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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, November 29, 2016, Vol. 19, No. 236
Headlines
A U S T R A L I A
AVANTI-AVATAR PTY: First Creditors' Meeting Set for Dec. 5
BELL GROUP: Attorney-General George Brandis Denies Scandal
K.A. NOMINEES: First Creditors' Meeting Set for Dec. 8
LANDMARK SOFTWARE: First Creditors' Meeting Set for Dec. 8
QUEENSLAND NICKEL: Palmer Makes New Court Bid Over Liquidation
C H I N A
ZHENJIANG TRANSPORTATION: S&P Assigns 'BB' CCR; Outlook Stable
H O N G K O N G
CHINA FISHERY: Court OKs Appointment of W.Brandt as Ch.11 Trustee
CHINA FISHERY: $1.9M Golf Club Membership Sale to Biel Okayed
I N D I A
ADITYA INFRA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
AL-SAMI FOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
ANKUR IRON: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
ARON PIPES: CARE Hikes Rating on INR13.57cr Long Term Loan to B+
BASAVESHWAR ELECTRICALS: CRISIL Suspends B+ Rating on INR45M Loan
BHILAI INSTITUTE: CRISIL Lowers Rating on INR97.5MM Loan to 'D'
COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
CURA SANITARYWARE: CARE Assigns B+ Rating to INR6.0cr Bank Loan
GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
GURUKRIPA CONVEYORS: CARE Reaffirms 'B' Rating on INR7.72cr Loan
JAHNVIS MULTI: CRISIL Suspends B+ Rating on INR70MM Term Loan
KALYAN COTTON: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
KRAMSKI STAMPING: CRISIL Assigns B- Rating to INR70MM Loan
LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
MISHRILAL ASSOCIATES: CARE Assigns B+ Rating to INR2cr LT Loan
MITTAL AGRO: CARE Assigns B+ Rating to INR6cr Long Term Loan
MODERN STEELS: CRISIL Reaffirms 'D' Rating on INR730MM Loan
MURLIDHAR COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
NETWORK INDUSTRIES: CRISIL Suspends 'D' Rating on INR740MM Loan
ONCO-LIFE CANCER: CRISIL Suspends 'B' Rating on INR130MM LT Loan
P.M. AGRO: CARE Reaffirms B+ Rating on INR5cr LT Loan
P.M. DALL: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
PANINI GRANITES: CRISIL Lowers Rating on INR70MM LT Loan to 'D'
POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR9.2cr Loan
R.L. FOODS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
RACHIT CREATION: CRISIL Suspends B+ Rating on INR60.3MM Term Loan
RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
RAGHAV INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
RAHEE INFRATECH: CRISIL Lowers Rating on INR1.76BB Loan to 'D'
RAJASTHAN TUBE: ICRA Reaffirms 'B+' Rating on INR20cr Loan
SAHARA INDIA: CRISIL Suspends 'D' Rating on INR1.40MM Term Loan
SHIVEN YARN: CRISIL Assigns 'B' Rating to INR194.5MM Term Loan
SHREE SAIKRUPA: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
SHREE SHIV: CRISIL Assigns 'B' Rating to INR39MM Long Term Loan
SHRI RAMSWAROOP: CARE Lowers Rating on INR97.17cr LT Loan to 'D'
SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR75MM Loan to B+
SRI BALAJI: CRISIL Suspends B+ Rating on INR55MM Cash Loan
SRISHTI INFRASTRUCTURES: CRISIL Rates INR35MM Cash Loan 'B+'
SVR ELECTRO: CRISIL Assigns 'B+' Rating to INR55MM Bank Loan
TARENDRA INFRASTRUCTURE: CARE Reaffirms B Rating on INR100cr NCD
V3 KNITTING: CRISIL Assigns 'B' Rating to INR57.5MM Term Loan
VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.40cr LT Loan
P A K I S T A N
SECOND PAKISTAN: S&P Corrects For. Currency Rating to 'B'
S I N G A P O R E
VIVA INDUSTRIAL: Moody's Assigns Ba1 CFR, Outlook Stable
T H A I L A N D
KRUNG THAI: S&P Affirms B+ Rating on Junior Subordinated Debt
X X X X X X X X
* BOND PRICING: For the Week Nov. 21 to Nov. 25, 2016
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A U S T R A L I A
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AVANTI-AVATAR PTY: First Creditors' Meeting Set for Dec. 5
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Avanti-
Avatar Pty Ltd, formerly trading as Cranbourne Sand Soil Building
& Garden Supplies, will be held at Level 2, 180 Queen Street, in
Melbourne, on Dec. 5, 2016, at 11:00 a.m.
Andrew Poulter -- apoulter@irtadvisory.com -- of IRT Advisory was
appointed as administrator of Avanti-Avatar Pty on Nov. 23, 2016.
BELL GROUP: Attorney-General George Brandis Denies Scandal
----------------------------------------------------------
Claire Bickers at news.com.au reports that Attorney-General
George Brandis has denied there was ever a deal between him and
the WA government which would have helped the state gain nearly
AUD1 billion back from Alan Bond's Bell Group.
Senator Brandis denied any knowledge of talks between the Federal
and State Governments until March 2016 in a statement to the
Senate on Nov. 28, news.com.au relates.
According to the report, the Attorney-General had opted to
outline his part in the alleged secret deal between the two
governments after the Opposition called for his resignation over
the matter last week.
news.com.au relates that Senator Brandis said there had been
discussions between the two governments -- former Treasurer Joe
Hockey had spoken to the WA Treasurer Mike Nahan in April 2015
about the matter.
"Since the Commonwealth's proof of debt was for some AUD167
million and a total post liquidation tax assessment of some
AUD298 million, it was plainly in the Commonwealth's interests
that the matter be settled or otherwise expeditiously finalised,"
the report quotes Senator Brandis as saying at the Parliament.
But he was only informed of the discussions in March 2016.
The Senator said the discussions between Mr. Hockey and his WA
counterpart had not constituted an agreement -- nor did he ever
make an agreement with the WA Attorney General Michael Mischin,
relates news.com.au.
Senator Brandis also denied there was any connection between the
Bell Group case and WA's GST woes, adds news.com.au.
According to the report, Labor and the Greens called for the
Attorney-General to be sacked last week after a report by The
West Australian outlined an agreement between Brandis and his WA
counterpart Michael Mischin, which would have seen the state gain
the major portion of the Bell Group's AUD1.8 billion.
The deal tanked after the High Court ruled 7-0 against WA's bid
for the money in May, the report recalls.
It had failed in part due to former Solicitor General Justin
Gleeson's advice to the Australian Taxation Office -- an argument
which Senator Brandis had reportedly verbally told his ex-
colleague not to raise with the ATO, according to news.com.au.
The report says the torpedoed deal was reportedly one of the
reasons behind the pair's toxic row, which eventually led the
Solicitor General to resign in October.
Senator Brandis said on Nov. 28 that while he had not intially
thought the Commonwealth needed to intervene on the matter, he
had accepted Mr. Gleeson's advice when the pair spoke in March
2016, adds news.com.au.
Bell Group Limited, formerly known as Western Australian Worsted
and Woollen Mills Limited, was delisted from the Australian
Stock Exchange on August 21, 1991, because of liquidation. On
July 22, 2003, liquidator Tony Woodings started an action in
the WA Supreme Court against a group of 20 banks -- led by
Westpac -- in relation to their conduct in taking mortgages over
Bell Group assets in January 1990. It was alleged the banks
knew or should have known that the company could not pay
creditors who were owed more than AUD800 million at the time.
K.A. NOMINEES: First Creditors' Meeting Set for Dec. 8
------------------------------------------------------
A first meeting of the creditors in the proceedings of
K.A. Nominees (Aus) Pty Ltd, trading as The Beehive Hotel, will
be held at the offices of Romanis Cant, Level 2, 106 Hardware
street, in Melbourne, on Dec. 8, 2016, at 11:00 a.m.
Anthony Robert Cant and John Stuart Potts of Romanis Cant were
appointed as administrators of K.A. Nominees on Nov. 28, 2016.
LANDMARK SOFTWARE: First Creditors' Meeting Set for Dec. 8
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Landmark
Software Pty Ltd will be held at the offices of Grant Thornton
Australia Limited, 'The Rialto', Level 30, 525 Collins Street, in
Melbourne, Victoria, on Dec. 8, 2016, at 11:00 a.m.
Ahmed Bise and Stephen Robert Dixon of Grant Thornton Australia
Limited were appointed as administrators of Landmark Software on
Nov. 28, 2016.
QUEENSLAND NICKEL: Palmer Makes New Court Bid Over Liquidation
--------------------------------------------------------------
Sarah Elks at The Australian reports that Clive Palmer's nephew
Clive Mensink might be gallivanting overseas, but he's still been
able to slap a Federal Court lawsuit on the liquidators of the
collapsed Queensland Nickel.
The Australian relates that Mr. Palmer on Nov. 22 unexpectedly
turned up at the Queensland Supreme Court to represent himself in
a multi-fronted legal war with liquidators over the AUD300
million failure of his Townsville refinery company.
The former federal MP spruiked his weight loss (42kg since his
political retirement), insisted he would reopen the north
Queensland refinery next year, and said he had no idea when his
nephew would return, The Australian relays. "I don't look after
his life," he said.
According to The Australian, Mr. Mensink was Queensland Nickel's
sole director when it sacked 237 workers and went into voluntary
administration in January. He has been overseas for months, and
liquidators have been unable to serve him to appear at public
examinations into the corporate failure.
The Australian relates that Mr. Palmer said Mr. Mensink had done
nothing wrong by leaving Australia on a long-planned holiday
(which, at last update, had included a cruise "up near the
Arctic") because liquidators had not served him.
In mid-November, lawyers instructed by Mr. Mensink and former
Queensland Nickel chief financial officer Daren Wolfe applied to
the Federal Court to remove general purpose liquidators FTI
Consulting, bolstered by a 1000-page affidavit, according to the
report.
The affidavit, sworn by a solicitor whose speciality is migration
law, said instructions had been received from Mr. Mensink and
Mr. Wolfe, The Australian relays.
Asked outside court how Mr. Mensink had managed to coordinate
complex litigation while on holiday, Mr. Palmer said his nephew
was a "normal citizen" unlike himself. "He normally does that
through the normal process of instructing solicitors," the report
quotes Mr. Palmer as saying.
"Unlike me, he acts like a normal citizen, he goes to a
solicitor, who goes to a barrister and that's what they do."
Barrister Andrew Crowe QC, for liquidators FTI Consulting, has
described Mr. Mensink's case as a "mirror" of a lawsuit brought
by Mr. Palmer and a slew of his companies in the Queensland
Supreme Court to remove the liquidators, and said it should be
transferred to the same court, The Australian relates.
Mr. Palmer on Nov. 22 lost a bid to have separate legal
representation from five of his companies, adds The Australian.
Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia. Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.
FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.
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C H I N A
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ZHENJIANG TRANSPORTATION: S&P Assigns 'BB' CCR; Outlook Stable
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB' long-term
corporate credit rating to Zhenjiang Transportation Industry
Group Co. Ltd. The outlook is stable. S&P also assigned its
'cnBBB-' long-term Greater China regional scale rating to the
company.
Meanwhile, S&P assigned its 'BB' long-term issue rating and its
'cnBBB-' long-term Greater China regional scale rating to the
company's proposed issue of senior unsecured bonds. The issue
ratings are subject to S&P's review of the final issuance
documentation.
Zhenjiang Transportation is one of the four financing and
investing platforms directly controlled by the Zhenjiang
municipal government. It focuses on construction of
transportation infrastructure and on developing pilot ecological
new zones in Zhenjiang city.
"The rating on Zhenjiang Transportation is underpinned by the
credit quality of its owner, the Zhenjiang municipal government,"
said S&P Global Ratings credit analyst Apple Li. "In our
opinion, there is an extremely high likelihood that the municipal
government will extend timely and sufficient extraordinary
support to the company if it comes under financial distress."
This has lifted S&P's final rating on Zhenjiang Transportation by
four notches above our assessment of the company's 'b-' stand-
alone credit profile (SACP).
S&P's assessment of the likelihood of extraordinary government
support to Zhenjiang Transportation reflects these company
characteristics:
-- Very important role to the government. S&P bases this
assessment on Zhenjiang Transportation's status as the
second-largest local government funding vehicle (LGFV)
directly controlled by the Zhenjiang municipal government
and its positioning as the city's sole municipal-level LGFV
responsible for construction and operation of
transportation infrastructure. Integral link with the
government. S&P views Zhenjiang Transportation as fully
controlled by the Zhenjiang municipal government through
Zhenjiang State-owned Assets Supervision and Administration
Commission (Zhenjiang SASAC) despite Zhenjiang SASAC's
current partial ownership due to some legacy issues around
the company's debt-like equity financing from Kunlun Trust.
The credit quality of the Zhenjiang municipal government
reflects the city's very high debt burden, contingent
liabilities, and weak financial management. The evolving
but unbalanced institutional framework is an additional
constraint to the government's creditworthiness. S&P
weighs these factors against the Zhenjiang municipal
government's exceptional liquidity and strong budgetary
performance. Zhenjiang's average economy and budgetary
flexibility are neutral to the credit profile.
"Our assessment of Zhenjiang Transportation's SACP reflects the
company's deep indebtedness, weak and volatile operating cash
flows, high dependence on the government's public spending plan,
and geographical concentration," said Ms. Li.
