/raid1/www/Hosts/bankrupt/TCRAP_Public/170328.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, March 28, 2017, Vol. 20, No. 62
Headlines
A U S T R A L I A
DAMBRE PTY: First Creditors' Meeting Set for April 4
GUNDWANE PTY: First Creditors' Meeting Set for April 4
HYDRA ENERGY: Blue Sky Sues Administrators Over O&G Fields
KINGSROSE MINING: Administrators Raise AUD5.4 Million Cash
LAC HOSPITALITY: First Creditors' Meeting Set for April 4
SINADEL PTY: First Creditors' Meeting Set for April 4
C H I N A
CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
CHINA HONGQIAO: Fitch Puts 'BB' LT IDRs on Rating Watch Negative
CHINA HONGQIAO: S&P Lowers CCR to 'B+' on Management Deficiency
LONGFOR PROPERTIES: Moody's Raises Corp. Family Rating From Ba1
SHANDONG YUHUANG: Fitch Rates US$300MM Sr. Unsecured Bond 'B'
I N D I A
AG8 VENTURES: CARE Lowers Rating INR143.65cr Loan to B+
ANTECH CONSTRUCTION: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
ANUNAY FAB: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
BALAJI GREENTECH: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Loan
BRINDHA COTTON: Ind-Ra Assigns 'D' Long-Term Issuer Rating
DEV MOTORS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
EZRA SBL: Ind-Ra Assigns Prov. 'BB+' Rating on INR3.26MM A2 PTCs
FAIRY FOOD: CARE Assigns 'B' Rating to INR7.97cr LT Loan
FIREFLY BATTERIES: CARE Assigns B+ Rating to INR23cr Loan
GEETHA KRISHNA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
GURVINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
HINDUSTHAN NATIONAL: CARE Lowers Rating on INR6cr LT Loan to B+
IDEAS ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
INDORE DEWAS: Ind-Ra Lowers Rating on INR5.861BB Bank Loan to 'D'
INLED LIGHTINGS: CARE Assigns 'B+' Rating to INR6cr LT Loan
JOGINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
JP MOTOR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
JSW STEEL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
KPC FLEXI: CARE Assigns B+ Rating to INR2.20cr LT Loan
MOBILESTORE SERVICES: CARE Reaffirms B+ Rating INR70.66cr Loan
MYCO INFRA: CARE Revises Rating on INR30cr LT Loan to 'B'
NOVARC LABS: CARE Assigns 'B' Rating to INR7cr LT Loan
PARAS SEEDS: CARE Assigns B+ Rating to INR10cr LT Loan
PRAGAT AKSHAY: CARE Assigns B+ Rating to INR6cr LT Loan
RADHA-RUKMAN PACKAGES: CARE Cuts Rating on INR21.72cr Loan to B
RAJ ISPAT: CARE Assigns B+ Rating to INR7cr Long Term Loan
RAJ STEEL: CARE Assigns B+ Rating to INR5cr Long Term Loan
SANJAY UTTAM: CARE Assigns B+ Rating to INR16.97cr LT Loan
RATHI FEEDS: CARE Assigns B+ Rating to INR15cr LT Loan
RICHU MAL: CARE Assigns B+ Rating to INR5cr LT Loan
SANTOSHI RICE: CARE Assigns B+ Rating to INR5.80cr LT Loan
SARASWATI TRADING: CARE Assigns B+ Rating to INR4.50cr LT Loan
SMT. SONPATTI: CARE Assigns B+ Rating to INR5.50cr LT Loan
SHELL INN: CARE Withdraws 'D' Rating on INR31.72cr LT Loan
SHYAMJOTI RICE: CARE Reaffirms B+ Rating on INR18.65cr Loan
SK OVERSEAS: CARE Assigns B+ Rating to INR6cr Loan
SPS EDUCATIONAL: CARE Assigns B+ Rating to INR25.25cr LT Loan
SUBRATA KUNDU: CARE Assigns B+ Rating to INR3.50cr LT Loan
TARANG JEWELS: CARE Reaffirms B Rating on INR15cr LT Loan
VIDARBHA INSTITUTE: CARE Assigns B+ Rating to INR12cr LT Loan
WIN-ENTERPRIS: CARE Reaffirms B+ Rating on INR9.95cr LT Loan
J A P A N
TOKYO ELECTRIC: Promotes T. Kobayakawa to President
TOSHIBA CORP: Seek Support from Korea Electric Power
M A L A Y S I A
PRIME GLOBAL: Incurs $170.5K Net Loss in First Quarter
M O N G O L I A
MONGOLIAN MINING: Chapter 15 Case Summary
MONGOLIAN MINING: Hong Kong Scheme Meeting Set for April 11
N E W Z E A L A N D
CRIMSON CONSULTING: In Liquidation Bid
DESERT ROSE: Leaves NZ$40,000 of Debts After Liquidation
MANCHESTER UNITY: S&P Affirms Then Withdraws 'B+' Rating
STRATFORD RSA: Members Voted to Put Club in Liquidation
S O U T H K O R E A
DAEWOO SHIPBUILDING: State-Run Creditor Takes Two-Track Approach
X X X X X X X X
* BOND PRICING: For the Week March 20 to March 24, 2017
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A U S T R A L I A
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DAMBRE PTY: First Creditors' Meeting Set for April 4
----------------------------------------------------
A first meeting of the creditors in the proceedings of Dambre Pty
Ltd, trading as Cactus Jacks, Mackay, will be held at Function
Room, Mackay Grand Suites, Centrepoint, 9 Gregory Street, in
Mackay, Queensland, on April 4, 2017, at 12:00 p.m.
Justin Walsh and Samuel Freeman of Ernst & Young were appointed
as administrators of Gundwane Pty Ltd on March 23, 2017.
GUNDWANE PTY: First Creditors' Meeting Set for April 4
------------------------------------------------------
A first meeting of the creditors in the proceedings of Gundwane
Pty Ltd, trading as AM Bar & Grill, Movidas, Rabbit Hole, Dirty
Martinis, will be held at Function Room, Mackay Grand Suites,
Centrepoint, 9 Gregory Street, in Mackay, Queensland, on April 4,
2017, at 2:00 p.m.
Justin Walsh and Samuel Freeman of Ernst & Young were appointed
as administrators of Gundwane Pty Ltd on March 23, 2017.
HYDRA ENERGY: Blue Sky Sues Administrators Over O&G Fields
----------------------------------------------------------
Sean Smith at The West Australian reports that US energy group
Blue Sky Offshore Services is suing the administrators of Hydra
Energy (WA) Pty. Ltd. after missing out on a collection of
undeveloped oil and gas fields off northern Western Australia.
The West Australian relates that Blue Sky has issued a writ for
damages in the Supreme Court against insolvency specialists Bryan
Hughes and Daniel Bredenkamp of Pitcher Partners, claiming that
they solicited an alternative offer for the assets of Hydra
Energy (WA) while in exclusive talks with Blue Sky.
According to the report, Mr. Hughes, Pitchers' WA managing
partner, said the action would be defended.
Messrs. Hughes and Bredenkamp were appointed to Hydra Energy (WA)
in March 2016 after its parent company, Hydra Energy Holdings
(HEH), lost the financial support of its major backer, Barclays
Bank's former private equity arm, Global Natural Resource
Investments, the report discloses.
The West Australian says HEH management led by former Shell and
Horizon Oil executive Paul Nimmo had spent more than AUD60
million pulling together via Hydra Energy (WA) a string of small
discoveries across half a dozen offshore permits in the Carnarvon
Basin.
In its statement of claim, Blue Sky said it entered negotiations
with the administrators about a purchase of Hydra Energy (WA) in
October, after talks over a deed of company arrangement with HEH
broke down, the report relates.
In November, Blue Sky paid AUD50,000 to the administrators for a
15-day right to exclusively negotiate a deal, The Western
Australian notes. The exclusivity period was subsequently
extended three times through December 20 when Blue Sky lodged an
offer, the report relays.
However, unknown to Blue Sky, HEH and Mr. Nimmo had been in
contact with Pitcher Partners about a rival offer, which was
filed on December 14, according to the report.
The West Australian notes that Blue Sky claims the administrators
breached the exclusivity agreement by not preventing the rival
bidder "from continuing discussions or negotiations".
Blue Sky was founded in 2007 with the US$50 million purchase of
properties in the Gulf of Mexico from ConocoPhillips, The West
Australian discloses. Those interests were later sold as Blue Sky
concentrated on its Langsa oil and gas field in onshore Sumatra.
About Hydra Energy (WA)
Hydra Energy (WA) Pty. Ltd. was incorporated in 2012 and is based
in Australia. The company operates as a subsidiary of Hydra
Energy Pty Ltd. It offers oil and gas exploration and production
services. Bryan Kevin Hughes and Daniel Johannes Bredenkamp of
Pitcher Partners were appointed as administrators to the Company
on March 8, 2016. The insolvency firm was called in after the
Company lost funding support. As of March 11, 2017, the Company
is in External Administration in Australia.
KINGSROSE MINING: Administrators Raise AUD5.4 Million Cash
----------------------------------------------------------
Esmarie Swanepoel at miningweekly.com reports that the
administrators of Kingsrose Mining have announced that the
company has raised some AUD5.4 million through a secured
convertible loan facility to assist with its restructuring.
According to the report, the gold junior went into voluntary
administration in December 2016, placing its Talang Santo mine in
Indonesia on care and maintenance, while a review of the company
structure and operations were undertaken.
miningweekly.com relates that the convertible facility, which has
been provided by a group of professional and sophisticated
investors, can be converted to equity at 4c a share; however,
this will require shareholder approval.
If the loan is not converted into equity, Kingsrose will be
required to repay it on the later of either the termination of
administration, or any deed of company arrangement, the report
relates.
miningweekly.com meanwhile reports that the administrators on
March 24 said firm commitments of up to another AUD1-million were
expected within the next seven days.
The funds raised under the convertible facility will be used for
the ongoing restructure of Kingsrose and to provide working
capital and funding for the Way Linggo project, the report notes.
Ian Charles Francis and Michael Joseph Patrick Ryan of FTI
Consulting were appointed as administrators of Kingsrose Mining
on Dec. 14, 2016.
LAC HOSPITALITY: First Creditors' Meeting Set for April 4
---------------------------------------------------------
A first meeting of the creditors in the proceedings of
LAC Hospitality Pty Ltd, trading as LAC Hospitality Pty Ltd,
will be held at Function Room, Mackay Grand Suites, Centrepoint,
9 Gregory Street, in Mackay, Queensland, on April 4, 2017, at
11:00 a.m.
Justin Walsh and Samuel Freeman of Ernst & Young were appointed
as administrators of Gundwane Pty Ltd on March 23, 2017.
SINADEL PTY: First Creditors' Meeting Set for April 4
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Sinadel
Pty Ltd, trading as Mackay Grand Suites, will be held at the
Function Room of Mackay Grand Suites, Centrepoint, at 9 Gregory
Street, in Mackay, Queensland, on April 4, 2017, at 1:00 p.m.
Justin Walsh and Samuel Freeman of Ernst & Young were appointed
as administrators of Gundwane Pty Ltd on March 23, 2017.
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C H I N A
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CHINA EVERGRANDE: Moody's Assigns B3 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned B3 senior unsecured rating
to China Evergrande Group's (B2 negative) proposed USD notes.
The rating outlook is negative.
The proceeds from the issuance will be used to refinance the
company's existing debt.
RATINGS RATIONALE
"The proposed issuance will improve Evergrande's debt maturity
and liquidity profiles," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.
Moody's expects that Evergrande will not incur any material
incremental debt from the proposed notes exchange, as the
proceeds from the proposed notes will be used to refinance its
existing notes. Moody's notes that the company already issued
USD1.5 billion of notes earlier in March -- namely USD500 million
7% notes due 2020 and USD1 billion 8.25% notes due 2022 --
according to the company's announcement on 17 March 2017.
Evergrande's B2 corporate family rating reflects its strong
market position, strong sales execution, low cost land bank, as
well as its nationwide and broad geographic coverage. However, it
is constrained by the high business and financial risks
associated with Evergrande's debt-funded acquisition strategy and
weak financial metrics.
The negative rating outlook reflects Evergrande's high levels of
business, financial and liquidity risks, given its aggressive
debt-funded acquisitions.
The rating of the proposed USD notes is notched down to B3 --
from its corporate family rating of B2 -- due to subordination
risk from the company's secured and subsidiary debt.
Downward rating pressure would emerge if: (1) the company's
liquidity position weakens further due to a deterioration in
contracted sales, and/or high levels of debt and/or land
payments, or high levels of deferred acquisition payables; (2) it
raises more debt to fund its business expansion, resulting in
revenue/adjusted debt (including perpetual securities) falling
below 40%; or (3) it takes on more debt-funded acquisitions
without a commensurate increase in its equity capital base.
On the other hand, the rating outlook could return to stable if
the company (1) reduces its debt leverage by raising equity
capital or disposing of non-core assets, such that
revenue/adjusted debt rises above 60% and EBIT/interest rises to
2x or higher; and (2) improves its liquidity position by reducing
the level of short-term debt or slowing the pace of land and
other acquisitions to preserve its operating cash flows.
The principal methodology used in this rating was Homebuilding
And Property Development Industry published in April 2015.
China Evergrande Group is one of the major residential developers
in China. It has a standardized operating model. Founded in 1996
in Guangzhou, the company has rapidly expanded its business
across China over the past few years. At 30 June 2016, its land
bank totaled 186 million square meters in gross floor area across
175 Chinese cities.
CHINA HONGQIAO: Fitch Puts 'BB' LT IDRs on Rating Watch Negative
----------------------------------------------------------------
Fitch Ratings has placed aluminium producer China Hongqiao Group
Limited's Long-Term Foreign- and Local-Currency Issuer Default
Ratings (IDRs) of 'BB' on Rating Watch Negative (RWN) due to a
possible delay in publishing its 2016 annual results. Fitch has
also placed Hongqiao's senior unsecured rating and the ratings on
its outstanding USD400 million 7.625% senior unsecured notes due
2017 and USD300 million 6.875% senior unsecured notes due 2018 of
'BB' on RWN.
KEY RATING DRIVERS
Annual Results Publication Delay: Hongqiao announced on March 21,
2017 that there may be a delay in the publication of its 2016
annual results beyond the stock exchange's deadline of end-March
2017, pending issues raised by its auditors. A long delay -
especially if accompanied by significant restatements of past
results - may result in negative rating action.
Delay May Trigger Covenants: According to the company, a delay in
the publication of its audited accounts beyond end-April 2017 may
breach covenants of its syndicated loans of approximately USD700
million; the company is in the process of obtaining waivers from
the banks. Both offshore notes' documentation contain covenants
that require the issuer to provide the trustees its audited
financial statement within 120 days of its fiscal year-end.
Publication Will Resolve RWN: The RWN will be resolved once the
company publishes its audited accounts. If the accounts are not
qualified and are in line with Fitch expectations, Fitch will
affirm the ratings at the current level. However, if there is a
significant restatement of past accounts and other qualified
findings from the auditor, Fitch is likely to take negative
rating action.
DERIVATION SUMMARY
Hongqiao's rating reflects its leading position in the global
aluminium industry by scale and cost structure. However, the
rating is constrained by its continued high capex and leverage.
The RWN reflects a possible delay in publishing the annual
results and uncertainty of the audit findings.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- Aluminium price increases in line with Fitch's commodity
forecast of USD1,600 per tonne in 2016, USD1,700/t in 2017,
USD1,700/t in 2018, USD1,750/t in 2019 and USD1,800/t in
the long term.
- Aluminium production capacity to peak at 6.5 million metric
tonnes a year in 2016, with utilisation rate of around 80%
from 2017.
- Capex of CNY16 billion, CNY13 billion and CNY5 billion in
2016, 2017 and 2018, respectively.
RATING SENSITIVITIES
Developments That May, Individually or Collectively, Lead to
Negative Rating Action
- Significant restatement of financial statements or audit
findings that affect financial data reliability.
- FFO-adjusted net leverage above 4.0x (4.2x at end-2015) on a
long-term basis.
- EBITDA margin below 30.0% on a sustained basis (2015: 30.2%).
- No clear trend of lower negative FCF generation.
- Not adhering to capex guidance.
Developments That May, Individually or Collectively, Lead to the
removal of the Rating Watch Negative
- Publication of 2016 annual results with unqualified auditor
opinion.
- 2016 annual results in line with Fitch expectations.
CHINA HONGQIAO: S&P Lowers CCR to 'B+' on Management Deficiency
---------------------------------------------------------------
S&P Global Ratings said that it had lowered its long-term
corporate credit rating on China Hongqiao Group Ltd. to 'B+' from
'BB-'. S&P also lowered the issue ratings on Hongqiao's
outstanding senior unsecured notes to 'B+' from 'BB-'. In
addition, S&P lowered its long-term Greater China regional scale
ratings on Hongqiao and the notes to 'cnBB-' from 'cnBB+'. At
the same time, S&P placed all the ratings on CreditWatch with
negative implications.
"We downgraded Hongqiao and placed the ratings on CreditWatch to
reflect the company's increasing management and governance risks,
and possible strain on liquidity," said S&P Global Ratings credit
analyst Claire Yuan. "In addition, we see potential negative
implications for the company's operations and financing. The
risks heightened following Hongqiao's announcement that it may
delay the release of its audited annual report for 2016."
In S&P's view, Hongqiao's financial reporting and transparency to
investors have been undermined after Ernst & Young suspended its
audit of the company pending issues to be resolved. In addition,
S&P believes Hongqiao's communication to the market was not
sufficiently timely following the publication of short-seller
reports by an anonymous party and Emerson Analytics. These
factors may reduce creditors' confidence in the company, leading
to less-favorable funding access and higher refinancing risk.
S&P has therefore lowered its assessment of Hongqiao's management
and governance to weak from fair.
S&P also sees increasing liquidity risk for Hongqiao if the
company can't publish audited 2016 financial statements within
120 days of the end of its financial year, given that this would
constitute an event of default under the terms of its US$700
million syndicated loan agreement. If the company cannot obtain
a waiver, it may not have enough cash on hand offshore to repay
the loan. This risk may cause acceleration of the repayment of
its two other U.S. dollar-denominated notes totaling US$700
million, one of which matures in June 2017. These two notes also
contain a requirement on the provision of financial statements
within 120 calendar days after the end of the fiscal year.
Although the company may have large onshore cash balances, the
repatriation of these funds to overseas may be subject to
stringent capital controls. At this stage, the company does not
have a concrete back-up plan to address such issues.
In S&P's view, a potential share placement to CTI Capital
Management Ltd. (CTICM), if successful, could help to temper the
liquidity risk and boost investor confidence. CTICM is a wholly
owned Hong Kong-based subsidiary of CITIC Trust Co. Ltd., which
is a subsidiary of CITIC Group Corp. However, it remains
uncertain as to if and when the transaction will go through.
S&P aims to resolve the CreditWatch as soon as it has more
information to assess the application results of the waiver, the
possible publication timing of Hongqiao's audited 2016 annual
report, the validity of the short-seller report, and the impact
of the above on Hongqiao's liquidity and overall credit profile.
S&P could lower its rating on Hongqiao by one or more notches if:
(1) its liquidity deteriorates substantially; (2) any of the
allegations in the short-seller report proves to be true; or (3)
the company's operational and financing activities are negatively
affected.
S&P could affirm the rating on Hongqiao if the company publishes
its audited 2016 annual report with an unqualified auditor's
opinion, resumes trading of its shares, responds to the short-
seller report with solid evidence, and maintains an adequate
liquidity position.
LONGFOR PROPERTIES: Moody's Raises Corp. Family Rating From Ba1
---------------------------------------------------------------
Moody's Investors Service has upgraded Longfor Properties Co.
Ltd.'s (Longfor) corporate family rating to Baa3 from Ba1 and its
senior unsecured rating to Ba1 from Ba2.
The ratings outlook is stable.
RATINGS RATIONALE
"The ratings upgrade reflects Moody's expectations that Longfor
will maintain its current strong credit metrics through a
moderate pace of sales growth, cautious land acquisitions, and
prudent financial management in the next 12-18 months," says
Stephanie Lau, a Moody's Assistant Vice President and Analyst.
"The company's growing rental income, which will enhance its debt
servicing ability, also supports the upgrade," says Lau, also the
Lead Analyst for Longfor.
Longfor has demonstrated sales growth through cycles due to its
cautious approach to planning and moderate pace of growth. For
example, it was able to achieve positive year-on-year sales
growth of 11% and 2% during the down-markets of 2008 and 2014
when national sales registered negative growth.
Moody's expects that the company will grow its contracted sales
-- including its share in joint ventures -- to RMB100 billion in
the next 12-18 months, a scale that supports the corporate family
rating of Baa3.
This growth expectation is reasonable because the company's land
bank is fairly balanced across major regions in China (Aa3
negative). At end-2016, over 80% of its 72 projects were in tier-
one and tier-two cities where property demand is favorable.
Such a diversification strategy provides some protection to the
company's revenue growth if the Chinese government escalates
regulatory measures to rein in rising property prices and
speculation in 2017.
The company's strategy of a moderate pace of sales growth reduces
the pressure to replenish land when land prices are rising.
Longfor has maintained its pace of land acquisitions in recent
years at an annual quantum of around 40% to 60% of contracted
sales and has kept its focus on locations with good prospects for
property sales.
Its disciplined land acquisitions and moderate pace of contracted
sales growth have kept debt growth more measured, which has, in
turn, resulted in more stable credit metrics through the cycles.
Longfor's credit metrics for 2012 to 2016 were relatively stable.
Its EBIT/interest was 4.6x to 5.7x, adjusted debt/total
capitalization 42% to 48%, and revenue/adjusted debt 85% to 110%.
Moody's expects the company's credit metrics will remain strong
at adjusted revenue/debt of around 97%-100% and EBIT/interest of
around 5.5x in the next 12-18 months. These levels -- which
include debt funding for the company's investment properties --
are appropriate for its Baa3 corporate family rating.
Longfor has a stream of recurring rental income from its retail
investment properties. Moody's expects such revenue will cover
around 70%-80% of its projected interest expenses in 2017; a
situation which enhances its debt servicing capability and
positions it better than its Ba rated property peers in China.
Longfor's Baa3 corporate family rating reflects its strong brand
name, good geographic diversification, and resilient sales growth
through cycles.
Its prudent strategy on sales growth, land acquisitions and
financial management have resulted in stable credit metrics
through cycles and a strong liquidity position. At end-2016, its
cash holding of RMB17.4 billion represented 3.3x of its short-
term debt.
The Baa3 rating also considers the growing stream of rental
income which enhances the company's debt servicing ability.
Longfor's senior unsecured bond rating of Ba1 is one notch lower
than its corporate family rating, reflecting the structural
subordination risks from its secured and subsidiary debt, which
were around 18% of its total assets at end-2016. Moody's expects
this ratio to stay at 15%-20% in the next two years.
The stable outlook reflects Moody's expectations that Longfor
will maintain its prudent sales growth, stable credit metrics,
growth in rental income, and strong liquidity position over the
next
12-18 months.
Upward rating pressure could emerge if Longfor further grows its
operating scale, while it (1) maintains a strong liquidity
position with cash/short-term debt above 2.5x; (2) improves
revenue/debt above 115%, operating cash flow/debt above 35%, and
EBIT/interest above 6.0x; and (3) sustains recurring rental
income/interest coverage above 1.0x.
On the other hand, ratings downgrade pressure could emerge if the
company's shows a deterioration in sales or more aggressive
expansion that results in a weakening of its credit metrics --
revenue/debt falls below 90%-95%, EBIT/interest falls below 4.5x-
5.0x, or recurring rental/interest coverage falls below 70% on a
sustained basis.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Longfor Properties Co. Ltd. is one of the leading developers in
China's residential and commercial property development sector.
Founded in 1994, the company began its business in Chongqing and
has since established a solid brand name in the municipality.
As of December 31, 2016, it had a total land bank of 41 million
square meters (sqm) in gross floor area (GFA), spanning 26 cities
in five major regions in China.
SHANDONG YUHUANG: Fitch Rates US$300MM Sr. Unsecured Bond 'B'
-------------------------------------------------------------
Fitch Ratings has assigned a final rating of 'B' to Shandong
Yuhuang Chemical Co., Ltd's (B/Positive) USD300 million 6.625%
senior unsecured bond due 2020.The bonds were issued by Yuhuang's
offshore SPV, Rock International Investment Inc., and guaranteed
by Yuhuang.
The assignment of the final rating follows a review of final
documentation materially conforming to the draft documentation
previously reviewed. The final rating is the same as the expected
rating assigned on March 13, 2017.
The rating on Yuhuang reflects the company's track record of
stable margins for its China operations, as a result of
diversification, vertical integration and strategic cooperation
with national oil companies (NOCs). The rating has also
incorporated the financing and execution risks for its US
methanol project, which is a large investment for Yuhuang, and
the resultant pressure on its credit profile during construction.
The rating also takes into account vulnerability to future price
volatility of raw materials and end-products in China, and
methanol once the US project starts commercial operations. The
Positive Outlook reflects the potential for positive rating
action should Yuhuang continue to demonstrate robust cash
generation from its China operations, together with strong capex
discipline and sound execution of the US methanol project.
KEY RATING DRIVERS
Diversified Product Offering: Yuhuang's product range includes
refined oil products, styrene, methyl tertiary-butyl ether
(MTBE), C5 products, dimethyl ether (DME), liquefied gas,
polybutadiene rubber and expanded polystyrene (EPS). It extended
the product-value chain further to include ethanolamine,
butadiene, and styrene-butadiene-styrene (SBS) in 2016. Its
products are mostly commodity chemicals; however, the products
generally have wide end-applications. So, unlike its specialty
chemical peers in China, Yuhuang's sales volume and profitability
are not tied to one particular industry, and its margin has been
very stable in the last five years.
Vertical Integration, Cooperation with NOCs: Vertical integration
applies along the production-value chain for many of its
products, which brings greater flexibility in sales, fewer
constraints from raw material supply, and a relatively stable
margin. The company enjoys a very high capacity utilisation rate
for most of its products, which also benefits from this vertical
integration. Its cooperation with NOCs for the procurement of raw
materials and sales of final products also secures both raw
material and distribution channels for its production.
Risks with US Project: Yuhuang plans to spend approximately
US$1.2 billion to build a methanol plant in the US. The capex
will be primarily funded by an USD800 million syndicated bank
loan, the US dollar bond, and Yuhuang's initial equity
contribution of around USD160 million. This project has a planned
capacity of 1.7 million tons. Land construction has already
started, and the company expects the plant to commence operations
in early 2019.
