/raid1/www/Hosts/bankrupt/TCRAP_Public/170411.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, April 11, 2017, Vol. 20, No. 72
Headlines
A U S T R A L I A
ALUMINA LTD: S&P Raises CCR to 'BB+' on Sound Performance
COAL OF QUEENSLAND: First Creditors' Meeting Set for April 20
DNV ACCOUNTANTS: Tax Investigators Raid Philip Whiteman Offices
EMECO HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
EMECO HOLDINGS: S&P Raises CCR to 'B-'; Outlook Negative
ML DESIGN: First Creditors' Meeting Set for April 19
REJECT SHOP: Shares Continue to Plunge on Poor Performance
SHEPARDS COMPLETE: First Creditors' Meeting Set for April 19
C H I N A
CHINA COMMERCIAL: Requires More Time to File Form 10-K
GOLDEN EAGLE: Moody's Revises Outlook to Stable, Affirms B1 CFR
YANZHOU COAL: Aims for First Profit in 4 Years at Australia Unit
I N D I A
ADINATH FOUNDATIONS: CRISIL Reaffirms B+ Rating on INR10MM Loan
ALLIED INDIA: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
ANIL COLOUR: CRISIL Reaffirms FB+ Fixed Deposit Ratings
BALAJI RICE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
CYPER PHARMA: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
DHANLAXMI TMT: CRISIL Reaffirms D Rating on INR24MM Bank Loan
GANESA MODERN: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
GANESH RICE: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
GUJARAT NRE: Wollongong Coal Wins AUD91 million Judgment
HARI OM: CRISIL Assigns 'B' Rating to INR9MM Cash Loan
HARIPACK POLYMERS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
HARSH GLOBAL: CARE Revises Rating on INR2.5cr Loan to 'B'
JAIN IRRIGATION: S&P Assigns 'B+' CCR; Outlook Stable
JAY KHODIYAR: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
JOY MAHAPROVU: CARE Denotes Rating as B+/Issuer Not Cooperating
JUGAL KISHORE: CARE Reaffirms B+ Rating on INR9cr LT Loan
JSW STEEL: Fitch Assigns BB Final Rating to USAUD500MM Notes
K.C. PRINTING: CARE Denotes Rating as B+/Issuer Not Cooperating
KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR3.27MM Loan
LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR8MM Loan
MOHATA COAL: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
MOTILAL DHOOT: CRISIL Assigns 'D' Rating to INR4.15MM Cash Loan
NUTECH JETTING: CARE Lowers Rating on INR14.80cr Loan to B+
PR.M. MODERN: CRISIL Assigns B+ Rating to INR5MM Cash Loan
PAROHA DEVELOPERS: CRISIL Assigns 'B' Rating to INR25MM LT Loan
PRAVIN BUILDTECH: CARE Rating Denotes B-/Issuer Not Cooperating
PROZONE DEVELOPERS: CARE Reaffirms B+ Rating on INR34cr Loan
RAJARAJESHWARI BUILDCON: CRISIL Reaffirms INR5.9M Loan Rating 'B'
SARVOTTAM POULTRY: CARE Rating Denotes B+/Issuer Not Cooperating
SHALIN INFRASTRUCTURE: CRISIL Cuts Rating on INR10MM Loan to BB-
SHREEJI AGRO: CARE Denotes Rating as B+/Issuer Not Cooperating
SIVARAM YARNS: CRISIL Reaffirms 'D' Rating on INR15.5MM LT Loan
SOMNATH ENT: CARE Denotes as B+/Issuer Not Cooperating Rating
SRE PARTHASARATHI: CRISIL Reaffirms 'B' Rating on INR13MM Loan
SVASCA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR13MM Loan
SWET CERAMIC: CRISIL Reaffirms B+ Rating on INR7MM LT Loan
T.A. SAMBANDAM: CRISIL Reaffirms B- Rating on INR5.22MM LT Loan
J A P A N
TOSHIBA CORP: Public-Private Consortium May Bid for Chip Unit
P H I L I P P I N E S
ELP ALTER: BIR Shuts Down Company for PHP1.7MM Unpaid Tax Dues
S I N G A P O R E
KS ENERGY: Chairman Kris Wiluan and Son Under CAD Probe
S O U T H K O R E A
DAEWOO SHIPBUILDING: NPS to Decide on Debt Rescheduling This Week
LEO MOTORS: Delays Filing of Form 10-K
T A I W A N
YANG MING: Annual Loss Widens to TWD14.91 Billion in 2016
X X X X X X X X
* BOND PRICING: For the Week April 3 to April 7, 2017
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A U S T R A L I A
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ALUMINA LTD: S&P Raises CCR to 'BB+' on Sound Performance
---------------------------------------------------------
S&P Global Ratings raised its corporate credit rating and
associated issue ratings on Alumina Ltd. to 'BB+' from 'BB'. The
outlook on the long-term rating is stable. At the same time, S&P
affirmed the recovery rating of '3' on the medium-term notes due
in 2019 and syndicated bank loans.
"We have raised the rating on Alumina to reflect the sound
performance of the joint venture (JV), Alcoa World Alumina and
Chemicals (AWAC), and strategic alignment of Alumina and Alcoa
Corp," said S&P Global Ratings credit analyst. "In addition, we
consider debt funding at the AWAC asset level is unlikely to
approach the 30% limit of total capital agreed in the JV."
The risk of material debt funding at the asset level has reduced
and is limited in the foreseeable future. Under the JV
agreement, debt funding can be raised at the asset level to fund
agreed growth projects. In S&P's view, both JV partners are
strategically aligned on which immediate growth opportunities to
pursue. These primarily relate to the expansion of bauxite
mining in Juruti, Brazil and the State of Western Australia to
enable third-party bauxite sales, and capturing potential growth
in demand from end-markets in China.
S&P believes the JV will likely fund the expansion with debt, but
only up to a maximum of US$250 million. The expansion of
capacity at these mines would enable bauxite sales of 7 million
tons (mt) in 2017, potentially rising to 10mt in subsequent
years.
The structural subordination of distributions to Alumina from the
AWAC entities due to debt funding at the AWAC operating level
remains a rating concern. The strong operating assets provide
some incentive for the JV to raise debt at the operating asset
level. However, S&P believes any amount of debt raised will be
modest. Under S&P's base-case assumptions, Alumina will have
sufficient cash flows from AWAC to maintain credit metrics
commensurate with the current rating level.
Alumina's business risk profile reflects S&P's view that AWAC's
good business position as the world's largest alumina producer
provides AWAC with the size and scope to adjust its operations to
respond to market conditions. Tempering these strengths is
Alumina's minority shareholding in AWAC and Alumina's critical
dependence on the distributions it receives from AWAC. Alumina's
JV partner, Alcoa Corp., is the majority owner and operator of
the assets and as such, represents counterparty risk for Alumina,
in S&P's view.
Alumina is a minority (40%) stakeholder in AWAC. Although AWAC
has a track record of maintaining a high dividend payout, low
alumina and aluminum prices could constrain AWAC's ability to
distribute a dividend to Alumina that would support Alumina's
financial metrics being consistent with our expectations for the
'BB+' rating.
Mr. Heffernan added: "The stable outlook reflects our expectation
that the amount of debt at the AWAC operating level will be
modest and that AWAC's operating performance will remain steady."
Although S&P expects a modest amount of debt at the AWAC level,
S&P believes that cash flows from AWAC will be sufficient to
cover any structurally subordinated payments, as well as
Alumina's financial obligations.
The stable outlook also reflects the outlook on Alcoa Corp. Any
deterioration in the outlook or rating on Alcoa Corp. would
likely result in a similar action on Alumina.
S&P could lower the rating on Alumina if AWAC were to raise a
material amount of debt, resulting in significant structural
subordination of Alumina's financial obligations. Although less
likely over the next 12 months, a downgrade could occur if S&P
forecasts Alumina's financial profile would weaken significantly
because of persistently depressed alumina prices. These
scenarios would likely include Alumina's debt to EBITDA remaining
above 3x or free operating cash flow to debt sustaining at less
than 15%.
In addition, any deterioration in Alcoa Corp. could also place
downward pressure on the rating because of counterparty risk.
Upward rating momentum is limited over the foreseeable future.
Alumina's exposure to a materially weaker counterparty that is
the majority owner and operator of the assets is a key limiting
factor.
COAL OF QUEENSLAND: First Creditors' Meeting Set for April 20
-------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Coal of Queensland Holdings Limited will be held at the offices
of Jones Partners Insolvency & Business Recovery, at Level 13,
189 Kent Street, in Sydney, New South Wales, on April 20, 2017,
at
3:30 p.m.
Michael Gregory Jones of Jones Partners was appointed as
administrators of Coal of Queensland on April 7, 2017.
DNV ACCOUNTANTS: Tax Investigators Raid Philip Whiteman Offices
---------------------------------------------------------------
ABC News reports that tax investigators have raided the offices
of a man at the centre of an alleged multi-million-dollar tax
avoidance scheme. It comes six months after the ABC revealed
Philip Whiteman had masterminded a scheme that helped companies
avoid paying tax on more than AUD20 million of income.
ABC relates that dozens of investigators from the Australian
Taxation Office (ATO), including computer forensics experts,
searched Mr. Whiteman's offices in Prahran in Melbourne's
inner-south, and other addresses linked to the former bankrupt
and "pre-insolvency adviser".
According to ABC, the raids came as a Federal Court judge granted
an application allowing the ATO to seize control of four Mr.
Whiteman-linked companies and freeze the assets of Mr. Whiteman
and an associate, Timothy Batchelor.
The report says the court heard Mr. Whiteman had been served on
April 3 with a personal tax bill of almost AUD8 million, with
entities controlled by Mr. Whiteman owing millions more dollars
in unpaid tax.
ABC relates that a lawyer for the ATO said the companies - DNV
Accountants, Ainslie Harding & Wood solicitors, A&S Services and
Bolton & Swan Solicitors - were all controlled by Mr. Whiteman
and were used to facilitate the phoenixing of clients' companies.
Phoenixing is the illegal business practice of liquidating a
company with debts and transferring its assets to a new entity
that continues on the business of the original but without its
debts, the report discloses.
It is estimated phoenixing costs the Australian economy more than
AUD3 billion annually, the reports.
This type of application is rare, and usually takes place when
there is heightened concern that the cash and assets of the
company owing a tax bill will be hidden. Liquidator Pitcher
Partners has been appointed to investigate the companies, the
report says.
According to ABC, the lawyer for the ATO told the court three
properties valued in the millions of dollars had been identified
that were in the names of other people, including Timothy
Batchelor, but were ultimately owned by Mr. Whiteman and his ex-
wife, Sherife Ymer.
ABC says the ATO's lawyer told the court Mr Whiteman uses
"unsophisticated people" to become dummy directors of companies,
a common tactic of phoenixing designed to make it more difficult
for liquidators to obtain information about the reasons for a
company's failure.
He quoted a number of internal emails, which appeared to show Mr
Whiteman and associates discussing the need to install directors
in number of companies, and referred to affidavits by former
Whiteman employees who said Mr. Whiteman was constantly looking
for people to install as "dummy directors".
EMECO HOLDINGS: Moody's Affirms Caa1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has affirmed Emeco Holdings Limited's
Corporate Family Rating (CFR) at Caa1.
At the same time, Moody's has assigned a Caa1 senior secured debt
rating to the Tranche B notes of Emeco Pty Limited, and withdrawn
the Ca senior secured debt rating on the company's 144a notes
which are being repaid as part of a debt restructuring and merger
with Orionstone Holdings (unrated) and Andy's Earthmovers
(unrated).
The outlook on all ratings is stable.
RATINGS RATIONALE
"The affirmation of Emeco's corporate family rating reflects the
continued softness in operating conditions in the mining services
sector, which continues to pressure Emeco's credit profile," says
Kirsten Lee, a Moody's Analyst.
"Although financial leverage has improved significantly following
the completion of a debt restructuring, the sustainability of
free cash flow is dependent on the successful achievement of cost
and capital expenditure savings over the next 12 to 18 months.
However, execution and integration risks mean there is a
likelihood that some of these projected savings may not be
achieved," adds Lee.
Emeco's New South Wales and Queensland operations have shown
signs of recovery in response to the current strong coal prices.
Although, Moody's expects coal prices will not remain at their
current levels and will fall back over the next 12 to 18 months,
prices are not expected to retreat to the lows seen in 2015.
With respect to Emeco's foreign operations, its Canadian business
is expected to face ongoing competition amid low oil prices.
There is therefore increased uncertainty around Emeco's ability
to extend contracts and improve earnings following the current
winter works program. Emeco's Chilean operations are expected to
improve as demand picks up, but this improvement will be offset
to some extent by the weaker outlook for its oil sands operations
in Canada.
The weak operating environment in Australia and surplus
availability of rental equipment in the market also affect the
company's ability to sell assets to provide liquidity if
required. There is also a risk that asset prices may not be
stable due to the continued volatility in commodity prices.
Given continuing weak operating conditions and execution risks
associated with the merger, Moody's expects Emeco's debt/EBITDA
to operate around 4.0x over the next 12 to 18 months
The stable outlook reflects Moody's view that the operating
profile of Emeco has improved and operating conditions in the
company's key end-markets and commodity exposures such as coal
and copper have stabilized.
What could change the rating -- Up
For an upgrade to be considered, Moody's would expect to see
Emeco secures new contracts and increases revenue and earnings,
while also achieving the cost and capex synergies outlined at the
time of the merger, such that positive free cashflow is generated
on a sustained basis and adjusted debt/EBITDA remains comfortably
below 4.0x on a consistent basis.
What could change the rating -- Down
The rating could be downgraded if a worse-than-expected macro
environment, operating underperformance and/or competitive
pressure lead to a large number of Emeco's contracts being
terminated or not renewed on similar terms and margins, thus
further reducing revenue and cash flow generation.
The rating could also be downgraded if liquidity diminishes at a
pace that is not consistent with Moody's expectations and the
company is unable to maintain adequate compliance with the
covenants in its debt facilities. Specifically, the rating will
likely be downgraded if Emeco's adjusted debt-to-EBITDA exceeds
6.0x.
The principal methodology used in these ratings was Equipment and
Transportation Rental Industry published in April 2017.
Emeco Holdings Limited, established in 1972 and based in Perth,
is a mining equipment rental company.
EMECO HOLDINGS: S&P Raises CCR to 'B-'; Outlook Negative
--------------------------------------------------------
S&P Global Ratings said that it had raised its corporate credit
rating on Australia-based mining equipment rental company EMECO
Holdings Ltd. to 'B-', from 'SD'. The outlook on the long-term
rating is negative. S&P also assigned a 'B-' rating to the new
senior secured bonds due 2022, with a recovery rating of '4'.
S&P raised the rating following the completion of its review of
Emeco's operations and capital structure post the successful
completion of the company's recapitalization and merger with
Orionstone and Andy's Earthmovers.
"The implementation of this arrangement has improved the
sustainability of Emeco's capital structure through a reduction
in leverage," said S&P Global Ratings credit analyst Sam
Heffernan. "We expect the merged company's debt to EBITDA to
reduce to below 5x, compared with about 7x at June 30, 2016."
Commodity prices have recovered over the past six to 12 months,
including prices of coal and copper--the two commodities in which
the company has a significant exposure (approximately 60%).
However, in S&P's view, miners continue to be disciplined in
expanding supply and cautious in committing significant capital
expenditure to new greenfield projects, which could keep
conditions soft over the next 12 months. S&P considers the
equipment rental industry still faces some headwinds, is
fragmented and oversupplied, and a significant amount of
equipment is available in the secondary market. As such, S&P
don't expect a significant change in Emeco's operating
utilization over the
next six to 12 months.
