/raid1/www/Hosts/bankrupt/TCRAP_Public/161011.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, October 11, 2016, Vol. 19, No. 201
Headlines
A U S T R A L I A
1522 MALVERN: First Creditors' Meeting Set For Oct. 19
39 CHETWYND: First Creditors' Meeting Slated For Oct. 17
LB GROUP: First Creditors' Meeting Set For Oct. 18
C H I N A
AOXING PHARMACEUTICAL: Posts $2.24 Million Net Income for 2016
H O N G K O N G
NOBLE GROUP: Agrees to Sell US Unit for $1.05BB to Cut Debt
I N D I A
7 STAR: ICRA Assigns 'B' Rating to INR37.90cr Term Loan
ASWIN COLD: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
B S BUILDTECH: CARE Reaffirms 'BB' Rating on INR45cr LT Loan
B.G. TRANSPORT: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
BHAGAT AROMATICS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
BHARAT FOOD: ICRA Revises Rating on INR14.35cr Loan to B-
CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR756.99cr Loan
CHIRACKAL ROLLER: CRISIL Suspends B+ Rating on INR70MM Loan
CORAMANDEL INFRASTRUCTURE: Ind-Ra Withdraws IND BB Issuer Rating
DASVE HOSPITALITY: CARE Reaffirms 'D' Rating on INR23.97cr Loan
ECOMOTEL HOTEL: CARE Reaffirms 'D' Rating on INR11.65cr Term Loan
EHSAAS FROZEN: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
ESSOS CV: Ind-Ra Assigns 'IND BB' Rating on Series A2 PTCs
EVEREST KANTO: CARE Ups Rating on INR206.96cr LT Loan to 'B'
FLAMINGO INN: CRISIL Assigns 'B' Rating to INR100MM LT Loan
GOPALA POLYPLAST: Ind-Ra Asigns 'IND BB-' Long Term Issuer Rating
GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR10.81cr LT Loan
INT'L CERTIFICATION: CRISIL Cuts Rating on INR37MM Loan to 'B'
JAISWAL BATTERY: CRISIL Cuts Rating on INR70MM Bank Loan to B+
JMC CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR76cr Loan
K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR170MM Loan
KARAN DEVELOPMENT: ICRA Ups Rating on INR10cr Loan to B+
KARAN KOTHARI: Ind-Ra suspends 'IND BB-' Long Term Issuer Rating
KISAN GINNING: CRISIL Ups Rating on INR50MM LT Loan to B+
KRISHNAIAH MOTORS: ICRA Assigns B+ Rating to INR24.5cr Loan
LIVEWIRES ADVERTISING: CARE Ups Rating on INR0.75cr Loan to BB-
LM COTEX: CARE Reaffirms B+ Rating on INR12.12cr LT Bank Loan
M. K. ENTERPRISE: CRISIL Suspends 'D' Rating on INR140MM Loan
MALLAN RICE: CRISIL Upgrades Rating on INR50MM Cash Loan to B+
MANMEET ALLOYS: ICRA Reaffirms 'B-' Rating on INR15cr Loan
MARVELLA CORPORATION: ICRA Suspends B+ Rating on INR7.5cr Loan
MATESWARI ROYALTIES: ICRA Assigns B+ Rating to INR5.0cr Loan
MICRO ORGO: CARE Assigns B+ Rating to INR11cr Long Term Loan
MINDSCAPE INTERNATIONAL: CARE Assigns B- Rating to INR5.08cr Loan
NASENSE LABS: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
NIKHIL AUTOMOBILES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
OVERSEAS TRADERS: ICRA Reaffirms B+ Rating on INR14cr LT Loan
PONDICHERRY TINDIVANAM: CARE Reaffirms B INR210.94cr Loan Rating
PURE VIEW: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
R.S.V. CONSTRUCTIONS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
ROOBHA CREATIONS: CRISIL Suspends B Rating on INR20MM LT Loan
QUAIL CV: Ind-Ra Assigns 'IND B+' Rating on Series A3 PTCs
SAJEESH K: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
SEZ VITRIFIED: CRISIL Assigns B+ Rating to INR360MM Term Loan
SHIVA TRANSPORT: CRISIL Upgrades Rating on INR70MM Loan to B+
SHREE DOODHAGANGA: CARE Reaffirms 'B' Rating on INR216.34cr Loan
SNR RICE: CRISIL Suspends B+ Rating on INR90MM Cash Loan
SPITZEN ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
SRI SATHYA: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
SRI SUDHARSANAM: CRISIL Assigns B+ Rating to INR65MM LT Loan
STURDY INDUSTRIES: CRISIL Reaffirms D Rating on INR1.41BB Loan
SUKRITHA BUILDMANN: ICRA Assigns B+ Rating to INR20cr Term Loan
SUN THERMO: ICRA Assigns 'B' Rating to INR6cr LT Loan
SUPER COTTON: CARE Reaffirms 'B+' Rating on INR7.53cr LT Loan
SWAMI TEXTILES: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
V.I.R FOODS: ICRA Revises Rating on INR16cr Cash Loan to B-
VEE KAY: CARE Assigns 'B+' Rating to INR11cr Long Term Loan
VIJIT INTERNATIONAL: CARE Reaffirms B+ Rating on INR6cr LT Loan
VRUNDAVAN ENTERPRISE: ICRA Withdraws B+ Rating on INR22.75cr Loan
WARSAW ENGINEERS: ICRA Suspends B+ Rating on INR2cr Loan
YOUTHWELFARE ASSOCIATION: CARE Cuts Rating on INR6.04cr LT Loan
J A P A N
TAKATA CORP: Hires Weil Gotshal to Help Deal with Planned Sale
M A L A Y S I A
PRIME GLOBAL: Terminates Tenancy Agreement with BJ Bentong
S I N G A P O R E
RICKMERS MARITIME: Debt-to-Equity Swap Plan Meeting Set Oct. 31
S O U T H K O R E A
DAEWOO SHIPBUILDING: Says Restructuring Scheme Going Smoothly
X X X X X X X X
* BOND PRICING: For the Week Oct. 3 to Oct. 7, 2016
- - - - -
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A U S T R A L I A
=================
1522 MALVERN: First Creditors' Meeting Set For Oct. 19
------------------------------------------------------
A first meeting of the creditors in the proceedings of 1522
Malvern Road Pty. Ltd. will be held at the offices of Grant
Thornton Australia Limited, The Rialto, Level 30, 525 Collins
Street, in Melbourne, Victoria, on Oct. 19, 2016, at 11:00A a.m.
Stephen Robert Dixon and Ahmed Bise of Grant Thornton Australia
Limited were appointed as administrators of 1522 Malvern on
Oct. 7, 2016.
39 CHETWYND: First Creditors' Meeting Slated For Oct. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of
39 Chetwynd Pty. Ltd. will be held at the offices of G S Andrews
Advisory, 22 Drummond Street, in Carlton, Victoria, on Oct. 17,
2016, at 3:00 p.m.
Andrew Juzva of G S Andrews was appointed as administrator of 39
Chetwynd on Oct. 6, 2016.
LB GROUP: First Creditors' Meeting Set For Oct. 18
--------------------------------------------------
A first meeting of the creditors in the proceedings of LB Group
Limited will be held at the offices of Talbots, Level 6, 379 Kent
Street, in Sydney, Oct. 18, 2016, at 10:30 a.m.
Michael Charles Hird of Talbots was appointed as administrator of
LB Group on Oct. 6, 2016.
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C H I N A
=========
AOXING PHARMACEUTICAL: Posts $2.24 Million Net Income for 2016
--------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc. filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
income of $2.24 million on $32.3 million of sales for the year
ended June 30, 2016, compared to net income of $5.81 million on
$25.5 million of sales for the year ended June 30, 2015.
As of June 30, 2016, Aoxing had $56.2 million in total assets,
$38.2 million in total liabilities and $18.07 million in total
equity.
"Our cash balance as of June 30, 2016 was $6,912,100, compared to
$5.37 million as of June 30, 2015. Cash used in Operations
during the year ended June 30, 2016 was $534,989, while the net
cash provided by operations of $3,025,739 for the year ended
June 30, 2015. Cash flow from operation was negatively impacted
by higher accounts receivables, which was mainly due to the
development of new customers and government's procurement policy
changes in the pharmaceutical industry. We expect this trend to
reverse during fiscal 2017 and believe the cash flow from
operation should be positively impacted by the reverse trend in
account receivables.
"Our investing activities in fiscal 2016 consisted of $117,862 in
cash used to purchase additional property and equipment. This
compares to $2,705,298 in cash for investing activities in fiscal
2015. Higher investment in fiscal 2015 was mainly for purchasing
additional property and equipment relating to the Tilidine
project.
"Our financing activities provided $2,946,484 in cash during the
year ended June 30, 2016, which included $2,739,000 cash from
sale of common stock.
"We have incurred operating losses in the past and had an
accumulated deficit of $56.3 million as of June 30, 2016.
However, we have reported positive operating results for both
fiscal years 2015 and 2016. The income that we incurred during
fiscal 2016, coupled with the issuance of common stock in
satisfaction of debt, caused our working capital deficit to
improve significantly during fiscal 2016. Our working capital
deficit on June 30, 2016 was $10,948,767, which was 46.0% lower
than the working capital deficit of $20,143,629 on June 30, 2015.
The primary reason for our working capital deficit was the fact
that there are $25.5 million in short-term debt owed to banks,
related and unrelated parties. In accordance with banking
customs in China, our bank loans have, throughout our history,
been written on a short-term basis. Our business has survived
through the years because our banks have proven willing to renew
or replace our short-term debt, and we expect that practice to
continue."
BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2016, citing that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/gmUtOA
About Aoxing
Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products. In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics. The Company owns
95% of the equity in Hebei Aoxing.
Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.
================
H O N G K O N G
================
NOBLE GROUP: Agrees to Sell US Unit for $1.05BB to Cut Debt
-----------------------------------------------------------
Reuters reports that Noble Group agreed to sell its North
American energy distribution unit to U.S. firm Calpine Corp for
$1.05 billion, moving a step closer to completing a restructuring
to raise $2 billion to help cut debt.
Reuters relates that the sale of Noble Americas Energy Solutions
(NAES) includes repayment of working capital of about $248
million, Noble said in a statement. Noble's shares rose nearly 7%
in early trading on Oct. 10.
According to Reuters, the move comes as the Hong Kong-based
trader aims to rebuild investor confidence after a brutal
commodities downturn coincided with a questioning of its accounts
in early 2015 by Iceberg Research, sparking a collapse in its
share price and ratings credit agency downgrades.
"The sale will reduce investors' concerns about Noble's liquidity
and balance sheet," Reuters Nirgunan Tiruchelvam, analyst at
Religare Capital Markets, as saying. He said the company's
strategy of getting out of asset-heavy businesses rather than
chase "overpriced assets" was a positive as it would help it
focus on its core operations, Reuters relays.
Reuters adds that Noble said it expects the NAES transaction to
close in December 2016. Noble's net debt rose to $3.92 billion in
April-June from $3.69 billion a year ago.
"The sale of NAES substantially completes the $2 billion capital
raising initiative that we announced in June", Nobles' Co-Chief
Executive Officers Jeff Frase and Will Randall said in its
statement, Reuters relays. "With this divestiture, Noble will
continue to reduce debt while also funding growth opportunities
in our high-return businesses."
Completing a plan to cut debt could help restore stability at
Noble after many months of turbulence, according to Reuters.
Reuters says Noble's former CEO Yusuf Alireza, a former Goldman
Sachs Asia co-head, quit unexpectedly in late May after helping
Noble secure $3 billion in credit facilities and within days, the
company announced a $500 million cash call.
According to Reuters, the firm's founder and chairman Richard
Elman also said in June he would step down within 12 months.
Elman grew Noble into one of the world's biggest traders of
commodities in a bull run since setting up the group in 1986.
Meanwhile, Calpine, which generates electricity from natural gas
and geothermal resources, said in a statement the NAES purchase
price was $800 million plus an estimated $100 million of net
working capital, reports Reuters.
About Noble Group
Hong Kong-based Noble Group Limited (SGX:N21) --
http://www.thisisnoble.com/-- engages in supply of agricultural,
industrial and energy products. The Company supplies agricultural
and energy products, metals, minerals and ores .Agriculture
products include grains, oilseeds and sugar to palm oil, coffee,
and cocoa. Energy business includes coal, gas and liquid energy
products. In metals, minerals and ores (MMO), it supplies iron
ore, aluminum, special ores and alloys. The Company operates
nearly in 140 locations. It supplies growth demand markets in
Asia and Middle East. Alcoa World Alumina and Chemicals is the
subsidiary of this company.
As reported in the Troubled Company Reporter-Asia Pacific on
on Aug. 16, 2016, Fitch said Noble Group Limited's (Noble;
BB+/Stable) liquidity crunch in 2Q16 is temporary and the
Hong Kong-based commodities trader will have sufficient liquidity
in 3Q16, following its rights offering and working capital
reductions.
S&P Global Ratings in June lowered its long-term corporate credit
rating on Noble Group Ltd. to 'B+' from 'BB-'. The outlook is
negative. At the same time, S&P lowered the long-term issue
rating on Noble's outstanding senior unsecured notes to 'B' from
'B+'. In addition, S&P lowered its long-term Greater China
regional scale rating on the company to 'cnBB-' from 'cnBB' and
on the notes to 'cnB+' from 'cnBB-'.
=========
I N D I A
=========
7 STAR: ICRA Assigns 'B' Rating to INR37.90cr Term Loan
-------------------------------------------------------
ICRA has assigned the rating of [ICRA]B to INR37.90 crore
(enhanced from INR10.00 crore) proposed term loan of 7 Star
Construction.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 37.90 [ICRA]B assigned/Outstanding
The assigned rating is constrained by the exposure to the market
risks with 47%-49% of the units yet to be sold and moderate
funding risk with partial promoter's funds and bank funds yet to
be infused. The rating is further constrained by high
geographical concentration with both the projects located in the
same location of the Surat city as well as the intense
competitive pressures in the real estate market of Surat area.
The rating further takes into account the demand cyclicality in
the real estate business. ICRA further takes note that SSC is a
partnership firm and any significant withdrawals from the capital
account could adversely affect its capital structure.
The rating, however, favorably factors in the longstanding
presence of the promoters in the real estate sector through
various projects executed by group entities as well as moderate
execution risk with ~78% to 80% of the project completed.
Given the slowdown in the real estate market, the key rating
driver would be the ability to secure adequate bookings and
customer advances for both the projects while ensuring timely
project execution within the envisaged costs and timely receipts
of the required approvals.
Established in 2014, 7 Star Constructionis engaged in
construction and development of residential dwellings. Based in
Surat, Gujarat, SSC is part of the 7 Star group of Surat and is
formed to as an SPV (Special Purpose Vehicle) for the
construction of a two residential projects viz. 'Star Galaxy' and
'Star Garden' in Surat. The partners of the firm have previous
experience in the field of construction and development of
residential and commercial buildings.
ASWIN COLD: CRISIL Suspends 'B' Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Aswin
Cold Forge Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable
Long Term Loan 26 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 14 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
ACFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, ACFPL is yet to
provide adequate information to enable CRISIL to assess ACFPL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
ACFPL, set up in 1990 manufactures automotive components and is
based out of Chennai, Tamil Nadu. The company's day-to-day
operations are managed by Mr. K Seethapathy and his son Mr. S.
Suseendhar.
B S BUILDTECH: CARE Reaffirms 'BB' Rating on INR45cr LT Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of B S
Buildtech.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 45.00 CARE BB Reaffirmed
Rating Rationale
The aforesaid ratings of M/s B S Buildtech continue to be
constrained by project construction risk, partnership nature of
entity, greater reliance on customer advance, more than 50% of
saleable area remaining unsold, increasing competition with many
on-going large size projects in and around Greater Noida and in
the vicinity of the project and risk inherent to real estate
sector and interest rate scenario. The ratings however draw
strength from experienced promoters and satisfactory track record
in real estate construction, satisfactory project execution
capabilities coupled with association with experienced architects
& consultants, major regulatory approvals for the Project are
already in place and timely fund infusion by the partners Timely
and successful completion of the project and Sales of balance
area within envisaged timelines will be the key rating
sensitivity.
M/s BS Buildtech, incorporated in 2011 is a joint venture between
Baibhaw Construction Pvt. Ltd (BCPL)-70% and M/s Seimens
Construction Tech Private Limited (SCTPL) -30%. M/s BS Buildtech
is constructing a Group Housing Residential Township real estate
project Vaibhav Heritage Height at Greater Noida (West).
The residential township project comprising of seven high rise
towers (B+22), spreading over 5 acres of land, involving 819
flats with super built-up area of 11.85lsf is being developed at
a total project cost of INR280.40 crore. The project is expected
to be completed by Sept. 2018.
The total land area of the project is 5 acres which is allotted
to the firm by GNIDA (Greater Noida Development Authority) on 90
years lease, with the right to sub lease on full satisfaction of
GNIDA lease premium. The lease deed is duly registered and
possession of the leased land was obtained on Feb. 26, 2013.
The project cost is being financed through promoter contribution
of INR29.16 crore, debt of INR45.00 crore and customer advances
of INR206.24 crore. The promoters have infused in INR29.64 crore
as promoter's contribution for the project.
Till March 31, 2016, the firm has sold off around 420 flats (area
- 5.16lsf) comprising around 43.55% of total saleable area for
total consideration of INR 154.35 crore. The firm has received
INR79.98 crore as advances from customers till March 2016 and has
expended around INR149.60 crore (~53% of the total project cost)
on the project.
B.G. TRANSPORT: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned B.G. Transport
Company a Long-Term Issuer Rating of 'IND BB-'. The Outlook is
Stable.
KEY RATING DRIVERS
BGTC's ratings reflect small scale of operations and moderate
credit metrics. According to provisional FY16 financials, the
company achieved revenue of INR50.9m (FY15: INR15.4m), interest
coverage (operating EBITDA/gross interest expenses) was 3.3x
(2.1x) and net financial leverage (total adjusted net debt/
operating EBITDA) was 3.8x (4.0x). The ratings also reflect
BGTC's partnership nature of business.
The ratings, however, factor in the company's moderate liquidity
profile with 73.2% utilisation of the working capital facility
during the 12 months ended August 2016.
The ratings are supported by BGTC's partner's experience of over
two decades in the transportation business. The company's
operating margin was high at 43% in FY16 (FY15: 65.2%); margin
declined in FY16 due to an increase in operating cost.
RATING SENSITIVITIES
Positive: Substantial improvement in the scale of operations
while maintaining its overall credit metrics or changes in the
company's constitution could be positive for the rating.
Negative: Further decline in the scale of operations and decease
in the overall credit metrics could be negative for the rating.
COMPANY PROFILE
BGTC was incorporated in 2011 as a partnership firm by Gujral
Group. The entity started its commercial operations in 2012. It
is primarily involved in the transportation business. The entity
mainly transports LPG gases for Indian Oil Corporation Limited
('IND AAA'/Stable), Bharat Petroleum Corporation Limited and
Hindustan Petroleum Corporation Limited ('IND AAA'/Stable) in the
eastern region of India.
BGTC's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR59.87 mil. long term loan: assigned 'IND BB-/'Stable
-- INR13.5 mil. fund-based working capital limit: assigned
'IND BB-/'Stable
-- INR1 mil. non-fund-based working capital limit: assigned
'IND A4+'
BHAGAT AROMATICS: Ind-Ra Withdraws 'IND BB' LT Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Bhagat
Aromatics Limited's (BAL) 'IND BB(suspended)' Long-Term Issuer
Rating.
The ratings have been withdrawn due to lack of information. Ind-
Ra will no longer provide ratings or analytical coverage for BAL.
Ind-Ra suspended BAL's ratings on 17 February 2016.
