/raid1/www/Hosts/bankrupt/TCRAP_Public/150505.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, May 5, 2015, Vol. 18, No. 087
Headlines
A U S T R A L I A
BRITASH INVESTMENTS: In Liquidation; 1st Meeting Set For May 12
C.R. STEEL: First Creditors' Meeting Slated For May 11
GUNNS LTD: Multiple Bids For Assets Keeps Alive Slim Hope
M C HAYBALL: In Liquidation; 1st Meeting Set For May 8
MATTRELL INVEST: First Creditors' Meeting Slated For May 11
NEWSAT LIMITED: Lockheed, Arianespace Object to U.S. TRO
PLANET PLATINUM: First Creditors' Meeting Slated For May 13
SOUL SURFERS: Mantra Buys Rights to Soul Surfers Tower
TFS CORP: S&P Revises Outlook to Positive & Affirms 'B' Rating
C H I N A
FANTASIA HOLDINGS: S&P Revises Outlook to Stable & Affirms B+ CCR
GREAT CHINA INTERNATIONAL: Kabani Expresses Going Concern Doubt
GUANGZHOU R&F: S&P Lowers CCR to 'B+'; Outlook Negative
MAOYE INT'L: Ping An Investment No Impact on Moody's Ba2 CFR
SOUND GLOBAL: Moody's Downgrades CFR to Caa2, Outlook Negative
SOUND GLOBAL: S&P Lowers CCR to CCC on Expected Liquidity Stress
H O N G K O N G
NORD ANGLIA: S&P Puts 'B+' CCR on CreditWatch Negative
R&F PROPERTIES: S&P Lowers CCR to 'B+'; Outlook Negative
I N D I A
ABT LIMITED: CARE Assigns 'B' Rating to INR80cr LT Loan
ADITYA POLYMERS: CARE Lowers Rating on INR109.7cr LT Loan to D
AMI RIDDHI: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
AMIRA NATURE: S&P Maintains Preliminary 'B' CCR; Outlook Stable
ARJUN ENTERPRISES: CRISIL Rates INR37.5MM Cash Loan at B+
ARTS WATERMATICS: CRISIL Assigns B+ Rating to INR25MM Term Loan
ASIAN LAKTO: CARE Downgrades Rating on INR13.36cr Loan to D
ASIANLAK HEALTH: CARE Lowers Rating on INR13.03cr Loan to D
BARFLEX POLYFILMS: ICRA Assigns C+ Rating to INR23.35cr Cash Loan
BRIGHT BROTHERS: ICRA Assigns MB+ Rating to INR1.86cr Loan
CINNIC FASHIONS: ICRA Assigns 'B' Rating to INR20cr LT Loan
DEEPAK COSMO: ICRA Reaffirms 'B' Rating on INR24.74cr Bank Loan
ENRICH RD: ICRA Reaffirms B+ Rating on INR3.0cr Cash Credit
FATEHPURIA TRANSFORMERS: ICRA Keeps B+ Rating INR13.37cr Loan
H. K. INTERNATIONAL: CRISIL Rates INR45MM Cash Loan at B+
HIRA COTTON: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
INTERNATIONAL RUBBER: CRISIL Assigns B Rating to INR32.7MM Loan
JAANN OFFSET: ICRA Upgrades Rating on INR4.35cr Loan to C+
JAGRUTHI EDUCATIONAL: CRISIL Reaffirms D Rating on INR75MM Loan
KHANDELWAL JEWELLERS: CARE Rates INR24.75cr LT Loan at 'B+'
KHOSLA ENGINEERING: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
LEXUS GRANITO: CARE Upgrades Rating on INR12.33cr LT Loan to B
MAHE EDUCATIONAL: ICRA Reaffirms B+ Rating on INR5.73cr LT Loan
MANGLAM DISTILLERS: CRISIL Suspends D Rating on INR50.9MM Loan
MOUNT ZION: CRISIL Assigns B+ Rating to INR150MM Long Term Loan
MUKESH STRIPS: CARE Lowers Rating on INR11.72cr LT Loan to B
NEELMANI DEVELOPERS: ICRA Puts B Rating on Notice of Withdrawal
NEW STEEL: ICRA Reaffirms B Rating on INR17.50cr Letter of Credit
NEWRISE HEALTHCARE: CARE Reaffirms D Rating on INR75cr LT Loan
PANACEA BIOTEC: CARE Reaffirms D Rating on INR971.93cr LT Loan
PANALE INFRASTRUCTURES: CRISIL Reaffirms B- Rating on INR26M Loan
PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.2cr Cash Credit
PHOENIX STRUCTURAL: ICRA Assigns C Rating to INR4.82cr Term Loan
PRABHA ENGINEERS: ICRA Reaffirms B+ Rating on INR2.5cr Term Loan
R.A. MOTORS: CRISIL Reaffirms B+ Rating on INR100MM Bank Loan
S.R. LOG: CRISIL Suspends D Rating on INR110MM Letter of Credit
SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR125.5M Loan
SANGAM AUTOMOBILES: CARE Assigns B+ Rating to INR4.65cr LT Loan
SHUBHAM INDUSTRIES: CRISIL Assigns B+ Rating to INR60.5MM Loan
SIDDHI SUGAR: CARE Reaffirms B+ Rating on INR24.37cr LT Loan
SRI BALASUBRAMANIA: CRISIL Rates INR59.4MM Cash Credit at B-
SRI VARADHRAJA: CARE Lowers Rating on INR6.18cr LT Loan to D
SRI VENKATA: ICRA Assigns B+ Rating to INR8.91cr Fund Based Loan
SUPREME HEATREATERS: ICRA Assigns 'B+' Rating to INR16cr Loan
SURYA AGRO: ICRA Assigns B Rating to INR7.0cr Cash Credit
SWAJIT ABRASIVES: CARE Reaffirms B+ Rating on INR4.68cr LT Loan
SWETA INDUSTRIES: ICRA Suspends B+ Rating on INR3.39cr Term Loan
VIKAS COT: ICRA Reaffirms B+ Rating on INR18.68cr LT Loan
M O N G O L I A
MONGOLIA: S&P Affirms B+ Sov. Credit Rating; Outlook Now Neg.
TRADE AND DEVELOPMENT: Moody's Rates Sr. Unsecured Notes at B2
TRADE AND DEVELOPMENT: S&P Ups Global Notes Program Rating to B+
S O U T H K O R E A
DOOSAN INFRACORE: S&P Affirms 'B+' CCR; Outlook Stable
T H A I L A N D
IRPC PUBLIC: S&P Affirms 'BB+' CCR; Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week April 27 to May 1, 2015
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A U S T R A L I A
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BRITASH INVESTMENTS: In Liquidation; 1st Meeting Set For May 12
---------------------------------------------------------------
Timothy Clifton and Simon Miller of Clifton Hall were appointed as
Joint and Several Liquidators of Britash Investments Pty Ltd on
May 1, 2015.
A meeting of creditors will be held at 11:00am on May 12, 2015, at
Clifton Hall, Level 3, 431 King William Street, in Adelaide.
C.R. STEEL: First Creditors' Meeting Slated For May 11
------------------------------------------------------
Cliff Rocke, John Bumbak and Scott Langdon of KordaMentha were
appointed as administrators of C.R. Steel Pty Ltd on April 30,
2015.
A first meeting of the creditors of the Company will be held
Level 10, 40 St Georges Terrace, in Perth, WA, on May 11, 2015, at
9:15 a.m.
GUNNS LTD: Multiple Bids For Assets Keeps Alive Slim Hope
---------------------------------------------------------
Rosemary Bolger at ABC News reports that Gunns Ltd receivers Korda
Mentha said they have "multiple" bids for the failed timber
company's remaining assets, including the pulp mill land and
permits.
ABC News relates that the interest generated by the second attempt
to sell the assets has kept alive slim hopes the Tamar Valley pulp
mill could go ahead, but the receivers will not confirm which
assets potential buyers are interested in.
According to the report, Korda Mentha spokesman Michael Smith said
the pulp mill permits were advertised internationally, while the
Tamar Valley site was advertised separately in Australia.
"There may be Australian buyers that are interested in just buying
the land and if that's the case they're certainly not going to
build a pulp mill there," ABC News quotes Mr. Smith as saying.
"But our job as the receivers is to get the best result for the
creditors that requires selling the land, and not the pulp mill
land and not the licence, then that will be the outcome. . . If we
get a higher bid for the pulp mill licence then that will be the
outcome."
ABC News adds that Mr. Smith said the expression of interest
deadline was extended until May 4 to allow for any time
differences.
"The interested parties will now go into a detailed due diligence
process and that will run until the end of this month when they'll
be asked to submit bidding offers and the receivers expect to sign
a contract in June," Mr. Smith, as cited by ABC News, said.
Based in Launceston, Australia, Gunns Limited (ASX:GNS) --
http://www.gunns.com.au/-- was an hardwood and softwood forest
products company. It operated within three segments: Forest
products, Timber products and Other activities. Gunns has about
645 employees in Tasmania, Victoria, South Australia and Western
Australia.
On Sept. 25, 2012, the directors of Gunns Limited and its 35
entities, and the responsible entity of Gunns Plantations Limited
appointed Ian Carson, Daniel Bryant and Craig Crosbie of PPB
Advisory as Voluntary Administrators. KordaMentha has also been
appointed Receivers and Managers.
The appointment came after Gunns failed to secure an equity
investor amid high debt and a prolonged trading halt, The
Australian reported.
Gunns was placed into liquidation in March 2013.
M C HAYBALL: In Liquidation; 1st Meeting Set For May 8
------------------------------------------------------
Timothy Clifton and Daniel Lopresti of Clifton Hall were appointed
Joint and Several Liquidators of M C Hayball Pty Ltd on 28 April
2015.
A meeting of creditors will be held at 2:30 p.m. on May 8, 2015,
at Clifton Hall, Level 3, 431 King William Street, in Adelaide.
MATTRELL INVEST: First Creditors' Meeting Slated For May 11
-----------------------------------------------------------
Nick Combis and Peter Dinoris of Vincents Chartered Accountants
were appointed as administrators of Mattrell Invest Pty Ltd on
April 30, 2015.
A first meeting of the creditors of the Company will be held at
Vincents Chartered Accountants, Level 34, 32 Turbot Street, in
Brisbane, on May 11, 2015, at 10:30 a.m.
NEWSAT LIMITED: Lockheed, Arianespace Object to U.S. TRO
--------------------------------------------------------
Law360 reported that two of NewSat Ltd.'s most important
contractors, Lockheed Martin Corp. and space launch firm
Arianespace SA, launched challenges to a U.S. bankruptcy court's
temporary order halting creditor action, both arguing it shouldn't
apply to their agreements as is.
According to the report, Lockheed argued in its motion before the
U.S. Bankruptcy Court for the District of Delaware that the order
in effect forces it to keep working on the satellite it agreed to
build for NewSat, even though the company likely won't be able to
pay for it, and without the protections a creditor in a similar
situation would get in a Chapter 11 case. Arianespace, which
NewSat says is party to a $116 million contract to launch the
satellite into orbit, argued that its agreement is governed by
French law and has an arbitration clause naming France as the
venue for any dispute, the report related.
The Hon. Laurie Selber Silverstein of the U.S. Bankruptcy Court
for the District of Delaware will hold a hearing on May 18, 2015,
at 10:00 a.m. (ET) to consider the Debtor's Chapter 15 petition.
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.
PLANET PLATINUM: First Creditors' Meeting Slated For May 13
-----------------------------------------------------------
Gideon Rathner of Lowe Lippmann was appointed as administrator of
Planet Platinum Limited on May 4, 2015.
A first meeting of the creditors of the Company will be held at
Level 7, 616 St Kilda Road, in Melbourne, on May 13, 2015, at
10:30 a.m.
SOUL SURFERS: Mantra Buys Rights to Soul Surfers Tower
------------------------------------------------------
Greg Brown at The Australian reports that Mantra Group has
upgraded its full-year earnings and profit guidance after buying
the management rights of the Soul Surfers Paradise tower on the
Gold Coast.
According to The Australian, the group expects to report net
earnings of between AUD71 million and AUD73 million, while it has
upped its net profit forecast to between AUD35 million and AUD36.5
million.
This compares to its expectations in its prospectus, before its
listing last year, of AUD69.5 million net earnings and a AUD32.6
net profit for the year to June, the report says.
The Australian relates that Mantra Group chief executive Bob East
confirmed that the group had secured the management rights of Soul
Surfers Paradise through the luxury Peppers brand.
The Australian foreshadowed the deal in March, which is thought to
be worth about AUD20 million.
"Importantly, our guests will continue to enjoy exceptional five-
star Peppers service as we consolidate Soul Surfers Paradise as a
pre-eminent luxury resort complex in Australia," the report quotes
Mr. East as saying.
The Australian notes that Resort Brokers Australia agents Glenn
Millar and Alex Cook handled the sale on behalf of receivers and
managers at PwC. "As anticipated, the campaign drew very strong
interest, attracting inquiries from more than 20 parties,
including major Australian and international hotel and
(management) operators and consortiums," the report quotes
Mr. Millar as saying.
The 77-level tower is located on the corner of Cavill Avenue and
The Esplanade in Surfers Paradise, the report discloses.
TFS CORP: S&P Revises Outlook to Positive & Affirms 'B' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services said that it has revised its
outlook to positive from stable on TFS Corp. Ltd., an Australian-
based, vertically integrated, Indian sandalwood producer and
plantation manager. At the same time, S&P affirmed the 'B'
ratings on the company and its US$175 million senior secured
notes, with a recovery rating of '3'.
"The outlook revision to positive reflects our expectation that
TFS's business risk profile would strengthen in the near term.
This is because we expect TFS's harvest volumes to increase
meaningfully from 2017 onward, and the company will deliver
increasing volumes of oil through its offtake agreement for
pharmaceutical-grade Indian sandalwood oil," said Standard &
Poor's credit analyst Brenda Wardlaw.
The company completed the harvesting of its initial trial
plantations during the year ended June 30, 2014, and the second
harvest is underway. Harvest volumes are currently relatively
small, but will ramp up over time. A supply agreement between
TFS's 50%-owned joint-venture company Santalis Pharmaceuticals
Inc. and Galderma will consume a large proportion of TFS's oil
production over the short term.
Ms. Wardlaw added: "An upgrade could occur if TFS generates a
significantly greater proportion of cash flows from product sales,
while maintaining, or improving its key credit metrics. TFS's
continued stability of its investment sales and management fees,
supplemented with increasing income from harvested products and
management of the lag between acquiring land and finalizing the
sale or lease arrangement, will also support an upgrade."
The outlook may be revised to stable if product sales do not
increase materially as S&P expects, or if sales to domestic or
global investors were to decline, reducing TFS's ability to meet
its operating and financing costs. This may occur due to
regulatory or other reasons.
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C H I N A
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FANTASIA HOLDINGS: S&P Revises Outlook to Stable & Affirms B+ CCR
-----------------------------------------------------------------
Standard & Poor's Ratings Services said it revised the rating
outlook on China-based property developer Fantasia Holdings Group
Co. Ltd. to stable from negative. At the same time, S&P affirmed
its 'B+' long-term corporate credit rating on Fantasia and the 'B'
issue rating on the company's outstanding senior unsecured notes.
As a result of the outlook revision, S&P raised its long-term
Greater China regional scale rating on Fantasia to 'cnBB' from
'cnBB-' and on the notes to 'cnBB-' from 'cnB+'.
"We revised the outlook to reflect our expectation that Fantasia's
leverage will improve and its EBITDA margin will stabilize over
the next two years," said Standard & Poor's credit analyst Dennis
Lee. "The improvement is due to reduced capital expenditure in
its property development and growing contributions from property
management."
As a result of these factors, S&P forecasts that Fantasia's debt-
to-EBITDA will improve to 5.5x-6.0x in 2015 from 6.4x in 2014,
while its EBITDA interest coverage will strengthen to over 2x from
1.9x. S&P also expects Fantasia to achieve contracted sales of
Chinese renminbi (RMB) 10.5 billion in 2015. The company's sales
were RMB1.62 billion for the first three months of 2015.
S&P expects Fantasia to reduce debt-funded expansion and maintain
a more measured growth in the property development segment over
the next two years. S&P's view is in line with the company's
strategy of reducing capital-intensive businesses. In S&P's base-
case scenario, Fantasia's sales will continue to grow at a single
digit in 2015 and 2016, from RMB10.2 billion in 2014, and the
company will maintain the current scale of property development.
S&P anticipates that Fantasia will also lower its spending on land
acquisitions and better utilize its existing land reserves. As at
end of 2014, Fantasia had land reserves of 10 million square
meters, which S&P estimates is sufficient for the coming four to
five years. In the first quarter of 2015, Fantasia did not
acquire any land plots.
S&P anticipates that Fantasia's EBITDA margin will stabilize at
27%-30% over the next two years due to increasing contributions
from its high-margin property management business. These
contributions should offset declining profitability in property
development over the next two years. Fantasia's majority owned
property management platform, Colour Life Services Group Co. Ltd.,
has the largest portfolio of property under management in China
and an online platform that improves efficiency in service
delivery. The company had a gross margin of about 80% in 2014,
and S&P estimates it contributed about 10% of Fantasia's EBITDA.
S&P anticipates that Colour Life's contribution to its parent's
EBITDA will increase steadily in the coming few years.
In S&P's view, Fantasia's refinancing risk is manageable. As of
the end of 2014, the company has a total cash position of RMB4.65
billion, versus short-term borrowings of RMB4.87 billion. Among
the borrowings, Fantasia has about RMB750 million in senior
unsecured notes due May 2015. S&P believes the company's cash
position and internally generated funds will be sufficient to
cover its debt repayment.
