/raid1/www/Hosts/bankrupt/TCRAP_Public/170110.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, January 10, 2017, Vol. 20, No. 7
Headlines
A U S T R A L I A
CASTLE GLAZING: First Creditors' Meeting Set for Jan. 17
CULLEN GROUP: Faces Claims of 'Phoenixing to Avoid Payout'
G COMPANY: First Creditors' Meeting Slated for Jan. 18
S.S.C. PLENTY: First Creditors' Meeting Set for Jan. 17
THOMSEN BUILDING: First Creditors' Meeting Set for Jan. 17
WORLD RUGBY: Jersey-Maker BLK Owes Creditors AUD34 Million
C H I N A
COUNTRY GARDEN: Mgmt. Team Changes No Effect on Moody's Ba1 CFR
SPI ENERGY: In Talks to Extend Private Placement Long Stop Date
I N D I A
ADVANCE LAMINATES: CRISIL Reaffirms B+ Rating on INR65MM Loan
AMAZON ENTERPRISES: CRISIL Assigns B+ Rating to INR79.5MM Loan
AMRITESH AGRO: CRISIL Assigns B+ Rating to INR65MM Cash Loan
BHAGABATI STORE: CRISIL Lowers Rating on INR125MM Loan to D
BUDDHA INDIA: CRISIL Lowers Rating on INR55.5MM LT Loan to 'C'
DAMODAR TEXO: CRISIL Assigns B+ Rating to INR50MM Cash Loan
DBR FOODS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
DOLLFINE DEVELOPERS: CRISIL Rates INR150MM LT Loan at B+
EASTSTAR MANUFACTURING: CRISIL Rates INR65MM Cash Loan at B+
ETERNITY GLOBETEX: CRISIL Assigns B+ Rating to INR80MM Cash Loan
FORTPOINT AUTOMOTIVE: CRISIL Reaffirms B- Cash Credit Rating
GALAXY REAL: CRISIL Assigns B- Rating to INR82MM LT Loan
GANGA SRIRAM: CRISIL Assigns 'B' Rating to INR50MM LT Loan
GEORGE MAIJO: CRISIL Assigns 'B' Rating to INR120MM Cash Loan
HARISUN CERAMIC: CRISIL Reaffirms B Rating on INR50MM Term Loan
INDIAN SURGICAL: CRISIL Assigns B Rating to INR20MM Cash Loan
INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Loan
J.K. ELECTRIC: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
JAI HANUMAN: CRISIL Assigns B+ Rating to INR50MM Cash Loan
JALNIDHI BITUMEN: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR100MM Loan
JCR CINEMA: CRISIL Assigns 'B' Rating to INR200MM Term Loan
K.K. DUPLEX: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
K.S. COMMODITIES: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
KAMSON HEALTHCARE: CRISIL Assigns B+ Rating to INR101MM Term Loan
KANHAIYA BEVERAGES: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
KARTYA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR100MM Loan
KRISHNA CHANDRA: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
LAMA BEAR: CRISIL Assigns 'B' Rating to INR140MM LT Loan
LEVIN ELECTRICALS: CRISIL Assigns B+ Rating to INR20MM Loan
MATRIX ROLLER: CRISIL Assigns B+ Rating to INR74.0MM Cash Loan
MAXFLOW PUMPS: CRISIL Upgrades Rating on INR35MM Cash Loan to C
MEHER SEEDS: CRISIL Assigns B+ Rating to INR49MM Cash Loan
MJ LOGISTICS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
MS SOLVEX: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
MUGHAL FOUNDATION: CRISIL Assigns B- Rating to INR80MM LT Loan
NAVKAR IRON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
NIRMANGHAR TRADERS: CRISIL Assigns B Rating to INR50MM Cash Loan
OPUS INDUSTRIES: CRISIL Assigns B- Rating to INR270MM Term Loan
ORIENTAL ENGINEERING: Ind-Ra Withdraws 'BB+' Issuer Rating
PACIFIC CONSTRUCTIONS: Ind-Ra Withdraws 'B+' Issuer Rating
PALRIWAL INDUSTRIES: Ind-Ra Withdraws 'BB-' Issuer Rating
PAN TIME: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
PHARMCHEM: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
PRASHANT MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
PRECISE SEAMLESS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
PRESTOGEM VEHICLES: CRISIL Assigns 'B' Rating to INR80MM Loan
PUSHPDEEP INFRASTRUCTURE: Ind-Ra Withdraws 'BB+' Issuer Rating
R.K. HOTELIERS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
RAM RATAN: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
RAMA CONSTRUCTIONS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
REFRATHERM INTERNATIONAL: CRISIL Rates INR140.4MM Term Loan at B+
RG INFRACITY: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
RIDDHI SIDDHI: CRISIL Lowers Rating on INR177.5MM Loan to 'D'
RSN BALAJI: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
SANJOSE SUPREME: Ind-Ra Withdraws 'D' Rating on INR7.9BB Loan
SHARU SPECIAL: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SHIVIN CA: CRISIL Assigns B+ Rating to INR100MM Term Loan
SHREE SHAKAMBARI: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR52.9MM Loan
SONALI AUTOS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SOUNDARYA DECORATORS: CRISIL Withdraws 'B' Cash Credit Rating
SRB INTERNATIONAL: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SRI SATYA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
SRI VIDYA: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
STYLE MARKETING: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SURAJMAL JAINARAYAN: Ind-Ra Withdraws BB Long-Term Issuer Rating
SURESH GOPINATH: CRISIL Assigns B+ Rating to INR100MM Loan
SWAMI VIVEKANAND: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
TIRUPUR TEXTILES: CRISIL Lowers Rating on INR370.7MM Loan to 'C'
UNIQUE CHAINS: CRISIL Lowers Rating on INR100MM Cash Loan to B+
UNIQUE TREES: CRISIL Assigns 'B' Rating to INR66MM LT Loan
UNNATI WRITING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
VARDAN INTENSIVE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
VEE DEE: CRISIL Assigns 'B' Rating to INR37.5MM Cash Loan
VIVO MOBILE: Ind-Ra Assigns 'BB' Rating to INR7BB Debentures
J A P A N
TOSHIBA CORP: Expects Loan Waiver Ahead of Bankers Meeting Today
M A L A Y S I A
1MALAYSIA DEVELOPMENT: Malaysia Prepares to Wind Up 1MDB
P H I L I P P I N E S
RB OF MAGALLON: Creditors Has Until Jan. 30 to File Claims
X X X X X X X X
* BOND PRICING: For the Week Jan. 2 to Jan. 6, 2017
- - - - -
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A U S T R A L I A
=================
CASTLE GLAZING: First Creditors' Meeting Set for Jan. 17
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Castle
Glazing Pty Limited will be held at the offices of Vincents,
Level 7, 1 Hobart Place, in Canberra, on Jan. 17, 2016, at
3:30 p.m.
Tony Lane and Steven Staatz of Vincents were appointed as
administrators of Castle Glazing Pty Limited on Jan. 5, 2017.
CULLEN GROUP: Faces Claims of 'Phoenixing to Avoid Payout'
----------------------------------------------------------
Lea Emery at Gold Coast Bulletin reports that allegations the
failed Cullen Group has been moving assets into other companies
to avoid paying out debtors have been referred to the Australian
Investment and Securities Commission.
The Bulletin says the group left hundreds of contractors and
suppliers out-of-pocket for more than AUD18 million after the
builder collapsed in the lead up to Christmas.
According to the report, the Robina Group's multi-million project
Boheme was abandoned less than a fortnight before Christmas when
the Cullen Group had their licence suspended.
A new builder for the project is yet to be appointed, the report
notes.
The Bulletin says the Queensland Building and Construction
Commission on Jan. 5 revealed they had received allegations the
Cullen Group were potentially moving assets around.
The report relates that Queensland Building and Construction
Commission chairman Dick Williams said they were investigating
allegations of "illegal phoenixing" which is the practice of
moving assets from a failed or failing company into another
business to avoid paying debts.
"I've sought the Commissioner's assurance that any suspected
illegal phoenixing is referred to the appropriate regulatory
agency," the report quotes Mr. Williams as saying. "To that end,
he has informed me that the QBCC has already referred allegations
of illegal phoenix activity against the Cullen Group to the
Australian Securities and Investments Commission."
According to the Bulletin, Mr. Williams said if the
subcontractors had lost livelihoods because of corporate
gamesmanship, then people needed to be held to account.
The Bulletin adds that QBCC Commissioner Brett Bassett said they
would provide any help needed to ASIC.
"The QBCC maintains the register of all licensed builders in
Queensland and any person who wishes to apply for a new QBCC
licence, will be appropriately scrutinised," the Bulletin quotes
Mr. Bassett as saying. "If people have concerns about phoenixing
they should contact the QBCC or ASIC directly."
A spokeswoman for ASIC said the commission did not comment on any
investigations being undertaken, the Bulletin notes.
As reported in Troubled Company Reporter-Asia Pacific on Dec. 28,
2016, the Gold Coast Bulletin said the building company behind
the two tower, resort-style units at Robina has collapsed
sparking fears about money owed to up to 300 subbies. According
to the Bulletin, ASIC documents showed the Brisbane-based
construction company Cullen Group Australia is under external
administration. The Bulletin related that Brisbane insolvency
accounting firm Pearce and Heers was appointed liquidator on
Dec. 22, 2016, in a voluntary winding up of the builder.
The Bulletin has been told the Cullen Group, which is registered
as a AUD30 million - AUD60 million company, has at least eight
major projects underway from Brisbane to northern New South
Wales.
G COMPANY: First Creditors' Meeting Slated for Jan. 18
----------------------------------------------------------
A first meeting of the creditors in the proceedings of:
* G Company Pty Ltd (trading name: Bootooloo Farms),
* Bootooloo Staff Services Pty Ltd,
* GLN & Sons Pty Ltd,
* JAGS Investments Pty Ltd,
* SGAJ Investments Pty Ltd,
will be held at the offices at Deloitte, Level 25, Riverside
Centre, 123 Eagle Street, in Brisbane, Queensland, on Jan. 18,
2017, at 12:00 p.m.
Neil Cussen and Richard Hughes of Deloitte were appointed as
administrators of G Company Pty Ltd (trading name: Bootooloo
Farms); Bootooloo Staff Services Pty Ltd; GLN & Sons Pty Ltd;
JAGS Investments Pty Ltd; and SGAJ Investments Pty Ltd on Jan. 6,
2017.
S.S.C. PLENTY: First Creditors' Meeting Set for Jan. 17
-------------------------------------------------------
A first meeting of the creditors in the proceedings of S.S.C.
Plenty Road Pty Ltd will be held at the offices of B.K. Taylor &
Co. Meeting Room, Level 8, 608 St. Kilda Road, in Melbourne,
Vic., on Jan. 17, 2017, at 9:00 a.m.
Paul Vartelas of B.K. Taylor & Co. was appointed as administrator
of S.S.C. Plenty on Jan. 9, 2017.
THOMSEN BUILDING: First Creditors' Meeting Set for Jan. 17
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Thomsen Building Services Pty Ltd, formerly Traded as "B & J
Thompson Construction Pty Ltd", will be held at the CTA Business
Club, Level 1, MLC Centre, 19 Martin Place, in Sydney, on
Jan. 17, 2017, at 11:00 a.m.
Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of Thomsen Building on Jan. 5, 2017.
WORLD RUGBY: Jersey-Maker BLK Owes Creditors AUD34 Million
----------------------------------------------------------
Liam Walsh at Herald Sun reports that football jersey-maker BLK
went broke owing AUD34 million to creditors, from Westpac to
AFL's Gold Coast Suns to a former star of children's musical
group Hi-5.
The Herald Sun says the Australian Taxation Office and a company
director attached to Gold Coast-based BLK are claiming they are
owed millions too, according to minutes of a creditors' meeting.
Many creditors other than the bank and employees could lose the
amounts owed, administrators have warned, the Herald Sun relates.
The Adelaide Crows were owed AUD137,795.35, making them among the
most impacted sports clubs, according to the minutes obtained by
News, relays Herald Sun. The Australian Rugby League Commission
also was out of pocket by AUD67,766.90.
Garment maker Lionstar Enterprises, based in Hong Kong, is one of
the hardest hit trade creditors and is owed AUD851,739.55, the
report discloses.
BLK, whose kits were worn by teams including the Brisbane Lions,
the Suns, the Gold Coast Titans and the Adelaide Crows, plunged
into receivership in November.
World Rugby Specialists and World Rugby Specialists Group, which
are in receivership, operated as BLK, which stood for Beyond
Limits Known. BLK had distributors from Ireland to the Solomon
Islands.
The business is still trading under receivers of Jamie Harris and
Anthony Connelly McGrathNicol, the report notes.
=========
C H I N A
=========
COUNTRY GARDEN: Mgmt. Team Changes No Effect on Moody's Ba1 CFR
---------------------------------------------------------------
Moody's Investors Service says that Country Garden Holdings
Company Limited's changes to its management team will not
immediately affect its Ba1 corporate family and senior unsecured
rating and stable outlook.
Country Garden has announced that three executive directors --
including its Chief Financial Officer (CFO), Mr. WU Jianbin; and
Executive Directors, Mr. SU Rubo and Mr. OU Xueming -- and one
independent Non-Executive Director, Ms. HUANG Xiao, had tendered
their resignations with effect from 1 April 2017.
