/raid1/www/Hosts/bankrupt/TCRAP_Public/170530.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, May 30, 2017, Vol. 20, No. 106
Headlines
A U S T R A L I A
CALEDON COAL: PPB Advisory Appointed Administrators
LEDA DRILLING: Second Creditors' Meeting Set for June 6
LOGISTIC QUEENSLAND: Second Creditors' Meeting Set for June 7
TURKISH ADANA: Second Creditors' Meeting Set for June 6
C H I N A
AGILE GROUP: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
CBAK ENERGY: Incurs $2.06 Million Net Loss in First Quarter
CHINA: Financial Health Suffers from Rising Debt, Moody's Says
CHINA NATURAL: Receives NASDAQ Notice on Delayed Form 20-F Filing
CHONGQING IRON: Says Been Confronted with an "Austere Situation"
DALIAN MACHINE: Default Flags Debt Concerns Raised by Moody's
I N D I A
AKAL PIPE: CARE Assigns B- Rating to INR4.56cr LT Loan
ALAM CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR6cr LT Loan
ARAWALI PHOSPHATE: CARE Assigns B+ Rating to INR7.50cr Loan
BIOP STEELS: ICRA Reaffirms B+ Rating on INR19cr LT Loan
BISMAN INDUSTRIES: ICRA Lowers Rating on INR8.0cr Loan to 'D'
CHALAPATHI EDUCATIONAL: ICRA Reaffirms B+ INR12.81cr Loan Rating
CRIMSON METAL: CARE Issues B Issuer Not Cooperating Rating
DHALAVAI PATHRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
DURGA KRISHNA: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
FORTUNE FOAM: ICRA Reaffirms B+ Rating on INR24cr Term Loan
GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.50cr Loan
HINDUSTHAN CALCINED: ICRA Reaffirms B- Rating on INR8cr Loan
JOVE STEELS: CARE Assigns B+ Rating to INR10cr LT Loan
KHAMMAM SPICE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
KWALITY FEEDS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
LAKSHMI SARASWATHI: CARE Issues B Issuer Not Cooperating Rating
LIBRA FABRIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
LIMTEX AGRI: ICRA Lowers Rating on INR25cr Cash Loan to 'D'
M & T CONSTRUCTIONS: CARE Issues B Issuer Not Cooperating Rating
MFS INVESTMENT: Court Bans, Fines Officers and Funds Manager
MG CHARIOTS: CARE Assigns 'B' Rating to INR9.90cr LT Loan
N & N CONSTRUCTIONS: CARE Issues D Issuer Not Cooperating Rating
PARIKH BROTHERS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
PRATIROOP MUDRAN: CARE Reaffirms B+ Rating on INR7.29cr Loan
R.S.H. AGRO: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
SARVESHWARI EXPORTS: ICRA Reaffirms B+ Rating on INR5.50cr Loan
SECURE INDUSTRIES: ICRA Reaffirms D Rating on INR10.20cr Loan
SHANKARA VEHICLES: ICRA Raises Rating on INR9.0cr Cash Loan
SHANTI DEVELOPERS: ICRA Reaffirms 'C' Rating on INR7.40cr Loan
SHREE RAM: CARE Assigns 'B' Rating to INR6cr LT Loan
SHRI SENTHUR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHRI SONA: CARE Assigns B+ Rating to INR12cr Long Term Loan
SIGNATURE AUTOMOBILES: CARE Reaffirms B+ Rating on INR11.3cr Loan
SMIT DEVELOPERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
STANDARD CONSULTANTS: ICRA Reaffirms B+ Rating on INR7cr Loan
SUBHLENE FABRICS: CARE Assigns B+ Rating to INR10cr LT Loan
SUPERIOR FOOD: CARE Assigns 'D' Rating to INR67.07cr LT Loan
SWAMI DEVI: CARE Raises Rating on INR10cr LT Loan to BB-
TIRUPATI SUGARS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
VENKATA SAI: CARE Assigns B+ Rating to INR8cr Long Term Loan
J A P A N
TOSHIBA CORP: Western Digital May Bend on Chip Unit Sale
M A L A Y S I A
YFG BERHAD: Unit Faces MYR5MM Suit from Ocean Electrical
N E W Z E A L A N D
BANKS GROUP: Placed in Receivership
FARM HOLDINGS: City Council Quits Action Against Liquidators
SENTRY HILL: Loses Claims for Security of Costs
X X X X X X X X
* BOND PRICING: For the Week May 22 to May 26, 2017
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A U S T R A L I A
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CALEDON COAL: PPB Advisory Appointed Administrators
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Grant Sparks, Stephen Longley and Martin Ford of PPB Advisory
were appointed Administrators of Caledon Coal Pty Ltd and four
related companies CC Pty Ltd, Blackwater Coal Pty Ltd, Bowen
Basin Pastoral Company Pty Ltd and Guangdong Rising (Australia)
Pty Ltd.
Caledon is a coking coal and thermal coal producer with assets
near Blackwater in the Bowen Basin of Queensland, Australia.
Caledon operates the Cook Colliery and is evaluating the
development of the Minyango Project.
Cook Colliery has not operated since March 7, 2017 after a large
water inflow in a new longwall production panel inundated the
equipment and caused all underground production to be halted.
The Cook Colliery is Caledon's single operating asset and sole
source of income. Prior to flooding, 85% of the mine's 2017 coal
production was expected to be sourced from the longwall
production panel.
The Group employs approximately 250 full time employees. As a
result of the flooding, it was necessary for Caledon to stand
down approximately 70 employees at Cook Colliery with effect from
March 18, 2017.
PPB Advisory is currently undertaking an urgent review of Caledon
and will work with stakeholders to assess the current position of
the company and opportunities to restructure the business for the
future. It is the intention of the Administrators to place
Caledon's operations into care and maintenance during the
administration period.
The Administrators will investigate the affairs of Caledon and
will report their findings to creditors.
Commenting on the appointment, PPB Advisory partner, Grant Sparks
said: "Following our appointment as Administrators of Caledon,
our primary focus is to work with all stakeholders to assess the
business and explore all options to restructure the business for
the future."
LEDA DRILLING: Second Creditors' Meeting Set for June 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Leda Drilling
Pty Ltd has been set for June 6, 2017, at 10:00 a.m. at the
offices of McLeod & Partners, Hermes Building, Level 1, 215
Elizabeth Street, in 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 June 5, 2017, at 5:00 p.m.
Jonathan Paul McLeod & Bill Karageozis of McLeod & Partners were
appointed as administrators of Leda Drilling on May 1, 2017.
LOGISTIC QUEENSLAND: Second Creditors' Meeting Set for June 7
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Logistic
Queensland Dm Services Pty Ltd has been set for June 7, 2017, at
10:00 a.m. at the offices of McLeod & Partners, Hermes Building,
Level 1, 215 Elizabeth Street, in 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 June 6, 2017, at 5:00 p.m.
Jonathan Paul McLeod & Bill Karageozis of McLeod & Partners were
appointed as administrators of Logistic Queensland on May 3,
2017.
TURKISH ADANA: Second Creditors' Meeting Set for June 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of Turkish Adana
Cuisine Pty Ltd has been set for June 6, 2017, at 11:00 a.m. at
the offices of Deloitte Financial Advisory Pty Ltd, Ground Floor,
8 Brindabella Circuit, Brindabella Business Park, in Canberra
Airport, ACT.
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 June 5, 2017, at 4:00 p.m.
Ezio Senatore and Neil Cussen of Deloitte were appointed as
administrators of Turkish Adana on May 2, 2017.
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C H I N A
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AGILE GROUP: S&P Revises Outlook to Pos. & Affirms 'BB-' CCR
------------------------------------------------------------
S&P Global Ratings revised its outlook on China-based property
developer Agile Group Holdings Ltd. to positive from stable. At
the same time, S&P affirmed its 'BB-' long-term corporate credit
rating and its 'cnBB+' long-term Greater China regional scale
rating on Agile.
S&P also affirmed its 'B+' long-term issue rating and 'cnBB'
long-term Greater China regional scale rating on Agile's
outstanding senior unsecured notes.
S&P revised the outlook on Agile to positive because S&P expects
the company to gradually improve its leverage in 2017, given a
recovery in margins and robust growth in sales.
S&P believes Agile will continue to maintain prudent financial
management as it accelerates its expansion, such that its
leverage (as measured by the ratio of debt to EBITDA) stays at
about 4x. Agile's leverage improved to 4.1x in 2016, from 4.4x in
2015, partly due to higher margins.
Agile's profitability improved more than we expected in 2016 due
to a significant increase in sales prices in key markets of
Guangdong, where the company has a sizable low-cost land bank.
Agile's average sales price (ASP) rose 14% in Guangzhou and 41%
in Zhongshan during the year. These two cities account for about
35% of the company's total sales. In addition, Agile's inventory
clearance pressure has reduced as some low-tier markets
(especially in Eastern China) have recovered slightly. As such,
the company reversed the margin compression since 2012, with the
gross margin recovering to 27% in 2016, from 25% in 2015.
S&P estimates that Agile's gross margin will further improve to
about 30% over the next 12 months. In S&P's view, the company
will continue to benefit from its low land cost of Chinese
renminbi (RMB) 1,501 per square meter in 2016. However, rising
land prices for new acquisitions could put pressure on margins in
the longer term.
S&P affirmed the ratings because the pace of Agile's deleveraging
still has some uncertainty, considering the company's plan to
accelerate expansion with a higher land budget. Agile's sales
are also subject to some policy risks because government
restrictions on home purchases have been recently implemented in
some of its core markets, including the cities of Zhongshan and
Guangzhou.
In S&P's view, Agile's 2017 target of increasing sales by 14% to
RMB60 billion is achievable. The company plans to launch nine
new projects this year (compared with none in 2016). For the
first four months of 2017, Agile's sales grew 62% to RMB27.3
billion. However, sales growth is likely to slow later in the
year owing to recent home-purchase restrictions and tightening
credit conditions.
Agile will likely turn more active in its expansion over the next
two years, with rising spending on new land and other businesses.
Its land spending increased to RMB19.2 billion in 2016, from
RMB1.5 billion in 2015. The company also entered the
environmental business and plans to invest more than RMB2 billion
in 2017. S&P expects management to maintain financial discipline
during its expansion. However, Agile's increased appetite for
growth may still add pressure to its cash flow.
Agile also improved its liquidity and debt structure in 2016,
supported by higher sales and better cash collections. Its cash
increased 70% to RMB22.3 billion, while short-term debt was down
23% to RMB12.8 billion. Agile's average debt maturity also
lengthened in 2016 after the company refinanced its debt with
longer-tenure domestic bonds and syndication loans.
The positive outlook on Agile reflects S&P's expectation that the
company will improve its margins while maintaining steady sales
growth in 2017. While Agile will increase its land
replenishment, S&P expects the company will maintain good
financial management and gradually improve its leverage over the
next 12 months.
S&P could raise the rating if Agile's debt-to-EBITDA ratio falls
to less than 4.0x on a sustained basis. This could happen if
sales and gross margins in 2017 are meaningfully higher than
S&P's base case of about RMB60 billion and 30%, respectively, and
the company manages the pace of its debt-funded expansion.
S&P could revise the outlook to stable if Agile fails to improve
its profitability or its debt-funded expansion is faster than S&P
expects, such that its debt-to-EBITDA ratio stays at 4x-5x over
the next 12 months. This could happen if Agile's capital
spending for land acquisition and other business is materially
higher than S&P's base case of RMB32 billion in 2017.
CBAK ENERGY: Incurs $2.06 Million Net Loss in First Quarter
-----------------------------------------------------------
CBAK Energy Technology, Inc., filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss of US$2.06 million on US$3.71 million of net revenues
for the three months ended March 31, 2017, compared to a net loss
of US$1.90 million on US$3.19 million of net revenues for the
three months ended March 31, 2016.
As of March 31, 2017, CBAK Energy had US$97.30 million in total
assets, US$86.45 million in total liabilities and US$10.84
million in total shareholders' equity.
As of March 31, 2017, the Company had cash and cash equivalents
of $0.4 million. Its total current assets were $35.2 million and
its total current liabilities were $57.0 million, resulting in a
net working capital deficiency of $21.8 million. These factors
raise substantial doubts about the Company's ability to continue
as a going concern.
As of March 31, 2017, the Company had unutilized committed
banking facilities of $0.4 million.
"We are currently expanding our product lines and manufacturing
capacity in our Dalian plant, which require more funding to
finance the expansion," said the Company in the report. "We may
also require additional cash due to changing business conditions
or other future developments, including any investments or
acquisitions we may decide to pursue. We plan to renew these
loans upon maturity, if required, and plan to raise additional
funds through bank borrowings and equity financing in the future
to meet our daily cash demands, if required. However, there can
be no assurance that we will be successful in obtaining this
financing. If our existing cash and bank borrowing are
insufficient to meet our requirements, we may seek to sell equity
securities, debt securities or borrow from lending institutions.
We can make no assurance that financing will be available in the
amounts we need or on terms acceptable to us, if at all. The
sale of equity securities, including convertible debt securities,
would dilute the interests of our current shareholders. The
incurrence of debt would divert cash for working capital and
capital expenditures to service debt obligations and could result
in operating and financial covenants that restrict our operations
and our ability to pay dividends to our shareholders. If we are
unable to obtain additional equity or debt financing as required,
our business operations and prospects may suffer.
"In the meanwhile, due to the growing environmental pollution
problem, the Chinese government is currently providing vigorous
support to the new energy facilities and vehicle. It is expected
that we will be able to secure more potential orders from the new
energy market, especially from the electric car market. We
believe with that the booming future market demand in high power
lithium ion products, we can continue as a going concern and
return to profitability."
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/TRgIop
About CBAK Energy
Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc., incorporated on Oct. 4, 1999, is a holding
company. The Company and its subsidiaries are principally
engaged in the manufacture, commercialization and distribution of
a range of standard and customized lithium ion (Li-ion)
rechargeable batteries for use in an array of applications. The
Company's products are sold to packing plants operated by third
parties primarily for use in mobile phones and other electronic
devices. The Company conducts its manufacturing activities in
China.
China Bank is the first China-based lithium battery company
listed in the U.S., in January 2005 (NASDAQ: CBAK).
The Company's subsidiaries include China BAK Asia Holdings
Limited (BAK Asia), Dalian BAK Trading Co., Ltd. (Dalian BAK
Trading), and Dalian BAK Power Battery Co., Ltd. (Dalian BAK
Power). Dalian BAK Trading focuses on the wholesale of lithium
batteries and lithium batteries' materials, import and export
business, and related technology consulting services. Dalian BAK
Power focuses on the development and manufacture of high-power
lithium batteries.
China BAK reported a net loss of US$12.65 million for the year
ended Sept. 30, 2016, following net profit of $15.87 million for
the year ended Sept. 30, 2015. As of Dec. 31, 2016, CBAK Energy
had US$92.11 million in total assets, US$79.43 million in total
liabilities and US$12.67 million in total shareholders' equity.
Centurion ZD CPA Limited, in Hong Kong, China, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Sept. 30, 2016, stating that the Company has a
working capital deficiency, accumulated deficit from recurring
net losses and significant short-term debt obligations maturing
in less than one year as of Sept. 30, 2016. All these factors
raise substantial doubt about its ability to continue as a going
concern.
CHINA: Financial Health Suffers from Rising Debt, Moody's Says
--------------------------------------------------------------
Alec Macfarlane at CNNMoney reports that credit rating agency
Moody's downgraded China last week, warning that the country's
financial health is suffering from rising debt and slowing
economic growth. It's the first time the agency has cut China's
rating in nearly three decades, CNNMoney says.
Fears about debt levels in the world's second-largest economy
have been flagged before, according to CNNMoney. The
International Monetary Fund pushed Beijing to "urgently address"
the issue last year.
CNNMoney relates that as growth in the West collapsed following
the global financial crisis of 2008, China's local governments
and state-owned companies borrowed heavily to build cities and
roads, invest in businesses and bolster financial markets.
That spending spree has resulted in a domestic debt hangover,
particularly among some of the country's bloated and inefficient
state-owned companies.
Corporate debt in China soared to around 170% of GDP in 2016,
roughly double the average of other economies, CNNMoney discloses
citing the Bank of International Settlements. In 2008, China's
figure stood at about 100%.
CNNMoney says the Chinese government is well aware it has a
problem.
According to CNNMoney, authorities have introduced a series of
measures in recent years to tackle local government debt and bad
bank loans. They have also tried to reduce the economy's
dependence on credit as a way to fuel growth.
CNNMoney relates that many experts said more needs to be done.
But efforts by regulators in recent weeks to clamp down on risky
debt in the country's financial system have unsettled investors.
China is still taking a "softly, softly" approach to reducing
debt as it attempts to keep economic growth steady, CNNMoney
says.
Some economists support that stance, arguing that by moving too
quickly, Chinese authorities could trigger a financial crisis.
According to CNNMoney, Chi Lo, senior China economist at BNP
Paribas, said a swift cut in the country's debt to GDP ratio
would be implausible. "This could crush the economy before the
benefits of deleveraging could even emerge," he said in a recent
research note.
China has plenty of ammo left, CNNMoney says. One option is a
bank bailout that could push government debt from 55% to 90% of
GDP, according to Capital Economics.
"That is high, but still lower than the debt burdens of many
other governments," CNNMoney quotes Mark Williams, the
consultancy's chief China economist, as saying in a note on
May 24. "China's government also has far more assets than most of
its peers."
CNNMoney adds that the Moody's downgrade leaves China on the same
rating as Japan, which has a far bigger government debt load,
BNP's Lo pointed out. Massive systemic defaults are far less
likely when the bulk of debt is owed by a public sector with a
strong balance sheet, which is the case with China, he said.
CHINA NATURAL: Receives NASDAQ Notice on Delayed Form 20-F Filing
-----------------------------------------------------------------
China Natural Resources, Inc., a company based in the People's
Republic of China, on May 22 disclosed that it had received a
letter ("Deficiency Letter") from The Listing Qualifications
Department of The Nasdaq Stock Market, Inc., notifying the
Company that, in as much as its annual report on Form 20-F for
the year ended December 31, 2016 was not filed with the
Securities and Exchange Commission ("SEC") on or prior to the
prescribed due date, the Company no longer complies with Listing
Rule 5250(c)(1), which requires listed companies to timely file
their periodic reports with the SEC. The Deficiency Letter also
states that the Company has until July 17, 2017 to submit a plan
to regain compliance with Nasdaq listing requirements; and, if
the plan is accepted by Nasdaq, the Company will then have until
November 14, 2017 to file the delinquent report and thereby
regain compliance. Until such time as the Company regains
compliance with Nasdaq listing qualifications, an indicator
reflecting the Company's non-compliance (typically in the form of
an "E" added to the end of the Company's trading symbol) will be
broadcast over Nasdaq's market data dissemination network and
will also be made available to third party market data providers.
On May 16, 2017 the Company issued a press release in which it
reported that (a) the delay in filing the annual report is due to
a delay in completing an audit of its Bolivian subsidiary that
was acquired by the Company in December 2016 and (b) the Company
anticipates that the delinquent annual report will be filed with
the SEC on or before June 30, 2017.
About China Natural Resources
China Natural Resources, Inc. (NASDAQ: CHNR), a British Virgin
Islands corporation, through its operating subsidiary, is
currently engaged in trial production at its copper smelting
plant in western Bolivia, and anticipates that commercial
production will commence in the latter part of 2017. Revenues
are expected from sales of copper cathodes in markets including
Bolivia, Germany and China.
The Company reported a net loss of US$5.471 million on US$2.825
million of revenue in 2015.
The Company's balance sheet showed $7.956 million in assets
against $9.846 million in liabilities as of Dec. 31, 2015.
CHONGQING IRON: Says Been Confronted with an "Austere Situation"
----------------------------------------------------------------
Reuters reports that Chongqing Iron & Steel Co Ltd said it has
been confronted with an austere situation in both production and
operation, facing severe financial strain.
As at Dec. 31, 2016, equity attributable to owners of company was
a loss of CNY107 million, Reuters discloses.
According to the report, Chongqing Iron said it had in-depth
communications with major creditors in respect of debt repayment
scheme.
The court is currently reviewing application for reorganisation
of the company, adds Reuters.
"The company is still exposed to risk of being declared
bankruptcy by court as a result of failure of reorganization,"
notes Reuters.
There is uncertainty as to whether or not co can enter into
reorganisation procedure, adds Reuters.
Chongqing Iron & Steel Company Limited is a company principally
engaged in the manufacture and distribution of iron and steel
products. The Company's main products consist of steel panels,
steel billets, reinforcing steel bars, cold rolled sheets,
sections, wire rods, coated plates and other by-products, among
others. The Company's products are mainly applied in
shipbuilding, heat exchanger, separator, storage machinery,
bridges, mine machinery, engineering machinery, high building,
heavy automobile, motorcycle, security door and steel structure
plant, among others. In addition, it is involved in the
electrical engineering design and installation services and
freight transportation.