This investment entails some execution risks. However, the
company has tried to address some of the risks through usage of
proven technology; employing experienced engineering, procurement
and construction (EPC) contractors on a lump-sum cost basis; and
recruiting senior personnel from the US chemical industry.
Yuhuang intends to involve a strategic partner to contribute
equity and potentially off-take all of the methanol plant's
output, although it is possible that Yuhuang may fully own the
project.
Robust Methanol Market: Fitch expects that long-term demand for
methanol can be supported with more demand from non-traditional
users. China's new methanol-to-olefins (MTO) capacities will be
the key to drive global demand. Fitch does not expect much new
supply in North America, due to relatively long permitting and
construction periods. This could help to support the methanol
price in the medium term. However, methanol prices have been
volatile and highly correlated with oil prices. The rebound in
methanol prices might spur fresh interest in capacity addition.
Higher-than-expected capacity expansion could significantly
pressure methanol prices in a lower-oil-price scenario over the
long term.
Commodity-Price Volatility: Most of Yuhuang's products are
commodity chemicals that are subject to the price volatility of
both raw material and end-products. Yuhuang's market share is
relatively small, and is a price-taker. Product diversification
and vertical integration help reduce margin volatility, although
its cash generation is still affected by commodity price
movements and any change in the supply/demand dynamics of its
end-products. The addition of methanol in the US will add to
Yuhuang's diversification. However, methanol has also exhibited
price and margin volatility.
High Capex, Discipline Key: Yuhuang has generated negative FCF in
the previous four years due to high capex to expand its product
offering and capacity in China. With most of the domestic
projects completed in 2016, Fitch expects its annual capex for
the China operations to decline from CNY2 billion-3 billion to
CNY0.4 billion-1 billion in the next four years, which could lead
to positive FCF generation and reduce the financial leverage at
its China operations. Fitch's Positive Outlook on Yuhuang factors
in Fitch views that the company's expansionary capex in China
will not be heavy before the US plant is fully operational. A
significant increase in domestic capex will reduce financial
flexibility - which is negative for its credit profile.
High Leverage: Yuhuang's leverage (as measured by FFO-adjusted
net leverage) was high at 5.1x in 2015 (this also includes off-
balance sheet debt arising from financial guarantees provided to
obligations of third parties; excluding these liabilities,
leverage is around 4.2x). Fitch expects its leverage to increase
further to around 6.5x (5.4x if excluding third-party guarantees)
by 2018 due to the debt associated with the US project, which is
guaranteed by Yuhuang and its subsidiaries. However, some
improvement is likely once the US project starts to generate
operating cash flows. Cooperation with a potential strategic
investor for the US project could help to reduce leverage, but
not to a great degree.
Guarantee Structure, Recovery Ratings: The Recovery Rating of
'RR4' assigned to the proposed notes reflects average recovery
prospects. The notes are to be guaranteed by Yuhuang. The up to
USD800 million US project loan will be guaranteed by Yuhuang and
several of its key onshore subsidiaries (each accounting for 20%-
30% of group EBITDA) on a joint basis totalling 100%. In Fitch
recovery analysis Fitch has treated the portion of the US project
debt that is guaranteed by the subsidiaries as prior ranking to
the proposed US dollar notes.
DERIVATION SUMMARY
Yuhuang's final rating of 'B' incorporates its track record of
stable margins for its China operations, which is coming off a
period of high capex and likely to generate positive FCF, as the
company completed most of the expansion projects in 2016. Yuhuang
benefits from diversified end-applications compared with other
'B' category-rated chemical peers like China XD Plastics Co Ltd
(B+/Stable), which is exposed to the cyclicality of the auto
industry. These benefits are reflected in its stable margin trend
and stable working-capital movements. However, Yuhuang's leverage
level is higher, and its margin thinner than at China XD
Plastics. Shanghai Huayi (Group) Company (BBB-/Stable, standalone
rating at BB/Stable) also enjoys diversification, and has similar
leverage to Fitch forecasts leverage level for Yuhuang's China
operations. Shanghai Huayi's margin is weighed down by its
trading operation, but its profitability should be more defensive
than that of Yuhuang due to Shanghai Huayi's much stronger
position in the Shanghai market, and a higher contribution from
advanced chemicals, which face less intense completion than
commodity chemicals.
The rating has also incorporated the financing and execution
risks for the US methanol project, which has just started
construction, and the resultant pressure on its credit profile
during construction. The rating also reflects vulnerability (as a
commodity chemical producer) to the future price volatility of
raw material and end-products, including methanol in the future,
as the company has committed to a large methanol project in the
US.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Utilisation rate for the China operations remains above 90%;
US project to start operations in 2019 with 50% utilization
- EBITDA margin remains stable at 8%-10%
- Product-price change with Fitch price deck's assumption of oil
price change
- Total capex at about CNY1 billion in 2016, rise to CNY4.0
billion-4.5 billion in 2017, gradually trending down to around
CNY1.5 billion in 2019
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Completion of the US project in a timely fashion, and within
the current budget, provided also that there is no significant
deterioration in the US methanol market
- The company demonstrates investment discipline in its China
operations during the heavy investments in relation to the US
project, and generates positive FCF at its China operations
- Operating EBITDA margin sustained above 8%
- FFO fixed-charge coverage ratio above 3.5x, and FFO-adjusted
net leverage below 5.0x on a projected basis after the
completion of the US methanol project
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Fitch may revise the Positive Outlook back to Stable if the
company does not meet the other positive guidelines set above.
LIQUIDITY
Improving Debt Structure: As with other private companies in
China, most of Yuhuang's debt is short-term, which accounted for
62% of total debt at end-9M16. However, the company is optimising
its debt structure by refinancing its maturing short-term debt
with long-term debt, including domestic bond issuance. The
company used to rely heavily on bank loans, while increasingly
more debt has been issued out of the domestic bond market in
recent years. Most of the debt is at the holding company level.
Most of the bank loans are not secured by assets, but rather
guaranteed by third parties. The percentage of secured loans has
also declined in recent years. Secured bank loans only accounted
for 5% of total bank loans (4% of total debt) as of end-9M16.
Adequate Liquidity: The company has CNY1.0 billion in
unrestricted cash as of end-9M16. It has short-term debt of
CNY5.9 billion. Fitch estimates its China operations could
generate positive FCF of around CNY730 million in the next 12
months (4Q16-3Q17). The company has unutilised bank credit
facilities of CNY3.2 billion (excluding the debt facilities to be
secured to finance the US project), and an available bond
issuance quota of around CNY4.0 billion, which will be enough to
refinance its maturing short-term debt. Future equity injection
into the US project will be satisfied by the proposed US dollar
notes, and should therefore have no impact on the liquidity of
its China operations.
=========
I N D I A
=========
AG8 VENTURES: CARE Lowers Rating INR143.65cr Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
AG8 Ventures Limited (AVL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 143.65 CARE B+; Stable Revised
from CARE BB
Long term Bank
Facilities 6.75 CARE B+; Stable Revised
from CARE BB to CARE D
and then upgraded to
CARE B+
The revision in the rating of AG8 Ventures Limited (AVL) to 'CARE
D' is on account of delay in servicing of its debt obligation in
March 2016 due to liquidity stress. The subsequent rating upgrade
factors in satisfactory track record of servicing of debt
obligations thereafter. Further, the revision in the rating of
AVL [from CARE BB to CARE B+] takes into account slower project
progress on the back of lower than envisaged bookings from its
on-going real estate projects and dip in the operating
performance resulting in deterioration in debt coverage
indicators. The ratings continue to be constrained on account of
project execution risk associated with its large-size on-going
real estate projects, high reliance on customer advances,
elongated project completion timelines and leveraged capital
structure. The ratings are further constrained by its presence in
the highly competitive and cyclical real estate sector. The
ratings, however, draw strength from the vast experience of the
promoters and established track record of the group in real
estate sector in Bhopal.
The ability of AVL to complete its ongoing real estate projects
within the envisaged time and cost parameters, timely
receipt of booking advances and sale of units at the envisaged
price are the key rating sensitivities.
Detailed Description of the Key Rating Drivers
Key Rating Weaknesses
Slower project progress and lower level of new bookings leading
to elongation in project completion timelines and stressed
liquidity: All the on-going projects being executed by AVL are at
mid stage of execution, with about 61% overall completion of the
projects. The company incurred additional cost of about 11% of
total envisaged project cost during past 16-months ending
December 2016 reflecting slower projects progress. The overall
estimated costs for all the three projects have been revised by
about 9% due to change in the scope of the projects.
Owing to sluggish demand resulted into lower than envisaged
booking/sale of the units has impacted the projects progress and
hence, the company has extended the project completion timeline
of all three projects to 2019.
Owing to lower level of new bookings and deterioration in the
operating performance on the back of subdued economic scenario,
AVL observed some liquidity stress during FY16 which led to delay
in repayment of one of its term loan (in form of overdraft
facility) during March 2016. The said loan was repaid during
April 2016 and thereafter the repayment track record is
satisfactory.
Dip in scale of operations and deterioration in debt coverage
indicators: The Total Operating Income (TOI) declined by 35%
during FY16 owing to sluggish demand in the market. Further, the
PAT margin dipped by 56 bps during FY16 despite improvement in
the PBILDT margin by 1050 bps mainly due to increase in interest
& financial cost during the year. The overall gearing of AVL
continues to remain high as on March 31, 2016. The stable debt
levels and increase in interest expenses resulted in
deterioration in the debt coverage indicators during FY16.
Further, after adjusting recourse nature of debt of group
companies and investments, the leverage stands high at 4.86 times
as on
March 31, 2016.
High reliance on customer advances for the project cost funding
and debt servicing: The company, based on its strong brand value
has proposed to fund the cost of projects with 75% of customer
advances demonstrating high reliance on advances from the
customers to fund the project execution. Further, the project
execution is taking longer than envisaged time and hence, the
repayment of project term loan have also started and part of
which is also to be funded through the customer advances.
Key Rating Strengths
Established track record of the group in the real estate sector
The promoters have long and established track record in executing
real estate projects across a wide range of segments, viz,
residential (apartments and bungalows), recreational and
hospitality in the Bhopal region. Over the years, the group has
demonstrated sound project execution capability with minimal time
overrun. AVL has completed seven major real estate projects in
Bhopal with a total saleable area of more than 30 lakh square
feets (lsft). The group also has presence in the Hospitality
sector with Brand name of 'Aakriti Calor' with two resorts in
tourist place, i.e. at Kanha National Park and Pench. However,
AVL is exposed to risk related to geographical concentration as
its operations are primarily based in Bhopal, Madhya Pradesh.
AVL, originally incorporated in 1997 as Aakriti Dwellings Pvt.
Ltd., is the flagship company of the Bhopal-based "Aakriti
Group", engaged in development of multi-storied residential as
well as commercial properties around Bhopal region. AVL is
presently executing three integrated townships in and around
Bhopal with total saleable area of 58.33 lakh square feet (lsf)
and total project cost of INR914.02 crore. In addition to the
real estate sector, "Aakriti Group" has presence in various
industries such as sugar, hospitality and education. Kareli Sugar
Mills Private Limited, Aakriti Sugar Mills Private Limited and
Reva Kripa Sugars Private Limited are the entities promoted by
"Aakriti Group" engaged in sugar manufacturing business and
Aakriti Nature Cure Centre operates a health care centre.
During FY16 (refers to the period April 1 to March 31), AVL
reported profit after tax (PAT) of INR2.76 crore on a total
operating income (TOI) of INR83.18 crore as against a PAT of
INR4.93 crore on a TOI of INR127.19 crore in FY15.
ANTECH CONSTRUCTION: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Antech
Construction Company (ACC) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. The instrument-wise rating action is:
-- INR120 mil. Fund-based facilities assigned with
IND B+/Stable/IND A4 rating
KEY RATING DRIVERS
The ratings reflect ACC's small size of operations, volatile
margins and moderate credit metrics.
Revenue increased 75.6%yoy in FY16 to INR256 million, on account
of an increase in the order inflow. EBITDA margin fluctuated in
the range of 17.9%-33.3% over FY13-FY16 due to raw material price
fluctuation. The credit metrics improved in FY16 on account
scheduled debt repayments, with EBITDA interest cover (operating
EBITDA /gross interest expenses) of 2.4x (FY15: 1.5x) and net
financial leverage (total adjusted net debt/operating EBITDA) of
3.3x (4.3x).
The ratings factor in the medium-term revenue visibility stemming
from the current order book of INR342 million (1.33x of FY16
revenue). ACC booked revenue of INR244 million for 10MFY17.
Moreover, the company's liquidity is moderate, with the average
utilization of its working capital limits being 84.43% for the 12
months ended January 2017.
The ratings are supported by the more than four decades of
experience of ACC's promoters in the engineering, procurement,
and construction segment.
RATING SENSITIVITIES
Positive: Any substantial growth in the top line and EBITDA
margin leading to a sustained improvement in the credit metrics
could be positive for the ratings.
Negative: Any deterioration in the EBITDA margin leading to long-
term deterioration in the credit metrics could be negative for
the ratings.
COMPANY PROFILE
Incorporated in 1970, ACC is an engineering, procurement, and
construction contractor engaged in government projects. The firm
executes civil construction projects for National Highway
Authority of India ('IND AAA'/Stable), Kerala P.W.D and Kerala
Irrigation Department. ACC operates in Kolenchery, Kerala.
ANUNAY FAB: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Anunay Fab
Limited (AFL) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:
-- INR792 mil. Fund-based working capital facility assigned
with IND B+/Stable/IND A4 rating;
-- INR60 mil. Non-fund-based working capital facility assigned
with IND A4 rating
KEY RATING DRIVERS
The ratings reflect AFL's weak financial profile and credit
metrics, on account of its thin profit margin coupled with high
working capital debt funding. The margins are affected by high
competition, and the company's inability to pass on price
increases in raw material and its low value-adding operations.
In FY16, the company recorded total revenue of INR3,574 million
(FY15: INR3,357 million), EBITDA margin of 3.3% (5.1%), net
leverage (Ind-Ra adjusted net debt/operating EBITDA) of 7.6x (6x)
and EBITDA interest cover of 1.3x (1.2x). Ind-Ra expects the
credit metrics to remain at similar levels over FY17-FY20.
In addition, the company's liquidity is stretched with the almost
full utilization of its sanctioned working capital loan for the
12 months ended July 2016 and instances of overutilization of
limits on account of a long working capital cycle of 104 days.
The ratings, however, are supported by the company's promoter's
two-decade-long experience in the industry, its improved 9MFY17
performance (EBITDA margin: 5%; interest coverage: 1.4x) on
account of a change in product profile, and steady revenue growth
over the years.
RATING SENSITIVITIES
Negative: A stretch in the working capital cycle or a reduction
in profitability leading to further deterioration in liquidity
could lead to a rating downgrade.
Positive: An improvement in the profitability and reduction in
working capital cycle leading to improved liquidity and credit
metrics, all on a sustained basis, will lead to a positive rating
action.
COMPANY PROFILE
Founded in 1994, AFL manufactures made-up home textile products,
with over 90% total revenue being contributed by bedsheets. It
is also engaged in the trading of grey cloth. The company
purchases grey fabric, which is processed on job work basis. The
company then cuts and stitches the processed material to
bedsheets, and packages the same. More than 50% of the final
products are exported mainly to the US.
BALAJI GREENTECH: Ind-Ra Withdraws 'B-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Balaji
Greentech Products Limited's (BGPL) 'IND B-' Long-Term Issuer
Rating. The Outlook was Stable.
KEY RATING DRIVERS
The rating has been withdrawn as BGPL has repaid the limits and
no dues certificate for the same was provided by the banker.
BGPL is being amalgamated with its parent Balaji Amines Limited
('IND A'/Stable).
COMPANY PROFILE
Hyderabad-based BGPL started operations in August 2009. The
company has a compact fluorescent lamp manufacturing plant.
BORAH AGENCIES: CARE Reaffirms B+ Rating on INR10cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Borah Agencies Private Limited (BAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 10.00 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of BAPL is constrained
by its relatively small size of operation with low profitability
margin, risk of non-renewal of dealership agreement, pricing
constraints and margin pressure arising out of competition, high
leverage ratio and working capital intensive nature of business.
The aforesaid constraints are partially offset by its experienced
promoter and sole authorized dealership of reputed brands.
The ability of the company to increase its scale of operation,
improve profitability margins and ability to manage its working
capital effectively would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: The overall affairs of the company are
managed by the promoter, Shri Prodip Borah (Managing Director)
aged 56 years and having over three decades of experience in the
similar line of business. He is being duly supported by a team of
experienced professionals. Sole Authorized Dealership of a
reputed brand: BAPL has sole authorized dealership of Hyundai
Motor India Ltd. (HMIL) for one districts of Assam and four
districts of Arunachal Pradesh and for Escorts Ltd. (EL) for two
district of Assam.
Key Rating Weaknesses
Small scale of operation with low profitability margin: The scale
of operations of BAPL remained small marked by total operating
income of INR63.37 crore with a PAT of INR0.33 crore in FY16. The
company has a low net worth base as on March 31, 2016. The small
size restricts the financial flexibility of the company in times
of stress and deprives it from the benefits of economies of
scale.
Risk of non-renewal of dealership agreement: BAPL has entered
into a dealership agreement with Hyundai Motor India Ltd. (HMIL)
and Escorts Ltd. (EL) in August 2016. The dealership agreement
with are valid till August 31, 2018 subject to renewal of the
agreement afterwards at the discretion of HMIL and EL.
Furthermore, the agreements may get terminated at any time on
violation of certain clauses. However, the risk is mitigated to
some extent in view of its long association with HMIL and EL.
Pricing constraints and margin pressure: BAPL faces aggressive
competition on account of established presence of authorized
dealers of other commercial vehicle manufacturers. Considering
the existing competition, BAPL is required to offer better terms
like providing discounts on purchases to attract new customers.
This creates margin pressure and may negatively impact the
revenue earning capacity of the company. High leverage ratio:
Capital structure of the company remained leveraged marked by
high overall gearing ratio as on March 31, 2016. The debt service
coverage indicators remained depressed over the years marked by
its high total debt to GCA ratio in FY16 owing to lower cash
accruals and higher dependence on external borrowings. Interest
coverage ratio remained above unity in FY16.
Working capital intensive nature of business: Automobile
dealership business has inherent high working capital intensity
due to high inventory holding requirements. The company has to
maintain fixed level of inventory for display to guard against
supply shortages. This apart, the principles or dealers demand
payment in advance and deliver vehicle only after receipt of full
payment or against the release order from financial institution
which takes around 5-15 days. Thus, the business depends heavily
on working capital borrowings and inventory funding channels. The
average utilization of its bank limit was high during the last 12
month ended on Feb.2017.
Borah Agencies Private Limited (BAPL) was incorporated in
September, 2007 by one Shri Prodip Borah of Dibrugarh, Assam,
commenced as an authorized dealer of Hyundai Motor India Ltd.
(HMIL) for its passenger vehicles, spares & accessories for
Tinsukia district of Assam and four district of Arunchal Pradesh.
Subsequently in Feb. 2013, the company entered into dealership
agreement with Escorts Ltd (EL) for its commercial vehicles (like
trucks, tractors, etc.), spares & accessories for two district of
Assam & four district of Arunchal Pradesh and started selling the
EL vehicles since May, 2013. The company offers the aforesaid
products through its three showrooms (self-owned) equipped with
3-S facilities (Sales, Service and Spare-parts) located at Assam.
During FY16 (refers to the period April 1 to March 31), the
company reported a total operating income of INR63.37 crore and
PAT of INR0.33 crore in FY16 vis-a-vis total operating income of
INR51.31 crore and PAT of INR0.29 crore in FY15. Furthermore, the
company has achieved a total operating income of INR54.00 crore
during 10MFY17 (refers to the period April 1, 2016 to January 31,
2017).
BRINDHA COTTON: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Brindha Cotton
Mills Private Limited (Brindha) a Long-Term Issuer Rating of
'IND D'. The instrument-wise rating actions are:
-- INR16.7 mil. Term loan assigned with Long-term IND D
rating;
-- INR80 mil. Fund-based working capital limits assigned with
Long-term/Short-term IND D/IND D rating;
-- INR9 mil. Non-fund-based working capital limits assigned
with Long-term/Short-term IND D/IND D rating
KEY RATING DRIVERS
The ratings reflect Brindha's delays in making term loan
repayments since October 2016, due to a tight liquidity position
on account of delays in payment by its customers.
RATING SENSITIVITIES
Positive: Three consecutive months of timely debt service could
be positive for the ratings.
COMPANY PROFILE
Brindha was incorporated in 2000 by Mr. P V Mahadeva Raja who is
also the managing director of the firm. It was initially a
partnership firm. The company is involved in the spinning,
weaving and finishing of textiles.
DEV MOTORS: Ind-Ra Raises Long-Term Issuer Rating to 'BB+'
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Dev Motors
Private Limited's (DMPL) Long-Term Issuer Rating to 'IND BB+'
from 'IND BB'. The Outlook is Stable. The instrument-wise
rating actions are:
-- INR143 mil. Fund-based limit raised to IND BB+/Stable
rating; and
-- INR143 mil. Fund-based limit affirmed with IND A4+ rating
KEY RATING DRIVERS
The upgrade reflects the improvement in DMPL's scale of
operations, operating margin and gross interest coverage, due to
a stable demand for passenger vehicles and customers' preference
of high-end cars. In FY16, the company's revenue improved 15.42%
yoy to INR1,053.01 million, EBITDA margin improved to 1.90%
(1.39%) and interest coverage (operating EBITDA/gross interest
expense) improved to 2.47x (1.62x). However, net leverage
deteriorated to 4.65x in FY16 (FY15: 3.14x) due to an increase in
working capital debt.
The ratings factor in DMPL's continued comfortable liquidity
position as evident from its around 50% utilization of the fund-
based limits during the 12 months ended February 2017.
The ratings are supported by DMPL's dealership with Maruti Suzuki
India Limited, whose current domestic market share is 47.6% in
the Indian passenger vehicle market (Source: SIAM). The ratings
are also supported by over 40 years of experience of the
company's promoters in the automobile dealership business.
RATING SENSITIVITIES
Positive: A substantial improvement in the top line and
profitability leading to an improvement in the credit metrics
could be positive for the ratings.
Negative: Deterioration in the operating profitability leading to
deterioration in the credit metrics could be negative for the
ratings.
COMPANY PROFILE
Established in 1997 in Aligarh, DMPL is an authorised dealer of
Maruti Suzuki India. It is also engaged in the work of body shop
and trading of spare parts.
EZRA SBL: Ind-Ra Assigns Prov. 'BB+' Rating on INR3.26MM A2 PTCs
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ezra SBL IFMR
Capital 2017 (an ABS transaction) provisional ratings as:
-- INR150.0 mil. Series A1 pass-through certificates (PTCs)
assigned with provisional IND BBB+(SO)/Stable rating; and
-- INR3.26 mil. Series A2 PTCs assigned with provisional
IND BB+(SO)/Stable rating
The final ratings are contingent upon the receipt of final
documents conforming to the information already received.
The microfinance loan pool to be assigned to the trust is
originated by Disha Microfin Limited (Disha; originator or
seller; 'IND A-'; Outlook Stable).
KEY RATING DRIVERS
The provisional ratings are based on the origination, servicing,
collection and recovery expertise of Disha, 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 of Sept. 17, 2021, in accordance with
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 of Sept. 17, 2021, in
accordance with transaction documentation.
The transaction benefits from the internal CE on account of
excess interest spread (EIS), subordination and over-
collateralisation. The levels of over-collateralisation available
to Series A1 and Series A2 PTCs are 8.07% and 6.07% of the
initial pool principal outstanding (POS), respectively. Total
excess cash flow or internal CE available to Series A1 and A2
PTCs is 46.40% and 43.19%, respectively, of the initial POS. The
transaction benefits from an external CE of 8.0% of the initial
POS in the form of fixed deposits in the name of the originator,
with a lien marked in favor of the trustee. The collateral pool
to be assigned to the trust at par had an initial POS of INR163.2
million, as of the pool cut-off date of Feb. 11, 2017.
Investor payouts derive support from 6.07% principal over-
collateralisation and 8% of cash collateral, in addition to the
EIS. Principal payouts to Series A2 PTCs are subordinated to
Series A1 PTCs and provide an additional 2% of support through
principal subordination to Series A1 PTCs.
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 30%, the
model-implied rating sensitivity suggests that the ratings of
both Series A1 and Series A2 PTCs will not be impacted.
COMPANY PROFILE
Incorporated in 1995, Disha is registered with the Reserve Bank
of India (RBI) as a non-banking financial company - microfinance
institution. In September 2015, it received in-principle
approval from the RBI to commence operations as a small finance
bank. Disha acquired Future Financial Services Pvt Ltd (FFSPL)
in October 2016.
Disha is a part of Fincare group, which comprises Disha, FFSPL,
Lok Management Services Pvt. Ltd., India Finserve Advisors Pvt.
Ltd. and Fincare Business Services Pvt. Ltd.
FAIRY FOOD: CARE Assigns 'B' Rating to INR7.97cr LT Loan
--------------------------------------------------------
CARE Ratings has been seeking information from Fairy Food
Products Private Limited to monitor the rating(s) vide e-mail
communications dated December 30, 2016, February 20, 2017,
February 21, 2017, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Fairy Food Products Private Limited's
bank facilities will now be denoted as CARE B; ISSUER NOT
COOPERATING and CARE A4; ISSUR NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.97 CARE B; ISSUER NOT
Facilities COOPERATING
Short-term Bank 41.00 CARE A4; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in March 5, 2015, the following were
the rating strengths and weaknesses:
Key Rating weakness
Fluctuating profit margins for the last three years ended FY15
The PBILDT margin of the company is decreased from 13.65% in FY13
(rfers to the period April 1 to March 31) to 12.52% in FY14 as
there was high closing stock in FY13 which resulted in higher
PBILDT during the period. However, the same has been increased to
13.82%in FY15 on back of decrease in other selling expenses.
Highly leveraged capital structure and weak debt coverage
indicators
Though the debt equity ratio of the company is below unity for
the last three year balance sheet date ended March 31, 2015, the
capital structure of the company remained high marked by overall
gearing ratio of the company 3.44x as on March 31, 2015, however,
it was improved from 4.94x as on March 31, 2014, on account of
unsecured loans are sub ordinate to bank loan (as on March 31,
2015) coupled with increase in net worth on account ofequity
infusion of INR1.50 crore and accretion of profits made to net
worth.
The debt protection metrics of the company are weak marked by
total debt/GCA at 23x on account of high dependency on external
borrowings. However, interest coverage ratio stood moderate at
1.18x in FY15 with high PBILDT.
Presence in the highly fragmented industry characterized by
intense competition
The company is engaged in processing of pulps which involves
limited value addition and hence results in thin profitability.
