/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/170207.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, February 7, 2017, Vol. 20, No. 27 Headlines A U S T R A L I A ALLPHONES GROUP: Placed Into Voluntary Administration ATLAS IRON: Moody's Hikes Corporate Family Rating to B3 EXPERT SPEAKERS: First Creditors' Meeting Set for Feb. 16 NATIONAL DAIRY: Creditors May Vote Over Liquidation on Feb. 13 URTH ENERGY: First Creditors' Meeting Set for Feb. 13 H O N G K O N G RUIFENG PETROLEUM: HKEX Cancels Listing of Firm's Shares I N D I A AANCHAL COLLECTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating ADVANTAGE COMPUTERS: ICRA Upgrades Rating on INR14cr LT Loan AMRIT LAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating ANANT STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating ARR INFRA: CRISIL Assigns 'B' Rating to INR5MM Overdraft A R S FABRICS: CRISIL Reaffirms B+ Rating on INR10MM Term Loan AVANT TRADING: CRISIL Upgrades Rating on INR5MM Overdraft to B+ BATHERO SANITARY: CRISIL Cuts Rating on INR4.50MM LT Loan to B- BHOLA RAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating BIPIN ENGINEERS: CRISIL Ups Rating on INR3.5MM Cash Loan to B- CAPITAL VENTURES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating CHHABRA ISPAT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating DONATELLO IFMR: Ind-Ra Assigns 'BB+' Rating to INR12MM Certs. DP GARG: Ind-Ra Affirms 'B+' Long-Term Issuer Rating GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR15cr Loan GOYAL AGRO: ICRA Reaffirms 'B' Rating on INR29cr Fund Based Loan HARDOLI PAPER: ICRA Reaffirms B+ Rating on INR15cr Loan HI-TECH AGRO: CRISIL Assigns B+ Rating to INR8.25MM Cash Loan JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan JAY ENTERPRISES: CRISIL Assigns B+ Rating to INR15MM Cash Loan JSW STEEL: Moody's Revises Outlook to Stable & Affirms Ba3 CFR KADAMBRI HEALTHCARE: CRISIL Assigns B- Rating to INR13.05MM Loan KAVIT PU: Ind-Ra Assigns 'D' Long-Term Issuer Rating KINGFISHER: ED Obtains Permit to Retrieve Swiss Account Details KISAN OLEOCHEM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating KS FIBER: ICRA Reaffirms 'B' Rating on INR16.10cr Term Loan MAXWELL: CRISIL Reaffirms B- Rating on INR4.5MM Letter of Credit MEWAR SPICES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan PALANIAPPA ELECTRONICS: CRISIL Assigns B+ Rating to INR10MM Loan PERFECTO ELECTRICALS: ICRA Assigns 'B' Rating to INR7.5cr Loan POWER CABLE: ICRA Assigns 'B' Rating to INR7.50cr Cash Loan RADHADAMODAR MULTIPURPOSE: CRISIL Rates INR6.75MM Cash Loan at B+ RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR14cr Cash Loan RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7.67cr Loan SHREE GURU: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan SHRI SIDDHBALI: ICRA Reaffirms 'B' Rating on INR5.81cr Loan SION CERAMICS: CRISIL Lowers Rating on INR6.18MM Term Loan to B SRI VIJAYA: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan SUDESH COTTON: CRISIL Upgrades Rating on INR6MM Loan to B+ SUN PROJECTS: CRISIL Assigns B+ Rating to INR3MM LT Loan VASANTH CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR15MM Loan J A P A N TOSHIBA CORP: Aims to Raise JPY300BB Thru Preferred Shares Sale S I N G A P O R E FSL TRUST: Warns of 'Significant Net Loss' for FY2016 X X X X X X X X * BOND PRICING: For the Week Jan. 30 to Feb. 3, 2017 - - - - - ================= A U S T R A L I A ================= ALLPHONES GROUP: Placed Into Voluntary Administration ----------------------------------------------------- Phil Carter, Daniel Walley and Mark Robinson of PPB Advisory have been appointed Voluntary Administrators of the nine Australian entities comprising the Allphones Group: All Distribution Pty Ltd Allphones Business Pty Limited Allphones Retail Pty Limited Allretail Pty Limited Allventures Pty Ltd AMT Group Pty Ltd Australian Retail Management Services Pty Ltd My Number Pty Ltd My Saver Telecommunications Pty Ltd Allphones is an independent mobile phone retailer that operates 84 stores and employs approximately 440 people across Australia. Of the stores, 25 are company owned, seven are franchises, and the balance are licensed and operated on behalf of other parties. The Allphones group was acquired in May 2016 by a Canadian shareholder with the ambition to undertake a turnaround of the business. Despite financial support from the shareholder and significant efforts to deliver a successful turnaround, the shareholders are unable to continue funding the group's losses. The Board of each entity has been left with no option other than to place each entity in the Allphones Group into Voluntary Administration on Feb. 6. Based on an initial review by the Voluntary Administrators, 18 company-owned Allphones branded stores closed on Feb. 6 due to insufficient funding to keep the stores trading during a sales process. As a result, 69 employees were made redundant on Feb. 6. Discussions are underway with interested parties who could take over the operation of the remainder of the store network, which is running on a business-as-usual basis. Phil Carter of PPB Advisory said: "We are today undertaking an urgent review of Allphone's business in order to stabilise the current operations and store network, and ensure that the employees impacted by the store closures today are fully supported." "Our immediate priority is to work with Allphones' staff, franchisees, licensees and other key stakeholders to allow the remaining store network to continue trading on a business as usual basis." ATLAS IRON: Moody's Hikes Corporate Family Rating to B3 ------------------------------------------------------- Moody's Investors Service has upgraded Atlas Iron Limited's corporate family rating (CFR) to B3 from Caa3. At the same time, Moody's has upgraded Atlas' senior secured bank credit facility to B3 from Caa3. The outlook is stable. RATINGS RATIONALE The upgrade of Atlas' ratings reflects the significant improvements in the company's credit metrics following its AUD54 million of debt reduction in January 2017. This, combined with earlier debt repayments and an improved earnings generating ability, has led to a step change in the company's debt level and financial profile, which is reflected in the multi-notch upgrade of its ratings. Atlas' debt repayments are a result of the cash sweep arrangements with lenders - requiring the application of excess cash over AUD80 million towards debt reduction - and reflects improved earnings on back of higher iron ore prices. "Atlas has been able to capitalise on higher iron ore prices and utilize the incremental cash flow generated to make sustainable improvements to its balance sheet and debt levels", says Matthew Moore a Moody's Vice President and Senior Credit Officer. Iron ore prices have substantially strengthened in recent months allowing producers to generate earnings and cash flow ahead of Moody's previous expectations. While Moody's does not expect prices to be sustained at these levels, the rating agency expects prices to remain above the low levels seen early last year. Moody's base price sensitivity is for 62% Fe iron ore to China to average around USD60/tonne in 2017 and USD50/tonne in 2018. "Given Atlas' limited scale and higher cost of production relative to major producers, its earnings will remain highly sensitive to iron ore prices", says Moore. While higher iron ore prices in 2017 should support improved earnings and an ability to further reduce debt levels, Moody's expects that prices in 2018 will approach Atlas' breakeven levels -- absent further cost improvements. Under Moody's base sensitivities, Atlas is expected to generate earnings of AUD150-200 million in fiscal 2017. This level would support leverage, as measured by adjusted debt/EBITDA, remaining well below the low 2.6x achieved at the end of fiscal 2016 and would allow for further debt reduction and/or funding of growth initiatives. However, Moody's does note that leverage metrics and cash flow will remain very sensitive to prices. At the low end of Moody's medium term price sensitivities for iron ore, namely USD45-USD65, Atlas' leverage would increase materially and its liquidity would become strained. The ratings continue to be constrained by Atlas' lack of operational, geographic and product diversity, as well as its short reserve life and higher cost structure relative to major producers. Moody's acknowledges that Atlas is expected to make a final investment decision on its Corunna Downs project soon. The successful completion of this project would support Atlas' declining production profile and improve diversity of its operations. Atlas expects production from two of its three operating mines -- Abydos and Wodgina -- to cease over the 2017 calendar year. While Moody's ultimately views the development of Corunna as credit positive, it will also expose the company to execution risk and increased capital requirements. The stable outlook reflects Moody's expectation that Atlas will be able to generate sufficient cash flow to support its operations and further reduce debt over the next 12-to-18 months. The outlook also reflects the agency's expectation that, if the Corunna project is sanctioned, the company will take steps to ensure that it prudently manages liquidity and remains compliant with the minimum cash covenant under its term loan. WHAT COULD CHANGE THE RATINGS Given the limited scale and concentration of Atlas' operations, a rating upgrade would likely require a material improvement in the diversity and reserve life of its operations, beyond the proposed Corunna Downs project. An upgrade would also likely require a sustained improvement in breakeven levels, with all in cash costs comfortably below Moody's medium-term sensitivity range for iron ore prices. Moody's would also expect the company to maintain adequate liquidity to fund future strategic initiatives. The ratings could be downgraded if Atlas' cash margins decrease materially, leading to negative free cash flow and reducing the headroom under its minimum cash covenant. The ratings could also be downgraded if Debt/EBITDA is sustained above 5x for a protracted period. BACKGROUND Atlas Iron Limited, headquartered in Perth, Australia, is an iron ore producer and developer focused on the North Pilbara region of Western Australia. Atlas exports iron ore from its current three producing mines. The principal methodology used in these ratings was Global Mining Industry published in August 2014. EXPERT SPEAKERS: First Creditors' Meeting Set for Feb. 16 --------------------------------------------------------- A first meeting of the creditors in the proceedings of Expert Speakers Success Pty Ltd will be held at the offices of Shaw Gidley, Suite 1, Level 1, 65 Lord Street, in Port Macquarie, NSW, on Feb. 16, 2017, at 11:00 a.m. Scott Newton of Shaw Gidley was appointed as administrator of Expert Speakers on Feb. 6, 2017. NATIONAL DAIRY: Creditors May Vote Over Liquidation on Feb. 13 -------------------------------------------------------------- Andrew Miller at The Australian Dairyfarmer reports that administrators for National Dairy Products (NDP) have announced another creditors meeting is to be held to decide the company's future. The meeting comes amid claims the company may now be put into liquidation, says Dairyfarmer. According to the report, Deloitte joint and several administrator Glen Kanevsky has written to creditors, telling them the next meeting would be held on February 13. The second meeting of creditors was held just before Christmas last year and adjourned until the end of February, the report says. "The primary purpose of that adjournment was to allow the proponents of a Deed of Company Arrangement (DOCA) an opportunity to revise their initial proposal for further consideration by creditors," the report quotes Mr. Kanevsky as saying. "The purpose of this circular is to advise that since the meeting of creditors, we have not received any revised proposal from the proponents of the original DOCA." As no revised proposal had been received, the second creditors meeting would now go ahead, relays Dairyfarmer. "Unless there are changes to this position in the interim, we will forward details of the reconvened meeting and all relevant materials to creditors shortly," he said, notes the report. Dairyfarmer relates that administrators have told unsecured creditors they could expect as little as five cents in the dollar under a DOCA. The administrators said if NDP was declared insolvent, creditors could expect nothing or just over a cent in the dollar, the report relays. Deloitte found the company had liabilities of AUD9.2 million, made up of AUD4.3 million to unsecured creditors and a further AUD4.7 million owed to Mr. Esposito as an unsecured loan. Among those owed substantial amounts of money include Peter Stoitse Transport (AUD1.35 million), Warrnambool Cheese and Butter (WCB) (AUD479,756) and Tatura Milk (AUD197,000), the report discloses. Farmers are also owed sums of up to AUD1.1 million in projected claims. According to Dairyfarmer, NDP founder Tony Esposito said liquidation was now a possibility. "If that's what's chosen and the DOCA is not accepted in the form that is put forward, that's what it is," the report quotes Mr. Esposito as saying. He said he would speak with his lawyers about the DOCA, before deciding whether or not to it should be revised, adds Dairyfarmer. About National Dairy National Dairy Products (NDP) is a milk brokering company based in Victoria, Australia. Salvatore Algeri and Glen Kanevsky of Deloitte were appointed as administrators of National Dairy on Nov. 17, 2016. URTH ENERGY: First Creditors' Meeting Set for Feb. 13 ----------------------------------------------------- A first meeting of the creditors in the proceedings of: -- Urth Energy Pty Ltd, -- Urth Corporate Pty Ltd, -- Urth Saver Pty Ltd, -- Urth Solar Pty Ltd, -- Urth Projects Pty Ltd, -- Urth Trading Pty Ltd, will be held at Level 1, 14 Watt Street, in Newcastle, NSW, on Feb. 13, 2017, at 10:00 a.m. Bradd William Morelli and Stewart William Free of Jirsch Sutherland were appointed as administrators of Urth Energy on Feb. 1, 2017. ================ H O N G K O N G ================ RUIFENG PETROLEUM: HKEX Cancels Listing of Firm's Shares -------------------------------------------------------- Valentina Kirilova at LeapRate.com reports that the Stock Exchange of Hong Kong Limited (HKEX) announced that with effect from 9:00 a.m. on Feb. 6, 2017, the listing of the shares of Ruifeng Petroleum Chemical Holdings Limited (In liquidation) on the Exchange will be cancelled. LeapRate.com says trading in the Company's shares has been suspended since April 2, 2013, as the Company has failed to publish the annual results for the year ended Dec. 31, 2012, and subsequent periods. On Oct. 23, 2015, HKEX proposed to exercise its rights under GEM Listing Rule 9.14 to cancel the Company's listing and gave the Company a period of 6 months to submit a viable resumption proposal, according to LeapRate.com. The Company submitted a resumption proposal before expiry of the six-month period. On April 29, 2016, the GEM Listing Committee considered the proposal not viable and decided to cancel the listing of the Company's shares. On May 10, 2016, the Company sought a review by the GEM Listing (Review) Committee of the delisting decision, LeapRate.com recalls. On Aug. 26, 2016, the GEM Listing (Review) Committee upheld the GEM Listing Committee's decision to cancel the Company's listing. The Company then requested for a further review by the Listing Appeals Committee of the delisting decision. LeapRate.com relates that on Jan. 20, 2017, the Listing Appeals Committee upheld the GEM Listing (Review) Committee's delisting decision. Accordingly, the Exchange will cancel the Company's listing with effect from 9:00 a.m. on Feb. 6, 2017. The Exchange has notified the Company of its obligation under GEM Listing Rule 9.17 to publish an announcement providing details of the Exchange's decision and the consequences to shareholders of the Company, LeapRate.com adds. Hong Kong-based Ruifeng Petroleum Chemical Holdings Limited engages in the processing of heavy oil. It also trades in fuel oil and related products; and leases storage tanks and related facilities, as well as provides engineering services. ========= I N D I A ========= AANCHAL COLLECTIONS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating ---------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Aanchal Collections Limited (ACL) a Long-Term Issuer Rating of 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect ACL' moderate scale of operations and moderate credit profile. FY16 results indicate revenue of INR348 million (FY15: INR225 million), interest coverage (operating EBITDA/gross interest expense) of 1.7x (1.5x) and leverage (adjusted net debt/operating EBITDAR) of 5x (4.5x). The ratings also factor ACL's tight liquidity profile as reflected by its near-to-full working capital utilization during the 12 months ended December 2016. However, the ratings are supported by over a decade-long experience of ACL's founders in the women garments retailing business. RATING SENSITIVITIES Positive: An improvement of overall credit metrics will be positive for the ratings. Negative: Deterioration of overall credit metrics along with liquidity profile will be negative for the ratings. COMPANY PROFILE ACL was incorporated in 2004 as a proprietorship firm in the name of Aanchal Saree Emporium. The firm was later converted to a closely held limited company. ACL manufactures women's garments at its plant in Kolkata, West Bengal. ACL has its own showroom in Kolkata. ADVANTAGE COMPUTERS: ICRA Upgrades Rating on INR14cr LT Loan ------------------------------------------------------------ ICRA has upgraded the long-term rating to [ICRA]BB- from [ICRA]B+ for the INR14.60-crore long-term limits of Advantage Computers India Private Limited. ICRA has reaffirmed the short-term rating of the company at [ICRA]A4 for the INR0.40-crore limits. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund- Based-CC 14.00 [ICRA]BB-/Stable; Upgraded from [ICRA]B+ Long-term- Unallocated 0.60 [ICRA]BB-/Stable; Upgraded from [ICRA]B+ Short-term-Fund- based 0.40 [ICRA]A4; Reaffirmed Rationale The upgrade in the ratings factor in the healthy revenue growth of the company backed by receipt of the national exclusive distributorship for Zopo Mobiles further creating growth opportunities for ACIPL. The rating also factors in ACIPL's experienced promoters and, its growing network and the company's moderate working capital cycle. The ratings are, however, constrained by the company's low profit margins and modest coverage indicators, competitive intensity and technological obsolescence risks as well as dependence on its partner's business performance and plans. The firm's ability to maintain its revenue growth while improving its profitability and the coverage indicators will be the key rating sensitivities. Key rating drivers Credit Strengths * Long track record of the promoters in the field of trading of mobile handsets and electronic accessories * Significant increase in the operating income over the past three years at a CAGR of 34.2% led by increase in product volume; association with Zopo Mobiles has helped the company build a strong top line * Increasing presence among the online and offline distribution network * Comfortable working capital position with timely receipt of payments Credit Weaknesses * Low profit margins on account of trading and limited value additive nature of business * Modest coverage indicators owing to weak profitability * Technological obsolescence risks prevail in the highly competitive industry with few entry barriers; dependence on Zopo's business plans and performance Detailed description of key rating drivers highlighted: ACIPL, incorporated in 1996, was primarily involved in partial assembling, trading and distribution of mobiles, tablets and electronic accessories till FY2015 with the products being sold under the brand ADCOM. However, in FY2016 the company has received the exclusive national distribution right for Zopo Mobiles resulting in the significant ramp up in the top line in FY2016. The company remains dependent on the performance of Zopo's products in the domestic market. The offline distribution network has been more successful for the company catering to Tier-2 and Tier-3 cities. The sales from the offline distribution saw a growth in the sales from INR43.5 crore to INR70.6 crore (62% YOY growth) led by the strong and increasing distribution network (more than 80 distributors and 450 dealers). The credit period received by ACIPL has reduced in FY2016 and FY2017 on account of lower credit provided by Zopo; ACIPL has been passing on the same credit period to its suppliers, thus resulting in comfortable working capital intensity. The company primarily imports the traded goods mainly from its Chinese partner Zopo, which along with the intense competition, results in low profitability margins. Weak profitability combined with low capital base and dependence on working capital debt has resulted in moderate coverage indicators (Gearing of 2.9, Debt/OPBDIT of 8.4 in FY2016). Though the working capital cycle remains moderate, the company's limits remain highly utilised on the back of growing sales and thus necessitate timely funding arrangements. ACIPL was incorporated in 1996 by Mr. J.L. Bhatia and Mr. Sanjeev Bhatia as a closely held company. The company was primarily into partial assembling, trading and distribution of mobiles, tablets and electronic accessories. The electronic accessories include power banks, computer peripherals, mobile peripherals etc under its own brand ADCOM (whether imported or purchased domestically). However, since FY2016, it has received the exclusive national distributor for Zopo Mobiles, whereby increasing its focus on Zopo as compared to its own brand. ACIPL recorded a net profit of INR0.2 crore on an operating income of INR75.1 crore for the year ending March 31, 2016 as compared to a net profit of INR0.1 crore on an operating income of INR49.1 crore. AMRIT LAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Amrit Lal Khatri (ALK) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. KEY RATING DRIVERS The ratings are constrained by ALK's small scale of operations, as evident from a top line of INR262.57 million in FY16 (FY15: INR235.43 million) and the proprietorship structure of the company. The ratings are supported by the four-decade experience of ALK's promoters in the construction business, the company's strong ties with customers and suppliers, and an improved EBITDA margin of 8.50% in FY16 (FY15: 8.47%). Moreover, the ratings are supported by strong credit metrics. In FY16, its gross interest coverage (operating EBITDA/gross interest expense) stood at 5.24x (FY15: 5.93x) and net financial leverage (total adjusted net debt/operating EBITDAR) stood at 0.48x (3.80x). The ratings are further supported by the company's comfortable liquidity position, indicated by an average utilization of about 45.17% of its working capital facility during the 12 months ended December 2016. RATING SENSITIVITIES Negative: A decline in revenue due to lack of work orders or a deterioration in EBITDA margin leading to weaker credit metrics will be negative for the ratings. Positive: Significant growth in revenue and EBITDA margin leading to an improvement in the overall credit profile will be positive for the ratings. COMPANY PROFILE Established in 1980, ALK is engaged in civil construction works, mainly for organizations such as National Highways authority of India ('IND AAA'/Stable), Public Works Department Jaipur, Central Public Works Department, and various central and state government bodies. The company is based in Barmer, Rajasthan. It registered about INR200 million in revenue for 9MFY16. ANANT STEELS: Ind-Ra Affirms 'B+' Long-Term Issuer Rating --------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Anant Steels Private Limited's (ASPL) Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects ASPL's continued weak credit metrics in FY16. However, the company's credit metrics improved in 9MFY17 with gross interest coverage (operating EBITDA/gross interest expense) of 1.02x (FY16: negative 1.5x) and net financial leverage of 16.52x (negative 6.2x). EBITDA margin improved to 1.6% in 9MFY17 from negative 2.2% in FY16 on account of decrease in raw material cost and other operating expenses. As of December 2016, ASPL achieved revenue of INR430.8 million (FY16: INR703.5 million). The ratings also factor in the company's tight liquidity position with maximum utilization of fund-based limits of around 100% during the 12 months ended December 2016. However, the ratings are supported by over two decades of experience of ASPL's promoters in the steel manufacturing business. RATING SENSITIVITIES Positive: A substantial increase in the EBITDA margins, along with an improvement in the credit metrics will be positive for the ratings. Negative: A further deterioration in the overall credit metrics will be negative for the ratings. COMPANY PROFILE ASPL was incorporated in September 1995 as a private limited company. The registered office of the company is in Indore, Madhya Pradesh. The company manufactures and exports TMT bars and cast iron products. ARR INFRA: CRISIL Assigns 'B' Rating to INR5MM Overdraft -------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term bank facility of ARR Infra Promoters. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft 5 CRISIL B/Stable The rating reflects the firm's modest scale of operations, and its below-average financial risk profile because of small networth. These weaknesses are partially offset by its promoter's extensive experience in the civil construction industry. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations AIP is a small player in the construction industry with revenue of INR7.38 crore in fiscal 2016. Given the low entry barriers in the civil construction segment, the firm faces increasing competition. * Below-average financial risk profile AIP had a small networth of INR1.18 crore and high gearing of 4.5 times as on March 31, 2016. Interest coverage and net cash accrual to total debt ratios were modest, at 2.3 times and 5%, respectively, in fiscal 2016 due to its low operating profitability. Strength * Extensive experience of promoter in the civil construction industry The promoter's industry experience of more than two decades has helped the firm establish itself as a qualified contractor in Tamil Nadu. AIP also benefits from its established relationships of more than a decade with its suppliers. Outlook: Stable CRISIL believes AIP will continue to benefit from its promoter's extensive industry experience. The outlook may be revised to 'Positive' if there is a significant and sustainable increase in revenue and profitability, and improvement in working capital cycle, resulting in better-than-expected cash accrual. The outlook may be revised to 'Negative' if revenue is low, or if financial risk profile weakens because of large debt-funded capital expenditure or delay in receivables. AIP was established by Mr. Rajhamani as a proprietorship firm in 2010. Based in Erode, Tamil Nadu, the firm undertakes road construction activities. In fiscal 2016, its profit after tax was INR0.35 crore on operating income of INR7.38 crore, against a net profit of INR0.06 crore on operating income of INR1.38 crore in fiscal 2015. A R S FABRICS: CRISIL Reaffirms B+ Rating on INR10MM Term Loan -------------------------------------------------------------- CRISIL's rating on the bank facility of A R S Fabrics Private Limited continues to reflect modest scale of operations and exposure to risk related to fragmentation and competition in the textile industry. These rating weaknesses are mitigated by the promoters' extensive industry experience and company's moderate financial risk profile. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 10 CRISIL B+/Stable (Reaffirmed) Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: ARS's business risk profile remains constrained by its small scale of operations in the intensely competitive textile industry. The company's scale of operations was modest, reflected in revenue of INR3.7 Crores in fiscal 2016. The small scale of operations prevents the company from deriving benefits of economies of scale. * Exposure to risk related to fragmentation and competition in the textile industry: ARS spinning mills are situated in Namakkal region in Tamil Nadu. There are a large number of cotton yarn manufacturers situated in this region, exposing the entity to risks related to intense competition. The textile industry is largely unorganised, marked by the presence of several players with small capacities. Strengths * Extensive experience of the promoters: The promoters have over a decade experience in the textile industry. Over the years, the promoters have established healthy customer relationships, reflected in repeat orders from them. The long years of experience has also enabled ARS to establish strong relationship with the suppliers ensuring timely supply of raw materials. * Moderate financial risk profile: Financial risk profile of ARS is moderate with low gearing of 0.50 time as on March 31, 2016 and interest coverage of 3.28 times for fiscal 2016. The company's networth remains modest at INR5.3 crores as on March 31, 2016, constraining the financial risk profile. Outlook: Stable CRISIL believes ARS's business risk profile will continue to benefit from its promoters' extensive industry experience. The outlook may be revised 'Positive' if there is a significant and sustained improvement in the scale of operations while maintaining its operating margins leading to larger than expected cash accruals resulting in improved financial risk profile. Conversely, the outlook may be revised to 'Negative' if lower- than-expected revenue leads to low cash accrual, or in case of a large, debt-funded capital expenditure plan leading to weakening of its financial risk profile. ARS was incorporated in 2005, in Namakkal (Tamil Nadu) by Mr. Vasudevan. The company undertakes job work to process yarn into fabrics. ARS provisionally reported Profit after tax (PAT) of INR0.3 crore on revenue of INR3.7 crores in fiscal 2016 as against INR0.2 crore and INR4.0 crores, respectively in fiscal 2015. AVANT TRADING: CRISIL Upgrades Rating on INR5MM Overdraft to B+ --------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Avant Trading Company Private Limited to 'CRISIL B+/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Overdraft 5 CRISIL B+/Stable (Upgraded from 'CRISIL B-/Stable') Proposed Long Term 2 CRISIL B+/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') The upgrade reflects stabilisation of operations as indicated by an increase in revenue and improvement in profitability. Revenue grew at a healthy rate in fiscal 2016 while operating profitability has improved to 3% from 1.2% in fiscal 2015, leading to higher cash accrual of INR1.6 crore in fiscal 2016. Growth is expected to continue over the medium term, while the operating margin is likely to be maintained at 3-4% led by the management's focus on margin. The improved business risk profile is thus likely to be maintained over medium term. Analytical Approach CRISIL has treated unsecured loans of INR0.36 crore as neither debt nor equity as these are non-interest bearing in nature and are expected to remain in the business over the long term. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Being in the initial years of operations, the scale is modest despite healthy revenue growth. However, the scale of operations is expected to improve moderately over the medium term. * Below-average financial risk profile: The networth is small, the total outside liabilities to adjusted networth (TOLANW) ratio high, and debt protection metrics weak. Strength * Experience of the promoters in trading: Before establishing ATCPL, the promoters were engaged in agro-trading through an associate business entity. Subsequently, they started trading in limestone from March 2014 under ATCPL; they also started trading in mobile phones, computer peripherals, and other electronic components from December 2014. Benefits from this significant trading experience are likely to continue over the medium term. Outlook: Stable CRISIL believes ATCPL will continue to benefit from its promoters' industry experience and funding support. The outlook may be revised to 'Positive' in case of a sustainable and significant improvement in scale of operations and profitability, leading to higher-than-expected cash accrual. The outlook may be revised to 'Negative' in case of a stretched working capital cycle or large debt-funded capital expenditure, leading to pressure on the financial risk profile. Incorporated in 2010 and based in Mumbai, ATCPL is managed by Mr. Sudeep Kumar Saha and Mr. Harsh Rajnikant Saha. The company trades in mobile phones, computer peripherals, and other electronic components. It also trades in limestone, steel and textile goods. Operating income and net profit were INR26.32 crore and INR0.17 crore, respectively, in fiscal 2016 as against INR13.09 crore and INR0.06 crore, respectively, in fiscal 2015. BATHERO SANITARY: CRISIL Cuts Rating on INR4.50MM LT Loan to B- --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Bathero Sanitary LLP to 'CRISIL B-/Stable' from 'CRISIL B/Stable' and has reaffirmed the short-term facility at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.4 CRISIL A4 (Reaffirmed) Cash Credit 1.25 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') Long Term Loan 4.50 CRISIL B-/Stable (Downgraded from 'CRISIL B/Stable') Proposed Long Term 3.85 CRISIL B-/Stable (Downgraded Bank Loan Facility from 'CRISIL B/Stable') The downgrade reflects delayed commercialisation of the company's project and weaker-than-expected sales volume. The project was commercialised in September 2016 against CRISIL's previous expectation of April 2016. Thus, due to the nascent stages of operations, lower-than-expected sales are expected in the near term. Furthermore, cash accrual is likely to be inadequate to meet repayment obligation, though unsecured loans from the partners are expected to help meet the gap. Operations are working capital intensive in nature. Thus, there is high dependence on the bank line to meet incremental working capital requirement. The ratings reflect a nascent stage and modest scale of operations in the highly competitive ceramics industry, and large working capital requirement. These rating weaknesses are partially offset by the extensive industry experience of the partners, and the favorable location of the plant ensuring availability of raw material and labor. Key Rating Drivers & Detailed Description Weakness * Nascent stage of operation: The unit was commercialised with a delay of six months in September 2016. Significant ramp up in scale will remain a rating sensitivity factor over the medium term. * Modest scale of operations in the highly fragmented ceramics manufacturing industry: Net sales are expected at INR6-7 crore per fiscal over medium term. The modest scale of operations also restricts the ability to negotiate with customers or suppliers, as the ceramics business is highly fragmented with several small players operating within the country. * Large working capital requirement: Working capital requirement is expected to remain large on account of high inventory of 120- 150 days and moderate debtors of 60-90 days. Strengths * Extensive industry experience of the partners: The partners have an experience of over a decade in the industry and an established relationship with major suppliers and customers. This is expected to strengthen the market position and lead to revenue growth. * Locational advantage: The unit in located in Morbi, Gujarat, which is the hub of India's ceramics industry. This facilitates easy access to raw material, contractors, and skilled labourers. Other critical infrastructure such as gas and power are readily available, while transportation cost is also low, given the proximity to major ports, Kandla and Mundra, in Gujarat. Outlook: Stable CRISIL believes BS will continue to benefit from the extensive industry experience of its partners. The outlook may be revised to 'Positive' in case of optimal capacity utilisation, leading to significant improvement in operating profitability margins and thus, to sufficient cash accrual. The outlook may be revised to 'Negative' in case of lower-than-expected revenue, pressure on margins, a stretched working capital cycle, or delays in funding support from promoters, thus weakening the financial risk profile. BS was set up in 2015 as a limited liability partnership (LLP) by Mr. Brijesh Kasundra and Mr. Ketan Makasana. The firm manufactures sanitary ware products such as wash basins, sinks, and other bathroom fittings. The manufacturing facility is in Morbi. The firm commenced commercial operations from September 2016. BHOLA RAM: Ind-Ra Assigns 'BB' Long-Term Issuer Rating ------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Bhola Ram Steel Private Limited a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect BRSPL's moderate scale of operations and moderate credit profile. In FY16, revenue declined to INR584 million (FY15: INR729 million) on account of decline in sale volume. The company's net financial leverage (net debt/EBITDA) was 2x in FY16 (FY15: 2x) and EBITDA interest coverage (EBITDA/gross interest) was 3.6x (3.2x) with operating EBITDA margin of 4.3% (3.1%). The ratings factor in BRSPL's tight liquidity profile as reflected by almost 100% average working capital limit utilization during the 12 months ended December 2016. The ratings, however, are supported by the company's founder's rich experience of more than two decades in the steel manufacturing business. RATING SENSITIVITIES Negative: A decline in the operating profitability margins, resulting in deterioration in the interest coverage, will be negative for the ratings. Positive: An increase in the revenue and operating profit BRSPL, along with an improvement in credit metrics, will be positive for the ratings. COMPANY PROFILE BRSPL was established in 1988 by Mr. Ajay Kumar Goyanka. The company has a manufacturing unit in Digha, Patna which manufactures different steel products such as M/s Bar, Flat angle, and other products. BIPIN ENGINEERS: CRISIL Ups Rating on INR3.5MM Cash Loan to B- -------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Bipin Engineers Private Limited to 'CRISIL B-/Stable' from 'CRISIL C', while reaffirming its short term rating at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 0.5 CRISIL A4 (Reaffirmed) Cash Credit 3.5 CRISIL B-/Stable (Upgraded from 'CRISIL C') Letter of Credit 0.5 CRISIL A4 (Reaffirmed) Proposed Long Term 2.74 CRISIL B-/Stable (Upgraded Bank Loan Facility from 'CRISIL C') Term Loan 2.76 CRISIL B-/Stable (Upgraded from 'CRISIL C') The upgrade reflects the expectation that business risk profile will improve over the medium term supported increase in revenues by adding new product lines, expected improvement in liquidity because of retirement of term loans and continuous funding support from promoters in the form of unsecured loans. The ratings reflect Bipin's small scale of operations, sizeable working capital requirement, and weak financial risk profile because of modest networth. These weaknesses are partially offset by the extensive experience of the promoters in the solar equipment industry. Analytical Approach Unsecured loans of INR2.13 crore (as on March 31, 2016) from promoters have been treated as neither debt nor equity. Key Rating Drivers & Detailed Description Weaknesses * Working capital-intensive operations: Operations are working capital intensive, with gross current assets of over 241 days as on March 31, 2016, due to stretched debtors. * Small scale of operations amid intense competition: Revenue of INR10.7 crore in fiscal 2016 and INR7.42 crore till December 2016, (in fiscal 2017) reflect modest scale of operations. Strength * Promoters extensive experience in solar equipment industry: Bipin started manufacturing solar water systems in 1990. The promoters have more than two decades of industry experience, which enabled diversification into the solar photovoltaic lights segment in 2008. The promoters have also gained a sound understanding of the local market and established a dealer network in Maharashtra, Rajasthan, Madhya Pradesh, New Delhi, Jammu & Kashmir, and Punjab. Benefits from the promoters experience are expected to continue. Outlook: Stable CRISIL believes Bipin will continue to benefit from its promoters' funding support; however, liquidity should remain weak on account of delay in receipt of subsidy from the goverment. The outlook may be revised to 'Positive' if high cash accrual, timely receipt of subsidies, or capital infusion improves financial risk profile, particularly liquidity. The outlook may be revised to 'Negative' if decline in cash accrual, or stretch in working capital cycle on account of delay in receipt of subsidy weakens financial risk profile, particulalry liquidity. Bipin was set up in 1979 as a partnership concern by Mr. Hemant Revankar and his brother Mr. Dilip Revankar and was later reconstituted into a private limited company. The company manufactures solar water heaters, solar photovoltaic lights, food-processing equipment such as blenders, pulpers, roasters, frying pans and kettles, and storage tanks. Bipin has reported a net loss of INR0.01 crore on net sales of INR10.71 crore for 2015-16 (refers to financial year, April 1 to March 31), against a net profit of INR0.43 crore on net sales of INR15.4 crore for 2014-15. CAPITAL VENTURES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating -------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Capital Ventures Private Limited a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect CVPL's weak credit metrics because of low operating profitability. In FY16, CVPL's EBITDA margin was 2.85% (FY15: 3.29%), interest coverage (operating EBITDA/gross interest expenses) was 1.31x (1.24x), net leverage (total adjusted net debt/operating EBITDAR) was 7.31x (7.83x) and revenue was INR1,613.75 million in FY16 (INR1,471.52 million). The ratings are constrained by CVPL operating in a highly competitive fast-moving consumer goods (FMCG) industry, where a large number of players are present. The ratings, however, are supported by CVPL's moderate liquidity profile, indicated by an average maximum utilization of about 67.48% over the 12 months ended December 2016. However, its net working capital cycle was 101 days in FY16 (FY15: 135 days), primarily due to a high inventory holding period of 100 days. The high inventory holding period was owing to a large rice stock, as the firm has recently entered the rice trading business. RATING SENSITIVITIES Negative: Any further decline in EBITDA margin leading to a deterioration in credit metrics will be negative for the ratings. Positive: Sustained revenue growth, along with an increase in EBITDA margin, leading to an improvement in credit metrics, will be positive for the ratings. COMPANY PROFILE CVPL was founded as a partnership firm by Mr. Vivek Aggarwal and Mr. Naresh Aggarwal in 2000. It was reconstituted as a private limited company in 2013. CVPL is engaged in the trading of FMCG manufactured by Indian and multinational companies. In addition, the firm trades rice under its Parliament brand. The firm registered INR1,400 million in revenue for 9MFY17. CHHABRA ISPAT: Ind-Ra Affirms 'BB+' Long-Term Issuer Rating ----------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Chhabra Ispat Pvt Ltd's Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects CIPL's continued moderate scale of operations and credit profile. During FY16, CIPL's revenue was INR1,294 million (FY15: INR1,468 million), interest coverage (EBITDA/ gross interest expense) was 1.4x (1.6x) and net leverage (net debt/ operating EBITDA) was 5.2x (3.9x). Revenue of CIPL declined in FY16 due to decline in the sales realization of the products manufactured. However, in quantity terms the sales improved to 5,0821MT in FY16 from 4,5451MT in FY15. The company's maximum average use of bank loan limits was also high at 95.3% for the 12 months ended December 2016, indicating moderate liquidity. The ratings are, however, supported by CIPL's founders' decade long experience in manufacturing and trading MS billets. RATING SENSITIVITIES Positive: A substantial improvement in the revenue and EBITDA interest coverage could lead to positive rating action. Negative: Sustained deterioration in the EBITDA interest coverage ratio could be negative for the ratings. COMPANY PROFILE CIPL was incorporated in 2005. It manufactures MS billets at its 62,400mtpa manufacturing unit in Burdwan district. These billets are used by rolling mills to manufacture TMT bars. The company's registered office is in Kolkata. It is managed by two directors Surendra Kumar Jain and Sourav Jain. DONATELLO IFMR: Ind-Ra Assigns 'BB+' Rating to INR12MM Certs. ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Donatello IFMR Capital 2017 (an ABS transaction) provisional ratings as: -- INR220.4 mil. Pass through certificates (PTCs)-Series A1 assigned Provisional IND A(SO)/Stable -- INR12 mil. PTCs-Series A2 certificates assigned provisional IND BB+(SO)/Stable rating The final ratings are contingent upon the receipt of final documents conforming to the information already received. The enterprise loan pool to be assigned to the trust is originated by Janalakshmi Financial Services Limited. KEY RATING DRIVERS The provisional ratings are based on the origination, servicing, collection and recovery expertise of Janalakshmi Financial Services, the legal and financial structure of the transaction, and the credit enhancement (CE) provided in the transaction. The provisional rating of Series A1 PTCs addresses the timely payment of interest on monthly payment dates and the ultimate payment of principal by the final maturity date, in accordance with the transaction documentation. The provisional rating of Series A2 PTCs addresses the timely payment of interest on monthly payment dates only after the complete redemption of Series A1 PTCs and the ultimate payment of principal by the final maturity date, in accordance with transaction documentation. The transaction benefits from the internal CE on account of excess interest spread, subordination and over-collateralisation. The levels of over-collateralisation available to Series A1 and Series A2 PTCs are 13% and 8.25% of the initial pool principal outstanding (POS), respectively. Principal payouts to Series A2 PTCs are subordinated to Series A1 PTCs and thus provide 4.75% of support through principal subordination to Series A1 PTCs. The total excess cash flow or internal CE available to Series A1 and A2 PTCs is 29.8% and 24.1%, respectively, of the initial POS. The transaction benefits from the external CE of 10% of the initial POS in the form of fixed deposits in the name of the originator with a lien marked in favour of the trustee. The collateral pool to be assigned to the trust at par had an initial POS of INR 253.4 million, as of the pool cut-off date of Dec. 31, 2016. The external CE will be used in case of a shortfall in a) the complete redemption of all Series of PTCs on the final maturity date, b) the monthly interest payment to Series A1 investors, c) the monthly interest payment of Series A2 investors after the complete redemption of Series A1 investors, and d) any shortfall in Series A2 maximum payout on the Series A2 final maturity date. RATING SENSITIVITIES As part of its analysis, Ind-Ra built a pool cash flow model based on the transaction's financial structure. The agency analyzed historical data to determine the base values of key variables that would influence the level of expected losses in this transaction. The base values of the default rate, recovery rate, time to recovery, collection efficiency, prepayment rate and pool yield were stressed to assess whether the level of CE was sufficient for the current rating levels. Ind-Ra also conducted rating sensitivity tests. If the assumptions about the base case default rate worsen by 20%, the model-implied rating sensitivity suggests that the ratings of Series A1 will be downgraded by two notches and rating of Series A2 PTCs will not be impacted. COMPANY PROFILE Janalakshmi Financial Services is India's largest urban microfinance organization, with presence in 18 states and 197 cities as of Sept. 30, 2016, and provides various types of retail loans largely to urban lower income group and enterprise loans to the micro, small and medium enterprises segment. In September 2015, it received in-principle approval from the Reserve Bank of India to start operations as a small-finance bank. The company reported gross income of INR17.8 billion in FY16 (FY15: INR7.6 billion) and a PAT of INR1.6 billion (FY15: INR0.754 billion). The company's gross loan portfolio stood at INR109.9 billion in FY16 (FY15: INR37.63 billion) including securitized portfolio of INR19.15 billion (FY15: INR1.04 billion). DP GARG: Ind-Ra Affirms 'B+' Long-Term Issuer Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed D.P. Garg Exports (Pvt.) Ltd.'s Long-Term Issuer Rating at 'IND B+'. The Outlook is Stable. KEY RATING DRIVERS The affirmation reflects DPGE's continued small scale of operations and moderate credit metrics. In FY16 DPGE's revenue deteriorated to INR235.53million (FY15: 274.64 million), gross interest coverage (operating EBITDA/gross interest expense) was 2.09x (FY15: 2.13x) and net financial leverage (total adjusted net debt/operating EBITDAR) deteriorated to 8.55x (FY15: 7.83x). The ratings, however, continue to be supported by over three decades of experience of DPGE's founders in the manufacturing and exporting hinges and ironmongery and the company's long operational history. The ratings are further supported by DPGE's comfortable liquidity position as reflected in its 68.58% average use of working capital limits over the 12 months ended December 2016. The ratings factor in the improvement in the EBITDA margin to 5.11% in FY16 (FY15: 3.50%). RATING SENSITIVITIES Negative: A decline in EBITDA margin leading to deterioration in credit metrics could lead to a negative rating action. Positive: A sustained revenue growth, along with improved credit metrics, could lead to a positive rating action. COMPANY PROFILE Established in 1998 and promoted by B.M. Garg, DPGE manufactures and exports hinges and ironmongery at its facility in Noida. GAURISHANKER BIHANI: ICRA Reaffirms B+ Rating on INR15cr Loan ------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR15-crore cash-credit facility (reduced from INR20 crore) and assigned [ICRA]B+ rating to the INR5-crore untied limits of Gaurishanker Bihani. The outlook on the long-term rating is stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 15.00 Reaffirmed at [ICRA]B+ (Stable) outlook assigned Unallocated Limits 5.00 [ICRA]B+(Stable) assigned Detailed Rationale The ratings reaffirmation takes into account GSB's de-growth in volume sales which, coupled with lower average realisation, led to a lower operating income in FY2016. The ratings also factor in the low operating profitability on account of the trading nature of the business, which leads to nominal profits and cash accruals and high working capital intensity of the business due to increased inventory holdings which adversely impacts the liquidity profile of the firm. The ratings also factor in the fact that the firm has to make cash payment for purchases of TMT bars and in turn extend credit period to its customers, which has led to increasing working capital debt to support business growth. High working capital debt, coupled with nominal accretion, results in high gearing levels and depressed debt coverage indicators for the firm. The rating also takes into account the risk associated with the entity's profile as a partnership firm, including the risk of capital withdrawal by the partners. The ratings, however, favourably factor in the experience of the promoters in the trading business and the firm's established relationship with Tata Steel Limited. The firm is an exclusive project distributor for TSL's TISCON brand in West Bengal. The firm's ability to effectively manage its receivables and inventory levels while increasing the scale of operation will remain the key rating sensitivity. Key rating drivers Credit Strengths * Experience of the promoters in the steel-trading business * Established relationship with Tata Steel, the company is an exclusive project distributor of Tata Steel's TISCON brand in West Bengal Credit Weaknesses * Unfavourable market situation in the steel industry, leading to decline in sales during FY2016 * Working capital intensive nature of the business owing to inventory holdings, which adversely impacts the liquidity profile * Limited value addition given the trading nature of business and low bargaining power of the firm against TSL results in low profitability * High working capital debt (to support business growth) continues to keep gearing high though the same have declined in FY2016 compared to the preceding year; coverage indicators also continued to remain depressed * Risks involved with the status of the entity as a partnership firm, including the risk of capital withdrawal Description of key rating drivers highlighted: Based out of Kolkata, GSB is an exclusive project distributor for TSL's TISCON thermo mechanically treated (TMT) bars in West Bengal (WB) and an authorised dealer of Tata Steel's hot-rolled (HR) flat products. However, volumes of TMT bars were significantly higher than that of HR products. TMT bars are mainly used in general concrete re-enforcement structures, bridges, flyovers, high-rise buildings and other concrete structures. The customer base for GSB comprises mainly construction and heavy-engineering companies located in WB. Presence of large and established clients reduces counterparty risk to some extent. The operating income of the firm declined around 35% during FY2016 primarily due to fall in volume sales of around 20% and average realisation by 19%. The operating profit margin, owing to the trading nature of operation, continued to remained low in FY2016, however, slight improvement was witnessed compared to the preceding year. The net margin remained depressed at 0.38% during FY2016 due to high interest expenses. The working capital requirements of GSB is high since the firm has to make cash payment for purchases from TSL and in turn extends credit period to its customers. It also maintains adequate inventory levels. Out of GSB's total debt of INR39.82 crore as on March 31, 2016, working capital loan (consisting of cash credit and channel finance) stood at INR30.71 crore. The remaining is in the form of unsecured loans from partners and relatives. High working capital requirements, owing to substantial inventory holding, exerts pressure on the liquidity of the business and has resulted in increasing working capital loans, to support growth, which continues to keep gearing on the higher side. The gearing level as on March 31, 2016, stood high at 4.74 times, though the same declined compared to the preceding year. Low operating profitability and high working capital debt resulted in weak coverage indicators for the firm with interest coverage of 1.11 times and a total debt relative to OPBDITA of 7.25 times in FY2016. Gaurishanker Bihani was incorporated in 1936 as a proprietorship firm by late Mr. Gaurishanker Bihani and in 1974 it was reconstituted as a partnership firm. Based in Kolkata, GSB is an exclusive project distributor for Tata Steel's TISCON TMT bars in West Bengal and is an authorised dealer of TSL's HR flat products. GSB posted a net profit of INR0.48 crore on an operating income of INR124.80 crore during FY2016. In FY2015, the firm reported a net profit of INR0.85 crore on an operating income of INR190.91 crore. GOYAL AGRO: ICRA Reaffirms 'B' Rating on INR29cr Fund Based Loan ---------------------------------------------------------------- ICRA has reaffirmed the long-term rating at [ICRA]B on the INR29.00-crore (enhanced from INR9.50-crore) fund-based facility and the INR1.00-crore (reduced from INR7.50-crore) unallocated limits of Goyal Agro Foods. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 29.00 [ICRA]B; reaffirmed, Stable Outlook assigned Unallocated Limits 1.00 [ICRA]B; reaffirmed, Stable Outlook assigned Rationale The rating reaffirmation factors in healthy increase in operating income and cash accruals in FY 16; however these improvements have been accompanied with increase in gearing levels and deterioration in interest coverage ratio. ICRA's rating continues to factor in the entity's modest scale of operations in the rice milling and sorting business, which coupled with the low value-adding operation and the high industry competition has resulted in low profitability and weak debt coverage indicators. The rating continues to take into account the working capital intensive nature of the rice milling business because of the need to maintain substantial inventories. Furthermore, the incremental working capital requirement of the company was primarily funded through bank borrowings, leading to a highly leveraged capital structure. The rating is also constrained by the agro climatic risks, which affect paddy availability. ICRA also takes note of the partnership constitution of the firm, which exposes it to risks such as dissolution and capital withdrawal. However, the rating continues to be favourably supported by the firm's long track record of operations and the experience of the promoters in the rice industry; the proximity of the mill to a major rice growing area which ensures easy availability of paddy; and the stable demand outlook as rice is an important part of the staple Indian diet. Going forward, the ability of the firm to increase its scale of operations, sustain its profitability, achieve a prudent capital structure and optimise the working capital intensity will be the key rating sensitivity. Key rating drivers Credit Strengths * Experienced promoters with long presence in the industry * Presence in a major rice growing area ensures easy availability of rice * Commencement of sales to exporters and the increased capacity in FY2016 have led to healthy growth in the operating income in the past two years. * Good demand prospects for the industry as rice is a staple food grain and India is the world's second largest producer and consumer of rice Credit Concerns * High gearing due to funding of working capital requirement through bank borrowings * Intense industry competitive industry, characterised by a large number of small players * Agro climatic risks can affect paddy availability * Risk inherent in the partnership firm Description of key rating drivers highlighted: The firm has expanded its scope of work as it has diversified from custom milling to sales to exporters. The increase in production capacity in FY2016 further aided the revenue growth. The promoters and their family are involved in the rice milling business for more than fifteen years and have gained a thorough knowledge of the markets. The long presence in the industry has helped the firm to establish strong relationship with its suppliers and customers. The working capital intensity has remained high over the past few years, primarily on account of high inventory days coupled with high debtor days. Paddy is a seasonal crop and millers have to buy and stock paddy from September to December every year, leading to high inventory level. Moreover, millers undertake ageing of paddy before it is processed (as it fetches better realization) which necessitates higher inventory days and consequently higher working capital requirement. Furthermore, the debt-funded capex in FY2016 and the infusion of unsecured loans increased the gearing sharply from 2.99 times as on March 31, 2015 to 5.26 times as on March 31, 2016. Higher debt, coupled with moderate profitability, has translated into modest debt metrics with interest coverage at 1.39 times. Incorporated in 2007, GAF is a proprietorship concern engaged in milling, processing and sorting of basmati rice. The company also mills paddy for the government. It has its plant at Moga (Punjab) with a milling capacity of 9 tonnes per hour. The company was primarily engaged in custom milling and trading of rice till 2014. However from FY2015 onwards, the company has started selling to exporters as well. GAF recorded a net profit of INR0.48 crore on an operating income of INR41.10 crore in FY2016 as against a net profit of INR0.28 crore on an operating income of INR15.98 crore in the previous year. HARDOLI PAPER: ICRA Reaffirms B+ Rating on INR15cr Loan ------------------------------------------------------- ICRA has reaffirmed the long term rating at [ICRA]B+ for the INR9.00 crore term loans of Hardoli Paper Mills Limited. ICRA has also reaffirmed the short term rating at [ICRA]A4 for the INR1.00 crore2 non-fund based bank facilities of HPML. ICRA has also assigned the long term rating of [ICRA]B+ to the INR6.00 crore cash credit facility of the HPML. The outlook on the long term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 15.00 Reaffirmed/Assigned at [ICRA]B+ (Stable) Non-Fund Based Limits 1.00 Reaffirmed at [ICRA]A4 Detailed Rationale The ratings factor in the long standing experience of promoters and established track record of the company in the kraft paper business, the company's established network of agents spread across western and southern region, and healthy revenue growth reported by the company during FY 2016. The ratings also take into account the completion of the modernization of the facility which is likely to aid in improvement in operating profitability of the company. However, the ratings continue to remain constrained by the weak financial profile of the company as reflected by low profitability, leveraged capital structure and weak debt coverage indicators. The ratings also take into account the vulnerability of company's profitability to volatility in waste paper prices, fluctuations in foreign exchange rates, and the highly competitive nature of kraft paper industry with presence of various organized and unorganized paper mills which restricts pricing flexibility and keeps margins under pressure. ICRA also notes that the company has sizeable repayment obligations in the near to medium term and hence scaling up of revenues along with improvement in profitability would remain critical from credit perspective. Key rating drivers Credit Strengths * Long standing experience of the promoters and established track record of the company in the kraft paper business * Established network of agents spread across western and southern region * Completion of the modernization cum capacity enhancement exercise likely to aid revenues and operating profitability going forward Credit Weakness * Weak financial profile characterized by low profitability, leveraged capital structure and weak debt coverage indicators * Sizeable repayment obligations in near to medium term; scaling up of operations while improving profitability would remain critical for timely debt servicing * Highly fragmented and intensely competitive industry with presence of a few large paper mills and various smaller competitors * Profitability exposed to volatility in waste paper prices; company's ability to pass on increase in waste paper prices remains critical * Profitability exposed to fluctuations in foreign exchange rates as a proportion of raw material requirement is met through imports Detailed description of key rating drivers highlighted: The company is engaged in the manufacture of different varieties of Kraft Paper with BF (Burst Factor) ranging from 16 to 24. The company was in the midst of a capacity expansion cum modernization plan which has been completed in September 2016. The same is likely to aid the company's revenues and operating profitability as it can now manufacture higher BF kraft paper which fetches higher realizations. Waste paper is the major raw material which is sourced locally as well as imported and the sourcing mix depends mainly on the prevailing prices in domestic as well as foreign markets and the quality of the kraft paper that is required to be manufactured. As raw material constitutes a major proportion of the cost mix, HPML's profitability remains exposed to variations in the prices of waste paper along with any adverse fluctuation in the foreign exchange rates. The company faces intense competition from various organized and unorganized paper mills. HI-TECH AGRO: CRISIL Assigns B+ Rating to INR8.25MM Cash Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facility of Hi-Tech Agro Food Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 8.25 CRISIL B+/Stable The rating reflects the modest scale of operations, and exposure to intense competition, adverse change in regulations and volatility in raw material prices. These rating weaknesses are partially offset by the extensive experience of the promoters and their funding support. Analytical Approach For arriving at the rating, CRISIL has treated unsecured loans of INR2.43 crore extended by the promoter as neither debt nor equity, as these loans bear a nominal interest rate, and will be retained in business over the medium term. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations in the intensely competitive rice industry: Intense competition in the rice industry and small milling capacities have kept the scale of operations modest (operating income of INR43 crore in fiscal 2016), in comparison to other large players. * Susceptibility to adverse change in regulations and volatile raw material prices: Stringent regulations on paddy prices, export/import policies for rice, and the rice release mechanism, affect the credit quality of players. The minimum support price of paddy and prevailing rice prices mainly determine the profitability of rice mills. Strength * Extensive experience of the promoters and their funding support: Benefits from the four decade-long experience of the promoters (Mr B Rajendran and Mr. D Ravi) in the rice milling business, and their funding support via unsecured loans, will continue. Operations are currently being managed by the third generation of the promoters' family. Outlook: Stable CRISIL believes HAPL will continue to benefit from the extensive experience of its promoters, and their funding support. The outlook may be revised to 'Positive' in case of an improvement in scale of operations and profitability, leading to sizeable cash accrual. The outlook may be revised to 'Negative' if a decline in operating margin, a stretch in the working capital cycle or any large, debt-funded capital expenditure, weakens liquidity. HAPL was incorporated in 2005 by Mr. B Rajendran and Mr. D Ravi and their family members. The company mills non-basmati rice in Trichy (Tamil Nadu). For fiscal 2016, the company reported a profit after tax of INR0.1 crore on an operating income of INR41.04 crore as against profit after tax of INR0.16 crore on operating income of INR40.16 crore for the previous fiscal year. JAJODIA EXPORTS: CRISIL Assigns B+ Rating to INR7.5MM Cash Loan --------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the long-term bank facilities of Jajodia Exports Private Limited and has assigned its 'CRISIL B+/Stable' rating. The rating was suspended by CRISIL vide rating rationale dated February 23, 2016, as JEPL had not provided the necessary information required for a rating review. The company has now shared the requisite information, enabling CRISIL to assign its rating. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 7.5 CRISIL B+/Stable (Assigned; Suspension Revoked) Proposed Cash 0.5 CRISIL B+/Stable (Assigned; Credit Limit Suspension Revoked) The rating reflects JEPL's modest scale of operations, low profitability, and weak financial risk profile on account of modest networth and weak debt protection metrics. These weaknesses are partially offset by extensive experience of promoters in the trading business. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: Despite an increase in turnover at a compound annual growth rate of 10.51% in the past three years (INR66.77 crore in fiscal 2016), scale is small due to exposure to intense competition. * Low operating margin: Profitability has been in the 1.4-2.3% range in the three years through fiscal 2016 because of trading nature of business, no value addition, and intense competition. * Weak financial risk profile: Networth was modest at INR3.62 crore and total outside liabilities to tangible networth ratio high at 2.14 times as on March 31, 2016. Also, interest coverage ratio was weak at 1.5 times for fiscal 2016. Furthermore, liquidity is stretched due to low net cash accrual following modest scale and low profitability. Strength * Extensive experience of promoters and established relationship with customers and suppliers: Presence of more than 20 years in the trading business has enabled the promoters to establish strong relationship with customers and suppliers. Outlook: Stable CRISIL believes JEPL will continue to benefit over the medium term from the extensive experience of its promoters and established relationship with customers. The outlook may be revised to 'Positive' in case of large capital infusion, increase in networth, and better liquidity. The outlook may be revised to 'Negative' if profitability declines significantly or the company undertakes sizeable, debt-funded capacity expansion. Set up as a partnership firm in 1999 and reconstituted as a private limited company in 2011, JEPL trades in spare parts, agriculture machinery (used in irrigation) imported from China, and agro products such as rice, wheat, jute, and corn. Profit after tax (PAT) was INR0.32 crore on net sales of INR66.77 crore for fiscal 2016, vis-a-vis PAT of INR0.1 crore on net sales of INR60.63 crore in fiscal 2015. JAY ENTERPRISES: CRISIL Assigns B+ Rating to INR15MM Cash Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank loan facilities of Jay Enterprises - Mumbai. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 10 CRISIL B+/Stable Proposed Cash Credit Limit 15 CRISIL B+/Stable The rating reflects the firm's modest scale of operations, low operating profitability, and subdued financial risk profile because of small networth and high gearing. These weaknesses are partially offset by its established relationships with suppliers and customers, and its promoters' extensive experience in the steel trading business. Analytical Approach Unsecured loans extended to the firm by its promoters have been treated as neither debt nor equity. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations and low operating margin: The firm's modest scale of operations in the intensely competitive steel trading business is reflected in revenue of INR85 crore in fiscal 2016. Its operating profit was also low, at 2.1 percent, due to its trading business. * Subdued financial risk profile: The financial risk profile is constrained by modest networth of INR2.6 crore and high total outside liabilities to tangible networth ratio of 10.1 times as on March 31, 2016. However, retention of profits and absence of major debt-funded capital expenditure (capex) will lead to improvement in the capital structure. Strengths * Extensive industry experience of promoters: The promoters' experience of more than three decades in the steel industry will support the firm's business risk profile. * Established relationships with customers and suppliers: Over the years, the firm has established healthy relationships with customers and suppliers, leading to healthy revenue growth. Outlook: Stable CRISIL believes JE will benefit from its promoters' extensive industry experience and established relationships with customers and suppliers. The outlook may be revised to 'Positive' if the firm reports more than expected operating margin and cash accrual, leading to improvement in its financial risk profile. The outlook may be revised to 'Negative' if lower than expected cash accrual weakens working capital management, or sizeable, debt-funded capex weakens the financial risk profile. JE, established in 1995 as a partnership firm, trades in iron and steel products such as hot-rolled and cold-rolled coils, sheets, and plates. The firm procures from importers in India, and sells to traders in Maharashtra. The firm had a profit after tax of INR0.64 crore on net sales of INR81.19 crore for fiscal 2016, vis-a-vis INR0.17 crore and INR20.99 crore, respectively in fiscal 2015. JSW STEEL: Moody's Revises Outlook to Stable & Affirms Ba3 CFR -------------------------------------------------------------- Moody's Investors Service has changed JSW Steel Limited's (JSW) ratings outlook to stable from negative and affirmed the company's corporate family rating (CFR) and senior unsecured rating at Ba3. RATINGS RATIONALE "The change in outlook to stable from negative reflects the sustained improvement in JSW's operating and financial performance over the last four quarters, and Moody's views that completion of the company's capex cycle will result in free cash flows turning positive and applied towards debt reduction," says Kaustubh Chaubal, a Moody's Vice President and Senior Analyst. Steel prices in India have recovered from the lows observed during the fiscal year ended March 2016 (FY2016), following various measures by the Government of India (Baa3 positive) to curb imports, and the positive momentum across global steel markets since April 2016. This situation has led to a marked improvement in JSW's operating performance so far in FY2017. In particular, average monthly steel imports into India of approximately 0.67 million tonnes (mt) in the nine months (April- December 2016) of the fiscal year ending March 2017 were down by nearly 37% from the more than 1mt seen in FY2016. Furthermore, an addition to crude steel capacity by 25%, increasing proportion of high-margin value-added products, and continuing cost rationalization initiatives supported the improvement in JSW's profitability, despite sporadic raw material cost pressures. JSW's results for April-December 2016 mirrored this improvement, with reported consolidated net sales of INR426 billion, up 24.5% from the same period the year before, and consolidated reported operating EBITDA of INR91 billion, a result which had doubled from the level achieved for April-December 2015. "Looking ahead, Moody's do not expect the recent rise in iron ore and coking coal prices to be passed on entirely," adds Chaubal, who is also Moody's Lead Analyst for JSW. "As such, Moody's expects JSW's EBITDA/tonne to average less than INR7,900 for FY2017, and to remain flat or modestly drop in FY2018, still an appreciable improvement on the average INR4,719 for FY2016." Moody's estimates the company's leverage at 31 December 2016 to be approximately 4.1x; a sharp improvement from the 5.1x at 30 September 2016 and 6.7x at 31 December 2015. The sustained improvement in JSW's operating performance supports Moody's expectation that leverage will correct to 3.7x by March 2017 and approach less than 3.5x by March 2018. The change of JSW's ratings outlook to stable rests on Moody's view that JSW will maintain a cautious approach when evaluating expansions or potential acquisitions. Any departure in financial policies that result in debt-funded investments - such that leverage levels do not correct - will weigh on the company's ratings. The Ba3 ratings reflect JSW's large scale and competitive conversion costs, supported by its wide range of furnace technology and the coastal locations of its operations. The ratings also reflect the company's good market position in India's steel industry, especially in the south and west. And, the ratings incorporate the company's good product and end-market diversification, and its increasing focus on value-added products and retail sales through its growing number of `Shoppe' outlets. These rating strengths are counterbalanced by the cyclical nature of the steel industry and the absence of raw material integration, which increases both supply and price risk. The stable ratings outlook reflects Moody's view that the completion of JSW's capex cycle will result in free cash flows turning positive; thereby paving the way for an improvement in its credit metrics. The stable outlook also incorporates Moody's expectation that the company will maintain a measured approach to growth. The ratings could experience upward pressure if JSW continues to maintain its sustained improvement in its operating and credit metrics, and a measured approach to growth. Specific credit metrics that could lead to a higher ratings category include leverage less than 3.5x, EBIT/interest coverage in excess of 2.5x, while generating positive free cash flows. Maintaining EBIT margins in excess of 12% would also be key for a higher rating. A downgrade is unlikely, given the stable outlook. That said, ratings could experience downward pressure if there is any reversal in the company's leverage correction trajectory because of any shift in industry conditions, or if the company undertakes overtly aggressive investments or acquisitions, such that adjusted leverage exceeds 5.0x, free cash flows return to negative territory, or EBIT/interest coverage slips to less than 2.0x, on a sustained basis. The principal methodology used in these ratings was Global Steel Industry published in October 2012. JSW Steel Limited is a leading manufacturer of a wide range of steel products in India. It has an installed steel-making capacity of 18 million tonnes per annum, and is one of the country's largest steel producers. KADAMBRI HEALTHCARE: CRISIL Assigns B- Rating to INR13.05MM Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long- term bank loan facility of Kadambri Healthcare Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Long Term Loan 13.05 CRISIL B-/Stable The rating reflects KHPL's exposure to project related risks, expected small scale of operations and intense competition in the medical and healthcare industry. These rating weaknesses are partially offset by the extensive experience of the management in the healthcare industry. Key Rating Drivers & Detailed Description Weaknesses * Exposure to project related risks: KHPL's project is in the middle stage of implication as company has incurred capex of INR5.5 crores till date and almost 65% of project is yet to be done. Thus CRISIL expects KHPL to face moderate implementation risk for its project. * Expected small scale of operations: KHPL is estimated to have small scale of operations as it has 50 bed facilities. The hospital is under construction and is to being its operation from June 2017. Further, KHPL nature of operations is small and localized, compared with other hospitals. Strength * Extensive experience of the management in the healthcare industry: KHPL will benefits out of extensive experience of the promoters. Company is promoted by Dr. Nishant Tyagi and Dr. Ashok Gupta who are into the medical field for the past 12 and 15 years respectively. The promoters have also roped in big doctors like Mr. K. Ramalingam and Dr. Rekha Gupta who are a pediatrist and gynecologist for big hospitals like Fortis and Max in East Delhi. Outlook: Stable CRISIL believes KHPL will benefit from the extensive experience of its management, over the medium term. The outlook may be revised to 'Positive' if the company's project completes as per envisaged timelines and operations stabilise in a timely manner leading to higher than expected revenues and profit profitability and hence, higher cash accruals. The outlook may be revised to 'Negative' if a delay in start of operations increase project cost and weakens the financial risk profile, especially liquidity. Incorporated in 2015, KHPL is engaged in setting up a mother-and- child hospital at Ghaziabad, Uttar Pradesh, with a 50- bed capacity offering specialisation in gynaecology and pediatrics. KHPL is managed by Dr. Nishant Tyagi and and Dr. Ashok Gupta. KAVIT PU: Ind-Ra Assigns 'D' Long-Term Issuer Rating ---------------------------------------------------- India Ratings and Research (Ind-Ra) has assigned Kavit PU Leather Cloth Industries Private Limited (KIPL) a Long-Term Issuer Rating of 'IND D'. KEY RATING DRIVERS The ratings reflect over-utilization of working capital facilities during November 2016 due to a weak liquidity position and delays in term loan interest payments in September, October and November 2016. RATING SENSITIVITIES Positive: Timely debt servicing for at least three consecutive months could result in a positive rating action. COMPANY PROFILE Incorporated in May 1999, KIPL is engaged in the trading of polyurethane foam and poly-coated fabric. The fabric finds its usage in industries such as footwear, upholstery, automobile (seats and covers), furniture and textile. KINGFISHER: ED Obtains Permit to Retrieve Swiss Account Details -------------------------------------------------------------- Hindustan Times reports that the Enforcement Directorate (ED) on Feb. 3 obtained a Letter Rogatory to retrieve details on the properties and accounts held by Vijay Mallya in Switzerland. The agency suspects that Mallya has acquired some properties and parked some money in Switzerland. According to the report, the central agency had initiated investigation in the money laundering case after the Central Bureau of Investigation (CBI) registered a case against M/s Kingfisher Airlines Ltd, for defaulting the loan amount taken it, on the basis of an investigation under PMLA. The ED revealed that loan was sanctioned against collateral security of Kingfisher brand, corporate guarantee of UBHL and personal guarantee of Mr Vijay Mallya; INR807 Crores remained unpaid. In their ongoing probe, the agency had in last week of December approached the special PMLA court for Letters Rogatory (letters of request) to the court of Switzerland seeking information on the accounts and properties held by Mallya in the country, the report relays. "A special court accepted ED's request and issued LRs in respect to details, documents and evidence of properties held by Mallya in Switzerland. There is material to show that Mallya had bought properties there," Hindustan Times quotes the counsel for ED, Hiten Venegaokar, as saying. Hindustan Times says the agency had given a list of requirements from the court of Switzerland, which include the account held by Kingfisher, names of the account holders and their details, account statements, copies of agreements of immovable properties and its details. Hindustan Times adds that the court, while granting the plea, observed that prima facie, "it appears that the accused had directly attempted to indulge and knowingly assisted and also knowingly is a party and also actually involved in the process or activity connected with the proceeds of the crime for concealment, possession, acquisition and use of the tainted money as untainted property and therefore, thorough investigation of this crime is really required." About Kingfisher Airlines Headquartered in Mumbai, India, Kingfisher Airlines -- http://www.flykingfisher.com/-- formerly known as Deccan Aviation Ltd., served about 35 domestic destinations with a fleet of more than 40 aircraft, including Airbus jets and ATR 72 turboprops. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 15, 2014, Bloomberg News said Kingfisher Airlines has grounded planes since October 2012. The airline lost its operating license in January 2013 after failing to convince authorities it has enough funds to restart flights. As reported in the TCR-AP on Nov. 25, 2016, the Times of India said the Karnataka high court has ordered the winding up of the now-defunct Kingfisher Airlines (KFA). Justice Vineet Kothari gave this direction on Nov. 18, while allowing a petition filed in 2012 by Aerotron, a UK-based company, for recovery of a little over $6 million due to it for supply of rotable aircraft components to KFA. KISAN OLEOCHEM: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating ------------------------------------------------------------ India Ratings and Research (Ind-Ra) has assigned Kisan Oleochem & Derivatives Private Limited (KODPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook is Stable. KEY RATING DRIVERS The ratings reflect KODPL's moderate scale of operations and weak credit profile. In FY16, revenue was INR2,238.1 million (FY15: INR1,977.5 million), net leverage (adjusted net debt/operating EBITDA) was 13.4x (1.9x) and gross interest coverage (operating EBITDA/gross interest expense) was 2x (1.5x). The company's EBITDA margin declined to 0.8% in FY16 (FY15: 1.4%) due to fluctuation in price of castor seeds. The ratings are constrained by KODPL's presence in a highly fragmented and intensively competitive industry. The company has a moderate liquidity profile as reflected by 88.8% of average utilization of its working capital facility for the 12 months ended December 2016. However, the ratings are supported by the partners' more than two-decade-long experience in the castor oil processing and trading business. RATING SENSITIVITIES Positive: A substantial improvement in the profitability margins, along with an improvement in the credit metrics will be positive for the ratings. Negative: A further deterioration in the scale of operations could be negative for the ratings. COMPANY PROFILE KODPL was incorporated in October 2009 and commenced its commercial operation in 2012. The company is engaged in manufacturing, processing and trading of castor oil and castor de-oiled cake. It has registered office in Palanpur, Ahmedabad. KS FIBER: ICRA Reaffirms 'B' Rating on INR16.10cr Term Loan ----------------------------------------------------------- ICRA reaffirms the long term rating of [ICRA]B to the INR16.10 crore term loan facilities and to the INR8.00 crore cash credit facility of K. S. Fiber. The outlook on the long term rating is 'Stable'. Moreover, ICRA reaffirms the short term rating of [ICRA]A4 to the INR2.00 crore non fund based facility of KSF (sub limit of cash credit facility). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based limits- Term Loan 16.10 [ICRA]B(stable) reaffirmed Fund based limits- Cash Credit 8.00 [ICRA]B(stable) reaffirmed Non-Fund Based-FLC (2.00) [ICRA]A4 reaffirmed Rationale The reaffirmation of the ratings continues to factor in KSF's small scale of operations, highly leveraged capital structure. Modest debt coverage indicators and high working capital intensity. The ratings also take into account the vulnerability of profitability to adverse movements in yarn prices and high competition. The ratings, however, favourably factor in the extensive experience of the promoters and favourable location of the firm in Surat providing proximity to raw material suppliers and downstream processing units. Key rating drivers Credit Strengths * Long standing experience of the promoters in textile industry * Favourable location of the firm's manufacturing unit in Surat in proximity to suppliers of yarns and downstream processing units Credit Weakness * Small scale of operations * Highly leveraged capital structure on account of primarily debt funded nature of the capex; and modest debt coverage indicators * Vulnerability of profitability to adverse movements in yarn prices which may not be passed on to the customers adequately * High competitive intensity on account of fragmented nature of the fabric manufacturing industry * Partnership concern; any substantial withdrawals from capital account would adversely impact the capital structure Description of key rating drivers highlighted: The rating reaffirmations continue to factor in KSF's small scale of operations and financial risk profile marked by highly leveraged capital structure with gearing of 3.74 times as on March 31, 2016, on account of primarily debt funded nature of the capex undertaken in FY2015, modest debt coverage indicators (Interest coverage of 1.71 times and NCA/TD of 17% in FY2016) and high working capital intensity of operations driven by elongated receivable period which stood at 71 days in FY2016. The ratings further continue to factor in the vulnerability of profitability to adverse movements in yarn prices which may not be passed on to the customers completely due to the limited pricing flexibility and bargaining power given the given the high competitive intensity. The ratings is also constrained by high competitive intensity in a fragmented fabric manufacturing industry with presence of small unorganised as well as large organised players. ICRA also notes that KSF is a partnership firm and any significant withdrawals from the capital account would affect its net worth and thereby its capital structure as witnessed in FY2016 with capital withdrawal of INR2.07 crore. The ratings, however, favourably factor in the extensive experience of the promoters in the textile industry through other group entities and favourable location of the firm in Surat providing proximity to raw material suppliers and downstream processing units. Going forward, ICRA expects the firm's revenue to witness a dip in FY2017 due to shift in product mix having lower realisations. The capital structure is expected to improve on account of scheduled repayment of term loan. The firm's ability to increase its scale of operations while maintaining healthy profitability amidst the highly competitive business scenario; improve the capital structure and manage working capital effectively while ensuring timely debt servicing will remain the key rating sensitivities. Established in the year 2011, KS Fiber (KSF) is a partnership firm and manufactures knitted polyester fabric as well as nylon fabric from its facility located in Surat (Gujarat). The firm is promoted by the Khurana family and started commercial operations in May 2012. The promoters have been associated with the textile industry for over a decade through other group concerns namely Srinath Texprint Private Limited, S K Texfeb and K B Creation engaged in dying and printing operations. For the year FY2016, the company reported an operating income of INR30.80 crores and profit after tax of INR1.04 crore as against an operating income of INR30.68 crore and profit after tax of INR0.84 crore during FY2015. MAXWELL: CRISIL Reaffirms B- Rating on INR4.5MM Letter of Credit ---------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on the bank facilities of Maxwell. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 4.5 CRISIL B-/Stable (Reaffirmed) Letter of Credit 13.0 CRISIL A4 (Reaffirmed) The ratings continue to reflect the weak liquidity, with instances of devolvement of letters of credit. The ratings also factor in the modest scale of operations, with exposure to risks related to volatility in foreign exchange rates, and a below- average financial risk profile, because of a modest networth, high gearing, and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of the partners, and funding support received from them. Analytical Approach Unsecured loans of INR15.67 crore, extended by the partners, have been treated as neither debt nor equity, and INR11.48 crore received from group entities, have been treated as debt. Key Rating Drivers & Detailed Description Weaknesses * Below-average financial risk profile: The capital structure is highly leveraged, with gearing of around 3.1 times and total outside liabilities to tangible networth ratio of around 1.7 times, as on March 31, 2016. Networth was modest at INR7.93 crore as on the same date. Debt protection metrics are weak, marked by interest coverage and net cash accrual to total debt ratios of around 1.12 times and 0.01 time, respectively, in fiscal 2016. * Large working capital requirement: Operations are highly working capital intensive, as reflected in gross current assets of 520 days as on March 31, 2016, mainly owing to large credit offered to customers. Inventory holding was also high, on account of the slowdown in the industry, which led to instances of devolvement of letter of credit. * Modest scale of operations: Revenue of INR41.28 crore in fiscal 2016, reflects the modest scale of operations, which may remain constrained by intense competition in the trading business. Strength * Extensive experience of the partners: Benefits from the two decade-long experience of the partners in the PVC resin trading business, and their healthy relationships with key suppliers in the overseas market and customers in the domestic market, will continue. The partners have also extended unsecured loans to support the operations. Outlook: Stable CRISIL believes Maxwell will continue to benefit from the extensive experience of the partners and their funding support. The outlook may be revised to 'Positive' if higher-than-expected cash accrual or an equity infusion by the partners, along with efficient working capital management, strengthens the financial risk profile. The outlook may be revised to 'Negative' in case of low cash accrual, a stretch in the working capital cycle, or debt-funded capital expenditure, weakening liquidity further. Maxwell is a partnership firm, owned and managed by Mr. Mahabir Pershad and Mr. Narender Kumar. The New Delhi-based firm, which was set up in 1991, trades in PVC resin, plasticisers, PVC heat stabilisers, waxes, rubber additives, and other chemicals. The firm reported a net profit of INR0.18 crore on net sales of INR41.28 crore in fiscal 2016, as against INR0.30 crore and INR59.47 crore, respectively, in fiscal 2015. MEWAR SPICES: CRISIL Assigns B+ Rating to INR5.0MM Cash Loan ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long- term bank facilities of Mewar Spices. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 0.69 CRISIL B+/Stable Cash Credit 5.00 CRISIL B+/Stable Long Term Loan 3.00 CRISIL B+/Stable The rating reflects a modest scale due to the first year of operations, an average financial risk profile, and susceptibility of the margins to volatility of raw material prices and the vagaries of the monsoon. These rating weaknesses are partly offset by the extensive experience of the partners in the agro industry. Key Rating Drivers & Detailed Description Weaknesses * Susceptibility of the operating margin to raw material price volatility: Spice powders and masalas manufactured by the firm require inputs such as chilli and turmeric, which account for most of the total raw material requirement. The prices of these materials are highly volatile as they are seasonal commodities and are also dependent on inflationary trends and the monsoon. * Start-up nature, and hence modest scale, of operations: Revenue is expected at INR34 crore in fiscal 2017, as the firm has been in operations only for the past six months. The modest scale exposes it to competitive pressures leading to limited bargaining power with customers. Strength * Extensive industry experience of the partners and established relationship with customers: The partners, Mrs Shalini Devi, Mrs Sapna Jain, and Mr. Shubham Maru have extensive experience in the agro trading industry. Their family members have been trading of agro products for over three decades and also have shops in the main mandi in Nimbahera, Rajasthan. The long track record in the industry has enabled the partners to establish relationships with customers and key suppliers. Outlook: Stable CRISIL believes MS will continue to benefit from the extensive industry experience of its partners. The outlook may be revised to 'Positive' if revenue and profitability increase significantly, leading to an improved financial risk profile. The outlook may be revised to 'Negative' if the scale of operations and profitability do not improve as anticipated, or in case of more-than-expected deterioration in the financial risk profile due to a stretched working capital cycle. MS was established in 2015 as a partnership firm in Nimbahera. The firm undertakes processing, cleaning, sorting, and grading of spices, grain, and pulses. It has set up a warehouse with a sortex machine in Nimbahera and has a capacity of 4000 tonne per annum. Commercial operations started from July 2016 and revenue was INR30 crore till December 31, 2016. PALANIAPPA ELECTRONICS: CRISIL Assigns B+ Rating to INR10MM Loan ---------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Palaniappa Electronics. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1 CRISIL A4 Cash Credit 10 CRISIL B+/Stable The ratings reflect a modest scale of operations in the intensely competitive electronic equipment and home appliances trading segment. The ratings also factor in a below-average financial risk profile because of subdued debt protection metrics and a modest net worth. These rating weaknesses are partially offset by the extensive experience of the proprietor in the home appliances distribution segment. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations: This is mainly because the firm deals in products of just one principal and is an authorised distributor only for Chennai. * Below-average financial risk profile: The gearing is high primarily due to a small net worth. The debt protection metrics are below average. Strength * Extensive experience of the proprietor in the home appliances distribution segment: The proprietor have been engaged in this business for over two decades. Over the years, the firm has been able to develop a sound relationship with the principal and key customers. Outlook: Stable CRISIL believes PE will continue to benefit from the extensive industry experience of its proprietor. The outlook may be revised to 'Positive' in case of significant improvement in the financial risk profile along with an increase in scale of operations and profitability, or substantial equity infusion. The outlook may be revised to 'Negative' if liquidity or the capital structure weakens, due to increasing working capital requirement or debt- funded capital expenditure, respectively. PE was established in 2004 by Mr. Solaiappan. The firm, based in Chennai, distributes consumer electronic equipment and home appliances of Samsung Electronics India Private Limited. In fiscal 2016, profit after tax (PAT) was INR0.7 crore on operating income of INR93.3 crore, as against PAT of INR0.4 crore on operating income of INR64.6 crore in fiscal 2015. PERFECTO ELECTRICALS: ICRA Assigns 'B' Rating to INR7.5cr Loan -------------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B to the INR7.50 crore cash credit facility and a short-term rating of [ICRA]A4 to the INR28.00 crore bank guarantee facility of Perfecto Electricals (PE). The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 7.50 [ICRA]B (Stable) assigned Non-Fund Based Limits 28.00 [ICRA]A4 assigned Rationale The assigned ratings take into account PE's relatively small scale of current operations and weak financial risk profile as reflected by a leveraged capital structure and subdued coverage indicators. The ratings also take note of high working capital intensity of the business on account of high receivables that exerts pressure on the liquidity position of the firm. The ratings are also impacted by high customer and geographical concentration risks with the Indian Railways accounting for the entire sales and the current order book outstanding primarily in Eastern India, and execution risk arising from delays in availability of land. The ratings further incorporate the risk associated with the entity's status as a partnership firm, including the risk of capital withdrawal by the partners. The ratings, however, derive comfort from the promoters' long experience in the supply and installation of signalling and telecommunication systems, PE's healthy order book position of ~Rs. 124 crore as on December 31, 2016 that provides revenue visibility in the near term at least, and reputed clientele, which mitigates counterparty credit risk to a large extent. In ICRA's opinion, the ability of the firm to scale up operations while improving capital structure, and coverage indicators, and manage its working capital requirements efficiently would remain key rating sensitivities, going forward. Key rating drivers Credit Strengths * Long experience of the promoters in the supply and installation of signaling and telecommunication systems to the Indian Railway * Healthy order book provides revenue visibility over the near term * Reputed customer profile, which mitigates counterparty credit risk to a large extent Credit Weakness * Relatively small scale of current operations * Weak financial profile as reflected by a leveraged capital structure, and subdued coverage indicators * High working capital intensity of the business exerts pressure on the liquidity of the firm * Exposure to execution risk arising from delays in land availability * Risk associated with the entity's status as a partnership firm, including the risk of capital withdrawal by the partners Description of key rating drivers highlighted: The firm was established in 1964 by the Kolkata-based Kothari family and started with undertaking electrical work for the Indian Railways. In 1985, it diversified its business by undertaking signaling and telecommunication contracts for the Indian Railways. It also started to undertaking air-conditioning contracts for Kolkata Metro Railway from 1988. Additionally, the firm is involved in planning, designing, testing, commissioning and maintenance of the projects. With more than five decades of operations, the promoters have a proven track record in the industry and association with various divisions of Indian Railways reduces counterparty risk to a large extent. The firm's order book outstanding as on December 31, 2016 stood at a healthy level of around INR124 crore, which provides revenue visibility, at least over the near term. However, most of the projects are delayed due to the issue of availability of land by the Indian Railways. The firm procures orders through tenders with two levels of qualifying factors - technical and financial. Entities that meet the technical qualification criteria qualify for financial bidding, and subsequently the contract is awarded to the L1 bidder. Despite less stringent technical qualification criteria, the competition is limited. The operating income of the firm increased marginally by ~2% from INR34.64 crore in FY2015 to INR35.22 crore in FY2016 due to low execution of work orders on the back of delay in availability of land by Indian Railways. The operating margin increased in FY2016 due to lower input material costs vis-Ö-vis realisations over the previous fiscal. Consequently, the net profit margin also increased, however it remained subdued, which is impacted by high interest and finance costs. The firm has an aggressive capital structure, improving marginally due to retention of profits. The coverage indictors also remained weak, notwithstanding an increase from FY2015. The working capital intensity of the firm remained high at 21% in FY2016, primarily due to high receivables. This in turn, has stretched its liquidity position and resulted in high utilisation of its cash credit limit as reflected by an average utilisation of ~99% in the last six months. The firm has also witnessed invocation of Bank Guarantee (BG) in the past; however, the same is regular now. ICRA also takes note of PE's legal status as a partnership firm that gives rise to the risks of withdrawal of capital by the partners. Analytical approach: For arriving at the ratings, ICRA has taken into account the debt servicing track record of PE, its business risk profile, financial risk drivers and the management profile. Established in 1964, Perfecto Electricals (PE) is promoted by the Kolkata-based Kothari family. It is involved in execution of signalling and telecommunication work for Indian Railways and air-conditioning work for Kolkata Metro Railway. It is also involved in planning, designing, testing, commissioning, and maintenance of the projects. POWER CABLE: ICRA Assigns 'B' Rating to INR7.50cr Cash Loan ----------------------------------------------------------- ICRA has assigned the long-term rating of [ICRA]B on the INR7.50- crore fund-based facilities of Power Cable Industries. The outlook on the long-term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 7.50 [ICRA]B (Stable); assigned Rationale ICRA's rating takes into account the firm's modest scale of operations and intense competition from organised and unorganised players due to low entry barriers which limit pricing flexibility and results in low operating margins. Further the low profit margins coupled with low net worth has resulted in weak capitalisation as reflected in high gearing of 7.27 times and weak coverage indicators with NCA/Debt of 1% as on 31st March 2016. The rating further takes into account the high working capital requirements of the firm which has led to almost full utilisation of bank limits in the recent past as majority of the working capital requirements have been funded through bank borrowings. ICRA also takes note of the partnership constitution of the firm, which exposes it to risks such as dissolution and capital withdrawal. Nevertheless, the ratings draw comfort from the long track record of promoters in the conductor industry, resulting in established relationships with its suppliers and repeat orders from customers. These strengths are further supported by favourable demand prospects for the aluminum wire industry on account of initiatives to increase the power generation capacity in India, reduce transmission and distribution losses and provide for rural electrification. Going forward, PCI's ability to scale up in a profitable manner, manage its working capital intensity and maintain a healthy financial risk profile would remain the key rating drivers. Key rating drivers Credit Strengths * Long experience of promoters in the cables and conductor industry * Favorable demand outlook of aluminium conductors due to huge demand anticipated from electronics and power industry * Established and reputed supplier base which includes Vedanta and BALCO (both belonging to Vedanta Group Plc) * Long and established relationships with key clients which include cable manufacturers in Delhi and Haryana Credit Concerns * Supplier concentration risk and limited bargaining power as PCI is completely dependent on the Vedanta group for sourcing of its key raw materials i.e. aluminium * Fragmented nature of the industry with low entry barriers resulting in high competition, which limits the pricing flexibility * Thin profit margins on account of trading nature of operations which has been further subdued by high interest expense. * Advance payment terms with key supplier as well as elongated receivable payment cycle leads to stretched liquidity, leading to fully utilized working capital limits * High debt levels with low net worth base has translated into leveraged capital structure and weak coverage indicators Description of key rating drivers highlighted: The operational profile of PCI is weak because of its modest scale of operations, which restricts its economies of scale and bargaining power with customers. In addition, the trading business also constrains the margins of the firm. Moreover, as the raw material procurement is not always order-backed, any increase in inventory days exposes the firm to the risk of high- cost inventory in a fluctuating market. Low-entry barriers in terms of capital expenditure and technical knowhow have resulted in the presence of a large number of players in the market, further constraining the firm's margins. Furthermore, funding of most of the working capital requirement through bank borrowings has resulted in a highly leveraged capital structure and weak coverage indicators. However, the promoters of the firm are well qualified and hold good experience in the electronic industry. This helps the firm maintain healthy relationships with the vendors and customers. Moreover, the promoters' relationship with various electrical equipment manufacturing companies helps secure buyers for the firm's products. Power Cable Industries (PCI), established in 2005 by Mr. Amit Agarwal and Mr. Ajay Agarwal as a trader for aluminium products, mainly deals in aluminium wire, rods and ingots. The trading unit is located in the industrial belt of Bawana, Delhi. RADHADAMODAR MULTIPURPOSE: CRISIL Rates INR6.75MM Cash Loan at B+ ---------------------------------------------------------------- CRISIL has revoked the suspension of its rating on the long-term bank loan facilities of Radhadamodar Multipurpose Coldstorage Private Limited and assigned its 'CRISIL B+/Stable' rating to the facilities. CRISIL had suspended the rating on Dec. 9, 2014, as the company had not provided the information necessary for a rating review. It has now shared the required information, enabling CRISIL to assign a rating. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 6.75 CRISIL B+/Stable (Assigned; Suspension Revoked) Term Loan 2.00 CRISIL B+/Stable (Assigned; Suspension Revoked) The rating reflects the company's susceptibility to regulatory changes and intense competition in the West Bengal cold storage business, vulnerability to delays in payment by farmers because of adverse market conditions, and modest networth and high gearing. These weaknesses are partially offset by the extensive experience of its promoters and above-average debt protection metrics. Key Rating Drivers & Detailed Description Weaknesses * Exposure to regulatory changes and intense competition: The potato cold storage industry in West Bengal is regulated by the West Bengal Cold Storage Association, which fixes storage rent and marketing, drying, and insurance charges. Fixed rentals limit ability to generate profits based on individual strengths and geographical advantages. Furthermore, since the cold storage segment is fragmented, players have limited bargaining power against customers and have to offer discounts to ensure healthy utilisation of storage capacity. * Vulnerability to delays in payment by farmers: RMCSPL provides loans to farmers against stored products. However, during adverse market conditions, farmers do not find it profitable to pay rental and interest charges along with loan obligation, and hence do not retrieve potatoes from cold storages. Thus, the company remains exposed to delays in payment. * Modest networth and high gearing: While networth was INR3.81 crore as on March 31, 2016, gearing has been high at 1.44-3 times in the four years ended March 2016. Strengths * Extensive experience of promoters: Presence of around a decade in the cold storage industry has enabled the promoters to establish strong relationship with farmers and traders, thereby ensuring healthy utilisation of storage capacity. * Comfortable debt protection metrics: Moderate profitability led to and moderate gearing leads to comfortable debt protection metrics, with interest coverage and net cash accrual to total debt ratios of 2.34 times and 0.18 time, respectively, for fiscal 2016. Interest coverage ratio is likely to remain steady over the medium term in the absence of any significant debt-funded capital expenditure (capex) or increase in working capital requirement. Outlook: Stable CRISIL believes RMCSPL will continue to benefit over the medium term from the extensive experience of its promoters. The outlook may be revised to 'Positive' if a substantial and sustained increase in cash accrual along with improved capital structure and stable working capital management leads to an improvement in the financial risk profile, particularly liquidity. The outlook may be revised to 'Negative' if pressure on liquidity on account of delay in repayment by farmers, considerably low cash accrual, or significant debt-funded capex further weakens overall financial risk profile. Incorporated in 2011 and promoted by Mr. Goutam Kumar Pal, Mr. Dilip Kumar Pal, Mr. Anath Bandhu Pal, and Mr. Sutapa Pal, RMCSPL provides cold storage facility to potato farmers and traders in Hooghly, West Bengal. Operations are managed by Mr. Dilip Kumar Pal and Mr. Goutam Kumar Pal. Profit after tax (PAT) was INR0.51 crore on an operating income of INR3.42 crore, against a PAT of INR0.05 crore on an operating income of INR3.11 crore for the previous fiscal. RAMESH COMPANY: ICRA Reaffirms B+ Rating on INR14cr Cash Loan ------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ to the INR14-crore cash-credit facility (reduced from INR17.50 crore) and INR6-crore untied limits (enhanced from INR2.50 crore) of Ramesh Company. The outlook on the long-term rating is stable. The above unallocated limits of INR6 crore had also been rated on a short-term scale for which the rating has been reaffirmed at [ICRA]A4. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 14.00 Reaffirmed at [ICRA]B+/ "Stable" Outlook Assigned Unallocated Limits 6.00 Reaffirmed at [ICRA]B+/[ICRA]A4 "Stable" outlook assigned Detailed Rationale The ratings reaffirmation take into account RC's low operating profitability on account of the trading nature of the business, which leads to nominal profits and cash accruals. The ratings also factor in the high working capital intensity of the business due to stretched receivables and inventory holdings which adversely impacts the liquidity profile of the firm. The ratings also factor in the fact that the firm has to make cash payment for purchases of hot-rolled (HR) products and in turn extends credit period to its customers, which led to increasing working capital debt to support business growth. High working capital debt, coupled with nominal accretion, results in high gearing levels and depressed debt coverage indicators for the firm. The ratings also take into account the risk associated with the entity's profile as a partnership firm, including the risk of capital withdrawal by the partners. The ratings, however, favorably factor in the experience of the promoters in the trading business and the firm's established relationship with Tata Steel Limited. The firm is a dealer of TSL's HR products over four decades. The firm's ability to effectively manage its receivables and inventory levels while increasing the scale of operations will remain the key rating sensitivity. Key rating drivers Credit Strengths * Experience of the promoters in the steel-trading business * Established relationship with TSL, the firm is a dealer of TSL's HR products for over four decades Credit Weaknesses * Nominal profits and cash accruals from business; limited value addition given the trading nature of business results in low profitability * High working capital debt, to support growth in business, keeps gearing at a high level; coverage indicators also continued to remain depressed * High working capital intensity of operations adversely impacting the liquidity profile of the company * Risks involved with the status of the entity as a partnership firm, including the risk of capital withdrawal Description of key rating drivers highlighted: Based out of Kolkata, Ramesh Company is an authorised dealer of TSL's HR products sold under the brand, Tata Astrum in West Bengal. The customer base for RC mainly consists of retailers located in the state. Clients of RC mainly comprise retailers. However, around 10-15% of the sales are also made to companies engaged in construction and engineering, trading companies and manufacturers of iron and steel. The operating income of the firm witnessed a marginal decline during FY2016 primarily due to 19.5% decline in average realisation. The operating profit margin, owing to the trading nature of operation, continued to remain low in FY2016. However, slight improvement was witnessed compared to the preceding year. The net margin remained depressed at 0.21% during FY2016 due to high interest expenses. The working capital requirements of RC is high since the firm has to make cash payment for purchases from TSL and in turn extends credit period to its customers and also maintain adequate inventory levels. Out of RC's total debt of INR52.34 crore as on March 31, 2016, working capital loan consisting of cash credit and channel finance stood at INR37.25 crore. The remaining is in the form of unsecured loans from partners and relatives. High working capital requirements, owing to substantial inventory holding, exerts pressure on the liquidity of the business and has resulted in increasing working capital loans, to support the growth, which continues to keep gearing on the higher side. The gearing level as on March 31, 2016, stood high at 7.20 times, though the same declined compared to the preceding year. Low operating profitability and high working capital debt resulted in weak coverage indicators for the firm with interest coverage of 1.04 times and a total debt relative to OPBDITA of 8.35 times in FY2016. Based out of Kolkata, Ramesh Company is a partnership firm and is an authorised dealer of TSL's HR products, sold under the brand, Tata Astrum, in West Bengal. RC also deals in HR products of other companies, although in very small quantity. RC posted a net profit of INR0.23 crore on an operating income of INR104.91 crore during FY2016. In FY2015, the firm reported a net profit of INR0.40 crore on an operating income of INR107.15 crore. RAMESHWAR INDUSTRIES: ICRA Reaffirms B Rating on INR7.67cr Loan -------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B assigned to the INR7.00 crore cash credit facility, INR0.67 crore term loan facility and INR1.08 crore unallocated limits of Rameshwar Industries. The outlook on long term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 7.67 [ICRA]B (Stable) reaffirmed Unallocated Limits 1.08 [ICRA]B (Stable) reaffirmed Rationale The rating reaffirmation reflects the firm's small scale of operations and the weak financial risk profile, marked by low profitability, stretched capital structure, weak debt-coverage indicators and high working capital intensity. The rating also factors in the vulnerability of the firm's profitability to agro- climatic risks, the inherently low value-adding ginning business, and its exposure to stiff competition in a fragmented industry caused by the presence of numerous small and unorganised players. Furthermore, being a partnership firm, any significant withdrawals from the capital accounts could adversely impact its net worth and thereby the credit profile. The rating, however, continues to draw comfort from the long experience of the partners in the industry and the logistical advantage enjoyed by the firm by virtue of its location in the cotton-producing region, giving it easy access to quality raw cotton. Going forward, ICRA expects the firm to witness moderate growth in its top-line in FY2017 on the back of the increase in sales volumes and realisations, following the steep rise in cotton prices in the current fiscal. RI's profitability would continue to remain low on account of its low value-adding operations and would remain vulnerable to raw material price fluctuations. The firm's ability to scale up its operations would be contingent on the availability of raw cotton and the improvement in the domestic demand post demonetisation. Furthermore, the firm's ability to improve its profitability, manage its working capital requirements efficiently and improve its capital structure and coverage indicators would remain important from a credit perspective. Key rating drivers Credit Strengths * Long experience of promoters in the cotton ginning and seed crushing industry * Favorable location of the unit in Rajkot (Gujarat), a cotton producing belt of India, giving easy access to quality raw cotton Credit Weakness * Small scale of operations * Weak financial risk profile marked by stretched capital structure, weak debt-coverage indicators and high working capital intensive nature of operations * Vulnerability of profitability to fluctuations in raw cotton prices, which are subject to seasonality and crop harvest * Low profitability because of limited value addition and highly competitive and fragmented industry structure given the low entry barriers * Risks inherent in partnership firm with respect to capital withdrawals and its potential impact on credit profile Description of key rating drivers highlighted: The firm's scale of operations remains small with RI reporting an operating income of INR25.63 crore in FY2016. Owing to limited value-adding operations, firm's profitability remains low. RI's inventory levels are linked to cotton prices. The firm tends to procure higher quantities of raw cotton in a falling price regime and stores the finished products in case the management expects higher realisations in the short-term, leading to high working capital requirements. The firm relies on external borrowings to fund these requirements leading to a leveraged capital structure as depicted by a gearing of 2.28 times as on March 31, 2016. Furthermore, the cotton ginning and crushing industry is a highly fragmented and competitive with numerous organised and unorganised players due to low entry barriers, which further restricts the pricing flexibility of the firm. However, the long experience of partners in the industry and firm's location in Rajkot, Gujarat, provides some comfort. Established in May 2013 as a partnership firm, Rameshwar Industries is in the business of ginning and pressing of raw cotton and cotton seed crushing. The firm commenced its commercial operations in January 2014. Its manufacturing facility is located at Tankara in Rajkot, Gujarat and is equipped with 24 ginning machines, 1 pressing machine and 5 crushing machines with processing capacity of ~17,740 Metric Tonnes Per Annum (MTPA) of cotton bales and ~13,140 MTPA of cotton seed oil. The promoters of the firm have extensive experience in the cotton industry. During FY2016, RI reported an operating income of INR25.63 crore and profit after tax of INR0.09 crore as against the operating income of INR24.94 crore and profit after tax of INR0.29 crore in FY2015. SHREE GURU: ICRA Reaffirms 'B' Rating on INR6.0cr LT Loan --------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B for the INR6.00 crore fund based limits of Shree Guru Nanak Dev Rice Mill. The outlook on the long term rating is 'Stable'. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term, Fund Based Limits 6.00 [ICRA] B (Stable); reaffirmed Detailed Rationale ICRA's ratings continue to factor in the firm's small scale of operations, highly competitive nature of the rice milling industry and the vulnerability of the firm's profitability to fluctuations in raw material prices. The ratings are further constrained by the firm's leveraged capital structure due to the firm's large working capital requirements, which have primarily been funded by working capital borrowings. Ratings are further constrained by decline in rice realization which account for 97% of the firm's revenue, thus affecting OPM of the firm. High gearing coupled with low profitability led to weak coverage indictors, as reflected in low interest coverage and weak NCA/TD. Further, the ratings continue to factor in agro climatic risks, which can impact the availability of paddy. Nevertheless the ratings favorably take into account the long standing experience of the promoters and their strong relationships with several customers and suppliers, coupled with proximity of the mill to major rice growing area which results in easy availability of paddy and stable demand outlook given that India is a major consumer (rice being an important staple of the Indian diet) and exporter of rice. Going forward the ability of the firm to ramp up its scale of operations in a profitable manner and improve its capital structure will be the key rating sensitivities. Key rating drivers Credit Strengths * Substantial experience of the proprietor with long presence in the industry * The firm has well established relationships with its clients. * Rice being a staple food grain and the position of India as world's second largest producer and consumer, demand prospects for the industry are expected to remain good Credit Weaknesses * Weak financial profile characterized by low profitability. Debt profile of the company continues to be weak with gearing of 3.02 times as on 31st March 2016 and interest coverage ratio of 1.21 times in FY2016. * Intensely competitive nature of the industry characterized by a number of small players * Small scale of operations * Agro climatic risks, which can affect the availability of the paddy in adverse weather conditions * Risks inherent in a partnership firm such as limited ability to raise funds; funds withdrawal and dissolution Detailed description of key rating drivers highlighted: SGNDRM is a partnership firm and was set up in 2008 by Mr. Gurcharan Singh. The firm is engaged in the trading and milling of basmati rice. The rice industry is a working capital intensive in nature given the need to store large quantities of paddy as the harvesting season is during September-December. High working capital borrowings to fund inventory resulted in weak gearing as on 31st March 2016. However, it improved from 4.78 times as on 31st March 2015 to 3.02 times as on 31st March 2016. The debt protection indicators remained weak with interest coverage indicator of 1.21 times and NCA/TD of 2% in FY2016 due to decline in profitability margins. Rice industry is a highly competitive industry characterized by low entry barriers and thus a large number of unorganized players and a few established players. This exerts pressure on margins of the firm. Shree Guru Nanak Dev Rice Mills is a partnership firm, was set up in 2008 by Mr. Gurcharan Singh. The firm is engaged in the trading and milling of basmati rice. It has a plant at Cheeka (Haryana) which has a milling capacity of 4 tonnes per hour. The firm has a fully automated plant. The by-products of basmati rice viz husk, rice bran and 'phak' are sold in the domestic market. SHRI SIDDHBALI: ICRA Reaffirms 'B' Rating on INR5.81cr Loan ----------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B on the INR6.00-crore fund-based proposed limits of Shri Siddhbali Agro Industries. The rating has been assigned 'Stable' outlook. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 5.81 [ICRA]B; reaffirmed (Stable outlook assigned) Unallocated (Proposed Limits) 0.19 [ICRA]B; reaffirmed (Stable outlook assigned) Rationale The rating reaffirmation factors in the small scale and limited track record of the SSAI's operations in the seed processing industry and its limited product portfolio, which comprises paddy and wheat seeds only. The rating is further constrained by the firm's presence in a highly fragmented industry and its exposure to agro-climatic risks. ICRA also takes note of the firm's low net worth and its partnership constitution, which exposes it to risks of capital withdrawal, dissolution etc. The rating, however, draws comfort from the experience of the promoter family in the trading and processing of seeds. Going forward, the firm's ability to increase its scale of operations in a profitable manner, improve the gearing level, maintain optimal working capital intensity, and diversify its product portfolio will be the key rating sensitivity. Key Rating Drivers Credit Strengths * Extensive experience of the promoter's family in the trading and processing of seeds * The location of the firm in Kashipur (Uttarakhand), which is known for availability of raw seeds Credit Weaknesses * Small scale of operation limits the economies of scale * High fragmentation and competition in the market result in low profit margins * Risk associated with partnership firm; any significant withdrawal from capital account could adversely impact the net worth and the hence capital structure of the firm * Earnings and cash flow volatility due to commodity markets and cycles, which are influenced by varying agroclimatic conditions and changes in regulations * Product portfolio limited to two commodity seeds i.e. paddy and wheat Description of key rating drivers highlighted: SSAI grades and processes wheat and paddy seeds and has a processing plant in Kashipur, Uttarakhand. As operations involve backward integration, with the farmers cultivating crops specifically for them, the company is exposed to agro climatic conditions and commodity price volatility. The promoters have a vast experience in the seed processing business, which would help SSAI to leverage on the existing relationship. The prices of raw seeds are volatile because of the dependence on monsoon. The prices are mainly driven by the demand and supply of seeds. SSAI procures semi processed seeds from farmers in the nearby region or local mandis. The firm sells seeds to different traders in different districts of U.P. These traders/distributors further sell these seeds to small retailers or directly to farmers. SSAI was established in 2015 as a partnership firm. It grades and processes wheat and paddy seeds in its facility in Kashipur, which has an installed capacity of 2 tonnes per hour. The company is managed by Mr. Rahul Agarwal. SSAI recorded a net profit of INR0.01 crore on an operating income of INR6.37 crore in FY2016. SION CERAMICS: CRISIL Lowers Rating on INR6.18MM Term Loan to B --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Sion Ceramics Private Limited to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3.00 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Proposed Long Term 3.32 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') Term Loan 6.18 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The ratings have been downgraded due to working capital intensive operations leading to high dependence on debt funded working capital requirement. The liquidity is stretched on account of low accruals generation against large term debt obligation and interest cost. The rating reflects a small scale and early stage of operations in the highly competitive ceramic wall tiles industry, and large working capital requirement. These rating weaknesses are partially offset by the extensive industry experience of the promoters and the proximity of the manufacturing facilities to sources of raw material and labour. Analytical Approach For arriving at the ratings, CRISIL has treated unsecured loans from the promoters as neither debt nor equity, as the loans carry a lower interest rate than the market rate, and will remain in the business over the medium term. Key Rating Drivers & Detailed Description Weaknesses * Initial phase and modest scale of operations in a highly competitive industry: Manufacturing operations commenced from July 2014. Cash accrual will be lower during the plant stabilisation period. The scale of operations is expected to remain modest over the medium term (revenue of Rs11.61 crore in fiscal 2016) because of intense competition in a fragmented industry, limiting bargaining power with suppliers and customers. * Working capital-intensive operations: Operations are expected to remain highly working capital intensive on account of large inventory and debtors. Inventory of 120-150 days will need to be maintained, in line with industry practices. Also, customers are generally given credit of 140-160 days, leading to large working capital requirement. Additionally, during the initial phase of operations and with the ongoing slowdown in the real estate market, debtors are likely to remain high. Strengths * Extensive industry experience of the promoters: The promoters have been operating in the ceramics industry for close to a decade through their group entities, which include Himson Ceramic, Euro Chemicals, Penguine Ceramic, and Platina Vitrified Pvt Ltd (rated, 'CRISIL BB/Stable/CRISIL A4+'). The company will benefit from their understanding of the dynamics of the local market, and established relationship with suppliers and customers. * Favourable location ensuring availability of raw materials and labour: The manufacturing facilities are in Morbi, Gujarat, the hub of the ceramics industry in India. Significant benefits are expected from the location, including easy access to clay (main raw material), and availability of contractors and skilled labours. Other critical infrastructure such as gas and power is also well-established in the area. Outlook: Stable CRISIL believes SCPL will continue to benefit from the extensive industry experienceof its promoters. The outlook may be revised to 'Positive' if significant scaling up of operations with sustained profitability leads to higher-than-expected cash accrual, and if there is substantial equity infusion resulting in an improvement in the capital structure. The outlook may be revised to 'Negative' if liquidity deteriorates owing to a decline in profitability, a stretched working capital cycle, or any large, debt-funded capital expenditure. Incorporated in 2013, SCPL is promoted by Morbi- based MrPravinbhai Karshanbhai Patel, Mr. Himalay Narbherambhai Patel, and Mr. Dilipbhai Prabhubhai Dangroshiya. The company manufactures ceramic wall tiles. In fiscal 2016, net loss was INR0.09 crore on operating income of INR11.61 crore, against INR0.27 crore and INR4.24 crore, respectively, in fiscal 2015. SRI VIJAYA: ICRA Assigns 'B' Rating to INR6.0cr Cash Loan --------------------------------------------------------- ICRA has assigned the long-term rating of [ICRA]B to INR6.00 cash credit facility and INR0.52 crore of Term loan facility, and the short-term rating of [ICRA]A4 to the INR2.75 crore bank guarantee facility of Sri Vijaya Naga Jyothi Rice Mill (Veeravasaram). ICRA has also assigned the long-term rating of [ICRA]B and short-term rating of [ICRA]A4 to the INR0.73 crore unallocated limits of SVNJRMV. The outlook on long term rating is stable. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.00 [ICRA]B(Stable) assigned Bank Guarantee 2.75 [ICRA]A4 assigned Term Loan 0.52 [ICRA]B(Stable) assigned Unallocated Limits 0.73 ICRA]B(Stable)/[ICRA]A4 Assigned Rationale The assigned ratings are constrained by weak financial risk profile characterised by low profitability and stretched coverage indicators with interest coverage ratio of 1.32 times, NCA-to- Total Debt of 6.48% in FY2016 and dip in revenues from INR25.65 crore in FY2015 to INR16.51 crore in FY2016. The abolishment of levy system resulted in increased supply of rice in open market, leading to increased competition and lower realisation and thereby revenue de-growth. The ratings also consider the intensely competitive nature of the rice industry amid several small-scale players and susceptibility to agro climatic risks, which impact the availability of paddy in adverse weather conditions. However, the ratings draw comfort from the experience of the promoters in the rice industry, presence of the firm in a major rice growing area, resulting in easy availability of paddy, and favourable demand prospects of rice (with India being the second- largest producer and consumer of rice). Key rating drivers Credit Strengths * Experienced management with more than 15 years of experience in the rice industry * Stable demand prospects for rice with India being the second largest producer and consumer of rice * Presence in major rice growing area of West Godavari district results in easy availability of paddy Credit Weakness * Small scale of operations with revenues of INR16.51 crore in FY2016 * Weak financial risk profile characterised by low profitability and stretched coverage indicators with interest coverage ratio of 1.32 times, NCA-to-Total Debt of 6.48% and dip in revenues from INR25.65 crore in FY2015 to INR16.51 crore in FY2016; though operating profitability increased in FY2016 due to CMR * Higher competition in the open market with abolishment of levy resulting in lower revenues and lower realisations * Fragmented industry characterised by competition from a large number of players, which restricts the ability of the players to pass on hike in input costs * Agro- climatic risks, which can affect the availability of the paddy in adverse weather conditions * Risk arising from partnership nature of firm Description of key rating drivers highlighted: SVNJRMV has a milling capacity of 8 tons per hour which translates to 57600 tons per annum. The firm's operations are overseen by managing partner Mrs. Adabala Indira. The promoters have experience of over 15 years. Rice is the main product of the milling process and the generally accepted yield is 67%. The by- products of the milling process are bran, broken rice, ash and husk. Majority of revenue of the firm i.e. ~85-95% of the total sales have been derived from sale of rice over the past three years with sale of other by-products (bran, brokens etc) accounting for remaining sales. The percentage contribution of sale of rice to total sales has decreased in FY2016 due to abolishment of levy since October 2015 and higher job work charges with the firm involved in Custom Milling of rice (CMR) for AP State Civil Supplies Corporation (APSCSC). For FY2016, the operating income declined by 35.64 % due to the removal of levy from October 1st, 2015 which resulted in lower sales to Food Corporation of India (FCI) and higher competition in the open market. The operating margins stood at 5.26 % in FY2016 as against 2.09% in FY2015 on account of CMR which provide better margins. The coverage indicators have improved marginally in FY2016 as reflected by interest coverage ratio of 1.32 times as against 1.06 times in FY2015 and NCA/debt of 6.48% as against 0.69% in FY2015 due to decreased debt levels and higher operating profits. Going forward, the firm's ability to improve its revenue, operating margins, while managing its working capital requirements effectively, will be the key credit-rating sensitivities. Sri Vijaya Naga Jyothi Rice Mill was founded in the year 2004 and is engaged in the milling of paddy to produce raw rice. The firm was reconstituted on 1st April, 2015 with Mrs. Adabala Indira as Managing partner and Mrs. Kunapareddy Sathyavathi and Mr.Kunapareddy Trinadha Satyanarayana as working partners. The rice mill is located at Veeravasarm village of West Godavari district, Andhra Pradesh. The installed production capacity of the rice mill is 8 tons per hour. SUDESH COTTON: CRISIL Upgrades Rating on INR6MM Loan to B+ ---------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facilities of Sudesh Cotton Ginning and Pressing Factory to 'CRISIL B+/Stable' from 'CRISIL B/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 3 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') Warehouse Receipts 6 CRISIL B+/Stable (Upgraded from 'CRISIL B/Stable') The rating upgrade reflects expectation that business risk profile will improve over the medium term, marked by significant growth of 30% - albeit on a small base'in operating revenue, backed by better yield and increase in cotton prices and demand, with sustained operating margin of 2.5-3.0 expected in fiscal 2017. Extensive experience of the promoters in the cotton ginning industry and their long-standing relations with customers should also support business risk profile. Unsecured loans from the promoters, outstanding at INR0.93 crore as on March 31, 2016, may be used to support working capital, minimising dependence on bank limit, utilisation of which, averaged 32% in the 12 months through November 2016. Analytical Approach For arriving at the rating, CRISIL has treated unsecured loans (INR0.93 crore outstanding as on March 31, 2016) extended to SCGPF by its partners as neither debt nor equity in calculating the financial ratios. This is because the interest rate on these is lower than the bank rate debt and are expected to remain in the business over the medium term. Key Rating Drivers & Detailed Description Weaknesses * Modest scale of operations in an intensely competitive industry: Scale of operations'revenue was INR25.91 crore in fiscal 2016'is expected to remain small in the intensely competitive ginning and pressing industry, despite revenue growth of around 30% expected in fiscal 2017. * Below-average debt protection metrics: Debt protection indicators are likely to remain weak, constrained by low profitability. Interest coverage ratio was weak at 1.20 times in fiscal 2016, and should remain at 1.15-1.20 times over the medium term. * Working capital intensity in operations: Gross current assets (GCAs) are sizeable at 111 days, with inventory and debtors of 111 and 36 days, respectively, and credit received of 7-14 days, as on March 31, 2016. Operations are likely to remain working capital intensive over the medium term as well, with GCAs expected at around 140 days. Strength * Partners' extensive experience: The partners, with their experience of around two decades in cotton ginning, and healthy relations with customers and suppliers, have helped maintain stable revenue growth over the past 2-3 years. Outlook: Stable CRISIL believes SCGPF will continue to benefit over the medium term from the partners' extensive experience. The outlook may be revised to 'Positive' in case of sustained improvement in scale of operations and operating efficiency and a significantly stronger financial risk profile. Conversely, the outlook may be revised to 'Negative' if decline in operating profitability, or any large capital expenditure weakens financial risk profile. SCGPF, based in Rajasthan, is a partnership firm established in 1997. It is engaged in ginning and pressing of cotton. The firm also trades in various other commodities such as binola oil and cake, mustard seeds, guar, moong dal, barley, and wheat. It is owned by Mr. Dharam Pal and Mrs. Sudesh Rani. SCGPF, on a standalone basis, had a profit after tax (PAT) of INR0.03 crore on net sales of INR25.91 crore in fiscal 2016, vis- a vis net loss of INR0.03 crore and net sales of INR23.19 crore, in fiscal 2015. SUN PROJECTS: CRISIL Assigns B+ Rating to INR3MM LT Loan -------------------------------------------------------- CRISIL has assigned 'CRISIL B+/Stable' rating to the long term bank facilities of Sun Projects (India) Private limited. Amount Facilities (INR Mln Ratings ---------- -------- ------- Overdraft 3 CRISIL B+/Stable Cash Credit/ Overdraft facility 1 CRISIL B+/Stable Long Term Loan 3 CRISIL B+/Stable The rating reflects SPIL's modest scale of operations in the intensely competitive real estate industry and exposure to risks related to timely completion and saleability of its ongoing projects. These weaknesses are partially offset by the extensive experience of its promoters in the real estate business. Key Rating Drivers & Detailed Description Weaknesses * Modest scale in the intensely competitive real estate industry: The modest scale as reflected in revenue of INR11.2 crore in fiscal 2016 exposes the company to intense competition from other major players in the market. * Susceptibility to risks related to completion and saleability of ongoing project: The real estate industry is highly susceptible to cyclicality in economy since it is highly correlated to consumer spending and disposable income. Any economic downturn would adversely impact the timely completion and saleability of SIPL's ongoing projects. Strength * Extensive experience of its promoter: The decade-long presence in the industry backed by the strong domain experience of its promoter Mr. V Sajeev will continue to benefit SPIL over the medium term. Outlook: Stable CRISIL believes SPIL will continue to benefit from the extensive experience of its promoters in the real estate industry. The outlook may be revised to 'Positive' if increase in bookings of units and receipt of customer advances, leads to substantial cash inflows. The outlook may be revised to 'Negative' if low customer bookings or delays in receipt of customer advances for ongoing as well as new projects and increase in debt weakens liquidity. Established in 1998, SPIL-promoted by Mr. V Sanjeev-is involved in residential real estate construction business in Kerala. In fiscal 2016, profit after tax was INR0.1 crore on operating income of INR11.2 crore, against INR0.2 crore and INR6.2 crore, respectively, in fiscal 2015. VASANTH CONSTRUCTIONS: CRISIL Assigns B+ Rating to INR15MM Loan --------------------------------------------------------------- CRISL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to the bank facilities of Vasanth Constructions. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 1 CRISIL B+/Stable Bank Guarantee 6 CRISIL A4 Cash Credit 15 CRISIL B+/Stable The ratings reflect VC's small scale of operations in the intensely competitive civil construction industry, working capital-intensive operations and below-average financial risk profile, because of small networth. These weaknesses are mitigated by the extensive industry experience of the partners. Key Rating Drivers & Detailed Description Weaknesses * Highly working capital-intensive nature of operations: Gross current assets were at 163 days as on March 31, 2016. With the receipt of an order of around INR52-55 crore from the Public Works Department (PWD), Kerala; earnest money deposit and retention money along with work in progress inventory related to it, will keep the working capital cycle stretched over the medium term. * Small Scale of operations in an intensively competitive industry: Net sales were INR16.4 crore in fiscal 2016. The scale of operations will remain constrained owing to high competition, with a large number of players executing small projects, in the industry. * Below-average financial risk profile: The networth was small at INR3.32 crore as on March 31, 2016. Capital structure is expected to remain leveraged with high gearing of about 2 times over the medium term because of large debt funded working capital. Strength * Extensive industry experience of the partners: The Kerala-based partnership firm was started in 1975. The experience of the partners has been highly beneficial in receiving continuous orders from the PWD, Kerala and is expected to benefit over the medium term as well. Outlook: Stable CRISIL believes VC will continue to benefit from the extensive industry experience of its partners. The outlook may be revised to 'Positive' in case of substantial capital infusion leading to improvement in the capital structure, or significantly better- than-expected scale of operations resulting in sizeable cash accruals. The outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, weakens because of a significant decline in cash accrual, larger-than-expected working capital requirement, or large, debt-funded capital expenditure. VC, formed in 1975, is a partnership firm based in Kerala which undertakes civil contracts for constructing roads and bridges majorly from Public Works Department, Kerala. Its partners are Mr. Ummer Bava E, Mr. Nasrudheen E, Mr. Badarudheen E and Mrs Mymoona V who handle the daily operations of the firm. For fiscal 2016 (refers to financial year, April 1 to March 31), VC reported profit after tax (PAT) of INR0.67 crore on operating income of INR16.9 crore as against PAT of INR0.10 crore on operating income of INR4.1 crore in fiscal 2015. ========= J A P A N ========= TOSHIBA CORP: Aims to Raise JPY300BB Thru Preferred Shares Sale ---------------------------------------------------------------- Kyodo News reports that Toshiba Corp. is considering issuing preferred shares to raise JPY300 billion ($2.66 billion) to avoid falling into negative net worth when it books a huge write-down on its nuclear business, sources close to the matter said Feb. 4. Kyodo relates that the industrial conglomerate might issue nonvoting preferred shares convertible to stock in the flash memory business it will spin off, the sources said. According to the report, Toshiba said in December that it could book an impairment loss of "several billion dollars" on its U.S. nuclear business. The losses could reach JPY700 billion, with Toshiba facing the risk of reporting greater liabilities than assets when it posts its business results for the year ending March 31. Toshiba has said it will finalize the write-off by Feb. 14, when it reports earnings for the period from April to December, the report says. Last week, Toshiba unveiled a plan to spin off its profitable chip business to raise money needed to offset the massive loss on its nuclear operation, Kyodo says. It said it planned to sell a stake of less than 20 percent in the memory chip business. Kyodo notes that Toshiba hopes to boost capital by linking the preferred shares to its profitable flash memory operation, as Toshiba is likely to find it difficult to sell shares in itself. According to Kyodo, Toshiba will hold an extraordinary shareholders meeting at the end of March to finalize the spinoff and seek approval to issue the preferred shares. Bidding for the stake in the chip business began Feb. 3, Kyodo says. Potential bidders include U.S. data storage company Western Digital Corp., a joint operator of Toshiba's Yokkaichi flash memory plant, and foreign funds. Kyodo relates that Canon Inc. had shown interest in investing in the new chip company but said this week it decided not to, and various funds also do not necessarily see it as a good deal. Toshiba is looking to finalize the bidder and complete the capital increase by the end of March, Kyodo notes. If the conglomerate falls into negative net worth at the end of the fiscal year in March, it will be downgraded to the second section of the Tokyo Stock Exchange, adds Kyodo. 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. 26, 2017, that S&P Global Ratings said it has lowered its long-term corporate credit rating on Toshiba Corp. to 'CCC+' and its short-term corporate credit and commercial paper program ratings on the company to 'C', all by one notch. All of these ratings remain on CreditWatch with negative implications. S&P also lowered its senior unsecured debt rating on Toshiba two notches to 'B-' from 'B+' and kept the rating on CreditWatch negative. On Dec. 28, 2016, S&P placed the long- and short-term ratings on Toshiba on CreditWatch with negative implications at the same time as lowering the long-term ratings, in response to Toshiba's announcement that it might recognize several JPY100 billion in impairment losses related to goodwill arising from its acquisition of a nuclear power business through U.S.-based Westinghouse Electric Co. LLC, because the goodwill far exceeded the company's initial estimates. ================= S I N G A P O R E ================= FSL TRUST: Warns of 'Significant Net Loss' for FY2016 ----------------------------------------------------- Ann Williams at The Strait Times reports that the trustee-manager of Singapore-listed First Ship Lease Trust issued on Feb. 6 a profit warning for its financial results for the year ended Dec. 31, 2016. According to the report, FSL Trust Management Pte Ltd said that based on a preliminary review of draft financial results, FSL Trust expects to report a "significant net loss" for FY2016. ST relates that the loss is mainly attributable to impairment provisions on vessels and a loss on the disposal of two vessels, it said. Despite the accounting loss, FSL Trust continues to generate positive cash flow and income available for distribution, it added. Further details of FSL Trust's FY2016 performance will be made available on or before Feb. 23, 2017, when final results are released, reports ST. ST says the trustee-manager asked on Feb. 6 for a trading halt on the trust to be lifted. The Strait Times meanwhile reports that the board of directors of FSL Trust Management announced that director and the chief executive officer Alan Hatton has resigned with effect from Feb. 2. Deputy CEO Roger Woods is now the acting CEO, the report relays. It said the management changes do not have any material impact on the earnings per unit and net tangible assets per unit of FSL Trust. ST relates that the trustee-manager said Mr. Hatton was issued a show cause notice dated Jan 26, 2017, inviting him to provide his explanation as to certain matters involving potential misconduct and breach of duties. According to the report, FSL Trust said these matters included disclosure of confidential information to third parties which was not disclosed to or authorised by the board, setting up and providing services for remuneration through Lionwharf Pte Ltd in which Mr. Hatton was the majority shareholder and failing to give correct information and giving wrong information to the board. Mr. Hatton tendered his resignation and his response to the show cause notice on Feb. 2, ST notes. =============== X X X X X X X X =============== * BOND PRICING: For the Week Jan. 30 to Feb. 3, 2017 ---------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 1.51 ARTSONIG PTY LTD 11.50 04/01/19 USD 8.50 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 6.25 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 7.25 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 75.25 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 75.25 CML GROUP LTD 9.00 01/29/20 AUD 1.02 CRATER GOLD MINING LTD 10.00 08/18/17 AUD 23.80 HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.10 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.71 LAKES OIL NL 10.00 03/31/17 AUD 3.88 LAKES OIL NL 10.00 05/31/18 AUD 5.00 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.22 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.22 PALADIN ENERGY LTD 6.00 04/30/17 USD 66.25 PALADIN ENERGY LTD 7.00 03/31/20 USD 72.74 RELIANCE RAIL FINANCE P 2.15 09/26/23 AUD 66.76 RELIANCE RAIL FINANCE P 2.15 09/26/23 AUD 66.77 STOKES LTD 10.00 06/30/17 AUD 0.35 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 67.83 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 51.05 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.89 ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 62.15 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 61.25 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 61.94 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.69 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 83.00 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.82 BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 60.98 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 60.96 BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 30.32 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 64.00 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 50.69 BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.31 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.50 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 62.39 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 61.76 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 50.94 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 61.29 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 61.05 BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 70.38 BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 73.83 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 61.57 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 62.11 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 62.12 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 61.66 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 65.50 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.57 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 62.18 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 62.40 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 64.36 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.21 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 61.70 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 62.11 CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.65 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 62.26 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 62.50 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.41 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.71 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.01 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.44 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.66 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.73 CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 73.55 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 61.68 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.76 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.80 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.94 CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 83.60 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 61.87 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.82 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 62.11 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.67 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.90 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.37 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.50 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.30 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.59 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 62.62 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 62.82 CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 73.00 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.89 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 62.39 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 62.82 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.83 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 62.00 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 60.80 CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 50.08 CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.00 CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.70 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.70 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 84.50 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 62.45 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 84.55 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 62.19 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 62.57 CHONGQING FULING STATE- 6.39 01/21/20 CNY 61.70 CHONGQING FULING STATE- 6.39 01/21/20 CNY 62.40 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.12 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.30 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.52 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.38 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.98 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 62.19 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 62.53 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 61.29 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 61.54 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.44 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 62.29 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 60.97 CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 40.62 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 62.22 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.99 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 62.30 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 61.55 CHONGQING THREE GORGES 6.40 01/23/19 CNY 51.19 CHONGQING THREE GORGES 6.40 01/23/19 CNY 76.82 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 61.87 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 61.56 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 62.55 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 62.64 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 70.42 CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 62.22 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 61.96 CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.93 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 62.04 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 83.00 CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.89 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 62.15 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 62.19 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 62.12 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 82.36 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 60.84 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.65 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 62.77 DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 62.00 DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 61.63 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 61.23 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.23 DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 71.03 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 61.60 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 61.94 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 61.07 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 63.00 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 61.77 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 39.80 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.08 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 52.48 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 52.68 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 62.01 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 62.22 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.71 DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 62.50 DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 62.63 DONGBEI SPECIAL STEEL G 5.63 04/12/18 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 6.30 09/24/16 CNY 40.00 DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00 DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00 DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00 DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00 DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.51 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 51.02 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 62.11 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 62.56 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.84 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.99 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 62.07 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 50.97 FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 51.21 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.22 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.16 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 62.33 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 82.15 FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 73.32 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.47 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 60.00 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.84 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.59 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 62.13 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.86 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.86 GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 71.82 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 72.42 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.58 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 51.06 GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 51.14 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.41 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.67 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.30 GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 51.05 GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 61.35 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 60.60 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 62.24 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 61.11 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 61.41 GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.87 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.88 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.70 GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 61.95 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 51.08 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 51.34 GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 62.27 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 47.28 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 51.07 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 50.93 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 51.14 HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 72.74 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 61.00 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 61.77 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 72.47 HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 72.85 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 62.66 HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 62.83 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 62.25 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.16 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.64 HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 51.65 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 62.20 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 71.25 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 71.47 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 72.06 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 72.25 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 62.25 HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 62.28 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 62.33 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY #N/A N/A HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.46 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 62.29 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 61.13 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 62.69 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 61.90 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 62.07 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.42 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.52 HUAI'AN DEVELOPMENT HOL 6.80 03/24/17 CNY 41.80 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.90 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 63.09 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 