At the same time, the company announced that Ms. WU Bijun, the
general manager of the Finance Centre, has been appointed as the
new CFO.
"We believe that the negative impact from the resignation of the
existing CFO is mitigated by the appointment of a successor who
has been working at Country Garden since 2005. Furthermore, we
believe Country Garden's remaining board of directors has
sufficient management depth," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.
"But we will closely monitor Country Garden's financial strategy
and policy after the change in management," adds Leung.
Moody has noted that Country Garden has strengthened its access
to funding and improved average funding costs over the past 2-3
years under the leadership of its former CFO. For example, it
raised significant amounts of domestic and offshore debt to
reduced interest costs, while improving its debt maturity
profile.
Moody's will assess the company's ability to maintain its strong
funding access.
Country Garden's rapid growth in recent years has resulted in
large funding needs, which have increased its borrowing
requirements. Its adjusted debt increased to around RMB127
billion at end-June 2016 from around RMB112 billion at end-2015
and RMB67 billion at end-2014.
As a result, the company's debt leverage - as measured by revenue
to adjusted debt - weakened to around 96.8% for the 12 months to
30 June 2016 from 101.5% for 2015 and 126.4% in 2014. Debt
leverage at 30 June 2016 was weak for its Ba1 ratings, but
Moody's expects this ratio will recover to 100%-120% over the
next 12-18 months.
Country Garden's Ba1 ratings reflect its large scale and good
geographic coverage, as well as its established record of
accomplishment in suburban property development in China.
Its business model aims at developing attractively priced
housing, with value-added services in integrated townships to
meet the needs of China's growing middle class. This market
segment benefits from a positive long-term growth outlook,
thereby supporting Country Garden's business growth.
On the other hand, the ratings are constrained by the challenges
that Country Garden faces in lower-tier cities, where inventory
levels are generally high. The ratings also consider profit
margin pressure in its mass-market portfolio, as well as its
weakened credit metrics, due in part to its fast business
expansion.
The stable rating outlook reflects Moody's expectation that
Country Garden will maintain its strong sales execution, and
improve its current gross profit margins and debt leverage by
continuing to achieve growth in revenue and controlling the
growth in debt.
The principal methodology used in this rating was Homebuilding
and Property Development Industry published in April 2015.
Country Garden Holdings Company Limited - founded in 1997 and
listed on the Hong Kong Stock Exchange - is a leading Chinese
integrated property developer. At end-June 2016, its land bank
totaled a sizeable 140.1 million square meters (sqm) in
attributable gross floor area (GFA).
The company owned and operated 59 hotels with 13,819 rooms at 30
June 2016. The hotels are located mainly in Guangdong Province
and complement its township development projects.
SPI ENERGY: In Talks to Extend Private Placement Long Stop Date
---------------------------------------------------------------
SPI Energy Co., Ltd., announced that it had completed
approximately US$881,000 of its US$100 million private placement
announced on Sept. 28, 2016. The Company is in discussion with
the remaining investors to extend the long stop date of the
private placement with respect to those investors.
About SPI Energy Co., Ltd.
SPI Energy Co., Ltd., (As successor in interest to Solar Power,
Inc.), is a global provider of photovoltaic (PV) solutions for
business, residential, government and utility customers and
investors. SPI Energy focuses on the downstream PV market
including the development, financing, installation, operation and
sale of utility-scale and residential solar power projects in
China, Japan, Europe and North America. The Company operates an
innovative online energy e-commerce and investment platform,
http://www.solarbao.com/,which enables individual and
institutional investors to purchase innovative PV-based
investment and other products; as well as
http://www.solartao.com/, a B2B e-commerce platform offering a
range of PV products for both upstream and downstream suppliers
and customers. The Company has its operating headquarters in
Shanghai and maintains global operations in Asia, Europe, North
America and Australia.
SPI Energy reported a net loss of $185 million on $191 million of
net sales for the year ended Dec. 31, 2015, compared to a net
loss of $5.19 million on $91.6 million of net sales for the year
ended Dec. 31, 2014. As of Dec. 31, 2015, SPI Energy had $710
million in total assets, $493 million in total liabilities and
$216.6 million in total stockholders' equity.
KPMG Huazhen LLP, in Shanghai, China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended Dec. 31, 2015, citing that SPI Energy Co., Ltd., and
its subsidiaries have suffered significant losses from operations
and have a negative working capital as of Dec. 31, 2015. In
addition, the Group has substantial amounts of debts that will
become due for repayment in 2016. The auditors said these factors
raise substantial doubt about the Group's ability to continue as
a going concern.
=========
I N D I A
=========
ADVANCE LAMINATES: CRISIL Reaffirms B+ Rating on INR65MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the bank
loan facilities of Advance Laminates Private Limited (ALPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B+/Stable (Reaffirmed)
Term Loan 20 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect the working-capital-intensive
operations, the average financial risk profile with a moderate
gearing, subdued debt protection metrics and modest scale of
operations. These rating weaknesses are partially offset by the
extensive experience of promoters in the laminates industry.
Outlook: Stable
CRISIL believes that ALPL will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if a significant improvement in the scale of
operations and profitability, or working capital management,
strengthens the financial risk profile. The outlook may be
revised to 'Negative' in case of a slowdown in revenue, decline
in profitability, deterioration in the capital structure or debt
protection metrics, or a further stretch in the working capital
cycle.
Update
The company reported sales and operating margin of INR162.7
million and 15.7% for fiscal 2016 broadly in line with
expectation; sustenance of margin and management of working
capital cycle remain key monitorables. Operations remain working
capital-intensive, with gross current assets of over 500 days as
on March 31, 2016, led by large receivables and inventory.
Financial risk profile is average, marked by gearing of 1.28
times as on March 31, 2016. Debt protection metrics were also
subdued, with interest coverage and net cash accrual to total
debt ratios at 1.4 times and 0.11 time, respectively, for fiscal
2016.
ALPL, incorporated in 2005, manufactures laminates at its
facility at Rajkot (Gujarat). Mr. Pranjivan Patel, the director,
looks after the daily operations.
AMAZON ENTERPRISES: CRISIL Assigns B+ Rating to INR79.5MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Amazon Enterprises Private Limited
(AEPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 35.8 CRISIL B+/Stable
Cash Credit 79.5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 4.7 CRISIL B+/Stable
The rating reflects the company's modest scale of operations,
exposure to risks related to execution of ongoing capital
expenditure (capex), and its below-average financial risk profile
because of small networth and high gearing. These weaknesses are
partially offset by the extensive experience of its promoters in
the waste paper recycling industry.
Outlook: Stable
CRISIL believes AEPL will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
the company completes its capex earlier than expected, resulting
in substantial increase in sales and profitability, or if its
financial risk profile improves because of equity infusion or
considerably large accretion to reserve. The outlook may be
revised to 'Negative' if delays in completion of capex result in
cost overrun, or if sales and profitability are lower than
expected, leading to pressure on liquidity.
AEPL was incorporated by Mr. M Kamalnath and Mr. K Radhkrishana
in 2013. It collects, sorts, and grades waste paper, and sells to
paper mills in Telangana and Andhra Pradesh. The company has
processing capacity of 500 tonne per annum (tpa) in Moosapet,
Telangana, and is setting up 2000-tpa capacity in Suraram,
Telangana.
AMRITESH AGRO: CRISIL Assigns B+ Rating to INR65MM Cash Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Amritesh Agro Products Private Limited (AAPPL), and
assigned its 'CRISIL B+/Stable' ratings to these facilities.
CRISIL had suspended the ratings on December 27, 2016, as AAPPL
had not provided the information required to maintain valid
ratings. The company has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Long Term Loan 60 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The ratings reflect the working capital-intensive nature and
modest scale of operations, and low operating profit margin.
These rating weaknesses are partially offset by the extensive
entrepreneurial experience of the promoter.
Outlook: Stable
CRISIL believes AAPPL will benefit from the extensive experience
of its promoter, and the healthy prospects of the dal processing
business, over the medium term. The outlook may be revised to
'Positive' if substantial growth in topline leads to higher net
cash accrual, and if the company demonstrates better working
capital management. The outlook may be revised to 'Negative' if
lower-than anticipated cash accrual, large working capital
requirement or considerable debt-funded capital expenditure,
weakens liquidity.
AAPPL, incorporated in 2014, is setting up 9 tonne per hour (tph)
dal mill, with a besan processing unit, at Chandramandih, Jamui
district of Bihar. Daily operations are managed by the promoter
directors, Mr. Amritesh Singh, Mrs Priti Singh and Mr. Anil
Prasad Singh.
BHAGABATI STORE: CRISIL Lowers Rating on INR125MM Loan to D
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facility of
Bhagabati Store (BGS) to 'CRISIL D' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 125 CRISIL D (Downgraded from
'CRISIL BB/Stable')
The rating downgrade reflects instances of delay by BGS in
servicing interest and principal on its term loan for November
2016. The same was also delayed by 15 days for the month of
September 2016 and October 2016. The delays have been caused on
account of stretch in receivables.
BGS has a weak financial risk profile, because of small networth
and high total outside liabilities to tangible networth ratio,
and exposure to risks of limited bargaining power with principal.
These rating weaknesses are partially offset by the proprietor's
extensive experience and established relationship with principal.
Established in 1986, BGS is a proprietorship firm of Mr. Ramesh
Chandra Sahoo. The firm has been an authorised distributor-cum-
stockist of Hindustan Unilever Ltd in Puri (Odisha) since 1986.
Furthermore, from 2014 onwards BGS also obtained the
distributorship of Dabur India Ltd for the same region.
BUDDHA INDIA: CRISIL Lowers Rating on INR55.5MM LT Loan to 'C'
--------------------------------------------------------------
CRISIL has downgraded its rating on long term bank loan
facilities of Buddha India Hotels Private Limited (BIHPL) to
'CRISIL C' from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL C (Downgraded from
'CRISIL B/Stable')
Proposed Long Term 55.5 CRISIL C (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
The rating downgrade reflects CRISIL's belief that the liquidity
of BIHPL will deteriorate over the medium term marked by low cash
accruals against repayment obligations. The low cash accruals are
attributable to small scale of operations. Furthermore, the bank
lines remained highly utilised with few instances of adhoc
limits. CRISIL believes that liquidity will remain stretched over
the medium term.
CRISIL ratings on the long term bank loan facilities of BIHPL
continue to reflect weak financial risk profile and limited
revenue diversity. However, these rating weaknesses are partially
offset by favourable market position led by association with
Bikanervala.
BIHPL, is promoted by Mr. Anil Tibrewal. Incorporated in 2011,
the company operates a franchise restaurant of Bikanervala, which
is a chain of traditional sweet shops and restaurants. BIHPL's
main business comprises managing a sweet shop and a restaurant,
with facilities such as banquet hall and catering, under the
brand name Bikanervala. BIHPL commenced operations in June 2011
and has acquired a business which was operational for five years
under the same franchisee format.
DAMODAR TEXO: CRISIL Assigns B+ Rating to INR50MM Cash Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long term
bank loan facilities of Damodar Texo Fab (DTF) and assigned the
rating of 'CRISIL B+/Stable' to the facilities. CRISIL had
suspended the ratings on November 10, 2016, as firm had not
provided the necessary information required for a rating review.
DTF has now shared the required information enabling CRISIL to
assign the ratings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Long Term 11.7 CRISIL B+/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
Term Loan 38.3 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating reflects small scale of operations due to high
geographical concentration and working capital intensive
operations driven by high inventory requirements. These rating
weaknesses are partially offset by extensive experience of
partners in textiles industry, and funding support from partners.
Outlook: Stable
CRISIL believes that DTF will continue to benefit over the medium
term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm reports higher
than expected scale of operations and stable profitability,
leading to high cash accrual, or if it working capital cycle
declines leading to improvement in capital structure and
financial risk profile. Conversely, the outlook may be revised to
'Negative' if it generates lower cash accruals or if its working
cycle increases, or if it undertakes any debt funded capital
expenditure, leading to deterioration of financial risk profile.
DTF, a partnership firm, was set up in January 2015, promoted by
six partners including Mr. Sushil Gupta and his family members,
Mr. Rajesh Gupta, Mr. Manish Gupta, Mr. Sanjeev Gupta, Mr. Deepak
Gupta, and Mrs. Asha Rani. The firm has set up a unit for
spinning of polyester yarn into fabric and in-house dyeing. It is
based in Karnal (Haryana). The commercial operations started in
October 2015.
DBR FOODS: CRISIL Assigns B+ Rating to INR60MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of DBR Foods Private Limited (DFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Fund-Based
Bank Limits 19 CRISIL B+/Stable
Cash Credit 60 CRISIL B+/Stable
Long Term Loan 40 CRISIL B+/Stable
The rating reflects the modest scale of operations, exposure to
intense competition, and the below-average financial risk
profile, marked by high gearing, modest debt protection metrics
and modest networth. These rating weaknesses are partially offset
by benefits from the extensive experience of promoters in the
rice milling industry.
Outlook: Stable
CRISIL believes DFPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability
strengthens the financial risk profile, or if significant capital
infusion by the promoters, improves the capital structure. The
outlook may be revised to 'Negative' if any aggressive debt-
funded expansion or sharp decline in revenue and profitability,
weakens the financial risk profile.