Nevertheless, Emeco's earnings have improved over the past six
months, primarily driven by cost reduction and operating
efficiencies. In addition, the merger resulted in a reduced
fleet age, which will lower Emeco's maintenance capital
expenditure and offer further opportunities for synergy benefits
and reduction in costs. This has bolstered margins and, in S&P's
view, has provided some modest buffer to any earnings pressure,
putting the capital structure on a more sustainable footing.
Still, Emeco remains highly exposed to the cyclical mining
industry. In addition, earnings remain vulnerable to commodity
price declines that affect mine production and lead to softer
demand for equipment. S&P's view also incorporates the company's
smaller size relative to other more-diversified mining services
companies.
Mr. Heffernan added: "The negative outlook reflects Emeco's
integration risks following the merger, and the reliance on
synergy benefits to sustain improvements in credit metrics. We
also regard Emeco as remaining vulnerable to any further
deterioration in industry conditions."
S&P's base case anticipates leverage, as measured by debt-to-
EBITDA, improving to below 5x over the next 12 months.
S&P would consider downward rating action if the current
operating environment were to deteriorate further, resulting in
Emeco's leverage and capital structure being unsustainable, such
as its debt to EBITDA significantly rises above 5x. Furthermore,
failure to integrate and realize a significant amount of
synergies from the merger with Andy's Earthmovers and Orionstone
could also put pressure on the current rating.
S&P could revise the outlook back to stable if Emeco's credit
metrics were to improve due to a realization of synergy benefits.
This would be in addition to further reduction in costs or
deleveraging, lessening the sensitivity of its credit metrics to
the mining cycle. Positive rating action could occur if the debt
to EBITDA remains below 5x.
ML DESIGN: First Creditors' Meeting Set for April 19
----------------------------------------------------
A first meeting of the creditors in the proceedings of
ML Design (Vic) Pty Ltd will be held at the offices of G S
Andrews Advisory, 22 Drummond Street, in Carlton, Victoria, on
April 19, 2017, at 3:00 p.m.
Gregory Stuart Andrews & Andrew Juzva of G S Andrews Advisory
were appointed as administrators of ML Design on April 7, 2017.
REJECT SHOP: Shares Continue to Plunge on Poor Performance
----------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that the
Reject Shop's share price has continued to plunge, as market
analysts suggest the discount retailer needs to start closing
stores and question whether it can compete with supermarkets and
department stores on everyday household items.
According to the report, the stock has now fallen more than
40% in three days of trading, tumbling from AUD8 to AUD4.16 per
share, after the company revealed that shoppers were turning away
from its stores.
SMH relates that same-store sales fell about 4% in the past six
months, the company said on April 7, which it expected would push
it to a AUD5 million loss in the second half and a AUD12.5
million profit in the full-year, down from AUD17.1 million in
2015-16. The Reject Shop also warned it was unlikely to pay a
final dividend this year, the report says.
Shares fell 33.2% on April 7 and had slipped another 6.8% by
2:00 p.m. on April 10, wiping AUD93.3 million from the company's
market value.
According to SMH, Managing director Ross Sudano said the poor
performance was due to a tough "external environment" and
missteps with its merchandising strategy that had seen it focus
too heavily on variety products, like decorations and toys, at
the expense of everyday household items like toiletries.
SMH relates that Morgan Stanley's John Stavliotis said he had
previously been hopeful about The Reject Shop's strategy of
focusing on cut-price everyday products, but it was clear that
had not been successful.
"The failure raises concerns of TRS's ability to effectively
compete on price and offering on everyday products," Mr
Stavliotis wrote in a note to clients, SMH relays.
The Reject Shop has 350 stores across Australia and has a long-
term target of opening 400, but UBS analyst Jordan Rogers said
the company should review the size of its network.
"While the company is opening new stores, we believe there is
potential for another 30+ store closures over the medium-term,"
the report quotes Mr Rogers as saying.
He said it was hard to separate the impact of external issues,
like the challenging competitive environment, from the company's
own merchandising mistakes, SMH relays.
SMH adds that Goldman Sachs analyst Andrea Chong said that while
The Reject Shop was taking action to cut costs, she remained
sceptical of seeing top-line sales growth in 2018 because of the
competitive environment in which supermarkets and discount
department stores were aggressively dropping prices.
"We await a pick-up in consumer sentiment to take a more positive
view on the shares," SMH quotes Ms. Chong as saying.
Goldman Sachs cut its 12-month price target from AUD8.60 to
AUD5.50, the report notes.
The Reject Shop is an Australian discount variety store chain.
SHEPARDS COMPLETE: First Creditors' Meeting Set for April 19
------------------------------------------------------------
A first meeting of the creditors in the proceedings of Shepards
Complete Car Care Pty Ltd will be held at 165 Camberwell Road, in
Hawthorn East, on April 19, 2017, at 11:00 a.m.
Nicholas Giasoumi & Roger Darren Grant of Dye & Co. Pty Ltd were
appointed as administrators of Shepards Complete on April 7,
2017.
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C H I N A
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CHINA COMMERCIAL: Requires More Time to File Form 10-K
------------------------------------------------------
China Commercial Credit, Inc. said it was unable to file its
Annual Report on Form 10-K for the period ended Dec. 31, 2016, on
a timely basis because the Company requires additional time to
work with its auditors and legal counsel to prepare and finalize
the Form 10-K.
The Company anticipates filing the Form 10-K no later than the
fifteenth calendar day following the prescribed filing date,
according to a Form 12b-25 filed with the Securities and
Exchange Commission.
About China Commercial Credit
China Commercial Credit, Inc., offers financial services in
China. It provides direct loans, loan guarantees and financial
leasing services to small-to-medium sized businesses, farmers and
individuals in the city of Wujiang, Jiangsu Province.
China Commercial reported a net loss of $55.83 million in 2015
following a net loss of $23.37 million in 2014.
As of Sept. 30, 2016, China Commercial had $22.45 million in
total assets, $19.74 million in total liabilities and $2.70
million in total shareholders' equity.
Marcum Bernstein & Pinchuk LLP, in New York, New York, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.
GOLDEN EAGLE: Moody's Revises Outlook to Stable, Affirms B1 CFR
---------------------------------------------------------------
Moody's Investors Service has revised Golden Eagle Retail Group
Ltd's ratings outlook to stable from negative.
At the same time, Moody's has affirmed the company's B1 corporate
family and B2 senior unsecured ratings.
RATINGS RATIONALE
"The stable ratings outlook reflects Moody's expectations that
Golden Eagle will demonstrate stable operating performance over
the next 12-18 months, and that it will successfully refinance
its syndicated loan due in April 2018," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.
Golden Eagle's investments in its merchandise and services over
the past few years, as well as its structural cost cuts, reversed
in 2016 the decline in its retail EBITDA.
Its gross sales proceeds rose 1% in 2016, and its gross profit
rose 8% year-on-year to RMB2.9 billion, helped by property sales.
At the same time, the company cut its operating expenses -
excluding depreciation and amortization - by 7% year-on-year to
RMB1.3 billion.
Consequently, Golden Eagle's reported EBITDA rose 19% year-on-
year to RMB1.9 billion, including an 11% year-on-year increase in
its retail EBITDA to RMB1.7 billion. The increase reversed three
years of retail EBITDA decline and was stronger than Moody's had
expected.
Against intense competition from online channels, the company has
upgraded its merchandise and expanded its suite of lifestyle
services. Lifestyle centers represented 63% of Golden Eagle's
gross floor area at end-March 2017, with department stores
representing the remaining 37%.
Moody's expects that Golden Eagle's revenue and EBITDA will stay
largely steady in 2017 and 2018.
Moody's estimates that Golden Eagle's adjusted debt/EBITDA was at
4.7x at end-2016, and will remain at similar levels in 2017 and
2018. Such a result would be consistent with the B1 category for
its corporate family rating. Its adjusted retained cash flow/net
debt was strong at around 19% at end-2016, and Moody's expects it
to stay in the 15%-20% range in 2017 and 2018.
Golden Eagle's liquidity levels are adequate. It had RMB5.6
billion in cash and deposits at end-2016, while its short-term
debt totaled only RMB171 million. However, its short-term debt
will increase by mid-2017, because its three-year syndicated loan
totaling RMB5.2 billion matures in April 2018. Moody's expects
that given Golden Eagle's improved operating performance and
stable credit profile, the company will be able to refinance the
loan.
Moody's also notes that Golden Eagle had RMB13.8 billion at end-
2016 in fixed assets, including property, plant and equipment,
land use rights, investment properties, and properties either
under development or completed for sale. These assets, with the
exception of RMB138 million in land use rights, were
unencumbered.
Golden Eagle's B1 corporate family rating continues to be
supported by its strong market position in the affluent Jiangsu
Province, the benefits of its concessionaire model, and its self-
owned properties.
The B2 senior unsecured debt rating on Golden Eagle's notes
remains one notch lower than its corporate family rating, due to
the subordination risk associated with the company's priority
debt, which totaled around 24% of total assets at end-2016.
Golden Eagle's ratings also reflect its small scale, high level
of geographic concentration, the intense competition that it
faces in the retail industry, and its property development risk.
The stable ratings outlook reflects Moody's expectation that
Golden Eagle will: (1) maintain stable operating performance,
debt leverage, and cash flow generation levels; and (2)
successfully refinance its syndicated loan.
The ratings could be upgraded if the company: (1) continues to
improve its revenue and earnings; (2) maintains a disciplined
acquisition and shareholder return policy; and (3) improves its
debt leverage, such that adjusted debt/EBITDA falls below 4.0x
and adjusted retained cash flow (RCF)/net debt remains solidly
above 15%.
The ratings would be downgraded if: (1) Golden Eagle fails to
refinance its syndicated loan; (2) the company's profitability or
cash flow deteriorates; or (3) it aggressively grows its property
development business or pursues acquisitions with debt funding.
Credit metrics indicating a rating downgrade could include an
adjusted debt/EBITDA above 5.0x-5.5x or an adjusted RCF/net debt
below 10%.
The principal methodology used in these ratings was Retail
Industry published in October 2015.
Golden Eagle Retail Group Ltd is one of the largest department
store operators in China. Based in Nanjing, the company is
strategically positioned in second- and third-tier Chinese
cities, catering to mid- to high-end customers.
At end-March 2017, it operated 31 stores, including 12 lifestyle
centers, in the Jiangsu, Anhui, Shaanxi, Yunnan and Shanghai
regions.
YANZHOU COAL: Aims for First Profit in 4 Years at Australia Unit
----------------------------------------------------------------
Eric Ng at The South China Morning Post reports that Yanzhou Coal
Mining, the listed unit of China's fourth largest miner of the
fossil fuel, is confident it can turn around its loss-making
Australian business this year on the back of higher coal prices
and cost cutting.
"Yancoal Australia, which is 78% owned by Shandong-based Yanzhou,
is on course for a "remarkable turnaround" by the end of this
year," the report quotes Yanzhou general manager Wu Xiangqian as
saying. "We believe in the not too distant future it will reach
break-even," he said of the unit that posted net losses of
CNY1 billion last year, CNY1.4 billion in 2015 and CNY1.8 billion
in 2014 amid depressed coal prices.
Yancoal, which mines coal in New South Wales, Queensland and
Western Australia, contributed 23.5% of Yanzhou's raw coal output
last year, the report discloses.
According to the report, the price of power station coal
delivered at Australia's Newcastle port suffered steep losses
after coal prices fell precipitously from US$142 a tonne in late
2010 to a trough of US$55 a year ago. It almost doubled to US$107
last November, helped by reduced supply and higher demand in
Asia. It has since come back down to US$86.
While Sydney-listed Yancoal has been axing jobs, redundancies are
not its main cost-cutting strategy. It has introduced flexible
working hours and other efficiency improvement measures, chief
executive Reinhold Schmidt said, the report relays.
According to the report, Yanzhou, a subsidiary of Yankuang Group,
on April 9 announced a tenfold jump in annual net profit to
CNY1.65 billion from CNY164.5 million in 2015.
SCMP relates that the huge increase in earnings was mainly down
to a 25% jump in the average selling price at its Shandong mines,
though this was partly offset by a 13.4% cost of sales increase.
The report says the company plans to raise coal output by 29.2%
to 78.6 million tonnes, with the additional production coming
from its new mines in Inner Mongolia and Australia.
Another 12 million tonnes of output is expected to be added when
the US$2.5 billion acquisition of mines from Australian global
mining giant Rio Tinto is completed later this year.
The deal is pending approval by Yanzhou's shareholders and
authorities in China and Australia, the report says.
Yanzhou Coal Mining Company is a coal mining company in Mainland
China. It is engaged in underground mining coal preparation and
sales, and railway transportation service of coal.
As reported in the Troubled Company Reporter-Asia Pacific on
April 10, 2017, S&P Global Ratings assigned its 'B+' long-term
issue rating and 'cnBB-' long-term Greater China regional scale
rating to a proposed issue of U.S. dollar-denominated fixed-rate
senior perpetual securities by Yancoal International Resources
Development Co. Ltd. Yanzhou Coal Mining Co. Ltd. (Yanzhou Coal:
BB-/Negative/--; cnBB/--) provides an unconditional and
irrevocable guarantee for the securities. China-based Yanzhou
Coal is the second-largest coal producer controlled by the
Shandong provincial government and is the sole owner of the
issuer Yancoal International Resources Development.
The ratings on the perpetual securities are subject to S&P's
review of the final issuance documentation. The issuer intends
to use the issuance proceeds to refinance its existing debt and
on-lend to Yanzhou Coal's subsidiaries for capital expenditure,
working capital, and general corporate purposes.
=========
I N D I A
=========
ADINATH FOUNDATIONS: CRISIL Reaffirms B+ Rating on INR10MM Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Adinath
Foundations Private Limited (AFPL) for obtaining information
through letters and emails dated November 21, 2016, December 22,
2016 and March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 10 CRISIL B+/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Adinath Foundations Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Adinath Foundations Private
Limited is consistent with 'Scenario 3' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BBB Rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at 'CRISIL B+/Stable.
Incorporated in 2009, AFPL is a Chennai-based residential real
estate development company. Its operations are managed by the
directors, Mr. Sunil Kumar, Mr. Akshay Seth and Mr. Girish
Bhandari.
ALLIED INDIA: CRISIL Reaffirms 'B' Rating on INR9MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Allied
India Iron and Steels Private Limited (AI) for obtaining
information through letters and emails dated November 21, 2016,
December 22, 2016 and March 16, 2017, among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Term Loan 1.5 CRISIL B/ Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Allied India Iron and Steels
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Allied India Iron and
Steels Private Limited is consistent with 'Scenario 2' outlined
in the 'Framework for Assessing Consistency of Information with
'CRISIL BB Rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at 'CRISIL B/Stable'.
AI was set up in 2004 by Mr. Mahboob Alam. It commenced
commercial production in January 2009. AI manufactures thermo
mechanically treated steel bars at its manufacturing facility in
Giridih (Jharkhand).
ANIL COLOUR: CRISIL Reaffirms FB+ Fixed Deposit Ratings
-------------------------------------------------------
CRISIL Ratings has been consistently following up with Anil
Colour Industries Private Limited (ACIPL) for obtaining
information through letters dated November 29, 2016, and
January 17, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fixed Deposits 2 FB+/Stable (Issuer Not
Cooperating; Placed on
'Notice of Withdrawal';
Rating Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'
Detailed Rationale
CRISIL has reaffirmed its rating on the fixed deposits of ACIPL
at 'FB+/Stable' and placed the rating on 'Notice of Withdrawal'
for three years at the company's request for withdrawal of the
rating. That's in line with CRISIL's policy on withdrawal of
ratings on fixed deposits; the ratings will be withdrawn at the
end of the notice period.