Zhenjiang Transportation's high business dependence on the
government and low profitability underpin its weak business risk
profile. S&P expects the majority of the company's revenue over
the next two to three years to be attributable to government-
mandated infrastructure construction projects. These government
mandated projects subject Zhenjiang Transportation to high
earnings volatility and swings in working capital.
Zhenjiang Transportation's concentration in terms of business
scope, service area, and single-customer exposure also constrains
its business risk profile, in S&P's view. Although the company
has a dominant market share for transportation-related
infrastructure construction services in Zhenjiang city, it has no
geographical presence outside of the city.
Zhenjiang Transportation's deep indebtedness, sizable debt-funded
investment plans, and weak cash flow generation underpin S&P's
assessment of the company's financial risk profile as highly
leveraged. S&P foresees considerable funding needs for the
company over the next few years in support of its pipeline
projects, including development works on pilot carbon-efficient
new zones as well as construction of the city's planned metro and
tram lines.
S&P expects Zhenjiang Transportation to continue its heavy
reliance on government payments and external lending to finance
its new projects and service existing debt. The company's
interest coverage is extremely weak, and S&P expects it to remain
considerably less than 1.0x over the next two years.
Despite its track record of receiving government support in the
form of asset injections, financing arrangements, and government
debt swaps, Zhenjiang Transportation's financial metrics remain
weak, with pressure even on servicing existing debt obligations
from its operating cash flows. The sizable debt burden of the
government and its LGFVs compared with their available resources
also increases risks in the government's ability to provide
timely, liquid, and sustainable ongoing support. Therefore, S&P
do not consider ongoing government support to Zhenjiang
Transportation as sufficient to elevate the company's SACP
assessment.
S&P has equalized the issue rating on the bonds with the ratings
on Zhenjiang Transportation to reflect the company's limited
structural subordination risk associated with debt at the holding
company level.
"The stable outlook mainly reflects our view that the Zhenjiang
municipal government will maintain its credit quality over the
next 12-24 months," said Ms. Li. "We also expect Zhenjiang
Transportation to continue to have an extremely high likelihood
of receiving timely and sufficient extraordinary support from the
municipal government, if needed, during this period."
S&P could downgrade Zhenjiang Transportation if:
-- The credit quality of the Zhenjiang municipal government
deteriorates, which would occur if the government faces
liquidity crunches, or worse-than-expected budgetary
performance as a result of surge in expenditures or further
decline in the growth of fiscal revenues;
-- S&P expects the likelihood of extraordinary government
support to diminish due to a change in government policies,
strategies, or priorities for Zhenjiang Transportation.
Heightened policy risk on LGFVs that could affect timely
extraordinary local government support, weakened government
control, reduction in government ownership, or a
significant increase in companies' involvement in
competitive segments could indicate such a scenario; or
-- S&P observes exacerbating liquidity pressure on Zhenjiang
Transportation without timely government support.
S&P could upgrade the company if it believes the credit quality
of Zhenjiang municipal government has materially improved, which
would occur if Zhenjiang reduces the amount of LGFV borrowings by
measures such as asset sales.
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H O N G K O N G
================
CHINA FISHERY: Court OKs Appointment of W.Brandt as Ch.11 Trustee
-----------------------------------------------------------------
Judge James L. Garrity, Jr., of the U.S. Bankruptcy Court for the
Southern District of New York entered an order approving the
appointment of William J. Brandt, Jr., as the Chapter 11 Trustee
for CFG Peru Investments Pte. Limited (Singapore), and affiliate
of China Fishery Group Limited (Cayman).
William K. Harrington, the United States Trustee for Region 2,
notified the U.S. Bankruptcy Court for the Southern District of
New York of the appointment of William A. Brandt, Jr., as the
Chapter 11 Trustee for CFG Peru Investments Pte. Limited
(Singapore), Case No. 16-11914 (JLG), an affiliate of China
Fishery Group Limited, (Cayman).
Mr. Brandt is required to notify the U.S. Trustee, in writing, by
signing and returning the notice by first class mail within five
business days from the receipt of his appointment. On the
Amended Notice of Appointment of a Trustee, Mr. Brandt is further
requested to post a Chapter 11 trustee bond in the amount of
$10,000.
The motion seeking appointment of a trustee was filed by
Cooperatieve Rabobank U.A., Standard Chartered Bank (Hong Kong)
Limited and DBS Bank (Hong Kong), Limited, seeking the
appointment of a Chapter 11 trustee pursuant to section
1104(a)(2) of the Bankruptcy Code. The motion was joined by Bank
of America, N.A., Malayan Banking Berhad, Hong Kong Branch, the
Insolvency Administrator of the Pickenpack Group, and the Senior
Noteholders Committee.
The Movants sought the appointment of a Chapter 11 trustee for
the Debtors under section 1104(a)(2) of the Bankruptcy Code for a
variety of reasons, the most pressing of which is to cause the
Peruvian Opcos to challenge those insolvency proceedings. In
substance, they contended that the trustee should cause the
Peruvian Opcos to contest the involuntary petitions by, among
Other things, exercising their rights under Peruvian law to
satisfy the claims of the petitioning creditors. The Movants
maintained that after those proceedings are dismissed, the
trustee should cause the Debtors to sell the Peruvian business,
pay off the creditors of the Peruvian Opcos, and distribute the
net proceeds from the sale to the Debtors' creditors and
shareholders in accordance with their rights and priorities.
Thus, while the Debtors are advocating a "wait and see" approach,
with the value of the Peruvian Opcos to be realized and
distributed through the Peruvian Insolvency Proceedings, the
Movants, through their motion, sought, among other things, to
obtain the benefit of their pre-petition bargain with the
Debtors.
About China Fishery Group
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.
The case is assigned to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.
Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel. The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.
CHINA FISHERY: $1.9M Golf Club Membership Sale to Biel Okayed
-------------------------------------------------------------
Judge James L. Garrity, Jr. of the U.S. Bankruptcy Court for the
Southern District of New York authorized China Fishery Group Ltd.
(Cayman)'s and affiliates' private sale of The Hong Kong Golf
Club membership memorialized by Certificate No. 0936 ("Golf Club
Membership") nunc pro tunc to Aug. 25, 2016 to Biel Crystal
Manufactory Ltd. for HK$15,100,000 (or approximately
USD$1,947,445).
The sale of the Golf Club Membership is free and clear of all
Liens.
The Debtors are authorized to employ and retain Everfine
Membership Services Ltd. nunc pro tunc to June 30, 2016, and are
authorized to make a payment of 1% of the purchase price for the
Golf Club Membership to Everfine pursuant to the Confirmation
Agreement without any further notice or process.
All net proceeds from the Debtors' sale of the Golf Club
Membership (not including the Everfine payment to be made to
Everfine) are to be held by the Debtors and not used or disbursed
in any manner until further Order of the Court.
About China Fishery Group
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.
The case is assigned to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.
Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
As legal counsel. The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.
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I N D I A
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ADITYA INFRA: CRISIL Suspends B+ Rating on INR50MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Aditya
Infra and Agri Business Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
AIABPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AIABPL is yet
to provide adequate information to enable CRISIL to assess
AIABPL'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 2011, Aditya Infra Constructions Private Limited
provides logistic and labour services in civil construction work.
Apart from this, the company is also into construction of roads
and water drainages. The company changed its name in May 12, 2015
to Aditya Infra and Agri Business Private Limited. The company is
planning to venture into exports of agri-commodities in medium
term. AIABPL is based out of Mangalore (Karnataka) and its day-
to-day operations are managed by Mr. Aditya Nayak.
AL-SAMI FOOD: CARE Reaffirms B+ Rating on INR1cr LT Bank Loan
-------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Al-Sami
Food Exports Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 1 CARE B+ Reaffirmed
Short-term Bank Facilities 9 CARE B+/CARE A4
Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Al-Sami Food
Exports Private Limited continue to remain constrained by the
limited track record and moderate scale of operation, fluctuating
profit margins, leveraged capital structure with weak debt
coverage indicators, working capital intensive nature of the
business with high dependence on bank borrowings and highly
competitive and regulated nature of the industry. The ratings
also factor in the decline in the revenue in FY16 (refers to the
period April 1 to March 31) along with improved profit margins
during the year. The ratings continue to be underpinned by the
long-standing industry experience of the promoters and
satisfactory working capital cycle. The ability of the company to
expand the scale of operation and improve profitability amidst
intense competition and manage the working capital requirements
efficiently without further leveraging the capital structure are
the key rating sensitivities.
AFEPL was incorporated on October 20, 2009. The company was
founded by Mr. Abdul Salam and his wife, Mrs Ajim Unnisa Begum,
in 2009, and commenced operations in 2011. AFEPL has been engaged
in exporting of processed beef. The company has cold storage
facility through its group concern; Al-Sami Cold Storage. The
entire shareholding lies with the promoters and associate
companies. Mr. Abdul Salam (Managing Director) has around 25
years of experience in food processing business.
During FY16, the company reported total operating income of
INR20.94 crore (INR43.69 crore in FY15) with PBILDT of INR1.67
crore and a PAT of INR0.29 crore. As per the provisional
financials for H1FY17, the company has reported a total operating
income of INR8.97 crore and a PAT of INR0.66 crore.
ANKUR IRON: CRISIL Lowers Rating on INR90MM Cash Loan to 'B'
------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Ankur Iron India Private Limited to 'CRISIL B/Stable' from
'CRISIL B+/Stable' and reaffirmed the short-term facility at
'CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Letter of Credit 50 CRISIL A4 (Reaffirmed)
Proposed Long Term 21.2 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
Term Loan 3.8 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
The rating downgrade reflects expected weakening of liquidity as
cash accrual of around INR5 million will be tightly matched to
meet its debt repayment obligation of INR3.8-4 million in fiscal
2017. The stretch in liquidity is also reflected in almost full
utilisation of the bank limit. The overall financial risk profile
remains weak marked by high gearing, expected at 2.5-2.8 times,
and low debt protection metrics with interest coverage ratio
expected at 1.2-1.5 times, over the medium term.
The ratings reflect the susceptibility of profitability margins
to cyclicality in the steel sector, and a weak financial risk
profile marked by modest networth and low debt protection
metrics. These rating weaknesses are partially offset by the
extensive experience of the promoters in the steel trading
industry.
Outlook: Stable
CRISIL believes AIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a significant increase in revenue, while
profitability margins and capital structure improve. The outlook
may be revised to 'Negative' if the financial risk profile
weakens further, most likely because of large external debt for
meeting working capital requirement, or substantially low cash
accrual.
AIPL was incorporated in 2011 to take over the business of the
proprietorship concern, Ankur Steel Corporation, which was set up
in 1982. Its promoters, Mr. Kiran Mehta and his son Mr. Harsh K
Mehta, manage operations. The company trades in steel and steel
products such as cold-rolled sheets, galvanised sheets, and hot-
rolled sheets. Its clientele includes local resellers who in turn
sell to end users. Its registered office is in Mumbai.
ARON PIPES: CARE Hikes Rating on INR13.57cr Long Term Loan to B+
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CARE revises the rating assigned to the bank facilities of
Aron Pipes Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.57 CARE B+ Revised from
CARE B (Single B)
Rating Rationale
The revision in the long-term rating assigned to the bank
facilities of Aron Pipes Private Limited is mainly on account of
stabilization of operation during FY16 (refers to the period
April 1 to March 31) on the back of successful completion of its
project. The rating continues to derive strength from experienced
promoters in the pipe industry and fiscal benefits receivables
from the government.
The rating, however, continues to remain constrained on account
of susceptibility of its operating margins to volatility in
prices of key raw materials, presence in a highly competitive and
fragmented pipe industry. Furthermore, the rating is also
constrained on account of its nascent stage of operation and its
financial risk profile marked by low total operating income, net
loss during FY16, leveraged capital structure, weak debt coverage
indicators and moderate liquidity position during FY16.
The ability of APPL to increase its scale of operations along
with improvement in the overall financial risk profile amidst
highly competitive pipe industry along with efficient working
capital management are the key rating sensitivities.
Surat-based (Gujarat) APPL was incorporated in August 2015 as a
private limited company by Ms Madhuben Virani, Mr. Ashvinbhai
Pansara, Mr. Mahendrabhai Pansara, Mr. Mukeshbhai Pansara and Mr.
Vijaybhai Gol. APPL operates from its sole manufacturing unit
located in Surat (Gujarat) having installed capacity of 7,920
metric tonnes per annum (MTPA) for manufacturing Poly Vinyl
Chloride (PVC) Pipes as on March 31, 2016. APPL has commenced
operation from December 2015 onwards.
During FY16, APPL reported net loss of INR0.45 crore on a total
operating income (TOI) of INR1.31 crore. During 7MFY17
(Provisional), APPL has reported TOI of INR28 crore.
BASAVESHWAR ELECTRICALS: CRISIL Suspends B+ Rating on INR45M Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Basaveshwar Electricals Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4
Cash Credit 45 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
BEPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BEPL is yet to
provide adequate information to enable CRISIL to assess BEPL'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.
BEPL, incorporated in April 2013 by Mr. M V Gachinmath, is an
engineering, procurement, and construction (EPC) contractor. It
sets up substations and transmission lines for state power
transmission and distribution utilities in Karnataka. Mr.
Gachinmath has been engaged in this industry for over two decades
and earlier conducted the business through his proprietorship
concern Basaveshwar Electricals and Engineers. However, with the
formation of BEPL, all business will be undertaken by this
company. BEPL's registered office is in Bijapur (Karnataka).