The affirmed rating also reflects Fantasia's high debt leverage,
small operating scale, and execution risk with regard to the
migration to higher-tier cities and the expansion into the asset-
light property management business. The rating also reflects the
company's established market position in Chengdu, geographic
diversification that is better than peers', and sizable low-cost
land reserves.
S&P expects Fantasia's debt-to-EBITDA ratio to stay close to the
strong end of "highly leveraged" range in the next 12 months; the
ratio is a core determinant of a financial risk profile. The
rating is therefore one notch above the anchor to reflect S&P's
"positive" assessment of the company's comparable rating analysis.
"The stable outlook reflects our view that Fantasia will control
its leverage and continue to moderately grow its property
development business over the next 12 months. The company's
expansion in the high-margin property management business will
also support its profitability," said Mr. Lee.
S&P could lower the rating if the company's leverage and coverage
position do not improve from the 2014 levels. This could happen
if Fantasia's debt-funded expansion is more aggressive than S&P
expected. S&P could also lower the rating if the company's
contracted sales in 2015 are materially below our base-case
expectation of RMB10.5 billion.
A rating upgrade is unlikely in the next 12 months; the rating on
Fantasia is constrained by the company's small operating scale and
high leverage. Nevertheless, S&P could still raise the rating if
Fantasia becomes more cautious toward financial management, such
that it maintains its debt-to-EBITDA ratio below 5x.
GREAT CHINA INTERNATIONAL: Kabani Expresses Going Concern Doubt
-------------------------------------------------------------
Great China International Holdings, Inc., reported a net loss of
$4.31 million on $7.99 million in revenues for the year ended Dec.
31, 2014, compared to a net loss of $1.81 million on $7.69 million
of revenues in the same period last year.
Kabani & Company Inc. expressed substantial doubt about the
Company's ability to continue as a going concern citing that the
Company has a working capital deficit of $21.4 million and $28.1
million as of Dec. 31, 2014 and 2013 respectively. In addition,
the Company has incurred net loss in each of the two years in the
period ended Dec. 31, 2014 of $4.31 million and $1.81 million,
respectively.
The Company's balance sheet at Dec. 31, 2014, showed $54.0 million
in total assets, $34.9 million in total liabilities, and
stockholders' equity of $19.1 million.
A copy of the Form 10-K filed with the U.S. Securities and
Exchange Commission is available at:
http://is.gd/Ga0WFI
About Great China International
Shenyang, P.R.C.-based Great China International Holdings, Inc.,
was incorporated in the State of Nevada on Dec. 4, 1987, under the
name of Quantus Capital, Inc. The Company, through its various
indirect subsidiaries, has been engaged for more than 20 years in
commercial and residential real estate investment, development,
sales and/or management in the city of Shenyang, Liaoning
Province, in the People's Republic of China.
GUANGZHOU R&F: S&P Lowers CCR to 'B+'; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on China-based property
developer Guangzhou R&F Properties Co. Ltd. (R&F) to 'B+' from
'BB-'. The outlook is negative. At the same time, S&P lowered
its long-term Greater China regional scale rating on the company
to 'cnBB-' from 'cnBB+'. S&P removed all the ratings from
CreditWatch, where they were placed with negative implications on
March 23, 2015.
"We lowered the rating on R&F because we anticipate that the
company's leverage will deteriorate and remain at a high level
over the next 12 months," said Standard & Poor's credit analyst
Matthew Kong.
Weak market conditions and a tightened credit environment should
continue to weaken revenues and compress profitability and cash
flows. The downgrade also reflects the refinancing risk for R&F's
large short-term debt maturities amid uncertain prospects for
funding in the offshore and onshore bond markets.
S&P estimates that R&F's leverage ratio will be 7x-8x over the
next 12 months, compared with S&P's previous expectation of 5x-6x.
S&P has therefore lowered its comparative rating analysis
assessment relative to R&F's peers to "neutral" from "positive."
"We believe R&F's profitability will deteriorate over the next two
years despite an already-weak 2014. Intense market competition is
likely to compress the company's margins, causing leverage and
interest coverage to deteriorate," S&P said.
S&P don't expect R&F's "highly leveraged" financial risk profile
to substantially improve over the next 12 months, given its
significant construction costs and outstanding land premium
payments. In addition, S&P expects R&F to find it difficult to
materially increase sales, given the property market correction.
S&P believes R&F will find it challenging to refinance at the same
interest rates, given the increasing cautiousness of trust loan
lenders towards the property sector.
In S&P's opinion, securing funding is the key to improving R&F's
liquidity position. Sales remained weak in the first quarter of
2015, at about Chinese renminbi (RMB) 8 billion, representing only
13% of the company's RMB60 billion full-year sales target.
"The negative outlook reflects our expectation of refinancing risk
for R&F's large short-term debt maturities and uncertain funding
conditions in the offshore and onshore bond and debt markets,"
said Mr. Kong.
The outlook also reflects S&P's view that the company's debt
leverage and cash flow coverage could weaken further due to low
sales growth over the next 12 months. S&P expects the company's
debt-to-EBITDA ratio to remain at about 7x-8x over the period.
S&P may lower the rating if:
-- R&F's liquidity weakens--a material decline in cash balance
or cash collections or a shorter debt maturity profile
would indicate such deterioration;
-- The company's refinancing risk heightens because of
weakened access to new funding;
-- R&F's debt structure deteriorates such that its reliance on
high-cost alternative funding increases; or
-- Its financial position continues to deteriorate without any
signs of improvement over the next six to 12 months, such
that its EBITDA interest coverage falls below 1.5x.
S&P could revise the outlook to stable if: (1) R&F has a concrete
refinancing plan for short-term debt maturities, such that its
liquidity position improves; and (2) the company's financial
strength increases, such that EBITDA interest coverage stands
above 1.5x.
MAOYE INT'L: Ping An Investment No Impact on Moody's Ba2 CFR
------------------------------------------------------------
Moody's Investors Service said that Maoye International Holdings
Ltd.'s investment in Ping An Insurance (Group) Co of China, Ltd.
(unrated), as well as its provision of a guarantee for the
repayment obligations of Maoye Logistics Corporation Ltd (unrated)
are credit negative, but have no immediate impact on its Ba2
corporate family rating, Ba3 senior unsecured bond rating and
negative outlook.
On April 26, 2015, Maoye announced that it had acquired a 0.038%
stake in Ping An Insurance through its wholly owned subsidiary,
Shenzhen Maoye Trade Building Co., Ltd (unrated), for RMB304
million.
"Maoye's investment in the financial services industry is credit
negative because it will reduce its liquidity, which is needed to
support its normal business operations," says Lina Choi, a Moody's
Vice President and Senior Analyst.
Furthermore, the investment will not generate any synergies, and
there is no track record on the company's performance with regard
to its investment holdings.
"However, Maoye's ratings are not immediately affected, as the
Ping An investment is expected to be a one-off and is not
substantial relative to Maoye's operations," adds Choi.
Subsequently, on April 28, 2015, Maoye announced that its wholly-
owned subsidiary Zhongzhao Investment Management Co., Ltd
(unrated), provided a guarantee of RMB1 billion for Maoye
Logistics' -- an associated company of Maoye -- potential
acquisition of a network communications technology service
provider in China.
Although the guarantee is expected to be short-lived, Moody's will
adjust Maoye's debt position, based on its 33.46% equity interest
in Maoye Logistics, to account for Maoye Logistics' borrowings to
complete the acquisition.
Moody's also expects Maoye will increase its property sales to
reduce debt while maintaining operating cash flow from its retail
operations.
Nevertheless, Maoye's ratings could come under pressure if its
property sales and retail operations remain weak.
The principal methodology used in these ratings was Global Retail
Industry published in June 2011.
Maoye International Holdings Ltd. is one of the leading department
store operators in China (Aa3 stable). Headquartered in Shenzhen,
Guangdong Province, the company has built a strong position in its
home market, while strategically expanding elsewhere in the
country.
Since the opening of its first department store in 1997, the
company has progressively expanded its business to 40 stores in 18
cities across China's four main regions. This rapid expansion has
resulted in a geographically balanced portfolio of relatively
young stores.
SOUND GLOBAL: Moody's Downgrades CFR to Caa2, Outlook Negative
--------------------------------------------------------------
Moody's Investors Service has downgraded Sound Global Limited's
corporate family rating to Caa2 from Caa1 and senior unsecured
bond rating to Caa3 from Caa2.
The ratings outlook is negative.
The downgrade actions follow the company's announcement that: (1)
there was a shortfall of about RMB2 billion between its cash
balances at bank and in its books; the shortfall was reported to
the Ministry of Finance in Singapore as a "potential audit issue";
(2) an independent professional firm will be engaged to
investigate the audit issue; and (3) it aims to complete audited
financial statements by end-June 2015.
"The downgrade reflects the company's increased probability of
default, and the lower likelihood of recovery to bondholders,"
says Chenyi Lu, a Moody's Vice President and Senior Analyst.
Moody's says the risk of either a default in the payment of the
offshore bonds or a distressed exchange has increased, because the
reported shortfall in the cash balance of RMB2 billion increases
liquidity risk and lowers the likelihood of recovery for
bondholders.
The lower cash balance reduces the ability of the company to
address debt repayments and manage its working capital position.
Moreover, the company's inability to file audited 2014 financial
statements on or before 30 April 2015 constitutes a non-compliance
with the senior unsecured notes' requirement of providing audited
financial statements within 120 days from the fiscal year end.
Such non-compliance could trigger an event of default and an
acceleration of the repayment of the $150 million senior unsecured
notes due August 2017.
Trading in the company's shares remains suspended. As long as the
company cannot deliver its audited 2014 annual results required by
the Hong Kong Stock Exchange, it cannot access the equity or
offshore debt markets.
Moody's will continue to monitor the company's resolution of the
potential audit issues and the completion of its annual results
for 2014.
The negative ratings outlook reflects the company's high repayment
risk, due to its uncertain financial position, impaired source of
funding and high corporate governance risk.
Given the negative outlook, there is a low probability of an
upgrade in the near term.
The principal methodology used in these ratings was Construction
Industry published in November 2014.
Established in 2005, Sound Global Limited is one of the leading
providers of turnkey water and wastewater treatment solutions in
China. The company listed on the Hong Kong Stock Exchange in 2010,
and was founded by Mr. Wen Yibo.
SOUND GLOBAL: S&P Lowers CCR to CCC on Expected Liquidity Stress
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it had lowered its
long-term corporate credit rating on Sound Global Ltd. to 'CCC'
from 'B'. At the same time, S&P lowered the issue rating on the
company's senior unsecured notes to 'CCC-' from 'B-'. S&P also
lowered its long-term Greater China regional scale ratings on the
company to 'cnCCC' from 'cnBB-' and on the notes to 'cnCCC-' from
'cnB'. In addition, S&P placed all the ratings on CreditWatch
with negative implications. Sound Global is a water and
wastewater treatment solution provider based in China.
"We downgraded Sound Global to reflect our view that the company's
near-term liquidity could come under stress because of the
heightened risk of an acceleration in the payments for its
overseas debt," said Standard & Poor's credit analyst Gloria Lu.
"We think Sound Global may not have a sufficient cash balance to
meet the payment acceleration."
S&P placed the ratings on CreditWatch because it sees a 50:50
chance that Sound Global may default on its U.S. dollar bond
within six months, barring any significantly favorable changes in
its circumstances, which would be unexpected.
Sound Global may need to accelerate the payments on its overseas
debt if, as likely, it breaches its obligations under the issuance
terms. The company is required to complete a scheduled covenant
test, based on the audited results for its outstanding US$150
million senior unsecured notes.
According to Sound Global's announcement on April 29, 2015, the
company expects to publish its 2014 audited annual results in late
June 2015, indicating that a likely breach of obligation would
occur, which would trigger an event of default. In S&P's view, at
least a quarter of bondholders--the minimum required under the
terms--may demand immediate payment. In addition to the bond,
Sound Global has another outstanding US$110 million syndicate bank
loan, which may also be at the risk of acceleration of repayment.
S&P thinks Sound Global faces heightened near-term liquidity
stress because of the material shortfall in its cash balance and
its greatly constrained financial flexibility. Sound Global has
announced that its auditor identified a shortfall of Chinese
renminbi (RMB) 2 billion between the company's cash bank balance
and that on its books at the end of 2014.
S&P is uncertain about Sound Global's present cash balance, in
particular the offshore cash balance. The company's reported
consolidated cash balance was RMB3.753 billion by the end of first
half of 2014, and the year-end balance was RMB3 billion-RMB3.6
billion in 2012-2013. S&P has very limited visibility about the
company's financial position and see heightened risk that its
financial strength could have deteriorated.
In S&P's view, Sound Global has governance deficiencies in terms
of its internal controls, financial reporting reliability, and
financial transparency. S&P maintains its assessment of the
company's management and governance as "weak."
S&P aims to resolve the CreditWatch within 90 days or after Sound
Global publishes its audited financial statements, and S&P has
more clarity and confirmation from management regarding its
financial position, whichever comes earlier.
"We may lower the rating if we assess that a default, distressed
exchange, or early redemption appears to be inevitable within six
months, barring any significantly favorable changes in Sound
Global's circumstances, which we view as unlikely," said Ms. Lu.
S&P may raise the rating if Sound Global's liquidity crisis is
resolved because of its access to additional capital, and the
company may not face a credit or payment crisis in the next 12
months. However, S&P has low visibility over a positive
shareholders' action.
================
H O N G K O N G
================
NORD ANGLIA: S&P Puts 'B+' CCR on CreditWatch Negative
------------------------------------------------------
Standard & Poor's Ratings Services said that it had placed its
'B+' long-term corporate credit rating on Nord Anglia Education
Inc. (Nord Anglia) and the 'B+' issue rating on Nord Anglia
Education Finance LLC's senior secured loans on CreditWatch with
negative implications. Nord Anglia guarantees the loans.
At the same time, S&P placed its 'cnBB' long-term Greater China
regional scale rating on Nord Anglia and the loans on CreditWatch
with negative implications. The loans have a recovery rating of
'3H', indicating S&P's expectation of meaningful (50%-70%)
recovery in the event of a payment default. Nord Anglia is a Hong
Kong-domiciled premium education services provider with operations
across the world.
"We placed all the ratings on CreditWatch because we believe Nord
Anglia is likely to rely on external financing to complete the
aggressive acquisition of six schools for a total of US$575
million in cash," said Standard & Poor's credit analyst Lillian
Chiou.
As of Feb. 28, 2015, Nord Anglia has just US$97.3 million in total
cash and cash equivalents. S&P is awaiting more information about
the final financing structure for the acquisition before assessing
how it will affect the rating on the company. The financing
structure could also affect the long-term rating on the senior
secured loans, depending on the seniority of any new debt that the
company uses to fund the acquisition.
The acquisition of six schools, mainly in North America and
Europe, from Meritas Schools Holdings LLC for US$575 million in
cash is materially higher than S&P's previous expectation that
acquisitions would total US$200 million-US$250 million in 2015.
S&P's acquisition forecast included that of the Vietnam-based
British International School Group in February 2015.
S&P expects Nord Anglia to effectively manage the execution risk
from the transaction and smoothly integrate the schools, given its
good track record of selecting and integrating other premium
schools. S&P believes the inclusion of the six schools will
further strengthen the company's competitive position in North
America and Europe and enable a more balanced revenue split among
different regions.
"We aim to resolve the CreditWatch placement within the next three
months or when we receive the final funding structure from Nord
Anglia," said Ms. Chiou. "In resolving the CreditWatch, we will
focus on how the company finances the acquisition and the effect
on its highly leveraged financial risk profile after consolidating
the acquired schools. We will also review the recovery prospects
and issue rating on the outstanding senior secured loans based on
the seniority of any new debt that Nord Anglia uses to fund the
acquisition."
In resolving the CreditWatch, S&P could lower the rating if it
believes that Nord Anglia's financial risk profile will not remain
at the stronger end of the "highly leveraged" category because of
its aggressive expansion plans, such that its EBITDA interest
coverage falls below 2.5x or the debt-to-EBITDA ratio remains
above 6x in 2015 and 2016.
Alternatively, S&P could affirm the rating if it believes Nord
Anglia will finance the transaction without materially increasing
its debt level and maintain its EBITDA interest coverage above
2.5x or debt-to-EBITDA ratio below 6x.
R&F PROPERTIES: S&P Lowers CCR to 'B+'; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term corporate
credit rating on R&F Properties (HK) Co. Ltd. to 'B+' from 'BB-'.
The outlook is negative.
At the same time, S&P lowered its issue rating on the company's
outstanding guaranteed senior unsecured notes to 'B' from 'B+'.
S&P also lowered its long-term Greater China regional scale
ratings on the company to 'cnBB-' from 'cnBB+' and on the notes to
'cnB+' from 'cnBB'. S&P removed all the ratings from CreditWatch,
where they were placed with negative implications on March 24,
2015.
S&P lowered the rating on R&F HK to reflect S&P's downgrade
earlier of the company's parent, Guangzhou R&F Properties Co. Ltd.
(B+/Negative/--; cnBB-/--).
"We downgraded the parent, Guangzhou R&F, because we expect its
refinancing risk to heighten and its leverage to be weaker than
expected," said Standard & Poor's credit analyst Matthew Kong.
The rating on R&F HK is equalized with the rating on Guangzhou R&F
as S&P continues to assess R&F HK as a "core" subsidiary of the
parent and apply a top-down approach to derive the rating on R&F
HK. The company's operations are fully integrated with those of
Guangzhou R&F.
