44 SINBO SECURITI 5.00 09/13/15 KRW 37.44 SINBO SECURITI 5.00 12/13/16 KRW 30.86 SINBO SECURITI 5.00 03/12/18 KRW 27.18 SINBO SECURITI 5.00 03/12/18 KRW 27.18 SINBO SECURITI 5.00 02/11/18 KRW 27.36 SINBO SECURITI 5.00 08/16/17 KRW 28.97 SINBO SECURITI 4.60 06/29/15 KRW 46.40 SINBO SECURITI 4.60 06/29/15 KRW 46.40 SINBO SECURITI 10.00 12/27/15 KRW 37.54 SINBO SECURITI 5.00 06/07/17 KRW 23.68 SINBO SECURITI 5.00 06/07/17 KRW 23.68 SINBO SECURITI 5.00 07/08/17 KRW 29.37 SINBO SECURITI 5.00 06/27/18 KRW 26.66 SINBO SECURITI 5.00 02/02/16 KRW 29.65 SINBO SECURITI 8.00 02/02/16 KRW 36.18 SINBO SECURITI 5.00 01/19/16 KRW 29.96 SINBO SECURITI 5.00 12/07/15 KRW 33.58 SK TELECOM CO 4.21 06/07/73 KRW 64.39 STX OFFSHORE & 3.00 09/06/15 KRW 71.58 TONGYANG CEMEN 7.50 07/20/14 KRW 70.00 TONGYANG CEMEN 7.30 04/12/15 KRW 70.00 TONGYANG CEMEN 7.30 06/26/15 KRW 70.00 TONGYANG CEMEN 7.50 04/20/14 KRW 70.00 TONGYANG CEMEN 7.50 09/10/14 KRW 70.00 U-BEST SECURIT 5.50 11/16/17 KRW 28.61 WOONGJIN ENERG 2.00 12/19/16 KRW 56.02 SRI LANKA --------- SRI LANKA GOVE 5.35 03/01/26 LKR 68.02 MALAYSIA -------- BANDAR MALAYSI 0.35 12/29/23 MYR 69.87 BANDAR MALAYSI 0.35 02/20/24 MYR 69.41 BIMB HOLDINGS 1.50 12/12/23 MYR 70.26 BRIGHT FOCUS B 2.50 01/24/30 MYR 65.36 BRIGHT FOCUS B 2.50 01/22/31 MYR 63.36 HARKAND FINANC 7.50 03/28/19 USD 75.00 LAND & GENERAL 1.00 09/24/18 MYR 0.37 ORO NEGRO IMPE 11.00 12/04/15 USD 70.00 SENAI-DESARU E 0.50 12/31/38 MYR 64.54 SENAI-DESARU E 0.50 12/31/43 MYR 71.56 SENAI-DESARU E 0.50 12/31/40 MYR 67.29 SENAI-DESARU E 0.50 12/30/39 MYR 66.27 SENAI-DESARU E 0.50 12/31/47 MYR 75.07 SENAI-DESARU E 0.50 12/31/41 MYR 68.75 SENAI-DESARU E 0.50 12/29/45 MYR 72.82 SENAI-DESARU E 0.50 12/31/42 MYR 69.93 SENAI-DESARU E 0.50 12/30/44 MYR 72.50 SENAI-DESARU E 0.50 12/31/46 MYR 73.95 SENAI-DESARU E 1.35 12/31/29 MYR 53.68 SENAI-DESARU E 1.35 06/30/28 MYR 56.77 SENAI-DESARU E 1.15 06/30/23 MYR 68.19 SENAI-DESARU E 1.15 12/29/23 MYR 66.60 SENAI-DESARU E 1.15 06/28/24 MYR 65.06 SENAI-DESARU E 1.15 12/31/24 MYR 63.53 SENAI-DESARU E 1.35 06/30/26 MYR 61.20 SENAI-DESARU E 1.35 12/31/26 MYR 60.06 SENAI-DESARU E 1.35 06/30/27 MYR 58.92 SENAI-DESARU E 1.35 12/31/27 MYR 57.85 SENAI-DESARU E 1.35 06/30/31 MYR 50.82 SENAI-DESARU E 1.10 06/30/21 MYR 74.73 SENAI-DESARU E 1.15 12/30/22 MYR 69.80 SENAI-DESARU E 1.35 12/31/25 MYR 62.40 SENAI-DESARU E 1.35 06/29/29 MYR 54.66 SENAI-DESARU E 1.35 06/28/30 MYR 52.73 SENAI-DESARU E 1.35 12/29/28 MYR 55.68 SENAI-DESARU E 1.10 12/31/21 MYR 72.89 SENAI-DESARU E 1.10 06/30/22 MYR 71.17 SENAI-DESARU E 1.15 06/30/25 MYR 62.13 SENAI-DESARU E 1.35 12/31/30 MYR 51.74 UNIMECH GROUP 5.00 09/18/18 MYR 1.43 PHILIPPINES ----------- BAYAN TELECOMM 13.50 07/15/06 USD 22.75 BAYAN TELECOMM 13.50 07/15/06 USD 22.75 SINGAPORE --------- AXIS OFFSHORE 7.52 05/18/18 USD 51.31 BAKRIE TELECOM 11.50 05/07/15 USD 5.00 BAKRIE TELECOM 11.50 05/07/15 USD 4.50 BERAU CAPITAL 12.50 07/08/15 USD 70.45 BERAU CAPITAL 12.50 07/08/15 USD 74.78 BLD INVESTMENT 8.63 03/23/15 USD 11.13 BUMI CAPITAL P 12.00 11/10/16 USD 31.00 BUMI CAPITAL P 12.00 11/10/16 USD 30.51 BUMI INVESTMEN 10.75 10/06/17 USD 32.25 BUMI INVESTMEN 10.75 10/06/17 USD 30.18 ENERCOAL RESOU 6.00 04/07/18 USD 24.63 INDO INFRASTRU 2.00 07/30/10 USD 1.88 ORO NEGRO DRIL 7.50 01/24/19 USD 71.75 OSA GOLIATH PT 12.00 10/09/18 USD 72.25 SWIBER CAPITAL 6.50 08/02/18 SGD 75.00 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.93 MDX PCL 4.75 09/17/03 USD 35.50 TAIWAN ------ ADVANCED SEMIC 1.45 08/19/16 TWD 1.30 ADVANCED SEMIC 1.45 08/19/16 TWD 1.05 ADVANCED SEMIC 1.45 08/19/16 TWD 1.50 ADVANCED SEMIC 1.45 08/19/16 TWD 1.30 ADVANCED SEMIC 1.45 08/19/16 TWD 1.10 AGRICULTURAL