BHILAI INSTITUTE: CRISIL Lowers Rating on INR97.5MM Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded the long-term bank facility of Bhilai
Institute of Technology Trust to 'CRISIL D' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 97.5 CRISIL D (Downgraded from
'CRISIL B/Stable')
The downgrade reflects instances of delay in debt servicing. BITT
manages two institutes in Chhattisgarh: Bhilai Institute of
Technology, Durg (BITD) and Bhilai Institute of Technology,
Raipur (BITR; the institute with debt obligation). The delay in
debt servicing was owing to cash flow mismatch.
BITT is also exposed to regulatory restrictions in the education
sector. However, it benefits from diverse course offerings and
strong reputation.
Established in 1986, BITT manages BITD (started in 1986) and BITR
(started in 2009). BITD offers a variety of graduate and post-
graduate courses in engineering, business administration, and
computer applications, as well as a doctorate in engineering,
chemistry, environmental science, and applied physics; BITR
offers graduate courses in engineering.
COOLDECK INDUSTRIES: ICRA Reaffirms B+ Rating on INR6cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ assigned to
the INR6.00 crore fund based cash credit limit, INR4.90 crore
term loan facility and INR1.50 bank guarantee limit of Cooldeck
Industries Private Limited. The short-term rating reaffirmed at
[ICRA]A4 assigned to the INR3.00 crore non fund letter of credit
facility of Cooldeck Industries Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash Credit 6.00 [ICRA]B+; reaffirmed
Fund Based-Term Loan 4.90 [ICRA]B+; reaffirmed
Non Fund Based-Bank
Guarantee 1.50 [ICRA]B+; reaffirmed
Non Fund Based-Letter
of Credit 3.00 [ICRA]A4 ; reaffirmed
The rating reaffirmation continues to factor in the established
track record of the company in the cooling water and waste water
treatment business, healthy order book position as on date and
long-standing relationship with its reputed client base.
The rating however continues to be constrained by volatility in
revenue, with decline witnessed in FY 2016, on the back of muted
order inflow, weak capital structure owing to modest cash
accruals as well as past accumulated losses impacting the net-
worth, susceptibility of the margins to intense competition and
the stretched liquidity condition resulting in almost full
utilization of fund based limits.
Cooldeck Industries Private Limited (formerly known as Cooldeck
Aqua Solutions Private Limited) is engaged in manufacturing of
plastic components majorly for cooling towers and water/waste
water treatment plants. The company started as a proprietorship
concern in 1994 was converted into a private limited concern in
2005. It has a manufacturing plant in the union territory of
Daman.
Recent Results
During FY2016, CIPL reported profit after tax of INR0.3 crore on
an operating income of INR36.2 crore. During FY2015, CIPL
reported profit after tax (PAT) of INR1.0 crore on an operating
income of INR40.0 crore.
CURA SANITARYWARE: CARE Assigns B+ Rating to INR6.0cr Bank Loan
---------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Cura Sanitaryware LLP.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.00 CARE B+ Assigned
Short-term Bank Facilities 0.30 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Cura Sanitaryware
LLP are constrained on account of stabilization risk associated
with recently completed project along with presence in highly
competitive ceramic industry and fortunes linked to demand from
the cyclical real estate sector. The ratings are also constrained
due to susceptibility of margins to volatility in prices of
natural gas and key raw material prices.
The ratings, however, derive strength due to moderate experience
of partners in the ceramic industry and location advantage having
presence into ceramic hub.
CSL's ability to stabilize its operations quickly and achieving
envisaged sales levels and profitability will remain the key
rating sensitivities.
CSL was incorporated in October 2015 mainly by Mr. Nisarg Faldu,
Mr. Bharat Makasana and Mr. Bharat Gami. CSL completed its green
field project during October 2016 for manufacturing sanitary
wares with an installed capacity 300,000 pieces per annum at
Morbi in Gujarat.
GOEL AND ASSOCIATES: CRISIL Reaffirms B Rating on INR38MM Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of Goel and Associates
(Goel) continue to reflect a modest scale of operations, and
geographical and customer concentration in revenue. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the construction industry, an adequate financial
risk profile because of a moderate networth and low gearing, and
a comfortable order book, providing revenue visibility over the
medium term.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 38 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 12 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes Goel will continue to benefit from the extensive
industry experience of its promoters and comfortable order book.
The outlook may be revised to 'Positive' in case of a significant
increase in scale of operations along with higher cash accrual,
leading to improvement in liquidity. The outlook may be revised
to 'Negative' if the financial risk profile weakens, most likely
caused by capital withdrawal, an increase in working capital
requirement, or large, debt-funded capital expenditure.
Goel is a partnership firm formed in 1995 by Mr. Navin Goel and
his father Mr. R C Goel; currently, there are three partners in
the firm. It undertakes civil construction activities, such as
construction of housing complexes, in Chhattisgarh. It is a
registered contractor with Chhattisgarh Public Works Department
and Chhattisgarh Housing Board. The firm also constructs
hospitals with HSCC (India) Ltd, a consultancy company of the
Government of India.
GURUKRIPA CONVEYORS: CARE Reaffirms 'B' Rating on INR7.72cr Loan
----------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Gurukripa Conveyors.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Bank Facilities 7.72 CARE B Reaffirmed
Short-term Bank Facilities 0.10 CARE A4 Reaffirmed
Rating Rationale
The ratings of Gurukripa Conveyors continue to remain constrained
on account of its modest scale of operations coupled with
moderate order book position in the highly fragmented and
competitive conveyor belt industry, its constitution as a
partnership concern and volatility associated with raw material
prices. The ratings are, further, continued to remain constrained
on account of its financial risk profile marked by moderate
profitability, weak solvency position and stressed liquidity
position.
The ratings, however, continue to derive strength from
experienced management along with reputed and diversified
customer base. The ratings, further, derive strength from timely
completion of its debt funded project within envisaged cost
parameters.
The ability of GC to increase its scale of operations with
improvement in profitability and improvement in capital structure
with efficient management of working capital are the key rating
sensitivities.
Jaipur-based (Rajasthan) GC was formed in January 2011 as a
partnership concern by Mr. Anil Garg, Mr. Ashok Garg and Mr.
Abhishek Garg and share profit & loss in the ratio of
35%:35%:30%, respectively. GC manufactures various grades of
conveyor belts used for industrial applications of material
handling in various industries like mining, coal, cement, steel
and fertilizer among others. The plant of the firm is located in
RIICO Industrial Area, Shahpura Rajasthan, having total
manufacturing capacity of 470 Meters Per Day as on March 31,
2016. The plant of the firm is certified as ISO 9001:2008 for
quality management systems. The firm caters to the domestic
market through 16-17 dealers and markets its product all over
India under the brand name 'FIRESTONE'.
As per the audited result of FY16 (refers to the period April 01
to March 31), GC reported a total operating income of INR7.53
crore (FY15: INR8.34 crore) with a PAT of INR0.02 crore (FY15:
INR0.01crore).
JAHNVIS MULTI: CRISIL Suspends B+ Rating on INR70MM Term Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Jahnvis
Multi Foundation.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
Term Loan 70 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by JMF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JMF is yet to
provide adequate information to enable CRISIL to assess JMF'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.
Registered in 2003, JMF, a Dombivili based trust, runs Jana Gana
Mana School (JGMS) and Vande Matram Degree College (VMDC) in
Dombivili. JMF was formed by MR. Rajkumar Kolhe and his family
members.
KALYAN COTTON: CRISIL Suspends 'B' Rating on INR40MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Kalyan
Cotton Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40.0 CRISIL B/Stable
Long Term Loan 14.1 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by KCI
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, KCI is yet to
provide adequate information to enable CRISIL to assess KCI'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 2014, KCI is a partnership firm promoted by the Patel
and Kalola families of Tankara (Morbi, Gujarat). The firm is
setting up a unit for cotton ginning and pressing; the commercial
operations of the unit are expected to start from end of April
2014.
KRAMSKI STAMPING: CRISIL Assigns B- Rating to INR70MM Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the long-
term bank facilities of Kramski Stamping and Molding India
Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 17.5 CRISIL B-/Stable
External Commercial
Borrowings 70.0 CRISIL B-/Stable
The rating reflects KMPL's small scale of operations, large
working capital requirements, high customer concentration in
revenue profile. The ratings also factor in the KMPL below-
average financial risk profile because of low net worth and high
gearing. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.
Outlook: Stable
CRISIL believes that the KMPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if the company increases
its scale of operations on a sustained basis, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the company's revenues
and operating profitability decline or if its undertake a 'larger
than expected' debt funded capital expenditure leading to
weakening of its financial risk profile.
Set up in 2008, KMPL is engaged in manufacturing of High
Precision metal stamped components and Precision Plastic Molds.
KMPL is a 100% subsidiary of German based company Kramski GMBH.
Based out of Vellore (Tamilnadu), the company is promoted by
Kramski Andreas Reinhold.
For 2015-16 (refers to financial year, April 1 to March 31),
KAPL, on provisional basis, reported net loss of INR15.04 million
on revenue of INR332.83 million (INR43.24 million and INR360.91
million, respectively, for 2014-15).
LEARNING LINKS: CRISIL Reaffirms 'B' Rating on INR70MM Cash Loan
----------------------------------------------------------------
CRISIL rating on the bank facilities of Learning Links Publishing
House Private Limited continues to reflect LLPL's working-
capital-intensive operations, and small scale of operations due
to high competition. These rating weaknesses are partially offset
by the promoters' extensive experience in the publishing
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B/Stable (Reaffirmed)
Letter of Credit 5 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 25 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that LLPL will continue to benefit over the
medium term from its promoters' extensive industry experience.
The outlook may be revised to 'Positive' if there is substantial
and sustained increase in the company's revenue while it
maintains its operating margin, or if its working capital
management improves. Conversely, the outlook may be revised to
'Negative' if LLPL's capital structure deteriorates, most likely
due to lower-than-expected margins or a substantial increase in
its working capital requirements.
LLPL was incorporated in 2008 and publishes educational textbooks
for Central Board of Secondary Education, Indian Certificate of
Secondary Education, and various state boards. The company is
promoted by Mr. R N Malhotra and his wife, Ms. Suman Malhotra.
MISHRILAL ASSOCIATES: CARE Assigns B+ Rating to INR2cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' ratings to the bank
facilities of Mishrilal Associates Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2 CARE B+ Assigned
Short-term Bank Facilities 8 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Mishrilal
Associates Private Limited are primarily constrained by small
scale of operations, leveraged capital structure, elongated
collection period and low order book position coupled with
customer and geographic concentration risk. The ratings are
further constrained by the highly competitive industry with
presence of several organized and unorganized players along with
risk associated with tender-based orders. The ratings, however,
draw comfort from experienced management, growing scale of
operations and moderate profitability margins.
Going forward, the ability of the company to increase its scale
of operations while maintaining the profitability margin and
registering improvement in its capital structure shall be the key
rating sensitivities.
Uttar Pradesh-based MAPL was incorporated in 2011 by Mr. Abhishek
Agarwal and Ms Banita Agarwal. MAPL is engaged in the field of
building electrical infrastructure such as rural electrification
and distribution & transmission network. The key materials are
electrical equipment like transformers, cables, conductors
electrical wires, pipe, metal boxes, etc. which the company
procures from the manufacturers based in Delhi and near regions.
The company primarily executes projects for government
organizations and receives the orders through tender and
bidding/quotation process.
In FY16 (refers to the period April 01 to March 31), MAPL
achieved a total operating income (TOI) of INR10.73 crore with
PAT of INR0.36 crore as against TOI of INR 7.04 crore with PAT of
INR0.20 crore in FY15. The company achieved TOI of INR15.00 crore
in 7MFY17 (Provisionals; refers to the period April 1 to
October 31).
MITTAL AGRO: CARE Assigns B+ Rating to INR6cr Long Term Loan
------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Mittal
Agro Oil Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Mittal Agro Oil
Industries is constrained by its weak financial risk profile
characterised by small & declining scale of operation, low
profitability margins, weak solvency position and elongated
operating cycle. The rating is further constrained by MAO's
exposure to raw material price volatility and presence in the
highly fragmented and competitive industry along with partnership
nature of its constitution. The rating, however, derives strength
from the experienced partners and favourable manufacturing
location.
Going forward, the ability of the firm to profitably scale-up its
operation while improving its overall solvency position and
efficiently managing its working capital borrowings would remain
the key rating sensitivities.
The entity was established as 'Mittal Cotton Factory', a
proprietorship firm in 1989 by Mr. Vijay Mittal. In 2011, the
constitution got converted to a partnership firm with Mr. Vijay
Mittal, Mr. Deepak Mittal and Mr. Sunil Mittal as its partners
sharing profit and loss equally. Furthermore, in July 2015, the
name of the entity was changed to Mittal Agro Oil Industries.
The firm is engaged in cotton ginning, pressing and crushing at
its manufacturing facility located at Rohtak, Haryana, to produce
cotton seed cake, cotton oil and cotton bales. Furthermore, the
firm also commenced operations of oil refinery unit w.e.f April
2016. MAO procures raw cotton from local and nearby market as
well as from farmers located in Haryana. The finished products
are supplied to various cattle feed mills, yarn manufacturers and
wholesalers located in Haryana, Punjab, Uttarakhand and Delhi.
In FY16 (refers to the period April 1 to March 31), MAO has
achieved a total operating income of INR27.13 crore with PAT of
INR0.04 crore, as against the total operating income of INR31.66
crore with PAT of INR0.05 crore in FY15. In 5MFY17 (Provisional)
MAO has achieved total operating income of INR20.36 crore.