The rating continues to reflect the extensive experience of the
promoters in the dye intermediate chemicals industry and
established relationship with suppliers and customers. These
rating strengths are partially offset by a modest scale of
operations.
Key Rating Drivers & Detailed Description
Strengths
* Extensive business experience of the promoters and established
customer and supplier relationship: Benefits from the extensive
experience of the promoters of ACIPL in the dye intermediate
chemicals industry coupled with established relationship with
customers and suppliers, should continue to support business risk
profile.
Weakness
* Modest scale of operations: Although scale of operations is
improving, it has remained modest as reflected in revenue of
INR15 crore in fiscal 2016.
Outlook: Stable
CRISIL believes ACIPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant and sustained improvement in
revenue and margins, leading to increased accretion to reserves,
or substantial equity infusion. The outlook may be revised to
'Negative' if there is a significant decline in revenue or
margins, a stretch in the working capital cycle, or large, debt-
funded capital expenditure, weakening the financial risk profile.
Set up in 1989, ACIPL is promoted by Mr Bharat Shah, Mr B K
Patel, and their families. The company manufactures dye
intermediates (meta uriedo aniline hydro chloride [MAU] and sulfo
methyl carbamoyl pyridone [SMCAP]); its manufacturing facilities
are in Vadodara, Gujarat.
BALAJI RICE: CRISIL Reaffirms 'B' Rating on INR7MM Cash Loan
------------------------------------------------------------
CRISIL Ratings has been consistently following up with Balaji
Rice Mill (BRM) for obtaining information through letters and
emails dated November 21, 2016, December 22, 2016 and March 16,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Key Cash Credit 3 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Open Cash Credit 7 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Proposed Long Term 1 CRISIL B/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Balaji Rice Mill. This
restricts CRISIL's ability to take a forward looking view on the
credit quality of the entity. CRISIL believes that the
information available for Balaji Rice Mill is consistent with
'Scenario 1' outlined in the 'Framework for Assessing Consistency
of Information with 'CRISIL B Rating category or lower.'
Therefore, on account of inadequate information and lack of
management co-operation, CRISIL is reaffirming the rating at
'CRISIL B/Stable'
Set up in 1984 as a partnership firm, Balaji Rice Mill (BRM) is
engaged in the milling and processing of paddy into rice. The
firm is promoted by Mr. Jagannadha Raju, Mr. Rama Koti Raju, Mr.
Dharma Raju and Mr. Ramachandra Raju.
CYPER PHARMA: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Cyper
Pharma (Cyper) for obtaining information through letters and
emails dated November 21, 2016, December 22, 2016 and March 16,
2017, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit .27 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 1.73 CRISIL B/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Cyper Pharma. This restricts
CRISIL's ability to take a forward looking view on the credit
quality of the entity. CRISIL believes that the information
available for Cyper Pharma is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with 'CRISIL B Rating category or lower.' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is reaffirming the rating at CRISIL
B/Stable/CRISIL A4.
Cyper was set up as a proprietorship concern in 1967 by Mr. Y S
Bhargava. It manufactures and markets pharmaceuticals and
healthcare products under its own brands. The firm manufactures
formulations in the form of tablets, dry syrups and capsules
under various segments, such as anti biotic, anti malarial, anti
allergic, anti fungal, anti diabetic, and vitamins supplements
amongst others at its unit located in Baddi (Himachal Pradesh).
Mr. Gaurav Bhargava (son of Mr. Y S Bhargava) oversees the firm's
day-to-day operations.
DHANLAXMI TMT: CRISIL Reaffirms D Rating on INR24MM Bank Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Dhanlaxmi
TMT Bars Private Limited (Dhanlaxmi: part of the Dhanlaxmi group)
for obtaining information through letters and emails dated
November 11, 2016, December 14, 2016 and March 16, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 24 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Dhanlaxmi TMT Bars Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Dhanlaxmi TMT Bars Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D/CRISIL D'.
Dhanlaxmi, incorporated in 2001 by Mr. Sanjay Mantri,
manufactures thermo-mechanically treated (TMT) bars. In 2002, Mr.
Sanjay Mantri and Mr. Nilesh Chechani incorporated NSAPL, which
manufactures mild steel ingots/billets for consumption by
Dhanlaxmi. The group's manufacturing facility is located at Jalna
(Maharashtra).
GANESA MODERN: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating to the long-term bank
facility of Ganesa Modern Rice Mill (GMRM) at 'CRISIL B+/Stable'.
The rating continues to reflect GMRM's modest scale of operations
in the fragmented rice industry, its below-average financial risk
profile marked by high gearing, modest debt protection metrics
and susceptibility of its operating profitability to volatility
in raw material prices. These rating weaknesses are partially
offset by promoters' extensive experience in the rice milling
industry and established relationships with customers and
suppliers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Modest scale if operations and intense competition: The small
scale of operations prevents the firm from taking advantage of
benefits from economies of scale. While large players have better
efficiencies and pricing power because of their scale, small
players are exposed to intense competition and low pricing
flexibility constraining their profitability.
* Below-average financial risk profile: Capital structure is weak
with net worth levels of around Rs. 3.21 crore and high gearing
of over 3 times as on March 2016 due to high working capital
requirements funded through short-term debt. Debt protection
metrics were weak with low interest coverage of around 1.35
times, and low cash accruals for fiscal 2016.
Strengths
* Promoters' extensive industry experience: With over 50 years of
promoters' experience in processing and trading of rice, the firm
is expected to benefit from the established relationship with the
wholesalers, traders and dealers over the medium term.
Outlook: Stable
CRISIL believes that GMRM will benefit over the medium term from
the extensive industry experience of its promoters. The outlook
may be revised to 'Positive' if the GMRM's revenue and
profitability increase substantially, leading to better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if the firm undertakes aggressive debt-funded
expansions, or its revenue and profitability decline
substantially, leading to weakening in its financial risk
profile.
Set up in 1976, GMRM is engaged in milling and processing of
paddy into rice, rice bran, broken rice and husk. Its rice mill
is located at Attur (Tamil Nadu). The firm is promoted by Mr. P.
Madheswaran.
Profit after tax was around INR0.39 crore on net sales of
INR51.16 crore for fiscal 2016, vis-a-vis INR0.27 crore and
INR35.16 crore, respectively, in fiscal 2015.
GANESH RICE: CRISIL Reaffirms 'D' Rating on INR12MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Ganesh
Rice Mills (Partnership) (GRM; part of the Josan group) for
obtaining information through letters and emails dated
November 11, 2016, December 14, 2016 and March 16, 2017, among
others, apart from telephonic communication. However, the issuer
has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 12 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 5.16 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 6.34 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Ganesh Rice Mills
(Partnership). This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Ganesh Rice Mills
(Partnership) is consistent with 'Scenario 2' outlined in the
'Framework for Assessing Consistency of Information with CRISIL
BB Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at CRISIL D.
Josan Foods Pvt Ltd (JFPL), set up in 2000 by Mr. Hukam Chand
Josan and Mr. Sher Chand Josan in Ferozepur (Punjab), mills and
shells rice.
GRM, set up in 2010, mills rice. Currently, the firm is managed
by its partners, Mr. Sarvjeet Josan and Mr. Pushpinder Singh.
The Josan group has combined milling and sorting capacities of 14
tonnes per hour (tph) and 10 tph, respectively.
GUJARAT NRE: Wollongong Coal Wins AUD91 million Judgment
--------------------------------------------------------
Ben Langford at Illawarra Mercury reports that Wollongong Coal
has won a AUD91 million judgment in a long-running court case
against its former parent company, Arun Jagatramka's Gujarat NRE
Coke. But the result is a bittersweet one for the Indian-owned,
Wollongong-based coal firm, as it is not hopeful it will see any
of the money, the report says.
As reported by the Mercury in March, Gujarat NRE Coke, the
flagship company of Mr Jagatramka's fading coal empire, has
started a corporate insolvency process under Indian law.
The Mercury relates that in a statement to investors posted on
the Australian Securities Exchange, Wollongong Coal said the NSW
Supreme Court case was about money owed by Gujarat NRE for coal
which was supplied to it, but not paid for.
"Whilst Wollongong Coal and Wongawilli Coal are taking steps to
recover the amount of judgment, they consider that there is
little likelihood of recovery because Gujarat NRE Coke Ltd has
filed an application with the National Company Law Tribunal for
the initiation of corporate insolvency resolution process,"
Wollongong Coal, as cited by the Mercury, said.
Mr. Jagatramka told the Mercury the insolvency proceedings were
not a problem and the future remained bright for his company.
According to the report, most of the judgment was awarded to
Wollongong Coal; about AUD13 million was awarded to its
subsidiary, Wongawilli Coal.
Illawarra Mercury meanwhile reports that the court dismissed a
claim made against Wollongong Coal by Gujarat NRE Coke over
corporate guarantee commission payments.
In other news regarding its various court cases, another claim by
Gurajat NRE Coke for AUD20 million has been adjourned to
September, the report adds.
Gujarat NRE Coke Ltd. (BOM:512579) -- http://www.gujaratnre.com/
-- is an India-based company engaged manufacturing metallurgical
coke. The Company operates in two segments: coal & coke and
steel. The Company together with its subsidiaries owns and
operates two coal mines: NRE No.1 Colliery and NRE Wongawilli
colliery (Avondale and Elouera colliery) having about 652 million
tons insitu resources of metallurgical coal with coking
properties. Coke segment is at the core of the operations of the
Company and contributed approximately 75% of the total turnover
during the fiscal year ended March 31, 2012 (fiscal 2012). Steel
segment contributed around 25% to the total turnover in fiscal
2012.
HARI OM: CRISIL Assigns 'B' Rating to INR9MM Cash Loan
------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable/CRISIL A4'
ratings to the bank loan facilities of Hari Om Industries - Rajim
(HOI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4
Cash Credit 9 CRISIL B/Stable
The rating reflects the weak financial profile, marked by modest
networth and high gearing, large working capital requirement, low
operating margin, and exposure to risks arising from intense
competition, volatility in commodity prices and erratic rainfall.
These weaknesses are partly offset by the extensive experience of
promoters in the agri-commodity industry.
Analytical Approach
CRISIL has treated the unsecured loans of INR3.5 crore, extended
to HOI by its promoters, as neither debt nor equity, as these are
subordinated to bank debt, carry a lower interest rate of 8-9%,
and are expected to remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial profile: Financial profile remains weak largely
due to modest networth of INR1.08 crore and high gearing of
around 5.0 time as on March 31, 2016.
* Moderately working capital intensive operations: Operations are
moderately working capital intensive, given the seasonal nature
of the product, as reflected in large inventory and gross current
assets of around 80 and 110 days, respectively, as on March 31,
2016.
* Exposure to risks from intense competition, volatility in
commodity prices and erratic rainfall: Intense competition in the
agro commodity industry, and low value addition, restrict the
scale of operations and operating margin. The margin is also
affected by movement in raw material (paddy) prices, which in
turn, are linked to rainfall and government policies.
Strength
* Extensive experience of the promoters: The decade-long presence
of the promoters in the agri-commodity business, has helped them
build healthy relationships with distributors, central government
agencies such as Food Corporation of India, and other state
government agencies and merchant exporters, thus leading to
consistent flow of orders. Longstanding association with local
paddy suppliers will continue to ensure timely delivery of raw
material.
Outlook: Stable
CRISIL believes HOI will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' in case of an increase in revenue and profitability,
leading to higher-than-expected cash accrual, and if better
working capital management improves liquidity. The outlook may be
revised to 'Negative' in case of lower-than-expected accrual or a
stretch in the working capital cycle, weakening the financial
risk profile and liquidity.
HOI, which was set up in 2010, mills, polishes and sorts non-
basmati rice (raw rice), and has an installed capacity of 12
tonnes per hour. Milling units are located in Chhattisgarh.
Profit before tax was INR0.20 crore on net sales of INR41.99
crore in fiscal 2016, against INR0.16 crore and INR17.96 crore in
the previous fiscal.
HARIPACK POLYMERS: CRISIL Reaffirms B Rating on INR5MM Cash Loan
----------------------------------------------------------------
CRISIL Ratings has been consistently following up with Haripack
Polymers Private Limited (HPPL) for obtaining information through
letters and emails dated November 11, 2016, December 14, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Letter of Credit 2 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Haripack Polymers Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Haripack Polymers Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with 'CRISIL
B Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL B/Stable/CRISIL A4'.
HPPL was set up in 2012 by Mr. Dilip Murarka and his family
members; it trades in polymer products such as polyvinyl chloride
(PVC). The company imports these products from manufacturers in
Saudi Arabia and Taiwan, and sells them to PVC pipes and plastics
manufacturers in India. Its registered office is at Nagpur
(Maharashtra). The Murarka family has been associated with the
polymer products industry for around a decade.
HARSH GLOBAL: CARE Revises Rating on INR2.5cr Loan to 'B'
---------------------------------------------------------
CARE Ratings has been seeking information from Harsh Global
Private Limited 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
company has not provided the requisite information for monitoring
the ratings. In line with the SEBI guidelines, CARE has reviewed
the rating on the basis of publicly available information, which
however, in care's opinion is not sufficient to arrive at fair
rating. Furthermore, Harsh Global Private Limited has not paid
the surveillance fees for the rating exercise as agreed to in its
rating agreement. The ratings of Harsh Global Private Limited
will now be denoted as CARE B /CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 2.50 CARE B; ISSUER NOT
COOPERATING; Revised
From CARE B+; Stable
on the basis of best
available information
Short-term Bank
Facilities 7.50 CARE A4; ISSUER NOT
COOPERATING; Revised
From CARE A4 on the
basis of best available
information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating(s).
The ratings have been revised by taken into account subdued
performance during FY16 (refers to the period April 1 to March
31) including decline in total operating income, decline in
profitability margins, deterioration in capital structure
and coverage indicators. The ratings further continue to
constrain by geographical and customer concentrated risk, highly
fragmented and competitive industry. The ratings, however,
continue to draws comfort from the experienced management.
Detailed description of the key rating drivers
Key Rating Weaknesses
Decline in scale of operations coupled with low net worth base
Total operating income of the company has been declining on y-o-y
basis in the last three financial years (FY14-FY16) and net worth
base of the company is relatively small. The scale of operations
continues to remain small which inherently limits the firm's
financial flexibility in times of stress and deprives it from
scale benefits.
Decline in profitability margins coupled with deteriorated in
capital structure and coverage indicators
The company has incurred operational losses in FY16. The capital
structure of the company continues to remain leveraged on account
of high debt level and low net worth base. The same deteriorated
owing to erosion of networth base owing to net losses coupled
with increase in debt level. Also, coverage indicators
deteriorated owing to net losses incurred.
Customer and geographical concentration risk
The company undertakes civil construction contracts primarily of
road construction for government departments wherein the majority
of orders executed by HGPL are from National Highways Authority
of India (NHAI). This exposes the company towards customer
concentration risk. Any change in procurement policy of these
customers may adversely impact the business of the company.
Highly fragmented and competitive industry
Indian civil construction industry is characterized by fragmented
and competitive nature as there are a large number of players at
the regional level. Hence, going forward, due to increasing level
of competition, the profits margins are likely to be range bound.
HGPL is managed by Mrs Kiran Singh and Mr. Ashutosh Singh. Mrs
Kiran Singh is a graduate by qualification and has an overall
experience of around a decade in the civil construction industry
through her association with HGPL and SJA. Mr. Ashutosh Singh is
also a graduate by qualification and has experience of around
half a decade in the civil construction industry through his
association with HGPL. They collectively look after the overall
operations of the company.
Harsh Global Private Limited (HGPL) was incorporated in 2010 by
Mrs. Kiran Singh and Mr. Vinay Kumar Singh. The business
operations were originally being carried under a partnership firm
named Sujeet & Associates (SJA) which was established by Mr.