DALIAN MACHINE: Default Flags Debt Concerns Raised by Moody's
-------------------------------------------------------------
Bloomberg News reports that China's latest corporate bond default
is highlighting concerns about rising company debt that Moody's
Investors Service cited in its downgrade of the nation's credit
rating on May 24.
Dalian Machine Tool Group Corp., based in the northeastern rust
belt province of Liaoning, failed to repay CNY543 million
($79 million) of principal and interest on privately placed notes
due May 20, Bloomberg relates citing a statement to Shanghai
Clearing House on May 25. The default comes as authorities'
steps to curb the pace of credit expansion in the economy have
pushed up borrowing costs, with the average yield on AA+ rated
securities due in five years rising to a two-year high around 5.5
percent this month.
China's President Xi Jinping is trying to rein in the world's
biggest corporate debt load without sparking a rash of company
failures that could drag on already flagging economic growth,
notes the report. Moody's forecast that economy-wide debt of the
government, households and non-financial companies will continue
to increase, from 256 percent of gross domestic product at the
end of last year according to the Institute of International
Finance.
Defaults in China's local public bond market are a relatively new
phenomenon, and have picked up pace since the government allowed
the first one in 2014. There were a record 29 defaults on
publicly issued notes in 2016, and there have been 13 this year,
according to data compiled by Bloomberg.
Dalian Machine Tool, which had already defaulted on three
publicly issued bonds this year, is in an industry that's ripe
for consolidation, according to Bloomberg Intelligence. The
company is seeking funds for repayment on the defaulted private
placement note, it said in the statement.
Moody's cut its rating on China's debt on May 24 for the first
time since 1989, to A1 from Aa3, Bloomberg discloses. The new
level is the rating agency's fifth-highest investment grade.
Fitch Ratings has kept its China rating at A+, which is also its
fifth-highest investment grade score, since 2007. While the
credit assessor expects the nation's economy to grow "broadly in
line" with the official 6.5 percent target this year, a "build-up
of imbalances and vulnerabilities" poses risks to economic and
financial stability, Andrew Fennell, a director of sovereign
ratings said, Bloomberg relates.
"In the months ahead, we will continue to monitor these factors,
and the degree to which tighter financial regulations and
monetary conditions introduced by the authorities in recent
months are able to successfully contain these risks," Mr. Fennell
said in an email.
Dalian Machine Tool Group Corporation manufactures machine tools
and components.
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I N D I A
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AKAL PIPE: CARE Assigns B- Rating to INR4.56cr LT Loan
------------------------------------------------------
CARE Ratings has assigned these ratings to the bank facilities of
Akal Pipe Industries (API), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.56 CARE B-; Stable Assigned
Short-term Bank
Facilities 0.32 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of API are
constrained by its small and fluctuating scale of operations,
weak financial risk profile characterised by net losses,
leveraged capital structure and weak total debt to GCA ratio. The
ratings are further constrained by the firm's elongated operating
cycle, constitution being a partnership firm and its presence in
a competitive and fragmented nature of industry. The ratings,
however, derive strength from experienced partner in the
manufacturing industry.
Going forward, the ability of the firm to scale-up its operations
while improving its overall solvency position and efficient
management of working capital requirements would remain the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small & fluctuating scale of operations along with net losses:
The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR3.69 crore in FY16 (refers to the
period April 1 to March 31). Although, the PBILDT margin of the
firm stood comfortable at 39.58% in FY16 which improved from
34.95% in FY15 due to improved sales realization. However, API
incurred net loss in last three financial years on account of
high depreciation and interest expenses.
Leveraged capital structure and weak total debt to GCA ratio: The
capital structure of the firm stood leveraged with overall
gearing ratio of 2.47x as on March 31, 2016. Additionally, the
total debt to GCA ratio remained weak at 14.41x for FY16,
however, the interest coverage ratio remained moderate at 1.53x
in FY16.
Elongated operating cycle: The operating cycle of the firm stood
elongated marked by 448 days for FY16. The cash credit limit
stood fully utilized for the last 12 months period ended January,
2017.
Competitive and fragmented nature of business: The business of
the firm is highly fragmented and competitive marked by intense
competition owing to the presence of large number of organized as
well as unorganized players. The highly fragmented nature of the
industry restricts the pricing flexibility and bargaining power
of the players in the market which has a bearing on the operating
margins.
Constitution of the entity being a partnership firm: API's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time of
personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners.
Key Rating strengths
Experienced partner in the manufacturing industry: Mr. Yadwinder
Singh has an industry experience of around one decade through his
association with API and Vifesa, a Spanish firm; engaged in
manufacturing of concrete pipes. The partner is further supported
by well experienced and qualified staff having experience in
technical, finance and marketing aspects of business.
Akal Pipe Industries (API) was established in 2010 as a
partnership firm but started its commercial operations in April
1, 2013 and is currently being managed by Mr. Yadwinder Singh,
Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Harbant Singh and Mr.
Nazam Singh, as its partners, sharing the profit and losses in
the ratio of 13%, 14%, 13%, 51% and 9% respectively. API is
engaged in the manufacturing of HDPE (High density Polyethlylene)
lined RCC (Reinforced cement concrete) pipes at its manufacturing
unit in Solan, Himachal Pradesh with total installed capacity of
28,800 pipes per annum as on December 31, 2016. The firm's
products find their application mainly in the irrigation and
sewage sector. The firm sells its finished products to various
civil contactors located in states like Punjab, Haryana, Himachal
Pradesh, Delhi, Rajasthan etc. The main raw materials for API are
cement, 20 mm or 10 mm stone, HDPE sheets. The cement is procured
from Ambuja Cement Limited and HDPE sheets are procured from
manufacturers based in Gujarat.
In FY16 (refers to the period April 1 to March 31), API has
achieved a total operating income (TOI) of INR3.69 crore with
net loss of INR0.51 crore as against total operating income of
INR4.30 crore with net loss of INR0.76 crore in FY15. In
10MFY17 (Provisional), the firm has achieved TOI of INR6.32
crore.
ALAM CONSTRUCTIONS: CARE Reaffirms B+ Rating on INR6cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Alam Constructions (AL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.00 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 6.00 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Alam Constructions
(AL) continue to be constrained by the small scale of operations,
high client concentration risk, leveraged capital structure and
moderate debt coverage indicators and working capital intensive
nature of business, competition from the players in the industry
with constitution of the entity as a partnership firm. However,
the ratings continue to derive strength from the established
track record and experienced promoter for more than two decades
in civil construction industry, increase in total operating
income albeit marginal decline in profit margins in FY16 (refers
to period April 1 to March 31), satisfactory orders in hand
providing short to medium term revenue visibility.
The ability of the firm to improve capital structure and
profitability margins and manage the working capital requirements
efficiently are the key rating sensitivities.
Detailed Description of the key rating drivers
Key Rating Weaknesses
Small scale of operations and low networth
The firm has long track record of 21 years, however, the total
operating income remained low at INR25.74 crore in FY17 (C A
Certified Prov.) and with low networth base of INR4.07 Crore as
on March 31, 2017 (C A Certified Prov.) as compared to other
peers in the similar line of business.
Leveraged capital structure and moderate debt coverage indicators
The capital structure of the firm marked by overall gearing
ratio, though improved from 2.81x as on March 31, 2016 to 2.25x
as on March 31, 2017 (CA, Certified, Prov.) due to increase in
Partners' Capital on account of accretion of profit, remains
leveraged and Total debt/GCA of the firm improved from 7.8x in
FY16 to 5.48x in FY17 (Prov.) at the back of increase in cash
accruals from INR1.13 crore in FY16 to INR 1.68 crores in FY17
(Prov.).
High client concentration risk
The firm has received about 100% orders from top customers i.e.,
Indian Railways, like South Western railways, Southern Railways
and South Central Railways resulting in high customer
concentration risk.
Working capital intensive nature of business
The working capital cycle days of the firm increased from 88 days
in FY16 to 107 days in FY17 (CA Certified, Prov) due to increased
amount of collection days of the firm. Average collection days of
the firm stood at 72 days during FY16, and the same increased to
108 days in FY17(CA Certified, Prov) due to increased amount of
outstanding debtors as on year ending March 31, 2017 which re
related to works executed by the firm during FY17.
Competition from other players in the industry
The industry is highly competitive with presence of number of
players. Furthermore, the civil construction industry is tender
driven, therefore, AC faces stiff competition from other
established players in the industry.
Constitution of the entity as a partnership firm
AC is constituted as a partnership firm which signifies that
there is inherent risk of possibility of withdrawal of the
partner's capital at the time of personal contingency which could
affect its capital structure. Moreover, partnership firms have
restricted access to external borrowing which limits their growth
opportunities to some extent.
Key Rating Strengths
Established track record and experience of partners for two
decade in civil construction industry
AC has an established track record of around two decades. The
partners of the firm are Mr. A. Venkata Narayana, Mr. E. Venkat
Naryana, Mrs. A. Visialaand Mr. A. Ranadeep. Mr. A. Venkat
Narayana and Mr. E. Venkat Narayana having experience for more
than two decades in construction industry and are actively
involved in day to day business operations of the firm.
Mr.A.Ranadeep,has more than two decades of experience in
construction industry and looks after overall operations of the
firm.
Growth in total operating income albeit marginal decline in
profit margins
Total operating income of the firm increased to INR 15.97 crore
in FY16 over FY15 representing the growth of 77.73% and further
increased significantly to INR 25.74 crore in FY17 (CA. Certified
Prov.) representing the growth of 61.20% at the back of increased
amount of execution of works for various divisions of Indian
Railways.
The PBILDT margin of the firm reduced by 96 bps to 13.66% in FY16
over FY15 and further reduced by 194bps to 11.72% in FY17(CA,
certified, Prov.) over FY16-FY17 due to absorption of fixed
overheads on account of increase in scale of operations and
presence of price variation clause for inputs (like steel,
cement, aggregates, etc.) in the work orders. Due to above said
reason the PAT margin of the firm decreased by 13bps to 5.51% in
FY17 (CA Certified, Prov.) over FY16 due to increase in financial
expenses.
Satisfactory order book position reflecting short to medium term
revenue visibility
The firm has healthy order book of INR 112.64 crore as on April
27, 2017 which translates to 7.05x of total operating of FY16 and
4.37x of total operating income of FY17. The same is likely to be
completed by FY19. The said order book provides revenue
visibility for short to medium term. The firm has received 100%
of the work orders from railway departments.
Alam Constructions (AC) was established in the year 1996 and
promoted by Mr. A. VenkataNarayana, Mr. E. VenkatNaryana, Mrs. A.
Visiala and Mr.A.Ranadeep. The firm is engaged in construction of
bridges and earth works for divisions of Indian Railways (IR)
like South Western Railways, Southern Railways and South Central
Railways. The firm has a current orders worth around INR 112.64
crore as on April 27, 2017 the same is likely to be completed by
2019. In FY17(C.A. Certified, Prov.), AL reported a Profit after
Tax (PAT) of INR 1.42 crore on a total operating income of
INR25.75 crore, as against a PAT and TOI of INR0.90 crore and
INR15.97 crore, respectively, in FY16.
ARAWALI PHOSPHATE: CARE Assigns B+ Rating to INR7.50cr Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Arawali Phosphate Limited (APL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.50 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of APL is primarily
constrained on account of its financial risk profile marked by
moderate profitability margins, moderate solvency position and
stressed liquidity position and dependency on a single customer.
The rating is, further, constrained on account of risk regarding
availability of raw material, dependency of revenue on climate
condition and continuous reduction in subsidy for Single Super
Phosphate (SSP) by the government.
The rating, however, favorably takes into account experienced
management with established track record of operations and
reputed customer base.
The company's ability to increase its scale of operations by
increasing the sales volume of SSP/GSSP while maintaining its
profitability in the light of volatile prices of its raw
materials, particularly rock phosphate, along with efficient
working capital management would be key rating sensitivities.
Furthermore, any changes made by the government in its policy
with respect to SSP industry in future would be the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Financial Risk Profile marked by moderate profitability margins,
moderate Solvency Position and stressed liquidity
Position
The total operating income (TOI) of APL has witnessed fluctuating
trend during FY13-FY16 (refers to the period April 1 to March 31)
mainly on account of demand of fertilizers from customers as well
as delay in subsidies received from government. In FY17, TOI of
the company has witnessed drastic declined from INR17.03 crore to
INR4.08 crore, mainly on account of discontinuation of agreement
with CFCL due to change in management. Later on, APL has signed
the agreement with CFCL effective from April 1, 2017.
Furthermore, PBILDT margin of the company stood moderate with
PBILDT margin of 9.70% in FY16.
APL's capital structure stood moderate with an overall gearing of
1.66 times as on March 31, 2016. However, the debt service
coverage indicators stood weak marked by total debt/GCA and
interest coverage ratio stood at 14.77 times and 1.61 times,
respectively, in FY16.
The operating cycle of the company stood elongated at 342 days in
FY16, mainly on account of increase in inventory holding period
and collection period as on March 31, 2016. Higher debtors as on
March 31, 2016, were mainly on account of delay in subsidy from
government departments. Further, the average utilization of
working capital bank borrowings remained moderate at 90% in last
12 months ending April 30, 2017. Risk regarding availability of
raw material Rock phosphate is a scarce material in India with
its reserves concentrated in Rajasthan, Madhya Pradesh and Uttar
Pradesh. BRP or high grade rock phosphate is an essential raw
material used in the manufacturing of phosphatic fertilizers
including SSP, is not presently available in large quantity in
India and that too portion of high grade rock is limited.
However, APL has long-term agreement for procurement of low grade
rock phosphate with Rajasthan State Mines and Minerals Limited
(RSMML), a Govt. of Rajasthan undertaking.
Dependency of revenue on climate condition
The demand for fertilizers in general is influenced by the
climatic conditions i.e. level of monsoons. In times of bad
monsoons, off-take would be limited and stocks would pile up.
Key Rating Strength
Experienced management with established track record of
operations Mr. Mahendra Singh Nenawati, Director, is Chartered
Accountant by qualification and has around one decade of work
experience in the fertilizer industry. Mr. Rajendra Siyal,
director, has around more than one decade of experience in the
industry. The management is assisted by Mr. Hitesh Anchlaya,
Manager, is handling financial operations of the company.
Reputed customer base
The company has entered into marketing arrangement for their
products SSP as well as GSSPL with Chambal Fertilizers and
Chemicals Limited (CFCL) for three years from April, 2017 for
supply of minimum 30000 MTPA of SSP as well as GSSP. The company
directly supplies its entire output of SSP as well as GSSP to
CFCL's dealer network.
As on March 31, 2016, the agreement with Chambal Fertilizers and
Chemicals Limited has been discontinued due to change in
management. From April 2017, the company has continued the
agreement with CFCL.
Udaipur-based (Rajasthan) APL was initially formed in 1996 as a
private limited company in the name of Penguin Plastics Private
Limited by Goyal family. Furthermore, in 1998, the name of the
company has changed from Penguin Plastics Private Limited to
Arawali Phosphate Private Limited and thereafter the company
changed its constitution from private limited to a closely-held
public limited in April 1999 and shareholding of the company has
also changed in 2015. APL is engaged in manufacturing of
fertilizers such as SSP and Granulated Single Super Phosphate
(GSSP). The manufacturing facility of the company is located in
Umarda, Udaipur. The Plant has total installed capacity of 60000
Metric Tonnes Per Annum (MTPA) of SSP and GSSP as on March 31,
2017.
As per the audited result of FY16 (refers to the period April 1
to March 31), JPA reported a total operating income of INR17.03
crore (FY15: INR19.58 crore) with a net profit of INR0.15 crore
(FY15: INR0.07 crore).
BIOP STEELS: ICRA Reaffirms B+ Rating on INR19cr LT Loan
--------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to
the INR19.0-crore fund based facilities and a short term rating
of [ICRA]A4 assigned to the INR14.5-crore non fund based
facilities of BIOP Steels & Power Private Limited. The outlook on
the long term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund
Based 19.00 [ICRA]B+ (Stable) Reaffirmed
Short Term-Non
Fund Based 14.50 [ICRA]A4 Reaffirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with BSPPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "ICRA]B+ (Stable)/[ICRA]A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
BIOP Steels & Power Private Limited (BSPPL) is part of the "Modi
Group of Companies" headed by Mr. Santosh Kumar Modi. BSPPL was
incorporated in the year 2010 and is engaged in the manufacture
of sponge iron. The plant is located in Bellary district of
Karnataka and has its own sponge iron manufacturing unit in
Belagal (near Bellary) with the capacity of 200 MT per day using
iron ore and coal as the basic raw materials.
BISMAN INDUSTRIES: ICRA Lowers Rating on INR8.0cr Loan to 'D'
-------------------------------------------------------------
ICRA has revised downward the long-term rating assigned to the
INR8.0-crore cash credit facility and INR0.20-crore bank
guarantee facility from [ICRA]B+ to [ICRA]D of Bisman Industries
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limit-
Cash Credit 8.00 [ICRA]D downgraded
Non-Fund-based
Limit-Bank Guarantee 0.20 [ICRA]D downgraded
Rationale
The downgrade in the ratings primarily considers BIL's delay in
meeting its debt service obligations in a timely manner. The
rating continues to take into account the significant
deterioration in the financial risk profile of the Limtex group
as a whole, primarily the flagship company Limtex India Limited
(rated at [ICRA]D/D), which incurred significant cash losses
during FY2015 primarily due to increase in tea procurement cost
relative to its tea realization. The rating also factors in the
low profitability of the company on account of the trading nature
of the tea operations, and higher input costs for biscuits
manufacturing which the company is unable to pass on the same
owing to intense competition. The rating is further constrained
by the aggressive capital structure of the company, however, a
large part of the debt is in the form of interest free unsecured
loans from promoters; and the highly working capital intensive
nature of operations, which exerts pressure on the liquidity
position of the company, as reflected by almost full utilization
of the working capital limits every month. The ratings, however,
also continue to factor in the experience of the promoters in the
tea and biscuits industry and its established distribution
network in Eastern India which supports the revenue growth.
Key rating drivers
Credit strengths
* Experience of the promoters of over three decades in the tea
industry and over a decade in the biscuit industry; a
diversified group having 4 tea gardens and 7 bought leaf
factories together with trading operations of tea and other
agri-commodities
* Established distribution network in Eastern India supports
the revenue growth
* Favourable demand outlook of the biscuit and tea industry over
the short to medium term
Credit weaknesses
* Limited value addition, given the trading nature of tea
business, results in low profitability
* Aggressive capital structure, however, treating the interest
free unsecured loans as quasi equity reduces the gearing to a
large extent
* Profitability is highly sensitive to raw material prices
(flour, sugar etc.) movements
* High working capital requirement leading to stretched
liquidity position of the company
Description of key rating drivers:
BIL was established in the year 1998 and is engaged in
manufacturing of biscuits and trading of tea. The company's
current directors have experience of over three decades in the
tea industry and around 15 years in the biscuit industry. Over
the past 15 years, BIL has set up a large distribution network
and has established its presence in the rural areas of Eastern
India. Both biscuits and tea are sold under the brand "Nargis".
The rating action primarily takes into account the delays by
BIL's in servicing its debt obligations in a timely manner. The
company's financial profile remains weak with weak profitability,
adverse capital structure and weak coverage indicators.
CHALAPATHI EDUCATIONAL: ICRA Reaffirms B+ INR12.81cr Loan Rating
----------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B+ to the
INR12.81 crore fund based limits and INR3.19 crore unallocated
limits of Chalapathi Educational Society. The outlook on the long
term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 12.81 [ICRA]B+(Stable) Re-affirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with CES, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+(Stable); ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Chalapathi Educational Society (CES) was established in 1995 as a
non-profit society by its chief promoter Mr. Y.V. Anjaneyulu. The
society operates five institutions including Engineering
institutes, Pharmacy College, Degree College and Junior college.
The establishments of CES, namely, Chalapathi Institute of
Engineering & Technology (CIET), Chalapathi Institute of
Technology(CIT), Chalapathi Institute of Pharmaceutical Sciences
(CIPS), Chalapathi Degree College (CDC) and Chalapathi Junior
College (CJC) are based in Guntur, Andhra Pradesh. The colleges
are located in Guntur, Andhra Pradesh (AP) and are well connected
by bus or train with Vijayawada (40 min), Hyderabad (5.00 hrs.)
and Chennai (7 hrs).
