/raid1/www/Hosts/bankrupt/TCRAP_Public/170627.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, June 27, 2017, Vol. 20, No. 126
Headlines
A U S T R A L I A
AUSTRALIAN SALES: Note Upsize Won't Result in Fitch Downgrade
BANKSIA SECURITIES: Former Managing Director Faces Civil Suit
DATCOM GROUP: Second Creditors' Meeting Set for July 4
JOSA CONSTRUCTIONS: First Creditors' Meeting Set for July 4
LENDINGPOST GROUP: First Creditors' Meeting Set for July 3
MATCHPOINT TENNIS: Second Creditors' Meeting Set for July 6
OCTAVIAR GROUP: ASIC Obtains Wind Up Orders
PROJECT RECYCLING: First Creditors' Meeting Set for July 3
TEN NETWORK: Has Cash to Continue, Administrator Says
TLC MARKETING: Second Creditors' Meeting Set for July 4
C H I N A
CHINA EVERGRANDE: $6.6BB Bond Deal Shakes Asia Markets
CHINA LOGISTICS: Moody's Assigns B2 Corporate Family Rating
CHINA OIL: Moody's Says Distribution Tariff Mechanism Credit Pos.
SUNRISE REAL ESTATE: Files Delayed 2014 Annual Report
H O N G K O N G
NOBLE GROUP: Fitch Cuts IDR to CCC, Off CreditWatch Negative
I N D I A
A B COMPOSITES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
ADITYA CONSTRUCTIONS: ICRA Reaffirms B/A4 Rating on INR10cr Loan
ANANDALOK HOSPITAL: ICRA Cuts Rating on INR12.10cr Loan to BB
ANDHRA SINTER: ICRA Reaffirms B+ Rating on INR0.90cr Cash Loan
AVANTIS ENTERPRISE: ICRA Withdraws B+ Rating on INR30cr Loan
G SATHYA NARAYANA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
GOVARDHAN ISPAT: ICRA Reaffirms B+ Rating on INR11.79cr Loan
KDM CLOTHING: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
MA SARADA: ICRA Reaffirms 'D' Rating on INR4.01cr Term Loan
MOTHERHOOD INSTITUTE: ICRA Ups Rating on INR5cr LT Loan to B-
RAJ BORAX: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
RANA SUGARS: ICRA Reaffirms 'D' Rating on INR607.07cr Loan
RAVI INDUSTRIES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
RBBR INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.66cr Loan
RUSHIL INDUSTRIES: ICRA Ups Rating on INR1cr Cash Loan to BB
S.S. COTTON: ICRA Reaffirms B+ Rating on INR18.50cr Cash Loan
SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2cr Long Term Loan
SHANKAR RICE: ICRA Reaffirms B+ Rating on INR9.50cr Loan
SHREE RAM: ICRA Reaffirms B Rating on INR30cr Cash Loan
SHRI HIRANYAKESHI: Ind-Ra Affirms 'BB' Rating on INR324.47MM Loan
SN NIRMAN: ICRA Withdraws 'D' Rating on INR37.21cr Loan
SRINAGAR BANIHAL: ICRA Reaffirms D Rating on INR1,440cr Loan
SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan
SRI SUDHA: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
SRI VENKATESWARA AQUA: ICRA Reaffirms B Rating on INR12cr Loan
SSV TECHNOCRATES: ICRA Reaffirms B+ Rating on INR10.45cr Loan
SUBIR DIAMONDS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
TULSI CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR7.9cr Loan
UNITECH COTSPIN: ICRA Reaffirms B Rating on INR24.32cr Loan
VIJAY SABRE: ICRA Reaffirms 'C' Rating on INR10.90cr LT Loan
I N D O N E S I A
BUMI RESOURCES: Obtains Effective Statement to Restructure Debt
MODERNLAND REALTY: Fitch Revises Outlook to Stable; Affirm B IDR
MULTIPOLAR TBK: Fitch Cuts Long-Term IDR to B-; Outlook Stable
J A P A N
TAKATA CORP: Starts Civil Rehabilitation Proceedings in Japan
TAKATA CORP: U.S. & Mexican Units File for Chapter 11
TAKATA CORP: Selling Biz to Key Safety Systems for $1.59-Billion
X X X X X X X X
* BOND PRICING: For the Week June 19 to June 23, 2017
- - - - -
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A U S T R A L I A
=================
AUSTRALIAN SALES: Note Upsize Won't Result in Fitch Downgrade
-------------------------------------------------------------
Fitch Ratings has confirmed that the upsize of the notes totalling
AUD294 million and the addition of a liquidity facility provided
by an eligible counterparty will not result in a downgrade or
withdrawal of any of the ratings of Australian Sales Finance and
Credit Cards No.2 Trust. The transaction is a securitisation of
Australian sales finance and credit card receivables originated by
Latitude Finance Australia.
Credit enhancement for the notes remains unchanged following the
upsize.
The upsized transaction has a collateral pool of AUD1,180 million
of consumer receivables, comprising about 581,500 active customers
with an average balance outstanding of around AUD2,000. The
revolving receivables pool is subject to eligibility criteria and
portfolio parameters.
Credit enhancement for the notes remains unchanged following the
tap issuance.
The increase in various classes of notes is effective. The
aggregate totals and ratings are:
AUD465 million Class A1 debt: 'AAAsf'; Outlook Stable
AUD440 million Class A2 debt: 'AAAsf'; Outlook Stable
AUD95 million Class B debt: 'Asf'; Outlook Stable
AUD73 million Class C debt: 'BBBsf'; Outlook Stable
AUD39 million Class D debt: 'BBsf'; Outlook Stable
AUD65 million Class E debt: not rated
KEY RATING DRIVERS
Solid Asset Performance: Fitch has set a yield steady state
assumption of 12.5%, a charge-off steady state assumption of 5.5%
and a monthly payment rate steady state of 13.0%. The yield and
monthly payment rate steady state assumptions are significantly
lower than most other international credit card trusts. The
charge-off steady state is in line with or lower than other credit
card trusts due to solid performance and Australia's benign
economic conditions in the last few years.
Experienced Originator and Servicer: Latitude, through its
previous ownership, has been managing large portfolios of consumer
receivables for well over a decade in Australia. Fitch reviewed
Latitude's underwriting and servicing capabilities and found them
satisfactory. Latitude is not rated and servicer risk is mitigated
through back-up servicer arrangements.
Steady Asset Outlook: Fitch expects stable Australian credit card
performance in the medium term, with marginal upward charge-off
movements in 2017, since current levels are unsustainable in the
long term. Australian economic conditions are expected to remain
benign.
RATING SENSITIVITIES
Fitch modelled three scenarios to compare the rating sensitivity
with the expected performance for the trust: 1) increased charge-
offs; 2) a yield reduction and 3) a monthly payment rate
reduction. The rating sensitivity indicates sensitivity to an
increase in defaults and a reduction in monthly payment rates,
with less sensitivity to yield reduction. The class B debt is less
sensitive to changes in performance than other debt classes.
BANKSIA SECURITIES: Former Managing Director Faces Civil Suit
-------------------------------------------------------------
The Australian Securities and Investment Commission has commenced
civil penalty proceedings in the Federal Court of Australia in
Melbourne against Patrick John Godfrey, former managing director
of Banksia Securities Limited.
ASIC alleges that:
* Banksia's financial reports for the financial years ending
June 30, 2011 and June 30, 2012, and the half-year financial
report for the half year ending December 31, 2011 did not
comply with the relevant accounting standards, nor did they
give a true and fair view of the financial position and
performance of Banksia, given the amount disclosed for the
provision for impairment of receivables was significantly
less than it ought to have been;
* Mr. Godfrey did not have, and failed to obtain, a proper
understanding of the requirements of the relevant accounting
standard, AASB 139 Financial Instruments: Recognition and
Measurement (AASB 139) as it applied to the determination of:
1. the value at which a loan or receivable was to be
recognised in Banksia's financial reports; and
2. whether or not there was objective evidence that a
loan or receivable was impaired; and, if so,
3. the proper amount of any provision for impairment.
* Mr. Godfrey calculated and approved the impairment of
receivables for Banksia and, as a consequence, Banksia's
financial reports failed to give a true and fair view of
Banksia's financial position;
* Mr. Godfrey failed to take all reasonable steps to secure
compliance by Banksia with AASB 139.
ASIC is seeking declarations from the Court that Mr. Godfrey
contravened section 344(1) of the Corporations Act. ASIC also
seeks orders for the imposition of a pecuniary penalty upon Mr.
Godfrey and for his disqualification from managing corporations.
The Federal Court will hear the matter at 10:15 a.m. on Aug. 3,
2017.
Banksia Securities was a Kyabram-based unlisted public company
involved in raising money from the public by issuing debentures
and lending the funds raised to borrowers for property investment
and development purposes. As at October 2012, Banksia had raised
approximately AUD663 million from 15,622 investors.
On October 25, 2012, Tony McGrath, Joseph Hayes, Matthew Caddy and
Robert Kirman of McGrathNicol were appointed as receivers and
managers to Banksia by The Trust Company (Nominees) Limited, the
trustee for debenture holders.