Sujeet Kumar Singh and Mrs. Kiran Singh in 2002. Subsequently in
2010, the business operations were taken over by HGPL.
The company undertakes civil construction contracts primarily of
road construction for government departments which are received
through tenders.
In April 2015, the company started a workshop of Mahindra &
Mahindra Limited (M&M). It includes sale of spare parts and
maintenance services for both light and heavy vehicles for
commercial segment. The workshop facility of HGPL is located at
Chandauli, Uttar Pradesh.
Furthermore the company have achieved total operating income of
INR3.54 crore and PAT of -0.66 crore.
JAIN IRRIGATION: S&P Assigns 'B+' CCR; Outlook Stable
-----------------------------------------------------
S&P Global Ratings said that it had assigned its 'B+' long-term
corporate credit rating to Jain Irrigation Systems Ltd. The
outlook is stable. At the same time, S&P assigned its 'B+' long-
term issue rating to the USAUD200 million notes senior unsecured
notes issued by Jain International Trading BV and guaranteed by
Jain Irrigation.
India-based Jain Irrigation manufactures plastics-based micro
irrigation piping and plumbing systems, and has a small but
growing food processing business. Jain International Trading BV
is a wholly owned subsidiary of Jain Irrigation.
"Our rating on Jain Irrigation reflects the company's high
leverage compared with peers' and elongated working capital
cycle, resulting in pressure on liquidity," said S&P Global
Ratings credit analyst Ashutosh Sharma. "The company's business
is exposed to cyclicality due to the variability in monsoons and
seasonality in sales."
Jain Irrigation's strong franchise with a dominant market
position in India and second rank globally in the niche micro-
irrigation systems market supports its credit profile. S&P also
expects leverage to reduce and liquidity pressure to subside with
growth in business and management's commitment to deleverage and
reduce dependence on short-term working capital facilities.
In S&P's view, Jain Irrigation's higher leverage than that of
peers such as Valmont Industries Inc. and The Toro Co., weighs
down its financial risk profile. The company has an elongated
working capital cycle of more than 160 days due to the seasonal
nature of the agricultural business. This duration, combined
with high cyclicality and seasonality, will likely keep the
leverage high, with the ratio of funds from operations (FFO) to
debt likely to remain below 20% over the next 24 months.
Agricultural demand is subject to vagaries of rains, which in
S&P's view induces demand volatility.
S&P believes Jain Irrigation's working capital management remains
a key risk to S&P's estimates. Any delay in collection of
receivables or liquidation of inventory could add further
pressure on the company's leverage. S&P estimates that Jain
Irrigation's business growth will result in working capital
outflows of about Indian rupee (INR) 3.0 billion-INR5.0 billion
over the next two years.
S&P believes Jain Irrigation's micro irrigation and piping
systems businesses face stiff competition from small and midsize
players in India, given that these businesses have lower barriers
to entry, especially in emerging markets.
S&P expects Jain Irrigation's leverage to continue to improve.
S&P estimates the ratio of FFO to debt to have been above 12% in
the fiscal year ended March 2017, from below 10% in fiscal 2016,
driven by a healthy operating performance and better working
capital management.
Jain Irrigation used its notes to partly repay its short-term
debt and refinance a portion of its higher-cost long-term debt.
This relieves some pressure on liquidity for the company and
results in a more sustainable capital structure, in S&P's view.
S&P considers Jain Irrigation's liquidity to be less than
adequate because the company's sources of funds will fall short
of its uses over the next 12 months. S&P considers Jain
Irrigation's short-term working capital facilities as uses of
liquidity, although S&P expects these to be rolled over, based on
company's previous track record.
"The stable outlook reflects our expectation that Jain
Irrigation's healthy growth rate will support its leverage over
the next 12-24 months," said Mr. Sharma. "We also believe normal
monsoon predictions, improved liquidity from the notes issuance,
and satisfactory banking relationships will help the company to
manage its short-term working capital facilities over the next 12
months."
S&P may downgrade Jain Irrigation by multiple notches if its
credit standing in the capital markets weakens, such that S&P
assess that its liquidity is weak. This could happen if the
company is unable to secure working capital facilities for its
subsequent operating season due to deteriorating working capital
or pressure on its banking relationships.
S&P may also downgrade Jain Irrigation if poor monsoons in India
result in the ratio of FFO to debt falling below 12%.
S&P is unlikely to upgrade Jain Irrigation till its liquidity
turns adequate. S&P may upgrade the company over the next 12-24
months if its reliance on short-term funding reduces such that
the liquidity is considered adequate and the FFO-to-debt ratio
approaches 20%, driven by strong operating performance.
JAY KHODIYAR: CRISIL Reaffirms 'B' Rating on INR8MM Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long-term bank
facilities of Jay Khodiyar Cotton Industries (JKCI) at 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B/Stable (Reaffirmed)
Long Term Loan 1 CRISIL B/Stable (Reaffirmed)
The rating continues to reflect a modest scale of operations in a
highly competitive industry and susceptibility of the operating
margin to volatility in cotton prices. The rating also factors in
an average financial risk profile. These rating weaknesses are
partially offset by the extensive experience of the partners in
the cotton industry and proximity of the manufacturing facilities
to the source of raw material.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Net sales were modest at INR39.6
crore in fiscal 2016, restricting bargaining power with customers
or suppliers in the fragmented cotton ginning industry.
* Exposure to volatility in cotton prices: Being an agricultural
commodity, cotton's availability is highly dependent on the
monsoon. Furthermore, government interventions, and fluctuations
in global cotton output, resulted in sharp fluctuations in cotton
prices, thus impacting the margins of cotton ginners.
* Average financial risk profile: The networth was modest at
INR1.8 crore, and the total outside liabilities to adjusted
networth ratio high at 5.0 times, as on March 31, 2016. The
interest coverage ratio was average at 1.7 times in fiscal 2016.
Strengths
* Extensive industry experience of the partners: The managing
partner, Mr Druv Jani, has an experience of over a decade in the
cotton ginning industry. This has helped in achieving healthy
growth in revenue. An established relationship with major
suppliers and customers further strengthens the market position.
* Proximity of manufacturing facilities to the source of raw
material: The firm has is ginning unit in Kadi, which is the
cotton-growing belt in Gujarat. Proximity to the source of raw
material benefits operations.
Outlook: Stable
CRISIL believes JKCI will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if revenue and profitability improve substantially,
leading to a better financial risk profile, particularly
liquidity. The outlook may be revised to 'Negative' if the
financial risk profile, particularly liquidity, deteriorates,
most likely because of a decline in cash accrual, weakening of
working capital management, or large debt-funded capital
expenditure.
Set up in 2012, JKCI is a partnership concern engaged processing
of raw cotton (kappas) into cotton bales.Operations are managed
by Mr Druv Jani. The firm's unit in Kadi has an installed
capacity of 350 bales per day.
Profit after tax (PAT) was INR0.09 crore on net sales of INR39.6
crore in fiscal 2016, against INR0.06 crore and INR29.7 crore,
respectively, in fiscal 2015.
JOY MAHAPROVU: CARE Denotes Rating as B+/Issuer Not Cooperating
---------------------------------------------------------------
CARE Ratings has been seeking information from Joy Mahaprovu Cold
Storage Private Limited (JMCSPL) to monitor the rating vide e-
mail communications/letters dated July 21, 2016, February 16,
2017, March 10, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requiste 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. Further,
JMCSPL has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on JMCSPL's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 8.00 CARE B+; ISSUER NOT
COOPERATING; Based on
best available information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
The rating takes into account its small scale of operations with
thin profit margins, regulated nature of business, seasonality of
business with susceptibility to vagaries of nature, risk of
delinquency in loans extended to farmers, leveraged capital
structure with weak debt protection metrics and competition from
other local players. Moreover, the rating continues to derive
strengths by its experienced promoters & long track record of
operations and proximity to potato growing area.
Detailed description of the key rating drivers
At the time of last rating in March 3, 2016 the following were
the rating strengths and weaknessess: (updated for the
information available from Registrar of Companies)
Key Rating Strengths:
Experienced promoters & long track record of operations
The company is having an operational track record of around two
decades. Mr. Samar Dhawa having about 20 years of experience in
cold storage business.
Proximity to potato growing area
JMCSPL's storing facility is situated in the Paschim Medinipur
district of West Bengal which is one of the major potato growing
regions of the state. The favourable location of the storage
unit, in close proximity to the leading potato growing areas
provides it with a wide catchment and making it suitable for the
farmers in terms of transportation and connectivity.
Key Rating Weaknesses:
Small scale of operations with thin profit margins
Though there was an improvement in the total operating income by
9.15% in FY15 with a total operating income of INR2.03 crore as
against FY14 on a year on year basis, the same remains small in
comparison to its peers. Furthermore, the profit levels of the
company remained on the lower side over the past years with thin
margins due to limited ability to control the rental rates in a
regulated industry with high competition in the operating
spectrum.
Regulated nature of business
In West Bengal, the basic rental rate for cold storage operations
is regulated by the state government through West Bengal State
Marketing Board. Due to severe government intervention, the cold
storage facility providers cannot enhance rental charge
commensurate with increased power tariff and labour charge.
Seasonality of business with susceptibility to vagaries of nature
JMCSPL's operation is seasonal in nature as potato is a winter
season crop with its harvesting period commencing in March. The
loading of potatoes in cold storages begins by the end of
February and lasts till March.
Risk of delinquency in loans extended to farmers
The business of the company remained working capital intensive as
the working capital limits under produce marketing loan scheme
from bank are used to extend advances to farmers & traders, which
are routed to the farmers through JMCSPL.
Leveraged capital structure with weak debt protection metrics The
capital structure of the company improved significantly marked by
overall gearing ratio of 0.17x as on March 31, 2015 from 5.71x as
on March 31, 2014. This is mainly on account of lower reliance on
bank borrowings as on account closing date. Furthermore, the debt
protection metrics of the company also improved significantly
with total debt to GCA of 2.43x due to its decline in bank
borrowings resulting in low debt level. The interest coverage
ratio remained adequate at 2.41 times in FY15.
Competition from other local players
Despite being capital intensive, entry barrier for setting up of
new cold storage unit is low on account of government support and
high demand for cold storages in West Bengal. The storage
business is highly competitive in the potato growing regions of
the state as West Bengal is the second largest producer of potato
in India. In Paschim Medinipur, one of the major potato growing
districts of the state around 72 cold storages is in operation.
Joy Mahapravu Cold Storage Private Limited (JMCSPL) was
incorporated on June 1996 for setting up a cold storage facility
by Dhawa family of Paschim Medinipur, West Bengal. JMCSPL is
engaged in the business of providing cold storage services for
potatoes to local farmers and traders on rental basis with an
aggregate storage capacity of around 8,000 metric ton per annum
(MTPA). The cold storage is located at Paschim Medinipur district
of West Bengal. Besides providing cold storage facility, the
company also provides interest bearing advances to farmers and
traders for potato farming and storing purposes against potato
stored.
The board of JMCSPL comprises four directors, belonging to the
promoter's family & relative. The day to day operations of the
company are being managed by Mr. Samar Dhawa (MD, Age 47 years),
with adequate support from the other codirectors.
During FY15 (refers to the period April 1, 2014 to March 31,
2015), STCPL reported a total operating income of INR2.03 crore
(as against INR1.86 crore in FY14) and PAT of INR0.04 crore (as
against PAT of INR0.05 crore in FY14).
JUGAL KISHORE: CARE Reaffirms B+ Rating on INR9cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jugal Kishore Vanaspati Products Private Limited (JKVL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating of JKVL continues to remain constrained on account of
its relatively small scale of operations in the highly fragmented
and competitive edible oil industry and its financial risk
profile marked by thin and stagnant profitability margin,
moderately leveraged capital structure and working capital
intensive nature of operations. The rating, further, continues to
remain constrained on account of vulnerability of margins due to
volatility in groundnut prices.
The rating, however, continues to derive strength from the
experienced management, strategic location of its plant and
stable demand for edible oil in India. JKVL's ability to improve
its scale of operations and profitability along with efficient
management of working capital are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Decline in the total operating income (TOI)
During FY16 (refers to the period April 1 to March 31), TOI has
declined by 9.32% over FY15 (9.99% in FY15 over FY14), mainly on
account of decrease in sales price of groundnut refined oil and
groundnut khal by 8.38% and 29.43%, respectively, over FY15 which
offset to an extent with increase in sales volume of groundnut
oil coupled with sales realization of groundnut oil, groundnut
khal, refined oil as well as sale of cotton refined oil.
Stagnant profitability
The profitability of the company remained thin and stagnant with
PBILDT and APAT margins in FY16 due to high competition in the
oil processing business as well as availability of supplementary
product and low value addition in the business.
Improvement in solvency position
The capital structure of the company has improved as on March 31,
2016, mainly on account of lower utilization of working capital
bank borrowings as on balance sheet date coupled with accretion
of profits to reserves which offset to an extent with increase in
unsecured loans. Furthermore, the debt service coverage
indicators remained moderate in FY16.
Working capital intensive nature of operations
Being working capital intensive nature of operations of JKVL, the
operating cycle of the company stood elongated at 95 days as on
March 31, 2016, on account of higher inventory holding period.
The company is required to maintain higher inventory for keeping
a cushion against the seasonal availability of groundnut and also
for mitigating the risk of the volatile nature of the prices of
groundnut seeds. Furthermore, the utilization of the working
capital borrowings remained moderate at around 60-70% during past
12 trailing months ended in February 28, 2017.
Key Rating Strengths
Successful completion of the backward integration project:
During FY16, the company undertook a backward integration project
for extraction of groundnut seeds with total cost of INR2.98
crore to be funded through the internal accruals and unsecured
loans. The installed capacity of extracting groundnut seed is 30
Tonnes Per Day (TPD). It has completed its project in February
2017 and JKVPL will start operations of the recently completed
project from April 2017.
The rating of Jugal Kishore Vanaspati Products Private Limited
(JKVL) continues to remain constrained on account of its
relatively small scale of operations in the highly fragmented and
competitive edible oil industry and its financial risk profile
marked by thin and stagnant profitability margin, moderately
leveraged capital structure and working capital intensive nature
of operations. The rating, further, continues to remain
constrained on account of project implementation risk associated
with it and vulnerability of margins due to volatility in
groundnut prices. The rating, however, continues to derive
strength from the experienced management, strategic location of
its plant and stable demand for edible oil in India.
JKVL's ability to improve its scale of operations and
profitability along with efficient management of working capital
and timely completion of project are the key rating
sensitivities.
JSW STEEL: Fitch Assigns BB Final Rating to USAUD500MM Notes
------------------------------------------------------------
Fitch Ratings has assigned a 'BB' final rating to India-based
JSW Steel Limited's (JSWS, BB/Negative) USAUD500 million 5.25%
senior unsecured notes maturing in 2022. The proceeds will be
used for repaying foreign-currency debt, capex or any other
purpose in accordance with regulations. The final rating is in
line with the expected rating assigned on March 28, 2017, and
follows the receipt of final documents conforming to earlier
information.
Around 60% of JSWS's consolidated debt, unadjusted for
acceptances, was secured as of the financial year ended March
2016 (FY16), resulting in a secured debt/EBITDA ratio of 4.0x.
However, Fitch expects the ratio to moderate to 2.0x by FYE18 and
to come down further thereafter. Therefore, Fitch do not believes
there is a high possibility of subordination and lower recoveries
for JSWS' senior unsecured debt based on Fitch criteria, and rate
the notes at the same level as the Issuer Default Rating.