BAL's ratings:
-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
withdrawn
-- INR205 mil. fund-based working capital limits: 'IND
BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn
-- INR10 mil. non-fund-based working capital limits: 'IND
BB(suspended)'/'IND A4+(suspended)'; ratings withdrawn
BHARAT FOOD: ICRA Revises Rating on INR14.35cr Loan to B-
---------------------------------------------------------
ICRA has revised its long-term rating on the INR27.00-crore fund-
based limits of Bharat Food & Agro Products to [ICRA]B- from
[ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 12.65 [ICRA]B-; revised from
[ICRA]B
Term Loan 14.35 [ICRA]B-; revised from
[ICRA]B
ICRA's rating action is driven by persistent overutilisation of
working capital limits, due to the stretched liquidity position
of the company. Further, following the account restructuring in
2015, the debt repayment, which is expected to commence from
April, 2017, would further stress the liquidity profile of the
entity.
The rating also reflects the decline in scale of operations in
BFAP's rice milling business due to intense industry competition.
The rating also takes into account the high working capital
intensity of the rice milling business due to the need to
maintain substantial inventories. The resultant capital
requirements have been funded mainly through bank borrowings,
leading to a highly leveraged capital structure and weak coverage
indicators. The rating also factors in the agro climatic risks,
which can affect the availability of paddy in adverse conditions.
ICRA, however, draws comfort from the promoter's extensive
experience in the rice industry; proximity of the mill to major
rice growing areas, resulting in easy availability of paddy; and
stable demand outlook as rice is an important part of the staple
Indian diet. Further, ICRA takes note of the improvement in
profitability in FY2016.
Going forward, the ability of the firm to bring about a sustained
improvement in its liquidity position and also increase its scale
of operations in a profitable manner, while maintaining a prudent
capital structure would remain the key rating sensitivities.
Incorporated in 2008, BFAP is a partnership firm involved in
milling and processing of basmati and non basmati rice. The
firm's plant at Payal, Ludhiana (Punjab) has a milling capacity
of 6 tonnes/hour. The firm sells its products under its
registered brand names 'Nature Gold', and 'Royal Taste of India'.
Recent Results
The firm reported a profit after tax (PAT) of INR0.02 crore on an
operating income of INR40.78 crore in FY2016 as against a net
loss of INR1.24 crore on an operating income of INR80.29 crore in
the previous year.
CHHAPRA HAJIPUR: ICRA Reaffirms D Rating on INR756.99cr Loan
------------------------------------------------------------
ICRA has re-affirmed the long-term rating assigned to INR756.99
crore fund based facilities of Chhapra Hajipur Expressways
Limited at [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loans 756.99 [ICRA]D; re-affirmed
The credit concerns and strengths pertaining to CHEL remain the
same as highlighted in ICRA's earlier Rationale issued in August
2016, available at the following link:
http://www.icra.in/Files/Reports/Rationale/Chhapra%20Hajipur-R-
11082016.pdf
Chhapra-Hajipur Expressways Limited has been incorporated as a
special purpose vehicle promoted by Madhucon Infra Limited and
Madhucon Projects Limited to undertake the implementation of
four- laning of Chhapra to Hajipur section of NH-19 from km
143.200 to km 207.200 in the state of Bihar under NHDP Phase III
on Design, Build, Finance, Operate, Transfer (DBFOT) Annuity
basis. The total project cost has been revised to INR1181.50
crore as against initial estimates of INR812.50 crore. The total
concession period is 15 years including the construction period
of 2.5 years. CHEL will receive a fixed annuity payment of
INR65.43 crores semi-annually for a period of 12.5 years. As on
June, 2016, around INR613 crore of debt has been drawn and
promoters' have infused INR271 crore.
CHIRACKAL ROLLER: CRISIL Suspends B+ Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Chirackal Roller Flour Mills (part of the Chirackal group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B+/Stable
Long Term Loan 16.4 CRISIL B+/Stable
Proposed Working
Capital Facility 10.0 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
CRFM with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CRFM is yet to
provide adequate information to enable CRISIL to assess CRFM's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of CRFM, Chirackal Food Products, and
Chirackal Agro Mills. This is because all the three entities,
together referred to as the Chirackal group, are in a similar
line of business, and have a common management and significant
operational and financial linkages among themselves.
Set up in 2011 as a partnership firm, CRFM mills wheat flour into
wheat, maida, and atta. CFP and CAM mill and process paddy into
rice, rice bran, broken rice, and husk.
CORAMANDEL INFRASTRUCTURE: Ind-Ra Withdraws IND BB Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Coramandel
Infrastructure Private Limited's (CIPL) 'IND BB(suspended) Long-
Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for CIPL.
Ind-Ra suspended CIPL's ratings on 15 February 2016.
CIPL's ratings:
-- Long-Term Issuer Rating: 'IND BB(suspended)'; rating
withdrawn
-- INR330 mil. fund-based working capital limits: 'IND
BB(suspended)/'IND A4+(suspended)'; ratings withdrawn
-- INR1,300 mil. non-fund-based facility: 'IND
A4+(suspended)'; rating withdrawn
DASVE HOSPITALITY: CARE Reaffirms 'D' Rating on INR23.97cr Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Dasve Hospitality Institutes Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities
(Term loan) 23.97 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the rating assigned to the bank facilities
of Dasve Hospitality Institutes Limited (DHIL) takes into account
the delays in servicing of interest and installment obligations
on the term loan and low level of enrollment at the institute.
DHIL's ability to scale up operations through higher enrollment
of students and timely servicing of debt obligations are the key
rating sensitivities.
DHIL is a wholly owned subsidiary of Lavasa Corporation Limited
(LCL, rated 'CARE D' for its bank facilities) floated as a
special purpose vehicle. LCL is a part of Hindustan Construction
Company Limited (HCC, rated 'CARE C/CARE D/CARE A4') group. DHIL
operates a hospitality management institute under the brand name
'Ecole Hoteliere Lavasa'. The institute is set-up and managed in
accordance with arrangement with Ecole Hoteliere de Lausanne,
Switzerland. The institute can enroll a maximum of 840 students.
During FY16 (refers to the period April 1 to March 31), DHIL
reported a net loss of INR10.84 crore on a total operating
income of INR0.78 crore vis-Ö-vis net loss of INR14.74 crore and
total operating income of INR3.49 crore in FY15.
ECOMOTEL HOTEL: CARE Reaffirms 'D' Rating on INR11.65cr Term Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Ecomotel Hotel Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities
(Term loan) 11.65 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the rating assigned to the bank facilities
of Ecomotel Hotel Limited takes into account the delays in
servicing of interest and repayment of principal obligations on
the term loan. Due to lower capacity utilisation, the company
continued to book losses during FY16 (refers to the period
April 1 to March 31).
The company's ability to scale-up operations, ensure healthy
profitability margins and timely servicing of debt obligations
will be the key rating sensitivities.
EHL is a special purpose vehicle promoted by Celebration Resorts
& Hotels India Private Limited (Celebrations), a part of the
Celebrations Group which operates multiple specialty theme luxury
hotels and resorts in Central India and Lavasa Corporation
Limited (LCL, rated 'CARE D'), a Hindustan Construction Company
Limited (HCC; rated 'CARE C/CARE D/CARE A4') group company.
During FY16, LCL acquired major shareholding in the company,
through subscription of equity issue (equity shareholding
increased to 51% as on March 31, 2016 from 27.26% as on March 31,
2014). As on March 31, 2016, Celebrations holds 49% equity stake
in the company as against 72.74% equity stake as on March 31,
2014.
EHL operates a mid-priced 130 room hotel at Lavasa under the
brand name 'Mercure Lavasa'. The hotel's built up area is around
77,000 square feet with 97 standard rooms, 31 superior rooms and
2 family rooms. Also, the hotel operates four in-house
restaurants suiting different requirement of customers. The hotel
is operated by AAPC Singapore PTE Limited (Mercure Hotels) who
are paid 6% of gross room rent as operating fees, in addition to
other fees as per agreement.
EHSAAS FROZEN: Ind-Ra Withdraws 'IND B-' LT Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ehsaas Frozen
Foods Pvt Ltd's 'IND B-(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of information. Ind-
Ra will no longer provide ratings or analytical coverage for
EFFPL.
Ind-Ra suspended EFFPL's ratings on 18 February 2016.
EFFPL's ratings:
-- Long-Term Issuer Rating: 'IND B-(suspended)'; rating
withdrawn
-- INR40 mil. term loan-1: 'IND B-(suspended)'; rating
withdrawn
-- INR27.5 mil. term loan-2: 'IND B-(suspended)'; rating
withdrawn
-- INR22.5 mil. fund-based limits: 'IND B-(suspended)'/'IND
A4(suspended)'; ratings withdrawn
ESSOS CV: Ind-Ra Assigns 'IND BB' Rating on Series A2 PTCs
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Essos CV IFMR
Capital 2016 (an ABS transaction) final ratings as follows:
-- INR199.4 mil. Series A1 pass through certificates (PTCs):
'IND A-(SO)'; Outlook Stable
-- INR24.0 mil. Series A2 PTCs: 'IND BB(SO)'; Outlook Stable
The used commercial vehicles loan, multi-utility vehicle loan,
car loan and agriculture equipment loan pool assigned to the
trust is originated by Ess Kay Auto Finance Private Limited
(EKAFPL).
KEY RATING DRIVERS
The final ratings are based on the origination, servicing,
collection and recovery expertise of EKAFPL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
PTCs addresses the timely payment of interest on monthly payment
dates and ultimate payment of principal by the final maturity
date on 17 April 2019 in accordance with the transaction
documentation.
The final rating of Series A2 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 PTCs and ultimate payment of principal by
the final maturity date on 17 April 2019, in accordance with the
transaction documentation.
The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralization available to Series A1 is 17%
of the initial pool principal outstanding (POS) and
overcollateralization available to Series A2 is 7% of the initial
pool principal outstanding (POS). The total excess cash flow or
the internal CE available including overcollateralization to
Series A1 and A2 PTCs is 34.14% and 21.45%, respectively, of the
initial POS. The transaction also benefits from the external CE
of 3% of the initial POS in the form of fixed deposits with RBL
Bank in the name of the originator with a lien marked in favour
of the trustee. The collateral pool assigned to the trust at par
had the initial POS of INR240.2 mil., as of the pool cut-off date
of 30 April 2016.
The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 investors c)
monthly interest payment of Series A2 investors after the
complete redemption of Series A1 investors and d) any shortfall
in Series A2 Maximum Payout on the Series A2 final maturity date.
RATING SENSITIVITIES
As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.
Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1 and the rating of Series A2 PTCs will not be impacted.
EVEREST KANTO: CARE Ups Rating on INR206.96cr LT Loan to 'B'
------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Everest Kanto
Cylinder Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund based 206.96 CARE B Revised from
bank facilities CARE D
Long-term fund based 32.09 CARE B Revised from
bank facilities CARE C
Long-term fund based 81.00 CARE B Revised from
bank facilities CARE C
Cash Credit
Short-term non-fund 44.92 CARE A4 Reaffirmed
based bank facilities
Rating Rationale
The revision in the ratings assigned to bank facilities of
Everest Kanto Cylinder Ltd. is on account of debt servicing
(interest and principal) being regularized since January 2016
along with prepayment of Yes Bank debt obligation for FY17.
Further growth in total income and reduction of losses in Q1FY17
along with signing of memorandum of understanding towards sale of
industrial land & building located at Gandhidham is considered
for revision in rating.
The rating continues to take into account stretched liquidity
position of the company, eroding net worth base with continuous
losses, stretched operating cycle and foreign currency risk.
The rating continues to take into account the wide experience of
the promoters in the same line of business and its wide range of
product portfolio.
Going forward, revival in demand for EKCL's products resulting in
improvement in its financial performance may weigh positively on
the credit profile of the company. At the same time, EKCL's
ability to reduce its high cost debt burden and serving interest
regularly continues to be key rating sensitivity.
Incorporated in 1978, EKCL has three facilities to manufacture
cylinders located at Tarapur in Maharashtra and Gandhidham &
Kandla in Gujarat with total installed capacity to manufacture
9,12,000 cylinders per annum. Apart from its domestic operations,
EKCL has developed presence in the international high pressure
seamless cylinders market through various subsidiaries (including
step-down), with manufacturing facilities in Dubai, China & USA
and marketing offices in Thailand & Germany. EKCL's products find
application in various industries such as automobile OEMs, CNG
cylinder retrofitters, gas distribution companies, healthcare,
defence etc.
Further the company has entered into memorandum of understanding
with France based company SPCM SA. An advance payment agreement
was signed on July 4, 2016 for an aggregate consideration of USD
29 Mn (approximately INR194 cr).
As per the agreement EKCL has already received USD 2 mn against
the proposed sale. The inflow of funds would be utilized reducing
the debt obligations of the firm and thereby improving the
liquidity position of the company.
During FY16 (refers to the period April 01 to March 31), EKCL
posted total operating income of INR168.58 crore (vis-a-vis
INR177.16 crore in FY15) and loss of INR114.96 crore (vis-a-vis
INR99.13 crore in FY15). Further EKCL has posted total operating
income of INR59.74 crore and loss of INR10 crore in Q1FY17.
FLAMINGO INN: CRISIL Assigns 'B' Rating to INR100MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facility of Flamingo Inn Private Limited (OPC; FIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 100 CRISIL B/Stable
The ratings reflect the company's nascent stage of operations and
the off-take risk associated with it. These weaknesses are
partially offset by the extensive experience of promoters.
Outlook: Stable
CRISIL believes Flamingo Inn Pvt Ltd will benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if scale of operations and
profitability improves backed by increase in occupancy levels and
room tariff, while capital structure is maintained. The outlook
may be revised to 'Negative' if low cash accrual due to low
occupancy levels or room tariffs, or large debt-funded capital
expenditure weakens financial risk profile.
Incorporated in 2014, FIPL is setting up a hotel in
Thiruvananthapuram (Kerala) and is promoted by Mr. Saiffuddeen
Meerasahib. The operations are started from September 2016.
GOPALA POLYPLAST: Ind-Ra Asigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Gopala Polyplast
Limited (GPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.
KEY RATING DRIVERS
The ratings reflect GPL's small scale of operations, weak credit
metrics and stretched liquidity, due to high working capital
requirements, competition in the plastic packaging industry and
volatile margins because of crude oil price fluctuations. In
FY16, revenue was INR3,043.8 mil. (FY15: INR2,823.1 mil.), net
financial leverage (adjusted debt/EBITDA) was 8.2x (17.1x),
interest coverage ratio (EBITDA/gross interest) was 1.3x (0.7x),
EBITDA margins of 3.7% (2%) and net working capital cycle was 77
days (76 days). The company's use of the bank lines was over 100%
for the trailing 12 months ended September 2016.
The company has repayment obligations of INR42.5m and INR48.5m in
FY17 and FY18, respectively. Ind-Ra believes that although there
would be cash flow mismatches, unsecured loans from promoters
will ensure timely repayment of the company's debt obligations.
The ratings, however, are supported by the three-decade-long
experience of the company's promoters in manufacturing
polypropylene sacks and woven fabrics. The ratings are also
supported by GPL's reputed clientele comprising JK Lakshmi Cement
Limited and Ultratech Cement Limited ('IND AAA'/Stable), steady
demand from the cement sector which contributes 70% to GPL's
revenue, and the absence of any capex plans over FY17 and FY18.
RATING SENSITIVITIES
Negative: Deterioration in the revenue and profitability margins
leading to a sustained decline in the overall credit profile
would lead to a negative rating action. In addition, a further
stretch in the liquidity profile with deterioration in working
capital cycle would be negative for the ratings.
Positive: A significant improvement in the top line, coupled with
a sustained improvement in the credit metrics and a reduction in
cash conversion cycle, is likely to result in a positive rating
action.
COMPANY PROFILE
Established in 1984 as a private limited company, GPL
manufactures polypropylene/high density polyester woven sacks,
which are used in the packaging of cement. It also manufactures
woven labels, which are fitted onto readymade garments. The
company was listed on the Bombay Stock Exchange in 1994. It has
operational facilities in Gandhinagar in Gujarat and Silvassa
with a combined capacity of 18,210MTPA.
GPL's ratings:
-- Long-Term Issuer Rating: assigned 'IND BB-'/Stable
-- INR273.1 mil. secured term loan: assigned 'IND BB-'/Stable
-- INR472 mil. cash credit facility: assigned 'IND BB-'/Stable
-- INR18 mil. non-fund-based limits: assigned 'IND A4+'
GOYAL ENTERPRISES: CARE Reaffirms B+ Rating on INR10.81cr LT Loan
-----------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Goyal
Enterprises.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 10.81 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Goyal Enterprises
continues to remain constrained on account of consistent decline
in its scale of operations, leveraged capital structure and weak
debt coverage indicators and working capital intensive nature of
operations during FY16 (refers to the period April 1 to March 31)
(Provisional). The rating also continues to remain constrained
due to constitution as a proprietorship firm, operating margins
susceptible to cotton price fluctuation and seasonality
associated with cotton industry and presence in the highly
fragmented cotton processing industry with limited value addition
and prices and supply for cotton being highly regulated by the
government.
The rating, however, continues to derive strength from recent
improvement in profitability, the experience of the partners in
cotton ginning business and strategic location within the cotton-
producing area of Madhya Pradesh and Maharashtra.
The ability of GEP to increase its scale of operations, increase
profitability and improve debt coverage indicators and solvency
position with efficient utilisation of the working capital
requirements are the key rating sensitivities.
Goyal Enterprises was originally incorporated as a proprietorship
firm by Mr. Phoolchand Goyal in 1994 and was subsequently
converted into a partnership firm on April 1, 2012 by
introduction of three partners of the Goyal family at Barwani
district, Madhya Pradesh. GE is engaged in the cotton ginning and
pressing business with an installed capacity of 15,000 Metric
Tonne (MT) of cotton bales per annum at Sendhwa plant and 36,000
MT of Cotton bales per annum at Gangakhed plant as on March 31,
2016.
GEP has registered a total operating income (TOI) of INR45.03
crore and PAT of INR0.13 crore during FY16 (Provisional) as
against TOI of INR62.06 crore and PAT of INR0.13 crore during
FY15.
INT'L CERTIFICATION: CRISIL Cuts Rating on INR37MM Loan to 'B'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of International Certification Services Pvt Ltd to 'CRISIL
B/Stable' from 'CRISIL B+/Stable' and reaffirmed the company's
short-term bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4 (Reaffirmed)
Long Term Loan 37 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Overdraft Facility 15 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Bank
Guarantee 5 CRISIL A4 (Reaffirmed)
Proposed Overdraft 3 CRISIL B/Stable (Downgraded
Facility from 'CRISIL B+/Stable')
The downgrade reflects weakening of ICS's business risk profile
because of stretched working capital cycle. Its gross current
assets increased to 233 days as on March 31, 2016, from 190 days
as on March 31, 2015, because of rise in receivables to 139 days
from 126 days. The downgrade also reflects stretch in the
company's liquidity because of just enough cash accrual to meet
debt obligation and fully utilized bank line.
The ratings reflect the company's working capital-intensive
operations, and subdued financial risk profile because of small
net worth and weak debt protection metrics. These weaknesses are
partially offset by its promoters' extensive experience in the
research and consultancy industry.
Outlook: Stable
CRISIL believes ICS will maintain its presence in the research
and consultancy industry, supported by its promoters' industry
experience and its established customer relationships. The
outlook may be revised to 'Positive' if there is a substantial
and sustained improvement in revenue and profitability, or
working capital management. The outlook may be revised to
'Negative' in case of a steep decline in profitability, or
weakening of capital structure due to large working capital
requirement.
ICS, incorporated in 1999 by the Kataria family, provides
certifications and inspection services to companies across
industries. Its operations are managed by Mr. Sundar Kataria
(managing director), Ms Sheela Kataria (director - finance), Mr.
Sumeet Kataria (technical director/country manager), Mr. Ramakant
Prasad (vice-president) and Mr. Sudhir Vagal (vice-president).
The company's head office is in Mumbai. It has branch offices
across the country.
