/raid1/www/Hosts/bankrupt/TCRAP_Public/150421.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 21, 2015, Vol. 18, No. 077
Headlines
A U S T R A L I A
JONES THE GROCER: Ex-Owner Sues L Capital Asia in Singapore
LUNA SYDNEY: First Creditors' Meeting Set For April 28
NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings
NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract
PHARMANET GROUP: Placed in Voluntary Administration
QANTAS: Risks Fines, Losing Slots at Heathrow For Late A380s
C H I N A
CHINA TELETECH: Posts $907,000 Net Loss in 2014
GOLDEN EAGLE: S&P Cuts LT Corporate Credit Rating to 'BB+'
KAISA GROUP: Defaults on Interest Payment on Offshore Bonds
H O N G K O N G
CHINA FISHERY: Fitch Lowers IDR to 'B+'; Outlook Stable
NOBLE GROUP: Shareholders Challenge Management on Accounting
SAI PAO: Creditor Files Liquidation Bid; Hearing Set April 23
I N D I A
A. G. TIMBER: CRISIL Suspends 'C' Rating on INR10MM Cash Credit
AGLO PACKAGINGS: CRISIL Ups Rating on INR54.8MM Loan to B-
ALLEPPEY COMPANY: CARE Reaffirms B+/A4 Rating on INR20.70cr Loan
AMBAY COKE: CRISIL Suspends D Rating on INR315MM Bank Loan
APPOLLO DISTILLERIES: CARE Reaffirms D Rating on INR71.06cr Loan
ATC FOODS: CRISIL Suspends B+ Rating on INR650MM Cash Credit
BENARA OVERSEAS: CARE Raises Rating on INR5.24cr LT Loan to C
BEWELL LABS: CRISIL Cuts Rating on INR59.4MM Term Loan to D
D.V. STEEL: CRISIL Suspends D Rating on INR50MM Cash Credit
DEBPARA TEA: CRISIL Assigns B+ Rating to INR50MM Bank Loan
DEVGAN RICE: CRISIL Ups Rating on INR110MM Cash Loan to B-
DOBARIYA ASSOCIATES: CARE Assigns B+ Rating to INR9cr LT Loan
ECO GREEN: ICRA Reaffirms B Rating on INR8.60cr Cash Credit
ELYMER ELECTRICS: CRISIL Suspends D Rating on INR164MM Bank Loan
ELYMER INTERNATIONAL: CRISIL Suspends D Rating on INR219MM Loan
EMPEROR FOODEX: CRISIL Suspends B Rating on INR100MM Bank Loan
FASHION IMPEX: CARE Assigns B+ Rating to INR9cr LT Loan
G.B. LOGS: CRISIL Suspends C Rating on INR270MM Term Loan
GALAXY COTTON: ICRA Reaffirms B Rating on INR14cr Cash Credit
GARUDA AUTOMOBILES: CRISIL Suspends D Rating on INR38.6MM Loan
GRAFFITI LAMINATES: CRISIL Reaffirms B+ Rating on INR121MM Loan
GUJARAT STATE: CARE Ups Rating on INR698.29cr LT Loan to BB
GUPTA MARRIAGE: CRISIL Suspends B- Rating on INR160MM Term Loan
HETALI ENTERPRISES: CARE Reaffirms B+ Rating on INR32.75cr Loan
HOTEL RUMANI: CARE Upgrades Rating on INR5.79cr LT Loan to B
INCOM WIRES: CRISIL Reaffirms B Rating on INR60MM Cash Loan
INDEX SUPPLIERS: CRISIL Suspends D Rating on INR59.5MM Loan
JOHNSON AGRITEC: CRISIL Suspends D Rating on INR40.2MM Term Loan
JYOTI POWER: CARE Lowers Rating on NR307.42cr LT Loan to 'D'
KEDIA ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Loan
LEO PRIMECOMP: CARE Revises Rating on INR99.06cr LT Loan to B+
MAHARSHI RICE: ICRA Reaffirms B+ Rating on INR13cr Loan
MUKESH STEELS: CARE Cuts to D Then Suspends Rating
N. M. FOODS: CARE Revises Rating on INR2cr LT Loan to B+
NEOTECH EDUCATION: ICRA Reaffirms D Rating on INR18.22cr Loan
OM COTTON: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
ORCHID CHEMICALS: CARE Raises Rating on INR1,971.07cr Loan to B-
P. G. TIMBER: CRISIL Cuts Rating on INR46MM Demand Loan to D
PALURI NARAYANA: CARE Reaffirms B Rating on INR4.68cr LT Loan
PAR DRUGS: ICRA Upgrades Rating on INR27.68cr Term Loan to B
PD CORPORATION: ICRA Reaffirms B+ Rating on INR12.12cr Term Loan
RELIANCE COMMUNICATION: Fitch Rates Proposed Sr. Sec. Notes BB-
RELIANCE COMMS: Moody's Rates New Sr. Secured Notes at '(P)Ba3'
SAHARA GROUP: Sebi Moves US Court on Corporate Jet Sale
SALGUTI INDUSTRIES: ICRA Ups Rating on INR50.37cr Loan to B-
SAVITRIBAI PHULE: CARE Reaffirms D Rating on INR127.84cr LT Loan
SINHGAD TECHNICAL: CARE Reaffirms D Rating on INR493.74cr LT Loan
SOBHA PROJECTS: CARE Reaffirms B+ Rating on INR48.2cr LT Loan
SRI BALAJI: CRISIL Cuts Rating on INR425MM Loan to D
SUBHAMASTHU SHOPPING: ICRA Ups Rating on INR4.5cr Loan to B+
TRINITY EYE: ICRA Assigns B+ Rating to INR6.97cr Term Loan
WELLCARE OIL: CARE Assigns B+ Rating to INR4.50cr LT Loan
J A P A N
SHARP CORP: Nears Deal With Lenders on Restructuring Plan
SKYMARK AIRLINES: Accepts ANA's Rescue Offer
N E W Z E A L A N D
KIWI CAPITAL: S&P Assigns 'BB-' Issue Credit Rating to Notes
X X X X X X X X
* BOND PRICING: For the Week April 3 to April 17, 2015
- - - - -
=================
A U S T R A L I A
=================
JONES THE GROCER: Ex-Owner Sues L Capital Asia in Singapore
-----------------------------------------------------------
Broede Carmody at SmartCompany reports that the former owner of
collapsed gourmet retailer Jones the Grocer is suing the company's
majority shareholder L Capital Asia in Singapore's high court for
alleged "oppressive conduct".
According to SmartCompany, John Manos, who acquired Jones the
Grocer in 2005, is pursuing proceedings in Singapore because he
said the appointment of administrators to Jones the Grocer's
Australian companies at the end of 2014 and the appointment of a
judicial manager in Singapore amounted to "oppression" by L
Capital as the majority shareholder in the companies.
SmartCompany relates that Mr. Manos claimed the appointments will
result in L Capital Asia, the private equity arm of luxury retail
group Louis Vuitton Moet Hennessy, becoming the 100% owner of the
business without any payment to him.
Under a deal proposed by administrators PKF Lawler Melbourne, a
party related to L Capital will pay the creditors of the
Australian Jones the Grocer creditors 100 cents in the dollar in
return for full ownership of the business, SmartCompany relays.
According to the report, orders were made on April 16 in the
Supreme Court in Melbourne that no payment should be made for the
transfer of Manos' stake in the companies and Manos chose not to
resist this application.
However, he has successfully obtained an injunction in the
Singapore High Court in an attempt to prevent the transfer of the
business and Mr. Manos told SmartCompany his concerns about the
deal will be addressed in these proceedings.
"These matters will be addressed in the Singaporean oppression
proceeding which deals with the real source of the issue," he said
in a statement issued to SmartCompany through his lawyers.
But Mr. Manos said he disputes a number of claims being made in
the Supreme Court proceedings by the administrators, including
that the Jones the Grocer companies were insolvent and that "the
business had no value," SmartCompany relays.
Mr. Manos said while he is disappointed that the company
collapsed, he wants to find a solution to his differences with L
Capital and maximise value for all stakeholders, adds
SmartCompany.
Jones the Grocer and its sister companies Charlie & Co and Becasse
collapsed into voluntary administration in December last year and
the outlets have continued to trade since, the report discloses.
It later emerged that a "difference in vision at board level" led
to the collapse, the report notes.
Jason G. Stone, Glenn J. Franklin and Petr Vrsecky of PKF Lawler
Melbourne on Dec. 12, 2014, were appointed as administrators of:
- Jones the Grocer Stores Pty. Ltd.
- Senselle Foods Distribution Pty. Ltd.
- 3GS Holdings Pty. Ltd.
- Jones Group Franchising Pty. Ltd.
- Jones Group Holdings Pty. Ltd.
- Jones the Grocer IP Pty. Ltd.
LUNA SYDNEY: First Creditors' Meeting Set For April 28
------------------------------------------------------
Brendan James Copeland -- Robert.Whitton@williambuck.com -- &
Robert William Whitton -- Robert.Whitton@williambuck.com -- of
William Buck were appointed as administrators of Luna Sydney Pty.
Limited on April 16, 2015.
A first meeting of the creditors of the Company will be held at
Level 29, 66 Goulburn Street, in Sydney, on April 28, 2015, at
10:00 a.m.
NEWSAT LTD: Seeks U.S. Recognition of Australian Proceedings
------------------------------------------------------------
Startup satellite operator NewSat Ltd. of Australia on April 16
was sent to administration and receivership proceedings in
Australia. The receiver immediately asked a bankruptcy court in
the United States to recognize the Australian proceedings and stop
any actions by creditors in the United States.
According to the administrators, NewSat encountered financial
difficulties and has not been unable to raise new capital as s a
result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues. NewSat is in default
under its U.S. Export-Import Bank and COFACE credit facilities.
NewSat also failed to make payments to Lockheed Martin, which, in
January 2015, issued a termination notice indicating its intent to
cease construction of the Jabiru-1 satellite. Evry, France-based
Arianespace also filed its own default notice to NewSat under
their launch services agreement.
Citicorp International, as trustee for lenders, on April 16, 2015,
placed NewSat (NWT) into administration in Australia. It
appointed administrators and receivers, who took over control of
the Company from the directors and officers. The receivers are
tasked to protect and recover property for the benefit of the
secured creditors and return any surplus to the company, while the
administrators will handle the claims of creditors and are
responsible for the administration process to be carried out in
accordance with Australian law.
The commercial satellite Jabiru-1 can provide communications cover
over South East Asia, Middle East and North America. If completed
and launched, Jabiru-1 will be Australia's first commercial "Ka-
band" satellite and is expected to deliver 7.6 GHz of new capacity
in the covered regions. The satellite is being built by Lockheed
Martin Corp, and intended to be launched by Arianespace. Total
project cost is expected to be US$600 million.
NewSat and Sunnyvale, California-based Lockheed Martin are parties
to a $266.6 million construction contract, with $170 million
already paid. NewSat is party to a $115.5 million launch services
agreement with Arianespace.
The U.S. Export-Import Bank loaned NewSat $300.5 million, mainly
to support the Lockheed Martin construction contract. Coface's
credit guarantees to a banking consortium made up of Societe
Generale, Credit Suisse and Standard Chartered Bank amounted to
most of the $115 million Arianespace-related loans. The Ex-Im
Bank and Coface declined to release further funds to NewSat after
NewSat was unable to come up with $40 million in fresh equity or
debt by last Dec. 1, 2014.
There are no pending litigations involving the NewSat Debtors in
the U.S.
However, the administrators are wary that Lockheed Martin, as well
as Arianespace will seek to enforce rights to termination.
The Administrators want the U.S. Court to recognize the Australian
Proceeding as a "foreign main proceeding" and apply application of
11 U.S.C. Sec. 362(a) to prevent the premature exercise of
creditors' remedies, including contract termination.
"Without the preservation of contractual relationships, the NewSat
Debtors are vulnerable to litigation from key contract
counterparties which would impair the company's ability to
continue operations and erode the NewSat Debtors' going concern
value. Indeed, various parties, such as Lockheed Martin and
Arianespace, have already threatened to terminate contracts that
are essential to the effective launch of Jabiru-1. Given the
precarious state of the NewSat Debtors' financial situation, such
actions may have a snowball effect and reduce the chances of a
successful outcome for the Australian Proceeding," Joseph M.
Barry, Esq., at Young Conaway Stargatt & Taylor, LLP, explains in
a court filing.
A copy of NewSat's verified petition for recognition of the
Australian Proceedings is available for free at:
http://bankrupt.com/misc/NewSat_Ch15_Recognition.pdf
About NewSat
NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.
NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial "Ka-
band" satellite and is expected to deliver 7.6 GHz of new capacity
in the covered regions.17
As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat into administration in Australia.
It appointed Stephen James Parbery and Marcus William Ayres, of
PPB Advisory in Sydney, Australia, as administrators. Citi also
appointed Jason Preston and Matthew Wayne Caddy of McGrathNicol as
receivers.
On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.
NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.
NEWSAT LTD: Obtains TRO in the U.S. to Save Jabiru-1 Contract
-------------------------------------------------------------
The administrators of NewSat Ltd., et al., sought and obtained
from the U.S. Bankruptcy Court for the District of Delaware a
temporary restraining order that enjoins all persons and entities
from staying all actions or proceedings against the NewSat Debtors
and their assets and barring the termination of any contracts with
the Debtors.
A hearing will be held on April 28, 2015, at 10:00 a.m. on the
administrators' motion for a preliminary injunction to extend the
injunction until such time as the Court enters an order disposing
of the Chapter 15 petitions. Objections are due April 24.
As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders under certain of
the NewSat Group's credit facilities acted upon their rights to
stop further disbursements under their loan commitments. The
NewSat Group has not been able to raise sufficient new capital
which has restrained liquidity and has jeopardized vital
contracts. Such key contracts include a US$266,660,000 contract
with U.S.-based Lockheed Martin Corporation for the construction
of the Jabiru-1 satellite in Denver, Colorado, and a
US$115,500,000 contract with Arianespace SA for the launch of the
Jabiru-1 satellite into its proper orbital position.
Absent such contracts and a successful arrangement among creditors
of the NewSat Debtors in the Australian Proceeding, the
Administrators believe that the Jabiru-1 satellite project will
fail to the detriment of all stakeholders.
The NewSat Group is currently in default on its secured debt and
unable to meet its financial commitments as they come due. As a
result, the NewSat Debtors have defaulted on key contracts
including, among others, the Satellite Construction Contract and
the Launch Services Agreement. Further, the NewSat Debtors are
party to contracts such as the Satellite Construction Contract
that contain events of default triggered by financial condition,
bankruptcy filings or other insolvency events. Thus, there is a
substantial risk that the counterparties to such agreements will
exercise contractual termination or other rights upon either the
commencement of the Australian Proceeding or the filing of the
Chapter 15 cases.
On April 16, 2015, the Security Trustee, acting on behalf of
secured lenders to the Jabiru-1 satellite project, appointed the
Administrators and commenced the Australian Proceeding. The
principal purpose of the Australian Proceeding is to facilitate a
consensual arrangement among the creditors of the NewSat Debtors
with supervision available from the Australian Courts to continue
the business of the NewSat Group as a going concern and preserve
value for all stakeholders. The commencement of the Australian
Proceeding, among other things, (i) vested control of the NewSat
Debtors' business, property, and affairs with the Administrators,
(ii) automatically imposed a general moratorium on the rights of
creditors, and (iii) prevented the commencement or continuation of
all proceedings against the NewSat Debtors.
Virtually the entirety of the NewSat Debtors' going concern value
is inextricably intertwined with their critical contract rights
under highly-specialized, nearly solesource contracts. Absent the
entry of a temporary restraining order on an immediate basis, the
NewSat Debtors' rights under those critical contracts could be
compromised thereby leading to devastating destruction of value,
Joseph M. Barry, Esq., at Young Conaway Stargatt & Taylor, LLP,
told the U.S. Court.
A copy of the TRO is available at:
http://bankrupt.com/misc/NewSat_TRO.pdf
About NewSat
NewSat Limited was founded in 1987 as a multimedia business and
gradually evolved into a satellite communications company. NewSat
is now Australia's largest pure-play satellite communications
company, with teleports and satellites delivering internet, voice,
data and video communications coverage to 75% of the globe,
including Australia, Asia, the Middle East, Africa, Europe and the
United States.
NewSat's Jabiru-2, which was launched in September 2014, delivers
"Ku-Band" capacity across Australia, Timor Leste, Papua New Guinea
and the Solomon Islands, and provides connectivity to the
resources, commercial mobility, media, telecommunications and
government sectors. NewSat's own commercial satellite named
Jabiru-1 is currently being built and is targeted for launch in
2015 to 2016. Jabiru-1 will be Australia's first commercial "Ka-
band" satellite and is expected to deliver 7.6 GHz of new capacity
in the covered regions.17
As a result of certain defaults, cost overruns on the Jabiru-1
satellite project, and management issues, lenders halted funding
to NewSat. Citicorp International, as trustee for lenders, on
April 16, 2015, placed NewSat (NWT) into administration in
Australia. It appointed Stephen James Parbery and Marcus William
Ayres, of PPB Advisory in Sydney, Australia, as administrators.
Citi also appointed Jason Preston and Matthew Wayne Caddy of
McGrathNicol as receivers.
On April 16, 2015, the Administrators filed Chapter 15 bankruptcy
petitions for NewSat and affiliates NSN Holdings Pty Ltd., NewSat
Services Pty Ltd., Jabiru Satellite Holdings Pty Ltd., NewSat
Space Resources Pty Ltd., NewSat Networks Pty Ltd., and Jabiru
Satellite Ltd. (Bankr. D. Del. Lead Case No. 15-10810) to stop
actions by creditors in the U.S. The U.S. cases are assigned to
Judge Kevin J. Carey. Young, Conaway, Stargatt & Taylor and Allen
& Overy LLP serve as counsel.
NewSat listed $500 million to $1 billion in assets and $100
million to $500 million in debt in its Chapter 15 petition.
The attorneys to the U.S. cases can be reached at:
YOUNG CONAWAY STARGATT & TAYLOR, LLP
Joseph M. Barry, Esq.
Matthew B. Lunn, Esq.
Rodney Square
1000 North King Street
Wilmington, Delaware 19801
Telephone (302) 571-6600
Facsimile (302) 571-1253
E-mail: jbarry@ycst.com
mlunn@ycst.com
- and -
ALLEN & OVERY LLP
Ken Coleman
Mark Nixdorf
1221 Avenue of the Americas
New York, New York 10020
Telephone (212) 610-6300
Facsimile (212) 610-6399
E-mail: ken.coleman@allenovery.com
mark.nixdorf@allenovery.com
PHARMANET GROUP: Placed in Voluntary Administration
---------------------------------------------------
Jack James -- jjames@palisadebc.com -- of Palisade Business
Consulting Pty Ltd was appointed Voluntary Administrator of
Pharmanet Group on April 15, 2015, pursuant to a resolution passed
by the Board of Directors of the Company.
The Company was already suspended from official quotation on the
Australian Stock Exchange.
The future of the Company will be decided at a second meeting of
creditors to be convened in due course. "Should a recapitalisation
proposal be approved by creditors, a meeting of shareholders will
then be convened to obtain shareholder approval," Palisade
Business said in a statement.
Mr. James was also appointed Voluntary Administrator of the
following subsidiaries of the Company on April 15, 2015:
* Thermalife International Pharmaceuticals Pty Ltd;
* Pharmasolv Laboratories Pty Ltd; and
* Cambridge Scientific Pty Ltd.
Pharmanet Group turned over just AUD212,000 for the 2014 financial
year, SmartCompany discloses citing the group' annual report,
against a loss of AUD2.1 million.
SmartCompany says the administration followed a turbulent year for
the company with mounting pressure from creditors.
Shares were suspended in March and again in October last year in
relation to statutory demands from creditors. Shares have remained
suspended since October 7, 2014, SmartCompany notes.
The first meeting of creditors is scheduled for April 28 in Perth,
the report discloses.
SmartCompany relates that a statement to shareholders from
administrator Jack James said the future of Pharmanet Group would
be decided at a second meeting of creditors, which is yet to be
scheduled.
"Should a recapitalisation proposal be approved by creditors, a
meeting of shareholders will then be convened to obtain
shareholder approval," SmartCompany quotes Mr. James as saying.
Pharmanet Group Limited (ASX:PNO) -- http://www.pharmanet.com.au/
-- is an Australia-based pharmaceutical company. The Company is
engaged in the research, development and manufacture, and
distribution of pharmaceutical products. The Company and its group
of companies are focused on products, drug development and
cosmetic opportunities.
QANTAS: Risks Fines, Losing Slots at Heathrow For Late A380s
------------------------------------------------------------
Matt O'Sullivan at The Sydney Morning Herald reports that Qantas
Airways risks significant fines and losing a valuable landing slot
at London's heavily congested Heathrow Airport because too many of
its flagship A380 super-jumbos have been arriving late, according
to internal memos.
SMH relates that the late arrival of the A380s at Heathrow
resulted in Qantas' on-time performance slipping to 75th out of 80
airlines that flew to Europe's busiest airport in February.
Qantas' manager of base operations at Sydney, Captain Martin
Gardiner, has warned crews in an internal memo that significant
fines could be levied on the airline, according to the report.
"As a result of our performance, London airport has given Qantas
an official warning; meaning that we could be fined œ20,000 for
each non-compliance of our slot time, or worse lose our slot," he
said in the memo obtained by Fairfax Media. "We have been asked
to advise Heathrow what our plans are to improve this performance.
All areas of the business including flight operations are now
monitoring the performance of these services very closely so that
we can improve our performance and retain our landing slots in
[London]."
According to SMH, Captain Gardiner said the retiming of flights
over the last year had "also placed some additional stress on our
network and turn-around times".
Planes that arrive or depart Heathrow 15 minutes after their
allotted time are deemed late, the report notes.
SMH says landing slots at Heathrow are highly valuable because of
the congested nature of the airport, and airlines risk losing
slots for the next season's flying schedule if they are
consistently late. Qantas has eight slots at Heathrow -- which is
near 100 per cent capacity -- and leases four of them to British
Airways, the report discloses.
About Qantas Airways
Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services. Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training , catering, passenger and
ground handling, and engineering and maintenance. It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.
As reported in the Troubled Company Reporter-Asia Pacific on
March 2, 2015, Moody's Investors Service affirmed all ratings of
Qantas Airways Limited and changed the outlook to stable from
negative. The ratings affirmed include Qantas' Ba1 corporate
family rating, Ba2 senior unsecured rating, NP (Not Prime) short
term rating and (P)Ba2/(P)NP program ratings.
The change of outlook and affirmation follows Qantas' announcement
of better than previously expected earnings for the half year
period ended Dec. 31, 2014.
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C H I N A
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CHINA TELETECH: Posts $907,000 Net Loss in 2014
-----------------------------------------------
China Teletech Holding, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of $907,000 on $4.29 million of sales for the year ended
Dec. 31, 2014, compared with a net loss of $295,000 on $5.03
million of sales for the same period in 2013.