MODERN STEELS: CRISIL Reaffirms 'D' Rating on INR730MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Modern Steels Limited
continue to reflect the default in servicing of debt obligations
because of weak liquidity. Liquidity has weakened because of net
losses due to underutilisation of capacity and intense
competition from established players in the industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 730 CRISIL D (Reaffirmed)
Funded Interest
Term Loan 102 CRISIL D (Reaffirmed)
Letter of Credit 515 CRISIL D (Reaffirmed)
Term Loan 418.8 CRISIL D (Reaffirmed)
Working Capital
Term Loan 389 CRISIL D (Reaffirmed)
MSL has a weak financial risk profile, because of high gearing
and subdued debt protection metrics. The company also has large
working capital requirement and is susceptible to volatility in
raw material prices and foreign exchange (forex) rates. However,
MSL benefits from established position in the steel rolled
products industry.
Update
Operating income stood at INR2.67 billion in fiscal 2016 against
INR3.15 billion in fiscal 2015. It reported losses in fiscal 2016
due to high interest expense and continued under-utilisation of
its manufacturing capacities. The management has taken steps to
increase the utilisation of its manufacturing capacities and has
started supplying auto components to original equipment
manufacturers in the two-wheeler segment. The sales may increase
to above INR3.0 billion in fiscal 2017 owing to these
initiatives. Large working capital cycle funded mainly through
bank debt will continue to constrain its net profitability.
The financial risk profile is weak, as reflected in negative
networth because of significant losses and high 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 stood at 0.6 time
in fiscal 2016 and is expected to remain inadequate over the near
term.
Operations will likely remain working capital intensive as
reflected in estimated gross current assets of 177 days as on
March 31, 2016, mainly driven by high receivables of 75-80 days.
Against this, it gets credit of 60-90 days on purchase of raw
materials. It maintains inventory of 80-85 days. The company is
likely to incur cash losses in fiscal 2017 while its repayments
will be likely be INR167 million for the period.
MSL was set up in 1974 by Mr. Amarjit Goyal. It is listed on the
Bombay Stock Exchange, with its promoters holding almost 62.33%
of its shares; the company is managed by Mr. Krishan Kumar Goyal,
son of Mr. Amarjit Goyal. MSL manufactures low-alloy and carbon-
steel-rolled products for commercial vehicles, such as trucks and
tractors, passenger vehicles, two-wheelers, and engineering
companies.
MURLIDHAR COTTON: CRISIL Ups Rating on INR70MM Cash Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Murlidhar Cotton to 'CRISIL B+/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 20 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects successful commercialisation of operations
in fiscal 2016 and expected significant ramp-up in sales in
fiscal 2017. Financial risk profile remained average because of
modest networth and moderately high gearing. The firm
commissioned its ginning and pressing unit in December 2015, as
per schedule and reported revenue of INR90 million and operating
margin of 3.4% in fiscal 2016. Significant ramp-up in sales is
expected in current fiscal, with estimated sales of over INR250
million. Sustained growth in sales, along with improvement in
capital structure, will remain a key monitorable.
The rating continues to reflect a small scale of operations,
susceptibility to volatility in cotton prices and to intense
competition, and an average financial risk profile. These
weaknesses are partially offset by promoters' extensive
experience and established relationships with customers and
suppliers, and the benefits derived from favourable location of
its plant.
Outlook: Stable
CRISIL believes MC will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if scale of operations improves
significantly, leading to sizeable cash accrual and improvement
in capital structure. Conversely, the outlook may be revised to
'Negative' if low cash accruals; stretch in working capital
cycle, any large, debt-funded capital expenditure weakens the
financial risk profile, especially liquidity.
Set up in 2015, MC, a partnership between the Gami and Dalsaniya
families of Dhrangda, Jamnagar (Gujarat), gins and presses
cotton. The commercial operations of its cotton ginning and
pressing unit started from October 2015.
NETWORK INDUSTRIES: CRISIL Suspends 'D' Rating on INR740MM Loan
---------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Network Industries Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting
under Letter of
Credit 30 CRISIL D
Cash Credit 740 CRISIL D
Letter of Credit 180 CRISIL D
Standby Line of Credit 50 CRISIL D
The suspension of ratings is on account of non-cooperation by NIL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, NIL is yet to
provide adequate information to enable CRISIL to assess NIL'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.
NIL (formerly, Network Knitting Ltd) was incorporated in Kolkata
in 1989. The company, promoted by the Kolkata-based Jhawar
family, manufactures innerwear and outerwear and also trades in
knitted fabric. NIL has a manufacturing unit in Tirupur (Tamil
Nadu). The company sells innerwear under the Oscar brand and
outerwear under the Sight and Oscar brands.
ONCO-LIFE CANCER: CRISIL Suspends 'B' Rating on INR130MM LT Loan
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Onco-Life
Cancer Centre Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 130 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
OCCPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, OCCPL is yet to
provide adequate information to enable CRISIL to assess OCCPL'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.
OCCPL, incorporated in 2014, is promoted by Mr. Uday Deshmukh,
his wife Mr. Anjali Deshmukh, and his son Mr. Sachin Deshmukh.
The company is setting up a cancer hospital in Satara
(Maharashtra). The total project cost is around INR190 million.
The hospital is expected to commence operations in February 2015.
P.M. AGRO: CARE Reaffirms B+ Rating on INR5cr LT Loan
-----------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of P. M. Agro
Products Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of P.M. Agro Products
Private Limited continues to remain constrained on account of its
modest scale of operations, low profitability, highly leveraged
capital structure and weak debt coverage indicators. Furthermore,
the rating continues to remain constrained on account of PAPL's
exposure to raw material price fluctuation risk, working capital
intensive nature of operations and presence in the highly
fragmented and competitive agro processing industry with exposure
to adverse changes in government policy. The rating also factors
in decline in its total operating income (TOI), deterioration in
capital structure and debt coverage indicators during in FY16
(refers to the period April 1 to March 31).
The rating continues to draw strength from the long track record
of operations and long-standing experience of its promoters.
The ability of PAPL to increase its scale of operations, improve
its profitability, capital structure and debt coverage indicators
along with the effective working capital management remain the
key rating sensitivities.
PAPL was incorporated as a private limited company in 2010 to
take over the proprietorship business of M/s P.M Dal Udyog (PDU).
PAPL is engaged in processing and trading of Arhar Dal (Toor
dal), Dal Chuni (used as cattle feed) and sells its product under
the brand name Baba Gold, Rasoi Gold, Son Pari and Ganga Yamuna.
PAPL's plant is located at Katni, Madhya Pradesh, with installed
capacity of 9000 metric tonnes per annum (MTPA) as on March 31,
2016, and carries cleaning, splitting and grading operations.
PAPL procures raw material from local market and sells it in
Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand through a
network of local agents.
During FY16, PAPL reported a total operating income of INR29.84
crore (FY15: INR37.25 crore) and net profit of INR0.08 crore
(FY15: INR0.09 crore). During H1FY17 (Provisional), PAPL has
achieved a turnover of INR16.07 crore.
P.M. DALL: CARE Reaffirms B+ Rating on INR5.0cr LT Loan
-------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of P. M. Dall
Mills Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of P. M. Dall Mills
Private Limited continues to remain constrained on account of its
modest scale of operations and its weak financial risk profile
characterized by low profitability, highly leveraged capital
structure and weak debt coverage indicators. Furthermore, the
rating continues to remain constrained on account of its working
capital intensive nature of operations, presence in the highly
competitive and fragmented agro processing industry and
vulnerability of its profit margins to commodity price
fluctuations. The rating also factors in decline in its total
operating income (TOI) and profitability, deterioration in debt
coverage indicators in FY16 (refers to the period April 1 to
March 31).
The rating continues to draw strength from the long track record
of operations and long-standing experience of its promoters.
The ability of PMDPL to increase its scale of operations, improve
its profitability, capital structure and debt coverage indicators
along with the effective working capital management remain the
key rating sensitivities.
PMDPL was established as proprietorship firm in 2008 under the
name of M/s P.M. Dall Industries. It was converted into private
limited company in February 2010. It is engaged in processing and
trading of Arhar dal or Rahar Dal, Masoor Dal, Matar Dal, Chana
Dal and its by-products. It sells Arhar Dal under various brand
names like Nawab, Mitha, Mira, Hariyali and Motidana. The
processing unit of PMDPL is located at Katni, Madhya Pradesh with
total capacity of 12,000 metric tonnes per annum as on March 31,
2016. PMDPL procures raw material from local market and sell its
entire product in domestic market mainly in Madhya Pradesh
through a network of local agents/brokers.
During FY16, PMDPL reported a total operating income of INR44.17
crore (FY15: INR57.51 crore) and net profit of INR0.12 crore
(FY15: INR0.14 crore). During 7MFY17 (Provisional), PMDPL has
achieved a turnover of INR30.00 crore.
PANINI GRANITES: CRISIL Lowers Rating on INR70MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Panini Granites Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Letter of Credit 25 CRISIL D (Downgraded from
'CRISIL A4+')
Long Term Loan 70 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
Proposed Long Term 46 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB-/Stable')
Standby Line of Credit 9 CRISIL D (Downgraded from
'CRISIL BB-/Stable')
The downgrade reflects instances of delay by Panini in servicing
its debt because of weakened liquidity.
The rating continues to reflect Panini's large working capital
requirement and modest scale of operations in the intensely
competitive granite processing industry. Its small networth
limits its financial flexibility, and its profitability is
susceptible to volatility in granite prices. However, the company
benefits from its promoters' extensive industry experience.
Panini was incorporated by Mr. Srikanth Yadlapati, Mr. Veeru
Koritala, and Mr. Nag Donthineni in October 2011. The company
processes and polishes rough granite blocks into granite slabs.
Based in Guntur, Andhra Pradesh, it is a 100 per cent export-
oriented unit.
POLYGENTA TECHNOLOGIES: CARE Reaffirms C Rating on INR9.2cr Loan
----------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of Polygenta
Technologies Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 9.20 CARE C Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Polygenta
Technologies Limited continues to remain constrained on account
of continuing operational losses, negative cash accruals,
complete erosion of networth and deterioration of debt coverage
indicators. Furthermore, the rating continues to factor in
relatively new technology coupled with operations at suboptimal
level.
The rating continues to derive strength from the experienced
promoters, financial support from the holding company and
reputed clientele base.
The ability of PTL to turnaround the business operations,
successfully execute, complete its ongoing project remains the
key rating sensitivities.
Incorporated in 1981, PTL is engaged in the manufacture of
Polyester Filament Yarn (PFY) using recycled PET content as a
major feedstock. In 2008, the Aloe Group through, Aloe
Environment Fund II (AEFII) and Green Investment Asia
Sustainability Fund I (GIASF) made an equity investment in PTL's
holding company, PerPETual Global Technologies, Mauritius. Both
these companies have a primary vision in investing in environment
friendly technologies. The investors of both these companies are
reputed environment development funds.
PTL uses a recycling technology (the ReNEW process) which is
effective in reconstituting lower cost recycled PET bottles
into a substitute feedstock for higher cost conventional
petrochemicals. Furthermore, ReNEW can be retrofitted to
existing conventional polyester plants to improve their operating
margins and make them more sustainable.
The integrated manufacturing facility (PTA/MEG to DTY) of PTL is
located in Nasik, has an installed capacity of 30 TPD [10,950
Metric Tonne Per Annum (MTPA)] at its recycling unit and 70 TPD
(25,550 MTPA) at its polymerization unit.
PTL sells its polyester yarn products for various applications in
the fields of apparel, denim, home furnishings, floor coverings,
and industrial applications. In FY16, PTL earned around 81% of
its sales from DTY, around 15% and balance from PET Chips,
trading and sales of scrap.
PTL reported operating loss of INR35 crore and net loss of INR59
crore on operating income of INR48 crore in FY16 (refers to the
period April 01 to March 31) compared with operating loss of
INR31 crore and net loss of INR64 crore on operating income of
INR65 crore in FY15.
R.L. FOODS: CRISIL Assigns B+ Rating to INR40MM Cash Loan
---------------------------------------------------------
CRISIL has assigned the 'CRISIL B+/Stable' to the long-term bank
facilities of R.L. Foods - Taraori. The rating reflects the
modest scale of operations and below-average financial risk
profile. These weaknesses are partially offset by extensive
experience of the proprietor in the basmati rice industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable
Long Term Loan 15 CRISIL B+/Stable
Outlook: Stable
CRISIL believes that RLF will continue to benefit from the
extensive experience of its proprietor in the rice industry. The
outlook may be revised to 'Positive' if a significant improvement
in the accruals and/ or any significant capital infusion by the
proprietor, strengthen the financial risk profile. The outlook
may be revised to 'Negative' in case of lower-than expected
growth in revenue and margin, or if a stretch in the working
capital cycle or a large, debt-funded capex, weakens the
financial risk profile.
RLF, incorporated in 2011 as a proprietorship firm by Mr. Roshan
Lal Gupta, mills and sorts basmati rice, and sells the produce to
merchant exporters and domestic traders. The Karnal-based firm
has milling plant capacity of 4 tonnes per hour.
RACHIT CREATION: CRISIL Suspends B+ Rating on INR60.3MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Rachit
Creation.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.3 CRISIL A4
Cash Credit 20.0 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 33.9 CRISIL B+/Stable
Rupee Term Loan 60.3 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.
RC, a proprietorship concern set up by Mr. Ramniwas Gupta in 2005
in Surat (Gujarat), is engaged in designing embroidery on fabric.
The firm operates embroidery machines and customises its designs
according to its customers' requirements.