Moreover, on account of large number of units operating in
similar business, the competition among the players remains very
high resulting in high fragmentation and further restricts the
profitability.
Seasonal availability of raw material (Mango, Guava) resulting
into working capital intensive nature of business Prices of mango
are highly volatile in nature and depend upon factors like area
under production, yield for the year (4-5 months). The company
has to procure significantly higher volume of mango to avail bulk
discount from suppliers.
Furthermore, mango being seasonal crop, it is available mainly
from April-July, which results in a higher inventory holding
period for the business. The company receives the payment from
its customers within 90-140 days and makes the payment to its
suppliers within 30-40 days which further resulted in working
capital intensive nature of business.
Profitability margin are susceptible to fluctuation in foreign
exchange prices
FFPPL is exporting processed products which constituted 90% of
the total sales. Due to export there is possibility of
susceptible to fluctuation in currency and which in turn also
affects the profitability margins and the firm does not have any
hedging mechanism to safeguard the same.
Key rating strengths
Established track record and experience of promoters for more
than three decades
FFPPL has an established track record of more than three decades
and the promoters of the company have been engaged in the food
processing industry for more than three decades. Mr. Syed Mateen
Aga, has more than 35 years of experience in this industry and is
actively involved in the day-to-day operations of the company.
Mr. Syed Tanzeem Aga, Mrs. Shahida Mateen Aga and Mr. Syed Tanzil
Aga have experience of 15 years in the same line of business, and
looks after production, marketing and other operational
activities. All of them belong to same family. Apart, FFPPL is
associated with more than 30 (direct) and one hundred (contract)
staff to assist the directors for the business operation of the
company Growth in total operating income during last three year
ended FY15 The total operating income of the company increased at
a compounded annual growth rate of 18% for the periodFY13- FY15
on back of increase in demand and repeated orders from its
existing customers. The company sells its goods in domestic and
international market. The company has long term presence in the
industry which helps the FFPPL to get repeated orders from its
existing customers. Despite of increase in interest and
depreciation cost in FY15, the PAT margin of the company
increased to 2.40% in FY15 from 1.77% in FY14 on account of
increase in PBILDT coupled with increase in non-operating income.
Location advantage with presence in major mango cultivation area
resulting in easy procurement of mangoes
FFPPL is well connected to prominent mango-growing belts. The
company enjoys proximity to the mango-growing areas of Karnataka.
Hence, it derives benefits from lower logistics expenditure (both
on transportation and storage), easy availability of labour and
procurement of mangoes at competitive prices, and consistent
demand for finished goods resulting in sustained revenue
visibility.
Incorporated in 1983, Bengaluru-based, FFPPL was promoted by Mr.
Syed Mateen Aga, Mr. Syed Tanzeem Aga, Mrs Shahida Mateen Aga and
Mr. Syed Tanzil Aga. The company is engaged in processing of
mango pulp, papaya pulp, guava pulp and pine apple pulp. The
company procures its entire raw material (fruits) from the local
market, ie, from local farmers and dealers. FFPPL sells its
products under the brand name Fairy both in domestic market-10%
(across Andhra Pradesh, Maharashtra, Chennai, Kerala, Mumbai and
Karnataka states) and also exports-90% to Saudi Arabia, U.A.E and
Yemen Arab Republic. 80% of the revenue was generated through
sale of mango pulp during FY13-FY15.FFPPL is an ISO 9001:2000 and
Hazard Analysis and Critical control Point (HACCP) certified
company which gives high preference to quality standards and Food
safety.
FIREFLY BATTERIES: CARE Assigns B+ Rating to INR23cr Loan
---------------------------------------------------------
CARE Ratings has been seeking information from Firefly Batteries
Private limited (FBPL) to monitor the rating(s) vide e-mail
communications/ letters dated April 29, 2016, May 17, 2016, June
28, 2016, August 1, 2016, November 28, 2016, December 7, 2016,
December 17, 2016, January 7, 2017, February 1, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Firefly Batteries Private limited has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. In line with the extant SEBI guidelines
CARE's rating on Firefly Batteries Private limited's bank
facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 23.00 CARE B+; ISSUER NOT
COOPERATING
Long-term/Short-
Term Bank Facilities 8.70 CARE B+/CARE A4; ISSUER NOT
COOPERATING
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating(s).
Detailed description of the key rating drivers
At the time of last ratings on July 22, 2015, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Nascent stage of operation, weak financial risk profile and high
level of salability risk
FBPL has started commercial operations from December 2014 thus
the company is at nascent stage of operations. FBPL has a product
i.e. carbon foam battery which is new to Indian market, thus the
acceptance in market and stabilisation of operations remains
crucial.
Capital structure and debt coverage indicators are likely to
deteriorate in FY15 and FY16
Overall gearing remained at 0.49 times as on March 31, 2014;
however with the disbursement of remaining term loan worth
INR6.33 crore and expected increase in the unsecured loans of
INR9.32 crore, overall gearing is likely to deteriorate in FY15
and FY16. Furthermore, FBPL has been sanctioned INR7.70 crore of
cash credit limit and with the increase in the scale of operation
the company is expected to avail the entire amount of cash credit
facility which will also result in higher debt levels. Increase
in total debt and modest cash accruals in FY15 and FY16 is likely
to keep its capital structure and debt coverage indicators
stressed.
Susceptibility of margins to volatility in raw material prices
The price of raw material i.e. lead and carbon foam is market
driven which due to higher demand is expected to remain firm and
put pressure on the margins of batteries manufacturers. Thus any
sharp adverse movement in future may affect its profitability.
Competition from established players and unorganized sector
FBPL faces stiff competition from large number of unorganized
players who offer pricing advantage especially in the case
of lead acid batteries. The company also faces competition from
few established players like Exide, Microtek, Luminous etc. This
also limits the pricing flexibility of the company which may
directly impact the profitability margins of the company as well.
Key Rating Strengths
Resourceful and experienced promoters and technical team
FBPL is promoted by Mr. Jinal Shah who has done Masters in
engineering from Lamar University, Texas having experience of
more than a decade. Another promoter, Mr. B.K. Vaishya has done
M.Tech from IIT Delhi, having long experience of 32 years.
Furthermore, FBPL has hired experienced technical team. Unique
product along with technological tie up with Firefly USA FBPL is
into manufacturing of conventional lead-acid battery & carbon-
foam battery. Carbon-foam batteries technology is patented by
Firefly International Energy Inc. (FIEI), USA. FBPL is first in
India to manufacture carbon-foam batteries. FBPL has entered into
a license and manufacturing agreement with FIEI, USA wherein FIEI
will provide technology and supply machineries. FBPL will pay for
the machinery and royalty to FIEI.
Ahmedabad-based (Gujarat), FBPL was established in the year 2011
as a private limited company. FBPL (erstwhile known as Epsilon
Batteries Private Limited) is engaged in the manufacturing of
conventional lead-acid battery & carbon-foam battery with an
installed capacity of 300,000 KWH storage batteries per annum.
These batteries find application in the automobile industry,
renewable energy and industrial sector such as telecom and
hospitality. FBPL is managed by experienced directors Mr. Jinal
Shah & Mr. B.K. Vaishya.
GEETHA KRISHNA: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Geetha Krishna
Spinning Mills Private Limited (GKSMPL) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR70 mil. Term loan assigned with IND B+/Stable rating;
-- INR120 mil. Fund-based facilities assigned with
IND B+/Stable/IND A4 rating; and
-- INR40 mil. Non-fund-based facilities assigned with IND A4
rating
KEY RATING DRIVERS
The ratings reflect GKSMPL's small scale of operations and weak
credit profile. Revenue declined to INR396 million in FY16 from
INR449 million in FY15 due to an increase in yarn selling price
and a strike at its major customer. The strike led to lower
orders. In FY16, interest coverage (operating EBITDA/gross
interest expense) was 1.5x (FY15: 2.9x), net financial leverage
(total adjusted net debt/operating EBITDAR) was 7.4x (3.8x) and
EBITDA margin was 6.9% (11.6%). The decline in the margin was
due to raw material price fluctuations and increased employee
expenses. GKSMPL reported INR380 million in revenue for 10MFY17
(unaudited). The company has INR30 million worth of orders to be
executed by March 2017.
The ratings are supported by a comfortable liquidity position,
indicated by an average utilization of fund-based working capital
limits of about 58.2% during the 12 months ended January 2017,
and the promoter's experience of over four decades in cotton yarn
manufacturing.
RATING SENSITIVITIES
Negative: A decline in revenue and EBITDA margin leading to a
sustained deterioration in credit metrics will be negative for
the ratings.
Positive: A substantial increase in revenue and an improvement in
EBITDA margin leading to a sustained improvement in credit
metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated in 1993, Rajapalayam, Tamil Nadu-based GKSMPL is
engaged in the manufacturing and sale of cotton yarn in both cone
and hank forms. It manufactures carded and combed cotton yarn in
the count range of 40s-80s and value added yarns such as compact
and doubled yarn. The company has an installed capacity of
35,000 spindles.
GURVINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
---------------------------------------------------------
CARE Ratings has been seeking information from Gurvinder Singh to
monitor the rating(s) vide e-mail communications/ letters dated
February 28, 2017, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Gurvinder Singh's bank facilities
will now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.00 CARE B+; ISSUER NOT
COOPERATING
Short-term Bank
Facilities 4.30 CARE A4; ISSUER NOT
COOPERATING
Detailed description of the key rating drivers
At the time of last rating in October 15, 2015, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced proprietor
Mr Gurvinder Singh has an experience of around two and half
decades as a transport contactor and has long-term relationships
with FCI through his association with GVS and Garchs Transport
Union (business operations are discontinued as of now).
Comfortable operating cycle
The firm has comfortable operating cycle of (-)65 days as on
March 31, 2015. The average utilization of its sanctioned working
capital limits remained around 60% for last 12-month period ended
August 2015.
Key rating Weaknesses
Small scale of operations with low net worth base
The firm's scale of operations has remained low marked by TOI of
INR7.78 crore for FY15 (Prov., refers to the April 1 to March 31)
and tangible net worth of INR0.60 crore as on March 31, 2015
(Prov.).
Weak financial risk profile
The profitability margins of GVS remained low reflected by PBILDT
margin and PAT margin of 3.01% and 1.86% in FY15 (Prov.). The
firm had leveraged capital structure reflected by overall gearing
ratio of 4.78x as on March 31, 2015 (Prov.). The debt coverage
indicators remained weak marked by interest coverage ratio and
total debt to GCA of 2.72x and 19.36x for FY15 (Prov.),
respectively.
Customer concentration risk
The firm has only one customer on which it is wholly dependent
for its business thereby exposing it to customer concentration
risk.
Proprietorship nature of its constitution
GVS's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor's capital at the
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.
Highly unorganized industry and intense competition
GVS operates in a highly fragmented and unorganized sector with
the presence of numerous small and regional players. Hence, the
players in the industry do not have any pricing power and are
exposed to competition induced pressures on profitability.
M/s Gurvinder Singh (GVS) is a proprietorship firm established in
2008 by Mr. GurvinderSingh (aged 47 years). The firm is engaged
in providing services as transport contractor to Food Corporation
of India (FCI) for the transportation of food grains from one
centre of FCI to anther centre of FCI in different districts of
Himachal Pradesh and Punjab. The firm gets contract through
competitive bidding process (tender basis) and hires the truck
from the transport companies for the movement of food grains.
HINDUSTHAN NATIONAL: CARE Lowers Rating on INR6cr LT Loan to B+
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Hindusthan National Glass & Industries Ltd. (HNG), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6 CARE B+ (SO); Stable
Revised from CARE BB (SO)
Short-term Bank
Facilities 12 CARE A4 (SO) Reaffirmed
Detailed Rationale & Key Rating Drivers
The aforesaid ratings are based on credit enhancement in the form
of unconditional and irrevocable guarantee of HNG (rated CARE B+;
Stable/CARE A4) for the entire debt servicing obligation (i.e.,
payment of interest and/or other charges and principal repayment)
during the full tenure of the facilities and the rating revision
follows a revision in rating of HNG. The revision in the long
term ratings assigned to the bank facilities/instruments of HNG
takes into account the continued high level of operational loss
in FY16 (refers to the period April 1 to March 31) & 9MFY17 and
further weakening of the capital structure particularly due to
erosion of networth with continuous losses. The ratings also take
note of the significant amount of debt repayment obligation in
FY18. The ratings continue to be constrained by the moderate
capacity utilisation levels due to subdued industry outlook,
foreign currency fluctuation risk and threat from substitute
products.
However, the ratings continue to draw strength from the
experience of the promoters and long track record of the company
along with established market presence and leadership position in
the container glass industry.
The ratings also factor in the sale of investment in subsidiary
company, HNG Global GmbH (HNG Global) in June 2016 for Euro 23 mn
which enabled the company to meet its debt obligations in a
timely manner as per the terms of the Corrective Action Plan
(CAP) implemented by the lenders.
Improvement in operational performance and timely infusion of
funds are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Stable operating income with operational losses during FY16;
albeit losses reduced in 9MFY17 due to stake sale in HNG
Global
The operating income of the company remained relatively stable
during FY16. Though PBILDT margin witnessed improvement during
FY16, the high capital charge led to losses. During 9MFY17, the
total operating income was marginally lower at INR1372.23 crore
as compared to INR1401.83 crore during 9MFY16. The PBILDT margin
declined, particularly due to the impact of demonitisation in
Q3FY17. However, non-operating income of INR103.14 crore mainly
comprising of profit of INR94.69 crore arising on disposal of
investment in HNG Global resulted in lower net loss of INR46.99
crore during 9MFY17 as compared to net loss of INR202.72 crore
during 9MFY16.
Debt management exercise undertaken by the company
In view of the liquidity stretch being faced by the company
during H1FY15, a debt management exercise was undertaken, under
which majority of the consortium members approved and implemented
a CAP in March 2015. This resulted into deferment of repayment
obligations of the company for two years with the cut-off date
being December 1, 2014 along with reduction of interest. In line
with the broad outlines of such CAP terms, the management of the
company infused INR33 crore in Q4FY15 and INR9.31 crore in FY16
as unsecured loans. Furthermore, net infusion into HNG through
the stake sale of HNG Global was expected to be around 15 million
Euro (around INR110 crore), to be completed by Q4FY16. However,
the deal was completed during June'2016 for a consideration of 23
mn Euro (INR166 crore). The company is also required to infuse
INR150 crore each in FY18 and FY19 and INR100 crore each in FY21
and FY22 as per CAP terms. Apart from this, one of the bankers of
the consortium who has not agreed to the CAP formulated by the
Joint Lenders Forum (JLF) referred such matter to the Honorable
High Court of Calcutta which is presently sub-judice. The matter
was also referred to Debt Recovery Tribunal of Kolkata by such
concerned banker and the same remains sub-judice.
Moderate capacity utilisation levels
The capacity utilisation declined from 75.45% in FY15 to 63.49%
in FY16. The decrease was primarily due to sluggish growth in
demand and oversupply situation in the market. Weak capital
structure and debt coverage indicators With consistent losses
leading to erosion of networth, HNG's capital structure has
deteriorated substantially over the years. The overall gearing
ratio of the company witnessed further deterioration and stood at
11.79x as on March 31, 2016 vis-a-vis 6.53x as on March 31, 2015.
Though the interest coverage improved marginally with increase in
PBILDT, it continued to remain weak.
Foreign currency borrowings exposing the company to foreign
currency risks
The net imports of the company stood at INR146.33 crore in FY16
thus exposing the company to foreign exchange fluctuation risk.
Further in FY12, HNG raised substantial foreign currency loans,
to carry out its expansion plans and operational activities. Out
of outstanding foreign currency loans as on March 31, 2016 loans
aggregating USD 65 million (Rs.431.50 crore with a conversion
rate of INR66.38/$) remained unhedged as on March 31, 2016.
Threat of substitute products
The container glass industry is facing threat from alternate
forms of packaging like flexible packaging, laminates and plastic
containers owing to factors like weight, fragility, cost, etc.
Key Rating Strengths
Long track record of the company with established market presence
HNG, having track record of over six decades, is a leading
manufacturer of container glass and has a pan India presence.
The company has seven manufacturing facilities with an aggregate
installed capacity of 15,69,500 tpa spread across the country. It
is the largest container glass player in the country with the
highest market share.
Experienced promoters
Mr. C K Somany (Chairman), the current promoter of HNG, is a
renowned technocrat having over 60 years of experience in
glass technology. His two sons, Mr. Sanjay Somany and Mr. Mukul
Somany, both being Vice Chairman & MD, also have an experience of
over 26 years in the container glass industry.
AMCL Machinery Limited (AMCL) was taken over by the HNG group in
March 2008. AMCL is in the business of design, manufacturing,
supply & installation of vertical roller pre-grinding mill and
tri-lobe blowers used in cement manufacturing. AMCL also
manufactures complete range of rubber & tyre machinery. The
manufacturing facility of AMCL is located in Nagpur, Maharashtra.
The company reported PAT of INR0.45 crore on a total operating
income of INR29.52 crore during FY16 as against net
profit of INR0.46 crore on a total operating income of INR24.71
crore in FY15.
Guarantor Background
HNG, incorporated in February 1946, was promoted by Kolkata-based
Somany family and, currently, Mr. C K Somany is the chairman of
the company. The company is a leading manufacturer of container
glass with seven manufacturing units, spread across the country
having an aggregate installed capacity of 15,69,500 tpa (tonne
per annum), the largest in the country.
In FY16, HNG reported net loss of INR193.33 crore on total
operating income of INR1975.51 crore against net loss of
INR237.05 crore on operating income of INR1997.71 crore in FY15.
During 9MFY17, the company reported net loss of INR46.99 crore on
total operating income of INR1372.23 crore.
IDEAS ENGINEERS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ideas Engineers
a Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.
Instrument-wise rating actions are:
-- INR50 mil. Fund-based working capital limits assigned with
IND BB+/Stable/IND A4+ rating;
-- INR75 mil. Non-fund-based working capital limits assigned
with IND A4+ rating; and
-- INR55 mil. Proposed non-fund-based working capital limits*
assigned with Provisional IND A4+ rating
* The rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by Ideas to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect Ideas's moderate scale of operations and
credit metrics. Revenue was INR847 million in FY16 (FY15:
INR518 million) and grew at a CAGR of 23% over FY13-FY16; net
leverage (total adjusted net debt/operating EBITDAR) was 0.4x
(1.3x) and interest coverage (operating EBITDA/gross interest
expenses) was 7.6x (3.7x). EBITDA margin remained low in the
range of 3.0%-3.5% over FY13-FY16 (FY16: 3.5%) due to the
competitive nature of business.
As per provisional financials for 10MFY17, the firm recorded
revenue of INR706.36 million. As of January 2017, Ideas had
orders worth INR1,288 million (1.5x of FY16 revenue), which will
be executed by FY18. Management expects revenue to grow at a
steady pace over the medium term on account of strong order book.
The ratings are also constrained by the partnership form of
organization.
However, the ratings draw support from Ideas's comfortable
liquidity position with average use of fund-based facilities of
70.52% over the 12 months ended January 2017. Net cash
conversion cycle improved to 22 days in FY16 (FY15: 33 days) on
account of additional credit period from the customers due to the
long standing relationship.
The ratings are also supported by the partners' two decades of
experience in the engineering, procurement and construction
contract business.
RATING SENSITIVITIES
Negative: Any deterioration in the EBITDA margin leading to a
sustained deterioration in the credit metrics could be negative
for the ratings.
Positive: A significant increase in the scale of operations and
profitability margin, as well as receipt of new high-value
contracts leading to a sustained improvement in the credit
metrics could be positive for the ratings.
COMPANY PROFILE
Set up in 2008 as a partnership firm, Ideas operates as an
engineering, procurement and construction electrical and turnkey
project contractor. It provides services to corporate,
government and semi-government sectors, and Pan India Corporation
Limited.
INDORE DEWAS: Ind-Ra Lowers Rating on INR5.861BB Bank Loan to 'D'
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded ratings on
Indore Dewas Tollways Limited's (IDTL) bank loans as:
-- INR5.861 bil. (reduced from INR6,261.3) Bank Loan lowered
to IND D rating
KEY RATING DRIVERS
The downgrade reflects the instances of delays in debt servicing
by IDTL from October 2016 to February 2017 due to the impact of
demonetization and a tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.
COMPANY PROFILE
IDTL is a special purpose vehicle incorporated to implement a
lane expansion (from four to six lanes) project on a design,
build, finance, operate and transfer basis under a 25-year
concession from National Highways Authority of India ('IND AAA';
Outlook Stable). IDTL is owned by Gayatri Group.
INLED LIGHTINGS: CARE Assigns 'B+' Rating to INR6cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Inled
Lightings LLP (ILL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of ILL is constrained
by nascent stage of operations with low capitalization, working
capital intensive nature of operations and low bargaining power
against reputed clients. The above weaknesses are offset by the
experience of the promoters in the different sectors, business
synergies from the group entity operating in the same sector
along with comfortable capital structure respectively.
The ability of the firm to increase its scale of operations along
with improvement in profitability while maintaining capital
structure along with efficient working capital managing is the
key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: ILL is promoted by six individuals having
an average experience of around 20 years in varied businesses
such as real estate and trading of electronic goods albeit not
having any substantial experience in the manufacturing sector.
Business synergies from group entity: ILL derives synergy from
group entity, Arihant Electricals which has been in trading of
electronic goods since 1980. In its extensive track record in the
industry, the company has established itself as a wholesale
dealer of electronic goods and has good relations with suppliers
and customers (retailers) as well. Thus, ILL is likely to benefit
from business synergies from group concern (Arihant Electricals)
operating in the same industry. Other group concerns of ILL
include Patel Oswal Housing and Suyog Anjani Avishkar Associates
['CARE B+' reaffirmed on March 31, 2016], both of which are into
real estate business.
Comfortable capital structure: Capital structure is comfortable
reflecting in debt equity ratio of 0.60x and overall gearing
ratio of 0.60x as on March 31, 2016 led by low dependence on
external borrowings.
Key Rating Weaknesses
Nascent stage of operations: ILL commenced operations in May 2015
and is still in initial stage of operations with low
capitalization restricting its financial flexibility and
depriving it of benefits of economies of scale. However,
currently reliance on external debt is low resulting in
comfortable capital structure.
Working capital intensive operations with low bargaining power
against clients: The operations of the entity remained
working capital intensive with high gross current asset days of
over 300 days. The same was due to low bargaining power
with the principal and may have to agree with any revised terms
on contract renewal.
Pune-based (Maharashtra) Inled Lightning LLP (ILL) is a Limited
Liability Partnership engaged in manufacturing of LED Lighting
equipment and LED Bulbs. Established in the year 2015, ILL is
promoted by Mr. Jitendra Oswal and Mr. Chetan Patel. Product
profile of the firm primarily comprises of LED street light
fixtures, LED street lights of varied capacities and other LED
lighting equipment for commercial use. ILL started its commercial
operations from May 2016 and operates out of a facility spread
over 10,000 sqft located at Pune with a total installed capacity
of the firm at 3000 units per day as on December 31, 2016 which
was utilised at an average of 50% in the period from April 2016
to December 2016. Customer profile of the firm is concentrated
and major customers include Best Electric Corporation, BVG Energy
Efficiency Private Limited [subsidiary of BVG India Limited
(rated CARE A, April 2016)] and Arihant Electricals.
Arihant Electricals is a group concern of ILL and is promoted by
Mr. Sanjay Kesrimal. The entity is engaged in trading of LED
Bulbs and LED lighting equipment respectively. Other group
concerns of ILL include Patel Oswal Housing and Suyog Anjani
Avishkar Assoicates ['CARE B+' reaffirmed on March 31, 2016],
both of which are into real estate business. ILL registered a
total operating income of INR0.03 crore in FY16 (refers to the
period April 1 to March 31). The firm has registered revenue of
over INR15 crore in 9MFY17 (Period from April 1, 2016 to
December 31, 2016) as indicated by the management.
JOGINDER SINGH: CARE Assigns B+ Rating to INR2cr LT Loan
--------------------------------------------------------
CARE has been seeking information from Joginder Singh to monitor
the rating(s) vide e-mail communications/ letters dated
February 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Joginder Singh's bank facilities will
now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 2 CARE B+; ISSUER NOT
Facilities COOPERATING
Short-term Bank 4 CARE A4; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in October 15, 2015, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced proprietor
Mr. Joginder Singh has an experience of around two and half
decades as transport contactor and has long term relationships
with FCI through his association with JGS and Garcha Transport
union (business operations discontinued as of now).
Comfortable operating cycle
The firm has comfortable operating cycle of 14 days as on
March 31, 2015. The average utilization of its sanctioned working
capital limits remained around 60% for the last 12 months period
ended August 2015.
Key rating Weaknesses
Small scale of operations with low net worth base
The firm's scale of operations has remained low marked by TOI of
INR5.89 crore for FY15 (Provisional, refers to the period April 1
to March 31) and tangible net worth of INR0.41 crore as on
March 31, 2015(Provisional).
Weak financial risk profile
The profitability margins of JGS remained low reflected by PBILDT
margin and PAT margin of 3.70% and 1.57% in FY15(Provisional).
The firm had leveraged capital structure reflected by overall
gearing ratio of 2.41x, as on March 31, 2015(Provisional). The
debt coverage indicators remained weak marked by interest
coverage ratio and total debt to GCA of 1.76x and 10.42x for FY15
(Provisional) respectively.
Customer concentration risk
The firm has only one customer on which it is wholly dependent
for its business, thereby exposing it to customer concentration
risk. However, the firm has been able to win tenders from FCI on
a regular basis in the past.
Proprietorship nature of its constitution
JGS's constitution as a proprietorship firm has the inherent risk
of possibility of withdrawal of the proprietor's capital at the
time of personal contingency and the firm being dissolved upon
the death/retirement/insolvency of the proprietor. Highly
unorganized industry and intense competition JGS operates in a
highly fragmented and unorganized sector with the presence of
numerous small and regional players. Hence, the players in the
industry do not have any pricing power and are exposed to
competition induced pressures on profitability.
M/s Joginder Singh (JGS) is a proprietorship firm established in
2008 by Mr. Joginder Singh (aged 65 years). The firm is engaged
in providing services as transport contractor to Food Corporation
of India (FCI) for the transportation of food grains from one
centre of FCI to another centre of FCI in different districts of
Himachal Pradesh and Punjab. The firm gets contract through
competitive bidding process (tender basis) and hires the truck
from the transport companies, for the movement of food grains.