As of Dec. 31, 2014, the Company had $11.8 million in total
assets, $14.6 million in total liabilities and a $2.77 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, 2014, citing that the Company has incurred
substantial losses which raise substantial doubt about its ability
to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
http://is.gd/4OLcmu
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, China.
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.
GOLDEN EAGLE: S&P Cuts LT Corporate Credit Rating to 'BB+'
----------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on Golden Eagle Retail Group Ltd. to 'BB+' from
'BBB-'.
The outlook is negative.
"We also lowered our long-term issue rating on the company's
senior unsecured notes to 'BB' from 'BBB-'. The issue rating is
one notch lower than the issuer rating due to structural
subordination. In line with the rating change, we lowered our
long-term Greater China regional scale rating on the China-based
department store operator to 'cnBBB' from 'cnBBB+' and on the
notes to 'cnBBB-' from 'cnBBB+'."
"We lowered the rating because Golden Eagle's leverage has
increased more than we expected over the past year, and we do not
anticipate any material reduction over the next 12 months," said
Standard & Poor's credit analyst Lillian Chiou.
"We expect Golden Eagle's leverage (ratio of debt to EBITDA) to
increase to about 2.0x over the next 12 months, without factoring
in any potential acquisition. The ratio increased to 1.7x in 2014
from 0.6x in 2013, breaching our downgrade trigger of 1.5x. Our
estimate factors in Golden Eagle's weak retail sales prospects and
high capital expenditure plan. We revised our assessment of the
company's financial risk profile to "intermediate" from "modest"
based on the above factors.
"Golden Eagle's profitability and cash flows could deteriorate
further over the next 12 months because of an increase in
operating expenses associated with the opening of more lifestyle
shopping centers. Moreover, we expect net working capital cash
outflows owing to weak sales of pre-paid cards, which did not
offset the redemption of these cards. However, we expect Golden
Eagle's EBITDA margin to remain above 40% for the next 12 to 24
months owing to the company's efforts to improve operating
efficiency and control costs. In addition, we anticipate that
sales of pre-paid cards could pick up somewhat inthe next 18 to 24
months from a low base in 2014; this will help to reduce the net
cash outflow."
"We expect department store operations to remain challenging over
the next 12 months. Growth in gross sales proceeds is likely to
remain weak and margins will decline as Golden Eagle accelerates
its strategic transformation toward comprehensive lifestyle
shopping centers. We anticipate longer breakeven cycles for new
stores and more intense competition from e-commerce. However, we
believe Golden Eagle's high proportion of self-owned properties in
prime locations, strong brand name, and favorable concessionaire
sales model will continue to support its credit profile."
"Golden Eagle's leverage could increase to above 3.0x in 2015 if
the company proceeds with its proposed acquisition of a property
development project in Suzhou. Standard and Poor's is likely to
fully consolidate the project company's finances with that of
Golden Eagle while assessing the company's credit profile."
"The negative outlook reflects our view that Golden Eagle's
leverage could increase significantly to above 3.0x over the next
12 months if the company proceeds with its proposed acquisition of
a property development project," said Ms. Chiou.
"We could lower the rating if we expect Golden Eagle's debt-to-
EBITDA ratio to stay above 3.0x with no signs of improvement. This
could happen if the company's EBITDA margin drops below 30% or
revenue declines materially. We could also lower the rating if
Golden Eagle's debt increases significantly once the proposed
acquisition materializes."
"We could revise the outlook to stable if the company maintains
its debt-to-EBITDA ratio below 2.0x. This could happen through
disciplined capital expenditure and investment management or if
the transaction doesn't proceed."
KAISA GROUP: Defaults on Interest Payment on Offshore Bonds
-----------------------------------------------------------
Esther Fung at The Wall Street Journal reports that Kaisa Group
Holdings Ltd said it has defaulted on interest payments on its
offshore bonds as it negotiates with its creditors to restructure
its debts.
According to the report, the developer, based in Shenzhen, said in
a statement published on the Hong Kong stock exchange website that
it made neither a scheduled payment of $16.1 million on $250
million of 2017 notes that was due March 18, nor a payment of
$35.5 million on two 2018 notes that was due March 19. Kaisa said
it failed to make the payments even after a 30-day grace period,
the Journal relates.
The Journal notes that Kaisa is seeking concessions from its
onshore and offshore creditors in order to expedite a bailout by
another property developer, Sunac China Holdings Ltd. The Journal
recalls that the company's troubles date back to November, when
authorities in Shenzhen blocked sales of units in 11 Kaisa
projects there, cutting into the flow of cash the company needed
to meet its obligations.
The Journal says the developer and local authorities haven't
provided an explanation, but analysts speculated at the time that
the blockage could have been meant to pressure Kaisa's chairman,
Kwok Ying Shing, into cooperating with investigations into alleged
corruption involving a Shenzhen official.
Mr. Kwok resigned as chairman in late December, but the company
said last week that it will reappoint him, the report states.
"The company is focused on facilitating the release of its 2014
audited financial results and following that release, will
continue its efforts to reach a consensual restructuring of its
outstanding debts," the Journal quotes Kaisa as saying in a
statement. "The company hopes to enter into standstill agreements
with certain of its offshore debt holders as soon as practicable."
The Journal notes that Kaisa was late in making an interest
payment on a bond earlier this year, prompting other creditors to
demand repayment. The report says local courts have also frozen
some of Kaisa's property and bank accounts. Ratings firms have
downgraded the company because it defaulted on some of its bank
loans after Mr. Kwok's resignation triggered terms allowing
creditors to demand immediate repayment.
Analysts and lawyers said Kaisa's current default on interest
payments was expected, given that the firm is in talks with its
creditors about debt-repayment concessions, the Journal reports.
About Kaisa Group
China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.
As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings. The
transaction will also help reduce near-term liquidity stress. The
ratings remain under review for upgrade.
On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.
On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.
The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.
================
H O N G K O N G
================
CHINA FISHERY: Fitch Lowers IDR to 'B+'; Outlook Stable
-------------------------------------------------------
Fitch Ratings has downgraded China Fishery Group Limited's (China
Fishery) Issuer Default Rating (IDR) to 'B+' from 'BB-'. The
agency has also downgraded the ratings on China Fishery's wholly
owned subsidiary Copeinca AS and its wholly owned subsidiary
Corporacion Pesquera Inca SAC (together referred to as Copeinca)
to 'B+' from 'BB-'. The Outlooks on the ratings are Stable.
The downgrade reflects the lack of a systematic and transparent
approach in the company's financial management processes,
especially the financing of the Copeinca acquisition. The company
would need greater financial flexibility to mitigate this risk.
Copeinca's ratings are equalised with China Fishery because of
strong operational and strategic ties and in line with Fitch's
parent-subsidiary linkage methodology. Copeinca contributed to
about 41% of China Fishery's total EBITDA for the financial year
ended 28 September 2014 (FY14).
Fitch will withdraw Copeinca's ratings and will not provide any
more coverage on the company once its USD250m bond is fully
repaid.
KEY RATING DRIVERS
Lack of Systematic Financial Management: The amount of time China
Fishery has taken to resolve its financing issues created
uncertainty among its stakeholders and this is likely to affect
the company's future financial strategies. China Fishery explored
at least three other options and rejected them due to high costs
or timing issues. It finally settled on a rights issue currently
being offered that may raise up to SGD282.5m (equivalent to
USD210m) to refinance the outstanding USD250m Copeinca bonds,
which would have been credit positive, if the company had
systematically presented and executed its financing plan when it
acquired Copeinca in August 2013. That this option is the last
resort does not reflect strong financial management control. The
refinancing of the Copeinca bonds is a condition necessary to
allow Copeinca to provide a guarantee for the syndicated loans
China Fishery had drawn upon to finance the acquisition.
Business Profile Remains Resilient: Fitch expects China Fishery's
Peruvian fishmeal segment to account for over 80% of China
Fishery's EBITDA from 2015. The Peruvian fishmeal operation
supports China Fishery's ratings, given the firm demand for
fishmeal, which is a staple needed for aquaculture globally. This
supports higher fish prices when the catch volume is low, thus
compensating for the volatility in catch volumes, which depend on
climate conditions, and limiting the fluctuations in China
Fishery's EBITDA.
The fleet operation has also turned in positive EBITDA of USD5m in
FY14, reversing the USD19m of losses in FY13. Fitch believes this
segment continued to be profitable in 1Q15 and expects this
segment to remain profitable.
Leverage Remains High: Fitch expects China Fishery to continue de-
leveraging, but leverage, as measured by adjusted net
debt/EBITDAR, will not fall below 2.75x until FY17, limiting its
financial flexibility. Fitch expects the company to generate free
cash flow of about USD150m a year, including the effects of
refunds of prepayments made to Russian suppliers as part of a
long-term supply agreement (LSA). China Fishery had net debt of
USD1.08bn and leverage of 4.35x at end-FY14.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Dividend payments to resume from FY16 at 30% payout ratio
-- Maintenance capex of USD30m a year
-- Oil prices and bunker costs to remain at current levels
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Adjusted net debt/EBITDAR sustained above 3.5x even with
the full refund of the LSA prepayments
-- Any negative development in the Peruvian operation
resulting a sustained decline in catch volumes
-- China Fishery's fleet operation suffers sustained negative
EBITDA
-- Any issues arising that prevent the full refund of the LSA
Prepayments
Positive: Future developments that may, individually or
collectively, lead to positive rating action include:
-- Better track record of disciplined financial management
-- Adjusted net debt/EBITDAR is sustained below 2.75x
-- Consistent and sustained improvement in the fleet
operation's EBITDA
As Copeinca's ratings are linked to China Fishery, any change in
China Fishery's ratings will result in an equivalent change in
Copeinca and Corporacion Pesquera Inca's ratings.
Full list of rating actions:
China Fishery Group Limited
Long-Term IDR downgraded to 'B+' from 'BB-'; Outlook Stable
Senior unsecured rating downgraded to 'B+' from 'BB-'; Recovery
Rating at 'RR4'
USD300m senior unsecured notes issued by CFG Investment S.A.C. and
guaranteed by China Fishery downgraded to 'B+' from 'BB-';
Recovery Rating at 'RR4'
Copeinca AS
Long-Term IDR downgraded to 'B+' from 'BB-'; Outlook Stable
Corporacion Pesquera Inca SAC
Long-Term IDR downgraded to 'B+' from 'BB-'; Outlook Stable
USD250m senior unsecured notes downgraded to 'B+'; Recovery Rating
at 'RR4'
NOBLE GROUP: Shareholders Challenge Management on Accounting
------------------------------------------------------------
Jake Maxwell Watts at The Wall Street Journal reports that
shareholders of Noble Group Ltd. questioned the company's
management on its accounting at its annual general meeting on
April 17, while there was sizable opposition to some of its pay
policies.
At a lively meeting in Singapore, the first since blogger Iceberg
Research and U.S. short seller Muddy Waters criticized Noble's
accounting in a series of reports this year, shareholders
consisting mostly of retail investors complained that they hadn't
gotten enough clarity from the company on its financial reports,
according to the report.
The Journal says the criticisms from Iceberg and Muddy Waters have
contributed to a 23% slide in Noble's shares this year. The
company has consistently denied any wrongdoing, the report notes.
"I came here today with a positive view on Noble but I am leaving
with a negative one because of the way [management] conducted the
meeting. They are very defensive," the report quotes 60-year old
shareholder Mano Sabnani as saying.
According to the Journal, the company's resolutions to allow
directors to grant share options or awards under its internal
remuneration and performance programs passed with about 70%
approval from shareholders, compared with more than 96% approval
for almost all other proposals. However, there was almost
unanimous support for the granting of $690,000 in fees to Noble's
directors for 2014.
The Journal relates that several investors said they wanted more
information from the company's management. Wong Chee Hon, 49, said
he trusted Noble's directors but thought they "should find ways to
improve on the communications to the shareholders," the report
relays.
The Journal relates that despite investors' concerns, Noble's
founder and chairman, Richard Elman, said at the meeting that the
company's spat with Iceberg is finished. He repeated the company's
denial of any wrongdoing and said it looked forward to meeting
Iceberg in court to challenge its claims, according to the
Journal.
"Nothing that Noble has done has been shown to violate any
accounting rules," the Journal quotes Mr. Elman as saying.
Shareholders voted overwhelmingly in favor of approving the
company's 2014 financial statements and auditors' report, the
report adds.
Mr. Elman owns 21% of Noble Group, with other significant
shareholders including China Investment Corp., with 9.4%, and
Eastspring Investments (Singapore) Ltd., with 6.1%, the Journal
discloses citing Thomson Reuters data.
About Noble Group
Noble Group Limited (SGX:N21) -- http://www.thisisnoble.com/-- is
a Hong Kong-based company engaged in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in Asia
and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
SAI PAO: Creditor Files Liquidation Bid; Hearing Set April 23
-------------------------------------------------------------
Julie Chu at South China Morning Post reports that Sing Pao,
Hong Kong's oldest Chinese language newspaper, is facing the
threat of liquidation for failure to pay its debts.
According to the report, creditor Korchina Culture Investment Ltd
filed a petition to the High Court to wind up Sing Pao Media
Enterprises Ltd on April 14. The court document was not available
to the public, the report says.
The newspaper was founded in 1939 by Ho Man-fat, who sold it for
HK$150 million to Optima Media Holding in 2000. Qin Hui, a
mainland businessman and nightclub owner, bought Optima Media and
changed its name to Strategic Media International in 2004.
The report notes that the paper was sued for failing to pay
salaries in 2006 and 2007 and was almost wound up by the Mandatory
Provident Fund for failing to pay HK$4.2 million in contributions
in 2008.
Jailed former Birmingham City Football Club owner Carson Yeung Ka-
sing stepped in to help in 2008, with an interest-free loan of up
to HK$60 million to its parent company, the report discloses. Qin
transferred his shares to Yeung in 2010, but last month Yeung
filed a writ to ask Qin and Strategic Media for HK$5.75 million,
SCMP recalls.
The report says the company published a notice on April 6,
claiming a lender had sent a statutory demand notice and that the
directors are negotiating with an unnamed independent third party
to grant a new loan of HK$110 million.
The court has fixed a hearing on April 23 to appoint a liquidator
and the petition will be heard on July 15, adds SCMP.
=========
I N D I A
=========
A. G. TIMBER: CRISIL Suspends 'C' Rating on INR10MM Cash Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
A. G. Timber Pvt Ltd (AGT; part of the MB Timber group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL C
Letter of Credit 70 CRISIL A4
The suspension of ratings is on account of non-cooperation by AGT
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AGT is yet to
provide adequate information to enable CRISIL to assess AGT's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of AGT GB Logs & Timber Pvt Ltd (GBL; part
of the MB Timber group), and MB Timber Pvt Ltd (MBT). This is
because these three companies, collectively referred to as the MB
Timber group, have the same management team and are in the same
line of business.
AGT, incorporated in 2010, is promoted by Kolkata (West Bengal)-
based Mr. Ajay Gupta. AGT trades in timber logs, primarily in West
Bengal, Orissa, Bihar, and Assam. MBT and GBL are also in the same
line of business.
AGLO PACKAGINGS: CRISIL Ups Rating on INR54.8MM Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Aglo
Packagings Pvt Ltd (APPL) to 'CRISIL B-/Stable/CRISIL A4' from
'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.5 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 35 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 6.5 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 34.1 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 54.8 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects APPL's improved liquidity, leading to
timely servicing of debt. In addition, its cash accruals are
expected to increase, driven by an improvement in its scale of
operations. The cash accruals are likely to be sufficient to meet
its debt obligations over the medium term. CRISIL, however,
believes that APPL's liquidity, though improved, will remain
constrained over the medium term because of its large working
capital requirements.
The ratings continue to reflect APPL's below-average financial
risk profile and its modest scale of operations. These rating
weaknesses are partially offset by the extensive industry
experience of APPL's promoters and the company's healthy
relationship with its customers.
Outlook: Stable
CRISIL believes that APPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant
improvement in its accruals or better working capital management,
leading to improvement in its financial risk profile. Conversely,
the outlook may be revised to 'Negative' if APPL's financial risk
profile weakens because of lower cash accruals, large debt-funded
capital expenditure, or significant stretch in working capital
cycle.
Incorporated in 2006 and promoted by Mr. Prakash Agarwal, APPL
manufactures PET (Polyethylene terephthalate) caps for bottles
used for packaging of mineral water, edible oil, fruit juices, and
carbonated drinks. The company's plant is located in Guwahati
(Assam).
ALLEPPEY COMPANY: CARE Reaffirms B+/A4 Rating on INR20.70cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
The Alleppey Company Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short-term 20.70 CARE B+/CARE A4
Bank Facilities Reaffirmed
Rating Rationale
The ratings of The Alleppey Company Limited (ACL) continue to be
constrained by the underutilization of capacity and stagnant
income from operations, due to weak demand in the US and European
markets, fluctuating profit margin with history of losses,
exposure to foreign currency risk, with forex losses impacting the
profit margin in the past. The ratings are further constrained by
the working capital-intensive nature of operations and limited
pricing flexibility on account of competition from the unorganized
sector.
The ratings, however, derive comfort from the long experience of
the promoters in the manufacture of coir products, established
market position derived from long track record of the company and
the long association with renowned customers.
Going forward, the company's ability to increase the scale of
operation and improve profitability in the intensely competitive
industry, and manage its working capital borrowings effectively,
would be the key rating sensitivities.
ACL is the flagship company of the Karan group (KG group) which
has interests in manufacture of coir mats, mattings, rugs, sisal,
jute and sea grass. ACL was established in 1927 to trade in coir
yarn. The other two companies in the group are Kerala Balers
Private Limited (rated 'CARE B+/CARE A4') and William Goodacre&
Sons India Ltd, also in the same line of business.
After independence, Mr Revi Karunakaran (S/o Mr Keerthi
Karunakaran), established the first mechanical coir-based
production unit in 1965. In 1991, KG pioneered the making of PVC
coir mats in India. KG has its headquarters in Alleppey (Kerala)
with 8 manufacturing units (owned) and 6 ware housing facilities
(rented) spread across the states of Tamil Nadu and Kerala. ACL
has an integrated factory for weaving of natural fibre floor
coverings. The raw material, coir is purchased from dealers, who
in turn procure from local farmers. The finished products are sold
predominantly in export market such as North America and Western
Europe.
The company has incurred net loss of INR0.94 crore on total
operating income of INR42.57 crore in FY14 (refers to the period
April 01 to March 31) as compared to a net profit of INR0.31 crore
on total operating income of INR41.70 crore in FY13(refers to the
period April 1 to March 31).
AMBAY COKE: CRISIL Suspends D Rating on INR315MM Bank Loan
----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Ambay Coke Industries Pvt Ltd (Ambay).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 260 CRISIL D
Letter of credit &
Bank Guarantee 125 CRISIL D
Proposed Long Term
Bank Loan Facility 315 CRISIL D
Term Loan 15 CRISIL D
The suspension of ratings is on account of non-cooperation by
Ambay with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Ambay is yet to
provide adequate information to enable CRISIL to assess Ambay's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Ambay was acquired by its current management in February 2008 and
commenced operations in July 2008. The company processes coke and
sells it to small vendors and blast furnaces. Its unit in Burdwan
(West Bengal) has 18 coking chambers, with capacity to process
30,000 tonnes of coke per annum (tpa). Ambay was reconstituted as
a private limited company from a partnership firm in October 2009.
APPOLLO DISTILLERIES: CARE Reaffirms D Rating on INR71.06cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of
Appollo Distilleries Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 71.06 CARE D Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Appollo Distilleries
Private Limited (ADPL) takes into account the instances of delays
in debt servicing by the company in the recent past.
Appollo Distilleries Private Limited (ADPL) owns and operates a
brewery plant having an installed capacity of 50,000 KLPA (kilo
liter per annum) at Billakuppam, Gummidipundi, Tamil Nadu (TN).
The commercial operation of ADPL's manufacturing facility
commenced in May 2012. ADPL is a subsidiary of Empee Distilleries
Ltd (EDL, rated 'CARE D') part of Empee group of companies. During
11MFY15, ADPL has registered sales volume of 30.60 lakh cases
against 32.60 lakh cases registered during the same period of
previous financial year.
The company made a net profit of INR0.02 crore on a turnover of
INR180 crore in FY14 as against a loss of INR0.08 crore on a
turnover of INR150 crore in FY13.
ATC FOODS: CRISIL Suspends B+ Rating on INR650MM Cash Credit
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
ATC Foods Pvt Ltd (ATC; part of ATC Group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 650 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by ATC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ATC is yet to
provide adequate information to enable CRISIL to assess ATC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of ATC and Shri Ganesh Agro Foods (SGA).
This is because both these entities, together referred to as ATC
Group, share the same management team and are in the same line of
business.
ATC, set up in 1980, mills and processes basmati rice. It sells
polished as well as unpolished basmati rice to exporters in India.
The company derives 5 per cent of its revenue from domestic sales
under its own brand, Sohni. ATC has total milling capacity of 100
tonnes per day of rice.
BENARA OVERSEAS: CARE Raises Rating on INR5.24cr LT Loan to C
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Benara Overseas Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.24 CARE C Revised from
CARE C to CARE D
and then upgraded to
CARE C
Rating Rationale
The revision in the rating assigned to the bank facilities of
Benara Overseas Limited (BOL) to 'CARE D' (Single D) factors in
instances of past delays in servicing of debt obligations.
The subsequent revision in the rating to 'CARE C' (Single C) takes
into account the improvement in the debt-servcing track record of
the company. The rating remains constrained by its low net-worth
base, short track record of operations coupled with weak financial
risk profile characterized by loss making operations, the
leveraged capital structure, stressed coverage indicators and weak
liquidity position. The rating is also constrained by the
dependence of the company on the automobile industry and the
inherent cyclicality associated with it. The rating however,
continue to draws strength from the experienced management.
Going forward, the ability of the company to increase the scale of
operations while achieving envisaged profitability levels and
improving the overall financial risk profile would be the key
rating sensitivities.
Benara Overseas Limited (BOL) was incorporated in October, 1995
under the name of BAPL Finance & Investment Limited. The name was
subsequently changed to BOL in November, 2005 and the company
commenced its commercial operations in January, 2011. Currently it
is being managed by Mr Sanjay Benara and Mr Abhay Benara. BOL is
engaged in the manufacturing of S G Iron casting for the
automotive industry and has installed a capacity of 5,000 tons per
annum (TPA) of S.G. Iron casting at its manufacturing facility
located at Solapur, Maharashtra.
The main raw materials are pig iron, cold rolled steel scrap and
other metals like silicon, manganese, etc, which are procured from
dealers and manufacturers located in Maharashtra. BOL sells its
products directly to manufacturers of various auto components
located in Maharashtra.
Besides BOL, Benara Group consists of Benara Autos Private Limited
(CARE B+/A4), engaged in automobile bushes and bearings business
since 1985 and Benara Metrab Limited, engaged in the manufacturing
of rubber parts etc.
For FY14 (refers to the period April 1 to March 31), BOL achieved
a Total Operating Income (TOI) of INR4.18 crore with net loss of
INR0.96 crore as against TOI of INR1.41 crore with net loss of
INR0.74 crore in FY13. As per the unaudited results, BOL has
achieved TOI of INR1.5 crore during 7MFY15 (refers to the period
April 1 to October 30).