JAISWAL BATTERY: CRISIL Cuts Rating on INR70MM Bank Loan to B+
--------------------------------------------------------------
CRISIL has downgraded the rating on bank facilities of Jaiswal
Battery Service to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL BB-
/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 75 CRISIL A4 (Downgraded
from 'CRISIL A4+')
Cash Credit 70 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects CRISIL's expectation of weak
liquidity, arising from high bank limit utilisation and multiple
instances of temporary overdrawals and adhoc limits. Increase in
debtors to 170 days as on March 31, 2016, from 142 days as on
March 31, 2015, has stretched the working capital cycle. CRISIL
believes that liquidity will remain constrained by high debtors,
but will be supported by high creditors.
The rating also reflects customer concentration in its revenue
profile. These rating weaknesses are partially offset by
extensive experience of the proprietor in the solar power
products industry, and healthy debt protection metrics.
Outlook: Stable
CRISIL believes that the firm will benefit from extensive
experience of its proprietor. The outlook may be revised to
'Positive' if drop in receivables improves liquidity and addition
of customers helps diversify the revenue profile. The outlook may
be revised to 'Negative' if increase in debtors leads to further
stretch in working capital cycle or if lower-than-expected
offtake from key customers drags down revenue.
JBS is a proprietorship firm, set up in 1985, by Mr. Raj Kumar
Jaiswal in Lucknow. The firm manufactures and assembles various
types of solar power products such as street lamps, home light
systems and power plants. The firm, which has an ISO 9001:2008
and ISO 14001:2004 certification, derives around 90% of revenue
from government projects, run by Uttar Pradesh New and Renewable
Energy Development Agency (UPNEDA), and the rest, from private
players.
JMC CONSTRUCTIONS: ICRA Reaffirms B+ Rating on INR76cr Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to the
INR21.00-crore (enhanced from INR11.50 crore) fund-based,
INR76.00-crore(enhanced from INR49.00 crore) long-term non-fund
based and the INR3.00-crore(reduced from INR29.50 crore)
unallocated limits of JMC Constructions Private Limited at
[ICRA]B+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based limits 21.00 Reaffirmed at [ICRA]B+
Long-term non-fund
based limits 76.00 Reaffirmed at [ICRA]B+
Unallocated limits 3.00 Reaffirmed at [ICRA]B+
The rating takes into account the tight liquidity situation of
the company as reflected by the near 100% utilisation of working
capital limits during the last one year owing to the elongated
cash conversion cycle driven by an increase in work-in-progress
on account of a significant portion of the works for major
projects like NH 234-Sira- Madugiri and NH Hyderabad projects
(together contributing to 54% of WIP outstanding), executed in
March 2016. Also, the non-fund based limit utilisation remained
high during this period. Therefore, the company's ability to get
adequate enhancement in fund-based and non-fund based limits
remains important to support future growth in revenues. Although
JMC has been able to increase its geographical presence in the
last one year, given its limited resource base, the dependence on
sub-contractors increased resulting in a decline in operating
profitability by 363 bps to 11.02% in FY2016. The rating is also
constrained by JMC's modest scale of operations, with sole
dependence on the highly competitive road construction segment.
The rating, however, continues to draw comfort from over three
decades of experience of the promoters in the road construction
(predominantly maintenance) segment, JMC's unexecuted order book
of INR173 crore (as on July 31, 2016) which is 1.25 times the
operating income for FY2016, providing revenue visibility for the
near term, with repeat orders from reputed public sector clients.
NHAI accounts for 52% of OB and ~41% pertains to orders from R&B
departments of Telangana, AP.
Going forward, the company's ability to get adequate enhancement
in fund-based and non-fund based limits and improve its operating
profitability will remain key sensitivities.
Mr. A Srinivasulu started taking contracts in his individual
capacity since 1979. In 1999, the partnership firm M/s A
Srinivasulu & Co was formed. In 2008, the partnership firm was
converted into a private limited company. JMC is based out of
Chittoor and has executed road works for Governments of Andhra
Pradesh, Telangana, Karnataka, Tamil Nadu and NHAI.
Recent results
As per unaudited financials for FY2016, JMC reported an operating
income of INR137.97 crore and PAT of INR5.86 crore as against an
operating income of INR111.52 crore and PAT of INR5.95 crore
during FY2015.
K.S. ENTERPRISES: CRISIL Reaffirms B+ Rating on INR170MM Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of K.S. Enterprises Pvt
Ltd continue to reflect the company's small scale of operations
in an intensely competitive industry, the vulnerability of its
operating margin to volatility in metal prices and foreign
exchange (forex) rates, and its weak financial risk profile.
These weaknesses are partially offset by the extensive experience
of its promoter in the metal scrap trading business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 170 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 40 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 30 CRISIL B+/Stable (Reaffirmed)
Standby Line of
Credit 10 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes KSEPL will continue to benefit from its
promoter's extensive industry experience. The outlook may be
revised to 'Positive' if there is a significant increase in
revenue and profitability, leading to a substantial increase in
cash accrual, and an improvement in capital structure. The
outlook may be revised to 'Negative' in case of an increase in
working capital requirement or a decline in profitability or
revenue, leading to lower cash accrual, thereby weakening the
financial risk profile.
KSEPL was set up by Mr. Rajesh Kumar Singal in 1989. Based in New
Delhi, it trades in ferrous and non-ferrous metal scrap,
including zinc, copper, brass, nickel, and steel scrap. It has
started trading in food products such as pasta and macaroni under
its Wheatley brand.
KARAN DEVELOPMENT: ICRA Ups Rating on INR10cr Loan to B+
--------------------------------------------------------
ICRA has upgraded the long term rating assigned to the INR10.0
crore Fund Based bank limits of Karan Development Services
Private Limited from [ICRA]B to [ICRA]B+. ICRA has also
reaffirmed the short term rating of [ICRA]A4 for the INR88.0
crore non fund based limits of KDSPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Facilities 10.0 [ICRA]B+ (Upgraded)
Non-Fund Based Facilities 88.0 [ICRA]A4 (Reaffirmed)
The rating upgrade takes into account healthy growth in KDSPL's
turnover in FY2016 following smooth execution of the exiting
orders and improved revenue visibility in the current year with
one new order secured. Besides this, the ratings continue to
favorably factor in established track record of KDSPL's promoters
in the construction of canal systems in Madhya Pradesh. The
ratings continue to be constrained by KDSPL's modest scale of
operations, its low profitability levels, high gearing and
average return indicators and weak new order flow as the company
has not been able to secure new contracts since past few years,
barring the new order in the current year. It also remains
exposed to client concentration risk and high region
concentration risk as all the on-going projects are being
executed for Narmada Valley Development Authority (NVDA) in
Madhya Pradesh. Going forward, KDSPL's ability to secure new
orders, improve the pace of execution of its current order book
and improve profitability and capital structure will be amongst
the key rating sensitivity factors.
KDSPL was formed in 1989 by Mr. Karan Singh (Managing Director of
the Company) for executing civil work like earthwork,
construction of bridges & roads etc. The Company is registered
with Central Railway in "A- class" category and in "A-5" category
with Irrigation Department, NVDA Bhopal and M.P. PWD Department.
Until 1998, KDSPL was involved in laying of railway tracks in
Madhya Pradesh and subsequently began executing projects awarded
by Narmada Valley Development Authority (NVDA) and Water Resource
Department (WRD) of Madhya Pradesh for construction of canal
systems. The company has successfully executed around 15 canal
work projects for NVDA and WRD since 1999.
Recent Results: In FY2014, the company reported a net loss of
INR13.39 crore on an operating income (OI) of INR29.22 crore as
compared to a Profit after Tax (PAT) of INR0.94 crore on an OI of
INR67.55 crore in FY2015. As per the provisional numbers for
FY2016, KDSPL has reported a PAT of INR3.88 crore on an OI of
INR111.78 crore.
KARAN KOTHARI: Ind-Ra suspends 'IND BB-' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Karan Kothari
Jewellers Private Limited's (KKJPL) 'IND BB-' Long-Term Issuer
Rating to the suspended category. The Outlook was Stable. This
rating will now appear as 'IND BB-(suspended)' on the agency's
website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for KKJPL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
KKJPL's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB-(suspended)'
from 'IND BB-'/Stable
-- INR580 mil. fund-based cash credit limits: migrated to
'IND BB-(suspended)' from 'IND BB-'/Stable
-- INR50 mil. non-fund-based limits: migrated to 'IND
A4+(suspended)' from 'IND A4+'
-- INR9.5 mil. term loan: migrated to 'IND BB-(suspended)'
from 'IND BB-'/Stable
KISAN GINNING: CRISIL Ups Rating on INR50MM LT Loan to B+
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Kisan Ginning & Pressing to 'CRISIL B+/Stable' from 'CRISIL
B/Stable.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term 50 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
Rupee Term Loan 29.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects improvement in business risk profile on
account of timely stabilization of operations. The upgrade also
reflects expected improvement in financial risk profile on
account of improved net worth and capital structure, while
maintaining a healthy working capital cycle. The firm registered
a revenue of INR359.2 million in 2015-16 (refers to financial
year, April 1 to March 31), with an operating margin of 3.2
percent for the same period. Healthy growth in sales will lead to
above average financial risk profile, leading to improved
networth, comfortable gearing and moderate debt protection
metrics.
The rating continues to reflect KGP's nascent stage of operations
and weak financial risk profile marked by modest net worth and
high gearing. These rating weakness are partially offset by the
promoter's extensive experience in diverse businesses.
Outlook: Stable
CRISIL believes that KGP will continue to benefit over the medium
term from its promoter's extensive experience. The outlook may be
revised to 'Positive' if KGP's financial risk profile improves
driven by higher revenue and profitability. Conversely, the
outlook may be revised to 'Negative' in case KGP's financial risk
profile deteriorates because of decline in revenue or
profitability or a large, debt funded capital expenditure
programme.
KGP was setup in March 2015 by Mr. Radheshyam Adaniya and family.
The firm is engaged in ginning of raw cotton (kapas). It began
commercial production in March 2015 at its unit in Rajura
(Maharashtra).
KRISHNAIAH MOTORS: ICRA Assigns B+ Rating to INR24.5cr Loan
-----------------------------------------------------------
ICRA has assigned long-term rating of [ICRA]B+ to the INR24.50
Crore (enhanced from INR13.00 Crore) long-term fund based
facilities of Krishnaiah Motors Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
LT-Fund based
Facilities 24.50 [ICRA]B+ assigned/outstanding
The assigned rating is constrained by the weak financial profile
of the company characterised by thin profitability, moderate
coverage indicators and high gearing of 3.6x times as on March
31, 2016; significant term loan repayment obligations due to debt
funded capex plans; and working capital intensive operations
which are inherent in auto dealership business. The rating also
considers limited presence with only one showroom and three sales
outlets in Hyderabad and Secunderabad. However the rating derives
comfort from consistent improvement in revenues with revenues
growing at a CAGR of 19% over the past five years; extensive
experience of the promoters in the automobile dealership business
for over 10 years and inherent strength of the principal Maruti
Suzuki India Limited.
Going forward, the ability of the company to ramp up operations
and generation of sufficient cash accruals for debt obligations
will remain key rating drivers.
Krishnaiah Motors Private Limited was established in 2002 by
Major (Retd) P.T Choudary. The company is a MSIL dealer in
passenger cars in Secunderabad under the name "ACER Motors"; KMPL
is engaged in sales of new cars and used cars, service of
vehicles along with sale of spare parts. The company has one
showroom at Trimulgherry apart from three outlets at Kukatpally,
Ghatkesar and Gajwel. The company also has two truevalue
showrooms which are outsourced to third parties at Kukatpally and
Trimulgherry. The company has two service centres at Trimulgherry
and Narapally. The stockyard of the company is located at Alwal.
The operations of the company are taken care by Major (Retd) P.T
Choudary and his son Mr. Viren Choudary who have close to 10
years of experience in the Automobile dealership business.
Recent Results
According to the provisional financials for FY2016, the company
reported a profit after tax of INR1.9 crore on an operating
income of INR239.6 crore as against a profit after tax of INR0.7
crore on an operating income of INR199.9 crore in FY2015.
LIVEWIRES ADVERTISING: CARE Ups Rating on INR0.75cr Loan to BB-
---------------------------------------------------------------
CARE reaffirms/revises the ratings assigned to the bank
facilities of Livewires Advertising Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 0.75 CARE BB- Revised from
CARE B+
Short-term Bank Facilities 5.20 CARE A4 Reaffirmed
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Livewires Advertising Private Limited take into account
significant increase in the total operating income along with
improvement in working capital cycle. The ratings continue to
take into account long-standing industry experience of its
promoters, satisfactory profit margins, comfortable capital
structure and debt coverage indicators and stable advertising
business outlook.
The ratings are, however, constrained by the company's relatively
small scale of operations, client concentration in revenue
profile and highly fragmented and competitive advertising
contracts industry.
The ability of the company to increase its scale of operations
and improve its profitability margins are the key rating
sensitivities.
LAPL was incorporated in 1992 in Hyderabad in the state of Andhra
Pradesh. LAPL is engaged in providing advertising solutions. The
current promoters of LAPL took over the operations of the
company in 2001. The company operates in print media
advertisement segment and is engaged in designing, developing and
maintaining advertising campaigns for state government
departments of Telangana (GOT) like Greater Hyderabad Municipal
Corporation (GHMC), Department of Irrigation, Department of
Information & Public Relations, besides others.
During FY16 (Provisional; refers to the period April 1 to
March 31), LAPL has reported a total operating income of INR28.69
crore (INR10.11 crore in FY15) and a PAT of INR0.76 crore
(INR0.29 crore in FY15).
LM COTEX: CARE Reaffirms B+ Rating on INR12.12cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of LM Cotex
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12.12 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of L M Cotex Private
Limited continues to remain constrained on account of its
leveraged capital structure, weak debt coverage indicators,
moderate liquidity position, susceptibility of its margins to
cotton price fluctuation and presence in highly fragmented
industry with limited value addition and prices and supply for
cotton being highly regulated by the government.
The rating also factor in the decline in turnover and profit
margins in FY16 (Provisional) (refers to the period April 1 to
March 31) and improvement in liquidity position as on March 31,
2016 (Provisional).
The rating however, continues to derive strength from the
promoters' experience and their support in the form of unsecured
loans.
The ability of LMCPL to further increase its scale of operations,
improve profitability and capital structure would remain the key
rating sensitivities.
Rayagada-based (Odisha) L.M. Cotex Private Limited is a Private
Limited Company incorporated in 2008 by three directors namely
Mr. Harish Agarwal, Mr. Nitin Agarwal and Mr. Pawan Agarwal to
undertake the business of cotton ginning and pressing from cotton
seeds. LMCPL has installed manufacturing plant at Gunupur, Odisha
with a total installed capacity of cotton bales of 350 bales per
day and for cotton seeds of 1280 quintal per day as on March 31,
2016.
However, since 2008, the company operated fromits leased
manufacturing plant located at Sillod (Maharashtra) with a
total installed capacity of 350 cotton bales per day and 1280
quintal cotton seed per day. However, from June 2013, the
company has closed their leased plant and shifted their
operations to a new unit at Gunupur, Odisha and started
manufacturing operations from November 2013.
LMCPL reported a PAT of INR0.35 crore on a total operating income
(TOI) of INR51.20 crore during FY16 (Provisional) as against a
net profit of INR0.01 crore on a TOI of INR57.98 crore during
FY15.
M. K. ENTERPRISE: CRISIL Suspends 'D' Rating on INR140MM Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of M. K.
Enterprise.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 140 CRISIL D
The suspension of ratings is on account of non-cooperation by MKE
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, MKE is yet to
provide adequate information to enable CRISIL to assess MKE's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 2010, as a partnership firm, MKE operates a warehouse
in Chennai. The firm is promoted by Mr. A. Kumar and his family.
MALLAN RICE: CRISIL Upgrades Rating on INR50MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Mallan Rice & Gen. Mills to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 20 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects improvement in the business risk profile,
driven by revenue growth of 11% in fiscal 2016, led by
substantial growth in sales volume supported by recent capacity
expansion, despite a fall in rice prices. Operating revenue is
expected to grow 10%, albeit on a small scale, with operating
margin of 5% over the medium term. Despite working capital-
intensive operations as reflected in gross current assets of 157
days as on March 31, 2016, bank limit was moderately utilised at
90% over the 12 months through August 2016. Moreover, regular
funding support from promoters by way of unsecured loans, which
stood at INR27.20 million as on March 31, 2016, supports
liquidity. Improvement in the business risk profile will be aided
by the extensive experience of partners in the rice processing
industry and their established relations with customers.
The rating continues to reflect a modest scale of operations in
the highly fragmented rice industry, working capital-intensive
operations, and average financial risk profile, with moderate
total outside liabilities to tangible networth ratio and below-
average debt protection metrics. These weaknesses are partially
offset by the extensive experience of partners in the rice
industry and moderate operating margin.
Outlook: Stable
CRISIL believes MRGM will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if revenue and profitability
increase substantially, strengthening its cash accrual and hence
its financial risk profile. Conversely, the outlook may be
revised to 'Negative' if aggressive, debt-funded capital
expenditure or a stretch in the working capital cycle leads to
deterioration in the financial risk profile.
MRGM was established in 2001 as a partnership between Mr. Sanjeev
Kumar Garg and Mr. Dimple Garg. The firm mills basmati rice at
its facility in Muktsar, Punjab, and has a milling capacity of 4
tonne per hour.
MANMEET ALLOYS: ICRA Reaffirms 'B-' Rating on INR15cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating of [ICRA]B- on the
INR15.00-crore fund-based limits of Manmeet Alloys Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based facilities 15.00 [ICRA]B-; reaffirmed
ICRA's rating action takes into account the increase in revenues
in last three years although the same was accompanied by decline
in operating margins.
ICRA's rating factors in MAPL's modest scale of operations as
well as its low-profit margins. Moreover, MAPL's profits and cash
flows are vulnerable to fluctuations in raw material prices as
well as cyclicality in the steel sector. The ratings are also
constrained by MAPL's stretched liquidity position as reflected
in the frequent overdrawals of fund-based limits. The rating
takes into account the company's weak financial profile,
characterised by modest debt coverage indicators. However, the
rating continues to derive comfort from the extensive experience
of the promoters in the steel industry and their established
relationships with key customers.
The ability of the company to improve its liquidity position and
increase its scale of operations in a profitable manner while
maintaining optimal working capital intensity will be the key
rating sensitivities.
MAPL was established in 2005. It manufactures steel rounds using
ingots and billets as major raw materials. The manufacturing
facility of the company is located at Ludhiana in Punjab and has
an installed capacity of 20,000 tonnes per annum.
Recent results
The company, reported a profit after tax (PAT) of INR0.45 crore
on an operating income of INR102.02 crore in FY2016, as against a
PAT of INR0.32 crore on an operating income of INR66.93 crore in
the previous year.
MARVELLA CORPORATION: ICRA Suspends B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to the INR7.50
crore bank limit of Marvella Corporation. 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
Limit-Term Loan 7.50 [ICRA]B+ Suspended
Marvella Corporation was established in 2014 as a partnership
firm and is engaged in the construction of the commercial real
estate project, 'Marvella Corridor', in Surat, Gujarat. The firm
currently has six partners.
MATESWARI ROYALTIES: ICRA Assigns B+ Rating to INR5.0cr Loan
------------------------------------------------------------
ICRA has assigned the long term rating of [ICRA]B+ to the INR5.0
crore1 Non - fund based bank facilities of Mateswari Royalties.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Fund Based Facility 5.0 [ICRA]B+; Assigned
ICRA's rating favorably factors in the extensive experience of
the promoters in the royalty collection business in the state of
Rajasthan. This apart, the rating also derives comfort from the
moderate financial profile of the firm reflected in its low
leverage and moderate coverage indicators. However the rating
remains constrained on account of the high operating leverage of
the firm, owing to the fixed royalty payable to the concessioning
authority, whereas the revenues remain dependent on the pace of
the mining activity and the quality of the mining reserves in the
associated mine. ICRA also takes note of the partnership
constitution of the firm which exposes it to risks related to
capital withdrawal, risk of dissolution etc. Also, given the
modest margins and in the absence of fund based bank limits, the
firm remains dependent on timely funding support from partners in
case of lower than expected collections and cash flow mismatches.