CRIMSON METAL: CARE Issues B Issuer Not Cooperating Rating
----------------------------------------------------------
CARE Ratings has been seeking information from Crimson Metal
Engineering Company Limited (CMECL) to monitor the ratings vide
e-mail communications/letters dated February 6, 2017,
February 13, 2017, February 21, 2017, April 7, 2017 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which; however, in CARE's opinion is not sufficient
to arrive at a fair rating. The rating on CMECL's bank facilities
will now be denoted as CARE B; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.70 CARE B; Issuer not
cooperating; Based on
best available information
Short-term Bank
Facilities 3.50 CARE A4; Issuer not
cooperating; Based on
best available information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating on March 1, 2016, the following were
the rating strengths and weaknesses (updated for the information
available from registrar of companies):
Key Rating Weaknesses
Small scale of operations with low profitability margins and cash
accruals: The company has small scale of operations with total
income of INR45.92 crore in FY16 (refers to the period April 1 to
March 31) compared with INR44.45 crore in FY15. The PBILDT margin
of the company declined from 9.56% in FY15 to 9.07% in FY16. The
PAT margins declined from 1.94% in FY15 to 0.98% in FY16.
High gearing and weak debt coverage indicators: The company has
high gearing at 7.65x as on March 31, 2016, as against 8.97x in
FY15 due to high debt levels and low networth base.
The interest coverage ratio was at 1.69x in FY16 compared with
1.60x in FY15 and total debt to GCA was at 19.66x in FY16
compared with 10.73x in FY15.
Decline in PBILDT margin albeit increase in the total income: The
PBILDT margins of the firm declined by 598 bps from 15.54% in
FY15 to 9.56% in FY16 due to increase in number of orders
undertaken with low profit margins and increase in raw material
cost. However, the total operating income of the firm increased
by 42.88% from INR67.33 crore in FY15 to INR96.20 crore in FY16.
Elongated operating cycle: The operating cycle of the firm
increased from 124 days in FY15 to 135 days in FY16 due to high
collection period and reduced creditors' period. The average
collection period was at 110 days in FY16 compared with 130 days
in FY15 and the creditors' period reduced from 56 days in FY15 to
26 days in FY16.
Key Rating Strengths
Experienced promoter and management: CMECL was promoted by Mr.
Vinay Kumar Goyal, a graduate, having over two decades of
experience in the steel industry. He looks after the overall day-
to-day affairs of the company with assistance from a board of
directors who have experience of more than a decade in the
industry.
CMECL, formerly known as Sri Saarbati Steel Tubes Limited, was
incorporated as a public limited company in February 1985 by Mr.
Vinay Kumar Goyal in Chennai. CMECL is engaged in manufacture of
Electrical Resistance Welded (ERW) pipes and tubes like Black &
GI pipes, GP coils, square & rectangular pipes, etc. Mr. Vinay
Kumar Goyal, is a graduate, having over two decades of experience
in steel industry. He looks after the overall day-to-day affairs
of the company with assistance from a board of Directors who have
experience of more than a decade in the industry.
CMECL is a manufacturer of both Galvanized and Black Pipes from
´" to 10" sizes as per BIS standards with a pipe manufacturing
capacity of 55,000 metric tonnes per annum (MTPA), skelp
production capacity of 36,000 MTPA, rolling mill with capacity of
24,000 metric ton per annum (MTPA) and galvanising plant of
18,000 MTPA. The major raw materials required by CMECL are
billets, coil, sockets & zinc which are procured locally from
suppliers depending on the orders to be executed. Key clients of
CMECL are Deccan Marketing, Ganges International, George &
Company, Pipe Corporation, SB Enterprises, Shri Lakshmi Steels,
etc. The company started incurring huge losses (resulting in
erosion of its net worth) since FY01 due to the heavy input &
interest costs, worldwide economic recession, the depression in
the steel industry, liberalization of government policy pursuant
to the GATT/WTO, etc. Consequently, the company was referred to
BIFR in September 2001. However, through restructuring the
capital base of the company & infusion of fresh capital by the
promoters & Mr. A. J. Menon (independent director of the company)
the company came out of the purview of BIFR in October 2011.
The company does job work for an associate company by name Ganges
International Private Limited (GIPL). It is run by the Goyal
family, although there are no common directors. GIPL was
incorporated in 1991 for trading in steel products. In 2004, GIPL
started manufacturing and supplying towers for
telecommunications, windmills, power transmission and
distribution, and railway electrification. It also provides
equipment for solar projects. At its plant in Pondicherry, GIPL
has production capacity of 50,000 tonnes per annum (tpa) and
galvanizing capacity of 54,000 tpa.
DHALAVAI PATHRA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhalavai Pathra
kaliamman Modern Rice Mill (Dhalavai) a Long-Term Issuer Rating
of 'IND BB-'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR 9.33 mil. Long term loan assigned with 'IND BB-/Stable'
rating; and
-- INR40.00 mil. Fund-based facilities assigned with
'IND BB-/Stable/IND A4+' rating
KEY RATING DRIVERS
The ratings reflect Dhalavai's small scale of operations with
moderate credit metrics due to the risks associated with the
commodity-based nature of business. According to unaudited FY17
financials, revenue was INR350 million in FY17 (FY16: INR351
million, FY15: INR309 million) with net leverage (total Ind-Ra
adjusted net debt/operating EBITDA) of 3.08x (3.3x, 3.7x) and
EBITDA interest cover (operating EBITDA/gross interest expense)
of 2.05x (2.6x, 2.5x).
The ratings are constrained by the firm's tight liquidity and
partnership form of business. The company almost fully used the
fund-based facilities during the 12 months ended March 2017.
The ratings, however, continue to be supported by the promoters'
two decades of experience in the rice milling business, the
company's established brand name in the local market and stable
profitability of 4.1%-5.5% over FY13-FY17 on account of regular
orders from customers.
RATING SENSITIVITIES
Positive: Any substantial growth in the top line with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.
Negative: Any deterioration in the EBITDA margin leading to
sustained deterioration in the credit metrics could be negative
for the ratings.
COMPANY PROFILE
Dhalavai was incorporated in 2005. It is a Virudhunagar based
company, engaged in rice milling. The company has two production
units in Virudhunagar, having a production capacity of three
tonnes and five tonnes rice per hour.
DURGA KRISHNA: Ind-Ra Migrates 'BB+' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Durga Krishna
Store Private Limited's (DKSPL) Long-Term Issuer Rating to the
non-cooperating category. The issuer did not participate in the
rating 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 BB+(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR30 mil. Proposed fund-based limit migrated to non-
cooperating category;
-- INR75 mil. Non-fund-based limit migrated to non-cooperating
Category; and
-- INR60 mil. Proposed non-fund-based limit migrated to non-
cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
May 2, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
DKSPL is an area Class 1 (A) registered contractor company
incorporated under the Indian Companies Act, 1956. Its head
office is located in Cachar (Assam).
DKSPL, formerly M/s Durga Krishna Store, was established in 1962
by Mr. Prabhu Dayal Mundra as a partnership concern. It
commenced operations as a supplier of various materials to army
command units in northeast India. In 2007, the firm started a
contractual business for infrastructure projects in northeast
India and became a private limited company.
DKSPL's current directors are Mr. Govind Mundra and Mr. Pawan
Mundra. Its shares are held by the Mundra family.
FORTUNE FOAM: ICRA Reaffirms B+ Rating on INR24cr Term Loan
-----------------------------------------------------------
ICRA has reaffirmed its rating of [ICRA]B+ on the INR31.50-crore
fund-based limits of Fortune Foam Private Limited. ICRA has also
reaffirmed the long-term/short-term rating of [ICRA]A4 on the
INR0.50-crore unallocated limits. The outlook on the long-term
rating is assigned at 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 24.00 [ICRA]B+ (Stable) reaffirmed
Cash Credit 7.50 [ICRA]B+ (Stable) reaffirmed
Unallocated 0.50 [ICRA]B+(Stable)/[ICRA]A4
reaffirmed
Rationale
The rating reaffirmation takes into consideration the
stabilisation of the company's operations as evident from the
revenue growth witnessed in FY2017 on account of increased orders
during the year. ICRA further positively takes into account the
significant experience of FFPL's directors in the foam and
mattress manufacturing business and the financial support
provided by them to the company in the form of interest free
unsecured loans over the last years. However, the rating
continues to be constrained by the stretched liquidity position
as evident from the high utilisation of sanctioned fund-based
limits, primarily due to high receivable days and inventory days.
The ratings are further constrained by the high debt and the
losses incurred by the company at the net level. The reaffirmed
ratings reflect the highly competitive nature of the foam and
mattress industry, with presence of other large players and the
unorganised sector, limiting the growth in sales volumes and top
line of the company. The demand profile of the company's products
is also vulnerable to the disposable income level of the end
consumers and other macro economic factors. Going forward, the
ability to improve its profitability, timely meet its debt
obligation and the scale and mode of funding of any future
capital expenditure programmes will be the key rating sensitivity
factors.
Key rating drivers
Credit Strengths
* Long standing track record of promoters and group concern
"Prime Comfort Product Private Limited" in foaming industry,
with an experience of around three decades
* Financial comfort from promoters in the form of interest free
unsecured loans
Credit Weakness
* Relatively higher borrowings with high repayment obligations
* Losses being made in the past
* Highly competitive and fragmented industry structure limits
pricing flexibility of the company
* Susceptibility of profitability margins to adverse movements
in foreign exchange fluctuation, given the dependence on
imports to purchase raw material
Description of key rating drivers highlighted above:
Promoters of the company, Mr. Ravinder Kumar Sharma, Mr. Shubham
Sharma and their family members have around three decades
experience in the mattress industry. FFPL's group company Prime
Comfort Products Private Limited (having 50% shareholding) was
incorporated in 2010 and is involved in manufacturing of PU foam
and mattresses. The company started its commercial production
from August 2015. Borrowings of the company increased in order to
fund its capex towards land and installation of machineries. In
FY2017, its first full year of operation, the company incurred
losses at net levels. The major raw materials of the company are
chemicals such as TDI and Polyol, which the company generally
purchases from the local suppliers of Hyderabad and imported from
Singapore, Korea, China etc. Thus profitability of the company is
exposed to adverse movement in foreign exchange fluctuations.
Fortune Foams Private Limited, incorporated in 2013, is promoted
by Mr. Ravindra Sharma and his family members. The company
started its commercial production in August, 2015. It
manufactures PU (Polyurethane) foam and (Expanded Polyethylene
Foam) EPE foam, which are used in a number of everday products
such as long foam for mattress, pillows, and cushions, exercise
mats, leather jackets, roll foam for lamination of apparels, etc.
From January 2017, the company started manufacturing mattress.
Prime Comfort Products Private Limited has 50% shareholding in
FFPL.
GHAZIABAD MECHFAB: ICRA Reaffirms B+ Rating on INR4.50cr Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ on the
INR4.50-crore fund-based facilities of Ghaziabad Mechfab Private
Limited (GMPL). ICRA has also reaffirmed the short-term rating of
[ICRA]A4 on the INR6.00-crore non fund-based facilities of GMPL.
The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 4.50 [ICRA]B+ reaffirmed,
Stable outlook assigned
Non-fund Based Limits 6.00 [ICRA]A4; reaffirmed
Rationale
The rating reaffirmation factors in the improved order flow in
FY2017 as reflected in the 100% y-o-y growth achieved vis-Ö-vis
FY2016 in the operating income (OI). This improvement was
witnessed after consecutive two years of decline in the operating
income till FY2016. Moreover, the ratings continue to derive
comfort from the long experience of the promoters in the pre-
engineered building industry and the favourable demand prospects
for GMPL's products driven by the government's emphasis on
infrastructure and rural development in India. The ratings also
factor in the firm's moderate level of order book position that
provides revenue visibility in the near to medium term.
The ratings, however, continue to be constrained by the company's
low bargaining power due to which the profitability remains
vulnerable to adverse movements in prices of raw materials such
as hot and cold rolled steel products. The financial profile of
the company continues to be weak due to low net worth, stretched
liquidity position as reflected in the high utilisation of fund-
based working capital limits and moderately high working capital
intensity.
Going forward, the company's ability to improve its scale while
sustaining healthy profitability, maintain a healthy capital
structure and optimal working capital intensity would remain the
key rating sensitivity from the credit perspective.
Key rating drivers
Credit strengths
* Two-decade long experience of the promoter in the PEB
industry
* Robust demand prospects in line with growth of the
infrastructure segment in India and rural development
Credit weaknesses
* Exposed to intense competition due to presence of large
number of players, which has resulted in declining sales
from FY2014-FY2016 and modest scale of operations
* Susceptibility to raw material price fluctuations
* Significant exposure to the steel industry that exposes
the company to the cyclicality inherent in the steel
industry
Description of key rating drivers:
The company's operating income declined by 39% in FY2016 to
INR14.05 crore as against INR23.01 crore in FY2015 owing to the
decline in raw material prices, weak order flow and lack of
infrastructure projects. The working capital intensity also
increased in FY2016 mainly due to higher inventory as the company
was expecting a big order from Indira Gandhi National Tribunmal
University (which it received) and was also in anticipation of
higher steel prices. However, because of increase in order
execution, the sales doubled to INR28 crore in FY2017 and the
inventory levels also came down. The company has also bid for a
major metro tender this year; hence, the order book position of
the company is going to improve. The company as on date has an
order book of around INR40 crore from Delhi Metro Rail
Corporation (DMRC), NTPC and Shiv Shankar Construction Private
Limited.
GMPL, incorporated in 1996 and promoted by Mr. Subodh Gupta,
manufactures pre engineered buildings and components. The
manufacturing facility of the company is located at Ghaziabad in
Uttar Pradesh.
GMPL reported a net profit of INR0.09 crore on an operating
income of INR14.05 crore in FY2016, as against a net profit of
INR0.30 crore on an operating income of INR23.01 crore in FY2015.
The company, on a provisional basis, reported an operating income
of INR28.0 crore in FY2017.
HINDUSTHAN CALCINED: ICRA Reaffirms B- Rating on INR8cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]B- assigned to
the INR8.0-crore fund based facilities and a short term rating of
[ICRA]A4 assigned to the INR4.0-crore non fund based facilities
of Hindusthan Calcined Metals Private Limited. The outlook on the
long term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash
Credit 8.00 [ICRA]B- (Stable) Reaffirmed
Non Fund Based-
Letter of Credit 4.00 [ICRA]A4 Reaffirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with HCMPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "ICRA]B- (Stable)/[ICRA]A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Hindusthan Calcined Metals Private Limited (HCMPL) was
incorporated in the year 2003 and is engaged in the manufacturing
of sponge iron. The company is promoted by Mr. S.K Modi and his
family members. The manufacturing unit is located in Bellary
district of Karnataka with an installed capacity of 200 MT per
day. Other group companies of HCMPL are involved in mining and
related businesses.
JOVE STEELS: CARE Assigns B+ Rating to INR10cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jove Steels Private Limited (JSPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10 CARE B+; Stable Assigned
Short-term Bank
Facilities 23 CARE A4 Assigned
Detailed Rationale and key rating drivers
The ratings assigned to the bank facilities of JSPL are primarily
constrained by the modest scale of operations coupled with low
net worth base, low and fluctuating profitability margins,
leveraged capital structure and weak debt service coverage
indicators and working capital intensive nature of operations.
The ratings are further constrained by foreign exchange
fluctuation risk and highly competitive and fragmented industry.
The ratings, however, draw comfort from experienced directors and
long track record of operations.
Going forward; ability of the company to profitably increase its
scale of operations while improving the capital structure
with effective working capital management shall be the key rating
sensitivities.
Detailed description of the key rating drivers
Key rating weakness
Modest scale of operations: Despite the growth registered on y-o-
y basis in last 3 financial years (FY14-FY16 refers to the period
April 1 to March 31) the scale of operations stood modest which
limits the company's financial flexibility in times of stress and
deprives it of scale benefits.
Low and fluctuating profitability margins, leveraged capital
structure and weak coverage indicators: The Company's
profitability margins have been historically on the lower side
owing to the trading nature of the business and intense
market competition given the highly fragmented nature of the
industry. The profitability margins of the company marked
by PBILDT margin which has been fluctuating during the past three
financial years i.e. FY14-FY16 mainly on account of
volatile nature of traded product prices and inability of the
company to pass on any increase in prices. In line with PBILDT
margin, the PAT margin marginally increased during the FY16 the
increase in margins are on account of low depreciation
cost coupled with higher PBILDT margin.
The capital structure of the company due to high proportion of
LC-backed creditors since the company purchases mostly through
imports backed by LC coupled with high dependence on external
borrowings to meet working capital requirements. Furthermore,
coverage indicators as marked by interest coverage ratio and
total debt to GCA stood also stood weak for the past three
financial year i.e. (FY14-FY16) owing to low profitability
margins and low cash accruals.
Working capital intensive nature of operations: The operating
cycle of the company stood elongated at 111 days for FY16 owing
to high collection period. The company extends credit period of
around 4 months to its customers owing to high competition
prevailing in the industry. The company is required to maintain
adequate inventory of material on account of high lead time for
purchases and to ensure regular supply for meeting immediate
demand of its customers. The company receives an average credit
period of around one month from its suppliers. The average
working capital utilization of its sanctioned limit remained
around 90% for the last 12 months period ended December, 2016.
Highly competitive nature of the industry: JSPL operates in a
highly fragmented industry marked by the presence of a large
number of players in the unorganized sector. Furthermore, with
presence of various players, the same limits bargaining power
which exerts pressure on its margins.
Key rating Strength
Experienced promoters and long track record of operations: The
Company is currently being managed by Mr. Sanjay Gupta and Mrs
Renu Gupta. Mr. Sanjay Gupta is a graduate by qualification and
has an experience of more than three decades in processing and
trading of steel products in with association with JSPL and its
group associates. Mrs Renu Gupta is also a graduate by
qualification and has an experience of around one decade in
trading of steel products through their association with JSPL.
Delhi-based Jove Steels Private limited (JSPL) is a private
limited company incorporated in January 2011. JSPL succeeded an
erstwhile partnership firm established in 2004 by Mr. Ram Krishan
Gupta and Mrs Kamla Garg. The company is currently being managed
by Mr. Sanjay Gupta and Mrs Renu Gupta. JSPL is engaged in
trading of iron and steel products such as CR Sheet, TFS Sheet,
Iron sheet, Tin plate etc. The company procures traded goods from
North America, European countries, South Africa etc. JSPL caters
to local domestic vendors and construction units mainly based in
Delhi - National Capital Region (NCR) and Mumbai.
The total operating income and PAT of the company stood at
INR69.65 crore and INR0.45 crore in FY16 (refers to the period
April 1 to March 31). Further, in 9MFY17 (refer to the period
April 1, 2016 to December 31, 2016), the company has achieved
sales of INR50.50 crore (based on provisional results).
KHAMMAM SPICE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Khammam Spice
Specialities (KSS) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. Instrument-wise rating action is:
-- INR60 mil. Proposed fund-based working capital limits
assigned with provisional IND BB-/Stable Provisional IND A4+
rating;
The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by KSS to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings reflect KSS' improving yet moderate scale of
operations, volatile and weak EBITDA margin, and moderate credit
metrics due to intense competition, low entry barriers and
trading nature of the business. Revenue grew at a CAGR of 39.2%
to INR769.3 million over FY13-FY16 on account of increased orders
from existing customers as well as new customers. EBITDA margin
remained below 1% over FY14-FY16.
As per provisional financials for FY17, revenue was
INR800 million. Ind-Ra believes a further growth in revenue in
FY18 and FY19 will be contingent upon the firm's ability to tie-
up working capital funds and/or infuse capital when required.
Interest coverage (operating EBITDA/gross interest expense)
deteriorated to 1.8x in FY16 (FY15: 8.7x) due to increase in
interest expenses emanating from working capital debt. The
company was net debt negative in FY16 (FY15 net leverage (total
adjusted net debt/operating EBITDAR): 0.6x).
The ratings are also constrained by the partnership nature of the
firm.
However, the ratings benefit from the partners' two decades of
experience in the trading of chillies leading to well-established
relationship with customers and suppliers.
RATING SENSITIVITIES
Positive: A substantial growth in the revenue leading to a
sustained improvement in the overall credit metrics will be
positive for the ratings.
Negative: A decline in the revenue or a rise in margin pressures,
leading to a sustained deterioration in the credit metrics will
be negative for the ratings.
COMPANY PROFILE
KSS was established as a partnership firm in 2011 and is located
in Khammam, Telangana. The firm is engaged in the trading of
chillies in the domestic as well as export markets.
KWALITY FEEDS: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Kwality Feeds
Limited's 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 BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating actions are:
-- INR75.3 mil. Term loans migrated to non-cooperating
category; and
-- INR47.5 mil. Fund-based facilities migrated to non-
cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 31, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Andhra Pradesh-based Kwality is a fish feed manufacturer with an
installed capacity of 60,000 metric tonnes per annum. The
founder, along with his family, owns around 62% of the stake in
the company.