B 1.95 02/10/25 TWD 1.95 AGRICULTURAL B 1.53 10/17/22 TWD 1.53 AGRICULTURAL B 3.28 06/30/15 TWD 3.28 AGRICULTURAL B 1.43 10/17/19 TWD 1.53 ASIA CEMENT CO 1.36 05/23/19 TWD 1.45 BANK OF KAOHSI 3.40 01/20/16 TWD 0.90 BANK OF PANHSI 3.00 06/06/20 TWD 3.00 BANK OF PANHSI 3.00 12/02/17 TWD 3.00 BANK OF PANHSI 3.25 11/05/16 TWD 3.25 BANK OF PANHSI 3.00 03/21/18 TWD 3.00 BANK OF PANHSI 3.00 11/12/18 TWD 3.00 BANK OF TAIWAN 1.70 06/27/24 TWD 1.70 BANK SINOPAC 2.18 08/18/21 TWD 2.18 BANK SINOPAC 1.65 09/18/22 TWD 1.65 BANK SINOPAC 1.53 09/18/19 TWD 1.60 BANK SINOPAC 2.80 04/29/16 TWD 2.80 BANK SINOPAC 2.70 06/23/15 TWD 1.30 BANK SINOPAC 2.90 06/23/17 TWD 2.90 BANK SINOPAC 2.05 09/30/24 TWD 2.05 BANK SINOPAC 1.92 03/11/18 TWD 1.92 BANK SINOPAC 1.80 12/09/17 TWD 1.38 BANK SINOPAC 1.95 08/18/18 TWD 1.46 BANK SINOPAC 1.85 11/04/18 TWD 1.45 CATHAY FINANCI 3.10 12/24/15 TWD 1.17 CATHAY FINANCI 2.65 10/08/16 TWD 1.21 CATHAY UNITED 1.85 05/19/24 TWD 1.85 CATHAY UNITED 1.70 05/19/21 TWD 1.70 CATHAY UNITED 1.65 08/07/22 TWD 1.84 CATHAY UNITED 1.48 06/06/19 TWD 1.48 CATHAY UNITED 1.65 06/06/22 TWD 1.80 CATHAY UNITED 1.55 04/24/20 TWD 1.55 CATHAY UNITED 1.70 04/24/23 TWD 1.90 CHAILEASE FINA 2.05 10/30/21 TWD 2.05 CHAILEASE FINA 2.30 10/30/24 TWD 2.30 CHAILEASE FINA 1.50 06/16/19 TWD 1.41 CHAILEASE FINA 1.50 06/05/17 TWD 1.29 CHAILEASE FINA 1.60 07/22/18 TWD 1.40 CHANG HWA COMM 3.05 12/15/15 TWD 3.05 CHANG HWA COMM 1.65 03/11/18 TWD 1.64 CHANG HWA COMM 3.10 05/19/15 TWD 0.89 CHANG HWA COMM 1.72 03/11/21 TWD 1.72 CHANG HWA COMM 2.30 09/15/16 TWD 1.26 CHANG HWA COMM 1.70 04/16/21 TWD 1.68 CHANG HWA COMM 1.85 04/16/24 TWD 1.85 CHENG SHIN RUB 1.40 07/18/19 TWD 1.43 CHENG SHIN RUB 1.55 08/19/18 TWD 1.40 CHENG SHIN RUB 1.38 09/03/15 TWD 1.32 CHENG SHIN RUB 1.38 09/03/15 TWD 1.32 CHENG SHIN RUB 1.38 09/03/15 TWD 0.88 CHENG SHIN RUB 1.38 09/03/15 TWD 0.88 CHENG SHIN RUB 1.38 09/03/15 TWD 0.88 CHINA AIRLINES 1.85 01/17/20 TWD 1.85 CHINA AIRLINES 1.60 01/17/18 TWD 1.60 CHINA AIRLINES 1.35 05/20/16 TWD 1.39 CHINA AIRLINES 1.35 05/20/16 TWD 1.35 CHINA AIRLINES 1.35 05/20/16 TWD 1.28 CHINA DEVELOPM 1.42 03/30/20 TWD 100.00 CHINA DEVELOPM 2.00 03/01/17 TWD 1.45 CHINA DEVELOPM 1.37 05/23/18 TWD 1.37 CHINA DEVELOPM 1.42 03/07/19 TWD 1.39 CHINA DEVELOPM 3.40 06/18/15 TWD 3.40 CHINA DEVELOPM 1.32 03/07/17 TWD 1.19 CHINA STEEL CO 2.30 12/29/15 TWD 0.92 CHINA STEEL CO 1.36 10/19/16 TWD 0.90 CHINA STEEL CO 1.50 08/03/22 TWD 1.64 CHINA STEEL CO 1.57 10/19/18 TWD 1.21 CHINA STEEL CO 1.95 01/23/24 TWD 1.90 CHINA STEEL CO 1.37 08/10/19 TWD 1.66 CHINA STEEL CO 1.44 07/12/20 TWD 1.56 CHINA STEEL CO 2.15 01/23/29 TWD 2.16 CHINA STEEL CO 1.75 01/23/21 TWD 1.58 CHINA STEEL CO 1.60 07/12/23 TWD 1.84 CHINA STEEL CO 1.88 07/12/28 TWD 1.89 CHINESE MARITI 1.40 06/08/17 TWD 1.13 CHINESE MARITI 1.40 06/08/17 TWD 1.35 CHINESE MARITI 1.40 06/08/17 TWD 1.39 CHINESE MARITI 1.40 06/08/17 TWD 1.40 COTA COMMERCIA 3.20 03/29/18 TWD 3.20 CPC CORP/TAIWA 1.22 06/07/17 TWD 1.05 CPC CORP/TAIWA 1.29 11/01/17 TWD 100.54 CPC CORP/TAIWA 1.49 10/28/18 TWD 1.14 CPC CORP/TAIWA 1.29 09/21/19 TWD 1.40 CPC CORP/TAIWA 1.41 12/22/19 TWD 1.36 CPC CORP/TAIWA 1.60 09/22/18 TWD 1.17 CPC CORP/TAIWA 1.08 10/29/15 TWD 0.50 CPC CORP/TAIWA 2.60 12/15/15 TWD 0.88 CPC CORP/TAIWA 1.85 09/12/24 TWD 1.85 CPC CORP/TAIWA 1.88 12/24/24 TWD 1.87 CPC CORP/TAIWA 1.18 09/19/17 TWD 1.14 CPC CORP/TAIWA 1.40 09/19/16 TWD 1.01 CPC CORP/TAIWA 1.43 10/27/20 TWD 1.51 CPC CORP/TAIWA 1.36 06/08/19 TWD 1.28 CPC CORP/TAIWA 1.40 12/03/16 TWD 0.91 CPC CORP/TAIWA 1.30 07/25/18 TWD 1.13 CPC CORP/TAIWA 1.75 10/28/20 TWD 1.56 CPC CORP/TAIWA 1.42 09/20/22 TWD 1.70 CPC CORP/TAIWA 1.41 09/12/19 TWD 1.35 CPC CORP/TAIWA 1.65 