/raid1/www/Hosts/bankrupt/TCRAP_Public/170418.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 18, 2017, Vol. 20, No. 76
Headlines
A U S T R A L I A
CESSNOCK EX-SERVICES: First Creditors' Meeting Set for April 24
DAMAR CONSTRUCTIONS: Second Creditors' Meeting Set for April 26
DOVER FISHERIES: Second Creditors' Meeting Set for April 26
DUKE CONTRACTING: Second Creditors' Meeting Set for April 26
M. WEBSTER: Myer Buys Marcs and David Lawrence Brands
NRT (WA): Second Creditors' Meeting Set for May 1
PEABODY ENERGY: Provides Update on Effects of Cyclone Debbie
PIE FACE: United Petroleum Buys Food Chain
R AND R POULTRY: First Creditors' Meeting Set for April 21
C H I N A
CHINA COMMERCIAL: Reports $1.98 Million Net Loss for 2016
CHINA HUISHAN: Minsheng Confirms CNY1 Bil. in Outstanding Loans
DR PENG: Moody's Assigns First-Time Ba2 CFR; Outlook Stable
GOLDEN EAGLE: S&P Affirms 'BB-' Long-Term CCR; Outlook Stable
MODERN LAND: Fitch Affirms B+ IDR; Outlook Stable
SOHO CHINA: Moody's Withdraws Ba3 CFR; Outlook Negative
XINJIANG GUANGHUI: Moody's Assigns B3 Rating to USD300M Sr. Notes
YANZHOU COAL: Moody's Revises Outlook to Stable; Affirms B2 CFR
H O N G K O N G
ROAD KING: Separate Listing of Unit No Impact Moody's B1 CFR
I N D I A
ADVANCED MINING: CRISIL Reaffirms 'D' Rating on INR101MM LT Loan
ANDHRA PRADESH: CRISIL Lowers Rating on INR900MM Cash Loan to B-
ASIAN IMPEX: CARE Lowers Rating on INR7.50cr LT Loan to 'D'
BALA BALAJI: CRISIL Assigns 'D' Rating to INR5MM Cash Loan
BALRAM COTEX: CARE Assigns 'B+' Rating to INR6.91cr LT Loan
BHASMEY POWER: CARE Lowers Rating on INR285.34cr Loan to 'D'
BS LIMITED: CARE Downgrades Rating on INR746.58cr Loan to B
CADCHEM LABORATORIES: CARE Cuts Rating on INR9.48cr Loan to B+
CANOPY ESTATES: CRISIL Lowers Rating on INR30MM LT Loan to 'D'
DARP CONSTRUCTION: CRISIL Assigns 'D' Rating to INR15MM Term Loan
DHARMAVARAM MUNICIPALITY: CRISIL Assigns B+ Corp. Credit Rating
ENN TEE: CARE Denotes Rating to B+ Issuer Not Cooperating
EPLUS PROJECTS: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
FRIENDS INT'L: CARE Denotes Rating to B+ Issuer Not Cooperating
FRISCO FOODS: CRISIL Lowers Rating on INR9.6MM Term Loan to B+
G. R. MULTIFLEX: CRISIL Reaffirms B Rating on INR1.68MM Loan
GLOBETECH MEDICARE: CARE Issues B+ Issuer Not Cooperating Rating
GRAND HIRA: CARE Lowers Rating on INR15cr LT Loan to 'D'
H. K. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5MM Loan
HALDIA STEELS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
HERCULES HOSPITALITIES: Ind-Ra Assigns B Long-Term Issuer Rating
J B PUBLISHING: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
JAY KHODIYAR: CRISIL Raises Rating on INR7.95MM Cash Loan to B+
JOYRAMCHAK BANDHAB: CARE Assigns B+ Rating to INR5cr LT Loan
M. M. PATEL: CRISIL Reaffirms B+ Rating on INR115MM Loan
M. M. POLYMERS: CRISIL Reaffirms B+ Rating on INR6MM LT Loan
MAHALAXMI ROLLER: CARE Assigns 'B+ Issuer Not Cooperating' Rating
MAHALAXMI DHATU: CRISIL Reaffirms B+ Rating on INR12MM Loan
MITTAL GLOBAL: CRISIL Raises Rating on INR9MM Cash Loan to BB-
MTAR TECHNOLOGIES: CRISIL Reaffirms 'C' Rating on INR30MM Loan
NAINITAL MOTORS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
NILE OVERSEAS: CARE Reaffirms B+ Rating on INR15cr LT Loan
OMAR COLD: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
ONYX TECHNO: CRISIL Assigns B+ Rating to INR1.75MM Cash Loan
PARAMOUNT BLANKETS: CARE Issues B+ Issuer Not Cooperating Rating
RAMKUMAR MILLS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
REX CERAMIC: CRISIL Reaffirms B+ Rating on INR6.0MM Term Loan
SALT RANGE: CRISIL Assigns 'B' Rating to INR8.5MM LT Loan
SARATHY MOTORS: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
SENTHIL PAPERS: CARE Reaffirms 'D' Rating on INR172.38cr Loan
SHAKTI INDUSTRIES: CRISIL Puts B Rating on 'Notice of Withdrawal'
SHIRAGUPPI SUGAR: CARE Lowers Rating on INR196.16cr Loan to D
SHREEJI FIBRE: CARE Denotes Rating to B- Issuer Not Cooperating
SHRI BALAJI: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
SHRI MAHARANA: CRISIL Reaffirms 'B' Rating on INR5.9MM Loan
SONIC THERMAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SOUTH EAST: Ind-Ra Lowers Rating on INR37.13BB Bank Loans to 'D'
SRI GAYATHRI: CRISIL Assigns 'B' Rating to INR5MM LT Loan
SRI KANYA: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
SRI SHYAM: CARE Denotes Rating to B+ Issuer Not Cooperating
SRI VENKATESWARA: CRISIL Reaffirms D Rating on INR15MM LT Loan
SURBHI INDUSTRIES: CRISIL Reaffirms B Rating on INR6.0MM Loan
THRIVE SOLAR: CRISIL Downgrades Rating on INR17MM Loan to 'D'
TIRUPATI NIRYAT: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
TRIMURTI FLOUR: Ind-Ra Assigns 'D' Long-Term Issuer Rating
TUF METALLURGICAL: CRISIL Cuts Rating on INR40MM Loan to 'B'
VAIBHAVLAXMI SPINTEX: CRISIL Assigns 'B' Rating to INR48MM Loan
VASUDHA AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
VATIKA TRACOM: CRISIL Raises Rating on INR8MM Cash Loan to BB
VEEKAY POLYCOATS: CRISIL Reaffirms 'D' Rating on INR66.5MM Loan
VINOD ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR6.0MM Loan
WALFS INFRA: CRISIL Assigns 'B' Rating to INR120MM Term Loan
YAVATMAL MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
* INDIA: Sets Rules to Push Struggling Banks to Combine w/ Rivals
I N D O N E S I A
PELABUHAN INDONESIA: Fitch Cuts Standalone Rating to 'BB'
J A P A N
TOSHIBA CORP: Puts Temporary Hold on Memory Chip Sale Process
TOSHIBA CORP: Apple May Help with Chip Unit Investment
TOSHIBA CORP: Selects Four Overseas Bidders for Chip Unit
N E W Z E A L A N D
INTUERI EDUCATION: SFO Drops Probe Into Defunct Quantum Unit
P H I L I P P I N E S
RURAL BANK OF GOA: Claims Deadline Set for March 18, 2019
S I N G A P O R E
RICKMERS MARITIME: Winds Up After Failure to Reach Restructuring
S O U T H K O R E A
DAEWOO SHIPBUILDING: Pension Fund Agrees to Debt Restructuring
KUMHO TIRE: KDB-Led Creditors to Proceed With Sale as Scheduled
X X X X X X X X
* BOND PRICING: For the Week April 11 to April 14, 2017
- - - - -
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A U S T R A L I A
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CESSNOCK EX-SERVICES: First Creditors' Meeting Set for April 24
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Cessnock
Ex-Services' Club Ltd, trading as Kurri Kurri Workers Club will
be held at the Cessnock Ex-Services Club, 201 Vincent Street, in
Cessnock, NSW, on April 24, 2017, at 12:00 p.m.
Gregory Alexander Russell of Russell Corporate Advisory was
appointed as administrator of Cessnock Ex-Services on April 11,
2017.
DAMAR CONSTRUCTIONS: Second Creditors' Meeting Set for April 26
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Damar
Constructions Pty Ltd has been set for April 26, 2017, at 11:00
a.m., at the offices of Mackay Goodwin, Suite 2, Level 8, 10
Bridge Street, in Sydney, NSW.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 24, 2017, at 4:00 p.m.
Domenico Alessandro Calabretta and Grahame Robert Ward of Mackay
Goodwin were appointed as administrators of Damar Constructions
on March 10, 2017.
DOVER FISHERIES: Second Creditors' Meeting Set for April 26
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Dover
Fisheries Pty Ltd has been set for April 26, 2017, at 11:00 a.m.,
at the offices of Meertens Chartered Accountants, Level 10, 68
Grenfell Street, in Adelaide, SA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 24, 2017, at 3:00 p.m.
Austin R M Taylor and Robert W J Naudi of Meertens were appointed
as administrators of Dover Fisheries on March 2, 2017.
DUKE CONTRACTING: Second Creditors' Meeting Set for April 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of Duke
Contracting Australia Pty Ltd has been set for April 26, 2017, at
11:00 a.m., at the offices of Level 31, Waterfront Place, 1 Eagle
Street Brisbane, Queensland.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 24, 2017, at 5:00 p.m.
Darryl Kirk and Bruno A Secatore of Cor Cordis Chadwick were
appointed as administrators of Duke Contracting on March 10,
2017.
M. WEBSTER: Myer Buys Marcs and David Lawrence Brands
-----------------------------------------------------
Emma Koehn at SmartCompany reports that Myer has reportedly
stepped in to rescue troubled fashion brands Marcs and David
Lawrence after the labels' parent company collapsed into
voluntary administration in February.
SmartCompany relates that the department store announced in a
statement on April 13 it has purchased the intellectual property,
brand names and existing inventory from the brands'
administrators for an undisclosed sum, after a two-month search
for a potential buyer and the closure of a number of Marcs and
David Lawrence stores across Australia and New Zealand.
Myer's chief merchandise and customer officer Daniel Bracken told
Fairfax the company stepped two weeks ago when it became obvious
no other buyer was emerging for the brands, SmartCompany relays.
"These brands are very very successful brands at Myer, both are
considered part of our wanted brands strategy and both are highly
productive (with high sales per square metre)," the report quotes
Mr. Bracken as saying. Myer is continuing to change is
merchandise mix as it executes chief executive Richard Umbers'
plan to move to a more concession-oriented fashion model
including more mid and high end brands, SmartCompany states.
At the time of the brands' collapse in February, the sole
director of the companies that owned the Marcs and David
Lawrence, Malcolm Webster, told administrators "deteriorating
sales conditions" and poor cashflow had caused issues for the
fashion labels, according to SmartCompany.
Retail experts told SmartCompany at the time both labels had
struggled with the entrance of global fast fashion retailers like
Zara and Uniqlo into the Australian market, and were perhaps too
cautious about scaring off their traditional client bases when
the time came to pivot towards new shoppers.
Prior to the appointment of administrators, there were 52
standalone Marcs and David Lawrence stores operating across
Australia and New Zealand, as well as a number of concession
stands within Myer and David Jones, SmartCompany discloses.
Administrators started closing stores in mid-February in
preparation for a potential sale, and by March, administrators
Rodgers Reidy had announced the New Zealand operations would
close by the end of April, SmartCompany says.
Fairfax said the deal does not include current Marcs and David
Lawrence storefronts and leases, adds SmartCompany.
About Marcs and David Lawrence
Retail fashion labels Marcs and David Lawrence has 52 standalone
stores, 11 outlets and over 140 concession stores operating out
of Australia and New Zealand.
In Australia, the Companies employ approximately 1,130 staff. 640
staff are employed on a casual basis, approximately 260 staff are
employed on a full-time basis and 230 on a part-time basis. There
are 10 stores in New Zealand employing 42 staff.
As reported in the Troubled Company Reporter-Asia Pacific on
Feb. 3, 2017, The Sydney Morning Herald said high-profile
Australian fashion labels Marcs and David Lawrence have collapsed
under debts of close to AUD30 million, including close to AUD3
million in worker entitlements and a AUD700,000 debt to the tax
office.
The combined companies that operate retail fashion labels in
Australia and New Zealand appointed Voluntary Administrators on
Feb. 1, 2017.
Pursuant to resolutions passed by the sole director of the
Companies on Feb. 1, 2017:
* Geoffrey Reidy and Andrew Barnden, Directors of Rodgers
Reidy, were appointed as Voluntary Administrators to
M. Webster Holdings Pty Limited and Webster Asset Pty
Limited; and
* Andrew Barnden and Paul Vlasic, a Director at Rodgers
Reidy's Auckland office, were appointed as Voluntary
Administrators to M. Webster Holdings (NZ) Limited.
The Companies' sole director, Mr. Malcolm Webster, has informed
the Administrators that the appointment of administrators was
necessary due to factors including deteriorating sales, general
market conditions and poor cash flow.
NRT (WA): Second Creditors' Meeting Set for May 1
-------------------------------------------------
A second meeting of creditors in the proceedings of NRT (WA) Pty
Ltd, formerly trading as "No Regrets Training" has been set for
May 1, 2017, at 2:00 p.m., at the offices of HLB Mann Judd
(Insolvency WA), Level 3, 35 Outram Street, in West Perth, WA.
The purpose of the meeting is (1) to receive the report by the
Administrator about the business, property, affairs and financial
circumstances of the Company; and (2) for the creditors of the
Company to resolve whether the Company will execute a deed of
company arrangement, the administration should end, or the
Company be wound up.
Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 28, 2017, at 5:00 p.m.
Kimberley Stuart Wallman of HLB Mann Judd was appointed as
administrator of NRT (WA) Pty on March 16, 2017.
PEABODY ENERGY: Provides Update on Effects of Cyclone Debbie
------------------------------------------------------------
Peabody Energy provided an update on effects of Cyclone Debbie in
Australia on the logistics chain related to the company's
metallurgical coal mines in Queensland, following the
announcement earlier on April 3 by the third-party rail provider
serving the region.
While Peabody's mines have recommenced operations, outages of the
rail system are preventing coal shipments from mine to port. Rail
services provider Aurizon announced April 13 that initial
assessments indicate that recovery of the Goonyella system, which
connects Bowen Basin mines to the Dalrymple Bay Coal Terminal and
Hay Point Coal Terminal, is expected to take approximately five
weeks.
Peabody noted that it is still too early to assess impacts on
volume and results, as well as any effects on second quarter
price negotiations with metallurgical coal customers. Queensland
accounts for more than half of the world's seaborne metallurgical
coal supplies.
About Peabody Energy Corporation
Headquartered in St. Louis, Missouri, Peabody Energy Corporation
-- http://www.PeabodyEnergy.com/-- claims to be the world's
largest private-sector coal company. As of Dec. 31, 2014, the
Company owned interests in 26 active coal mining operations
located in the United States (U.S.) and Australia. The Company
has a majority interest in 25 of those mining operations and a
50% equity interest in the Middlemount Mine in Australia. In
addition to its mining operations, the Company markets and
brokers coal from other coal producers, both as principal and
agent, and trade coal and freight-related contracts through
trading and business offices in Australia, China, Germany, India,
Indonesia, Singapore, the United Kingdom And the U.S.
Peabody posted a net loss of $1.988 billion for 2015, wider from
the net loss of $777 million in 2014 and the $513 million net
loss in 2013.
At Dec. 31, 2015, the Company had total assets of $11.02 billion
against $10.1 billion in total liabilities, and stockholders'
equity of $919 million.
On April 13, 2016, Peabody Energy Corp. and 153 affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code. The 154 cases are jointly administered
before the Honorable Judge Barry S. Schermer under (Bankr. E.D.
Mo. Case No. 16-42529).
As of the Petition Date, PEC has approximately $4.3 billion in
outstanding secured debt obligations and $4.5 billion in
outstanding unsecured debt obligations.
The Debtors tapped Jones Day as general counsel; Armstrong,
Teasdale LLP as local counsel; Lazard Freres & Co. LLC and
investment banker Lazard PTY Limited as investment banker; FTI
Consulting, Inc., as financial advisors; and Kurtzman Carson
Consultants, LLC, as claims, ballot and noticing agent.
The Office of the U.S. Trustee on April 29, 2016, appointed seven
creditors of Peabody Energy Corp. to serve on the official
committee of unsecured creditors. The Committee retained Morrison
& Foerster LLP as counsel, Spencer Fane LLP as local counsel,
Curtis, Mallet-Prevost, Colt & Mosle LLP as conflicts counsel,
Blackacre LLC as its independent expert, and Berkeley Research
Group, LLC, as financial advisor.
PIE FACE: United Petroleum Buys Food Chain
------------------------------------------
Eloise Keating at SmartCompany reports that Pie Face could be
given a new lease on life, after petrol station operator United
Petroleum bought the food chain for an undisclosed sum.
United Petroleum, which operates almost 400 outlets across
Australia, said on April 13 it plans to grow the Pie Face chain,
after buying the brand's intellectual property and retail network
from receivers O'Brien Palmer, according to SmartCompany.
SmartCompany says there are around 30 Pie Face stores in
operation, after the receivers closed 11 company-owned stores in
late 2016.
SmartCompany notes that the pie chain was at one time operating
70 company-owned and franchised stores, but fell into voluntary
administration in 2014. The business was restructured and emerged
from voluntary administration in early 2015 with around 50
stores.
However, insolvency firm O'Brien Palmer was appointed to one of
the embattled food chain's entities, Pie Face Pty Ltd, in
October 2016 by the business' primary funder, TCA Global Credit
Master Fund, the report says.
According to SmartCompany, Pie Face chief executive Bruce
Feodoroff will stay in his role under the deal with United
Petroleum, which says it wants to provide certainty for
franchisees and the company's 80 employees.
Fairfax reported the deal does not include the Pie Face central
kitchen that supplies products to Pie Face franchises,
SmartCompany relays. The kitchen will continue to be operated by
receivers O'Brien Palmer for up to 12 months before it is sold.
SmartCompany, citing news.com.au, says the deal could also see
Pie Face products sold in United Petroleum outlets.
SmartCompany relates that United Petroleum chief executive Gary
Brinkworth said in a statement the company had identified
"tremendous value" in the Pie Face brand and that it would fit
with United's plans for "achieving scale by expanding into new
categories".
"United is a financially strong Australian business with a
strategy in place to ensure Pie Face's successful future," the
report quotes Mr. Brinkworth as saying.
United Petroleum said the sale is expected to be finalised
shortly, adds SmartCompany.
About Pie Face
Pie Face offers premium handmade sweet and savoury pies,
pastries, cakes, muffins, coffee and other lunch options.
The Company launched in Sydney in 2003 and had 89 stores across
Australia, the United States and New Zealand.
Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland
were appointed as Joint Administrators of Pie Face Holdings Pty
Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on
Nov. 21, 2014.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie
Face's secured creditors, late in November 2014 appointed Ferrier
Hodgson partners Steve Sherman and Peter Gothard as receivers to
a number of key Pie Face assets.
R AND R POULTRY: First Creditors' Meeting Set for April 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of R and R
Poultry Pty. Ltd. will be held at the offices of Pilot Partners,
Level 10, 1 Eagle Street, in Brisbane, Queensland, on April 21,
2017, at 10:00 a.m.
Nigel Markey and Ann Fordyce of Pilot Partners were appointed as
administrators of R and R Poultry on April 11, 2017.
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C H I N A
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CHINA COMMERCIAL: Reports $1.98 Million Net Loss for 2016
---------------------------------------------------------
China Commercial Credit, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing a
net loss of US$1.98 million on US$1.29 million of total interest
and fee income for the year ended Dec. 31, 2016, compared to a
net loss of US$61.26 million on US$2.98 million of total interest
income for the year ended Dec. 31, 2015.
As of Dec. 31, 2016, China Commercial had US$21.21 million in
total assets, US$18.99 million in total liabilities and US$2.21
million in total shareholders' equity.
The Company has suffered an accumulated deficit of US$70.23
million as of Dec. 31, 2016. In addition, the Company had working
capital (total consolidated current assets exceeding total
consolidated current liabilities) of US$2.33 million as of
Dec. 31, 2016. As of Dec. 31, 2016, the Company had cash and cash
equivalents of US$768,501, and total short-term borrowings of US$
nil.
Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2016, citing that the
Company has accumulated deficit that raises substantial doubt
about its ability to continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/aWdPi7
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
CHINA HUISHAN: Minsheng Confirms CNY1 Bil. in Outstanding Loans
---------------------------------------------------------------
The South China Morning Post reports that Minsheng Bank has
revealed outstanding loans worth CNY1 billion (US$144 million)
with troubled north China-based Huishan Dairy.
According to the report, the bank suspended any new credit to the
company last December, after noticed the dairy producer had run
into problems, it said on April 7, although it insisted Huishan
and its related companies had not yet defaulted on paying any
debt interest payments.
"Minsheng Bank noticed last December that Huishan Dairy had
problems after over-quick credit growth, at the same time as a
slowdown in business growth.
"Based on our on-site research and investigation, the bank has
added risk control measures, such as increasing its collateral
buffer," Minsheng said in a statement, SCMP relays.
Of the outstanding amounts, CNY700 million was been issued to
Huishan Dairy by Minsheng's Shenyang branch, while the other
CNY300 million was issued by its Hong Kong branch to Huishan's
biggest shareholder, Guanfeng Co, using a stake pledge as
collateral, the report discloses.
SCMP notes that Hong Kong listed, Huishan Dairy saw its share
price plummet 85% within a few hours on March 24, a day after its
top executives held an emergency meeting to discuss capital
shortages, and repaying its CNY11 billion worth of debt.
It has been reported in the mainland that 70 institutions are
exposed to more than CNY12 billion worth of loans to Huishan,
including 23 commercial banks, and non-banking financial
institutions including peer-to-peer lending platforms and
financial leasing firms, according to SCMP. Beijing Youth Daily
quoted the figures from a document obtained from a creditors'
meeting held by the Liaoning provincial government's financial
department, SCMP says.
SCMP relates that Ping An bank announced on March 25 that its
outstanding loans to Guanfeng were worth HK$2.1 billion (US$270
million), based on collateral of 3.4 billion shares in Huishan
Dairy. However, the value of those pledged shares has fallen to
HK$1.4 billion, based on a stock price of 42 Hong Kong cents,
after trading in its stock was suspended after the 85 per cent
plunge rout.
Adding to the company's woes, the head of its treasury has gone
missing, and four of its directors have resigned from their
posts, SCMP notes.
Lead shareholder Yang Kai, who controls Guanfeng Co, sold off
part of his stake for CNY87 million on the day of the share
plunge, without saying whether the selling was forced, the report
adds.
About China Huishan
China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.
DR PENG: Moody's Assigns First-Time Ba2 CFR; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service has assigned a Ba2 corporate family
rating to Dr. Peng Telecom & Media Group Co., Ltd.
This is the first time that Moody's has assigned a rating to Dr.
Peng.
The rating outlook is stable.
RATINGS RATIONALE
"The Ba2 rating reflects Dr. Peng's ownership of a last mile
broadband network, as well as the company's predictable revenue
for broadband internet access," says Lina Choi, a Moody's Vice
President and Senior Credit Officer. "Such revenue will grow
steadily, as the company offers more value-added services to its
existing subscriber base of 13 million customers."
"Dr. Peng's early entry into China's fixed line broadband market
helped the company build a sustainable entry barrier, allowing it
to grow its subscriber base while managing well its capital
intensity and maintaining healthy profit margins," adds Choi.
Based on the publicly available financial information of listed
operators, Dr. Peng is the largest private telecommunications
operator in China (Aa3 negative) - as measured by revenue - that
provides broadband internet access, value added
telecommunications services and applications services.
Dr. Peng reported RMB8.8 billion in total revenue in 2016, which
Moody's expects will grow to RMB12.6 billion in 2018. At the same
time, the company's reported EBITDA should grow to around RMB3.6
billion from around RMB3.0 billion over the same period.
The predictable revenue growth will be driven by its large last
mile network coverage, Moody's expectations that existing
broadband subscribers will upgrade their network speed and
consume more value-added content services, as well as the
company's strategy to provide application, storage and other
services for corporate users.
Dr. Peng has built a fiber-based last mile broadband access
network covering 211 cities across 26 provinces in China. At end-
2016, the company had 13 million contracted broadband
subscribers, each generating an average RMB600 in subscription
revenues every year. Moody's expects that this revenue stream
will grow steadily over the next 12-18 months, as lower pure
access fees are offset by revenues from value-added services.
Over the last two years, Dr. Peng started offering virtual
private network, data center, application and mobile virtual
network services. These services accounted for 11% of total
revenue in 2016. The company also has plans to grow its business
scope via domestic and overseas acquisitions.
Moody's expects that Dr. Peng will continue to expand these
corporate service offerings and cross sell its mobile resale
services to its existing broadband user base. Moody's estimates
that Dr. Peng's non-broadband services - including acquired
businesses - will contribute around 25% of total revenue in 2018.
The rating also reflects Dr. Peng's solid financial profile, as
seen by its moderate capital intensity, healthy EBITDA margins of
around 30%, strong cash flows, as well as its low leverage, as
measured by adjusted debt/EBITDA below 1.0x at end-2016. Moody's
expects that the company will maintain its debt leverage at
around 2.0x over the next 12-18 months, even after incorporating
its debt issuance.
Dr. Peng's liquidity is strong. It held RMB2.6 billion in cash
and cash like assets on hand at December 31, 2016, and generated
annual operating cash inflow of RMB4.0-RMB4.5 billion. Such
strong cash holdings and ability to generate cash should provide
Dr. Peng sufficient liquidity to meet its short-term debt and
other short-term liabilities, and Moody's expected capital
expenditure of RMB2.8-RMB3.3 billion.
Moody's points out that Dr. Peng's rating also incorporates: (1)
the competition that it faces from well-sourced and large rivals
in a market with regulatory risks; and (2) its expansion in
overseas markets and into lower margin businesses; which heighten
its execution risks.
Moody's expects that Dr. Peng will have to face competitive
challenges from well-resourced state-owned operators in its core
broadband access business. The company's scale in newer revenue
sources, such as data center and cloud computing services, are
also small relative to the overall market segments. Moody's
therefore anticipates slower subscriber growth over the next 12-
18 months. Moody's also expects slight margin erosions, due to
subscriber acquisition and network cost increases.
Dr. Peng's acquisition-oriented growth aspirations will raise its
capital requirement, and introduce uncertainties in its otherwise
stable operations. In addition, the company will face different
regulatory environments and consumer preferences in the different
overseas markets in which it operates. Moody's also sees
execution risks, as the company becomes more exposed to the
fragmented and structurally lower margin system solutions/cloud
businesses, where it will compete against much more well-
resourced telecommunications and internet players.
The stable outlook on Dr. Peng's rating reflects Moody's
expectation that the company will: (1) grow its revenue and cash
flow steadily and achieve its business target; (2) preserve its
solid financial profile and good liquidity; and (3) be prudent in
executing its overseas expansion strategy and meet its capital
requirements through balancing its diversified funding sources.
Positive rating pressure could emerge if the company: (1)
achieves its growth targets and maintains its operating margin
above 12%-15%; (2) is successful in strengthening its scale and
position in China's broadband internet access market, as measured
by a more than 10%-15% subscriber share; (3) maintains a strong
financial profile, as reflected by adjusted debt/EBITDA of 1.5x-
2.0x and generates positive free cash flow, all on a sustained
basis.
Downward rating pressure could arise if the company: (1) shows
weakening revenue and cash flow growth; (2) encounters material
adverse regulatory changes, which weaken its business model and
market share; (3) undertakes an aggressive dividend policy or
acquisitions which weaken balance sheet liquidity; and/or (4)
shows weakening credit metrics, with adjusted debt/ EBITDA above
3.0x and negative free cash flow over a prolonged period.
The principal methodology used in this rating was
Telecommunications Service Providers published in January 2017.
Dr. Peng Telecom & Media Group Co., Ltd. is the fourth-largest
telecom operator and the largest private telecom operator in
China. It offers broadband internet access and application
services with operation covering 26 provinces and 211 cities.
Headquartered in Beijing, Dr. Peng Telecom & Media Group Co.,
Ltd. was founded in 1985, initiated its initial public offering
in 1994 in Shanghai stock exchange(600804.CH). As of end-2016,
Chairman Yang Xue Ping and President Lu Liu hold around 20% stake
in aggregate.
GOLDEN EAGLE: S&P Affirms 'BB-' Long-Term CCR; Outlook Stable
-------------------------------------------------------------
S&P Global Ratings said that it had affirmed its 'BB-' long-term
corporate credit rating on Golden Eagle Retail Group Ltd. The
outlook is stable. S&P also affirmed its 'B+' long-term issue
rating on the company's senior unsecured notes. At the same
time, S&P affirmed its long-term Greater China regional scale
rating on the China-based department store operator at 'cnBB+'
and on the notes at 'cnBB'.
"We affirmed the ratings because we expect Golden Eagle to
maintain its stable operating performance and manage its
refinancing risk over the next 12 months, despite weak consumer
sentiment and intensifying competition," said S&P Global Ratings
credit analyst Shalynn Teo.
S&P expects Golden Eagle to maintain its improved leverage, with
a debt-to-EBITDA ratio of 3.0x-4.0x over the next 12 months. The
company's better-than-expected revenue growth and profitability
improved the debt-to-EBITDA ratio to 3.3x in 2016, from 4.0x in
2015. Lower capital expenditure and working capital outflows
also contributed to the lower leverage. S&P anticipates that
Golden Eagle's capital expenditures will increase to Chinese
renminbi (RMB) 1.0 billion in 2017, from RMB448 million in 2016,
to support new store development. However, S&P expects that
operating cash flows will also improve, and that the company's
improved leverage will therefore remain stable. S&P has revised
its assessment of the company's financial risk profile to
significant from aggressive based on these factors.
Rising sales from new stores and ongoing efforts to improve
operating efficiency and lower costs should support Golden
Eagle's profitability. S&P anticipates that the company's EBITDA
margins will remain largely stable at 38.5%-40.5% in the next 12
months, compared to 40.1% in 2016. Operating expenses declined
to 28.6% of sales in 2016, from 35.4% in 2015. S&P expects this
trend to continue.
In addition, S&P expects Golden Eagle's transformation to
lifestyle centers while upgrading its merchandise and services,
and prudent cost control will continue to support its revenue
growth and profitability. S&P expects retail revenue to grow
0.0%-5.0% in the next 12 months, compared with 5.0% in 2016,
driven by increasing rental income and direct sales, partly
offset by slowing concessionaire sales. Lifestyle centers
contributed more than 60% of the company's gross floor area as of
end-2016. Moreover, S&P considers Golden Eagle's good position in
Jiangsu province and its satisfactory brand name and diversified
retail formats will continue to support the rating.
S&P believes the company could face liquidity pressure in the
next 12-18 months. That's given a significant syndicated loan
facility of RMB5.2 billion equivalent maturing in April 2018,
compared to a cash balance of RMB5.6 billion at the end of 2016.
In addition, Golden Eagle's failure to meet its covenants may
trigger an acceleration of the syndicated loan as well as its
outstanding U.S. dollar notes (RMB2.6 billion equivalent) due
2023 by way of a cross-default clause. S&P has therefore revised
its assessment of the company's liquidity to less than adequate.
Nevertheless, Golden Eagle benefits from its good track record of
banking relationships and satisfactory access to capital markets.
The company raised RMB1.5 billion of domestic medium-term notes
in September 2016, with about RMB3.5 billion of quota
outstanding, which can be raised through domestic notes and
corporate bonds. In addition, the company has RMB11.4 billion of
fixed assets as of end-2016, including property, plant and
equipment, investment properties, and land use rights, of which
the majority remains unpledged. The company also has an
inventory of completed properties and properties under
development of RMB2.4 billion outstanding, which it could sell to
reduce debt and improve liquidity.