KEY RATING DRIVERS
Lower Industry Risk: Fitch believes risks to a sustained
improvement in JSWS's profitability are mitigated by lower coal
prices, sustained regulatory protection and still-weak
competition. International spot coking coal prices have almost
halved from their peak of around USAUD300 per tonne (t) in late
November 2016 due to greater supply. In addition, both global and
Indian steel prices have been increased by more than 10% since
then, partly offsetting the impact of coal prices, which remain
relatively high. 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 lower risk from
domestic competition, as the bulk of newly added capacity is in
the process of stabilisation - apart from that of JSWS and Tata
Steel Limited (BB/Rating Watch Evolving) - 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 t by 2025 through organic expansion and
acquisitions in India and overseas. Media reports say that the
company has submitted binding bids for two assets, with the
results of the bids 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 expects JSWS's FFO-adjusted
net leverage to moderate to near 4.5x by FYE18, from 7.9x in
FY16, due to better average selling prices and margins as well as
higher sales volume following 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: JSWS is India's largest steel
producer by volume. The company has dominant market share in
southern and western India, where its plants are located, and its
market position is supported by an increasing share of value-
added products. Its highly efficient operations and low energy
and labour costs result in one of the lowest conversion costs
globally.
Vertical Linkage to Improve: JSWS needs to purchase both iron ore
and coking coal, resulting in higher total costs than for 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 t of
iron ore, or about 15%-20% of its needs, by FYE18. This will
reduce dependence on external sources, thereby benefiting
margins.
DERIVATION SUMMARY
JSWS is one of the world's most cost-efficient steel producers
and its EBITDA margins compare favourably with other peers rated
in the 'BB' category, such as ArcelorMittal S.A. (AM,
BB+/Negative) and thyssenkrupp AG (TK, BB+/Stable). However, its
scale is much smaller than that of peers and it has lower
geographical and business diversification than AM and TK,
respectively. JSWS also has relatively high leverage that results
in a lower rating than these peers.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case include:
- Steel sales volume growth of 10% in FY18 and 5% in FY19.
Volume growth would be driven by improving utilisation rates.
- Steel average selling prices to improve by 10% in FY17 and 5%
in FY18; to remain broadly flat thereafter.
- Operating EBITDA margin to improve to 20% in FY17-FY18 (FY16:
15%). EBITDA/t 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
Developments that May, Individually or Collectively, Lead to the
Outlook being revised to Stable from Negative include:
- FFO net-leverage trending toward 4.5x by FY18.
- Ability to generate sustained neutral or positive FCF.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action include:
- Inability to meet the above sensitivities for revision of the
Outlook to Stable.
LIQUIDITY
Manageable Liquidity Position: Fitch estimates that JSWS will
need refinancing to address its debt maturities of around INR60
billion in FY18, given Fitch forecast of slightly negative FCF in
FY18 and a modest cash balance as of FYE17. JSWS's latest US
dollar bond should address bulk of its refinancing needs. In
addition, improved steel industry fundamentals, JSWS's banking
relationships and access to diverse funding sources should enable
the company to manage its liquidity adequately.
K.C. PRINTING: CARE Denotes Rating as B+/Issuer Not Cooperating
---------------------------------------------------------------
CARE Ratings has been seeking information from K.C. Printing &
Allied Works to monitor the rating(s) vide e-mail communications/
letters dated March 1, 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 ratings. In line with the
extant SEBI guidelines CARE's ratings on K.C. printing & Allied
Works's bank facilities will now be denoted as CARE B+/CARE A4;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.00 CARE B+; ISSUER NOT
COOPERATING
Short-term Bank
Facilities 5.00 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 rating in May 3, 2016 the following were the
rating strengths and weaknesses:
Key Rating Weakness
Small scale of operations: Despite being operational for nearly
four decades, the scale of operations remained low during FY15
(refers to the period April 1 to March 31). The small scale
limits the firm's financial flexibility in times of stress and it
also suffers on account of lack of economies of scale. Leveraged
capital structure: The capital structure of the firm remained
leveraged marked by overall gearing of 3.83x as on March 31, 2015
on account of low capital base and high dependence on working
capital borrowing. Also the coverage indicators of the firm
marked by interest coverage and total debt to gross cash accruals
stood modest at 2.00x and 9.62x respectively as on March 31,
2015.
Elongated collection period: Operating cycle of the firm improved
and stood moderate at 73 days for FY15 on account of improvement
in average collection period. Despite improvement in average
collection period it stood elongated for FY15 as KCPA offer
reasonable credit period to its customers such as government
boards and universities who possess high bargaining power and
procedural delays in realization resulting into high average
collection period. The cash credit limit utilization during the
past 12 month ending November 3, 2015 remained high at around
70%.
Competitive nature of industry: The printing and publication
industry is characterized by a high level of competition and
regional concentration. Indian printing industry is characterized
as fragmented & competitive with very little differentiation in
terms of service offering. However, the firm bids for government
contracts where the competition is relatively less as compared to
other segments as companies need to qualify technically and
commercially to bid in these contracts.
Long track record of operations coupled with experienced
proprietor: KCPA, was established in 1979, as a proprietorship
firm, by Mr. Kali Charan Agrawal. However, the business is
currently managed by Ms Mahima Agrawal who has an experience of
more than two decades in this printing business through her
association with KCPA. She is supported by Mr. Kali Charan
Agrawal in managing the business operations of the firm.
Moderate profitability margins: Margins of the firm have
witnessed an erratic trend during the last three years FY13-FY15
owing to tender driven nature of business which pose huge
competition and pressure on the profit margins of the firm.
However, the profitability margins continues to remain moderate
during FY15.
Mathura based (Uttar Pradesh) KCPA, was established in 1979 as
proprietorship firm by Mr. Kali Charan Agrawal but the business
is currently being managed by his daughter Ms Mahima Agrawal.
KCPA is engaged in printing of books such as text books, printed
answer sheets, mark sheets, degrees and other printed education
material for various state education board and universities in
Uttar Pradesh, Rajasthan, Madhya Pradesh, Himachal Pradesh,
Chattisgarh, Bihar and Haryana. The firm procures the raw
material (paper, ink, chemical) from traders and distributors
locally. It gets order through tendering and bidding process.
Some of the universities for whom the firm has executed orders in
the past are Himachal Pradesh Takniki Siksha Board, Makhanlal
Chaturvedi National University, Dr. Bhimrao Ambedkar University,
and Board of Secondary Education Rajasthan.
KESHAVA FABRICS: CRISIL Reaffirms B+ Rating on INR3.27MM Loan
-------------------------------------------------------------
CRISIL Ratings has been consistently following up with Keshava
Fabrics Private Limited (KFPL; part of the Keshava group) for
obtaining information through letters and emails dated November
11, 2016, December 13, 2016, and March 16, 2017 among others,
apart from telephonic communication. However, the issuer has
remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee .67 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 5.00 CRISIL B+/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Letter of Credit 1.00 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 3.00 CRISIL B+/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Proposed Long Term 3.27 CRISIL B+/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Keshava Fabrics Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Keshava Fabrics Pivate Limited
is consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with 'CRISIL B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL B+/Stable/CRISIL A4'.
The Keshava group primarily manufactures PP fabrics and
disposable syringes. Its promoters, Ms. Tanikonda Latha and Mr.
Tanikonda Kesavulu Naidu, have experience of over two decades in
similar lines of business.
LEKH RAJ: CRISIL Reaffirms 'B' Rating on INR8MM Loan
----------------------------------------------------
CRISIL Ratings has been consistently following up with Lekh Raj
Motors Private Limited (LRM) for obtaining information through
letters and emails dated November 9, 2016, December 14, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Electronic Dealer 8 CRISIL B/Stable (Issuer Not
Financing Scheme Cooperating; Rating
(e-DFS) Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Lekh Raj Motors Private
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Lekh Raj Motors Private
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with CRISIL B
Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL B/Stable'
LRM was incorporated in 2011 by Mr. Krishan Miglani and Mr. Varun
Miglani. The company is an authorised dealer for General Motors.
It operates a showroom in Kaithal and an extention office in Jind
(both in Haryana).
MOHATA COAL: CRISIL Reaffirms B+ Rating on INR2MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Mohata Coal Company Private Limited (MCCPL) at 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2 CRISIL B+/Stable (Reaffirmed)
Letter of credit &
Bank Guarantee 3.5 CRISIL A4 (Reaffirmed)
The ratings reflect the small scale of operations and
vulnerability to cyclicality in the steel industry. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the machining industry, and the moderate
financial risk profile, marked by a healthy total outside
liabilities to tangible networth ratio and interest coverage
ratio, though constrained by small networth.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and vulnerability to cyclicality in
the steel industry: The scale of operations remains small,
notwithstanding the company's presence of over two decades in the
steel industry. The topline stood at INR4.91 crore in fiscal
2016, lower than that reported in the previous fiscal, as the
company discontinued with its trading activity, considering the
subdued market conditions. It is currently engaged only in
machining of locomotive vehicles.
Strengths
* Extensive experience of the promoters in the machining
industry: Over the past two decades, the promoters have floated
numerous entities within the steel industry and other businesses,
and built healthy relationships with customers and suppliers.
* Moderate financial risk profile: Financial risk profile is
moderate, because of a controlled total outside liabilities to
total networth (TOL/TNW) ratio and comfortable debt protection
metrics, but is constrained by the low networth. The TOL/TNW
ratio stood at 2.3 times as on March 31, 2016, mainly aided by
low bank limit utilisation, which led to a comfortable interest
coverage ratio of 6.44 times for fiscal 2016.
Outlook: Stable
CRISIL believes MCCPL will continue to benefit from the extensive
experience of its promoters. The outlook may be revised to
'Positive' if substantial growth in revenue and cash accrual, or
significant infusion of fresh equity, leads to an improved
networth. The outlook may be revised to 'Negative' in case of
pressure on revenue and margin, or if a stretch in the working
capital cycle or a large, debt-funded capital expenditure,
weakens the capital structure, especially liquidity.
MCCPL was set up in 1991, by Mr Goyal and his family members. The
Kolkata-based company undertakes machining of locomotive wheels
and axles, and trades in steel products and intermediaries.
Net loss of INR13 lakh was reported on operating income of
INR4.91 crore during fiscal 2016, against profit after tax of
INR38 lakh on operating income of INR15.96 crores during fiscal
2015.
MOTILAL DHOOT: CRISIL Assigns 'D' Rating to INR4.15MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Motilal Dhoot Infrastructure Private Limited
(MDIPL; formerly known as Motilal Dhoot Sand and Stone Pvt Ltd),
and has assigned 'CRISIL D/CRISIL D' ratings to them. CRISIL had
suspended its rating on January 27, 2016, as the company had not
provided the information necessary for a rating view. The company
has now shared the requisite information.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.25 CRISIL D (Assigned;
Suspension Revoked)
Cash Credit 4.15 CRISIL D (Assigned;
Suspension Revoked)
Term Loan 1.60 CRISIL D (Assigned;
Suspension Revoked)
The ratings reflect delays in interest servicing on the cash
credit account due to weak liquidity. Liquidity is weak because
of cash flow mismatches on account of stretched receivables.
The rating reflects MDIPL's modest scale, high geographical
concentration in revenue, large working capital requirement and
weak financial risk profile. These weaknesses are partially
offset by the extensive experience of the promoters and above-
average profitability due to semi-integrated operations.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations with high geographical concentration
in revenue: Modest scale of operations is reflected in expected
revenue of Rs. 30 crore in fiscal 2017. Revenue is mainly derived
from Pune, exposing the group to geographical concentration risk.
* Large working capital requirement: Working capital requirements
are large driven by stretched receivables
* Weak financial risk profile: Modest networth, leveraged capital
structure and average debt protection metrics keep financial risk
profile weak.
Strengths
* Extensive experience of promoters: The promoters have been
engaged in the stone quarrying and construction material supply
business in Pune for over 15 years.
* Above-average profitability: Operating margin has remained
above-average at 13-19% in the past five fiscals through 2016,
supported by semi-integrated operations.
MDIPL, based in Pune (Maharashtra) was incorporated in 2006 and
was acquired by its current promoters, Mr Sushil Dhoot and
family, in fiscal 2010. MDIPL manufactures ready-mix concrete and
supplies aggregates such as crushed stone and dust obtained from
stone crushing. It also undertakes civil construction activities.
In fiscal 2016, profit after tax was INR60 lakh on operating
income of INR23.75 crore, as against net loss of INR26.6 lakh on
operating income of INR18.4 crore in fiscal 2015.
NUTECH JETTING: CARE Lowers Rating on INR14.80cr Loan to B+
-----------------------------------------------------------
CARE Ratings has been seeking information from Nutech Jetting
Equipment India Private Limited to monitor the rating(s) vide
email communications/ letters dated March 8, 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 SEBI guidelines, CARE has reviewed
the ratings on the basis of publicly available information, which
however, in care's opinion is not sufficient to arrive at fair
rating. Furthermore, Nutech Jetting Equipment India Private
Limited has not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. The ratings of
Nutech Jetting Equipment India Private Limited will now be
denoted as CARE B+ /CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 14.80 CARE B+; ISSUER NOT
COOPERATING; Revised
from CARE BB-; Stable
on the basis of best
available information
Short-term Bank
Facilities 4.75 CARE A4; ISSUER NOT
COOPERATING; Revised
from CARE A4 on the
basis of best available
information
Long-term/Short-
Term Bank
Facilities 1.25 CARE B+/CARE A4; ISSUER
NOT COOPERATING; Revised
from CARE BB-/A4; Stable
on the basis of best
available information
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above rating(s).
The ratings have been revised by taken into account subdued
performance during FY16 (refers to the period April 1 to
March 31) including Small scale of operations, declining
profitability margins and Leveraged capital structure along with
deteriorated coverage indicators. The ratings further continue to
constrain by working capital intensive nature of operations. The
ratings, however, continue to draws comfort from the experienced
promoters and positive industry outlook.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations coupled with low net worth base The
scale of operations of the company has continues to remain small.
Furthermore, the company's networth base was relatively small.
The small scale inherently limits the company's financial
flexibility in times of stress and deprives it from scale
benefits.
Decline in profitability margins coupled with leveraged capital
structure and deterioration in coverage indicators The
Profitability margins of the company have been declining on y-o-y
basis over the past three years (FY14-FY16). The capital
structure of the company continues to remain leveraged on account
of high debt level and low net worth base.
Also, coverage indicators deteriorated owing to declining in
profitability of company.
Working capital intensive nature of operations
The operations of the company has been continues to remain
working capital intensive marked by elongated operating cycle
over the past three years (FY14-FY16) mainly on account of high
collection period and high inventory levels. The average
collection period of the company stood high because the major
customer is indian railway which releases money after testing and
quality check process. The company holds high inventory in form
of raw material (steel, pipes, motors, electric panels) and
finished goods in the form of cleaning machines imported from
China and Europe to meet the product and service demand from the
customers. Combining all entails elongated operating cycle.
Key Rating Strengths
Experience promoters and long track record of operations
The company is engaged in manufacturing of high pressure water
jetting machines for the past two decades. The company is managed
by Mr. Ravindra Bhatia who is a graduate and has an overall
experience of more than two decades in this business. He is
supported by Mr. Puneet Bhatia who has an overall business
experience of around a decade through his association with NIPL.
They collectively look after the overall operations of the
company.
Positive industry outlook
The government has started a "CLEAN TRAIN STATION" scheme which
is one of the major initiatives drawn up the government who
promised the nation a clean travel in near future. This would
have a positive externality in terms of public health and also in
terms of the overall impact on national productivity. In the
past, cleanliness drives have taken various forms in India;
however the government's attempt for cleanliness by bringing
initiative such as "Swacch Bharat Abhiyan" has further led to
increase in growing importance for cleanliness. Therefore, these
initiatives provides positive prospects for NIPL has the company
is expecting more number of orders from Indian Railways.