LAKSHMI SARASWATHI: CARE Issues B Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE Ratings has been seeking information from Lakshmi Saraswathi
Textiles (LST), to monitor the ratings vide e-mail communications
dated February 20, 2017, February 22, 2017, March 7, 2017,
March 10, 2017 and numerous phone calls. However, despite our
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 Lakshmi Saraswathi Textiles' bank
facilities will now be denoted as CARE B/CARE A4; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 0.84 CARE B; Issuer not
Facilities cooperating
Short-term Bank 5.20 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.
Detailed description of the key rating drivers
At the time of last rating on March 4, 2016, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Volatility in total operating income: The firm's total operating
income declined by 41% on account of decrease of sales orders
from a major customer from Thailand. During 10MFY16 (refers to
the period April 01 to January 31), LST has achieved INR15 crore
approximately (an annualized growth of 45% for FY16 [refers to
the period April 01 to March 31]). The firm has executed orders
valued INR2 crore (approximately) for February 2016 and are
expecting to execute INR2 crore for March 2016.
Elongated operating cycle: Operating cycle of the firm has
elongated from 100 days in FY14 to 201 days in FY15, on account
of increase in inventory holding period to 130 days (against 91
days in FY14). The firm's production is generally on the basis of
sales orders yet the firm also maintains a standard inventory to
cater to immediate requirements of its customers. There was a
decline in sales orders from the customers which has resulted in
the pile up of inventory during the end of FY15.
Key Rating Strengths
Improvement in profitability margins and cash accruals: The
PBILDT margin improved by 633 bps in FY15 on account of lower
material cost as evidenced by decrease in material cost from 83%
of the total operating income in FY14 to 75% of the total
operating income in FY15. The PAT margin also improved on account
of PBDIT margin improvement though it remained thin.
Weak gearing and coverage indicators: Debt coverage indicators
remains weak marked by interest coverage 1.63 times in FY15
though marginally improved from 1.52x in FY14. The overall
gearing is also weak at 2.00 times as of March 31, 2015 (2.44x as
of March 31, 2014). Total debt to GCA improved to 13.29x as on
March 31, 2015, from 21.26x as on March 31, 2014, on account of
increase in gross cash accruals by 50% during the period.
Future capex plans: The firm plans to purchase another 8 second
hand suzler looms with project cost of INR1.20 crore funded
through 60% of bank term loan and remaining by the promoter's
contribution. The project is expected to be completed within the
end of FY17.
LST is a proprietorship concern established in the year 1982 by
Mrs Vijayalakshmi, supported by her husband Mr. T.A. Rajah. LST
was engaged in trading yarn and fabric in the domestic market
till 2004. Since 2005, they are into manufacturing fabric and
started concentrating on the export market. After the demise of
Mrs Vijayalakshmi in the year 2007, the full control of
operations was taken over by Mr. T.A. Rajah. It has an installed
capacity of 55 lakh meters per anum.
LIBRA FABRIC: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Libra Fabric
Designs Private Limited's 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 BB-(ISSUER NOT COOPERATING)' on
the agency's website. The instrument-wise rating action is:
-- INR150 mil. Fund-based facilities migrated to non-
cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Libra Fabric Designs was established as a proprietorship concern,
Libra Apparels in 1989, and was reconstituted as a private
limited company in 2012. The company is engaged in fabric
trading.
LIMTEX AGRI: ICRA Lowers Rating on INR25cr Cash Loan to 'D'
-----------------------------------------------------------
ICRA Ratings has revised downward the long-term rating assigned
to the INR25.0-crore cash credit facility and INR0.50 crore bank
guarantee facility from [ICRA]B+ to [ICRA]D of Limtex Agri Udyog
Limited. ICRA has also revised downward the short-term-rating
assigned to the INR8.00-crore letter of credit facility from
[ICRA]A4 to [ICRA]D of LAUPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limit-
Cash Credit 25.00 [ICRA]D downgraded from
[ICRA]B+
Non-Fund-based 0.50 [ICRA]D downgraded from
Limit- Bank [ICRA]B+
Guarantee
Non Fund-based 8.00 [ICRA]D downgraded from
Limit-Letter of [ICRA]A4
credit
Rationale
The downgrade in the ratings primarily considers LAUL's delay in
meeting its debt service obligations in a timely manner. The
ratings continues to take into account the significant
deterioration in the financial risk profile of the Limtex group
as a whole, primarily the flagship company Limtex India Limited
(rated at [ICRA]D/D), which incurred net cash losses during
FY2015 primarily due to increase in tea procurement cost relative
to its tea realization. The ratings also factor in the weak
operating profitability, adverse capital structure and coverage
indicators of LAUL. ICRA further notes that the limited value
addition as well as intense competition in the tea trading
business limits the scope of margin expansion to a large extent.
In addition, the highly working capital intensive nature of
operations exerts pressure on the liquidity position of the
company. LAUL is also engaged in tea production out of leaves
procured from small growers, which increases the risks related to
availability, quality and prices of green leaves procured. The
ratings, however, also continue to factor in the experience of
the promoters in the tea industry.
Key rating drivers
Credit strengths
* Experience of the promoters in the tea industry; diversified
group having four tea gardens and seven bought leaf factories
coupled with trading operations of tea
Credit weaknesses
* Delays observed in timely servicing its debt obligations
* High gearing and weak coverage indicators
* Low profitability on account of limited value addition
involved in the tea trading; intense competition in the
trading business limits the scope of increase in margin
* Dependence on purchased leaves from the market for its bought
leaf operations increases the risk related to the availability
and quality of green leaves
* High working capital requirement, leading to pressures on the
liquidity position of the company
Description of key rating drivers:
Limtex Agri Udyog Limited (LAUL) is a part of the Kolkata-based
Limtex group, which has interests in tea, biscuits and
information technology. LAUL concentrates on the production of
CTC variety of tea as well as blending and trading of tea. Apart
from production of CTC tea, the company also carries out
purchasing of premium quality tea to blend with its lower grade
of bought leaf production to enhance the quality of the blended
tea. The company's financial profile remains weak with weak
profitability, adverse capital structure and weak coverage
indicators. The rating action primarily takes into account the
delays by LAUL in servicing its debt obligations in a timely
manner.
LAUL was incorporated as a private company in 2003, by Mr. Gopal
Poddar. The company owns a bought leaf tea plant and is primarily
engaged in manufacturing of CTC variety of tea as well as
blending and trading of tea in the domestic market. The factory
is located at Bidhan Nagar, Siliguri with a total installed
capacity of 30 lakh kgs per annum.
M & T CONSTRUCTIONS: CARE Issues B Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from M & T
Constructions (MTC), to monitor the rating vide e-mail
communications dated July 4, 2016, April 11, 2017, April 12, 2017
and numerous phone calls. However, despite our repeated requests,
the firm has not provided the requisite information for
monitoring the rating. In the absence of minimum information
required for the purpose of rating, CARE is unable to express
opinion on the rating. In line with the extant SEBI guidelines
CARE's rating on MTC's bank facilities will now be denoted as
CARE B; ISSUER NOT COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 6 CARE B; Issuer Not
Facilities Cooperating
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating on September 22, 2015, the following
were the rating strengths and weaknesses:
Key Rating Weaknesses
Small sized player with regional concentration: The entity
constructs roads and bridges mainly for PWD and KSCCL in Kerala.
The projects are executed only in Kerala. The size of the
operations as reflected by total operating income of INR2.12
crore in FY15 (refers to the period April 1 to March 31) are very
small and restrict the ability of the firm to bid for large size
orders. The MIS systems adopted by the firm are also rudimentary
with scope for improvement.
Weak financial risk profile: The total operating income has been
declining sharply from INR8.23 crore in FY13 to INR2.12 crore in
FY15. As a result, the PAT levels have also been thin and
declining. Networth remains small at INR1.77 crore in FY15. The
overall gearing stood high at 2.85x while the total debt/GCA
stood stressed at 44.13 times, owing to declining PAT. Interest
coverage remained low at 1.18x in FY15.
Working capital intensive nature of operations: MTC's inventory
is mainly in the nature of work-in-progress to the extent of
INR6.10 crore in FY14 and INR6.34 crore in FY15 which is
significantly higher than the revenues for FY15. Delays in
execution of orders resulted in inability to bill which impacted
the firm's liquidity position. Inventory period was 1616 days in
FY15. The firm has not classified the receivables separately.
As 100% of the revenue is contributed by the Government bodies
like PWD and KSCCL in Kerala, the receivables are on the basis of
budget allocation from the State Government which may be delayed,
which results in requirement of additional working capital.
Key Rating Strengths
Long experience of the partners in the construction industry
coupled with the long operational track record of operations: MTC
has a track record of about 22 years. Mr. Manoj Krishna who is
one of the key promoter has been in this industry since 1991. He
started his career on completion of Diploma in Civil Engineering.
He was working under private contractors in the construction of
residential and commercial buildings for about one and half years
and later he started his own firm by name MTC. In the year 2000,
the firm was registered as a 'C' class contractor and
subsequently in the year he was upgraded to 'B' class contractor
and in the year 2003, the firm got registered as 'A' Class
contractor with PWD, Kerala.
Mr Thomas V.T, who is a graduate and also a key partner is
associated with the firm since its inception and both the
partners have an experience for more than two decades in the
construction of roads and bridges.
MTC is a partnership firm established in the year 1993 by the
partners Mr. Manoj Krishna and Mr. Thomas V.T. The profits of the
firm are shared equally between the partners. The firm is
registered as an 'A' class contractor with Public Works
Department (PWD) of State Government of Kerala from the year
2003. MTC constructs roads and bridges for PWD and Kerala State
Construction Corporation Limited in Kerala which contributes the
entire revenue of the firm.
MFS INVESTMENT: Court Bans, Fines Officers and Funds Manager
------------------------------------------------------------
The Supreme Court of Queensland has disqualified from managing
corporations and imposed financial penalties on four former
officers and the funds manager of MFS Investment Management
Limited (MFSIM), now known as ACN 101 634 146 (in liquidation),
whom the court found did not act honestly in carrying out their
duties in managing MFSIM, the responsible entity of the Premium
Income Fund (PIF), a managed investment fund holding millions of
dollars of investors' funds. It also ordered them to pay
compensation.
The court disqualified the former officers and the funds manager
of MFSIM from managing corporations for various periods, ranging
from a permanent ban down to five years, and imposed total
pecuniary penalties ranging from $90,000 to $650,000. The court
also ordered that the former officers pay various amounts up to
$205,755,601 in compensation to PIF and the majority of ASIC's
costs.
In May 2016, the court found that Michael Christodoulou King,
Craig Robert White, David Mark Anderson, Guy Hutchings and
Marilyn Anne Watts had collectively committed 217 contraventions
of the Corporations Act.
The breaches were committed in relation to their involvement in
the misappropriation of $147.5 million of funds that had been
held by the managed investment scheme known as the Premium Income
Fund (PIF) on behalf of unitholders. The misappropriated funds
were used to pay debts owed by other related entities in the MFS
Group (which was subsequently known as Octaviar). The MFS Group
collapsed in 2008 owing $2.5 billion.
On May 26 the court ordered:
* Michael Christodoulou King (former Chief Executive Officer
(CEO) and Director of MFS Ltd) be disqualified from managing
corporations for 20 years, pay a pecuniary penalty of
$300,000, pay $177,017,084 compensation to PIF and 60% of
ASIC's costs.
* Craig Robert White (former Deputy CEO (and for a short period,
CEO) and director of MFS Ltd and MFSIM) be permanently
disqualified from managing corporations, pay a pecuniary
penalty of $650,000, pay $205,755,601 compensation to PIF and
70% of ASIC's costs.
* Guy Hutchings (former CEO and director of MFSIM) be
disqualified from managing corporations for 25 years, pay a
pecuniary penalty of $350,000, pay $28,738,517 compensation
to PIF and 70% of ASIC's costs.
* David Mark Anderson (former CFO and Company Secretary of MFS
Ltd) be disqualified from managing corporations for 25 years,
pay a pecuniary penalty of $500,000, pay $205,755,601
compensation to PIF and 80% of ASIC's costs.
* Marilyn Anne Watts (former funds manager of MFSIM) be
disqualified from managing corporations for five years, pay a
pecuniary penalty of $90,000 and 40% of ASIC's costs.
Justice Douglas endorsed ASIC's view that legal requirements
'were flagrantly ignored' and that the penalties 'should reflect
the complete disregard which these defendants had to to their
duties under the Corporations Act.'
'(ASIC's) submissions were justified. The insouciant attitude of
the defendants to this misuse of money intended to be used for
PIF's investors beggars belief,' Justice Douglas said.
ASIC Commissioner John Price said, 'The substantial
disqualifications from managing corporations and pecuniary
penalties imposed by the court reflect the seriousness with which
courts view abuses by directors and senior managers of
corporations who occupy positions of substantial trust in the
investment community - in this case their obligations to protect
the assets of the PIF. To say the least, the court's judgment
demonstrates that this trust was most seriously abused in this
case.'
As the responsible entity for the PIF, MFSIM and its directors
and officers, were required to operate the fund with care and
diligence and in the best interests of the members of the fund.
In breach of their duties, the directors and officers of MFSIM
attempted to justify the use of the misappropriated funds by
falsifying and backdating company documents during the period
between November 2007 and February 2008.
MFS Ltd was a publicly listed company with interests in financial
services, travel and leisure and childcare businesses that was
based on the Gold Coast.
MFSIM was an unlisted public company and wholly owned subsidiary
of MFS Ltd (now in liquidation). MFSIM was the responsible entity
for a number of unlisted managed investment schemes, including
the PIF.
The PIF was an unlisted managed investment scheme which offered
investments to retail and wholesale investors through a product
disclosure statement. A significant number of the investors in
the PIF were self-managed superannuation funds.
In late 2009, ASIC commenced its civil penalty proceeding against
MFSM and the four former officers and a funds manager (refer: 09-
214AD)
In the proceedings, ASIC alleged that:
-- In November 2007, officers of MFSIM caused the PIF to
transfer $130 million to MFS Administration Pty Ltd (MFS
Admin). From those funds, MFS Admin paid a debt of $103
million owed by another MFS Ltd subsidiary to Fortress
Credit Corporation (Australia) Pty Ltd.
-- In December 2007, officers of MFSIM caused the PIF to
transfer $17.5 Million to MFS Pacific Finance Ltd (Pac Fin),
a New Zealand registered company and now known as OPI
Pacific Finance Ltd (Receivers and Managers Appointed
(Liquidator appointed).
-- After the funds had been transferred, the officers and the
fund manager of MFSIM created and used false documents in
relation to the use of the funds.
-- The funds were used for a purpose that did not benefit the
PIF and the PIF suffered loss as a consequence of their
actions.
The trial in respect of the liability aspect of the proceedings
was concluded on 12 September 2014 after 60 days of hearing,
excluding interlocutory hearings and appeals.
On May 23, 2016, the Supreme Court of Queensland found that the
four former executives and the funds manager of MFSIM had acted
dishonestly in their roles.
The hearing on final orders and penalties was heard between
Oct. 14, 2016, and Oct. 17, 2016 and the decision was reserved.
MG CHARIOTS: CARE Assigns 'B' Rating to INR9.90cr LT Loan
---------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
MG Chariots Private Limited (MGCPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.90 CARE B/Stable Assigned
Short-term Bank
Facilities 0.10 CARE A4 Assigned
Detailed Rationale and key Rating Drivers
The ratings assigned to the bank facilities of MGCPL are
primarily constraint by modest and declining scale of operations,
low profitability margins and leveraged capital structure and
working capital intensive nature of operations. The ratings are
further constrained by fortunes of the company linked with growth
plans of manufacturer, pricing constraints and margin pressure
arising out of competition from various auto dealers in the
market. The ratings, however, draws comfort from experienced
management and association with reputed brand.
Going forward, MGCPL's ability to improve its scale of operations
while improving its profitability margins, capital structure and
effective utilization of working capital limits.
Detailed description of the key rating drivers
Key Rating Weaknesses
Modest and declining scale of operations: The company's business
risk profile is constrained on account of modest and declining
scale of operation. MGCPL's Total operating Income (TOI) has
declined on y-o-y basis in last 3 financial years (refer to April
1 to March 31). The decline in operating income is driven by
increasing competition from other automobile players as well as
sluggish market scenario for passenger vehicles too in domestic
market. Company has achieved total TOI of INR48 crore till 8MFY17
(refers to the period April 1 to November 30) (as per unaudited
results). The modest scale of operations limits company financial
flexibility in case of exigency.
Lower profitability margins and leveraged capital structure: An
automotive dealer's revenues are driven by car volumes while the
profits are driven by sale of spares and service income as the
latter fetch higher profit margins. ICPL has limited negotiating
power with Renault India Private Limited (Renault) and has no
control over the selling price of the cars as the same is fixed
by the manufacturer. Furthermore, the capital structure stood
leveraged mainly on account of low net worth base coupled with
high dependence on bank borrowings to meet the working capital
requirements evident from overall gearing of above 10 times as on
March 31, 2016. The company has weak debt protection metrics
marked by low interest coverage ratio high total debt to gross
current assets (TD/GCA) for FY16.
Working Capital Intensive nature of operations: MGCPL's
operations are working capital intensive marked by operating
cycle of 90 days for FY16. The company's high operating cycle
reflected by high utilization of about 98% for the last 12 months
ended November, 2016. Moreover, the company had a weak current
ratio of below unity as at the end of FY15 and FY16 on account of
higher working capital borrowings. Furthermore, the company has
to maintain minimum inventory of around three months, in order to
ensure timely delivery of vehicles booked by customers.
Fortunes of the company linked with growth plans of manufacturer:
MGCPL procures its product directly from its principal which
helps the company to avail better pricing of purchases, without
paying any additional money to middleman. However, the fortunes
of the company are directly linked to its supplier which exposes
the company's revenue growth and profitability to its supplier's
future growth prospects.
Pricing constraints and margin pressure arising out of
competition from various auto dealers in the market
The margin on products is set at a particular level by Renault
thereby restricting the company to earn incremental income. The
market also faces aggressive competition from various other auto
dealers of companies. In order to capture the market share, the
auto dealers have to offer better buying terms like providing
credit period or allowing discounts on purchases which create
margin pressure and negatively impact the earning capacity of the
company.
Key Strengths
Experienced management: Mr. Ashish Agarwal and Mr. Abhishek
Agarwal, Directors of MGCPL, has experience of around 8 years
through association with the MGCPL and through Mahendra
Engineering. Mr. Abhishek Agarwal has experience of around 8
years through association with the MGCPL and MGAPL.
Association with established brand name: MGCPL is an authorized
dealer of Renault India Private Limited (Renault), which is
amongst largest automotive group in world and growing its network
in Indian market by offering varied range of passenger vehicles.
In the domestic passenger car market, Renault is establishing its
market position underpinned by the healthy demand of Renault
Duster and Kwid in the Hatch back and SUV segment in the domestic
market.
Lucknow-based (Uttar Pradesh) M.G Chariots Private Limited
(MGCPL) incorporated in 2012 by Agarwal family. Mr. Ashish
Agarwal and Mr. Abhishek Agarwal are directors of MGCPL. Company
is an authorized dealer of Renault India Private Limited
(Renault) for its passenger vehicles. Company generates revenue
by selling vehicles and spare parts and service of passenger
vehicles (Duster, KWID, Scala, Pulse, Lodgy). MGCPL operates a 3S
facility (sale, spare and service) and has its showroom located
in Lucknow. MG Auto Sales Private Limited (MGAPL, operating
automobile dealership of Honda Cars India Limited), Mahindra
Engineering Limited (engaged in manufacturing of transformers),
Sarva Shakti Steel Fabs and Shri Ambey Concrete Fabs (engaged in
manufacturing of poles and stacking of poles), and Shree Om
Concretes (engaged in manufacturing of cement products such as
poles).
During FY16 (refers to the period April 1 to March 31), MGCPL has
achieved a total operating income (TOI) of INR43.11 crore with
PBILDT and PAT of INR2.10 crore and INR0.00 crore, respectively,
as against TOI of INR51.20 crore with PBILDT and PAT of INR1.87
crore and INR0.00 crore, respectively. Moreover, the company has
achieved total TOI of INR48 crore till 8MFY17 (refers to the
period April 1 to November 30) (as per unaudited results).
N & N CONSTRUCTIONS: CARE Issues D Issuer Not Cooperating Rating
----------------------------------------------------------------
CARE Ratings has been seeking information from N & N
Constructions (NNC), to monitor the rating vide e-mail
communications dated February 21, 2017, February 23, 2017,
March 2, 2016, March 10, 2017 and March 22, 2017 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
rating. In the absence of minimum information required for the
purpose of rating, CARE is unable to express opinion on the
rating. In line with the extant SEBI guidelines CARE's rating on
NNC's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 12.25 CARE D; Issuer not
Facilities cooperating; Based on
best available information
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above rating.