"We expect Guangzhou R&F to continue to fully own R&F HK, and
extend strong and consistent support to R&F HK," Mr. Kong said.
R&F HK holds key group investment properties, including the
group's headquarters, Guangzhou R&F Center. R&F HK also co-owns
some of Guangzhou R&F's projects.
S&P believes Guangzhou R&F's weakened financial risk profile will
have a direct impact on R&F HK's credit profile, given the
subsidiary's reliance on parental support. Although R&F HK has
some income from property investment and hotels operations, its
contribution to the parent company in terms of revenue and cash
flow remains small. S&P expects R&F HK to remain Guangzhou R&F's
sole offshore financing platform. S&P anticipates that R&F HK's
financial risk profile will remain "highly leveraged" because its
generation of operating cash flows is weak and it could continue
to incur considerable new debt for the group.
The issue rating is one notch lower than the corporate credit
rating on R&F HK, reflecting structural subordination.
The outlook is negative, reflecting the outlook on the parent,
Guangzhou R&F, and S&P's assessment that R&F HK will maintain its
position as a "core" subsidiary of Guangzhou R&F over the next 12
months.
S&P could lower the rating on R&F HK if S&P downgrade Guangzhou
R&F. S&P could also lower the rating if: (1) S&P believes that
R&F HK's strategic importance to Guangzhou R&F has weakened
because of a change in the parent's strategy; or (2) Guangzhou
R&F's control and supervision of R&F HK weakens.
S&P could revise the outlook to stable if it revises the outlook
on Guangzhou R&F to stable.
=========
I N D I A
=========
ABT LIMITED: CARE Assigns 'B' Rating to INR80cr LT Loan
-------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities and 'CARE B
(FD)' to the fixed deposit programme of ABT Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term bank facilities 80 CARE B Assigned
Fixed Deposits 60 CARE B(FD) Assigned
Rating Rationale
The ratings assigned to the bank facilities and fixed deposits of
ABT Limited (ABT) are primarily constrained by the delays in
servicing of interest on a loan availed from an NBFC (loan not
being rated by CARE) and non-provision of interest for the same in
the books of accounts. The ratings are also constrained by the
high exposure to subsidiary companies in form of investments and
loans & advances and financial risk profile marked by low profit
margin and high overall gearing. The ratings are further
constrained by the working capital intensive nature of operations
and competitive nature of the industry.
The ratings, however, continue to favourably take into account the
vast experience of promoters and group's operational track record
of more than eight decades, strong brand image of "ABT" and
strategic presence all over Tamil Nadu, diversified revenue
generation from various divisions and operational profile marked
by stable revenue.
Going forward, reduction in exposure to its subsidiary companies,
improvement in profitability and effective management of working
capital would be the key rating sensitivities.
ABT was incorporated on August 28, 1931, by Mr P Nachimuthu
Gounder as a bus service company with 21 buses. In the year 1946,
his son Mr N Mahalingam joined the business, and the company has
grown over the years to become a conglomerate with various
businesses.
During FY14 (refers to the period April 1 to March 31), the
company reported a PAT of INR2.06 crore on a total income of
INR892.64 crore. During 9M FY15 (refers to the period April 1 to
December 31) ABT achieved a total income of INR706 crore and PBT
of INR9 crore.
ADITYA POLYMERS: CARE Lowers Rating on INR109.7cr LT Loan to D
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Aditya Polymers & Chemicals (India) Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 109.70 CARE D Revised from
CARE BB
Rating Rationale
The revision in the rating assigned to the bank facilities of
Aditya Polymers & Chemicals (India) Private Limited (APCI) takes
into account the delays in servicing of debt on account of the
stretched liquidity position of the company. Establishing a track
record of timely servicing of debt obligations would be the key
rating sensitivity.
Incorporated in 2004, Aditya Polymers & Chemicals (India) Private
Limited (APCI) is a 'Del Credere Agent' (DCA) of Reliance
Industries Limited (RIL, rated CARE AAA/A1+) and carries out the
consignment business of Polypropylene (PP), High Density
Polyethylene (HDPE), Low Density Polyethylene (LDPE) and Poly
Vinyl Chloride (PVC) resins. APCI procures the products from RIL
and supplies to the various companies engaged in the automobile,
electrical and electronics, packaging and flex banner industries.
During FY14 (refers to the period April 1 to March 31), APCI
posted total income of INR22.54 crore and PAT of INR2.57 crore
vis-a-vis total income and PAT of INR16.58 crore and INR1.80 crore
respectively in FY13.
AMI RIDDHI: ICRA Assigns B+ Rating to INR6.50cr Cash Credit
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR6.50
crore fund-based bank facility of Ami Riddhi Chem Pvt. Ltd. ICRA
has also assigned a short-term rating of [ICRA]A4 to the INR1.58
crore short-term non-fund based bank facilities of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund
Based-Cash Credit 6.50 [ICRA]B+ assigned
Short-term non-fund
Based-Letter of Credit 1.50 [ICRA]A4 assigned
Short-term non-fund
Based-Bank Guarantee (0.50) [ICRA]A4 assigned
Short-term Buyer's
Credit (1.50) [ICRA]A4 assigned
Short-term Forward
Contract 0.08 [ICRA]A4 assigned
The assigned ratings take into account the long-standing
experience of the promoters of over three decades in the chemical
trading business and the low revenue concentration risk on account
of a diversified product portfolio encompassing Iso Propyl
Alcohol, Methylene chloride, Piperazine Anhydride, Chloroform,
Acetonitrile etc. The ratings also reflect the healthy growth in
revenues in FY2013 and FY2014 supported by the growth in trading
volumes during the said period. The ratings are however,
constrained by the company's moderate scale of operations,
stretched capital structure and weak coverage indicators. The
ratings also take into consideration the weak operating
profitability levels owing to limited value additive nature of the
trading business and the competitive nature of industry due to
existence of a large number of traders and manufacturers in
domestic markets. ICRA also notes that the company is exposed to
risks arising from high customer concentration as a single
customer contributes to ~50% of total sales.
Promoted by Mr. Vijay Sheth, Ami Enterprises was established as a
proprietorship firm in 1989 for trading in chemical compounds. In
2007, the firm was converted into a private limited company and
renamed as Ami Riddhi Chem Pvt. Ltd. (ARCPL). The company is based
in Mumbai and trades in chemicals that find application primarily
in the pharmaceuticals industries.
Recent Results
In FY2014, ARCPL reported a profit after tax (PAT) of INR0.16
crore on an operating income of INR65.12 crore. As per the
unaudited results for 9mFY2015, ARCPL has registered a Profit
Before Tax (PBT) of INR0.23 crore on an operating income of
INR47.91 crore.
AMIRA NATURE: S&P Maintains Preliminary 'B' CCR; Outlook Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services maintained its preliminary 'B'
long-term corporate credit rating on India-based basmati rice
provider Amira Nature Foods Ltd. The outlook is stable.
At the same time, S&P maintained its 'B-' preliminary issue rating
on Amira's proposed $225 million senior secured second-lien notes,
to be issued by Amira Nature Foods Ltd. (Mauritius) and Amira I
Grand Foods Inc.
The final ratings will be subject to the successful closing of the
proposed issuance and will depend on S&P's receipt and
satisfactory review of all final transaction documentation.
Accordingly, the preliminary ratings should not be construed as
evidence of the final ratings. If the final debt amounts and the
terms of the final documentation depart from the materials S&P has
already reviewed, or if S&P do not receive the final documentation
within what it considers to be a reasonable time frame, S&P
reserves the right to withdraw or revise its ratings.
Amira provides branded packaged Indian specialty rice and sells in
about 60 countries, including both emerging and developed markets.
The company purchases basmati paddy from farmers through
government-regulated agricultural produce markets or through
licensed procurement agents and then processes it.
The preliminary rating on Amira reflects S&P's assessments of the
company's business risk profile as "weak" and financial risk
profile as "aggressive." The combination of these assessments
leads to an anchor of 'b+' on Amira. S&P's comparable ratings
analysis lowers the anchor by one notch due to the company's
relatively modest size, substantial concentration risk, and the
lack of positive free operating cash flow projected over the next
two years, due to working capital outflow.
S&P's business risk profile assessment is primarily constrained by
Amira's presence in the agribusiness industry, which S&P views as
generally volatile in nature and exposed to both the risk of
restrictive trade policies and the unpredictability of weather
patterns. Amira focuses on basmati rice (65% of its revenue),
which is grown only in certain regions of the Indian subcontinent.
The basmati rice industry is cyclical and depends on the results
of the paddy harvest, which occurs for only seven months of the
year (September to March). The wholesale price of basmati rice is
affected by factors including weather; government policies, such
as changes in minimum support and export prices; prices of other
staples; seasonal cycles; pest and disease problems; and the
balance of demand and supply.
The commodity nature of the product makes the rice industry highly
fragmented with numerous organized as well as unorganized players.
With revenues of about $547.3 million in 2014, Amira holds a
relatively small market share in the global rice industry (the
latter estimated to be worth about $275 billion). In its domestic
market of India, Amira competes with other large domestic players,
while on the international markets it has a leading position.
Other producers such as KRBL Ltd., Tilda, and LT FOODS Ltd. are
not far behind, however.
S&P's business risk assessment is also constrained by the
company's high sourcing and production concentration. As Amira
focuses on basmati rice, it sources its entire paddy (the
unfinished state of rice) for processing from the northern part of
India. The company has only one processing facility (located in
India), which underlines its high production concentration. This
will remain undiluted as a planned new plant will also be in
India.
S&P views the basmati rice processing industry as working-capital-
intensive due to its unique nature: basmati rice is perceived to
improve with age and so must be aged for about 10-12 months before
it reaches premium quality. Accordingly, Amira needs to maintain
a sufficient stock of basmati paddy and rice at all times to meet
processing requirements, which leads to higher inventory holding
costs and increased working capital needs. The business also has
inherent seasonality in which revenue is typically higher from
October through March than from April through September.
Effective management of working capital remains crucial from a
credit perspective due to the longer operating cycle.
S&P views the EBITDA margin positively. S&P estimates it will
remain at about 13%-14% for the next 12-18 months, which compares
well with agribusiness peers. Amira's above-average margin stems
from its focus on premium long-grain basmati rice, which generally
commands a higher price than other varieties.
Moreover, prospects for demand growth remain healthy. Domestic
consumption and export demand is increasing and India continues to
dominate the global basmati rice industry. The Indian government
is unlikely to impose any export restrictions in the near future
given the forecast of near-record production and more-than-
sufficient government-held rice stocks.
Amira's geographic diversity--with segments in the U.S., Europe,
and Asia-Pacific--and market positioning are key strengths. In
S&P's view, this geographic diversity would enable it to withstand
the negative impact of a potential trading restriction in one
country. Its operational logistics--including its recent
geographic expansion--are an additional strength. S&P's business
risk assessment also incorporates its view of agribusiness
industry risk as "intermediate" and Amira's country risk as
"moderately high," given its focus on emerging markets.
Amira's financial risk profile is underpinned by S&P's expectation
that the company's adjusted FFO to debt will remain at about 13%
on average over the next three years, while FFO to cash interest
coverage will stay at about 2.5x. This will enable the company to
comfortably service its fixed-charge obligations.
These relatively robust debt protection metrics are partly
mitigated by high working capital requirements driven by the need
to maintain high inventory levels. This leads S&P to project
negative cash flow from operations over the next three years under
its base case.
Amira expects to use the bond proceeds to purchase land from Amira
Enterprises for a new processing facility. The proceeds would
also be used to partially repay existing bank debt.
S&P's base case assumes:
-- Revenue growth of around 18%-20% driven by international
and domestic operations (a mix of volume and price).
-- EBITDA margins are expected to be 13%-14%.
-- Negative working capital movement reflecting the company's
high working capital requirements and S&P's forecast of
high topline growth.
-- No transformational acquisitions in the near future;
however, S&P has assumed small bolt-on acquisitions of
about $5 million annually.
-- Fairly stable capital expenditure at 0.5%-1.0% of revenue
apart from the $65 million to be spent on the new factory
in Haryana.
Based on these assumptions, S&P arrives at these credit measures:
-- Adjusted FFO to debt of about 13% and FFO to cash interest
coverage of well above 2.0x over the next 12-18 months.
-- Negative free cash flow generation over the next 12-18
months.
S&P's preliminary 'B-' issue rating on the proposed $225 million
senior secured second-lien notes to be issued by Amira Nature
Foods Ltd. (Mauritius) and Amira I Grand Foods Inc. is one notch
below the corporate credit rating, reflecting S&P's opinion that
debt issued by Amira's holding company and its financial
subsidiaries is structurally subordinated to the priority
obligations at the group's operating entities. S&P believes that
these operating subsidiaries generate a substantial proportion of
the group's cash flow and represent the majority of total assets.
S&P estimates that the ratio of priority obligations to net
tangible assets for Amira is significantly above S&P's 15%
threshold for sub-investment-grade companies.
The stable outlook reflects S&P's expectation that, over the next
12-18 months, Amira will continue its positive operating
performance momentum, benefiting from favorable industry trends
and continuing expansion into higher-margin countries. This
should enable the company to maintain EBITDA margins above 13%,
offsetting any potential pricing pressure on the rice commodity
markets. S&P would also expect adjusted FFO cash interest
coverage to be well above 2x and liquidity to be at least
"adequate."
S&P could lower the rating if Amira experiences adverse operating
developments that lead to significantly weaker EBITDA and credit
ratios. This could occur if Amira fails to secure adequate stock
levels because of a poor harvest or problems at its processing
facility. Lower metrics may also result from Amira's inability to
achieve an adequate price for its products, either because of
lower demand, regulatory issues, or intensified competition. A
downgrade could also stem from the liquidity position weakening if
Amira mismanages its working capital, most likely due to lower-
than-expected demand for its finished product. S&P could lower
the ratings if adjusted FFO cash interest coverage falls below 2x
or, in S&P's view, Amira's liquidity deteriorates to below the
level that S&P views as "adequate" under its criteria.
In S&P's opinion, a positive rating action is unlikely over the
next 12-18 months, due to projected negative operating cash flow.
However, S&P could raise the rating if Amira outperforms S&P's
base-case assumptions, such that it achieves sustainable positive
free cash flows and is able to successfully manage its working
capital demands, especially when the new plant is rolled out. If
S&P sees sustained deleveraging and improving credit metrics it
could also consider a positive rating action.
ARJUN ENTERPRISES: CRISIL Rates INR37.5MM Cash Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Arjun Enterprises Ltd (AEL, part of the HK group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 37.5 CRISIL B+/Stable
Proposed Cash
Credit Limit 37.5 CRISIL B+/Stable
The rating reflects the HK group's modest scale of, and working
capital intensity in, operations in the competitive and fragmented
railways parts, lubricants and hosiery goods trading industry. The
rating also factors in the group's below-average financial risk
profile, marked by a leveraged capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the HK group's promoters in the
business, and the financial support the group receives from them.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of H. K. International (HKI) and AEL, as
the companies are engaged in the same line of business and have
common customers and suppliers.
Outlook: Stable
CRISIL believes that the HK group will continue to benefit over
the medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile, on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if
substantial decline in revenue and profitability, or a stretch in
working capital cycle weakens the group's financial risk profile.
AEL, set up in 2008 by Mr. Anil Anand and his family members,
trade in railway parts, lubricants and hosiery goods. The company
is based out of Delhi.
HKI, set up in 2008 by Mr. Anil Anand and his family as
partnership firm, trade in railway parts, lubricants and hosiery
goods. The firm is based out of Delhi.
AEL, on a standalone basis, reported a net profit of INR0.9
million on net sales of INR190 million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR0.9 million on net sales of INR179.5 million for 2012-13. The
company's sales for 2014-15 is estimated at INR200.0 million.
ARTS WATERMATICS: CRISIL Assigns B+ Rating to INR25MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Arts Watermatics Pvt Ltd (AWPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 25 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable
Bank Guarantee 15 CRISIL A4
Cash Credit 30 CRISIL B+/Stable
The ratings reflect AWPL's small scale of operations and the
company's susceptibility to regulatory changes and to volatility
in raw material prices. The ratings also factor in AWPL's
leveraged capital structure due to its small net worth and debt
funding of working capital requirements. These rating weaknesses
are partially offset by AWPL's established regional presence in
the micro-irrigation systems segment, supported by its promoters'
extensive industry experience.
Outlook: Stable
CRISIL believes that AWPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in AWPL's revenue and profitability leading to
substantial cash accruals. Conversely, the outlook may be revised
to 'Negative' in case of weakening in AWPL's financial risk
profile, especially liquidity, because of low cash accruals, or
stretch in its working capital cycle, or any large debt-funded
capital expenditure.
Incorporated in 2009, AWPL manufactures drip and sprinkler
irrigation systems and high density polyethylene (HDPE) and
polyvinyl chloride (PVC) pipes. The company is promoted by Mr.
Milind Deshpande, Mr. Sujit Gupta, Mr. Balchandra Pedgaonkar, and
Mr. Sudhakar Yadav, and its manufacturing facilities are in
Parbhani (Maharashtra).
ASIAN LAKTO: CARE Downgrades Rating on INR13.36cr Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Asian Lakto Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.36 CARE D Revised from
CARE BB-
Rating Rationale
The revision in the rating assigned to the bank facilities of
Asian Lakto Industries Limited takes into account delays in debt
servicing by the company due to its weak liquidity.