Faridabad, Haryana based Nutech Jetting Equipment India Private
Limited (NIPL) was incorporated in May, 1988 by Mr. Ravindra
Bhatia, Mr. Puneet Bhatia, Mrs Kamlesh Bhatia and Ms Shalini
Bhatia.
The company is engaged in cleaning and hygiene management
services to various private and public entities. The equipment
and machines such as heat exchangers, coolers, condensers,
pipelines, tanks, vessels, boilers, etc. are either manufactured
in-house or are imported from Ecurope and China.
Furthermore, the company have achieved total operating income of
INR26.49 crore and PAT of INR0.70 crore in FY16 as against
INR18.10 crore and INR0.61 crore respectively in FY15.
PR.M. MODERN: CRISIL Assigns B+ Rating to INR5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of PR.M. Modern Rice Mill (PRM). The rating
reflect a below-average financial risk profile with a small
networth and weak debt protection metrics, moderate scale of
operations in an intensely competitive industry, and
susceptibility to adverse government regulations. However, these
weaknesses are partially offset by its proprietor's extensive
experience in the rice milling business and funding support.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable
Working Capital
Demand Loan 1 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weakness
* Moderate scale of operations and exposure to intense
competition in the rice milling industry: The business risk
profile is constrained by a moderate scale indicated by revenue
of INR48 crore estimated in fiscal 2017 in the intensely
competitive and fragmented rice milling industry.
* Susceptibility to adverse government regulations: The domestic
rice industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism. This
affects the credit quality of players in the industry. The
minimum support price of paddy and prevailing rice prices are two
key factors that determine a rice mill's profitability.
* Below-average financial risk profile: The financial risk
profile is below average. Networth is likely to be modest at
INR3.5 crore as on March 31, 2017. Gearing is expected to be at
1.7 times as on March 31, 2017. The debt protection metrics are
estimated to be weak with net cash accrual to total debt and
interest cover at 4% and 1.60 times respectively for fiscal
2017.
Strength
* Proprietor's extensive experience in the rice milling business
and funding support: Mr Murugan's experience and understanding of
the dynamics of the local market should continue to support the
business risk profile.
Outlook: Stable
CRISIL expects PRM will continue to benefit over the medium term
from its proprietor's extensive experience.The outlook may be
revised to 'Positive' if a substantial improvement in revenue and
profitability strengthens the financial risk profile. Conversely,
the outlook may be revised to 'Negative' in case of lower-than-
expected accrual, or stretch in working capital cycle, or any
large, debt-funded capital expenditure, leading to deterioration
in the financial risk profile.
Established in 1980 by Mr Murugan as a proprietary concern, PRM
processes rice at its manufacturing facilities in Puduvayal
(Tamil Nadu).
For fiscal 2016, PRM made a profit after tax (PAT) of INR8.71
lakh on a total income of INR38.44 crore, against a profit after
tax of INR8.31 lakh on a total income of INR29.12 crore for the
previous fiscal.
PAROHA DEVELOPERS: CRISIL Assigns 'B' Rating to INR25MM LT Loan
---------------------------------------------------------------
CRISL Ratings has assigned its 'CRISIL B/Stable' rating to the
bank facilities of Paroha Developers Private Limited (PDPL). The
rating reflects PDPL's exposure to implementation and Offtake-
related risks associated with its ongoing project, and its
susceptibility to the inherent risks & cyclicality in the real
estate sector in India. These rating weaknesses are partially
offset by the extensive experience of the promoter in the real
estate sector.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 25 CRISIL B/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Susceptibility to implementation and Offtake risk: As on date,
20% of the construction was complete, exposing the firm to
project implementation risk. Timely completion of the project
without any time or cost overruns remains a key sensitivity
factor.
* Vulnerable to risks and cyclicality inherent in real estate
sector in India: The real estate sector in India is fragmented
and dominated by a few regional players; also, the industry is
inherently cyclical. Demand was largely impacted by insecurity
regarding earnings of individuals with the economy facing high
retrenchment levels. Customers' anticipation of further
correction in real estate prices was a key reason for low demand
in the market. The government has undertaken steps to stimulate
demand with differential interest rates and priority sector
status for low-value loans and reduction in excise duty on major
inputs such as steel and cement.
Strength
* Extensive experience in residential real-estate construction:
Mohan Paroha has experience of over 20 years. The group has
completed various residential projects in and around Madhya
Pradesh. Apart from expertise in project planning and
development, the promoters' experience and reputation in the
state, particularly in the Jabalpur region, has created strong
presence and visibility for PDPL's project, which is reflected in
the bookings of about 35% completed as on date. Earlier for
around 15 years has worked & completed various project in United
Kingdom. Paroha family is well qualified all the member of
family takes active part in developing the project under PDPL.
Mohan Paroha is also proprietor under the company name Paroha
developer in the Madhya Pradesh region. Paroha developers is in
business of selling plots & duplex in and around Madhya Pradesh.
Outlook: Stable
CRISIL believes that PDPL will benefit over the medium term from
its promoters extensive experience in the real estate industry.
The outlook may be revised to 'Positive' if the company exhibits
significant progress in bookings and flow of advances for the
project. Conversely, the outlook may be revised to 'Negative' in
case of large than expected debt funding of the project or lower-
than-expected consumer interest in the projects.
PDPL is presently developing a project 'Vision Jabalpur'. The
project comprises of 298 luxury apartments along with club &
other facilities and a commercial tower over 3.70 acres of land
area at Vijay Nagar in Jabalpur (Madhya Pradesh).
PDPL was incorporated in 2015 by Mr. Mohan Paroha. The land for
the project has been taken from Mr. Jitendra Vishwakarma and
Kamal Singh Chandel through joint development agreement, under
which PDPL will develop the 298 flats and retain 60% of these for
marketing to the public while the remaining will be handed over
to the Mr. Jitendra Vishwakarma and Kamal Singh Chandel.
PDPL reported a profit after tax (PAT) of INR7 lakh on net sales
of INR12 lakh for fiscal 2016.
PRAVIN BUILDTECH: CARE Rating Denotes B-/Issuer Not Cooperating
---------------------------------------------------------------
CARE Ratings has been seeking information from Pravin Buildtech
Private Limited to monitor the rating(s) vide e-mail
communications/letters dated March 9, 2017, March 6, 2017 and
March 3, 2017 and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. Furthermore, Pravin Buildtech
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 Pravin Buildtech Private
Limited's bank facilities will now be denoted as CARE B; ISSUER
NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.33 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 in March 23, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths
* Satisfactory track record of debt servicing: PBPL has
satisfactory track record of debt servicing during past three
months period ended February 2016.
Key Rating Weaknesses
* Moderate scale of operations and thin profitability: During
FY15 (refers to the period April 1 to March 31), PBPL has
reported a total operating income (TOI) of INR12.33 crore as
against TOI of INR11.63 crore during FY14. The PBILDT margin of
PBPL remained comfortable at 21.53% during FY15 as against 25.51%
during FY14. The PAT margin of PBPL remained thin at 0.21% during
FY15 (FY14: 1.64%).
* Leveraged capital structure and moderate debt coverage
indicators: As on March 31, 2015, the capital structure of PBPL
although improved marginally however remained leveraged marked by
debt-equity ratio of 2.38 times (2.72 times as on March 31, 2014)
and overall gearing ratio of 3.25 times (3.58 times as on March
31, 2014). The debt coverage indicators of PBPL remained moderate
during FY15. During FY15, the interest coverage ratio remained
moderate at 2.04 times due to comfortable PBILDT, while its total
debt to GCA remained moderate at 8.60 times on account of
leveraged capital structure.
* Modest liquidity position: The current ratio of the company
remained moderate at 1.79 times as on March 31, 2015, as against
1.74 times as on March 31, 2014. However, its working capital
cycle remained elongated at 163 days due to higher inventory
period of 113 days.
Morbi-based (Gujarat) PBPL was established in 2012 as a private
limited company by three promoters led by Mr. Bhavesh Bhalodia
and Mr. Mitul Panara. PBPL is engaged in the business of
manufacturing of AAC blocks and its manufacturing facilities
located at Morbi with an installed capacity to produce 90,000 sq.
cubic meters per annum as on March 31, 2015.
PROZONE DEVELOPERS: CARE Reaffirms B+ Rating on INR34cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Prozone Developers & Realtors Pvt. Ltd. (PDRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Non-
Convertible
Debenture issue 34 CARE B+; Stable Re-affirmed
Detailed Rationale
The rating assigned to the proposed NCD of PDRPL factors in very
nascent stage of the funded project 'Shreepati Jardine',
repayments and revenue share to PDRPL being subordindated to
project loan, absence of any escrow mechanism for NCD repayments
and cyclical nature of real estate sector. However, the rating
positively factors in experience of the holding company Prozone
Intu Properties Limited in real estate (albeit weak liquidity
profile of group company Provogue India Limited) and repayments
of NCD backed by cash flow from real estate project in form of
revenue share and interest income. The ability of the funded
entity Shreepati Real Ventures LLP (SRV) to execute the project
and achieve sales as envisaged and accordingly provide the
envisaged cash flows to PDRPL are the key rating sensitivities.
Detailed description of the key rating drivers
Backed by the cash flow from real estate project, albeit very
nascent stage of development
As per the structure, PRDPL would receive revenue share from
customer collections from sales of the proposed project along
with the fixed interest. The project is at a very nascent stage
of development with initial approvals yet to be received.
Repayment and revenue share to PRDPL would be subordinated to
project loans
The project is expected to be funded mainly through a combination
of debt (project loan and loans from PRDPL) and customer
advances. Furthermore, the project loan would have first charge
on the security and receivables from the project. The repayment
of the proposed NCD would be done at the end of the tenure i.e.,
36 months, along-with the interest which would be compounded half
yearly. The proposed NCD would carry an interest rate of 15% p.a.
for FY17/FY18 (refers to the period April 1 to March 31), 16%
p.a. for FY19 & 17% p.a. for FY20.
Experience of the promoters in real estate segment
The promoters of PDRPL, ie, PIPL have more than one and half
decades of experience in the real estate sector. PIPL is promoted
by the Chaturvedi family (also promoters of Provogue India
Limited) and Intu Properties Plc. (IPP).
Industry risk
Although the interest rates have declined, buyer sentiments are
yet to improve. Developers in the residential segment are
expected to focus on selling and completing the existing projects
first and there will be fewer new project launches in the medium
term. Within the residential segment, new project launches will
be higher in affordable housing segment supported by various
Government initiatives to promote this segment.
Prozone Developers & Realtors Pvt. Ltd. (PDRPL), earlier known as
Classique Creators Pvt. Ltd. (CRPL), is 100% subsidiary of
Prozone Intu Properties Limited & its nominees (PIPL). PDRPL was
previously 100% subsidiary of another group company Provogue
(India) Limited & its Nominees; however, during Q2FY17, the
ownership was transferred to PIPL. PDRPL is a special purpose
vehicle of PIPL, incorporated to engage in real estate activity.
At present, PDRPL is providing subordinated funding to the real
estate project, 'Shreepati Jardine' to be executed by Shreepati
Real Ventures LLP. PDRPL is proposing to provide funding of total
amount of ~Rs.73 crore to SRV. PIPL will invest ~Rs.39 crore in
PDRPL through preference shares and further PDRPL will raise
INR34 crore as NCD. The company did not have any operations as on
March 31, 2016.
RAJARAJESHWARI BUILDCON: CRISIL Reaffirms INR5.9M Loan Rating 'B'
-----------------------------------------------------------------
CRISIL has been consistently following up with Rajarajeshwari
Buildcon Private Limited (RBPL) for obtaining information through
letters and emails dated November 17, 2016, December 19, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 5.9 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Rajarajeshwari Buildcon
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Rajarajeshwari
Buildcon Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
CRISIL B rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at 'CRISIL B/Stable'
RBPL, incorporated in 2007 and promoted by Mr. Ramanlal M Sharma,
develops residential real estate projects in Bengaluru.
SARVOTTAM POULTRY: CARE Rating Denotes B+/Issuer Not Cooperating
----------------------------------------------------------------
CARE Ratings has been seeking information from Sarvottam Poultry
Feed Supply Centre Private Limited (SPF) 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 company has not provided the requisite information for
monitoring the rating. In line with the SEBI guidelines, CARE has
reviewed the rating on the basis of publicly available
information which however, In care's opinion is not sufficient to
arrive at fair rating. Furthermore, SPFSCPL has not paid the
surveillance fees for the rating exercise as agreed to in its
rating aggrement. The rating SPF will now be denoted as CARE B;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15.30 CARE B; ISSUER NOT
COOPERATING; on
the basis of best
available information
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 June 16, 2015, the following were
the rating strengths and weaknesses (Updated for the
information available from the registrar of companies
Key Rating Weaknesses
Small scale of operations
The scale of operations of the company continues to remain small
during last three financial years (FY14-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.
Weak financial risk profile
Profitability margins of the company continues to remain low for
FY16 (refers to period April 1 to March 31) owing to the low
value addition coupled with high competition. The capital
structure continues to remain leveraged marked by overall gearing
ratio on account of high debt to meet capex and working capital
requirements coupled with low net worth base. The average working
capital borrowings utilization remained around 90% for the last
12 months ending February, 2017. The coverage indicators continue
to remain low against high debt levels.
The operating cycle of the company elongated and stood at 104
days in FY16. The company maintains inventory of around one and
half months mainly in form of finished goods to cater the
immediate demand of the customers. The company's customer base
consists of local poultry farms and it extend credit period of
upto 30 days to its customers and receives similar payable period
from its suppliers.
Raw material price fluctuation
The major raw material for the company consists of soyameal,
bajra, corn, peanuts which constituted major proportion of the
total cost of sales. The prices of the raw material are highly
fluctuating because of the irregularity of climatic condition to
unpredictable yields. Moreover, soyameal, bajra, ect prices are
regulated by government policies. The company has low bargaining
power towards increase in final product prices.
Inherent risk associated with poultry industry coupled with high
competition from local players
Poultry industry is driven by regional demand and supply because
of transportation constraints and perishable nature of the
products. Low capital intensity and low entry barriers facilitate
easy entry of players leading to a large unorganized sector. The
inherent industry risk will, however, continue to be a constraint
for players in the poultry industry. The spectrum of the poultry
industry in which the company operates is highly competitive
marked by the presence of numerous players in India. Given the
fact that the entry barriers to the industry are low, the players
in the industry do not have pricing power and are exposed to
competition induced pressures on profitability.
Key Rating Strength
Experienced promoters in poultry feed business
SPF is currently being managed by Mr. Satpal Singh and his son,
Mr. Abhimanyu. Mr. Satpal Singh is a graduate and have an
experience of more than a decade in manufacturing of poultry feed
through his association with group concern "NPF". Mr. Abhimanyu
is a graduate by qualification and has an experience of around
half a decade. They both look after the overall operations of the
company.
Positive demand outlook of poultry industry
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. The
demand has been driven by the rapidly changing food habits of the
average Indian consumer, dictated by the lifestyle changes in the
urban and semi-urban regions of the country. The potential in
poultry sector is increasing due to a combination of factors -
growth in per capita income, growing urban population and falling
real poultry prices.
Sarvottam Poultry Feed Private Limited (SPF) was incorporated in
2011 and currently being managed by Mr. Satpal Singh and Mr.
Abhimanyu. SPF is engaged in the manufacturing of poultry feed
which includes layer feed and broiler feed. The main raw material
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 Delhi and
nearby region. The company sells its products under the brand
name "Sarvottam" to poultry farms located in Punjab, Uttar
Pradesh and nearby region. SPF has one associate concern namely
Nirmal Poultry Farm (NPF) which has been operational since 2001
and is engaged in similar business.
Further, the company has achived the total operating income of
INR48.93 crore and PAT of INR0.28 crore in FY16 as against 51.81
crore and 0.27 crore in FY15.