Detailed description of the key rating drivers
At the time of last rating in June 05, 2015, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Delay in debt servicing
The company has delays in servicing of debt obligations owing to
the stretched liquidity position of the company.
Exposed to volatility in price of raw materials in the absence of
price escalation clause in the agreement with private players The
firm executes railway construction projects for which the primary
raw material includes cement, steel, sleepers, turnouts and
overhead electrification material. In the absence of any backward
integration the firm procures the same from open market and
hence, is susceptible to volatility in the input prices.
Key rating strengths
Growth in revenue and increasing profit margins over the
financial years; albeit relatively small scale of operations NNC
has a presence in construction and railway works industry for
last 5 years and it has grown significantly in terms of revenue
and size of operation which, however, is relatively small
comparing with other players in the industry. The total operating
income of the business has grown at a CAGR of 71.27% during FY12-
FY14 (refers to the period April 1 to March 31).
Satisfactory financial risk profile marked by moderate capital
structure and debt protection metrics
The company has moderate capital structure with overall gearing
of 1.57x as on March 31, 2014, compared to overall gearing of
1.82x as on March 31, 2013, due to substantial improvement in net
worth on account of increase in capital of the firm along with
improvement in profitability.
NNC based out of Visakhapatnam, was incorporated as a partnership
firm on April 15, 2010, by Mr. P. S. Santosh, Managing Partner of
the firm along with three other partners, Mr. P. Satya Rao, Mrs
P. Balabharathi, Mrs P. Varalakshmi. The firm is engaged in
execution of railway construction projects which includes
erection and commissioning of railway tracks and sidings for
public and private companies; civil works including construction
of industrial and residential buildings, drains and road works;
supplying of Ready Mix Concrete (RMC).
PARIKH BROTHERS: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Parikh Brothers'
Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the rating 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 BB-(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:
-- INR110 mil. Fund-based limits migrated to non-cooperating
Category; and
-- INR5 mil. Non-fund-based limits migrated to non-cooperating
category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 6, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Parikh Brothers was incorporated in 1988. Its registered office
is at Opera House, Mumbai, and manufacturing unit is in Palanpur,
Gujarat. The firm imports, exports and processes/manufactures
diamond stones of various qualities. The firm is promoted by
Mr. Mukesh Parikh.
The firm is a third-generation organization, descended from
Saralal Laxmichand & Co established in 1939. The organization
became the first Indian diamond trading company sight holder in
1964.
PRATIROOP MUDRAN: CARE Reaffirms B+ Rating on INR7.29cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Pratiroop Mudran (PM), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7.29 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of Pratiroop Mudran
(PM) continues to remain constrained on account of small scale of
operations; financial risk profile marked by leveraged capital
structure and moderate debt protection metrics. The rating is
further constrained by vulnerability of margins to volatility in
raw material prices and limited bargaining power against the
suppliers along with partnership nature of constitution.
However, the rating continues to derive strength from significant
experience of the partners in printing business, long track
record of operations of the entity, diversified and established
clientele and supplier base and moderate and improving
profitability.
The ability of the entity to increase its scale of operations,
improve its solvency position and profit margins amidst
competitive scenario alongwith efficient management of working
capital requirements is the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters in the printing industry: The promoters of
PM have been in the printing industry for more than one and half
decade and have established long standing relationships with its
key clients and are ably supported by experienced personnel in
second-tier management. The firm derives repeated business from
the existing clients based on its established and long standing
relationships.
Established and diversified clientele and supplier base: The
entity has over the years established a healthy relation with its
customers and suppliers thus garnering regular orders from them.
Furthermore, the same remained diversified thus reducing
concentration risk in case of shortfall in demand from a single
client.
Key Rating Weaknesses
Modest scale with moderate profitability and leveraged capital
structure: Despite being in existence for more than one and half
decade, the scale of operations of the entity remained small with
low networth base and net losses in FY16 (refers to the period
April 1 to March 31), thus depriving it of scale benefits.
Furthermore, high dependence of the entity on external borrowings
resulted in leveraged capital structure owing to low networth
base. Profitability of the entity remained at a moderate level
and with reducing interest and depreciation cost net margin has
been improving over the years.
Susceptibility of margins to fluctuation in input prices and
limited bargaining power against suppliers: The firm's
profitability margins are susceptible to the increase in paper
prices as it is unable to entirely pass on the increase in paper
prices to its customers due to highly competitive nature of
industry. The profitability margins of the entity are further
constrained by limited bargaining capability over raw material
purchase price and timely availability of raw material.
Incorporated in 1999, Pratiroop Mudran (PM) was established by
Mr. Rahul Gadia and Mr. Shailendra Bhagwat. PM is engaged in
printing and publishing of various products like brochures,
catalogues, leaflets, books, calendar, diaries, notebooks,
dangler and cartons. The firm also ventured into manufacturing of
cartons from FY15 onwards. The printing unit of the firm is
located in Pune district of Maharashtra with total installed
capacity of 2.8 lakh sheets or 60 jobs per day. PM carries out
printing as per the designs and specifications provided by the
customers and the end user industry clients include
pharmaceutical industry, FMCG sector, advertising, construction
and other corporate clients. PM purchases majority of paper
requirement mainly from Poona Paper Trading Company.
PM majorly caters to the companies/firms located in the Pune
region with clients like Mather & Platt Pumps Limited, Silk
Route Communication, Sandvik Asia Private Limited, Perlin
Cosmeceuticals Private Limited and Real Fragrances (Pune)
Private Limited.
In FY17 (provisional; refers to the period April 1 to March 31),
PM achieved an operating income of INR8.58 crore with PAT
amounting to INR0.39 crore, as compared with total operating
income of INR8.07 crore with net loss of INR0.07 crore in
FY16(Audited).
R.S.H. AGRO: ICRA Reaffirms 'B' Rating on INR10cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long term rating of [ICRA]B
assigned to the INR5.00 crore term loan facility and INR10.00
crore cash credit facility of credit of R.S.H. Agro Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 5.00 [ICRA]B (Stable); Reaffirmed
Fund-based-Cash
Credit 10.00 [ICRA]B (Stable); Reaffirmed
Rationale
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with RSHPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA] B (Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Analytical approach: For arriving at the ratings, ICRA has taken
into account the debt-servicing track record of RSHPL its
business risk profile, financial risk drivers and the management
profile.
Incorporated in 2012, RSH Agro Products Private Limited has
recently commenced manufacturing of mustard oil and oil cake by
crushing mustard seeds, since April 2015. The facility has a
crushing capacity of 21000 MTPA and is located in Assam. The
company is managed by the Harlalka family, and is a part of the
Harlalka Group which operates other companies in agro products,
coke etc. Mrs Anupriya Harlalka and Mr. Nobel Sangama majorly
look after the operations of the company, supported by other
members of the Harlalka family.
SARVESHWARI EXPORTS: ICRA Reaffirms B+ Rating on INR5.50cr Loan
---------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR5.50-crore export packing credit, INR1.00-
crore foreign bill discounting, INR0.95-crore standby line of
credit and INR0.17-crore untied limit of Sarveshwari Exports
Private Limited. ICRA has also reaffirmed the short-term rating
of [ICRA]A4 for the above mentioned untied limit and INR0.38-
crore forward-contract limit of the company. The outlook on the
long term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Export Packing 5.50 [ICRA]B+; Reaffirmed
Credit Stable outlook assigned
Foreign Bill 1.00 [ICRA]B+; Reaffirmed
Discounting Stable outlook assigned
Standby line of 0.95 [ICRA]B+; Reaffirmed
Credit Stable outlook assigned
Forward Contract 0.38 [ICRA]A4 Reaffirmed
Untied Limit 0.17 [ICRA]B+/[ICRA]A4
Reaffirmed; Stable outlook
assigned
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SEPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the entity's
rating is now denoted as: "[ICRA]B+ (Stable) / [ICRA]A4 ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the entity's performance since the time it was
last rated.
Incorporated in March 2011, SEPL is currently engaged in the
processing and export of shrimps. In December 2012, the company
took over the entire business of the partnership firm, M/s
Sarveshwari Exports which was also engaged in the same line of
business since 2002. The company exports the shrimps under the
registered brand names of 'Mizu Fresh', 'Udori Ebi' and 'Max
Ultra'.
SECURE INDUSTRIES: ICRA Reaffirms D Rating on INR10.20cr Loan
-------------------------------------------------------------
ICRA Ratings has re-affirmed its long-term rating of assigned to
the INR14.20 crore fund based facilities and INR3.00 crore non
fund based facilities of Secure Industries Private Limited at
[ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 10.20 [ICRA]D; Re-affirmed
Fund-based-Cash
Credit 4.00 [ICRA]D; Re-affirmed
Non-Fund-based-
Letter of Credit 3.00 [ICRA]D; Re-affirmed
Rationale
As part of its process and in accordance with its rating
agreement with SIPL, ICRA had sent repeated reminders to the
company for payment of surveillance fee that became overdue;
however despite multiple requests; the company's management has
remained non-cooperative. ICRA's Rating Committee has taken a
rating view based on best available information. In line with
SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November
1, 2016, the company's rating is now denoted as: "[ICRA] D ISSUER
NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance.
Key rating drivers
Credit strengths
* Experience of the promoters with relevant technical and
marketing experience; reputed customer base
* Lower freight costs because of proximity of the factory to
key customers; viability of the business depends upon keeping
freight costs low
Credit weaknesses
* Highly fragmented industry with low entry barriers.
* Ability to manage volatility in raw material prices is
critical, since the extent of value addition involved in
the manufacturing process is limited, partly offset by
price revision clauses.
Description of key rating drivers:
The chief raw material for manufacturing of special quality
moulds and plastic caps/closure is polypropylene, which is a
crude oil derivative. Hence, the margins of the company are
vulnerable to fluctuations in prices of key raw material
Nevertheless, with quarterly price revision clause in place with
its customers; the margins are protected to a considerable
extent.
Secure Industries Private Limited was originally established as
Plenco Polymers Private Limited on November 16, 1999, remained
dormant for a decade and started operations during FY 2009. The
Company's name was changed to Secure Industries Private Limited
on October 15, 2011. Until FY 2013, SIPL was primarily into
servicing of bottling and capping lines and supplying consumable
parts to bottling lines which are designed and developed by SIPL
and are an import substitution. SIPL is also into designing and
manufactures the special quality moulds used by various closure
(cap) manufacturers, its group company Marke Precitech Limited is
into similar business of mould manufacturing. The company's
factory is located at Hyderabad, Andhra Pradesh.
SHANKARA VEHICLES: ICRA Raises Rating on INR9.0cr Cash Loan
-----------------------------------------------------------
ICRA Ratings has upgraded the long-term rating of the INR9.00-
crore cash-credit facility, INR0.50-crore term loan and INR0.50-
crore unallocated limits of Shankara Vehicles Private Limited
from [ICRA]B to [ICRA]B+. The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Facility 9.00 Upgraded from [ICRA]B to
[ICRA]B+ (Stable)
Term Loan 0.50 Upgraded from [ICRA]B to
[ICRA]B+ (Stable)
Unallocated Limits 0.50 Upgraded from [ICRA]B to
[ICRA]B+ (Stable)
Detailed rationale
The rating upgrade takes into account the robust growth in SVPL's
turnover and profits during the last two years, supported by the
increase in number of cars sold by the company. The rating,
however, continues to remain constrained by SVPL's moderate scale
of operations and its aggressive capital structure as reflected
by a high gearing of 2.53 times as on February 28, 2017, due to
reliance on working-capital borrowing for maintaining vehicle
inventories. The rating is further constrained by the inherently
low operating margins in the automobile dealership business and
the cyclicality of the Indian passenger vehicle industry.
The assigned rating draws comfort from the experience of the
promoters in the dealership business of electronic goods as well
as two wheelers and the established position of SVPL's principal,
Hyundai Motors India Limited (HMIL), the second largest player in
the Indian passenger car segment with a market share of around
17% in FY2017.
Going forward, SVPL's ability to increase its scale of operations
and generate moderate profits amid stiff competition from other
HMIL dealers in Raipur as well as automobile dealers of other
OEMs is likely to remain a key rating sensitivity. Moreover,
SVPL's ability to establish and stabilise the operations of its
second showroom within October-November 2017 would be crucial in
determining the future performance of the company.
Key rating drivers
Credit strengths
* Robust growth in turnover and profits during the last two
financial years, supported by increase in the number of
cars sold by the company
* Established position of HMIL in the Indian passenger vehicle
segment as the second-largest player, with a market share of
around 17% in FY2017
* Experience of the promoters in the dealership business
Credit weaknesses
* Moderate scale of operations
* Aggressive capital structure as reflected by a high gearing
of 2.53 times owing to high reliance on working capital
borrowing for maintaining vehicle inventories
* Inherently low operating profit margins in the auto-dealership
Business
* Exposure to inherent cyclicality of the Indian passenger car
Industry
Detailed description of key rating drivers:
Incorporated in November, 2014 SVPL started commercial operations
from June, 2015, with setting up of a single sale, service and
spares outlet for passenger vehicles of Hyundai Motors India
Limited in Raipur, Chhattisgarh. The promoters of the company
have significant experience in the dealership business with group
companies engaged in dealership of electronic goods and two
wheelers of Bajaj Auto and TVS. The company has sold around 910
vehicles during 11MFY2017. Around 27% of the company's sales
volume was from sale of Grand i10, 20% from sale of Elite i20 and
26% from sales of Creta. However, around 40% of the company's
total revenue from sale of new vehicles can be attributed to
Creta, given the higher value of the car relative to other cars
sold by the company. The management is planning to launch a
second showroom in Raipur by October-November 2017 and the
consent of the principal has been obtained for the same. The
project is likely to be funded by a mix of equity and debt.
However, financial closure for the same has not been received.
Thus timely commencement of the showroom's operations and its
stabilisation would remain crucial in determining the future
performance of the company.
The company reported a turnover of INR47.40 crore in FY2016 on
the back of sales of 624 vehicles during the period June-March
2016 and a turnover of INR75.57 crore in 11MFY2017 on the back of
sales of 910 vehicles. Sales of new vehicles is a major
contributor to the company's turnover with the balance being
attributable to income from sales of spares, accessories, service
income and payout from the financiers, insurers as well as the
principal. Given the dealership nature of the company's
operations, its operating profitability remained on the lower
side at ~3.04% during 11MFY2017. Working capital requirement, in
order to maintain vehicle inventory, results in high working
capital borrowings and adversely impacts the capital structure of
the company.
Shankara Vehicles Private Limited, incorporated in November 2014,
is an authorised dealer of Hyundai Motors India Limited (HMIL).
The company deals in new cars, pre-owned cars, accessories,
spares, and also provides service for HMIL's passenger cars. At
present, the company owns a single sales, services and spares
outlet in Raipur, Chhattisgarh. The company's outlet was launched
in June, 2015 and it sold 910 new vehicles during 11MFY2017.
SHANTI DEVELOPERS: ICRA Reaffirms 'C' Rating on INR7.40cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]C on
the INR7.40 crore fund based term loan facility of Shanti
Developers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term Loan 7.40 [ICRA]C; Re-affirmed
Rationale
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with Shanti Developers, ICRA has been trying to seek information
from the company to undertake a surveillance of ratings; but
despite multiple requests, the company's management has remained
non-cooperative. In the absence of the requisite information,
ICRA's Rating Committee has taken a rating view based on the best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA]C; ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the firm's performance since the time it was last
rated.
Key rating drivers
Credit strengths
* Attractive location of the project, Om Divya at Kandivali
close to the railway station
Credit weaknesses
* Significant market risk with the bookings received for only
13% of the saleable area under Om Divya as on March 31, 2014
* High execution risk as nearly 50% of the budgeted project
costs for Om Divya remain to be incurred as on March 31, 2014
* High funding risk with around 40% of the budgeted project cost
is proposed to be funded by way of advances from customers
which remain contingent on timely sales and collection of
advances
Description of key rating drivers:
SD is engaged in real estate development and had undertaken two
redevelopment projects in Mumbai; Sai Krupa a residential project
and Om Divya a residential cum commercial project. The firm was
exposed to high execution risk as only ~50% of the total
projected cost was incurred. Only 13% of the area under the
project was sold which exposed the firm to significant market
risk for the project. The market risk being accentuated by
intense competition with presence of large number projects being
developed in the vicinity of the project. The repayment risk
remained high with the projects being under construction and
repayment of debt availed for the project commencing in September
2014.
Incorporated in 2001, Shanti Developers (SD) is a partnership
firm being promoted by Mr. Hitesh Makhecha and is involved in
real estate development in Mumbai, Maharashtra. The promoters of
the firm are also involved in organizing fairs and small
amusement games in Tier-II cities in Maharashtra, Gujarat and Goa
for the past thirty years through their group companies.
SHREE RAM: CARE Assigns 'B' Rating to INR6cr LT Loan
----------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Shree
Ram Brinechem Private Limited (SRBPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6 CARE B; Stable Assigned
Detailed Rationale and key rating drivers
The rating assigned to the bank facilities of SRBPL is primarily
constrained on account of its small scale of operations along
with low profitability and moderate liquidity position. SRBPL is
engaged into salt business, which is highly susceptible to
adverse weather conditions and instance of any natural
calamities. The rating is further constrained by its presence in
highly fragmented and competitive salt trading industry.
The rating, however, derives comfort from comfortable capital
structure and debt coverage indicators albeit expected to
deteriorate from FY18 (refers to the period April 1 to March 31).
The rating also derives comfort from experienced promoter,
established presence of group and location advantage. The ability
to increase the total operating income with increasing
profitability and maintain comfortable capital structure and debt
coverage indicators would remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small scale of operations along with low profitability and
moderate liquidity position
Overall scale of operations of SRBPL stood very small marked by
TOI of INR1.28 crore and net worth base of INR0.04 crore as on
March 31, 2016. Further, margins also stood very low on the back
of low value addition nature of operations. As on March 31, 2016,
liquidity position stood moderate marked by current ratio of 2.64
times (2.71 times as on March 31, 2015) and quick ratio of 0.89
times (2.71 times as on March 31, 2015).
Salt business is highly susceptible to adverse weather conditions
and instance of any natural calamities
The salt industry is highly fragmented with the presence of
numerous regional unorganized players. Furthermore, the business
is seasonal and highly dependent on weather conditions and is
exposed to natural calamity.
Presence in highly fragmented and competitive trading industry
The company operates in the trading of salt which is highly
fragmented industry with presence of numerous independent
small-scale enterprises. The industry is characterized by low
entry barrier due to minimal capital requirement, no inherent
resource requirement constraints and easy access to customers and
supplier.
Key Rating Strengths
Experienced promoter and established presence of group Mr. Hiren
Jakhabhai Humbal has more than a decade of experience into
manufacturing and trading of salt industry. He is also associated
with various other companies. Shree Ram group has developed
various companies for salt manufacturing and trading purposes.
SRBPL has established its own network based on the past
experience of promoters.
Comfortable capital structure and debt coverage indicators albeit
expected to deteriorate from FY18
The capital structure and debt protection metrics of SRBPL
remained comfortable in absence of any debt as on March 31,
2016. However, the same is envisage to deteriorate on the back of
availament of working capital borrowing to support incremental
business operations.
Incorporated in February 2010, Shree Ram Brinechem Private
Limited (SRBPL) is part of Gandhidham-based Shree Ram group and
is engaged into trading of salt. The Shree Ram group has presence
in salt trading and manufacturing through various entities. The
overall operations of SRBPL are managed by Mr. Hiren Jakhabhai
Humbal.
During FY16 (A), SRBPL reported NIL profit on a TOI of INR1.28
crore as against NIL profit on a TOI of INR0.19 crore during
FY15. During FY17 (Prov.), SRBPL has achieved TOI of INR14.05
crore.
SHRI SENTHUR: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Senthur
Velan Infras (SSVI) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR100 mil. Fund-based working capital limits assigned with
'IND BB-/Stable/IND A4+' rating; and
-- INR25 mil. Non-fund-based working capital limits assigned
with 'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect SSVI's small scale of operations and moderate
credit metrics. According to the unaudited provisional FY17
financials, revenue declined to INR301 million from INR454
million in FY16 on account of a decline in the orders received
and executed and demonetization. SSVI has INR380.93 million
worth of orders to be executed in FY18. Interest coverage
(operating EBITDA/ gross interest expense) was 1.9x in FY17
(FY16: 2.6x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 3.2x (2.7x). The deterioration in
metrics was due to a fall in EBITDA. EBITDA margin remained in
the range of 12%-9.8% over FY14-FY17 on account of fluctuations
in raw material, labor and other input costs.
Also, the liquidity position is tight, with average utilization
of the working capital limits being 99.4% for the 12 months ended
March 2017.
The ratings also factor in the firm's partnership form of
organization.
The ratings are supported by around two decades of experience of
SSVI's promoters in the engineering, procurement and construction
segment.