Incorporated in 1994, by Mr Radhe Shyam Poddar, Mr Gopal Poddar
and Mr Neeraj Poddar, Asian Lakto Industries Limited (ALIL) was
originally engaged in the processing of flavored milk. In 2007,
the company diversified its business and started processing of
fruit juice. In 2010, the company exited the flavored milk owing
to continuous losses in the milk segment. The company sells its
fruit juices through various distributors and retail chains under
the brand name 'Mr. Fresh' in various flavors, viz. mango, apple,
litchi, guava and mixed fruit.
Asianlak Health Foods Limited (CARE D) and Sri Vardharaja Fruit
Products Private Limited (CARE D) are the group associates of
ALIL, and are engaged in the manufacturing of soft drinks and
fruit juices.
For FY14 (refers to the period April 01 to March 31), ALIL
reported a total operating income of INR70.80 crore and a PAT of
INR1.01 crore as against total operating income of INR49.90 crore
and PAT of INR0.73 crore for FY13.
ASIANLAK HEALTH: CARE Lowers Rating on INR13.03cr Loan to D
-----------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Asianlak Health Foods Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.03 CARE D Revised from
CARE BB-
Rating Rationale
The revision in the rating assigned to the bank facilities of
Asianlak Health Foods Limited (AHFL) takes into account delays in
debt servicing by the company due to its weak liquidity.
Incorporated in 1995, AHFL was promoted by Mr Radhe Shyam Poddar
with his two sons, Mr Gopal Poddar and Mr Neeraj Poddar. The
company is engaged in the processing of water and manufacturing of
soft drinks. Mr Radhey Shyam Poddar, who is the managing director,
has an experience of about 45 years in the same line of business.
Mr Gopal Poddar and Mr Neeraj Poddar have more than two decades of
experience in the same line of business.
The company sells its soft drink under the brand name 'RC Cola'
and 'Top Cola' in flavors such as orange, lemon, etc. The products
are sold in pet bottles and in different pack sizes. The company
is also processing water and carbonated water (soda) and markets
it under the brand 'Bisleri'. The company has a contract with
Bisleri International Private Limited and is paying royalty for
the same.
Asian Lakto Industries Limited (rated 'CARE D') and Sri Vardharaja
Fruit Products Private Limited (rated 'CARE D') are the group
associates of AHFL, and are engaged in the manufacturing of fruit
juices.
For FY14 (refers to the period April 01 to March 31), AHFL
reported a total operating income of INR47.52 crore and a PAT of
INR1.02 crore as against total operating income of INR41.35 crore
and PAT of INR0.74 crore for FY13. Furthermore, during FY15, the
company had achieved total sales of INR54 crore till February 28,
2015.
BARFLEX POLYFILMS: ICRA Assigns C+ Rating to INR23.35cr Cash Loan
-----------------------------------------------------------------
ICRA has ratings outstanding of [ICRA]C+/[ICRA]A4 for the INR47
crore (reduced from INR62 crore)bank lines of Barflex Polyfilms
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 11.95 [ICRA]C+
Cash Credit 23.35 [ICRA]C+
Unallocated 4.70 [ICRA]C+
Bank Guarantee 7.00 [ICRA]A4
The ratings factors in the irregularities in debt servicing by the
company along with the deterioration in financial profile as
reflected by tight liquidity position, losses at the operating,
net level, adverse capital structure and weakened debt protection
metrics. The liquidity position is expected to remain tight in the
near term, although the company is trying to restructure the
operations by altering its product profile to improve
profitability and reduce working capital intensity.
The ratings continue to be constrained by the company's relatively
small scale of operations in relation to the size of the overall
flexible packaging industry; fragmented nature of the flexible
packaging industry resulting in high competition from organized as
well as unorganized players in the domestic market; and exposure
of profitability to any adverse fluctuations in foreign exchange
rates and volatility in raw material prices.
The ratings, however, continue to factor in the long experience of
the promoters in the domestic flexible packaging industry and
company's long standing relationships with reputed customers.
Company Profile Incorporated in January 2005 as a private limited
company, Barflex Polyfilms Private Limited (BPPL) began commercial
production in November 2005. The company is into manufacturing of
3 and 5-layer films, PVC Labels and Laminates. It procures raw
materials i.e. plastic granules (like LLDPE/LDPE), inks, solvents
& master batches from Indian and overseas suppliers like
Exxonmobil Chemical Asia Pacific; Reliance Industries Limited,
Uflex Ltd, Jagriti Plastics Ltd, D.R. Polymers Ltd etc. The
company's customer profile includes major domestic brands like
Reliance Fresh, Shakti Bhog Foods Ltd, Kwality Dairy, Creamy Foods
Ltd, Pidilite Industries, Bunge India (Dalda) etc. BPPL's plants
are located at Baddi (Himachal Pradesh) and Noida (Uttar Pradesh).
It was promoted by Mr. Jaiwant Bery and his wife Mrs. Nomita Bery;
following private equity infusion in 2010-11, the promoter share
declined to 58% with the rest being held by the private equity
fund.
Recent Results In 2013-14, BPPL reported a net loss of INR25.38
crore on an operating income of INR150.69 crore as against a net
loss of INR4.51 crore on an operating income of INR163.66 crore in
the previous year.
BRIGHT BROTHERS: ICRA Assigns MB+ Rating to INR1.86cr Loan
----------------------------------------------------------
ICRA has assigned a medium-term rating of MB+ to the Fixed Deposit
Programme aggregating to INR1.86 crore of Bright Brothers Limited.
Instruments with this rating are considered to have inadequate-
credit quality and the rated deposits programme carries high
credit risk.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Medium Term Fixed
Deposits Programme 1.86 MB+ assigned
The assigned rating is constrained by the high financial risk
profile of the company as characterized by low profitability
margins with net loss of INR0.66 crore reported by the company for
9M FY2015 on account of write-offs on ICD's. The rating further
takes into account the high credit risk associated with the inter-
corporate deposits extended by the company to three entities
having weak financial profile which has resulted in write-offs in
last two fiscals, thus impacting the net-worth of the company;
recovery of the ICDs and possibility of further write offs remain
a key rating sensitivity going forward. ICRA notes that the
company's ability to pass on escalations in conversion costs
remains limited, given the intense competitive pressures in the
industry and limited bargaining power with the larger customers.
The rating, however, favourably factors in the extensive
experience of the company's promoters and established track record
of the company in the moulded plastic products business, its
reputed customer base and comfortable capital structure at
present.
Bright Brothers Limited (BBL) was incorporated in the year 1947
and is engaged in the manufacturing of injection-moulded plastic
products. The company caters primarily to white goods
manufacturing companies like Whirlpool of India Limited, Aqua Mall
Water Solutions (Eureka Forbes), Carrier Midea India Pvt. Ltd.
etc. and also manufactures toothbrush handles for Procter & Gamble
on job work basis. Further, the company also manufactures and
markets material handling plastic crates under its own brand name
and is also engaged in trading of hair care and beauty products
procured from China and Taiwan. The company currently has four
manufacturing units: two in Puducherry, and one each in Faridabad
(Haryana) and Bhimtal (Uttarakhand). The company has further
leased a new manufacturing facility in Dehradun.
For FY 2014, the company reported profit after tax (PAT) of
INR2.63 crore on an operating income of INR149.83 crore. For 9M FY
2015, the company has reported net loss of INR0.66 crore on an
operating income of INR124.97 Cr. (provisional).
CINNIC FASHIONS: ICRA Assigns 'B' Rating to INR20cr LT Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR20.00
crore fund-based limits of Cinnic Fashions India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund-
based limits 20.00 [ICRA]B assigned
The assigned rating takes into account the long-standing
experience of the company in garment manufacturing business and
the strong county wide distribution network for its manufactured
garments. ICRA notes that the partnership with the Future Group
benefits the company by way of presence in modern organized
retail. The rating is however, constrained by the company's
moderate scale of operations, thin profitability margins and
highly leveraged capital structure. The rating also takes into
consideration the competitive nature of industry due to existence
of a large number of traders and manufacturers in domestic
markets, which limits the pricing power of the company. The rating
also takes into account the vulnerability of profitability and
cash flows to the seasonal nature of sales of the company.
Incorporated in 2008, Cinnic Fashion India Private Limited (CFIPL)
is engaged in manufacturing of ethnic wear garments for men. Since
April 1, 2013 the operations of the proprietorship firm (Richa
Enterprises or RE promoted by Mr. Mehta) have been wound down and
business is carried out through CFIPL exclusively. The product
portfolio of the firm consists of wedding suits, kurtas, sherwani
and Indo-Western clothing articles.
Recent Results
In FY2014, CFIPL reported a profit after tax (PAT) of INR0.77
crore on an operating income of INR51.96 crore. As per the
unaudited results for 9mFY2015, CFIPL has registered a Profit
Before Tax (PBT) of INR0.53 crore on an operating income of
INR41.91 crore.
DEEPAK COSMO: ICRA Reaffirms 'B' Rating on INR24.74cr Bank Loan
---------------------------------------------------------------
ICRA has reaffirmed its long-term rating assigned to the INR27.00
crore, fund-based bank facilities of Deepak Cosmo Limited (DCL) at
[ICRA]B. ICRA has also reaffirmed the short-term rating assigned
to the INR2 crore non fund-based bank facilities of DCL at
[ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based bank
facilities 24.74 [ICRA]B (Reaffirmed)
Proposed bank
facilities 2.26 [ICRA]B (Reaffirmed)
Non-Fund-based
bank facilities 2.00 [ICRA]A4 (Reaffirmed)
ICRA's ratings continue to be constrained by DCL's highly
leveraged capital structure which together with its low
profitability margins owing to commoditised nature of the product
(yarn) and presence in low value-add trading operations,
translates into weak debt coverage and stretched liquidity
indicators. The stretched liquidity is also reflected in
consistently high utilisation of fund based working capital
limits. ICRA expects the company's debt coverage indicators to
remain stretched in the short to medium term given the high
indebtedness along with weak profitability. ICRA has also taken
into consideration DCL's modest scale of operations which exposes
it to intense competition in the sector and results in limited
pricing power which will keep its profitability indicators under
pressure, particularly in periods of volatile raw material prices
when timely ability to pass on hike is crucial to maintain
margins. The ratings, however, derive strength from the long-
standing experience of DCL's promoters in the man-made fibre yarn
and trading businesses and their established relationships with
customers resulting in healthy product off-take and repeat orders.
In ICRA's view, DCL's ability to gradually improve its scale of
operations, ensure reduction in debt levels; strengthen its net-
worth base; improve its profitability indicators and manage its
working capital cycle effectively to improve its liquidity, will
be the key rating sensitivities.
Incorporated in 1990 as an investment company by Mr. Gian Chand
Garg, DCL is a Nalagarh-based closely-held spinning company
engaged in manufacturing of synthetic yarns. The company ventured
into the spinning business in 1995 with the acquisition of
Himachal Worsted Mills having a capacity of 2,400 spindles, from
the Government of Himachal Pradesh. Over the years, the company
has expanded its manufacturing capacity to 7,500 spindles. In
2003, the company also set up a fancy yarn unit with 70 machines.
At present, DCL's product range in the manufacturing division
includes acrylic yarn, acrylic-blended yarn, polyester yarn,
polyester-blended yarn, viscose yarn, cotton yarn, metallic yarn,
fancy yarn and nylon yarn.
Besides manufacturing yarn, the company also has presence in
trading of yarn. While till last year (FY13), the company was also
engaged in trading of coal, steel and eggs, it has exited this
segment in the current financial year (FY14).
Recent results
DCL reported an operating income of INR82.48 crore and a net
profit of INR1.05 crore in FY14 as compared to an operating income
of INR84.44 crore and a net profit of INR0.54 crore in FY13.
ENRICH RD: ICRA Reaffirms B+ Rating on INR3.0cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA] B+ to the
INR3.00 crore (earlier INR1.50 crore) cash credit limits of Enrich
RD Infraprojects Private Limited. ICRA has also reaffirmed the
short term rating of [ICRA]A4 to the INR7.00 crore (earlier
INR3.87 crore) non fund based limits of ERDIPL. ICRA has also
reaffirmed [ICRA]B+ and [ICRA]A4 ratings to the INR5.00 crore
(earlier INR9.63 crore) un-allocated limits of ERDIPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash
Credit Limits 3.00 [ICRA]B+ reaffirmed
Non Fund Based-Letter
of Credit Limits 3.50 [ICRA]A4 reaffirmed
Non Fund Based Bank
Guarantee Limits 3.50 [ICRA]A4 reaffirmed
Unallocated Limits 5.00 [ICRA]B+/[ICRA]A4 reaffirmed
The ratings reaffirmation takes into account the moderate scale of
Enrich RD Infraprojects Private Limited's (ERDIPL) operations and
its weak financial position as reflected by low profitability,
moderate gearing levels and weak coverage indicators. The ratings
are further constrained by the high working capital intensive
nature of the operations following high inventory holdings, and
highly competitive nature of the industry, with the tender-based
contract-awarding system of the railways. The company's ability to
execute large ongoing orders in a timely manner remains critical
to maintain its profitability, given its current size of
operations. ICRA further notes, that any unfavorable fluctuations
in prices of raw material may impact operating margins given the
raw material-intensive nature of operations and fixed price nature
of orders, although the risk is partly mitigated by placing the
orders with the suppliers once the tender is awarded.
The ratings, however, take comfort from the experience of the
management in executing overhead electrification projects and
trading activity and its strong order book position, which
provides revenue visibility over the medium term.
Enrich RD Infraprojects Private Limited was initially established
as a proprietorship firm -- R D Electricals by Mr. Dashrath
Redekar in 1986 and converted to a private limited company in
2007. The operations of the company are collectively managed by
the directors of the company -- Mr. Sunil Agrawal and Mr. Deepak
Redekar. ERDIPL is engaged in executing turnkey projects involving
designing, supply, erection, testing and commissioning of the
overhead electrification for railways. The company is also engaged
in the trading of steel items such as MS Angles, plates, channels
and electrical fittings like GPRS modules and others.
The company is registered as an electrical contractor with the
Public Works Department (PWD), Maharashtra and primarily
participates in tenders floated by the railways, which are awarded
to the lowest bidder i.e. based on L1 pricing. The major clients
of company include Central Railway, Western Railway, Southern
Railway and Northern Railway.
FATEHPURIA TRANSFORMERS: ICRA Keeps B+ Rating INR13.37cr Loan
-------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR16.00 crore fund based and proposed limits of Fatehpuria
Transformers and Switchgears Private Limited. ICRA has also
reaffirmed its [ICRA]A4 rating on the INR35 crore non fund based
facilities of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based facilities 13.37 [ICRA]B+; (reaffirmed)
Non-fund based
facilities 35.00 [ICRA]A4;(reaffirmed)
Unallocated (Proposed
Limits) 2.63 [ICRA]B+; (reaffirmed)
ICRA's ratings continue to take into account FTSPL's presence in a
highly fragmented industry, with competition from various
organized as well as unorganized players. This, coupled with the
tender based model for award of contracts, followed by state
distribution companies (discoms), along with the company's limited
bargaining power vis-a-vis large clients has led to pricing
pressure for FTSPL. The ratings also factor in the company's high
working capital intensity of operations, primarily driven by
stretched receivables on account of substantial exposure to
discoms and also a higher inventory holding period. The ratings
continue to draw comfort from the company's established track
record of operations as evident from the repeat orders it has
received from customers, long presence of the promoters in the
transformer business and positive demand outlook for distribution
transformers.
Going forward, FTSPL's ability to secure adequate orders, timely
execution of current pending order book and timely realization of
debtors will be the key rating sensitivities.
FTSPL was incorporated in 1981 as a partnership company and was
later converted into a private limited Company in 1995. The
company has a manufacturing facility at Jaipur with an installed
capacity of 657.50 MVA transformers per annum. The company was
promoted by Mr. Madhusudan Fatehpuria, who has more than 3 decades
of experience in this business. FTSPL manufactures a wide range of
transformers catering to state utilities, Engineering, Procurement
and Construction (EPC) contractors and a few private players.
Apart from transformer manufacturing, FTSPL also has two wind
mills operated by Enercon Limited. One wind Mill is at Kappatha (
West) Wind Zone, District Gadag, Karnataka and another mill is at
Chavaneshwar, District Satara, Maharashtra, both having a capacity
of 0.80 MW each.
Recent Results
In 2013-14, the company reported a profit after tax (PAT) of
INR2.01 crore on an operating income of INR124.90 crore, as
against a PAT of INR2.02 crore on an operating income of INR68.86
crore in FY13.
H. K. INTERNATIONAL: CRISIL Rates INR45MM Cash Loan at B+
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of H. K. International (HKI, part of the HK group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 45 CRISIL B+/Stable
Proposed Cash
Credit Limit 30 CRISIL B+/Stable
The rating reflects the HK group's modest scale of, and working
capital intensity in, operations in the competitive and fragmented
railways parts, lubricants and hosiery goods trading industry. The
rating also factors in the group's below-average financial risk
profile, marked by a leveraged capital structure and subdued debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of the HK group's promoters in the
business, and the financial support the group receives from them.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of HKI and Arjun Enterprises Ltd (AEL), as
the companies are engaged in the same line of business and have
common customers and suppliers.
Outlook: Stable
CRISIL believes that the HK group will continue to benefit over
the medium term from its promoter's extensive industry experience.
The outlook may be revised to 'Positive' in case of a significant
improvement in the group's financial risk profile, on account of
better than expected accruals led by improvement in scale and
operating profitability or due to capital infusion from partners.
Conversely, the outlook may be revised to 'Negative' if
substantial decline in revenue and profitability, or a stretch in
working capital cycle weakens the group's financial risk profile.
HKI, set up in 2008 by Mr. Anil Anand and his family as
partnership firm, trade in railway parts, lubricants and hosiery
goods. The firm is based out of Delhi.