SHALIN INFRASTRUCTURE: CRISIL Cuts Rating on INR10MM Loan to BB-
----------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the long term bank
facility of Shalin Infrastructure (SI) to 'CRISIL B/Stable' from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 10 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
The downgrade in ratings reflects the likely pressure on the
liquidity of the firm with large maturing repayment obligations.
While SI has received healthy bookings and construction has
progressed significantly, it remains exposed to timely and
adequate inflow of funds from the customers.
The rating reflects geographical concentration in revenue,
susceptibility to cyclicality inherent in the real estate sector
and low customer advances. These weaknesses are partially offset
by the extensive experience of its promoters and healthy
construction progress.
Key Rating Drivers & Detailed Description
Weaknesses
* Geographical concentration in revenue: SI's projects are in
Ahmedabad and surrounding suburbs, which exposes it to any
downturn in real estate development in the region.
* Susceptibility to inherent cyclicality and low customer
advances: The real estate sector is fragmented with dominance of
regional players; it is also cyclical. Furthermore, while the
bookings have been healthy the customer advances has remained low
and its velocity going forward will remain a key credit
monitorable.
Strength
* Extensive experience of promoters and healthy construction
progress: The promoters have been in the residential and
commercial real estate segment for over two decades. Mr. Yatin
Pannalal Mehta, one of the key partners, has a track record of
timely completion of projects in Ahmedabad through associate
entities, Shreeji Associates, Uma Developers, and Shreeji
Infrastructure. The firm also benefits from advanced stage of
project completion.
Outlook: Stable
CRISIL believes SI will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if better-than-expected bookings of
units and receipt of customer advances lead to higher-than-
expected cash inflow. The outlook may be revised to 'Negative' if
time or cost overrun in project or substantially low cash inflow
due to slower-than-expected ramp-up in customer bookings weakens
financial risk profile, especially liquidity.
Set up on December 11, 2012, as a partnership firm by Mr. Yatin
Mehta and Mr. Gauresh Mehta, SI develops real estate in
Ahmedabad.
In fiscal 2016, net profit was INR0.14 crore on an operating
income of INR7.51 crore.
SHREEJI AGRO: CARE Denotes Rating as B+/Issuer Not Cooperating
--------------------------------------------------------------
CARE Ratings has been seeking information from Shreeji Agro to
monitor the rating(s) vide e-mail communications/ letters dated
March 9, 2017, March 6, 2017 and 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. Furthermore, Shreeji Agro 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 ratings
on Shreeji Agro's bank facilities will now be denoted as CARE
B+/CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.74 CARE B+; ISSUER NOT
COOPERATING
Long-term/Short-
Term Bank
Facilities 3.50 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 ratings.
Detailed description of the key rating drivers
At the time of last rating in March 10, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths
* Experienced partners along with group support: Mr. Vimal Bhut
and Mr. Kaushik Patel have over a decade of experience in the
processing and trade of peanuts. Mr. Pintubhai Kalavadiya and Mr.
Prashant Kalavadiya are active directors at Fishfa Rubbers
Limited (FRL) [engaged in the manufacturing of butyl and natural
tube reclaim rubber], Fishfa World Trade Limited (FWTL) [entity
operating as a B2B online e-commerce platform for trade of
synthetic rubber and agro commodities (peanuts)] and Fishfa Agri
World Limited (FAWL) [engaged in the processing and trade of
peanuts]. Its other group entity, namely, Nano Agro Science Co-
operative Society Limited (NASCO) is engaged in the manufacturing
of bio fertilizers. Total turnover of these (four) entities stood
at INR143.22 crore during FY15 (refers to the period April 1 to
March 31), while net worth stood at INR24.12 crore as on March
31, 2015.
* Favourable growth prospects in the agro industry: Food grade
guar gum powder is used in food, pharmaceutical and cosmetic
industries and Industrial grade guar gum powder is used in paper,
mining and in the oil drilling industry. India and Pakistan are
major guar gum powder manufacturing countries in the world, and
guar gum powder is a derivate of guar a vegetable
which is also a part of daily food habit. The demand for agro
products is sustainable and accordingly, the guar farmers and
processors are relatively insulated from economic cycles.
Key Rating Weaknesses
* Short track record of operations: Manufacturing operations
were initiated from May 2014, i.e in 11 months of operations in
FY15, SA recorded a total operating income of INR4.11 crore. It
manufactures and sells gaur gum powder under the brand name
'Shreeji Agro' and fully exports the same. It recorded a PBILDT
of INR0.30 crore (PBILDT margin of 7.29%). During FY15, the
entity noted a net loss of INR0.85 crore and cash loss of INR
0.38 crore.
* Concentrated suppliers and customers: In FY15, around 75% of
its produce was exported to a single entity based in Russia,
about 20% to a single entity based in Germany and around 5% to a
single entity based in Japan. Top three suppliers of guar split
constitute approximately 90% of its total purchases thereby
reflecting concentrated customer and supplier base.
* Financial risk profile marked by weak profitability, leveraged
capital structure, weak debt protection indicators and stressed
liquidity position: During 11 months of operations in FY15, SA
reported cash loss of INR0.38 crore on a TOI of INR4.12 crore.
Its capital structure was leveraged indicated by a debt to equity
ratio of 3.67 times and an overall gearing of 5.39 times as on
March 31, 2015. Debt protection metrics such as interest coverage
ratio was at below unity level of 0.44 times in FY15. Liquidity
indicators were stressed indicated by a below unity current and
quick ratio of 0.91 times and 0.55 times as on March 31, 2015.
* Susceptibility to fluctuation in raw material prices and
presence in a highly regulated industry: SA is primarily engaged
in the manufacturing of guar gum powder. The product being an
agricultural output, its price is subject to intervention by the
government. The prices are also sensitive to seasonality in guar
production which is highly dependent on climatic conditions. Any
volatility in the guar prices will have an adverse impact on the
guar gum powder prices as well.
* Fragmented nature of industry and low entry barriers: SA
operates in lower segment of the value chain and faces stiff
competition from other players in the area. The commodity nature
of the product makes the industry highly fragmented with more
than two-third of the total number of players being in
unorganised sector with very less product differentiation.
Rajkot-based (Gujarat) Shreeji Agro (SA) was established as a
partnership firm as on June 15, 2012, to manufacture and sell
gaur gum powder under the brand name 'Shreeji Agro'. Gaur gum
finds application in the food, pharmaceutical, cosmetic and
textile industry. Actively managed by Mr. Vimal Bhut the entity
fully exports its produce to countries like Japan, Germany and
Russia. It has its current manufacturing facilities in Rajkot
with an installed capacity of 30 tonnes of powder per day.
SIVARAM YARNS: CRISIL Reaffirms 'D' Rating on INR15.5MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sivaram
Yarns Private Limited (SYPL) for obtaining information through
letters and emails dated November 21, 2016, December 22, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 15.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sivaram Yarns Private Limited.
This restricts CRISIL's ability to take a forward looking view on
the credit quality of the entity. CRISIL believes that the
information available for Sivaram Yarns Private Limited is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with Crisil B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL D'.
SYPL was set up in 2012 by Mr. Mediseeti Venkata Rattaiah and his
family members. The company manufactures cotton yarn, and its
spinning unit is located in East Godavari district (Andhra
Pradesh).
SOMNATH ENT: CARE Denotes as B+/Issuer Not Cooperating Rating
-------------------------------------------------------------
CARE Ratings has been seeking information from Somnath
Enterprises (SE) to monitor the rating 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 firm has not provided the requiste
information for monitoring the rating. In the absence of minimum
information required for the purpose of rating, CARE is unable to
express opinion on the rating. Further, SE 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 SE's bank facilities will now be denoted as CARE B+;
ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 9.35 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 April 28, 2016, the following were
the rating strengths and weaknessess:
Key Rating Strengths:
Experienced main partner with moderate track record of operations
SE is currently managed by Shri Surendra Kumar Agarwal and Smt.
Jaya Agarwal of Patna, Bihar. Shri Surendra Kumar Agarwal, the
Managing Partner, is aged about 69 years, having around twelve
years of experience in the automobile spare parts industry, looks
after the overall management of the firm with active support from
other partner and team of experienced personnel. Further, SE
commenced commercial operation since 2008 and accordingly has a
moderate track record of operations of around eight years.
Wide distribution network and increasing trend in sales
SE deals in distribution of automobile spare parts and
accessories through a chain of 300 sub distributors scattered
across various locations in the state of Bihar. Further, SE
covers districts like Patna, Darbhanga, Madhubani, Samastipur,
Araria, Katinagar and many other districts in the state of Bihar.
SE has witnessed a continuous increase in revenues over the past
three years on the back of continuously increasing demand of its
products in the market place .The firm reported sales of about
INR15.98 crore in FY13 which jumped to INR36.87 crore in FY15.
Further, during 9MFY16, the management has maintained to have
achieved total operating income of INR 38.52 crore.
Adequate warehousing arrangement
SE has four warehouses Patna which store all the automobile spare
parts products that SE deals in. The aggregate area of all the
warehouses is 23,690 sq. ft which is adequate for storing the
products. Further, the warehouses are well connected to their
respective channels of delivery.
Key Rating Weaknesses:
Partnership nature of constitution
SE, being a partnership firm, is exposed to inherent risk of the
partner's capital being withdrawn at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
the partners. Moreover, partnership firms have restricted access
to external borrowing as credit worthiness of partners would be
the key factors affecting credit decision for the lenders.
Small scale of operations with low profitability margin
SE is a relatively small player in the automobile spare parts
dealership industry having net sales and PAT of INR36.87 crore
and INR 0.32 crore respectively in FY15. The total capital
employed was also low at around INR9.03 crore as on March 31,
2015. Further, profitability levels and margin has been low for
SE in the last three years (FY13 to FY15) in view of lack of
economies in scale of operation, low margin trading nature of
business and intense competition from other authorized
spare parts dealers in the industry.
Risk of non renewal of dealership agreement from Escorts Ltd.
(EL), Mahindra & Mahindra Limited, Tata Motors Ltd. (TML), Bajaj
Auto Ltd. (BAL), Bosch Ltd. etc. SE has entered into a dealership
agreement for the automobile components with Escorts Ltd. (EL) in
May, 2014, Mahindra & Mahindra Limited (MML) in August, 2015,
Tata Motors Ltd. (TML) in July, 2015, Bajaj Auto Ltd. (BAL) in
July, 2015, Bosch Ltd. (BL) in July, 2015. Further, the entity
has entered into dealership agreements with few relatively
smaller entities also. The dealership agreement with EL is valid
till 2017, with MML till March, 2016, with TML till lifetime with
BAL till July, 2016 and with BL till March, 2016, after that the
operation will continue subject to renewal of the agreements,
completely at the discretion of the above mentioned companies and
which is guided by terms and conditions from these companies.
Further, the agreements may get terminated at any time on
violation of certain clauses.
Stiff competition due to fragmented nature of the industry with
presence of many unorganized players
The automotive components industry in which the company operates
is highly fragmented and competitive marked by the presence of
numerous players across India. Hence, the players in the industry
do not have any pricing power and are exposed to competition
induced pressures on profitability.
Working capital intensive nature of business
SE's business, being dealership of automobile parts is working
capital intensive mainly due to moderately high inventory period.
The average inventory holding period remained moderately high in
the range of 41-46 days during FY14-FY15 on the back of its
strategy to maintain trading stocks in its warehouse for supply
to its dealers as per requirements. The aforesaid reason led to
moderately high utilization of its bank limit at around 98%
during the last 12 months ended on Dec. 31, 2015.
High gearing ratio
Long term debt equity ratio remained comfortable at nil as on Mar
31, 2015 in absence of term debt as the term debt has fully been
repaid during the year. The overall gearing ratio albeit
remaining high at 2.67x as on Mar 31, 2015, improved continuously
as on the last three accounts closing dates on the back of
accretion of profits to capital and scheduled repayment of
vehicle loans in spite of continuous increase in cash credit
limit.
Somenath Enterprises (SE) was established as a partnership firm
in 2008 by Shri Surendra Kumar Agarwal (50% stake) and Smt. Jaya
Agarwal (50% stake), based out of Patna, Bihar. The firm is
engaged in trading of automobile components in the state of
Bihar. SE has entered into dealership agreement with Escorts Ltd.
(EL) in May, 2014, Mahindra & Mahindra Limited (MML) in August,
2015, Tata Motors Ltd. (TML) in July, 2015, Bajaj Auto Ltd. (BAL)
in July, 2015, Bosch Ltd. (BL) in July, 2015. Further, the entity
has entered into dealership agreements with few relatively
smaller entities also. Shri Surendra Kumar Agarwal, the Managing
Partner looks after the day to day operations of the entity.
In FY15 (refers to the period April 1 to March 31), the entity
achieved a total operating income of INR36.87 crore and PAT of
INR0.32 crore as against a total operating income of INR 27.62
crore and PAT of INR 0.27 crore in FY14. The management has
informed that it has achieved turnover of around INR38.52 cr.
till M9FY16.
SRE PARTHASARATHI: CRISIL Reaffirms 'B' Rating on INR13MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Sre
Parthasarathi Hotels Private Limited (SPHPL) for obtaining
information through letters and emails dated November 21, 2016,
December 22, 2016 and March 16, 2017, among others, apart from
telephonic communication. However, the issuer has remained non-
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Term Loan 13 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sre Parthasarathi Hotels
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Sre Parthasarathi
Hotels Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil B Rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at 'CRISIL B/Stable'.
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Sre Parthasarathi Hotels
Private Limited. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for Sre Parthasarathi
Hotels Private Limited is consistent with 'Scenario 1' outlined
in the 'Framework for Assessing Consistency of Information with
Crisil B Rating category or lower.' Therefore, on account of
inadequate information and lack of management co-operation,
CRISIL is reaffirming the rating at 'CRISIL B/Stable'.
SVASCA INDUSTRIES: CRISIL Reaffirms 'B' Rating on INR13MM Loan
--------------------------------------------------------------
CRISIL Ratings has been consistently following up with Svasca
Industries India Limited (SIL) for obtaining information through
letters and emails dated November 21, 2016, December 22, 2016 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8.5 CRISIL A4/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Cash Credit 13.0 CRISIL B/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Letter of Credit 7.5 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of Svasca Industries India
Limited. This restricts CRISIL's ability to take a forward
looking view on the credit quality of the entity. CRISIL believes
that the information available for Svasca Industries India
Limited is consistent with 'Scenario 1' outlined in the
'Framework for Assessing Consistency of Information with Crisil B
Rating category or lower.' Therefore, on account of inadequate
information and lack of management co-operation, CRISIL is
reaffirming the rating at 'CRISIL B/Stable/CRISIL A4'.
SIL, incorporated in 1996, is promoted by Mr. Shyam Tayal. It
manufactures transformers and transformer components at its
facilities in Rudrapur (Uttarakhand) and Faridabad (Haryana). The
company manufactures both power and distribution transformers
ranging from 6.3 kilovolt amperes to 20 megavolt amperes.
SWET CERAMIC: CRISIL Reaffirms B+ Rating on INR7MM LT Loan
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Swet Ceramic Private Limited
(SCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.5 CRISIL A4 (Reaffirmed)
Cash Credit 3 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 7 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect the company's large working
capital requirement and small scale of operations in the
fragmented tiles industry, its weak financial risk profile
because of modest networth, and constrained liquidity driven by
high bank limit utilisation. These weaknesses are partially
offset by promoters' experience and established relationships
with clients, healthy operating margin, and assured sales because
of tie-ups with ceramic companies.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in a fragmented industry: The company's small
scale is indicated by operating revenue of INR10.20 crore in
fiscal 2016 (operational only for 6 months). Revenue is expected
to improve over the medium term because of stabilisation of
operations.