RATING SENSITIVITIES
Negative: A substantial, sustained decline in the top line or
profitability leading to deterioration in overall credit metrics
will lead to a negative rating action.
Positive: A significant increase in the scale and profitability
as well as receipt of new high-value contracts, leading to a
sustained improvement in the credit metrics and working capital
utilization, could be positive for the ratings.
COMPANY PROFILE
SSVI is a partnership firm incorporated in 2012 and executes
construction and maintenance of roads (national highways, state
highways and private roads) and bridges.
SHRI SONA: CARE Assigns B+ Rating to INR12cr Long Term Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Shri Sona Traders (SST), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 12 CARE B+; Stable Assigned
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SST is primarily
constrained by the short track record of the entity with small
scale of operations, exposure to price volatility of traded
goods, highly fragmented nature of industry characterized by
intense competition and constitution of the entity being a
proprietorship firm.
The rating, however, draws comfort from experienced management.
Going forward, the ability of the entity to profitably increase
its scale of operations while maintaining the capital structure
along with efficient working capital management shall be the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Short track record of the entity with small scale of operations:
The firm has started with its commercial operation in September
2015 and has a relatively short track record of operations as
compared with other established players. The scale of operations
has remained small marked by total operating income and gross
cash accruals of INR4.03 crore and INR0.07 crore respectively in
FY16 (refers to the period September 1 to March 31). The small
scale limits the firm's financial flexibility in times of stress
and deprives it from scale benefits.
Highly fragmented nature of industry characterized by intense
competition: The trading industry is a competitive industry
wherein there is a presence of a large number of players in the
unorganized and organized sector. There are a number of small and
regional players catering to the same market which limits the
bargaining power that the company exerts pressure on its margins.
Key Rating Strengths
Experienced management: Mr. Vinod Goswami looks after the overall
operations of the entity with the help of Mr. Saroj Pattnayak,
manager of the firm. Mr. Vinod Goswami has an experience of more
than 2 decades in the construction industry with his association
with SCC Builders Private Limited. Furthermore, the management is
supported by an experienced team having an experience of more
than a decade in the same industry.
Noida-based M/S Shri Sona Trader (SST) is a proprietorship firm
established in September 2015 by Mr. Vinod Goswami.
SST is engaged in trading of building construction material e.g.
Steel, Brick, Soil, Autoclaved aerated concrete (AAC) Blocks,
Tiles and Granite etc. The firm procures the traded goods i.e.
Brick, AAC Blocks are from suppliers located in Noida and nearby
areas whereas Granite is procured from Udaipur located in
Rajasthan. Furthermore, SST procures steel from Tata Steels. The
major sales of the firm are done to construction companies like
Shrine Buildtech (P) Ltd, NRS Buildtech Private Limited and its
sister concern SCC Builders Private Limited.
In FY16 (refers to the period September 1 to March 31), SST has
achieved a total operating income (TOI) of INR4.03 crore with PAT
of INR0.07 crore. In FY17, the company achieved total operating
income of INR50.87 crore till January 31, 2016 with 10MFY17
(based on provisional results).
SIGNATURE AUTOMOBILES: CARE Reaffirms B+ Rating on INR11.3cr Loan
-----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Signature Automobiles India Private Limited (SAIPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 11.39 CARE B+; Stable Reaffirmed
Detailed Rationale & Key Rating Drivers
The rating assigned to the bank facilities of SAIPL continues to
be constrained by geographical concentration risk and highly
competitive automobile dealership business leading to low
profitability, working capital intensive nature of operations,
thin PBILDT margin with regular net losses incurred, leveraged
capital structure and weak debt protection metrics.
However, the rating derives comfort from technically qualified
promoters albeit limited experience in auto dealership business
and promoters support in the form of unsecured loans. The rating
also factors in growth in total operating income in FY16 (refers
to period April 1 to March 31).
Going forward, SAIPL's ability to increase its scale of
operations, improve its profitability margins along with
performance of Honda's passenger cars in the domestic market
would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Geographical concentration risk and highly competitive automobile
dealership business leading to low profitability: SAIPL's
operations is restricted to the Kannur area in the state of
Kerala. AS such, the entity is exposed to the geographical
concentration risk. Inorder to capture the market, the auto
dealers offer better buying terms. Such discounts offered to
customer result in stable PBILDT margin. Futhermore, competition
is intense with the number of passenger car makers and new models
being launched to meet the customers taste and budget.
Working capital intensive nature of operations: The entity
normally receives orders for 60-80 cars on a monthly basis. In
order to meet the growing demand and customer requirements, the
entity keeps inventory of around 10-20 cars. SAIPL allows a
credit period of 14 days to its customers and avails 8 days
credit from its suppliers. All these factors led to moderate
operating cycle of 33 days in FY16. The company uses Electronic
Dealer Financing Scheme (e-DFS) to manage working capital
requirements. During the last 12 month period ended March 31,
2017, the e-DFS limits were fully utilised.
Thin PBILDT margin with regular net losses incurred: The company
has thin PBILDT margin mainly due to trading nature of
operations. Furthermore, the PBILDT margin declined marginally by
30 bps to 2.22% in FY16 over FY15 on the back of increase in
employee cost, power and fuel cost. With high interest cost and
depreciation, the company incurred net loss to an extent of
INR0.47 crore in FY16 (against net loss of INR0.68 crore in
FY15). However, the company achieved cash profit of INR0.85 crore
in FY16 compared to cash profit of INR0.80 crore in FY15.
Leveraged capital structure and weak debt protection metrics: The
company has weak capital structure due to negative networth on
account of regular net losses incurred. Total debt/GCA
deteriorated and stood at 19.67x in FY16 compared to 16.63x in
FY15 due to increase in total debt on account of higher
outstanding balance of e-DFS as on account closing date. Interest
coverage ratio stood at 1.61x in FY16 against 1.92x in FY15 on
the back of increase in interest cost.
Key Rating Strengths
Technically qualified promoters albeit limited experience in
dealership business: The promoter, Mr. Naziruddin, is a diploma
holder in automobile engineering and has an experience of about
two decades having worked as General Manager in Eagle
international, Dubai, which was into Electrical Power Projects.
Mr. Shaad Naziruddin (s/o. Mr. Naziruddin) was associated with
Titan, as Regional Sales Manager South for 2.5 years. The
promoters have started Signature Motors India Pvt Ltd in 2006.
The promoters have an experience of 8 years in dealership
business.
Promoters support in the form of unsecured loans: Networth stood
negative owing to losses since inception. The promoters have been
infusing unsecured loans as and when required. The unsecured
loans are non-interest-bearing. The unsecured loans from the
promoters stood at INR6.24 crore as on March 31, 2016 (against
INR6.24 crore as on March 31, 2015). Unsecured loans are infused
by the promoters to support the operations.
Growth in Total operating income: The total operating income grew
by 9% to INR 73.61 crore in FY16 over FY15 driven by the launch
of two new cars named Honda WRV and Honda BRV. The entity has set
up an outlet in Thalaserry, Kerala which became operational in
October 2016. With the growing middle class, young population and
growing interest of companies in exploring the rural markets
aided to the growth of sales. In addition, the 'Make India'
campaign by the government of India has created an opportunistic
environment for the automotive industry. The entity earns around
INR13.25 crore (18% of TOI) from repairing and refurbish services
for Honda cars and INR60.36 crore from the sale of passenger
vehicles.
During FY17 (Provisional), the entity has achieved a revenue of
INR76.51 crore with a PBT of INR0.27 crore.
Signature Automobiles India Private Limited (SAIPL) is a Kerala
based company incorporated in 2010 by Mr. P. Naziruddin and his
wife Mrs. Sujatha Naziruddin. SAIPL is engaged in the business of
exclusive automobile dealership for Honda Cars India Limited
(HCIL), passenger cars in the Kannur region. Besides, it has a
service centre which provides after-sales services, spare parts
and accessories for Honda cars. SAIPL's showroom covers an area
of about 6,357 sq. ft. in Kannur, wherein it has space for 10
passenger cars for display apart from 10 cars in its back yard.
Apart from this, SAIPL also has a stock yard (approx. 2-3 kms
away) from the showroom which can accommodate 60-70 cars. SAIPL
has a service facility (self-owned) in close proximity to the
showroom, which provides repair and refurbishment services for
Honda cars. At present, SAIPL's product portfolio consists of
popular Honda cars like 'City', 'Brio', 'Amaze', 'Mobilio','CR-
V', 'Jazz' 'WRV', 'BRV' in different models and colours. The day
to day operations are managed by Mr. Shaad Naziruddin (s/o. Mr.
Naziruddin).
SAIPL is part of the 'The Business House' group established in
the year 2003 by Mr. Naziruddin and his son.
Signature Motors India Pvt Ltd (2006) and Signature Motors
Kasargod Pvt Ltd (2011) are the other two companies which are
authorised dealers for Suzuki Motor Bikes.
The total operating income grew by 9% to INR 73.61 crore in FY16
compared to INR67.60 crore in FY15. During FY17 (Provisional),
the entity has achieved a revenue of INR76.51 crore with a PBT of
INR0.27 crore.
SMIT DEVELOPERS: Ind-Ra Migrates 'B' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Smit Developers'
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:
-- INR70 mil. Term loan migrated to non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2008, Ahmedabad-based Smit Developers is a
partnership firm engaged in residential real estate development.
The firm has purchased a land parcel to construct residential and
commercial units in Ahmedabad. The firm is constructing 241
units consisting 231 residential flats and 10 commercial shops,
of which 50 units were sold in the past two years.
STANDARD CONSULTANTS: ICRA Reaffirms B+ Rating on INR7cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed its long term rating at [ICRA]B+
assigned to the INR7.00 crore fund based facilities and short
term rating at [ICRA]A4 to INR15.00 crore non fund based
facilities of Standard Consultants Limited (SCL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term-Cash
Credit 7.00 [ICRA]B+ (Stable); Reaffirmed
Short term-Non
Fund Based 15.00 [ICRA]A4; Reaffirmed
Rationale
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SCL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings, but
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]B+ (Stable) / [ICRA]A4
ISSUER NOT COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Standard Consultants Limited (SCL), incorporated in May 1992, had
been involved in importing and trading in Compressed Natural gas
(CNG) and Liquefied Petroleum gas (LPG) kits till 2012, following
which it ventured into the execution of electrical turnkey
projects, supplying erection testing commissioning and
construction of sub-stations and transmission lines from 33/11KV
to 300KV. SCL has executed projects for the state governments of
Assam and Andhra Pradesh in the past. Currently the company is
executing projects for TS TRANSCO.
SUBHLENE FABRICS: CARE Assigns B+ Rating to INR10cr LT Loan
-----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Subhlene Fabrics (SF), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10 CARE B+; Stable Assigned
Detailed Rationale and Key Rating Drivers
The rating assigned to the bank facilities of Subhlene Fabrics
(SF) is constrained by its modest and fluctuating scale of
operations, low profit margins, leveraged capital structure and
weak debt coverage indicators. The rating is further constrained
by SF's working capital intensive nature of operations, its
presence in highly competitive and fragmented textile industry
and the proprietorship nature of its constitution.
The above constraints are partially mitigated by the vast
experience and established presence of its proprietor in the
textile industry, as well as operational synergies with its group
company Shubh Mangal Textile Industries LLP.
Ability of SF to steadily grow its scale of operations, improve
its profitability amidst intense competition, and efficiently
manage its working capital requirement are the key rating
sensitivities.
Description of Key Rating Drivers
Key Rating Strengths
Vast experience and established presence of Proprietor:
Proprietor Mr. Mahesh Gupta holds an experience of around 30
years in textile industry through his association with SF, SMTI
and other group entities. On account of reasonable track record
of the promoter, the firm has established good relationships with
its customers & suppliers.
Operational support with Group Company: SF derives operational
synergy from its group company SMTI which is engaged into
manufacturing and trading of polyester viscose fabrics. Due to
similar nature of products manufactured SF and SMTI share common
supplier and customer base and are managed by same management.
Key Rating Weaknesses
Modest and Fluctuating scale of operations with low profit
margins: The scale of operations of the entity stood modest,
marked by total operating income and gross cash accruals of
INR48.22 crore and INR0.83 crore respectively during FY16. The
small scale limits SF's financial flexibility in times of stress
and deprives it from scale benefits. Moreover, total operating
income of the entity has shown a fluctuating trend over the last
three financial years i.e. FY14-FY16 owing to fluctuating demand
of the products from its existing clients.
Furthermore, due to low value addition nature of business as well
as high finance costs due to high reliance on external
borrowings, company's net profit margin remains low and
fluctuating over the past three years. Leveraged capital
structure and weak debt coverage indicators: SF's capital
structure is leveraged on account of high dependence on working
capital bank borrowings. However, some comfort can be derived
from the fact that around 30% of total debt outstanding as on
March 31, 2016 comprises of interest free unsecured loans from
proprietor's related parties which do not have a fixed repayment
schedule. Nonetheless, the same are not subordinated to bank
debt. The aforementioned, coupled with low profit margins, led to
weak debt coverage indicators.
Working capital intensive nature of operations: SF's operations
are working capital intensive in nature (net working capital
being 81% of capital employed as on March 31, 2016) with
significant funds being blocked in receivables and inventory
marked by gross current asset days of over 240 days in FY16. Due
to availability of multiple substitutes, entity is required to
offer high credit period to its customers in order to sustain
relations, resulting in a large funding gap. The aforementioned
led to a modest liquidity position with a moderate current ratio
and high utilization of working capital bank borrowings.
Proprietorship nature of constitution: Due to SF being a
proprietorship entity, it has limited ability to raise capital as
it has restricted access to external borrowings where personal
net worth and credit worthiness of proprietor affect decisions of
prospective lenders. Further, it is susceptible to risks of
withdrawal of proprietor's capital at time of personal peril and
poor succession decisions may raise the risk of dissolution of
the entity.
Established in 2001 by proprietor Mr. Mahesh Gupta, Subhlene
Fabrics (SF) is engaged into manufacturing of grey fabrics at its
plant in Silvassa, Gujarat. It has a monthly capacity to
manufacture 4 Lakh meters of grey fabrics.
It has a group entity M/s. Shubh Mangal Textile Industries LLP
(SMTI) which is a partnership established in 2013 by Mr. Mahesh
Gupta's wife Mrs. Lata Gupta and son Mr. Anuj Gupta. It is
engaged into manufacturing (30% in FY16) and trading of polyester
viscose fabrics.
During FY16 (refers to period April 01 to March 31), SF reported
total operating income (TOI) of INR48.22 crore (vis-a-vis
INR79.55 crore during FY15) along with a net profit of INR0.42
crore (vis-a-vis INR0.47 crore during FY15).
SUPERIOR FOOD: CARE Assigns 'D' Rating to INR67.07cr LT Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Superior Food Grains Private Limited (SFGPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities
(Term loan) 67.07 CARE D Assigned
Long-term Bank
Facilities
(Fund-based) 40.00 CARE C; Assigned
Short-term Bank
Facilities
(Non-fund-based) 2.00 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of SFGPL are
constrained by the instances of delays in servicing of the term
debt obligation, weak financial risk profile, high reliance on
the external working capital borrowings and seasonal & cyclical
nature of the sugar industry. The ratings, however, derive
strength from the experienced & resourceful promoters and long-
term off-take arrangement in the form of Power Purchase Agreement
(PPA) with Uttar Pradesh Power Corporation Limited. Going
forward, the ability of the company to timely service its debt
obligation, profitably scale-up its operations while improving
its overall solvency and liquidity position will remain the key
rating sensitivities.
Outlook: Negative
The outlook is 'Negative' considering the on-going delays in
serving of the term debt obligations, losses in FY16 and weak
liquidity position of the company. The outlook may be revised to
'Stable' if the company is able to timely repay its debt
obligations with profitably scaling-up its operations while
maintaining a comfortable liquidity position.
Detailed description of the key rating drivers
Key Rating Weaknesses
Instances of delays in servicing of the term debt obligation:
There had been delays, ranging from 10-25 days, by SFGPL,
in servicing of the term debt obligations.
Weak financial risk profile: FY16 was the first full year of
commercial operations for SFGPL. The company reported a net loss
of INR32.36 crore with a cash loss of INR27.95 crore during the
year. This was due to higher sugar cane prices and low sales
realization of sugar coupled with high interest and depreciation
charges. The capital structure of the company remained weak with
long term debt-to-equity ratio and overall gearing ratio of
26.65x and 34.42x, respectively, as on March 31, 2016. Other
solvency indicators also remained weak on account of losses
incurred by the company.
High reliance on the external working capital borrowings: The
cash credit limits of the company have remained fully utilized
for the 12 months period ended March-2017, on an average.
Cyclicality and agro-climatic risk associated with the sugar
industry: Sugarcane is the key raw material used for the
manufacture of sugar and sugar-related products. The availability
and yield of sugarcane depends on factors like rainfall,
temperature and soil conditions, demand-supply dynamics,
government policies etc. The production of sugarcane and hence,
sugar is cyclical in nature.
Key Rating Strengths
Experienced and resourceful promoter: SFGPL is promoted by Mr.
Rana Inder Pratap Singh, Mr. Rana Karan Pratap Singh and Mr. Rana
Preet Inder Singh. Mr. Rana Inder Pratap Singh and Mr. Rana Karan
Pratap Singh (brothers) have an experience of around 15 and 10
years, respectively, in the Sugar industry through their
association with SFGPL and other group concerns of the company.
Mr. Rana Preet Inder Singh (director), has an experience of
around 8 years in the sugar industry.
Long-term power offtake arrangement in the form of Power Purchase
Agreement (PPA): SFGPL is engaged in the manufacturing of sugar
and generation of power through sugar's by-product (bagasse) with
an in-house power generation capacity of 33 MW. The company uses
some of the power generated for captive consumption and the
surplus power is sold to give full form Uttar Pradesh Power
Corporation Limited (UPPCL) under long-term PPA of 25 years which
is valid till January 2042. Apart from the above, the company has
a 4.5 MW captive power plant which is non-operational as on date.
Superior Food Grains Pvt. Ltd (SFGPL) was incorporated in
January, 2007. Presently, the company is managed by Mr. Rana
Inder Pratap Singh, Mr. Rana Karan Pratap Singh (brother of Mr.
Rana Inder Pratap Singh) and Mr. Rana Preet Inder Singh (cousin
of Mr. Rana Inder Pratap Singh). The company took over a sugar
unit situated at Shamli, Uttar Pradesh, from Sir Shadi Lal
Enterprises Ltd (SSLEL) in September, 2014. The manufacturing
facility has a total installed capacity of 5,000 tonnes crushed
sugar per day (TPD) as on March 31, 2016.
In FY16, the company reported a total operating income of
INR151.80 crore with net loss of INR32.36 crore as against the
total operating income of INR66.81 crore with PAT of INR0.06
crore in FY15. In 11MFY17 (Prov.), the company has achieved a
total operating income of INR150.99 crore.
SWAMI DEVI: CARE Raises Rating on INR10cr LT Loan to BB-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Swami Devi Dyal Hi-Tech Education Academy (SDD), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 10 CARE BB-; Stable Revised
Facilities from CARE B
(Overdraft Limit)
Short-term Bank
Facilities 1 CARE A4 Reaffirmed
Detailed Rationale & Key Rating drivers
The revision in the long-term rating assigned to the bank
facilities of SDD takes into consideration improvement in
enrolment ratio, capital structure and debt coverage indicators.
However, the ratings continue to be constrained by its small
scale of operations, high level of competition in the industry,
limited reach of the society and highly regulated nature of the
educational sector. Furthermore, the ratings derive benefit from
long track record of operations, experienced promoters and
buoyant prospects of higher education in India. The ability of
the society to improve its scale of operation in a highly
competitive market while maintaining the optimum capital
structure would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Long track record of operations: The society established its
first college in 2001 and since then had established eleven
additional institutions.
Experienced promoters: The society is managed by Mr. M.L. Jindal,
Mr. Ashok Jindal and Mr. Amit Jindal as President, Vice President
and General Secretary respectively. Mr. M.L. Jindal and Mr. Ashok
Jindal have total work experience of around three decades,
whereas Mr. Amit Jindal has an overall experience of around one
and a half decades. Apart from the above key faculty members, SDD
has employed competent and well-qualified academic staff to run
the day-to-day operations of the university.
Improvement in capital structure and debt coverage indicators:
The capital structure of the society stood comfortable with
overall gearing ratio of 0.13x as on March 31, 2016. The same
further improved from 0.25x as on March 31, 2015, mainly on
account of repayment of term loans coupled with lower utilization
of working capital limits as on last balance sheet date.
Furthermore, accretion of profits into net worth and infusion of
additional capital of INR1.87 crore in FY16 (refers to the period
April 1 to March 31) also lead to improvement in capital
structure.