RADHE ENTERPRISE: CARE Reaffirms B+ Rating on INR6cr LT Loan
------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Radhe Enterprise.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Radhe Enterprise
continues to remain constrained on account of thin profit
margins, leveraged capital structure and weak debt coverage
indicators. The rating further continues to remain constrained on
account of seasonality associated with the procurement of raw
material coupled with susceptibility of profitability to cotton
price fluctuation and changes in the government policy coupled
with its presence in the highly fragmented industry with limited
value addition, working capital intensive nature of operations,
limited financial flexibility owing to partnership nature of
constitution.
The rating, however, derives comfort from the vast experience of
the partners of RAE in the cotton industry and established
business operations of the firm.
RAE's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
remain the key rating sensitivities.
Rajkot-based (Gujarat) RAE was established during September 2003
as a partnership firm by eleven partners. Mr. Ashwinkumar M.
Jasani, Mrs Alkaben A. Jasani, Mrs Nitaben P. Jasani and Mr.
Pravinkumar V. Jasani look after all the day-to-day activities of
RAE. RAE is into the business of cotton ginning & pressing of
cotton bales and cotton seed and crushing of cotton seeds. RAE
has installed capacity of 2560 MTPA for cotton bales, 4608 MTPA
for cotton seed, 530 MTPA for cotton seed oil and 3963 MTPA for
cotton seed oil cake as on March 31, 2016.
During FY16, RAE reported total operating income (TOI) of
INR25.43 crore with PAT of INR0.58 crore as compared to TOI of
INR25.21 crore and PAT of INR0.56 crore during FY15. During
5MFY17 (Provisional), RAE has achieved a turnover of INR6.80
crore.
RAGHAV INDUSTRIES: CRISIL Ups Rating on INR50MM Cash Loan to 'B'
----------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Raghav
Industries - Una to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 30 CRISIL A4 (Upgraded from
'CRISIL D')
Term Loan 5 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The upgrade reflects the firm's timely servicing of debt from
August 2016, post regularisation of ad hoc cash credit limit
which was to be regularised in May 2016. Liquidity is supported
by unsecured loans of INR15 million in fiscal 2017, and
sufficient net cash accrual against debt obligation. Financial
flexibility, however, remains constrained by high bank limit
utilisation because of large working capital requirement.
In the absence of any debt-funded capital expenditure (capex) and
with operating margin expected at 8-9%, capital structure should
remain comfortable, with total outside liabilities to tangible
networth ratio expected at 1.5-2.0 times. Debt protection metrics
may also improve, with interest coverage ratio expected at 1.5-
1.8 times over the medium term. The ratio was negative in fiscal
2016 due to operating loss.
The ratings reflect RI's large working capital requirement and
modest scale of operations in the competitive packaging industry.
These weaknesses are partially offset by the extensive experience
of its proprietor in the packaging industry.
Outlook: Stable
CRISIL believes RI will continue to benefit from its proprietor's
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial and sustained revenue
growth, while operating profitability remains stable, leading to
a better business risk profile, or if working capital cycle
improves. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, weakens because
of decline in cash accrual, or stretch in working capital cycle,
or major, debt-funded capex.
RI, set up in 2010, manufactures low-density polyethylene sheets
and rolls used for packaging in the automobiles and textile
industries. Its operations are managed by proprietor Mr. Bhushan
Sharma. The firm is based in Himachal Pradesh.
RAHEE INFRATECH: CRISIL Lowers Rating on INR1.76BB Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Rahee
Infratech Limited to 'CRISIL D/CRISIL D' from 'CRISIL B-
/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1765 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 730 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Proposed Long Term 205 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B-/Stable')
The downgrade reflects instances of devolvement of letter of
credit, and overutilisation of cash credit facility which was not
regularised for more than 30 days by the company, on account of
its weak liquidity
RIL faces high customer concentration risk, and has weak
liquidity because of large working capital requirement. However,
it benefits from its promoters' extensive experience in the
railway construction and fastenings industry, its diversified
revenue profile and healthy order book, and its comfortable
capital structure.
RIL was set up in 1948 as a partnership firm named Ramchander
Heeralall for supply of fastenings to Indian Railways. In 1998,
the firm was reconstituted as a private limited company with the
current name. It has two main businesses: construction and
fabrication, and fastenings.
RAJASTHAN TUBE: ICRA Reaffirms 'B+' Rating on INR20cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR20-crore fund-
based facilities of Rajasthan Tube Manufacturing Company Limited
at [ICRA]B+. ICRA has reaffirmed its [ICRA]A4 rating on the
INR12.25-crore non-fund based facilities of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based facilities 20.00 [ICRA]B+; reaffirmed
Non-fund based
Facilities 12.25 [ICRA]A4; reaffirmed
The rating action factors in the decline in the company's sales
in FY2016 and the deterioration in working capital, partly offset
by the improvement in operating profit margins in FY2016 and H1
FY2017. ICRA's rating continues to factor in the intense
competition from numerous organised and unorganised players,
coupled with cheaper imports from Chinese markets, resulting in
inventory losses in FY2015 and FY2016. Nevertheless, the
Government of India (GoI) has imposed anti dumping duty on HR
coils, which is expected to benefit players such as RTM.
Moreover, the company's financial profile continues to remain
weak with high gearing, weak coverage indicators and moderate net
worth position.
The ratings also continue to be constrained by the vulnerability
of the company's profitability to fluctuations in raw material
prices, as the company is unable to fully pass on the price hike
in its key raw material (H.R coils) to its customers. The
ratings, however, continue to favorably take into account the
extensive experience of the promoters in the ERW pipes industry
and the company's well-entrenched distribution network across
various states.
Going forward, the ability of the company to improve its scale of
operations as well as bring about a sustained improvement in
profitability, while maintaining a healthy capital structure and
optimal working capital will be the key rating sensitivity.
RTM was incorporated in 1985 and became a public limited company
in 1995. The main products of the company include ERW steel pipes
with size ranging from 15 mm to 250 mm. The company's
manufacturing facility is located at Jaipur (Rajasthan) and has
an annual capacity of 45,000 Metric Tonnes Per Annum (MTPA). The
pipes manufactured by the company have varied applications in
water, gas and sewage pipes, structural purposes, idlers /
conveyors, water wells (casing pipes) etc.
Recent Results
In FY2016, the company reported a PAT of INR0.23 crore on an
operating income of INR80.84 crore, as against a loss of INR2.26
crore on an operating income of INR92.22 crore in the previous
year. In the first six months of FY2017, the company reported an
operating income of INR36.02 crore and a net profit of INR0.06
crore.
SAHARA INDIA: CRISIL Suspends 'D' Rating on INR1.40MM Term Loan
---------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Sahara
India Medical Institute Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1400 CRISIL D
The suspension of ratings is on account of non-cooperation by
SIMIL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SIMIL is yet to
provide adequate information to enable CRISIL to assess SIMIL'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.
Established in 1997, SIMIL is a wholly owned subsidiary of Sahara
Prime City Ltd, the real-estate arm of the Sahara group. SIMIL is
operating a multi-specialty tertiary hospital, Sahara Hospital,
in Lucknow (Uttar Pradesh). The hospital began operations in
February 2009 with 195 operational beds. Currently, SIMIL has
more than 374 operational beds. The hospital provides specialised
medical services in areas such as neurology, orthopaedics,
gynaecology, oncology, and cardiology. SIMIL has also set up a
nursing training college in Lucknow, with capacity to train 40
nurses per annum.
SHIVEN YARN: CRISIL Assigns 'B' Rating to INR194.5MM Term Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the long-term bank facilities of Shiven Yarn Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 194.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 13.5 CRISIL B/Stable
Foreign Exchange
Forward 2.0 CRISIL A4
Bank Guarantee 10.0 CRISIL A4
Cash Credit 100.0 CRISIL B/Stable
The rating reflects SYPL's exposure to risks related to execution
of its project and its presence in a fragmented industry. These
weaknesses are partially offset by extensive experience of its
promoters in the textile industry, and benefits likely to be
derived from group concern.
Outlook: Stable
CRISIL believes SYPL will benefit over the medium term from the
extensive industry experience of its promoters. The outlook may
be revised to 'Positive' in case of early completion of project
within the envisaged cost. Conversely, the outlook may be revised
to 'Negative' in case of time or cost overrun in the project,
weakening debt protection metrics.
SYPL, incorporated in February 2016, is setting up a plant for
manufacturing nylon mother yarn with capacity of 260 tonne per
month. The unit is expected to be operational in June 2017.
SHREE SAIKRUPA: CRISIL Reaffirms B+ Rating on INR34MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shree
Saikrupa Agro Industries continues to reflect a small scale of
operations in an intensely competitive and highly regulated
cotton ginning industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 34.0 CRISIL B+/Stable (Reaffirmed)
Proposed Term Loan 2.7 CRISIL B+/Stable (Reaffirmed)
Term Loan 31.3 CRISIL B+/Stable (Reaffirmed)
The rating also factors in a below-average financial risk
profile, with aggressive capital structure. These weaknesses are
partially offset by its promoters' extensive experience and
proximity of unit to the cotton-growing belt.
Outlook: Stable
CRISIL believes SSAI will continue to benefit from its proximity
to cotton-growing belt. The outlook may be revised to 'Positive'
if significant growth in revenue and profitability leads to
higher cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
deteriorates because of low cash accrual, or due to stretched
working capital cycle or any large, debt-funded capital
expenditure.
Established in May 2013, SSAI is a partnership between Mr. Dipak
Dubbani and four other partners. The firm has a cotton ginning
and pressing unit, with a capacity of around 900 quintal lint per
day at Hinganghat in Wardha (Maharashtra).
SHREE SHIV: CRISIL Assigns 'B' Rating to INR39MM Long Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank loan facilities of Shree Shiv Industries - Hathkhoj.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 31 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 39 CRISIL B/Stable
The rating reflects SSI's exposure to project implementation
related risks and to timely stabilization and commensurate ramp-
up in sales during the initial phase of operations. The rating
also factors in expectation of an average financial risk profile
because of the ongoing project. These rating weaknesses are
partly offset by the extensive experience of the partners in the
steel industry.
Outlook: Stable
CRISIL believes SSI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if timely implementation and stabilisation of the
project leads to revenue, profitability, and cash accrual as
anticipated during the initial phase of operations. The outlook
may be revised to 'Negative' in case of time or cost overrun in
implementing the project, resulting in deterioration in the
financial risk profile, especially liquidity.
SSI, is a Hathkoj (Chattisgarh) based company, is presently
setting up its manufacturing facility for manufacturing of Hard
Bright and Galvanized Iron wire.
SHRI RAMSWAROOP: CARE Lowers Rating on INR97.17cr LT Loan to 'D'
----------------------------------------------------------------
CARE revises rating assigned to bank facilities of Shri
Ramswaroop Memorial Charitable Trust.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 97.17 CARE D Revised from
CARE B+
Rating Rationale
The revision in the rating assigned to the bank facilities of
Shri Ramswaroop Memorial Charitable Trust takes into
consideration the delays in servicing of its debt obligations.
Going forward, the ability of the trust to improve its liquidity
position would remain the key rating sensitivity.
SRMCT was established in September 2010 by Mr. Pankaj Agarwal and
his wife Mrs. Pooja Agarwal. SRMCT is operating one university,
Shri Ramswaroop Memorial University (SRMU) in Lucknow, U.P. The
university was established in 2012 as a state private university
under UP state government Act 1 of 2012 and is recognized by UGC.
SRMU includes seven institutes and offers different programs
including Engineering, Management, Computer applications,
Journalism, Mass communication, Legal studies, Basic sciences and
Commerce. Total student strength of SRMU stood at 4,877 students
for the academic year 2015-2016 as against total intake capacity
of 5,675 students for the year.
Mr. Pankaj Agarwal is also the executive director of Shri
Ramswaroop Memorial Group of Professional Colleges (SRMGPC)
which is also based in Lucknow and offers a range of
undergraduate and post graduate programmes in Engineering,
Computer application and Management. SRMGPC is managed by Shri
Ramswaroop Memorial Institute of Management & Computer
Application (SRMIMCA).
During FY16 (provisional; refers to the period April 1 to
March 31), SRMCT reported a total income of INR56.86 crore and
surplus of INR9.65 crore as against total income of INR42.87
crore and surplus of INR5.92 crore during FY15.
SHUBHAM COTTON: CRISIL Reaffirms 'B' Rating on INR175MM Loan
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shubham
Cotton Mills Pvt Ltd continues to reflect exposure to customer
concentration risks in revenue and below-average financial risk
profile because of small networth, high total outside liability
to tangible networth (TOLTNW) ratio and weak debt protection
metrics. These weaknesses are partially offset by the extensive
experience of promoters in the cotton ginning and guar gum
industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 175 CRISIL B/Stable (Reaffirmed)
Term Loan 5 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes SCMPL will benefit over the medium term from the
extensive experience of promoters. The outlook may be revised to
'Positive' if networth improves significantly, backed by equity
infusion by the promoters, and if profitability improves
significantly, leading to large cash accrual. Conversely, the
outlook may be revised to 'Negative' if large, debt-funded
capital expenditure results in deterioration in the financial
risk profile, or in case of an increase in working capital
requirement.
Update
Operating income is estimated to have declined 38.0% in fiscal
2016 compared with the previous fiscal, driven by lower
realisation and subdued demand for guar gums. However, business
risk profile will remain stable and will benefit from the
promoters' extensive experience. Operating margin is vulnerable
to fluctuations in raw material prices; it is expected to be at
1.0-1.5% over the medium term.
Financial risk profile has remained weak because of a modest
networth, high TOLTNW ratio, and weak debt protection metrics.