Going forward, the ability of the firm to secure new contracts to
maintain revenue visibility and achieve healthy volumes and
improve cash accruals will be the key rating sensitivities.
Mateswari Royalties, incorporated in FY 2016 is a partnership
concern, promoted by Mr. Sunil Kulhari (60%), Mr. Sunil Kumar
(20%) and Mr. Narendra (20%). The firm is a royalty contractor
for Masonary Stone and other minerals in the state of Rajasthan.
Such contracts are awarded on competitive bidding by Directorate
of Mines and Geology (DMG), Government of Rajasthan. Under these
contracts, the firm collects royalties from the miners based on
volumes extracted by the latter and in turn pays a fixed royalty
amount to DMG as per the pre-fixed schedule. Currently, Mateswari
Royalties is working on three Royalty collection contracts for
mining area in Bikaner, Jaipur and Tonk region of Rajasthan.
Recent Results
The firm, on a provisional basis, reported an operating income
(OI) of INR8.22 crore and a net profit of INR0.46 crore for FY16.
MICRO ORGO: CARE Assigns B+ Rating to INR11cr Long Term Loan
------------------------------------------------------------
CARE ASSIGNS 'CARE B+' AND 'CARE A4' RATINGS TO THE BANK
FACILITIES OF MICRO ORGO CHEM.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 11 CARE B+ Assigned
Short-term Bank Facilities 7 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Micro Orgo Chem
are primarily constrained on account of its financial risk
profile marked by moderate profit margins, leveraged capital
structure, moderate debt coverage indicators along with working
capital insensitive nature of business operations. The ratings
are also constrained by MOC's presence in an inherently
competitive pharmaceutical industry, its susceptibility of profit
margins to fluctuation in prices of raw material and foreign
exchange rates, susceptibility to changes in government
regulations along with its partnership nature of constitution.
The ratings, however, derive comfort from the experienced
partners along with established track record of business
operation. Furthermore, the ratings also derive strength from its
well-established and continuously increasing scale of operations
along with presence of reputed clientele in its portfolio.
The ability of MOC to increase its scale of operations along with
improvement in profit margins, capital structure and debt
coverage indicators remain the key rating sensitivities.
MOC was set up as a partnership entity in April 1992 by Mr.
Manish Jain and Mr. Mahendra Kumar Ranka and currently managed
and owned by Mr. Vinod O Ranka andMr Pushpak N Ranka. The entity
is engaged in the manufacturing of active pharmaceutical
intermediates (API) which are used in manufacturing
pharmaceutical formulation. MOC procures majority of raw material
from China. Part products manufactured are used in its group
entity named Micron Pharmaceuticals (rated 'CARE BB-/ CARE A4',
which is engaged in manufacturing pharmaceutical formulation
products) as a raw material.
MOC sales rest of the products to domestic well-known
pharmaceutical formulation products manufacturer. The
manufacturing facility is located at Vapi (Gujarat) with an
aggregate installed capacity of 1847 MTPA as on March 31,
2016, and meets ISO 9001:2000 norms.
During FY16 (Provisional, refers to the period April 1 to
March 31), MOC reported PAT of INR1.79 crore (FY15: INR0.61
crore) on a total operating income (TOI) of INR89.23 crore (FY15:
INR70.01 crore).
MINDSCAPE INTERNATIONAL: CARE Assigns B- Rating to INR5.08cr Loan
-----------------------------------------------------------------
CARE assigns 'CARE B-' rating to bank facilities of Mindscape
International Education Society.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5.08 CARE B- Assigned
Rating Rationale
The rating assigned to the bank facilities of Mindscape
International Education Society is constrained by its small
scale of operations and weak financial risk profile marked by
cash losses and negative corpus fund. The rating is further
constrained by the limited reach of the society, high regulation
in the education sector of India and increasing competition. The
rating, however, derives strength from the experienced and
qualified promoters along with competent teaching staff & well
established infrastructure and buoyant prospects of Pre-school
and K-12 segment in India. Going forward, the ability of the
society to increase the enrolment ratio while achieving
profitability and improving its overall financial risk profile
would remain the key rating sensitivities.
Mindscape International Education Society got registered under
the Society registration Act-1860 on Sept. 7, 2009.The society
was established by Mr. Manu Bhandari and Mrs Santosh Bhandari
with an objective to provide education services. The society is
running a school under the name of "The Sky World School" (TSWS)
at Panchkula, Haryana. TSWS is Central Board of Secondary
Education (CBSE) affiliated, currently offering classes from Pre-
nursery to 8th standard.
TSWS provides numerous facilities at its fully air conditioned
school which include amphitheater, skating rink, computer and
mathematics labs, class library etc. Furthermore, TSWS has
employed experienced and qualified teaching and administrative
staff to support day to day operations.
In FY16 (Provisional, refers to the period April 1 to March 31),
MIES has achieved a total operating income of INR2.33 crore with
net loss of INR1.36 crore, as against the total operating income
of INR1.64 crore with net loss of INR1.22 crore in FY15.
NASENSE LABS: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Nasense Labs
Private Limited's (Nasense) 'IND BB+(suspended) Long-Term Issuer
Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of Nasense.
Ind-Ra suspended Nasense on 15 February 2016.
Nasense's ratings:
-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
withdrawn
-- INR16.5 mil. term loan limits: 'IND BB+(suspended)'; rating
withdrawn
-- INR60 mil. fund-based limits: 'IND BB+(suspended) and 'IND
A4+(suspended)' ; ratings withdrawn
-- INR80 mil. non-fund-based working capital limits: 'IND
A4+(suspended)'; rating withdrawn
NIKHIL AUTOMOBILES: Ind-Ra Affirms 'IND BB+' LT Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nikhil
Automobiles Limited's (NAL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.
KEY RATING DRIVERS
The affirmation reflects NAL's continued small scale of
operations and modest credit profile. The company posted a
revenue of INR833 million in FY16 (FY15: INR893 million), net
leverage (net debt/operating EBITDAR) of 6.2x (5.9x), EBITDAR
interest coverage (operating EBITDAR/interest) of 1.3x (1.4x),
and EBITDA margins of 3.7% (5.0%).
The ratings continue to remain constrained on account of the
intense competition in the automobile industry coupled with the
overall slowdown in the four wheeler segment resulting from low
demand owing to increasing fuel prices and overhead expenses.
The ratings, however, benefit from NAL's promoter's over a
decade-long experience in the automotive dealership business. The
ratings are also supported by the company's established
relationship with Chevrolet Sales India Pvt. Ltd. (a subsidiary
of General Motors India Pvt. Ltd.).
RATING SENSITIVITIES
Positive: A substantial increase in the scale of operations along
with improvement in the EBITDA margins leading to an overall
improvement in the credit metrics could be positive for the
ratings
Negative: A further decline in the scale of operations along with
a decline in the EBITDA margins leading to an overall
deterioration in the credit metrics will be negative for the
ratings.
COMPANY PROFILE
Incorporated in 2007, NAL is an authorised dealer of Chevrolet
Sales India Pvt. Ltd. NAL is promoted by Mr. Sumit Gupta and his
family. The company operates three showrooms and five workshops
in and around Mumbai.
NAL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB+'/Stable
-- INR160.00 mil. fund-based working capital limits (decreased
from INR247.50 mil.): affirmed at 'IND BB+'/Stable
-- INR25.83 mil. long-term loans: affirmed at 'IND BB+'/
Stable
OVERSEAS TRADERS: ICRA Reaffirms B+ Rating on INR14cr LT Loan
-------------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ assigned to
the INR14.00 crore fund-based bank facilities of Overseas
Traders. ICRA has also re-affirmed the short-term rating of
[ICRA]A4 to the INR4.00 crore non-fund based bank facility of OT.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund Based
Limits-FDBP/FUDBP/AFDBC 14.00 [ICRA]B+ Re-affirmed
Short-term Non Fund
Based Limit- Letter
of Guarantee 4.00 [ICRA]A4 Re-affirmed
The reaffirmed ratings continue to take into account the firm's
high working capital intensity of business due to elongated
receivables and high inventory levels which adversely impacted
its liquidity position, resulting in high working capital
requirements. The ratings also take into account the small scale
of the firm's operations and the intensely competitive and
limited value-additive nature of the agro-commodities trading
industry, which has resulted in thin profitability. The
vulnerability of the firm's business to regulatory framework and
agro climatic conditions prevailing in the country along-with
exchange rate fluctuations given the export oriented nature of
business were also taken into consideration while reaffirming the
ratings.
The ratings, however, favourably factor in the established
experience of partners in the agro-commodity trading business.
ICRA also takes note of the capital infusion from partners in
FY2016 to support the overall capital structure.
Going forward, OT's ability to increase its revenue while
improving its profitability margins and maintain its capital
structure without any substantial withdrawal of capital as well
as effectively manage its working capital requirements will be
some of the key rating sensitivities.
Overseas Traders is a partnership firm established in 1977 and it
exports agricultural commodities like onions, potatoes, tendu
(beedi) leaves, fresh fruits and vegetables with onion
constituting majority of the sales. The commodities are procured
from the domestic market and exported majorly to Sri Lanka,
Malaysia, Pakistan and UAE.
OT has its registered office in Mumbai and is managed by the
Katharani family. The firm is a 'Star Export House' recognised by
the Government of India.
Recent results
OT recorded a net profit of INR0.38 crore on an operating income
of INR37.53 crore for the year ending March 31, 2016(Provisional
numbers).
PONDICHERRY TINDIVANAM: CARE Reaffirms B INR210.94cr Loan Rating
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Pondicherry Tindivanam Tollway Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 210.94 CARE B Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Pondicherry
Tindivanam Tollway Limited continues to be constrained
by the weak financial risk profile with continued erosion of
networth and stretched liquidity position of the company at
the back of continuous losses, traffic risk associated with a
toll-based project owing to the uncertainty in traffic and in
turn revenue albeit increase in traffic and revenue during FY16
(refers to the period April 1 to March 31), Operations and
Maintenance (O&M) risk with absence of fixed-price major
maintenance contract. The rating is, however, underpinned by
the experienced promoters, various forms of supports committed by
the sponsors and commercial importance of the stretch albeit
presence of alternate routes.
The ability of the company to achieve the envisaged toll revenue,
overall effective cash flow management and/or occurrence of force
majeure events are viewed as the key rating sensitivities.
PTTL is a special purpose vehicle (SPV) incorporated on March 27,
2007, to undertake the construction, operation, maintenance of
National Highways in Tamil Nadu. It is promoted by the consortium
of NCC Limited (NCC) along with its fully-owned subsidiary NCC
Infrastructure Holdings Ltd, IL & FS Engineering constructions
Ltd (ILFS) (formerly Maytas Infra Private Limited) and Terra-
Projects Limited. The SPV is involved in strengthening and four-
laning of 37.92 kms stretch on the Pondicherry-Tindivanam section
of NH-66, in the state of Tamil Nadu.
The Concession Agreement (CA) was executed between PTTL and
National Highways Authority of India (NHAI) on July 19,
2007, for a concession period of 30 years from the date of
financial closure, including the construction period of 30
months. The Commercial Operation Date (COD) or Scheduled Project
Completion Date (SPCD) of the project was July 14, 2010. However,
on account of delay by NHAI in handing over the land, the
construction could not be completed within the scheduled time.
The company had managed to receive an extension of Time (EOT) for
COD till April 27, 2011, from NHAI. The project received
Provisional COD and has commenced tolling on December 12, 2011.
The actual cost incurred in the project was INR361.96 crore as
against estimated cost of INR314.62 crore.
PTTL applied for bilateral restructuring in September 2013 and
the same has been approved by the four existing bankers and one
financial institution wherein the rate of interest is fixed at
10.25% with repayment of existing loans commencing from June 2020
and Funded Interest Term Loan (FITL) to be repaid in bullet
repayment in 2028. As on June 30, 2016, FITL was INR49.29 crore
(Rs.12.26 crore as on June 30, 2015).
For FY16, PTTL registered a total income of INR14.14 crore with a
net loss of INR19.98 crore vis-Ö-vis total income of Rs.13.50
crore and net loss of INR18.64 crore in FY15. Furthermore, during
Q1FY17, the toll revenue was INR3.74 crore as against INR3.64
crore during Q1FY16.
PURE VIEW: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pure View Impex
Private Limited's 'IND B(suspended)' Long-Term Issuer Rating. The
agency has also withdrawn the 'IND A4(suspended)' rating on the
company's INR80m non-fund-based working capital limits.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Pure View Impex.
Ind-Ra suspended Pure View Impex's ratings on 18 February 2016.
R.S.V. CONSTRUCTIONS: Ind-Ra Withdraws 'IND BB+' LT Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R.S.V.
Constructions Private Limited's (RSV) Long-Term Issuer Rating of
'IND BB+(suspended).
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage of RSV.
Ind-Ra suspended RSV's ratings on 15 February 2016.
RSV's ratings:
-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
withdrawn
-- INR75 mil. fund-based working capital limits: 'IND
BB+(suspended) and 'IND A4+(suspended)'; ratings withdrawn
-- INR150 mil. non-fund-based working capital limits: 'IND
A4+(suspended)'; rating withdrawn
ROOBHA CREATIONS: CRISIL Suspends B Rating on INR20MM LT Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Roobha
Creations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill Discounting 40 CRISIL A4
Long Term Loan 20 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by RC
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, RC is yet to
provide adequate information to enable CRISIL to assess RC's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in 2002, Roobha Creations manufactures and exports
readymade garments. The firm derives its revenue entirely from
exports to US retailers. Based in Tirupur (Tamil Nadu) the firm
has capacity to manufacture 5000 to 6000 pieces of garment per
day, depending upon the complexity of design involved. RC has an
in-house manufacturing unit for cutting, stitching, ironing and
finishing activities. The firm procures cotton yarn in India and
outsources dyeing, printing and compacting activities.
QUAIL CV: Ind-Ra Assigns 'IND B+' Rating on Series A3 PTCs
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Quail CV IFMR
Capital 2016 (an ABS transaction) final ratings as follows:
- INR89.4 mil. Series A1 pass through certificates (PTCs):
'IND A-(SO)'; Outlook Stable
- INR53.9 mil. Series A2 PTCs: 'IND A-(SO)'; Outlook Stable
- INR17.5 mil. Series A3 PTCs: 'IND B+(SO)'; Outlook Stable
The commercial vehicle (CV) loan, multi-utility vehicle (MUV)
loan, four wheeler (4W) loan and tractor loan pool assigned to
the trust is originated by Kogta Financial (India) Limited
(KFIL).
KEY RATING DRIVERS
The final ratings are based on the origination, servicing,
collection and recovery expertise of KFIL, the legal and
financial structure of the transaction and the credit enhancement
(CE) provided in the transaction. The final rating of Series A1
and Series A2 PTCs addresses the timely payment of interest on
monthly payment dates and ultimate payment of principal by the
final maturity date on 17 December 2019 in accordance with the
transaction documentation.
The final rating of Series A3 PTCs addresses the timely payment
of interest on monthly payment dates only after the complete
redemption of Series A1 and Series A2 PTCs and ultimate payment
of principal by the final maturity date on 17 December 2019, in
accordance with the transaction documentation.
The transaction benefits from the internal CE on account of
excess interest spread, subordination and over-collateralisation.
The levels of overcollateralization available to Series A1 and
Series A2 is 18% of the initial pool principal outstanding (POS)
and the overcollateralization available to Series A3 is 8% of the
initial pool principal outstanding. The total excess cash flow or
the internal CE available including overcollateralization to
Series A1 and Series A2 PTCs together and Series A3 PTCs is 36.3%
and 23.2%, respectively, of the initial POS. The transaction also
benefits from the external CE of 5% of the initial POS in the
form of fixed deposits with the State Bank of India in the name
of the originator with a lien marked in favour of the trustee.
The collateral pool assigned to the trust at par had the initial
POS of INR174.8m, as of the pool cut-off date of 31 May 2016.
The external CE will be used in case of a shortfall in a)
complete redemption of all Series of PTCs on the final maturity
date, b) monthly interest payment to Series A1 and Series A2
investors c) monthly interest payment of Series A3 investors
after the complete redemption of Series A1 and Series A2
investors and d) any shortfall in Series A3 Maximum Payout on the
Series A3 final maturity date.
RATING SENSITIVITIES
As part of its analysis, Ind-Ra built a pool cash flow model
based on the transaction's financial structure. The agency also
analysed historical data to determine the base values of key
variables that would influence the level of expected losses in
this transaction. The base values of the default rate, recovery
rate, time to recovery, collection efficiency, prepayment rate
and pool yield were stressed to assess whether the level of CE
was sufficient for the current rating levels.
Ind-Ra also conducted rating sensitivity tests. If the
assumptions of the base case default rate worsen by 20%, the
model-implied rating sensitivity suggests that the rating of
Series A1, and the rating of Series A3 PTCs will not be impacted.
However if the assumptions of the base case default rate worsen
by 20%, the model-implied rating sensitivity suggests that the
rating of Series A2 PTCs will be downgraded by two notches.
SAJEESH K: CRISIL Assigns 'B' Rating to INR70MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' to the bank
facilities of Sajeesh k Lukose.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 6 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 8 CRISIL B/Stable
Bank Guarantee 6 CRISIL A4
Cash Credit 70 CRISIL B/Stable
The ratings reflect a small scale of operations and exposure to
intense competition. The ratings also factor in large working
capital requirement and a below-average financial risk profile.
These weaknesses are partially offset by the extensive experience
of the proprietor in the civil construction industry.
Outlook: Stable
CRISIL believes SKL will continue to benefit from the industry
experience of its proprietor. The outlook may be revised to
'Positive' in case of significant increase in scale of operations
while margins are maintained. The outlook may be revised to
'Negative' in case of a decline in revenue and margins owing to
delay in execution of various projects, deterioration in working
capital management resulting in stretched liquidity, or large,
debt-funded capital expenditure leading to weakening of the
financial risk profile.
SKL was set up as a proprietary firm by Mr. Sajeesh K Lukose in
2006. The Kerala-based firm is a civil contractor, engaged in
carrying out building construction projects for the Kerala public
works department (PWD). Mr. Lukose, a civil engineer, manages
operations. He is an A-Class contractor for Kerala PWD and has an
experience of over a decade in a similar line of business.
SEZ VITRIFIED: CRISIL Assigns B+ Rating to INR360MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SEZ Vitrified Private Limited. The ratings
reflects SEZ's moderate scale of operations in medium term. These
weakness are offset by extensive experience of SEZ's promoters in
the ceramic industry along with strategic location of plant
ensuring availability of raw materials and labour.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 360 CRISIL B+/Stable
Bank Guarantee 40 CRISIL A4
Cash Credit 100 CRISIL B+/Stable
Outlook: Stable
CRISIL believes that SEZ will maintain its business risk profile
backed by its promoters' experience in the ceramic industry.
However, the company's financial risk profile is expected to
remain at an average level over the medium term with moderate
gearing and average debt protection metrics due to lower accruals
during the project stabilization phase. The outlook may be
revised to 'Positive' if the company stabilizes its operations
earlier than expected leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative', if SEZ's operating margins are lower than expected or
the company undertakes more than anticipated debt funded
expansion plan or its working capital management deteriorates,
thereby deteriorating its financial profile significantly.
SEZ Vitrified Private Limited is a Morbi, Gujarat based company
which was incorporated in August 2015. The company manufacture
vitrified tiles of total production capacity of ~93,000 MTPA.
SHIVA TRANSPORT: CRISIL Upgrades Rating on INR70MM Loan to B+
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Shiva Transport Company to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects the improvement in STC's financial risk
profile and liquidity. Networth rose to INR20.1 million as on
March 31, 2016, from INR8.5 million as on March 31, 2015, driven
by equity infusion and better accretion to reserves, and gearing
improved to 2.61 times from 6.38 times. The capital structure is
expected to improve further in the absence of debt-funded capital
expenditure and with gradual increase in networth. The liquidity
profile also improved backed by equity infusion, increase in
accrual against absence of maturing term debt and moderate bank
limit utilisation.