The stable outlook on Golden Eagle reflects S&P's view that the
company will manage its heightened refinancing risk, while
maintaining a debt-to-EBITDA ratio of 3.0x-4.0x over the next 12
months.
S&P could lower the rating if Golden Eagle's liquidity
deteriorates materially, which could happen if the company
breaches its covenants with no alternative funding or refinancing
arrangements. S&P may also lower the rating if Golden Eagle's
operating performance deteriorates significantly or the company
makes substantial debt-funded acquisitions, such that its debt-
to-EBITDA ratio rises above 4.0x with no sign of improvement.
S&P may upgrade Golden Eagle if its refinancing risk subsides,
which can happen if: (1) the company secures refinancing for its
syndicated loan and resolves any covenant issues; and (2) it
maintains a debt-to-EBITDA ratio of below 4.0x by improving
profitability and controlling expansion and acquisitions over the
next 12 months.
MODERN LAND: Fitch Affirms B+ IDR; Outlook Stable
-------------------------------------------------
Fitch Ratings has affirmed Modern Land (China) Co., Limited's
Long-Term Foreign- and Local-Currency Issuer Default Rating (IDR)
at 'B+'. The Outlook is Stable. Fitch has also affirmed Modern
Land's senior unsecured rating and the ratings on all outstanding
bonds at 'B+' with a Recovery Rating at 'RR4'.
The affirmation reflects Modern Land's weaker margin and higher
leverage being offset by a stronger business profile. Its ratings
are supported by improving landbank quality after the company
repositioned its business towards tier 1 and 2 cities, which have
higher land prices, to support contracted sales growth.
KEY RATING DRIVERS
Limited Margin Improvement: Fitch expects Modern Land's gross
profit margin (GPM) to remain around 20.0%, compared with 41.0%
in 2014 and 31% in 2015. Elevated land cost and the company's
high-churn business model will limit Modern Land's GPM expansion.
Its 2016 full year GPM edged up to 19.5%, after 2H16 GPM reverted
to around 20%, as the company started to recognise better-margin
projects presold in the past 12 months. The lower GPM was due to
low-margin and social housing projects delivered in the cities of
Beijing, Nanchang and Changsha. Fair-value acquisitions of the
remaining equity interest in the company's joint venture projects
have also exacerbated margin pressure.
Leverage Increase Moderating: Modern Land's leverage remained
controlled at end-2016 and was comparable with that of 'B+' rated
peers. Fitch estimates that leverage - measured by net
debt/adjusted inventory, including joint venture proportionate
consolidation - rose to 34% at end-2016, from 23% at end-2015,
after the company spent around CNY7 billion, or a little less
than half of its presale proceeds, on land acquisitions and joint
venture investments to increase its landbank in higher-tier
cities. Fitch expects Modern Land's leverage to remain below 40%
until the company substantially increases its land reserves
relative to sales.
Larger Scale: Modern Land's reported and attributable contracted
sales increased by about 47% to CNY16.6 billion and CNY10.6
billion in 2016, respectively. Sales for January-March 2017 are
also on track, having increased by 14% yoy to CNY3.4 billion,
despite a series of government measures to rein in property
prices since October 2016. Fitch expects the company to achieve
its reported contracted sales target of CNY22 billion in 2017,
based on CNY36 billion of saleable resources.
Improving Landbank: Fitch estimates the company's landbank is
enough for around three years of sales, having improved from
about two years of sales in 2015. Modern Land's attributable
available-for-sale landbank was 2.8 million square metres (sq m)
in gross floor area (GFA) at end-2016, compared with attributable
sales GFA of around 1 million sq m in 2016. Modern Land's
landbank quality also strengthened after it extended coverage to
more tier 1 and 2 cities since 2014. Its attributable unsold
landbank by area in Xiantao and Dongdaihe, two tier 4 Chinese
cities, accounted for around 25% of the total at end-2016, down
from 35% at end-June 2016 and 38% at end-2015. Fitch estimates
that tier 1 cities, like Beijing and Shanghai, and tier 2 cities,
like Hefei, Changsha and Suzhou, now account for about 70% of
Modern Land's existing saleable resources by value.
DERIVATION SUMMARY
Modern Land's contracted sales increased by more than 40% each
year between 2013-2016, faster than that of most peers in the 'B'
rating category. Its reported contracted sales of CNY16.6 billion
in 2016 were also higher than most 'B' rated companies, such as
Redco Properties Group Ltd's (B/Stable) CNY10 billion and Guorui
Properties Limited's (B/Stable) CNY11 billion. Modern Land's
sales scale, however, is lower than that of higher-rated
companies, including Yuzhou Properties Company Limited's (BB-
/Stable) CNY23 billion and China Aoyuan Property Group Limited's
(BB-/Stable) CNY26 billion.
Modern Land's low leverage of 30%-40%, driven by its disciplined
financial policy and low land cost, is also lower than that of
most companies in the 'B' rating category, which have leverage of
40%-50%.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Attributable contracted sales of CNY15 billion in 2017 and
CNY16 billion in 2018.
- Attributable land investment accounting for 45%-55% of
attributable contracted sales each year.
- Average selling price to increase to above CNY15,000/sq m in
2017 and above CNY17,000/sq m in 2018 to reflect the higher
cost of recently acquired land.
RATING SENSITIVITIES
Positive: Developments that may, individually or collectively,
lead to positive rating action include:
- Attributable contracted sales sustained above CNY20 billion.
- Net debt/adjusted inventory sustained below 30%.
- Sufficient landbank for three years of development
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
- Insufficient landbank for two years of development.
- Attributable contracted sales declining below CNY10 billion.
- EBITDA margin below 20% for a sustained period.
- Net debt/adjusted inventory above 40% for a sustained period.
LIQUIDITY
Sufficient Liquidity, Lower Funding Cost: Modern Land's liquidity
remains healthy, with total cash of CNY6.8 billion, including
restricted cash, compared with short-term debt of CNY2.5 billion
at end 2016. Modern Land managed to significantly lower its
funding cost to 8.1% in 2016, from 10.5% in 2015 and 11% in 2014.
Fitch expects the lower borrowing cost to partially offset lower
GPM and strengthen Modern Land's credit profile.
FULL LIST OF RATING ACTIONS
Modern Land (China) Co., Limited
Long-Term Foreign- and Local-Currency IDR affirmed at 'B+';
Outlook Stable
Senior unsecured rating affirmed at 'B+', Recovery Rating at
'RR4'
USD500 million 6.875% senior unsecured notes due 2019 affirmed at
'B+', Recovery Rating at 'RR4'
USD125 million 12.75% senior unsecured notes due 2019 affirmed at
'B+', Recovery Rating at 'RR4'
SOHO CHINA: Moody's Withdraws Ba3 CFR; Outlook Negative
-------------------------------------------------------
Moody's Investors Service has withdrawn SOHO China Limited's Ba3
corporate family rating with a negative outlook.
RATINGS RATIONALE
Moody's has withdrawn the rating for its own business reasons.
SOHO China Limited, incorporated in March 2002 and listed on the
Hong Kong Stock Exchange in October 2007, develops, leases and
manages commercial properties in Beijing and Shanghai's central
business districts.
At end-2016, the company derived its rental income mainly from
eight investment properties totaling 757,000 square meters (sqm)
of leasable gross floor area (GFA). It also had two projects
totaling 247,000 sqm of leasable GFA under development. It holds
in total approximately 1.7 million sqm in office properties in
prime locations in Beijing and Shanghai.
XINJIANG GUANGHUI: Moody's Assigns B3 Rating to USD300M Sr. Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a definitive B3 rating to
the USD300 million, 7.875%, 3-year senior unsecured notes, due
March 30, 2020, issued by Xinjiang Guanghui Industry Investment
(Group) Co., Ltd. (B2 stable) (Guanghui Group).
The rating outlook is stable.
RATINGS RATIONALE
The definitive rating assignment follows Guanghui Group's
completion of its USD bond issuance, the final terms and
conditions of which are consistent with Moody's expectations, and
the registration with the National Development and Reform
Commission and the State Administration of Foreign Exchange in
China (Aa3 negative).
The provisional rating was assigned on March 22, 2017, and
Moody's ratings rationale was set out in a press release
published on the same day.
The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.
Xinjiang Guanghui Industry Investment (Group) Co., Ltd. is a
private company that operates in three key segments, namely auto
dealership, energy and real estate. At end-2016, the company held
a 37.26% stake in China's largest auto dealer by revenue, China
Grand Automotive Services Co., Ltd.
Founded in 1989, the unlisted Xinjiang Guanghui was 63.6% owned
by the Mr. SUN Guangxin at end-2016. Mr. Sun is the chairman,
founder and controlling shareholder.
YANZHOU COAL: Moody's Revises Outlook to Stable; Affirms B2 CFR
---------------------------------------------------------------
Moody's Investors Service has changed to stable from negative the
outlook on Yanzhou Coal Mining Company Limited's B2 corporate
family rating, and on the B2 senior unsecured rating on the bonds
issued by its subsidiary, Yancoal International Resources
Development Co., Limited, and guaranteed by Yanzhou Coal.
At the same time, Moody's has affirmed both ratings.
RATINGS RATIONALE
"The change in Yanzhou Coal's ratings outlook to stable reflects
Moody's expectations that average thermal coal prices in China
and Australia over the next 12 to 18 months will be higher than
in 2016, which will in turn support the company's EBITDA recovery
and debt deleveraging," says Gerwin Ho, a Moody's Vice President
and Senior Analyst.
"While Yanzhou Coal's short-term debt levels are still material
relative to its total debt, Moody's expects the company will be
able to refinance its short-term debt, as its parent is a key
state-owned enterprise in Shandong Province," adds Ho.
Yanzhou Coal's core coal businesses improved in 2016, reflecting
a recovery in coal prices since 2H2016 due to tightening supply
in China (Aa3 negative). The company's average selling price for
coal -- including externally purchased coal -- reached RMB391/ton
in 2016, up 4% from RMB377/ton in 2015.
Moody's estimates that Yanzhou Coal's EBITDA in 2016 improved to
about RMB9.7 billion, up 22% from RMB8.0 billion in 2015.
The improving EBITDA was also contributed by reduced losses at
its subsidiary Yancoal Australia Limited (unrated), which
reported an operating loss of AUD113 million in 2016, compared to
AUD189 million in 2015.
Moody's expects that Yanzhou Coal will benefit from (1) a low-
teen percentage rise in coal prices in 2017; and (2) increased
sales volumes from its Zhuanlong Coal Mine in Inner Mongolia and
phase two of the Moolarben Coal Mine in Australia.
Furthermore, Moody's expects the company will maintain the
improved cost level seen in 2016, when coal unit cost fell to
RMB253 per ton from RMB294 per ton in 2015.
In view of these positive developments, Moody's expects the
company's debt/EBITDA to improve to 7.5x-8.0x in 2017 and 6.3x-
6.5x in 2018 from 9.0x-9.9x in 2014-2015. The projected debt
leverage for 2017 considers an increase in debt to fund a
combination of debt and a rights issuance for its acquisition of
Coal & Allied Industries Limited (unrated) in Australia.
Yanzhou Coal's B2 corporate family rating reflects its standalone
credit profile and a two-notch uplift for expected parental
support from Yankuang Group Corporation Limited (unrated), which
is wholly owned by the Shandong Provincial Government.
The two-notch uplift factors in Yanzhou Coal's dominant position
and strategic importance as Yankuang Group's flagship company and
the continued support from the provincial government to both
Yanzhou Coal and Yankuang Group. Yankuang Group has a track
record of providing financial support to Yanzhou Coal.
Yanzhou Coal's underlying credit strength reflects: (1) its
diversified coal mining assets and good related infrastructure;
and (2) good quality coal and low-cost mining operations in
Shandong Province.
On the other hand, its standalone credit profile also considers
challenges, such as (1) the operating losses at Yancoal Australia
Limited; (2) its fast growth and resulting high debt leverage;
(3) execution and financial risks from its investments in the
finance sector; and (4) its weak liquidity position.
The company's liquidity position is weak because it has to
refinance high levels of short-term debt that totaled RMB30.7
billion out of total reported debt of RMB65.6 billion at end-
2016.
Yanzhou Coal has a close association with its parent, Yankuang
Group, which is a key state-owned enterprises of the Shandong
Provincial Government and a designated investment holding company
for the reform of the province's state-owned enterprises.
Therefore, Moody's expects the company will be able to refinance
its domestic bank and capital market debt.
The company's investment in Yancoal Australia Limited also
demands continuous offshore funding. Moody's notes that the
company announced on April 6, 2017 a subscription agreement with
financial institutions relating to the issuance of USD500 million
of senior perpetual capital securities. The issuance, which is
expected to close on April 13, 2017, will cover the USD357
million of senior unsecured offshore bonds due in May 2017.
Upward rating pressure could arise if the company (1) can turn
around its Australian operations; (2) improves its financial
profile, such that adjusted debt/EBITDA falls below 7x and
EBITDA/interest is maintained above 2.5x on a consistent basis.
On the other hand, downward rating pressure could emerge if
Yanzhou Coal's liquidity and credit profile deteriorate due to
(1) further substantial increases in short-term debt; (2)
declines in coal prices or disruptions in its operations; or (3)
a failure to turn around its Australian operations or obtain
further waivers for covenant breaches.
Any material reduction in Yankuang Group's ownership in Yanzhou
Coal would be negative to the ratings.
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Yanzhou Coal Mining Company Limited listed on the Shanghai, Hong
Kong and New York stock exchanges in 1998. It was 56.6%-owned by
Yankuang Group Corporation Limited at end-2016, a state-owned
enterprise that is in turn wholly owned by the Shandong
Provincial Government.
At December 31, 2016, Yanzhou Coal owned and operated 18 coal
mines across China and Australia, including in Shandong and
Shanxi Provinces and the Inner Mongolia Autonomous Region in
China, as well as in Queensland, New South Wales and Western
Australia.
================
H O N G K O N G
================
ROAD KING: Separate Listing of Unit No Impact Moody's B1 CFR
------------------------------------------------------------
Moody's Investors Service says Road King Infrastructure Limited's
(RKI) proposed separate listing and spin-off of its expressways
have no immediate impact on its B1 corporate family rating or
stable outlook, or on the senior unsecured debt ratings of RKI
Overseas Finance 2016 (A) Limited, RKI Overseas Finance 2016 (B)
Limited and RKP Overseas Finance 2016 (A) Limited.
On April 7, 2017, RKI announced that it will spin off and
separately list its subsidiary RKE International, an entity that
will hold all of Road King's interests in expressways.
The majority of the proceeds are expected to be used to acquire
new expressways, but Moody's believes it will take time for the
new expressways to start contributing meaningful cash flows.
Upon completion of the listing of RKE, RKI's ownership in the
entity will be reduced, but it will remain the controlling
shareholder and RKE will be consolidated into RKI.
RKI received HKD580 million in cash distribution and repayment of
shareholders' loans from its toll road operations in 2016,
covering 0.5x of its adjusted interest expense. Moody's expects
the recurring income coverage ratio to decline as the cash
distributions available to RKI will be diluted following the
spin-off. Moody's assumes RKE will pay out most of its profit
after tax as dividend.
"Despite the lower future dividends cash flow stream and
recurring income coverage, RKI's other financial metrics are
expected to remain comparable to those of its B1 rated peers,"
says Anthony Lee, a Moody's Analyst.
Moody's expects Road King's revenue to adjusted debt and EBIT
interest coverage ratios will be around 70%-75% and 3.0x-3.5x,
respectively, over the next 12-18 months, post the spin-off. Such
levels support its B1 rating level.
RKI registered robust property contracted sales growth of 69% to
RMB17.6 billion in 2016. Moody's expects it to maintain a similar
level of contracted sales in the next 12-18 months.
Moody's also believes that the transaction will expand the
group's funding channels and allow the two management teams to
better focus on their respective businesses of the investment and
operation of expressways and property development.
RKI has five operating expressways that are held under different
joint ventures. Its stakes in the joint ventures ranges from 40%
to 49%.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Listed in Hong Kong, Road King Infrastructure Limited invests in
toll road projects mainly comprising five major expressways
across four provinces in China: Anhui, Hebei, Hunan, and Shanxi.
In addition, it had a property development portfolio with a land
bank of 7 million square meters at December 31, 2016 across
Beijing, Shanghai, Tianjin, Henan, Hebei, Shandong, Jiangsu,
Zhejiang, Hunan, Guangdong and Hong Kong.
=========
I N D I A
=========
ADVANCED MINING: CRISIL Reaffirms 'D' Rating on INR101MM LT Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Advanced Mining
Technologies Private Limited (AMT) for obtaining information
through letters and emails dated November 21, 2016, January 25,
2017 and March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 32 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 101 CRISIL D/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 Advanced Mining Technologies
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 Advanced Mining
Technologies 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'.
AMT was established in 2005 by Mr. N Venkata Subba Rao along with
his friends and family members. The company provides coal mining
services, through the highwall mining technology. It is based in
Hyderabad, Telangana.
ANDHRA PRADESH: CRISIL Lowers Rating on INR900MM Cash Loan to B-
----------------------------------------------------------------
CRISIL has revised its rating on the long-term bank loan
facilities of Andhra Pradesh Power Development Company Ltd
(APPDCL) to 'CRISIL B-/Stable' from 'CRISIL BBB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 900 CRISIL B-/Stable (Downgraded
from 'CRISIL BBB-/Stable')
Proposed Fund-Based 600 CRISIL B-/Stable (Downgraded
Bank Limits from 'CRISIL BBB-/Stable')
The revision in the rating reflects weak liquidity position due
to substantial build-up of receivables. The built-up in
receivables is because of delayed payments from the
counterparties; Southern Power Distribution Company of Andhra
Pradesh (Southern Discom; 'CRISIL BB/Stable') and Eastern Power
Distribution Company of Andhra Pradesh (Eastern Discom; 'CRISIL
BB+/Stable/CRISIL A4+' as well as under-recovery with regards to
the tariff.
CRISIL had earlier expected that tariff will be adequate with
regulated returns subject to tariff filing and approval of final
tariff by end of first half of fiscal 2016-17. Post bifurcation
of Andhra Pradesh state, the two discoms which are now part of
Telangana have opted out of the Power Purchase Agreement (PPA)
and hence the entire power is being sold only to the two discoms
of Andhra Pradesh: Southern Discom and Eastern Discom in a ratio
of 65:35, respectively. The modifications to PPA was already
carried out in August 2016, however, the consent is still awaited
from Andhra Pradesh Electricity Regulatory Commission (APERC) and
thereby pending finalisation of tariff.
The tariff filing is still pending and company is receiving
payment from counterparties as per provisional tariff which does
not factor capital cost escalations. The lower provisional tariff
led to under-recovery on capacity charges and thereby significant
increase in receivables. Also, receivables from the
counterparties (as per provisional tariff) was around four to
five months which is higher than earlier expectation. As a
result, the cash flows are substantially lower as against earlier
expectation resulting into weak liquidity position. Any further
delay in the finalisation of tariff and realisation of
receivables is likely to lead to higher reliance on debt and
thereby impacting debt service indicators.
The rating is also constrained due to weak financial risk
profiles of counterparties, exposure to risks associated with
implementation of the additional 800-MW capacity at the same
location and also higher than expected project cost.
The rating, however, continues to reflect benefits derived by the
company from its availability-based two-part tariff structure
with regulated return on equity, stabilisation of operations for
first two units and low fuel availability risk given the tie-up
for domestic fuel supply through a long-term agreement. The
rating also factors in ease of import of coal given the company's
favourable location, thereby helping maintain adequate plant
availability. Moreover, there is low capacity risk supported by
the tie-up of its entire installed capacity through long-term
PPAs with discoms.
Key Rating Drivers & Detailed Description
Strengths
* Availability-based two-part tariff structure with regulated
return on equity; supported by tie-up of entire capacity: APPDCL
has tied up its total capacity through long-term (25-year) PPAs.
The tie-up of the entire commissioned capacity helps in complete
recovery of capacity charges on maintaining normative
availability. The company commissioned its first two units of 800
MW each in February 2015 and August 2015 but operated at sub-
optimal average availability level of about 54 percent during
fiscal 2016. However, the availability levels improved to levels
of 78% in first nine months of current fiscal mitigating risk
related to under recovery of capital charges to certain extent.
Although, APPDCL has an availability-based two-part tariff, the
final tariff filing with capital cost escalations is yet to be
submitted by the generator. Any significant change in the final
tariff structure, or substantial disallowance of capital cost
escalations in the final tariff order of APERC, also is one of
the key rating sensitivities.
* Low fuel availability risk; given long-term tie-up for domestic
fuel and ease of imports: The company proposes to use 70 percent
domestic fuel and 30 percent imported fuel. The domestic fuel
requirement of about 5 million tonnes per annum (mtpa) has been
tied up through a long-term (20 year) fuel supply agreement with
Mahanadi Coalfields Ltd, a subsidiary of Coal India Ltd (rated
'CRISIL AAA/Stable/CRISIL A1+/CRR AAA/Stable'). Also, proximity
to Krishnapatnam port adds to the ease of importing coal. CRISIL
believes the company will face low fuel availability-related
risks and will be able to maintain normative plant availability
of more than 80 per cent over the medium term.
Weakness
* Delay in finalisation of tariff resulting in weak liquidity
position and weak debt service indicators: During first nine
months of current fiscal, the discoms were making payments at
provisional tariff of around INR3.63 per unit which was revised
to around INR4.51 per unit in March 2017, however, it is still
lower than earlier expectation of regulated tariff. Due to this
revision of tariff to INR4.51 per unit, there has been a
substantial decline in receivables by end of fiscal 2016-17 as
compared to third quarter. However, the debtor levels continue to
be high and continue to significantly constrain the liquidity.
Further, the commencement of repayment of term loan from project
lender led to significant pressure on liquidity. Large
receivables meant that the company is highly dependent on working
capital debt to manage liquidity, which remained highly utilised.
This has led to significant deterioration of debt protection
indicators as reflected in expected interest cover of about 1
time for fiscal 2016-17.
* Counterparty risk accentuated by weak financial risk profile of
discoms: The company also faces risk of delays in receipt of
payments from counterparties, Southern Discom and Eastern Discom,
given their weak financial risk profiles. With the implementation
of Ujwal Discom Assurance Yojna, the credit risk profiles of
these counterparties are expected to improve, thereby reducing
the risk over the medium term. During fiscal 2017, the
counterparties have been making payments in 4-5 months which is
higher than the earlier expectation. Track record of timeliness
of payments and timely realisation of substantial build-up in
receivables, post finalisation of tariff, remains one of the key
monitorables.
* Risks associated with implementation of third unit of 800 MW:
The company also faces risks associated with implementation and
stabilisation of its third unit of 800 MW currently under
construction. The revised estimated project cost is around
INR5,955 crore (as against earlier estimate of INR 4,280 crore)
and is expected to be funded in a debt-to-equity ratio of 83:17.
The company tied up debt to the extent of INR3542 crore in line
with previous cost estimate. The equity portion in the interim is
proposed to be funded through debt and thereafter to be replaced
by equity. CRISIL believes the company faces risks associated
with delays in implementation of the project.
Outlook: Stable
The Stable outlook reflects improvement in the availability and
ramp-up in the operations and expectation of timely payment from
discoms.
Downside Scenario:
* Significant delay in the finalization of tariff leading to
further increase in build-up of receivables resulting in further
deterioration of liquidity
* Lower than expected cash accruals impacting debt repayment
ability, most likely on account of disallowance of capital cost
escalations or lower-than-normative plant availability.
Upside Scenario:
* Timely finalization of tariff and allowance of capital cost
escalation leading to timely realisation of under recovery
charges and thereby substantial improvement in overall cash flows
APPDCL is a special-purpose vehicle which was originally set up
as a 50:50 joint venture between Andhra Pradesh Power Generation
Corporation Ltd (APGenco) and Infrastructure Leasing & Financial
Services Ltd, to implement mega power projects. Subsequently, the
company was reconstituted, with APGenco holding 51 percent stake
and the balance 49 percent being held by the four discoms of
erstwhile Andhra Pradesh (together holding 45.04 percent) and the
Government of Andhra Pradesh (3.96 percent).
APPDCL runs a thermal power project, Sri Damodaram Sanjeevaiah
Thermal Power Station, in Krishnapatnam, Andhra Pradesh. The
project has three units of 800 MW each. While Unit I commenced
commercial operations on February 5, 2015, and Unit II on August
24, 2015, the construction of Unit III commence in the current
fiscal and is expected to become operational by June 2019.
In fiscal 2016, net loss was INR289 crore on operating income of
INR2,411 crore.
ASIAN IMPEX: CARE Lowers Rating on INR7.50cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Asian Impex (AI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.50 CARE D Revised
Facilities from CARE B+
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of
Asian Impex (AI) is on account of delay in debt repayment owing
to weak liquidity position.
Establishing a clear debt servicing track record with improvement
in the liquidity position remains the key rating sensitivity.
Detailed description of key rating drivers
Key Rating Weaknesses
Ongoing delay in debt servicing: AI has been irregular in
servicing its debt obligation as the packing credit account
remained overdrawn on the back of deterioration in overall
financial risk profile coupled with slow realization from its
debtors thereby leading to weak liquidity position.
Asian Impex (AI), incorporated in 2010, is promoted by Mr. Haron
Haji Panja, Mr. Altaf Chhel, Mr. Ashif Harun Panja, Mr. Kashif
Harun Panja, Ms Halima Safi Panja and Mr. Aaysa Harun Panja. AI
is engaged in processing of sea foods and exports the same to
Europe, Gulf countries, Africa and China. AI has a processing cum
storage facility located at Veraval (Gujarat) with total
installed capacity of 50 MTPD (metric ton per day) for processing
of Sea Foods and 1,000 metric tons storage capacity as on
March 31, 2016.
During FY16 (refers to the period April 1 to March 31), AI
reported a total operating income (TOI) of INR8.19 crore with a
PAT of INR0.07 crore as against TOI of INR50.34 crore with a PAT
of INR032 crore in FY15.
BALA BALAJI: CRISIL Assigns 'D' Rating to INR5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long term bank
facilities of Bala Balaji Srinivasa Poultries (BBSP). The rating
reflects delays in repayment of term loan by 15-20 days due to
weak liquidity marked by high bank limit utilisation and sizeable
working capital requirement.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility .5 CRISIL D (Assigned)
Cash Credit 5 CRISIL D (Assigned)
Long Term Loan 1.23 CRISIL D (Assigned)
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: High gearing of 2.28 times as on
March 31, 2016, and interest coverage of 1.61 times constrain
financial risk profile.
* Weak liquidity: Liquidity is weak as reflected in large working
capital requirement and high bank limit utilisation. Gross
Current Asset was at 264 days as on March 31, 2016.
Strengths
* Extensive experience of proprietor: Benefits from promoter's
two decade long experience in the industry should support
business risk profile
Set-up in 1989 by Mr Gannamani Sree Ramarao, BBSP is engaged in
hatchery business and has capacity to breed 2 lakh layering
birds.
BBSP reported net profit of INR0.15 crore on operating income of
INR14.55 crore in fiscal 2016 against loss of INR0.06 crore on
operating income of INR5.16 crore in fiscal 2015.
BALRAM COTEX: CARE Assigns 'B+' Rating to INR6.91cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Balram
Cotex (BAC), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.91 CARE B+; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of BAC is primarily
constrained on account of its modest scale of operations, low
profit margins, working capital intensive nature of operations
and partnership nature of constitution. The rating is further
constrained by its presence in the highly fragmented cotton
ginning industry, moderately leveraged capital structure, weak
debt coverage indicators and moderate liquidity position.
The rating, however, derives comfort from experienced partners
into cotton ginning industry, locational advantage and consistent
growth in scale of operations.
The ability of the firm to increase its scale of operations,
improve profit margins, maintaining favorable capital structure
along with improvement in debt coverage indicators would remain
the key sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Moderate scale of operations and low profit margins
The scale of operations remained moderate marked by a total
operating income (TOI) of INR38.40 crore and low PAT of INR0.04
crore during FY16 (refers to the period April 1 to March 31).
Furthermore, profit margins also stood low marked by PAT margin
of 0.11% during FY16 on the back of high interest costs as well
as low value addition nature of operations.
Financial risk profile marked by moderately leveraged capital
structure, weak debt indicators and moderate liquidity position
Capital structure of BAC stood moderately leveraged marked by an
overall gearing ratio of 1.98x as on March 31, 2016, on
the back of high debt level and low net worth base as on
March 31, 2016. Debt coverage indicators remained weak marked by
an interest coverage ratio of 1.98 times during FY16 (1.99 times
during FY15), while total debt to GCA remained at 17.41 times as
on March 31, 2016 (10.53 times as on March 31, 2015).
As on March 31, 2016; liquidity position remained moderate as
indicated by current ratio of 1.06 times (1.17 times as on
March 31, 2015) and quick ratio of 0.36 times (0.69 times as on
March 31, 2015) mainly due to increase in working capital
bank borrowings.
Presence in a highly fragmented cotton ginning industry with
constitution as a partnership firm
BAC's operates in a highly fragmented industry wherein large
numbers of un-organized players are present; it has very low
bargaining power against both its customers as well as its
suppliers.
Being a partnership firm, BAC is exposed to risk of withdrawal of
capital by the partners in case of need arises which could
put pressure on capital structure of firm.
Operating margins susceptible to cotton price fluctuation,
seasonality associated with cotton industry and Government
regulations
Prices of raw material i.e. raw cotton are highly volatile in
nature and depends upon factors like, monsoon condition, area
under production, yield for the year, international demand supply
scenario, export policy decided by government and inventory
carried forward of last year.
Any adverse change in government policy may negatively impact the
prices of raw cotton in domestic market and could result in lower
realizations and profit for BAC.
Key Rating Strengths
Experienced partners
The partners of the firm have vast experience in the cotton
industry since have been involved in the same for decades. BAC's
partners have been involved in business of cotton ginning and
bailing.
Location advantage
BAC is based in Kadi (Mehsana), which is also known as the
"Cotton City" of India and is famous for cotton production. The
region comprises of a large number of cotton producing and
processing units. BAC's presence in the cotton producing region
results in benefit derived from easy availability of raw
materials at effective prices.
Consistent growth in scale of operations
Total Operating Income (TOI) of BAC has grown at a Compounded
Annual Growth Rate (CAGR) of 41% during past three years ended
FY16 on the back of gradual increase in sales volumes of cotton
bales & cotton seed.
Kadi-Mehsana-based (Gujarat) Balram Cotex (BAC) was established
in April 2013 by the Patel family, having seven partners. BAC is
primarily engaged in the business of cotton ginning and bailing.
The manufacturing facilities of the firm is in Kadi (Mehsana-
Gujarat) with installed capacity for cotton bales of 40.20 lakh
kg per annum and cotton seeds of 60 lakh kg per annum as on
March 31, 2016.
During FY16 (A), BAC reported PAT of INR0.04 crore on a TOI of
INR38.26 crore as against PAT of INR0.02 crore on a TOI of
INR30.59 crore during FY15.
BHASMEY POWER: CARE Lowers Rating on INR285.34cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bhasmey Power Private Limited (GIBPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 285.34 CARE D Revised
Facilities from CARE B
Detailed Rationale
The revision in the ratings assigned to the bank facilities of
GIBPPL takes into account of delay in achieving commercial
operation date (COD) resulting in delays in interest and debt
servicing.
Detailed description of key rating drivers
Key rating weaknesses
Delays in servicing the interest due to lack of progress in
project implementation
The project has made meagre progress since June 30, 2015, hence
there has been a delay in the project completion. The company has
reassessed the implementation schedule and has revised COD of the
project to March 2017, however due to slow progress of the
project the same is expected to get further delayed. Due to delay
in achieving the COD by the company and non tie up of funds for
cost overrun, the company has not been able to service the
interest on term loans.