AEL, set up in 2008 by Mr. Anil Anand and his family, trade in
railway parts, lubricants and hosiery goods. The company is based
out of Delhi.
HKI, on a standalone basis, reported a net profit of INR1.05
million on net sales of INR203.06 million for 2013-14 (refers to
financial year, April 1 to March 31), against a net profit of
INR1.0 million on net sales of INR199.0 million for 2012-13. The
firm's sales for 2014-15 are estimated at INR210.0 million.
HIRA COTTON: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
-----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR9.00 Crore fund based bank facilities of Hira Cotton Fibers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund
Based-Cash Credit 7.00 [ICRA]B+; reaffirmed
Long Term Fund
Based- Term Loans 2.00 [ICRA]B+; reaffirmed
ICRA's rating reaffirmation continues to take into account
promoters experience in cotton ginning & trading and its
favourable location owing to proximity to cotton producing belt of
Maharashtra and Madhya Pradesh which enables VCF to establish
better relations with farmers and saves transportation costs. The
rating however continues to be constrained by fragmented and
seasonal nature of the industry, HCF's limited presence in the
textile value chain and dynamic regulatory environment. The rating
is also constrained on account of high debt levels subsequent to
capacity up-gradation cum expansion programme completed in Q2-
FY2014, which coupled with increased working capital requirements
during the peak season will drive high dependence upon bank debt
in back drop of weak capitalization of the proprietorship concern.
Further the capacity of the entity to bear any adverse price
movements in cotton inventory is low due to weak profitability.
Going forward, ability of the firm to achieve satisfactory growth
in revenues and profits, and prudently manage working capital
intensity of operations will determine the extent of funding
requirements; the funding mix used thereof will remain key rating
sensitivity.
HCF, a partnership firm promoted by Khandelwal family of Sendhwa,
is engaged in cotton ginning and pressing. HCF's ginning unit
based at Chopda in District Jalgaon (Maharashtra) is equipped with
30 ginning machines and a bale pressing machine, whereby it
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce cotton bales. Cotton seed, which is by-
product of ginning operation, is sold to oil extraction units.
INTERNATIONAL RUBBER: CRISIL Assigns B Rating to INR32.7MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of International Rubber Tech Pvt Ltd (IRTPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Line of Credit 2.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 32.3 CRISIL B/Stable
Long Term Loan 32.7 CRISIL B/Stable
Cash Credit 10 CRISIL B/Stable
Export Packing Credit 22.5 CRISIL A4
The ratings reflect IRTPL's small scale of operations in the
intensely competitive conveyor rubber belt industry, and
susceptibility of its operating profitability to volatility in raw
material prices and foreign exchange rates. These rating
weaknesses are partially offset by the company's above-average
financial risk profile, marked by a moderate capital structure and
comfortable debt protection metrics, and the extensive industry
experience of its promoters.
Outlook: Stable
CRISIL believes that IRTPL will, over the medium term, continue to
benefit from its promoters industry experience, and maintain its
above-average financial risk profile. The outlook may be revised
to 'Positive' in case of a significant increase in the company's
scale of operations along with improvement in its profitability,
leading to substantially higher cash accruals. Conversely, the
outlook may be revised to 'Negative' if IRTPL faces a time or cost
overrun in completion of its ongoing project, its working capital
management deteriorates, or its scale of operations is lower than
expected, leading to weakening of its credit risk profile.
IRTPL, established in 2004 by Mr. Sunil Prabhakar, manufactures
fabric re-enforced conveyor belts and rubber sheets. The company
derives around 60 per cent of its revenue from the domestic
market, while the balance is from exports.
JAANN OFFSET: ICRA Upgrades Rating on INR4.35cr Loan to C+
----------------------------------------------------------
ICRA has upgraded the long term rating outstanding on INR4.35
crore (revised from INR7.61 crore) term loans, INR1.50 crore cash
credit facility of Jaann Offset Printing Private Limited from
[ICRA]D to [ICRA]C+. ICRA has also upgraded the short term rating
outstanding on INR0.27 crore non fund based facilities and INR4.73
crore (revised from INR1.47 crore) proposed fund based facilities
of the company from [ICRA]D to [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loans 4.35 [ICRA]C+/upgraded from [ICRA]D
Long term-Cash credit 1.50 [ICRA]C+/upgraded from [ICRA]D
Short term-Non Fund
based facilities 0.27 [ICRA]A4/upgraded from [ICRA]D
Short term-Proposed
fund based facilities 4.73 [ICRA]A4/upgraded from [ICRA]D
The upgrade of ratings takes note of regularisation of debt
servicing by the company, following infusion of funds by the
promoters of the company as unsecured loans. ICRA also considers
the revenue growth of the company during the past two years on the
back of higher orders from its existing customers and also
addition of new customers. The ratings also take into account the
experience of promoters in the printing industry for over four
decades. The ratings however remain constrained by company's small
scale of operation in a highly competitive market; stretched
capital structure and modest coverage indicators on account of
debt funded capex incurred by the company and losses in the past
which had eroded the networth of the company. Going forward, the
company's ability to improve its scale of operations and generate
adequate accruals to improve its capital structure and meet its
debt servicing remains key sensitivity factor.
Jaann Offset Printing Private Limited was incorporated on
April 2, 2002 and is a fully fledged printing house. The Company
was founded by Mr. T. M. Rajan and started its commercial
operations at Ernakulam, Kerala. The Company undertakes various
types of jobs including carton printing and packaging, die
cutting, gluing, holography and printing of brochures, magazines,
calendars, and posters. The Company caters to the needs of
domestic market and acquires customers through direct marketing.
Recent Results
During 2013-14, the company has reported a net loss of INR0.6
crore on an operating income of INR8.0 crore as against a net loss
of INR1.3 crore on an operating income of INR6.2 crore during the
year 2012-13. The company has recorded an operating income of
INR8.5 crore during the period April 1, 2014 to
March 10, 2015.
JAGRUTHI EDUCATIONAL: CRISIL Reaffirms D Rating on INR75MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Jagruthi
Educational and Welfare Society (Jagruthi) continues to reflect
instances of delay by Jagruthi in servicing its debt; the delays
have been caused by the society's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL D (Reaffirmed)
Rupee Term Loan 75 CRISIL D (Reaffirmed)
Jagruthi also faces intense competition from other educational
institutions in Hyderabad and has high geographical concentration
in its revenue profile. The society, however, benefits from its
management's extensive experience in the education sector.
Jagruthi was registered in 1997 under the Societies Registration
Act, 1860, and started operations in 2008; it offers graduate and
postgraduate courses in engineering and management. Dr. Srinivas
Reddy is the president and Dr. Venkateshwara Rao is the general
secretary of the society.
KHANDELWAL JEWELLERS: CARE Rates INR24.75cr LT Loan at 'B+'
-----------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of
Khandelwal Jewellers (Akola) Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 24.75 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Khandelwal Jewellers
(Akola) Private Limited (KJPL) is constrained by weak financial
risk profile marked by thin operating profitability margins and
high overall gearing, vulnerability of operating profits to
volatile raw material (gold) prices, working capital-intensive
nature of operations and intense competition from organized and
unorganized players in the Gems & Jewellery industry.
The rating, however, derives strength from experienced promoters
and the company's track record in gold jewellery business. Rating
also takes note of notable increase in the scale of operation
during FY14 (refers to the period April 1 to March 31).
Going forward, the ability of KJPL to improve in the scale of
operation, profitability margin along-with effective management of
working capital are the key rating sensitivities.
Khandelwal Jewellers (Akola) Private Limited (KJPL) was
incorporated in April 1999 in the name of Khandelwal Jewellers
Akola as a partnership firm by Mr Nitin M Khandelwal, Mr Ravindra
M Khandelwal, Mrs Prabha N Khandelwal and Mrs Ekta R Khandelwal at
Akola, in Vidarbha region (Maharashtra) which was reconstituted as
a private limited company during April 2011 and subsequently the
name was changed into KJPL. KJPL is engaged in manufacturing of
wide variety of gold and silver jewellery such as rings, pendants,
earrings, bracelets, bangles and necklaces. Currently KJPL
operates from two showrooms located at Akola (Maharashtra) of 2000
sq feet and 1000 sq feet respectively and the company is in the
process of setting up new showroom at Akola (Maharashtra) of 5000
sq feet (which is expected to be completed by the end of October
2015) and is managed by second and third generation of Khandelwal
family's by Mr Nitin M Khandelwal, Mr Ravindra M Khandelwal, Mrs
Prabha N Khandelwal and Mrs Ekta R Khandelwal.
During FY14 (Audited), KJPL reported a total operating income of
INR222.48 crore, PBILDT of INR4.07 crore and a PAT of INR0.87
crore as against a total operating income of INR169.40 crore,
PBILDT of INR3.76 crore and PAT of INR0.96 crore in FY13
(Audited).
KHOSLA ENGINEERING: ICRA Reaffirms B+ Rating on INR18cr Cash Loan
-----------------------------------------------------------------
ICRA has reaffirmed the rating of [ICRA]B+ to the INR12.00 crore
term loan and INR18.00 crore cash credit facilities of Khosla
Engineering Private Limited. ICRA has also reaffirmed the rating
of [ICRA]A4 to the INR5.00 crore non fund based bank facilities of
KEPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term, Fund based
limits - Cash Credit 18.00 [ICRA]B+ reaffirmed
Long Term, Fund based
limits - Term Loan 12.00 [ICRA]B+ reaffirmed
Short Term, Non fund
based limits 5.00 [ICRA]A4 reaffirmed
The ratings continue to reflect KEPL's leveraged capital structure
and weak debt coverage indicator on account of debt funded capital
expenditure in recent past and thin accruals. The ratings are also
constrained by KEPL's limited bargaining power against large
customers. The company has modest scale of operations however with
recent expansion of manufacturing facility; the scale is expected
to improve going forward. The company had incurred net losses in
FY13 due to stabilization issues in commercialization of expanded
capacity, which has stabilized in FY14 resulted into improvement
in operating margins. The ratings however draw comfort from KEPL's
reputed clientele and financial flexibility provided by being part
of Kothari group. The ratings also favourably factor KEPL's
conservative policy of order backed raw material procurement,
which protects profitability in case of adverse commodity price
movement. The company has long term purchase contract with the
suppliers with monthly price setting which ensures stable supply
of raw material.
Incorporated in 1966, KEPL is engaged in the manufacture of solder
wires, zinc wires and aluminium wires. KEPL has established
relationships with domestic zinc and tin suppliers, which ensures
stable raw material supplies. KEPL supplies zinc wires to reputed
domestic Ductile Iron (DI) pipe manufacturers, while solder wires
are sold to leading electronic component manufacturers across
India. The manufacturing facilities of the company are located at
Dhandore (near Pune) in Maharashtra.
LEXUS GRANITO: CARE Upgrades Rating on INR12.33cr LT Loan to B
--------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Lexus Granito
India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12.33 CARE B Revised from
CARE D
Long-term/Short-term Bank
Facilities 10.00 CARE B/ CARE A4
Revised from
CARE D/ CARE D
Short-term Bank Facilities 3.70 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Lexus Granito (India) Private Limited (LGPL) was primarily on
account of the clear debt servicing track record alongwith the
improvement in its solvency position and debt coverage indicators
during 11MFY15 (refers to the period April 1 to March 31).
However, the ratings continue to remain constrained by its modest
scale of operations in highly competitive tile manufacturing
industry, low profitability, leveraged capital structure and weak
liquidity position, susceptibility of margins to fluctuation in
raw material and fuel prices and demand linked to cyclical real
estate sector.
The ratings derive support from the wide experience of the
promoters and established group operations along with its presence
in the ceramic tile hub with easy access to power and fuel.
The ability of LGPL to increase its scale of operations, improve
profitability and capital structure alongwith the efficient
management of working capital needs are the key rating
sensitivities.
Incorporated in 2008, Morbi-based (Gujarat) LGPL is engaged in the
manufacturing of double charged vitrified tiles. The company had
started commercial production in August 2011. LGPL's manufacturing
facility is located at Morbi in Rajkot district, which is the
ceramic tile manufacturing hub of Gujarat and has an installed
capacity of 82,800 metric tonnes per annum (MTPA) for
manufacturing of vitrified tiles as on March 31, 2014.
During FY14, LGPL reported a PAT of INR0.60 crore on a total
operating income (TOI) of INR59.25 crore as against a PAT of
INR0.67 crore on a TOI of INR63.65 crore in FY13.
MAHE EDUCATIONAL: ICRA Reaffirms B+ Rating on INR5.73cr LT Loan
---------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the INR4.74
crore (revised from INR5.23 crore) term loan facilities, and
INR5.73 crore (revised from INR5.24 crore) proposed long term
facilities of Mahe Educational and Charitable NRI Trust at
[ICRA]B+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term: Term Loans 4.74 [ICRA]B+ reaffirmed
Long Term: Proposed 5.73 [ICRA]B+ reaffirmed
The rating action takes into account the growth in operating
income in FY14, increase in donations and continued full occupancy
for the BDS course conducted by the Trust. The rating however
remains constrained by the limited student intake capacity of the
institute which constrains the scope for revenue growth and margin
expansion. Although planned introduction of MDS course for AY
2015-16 is expected to support the revenue growth over the medium
term, timely commencement of the course and ability of the
institute to attract students remains to be seen. The rating is
also constrained by the stretched coverage indicators of the Trust
and increased dependence on donation receipts for supporting the
cash flows. ICRA also takes note of the Trust's plan to defer the
completion of multi specialty hospital, which has been partially
constructed. While the long term demand outlook for higher
education is favourable, given the inherent regulated structure in
the education industry and the intense competition prevalent in
the industry with the presence of large number of established,
budding players, the Trust's ability to scale up, and generate
adequate cash flows will be key credit monitorables.
Mahe Educational and Charitable NRI Trust was established in the
year 2006 at Mahe, Pondicherry. The Trust manages Mahe Institute
of Dental Sciences and Hospital (MINDS), which started operations
in 2009. MINDS offers undergraduate course in dental sciences
(BDS) and is affiliated to Pondicherry University. The institute
is currently in the sixth year of operations and has a total of
500 students and 92 faculties.
Recent Results
The Trust reported a net profit of INR1.1 crore on an operating
income of INR8.3 crore in 2013-14, as against a net loss of INR0.3
crore on an operating income of INR5.7 crore for 2012-13.
MANGLAM DISTILLERS: CRISIL Suspends D Rating on INR50.9MM Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Manglam Distillers and Bottling Industries (MDBI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 25.1 CRISIL D
Rupee Term Loan 50.9 CRISIL D
The suspension of ratings is on account of non-cooperation by MDBI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MDBI is yet to
provide adequate information to enable CRISIL to assess MDBI'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'
MDBI, promoted by the Jalan family, is a bottler of IMFL for
United Spirits Ltd. The plant, based in Assam, commenced
commercial operations in July 2011.
MOUNT ZION: CRISIL Assigns B+ Rating to INR150MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Mount Zion Medical College (MZMC; part of
the MZMCH group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 12.5 CRISIL B+/Stable
Bank Guarantee 70 CRISIL A4
Long Term Loan 150 CRISIL B+/Stable
The ratings reflect the MZMCH group's exposure to regulatory risks
and intense competition in the education space, coupled with
limited size of operations and geographic concentration in revenue
profile. These rating weaknesses are partially offset by its
promoters' extensive experience and funding support from group
institutes. The ratings also reflects the MZMCH group's above-
average financial risk profile marked by a moderate capital
structure and comfortable debt protection metrics.
For arriving at the ratings, CRISIL has combined the business risk
and financial risk profiles of MZMC and Mount Zion Medical College
Hospital, together referred to as the MZMCH group. This is because
these institutes are managed by the same society, namely
Charitable Educational and Welfare Ssociety (CEWS) and have
significant business and financial linkages. .
Outlook: Stable
CRISIL believes that the MZMCH group will, over the medium term,
benefit from its promoters' industry experience, and maintain its
above-average financial risk profile. The outlook may be revised
to 'Positive' in case of a significant increase in the group's
scale of operations while it maintains its profitability, leading
to substantially higher cash accruals. Conversely, the outlook may
be revised to 'Negative' if the group contracts higher debt to
fund its capital expenditure plans or it generates low cash
accruals due to low scale of operations or profitability.
MZMC was established in 2014 at Adoor in Pathanamthitta(Kerala) by
Dr. K J Abraham Kalamannil, who is the founder chairman of CEWS.
MZMC runs a medical college. The institute has an annual intake of
100 MBBS students and the first academic batch started from 2014-
15. Mount Zion Medical College Hospital, established in 2012 runs
a 300 bedded multi-specialty hospital. Both these institutes are
governed and managed by CEWS.
MUKESH STRIPS: CARE Lowers Rating on INR11.72cr LT Loan to B
------------------------------------------------------------
CARE revises/reaffirms rating assigned to the bank facilities of
Mukesh Strips Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11.72 CARE B Revised from
CARE BB
Short term Bank Facilities 4.50 CARE A4 Reaffirmed
Rating Rationale
The revision in the long-term rating of the bank facilities of
Mukesh Strips Limited (MSL) takes into account deterioration in
the financial risk profile of the company marked by declining
income & losses in FY14 (refers to the period April 1 to March 31)
and stretched liquidity position leading to restructuring of debt.
The ratings, further, continue to remain constrained by the weak
solvency position, susceptibility of MSL's profitability to raw
material price volatility as well as foreign exchange fluctuation
risk, intense competition and cyclicality inherent in the steel
industry. The ratings, however, draw comfort from the experience
and established track record of the promoters and location
advantage available to the company.