09/12/21 TWD 1.65 CPC CORP/TAIWA 1.70 09/21/21 TWD 1.60 CPC CORP/TAIWA 1.49 06/11/22 TWD 1.63 CPC CORP/TAIWA 1.85 10/25/23 TWD 1.86 CPC CORP/TAIWA 1.65 12/04/19 TWD 1.36 CPC CORP/TAIWA 1.46 07/19/20 TWD 1.45 CPC CORP/TAIWA 1.68 07/22/23 TWD 1.69 CPC CORP/TAIWA 1.68 12/23/21 TWD 1.60 CTBC BANK CO L 3.10 04/25/15 TWD 0.92 CTBC BANK CO L 3.49 04/10/23 TWD 1.80 CTBC BANK CO L 2.00 06/26/29 TWD 2.00 CTBC BANK CO L 1.80 09/27/18 TWD 1.49 CTBC FINANCIAL 1.66 02/20/19 TWD 1.52 CTBC FINANCIAL 1.80 02/20/22 TWD 1.80 DA-LI CONSTRUC 1.42 06/23/19 TWD 1.42 DRAGON STEEL C 1.75 06/10/21 TWD 1.72 DRAGON STEEL C 1.40 06/10/19 TWD 1.45 E.SUN COMMERCI 1.75 08/28/20 TWD 1.75 E.SUN COMMERCI 2.20 07/13/17 TWD 2.20 E.SUN COMMERCI 1.80 03/07/21 TWD 1.70 E.SUN COMMERCI 1.68 06/28/22 TWD 1.88 E.SUN COMMERCI 1.62 08/27/22 TWD 1.89 E.SUN COMMERCI 1.55 05/24/20 TWD 1.55 E.SUN COMMERCI 1.80 10/28/18 TWD 1.50 E.SUN COMMERCI 2.35 10/20/16 TWD 1.26 E.SUN COMMERCI 2.50 04/03/16 TWD 2.50 E.SUN COMMERCI 1.50 08/27/19 TWD 1.57 E.SUN COMMERCI 1.85 12/19/20 TWD 1.85 E.SUN COMMERCI 1.70 05/24/23 TWD 1.93 E.SUN COMMERCI 2.20 05/28/17 TWD 1.45 E.SUN COMMERCI 3.15 10/24/15 TWD 3.15 E.SUN COMMERCI 1.95 03/07/24 TWD 1.95 E.SUN COMMERCI 1.58 04/27/19 TWD 1.58 E.SUN FINANCIA 2.70 04/28/17 TWD 1.87 E.SUN FINANCIA 1.75 06/29/19 TWD 1.65 ENTIE COMMERCI 3.25 08/23/17 TWD 1.97 ENTIE COMMERCI 3.25 12/16/17 TWD 3.25 EVA AIRWAYS CO 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CO 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.29 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CO 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CO 1.15 06/14/18 TWD 1.25 EVA AIRWAYS CO 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CO 1.44 08/31/16 TWD 1.06 EVA AIRWAYS CO 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CO 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CO 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CO 1.44 08/31/16 TWD 1.01 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CO 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CO 1.44 08/31/16 TWD 0.90 EVERGREEN MARI 1.28 04/26/17 TWD 1.31 EVERGREEN MARI 1.28 04/26/17 TWD 1.18 EXPORT-IMPORT 0.88 02/12/16 TWD 0.74 EXPORT-IMPORT 0.85 03/31/17 TWD 0.85 EXPORT-IMPORT 0.80 10/16/16 TWD 0.80 EXPORT-IMPORT 0.90 06/24/17 TWD 0.90 EXPORT-IMPORT 0.90 01/28/16 TWD 0.76 EXPORT-IMPORT 1.25 05/30/17 TWD 1.25 EXPORT-IMPORT 0.68 06/20/16 TWD 0.80 FAR EASTERN DE 1.38 09/07/15 TWD 1.16 FAR EASTERN IN 2.05 12/23/21 TWD 2.05 FAR EASTERN IN 1.75 06/27/19 TWD 1.70 FAR EASTERN IN 2.10 11/06/20 TWD 1.81 FAR EASTERN IN 1.95 11/10/18 TWD 1.80 FAR EASTERN IN 2.10 09/29/17 TWD 1.47 FAR EASTERN IN 2.98 05/18/17 TWD 2.98 FAR EASTERN NE 1.38 02/06/20 TWD 1.38 FAR EASTERN NE 1.45 12/23/18 TWD 1.44 FAR EASTERN NE 1.47 08/21/19 TWD 1.41 FAR EASTERN NE 1.36 02/15/17 TWD 1.08 FAR EASTERN NE 1.47 12/04/19 TWD 1.40 FAR EASTERN NE 1.68 05/27/15 TWD 0.80 FAR EASTERN NE 1.30 11/26/17 TWD 1.21 FAR EASTERN NE 1.35 06/07/17 TWD 1.21 FAR EASTERN NE 1.59 09/16/15 TWD 0.80 FAR EASTERN NE 1.55 09/29/16 TWD 1.03 FAR EASTONE TE 1.33 06/27/20 TWD 1.33 FAR EASTONE TE 1.58 10/15/18 TWD 1.61 FAR EASTONE TE 1.17 12/24/16 TWD 1.17 FAR EASTONE TE 1.27 12/24/17 TWD 1.07 FAR EASTONE TE 1.58 12/24/19 TWD 1.37 FAR EASTONE TE 1.46 10/15/17 TWD 1.38 FIRST COMMERCI 2.05 03/25/25 TWD 100.00 FIRST COMMERCI 1.83 03/25/22 TWD 1.83 FIRST COMMERCI 3.02 10/21/15 TWD 1.20 FIRST COMMERCI 1.65 03/30/18 TWD 1.26 FIRST COMMERCI 1.92 09/28/17 TWD 1.59 FIRST COMMERCI 3.10 06/23/15 TWD 2.95 FIRST COMMERCI 3.00 12/24/15 TWD 3.00 FIRST COMMERCI 1.59 09/25/22 TWD 1.56 FIRST COMMERCI 3.16 12/24/17 TWD 3.16 FIRST COMMERCI 1.65 06/24/18 TWD 1.65 