DFPL was incorporated in 2010, by promoters, Mr. D Balaji Reddy,
Mrs D Vinoda and Mrs D Jayalakshmi. The company mills and
processes paddy into rice, bran, and husk, and has an installed
milling capacity of 100 tonnes per day. The processing unit is at
Nellore (Andhra Pradesh) and the administration office, at
Hyderabad.
DOLLFINE DEVELOPERS: CRISIL Rates INR150MM LT Loan at B+
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank loan
facility of DollFine Developers (DD) and assigned its 'CRISIL
B+/Stable' ratings to DD's bank facilities. CRISIL had, on
November 25 2016, suspended the ratings as DD had not provided
the necessary information for rating review. DD has now shared
the requisite information, enabling CRISIL to assign a rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 150 CRISIL B+/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
The ratings reflect DD's susceptibility to risks related to
completion and saleability of its ongoing real estate residential
projects in Hyderabad, and to cyclicality in the Indian real
estate industry. These rating weaknesses are partially offset by
the extensive experience and established track record of DD's
promoters in residential real estate development business.
Outlook: Stable
CRISIL believes that DD will continue to benefit over the medium
term from its promoters' extensive experience and established
track record in the real estate industry in Hyderabad. The
outlook may be revised to 'Positive' if the firm completes and
sells its projects sooner than expected, leading to an
improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of delays in project
completion or in receipt of advances from customers, or if the
firm undertakes a large debt-funded project, weakening its
financial risk profile.
Set up as a partnership entity, DD is involved in the
construction and sale of residential apartments in Hyderabad. The
firm is promoted by Mr. G. Babu Rao along with his friends and
family.
EASTSTAR MANUFACTURING: CRISIL Rates INR65MM Cash Loan at B+
------------------------------------------------------------
CRISIL has assigned its ratings of 'CRISIL B+/Stable/CRISIL A4'
on the bank facilities of Eaststar Manufacturing Syndicate (EMS).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 14 CRISIL A4
Cash Credit 65 CRISIL B+/Stable
The ratings reflect modest scale of operations along with low
operating margins due to trading nature of operations. The
ratings also factors in average financial risk profile with
modest net worth, moderate capital structure and average debt
protection metrics. These rating weaknesses are partially
mitigated by its partners' long standing presence in mobile
accessories trading industry and financial support from them. The
firm also manages its working capital efficiently.
Outlook: Stable
CRISIL believes that EMS will continue to benefit from promoters'
experience and its established relationship with its key
suppliers, over the medium term. The outlook may be revised to
'Positive' if EMS' revenue significantly improves along with
improvement in company's financial risk profile on account of
more-than-expected accruals or substantial equity infusion.
Conversely, the outlook may be revised to 'Negative' if the
company's revenues and profitability come under pressure, or its
working capital cycle lengthens or it undertakes a large debt-
funded capex programme over the medium term.
EMS was established as a partnership firm in April 2005 by Mr.
Rajesh Kumar Garg, Mr. Ashwini Kumar and Mr. Sanjay Kumar as its
partners, sharing profit and loss equally. EMS is engaged in the
distribution of Samsung mobile phones & accessories, and Su-Kam
batteries in Punjab.
ETERNITY GLOBETEX: CRISIL Assigns B+ Rating to INR80MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Eternity Globetex Private Limited (EGPL).
The rating reflects exposure to early stage of operations and
below-average financial risk profile, marked by modest networth
and high expected gearing. These rating weakness are partially
offset by the promoters' extensive experience and funding
support.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B+/Stable
Outlook: Stable
CRISIL believes EGPL will benefit over the medium term from the
extensive industry experience of the promoters. The outlook may
be revised to 'Positive' if EGPL reports better-than-expected
revenue, profitability, and accrual while maintaining a
comfortable financial risk profile. Conversely, the outlook may
be revised to 'Negative' if delays in scaling up of operations
result in lower-than expected accrual, or if stretch in working
capital cycle weakens financial risk profile.
EGPL, incorporated in 2016, by Mr. Sanjay Juneja and Mr. Nikunj
Kapadia, manufactures dress material mostly on job work basis.
The manufacturing facility is at Vasai, Maharashtra.
FORTPOINT AUTOMOTIVE: CRISIL Reaffirms B- Cash Credit Rating
------------------------------------------------------------
CRISIL's rating on the long-term bank loan facility of Fortpoint
Automotive (Cars) Private Limited (FACPL) continues to reflect
the company's weak financial risk profile, primarily marked by a
leveraged capital structure, subdued interest coverage, and
stretched liquidity on account of tightly matched cash accrual
against debt repayments and exposure to risks related to
competition in the automobile dealership business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 130 CRISIL B-/Stable (Reaffirmed)
Working Capital
Term Loan 50 CRISIL B-/Stable (Reaffirmed)
Term Loan 84.7 CRISIL B-/Stable (Reaffirmed)
Inventory Funding
Facility 492.5 CRISIL B-/Stable (Reaffirmed)
These rating weaknesses are mitigated by the promoters' extensive
industry experience and established association with Maruti
Suzuki India Ltd (MSIL; rated, 'CRISIL AAA/Stable/CRISIL A1+'), a
market leader in passenger car industry.
Outlook: Stable
CRISIL believes that FACPL will continue to benefit from its
promoters extensive industry experience and established
association with MSIL. The outlook may be revised to 'Positive'
if the financial risk profile and liquidity improves due to
higher-than-expected cash accrual, fresh sizable fund infusion by
promoters along with efficient working capital management.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile, particularly its liquidity is constrained
due to lower-than-expected cash accrual or large working capital
requirements or any large, debt-funded capital expenditure
programme.
Incorporated in 2001, FACPL is an authorised dealer for MSIL for
sale of its passenger cars in Mumbai. FCAPL operates through two
showrooms and three service centres across Mumbai. The company is
promoted and managed by Mr. Sundeep Bafna and family.
GALAXY REAL: CRISIL Assigns B- Rating to INR82MM LT Loan
--------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Galaxy Real Estate Developers and Builders Private
Limited (GRE) and has assigned its 'CRISIL B-/Stable' rating to
the company's bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Loan Against Property 53 CRISIL B-/Stable (Assigned;
Suspension Revoked)
Proposed Long Term 82 CRISIL B-/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
Mortgage Loan Facility 65 CRISIL B-/Stable (Assigned;
Suspension Revoked)
CRISIL had suspended its ratings on the bank facilities of GRE on
January 15, 2016. The suspension of ratings was on account of
non-cooperation by GRE with CRISIL's efforts to undertake a
review of the ratings outstanding. The company has now shared the
requisite information, enabling CRISIL to assign ratings to its
bank facilities.
The rating reflects risks associated with offtake of upcoming
projects. These weaknesses are partially offset by the promoters'
extensive experience and the company's low exposure to
implementation risk on ongoing projects.
Outlook: Stable
CRISIL believes GRE will continue to benefit over the medium term
from the extensive experience of the promoters in the real estate
business. The outlook may be revised to 'Positive' if strong
bookings and healthy inflow of customer advances strengthen
credit metrics. The outlook may be revised to 'Negative' in the
case of lower than expected customer advances and delays in
execution of projects.
GRE, set up in 2005 by Mr. Sanjay Jain, develops residential and
commercial real estate.
GANGA SRIRAM: CRISIL Assigns 'B' Rating to INR50MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating on the long-term
bank facilities of Ganga Sriram Hitech Agro Private Limited
(GSHAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B/Stable
Long Term Loan 50 CRISIL B/Stable
The rating reflects below average financial risk profile marked
by modest net worth and average debt protection metrics, and
exposure to implementation-related risks associated with its
ongoing project. These rating weaknesses are partially offset by
the extensive entrepreneurial experience of GSHAPL's promoters.
Outlook: Stable
CRISIL believes that GSHAPL will benefit over the medium term on
the back of promoter's extensive experience. The outlook may be
revised to 'Positive' in case of timely execution of the project
within the projected cost or in case of higher than expected
profitability; resulting in higher than expected accruals thus
leading to better than expected financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of
any time or cost overrun which would adversely impact the
financial risk profile of the company and thus its debt-servicing
ability.
Incorporated in 2014, Nalanda (Bihar)-based GSHAPL is promoted by
Mr. Pintu Kumar, Mr. Ashok Kumar and Mr. Muneshwar Prasad, who
are the key promoters of the company. The company is setting up a
project for processing of paddy and rice milling in Nalanda
district in Bihar.
GEORGE MAIJO: CRISIL Assigns 'B' Rating to INR120MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its rating of 'CRISIL B/Stable/CRISIL A4' for
the bank facilities of George Maijo Automobiles Private Limited
(GMAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 35 CRISIL A4
Cash Credit 120 CRISIL B/Stable
Long Term Loan 97.1 CRISIL B/Stable
The ratings reflect GMAPL's below-average financial risk profile,
marked by modest net worth, and exposure to implementation-
related risks associated with its ongoing project. These rating
weaknesses are partially offset by the promoter's extensive
entrepreneurial experience.
Outlook: Stable
GMAPL is expected to benefit from the extensive entrepreneurial
experience of promoters over the medium term. The outlook may be
revised to 'Positive', if the company stabilises its operations
and improves its scale of operations and profitability, while
improving its working capital management. Conversely the outlook
may be revised to 'Negative' if there are delays in the
stabilisation of operations or if the company undertakes a large
debt funded capital expenditure plan affecting the liquidity.
GMAPL was incorporated in 2016 and runs a Maruti showroom in
Kalamasserry, Kerala. The company is promoted by Mr. Maijo Joseph
and his family.
HARISUN CERAMIC: CRISIL Reaffirms B Rating on INR50MM Term Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Harisun Ceramic
Private Limited (HCPL) continue to reflect the modest scale of
operations, exposure to intense competition, and the large
working capital requirement. These rating weaknesses are
partially offset by the extensive experience of promoters and the
proximity of manufacturing facilities to raw material sources and
labour.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 12.5 CRISIL A4 (Reaffirmed)
Cash Credit 30 CRISIL B/Stable (Reaffirmed)
Term Loan 50 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes HCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial growth in revenue and profitability,
leads to higher accrual and a stronger financial risk profile.
The outlook may be revised to 'Negative' in case of a decline in
profitability, resulting in low cash accrual, or if further
stretch in the working capital cycle, or large, debt-funded
capital expenditure, weakens the financial risk profile.
Update
The company reported sales and operating margin of INR75.4
million and 11.9%, respectively, for fiscal 2016 broadly in line
with expectation;sustenance of profitability remains a key
monitorable.Financial risk profile is average, marked by gearing
of 1.31 times as on March 31, 2016. Debt protection metrics were
also subdued, with interest coverage and net cash accrual to
total debt ratios of 1.4 times and 0.05 time, respectively, for
fiscal 2016.
HCPL was established in 2014, by promoters, Mr. Prabhu Ghodasara,
Mr. Rakesh kumar Charola, Mr. Kapil Ghodasara, Mr. Balvant
Rangapadia, and Mr. Dilip H Kalia. The company manufactures wall
tiles at its plant in Morbi (Gujarat). The plant commenced
operations in April 2015, and has an installed capacity of 28,000
tonnes per annum of vitrified tiles.
INDIAN SURGICAL: CRISIL Assigns B Rating to INR20MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Indian Surgical Equipment Co. Private Limited
(ISPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 10 CRISIL A4
Bank Guarantee 40 CRISIL A4
Cash Credit 20 CRISIL B/Stable
The ratings reflect modest scale of operations, intense
competition, and susceptibility of operating margin to
fluctuating foreign exchange rates. These weaknesses are
partially offset by established presence in the medical equipment
trading segment, aided by wide distribution network and strong
principal and customer base.
Outlook: Stable
CRISIL believes ISPL will continue to benefit over the medium
term from established presence in the medical equipment industry.
The outlook may be revised to 'Positive if operating revenue and
margin are significantly higher than expected, while improving
debt protection metrics and capital structure. Conversely, the
outlook may be revised to 'Negative' if working capital cycle
stretches significantly or revenue or profitability decline
steeply.
ISPL was set up as a proprietorship concern in 1981, and was
converted into a private limited company in 1987. It trades in
surgical instruments and biomedical equipment including
lifesaving equipment. The company's operations are managed by
Mrs. Sneha Rajpal and her son, Mr. Abhinav Rajpal.
INFRA MOVES: CRISIL Reaffirms B+ Rating on INR100MM Loan
--------------------------------------------------------
CRISIL's ratings on the bank facilities of Infra Moves Pvt Ltd
(IMPL) continue to reflect IMPL's exposure to risks related to
its nascent stage of operations, to intense competition in the
automobile dealership industry, and to volatility in demand from
end-user segments. These rating weaknesses are partially offset
by its promoter's extensive industry experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 30 CRISIL B+/Stable (Reaffirmed)
Inventory Funding
Facility 100 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 16 CRISIL B+/Stable (Reaffirmed)
Term Loan 44 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes IMPL will continue to benefit over the medium
term from its promoter's extensive industry experience. The
outlook may be revised to 'Positive' if the company's revenues
and operating margin improve substantially, or in case of large
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected revenues or large debt-
funded capital expenditure, leading to deterioration in financial
risk profile.
Established in July 2010, IMPL is an authorised dealer for VE
Commercial Vehicles Ltd's Eicher brand of trucks. The company
also operates a Volvo spare parts dealership. Its day-to-day
operations are managed by promoter Mr. Rajiv Sabhlok.