62.01 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 84.14 HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.05 HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 51.12 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 50.50 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 50.99 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 62.02 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 62.67 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 62.37 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 62.59 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 51.24 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 51.59 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.59 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.67 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.73 HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 77.25 HUZHOU MUNICIPAL CONSTR 6.70 12/14/19 CNY 61.48 HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 71.80 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 62.46 HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 71.16 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 62.08 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 61.21 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 61.78 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 61.98 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 63.15 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 61.11 JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.04 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 61.99 JIANGSU HUAJING ASSETS 5.68 09/28/17 CNY 25.15 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.45 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.78 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.93 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.92 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 62.22 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.54 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.73 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.73 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 62.30 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 73.21 JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 73.42 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 62.17 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 69.60 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 62.29 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.13 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.58 JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.77 JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 62.34 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 62.23 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 62.90 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.86 JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 61.78 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 61.13 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 61.46 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.40 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 62.03 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 62.10 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.93 JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 77.00 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 62.05 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 42.13 JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.84 JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.69 JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 61.77 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 62.36 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.34 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.54 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.61 JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 83.23 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 62.39 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.00 JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 62.88 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 61.60 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.91 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 62.04 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.94 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 50.50 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.05 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.89 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.34 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 63.01 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.09 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.22 KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 61.54 KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 41.33 LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 60.47 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 66.60 LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.87 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.13 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.00 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 71.16 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 71.55 LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.25 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 65.31 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 66.11 LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 61.92 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 60.30 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 61.15 LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 61.70 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 45.00 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.47 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 62.20 LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 62.66 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 63.42 LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 50.68 LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 62.00 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 61.88 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 61.42 LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 69.79 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.00 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 41.19 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.11 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.32 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 29.77 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.09 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.08 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.90 LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 61.91 LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 62.68 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 62.37 MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 53.09 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 57.00 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 61.03 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.26 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.56 NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 63.50 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 62.58 NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 82.45 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 62.30 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 60.50 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 61.62 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.66 NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 62.28 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 51.24 NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 51.84 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 62.50 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.51 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.77 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.00 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.56 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.87 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.36 NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 71.33 NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 40.18 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.53 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 50.81 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.15 NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 51.34 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.71 NINGHAI COUNTY URBAN IN 8.60 12/31/17 CNY 40.00 NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.51 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 60.01 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 61.58 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 62.02 PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 63.31 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 62.37 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 62.69 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.73 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 62.13 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 62.10 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 62.07 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 84.05 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 61.10 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.63 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 61.59 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 61.88 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 62.88 PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.89 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 50.38 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 62.53 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.98 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 61.54 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 62.12 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.01 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.03 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 61.42 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 61.58 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 61.64 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.05 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 62.02 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 30.01 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.24 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.43 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 62.14 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 62.52 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.13 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15 QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.25 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 61.64 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.35 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.45 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 62.37 QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 62.40 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 62.54 QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 62.60 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.82 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 62.19 RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 51.13 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.91 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 62.00 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.74 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 77.98 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.87 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 62.28 SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.76 SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 62.61 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 71.33 SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 60.04 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.62 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 51.02 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.56 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.59 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.95 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 62.38 SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.22 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 51.10 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 61.37 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 62.10 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 61.99 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 62.54 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 62.16 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 62.50 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 62.00 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 62.42 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 50.41 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.82 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 82.30 SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 51.46 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 61.63 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 62.50 SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 62.25 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 51.50 SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.91 SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.88 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 62.45 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.81 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 62.09 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 61.41 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 81.49 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.45 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.74 SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.34 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 60.83 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 61.78 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 62.39 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 61.73 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.50 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 62.30 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 61.50 SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.57 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 60.93 SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 51.73 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 61.36 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 62.23 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 73.83 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 73.14 SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 73.63 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.66 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 62.44 TAIAN CITY TAISHAN INVE 5.79 03/02/18 CNY 69.80 TAIAN CITY TAISHAN INVE 6.76 01/25/20 CNY 62.12 TAIAN CITY TAISHAN INVE 6.76 01/25/20 CNY 62.47 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 73.32 TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 73.39 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 62.56 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 62.07 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 62.60 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.13 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.18 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 73.10 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 61.10 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 61.77 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.71 TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 51.22 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 61.77 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 62.35 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 74.40 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.90 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.18 TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 62.21 TENGZHOU CITY STATE-OWN 6.45 05/24/18 CNY 60.00 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.46 TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.89 TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 73.36 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 61.12 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 61.35 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.70 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.82 TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 61.92 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 62.11 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 62.90 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 61.68 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 63.00 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.91 TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.99 TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 59.03 TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 61.38 TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 62.05 TONGLIAO URBAN INVESTME 5.98 09/01/17 CNY 40.00 TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 61.76 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 61.37 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 61.83 URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 52.58 URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 50.80 URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.60 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 62.49 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 62.04 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 84.30 WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 60.92 WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.74 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.74 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 61.89 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 61.51 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 62.20 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.00 WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.84 WUHU ECONOMIC TECHNOLOG 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35.70 SINBO SECURITIZATION SP 5.00 08/27/19 KRW 28.40 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 32.14 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 32.14 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.89 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.89 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.89 SINBO SECURITIZATION SP 5.00 09/30/19 KRW 27.98 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 35.21 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 35.21 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 35.21 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 18.43 SINBO SECURITIZATION SP 5.00 12/23/17 KRW 33.06 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.92 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.92 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 27.07 TONGYANG CEMENT & ENERG 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT & ENERG 7.30 06/26/15 KRW 70.00 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 U-BEST SECURITIZATION S 5.50 11/16/17 KRW 35.61 WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 58.87 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 61.83 SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 70.17 SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 74.63 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 68.66 SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 74.20 SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 68.45 SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 73.78 MALAYSIA -------- BIMB HOLDINGS BHD 1.50 12/12/23 MYR 72.53 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.33 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.19 SENAI-DESARU EXPRESSWAY 0.50 12/29/45 MYR 74.50 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 69.34 SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 73.83 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 67.92 SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 70.28 SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.09 SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 72.11 SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 73.08 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.52 SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.60 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.55 SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.04 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.01 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.09 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 58.91 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.11 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.40 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 61.74 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.30 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.34 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.49 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.74 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.12 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 57.48 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.67 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.00 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 ASL MARINE HOLDINGS LTD 4.75 03/28/20 SGD 70.00 ASL MARINE HOLDINGS LTD 5.35 10/01/21 SGD 70.00 AUSGROUP LTD 7.95 10/20/18 SGD 66.25 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.25 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.46 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 30.72 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 31.50 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 5.88 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 51.38 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 51.38 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 47.94 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 53.50 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 40.00 EZION HOLDINGS LTD 4.70 05/22/19 SGD 66.88 EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.48 EZION HOLDINGS LTD 4.88 06/11/21 SGD 48.50 EZION HOLDINGS LTD 5.10 03/13/20 SGD 57.88 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 30.00 FALCON ENERGY GROUP LTD 5.50 09/19/17 SGD 69.96 GEO ENERGY RESOURCES LT 7.00 01/18/18 SGD 71.00 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 65.00 INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 65.00 NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 69.50 NEPTUNE ORIENT LINES LT 4.65 09/09/20 SGD 73.50 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 65.00 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63 PACIFIC INTERNATIONAL L 7.25 11/16/18 SGD 71.50 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 41.88 RICKMERS MARITIME 8.45 05/15/17 SGD 21.25 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 12.00 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 12.00 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 10.88 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 12.25 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.63 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 57.23 DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.00 ********* 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 ***