BEWELL LABS: CRISIL Cuts Rating on INR59.4MM Term Loan to D
-----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Bewell
Labs Pvt Ltd (BLPL) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 54.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Standby Line of 8.5 CRISIL D (Downgraded from
Credit 'CRISIL B+/Stable')
Term Loan 59.4 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The ratings downgrade reflect instances of delay by BLPL in
servicing its term debt. The delays were because of weak
liquidity, driven by stretch in working capital cycle.
The ratings reflect BLPL's small scale of operations, its large
working capital requirements and susceptibility to changes in
government regulations. The ratings also factor in BLPL's weak
financial risk profile, marked by small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of BLPL's promoter in the hormone
formulations industry.
Set up in 1999 by Mr. Sameer Chatterjee, BLPL manufactures
formulations, including tablets, vials, ampoules, and bottles,
that are used in branches of medicine such as gynaecology,
ophthalmology, and paediatrics. The company commenced operations
in 2001. BLPL manufactures at its facilities in West Bengal and
also through outsourcing arrangements.
D.V. STEEL: CRISIL Suspends D Rating on INR50MM Cash Credit
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
D.V. Steel Industries Pvt Ltd (DV).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 23 CRISIL D
Cash Credit 50 CRISIL D
The suspension of ratings is on account of non-cooperation by DV
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DV is yet to
provide adequate information to enable CRISIL to assess DV's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
DV was set up as a partnership firm in 1989 at Raurkela (Odisha)
and was reconstituted as a private limited company in 1994. The
company derives its revenue from four businesses: steel
processing, equipment manufacturing, fabrication of steel
products, and contracting for civil, mechanical, and electrical
works. DV is promoted by the Jain family, which has over 75 years
of experience in the steel industry. Currently, the fourth
generation oversees the steel business, with brothers, Mr. Rakesh
Chand Jain and Mr. Dinesh Chand Jain, serving as its directors.
DEBPARA TEA: CRISIL Assigns B+ Rating to INR50MM Bank Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Debpara Tea Company Ltd (DTCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 50 CRISIL B+/Stable
The rating reflects DTCL's small scale of operations in a
fragmented industry, the vulnerability of its operating margin to
seasonality in production, and it's below average financial risk
profile. These rating weaknesses are partially offset by DTCL's
stable business risk profile, supported by its promoters'
extensive experience in the tea industry.
Outlook: Stable
CRISIL believes that DTCL will continue to benefit over the medium
term from its promoters' extensive experience and ongoing
replantation activity. The outlook may be revised to 'Positive' in
case of substantial improvement in the company's scale of
operations and operating profitability, resulting in substantially
higher-than-expected cash accruals. Significant capital infusion
by the promoters leading to improvement in the company's financial
risk profile, particularly liquidity, may also result in the
outlook being revised to 'Positive'. Conversely, the outlook may
be revised to 'Negative' in case of deterioration in DTCL's
financial risk profile, especially liquidity, on account of low
accruals, stretch in working capital cycle, and significant delay
in implementation of its proposed capex leading to significant
cost overrun.
DTCL is engaged in plantation and processing of tea. The company
was incorporated in 1910. It was taken over by Siliguri (West
Bengal)-based Mr. Tarachand Agarwal and his family members from
Mr. M K Banerjee in 2004-05 (refers to financial year, April 1 to
March 31). The company's day-to-day activities are managed by Mr.
Subhankar Mittal, son of Mr. Tarachand Agarwal. DTCL has one tea
garden at Banarghat in Jalpaiguri (West Bengal), named Debpara Tea
Estate.
DEVGAN RICE: CRISIL Ups Rating on INR110MM Cash Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Devgan Rice and General Mills (DRGM) to 'CRISIL B-/Stable' from
'CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 110 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects DRGM's utilisation of bank lines
within the sanctioned limits, following enhancement in the same.
The firm had earlier been over-drawing on its bank lines for over
30 days consistently to fund its sizeable inventory requirements.
However, with the enhancement in bank lines, the firm's
utilisation of the same is now expected to remain within the
sanctioned limits over the medium term.
DRGM's rating continues to reflect its modest scale of operations
and below-average financial risk profile, marked by small net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of its promoters in the rice
industry.
Outlook: Stable
CRISIL believes that DRGM will continue to benefit over the medium
term from its promoters' extensive industry experience. However,
its liquidity will remain constrained by working capital intensity
in its operations. The outlook may be revised to 'Positive' if
DRGM's cash accruals improve (due to substantial increase in scale
of operations), or its capital structure becomes considerably
stronger. Conversely, the outlook may be revised to 'Negative' if
the firm's liquidity weakens due to low cash accruals, sizeable
working capital requirements, or any large debt-funded capital
expenditure.
DRGM, set up as a partnership firm in 1972 by Mr. Naresh Kumar and
his family, processes non-basmati rice at its manufacturing
facility in Amritsar (Punjab).
For 2013-14 (refers to financial year, April 1 to March 31), DRGM
reported a provisional net profit of INR2.9 million on net sales
of INR397.0 million (INR1.3 million and INR226.4 million,
respectively, in 2012-13).
DOBARIYA ASSOCIATES: CARE Assigns B+ Rating to INR9cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Dobariya
Associates.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 9 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Dobariya Associates
(DA) is constrained on account of implementation and salability
risk associated with its on-going project, low booking status,
inherent risk associated with the cyclical real estate sector and
constitution of DA as a partnership firm leading to limited
financial flexibility and risk of withdrawal of capital.
The rating, however, derives strength from the experience of the
partners in the real estate sector coupled with moderate booking
advances received and moderate reliance on external debt.
The ability of DA to get the FSI permission for building B along
with timely completion of its ongoing real estate project within
envisaged cost and sale of unbooked units at envisaged prices are
the key rating sensitivities.
Dobaria Associates (DA), a Surat-based real estate development
firm was established in October 2011 by 7 partners namely Mr
Maganlal T. Dobariya, Mr Gajibhai K. Dugrani, Mr Nikhilbhai L.
Dobariya, Mr Devjibhai T. Dobariya, Mr Laxmanbhai L. Dobariya, Mr
Amitbhai M. Patel and Ms Ritaben M. Dobariya. All the promoters
have experience in the real estate industry and in the past
associate concerns of the firm namely Dobariya Developers and
Dobariya Corporation have successfully completed residential
building project namely 'Swarg Residency' and 'Brahmlok Residency'
in Surat city. DA has been set up to undertake one residential
real estate project named 'Brahmand Residency' at Ved road area,
Surat which comprises of 104 2BHK and 50 3BHK flats with total
saleable area of 2.36 lakh sq.ft.
ECO GREEN: ICRA Reaffirms B Rating on INR8.60cr Cash Credit
-----------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B assigned to
the INR16.07 crore fund based limits of Eco Green Paper Products
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 8.60 [ICRA]B reaffirmed
Term Loans 7.47 [ICRA]B reaffirmed
The rating reaffirmation takes into account EGPPPL's modest scale
of operations and weak financial risk profile characterized by
stretched liquidity position, modest debt protection metrics and
highly leveraged capital structure. The rating is also constrained
by the vulnerability of the company's profitability to adverse
fluctuations in the prices of the key raw material and the high
fragmentation and competition prevalent in the kraft paper
industry.
The rating, however, continues to favourably factor in the long
standing experience of the promoters in the kraft paper
manufacturing business; the company's favourable location for raw
material imports and the stable demand outlook for its main
product, kraft paper, which is mainly driven by growth in
packaging applications.
Incorporated in March 2011, Eco Green Paper Products Private
Limited (EGPPPL) is promoted by Mr. Bhupendra Patel and Mr. Hemal
Thacker. The company is engaged in manufacturing of kraft paper in
the range of 80-200 GSM (grams per square meter) having a Burst
Factor(BF) of 16-22 BF at its plant located at Kutch, Gujarat
having an installed capacity of 22,500 Metric tonnes per annum
(MTPA).
Recent Results
For the year ended 31st March 2014, EGPPPL has reported operating
income of INR30.80 crore and profit after tax (PAT) of INR0.17
crore as against an operating income of INR3.63 crore and net loss
of INR0.39 crore for the year ended 31st March 2013.
ELYMER ELECTRICS: CRISIL Suspends D Rating on INR164MM Bank Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Elymer Electrics Pvt Ltd (EEPL; a part of the Elymer group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 164 CRISIL D
Cash Credit 134 CRISIL D
Vendor Financing 26 CRISIL D
The suspension of ratings is on account of non-cooperation by EEPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EEPL is yet to
provide adequate information to enable CRISIL to assess EEPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EEPL and its group company, Elymer
International Pvt Ltd (EIPL). This is because the two entities,
together referred to as the Elymer group, are under the same
management team and have strong business and operational linkages
with each other.
EEPL, set up in 1991 by Mr. Ajesh Gupta, manufactures electronic
meters; it is a leading supplier of electronic meters to SEBs
(State Electricity Boards) and private players. EEPL manufactures
one- and three-phase electronic meters and has been supplying to
various SEBs for more than 15 years. EIPL, incorporated in 1997,
manufactures electronic meters at its manufacturing unit in
Faridabad (Haryana).
ELYMER INTERNATIONAL: CRISIL Suspends D Rating on INR219MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Elymer
International Pvt. Ltd. (EIPL; a part of the Elymer group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 190 CRISIL D
Cash Credit 219 CRISIL D
The suspension of ratings is on account of non-cooperation by EIPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EIPL is yet to
provide adequate information to enable CRISIL to assess EIPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of EIPL and its group company, Elymer
Electrical Pvt. Ltd. (EEPL). This is because the two entities,
together referred to as the Elymer group, are under the same
management team and have strong business and operational linkages
with each other.
EEPL, set up in 1991 by Mr. Ajesh Gupta, manufactures electronic
meters; it is a leading supplier of electronic meters to SEBs
(State Electricity Boards) and private players. EEPL manufactures
one- and three-phase electronic meters and has been supplying to
various SEBs for more than 15 years. EIPL, incorporated in 1997,
manufactures electronic meters at its manufacturing unit in
Faridabad (Haryana).
EMPEROR FOODEX: CRISIL Suspends B Rating on INR100MM Bank Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Emperor Foodex Ltd (EFL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 20 CRISIL A4
Packing Credit 60 CRISIL B/Stable
Proposed Fund-Based
Bank Limits 100 CRISIL B/Stable
Proposed Non Fund
based limits 20 CRISIL A4
The suspension of ratings is on account of non-cooperation by EFL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, EFL is yet to
provide adequate information to enable CRISIL to assess EFL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Established in 2008, EFL is engaged in trading of mango
concentrates/pulp, neem extracts and bio-fertilizers. The day-to-
day operations of the company are managed by Mr. Sanjeev Malhotra.
FASHION IMPEX: CARE Assigns B+ Rating to INR9cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B+' the ratings assigned to the bank facilities
of Fashion Impex.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.00 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Fashion Impex
(Fashion) is primarily constrained on account of its modest scale
of operations in the highly fragmented and competitive readymade
garments industry and its constitution as a proprietorship
concern. The rating is, further, constrained on account of
moderately leveraged capital structure, stressed liquidity
position and thin profitability margins with vulnerability of
margins to fluctuation in raw material prices and foreign exchange
rates.
The rating, however, favourably takes into account the experience
of the promoters in the textile industry and strong group support
from Nash Fashions India Limited (NFIL).
The ability of the firm to increase its scale of operations while
improving profitability margins in light of volatile raw material
prices, improvement in the liquidity position and capital
structure are key rating sensitivities.
Jaipur (Rajasthan) based Fashion Impex (FI) was formed in FY13 as
a proprietorship concern by Mr. Anupam Sethia. FI is engaged in
the business of manufacturing and export of ladies readymade
garments as well as the trading of grey, finished and readymade
garments. It purchases cotton grey fabric from suppliers in Tamil
Nadu and Ahmedabad as well as from its group entity, Nash Fashion
India Limited (NIFL) and gets printing on grey fabrics done on job
work basis from other process houses located in Ahmedabad, Jodhpur
and Jaipur. After getting finished fabrics, the firm does cutting,
stitching and packing in-house. The manufacturing facility of the
firm is located at Jaipur and has around 150 sewing machines.
Earlier, the firm used to sell readymade garments to export houses
and from FY15 onwards, the firm has started direct export to
European Countries.
During FY14 (refers to the period April 1 to March 31), Fashion
has reported a total operating income of INR31.70 crore (FY13:
INR2.56 crore) with a PAT of INR0.12 crore (FY13: INR0.02 crore).
G.B. LOGS: CRISIL Suspends C Rating on INR270MM Term Loan
---------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
G.B. Logs and Timber Private Limited (GBL; part of the MB Timber
group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 180 CRISIL C
Working Capital
Term Loan 270 CRISIL C
The suspension of ratings is on account of non-cooperation by
GBLwith CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GBL is yet to
provide adequate information to enable CRISIL to assess GBL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of GBL, AG Timber Pvt Ltd (AGT), and MB
Timber Pvt Ltd (MBT). This is because these three companies,
collectively referred to as the MB Timber group, have the same
management team and are in the same line of business.
GBL, incorporated in 2007, is promoted by Kolkata (West Bengal)-
based Mr. Ajay Gupta. The company trades in sawn and round timber,
primarily in West Bengal, Orissa, Bihar, and Assam. AGT and MBT
are also in the same business.
GALAXY COTTON: ICRA Reaffirms B Rating on INR14cr Cash Credit
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B assigned to
the INR14.00 crore cash credit facility of Galaxy Cotton &
Textiles Private Limited. Also, ICRA has reaffirmed the short-term
rating of [ICRA]A4 assigned to the INR2.10 crore Standby Line of
Credit facility of GCTPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 14.00 [ICRA]B reaffirmed
Standby Line of Credit 2.10 [ICRA]A4 reaffirmed
Rating Rationale
The reaffirmation of the ratings factors in GCTPL's weak financial
profile as evident from low return indicators, leveraged capital
structure and weak coverage indicators. The rating continues to
remain constrained by lack of diversification in product profile;
highly competitive and fragmented industry structure owing to low
entry barriers and vulnerability of profitability to raw material
prices, which are subject to seasonality, crop harvest and
regulatory risks.
However, the ratings favorably factor in the long experience of
the promoters in the ginning industry; healthy scaling up of
operations in FY14 and favorable location of the company's
manufacturing facility in Veraval giving easy access to raw
material.
Galaxy Cotton & Textiles Private Limited (GCTPL) was incorporated
in the year 1994 and is involved in the business of ginning and
pressing of raw cotton. The company's plant is located in Veraval
(Rajkot) and is equipped with forty eight ginning machines and one
pressing machine with production capacity of 400 bales per day.
Besides manufacturing, the company is also engaged in trading of
cotton seeds, yarn, lint etc. The promoters of GCPTL have been
associated with the cotton ginning and trading business for over
two decades and are also involved in the operations of a few other
cotton ginning companies, either as directors or partners.
Recent Results
For the year ended on March 31, 2014, the company reported an
operating income of INR101.05 crore and profit after tax of
INR0.18 crore as against an operating income of INR70.89 crore and
profit after tax of INR0.24 crore for the year ended on
March 31, 2013.
GARUDA AUTOMOBILES: CRISIL Suspends D Rating on INR38.6MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Garuda Automobiles Private Limited (GAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 38.6 CRISIL D
Proposed Long Term
Bank Loan Facility 2 CRISIL D
Term Loan 12.4 CRISIL D
Working Capital
Term Loan 7 CRISIL D
The suspension of ratings is on account of non-cooperation by GAPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GAPL is yet to
provide adequate information to enable CRISIL to assess GAPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
GAPL incorporated in 2009, is an authorised automobile dealer of
passenger cars of Ford; GAPL also provides spare parts and
servicing for vehicles. The company was taken over by Mr. Arjun
Kumar Singh and his brother Mr. Dhananjay Kumar Singh from Mr.
Shaligram Tiwari in June 2012. It is based in Dhanbad (Jharkhand).
GRAFFITI LAMINATES: CRISIL Reaffirms B+ Rating on INR121MM Loan
---------------------------------------------------------------
CRISIL's ratings on the long-term bank facilitates of Graffiti
Laminates Pvt Ltd (GLPL) continue to reflect its initial phase of
operations in a highly competitive building material industry and
a moderately leveraged capital structure. These rating weaknesses
are partially offset by its promoters' extensive experience in the
building material industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 121 CRISIL B+/Stable (Reaffirmed)
Term Loan 49 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that GLPL will continue to benefit over the medium
term from the extensive experience of its promoters in the
building material industry. The outlook may be revised to
'Positive' if the company generates higher cash accruals, on the
back of a significant increase in revenue, while it maintains its
capital structure and liquidity profile. Conversely, the outlook
may be revised to 'Negative' if GLPL's financial risk profile,
including its liquidity, deteriorates on the back of lower cash
accruals, or elongation in working capital cycle, or any debt-
funded capital expenditure.
Update
The company commenced operations in September 2014 and recorded
revenue of around Rs.14 million as on January 31, 2014. CRISIL
believes that GLPL will report revenue of around Rs.22.50 million
in 2014-15 (refers to financial year, April 1 to March 31). The
revenue was lower due to delay in commissioning of the project.
Furthermore, given the retail nature of the business, the company
undertook extensive market surveys to know about the latest
designs and accordingly develop its product catalogue. CRISIL,
however, expects the company to ramp up its operations in 2015-16.
The company recorded operating profitability of 25 per cent during
the five months ended January 31, 2014. CRISIL expects the company
to have operating profitability of about 15 per cent over the
medium term, as its ramps up its operations. CRISIL expects that
GLPL will generate cash accruals of around Rs.0.20 million in
2014-15.
The company's operations are expected to remain working capital
intensive on account of high inventory stocking requirements and
moderate credit extended to its customers. GLPL is expected to
operate with GCA days of about 190-200 days over the medium term.
Treating unsecured loans as neither debt nor equity (as they are
expected to remain in the business), GLPL's adjusted gearing is
expected to be 1.40 times as on March 31, 2015. The gearing is,
however, expected to deteriorate over the medium term as the
company scales up its operations and consequently utilises its
bank lines. The debt protection metrics are expected to remain
comfortable over the medium term with interest coverage and net
cash accruals to total debt ratios of 2.8 times and 0.21 times,
respectively, for 2015-16.
Incorporated in 2013, GLPL is promoted by Mr. Kevinkumar Arvind
Bhuva, Mr. Raj Girish Khant and Mr. Sanjay Govind Vachchani. It is
expected to start commercial production of laminates from April
2014. The company is based in Morbi (Gujarat).
GUJARAT STATE: CARE Ups Rating on INR698.29cr LT Loan to BB
-----------------------------------------------------------
CARE revises ratings assigned to the bank facilities of Gujarat
State Energy Generation Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term bank facilities 698.29 CARE BB Revised from
CARE BB to CARE D
and then upgraded to
CARE BB
Long/Short-term bank 70.00 CARE BB/CARE A4
Facilities Revised from
CARE BB/CARE A4 to
CARE D and then
upgraded to
CARE BB/CARE A4
Rating Rationale
The revision in the ratings of Gujarat State Energy Generation
Ltd. (GSEG) to CARE D [Single D] is on account of delay in
servicing of its debt obligation in March 2014 due to liquidity
stress on account of inordinate delay in receipt of fixed charges
for 350 MW gas based power plant. The subsequent ratings upgrade
factors in satisfactory servicing of debt obligation with the
receipt of unsecured loan from its parent.
The ratings continue to be constrained on account of deterioration
in the operating performance of existing 156.10 MW gas based plant
as well as non-utilization of newly implemented 350MW power plant,
deterioration in financial risk profile upon cash losses during
last three years ended FY14 and lack of availability of affordable
domestic gas leading to unviable commercial operations of 350 MW
power plant in the short to medium term.
The ratings continue to derive strength from strong promoters i.e.
Gujarat State Petroleum Corporation Ltd. (GSPC) and Krishak
Bharati Co-operative Ltd. However, non- utilization of newly
commissioned gas based power plant and substantial delay in
receipt of fixed charges for the same outweigh the rating
strengths.
Continuously and timely receipt of funds to the extent of minimum
O & M expenses and debt servicing from Gujarat Urja Vikas Nigam
Ltd. (GUVNL: rated CARE A+/CARE A1+)/Govt. of Gujarat (GoG) along-
with continued need based financial support from GSPC shall be the
key rating sensitivities.
Gujarat State Energy Generation Ltd. (GSEG) was jointly promoted
by Gujarat State Petroleum Corporation Ltd. (GSPC, rated CARE AA /
CARE A1+) and Krishak Bharati Co-operative Ltd. (KRIBHCO) in
December 1998. GSEG operates a 156.10 MW gas based Combined Cycle
Power Plant (CCPP, commissioned in 2002) at Hazira in Surat. Also,
in March 2012, it announced commencement of commercial operations
of its additional 350 MW Gas based CCPP adjacent to its existing
plant at Hazira. It has executed long-term Power Purchase
Agreements (PPA) with GUVNL for its power plants.
Upon lack of availability of affordable domestic gas, its power
plants have substantially remained idle during FY14 & 11MFY15 and
GUVNL had denied payment of fixed charges for 350 MW power plant
due to non-availability of affordable fuel tie-up. Accordingly,
GoG had intervened and formed a committee to find out a permanent
solution. In terms of the directions of the committee, GUVNL
offered payment of bare minimum fixed charges to service debt
repayment obligation, interest and minimum O&M expenses from July
2014 onwards which was asked by GSEG from CoD of the unit (i.e.
March 2012). However, upon deterioration in its liquidity
position, in March 2015, GSPC on behalf of GSEG has accepted the
GUVNL's offer with prospective effect and requested GUVNL to
release the bare minimum fixed charges.
During FY14 (refers to the period April 1 to March 31), GSEG
reported a total operating income of INR118.73 crore (FY13:
INR268.87 crore) with a net loss of INR178.47 crore (FY13: net
loss of INR180.96 crore).
GUPTA MARRIAGE: CRISIL Suspends B- Rating on INR160MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Gupta Marriage Halls Pvt Ltd (GMH).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 30 CRISIL B-/Stable
Term Loan 160 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by GMH
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, GMH is yet to
provide adequate information to enable CRISIL to assess GMH's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'
Established in 1996, GHM is promoted and managed by Mr. Rakesh
Gupta. The company manages Samrat Heaven, a hotel which is
centrally located near Shastrinagar in Meerut (Uttar Pradesh).
HETALI ENTERPRISES: CARE Reaffirms B+ Rating on INR32.75cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Hetali Enterprises.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 32.75 CARE B+ Reaffirmed
The rating assigned by CARE is based on the capital deployed by
the partners and the financial strength of the firm at present.
The rating may undergo a change in case of withdrawal of the
capital or the unsecured loans brought in by the partners in
addition to the financial performance and other relevant factors.
Rating Rationale
The rating reaffirmation of the bank facilities of Hetali
Enterprises (Hetali) continues to be constrained by execution and
marketing risk for the projects along with the funding risk. The
rating further continues to be constrained by the pending
approvals for one of its projects along with cyclicality
associated with the real estate industry and the entity's
constitution as a partnership firm.