J.K. ELECTRIC: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn J.K. Electric
Contractor's (JKEC) 'IND BB' Long-Term Issuer Rating. The
Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for JKEC.
JKEC's ratings:
-- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
withdrawn
-- INR10 million fund-based working capital limit: 'IND BB';
Outlook Stable and 'IND A4+'; ratings withdrawn
-- INR70 million non-fund-based facility: 'IND A4+'; rating
withdrawn
JAI HANUMAN: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of Jai Hanuman Cotton Ginning Mills Private
Limited (JHCGMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 10 CRISIL B+/Stable
Cash Credit 50 CRISIL B+/Stable
Long Term Loan 10 CRISIL B+/Stable
The rating reflects a modest scale of operations in an intensely
competitive industry, susceptibility to volatility in cotton
prices, and a below-average financial risk profile. These
strengths are partially offset by its promoter's extensive
experience and established relations with customers.
For arriving at its rating, CRISIL has treated unsecured loans of
INR21.7 million as on March 31, 2016, as neither debt nor equity
because these are expected to remain in the business over the
medium term.
Outlook: Stable
CRISIL believes JHCGMPL will continue to benefit from the
extensive experience of its promoter. The outlook may be revised
to 'Positive' in case of a significant and sustained increase in
revenue and profitability, leading to higher cash accrual.
Conversely, the outlook may be revised to 'Negative' if lower
accrual, stretched working capital cycle, or larger-than-
expected, debt-funded capital expenditure lead to deterioration
in the financial risk profile, particularly liquidity.
JHCGMPL, based in Haryana, was incorporated in 2009, and it
engages in cotton ginning and operates an oil pressing unit. The
operations are managed by Mr. Sandeep Garg.
JALNIDHI BITUMEN: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Jalnidhi
Bitumen Specialities Private Limited's (JBSPL) Long-Term Issuer
Rating of 'IND BB+'. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for JBSPL.
JBSPL's ratings:
-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
-- INR164 million fund-based limit: 'IND BB+'; rating
withdrawn
-- INR57 million non-fund-based limit: 'IND A4+'; rating
withdrawn
JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR100MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Jayapriya Chit
Funds Private Limited continues to reflect modest capitalisation
and profitability, a small scale of operations, and exposure to
inherent risks in the chit funds sector. These rating weaknesses
are partially offset by the extensive industry experience of the
promoters, and a long track record of operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 40 CRISIL B+/Stable (Reaffirmed)
Overdraft Facility 100 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 30 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes Jayapriya will continue to benefit from its
experienced management and established track record in the chit
funds business. The outlook may be revised to 'Positive' in case
of a substantial increase in scale of operations or improvement
in capitalisation and profitability. The outlook may be revised
to 'Negative' if asset quality or profitability deteriorates.
Jayapriya has been in the chit funds business since 1985, with
operations concentrated in Tamil Nadu. It is part of the Neyveli-
based Jayapriya group, promoted by Mr. C Rajagopalan. The company
is registered with the District Registrar of Chit Funds,
Cuddalore District, Tamil Nadu. Mr. C R Jayasankar, the current
managing director, has expanded operations by opening branches in
other locations in Tamil Nadu and Puducherry. It had 52 branches,
more than 60,000 members, and 1,530 groups as on September 30,
2016. It has a network of about 8,490 agents who source members.
Jayapriya's monthly auction is about INR0.74 billion. Receivables
were INR4.9 billion and networth INR144 million as on Sept. 30,
2016.
In fiscal 2016, profit after tax (PAT) was INR19.5 million on a
total income of INR473 million, against PAT of INR12 million on
total income of INR429 million in the previous fiscal. In the
half year ended September 30, 2016, PAT was INR20.5 million on
total income of INR338 million (provisional).
JCR CINEMA: CRISIL Assigns 'B' Rating to INR200MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank loan facility of JCR Cinema Private Limited (JCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 200 CRISIL B/Stable
The rating reflects exposure to project implementation related
risks driven by the initial stage of implementation. The rating
also factors in expectation of an average financial risk profile
because of the debt-funded project. These rating weaknesses are
partly offset by the extensive and diversified business
experience its promoters and their funding support.
Outlook: Stable
CRISIL believes that JCPL will continue to benefit from the
extensive and diversified business experience of its promoters
coupled with their funding support. The outlook may be revised to
'Positive' if timely completion, implementation and stabilization
of the project leads to anticipated revenue, profitability and
cash accrual during the initial phase of operations. The outlook
may be revised to 'Negative' if delay in the implementation or
stabilization of project leads to lower revenue, cash accrual or
a stretch in working capital cycle weakens the financial risk
profile, especially liquidity.
Incorporated in August 2012, JCPL is establishing an
entertainment hub - 'Firestone' at Jamnagar, Gujarat. This
entertainment hub will include 3 screened multiplex, a drive in
theatre, multiple restaurants & cafeteria, banquet hall, shopping
mall and indoor & outdoor gaming zone. JCPL is promoted by Mr.
Ilesh Bhadra and Mrs. Urvashi Bhadra.
K.K. DUPLEX: Ind-Ra Lowers Long-Term Issuer Rating to 'D'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded K.K. Duplex &
Paper Mills Private Limited's (KKDPM) Long-Term Issuer Rating to
'IND D' from 'IND B-'. The Outlook was Stable.
KEY RATING DRIVERS
The downgrade reflects delays in the repayment of interest on the
term loan by the company during the three months ended November
2016.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.
COMPANY PROFILE
KKDPM was incorporated in 1995; it manufactures duplex board and
kraft paper. It has manufacturing facility located at
Muzaffarnagar.
KKDPM's ratings are:
-- Long-Term Issuer Rating: downgraded to 'IND D' from
'IND B-'; Outlook Stable
-- INR77 million term loans (decreased from INR89.40 million):
downgraded to Long-term 'IND D' from 'IND B-'; Outlook
Stable
-- INR32.50 million fund-based working capital limit:
downgraded to Long-term 'IND D' from 'IND B-'; Outlook
Stable and Short-term 'IND D' from 'IND A4'
-- INR2.50 million non-fund-based limit: downgraded to Short-
term 'IND D' from 'IND A4'
K.S. COMMODITIES: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn K.S.
Commodities Private Limited's (KSCPL) 'IND BB-' Long-Term Issuer
Rating. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
KSCPL's ratings:
-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable; rating
withdrawn
-- INR300 million fund-based facility: 'IND BB-'; Outlook
Stable and 'IND A4+'; ratings withdrawn
-- INR60 million non-fund-based facility: 'IND BB-'; Outlook
Stable and 'IND A4+'; ratings withdrawn
KAMSON HEALTHCARE: CRISIL Assigns B+ Rating to INR101MM Term Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Kamson Healthcare Private Limited (KHCPL) and
assigned its 'CRISIL B+/Stable' ratings to the bank facilities.
CRISIL had suspended the rating on December 7, 2015, as KHCPL had
not provided the necessary information for the rating view. The
company has now shared the requisite information, enabling CRISIL
to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Term Loan 101 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating reflects KHCPL's weak financial risk profile and
customer concentration risk. These rating weaknesses are
partially offset by KHCPL's off take arrangement with Himalaya
Drug Company (Himalaya).
Outlook: Stable
CRISIL believes that KHCPL will continue to benefit over the
medium term from its contract manufacturing agreement with
Himalaya. The outlook may be revised to 'Positive' in case KHCPL
reports improvement in its capital structure or higher-than-
expected accruals, resulting in significant improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case KHCPL's plant takes more-than-expected time to
stabilise its operations, or if the company reports lower
profitability or undertakes any large, debt-funded capital
expenditure programme, leading to deterioration in its financial
risk profile.
KHCPL, based in Mahaboobnagar (Andhra Pradesh), commenced
operations in April 2012. It is a contract manufacturer of
personal care products for Himalaya. KHCPL manufactures shampoo,
hair oil, cream, and others personal care products.
KANHAIYA BEVERAGES: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Kanhaiya
Beverages Private Limited's (KBPL) 'IND B-' Long-Term Issuer
Rating. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
KBPL's ratings:
-- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
withdrawn
-- INR17 million term loan: 'IND B-'; Outlook Stable; rating
withdrawn
-- INR49 million fund-based limit: 'IND B-'; Outlook Stable
and 'IND A4'; ratings withdrawn
KARTYA CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR100MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Kartya Constructions Private Limited
(KCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line Overdraft
Facility 100 CRISIL B+/Stable
The ratings reflect the company's modest scale of operations in a
fragmented civil construction industry and its below-average
financial risk profile marked by a modest net worth and leveraged
capital structure. These rating weaknesses are partially offset
by the promoters' extensive experience in the civil construction
industry.
Outlook: Stable
CRISIL believes that KCPL will benefit over the medium term from
its promoters' experience in the construction segment. The
outlook may be revised to 'Positive' if the company significantly
improves its scale of operations and registers larger-than-
expected cash accruals, leading to improvement in its financial
risk profile. Conversely, the outlook may be revised to
'Negative' if KCPL reports lower-than-expected revenue or
profitability or its working capital management deteriorates
resulting in stretched liquidity.
Established in 2010 and based in Madurai (Tamilnadu), KCPL
undertakes civil construction works and has a blue metal crusher
plant and has a separate unit that manufactures and sells ready-
mix concrete. The company's day to day operations are managed by
Mr.T Sathiyamoorthy.
KRISHNA CHANDRA: Ind-Ra Withdraws 'B' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Krishna Chandra
Patra's (KCP) 'IND B' Long-Term Issuer Rating. The Outlook was
Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for KCP.
KCP's ratings:
-- Long-Term Issuer Rating: 'IND B'; Outlook Stable; rating
withdrawn
-- INR1.8 million term loan: 'IND B'; Outlook Stable'; rating
withdrawn
-- INR31.5 million fund-based limits: 'IND B'; Outlook Stable;
rating withdrawn
-- INR25 million non-fund-based limits: 'IND A4'; rating
withdrawn
LAMA BEAR: CRISIL Assigns 'B' Rating to INR140MM LT Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Lama Bear Organic Extract Limited (Lama). The
rating reflects the high funding and implementation risks
associated with the company's ongoing project'to set up a spice
oil and oleoresin extraction unit at Kaimur, Bihar. These
weaknesses are mitigated by the extensive experience of the
promoters in the herb cultivation and agriculture industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 140 CRISIL B/Stable
Outlook: Stable
CRISIL's believes Lama will continue to benefit over the medium
term from the extensive experience of the promoters. Credit risk
profile will, however, remain sensitive to timely disbursal of
loan and infusion of funds by the promoters to service debt,
given the low surpluses expected in the initial years of
operations. The outlook may be revised to 'Positive' if the
project is completed and operations stabilise on time, and
sizeable demand leads to better-than- expected cash generation.
Conversely, the outlook may be revised to 'Negative' if delays in
project completion, and low cash generation lead to stretched
liquidity.
Lama was established in 2010. The company is promoted by Mr. J N
Singh, Mr. Hiren Kumar Bose, and Ms Rashmi Singh, with Dr V
Rajpal as consultant. The company is setting up a project for
extracting spice oil and spice oleoresin, using the supercritical
fluid extraction (SCFE) and hydro-ethanol extraction technology.
LEVIN ELECTRICALS: CRISIL Assigns B+ Rating to INR20MM Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Levin Electricals (Levin).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Overdraft
Facility 20 CRISIL B+/Stable
Bank Guarantee 30 CRISIL A4
Overdraft Facility 30 CRISIL A4
The ratings reflect the firm's below average financial risk
profile marked by high gearing, low capital base and moderate
debt protection metrics. The ratings also reflect its working
capital intensive operations and customer concentration in its
revenue profile. These weaknesses are partially offset by
extensive experience of its proprietor in electrical component
and equipment manufacturing business.
Outlook: Stable
CRISIL believes that Levin's will continue to benefit over the
medium term from its extensive experience of the promoter. The
outlook may be revised to 'Positive' if long term fund infusion
from its proprietor leads to sustained improvement in the firm's
liquidity. Conversely, the outlook may be revised to 'Negative'
if its working capital cycle stretched further thereby adversely
impacting its liquidity or if its revenue or operating margins
fall thereby reducing its cash accruals.
Incorporated in 2000, Levin Electricals is a Bantwal (Dakshina
Kannada district, Karnataka) based proprietorship firm, which is
involved in manufacture of electrical poles and equipment for
electrical transmission line. The propriotor is Mr.Pius
Rodrigues.
MATRIX ROLLER: CRISIL Assigns B+ Rating to INR74.0MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Matrix Roller Mill Private Limited (MRMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Fund-Based
Bank Limits 30.8 CRISIL B+/Stable
Cash Credit 74.0 CRISIL B+/Stable
Long Term Loan 35.2 CRISIL B+/Stable
The rating reflects the extensive experience of the promoters in
the agricultural commodities industry, and prudent working
capital management. These strengths are partially offset by the
small scale of operations, exposure to intense competition, and
the commoditised nature of products.
Outlook: Stable
CRISIL believes MRMPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if an improvement in the scale of operations and
profitability, leads to higher net cash accrual. The outlook may
be revised to 'Negative' if the financial risk profile weakens,
most likely due to pressure on profitability or substantial,
debt-funded capital expenditure.