The TOLTNW ratio, at 5.0 times as on March 31, 2016, is likely to
remain high at 4-5 times over the medium term, due to
considerable reliance on external borrowing, despite the absence
of any debt-funded capital expenditure plans. Interest coverage
ratio, estimated at 1.13 times for fiscal 2016 is expected to be
at 1.13-1.15 times over the medium term.
Liquidity is adequate, backed by low working capital requirement.
Gross current assets is estimated at 66 days as on March 31,
2016, driven by inventory and receivables of 56 days and 8 days,
respectively. However, leading to moderate bank limit utilisation
of 94% over the 12 months through September 2016. Liquidity is
further supported by unsecured loans of INR30.0 million
outstanding as on March 31, 2016, from promoters, and net cash
accrual, which is expected to remain at INR3.0-3.5 million
annually over the medium term, against debt obligation of INR0.8
million annually.
SCMPL, incorporated in 1988, gins cotton, extracts oil from
cotton seeds, and manufactures guar gum and its by-products,
churi and korma. The company's processing and manufacturing unit
is in Ellenabad (Sirsa; Haryana). It was acquired by the current
promoters, Mr. Vinod Kumar, Mr. Naresh Kumar, and Mr. Mukesh
Kumar, in 2003, from Mr. Ajay Kumar, Mr. Raj Kumar, and Mr. Prem
Kumar.
SIDDHIVINAYAK POULTRY: CRISIL Ups Rating on INR75MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Siddhivinayak Poultry Breeding Farm and Hatcheries Pvt Ltd to
'CRISIL B+/Stable' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 75 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 29.6 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects CRISIL's belief that SVPL will sustain
improvement in its credit risk profile over the medium term,
supported by continued revenue growth and stable profitability,
resulting in increased cash accrual. The revenue grew 34% during
fiscal 2016 driven by increasing tie-ups with broiler contract
farms. Improving revenue, increase in prices of day-old chicks,
and control on fixed cost led to improvement in operating margin
by 180 basis points to 3.8%. Improving operating performance
resulted in significantly better cash accrual of INR33 million in
fiscal 2016 as against INR6 million in fiscal 2015. Cash accrual
is likely to exceed INR40 million over the medium term, led by
moderate growth in revenue and stable profitability, and likely
to remain sufficient for maturing debt obligation.
The rating reflects a below-average capital structure, with high
gearing and modest networth, and susceptibility to risks inherent
in the poultry industry and to volatility in feed prices. These
weaknesses are partially offset by its promoters' extensive
experience and moderate debt protection metrics.
Outlook: Stable
CRISIL believes SVPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' if significant growth in cash accrual
backed by improving revenue or profitability, or substantial
capital infusion by promoters strengthens the capital structure.
Conversely, the outlook may be revised to 'Negative' if low
accrual most likely due to decline in revenue or profitability,
or stretched working capital cycle, or time or cost overrun in
ongoing capital expenditure leads to deterioration in the
financial risk profile, particularly liquidity.
SVPL was established in Pune (Maharashtra) in 2010 by Mr. Ajay
Deshpande, Mr. Laxman Bhosale, and Mr. Vijendra Bhosale. The
company undertakes broiler poultry farming; it sells broiler
eggs, day-old chicks, and broiler birds.
SRI BALAJI: CRISIL Suspends B+ Rating on INR55MM Cash Loan
----------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of M/s.
Sri Balaji Rice Industries.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 55 CRISIL B+/Stable
Long Term Loan 40 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
SBRI with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, SBRI is yet to
provide adequate information to enable CRISIL to assess SBRI'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 2007, SBRI, a partnership firm is engaged in milling
and processing of paddy into rice, rice bran, broken rice, and
husk. The firm's rice mill is located in Nalgonda (Telangana) and
is promoted by Mr. Ch. Venkateswarulu and Mr. Ch. Yadagiri.
SRISHTI INFRASTRUCTURES: CRISIL Rates INR35MM Cash Loan 'B+'
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Srishti Infrastructures Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Short Term
Bank Loan Facility 7.5 CRISIL A4
Bank Guarantee 73.0 CRISIL A4
Cash Credit 35.0 CRISIL B+/Stable
The ratings reflect the company's modest scale of operations in
the fragmented civil construction industry, concentration in
order-book and high working capital requirements. These
weaknesses are partially offset by the extensive experience of
its promoters in the construction industry, and its above-average
financial risk profile because of healthy debt protection metrics
and low gearing.
Outlook: Stable
CRISIL believes SIL will benefit from its promoters' extensive
industry experience and its healthy order book. The outlook may
be revised to 'Positive' if there is a significant increase in
accruals, backed by diversification in order book profile and/or
customer base, leading to a better financial risk profile. The
outlook may be revised to 'Negative' if revenue or profitability
declines steeply, or working capital requirement increases
substantially, weakening the financial risk profile.
SIL, incorporated in 2009 and based in Jalandhar, Punjab,
undertakes government construction projects, such as construction
of roads, bridges, and buildings. The company is promoted by Mr.
Rajesh Gupta and Mr. Ravi Goel.
SVR ELECTRO: CRISIL Assigns 'B+' Rating to INR55MM Bank Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SVR Electro Projects Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 11 CRISIL B+/Stable
Proposed Bank
Guarantee 55 CRISIL B+/Stable
Bank Guarantee 15 CRISIL A4
Cash Credit 19 CRISIL B+/Stable
The ratings reflect its modest scale of operations, and
geographical concentration in revenue profile. The rating also
reflects its below-average financial risk profile because of high
gearing, modest debt protection metrics and networth. These
rating weaknesses are partially offset by the benefits derived
from the extensive industry experience of its promoters, and
revenue visibility on account of its moderate order book.
Outlook: Stable
CRISIL believes SVR will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
may be revised to 'Positive' in case of a significant and
sustained increase in revenue, along with improvement in margins,
working capital cycle, and capital structure. Conversely, the
outlook may be revised to 'Negative' if a significant decline in
revenue or margins, a stretched working capital cycle, or any
large, debt-funded capital expenditure, weakens the financial
risk profile.
Established in 2014 as a private limited company, SVR undertakes
EPC contracts for setting up of transmission lines, sub-stations
and distribution lines for state power utilities. It also
undertakes civil construction activities primarily in irrigation
segment. Based in Hyderabad (Telangana), the company is promoted
and managed by Mr. RadhaKrishna A.
For 2015-16, SVR reported profit after tax (PAT) of INR2.4
million on net sales of INR132 million against PAT of INR0.4
million on net sales of INR19.7 million for 2014-15.
TARENDRA INFRASTRUCTURE: CARE Reaffirms B Rating on INR100cr NCD
----------------------------------------------------------------
CARE reaffirms the ratings assigned to NCD of Tarendra
Infrastructure Chennai Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Convertible Debenture 100 CARE B Reaffirmed
Rating Rationale
The rating assigned to the Non-Convertible Debenture (NCD) of
Tarendra Infrastructure Chennai Private Limited continues to be
constrained by the risk associated with the sale of plots with
the entire project being converted into plotted sale and the
inherent cyclicality & intense competition associated with the
real estate industry.
The rating, however, draws strength from experience of the
promoters and their established track record in the real estate
sector. The rating also takes into account the receipt of
necessary approvals required for the project.
Going forward, timely sale of plots and registration of sale
deeds within the estimated timelines would be the key rating
sensitivities.
TICPL is a special purpose vehicle (SPV) formed by the True Value
Homes (TVH) group, to develop a real estate residential project
(TVH Mannivakkam) at Mannivakkam, Chennai. The group has more
than 15 years' experience in developing apartments, villas and
commercial complexes across Chennai and Coimbatore and has
developed & sold over 30 residential and commercial projects. The
project of TICPL has been launched in Mannivakkam, Chennai, on an
area of 47 acres primarily for sale of plots. Construction of
villas/houses will take place at the behest of the customers. The
project is proposed to be developed in two phases and the first
phase has been launched in May 2016.
V3 KNITTING: CRISIL Assigns 'B' Rating to INR57.5MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of V3 Knitting Co. and has assigned its 'CRISIL
B/Stable' rating to the facilities. CRISIL had, on September 15,
2016, suspended the rating as V3 had not provided information
required for a rating review. V3 has now shared the requisite
information, enabling CRISIL to assign a rating to its bank
facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 12.5 CRISIL B/Stable (Assigned;
Suspension Revoked)
Rupee Term Loan 57.5 CRISIL B/Stable (Assigned;
Suspension Revoked)
The rating reflects V3's susceptibility to risks, particularly
related to offtake, associated with its ongoing project and its
expected leveraged capital structure during its initial stage of
operations. These rating weaknesses are partially offset by its
promoters' extensive experience in the textile industry.
Outlook: Stable
CRISIL believes that V3 will benefit from the promoters'
extensive industry experience over the medium term. The outlook
may be revised to 'Positive' if V3 stabilises operations of its
plant in a timely manner and generates higher -than 'expected
revenue and profitability leading to higher cash accruals.
Conversely, the outlook may be revised to 'Negative' in case the
firm generates lower-than-expected cash accruals during the
initial phase of its operations, resulting in a pressure on its
liquidity.
Incorporated in March 2014, V3 has set-up 3 knitting machines of
total annual installed capacity of 15 lakh meters of fabric per
annum at Surat (Gujarat). The firm is promoted by Surat based
three partner , Mr. Rajiv Bhatia , Mr. Rajan Mehra and Mr.
Pratik Chataniya, all the promoters has over 35 years of
experience in the textile business.
VENKATESH COTTON: CARE Reaffirms B+ Rating on INR7.40cr LT Loan
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Venkatesh Cotton Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.40 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Venkatesh Cotton
Private Limited continues to remain constrained on account of
thin profit margins, leveraged capital structure and weak debt
coverage indicators. The rating further continues to remain
constrained on account of seasonality associated with the
procurement of raw material coupled with susceptibility of
profitability to cotton price fluctuation and changes in the
government policy coupled with its presence in the highly
fragmented industry with limited value addition and working
capital intensive nature of operations.
The rating, however, derives comfort from the vast experience of
promoters of VCPL in the cotton industry and its established
business operations.
VCPL's ability to improve its scale of operations coupled with an
improvement in overall financial risk profile marked by
improvement in profit margins, capital structure and debt
coverage indicators along with better working capital management
remain the key rating sensitivities.
VCPL was incorporated in May 2011 by Mr. Deepak Agrawal, Mr.
Mayank Agrawal & Mr. Gaurav Agrawal for setting up of new ginning
and pressing unit with automization with the capacity of 18,900
MT per annum. The plant is situated at Manwath, Maharastra which
has an installed capacity of 14,400 MTPA of cotton bales.
During FY16 (refers to the period April 1 to March 31), VCPL
reported total operating income (TOI) of INR15.32 crore with
PAT of INR0.05 crore as compared to TOI of INR16.95 crore and PAT
of INR0.05 crore during FY15. During 5MFY17 (Provisional), VCPL
has achieved a turnover of INR11.20 crore.
===============
P A K I S T A N
===============
SECOND PAKISTAN: S&P Corrects For. Currency Rating to 'B'
---------------------------------------------------------
S&P Global Ratings said that it had corrected its rating on a
senior unsecured debt instrument issued by Second Pakistan
International Sukuk Co. Ltd. by raising its long-term foreign
currency rating to 'B' from 'B-'. Due to a technical error, the
long-term rating on this debt instrument was not raised when the
ratings on the Islamic Republic of Pakistan were raised.
The debt issue affected by the correction was the US$1 billion
6.75% Trust Certificate notes due Dec. 3, 2019, with ISIN:
XS1147732553.
=================
S I N G A P O R E
=================
VIVA INDUSTRIAL: Moody's Assigns Ba1 CFR, Outlook Stable
--------------------------------------------------------
Moody's Investors Service has assigned a first-time Ba1 corporate
family rating to Viva Industrial Real Estate Investment Trust.
At the same time, Moody's has assigned a provisional (P)Ba2
rating to the SGD500 million multi-currency medium term note
(MTN) program established by Viva iTrust MTN Pte. Ltd, and a
definitive Ba2 rating to the SGD100 million 4.15% senior
unsecured 2018 notes drawn down under the program.
The program was established by VI-REIT through its wholly owned
subsidiary -- Viva iTrust MTN Pte. Ltd. -- and is unconditionally
and irrevocably guaranteed by Perpetual (Asia) Limited
(previously known as The Trust Company (Asia) Limited), in its
capacity as the trustee of VI-REIT.
The outlook on all ratings is stable.
RATINGS RATIONALE
"VI-REIT's Ba1 CFR is underpinned by its (1) balanced portfolio,
with a mix of multi-tenanted and master-leased assets; (2) income
diversification from its end tenant base, with a manageable lease
expiry profile; and (3) continued improvement in cash flow
generation, as its portfolio occupancy ramps up," says Rachel
Chua, a Moody's Analyst.
As of Sept. 30, 2016, VI-REIT's portfolio of eight properties in
Singapore had a total appraised value of SGD1.2 billion,
comprising two business parks, two logistics properties and four
light industrial properties.
As of Sept. 30, 2016, the trust reported portfolio occupancy of
88.6%, which has picked up and is now in line with the industry
and had an average weighted average lease expiry of 3.3 years.
VI-REIT expects that its portfolio occupancy will improve further
in 2017 and 2018, following the completion of ongoing works at
its two largest assets.
"However, VI-REIT's CFR is constrained by its small scale,
concentration risk at its two business park assets which
collectively account for over 70% of earnings, lower occupancy
rates given the ongoing works at two key assets and acquisition
risk from its portfolio growth strategy," adds Chua, who is also
Moody's Lead Analyst for VI-REIT.