FIRST COMMERCI 1.72 06/24/21 TWD 1.72 FIRST COMMERCI 1.72 03/30/21 TWD 1.72 FIRST COMMERCI 1.47 09/25/19 TWD 1.44 FIRST COMMERCI 1.43 12/27/19 TWD 1.57 FIRST COMMERCI 1.50 09/28/17 TWD 1.36 FIRST FINANCIA 2.25 07/22/17 TWD 1.41 FIRST FINANCIA 1.60 07/22/15 TWD 0.90 FORMOSA CHEMIC 1.29 07/26/17 TWD 1.15 FORMOSA CHEMIC 1.24 07/08/18 TWD 1.29 FORMOSA CHEMIC 1.44 06/10/16 TWD 0.93 FORMOSA CHEMIC 1.34 01/22/20 TWD 1.50 FORMOSA CHEMIC 1.81 07/04/24 TWD 1.84 FORMOSA CHEMIC 1.38 10/31/16 TWD 1.16 FORMOSA CHEMIC 1.52 07/29/15 TWD 0.80 FORMOSA CHEMIC 1.50 01/22/23 TWD 1.80 FORMOSA CHEMIC 1.51 12/07/22 TWD 1.53 FORMOSA CHEMIC 1.52 07/08/23 TWD 1.54 FORMOSA CHEMIC 1.40 07/26/19 TWD 1.47 FORMOSA CHEMIC 1.23 12/07/17 TWD 1.23 FORMOSA CHEMIC 2.03 07/04/29 TWD 2.04 FORMOSA CHEMIC 1.36 12/07/19 TWD 1.40 FORMOSA CHEMIC 1.38 07/08/20 TWD 1.45 FORMOSA PETROC 1.40 04/20/16 TWD 100.30 FORMOSA PETROC 1.33 10/14/15 TWD 0.85 FORMOSA PETROC 1.30 06/20/17 TWD 1.14 FORMOSA PETROC 1.55 04/27/15 TWD 0.60 FORMOSA PETROC 1.28 06/26/18 TWD 1.19 FORMOSA PETROC 1.90 09/12/24 TWD 1.90 FORMOSA PETROC 1.43 09/12/19 TWD 1.37 FORMOSA PETROC 1.35 07/27/17 TWD 1.11 FORMOSA PETROC 1.42 05/25/16 TWD 0.82 FORMOSA PETROC 1.54 07/15/15 TWD 0.81 FORMOSA PETROC 1.25 03/12/18 TWD 1.31 FORMOSA PETROC 1.99 09/12/26 TWD 1.99 FORMOSA PETROC 1.37 03/12/20 TWD 1.41 FORMOSA PETROC 1.44 07/27/19 TWD 1.47 FORMOSA PETROC 1.54 05/25/15 TWD 0.75 FORMOSA PETROC 1.44 06/20/19 TWD 1.58 FORMOSA PETROC 1.41 06/26/20 TWD 1.53 FORMOSA PLASTI 1.92 05/21/26 TWD 1.94 FORMOSA PLASTI 1.25 11/05/17 TWD 1.23 FORMOSA PLASTI 1.34 11/16/16 TWD 0.95 FORMOSA PLASTI 1.26 05/22/17 TWD 1.24 FORMOSA PLASTI 1.28 09/12/17 TWD 1.15 FORMOSA PLASTI 1.83 05/21/24 TWD 1.86 FORMOSA PLASTI 1.35 12/15/16 TWD 0.95 FORMOSA PLASTI 1.53 11/05/22 TWD 1.62 FORMOSA PLASTI 1.42 11/08/18 TWD 1.47 FORMOSA PLASTI 1.23 06/10/17 TWD 1.30 FORMOSA PLASTI 1.94 11/08/23 TWD 1.96 FORMOSA PLASTI 1.40 09/12/19 TWD 1.45 FORMOSA PLASTI 1.39 11/05/19 TWD 1.44 FORMOSA PLASTI 1.52 06/10/23 TWD 1.54 FORMOSA PLASTI 1.42 05/22/19 TWD 1.49 FUBON FINANCIA 1.56 08/23/15 TWD 0.78 FUBON FINANCIA 1.38 03/30/20 TWD 1.38 FUBON FINANCIA 1.65 03/30/22 TWD 1.65 FUBON FINANCIA 1.45 08/28/18 TWD 1.36 FUBON FINANCIA 1.60 12/18/20 TWD 1.65 FUBON FINANCIA 1.42 12/18/18 TWD 1.45 FUBON FINANCIA 1.45 08/15/19 TWD 1.31 FUBON FINANCIA 2.60 01/27/17 TWD 1.32 FUBON FINANCIA 1.58 08/28/20 TWD 1.58 FUBON FINANCIA 1.72 07/21/21 TWD 1.72 FUBON FINANCIA 1.90 01/28/17 TWD 1.40 FUBON FINANCIA 2.60 01/28/17 TWD 1.46 FUBON FINANCIA 1.35 08/15/17 TWD 1.06 FUBON FINANCIA 1.40 11/15/16 TWD 0.72 GOLDSUN DEVELO 1.40 12/25/19 TWD 1.40 GTM HOLDINGS C 1.30 07/24/18 TWD 1.31 HIYES INTERNAT 1.40 09/23/17 TWD 1.40 HON HAI PRECIS 1.43 05/23/17 TWD 1.13 HON HAI PRECIS 1.47 03/08/16 TWD 100.53 HON HAI PRECIS 1.35 12/17/16 TWD 1.16 HON HAI PRECIS 1.23 01/14/18 TWD 1.20 HON HAI PRECIS 1.43 12/27/15 TWD 0.90 HON HAI PRECIS 1.33 01/30/18 TWD 1.20 HON HAI PRECIS 2.15 10/08/26 TWD 2.15 HON HAI PRECIS 1.45 01/14/20 TWD 1.40 HON HAI PRECIS 1.23 03/18/17 TWD 1.12 HON HAI PRECIS 1.51 07/18/16 TWD 0.98 HON HAI PRECIS 1.17 05/21/17 TWD 1.16 HON HAI PRECIS 1.35 10/11/17 TWD 1.24 HON HAI PRECIS 1.45 01/30/20 TWD 1.40 HON HAI PRECIS 1.45 10/18/16 TWD 1.08 HON HAI PRECIS 1.95 07/08/24 TWD 1.95 HON HAI PRECIS 1.66 06/14/18 TWD 1.32 HON HAI PRECIS 1.37 05/21/19 TWD 1.37 HON HAI PRECIS 1.85 12/17/20 TWD 1.70 HON HAI PRECIS 1.80 01/14/22 TWD 1.80 HON HAI PRECIS 1.18 08/06/15 TWD 1.20 HON HAI PRECIS 1.45 10/08/19 TWD 1.45 HON HAI PRECIS 1.80 10/08/21 TWD 1.80 HON HAI PRECIS 1.40 03/18/19 TWD 1.40 HON HAI PRECIS 1.50 12/17/18 TWD 1.50 HON HAI PRECIS 1.70 05/21/21 TWD 1.70 HON HAI PRECIS 