JP MOTOR: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JP Motor Private
Limited (JPMPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR91 mil. Fund-based limit assigned with IND BB/Stable
rating; and
-- INR9 mil. Term loan assigned with IND BB/Stable rating
KEY RATING DRIVERS
The ratings reflect JPMPL's small scale of operations and
moderate credit metrics. In FY16, revenue was INR391 million
(FY15: INR348 million). In FY16, its interest coverage
(operating EBITDA/gross interest expense) and net leverage (total
adjusted net debt/operating EBITDAR) deteriorated to 1.4x
(FY15:1.6x) and 6.8x (5.2x), respectively, due to an increase in
the total debt leading to increase in the interest cost. The
operating EBITDA margins were at 3.60% in FY16 (FY15: 4.1%).
The liquidity position of the entity is moderate with its average
working capital utilization being 93.47% during the 12 months
ended February 2017.
The ratings, however, derive benefit from JPMPL's founder's
experience of more than one decade in the automobile industry.
RATING SENSITIVITIES
Positive: Increase in the scale of operations along with
improvement in the overall credit profile will be positive for
the ratings.
Negative: Deterioration in the credit metrics will be negative
for the ratings
COMPANY PROFILE
Incorporated in 2006, JPMPL is an authorised dealer of Honda
Motorcycle & Scooter India Pvt. Ltd.'s two-wheeler in Lucknow; it
was incorporated by Manoj Agarwal. JPMPL has at present two
showrooms in Lucknow. JPMPL has a network of six sub dealers.
JSW STEEL: Fitch Affirms 'BB' Long-Term Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has affirmed JSW Steel Limited's (JSWS) Long-Term
Issuer Default Rating (IDR) at 'BB', and the Outlook remains
Negative. The agency has also affirmed JSWS's senior unsecured
rating and the rating on its USD500 million 4.75% senior
unsecured notes due 2019 at 'BB'.
In determining JSWS's rating, Fitch has factored in an improved
industry outlook, which is partly offset by higher estimated
spending. JSWS's profitability in terms of consolidated EBITDA
per ton jumped by around 65% yoy in 9MFY17, and its net
debt/EBITDA leverage (unadjusted for acceptances accounted as
trade payables) moderated to around 4x following an improvement
in steel prices since the lows of December 2015. Leverage had
jumped to 6.4x in financial year 2016 (FY16, to end-March 2016),
from 3.9x in FY15, as the company suffered from weak steel prices
which hit profitability.
High leverage in FY16 was also driven by JSWS's debt-funded
expansion of capacity, which increased by around 25%. Fitch think
downside risks for steel-industry profitability are lower - based
on recent developments- while JSWS's plans to boost capacity
further through a mix of organic expansion and acquisitions may
result in relatively high leverage and negative FCF over the next
two years, weakening its credit profile. Hence, Fitch maintains
Fitch Negative Outlook.
Around 60% of JSWS's consolidated debt (unadjusted for
acceptances) was secured as of FYE16, resulting in a secured debt
to EBITDA ratio of 4x in FY16. However, Fitch expects the ratio
to moderate to 2x by FYE18 and to come down further thereafter.
Therefore, Fitch does not think there is a high possibility of
subordination and lower recoveries for JSWS's senior unsecured
debt based on Fitch's criteria, and rate it at the same level as
the IDR.
KEY RATING DRIVERS
Lower Industry Risks: Risks persist as to a sustained improvement
in JSWS's profitability, but Fitch believes they have been
mitigated due to several recent developments. International spot
coking coal prices have almost halved from their peak of around
USD300/ton (t) in late November 2016, due to greater supply. Both
global and Indian steel prices have also been raised since then -
by more than 10% - to partly offset the impact of high coal
prices.
The Indian government has extended regulatory protection on key
items several times over the past year, indicating a supportive
regime. There are provisional anti-dumping duties on 124 items,
including key hot-rolled and cold-rolled flat steel products.
Fitch also see a lower risk from domestic competition, as the
bulk of newly added capacity apart from that of JSWS and Tata
Steel Limited (BB/Rating Watch Evolving) is in the process of
stabilisation, and a pick-up in utilisation rates is likely to be
gradual.
Capacity Expansion Plans: JSWS aims to more than double its steel
output to 40 million tons by 2025. In order to increase capacity,
the company is considering organic expansion as well as
acquisitions in India and overseas. It has submitted binding bids
for two assets, as per recent news. The results of the bids are
likely to be known over the next few months. Fitch has assumed
capex on organic capacity expansion in Fitch forecasts. A higher-
than-forecast spending on expansion presents a risk to JSWS's
credit profile, apart from an unexpected deterioration in
profitability.
Lower Leverage, Negative FCF: Fitch estimates that JSWS's FFO-
adjusted net leverage will moderate to near 4.5x by FYE18, from
7.9x in FY16. The decline in leverage will be driven by an
improvement in average selling prices (ASPs) and margins as well
as higher sales volumes following its capacity expansion.
However, Fitch forecasts FCF to turn negative in FY18 after
robust inflow in FY17, based on Fitch assumptions of capex for
further capacity increase.
Robust Operational Profile: JSW Steel is currently the largest
steel producer in India by volumes. The company has a dominant
market share in southern and western India where its plants are
located, and its market position is supported by a rising share
of value-added products. Its highly efficient operations and low
costs for energy and labour result in one of the lowest
conversion costs globally.
Vertical Linkage to Improve: JSW Steel currently needs to
purchase both iron ore and coking coal, resulting in higher total
costs than some of its peers. However, it should be able to meet
part of its iron-ore needs from FY18, after winning bids for five
mines in Karnataka state. The company aims to produce 4.7 million
tonnes of iron ore, or about 15% to 20% of its needs, by FYE18.
This will reduce dependence on external sources, thereby
benefiting its margins.
DERIVATION SUMMARY
JSWS is one of the world's most cost-efficient steel producers,
and its EBITDA margins compare favorably with other peers rated
in the 'BB' category such as ArcelorMittal S.A. (AM,
BB+/Negative) and Thyssenkrupp AG (TK, BB+/Stable). However, it
is much smaller in scale than these peers, and has much lower
geographical and business diversification than AM and TK,
respectively. JSWS's leverage is also relatively high, resulting
in a lower rating than these peers.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case include:
- Steel sales volume growth of 22% in FY17, 10% in FY18 and
5% in FY19. Volume growth in FY18 and FY19 would be driven
by improving utilisation rates.
- Steel ASP to improve by 10% in FY17 and 5% in FY18, but to
remain broadly flat thereafter.
- Operating EBITDA margin to improve to 20% in FY17-FY18
(FY16: 15%). EBITDA per ton in FY17-FY18 to remain below
FY15 levels, despite a bounce-back from FY16.
- Capex of INR45 billion in FY17, and around INR70 billion
on average in FY18 and FY19.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to the Outlook being revised to Stable include:
- FFO net leverage trending toward 4.5x by FY18
- Ability to generate sustained neutral or positive FCF.
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Inability to meet the above sensitivities for revision of
Outlook to Stable.
Fitch has revised upward Fitch sensitivity threshold for FFO net
leverage (from 4.0x) based on treatment of acceptances as debt in
JSWS's case, as per Fitch's criteria. To meet its import
requirements, JSWS uses acceptances which are usually payable in
180 days or more, extending overall payable days. Fitch believes
JSWS's peers also use instruments that have a similar effect to
acceptances in terms of increasing payable days; however,
adequate disclosures for making appropriate adjustments for
JSWS's peers are unavailable.
KPC FLEXI: CARE Assigns B+ Rating to INR2.20cr LT Loan
------------------------------------------------------
CARE Ratings has been seeking information from KPC Flexi Tubes to
monitor the rating(s) vide e-mail communications/ letters dated
February 22, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on SK Overseas's bank facilities will
now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.20 CARE B+; ISSUER NOT
COOPERATING
Short-term Bank
Facilities 12.00 CARE A4; ISSUER NOT
COOPERATING
Detailed description of the key rating drivers
At the time of last rating in April 20, 2016, the following were
the rating strengths and weaknesses:
Key Rating Weakness
Leveraged capital structure and weak indicators: The capital
structure continues to remain leveraged marked by overall gearing
of 3.14x as on March 31, 2015. The same deteriorated from 2.97x
as on March 31, 2014 on account of higher utilization of working
capital borrowings as on last balance sheet date coupled with
additional term loan taken and low net worth base. The debt
coverage indicators continue to remain weak marked by interest
coverage ratio and total debt to GCA of 1.84x and 11.86x for FY15
(refers to the period April 1 to March 31).
Working capital intensive nature of operations: The operations of
the firm continue to be working capital intensive with an average
operating cycle of 91 days for FY15 as against 85 days for FY14.
The working capital limits were fully utilized for the 12 months
period ended December, 2015. Customer concentration risk: KPC
generated 82% of its gross revenue from exports and remaining 18%
from sale in domestic markets. The contribution of top five
customers to total operating income stood at 44.26%% in FY15
(45.56% in FY14).
Partnership nature of its constitution: KPC's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency of partner.
Key Rating Strengths
Experienced promoters and long track record of operations: KPC is
a partnership firm and was established in 1988 with Mr. K P
Chandhok and Mr. Gaurav Chandhok as partners in the firm. Mr. K P
Chandhok has been associated with the firm since its inception
and has an experience of around five decades in a similar
industry. Mr. Gaurav Chandhok has experience of more than two
decades.
Stable scale of operations and moderate profitability margins:
The scale of operations of the firm remained stable with total
operating income at INR25.99 crore in FY15 as against INR25.64
crore in FY14. The profitability margins of the firm marked by
PBILDT margin improved in FY15 on account of decrease in raw
material cost (iron and steel). However, high financial charges
and depreciation restricted the net profitability of the firm and
the PAT margin remained low in FY15.
KPC Flexi Tubes (KPC) was established in 1988 as a partnership
firm by Mr. K P Chandhok and Mr. Gaurav Chandhok with profit
sharing ratio of 76% and 24%, respectively. The firm is engaged
in manufacturing and export of turned and machined components,
rubber molded goods, sheet metal components and metal flexible
hose. The products manufactured find applications in the
automotive industry, the engineering industry (electrical
conduits, integrated circuits) etc.
The raw materials used in manufacturing of the products are hot
rolled/cold rolled sheet, mild steel round, stainless steel
strips, stainless steel pipe, stainless steel round/hex etc which
are procured domestically. Its manufacturing facility is
located in Faridabad, Haryana and the manufacturing processes are
ISO 9001:2000 certified.
In FY15, KPC achieved total operating income (TOI) of INR25.99
crore with PAT of INR0.32 crore.
MOBILESTORE SERVICES: CARE Reaffirms B+ Rating INR70.66cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
The MobileStore Services Ltd (TMSSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 70.66 CARE B+; Negative Reaffirmed
Short-term Bank
Facilities 90.00 CARE A4 Reaffirmed
Detailed Rationale& Key Rating Drivers
The ratings of TMSSL reflect the stretched liquidity position of
the company primarily due to working capital intensive nature of
operations and significant dependence of its revenue from one of
the large Indian retail arm - The MobileStore Limited, which is
incurring losses. The ratings are also constrained by the thin
profit margin due to the trading nature of operations and
increasing competition in mobile handset retailing segment from
ecommerce players in India.
The ratings derive strength from the established promoter group,
association with the leading mobile handset brands and low
inventory risk.
The ability of the company to manage its working capital cycle in
an efficient manner, derive envisaged benefits from its strategic
technology initiatives, improve its profitability and timely
infusion of funds by the promoters for the bullet repayment of
term loan in FY18 (refers to the period April 1 to March 31) are
key rating sensitivities.
Outlook: Negative
Assignment of negative outlook is on account of deterioration in
the financial risk profile and impending high repayment related
to term loan, for which timely promoter support is crucial. The
outlook may be revised to stable if there is an improvement in
the financial risk profile and timely infusion of funds by the
promoters for servicing TMSSL's debt obligations.
Detailed description of the key rating drivers
Key Rating Strengths
Established promoter group- The Essar group, the promoter of
TMSSL, is a multinational conglomerate and one of the leading
players in the sectors of steel, oil and gas, power,
communications and business process outsourcing (BPO),
shipping, ports and logistics, projects and minerals.
Association with the leading mobile handset brands- TMSSL has
association with national distributors of leading OEMs which
includes brands like Apple, Samsung, HTC etc. The company gets
bulk discounts with these big players. Low inventory risk- TMSSL
procures mobile handsets directly from the national distributors
of leading OEMs and immediately sells the same to TMSL. Hence the
inventory risk does not lie with TMSSL.
Key Rating Weaknesses
Stretched liquidity position- Moderate performance over the past
few years have led to stretched liquidity in the company.
Furthermore, impending high repayment related to term loan, for
which timely promoter support remains critical. The margins of
the company remain thin with moderate solvency ratios as at end
of March 31, 2016.
Significant dependence of its revenue from one of the large
Indian retail arm - The MobileStore Limited- Majority of TMSSL's
revenue is dependent on the performance of TMSL's retail stores
spread across India. Besides, due to the huge competition in
mobile retailing resulted in thin gross margin, coupled with
relatively high operating cost to operate organized mobile retail
chain, TMSL was incurring net losses in the past and is yet to
achieve break-even levels leading to stressed liquidity.
Thin profit margin- The business model of TMSSL is cash & carry
business, with low inventory and thin margins. The company's
PBILDT margins remained low at 4.01% and PAT margins at 0.11% in
FY16.
Increasing competition in mobile handset- TMSSL is exposed to
risk of online competition from e-commerce players in India. The
deterioration in the turnover has been a result of the stiff
competition.
The MobileStore Services Limited (TMSSL), a part of the Essar
Group, is engaged in the business of distribution of telecom,
consumer electronics and related products including mobile
handsets, accessories, domestic appliances and other consumer
durable products. The company is a step-down subsidiary of Essar
Global Limited (the ultimate holding company). The Essar Group is
engaged in diversified activities like infrastructure, steel, oil
and gas, power, telecom and technology, shipping and logistics
and construction. TMSSL is the owner of the brand "The
MobileStore" and has licensed it to its group company The
MobileStore Limited (TMSL) for usage of the brand. TMSL is
operating through over 306 retail stores in India using the brand
name "The MobileStore" and has presence through other channels
such as E-Commerce, Franchisees and Institutional Sales.
TMSSL has posted a total income of INR404.47 crore and PAT of
INR0.45 crore during FY16 (refers to the period April 1 to
March 31) as compared with a total income of INR1,083.88 crore
and PAT of INR1.15 crore during FY15.
MYCO INFRA: CARE Revises Rating on INR30cr LT Loan to 'B'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Myco Infra Private Limited (MIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 30 CARE B; Stable Revised from
Facilities CARE B+
Detailed Rationale and Key Rating Drivers
The revision in the long-term rating assigned to the bank
facilities of MIPL is on account of delay in its ongoing project.
Furthermore, the rating continue to remain constrained on account
of project implementation and saleability risk related to its on-
going real estate projects with low booking status and advance
received and risk related to the real estate sector. The rating,
however, continues to derive benefit from the wide experience of
promoters and established track record of the group in executing
real estate projects.
Successful completion of MIPL's on-going real estate project
within envisaged time and cost parameters and timely receipts of
booking advances at envisaged prices remains the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Project implementation and salability risk associated with 'Ahmed
Residency' and Akibah Heights' Ahmed Residency and Akibah Heights
have been delayed, as per the initial estimation the expected
time line for the project completion was December, 2016, however
due to subdued real estate scenario the projects got delayed and
now as per the revised schedule both the projects will be
completed by December 2017.
Ahmed Residency is going on as per the revised schedule and till
February 21, 2017 MIPL had incurred cost of 60.23% (44.38% as on
February, 2016) and has received booking for 17.35% (10.33% as on
February, 2016) of total area. Akibah Heights is also going on as
per the revised schedule and till February 21, 2017 MIPL had
incurred 53.89% (29.04% as on February, 2016) and has received
booking of 38.41% (27.81% as on February, 2016) to total area.
Nevertheless, considering the volatility associated with
commodity prices, labor shortage and dependence on timely sale of
flats, there is a risk associated with the timely construction of
the project and salability risk as well as timely receipt of
advances for the project.
Key Rating Strengths
Experienced promoters
MIPL is a part of Myco group which is engaged in real estate
activity and trading of iron and steel and MIPL was promoted by
Mr. Abdulkadir Haji Husainbhai Memon, Mr. Adbul Razak Hushain
Nagani, Mr. Abdul Gaffar Nagani and Mr. Afzal Nagani. Mr.
Abdulkadir Haji Husainbhai Memon is the key promoter of the
company who looks after the overall management of the company. He
has been associated with the Myco group and MIPL since its
inception. Mr. Adbul Razak Hushain Nagani looks after the
accounts and administration department, Mr. Abdul Gaffar Nagani
looks after the construction site of the projects and its
monitoring.
Established track record of executing real estate projects
Myco group had ventured into real estate business in 2008 and
since then it has completed 6 projects. Recently two of the firms
belonging to the group namely 'M/s Myco Infra Build' and 'M/s
Aakar Infra Build' completed two projects 'Akira Heights' and
'Aksha Ambience'.
Ahmedabad-based, Myco Infra Private Limited (MIPL) was
incorporated as a private limited company in January, 2010 by Mr.
Abdulkadir Haji Husainbhai Memon, Mr. Adbul Razak Hushain Nagani,
Mr. Abdul Gaffar Nagani and Mr. Afzal Nagani. Currently, MIPL is
executing two residential projects named 'Ahmed Residency' and
'Akibah Heights' at Sarkhej, Ahmedabad, Gujarat with total
saleable area of 3.49 lakh sq. ft. (lsf). Ahmed Residence is
containing a scheme of 242 units of 7 floors and Akhibah hights
is containing a scheme of 151 units of 9 floors. MIPL has
received approvals for land and other relevant clearances for the
projects. Both of the projects are expected to be completed by
December 2017.
NOVARC LABS: CARE Assigns 'B' Rating to INR7cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Novarc
Labs Private Limited (NLPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7 CARE B; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Novarc Labs Private
Limited (NLPL) is constrained by small scale of operations,
leveraged capital structure, weak debt coverage indicators, thin
profitability margins, high customer and geographical
concentration risk, competitive business segment due to presence
of numerous companies engaged in trading of medical drugs and
working capital intensive nature of operations due to elongated
working capital cycle. The rating, however, derives strength from
experienced and well qualified promoter and growth in total
operating income during review period.
Going forward, the ability of the company to add new customers
and increase its scale of operations and profitability margins,
improve the capital structure and debt coverage indicators and
efficient management of working capital requirements are the key
rating sensitivities.
Detailed Description of the key rating drivers
Key Rating Weaknesses
Small scale of operations: NLPL was incorporated in 2014. The
scale of operations remained small marked total operating income
of INR23.03 crore in FY16 and networth of INR2.15 crore in FY16
as on March 31, 2016 compared with other peers in Industry.
Leveraged capital structure and weak debt coverage indicators:
The company has leveraged capital structure marked by overall
gearing at 3.75x as on March 31, 2016. Out of the total debt of
INR8.05 crore, 36% of the debt comprises unsecured loans from the
promoters and friends and balance 64% pertains to working capital
facility. Being trading nature of business, the profitability and
cash accruals also remained low. Due to the above said factors,
the debt coverage indicators of the company also remained weak
marked by PBILDT interest coverage at 1.16x and total debt/GCA at
87.02x in FY16.
Working capital intensive nature of operations due to elongated
operating cycle: The operations of the company are working
capital intensive in nature with funds being stuck in
receivables. The average inventory period has remained moderate
on account of moderate inventory level maintained by the company
primarily to avoid adverse price fluctuations. Due to high
average collection period, the operating cycle stood elongated at
154 days in FY16 which led to 90% utilization (average) of the
working capital borrowings for the 12 months ended December 2016.
High customer and geographical concentration risk: The company
has limited number of customers with which it trades, namely,
Ariston Pharma Novatech Private Limited, Vijayasri Pharma Chem
and Leavochem Labs Private Limited. These customers based in
Telangana resulting in high customer and geographic concentration
risk. The company has started its operations in the year 2014,
needs to build diversified client base and add customers.
Competitive business segment due to presence of numerous
companies engaged in trading of medical drugs: India is the
second-largest API manufacturer due to increase in the number of
Pharma companies. There is a high competition in the industry
backed by the regulatory bodies, which could hamper the business
of the companies prevailing in the industry.
Key Rating Strengths
Experienced and well qualified promotor: NLPL is promoted by Mr.
Thilotham R Kolanu (Managing Director) and Ms Vishali Sravanthi.
M (Director), and Ms Pooja N. Mr. Thilotham R Kolanu is a
qualified Doctorate of Philosophy (Environmental Science) and
having one decade of overall experience, with three years of
experience in pharma business. The directors have established
relation with customer and suppliers. The overall business of the
company is managed by Mr. Thilotham R Kolanu.
Growth in total operating income albeit thin profitability
margin: The company started commercial operations from September
2014. The total operating income of the NLPL increased from
INR14.08 crore in FY15 to INR21.07 crore in FY16 representing
growth of 49.25% due to first full year on operations resulting
from higher amount medical products traded. The promoters have
good relations with customers which have resulted in repeat of
orders and increase in TOI.
The profit margins of the company were thin during review period
due to trading nature of operations. However, the PBILDT margin
of the company improved during review period i.e., 2.25% in FY15
to 4.40% in FY16 due to absorption of overhead on account of
increase in scale of operations. However, the PAT margin of the
company declined from 0.51% in FY15 to 0.36% in FY16 due to
increase in interest cost. The interest expenses were charged for
7 months in FY15, whereas the company operated for full year in
FY16.
Novarc Labs Private Limited (NLPL) was established in the year
2012, promoted by Mr. Thilotham R Kolanu. The company is engaged
in trading of medical drug products. The company trades in
medicinal constituents like 2 hydroxy methyl, 2 chloro methyl and
2m5m benzimidizole which are used in manufacturing of final
medicine. The company receives the work orders directly from the
customers, namely Ariston Pharma Novatech Private Limited,
Vijayasri Pharma Chem and Leavochem Labs Private Limited. The
company is located at Madhapur, Hyderabad (Telangana).
In FY16, NLPL reported a Profit after Tax (PAT) of INR0.08 crore
on a total operating income of INR21.03 crore, as against a
PAT and TOI of INR14.03 crore and INR0.07 crore, respectively, in
FY15 (April 2015- March 2015). Furthermore, the company has
achieved sales of INR21 crore during 9MFY17 (Provisional).
PARAS SEEDS: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
CARE Ratings has been seeking information from Paras Seeds
Corporation (PSC) to monitor the rating(s) vide e-mail
communications/ letters dated March 2, 2017, February 21, 2017,
February 15, 2017 and numerous phone calls. However, despite
CARE'srepeated requests, the company has not provided the
requisite information for monitoring of the ratings. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Paras Seeds
Corporation's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10 CARE B+; ISSUER NOT
COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating in December 3, 2015, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced partners
PSC is promoted by three directors Mr. Niranjan Patel, Mr. Bharat
Patel and Mr. Dhaval Patel. Mr. Niranjan Patel has an experience
of more than two decades in the textile industry through other
firms where he had experience in the business of cotton ginning.
Mr. Bharat Patel has an experience of more than a decade in the
textile industry. All the partners have almost two decades of
experience in the textile industry through other firms. Due to
the established presence in the textile industry for more than a
decade, the promoters have established good relations with
customers. Over the years, the firm has developed a good
relationship with suppliers as well. The partners are also
promoters in other group companies Jaymala Spintex Limited
engaged in cotton yarn manufacturing and Bhoomi Bio Seeds Limited
engaged in packaging, trading, research and production of seeds,
all the promoters look after day to day operations of PSC. TOI of
Jaymala Spintex Limited was INR56.93 crore for FY15 (refers to
the period April 1 to March 31) and for Bhoomi Bio Seeds Limited
was INR6.85 crore for FY15.
Strategically located within the cotton-producing belt of Gujarat
PSC's plant is located in cotton-producing belt of Gujarat region
which is the largest producer of raw cotton in India. Gujarat
produces around 31% of total national production of cotton
whereas PSC's presence in cotton producing region results in
benefit derived from lower logistics expenditure (both on
transportation and storage), easy availability and procurement of
raw materials at effective price and consistent demand for
finished goods resulting in sustainable revenue visibility.
Key Rating Weaknesses
Partnership nature of constitution
Being a partnership firm, PSC is exposed to inherent risk of
partners' capital being withdrawn at time of personal
contingency, and firm being dissolved upon the
death/retirement/insolvency of partners. During FY15, partners
withdrew capital of INR0.18 crore compared to infusion of INR3.81
crore in FY14.
Fluctuating trend of TOI and profit margins
During the past 3 years period ended FY15, TOI of PSC has been
highly fluctuating. During FY14, TOI of PSC increased
significantly by 30.50% over the previous year at INR67.22 crore
as against INR51.51 crore. However, during FY15, TOI of PSC
declined by 23.63% to INR51.34 crore. Since the entity is into
the business of cotton ginning and pressing which is seasonal in
nature it also depends upon the monsoon condition owing to which
during FY15 TOI declined. Till FY15, PSC was doing trading of
ginned cotton (58% of TOI during FY15) but management has decided
to discontinue trading activity and carry out only manufacturing
activity. Going forward, PSC will focus only on manufacturing
activity, ie, processing of seeds, cotton ginning and pressing.
During the past 3 years period ended FY15, profit margins of PSC
has been fluctuating on account of high fluctuation in trading
vis-a-vis manufacturing sales. During FY15, the PBILDT margin of
PSC improved to 2.52% from 1.93% on account of lower raw material
costs compared with last year. Despite improvement in PBILDT
margin, the PAT margin of PSC declined to 0.15% during FY15 as
against 1.18% during FY14 on account of high finance charges.
During FY15, PSC reported gross cash accrual (GCA) of INR0.21
crore (Rs.0.95 crore during FY14).
Financial risk profile marked by moderate capital structure, weak
debt coverage indicators and moderate liquidity position
As on March 31, 2015 (A), capital structure of PSC was moderate
marked by an overall gearing ratio of 1.53 times (1.50 times:
March 31, 2014).
Debt coverage indicators were weak marked by low interest
coverage ratio of 1.19 times during FY15 (FY14: 3.71 times) and
high total debt to GCA of 50.32 times as on March 31, 2015 owing
to very low cash accruals.
Liquidity position of PSC was moderate marked by current ratio of
1.77 times as on March 31, 2015. Operating cycle of the firm
deteriorated and stood high at 102 days as against 54 days in
FY14 mainly due to reduction in average creditor's period.
Average creditor's period remained at 5 days in FY15 as against
42 days in FY14.
Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material, ie,
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the
year, international demand supply scenario, export policy decided
by the government and inventory carried forward of last year.
Ginners usually have to procure raw materials at significantly
higher volume to bargain bulk discount from suppliers.
Furthermore, cotton being a seasonal crop, the inventory levels
of the entity generally remains high at the end of the financial
year. Thus, aggregate effect of both the above factors results in
exposure of ginners to price volatility risk.