The rating continues to derive strength from the experience of
promoters in real estate industry and favorable location of the
projects undertaken.
Ability of the partners to timely complete the project without any
further cost overrun and also successfully monetize its
residential space to meet debt and operation requirements are the
key rating sensitivities.
Established in 1992 by Mr Jayesh Pandya, Hetali Enterprises
(Hetali) has primarily been involved in the development of
residential and commercial projects in Mumbai. Currently, the firm
is developing three residential projects in Mumbai viz. 'Nav
Bahar' (Stilt plus 13 floors) at Vile Parle, 'Om Yogeshwar' (Stilt
plus 7 floors) and 'Purandhar' (Stilt plus 7 floors) at Goregoan.
HOTEL RUMANI: CARE Upgrades Rating on INR5.79cr LT Loan to B
-------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Hotel Rumani.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5.79 CARE B Revised from
CARE D
Rating Rationale
The revision in the rating for the bank facilities of Hotel Rumani
(Rumani) takes into cognizance the regular servicing of its
account. However, the rating continued to remain constrained by
its partnership nature of constitution, small scale of operations
with geographical concentration on account of having only a single
hotel property located in Puri, intense competition in the Puri
hospitality market with seasonality of business. These factors far
outweigh the benefits derived from the experienced partners with
satisfactory track record and favourable location of the hotel.
The ability of the firm to obtain high RevPAR, efficient working
capital management and ability to face competition from
established and upcoming hotels in Puri in near future would be
the key rating sensitivities.
Rumani was set up by Mr Rabinarayan Samantray and Mrs Kunimani
Samantray of Puri (Odisha) as a partnership firm, governed by the
partnership deed dated April 01, 1999. Rumani is engaged in the
hotel business since 2002 and had set up "Hotel Rumani" in Puri.
The hotel currently has 72 rooms consisting of 31 standard rooms,
39 delux rooms and 2 conference halls for groups ranging from
approximately 150-300 people and a restaurant. The property mainly
caters to domestic customers of which around approximately 20%
comprise corporate clients, and remaining sales is driven by
leisure travellers and long stay customers.
During FY14 (refers to the period April 1 to March 31), the firm
reported a total operating income of INR1.93 crore (FY13: INR1.71
crore) and a PAT of INR0.50 crore (FY13: INR0.60 crore).
Furthermore, firm have achieved total operating income of INR2.62
crore during 11MFY15.
INCOM WIRES: CRISIL Reaffirms B Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Incom Wires and Cables
Ltd (IWCL) continue to reflect IWCL's modest scale of operations
in the intensely competitive cable industry, working-capital-
intensive operations, and below-average financial risk profile,
marked by a modest net worth and weak debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4 (Reaffirmed)
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Proposed Term Loan 60 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the cable industry, and
near-term revenue visibility due to a moderate order book.
Outlook: Stable
CRISIL believes that IWCL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports a
substantial growth in its revenue while considerably improving its
working capital cycle, leading to an improved financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in IWCL's financial risk profile, most
likely due to delay in receivables, or decline in revenue and
profitability, or further lengthening of its working capital
cycle.
IWCL was incorporated in 1995, promoted by Mr. Raghav Sharma. The
company manufactures telecommunication, signalling, and power
cables. Its product portfolio includes different types of electric
wires, power cables, control cables, railway signalling cables,
railway quad cables, and telephone cables. It has its
manufacturing unit in Mayapuri Industrial Estate, Delhi. IWCL is
approved by the Research Design and Standards Organisation as a
Part 1 supplier of signalling cables and Part 2 supplier of
telecommunication cables to the Indian Railways. It is also an
approved vendor for other government entities such as National
Thermal Power Corporation Ltd; State Electricity Boards of Punjab,
Haryana, and Rajasthan; and private companies such as L&T Ltd and
Ansaldo STS India.
INDEX SUPPLIERS: CRISIL Suspends D Rating on INR59.5MM Loan
-----------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Index Suppliers Pvt Ltd (ISPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 59.5 CRISIL D
Rupee Term Loan 25.5 CRISIL D
The suspension of ratings is on account of non-cooperation by ISPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ISPL is yet to
provide adequate information to enable CRISIL to assess ISPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL considers information availability risk as a
key credit factor in its rating process and non-sharing of
information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
ISPL, based in Kolkata (West Bengal) and promoted by Mr. Devendra
Kumar Singhania, trades in various steel products. The company
procures the products from in and around Kolkata, where it also
sells them. ISPL began its operations in steel in 1995; it started
a coke manufacturing unit in Dhanbad (Jharkhand) in 2011.
JOHNSON AGRITEC: CRISIL Suspends D Rating on INR40.2MM Term Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Johnson Agritech and Farms Pvt Ltd (Johnson).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL D
Term Loan 40.2 CRISIL D
The suspension of ratings is on account of non-cooperation by
Johnson with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, Johnson is yet
to provide adequate information to enable CRISIL to assess
Johnson's ability to service its debt. The suspension reflects
CRISIL's inability to maintain a valid rating in the absence of
adequate information. CRISIL considers information availability
risk as a key credit factor in its rating process and non-sharing
of information as a first signal of possible credit distress, as
outlined in its criteria 'Information Availability Risk in Credit
Ratings'.
Johnson was incorporated in 2009. The company has setup a
breeding-cum-layer farm for producing hatching eggs and table eggs
and a feed mill in Bankura (West Bengal). The plant became fully
operational in January 2012. The company is currently promoted by
Sheikh Hasnabul Haque, and Mr. Jayanta Kumar Bose.
JYOTI POWER: CARE Lowers Rating on NR307.42cr LT Loan to 'D'
------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Jyoti
Power Corporation Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank Facilities 307.42 CARE D Revised from
CARE B
Short Term Bank Facilities 10.00 CARE D Revised from
CARE A4
Long Term/Short Term Bank 129.50 CARE D/CARE D Revised
Facilities from CARE B/CARE A4
Rating Rationale
The revision in the ratings of bank facilities of Jyoti Power
Corporation Pvt Ltd (JPCL) takes into account the delays in debt
servicing on its rated facilities on account of stressed liquidity
arising out of operating losses and cash flow mismatches.
JPCL was promoted in 1980 by the Kataria family as a partnership
firm, which was converted into a private limited company in 2006.
The company changed its name to the present form during FY11
(refers to the period April 1 to March 31).
The company has evolved from a small player in executing
transmission and distribution (T&D) infrastructure into a mid-size
player. The company executes contracts for erecting and
commissioning T&D lines and substation structures, including Extra
High Voltage (EHV) T&D infrastructure, up to 400 KV.
During FY14, JPCL earned a total operating income of INR245 crore
with a net loss of INR56 crore as compared with a total operating
income of INR401 crore with a net profit of INR10 crore during
FY13.
KEDIA ENTERPRISES: CRISIL Reaffirms B Rating on INR60MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Kedia
Enterprises Pvt Ltd (KEPL) continues to reflect KEPL's
susceptibility to fragmentation and intense competition in the
steel trading business, and its below-average financial risk
profile.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of the company's promoters in the steel trading
business.
Outlook: Stable
CRISIL believes that KEPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company's financial
risk profile improves significantly, most likely because of
capital infusion and improved revenue and profitability.
Conversely, the outlook may be revised to 'Negative' if KEPL's
profitability or revenue declines, resulting in low cash accruals,
or if it undertakes a large debt-funded capital expenditure
programme.
KEPL was established in 2011 as a private limited company. It
trades in steel products, such as thermo-mechanically treated
bars, angles, joints, and channels. The company also trades in
cement and packaging materials.
LEO PRIMECOMP: CARE Revises Rating on INR99.06cr LT Loan to B+
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Leo Primecomp Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 99.06 CARE B+ Revised from
CARE BB+
Short-term Bank Facilities 7.50 CARE A4 Revised from
CARE A4+
Rating Rationale
The revision in the ratings assigned to the bank facilities of Leo
Primecomp Private Limited (LPPL) take into account the decline in
operational & financial performance of the company during FY14
(refers to the period April 1 to March 31) & 9MFY15 (refers to the
period April 1 to December 31), mainly on account of loss of
business from one of its major customer and strained liquidity
position of the company resulting in restructuring of debt in
March 2014. The ratings continue to be constrained by lower than
expected utilisation of the recently commissioned debt funded
project and susceptibility of future order flow due to slowdown
faced by the end-user industries.
The ratings, however, derive strength from the long operational
track record of LPPL in the precision component business.
Going forward, the ability of LPPL to increase its scale of
operations by optimally utilising its capacities and generate
profits in the near term remain the key rating sensitivities.
Leo Primecomp Private Limited (LPPL),incorporated in 1984 was
founded by Mr A Balakumar and initially operated as a
proprietorship concern which was later converted into a
partnership firm in the year 1991 and subsequently converted into
a private limited company in August 1996.
LPPL is engaged in the manufacture of ferrous and non-ferrous
precision machined and turned components predominantly in the
light engineering segment. The precision-engineered components
largely cater to the need of ATM manufacturing/banking products
(such as cash dispensers and bar-code scanners), auto components
and hydraulics. During Q1FY13, the company commissioned its
manufacturing unit for machining of components to be supplied to
companies in the power sector. Currently, the company has five
manufacturing units of which three are situated in Chennai, one
each in Tiruvallur and Kanchipuram district, Tamil Nadu. The
operation of the ATM component manufacturing unit located in
Pondicherry was shut down in FY14 on account of loss of orders
from its major customer.
For the year ended March 2014, LPPL has registered after tax loss
of INR6 crore on a total operating income of INR25 crore. For the
nine months ended December 2014, LPPL has registered after tax
loss of INR13 crore on a total operating income of INR22 crore.
MAHARSHI RICE: ICRA Reaffirms B+ Rating on INR13cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR13.00
crore fund based limits and INR2.80 crore unallocated limits of
Maharshi Rice Mills Private Limited at [ICRA]B+. ICRA has also
reaffirmed short term rating of [ICRA]A4 to INR0.25 crore fund
based limits and INR0.35 crore non fund based limits of MRMPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 13.00 [ICRA]B+ reaffirmed
Fund based limits 0.25 [ICRA]A4 reaffirmed
Non Fund based limits 0.35 [ICRA]A4 reaffirmed
Unallocated 2.80 [ICRA]B+ reaffirmed
The reaffirmation of rating continues to be constrained by
intensely competitive nature of rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; and weak financial risk profile
characterized by high gearing levels of 2.66 times, low
profitability of operating margin of 4.75% & modest interest
coverage ratio at 2.65 times in FY2014. This apart, the ratings
are also constrained by the susceptibility of profitability &
revenues to agro-climatic risks which impact the availability of
the paddy in adverse weather conditions. The rating however takes
comfort from the long track record of the promoters in the rice
mill business, favorable demand prospects for rice with India
being the second largest producer and consumer of rice
internationally.
Going forward, sustaining of revenue growth while managing the
working capital requirements would be key rating sensitivity from
credit perspective.
Incorporated in the year 2005 as a Private limited company,
Maharshi Rice Mills Private Limited (MRMPL) is engaged in milling
of paddy and produces raw rice and boiled rice. The rice mill is
located at Settipalem village of Nalgonda district, Andhra
Pradesh. The installed production capacity of the rice mill is 16
tons per hour. The company is promoted by Mr. G. Srinivas and his
wife Mrs. G. Anitha who have more than 13 years experience in rice
milling business.
Recent Results
For 9m FY2015 (unaudited and provisional), the company reported an
operating income of INR38.35 crore and operating profits of
INR1.74 crore as against operating income of INR39.50 crore and
operating profits of INR1.88 crore in FY2014.
MUKESH STEELS: CARE Cuts to D Then Suspends Rating
--------------------------------------------------
CARE revises and suspends the ratings assigned to the bank
facilities of Mukesh Steels Limited.
CARE has revised the ratings assigned to the bank facilities of
Mukesh Steels Limited from 'CARE BB' [Double B] and 'CARE
A4' [A Four] to 'CARE D' [Single D]. The revision in the ratings
of Mukesh Steels Limited factors in the ongoing delays in
debt servicing of the bank loans.
CARE has further suspended, with immediate effect, the ratings
assigned to the bank facilities of Mukesh Steels Limited.
The ratings have been suspended as the company has not furnished
the information required by CARE for monitoring of the ratings.
N. M. FOODS: CARE Revises Rating on INR2cr LT Loan to B+
--------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
N. M. Foods.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2 CARE B+ Revised from
CARE B
Short-term Bank Facilities 6 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of N. M. Foods (NMF) factors in the consistent growth
in scale of operations and improvement in operating cycle in FY14
(refers to the period April 1 to March 31). The ratings, however,
continue to be constrained by short track record of operations
coupled with weak financial risk profile marked by low
profitability margins, leveraged capital structure and weak debt
coverage indicators. The ratings are further constrained by NMF's
presence in a highly competitive and fragmented industry,
susceptibility of margins to fluctuation in raw material prices,
foreign exchange fluctuation risk and partnership nature of its
constitution.
The ratings, however, draw strength from the experienced partners
and favourable geographical location.
NMF's ability to scale up its operations while improving its
profitability margins and capital structure along with effective
working capital management shall be the key rating sensitivities.
Karnal-based NMF was established as a partnership firm by Mr Vinod
Kumar and Mr Ramesh Kumar in 2010. The partners have equal profit
and loss sharing ratio in the firm. The firm is engaged in the
trading and export of basmati and non-basmati rice. The
controlling office is located in Tarori, Karnal. The firm procures
processed rice from the local millers and exports mainly in the
Gulf countries like Iran, Iraq, Saudi Arabia and UAE.
For FY14 (refers to the period April 1 to March 31), NMF achieved
a total operating income (TOI) of INR77.42 crore with PAT of
INR0.18 crore as against a total operating income of INR37.35
crore with PAT of INR0.09 crore in FY13. The firm has achieved a
TOI of around INR45 crore till December 31, 2014.
NEOTECH EDUCATION: ICRA Reaffirms D Rating on INR18.22cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR
18.22 crore (enhanced from INR12.22 crore) fund based facilities
of Neotech Education Foundation (NEF) at [ICRA]D. The rating
suspension done in January 2015 has been revoked.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 18.22 [ICRA]D reaffirmed;
suspension revoked
Rating Rationale
The rating reaffirmation takes into consideration the delays in
debt servicing as a result of liquidity constraints arising due to
an increase in project cost and lower than expected intake of
students for diploma course due to delay in availing regulatory
approvals for its commencement. The rating is further constrained
by the weak financial profile of the company as characterized by
negative cash accruals, adverse capital structure and weak
coverage indicators. The rating continues to be constrained by the
start up nature of the college which makes it difficult to recruit
competent academic staff and secure adequate enrolments; exposure
to execution risks as the project has already had a significant
cost and time overruns. Further the rating is constrained by the
high competitive intensity due to the presence of other
educational institutions in the nearby regions; however Vadodara,
where the institute is located, has limited number of reputed
engineering colleges thereby mitigating this risk to a certain
extent.
The rating, however, takes comfort from the long experience of the
promoters in the education business through other colleges and
positive outlook for the higher education sector in India.
Incorporated in November 2011, under Section 25 of Company's act
1956, Neotech Education Foundation (NEF) has set up a college
namely "Neotech Technical Campus" (NTC) in Vadodara, Gujarat. NEF
is a part of Gujarat Technical University (GTU) and affiliated to
All India Council for Technical Education (AICTE) norms. At
present, the college offers civil, electrical and mechanical
engineering courses at undergraduate level to a total of 300
students per batch and Diploma to Degree courses to a total of 100
students per batch. From the academic year 2014-15, the college
has also started offering Diploma courses in civil, computer,
electrical and mechanical streams with the total intake of 300
students per batch.
Recent Results
For year ended on March 31, 2014, NEF has reported an operating
income of INR1.38 crore and a net loss of INR1.71 crore. For the
period ended March 20, 2015 of the current fiscal, the company has
reported an operating income of INR4.25 crore and a net loss of
INR1.99 crore. (as per provisional financials).
OM COTTON: ICRA Reaffirms B+ Rating on INR5cr Cash Credit
---------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR1.03 crore term
loans facility and INR5.00 crore cash credit facility of Om Cotton
& Oil Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Term Loan 1.03 [ICRA]B+; reaffirmed
Fund Based-Cash Credit 5.00 [ICRA]B+ ;reaffirmed
The reaffirmation of rating continues to be constrained by Om
Cotton & Oil Industries' (OCOI) modest scale of operation and weak
financial profile characterized by low profitability, modest debt
coverage indicators and stretched capital structure due to high
working capital borrowings. ICRA also takes note of the highly
competitive and fragmented industry structure with the limited
value additive nature of operations, which leads to pressure on
profitability. The rating further incorporates the vulnerability
of margins to adverse movements in agricultural produce prices,
which are in turn dependent on agro climatic condition, demand
from international market and availability of cotton in domestic
market. Also, being a partnership firm, any substantial withdrawal
by the partners can have an adverse impact on the capital
structure of the firm.
The rating, however, continues to factor in the experience of the
partners in the cotton industry and the favourable location of the
firm, giving it easy access to high quality raw cotton. The rating
also considers the forward integration in crushing facilities
providing additional revenues and diversification.
Om Cotton & Oil Industries (OCOI) was incorporated as a
partnership firm in the year 2012. It is engaged in the ginning
and pressing of raw cotton and crushing of cottonseeds. The firm
is managed by six partners, Mr. Govindbhai Loh, Mr. Pravinkumar
Loh, Mr. Sanjaybhai Jivani, Mr. Mitulbhai Jivani, Mr. Nileshbhai
Virsodiya and Mr. Arvindbhai Bhalodiya. The manufacturing unit is
located at Hirapar, Rajkot district of Gujarat. It currently has
24 ginning machines, one automatic pressing machine, and four
expellers with an installed capacity to produce 235 cotton bales,
8.5 MT of cottonseed oil and 63.50 MT of cottonseed oil cake per
day (24 hours operation).
Recent Results
In FY14, the firm reported an operating income of INR19.04 crore
and net profit of INR0.01 crore.
ORCHID CHEMICALS: CARE Raises Rating on INR1,971.07cr Loan to B-
-----------------------------------------------------------------
CARE revises the rating assigned to the long-term bank facilities
of Orchid Chemicals And Pharmaceuticals Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 1,971.07 CARE B- Revised from
CARE C
Short term Bank Facilities 498.50 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Orchid Chemicals and Pharmaceuticals Limited
(Orchid) takes into account the successful completion of sale &
realisation of sale proceeds in respect of Orchid's API business
of penicillin & penem and resultant improvement in liquidity
position of the company.
The ratings, however, are constrained by the highly leveraged
capital structure and low cash accruals in relation to debt
levels. The ratings also take note of Orchid's long track record
of operations and its established presence as a bulk drug
manufacturer. The ability of the company to stabilize the
operations, improve revenue & profit margins from existing
businesses and its leveraged capital structure would be the key
rating sensitivities.
Established in 1992, Orchid is an integrated pharmaceutical
company with presence in bulk drug manufacturing, formulations and
drug discovery. Orchid started its operations as a cephalosporin
Active Pharmaceutical Ingredient (API) manufacturer with a focus
on less regulated markets and largely remained so till 2004 before
moving to formulations. During FY10 (refers to the period April 1
to March 31), Orchid sold its sterile injectable formulations
business to Hospira Inc. The business transfer was completed in
March 2010. Also, Orchid entered into a Business Transfer
Agreement (BTA) with Hospira Inc., during FY13 for the sale and
transfer of Orchid's API business of penicillin and penem, the API
facility located in Aurangabad (Maharashtra) together with an
associated R&D Infrastructure located in Chennai. The BTA was
completed in July 2014. Orchid presently operates in API business
(of antibiotics namely non-penicillin and non-cephalosporin) and
oral formulation businesses of cephalosporin and non-antibiotics.
For the fifteen months ending December 2014, Orchid has registered
an after tax loss of INR362 crore on a total income of INR1,449
crore. For the three months ended December 2014, Orchid has
registered an after tax loss of INR120 crore on a total income of
INR165 crore.
P. G. TIMBER: CRISIL Cuts Rating on INR46MM Demand Loan to D
------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
P. G. Timber Pvt Ltd (PGTPL) to 'CRISIL D' from 'CRISIL B/Stable'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 24 CRISIL D (Downgraded from
'CRISIL B/Stable')
Working Capital 46 CRISIL D (Downgraded from
Demand Loan 'CRISIL B/Stable')
The rating downgrade reflects PGTPL's overdrawn cash credit
limits-these have been overdrawn for more than 30 consecutive days
on account of weak liquidity caused by stretched receivables.
The ratings continue to reflect PGTPL's small scale of, and
working capital intensity in, operations and susceptibility to
foreign currency fluctuations. The ratings also factor in its weak
financial risk profile marked by modest net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of PGTPL's promoters in the timber
trading business.
PGTPL, incorporated in December 2007, manufactures wooden doors
and frames and uses scrap timber to produce mouldings. The
promoters, Mr. Ajay Gupta and Mr. Ganga Prasad Gupta, have more
than two decades' experience in this line of business. The
company's current manufacturing facility is in Baidyabati, Hooghly
(West Bengal).
PALURI NARAYANA: CARE Reaffirms B Rating on INR4.68cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Paluri Narayana Murty.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.68 CARE B Reaffirmed
Short-term Bank Facilities 1.26 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Paluri Narayana
Murthy (PNM) continue to remain constrained by its constitution as
a proprietorship concern with working capital nature of business,
its financial profile marked by a decline in the total operating
income, highly leveraged capital structure, elongated operating
cycle and susceptibility of the firm's margins to price
fluctuation of iron and steel products.
The ratings, however, derive strength from the long track record
of the firm with experienced proprietor and established relations
of the firm with reputed customer and suppliers.
The ability of the firm to scale up its operations, improve its
profitability and capital structure while managing its working
capital requirements efficiently remain the key rating
sensitivities.
PNM was established in the year 1961 as a proprietorship concern
and is currently managed by Mr Paluri Suryanarayana Murthy. The
firm is engaged in trading of steel and iron products such as MS
Iron, MS Sheets, GP/GC Sheets, Colour Coated Sheets and MS Wires.
The firm procures all its trading quantities from reputed
suppliers like Steel Authority of India, HSM Steels Private
Limited, Lotus Steel Suppliers and other suppliers located in and
around areas of Vizag and Vijayawada regions of Andhra Pradesh,
and sells its goods to customers located in and around Vizag and
Vijayawada regions; customer portfolio includes government
organisations like APSRTC, Hindustan Petroleum Corporation,
Hindustan Shipyard, Hindustan Polymers and several other private
organisations like Coromandel Fertilisers, Techno Aquatic, and
several domestic civil contractors. Around 70% of the total sales
are from sale of MS-Iron, around 20% from sale of MS Sheets and
Plates, and rest 10% from sale of other products.
During FY14, PNM reported a PAT of INR0.04 crore on a total
operating income of INR15.42 crore as against PAT of INR0.02 crore
and a total operating income of INR16.73 crore in FY13.