Going forward, the ability of the company to profitably scale-up
its operations, manage its working capital requirement along with
improvement in the capital structure would remain the key rating
sensitivities.
Mukesh Strips Limited (MSL) was originally incorporated on
March 31, 1992, as Mukesh Strips and Tubes Limited. It was later
converted into a public limited company on October 15, 1996, and
the name was changed to Mukesh Strips Limited. MSL is engaged in
the manufacturing of steel ingots, rounds and trading of various
steel products with its manufacturing facility located in
Ludhiana, Punjab. The products manufactured by MSL find usage in
bicycle, auto parts, scaffolding, forging and hand tool
industries.
For FY14 (Audited) MSL reported net loss of INR0.28 crore on a
total operating income of INR63.71 crore as against net profit of
INR0.19 crore on a total operating income of INR67.36 crore in
FY13.
NEELMANI DEVELOPERS: ICRA Puts B Rating on Notice of Withdrawal
---------------------------------------------------------------
ICRA has placed the long-term rating of [ICRA]B assigned to the
INR6.00 crore fund-based limit of Neelmani Developers on notice
for withdrawal for one month at the request of the company. As per
ICRA's 'Policy on Withdrawal of Credit Rating', the aforesaid
ratings will be withdrawn after one month from the date of this
withdrawal notice.
NEW STEEL: ICRA Reaffirms B Rating on INR17.50cr Letter of Credit
-----------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B to the
INR12.20 crore (enhanced from INR10.11 crore) fund based bank
facilities and short term rating of [ICRA]A4 to INR18.50 crore
(enhanced from INR12.80 crore) non fund based facilities of New
Steel Trading Private Limited.
The long term rating of [ICRA]B and/or a short term rating of
[ICRA]A4 to the INR2.09 crore unallocated limits has been
withdrawn since there is no amount outstanding against the rated
instruments.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT -Fund Based
Limits Term Loan 2.20 [ICRA]B reaffirmed
LT -Fund Based
Limits- Cash Credit 10.00 [ICRA]B reaffirmed
ST -Non Fund Based
Limits -Letter of
Credit 17.50 [ICRA]A4 reaffirmed
ST -Non Fund Based
Limits Bank Guarantee 1.00 [ICRA]A4 reaffirmed
The ratings reaffirmation continues to reflect (New Steel Trading
Private Limited) NSTPL's stretched liquidity on account of working
capital intensive nature of operations resulting in almost full
utilization of bank limits and leveraged capital structure. The
ratings further incorporate the inherently low profit margins due
to limited value addition in the trading nature of business. The
rating also takes into account NSTPL's high TOL/TNW of 6.19 times
as on March 31, 2014, given its sizeable dependence on deposits.
The ratings, however draws comfort from the long experience of the
promoters in trading of steel, ferrous and non ferrous products
and its diversified product profile along with sustained growth in
operating income.
Established in 1994, New Steel Corporation which was later
incorporated as a private limited company under the name New Steel
Trading Private Limited (NSTPL) in the year 1999. The company is
engaged in the business of trading of steel products, import and
trading of ferrous and non ferrous scrap. From May 2010, onwards
the company has also started manufacturing of MS Ingot by
acquiring a furnace at Wada, Thane. The company has its registered
office in Masjid (Mumbai), administrative office at Thane and
Manufacturing unit located at Wada, Thane. The company also has 3
warehouses at Kalamboli.
Recent results:
NSTPL recorded a net profit of INR0.83 crore on an operating
income of INR207.90 crore for the period ending March 31, 2014.
NEWRISE HEALTHCARE: CARE Reaffirms D Rating on INR75cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Newrise Healthcare Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 75 CARE D Reaffirmed
Rating Rationale
The rating of NewRise Healthcare P Ltd (NRHPL) continues to take
into account the instances of delays in debt servicing on account
of the stressed liquidity position of the company.
NRHPL is promoted by Panacea Biotec Ltd (75.2% stake) and the
Umkal group (24.8% stake). NRHPL was previously known as Umkal
Medical Institute Pvt Ltd (UMIPL). The name was changed to the
present one in March 2011. NRHPL is setting up a multi-specialty
hospital with 224 beds at a DLF (Phase-3), Gurgaon on a 2.5 acres
area. PBL had entered as a promoter by taking 75.2% stake in NRHPL
in May 2008 by way of infusion of equity and thereafter stake of
PBL increased to 87.40% in NRHPL. Consequent to this, the Umkal
group (Umkal) would act only as an investor without offering any
further financial or management support. The hospital achieved
partial COD in December 2012 as per the revised scheduled
commencement date.
The project cost of NRHPL has been revised upwards to INR168.5
crore (funded by existing DE ratio of 2.4x, debt of INR119.4 crore
and equity of INR49.1 crore) from an earlier estimate of INR142.6
crore with project DE of 2.4x (with debt of INR101 crore and
equity of INR41.6 crore).
PANACEA BIOTEC: CARE Reaffirms D Rating on INR971.93cr LT Loan
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Panacea Biotec Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Facilities 971.93 CARE D Reaffirmed
Long/Short-term Facilities 142.33 CARE D Reaffirmed
Rating Rationale
The rating of Panacea Biotec Ltd (PBL) continues to take into
account the instances of delays in debt servicing on account of
the stressed liquidity position of the company.
Incorporated in February 1984, PBL is promoted by the Jain family,
which has been in the pharmaceuticals business for the last three
generations. PBL has manufacturing facilities for vaccines and
pharmaceutical formulations complying with international
regulatory standards of US-FDA, UK-MHRA & SA-MCC.
In FY14 (refers to the period April 1 to March 31), the company
reported a total operating income of INR512.58 crore and net loss
of INR0.42 crore as against a total operating income of INR599.55
crore and a net loss of INR230.13 crore in FY13.
PANALE INFRASTRUCTURES: CRISIL Reaffirms B- Rating on INR26M Loan
-----------------------------------------------------------------
CRISIL ratings on the bank loan facilities of Panale
Infrastructures Pvt Ltd (PIPL) continues to reflect PIPL's weak
liquidity on account of stretch in receivables and constrained
financial risk profile marked by high total outside liabilities to
tangible net worth ratio and modest net worth.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 26 CRISIL B-/Stable (Reaffirmed)
The ratings also factor geographic concentration of PIPL's modest
scale of operations in a highly fragmented civil construction
industry. These rating weaknesses are partially offset by the
benefits that PIPL derives from its promoters' extensive
experience in the civil construction industry and moderate debt
protection measures supported by average profitability.
Outlook: Stable
CRISIL believes that PIPL's financial risk profile will remain
constrained on account of modest accruals on its high working
capital intensive operations. The outlook may be revised to
'Positive' if the company is able to improve its accruals
significantly or if there is large fund infusion to correct the
overall liquidity profile. Conversely, the outlook may be revised
to 'Negative' in case PIPL's working capital cycle stretches
further or if profitability declines from present levels, thus
impacting its financial risk profile further.
Update
PIPL registered operating income of Rs 109.8 million in 2013-14 as
against Rs 129.3 million registered during the previous year. The
company has registered revenue of Rs 60 million till January 2015
and is expected to book revenue of around INR 100 to 110 million
in 2014-15. The operating margins of the company have improved to
14.2 per cent in 2013-14 as compared to previous year of 13.5
percent owing to higher margin orders received by the company
PIPL's operations have high working capital intensity as reflected
in estimated Gross Current Assets (GCA) of around 260 to 270 days
as on March 31 2015. PIPL's receivable levels are estimated to be
at 150 days as on March 31, 2014, mainly due to delays in
receivables from the government bodies. The inventory levels of
the company have remained in the range of 98 to 138 days over the
past three years ended March 31 2014.
The company has average financial risk profile, with high Total
outside Liabilities to Tangible Net worth (TOLTNW) of around 2.41
times as on March 31 2014. Further the company has moderate debt
protection metrics as seen from the Net Cash Accruals to Total
Debt (NCATD) and Interest Coverage Ratio (ICR) of 20 per cent and
3.24 times respectively. Owing to high working capital
requirements coupled with limited dependence on working capital
facilities, the average bank limit utilization has remained high
at 101 per cent for the 12 months period ended December 2014 with
several instances of overdrawals which are regularized in 15 to 20
days. PIPL's cash accruals for 2013-14 are at INR10.8 million with
no fixed debt repayment obligations. The company has moderate
current ratio of 1.33 times as on March 31 2014.
PIPL was incorporated in 2009 by Mr. Pundik Vitthalrao Panale. The
company undertakes construction of roads, bridges and buildings
for government and private players in Maharashtra. PIPL is
registered with the Public work department, Maharashtra, and the
Maharashtra irrigation department.
PARA PRODUCTS: ICRA Reaffirms B+ Rating on INR9.2cr Cash Credit
---------------------------------------------------------------
ICRA has reaffirmed its ratings on the INR19.20 crore bank
facilities of Para Products Private Limited at [ICRA]B+/[ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 9.20 [ICRA]B+; reaffirmed
Cash Credit cum
Letter of Credit 10.00 [ICRA]B+/[ICRA]A4; reaffirmed
The rating reaffirmation factors in PPPL's healthy client base,
location advantage and the extensive experience of the promoters
in paracetamol manufacturing. On account of its proximity to the
pharmaceutical belt of Uttaranchal, the company benefits from
faster delivery of paracetamol than its competitors. The ratings,
however, remain constrained by the company's modest scale of
operations, stretched capital structure, high working capital
intensity and weak coverage indicators. Further, the top line
remains driven by a single product, Paracetamol - a commoditized
product characterized by low operating margins and limited pricing
flexibility. Further, the company's profitability remains
vulnerable to raw material price fluctuations and adverse
movements in exchange rates, given the company's high dependence
on imports, for its raw materials.
Going forward, the company's ability to continue growth in
revenues, maintain its margins and attain an optimal working
capital intensity, remain the key rating sensitivities.
PPPL is a part of the Globus Pharmachem Group, based in Ghaziabad,
Uttar Pradesh. The company is engaged in manufacturing of bulk
drugs. The company has manufacturing capacities for 4,800 Tonnes
Per Annum (TPA) of Paracetamol. Globus Pharmachem, formerly known
as Goyal Group of Industries, is engaged in manufacturing of dye
intermediates, plasticizers, industrial chemicals and
pharmaceuticals (Paracetamol, Diclofenac, Chlorzoxazone,
Chlorinated Paraffin Wax, Vinyl Sulphone Ester, Acetanilide
Anhydride, Aceclofenac and Nimesulide).
Recent Results
In 2013-14, PPPL reported an operating income (OI) of INR52.2
crore and a profit after tax (PAT) of INR0.6 crore, as against an
OI of INR48.8 crore and a PAT of INR0.5 crore in the previous
year.
PHOENIX STRUCTURAL: ICRA Assigns C Rating to INR4.82cr Term Loan
----------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]C to INR8.82 crore
fund based facilities of Phoenix Structural & Engineering Private
Limited. ICRA has also assigned a short term rating of [ICRA]A4 to
INR1.00 crore non-fund based limits and to INR0.60 crore non fund
based sublimits within term loans of the company. ICRA has also
assigned a long term rating of [ICRA]C and a short term rating of
[ICRA]A4 to INR3.06 crore unallocated limits of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-Fund
Based Cash Credit 4.00 [ICRA]C; Assigned
Long term-Fund
based Term Loan 4.82 [ICRA]C; Assigned
Short term-Non fund
based - BG 1.00 [ICRA]A4; Assigned
Short term-Non fund
Based - LC (sublimit) (0.60) [ICRA]A4; Assigned
Unallocated Limits 3.06 [ICRA]C/[ICRA]A4; Assigned
The assigned ratings takes into consideration, small scale of
company's operations with limited operational track record as well
as its stretched liquidity position as eminent from high working
capital intensity and almost full utilization of working capital
limits. The assigned ratings also factors in the vulnerability of
profit margins to raw material price fluctuations due to high
inventory levels maintained by the company. ICRA also takes a note
of the company's presence in highly competitive market due to
presence of large number of players in organized and unorganized
segments which in-turn limits pricing flexibility of the company.
Further the company is exposed to cyclicality inherent in power,
telecom and engineering sectors.
However, the assigned ratings positively takes into account the
strong experience of the promoters within the industry as well as
operational synergies enjoyed by the company through its group
company which is engaged in same line of business. ICRA also takes
a note on positive demand prospects of the company given the huge
power deficit in India and need for better infrastructure for the
same.
Phoenix structural & Engineering Pvt. Ltd. (PSEPL) was established
in the year 2007 as a private limited company with an objective to
engage into manufacturing and engineering activities namely
Electricity Transmission Line Tower, galvanized steel structure
towers, heavy duty self supporting power towers, power sub-station
structure towers and power transmission towers etc. Mr. Sunil
Patil, Mrs. Prema Patil w/o. Sunil Patil and Mr. Vatun Patil S/o.
Mr. Sunil Patil are partners of the company and are actively
engaged into daily operations of the company. The company has its
administrative office and manufacturing facility is spreads across
an area of 16 acres located at Nagpur.
PRABHA ENGINEERS: ICRA Reaffirms B+ Rating on INR2.5cr Term Loan
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to INR5.00 crore long term
bank facilities of Prabha Engineers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term, Fund based 2.50 [ICRA]B+ reaffirmed
Limits- Term Loan
Long Term, Fund based 2.50 [ICRA]B+ reaffirmed
Limits- Cash Credit
The rating reaffirmation takes into account established track
record of promoters in the auto components industry with more than
four decades of experience; longstanding relationship with OEMs
like Mahindra & Mahindra Limited (M&M), TAFE Motors & Tractors
Limited (TAFE) and financial flexibility provided by being part of
Versatile group. The rating is, however, constrained by high
client concentration with top 3 clients contributing ~90% of
revenue; stretched working capital cycle with tight liquidity
position and leveraged capital structure. ICRA has also taken note
of Prabha's small scale of operations in highly fragmented auto
component machining industry.
Established in 1990, Prabha Engineers is a proprietorship firm
engaged in providing machining services to ferrous castings
manufactured by various Versatile Group companies i.e. Yash
Metallics Private Limited and Versatile Engineers as well as
directly to OEMs and Tier I suppliers. The unit is based in
Kolhapur, Maharashtra.
R.A. MOTORS: CRISIL Reaffirms B+ Rating on INR100MM Bank Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of R.A. Motors
Pvt Ltd (RAMPL) continues to reflect RAMPL's weak financial risk
profile, marked by a small net worth, high total outside
liabilities to tangible net worth ratio, and weak debt protection
metrics, on account of its large working capital requirements and
low profitability.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable (Reaffirmed)
Drop Line Overdraft
Facility 25 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 100 CRISIL B+/Stable (Reaffirmed)
Electronic Dealer
Financing Scheme
(e-DFS) 100 CRISIL B+/Stable (Reaffirmed)
The rating also factors in the company's susceptibility to risks
related to cyclicality of demand in the automobile industry and to
intense competition in the automotive dealership market, and its
limited bargaining power with its principal, Tata Motors Ltd (TML;
rated 'CRISIL AA/Stable/CRISIL A1+'). These rating weaknesses are
partially offset by RAMPL's established relationship with TML, and
its promoters' extensive industry experience.
Outlook: Stable
CRISIL believes that RAMPL will continue to benefit over the
medium term from its established market position as a dealer in
TML's commercial vehicles (CVs) in Etah, Moradabad, Badaun, and
Bareilly (all in Uttar Pradesh). The outlook may be revised to
'Positive' in case of substantial equity infusion by the company's
promoters or significant improvement in its revenue and
profitability, leading to better cash accruals and hence to an
improvement in its capital structure and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if RAMPL's
financial risk profile deteriorates, most likely because of large
debt-funded capital expenditure or working capital requirements.
RAMPL is an authorised dealer for TML's CVs with four showrooms on
the 3S (sales, service, and spares) model, one each at Etah,
Moradabad, Badaun, and Bareilly. The company deals in the entire
range of TML's CVs.
S.R. LOG: CRISIL Suspends D Rating on INR110MM Letter of Credit
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
S.R. Log Products Pvt Ltd (SR Log).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL D
Letter of Credit 110 CRISIL D
The suspension of ratings is on account of non-cooperation by SR
Log with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SR Log is yet to
provide adequate information to enable CRISIL to assess SR Log'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'
SR Timber, set up in 2001 by Mr. Akhilesh Singh and Mr. Sashi
Bhushan Singh, trades in timber. In 2004, Mr. Akhilesh Singh and
his sister Ms. Chittra Singh set up SR Worth for manufacturing of
value-added wooden products. In 2005, the promoters incorporated
SR Log for trading in timber.
SAHYADRI HEALTHCARE: CRISIL Reaffirms B+ Rating on INR125.5M Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of
Sahyadri Healthcare and Diagnostics Pvt Ltd (SHD) continues to
reflect SHD's below-average financial risk profile, marked by weak
debt protection metrics, small net worth, stretched liquidity, and
moderate gearing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 125.5 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the benefits that
SHD derives from its association with Narayana Health Pvt Ltd
(NHPL) for management of its hospital venture; the rating also
factors in the support that SHD receives from its promoters.
Outlook: Stable
CRISIL believes that SHD will continue to benefit from its
association with NHPL, over the medium term. The outlook may be
revised to 'Positive' if the company reports significantly high
accruals and if its promoters make additional infusion, resulting
in improvement in its financial risk profile, especially its
liquidity. Conversely, the outlook may be revised to 'Negative' if
SHD undertakes sizeable debt-funded capital expenditure programme
or if its accruals are significantly below expectations, resulting
in weakening in its debt-servicing ability.