Presence in the highly fragmented industry with limited value
addition and prices and supply for cotton being highly
regulated by the government
PSC is engaged in the ginning and pressing of cotton which
involves very limited value addition and hence results in thin
profitability. Moreover, on account of large number of units
operating in cotton ginning business, the competition within
the players remains very high resulting in high fragmentation and
further restricts the profitability. Thus, ginning players
have very low bargaining power against its customer as well as
suppliers.
The cotton prices in India are regulated by the government
through MSP (Minimum Support Price) fixed by government, though
due to huge demand-supply mismatch the prices have rarely been
below the MSP. Moreover, exports of cotton are also regulated by
the government through quota systems to suffice domestic demand
for cotton. Hence, any adverse change in government policy, i.e.,
higher quota for any particular year, ban on the cotton or cotton
yarn export may negatively impact the prices of raw cotton in the
domestic market and could result in lower realizations and
profit.
Idar-based (Gujarat) PSC was established in April 2007 as a
partnership firm by Mr. Niranjan Patel, Mr. Bharat Patel, Mr.
Dhaval Patel and Ms Savita Patel. All partners jointly look after
day-to-day activities of PSC. PSC is into the business of cotton
ginning and pressing and seed processing. The partners of PSC are
also associated with Jaymala Spintex Limited which is engaged in
the manufacturing of cotton yarn and Bhoomi Bio Seeds Limited
which is into packaging, trading, research and production of
seeds and other ancillary services.
PRAGAT AKSHAY: CARE Assigns B+ Rating to INR6cr LT Loan
-------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Pragat
Akshay Urja Limited (PAUL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6 CARE B+; Stable Assigned
Short-term Loan
Facilities 2 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Pragat Akshay Urja
Limited (PAUL) are primarily constrained on account of its
financial risk profile marked by modest scale of operations,
moderate solvency position with weak debt coverage indicators and
stressed liquidity position. The ratings are further constrained
on account of the stiff competition from large number of
unorganised players and customer concentration. The ratings,
however, derive strength from the experience management with
strong group support and established relation with government
departments. The ratings, further, derive strength from its
healthy profitability margins with continuous improvement in
Total Operating Income (TOI). The ability of PAUL to increase its
scale of operations with improvement in liquidity and solvency
position would remain the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weakness
Moderate solvency position with weak debt coverage indicators and
stressed liquidity position
The capital structure of PAUL stood leveraged and debt coverage
indicators stood weak owing to high working capital bank
borrowings and low net-worth base. Furthermore, liquidity
position of the company stood stressed with elongated operating
cycle of 302 days in FY16 (refers to the period April 1 to March
31) owing to high collection period.
Stiff competition from large number of unorganized players and
customer concentration
The industry is highly fragmented with presence of numerous
unorganized players. The competition is also intensified due
to the low entry barriers in terms of capital, technological
requirements resulting into very high competition thus
impacting profitability of the company.
Key Rating Strengths
Experienced management and established relation with government
department
The overall affairs of PAUL are managed by Mr. Satish Jain along
with his family members. Mr. Satish Jain has more than a decade
of experience in the solar industry. Being present in the
industry since long period, the promoters have established
relationship with customers and suppliers. Healthy Profitability
margins with continuous improvement in TOI Due to established
relation with government departments and repetitive order receive
from them; TOI of the company has witnessed continuous
improvement in last three financial years at a Compounded
Annually Growth Rate (CAGR) of 9.89%. The profitability of the
company stood healthy.
Indore-based (Madhya Pradesh) Pragat Akshay Urja Limited (PAUL)
was incorporated in 2009 by Mr. Satish Jain, Mr. Rakesh Jain, Mr.
Prakash Chandra Jain and Mr. Anjesh Jain. PAUL is engaged in
manufacturing of photovoltaic solar modules, solar cooker, solar
lights and home light system. PAUL is also engaged in complete
System Integration (SI) business for government departments.
During FY16, PAUL has reported a total operating income of
INR20.28 crore with a net profit of INR0.54 crore.
RADHA-RUKMAN PACKAGES: CARE Cuts Rating on INR21.72cr Loan to B
---------------------------------------------------------------
CARE has been seeking information from Radha-Rukman Packages
Private Limited (RPL) to monitor the rating(s) vide e-mail
communications/letters dated July 26, 2016, February 16, 2017,
February 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information, which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
The rating on RPL.'s bank facilities will now be denoted as CARE
B/CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 21.72 CARE B; Issuer not
cooperating; Revised from
CARE B+ on the basis
of best available
information
Short term Bank 0.50 CARE A4; Issuer not
Facilities cooperating; Based on best
available information
The ratings have been revised on account of performance of the
company as it continues to be constrained by short track record
with small scale of operation, volatility in raw material prices,
working capital intensive nature of operation and presence in
fragmented and competitive industry. The rating, however,
continues to draw comfort from the experience of the promoter in
the printing & packaging industry. Users of this rating
(including investors, lenders and the public at large) are hence
requested to exercise caution while using the above ratings.
Detailed description of the key rating drivers
At the time of last rating in April 11, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths:
Experienced promoters in the printing & packaging industry RPL
has been promoted by Shri Govardhan Lal Sikaria (aged 71 years,
graduate) and his family. He has an experience of more than five
decades in the field of packaging and printing. He looks after
the overall management of the company along with other directors
of the company, Shri Kundan Sikaria (Graduate), Smt. Shakuntala
Sikaria (Graduate), and Smt. Shradha Sikaria (Graduate), all
having vast experience in same line of activities.
Key Rating Weaknesses:
Short track record with small scale of operation
However, the company has completed around four years of
operations. Although turnover in FY15 has grown by around
21.28% vis-a-vis from FY14, the same remains small in comparison
to other industry peers.
Volatility in raw material prices
The major raw materials used by RPL are waste paper, kraft paper,
ink, adhesives etc, which are procured primarily from the local
market. The prices of these raw materials are volatile in nature.
Cost of raw materials formed a major proportion of cost of sales,
in FY15 accounting around 87% of cost of sales. The company does
not have any long-term supply arrangement with any of its
suppliers and procures the same at spot price from the open
market. Accordingly, the price volatility of the raw materials is
an area of concern for the company. Furthermore, as the industry
is highly competitive with presence of many players, it is
difficult to pass on the input price hike to its customers, which
may put pressure on margins of RPL.
Working capital intensive nature of operation
The average utilization of fund based working-capital facilities
was around 95% during trailing 12-month period ending
Feb. 2016
Presence in fragmented and competitive industry
The packaging and printing industry is highly fragmented in
nature with presence of large number of unorganized players due
to low entry barriers. Furthermore, the industry is price
competitive as the end user segment mainly comprises industries
with bulk requirement and better bargaining power. This coupled
with RRPPL being a small player in the industry with small scale
of operations makes it difficult for the company to have pricing
flexibility.
Radha-Rukman Packages Pvt. Ltd. (RPL) was incorporated in August,
2008 and was promoted by Shri Govardhan Lal Sikaria and his
family members based out of Kolkata. The company, after remaining
dormant for three years, commenced operation from January 2012.
RPL is engaged in the manufacturing of corrugated & duplex boxes
and providing offset printing services. The facilities of the
company are located at Howrah, West Bengal, with an installed
capacity to manufacture 8400 tonnes per annum (TPA) of corrugated
& duplex boxes. RPL carries out manufacturing & printing as per
the designs and specification provided by the customers and its
products are used for packaging in different industries like
pharmaceuticals, textiles, automobile, engineering, consumer
goods industry, etc.
Currently, STCPL is a part of Barak group, having interests in
cement, power and tea industries, promoted by Mr. Prahlad
Rai Chamaria, Mr. Bijay Kumar Garodia and Mr. Santosh Kumar
Bajaj.
During FY15 (refers to the period April 1, 2014 to March 31,
2015), RPL reported a total operating income of INR26.96 crore
(as against INR22.23 crore in FY14) and a loss of INR2.49 crore
(as against loss of INR0.26 crore in FY14).
RAJ ISPAT: CARE Assigns B+ Rating to INR7cr Long Term Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Raj Ispat Udyog to
monitor the rating(s) vide e-mail communications/letters dated
February 28, 2017, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on Raj Ispat Udyog's bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed Description of the Key Rating Drivers
At the time of last rating in February 22, 2016, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced partners: Messrs. Raj Kumar and Anil Kumar have
gained experience of around three decades and two decades,
respectively, in steel industry through their association as
partner with Raj Ispat Udyog (established in 1988) and Raj Steel
Industries (associate concern, established in 1984) which is
engaged in trading and manufacturing of iron and steel products.
Mr. Sunny Kumar has gained experience of more than half decade in
steel industry through his association as partner with RIU and
RSI. Moderate profitability margins: The profitability margins of
the firm stood moderate marked by PBILDT margin and PAT margin of
4.95% and 0.11%, respectively, in FY15 (Prov., refers to the
period April 1 to March 31).
Key rating Weaknesses
Declining scale of operations with low net worth base: The firm's
scale of operations declined from INR37.14 crore in FY13 to
INR26.84 crore in FY15 (Prov.). Furthermore, the firm's GCA was
relatively small at INR0.14 crore for FY15 (Prov.) and tangible
net worth stood at INR1.29 crore as on March 31, 2015.
Leveraged capital structure: The firm has a leveraged capital
structure marked by long-term debt equity and overall gearing
ratio of 0.86x and 7.36x, respectively, as on March 31, 2015.
Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak as reflected by interest coverage ratio
and total debt to GCA of 1.11x and 67.20x, respectively, for
FY15.
Working capital intensive nature of operations: The operations of
the firm are working capital intensive in nature as reflected by
average operating cycle of 126 days, as on March 31, 2015. The
average utilization of the working capital limits stood around
95% for 12 months period ended September 2015. Partnership nature
of its constitution: RIU's constitution as a partnership firm has
the inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency and firm being
dissolved upon the death/retirement/insolvency of partners.
Raj Ispat Udyog (RIU) was established in 1988 as a partnership
firm by Raj Kumar (aged 55 years), Mr. Anil Kumar (aged 47 years)
and Mr. Sunny Kapoor (aged 32 years) with profit/loss sharing
ratio of 4:4:2, respectively. The firm is engaged in trading of
steel products and the servicing facility is located at Ludhiana,
Punjab. The traded items include C.R Coils, HR Sheet, plate,
straight angles, channel and joint etc. which find their
application in steel and allied products industry. The traded
goods are procured from associate concern, RSI and sold to
dealers and wholesalers in Punjab, Chandigarh and J&K. RIU has
other group concern viz. Raj Steel Industries (RSI), established
in 1884 and engaged in manufacturing and trading of steel items.
RAJ STEEL: CARE Assigns B+ Rating to INR5cr Long Term Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Raj Steel
Industries to monitor the rating(s) vide e-mail communications/
letters dated February 28, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on Raj Steel
Industries's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in February 22, 2016, the following
were the rating strengths and weaknesses.
Key Rating Strengths
Experienced partners and long track record of operations: Mr. Raj
Kumar and Mr. Anil Kumar have gained experience of around three
decades and two decades respectively in the steel industry
through their association as partner with RIU (associate concern,
established in 1988) and RSI. Mr. Sunny Kumar (son of Mr. Raj
Kumar) has gained experience of more than half a decade in the
steel industry through his association as a partner with RIU and
RSI.
Key Rating Weaknesses
Fluctuating scale of operations: The operating income declined
from INR42.18 crore in FY13 (refers to the period April 01 to
March 31) to INR26.47 crore in FY14 and further increased to
INR29.82 crore during FY15 (Provisional). Leveraged capital
structure: The firm has a leveraged capital structure marked by
long-term debt equity ratio and overall gearing ratio of 1.23x
and 4.00x, respectively, as on March 31, 2015 (Provisional).
Weak debt coverage indicators: The debt coverage indicators of
the firm remained weak as reflected by interest coverage ratio of
1.25x in FY15.
Working capital intensive nature of operations: The operating
cycle of firm stood elongated at about 93 days as on
March 31, 2015 (Provisional). The average utilization of the
working capital limits stood around 95% for the 12 months
period ended September, 2015.
Susceptible to volatility in raw material prices: The main raw
material of the firm is steel. The prices of steel are driven
by the international prices which have remained volatile in the
past.
Partnership nature of its constitution: RIU's constitution as a
partnership firm has the inherent risk of possibility of
withdrawal of the partner's capital at the time of personal
contingency and the firm being dissolved upon the
death/retirement/insolvency of partners.
Raj Steel Industries (RSI) was established in 1984 as a
partnership firm by Mr. Raj Kumar (aged 55 years), Mr. Anil Kumar
(aged 47 years) and Mr. Sunny Kapoor (aged 32 years) with equal
profit sharing ratio. The firm is engaged in the manufacturing
and trading of steel products with its manufacturing facilities
located at Ludhiana, Punjab. The finished products include H.R
Shuttering, H.R pipe, steel box, almirah etc. The raw material,
mainly steel is procured from reputed suppliers as Steel
Authority of India Limited (SAIL), Punjab State Small Industries
and Export Corporation (PPSIEC), Rourkela Steel and Bokaro Steel
Plant whereby the firm signs MOU with same on yearly basis which
is later on renewed as per the need. The finished goods are sold
to dealers and wholesalers in Punjab, Chandigarh and J&K. RSI has
another group concern viz. Raj Ispat Udyog (RIU), established in
1988 and engaged in trading of steel items.
SANJAY UTTAM: CARE Assigns B+ Rating to INR16.97cr LT Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Sanjay Uttam Agro
Foods Private Limited to monitor the rating through email dated
March 1, 2017, February 28, 2017, February 21, 2017 followed by
numerous phone calls, and reminder mails (with latest mail dated
February 28, 2017). However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on Sanjayuttam Agro Foods Private Limited (SAFPL)
long term bank facilities will now be denoted as CARE B+; ISSUER
NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 16.97 CARE B+; ISSUER NOT
Facilities COOPERATING; based on
best available information
The rating takes into account operational stabilisation risk,
volatility in raw material prices influenced by government
policies and presence in fragmented nature of the industry with
low entry barriers. The rating, draw support from the experience
of the promoters, stable demand outlook and marketing and
distribution support from the group entities.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating(s).
Detailed description of the key rating drivers
At the time of last rating in September 15, 2015, following were
the rating strengths and weaknessess:
Key Rating Strengths
Experienced promoters: The directors, Mr. Uttamchand Sancheti,
Mr. Sanjay Sancheti and Mrs. Vaishali Sancheti of the company
have been in the production of wheat flour and other agro based
products for around two decades. Stable demand which is
relatively insulated from economic cycles: The flour milling
industry has witnessed consistent growth in the last few years
driven by rapidly changing food habits of the average Indian
consumer. Also, since the industry mainly caters to the basic
needs of the consumer, the industry is relatively insulated from
the economic cycles.
Marketing and distribution support from group entities: SAFPL
distributes around 30% of its products through its associate
entity Sanjay Sales Corporation (SSC) which is engaged in trading
of agro commodities. Also, the strong marketing network developed
by the promoters through SSC is expected to benefit the company
in terms of procurement of raw material as well as for sale of
end product. SSC has developed network spread across numerous
states like Maharashtra, Andhra Pradesh and Karnataka, which
reflects geographical diversification of customers and mitigates
the risk related to significant reduction in the revenue in case
of lower demand from any particular state. The other entity, M/s
Sanjay Industry (SI) is already engaged in the same business with
an installed capacity of 15 TPD. SI sells its products under the
brand name of 'Paras Gold' and 'Sanjay Gold'. Moreover, in the
long term future the promoters are planning to merge the
operations of SI with SAFPL.
Key Rating Weaknesses
Project execution and stabilization risk: SAFPL had set up the
plant for the processing of maida, rawa, flour, etc, and has
started its commercial operations from March 23, 2015. FY15 was
the first year in which company operated for only for 08 days
during the year. The entire capex towards the setting up of the
plant has been completed thus mitigating project execution risk.
Although, promoters have sufficient experience in trading and
manufacturing of food products, SAFPL being a start-up company,
uncertainties surrounding operational stability continue to
remain.
Susceptibility of profitability margins to volatility in raw
material prices: Key raw material for the company is wheat
which is procured from local market as well as from Madhya
Pradesh. The prices of flour and maida are influenced by
government policies, thus exposing the company to price
volatility risk.
Small player in fragmented nature of industry and low entry
barriers : SAFPL operates in a highly fragmented and competitive
industry wherein there is presence of large number of players in
the unorganized segment. The players in the industry do not have
pricing power and are exposed to competition resulting in
pressures on profitability.
Aurangabad-based, Sanjayuttam Agro Foods Private Limited (SAFPL)
was incorporated on July 11, 2012. SAFPL was promoted by Mr.
Uttamchand Sancheti, Mr. Sanjay Sancheti and Mrs Vaishali
Sancheti. SAFPL has recently completed its debt funded capex
towards setting up new plant for processing of maida, rawa and
other by-products with an installed capacity of 260 tons per day
(TPD). The commercial production of the company started from
March 23, 2015.The company procures raw material from group
entity Sanjay Sales Corporation as well as from open markets of
Aurangabad, Jalna and other parts of Maharashtra and Madhya
Pradesh. The product profile of the company includes maida, suzi,
rawa and other by-products. Moreover, the company has availed an
additional term loan of INR5 crore for the expansion of its
installed capacity. The total installed capacity was increased
from 150 tonnes per day to 260 tonnes per day. The expansion by
the company was completed in the month of April 2015.
During FY16 (refers to the period April 01 to March 31), the
company registered a PAT of INR0.02 crore as against the total
operating income of INR72.17 crore.
RATHI FEEDS: CARE Assigns B+ Rating to INR15cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Rathi
Feeds India Private Limited (RFI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15 CARE B+; Stable Assigned
Detailed Rationale and Key Rating Drivers
The rating assigned to the bank facilities of Rathi Feeds India
Private Limited (RFI) is constrained by its weak financial risk
profile marked by small scale of operations, low PAT margins,
leveraged capital structure and weak debt coverage indicators.
The rating is further constrained by working capital intensive
nature of operations, risk associated with the availability of
raw material and high competition from local players. The rating,
however, derives strength from experienced promoters, long track
record of operations and positive demand outlook for the poultry
sector. Going forward, the ability of the company to scale up its
operations while improving its profitability margins and overall
solvency position would be the key rating sensitivities.
Detailed Description of Key Rating Drivers
Key Rating Strengths
Experienced promoters and long track record of operations RFI is
engaged in the business of manufacturing of poultry feed for
around one decade and is currently being managed by Mr. Vinod
Kumar, Mr. Krishan Kumar, Mr. Ramesh Kumar and Mr. Rameshwaram
collectively. The directors have adequate acumen about various
aspects of business which is likely to benefit RFI in the long
run.
Positive demand outlook for the poultry feed sector
Poultry products like eggs have large consumption across the
country in the form of bakery products, cakes, biscuits and
different types of food dishes in home and restaurants. As per
Agricultural and Processed Food Products Export Development
Authority (APEDA) research report, poultry is one of the fastest
growing segments of the agricultural sector in India today.
Weaknesses
Weak financial risk profile
The risk profile of the company is weak marked by small scale of
operations, low PAT margins, leveraged capital structure & weak
debt coverage indicators.
The company's scale of operations has remained small marked by
Total Operating Income (TOI) of INR61.04 crore in FY16 (refers to
the period April 1 to March 31). The small scale limits the
company's financial flexibility in times of stress and deprives
it of scale benefits.
The operating margins of the company stood moderate as reflected
by PBILDT margin of 5.11% in FY16. However, PAT margin remained
below unity during last three financial years on account of high
depreciation and interest costs.
Furthermore, the capital structure of the company is leveraged
with overall gearing ratio of 2.08x as on March 31, 2016.
Additionally, interest coverage ratio stood moderate at 1.64x in
FY16. However, total debt to GCA ratio stood weak at 14.48x for
FY16.
Working capital intensive nature of operations
The operating cycle of the company stood high at 106 days for
FY16 (PY:101 days). The nature of operations of the company is
working capital intensive and the working capital limits remained
fully utilized for 12 months period ended January 2017.
Risk associated with the raw material availability
The key raw materials of the company are agro products like
Bajra, maize, soya (De oiled cake), de oiled rice bran, and other
poultry supplements, etc. The prices of these commodities are
affected by factors such as changes in weather conditions,
monsoon, production levels, etc, exposing the company to raw
material price volatility risk.
High competition from local players
Low capital intensity and low entry barriers facilitate easy
entry of unorganized players, leading to high competition and
fragmentation. The poultry industry is also vulnerable to
outbreaks of diseases, which may lead to reduction in demand,
thus affecting the industry players adversely.
Rathi Feeds India Private Limited (RFI) was incorporated in 2008
as a private limited company. The promoters include Mr. Vinod
Kumar, Mr. Krishan Kumar, Mr. Ramesh Kumar and Mr. Rameshwaram.
RFI is engaged in manufacturing of poultry feed at its
manufacturing facility located in Jind, Haryana, with total
installed capacity of 24000 tonnes per annum as on March 31,
2016. The main raw materials required for manufacturing and
processing of poultry feed is soyameal, bajra, corn, peanuts,
mustard, maize, etc. The company procures its raw materials from
dealers located in Haryana, Uttar Pradesh, Madhya Pradesh, etc.
The company sells its products to poultry farms located in north
India and to its two associate concerns, namely, Rathi Hatcheries
Private Limited and Gourav Poultry India Private Limited. Both
the entities are engaged in poultry farming business since 2002
and 2011, respectively.
In FY16 (based on audited results), RFI has achieved a total
operating income (TOI) of INR61.04 crore with PAT of INR0.22
crore as against total operating income of INR58.98 crore with
PAT of INR0.47 crore in FY15.
RICHU MAL: CARE Assigns B+ Rating to INR5cr LT Loan
---------------------------------------------------
CARE Ratings has been seeking information from Richu Mal Bishan
Sarup to monitor the rating(s) vide e-mail communications/letters
dated March 8, 2017, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of
minimum information required for the purpose of rating, CARE is
unable to express opinion on the rating. In line with the extant
SEBI guidelines CARE's rating on Richu Mal Bishan Sarup bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Users of this rating (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating(s).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5 CARE B+; ISSUER NOT
Facilities COOPERATING
Detailed description of the key rating drivers
At the time of last rating in May 19, 2015, the following were
the rating strengths and weaknesses
Key Rating Strengths
Experienced management & long track record of operations of
company: The firm is managed by Mr. Arun Gupta, Mr. Anurag Gupta
and Mr. Ashish Gupta who have work experience of around two
decades with the firm.
Key rating weakness
Fluctuating and small scale of operations coupled with low net
worth base: The scale of operations of the firm has remained
small and fluctuating. The total operating income has increased
in FY13, however, it declined in FY14 (refers to the period April
1 to March 31), mainly on account of lower quantity sold to local
wholesalers The small scale limits the firm's financial
flexibility in times of stress and deprives it from scale
benefits.
Weak financial risk profile: The overall financial risk profile
of the firm was weak marked by thin profitability margins,
leveraged overall gearing and weak debt coverage indicators. The
profitability margins remained thin for past three financial
years i.e. FY12- FY14 marked by PBILDT margin and PAT margin. The
capital structure of the firm stood leveraged during past three
financial years i.e. FY12-FY14 as marked by overall gearing.
Furthermore the interest coverage stood low for FY14 (prov.).
Working capital-intensive nature of operations: Operations of the
firm are highly working capital intensive marked by high average
operating cycle FY14. Being present in a highly competitive
business and having low bargaining power with its customers the
average credit period allowed by the firm is around 2-3months.
The average utilization was around 85% of its sanctioned working
capital overdraft limits for last 12 months period ended
April 15, 2015.
Highly competitive industry & low entry barriers: The trading of
food and food product industry is highly fragmented with more
than two-third of the total number of players being unorganized.
Due to low entry barriers in the industry and low value added
nature of products, high competition is the inherent risk
associated with the industry.
Richu Mal Bishan Sarup (RMB) was established in 1961 as a
partnership firm by Mr. Richumal and Mr. Bisan Saroop. However,
the current active partners are MrArun Gupta, Mr. Ashish Gupta
and Mr. Anurag Gupta. The firm is engaged in trading of food and
food products such as dry fruits, desi ghee, etc. The firm
procures these items mainly from Delhi, Haryana and U.P., whereas
it mainly sells its products in Delhi and nearby regions, with
selling and distribution activities solely looked after by the
partners.
SANTOSHI RICE: CARE Assigns B+ Rating to INR5.80cr LT Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Santoshi Rice and
General Mills to monitor the rating(s) vide e-mail
communications/ letters dated March 8, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the firm has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines, CARE's rating on
Santoshi Rice and General Mills bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.80 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in July 16, 2016, the following were
the rating strengths and weaknesses
Key Rating Strengths
Small though growing scale of operation: In FY15 (refers to the
period April 1 to March 31), the firm registered growth of
approximately 23% in its total operating income which stood
small. The increase in TOI was on account of increase in quantity
sold.
Weak financial risk profile: The financial risk profile of the
firm is weak as characterized by thin profitability margins,
highly leveraged capital structure and weak coverage indicators.
The PBILDT margin and PAT margin of the firm improved marginally
and stood low in FY15 as primarily due to increase in processing
of basmati rice which fetches higher margins.
The working capital intensive nature of operations on account of
higher seasoning required in basmati rice led to highly leveraged
capital structure. The debt service coverage indicators of the
firm also remained weak in FY15 on account of high reliance on
external borrowings coupled with low profitability.
Working capital intensive nature of operations: The operations of
the firm remained working capital intensive in nature marked by
operating cycle on account of high average inventory period for
FY15. The working capital limits of the firm remained almost
fully utilized during the past 12 months ended May 2016.
Business susceptible to the vagaries of nature: Rice is highly
dependent on the monsoon. Unpredictable weather conditions could
affect the domestic output and result in volatility in the price
of rice.
Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
The raw material (paddy) prices are regulated by the government
to safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers
Karnal-based, (Haryana) SRM was established as a partnership firm
in 1986 by two partners namely Mr. Pawan Kumar and Mr. Kanti
Prasad, sharing profits and loss equally. They collectively look
after the overall operations of the firm. The firm is engaged in
milling and processing of paddy, with a total installed capacity
of 32,000 metric ton per annum (MTPA) as on March 31, 2016. SRM
procures paddy from local grain markets through dealers and
agents mainly from the state of Haryana. The firm sells basmati
and non-basmati rice in the states of Delhi, Haryana and Punjab
through a network of commission agents and traders.