MRMPL, incorporated in 2012 in Uttar Pradesh, is engaged in flour
milling, i.e. manufacture of maida, atta, suji and bran. The
processing unit is located in Varanasi.
MAXFLOW PUMPS: CRISIL Upgrades Rating on INR35MM Cash Loan to C
---------------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Maxflow
Pumps India Pvt Ltd (Maxflow) to 'CRISIL C/CRISIL A4' from
'CRISIL D/CRISIL D.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 15 CRISIL A4 (Upgraded from
'CRISIL D')
Bills Discount/ 5 CRISIL A4 (Upgraded from
Cheque Purchase 'CRISIL D')
Cash Credit 35 CRISIL C (Upgraded from
'CRISIL D')
Letter of Credit 7.5 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 3.5 CRISIL C (Upgraded from
Bank Loan Facility 'CRISIL D')
The ratings upgrade reflect track record of timely servicing of
the debt repayment obligations. The management infused unsecured
loans to the tune of INR20.0 million in the company which were
used to fully repay the term loan. Despite expected funding
support from promoters, the liquidity is expected to continue to
remain stretched on account of working capital intensive
operations.
The ratings reflect Maxflow's modest scale of operations and
large working capital requirement, leading to a below-average
financial risk profile. These rating weaknesses are partially
offset by the extensive experience of the company's promoters in
the pump industry.
Incorporated in 1972, Maxflow manufactures and installs pumps.
Government tender-based orders account for 40 per cent of revenue
and private industrial projects for the rest. The company is
based in Manesar (Haryana) and its operations are managed by Mr.
Naresh Arora.
MEHER SEEDS: CRISIL Assigns B+ Rating to INR49MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Meher Seeds Corporation (MSC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 49 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 23.5 CRISIL B+/Stable
The rating reflects the modest scale of operations in seasonal
nature of business and low profitability due to fragmented
commodity trading industry. However these rating weakness is
partially offset by the extensive experience of the partners in
the agriculture commodity trading industry.
Outlook: Stable
CRISIL believes MSC will continue to benefit over the medium term
from the partner's extensive experience. The outlook may be
revised to 'Positive' if increase in revenue and profitability
and prudent working capital management leads to considerably
higher than expected cash accrual. Conversely, the outlook may be
revised to 'Negative' if decline in revenue and profitability,
any large, debt-funded capex, or increase in working capital
requirement weakens financial risk profile, particularly,
liquidity.
Incorporated in 1986, based out Aurangabad (Maharashtra). MSC is
a partnership firm engaged in trading of agricultural commodities
such as seeds, pesticides, and fertilisers. The firm is presently
managed by Mr. Jagannath Kale.
MJ LOGISTICS: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MJ Logistics
Services Limited's (MJLSL) Long-Term Issuer Rating at 'IND BB+'.
The Outlook is Stable.
KEY RATING DRIVERS
The affirmation reflects MJLSL's continued small scale of
operations despite improvement in revenue to INR544.13 million in
FY16 (FY15: INR441.1 million). Interest coverage improved to
(operating EBITDA/gross interest expense) 3.5x (2.35x) and net
leverage (adjusted net debt/operating EBITDA) to 2.95x (3.29x).
However, EBITDA margins declined to 13.24% in FY16 (FY15 14.82%)
due to an increase in operating cost on the back of addition of
new business. Ind-Ra expects this growth trend to continue on
account of further capacity addition, new business namely reefer
transport and healthy business from the already established
business relationships.
The affirmation also factors in MJLSL's continued comfortable
liquidity position as evident from its use of fund-based limits
of 90% during the 12 months ended November 2016, positive cash
flow from operations of INR30.94 million and free cash flow of
INR4.02 million in FY16.
However, the ratings are constrained by the company's strong
dependence on its two largest customers, which together
contributed around 70% of the total revenue in FY16.
RATING SENSITIVITIES
Negative: Deterioration in the operating profitability leading to
a decline in the credit metrics will be negative for the ratings.
Positive: A substantial improvement in the top line, along with
sustained profitability leading to an improvement in the credit
metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2005, MJLSL is engaged in third party logistics,
with service offerings spanning across transportation,
warehousing and distribution businesses to various clients,
including Tata Motors Limited and ITC Limited. The company has
its registered office in New Delhi.
MJLSL's ratings are:
-- Long-Term Issuer Rating: affirmed at 'IND BB+'; Outlook
Stable
-- INR63.8 million long term loans (reduced from
INR116.4 million): affirmed at 'IND BB+'; Outlook Stable
-- INR42.5 million fund-based facility: affirmed at 'IND BB+';
Outlook Stable; and 'IND A4+'
MS SOLVEX: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn MS Solvex
Private Limited's (MSSPL) Long-Term Issuer Rating of 'IND BB'.
The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for MSSPL.
MSSPL's ratings:
-- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
withdrawn
-- INR60 million fund-based working capital limit: 'IND BB';
Outlook Stable; rating withdrawn
-- INR180 million term loan: 'IND BB'; Outlook Stable; rating
withdrawn
MUGHAL FOUNDATION: CRISIL Assigns B- Rating to INR80MM LT Loan
--------------------------------------------------------------
CRISIL has assigned 'CRISIL B-/Stable' rating to the long-term
bank facility of Mughal Foundation Mall (MFM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 80 CRISIL B-/Stable
The rating reflects small scale of operations with limited track
record of operations and risks related to cyclicality in the
commercial real estate sector. These weaknesses are partially
offset by advantageous location of property in the growing
tourist/commercial hub of Kodungallur, Kerala.
Outlook: Stable
CRISIL believes MFM would benefit over the medium term from
favourable location of the mall. The outlook may be revised to
'Positive' if scale of operations increases higher than expected.
Conversely, the outlook may be revised to 'Negative' if scale is
lower than expected. Further the timely servicing of term debt
obligations will remain a key sensitivity factor.
MFM operates a 1.23 lakh square feet commercial mall in
Kodungallur. It was established in 2012 as a partnership firm by
Mr. Mohamed Ali (who manages the operations) and his family.
NAVKAR IRON: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Navkar Iron &
Steels Pvt. Ltd.'s (NISPL) Long-Term Issuer Rating of 'IND B-'.
The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for NISPL.
NISPL's ratings:
-- Long-Term Issuer Rating: 'IND B-'; Outlook Stable; rating
withdrawn
-- INR45 million fund-based limit: 'IND B-'; Outlook Stable;
rating withdrawn
-- INR15 million term loan: 'IND B-'; Outlook Stable; rating
withdrawn
NIRMANGHAR TRADERS: CRISIL Assigns B Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Nirmanghar Traders Private Limited (NTPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/
Overdraft facility 50 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 40 CRISIL B/Stable
The rating reflects the geographical concentration in revenue
profile of the company and exposure to cyclicality in the real
estate segment which are NTPL's largest customers. The rating
also reflects NTPL's moderate scale of operations in highly
fragmented ceramic products industry and weak financial risk
profile and liquidity profile. These strengths are partially
offset by the extensive experience of promoters and established
relationships with customers in the trading segment.
Outlook: Stable
CRISIL believes that NTPL financial risk profile will remain
constrained over the medium term on accounts of its small net
worth. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile resulting
from higher than expected cash accruals, efficient working
capital management and funding support from promoters.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in the company's financial risk profile,
particularly its liquidity, on account of lower than expected
cash accruals or higher than expected working capital
requirements or any further debt funded capex.
Incorporated in 2011, NTPL is engaged in trading of tiles, bath
fittings and sanitary wares. The company is an exclusive
distributor for tiles, plumbing fittings range, and sanitary
wares of Somani Ceramics and Sunshine Tile Company.
OPUS INDUSTRIES: CRISIL Assigns B- Rating to INR270MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facility of Opus Industries Private Limited (OIPL). The rating
reflects the nascent stage of operations, which have led to a
weak financial risk profile and tight liquidity. These weaknesses
are mitigated by the favourable growth prospects of the
autoclaved aerated concrete (AAC) blocks industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Term Loan 270 CRISIL B-/Stable
Outlook: Stable
CRISIL believes the company will benefit from the favourable
prospects of AAC blocks, over the medium term. The outlook may be
revised to 'Positive' if substantial growth in revenue and
profitability, post stabilisation of operations, strengthens the
financial risk profile. The outlook may be revised to 'Negative'
if low capacity utilisation leads to smaller cash accrual, or if
any major debt-funded capital expenditure, weakens the financial
risk profile.
OIPL was incorporated in 2012 in Hyderabad, to manufacture AAC
blocks and market them under its own brand - 'Aerobild'. The
manufacturing facility is located at Kodad in Nalgonda district
of Telangana. Operations are managed by Mr. V Raghuram and his
wife, Mrs V Amulya.
ORIENTAL ENGINEERING: Ind-Ra Withdraws 'BB+' Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Oriental
Engineering Works Private Limited's (OEWPL) 'IND BB+(suspended)'
Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for OEWPL.
Ind-Ra suspended OEWPL's ratings on June 28, 2016.
OEWPL's ratings:
-- Long-Term Issuer Rating: 'IND BB+(suspended)'; rating
withdrawn
-- INR45 million fund-based working capital limits:
'IND BB+(suspended)' and 'IND A4+(suspended)'; ratings
withdrawn
-- INR8.2 million non-fund-based working capital limits:
'IND A4+(suspended)'; rating withdrawn
-- INR23.8 million term loan: 'IND BB+(suspended)'; rating
withdrawn
PACIFIC CONSTRUCTIONS: Ind-Ra Withdraws 'B+' Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pacific
Constructions' (PC) 'IND B+' Long-Term Issuer Rating. The
Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PC.
PC's ratings:
-- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
withdrawn
-- INR28.60 million fund-based working capital limits:
'IND B+'; Outlook Stable and 'IND A4'; ratings withdrawn
-- INR50 million non-fund-based working capital limits:
'IND A4'; rating withdrawn
PALRIWAL INDUSTRIES: Ind-Ra Withdraws 'BB-' Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Palriwal
Industries Pvt Ltd's (PIPL) 'IND BB-' Long-Term Issuer Rating.
The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PIPL.
PIPL's ratings:
-- Long-Term Issuer Rating: 'IND BB-;Outlook Stable; rating
withdrawn
-- INR230 million fund-based limits: 'IND BB-'; Outlook
Stable; rating withdrawn
-- INR23 million term loans: 'IND BB-'; Outlook Stable; rating
withdrawn
-- INR118.1 million non-fund-based limits: 'IND A4+'; rating
withdrawn
PAN TIME: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pan Time
Finance Company Pvt. Ltd.'s Long-Term Issuer Rating of 'IND D'.
In addition, the agency has withdrawn the Long-term 'IND D'
rating on Pan Time's INR72.3 million term loan.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Pan Time.
PHARMCHEM: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pharmchem's
(PHCM) Long-Term Issuer Rating of 'IND B+'. The Outlook was
Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PHCM.
PHCM's ratings:
-- Long-Term Issuer Rating: 'IND B+'; Outlook Stable; rating
withdrawn
-- INR3 million term loans: 'IND B+'; Outlook Stable; rating
withdrawn
-- Proposed INR30 million term loan: 'Provisional IND B+';
Outlook Stable
-- INR50 million fund-based working capital limits: 'IND B+';
Outlook Stable and 'IND A4'; ratings withdrawn
-- INR99 million non-fund-based working capital limits:
'IND A4'; rating withdrawn
PRASHANT MOTORS: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Prashant Motors
Private Limited's (PMPL) Long-Term Issuer Rating of 'IND BB-'.
The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
PMPL's ratings are:
-- Long-Term Issuer Rating: 'IND BB-'; Outlook Stable'; rating
withdrawn
-- INR6.42 million long-term loans: 'IND BB-'; Outlook Stable;
rating withdrawn
-- INR47.88 million fund-based limits: 'IND BB-'; Outlook
Stable; rating withdrawn
PRECISE SEAMLESS: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Precise Seamless
Apparels Private Limited's (PSAPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable.
KEY RATING DRIVERS
The affirmation reflects PSAPL's weak credit metrics. It had
high leverage and registered a nominal improvement in gross
interest coverage for FY16. In FY16, its net leverage (total
Ind-Ra-adjusted net debt/operating EBITDAR) was 4.48x (FY15:
4.08x; FY14: 4.94x) and gross interest coverage (operating
EBITDA/gross interest expense) was 2.40x (2.08x; 2.31x).
PSAPL's operating EBITDA margin substantially declined to 9.38%
in FY16 (FY15: 16.32%; FY14: 17.23%) on account of a steep
increase in the consumption of raw materials to support the top
line and a rise in raw material cost.
The ratings are supported by significant revenue growth to INR833
million in FY16 (FY15: INR535.67 million; FY14: INR442.25
million). PSAPL's order book stood at about INR480 million at
end-November 2016. Moreover, the company registered
INR601 million in revenue (unaudited) for 1HFY17.
The ratings are further supported by a comfortable liquidity
position, indicated by a 71% average utilization of the working
capital facilities for the 12 months ended November 2016, and the
decade-long experience of its directors in the apparel industry.
RATING SENSITIVITIES
Positive: A significant improvement in revenue and a sustained
operating EBITDA margin leading to improved credit metrics will
lead to a positive rating action.
Negative: A further decline in operating EBITDA margin leading to
a sustained deterioration in credit metrics will be negative for
the ratings.