On June 11, 2014, ASIC accepted an enforceable undertaking from
Mr. Warren John Sinnott, the former auditor of Banksia, under
which he is prevented from practising as a registered auditor
until June 10, 2019.
On June 24, 2014, John Lindholm and Peter McCluskey of Ferrier
Hodgson were appointed as Official Liquidators to Banksia by an
order of the Supreme Court of Victoria.
DATCOM GROUP: Second Creditors' Meeting Set for July 4
------------------------------------------------------
A second meeting of creditors in the proceedings of Datcom Group
Pty Limited has been set for July 4, 2017, at 11:00 a.m., at the
offices of BPS Recovery, Level 18, 201 Kent Street, in Sydney,
NSW.
The purpose of the meeting are (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 July 3, 2017, at 4:00 p.m.
Daniel Frisken of BPS Recovery was appointed as administrator of
Datcom Group on June 13, 2017.
JOSA CONSTRUCTIONS: First Creditors' Meeting Set for July 4
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Josa
Constructions Pty Ltd and Equipment Hire Pty Ltd will be held at
Level 5, 123 Pitt Street, in Sydney, NSW, on July 4, 2017, at
11:00 a.m. and 12:00 p.m., respectively.
David Iannuzzi and Steve Naidnov of Veritas Advisory were
appointed as administrators of Josa Constructions and Equipment
Hire on June 22, 2017.
LENDINGPOST GROUP: First Creditors' Meeting Set for July 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Lendingpost
Group Pty Ltd will be held at offices of HLB Mann Judd, Level 19,
207 Kent Street, in Sydney, NSW, on July 3, 2017, at 11:00 a.m.
Barry Anthony Taylor and Todd Andrew Gammel of HLB Mann Judd were
appointed as administrators of Lendingpost Group on June 21, 2017.
MATCHPOINT TENNIS: Second Creditors' Meeting Set for July 6
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Matchpoint
Tennis Operations Pty Ltd has been set for July 6, 2017, at
11:30 a.m., at the offices of Worrells Solvency & Forensic
Accountants, Suite 1, Level 15, 9 Castlereagh Street, Sydney, NSW.
The purpose of the meeting are (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 July 5, 2017, at 5:00 p.m.
Simon Cathro & Gareme Beattie of Worrells Solvency & Forensic
Accountants were appointed as administrators of Matchpoint Tennis
on June 1, 2017.
OCTAVIAR GROUP: ASIC Obtains Wind Up Orders
-------------------------------------------
The Supreme Court of Queensland in Brisbane has appointed Mr.
Andrew Fielding and Ms. Helen Newman, of BDO Australia, as joint
and several liquidators of Octaviar IHH Pty Limited, Octaviar
Investment Holdings (No 3) Pty Ltd (OIH3), Erskine House
Developments Pty Ltd (EHD) and Sunleisure Pty Ltd (SPL).
Each of the companies is a member of the Octaviar Group of
companies of which the ultimate holding company is Octaviar
Limited (formerly known as MFS Limited).
The Australian Securities and Investment Commission sought orders
to reinstate OIHH, which had become deregistered, and then wind up
the four companies following concerns the companies were
contravening provisions of the Corporations Act 2001 (Cth) (Act),
including the requirement for a proprietary company to have at
least one director. The former sole director of the companies, Mr.
David Mark Anderson, of Southport in Queensland was disqualified
from managing a corporation as the result of his conviction in New
Zealand of charges under the Securities Act 1978 (NZ) in September
2015, and more recently, on May 26, 2017, was disqualified from
managing a corporation for 25 years by the Supreme Court of
Queensland.
After consideration of the material filed by ASIC, the court found
that it was in the public interest for the affairs of the
companies to be placed into liquidation and be wound up because
without a director they were in a state of 'constitutional
paralysis' and ASIC's concerns regarding the conduct of Mr.
Anderson in connection with assets of the companies.
Octaviar Ltd was a publicly listed company with interests in
financial services, travel and leisure and childcare businesses
that was based on the Gold Coast. The Octaviar Group collapsed in
2008, owing AUD2.5 billion. David Mark Anderson, was the former
Chief Financial Officer of the Octaviar Group and a director of
many of the companies in the Octaviar Group.
On September 25, 2015, Mr. Anderson pleaded guilty to, and was
convicted in New Zealand of two charges under s.58 of the
Securities Act 1978 (NZ) in connection with companies in the
Octaviar Group. As a result of his conviction, he was
automatically banned from managing a corporation in Australia for
5 years.
Mr. Anderson was a respondent to civil penalty proceedings
commenced in the Supreme Court of Queensland by ASIC in October
2009 against four former officers and the fund manager of Octaviar
Investment Management Limited (MFSIM), which was the responsible
entity of a number of unlisted managed investment schemes,
including the Premium Income Fund (PIF).
On May 23, 2016, the Court found that the former officers and the
funds manager of MFSIM had acted dishonestly in their roles.
On May 26, 2017, the Supreme Court of Queensland handed down its
decision on penalty in relation to the four officers and fund
manager. Mr. Anderson was disqualified from managing corporations
for 25 years, pay a pecuniary penalty of AUD500,000, pay
AUD205,755,601 compensation to PIF and 80% of ASIC's costs.
On June 14, 2017, ASIC filed an application for orders to wind up
the companies.
PROJECT RECYCLING: First Creditors' Meeting Set for July 3
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Project
Recycling Pty. Ltd., trading as "ACT Paper & Cardboard Recycling"
and "MR. Skippy Bins", will be held at the Boardroom of Chifley
Advisory, Suite 3.04, Level 3, 39 Martin Place, in Sydney, NSW, on
July 3, 2017, at 3:00 p.m.
Gavin Moss and Trent McMillen of Chifley Advisory were appointed
as administrators of Project Recycling on June 21, 2017.
TEN NETWORK: Has Cash to Continue, Administrator Says
-----------------------------------------------------
Christian Edwards at The Australian reports that Ten Network's
main lender, the Commonwealth Bank, is set to appoint a receiver
who could look at sale options for the broadcaster, while
administrators of the troubled TV network say it will have cash to
continue operating. The Australian relates that following a first
meeting of creditors of Ten, it is understood the group's
billionaire backers Bruce Gordon, Lachlan Murdoch and James Packer
have signalled they will support a new financial facility to keep
the network on air. Administrators KordaMentha said when secured
creditor, the Commonwealth Bank appoints a receiver in coming
weeks, a new financial facility will be put in place to keep Ten
broadcasting, The Australian relays.
According to The Australian, KordaMentha senior partner Mark Korda
said Mr. Gordon, Mr. Murdoch and Mr. Packer, through their
respective investment vehicles, would provide support for the
facility, although the final figures were yet to be confirmed. "My
understanding is it's all three at the present time," the report
quotes Mr. Korda as saying after the meeting in Sydney on June 26.
Of the original AUD200 million facility at the heart of Ten's
woes, Mr. Korda said it had been drawn down to AUD97 million at
the date of his appointment on June 20, the report relays.
"We have adequate cash resources at this time, but by the end of
this week, the shareholder guarantors will put a financing
facility in place to ensure that Ten has sufficient cash to
continue to operate," Mr. Korda, as cited by The Australian, said.
KordaMentha will seek a court extension to delay the next meeting,
due to be held on July 19, in an effort to push back the time
frame to recapitalise the business, possibly until parliament next
sits in August, The Australian says. Mr. Korda confirmed that
while he had received preliminary interest in Ten, the plan to
save the network was not reliant on any parliamentary changes to
media law that might allow for restructured ownership, adds The
Australian.
"Obviously, the industry needs the media laws to change and
Channel Ten is a player in that industry. But we believe the
company can be recapitalised, irrespective of any change to the
media laws," The Australian quotes Mr. Korda as saying. At the
meeting on June 26 a 14-member creditors committee was appointed
to oversee the administration of Ten, including senior Channel Ten
journalist Hugh Riminton, who said the company was resilient and
there was "reasonable confidence a buyer will come along".
The creditors committee includes three employees representatives,
the US network CBS, broadcaster Fox, production houses Endemol
Shine and Fremantle Media, the Commonwealth Bank and the
investment vehicles of major shareholders Bruce Gordon, Lachlan
Murdoch and James Packer - Birketu, Illyria and Consolidated Press
Holdings, The Australian discloses.
Cricket Australia, Metroweather, and Starcom Media round out the
committee, The Australian states. According to The Australian,
Mr. Korda said there were no redundancies scheduled at this stage.
Meanwhile, shareholders of the Ten Network are "not being dealt a
hand" in the television station's future, the Australian
Shareholders' Association said after it was excluded from the
meeting of creditors.
The Australian relates that chief executive Judith Fox said the
ASA would like to see the network relisted, the business salvaged
and shareholders' stake in the business continue.
Ten shares (TEN) are suspended from the ASX, having last traded at
16 cents, The Australian notes.
TLC MARKETING: Second Creditors' Meeting Set for July 4
-------------------------------------------------------
A second meeting of creditors in the proceedings of TLC Marketing
Worldwide Pty Ltd has been set for July 4, 2017, at 3:00 p.m., at
the offices of Jones Partners Insolvency & Business Recovery
Level 13, 189 Kent Street, in Sydney, NSW.