SARASWATI TRADING: CARE Assigns B+ Rating to INR4.50cr LT Loan
--------------------------------------------------------------
CARE Ratings has been seeking information from Saraswati Trading
Co. to monitor the rating(s) vide e-mail communications/letters
dated March 8, 2017, and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines, CARE's rating on Saraswati Trading Co. bank
facilities will now be denoted as CARE B+/CARE A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 4.50 CARE B+; ISSUER NOT
Facilities COOPERATING
Long/Short-term 1.50 CARE B+/CARE A4; ISSUER
Bank Facilities NOT COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in August 20, 2015, the following were
the rating strengths and weaknesses:
Key Rating Strengths
Favorable manufacturing location: The firm's processing facility
is situated in Karnal (Haryana), which is one of the highest
producers of paddy in India. Its presence in the region gives
additional advantage over the competitors in terms of easy
availability of the raw material as well as favorable pricing
terms.
Key Rating Weakness
Decline in the total operating income with low profitability
margin: The total operating income (TOI) of the firm declined in
FY15 (refes to the period April 1 to March 31) on account of
lower quantity sold owing to low demand from existing customers.
While PBILDT margin and PAT margin increased, respectively, in
FY15 owing to goods exported with higher profit margins, the
profitability margins continue to be thin due to low value
addition, intense market competition and fragmented nature of
industry.
Deterioration in capital structure and coverage indicators:
Overall gearing ratio deteriorated as on March 31, 2015,
mainly due to higher utilization of working capital borrowings.
Interest coverage ratio of the firm stood moderate due to
increase in the interest cost mainly attributed to higher
utilization of working capital bank borrowings during the year.
Furthermore, total debt to GCA deteriorated due to increase in
the total debt coupled with lower GCA.
Deterioration in operating cycle:The operating cycle of the firm
stood elongated in mainly due to elongation in inventory holding
period. The average utilization of working capital borrowings
remained around 95% for 12-month period ending July 2015.
Highly fragmented industry characterized by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. Moreover, adverse
climatic conditions can affect their availability and leads to
volatility in raw material prices.
Karnal-based STC was initially established as a proprietorship
concern by Mr. Rajesh Khanna in April 1992, and started its
commercial production in September 1992. The constitution was
further changed to partnership in September 2010 and other
members of the Khanna family joined as the partners in the firm.
Currently, STC has seven partners. The firm is engaged in the
trading and processing of rice. The firm procures raw materials
(paddy) from the local market through commission agents and the
final products are sold in the domestic as well as overseas
market.
SMT. SONPATTI: CARE Assigns B+ Rating to INR5.50cr LT Loan
----------------------------------------------------------
CARE has been seeking information from Smt. Sonpatti Devi
Memorial Medical Trust to monitor the rating(s) vide e-mail
communications/ letters dated February 23, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the trust
has not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
Smt. Sonpatti Devi Memorial Medical Trust's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.50 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
Detailed description of the key rating drivers
At the time of last rating in May 5, 2016, the following were the
rating strengths and weaknesses
Key Rating Weaknesses
Small scale of operations
The scale of operations has remained small marked by total
operating income and gross cash accruals. The small scale limits
SMT financial flexibility in times of stress.
Below average financial risk profile
The SBID margin had been deteriorating on year on year basis from
59.10% in FY13 to 44.95% in to 43.91% in FY15 (refers to the
period April 1 to March 31). The same was on account of high
salary of the employees and consequently. The surplus margin also
stood low at 3.13% in FY15. The capital structure of the trust
marked by overall gearing ratio stood at 1.93x as on March 31,
2015 which deteriorated from 0.93x as on March 31, 2014 due to
increase in rupee term loan to fund capex for construction of
hostel coupled with low corpus fund.
Total debt to GCA of the trust stood at 12.74x for FY15 which
deteriorated from 6.40x for FY14 due to increase in debt.
Interest coverage ratio stood at 3.20x in FY15 which deteriorated
from 3.72x in FY14 due to increase in interest expenses.
Operations concentrated to a single geographical area with
increasing competition from established and upcoming educational
institutes
SMT has its colleges and school located in Jaunpur, Uttar Pradesh
which limits the reach penetration level for the trust to tap
opportunities. Furthermore, due to increasing focus on technical
education in India, a number of colleges have been opened up in
close proximity. This exposes the revenue of SMT to competition
from other colleges.
Highly regulated educational sector in India
The educational institutes are regulated by respective State
Governments with respect to the number of management seats,
amount of the tuition fees charged for the Government quota (10%
fee hike per annum allowed) and management quota. The factors
have a significant impact on the revenue and profitability of the
institution. The education industry remains highly regulated
industry with constant intervention from the central state
government and other regulatory bodies.
Key Rating strengths
Experienced members of the trust
Mr. Kunwar Haribansh Singh is the chairman of the trust who has
two decade of experience in education through his association
with SMT. He is Member of Parliament from Pratapgarh constituency
Uttar Pradesh. Furthermore, he is assisted by other members of
SMT which includes Mr. Lal Sahib Singh, having experience of more
than two decades in the education sector through his association
with SMT. Mr. Ramesh Singh and Mr. Durgesh Singh both look after
the overall operations of the trust. They also get support from
other qualified members in the field of education to carry out
the dayto-day operations.
High enrolment ratio
The trust has been successfully able to fill up 90-100% seats for
all the courses offered. The courses offered by the trust
are B.Pharma, MBA, General Nursing & Midwifery (GNM) and
Auxiliary Nursing Midwifery (ANM).
Smt Sonpatti Devi Memorial Medical Trust (SMT) is a charitable
trust set up by Mr. Ramesh Harvinsh Singh for providing
education services in Jaunpur (Uttar Pradesh) in 1995. The trust
operates three colleges and one public school in Jaunpur.
Colleges are affiliated to Uttar Pradesh Technical University and
are approved by the All India Council for Technical Education
(AICTE).The trust also operates a school in the name of Indravati
Public School providing primary and secondary education. The
school is affiliated to Central Board of Secondary Education.
In FY15 (refers to the period April 1 to March 31), SMT has
achieved a total operating income (TOI) of INR3.37 crore with
SBID and Surplus of INR1.66 crore and INR0.12 crore respectively.
SHELL INN: CARE Withdraws 'D' Rating on INR31.72cr LT Loan
----------------------------------------------------------
CARE Ratings has withdrawn the rating assigned to the Bank
facilities of Shell Inn International Ltd. with immediate effect,
as the company's loan account at Punjab national bank, which was
rated by CARE, has been sold to M/s Invent Asset Securitisation &
Reconstruction Pvt Ltd. and there is no amount outstanding under
the facility as on date.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 31.72 CARE D Withdrawn
Facilities
Shell Inn International Limited (SIIL), a company incorporated on
February 18, 1993, is promoted by the Fariyas group based in
Mumbai, which has considerable experience in the hospitality
industry. Mr. Moez Karim Maredia and Mr. Malik Karim Maredia are
the promoter directors of the company. Mr. Sameer Maredia is
Managing Director of the company. The 87-room, 4-star category
'Fariyas Hotel' at Colaba, Mumbai and the 103-room, 5-star deluxe
category 'Fariyas Resort' at Lonavala are part of the Fariyas
group of hotels.
SIIL commenced operations of its 4-star hotel i.e. "Holiday Inn
International" with 225 rooms at Sakinaka Junction, Andheri
(East), Mumbai on April 1, 2010. During November 2012, the
company added another 20 rooms taking total room inventory to
245.
SHYAMJOTI RICE: CARE Reaffirms B+ Rating on INR18.65cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shyamjoti Rice Mill Pvt. Ltd. (SRMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 18.65 CARE B+; Stable Reaffirmed
Short term Bank
Facilities 1.40 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Shyamjoti Rice
Mill Pvt. Ltd. (SRMPL) are constrained by its small scale and
short track record of operation, project implementation risk,
intensely competitive nature of the industry characterized by a
number of small players, volatility in profit margins subject to
government regulations, working capital intensive nature of
business and exposure to vagaries of nature. The aforesaid
constraints are partially offset by experience of the promoter in
the same business and proximity to raw material sources. The
ability of the company to successfully implement the project
without any time and cost overrun and derive benefits as
envisaged, improve its scale of operations along with
profitability margins and efficient management of working capital
are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters: The promoters of SRMPL have long
experience in agro industry. Mr. Shyam Kamal Kundu and Mrs. Sapna
Kundu, having experience of around 21 years in the same industry
by virtue of being partners of the firm named Shiv shanti Mini
Rice Mill. Both of them, together look after the overall
operations of the company since inception and is very well-versed
with the intricacies of the business. Mr. Sanjay Kr. Kundu & Mrs.
Suman Kundu have experience of around a decade in the same
industry, looks after the purchase and marketing activities.
Proximity to raw material sources: SRMPL's plant is located in
the vicinity to a major rice growing area, thus, resulting in
logistic advantage. The entire raw material requirement is met
locally from the farmers (or local agents) helping the company to
save simultaneously on transportation and procurement cost.
Key Rating Weaknesses
Short track record coupled with small scale of operation: The
scale of operations of SRMPL remained small marked by total
operating income of INR32.57 crore with a PAT of INR0.01 crore in
FY16. The company has a low net worth base as on March 31, 2016.
The small size restricts the financial flexibility of the company
in times of stress and deprives it from the benefits of economies
of scale. The track record of the company is short as it has
commenced commercial production from September, 2014 and FY16 was
its first full year of operation.
Intensely competitive nature of the industry: SRMPL's plant is
located in Dakshin Dinajpur, West Bengal which is in close
proximity to important paddy/rice cultivating area. The high
fragmentation and competitive nature of industry due to low entry
barriers and presence of a large number of players in the
organized and unorganized sector puts pressure on sales
realization & profitability margins of companies like SRMPL.
Volatility in profit margins: The Government of India (GOI),
every year decides a minimum support price (MSP - to be paid to
paddy growers) for paddy which limits the bargaining power of
rice millers over the farmers. Given the market determined prices
for finished product vis-a-vis fixed acquisition cost for raw
material, the profitability margins are highly vulnerable. Such a
situation does not augur well for the company, especially in
times of high paddy cultivation.
High leverage ratio: Capital structure of the company remained
leveraged marked by high overall gearing ratio as on March 31,
2016. The debt service coverage indicators remained depressed
over the years marked by its high total debt to GCA ratio in FY16
owing to lower cash accruals and higher dependence on external
borrowings. Interest coverage ratio remained above unity in FY16.
Working capital intensive nature of business and exposure to
vagaries of nature: Owing to the seasonality of rice harvest, the
business requires maintaining higher raw material inventory as
well as high inventory balances of finished products. The raw
material procurement happens at the end of the cultivation
seasons but the milling is carried out almost entire year, hence
company has to maintain high raw material inventory. Further,
while paddy is sourced on cash payment, the millers are required
to extend credit period to their customers. Accordingly, the
working capital intensity will remain high marked by persistent
high utilization of working capital limit which remained at 85%
for the twelve months ending January 31, 2017. Also, paddy
cultivation is highly dependent on monsoons, thus exposing the
fate of the company's operation to vagaries of nature. Project
implementation risk: SRMPL is setting up a unit to expand the
production capacity at with an aggregate project cost of INR14.52
crore, which is proposed to be financed by way of partner's
contribution of INR4.53 crore and deb t of INR9.99 crore, at a
debt equity mix of 2.20:1. The financial closure of the project
has been achieved. The project is expected to be operational from
April, 2017.
Shyam Joti Rice Mill Private Limited (SRMPL) was incorporated in
June, 2013 by Kundu family of Dakshin Dinajpur, West Bengal for
setting up a paddy processing unit at Tunidighi, Dakshin
Dinajpur, West Bengal. The company commenced commercial
production in September, 2014 with rice processing capacity of
34,500 metric tonne per annum (MTPA). During FY16 (refers to the
period April 1 to March 31), the company reported a total
operating income of INR32.57 crore and PAT of INR0.01 crore in
FY16 vis-a-vis total operating income of INR12.99 crore and net
loss of INR0.27 crore in FY15. Furthermore, the company has
achieved a total operating income of INR30.00 crore during
10MFY17 (refers to the period April 1, 2016 to January 31, 2017).
SK OVERSEAS: CARE Assigns B+ Rating to INR6cr Loan
--------------------------------------------------
CARE Ratings has been seeking information from SK Overseas to
monitor the rating(s) vide e-mail communications/letters dated
February 22, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. In line with the extant SEBI
guidelines CARE's rating on SK Overseas's bank facilities will
now be denoted as CARE B+; ISSUER NOT COOPERATING. Users of this
rating (including investors, lenders and the public at large) are
hence requested to exercise caution while using the above
rating(s).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6 CARE B+; ISSUER NOT
COOPERATING
Detailed description of the key rating drivers
At the time of last rating in February 12, 2016, the following
were the rating strengths and weaknesses.
Key Rating Weakness
Small scale of operations with short track record of operations:
SKO was established as a partnership firm in the year 2013
reflecting short track record of operations. Furthermore, the
scale of operations has remained small marked by a total
operating income and gross cash accruals of INR17.90 crore and
INR0.65 crore during FY15.
Weak financial risk profile: The profitability margin of the firm
stood moderate marked by PBILDT margin in FY15 due to higher
proportion of basmati rice which fetches better margin. However,
high financial charges and depreciation restricted the net
profitability of the firm and the PAT margin remained low in
FY15.
The capital structure of the firm remained leveraged marked
overall gearing ratio of 3.82x due to low net worth base coupled
with debt funded capex for setting up of manufacturing unit and
high dependence on external working capital borrowings. The
interest coverage and total debt to GCA of the firm stood weak at
1.94x and 9.31x respectively for FY15. Partnership nature of its
constitution: SKO's constitution as a partnership firm has the
inherent risk of possibility of withdrawal of the partner's
capital at the time of personal contingency and the firm being
dissolved upon the death/retirement/insolvency of partner.
Fragmented and competitive nature of industry: The commodity
nature of the product makes the industry highly fragmented, with
numerous players operating in the unorganized sector with very
less product differentiation. There are several small scale
operators which are not into end-to-end processing of rice from
paddy, instead they merely complete a small fraction of
processing and dispose-off semi-processed rice to other big rice
millers for further processing. Business susceptible to the
vagaries of nature: Rice being mainly a 'kharif' crop is a
seasonal crop and is cultivated from June-July to September-
October, and the peak arrival of crop at major trading centers
begins in October. The output is highly dependent on the monsoon.
Key Rating Strengths
Experienced partners in trading and processing of rice: SKO was
established as a partnership firm in the year 2013 by Mr. Krishan
Chand and his wife Ms Santosh Kumari and Ms Poonam Bansal. Mr.
Krishan Chand and Ms Santosh Kumari have an overall experience of
more than two decades in the trading and processing rice. Ms
Poonam Bansal also has close to five years of experience in the
rice industry. They collectively look after the overall
operations of the firm.
Favourable manufacturing location: SKO is mainly engaged in
milling and processing of rice. The main raw material (Paddy) and
wheat is procured primarily from local grain markets, located in
Haryana. The firm's processing facility is situated in Karnal,
Haryana which is one of the highest producers of paddy in India.
SK Overseas (SKO) was established as a partnership firms in 2013
by Mr. Krishan Chand, Ms Santosh Kumari and Ms Poonam Bansal.
They collectively look after the overall operations of the firm.
The firm commenced its operations in February 2014 and FY15 was
the first full year of operations. The processing unit of the
firm is located in Karnal, Haryana. SKO procures paddy from local
grain markets through dealers and agents mainly from the state of
Haryana. SKO primarily sells its product in Northern India viz.
Haryana, Himachal, Delhi, Rajasthan and Uttar Pradesh to
wholesalers, traders, exporters and government departments.
In FY15, SKO achieved total operating income (TOI) of INR17.90
crore with PAT of INR0.02 crore, furthermore, the company
has achieved total operating income of INR3.50 crore in 6MFY16
(refers to the period April 1 to September 30).
SPS EDUCATIONAL: CARE Assigns B+ Rating to INR25.25cr LT Loan
-------------------------------------------------------------
CARE Ratings has been seeking information from SPS Educational
Trust to monitor the rating(s) vide e-mail communications/
letters dated November 28, 2016, December 7, 2016, December 17,
2016,
January 7, 2017, February 1, 2017 and February 17, 2017 and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for
monitoring the ratings. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. Further, SPS Educational Trust has not
paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. In line with the extant SEBI guidelines
CARE's rating on SPS Educational Trust's bank facilities will now
be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 25.25 CARE B+; ISSUER NOT
Facilities COOPERATING
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on July 8, 2015, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Short track record of operations and modest enrollment ratio
SPS was incorporated in the year 2010. However, it commenced the
operations of the school from FYl2 (refers to the period April 1
to March 31) only. Hence, SPS's scale of operations is modest as
reflected in its Total Operating Income of INR12.60 crore and in
FY15 and networth of INR11.97 crore as on March 31, 2015.
Weak liquidity position
Liquidity position of the SPS remained weak marked by current
ratio and quick ratio of 0.21 times and 0.02 times as on March
31, 2015 and March 31, 2014.
Debt funded capex
SPS has undertaken the debt funded capex of development and
renovation of roads, building, and biological park and
sports facilities worth INR4.54 crore during FY15. The said
expenditure is expected to be funded through the mix of
promoters' fund and internal accruals.
Competition from the existing schools in the vicinity and
presence In the highly reguloted industry
There has been consistent increase in the level of competition in
the education sector. SSP faces competition from 15 private
sector schools and 3 government schools in Palwal district.
Furthermore, there are 924 CBSE affiliated school in entire
Haryana state. Hence, SSPcontinues to face tough competition from
already established schools in the vicinity, which in turn may
hamper its enrollment ratio.
Key Rating Strengths
Wide experience of the promoters in the education industry
SPS was established by Mr. Sureshchandra Bhardwaj, along with
four other trustees in the year 2010. Mr. Sureshchandra Bhardwaj
has an experience of more than two decades in the education
industry.
Consistent increase in total operating income and increase in
profitability
Total Operating Income (TOI) of SPS has grown at a healthy
Compounded Annual Growth Rate (CAGR) of 94.59% during FYl2-FYlS.
During FY1S, the total operating income of SPS improved by 53% to
INR12.60 crore as against INR8.23 crore in FY14. During FY15, the
5BID margin of the trust also improved to 66.45% against 50.28%
during FY14. Furthermore, during FY15 with the improvement in
SBID margin, the trust reported surplus of INR2.49 crore as
against deficit of INR1.13 crore in FY14.
Moderately leveraged capital structure and debt coverage
indicators
The capital structure of SPS remained moderately leveraged as on
March 31, 2015 as reflected by its debt to equity ratio and
overall gearing of 1.78 times as against 2.75 times as on
March 31, 2014.
The debt coverage indicators of SPS remained moderate marked by
the total debt to Gross Cash Accruals (GCA) of 4.90 times as on
March 31, 2015 which has improved from 55.69 times as on March
31, 2014 mainly on account ofsignificant increase in gross cash
accruals from INR0.47 crore during FY14 to INR4.77 crore during
FY15.
Palwal-based (Haryana), SPS Educational Trust (SPS) was
established in the year 2010 by Mr. Sureshchandra Bharadwaj,
Mrs. Sunita Bhardwaj, Mr. Shyam Sunder, Mr. Brijesh Kumar and Mr.
Ram Kumar Gupta with the object of setting up educational
institutions. SPS is running a school in the name of SPS
International at Palwal (Haryana) since, August, 2011.The school
is affiliated to the Central Board of Secondary Education (CBSE)
and offers education from Kindergarten to class XII. The school
is spread across the area of 5.25 acres and it has all the state
of the art facilities like computer labs, library, smart classes,
various sports facilities and swimming pool etc.
SUBRATA KUNDU: CARE Assigns B+ Rating to INR3.50cr LT Loan
----------------------------------------------------------
CARE Ratings has been seeking information from Subrata Kundu
Construction Company Private Limited (SKCPL) to monitor the
rating vide e-mail communications/letters dated July 29, 2016,
February 16, 2017, February 18, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information, which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 3.50 CARE B+; Issuer not
cooperating; Based on best
available information
Short term Bank
Facilities 3.50 CARE A4 Issuer not
cooperating; Based on
best available information
The rating on SKCPL's bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.
The rating takes into account its small scale of operations with
moderate profit margins, low order book position, client
concentration risk albeit reputed clients, volatility in input
prices, working capital intensive nature of operations and
presence in a highly competitive industry with sluggish economic
scenario. The ratings, however, derive strength from the
experience of the promoters, long track record of operation and
comfortable capital structure with moderate debt protection
metrics.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above ratings.
Detailed description of the key rating drivers
At the time of last rating in March 29, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths:
Experienced promoters and long track record of operations SKCPL
has been engaged in civil construction business since 1992 and
accordingly has a track record of more than two decades. The key
promoter Mr. Subrata Kundu has more than two decades of
experience in civil construction industry, looks after the
overall management of the company. Mr. Kundu is supported by
other two directors and a team of experienced professionals.
Comfortable capital structure with moderate debt coverage
indicators
SKCPL has a comfortable capital structure with overall gearing of
0.83x as on March 31, 2015. Further, the overall gearing improved
as on March 31, 2015 on account of lower utilization of cash
credit limit, repayment of term loans and accumulation of surplus
into reserve. The debt protection metrics has remained moderate
marked by interest coverage ratio of 3.01 times in FY15 and Total
debt to GCA of 3.63x as on March 31, 2015.
Key Rating Weaknesses:
Small scale of operations with moderate profit margins SKCPL has
a long track record of operations. However, it is a small player
vis-a-vis other players in the domestic construction industry.
This apart, the total operating income witnessed erratic trend
over the last three years and remained relatively on the lower
side at INR5.59 crore in FY15. The total operating income
declined significantly by 81.16% in FY15 over FY14 owing to low
order in hand. The total capital employed was also low at INR9.47
crore as on March 31, 2015. The small size restricts the
financial flexibility of SKCPL and hinders it's economies of
scale.
The profit margins of the company have remained moderate with the
operating margin in the range of 13.39% - 39.52% and PAT margin
in the range of 4.49% - 5.93% during FY13-FY15. PBILDT margin
improved in FY15 on account of better management of cost of
operations. Further, the PAT margin also improved in FY15 in line
with PBILDT margin.
Low order book position
The order book position has been low and as on February 16, 2016
the value of orders in hand was INR1.0 crore (0.18
times of FY15 total income).
Reputed client albeit client concentration risk
SKCPL executes orders mainly for various divisions of West Bengal
state government like Uttar Dinajpur Public Works Division, Malda
Highway Division, Uttar Dinajpur Highway Division, Uttar Dinajpur
Zilla Parishad and earns revenue of about 99% of its total
operating income from top five clients which exposes it to client
concentration risk. However, the company has long standing
relationship with this client for more than two decades, which
offsets the risk to some extent. Further the clients of SKCPL are
reputed government players and hence, default risk is minimal.
Volatility in input prices
The major inputs for any civil contractors are bitumen, asphalt,
murram, stone chips and metals, the prices of which are volatile.
However, some of the contracts (70-80% of the total contracts)
executed by SKCPL contain escalation clause but the same is not
sufficient to guard against volatile raw material price. This
apart, it does not enter into any agreement with contractees to
safeguard its margins against any increase in labour prices and
being present in a highly labour intensive industry, it remains
susceptible to the same.
Working capital intensive nature of operations
The operations of SKCPL remained working capital intensive marked
by high inventory period. The average inventory period increased
significantly to 600 days in FY15 as against 74 days in FY14 due
high increase in WIP inventory owing to slower certification of
works by government bodies. Accordingly the average utilisation
of fund based limits remained on higher side at around 94% during
last twelve months ended in January 2016.
Intense competition and sluggish economic scenario:
The company has to bid for the contracts based on tenders opened
by the various divisions of West Bengal state governments. Upon
successful technical evaluation of various bidders, the lowest
bid is awarded the contract. Since the type of work done by SKCPL
is mostly commoditised, the company faces intense competition
from other players. The company receives projects which majorly
are of a short to medium tenure (i.e. to be completed within
maximum period of one to two years). Apart from this, present
economic slowdown is also having a negative bearing on the
construction
sector which may also hinder the growth of the company.
Analytical approach: Standalone
Uttar Dinajpur (West Bengal) based Subrata Kundu Construction
Company Private Ltd (SKCPL) was initially set up as a
proprietorship entity 'M/s Subrata Kundu' in the year 1992 by Mr.
Subrata Kundu. However, SKCPL was converted into private limited
company on March 14, 2011 and its name changed to the current
one. Since its inception, the company is into civil construction
business in the segment like roads and bridges. SKCPL
participates in tenders and executes orders for the government
entity like Uttar Dinajpur Public Works Division, Malda Highway
Division, Uttar Dinajpur Highway Division, Uttar Dinajpur Zilla
Parishad etc. The company has an order book position of INR1.0
crore (0.18x of total sales for FY15) as on February 15, 2016
which is to be completed by May 2016.
Mr. Subrata Kundu (Director) has around 23 years of experience in
civil construction business, looks after the overall management
of the company. He is supported by other two directors. During
FY15 (refers to the period April 1, 2014 to March 31, 2015),
SKCPL reported a total operating income of INR5.59 crore (as
against INR29.67 crore in FY14) and a PAT of INR0.28 crore (as
against PAT of INR1.33 crore in FY14).
TARANG JEWELS: CARE Reaffirms B Rating on INR15cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Tarang Jewels Private Limited (TPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15 CARE B; Stable Reaffirmed
Rating Rationale
The rating assigned to Tarang Jewels Private Limited (TPL)
continues to remain constrained by small scale and short track
record of operations with low net worth base, low profitability
margins, leveraged capital structure, weak coverage indicators.
The rating is further constrained by working capital intensive
nature of operations, vulnerability of margins to gold price
fluctuations and competition from various organized and
unorganized players in Gems & Jewelry (G&J) industry.
The rating, however, draws comfort from experienced management in
diversified business segment.
Going forward, the ability of the company to manage raw material
price volatility risk along with improvement in
profitability margins, capital structure with effective working
capital management shall be the key rating sensitivity.
Detailed description of the key rating drivers
Key rating weakness
Small scale and short track of operations with low net worth
base: The company's scale of operations and net worth has
remained low during FY16 (refers to the period April 1 to March
31). The small scale limits the company's financial flexibility
in times of stress and deprives it from scale benefits. TPL
started with its commercial production during October 2014 and
has a relatively short track record of operations as compared
with other established players.
Low profitability, leveraged capital structure and weak coverage
indicators: The profitability margins of the company have
remained on lower side owing to highly fragmented and competitive
nature of business. Also, finance cost has further restricted the
net profitability of the company. The capital structure of the
company stood leveraged on account of high dependence on external
borrowing to meet the working capital requirements coupled with
low net worth base. Furthermore, owing to low profitability
coverage indicators also stood on a weaker side owing to low
profitability and high debt levels.