2.02 10/08/24 TWD 2.02 HON HAI PRECIS 1.70 07/08/21 TWD 1.70 HON HAI PRECIS 1.43 06/14/16 TWD 1.09 HON HAI PRECIS 1.82 06/14/21 TWD 1.78 HON HAI PRECIS 1.95 05/21/24 TWD 1.88 HON HAI PRECIS 1.75 03/18/21 TWD 1.74 HON HAI PRECIS 2.00 03/18/24 TWD 2.00 HSBC BANK TAIW 1.40 01/31/19 TWD 1.27 HSBC BANK TAIW 1.23 02/05/18 TWD 1.20 HSBC BANK TAIW 1.55 03/10/16 TWD 0.60 HSBC BANK TAIW 1.34 02/05/20 TWD 1.47 HSBC BANK TAIW 1.48 02/05/23 TWD 1.48 HSBC BANK TAIW 1.25 01/31/17 TWD 1.11 HUA NAN COMMER 1.98 12/19/24 TWD 1.98 HUA NAN COMMER 1.83 12/19/21 TWD 1.83 HUA NAN COMMER 2.45 07/16/17 TWD 1.62 HUA NAN COMMER 2.60 04/24/17 TWD 2.60 HUA NAN COMMER 2.60 12/29/19 TWD 2.60 HUA NAN COMMER 1.98 09/26/24 TWD 1.98 HUA NAN COMMER 1.83 09/26/21 TWD 1.83 HUA NAN COMMER 1.63 12/06/18 TWD 1.52 HUA NAN COMMER 1.65 11/23/20 TWD 1.65 HUA NAN COMMER 3.10 04/18/15 TWD 0.88 HUA NAN COMMER 3.20 05/16/16 TWD 3.20 HUA NAN COMMER 1.85 03/28/24 TWD 1.85 HUA NAN COMMER 1.43 11/06/19 TWD 1.41 HUA NAN COMMER 1.55 11/06/22 TWD 1.55 HUA NAN COMMER 3.08 01/16/18 TWD 3.08 HUA NAN FINANC 1.23 01/21/18 TWD 1.21 HUA NAN FINANC 1.55 01/21/20 TWD 1.56 HWATAI BANK LT 2.70 11/15/19 TWD 2.70 INDUSTRIAL BAN 3.00 04/12/17 TWD 3.00 INDUSTRIAL BAN 3.20 12/28/16 TWD 2.24 INDUSTRIAL BAN 1.95 09/26/21 TWD 1.95 INDUSTRIAL BAN 1.85 08/17/19 TWD 1.83 INDUSTRIAL BAN 1.85 06/26/21 TWD 1.85 INDUSTRIAL BAN 1.95 05/30/20 TWD 1.85 INDUSTRIAL BAN 2.30 08/26/18 TWD 1.59 INDUSTRIAL BAN 1.95 03/27/21 TWD 1.94 INDUSTRIAL BAN 2.30 10/28/18 TWD 1.80 JIH SUN INTERN 2.20 01/30/22 TWD 2.20 JIH SUN INTERN 2.18 04/30/19 TWD 2.18 KINDOM CONSTRU 1.60 09/26/18 TWD 1.60 KINDOM CONSTRU 1.55 08/28/19 TWD 1.55 KINDOM CONSTRU 1.41 06/25/17 TWD 1.41 KINDOM CONSTRU 1.30 06/18/18 TWD 1.30 KINDOM CONSTRU 1.40 12/15/16 TWD 1.28 KINDOM CONSTRU 1.40 10/28/16 TWD 1.40 LAND BANK OF T 3.00 04/15/15 TWD 0.87 LAND BANK OF T 2.80 12/29/15 TWD 1.00 LAND BANK OF T 1.98 12/25/24 TWD 1.98 LAND BANK OF T 1.53 12/15/17 TWD 1.38 LAND BANK OF T 2.00 06/29/17 TWD 1.61 LAND BANK OF T 1.60 12/29/18 TWD 1.54 LAND BANK OF T 1.72 12/26/20 TWD 1.72 LAND BANK OF T 1.50 06/26/19 TWD 1.45 LAND BANK OF T 1.55 12/26/22 TWD 1.55 LAND BANK OF T 1.55 04/13/19 TWD 1.60 LAND BANK OF T 1.43 12/26/19 TWD 1.47 LAND BANK OF T 1.43 10/22/19 TWD 1.43 LAND BANK OF T 1.64 10/20/18 TWD 1.42 MAI-LIAO POWER 1.25 12/19/17 TWD 1.20 MAI-LIAO POWER 1.37 12/19/19 TWD 1.39 MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43 MEGA FINANCIAL 3.26 12/26/15 TWD 1.46 MEGA INTERNATI 1.65 06/24/21 TWD 1.64 MEGA INTERNATI 3.10 06/26/15 TWD 0.90 MEGA INTERNATI 1.53 12/24/17 TWD 1.35 MEGA INTERNATI 3.00 12/23/15 TWD 1.18 MEGA INTERNATI 1.70 03/28/21 TWD 1.70 MEGA INTERNATI 1.48 05/18/19 TWD 1.48 MEGA INTERNATI 1.65 04/15/18 TWD 1.40 MEGA INTERNATI 3.00 09/29/15 TWD 0.95 MEGA INTERNATI 1.62 11/24/18 TWD 1.38 NAN YA PLASTIC 1.45 11/11/19 TWD 1.45 NAN YA PLASTIC 1.35 11/07/16 TWD 0.95 NAN YA PLASTIC 2.04 06/24/29 TWD 2.04 NAN YA PLASTIC 1.25 09/07/17 TWD 1.17 NAN YA PLASTIC 1.55 08/05/20 TWD 1.43 NAN YA PLASTIC 1.36 07/04/17 TWD 1.15 NAN YA PLASTIC 1.27 11/12/15 TWD 0.85 NAN YA PLASTIC 1.45 08/05/18 TWD 1.24 NAN YA PLASTIC 1.56 06/25/15 TWD 0.86 NAN YA PLASTIC 1.56 08/30/15 TWD 0.75 NAN YA PLASTIC 2.08 12/18/25 TWD 2.10 NAN YA PLASTIC 1.93 11/11/24 TWD 1.93 NAN YA PLASTIC 1.45 07/04/19 TWD 1.38 NAN YA PLASTIC 1.40 08/05/17 TWD 1.21 NAN YA PLASTIC 1.98 12/18/23 TWD 1.94 NAN YA PLASTIC 1.37 09/07/19 TWD 1.33 NAN YA PLASTIC 1.50 02/25/23 TWD 1.52 NAN YA PLASTIC 1.36 02/25/20 TWD 1.51 PACIFIC CONSTR 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 1.00 RUN LONG CONST 1.60 08/01/19 TWD 1.35 RUN LONG CONST 1.70 05/07/19 TWD 1.35 SAN FAR PROPER 1.55 