Key rating Strength
The company is promoted by Mr. M K Agarwal has experience of
executing the projects in the valley and are aware with the
geological as well as environmental conditions. He is also
supported by the company's board member and key management
personal who have extensive prior work experience.
Gati Bhasmey is a special purpose vehicle (SPV) promoted by Mr. M
K Agarwal and an associate company; Amrit Jal Ventures Pvt. Ltd.
(AJVPL) for setting up a 54 MW (2 X 27 MW) (which was later
revised to 62 MW) Run of the River, Bhasmey Hydro Electric Power
Project (BHEPP). The project is located on the river Rangpo, a
major tributary of Teesta River in the East District of Sikkim.
The project was awarded by Government of Sikkim (GoS) and Sikkim
Power Development Company (SPDC) on Build, Own, Operate and
Transfer (BOOT) basis for a period of 35 years from the scheduled
Commercial Operations Date (COD). The project was scheduled to be
commissioned in March 2014. Due to the several key factors, there
has been a delay in the project completion. The company has
reassessed the implementation schedule and has revised COD of the
project to March 2017, however due to slow progress of the
project the same is expected to get further delayed.
Accordingly, the project cost has been revised and estimated at
INR690.29 crore, with a cost over-run of INR281.80 crore over the
initially envisaged cost of INR408.49 crore. The increased cost
is proposed to be funded by a debt-equity ratio of 2.03:1. GIBPPL
has entered into a long-term power purchase agreement (PPA) with
West
Bengal State Electricity Distribution Company Limited (WBSEDCL)
for 37.20 MW (60% of the total saleable capacity). It also has
entered into PPA with Mittal Processors Private Limited for 24.80
MW (40% of the total saleable capacity).
BS LIMITED: CARE Downgrades Rating on INR746.58cr Loan to B
-----------------------------------------------------------
CARE has been seeking information from BS Limited to monitor the
ratings vide e-mail communications/letters dated June 20, 2016,
July 14, 2016, July 19, 2016, August 30, 2016, September 28, 2016
and numerous phone calls. However, despite repeated requests, the
company has not provided CARE with the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the ratings on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on BS Limited's
bank facilities will now be denoted as CARE B/CARE A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 669.18 CARE B; Issuer not
Facilities cooperating; Revised from
CARE BBB+ on basis of best
available information
Short term Bank 404.37 CARE A4; Issuer not
Facilities cooperating; Revised from
CARE A2 on basis of best
available information
Long-term/Short- 746.58 CARE B/CARE A4; Issuer not
Term Bank cooperating; Revised from
Facilities CARE BBB+/CARE A2 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 ratings.
The ratings have been revised on account of subdued financial
performance in 9MFY17 and stretched liquidity position of the
company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Subdued financial performance in 9MFY17: The financial
performance deteriorated significantly during 9MFY17 and the
company reported decline in the total income to INR658.91 crore
as compared to INR1,761.09 crore in 9MFY16. The company has also
reported operational and net loss of INR19.49 crore and INR205.59
crore respectively in 9MFY17 (vis-a-vis PBILDT of INR239.54 crore
and PAT of INR43.95 crore in 9MFY16). Considering the financial
performance for 9MFY17, the company's performance is likely to be
significantly lower than envisaged performance for FY17.
Stretched liquidity position: The company have been facing
stretched liquidity position leading to instances of overdrawals
with respect to the cash credit account and instances of LC
devolvement as confirmed by lenders.
Key Rating Strengths
Vast experience of the promoters in the tower manufacturing
segment: The promoters of BSL have long-standing experience of
nearly two decades in the steel manufacturing industry. The
Managing Director, Mr. Rajesh Agrawal has been in steel-related
business since 1989. Under his leadership, Mr. Agarwal has
transformed the company from a tower manufacturing company to an
integrated service provider to the transmission and distribution
sector.
Transition from a trading entity to a turnkey services provider
with an integrated business model: BSL has evolved from a steel
trading business to providing turnkey solutions in the telecom
and power transmission segments. The company has extended its
capabilities from tower supply to tower assembly, erection, civil
& electrical works and project management.
Diversification into coal trading: During FY12, BSL has ventured
into coal trading to capitalise on the increasing demand for coal
in the country. BSL has setup BS Global Resources Pte Ltd (BSGR),
a 100% subsidiary in Singapore, with a total investment of INR
26.55 crores as on March 31, 2015. BSGR is promoted to carry out
coal trading in the Asian and African regions.
BSL was incorporated in January 2004, as a private limited
company under the name of BS Steels and Minerals Private Limited.
The company is engaged in the manufacturing and supply of towers
to the power and telecom sectors. However, since FY14, the
company has reduced its dependence on the telecom sector with
negligible revenue from the said segment as on March 31, 2015.
Also, the company is an EPC and turnkey service provider to the
power transmission sector. As an EPC service provider to the
power transmission sector, the company executes power
transmission and substation projects on turnkey basis which
includes supply of materials, installation, erection, testing and
commissioning. The manufacturing facility of the company is
located at Medak, Andhra Pradesh. The company increased tower
fabrication and galvanising capacity from 120,000 Metric Ton Per
Annum (MTPA) to 240,000 MTPA during FY12. The same was followed
by expansion of its rolling capacity from 90,000 MTPA to 120,000
MTPA during FY13.
CADCHEM LABORATORIES: CARE Cuts Rating on INR9.48cr Loan to B+
--------------------------------------------------------------
CARE has been seeking information Cadchem Laboratories Limited to
monitor the rating(s) vide e-mail communications/letters dated
February 28, 2017 and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the publicly available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.
The ratings on Cadchem Laboratories Limited's bank facilities
will now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
The long-term rating has been revised on account of decline in
profitability margins and deterioration of solvency position. The
ratings continue to be constrained by highly leveraged capital
structure with weak debt coverage indicators. The aforesaid
constraints are partially offset by the experience of the
promoters with long track record of operations.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.48 CARE B+; Issuer not
Facilities cooperating; Revised from
CARE BB- on basis of best
available information
Short-term Bank 2.50 CARE A4; Issuer not
Facilities on 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).
Detailed description of the key rating drivers
Decline in profitability margins
The PBILDT margins declined from 13.19% in FY15 (refers to the
period April 1 to March 31) to 10.49% in FY16 due to increase in
operational expenses. Consequently, PAT margin declined from
1.50% in FY15 to 0.84% in FY16.
Deterioration of solvency position
The overall gearing ratio deteriorated from 2.09x as on March 31,
2015, to 2.23x as on March 31, 2016, due to increased dependence
upon external borrowings. The total debt to GCA deteriorated from
10.3x for FY15 to 11.89x for FY16. Furthermore, interest
coverage ratio deteriorated from 1.72x in FY15 to 1.66x in FY16
Cadchem Laboratories Limited (CLL), was originally incorporated
September 9, 1985, under the name of Chandigarh Drugs Private
Limited by Mr. J. J.Sharma and Ms Meena Singla. Subsequently in
1995, the name changed to CLL. The company is currently being
managed by Mr. Navneet Gupta, Mrs Neeru Gupta, Mr. Kishor
Deshmukh.
CLL is engaged in manufacturing of active pharmaceutical
ingredients (API's) at its manufacturing facility located in
Mohali, Punjab. The company started commercial production in 1988
with ISONIAZID (anti-tuberculosis), NIACINAMIDE (vitamin) drug as
main products, whereas currently the company is supplying API's
for formulations present across therapy areas including pain
killer and blood thinning agent. The company directly caters to
pharmaceuticals manufacturing entities in domestic market like
Accent Pharma, BDR Pharmaceuticals International Private Limited
and Manglam Drugs and Organics Limited.
The company imports its main raw material i.e. numerous Active
Pharmaceutical Ingredients Intermediates (APII's) from
China and sources its other requirements like chemicals and
solvents from domestic suppliers.
CANOPY ESTATES: CRISIL Lowers Rating on INR30MM LT Loan to 'D'
--------------------------------------------------------------
CRISIL has been consistently following up with Canopy Estates Pvt
Ltd (CEPL) for obtaining information through letters and emails
dated September 29, 2016, November 18, 2016 and December 20,
2016, among others, apart from telephonic communication. However,
the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Mortgage Loan 20 CRISIL D (Issuer Not
Facility Cooperating; Downgraded
from 'CRISIL BB-/Stable')
Proposed Long Term 30 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Downgraded
from 'CRISIL BB-/Stable')
'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 downgraded its rating on the long-term bank facilities
of CEPL to 'CRISIL D (issuer not co-operating)' from 'CRISIL BB-
/Stable.' The rating downgrade reflects delays by the company, in
servicing the interest payment on its term loan. CRISIL has held
discussions with the bankers, who have confirmed the ongoing
delay.
Canopy Estates, incorporated in 2005 by the promoter, Mr Yasir
Rizvi, is engaged in the real estate business, mainly in
development of residential properties. The company entered into
joint development agreements for developing residential and
commercial projects in 2010.
Canopy Estates is part of the Canopy group, promoted by members
of the Rizvi family in 1996. The group is engaged in residential
real estate development in and around Bengaluru.
DARP CONSTRUCTION: CRISIL Assigns 'D' Rating to INR15MM Term Loan
-----------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of DARP Construction (J.V.) (DARP) and assigned
its 'CRISIL D' rating to the facilities. CRISIL had, on
December 25, 2015, suspended the rating as DARP had not provided
the information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign
rating to its facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 15 CRISIL D (Assigned;
Suspension Revoked)
The rating reflects the firm's delays in meeting its term loan
obligation on account of cash flow mismatch.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks associated with initial phase and modest
scale of operations: The firm's mall began commercial operation
in September 2015. Its promoters do not have prior experience in
constructing and operating a mall. Revenue has been modest and
dependent on a few customers. Cash accrual may be hit if any
customer exits the firm's mall.
Strength
* Advantageous location of mall in Patna, and healthy demand for
office space: The mall is in a prime location in Patna. It is
close to the railway station (3.1 kilometre [km]), and to the
Gandhi Ground (1.5 km), which is the city centre and is famous
for book, electronic, and other exhibitions.
DARP, set up in August 2009, is a joint venture of Mr Anant Kumar
Singh, his affiliates Ms Ranjana Kumari and Ms Pratima Devi, his
sister-in-law Ms Dehuti Sinha, M/s Shivanar Constructions Pvt Ltd
(SCPL; promoted by Ms Ranjana Kumari) and M/s Rajnandani Projects
Pvt Ltd (RPPL; promoted by Mr Anant Kumar's wife). DARP was
formed to construct a commercial complex, THE MALL, at Frazer
Road in Patna.
DARP's profit after tax (PAT) was INR1.97 crores on operating
income of INR5.32 crores for fiscal 2016, vis-a-vis INR5.14
crores and INR11.50 crores, respectively, for fiscal 2015.
DHARMAVARAM MUNICIPALITY: CRISIL Assigns B+ Corp. Credit Rating
---------------------------------------------------------------
CRISIL has assigned its corporate credit rating of 'CCR
B+/Stable' to Dharmavaram Municipality (DM).
The rating reflects DM's average financial risk profile and
favourable legislative framework. These strengths are partially
offset by the modest economic base, weak economic management as
reflected in inadequate service arrangements, low recovery of
maintenance cost and high dependence on state government grants
for future developmental projects.
DM is governed by The Andhra Pradesh Municipalities Act, 1965,
which provides it with good revenue-raising powers, limited
obligatory services, and a favourable borrowing framework. In
addition, service arrangements and reform orientation, though
modest currently, are expected to improve significantly through
the implementation of the Atal Mission for Rejuvenation and Urban
Transformation (AMRUT).
Key Rating Drivers & Detailed Description
Strengths
* Enabling legislative framework, with favourable provisions
regarding recovery of taxes and operational autonomy
Governed by The Andhra Pradesh Municipalities Act, 1965, DM has
good revenue-raising powers, limited obligatory services, and a
favorable borrowing framework.
* Average financial risk profile
Financial risk profile is average, marked by adequate own source
of revenue and debt-free capital structure. Moreover, moderate
operating surplus is used to fund incremental capital expenditure
needs.
Weakness
* Modest economic base
Economic base is modest marked by improving industrial activity
and weak contribution of services sector to the local economy,
which constrains the ability of the municipality to increase tax
revenue.
* Inadequate service arrangements and low cost recovery of
maintenance
The level of coverage and the quality of services provided by the
municipality is limited as reflected by inadequate sanitation and
sewerage services.
* High dependence on government grants for future developmental
projects: Capital expenditure to augment civic infrastructure and
provide services to urban poor is expected to be funded through
government grants. Thus, timeliness in receiving these grants
will be key rating sensitivity factor.
Outlook: Stable
CRISIL believes DM's financial risk profile will remain average
over the medium term, backed by moderate collection efficiency.
Upside scenario
* Generation of additional revenue sources
* Increase collection efficiency in existing own revenue sources
Downside scenario
* Delay in receipt/reduction in quantum of grants from Andhra
Pradesh (AP) government for future development projects.
* Large debt funded capital expenditure, weakening liquidity
The civic administration in Guntakal, AP, vests with DM. It is
the first largest urban local body in the Anantapuramu district
of AP. As per the The Andhra Pradesh Municipalities Act, 1965,
which governs DM, the municipality is responsible for providing
civic services such as water supply, sewerage and drainage
facilities, solid waste management, and others. The total area of
the city that falls under municipal limits is 40.45 square
kilometre.
ENN TEE: CARE Denotes Rating to B+ Issuer Not Cooperating
---------------------------------------------------------
CARE has been seeking information from Enn Tee International
Limited (ETIL), to monitor the rating(s) vide e-mail
communications/ letters dated March 10, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Enn Tee International 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 Enn Tee International Limited bank facilities will now
be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9.91 CARE B+; ISSUER NOT
Facilities COOPERATING
Long-term/Short 0.10 CARE A4; ISSUER NOT
Bank Facilities 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 August 30, 2016, the following were
the rating strengths and weaknesses:
Key Rating Weakness
Small and declining scale of operations with low net worth base
Total operating income (TOI) of the company has been declining on
y-o-y basis for the past three years i.e. FY14-FY16 (refers to
the period April 1 to March 31). TOI of the company has declined
from INR48.87 crore in FY14 to INR30.34 crore in FY16 owing to
decrease in quantity sold coupled with lower sales realization.
Moreover, the company's net worth base stood small at INR1.78
crore as on March 31, 2016.
Below average financial risk profile
The company had below average financial risk profile marked by
low profitability margin, leveraged capital structure and weak
debt protection. The PBILDT margin of the company has declined in
FY15 at 0.06% as against 6.58% in FY14. The PAT margin continues
to remain for past two years i.e. FY15 and FY16. However, the
company has registered positive gross cash accrual at INR0.51
crore in FY16 as against cash losses in FY15.
Coverage indicators marked by interest coverage ratio and Total
debt to GCA stood weak for past three financial years i.e.
FY14-FY16. Though the interest coverage and total debt to GCA has
improved to 1.30x and 23.18x for FY16 (prov.) on account of
increase in the PBILDT, consequently, resulting in increase in
gross cash accruals. However, the same remained weak.
Substantial off-balance-sheet exposure in the form of corporate
guarantees
ETIL has given the corporate guarantee towards arranging debt in
its group associates i.e. Him Chem Limited and the same stood at
INR106.75 crore as on March 31, 2015. The debt repayment towards
the group associate may have to be made by the company in the
absence of sufficient cash accruals in this company. Overall
gearing ratio after adjusting for the debt under corporate
guarantee mechanism given for the group company stood at 49.54x
as on March 31, 2016.
Key Rating Strength
Experienced promoters
ETIL is a public limited company (closely held) incorporated in
1999 and promoted by Harish Chander. Mr. Harish Chander looks
after the overall affairs of the company and has a total
experience of close to four decades in the manufacturing and
trading of yarn through ETIL and other group company i.e. Bright
Polymers Private Limited. Long experience of the promoters aids
in establishing relationship with customers and suppliers.
Moderate operating cycle
Operating cycle of the company remained moderate at 61 days in
FY16 (prov.). The company is required to maintain inventory
mainly in the form of raw material (Poly propylene chips) to
ensure smooth execution of production. Moreover, the company
maintains finished goods to meet the urgent needs of its
customers. All these resulted into average inventory days stood
at 48 days for FY16. Being present in a competitive industry, the
average collection period stood at 59 days in FY16. The average
creditors' days remained at 46 days in FY16.
Favorable manufacturing location
ETIL has its manufacturing unit located in Uttarakhand where the
unit is benefitting from various fiscal incentives extended by
central and state governments. ETIL is availing 100% excise duty
exemption up to 2019 and income tax benefit to the extent of 30%
up to 2019. Furthermore, the company is eligible for exemption of
sales tax from central and state governments. This provides the
company with competitive advantage over its competitors.
Enn Tee International Limited (ETIL), a closely held public
limited company was initially incorporated as a private limited
company (Enn Tee International Private Limited) in February,
1999. Later on, the constitution was changed in June, 2014. The
company started its commercial productions in 2000 and is
currently being managed by Mr. Harish Chander. The company is
engaged in manufacturing and trading of poly propylene (PP) yarn
at its manufacturing facility located at Haridwar, Uttrakhand.
Earlier ETIL had its manufacturing facility located in Ludhiana,
Punjab which was discontinued in 2005 and shifted to Haridwar in
September, 2009. ETIL was involved in trading of yarn between
2005 and 2009. The installed capacity of the plant is to
manufacture 4700 Metric tons per annum (MTPA) of yarn as on
March 31, 2016. The company sells its products through a network
of around 10 dealers mainly in the states of Delhi, Uttar Pradesh
and West Bengal to the manufacturers of garments, elastics, tape
and other textiles products.
EPLUS PROJECTS: CRISIL Reaffirms B+ Rating on INR6.5MM Cash Loan
----------------------------------------------------------------
CRISIL has been consistently following up with Eplus Projects
Private Limited (EPPL) for obtaining information through letters
and emails dated November 09, 2016, December 2, 2016 and
January 20, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 6.5 CRISIL B+/Stable (Issuer
Not Cooperating; Rating
Reaffirmed)
Proposed Cash 0.5 CRISIL B+/Stable (Issuer
Credit Limit 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 EPPL. 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
EPPL 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.
Incorporated in 2005 and promoted by Mr. Ramanatha Reddy and Mr.
S Rama Krishna Raju, EPPL executes civil contracts (primarily on
jobwork basis) and provides consultancy services for
infrastructure projects (water supply, drainage construction,
urban development projects) to government, urban development
authorities, and corporates.
FRIENDS INT'L: CARE Denotes Rating to B+ Issuer Not Cooperating
---------------------------------------------------------------
CARE has been seeking information from Friends International, to
monitors the ratings vide e-mail communications/letters dated
March 03, 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, Friends International
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 Friends International bank facilities
will now be denoted as CARE B+/CARE A4; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short- 5.50 CARE B+/CARE A4; ISSUER
term Bank NOT COOPERATING
Facilities
Short-term Bank 5.50 CARE A4; ISSUER NOT
Facilities COOPERATING
Users of these ratings (including investors, lenders and the
public at large) are hence requested to exercise caution while
using the above ratings.
Detail description of the key rating drivers
At the time of last rating on March 28, 2016, the following were
the rating strengths and weaknesses.
Key Rating Strengths
Growth in TOI albeit low profitability:
During FY15 (refers to the period April 1 to March 31), TOI
witnessed growth by around 10% y-o-y on the back of increase
in demand of its product profile comprising of various gemstones.
Furthermore, as per provisional result of 9MFY16, FIL has
achieved TOI of INR32.50 crore.
Profitability margins of the firm have witnessed a fluctuating
trend and continued to remain low during past three financial
years ended FY15 mainly on account of its presence in the highly
competitive and fragmented gemstone processing industry leading
to limited pricing power which restricts operating margins.
Key rating weaknesses
Weak solvency position:
The capital structure of the firm deteriorated significantly and
stood highly leveraged owing to withdrawal of capital by the
partners for short term liquidity requirement in order to
capitalize on individual financial opportunity. Although to
ensure its commitment to support the operations of the firm,
partners during FY16 as evident by CA certified dated Feb. 27,
2016, once again infused capital. The debt coverage indicators of
the firm remained weak with total debt to GCA of 11.88 times as
on March 31, 2015, with interest coverage at 2.92 times during
FY15.
Stressed liquidity position:
The business of the firm remained to be working capital intensive
in nature resulting in almost full utilisation of its working
capital limit for the last 12 months ended Feb, 2016.
Furthermore, the liquidity ratios of the firm stood weak with
current ratio and quick ratio stood below unity as on March 31,
2015. However, the working capital cycle of the firm stood
comfortable in FY15.
Jaipur based (Rajasthan) FIL was formed in 2002, as a partnership
concern by Mr. Om Prakash Dangayach along with his wife, Mrs
Pushpa Dangayach. FIL is primarily engaged in the business of
processing and export of precious and semiprecious gemstones
particularly Tanzanite, Emerald, Diamond, Morganite, Ruby,
Amethyst and Citrine through its unit located at Jaipur
(Rajasthan).
FRISCO FOODS: CRISIL Lowers Rating on INR9.6MM Term Loan to B+
--------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Frisco Foods Private Limited (FFPL) to 'CRISIL B+/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Bill Purchase 13.5 CRISIL A4 (Downgraded
from 'CRISIL A4+')
Export Bill Purchase 15.0 CRISIL A4 (Downgraded
Discounting from 'CRISIL A4+')
Export Packing Credit 5.0 CRISIL A4 (Downgraded
from 'CRISIL A4+')
Term Loan 9.6 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects continued stretch in the working capital
cycle. Stretched receivables (187 days as on March 31, 2016
compared to 143 days a year ago) led to high utilization of
working capital bank limits. Operating profit margin also
declined to 5.2% in fiscal 2016 from 6.2% in fiscal 2015
resulting in flat accruals despite growth in operating income.
Working capital management, enhancement in working capital bank
limits, or fund infusion by the promoters leading to improvement
in liquidity would remain key sensitivity factors over the medium
term.
The ratings continue to reflect FFPL's working capital-intensive
operations, and susceptibility to volatility in input costs and
fluctuation of forex rates. These weaknesses are partially offset
by its promoters' extensive experience in the industry and
established distribution network.
Key Rating Drivers & Detailed Description
Weaknesses
* High working capital requirement: FFPL has high debtor days as
majority of sales coming from exports and company has to provide
high credit period to export customers.
* Susceptibility to volatility in input costs and fluctuation of
forex rates: FFPL has customer concentration in Middle East which
make its susceptible to currency fluctuations. FFPL's operating
margin are directly constrained by the commodity prices of flour,
sugar, and butter.
Strengths
* Established distribution network: Company has network of 20
distributors in Middle East and Africa. This helps FFPL to get
repeated orders and show stable growth in scale of operations.
* Promoter's extensive industry experience: The promoters have
extensive experience of more than 3 decades. The promoters' have
built long term rapport with overseas customers which helps FFPL
to get repeated orders.
Outlook: Stable
CRISIL believes FFPL will continue to benefit over the medium
term from its established relationship with customers and
supplier in the FMCG segment. The outlook may be revised to
'Positive' in case of a significant scale-up of operations and
improvement its profitability and working capital cycle.
Conversely, the outlook may be revised to 'Negative' if the
financial risk profile weakens, most likely because of a decline
in revenue and profitability, or sizeable debt-funded capital
expenditure. An increase in working capital requirement, leading
to weakening of liquidity, may also result in a 'Negative'
outlook.
FFPL was incorporated in 1980, and acquired in 2010 by Delhi-
based Mr. Tarun Jain and his brother, Mr. Ayush Jain, who manage
its daily operations. The company manufactures and exports a
variety of biscuits to countries in Africa, the Middle Eastern
and South Asia. FFPL has a manufacturing facility in Haridwar,
Uttarakhand.
Net profit was INR1.24 crore on net sales of INR130 crore in
fiscal 2016, as against net profit of INR1.26 crore on net sales
of INR117 crore in fiscal 2015.
G. R. MULTIFLEX: CRISIL Reaffirms B Rating on INR1.68MM Loan
------------------------------------------------------------
CRISIL has been consistently following up with G. R. Multiflex
Packaging Private Limited (GRMPPL) 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 7 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term
Bank Loan Facility .32 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 1.68 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 G. R. Multiflex Packaging
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 G. R. Multiflex
Packaging 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'.
Incorporated in 2002 and promoted by members of the Kolkata-based
Jaiswal family, GRMPPL manufactures flexible packaging materials
such as polyester laminated rolls, multilayer flexible films, oil
print films, water printed films, and bags and pouches. The
company's manufacturing facilities are located in Kolkata and its
day-to-day operations are managed by its promoter-director, Mr.
Rabindar Jaiswal.
GLOBETECH MEDICARE: CARE Issues B+ Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE has been seeking information from Globetech Medicare Private
Limited (GMPL), to monitor the rating(s) vide e-mail
communications/ letters dated February 17, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the firm
has not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Globetech Medicare 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 Globetech Medicare Private Limited's bank
facilities will now be denoted as CARE B+; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 15 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 January 05, 2016, the following
were the rating strengths and weaknesses:
Key Rating Strengths
Experienced promoters with diversified business experience
The company is promoted by Dr B.K. Singh, Mr. Saurabh Bhansali,
Mr. Ashish Tulsiyan, Mr. Praveen Kumar and Ms Poonam Singh. Dr
Singh is a renowned doctor and an eminent cardiologist of
Varanasi having more than 20 years of medical experience. He
would be looking after the overall operations of GMPL.
Mr Ashish Tulsiya, a qualified chartered accountant and a company
secretary having an experience of nearly half a decade through
his association with companies engaged in the business of coal
trading, manufacturing of sponge iron and education (schools).
Mr. Saurabh Bhansali, a chartered accountant looks after the
financial and legal matters of the company. He is having an
experience of around a decade through his association with
companies engaged in real estate and manufacturing of
ayurvedic medicines.
Mr. Praveen Kumar, a MBA from Banaras Hindu University looks
after the marketing and administrative operations of the company.
He is having an experience of around a decade through his
association with companies engaged in the business of stone
crushing, sales of country liquor and transporting. Ms Poonam
Singh, a graduate will be looking after the day to day
administrative activities and human resource related issues after
project the project becomes operational. Positive outlook & high
growth potential for the healthcare sector As per CARE Research
Indian healthcare sector is expected to grow at 10-12% CAGR up to
FY17, driven by the hospital industry, which accounts for 70% of
the sector. Factors such as rise in per capita spending on
healthcare, change in demographic profile, transition in disease
profiles, increase in health insurance penetration, and fast
growing medical tourism market, are expected to be the growth
drivers of the industry. Increasing rural incomes and generous
insurance schemes of the government have enhanced the
affordability of quality health care in Tier II and III cities.
Also, the XIIth Five Year Plan has allocated an amount of INR
3,000 bn to the Health Department, an increase of 235% over INR
896 bn spent in the XIth Five Year Plan.
Project execution risk coupled with debt funded capex and debt
funding not tied up
The company is setting up a multi-speciality hospital in Varanasi
with a total project cost of INR43.12 crore which will be funded
through term loan of INR25 crore and promoters' funds (in the
form of equity and unsecured loans from directors) of INR18.12
crore. The debt for the same has not been tied up with the bank.
As on October 31, 2015, the company has incurred INR2.49 crore
towards acquisition of land and construction of building and
INR2.76 crore for building and other civil works. The hospital is
expected to commence its operations from April 2017 and FY18
(refers to the period April 1 to March 31) being the first full
year of operations. The project execution at nascent stage and
execution of the project within envisaged time and cost remains a
risk for the company.
Reputation risk
Healthcare is a highly sensitive sector where any mis-handling of
a case or negligence on part of any doctor and/or staff of the
unit can lead to distrust among the masses. Thus, all the
healthcare providers need to monitor each case diligently and
maintain standard of services in order to avoid the occurrence of
any unforeseen incident. They also need to maintain high
vigilance to avoid any malpractice at any pocket.
Competition from existing players
The healthcare industry is highly competitive with a large number
of established organized players and their growing network of
hospitals. The healthcare and specialty hospitals sector mainly
comprises large national players, organized regional players,
Government hospitals, charitable trusts, and a large number of
nursing home and multi-specialty clinics making it highly
competitive. The competition is expected to intensify with the
expected entry of Public Private Partnerships in this segment.
Kolkata-based (West Bengal) GMPL was incorporated in 2013 and is
currently promoted by Dr. B.K. Singh, Mr. Saurabh Bhansali, Mr.
Ashish Tulsyan, Mr. Praveen Kumar and Ms Poonam Singh. The
company was setup with an objective to construct and operate a
multi-specialty hospital in Varanasi, Uttar Pradesh. The hospital
would provide healthcare services in orthopedics, neurology,
urology, pathology, nephrology, pediatric, cardiology,
gynecology, laproscopy, primary care services, radiology and
imaging center among others. It would also be equipped with
modular operation theatre, Internal Care Unit (ICU) with advance
ventilator support. The hospital will also have an outpatient
clinic consisting of offices/consult rooms with examination
rooms, pathology department etc.
The company is setting up a multi-speciality hospital in Varanasi
with a total project cost of INR43.12 crore which will be funded
through term loan of INR25 crore and promoters' funds (in the
form of equity and unsecured loans from directors) of INR18.12
crore. The debt for the same has not been tied up with the bank.
The hospital is expected to commence its operations from April,
2017 and FY18 being the first full year of operations. The
project execution at nascent stage and execution of the project
within envisaged time and cost remains a risk for the company.
GRAND HIRA: CARE Lowers Rating on INR15cr LT Loan to 'D'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Grand Hira Resorts Private Limited (GHRPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 15 CARE D Revised from
Facilities CARE B+
Rating Rationale
The revision in the rating of GHRPL takes into account ongoing
delays in debt servicing due to stressed liquidity of the
company.
Detailed description of the key rating drivers
Grand Hira Resorts Private Limited (GHRPL) has concluded debt-
funded green field capital expenditure in June 2015 with
construction of four-star hotel in Neemrana- Rajasthan. The
company's financial risk profile is impacted by the net losses
incurred in FY16 (refers to the period April 1 to March 31)
driven by subdued performance against envisaged and higher fixed
expenses resulting into stressed liquidity position and company
delayed in repayment of its debt obligations.
Grand Hira Resorts Private Limited (GHRPL) was incorporated in
2006 and is currently being managed by Mr. Randhir Singh Yadav,
Mrs. Billo Yadav and Mr. Sunny Yadav. GHRPL is in the hospitality
industry and constructed a four star hotel with a total cost of
project of INR22 crore. The hotel consists of 48 double rooms, 4
suites and banquet facility. It also includes 4 specialty
restaurants comprising a fast food facility, Indian food
restaurant, coffee house-cum-bar and a Japanese cuisine
restaurant. The hotel is located close to Neemrana, Rajasthan
which lies within the Delhi- Mumbai Industrial Corridor. The
hotel commenced commercial operations in June 01, 2015. GHRPL has
tied up with Golden Tulip for marketing and management
assistance.
H. K. INDUSTRIES: CRISIL Reaffirms B+ Rating on INR5MM Loan
-----------------------------------------------------------
CRISIL has removed the 'Notice of Withdrawal' on its ratings on
bank facilities of H. K. Industries (HK, part of the HK group),
in line with its revised withdrawal policy.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable (Removed
from 'Notice of withdrawal';
Rating Reaffirmed)
CRISIL's rating continues to reflect the HK group's modest scale,
and working capital-intensive nature, of operations in the
competitive railways parts, lubricants and hosiery goods trading
business. These rating weaknesses are partially offset by the
extensive experience of the promoters, and financial support
extended by them. The rating also factors in the average
financial risk profile, marked by a moderate capital structure
and improving debt protection metrics.