The rating reflects STC's small scale of operations in the
fragmented logistics industry, and the customer concentration in
its revenue. These weaknesses are partially offset by its
proprietor's extensive experience in the logistics industry and
its established customer relationships.
Outlook: Stable
CRISIL believes STC will continue to benefit from its
proprietor's extensive industry experience. The outlook may be
revised to 'Positive' in case of a significant and sustained
increase in scale of operations and accrual, along with improved
working capital management and capital structure. The outlook may
be revised to 'Negative' if a decline in operating income or
accrual, a stretch in working capital cycle, or sizeable capital
expenditure weakens the financial risk profile further,
especially liquidity.
STC, established as a proprietorship firm by Jamshedpur-based Mr.
Rajendra Prasad, is a third-party logistics and road
transportation services provider. The proprietor has experience
of two decades in the transport business.
SHREE DOODHAGANGA: CARE Reaffirms 'B' Rating on INR216.34cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Shree
Doodhaganga Krishna Sahakari Sakkare Karakhane Niyamit.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 216.34 CARE B Reaffirmed
Short-term Bank Facilities 46.53 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Shree Doodhaganga
Krishna Sahakari Sakkare Karakhane Niyamit continue to be
constrained by continuing net losses owing to high interest cost
in FY16 (refers to the period April 1 to March 31), weak capital
structure marked by high debt levels & erosion of net worth,
stretched operating cycle, seasonal nature of the sugar industry
and associated agro-climatic risks.
The ratings, however, derive strength from stable operating
performance in FY16, the established track record of the
promoters in the sugar industry, fully-integrated operations and
presence in the area of high recovery.
The ability of SDKSSKN to turn its operations profitable and de-
leverage its balance sheet forms the key rating sensitivities.
SDKSSKN is a multi-state co-operative society, incorporated in
March 1969 by Mr. Chidanand B Kore to undertake sugar & sugar
related production business. The first crushing season of the
sugar factory was conducted in sugar season (SS) 1974-75 with a
crushing capacity of 1,250 Tonnes crushed Per Day (TCD) at
Belgaum, Karnataka. The crushing capacity has since been enhanced
in stages to its present level of 10,000 TCD. The society has
also installed a distillery unit of 30 Kilo Liters Per Day (KLPD)
and a co-generation unit of 20.70 Mega-Watt (MW) in year 2002 and
2004 respectively.
For FY16, SDKSSKN reported total income of INR310.73 crore and
incurred net loss of INR0.44 crore as against total income of
INR308.35 crore with net loss of INR16.07 crore in FY15.
SNR RICE: CRISIL Suspends B+ Rating on INR90MM Cash Loan
--------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of SNR
Rice Industries Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B+/Stable
Long Term Loan 21 CRISIL B+/Stable
Proposed Working
Capital Facility 4 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by SNR
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SNR is yet to
provide adequate information to enable CRISIL to assess SNR's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Set up in 2009, SNR mills and processes paddy into rice and
parboiled rice. The company is promoted by Mr. K.N. Manivannan
and is based in Trichy (Tamil Nadu).
SPITZEN ENERGY: Weak Financial Strength Cues ICRA SP 3D Grading
---------------------------------------------------------------
ICRA has assigned 'SP 3D' grading to Spitzen Energy Solutions
(India) Private Limited, indicating 'Moderate Performance
Capability' and 'Weak Financial Strength' of the channel partner
to undertake on grid solar projects. The grading is valid for a
period of two years from Sept. 29, 2016, after which it will be
kept under surveillance.
Grading Drivers
Strengths
* Technically sound promoter having considerable experience in
the field of renewable energy.
* Technological collaboration with European entity in the field
of small wind turbines providing a competitive edge to the
company.
* Service partnerships with German and Dutch entities aiding
healthy operating margins; trading and services contributing ~30%
of the top line.
* Government support to the renewable energy sector through
capital subsidies, turbines manufactured by the company approved
by National Institute Wind Energy for the central assistance
under Small Wind Energy and Hybrid System scheme.
* Wide customer base consisting of individuals, private
companies and state government entities, satisfactory feedback
from customers and suppliers.
Risk Factors
* Delay in debt servicing on account of tight liquidity position
* Stretched financial risk profile characterized by stretched
capital structure with high gearing and high working capital
intensity of operations
* Stretched receivables given the delay in payments from
government establishments although counterparty risks remain
minimal.
* High competitive pressures from large number of
organized/unorganized players.
SI Related Business Performance Capability - Moderate
* Promoter Track Record: Mr. Kshirsagar has close to three
decade experience in the power conversion field. The promoter had
a long stint of fifteen years in Siemens, India and Siemens AG,
Germany prior to which he worked with MELTRON (Maharashtra
Electronics Corporation) R&D centre. Prior to returning to India
from Germany in 2009, the promoter had executed some solar
projects in and around Pune. Through the group company
Spitzenenergie Solutions, Mr. Kshirsagar has been involved in
research and development of hybrid wind - solar technology which
has been customized to suit Indian requirement.
* Technical competence and adequacy of manpower: The promoter is
being supported by six engineers who have an average industry
experience of five years. Further, the engineers of the entities
with which the company is associated as the service partner
regularly interact with Spitzen engineers with respect to their
products. Spitzen also holds licence from Fortis Wind based out
of Netherlands to manufacture small wind turbines. Strong
technical background of the execution team well supported by
technology from the principals based especially out of Europe
which has the largest wind solar capacity in the world provides
some competitive edge to the company.Given the small ticket size
of the projects executed, the technical manpower currently
available appears adequate.
* Quality of suppliers and tie ups: The company has set
standards for raw material procured as the end products have to
be at/above par the IEC/NIWE2 standards. The company procures
solar panels from reputed panel manufacturers like Akshaya Solar
Private Limited. The wind turbines and power controls for the
hybrid projects are manufactured in house while ancillary
material like mounting towers, ancillary parts are procured
locally. Most of the entities supplying raw material to the
company are ISO:9001 -2008 certified. Given the long association
as also timely payments and offtakes as per orders placed, the
suppliers have expressed a satisfactory feedback. The company
does not have tie up with any of its suppliers although it has
been associated with them since long time.
* Customer and O&M Network: The company has a wide customer base
comprising of individuals, government entities and private
companies for the projects division. Spitzen being the after
sales service partner for various European entities provides
services to reputed entities like Suzlon Energy, Kennersys,
Energon, Goa Shipyard Limited and L&T among others. As the hybrid
systems installed by the company are gearless, maintenance
remains restricted to batteries which is outsourced to local
distributors. Quality deliverables, timely execution and prompt
after sales service in the past have led to satisfactory feedback
from customer.
SRI SATHYA: CRISIL Reaffirms 'B' Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL rating on the long term bank facilities of Sri Sathya Exim
continues to reflect SSM's modest scale of operations in the
intensely competitive and highly fragmented iron and steel scrap
processing and trading industry, and below-average financial risk
profile, marked by modest net worth.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable (Reaffirmed)
Letter of Credit 30 CRISIL A4 (Assigned)
These rating weaknesses are partially offset by the extensive
industry experience of SSM's promoter in the steel trading
industry. And has assigned its 'CRISIL A4' to the short term bank
facilities.
The ratings continues to reflect SSM's modest scale of operations
in the intensely competitive and highly fragmented iron and steel
scrap processing and trading industry, and below-average
financial risk profile, marked by modest net worth. These rating
weaknesses are partially offset by the extensive industry
experience of SSM's promoter in the steel trading industry.
Outlook: Stable
CRISIL believes that SSM will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue and
profitability increase substantially, thus strengthening its
financial risk profile. Conversely, the outlook may be revised to
'Negative' if SSM's financial risk profile weakens because of low
cash accruals or a large debt-funded capital expenditure.
Setup in 2007 by Mr. Sathyaseelan, SSM processes and trades in
iron and steel scrap. The firm's unit is based in Gumidipoondi
(Tamil Nadu).
SRI SUDHARSANAM: CRISIL Assigns B+ Rating to INR65MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Sudharsanam Hospital Private Limited.
The ratings reflect a modest scale of operations and below-
average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the healthcare industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Working
Capital Facility 4 CRISIL B+/Stable
Long Term Loan 65 CRISIL B+/Stable
Overdraft Facility 1 CRISIL A4
Outlook: Stable
CRISIL believes SSHPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in scale of
operations while profitability is maintained, leading to a better
business risk profile. The outlook may be revised to 'Negative'
in case of a decline in cash accrual, or larger-than-expected
debt-funded capital expenditure, resulting in deterioration in
the financial risk profile.
Incorporated in 2014, Chennai-based SSHPL operates a hospital in
Chennai with 50 beds. The operations of the hospital are managed
by the promoters, Dr S Aravind and his wife, Ms S Prema.
STURDY INDUSTRIES: CRISIL Reaffirms D Rating on INR1.41BB Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sturdy Industries Ltd
continue to reflect the delay in servicing debt as reflected in
overutilization of cash credit limit for over 30 days due to weak
liquidity. The liquidity is constrained following a stretch in
receivables from one of its largest customers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 700 CRISIL D (Reaffirmed)
Funded Interest
Term Loan 262.1 CRISIL D (Reaffirmed)
Letter of credit &
Bank Guarantee 1419.0 CRISIL D (Reaffirmed)
Proposed Cash
Credit Limit 1.3 CRISIL D (Reaffirmed)
Working Capital
Term Loan 750.9 CRISIL D (Reaffirmed)
SIL has a weak financial risk profile. It also has a low
operating margin, and is exposed to intense competition in the
aluminium cables and conductors industry. However, it benefits
from the extensive industry experience of its promoters.
Update
Operating income is estimated at INR4.28 billion in fiscal 2016
against INR4.32 billion in fiscal 2015. It reported losses in
fiscal 2016 due to high interest expense.
The company has a weak financial risk profile, as reflected in
high total outside liabilities to tangible networth (TOLTNW)
ratio estimated above 25 times as on March 31, 2016, because of
significant dependence on working capital borrowings. Low
operating margin, along with highly leveraged capital structure,
has resulted in weak debt protection metrics. The interest
coverage ratio is estimated at 0.66 time in fiscal 2016 and is
expected to remain low over the medium term.
Operations will likely remain working capital intensive as
reflected in estimated gross current assets of 227 days as on
March 31, 2016, mainly driven by high receivables due to credit
of up to nine months availed by its key clients. Against this, it
gets limited credit of up to three months on purchase of raw
materials, leading to large working capital borrowings. As a
result, bank limits are fully utilised.
Loss generated by the company has led to inability to service its
debt on time.
Established in 1995, SIL, promoted by Mr. Ramesh
Guptamanufactures polyvinyl chloride pipes and irrigation
systems, aluminium composite panels, and aluminium cables and
conductors, and trades in aluminium products. The company also
has a plant for manufacturing asbestos cement roofing sheets.
SUKRITHA BUILDMANN: ICRA Assigns B+ Rating to INR20cr Term Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR20
crore term loan facility of Sukritha Buildmann Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund Based
Term Loan 20.0 [ICRA]B+ assigned
The assigned rating takes into account SBPL's exposure to
significant marketing risk associated with the ongoing project-
Buildmann Aaroha, given the low level of overall bookings till
date, notwithstanding the moderate booking levels achieved in the
first phase of the project. The rating is also constrained by the
large size of the ongoing project relative to past real estate
projects undertaken by the company and the vulnerability to
execution risks, given the intermediate stages of construction,
however, ICRA takes note of the significant construction progress
in the first phase of the project. SPPL is also susceptible to
significant property concentration risks, with cash inflow over
the medium term being solely dependent on this single property.
ICRA notes that the financial closure for the project has been
achieved; however a substantial portion of the pending
construction cost is to be met through customer advances, hence
healthy incremental sales and collection efficiency will be
critical for completing the project in a timely manner Besides,
the rating also takes into account the high competitive intensity
of the real estate market in the region.
The rating, however, favorably takes into account the established
position of the company with a track record of more than 2
decades in the real estate market with strong project execution
capabilities and the favorable location of the ongoing upcoming
project, Buildmann Aaroha, located in KR Puram, Off Old Madras
Road which is a major suburb in the eastern part of the Bangalore
housing various IT/ITES companies and industrial establishments.
In addition, the company's asset light policy of developing
projects under Joint Development Agreement (JDA), limits upfront
capital commitment in the projects. Further, the rating assigned
also takes comfort from the relatively low repayment obligations
falling due in the near to medium term.
Incorporated in 1988, Sukritha Buildmann Private Limited (SBPL)
is a private limited company engaged in real estate development
in Bangalore, Karnataka. The promoters have long experience in
the field of real estate development and construction. The
company's business spanned contracting, consulting engineering
and real estate development, but is presently focused on real
estate development. Presently, the company is engaged in
execution of a villa cum apartment project, "Buildmann Aaroha" at
KR Puram, Off Old Madras road, Bangalore. Started in June, 2013,
the project is split into two phases spread across 2.96 lakh sqft
of land parcel and has two towers with 85 apartments and 39
villas with an aggregate super built up area of 4,25,757 square
feet (sqft). In the future, the company plans to launch unique
mid-segment housing projects in well-connected locations.
Result Results
For the financial year 2015-16 (as per provisional numbers), the
company reported a net profit of INR0.5 crore on an operating
income of INR4.1 crore, as against a net profit of INR0.4 crore
on an operating income of INR3.0 crore in 2014-15.
SUN THERMO: ICRA Assigns 'B' Rating to INR6cr LT Loan
-----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR6.00
crore fund based facilities of Sun Thermo Process. ICRA has also
assigned long-term and short-term ratings of [ICRA]B/A4 to the
INR9.00 crore unallocated facilities of STP.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Fund based
facilities 6.00 [ICRA]B; assigned
Long-term/Short-term
Unallocated 9.00 [ICRA]B/A4; assigned
The assigned ratings factor in the small scale operations of the
firm limiting economies of scale coupled with moderate financial
profile characterized by high gearing at 3.3 times as at
March 31, 2016, weak coverage indicators and high working capital
intensity owing to high levels of inventory holding. Also, the
margins have been volatile due to fluctuations in raw material
prices and exposure to foreign currency fluctuations in the
absence of any systematic hedging mechanism. The ratings are
further constrained by the intense competition in the highly
fragmented cashew industry with low product differentiation
limiting pricing flexibility. The ratings are also subject to the
inherent risk of capital withdrawal associated with the
partnership status of the entity.
However, the ratings favorably factor in the healthy revenue
growth witnessed in the last five decades coupled with healthy
margins and growing domestic demand prospects for the cashew
industry.
Commenced in 2008 by Mr. Manivanan, Sun Thermo Process is engaged
in processing of raw cashew nuts (RCNs) into processed cashew
kernels. The firm imports its raw materials primarily from
African countries like Tanzania, Guinea Bissau and Ivory Coast,
processes them in its manufacturing facility located at
Thiruvannamalai, Tamil Nadu having an aggregate installed
capacity to process 8 Metric Tonnes (MT)/day, and sells the same
to the traders in the domestic market under its own brand
"Krishna Cashews". The firm also sells the by-products such as
cashew shells and cashew husks in the local markets and
occasionally trades in cashew kernels / RCNs. STP employs about
200 employees, out of which ~120 of them are permanent workers.
Mr. Manivanan prior to venturing into the cashew business
initially promoted Sun Thermo Process in 2007 as the heat
treatment division which in involved in toughening of steel
material. This division caters to TVS group by undertaking job
work for them. In FY2013, this division was demerged from the
firm and it is run independently by the promoter in
Gummidipoondi, Tamil Nadu.
Recent Results
For the year ended FY2016, STP achieved a net profit
(provisional) of INR0.6 crore on a total operating income of
INR18.9 crore compared to the net profit of INR0.3 crore on a
total operating income of INR11.5 crore during the previous
fiscal.
SUPER COTTON: CARE Reaffirms 'B+' Rating on INR7.53cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to bank facilities of Super
Cotton Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 7.53 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Super Cotton
Industries continues to remain constrained on account of
its small scale of operations, thin profit margins, leveraged
capital structure and weak debt coverage indicators during
FY16 (refers to the period April 1 to March 31) along with
partnership nature of constitution. The rating further remained
constrained on account of susceptibility of its profit margins to
volatility in prices of cotton and seasonality associated with
cotton industry along with its presence in the highly fragmented
cotton industry with limited value addition and prices and supply
for cotton being highly regulated by the government.
The rating, however, continues to derive benefit from the
experience of partners and the firm being strategically located
in cotton-producing belt of Gujarat along with availment of
fiscal benefits.
The ability of SCI to increase its scale of operations with an
improvement in profit margins, improvement in the capital
structure, debt coverage indicators and liquidity are the key
rating sensitivities.
Jamnagar-based (Gujarat) SCI was established in April 2013 as a
partnership firm by five partners namely Mr. Naresh Kalola, Mr.
Mayur Fefar, Mr. Dhaval Fefar, Mr. Haresh Fefar and Mr. Kantilal
Boda. All partners jointly look after day to day activities of
SCI. SCI is into the business of cotton ginning and pressing. SCI
has an installed capacity of 36,982 metric tonne per annum (MTPA)
for cotton bales and cotton seeds as on March 31, 2016 (A.). FY16
was the second full year of operation as SCI commenced operation
from January 2014, onwards.
During FY16 (A), SCI reported PAT of INR0.01 crore on a TOI of
INR42.65 crore as against PAT of INR0.02 crore on a TOI of
INR50.22 crore during FY15. During 5MFY17 (provisional), SCI has
reported TOI of INR15 crore.
SWAMI TEXTILES: Ind-Ra Withdraws IND BB- Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Swami Textiles
Private Limited's 'IND BB-(suspended)' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of information. Ind-
Ra will no longer provide ratings or analytical coverage for
STPL.
Ind-Ra suspended STPL's ratings on 18 February 2016.
STPL's ratings:
-- Long-Term Issuer Rating: 'IND BB-(suspended)'; rating
withdrawn
-- INR37.2 mil. term loan: 'IND BB-(suspended)'; rating
withdrawn
-- INR31.5 mil. fund-based limits: 'IND BB-(suspended)'/'IND
A4+(suspended)'; ratings withdrawn
-- INR1.60 mil. non-fund-based limits: 'IND BB-
(suspended)'/'IND A4+(suspended)'; ratings withdrawn
V.I.R FOODS: ICRA Revises Rating on INR16cr Cash Loan to B-
-----------------------------------------------------------
ICRA has revised its long term rating on the INR18 crore fund
based limits of V.I.R Foods Limited to [ICRA]B- from [ICRA]B.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 16.00 [ICRA]B-; revised from
[ICRA]B
Term Loan 2.00 [ICRA]B-; revised from
[ICRA]B
ICRA's rating action is driven by persistent overutilisation of
working capital limits, due to the stretched liquidity position
of the company. Further, following the account restructuring in
2015, the debt repayment which is expected to commence from
April, 2017 would further stress the liquidity profile of the
entity.
The rating also reflects the decline in scale of operations in
VIR's rice milling business led by high intensity of competition
in the industry. The rating also takes into account the high
working capital intensity of the rice milling business due to the
need to maintain substantial inventories; the resultant working
capital requirements have been funded mainly through bank
borrowings, leading to a highly leveraged capital structure and
weak coverage indicators. The rating also factors in agro
climatic risks, which can affect the availability of paddy in
adverse conditions.
ICRA, however, draws comfort from the extensive experience of the
promoters in the rice industry, proximity of the mill to major
rice growing areas which results in easy availability of paddy
and stable demand outlook, with rice being an important part of
the staple Indian diet. Further, ICRA takes note of improvement
in profitability in FY2016.
Going forward, the ability of the company to bring about a
sustained improvement in its liquidity position and also increase
its scale of operations in a profitable manner, while maintaining
a prudent capital structure would remain the key rating
sensitivities.
Incorporated in the year 2005, V.I.R Foods Limited is a public
limited company involved in milling of basmati and non basmati
rice. The company's plant at Payal, Ludhiana (Punjab) has a
milling capacity of 15 tons/hour. The company sells its products
under its registered brand names "Nature Gold", and "Royal Taste
of India".
Recent Results
The company reported a profit after tax (PAT) of INR0.24 crore on
an operating income of INR44.54 crore in FY2016 as against a net
loss of INR0.99 crore on an operating income of INR60.86 crore in
the previous year.