PAR DRUGS: ICRA Upgrades Rating on INR27.68cr Term Loan to B
------------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR32.68
crore long term fund based facilities of Par Drugs & Chemicals
Private Limited from [ICRA]D to [ICRA]B. ICRA has also upgraded
the short term rating assigned to the INR1.00 crore short-term
non-fund based facilities of PDCPL from [ICRA]D to [ICRA]A4. The
short term facilities are sublimit of the cash credit facility.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.00 Revised to [ICRA]B from
[ICRA]D
Term Loans 27.68 Revised to [ICRA]B from
[ICRA]D
Letter of credit 1.00 Revised to [ICRA]A4 from
[ICRA]D
The revision in ratings takes into account the regularizing of the
debt servicing by PDCPL in the recent months and healthy growth in
scale of operations in FY 2014 and current fiscal on account of
successful augmentation of its installed capacities in July 2013.
Further healthy off take of high value additive products in recent
years has lead to an improvement in profitability and cash-flows
of the company. The ratings also factor in the long experience of
promoters and established track record of the company in basic
chemical manufacturing industry, diversified clientele base, and
healthy profitability of the company at operating level.
The ratings, however, continues to remain constrained by modest
scale of the company's operations in a commoditized basic chemical
industry and vulnerability of profitability to adverse
fluctuations in prices of key raw materials which may not be
passed onto the customers adequately. The ratings further take
into account the weak financial risk profile of the company
characterized by aggressive capital structure and weak debt
protection metrics due to aggressive debt funded capex undertaken
in recent past (FY 2013) as well as company's exposure to foreign
currency exchange rate fluctuations on export sales, although the
risk is mitigated to the extent of forward contracts booked by the
company. ICRA also takes note of the fact that the company's
annual repayment obligations for next five years are quite
sizeable and achievement of optimum utilization of newly added
capacities remains critical from the credit perspective.
Bhavnagar (Gujarat) based Par Drugs & Chemicals Private Limited
(PDCPL) is promoted by the Savani family and is engaged in
manufacturing basic chemicals including Aluminium and Magnesium
salts majorly used in antacid drugs and polymer industry. The
company finds its roots in M/s Par Inorganic, proprietary firm,
set up in 1982 by first generation entrepreneur Mr. V. J. Savani
in Bhavnagar. The firm was converted into a private limited
company in 1999. The company has two manufacturing facilities, one
at Bhavnagar and other at Ankleshwar with Bhavnagar facility being
WHO GMP approved.
Recent Results
For the year ended March 31, 2014 the company reported an
operating income of INR27.27 crore and profit after tax of INR0.72
crore as against an operating income of INR18.68 crore and profit
after tax of INR0.90 crore for the year ended March 31, 2013.
During first ten months of FY 2015, the company has reported
operating income of INR27.21 crore and Profit before tax of
INR1.09 crore (unaudited provisional financials).
PD CORPORATION: ICRA Reaffirms B+ Rating on INR12.12cr Term Loan
----------------------------------------------------------------
ICRA has re-affirmed the long term rating of [ICRA]B+ assigned to
INR22.62 crore long term fund based facilities of PD Corporation
Private Limited. ICRA has also re-affirmed the short term rating
of [ICRA]A4 assigned to the INR0.60 crore short-term non-fund
based facilities of PDCPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 12.12 [ICRA]B+ reaffirmed
Cash Credit 10.50 [ICRA]B+ reaffirmed
Bank Guarantee 0.60 [ICRA]A4 reaffirmed
The ratings reaffirmation takes into account PDCPL's moderate
scale of operations in embroidery industry which is characterized
by stiff competitive pressure. The ratings are further constrained
by its exposure to fluctuations in raw material prices and
aggressive capital structure as well as high working capital
intensity of operations owing to long receivables days.
The ratings, however, takes comfort from healthy ramp up in scale
of operations in last two years. The ratings continue to
favourably factor in moderate profitability indicators as well as
the logistical advantages accruing to the company on account of
its facility being located in Surat; and longstanding experience
of the promoters in textile Industry.
PD Corporation Private Limited (PDCPL) was incorporated in August,
2011 and is promoted by Mr. Pravin Mangukiya and Dhanji Mangukiya.
Commercial operations commenced in January 2013 with, 87
embroidery machines for undertaking embroidery job-work having a
total capacity of 32 crore stitches per annum. The manufacturing
facility is located at Surat, Gujarat. The promoters were engaged
in trading and polishing of diamonds prior to entering the textile
business. The promoters entered the embroidery job-work business
in FY 2006 and have been engaged in the same through group
companies M/s Vishnu Arts, M/s Natural Fabrics and M/s Emkae
Trading Corporation Private Limited.
Recent Results
For the year ended 31st March 2014, PDCPL has reported operating
income of INR40.93 crore and profit after tax (PAT) of INR1.12
crore as against an operating income of INR4.22 crore and PAT of
INR0.34 crore for the year ended 31st March 2013. Further, during
first nine months FY 2015, the company has reported operating
income of INR40.07 crore and profit before tax of INR5.30 crore
(unaudited provisional financials).
RELIANCE COMMUNICATION: Fitch Rates Proposed Sr. Sec. Notes BB-
---------------------------------------------------------------
Fitch Ratings has assigned India-based telecom service provider
Reliance Communications Limited's (Rcom; BB-/Stable) proposed
senior secured notes an expected rating of 'BB-(EXP).
The final rating of the proposed notes is contingent upon the
receipt of documents conforming to information already received.
Rcom will use part of the note proceeds to fund the USD173m up-
front payment for spectrum won in the March 2015 auction and the
rest for capex.
The notes are rated at the same level as Rcom's Issuer Default
Rating (IDR). Although the notes are secured, under our
methodology for "Country-Specific Treatment of Recovery Ratings",
India is classed as a category D country, and, as such, the
ratings of senior obligations in India are generally capped at
same level as the IDR, even if they are secured.
KEY RATING DRIVERS
Higher Leverage than Peers: Rcom's 'BB-' IDR is constrained due to
its higher leverage and weaker market position than average for
Fitch's-rated Asian telcos. Fitch's forecast for Rcom's funds
flow from operations (FFO)-adjusted net leverage of 4.8x for the
financial year ended 31 March 2015 (FY15) is much higher than for
its Indian peers. Market leader Bharti Airtel Limited's (Bharti;
BBB-/Stable) leverage is around 2.5x and third-largest operator
Idea Cellular Ltd's is around 3.5x. The forecast leverage assumes
up-front payments in FY16 for licences acquired in the March 2015
spectrum auction.
Commitment to Deleverage: The ratings incorporate management's
commitment to deleverage and Fitch's expectation that Rcom will
manage its leverage below 4.5x during 2015-16. Fitch believes
that deleveraging will be mainly driven by an EBITDA expansion and
a planned sale of non-core assets. Fitch acknowledges
management's commitment to repay part of its USD6bn in net debt
through the sale of assets, including its sub-sea cable subsidiary
Global Cloud Xchange (GCX; B+/Stable), real estate and its pay-TV
business. Management intends to achieve a target debt/EBITDA of
below 3.0x by end-March 2017.
Weaker Market Position: Rcom's IDR is currently capped at 'BB-'
given its market position as the fourth-largest telco in India,
with a revenue market share of only 8% in the USD30bn Indian
telecom services industry. The top three operators - Bharti,
Vodafone India and Idea - collectively have about 70% revenue
market share. However, Rcom's integrated approach and high cash
generation visibility with large proportion of recurring and
contractual revenue contribution from its wireless post-paid,
enterprise, tower and sub-sea cable businesses mitigate its weaker
market position.
Positive FCF on Low Capex: We believe that Rcom will generate at
least USD200m in annual free cash flow (FCF) during FY16-18 as
capex and interest costs decline following its debt reduction.
Fitch forecasts that Rcom's FY15 cash flow from operations of
USD700m-750m will be sufficient to fund its capex of around
USD500m-550m and dividends. Fitch expects Rcom to pay about
USD400m-450m in interest and taxes. Rcom's lower capex/revenue
ratio of 15%-16% (top three telcos: 20%) is mainly due to its
infrastructure-sharing with Reliance Jio, part of Reliance
Industries Ltd (RIL, BBB-/Stable), an under-utilised asset base,
and a lower spectrum payment of USD173m (25% of USD693m) for March
2015 auction.
During FY14 and FY15, Rcom agreed to share around 43,000 towers
and 120,000km of inter-city and 70,000km of intra-city fibre
network with Reliance Jio for 17-20 years. Rcom's FY15 cash
generation and leverage will benefit as it will receive an up-
front cash benefit and recurring revenue each year from Reliance
Jio. Under the agreement, Rcom has reciprocal access to existing
and future tower and fibre assets of Reliance Jio, on similar
terms.
Lower Spectrum Payments: Following the March 2015 auctions, Rcom
has a pan-India 800MHz/850MHz footprint of at least 5MHz spectrum
in 21 circles. It was least affected by the auction as it
committed INR43bn (USD693m) to renew its expiring spectrum
licences in four circles and to acquire additional spectrum. The
three circles where it did not renew its 900MHz spectrum account
for around 5% of its revenue. The company plans to transition
subscribers in these circles to the 2100MHz and 800MHz spectrum,
besides leveraging its intra-circle roaming arrangements with
other telcos. In comparison, the top three telcos each committed
about USD4bn-5bn to renew expiring spectrum licences. Also, Fitch
expects Rcom's future spectrum outlays to be minimal given the
majority of its spectrum assets expire only in 2021.
Improving Competition: Rcom's ratings factor in a gradual increase
in average revenue per user (ARPU) as Fitch expects industry
overcapacity to reduce and major telcos to increase tariffs during
2015 in response to high spectrum prices, inelastic demand and
lower competition from smaller telcos. However, Fitch believes
that the benefits of improving voice tariff realisations will be
diluted by a decline in data tariffs caused by the increase in
competition in the data segment as Reliance Jio enters the market
in 2015.
Price competition in the Indian telco industry has declined
significantly since 2012, when three-four smaller operators exited
or scaled-back operations after the Indian Supreme Court cancelled
122 licences. Further, during 2013-14, some pricing power
returned to the top companies as high costs prevented the
financially weaker bottom-six operators from acquiring spectrum in
auctions.
KEY ASSUMPTIONS
Fitch's key assumptions within its rating case for the issuer
include:
-- Revenue to grow by mid-single-digit percentage in FY16
driven by improvement in ARPUs, increase in data services
and income from assets leased to Reliance Jio.
-- Operating EBITDAR margin to improve by 150-200bp
(FY14:31.3%) driven by improving voice tariff realisation
and growing economies of scale in data segment.
-- Rcom to generate at least USD200m in annual FCF during
FY16-FY18 with capex/ revenue ratio of around 15%-16%
-- Effective interest rate of about 6.5%-7% over the
base case.
RATING SENSITIVITIES
Positive: Although unlikely in the short term, future developments
that may, individually or collectively, lead to a positive rating
action include:
-- Improvement in competitive environment leading to higher
cash generation, resulting in Rcom's funds from operations
(FFO)-adjusted net leverage improving to below 3.5x on a
sustained basis.
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- Higher-than-expected competition and/or an indication of
that management is less committed to deleveraging,
resulting in funds from operations (FFO)-adjusted net
leverage remaining above 4.5x on a sustained basis.
RELIANCE COMMS: Moody's Rates New Sr. Secured Notes at '(P)Ba3'
---------------------------------------------------------------
Moody's Investors Service assigned a (P)Ba3 rating to Reliance
Communications Limited's (RCOM) proposed USD senior secured notes.
RCOM's corporate family rating is Ba3 with a stable outlook.
The rating on the proposed notes is in line with the corporate
family rating of RCOM as the proposed notes are senior secured
obligations of the company.
The proceeds from the issue of the notes will be used for capital
expenditure or any other permissible end-use as prescribed by the
Reserve Bank of India.
"RCOM's Ba3 rating reflects its meaningful market position as the
fourth largest integrated mobile operator in India's growing
telecommunications industry. In addition, its large domestic and
international asset base of telecommunications infrastructure
support the diversification of revenues and position the company
to benefit from the oncoming growth in data demand in India," says
Nidhi Dhruv, a Moody's Assistant Vice President and Analyst.
RCOM's various network and infrastructure-sharing agreements with
other operators will enable it to efficiently improve capacity and
coverage. In particular, the agreement with Reliance Jio, the
telecom subsidiary of Reliance Industries Limited (Baa2 positive),
will allow RCOM to tap into the latter's network, leading to
further reductions in operating and capital expenditure.
"The rating is constrained by RCOM's high leverage and strained
liquidity profile, thereby weakly positioning it in its rating
category. However, management has undertaken a deleveraging
initiative that is premised largely on the monetization of various
non-core assets, alongside continued improvements in the operating
performance of its core Indian operations," adds Dhruv, also
Moody's Lead Analyst for RCOM.
In addition, RCOM's spectrum payments for the recently completed
Indian spectrum auction was at the higher end of our expectation,
totaling INR43 billion. However, the company has opted for a
deferred payment schedule, which will limit its upfront cash
outflow at around INR11 billion. Nonetheless, we will treat the
deferred portion of the spectrum payments as debt which will keep
leverage at the higher end of our tolerance for the Ba3 rating.
While RCOM has begun to reduce its debt level -- most recently
with the USD1 billion equity raised via the issue of warrants and
a qualified institutional placement completed in June 2014 -- its
leverage, as measured by adjusted debt/EBITDA, remained high at
5.2x for the 12 months ending 31 December 2014.
"The company plans to raise funds through various non-core asset
sales, including its submarine cable subsidiary, GCX Limited (B2
stable), its Direct-To-Home (DTH) business, and some real estate
assets. However, risks remain around the quantum and timing of the
planned transactions," adds Dhruv.
The company's liquidity profile, in the absence of the planned
asset sales, remains weak. The upfront payment of INR11 billion
for the recently completed spectrum auctions will further strain
RCOM's liquidity profile. As at 31 December 2014, the company had
cash and cash equivalents (including short term investments) of
INR19 billion, against short-term debt maturities of INR70
billion. Cash flow from operations will not be sufficient to meet
the company's funding needs, including capex and spectrum
payments, over the next 12-18 months. In the absence of the asset
sales, RCOM will need to raise about INR50-60 billion - including
the proposed bond issuance proceeds - over the next twelve months,
but given the company's banking relationships we do not consider
the refinancing risk to be substantial.
"Any delays in the company's deleveraging plans on the back of
asset sales, will exert downward pressure on the rating. Moody's
will closely review the progress on RCOM's stated plans over the
next 6-9 months," adds Dhruv.
Moreover, given that a significant portion of its debt
(approximately 66%) is USD-denominated, foreign-currency risk
persists. The company is also reliant on covenant waivers,
including for the most recent testing period (30 September 2014),
for which RCOM management has indicated it has received waiver
consents from a majority of its banks.
The ratings outlook is stable, based on the expectation that RCOM
will continue to grow and improve the profitability of its core
Indian operations, while also continuing to execute on its
deleveraging plans in a timely manner.
An upgrade is unlikely over the near term, given RCOM's need to
delever. However, upward rating pressure could arise if RCOM (1)
continues to grow its core-Indian operations' revenues and
earnings by expanding the number of subscribers and data revenue
without compromising its EBITDA margins; (2) continues to generate
positive free cash flow on a sustained basis; and (3)
significantly improves its liquidity profile.
Specific indicators that we would consider for upgrading the
rating include: adjusted debt/EBITDA below 3.0x; adjusted EBITDA
margins in excess of 35%; and adjusted FCF/debt in excess of 5% on
a sustained basis.
Downward pressure on the ratings could emerge if RCOM (1)
experiences a significant deterioration in market share and/or
competition intensifies, such that profitability deteriorates; (2)
fails to execute on its deleveraging plans; (3) encounters
difficulty in complying with its financial covenant requirements,
accessing capital to fund growth or repay/refinance debt, as and
when it falls due; or (4) implements aggressive investment and/or
shareholder return policies.
Specific indicators that we would consider for a downgrade
include: adjusted debt/EBITDA failing to trend in line with
expectations towards 4.0x by March 2016; adjusted EBITDA margins
falling below 30%; and adjusted (FFO+interest)/interest remaining
below 3.0x.
Furthermore, any unexpected regulatory developments in the Indian
telecommunications sector will also be negative for the rating.
The principal methodology used in this rating was Global
Telecommunications Industry published in December 2010.
RCOM is an integrated telecommunications operator in India with
presence across wireless, enterprise, broadband, tower
infrastructure and DTH businesses. Through its wholly-owned
subsidiary, GCX Limited, the company also provides data
connectivity solutions to major telecommunications carriers and
large multinational enterprises in the US, Europe, Middle East and
Asia Pacific which need multi-national IP-based solutions and
connectivity.
RCOM is fourth-largest mobile operator in India based on number of
subscribers, which totaled 106.3 million (or approximately 11.3%
of total market share by subscribers) as of 31 December 2014. As
on 20 January 2015, RCOM's promoter and largest shareholder, Anil
Dhirubhai Ambani, owns 59.70% of the company. Life Insurance
Corporation of India (LIC) owns 6.62% and foreign institutional
investors own 21.63%.
SAHARA GROUP: Sebi Moves US Court on Corporate Jet Sale
-------------------------------------------------------
The Times of India reports that in a new twist to the high profile
Sebi-Sahara case, the capital markets regulator has approached a
US court with a $12-million claim on proceeds from sale of a
corporate jet owned by a Sahara Group firm. According to the
report, the court has rejected the demand for now, saying that
Sebi could not "properly file a claim prior to the bar date and in
accordance with the terms of the court's order".
The Indianapolis court is looking into disbursement of money
collected from the aircraft sale that was triggered by a
litigation, the report says.
It ruled, however, that the court-appointed receiver can initiate
wire transfers from the escrow account to Sebi-Sahara refund
account after being satisfied with the validity of the demands,
TOI relates.
TOI notes that this bank account was created after a Supreme Court
order in August 2012 for refund to bondholders of two Sahara group
firms, which were asked to submit over INR24,000 crore with Sebi
for making repayments to investors.
While Sahara claims to have already made over 95% of repayments
directly, this has been disputed by Sebi and the group chief
Subrata Roy has been in jail for more than a year, says TOI. The
present case in the US relates to an Airbus corporate jet, a green
aircraft purchased by Sahara group's Hospitality Business (HBL)
from Airbus in December 2012, the report adds.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 15, 2013, The Economic Times said the Securities & Exchange
Board of India (Sebi) on Feb. 13, 2013, seized bank accounts and
properties of two Sahara Group companies and its promoter, Subrata
Roy. The move comes following the group's failure to refund
INR24,000 crore to investors as directed by the Supreme Court.
Sahara Group operates businesses ranging from finance, housing,
manufacturing and the media. Sahara also sponsors the Indian
hockey team and owns a stake in Formula One racing team, Force
India.
SALGUTI INDUSTRIES: ICRA Ups Rating on INR50.37cr Loan to B-
------------------------------------------------------------
ICRA has revised the long-term rating assigned to INR50.37 crore
fund based limits, INR0.15 crore non-fund based limits and INR0.72
crore unallocated limits of Salguti Industries Limited (SIL) from
[ICRA]D to [ICRA]B-. ICRA has also revised the short term rating
assigned to INR3.76 crore non-fund based limits of SIL from
[ICRA]D to [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 50.37 [ICRA]B- revised from [ICRA]D
Non-fund based
Limits, LT scale 0.15 [ICRA]B- revised from [ICRA]D
Non-fund based
Limits, ST scale 3.76 [ICRA]A4 revised from [ICRA]D
Unallocated Limits 0.72 [ICRA]B- revised from [ICRA]D
The revision in rating primarily factors in the timely servicing
of debt obligation by the company in the past 6 months. The rating
however, continues to remain constrained on account of stretched
liquidity position of the company due to delayed receivables and
weak financial profile on account of high gearing owing to debt
funded capex coupled with low profitability. The ratings also
takes into consideration SIL's exposure to significant customer
concentration risk and high competitive intensity in the poly
woven sacks & spinning industry exerting pressure on the
profitability. The ratings however take comfort from the long
track record of operations & promoters' experience in the
packaging industry; established relationship with major customers
such as Coromandel International Limited & Venkat Polymers Private
Limited and favourable demand prospects for cement and fertilizer
industry in the medium term.
The ability of the company to improve its profitability while
managing its working capital requirements would remain key rating
sensitivities going forward.
Salguti Industries Limited (SIL) was incorporated in 1984 and is
engaged in the manufacturing of poly woven sacks for packaging of
fertilizers, cement, food grains etc. In year 2005, SIL
diversified into textiles segments and is engaged in the
manufacturing of cotton grey fabric for garments, bed linen and
furnishings. The manufacturing facilities for packaging division
are located at Bollaram, Medak District and Rajapur, Mahaboobnagar
District of Telangana and for textile division at Jadcherla,
Telangana. Currently, the installed capacity of poly woven sacks
is 10400 MT/annum and of textile unit is at 2600 MT/annum.
Recent Results
The company reported a net loss of INR0.71 crore on an operating
income of INR122.77 in FY2014 as against a net loss of INR0.95
crore on an operating income of INR110.05 crore in FY2013.
SAVITRIBAI PHULE: CARE Reaffirms D Rating on INR127.84cr LT Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Savitribai Phule Shikshan Prasarak Mandal.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 127.84 CARE D Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Savitribai Phule
Shikshan Prasarak Mandal (SPSPM) continues to factor in ongoing
delays in debt servicing obligations due to its stressed liquidity
position.
SPSPM was registered under the Societies Registration Act, 1860,
on December 16, 1996. It is also registered under the Bombay
Public Trust Act, 1950.
SPSPM's institutes are spread across 3 campuses: Kegaon-Solapur
Campus, Korti-Pandharpur Campus and Kamlapur-Sangola Campus. It
runs 13 educational institutes across 3 campuses. The courses
offered by SPSPM include Engineering, MBA, MCA, D.Ed and B.Ed.
These courses are affiliated to the University of Pune and comply
with the norms laid down by the various statutory bodies. In
addition, the Trust also runs three Public Schools which include
two English Medium school offering classes from Junior KG to 9th
standard and an Aided High School which is a Marathi Medium School
offering classes from 5th standard to 10th standard. The
graduation and post graduation courses offered by SPSPM have been
recognized by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. These courses are affiliated to
the University of Pune and comply with the norms laid down by the
various statutory bodies. The institute had student strength of
8,564 for batch 2014-2015.
SINHGAD TECHNICAL: CARE Reaffirms D Rating on INR493.74cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sinhgad Technical Education Socity.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 493.74 CARE D Reaffirmed
Short term Bank Facilities 24.45 CARE D Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Sinhgad Technical
Education Society (STES) continue to factor in the ongoing delays
in debt servicing by STES due to its stressed liquidity position.
STES was registered under the Societies Registration Act, 1860 in
August 1993. It is also registered under the Bombay Public Trust
Act, 1950.