The purpose of the meeting are (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 July 3, 2017, at 4:00 p.m.
Bruce Gleeson and Daniel Robert Soire of Jones Partners were
appointed as administrators of TLC Marketing on May 29, 2017.
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C H I N A
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CHINA EVERGRANDE: $6.6BB Bond Deal Shakes Asia Markets
------------------------------------------------------
The Financial Times reports that an outsized $6.6 billion bond
deal by China Evergrande risks raising borrowing costs in Asia's
booming bond markets, analysts have warned, following a rare
first-day price fall that left buyers of the deal nursing losses
of $250 million.
Asian companies have tapped international markets at a record pace
this year, raising $128bn in US dollar-denominated bonds - almost
double the amount at this point last year, according to ANZ, the
FT relates. But the struggles of companies such as Noble, the
Singapore-listed commodity trader, and MIE Holdings, the China-
based oil and gas group undergoing a distressed debt exchange,
have raised fears about the borrowing outlook for riskier junk-
rated groups.
According to the FT, Evergrande exchanged $2.8 billion of existing
debt but also raised $3.8 billion in new funds -- far more than
investors initially expected. The three new bonds included a
single $4.7 billion bond, with a coupon of 8.75%, that set a new
record in terms of deal size for Asia -- 50% bigger than the
previous record sold just last year.
"There is a growing appreciation that Chinese companies will fund
as much as they can offshore and that markets may struggle to
digest the supply," the report quotes Owen Gallimore, credit
strategist at ANZ, as saying. Evergrande's $4.7 billion deal was
so large that investors fear the company's needs are larger than
thought, which may spur it to attempt another bond issue soon, he
added.
Evergrande, which is rated single B, has already tapped the bond
markets twice this year for $2.5 billion, the report notes.
Junk-rated bond issuance has accounted for about 45 per cent of
all international bonds sold by Asian companies this year,
compared with just 20 per cent two years ago, as rising onshore
borrowing costs have pushed Chinese groups to tap overseas
markets, the FT discloses.
"Evergrande's deal was a lot of paper at one time," the report
quotes Charles Chang, head of Asia credit strategy at BNP Paribas,
who had predicted Evergrande could aim to sell up to $2bn in new
bonds -- one of the higher estimates, as saying. "People didn't
expect it but a healthy dose of scepticism does help when it comes
to companies' new issues."
All three new Evergrande securities ended their first day of
trading on June 22 at about 95% of par, or face value, implying a
paper loss of more than $250m for bondholders, the report
discloses. First-day falls of that magnitude are extremely rare in
the absence of specific bad news, the FT states. Prices recovered
slightly by June 26, with the three new bonds trading at between
98 and 99 cents in the dollar, adds the FT.
About China Evergrande
Guangzo, China-based China Evergrande Real Estate Group Limited
is principally engaged in property development. The Company
operates its business through four segments: Property
Development, Property Investment, Property Management and Other
Businesses. The Other Businesses segment is engaged in property
construction, the provision of hotel and other property
development related services, insurance and fast consuming
products business. Through its subsidiaries, the Company is also
engaged in mineral water production and food production.
As reported in the Troubled Company Reporter-Asia Pacific on
June 13, 2017, Moody's Investors Service assigned a B3 senior
unsecured rating to China Evergrande Group's (B2 stable) proposed
USD notes. The rating outlook is stable. The proceeds from the
issuance will be used to refinance the company's existing debt -
including some of its outstanding USD notes - and for general
corporate purposes.
The TCR-AP on June 13, 2017, reported that Fitch Ratings has
assigned China Evergrande Group's (B+/Stable) proposed US dollar
senior notes due 2021, 2023 and 2025 'B-(EXP)' expected ratings,
with Recovery Rating of 'RR6'.
The proposed notes are rated at the same level as Evergrande's
senior unsecured rating because they constitute its direct and
senior unsecured obligations. The final rating is subject to the
receipt of final documentation conforming to information already
received.
CHINA LOGISTICS: Moody's Assigns B2 Corporate Family Rating
-----------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to China Logistics Property Holdings Co., Ltd.
The rating outlook is stable.
RATINGS RATIONALE
"CNLP's B2 rating reflects the company's strong market position in
Grade-A logistics facilities in China, and its portfolio of
reputable tenants," says Stephanie Lau, a Moody's Vice President
and Senior Analyst.
"Its rental portfolio and revenues will continue to grow, against
the backdrop of strong demand for Grade-A logistics space from E-
commerce and third-party logistics operators in China," adds Lau,
who is also Moody's Lead Analyst for CNLP.
At end-2016, CNLP operated 2.1 million square meters of stabilized
logistics space (areas which have shown stable occupancy levels)
as well as logistics space under ramp up, which refers to areas in
which the occupancy rates are still rising.
The 2.1 million square meters was spread over 116 logistics
facilities in 24 logistics parks, which were in turn located in 12
provinces or centrally administered municipalities. Such
infrastructure positions the company among the leading operators
in the industry.
The rating considers the fact that the company has more than 15
years of experience in the project development, leasing and
management of Grade-A facilities that are located in major
transportation hubs, and its nationwide coverage.
These strengths enable the company to: (1) develop a large tenant
base, totaling 102 at end-2016, and secure reputable tenants such
as JD.com, Siemens, SF Express and Cainiao; and (2) achieve high
occupancy rates of around 87%-90% for its stabilized properties in
2016.
CNLP's scale - as measured by its rental revenue of RMB271 million
in 2016 - is small, but Moody's expects that the company will
demonstrate strong growth in revenues, because it will benefit
from the favorable market environment.
The rating is also based on a favorable industry environment that
will see rising demand for Grade-A logistics facilities in China,
because of the growing amounts that consumers are spending online
and the related supply chains. These developments will in turn
support CNLP's business growth.
Accordingly, Moody's expects that the company's revenue will grow
90% in 2017 and 60% in 2018. Such high growth rates factor in: (1)
the increase in rental rates, reflecting the fact that demand
growth is stronger than supply; and (2) the ramping up of 2.1
million square meters of logistics parks, which are currently
completed or under development and should demonstrate stable
occupancy levels during 2017-2018.
The material increase in the company's available logistics
facilities over the next 12-18 months will reinforce its strong
market position. But it will also increase CNLP's execution,
funding, and financial risks. Moody's points out that CNLP was
listed only in July 2016.
Moody's expects that CNLP will exercise prudence over the pace of
its expansion, as well as its debt management.
The company has clear financial targets - setting minimum cash
holdings and interest coverage metrics - and monitors its cash
flow, ensuring that its liquidity position is adequate, by
adjusting its pace of development of new facilities and/or
rationalizing its projects on hand.
Based on such management discipline, Moody's expects CNLP's debt
leverage - as measured by debt/total capitalization to reach a
peak of 48% at end-2018, and its EBITDA/interest should reach 1.1x
in 2018. These levels position the company in the B2 rating level.
The rating also reflects the fact that the financial flexibility
of the company has been constrained by its high level of
encumbered assets.
The stable rating outlook reflects Moody's expectation that CNLP
can ramp up its newly developed facilities, maintain its high
occupancy rates, and adopt a prudent approach to expansion and
financial management.
Upgrade rating pressure could emerge, if CNLP can: (1) grow its
scale; (2) maintain high levels of occupancy and a diversified
tenant profile; (3) maintain adequate liquidity; and (4) improve
its EBITDA/interest to above 1.5x, while keeping debt/total
capitalization below 45%.
CNLP's rating could be under pressure for downgrade, if its: (1)
liquidity position weakens; or (2) credit metrics deteriorate,
such that its EBITDA/interest falls below 1x in 2018 and beyond,
or debt/total capitalization exceeds 50%-55%.
The principal methodology used in this rating was Global Rating
Methodology for REITs and Other Commercial Property Firms
published in July 2010.
China Logistics Property Holdings Co., Ltd is a leading operator
of Grade-A logistics facilities in China. At December 31, 2016, it
had 116 completed facilities totaling 2.1m sqm in operation. In
addition, it had 400,000 sqm under development, and 600,000 sqm of
land held for future development. Its portfolio registered a total
value of RMB12.8 billion at 31 December 2016.
The company listed on the Hong Kong Stock Exchange on July 15,
2016, with a market capitalization of USD900 million at June 19,
2017.
CHINA OIL: Moody's Says Distribution Tariff Mechanism Credit Pos.
-----------------------------------------------------------------
Moody's Investors Service says that China's (A1 stable) new policy
paper on the distribution tariff mechanism is credit positive for
the city gas distribution industry because it enhances the
transparency of the regulatory framework.
However, the new mechanism has no immediate rating impact on:
Beijing Gas Group Company Limited (A3 stable),
Binhai Investment Company Limited (Ba1 negative),
China Oil and Gas Group Limited (Ba2 stable),
China Resources Gas Group Limited (Baa1 stable),
ENN Energy Holdings Limited (Baa2 stable),
Kunlun Energy Company Limited (A2 negative),
Towngas China Company Limited (Baa1 stable),
Zhejiang Provincial Energy Group Co. Ltd (A2 stable).