VEE KAY: CARE Assigns 'B+' Rating to INR11cr Long Term Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to bank facilities of Vee Kay
Enterprises.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 11 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Vee Kay Enterprises
is constrained by its weak financial risk profile characterised
by small scale of operations with low net-worth base, low
profitability margins, weak solvency position and working capital
intensive nature of operations. The rating is further constrained
by the susceptibility of the firm's margins to fluctuations in
the raw material prices, VKE's presence in a highly fragmented
industry characterized by intense competition and partnership
nature of constitution. The rating, however, derives strength
from the experienced promoters along with established track
record of the entity and favorable location of the plant.
Going forward, the ability of the firm to profitably scale-up its
operations and improve its overall solvency position along with
efficient utilization of working capital requirements would
remain the key rating sensitivities.
Vee Kay Enterprises was established in 1985 as a partnership firm
and is currently being managed by Mr. Vikas Behal and his brother
Mr. Vishal Behal sharing profit and loss equally. The entity is
engaged in the manufacturing of acrylic yarn at its manufacturing
facility located in Ludhiana, Punjab. The firm has an installed
capacity of 50.4 tonnes per annum as on March 31, 2016. The
product line of the firm comprises of acrylic hosiery yarn. The
firm supplies its products to various dealers in Punjab, under
the brand name "Vee Kay". VKE mainly requires nylon and acrylic
fibers as raw materials which are procured directly from reputed
manufacturers like Indian Acrylics located in Punjab itself. The
firm also imports nylon from China [imports constituted around
20%of the purchases in FY16 (refers to the period April 01 to
March 31)].
In FY16 (based on audited results), VKE has achieved a total
operating income of INR41.84 crore with PAT of INR0.13 crore as
against total operating income of INR34.31 crore with PAT of
INR0.13 crore in FY15.
VIJIT INTERNATIONAL: CARE Reaffirms B+ Rating on INR6cr LT Loan
---------------------------------------------------------------
CARE reaffirms ratings assigned to the bank facilities of
Vijit International Pvt. Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6 CARE B+ Reaffirmed
Short-term Bank Facilities 1 CARE A4 Reaffirmed
Rating Rationale
The ratings for the bank facilities of Vijit International Pvt.
Ltd. continue to remain constrained by its small scale of
operations with low profitability, susceptibility of operating
margin to volatility in trading material prices, fragmented
nature of business with high competition among the players and
working capital intensive nature of operation. The ratings,
however, derive strength from its experience of the promoters of
around a decade in a similar line of business, long track record
of operation of the company though new management has taken over
since July 2015 and comfortable capital structure and
satisfactory current ratio.
Going forward, the ability of the company to improve its scale of
operations along with profitability margins and efficient
management of working capital are the key rating sensitivities.
VIPL was incorporated in October 2000 by Mr. Suresh Kumar Goel
and Mrs. Usha Goel of Kolkata to initiate an iron and steel
products trading business. The company was in trading of HR
Coils, HR Sheet, Steel tubes, etc. However, since July 2015, the
earlier management has sold the full control of the company to
the present management. The present management lead by Mrs Prity
Sharma and Mr. Madhusudan Agarwalla has a decade of experience in
iron and steel related business. During FY16 (refers to the
period April 1 to March 31) for few months, the operation of the
company was on hold and had undergone a renovation of the
warehouse at a cost of INR0.25 crore. However, during November
2015, the operation of the company again resumed as a trading
business of Coils, Angles, Channels, Pipes and TMT Bar, etc. The
day-to-day operations of the company are looked after by Mr.
Madhusudan Agarwalla.
During FY16 (Audited), the company reported a total operating
income of INR23.63 crore (FY15: INR6.91 crore) and a PAT of
INR0.07 crore (in FY15: INR0.00 crore). Gross cash accruals was
INR0.08 crore (FY15: INR0.01 crore) during FY16.
VRUNDAVAN ENTERPRISE: ICRA Withdraws B+ Rating on INR22.75cr Loan
-----------------------------------------------------------------
ICRA has withdrawn the [ICRA]B+ rating assigned to the INR22.75
Crore bank line of limits of Vrundavan Enterprise, as the company
has fully repaid the bank lines or as the company has not raised
funds against the rated instrument. There is no amount
outstanding against the rated instrument.
WARSAW ENGINEERS: ICRA Suspends B+ Rating on INR2cr Loan
--------------------------------------------------------
ICRA has suspended the rating of [ICRA]B+ assigned to INR2.0
crore long term cash credit facilities) and also suspends rating
of [ICRA]A4 assigned to INR4.0 crore short term facilities non-
fund based bank guarantee facilities of Warsaw Engineers (the
firm.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company. According to its suspension policy, ICRA may suspend any
rating outstanding if in its opinion there is insufficient
information to assess such rating during the surveillance
exercise.
YOUTHWELFARE ASSOCIATION: CARE Cuts Rating on INR6.04cr LT Loan
---------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Youthwelfare
Association.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 6.04 CARE D Revised from
CARE B+
Short term Bank Facilities 0.76 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Youth Welfare Association takes into account the delays in
debt servicing due to stretched liquidity.
Youth Welfare Association was registered in July, 1985 under the
Society registration Act. The operations of the society, however,
started in the year 2002. The society was established by Mr. C P
Sharma (President), Mrs Tara Sharma (Treasurer) and Mr. Chetan
Sharma (Secretary) and is running a school and a polytechnic
college by the name of Mt. Littera Zee School and Pt. Gauri
Shankar Memorial Polytechnic College, respectively, at Shimla,
Himachal Pradesh. The various diploma courses being offered at
the college are approved by AICTE (All India Council of Technical
Education) while the school is affiliated to Central Board of
Secondary Education (CBSE) and currently offers classes from 1st
standard to 10th standard.
=========
J A P A N
=========
TAKATA CORP: Hires Weil Gotshal to Help Deal with Planned Sale
--------------------------------------------------------------
Bloomberg News reports that Takata Corp., whose defective air bag
inflators triggered the biggest recall in auto industry history,
hired law firm Weil Gotshal & Manges LLP to help it weigh options
that could include bankruptcy or a sale, according to people with
knowledge of the matter.
Bloomberg News relates that the Japanese manufacturer might
choose to seek court protection just for its U.S. unit, said one
of the people, who asked not to be named because the discussions
are private. No final decisions have been made and Tokyo-based
Takata continues to seek buyers, the people said.
Jared Levy, an outside spokesman for Takata, declined to comment,
and Amy Fantini at Weil Gotshal did not immediately respond to
messages seeking comment.
According to Bloomberg, Takata is evaluating at least five bids
as it confronts the potentially massive cost of recalling 100
million faulty air bag inflators worldwide and lawsuits tied to
at least 16 deaths and numerous injuries. The air bags tend to
degrade over time and erupt, sending shrapnel through the
vehicle's cabin.
Bloomberg says the company hired Lazard Ltd. earlier this year as
its financial adviser to pursue strategic options including a
sale. All of the suitors have proposed bankruptcy proceedings as
one option for Takata, with air bag makers Autoliv Inc. and Key
Safety Systems Inc. insisting on that in their bids, a person
familiar with the process said last month, Bloomberg relays.
Additional offers came from Daicel Corp. and Bain Capital LP, and
others from buyout firm KKR & Co. and bumper supplier Flex-N-Gate
Corp., the person, as cited by Bloomberg, said.
Takata's customers, which include General Motors Co., Honda Motor
Co. and Volkswagen AG, are tied to the outcome because they could
face partial responsibility for billions of dollars in recall
costs and potential legal liabilities, relates Bloomberg.
Automakers have been reluctant to help pay Takata's legal bills,
but they also want to ensure a steady supply of air bags, seat
belts and other components.
The Wall Street Journal previously reported that Weil Gotshal had
been hired as a legal adviser, adds Bloomberg.
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts. The Company
has subsidiaries located in Japan, the United States, Brazil,
Germany, Thailand, Philippines, Romania, Singapore, Korea, China
and other countries.
===============
M A L A Y S I A
===============
PRIME GLOBAL: Terminates Tenancy Agreement with BJ Bentong
----------------------------------------------------------
Prime Global Capital Group Incorporated, through its subsidiary,
Virtual Setup Sdn. Bhd., or VSSB, and BJ Bentong Trading Company,
or BJ, were parties to an Agreement for Rental of Oil Plantation,
effective Sept. 21, 2015, pursuant to which BJ agreed to manage
the Company's plantation, harvest and sell oil palm fresh fruit
bunches and receive all proceeds related thereto for a monthly
rental fee of RM35,000. The Tenancy Agreement is due to expire
on March 20, 2018, pursuant to its terms.
On Sept. 29, 2016, VSSB and BJ entered into a letter agreement
pursuant to which the parties mutually agreed to terminate the
Tenancy Agreement upon the following conditions:
1. BJ's deposit of RM70,000 will be forfeited by VSSB;
2. All staff, laborers, machinery and tools will be removed
from the premises and the premises returned to VSSB no
later than Sept. 30, 2016; and
3. BJ will indemnify VSSB for a period of six months after the
termination of the Tenancy Agreement against all and any
damages, loss, expenses or other cost on the property and
or the palm oil trees regardless of whether such damage
arose as a result of the act, omission or negligence of
BJ or its agents and representatives.
About Prime Global
Kuala Lumpur, Malaysia-based Prime Global Capital Group operated
in the following three business segments during fiscal year 2014:
(i) software business (the provision of IT consulting,
programming and website development services); (ii) plantation
business (including oilseeds and castor seeds business); and
(iii) its real estate business. In the fourth quarter of fiscal
2014, the Company discontinued its castor seeds business in
China, and in December 2014 it discontinued the software business
(the provision of IT consulting, programming and website
services) in Malaysia. As a result, the Company no longer conduct
business operations in China and anticipate winding down or
otherwise selling its interests in the following entities: Power
Green Investments Limited; Max Trend International Limited and
Shenzhen Max Trend Green Energy Co Ltd.
Prime Global reported a net loss US$1.59 million for the year
ended Oct. 31, 2015, compared to a net loss of US$1.33 million
for the year ended Oct. 31, 2014.
As of July 31, 2016, the Company had US$48.2 million in total
assets, U$18.3 million in total liabilities and US$29.8 million
in total equity.
Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.
=================
S I N G A P O R E
=================
RICKMERS MARITIME: Debt-to-Equity Swap Plan Meeting Set Oct. 31
---------------------------------------------------------------
The Strait Times reports that the trustee manager of Rickmers
Maritime announced on Oct. 7 the convening of an extraordinary
general meeting (EGM) on Oct. 31 to seek approval for a debt-to-
equity proposal.
The Strait Times says the EGM will also consider a resolution to
authorise the winding-up of the trust if the debt restructuring
plan is voted down and if necessary.
The Strait Times relates that the trustee manager also announced
a special coupon payment of SGD500,000 payable to noteholders in
the event of a successful restructuring. This means each holder
of SGD250,000 in principal will get SGD1,250 in cash.
"While this is not a material sum in the context of the face
value of the MTNs (medium-term notes), it is material to the
current cash position of Rickmers Maritime. This is the maximum
we are able to offer noteholders considering our liquidity needs
to continue to operate. This will mean the business will have to
manage its working capital even more tightly but we wanted to
make every effort to add a cash element to our exchange offer,"
the report quotes Mr Soeren Andersen, chief executive officer of
Rickmers Trust Management (RTM), as saying.
The report says the cash payment is an 11th hour attempt to
sweeten RTM's proposed swap of the SGD100 million principal 8.45
per cent notes due next May for SGD40 million due November 2023,
and exchanging the rest for 60 per cent of the trust, after
issuing 1.32 billion new units.
Many note holders had been unhappy with this offer, saying there
would still be no cash on the table for them. Last month, a group
of retirees, businessmen and others who have each sunk SGD250,000
or more into the Rickmers bonds demanded to get their principal
back in full, with interest, immediately.
"We understand that noteholders and unitholders are disappointed
in this very difficult situation faced by Rickmers Maritime,"
said Mr Andersen in the statement on Oct. 7.
He added: "It is our duty to try to create a future for the
business and provide a platform to improve their returns. Despite
continued attempts to improve the terms to noteholders e.g.
through intense engagements with our senior lenders, the terms
have to remain largely as presented on 22 September 2016. While
it will significantly dilute unitholders, it also holds the best
chance of achieving a successful restructuring which preserves
value for them."
The Strait Times adds that RTM said Rickmers Maritime will be
able to continue to operate on a going-concern basis if the notes
are successfully restructured.
It said the overall face value of the trust's debts would be
reduced by SGD60 million, and the maturity of the notes would be
extended from May 2017 to November 2023. In addition, the trust's
interest costs per year under the notes would decrease from
SGD8.45 million currently to between SGD1.08 million and
SGD2.08 million.
RTM also said a successful restructuring would enable Rickmers
Maritime to obtain a new amortising term loan facility of up to
US$260.2 million to refinance US$197.7 million and US$67.8
million of the trust's present outstanding debt repayable in 2017
and 2018, respectively, adds The Strait Times.
Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: Says Restructuring Scheme Going Smoothly
-------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co., a major shipyard in South Korea, said on Oct. 10
its restructuring scheme is going smoothly, with its three
offshore facilities to be delivered on time.
"We expect our business result to remain in positive terrain
going forward as our restructuring plan is being implemented as
promised, and ships and offshore facilities will be delivered as
scheduled," Yonhap quotes the shipbuilder said in a statement.
In the first half of the year, Daewoo Shipbuilding suffered a net
loss of KRW1.19 trillion (US$1.08 billion), with its debt ratio
exceeding 7,000 percent, Yonhap relates.
According to Yonhap, the shipbuilder said it will complete the
sale of its headquarters building in downtown Seoul by the end of
the month, a deal valued at KRW180 billion, with noncore assets
to be sold in the near future.
Last week, the shipbuilder said it would seek to cut its
workforce by some 1,000 via an early retirement program amid a
prolonged industrywide slump, Yonhap recalls.
In October of last year, some 300 workers left Daewoo
Shipbuilding through an early retirement scheme. Daewoo
Shipbuilding said earlier it would cut its workforce to some
10,000 by 2020 through restructuring.
South Korean shipbuilders have been under severe financial strain
since the 2008 global economic crisis, which sent new orders
tumbling amid a glut of vessels and tougher competition from
Chinese rivals.
The country's top three shipyards -- Hyundai Heavy Industries,
Samsung Heavy Industries Co. and Daewoo Shipbuilding & Marine
Engineering Co. -- suffered a combined operating loss of 8.5
trillion won last year. The loss was due largely to increased
costs stemming from a delay in the construction of offshore
facilities and an industrywide slump, with Daewoo Shipbuilding
alone posting a 5.5 trillion-won loss.
The shipbuilders have recently drawn up sweeping self-rescue
programs worth KRW10.35 trillion in desperate bids to overcome
the protracted slump and mounting losses.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.