STES manages 59 higher education colleges and pre-primary, primary
and secondary schools. These schools and colleges provide full
time courses in the fields of Engineering, Management, Pharmacy,
Architecture, Gemology and Jewellery Designing, etc. The
educational courses offered by the various institutes of STES are
recognized by the All India Council of Technical Education (AICTE)
and the Government of Maharashtra. These courses are affiliated to
the University of Pune. STES also runs Medical, Dental, Nursing
and Physiotherapy Degree courses at its campus at Narhe. These
courses are approved by the Medical, Dental and Nursing Council of
India and are affiliated to the Maharashtra University of Health
Sciences. STES also runs a 500-bed hospital at its Narhe Campus
that provides free services. STES has seven campuses in the Pune
District at Vadagaon, Narhe, Ambegaon, Kondhwa, Lonavala,
Erandwane and Warje. The institute had student strength of around
70,118 for 2014-2015.
SOBHA PROJECTS: CARE Reaffirms B+ Rating on INR48.2cr LT Loan
-------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Sobha Projects and Trade Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 48.2 CARE B+ Reaffirmed
(Fund-based)
Long-term/Short-term Bank 30.0 CARE B+ Reaffirmed
Facilities (Non-fund-based)
Short-term Facilities
(Non-fund-based) 10 CARE A4 Reaffirmed
Rating Rationale
The ratings continues to be constrained by the small scale of
operations, weak financial risk profile, working capital intensive
nature of operations due to relatively long operating cycle.
Ratings also take note of net losses in FY14 (refers to the period
April 1 to March 31) due to high interest burden resulting from
borrowings advanced to group companies and reduction in group
exposure in FY15. However rating draws strength from experienced
promoters along with support from the promoters and group
companies, established brand and reputed clientele base, and
healthy order book position providing medium term revenue
visibility. Going forward, the ability of the company to improve
scale of operation and margins, minimize the group exposure would
remain the key rating sensitivities.
Sobha Projects and Trade Pvt. Ltd. (SPTL) was incorporated in May
1999 by Mr P N C Menon, the promoter of Sobha Group of Companies.
SPTL is engaged in turnkey projects in fields such as Heating,
Ventilation, Air Conditioning (HVAC), electrical systems for
buildings, plumbing, firefighting and protection systems, security
systems, water leak detection systems, etc. and also trades in
these products. SPTL is a part of STC group promoted by Mr Menon
headquartered at Oman. Sobha Limited (rated CARE A), a group
company of SPTL, was incorporated in 1995. Headquartered in
Bangalore, Sobha Limited is an established real estate development
and contract construction company.
SPTL has an employee base of around 250 including 100 engineers
and 118 technicians. The company has set up an Academy named Sobha
Academy for providing various trainings such as technical,
behavioral and specific department training to the staff. SPTL has
presence in more than 21 cities across 13 states in India.
During H1FY15, the company achieved PBT of INR2.09 on net sales of
INR35.68 crores.
SRI BALAJI: CRISIL Cuts Rating on INR425MM Loan to D
----------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Sri Balaji Forest Products Private Limited (part of the Balaji
group) to 'CRISIL D/CRISIL D' from 'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 285.9 CRISIL D (Downgraded
from 'CRISIL BB/Stable')
Letter of Credit 425 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Long Term 25.5 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB/Stable')
The rating downgrade reflects delays by SBFPL in servicing its
debt, with its cash credit account remaining overdrawn for more
than 30 days. The delays have been on account of weak liquidity,
which has, in turn, been caused by stretch in working capital
cycle.
The rating continues to reflect the group's weak liquidity,
exposure to risks related to intense competition in a fragmented
industry, and to adverse foreign exchange rate movements. These
rating weaknesses are partially offset by the promoters' extensive
experience in the timber industry
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of SBFPL, Shree Ram Saw Mill Pvt Ltd, Aeon
Manufacturing Pvt Ltd, Sri Balaji Logs Products Pvt Ltd, and MK
Patel Exim Pvt Ltd. This is because these companies, collectively
referred to as the Balaji group, are under a common management,
operate in the same industry, and derive significant operational
benefits from each other.
SBFPL was set up in 1997 by the Pandey family of Kolkata (West
Bengal). The Balaji group is engaged in timber trading and allied
manufacturing activities. The group's product portfolio includes
timber-related products such as plywood, veneers, wooden sleepers,
and sawn timber.
SUBHAMASTHU SHOPPING: ICRA Ups Rating on INR4.5cr Loan to B+
------------------------------------------------------------
ICRA has revised the long term rating assigned to INR6.50 crore
fund based limits of Subhamasthu Shopping Mall from [ICRA]B to
[ICRA]B+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit- 4.50 [ICRA]B+ upgraded
Term Loan
Fund Based Limit- 2.00 [ICRA]B+ upgraded
Cash Credit
The rating revision takes into account the early commencement of
the shopping mall to ensure operations during festival season;
healthy accruals from business in the first 6 months of operation
which enabled the firm to repay its term loan obligation before
schedule and strategically important location of the mall which
has enabled it to attract customers. The rating also factors in
the strong demand for traditional sarees in South India and the
promoter's long term relationship with the suppliers which ensure
timely availability of materials at reasonable price.
The rating, however, is constrained on account of seasonality in
the business as majority of the revenue is generated in the second
half of the year, working capital nature of the business as the
inventory remains susceptible to markdowns and associated off take
risks (stock clearance) and the sales being vulnerable to changing
consumer tastes, dynamic fashion trends and economic environment.
The ability of the firm to grow its business in the competitive
environment by improving its profitability and managing its
working capital requirements would remain the key rating
sensitivities going forward.
Founded in February, 2012, Subhamasthu Shopping Mall is a
partnership firm promoted by Mr. B. Srinivasulu and other family
members to set up a shopping mall in Nellore District of Andhra
Pradesh. The firm is engaged in retailing of garments and
accessories for men, women and kids. The day to day management of
the firm would be looked after by the two managing partners, Mr.
B, Srinivasulu and Mr. Ravi Kumar having more than 20 years of
experience in textile industry.
TRINITY EYE: ICRA Assigns B+ Rating to INR6.97cr Term Loan
----------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ to the INR6.97
crore term loans of Trinity Eye Hospital. ICRA has also assigned
ratings of [ICRA]B+/A4 to the INR8.03 Cr proposed facilities of
Trinity.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loans 6.97 [ICRA]B+ assigned
Proposed facilities 8.03 [ICRA]B+/A4 assigned
The ratings assigned take into consideration the small scale of
the Firm's operations, the large (relative to its current size)
capital expenditure being undertaken which expose the firm to cost
and time overruns and partial debt funding of the same will put
some pressure on the capital structure and coverage indicators in
near to medium term, although it remains comfortable at present. .
The ratings, however, draws comfort from the long standing
experience and established track record of the partners in the eye
hospital business; healthy profit margins and the demonstrated
support from partners in the form of equity infusions over the
years. ICRA also takes note of the risks associated with being a
partnership firm.
The Trinity Eye Hospital (Trinity) is a partnership Firm
established in 1999 by Mr. A. K. Sreedharan, his son Dr. Sunil
Sreedhar and Dr. Sunil's wife, Dr. Mridula Sunil, which began
operations an outpatient clinic named Trinity Medical Centre in
Palakkad in Kerala. Over the years, the clinic was converted into
an eye hospital and two sub centres were established in Mannarkkad
and Alathur. Additionally, the Firm also offers diploma courses in
Ophthalmology under the banner of Trinity School of Ophthalmic
Studies.
Recent Results
According to provisional financials shared by the firm, Trinity
has made a Profit After Tax (PAT) of INR0.4 Cr on an operating
income of INR3.9 Cr in the period of April-December 2014 compared
to a PAT of INR0.2 Cr on an operating income of INR3.8 Cr in FY
2013-14.
WELLCARE OIL: CARE Assigns B+ Rating to INR4.50cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+/CARE A4' rating to the bank facilities of
Wellcare Oil Tools Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 4.50 CARE B+ Assigned
Short-term Bank Facilities 2.00 CARE A4 Assigned
Long-term/Short-term Bank 1.00 CARE B+/CARE A4
Facilities Assigned
Rating Rationale
The rating assigned to the bank facilities of Wellcare Oil Tools
Private Limited(WOT) are primarily constrained by its short track
record of operations coupled with small scale of operations, its
weak financial risk profile marked by low profitability margins,
leveraged capital structure and working capital-intensive nature
of operations. The ratings are further constrained by revenue
concentration towards oil and gas industry and competition from
the organized and unorganized players.
These rating constraints are partially offset experience of the
promoters in the oil and gas industry and WOT's association with
reputed customers.
Going forward, the ability of company to scale up its operations
with improvement in the profitability margins and capital
structure shall be the key rating sensitivities.
Alwar-Rajasthan based, Wellcare Oil Tools Private Limited (WOT)
was initially incorporated in 2010 as Wellcome Oil Tools Private
Limited. The name of the company was subsequently changed to its
present in 2011. The company commenced its commercial operations
in January, 2013 only. The current management of the company
comprises of Mr Surender Yadav and his nephews Mr Satish Kumar and
Mr Ravinder Yadav.
The company is engaged in the manufacturing of oil field drilling
equipments such as liner hanger system, packer & bridge plug,
centralizer & stops collars, floats equipment with its setting
tools and has a total product portfolio of around 250 equipments.
The company sells its products directly to oil & petroleum
companies and to wholesalers.
The manufacturing facilities of the company are located in Alwar,
Rajasthan and the product, designs and processes are API (American
Petroleum Institute) -- Q1, ISO-9001, ISO/TS-29001, ISO-14001 and
OHSAS-18001 certified.
In FY14 (refers to the period April 1 to March 31), WOT has
achieved a total operating income (TOI) of INR5.43 crore with a
profit after tax (PAT) of INR0.03 crore as against TOI INR0.49
crore FY13 (based on 3 months of operations). Furthermore, during
FY15, the company achieved TOI of INR6 crore till January 2015.
=========
J A P A N
=========
SHARP CORP: Nears Deal With Lenders on Restructuring Plan
---------------------------------------------------------
Takashi Mochizuki at The Wall Street Journal reports that Sharp
Corp. is nearing an agreement with its main banks on a
restructuring plan that would include job losses, cost cuts and
JPY200 billion ($1.68 billion) in financial support from the
banks, people familiar with the matter said.
The Journal relates that Osaka-based Sharp said on April 17 it
would announce its midterm business plan on May 14, along with
results for the year ended March 31.
Analysts said it is likely Sharp lost JPY200 billion or more in
the just-ended fiscal year, battered by competition in its core
business of making liquid-crystal displays for smartphones and
televisions, according to the Journal.
According to the report, Sharp said in a statement it's studying a
structural overhaul and talking with its banks, but that nothing
has been decided yet.
The Journal reports that the people familiar with Sharp's plan
said the company aims to cut 3,000 jobs in Japan and 2,000
overseas, while trimming troubled operations making solar panels
and television sets. The company is also ready to sell its
headquarters, they said.
Sharp's lenders, led by the core banking units of Mitsubishi UFJ
Financial Group Inc. and Mizuho Financial Group Inc., are ready to
write off about JPY200 billion in loans in exchange for Sharp
shares, the Journal's sources said.
The debt-for-equity swap would mark the second big bailout of
Sharp in less than three years, the report notes.
Still undecided is the fate of Sharp's LCD business, which has
fallen behind domestic rival Japan Display Inc. as well as South
Korean suppliers, the report states. The people familiar with the
talks said Sharp is continuing to study a spinoff of the LCD
business and an alliance with other parties, but that any
resolution may take some time, the Journal relates.
According to the Journal, people familiar with the matter said
Sharp might be willing to cede a stake in its LCD business to the
government-backed Innovation Network Corp. of Japan, which already
holds 36% of Japan Display, but they said a sticking point is
Sharp's desire to retain control of the business.
The Journal says many of Japan's leading electronics companies,
including Panasonic Corp. and Hitachi Ltd., have posted stronger
results recently, thanks to decisive restructuring of money-losing
consumer businesses and growth in businesses serving other
businesses such as car-parts manufacturing. Sharp, by contrast,
has lurched from crisis to crisis without developing a strong
profit center, the Journal notes.
Even with a new bailout, "the company has a long road ahead of it
for an earnings recovery," said Deutsche Securities analyst Yasuo
Nakane, the Journal relays.
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'.
SKYMARK AIRLINES: Accepts ANA's Rescue Offer
--------------------------------------------
The Asahi Shimbun reports that ANA Holdings Inc. will become a
partner and make a capital injection into Skymark Airlines Inc. to
help the struggling carrier rebuild itself.
According to the report, sources said ANA will likely contribute
less than 20 percent of Skymark's total capital needs. By doing
so, ANA will join Tokyo-based investment fund Integral, which has
already pledged capital support, in compiling a rehabilitation
plan for Skymark.
ANA and AirAsia of Malaysia were the only two airline groups that
had expressed interest in supporting Skymark, Japan's third
largest airline, Asahi Shimbun notes.
Skymark was the only one of the four domestic airlines established
around 2000 that had shunned an injection of capital from ANA, the
report says.
Asahi Shimbun relates that although Skymark remains committed to
steering an independent course, the decision to accept ANA's offer
likely reflected a realization by Skymark executives that they
needed ANA's negotiating skills in dealing with aircraft
manufacturers and leasing companies that are among the largest
creditors of Skymark.
Sources said ANA was considering various other measures to support
Skymark, including setting up a code-sharing arrangement, taking
on maintenance work and sending executives to serve on the Skymark
board, according to the report.
However, ANA will keep its capital contribution to less than
20 percent to protect its slots at the profitable Haneda Airport
in Tokyo. Any contribution above that figure would make Skymark a
member of the ANA group and affect the landing slots at Haneda
assigned to the group, Asahi Shimbun notes.
About 20 other companies have also expressed an interest in
supporting Skymark in ways other than capital injections, says
Asahi Shimbun.
So far, approval has been given to operations support from taxi
operator Nihon Kotsu Co. and public relations firm Sunny Side Up
Inc., the report notes.
About Skymark Airlines
Skymark Airlines is a Japanese low-cost carrier based in Tokyo.
The carrier, which commenced operations in 1998, operates domestic
service from its base at Tokyo International Airport.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 30, 2015, Bloomberg News said Skymark Airlines Inc., Japan's
third-largest carrier, filed for bankruptcy protection after
running short of cash, highlighting the failure of growth plans
that climaxed in the ill-fated purchase of six Airbus Group NV
A380 superjumbos.
Skymark said it filed at the Tokyo District Court with
JPY71 billion ($603 million) in liabilities. President Shinichi
Nishikubo is standing down and Chief Financial Officer
Masakazu Arimori is taking on the role, Bloomberg related.
Skymark will submit a rehabilitation plan to the court by May 29,
according to The Japan Times.
====================
N E W Z E A L A N D
====================
KIWI CAPITAL: S&P Assigns 'BB-' Issue Credit Rating to Notes
------------------------------------------------------------
Standard & Poor's Ratings Services said it has assigned its 'BB-'
issue credit rating to Kiwi Capital Funding Ltd.'s (KCF) perpetual
capital notes.
KCF is a sister company of Kiwibank Ltd. (A+/Negative/A-1); the
parent of both KCF and Kiwibank is New Zealand Post Ltd. (NZ Post;
A+/Negative/A-1). The notes' structure replicates the terms of
the Basel III-compliant perpetual subordinated bonds to be issued
out of Kiwibank, and subscribed by KCF. As such, KCF's perpetual
capital notes reflect our rating for the underlying Kiwibank
perpetual subordinated bonds.
NZ Post Group unsupported group credit profile (GCP): bbb
Subordinated notching: -1
Risk of partial or untimely payment: -2
Mandatory contingent capital clause due to activation of non-
viability trigger: -1
Total notching: -4
Instrument rating: BB-
"The instrument is notched off the 'bbb' unsupported GCP of New
Zealand Post group. While we consider Kiwibank as an integral part
of the NZ Post group, and accept that NZ Post is highly supportive
of all Kiwibank debt issues, timely government support for the
proposed instruments is less likely than those for most of the
other debt issued by NZ Post and Kiwibank. This is because these
instruments contain a non-viability clause that could lead to the
conversion of these instruments into bail-in capital consistent
with Basel III regulations. The unsupported GCP aligns with the
group's largest subsidiary, Kiwibank."
"We will assign intermediate equity credit to Kiwibank's perpetual
subordinated bonds. In our assessment for intermediate equity
credit, we are of the view that the perpetual subordinated bonds:
Form part of Kiwibank's Additional Tier 1 Capital;
Can absorb losses and cancel or defer coupons on a going-concern
basis without causing a default; and
Constitute a perpetual instrument."