On June 22, 2017, China's National Development and Reform
Commission (NDRC) released its latest policy paper on the
distribution tariff setting mechanism for city gas distributors.
The Local Pricing Bureau will roll out the new tariff mechanism by
end of June 2018.
"The new regulatory directive will enhance the transparency of the
tariff setting mechanism, and thereby support predictable
investment returns for the Chinese city gas industry," says Ralph
Ng, a Moody's Analyst.
"We expect the negative impact on the rated city gas operators'
financial profile will be manageable, as their current investment
returns -- excluding connection fees -- are on average already
below the 7% cap," says Ivy Poon, a Moody's Vice President and
Senior Analyst.
Under the new mechanism:
* Permitted revenue will consist of permitted costs, permitted
returns, and taxes, minus any net profits derived from other
businesses.
* Permitted costs, which are audited and approved by the Local
Pricing Bureau, will include costs related to gas distribution,
depreciation and amortization expenses, as well as operating and
maintenance expenses.
* Permitted returns will be capped at an after-tax total return of
7% on an effective regulated asset base.
* Regulated assets refer to the net book value of fixed and
intangible assets, to be audited and approved by the regulator.
Regulated assets include the pipeline network, storage facilities,
and the working capital related to gas distribution.
* The gas distribution tariff will be reviewed at least once every
three years and can be revised based on the economic conditions of
each province and its affordability relative to consumer incomes.
Currently, there is no clear tariff formula or disclosure on the
calculation of the distribution charge. Distribution charge is
included in the retail tariff charged by city gas operators to
residential customers and commercial and industrial users.
Under the new regulatory directive, tariffs for city gas
distribution will be based on a "cost-plus-reasonable return"
approach, which allows for a clear measurement of costs and
predictable investment returns.
As such, Moody's believes that the new tariff mechanism will help
increase the stability of investment returns for gas distributors
-- a key rating factor for regulated gas utilities.
The policy paper is also in line with China's ongoing reforms in
the oil and gas sector. Specifically, it reflects the country's
continuous efforts to enhance the transparency of the tariff
mechanism for midstream gas transmission and distribution. The
NDRC first proposed new tariff regulations for midstream long-
distance transmission in October 2016.
The increased transparency of the midstream tariff will pave the
way for a gradual liberalization of the retail market, in
particular through the retail price setting mechanism.
Moody's expects the new mechanism will have a manageable financial
impact on the rated city gas operators, given the moderate
headroom in their current investment returns -- excluding
connection fees -- compared to the permitted return cap of 7%. The
norm for returns on investments in the gas distribution industry
is generally 3%-5%.
Moody's believes the implementation of the new distribution tariff
will take time, given the complexity of the audit process of
regulated assets and permitted costs across provinces.
Moody's will closely monitor the implementation of the reforms and
the associated credit impact on the rated gas distributors.
SUNRISE REAL ESTATE: Files Delayed 2014 Annual Report
-----------------------------------------------------
Sunrise Real Estate Group, Inc., recently filed with the
Securities and Exchange Commission its delayed annual report on
Form 10-K for the year ended Dec. 31, 2014. The Company
previously notified the SEC that its Form 10-K for the fiscal year
ended Dec. 31, 2014, would be delayed. The Company's prior
accounting firm, Finesse CPA, P.C. has ceased operation, is no
longer registered with the PCAOB and is no longer able to provide
its consent to the use of its audit report for 2013, which must
accompany the Form 10K for the fiscal year ended Dec. 31, 2014.
Sunrise Real reported a net loss of US$5.21 million on US$8.61
million of net revenues for the year ended Dec. 31, 2014, compared
to a net loss of US$6.74 million on US$11.24 million of net
revenues for the year ended Dec. 31, 2013.
As of Dec. 31, 2014, Sunrise Real had US$101.33 million in total
assets, US$104.63 million in total liabilities and a total
stockholders' deficit of US$3.29 million.
As of Dec. 31, 2014, the Company has approximately 597 record
holders of its common stock. On Dec. 31, 2014, the closing price
of its common stock was $0.04.
No cash dividends were declared on the Company's common stock in
2014 and 2013. The major reason for not declaring any cash
dividends is that the Company is still a growing company and
require sufficient liquidity to fund its business activities. In
the future, in the event the Company has funds available for
distribution, it may consider paying cash dividends on its common
stock.
The Company did not repurchase any of its outstanding equity
securities nor have any sales of unregistered securities during
the year ended Dec. 31, 2014.
In August and November 2014, the Company issued 40 million shares
in aggregate at $0.085 per share for $3,400,000 for cash in
aggregate to Ace Develop, of which Lin Chi-Jung, its CEO,
President and Chairman, is the sole shareholder.
As of Dec. 31, 2014, the Company had a working capital deficiency
of $9,527,421, an accumulated deficit from recurring net losses of
$19,780,232 and short-term debt obligations of $91,038,087.
"Management believes that the Company will generate sufficient
cash flows to fund its operations and to meet its obligations on
timely basis for the next twelve months by successful
implementation of its business plans, obtaining continued support
from its lenders to rollover debts when they became due, and
securing additional financing as needed," as disclosed in the
report. "We have been able to secure new bank lines of credit and
secure additional loans from affiliates to fund our operations to
date. However, if events or circumstances occur that the Company
is unable to successfully implement its business plans, fails to
obtain continued supports from its lenders or to secure additional
financing, the Company may be required to suspend operations or
cease business entirely."
Kenne Ruan, CPA, P.C., in Woodbridge, Connecticut, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2014, citing that the Company has a
working capital deficiency, accumulated deficit from recurring net
losses for the current and prior years, and significant debt
obligations are maturing in less than one year. These conditions
raise substantial doubt about its ability to continue as a going
concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/5tZouH
About Sunrise Real Estate
Headquartered in Shanghai, the People's Republic of China, Sunrise
Real Estate Group, Inc. was initially incorporated in Texas on
Oct. 10, 1996, under the name of Parallax Entertainment, Inc. On
Dec. 12, 2003, Parallax changed its name to Sunrise Real
Estate Development Group, Inc. On April 25, 2006, Sunrise Estate
Development Group, Inc., filed Articles of Amendment with the
Texas Secretary of State, changing the name of Sunrise Real Estate
Development Group, Inc. to Sunrise Real Estate Group, Inc.,
effective from May 23, 2006.
The Company and its subsidiaries are engaged in the property
brokerage services, real estate marketing services, property
leasing services and property management services in China.
================
H O N G K O N G
================
NOBLE GROUP: Fitch Cuts IDR to CCC, Off CreditWatch Negative
------------------------------------------------------------
Fitch Ratings has downgraded Hong Kong-based commodities trader
Noble Group Limited's Long-Term Foreign-Currency Issuer Default
Rating (IDR) to 'CCC' from 'B-'. At the same time, the agency has
downgraded Noble's senior unsecured rating and the ratings on all
its outstanding senior unsecured notes to 'CCC' from 'B-'. The
Recovery Rating is 'RR4'. Fitch has removed these ratings from
Rating Watch Negative.
The downgrade follows continued uncertainty regarding Noble's
funding capacity and how this will affect its operation at its
current business scale. The extension of Noble's USD2.0 billion
borrowing base facilities (BBF) by 120 days from June 20, 2017
does not provide evidence of medium-term funding stabilisation.
Fitch recognises Noble's effort to sell part of the group or its
assets to aid in the restructuring of its business, but visibility
over the form or success of any transaction is low given current
market conditions.
KEY RATING DRIVERS
Low Visibility on Funding Stabilisation: Noble announced on June
20, 2017 the extension of its USD2 billion BBF by 120 days,
allowing the company to utilise the BBF for working capital
purposes. However, the short extension time presents a lack of
visibility of the stability of the company's funding structure in
the medium term. It will only become clearer whether Noble's
business profile is sustainable after it has completed and
implemented its strategic review plans to rationalise the
businesses and seek strategic investors; and after working out new
terms with its bankers. Fitch estimates Noble had cash of USD900
million on its balance sheet at end-May 2017 and should therefore
be able to cover the USD600 million drawn under the BBF, which
also gives the company access to letters of credit of which USD1
billion had been drawn. The letters of credit are key tools to
provide credit enhancement to suppliers. Reduced access will
diminish Noble's capacity to trade.
Weak Profit Generation: Fitch does not expect to see a meaningful
recovery of Noble's profit generation in 2017 due to the
challenging environment and the company's focus on maintaining
liquidity through asset sales. Furthermore, the uncertainty
surrounding the outcome of its BBF may constrain Noble's
flexibility in its trading operations. Its weak profitability is a
sharp contrast against the more stable profitability trends of
large global traders, such as Trafigura Group Pte. Ltd., which
majors in oil and metals trading.
Uncertainty Regarding Strategic Review: Fitch recognises that
Noble's plan of attracting strategic investors or selling its
assets, if effectively executed, will allow the company to
maintain sufficient liquidity to support its operations on a
smaller scale. However, successful plan execution is contingent on
factors such as market conditions.