SHD was incorporated in 2009, and is promoted by Mr. Raghavendra
Yeddyurappa and Mr. Vijayendra Yeddyurappa. The company has set up
a multi-speciality hospital in Shimoga (Karnataka). SHD has tied
up with NHPL (promoted by Dr. Devi Prasad Shetty) for management
of its hospital, which commenced operations in November 2012.
SANGAM AUTOMOBILES: CARE Assigns B+ Rating to INR4.65cr LT Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Sangam Automobiles.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.65 CARE B+ Assigned
Long/Short-term Bank 0.50 CARE B+/CARE A4
Facilities Assigned
Rating Rationale
The ratings assigned to the bank facilities of Sangam Automobiles
(SAU) are primarily constrained by its small scale of operations
coupled with low profitability margins. The ratings are further
constrained by intense competition amongst automobile dealers and
from other brands, regional concentration, fortunes of SAU being
linked to the performance of M&M and constitution of the entity as
a partnership firm.
These rating constraints are partially offset due to the support
from the experienced partners and moderate capital structure and
coverage indicators.
Going forward, the ability of SAU to scale up its operations with
improvement in profitability margins shall be the key rating
sensitivities.
Amritsar-based, (Punjab) Sangam Automobiles (SAU) is a partnership
firm established in January, 2003 by Mr Navdeep Singh and Mr
Sandeep Singh, sharing profit and loss in equal proportion. The
firm operates as an authorised dealer of Mahindra & Mahindra (M&M)
for its 3S facility (Sales, Spares and Service) since inception.
As per the agreement, earlier, the firm had rights to sell three
wheelers only. However, from FY15 (refers to the period April 1 to
March 31) the firm entered into a dealership agreement with
Mahindra & Mahindra for its Light Commercial Vehicles (LCV)
segment such as Bolero Pickup, Mahindra Maxximo Plus. SAU has two
showrooms at Amritsar, Punjab and one in Taran taran district
(Punjab) operational since January, 2003. All the showrooms have
attached workshop facility for the post sales services of cars.
One out of two showrooms is rented and rest on lease-hold
premises.
In FY14, SAU has achieved a total operating income (TOI) of
INR17.98 crore with a profit after tax (PAT) of INR0.11 crore as
against TOI and PAT of INR15.82 crore and INR0.06 respectively in
FY13. Furthermore, during FY15, the company achieved TOI of INR17
crore till February 28, 2015.
SHUBHAM INDUSTRIES: CRISIL Assigns B+ Rating to INR60.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facility of Shubham Industries - Hyderabad (SI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60.5 CRISIL B+/Stable
The rating reflects SI's modest scale of operations in the highly
fragmented cotton industry, below-average financial risk profile,
marked by a small net worth, high gearing, and weak debt
protection metrics, and vulnerability of the firm's operating
performance to changes in government policy. These rating
weaknesses are partially offset by the extensive experience of
SI's partners in the cotton industry and their established
relationships with traders.
Outlook: Stable
CRISIL expects SI to continue to benefit over the medium term from
its partners' extensive industry experience and established
relationship with traders. The outlook may be revised to
'Positive' in case of substantially high scale of operations,
while improving its profitability margins, resulting in better
cash accruals. Conversely, the outlook may be revised to
'Negative' if SI's financial risk profile deteriorates due to
lengthening of its working capital cycle or decline in revenue or
profitability.
SI was established as a partnership firm in 2013 by Mr.Rajesh Soni
and Mr. Krishnakumar Partani. The firm gins and presses raw cotton
(kapas) to make cotton bales, and sells cotton seed. SI's
manufacturing facility in Tandur (Andhra Pradesh) has capacity of
45,000 bales per annum. SI commenced its commercial operations
from December 2013.
For 2013-14 (refers to financial year, April 1 to March 31), SI
reported a profit after tax (PAT) of INR2.0 million on net sales
of INR350 million.
SIDDHI SUGAR: CARE Reaffirms B+ Rating on INR24.37cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Siddhi Sugar And Allied Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 24.37 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Siddhi Sugar and
Allied Industries Limited (SSAIL) continues to be constrained by
the limited experience of the promoters in the sugar industry,
relative small scale of non-integrated sugar mill, working
capital-intensive nature of operations and financial risk profile
marked by highly leveraged capital structure. The rating also
factors in the cyclical and seasonal nature of the sugar industry
and associated agro-climatic risks.
The rating, however, derives strength from the resourceful
promoters, qualified and experienced second-tier management and
strategic location of SSAIL's sugar plant.
The ability of SSAIL to procure the envisaged volume of sugar cane
at the envisaged prices and effective management of the working
capital are the key rating sensitivities.
SSAIL was incorporated in January 2011 by Mr Babasaheb Mohanrao
Patil, Chairman, and Mr Avinash Balasaheb Jadhav to undertake the
manufacturing of sugar. The company acquired the closed sugar mill
of Balaghat Shetkari Sahakari Sakhar Karkhana Ltd (capacity of
2,500 tonnes of cane crushed per day (TCD)) in an auction from
Maharashtra State Co-operative (MSC) Bank Limited, Mumbai. SSAIL
got the possession of the sugar mill in August 2011 and commenced
commercial operations from December 2011 post refurbishing &
maintenance work. The sugar plant is located in Gram Ujana, Taluka
Ahmedpur, District Latur, Maharashtra. Mr Babasaheb Mohanrao
Patil, is the member of the legislative assembly (MLA) from
Ahmedpur (Latur) constituency since the past 10 years and has been
into agricultural business since the last three decades. Mr
Avinash Jadhav, executive director of SSAIL holds a master degree
in finance, looks after the finance and production function in the
company.
During sugar season 2013-14, SSAIL crushed sugar cane to the tune
of 4.92 lakh metric tonnes (MT) and in FY14 (refers to the period
April 1 to March 31) the company registered a total operating
income of INR157.34 crore. In the ongoing crushing season SSAIL
crushed sugar cane to the tune of 4.12 lakh MT till March 03,
2015, and produced 44,540 MT sugar.
During FY14, SSAIL reported a PAT of INR0.22 crore (as against PAT
of INR1.32 crore in FY13) on a total operating income of INR157.35
crore (as against INR110.32 crore in FY13).
SRI BALASUBRAMANIA: CRISIL Rates INR59.4MM Cash Credit at B-
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-term
bank facilities of Sri Balasubramania Mills Ltd (SBML).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 59.4 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 10.6 CRISIL B-/Stable
The rating reflects SBML's modest scale of operations in the
fragmented textile industry, susceptibility of its operating
margin to volatility in raw material prices, and its below-average
financial risk profile, marked by weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
industry experience of the company's promoters.
Outlook: Stable
CRISIL believes that SBML will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if improvement in revenue and
profitability results in a considerably stronger financial risk
profile for the company. Conversely, the outlook may be revised to
'Negative' if decline in cash accruals, deterioration in working
capital management, or any large debt-funded capital expenditure
weakens its financial risk profile.
SBML, incorporated in 1935, manufactures blended polyester cotton
yarn. Its day-to-day operations are managed by Mr. Sanjay Balu and
Mr. Arjun Balu.
The company reported a net loss of INR4.3 million on revenue of
INR192.4 million in 2013-14 (refers to financial year, April 1 to
March 31) against a net loss of INR17.7 million on revenue of
INR162.2 million in 2012-13.
SRI VARADHRAJA: CARE Lowers Rating on INR6.18cr LT Loan to D
------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Sri Varadhraja Fruit Products Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.18 CARE D Revised from
CARE BB-
Rating Rationale
The revision in the rating assigned to the bank facilities of Sri
Varadhraja Fruit Products Private Limited takes into account
delays in debt servicing by the company due to its weak liquidity.
SVFP was incorporated in the year 2000; however in 2010, the
company was taken over by the Asianlak group which was promoted by
Mr Radhe Shyam Poddar with his two sons, Mr Gopal Poddar and Mr
Neeraj Poddar. Mr Radhey Shyam Poddar, who is the managing
director, has an experience of more than four decades in the
processing of fruit juices Mr Gopal Poddar and Mr. Neeraj Poddar
have more than two decades of work experience in the fruit juice
industry through group associates. The company sells its fruit
juices under the brand name 'Mr. Fresh' in flavors, viz, mango,
apple, litchi, guava and mixed fruit and soft drink under the
brand name of 'Top Cola'. The group associate of SVFP includes
Asian Lakto Industries Limited (CARE D) and Asianlak Health Foods
Limited (CARE D) which are engaged in the manufacturing of fruit
juice and carbonated soft drinks and processing of water
respectively.
For FY14 (refers to the period April 01 to March 31), SVFP
reported a total operating income of INR25.79 crore and a PAT of
INR0.45 crore as against total operating income of INR21.98 crore
and PAT of INR0.42 crore for FY13.
SRI VENKATA: ICRA Assigns B+ Rating to INR8.91cr Fund Based Loan
----------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to INR8.91
crore fund based limits of Sri Venkata Padmavathi Raw and Boiled
Rice Mill. ICRA has also assigned the ratings of [ICRA]B+/[ICRA]A4
assigned to INR1.09 crore unallocated limits of SVPRBRM.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 8.91 [ICRA]B+ assigned
Unallocated limits 1.09 [ICRA]B+/[ICRA]A4 assigned
The assignment of ratings are constrained by the weak financial
profile characterized by low profitability, high gearing and weak
coverage indicators, small scale of operations with an installed
capacity of 6 tons per hour and risks arising from partnership
nature of the firm. It is further constrainted by intensive
competitive nature of the industry restricting operating margins
and agro climatic risks, which can affect the availability of the
paddy in adverse weather conditions; The rating mainly draws
comfort from easy availability of paddy owing to proximity of
plant in major paddy cultivating region of the country. Further,
favorable demand prospects of the industry with India being the
second largest producer and consumer of rice internationally
augurs well for the firm.
Key Rating Sensitivities
Going forward, the firm's ability to improve its profitability and
manage its working capital requirements will be key rating
sensitivities from credit perspective.
Sri Venkata Padmavathi Raw and Boiled Rice Mill was founded as a
partnership firm in the year 2012 and has started production from
April 2012. The firm had setup a rice mill with production
capacity of 6 tons per hour to produce raw & boiled rice. The unit
is located at Nellore district of Andhra Pradesh. The firm is
promoted by Mr. M. Ramesh.
Recent Result
The firm reported profit after tax of INR0.05 crore on an
operating income of INR35.52 crore during FY2014 as against profit
after tax of INR0.03 crore on an operating income of INR11.66
crore during FY2013.
SUPREME HEATREATERS: ICRA Assigns 'B+' Rating to INR16cr Loan
-------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B+ to the INR18.40
crore fund based facilities of Supreme Heatreaters Private
Limited. ICRA has also assigned the short-term rating of [ICRA]A4
to the INR21.60 cr non-fund based facilities of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Term Loan 2.40 [ICRA]B+ assigned
Fund Based-Cash Credit 16.00 [ICRA]B+ assigned
Non Fund Based-Letter
of Credit 21.50 [ICRA]A4 assigned
Non Fund Based-Buyer's
Credit (10.00) [ICRA]A4 assigned
Non Fund Based-Bank
Guarantee 0.10 [ICRA]A4 assigned
The assigned ratings take into account the established presence of
the company in the steel processing business resulting in a long
standing relationship with the customers, ensuring repeat orders.
The rating also favourably factors in the healthy growth in the
company's revenues over the last few years driven by the growth in
the company's specialty steel segment. The ratings however, remain
constrained by the highly leveraged capital structure and weak
coverage indicators of the company. The ratings also negatively
factor in the working capital intensive operations of the company
and the susceptibility of its profits to adverse fluctuations in
raw material prices and to the inherent cyclicality of the steel
industry.
Incorporated in 1987, Supreme Heatreaters Pvt. Ltd (SHPL) is a
family run business promoted by Mr. Sanjay Chowdhri who is an
engineer by qualification. The company was initially engaged in
undertaking job work of heat treatment services and later
commenced manufacturing and processing of wires, bright bars and
profiles of stainless and ball bearing steel. In 2007, SHPL set-up
an additional division "Supreme Special Steels" in order to
manufacture specialty steels such as Nickel-based Superalloys,
Duplex & Super-duplex stainless steels, High Speed Steels etc
which find applications in the oil and gas exploration, nuclear
energy, defense and petroleum industry.
Recent Results
SHPL reported profit after tax (PAT) of INR0.39 crore on an
operating income of INR76.01 crore in FY14 as against a PAT of
INR1.98 crore on an operating income of INR57.99 crore in FY13.
SURYA AGRO: ICRA Assigns B Rating to INR7.0cr Cash Credit
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to INR10.50 crore
fund based limits of Surya Agro Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 7.00 [ICRA]B assigned
Term Loans 3.50 [ICRA]B assigned
The assigned rating is constrained by SAI's weak financial profile
characterized by net losses incurred of INR0.40 crore owing to
high interest expenses, high gearing levels at 8.06 times, weak
coverage indicators with interest coverage at 1.74 times and
NCA/Debt at 5.58 times for FY2014; limited track record of
promoters and small scale of operations in the rice milling
industry; and risks inherent in a partnership nature of the firm.
The rating is further constrained by susceptibility of
profitability and revenues to agro-climatic risks which impact the
availability of the paddy in adverse weather condition; and the
fragmented nature of the industry characterized by competition
from a large number of players. The ratings however take comfort
from easy availability of paddy from proximity of plant in major
paddy cultivating region of the country and favorable demand
prospects of the industry with India being the second largest
producer and consumer, demand prospects for the industry are
expected to remain good.
Going forward, the ability of the firm to efficiently manage its
working capital and increase revenues and margins will remain the
key rating sensitivity from credit perspective.
Surya Agro Industries (SAI) was founded as a partnership firm in
the year 2012. The firm had setup a rice mill with an installed
capacity of 6 TPH (tons per hour) to produce raw & boiled rice and
commenced its operations from August 2014. The unit is located at
West Godavari District of Andhra Pradesh. The firm sells its
products primarily in export market and some parts of Andhra
Pradesh under the brand name Surya.
Recent Results
For FY2014, the firm reported an operating income of INR14.06
crore and operating profits of INR1.28 crore.
SWAJIT ABRASIVES: CARE Reaffirms B+ Rating on INR4.68cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Swajit Abrasives Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.68 CARE B+ Reaffirmed
Short-term Bank Facilities 1.15 CARE A4 Reaffirmed
Rating Rationale
The ratings continue to be constrained by the small scale of
operations of Swajit Abrasives Private Limited (SAPL) with a
limited product portfolio and weak financial profile marked by
decline in operating profitability and cash loss during FY14
(refers to the period April 1 to March 31) and leveraged capital
structure. The ratings are further constrained by the presence of
SAPL in the highly competitive abrasives industry.
The ratings continue to factor in the company's long track record
of operations and the experience of the promoters.
The ability of the company to improve the scale of operations and
efficient management of working capital cycle remains the key
rating sensitivity.
Incorporated in the year 2000 and promoted by Mr Avinash V Chavan,
SAPL is a part of the Aurangabad-based "Swajit Group". The
flagship company of the group, Swajit Engineering Private Limited,
is engaged in manufacturing of conveyor chains used in material
handling and caters to sugar, cement, fertilizers and allied
industries.
SAPL is engaged in the manufacturing of coated abrasives products
at its manufacturing facility located at Aurangabad, Maharashtra,
with an installed capacity of 4.20 lakh square meters per annum.
Abrasives are mainly used for grinding and surface finishing
purpose and find applications in automobile, hand tool, furniture,
electroplating, leather and several other industries. SAPL sells
its products under "Abracut" and "Tiger" brands.
In FY14, SAPL reported net loss of INR 0.91 crore on a total
operating income of INR10.95 crore as against a PAT of INR0.10
crore against a turnover total operating income of INR9.93 crore
in FY13.
SWETA INDUSTRIES: ICRA Suspends B+ Rating on INR3.39cr Term Loan
----------------------------------------------------------------
ICRA has suspended the [ICRA]B+ and [ICRA]A4 ratings to the
INR20.00 crore bank facilities of Sweta Industries. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of requisite information from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based
Limits - Term Loans 3.39 [ICRA]B+ Suspended
Long Term Fund Based
Limit - Cash Credit 2.00 [ICRA]B+ Suspended
Short Term Non Fund
Based Limit-Letter
of Guarantee 0.15 [ICRA]A4 Suspended
Unallocated Amount 14.46 [ICRA]B+/[ICRA]A4 Suspended
Established in 2009Sweta Industries is engaged in the manufacture
of stainless steel hot rolled and cold rolled patta-patti. The
firm began commercial operations from March 2011. It has its
registered office in Mumbai and a manufacturing facility at
Sarigam(Gujarat) with an installed capacity to produce
approximately 4500 metric tons of stainless steel patta-patti
annually.
VIKAS COT: ICRA Reaffirms B+ Rating on INR18.68cr LT Loan
---------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B+ on the
INR20.00 crore bank facilities of Vikas Cot Fiber Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund
Based facilities 18.68 [ICRA]B+, reaffirmed
Unallocated 1.32 [ICRA]B+, reaffirmed
ICRA's rating reaffirmation continues to take into account
promoters experience in cotton ginning & trading and its
favourable location owing to proximity to cotton producing belt of
Maharashtra and Madhya Pradesh which enables VCF to establish
better relations with farmers and saves transportation costs. The
rating however continues to be constrained by fragmented and
seasonal nature of the industry, VCF's limited presence in the
textile value chain and dynamic regulatory environment. Further
rating is constrained due to high leverage and low profitability
margins resulting in modest level of net cash accruals. Hence,
there is always need for external funding for increasing the scale
of operations. Further the capacity of the company to bear any
adverse price movements in cotton inventory is low due to weak
profitability.