Furthermore, the society had comfortable interest coverage ratio
of 8.73x in FY16 in comparison with interest coverage ratio of
5.25x in FY15. Furthermore, total debt to GCA stood comfortable
at 0.84x for FY16 in comparison with total debt to GCA of 1.36x
for FY15. The improvement was owing to decline in debt levels of
the society.
Improvement in enrollment ratio: The enrolment ratio stood
moderate at 79.08% in AY16-17 as compared with 76.91% in
AY15-16 as the number of students enrolled increased from 1732 in
AY15-16 to 1845 in AY16-17.
Buoyant prospects of higher education in India: SDD is primarily
engaged in providing higher education which comprises of
graduation and post-graduation courses. Demand for these courses
is growing at a phenomenal pace in India. The increase in
government spending on education over the years has provided an
impetus to the growth of higher education
in India. In an effort to expand the reach to tier III cities and
rural areas of the country and thereby spur enrolments, the
central government's revenue expenditure allocation towards
higher education has grown in the past few years.
Key Rating Weakness
Small scale of operations: Despite long track record of
operations, the company's scale of operations has remained small
marked by the total operating income (TOI) of INR32.41 crore in
FY16.
High level of competition in the industry and limited reach of
the society: All the institutes of the SDD are in Panchkula i.e.,
single location of Haryana which limits the penetration level for
the society to tap opportunities. Furthermore, due to increasing
focus on technical education in India, a number of colleges have
been opened up in the close proximity. This exposes the revenue
of SDD to competition from other colleges.
Highly regulated nature of the educational sector: In addition to
AICTE, the educational institutes are regulated by respective
state governments with respect to the number of management seats,
amount of the tuition fees charged for the government quota and
management quota. The factors have a significant impact on the
revenue and profitability of the institutions. However, the
education industry remains highly regulated industry with
constant intervention from the central state government and other
regulatory bodies.
SDD got registered under the Society registration Act-1860 in
August 2000. The society was established by Mr. M. L Jindal
(President), Mr. Ashok Jindal (Vice- President) and Mr. Amit
Jindal (General Secretary) and is providing higher education in
the field of Dental Sciences, Computer Applications, Nursing,
Management, Law, Pharmacy, Hotel Management and Education. The
society is running 12 separate institutions under Swami Devi Dyal
Group of Professional Institutions in Panchkula, Haryana, with
intake capacity of 2333 students for Academic Year 2016-2017.
In FY16, SDD has achieved a total operating income of INR32.41
crore with PAT of INR2.43 crore, as against the total
operating income of INR35.66 crore with PAT of INR2.70 crore in
FY15. SDD has achieved a total operating income of INR30
crore in FY17 (provisional).
TIRUPATI SUGARS: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Tirupati Sugars
Limited's Long-Term Issuer Rating of 'IND BB+'. The Outlook was
Stable. The instrument-wise rating actions are:
-- INR1.570 bil. Fund-based working capital limit rating
withdrawn; and
-- INR434 mil. Term loans rating withdrawn
KEY RATING DRIVERS
Ind-Ra is no longer required to maintain the bank loan rating,
based on the receipt of a no-objection certificate from the
lender. This is consistent with The Securities and Exchange
Board of India's circular dated March 31, 2017, for credit rating
agencies. Ind-Ra will no longer provide analytical and rating
coverage for TSL.
COMPANY PROFILE
Tirupati Sugars is a sugar manufacturing unit established in
1936. The company's sugar unit is located in Bagaha, West
Champaran District, Bihar and has a crushing capacity of 7,000
tonnes per day.
VENKATA SAI: CARE Assigns B+ Rating to INR8cr Long Term Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Venkata Sai Agro Industries (VAI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 8 CARE B+; Stable Assigned
Short-term Bank
Facilities 1 CARE A4; Stable Assigned
Detailed Rationale& Key Rating Drivers
The ratings assigned to the bank facilities of Venkata Sai Agro
Industries (VAI) is constrained by its small scale of operations
with partnership nature of entity, fluctuating total income and
thin profitability margins, leveraged capital structure and weak
debt coverage indicators. The ratings are further constrained by
its working capital intensive nature of operations, fragmented
nature of industry, monsoon dependent operations and high level
of government regulation. The ratings, however, derive strength
from experienced trustee, locational advantage, satisfactory
operating cycle and healthy demand outlook for rice.
Going forward, the ability of the firm to scale up the operations
and improve its profit margins and capital structure would be the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Small Scale of operations with partnership nature of entity: The
scale of operations of the firm has remained relatively small
with total income of INR47.73 crore in FY16 (Provisional).
Partnership nature of business has an inherent risk of withdrawal
of capital at the time of personal contingency. The firm also has
the risk of business being discontinued upon the death/insolvency
of the proprietor. The ability to raise funds is also very low as
proprietorship concerns have restricted access to external
borrowings.
Fluctuating total income and thin profit margins: The total
income of the firm has been fluctuating over the years depending
upon demand of rice from customers. The total income declined by
14% in FY15 and was at INR45.67, In FY16 the income grew by 4.51%
to INR47.73 crore. The PBILDT margin of the firm has remained low
and fluctuating during review period and dipped by 9 basis points
to 4.18% in FY16 (provisional) over FY15. Furthermore, the PAT
margin of the company remained thin over the years and stood at
0.96% in FY16 (provisional) on account of low PBILDT level.
Leveraged capital structure and weak debt coverage indicators:
The overall gearing of the firm, though improved yearon- year and
stood at 2.69x as on March 2016 (provisional) as compared to
3.13x as on March 2015 on account of increase in net worth due to
accretion of profit along with infusion of funds (Rs.0.27 crore)
by the partners, remains high. The debt coverage indicators
marked by interest coverage and Total debt/GCA have remained weak
at 2.21x and 8.95x in FY16 (Provisional) due to low cash accruals
and high debt levels.
Working capital intensive nature of operations: Paddy in India is
harvested mainly at the end of two major agricultural seasons
Kharif (June to September) and Rabi (November to April). The
millers have to stock enough paddy by the end of each season as
the price and quality of paddy is better during the harvesting
season. Majority of the firm's funds are blocked in inventory (41
days of inventory days in FY16 (Provisional) and debtors (47 days
of collection period in FY16 (Provisional)). To bridge the
working capital gap, the firm utilizes cash credit (CC) facility
which was 90% to 95% utilized in the last 12 months ended
December 2016.
Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and as a consequence the
industry is highly fragmented with large number of players
operating in the organized and unorganized segments.
Monsoon dependent operations and high level of government
regulation: VSI's operations are dependent on agroclimatic
conditions and may get adversely impacted in case of weak monsoon
or poor crop quality. The rice industry is highly regulated by
the government as it is seen as an important sector which could
affect the food security of the country. The Government of India
(GOI), every year decides a minimum support price (MSP) for
paddy.
Key rating strengths
Experienced partners: The partners are from agricultural
background and belong to the same family and have experience for
over a decade in rice industry. Locational Advantage resulting
in easy availability of paddy: The mill is located in Raichur
district in Karnataka. Raichur district is known for its paddy
fields and its rice is of extremely superior quality. Raichur has
numerous rice mills which export high quality rice to different
countries.
Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favourable opportunity for the
rice millers and thus the demand is expected to remain healthy
over medium to long-term. India is the second largest producer of
rice in the world after China and the largest producer and
exporter of basmati rice in the world. With growing consumer
class and increasing disposable incomes, demand for premium rice
products is on the rise in the domestic market.
VAI is a partnership firm established in the year 2007. The
partnership was reconstituted in March 2016, with change in the
partners. The current partners of VAI are; Mr. P. Naveen Kumar,
Mr. Satyanarayana, Mr. T. Ramakrishna, Mr. Nagaraju, Mrs T.
Ananthalakshmi and Mrs P. Nagajanaki. The firm has a rice mill in
Manvi which is located in the Raichur district of Karnataka. VAI
has an installed capacity of processing 8 tonnes of rice per
hour. The factory runs for the whole year in 2 shifts per day.
The firm procures paddy from the local farmers and its customers
are diversified and located in various states across India.
=========
J A P A N
=========
TOSHIBA CORP: Western Digital May Bend on Chip Unit Sale
--------------------------------------------------------
The Japan Times reports that Western Digital Corp. appears to be
softening its stance on troubled partner Toshiba Corp.'s chip
unit sale and has told the ailing conglomerate it might be
willing to take a smaller stake in the unit instead of purchasing
it outright, sources said.
The Japan Times relates that the U.S. company, which jointly runs
Toshiba Memory Corp. with Toshiba in Yokkaichi, Mie Prefecture,
has objected to its sale to anyone but itself and demanded
preferential consideration.
A plan to get Western Digital to join a Japan-U.S. consortium
that includes the state-backed turnaround fund Innovation Network
Corp. of Japan as a potential buyer has also been floated, the
sources said on May 27, notes the report.
Western Digital has already begun behind-the-scenes talks on the
possibility with the Ministry of Economy, Trade and Industry,
according to the sources, and a focal point would be to what
extent it can formulate the plan before its executives visit
Japan in June, the report relays.
Japan Time recounts that Toshiba, which is reeling from its worst
financial crisis ever, is in the process of trying to sell a
majority stake in Toshiba Memory. It is looking to raise at least
JPY2 trillion ($18 billion) to make up for huge losses in its
nuclear business and reverse its negative net worth by next March
to avoid getting delisted from the Tokyo Stock Exchange.
But Western Digital is opposed to selling Toshiba Memory to a
third party, claiming it has a right to veto the move as a joint
venture partner, says the report. The U.S. firm had planned to
offer JPY1.5 trillion through preferred shares, while asking the
turnaround fund and the state-owned Development Bank of Japan to
provide some JPY500 billion in cash for common equity so it can
later acquire the common shares from them, according to Japan
Times.
However, the plan would likely violate antitrust laws in some
countries such as China, the report relates. Toshiba President
Satoshi Tsunakawa apparently relayed his company's concerns to
Western Digital CEO Steve Milligan at their meeting on May 24 in
Tokyo, possibly leading to the change in the U.S. firm's stance.
Still, some people close to the matter remain even more cautious
over Western Digital's participation in the government-led
consortium. They say that just a small investment by the U.S.
chipmaker, which commands the third-largest share of the flash
memory market, could face challenges in clearing antitrust
screenings in some countries, says Japan Times.
A total of four bidders, including U.S. investment fund Kohlberg
Kravis Roberts and Taiwan's Hon Hai Precision Industry Co.,
remain potential buyers, notes the report. The Japanese
turnaround fund is pursuing an alliance with KKR, among others.
Earlier this month, Western Digital took legal action against
Toshiba's plan to sell Toshiba Memory, asking the International
Court of Arbitration of the Paris-based International Chamber of
Commerce to block the sale. If the case gets tied up in the
courts, Toshiba may face no choice but to be delisted, adds the
report.
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.
===============
M A L A Y S I A
===============
YFG BERHAD: Unit Faces MYR5MM Suit from Ocean Electrical
--------------------------------------------------------
The Sun Daily reports that YFG Bhd's subsidiary YFG Engineering
Sdn Bhd (YFGE) has received a letter of demand for outstanding
liquidated damages of MYR5 million from Ocean Electrical Co Sdn
Bhd (OEC) in relation to the termination of a letter of sub-
contract award (LoA).
OEC had via the LoA dated Jan 6, 2016, awarded to YFGE the
contract of mechanical and electrical works for a new regional
sewerage treatment plant in Jinjang, Kuala Lumpur, for RM200.93
million, says the report.
This was followed by a supplementary LoA dated Jan 7, 2016,
whereby the LoA could be terminated if YFG managing director Lim
Chong Ling and/or the executive director resigned or was removed
from office, and if the composition of the board was changed, the
report notes.
According to Sun Daily, OEC alleged that YFG had breached the
conditions in the LoA as six directors, including Lim, were
removed at an EGM on Sept 29, 2016.
"Accordingly, OEC had, vide a letter dated Sept 29, 2016,
terminated the LoA and reserved its rights to claim the
liquidated damages of RM5 million," the report quoted YFG as
saying in a filing with the stock exchange.
YFG stressed that the estimated potential liability is up to the
amounts claimed together with an interest rate of 5% a year, adds
the report.
YFG Berhad is an investment holding company, which is engaged in
the provision of management services. The Company is engaged in
construction of buildings, provision of electrical and mechanical
engineering services and maintenance works.
YFG entered into the PN17 classification on September 22, 2016.
The company posted a net loss of MYR46.1 million for the year
ended Sept. 30 2016.
====================
N E W Z E A L A N D
====================
BANKS GROUP: Placed in Receivership
-----------------------------------
On May 26, 2017, John Fisk and David Bridgman, Partners from PwC,
were appointed receivers to Banks Group Limited which trades as
Shoe Connection, SNKR, Banks Shoes and Plimmer Shoes. The
receivership has occurred following a request to appoint
receivers by the director of the Company.
The Company operates from 14 stores in Auckland, Wellington and
Christchurch, in addition to an on-line store, and employs
approximately 170 staff.
The Receivers will work with management to assess the current
position of the Company, and to determine the best way forward
with a view to achieving a sale of the business as a going
concern either as a whole or in part. This may involve some store
closures.
The Receivers are yet to determine the full extent of creditor
claims.
FARM HOLDINGS: City Council Quits Action Against Liquidators
------------------------------------------------------------
Jono Galuszka at Stuff.co.nz reports that the Palmerston North
City Council has abandoned plans to get liquidators booted from
controlling a property company that is set to leave creditors
more than NZ$700,000 out of pocket.
Stuff says the issues relate to Farm Holdings (4) Ltd, a company
previously owned by developer Les Fugle who has had multiple
run-ins with the city council over plans to develop land on the
outskirts of Palmerston North. However, Mr. Fugle was not a
shareholder at the time of the liquidation application.
According to Stuff, the council had applied for the company's
liquidation but its application became moot when the company's
shareholders voluntarily liquidated it, appointing Imran Kamal
and Mohammed Mazhar as liquidators.
The move was made as the council was taking legal action against
the company, according to a liquidation report cited by Stuff.
The council, along with Horizons Regional Council, soon applied
to have Kamal and Mazhar removed as liquidators, claiming they
were trying to avoid a robust investigation of the company's
affairs, the report says.
Stuff relates that in an affidavit filed to the court, city
council general manager Peter Eathorne said the council suspected
a mortgage over Farm Holdings' land was a "sham" debt designed to
"[extract] assets from Farm Holdings at the expense of the
company's legitimate creditors".
But, according to the latest liquidation report for Farm
Holdings, the councils have withdrawn the legal action. The city
council has been approached to confirm this, Stuff notes.
The liquidators' lawyers met with the councils' to discuss the
mortgage concerns, adds Stuff.
"The liquidators undertook an investigation and reviewed
documents that sufficiently satisfied [the councils] as to the
bona fides of the mortgage security and lending arrangements,"
the liquidators, as cited by Stuff, said in their report.
The only asset the company had was land, which had a mortgage and
Environment Court enforcement orders against it, Stuff notes.
Attempts were made to sell the land, but no-one wanted to buy it
because of the enforcement orders, the liquidators said, Stuff
relays.
As no money was going to be made from the land, none of the
creditors would be getting paid, notes Stuff.
The liquidators report showed NZ$719,259.18 was owed to
creditors, Stuff discloses.
A date for the end of the liquidation was not given, Stuff notes.
SENTRY HILL: Loses Claims for Security of Costs
-----------------------------------------------
Mike Watson at Stuff.co.nz reports that the owner of Sentry Hill
Winery, an insolvent Taranaki fruit winery, has lost his attempt
to be awarded security of costs before going to trial.
Stuff relates that in the High Court at Wellington, an
application by former Sentry Hill Winery owner Stephen Parkes for
liquidators to deposit NZ$49,000 or more into a trust account as
security until the outcome of the trial proceedings has been
turned down.
The award winning winery was put into liquidation in April 2016
owing a total of NZ$610,571.11 to unsecured creditors including
NZ$281,858 to NZ Customs for unpaid excise duties, and NZ$243,300
to ANZ Bank, the report recalls.
Security for costs is a payment of money to ensure that if a
person is unsuccessful in proceedings, they will be able to pay
costs, Stuff notes.
Stuff says the money is kept in a trust account until the final
outcome of the proceeding.
If security for costs are ordered by the judge, a stay on
proceedings may also be ordered until the security is paid into
court, says Stuff.
According to the report, Associate Judge Warwick Smith said the
evidence submitted at the hearing did not justify making an order
for security and Mr. Parkes had failed to make out a case for
security of costs.
Sentry Hill Winery is one of two plaintiffs seeking a claim
against Mr. Parkes, the report notes.
The company is owned in a trust by the Parkes family and, as
first plantiffs has claimed NZ$35,383.43, which is the amount
overdrawn from his account when the company was liquidated, the
report discloses.
It had been insolvent since January 2012 on a cash flow basis and
since March 2012 on the balance sheet, adds Stuff.
The second plaintiffs, Andrew Hawkes and Vivian Fatupaito of
KPMG, who are also the liquidators, have claimed NZ$610,571.11
plus interest and costs, Stuff discloses.
According to Stuff, the plaintiffs successfully argued any order
by the court for security of costs would likely prevent them from
pursuing claims against Mr. Parkes.
Stuff notes that Mr. Parkes applied for security of costs because
the liquidated company, Sentry Hill Winery, of which he was the
sole shareholder, would be unable to pay his costs if the company
was unsuccessful in the trial proceeding.