Balance Sheet Remains Intact: Noble's ratio of working
capital/total debt, including 50% of its perpetual securities,
remained close to 1.3x at end-1Q17 (end-2016: 1.4x). This ratio is
in line with that of higher-rated peers in the investment-grade
range. Noble's secured debt also remains low, at less than 20% at
end-1Q17, with a significant amount of assets on its balance sheet
available for pledges to secure financing.
Recovery Rating of 'RR4': The Recovery Rating for Noble's senior
unsecured notes based on its 1Q17 balance sheet is 'RR3'. This
suggests notching its senior unsecured ratings up by one notch;
however, based on Fitch expectations that the company will move
toward more secured debt financing, Fitch has assigned a Recovery
Rating of 'RR4'.
Fitch applied a haircut of 25% to its receivables under a
liquidation approach, as most of its counter-parties are of
reputable names. Fitch conservatively applied a 20% haircut to its
inventory, although Noble reported readily marketable inventories
of over USD1.8 billion in 1Q17. A 50% haircut was applied to the
balance-sheet value of its USD1 billion of affiliates, minority
interests and others. The adjusted liquidation value after
administrative claims of USD3.5 billion is first applied to the
USD532 million secured debts, then to the USD2.0 billion unsecured
bank debt. Fitch assumes the unsecured bank debt will roll over on
a secured basis, although Noble has confirmed that it is not in
discussions to do so. The remaining USD984 million in liquidation
value will then be applied to the USD2.3 billion of senior notes.
DERIVATION SUMMARY
Noble's rating is driven by the low visibility of funding
structure stability, poor liquidity and weak profitability, which
outweigh its high working capital/total debt level.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- Greater reliance on secured debt.
- Limited earnings recovery from 1Q17.
- Sales volume in 2017 to remain similar to 2016 levels.
- Discretionary capex of USD100 million a year.
- Recovery analysis applied a haircut of 25% for USD2.1 billion
of receivables, 20% haircut for USD1.8 billion inventory and a
50% haircut for property, plant and equipment, affiliates,
minority interests and other assets totalling USD1.8 billion.
- 10% administrative claims are applied on the liquidation
value.
- Unsecured bank debt of USD2.0 billion to rollover on a secured
basis and move ahead of US dollar senior notes holders in the
distribution waterfall.
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Noble addressing the refinancing of debts due in 2017 and 2018
and implementing a sustainable financing plan to support its
business operation.
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Further weakening of Noble's liquidity position.
LIQUIDITY
Noble needs to address debt maturities of around USD2.0 billion-
2.1 billion between June 2017 and May 2018, comprising of
approximately USD600 million of secured BBF, USD380 million of
senior notes due March 2018 and a USD1.1 billion revolving credit
facility and term loan due May 2018. Fitch estimates Noble's cash
balance to be around USD900 million at end-May 2017, with
committed undrawn facilities under the BBF of around USD500
million. The company generated negative operating cash flow in
1Q17, a trend Fitch expects to only moderately improve over the
next few quarters. The USD600 million drawn under Noble's maturing
BBF is self-liquidating. However, a successful rollover of a large
part of Noble's maturing debt, currently in progress, is critical
for its ongoing liquidity.
=========
I N D I A
=========
A B COMPOSITES: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed A B Composites
Pvt Ltd's (ABCPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR40 mil. Fund-based working capital limits affirmed with
'IND BB/Stable' rating; and
-- INR15 mil. Non-fund-based working capital limits affirmed
with 'IND A4+' rating
KEY RATING DRIVERS
The affirmation reflects ABCPL's continued moderate credit
profile. According to the provisional FY17 financials, revenue
was INR248 million (FY16: INR245 million). The marginal
improvement in revenue was due to the healthy execution of work
orders from Indian Railways. Gross interest coverage was 2.4x in
FY17 (FY16: 2.6x), net financial leverage was 4x (4.2x) and
operating margin were 4.2% (4.4%). The operating margin slightly
deteriorated due to an increase in employee cost. Gross interest
coverage deteriorated due to a fall in operating EBITDA and net
financial leverage improved on account of a large cash balance
maintained at end-March 2017.
The ratings also factor in the company's continued moderate
liquidity as reflected from its average maximum working capital
utilization of 97.52% for the six months ended April 2017.
However, the ratings are supported by the company's promoters'
experience of over four decades in the molded precision components
manufacturing business.
RATING SENSITIVITIES
Positive: A substantial improvement in the scale of operations
along with an improvement in the credit metrics could be positive
for the ratings.
Negative: A decline in the scale of operations along with
deterioration in the credit metrics could be negative for the
ratings.
COMPANY PROFILE
ABCPL primarily manufactures natural fiber reinforced thermoset
composites and fiber-glass reinforced plastic windows which are
used in railway coaches. The company was set up as a partnership
firm named All India Brush Works in 1964 and was reincorporated as
a private limited company with its current name in 1996. It is
promoted by Mr. Ankul Samanta and his three brothers, and has its
operations in Kolkata (West Bengal).
The company has successfully developed a natural fiber thermoset
composite material to replace conventional wood, ply-wood,
asbestos and aluminum, which has been patented and registered
under the trademark DUROSAM.
ADITYA CONSTRUCTIONS: ICRA Reaffirms B/A4 Rating on INR10cr Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term/short-term rating at
[ICRA]B/[ICRA]A4 to the INR10.00 crore unallocated limits of
Aditya Constructions. The outlook on the long term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Unallocated Limits 10.00 [ICRA]B(Stable)/[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 AC, 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.
Aditya Constructions was established in 2012 as a proprietorship
concern and is engaged in trading of Steel, Granite processing and
trading and also execution of minor construction projects under
the capacity of sub-contractor. Mr. Ramesh Reddy is the Proprietor
of the firm. Mr. Reddy is a B.Tech graduate and has prior
experience of 15 years in the same field.
ANANDALOK HOSPITAL: ICRA Cuts Rating on INR12.10cr Loan to BB
-------------------------------------------------------------
ICRA Ratings has downgraded the long-term rating assigned to the
INR12.10-crore fund-based limits and INR0.40-crore non-fund-based
limits of Anandalok Hospital from [ICRA]BB to [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 12.10 Downgraded from [ICRA]BB
(Stable) to [ICRA]D
Non Fund-based Limits 0.40 Downgraded from [ICRA]BB
(Stable) to [ICRA]D
Rationale
The downward revision in the rating primarily takes into account
the delays in debt servicing witnessed in the recent past. The
rating is also impacted by the weakening financial profile of the
society (Anandalok), characterised by cash losses incurred and
steep deterioration of the coverage indicators in FY2017. ICRA
also considers the society's modest scale of current operations
and steady increase in the overall debt level of AH in the last
three years, which led to deterioration in the gearing of the
society. However, a comfortable net worth has supported the
capital structure to some extent. ICRA has also considered the
society's debt-servicing obligations on the term loan availed in
August 2016, which is likely to exert pressure on cash flows to an
extent in the near term at least. The regular capital expenditure,
essential to retain tax-free status, is impacting the cash flows
of AH. Further, the society's ability to retain key consultants
and doctors in view of heightened competition, especially those
who are willing to render services for a charitable cause remains
a credit concern.
The rating, however, derives comfort from the established presence
of the society's hospital in West Bengal through six hospitals
located in Kolkata, Baduria and Raniganj, with around three
decades of existence, and high occupancy levels, although revenue
per bed per day remains low on account of charitable nature of the
hospitals. Regular donation receipts supports cash flows though
the inflow of the same has reduced significantly in FY2017.
Going forward, the society's ability to improve its liquidity
position, timely service of debt obligations, and increase the
scale of operations while improving profitability will be the key
rating sensitivities.
Key Rating Drivers
Credit strengths
* Established operations of the multi-specialty hospital,
with presence in West Bengal through various hospitals
* High occupancy levels, although revenue per bed per day
remains low on account of charitable nature of hospitals
* Regular donation receipts and status as a charitable society
support cash flows to an extent
Credit weaknesses
* Unsatisfactory track record in timely servicing of debt
Obligations
* Weakening of financial profile as depicted by cash losses
and steep deterioration of the coverage indicators in FY2017
* Steady increase in the overall debt level over the past three
years; substantial debt-servicing obligations in the short to
medium term likely to keep its cash flows under pressure
* Modest scale of current operations
* Ability of the promoters to retain professional team of
doctors and consultants has to be demonstrated, especially
those willing to render services for a charitable cause
* High competition amid presence of a large number of
established players in the surrounding area
Description of key rating drivers:
Anandalok Hospital is a small-sized player in the healthcare
industry, operating six hospitals with a total capacity of 450
beds. It caters to patients from the low-income segment at
affordable rates and also undertakes various charitable
activities. The society offers treatment in different segments
such as urology, nephrology, cardiology, neurology, diabetes,
oncology, gynaecology, orthopaedic, pathology, eye and general
surgery, among others. With a well-established presence spanning
over 25 years, the society's hospitals enjoy 95-100% occupancy
levels. It derives most of its revenues from the pharmacy and in-
patient admissions while those derived from out-patient department
(OPD) consultation are nominal.