VI-REIT demonstrates a moderate exposure to its partner, United
Engineers Developments Pte. Ltd. (UED, unrated) which provides
guaranteed net rent of SGD27.3 million per annum at the business
park at UE BizHub East. UED is also the master lessee of the
hotel at UE BizHub East. In 2015, VI-REIT received 22% of its
earnings from UED.
VI-REIT's rating also reflects the trust's moderate leverage
profile as of 30 September 2016 (LTM), with adjusted
debt/deposited assets of 40%, net debt/EBITDA of 6.7x and
EBITDA/interest cover of 4.2x. Looking ahead, Moody's expects
that VI-REIT's adjusted leverage will stay between 40% and 42%
over the next 12-18 months.
On Oct. 26, VI-REIT announced that it will purchase a
logistics/warehouse asset for SGD96.8 million. The trust has
raised SGD43.5 million of net equity proceeds through a private
placement exercise and will issue SGD23 million of consideration
units to the vendor to partially fund the acquisition. Moody's
expects the remaining SGD30.3 million to be funded by secured
debt which will keep VI-REIT's metrics largely unchanged on a
pro-forma basis with net debt/EBITDA at 6.5x. The asset is fully
leased for 7 years, with a fixed triple-net rent of SGD7.44
million per annum for the first two years.
VI-REIT has limited financial flexibility due to its high asset
encumbrance levels. As of Sept. 30, 2016, the trust's secured
debt/deposited assets was at 31.7%. Therefore, VI-REIT's senior
unsecured MTN program and notes are rated one notch below its Ba1
CFR, as noteholders rank behind the trust's senior secured bank
facilities.
The trust benefits from a relatively long-dated debt maturity
profile, with no near-term refinancing risk until September 2018
when its SGD100 million notes come due.
The stable outlook reflects Moody's expectation that the trust
will generate stable cash flows from its portfolio, and exercise
financial discipline in funding future acquisitions, such that it
maintains its credit profile within rating parameters.
Upgrade rating pressure is unlikely to emerge before the ongoing
asset enhancement and infrastructure works at its assets are
completed.
Nonetheless, VI-REIT's rating could be upgraded if the trust's
financial profile improves through: 1) achieving its expected
improvement in occupancy and rental rates at its two business
parks after 2017-2018; 2) successfully managing its lease expiry
risk through early forward renewals; 3) improving its access to
capital, including reducing its reliance on secured financing;
and 4) demonstrating a longer track record of financial prudence.
Specific indicators that Moody's would consider include: adjusted
debt/deposited assets below 40%, net debt/EBITDA below 6x-6.5x
and EBITDA/interest cover exceeding 3.5x. In addition, Moody's
would also expect secured debt/deposited assets to stay below 15%
and unencumbered assets to account for more than 60% of its total
investment property valuation on a sustained basis.
On the other hand, VI-REIT's rating could be pressured downwards
if: 1) the operating environment deteriorates, leading to a
failure in meeting the trust's expected improvements in occupancy
and rental rates, such that its operating cash flows are lower
than projected; or 2) the trust engages in overseas acquisitions,
particularly in markets where it has no operating track record
which will increase its overall risk profile.
Specific indicators that Moody's would consider include: adjusted
debt/deposited assets approaching 45%, EBITDA/interest cover
below 3x, or net debt/EBITDA exceeding 7.5x.
The principal methodology used in these ratings was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
Viva Industrial Real Estate Investment Trust (VI-REIT) is a
Singapore-focused business park and industrial real estate
investment trust. The trust is stapled with Viva Industrial
Business Trust (unrated) to form Viva Industrial Trust (unrated),
which was listed on the Singapore Stock Exchange in November
2013. As of Sept. 30, 2016, VI-REIT's portfolio consisted of
eight properties in Singapore with a total appraised value of
SGD1.2 billion.
===============
T H A I L A N D
===============
KRUNG THAI: S&P Affirms B+ Rating on Junior Subordinated Debt
-------------------------------------------------------------
S&P Global Ratings said that it affirmed the ratings on the
following six Thai financial institutions. S&P also affirmed the
ratings on their outstanding debt:
Bangkok Bank Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
Bank of Ayudhya Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
KASIKORNBANK PCL
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
Krung Thai Bank Public Co. Ltd.
Issuer Credit Rating BBB/Stable/A-2
ASEAN Regional Scale axA/axA-2
Siam Commercial Bank Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
TMB Bank Public Co. Ltd.
Issuer Credit Rating BBB-/Stable/A-3
ASEAN Regional Scale axA-/axA-2
S&P affirmed the ratings because it believes these Thai banks
have sufficient buffers against downside risks in S&P's base-case
scenario. In S&P's view, the credit cycle will likely peak in
end-2017, and non-performing loans (NPLs) will continue to
gradually increase, particularly in the small and midsize
enterprise (SME) segment. However, S&P believes the
deterioration in asset quality would be manageable because the
banking sector regulator and banks have taken pre-emptive steps
to accumulate capital and make provisions for bad loans in the
years leading up to the downturn.
Thailand's economy is weighted down by continued political
uncertainty. S&P expects that subdued investments and weak
external demand will keep real GDP growth at a tepid 3%-4% over
the next 12-18 months. However, S&P's ratings incorporate normal
credit cycle turns, the NPLs of the Thai banks are coming from a
low base, and their loan-loss reserves are strong. S&P's base-
case assumes the continuation of accommodative monetary policy
and low interest rates, which will continue to support private
sector debt repayment.
S&P expects deterioration in asset quality to remain the Thai
banking system's main challenge, with the SME and retail segments
being the chief contributors. Systemwide NPLs increased to 2.9%
as of September 2016, from 2.2% in December 2014. The rise in
NPLs was accompanied by an increase in credit costs and downward
pressure on profitability. In S&P's view, SMEs in the export-
orientated and commodities-related sectors are particularly
vulnerable. Persistent weaknesses in the SME segment can spill
over to the consumer segment since small business owners are also
likely to have mortgage or other forms of consumer borrowings,
against a backdrop of elevated household leverage. Large
companies have generally been more resilient--but not immune--to
external factors, and S&P expects loans to these entities to
perform relatively better. That said, this portfolio is
susceptible to tail-end risks as evidenced by the one-off default
of a large steel producer in 2015.
Overall, S&P expects the deterioration in asset quality for Thai
banks to be manageable because the banks have tightened their
underwriting standards and the interest rate environment remains
accommodative. S&P expects the banking industry's loan growth to
slow to 3%-5% for 2016, compared with more than 10% prior to
2014, which would offset downward capital pressure from lower
retained earnings. In S&P's view, Thai banks will continue to
focus on cost control and on preserving asset quality in 2017 to
ride out the cyclical downturn.
BANGKOK BANK PUBLIC CO. LTD.
S&P affirmed the ratings on Bangkok Bank because S&P expects the
bank to maintain its strong market leadership, sufficient retail
deposit funding base, and resilient earning capability over the
next 12-18 months. Bangkok Bank's strong foothold in corporate
banking and its prudent risk management should counterbalance the
rising credit risk in the economy.
The stable outlook on Bangkok Bank reflects the outlook on the
sovereign credit rating on Thailand (foreign currency
BBB+/Stable/A-2; local currency A-/Stable/A-2; axAA/axA-1). The
outlook also reflects S&P's expectation that the bank will
maintain its 'bbb' stand-alone credit profile (SACP) and high
systemic importance in Thailand's banking industry over the next
two years. Bangkok Bank's strong franchise in deposit-taking and
lending supports the bank's importance in the industry.
S&P believes that the ratings on Bangkok Bank have limited upside
potential over the next 12-18 months because the ratings are at
the same level as the sovereign rating.
Similarly, S&P sees little downside risk because bank's SACP
would need to decline by more than one notch for any rating
downgrade. S&P could lower its assessment of Bangkok Bank's SACP
if the bank's asset quality deteriorates substantially. However,
this is not S&P's base case.
BANK OF AYUDHYA PUBLIC CO. LTD.
S&P affirmed the ratings on Bank of Ayudhya because S&P expects
bank to remain a highly strategic subsidiary of Mitsubishi UFJ
Financial Group Inc. (MUFG group). The rating on Bank of Ayudhya
could therefore be up to one notch lower than the 'a+' group
credit profile of MUFG group.
S&P has aligned the rating on Bank of Ayudhya with the foreign
currency sovereign credit rating on Thailand. S&P rarely rates
banks above the sovereign credit rating on their home country
because S&P considers it unlikely that domestic banks would
remain immune to changes in the domestic economy.
BAY's 'bb+' stand-alone credit profile (SACP) reflects the bank's
higher exposure to high-risk segments than peers' and its
moderate capitalization. The bank's enhanced market position in
Thailand following its merger with the Thai branch of Bank of
Tokyo-Mitsubishi UFJ (BTMU) in 2015, and its satisfactory
business and geographic diversity temper the above weaknesses.
The stable outlook on Bank of Ayudhya reflects the rating outlook
on the sovereign, and S&P's expectation that the bank will remain
at least a highly strategic subsidiary of MUFJ group over the
next 12-18 months. Accordingly, S&P believes there is a low
probability that the rating on the bank will move either upward
or downward in the next 12-18 months.
KASIKORNBANK PCL
S&P affirmed the ratings on KASIKORNBANK PCL to reflect the
bank's strengthened capital position, diversified and resilient
earnings profile, and sufficient funding and liquidity. S&P
believes these strengths will offset the asset-quality challenges
Kasikornbank could face in the SME sector as a result of
Thailand's stagnated economic growth.
The stable outlook on KASIKORNBANK reflects S&P's expectation
that the bank will maintain its high systemic importance in
Thailand. S&P also expects the bank to sustain its 'bbb-' SACP
over the next two years by maintaining its strong market position
while preventing any significant deterioration in capitalization
and asset quality.
S&P could downgrade Kasikornbank if it lowers its SACP, which
could result from a substantial deterioration in asset quality.
The bank's restructured loan ratio increased visibly in the past
few quarters, reflecting of the underlying asset-quality
challenges the bank is facing in its large SME portfolio amid a
slowing Thai economy.
The possibility of an upgrade is limited over the next 12-18
months because the rating on KASIKORNBANK is already the same as
the foreign currency sovereign credit rating on Thailand.
KRUNG THAI BANK PUBLIC CO. LTD.
S&P affirmed the rating on Krung Thai Bank to reflect S&P's view
of a high likelihood of extraordinary support from the Thailand
government if needed. The bank's systemic importance emanates
from its size and market share, and the fact that it is the only
commercial bank in Thailand with majority government ownership.
S&P also believes that Krung Thai Bank will maintain its stable
returns owing to its good franchise and stable deposit base in
Thailand's banking industry. Nevertheless, the bank's earnings
are less diversified when compared to some other large players
such as KASIKORNBANK or Siam Commercial Bank. Moreover, Krung
Thai Bank's risk management practices are evolving, making the
bank more vulnerable to an economic slowdown than its peers, as
reflected by its sharper increase in NPL ratios in recent months
compared to peers'. On a risk adjusted basis, Krung Thai Bank's
capital is moderate and is lower than that of other rated Thai
banks.
The stable outlook on Krung Thai Bank reflects S&P's expectation
that the deterioration in the bank's asset quality will be
manageable over the next 12-18 months. S&P therefore expects the
bank to maintain its financial profile over the period.
S&P could lower the rating if Krung Thai Bank's asset quality
deteriorates sharply, such that it is materially weaker than the
industry average. The bank's NPL ratio of 4.2% as of Sept. 30,
2016, is already higher than the industry average and that of
other large peers. A widening of gap could trigger a downgrade.
S&P could also lower the rating if it expects Krung Thai Bank's
pre-diversification risk-adjusted capital (RAC) ratio to
deteriorate below 5% on a sustained basis.
Conversely, S&P could upgrade Krung Thai Bank if the bank
significantly increases its revenue diversity, especially fee
income from recurring businesses.
SIAM COMMERCIAL BANK PUBLIC CO. LTD.
S&P affirmed the ratings on Siam Commercial Bank because S&P
expects the bank to maintain its well diversified earning streams
and solid capital buffer over the next 12-18 months despite a
one-off loss related to Sahaviriya Steel Industries Pcl in 2015.
S&P expects Siam Commercial Bank's credit costs to remain higher
than historical average over the period owing to still-
challenging economic conditions. However, the bank's prudent
risk management and sound capital position should mitigate the
risks.
S&P's stable outlook on Siam Commercial Bank reflects S&P's
expectation that the bank will maintain its strong business
position and sound financial profile over the next 12-18 months
years despite challenging operational conditions and the
associated asset-quality pressure.
S&P could lower the rating if Siam Commercial Bank's 'bbb-' SACP
deteriorates by one notch, which could happen if the bank's asset
quality falls sharply. S&P views this as an unlikely event.
The possibility of an upgrade is equally remote over the next two
years because the rating on the bank is the same as the foreign
currency sovereign rating.
TMB BANK PUBLIC CO. LTD.
S&P affirmed the ratings on TMB Bank to reflect the bank's stable
financial profile and improved risk management practice, which
should help the bank to maintain its 'bb+' SACP over the next 12-
18 months despite the current economic challenges. The ratings
also take into account TMB Bank's midsize operating scale and
marginally above-industry-average growth.
The stable outlook on TMB Bank reflects S&P's expectation that
the bank will maintain prudent risk management discipline even
while growing slightly higher than the industry over the next two
years. S&P anticipates that TMB Bank will retain sufficient
earnings to support its loan growth and maintain its current RAC
ratio.