10/23/18 TWD 1.58 SHANGHAI COMME 1.83 11/25/21 TWD 1.83 SHANGHAI COMME 3.15 06/10/15 TWD 0.90 SHANGHAI COMME 3.05 12/26/15 TWD 3.05 SHANGHAI COMME 1.54 05/22/19 TWD 1.60 SHANGHAI COMME 1.43 12/27/19 TWD 1.57 SHANGHAI COMME 1.50 12/15/17 TWD 1.50 SHANGHAI COMME 1.48 04/10/19 TWD 1.45 SHANGHAI COMME 1.70 03/25/21 TWD 1.65 SHANGHAI COMME 1.85 03/25/24 TWD 1.85 SHANGHAI COMME 1.43 11/15/19 TWD 1.43 SHANGHAI COMME 1.55 11/15/22 TWD 1.55 SHIHLIN DEVELO 1.60 07/31/19 TWD 1.33 SHIN KONG FINA 3.65 09/29/15 TWD 0.96 SHINING BUILDI 1.60 11/10/17 TWD 1.60 SINYI REALTY I 1.48 06/27/19 TWD 1.48 SOLAR APPLIED 1.75 11/10/15 TWD 1.80 SUNNY BANK LTD 2.45 12/30/21 TWD 2.45 SUNNY BANK LTD 2.45 04/30/20 TWD 2.45 SUNNY BANK LTD 2.35 08/26/21 TWD 2.35 SUNNY BANK LTD 2.45 05/30/19 TWD 2.45 SUNNY BANK LTD 2.85 06/27/18 TWD 2.85 SUNNY BANK LTD 3.25 10/29/17 TWD 3.25 SUNNY BANK LTD 3.25 04/30/17 TWD 3.25 SUNNY BANK LTD 2.35 03/31/21 TWD 2.35 TA CHONG BANK 2.08 03/30/22 TWD 2.08 TA CHONG BANK 3.50 02/26/17 TWD 3.50 TA CHONG BANK 3.75 03/05/17 TWD 3.75 TA CHONG BANK 3.00 03/09/18 TWD 1.92 TA CHONG BANK 3.25 01/05/17 TWD 3.25 TA CHONG BANK 2.05 03/21/21 TWD 2.05 TA CHONG BANK 2.00 09/26/21 TWD 2.00 TA CHONG BANK 2.00 11/19/21 TWD 2.00 TA CHONG BANK 1.90 12/27/19 TWD 1.90 TA CHONG BANK 2.05 06/22/19 TWD 2.05 TA CHONG BANK 2.15 03/30/19 TWD 2.15 TAIPEI FUBON C 2.50 03/02/20 TWD 2.50 TAIPEI FUBON C 1.65 12/01/18 TWD 1.46 TAIPEI FUBON C 1.60 05/20/15 TWD 1.14 TAIPEI FUBON C 1.68 05/25/22 TWD 1.83 TAIPEI FUBON C 1.50 11/15/17 TWD 1.38 TAIPEI FUBON C 1.98 09/25/24 TWD 1.98 TAIPEI FUBON C 1.70 08/01/23 TWD 1.70 TAIPEI FUBON C 1.52 08/01/20 TWD 1.52 TAIPEI FUBON C 1.70 08/05/18 TWD 1.45 TAIPEI FUBON C 1.85 05/15/24 TWD 1.85 TAIPEI FUBON C 1.65 03/18/18 TWD 1.65 TAIPEI FUBON C 3.14 06/20/15 TWD 3.15 TAIPEI FUBON C 2.50 01/25/20 TWD 2.50 TAIPEI FUBON C 2.30 01/29/17 TWD 2.30 TAIPEI FUBON C 1.80 03/01/17 TWD 1.48 TAIPEI FUBON C 2.20 01/25/17 TWD 1.14 TAIPEI FUBON C 2.20 12/22/16 TWD 1.17 TAIPEI FUBON C 1.70 05/20/17 TWD 1.70 TAIPEI FUBON C 1.70 05/15/21 TWD 1.70 TAIPEI FUBON C 1.55 10/15/20 TWD 1.55 TAIPEI FUBON C 1.95 08/20/17 TWD 1.60 TAIPEI FUBON C 2.05 08/20/20 TWD 2.05 TAIPEI FUBON C 1.48 04/05/19 TWD 1.48 TAIPEI FUBON C 3.09 05/30/15 TWD 3.10 TAISHIN FINANC 2.20 08/05/18 TWD 1.61 TAISHIN FINANC 2.00 05/15/19 TWD 1.90 TAISHIN FINANC 2.30 12/17/17 TWD 1.65 TAISHIN FINANC 2.20 10/05/18 TWD 2.20 TAISHIN INTERN 2.65 04/12/17 TWD 2.65 TAISHIN INTERN 1.53 10/19/19 TWD 1.53 TAISHIN INTERN 1.53 12/14/19 TWD 1.53 TAISHIN INTERN 1.95 05/16/24 TWD 1.95 TAISHIN INTERN 1.65 10/19/22 TWD 1.65 TAISHIN INTERN 1.65 12/14/22 TWD 1.65 TAIWAN ACCEPTA 1.25 10/17/17 TWD 1.25 TAIWAN ACCEPTA 1.12 06/20/17 TWD 1.16 TAIWAN BUSINES 2.35 08/27/15 TWD 1.98 TAIWAN BUSINES 2.32 03/05/17 TWD 2.32 TAIWAN BUSINES 2.50 12/18/16 TWD 1.36 TAIWAN BUSINES 1.92 11/25/20 TWD 1.86 TAIWAN BUSINES 1.68 03/25/20 TWD 1.68 TAIWAN BUSINES 1.92 09/02/17 TWD 1.45 TAIWAN COOPERA 1.85 05/26/24 TWD 1.85 TAIWAN COOPERA 1.70 07/28/18 TWD 1.41 TAIWAN COOPERA 1.48 03/28/20 TWD 1.58 TAIWAN COOPERA 3.00 05/28/15 TWD 0.89 TAIWAN COOPERA 1.72 12/25/20 TWD 1.72 TAIWAN COOPERA 1.65 06/28/22 TWD 1.60 TAIWAN COOPERA 1.45 10/25/17 TWD 1.28 TAIWAN COOPERA 1.70 05/26/21 TWD 1.70 TAIWAN COOPERA 1.43 12/25/19 TWD 1.43 TAIWAN COOPERA 1.55 12/25/22 TWD 1.55 TAIWAN LAND DE 1.36 04/25/17 TWD 1.36 TAIWAN MOBILE 1.29 04/25/18 TWD 1.21 TAIWAN MOBILE 1.34 12/20/19 TWD 1.44 TAIWAN POWER C 1.38 06/01/15 TWD 0.48 TAIWAN POWER C 1.43 03/26/20 TWD 100.17 TAIWAN POWER C 1.10 03/18/17 TWD 1.06 TAIWAN POWER C 1.39 07/21/15 TWD 0.60 TAIWAN POWER C 1.37 04/23/19 TWD 1.22 TAIWAN POWER C 1.29 06/15/17 TWD 1.07 TAIWAN POWER C 