The society does not have resident doctors on its payrolls, but
has active visiting consultants. The doctors provide OPD
consultations at nominal costs. While the current team of doctors
has been associated with the hospital for a long time, ICRA notes
that retaining and attracting doctors in view of tough
competition, especially those who are willing to render their
services for a charitable cause, would remain challenges.
The operating income of AH in FY2017 has remained almost in line
with FY2016. Further, considering the limited paying capacity of
the target segment, the hospitals' rates are nominal. The
operating margins of AH decreased from 18.04% in FY2016 to -3.96%
in FY2017 due to increase in the overhead expenses. The same was
further impacted by high depreciation and interest expenses. ICRA
notes that AH has incurred significant cash losses during FY2017.
The hospital's sizeable net worth has helped it maintain a
comfortable capital structure as reflected by a gearing of 0.71
times as on March 31, 2017 despite continuing capital investments
made over the past few years as well as losses in FY2017,
resulting in part erosion of net worth. On account of losses
incurred in FY2017, the coverage indicators deteriorated and
remained depressed. As the hospital continues to undertake capital
expenditure, it remains dependent on external financing and
donations to repay its financial obligations.
Established in 1989, Anandalok Hospital is a charitable society
established for offering medical treatment at affordable rates to
the economically weaker sections of the society. It runs six
hospitals, four of them in Kolkata, and one each at Baduria and
Raniganj, with a total capacity of 450 beds and a diagnostic
centre in Kolkata. All the hospitals are multi-specialty in
nature. The society also undertakes other charitable activities.
It distributes books to poor students, provides food, clothes and
shelter to the poor people. Mr. Deo Kumar Saraf, a businessman, is
the chairman of the society and has been associated with it since
its formation. Mr. Arun Poddar, Ms. Jyotsna Poddar, Mr. R.P.
Salarpuria, Mr. S.K. Roy, Mr. B.L. Jajodia, Mrs. Jayshree Mohta,
Mr. Pawan Kumar Dhoot, Mr. Ashok Todi, and Mr. Lalit Beriwal, are
some of the other members on the society's managing committee.
ANDHRA SINTER: ICRA Reaffirms B+ Rating on INR0.90cr Cash Loan
--------------------------------------------------------------
ICRA Ratings has re-affirmed the long term rating of [ICRA]B+ to
INR0.90 crore cash credit facility of Andhra Sinter Limited. ICRA
has also re-affirmed the ratings of [ICRA]B+/[ICRA]A4 for Rs 19.10
crore of unallocated limits of ASL. The outlook on the long term
rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-
Cash Credit 0.90 [ICRA]B+(Stable); Re-affirmed
Unallocated 19.10 [ICRA]B+(Stable)/[ICRA]A4;
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 Andhra Sinter Limited, 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.
Key rating drivers
Credit Strengths
* Long standing experience of the company in supplying
clutch components to Ministry of Defence (Government of India)
* High entry barrier in the segment with ASL being one the
two suppliers for the critical clutch components used in
Battle tanks (T-72 and T-90)
Credit Challenges
* Low scale of operations with volatile revenues in the
past 5 years
* Planned capex of Rs 22.57 crore (with a capex/gross block
ratio of 14.19:1) to be funded by INR10.00 crore loan,
INR5.00 crore equity and residual from unsecured loans;
financial closure of term loan pending
* High execution risk given high OB/OI ratio of 10.95 times
of FY15 as on August 31, 2015
* High working capital intensity owing to the nature of
industry which requires high inventory holdings; however
with sanction of additional limits, the utilisation is
expected to moderate
Description of key rating drivers highlighted above:
Andhra Sinter Limited (ASL) is engaged in production of
technological products on powder metallurgy catering to
automotive, defence, refrigeration and general engineering
industries. The promoters of the company have long standing
experience in supply of clutch components for battle tanks to
Ministry of Defence (Government of India) which acts as an entry
barrier in the respective segment with ASL being only one of the
two verified suppliers for the supply of critical clutch
components for T-72 and T-90 battle tanks. This had also resulted
in healthy profit margins for the company during FY2014-15.
However, the scale of operations remains volatile in the past 5
years on account of the nature of orders being purely tender based
from the Ministry of Defence (MoD). Further, the company's working
capital intensity was high in FY2015 on the back of high inventory
holdings attributable to the requirements of the industry.
Andhra Sinter Limited was incorporated in the year 1985 and is
currently engaged in production of technological products on
powder metallurgy catering to automotive, defence, refrigeration
and general engineering industries. The company is one of the two
suppliers for batch clutch plates and mine sweeping plough to be
used in battle tanks (T72 and T90) for Ministry of Defence.
AVANTIS ENTERPRISE: ICRA Withdraws B+ Rating on INR30cr Loan
------------------------------------------------------------
ICRA Ratings has withdrawn the rating of [ICRA]B+ assigned to the
INR30.00 crore fund based facility of Avantis Enterprise since
there is no amount outstanding against the rated instruments.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 30.00 [ICRA]B+ withdrawn
Rationale:
The rating is withdrawn as there is no amount outstanding against
the rated instrument.
Established as a partnership firm in 2012, M/s Avantis Enterprise
is engaged in real estate development, residential and commercial,
both. The firm is based out of Surat, Gujarat and is currently
focusing on the execution of residential projects in Surat. The
promoters have undertaken various residential and commercial
projects in a time span of ten years in Surat.
G SATHYA NARAYANA: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G. Sathyanarayana
Reddy Transport (G. Sathya) a Long-Term Issuer Rating of 'IND BB-
'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR25 mil. Fund-based working capital limits assigned with
'IND BB-/Stable/IND A4+' rating; and
-- INR50 mil. Non-fund-based working capital limits assigned
with 'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect G. Sathya's small scale of operations with
volatile profitability and moderate credit metrics.
According to the firm's 11MFY17 unaudited financials, revenue was
INR66 million (FY16: INR101 million) and the management has
indicated that the entity has registered revenue of INR86 million
for FY17. The decline in revenue was mainly due to a delay in
obtaining orders from the customers. Meanwhile, the EBITDA
margins fluctuated between of 4.4%-8.8% during FY14-11MFY17 on
account of variations in diesel prices. Net leverage (total
adjusted net debt/operating EBITDAR) was 1.3x in 11MFY17 and
EBITDA interest coverage (operating EBITDA/gross interest expense)
was 17.7x and are likely to have deteriorated to 2.3x (FY16: 1.6x)
and 15.4x (210x) for FY17. The deterioration in credit metrics
was on account of an increase in the total debt.
The ratings also factor in the firm's proprietorship form of
business.
The ratings, however, are supported by over two decades of
experience of G. Sathya's proprietor in providing transportation
services. The ratings are further supported by the entity's
comfortable liquidity position indicated by 63% utilization of the
working capital limits on an average during the 12 months ended
April 2017.
RATING SENSITIVITIES
Negative: A substantial decline in the revenue and operating
profitability leading to sustained deterioration in the overall
credit metrics will lead to a negative rating action.
Positive: A significant increase in the scale of operations and
operating profitability, leading to a sustained improvement in the
credit metrics could be positive for the ratings.
COMPANY PROFILE
G. Sathya based in Warangal (Dist), was incorporated in 2011 as a
proprietor ship firm by Mr. Gandra Sathya Narayana Reddy. The
firm is engaged in the transportation of coal, oil and sand.
GOVARDHAN ISPAT: ICRA Reaffirms B+ Rating on INR11.79cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR11.79-crore term loan and INR8.46-crore cash-
credit facility of Govardhan Ispat (India) Private Limited (GIPL).
The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 11.79 [ICRA]B+ (Stable); Reaffirmed
Fund-based-Cash
Credit 8.46 [ICRA]B+ (Stable); Reaffirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with GIPL, ICRA has been trying to seek information from the
company to undertake a surveillance of the rating and had also
sent repeated reminders to the company for payment of surveillance
fee that became overdue. 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.
Incorporated in 2013, Govardhan Ispat (India) Private Limited
(GIPL) manufactures mild steel (MS) structural items, namely
channels, angles, rounds, flats and squares. The manufacturing
facility of the company is located at Didarganj, Patna. The
current annual production capacity of the company stands at 60,000
metric tonne (MT).
KDM CLOTHING: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed KDM Clothing
Co.'s (KCC) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The instrument-wise rating actions are:
-- INR35 mil. Fund-based working capital affirmed with
'IND BB-/Stable/IND A4+' rating;
-- INR9.25 mil. (reduced from INR20.003) Term loan affirmed
with 'IND BB-/Stable' rating
KEY RATING DRIVERS
The affirmation reflects KCC's continued small scale of operations
and moderate credit metrics. As per provisional financials for
FY17, revenue declined to INR117.84 million (INR226.58 million) as
the firm had limited access to funds for running the business
owing to the promoter's sudden demise. Interest coverage
(operating EBITDA/gross interest expense) was 2.32x in FY17P
(FY16: 2.03x) and net financial leverage (adjusted net
debt/operating EBITDAR) was 0.71x (1.07x).
The ratings also factor in the firm's partnership nature of the
business.
The ratings, however, are supported by KCC's stable EBITDA margin
which ranged between 7.12% and 8.92% over FY13-FY17P. The margins
expanded to 8.50% in FY17P (FY16: 7.12%) owing to a decline in
manufacturing expenses.