Working capital intensive nature of operations: The operating
cycle of the company stood elongated attributable to variety
stock of jewelry maintained for display purpose and caters to
immediate demand of the customers. Furthermore, the high working
capital requirements were met largely through bank borrowings
which resulted in almost full utilization of its working capital
limits for the last past 12 months period ended December 31,
2016.
Vulnerability of margins to gold price fluctuations: Due to
volatility experienced in gold prices the past, any adverse
change in prices of the same is likely to have a significant
impact on margins of the players in the G&J industry. Competition
from various organized or unorganized players and unfavorable
supply outlook: The company operates in the Gems & Jewelery (G&J)
industry, which is a fragmented industry with a high level of
competition from both the organized and unorganized sector. There
are number of small and regional players catering to the same
market which limits the bargaining power of the company exerts
pressure on its margins.
Key rating strengths
Experienced management in diversified business segment
TPL is currently being managed by Mr. Sanjeev Aggarwal, Mr. Sajal
Goel and Mr. Kushagr Goel having around two years of experience
in gems and jewelry business through their association with this
entity. Besides this, Mr. Sanjeev Aggarwal has an experience of
around two decades through his association with associate
concerns.
Haryana-based Tarang Jewels Pvt. Ltd. (TPL) was incorporated in
2014. TPL is currently being managed by Mr. Sanjeev Aggarwal, Mr.
Sajal Goel and Mr. Kushagr Goel. The company is engaged in
manufacturing, trading and retailing of gold, silver and diamond
jewelry and has its office located in Faridabad (Haryana). S. M.
Autostar Private Limited and Tarang Infrastructure Pvt. Ltd. are
associate concerns of TPL engaged in manufacturing of auto
components and real estate business, respectively.
In FY16, TPL has achieved a total operating income (TOI) of
INR18.90 crore and profit after tax (PAT) of INR0.02 crore,
respectively, as against TOI of INR8.52 crore and PAT of INR0.01
crore, respectively, in FY15. Furthermore, the company has
achieved TOI of INR4.33 crore in 9MFY17 (refer to period April 1
to December 31, based on provisional results).
VIDARBHA INSTITUTE: CARE Assigns B+ Rating to INR12cr LT Loan
-------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Vidarbha Institute of Medical Sciences Private Limited (VIMSPL),
as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 12 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Vidarbha Institute
of Medical Sciences Private Limited (VIMSPL) is constrained
by project implementation and stabilization risk, presence in
fragmented and highly competitive healthcare industry, along with
highly regulated nature of the industry.
The above weaknesses are offset by the experience and qualified
promoters in the healthcare segment and financial closure
achieved for the project.
The ability of the firm to execute the project without any time
and cost overruns and timely stabilize the operations is the
key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Strengths
Qualified & experienced promoter and management: The company is
promoted by well-established doctors who have been practicing
medicine in Nagpur for an average of around 15 years. The team
consists of 12 experienced doctors/surgeons comprising from
various medical fields such as Pathology, Laparoscopic and
Gastrointestinal Surgery, Obstetrics and Gynecology, Dentistry,
Anesthesiology, Orthopedic Surgeon, Plastic Surgery, General
Surgery etc. comprising of full-time doctors. Furthermore, the
promoters are specialized in various medical fields such as
Pathology, Laparoscopic and Gastrointestinal Surgery, Obstetrics
and Gynecology, Dentistry, Anesthesiology, Orthopedic Surgeon,
Plastic Surgery, General Surgery etc.
Financial closure attained for the project: Total cost of the
project is INR30.30 crore which will be funded through promoter's
capital of INR8.40 crore and term loans of INR21.40 crore
(Project DER: 2.55x). The company has attained financial closure
with term loan of INR9.90 crore already sanctioned and disbursed
in November 2015. Furthermore, the term loan of INR11.50 crore
has been sanctioned with part disbursement of around INR5.50
crore. The company has incurred around 75% of the total cost
amounting to around INR24 crore funded through promoters' funds
and term loans from bank as indicated by the management. The
facility is expected to commence operations in April 2017.
Comfortable capital structure: Capital structure is comfortable
reflecting in debt equity ratio of 0.60x and overall gearing
ratio of 0.60x as on March 31, 2016 led by low dependence on
external borrowings.
Key Rating Weaknesses
Project execution, implementation and stabilization risk: The
company has incurred around 75% of the total cost amounting to
around INR24 crore funded through promoters' funds and term loans
from the bank. However, risk pertains to timely completion of
balance project within envisaged cost and subsequent
stabilization of operations Stringent regulatory framework for
healthcare sectors: Despite the increasing trend of privatization
of healthcare sector in India, the sector continues to operate
under string regulatory control. Accordingly, regulatory
challenges continue to pose a significant risk to private
healthcare as they are highly susceptible to changes in
regulatory framework.
Fragmented healthcare industry leading to high competition: The
healthcare sector is highly fragmented with few large players in
the organized sector and numerous small players in the
unorganized sector leading to high level of competition in the
business. Thus, differentiating factors like range of services
offered, quality of service, experience of doctors, success rate
in treatment of complex cases, etc. will be crucial in order to
attract patients and to maintain healthy occupancy.
Established in 2015, Vidarbha Institute of Medical Sciences
Private Limited (VIMSPL) is a Nagpur (Maharashtra) based company
operating in the medical sciences field. VIMSPL is a project
stage entity and the company proposes to set up a 70- bedded
multispecialty hospital offering various in-patient (IPD)
healthcare services across various branches viz. Cardiology,
Gynaecology, Orthopaedics, Pathology etc. The hospital is
equipped with state of the art technology and well qualified &
experienced doctors/surgeons comprising of a team of 12 qualified
doctors from various medical branches comprising of full-time
doctors.
Promoters of the company are well established doctors having
substantial experience of practicing in Nagpur area. Total cost
of the project is INR30.30 crore which will be funded through
promoter's capital of INR8.40 crore and term loans of INR21.40
crore (Project DER: 2.55x). The company has attained financial
closure for the project.
WIN-ENTERPRIS: CARE Reaffirms B+ Rating on INR9.95cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Win-Enterprise (WE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.95 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Win-Enterprise (WE)
is primarily constrained on account of uncertainty associated
with the timely receipt of remaining booking advances, its
constitution as a partnership firm and its presence in a cyclical
and highly fragmented real estate industry. The rating, however,
takes comfort from the vast experience of the partners in the
real estate development business along with advance stage of
project implementation. The successful completion of its on-going
project within the envisaged cost parameters along with timely
receipt of the booking advances and sale of balance units at
envisaged prices are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Constitution as a partnership firm: The partners may withdraw
capital from the business as and when it is required, which may
put pressure on the capital structure of the firm. Risk related
to timely receipt of advances: WE has received booking for 47% of
total saleable area and has received the booking advance of
INR3.11 crore which forms 4.13% of sales value of booked units
against 95% of cost incurred. Presence in a cyclical and highly
fragmented real estate industry: The life cycle of a real estate
project is long and the state of the economy at every point in
time, right from land acquisition to construction to actual
delivery, has an impact on the project. This capital intensive
sector is extremely vulnerable to the economic cycles.
Key Rating Strengths
Experienced partners: The partners have successfully executed 3
real estate projects in Surat region under the name of Shree
Developers, Sakar developers and Vishwa Corporation.
Advanced stage of project implementation: WE has completed major
part of construction activity. Till January 31, 2017, WE has
incurred cost of INR23.45 crore forming 95% of envisaged project
cost of INR24.64 crore.
Surat-based (Gujarat), WE was established as a partnership firm
in 2015. WE is part of Shree Developers which is also engaged
into real estate development. The group has successfully
completed number of residential projects under different entities
in Surat. WE is currently executing a residential cum commercial
project with flats and shops at Surat named 'Kaverri Habitat'
which comprises of 234 flats and 14 shops involving development
of 268,974 Square Feet area. The project implementation commenced
in January 2015 and till January 31, 2017, WE has incurred the
total cost of INR23.45 crore (95% of the total project cost) out
of the total cost of INR24.64 crore and rest is expected to be
incurred by end of April 2017.
=========
J A P A N
=========
TOKYO ELECTRIC: Promotes T. Kobayakawa to President
---------------------------------------------------
Kyodo News reports that Tokyo Electric Power Company Holdings Inc
(TEPCO), operator of the disaster-hit Fukushima nuclear power
plant, will reshuffle its top management, promoting Director
Tomoaki Kobayakawa to president, people close to the matter said
on March 26.
TEPCO, which is effectively controlled by the Japanese
government, will finalize the new management team by the end of
this month and seek shareholder approval in June, they said,
Kyodo relates.
Mr. Kobayakawa, 53, will replace Naomi Hirose, 64, who will take
up the new post of vice chairman responsible for compensation
paid for damage caused by the nuclear disaster triggered by a
massive earthquake and tsunami in March 2011, according to Kyodo.
Takashi Kawamura, the 77-year-old honorary chairman of Hitachi
Ltd., will become TEPCO chairman, replacing Fumio Sudo, 76, Kyodo
discloses.
Kyodo says the management changes come as a government panel of
experts is finalizing a business revitalization plan.
With the disaster cleanup cost now projected at JPY22 trillion,
nearly doubled the 2013 estimate, government officials and the
power company's outside directors agreed that a new management
team should lead fresh reform efforts, according to the sources.
Kyodo notes that Mr. Hirose has been serving as TEPCO president
since June 2012. His appointment as vice chairman may face some
opposition within the company as the move would effectively be a
demotion, the sources, as cited by Kyodo, said.
Mr. Kawamura is currently a member of the government panel
discussing TEPCO's new reform plan and has been credited with
Hitachi's successful restructuring, adds Kyodo.
About Tokyo Electric
Tokyo Electric Power Company is the largest electric power
company in Japan and the largest privately owned electric
utility in the world. TEPCO supplies electricity to meet the
increasingly diversified and sophisticated demands of its over
28.09 million customers in the metropolitan Tokyo, which is the
political, economic, and cultural center of Japan, and eight
surrounding prefectures.
Bloomberg News said the utility is battling radiation leaks at
the Fukushima Dai-Ichi power plant north of Tokyo after a
March 11 earthquake and tsunami knocked out its cooling systems,
causing the biggest atomic accident in 25 years. More than
50,000 households were forced to evacuate and Bank of America
Corp.'s Merrill Lynch estimates TEPCO may face compensation
claims of as much as JPY11 trillion (US$135 billion).
As reported in the Troubled Company Reporter-Asia Pacific on
May 11, 2012, Bloomberg News said Japan's government took control
of Tepco and agreed to provide JPY1 trillion (US$12.5 billion) as
part of the nation's largest bailout since the rescue of the
banking industry in the 1990s.
Bloomberg related that the government will obtain more than 50%
of the voting rights in the utility under a 10-year plan approved
on May 8 by Trade and Industry Minister Yukio Edano. The
government stake may rise to two-thirds if TEPCO fails to meet
goals that include cost cuts and compensation payments, said
Bloomberg.
Under the plan, Bloomberg disclosed, the utility aims for an
unconsolidated profit of JPY106.7 billion in the year ending
March 2014, based on an electricity rate increase and the restart
of the Kashiwazaki Kariwa nuclear station. Bloomberg says
nationalization of TEPCO paves the way for the government to
restructure the electricity industry monopolized by regional
utilities and possibly break up power generation and transmission
networks to allow more competition.
TOSHIBA CORP: Seek Support from Korea Electric Power
----------------------------------------------------
Kyodo News reports that Toshiba Corp. is seeking support from
Korea Electric Power Corp. as it prepares for a Chapter 11
bankruptcy filing by its U.S. nuclear unit Westinghouse Electric
Co., sources close to the matter said Monday.
According to Kyodo, Westinghouse is expected to meet with U.S.
utilities and other stakeholders to explain the Chapter 11
petition. The technology conglomerate also plans to hold a board
meeting in the near future to approve the bankruptcy filing, the
report says.
By having Westinghouse file Chapter 11 by the end of this month,
Toshiba is looking to finalize losses related to the U.S. nuclear
unit as part of its restructuring steps, Kyodo notes.
Kyodo notes that Toshiba said last month it forecasted more than
JPY700 billion in losses for the April-December period in
connection with its U.S. nuclear operations. But as the amount of
losses could swell further, Toshiba has been mulling a way to
separate itself from the fallout from the debacle at
Westinghouse, which it bought in 2006 to export nuclear reactors.
Still, the filing for bankruptcy protection could increase the
already huge losses linked to its U.S. nuclear business to around
JPY1 trillion, Kyodo relates.
According to the report, Westinghouse's envisioned pursuit of
support from the South Korean public utility firm may not proceed
smoothly, as Seoul may shift its pro-nuclear power policy in the
event of a victory by former main opposition party leader Moon
Jae-in in the country's upcoming presidential election in May.
The former leader of the Democratic Party of Korea is considered
a prime candidate to replace Park Geun-hye, who was ousted from
office over a corruption and abuse-of-power scandal, Kyodo
states.
The Chapter 11 filing could also have international political
ramifications by burdening U.S. taxpayers, given the U.S.
government's debt guarantees for nuclear plant projects involving
Westinghouse, Kyodo adds.
Cash-strapped Toshiba also plans to spin off its profitable chip
business and sell a majority stake of the operation to bolster
its financial standing, Kyodo reports.
About Westinghouse Electric
Westinghouse Electric Company LLC --
http://www.westinghousenuclear.com/-- is a U.S. based nuclear
power company founded in 1999 that provides design work and
start-up help for new nuclear power plants and makes many of the
components. Westinghouse manufactures and supplies the
commercial fuel products needed to run the plants, and it offers
training, engineering, maintenance, and quality management
services. Almost 50% of nuclear power plants around the world
and about 60% of U.S. plants are based on Westinghouse's
technology. Westinghouse's world headquarters are located in the
Pittsburgh suburb of Cranberry Township, Pennsylvania.
Westinghouse has 12,000 employees worldwide.
On Oct. 16, 2006, Westinghouse Electric was sold for $5.4 billion
to a group comprising of Toshiba (77% share), partners The Shaw
Group (20% share), and Ishikawajima-Harima Heavy Industries Co.
Ltd. (3% share). After purchasing part of Shaw's stake in 2013,
Japan-based conglomerate Toshiba now owns 87% of Westinghouse.
* * *
In December 2016, Toshiba said it is writing down its investment
in Westinghouse by several billions, adding that it was possible
that their investment in Westinghouse could ultimately have a
negative worth, due to cost overruns at U.S. nuclear reactors it
was building.
In February 2017, Toshiba revealed unaudited details of a JPY390
billion (US$3.4 billion) loss, mainly in its U.S. nuclear
business which was written down by JPY712 billion (US$6.3
billion).
On Feb. 14, 2017, Toshiba delayed filing financial results, and
Toshiba chairman Shigenori Shiga, formerly chairman of
Westinghouse, resigned.
In March 2017, Reuters reported that Westinghouse has hired
bankruptcy lawyers from Weil Gotshal & Manges as an "exploratory
step."
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 March 21, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Japan-based capital goods and diversified electronics company
Toshiba Corp. two notches to 'CCC-' from 'CCC+' and lowered the
senior unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative. The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.
===============
M A L A Y S I A
===============
PRIME GLOBAL: Incurs $170.5K Net Loss in First Quarter
------------------------------------------------------
Prime Global Capital Group Incorporated filed with the U.S.
Securities and Exchange Commission its quarterly report on Form
10-Q disclosing a net loss of US$170,522 on US$326,576 of net
total revenues for the three months ended Jan. 31, 2017, compared
with a net loss of US$148,646 on US$412,749 of net total revenues
for the same period last year.
As of Jan. 31, 2017, Prime Global had US$42.97 million in total
assets, US$16.18 million in total liabilities and US$26.78
million in total equity.
As of Jan. 31, 2017, the Company had cash and cash equivalents of
US$385,519, as compared to US$685,876 as of the same period last
year. The Company's cash and cash equivalents decreased as a
result of cash used in operation and payment of interest
expenses.
"We expect to incur significantly greater expenses in the near
future, including the contractual obligations that we have
assumed discussed below, to begin development activities. We
also expect our general and administrative expenses to increase
as we expand our finance and administrative staff, add
infrastructure, and incur additional costs related to being a
large accelerated filer, including directors' and officers'
insurance and increased professional fees.
"We have never paid dividends on our Common Stock. Our present
policy is to apply cash to investments in product development,
acquisitions or expansion; consequently, we do not expect to pay
dividends on Common Stock in the foreseeable future.
"Our continuation as a going concern is dependent upon improving
our profitability and the continuing financial support from our
stockholders. Our sources of capital in the past have included
the sale of equity securities, which include common stock sold in
private transactions and public offerings, capital leases and
short-term and long-term debts. While we believe that we will
obtain external financing and the existing shareholders will
continue to provide the additional cash to meet our obligations
as they become due, there can be no assurance that we will be
able to raise such additional capital resources on satisfactory
terms. We believe that our current cash and other sources of
liquidity discussed below are adequate to support operations for
at least the next 12 months."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/5zZVSu
About Prime Global
Kuala Lumpur, Malaysia-based Prime Global Capital Group Inc
(OTCBB:PGCG), through its subsidiaries, is engaged in the
operation of a durian plantation, leasing and development of the
operation of an oil palm plantation, commercial and residential
real estate properties in Malaysia.
Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Oct. 31, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Oct. 31, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.
===============
M O N G O L I A
===============
MONGOLIAN MINING: Chapter 15 Case Summary
-----------------------------------------
Chapter 15 Debtor: Mongolian Mining Corporation
(in Provisional Liquidation)
PwC Corporate Finance & Recovery (Cayman
PO Box 258
4th Floor, 18 Forum Lane
Camana Bay, Grand Cayman KY1-1104
Cayman Islands
Case No.: 17-10695
Business Description: The Debtor is a Cayman Islands exempted
company with limited liability that was
incorporated on May 18, 2010. The Debtor's
registered office is located in the
Cayman Islands at PwC Corporate Finance &
Recovery (Cayman) Limited, P.O. Box 258,
4th Floor, 18 Forum Lane, Camana Bay, Grand
Cayman, KY1-1104.
The Debtor is a holding company with one
direct subsidiary, Mongolian Coal
Corporation Limited, which is itself a Hong
Kong holding company that directly and
indirectly owns intermediate holding
companies in Luxembourg, including
Mongolian Coal Corporation S.a r.l, and
operating entities in Mongolia, including
Energy Resources LLC.
The business of the Debtor is to hold
shares in its direct subsidiary and to
raise financing and provide guaranties on
behalf of the Group. The shares of the
Debtor's common stock are publicly traded
and listed on the Stock Exchange of Hong
Kong Limited.
The Group is primarily engaged in the
mining, processing, transportation and sale
of coal. As the largest producer and
exporter of washed hard coking coal in
Mongolia, the Group owns and operates two
open-pit coking coal mines -- Ukhaa Khudag
and Baruun Naran -- both of which are
located in the Southern Gobi province of
Mongolia. These deposits are located
approximately 250 km from the Sino-
Mongolian border and approximately 600 km
from Baotou, China, an important railway
hub providing access from Mongolia to the
largest steel-producing provinces in China,
including Inner Mongolia, Hebei, Shandong
and Jiangsu. The Group sells most of its
coking coal into China pursuant to long-
term agreements with iron and steel mills
and coke and chemical plants. As a whole,
the Group had 1,474 employees as of
March 15, 2017.
The mining activities of Ukhaa Khudag and
Baruun Naran are carried out by two of the
Debtor's subsidiaries incorporated in
Mongolia. However, mining activity at the
Baruun Naran mine has been suspended to
save costs since the fiscal year ending
Dec. 31, 2014.
For more information about the Company,
please visit http://www.MongolianMining.KY
and http://www.MMC.mn
Chapter 15 Petition Date: March 22, 2017
Court: United States Bankruptcy Court
Southern District of New York (Manhattan)
Authorized Representative: Simon Conway, as Provisional
Liquidator of the Debtor
Judge: Hon. Stuart M. Bernstein
Debtor's Counsel: Timothy E. Graulich, Esq.
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, NY 10017
Tel: (212) 450-4639
Fax: (212) 450-3639
Email: timothy.graulich@davispolk.com
Total Current Assets: US$140.5 million as of June 30, 2016
Total Funded Debt: US$770.7 million as of June 30, 2016
MONGOLIAN MINING: Hong Kong Scheme Meeting Set for April 11
-----------------------------------------------------------
The High Court of Hong Kong entered an order dated March 14,
2017,
directing Mongolian Mining Corporation, acting by its joint
provisional liquidators, Simon Conway of PwC Corporate Finance &
Recovery (Cayman) Limited, and Christopher So Man Chun of
PricewaterhouseCoopers Ltd in Hong Kong, to convene a meeting of
those holders of the 8.875% guaranteed senior secured notes due
March 29, 2017, issued by the Company for the purposes of
considering and, if thought fit, approving a scheme of
arrangement (the Hong Kong Scheme) proposed to be made between
the Company and the noteholders.
The Hong Kong Scheme meeting will be held at the offices of
Walkers at 15th Floor, Alexandra House, 18 Chater Road, Central,
Hong Kong at 10:00 a.m. on April 11, 2017.
If approved at the Scheme Meeting, the Hong Kong Scheme will be
subject to a subsequent application seeking the sanction of the
Hong Kong Court which will be scheduled after a Petition is filed
in the Hong Kong Court. Currently a hearing on April 25, 2017,
has be reserved by the Hong Kong Court to hear the Petition. Any
Scheme Creditor will have the right to attend and be heard at the
Sanction Meeting, through legal counsel, to support or oppose the
sanction of the Hong Kong Scheme.
====================
N E W Z E A L A N D
====================
CRIMSON CONSULTING: In Liquidation Bid
--------------------------------------
Matt Nippert at NZ Herald reports that educational service start-
up Crimson Consulting has run into its first public speed bump,
with a dispute of about NZ$2250, sparking a liquidation bid.
An application to liquidate Crimson Consulting was publicly
advertised on March 21, ahead of an appearance in the High Court
at Auckland on April 11, over a debt claimed by former employee
Samantha Berry, according to NZ Herald.
The report discloses Crimson downplayed the matter and said only
NZ$2250 was claimed by Berry.
The report notes that a spokeswoman for the company said it had
offered to settle in full but this had been rejected.
Ms. Berry founded undergraduate tutoring service UniTutors 2011,
focused on Otago University, the report relays.
The report notes that in late 2015, Crimson acquired UniTutors,
and a press release at the time said the business would expand
nationally with Ms. Berry as chief executive and a vice-president
at Crimson.
However, according to Companies Office filings, Ms. Berry
resigned as director of UniTutor in April last year. Ms. Berry's
lawyers K3 Legal said she was overseas and not immediately
available for comment.
Crimson Consulting was founded by Jamie Beaton, 21, and his
girlfriend, Sharndre Kushor, in 2014. Its core business is
tutoring for high school students with a view to winning
scholarships at highly competitive Ivy League universities.
Off the back of a series of capital-raisings, including
soliciting funds from three billionaires, Crimson has engaged in
a steady march of local acquisitions, the report relays.
The report says following the raising of NZ$41 million from Tiger
in September, the company was valued at NZ$220 million and
Beaton's personal stake at NZ$73 million.
The report adds that the company has enjoyed a high profile, in
part due to its hiring of Max Key as a consultant, and Mr. Beaton
has talked up its chances of breaking into the lucrative Chinese
education market.
DESERT ROSE: Leaves NZ$40,000 of Debts After Liquidation
--------------------------------------------------------
Jono Galuszka at Stuff reports a restaurant that stemmed from a
food truck started by controversial asylum seeker Ahmed Zaoui has
left debts of more than NZ$40,000 after folding.
Desert Rose Cafe & Restaurant, on the corner of Rangitikei and
Cuba streets in Palmerston North, shut up shop during the
Christmas break, according to Stuff.
Founded by Zaoui in 2010, Desert Rose was a food truck that
regularly set up shop in the central city. The food truck was
bought by Salih Osman in 2012 when Zaoui moved to Auckland, and
was transformed into a large restaurant.
The reasons for closure were a mystery at first, with a note on
Facebook simply wishing customers a happy New Year, the report
relays.
But a note on the door said the lease had been ended by the
building owner, and the company's liquidators said the restaurant
had suffered from a lack of patrons, the report discloses.
The report notes that the liquidation ended in March, with CS
Insolvency saying in a report there would be no more cash for
creditors.
The final report makes mention of Osman making advances and loans
from Desert Rose to an associated company that ran a restaurant
in Auckland, the report relays.
But the Auckland restaurant, which is not named in the report,
has also closed, and the liquidators did not think it was
practical to chase Osman for money, the report relays.
Desert Rose was unable to pay NZ$9821 to secured creditors, while
unsecured creditors were NZ$33,935 out of pocket, the report
notes.
Efforts to contact Osman to discuss the closure of Desert Rose
have been unsuccessful.
MANCHESTER UNITY: S&P Affirms Then Withdraws 'B+' Rating
--------------------------------------------------------
S&P Global Ratings Services said that it has affirmed and
withdrawn its 'B+' ratings on Manchester Unity Friendly Society
(MUFS) at the request of the company. The negative outlook at
the time of the withdrawal reflected the lack of track record of
MUFS' solvency ratio exhibiting stability at levels above 1.5x
the regulatory minimum.
STRATFORD RSA: Members Voted to Put Club in Liquidation
-------------------------------------------------------
Leighton Keith at Stuff.co.nz reports that Stratford RSA members
have voted to put the financially troubled club into liquidation.
Stuff relates that the club, which permanently closed in October
2015, held an extraordinary general meeting on March 20 to
determine its fate after being strapped for cash for years.
According to the report, honorary solicitor and member of the
club's executive committee Ralph Vosseler said about 40 people
attended the meeting and there had been resounding support to
liquidate the club, which would involve selling its land and
buildings.
"There's no appetite. It was quite apparent at the meeting, to
keep the club going or to try and re-open it or re-establish it
in any form whatsoever," the report quotes Mr. Vosseler as
saying. "Everyone basically accepts that it has run its course,
it's dead and needs to be buried."
The association's rules required the decision to be confirmed at
a second meeting that will be held in 30 to 60 days' time, Stuff
notes.
Dwindling patronage and ever-increasing running costs led to a
temporary closure in August 2014 which was followed by a decision
to permanently close in October 2015, Stuff notes.
Stuff relates that the building, at the corner of Miranda and
Fenton Streets, was put up for sale by tender but didn't sell and
had been leased to the Stratford District Council while the
town's library was relocated.
The lease agreement ended in October 2016 and left the club
without a revenue stream, Stuff adds.
Mr. Vosseler said the club had effectively been the author of its
own fate, Stuff relays.
"They wouldn't open up the membership to any young people."