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 3 to April 17, 2015
------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY 10.00 10/30/23 AUD 1.80
BOART LONGYEAR 7.00 04/01/21 USD 64.88
BOART LONGYEAR 7.00 04/01/21 USD 64.13
CML GROUP LTD 9.00 01/29/20 AUD 0.97
CRATER GOLD MI 10.00 08/18/17 AUD 38.27
EMECO PTY LTD 9.88 03/15/19 USD 73.68
FMG RESOURCES 6.88 04/01/22 USD 68.68
FMG RESOURCES 6.88 04/01/22 USD 70.26
GRIFFIN COAL M 9.50 12/01/16 USD 40.00
GRIFFIN COAL M 9.50 12/01/16 USD 40.00
KBL MINING LTD 10.00 02/16/17 AUD 0.24
MIDWEST VANADI 11.50 02/15/18 USD 5.75
MIDWEST VANADI 11.50 02/15/18 USD 5.75
STOKES LTD 10.00 06/30/17 AUD 0.45
TREASURY CORP 0.50 11/12/30 AUD 67.51
CHINA
-----
CHANGCHUN CITY 6.08 03/09/16 CNY 40.30
CHANGCHUN CITY 6.08 03/09/16 CNY 40.38
CHANGZHOU INVE 5.80 07/01/16 CNY 70.28
CHANGZHOU INVE 5.80 07/01/16 CNY 70.41
CHINA GOVERNME 1.64 12/15/33 CNY 70.69
CHINA NATIONAL 5.65 09/26/17 CNY 65.86
CLOUD LIVE TEC 6.78 04/05/17 CNY 81.00
DANYANG INVEST 6.30 06/03/16 CNY 70.41
ERDOS DONGSHEN 8.40 02/28/18 CNY 73.00
HANGZHOU XIAOS 6.90 11/22/16 CNY 70.80
HANGZHOU XIAOS 6.90 11/22/16 CNY 71.44
HEILONGJIANG H 7.78 11/17/16 CNY 71.37
HEILONGJIANG H 7.78 11/17/16 CNY 71.50
HUAIAN CITY UR 7.15 12/21/16 CNY 70.33
HUNAN CHANGDE 5.90 01/29/16 CNY 69.22
INNER MONGOLIA 7.48 05/05/18 CNY 74.68
INNER MONGOLIA 7.48 05/05/18 CNY 70.98
JIANGSU HUAIAN 5.80 12/28/15 CNY 71.44
JIANGSU HUAJIN 5.68 09/28/17 CNY 74.53
JIANGSU LIANYU 7.85 07/22/15 CNY 70.48
KUNSHAN ENTREP 4.70 03/30/16 CNY 39.90
KUNSHAN ENTREP 4.70 03/30/16 CNY 39.96
LIAOYUAN STATE 7.80 01/26/17 CNY 71.36
LIAOYUAN STATE 7.80 01/26/17 CNY 71.30
LUOHE CITY CON 6.81 03/30/17 CNY 60.98
NANJING NANGAN 6.13 02/27/16 CNY 50.10
NANJING NANGAN 6.13 02/27/16 CNY 49.61
NANJING PUBLIC 5.85 08/08/17 CNY 64.87
NANTONG STATE- 6.72 11/13/16 CNY 70.32
NANTONG STATE- 6.72 11/13/16 CNY 71.05
NINGBO CITY ZH 6.48 04/12/17 CNY 70.79
NINGDE CITY ST 6.25 10/21/17 CNY 60.51
OCEAN RIG UDW 7.25 04/01/19 USD 59.00
OCEAN RIG UDW 7.25 04/01/19 USD 61.40
PANJIN CONSTRU 7.70 12/16/16 CNY 71.76
PANJIN CONSTRU 7.70 12/16/16 CNY 70.61
QINGDAO CITY C 6.19 02/16/17 CNY 71.07
QINGZHOU HONGY 6.50 05/22/19 CNY 50.20
QINGZHOU HONGY 6.50 05/22/19 CNY 50.58
SHENGZHOU HOTE 9.20 02/26/16 CNY 107.11
TAIZHOU CITY C 6.90 01/25/17 CNY 70.32
WUXI COMMUNICA 5.58 07/08/16 CNY 50.16
WUXI COMMUNICA 5.58 07/08/16 CNY 50.10
XIANGTAN JIUHU 6.93 12/16/16 CNY 76.80
XIANGTAN JIUHU 6.93 12/16/16 CNY 70.85
YANGZHOU URBAN 5.94 07/23/16 CNY 69.82
YANGZHOU URBAN 5.94 07/23/16 CNY 70.42
YINCHUAN URBAN 6.28 03/09/17 CNY 50.69
YIYANG CITY CO 8.20 11/19/16 CNY 71.60
ZHUCHENG ECONO 7.50 08/25/18 CNY 49.17
ZIBO CITY PROP 5.45 04/27/19 CNY 60.22
ZOUCHENG CITY 7.02 01/12/18 CNY 61.43
INDONESIA
---------
BERAU COAL ENE 7.25 03/13/17 USD 55.50
BERAU COAL ENE 7.25 03/13/17 USD 67.00
DAVOMAS INTERN 11.00 12/08/14 USD 17.75
INDIA
-----
3I INFOTECH LT 5.00 04/26/17 USD 26.63
BLUE DART EXPR 9.30 11/20/17 INR 10.12
BLUE DART EXPR 9.40 11/20/18 INR 10.18
BLUE DART EXPR 9.50 11/20/19 INR 10.23
CORE EDUCATION 7.00 05/07/15 USD 10.00
COROMANDEL INT 9.00 07/23/16 INR 16.04
GTL INFRASTRUC 3.03 11/09/17 USD 30.38
INCLINE REALTY 10.85 08/21/17 INR 13.85
INCLINE REALTY 10.85 04/21/17 INR 10.65
INDIA GOVERNME 7.64 01/25/35 INR 23.29
JAIPRAKASH ASS 5.75 09/08/17 USD 74.21
JCT LTD 2.50 04/08/11 USD 21.50
MASCON GLOBAL 2.00 12/28/12 USD 3.01
ORIENTAL HOTEL 2.00 11/21/19 INR 73.20
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 39.13
AVANSTRATE INC 5.00 11/05/17 JPY 30.63
ELPIDA MEMORY 0.70 08/01/16 JPY 8.88
ELPIDA MEMORY 0.50 10/26/15 JPY 8.63
ELPIDA MEMORY 2.03 03/22/12 JPY 8.88
ELPIDA MEMORY 2.10 11/29/12 JPY 8.88
ELPIDA MEMORY 2.29 12/07/12 JPY 8.88
KOREA
-----
2014 KODIT CRE 5.00 12/25/17 KRW 28.10
2014 KODIT CRE 5.00 12/25/17 KRW 28.10
DONGBU CORP 4.00 05/03/16 KRW 63.84
DONGBU CORP 4.00 06/29/15 KRW 45.49
DONGBU STEEL C 9.50 10/16/15 KRW 74.53
EXPORT-IMPORT 0.50 11/21/17 BRL 74.04
EXPORT-IMPORT 0.50 12/22/17 BRL 73.38
HYUNDAI HEAVY 4.90 12/15/44 KRW 53.80
HYUNDAI HEAVY 4.80 12/15/44 KRW 54.82
HYUNDAI MERCHA 7.05 12/27/42 KRW 36.39
KIBO ABS SPECI 10.00 09/04/16 KRW 35.62
KIBO ABS SPECI 10.00 08/22/17 KRW 29.23
KIBO ABS SPECI 10.00 02/19/17 KRW 33.28
KIBO ABS SPECI 5.00 01/31/17 KRW 29.89
KIBO ABS SPECI 5.00 03/29/18 KRW 27.15
KIBO GREEN HI- 10.00 12/21/15 KRW 38.28
LSMTRON DONGBA 4.53 11/22/17 KRW 27.81
POSCO ENERGY C 4.72 08/29/43 KRW 67.40
POSCO ENERGY C 4.66 08/29/43 KRW 67.93
POSCO ENERGY C 4.72 08/29/43 KRW 67.27
SINBO SECURITI 5.00 06/27/18 KRW 26.76
SINBO SECURITI 5.00 06/27/18 KRW 26.76
SINBO SECURITI 5.00 02/02/16 KRW 30.20
SINBO SECURITI 8.00 02/02/16 KRW 36.35
SINBO SECURITI 5.00 01/19/16 KRW 30.55
SINBO SECURITI 5.00 09/28/15 KRW 35.75
SINBO SECURITI 5.00 10/05/16 KRW 31.79
SINBO SECURITI 5.00 10/01/17 KRW 28.55
SINBO SECURITI 5.00 10/01/17 KRW 28.55
SINBO SECURITI 5.00 10/01/17 KRW 28.55
SINBO SECURITI 5.00 08/16/16 KRW 31.53
SINBO SECURITI 5.00 08/16/17 KRW 29.11
SINBO SECURITI 5.00 08/16/17 KRW 29.11
SINBO SECURITI 5.00 02/21/17 KRW 30.26
SINBO SECURITI 5.00 02/21/17 KRW 30.26
SINBO SECURITI 5.00 03/13/17 KRW 30.04
SINBO SECURITI 5.00 03/13/17 KRW 30.04
SINBO SECURITI 5.00 07/19/15 KRW 43.90
SINBO SECURITI 5.00 07/26/16 KRW 32.53
SINBO SECURITI 5.00 07/26/16 KRW 32.53
SINBO SECURITI 5.00 03/14/16 KRW 32.75
SINBO SECURITI 10.00 12/27/15 KRW 37.73
SINBO SECURITI 5.00 12/07/15 KRW 33.73
SINBO SECURITI 5.00 08/31/16 KRW 32.13
SINBO SECURITI 5.00 08/31/16 KRW 32.13
SINBO SECURITI 5.00 08/24/15 KRW 39.08
SINBO SECURITI 5.00 06/07/17 KRW 23.63
SINBO SECURITI 5.00 07/08/17 KRW 29.50
SINBO SECURITI 5.00 07/08/17 KRW 29.50
SINBO SECURITI 5.00 06/07/17 KRW 23.63
SINBO SECURITI 5.00 06/29/16 KRW 32.87
SINBO SECURITI 4.60 06/29/15 KRW 49.18
SINBO SECURITI 4.60 06/29/15 KRW 49.18
SINBO SECURITI 5.00 05/27/16 KRW 33.27
SINBO SECURITI 5.00 05/27/16 KRW 33.27
SINBO SECURITI 9.00 07/27/15 KRW 49.56
SINBO SECURITI 5.00 09/13/15 KRW 38.72
SINBO SECURITI 5.00 09/13/15 KRW 38.72
SINBO SECURITI 5.00 10/05/16 KRW 30.24
SINBO SECURITI 5.00 01/15/18 KRW 27.92
SINBO SECURITI 5.00 01/15/18 KRW 27.92
SINBO SECURITI 5.00 12/25/16 KRW 30.33
SINBO SECURITI 5.00 12/13/16 KRW 31.01
SINBO SECURITI 5.00 03/12/18 KRW 27.29
SINBO SECURITI 5.00 03/12/18 KRW 27.29
SINBO SECURITI 5.00 02/11/18 KRW 27.48
SINBO SECURITI 5.00 02/11/18 KRW 27.48
SINBO SECURITI 5.00 01/29/17 KRW 30.51
SK TELECOM CO 4.21 06/07/73 KRW 64.23
TONGYANG CEMEN 7.30 04/12/15 KRW 70.00
TONGYANG CEMEN 7.30 06/26/15 KRW 70.00
TONGYANG CEMEN 7.50 07/20/14 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 28.74
WISEPOWER CO L 4.00 08/10/15 KRW 40.99
WOONGJIN ENERG 2.00 12/19/16 KRW 54.91
SRI LANKA
---------
HATTON NATIONA 8.00 08/29/23 LKR 70.00
SRI LANKA GOVE 5.35 03/01/26 LKR 68.83
MALAYSIA
--------
BANDAR MALAYSI 0.35 02/20/24 MYR 69.63
BANDAR MALAYSI 0.35 12/29/23 MYR 70.10
BIMB HOLDINGS 1.50 12/12/23 MYR 69.87
BRIGHT FOCUS B 2.50 01/24/30 MYR 67.72
BRIGHT FOCUS B 2.50 01/22/31 MYR 63.36
LAND & GENERAL 1.00 09/24/18 MYR 0.42
SENAI-DESARU E 0.50 12/31/38 MYR 63.37
SENAI-DESARU E 0.50 12/31/40 MYR 66.26
SENAI-DESARU E 0.50 12/31/43 MYR 69.74
SENAI-DESARU E 0.50 12/31/41 MYR 67.38
SENAI-DESARU E 0.50 12/30/39 MYR 65.06
SENAI-DESARU E 0.50 12/31/42 MYR 68.71
SENAI-DESARU E 0.50 12/30/44 MYR 70.66
SENAI-DESARU E 0.50 12/31/46 MYR 72.56
SENAI-DESARU E 0.50 12/31/47 MYR 73.43
SENAI-DESARU E 0.50 12/29/45 MYR 71.57
SENAI-DESARU E 1.35 12/31/27 MYR 58.25
SENAI-DESARU E 1.10 12/31/21 MYR 73.81
SENAI-DESARU E 1.10 06/30/22 MYR 72.15
SENAI-DESARU E 1.15 12/30/22 MYR 70.84
SENAI-DESARU E 1.15 06/30/23 MYR 69.29
SENAI-DESARU E 1.15 12/29/23 MYR 67.77
SENAI-DESARU E 1.15 06/28/24 MYR 66.28
SENAI-DESARU E 1.15 12/31/24 MYR 64.77
SENAI-DESARU E 1.15 06/30/25 MYR 63.33
SENAI-DESARU E 1.35 12/31/25 MYR 63.53
SENAI-DESARU E 1.35 06/30/26 MYR 62.20
SENAI-DESARU E 1.35 12/31/26 MYR 60.89
SENAI-DESARU E 1.35 06/30/27 MYR 59.56
SENAI-DESARU E 1.35 06/29/29 MYR 54.44
SENAI-DESARU E 1.35 12/31/29 MYR 53.36
SENAI-DESARU E 1.35 06/28/30 MYR 52.34
SENAI-DESARU E 1.35 12/31/30 MYR 51.33
SENAI-DESARU E 1.35 06/30/31 MYR 50.34
SENAI-DESARU E 1.35 06/30/28 MYR 56.95
SENAI-DESARU E 1.35 12/29/28 MYR 55.64
UNIMECH GROUP 5.00 09/18/18 MYR 1.20
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 52.84
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 68.00
BERAU CAPITAL 12.50 07/08/15 USD 74.78
BLD INVESTMENT 8.63 03/23/15 USD 11.50
BUMI CAPITAL P 12.00 11/10/16 USD 33.00
BUMI CAPITAL P 12.00 11/10/16 USD 30.18
BUMI INVESTMEN 10.75 10/06/17 USD 33.50
BUMI INVESTMEN 10.75 10/06/17 USD 30.37
ENERCOAL RESOU 6.00 04/07/18 USD 17.63
INDO INFRASTRU 2.00 07/30/10 USD 1.88
OSA GOLIATH PT 12.00 10/09/18 USD 72.25
SWIBER CAPITAL 6.50 08/02/18 SGD 72.00
SWIBER HOLDING 7.13 04/18/17 SGD 74.63
TIGER AIRWAYS 2.00#N/A Field SGD 0.69
G STEEL PCL 3.00 10/04/15 USD 0.99
MDX PCL 4.75 09/17/03 USD 35.63
TAIWAN
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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 1.30
ADVANCED SEMIC 1.45 08/19/16 TWD 1.10
ADVANCED SEMIC 1.45 08/19/16 TWD 1.50
AGRICULTURAL B 3.28 06/30/15 TWD 3.28
AGRICULTURAL B 1.95 02/10/25 TWD 1.95
AGRICULTURAL B 1.53 10/17/22 TWD 1.53
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 1.01
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 3.00 03/21/18 TWD 3.00
BANK OF PANHSI 3.00 11/12/18 TWD 3.00
BANK OF PANHSI 3.25 11/05/16 TWD 3.25
BANK OF TAIWAN 1.70 06/27/24 TWD 1.70
BANK SINOPAC 2.18 08/18/21 TWD 2.18
BANK SINOPAC 1.85 11/04/18 TWD 1.45
BANK SINOPAC 1.80 12/09/17 TWD 1.38
BANK SINOPAC 1.65 09/18/22 TWD 1.65
BANK SINOPAC 2.05 09/30/24 TWD 2.05
BANK SINOPAC 1.95 08/18/18 TWD 1.46
BANK SINOPAC 1.53 09/18/19 TWD 1.60
BANK SINOPAC 2.70 06/23/15 TWD 1.30
BANK SINOPAC 2.90 06/23/17 TWD 2.90
BANK SINOPAC 2.80 04/29/16 TWD 2.80
BANK SINOPAC 1.92 03/11/18 TWD 1.92
CATHAY FINANCI 2.65 10/08/16 TWD 1.21
CATHAY FINANCI 3.10 12/24/15 TWD 1.17
CATHAY UNITED 1.85 05/19/24 TWD 1.85
CATHAY UNITED 1.55 04/24/20 TWD 1.55
CATHAY UNITED 1.65 08/07/22 TWD 1.84
CATHAY UNITED 1.70 05/19/21 TWD 1.70
CATHAY UNITED 1.70 04/24/23 TWD 1.90
CATHAY UNITED 1.48 06/06/19 TWD 1.48
CATHAY UNITED 1.65 06/06/22 TWD 1.80
CHAILEASE FINA 2.05 10/30/21 TWD 2.05
CHAILEASE FINA 2.30 10/30/24 TWD 2.30
CHAILEASE FINA 1.60 07/22/18 TWD 1.30
CHAILEASE FINA 1.50 06/16/19 TWD 1.41
CHAILEASE FINA 1.50 06/05/17 TWD 1.16
CHANG HWA COMM 3.10 05/19/15 TWD 0.89
CHANG HWA COMM 3.05 12/15/15 TWD 3.05
CHANG HWA COMM 1.85 04/16/24 TWD 1.85
CHANG HWA COMM 2.30 09/15/16 TWD 1.26
CHANG HWA COMM 1.65 03/11/18 TWD 1.64
CHANG HWA COMM 1.70 04/16/21 TWD 1.68
CHANG HWA COMM 1.72 03/11/21 TWD 1.72
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 1.55 08/19/18 TWD 1.40
CHENG SHIN RUB 1.40 07/18/19 TWD 1.43
CHENG SHIN RUB 1.38 09/03/15 TWD 0.88
CHENG SHIN RUB 1.38 09/03/15 TWD 1.32
CHENG SHIN RUB 1.38 09/03/15 TWD 1.32
CHINA AIRLINES 1.35 05/20/16 TWD 1.28
CHINA AIRLINES 1.35 05/20/16 TWD 1.39
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 1.35
CHINA DEVELOPM 1.42 03/30/20 TWD 1.41
CHINA DEVELOPM 1.32 03/07/17 TWD 1.19
CHINA DEVELOPM 2.00 03/01/17 TWD 1.45
CHINA DEVELOPM 1.37 05/23/18 TWD 1.37
CHINA DEVELOPM 3.40 06/18/15 TWD 3.40
CHINA DEVELOPM 1.42 03/07/19 TWD 1.39
CHINA STEEL CO 2.30 12/29/15 TWD 0.92
CHINA STEEL CO 1.95 01/23/24 TWD 1.90
CHINA STEEL CO 1.36 10/19/16 TWD 0.90
CHINA STEEL CO 1.57 10/19/18 TWD 1.21
CHINA STEEL CO 1.50 08/03/22 TWD 1.64
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 1.88 07/12/28 TWD 1.89
CHINA STEEL CO 1.60 07/12/23 TWD 1.84
CHINA STEEL CO 1.75 01/23/21 TWD 1.58
CHINA STEEL CO 1.37 08/10/19 TWD 1.66
CHINESE MARITI 1.40 06/08/17 TWD 1.13
CHINESE MARITI 1.40 06/08/17 TWD 1.40
CHINESE MARITI 1.40 06/08/17 TWD 1.35
CHINESE MARITI 1.40 06/08/17 TWD 1.39
COTA COMMERCIA 3.20 03/29/18 TWD 3.20
CPC CORP/TAIWA 1.29 11/01/17 TWD 0.98
CPC CORP/TAIWA 1.41 09/12/19 TWD 1.35
CPC CORP/TAIWA 1.41 12/22/19 TWD 1.29
CPC CORP/TAIWA 1.22 06/07/17 TWD 0.98
CPC CORP/TAIWA 1.08 10/29/15 TWD 0.50
CPC CORP/TAIWA 1.29 09/21/19 TWD 100.30
CPC CORP/TAIWA 1.60 09/22/18 TWD 1.11
CPC CORP/TAIWA 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWA 1.30 07/25/18 TWD 1.13
CPC CORP/TAIWA 1.65 12/04/19 TWD 1.36
CPC CORP/TAIWA 2.60 12/15/15 TWD 0.88
CPC CORP/TAIWA 1.18 09/19/17 TWD 1.14
CPC CORP/TAIWA 1.49 10/28/18 TWD 1.14
CPC CORP/TAIWA 1.40 09/19/16 TWD 1.01
CPC CORP/TAIWA 1.85 09/12/24 TWD 1.85
CPC CORP/TAIWA 1.40 12/03/16 TWD 0.91
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 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWA 1.42 09/20/22 TWD 1.70
CPC CORP/TAIWA 1.70 09/21/21 TWD 1.60
CPC CORP/TAIWA 1.75 10/28/20 TWD 1.56
CPC CORP/TAIWA 1.85 10/25/23 TWD 1.86
CPC CORP/TAIWA 1.68 12/23/21 TWD 1.60
CPC CORP/TAIWA 1.88 12/24/24 TWD 1.87
CPC CORP/TAIWA 1.36 06/08/19 TWD 1.28
CPC CORP/TAIWA 1.49 06/11/22 TWD 1.63
CTBC BANK CO L 3.10 04/25/15 TWD 0.92
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 BANK CO L 3.49 04/10/23 TWD 1.80
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 1.80 03/07/21 TWD 1.70
E.SUN COMMERCI 1.75 08/28/20 TWD 1.75
E.SUN COMMERCI 1.80 10/28/18 TWD 1.50
E.SUN COMMERCI 1.55 05/24/20 TWD 1.55
E.SUN COMMERCI 1.95 03/07/24 TWD 1.95
E.SUN COMMERCI 2.20 07/13/17 TWD 2.20
E.SUN COMMERCI 1.85 12/19/20 TWD 1.85
E.SUN COMMERCI 3.15 10/24/15 TWD 3.15
E.SUN COMMERCI 1.70 05/24/23 TWD 1.93
E.SUN COMMERCI 1.62 08/27/22 TWD 1.89
E.SUN COMMERCI 1.50 08/27/19 TWD 1.57
E.SUN COMMERCI 2.50 04/03/16 TWD 2.50
E.SUN COMMERCI 1.58 04/27/19 TWD 1.58
E.SUN COMMERCI 1.68 06/28/22 TWD 1.88
E.SUN COMMERCI 2.20 05/28/17 TWD 1.45
E.SUN COMMERCI 2.35 10/20/16 TWD 1.26
E.SUN FINANCIA 1.75 06/29/19 TWD 1.65
E.SUN FINANCIA 2.70 04/28/17 TWD 1.87
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 1.15 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 1.44 08/31/16 TWD 1.01
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 1.22 05/31/17 TWD 1.18
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 1.44 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 1.06
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 0.68 06/20/16 TWD 0.80
EXPORT-IMPORT 1.25 05/30/17 TWD 1.25
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 1.95 11/10/18 TWD 1.80
FAR EASTERN IN 2.10 11/06/20 TWD 1.81
FAR EASTERN IN 1.75 06/27/19 TWD 1.70
FAR EASTERN IN 2.98 05/18/17 TWD 2.98
FAR EASTERN IN 2.10 09/29/17 TWD 1.47
FAR EASTERN NE 1.47 08/21/19 TWD 1.41
FAR EASTERN NE 1.47 12/04/19 TWD 1.40
FAR EASTERN NE 1.30 11/26/17 TWD 1.21
FAR EASTERN NE 1.45 12/23/18 TWD 1.44
FAR EASTERN NE 1.38 02/06/20 TWD 1.38
FAR EASTERN NE 1.68 05/27/15 TWD 0.80
FAR EASTERN NE 1.35 06/07/17 TWD 1.21
FAR EASTERN NE 1.55 09/29/16 TWD 1.03
FAR EASTERN NE 1.36 02/15/17 TWD 1.08
FAR EASTERN NE 1.59 09/16/15 TWD 0.80
FAR EASTONE TE 1.17 12/24/16 TWD 100.33
FAR EASTONE TE 1.27 12/24/17 TWD 1.03
FAR EASTONE TE 1.58 10/15/18 TWD 1.61
FAR EASTONE TE 1.33 06/27/20 TWD 1.33
FAR EASTONE TE 1.58 12/24/19 TWD 1.34
FAR EASTONE TE 1.46 10/15/17 TWD 1.38
FIRST COMMERCI 2.05 03/25/25 TWD 2.05
FIRST COMMERCI 1.47 09/25/19 TWD 1.44
FIRST COMMERCI 1.59 09/25/22 TWD 1.56
FIRST COMMERCI 3.02 10/21/15 TWD 1.20
FIRST COMMERCI 3.10 06/23/15 TWD 2.95
FIRST COMMERCI 1.83 03/25/22 TWD 1.83
FIRST COMMERCI 1.72 03/30/21 TWD 1.72
FIRST COMMERCI 1.43 12/27/19 TWD 1.57
FIRST COMMERCI 1.92 09/28/17 TWD 1.59
FIRST COMMERCI 3.16 12/24/17 TWD 3.16
FIRST COMMERCI 3.00 12/24/15 TWD 3.00
FIRST COMMERCI 1.65 03/30/18 TWD 1.26
FIRST COMMERCI 1.50 09/28/17 TWD 1.36
FIRST COMMERCI 1.65 06/24/18 TWD 1.65
FIRST COMMERCI 1.72 06/24/21 TWD 1.72
FIRST FINANCIA 2.25 07/22/17 TWD 1.41
FIRST FINANCIA 1.60 07/22/15 TWD 0.90
FORMOSA CHEMIC 1.56 06/29/15 TWD 0.53
FORMOSA CHEMIC 1.29 07/26/17 TWD 1.00
FORMOSA CHEMIC 1.40 07/26/19 TWD 1.25