Analytical Approach
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of H. K. International (HKI), AEL and HK
Industries (HK), as the three firms have merged into one entity
but further details from the management is awaited. HKI and HK
will seize to exist.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations: Intense competition from several
small unorganised players, in the lubricants, hosiery goods and
railway parts trading business, has kept the scale of operations
modest as reflected in the revenues of INR99 crores in fiscal
2016.
* Working capital intensity in operations: Operations are working
capital intensive, as reflected in gross current assets of 120
days over the three years ended March 31, 2016, mainly led by
inventory and receivables for the lubricant and hosiery goods
segments. Purchases are either against cash or limited credit of
15-20 days, while customers are offered credit of 90-100 days.
Strengths
* Extensive experience of the promoters: Benefits from the two
decade-long experience of the group's promoters, in the
lubricants and hosiery goods trading business, and their
established relationships with suppliers, ensuring timely
supplies, will continue. The group, which is a registered
supplier for the railways, has been trading in parts such as
bearings, blocks, bushes, and manipulators, over the past decade.
* Average financial risk profile: Financial risk profile is
average, marked by moderate gearing to 1.6 times as on March 31,
2016. Debt protection metrics have improved, as marked by
interest coverage and net cash accrual to total debt ratios of
2.6 times and 0.17 time, respectively, for fiscal 2016 as
compared to 1.65 times and 0.05 time in fiscal 2015.
Outlook: Stable
CRISIL believes the HK group will continue to benefit from the
extensive experience of its promoters. The outlook may be revised
to 'Positive' in case of an improvement in revenue, profitability
and cash accrual, or capital infusion from the promoters. The
outlook may be revised to 'Negative' if a substantial decline in
revenue and profitability, or a stretch in working capital cycle,
weakens the financial risk profile.
AEL and HKI were set up in 2008, by Mr. Anil Anand and his family
members. The Delhi-based group trades in railway parts,
lubricants and hosiery goods. HK, set up in 2014, by Mr. Anand as
a proprietorship firm, trades in copper and its allied products.
HK on provisional basis has registered the profit and net sales
of INR1.92 crores and INR49.29 crores, respectively, in 2015-16,
against the profit of INR0.46 crores on net sales of INR28.62
crores for 2014-15.
HALDIA STEELS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Haldia Steels
Private Limited (HSPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR350 mil. Fund-based working capital limit assigned with
'IND BB+/Stable' rating;
-- INR50 mil. Long term loans assigned with 'IND BB+/ Stable'
rating; and
-- INR400 mil. Non-fund-based working capital limit assigned
with 'IND A4' rating
KEY RATING DRIVERS
The ratings reflect HSPL's moderate scale of operations with
revenue of INR1.514 billion in FY16 (FY15: INR2.429 billion).
Dip in revenue was due to low sales realization. The ratings are
constrained by HSPL's moderate credit profile as reflected in its
EBITDA interest coverage (operating EBITDA/gross interest
expense) of 1.5x (FY15:1.7x) and net financial leverage (total
adjusted net debt/operating EBITDAR) of 3.7x (FY15:3.1x). EBITDA
interest coverage and net leverage deteriorated due to a decrease
in the operating EBITDA on back of a decline in the scale of
operations. Leverage and coverage is likely to improve in the
coming years with the repayment of long-term loan.
The ratings factor in HSPL's tight liquidity position as
reflected by its maximum fund-based utilization of 98.13% during
the six months ended January 2017.
The ratings, however, benefit from an improvement in the
operating margin to 10.1% during FY16 from 7.8% in FY15. Margins
improved due to a decrease in the raw material cost. The ratings
further benefit from more than three decades of experience of
HSPL's promoters in the steel industry.
RATING SENSITIVITIES
Positive: Improvement in the scale of operation along with an
improvement in its credit profile will lead to a positive rating
action.
Negative: Deterioration in EBITDA margin leading to deterioration
in the credit metrics would lead to a negative rating action.
COMPANY PROFILE
HSPL was incorporated in 1996 by Mr. Ram Kishore Bansal and
family. The company is into manufacturing of ferro alloys,
sponge iron, billets. Its manufacturing facility is located at
Durgapur, West Bengal.
Currently the company has an in-house 8MW captive power plant
(waste heat recovery based), which meets around 50% of the total
power requirement of the plant.
The present production capacity for ferro alloys is 36,000MT,
Sponge iron-1, 20,000MT and Billets 1, 20,000MT.
HERCULES HOSPITALITIES: Ind-Ra Assigns B Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hercules
Hospitalities Private Limited (HHPL) a Long-Term Issuer Rating of
'IND B'. The Outlook is Stable. Instrument-wise rating actions
are:
-- INR15 mil. Term loan assigned with 'IND B/Stable' rating;
and
-- INR110 mil. Fund-based facilities -cash credit assigned
with 'IND B/Stable/IND A4' rating
KEY RATING DRIVERS
The ratings reflect a one-month delay in HHPL's project
completion to set up an automobile dealership showroom of NEXA (a
premium passenger car segment of Maruti Suzuki India Limited) in
the Alleppey district of Kerala, owing to delayed dealership
approval from Maruti Suzuki India. The estimated cost of
construction was INR30 million; however, the actual cost incurred
was INR27 million (100% funded through promoter equity). As per
management, the commercial operations will begin from the end of
April 2017.
The company has registered 104 car bookings as on March 10, 2017;
revenue will be booked in FY18. Management expects revenue of
INR1 billion in FY18.
However, the ratings draw support from the promoter's decade-long
experience in the same line of business through group companies.
RATING SENSITIVITIES
Positive: Successful commencement of operations leading to a
substantial revenue and profitability will lead to a positive
rating action.
Negative: Failure in scaling up operations leading to a stress on
the liquidity position will be negative for the ratings.
COMPANY PROFILE
Incorporated in 2003, HHPL is part of the Hercules Group. The
company is setting up an automobile dealership showroom of NEXA
in the Alleppey district of Kerala.
J B PUBLISHING: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed the rating on the long-term bank facilities
of J B Publishing House Private Limited (JBPL) at 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 2.5 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect JBPL's modest scale in the
intensely competitive industry, working capital-intensive
operations, and weak financial risk profile. These weaknesses are
partially offset by established brand in the educational books
segment, promoters' extensive experience, and comfortable
operating margin.
CRISIL has earlier downgraded the long-term bank facilities of JB
Publishing House Pvt Ltd (JBPL) to 'CRISIL B+/Stable' from
'CRISIL BB-/Stable' on March 27, 2017.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale in the intensely competitive industry: JBPL has a
small market share in the publishing industry, with revenue of
INR49 crore in fiscal 2016. The scale is relatively small as
against other players in the industry such as Navneet
Publications (India) Ltd and McGraw Hill Education India.
* Working capital-intensive operations: Operations are working
capital intensive as reflected in its gross current assets of 429
days as on March 31, 2016, on account of high debtors (391 days)
and inventory (44 days) due to seasonal nature of business.
* Weak financial risk profile: Gearing, at 3.82 times as on
March 31, 2016, was high, and debt protection metrics were weak,
with interest coverage ratio at 1.42 times and NCATD ratio at
0.04 time for fiscal 2016.
Strengths
* Established JB Publication brand in the publication industry
and promoters' extensive experience: Experience of over two
decades in the publishing business has given the promoters a deep
understanding of the industry. It has been publishing Central
Board of Secondary Education syllabus books and constantly
revamping its standards. It has also started video recording of
books for better visuals and understanding.
* Comfortable operating margin: JBPL enjoys margin protection in
case of any raw material price volatility due to its prudent
pricing policy with suppliers. The company fixes the prices of
its major raw material, plain paper, with the suppliers at the
start of the season in September or October each year and thus it
is protected from any price increases.
Outlook: Stable
CRISIL believes JBPL will continue to benefit over the medium
term from established market position and promoters' extensive
experience. The outlook may be revised to 'Positive' in case of
ramp up of operations and better working capital management,
along with improvement in capital structure and debt protection
metrics. Conversely, the outlook may be revised to 'Negative' if
decline in profitability or revenue or low cash accrual weakens
the financial risk profile, particularly liquidity.
JBPL was incorporated in 1997, and is promoted by the Agrawal
family of Mathura, Uttar Pradesh. The company publishes
educational books for pre-school to standard VIII. Mr Gopal
Prasad Agrawal and Mr Rakesh Kumar Agrawal are the key promoters
and manage operations.
For fiscal 2016, JBPL reported a net profit of INR0.83 crore on
net sales of INR49.15 crore, against a net profit of INR0.85
crore on net sales of INR44.71 crore for fiscal 2015.
JAY KHODIYAR: CRISIL Raises Rating on INR7.95MM Cash Loan to B+
---------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Jay Khodiyar Cotton Private Limited (JKCPL) to 'CRISIL B+/Stable'
from 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7.95 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The upgrade reflects gradual improvement in financial risk
profile, with improved gearing and debt protection metrics.
Improvement in the capital structure is evident from gearing and
total outside liabilities to tangible net worth ratio of 2.48
times and 2.59 times, respectively, as on March 31, 2016, against
2.52 times and 2.64 times, respectively, a year earlier.
Furthermore, in current fiscal 2017, gearing is further estimated
to improve on the back of low incremental working capital
requirement and nil long-term debt. The debt protection metrics
improved too: interest coverage ratio was 1.56 times in fiscal
2016 vis-a-vis 1.44 times in the previous fiscal.
The rating continues to reflect JKCPL's improving yet modest
scale of operations, average financial risk profile with a small
networth and average debt protection metrics, and exposure to
intense competition and raw material price volatility. These
weaknesses are partially offset by the extensive experience of
promoters and its proximity to cotton growing region.
Key Rating Drivers & Detailed Description
Weaknesses
* Improving yet modest scale of operations in the fragmented and
competitive cotton ginning industry: With revenue of INR38.88
crore in fiscal 2016 vis-a-vis INR48.86 crore in fiscal 2015,
scale remains volatile in the intensely competitive cotton
ginning industry that has low entry barrier and faces volatility
in cotton prices. However, revenue is expected to moderately grow
on account of recovery in cotton prices.
* Susceptibility to volatility in cotton prices: Profitability is
vulnerable to volatility in cotton prices, which are highly
volatile as cotton yield depends on monsoon. Inability to pass on
increase in cotton prices to customers because of intense
competition compounds the risk.
* Average financial risk profile: Financial risk profile has
remained average on the back of small networth of INR3.22 crore
and average gearing of 2.48 times as on March 31, 2016.
Strengths
* Extensive industry experience of promoters: With over two
decades of experience in the cotton ginning industry, the
promoters, Mr. Nanabhai Kalsariya, Mr. Nagjibhai Rathod and Mr.
Mangalbhai Ladumor, have in-depth understanding of the dynamics
of the industry and the local market. This should continue to
support the business risk profile over the medium term.
* Proximity to cotton growing-belt in Gujarat: Production
facility is close to Gujarat's cotton-growing belt, resulting in
easy availability of raw cotton directly from farmers.
Outlook: Stable
CRISIL believes JKCPL will continue to benefit over the medium
term from its promoters' extensive experience and its proximity
to Gujarat's cotton-growing belt. The outlook may be revised to
'Positive' in case of sustained and significant improvement in
scale of operations and profitability, leading to higher accrual,
while efficient working capital management improves capital
structure. The outlook may be revised to 'Negative' if the
financial risk profile or liquidity weakens, most likely because
of a decline in profitability, a stretch in working capital
requirement, or large, debt-funded capital expenditure.
Established in 2007, JKCPL, promoted by Mr. Nanabhai Kalsariya,
Mr. Nagjibhai Rathod and Mr. Mangalbhai Ladumor, gins and presses
cotton into bales and extracts cotton seeds. Its manufacturing
facility at Mahuva, near Bhavnagar, Gujarat, has an installed
capacity of 120 bale per day.
Revenue was INR38.88 crore and net profit was INR0.13 crore, for
fiscal 2016, against INR48.86 crore and INR0.12 crore,
respectively, for fiscal 2015.
JOYRAMCHAK BANDHAB: CARE Assigns B+ Rating to INR5cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Joyramchak Bandhab Samity (JBS), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of JBS is constrained
by its small scale of operations and limited track record with
geographical concentration of portfolio base in West Bengal,
operational risks due to cash transactions and its moderate
financial performance during FY14 to FY16 (refers to the period
April 1 to March 31). The rating is further constrained by its
limited growth opportunity being constituted as a society,
inherent risks in the microfinance industry including socio-
political intervention risk and stiff competition from other
players. However, the rating draws comfort from experienced
management, adequate IT infrastructure, satisfactory Capital
Adequacy Ratio (CAR) and moderate asset quality.
Mobilisation of resources, improvement in profitability,
maintaining asset quality and CAR are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations with limited track record: JBS has
built its microfinance portfolio since 2009 and has limited track
record in the microfinance sector. It is currently managing a
portfolio of INR115.9 lakh as on December 31, 2016 (Rs.128.6
lakhs as on March 31, 2016) through a network of three branches
across Purba Medinipur district of West Bengal. The small size of
JBS is mainly attributable to its limited ability to access
funds.
Concentration of operation in one district of West Bengal with
low borrower base: JBS draws its entire business from Purba
Medinipur district of West Bengal. The borrower base also
remained small with 575 active borrowers as on December 31, 2016.
Competition from other players: JBS faces stiff competition from
various large MFIs such as operating in the district. Operational
risks due to cash transactions: Transactions in micro-financing
operations are generally cash in nature as disbursements and
collections are made in cash. Disbursements (up to INR25,000) are
made in cash, to the borrowers in the presence of group leader at
the head office. This exposes companies to high degree of
operational risks. Furthermore, JBS has not taken insurance cover
for all its employees for infidelity, cash in transit and cash in
vaults.
Limited growth opportunity being constituted as a society: JBS is
registered as a society under the West Bengal Societies
Registration Act, 1961. The legal form of organization does not
allow the equity infusion in the society. It is dependent
upon the donations and contributions from members. Limited
ability to access funds restricts the growth opportunity for JBS.
Moderate financial performance during FY14 to FY16: JBS's total
operating income increased at a CAGR of about 17.87% over the
past three years with a y-o-y increase by about 16.61% to
INR53.14 lakh in FY16. Income from Micro-financing activity has
increased at a CAGR of about 17.71% during the past three years
(FY14-FY16). The loan portfolio has increased from INR83.63 lakh
in FY14 to INR128.60 lakh in FY16. The slow growth in its loan
portfolio is mainly attributable to its limited ability to garner
funds. NIM after witnessing an improvement from 5.00% in FY14 to
6.56% in FY15 experienced a sharp decline to 1.86% in FY16. In
FY15, the lender has charged a lower rate of interest than actual
to be charged which led to increase in NIM during FY15. However,
the shortfall in interest expense during FY15 was charged on a
lump sum basis in FY16 which led to sharp decline in NIM during
FY16.
Operating Exp./Average Total Assets remained high in the range of
23.81% to 26.53% during the past three years. JBS is also
involved in sale of various agro products, handicraft items and
other income generating activities like agriculture, fishery,
etc. Operating Exp./Average Total Assets deteriorated in FY15
mainly due to increase in operating expenses in these activities.
However, the same improved from 26.53% in FY15 to 23.91% in FY16
mainly on the back of increased scale of operation (servicing of
more customers & higher AUM).
ROTA deteriorated from 9.77% as on March 31, 2014 to 8.24% as on
March 31, 2015 mainly due to increased operating cost. The same
deteriorated further to 4.31% in FY16 led by sharp decline in NIM
in FY16. In 9MFY17, JBS earned a surplus of INR14.57 lakh on a
total income of INR54.19 lakh.
Key Rating Strengths
Experienced management: JBS's board comprises of 11 members
having rich experience in financial and rural developmental
sector. All the members of the executive committee have overall
experience of more than 9 years. The day to day affairs are
looked after by Mr. Srimanta Mandal having about two decades of
experience in the rural developmental sector.
Adequate internal audit and IT infrastructure: JBS has a separate
internal auditor and the internal audit is conducted on a
quarterly basis. JBS has adequate IT infrastructure in place to
support its scale of operation. The system is computerized with
customized software 'Naya Udyog' for loan tracking. All types of
reports can be generated within short period of time from the
software. However, accounting is done manually. Moderate asset
quality: Asset quality remains moderate with no NPA over the past
three years. Furthermore, credit discipline of the borrowers is
also good and most of its disbursements are to the borrowers who
are in third loan cycle. However, PAR > 30 days deteriorated
marginally from 7% as on March 31, 2014 to 10% as on March 31,
2016. However, the same improved to 5% as on Dec 31, 2016.
However, PAR>90 days remained stable in the range of 3%-4% during
the past three financial years (FY14-FY16).
Satisfactory Capital Adequacy Ratio (CAR): CAR (computed by the
CARE analytical team) has been comfortably above the regulatory
benchmark (15%; though, JBS is not under the preview of NBFC-MFI
guidelines) as on the last two account closing dates at 38.77%
and 32.15% as on March 31, 2015 and March 31, 2016 respectively.
Joyramchak Bandhab Samity (JBS) was established in May, 1981
under the leadership of Mr. Bimalendu Mandal and Mr. Murari
Mandal to carry out various social and developmental activities.
It is registered under the West Bengal Societies Registration
Act, 1961 and commenced microfinance activity in 2009 in West
Bengal. It started lending to individual borrowers under the
'Self Help Groups' (SHGs) based lending model and also to
individual borrowers separately, with contributions from its
founding members. The main objective of JBS is to provide loans
to the rural poor who do not have access to banking facilities
for their economic up-liftment. It is also a nodal agency to
NABARD for various Micro Enterprise Development Programmes.
Furthermore, the society is also involved in sale of various agro
items, handicrafts etc and also involved in agriculture and
fishery activities for income generation. JBS is managing a
portfolio of INR115.9 lakh as on December 31, 2016 (Rs. 128.6
lakh as on March 31, 2016) through a network of 3 branches in the
district of West Bengal.
The society is governed by a 11 member executive committee with
long experience in various social and developmental activities
The day-to-day activities of JBS are looked after by Mr. Srimanta
Mandal (Son of Mr. Murari Mandal), Secretary. In FY16 (refers to
the period April 1 to March 31), JBS reported surplus of INR5.97
lakh (surplus of INR9.31 lakh in FY15) on total income of
INR53.14 lakh in FY16 (total income of INR45.57 lakh in FY15).
M. M. PATEL: CRISIL Reaffirms B+ Rating on INR115MM Loan
--------------------------------------------------------
CRISIL has been consistently following up with M. M. Patel Public
Charitable Trust (MM) for obtaining information through letters
and emails dated October 18, 2016, November 21, 2016, and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 115 CRISIL B+/Stable (Issuer
Bank Loan Facility Not Cooperating; Rating
Reaffirmed)
Term Loan 30 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 M. M. Patel Public Charitable
Trust. 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 M. M. Patel Public Charitable Trust
is consistent with 'Scenario 1' outlined in 'Framework for
Assessing Consistency of Information with CRISIL B Rating
category or lower.' Therefore, on account of inadequate
information and lack of management cooperation, CRISIL is
reaffirming the rating to 'CRISIL B+/Stable'.
Established in 2008 by the Solapur-based Mr. Bipinbhai Patel and
his family, MM is a public charitable trust that operates a
medical college with a capacity of 500 students offering graduate
courses, and a 325-bed hospital at Solapur. Its Ashwini Rural
Medical College, Hospital & Research Centre is affiliated to the
Maharashtra University of Health Sciences, Nashik.
M. M. POLYMERS: CRISIL Reaffirms B+ Rating on INR6MM LT Loan
------------------------------------------------------------
CRISIL has been consistently following up with M. M. Polymers
Private Limited (MMPL) for obtaining information through letters
and emails dated November 30, 2016, January 17, 2017 and
March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3.5 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 6 CRISIL B+/Stable (Issuer Not
Cooperating; Rating
eaffirmed)
Proposed Long Term .94 CRISIL B+/Stable (Issuer Not
Bank Loan Facility 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 M. M. 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 M. M. Polymers Private Limited
is consistent with 'Scenario 1' outlined in 'Framework for
Assessing Consistency of Information with CRISIL B Rating
category or lower'. Therefore, on account of inadequate
information and lack of management cooperation, CRISIL is
reaffirming the rating to CRISIL B+/Stable.
MMPL, established in 2010, manufactures of polyethylene
terephthalate (PET) preforms used in packaging of drinking water,
beverages, edible oils, food products, chemicals, and
pharmaceutical products. Its manufacturing facilities are located
in Raipur (Chhattisgarh) and Pune (Maharashtra). MMPL's day-to-
day operations are managed by its promoter-director Mr. Anil
Thourani.
MAHALAXMI ROLLER: CARE Assigns 'B+ Issuer Not Cooperating' Rating
-----------------------------------------------------------------
CARE has been seeking information from Mahalaxmi Roller Flour
Mills to monitor the rating(s) vide e-mail communications/
letters dated February 20, 2017 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
the absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating. In line
with the extant SEBI guidelines CARE's rating on G Mahalaxmi
Roller Flour Mills and Company's bank facilities will now be
denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.84 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 May 14, 2015, the following were
the rating strengths and weaknesses.
Key Rating Weaknesses
Small scale of operations coupled with low net worth base Despite
being operational for more than three decades, the scale of
operations has remained small marked by total operating income
and gross cash accruals of INR48.77 crore and INR0.08 crore
respectively during FY15 (refers to the period April 1 to March
31) (provisional results). Furthermore, the firm's net worth base
was relatively small at INR3.55 crore as on March 31, 2015. The
small scale operations limit the firm's financial flexibility in
times of stress and deprive it from scale benefits.
Weak financial risk profile
The financial risk profile of the firm is weak for the period
FY13 to FY15, characterized by thin profitability margins,
leveraged capital structure and weak debt coverage indicators.
The profitability margins marked by PBILDT and PAT margins have
remained low during the past three years (FY13-FY15) owing to low
value addition and highly competitive nature of the industry. The
PBILDT margin has declined in FY14 on account of higher material
cost during the year, whereas the PAT margin is declining y-o-y
basis during FY13-FY15 owing to higher utilization of working
capital borrowings over the years.
As on March 31, 2015, the capital structure of the firm comprised
of term loan, unsecured loans and working capital bank
borrowing. The overall gearing stood leveraged at 2.34x as on
March 31, 2015 which deteriorated from 1.40x as on
March 31, 2014 mainly attributed to higher utilization of working
capital borrowings. The working capital borrowings of the firm
remained 85% utilized for 12 months ending March 2015. Debt
service coverage indicators marked by interest coverage and total
debt to GCA stood weak and declined further in FY15 over the
previous financial year on account of higher interest cost owing
to high utilization of working capital borrowings. Interest
coverage ratio and total debt to GCA stood at of 1.44x and 26.74x
for FY15 against 1.72x and 12.01x in FY14.
Volatility in raw material prices influenced by government
policies on agro commodity and monsoon dependent operations
MAR is primarily engaged in processing of wheat products under
its roller mills. The main raw material needed for production of
wheat flour is wheat. Prices of wheat are subjected to government
intervention since it is an agricultural produce and staple food.
Various restrictions including minimum support price (MSP),
control on exports, wheat procurement policies for maintenance of
buffer stocks etc. are imposed to regulate the price of wheat in
the market. The price of wheat is also influenced by the supply
scenario which is susceptible to the agro-climatic conditions.
Thus, any volatility in wheat prices can have direct impact on
the profitability margins of the firm.
In addition to government policies on agro commodity, the agro-
based industry is characterized by its seasonality, as it is
dependent on the availability of raw materials, which further
varies with different harvesting periods. Availability and prices
of agro commodities are highly dependent on the climatic
conditions. Adverse climatic conditions can affect their
availability and leads to volatility in raw material prices. The
monsoon has a huge bearing on crop availability which determines
the prevailing wheat prices.
Highly competitive industry & low entry barriers
The flour industry is highly fragmented with more than two-third
of the total number of players being unorganized. Due to low
entry barriers in the industry and low value-added nature of
products, the flour mill units have limited flexibility over
pricing their products resulting in low profit margins.
Experienced partners & long track record of operations of firm
MAR is currently being managed by Mr. Parvinder Khanduja and Mr.
Harvinder Khanduja and both the partners are the second
generation entrepreneurs. Both the partners are graduates and
have wide experience of around four decades in processing of
agriculture product through their association with MAR.
Moderate operating cycle
The operating cycle of the firm stood moderate at 41 days for
FY15. The average collection period remained at around 10 days
during FY15, whereas the firm purchases wheat mainly on cash or
advance basis. The firm is required to maintain adequate
inventory of raw material for smooth running of its production
processes. The firm purchases raw materials from nearby regions
and keeps an inventory of around 15-30 days.
Mahalaxmi Roller Flour Mills (MAR) is a partnership firm and was
established in 1983, by Mr. G K Khanduja. The current partners
are Mr. Parvinder Khanduja and Mr. Harvinder Khanduja sharing
profit and loss equally. The firm is engaged in processing of
wheat into wheat flour, refined flour (maida), suji and choker.
The main raw material of the firm is wheat which is procured from
broker and commission agents located in Delhi. The firm also
procures wheat from Food Corporation of India (FCI). MAR sells
its products through commission agents and dealers in states like
Uttar Pradesh and Punjab.
MAHALAXMI DHATU: CRISIL Reaffirms B+ Rating on INR12MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Mahalaxmi Dhatu Udhyog Private Limited (MDUPL) at 'CRISIL
B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 4 CRISIL A4 (Reaffirmed)
Cash Credit 12 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 6 CRISIL B+/Stable (Reaffirmed)
The ratings reflect working capital-intensive operations, weak
debt protection metrics, and exposure to risks related to
cyclicality in the steel industry. These rating weaknesses are
partially offset the extensive experience of the promoters in the
structural steel components business, and a comfortable capital
structure due to a moderate networth and low gearing.
Key Rating Drivers & Detailed Description
Weakness
* Working capital-intensive operations: Stock and work-in-
progress inventory of about 100 days need to be maintained, while
receivables stretch up to 120 days. This results in large gross
current assets. As against this, a modest credit of about 30 days
is received from vendors. The large working capital requirement
strains liquidity.
* Weak debt protection metrics: The interest coverage ratio was
about 1.43 times and net cash accrual to total debt ratio at 6%
in fiscal 2017. This limits the ability to leverage further.
* Exposure to risks related to fluctuation in prices of steel and
to cyclicality in demand from user industry: The turnover has
fluctuated in the past due to lower orders. The order flow
depends mainly on demand from the transmission and distribution
industry, which is cyclical. Moreover, profitability is affected
by fluctuation in the price of steel, which is a key raw
material.
Strengths
* Extensive industry experience of the promoters: The promoters,
members of the Rathi family of Nagpur, earlier traded in
structural steel items and set up the MDUPL unit in 1995 as part
of a forward integration initiative. The promoters thus have a
good understanding of the business cycles, demand, and
peculiarities of the industry. The experience is expected to help
in addition of customers over medium term.
* Comfortable capital structure: The networth was about INR15.5
crore and total outside liabilities to adjusted networth ratio
1.6 times, as on March 31, 2016. Moreover, the promoters have
extended unsecured loans INR9.4 crore that are expected to be
retained in the business over the medium term.
Outlook: Stable
CRISIL believes MDUPL will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of significant improvement in the scale of
operations and profitability, resulting in higher-than-expected
cash accrual. The outlook may be revised to 'Negative' in case of
large, debt-funded capital expenditure, or a further stretch in
the working capital cycle, leading to deterioration in the
financial risk profile, particularly liquidity.
MDUPL, incorporated in 1995, is promoted by the Rathi family of
Nagpur and is managed by Mr. Krishna Rathi and his father, Mr.
Nandlal Rathi. The company manufactures structural steel items
such as window sections, angles, and high-tension towers. Its
manufacturing unit at Hingna in Nagpur, Maharashtra, has a
capacity to process 40,000 tonne of steel per annum.
In fiscal 2016, profit after tax (PAT) was INR42.96 lakh on net
sales of INR38.14 crore as against PAT of INR22.78 lakh on net
sales of INR35 crore in fiscal 2015.
MITTAL GLOBAL: CRISIL Raises Rating on INR9MM Cash Loan to BB-
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Mittal Global Cot. Industries (MGCI) to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
The upgrade reflects improvement in liquidity because of
reduction in working capital requirement and extension of
unsecured loans by the partners. Better liquidity moderated
utilisation of the sanctioned fund-based bank limit to an average
of 40% over the 12 months through December 2016; the limit was
enhanced to INR9 crore in fiscal 2017 from INR6 crore. With
steady cash generation, a controlled working capital cycle, and
absence of debt-funded capital expenditure, debt requirement is
expected to moderate over the medium term. Hence, debt protection
metrics are likely to improve. A steady working capital cycle and
need-based financial support from the partners will remain key
rating sensitivity factors.
The rating reflects the extensive experience of the partners in
the cotton ginning industry and their funding support. This
rating strength is partially offset by a modest scale of
operations in a highly competitive and fragmented industry, and
susceptibility to volatility in cotton prices and to changes in
regulations governing the cotton industry. The rating also
factors in an average financial risk profile because of a small
networth and low debt protection metrics.
Key Rating Drivers & Detailed Description
Strengths
* Extensive industry experience of the partners: The partners
have an experience of more than five decades in the cotton
ginning industry through other entities (Mittal Industries and
Mittal Fibres). This has enabled them to establish a strong
relationship with customers and suppliers, and will help to
achieve steady revenue growth over the medium term.
* Support from the partners through unsecured loans: The partners
have extended unsecured loans (Rs 6.7 crore as on March 31, 2016)
to support working capital requirement; they are likely to
continue extending support when required.
Weakness
* Modest scale of operations: With a turnover of around INR75
crore in fiscal 2017 (Rs 54.4 crore in the previous fiscal
because of lower cotton output), the scale remains small in a
competitive industry that has many unorganised players due to low
entry barriers.
* Average financial risk profile: The networth is estimated to
have remained modest at INR3.2-3.5 crore and the gearing high at
3.4-3.5 times, as on March 31, 2017. The interest coverage ratio
is estimated at 1.5-2.0 times for 2017.
Outlook: Stable
CRISIL believes MGCI will continue to benefit from the extensive
industry experience of its partners and the steady demand for
cotton ginning. The outlook may be revised to 'Positive' in case
of a substantial increase in the scale of operations, while
profitability and the capital structure improve. The outlook may
be revised to 'Negative' if the capital structure weakens, mostly
likely due to withdrawal of funds by the partners or a decline in
profitability.
MGCI was set up as a partnership firm in July 2012 by Mr. Kamal
Agrawal and his family members. The firm gins and presses cotton
at its unit in Barwani, Madhya Pradesh. It commenced operations
in December 2012. The Agrawal family has been involved in the
cotton ginning business since 1996 through other group entities.
In fiscal 2016, profit after tax (PAT) was INR0.44 crore on
operating income of INR54.4 crore, as against a PAT of INR0.19
crore on operating income of INR93.87 crore in the previous
fiscal.
MTAR TECHNOLOGIES: CRISIL Reaffirms 'C' Rating on INR30MM Loan
--------------------------------------------------------------
CRISIL has been consistently following up with MTAR Technologies
Pvt Ltd (MTAR) for getting information. Despite several emails
and calls, the company has not submitted any information. CRISIL
had, through its letters dated January 23, 2017, and February 16,
2017, informed the company of the extant guidelines and requested
for cooperation. However, the issuer has remained non-
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 85 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 30 CRISIL C (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 5 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Standby Line of Credit 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
CRISIL has reaffirmed its rating on the bank facilities of MTAR
Technologies Private Limited at 'CRISIL C/CRISIL A4'.
The ratings reflect the company's stretched liquidity, large
working capital requirement, and exposure to risks inherent in a
tender-based business. These weaknesses are partially offset by
its promoters' extensive experience in the engineering industry
and established relationships with clients.