Sentry Hill Winery (2006) Limited is a New Plymouth fruit winery.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 22 to May 26, 2017
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.13
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.13
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.15
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.25
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
CML GROUP LTD 9.00 01/29/20 AUD 1.02
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.10
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72
LAKES OIL NL 10.00 03/31/17 AUD 4.13
LAKES OIL NL 10.00 05/31/18 AUD 8.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.70
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.70
STOKES LTD 10.00 06/30/17 AUD 0.25
TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 67.57
CHINA
-----
AKESU XINCHENG ASSET INV 7.50 10/10/18 CNY 51.50
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 81.00
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 62.25
ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 41.81
ANSHAN CITY CONSTRUCTION 6.39 04/25/20 CNY 73.67
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.87
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.88
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.79
BAICHENG ZHONGXING 7.00 12/18/19 CNY 61.02
BAISHAN URBAN CONSTRUCTI 7.00 07/31/19 CNY 60.74
BANGBU CITY INVESTMENT H 5.78 08/10/17 CNY 30.30
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 63.64
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 50.69
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 51.64
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.09
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.20
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 61.82
BAYINGUOLENG INNER MONGO 7.48 09/10/18 CNY 50.90
BEIJING CAPITAL DEVELOPM 5.95 05/29/19 CNY 74.35
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.85
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.91
BEIJING ECONOMIC TECHNOL 5.29 03/06/18 CNY 70.32
BEIJING GUCAI GROUP CO L 8.28 12/15/18 CNY 73.19
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.37
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.77
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.60
BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 61.52
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.11
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.68
CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 62.15
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.00
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.03
CHANGSHA PILOT INVESTMEN 6.70 12/10/19 CNY 62.42
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.02
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.56
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.74
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.33
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.48
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.55
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 73.28
CHANGZHOU JINTAN DISTRIC 8.30 03/14/19 CNY 61.59
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.77
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.80
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 61.65
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 83.60
CHAOYANG CONSTRUCTION IN 7.30 05/25/19 CNY 61.71
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.51
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.50
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.97
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 62.50
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.30
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.52
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.26
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.64
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 73.18
CHENGDU XINGCHENG INVEST 6.17 01/28/20 CNY 61.55
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.18
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.60
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.94
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.97
CHIFENG CITY HONGSHAN IN 7.20 07/25/19 CNY 60.72
CHIFENG CITY INFRASTRUCT 6.18 05/18/17 CNY 50.08
CHINA CITY CONSTRUCTION 3.97 03/01/21 CNY 14.24
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.00
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 72.74
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.57
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 61.89
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 62.06
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.00
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.12
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 61.42
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 62.12
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 50.80
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.03
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.51
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.14
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.83
CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 40.94
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.00
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.46
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.16
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.41
CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 61.14
CHONGQING MAIRUI CITY IN 6.82 08/17/19 CNY 61.03
CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 40.55
CHONGQING NAN'AN URBAN C 8.20 04/09/19 CNY 62.07
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.80
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.92
CHONGQING QIJIANG EAST N 6.75 01/29/20 CNY 61.43
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 50.96
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 76.82
CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 62.12
CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 61.38
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.32
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.33
CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 70.33
CHONGQING YUFU ASSET MAN 6.50 09/04/19 CNY 62.00
CHONGQING YULONG ASSET M 6.87 05/31/19 CNY 61.53
CHONGQING YUXING CONSTRU 7.29 12/08/17 CNY 40.87
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.54
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.99
CHUXIONG AUTONOMOUS DEVE 6.08 10/18/17 CNY 50.84
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.95
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 60.15
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 62.14
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 60.68
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 61.76
DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 62.25
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 61.71
DALIAN DETA INVESTMENT C 6.50 11/15/19 CNY 61.73
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 60.98
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 61.03
DANDONG CITY DEVELOPMENT 5.84 09/06/17 CNY 40.01
DANDONG CITY DEVELOPMENT 6.63 12/21/18 CNY 70.68
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 61.96
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 61.80
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 63.00
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.30
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.49
DATONG ECONOMIC CONSTRUC 6.50 06/01/17 CNY 40.10
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.85
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.88
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 60.95
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 61.80
DEYANG CITY CONSTRUCTION 6.99 12/26/19 CNY 61.56
DEZHOU DEDA URBAN CONSTR 7.14 10/18/19 CNY 62.41
DONGBEI SPECIAL STEEL GR 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL GR 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.30 09/24/16 CNY 40.00
DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 50.75
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 61.73
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 84.40
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 62.14
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 49.94
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 50.08
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.55
FEICHENG CITY ASSETS MAN 7.10 08/14/18 CNY 50.83
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.97
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.24
FUJIAN LONGYAN CITY CONS 7.45 08/14/19 CNY 61.77
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.49
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.73
FUJIAN NANPING HIGHWAY C 7.90 10/26/18 CNY 73.10
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.18
FUXIN INFRASTRUCTURE CON 7.55 10/10/19 CNY 61.65
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 61.51
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 62.15
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 71.39
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 72.24
GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 50.83
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 50.97
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 51.22
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.25
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.95
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.42
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.49
GONGYI STATE OWNED ASSET 6.70 01/18/20 CNY 61.02
GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 61.85
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 60.98
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 61.28
GUANGYUAN INVESTMENT HOL 7.25 11/26/19 CNY 61.48
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 50.80
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 51.70
GUIYANG ECO&TECH DEVELOP 8.42 03/27/19 CNY 62.00
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.16
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.40
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 61.82
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 63.00
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 47.45
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 50.96
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 50.91
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 51.07
HAICHENG URBAN INVESTMEN 8.39 11/07/18 CNY 72.62
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 61.97
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.25
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.63
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.27
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.83
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.50
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.90
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.12
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.54
HANGZHOU XIAOSHAN ECO&TE 6.70 12/26/18 CNY 51.40
HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 62.04
HANZHONG CITY CONSTRUCTI 7.48 03/14/18 CNY 71.36
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 71.89
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 72.05
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.09
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.99
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 61.30
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.38
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 61.79
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 62.15
HEGANG KAIYUAN CITY INVE 6.50 07/19/19 CNY 61.02
HENAN JIYUAN CITY CONSTR 7.50 09/25/19 CNY 62.51
HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 61.90
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.12
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.33
HUAI'AN DEVELOPMENT HOLD 6.80 03/24/17 CNY 41.77
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 61.72
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 62.05
HUAIAN QINGHE NEW AREA I 6.79 04/29/17 CNY 39.97
HUAIAN QINGHE NEW AREA I 6.68 01/24/20 CNY 61.84
HUAIBEI CITY CONSTRUCTIO 6.68 12/17/18 CNY 50.92
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.67
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.92
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.16
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.61
HUANGSHI URBAN CONSTRUCT 6.96 10/25/19 CNY 62.03
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 62.07
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.13
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.24
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.38
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.44
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 51.08
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 77.25
HUZHOU MUNICIPAL CONSTRU 7.02 12/21/17 CNY 40.64
HUZHOU MUNICIPAL CONSTRU 6.70 12/14/19 CNY 62.13
HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 61.97
HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 71.12
INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 61.83
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 75.10
JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 61.70
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 61.97
JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 61.28
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 60.93
JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 61.89
JIANGSU HANRUI INVESTMEN 8.16 03/01/19 CNY 61.64
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.08
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.13
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.37
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.94
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.67
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.83
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.62
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.74
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.40
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.69
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 61.61
JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 62.25
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.11
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.42
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.90
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 69.60
JIANGSU ZHANGJIAGANG ECO 6.98 11/16/19 CNY 62.05
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.99
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.38
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 61.77
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 62.10
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.03
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.90
JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 61.95
JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 61.73
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.00
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.28
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.36
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.70
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.85
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.88
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.86
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.90
JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 61.99
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 41.62
JINING CITY YANZHOU DIST 8.50 12/28/17 CNY 25.78
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.68
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.80
JINING WATER SUPPLY GROU 7.18 01/22/20 CNY 61.54
JINSHAN STATE-OWNED ASSE 6.65 11/27/19 CNY 62.03
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.16
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.18
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 61.39
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 62.32
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 62.26
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 61.91
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 62.68
KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 61.35
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.85
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.92
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 61.71
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 50.90
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 51.00
KUNMING DIANCHI INVESTME 6.50 02/01/20 CNY 61.86
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 61.44
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 63.01
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.03
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.10
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.19
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.54
KUNSHAN HUAQIAO INTERNAT 7.98 12/30/18 CNY 41.55
LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 60.32
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 66.60
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 69.65
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.00
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.00
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 72.00
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.45
LIAONING YAODU DEVELOPME 7.35 12/12/19 CNY 61.16
LIAOYANG CITY ASSETS OPE 7.10 11/13/19 CNY 61.58
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.50
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.95
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 61.88
LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 61.38
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.45
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.82
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.74
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.93
LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 63.04
LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 50.65
LIUPANSHUI DEVELOPMENT I 6.97 12/03/19 CNY 61.67
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 60.80
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 61.80
LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 61.33
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 68.98
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 41.21
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.02
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.31
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 29.76
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.06
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.21
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.69
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 62.64
MAANSHAN ECONOMIC TECHNO 7.10 12/20/19 CNY 62.15
MIANYANG SCIENCE TECHNOL 6.30 07/22/18 CNY 53.03
MIANYANG SCIENCE TECHNOL 7.16 05/15/19 CNY 61.04
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.14
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.29
NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 63.31
NANCHANG ECONOMY TECHNOL 6.88 01/09/20 CNY 62.00
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 61.96
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 82.34
NANCHONG ECONOMIC DEVELO 8.16 04/26/19 CNY 61.95
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 61.48
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.49
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.98
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.96
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 51.08
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.00
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.23
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.22
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.53
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.00
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.37
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.84
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 51.32
NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 70.84
NINGBO CITY ZHENHAI INVE 6.48 04/12/17 CNY 40.10
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.28
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.50
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.73
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 51.24
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.75
NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 40.44
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 60.30
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 61.34
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 61.79
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 62.00
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.37
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.86
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 71.69
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 72.83
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.90
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.93
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.71
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.95
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 61.72
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 84.05
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.17
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.70
PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 61.53
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 61.75
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 62.03
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.63
QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 50.31
QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 62.55
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.65
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.99
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.27
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.44
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 61.45
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 62.05
QINGDAO JIAOZHOU CITY DE 6.59 01/25/20 CNY 62.01
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.00
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.02
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.13
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.33
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.94
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 62.23
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.00
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15
QINZHOU CITY DEVELOPMENT 6.72 04/30/17 CNY 50.22
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.36
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.58
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.23
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.37
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.17
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.18
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.19
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.60
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.55
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.89
RUDONG COUNTY DONGTAI SO 7.10 01/31/18 CNY 51.04
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.76
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 62.00
RUGAO COMMUNICATIONS CON 8.51 01/26/19 CNY 52.53
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.64
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 63.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 62.66
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 62.06
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.49
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.84
SANMING STATE-OWNED ASSE 6.92 12/05/19 CNY 62.26
SANMING STATE-OWNED ASSE 6.99 06/14/18 CNY 71.26
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 59.93
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.85
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.86
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.38
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 62.10
SHANGHAI REAL ESTATE GRO 6.12 05/17/17 CNY 39.88
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.80
SHANGHAI URBAN CONSTRUCT 5.25 11/30/19 CNY 61.14
SHANGQIU DEVELOPMENT INV 6.60 01/15/20 CNY 61.72
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 61.81
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 62.48
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 61.94
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 62.50
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.10
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.13
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 50.59
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 61.61
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 82.30
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 51.20
SHAOXING PAOJIANG INDUST 6.90 10/31/19 CNY 61.82
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 61.83
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 50.00
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 51.08
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 61.70
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.51
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.66
SHIYAN CITY INFRASTRUCTU 7.98 04/20/19 CNY 62.28
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.61
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.85
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 61.18
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 81.49
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.27
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.38
SICHUAN DEVELOPMENT HOLD 5.40 11/10/17 CNY 30.22
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 60.68
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 61.69
SUIZHOU DEVELOPMENT INVE 7.50 08/22/19 CNY 62.12
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.49
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.55
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.90
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 62.07
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 61.54
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.52
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 60.80
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 61.50
SUZHOU TECH CITY DEVELOP 7.32 11/01/18 CNY 51.36
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.43
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.45
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 73.40
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.87
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 73.38
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.49
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 62.10
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 61.84
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 62.38
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.11
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.13
TAICANG HENGTONG INVESTM 7.45 10/30/19 CNY 62.38
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 61.79
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 62.19
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.05
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.07
TAIYUAN HIGH-SPEED RAILW 6.50 10/30/20 CNY 72.72
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 61.44
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.61
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.96
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 61.66
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 62.10
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 74.16
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.81
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.10
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.83
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 80.51
TENGZHOU CITY STATE-OWNE 6.45 05/24/18 CNY 60.00
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.41
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.89
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 73.13
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 60.95
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 61.19
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.45
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.59
TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 62.01
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 61.96
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 62.90
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 61.07
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 63.00
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.83
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.92
TIGER FOREST & PAPER GRO 5.38 06/14/17 CNY 59.14
TONGCHUAN DEVELOPMENT IN 7.50 07/17/19 CNY 60.75
TONGLIAO TIANCHENG URBAN 7.75 09/24/19 CNY 62.07
TONGLIAO URBAN INVESTMEN 5.98 09/01/17 CNY 39.93
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 61.79
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 61.55
URUMQI ECO&TECH DEVELOPM 8.58 01/10/19 CNY 52.22
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 50.76
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 51.60
WAFANGDIAN STATE-OWNED A 8.55 04/19/19 CNY 62.19
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.78
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.84
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 60.76
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 61.52
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.72
WENZHOU ANJUFANG CITY DE 7.65 04/24/19 CNY 61.68
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 60.53
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 61.89
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.05
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.61
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.50
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.68
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.10
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.10
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 61.73
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 62.06
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.66
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.70
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 62.20
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.45
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.55
WUXI XIDONG TECHNOLOGY I 5.98 10/26/18 CNY 71.77
WUZHOU DONGTAI STATE-OWN 7.40 09/03/19 CNY 62.21
XI'AN AEROSPACE BASE INV 6.96 11/08/19 CNY 62.01
XIAN CHANBAHE DEVELOPMEN 6.89 08/03/19 CNY 61.54
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 61.58
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 63.00
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.89
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 62.09
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.65
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.91
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 51.30
XIANYANG MUNICIPAL CONST 7.90 12/09/17 CNY 41.09
XIAOGAN URBAN CONSTRUCTI 8.12 03/26/19 CNY 62.08
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 51.78
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 61.94
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 62.00
XINJIANG SHIHEZI DEVELOP 7.50 08/29/18 CNY 49.33
XINJIANG UYGUR AR HAMI Z 6.25 07/17/18 CNY 51.70
XINXIANG INVESTMENT GROU 6.80 01/18/18 CNY 40.66
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.38
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.40
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.69
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 82.00
XINZHOU CITY ASSET MANAG 7.39 08/08/18 CNY 50.86
XUCHANG GENERAL INVESTME 7.78 04/27/19 CNY 61.93
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 60.35
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 62.66
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 50.78
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 51.35
YAAN STATE-OWNED ASSET O 7.39 07/04/19 CNY 62.62
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 61.91
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 63.00
YANCHENG ORIENTAL INVEST 5.75 06/08/17 CNY 49.89
YANCHENG ORIENTAL INVEST 6.99 10/26/19 CNY 62.01
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.10
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.50
YANGZHONG URBAN CONSTRUC 7.10 03/26/18 CNY 70.91
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.15
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.60
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 70.86
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 62.17
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 61.54
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 62.07
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 60.73
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 59.22
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 60.06
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 51.16
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 52.09
YINCHUAN URBAN CONSTRUCT 6.28 03/09/17 CNY 25.03
YINGKOU CITY CONSTRUCTIO 7.98 04/18/20 CNY 73.37
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.16
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.48
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.71
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.73
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 61.84
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.01
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.40
YUHUAN COUNTY COMMUNICAT 7.15 10/12/19 CNY 61.83
YULIN CITY INVESTMENT OP 6.81 12/04/18 CNY 51.01
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.78
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.94
YUNCHENG URBAN CONSTRUCT 7.48 10/15/19 CNY 62.18
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.20
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.21
YUYAO WATER RESOURCE INV 7.20 10/16/19 CNY 62.31
ZHANGJIAGANG JINCHENG IN 6.23 01/06/18 CNY 30.32
ZHANGJIAGANG MUNICIPAL P 6.43 11/27/19 CNY 61.69
ZHANGJIAJIE ECONOMIC DEV 7.40 10/18/19 CNY 62.23
ZHANGJIAKOU CONSTRUCTION 7.00 10/26/19 CNY 62.02
ZHANGJIAKOU TONGTAI HOLD 6.90 07/05/18 CNY 71.37
ZHAOYUAN STATE-OWNED ASS 6.64 12/31/19 CNY 62.04
ZHEJIANG HUZHOU HUANTAIH 6.70 11/28/19 CNY 62.70
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 62.08
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 84.43
ZHEJIANG PROVINCE DEQING 6.90 04/12/18 CNY 70.94
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.00
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.20
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.00
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.38
ZHENJIANG CULTURE AND TO 6.60 01/30/20 CNY 61.06
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.09
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.45
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 50.80
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 51.20
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.11
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.23
ZHUCHENG ECONOMIC DEVELO 7.50 08/25/18 CNY 30.62
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.46
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.52
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 61.73
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 62.08
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.79
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.84
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 62.06
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.46
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.75
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 62.03
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.22
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.72
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.91
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 61.87
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 82.00
ZIBO CITY PROPERTY CO LT 5.45 04/27/19 CNY 36.06
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 61.49
ZIGONG STATE-OWNED ASSET 6.86 06/17/18 CNY 70.99
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 51.26
ZOUCHENG CITY ASSET OPER 7.02 01/12/18 CNY 20.32
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.15
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.68
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 62.50
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 62.80
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 74.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 62.10
HONG KONG
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CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.15
INDONESIA
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BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 35.50
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 36.05
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
INDIA
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3I INFOTECH LTD 2.50 03/31/25 USD 14.38
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.15
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.28
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.39
CAPRI GLOBAL CAPITAL 9.50 02/17/20 INR 0.75
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 29.00
JAIPRAKASH ASSOCIATES LT 5.75 09/08/17 USD 44.38
JAIPRAKASH POWER VENTURE 7.00 02/13/49 USD 21.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.75
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.52
REI AGRO LTD 5.50 11/13/14 USD 1.52
SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 1.58
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 30.50
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 72.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38
TAKATA CORP 0.58 03/26/21 JPY 42.50
TAKATA CORP 0.85 03/06/19 JPY 44.00
TAKATA CORP 1.02 12/15/17 JPY 48.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.10
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.10
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 30.63
DONGBU METAL CO LTD 5.75 04/16/20 KRW 69.18
DOOSAN CAPITAL SECURITIZ 20.00 04/22/19 KRW 50.37
EXPORT-IMPORT BANK OF KO 1.70 09/22/30 KRW 73.94
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 3.30
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 4.13
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 50.88
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 53.00
KIBO ABS SPECIALTY CO LT 10.00 08/22/17 KRW 24.58
KIBO ABS SPECIALTY CO LT 5.00 02/25/19 KRW 29.17
KIBO ABS SPECIALTY CO LT 5.00 12/25/17 KRW 33.19
KIBO ABS SPECIALTY CO LT 5.00 03/29/18 KRW 33.67
KOREA SOUTH-EAST POWER C 4.38 12/07/42 KRW 53.68
KOREA SOUTH-EAST POWER C 4.44 12/07/42 KRW 54.04
LSMTRON DONGBANGSEONGJAN 4.53 11/22/17 KRW 34.18
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 35.24
OKC SECURITIZATION SPECI 10.00 01/03/20 KRW 28.86
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SINBO SECURITIZATION SPE 5.00 10/30/19 KRW 18.48
SINBO SECURITIZATION SPE 5.00 02/25/20 KRW 26.97
SINBO SECURITIZATION SPE 5.00 01/28/20 KRW 27.06
SINBO SECURITIZATION SPE 5.00 12/30/19 KRW 27.23
SINBO SECURITIZATION SPE 5.00 09/30/19 KRW 28.14
SINBO SECURITIZATION SPE 5.00 08/27/19 KRW 28.57
SINBO SECURITIZATION SPE 5.00 07/29/19 KRW 28.85
SINBO SECURITIZATION SPE 5.00 03/13/19 KRW 28.95
SINBO SECURITIZATION SPE 5.00 06/25/19 KRW 29.21
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 07/29/18 KRW 31.11
SINBO SECURITIZATION SPE 5.00 06/25/18 KRW 31.45
SINBO SECURITIZATION SPE 5.00 05/26/18 KRW 31.72
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 12/23/17 KRW 33.21
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 07/24/17 KRW 35.79
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
TONGYANG CEMENT & ENERGY 7.50 09/10/14 KRW 71.00
TONGYANG CEMENT & ENERGY 7.50 04/20/14 KRW 71.00
TONGYANG CEMENT & ENERGY 7.30 06/26/15 KRW 71.00
TONGYANG CEMENT & ENERGY 7.30 04/12/15 KRW 71.00
TONGYANG CEMENT & ENERGY 7.50 07/20/14 KRW 71.00
U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 35.78
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 59.61
WOORI BANK 5.21 12/12/44 KRW 352.69
SRI LANKA
---------
SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 60.84
SRI LANKA GOVERNMENT BON 6.00 12/01/24 LKR 66.87
SRI LANKA GOVERNMENT BON 8.00 01/01/32 LKR 67.56
SRI LANKA GOVERNMENT BON 9.00 06/01/43 LKR 71.87
SRI LANKA GOVERNMENT BON 9.00 11/01/33 LKR 73.80
SRI LANKA GOVERNMENT BON 9.00 06/01/33 LKR 74.21
SRI LANKA GOVERNMENT BON 9.00 10/01/32 LKR 74.65
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
BARAKAH OFFSHORE PETROLE 3.50 10/24/18 MYR 0.65
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.38
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.52
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 74.81
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.53
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.34
I-BHD 2.50 10/09/19 MYR 0.46
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.04
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.20
MALTON BHD 6.00 06/30/18 MYR 1.03
PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.04
PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL BH 2.75 03/04/20 MYR 0.15
SEE HUP CONSOLIDATED BHD 4.60 12/22/17 MYR 0.16
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.47
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.72
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.08
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 57.43
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 58.85
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.27
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 61.70
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.42
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.80
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.18
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.34
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.59
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.66
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 69.68
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.13
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 70.64
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.47
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.67
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 72.51
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.22
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 73.35
SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 74.11
SENAI-DESARU EXPRESSWAY 0.50 12/29/45 MYR 74.79
SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.80
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.27
THONG GUAN INDUSTRIES BH 5.00 10/10/19 MYR 4.36
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.07
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.05
YTL LAND & DEVELOPMENT B 3.00 10/31/21 MYR 0.47
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 5.35 10/01/21 SGD 51.25
ASL MARINE HOLDINGS LTD 4.75 03/28/20 SGD 70.00
AUSGROUP LTD 7.95 10/20/18 SGD 66.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.65
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 33.50
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 34.04
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.69
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.76
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.13
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.52
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.38
ENERCOAL RESOURCES PTE L 9.25 08/05/14 USD 46.75
EZION HOLDINGS LTD 4.88 06/11/21 SGD 53.50
EZION HOLDINGS LTD 5.10 03/13/20 SGD 62.38
EZION HOLDINGS LTD 4.70 05/22/19 SGD 71.50
EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.48
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 28.00
FALCON ENERGY GROUP LTD 5.50 09/19/17 SGD 70.00
INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 71.38
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 72.63
NEPTUNE ORIENT LINES LTD 4.40 06/22/21 SGD 69.75
NEPTUNE ORIENT LINES LTD 4.65 09/09/20 SGD 73.50
ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 65.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC INTERNATIONAL LI 7.25 11/16/18 SGD 72.38
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 45.00
RICKMERS MARITIME 8.45 05/15/17 SGD 21.25
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 9.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.63
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.00
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 58.00
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 58.16
*********
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 Joseph Cardillo at 856-381-8268.
*** End of Transmission ***