FORMOSA CHEMIC 1.34 01/22/20 TWD 1.50
FORMOSA CHEMIC 1.24 07/08/18 TWD 1.29
FORMOSA CHEMIC 1.81 07/04/24 TWD 1.84
FORMOSA CHEMIC 1.50 01/22/23 TWD 1.80
FORMOSA CHEMIC 1.38 10/31/16 TWD 1.16
FORMOSA CHEMIC 1.44 06/10/16 TWD 0.93
FORMOSA CHEMIC 1.51 12/07/22 TWD 1.53
FORMOSA CHEMIC 1.52 07/29/15 TWD 0.80
FORMOSA CHEMIC 1.52 07/08/23 TWD 1.54
FORMOSA CHEMIC 1.23 12/07/17 TWD 1.23
FORMOSA CHEMIC 1.36 12/07/19 TWD 1.40
FORMOSA CHEMIC 2.03 07/04/29 TWD 2.04
FORMOSA CHEMIC 1.38 07/08/20 TWD 1.45
FORMOSA PETROC 1.42 05/25/16 TWD 0.83
FORMOSA PETROC 1.33 10/14/15 TWD 0.81
FORMOSA PETROC 1.49 07/28/16 TWD 100.18
FORMOSA PETROC 1.30 06/20/17 TWD 1.01
FORMOSA PETROC 1.28 06/26/18 TWD 1.19
FORMOSA PETROC 1.90 09/12/24 TWD 1.90
FORMOSA PETROC 1.55 04/27/15 TWD 0.60
FORMOSA PETROC 1.43 09/12/19 TWD 1.37
FORMOSA PETROC 1.54 07/15/15 TWD 0.81
FORMOSA PETROC 1.99 09/12/26 TWD 1.99
FORMOSA PETROC 1.37 03/12/20 TWD 1.41
FORMOSA PETROC 1.35 07/27/17 TWD 1.11
FORMOSA PETROC 1.25 03/12/18 TWD 1.31
FORMOSA PETROC 1.41 06/26/20 TWD 1.53
FORMOSA PETROC 1.44 06/20/19 TWD 1.58
FORMOSA PETROC 1.44 07/27/19 TWD 1.47
FORMOSA PETROC 1.54 05/25/15 TWD 0.75
FORMOSA PLASTI 1.92 05/21/26 TWD 1.94
FORMOSA PLASTI 1.55 06/21/15 TWD 0.53
FORMOSA PLASTI 1.83 05/21/24 TWD 1.86
FORMOSA PLASTI 1.34 11/16/16 TWD 0.91
FORMOSA PLASTI 1.26 05/22/17 TWD 0.98
FORMOSA PLASTI 1.23 06/10/17 TWD 1.30
FORMOSA PLASTI 1.25 11/05/17 TWD 1.23
FORMOSA PLASTI 1.28 09/12/17 TWD 1.05
FORMOSA PLASTI 1.94 11/08/23 TWD 1.96
FORMOSA PLASTI 1.35 12/15/16 TWD 0.95
FORMOSA PLASTI 1.53 11/05/22 TWD 1.62
FORMOSA PLASTI 1.40 09/12/19 TWD 1.45
FORMOSA PLASTI 1.42 11/08/18 TWD 1.47
FORMOSA PLASTI 1.52 06/10/23 TWD 1.54
FORMOSA PLASTI 1.39 11/05/19 TWD 1.44
FORMOSA PLASTI 1.42 05/22/19 TWD 1.49
FUBON FINANCIA 1.56 08/23/15 TWD 0.80
FUBON FINANCIA 1.38 03/30/20 TWD 1.38
FUBON FINANCIA 1.45 08/15/19 TWD 1.30
FUBON FINANCIA 1.65 03/30/22 TWD 1.65
FUBON FINANCIA 1.60 12/18/20 TWD 1.65
FUBON FINANCIA 1.42 12/18/18 TWD 1.21
FUBON FINANCIA 1.58 08/28/20 TWD 1.58
FUBON FINANCIA 1.72 07/21/21 TWD 1.72
FUBON FINANCIA 2.60 01/28/17 TWD 1.46
FUBON FINANCIA 1.45 08/28/18 TWD 1.36
FUBON FINANCIA 1.35 08/15/17 TWD 1.06
FUBON FINANCIA 1.40 11/15/16 TWD 0.72
FUBON FINANCIA 2.60 01/27/17 TWD 1.32
FUBON FINANCIA 1.90 01/28/17 TWD 1.40
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 1.47 03/08/16 TWD 0.89
HON HAI PRECIS 1.44 04/14/20 TWD 1.42
HON HAI PRECIS 1.10 04/14/17 TWD 1.10
HON HAI PRECIS 1.23 04/14/18 TWD 1.23
HON HAI PRECIS 1.34 04/14/19 TWD 1.34
HON HAI PRECIS 1.18 08/06/15 TWD 1.20
HON HAI PRECIS 1.43 05/23/17 TWD 1.13
HON HAI PRECIS 1.43 12/27/15 TWD 0.90
HON HAI PRECIS 1.75 04/14/22 TWD 1.75
HON HAI PRECIS 1.35 12/17/16 TWD 1.16
HON HAI PRECIS 1.45 01/14/20 TWD 1.40
HON HAI PRECIS 1.17 05/21/17 TWD 1.16
HON HAI PRECIS 1.34 03/01/17 TWD 99.89
HON HAI PRECIS 1.70 05/21/21 TWD 1.70
HON HAI PRECIS 1.23 01/14/18 TWD 1.20
HON HAI PRECIS 1.95 05/21/24 TWD 1.88
HON HAI PRECIS 2.15 10/08/26 TWD 2.15
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 1.95 07/08/24 TWD 1.95
HON HAI PRECIS 1.80 01/14/22 TWD 1.80
HON HAI PRECIS 2.02 10/08/24 TWD 2.02
HON HAI PRECIS 1.45 10/18/16 TWD 1.08
HON HAI PRECIS 1.66 06/14/18 TWD 1.32
HON HAI PRECIS 1.33 01/30/18 TWD 1.20
HON HAI PRECIS 1.35 10/11/17 TWD 1.24
HON HAI PRECIS 1.37 05/21/19 TWD 1.37
HON HAI PRECIS 1.50 12/17/18 TWD 1.50
HON HAI PRECIS 1.43 06/14/16 TWD 1.09
HON HAI PRECIS 1.70 07/08/21 TWD 1.70
HON HAI PRECIS 1.85 12/17/20 TWD 1.70
HON HAI PRECIS 1.45 01/30/20 TWD 1.40
HON HAI PRECIS 1.75 03/18/21 TWD 1.74
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 2.00 03/18/24 TWD 2.00
HON HAI PRECIS 1.82 06/14/21 TWD 1.78
HSBC BANK TAIW 1.40 01/31/19 TWD 1.27
HSBC BANK TAIW 1.48 02/05/23 TWD 1.48
HSBC BANK TAIW 1.23 02/05/18 TWD 1.20
HSBC BANK TAIW 1.34 02/05/20 TWD 1.47
HSBC BANK TAIW 1.25 01/31/17 TWD 1.11
HSBC BANK TAIW 1.55 03/10/16 TWD 0.60
HUA NAN COMMER 1.43 11/06/19 TWD 1.41
HUA NAN COMMER 1.98 12/19/24 TWD 1.98
HUA NAN COMMER 1.63 12/06/18 TWD 1.52
HUA NAN COMMER 2.45 07/16/17 TWD 1.62
HUA NAN COMMER 1.83 12/19/21 TWD 1.83
HUA NAN COMMER 1.85 03/28/24 TWD 1.85
HUA NAN COMMER 1.55 11/06/22 TWD 1.55
HUA NAN COMMER 1.98 09/26/24 TWD 1.98
HUA NAN COMMER 3.20 05/16/16 TWD 3.20
HUA NAN COMMER 3.08 01/16/18 TWD 3.08
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 1.83 09/26/21 TWD 1.83
HUA NAN COMMER 1.65 11/23/20 TWD 1.65
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 2.30 10/28/18 TWD 1.80
INDUSTRIAL BAN 1.95 09/26/21 TWD 1.95
INDUSTRIAL BAN 1.85 06/26/21 TWD 1.85
INDUSTRIAL BAN 1.95 05/30/20 TWD 1.85
INDUSTRIAL BAN 1.95 03/27/21 TWD 1.94
INDUSTRIAL BAN 2.30 08/26/18 TWD 1.59
INDUSTRIAL BAN 3.20 12/28/16 TWD 2.24
INDUSTRIAL BAN 3.00 04/12/17 TWD 3.00
INDUSTRIAL BAN 1.85 08/17/19 TWD 1.83
JIH SUN INTERN 2.20 01/30/22 TWD 2.20
JIH SUN INTERN 2.18 04/30/19 TWD 2.18
KINDOM CONSTRU 1.55 08/28/19 TWD 1.55
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
KINDOM CONSTRU 1.41 06/25/17 TWD 1.41
KINDOM CONSTRU 1.60 09/26/18 TWD 1.60
LAND BANK OF T 1.98 12/25/24 TWD 1.98
LAND BANK OF T 2.80 12/29/15 TWD 1.00
LAND BANK OF T 1.72 12/26/20 TWD 1.72
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 1.64 10/20/18 TWD 1.42
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 1.55 12/26/22 TWD 1.55
LAND BANK OF T 1.50 06/26/19 TWD 1.45
LAND BANK OF T 1.55 04/13/19 TWD 1.60
LAND BANK OF T 1.53 12/15/17 TWD 1.38
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 1.53 12/24/17 TWD 1.35
MEGA INTERNATI 3.10 06/26/15 TWD 0.90
MEGA INTERNATI 1.70 03/28/21 TWD 1.70
MEGA INTERNATI 1.65 06/24/21 TWD 1.64
MEGA INTERNATI 3.00 12/23/15 TWD 1.18
MEGA INTERNATI 1.65 04/15/18 TWD 1.40
MEGA INTERNATI 3.00 09/29/15 TWD 0.95
MEGA INTERNATI 1.48 05/18/19 TWD 1.48
MEGA INTERNATI 1.62 11/24/18 TWD 1.38
NAN YA PLASTIC 1.56 08/30/15 TWD 0.75
NAN YA PLASTIC 2.04 06/24/29 TWD 2.04
NAN YA PLASTIC 1.35 11/07/16 TWD 0.95
NAN YA PLASTIC 1.45 11/11/19 TWD 1.45
NAN YA PLASTIC 1.45 08/05/18 TWD 1.24
NAN YA PLASTIC 1.27 11/12/15 TWD 0.90
NAN YA PLASTIC 1.43 06/27/16 TWD 100.15
NAN YA PLASTIC 1.40 08/05/17 TWD 1.21
NAN YA PLASTIC 1.56 06/25/15 TWD 0.86
NAN YA PLASTIC 1.36 07/04/17 TWD 1.15
NAN YA PLASTIC 2.08 12/18/25 TWD 2.10
NAN YA PLASTIC 1.45 07/04/19 TWD 1.38
NAN YA PLASTIC 1.25 09/07/17 TWD 1.17
NAN YA PLASTIC 1.36 02/25/20 TWD 1.51
NAN YA PLASTIC 1.50 02/25/23 TWD 1.52
NAN YA PLASTIC 1.37 09/07/19 TWD 1.33
NAN YA PLASTIC 1.93 11/11/24 TWD 1.93
NAN YA PLASTIC 1.98 12/18/23 TWD 1.94
NAN YA PLASTIC 1.55 08/05/20 TWD 1.43
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 3.15 06/10/15 TWD 0.90
SHANGHAI COMME 1.83 11/25/21 TWD 1.83
SHANGHAI COMME 1.48 04/10/19 TWD 1.45
SHANGHAI COMME 1.43 11/15/19 TWD 1.43
SHANGHAI COMME 1.55 11/15/22 TWD 1.55
SHANGHAI COMME 1.85 03/25/24 TWD 1.85
SHANGHAI COMME 1.70 03/25/21 TWD 1.65
SHANGHAI COMME 1.43 12/27/19 TWD 1.57
SHANGHAI COMME 1.54 05/22/19 TWD 1.60
SHANGHAI COMME 3.05 12/26/15 TWD 3.05
SHANGHAI COMME 1.50 12/15/17 TWD 1.50
SHIHLIN DEVELO 1.60 07/31/19 TWD 1.32
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 2.35 08/26/21 TWD 2.35
SUNNY BANK LTD 2.35 03/31/21 TWD 2.35
SUNNY BANK LTD 2.45 05/30/19 TWD 2.45
SUNNY BANK LTD 2.85 06/27/18 TWD 2.85
SUNNY BANK LTD 2.45 04/30/20 TWD 2.45
SUNNY BANK LTD 3.25 10/29/17 TWD 3.25
SUNNY BANK LTD 3.25 04/30/17 TWD 3.25
TA CHONG BANK 2.08 03/30/22 TWD 2.08
TA CHONG BANK 2.00 09/26/21 TWD 2.00
TA CHONG BANK 2.05 03/21/21 TWD 2.05
TA CHONG BANK 2.00 11/19/21 TWD 2.00
TA CHONG BANK 3.75 03/05/17 TWD 3.75
TA CHONG BANK 1.90 12/27/19 TWD 1.90
TA CHONG BANK 2.15 03/30/19 TWD 2.15
TA CHONG BANK 3.25 01/05/17 TWD 3.25
TA CHONG BANK 3.50 02/26/17 TWD 3.50
TA CHONG BANK 2.05 06/22/19 TWD 2.05
TA CHONG BANK 3.00 03/09/18 TWD 1.92
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 1.60 05/20/15 TWD 1.14
TAIPEI FUBON C 2.20 12/22/16 TWD 1.17
TAIPEI FUBON C 1.85 05/15/24 TWD 1.85
TAIPEI FUBON C 1.52 08/01/20 TWD 1.52
TAIPEI FUBON C 1.65 12/01/18 TWD 1.46
TAIPEI FUBON C 1.68 05/25/22 TWD 1.83
TAIPEI FUBON C 2.20 01/25/17 TWD 1.14
TAIPEI FUBON C 1.65 03/18/18 TWD 1.65
TAIPEI FUBON C 2.50 01/25/20 TWD 2.50
TAIPEI FUBON C 1.70 08/01/23 TWD 1.70
TAIPEI FUBON C 1.70 05/15/21 TWD 1.70
TAIPEI FUBON C 3.14 06/20/15 TWD 3.15
TAIPEI FUBON C 3.09 05/30/15 TWD 3.10
TAIPEI FUBON C 1.48 04/05/19 TWD 1.48
TAIPEI FUBON C 2.30 01/29/17 TWD 2.30
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 1.70 05/20/17 TWD 1.70
TAIPEI FUBON C 1.80 03/01/17 TWD 1.48
TAIPEI FUBON C 2.50 03/02/20 TWD 2.50
TAIPEI FUBON C 1.70 08/05/18 TWD 1.45
TAIPEI FUBON C 1.55 10/15/20 TWD 1.55
TAISHIN FINANC 2.20 08/05/18 TWD 1.61
TAISHIN FINANC 2.30 12/17/17 TWD 1.65
TAISHIN FINANC 2.00 05/15/19 TWD 1.90
TAISHIN FINANC 2.20 10/05/18 TWD 2.20
TAISHIN INTERN 1.95 05/16/24 TWD 1.95
TAISHIN INTERN 1.53 12/14/19 TWD 1.53
TAISHIN INTERN 2.65 04/12/17 TWD 2.65
TAISHIN INTERN 1.65 10/19/22 TWD 1.65
TAISHIN INTERN 1.65 12/14/22 TWD 1.65
TAISHIN INTERN 1.53 10/19/19 TWD 1.53
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 1.92 09/02/17 TWD 1.45
TAIWAN BUSINES 1.92 11/25/20 TWD 1.86
TAIWAN BUSINES 1.68 03/25/20 TWD 1.68
TAIWAN BUSINES 2.50 12/18/16 TWD 1.36
TAIWAN COOPERA 1.70 07/28/18 TWD 1.41
TAIWAN COOPERA 1.65 06/28/22 TWD 1.60
TAIWAN COOPERA 1.70 05/26/21 TWD 1.70
TAIWAN COOPERA 1.85 05/26/24 TWD 1.85
TAIWAN COOPERA 3.00 05/28/15 TWD 0.89
TAIWAN COOPERA 1.43 12/25/19 TWD 1.43
TAIWAN COOPERA 1.55 12/25/22 TWD 1.55
TAIWAN COOPERA 1.72 12/25/20 TWD 1.72
TAIWAN COOPERA 1.48 03/28/20 TWD 1.58
TAIWAN COOPERA 1.45 10/25/17 TWD 1.28
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 1.39 07/21/15 TWD 0.60
TAIWAN POWER C 1.37 04/23/19 TWD 1.21
TAIWAN POWER C 1.43 03/26/20 TWD 1.40
TAIWAN POWER C 1.50 11/22/18 TWD 1.17
TAIWAN POWER C 1.37 08/20/15 TWD 0.84
TAIWAN POWER C 1.23 12/27/16 TWD 0.89
TAIWAN POWER C 1.65 07/19/17 TWD 1.00
TAIWAN POWER C 1.78 11/20/19 TWD 1.36
TAIWAN POWER C 1.30 11/17/16 TWD 0.98
TAIWAN POWER C 1.38 06/01/15 TWD 0.48
TAIWAN POWER C 1.47 09/23/17 TWD 1.01
TAIWAN POWER C 1.75 07/21/21 TWD 1.67
TAIWAN POWER C 1.87 04/28/16 TWD 0.82
TAIWAN POWER C 1.10 12/15/17 TWD 1.10
TAIWAN POWER C 1.55 07/22/20 TWD 1.42
TAIWAN POWER C 1.35 09/26/16 TWD 1.04
TAIWAN POWER C 1.10 03/18/17 TWD 1.06
TAIWAN POWER C 2.99 09/17/15 TWD 0.65
TAIWAN POWER C 1.65 07/19/18 TWD 1.13
TAIWAN POWER C 1.64 08/20/17 TWD 1.10
TAIWAN POWER C 1.64 09/21/20 TWD 1.47
TAIWAN POWER C 1.40 05/30/19 TWD 1.42
TAIWAN POWER C 1.40 03/17/19 TWD 1.36
TAIWAN POWER C 2.02 12/15/24 TWD 2.02
TAIWAN POWER C 1.95 10/22/19 TWD 1.40
TAIWAN POWER C 1.28 05/06/18 TWD 1.12
TAIWAN POWER C 2.15 12/28/19 TWD 1.42
TAIWAN POWER C 1.55 06/28/18 TWD 1.13
TAIWAN POWER C 1.70 03/30/22 TWD 1.70
TAIWAN POWER C 1.23 04/23/17 TWD 1.08
TAIWAN POWER C 1.75 06/01/17 TWD 1.10
TAIWAN POWER C 1.95 12/30/23 TWD 1.88
TAIWAN POWER C 1.92 03/17/24 TWD 1.93
TAIWAN POWER C 1.85 04/22/20 TWD 1.50
TAIWAN POWER C 1.46 12/30/18 TWD 1.35
TAIWAN POWER C 1.69 04/22/21 TWD 1.50
TAIWAN POWER C 1.55 11/20/16 TWD 0.90
TAIWAN POWER C 1.46 12/17/17 TWD 1.02
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 1.42 10/16/19 TWD 1.42
TAIWAN POWER C 1.77 10/16/21 TWD 1.77
TAIWAN POWER C 1.10 10/16/17 TWD 1.10
TAIWAN POWER C 1.99 10/16/24 TWD 1.99
TAIWAN POWER C 1.75 07/23/23 TWD 1.76
TAIWAN POWER C 1.42 07/21/19 TWD 1.44
TAIWAN POWER C 1.98 07/21/24 TWD 1.99
TAIWAN POWER C 1.10 05/30/17 TWD 1.12
TAIWAN POWER C 1.75 05/30/21 TWD 1.69
TAIWAN POWER C 1.95 05/28/24 TWD 1.96
TAIWAN POWER C 1.94 11/22/23 TWD 1.89
TAIWAN POWER C 2.84 04/18/18 TWD 1.25
TAIWAN POWER C 2.85 11/04/15 TWD 0.60
TAIWAN POWER C 2.62 11/25/15 TWD 0.56
TAIWAN POWER C 2.99 07/21/15 TWD 0.58
TAIWAN POWER C 2.35 12/30/18 TWD 1.27
TAIWAN POWER C 2.74 06/16/15 TWD 0.84
TAIWAN POWER C 1.39 05/06/20 TWD 1.46
TAIWAN POWER C 1.53 05/03/23 TWD 1.96
TAIWAN POWER C 1.31 10/31/19 TWD 1.44
TAIWAN POWER C 1.43 10/31/22 TWD 1.42
TAIWAN POWER C 1.30 06/17/18 TWD 1.20
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 1.50 04/24/22 TWD 1.75
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 1.29 06/15/17 TWD 1.07
TAIWAN POWER C 1.43 06/15/19 TWD 1.37
TAIWAN POWER C 1.52 06/15/22 TWD 1.52
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 1.75 12/30/20 TWD 1.66
TAIWAN POWER C 1.74 03/17/21 TWD 1.74
TAIWAN POWER C 1.39 12/26/22 TWD 1.49
TAIWAN POWER C 1.45 06/17/20 TWD 1.55
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 1.46 12/15/19 TWD 1.43
TAIWAN POWER C 1.77 12/17/21 TWD 1.77
TAIWAN POWER C 1.60 12/15/20 TWD 1.52
TAIWAN POWER C 1.83 06/01/20 TWD 1.43
TAIWAN POWER C 1.75 04/23/17 TWD 1.20
TAIWAN POWER C 1.24 11/21/16 TWD 1.06
TAIWAN POWER C 1.60 04/22/18 TWD 1.36
TAIWAN POWER C 1.33 06/28/16 TWD 1.00
TAIWAN POWER C 1.64 06/28/21 TWD 1.53
TAIWAN SEMICON 1.40 09/28/16 TWD 100.85
TAIWAN SEMICON 1.29 01/11/17 TWD 0.89
TAIWAN SEMICON 1.28 08/02/17 TWD 1.04
TAIWAN SEMICON 1.35 09/25/16 TWD 1.38
TAIWAN SEMICON 1.23 01/04/18 TWD 1.17
TAIWAN SEMICON 1.28 09/26/17 TWD 0.99
TAIWAN SEMICON 1.63 09/28/18 TWD 1.12
TAIWAN SEMICON 1.38 02/06/20 TWD 1.34
TAIWAN SEMICON 1.40 08/02/19 TWD 99.59
TAIWAN SEMICON 2.10 09/25/23 TWD 2.03
TAIWAN SEMICON 1.23 02/06/18 TWD 1.17
TAIWAN SEMICON 1.46 01/11/19 TWD 1.46
TAIWAN SEMICON 1.49 01/04/23 TWD 1.62
TAIWAN SEMICON 1.35 01/04/20 TWD 1.37
TAIWAN SEMICON 1.39 09/26/19 TWD 1.39
TAIWAN SEMICON 1.34 08/09/17 TWD 1.34
TAIWAN SEMICON 1.50 07/16/20 TWD 1.40
TAIWAN SEMICON 1.50 02/06/23 TWD 1.64
TAIWAN SEMICON 1.53 10/09/22 TWD 1.53
TAIWAN SEMICON 1.52 08/09/19 TWD 1.52
TAIWAN SEMICON 1.45 09/25/17 TWD 1.47
TAIWAN SHIN KO 2.10 12/15/24 TWD 2.10
TAIWAN SHIN KO 1.85 03/30/18 TWD 1.42
TAIWAN SHIN KO 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KO 1.51 12/28/19 TWD 1.51
TAIWAN SHIN KO 1.63 12/28/22 TWD 1.63
TAIWAN SHIN KO 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KO 2.50 12/18/16 TWD 1.45
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 1.43 06/17/16 TWD 1.01
UNI-PRESIDENT 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT 1.22 02/26/18 TWD 1.17
UNI-PRESIDENT 1.29 06/23/19 TWD 1.34
UNI-PRESIDENT 1.78 06/23/24 TWD 1.81
UNI-PRESIDENT 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT 1.39 02/18/19 TWD 1.34
UNI-PRESIDENT 1.39 10/29/19 TWD 1.53
UNITED MICROEL 1.35 03/15/18 TWD 1.23
UNITED MICROEL 1.50 03/15/20 TWD 1.58
UNITED MICROEL 1.63 06/07/19 TWD 1.35
UNITED MICROEL 1.43 06/07/17 TWD 1.10
UNITED MICROEL 1.95 06/18/24 TWD 1.90
UNITED MICROEL 1.70 06/18/21 TWD 1.71
USI CORP 1.55 06/24/16 TWD 1.34
USI CORP 1.55 02/12/20 TWD 1.55
USI CORP 1.90 02/12/22 TWD 1.90
WAN HAI LINES 1.65 08/14/19 TWD 1.65
WAN HAI LINES 1.95 08/14/21 TWD 1.77
WAN HAI LINES 1.65 06/22/16 TWD 1.25
WAN HAI LINES 1.85 06/24/18 TWD 1.55
YANG MING MARI 1.42 05/20/15 TWD 1.45
YANG MING MARI 1.42 05/20/15 TWD 1.35
YANG MING MARI 1.30 12/27/16 TWD 1.15
YANG MING MARI 1.30 12/27/16 TWD 1.15
YANG MING MARI 2.20 11/01/18 TWD 1.90
YANG MING MARI 1.42 05/20/15 TWD 1.31
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 1.05
YANG MING MARI 1.42 05/20/15 TWD 1.23
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 1.38
YANG MING MARI 2.45 11/01/20 TWD 2.45
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 05/26/19 TWD 1.43
YUAN DING INVE 1.62 07/19/15 TWD 1.45
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 1.35 11/25/16 TWD 1.14
YUANTA COMMERC 1.75 06/27/18 TWD 1.53
YUANTA COMMERC 2.30 06/10/17 TWD 1.38
YUANTA COMMERC 1.85 08/22/18 TWD 1.55
YUANTA COMMERC 1.85 10/29/21 TWD 1.85
YUANTA COMMERC 1.95 10/27/21 TWD 1.95
YUANTA COMMERC 1.80 10/27/18 TWD 1.80
YUANTA COMMERC 1.80 09/04/21 TWD 1.80
YUANTA COMMERC 2.00 09/04/24 TWD 2.00
YUANTA FINANCI 1.50 06/29/16 TWD 1.04
THAILAND
--------
DEBT AND ASSET 1.00 10/10/25 USD 57.28
*********
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 ***