COMPANY PROFILE
Incorporated in 2005, PSAPL is a garment manufacturer that
entirely exports. Its clients include reputed brands such as
GAP, Kohls and Abercrombie & Fitch. Its manufacturing facility
is in Gurugram, Haryana. The plant has a manufacturing capacity
of 500,000 pieces per month.
PSAPL's ratings:
-- Long-Term Issuer Rating: affirmed at 'IND BB'; Outlook
Stable
-- INR150 million fund-based limits (increased from
INR130 million): affirmed at 'IND BB'; Outlook Stable and
'IND A4+'
-- INR110 million term loan (reduced from INR120 million):
affirmed at 'IND BB'; Outlook Stable
-- INR80 million non-fund based limits (increased from
INR70 million): affirmed at 'IND A4+'
PRESTOGEM VEHICLES: CRISIL Assigns 'B' Rating to INR80MM Loan
-------------------------------------------------------------
CRISIL has assigned the 'CRISIL B/Stable' rating to the long-term
bank facilities of Prestogem Vehicles Private Limited. The
rating reflects ongoing project related risk with high
implementation risk on account of initial stages of establishment
of the factory and plant installation and high funding risk on
account of absence of funding closure. The weaknesses are
partially offset by the extensive experience of the promoters in
the three-wheeler industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 20 CRISIL B/Stable
Proposed Term Loan 80 CRISIL B/Stable
Outlook: Stable
CRISIL believes PVPL will benefit from extensive experience of
the promoters in the three wheelers industry over the medium
term. The outlook may be revised to 'Positive' upon completion
and stabilization of the project as per the expectations along
with scaling up of operations leading to generation of net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
there is any delay in project execution leading to delays in
commencement of operations.
PVPL was established in February 2012, by Mr. Sunil Kumar Mittal
and Mr. Madhav Tukaram Khedekar. The company intends to set up a
three-wheeler assembly unit at MIDC Tembhurni, Maharashtra.
PUSHPDEEP INFRASTRUCTURE: Ind-Ra Withdraws 'BB+' Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Pushpdeep
Infrastructure Private Limited's (PIPL) 'IND BB+' Long-Term
Issuer Rating. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for PIPL.
PIPL's ratings:
-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
-- INR150 million non-fund-based bank guarantee: 'IND A4+';
rating withdrawn
-- INR50 million fund-based limits: 'IND BB+'; Outlook Stable
and 'IND A4+'; ratings withdrawn
R.K. HOTELIERS: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn R.K. Hoteliers
& Developers Private Limited (R.K. Hoteliers) Long-Term Issuer
Rating of 'IND B+' on Rating Watch Negative (RWN).
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for R.K. Hoteliers.
R.K. Hoteliers's ratings are:
-- Long-Term Issuer Rating: 'IND B+/ Rating Watch Negative;
rating withdrawn
-- INR 400 million term loans: 'IND B+/Rating Watch Negative;
rating withdrawn
RAM RATAN: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Ram Ratan Real
Estate Pvt Ltd (Ram Ratan) Long-Term Issuer Rating of 'IND B+' on
Rating Watch Negative (RWN).
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Ram Ratan.
Ram Ratan's ratings are:
-- Long-Term Issuer Rating: 'IND B+/ Rating Watch Negative;
rating withdrawn
-- INR 1000 million term loans: 'IND B+/ Rating Watch
Negative; rating withdrawn
RAMA CONSTRUCTIONS: Ind-Ra Withdraws BB+ Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Rama
Constructions Company's 'IND BB+' Long-Term Issuer Rating. The
Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
The company's ratings are:
-- Long-Term Issuer Rating: 'IND BB+'; Outlook Stable; rating
withdrawn
-- INR30 million fund-based working capital limits: 'IND BB+';
Outlook Stable and 'IND A4+'; ratings withdrawn
-- INR800 million non-fund-based working capital limits:
'IND A4+'; rating withdrawn
REFRATHERM INTERNATIONAL: CRISIL Rates INR140.4MM Term Loan at B+
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Refratherm International Private Limited (RIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 109.6 CRISIL B+/Stable
Term Loan 140.4 CRISIL B+/Stable
The rating reflects the company's small scale of operations, its
working capital intensive nature of operations and weak financial
risk profile marked by a small net worth, a high gearing and
moderate debt protection metrics. These rating weaknesses are
partially offset by the benefits that RIPL derives from its
promoters' extensive experience in the Calcined Pet Coke
manufacturing industry and its established relationships with its
customers and suppliers.
Outlook: Stable
CRISIL believes that RIPL will continue to benefit from its
promoters extensive experience in Calcined Pet Coke (CPC)
manufacturing industry. The outlook may be revised to 'Positive'
in case RIPL reports higher than expected accruals or in case of
improvement in working capital management or infusion of
substantial capital by promoters leading to improvement in
liquidity as well as financial risk profile. The outlook may be
revised to negative if there is significant stretch in working
capital, lower than expected accruals or debt funded capex
leading to deterioration in overall financial risk profile
specially liquidity.
RIPL was incorporated in February 2007 and is engaged in
manufacturing of high quality Calcined Pet Coke (CPC) in
different specifications. The day-to-day operations of the
company are looked after by Mr. Krishnendu Shaw and his wife Mrs.
Meeta Shaw, who are the promoter-director of the company.
RG INFRACITY: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RG Infracity
Private Limited's 'IND BB-' Long-Term Issuer Rating. The Outlook
was Stable. The agency has also withdrawn RGIPL's INR250 million
term loan's Long-term 'IND BB-' rating. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
RIDDHI SIDDHI: CRISIL Lowers Rating on INR177.5MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Riddhi Siddhi Cotspin Pvt Ltd (RSCPL) to 'CRISIL D'from
'CRISIL B+/Stable'. The downgrade reflects the delays in
servicing of the term loan debt obligation, due to weak
liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 177.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Proposed Long Term 4.0 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B+/Stable')
Term Loan 21.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The business risk profile remains constrained on account of the
large working capital requirement, modest scale of operations,
and exposure to intense competition. Moreover, the financial risk
profile is weak, marked by a small networth. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the extensive experience of RSCPL's promoters in
the cotton ginning industry.
RSCPL was incorporated in April 2013, by promoters, Mr. Ankit
Lotiya, Mr. Sureshkumar Lotia, and Mr. Kanu Vekariya. The company
has a cotton-ginning unit in Rajkot (Gujarat) and commenced
operations in March 2014. It sells cotton bales and cotton seeds.
RSN BALAJI: Ind-Ra Withdraws 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn RSN Balaji
Realtors Pvt Ltd's 'IND B+' Long-Term Issuer Rating. The Outlook
was Stable. The agency has also withdrawn the 'IND B+' rating on
the company's INR125 million long-term loan. The Outlook was
Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for RSN.
SANJOSE SUPREME: Ind-Ra Withdraws 'D' Rating on INR7.9BB Loan
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sanjose Supreme
Tollways Development Pvt Ltd's (SSTDPL) INR7,900 million senior
project bank loan's Long-term 'IND D' rating.
The rating has been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SSTDPL.
SHARU SPECIAL: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sharu Special Alloys Private Limited
(SSAPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable
Inland/Import
Letter of Credit 40 CRISIL A4
The ratings reflect susceptibility to volatility in raw material
prices, exposure to intense competition, and a weak financial
risk profile. These weaknesses are partially offset by the
experience of promoters in the steel industry leading to
established relationships with customers and suppliers.
Outlook: Stable
CRISIL believes SSAPL will benefit over the medium term from its
promoters' extensive experience. The outlook may be revised to
'Positive' in case of better-than-expected revenue and
profitability, and reduction in dependence on a single customer.
Conversely, the outlook may be revised to 'Negative' if a
considerable decline in revenue and profitability, or
deterioration in working capital management impacting liquidity,
or large, debt-funded capital expenditure weakens the financial
risk profile.
Established in 2005, SSAPL, promoted by Mr. Naresh Kumar Jain and
Mr. Gaurav Jain manufacture and trade in ingots, stainless steel
scrap, alloys, billets, and bars. SSAPL has an installed capacity
of 12,000 tonne per month at its manufacturing plant at Ludhiana,
Punjab.
For fiscal 2016, SSAPL reported a profit after tax of INR1.3
million on net sales of INR42.8 million, as against a net profit
of INR0.1 million on net sales of INR4.50 million for fiscal
2015.
SHIVIN CA: CRISIL Assigns B+ Rating to INR100MM Term Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Shivin CA Store (Shivin). The rating
reflects the exposure to risks related to project implementation,
and the nascent stage and small scale of operations, in the
intensely competitive cold storage industry. These weaknesses are
mitigated by the extensive experience of partners in the fruit
trading industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 100 CRISIL B+/Stable
Outlook: Stable
CRISIL believes Shivin will benefit from the extensive experience
of its promoters and funding support, received from them. The
outlook may be revised to 'Positive' if the firm completes the
project on time, without any cost overruns, and also reports
strong growth in revenue and profitability. The outlook may be
revised to 'Negative' if any delay in completion of the project
or lower-than-expected revenue or profitability, further weakens
the financial risk profile and debt servicing metrics.
Shivin was incorporated as a partnership firm in 2016 by Mr.
Shivin Chauhan and Ms Shiyana Chauhan. The firm is setting-up a
controlled atmosphere (CA) cold storage facility, with a total
capacity of around 5700 tonnes per annum (with 24 chambers) in
Himachal Pradesh, where it will provide storage, mainly for
apples and also other products such as garlic, grapes, and kiwis.
SHREE SHAKAMBARI: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Shree
Shakambari Ferro Alloys Private Limited's (SSFAPL) 'IND D' Long-
Term Issuer Rating. In addition, the agency has withdrawn
SSFAPL's
INR540 million term loan's Long-term 'IND D' rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SSFAPL.
SHRI KRISHNA: CRISIL Reaffirms B+ Rating on INR52.9MM Loan
----------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Shri Krishna
Exports -UDUPI (SKE) continues to reflect SKE's modest scale of
operations and susceptibility of its operating profitability to
volatility in raw material prices.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 22.1 CRISIL A4 (Assigned)
Overdraft Facility 52.9 CRISIL B+/Stable (Reaffirmed)
Pledge Loan 7.9 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of SKE's proprietor in the cashew-processing business,
its efficient working capital management, and above-average
financial risk profile, marked by adequate debt protection
metrics and moderate capital structure though constrained by a
modest net worth.
Outlook: Stable
CRISIL believes that SKE will continue to benefit over the medium
term from its proprietor's extensive industry experience. The
outlook may be revised to 'Positive' if the firm's revenue
increases considerably while maintaining its profitability
margins, resulting in overall improvement in its business risk
profile. Conversely, the outlook may be revised to 'Negative' if
the firm's financial risk profile weakens due to decline in its
cash accruals, deterioration in its working capital management,
or significant withdrawal by the proprietor, resulting in
deterioration in liquidity.
Update
Firm sustained its business risk profile with sales growth of 21
percent to INR169.5 million in fiscal2015-16 against INR135.9
million in previous fiscal year. Higher sales was on account of
higher volumes of cashews being processed. Firm sustained its
operating margin at 8.2% in fiscal2015-16. Firm has achieved
sales of around INR80 million till November 2016. CRISIL believes
promoters extensive experience in cashew processing with help
firm to sustain its business risk profile over the medium term.
Financial risk profile continues to remain moderate with networth
of INR24.1 million, total outside liabilities to total networth
ratio of 3.47 times and interest coverage of 1.8 times in fiscal
2015-16. Liquidity continues to be stretched with expected cash
accruals of around INR6 million against repayment obligation of
INR3 million. The bank limits have also remained moderately
utilised at 93 percent in last 12 months ending June 2016. The
liquidity is also supported by the unsecured loan from promoters
of INR 2.2 million as on March 31, 2016.
Set up as a proprietorship firm in 2007 by Mr. Santhosh Kumar,
SKE sells cashew kernels and raw cashew nuts in the domestic
market. The firm operates a processing facility near Udupi
(Karnataka).
SONALI AUTOS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sonali Autos
Private Limited (SAPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect SAPL's moderate credit profile as indicated
by its revenue of INR724 million in FY16 (FY15: INR1,564
million), net financial leverage (total adjusted net
debt/operating EBITDAR) of 70.3x (5.9x), interest coverage
(operating EBITDA/gross interest expense + rent) of 0.10x (1.1x)
and EBITDAR margin of 1.3% (6.7%). The top line declined in FY16
due to the decline in the overall sales volume. The agency
however believes the company will witness positive revenue growth
in FY17 based on the INR605m revenue achieved during April-
October 2016.
The ratings are constrained by SAPL's tight liquidity position as
reflected in the almost full use of its working capital limits
for the 12 months ended November 2016.
The ratings, however, are supported by the over 20 years of
experience of the company's directors in the automobiles
dealership business. The company has a distributorship of Shell
India Pvt Ltd. along with a workshop equipped with a color mixing
plant and fully computerized denting equipment.
RATING SENSITIVITIES
Negative: Any deterioration in the overall credit metrics will be
negative for the ratings.
Positive: A substantial rise in the revenue along with a
sustained improvement in the overall credit metrics will be
positive for the ratings.