The ratings reflect inadequate information and lack of management
cooperation, thereby restricting CRISIL from taking a forward-
looking view on the credit quality of the entity. CRISIL believes
the information available for MTAR is consistent with 'Scenario
1' outlined in the framework for 'Assessing Consistency of
Information with CRISIL B category or lower'. Thus, based on
these factors, CRISIL has reaffirmed its rating at 'CRISIL C
/CRISIL A4'.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to tender-based nature of business
Revenue comes from projects that are designed and developed for
government organisations and are hence driven by government
policies and priorities. Business depends on successfully bidding
for tenders. Bulk production commences upon successful completion
of product development. Furthermore, tender-based nature of
government orders restricts pricing flexibility.
* Working capital-intensive operations
MTAR has large working capital requirement due to high inventory
level and moderate receivables. It purchases raw materials
against specific orders (because of unique component
specifications). Delivery is stretched from 1.5-2.0 years,
resulting in large work-in-progress inventory. Receivables were
at 95 days as on March 31, 2015, mainly because 10% retention
money is deposited with customers, who release the same on
complete delivery of order. Consequently, gross current assets
were 554 days as on March 31, 2015. Large working capital
requirement results in stretched liquidity.
Strength
* Established relations with customers, supported by strong
operational efficiencies
MTAR has served as a technology partner for key defence
organisations such as the Indian Space Research Organisation
(ISRO), the Department of Atomic Energy (DAE), the Indian Armed
Forces, and Nuclear Power Corporation of India Ltd (rated 'CRISIL
AAA/Stable') for 25-30 years. Because of longstanding customer
relations, MTAR has obtained several development orders for
critical components such as Vikas and cryogenic engines,
spacecraft propellant tanks, and base shroud. MTAR is managed by
technocrats who have extensive experience in the engineering
sector.
Established position and strong technical expertise in the
precision engineering segment are supported by operational
efficiencies. With seven manufacturing units in Hyderabad, MTAR
has strong infrastructure to scale up operations as and when
required.
MTAR, established in 1970, is promoted by Mr. P Ravindra Reddy,
Mr. K Satyanarayana Reddy, and Mr. P Jayprakash Reddy. The ISO
9001-2000-certified company manufactures precision machined parts
and major equipment for ISRO, DAE, Nuclear Power Corporation of
India Ltd, defence organisations, and overseas clients. MTAR has
seven manufacturing units in Balanagar in Hyderabad (Telangana).
For fiscal 2016, MTAR reported a profit after tax of INR0.5 crore
on revenue of INR82 crore against a profit after tax of INR4.7
crore on revenue of INR80 crore for fiscal 2015.
NAINITAL MOTORS: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Nainital Motors
Private Limited (NMPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR180 mil. Fund-based working capital assigned with
'IND BB+/Stable/IND A4+' rating; and
-- INR14 mil. Term loan assigned with 'IND BB+/Stable' rating
KEY RATING DRIVERS
The ratings reflect NMPL's moderate scale of operations and
credit metrics. Revenue rose to INR1.594 billion in FY16 from
INR1.381 billion in FY15, driven by higher sales volume. In
FY16, net interest coverage (operating EBITDAR/net interest
expense + rents) was 2.99x (FY15: 2.59x), net leverage (total
adjusted net debt/operating EBITDAR) was 5.16x (4.35x) and EBIDTA
margin was 1.40% (1.27%). Low EBITDA margin was due to the
trading nature of its business and higher discounts offered to
increase the top line.
The ratings, however, are supported by NMPL's comfortable
liquidity profile. It generated positive cash flow from
operation in FY16. Moreover, its average peak utilization of its
working capital facility was 66.61% during the 12 months ended
February 2017.
Moreover, NMPL's directors have a decade-long experience in the
automobile business and established position as an authorized
dealer of Maruti Suzuki India Limited (MSIL), a leading player in
the passenger vehicle segment in India, in Uttarakhand.
RATING SENSITIVITIES
Negative: Any decline in EBITDA margin leading to a deterioration
in credit metrics could lead to a negative rating action.
Positive: Sustained revenue growth, along with an improvement in
EBIDTA margin, leading to an improvement in credit metrics could
lead to a positive rating action.
COMPANY PROFILE
Incorporated in 2008, NMPL is an authorised dealer of MSIL in
Uttarakhand. In addition to sales of new cars, it provides car
repair, auto finance and car insurance services. NMPL booked
INR1.814 billion in revenue for 11MFY17 (provisional).
NILE OVERSEAS: CARE Reaffirms B+ Rating on INR15cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Nile Overseas (Nile), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 15 CARE B+/Stable Reaffirmed
Rating Rationale
The rating of Nile continues to be constrained by its short track
record and small scale of operations, leveraged capital structure
and working capital intensive nature of operations. The rating is
further constrained by its presence in the fragmented and
competitive nature of industry, seasonality associated with
woolen products, exposure to raw material price volatility and
partnership nature of its constitution.
These rating constrained are partially offset by experienced
partners in varied business and favorable manufacturing
location.
Going forward, the ability of the firm to increase its scale of
operations while improving its capital structure and effective
working capital management shall be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Small scale of operations
The operations of the firm are small as evident from operating
income of INR33.30 crore in FY16 (refers to the period
April 1 to March 31) as against INR15.69 crore in FY15. Small
scale of operations limits the firm's financial flexibility in
times of stress and deprives it from scale benefits.
Working capital intensive nature of operations
NILE's operations continues to remain working-capital intensive
marked by operating cycle of 82 days in FY16. The firm is engaged
in manufacturing of blankets which is a seasonal product
resulting in high inventory days of around 90-110 days. The
working capital borrowings of the company remained 92% utilized
during the past 12-month period ending February 2017.
Exposure to raw material price volatility
The main raw materials required for production is polyester yarn.
Polyester yarn is the derivative of crude oil, and hence its
prices are directly correlated to the variations in global crude
oil prices which are inherently highly volatile. Therefore,
the firm is exposed to many fluctuations in the prices of
polyester yarn.
Key Rating strengths
Location Advantage
Panipat is well established manufacturing hub for manufacturing
home dÇcor and furnishing. The firm benefits from the location
advantage in terms of easy accessibility to customers.
Additionally, various raw materials required in manufacturing of
blankets are readily available owing to established supplier base
in the same location.
Moderate profitability margins
The profitability margins of the firm continue to remain
moderate. The PBILDT margin of the firm has stood almost stable
at just below 13.50% in FY15 and FY16. The firm is engaged in
manufacturing of customized products, thus firm enjoys moderate
profitability margin on their product. However, the PAT margin
stood high at 7.51% against negative PAT margin of 1.69% in FY15
on account of extra ordinary income (amounting to INR1.94 crore)
related to declaration of undisclosed income.
Panipat-based (Haryana) Nile Overseas (Nile) was established in
2014 as partnership firm by Mr. Jasbir Singh and Mrs Jyoti Jaglan
sharing profit and losses in the ratio 5% and 95% respectively.
Nile is engaged in manufacturing of mink blankets like double
bed, single bed and baby blankets. Nile's manufacturing facility
is located at Panipat (Haryana) with an installed capacity to
manufacture 14 tons blankets per day as on February 28, 2017.
NILE reported a TOI of INR33.30 crore (FY15: INR15.69 crore) and
PAT of INR2.50 crore (FY15: INR0.89 crore) in FY16. As per the
provisional results for 9MFY17, the company has reported TOI of
INR30 crore.
OMAR COLD: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
---------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facilities of Omar Cold Storage Private Limited
(OCSPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 2 CRISIL B+/Stable (Reaffirmed)
Term Loan 1 CRISIL B+/Stable (Reaffirmed)
Operating income grew 17% to INR27.0 crore in fiscal 2016 from
INR23.0 crore the previous fiscal, driven by healthy demand for
the new besan processing line installed. Operating margin
marginally declined to 5.9% from 6.1%, driven by volatility in
wheat prices, and should marginally improve driven by increased
contribution of higher-margin cold storage income in fiscal 2017.
Furthermore, the operating income is expected to decline to
INR22.0-23.0 crore in fiscal 2017 due to demonetisation.
Working capital requirement has increased, with gross current
assets and inventory increasing to 160 and 82 days, respectively,
as on March 31, 2016, from 152 and 53 days, respectively, a year
earlier.
Capital structure is moderately leveraged, with gearing and total
outside liabilities to tangible networth (TOLTNW) ratio of 1.80
and 1.05 times, respectively, as on March 31, 2016. Debt
protection metrics are weak, with interest coverage and net cash
accrual to total debt ratios at 1.37 times and 5%, respectively,
in fiscal 2016, but adequate to service maturing term debt.
Gearing is expected to increase over the medium term due to debt-
funded pans to set up a new pasta manufacturing unit.
The ratings continue to reflect OCSPL's modest scale of
operations, geographical concentration in the intensely
competitive wheat flour industry, and average financial risk
profile because of subdued debt protection metrics. These
weaknesses are partially offset by its promoters' extensive
experience and healthy relationships with customers and
suppliers.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the intensely competitive wheat
flour processing industry: Intense competition in the wheat
processing industry restricts scale of operations and
profitability (revenue and operating margin were INR27.0 crore
and 5.9%, respectively, in fiscal 2016).
* Average financial risk profile: Modest profitability and scale
of operations, and sizeable working capital debt continue to
constrain the financial risk profile. Gearing was moderate at 1.8
times as on March 31, 2016, and debt protection metrics were weak
with interest coverage ratio of 1.4 times and net cash accrual to
total debt ratio of 0.05 times.
Strength
* Promoters' extensive experience and healthy relationships with
customers and suppliers: Benefits from the promoters' experience
of over a decade, and their established relationships with
customers and local suppliers, and keen grasp of market dynamics
should continue to support the business risk profile.
Outlook: Stable
CRISIL believes OCSPL will continue to benefit over the medium
term from its promoters' extensive experience. The outlook may be
revised to 'Positive' in case of significant improvement in scale
of operations and profitability, or substantial capital infusion,
and better working capital management. Conversely, the outlook
may be revised to 'Negative' in case of lower-than-expected cash
accrual, or larger-than-expected working capital requirement, or
sizeable, debt-funded capital expenditure leading to
deterioration in the financial risk profile.
OCSPL, established in 1998 and based in Shahjahanpur, Uttar
Pradesh, provides cold storage facility for potatoes to farmers.
It also manufactures wheat products such as maida, atta, bran,
suji, choker, daliya and besan, under its Navratna brand in its
unit, Vinayak Roller Flour Mill under this company. OCSPL is
promoted by Mr Gyan Dev Gupta, his wife Ms Neelam Gupta, and son
Mr Shikhar Gupta.
OCSPL reported a net profit of INR0.09 crore on sales of INR27.03
crore in fiscal 2016, against INR1.5 crore and INR23.0 crore,
respectively, in fiscal 2015.
ONYX TECHNO: CRISIL Assigns B+ Rating to INR1.75MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Onyx Techno System Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.25 CRISIL A4
Cash Credit 1.75 CRISIL B+/Stable
The ratings reflect modest scale of operations, exposure to risks
related to the tender-driven nature of the railway signalling and
communication business, and a below-average financial risk
profile because of a small net worth and high gearing. These
rating weaknesses are partly offset by the extensive industry
experience of the promoters and an established relationship with
the Indian Railways.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations and exposure to risks related to
tender-based operations: Operating income was INR9.06 crore in
fiscal 2016. The tender-based process of obtaining projects and
the competitive nature of business significantly affects
business. The company has diversified into trading in products
such as mild steel (MS) angles and sheets, and fabrics, to
increase revenue.
* Below-average financial risk profile: The networth was small at
INR77 lakh as at March 31, 2016, on account of withdrawals and
limited accretion to reserves. The networth is expected to
increase with moderate accretions, but will remain small at about
INR1 crore over the medium term. The gearing was at 3.4 times as
on March 31, 2016 and is likely to remain high at over 2 times
over the medium term. The interest coverage ratio was subdued at
1.4 times for fiscal 2016.
Strength
* Extensive industry experience of the promoters and established
relationship with customers: The promoters have an experience of
more than a decade in undertaking railway contracts. The company
undertakes such contracts all over India. The diversification
into MS products trading is likely to lead to an increase in the
scale of operations.
Outlook: Stable
CRISIL believes ONTSPL 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 scale of operations along with maintenance of
stable profitability, leading to better-than-expected cash
accrual. The outlook may be revised to 'Negative' in case a
stretched working capital cycle, lower-than-anticipated cash
accrual, or more than expected debt-funded capital expenditure,
further weakens the financial risk profile, especially liquidity.
Mumbai based ONTSPL was incorporated in 2014, promoted by Mr.
Mohammad Fazil Ansari and his wife Mrs Khushnooda Ansari. The
company undertakes contracts in railway signalling and
telecommunication all over India, and trades in fabrics, and MS
sheets and angles.
Profit after tax (PAT) was INR22 lakh on net sales of INR906 lakh
for fiscal 2016, as against INR32 lakh and INR755 lakh,
respectively, for fiscal 2015.
PARAMOUNT BLANKETS: CARE Issues B+ Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE has been seeking information from Paramount Blankets Private
Limited (PBL), to monitor the rating(s) vide e-mail
communications/letters dated January 23, 2017 and numerous phone
calls. However, despite CARE's repeated requests, the company has
not provided the requisite information for monitoring the
ratings. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Paramount Blankets 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 Paramount Blankets Private Limited bank
facilities will now be denoted as CARE C/CARE A4+; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 21 CARE C; ISSUER NOT
Facilities COOPERATING
Long-term/Short 1 CARE C/CARE A4; ISSUER
Bank Facilities 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 November 06, 2015, the following
were the rating strengths and weaknesses:
Key Rating Weaknesses
Experienced promoters
Working capital intensive nature of operations and stressed
liquidity
The operating cycle stood at around three months for FY15 (refers
to the period April 1 to March 31) mainly on account of average
inventory period of 89 days. Furthermore, the work in process
inventory stood at 22 days in FY15 owing to numerous processes
like dyeing, processing, printing, etc, involved and finished
goods inventory stood at 62 days in FY15 to meet the immediate
demand from its customers. The company usually offers credit
period of around a month to its customers. Furthermore the
company gets an average credit period from its suppliers of
around 15-30 days. The average utilisation of working capital
borrowings of the company remained over utilized for 12 months
ended September 2015.
Small scale of operations
Despite being operational for a decade, the scale of operations
has remained small marked by total operating income of INR50.71
crore and gross cash accruals of 1.78 crore during FY15, however,
the net worth of PBP stood relatively low at INR10.08 crore as on
March 31, 2015. The small scale limits PBP's financial
flexibility in times of stress and deprives it from scale
benefits.
Leveraged capital structure and weak coverage indicators
The debt profile of the company comprised term loan of INR7.11
crore, vehicle loan of INR0.30 crore, unsecured loans from
directors and shareholders of INR6.56 crore and working capital
borrowings of INR10.00 crore as on March 31, 2015. The capital
structure of the company marked by debt equity and overall
gearing remained leveraged for past three balance sheet dates
(FY13-FY15) on account of high dependence on working capital bank
borrowings. The coverage indicators marked by interest coverage
and total debt to GCA stood weak for past two financial years
(FY14-FY15) mainly on account of high debt levels resulting into
high interest cost coupled with low gross cash accruals. The
interest coverage and total debt to GCA stood at1.83x and 13.46
for FY15 as against 1.85x and 17.41x for FY14.
Key Rating Strengths
Experienced management
The current management comprises of Mr. Sat Bhusan Gupta, Mr.
Rajiv Gupta, Mr. Mukesh Gupta and Mr. Rakesh Dayal. All the
directors have rich experience in textile industry and handle the
overall operation of the company. Mr. Sat Bhusan Gupta and Mr.
Rajeev Gupta are also directors in the group concern namely
Paramount Impex Private Limited, operational since 1995.
Growing scale of operations
Paramount Blankets Private Limited (PBL) was incorporated as a
private limited company in 2004 by Mr. Sat Bhusan, Mr. Mukesh
Gupta and Mr. Rakesh Dayal. PBL is currently being managed by Mr.
Sat Bhusan, Mr. Mukesh Gupta, Mr. Rakesh Dayal and Mr. Rajiv
Gupta. The company is engaged in manufacturing and trading of
blankets such as mink blanket, polar fleece. PBL procures the raw
material i.e. polyester yarn from yarn manufactures in Gujarat
and Haryana.
RAMKUMAR MILLS: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ramkumar Mills
Private Limited (RMPTL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. Instrument-wise rating actions are:
-- INR210 mil. Fund-based working capital limits assigned with
'IND BB/Stable/IND A4+' rating; and
-- INR20 mil. Non-fund-based working capital limits assigned
with 'IND A4+' rating
KEY RATING DRIVERS
The rating reflects RMPTL's weak credit profile. Revenue
declined 1.6% yoy to INR1.078 billion in FY16. The decline in
revenue was mainly due to a slowdown in the textile industry.
The EBITDA margin remained in the range of 4.9% - 6.7% over FY13-
FY16. In FY16, RMPL's margin declined to 5.6% from 6.7% in FY15
on account of an increase in the raw material price and labor
costs. According to the management, RMPTL's revenue is likely to
have declined further in FY17 on account of a tough competition
from countries such as Pakistan, Srilanka and Bangladesh in the
textile export market. In addition demonetization has also
affected the revenue of the company. RMPTL has reported revenue
of INR873.8 million from its textile division during 11MFY17
(unaudited).
The management, however, expects a significant improvement in
revenue in FY18 on account of the company's increasing focus
towards generating more revenue from the existing customers by
meeting their quality needs. Moreover, the company has
modernized its printing capability by installing an Italian
digital printing machine at a cost of INR12.6 million, fully
funded through unsecured loan from the promoters during FY16,
which will contribute a reasonable volume to improve the top-
line.
RMPTL's net leverage (total adjusted net debt/operating EBITDAR)
deteriorated to 4.4x in FY16 (FY15: 3.7x) on account of a
deterioration in the operating EBITDA and EBITDA interest
coverage (operating EBITDA/gross interest expense) remained at
1.6x (1.7x).
RMPTL has comfortable liquidity as reflected in the average
maximum utilization of 60.5% over the 12 months ended February
2017.
The ratings, however, are supported by the promoter's more than
six decades of experience in the textile business.
RATING SENSITIVITIES
Negative: Further decline in revenue and profitability resulting
in significant deterioration in the credit metrics could be
negative for the ratings.
Positive: A significant increase in the scale and profitability,
leading to sustained improvement in the credit metrics could be
positive for the ratings.
COMPANY PROFILE
RMPTL was incorporated in 1947. The company has two divisions.
One is textile processing division and the other is property
division. In the textile division, RMPTL is engaged in the
processing of cotton fabric and also does the job work. The
company jointly owns a commercial complex in Bangalore known as
Golden Heights along with M/s. Sumangala Properties which is
leased out to various lessors. RMPTL supplies fabrics
domestically as well as internationally to well-known brands such
as Marks & Spencer, Cotton World, Quantum Clothing, etc.
REX CERAMIC: CRISIL Reaffirms B+ Rating on INR6.0MM Term Loan
-------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Rex Ceramic Private Limited (RCPL) at 'CRISIL B+/Stable/CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1.6 CRISIL A4 (Reaffirmed)
Cash Credit 3.0 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.4 CRISIL B+/Stable (Reaffirmed)
Term Loan 6.0 CRISIL B+/Stable (Reaffirmed)
The ratings reflect the company's small scale and early stage of
operations in the intensely competitive ceramic wall tiles
industry, and large working capital requirement. These weaknesses
are partially offset by the extensive experience of its promoters
and strategic location ensuring availability of raw materials and
labour.
Analytical Approach
For arriving at the ratings, unsecured loans from promoters have
been treated as neither debt nor equity as these carry interest
rate lower than the market rate, and will remain in business.
Key Rating Drivers & Detailed Description
Weakness
* Initial phase and modest scale of operations in competitive
segment: Operations began from February 2015. Also, cash accrual
will be lower during plant stabilisation period. Hence, scale of
operations will remain small over the medium term (revenue was
Rs11.93 crore in fiscal 2016).This is compounded by intense
competition, which limits bargaining power with suppliers and
customers.
* Large working capital requirement: Inventory is sizeable at 75-
85 days, in line with industry practice. Also, the company
extends credit of 80-90 days to clients.
Strengths
* Extensive experience of promoters: Presence of more than a
decade in the ceramic industry through group companies has
enabled the promoters to understand local market dynamics and
establish strong relationships with suppliers and customers.
* Strategic location ensuring availability of raw material and
labour: Facilities in Morbi, hub of India's ceramic tiles
segment, ensure easy access to clay (main raw material), and
availability of contractors and skilled labours.
Outlook: Stable
CRISIL believes RCPL will continue to benefit over the medium
term from the extensive experience of its promoters. The outlook
may be revised to 'Positive' if more-than-expected growth in
revenue and profitability leads to higher accrual and hence to a
better financial risk profile. The outlook may be revised to
'Negative' if low cash accrual due to decline in profitability,
deterioration in working capital management, or large, debt-
funded capital expenditure further weakens financial risk
profile.
Established in 2014 by Morbi-based Mr. Pritesh Hirani, Mr. Manoj
Rupala, Mr. Tejas Rupala, and Mr. Dhirajlal Patel, RCPL
manufactures ceramic-glazed wall tiles.
In fiscal 2016, net loss was INR0.17 crore on an operating income
of Rs11.93 crore, against net loss of INR0.04 crore on an
operating income of INR0.17 crorein fiscal 2015.
SALT RANGE: CRISIL Assigns 'B' Rating to INR8.5MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Salt Range Foods Private Limited (SRFPL). The
rating reflects exposure to risks related to implementation of
its new honey processing unit in Baddi, Himachal Pradesh. This
weakness is partially offset by its promoters' extensive
experience in the industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 1.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 8.5 CRISIL B/Stable
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation of new unit: SRFPL
is setting up a honey processing unit in Baddi, Himachal, with a
capacity to process 1760 tonne per annum at a cost of INR13
crore. The project is funded through INR8 crore of term debt and
rest through contribution from promoters. It proposes to commence
its operations by September 2017.
Strengths
* Promoters' experience in the healthcare segment
The Promoters, Mr. Davinder Singh Kohli and his family, have over
10 years of experience in the industry which should support the
business risk profile.
Outlook: Stable
CRISIL believes SRFPL will benefit over the medium term from the
extensive experience of its promoters and healthy prospects of
the honey-processing industry. The outlook may be revised to
'Positive' if timely completion of ongoing project and quick
ramp-up of operations lead to improvement in revenue and
profitability. Conversely, the outlook may be revised to
'Negative' in case of significant time and cost overrun in
project completion, lower-than-expected capacity utilisation or
significant stretch in working capital management, resulting in
deterioration in the financial risk profile.
Established in 2014, SRFPL, promoted by Mr. Davinder Singh Kohli
and his family, is setting up a new honey processing unit in
Baddi, with a processing capacity of 1760 tonne per annum.
SARATHY MOTORS: CRISIL Reaffirms B+ Rating on INR9MM Cash Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long-
term bank facility of Sarathy Motors (Kollam) (SMK).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 9 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect SMK's modest and declining scale
of operations, exposure to intense competition in the automotive
dealership business, limited bargaining power with principal
supplier Bajaj Auto Ltd (BAL; 'CRISIL AAA/FAAA/Stable/CRISIL
A1+'), and below-average debt protection metrics. These
weaknesses are partially offset by the firm's established
presence as the exclusive dealer of BAL's vehicles in Kollam,
Kerala, and its moderate risk management policies.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest and declining scale of operations exposed to intense
industry competition: SMK's modest scale is indicated by revenue
of INR71.08 crore for fiscal 2016. The revenue declined over the
four fiscals ended March 31, 2016, due to intense competition
from dealers of other automobile manufacturers in Kollamand
surrounding region, which will keep the firm's scale of operation
modest over the medium term.
* Limited bargaining power with BAL: SMK's operating
profitability is restricted by its limited bargaining power with
BAL, because of the latter's strong market position.
* Below-average debt protection metrics: SMK will have below-
average debt protection metrics marked by interest coverage of
1.6 times for fiscal 2017.
Strengths
* Established presence as the exclusive dealer of BAL's vehicles
in Kollam: SMK benefits from its established regional presence as
an exclusive dealer of BAL's two-wheelers in Kollam.
* Moderate risk management policies: SMK faces limited inventory
risk as any significant price variation is borne by the
principal. The firm does not allow any credit to customers.
Although it has only one supplier, established relationship of
over 25 years mitigates the supplier concentration risk.
Outlook: Stable
CRISIL believes SMK will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if revenue increases substantially while operating
margin remains stable, leading to significantly better cash
accrual and liquidity. The outlook may be revised to 'Negative'
if low cash accrual or large debt-funded capital expenditure, or
capital withdrawal weakens the financial risk profile,
particularly liquidity.
Established in 1987, SMK is a partnership firm and is the only
authorised dealer of BAL's two-wheelers in Kollam, Kerala. About
60% of its revenue comes from two-wheeler sales, and the rest
from sale of spare parts and vehicle servicing. Its daily
operations are managed by Mr. Rajesh Somanathan.
SMK's profit after tax (PAT) was INR0.43 Cr. on sales of INR65.02
Cr. for 2015-16, against a PAT of INR0.74 Cr. on sales of
INR71.58 Cr. for 2014-15.
SENTHIL PAPERS: CARE Reaffirms 'D' Rating on INR172.38cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Senthil Papers and Boards Private Limited (SPBPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities
(Term Loan) 172.38 CARE D Reaffirmed
Long-term Bank
Facilities
(Cash Credit) 40.00 CARE D Reaffirmed
Short-term Bank
Facilities 2.64 CARE D Reaffirmed
Detailed Rationale
The ratings assigned to the bank facilities of SPBPL continue to
factor in the ongoing delays in debt servicing due to constrained
liquidity position.
Detailed description of the key rating drivers
Key Rating Weakness
Non achievement of planned revenue
Due to delays in project execution, SBPPL has not achieved
expected revenue for FY16 (refers to the period April 1 to
March 31). The planned new plant's operations could not be
started on time and hence the company has not achieved the
planned revenue.
Ongoing delay in debt servicing
The Company has been delaying the Interest and Principal
repayments.
Key Rating Strengths
Qualified promoters with more than three decades of business
experience
The promoters of SPBPL are well-qualified with more than three
decades of business experience. Mr. Senthil Kumar who is the
Managing Director in SPBPL is a qualified engineer by profession
and has completed his Master's in Business Administration. Mr. O
Arumugasamy, the group Chairman has experience in different
business.
Senthil Papers and Boards Private Limited (SPBPL) formerly
Saradha Papers and Boards Private Limited (SPBPL), was originally
incorporated in 2002 as Vaikgunth Duplex Board Mills Private
Limited for setting up a paperboard manufacturing plant at
Ikkarai Thathapalli village, Sathyamangalam taluk, Erode
district, Tamil Nadu. In 2005, the company was renamed as SPBPL
and subsequently in 2006, it was taken over by Coimbatore-based
Senthil Group, which has interests in steel rod manufacturing,
entertainment, education and food products. The group chairman
Mr. O Arumugasamy provides strategic inputs and the daily
operations of SPBPL are actively managed by his son Mr. Senthil
Kumar (B.E. in Civil and an MBA from UK), who is the Managing
Director of SPBPL.
SPBPL manufactures cup stock, white line chip boards, coated
duplex board, white top kraft, test liner, paperboards from
recycled paper and wood pulp. These uncoated paper boards are
primarily used in industries such as matches, packaging,
fireworks etc.
During FY16, the firm reported total operating income of INR137.2
crore and Net loss of INR18 crore as against an operating Income
of INR68.4 crore and net loss of INR2.8 crore, respectively, in
FY15.
SHAKTI INDUSTRIES: CRISIL Puts B Rating on 'Notice of Withdrawal'
-----------------------------------------------------------------
CRISIL has placed its rating on the long-term bank facility of
Shakti Industries (Ahmedgarh) [SI] on 'Notice of Withdrawal' for
90 days at SI's request and receipt of 'No Objection Certificate'
from the banker. The rating will be withdrawn at the end of the
notice period, in line with CRISIL's policy on withdrawal of its
ratings on bank loan facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10.4 CRISIL B/Stable (Notice
of Withdrawal)
Key Rating Drivers & Detailed Description
Weakness
* Modest financial risk profile
The financial risk profile has been modest owing to high total
outside liabilities to adjusted networth (TOLANW) ratio and weak
debt protection metrics. TOLANW was 3.87-6.17 times over the four
years ended March 31, 2016; it was 6.17 times as on March 31,
2016. Networth was modest at INR4.3 crore as on March 31, 2016.
Debt protection metrics remain weak reflected in interest
coverage and net cash accrual to adjusted debt ratios of 1.5
times and 0.05 time, respectively, for fiscal 2016 driven by low
profitability and sizeable working capital borrowing.
* Modest scale of operations in highly fragmented edible oil
industry
Scale of operations remains modest (reflected in operating income
of INR88.9 crore in fiscal 2016) in the fragmented and
competitive industry, which has many unorganised players as well
as large brands such as Fortune, Scooter, and Parampara. Also,
customers are highly price sensitive, thereby constraining SI's
bargaining power with them. Hence, operating profitability has
been modest at 2.9-4.8% over the four years through fiscal 2016.
Strengths
* Established customer and supplier network
SI's plant is close to raw material sources in Rajasthan and
Haryana. This along with established supplier and customer
networks should support the business over the medium term.
* Extensive industry experience of its promoters
SI has been in the business for over three decades and has
established brand 'Rajdhani'. The firm has an established
presence in North India, especially in Punjab, Haryana, and
Himachal Pradesh. It has a wide network of dealers/distributors
and the brands are well accepted in the region.
Outlook: Stable
CRISIL believes SI will continue to benefit over the medium term
from the promoters' experience. The outlook may be revised to
'Positive' in case of significant increase in scale of operations
and operating profitability or improvement in capital structure.
Conversely, the outlook may be revised to 'Negative' if
significant decline in topline, or a large, debt-funded capital
expenditure weakens financial risk profile.
SI was set up in 1981 by Mr. Bharat Goyal. It manufactures kachi
ghani mustard oil, which is sold under the firm's brand name,
Rajdhani. The plant is located at Jalandhar, Punjab.
SI's profit after tax (PAT) was INR50 lakh on net sales of
INR88.9 crore for fiscal 2016, vis-a-vis INR41 lakh and INR106.5
crore, respectively, in fiscal 2015.
SHIRAGUPPI SUGAR: CARE Lowers Rating on INR196.16cr Loan to D
-------------------------------------------------------------
CARE has been seeking information from Shiraguppi Sugar Works
Limited (SSWL) to monitor the rating(s) vide e-mail
communications dated 24/10/2016, 8/11/2016, 15/11/2016,
18/11/2016, 22/11/2016, 1/12/2016, 9/12/2016, 15/12/2016,
26/12/2016, 16/1/2017, 6/2/2017, 17/2/2017 and 8/3/2017 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, SSWL has not paid
the surveillance fees for the rating exercise as agreed to in its
Rating Agreement. The rating on Shiraguppi Sugar Works Limited's
bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank 196.16 CARE D; Issuer not
Facilities cooperating; Revised from
CARE B on basis of best
available information
Short term Bank 0.37 CARE D; Issuer not
Facilities cooperating; Revised from
CARE A4 on 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 on account of ongoing delays in
debt servicing by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Ongoing delays by the company: The company has been delaying the
repayments on its debt facilities due to cashflow mismatch
leading to liquidity issues.
Shiraguppi Sugar Works Limited (SSWL) was incorporated in May
1995 by Mr. Kallappa Parisa Magennavar. The company had obtained
the license to establish sugar factory in the year 1998 itself,
however the project remained dormant till year 2005 due to delay
in financial closure and lack of sufficient funds towards land
acquisition. In year March 2006, Doddanvar Brothers took over 95%
shareholding in the company. Post financial closure and land
acquisition in year 2010, SSWL commenced project implementation
activities and commenced operations at 5000 TCD sugar mill and 20
MW cogeneration unit from October 2012 onwards (i.e. sugar season
(SS) 2012-13) at Athani, Dist Belgaum, Karnataka.