The ratings also benefit from the firm's comfortable liquidity
position as reflected by 15.43% average utilization of fund-based
limits during the 12 months ended May 2017. Net working capital
cycle improved to negative 9 days in FY17 (FY16: 8 days) on the
back of increase in payable days to 64 (28) and reduction in
inventory holding days to 14 (17).
RATING SENSITIVITIES
Negative: Any further dip in revenue and/or a decline in the
EBITDA margins leading to deterioration in the credit metrics will
be negative for the ratings.
Positive: A substantial growth in the revenue along with EBITDA
margins being sustained or improved, leading to an improvement in
the credit metrics will be positive for the ratings.
COMPANY PROFILE
Established in 2007, KCC manufactures hosiery goods and sweaters,
and sells them in India and overseas. The promoters of the firm
have more than 20 years of experience in the same line of
business.
MA SARADA: ICRA Reaffirms 'D' Rating on INR4.01cr Term Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]D
assigned to the INR4.01-crore term loan, INR0.80-crore working
capital and INR0.75-crore seasonal cash credit facilities of Ma
Sarada Cold Storage Private Limited (MSCSPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 4.01 [ICRA]D; Reaffirmed
Fund-based-
Working Capital 0.80 [ICRA]D; Reaffirmed
Fund-based-
Seasonal Cash
Credit 0.75 [ICRA]D; Reaffirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with MSCSPL, 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]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 entity's
performance since the time it was last rated.
Incorporated in 1987, Ma Sarada Cold Storage Private Limited is
engaged in providing cold storage facility to potato farmers and
traders on a rental basis. The facility of the company is located
in Bankura district of West Bengal having an annual storage
capacity of 21,052 metric tonnes.
MOTHERHOOD INSTITUTE: ICRA Ups Rating on INR5cr LT Loan to B-
-------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating to [ICRA]B- on the
INR8.25-crore long-term facilities and the short-term rating to
[ICRA]A4 on the INR3.75-crore short-term facilities from [ICRA]D
of Motherhood Institute of Management and Technology (MIMT). The
outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund-
based Term Loan (TL) 5.00 [ICRA]B-/Stable; Upgraded
from [ICRA]D
Long-term Fund-
based Over Draft (OD) 2.00 [ICRA]B-/Stable; Upgraded
from [ICRA]D
Long-term Unallocated 1.25 [ICRA]B-/Stable; Upgraded
from [ICRA]D
Short-term Non-
fund Based 3.75 [ICRA]A4; Upgraded from
[ICRA]D
Rationale
ICRA's rating upgrade takes into account the improvement in debt
servicing, which was previously delayed by cash flow mismatch.
ICRA notes that the trust has now strengthened its management
information system (MIS) to fund such mismatches. The rating also
factors in the extensive experience of the promoters in the field
of education, with the group running 20 education institutes. This
apart, it was awarded the status of university in FY2016. The
rating also factors in the trust's healthy margins and coverage
metrics.
The ratings, however, are constrained by the trust's low operating
revenue as a result of its low fee structure and the ongoing debt-
funded capex, which is leveraging the capital structure and
putting pressure on liquidity. Further, the ratings remain
constrained by the strong competition from established institutes
in Roorkee and Meerut (Uttar Pradesh) as well as the exposure to
regulatory changes in the education sector. MIMT's ability to
manage its cash flows, improve its scale of operations and
maintain the profitability and the coverage indicators will remain
the key rating sensitivity.
Key rating drivers
Credit strengths
- Extensive experience of promoters in the field of education;
the group has 20 educational institutes under it
- MIMT's university status empowers it with the right to
implement its own fees and intake capacity
- Satisfactory profitability and coverage indicators
Credit weaknesses
- Though improvement in debt-servicing track record; ongoing
debt-funded capex; risk of liquidity pressures resulting
from cash flow mismatches still remains
- Modest operating revenue due to a low fee structure
- Competition in the education sector; presence of established
institutes in Roorkee and Meerut Education industry in India
is highly regulated, exposing the trust to regulatory changes
Description of key rating drivers
The promoter group runs eight trusts that operate 20 institutes in
and around Meerut. Established institutions include Mahaveer
Institute of Technology and Modern Institute of Management &
Technology. The experience in the sector enabled the promoters to
earn the 'University' status in FY2016, thereby empowering MIMT to
implement the intake and fee revisions independently. The
university status also resulted in higher student intake in
Motherhood University; the trust closed down courses such as
Bachelor of Science (B.Sc.), Bachelor of Education (B.Ed.) and
Bachelor of Law (LLB) offered by the MIMT college in FY2015 and
FY2016.
The university capacity was increased by the management in FY2017
to 3,340 students; however, the total intake was only 2,706
students. Courses such as B.Ed., B.Sc. and medical courses
received a strong response with almost 100% occupancy.
The revenue receipts stood at INR7.9 crore in FY2016. The trust
expects revenue receipts of INR14.0 crore in FY2017, backed by
strong student intake in Motherhood University. The operating
surplus margin (OSM) improved from 35.8% in FY2014 to 43.9% in
FY2016 as the trust settled its own fees under the university
status.
The trust incurred a capex of INR2.2 crore in FY2016 towards the
construction of hostel and canteen as well as a work shop for
polytechnic courses. The construction was funded with a term loan
of INR2.25 crore and unsecured loans. The debt-funded capex
increased the gearing to 1.7 times as on March 31, 2016 from 0.8
times as on March 31, 2015. However, the coverage indicators
remained comfortable (interest coverage of 9.2 times and DSCR of
9.2 times in FY2016). Notwithstanding the adequate coverage
metrics, the trust's debt servicing was irregular owing to cash
flow and timing mismatches. MIMT's debt-servicing track record
improved with the MIS being put in place. However, in the backdrop
of ongoing capex (Rs 5.0 crore planned over FY2018), the trust's
ability to manage its liquidity position will remain a key rating
sensitivity going forward.
Incorporated in 2004, MIMT runs a college by the same name in
Roorkee, Uttarakhand. Mr. Dharmendra Bharadwaj, Mr. Ashok Kumar
Sharma, Ms. Manika Sharma and Mrs. Archana Sharma serve in the
capacity of Chairman, Vice Chairman, Secretary and Treasurer of
the trust, respectively. The group has been in existence since
2001 and currently manages 20 institutions that offer under-
graduate and post-graduate engineering courses, MCA, MBA and
pharmacy courses. The trust also established Motherhood University
in 2016.
RAJ BORAX: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Raj Borax Private
Limited (RBPL) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable. Instrument-wise rating actions are:
-- INR55 mil. Fund-based facilities assigned with
'IND BB+/Stable/IND A4+' rating;
-- INR55 mil. Non-fund-based facilities assigned with
'IND A4+' rating
KEY RATING DRIVERS
The rating reflects RBPL's small scale of operations, volatile
EBITDA margin and moderate credit metrics. As per provisional
financials for FY17, revenue was INR641.1 million (FY16:
INR649.0 million), net leverage (Ind-Ra adjusted net
debt/operating EBITDA) was 2.4x (FY16: 2.5x) and EBITDA interest
cover (operating EBITDA/gross interest expense) was 3.7x (5.8x).
The EBITDA margin was in the range of 2.8%-6.3% over FY13-FY17P
owing to currency fluctuations along with increase in variable
cost. The management expects the EBITDA margin to improve on a
steady basis over the short term on the back of favorable market
conditions leading to increased demand.
However, the ratings are supported by the company's comfortable
liquidity position with 53% utilization of fund-based limits
during the 12 months ended April 2017.
The ratings also benefit from the promoters' experience of more
than four decades in the manufacturing of industrial chemicals
particularly boron products.
RATING SENSITIVITIES
Positive: A substantial growth in revenue along with an
improvement in the EBITDA margin leading to a sustained
improvement in the credit metrics could be positive for the
ratings.
Negative: A substantial decline in the operating profitability
resulting in a sustained deterioration in the overall credit
metrics will lead to a negative rating action.
COMPANY PROFILE
Established in 1995, RBPL was converted into a closely held
limited company in 2007 by taking over the manufacturing unit of
the partnership business, along with the assets and liabilities of
M/S. Raj Industries (partnership firm) as a going concern. It
became a private limited company in 2013. RBPL's registered and
corporate office is located in Mumbai and the manufacturing unit
is in Sarigam, Gujarat. The company manufactures boron-based
chemicals and fertilizers for agriculture, ceramics, glass, fibre
glass industries, among others. Mr. Alakh N.Shah and Mr. Girish
Mehta are the directors of the company.
RANA SUGARS: ICRA Reaffirms 'D' Rating on INR607.07cr Loan
----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating and short-term
rating of [ICRA]D on the INR720.00-crore bank lines of Rana Sugars
Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 607.07 [ICRA]D; Reaffirmed
Unallocated 81.13 [ICRA]D; Reaffirmed
Rated on short-
term scale
Non Fund Based
Limits 31.80 [ICRA]D; Reaffirmed
Rationale
The rating reaffirmation factors in the stretched liquidity
position, inadequate accruals and high interest & repayment burden
of RSL, which has led to delays in debt servicing. The rating is
also constrained by weak financial profile of RSL, as reflected by
losses reported in FY17, high gearing level and weak debt coverage
indicators. The rating is further constrained by the fact that the
cane prices in Punjab and Uttar Pradesh continue to be delinked
from sugar prices in the domestic market, which results in
volatility in operating margins of sugar operations. The rating
also takes into account agro-climatic risks and inherent
cyclicality in the sugar business.