While ICRA expects VCF's operating profit margin to remain in low
single digits, high debt funded capital expenditure and
deterioration in debt coverage indicators would be the key rating
sensitivity.
VCF was incorporated in May 2008 by Khandelwal Family in Sendhwa,
Madhya Pradesh. The company is engaged in cotton ginning and
pressing. VCF is also involved in cotton trading. The company
manufactures lint from kapas (raw cotton) and undertakes pressing
operation to produce bales. Cotton seed is the by-product of
ginning operation which the company sells to oil extraction units.
===============
M O N G O L I A
===============
MONGOLIA: S&P Affirms B+ Sov. Credit Rating; Outlook Now Neg.
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its rating outlook on
Mongolia to negative from stable. At the same time, S&P affirmed
its 'B+' long-term and 'B' short-term sovereign credit ratings on
Mongolia. S&P also affirmed its 'B+' issue rating on the
country's senior unsecured notes. S&P's 'BB-' transfer and
convertibility (T&C) assessment on Mongolia is unchanged.
RATIONALE
S&P revised its rating outlook to negative from stable to reflect
growing pressure on the rating from Mongolia's twin deficits in
its budget and current account. The pressure is unlikely to abate
without swift corrective actions. S&P's sovereign ratings on
Mongolia balance the country's strong long-term growth prospects,
moderate government debt burden, and monetary flexibility inherent
with a flexible exchange rate, against the high current account
and fiscal deficits and developing institutions.
S&P believes the Mongolian government's Comprehensive
Macroeconomic Adjustment Plan (CMAP), enacted in February 2015,
will improve the business environment, deepen relations with key
trading partners, and help finalize the negotiations with Rio
Tinto on the second phase of the mega copper-gold mine Oyu Tolgoi
(OT). The CMAP was enacted after the opposition Mongolia People's
Party (MPP) joined the governing Democratic Party (DP) to form a
grand coalition in November 2014. However, implementation risks
remain and prior administrations have not established a record of
consistent policies promoting foreign direct investment.
Mongolia's external position is weak, making policy implementation
all the more important. After running current account deficits of
over 25% of GDP for three consecutive years from 2011 to 2013,
Mongolia's 2014 current account deficit fell to a still-high 8.5%
of GDP. S&P expects the deficit to remain roughly at this level
through 2016.
As a result of Mongolia's high current account deficit, S&P
projects its external debt net of public and financial sector
external assets to rise to 147% of current account receipts at the
end of 2015, from 11% at the end of 2010. S&P also estimates its
gross external financing needs will climb to 134% of the sum of
current account receipts plus usable reserves at the end of 2015
from 102% at end 2010, and its net external liabilities will jump
to 376% of current account receipts from 45% over the same period.
S&P estimates that usable reserves will fall to two months of
current account payments this year. This deterioration partly
reflects an ambitious externally funded investment program in
extractive industries and recent adverse terms of trade.
S&P also expects the external position of Mongolia's financial
institutions to weaken to a debtor position of 20% of current
account receipts at the end of 2015 from a largely balanced
position in 2010. S&P believes the government will take steps to
assist systemically important banks in rolling over their external
debt. In addition, S&P assumes that multilateral and regional
bilateral lenders will swiftly provide Mongolia with official
loans for balance-of-payment support if necessary.
Mongolia's developing economy, with a US$4,000 GDP per capita,
presents the government with a narrow revenue base. Although per
capita economic growth in Mongolia will likely be much weaker over
2015-2017 compared with its double-digit growth in 2011-2013, S&P
expects its medium-term growth of GDP per capita to be just under
6%. Mongolia's strong growth potential offsets some of the
weaknesses in its sovereign creditworthiness.
The Mongolian government's fiscal flexibility is a rating
constraint. Although the government is including off-budget
spending through Development Bank of Mongolia (DBM) in the budget
after it recently amended its Fiscal Stability Law, S&P believes
the government still has a tendency to incur some off-budget
spending and undertake additional guarantees over the next three
years. Accordingly, S&P projects the average yearly increase in
general government debt to be about 4.7% of GDP over 2015-2017,
despite the possibility of the government drawing down some of its
bank deposits to finance its fiscal deficit. The government's
fiscal flexibility is further constrained by its significant
reliance on the volatile mining sector for revenue and the need to
address notable shortfall in basic services and infrastructure.
The country's general government debt (inclusive of government-
guaranteed DBM debt) poses a moderate but rising risk to the
sovereign creditworthiness. S&P estimates the net general
government debt at about 49% of GDP at the end of 2014, and it is
likely to be little changed over the next three years. The
government's interest expense may rise to 12% of revenue over
2015-2017 due to its higher debt stock, greater reliance on high-
cost domestic borrowing, and weaker revenue growth compared with
2012-2014. However, greater reliance on domestic commercial
borrowing lowers the refinancing risk associated with foreign
investors.
S&P believes the contingent liabilities of the government are
limited, as S&P's criteria define the term, largely due to the
small size of Mongolia's financial sector. That said, S&P
classifies Mongolia's banking sector in group '9' under its Bank
Industry and Country Risk Assessment (with '1' being the strongest
assessment and '10' the weakest), mainly due to the system's
weaknesses in regulatory framework, rapid credit growth in the
past several years, volatile property prices, and external
vulnerability.
Mongolia's monetary policy puts economic growth ahead of keeping
inflation low, in S&P's view, which limits the country's monetary
flexibility to attenuate economic or financial shocks. The
parliament can effectively define monetary policy, indicating the
central bank's lack of independence. Inflation in 2014 exceeded
the central bank's target of 8%. If we assume the central bank
continues to maintain positive real interest rate, S&P expects
Mongolia's inflation to recede to high single digits over the next
three years. The tugrik has appreciated over 60% in real
effective terms since 2000, partly due to the country's high
inflation compared with its peers'.
OUTLOOK
The negative outlook reflects the possibility that S&P could lower
its rating on Mongolia in the next 12 months if the CMAP does not
induce much-needed foreign direct investments, the country's
external liquidity continues to weaken, or the government debt
burden rises.
On the other hand, S&P may revise our outlook back to stable if
the government can realize the substantial mineral wealth of the
nation and improve its fiscal and external positions beyond S&P's
current expectations.
In accordance with S&P's relevant policies and procedures, the
Rating Committee was composed of analysts that are qualified to
vote in the committee, with sufficient experience to convey the
appropriate level of knowledge and understanding of the
methodology applicable. At the onset of the committee, the chair
confirmed that the information provided to the Rating Committee by
the primary analyst had been distributed in a timely manner and
was sufficient for Committee members to make an informed decision.
After the primary analyst gave opening remarks and explained the
recommendation, the Committee discussed key rating factors and
critical issues in accordance with the relevant criteria.
Qualitative and quantitative risk factors were considered and
discussed, looking at track-record and forecasts.
The committee agreed that debt profile had deteriorated. All
other key rating factors were unchanged.
The chair ensured every voting member was given the opportunity to
articulate his/her opinion. The chair or designee reviewed the
draft report to ensure consistency with the Committee decision.
The views and the decision of the rating committee are summarized
in the above rationale and outlook. The weighting of all rating
factors is described in the methodology used in this rating
action.
RATINGS LIST
Ratings Affirmed; Outlook Action
To From
Mongolia
Sovereign Credit Rating B+/Negative/B B+/Stable/B
Ratings Affirmed
Mongolia
Senior Unsecured B+
Development Bank of Mongolia
Senior Unsecured B+
(Guarantor: Mongolia)
TRADE AND DEVELOPMENT: Moody's Rates Sr. Unsecured Notes at B2
--------------------------------------------------------------
Moody's Investors Service assigned a B2 rating to Trade and
Development Bank of Mongolia LLC's (TDBM, B3 foreign currency
deposit rating negative/ b3 baseline credit assessment)'s proposed
senior unsecured notes, which will be drawn from the $500million
Global Medium Term Notes (GMTN) Program.
The notes will benefit from a guarantee by the Government of
Mongolia (B2, negative).
The rating outlook is negative, in line with the issuer rating of
the government.
The rating is subject to receipt of final documentation, the terms
and conditions of which are not expected to change in any material
way from the draft documents reviewed by Moody's.
"The B2 rating on the notes is based on the unconditional and
irrevocable guarantee provided by the Government of Mongolia,"
says Hyun Hee Park, a Moody's analyst/assistant vice president.
The guarantee will constitute a direct, unsubordinated, and
unsecured obligation of the Government of Mongolia.
"As such, the B2 rating is in line with the Government of
Mongolia's foreign currency senior unsecured debt rating and
reflects the structure of the proposed issuance," adds Park.
Key factors that could prompt an upward movement in the rating
include: (1) a replenishment of official foreign-exchange reserves
and reduction in external funding vulnerability, (2)
predictability in mineral resource development that bolsters
fiscal, external payments and economic prospects (3) a
strengthening of government finances, such as by adherence to the
fiscal stability law, and (4) greater price stability.
Triggers for a downward movement in the rating include: (1) a
continued rapid rise in external debt or decline in official
international reserves; (2) a credit boom or further rise in
inflationary pressures; (3) a continued rise in the government
debt, such as from lax adherence to the Fiscal Stability Law; (4)
a significant decline in foreign direct investment that places
additional strain on the balance of payments.
The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in March
2015.
Trade and Development Bank of Mongolia LLC is based in
Ulaanbaatar. It is the largest banks in Mongolia by assets. At 31
December 2014, the bank's consolidated assets totaled MNT5.4
trillion ($2.9 billion).
TRADE AND DEVELOPMENT: S&P Ups Global Notes Program Rating to B+
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term program
rating on the global medium-term notes (MTN) program of Trade and
Development Bank of Mongolia LLC (TDB: B/Negative/B) to 'B+' from
'B'. S&P affirmed the short-term rating on the program at 'B'.
At the same time, S&P assigned its 'B+' long-term issue rating to
the proposed U.S. dollar-denominated senior unsecured notes
drawdown from the program. The issue ratings are subject to S&P's
review of the final issuance documentation.
S&P raised the rating on the MTN program because the government of
Mongolia (B+/Negative/B) now guarantees the program. S&P notes
that the size of the program has been reduced to US$500 million
from US$1 billion.
S&P has equalized the ratings on the program and the proposed
drawdown with the sovereign credit ratings on Mongolia. All
payments related to the proposed notes under this drawdown will be
unconditional and irrevocable obligations of the government of
Mongolia, and S&P also views the government guarantee as one for
timely payment. The obligations of the Mongolian government under
the guarantee will rank pari passu with all other unsecured and
unsubordinated external indebtedness of the sovereign.
====================
S O U T H K O R E A
====================
DOOSAN INFRACORE: S&P Affirms 'B+' CCR; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services said that it has affirmed its
'B+' long-term corporate credit rating on Korea-based Doosan
Infracore Bobcat Holdings Co. Ltd. (DIBH). The outlook is stable.
S&P also affirmed its 'BB-' issue rating with '2' recovery rating
on the $1.2 billion senior secured term loan belonging to
subsidiaries Doosan Infracore International Inc. (DII) and Doosan
Holdings Europe Ltd. (DHEL) that is due in 2021. DII and DHEL are
coborrowers of the term loan, and DIBH will guarantee the loan.
At the same time, S&P revised the stand-alone credit profile
(SACP) for DIBH to 'bb-' from 'b+'.
"We revised the SACP for DIBH to 'bb-' from 'b+' mainly reflecting
our expectation that the company will modestly improve its
financial metrics over the next one to two years, predominantly
due to steady demand growth in the U.S. construction equipment
market," said JunHong Park, a credit analyst at Standard & Poor's.
"We also expect DIBH will modestly enhance its operating
profitability in its European construction equipment business
thanks to ongoing cost reductions including closure of its
manufacturing facility in Belgium in 2014," he added.
S&P believes DIBH will continue to strive to reduce debt with free
cash flow as seen by the company's early debt repayments of $100
million in December 2014. S&P expects the company's adjusted debt
to EBITDA to be about 3.5x-4.5x over the next two years compared
with about 5.1x in 2013. Reflecting these expectations, S&P
revised the company's financial risk profile to "aggressive" from
"highly leveraged."
S&P continues to assess the parent Doosan Infracore Co. Ltd.'s
(DI; not rated) group credit profile (GCP) as 'b', mainly
reflecting financial measures that show very high leverage, such
as debt to EBITDA of about 10.0x in 2014. The rating on DIBH is
higher than the GCP because we believe DIBH is somewhat distanced
from its parent in financial terms with different bankruptcy
codes. S&P views DIBH as severable from the group and able to
maintain its major operational functions fairly independently from
the group. Also, covenants in DIBH's term loans should restrict
somewhat the potential for the parent to extract value, in S&P's
view.
Nonetheless, the overall rating on DIBH is lower than the SACP
because of the group's weaker credit profile and close ownership.
DI has 100% ownership of DIBH and there are no independent
directors on DIBH's board that have any effective influence on
decision making.
The stable outlook on DIBH reflects S&P's expectation that the
company will maintain stable operating performance and modestly
improve its financial metrics over the next one to two years,
thanks to its well-established market position.
S&P may raise the rating if the parent DI group improves its
profitability and significantly reduces its debt with prudent
financial policies, and, as a result, the group's debt to EBITDA
ratio approaches 5.0x. S&P could also raise the rating if DIBH's
ties with its parent group weaken significantly, possibly through
the parent selling a significant portion of its shares in DIBH.
S&P may lower the rating if it revises the SACP for DIBH down to
'b' or below as a result of deteriorating profitability and
financial measures, potentially owing to a weakening market
position or slower-than-expected demand growth. An increase in
DIBH's adjusted debt to EBITDA to about 6.0x would indicate such a
deterioration. Also, the ratings could come under pressure if S&P
lowers the GCP for the parent group, potentially due to weakening
liquidity.
===============
T H A I L A N D
===============
IRPC PUBLIC: S&P Affirms 'BB+' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'BB+' long-term corporate credit rating on IRPC Public Co. Ltd., a
Thailand-based refining and petrochemical company. The outlook is
stable. S&P also affirmed its 'axBBB+' long-term ASEAN regional
scale rating on IRPC and our 'BB+' long-term issue rating on the
company's senior unsecured notes.
"We affirmed the rating because we believe IRPC's operating
performance is likely to recover over the next two years, such
that its EBITDA interest coverage will be above 2x," said Standard
& Poor's credit analyst Yuehao Wu. "The affirmation also hinges
on our view that IRPC will remain strategically important to its
parent, PTT Public Co. Ltd., over the same period."
S&P forecasts IRPC's EBITDA interest coverage to be at 2.5x-2.8x
in 2015 due to improved utilization rates, further cost-cutting
measures, and the gradual ramp-up of the company's asset-
improvement projects. S&P sees reduced execution risk associated
with an upstream project for hygiene and value-added products
(UHV). More than 90% of the project is complete and commercial
operations should start in 2015.
S&P believes IRPC could improve its gross integrated margins by
about US$0.9 per barrel (bbl) in 2015, and by up to US$2/bbl in
2016 because of its cost reductions and asset-enhancement
initiatives. S&P therefore expects EBITDA, before stock gains and
losses, to nearly double year over year to Thai baht (THB) 7.5
billion-THB8.0 billion in 2015.
An improved product slate and higher utilization rates following
the ramp-up of IRPC's UHV project should offset what S&P sees as
challenging industry fundamentals for the refining and
petrochemical (including propylene) segments over the next 12-18
months.
In S&P's view, IRPC continues to be a strategically important
subsidiary of PTT. S&P expects PTT to maintain its current
ownership stake and continue to provide exceptional support
through either the extension of crude payment terms or
intercompany loans if necessary. S&P also believes PTT will be
willing to maintain its working capital support until the
company's UHV project is fully ramped up and IRPC's financial
performance sustainably improves. In addition, the company could
still source reasonably inexpensive external funding for its
leverage levels because of the perceived linkage with the PTT
group.
"The stable outlook reflects our view that IRPC will maintain its
EBITDA interest coverage above 2x over the next 12-18 months
mainly because of an improved operating performance and higher
margins," said Ms. Wu. The outlook also assumes that the company
will complete its UHV project on time and on budget, and will
gradually ramp-up the project in 2015.
S&P may downgrade IRPC if:
-- It lowers the company's stand-alone credit profile because
of much higher debt levels than S&P's expectation. This
may arise from significant project delays, lower-than-
expected contributions from the UHV project, or overly
challenging market conditions for a prolonged time. S&P
may also lower the stand-alone credit profile due to
substantial debt-funded cost overruns. An indication of
the weakening could be EBITDA interest coverage materially
below 2x for more than 18 months. S&P assess IRPC's
strategic importance to PTT as having reduced. This could
materialize if PTT and the Thailand government, through the
Government Pension Fund, the Government Savings Bank, and
Thai NVDR Co. Ltd., significantly reduce their stakes in
IRPC, or the company's business integration with PTT shifts
considerably.
S&P sees the likelihood of an upgrade as limited over the next 12
months. Nevertheless, S&P may raise the rating if it assess the
strength of IRPC's relationship with its parent to have increased.
This could happen if PTT significantly raises its stake in IRPC or
extends further exceptional operational and financial support to
IRPC.
S&P may also raise the rating if IRPC's cash flows improve
substantially and sustainably over the next year. Any improvement
depends on strong incremental cash flows from the UHV project from
2016 or the industry outlook for IRPC's main products improving
sustainably. An improvement also depends on the cash flows being
sustainably stronger because of much better operating efficiency
arising from the project.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 27 to May 1, 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
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BAYAN TELECOMM 13.50 07/15/06 USD 22.75
BAYAN TELECOMM 13.50 07/15/06 USD 22.75
SINGAPORE
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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
------
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 ***