SHREEJI FIBRE: CARE Denotes Rating to B- Issuer Not Cooperating
---------------------------------------------------------------
CARE has been seeking information from Shreeji Fibre Pvt Ltd, to
monitor the rating(s) vide e-mail communications/ letters dated
March 17, 2017, March 16, 2017 and March 9, 2017 and numerous
phone calls. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In the absence of minimum information required for
the purpose of rating, CARE is unable to express opinion on the
rating. Furthermore, Shreeji Fibre Pvt Ltd, 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 Shreeji Fibre Pvt Ltd's bank facilities will now be
denoted as CARE B-; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 5.85 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 April 12, 2016, the following were
the rating strengths and weaknesses:
Key Rating Strengths
Experienced promoters
Mr Balkrishna Patel Mr. Sahjanand Patel and Mr. Suresh Patel are
the executive directors of the company and have experience of
more than one decade in cotton industry. All three are also
associated from more than two decades in manufacturing of RCC
pipes via entity named as "Akshar Pipe & Cement Articles".
Remaining two directors are non-executive in nature.
Key Rating Weaknesses
Fluctuating and small scale of operations
In spite of existence of 10 years, SFPL has small scale of
operations and TOI had exhibited a fluctuating trend during last
three years ended FY15 (refers to the period April 1 to March
31). It has reported Total Operating Income (TOI) of INR3.54
crore during FY15 as against INR20.39 crore during the previous
year compared to INR9.04 crore in FY13. The main reason for
fluctuating income is mainly due to trading of cotton to its
major customer Cotton Corporation of India.
Financial risk profile marked by cash losses, negative net worth
and weak liquidity
The company has reported net loss of INR0.41 crore during FY15 as
against PAT of INR0.41 crore in FY14. The PBILDT margin was 8.46%
during FY15 as against 6.05% during FY14. This downfall in the
business has resulted in negative net worth of INR0.36 crore. The
balance of accumulated losses is INR1.11 crore as on March 31,
2015. Capital structure of SFPL is highly leveraged marked by
negative net worth base and total debt of INR4.72 crore. This
coupled with negative GCA results in weak debt coverage
indicators i.e. below unity interest coverage ratio 0.71 times
for FY15. Liquidity position was weak for FY15 marked by below
unity current ratio of 0.94 times and quick ratio of 0.29 times
as on March 31, 2015.
Susceptibility of operating margins to volatile raw cotton prices
and seasonality associated with cotton availability
Operations of cotton business are seasonal in nature, as the
sowing season is done during March to July and harvesting cycle
(peak season) is spread from November to February every year.
Prices of raw material i.e. raw cotton are highly volatile in
nature and depend upon factors like monsoon condition, area under
production, yield for the year, international demand supply
scenario, export policy decided by the government and inventory
carried forward of last year.
Presence in highly fragmented and competitive cotton industry
with limited value addition and prices and supply for cotton
being highly regulated by government SFPL is engaged in the
ginning and pressing of cotton which involves very limited value
addition and hence results in thin profitability. Moreover, on
account of large number of units operating in cotton ginning
business, the competition within the players remains very high
resulting in high fragmentation and further restricts the
profitability. Thus, ginning players have very low bargaining
power against its customer as well as suppliers. The cotton
prices in India are regulated by government through MSP (Minimum
Support Price) fixed by government, though due to huge demand-
supply mismatch the prices have rarely been below the MSP.
Dabhoi-based (Gujarat), SFPL was incorporated in March 2005, by
Mr. Balkrishna Patel and Mrs Bhagwati Khatwani. It is engaged in
the business of cotton ginning and trading of cotton. The company
procures raw cotton from local traders and farmers in Dabhoi
region which is put through process of ginning where cotton seeds
are separated from cotton lint. Cotton lint is packed in bales
and sold to spinning mills and traders located in Gujarat. SFPL
also have an oil mill where oil is extracted from cotton seeds
which is known as kapasiya wash while the remaining part is known
as kapasiya khod and is used as cattle food. At present, 8
employees are working under the company. The installed capacity
of ginning machineries is 203,700 quintals per annum or 43,200
bales per annum for cotton bales.
SHRI BALAJI: Ind-Ra Migrates 'B+' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shri Balaji
Institute of Nursing Private Limited's (SBINPL) Long-Term Issuer
Rating to the non-cooperating category. The issuer did not
participate in the surveillance exercise despite continuous
requests and follow-ups by the agency. Therefore, investors and
other users are advised to take appropriate caution while using
these ratings. The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website. The instrument-wise
rating action is:
-- INR73.5 mil. Term loan migrated to 'IND B+(ISSUER NOT
COOPERATING)'
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
15 February 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
SBINPL was incorporated in 2013. It is managed by Mr Anil Dubey
and Mr Devendra Naik.
SHRI MAHARANA: CRISIL Reaffirms 'B' Rating on INR5.9MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of Shri Maharana Chains (SMC) at 'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5.9 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.1 CRISIL B/Stable (Reaffirmed)
The rating reflects SMC's modest scale of operations in intensely
competitive domestic jewellery segment and below average
financial risk profile marked by modest net worth, high total
outside liabilities to adjusted networth (TOL/ANW) ratio and weak
debt protection metrics. These rating weaknesses are partially
offset by the SMC's proprietor's extensive experience in gold
jewellery manufacturing business.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in intensely competitive domestic
jewellery industry: The firm has modest scale of operations as
reflected in turnover of INR 30.7 crore in fiscal 2016. The gold
jewellery industry in India is characterized by a fragmented
nature and high competition among players.
* Below average financial risk profile: SMC' financial risk
profile is marked by a high TOL/ANW ratio of 4.2 times as on
March 31, 2016 and weak debt protection metrics marked by
interest coverage ratio and net cash accruals to total debt
(NCATD) ratio of 1.4 times and 0.05 times respectively in fiscal
2016.
Strength
* Proprietor's extensive experience in gold jewellery
manufacturing business: The proprietor of the firm Mr. Chunasingh
Dasana has an experience of more than a decade in the
manufacturing of gold chains.
Outlook: Stable
CRISIL believes that SMC will maintain its stable business risk
profile over the medium term, backed by its proprietors'
extensive industry experience. The outlook may be revised to
'Positive' if the firm reports a significant growth in revenues
and profitability; or if there is equity infusion, leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of significant decline in
revenues and margins or lengthening of its working capital cycle
leading to pressure on liquidity and financial risk profile.
Setup in 2006 SMC is engaged in manufacturing of gold chains. The
firm is promoted by Mr. Chunasingh Dasana. The firm has its
manufacturing facility located in Mumbai (Maharashtra).
Operating income and net profit were INR30.68 crore and INR0.16
crore, respectively, in fiscal 2016, against INR21.93 crore and
INR0.15 crore, respectively, in fiscal 2015.
SONIC THERMAL: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sonic Thermal
Private Limited (STPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR180 mil. Fund-based working capital limit assigned with
'IND BB+/Stable' rating;
-- INR120 mil. Long-term loans assigned with 'IND BB+/Stable'
rating;
-- INR550 mil. Non-fund-based working capital limit assigned
with 'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect STPL's moderate scale of operations and
credit metrics. In FY16, revenue was INR2.040 billion (FY15:
INR2.263 billion). The decline in revenue was due to a slowdown
in the steel sector and lower realization of sales. Moreover, in
FY16, interest coverage was 1.7x (FY15: 1.8x) and net financial
leverage was 3x (4x). Operating margin was 6.4% in FY16 (FY15:
5.6%). The improvement in the margin in FY16 was due to a
decline in manufacturing and other establishment expenses.
The ratings also reflect a moderate liquidity situation and a
revenue concentration risk. Its utilization of fund-based limits
was 97.42% during the 12 months ended January 2017. STPL had a
moderate working capital cycle of 49 days in FY16 (FY15: 44 days)
on account of high inventory days of 107 days. Its top five
customers contributed 84.76% to revenue in FY16 (FY15: 80.57%).
The ratings, however, are supported by the promoters' experience
of more than a decade in the company and close to two and a half
decades in the iron and steel manufacturing.
RATING SENSITIVITIES
Negative: A decline in operating margin leading to a
deterioration in credit metrics would lead to a negative rating
action.
Positive: An improvement in the credit profile would lead to a
positive rating action.
COMPANY PROFILE
Incorporated in 2002 by Mr Ram Kishore Bansal in Kolkata, STPL
manufactures silico manganese and ferro manganese (i.e. ferro
alloys). The company has an installed capacity of 62,000 metric
tons per annum.
Its registered office is in Shake Speare Sarani, Kolkata, and
manufacturing unit is in Bankura, West Bengal.
To run the manufacturing site, it has power connection of 18MVA
from Damodar Valley Corporation ('IND A'/Stable). It has 15
acres of land, which was acquired from West Bengal Industrial
Development Corporation on a 99-year lease.
STPL is a part of Eurasia Group, which is promoted by Mr. Ram
Kishore Bansal, Mr. Vikas Bansal and Mr. Satpal Bansal. Other
group companies include Brand Advance Machine Private Limited
('IND BB+'/Stable), Ispat Damodar Private Limited and Haldia
Steels Private Limited ('IND BB+'/Stable).
SOUTH EAST: Ind-Ra Lowers Rating on INR37.13BB Bank Loans to 'D'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded South East
U.P. Power Transmission Company Limited's (SEUPPTCL) senior
project bank loans as:
-- INR37.132 bil. Senior project bank loans lowered to 'IND D'
rating
KEY RATING DRIVERS
The downgrade reflects SEUPPTCL's delays in debt servicing since
April 2016 and a substantial delay in the project's scheduled
commercial operation date to March 31, 2018, from Aug. 31, 2015,
on account of ongoing delay in construction. Principal repayment
will commence from Oct. 15, 2018. The lenders are in the process
of considering a cost overrun of about 17% from the initial
estimate of INR49.510 billion. Cost overrun is also likely to be
part funded by debt and sponsor's equity; however, approval from
lenders is yet to be received. The first phase of the project
has been completed, except for minor components.
The project might have to make a penalty payment to the
distribution utilities of Uttar Pradesh due to completion delays,
as the concession grantor Uttar Pradesh Power Transmission
Corporation Limited (UPPTCL) has not approved the extension of
the project completion date.
Moreover, given that the developer (Grupo Isolux Corsan (Fitch
Ratings Ltd. 'RD' i.e., Restricted Default)) is in financial
stress, there is a heightened uncertainty over equity infusion
and project execution.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.
COMPANY PROFILE
SEUPPTCL was incorporated on Sept. 11, 2009. It has signed a
transmission service agreement with four distribution companies
in Uttar Pradesh to erect, commission and operate 765kV S/C
Mainpuri- Bara Line with 76 kV/400kV in Mainpuri. The
transmission network is around 1,600km in length with five
substations. SEUPPTCL is a wholly-owned subsidiary of Mainpuri
Power Transmission Private Limited. The project has been
undertaken to evacuate power from a few thermal power plant and
improve the reliability and quality of supply. Disbursement at
end-February 2017 was INR30.997 billion, around 83% of the
sanctioned amount of INR37.132 billion.
SRI GAYATHRI: CRISIL Assigns 'B' Rating to INR5MM LT Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long term
bank facility of Sri Gayathri Nature Cure Hospital (SGNCH).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable
The rating reflects SGNCH's exposure to risks related to
implementation and commissioning of its proposed ayurvedic
hospital and massage centre in Coimbatore. This rating weakness
is partially offset by the extensive experience of promoters in
the industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to implementation, funding, and demand risks
associated with proposed hospital: The firm is proposing to start
an ayurvedic hospital and massage centre in Coimbatore and the
hospital is expected to be operationalised by May 2017. The
timely implementation, fund availability, and occupancy post
commercialisation will remain key rating sensitivity factors.
* Geographic concentration in revenue profile: The firm's
proposed hospital is located on the outskirts of Coimbatore at
Anaikatti and all the revenues of the firm are concentrated in a
single property, which exposes the firm to risks associated with
geographical concentration in revenues.
Strength
* Extensive industry experience of promoters in the industry:
SGNCH benefits from extensive experience of the promoters and
their technical expertise in the industry. The promoters, Ms.
Motchapriya and Ms Sindujaa, have extensive experience in the
ayurvedic healthcare segment of over 5 years.
Outlook: Stable
CRISIL believes that SGNCH will benefit from the extensive
expertise of the promoters over the medium term. The outlook may
be revised to 'Positive' if the firm completes its ongoing
project in stipulated timelines within the budgeted costs and
ramps up operations to report higher-than-expected accruals
leading to better liquidity. The outlook may be revised to
'Negative' if there are delays in operationalisation of projects
or if the firm reports lower than expected cash accruals on
account of low occupancy.
Set up in March 2017,SGN is a partnership firm setting up a
holistic Ayurvedic healthcare and massage centre in the outskirts
of Coimbatore. The firm is promoted by the partners, Ms.
Motchapriya and Ms Sindujaa.
SRI KANYA: CRISIL Reaffirms B+ Rating on INR15MM Cash Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Sri Kanya Corporation (SKC) at 'CRISIL B+/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Reaffirmed)
Cash Credit 15 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed)
The rating reflects below-average financial risk profile marked
by its modest net worth, high TOL/TNW, and below-average debt
protection metrics. The rating of the firm is also constrained on
account of its exposure to intense competition in the steel
trading business resulting in its low profitability margins.These
weaknesses are partially offset by extensive experience of
promoter in the steel trading business, its established relations
with customers.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to intense competition in the steel trading segment
The steel trading industry is marked by intense competition on
account of the large number of steel traders in the local market
due to low value added nature in the trading operations,
resulting in stiff competition.
* Below average financial risk profile
As on March 31, 2016 networth was modest at INR 5.9 crores, high
TOL/TNW of 7 times Debt protection metrics were average, with
interest coverage ratio of around 1.4 times in fiscal 2016.
Strengths
* Extensive experience of the promoters in the steel trading
business, and established relations with customers
SKC promoters have an extensive experience of around 2 decades in
the steel trading industry and has enabled the promoters to
establish strong relationship with customers and suppliers.
Outlook: Stable
CRISIL believes that SKC will continue to benefit over the medium
term from its promoters' extensive industry experience and its
established relations with customers. The outlook may be revised
to 'Positive' if the firm registers a sustained improvement in
its profitability margins, or there is a better-than-expected
improvement in its capital structure on the back of sizeable
capital additions by its promoter. Conversely, the outlook may be
revised to 'Negative' in case of a steep decline in SKC's
profitability margins, or significant deterioration in its
capital structure caused most likely by a stretch in its working
capital cycle.
SKC was set up as a proprietorship firm in 1994 by Mr. D
Srinivas. The firm trades in mild steel structural products, and
cement. The firm is based in Visakhapatnam, Andhra Pradesh.
Profit after tax stood at INR0.7 crore on net sales of INR165
crore for fiscal 2016, vis-a-vis INR0.14 crore and INR91.75
crore, respectively, for fiscal 2015.
SRI SHYAM: CARE Denotes Rating to B+ Issuer Not Cooperating
-----------------------------------------------------------
CARE has been seeking information from Sri Shyam Jewellers, to
monitor the rating vide e-mail communications/ letters dated
March 3, 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, Sri Shyam Jewellers
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 Sri Shyam Jewellers bank facilities
will now be denoted as CARE B+; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.00 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.
Detail description of the key rating drivers
At the time of last rating on January 5, 2016, the following were
the rating strengths and weaknesses.
Key Rating Strengths
Qualified promoters albeit no experience in the jewellery
industry The overall affairs of the firm are looked after by Mr.
Ajay Bothra along with Mr. Harsh Tiberwal, who have been engaged
in the jewellery industry since the firm's inception, translating
to moderate experience in the industry. However, the partners
bring with them an extensive experience of more than a decade in
the diversified line of business through their family run entity
based out of Cuttack (Odisha), having interest in construction
and auto dealership business. Healthy profitability along with
stabilization of its operations: The firm started its operations
from February 2014 with FY15 (refers to the period April 1 to
March 31) being its first full year of operations. Within a short
period of time since beginning of the operations, SSJ has been
able to established clientele base translating the firm to
register Total Operating Income (TOI) of INR12.15 crore during
FY15. Moreover, the profitability of the firm stood healthy with
SSJ registering PBILDT and PAT margin of 13.22% and 1.06%,
respectively, in FY15.
Key rating weaknesses
Weak solvency position and working capital intensive nature of
operations along with its constitution as partnership concern:
The capital structure of the firm stood highly leveraged owing to
its initial year of operation which attributed to higher total
debt level pertaining to term loan availed for the project
coupled with higher unsecured loans as well as higher working
capital requirement.
The business of the firm is working capital intensive in nature
with full utilization of its working capital bank borrowings
for the last 6 months ended on November 2015.
Furthermore, its constitution as a partnership concern restricts
its overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Also, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of partner.
Susceptibility of operating profitability to volatile gold prices
along with price structure being decided by the franchiser:
During the last few financial years, prices of gold witnessed
significant fluctuations and this price fluctuation has an impact
on the margins of players in gems & jewellery industry.
Furthermore, as per the franchise agreement, price structure is
decided by the Tanishq according to the prevailing market rate as
well as according the industry dynamics in that particular region
which has to be followed by SSJ.
Presence in a highly competitive and fragmented Gems & Jewellery
industry albeit brand loyalty enjoyed by Tanishq: The Gems &
Jewellery industry is highly unorganized with organized market
accounting for a mere 5-6% of the jewellery retail market.
Presence of large number of small and big players in the retail
jewellery market leads to pressure on profitability. Although the
risk is mitigated to a certain extent by the brand reputation
enjoyed by Tanishq, a division of TIL which is among the largest
jewellery retailer in India.
SSJ was formed in 2013 as a partnership concern by its key
partner Mr. Ajay Bothra along with his family members. SSJ is an
authorized dealer of Titan Industries Limited (TIL) under its
brand name "Tanishq" with the firm engaged in retailing of wide
product offered by its principal for gold, diamond, platinum and
silver jewellery. SSJ started its operations in February, 2014
with establishing its retail showroom in Sri Ganganagar
(Rajasthan) under franchisee model from TIL for Tanishq brand.
SRI VENKATESWARA: CRISIL Reaffirms D Rating on INR15MM LT Loan
--------------------------------------------------------------
CRISIL has been consistently following up with Sri Venkateswara
Granites & Exports Limited (DGL) for obtaining information
through letters and emails dated November 11, 2016, December 20,
2016 and March 16, 2017, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing 7 CRISIL D (Issuer Not
Credit Cooperating; Rating
Reaffirmed)
Letter of Credit 2 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Long Term Loan 15 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 Sri Venkateswara Granites &
Exports 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 Sri Venkateswara
Granites & Exports 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'.
Incorporated in 2011, DGL is engaged in granite processing. DGL
was promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar
Rao and Mr. Gorukanti Naveen Kumar. DGL has commenced its
commercial operations during November, 2013.
SURBHI INDUSTRIES: CRISIL Reaffirms B Rating on INR6.0MM Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-
term bank facilities of Surbhi Industries - Morbi (SI). The
rating continues to reflect the firm's modest scale of operations
in the highly fragmented cotton ginning industry, and
vulnerability to changes in cotton prices. These weaknesses are
partially offset by its promoters' extensive industry experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1.8 CRISIL B/Stable (Reaffirmed)
Term Loan 6.0 CRISIL B/Stable (Reaffirmed)
Analytical Approach
For arriving at the rating, CRISIL has treated as neither debt
nor equity the unsecured loans extended to SI by its promoters,
as the loans carry lower interest than the market rate, and
should remain in the business.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in highly fragmented industry
SI started operations at the end of March 2016. The cotton
ginning industry is highly fragmented because of low capital and
technology requirements and limited differentiation in products
of different players. The fragmentation in the industry limits
the firm's pricing and bargaining power, leading to low
profitability. Its operating margin is expected at 3% in fiscal
2017.
* Vulnerability to changes in cotton prices
Since cotton is an agricultural commodity, its availability
depends on monsoon. Furthermore, government interventions and
fluctuations in global cotton output have resulted in sharp
changes in cotton prices, which affect profitability of cotton
ginners. SI's ability to manage volatility in cotton prices will
be a key sensitivity factor.
Strengths
* Extensive experience of promoters in cotton ginning industry
SI will benefit from its promoters' experience in the cotton
ginning industry, their understanding of the dynamics of the
local market, and their established relationships with customers
and suppliers.
Outlook: Stable
CRISIL believes SI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a substantial increase in revenue and
improvement in profitability and capital structure. The outlook
may be revised to 'Negative' if revenue and profitability fall
steeply, or if the working capital management weakens, impacting
liquidity, or if the firm undertakes large, debt-funded capital
expenditure, weakening its financial risk profile.
Set up in 2015, SI is promoted by Mr. Manoj Panara, Mr. Bipin
Kasundra, and their family members. The firm is setting up a
facility for ginning and pressing cotton in Morbi, Gujarat.
It had a net profit of INR0.10 crore and operating income of
INR44.71 crore in fiscal 2016, vis-a-vis INR0.03 crore and
INR41.43 crore, respectively, in fiscal 2015.
THRIVE SOLAR: CRISIL Downgrades Rating on INR17MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Thrive Solar Energy Private Limited (TSEPL) to 'CRISIL D/CRISIL
D' from 'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL D (Downgraded from
'CRISIL A4+')
Cash Credit 17.0 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Letter of Credit 2.0 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Long Term 3.7 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB/Stable')
The downgrade reflects delay in servicing debt obligations and
continuous overdrawals in cash credit limit for more than 30 days
owing to weak liquidity. The rating also reflects large working
capital requirement. These weaknesses are partially offset by the
extensive experience of the promoters in electronic products
industry and established clientele.
Key Rating Drivers & Detailed Description
Weaknesses
* Delays in servicing of debt obligation: The company has been
meeting debt obligation with delays and installments of December
2016 and January and February 2017 are still unpaid and cash
credit limit is overdrawn for more than 30 days. Liquidity is
expected to remain weak driven by insufficient expected cash
accrual in the near term against maturing debt obligation.
* Sizeable working capital requirement: Operations are working
capital intensive as reflected in gross current asset (GCA) days
of 227 as on March 2016 marked by debtor and inventory of 116 and
113 days, respectively.
Strengths
* Promoters' extensive experience in electronic products industry
and established clientele: By virtue of being present in the
industry for over two decades, the promoters have established
strong relationships with their suppliers and customers.
TSEPL was incorporated in 2007 as Thrive Energy Technologies Pvt
Ltd and got its present name in 2013. It manufactures LED-based
solar power lighting systems and solar power generating systems.
Hyderabad-based, TSEPL is promoted by Dr Bodavala Ranganayakulu.
For fiscal 2016, profit after tax (PAT) was INR0.07 crore on net
sales of INR70.8 crore against INR0.1 crore and INR65.1 crore the
previous year.
TIRUPATI NIRYAT: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tirupati Niryat
Private Limited (TNPL) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR100 mil. Fund based limit assigned with 'IND BB/Stable'
rating; and
-- INR70 mil. Non Fund based Limits assigned with 'IND A4+'
rating
KEY RATING DRIVERS
The ratings reflect TNPL's moderate scale of operations along
with weak credit metrics. In FY16 revenue was INR945 million
(FY15: INR802 million), interest coverage (operating
EBITDAR/gross interest expense) was 1.3x (1.2x) and net financial
leverage (total adjusted net debt/operating EBITDAR) was 9.6x
(16.6x). The improvement in revenue was driven by a rise in the
average sale realization of jute and improvement in credit
metrics was driven by an expansion in the EBITDA margin to 3.7%
in FY16 (FY15: 2.2%).
The ratings factor in TNPL's moderate liquidity as reflected in
96% average utilization of its fund-based limit during the 12
months ended February 2017.
The ratings, however, benefit from TNPL's business
diversification as the company is engaged in the trading business
as well as lease rental business. The company achieved revenue
of INR920 million during 11MFY17.
RATING SENSITIVITIES
Positive: A sustained improvement in interest coverage will
positive for ratings.
Negative: Any deterioration in interest coverage will be negative
for the ratings.
COMPANY PROFILE
TNPL is engaged in trading of jute and has a commercial property
which is co-owned by Santosh Promoters Pvt. Ltd, Pennar Trading
Pvt. Ltd and Delight Suppliers Pvt. Ltd; the same property is
used for the lease rental business. However, major portion of
revenue comes from the trading business.
TRIMURTI FLOUR: Ind-Ra Assigns 'D' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Trimurti Flour
Mill Private Limited (TFMPL) a Long-Term Issuer Rating of 'IND
D'. The instrument-wise rating actions are:
-- INR14.87 mil. Long-term loans assigned with 'Long-term IND
D' rating; and
-- INR60 mil. Fund-based limits assigned with Long-term IND D
rating
KEY RATING DRIVERS
The ratings reflect TFMPL's tight liquidity position with
continuous overutilization of the fund-based limits for the 12
months ended March 2017, leading to delays in debt servicing.
RATING SENSITIVITIES
Positive: Timely debt servicing and the use of working capital
facilities within limits for three consecutive months would be
positive for the ratings.
COMPANY PROFILE
Incorporated on December 2010, TFMPL is engaged in processing of
wheat in Patna. The day-to-day operations of the company are
managed by Mr. Abhishek Sinha.
TUF METALLURGICAL: CRISIL Cuts Rating on INR40MM Loan to 'B'
------------------------------------------------------------
CRISIL has been following up with TUF Metallurgical Private
Limited (TMPL) for obtaining information through emails and
letters dated Feb. 9, 2016 and Feb 23, 2017, apart from various
telephonic communication.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing 30 CRISIL B/Stable (Issuer Not
Credit Cooperating; Downgraded
from 'CRISIL BBB-/Stable')
Letter of Credit 5 CRISIL A4 (Issuer Not
Cooperating; Downgraded
from 'CRISIL A3')
Proposed Long Term 40 CRISIL B/Stable (Issuer Not
Bank Loan Facility Cooperating; Downgraded
from 'CRISIL BBB-/Stable')
Proposed Short Term 5 CRISIL A4 (Issuer Not
Bank Loan Facility Cooperating; Downgraded
from 'CRISIL A3')
TMPL failed to respond to these letters or provide any management
interactions despite these repeated attempts, leading CRISIL to
carry out rating surveillance with the best available
information.
'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 downgraded its ratings on the bank facilities of TMPL
to 'CRISIL B/Stable/CRISIL A4' from 'CRISIL BBB-/Stable/CRISIL
A3'.
The downgrade reflects CRISIL's inability in maintaining the
ratings of TMPL at 'CRISIL BBB-/Stable/CRISIL A3' due to
inadequate information and lack of management cooperation,
thereby restricting CRISIL from taking a forward looking view on
the credit quality of the entity. TMPL scores low ('L') on
availability of past information. The management has failed to
share adequate information on either financial or business
performance of the company. It also scores low ('L') on future
information due to unavailability of management's public stated
stance on future expectations, strategic decisions, and capital
expenditure (capex) plans. Further, It scores low ('L') on the
stability attributes listed in CRISIL's criteria for surveillance
of ratings of non-cooperative issuers. On the basis of the
aforementioned, CRISIL believes the available information is
consistent with a CRISIL B category rating, leading CRISIL to
downgrade the rating to 'CRISIL B/Stable/CRISIL A4'.
TUF, incorporated in 1999, is promoted by Mr. Anil Malhotra
(managing director) and his wife Ms. Babita Malhotra. It is
engaged in trading, manufacturing and processing of Metallurgical
Products i.e Ferrous and Non Ferrous Alloys as exporters,
marketing agents, merchant exporters, manufacturers, dealers, and
processors etc.. The New Delhi-based company's manufacturing unit
is in Kolkata.
Profit after tax (PAT) was INR6.41 crore on revenue of INR159.46
crores in fiscal 2015, against INR2.09 crore on revenue of
INR102.43 crore in fiscal 2014.
VAIBHAVLAXMI SPINTEX: CRISIL Assigns 'B' Rating to INR48MM Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Vaibhavlaxmi Spintex LLP (VSLLP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 27 CRISIL B/Stable
Proposed Cash
Credit Limit 5 CRISIL B/Stable
Long Term Loan 48 CRISIL B/Stable
Bank Guarantee 1.5 CRISIL A4
Cash Credit 10 CRISIL B/Stable
The ratings reflect the firm's exposure to risks related to
implementation of its plant and stabilisation of operations, and
its expected modest scale of operations and small networth
because of start-up phase. These weaknesses are partially offset
by its promoters' extensive experience in the cotton ginning
business, favorable location of its unit, and its established
distribution channel.
Key Rating Drivers & Detailed Description
Weaknesses
* Start-up phase: VSLLP is setting up a cotton ginning plant that
is expected to commence operations from July 2017. The firm is
exposed to risk related to implementation of its plant.
* Modest scale of operations: The firm's scale is likely to be
small in the intensely competitive cotton spinning industry.
* Moderate networth: Networth is estimated at INR12 crore as on
March 31, 2017, and will mostly comprise equity.
Strength
* Extensive experience of promoters: Promoters have been in the
cotton industry for more than a decade, resulting in an already
established distribution network.
Outlook: Stable
CRISIL believes VSLLP will benefit from its promoters' extensive
industry experience. The outlook may be revised to 'Positive' if
earlier-than-expected stabilisation of operations leads to
healthy cash accrual and a better financial risk profile. The
outlook may be revised to 'Negative' if low operating margin,
sizeable debt-funded expansion, or inefficient working capital
management weakens the financial risk profile.
Set up in 2016, VSLLP is promoted by Mehsana, Gujarat-based Mr.
Rameshbhai Patel, Mr. Niranjanbhai Patel, and Mr. Ashishbhai
Patel. The Patel family has experience of almost two decades in
cotton ginning, spinning, and trading. The firm belongs to the
Mehsana-based Vaibhavlami group. VSLLP is setting up a plant to
manufacture cotton yarn with capacity of 25,536 spindles. The
project cost is expected at INR113 crore. The plant is expected
to commence production in July 2017.
VASUDHA AGRO: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Vasudha Agro
Food Products Private Limited (VAFPPL) a Long-Term Issuer Rating
of 'IND B+'. The Outlook is Stable. Instrument-wise rating
actions are:
-- INR35 mil. Proposed fund-based limits* assigned with
'Provisional IND B+/Stable' rating; and
-- INR46.5 mil. Proposed long-term loan* assigned with
'Provisional IND B+/Stable' rating
* The above ratings are provisional and shall be confirmed upon
the sanction and execution of the loan documents for the above
facilities by VAFPPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect VAFPPL's nascent stage of the project, which
is expected to complete in October 2017. The project cost of
INR124 million will be funded through debt and equity in the
ratio of 70:30.
The ratings are also constrained by the seasonal availability of
raw materials which may impact production.
However, the ratings benefit from the locational advantage of the
proposed plant with respect to the easy availability of raw
material. The ratings also draw support from the promoters'
experience of around to two and a half decades in the food sector
of the FMCG industry.
RATING SENSITIVITIES
Negative: Any time or cost overrun for the project will be
negative for the ratings.
Positive: Timely completion of the project in line with the
projected cost outlay will be positive for the ratings.
COMPANY PROFILE
VAFPPL was incorporated in 2015 for setting up a food processing
plant in Hajipur city, Bihar (around 21km from Patna) to produce
grit and flour from maize and rice as main products, and maize
germs and maize fibre as by-products. The plant is expected to
be operational from October 2017.
The company has already acquired land for construction of shed
and building, and installation of plant and machinery. The
installed capacity of the plant is expected to be around
24,000MTPA.
VATIKA TRACOM: CRISIL Raises Rating on INR8MM Cash Loan to BB
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Vatika Tracom Private Limited (VTPL) to 'CRISIL BB/Stable'
from 'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL BB/Stable (Upgraded
from 'CRISIL B+/Stable')
Proposed Cash 1.5 CRISIL BB/Stable (Upgraded
Credit Limit from 'CRISIL B+/Stable')
The upgrade follows change in CRISIL's analytical approach. For
arriving at the rating, CRISIL has now combined the business and
financial risk profiles of BE, Vatika Tracom Pvt Ltd (VTPL),
Bihani International Pvt Ltd (BIPL), and Tirupati Vinyl Pvt Ltd
(TVIPL). This is because all these entities, together referred to
as the Bihani group, are in the same business, and have common
promoters and significant operational linkages. CRISIL believes
these entities will have increasingly fungible funds to support
the group's working capital management.