COMPANY PROFILE
The company was started as a partnership firm started in 2003, in
Patna (Bihar). It was converted into an independent entity in
2007. It has an authorized dealership of Mahindra & Mahindra Ltd
('IND AAA'; Outlook Stable). Mr. Bidhan Chand Roy is the
managing director of the company and Dr. (Mrs.) Kavita Roy and
Mr. Abhishek are the directors.
SAPL's ratings are:
-- Long-Term Issuer Rating: assigned 'IND B+'; Outlook Stable
-- INR18.30 million long-term loans: assigned 'IND B+';
Outlook Stable
-- INR430 million fund-based limits: assigned 'IND B+';
Outlook Stable
SOUNDARYA DECORATORS: CRISIL Withdraws 'B' Cash Credit Rating
-------------------------------------------------------------
CRISIL ratings on the bank facilities of Soundarya Decorators
Private Limited (SDPL) continue to reflect SDPL's working-
capital-intensive operations and a weak financial risk profile
because of a small net worth, high gearing, and below-average
debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 200 CRISIL A4 (Reaffirmed)
Cash Credit 50 CRISIL B/Stable (Withdrawal)
Proposed Long Term
Bank Loan Facility 250 CRISIL B/Stable (Withdrawal)
The ratings weaknesses are partially offset by the extensive
experience of SDPL's promoters in the interior decoration
industry, the funding support it receives from them, and their
established relationship with clients.
Outlook: Stable
CRISIL believes SDPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is significant and
sustainable growth in revenue and margins, while the capital
structure improves. Conversely, the outlook may be revised to
'Negative' in case of a significant decline in accrual, a stretch
in the company's working capital cycle, or delays in fund
infusion, adversely impacting the financial risk profile.
SDPL, set up in 1992, is promoted by Mr. Balaji Rajaraman and Mr.
Sathyamurthy Durai. The company designs interiors and
manufactures custom furniture. Its registered office is in
Chennai.
SRB INTERNATIONAL: CRISIL Assigns B+ Rating to INR50MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SRB International Private Limited (SRBL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Fund-
Based Bank Limits 45 CRISIL B+/Stable
Cash Credit 50 CRISIL B+/Stable
Letter of Credit 5 CRISIL A4
The ratings reflect SRB's modest scale of operations on account
of being tender based and weak financial risk profile. These
weaknesses are partially offset by the extensive experience of
the promoters in the trading industry and moderate risk
management policies.
Outlook: Stable
CRISIL believes SRBL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if increase in revenue and operating margin and
efficient working capital management improve the financial risk
profile. The outlook may be revised to 'Negative' if revenue or
operating margin declines, or if a stretch in working capital
cycle weakens the financial risk profile.
Incorporated in 2011, SRBL is engaged in the import and domestic
sale of mining equipment and export of granite, marbles, medical
devices and pet bowls. Mr. Bharat Gandhi and his wife, Mrs Puja
Gandhi manage operations.
SRBL reported a net profit of INR6.4 million on net sales of
INR230.9 million in fiscal 2016, as against INR3.6 million and
INR106.4 million in fiscal 2015.
SRI SATYA: CRISIL Assigns B+ Rating to INR40MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Sri Satya Sai Constructions (SSSC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable
Bank Guarantee 75 CRISIL A4
Cash Credit 40 CRISIL B+/Stable
The ratings reflect modest scale of operations, working capital-
intensive operations and geographical concentration in revenue
profile. These weaknesses are partially offset by extensive
experience of promoter in the civil construction industry and
moderate financial risk profile because of low gearing and
moderate debt protection metrics albeit constrained by modest
networth.
Outlook: Stable
CRISIL believes SSSC will continue to benefit from the promoter's
extensive experience and established relationship with customers
and suppliers. The outlook may be revised to 'Positive', if
substantial and sustained increases in scale of operations and
operating profitability strengthens financial risk profile.
Conversely, the outlook may be revised to 'Negative', if large,
debt-funded capital expenditure or decline in revenue or
operating profitability weakens financial risk profile.
Incorporated in 1999 and promoted by Mr. Krishnam Raju,
Visakhapatnam-based SSSC undertakes construction projects such as
government buildings and houses in Andhra Pradesh
SRI VIDYA: Ind-Ra Withdraws 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Sri Vidya Milk
Products' 'IND D' Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for Sri Vidya Milk Products.
The company's ratings:
-- Long-Term Issuer Rating: 'IND D'; rating withdrawn
-- INR13.5 million fund-based limits: 'IND D'; rating
withdrawn
-- INR100 million term loans: 'IND D'; rating withdrawn
STYLE MARKETING: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Style Marketing
Private Limited (SMPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The agency has also assigned SMPL's
INR130 million fund-based working capital facilities a Long-term
'IND BB-' rating with a Stable Outlook and a Short-term 'IND A4+'
rating.
KEY RATING DRIVERS
The ratings are constrained by SMPL's weak credit metrics due to
the trading nature of operations. Interest coverage (operating
EBITDA/gross interest expense) improved marginally to 1.33x in
FY16 (FY15: 1.28x) and net leverage (total adjusted net
debt/operating EBITDA) deteriorated to 7.64x (4.76x). The
ratings also reflect forex risk as the entity imports wire and
wire mesh products and does not undertake any hedging practices.
The ratings, however, are supported by SMPL's comfortable
liquidity profile as evidenced by around 93% average utilization
of its fund-based limits for the 11 months ended November 2016.
The ratings are further supported by SMPL's established track
record of more than two decades in trading wires and wire mesh
products and its established customer relationships. This results
in comfortable payment terms for SMPL.
RATING SENSITIVITIES
Negative: A decline in the credit metrics will adversely affect
the ratings.
Positive: Diversification of the business leading to a
significant improvement in the top line while improving the
credit profile will be positive for the ratings.
COMPANY PROFILE
SMPL was incorporated in 1996 and is engaged in trading wires and
wire mesh products. The entity is promoted by Mr. Amit Garg and
has its registered office at Jhandewalan Road, New Delhi.
SURAJMAL JAINARAYAN: Ind-Ra Withdraws BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Surajmal
Jainarayan's Long-Term Issuer Rating of 'IND BB'. The Outlook
was Stable. The agency has also withdrawn the rating of 'IND BB'
with a Stable Outlook on the company's INR70 million fund-based
working capital limit.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
SURESH GOPINATH: CRISIL Assigns B+ Rating to INR100MM Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of Suresh Gopinath (SG) and has assigned its 'CRISIL
B+/Stable/CRISIL A4' rating to these bank facilities. CRISIL had
suspended the rating on September 09, 2016, as the company had
not provided the necessary information required for a rating
review. SG has now shared the requisite information enabling
CRISIL to assign rating to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4 (Assigned;
Suspension Revoked)
Overdraft Facility 100 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating reflects modest scale of operations in highly
fragmented civil construction industry and geographic
concentration in revenue profile. The rating also factors in
working capital intensive nature of operations. These rating
weaknesses are partially offset by SG's extensive experience of
promoters in civil construction industry and its moderate
financial risk profile marked by moderate gearing and robust debt
protection metrics.
Outlook: Stable
CRISIL believes that SG will continue to benefit over the medium
term from its proprietors' extensive experience in civil
construction industry. The outlook may be revised to 'Positive'
if the firm increases its scale of operations and improves its
profitability on a sustainable basis, leading to high cash
accruals Conversely, the outlook may be revised to 'Negative' if
SG's financial risk profile deteriorates, most likely owing to
reduced revenue and margins, or large debt-funded capital
expenditure, or a delay in receipt of bills from its principal
contractors.
Set up in 1993, by Mr. Suresh Gopinath, SG is engaged in civil
construction works in Kerala. The firm undertakes civil
construction work for various government entities like Public
Works Department, Roads and buildings department. The firm's
facility is located in Kozhikode in Kerala.
SWAMI VIVEKANAND: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Swami
Vivekanand Institute of Neurology, Neurosurgery and Spine's
(SVINNS) Long-Term Issuer Rating of 'IND BB'. The Outlook was
Stable. The agency has also withdrawn the 'IND BB' rating on
SVINNS's
INR55.59 million long-term loans. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
TIRUPUR TEXTILES: CRISIL Lowers Rating on INR370.7MM Loan to 'C'
----------------------------------------------------------------
CRISIL has downgraded its rating on long term bank facilities of
Tirupur Textiles Private Limited to 'CRISIL C' from 'CRISIL B-
/Stable' while reaffirming the short-term facility at 'CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Corporate Loan 200 CRISIL C (Downgraded from
'CRISIL B-/Stable')
Foreign Bill Purchase 100 CRISIL C (Downgraded from
'CRISIL B-/Stable')
Foreign Letter of 1 CRISIL C (Downgraded from
Credit 'CRISIL B-/Stable')
Inland Guarantees 2.5 CRISIL A4 (Reaffirmed)
Inland/Import Letter
of Credit 250 CRISIL A4 (Reaffirmed)
Long Term Loan 370.7 CRISIL C (Downgraded from
'CRISIL B-/Stable')
Packing Credit 100 CRISIL A4 (Reaffirmed)
Open Cash Credit 150 CRISIL C (Downgraded from
'CRISIL B-/Stable')
The rating downgrade reflects TTPL's weak liquidity marked by
insufficient cash accruals as against repayment obligations over
the medium term, due to subdued operating performance and working
capital intensive nature of operations.
The company also has a below-average financial risk profile and
working capital-intensive operations, and is exposed to
cyclicality in demand from end-user industries. However, it
benefits from group support and business experience of its
promoters.
TTPL was set up in 1956 by Mr. G T Krishnaswamy Naidu and his
son, Mr. K Sivasubramaniam; it manufactures hosiery cotton yarn
at its facility in Tirupur (Tamil Nadu).
UNIQUE CHAINS: CRISIL Lowers Rating on INR100MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Unique Chains Pvt Ltd (UCPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 100 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Long Term 100 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The downgrade reflects UCPL's leveraged financial risk profile
reflected in its high total outside liabilities to tangible
networth (TOLTNW) of 5.07 times as on 31st March 2016 led by a
modest net worth and high reliance on outside liabilities on
account of large working capital requirements. Further the
company's bank limits are fully utilised and with expected
increase in scale of operations, liquidity is expected to further
stretch over medium term unless supported by equity infusion by
promoters.
The ratings reflect UCPL's below-average financial risk profile
because of high TOLTNW ratio and modest net worth, and
susceptibility of profitability to volatility in raw material
prices and intense competition. These weaknesses are mitigated by
extensive experience of its promoters in the gems and jewellery
industry along with moderate scale of operations.
Outlook: Stable
CRISIL believes UCPL will maintain its business risk profile over
the medium term, backed by its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the
financial risk profile strengthens on account of improvement in
capital structure on account of enhanced profitability or equity
infusion by promoters. Conversely, the outlook may be revised to
'Negative' if the financial risk profile or liquidity weakens
with stretch in working capital cycle or lower than expected
revenues or profitability.
UCPL was started as proprietorship concern by Mr. Prem Mehra in
1977. In 2010, it was incorporated as a private-limited company.
The existing directors are Mr. Prem Mehra, his wife Ms. Pooja
Mehra and sons, Mr. Ankit Mehra and Mr. Saiyam Mehra. The company
manufactures, designs, and undertakes labour jobs of gold and has
its manufacturing facility in Dadar (Mumbai).
UNIQUE TREES: CRISIL Assigns 'B' Rating to INR66MM LT Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' ratings to the bank
facilities of Unique Trees Private Limited (UTPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 50 CRISIL B/Stable
Proposed Cash Credit
Limit 16 CRISIL B/Stable
Cash Credit 2 CRISIL B/Stable
Long Term Loan 66 CRISIL B/Stable
The ratings reflect UTPL's modest scale of operations and
moderate operating margins. Rating also factors working capital
intensive nature of operations and below average financial risk
profile because of modest net worth, high gearing and average
debt protection metrics. These weaknesses are partially offset by
extensive industry experience of its promoters and its
established relationships with the customers and suppliers.
Outlook: Stable
CRISIL believes that UTPL will continue to benefit from the
extensive industry experience of its promoter. The outlook may be
revised to 'Positive', if UTPL registers a substantial and
sustained increase in its scale of operations and operating
profitability; there by leading to an improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative', if the firm undertakes larger than expected debt
funded capital expenditure or if its revenues or operating
profitability decline leading to deterioration in its financial
risk profile.
Incorporated in 2010, promoted by Mr. R Ramdev Rao and Ms. R
Srilakshmi, UTPL is engaged in the production of hardy nursery
stock. The company owns 6 nurseries in Shankarpally district of
Telangana.
UNNATI WRITING: CRISIL Assigns 'B' Rating to INR80MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Unnati Writing Products Private Limited (Unnati).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 80 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 20 CRISIL B/Stable
The ratings reflect the working capital-intensive nature and
small scale of operations, and exposure to intense competition,
and volatility in raw material prices and foreign exchange rates.
These rating weaknesses are partially offset by the extensive
experience of the promoters in the writing instruments segment,
and the healthy operating margin, resulting in comfortable debt
protection metrics.
Outlook: Stable
CRISIL believes Unnati will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' if substantial cash accrual or better working
capital management, improves liquidity. The outlook may be
revised to 'Negative' if a decline in revenue and operating
margin, or any large debt-funded capital expenditure, weakens the
capital structure significantly.
Unnati was established as a partnership firm in 2001, by Mr.