S&P could lower the rating if TMB Bank's RAC ratio declines below
5% on a sustained basis, or if the bank expands aggressively,
materially weakening its asset quality. However, this is not
S&P's base case.
S&P is unlikely to raise the rating on TMB Bank in the next two
years because of the bank's stable business profile and moderate
systemic importance.
RATINGS LIST
Ratings Affirmed
Bangkok Bank Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
Senior Unsecured BBB+
Senior Unsecured axA+
Subordinated BBB
Bank of Ayudhya Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
KASIKORNBANK PCL
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
Senior Unsecured BBB+
Subordinated axA
Krung Thai Bank Public Co. Ltd.
Issuer Credit Rating BBB/Stable/A-2
ASEAN Regional Scale axA/axA-2
Senior unsecured BBB
Junior Subordinated B+
Siam Commercial Bank Public Co. Ltd.
Issuer Credit Rating BBB+/Stable/A-2
ASEAN Regional Scale axA+/axA-1
Senior Unsecured BBB+
Senior Unsecured A-2
Short-term debt axA-1
Subordinated axA
TMB Bank Public Co. Ltd.
Issuer Credit Rating BBB-/Stable/A-3
ASEAN Regional Scale axA-/axA-2
Senior Unsecured BBB-
Senior Unsecured cnA-
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Nov. 21 to Nov. 25, 2016
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 8.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 8.00
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 17.65
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 18.50
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 72.25
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 70.63
CML GROUP LTD 9.00 01/29/20 AUD 1.02
DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 74.75
IMF BENTHAM LTD 5.93 06/30/19 AUD 65.13
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.70
LAKES OIL NL 10.00 05/31/18 AUD 5.15
LAKES OIL NL 10.00 03/31/17 AUD 5.00
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.25
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 3.50
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 65.44
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 65.44
STOKES LTD 10.00 06/30/17 AUD 0.35
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 68.27
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 52.52
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 62.74
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 63.48
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 62.29
BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 30.53
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 63.23
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.95
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 61.91
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.24
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.00
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 70.93
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 83.00
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 63.05
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 63.00
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 62.73
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 63.86
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 64.36
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.61
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.62
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.16
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.51
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 41.50
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 62.73
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 62.62
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 61.87
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.29
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 63.20
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.65
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.98
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.39
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.50
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 63.04
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 63.10
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 64.21
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 63.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 64.08
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 63.64
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 63.76
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 62.98
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 49.50
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 50.38
CHINA CITY CONSTRUCTION 3.97 03/01/21 CNY 25.20
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 63.63
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 63.62
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 63.60
CHONGQING FULING STATE- 6.39 01/21/20 CNY 74.00
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.50
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.88
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 71.53
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 70.40
CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 62.99
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.58
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.33
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.61
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.77
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.47
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.26
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.30
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 63.36
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 63.64
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 61.18
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.35
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.36
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 64.05
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 63.32
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 63.20
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 72.26
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 63.85
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.19
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.20
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 62.75
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 71.32
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.91
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 63.18
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 63.70
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 62.94
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 64.02
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 62.97
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 62.54
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.23
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 63.18
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 62.86
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 62.69
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.55
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 63.34
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 59.29
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 64.33
DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00
DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 51.71
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 40.94
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 44.20
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 64.09
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.94
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 50.00
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 62.64
FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 51.92
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 63.92
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 83.50
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 63.61
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 73.98
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 71.45
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.32
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 77.28
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 51.62
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 72.80
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 73.41
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 51.44
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 51.99
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 62.91
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 52.16
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 62.51
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 63.72
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.29
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.22
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 63.61
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.70
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.63
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 63.37
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 51.72
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 52.14
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 63.51
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 51.96
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 47.09
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 51.81
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 51.89
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 74.89
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 62.00
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 63.32
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 73.69
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 73.68
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.05
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.07
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 62.73
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 62.84
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 72.39
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 73.61
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 73.42
HEFEI CONSTRUCTION INVE 5.23 08/28/18 CNY 71.31
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.43
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.45
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 63.31
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 62.31
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 63.95
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 63.23
HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.03
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 63.53
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 63.72
HUAI'AN DEVELOPMENT HOL 6.80 03/24/17 CNY 41.93
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 63.26
HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.52
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.64
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.25
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 64.47
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 63.77
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 63.70
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 63.67
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.52
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.18
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.51
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.55
HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 71.32
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 62.96
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 71.96
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 63.38
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.41
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 62.50
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 62.90
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 63.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 64.03
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 62.71
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.50
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.99
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.00
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.21
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 61.89
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.31
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 63.79
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 63.31
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 74.78
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 63.41
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 63.03
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 63.85
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.02
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.13
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 63.29
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.80
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 62.26
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 63.04
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 62.47
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 51.51
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.80
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.21
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.77
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 77.00
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 52.22
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 63.79
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 62.76
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 83.63
JINTAN CONSTRUCTION INV 8.30 03/14/19 CNY 63.22
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 62.57
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 62.73
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.00
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 63.59
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 63.25
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 62.34
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 62.40
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 63.35
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 63.92
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 50.50
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.71
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 62.86
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 63.01
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.83
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.99
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 63.06
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 84.00
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 61.35
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.60
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.71
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 71.81
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.15
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 63.61
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 66.40
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.02
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 63.16
LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 40.22
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 62.72
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.67
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.57
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 64.53
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 51.54
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 63.01
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 62.97
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 70.86
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 71.66
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 70.02
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.10
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.46
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 63.14
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.28
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.31
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 84.02
MIANYANG SCIENCE & TECH 6.30 07/22/18 CNY 53.84
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 60.50
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 62.42
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 63.04
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.94
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 64.00
NANCHONG CHEMICAL INDUS 8.16 04/26/19 CNY 63.18
NANJING HEXI NEW TOWN A 6.40 02/03/17 CNY 60.06
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.00
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.02
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 63.44
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 63.00
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 51.65
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.71
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.36
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.87
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.73
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 71.88
NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 40.31
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 51.50
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.15
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 52.20
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 10.25
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.82
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 39.98
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 39.90
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 62.87
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.42
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.35
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 63.68
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 63.80
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 63.75
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 62.66
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 62.97
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 63.39
PUYANG CONSTRUCTION INV 6.98 10/29/19 CNY 63.37
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 51.53
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 63.45
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 63.54
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 62.89
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 63.00
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.24
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.23
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.18
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.22
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.66
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 63.02
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.17
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.57
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.40
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.23
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.60
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.74
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.75
QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.46
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 63.43
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 63.55
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.68
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 63.39
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 62.91
QUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 62.86
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 63.53
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 63.98
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 63.69
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 72.63
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 61.31
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 52.10
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 78.00
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 63.40
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 63.04
SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.49
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 51.74
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 63.81
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 63.38
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 63.37
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 84.00
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 63.73
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.07
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.14
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 63.01
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 63.48
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 63.61
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 52.13
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.00
SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 63.17
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 63.60
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 63.38
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 63.26
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 82.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 68.00
SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 68.00
SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 68.00
SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 68.00
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.50
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 63.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 62.99
SUIZHOU CITY INVESTMENT 7.50 08/22/19 CNY 63.77
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.09
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.50
SUZHOU CONSTRUCTION INV 7.45 03/12/19 CNY 63.15
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 51.28
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 60.50
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 62.12
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 53.30
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 62.72
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 62.25
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.40
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.00
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 63.81
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.69
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.92
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 83.90
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 62.90
TAIZHOU CITY CONSTRUCTI 6.90 01/25/17 CNY 40.25
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.07
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.33
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 73.81
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 74.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.89
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.71
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 63.50
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.02
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 62.85
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 66.00
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 63.19
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 62.90
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 63.01
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 62.88
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 63.00
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 51.64
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 51.34
TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 59.33
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 62.84
TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 40.64
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 63.69
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 62.51
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 62.53
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 62.67
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.60
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.31
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 54.90
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 62.96
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 63.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 84.30
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 62.16
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 62.88
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 62.10
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 63.27
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.65
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.00
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 63.65
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 63.18
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 62.79
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 62.97
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 63.81
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 72.79
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 72.69
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 63.87
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 63.52
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 62.88
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.00
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.22
XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.06
XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.04
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 63.73
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 62.92
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 62.69
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 52.37
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.99
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 63.18
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 52.02
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 51.00
XINING CITY INVESTMENT 7.70 04/27/19 CNY 63.39
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 49.54
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 51.58
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 71.30
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 63.09
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 51.96
XISHAN ECONOMIC DEVELOP 6.99 11/01/19 CNY 64.00
XISHAN ECONOMIC DEVELOP 6.99 11/01/19 CNY 62.52
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 63.40
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.43
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 51.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 62.84
YANCHENG CITY CHENGNAN 6.93 10/26/19 CNY 63.60
YANCHENG CITY CHENGNAN 6.93 10/26/19 CNY 63.74
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 63.74
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.38
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 71.98
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 62.45
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 60.00
YANZHOU HUIMIN URBAN CO 8.50 12/28/17 CNY 51.36
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 71.70
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.83
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.33
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 63.69
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 84.84
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 62.00
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 59.12
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 52.37
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 78.00
YINCHUAN URBAN CONSTRUC 6.28 03/09/17 CNY 25.17
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 62.89
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 62.98
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.15
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.59
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 63.49
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 63.37
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 63.43
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 83.10
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 63.53
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 63.48
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 64.11
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.16
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 63.97
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 60.99
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 63.26
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 64.13
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 63.27
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 72.25
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 63.39
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 72.03
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.48
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.15
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.09
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.51
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.74
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.04
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.75
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.06
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 31.46
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 40.94
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.57
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.68
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 72.69
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.55
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 63.99
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 73.51
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 63.67
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 64.05
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 63.37
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 82.00
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 62.99
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 36.65
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 72.23
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 40.85
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 71.90
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 29.25
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 23.55
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 17.50
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.14
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.46
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.30
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 24.50
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 44.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 20.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.25
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.39
REI AGRO LTD 5.50 11/13/14 USD 1.39
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.07
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 33.25
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38
TAKATA CORP 0.58 03/26/21 JPY 60.03
TAKATA CORP 0.85 03/06/19 JPY 69.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 34.08
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 34.08
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 29.77
DONGBU METAL CO LTD 5.30 06/03/18 KRW 73.89
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 47.96
EXPORT-IMPORT BANK OF K 1.70 09/22/30 KRW 75.27
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 10.10
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 7.56
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 56.50
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 54.63
KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 20.09
KIBO ABS SPECIALTY CO L 5.00 01/31/17 KRW 48.95
KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 32.85
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 32.51
KIBO ABS SPECIALTY CO L 10.00 02/19/17 KRW 53.74
LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 33.39
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 33.10
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 27.59
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.24
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.24
SINBO SECURITIZATION SP 5.00 07/24/17 KRW 34.04
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.99
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.99
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 30.91
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 19.83
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.84
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.84
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 27.67
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 26.39
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 26.23
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.38
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.38
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.83
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.83
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 27.39
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.50
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.50
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 35.09
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 35.09
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.30
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.30
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 33.02
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 33.02
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.85
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.85
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 23.57
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 23.57
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 43.51
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 43.51
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 47.38
SINBO SECURITIZATION SP 5.00 01/29/17 KRW 51.63
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.21
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.21
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 32.53
SINBO SECURITIZATION SP 5.00 12/13/16 KRW 70.13
SINBO SECURITIZATION SP 5.00 12/25/16 KRW 60.91
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 46.78
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 28.31
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 30.63
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 27.95
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 30.27
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.42
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.42
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
TONGYANG CEMENT & ENERG 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & ENERG 7.30 06/26/15 KRW 70.00
U-BEST SECURITIZATION S 5.50 11/16/17 KRW 34.91
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 56.45
WOORI BANK 5.21 12/12/44 KRW 391.65
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 59.89
SRI LANKA GOVERNMENT BO 7.00 10/01/23 LKR 74.28
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 65.84
SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 71.72
SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 71.35
SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 67.33
SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 70.68
SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 66.52
MALAYSIA
--------
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 71.47
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 69.27
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 72.09
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 70.86
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 73.21
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 74.44
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.84
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.74
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.67
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.23
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.31
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.86
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.28
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.38
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.79
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.01
SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.87
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.54
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.26
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.71
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.30
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.96
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.06
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 4.75 03/28/17 SGD 70.00
ASL MARINE HOLDINGS LTD 5.35 10/01/18 SGD 70.00
AUSGROUP LTD 7.45 10/20/18 SGD 65.88
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.53
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.53
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 23.55
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 23.88
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 7.25
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 47.30
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 43.50
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 46.75
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 44.13
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 27.25
EZION HOLDINGS LTD 4.88 06/11/21 SGD 63.46
EZION HOLDINGS LTD 4.70 05/22/19 SGD 74.17
EZION HOLDINGS LTD 5.10 03/13/20 SGD 68.54
EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.75
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 35.00
GEO ENERGY RESOURCES LT 7.00 01/18/18 SGD 67.38
GOLIATH OFFSHORE HOLDIN 12.00 06/11/17 USD 4.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 61.25
INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 82.75
NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 61.38
NEPTUNE ORIENT LINES LT 4.65 09/09/20 SGD 67.38
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 39.34
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.75
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 71.25
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 71.80
PACIFIC INTERNATIONAL L 7.25 11/16/18 SGD 70.50
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 42.13
RICKMERS MARITIME 8.45 05/15/17 SGD 29.63
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 12.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 12.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 9.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 12.25
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 10.88
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.25
DEBT AND ASSET TRADING 1.00 10/10/25 USD 56.80
*********
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, Ivy B. Magdadaro, 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 ***