Business risk profile is likely to improve with revenue expected
to grow by 10-15% over the medium term, supported by higher sales
of binding wires, and established relationship with Tata Steel
Ltd (TSL). Operating margin improved at an estimated 3% in fiscal
2017 from 2.6% in fiscal 2016, and is likely to remain at a
similar level over the medium term, backed by addition of more
value-added products and prudent cost control measures.
Consequently, liquidity will remain adequate with steady increase
in net cash accrual and sustenance of working capital cycle.
Moderate bank limit utilisation of 70% in the 11 months ended
January 2017 and unsecured loans of INR10.70 crore (as on March
31, 2016) from promoters also support liquidity.
Analytical Approach
Unsecured loans of INR6.93 crore outstanding as on March 31,
2016, from promoters have been treated as neither debt nor equity
as these loans carry an interest rate lower than the bank rate
debt and are expected to remain in business over the medium term.
Key Rating Drivers & Detailed Description
Strengths
* Extensive experience of promoters and their funding support:
Presence of more than two decades in the steel industry has
enabled the promoters to establish strong relationship with
principal and customers, and develop industry insight. Promoters
have also extended financial aid.
* Moderate working capital requirement: Gross current assets
(GCAs) were 96 days as on March 31, 2016, because of inventory
and receivables of 44 days and 45 days, respectively. Operations
are likely to remain moderately working capital intensive over
the medium term as well, with GCAs expected at around 90- 95
days.
Weakness
* Moderate scale of operations: With an operating income of
INR329.42 crore in fiscal 2016, scale remains moderate. Despite
expected improvement (growth of 13% in fiscal 2017) over the
medium term, scale will remain moderate.
* Below-average financial risk profile: Total outside liabilities
to tangible networth ratio was moderate at 2.69 times as on March
31, 2016, and debt protection metrics weak, with interest
coverage and net cash accrual to total debt ratios of 1.3 times
and 0.02 time, respectively, in fiscal 2016. Financial risk
profile will remain weak over the medium term because of
continued low operating margin and sizeable working capital debt.
Outlook: Stable
CRISIL believes the Bihani group will continue to benefit over
the medium term from its promoters' industry experience. The
outlook may be revised to 'Positive' in case of significant ramp-
up in scale of operations, increase in operating profitability,
and improvement in debt protection metrics, while sustaining
working capital management. The outlook may be revised to
'Negative' if financial risk profile weakens further due to
decline in revenue and profitability or increase in working
capital requirement.
Set up in 1992 in Jaipur, the Bihani group comprises BE, VTPL,
TVIPL, and BIPL, which are authorised dealers of TSL's products
across Rajasthan and Uttarakhand.
BE had a profit after tax (PAT) of INR0.49 crore on net sales of
INR211.32 crore in fiscal 2016, vis-a-vis INR0.45 crore and
INR231.31 crore, respectively, in fiscal 2015.
VTPL had a PAT of INR0.18 crore on net sales of INR86.06 crore in
fiscal 2016, vis-a-vis INR0.27 crore and INR85.99 crore,
respectively, in fiscal 2015.
TVIPL had a PAT of INR0.26 crore on net sales of INR5.10 crore in
fiscal 2016, vis-a-vis INR0.13 crore and INR7.76 crore,
respectively, in fiscal 2015.
BIPL had a PAT of INR0.07 crore on net sales of INR29.86 crore in
fiscal 2016, vis-a-vis INR0.11 crore and INR31.40 crore,
respectively, in fiscal 2015.
VEEKAY POLYCOATS: CRISIL Reaffirms 'D' Rating on INR66.5MM Loan
---------------------------------------------------------------
CRISIL has been consistently following up with Veekay Polycoats
Limited (VPL) for obtaining information through letters and
emails dated October 15, 2016, November 16, 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 66.5 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Letter of Credit 66.0 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Proposed Long Term 44.39 CRISIL D (Issuer Not
Bank Loan Facility Cooperating; Rating
Reaffirmed)
Term Loan 25.61 CRISIL D (Issuer Not
Cooperating; Rating
Reaffirmed)
Working Capital 22.50 CRISIL D (Issuer Not
Term Loan 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 Veekay Polycoats 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 Veekay Polycoats 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/CRISILD'.
VPL was set up by Mr. Vinod Garg in 1992. The company
manufactures synthetic leather, vinyl flooring, and Polyvinyl
Chloride (PVC) films, and commenced manufacturing of non-woven
fabric in 2006. It has two manufacturing facilities, in Gurgaon
(Haryana) and Bhiwadi (Rajasthan).
VINOD ENTERPRISES: CRISIL Reaffirms 'B' Rating on INR6.0MM Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Vinod Enterprises (VE) at 'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.25 CRISIL A4 (Reaffirmed)
Cash Credit 6.00 CRISIL B/Stable (Reaffirmed)
CRISIL's ratings on the bank facilities of VE continue to reflect
a small scale of operations and weak financial risk profile, with
high gearing and subpar debt protection metrics. The ratings also
factor in exposure to risks related to tender-based business,
susceptibility to volatility in raw material prices, and large
working capital requirement.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations
Scale is small as reflected in revenue of INR33.8 crores in
fiscal 2016. Historically, the trading business and the tender-
supply business equally accounted for the total revenue. Scale
will likely remain small over the medium term owing to nil
further tenders.
* Weak financial risk profile
Low profitability resulted in small networth of INR3.3 crore, and
total outstanding liabilities to tangible networth ratio was high
at 8.2 times as on March 31, 2016. The financial risk profile is
expected to remain weak due to high reliance on external debt and
modest networth.
'
* Exposure to risks related to tender-based business and increase
in raw material price
VE earns half its revenue from the tender-based business and
hence will remain exposed to risks related to the tender-based
business and susceptibility to raw material price increases.
* Working capital-intensive operations
Operations are working capital intensive, with gross current
asset days of 208 as on March 31, 2016, driven by high debtor
days of 36. However, payables at 82.20 days as on March 31, 2016,
resulted in subdued working capital requirement. Working capital
requirements will likely remain large over the medium term due to
stretched receivables.
Strengths
* High demand prospects and government assistance
Firm is directly or indirectly engaged in supply of nutrition
food and spices to Anganwadis run by the Government of
Maharashtra under the ICDS (Integrated child development
services) programme run in partnership by central and state
governments. Due to positive results of the scheme, state
government will continue to support the scheme. Thus there are
high demand prospects for the entities engaged in supply of food
grains under the scheme due to government support and monitoring
by international agencies.
Outlook: Stable
CRISIL believes VE will benefit over the medium term from the
healthy growth prospects for the agriculture industry. The
outlook may be revised to 'Positive' if substantial improvement
in its scale of operations and profitability leads to higher cash
accrual. Conversely, the outlook may be revised to 'Negative' if
revenue and profitability are adversely affected by any change in
government policy or a sharp increase in food grain prices, or in
case of a significant stretch in receivables.
VE, a proprietorship concern, was set up in 2010 by Mr. Vinod
Dongre and trades in food grains. It is also engaged in tender-
based business to supply nutritional food grains and spices to
The Maharashtra State Co-op. Marketing Federation Ltd. It has an
annual tender, which was awarded to VE in August 2014, to supply
the nutritional food grains and spices to all the Anganwadis in
Wardha (Maharashtra).
For fiscal 2016, VE reported a profit after tax of INR0.07 crore
on net sales of INR34 crore against a profit after tax of INR0.09
crore on net sales of INR34 crore for fiscal 2015.
WALFS INFRA: CRISIL Assigns 'B' Rating to INR120MM Term Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Walfs Infra India Private Limited (Walfs).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 120 CRISIL B/Stable
The rating reflects the company's exposure to risks related to
implementation of its hospital project. This weakness is
mitigated by its promoters' entrepreneurial experience.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to implementation of project
Walfs is constructing a 250-bed hospital in Chennai at a cost of
INR220 crore, to be funded through term loan of INR120 crore and
promoters' equity of INR100 crore. The hospital should commence
operations by fiscal 2021.
Strengths
* Promoters' entrepreneurial experience
Walfs is promoted by a team of builders with significant
experience in the real estate industry; however this is the first
hospital project for the company. Key shareholders Rajarathnam
Construction Pvt Ltd (RCPL; 'CRISIL B+/Stable') and Ruby Builders
Group have extensive experience in real estate development in
Chennai.
Outlook: Stable
CRISIL believes Walfs will benefit from its promoters' extensive
experience in the construction industry. The outlook may be
revised to 'Positive' if Walfs stabilises operations at its
hospital earlier than expected, resulting in higher-than-expected
accrual. The outlook may be revised to 'Negative' if there is a
significant cost or time overrun in the project, impacting the
company's financial risk profile.
Walfs was set up in 2014 by a consortium of builders to establish
a 250-bed multi-speciality hospital in Chennai. The construction
of the hospital commenced in December 2016, and it is likely to
start commercial operations by fiscal 2021.
YAVATMAL MUNICIPAL: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Yavatmal
Municipal Council (YMC) a Long-Term Issuer Rating of 'IND BB'.
The Outlook is Stable.
KEY RATING DRIVERS
The rating primarily reflects YMC's inability to generate
adequate revenue income from own sources and heavy dependence on
grants to fund its operations. Tax and non-tax revenue on
average constituted less than 10% of its total revenue income
during FY11-FY16. Own income to total revenue income ratio
ranged 7.18%-13.02% during this period. The urban local body
(ULB) receives compensation in lieu of the abolition of octroi
from the government of Maharashtra (GoM), which on average
constituted 91.4% of the total assigned revenue and compensation
during FY11-FY16. YMC being a council, unlike municipal
corporations, does not receive compensation against the partial
abolition of Local Body Tax. Grants, including assigned revenue
and compensation, averaged 75% of the total revenue income during
FY11-FY16.
The rating also reflects revenue concentration. Tax revenue
comprises only general property tax, while non-tax revenue
comprises building permission fees and rental income from
properties. The ULB does not collect water supply and sewerage
charges as these civic services are provided by Maharashtra
Jeevan Pradhikaran in the Yavatmal city. Property tax collection
grew at a CAGR of 18.82% during FY11-FY16; however, the
collection efficiency remained below 60% during this period. The
recovery of tax arrears ranged 15%-32% during this period. Ind-
Ra believes the undiversified nature of Yavatmal's economy limits
the ULB's scope to broaden its revenue sources. Cotton is the
main crop and most industrial units are linked to cotton-based
activities in the district.
The rating is constrained by high establishment expenditure and
debt level. Establishment expenditure as a share of total
revenue expenditure averaged 61% during FY11-FY16. The ULB
generated surpluses in the revenue account during FY11-FY16;
however, this was primarily due to the large receipt of grants
from the government. Together, tax and non-tax revenue receipts
amounted to INR50.3 million in FY16 (FY15: INR53.5 million),
which was not adequate to cover either establishment expenditure
or operations and maintenance expenditure. In FY16, YMC had
INR395.4 million debt (68.71% of current revenue), however, debt
payback period (debt/current balance) was low at 1.28 years.
Moreover, the city faces inadequate civic services delivery. The
extent of household coverage of water supply connections stood at
85% in 2016 (2015: 90%; benchmark: 100%); however, water supply
per day was for 3 hours in 2015-2016, which is much below the
benchmark level of 24 hours. The extent of non-revenue water was
high at 33% in 2016 (2015: 31.8%) against the benchmark level of
15%. Household level coverage of solid waste management services
was 95% in 2016 (2015: 92%), closer to the benchmark level of
100%. However, the segregation of solid waste generated was 10%
in 2016 (2015: 7%; benchmark level: 100%) and waste recovery was
5% against the benchmark of 80%.
The rating is supported by YMC's adequate operating margin.
Revenue balance was positive during FY11-FY16. Revenue surplus
increased to INR308.38 million in FY16 from INR41.72 million in
FY11. The operating revenue margin increased to 60% in FY16 from
22% in FY11. Operating ratio (revenue expenditure/revenue
income) improved to 46% in FY16 from the peak of 79% in FY11.
Ind-Ra expects revenue balance to remain in the positive
territory in the medium term, mainly supported by grants.
The rating is supported by YMC's modest capital utilization
ratio. Grants/contribution for capital works was the major
contributor to the capital income during FY11-FY16. YMC's
expenditure on capital works grew at a CAGR of 6.82% while
capital income grew at a CAGR of 38.67% during FY11-FY16. YMC
witnessed a capital deficit in FY11 and FY14 with capital
receipts underutilized in the rest of the years during FY11-FY16.
The capital utilization ratio (capital expenditure/capital
income) averaged less than 1x during this period.
RATING SENSITIVITIES
Positive: A sustained increase in own revenue sources, lower
dependence on grants, decrease in establishment expenditure and
improvement in civic services delivery levels would be positive
for the rating.
Negative: Deterioration in revenue balance position due to higher
establishment expenditure and a sharp worsening in operating
ratio and margins could lead to a negative rating action.
COMPANY PROFILE
YMC is the local governing body of the city of Yavatmal. The
council was established in 1894. The municipal council consists
of democratically elected members. The last municipal election
was held in 2016. YMC is headed by a chief officer who is the
administrative head. The council is responsible for providing
civic services and maintenance of civic infrastructure in the
city.
* INDIA: Sets Rules to Push Struggling Banks to Combine w/ Rivals
-----------------------------------------------------------------
Ari Altstedter and Ameya Karve at Bloomberg News report that
India's banks, staggering under the world's highest bad-asset
ratio, may be pushed to wind up or combine with rivals if their
capital levels fall below set ratios under new guidelines issued
by the country's central bank.
The new framework would apply to all banks operating in India,
including foreign lenders, Bloomberg discloses citing a document
posted on April 13 on the Reserve Bank of India's website. Along
with capital levels, the guidelines will assess a bank's asset
quality, profitability and debt levels and allow the RBI to
mandate a range of corrective actions, from requiring the owners
or parent to bring in fresh capital, to restricting branch
expansion both at home and overseas, to curtailing management
compensation and director's fees, according to the statement
cited by Bloomberg.
"It's a decisive step toward a consolidation in the Indian
banking industry and allows lenders to emerge stronger,"
Hyderabad-based Rajendra Prasad, an analyst at Karvy Stock
Broking Ltd., told Bloomberg. "Lenders will now have to follow
best practices in lending, regardless of whether they are state-
owned or private, and these steps by the RBI set a path to the
survival of the fittest in the industry."
Bloomberg notes that Asia's third-largest economy is being
weighed down as soured loans on bank balance sheets hinder credit
growth and job creation. Various plans proposed by the central
bank to resolve bad debt have been unsuccessful with lenders
reluctant to write down assets sufficiently and company owners
unwilling to negotiate repayment plans, Bloomberg says.
Banks where capital adequacy ratio falls below the RBI's
threshold may see the firm being merged, or wound up, RBI said,
Bloomberg relays.
Stressed or non performing assets -- made up of bad loans,
restructured debt and advances to companies that can't meet
servicing requirements -- have risen to about 17 percent of total
loans, the highest level among major economies, Bloomberg
discloses citing data compiled by the government.
=================
I N D O N E S I A
=================
PELABUHAN INDONESIA: Fitch Cuts Standalone Rating to 'BB'
---------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based port
operator PT Pelabuhan Indonesia III (Persero)'s (Pelindo III) to
Stable from Positive, and affirmed its Long-Term Foreign-Currency
Issuer Default Rating (IDR) at 'BBB-'. The agency has also
affirmed Pelindo III's senior unsecured rating and the rating on
the USD500 million senior unsecured notes due 2024 at 'BBB-'.
Fitch has lowered Pelindo III's standalone rating from 'BB+' to
'BB', reflecting the lower-than-expected margins and higher-than-
previously expected capex plan in the medium term. This will
translate into weaker metrics in 2017-2020 due to its higher debt
to finance the elevated capex. However, the Outlook revision and
affirmation of Pelindo III's IDR and senior unsecured rating at
'BBB-' now includes the two notches of uplift to the company's
standalone rating. The two-notch uplift reflects Pelindo III's
moderate linkages with its parent, Indonesia (BBB-/Positive), as
assessed under Fitch's Parent and Subsidiary Linkage Methodology.
KEY RATING DRIVERS
Higher Leverage; Weakening Metrics: Management has increased its
capex plan to IDR22 trillion over 2017-2020 (from a previously
expected IDR17 trillion) to develop new ports and improve the
capabilities of its existing ports. As a result, Fitch expects
Pelindo III's debt to be higher - given that estimated CFO
generation of IDR14 trillion over 2017-2020 will be insufficient
to cover the forecast capex of IDR22 trillion over the same
period. This will result in a weakening of Pelindo III's credit
metrics in the medium term. Fitch expects the FFO-adjusted net
leverage to be around 5.8x-6.0x in 2018-2020.
About 51% of Pelindo III's 2016 EBITDA is derived from its 50.5%-
owned subsidiary, PT Terminal Petikemas Surabaya (TPS). Fitch
adjusts for its metrics by excluding FFO and cash balances of TPS
but adding back dividends it receives from TPS to Pelindo III's
financials. DP World Limited (BBB/Stable) owns a significant
stake of 49% in TPS. The concession for TPS with DP World
currently ends in 2019. In an event where the concession is not
extended, Pelindo III has the option to acquire DP World's share.
Fitch has not factored in non-renewal of this concession.
However, the acquisition of this stake by Pelindo III will
provide it with full access to TPS's sound cash flow generation,
albeit result in a temporary weakening of its metrics.
Positive Volumes; Narrowing Margins: Pelindo III managed to
achieve container volumes growth of 6% in 2016. This was due to
improving activities in Tanjung Perak Port, including additional
volumes from its Teluk Lamong Port. Fitch expects Pelindo III to
continue its mid-single-digit volume growth, supported by the
improving domestic economy (GDP 2017F 5.3%; 2018F: 5.6%).
However, Pelindo III's EBITDA margin was thinner at 35% in 2016
(2015: 40%) due to higher-than-expected operational costs, driven
mainly by increase in third-parties' resource costs to support
its new projects. Fitch estimates less dependency on third
parties to allow for a gradual improvement in EBITDA margin in
the medium term.
Robust Business Profile: Fitch views Pelindo III's operations as
robust due to a strategic location and strong market position.
Pelindo III holds the second-largest market share at 33% for the
nation's container throughput volumes. This is hugely supported
by the operation of its Tanjung Perak port in Surabaya (East
Java) and Tanjung Emas port in Semarang (Central Java), which
both contributes about 85% to the group's container volumes. East
Java and Central Java are the second and fourth-largest economy
in Indonesia by province.
Over 90% of Pelindo III's volumes are produced and consumed
within its hinterland. In addition, most of the company's volumes
are focused in Java, which is near the manufacturing industries.
These characteristics provide resilient volumes due to its less
exposure to transhipment and commodity-related volumes compared
with its peers. There is also less competition in Pelindo III's
area of operation as it currently holds nearly the entire
container handling activities in its region.
Uplift for Sovereign Linkage: Pelindo III's ratings incorporate a
two-notch uplift from its standalone rating due to its moderate
linkages to its 100% shareholder, Indonesia, based on Fitch's
Parent and Subsidiary Linkage methodology. Fitch views Pelindo
III's ports to be strategically important towards the
government's long-term target to improve the nation's
infrastructure, which includes the maritime industry. The
government approves the company's budget and controls the
appointment of key management officials.
DERIVATION SUMMARY
Pelindo III's rating of 'BBB-' includes two notches of uplift
from its standalone rating of 'BB', due to its moderate linkages
with the state. Its rating is well positioned compared with its
port-operator peers. Fitch believes that the solid market
position can be compared best with its domestic peer, PT
Pelabuhan Indonesia II (Persero) (Pelindo II; BBB-/Positive),
which holds the largest domestic market share. Both companies are
less exposed to the volatile transhipment volumes and undergoing
heavy expansion phase. However, Pelindo II's standalone rating of
'BBB-' warrants two notches higher due to its stronger business
profile as well as lower financial risk profile.
In comparison with its global peers, Fitch see Pelindo III's
business profile as less resilient than Adani Ports and Special
Economic Zone Limited (APSEZ; BBB-/Stable), which operates the
largest port, Mundra, in India by cargo volumes handled. Besides,
APSEZ has wider margins and better credit metrics warranting two
notches above Pelindo III's standalone rating. Meanwhile, Fitch
feels that DP World Limited (DP World Limited; BBB/Stable), one
of the four largest port operators globally, warrants its three-
notch rating above Pelindo III's standalone rating due to DP
World's significantly larger scale, wider margins, and better
credit metrics. DP World is likely to deleverage in the medium
term, whereas Pelindo III will have higher leverage in the medium
term due to its heavy expansion phase.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Average container volume growth of 4% per annum in 2017-2020
- Average tariff growth of 5% per annum for containers in
2017-2020
- Gradual improvement in EBITDA from 37% in 2017 to 45% in 2020
(2016: 35%)
- Capex of IDR22 trillion in 2017-2020
- Dividend payout of 25%
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
- Strengthening linkages with the state or if the standalone
rating improves, provided linkages with the state remain
intact
- Sustained improvement of FFO-adjusted net leverage below 4.5x
or FFO fixed-charge coverage above 2.5x would result in an
upgrade of Pelindo III's standalone rating
Future Developments That May, Individually or Collectively, Lead
to Negative Rating Action
- Sustained weakening of FFO-adjusted net leverage above 6.0x or
FFO fixed-charge coverage below 2.0x would result in a
lowering of Pelindo III's standalone rating
- Weakening linkages with the state
LIQUIDITY
Increasing Leverage: Fitch expects Pelindo III's leverage to
increase in the medium term to finance its capex plan of IDR22
trillion capex in 2017-2020, as Fitch expects negative FCF in the
medium term. As of end-2016, Pelindo III had cash of IDR1.8
trillion and Fitch estimates CFO of around IDR8-9 trillion over
2017-2020. However, Fitch feels that the company will have access
to external funding due to its SOE status and the importance of
its projects to the state.
FULL LIST OF RATING ACTIONS
-- Long-Term Foreign-Currency Issuer Default Rating affirmed at
'BBB-'; Outlook Revised to Stable
-- Senior unsecured rating affirmed at 'BBB-'
-- USD500 billion bond due in 2024 affirmed at 'BBB-'
=========
J A P A N
=========
TOSHIBA CORP: Puts Temporary Hold on Memory Chip Sale Process
------------------------------------------------------------
Alex Sherman, Ian King, and Pavel Alpeyev at Bloomberg News
report that Toshiba Corp. temporarily canceled all meetings and
decisions related to the sale of its memory chip business to
address concerns raised by an industry partner, people familiar
with the matter said.
Bloomberg relates that Toshiba is trying to sell the business to
raise much-needed cash, and the company has been narrowing down
the field of interested buyers. That hit a snag after joint-
venture partner Western Digital Corp., based in San Jose,
California, said a sale may violate the companies' contract.
Toshiba's spokeswoman Kaori Hiraki denied the sale process has
been put on hold, Bloomberg notes.
According to Bloomberg, Western Digital Chief Executive Officer
Steve Milligan wrote a letter to Toshiba's board members on
April 9 advising them that they should negotiate exclusively with
his company before any sale. He also argued that the rumored
bidders were unsuitable and the reported prices offered were
above the fair and supportable value of the chip business,
Bloomberg relates citing a person familiar with the process, who
asked not to be identified because the information is private.
Toshiba and Western Digital are joint owners of certain chip
business facilities, Bloomberg News notes. Shares of Toshiba fell
as much as 8.1 percent in Tokyo on April 14, while Western
Digital was little changed at the close in New York, says
Bloomberg.
Bloomberg News says Western Digital's contentions raise another
potential roadblock in the troubled process. According to the
report, the Japanese company needs to shore up finances hurt by
losses from its Westinghouse nuclear business and has warned that
its very survival is at risk. Analysts cautioned that Western
Digital does have legal rights that will bear on the sale
process.
"We believe that WDC has rights surrounding the JV including the
consent to approve/disapprove of any transaction involving the
joint venture," Amit Daryanani, an analyst at RBC Capital
Markets, wrote in a research note, Bloomberg relays. "WDC has the
legal wherewithal to veto or approve a winning bid."
Toshiba disagrees with Western Digital's assertion that a sale
would violate the agreement between the two companies, Toshiba
executives said when contacted by Bloomberg News.
Last year Western Digital, one of the largest makers of computer
hard drives, made a $15.8 billion bet on technology that's making
its core business obsolete, with its purchase of SanDisk Corp.
SanDisk was a manufacturing partner of Toshiba, a role that
Western Digital has assumed, according to Bloomberg.
That purchase piled debt onto its balance sheet and may restrict
its ability to match some of the bids that other companies
reportedly made for Toshiba's chip unit, the report says. In
January, Western Digital said it had cash and cash equivalents of
$5.2 billion. The company had "liquidity available" totaling $6.2
billion and a net debt position of about $800 million, it said.
Toshiba has narrowed the original group of contenders for the
chip business after a first round of bidding. Taiwan's Hon Hai
Precision Industry Co. has indicated its willingness to pay as
much as JPY3 trillion ($27 billion), Bloomberg News has reported.
Toshiba's board is trying to balance the need for a quick sale
with concerns that such a deal would mark the end of Japan's
chance of restoring its once-leading role in the $300 billion
chip industry and potentially aid China's push to enter that
important market, Bloomberg News recalls.
Milligan's letter, which was earlier reported by the Nikkei Asian
Review, cautioned in particular against accepting a bid from
Broadcom Ltd., a company that has led the wave of consolidation
in the chip industry over the past two years, adds Bloomberg.
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
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.
TOSHIBA CORP: Apple May Help with Chip Unit Investment
------------------------------------------------------
Takako Taniguchi and Pavel Alpeyev at Bloomberg News report that
Apple Inc. is actively looking at options for helping the Toshiba
Corp. by investing in its semiconductor unit, which has been put
up for sale, according to people familiar with the matter.
Bloomberg relates that Apple is considering a range of options
from partnering with Taiwan's Hon Hai Precision Industry Co. to
joining with Japanese investors on a bid, said the people, asking
not to be named because the matter is private. SoftBank Group
Corp. is considering getting involved in the Toshiba chip unit
bidding and may cooperate with Hon Hai or Apple, the people said.
According to Bloomberg, Apple's entry into the auction may
improve Toshiba's prospects for emerging from a fiasco in its
Westinghouse nuclear business that has led to billions of dollars
in losses. Toshiba needs to raise money from the semiconductor
sale to plug the hole in its balance sheet, but the bidding
process so far has been rocky. Bloomberg says the Tokyo-based
company is wary of Hon Hai's bid to take full control of the
chips unit on its own because it anticipates Japanese and U.S.
governments would object.
Mitsuhiro Kurano, a spokesman for SoftBank, declined to comment,
Bloomberg notes. Representatives for Apple in Japan didn't
respond to calls for comment, says Bloomberg.
Bloomberg News says the iPhone maker's move caps a hectic week
for Toshiba. First, the 142-year-old electronics conglomerate
warned it may not be able to continue as a going concern because
of the Westinghouse losses. Then, amid signs of progress in the
company's efforts to sell its semiconductor unit, joint-venture
partner Western Digital Corp. notified Toshiba such a sale may
violate their contract.
"How do you even judge what happened this week for Toshiba?" the
report quotes Kazunori Ito, an analyst at Morningstar Investment
Services, as saying. "One positive is that the company showed
third-quarter profits in the memory business, giving some
assurance it may sell it for a good price. But there are so many
negatives, I don't even know where to begin."
Apple has not made a definitive decision about what role it will
play in the chips sale, if any, the people said, Bloomberg adds.
The Cupertino, Calif.-based company has an interest in the unit's
future because iPhones and iPads use flash-memory. Apple could
take a minority stake in the chip business with Japanese finance
firms, as well as working with Hon Hai or SoftBank, the people
said.
It's not clear whether SoftBank is weighing an investment in the
Toshiba chips unit or another role, the people said, Bloomberg
relays. The Tokyo-based company is in the process of raising a
$100 billion fund and has yet to close the initial investment
round.
"The share price right now is a pretty reasonable assessment of
what Toshiba is worth without the flash memory business, assuming
there is no delisting or bankruptcy," Bloomberg quotes
Morningstar's Ito as saying.
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
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.
TOSHIBA CORP: Selects Four Overseas Bidders for Chip Unit
---------------------------------------------------------
Kyodo News reports that Toshiba Corp has selected four overseas
bidders as a potential buyer of its chip-making unit following an
auction, sources close to the matter said on April 12.
The four potential buyers of Toshiba Memory Corp are Hon Hai
Precision Industry Co of Taiwan, SK Hynix Inc of South Korea,
U.S. chipmaker Broadcom Ltd and Western Digital Corp of the
United States, which has jointly invested in Toshiba's Yokkaichi
flash memory plant in central Japan, Kyodo relates.
Broadcom may have partnered with U.S. investment fund Silver Lake
Partners for the auction, the sources said, the report relays.
According to Kyodo, Toshiba is aiming to sell a majority stake in
Toshiba Memory, which was established as a spun-off entity
earlier this month, to raise cash to make up for huge losses from
its nuclear power business. It aims to decide the buyer by a
regular shareholder meeting scheduled for late June, the report
notes.
The sale of the chip unit is an integral part of Toshiba's
restructuring plan, but the plan may not go smoothly as Western
Digital is opposed to the sale, separate sources said, Kyodo
relays.
According to the report, Western Digital is deemed to have veto
power with regard to the selection of a buyer of Toshiba Memory
as it has jointly invested in the Yokkaichi factory in Mie
Prefecture, central Japan, with Toshiba.
The U.S. firm could possibly demand that Toshiba prioritize the
U.S. firm in negotiations for the unit's acquisition, the sources
said.
Kyodo says no Japanese firms have joined the bidding, raising
concern among domestic political and business circles about
Toshiba's key technology getting into the hands of a foreign
company.
Toshiba Memory is the world's second-largest producer of NAND
flash memory chips, after South Korea's Samsung Electronics Co.,
and its business value is estimated at around JPY2 trillion ($18
billion), Kyodo notes.
The highest bidding price Toshiba received for the chip unit was
around JPY3 trillion, the sources said, adds Kyodo.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'. Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime. At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.
The TCR-AP reported on March 21, 2017, that S&P Global Ratings
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.
====================
N E W Z E A L A N D
====================
INTUERI EDUCATION: SFO Drops Probe Into Defunct Quantum Unit
------------------------------------------------------------
BusinessDesk reports that Intueri Education Group said the
Serious Fraud Office has ended its investigation into the
unprofitable company's defunct Quantum Education Group and won't
take further action.
According to BusinessDesk, the SFO had been looking into
enrolments at Quantum, which is still under investigation by the
Tertiary Education Commission. Intueri said it has until May 12
to respond to the TEC's draft investigation report.
BusinessDesk says Intueri's 2014 initial public offering at
NZ$2.35 a share allowed vendor Arowana International to net about
NZ$102 million while selling its stake down to 24.9 percent and
provided NZ$60 million to pay for the acquisition of Quantum,
which at the time it boasted had "a course completion rate above
90 percent, one of the highest rankings of any PTE provider in
New Zealand." The shares last traded at 1.3 cents
In its 2015 year, Intueri wrote down the value of Quantum by
NZ$53.1 million, including wiping NZ$27 million off the value of
the school's brand and goodwill to take it down to zero, which it
said reflected stricter enrolment criteria imposed by the TEC.
Some of Quantum's courses have since been absorbed into Intueri's
other colleges, the report discloses.
"Intueri is very pleased that the SFO enquiry has been closed,"
BusinessDesk quotes chair Chris Kelly as saying. "We are focused
on providing a response to the draft TEC report, and look forward
to a conclusion of that investigation shortly. We are continuing
to focus on delivery of quality vocational learning opportunities
for both domestic and international students in New Zealand
through our three PTE groups."