1.50 11/22/18 TWD 1.20 TAIWAN POWER C 1.37 08/20/15 TWD 0.84 TAIWAN POWER C 1.70 03/30/22 TWD 1.70 TAIWAN POWER C 1.30 11/17/16 TWD 0.98 TAIWAN POWER C 1.55 07/22/20 TWD 1.42 TAIWAN POWER C 1.33 06/28/16 TWD 1.00 TAIWAN POWER C 1.35 09/26/16 TWD 1.04 TAIWAN POWER C 1.10 12/15/17 TWD 1.10 TAIWAN POWER C 1.65 07/19/18 TWD 1.25 TAIWAN POWER C 1.95 10/22/19 TWD 1.40 TAIWAN POWER C 1.64 08/20/17 TWD 1.10 TAIWAN POWER C 1.30 06/17/18 TWD 1.20 TAIWAN POWER C 1.75 07/21/21 TWD 1.67 TAIWAN POWER C 1.28 05/06/18 TWD 1.12 TAIWAN POWER C 1.50 04/24/22 TWD 1.75 TAIWAN POWER C 1.40 03/17/19 TWD 1.36 TAIWAN POWER C 1.10 05/30/17 TWD 1.12 TAIWAN POWER C 2.75 04/18/15 TWD 0.81 TAIWAN POWER C 1.78 11/20/19 TWD 1.36 TAIWAN POWER C 2.15 12/28/19 TWD 1.42 TAIWAN POWER C 1.46 12/17/17 TWD 1.02 TAIWAN POWER C 1.23 04/23/17 TWD 1.08 TAIWAN POWER C 2.99 09/17/15 TWD 0.65 TAIWAN POWER C 1.42 07/21/19 TWD 1.44 TAIWAN POWER C 1.87 04/28/16 TWD 0.82 TAIWAN POWER C 1.55 06/28/18 TWD 1.13 TAIWAN POWER C 2.74 06/16/15 TWD 0.84 TAIWAN POWER C 2.62 11/25/15 TWD 0.56 TAIWAN POWER C 1.39 05/06/20 TWD 1.46 TAIWAN POWER C 1.46 12/15/19 TWD 1.43 TAIWAN POWER C 2.02 12/15/24 TWD 2.02 TAIWAN POWER C 1.40 05/30/19 TWD 1.42 TAIWAN POWER C 1.65 07/19/17 TWD 1.13 TAIWAN POWER C 1.47 09/23/17 TWD 1.08 TAIWAN POWER C 1.64 09/21/20 TWD 1.61 TAIWAN POWER C 1.60 12/15/20 TWD 1.52 TAIWAN POWER C 1.38 04/21/15 TWD 0.54 TAIWAN POWER C 2.35 12/30/18 TWD 1.27 TAIWAN POWER C 1.10 10/16/17 TWD 1.10 TAIWAN POWER C 1.24 11/21/16 TWD 1.06 TAIWAN POWER C 1.95 12/30/23 TWD 1.88 TAIWAN POWER C 1.52 06/15/22 TWD 1.52 TAIWAN POWER C 1.69 04/22/21 TWD 1.50 TAIWAN POWER C 1.92 03/17/24 TWD 1.93 TAIWAN POWER C 1.55 11/20/16 TWD 0.90 TAIWAN POWER C 1.95 05/28/24 TWD 1.96 TAIWAN POWER C 1.32 12/19/16 TWD 0.92 TAIWAN POWER C 1.58 12/21/21 TWD 1.56 TAIWAN POWER C 1.53 05/03/23 TWD 1.96 TAIWAN POWER C 1.42 10/16/19 TWD 1.42 TAIWAN POWER C 1.77 10/16/21 TWD 1.77 TAIWAN POWER C 1.99 10/16/24 TWD 1.99 TAIWAN POWER C 1.46 12/30/18 TWD 1.35 TAIWAN POWER C 1.39 08/16/19 TWD 1.42 TAIWAN POWER C 1.49 08/15/22 TWD 1.84 TAIWAN POWER C 1.75 12/30/20 TWD 1.66 TAIWAN POWER C 1.94 11/22/23 TWD 1.89 TAIWAN POWER C 1.43 06/15/19 TWD 1.37 TAIWAN POWER C 1.75 07/23/23 TWD 1.76 TAIWAN POWER C 1.98 07/21/24 TWD 1.99 TAIWAN POWER C 1.45 06/17/20 TWD 1.55 TAIWAN POWER C 1.75 04/23/17 TWD 1.20 TAIWAN POWER C 1.85 04/22/20 TWD 1.50 TAIWAN POWER C 1.64 06/28/21 TWD 1.53 TAIWAN POWER C 1.77 12/17/21 TWD 1.77 TAIWAN POWER C 1.75 06/01/17 TWD 1.10 TAIWAN POWER C 1.83 06/01/20 TWD 1.43 TAIWAN POWER C 1.75 05/30/21 TWD 1.69 TAIWAN POWER C 1.60 04/22/18 TWD 1.36 TAIWAN POWER C 1.79 07/21/20 TWD 1.48 TAIWAN POWER C 1.71 08/23/20 TWD 1.56 TAIWAN POWER C 2.84 04/18/18 TWD 1.25 TAIWAN POWER C 2.99 07/21/15 TWD 0.58 TAIWAN POWER C 2.85 11/04/15 TWD 0.60 TAIWAN POWER C 1.39 12/26/22 TWD 1.49 TAIWAN POWER C 1.27 11/30/19 TWD 1.43 TAIWAN POWER C 1.41 11/28/22 TWD 1.41 TAIWAN POWER C 1.31 10/31/19 TWD 1.44 TAIWAN POWER C 1.51 10/21/18 TWD 1.29 TAIWAN POWER C 1.65 10/20/21 TWD 1.56 TAIWAN POWER C 1.48 11/21/18 TWD 1.32 TAIWAN POWER C 1.43 10/31/22 TWD 1.42 TAIWAN POWER C 1.74 03/17/21 TWD 1.74 TAIWAN SEMICON 1.35 09/25/16 TWD 1.38 TAIWAN SEMICON 1.28 09/26/17 TWD 1.00 TAIWAN SEMICON 1.28 08/02/17 TWD 1.04 TAIWAN SEMICON 1.38 02/06/20 TWD 1.34 TAIWAN SEMICON 1.63 09/28/18 TWD 101.72 TAIWAN SEMICON 1.23 01/04/18 TWD 1.17 TAIWAN SEMICON 1.29 01/11/17 TWD 1.01 TAIWAN SEMICON 1.40 09/28/16 TWD 100.74 TAIWAN SEMICON 1.35 01/04/20 TWD 1.37 TAIWAN SEMICON 1.46 01/11/19 TWD 1.46 TAIWAN SEMICON 1.49 01/04/23 TWD 1.62 TAIWAN SEMICON 1.50 07/16/20 TWD 1.40 TAIWAN SEMICON 1.52 08/09/19 TWD 1.52 TAIWAN SEMICON 2.10 09/25/23 TWD 