Stuff notes that former president Kevin Holley resigned this
month after a letter had been circulated by members wanting to
put the club into liquidation, just one year out from its
centenary, saying it was a vote of no confidence in the
committee.
The club's executive committee also resigned, Stuff relates.
According to Stuff, Mr. Vosseler said no-one knew what the exact
state of the club's financial affairs was and there had been no
elections held for the past two years.
"It will give us a good opportunity to know exactly what the
state of the finances is and look at a marketing plan for the
land and the buildings."
He didn't expect there would be any surplus after the club's
debts were paid and wouldn't speculate how the money would be
used if there was, Stuff says.
Liquidators would be appointed if the decision was ratified at
the club's next meeting but no date had been set yet, adds Stuff.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: State-Run Creditor Takes Two-Track Approach
----------------------------------------------------------------
Yonhap News Agency reports that the main creditor of Daewoo
Shipbuilding & Marine Engineering Co. said on March 27 it has
been preparing for the option of placing the troubled shipbuilder
under a sort of court receivership unless all stakeholders agree
on a painful debt-for-equity swap plan.
While the preparations have been underway, the state-run Korea
Development Bank (KDB) has also been in consultations with
private creditor banks of Daewoo Shipbuilding to swap debts into
new shares in the shipbuilder or reschedule debts, a KDB official
said, Yonhap relates.
"We are taking a two-track approach," the KDB official said on
the condition of anonymity, the report relays.
According to Yonhap, KDB and another state-run creditor, Export-
Import Bank of Korea, announced last week a fresh rescue package
worth KRW6.7 trillion (US$6.02 billion) to the ailing
shipbuilder, but only if all stakeholders agree to the debt-for-
equity swap plan.
Yonhap relates that the huge rescue measures represent the second
round of bailouts for the shipbuilder that has been suffering
severe liquidity problems over heavy losses in its offshore
projects.
Under the rescue package, Daewoo Shipbuilding will receive new
loans worth KRW2.9 trillion, if lenders and bondholders agree to
swap KRW2.9 trillion of debt for new shares in the shipbuilder,
the report discloses.
The rescue package also included a three-to-five year grace
period for unsecured loans worth KRW900 billion, the report adds.
The creditors said unless they agree on the debt-for-equity swap
plan, Daewoo Shipbuilding will be placed under a new corporate
rehabilitation program, which is a combination of debt workout
and court receivership, according to Yonhap.
Yonhap says KDB and the private creditor banks of Daewoo
Shipbuilding held a meeting on March 27 to discuss about how to
reschedule the debts of the shipbuilder.
Still, analysts warned that it will be a tough road ahead before
Daewoo Shipbuilding receives fresh funds, the report says.
Daewoo Shipbuilding plans to hold a meeting for its bondholders
on April 17 to 18, but getting an agreement from them for the
debt-for-equity swap may not be easy, Yonhap notes.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.
The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.
Daewoo Shipbuilding has been saddled with a deepening liquidity
shortage amid a plunge in new orders, Yonhap said.
The shipbuilder suffered an operating loss of KRW1.61 trillion
(US$1.44 billion) last year following an operating loss of
KRW2.94 trillion in 2015. Its net loss narrowed to KRW2.71
trillion last year from a loss of KRW3.3 trillion a year earlier
with sales also dipping 15.1 percent on-year to reach KRW12.74
trillion.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 20 to March 24, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.25
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.25
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
CML GROUP LTD 9.00 01/29/20 AUD 1.02
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.10
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72
LAKES OIL NL 10.00 03/31/17 AUD 4.13
LAKES OIL NL 10.00 05/31/18 AUD 8.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.57
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.57
STOKES LTD 10.00 06/30/17 AUD 0.30
TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 67.57
CHINA
-----
AKESU XINCHENG ASSET INV 7.50 10/10/18 CNY 51.24
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 81.23
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 62.24
ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 41.81
ANSHAN CITY CONSTRUCTION 6.39 04/25/20 CNY 73.67
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.87
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.88
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.79
BAICHENG ZHONGXING 7.00 12/18/19 CNY 61.02
BAISHAN URBAN CONSTRUCTI 7.00 07/31/19 CNY 60.74
BANGBU CITY INVESTMENT H 5.78 08/10/17 CNY 30.30
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 63.64
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 50.69
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 51.64
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.09
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.20
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 61.82
BAYINGUOLENG INNER MONGO 7.48 09/10/18 CNY 50.89
BEIJING CAPITAL DEVELOPM 5.95 05/29/19 CNY 74.35
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.85
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.91
BEIJING ECONOMIC TECHNOL 5.29 03/06/18 CNY 70.32
BEIJING GUCAI GROUP CO L 8.28 12/15/18 CNY 73.19
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.37
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.77
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.59
BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 61.52
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.11
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.68
CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 62.15
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.00
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.03
CHANGSHA PILOT INVESTMEN 6.70 12/10/19 CNY 62.41
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.02
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.56
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.74
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.33
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.47
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.75
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 73.29
CHANGZHOU JINTAN DISTRIC 8.30 03/14/19 CNY 61.59
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.77
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.80
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 61.65
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 83.60
CHAOYANG CONSTRUCTION IN 7.30 05/25/19 CNY 61.71
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.51
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.50
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.97
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 62.50
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.30
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.52
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.26
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.64
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 73.18
CHENGDU XINGCHENG INVEST 6.17 01/28/20 CNY 61.55
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.18
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.60
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.94
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.97
CHIFENG CITY HONGSHAN IN 7.20 07/25/19 CNY 60.72
CHIFENG CITY INFRASTRUCT 6.18 05/18/17 CNY 50.08
CHINA CITY CONSTRUCTION 3.97 03/01/21 CNY 14.24
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.00
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 72.74
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.57
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 61.89
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 62.06
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.00
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.12
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 61.42
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 62.12
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 50.80
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.03
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.51
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.14
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.83
CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 40.94
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.00
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.46
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.16
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.41
CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 61.14
CHONGQING MAIRUI CITY IN 6.82 08/17/19 CNY 61.03
CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 40.55
CHONGQING NAN'AN URBAN C 8.20 04/09/19 CNY 62.07
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.80
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.92
CHONGQING QIJIANG EAST N 6.75 01/29/20 CNY 61.43
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 50.96
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 76.82
CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 62.12
CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 61.38
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.32
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.33
CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 70.33
CHONGQING YUFU ASSET MAN 6.50 09/04/19 CNY 62.00
CHONGQING YULONG ASSET M 6.87 05/31/19 CNY 61.53
CHONGQING YUXING CONSTRU 7.29 12/08/17 CNY 40.87
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.54
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.99
CHUXIONG AUTONOMOUS DEVE 6.08 10/18/17 CNY 50.83
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.99
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 60.20
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 62.13
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 60.86
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 61.66
DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 62.24
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 61.71
DALIAN DETA INVESTMENT C 6.50 11/15/19 CNY 61.73
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 60.98
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 61.03
DANDONG CITY DEVELOPMENT 5.84 09/06/17 CNY 40.01
DANDONG CITY DEVELOPMENT 6.63 12/21/18 CNY 70.68
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 61.96
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 61.80
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 63.00
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.30
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.49
DATONG ECONOMIC CONSTRUC 6.50 06/01/17 CNY 40.10
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.85
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.88
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 60.95
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 61.80
DEYANG CITY CONSTRUCTION 6.99 12/26/19 CNY 61.56
DEZHOU DEDA URBAN CONSTR 7.14 10/18/19 CNY 62.41
DONGBEI SPECIAL STEEL GR 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL GR 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.30 09/24/16 CNY 40.00
DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 50.75
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 61.73
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 84.40
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 62.14
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 49.94
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 50.08
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.55
FEICHENG CITY ASSETS MAN 7.10 08/14/18 CNY 50.83
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.97
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.24
FUJIAN LONGYAN CITY CONS 7.45 08/14/19 CNY 61.77
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.49
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.73
FUJIAN NANPING HIGHWAY C 7.90 10/26/18 CNY 73.10
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.18
FUXIN INFRASTRUCTURE CON 7.55 10/10/19 CNY 61.65
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 61.51
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 62.15
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 71.39
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 72.24
GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 50.83
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 50.97
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 51.22
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.25
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.95
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.42
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.49
GONGYI STATE OWNED ASSET 6.70 01/18/20 CNY 61.02
GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 61.85
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 60.98
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 61.28
GUANGYUAN INVESTMENT HOL 7.25 11/26/19 CNY 61.48
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 50.80
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 51.70
GUIYANG ECO&TECH DEVELOP 8.42 03/27/19 CNY 62.00
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.16
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.40
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 61.82
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 62.00
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 47.40
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 50.96
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 50.91
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 51.07
HAICHENG URBAN INVESTMEN 8.39 11/07/18 CNY 72.62
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 61.97
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.25
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.63
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.27
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.83
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.50
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.90
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.12
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.54
HANGZHOU XIAOSHAN ECO&TE 6.70 12/26/18 CNY 51.40
HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 62.04
HANZHONG CITY CONSTRUCTI 7.48 03/14/18 CNY 71.36
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 71.89
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 72.05
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.09
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.99
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 61.30
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.38
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 61.79
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 62.15
HEGANG KAIYUAN CITY INVE 6.50 07/19/19 CNY 61.02
HENAN JIYUAN CITY CONSTR 7.50 09/25/19 CNY 62.51
HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 61.90
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.12
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.33
HUAI'AN DEVELOPMENT HOLD 6.80 03/24/17 CNY 41.77
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 61.72
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 62.05
HUAIAN QINGHE NEW AREA I 6.79 04/29/17 CNY 39.97
HUAIAN QINGHE NEW AREA I 6.68 01/24/20 CNY 61.84
HUAIBEI CITY CONSTRUCTIO 6.68 12/17/18 CNY 50.92
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.67
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.92
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.16
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.61
HUANGSHI URBAN CONSTRUCT 6.96 10/25/19 CNY 62.03
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 62.07
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.13
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.24
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.38
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.44
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 51.08
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 77.25
HUZHOU MUNICIPAL CONSTRU 7.02 12/21/17 CNY 40.64
HUZHOU MUNICIPAL CONSTRU 6.70 12/14/19 CNY 62.13
HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 61.97
HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 71.12
INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 61.83
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 75.10
JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 61.70
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 61.97
JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 61.28
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 60.93
JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 61.89
JIANGSU HANRUI INVESTMEN 8.16 03/01/19 CNY 61.64
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.08
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.13
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.37
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.94
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.67
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.83
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.62
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.74
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.40
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.69
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 61.61
JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 62.25
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.11
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.42
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.90
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 69.60
JIANGSU ZHANGJIAGANG ECO 6.98 11/16/19 CNY 62.05
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.99
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.38
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 61.77
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 62.10
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.03
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.90
JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 61.95
JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 61.73
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.00
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.28
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.36
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.70
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.85
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.88
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.86
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.90
JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 61.99
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 41.62
JINING CITY YANZHOU DIST 8.50 12/28/17 CNY 25.78
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.68
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.80
JINING WATER SUPPLY GROU 7.18 01/22/20 CNY 61.54
JINSHAN STATE-OWNED ASSE 6.65 11/27/19 CNY 62.03
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.16
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.18
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 61.39
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 62.32
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 62.26
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 61.91
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 62.68
KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 61.35
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.85
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.92
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 61.71
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 50.90
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 51.00
KUNMING DIANCHI INVESTME 6.50 02/01/20 CNY 61.86
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 61.44
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 63.01
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.03
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.10
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.19
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.54
KUNSHAN HUAQIAO INTERNAT 7.98 12/30/18 CNY 41.55
LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 60.32
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 66.60
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 69.65
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.00
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.00
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.08
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.42
LIAONING YAODU DEVELOPME 7.35 12/12/19 CNY 61.16
LIAOYANG CITY ASSETS OPE 7.10 11/13/19 CNY 61.58
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.50
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.95
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 61.88
LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 61.38
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.45
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.82
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.74
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.93
LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 63.04
LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 50.65
LIUPANSHUI DEVELOPMENT I 6.97 12/03/19 CNY 61.67
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 60.80
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 61.80
LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 61.33
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 68.98
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 41.21
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.02
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.31
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 29.76
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.06
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.21
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.69
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 62.64
MAANSHAN ECONOMIC TECHNO 7.10 12/20/19 CNY 62.15
MIANYANG SCIENCE TECHNOL 6.30 07/22/18 CNY 53.03
MIANYANG SCIENCE TECHNOL 7.16 05/15/19 CNY 61.04
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.14
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.29
NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 63.31
NANCHANG ECONOMY TECHNOL 6.88 01/09/20 CNY 62.00
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 61.96
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 82.34
NANCHONG ECONOMIC DEVELO 8.16 04/26/19 CNY 61.95
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 61.48
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.49
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.98
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.96
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 51.08
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.00
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.23
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.22
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.53
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.00
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.37
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.84
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 51.32
NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 70.84
NINGBO CITY ZHENHAI INVE 6.48 04/12/17 CNY 40.10
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.28
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.50
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.73
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 51.24
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.72
NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 40.44
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 60.30
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 61.34
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 61.79
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 62.00
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.37
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.86
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 71.69
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 72.83
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.90
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.93
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.71
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.95
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 61.72
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 84.05
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.17
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.70
PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 61.53
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 61.75
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 62.03
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.63
QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 50.31
QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 62.55
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.65
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.99
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.27
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.44
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 61.45
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 62.05
QINGDAO JIAOZHOU CITY DE 6.59 01/25/20 CNY 62.01
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.00
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.02
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.13
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.33
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.94
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 62.23
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.00
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15
QINZHOU CITY DEVELOPMENT 6.72 04/30/17 CNY 50.22
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.36
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.58
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.23
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.37
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.17
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.18
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.19
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.60
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.55
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.89
RUDONG COUNTY DONGTAI SO 7.10 01/31/18 CNY 51.04
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.76
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 62.00
RUGAO COMMUNICATIONS CON 8.51 01/26/19 CNY 52.53
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.64
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 63.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.66
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 62.06
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.49
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.84
SANMING STATE-OWNED ASSE 6.92 12/05/19 CNY 62.26
SANMING STATE-OWNED ASSE 6.99 06/14/18 CNY 71.26
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 59.93
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.85
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.86
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.38
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 62.10
SHANGHAI REAL ESTATE GRO 6.12 05/17/17 CNY 39.88
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.80
SHANGHAI URBAN CONSTRUCT 5.25 11/30/19 CNY 61.14
SHANGQIU DEVELOPMENT INV 6.60 01/15/20 CNY 61.72
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 61.81
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 62.48
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 61.94
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 62.50
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.10
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.13
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 50.59
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 61.61
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 82.30
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 51.20
SHAOXING PAOJIANG INDUST 6.90 10/31/19 CNY 61.82
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 61.83
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 50.00
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 51.08
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 61.70
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.51
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.66
SHIYAN CITY INFRASTRUCTU 7.98 04/20/19 CNY 62.28
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.61
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.85
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 61.18
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 81.49
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.27
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.38
SICHUAN DEVELOPMENT HOLD 5.40 11/10/17 CNY 30.22
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 60.68
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 61.69
SUIZHOU DEVELOPMENT INVE 7.50 08/22/19 CNY 62.12
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.49
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.55
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.90
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 62.07
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 61.54
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.52
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 60.78
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 62.00
SUZHOU TECH CITY DEVELOP 7.32 11/01/18 CNY 51.36
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.43
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.45
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 73.40
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.87
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 73.38
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.49
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 62.10
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 61.84
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 62.38
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.11
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.13
TAICANG HENGTONG INVESTM 7.45 10/30/19 CNY 62.38
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 61.79
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 62.19
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.05
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.07
TAIYUAN HIGH-SPEED RAILW 6.50 10/30/20 CNY 72.72
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 61.44
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.61
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.96
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 61.66
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 62.10
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 74.16
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.81
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.10
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.83
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 80.51
TENGZHOU CITY STATE-OWNE 6.45 05/24/18 CNY 60.00
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.41
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.89
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 73.13
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 60.95
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 61.19
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.45
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.59
TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 62.01
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 61.96
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 62.90
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 61.07
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 63.00
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.83
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.92
TIGER FOREST & PAPER GRO 5.38 06/14/17 CNY 59.14
TONGCHUAN DEVELOPMENT IN 7.50 07/17/19 CNY 60.75
TONGLIAO TIANCHENG URBAN 7.75 09/24/19 CNY 62.07
TONGLIAO URBAN INVESTMEN 5.98 09/01/17 CNY 39.93
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 61.79
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 61.55
URUMQI ECO&TECH DEVELOPM 8.58 01/10/19 CNY 52.22
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 50.76
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 51.60
WAFANGDIAN STATE-OWNED A 8.55 04/19/19 CNY 62.19
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.78
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.84
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 60.76
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 61.52
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.72
WENZHOU ANJUFANG CITY DE 7.65 04/24/19 CNY 61.68
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 60.53
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 61.89
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.05
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.61
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.50
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.68
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.00
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.01
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 61.73
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 62.06
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.66
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.70
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 62.20
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.45
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.55
WUXI XIDONG TECHNOLOGY I 5.98 10/26/18 CNY 71.77
WUZHOU DONGTAI STATE-OWN 7.40 09/03/19 CNY 62.21
XI'AN AEROSPACE BASE INV 6.96 11/08/19 CNY 62.01
XIAN CHANBAHE DEVELOPMEN 6.89 08/03/19 CNY 61.54
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 61.58
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 63.00
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.89
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 62.09
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.65
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.91
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 51.30
XIANYANG MUNICIPAL CONST 7.90 12/09/17 CNY 41.09
XIAOGAN URBAN CONSTRUCTI 8.12 03/26/19 CNY 62.08
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 51.78
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 61.94
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 62.00
XINJIANG SHIHEZI DEVELOP 7.50 08/29/18 CNY 49.33
XINJIANG UYGUR AR HAMI Z 6.25 07/17/18 CNY 51.70
XINXIANG INVESTMENT GROU 6.80 01/18/18 CNY 40.66
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.38
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.40
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.69
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 82.00
XINZHOU CITY ASSET MANAG 7.39 08/08/18 CNY 50.86
XUCHANG GENERAL INVESTME 7.78 04/27/19 CNY 61.93
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 60.35
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 62.66
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 50.78
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 51.35
YAAN STATE-OWNED ASSET O 7.39 07/04/19 CNY 62.62
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 61.91
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 63.00
YANCHENG ORIENTAL INVEST 5.75 06/08/17 CNY 49.89
YANCHENG ORIENTAL INVEST 6.99 10/26/19 CNY 62.01
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.10
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.50
YANGZHONG URBAN CONSTRUC 7.10 03/26/18 CNY 70.91
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.15
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.60
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 70.86
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 62.17
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 61.54
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 62.07
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 60.73
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 59.22
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 60.06
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 51.16
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 52.09
YINCHUAN URBAN CONSTRUCT 6.28 03/09/17 CNY 25.03
YINGKOU CITY CONSTRUCTIO 7.98 04/18/20 CNY 73.37
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.16
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.48
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.71
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.73
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 61.84
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.01
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.40
YUHUAN COUNTY COMMUNICAT 7.15 10/12/19 CNY 61.83
YULIN CITY INVESTMENT OP 6.81 12/04/18 CNY 51.01
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.78
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.94
YUNCHENG URBAN CONSTRUCT 7.48 10/15/19 CNY 62.18
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.20
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.21
YUYAO WATER RESOURCE INV 7.20 10/16/19 CNY 62.31
ZHANGJIAGANG JINCHENG IN 6.23 01/06/18 CNY 30.32
ZHANGJIAGANG MUNICIPAL P 6.43 11/27/19 CNY 61.69
ZHANGJIAJIE ECONOMIC DEV 7.40 10/18/19 CNY 62.23
ZHANGJIAKOU CONSTRUCTION 7.00 10/26/19 CNY 62.02
ZHANGJIAKOU TONGTAI HOLD 6.90 07/05/18 CNY 71.37
ZHAOYUAN STATE-OWNED ASS 6.64 12/31/19 CNY 62.04
ZHEJIANG HUZHOU HUANTAIH 6.70 11/28/19 CNY 62.70
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 62.08
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 84.43
ZHEJIANG PROVINCE DEQING 6.90 04/12/18 CNY 70.94
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.00
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.20
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.00
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.38
ZHENJIANG CULTURE AND TO 6.60 01/30/20 CNY 61.06
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.09
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.45
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 50.80
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 51.20
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.11
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.23
ZHUCHENG ECONOMIC DEVELO 7.50 08/25/18 CNY 30.62
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.46
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.52
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 61.73
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 62.08
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.79
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.84
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 62.06
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.46
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.75
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 62.03
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.22
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.72
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.91
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 61.87
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 82.00
ZIBO CITY PROPERTY CO LT 5.45 04/27/19 CNY 36.06
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 61.49
ZIGONG STATE-OWNED ASSET 6.86 06/17/18 CNY 70.99
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 51.26
ZOUCHENG CITY ASSET OPER 7.02 01/12/18 CNY 20.32
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.15
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.97
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 62.45
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 61.87
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 73.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 62.06
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.13
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 35.57
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 36.01
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.63
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.12
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.26
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.39
CAPRI GLOBAL CAPITAL 9.50 02/17/20 INR 0.75
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 29.00
JAIPRAKASH ASSOCIATES LT 5.75 09/08/17 USD 44.38
JAIPRAKASH POWER VENTURE 7.00 02/13/49 USD 20.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.75
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.52
REI AGRO LTD 5.50 11/13/14 USD 1.52
SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 1.58
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 30.50
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 72.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38
TAKATA CORP 0.58 03/26/21 JPY 41.50
TAKATA CORP 0.85 03/06/19 JPY 45.00
TAKATA CORP 1.02 12/15/17 JPY 49.50
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.11
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.11
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 30.88
DONGBU METAL CO LTD 5.75 04/16/20 KRW 69.18
DOOSAN CAPITAL SECURITIZ 20.00 04/22/19 KRW 50.37
EXPORT-IMPORT BANK OF KO 1.70 09/22/30 KRW 73.94
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 3.30
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 4.13
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 50.88
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 53.00
KIBO ABS SPECIALTY CO LT 10.00 08/22/17 KRW 24.58
KIBO ABS SPECIALTY CO LT 5.00 02/25/19 KRW 29.17
KIBO ABS SPECIALTY CO LT 5.00 12/25/17 KRW 33.19
KIBO ABS SPECIALTY CO LT 5.00 03/29/18 KRW 33.67
KOREA SOUTH-EAST POWER C 4.38 12/07/42 KRW 53.68
KOREA SOUTH-EAST POWER C 4.44 12/07/42 KRW 54.04
LSMTRON DONGBANGSEONGJAN 4.53 11/22/17 KRW 34.18
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 35.24
OKC SECURITIZATION SPECI 10.00 01/03/20 KRW 28.86
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SINBO SECURITIZATION SPE 5.00 10/30/19 KRW 18.48
SINBO SECURITIZATION SPE 5.00 02/25/20 KRW 26.97
SINBO SECURITIZATION SPE 5.00 01/28/20 KRW 27.06
SINBO SECURITIZATION SPE 5.00 12/30/19 KRW 27.23
SINBO SECURITIZATION SPE 5.00 09/30/19 KRW 28.14
SINBO SECURITIZATION SPE 5.00 08/27/19 KRW 28.57
SINBO SECURITIZATION SPE 5.00 07/29/19 KRW 28.85
SINBO SECURITIZATION SPE 5.00 03/13/19 KRW 28.95
SINBO SECURITIZATION SPE 5.00 06/25/19 KRW 29.21
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 07/29/18 KRW 31.11
SINBO SECURITIZATION SPE 5.00 06/25/18 KRW 31.45
SINBO SECURITIZATION SPE 5.00 05/26/18 KRW 31.72
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 12/23/17 KRW 33.21
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 07/24/17 KRW 35.79
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
TONGYANG CEMENT & ENERGY 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & ENERGY 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & ENERGY 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & ENERGY 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & ENERGY 7.50 07/20/14 KRW 70.00
U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 35.78
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 59.61
WOORI BANK 5.21 12/12/44 KRW 352.69
SRI LANKA
---------
SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 60.84
SRI LANKA GOVERNMENT BON 6.00 12/01/24 LKR 66.87
SRI LANKA GOVERNMENT BON 8.00 01/01/32 LKR 67.56
SRI LANKA GOVERNMENT BON 9.00 06/01/43 LKR 71.87
SRI LANKA GOVERNMENT BON 9.00 11/01/33 LKR 73.80
SRI LANKA GOVERNMENT BON 9.00 06/01/33 LKR 74.21
SRI LANKA GOVERNMENT BON 9.00 10/01/32 LKR 74.65
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
BARAKAH OFFSHORE PETROLE 3.50 10/24/18 MYR 0.65
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.38
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.52
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 74.81
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.53
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.34
I-BHD 2.50 10/09/19 MYR 0.46
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.04
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.20
MALTON BHD 6.00 06/30/18 MYR 1.03
PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.04
PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL BH 2.75 03/04/20 MYR 0.15
SEE HUP CONSOLIDATED BHD 4.60 12/22/17 MYR 0.16
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.47
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.72
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.08
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 57.43
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 58.85
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.27
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 61.70
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.42
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.80
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.18
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.34
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.59
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.66
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 69.68
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.13
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 70.64
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.47
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.67
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 72.51
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.22
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 73.35
SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 74.11
SENAI-DESARU EXPRESSWAY 0.50 12/29/45 MYR 74.79
SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.80
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.27
THONG GUAN INDUSTRIES BH 5.00 10/10/19 MYR 4.36
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.07
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.05
YTL LAND & DEVELOPMENT B 3.00 10/31/21 MYR 0.47
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 5.35 10/01/21 SGD 51.25
ASL MARINE HOLDINGS LTD 4.75 03/28/20 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 1.65
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 33.50
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 34.04
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.69
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.76
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.13
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.52
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.38
ENERCOAL RESOURCES PTE L 9.25 08/05/14 USD 46.75
EZION HOLDINGS LTD 4.88 06/11/21 SGD 53.50
EZION HOLDINGS LTD 5.10 03/13/20 SGD 62.38
EZION HOLDINGS LTD 4.70 05/22/19 SGD 71.50
EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.48
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 28.00
FALCON ENERGY GROUP LTD 5.50 09/19/17 SGD 70.00
INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 71.38
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 72.63
NEPTUNE ORIENT LINES LTD 4.40 06/22/21 SGD 69.75
NEPTUNE ORIENT LINES LTD 4.65 09/09/20 SGD 73.50
ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 65.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC INTERNATIONAL LI 7.25 11/16/18 SGD 72.38
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 45.00
RICKMERS MARITIME 8.45 05/15/17 SGD 21.25
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 9.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.63
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
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 C 1.00 10/10/25 USD 58.00
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 58.18
*********
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, Ivy B. Magdadaro 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 ***