The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Oct. 3 to Oct. 7, 2016
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
EMECO PTY LTD 9.88 3/15/2019 USD 66.50
ARTSONIG PTY LTD 11.50 4/1/2019 USD 2.00
ARTSONIG PTY LTD 11.50 4/1/2019 USD 0.98
BOART LONGYEAR M 10.00 10/1/2018 USD 72.25
BOART LONGYEAR M 7.00 4/1/2021 USD 11.75
BOART LONGYEAR M 7.00 4/1/2021 USD 15.00
BOART LONGYEAR M 10.00 10/1/2018 USD 69.88
CML GROUP LTD 9.00 1/29/2020 AUD 1.02
CROWN RESORTS LT 5.74 4/23/2075 AUD 74.48
DBCT FINANCE PTY 2.10 6/9/2026 AUD 74.10
EMECO PTY LTD 9.88 3/15/2019 USD 66.50
IMF BENTHAM LTD 5.93 6/30/2019 AUD 62.63
KEYBRIDGE CAPITA 7.00 7/31/2020 AUD 0.68
LAKES OIL NL 10.00 5/31/2018 AUD 5.15
LAKES OIL NL 10.00 3/31/2017 AUD 4.65
MIDWEST VANADIUM 11.50 2/15/2018 USD 1.45
MIDWEST VANADIUM 11.50 2/15/2018 USD 1.45
RELIANCE RAIL FI 2.08 9/26/2023 AUD 62.70
RELIANCE RAIL FI 2.08 9/26/2023 AUD 62.70
STOKES LTD 10.00 6/30/2017 AUD 0.35
TREASURY CORP OF 0.50 11/12/2030 AUD 73.14
CHINA
-----
ANHUI PROVINCE W 5.32 6/28/2017 CNY 71.60
ANSHAN CITY CONS 8.25 3/5/2019 CNY 64.00
ANSHAN CITY CONS 8.25 3/5/2019 CNY 63.80
ANYANG INVESTMEN 8.00 4/17/2019 CNY 63.85
BAISHAN URBAN CO 7.00 7/31/2019 CNY 61.71
BANGBU CITY INVE 5.78 8/10/2017 CNY 30.62
BAOTOU STATE OWN 7.03 9/17/2019 CNY 64.10
BAYINGUOLENG INN 7.48 9/10/2018 CNY 52.83
BEIJING CAPITAL 5.95 5/29/2019 CNY 62.63
BEIJING CONSTRUC 5.95 7/5/2019 CNY 62.60
BEIJING ECONOMIC 5.29 3/6/2018 CNY 71.53
BEIJING XINGZHAN 6.48 8/31/2019 CNY 83.00
BEIJING XINGZHAN 6.48 8/31/2019 CNY 63.62
BIJIE XINTAI INV 7.15 8/20/2019 CNY 64.05
BIJIE XINTAI INV 7.15 8/20/2019 CNY 61.51
BINZHOU BINCHENG 6.50 7/5/2019 CNY 75.00
BINZHOU BINCHENG 6.50 7/5/2019 CNY 63.13
CHANGDE ECONOMIC 7.19 9/12/2019 CNY 63.74
CHANGDE ECONOMIC 7.19 9/12/2019 CNY 64.22
CHANGSHA CITY CO 6.95 4/24/2019 CNY 63.15
CHANGSHA CITY CO 6.95 4/24/2019 CNY 63.16
CHANGSHA COUNTY 8.35 4/6/2019 CNY 63.53
CHANGSHU BINJIAN 6.85 4/27/2019 CNY 63.14
CHANGSHU BINJIAN 6.85 4/27/2019 CNY 62.70
CHANGSHU CITY OP 8.00 1/16/2019 CNY 63.30
CHANGSHU CITY OP 8.00 1/16/2019 CNY 60.00
CHANGZHOU WUJIN 6.22 6/8/2018 CNY 51.41
CHAOYANG CONSTRU 7.30 5/25/2019 CNY 63.57
CHENGDU ECONOMIC 6.55 7/17/2019 CNY 62.01
CHENGDU ECONOMIC 6.55 7/17/2019 CNY 63.26
CHENGDU ECONOMIC 6.50 7/17/2018 CNY 52.02
CHENGDU ECONOMIC 6.50 7/17/2018 CNY 51.63
CHENGDU XINCHENG 8.35 3/19/2019 CNY 64.42
CHENGDU XINCHENG 8.35 3/19/2019 CNY 64.86
CHENZHOU URBAN C 7.34 9/13/2019 CNY 64.52
CHIFENG CITY HON 7.20 7/25/2019 CNY 63.10
CHIFENG CITY INF 6.18 5/18/2017 CNY 51.17
CHIFENG CITY INF 6.18 5/18/2017 CNY 50.02
CHONGQING CHANGS 7.45 9/25/2019 CNY 64.46
CHONGQING CHANGS 7.45 9/25/2019 CNY 64.04
CHONGQING HECHUA 8.28 4/10/2018 CNY 52.08
CHONGQING HECHUA 8.28 4/10/2018 CNY 52.02
CHONGQING HECHUA 6.95 1/6/2018 CNY 72.02
CHONGQING HECHUA 6.95 1/6/2018 CNY 70.50
CHONGQING JIANGJ 7.46 9/21/2019 CNY 64.03
CHONGQING JIANGJ 7.46 9/21/2019 CNY 64.32
CHONGQING JIANGJ 6.95 1/6/2018 CNY 71.89
CHONGQING JIANGJ 6.95 1/6/2018 CNY 71.00
CHONGQING JINYUN 6.75 6/18/2019 CNY 63.21
CHONGQING JINYUN 6.75 6/18/2019 CNY 62.81
CHONGQING LAND P 7.35 4/25/2019 CNY 63.81
CHONGQING LAND P 7.35 4/25/2019 CNY 63.76
CHONGQING MAIRUI 6.82 8/17/2019 CNY 63.79
CHONGQING NAN'AN 6.29 12/24/2017 CNY 61.62
CHONGQING NAN'AN 8.20 4/9/2019 CNY 64.06
CHONGQING NAN'AN 6.29 12/24/2017 CNY 64.01
CHONGQING NANCHU 7.35 9/6/2019 CNY 63.32
CHONGQING NANCHU 7.35 9/6/2019 CNY 63.77
CHONGQING XINGRO 8.35 4/19/2019 CNY 64.28
CHONGQING XIYONG 6.76 7/25/2019 CNY 63.53
CHONGQING YONGCH 7.49 3/14/2018 CNY 71.00
CHONGQING YONGCH 7.49 3/14/2018 CNY 72.80
CHONGQING YUFU A 6.50 9/4/2019 CNY 64.07
CHONGQING YULONG 6.87 5/31/2019 CNY 63.29
CHONGQING YUXING 7.29 12/8/2017 CNY 71.80
CIXI STATE OWNED 6.60 9/20/2019 CNY 63.52
CIXI STATE OWNED 6.60 9/20/2019 CNY 84.10
DALI ECONOMIC DE 8.80 4/24/2019 CNY 64.52
DALIAN LVSHUN CO 6.78 7/2/2019 CNY 63.23
DALIAN LVSHUN CO 6.78 7/2/2019 CNY 63.26
DANDONG CITY DEV 5.84 9/6/2017 CNY 40.36
DANDONG CITY DEV 5.84 9/6/2017 CNY 40.50
DANYANG INVESTME 8.10 3/6/2019 CNY 63.31
DANYANG INVESTME 8.10 3/6/2019 CNY 63.62
DATONG ECONOMIC 6.50 6/1/2017 CNY 40.59
DONGBEI SPECIAL 6.50 3/27/2016 CNY 40.00
DONGBEI SPECIAL 6.30 9/24/2016 CNY 40.00
DONGBEI SPECIAL 8.30 9/6/2016 CNY 40.00
DONGBEI SPECIAL 5.88 5/5/2016 CNY 40.00
DONGBEI SPECIAL 6.10 1/15/2018 CNY 40.00
DONGBEI SPECIAL 5.63 4/12/2018 CNY 40.00
DONGBEI SPECIAL 7.40 7/17/2017 CNY 40.00
DONGBEI SPECIAL 8.20 6/6/2016 CNY 40.00
DONGBEI SPECIAL 7.00 7/10/2016 CNY 40.00
DONGTAI COMMUNIC 7.39 7/5/2018 CNY 52.24
DRILL RIGS HOLDI 6.50 10/1/2017 USD 31.00
DRILL RIGS HOLDI 6.50 10/1/2017 USD 32.38
ERDOS DONGSHENG 8.40 2/28/2018 CNY 50.03
ERDOS DONGSHENG 8.40 2/28/2018 CNY 49.70
EZHOU CITY CONST 7.08 6/19/2019 CNY 63.47
FEICHENG CITY AS 7.10 8/14/2018 CNY 52.33
FEICHENG CITY AS 7.10 8/14/2018 CNY 52.50
FENGHUA CITY INV 7.45 9/24/2019 CNY 59.00
FENGHUA CITY INV 7.45 9/24/2019 CNY 64.17
FUJIAN LONGYAN C 7.45 8/14/2019 CNY 64.10
FUSHUN URBAN INV 5.95 5/11/2018 CNY 71.67
FUZHOU URBAN AND 6.35 9/25/2018 CNY 52.22
FUZHOU URBAN AND 6.35 9/25/2018 CNY 77.28
GANSU PROVINCIAL 7.20 9/19/2018 CNY 74.22
GANZHOU CITY DEV 6.40 7/10/2018 CNY 51.97
GANZHOU CITY DEV 6.40 7/10/2018 CNY 51.08
GUANGAN INVESTME 8.18 4/25/2019 CNY 64.08
GUANGAN INVESTME 8.18 4/25/2019 CNY 62.71
GUANGXI BAISE DE 6.50 7/4/2019 CNY 62.73
GUANGXI BAISE DE 6.50 7/4/2019 CNY 62.61
GUILIN ECONOMIC 6.90 5/9/2018 CNY 51.97
GUIYANG ECO&TECH 8.42 3/27/2019 CNY 63.89
GUOAO INVESTMENT 6.89 10/29/2018 CNY 71.38
HAIAN COUNTY CIT 8.35 3/28/2018 CNY 52.23
HAIAN COUNTY CIT 8.35 3/28/2018 CNY 52.57
HAIMEN CITY DEVE 8.35 3/20/2019 CNY 62.30
HAIMEN CITY DEVE 8.35 3/20/2019 CNY 63.75
HAINING CITY ASS 7.80 9/20/2018 CNY 74.60
HAINING CITY ASS 7.80 9/20/2018 CNY 74.20
HANGZHOU MUNICIP 5.90 4/25/2018 CNY 51.40
HANGZHOU XIAOSHA 6.90 11/22/2016 CNY 39.91
HANGZHOU XIAOSHA 6.90 11/22/2016 CNY 40.01
HANGZHOU YUHANG 7.55 3/29/2019 CNY 63.25
HANGZHOU YUHANG 7.55 3/29/2019 CNY 64.10
HANZHONG CITY CO 7.48 3/14/2018 CNY 72.85
HARBIN HELI INVE 7.48 9/26/2018 CNY 73.89
HARBIN HELI INVE 7.48 9/26/2018 CNY 73.51
HEFEI CONSTRUCTI 5.23 8/28/2018 CNY 71.72
HEFEI HAIHENG IN 7.30 6/12/2019 CNY 63.56
HEFEI HAIHENG IN 7.30 6/12/2019 CNY 60.00
HEFEI TAOHUA IND 8.79 3/27/2019 CNY 64.62
HEFEI XINCHENG S 7.88 4/23/2019 CNY 65.69
HEGANG KAIYUAN C 6.50 7/19/2019 CNY 63.61
HEILONGJIANG HEC 7.78 11/17/2016 CNY 40.06
HENAN JIYUAN CIT 7.50 9/25/2019 CNY 64.80
HENGYANG CITY CO 7.06 8/13/2019 CNY 63.74
HUAIAN CITY URBA 7.15 12/21/2016 CNY 40.15
HUAIAN CITY WATE 8.25 3/8/2019 CNY 64.03
HUAI'AN DEVELOPM 7.20 9/6/2019 CNY 64.50
HUAI'AN DEVELOPM 7.20 9/6/2019 CNY 63.66
HUAI'AN DEVELOPM 6.80 3/24/2017 CNY 42.32
HUAIAN QINGHE NE 6.79 4/29/2017 CNY 40.85
HUAIBEI CITY CON 6.68 12/17/2018 CNY 74.30
HUAIHUA CITY CON 8.00 3/22/2018 CNY 51.85
HUAIHUA CITY CON 8.00 3/22/2018 CNY 51.80
HUZHOU MUNICIPAL 7.02 12/21/2017 CNY 72.02
HUZHOU NANXUN ST 8.15 3/31/2019 CNY 63.26
HUZHOU WUXING NA 7.71 2/17/2018 CNY 72.47
INNER MONGOLIA H 7.20 9/25/2019 CNY 63.13
INNER MONGOLIA H 7.20 9/25/2019 CNY 61.33
JIAMUSI NEW ERA 8.25 3/22/2019 CNY 63.17
JIAMUSI NEW ERA 8.25 3/22/2019 CNY 63.00
JIAN CITY CONSTR 7.80 4/20/2019 CNY 63.99
JIAN CITY CONSTR 7.80 4/20/2019 CNY 62.01
JIANAN INVESTMEN 7.68 9/4/2019 CNY 65.44
JIANGDONG HOLDIN 6.90 3/27/2019 CNY 62.85
JIANGDU XINYUAN 8.10 3/23/2019 CNY 62.88
JIANGDU XINYUAN 8.10 3/23/2019 CNY 63.01
JIANGSU HUAJING 5.68 9/28/2017 CNY 25.52
JIANGSU LIANYUN 6.10 6/19/2019 CNY 62.36
JIANGSU LIANYUN 6.10 6/19/2019 CNY 62.18
JIANGSU NANJING 7.10 10/8/2019 CNY 64.23
JIANGSU TAICANG 7.66 5/16/2019 CNY 63.97
JIANGXI HEJI INV 8.00 9/4/2019 CNY 64.40
JIANGXI HEJI INV 8.00 9/4/2019 CNY 64.48
JIANGYIN CITY CO 7.20 6/11/2019 CNY 63.68
JIASHAN STATE-OW 6.80 6/6/2019 CNY 63.28
JIAXING CULTURE 8.16 3/8/2019 CNY 63.85
JIAXING ECONOMIC 6.78 6/14/2019 CNY 63.20
JIAXING ECONOMIC 6.78 6/14/2019 CNY 62.82
JINAN CITY CONST 6.98 3/26/2018 CNY 52.09
JINAN CITY CONST 6.98 3/26/2018 CNY 51.04
JINAN XIAOQINGHE 7.15 9/5/2019 CNY 64.22
JINAN XIAOQINGHE 7.15 9/5/2019 CNY 63.60
JINGZHOU URBAN C 7.98 4/24/2019 CNY 64.52
JINING CITY CONS 8.30 12/31/2018 CNY 63.50
JINTAN CONSTRUCT 8.30 3/14/2019 CNY 64.15
JINZHOU CITY INV 7.08 6/13/2019 CNY 62.90
JINZHOU CITY INV 7.08 6/13/2019 CNY 63.09
JIUJIANG CITY CO 8.49 2/23/2019 CNY 64.00
JIUJIANG CITY CO 8.49 2/23/2019 CNY 64.67
KAIFENG DEVELOPM 6.47 7/11/2019 CNY 63.17
KARAMAY URBAN CO 7.15 9/4/2019 CNY 62.40
KARAMAY URBAN CO 7.15 9/4/2019 CNY 64.27
KUNMING CITY CON 7.60 4/13/2018 CNY 51.94
KUNMING CITY CON 7.60 4/13/2018 CNY 52.18
KUNMING WUHUA DI 8.60 3/15/2018 CNY 52.60
KUNMING WUHUA DI 8.60 3/15/2018 CNY 52.51
LAIWU CITY ECONO 6.50 3/1/2018 CNY 61.66
LEQING CITY STAT 6.50 6/29/2019 CNY 62.40
LEQING CITY STAT 6.50 6/29/2019 CNY 60.00
LESHAN STATE-OWN 6.99 3/18/2018 CNY 72.40
LESHAN STATE-OWN 6.99 3/18/2018 CNY 72.59
LIAOYANG CITY AS 6.88 6/13/2018 CNY 67.53
LIAOYUAN STATE-O 8.17 3/13/2019 CNY 63.73
LIAOYUAN STATE-O 7.80 1/26/2017 CNY 40.36
LIJIANG GUCHENG 6.68 7/26/2019 CNY 63.16
LINAN CITY CONST 8.15 3/9/2018 CNY 52.01
LINAN CITY CONST 8.15 3/9/2018 CNY 51.89
LINHAI CITY INFR 7.98 11/6/2016 CNY 50.16
LINHAI CITY INFR 7.98 11/6/2016 CNY 50.00
LINYI ECONOMIC D 8.26 9/24/2019 CNY 65.53
LINYI INVESTMENT 8.10 3/27/2018 CNY 51.84
LIUZHOU DONGCHEN 8.30 2/15/2019 CNY 62.96
LIUZHOU INVESTME 6.98 8/15/2019 CNY 63.75
LONGHAI STATE-OW 8.25 12/2/2017 CNY 72.23
LUOHE CITY CONST 6.81 3/30/2017 CNY 30.46
LUOHE CITY CONST 6.81 3/30/2017 CNY 30.41
MIANYANG SCIENCE 7.16 5/15/2019 CNY 62.96
MIANYANG SCIENCE 7.16 5/15/2019 CNY 61.20
MIANYANG SCIENCE 6.30 7/22/2018 CNY 54.07
MUDANJIANG STATE 7.08 8/30/2019 CNY 62.94
MUDANJIANG STATE 7.08 8/30/2019 CNY 62.90
NANAN CITY TRADE 8.50 4/25/2019 CNY 64.32
NANCHONG CHEMICA 8.16 4/26/2019 CNY 63.78
NANJING HEXI NEW 6.40 2/3/2017 CNY 60.66
NANJING HI-TECH 6.94 9/7/2019 CNY 63.61
NANJING HI-TECH 6.94 9/7/2019 CNY 63.38
NANJING JIANGNIN 7.29 4/28/2019 CNY 63.50
NANJING JIANGNIN 7.29 4/28/2019 CNY 63.46
NANTONG CITY TON 6.80 5/28/2019 CNY 62.71
NANTONG CITY TON 6.80 5/28/2019 CNY 63.29
NANTONG STATE-OW 6.72 11/13/2016 CNY 40.00
NEIJIANG INVESTM 7.00 7/19/2018 CNY 52.79
NEIJIANG INVESTM 7.00 7/19/2018 CNY 52.10
NEIMENGGU XINLIN 7.62 2/25/2018 CNY 72.05
NINGBO CITY ZHEN 6.48 4/12/2017 CNY 40.49
NINGBO URBAN CON 7.39 3/1/2018 CNY 52.15
NINGBO URBAN CON 7.39 3/1/2018 CNY 51.92
NINGDE CITY STAT 6.25 10/21/2017 CNY 40.38
NONGGONGSHANG RE 6.29 10/11/2017 CNY 41.05
PANJIN CONSTRUCT 7.70 12/16/2016 CNY 40.05
PANJIN CONSTRUCT 7.50 5/17/2019 CNY 63.55
PANJIN CONSTRUCT 7.70 12/16/2016 CNY 40.18
PINGDINGSHAN CIT 7.86 5/8/2019 CNY 64.11
PINGDINGSHAN CIT 7.86 5/8/2019 CNY 64.06
PINGHU CITY DEVE 7.20 9/18/2019 CNY 64.07
PINGHU CITY DEVE 7.20 9/18/2019 CNY 60.00
PIZHOU RUNCHENG 7.55 9/25/2019 CNY 64.00
PIZHOU RUNCHENG 7.55 9/25/2019 CNY 64.23
PUER CITY STATE 7.38 6/20/2019 CNY 62.97
PUTIAN STATE-OWN 8.10 3/21/2019 CNY 63.57
PUTIAN STATE-OWN 8.10 3/21/2019 CNY 64.20
QIANAN XINGYUAN 6.45 7/11/2018 CNY 51.64
QIANDONG NANZHOU 8.80 4/27/2019 CNY 63.76
QINGDAO CITY CON 6.89 2/16/2019 CNY 62.63
QINGDAO CITY CON 6.19 2/16/2017 CNY 40.41
QINGDAO CITY CON 6.89 2/16/2019 CNY 62.74
QINGDAO CITY CON 6.19 2/16/2017 CNY 40.40
QINGDAO HUATONG 7.30 4/18/2019 CNY 63.37
QINGZHOU HONGYUA 6.50 5/22/2019 CNY 31.10
QINGZHOU HONGYUA 6.50 5/22/2019 CNY 31.48
QINZHOU CITY DEV 6.72 4/30/2017 CNY 50.81
QUANZHOU QUANGAN 8.40 4/16/2019 CNY 62.84
QUANZHOU QUANGAN 8.40 4/16/2019 CNY 64.14
QUJING DEVELOPME 7.25 9/6/2019 CNY 63.47
QUJING DEVELOPME 7.25 9/6/2019 CNY 64.51
QUNSHAN HUAQIAO 7.98 12/30/2018 CNY 63.34
RUDONG COUNTY DO 7.45 9/24/2019 CNY 63.93
RUDONG COUNTY DO 7.45 9/24/2019 CNY 64.46
SANMING STATE-OW 6.99 6/14/2018 CNY 73.23
SHANGHAI CHENGTO 4.63 7/30/2019 CNY 61.72
SHANGHAI REAL ES 6.12 5/17/2017 CNY 40.78
SHANGHAI SONGJIA 6.28 8/15/2018 CNY 52.00
SHANGHAI SONGJIA 6.28 8/15/2018 CNY 52.06
SHANGRAO CITY CO 7.30 9/10/2019 CNY 64.38
SHANGRAO CITY CO 7.30 9/10/2019 CNY 63.77
SHANGYU COMMUNIC 6.70 9/11/2019 CNY 63.90
SHAOXING CHENGBE 6.21 6/11/2018 CNY 51.36
SHAOXING CHENGBE 6.21 6/11/2018 CNY 51.66
SHAOYANG CITY CO 7.40 9/11/2018 CNY 52.61
SHISHI STATE OWN 7.40 9/13/2019 CNY 82.87
SHISHI STATE OWN 7.40 9/13/2019 CNY 64.19
SHIYAN CITY INFR 7.98 4/20/2019 CNY 64.10
SICHUAN COAL IND 7.45 12/25/2016 CNY 34.63
SICHUAN COAL IND 5.94 5/15/2017 CNY 34.63
SICHUAN COAL IND 7.80 9/27/2017 CNY 34.63
SICHUAN COAL IND 7.70 1/9/2018 CNY 34.63