Sudarshan Gupta, Mr. Suranjan Gupta and Mr. Raj Kumar Goel, and
reconstituted as a private limited company in 2009. The company
manufactures ball pens, fountain pens, roller pens and gel pens.
The price range of the products varies from INR1.75 to INR20.0.
VARDAN INTENSIVE: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Vardan
Intensive Care Hospital Pvt Ltd's Long-Term Issuer Rating of 'IND
BB'. The Outlook was Stable.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for the company.
The company's ratings are:
-- Long-Term Issuer Rating: 'IND BB'; Outlook Stable; rating
withdrawn
-- INR100 million fund-based limit: 'IND BB'; Outlook Stable;
rating withdrawn
-- INR113.04 million term loans: 'IND BB'; Outlook Stable;
rating withdrawn
VEE DEE: CRISIL Assigns 'B' Rating to INR37.5MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Vee Dee Enterprises (VDE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 37.5 CRISIL B/Stable
Term Loan 32.5 CRISIL B/Stable
The rating reflects VDE's small scale of operations and
susceptibility to intense competition from large players. The
rating also factors in the firm's large working capital
requirement, and below-average financial risk profile, marked by
high total outside liabilities to tangible networth (TOLTNW)
ratio and small networth. These rating weaknesses are partially
offset by the extensive experience of the promoters in the
flexible packaging industry and diversified product range.
Outlook: Stable
CRISIL believes VDE will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' if sizeable cash accrual and prudent
working capital management strengthen key credit metrics.
Conversely, the outlook may be revised to 'Negative' if low cash
accrual, increase in working capital requirement or any large,
debt-funded capital expenditure weakens the financial risk
profile, including liquidity.
VDE was set up as a proprietorship firm in 1993 by Mr. Viral
Shah. The firm manufactures industrial packaging material at its
plant at Umargaon, Gujarat.
VIVO MOBILE: Ind-Ra Assigns 'BB' Rating to INR7BB Debentures
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vivo Mobile
India Private Limited's INR7 billion unsecured non-convertible
debentures (NCDs) a final 'IND BB' rating with a Stable Outlook.
The agency maintains a Long-Term Issuer Rating of 'IND BB' with a
Stable Outlook on Vivo.
The final rating has been assigned after the receipt of final
documents, except the debenture trustee deed. The pay-in date of
the bonds was Dec. 22, 2016. Although the debenture trustee deed
has not been signed yet, Ind-Ra is relying on the final version
of the unexecuted debenture trustee deed and the undertaking from
the issuer that there will be no changes from the execution
version shared with the agency. The management has confirmed
that the final version shared with Ind-Ra will be executed
shortly. The extant regulations allow the debenture trust deed
to be executed within a specified time period after the allotment
of bonds.
The documents shared are in conformity with the assumptions based
on which the provisional rating was assigned. The final rating
is, therefore, the same as the provisional rating assigned on
June 16, 2016. The NCD proceeds are to be used for meeting capex
and working capital requirements. The NCDs are being issued with
a face value of INR1 million, and entail a coupon of 3% to be
paid annually and a tenor of three years. The NCDs will be
listed on the Bombay Stock Exchange, and Axis Trustee Services
Limited has been appointed trustee for this issue.
KEY RATING DRIVERS
Vivo India is a relatively new player in the Indian mobile
handset space. However, the Vivo brand of mobile phones is well-
established in China, with a market share of about 16.2% in
2QFY17. It is placed second in terms of market position in China
and fifth globally. Vivo India registered INR9.4 billion in
revenue for FY16 (FY15: INR0.6 million); FY16 was its first full
year of operations. Vivo India has been registering steep sales
volume growth on account of technology-based product
differentiation and considerable advertising and marketing
spending. However, India's smartphone market is overcrowded with
more than 25 brands and is, hence, extremely price sensitive,
along with changing customer preferences and low brand loyalty.
Therefore, gaining market share on a sustained basis would be
challenging for any new player.
Vivo India registered EBITDA losses of INR1.65 billion and net
losses of INR1.66 billion for FY16. The company expects to break
even in FY17, with a quick pickup in mobile phone sales, though
advertising and sales promotion expenditure will continue to
remain high (FY16: INR845.5 million; FY15: INR377 million). The
management has indicated that it would continue to spend 10%-15%
of revenue on sales promotions over FY17-FY20. Heavy investment
in brand building indicates Vivo India's seriousness to establish
itself in the Indian market over the long term. However, such
investment would continue to moderate its profitability over the
short to medium term.
In December 2015, Vivo India set up a handset manufacturing plant
in Greater Noida. The facility's existing annual capacity is 4.6
million handsets. The company plans to expand capacity to meet
rapid pickup in demand. Vivo India invested about INR562 million
in the setup of the facility in FY16 to save on import duties and
reap the benefits of localized manufacturing. Handset imports
are subject to a 13.5% duty, while domestic manufacturing is only
subjected to a 2% excise duty. Vivo India manufactures about 90%
of its handsets.
Vivo India is a net cash positive entity. Its working capital
cycle is funded through high trade payable days (FY16: 207 days;
FY15: 200 days). Vivo India has significant sales volume growth
targets for the next five years and aims to gain a 10% market
share by end-CY17 (1QFY17: about 3.5%).
Therefore, infusion of medium-term funds through INR7 billion
NCDs would support its capex, marketing expenditure and growing
working capital requirements. The management expects marginal
profitability, along with capex requirements, in the short to
medium term. This would lead to negative free cash flows and
weak debt service coverage ratio, posing a refinancing risk.
The ratings factor in industry risks such as rapid technological
changes, changing consumer preferences and competitive pricing
pressures. Other risks include forex risks as a result of
handset imports. This risk is partially mitigated by increasing
the mix of indigenous sourcing/manufacturing.
RATING SENSITIVITIES
Positive: A turnaround in EBITDA and increased ability to service
debt obligations from internal accruals could be positive for the
ratings.
Negative: Lower traction in revenue leading to continued EBITDA
losses and lack of timely funding support from the parent and/or
suppliers could be negative for the rating.
COMPANY PROFILE
Incorporated in August 2014, Vivo India is engaged in the
manufacture and sale of smartphones and wholesale trading of
mobile spare parts and accessories. It plans to increase its
production facility's capacity in line with demand.
=========
J A P A N
=========
TOSHIBA CORP: Expects Loan Waiver Ahead of Bankers Meeting Today
----------------------------------------------------------------
Thomson Reuters reports that Toshiba Corp plans to meet with
creditor banks on Jan. 10 to explain how it is addressing a
massive charge that the Japanese company says it must take on its
U.S. nuclear business, three bankers briefed on the meeting said.
Reuters relates that the bankers said they expect creditors will
agree not to call in loans while they discuss steps to aid the
laptops-to-engineering conglomerate.
Toshiba officials could not immediately be reached for comment.
The bankers were not authorised to speak with media on the matter
and so declined to be identified.
According to Reuters, syndicated loans could be endangered
because credit-ratings downgrades put Toshiba in violation of
loan covenants, the bankers said, adding that it was routine for
them to grant a waiver in such a case to avoid a funding crisis.
Reuters notes that Toshiba, still recovering from a $1.3 billion
accounting scandal in 2015, shocked investors again last month by
announcing cost overruns at a U.S. nuclear business bought in
2015 which could now mean a charge against profit that could top
$4 billion.
Tuesday[Jan.10]'s "explanatory session" is also meant as a show
of support for Toshiba, as major creditors present a united front
for the borrower hit by a series of scandals and losses, one of
the bankers, as cited by Reuters, said.
Reuters relates that the three bankers said they did not expect
Toshiba to present new, major information at the meeting, which
they depicted as the start of the process of working out rescue
plans.
Toshiba's top executives have said they will finalise the loss on
the nuclear business by mid-February, whereas sources have told
Reuters they expect Toshiba to give its bankers an idea of the
scale of the problem late this month.
One person close to the company has said the charge on the
nuclear business could run as high as JPY500 billion ($4.3
billion), compared with shareholders' equity of JPY363 billion,
Reuters relays.
According to Reuters, the Japanese firm said cost overruns at
U.S. power projects handled by the CB&I Stone & Webster Inc
business it acquired last December from Chicago Bridge & Iron Co
NV (CB&I) would be much greater than initially expected,
requiring the huge writedown.
Toshiba's Westinghouse Electric Co LLC subsidiary is engaged in a
legal and accounting row with CB&I, which has argued in court
that it expected a relatively small payment from Westinghouse of
only $161 million when the deal closed on the understanding that
the latter was taking on a challenged business, adds Reuters.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3. Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.
The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications. At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.
===============
M A L A Y S I A
===============
1MALAYSIA DEVELOPMENT: Malaysia Prepares to Wind Up 1MDB
--------------------------------------------------------
Leslie Lopez at The Strait Times reports that the Malaysian
government is laying the groundwork to shut down 1Malaysia
Development Berhad (1MDB), the state investment firm mired in a
scandal that has become the most serious blight on Prime Minister
Najib Razak's administration at home and abroad.
Under a plan spearheaded by a high-level government unit called
the Budiman committee, the assets of the state development fund
will be transferred in the coming months to two companies owned
by the Finance Ministry, the Strait Times relates.
These valuable assets are two massive plots of land in Kuala
Lumpur and one on Penang island, according to the report.
1MDB, which at one point had debts totalling US$12 billion
(SGD17.2 billion), last November sold off its other main asset -
power plants grouped under Edra Energy - to a Chinese company for
MYR17 billion (SGD5.4 billion), The Strait Times recalls.
The Strait Times relates that the three plots of land will be
transferred to Piramid Pertama and Aroma Teraju, according to
government officials and lawyers involved in 1MDB's debt workout.
"The resolution of 1MDB's debt obligations will be carried out
separately by the government," the report quotes a senior
government official familiar with the exercise as saying.
Datuk Seri Najib, who set up 1MDB seven years ago to spur
development at home and to pursue strategic investments abroad,
has repeatedly rejected claims that 1MDB had morphed into a
private political slush fund for him and his ruling Umno party.
To head off the deepening crisis at 1MDB last year, the
government decided to dissolve the company and embark on a
divestment of its assets to settle its debts.
The Budiman committee, headed by Second Finance Minister Johari
Abdul Ghani, was set up last April to handle the restructuring.
In a recent interview with The Straits Times, Datuk Seri Johari
noted that proceeds from the sale of 1MDB's power generation
business had helped settle debts owed to Malaysian banks.
"Our next move is to kick-start the property development of
Bandar Malaysia and TRX," he said, referring to 1MDB's two major
real estate projects on the fringes of Kuala Lumpur, the report
relays.
Still, officials and financial executives said the debt workout
faced numerous hurdles, the report states.
The Straits Times says a major challenge will be securing support
for the plan from 1MDB's bond holders and creditors.
1MDB's current debt load is estimated at US$4.78 billion, The
Straits Times discloses.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.
Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015. The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund .
=====================
P H I L I P P I N E S
=====================
RB OF MAGALLON: Creditors Has Until Jan. 30 to File Claims
----------------------------------------------------------
All creditors of the closed Community Rural Bank of Magallon
(Moises Padilla, Negros Occidental), Inc. have until Jan. 30,
2017 to file their claims against the assets of the closed bank
either personally or by mail. Creditors refer to any individual
or entity with a valid claim against the assets of the closed
Community Rural Bank of Magallon and include depositors whose
deposits exceed the maximum deposit insurance coverage (MDIC) of
PHP500,000.
The Philippine Deposit Insurance Corporation (PDIC) said that
creditors and depositors with uninsured deposits may file their
claims either personally or by mail. Claims may be filed
personally at the PDIC Public Assistance Center located at the
3rd Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino St.,
Makati City, Monday to Friday, 8:00 AM to 5:00 PM. Meanwhile,
claims filed through mail must be addressed to Mr. Apolonio M.
Matabang, Deputy Receiver of Community Rural Bank of Magallon,
and sent to the PDIC Receivership and Bank Management Department
I, 5th Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino
St., Makati City. A sample Claim Form against the assets of the
closed bank may be downloaded from the PDIC website,
www.pdic.gov.ph.
Claims filed after Jan. 30, 2017 shall be disallowed. PDIC, as
Receiver, shall notify creditors of denial of claims through
mail. Claims denied or disallowed by the PDIC may be filed with
the liquidation court within sixty (60) days from receipt of
final notice of denial of claim. PDIC also clarified that
depositors who filed their deposit insurance claims on or at any
time prior to Jan. 30, 2017 are deemed to have filed their claims
against the closed bank's assets.
Community Rural Bank of Magallon was ordered closed by the
Monetary Board (MB) of the Bangko Sentral ng Pilipinas on
Nov. 17, 2016 and PDIC, as the designated Receiver, was directed
by the MB to proceed with the takeover and liquidation of the
closed bank in accordance with Section 12(a) of Republic Act No.
3591, as amended. The bank is located on Gomez St., Moises
Padilla, Negros Occidental.
All inquiries and communications relating to Community Rural Bank
of Magallon may be addressed to the Deputy and Assisting Deputy
Receivers stationed at the PDIC Office. The Deputy and Assisting
Deputy Receivers may be contacted at telephone numbers (02) 841-
4753 and (02) 841-4755 or at e-mail addresses,
ammatabang@pdic.gov.ph and asacosta@pdic.gov.ph.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 2 to Jan. 6, 2017
---------------------------------------------------
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, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 2017. 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 ***