* Working capital-intensive operations: Working capital
requirement should remain large, with receivables and inventory
of over 60 and 80 days, respectively. Though operations are
supported by payables, stretched working capital cycle will
constrain liquidity.
Strength
* Promoters' extensive experience: The promoters have extensive
experience in the ceramic industry and longstanding relationships
with customers and suppliers, which help manage working capital
cycle.
* Healthy operating margin: Profitability is supported by low
overhead expenses and fixed sales agreement with ceramic
companies.
Outlook: Stable
CRISIL believes SCPL will continue to benefit from its promoters'
extensive industry experience and will maintain healthy
profitability. The outlook may be revised to 'Positive' if
accrual is strong and working capital cycle improves. The outlook
may be revised to 'Negative' if decline in accrual; large, debt-
funded capital expenditure; or increase in working capital
requirement weakens the financial risk profile.
SCPL, based in Morbi, Gujarat, was incorporated in 2011. The
company is engaged in manufacturing of vitrified tiles. It is
promoted by Mr Hemrajbhai Bhalodiya, Mr Jayesh Bhalodiya, Mr
Trilokkumar Bhalodiya, and Mr Pintubhai Ghodasara.
For fiscal 2016, SCPL had a net loss of INR58 lakh on net sales
of INR10.20 crore.
T.A. SAMBANDAM: CRISIL Reaffirms B- Rating on INR5.22MM LT Loan
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with T.A.
Sambandam and Mr. T.S. Shanmugasundaram (TAS) for obtaining
information through letters and emails dated November 11, 2016,
and December 14, 2016, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 5.22 CRISIL B-/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Proposed Long Term 0.78 CRISIL B-/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of T.A. Sambandam and Mr. T.S.
Shanmugasundaram. This restricts CRISIL's ability to take a
forward looking view on the credit quality of the entity. CRISIL
believes that the information available for T.A. Sambandam and
Mr. T.S. Shanmugasundaram is consistent with 'Scenario 1'
outlined in the 'Framework for Assessing Consistency of
Information with Crisil B Rating category or lower.' Therefore,
on account of inadequate information and lack of management co-
operation, CRISIL is reaffirming the rating at 'CRISIL B-
/Stable'.
TAS is a proprietorship concern. It is constructing a 45,000-
square-feet warehouse and 10,500-square-feet commercial office
space at Thirumazhisai in Chennai.
=========
J A P A N
=========
TOSHIBA CORP: Public-Private Consortium May Bid for Chip Unit
-------------------------------------------------------------
The Japan Times reports that talks about forming a public-private
consortium to buy a major stake in Toshiba Corp.'s flash memory
business are underway, informed sources said on April 8.
The Japan Times relates that the idea is to secure around JPY500
billion from dozens of Japanese companies through a new
investment partnership to bid for an equity stake of over one-
third in the flash memory business. The bid would be made jointly
with Innovation Network Corp. of Japan, a state-backed investment
fund, and the state-owned Development Bank of Japan, the sources
said, the report relays.
The report says the purpose of the consortium would be to prevail
over foreign bidders. The most likely scenario sees these
Japanese investors joining forces with a U.S. firm or investment
fund that participated in the first round of the auction, the
report notes.
In the meantime, Toshiba Corp. received an offer amounting to
nearly JPY3 trillion (AUD27 billion) from Hon Hai Precision
Industry Co. of Taiwan in the first round of bidding, sources
close to the matter said on April 7, The Japan Times reports. Hon
Hai is also known as Foxconn.
The Japan Times says the offers signal that struggling Toshiba
could raise well over JPY2 trillion for the business, which is in
line with President Satoshi Tsunakawa's estimate.
The report relates that the sale will play an integral part in
Toshiba's plan to raise cash to offset the huge losses at
Westinghouse, its nuclear power business.
The financially strapped electronics and machinery conglomerate
is looking at the idea of selling a majority equity interest in
the flash memory unit, its main profit source, to raise funds to
cover the massive Westinghouse losses, according to the report.
In the first auction, which ended on March 29, about 10 foreign
companies placed bids, the report discloses.
Because there were no Japanese bidders at the auction, however,
the government grew concerned about allowing key Japanese
technologies that could be diverted to military use fall into the
hands of Chinese, Taiwanese or South Korean companies,
endangering national security, says The Japan Times.
Therefore, the government is seeking the participation of
domestic companies in Toshiba's second auction, the report
states.
The Japan Times, citing officials from the Japanese business
community, says potential investors in the public-private
consortium include rivals Fuji Film Holdings Corp. and Fujitsu
Ltd.
There are some within the government who are working on securing
a stake of over 50% via investments made only by Japanese
bidders, the report notes.
Since some companies are raising questions about the government's
approach, however, observers say it is uncertain whether the
government can achieve its aim, adds The Japan Times.
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.
=====================
P H I L I P P I N E S
=====================
ELP ALTER: BIR Shuts Down Company for PHP1.7MM Unpaid Tax Dues
--------------------------------------------------------------
RG Cruz at ABS-CBN News reports that the Bureau of Internal
Revenue (BIR) has shut down a clothes alteration company due to
tax liabilities of over PHP1.7 million.
ELP Alter Station's 17 branches around Metro Manila and Cavite
were ordered closed on April 7 by the tax bureau after the
company supposedly failed to register as a non-VAT (value-added
tax) payer and instead filed monthly percentage tax returns,
undervaluing its dues, ABS-CBN News relates.
The company's gross receipts in 2014 and 2015 showed that it had
exceeded the threshold to register as a VAT payer, pursuant to
the internal revenue code, the BIR said.
Its sales in 2014 stood at over P5 million, and over P7 million
in 2015, well above the VAT payer threshold of P1.9 million.
According to ABS-CBN News, BIR said it sent notices to the
company a year ago, in April and May 2016, regarding the
discrepancies, but that ELP failed to comply. This prompted the
BIR to issue a closure order against the firm, which has branches
in Quezon City, Para§aque City, Mandaluyong City, and Las Pinas
City in the metro, and Dasmarinas City and Imus in Cavite.
ABS-CBN News relates that BIR Regional Director Marina de Guzman
said she hopes the closure, part of the agency's "Oplan Kandado"
campaign, would serve as a wake-up call for other taxpayers to
comply with the law.
Alter Station may get the closure order lifted upon settlement of
its unpaid taxes within 5 days. Ms. De Guzman said the company
has promised to comply.
=================
S I N G A P O R E
=================
KS ENERGY: Chairman Kris Wiluan and Son Under CAD Probe
-------------------------------------------------------
The Strait Times reports that the executive chairman and chief
executive of KS Energy and his son, an executive director at the
offshore and marine company, are being investigated by
Singapore's white-collar crime buster.
According to the report, KS Energy said in a stock exchange
filing on April 9 that Mr. Kris Taenar Wiluan and his son Richard
James Wiluan had been interviewed by the Commercial Affairs
Department (CAD) in its investigations into a potential
contravention of Section 197 of the Securities and Futures Act,
which deals with false trading and market-rigging transactions.
The older Wiluan posted police bail and was released after his
interview while his son was released without requiring bail, the
report says.
"Both have informed the board that they have and will continue to
cooperate fully in the investigations, including granting access
to all their electronic data, IT equipment and data storage
devices from January 2015," said KS Energy, adding that it has
not been approached by the CAD regarding its investigations, the
report relays. It also said that the CAD has not revealed any
details to the board.
Both men said they would keep the board updated on the progress
of the investigations, The Strait Times reports.
The company will also make further announcements, as and when
necessary, the report adds.
The Strait Times says KS Energy executive chairman Kris Taenar
Wiluan posted bail and was released after being interviewed.
Meanwhile, the business operations of the group are continuing as
usual, the report states.
Earlier this month, the company disclosed that its independent
auditors from KPMG had flagged "material uncertainty related to
going concern" in relation to its 2016 financial statements, The
Strait Times recalls.
According to The Strait Times, the auditors noted three issues of
going concern:
* the group made a net loss of AUD126.3 million, with the group
and company's current liabilities exceeding current assets
by AUD88.2 million and AUD99.5 million, respectively;
* the group's convertible bonds of AUD61.6 million and
short-term borrowings from a shareholder of AUD13.3 million
are subject to restructuring; and
* the group has a capital commitment of AUD244.8 million for an
asset under construction that is due for delivery on Dec 31.
Singapore-based KS Energy Limited is an energy services provider
to the global oil and gas ("O&G"), marine and petrochemical
industries. The Company's core activities are distribution of
parts components, capital equipment charter and provision of
drilling and rig management services.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: NPS to Decide on Debt Rescheduling This Week
-----------------------------------------------------------------
Yonhap News Agency reports that the National Pension Service, the
largest holder of bonds sold by troubled Daewoo Shipbuilding &
Marine Engineering Co., will decide this week on whether to
accept a debt rescheduling for the shipyard, industry sources
said on April 10.
The NPS holds about 30%, or KRW389 billion (AUD342 million), out
of KRW1.35 trillion worth of corporate bonds issued by Daewoo
Shipbuilding, Yonhap discloses.
In particular, the NPS holds about 45% of KRW440 billion worth of
the bonds maturing on April 21, says Yonhap.
Unless the NPS accepts a debt-for-equity swap and other debt
rescheduling measures, a rescue package for Daewoo Shipbuilding
may fall through, the report notes.
The Troubled Company Reporter-Asia Pacific, citing Yonhap News
Agency, reported on March 24, 2017, that South Korea's state-run
creditors of Daewoo Shipbuilding & Marine Engineering Co. said it
will provide a fresh rescue package worth KRW6.7 trillion
(USAUD5.98 billion) to the ailing shipbuilder, but only if all
stakeholders agree to a painful debt-for-equity swap plan. The
huge rescue measures, proposed by the state-run Korea Development
Bank and Export-Import Bank of Korea, are the second round of
bailout for the shipbuilder that has been suffering severe
liquidity problems over heavy losses from offshore projects.
Under the rescue packages, Daewoo Shipbuilding will receive new
loans worth KRW2.9 trillion, if lenders and bondholders agree to
swap KRW2.9 trillion of debts for new shares in the shipbuilder,
according to Yonhap. The rescue package also included a three-
to-five year grace period for unsecured loans worth KRW900
billion.
Yonhap relates that the NPS, other key debt holders and
commercial lenders are urging the state-run Korea Development
Bank (KDB) and the Export-Import Bank of Korea to offer more
favorable conditions for them, claiming that the rescue package
is largely in favor of the state banks.
So far, the KDB has been reluctant in making compromises with
commercial lenders and bondholders on some sticky issues, the
report states.
Yonhap says the NPS' stance is very crucial because other
corporate bondholders are widely expected to follow the state
fund's steps.
According to Yonhap, bondholders are set to hold a two-day
meeting where they will decide whether to accept the debt
rescheduling for the world's largest shipyard by order backlog.
Yonhap relates that the KDB-led creditors are threatening to
implement a harsher plan for Daewoo Shipbuilding that will
eventually lead to more losses for bondholders if the proposed
rescue plan is not approved.
The KDB said nonstate lenders will present a written pledge this
week for the debt rescheduling that they will swap 560 billion
won worth of loans into Daewoo Shipbuilding's stocks and allow
the shipyard to postpone the repayment of some 140 billion won by
three years, Yonhap notes.
About Daewoo Shipbuilding
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
(USAUD1.44 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% on-year to reach KRW12.74
trillion.
LEO MOTORS: Delays Filing of Form 10-K
--------------------------------------
Leo Motors, Inc. filed a Form 12b-25 with the Securities and
Exchange Commission notifying the delay in the filing of its
annual report on Form 10-K for the year ended Dec. 31, 2016.
The Company said it has encountered a delay in assembling its
financial statements and as a result, timely filing of the Form
10-K has become impracticable without undue hardship and expense
to the Company.
About Leo Motors
Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.
In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of AUD4.5
million. During the 2012 year the Company had a net non operating
income largely from the result of the forgiveness of debt for
AUD1.3 million.
Leo Motors reported a net loss of USAUD4.49 million on USAUD4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of USAUD4.48 million on USAUD693,000 of revenues for
the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Leo Motors had USAUD8.27 million in total
assets, USAUD6.48 million in total liabilities and USAUD1.43
million in total equity.
John Scrudato CPA, in Califon, New Jersey, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015, citing that the Company has
incurred significant accumulated deficits, recurring operating
losses and a negative working capital. This and other factors
raise substantial doubt about the Company's ability to continue
as a going concern.
===========
T A I W A N
===========
YANG MING: Annual Loss Widens to TWD14.91 Billion in 2016
---------------------------------------------------------
American Shipper reports that Yang Ming Marine Transport saw its
losses more than double during a tumultuous 2016, according to
the company's latest filing with the Taiwan Stock Exchange.
According to American Shipper, the Taipei-listed firm reported a
loss of TWD14.91 billion for the full year in 2016 compared with
TWD6.46 billion the previous year.
Yang Ming's loss per diluted share (EPS) widened from TWD2.24 in
2015 to TWD9.22 per share as revenues dropped 9.5% year-over-year
to TWD115.4 billion in 2016.
Although the company does not comment publicly on its financial
results, 2016 was a brutal year for the ocean shipping industry
in general, American Shipper notes. Overcapacity on the major
global trade lanes led to a bottoming out of freight rates,
culminating in heavy losses and consolidation via mergers,
acquisitions and the largest bankruptcy in industry history,
according to American Shipper.
Despite analyst speculation, however, Yang Ming has remained
steadfast in its position that a merger or acquisition by a
larger firm is not on the table, American Shipper says.
According to American Shipper, a report issued in January by the
investment research arm of consulting firm Drewry, for example,
expressed concern about the company's high level of debt, leading
some analysts to compare its situation to that of now defunct
South Korean ocean carrier Hanjin Shipping, which has been
liquidated after filing for court receivership back in
August 2016. The report noted that Yang Ming has accumulated
distributable losses of TWD38.4 billion since 2009, American
Shipper relates.
Yang Ming responded by saying that although the company "has not
been immune to the ongoing challenges the entire shipping
industry has experienced this past year," it has "proactively
reorganized internally to effectively reduce its operating
costs," according to American Shipper.
American Shipper relates that the company said comparing Yang
Ming to its competitors would be misleading due to its unique
ownership structure and the "unwavering support" of the Taiwanese
government. Yang Ming is majority owned by the Taiwan Ministry of
Transport and Communication (MOTC) of the Republic of China
(Taiwan) and, as such, has access to a massive AUD1.9 billion aid
package announced in November 2016.
"We do not think Yang Ming is in a similar situation [to Hanjin],
but we are worried about the company's debt metrics," Drewry said
in the report, adding that since Hanjin's collapse, Yang Ming now
has the most leveraged balance sheet in the ocean shipping
industry, American Shipper relays.
"We believe the company will continue to be supported from the
government should its financial conditions worsen and do not see
a solvency event for the company," Drewry, as cited by American
Shipper, said. "YMM will however have to raise cash through a
combination of asset sales, sale-leasebacks, fresh equity and
bring the debt levels down."
Yang Ming Marine Transport Corp. -- http://www.yangming.com/--
is a Taiwan-based company principally engaged in shipping
business. The Company operates its businesses primarily through
the provision of domestic and overseas marine shipment services,
domestic and overseas marine passenger services, warehouse, pier,
tug boat, barge, container freight station and terminal
operations, maintenance and repairs, chartering, sales and
purchase of ships, maintenance and repairs, lease, sale and
purchase of containers as well as chassis, shipping agency, as
well as ocean freight forwarding services, among others. The
Company operates various ship routes, such as Asia- North
America, North America-South America, Asia-Northwest Europe,
Asia-Mediterranean, Asia-Black Sea, as well as Intra-Asia, among
others.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 3 to April 7, 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 USAUD775 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 USAUD25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***