2.03 TAIWAN SEMICON 1.50 02/06/23 TWD 1.64 TAIWAN SEMICON 1.23 02/06/18 TWD 1.17 TAIWAN SEMICON 1.45 09/25/17 TWD 1.47 TAIWAN SEMICON 1.34 08/09/17 TWD 1.34 TAIWAN SEMICON 1.39 09/26/19 TWD 1.39 TAIWAN SEMICON 1.53 10/09/22 TWD 1.53 TAIWAN SHIN KO 2.10 12/15/24 TWD 2.10 TAIWAN SHIN KO 1.80 09/26/18 TWD 1.80 TAIWAN SHIN KO 2.50 12/18/16 TWD 1.45 TAIWAN SHIN KO 1.95 09/26/21 TWD 1.55 TAIWAN SHIN KO 1.85 03/30/18 TWD 1.42 TAIWAN SHIN KO 1.51 12/28/19 TWD 1.51 TAIWAN SHIN KO 1.63 12/28/22 TWD 1.63 TONG YANG INDU 1.35 01/28/20 TWD 1.35 TONG YANG INDU 1.35 01/28/20 TWD 1.35 TONG YANG INDU 1.35 01/28/20 TWD 1.35 U-MING MARINE 1.32 08/22/17 TWD 1.32 UNION BANK OF 2.10 12/19/20 TWD 2.10 UNION BANK OF 2.32 03/01/19 TWD 2.32 UNION BANK OF 2.78 06/15/18 TWD 2.78 UNI-PRESIDENT 1.57 06/25/15 TWD 0.90 UNI-PRESIDENT 1.43 06/17/16 TWD 1.01 UNI-PRESIDENT 1.35 06/18/17 TWD 1.11 UNI-PRESIDENT 1.22 02/26/18 TWD 1.17 UNI-PRESIDENT 1.78 06/23/24 TWD 1.81 UNI-PRESIDENT 1.39 02/18/19 TWD 1.34 UNI-PRESIDENT 1.62 06/23/21 TWD 1.58 UNI-PRESIDENT 1.28 10/29/17 TWD 1.20 UNI-PRESIDENT 1.29 06/23/19 TWD 1.34 UNI-PRESIDENT 1.39 10/29/19 TWD 1.53 UNI-PRESIDENT 1.23 10/27/15 TWD 1.28 UNITED MICROEL 1.35 03/15/18 TWD 1.23 UNITED MICROEL 1.63 06/07/19 TWD 1.35 UNITED MICROEL 1.95 06/18/24 TWD 100.42 UNITED MICROEL 1.43 06/07/17 TWD 1.10 UNITED MICROEL 1.70 06/18/21 TWD 1.71 UNITED MICROEL 1.50 03/15/20 TWD 1.58 USI CORP 1.55 02/12/20 TWD 1.55 USI CORP 1.90 02/12/22 TWD 1.90 USI CORP 1.55 06/24/16 TWD 1.34 WAN HAI LINES 1.65 08/14/19 TWD 1.65 WAN HAI LINES 1.65 06/22/16 TWD 1.25 WAN HAI LINES 1.95 08/14/21 TWD 1.77 WAN HAI LINES 1.85 06/24/18 TWD 1.55 YANG MING MARI 2.45 11/01/20 TWD 2.45 YANG MING MARI 1.42 05/20/15 TWD 1.45 YANG MING MARI 2.20 11/01/18 TWD 1.90 YANG MING MARI 1.30 12/27/16 TWD 1.15 YANG MING MARI 1.30 12/27/16 TWD 1.34 YANG MING MARI 1.30 12/27/16 TWD 1.26 YANG MING MARI 1.30 12/27/16 TWD 1.16 YANG MING MARI 1.30 12/27/16 TWD 1.14 YANG MING MARI 1.30 12/27/16 TWD 1.11 YANG MING MARI 1.30 12/27/16 TWD 1.15 YANG MING MARI 1.42 05/20/15 TWD 1.42 YANG MING MARI 1.42 05/20/15 TWD 1.46 YANG MING MARI 1.42 05/20/15 TWD 1.31 YANG MING MARI 1.42 05/20/15 TWD 1.35 YANG MING MARI 1.42 05/20/15 TWD 1.23 YANG MING MARI 1.42 05/20/15 TWD 1.31 YANG MING MARI 1.42 05/20/15 TWD 1.38 YANG MING MARI 1.30 12/27/16 TWD 1.05 YFY INC 1.40 06/28/15 TWD 0.95 YFY INC 1.40 06/28/15 TWD 1.40 YUAN DING INVE 1.50 07/20/16 TWD 1.27 YUAN DING INVE 1.35 11/25/16 TWD 1.14 YUAN DING INVE 1.25 08/06/15 TWD 1.30 YUAN DING INVE 1.40 08/06/17 TWD 1.20 YUAN DING INVE 1.45 12/15/16 TWD 1.40 YUAN DING INVE 1.62 07/19/15 TWD 1.45 YUAN DING INVE 1.35 05/26/19 TWD 1.43 YUANTA COMMERC 1.80 10/27/18 TWD 1.80 YUANTA COMMERC 1.85 10/29/21 TWD 1.85 YUANTA COMMERC 1.95 10/27/21 TWD 1.95 YUANTA COMMERC 1.80 09/04/21 TWD 1.80 YUANTA COMMERC 2.30 06/10/17 TWD 1.38 YUANTA COMMERC 2.00 09/04/24 TWD 2.00 YUANTA COMMERC 1.75 06/27/18 TWD 1.53 YUANTA COMMERC 1.85 08/22/18 TWD 1.55 ********* Tuesday's edition of the TCR-AP delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-AP editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Tuesday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-AP constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-AP editor holds some position in the issuers' public debt and equity securities about which we report. A list of Meetings, Conferences and Seminars appears in each Wednesday's edition of the TCR-AP. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com Friday's edition of the TCR-AP features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman, Editors. Copyright 2015. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***