SICHUAN DEVELOPM 5.40 11/10/2017 CNY 70.75
SONGYUAN URBAN D 7.30 8/29/2019 CNY 62.99
SUIZHOU CITY INV 7.50 8/22/2019 CNY 64.24
SUQIAN ECONOMIC 7.50 3/26/2019 CNY 63.65
SUQIAN ECONOMIC 7.50 3/26/2019 CNY 63.50
SUZHOU CONSTRUCT 7.45 3/12/2019 CNY 63.24
SUZHOU INDUSTRIA 5.79 5/30/2019 CNY 62.61
SUZHOU XIANGCHEN 6.95 9/3/2019 CNY 63.37
SUZHOU XIANGCHEN 6.95 9/3/2019 CNY 63.83
TAIXING ZHONGXIN 8.29 3/27/2018 CNY 52.46
TAIXING ZHONGXIN 8.29 3/27/2018 CNY 53.06
TAIYUAN LONGCHEN 6.50 9/25/2019 CNY 63.36
TAIYUAN LONGCHEN 6.50 9/25/2019 CNY 83.90
TAIZHOU CITY CON 6.90 1/25/2017 CNY 40.30
TAIZHOU HAILING 8.52 3/21/2019 CNY 63.98
TAIZHOU HAILING 8.52 3/21/2019 CNY 64.25
TAIZHOU XINTAI G 6.85 8/14/2018 CNY 51.98
TAIZHOU XINTAI G 6.85 8/14/2018 CNY 52.35
TIANJIN BINHAI N 5.00 3/13/2018 CNY 71.43
TIANJIN BINHAI N 5.00 3/13/2018 CNY 71.47
TIANJIN ECO-CITY 6.76 8/14/2019 CNY 63.32
TIANJIN ECO-CITY 6.76 8/14/2019 CNY 66.00
TIANJIN HANBIN I 8.39 3/22/2019 CNY 63.87
TIANJIN HI-TECH 7.80 3/27/2019 CNY 63.35
TIANJIN HI-TECH 7.80 3/27/2019 CNY 63.52
TIANJIN JINNAN C 6.95 6/18/2019 CNY 63.30
TIANJIN JINNAN C 6.95 6/18/2019 CNY 63.45
TIELING PUBLIC A 7.34 5/29/2018 CNY 51.70
TIELING PUBLIC A 7.34 5/29/2018 CNY 52.12
TIGER FOREST & P 5.38 6/14/2017 CNY 57.61
TONGCHUAN DEVELO 7.50 7/17/2019 CNY 63.29
TONGLIAO CITY IN 5.98 9/1/2017 CNY 40.90
TONGLIAO TIANCHE 7.75 9/24/2019 CNY 64.08
TONGLIAO TIANCHE 7.75 9/24/2019 CNY 62.51
TONGREN FANJINGS 6.89 8/2/2019 CNY 63.03
URUMQI CITY CONS 6.35 7/9/2019 CNY 63.40
URUMQI CITY CONS 6.35 7/9/2019 CNY 62.90
URUMQI STATE-OWN 6.48 4/28/2018 CNY 51.36
URUMQI STATE-OWN 6.48 4/28/2018 CNY 51.44
VANZIP INVESTMEN 7.92 2/4/2019 CNY 64.88
WAFANGDIAN STATE 8.55 4/19/2019 CNY 63.71
WENLING CITY STA 7.18 9/18/2019 CNY 62.50
WENLING CITY STA 7.18 9/18/2019 CNY 83.50
WENZHOU ANJUFANG 7.65 4/24/2019 CNY 63.43
WUHAI CITY CONST 8.20 3/31/2019 CNY 63.95
WUHAI CITY CONST 8.20 3/31/2019 CNY 63.00
WUHU ECONOMIC TE 6.70 6/8/2018 CNY 51.00
WUHU ECONOMIC TE 6.70 6/8/2018 CNY 51.96
WUXI MUNICIPAL C 6.60 9/17/2019 CNY 63.32
WUXI MUNICIPAL C 6.60 9/17/2019 CNY 63.56
WUXI TAIHU INTER 7.60 9/17/2019 CNY 64.36
WUZHOU DONGTAI S 7.40 9/3/2019 CNY 64.11
XIAN CHANBAHE DE 6.89 8/3/2019 CNY 63.05
XIANGTAN CITY CO 8.00 3/16/2019 CNY 63.79
XIANGTAN CITY CO 8.00 3/16/2019 CNY 63.90
XIANGTAN JIUHUA 7.43 8/29/2019 CNY 64.14
XIANGTAN JIUHUA 6.93 12/16/2016 CNY 40.27
XIANGYANG CITY C 8.12 1/12/2019 CNY 63.38
XIANGYANG CITY C 8.12 1/12/2019 CNY 63.53
XIANNING CITY CO 7.50 8/31/2018 CNY 52.58
XIANNING CITY CO 7.50 8/31/2018 CNY 78.00
XIAOGAN URBAN CO 8.12 3/26/2019 CNY 63.96
XINING CITY INVE 7.70 4/27/2019 CNY 63.88
XINJIANG SHIHEZI 7.50 8/29/2018 CNY 49.01
XINJIANG UYGUR A 6.25 7/17/2018 CNY 51.78
XINXIANG INVESTM 6.80 1/18/2018 CNY 71.74
XINYANG HUAXIN I 6.95 6/14/2019 CNY 62.00
XINYANG HUAXIN I 6.95 6/14/2019 CNY 63.53
XINZHOU CITY ASS 7.39 8/8/2018 CNY 52.67
XUCHANG GENERAL 7.78 4/27/2019 CNY 64.06
XUZHOU ECONOMIC 8.20 3/7/2019 CNY 63.80
XUZHOU ECONOMIC 8.20 3/7/2019 CNY 63.80
XUZHOU XINSHENG 7.48 5/8/2018 CNY 52.11
YAAN STATE-OWNED 7.39 7/4/2019 CNY 62.27
YANCHENG ORIENTA 5.75 6/8/2017 CNY 50.86
YANGZHONG URBAN 7.10 3/26/2018 CNY 72.47
YANGZHOU URBAN C 6.30 7/26/2019 CNY 63.08
YANGZHOU URBAN C 6.30 7/26/2019 CNY 60.00
YANZHOU HUIMIN U 8.50 12/28/2017 CNY 51.62
YIBIN STATE-OWNE 5.80 5/23/2018 CNY 72.08
YICHUN CITY CONS 7.35 7/24/2019 CNY 62.34
YIJINHUOLUOQI HO 8.35 3/19/2019 CNY 58.99
YIJINHUOLUOQI HO 8.35 3/19/2019 CNY 57.50
YINCHUAN URBAN C 6.28 3/9/2017 CNY 25.13
YIYANG CITY CONS 8.20 11/19/2016 CNY 40.20
YIYANG CITY CONS 7.36 8/24/2019 CNY 63.89
YIZHENG CITY CON 7.78 6/14/2019 CNY 76.00
YIZHENG CITY CON 7.78 6/14/2019 CNY 64.17
YUNNAN PROVINCIA 5.25 8/24/2017 CNY 40.51
YUNNAN PROVINCIA 5.25 8/24/2017 CNY 40.25
ZHANGJIAGANG JIN 6.23 1/6/2018 CNY 61.34
ZHANGJIAKOU TONG 6.90 7/5/2018 CNY 73.19
ZHEJIANG PROVINC 6.90 4/12/2018 CNY 72.60
ZHENJIANG CULTUR 5.86 5/6/2017 CNY 50.00
ZHENJIANG NEW AR 8.16 3/1/2019 CNY 62.83
ZHENJIANG NEW AR 8.16 3/1/2019 CNY 62.51
ZHENJIANG TRANSP 7.29 5/8/2019 CNY 63.12
ZHENJIANG TRANSP 7.29 5/8/2019 CNY 62.38
ZHONGSHAN TRANSP 6.65 8/28/2018 CNY 51.87
ZHONGSHAN TRANSP 6.65 8/28/2018 CNY 52.06
ZHUCHENG ECONOMI 6.40 4/26/2018 CNY 41.22
ZHUCHENG ECONOMI 7.50 8/25/2018 CNY 31.69
ZHUCHENG ECONOMI 6.40 4/26/2018 CNY 41.40
ZHUHAI HUAFA GRO 8.43 2/16/2018 CNY 52.16
ZHUHAI HUAFA GRO 8.43 2/16/2018 CNY 52.05
ZHUJI CITY CONST 6.92 7/5/2018 CNY 73.28
ZHUJI CITY CONST 6.92 7/5/2018 CNY 73.55
ZHUZHOU GECKOR G 7.50 9/10/2019 CNY 64.62
ZHUZHOU GECKOR G 7.82 8/18/2018 CNY 71.56
ZHUZHOU GECKOR G 7.50 9/10/2019 CNY 64.10
ZHUZHOU GECKOR G 7.82 8/18/2018 CNY 74.35
ZIBO CITY PROPER 6.83 8/22/2019 CNY 63.74
ZIBO CITY PROPER 5.45 4/27/2019 CNY 37.27
ZIGONG STATE-OWN 6.86 6/17/2018 CNY 72.64
ZOUCHENG CITY AS 7.02 1/12/2018 CNY 41.14
ZOUPING COUNTY S 6.98 4/27/2018 CNY 71.01
ZOUPING COUNTY S 6.98 4/27/2018 CNY 72.71
ZUNYI CITY INVES 8.53 3/13/2019 CNY 63.68
ZUNYI CITY INVES 8.53 3/13/2019 CNY 63.03
INDONESIA
---------
BERAU COAL ENERG 7.25 3/13/2017 USD 22.55
BERAU COAL ENERG 7.25 3/13/2017 USD 22.72
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 13.13
BLUE DART EXPRES 9.30 11/20/2017 INR 10.14
BLUE DART EXPRES 9.40 11/20/2018 INR 10.27
BLUE DART EXPRES 9.50 11/20/2019 INR 10.40
GTL INFRASTRUCTU 4.53 11/9/2017 USD 32.50
JAIPRAKASH ASSOC 5.75 9/8/2017 USD 43.25
JCT LTD 2.50 4/8/2011 USD 25.25
PRAKASH INDUSTRI 5.25 4/30/2015 USD 20.50
PYRAMID SAIMIRA 1.75 7/4/2012 USD 1.00
REI AGRO LTD 5.50 11/13/2014 USD 4.95
REI AGRO LTD 5.50 11/13/2014 USD 4.95
SVOGL OIL GAS & 5.00 8/17/2015 USD 0.41
JAPAN
-----
AVANSTRATE INC 5.55 10/31/2017 JPY 33.25
AVANSTRATE INC 5.55 10/31/2017 JPY 37.00
MICRON MEMORY JA 0.50 10/26/2015 JPY 5.38
MICRON MEMORY JA 0.70 8/1/2016 JPY 5.38
MICRON MEMORY JA 2.03 3/22/2012 JPY 5.38
MICRON MEMORY JA 2.10 11/29/2012 JPY 5.38
MICRON MEMORY JA 2.29 12/7/2012 JPY 5.38
TAKATA CORP 0.58 3/26/2021 JPY 68.50
TAKATA CORP 0.85 3/6/2019 JPY 75.00
KOREA
-----
2014 KODIT CREAT 5.00 12/25/2017 KRW 33.68
2014 KODIT CREAT 5.00 12/25/2017 KRW 33.68
2016 KIBO 1ST SE 5.00 9/13/2018 KRW 29.57
DOOSAN CAPITAL S 20.00 4/22/2019 KRW 47.27
HANA FINANCIAL G 3.95 5/29/2045 KRW 423.75
HANJIN SHIPPING 5.90 6/7/2017 KRW 11.95
HANJIN SHIPPING 2.00 5/23/2017 KRW 11.86
HYUNDAI MERCHANT 1.00 4/7/2021 KRW 62.13
HYUNDAI MERCHANT 1.00 7/7/2021 KRW 60.50
KIBO ABS SPECIAL 10.00 2/19/2017 KRW 45.83
KIBO ABS SPECIAL 5.00 12/25/2017 KRW 32.15
KIBO ABS SPECIAL 10.00 8/22/2017 KRW 19.53
KIBO ABS SPECIAL 5.00 1/31/2017 KRW 40.66
KIBO ABS SPECIAL 5.00 3/29/2018 KRW 32.54
LSMTRON DONGBANG 4.53 11/22/2017 KRW 33.13
MERITZ CAPITAL C 5.44 9/29/2046 KRW 33.62
OKC SECURITIZATI 10.00 1/3/2020 KRW 27.16
SINBO SECURITIZA 5.00 1/29/2017 KRW 42.75
SINBO SECURITIZA 5.00 8/16/2017 KRW 34.67
SINBO SECURITIZA 5.00 12/30/2019 KRW 26.42
SINBO SECURITIZA 5.00 7/8/2017 KRW 35.07
SINBO SECURITIZA 5.00 9/30/2019 KRW 27.21
SINBO SECURITIZA 5.00 8/27/2019 KRW 27.62
SINBO SECURITIZA 5.00 7/8/2017 KRW 35.07
SINBO SECURITIZA 5.00 3/18/2019 KRW 29.26
SINBO SECURITIZA 5.00 3/18/2019 KRW 29.26
SINBO SECURITIZA 5.00 8/29/2018 KRW 31.21
SINBO SECURITIZA 5.00 8/29/2018 KRW 31.21
SINBO SECURITIZA 5.00 9/26/2018 KRW 30.98
SINBO SECURITIZA 5.00 10/1/2017 KRW 34.16
SINBO SECURITIZA 5.00 10/1/2017 KRW 34.16
SINBO SECURITIZA 5.00 10/1/2017 KRW 34.16
SINBO SECURITIZA 5.00 2/21/2017 KRW 39.99
SINBO SECURITIZA 5.00 2/21/2017 KRW 39.99
SINBO SECURITIZA 5.00 7/24/2018 KRW 31.75
SINBO SECURITIZA 5.00 7/24/2017 KRW 33.65
SINBO SECURITIZA 5.00 7/24/2018 KRW 31.75
SINBO SECURITIZA 5.00 12/23/2018 KRW 30.06
SINBO SECURITIZA 5.00 12/23/2018 KRW 30.06
SINBO SECURITIZA 5.00 12/23/2017 KRW 32.17
SINBO SECURITIZA 5.00 6/25/2019 KRW 28.22
SINBO SECURITIZA 5.00 6/25/2018 KRW 30.38
SINBO SECURITIZA 5.00 5/26/2018 KRW 30.65
SINBO SECURITIZA 5.00 9/26/2018 KRW 30.98
SINBO SECURITIZA 5.00 3/13/2017 KRW 37.97
SINBO SECURITIZA 5.00 12/13/2016 KRW 51.15
SINBO SECURITIZA 5.00 12/25/2016 KRW 46.57
SINBO SECURITIZA 5.00 6/7/2017 KRW 19.89
SINBO SECURITIZA 5.00 6/7/2017 KRW 19.89
SINBO SECURITIZA 5.00 6/27/2018 KRW 31.98
SINBO SECURITIZA 5.00 6/27/2018 KRW 31.98
SINBO SECURITIZA 5.00 8/16/2017 KRW 34.67
SINBO SECURITIZA 5.00 2/27/2019 KRW 29.49
SINBO SECURITIZA 5.00 2/27/2019 KRW 29.49
SINBO SECURITIZA 5.00 1/15/2018 KRW 33.48
SINBO SECURITIZA 5.00 1/15/2018 KRW 33.48
SINBO SECURITIZA 5.00 10/30/2019 KRW 20.49
SINBO SECURITIZA 5.00 1/30/2019 KRW 29.71
SINBO SECURITIZA 5.00 1/30/2019 KRW 29.71
SINBO SECURITIZA 5.00 2/11/2018 KRW 32.95
SINBO SECURITIZA 5.00 2/11/2018 KRW 32.95
SINBO SECURITIZA 5.00 3/12/2018 KRW 32.69
SINBO SECURITIZA 5.00 7/29/2019 KRW 27.88
SINBO SECURITIZA 5.00 7/29/2018 KRW 30.04
SINBO SECURITIZA 5.00 3/13/2017 KRW 37.97
SINBO SECURITIZA 5.00 9/26/2018 KRW 30.98
SINBO SECURITIZA 5.00 3/12/2018 KRW 32.69
TONGYANG CEMENT 7.50 4/20/2014 KRW 70.00
TONGYANG CEMENT 7.50 9/10/2014 KRW 70.00
TONGYANG CEMENT 7.30 6/26/2015 KRW 70.00
TONGYANG CEMENT 7.30 4/12/2015 KRW 70.00
TONGYANG CEMENT 7.50 7/20/2014 KRW 70.00
U-BEST SECURITIZ 5.50 11/16/2017 KRW 34.61
WOONGJIN ENERGY 3.00 12/19/2019 KRW 56.52
WOORI BANK 5.21 12/12/2044 KRW 388.68
SRI LANKA
---------
SRI LANKA GOVERN 5.35 3/1/2026 LKR 64.66
SRI LANKA GOVERN 6.00 12/1/2024 LKR 71.32
SRI LANKA GOVERN 8.00 1/1/2032 LKR 72.41
SRI LANKA GOVERN 9.00 6/1/2043 LKR 74.10
HATTON NATIONAL 8.00 8/29/2023 LKR 67.00
MALAYSIA
--------
BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 72.77
LAND & GENERAL B 1.00 9/24/2018 MYR 0.27
SENAI-DESARU EXP 0.50 12/31/2038 MYR 68.49
SENAI-DESARU EXP 0.50 12/30/2039 MYR 69.82
SENAI-DESARU EXP 0.50 12/31/2040 MYR 70.76
SENAI-DESARU EXP 0.50 12/30/2044 MYR 74.41
SENAI-DESARU EXP 0.50 12/31/2043 MYR 73.64
SENAI-DESARU EXP 0.50 12/31/2041 MYR 71.60
SENAI-DESARU EXP 0.50 12/31/2042 MYR 72.71
SENAI-DESARU EXP 1.15 6/30/2023 MYR 74.95
SENAI-DESARU EXP 1.15 6/30/2025 MYR 69.03
SENAI-DESARU EXP 1.35 12/31/2026 MYR 66.27
SENAI-DESARU EXP 1.35 6/30/2027 MYR 65.02
SENAI-DESARU EXP 1.35 12/31/2027 MYR 63.78
SENAI-DESARU EXP 1.35 6/29/2029 MYR 59.85
SENAI-DESARU EXP 1.35 6/30/2028 MYR 62.49
SENAI-DESARU EXP 1.35 12/29/2028 MYR 61.18
SENAI-DESARU EXP 1.15 12/29/2023 MYR 73.46
SENAI-DESARU EXP 1.15 6/28/2024 MYR 71.98
SENAI-DESARU EXP 1.15 12/31/2024 MYR 70.48
SENAI-DESARU EXP 1.35 12/31/2025 MYR 69.02
SENAI-DESARU EXP 1.35 6/30/2026 MYR 67.60
SENAI-DESARU EXP 1.35 12/31/2029 MYR 58.51
SENAI-DESARU EXP 1.35 6/28/2030 MYR 57.17
SENAI-DESARU EXP 1.35 12/31/2030 MYR 55.79
SENAI-DESARU EXP 1.35 6/30/2031 MYR 54.40
UNIMECH GROUP BH 5.00 9/18/2018 MYR 1.08
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 7/15/2006 USD 22.75
BAYAN TELECOMMUN 13.50 7/15/2006 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDI 5.35 10/1/2018 SGD 68.00
AUSGROUP LTD 7.45 10/20/2016 SGD 65.88
BAKRIE TELECOM P 11.50 5/7/2015 USD 1.77
BAKRIE TELECOM P 11.50 5/7/2015 USD 1.77
BERAU CAPITAL RE 12.50 7/8/2015 USD 22.54
BERAU CAPITAL RE 12.50 7/8/2015 USD 22.88
BLD INVESTMENTS 8.63 3/23/2015 USD 7.25
BUMI CAPITAL PTE 12.00 11/10/2016 USD 22.38
BUMI CAPITAL PTE 12.00 11/10/2016 USD 22.38
BUMI INVESTMENT 10.75 10/6/2017 USD 27.00
BUMI INVESTMENT 10.75 10/6/2017 USD 26.88
ENERCOAL RESOURC 6.00 4/7/2018 USD 8.63
EZRA HOLDINGS LT 4.88 4/24/2018 SGD 51.63
GOLIATH OFFSHORE 12.00 6/11/2017 USD 4.25
INDO INFRASTRUCT 2.00 7/30/2010 USD 1.00
INTERNATIONAL HE 6.00 2/6/2018 SGD 64.00
NEPTUNE ORIENT L 4.40 11/8/2019 SGD 74.25
NEPTUNE ORIENT L 4.40 6/22/2021 SGD 57.00
NEPTUNE ORIENT L 4.65 9/9/2020 SGD 60.00
ORO NEGRO DRILLI 7.50 1/24/2019 USD 39.75
OSA GOLIATH PTE 12.00 10/9/2018 USD 62.75
OTTAWA HOLDINGS 5.88 5/16/2018 USD 69.00
OTTAWA HOLDINGS 5.88 5/16/2018 USD 68.84
PACIFIC INTERNAT 7.25 11/16/2018 SGD 74.88
PACIFIC RADIANCE 4.30 8/29/2018 SGD 58.00
RICKMERS MARITIM 8.45 5/15/2017 SGD 25.50
SWIBER CAPITAL P 6.50 8/2/2018 SGD 10.00
SWIBER CAPITAL P 6.25 10/30/2017 SGD 10.00
SWIBER HOLDINGS 7.13 4/18/2017 SGD 11.38
SWIBER HOLDINGS 7.75 9/18/2017 CNY 11.88
SWIBER HOLDINGS 5.55 10/10/2016 SGD 11.63
SWISSCO HOLDINGS 5.70 4/16/2018 SGD 57.75
TA CORP LTD 5.50 3/29/2018 SGD 66.75
TRIKOMSEL PTE LT 7.88 6/5/2017 SGD 18.00
TRIKOMSEL PTE LT 5.25 5/10/2016 SGD 17.00
THAILAND
--------
G STEEL PCL 3.00 10/4/2015 USD 3.74
MDX PCL 4.75 9/17/2003 USD 37.75
VIETNAM
-------
DEBT AND ASSET T 1.00 10/10/2025 USD 57.35
DEBT AND ASSET T 1.00 10/10/2025 USD 57.19
*********
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 2016. 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 ***