Last month Intueri said it had reached a standstill agreement
over some NZ$70.7 million of bank debt with ANZ Bank New Zealand
after breaching a lending covenant, BusinessDesk recalls. It
hired High St Capital Partners to drum up interest in the private
training establishment company, as a sale proposition either as a
whole or in parts. The company closed its Australian operations
on March 29, having failed to convince education authorities to
re-register its colleges across the Tasman or renew funding,
BusinessDesk notes.
=====================
P H I L I P P I N E S
=====================
RURAL BANK OF GOA: Claims Deadline Set for March 18, 2019
---------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed Rural
Bank of Goa (Camarines Sur), Inc. who have not filed their claims
may be filed at the PDIC Public Assistance Center, 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, in Makati
City until March 18, 2019. Claims may also be filed by mail.
When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit directly to
PDIC their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is
recommended, however, to bring at least two (2) valid IDs in case
of discrepancies in signature. Depositors may also file their
claims through mail and enclose their original evidence of
deposit and photocopy of one (1) valid photo-bearing ID with
signature together with a duly accomplished Claim Form which can
be downloaded from the PDIC website, www.pdic.gov.ph. PDIC
reminds depositors to deal only with PDIC authorized officers.
Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.
In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans Officer prior to the settlement of their deposit
insurance claim.
The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.
Rural Bank of Goa was ordered closed by the Monetary Board
through Resolution No. 428.A dated March 16, 2017. It is a two-
unit rural bank with Head Office located in San Jose (Poblacion),
Goa, Camarines Sur. Its lone branch is located in San Vicente,
Pili (Capital), Camarines Sur.
=================
S I N G A P O R E
=================
RICKMERS MARITIME: Winds Up After Failure to Reach Restructuring
----------------------------------------------------------------
Stephanie Gleason at The Wall Street Journal reports that the
trustee of Rickmers Maritime said on April 12 that the container
ship operator would be winding down its business after failing to
reach an agreement with creditors that would allow it to continue
operating.
The Journal relates that Rickmers Trust Management Pte. Ltd. said
a lack of liquidity and new investors had caused the company to
conclude it is "impracticable to continue."
According to the report, the trustee also said there is a
potential buyer for Rickmers' assets, which could allow the
company to make a cash distribution to unsecured creditors, but
cautioned that no deal has been finalized. Rickmers' unitholders
aren't likely to recovery anything, the trustee said.
The Journal says Rickmers originally had hoped to reorganize and
in December sought approval from bondholders to restructure bond
debt of SGD100 million, which would have allowed it to also
restructure its secured bank debt with a new SGD260 million loan.
The bondholders didn't agree and eventually events of default
spread across its various loan and bond agreements, placing the
company "in a situation of aggravated and unsustainable
illiquidity going forward," the Journal relays.
Rickmers Maritime (SGX:B1ZU) -- http://www.rickmers-maritime.com/
-- is a Singapore-based business trust that owns and operates
containerships mainly under fixed-rate time charters to global
container liner companies. The Trust owns a portfolio of
approximately 20 containerships ranging from 3,450 twenty foot
equivalent unit (TEU) to 5,060 TEU, offering a total capacity of
approximately 66,410 TEU. The Company's subsidiaries include
Kaethe Navigation Limited, Richard II Navigation Limited, Henry
II Navigation Limited, Moni II Navigation Limited, Vicki Rickmers
Navigation Limited, Maja Rickmers Navigation Limited, Laranna
Rickmers Navigation Limited, Sabine Rickmers Navigation Limited,
Clan Navigation Limited and Ebba Navigation Limited. The Trust is
managed by Rickmers Trust Management Pte. Ltd.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: Pension Fund Agrees to Debt Restructuring
--------------------------------------------------------------
Song Jung-a at The Financial Times reports that South Korea's
National Pension Service has agreed to a debt restructuring plan
for struggling Daewoo Shipbuilding & Marine Engineering,
smoothing the way for a fresh $2.6 billion bailout for the
world's second-largest shipbuilder.
According to the report, the agreement came just hours before
Daewoo's bondholders, who hold KRW1.35 trillion of Daewoo's debt,
began a two-day meeting to decide whether to convert half of the
debt into equity and roll over the remaining amount for three
years.
The FT relates that a full agreement by the company's bondholders
is a precondition of the latest KRW2.9 trillion bailout for
Daewoo Shipbuilding offered by the government last month, as the
cash-strapped South Korean shipbuilder racks up huge losses amid
a prolonged industry slump.
The NPS is Daewoo Shipbuilding's single largest bondholder, with
KRW390 billion in bonds that will mature by the end of 2018.
About KRW190 billion of the bonds mature this month. Its approval
is expected to set the tone for talks with other bondholders,
including Korea Post, on April 17 and April 18, the FT says.
The FT relates that the pension service, which was initially
opposed to the debt workout plan, said on April 17 that
"accepting the debt restructuring will be more advantageous to
improve the fund's returns". The NPS found itself under scrutiny
in recent months after its approval of a controversial merger of
two Samsung units in 2015 was criticised amid a massive
corruption scandal that has rocked the country.
After marathon negotiations, the NPS got a last-minute concession
from state-run Korea Development Bank and Export-Import Bank of
Korea - the two main creditors of Daewoo Shipbuilding - that some
KRW100 billion of bond payments will be put into an escrow
account before maturity, according to the FT.
The FT says there have been concerns about the fate of Daewoo
Shipbuilding, which financial regulators threatened to place
under court receivership if bondholders failed to agree to the
debt deal.
Daewoo's restructuring is the biggest challenge facing state-run
South Korean lenders since they last year let Hanjin Shipping go
under by refusing to provide fresh financial support, the FT
states. Hanjin's failure triggered a global logistics logjam by
stranding about 100 container ships around the world.
But government officials deem Daewoo Shipbuilding too big to
allow to fail, warning that its bankruptcy would jeopardise
50,000 jobs and $34 billion of vessel orders that it has to
fulfil by 2020, the FT says.
The FT notes that state-run South Korean banks threw Daewoo
Shipbuilding a KRW4.2 trillion lifeline in 2015 but its finances
have continued to deteriorate as lower oil prices have eroded
demand for oil tankers and offshore energy projects while
industry oversupply damped demand for new ships.
The shipbuilder reported its fourth consecutive year in the red
in 2016, although its net loss narrowed to KRW2.7 tillion from
KRW3.3 trillion the previous year, the FT discloses.
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.
KUMHO TIRE: KDB-Led Creditors to Proceed With Sale as Scheduled
---------------------------------------------------------------
Yonhap News Agency reports that the state-run Korea Development
Bank (KDB) said on April 17 that it will sell a local tiremaker
to a Chinese firm unless the chief of Kumho Asiana Group
exercises his right to buy back the logistics conglomerate's
tiremaking affiliate currently under creditors' control.
Yonhap relates that Park Sam-koo, chairman of Kumho Asiana Group,
has urged the KDB, the main creditor of Kumho Tire Co., to allow
him to form a consortium for the potential takeover. But the KDB
said Park is required to show his intention by April 19, if he
wants to take back the country's No. 2 tiremaker. The lender
believes Park may face difficulties getting the necessary
funding, Yonhap says.
The creditors, led by the KDB, also said they would review
whether to allow Park, the chief of the logistics conglomerate,
to exercise his right to buy back the tiremaker after receiving a
plan for the purchase, which they have requested, according to
Yonhap.
Earlier, Park asked the KDB to reply to his inquiry over the
formation of a consortium by no later than April 17, Yonhap says.
The business leader added that he would take legal action against
the creditors of Kumho Tire for denying his lawful right to buy
back the former affiliate, the report relays. Kumho Asiana said
earlier that the legal measures will likely include a court
injunction against the proposed sale of Kumho Tire to a
consortium led by a Chinese firm.
According to Yonhap, the KDB-led creditors have said they will
move forward with the sale of Kumho Tire to Chinese tiremaker
Doublestar, unless the Kumho Asiana chairman formally expresses
his takeover intentions.
Kumho Tire was placed under a creditor-led workout program in
2009 after its parent company was hit by a liquidity problem
following its takeover of Daewoo Engineering and Construction
Co., according to Yonhap. At that time, Park was given a
priority option to buy back the country's tiremaker should the
creditors of Kumho Tire decide to sell the company.
The creditors signed a deal earlier this month to sell their
combined 42.01% stake in the tiremaker to Doublestar for
KRW955 billion (US$831 million), Yonhap notes.
About Kumho Tire
Kumho Tire Co. Ltd. manufactures tire. The company's offerings
include tires for sports utility vehicles, passenger cars,
various sizes of trucks and buses and racing cars. In addition,
the company provides batteries for automobiles. The company is
part of the Kumho Asiana Group.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 11 to April 14, 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 MANAGEME 7.00 04/01/21 USD 14.50
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 15.00
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.05
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 74.38
CML GROUP LTD 9.00 01/29/20 AUD 1.04
CRATER GOLD MINING LTD 10.00 08/18/17 AUD 20.00
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.30
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72
LAKES OIL NL 10.00 05/31/18 AUD 8.03
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.10
PALADIN ENERGY LTD 7.00 03/31/20 USD 68.00
PALADIN ENERGY LTD 6.00 04/30/17 USD 70.00
RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76
RELIANCE RAIL FINANCE P 2.14 09/26/23 AUD 66.76
STOKES LTD 10.00 06/30/17 AUD 0.32
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 69.91
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 51.06
ALXA LEAGUE INFRASTRUCT 6.40 03/14/20 CNY 61.13
ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 60.96
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.74
ANQING URBAN CONSTRUCTI 6.76 12/31/19 CNY 61.80
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 41.60
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.56
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.71
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.87
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 58.50
BAICHENG ZHONGXING URBA 7.00 12/18/19 CNY 61.47
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 59.01
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 60.42
BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 61.71
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.05
BAOJI INVESTMENT GROUP 7.14 12/26/18 CNY 51.61
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 60.00
BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 62.02
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 61.59
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.20
BAYANNUR URBAN DEVELOPM 6.40 03/15/20 CNY 61.53
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 50.01
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.02
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 60.77
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 60.44
BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 74.40
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 59.30
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 60.61
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 40.27
BEIJING GUCAI GROUP CO 8.28 12/15/18 CNY 72.89
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 61.19
BENGBU URBAN INVESTMENT 5.78 08/10/17 CNY 30.03
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.77
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 60.99
C&D REAL ESTATE CO LTD 6.15 04/03/20 CNY 61.50
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.72
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.51
CHANGDE CITY CONSTRUCTI 6.50 02/25/20 CNY 61.64
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.76
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 61.97
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 55.60
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 61.24
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.70
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 41.99
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 40.30
CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 61.75
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.03
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.41
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.50
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.27
CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 61.78
CHANGYI ECONOMIC AND DE 7.35 10/30/20 CNY 72.80
CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 61.06
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 61.14
CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 62.11
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.57
CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 41.80
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.00
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 50.40
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.58
CHAOHU URBAN TOWN CONST 7.00 12/24/19 CNY 61.73
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 61.36
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.31
CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 61.50
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.52
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 50.53
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.14
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 61.37
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.15
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 61.30
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.26
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 41.66
CHENGDU XINDU XIANGCHEN 8.60 12/13/18 CNY 72.76
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.50
CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 61.74
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 61.78
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 62.11
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 61.89
CHIFENG CITY CONSTRUCTI 6.18 05/18/17 CNY 50.05
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 60.93
CHINA CITY CONSTRUCTION 4.93 07/14/20 CNY 40.38
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 40.38
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 74.11
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.60
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.66
CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 62.09
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.72
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 61.79
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.05
CHONGQING FULING DISTRI 8.40 03/23/19 CNY 73.06
CHONGQING FULING STATE- 6.39 01/21/20 CNY 61.36
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 25.63
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.55
CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 61.92
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 40.48
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.71
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 61.77
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.85
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 60.93
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.66
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 61.89
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 61.13
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 39.92
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 41.62
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.53
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 61.75
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.10
CHONGQING QIANJIANG CIT 8.40 03/23/19 CNY 73.11
CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 61.65
CHONGQING THREE GORGES 6.40 01/23/19 CNY 50.93
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 60.30
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 61.82
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 61.43
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 40.97
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 61.94
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 62.06
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 61.52
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 61.36
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 40.57
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 61.82
CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 62.13
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.21
CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 61.24
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.30
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 61.31
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 56.30
CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 62.07
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 61.28
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 62.11
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 60.87
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 64.00
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 61.45
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 60.98
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 61.26
DALIAN MACHINE TOOL GRO 7.00 07/30/18 CNY 53.94
DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 73.53
DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 39.96
DANDONG CITY DEVELOPMEN 6.63 12/21/18 CNY 70.45
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 41.52
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 61.84
DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 63.00
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 61.36
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 60.90
DASHIQIAO URBAN CONSTRU 6.58 02/21/20 CNY 61.27
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 39.60
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.04
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 31.17
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 61.39
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.65
DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 61.80
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.55
DEYANG CITY CONSTRUCTIO 6.99 12/26/19 CNY 61.93
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 62.07
DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.51
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 50.62
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 61.95
DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 62.08
DONGYING CITY URBAN ASS 6.75 04/20/18 CNY 70.75
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.00
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 62.23
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 25.06
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.13
FEICHENG CITY ASSETS MA 7.10 08/14/18 CNY 50.83
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.01
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 61.70
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.36
FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 61.51
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 72.33
FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 72.88
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.25
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 60.00
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 61.97
FUZHOU INVESTMENT DEVEL 7.75 02/28/18 CNY 50.51
FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 61.85
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.67
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 51.00
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 71.24
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 71.75
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.00
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 50.64
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 50.84
GANZHOU DEVELOPMENT ZON 6.70 12/26/18 CNY 51.05
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.74
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 50.97
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.29
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 61.34
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 60.59
GONGYI STATE OWNED ASSE 6.70 01/18/20 CNY 61.06
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.95
GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 50.96
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 60.01
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 61.99
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.78
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 60.79
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 71.01
GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 73.21
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.01
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 61.70
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.35
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 50.55
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 41.83
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 46.90
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 50.69
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 61.33
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 62.00
GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 60.66
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 44.40
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 50.74
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.05
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 25.69
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 71.30
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 72.40
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.00
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 41.64
HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 61.42
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 71.85
HAINING STATE-OWNED ASS 7.80 09/20/18 CNY 72.07
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 61.97
HANDAN CITY CONSTRUCTIO 7.05 12/24/19 CNY 62.00
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 61.05
HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 81.00
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.13
HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 61.52
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.20
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 50.28
HANGZHOU XIAOSHAN ECO&T 6.70 12/26/18 CNY 51.04
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 40.50
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 41.33
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 62.01
HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 82.80
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.30
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 40.89
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.52
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 71.75
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.59
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.69
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.75
HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 72.76
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 61.61
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 61.42
HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 81.75
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 40.30
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 42.06
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.45
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 61.53
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 61.31
HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 73.50
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 61.90
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 61.84
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 61.15
HEYUAN CITY URBAN DEVEL 6.55 03/19/20 CNY 81.85
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.09
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 40.51
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 41.85
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 61.83
HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.00
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.52
HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 61.53
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 50.50
HUAIBEI CITY CONSTRUCTI 6.68 12/17/18 CNY 51.04
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.50
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 25.58
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 61.53
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 62.06
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 61.42
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 61.91
HULUDAO INVESTMENT GROU 8.47 03/01/19 CNY 61.20
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 51.13
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.20
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 51.25
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.92
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.93
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 41.75
HUZHOU URBAN CONSTRUCTI 7.02 12/21/17 CNY 40.50
HUZHOU URBAN CONSTRUCTI 6.70 12/14/19 CNY 61.27
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 40.81
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 60.01
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.41
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 40.51
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 41.68
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 60.51
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 61.79
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.50
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 61.97
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 41.13
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 40.01
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 41.69
JIANGMEN CITY BINJIANG 6.60 02/28/20 CNY 62.00
JIANGSU DAFENG HARBOR H 7.98 11/15/17 CNY 50.01
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.00
JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 41.74
JIANGSU HUAJING ASSETS 5.68 09/28/17 CNY 25.00
JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 50.76
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.51
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 60.82
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.28
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 61.47
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.06
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 72.55
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 60.01
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 61.70
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 61.83
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 72.68
JIANGSU WUZHONG ECONOMI 8.05 12/16/18 CNY 73.42
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.66
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 61.78
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.04
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.37
JIANGYAN STATE OWNED AS 6.85 12/03/19 CNY 61.39
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 60.00
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 61.53
JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 61.89
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.16
JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 61.62
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.56
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 41.76
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 60.90
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 61.33
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.16
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.29
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.15
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.61
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.64
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 61.83
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 50.51
JINGDEZHEN STATE-OWNED 7.48 03/23/18 CNY 51.11
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 50.87
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 61.62
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 41.68
JINING CITY YANZHOU DIS 8.50 12/28/17 CNY 25.59
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.37
JINING HI-TECH TOWN CON 6.60 01/28/20 CNY 61.80
JINING WATER SUPPLY GRO 7.18 01/22/20 CNY 62.17
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 61.71
JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 61.96
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.21
JISHOU HUATAI STATE OWN 7.37 12/12/19 CNY 61.81
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 40.30
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 41.99
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.31
JIUJIANG FUHE CONSTRUCT 6.10 03/19/19 CNY 50.42
JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 61.83
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.65
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 61.79
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 61.13
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.41
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 61.74
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 61.98
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.31
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 25.65
KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 61.50
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.17
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 61.31
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.67
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 25.78
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 61.39
KUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 41.51
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 30.34
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.50
LANZHOU CITY DEVELOPMEN 8.20 12/15/18 CNY 69.51
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.01
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.60
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 40.82
LIAONING YAODU DEVELOPM 7.35 12/12/19 CNY 60.86
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 61.63
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 65.74
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 40.01
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 41.69
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 61.18
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.60
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.62
LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 61.18
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 60.50
LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 61.35
LINYI CITY ASSET MANAGE 6.68 12/12/19 CNY 61.66
LINYI CITY ASSET MANAGE 6.80 03/24/20 CNY 72.50
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 62.73
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 25.80
LIUPANSHUI DEVELOPMENT 6.97 12/03/19 CNY 61.77
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 40.51
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 41.82
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 61.10
LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 61.25
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 68.52
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 40.77
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 41.00
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.87
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.15
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.70
LUOYANG CITY DEVELOPMEN 6.89 12/31/19 CNY 62.14
MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 61.06
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 71.60
MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 72.50
MIANYANG SCIENCE TECHNO 6.30 07/22/18 CNY 52.89
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 59.10
MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 61.28
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 50.78
MINXIXINGHANG STATE-OWN 6.20 03/26/19 CNY 51.01
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.14
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.17
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 62.00
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 61.73
NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 82.30
NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 62.67
NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 61.11
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 60.75
NANCHONG DEVELOPMENT IN 6.69 01/28/20 CNY 61.64
NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 61.84
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 61.38
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.26
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 61.46
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 60.58
NANJING STATE OWNED ASS 5.40 03/06/20 CNY 81.85
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.75
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 50.96
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.00
NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 61.88
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 61.97
NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 62.29
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.00
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 61.31
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.63
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 50.67
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 40.76
NINGBO CITY YINZHOU CIT 6.50 03/18/20 CNY 61.78
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.36
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.56
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 25.57
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.97
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.98
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.12
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 60.10
PANJIN CONSTRUCTION INV 7.42 03/01/18 CNY 61.13
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 61.34
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.25
PANJIN PETROLEUM HIGH T 6.95 01/10/20 CNY 61.57
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 61.79
PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 62.37
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 71.06
PENGLAI CITY PENGLAIGE 6.80 01/30/21 CNY 72.40
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.68
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 61.74
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 60.20
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.62
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.50
PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 61.83
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.39
PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 61.45
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.27
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 61.34
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.61
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 41.85
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.68
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 49.00
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 50.53
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 62.08
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.66
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 60.00
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 61.03
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.00
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 41.06
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 61.55
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.05
QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 61.69
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 29.60
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 30.30
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 50.89
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 51.08
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 61.68
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 62.13
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.85
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15
QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.00
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 60.88
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 61.11
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.63
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 41.74
QUANZHOU TAISHANG INVES 7.08 12/10/19 CNY 61.75
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 61.83
QUANZHOU URBAN CONSTRUC 6.48 01/11/20 CNY 62.60
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.54
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 61.55
RONGCHENG ECONOMIC DEVE 6.45 03/18/20 CNY 61.57
RUDONG COUNTY DONGTAI S 7.10 01/31/18 CNY 50.74
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 61.67
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 62.00
RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 52.28
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 61.65
RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 63.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.44
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.80
SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.54
SANMENXIA CITY FINANCIA 6.68 01/29/20 CNY 61.61
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.55
SANMING CITY CONSTRUCTI 6.40 03/05/20 CNY 61.70
SANMING STATE-OWNED ASS 6.92 12/05/19 CNY 62.02
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 71.03
SHANDONG SHANSHUI CEMEN 6.20 05/12/17 CNY 66.29
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.41
SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 58.54
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 60.20
SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 61.40
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 50.80
SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 61.20
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 71.50
SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 71.80
SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 72.04
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.29
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 61.30
SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.07
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.51
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.66
SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 60.53
SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 61.23
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 62.01
SHANGXI HUAYU OF CHINAC 5.53 12/26/17 CNY 39.92
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.50
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.63
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 61.78
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 62.01
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 50.39
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 61.17
SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 62.20
SHAOXING HI-TECH INDUST 6.75 12/05/18 CNY 50.92
SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 51.10
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 61.73
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 60.10
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 61.58
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.13
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 51.02
SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 61.37
SHENYANG MACHINE TOOL C 6.50 04/09/20 CNY 47.06
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 50.89
SHENZHEN LONGGANG DISTR 6.18 03/27/19 CNY 51.36
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 61.87
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 61.88
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.59
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 61.90
SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 73.14
SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 73.22
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 61.60
SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 81.49
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.24
SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 61.27
SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 50.75
SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 50.75
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 50.75
SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 50.75
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.12
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 60.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 61.21
STAR LAKE BIOSCIENCE CO 5.80 07/07/17 CNY 59.90
SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 61.96
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 41.16
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.33
SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 41.29
SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 61.43
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.38
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 61.06
SUZHOU NEW & HI-TECH IN 7.98 09/27/18 CNY 72.28
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 51.14
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 61.19
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 65.20
SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 73.04
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.61
SUZHOU WUJIANG EASTERN 8.05 12/05/18 CNY 72.86
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.25
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.80
TAIAN CITY TAISHAN INVE 6.76 01/25/20 CNY 61.86
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 72.55
TAICANG ASSET MANAGEMEN 8.25 12/31/18 CNY 73.03
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 61.85
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 60.03
TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 61.85
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.65
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 25.75
TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 72.09
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 61.18
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.85
TAIZHOU CITY HUANGYAN D 6.85 12/17/18 CNY 50.86
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.20
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 41.81
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 71.51
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 73.50
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 60.87
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 61.21
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.60
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.76
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.75
TENGZHOU CITY STATE-OWN 6.45 05/24/18 CNY 58.00
TENGZHOU CITY STATE-OWN 6.45 05/24/18 CNY 60.86
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.07
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.30
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 60.27
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 72.34
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 61.27
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.24
TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 61.39
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 41.76
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.35
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 41.36
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 61.21
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 61.50
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.50
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 50.51
TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 59.71
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 61.50
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 60.01
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 62.25
TONGLIAO URBAN INVESTME 5.98 09/01/17 CNY 40.15
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 61.03
TONGLIAO URBAN INVESTME 6.64 04/09/20 CNY 61.18
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 60.01
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 61.26
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 58.00
ULANQAB CITY JI NING DI 6.88 03/19/20 CNY 60.22
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 61.24
URUMQI ECO&TECH DEVELOP 8.58 01/10/19 CNY 52.16
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 60.69
URUMQI HIGH-TECH INVEST 6.18 03/05/20 CNY 60.90
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 50.31
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 50.38
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 62.05
WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 71.63
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 61.77
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 61.06
WEIHAI WENDENG URBAN PR 6.38 03/06/20 CNY 61.54
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.32
WEINAN CITY INVESTMENT 6.69 01/15/20 CNY 61.63
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 61.00
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 62.26
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 61.25
WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 61.36
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 40.75
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.61
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 61.05
WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 61.16
WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 50.80
WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 60.76
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 50.40
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.60
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 61.87
WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 61.90
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 61.34
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 61.35
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.81
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 61.82
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.43
WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 61.83
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 70.54
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 73.45
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 61.86
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 61.63
XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 81.80
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 61.76
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 61.13
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.59
XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 50.78
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 72.31
XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 72.49
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 40.00
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 41.76
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.47
XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 61.80
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 61.63
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.51
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 41.56
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.99
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 51.29
XIANYANG MUNICIPAL CONS 7.90 12/09/17 CNY 40.05
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 41.65
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.84
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 50.95
XINING CITY INVESTMENT 7.70 04/27/19 CNY 61.73
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 50.91
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 50.44
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 40.38
XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 61.02
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 61.42
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.87
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 50.87
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 61.77
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 41.72
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 50.82
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 60.90
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 61.84
YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 63.00
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.05
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.30
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 61.94
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.50
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.89
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 50.57
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 61.21
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 61.30
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 61.05
YANTAI CITY MOUPING DIS 8.05 03/04/19 CNY 71.01
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.64
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 61.06
YANTAI URBAN CONSTRUCTI 5.99 03/14/20 CNY 61.27
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 70.58
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 61.47
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 62.02
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 61.32
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 61.70
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 59.00
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 61.45
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.96
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 61.97
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 50.95
YINGKOU CITY CONSTRUCTI 7.98 04/18/20 CNY 73.55
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 61.09
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 61.16
YINGKOU ECO & TECH DEVE 6.17 04/08/20 CNY 60.00
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.21
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.29
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 61.62
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.12
YIYANG GAOXIN TECHNOLOG 6.70 03/13/20 CNY 61.49
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 61.86
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 61.56
YULIN CITY INVESTMENT O 6.81 12/04/18 CNY 51.00
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 61.93
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 62.30
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.00
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 61.50
YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 61.50
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 62.07
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 30.32
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 61.34
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 62.09
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 61.33
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 70.48
ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 61.84
ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 61.66
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 61.78
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.52
ZHEJIANG JIASHAN ECONOM 7.05 12/03/19 CNY 61.99
ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 61.25
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 70.70
ZHENGZHOU CITY CONSTRUC 6.37 12/03/19 CNY 61.00
ZHENGZHOU CITY CONSTRUC 6.37 12/03/19 CNY 61.45
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.00
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.02
ZHENJIANG CULTURE AND T 6.60 01/30/20 CNY 60.95
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 61.19
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 50.66
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.20
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 72.82
ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 72.94
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 30.69
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 37.50
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 40.30
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 61.53
ZHUCHENG ECONOMIC DEVEL 6.80 11/29/19 CNY 61.86
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.61
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 25.64
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 61.84
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.01
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.10
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 61.68
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.19
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.81
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 61.64
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 36.00
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 61.52
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 61.70
ZIGONG GAOXIN INVESTMEN 6.30 03/13/20 CNY 61.13
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 70.86
ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 51.11
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 20.18
ZOUCHENG CITY ASSET OPE 6.18 03/12/19 CNY 50.73
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 70.01
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 70.71
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 40.71
ZUNYI INVESTMENT GROUP 8.53 03/13/19 CNY 41.85
ZUNYI ROAD & BRIDGE ENG 7.15 08/17/20 CNY 72.83
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.73
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 70.00
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 38.54
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 44.13
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 1.44
DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 1.44
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 1.45
DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 1.45
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 17.38
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.11
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.27
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.41
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 36.88
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 41.25
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 10.00
JCT LTD 2.50 04/08/11 USD 27.00
JM FINANCIAL CREDIT SOL 9.00 03/23/22 INR 0.71
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.54
REI AGRO LTD 5.50 11/13/14 USD 1.54
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.48
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 30.00
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 74.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.13
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.13
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.13
TAKATA CORP 0.58 03/26/21 JPY 60.00
TAKATA CORP 0.85 03/06/19 JPY 62.63
TAKATA CORP 1.02 12/15/17 JPY 68.38
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.56
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.56
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 31.31
CHEJU REGIONAL DEVELOPM 3.00 07/25/18 KRW 25.49
DAEWOO SHIPBUILDING & M 3.79 04/21/19 KRW 64.30
DAEWOO SHIPBUILDING & M 3.28 03/19/18 KRW 66.39
DAEWOO SHIPBUILDING & M 3.50 11/29/17 KRW 66.82
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 52.21
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 49.63
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 52.13
KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 29.80
KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 30.57
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 33.86
KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 34.36
KOREA SOUTH-EAST POWER 4.38 12/07/42 KRW 55.51
KOREA SOUTH-EAST POWER 4.44 12/07/42 KRW 55.99
LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 34.89
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 36.52
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 37.08
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 30.01
OKC SECURITIZATION SPEC 3.00 02/17/42 KRW 52.33
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SHINHAN BANK 3.83 12/08/31 KRW 73.67
SHINHAN BANK 3.83 12/08/31 KRW 73.67
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 18.57
SINBO SECURITIZATION SP 5.00 02/25/20 KRW 27.56
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 27.67
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 27.87
SINBO SECURITIZATION SP 5.00 06/24/19 KRW 28.61
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 28.81
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 29.23
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 29.52
SINBO SECURITIZATION SP 5.00 03/13/19 KRW 29.58
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 29.87
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 30.92
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 30.92
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 31.15
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 31.15
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 31.39
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 31.39
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 31.77
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 31.77
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 31.79
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 32.14
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 32.44
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 32.74
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 33.00
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 33.58
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 33.84
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 33.88
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 34.52
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 34.80
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 35.35
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 36.86
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 41.43
SINBO SECURITIZATION SP 5.00 07/24/17 KRW 42.79
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 47.30
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 47.71
U-BEST SECURITIZATION S 5.50 11/16/17 KRW 36.55
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 62.18
WOORI BANK 5.21 12/12/44 KRW 340.03
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.10
BARAKAH OFFSHORE PETROL 3.50 10/24/18 MYR 0.61
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.39
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.48
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.92
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.96
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.31
I-BHD 2.50 10/09/19 MYR 0.43
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.03
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.16
MALTON BHD 6.00 06/30/18 MYR 1.36
PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.05
PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.09
REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.18
SEE HUP CONSOLIDATED BH 4.60 12/22/17 MYR 0.15
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.19
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.52
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.90
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.23
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.61
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.97
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.34
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.67
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.98
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 66.33
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.69
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 69.04
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 69.12
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 69.78
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.58
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 71.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 72.13
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.13
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 73.00
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.68
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.99
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 74.96
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.29
THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 4.39
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.03
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07
YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.47
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.62
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 1.75
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.64
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.95
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 8.99
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 11.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 18.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
RICKMERS MARITIME 8.45 05/15/17 SGD 24.25
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 30.13
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 36.51
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 40.55
ASL MARINE HOLDINGS LTD 5.85 10/01/21 SGD 45.00
ENERCOAL RESOURCES PTE 9.25 04/07/18 USD 45.50
EZION HOLDINGS LTD 4.88 06/11/21 SGD 46.95
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.00
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.88
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.03
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.25
EZION HOLDINGS LTD 5.10 03/13/20 SGD 59.96
EZION HOLDINGS LTD 4.70 05/22/19 SGD 65.02
AUSGROUP LTD 7.95 10/20/18 SGD 66.25
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 68.38
ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 70.00
EZION HOLDINGS LTD 4.85 01/23/19 SGD 70.21
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 61.34
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 67.75
SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 68.01
SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 69.08
SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 72.76
SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 73.25
SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 73.72
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.12
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.63
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and
Peter A. Chapman, Editors.
Copyright 2017. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-362-8552.
*** End of Transmission ***