ICRA has taken note long track record of the company and its
forward integration into cogeneration and distillery business. The
company is expected to benefit from soft loans which have been
taken for payment of cane dues as well as increase in sugar
realisations, benefits from which is expected to come in the near
term. ICRA further notes that the sugar prices were healthy in
FY2017 and are expected to remain steady in the near term,
supported by tight sugar stock situation in the domestic and
global markets. However, the assigned ratings continue to be
constrained by the delays in debt servicing by the company.
Going forward, RSL's ability to sustain its revenue growth and
improve its profitability through economical raw material
procurement along with timely debt servicing will be the key
rating sensitivities.
Key rating drivers
Credit Strengths
* Large sugarcane crushing capacity with relatively long
presence in the industry
* Fully integrated profile of sugar operations with distillery
unit at Laukha (Amritsar) and bagasse based power plants at
each sugar units to result in de-risking of core sugar
business
* Healthy sugar prices in FY2017, supported by tight sugar
stock situation in the domestic and global markets
Credit Weaknesses
* Continuing delays in debt servicing on account of stretched
liquidity position of the company
* High debt levels (to fund the capital expenditure for new
capacitates) and consequently high finance charges, coupled
with moderate operating profitability has resulted in high
gearing and poor debt coverage indicators
* Exposure to agro-climatic risk and cyclical trends in sugar
Business
* Regulatory risks arising from changes in pricing and offtake
of cane, sugar and liquor
Description of key rating drivers:
The large sugar operations (of 15000 TCD) of the company are
integrated with cogeneration (of 105.9 MW) and distillery (of 60
KLPD) units. The fully-integrated plant provides cushion to the
overall profitability during periods of sugar downturn, given that
the cogeneration and the distillery segments are relatively
insulated from risks that characterise the sugar industry. There
has been a significant increase in sugar realisations (by ~34% in
FY2017 compared to the previous year) given the tight stock
situation in the domestic and global markets. Furthermore, ICRA
expects the sugar price to remain firm in the near term because of
a significant decline in the domestic sugar production in SY2017,
unless the government intervenes to dampen the prices.
Debt funded capacity expansion in the past has led to high
interest and repayment burden leading to continuing delays in debt
servicing on account of stretched liquidity position. The company
continues to remain in delay and the accounts of the company have
been classified as Non Performing Assets (NPA). Further, the debt
restructuring programme for the accounts is under consideration
with the lenders currently. The financial profile of the company
is weak as reflected in the low net profitability, weak capital
structure and debt coverage indicators in FY2016 and FY2017.
The sugar industry, being directly dependent on the sugarcane crop
and its yield, is susceptible to agro climatic risks. The
climactic conditions, and more importantly, the monsoons, have a
critical bearing on the cane output, which is the primary
feedstock for a sugar producer. Furthermore, climactic conditions
also influence various operational parameters of a sugar company,
such as the crushing period and sugar recovery levels. The sugar
industry is highly regulated, with various Government Acts
regulating virtually all aspects of the business, including the
availability and pricing of sugar cane, sugar trade and by-product
pricing.
RSL is engaged in the business of manufacturing sugar and
undertaking the allied businesses of cogeneration and distillery.
Incorporated in July 1991, RSL was promoted by Rana Gurjeet Singh
and Rana Ranjit Singh as a joint venture with Punjab Agro
Industrial Corporation Ltd. (PAIC). At present, the company is
being managed under the managing directorship of Rana Inder Pratap
Singh. PAIC divested its stake in Rana Sugars during FY 05 by
selling its stake to the promoters, as per the provisions of the
Financial Collaboration Agreement.
RSL's facilities consist of a combined crushing capacity of 15,000
tonnes crushed per day (TCD) including a 5,000 TCD mill located at
Buttar (Punjab) and two capacitates of 5,000 TCD each located at
Moradabad and Rampur (Uttar Pradesh). The company also generates
power using bagasse (a byproduct of sugar) and currently has a
total generation capacity of 105.9 MW. RSL is also forward
integrated to manufacture alcohol and has an alcohol manufacturing
capacity of 60 KLPD located in Punjab. In April 2013, the company
launched a pilot project in Punjab for manufacturing sugar from
beetroot.
In FY2017, the company reported a PAT of INR-26.13 crore on an
operating income (OI) of INR1101.91 crore as against a PAT of
INR16.73 crore on an OI of INR855.80 crore for FY2016.
RAVI INDUSTRIES: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ravi Industries
(RI) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. Instrument-wise rating actions are:
-- INR2.24 mil. Term loans assigned with 'INR2.24' rating; and
-- INR60.0 mil. Fund-based facilities assigned with
'IND B+/Stable/IND A4' rating
KEY RATING DRIVERS
The ratings reflect RI's small scale of operations, volatile
EBITDA margin and weak credit metrics. As per FY17 provisional
financials, revenue grew to INR206 million (FY16: INR187 million)
due to a rise in oil expulsion activity favored by good monsoon.
EBITDA remained in the range of 4.0%-6.6% (FY17P: 5.7%, FY16:
5.4%) on account of fluctuation in raw material (cotton seeds)
prices. Net leverage (total Ind-Ra adjusted net debt/operating
EBITDA) deteriorated to 6.0x in FY17P (FY16: 4.9x) and EBITDA
interest cover (operating EBITDA/gross interest expense) to 1.4x
(1.5x) on account of an increase in debt.
The ratings also factor in the firm's moderate liquidity position
with 93% average maximum utilization of fund-based limits during
the 12 months ended May 2017.
However, the ratings are supported by the firm's partners'
experience of more than three decades in the cotton oil extraction
business.
RATING SENSITIVITIES
Positive: A substantial improvement in the top line and operating
profitability leading to an improvement in the credit metrics
would be positive for the ratings.
Negative: A decline in the revenue and operating profitability
resulting in a further deterioration in the credit metrics would
be negative for the ratings.
COMPANY PROFILE
RI is a partnership firm engaged in expelling cotton oil cake (82%
of total production) and oil (12%) from cotton seeds.
RBBR INFRASTRUCTURE: ICRA Reaffirms B Rating on INR8.66cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B for
the INR11.66-crore fund-based bank facilities and for the INR1.75-
crore non-fund based facilities of RBBR Infrastructure Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 for the INR0.50-crore non-fund based facility of the
company. ICRA has reaffirmed long-term and short-term ratings of
[ICRA]B/A4 for the INR1.09-crore unallocated limits of the
company. The outlook on long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 3.00 [ICRA]B (Stable); Re-affirmed
Fund-based-Term
Loan 8.66 [ICRA]B (Stable); Re-affirmed
Fund-based-ODBD (2.00) [ICRA]B (Stable); Re-affirmed
Non Fund-based-
Bank Guarantee 1.75 [ICRA]B (Stable); Re-affirmed
Non Fund-based-
Letter of Credit 0.50 [ICRA]A4; Re-affirmed
Unallocated 1.09 [ICRA]B (Stable)/A4;
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 RBBR Infrastructure Private Limited, 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 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 information or no
updated information on the company's performance since the time it
was last rated.
Key rating drivers
Credit strengths
* Extensive experience of the promoters the reinforced
cement concrete pipes (RCC pipes) business
* Superior production technology leading to better quality
products giving a competitive edge to the company
Credit weaknesses
* Weak financial profile characterised by low profitability,
adverse capital structure and weak coverage indicators
* Modest scale of operation
* High working capital intensity owing to high levels of
inventory increase the risks of price volatility and inventory
losses
* Exposure to weakness and seasonal demand in the infrastructure
Industry
Description of key rating drivers:
RBBR is engaged in manufacturing of pre-cast reinforced cement
concrete (RCC) products from its plant in Hosur (Tamil Nadu). The
company's product portfolio is dominated by RCC pipes which
contributed about 70% of total sales during FY2015 whereas
manholes account for the remaining sales of the company. The
products manufactured by the company are widely used for water
mains, sewer, culverts, and in the irrigation segment as well. RCC
pipes are manufactured using vertical vibrated casting process.
This method employs specialised technology to manufacture pipes
with high grade, low water-cement ratio and uniform material
distribution, and ensures minimal leakage in the pipes. The
technology also increases the production capacity of pipes per
day. The superior technology adopted by the company gives it a
competitive edge over its peers in the highly fragmented industry.
Its promoters have extensive experience in the cement
manufacturing industry. Supported by its superior production
technology the company is able to manufacture better quality
products and improve production capability giving it a competitive
edge. However, the financial profile of the company remains weak
characterised by low profitability, adverse capital structure and
weak coverage indicators. RBBR also maintains high inventory
levels which expose the company to risks of price volatility and
inventory losses. The company has modest scale of operation and
the business is exposed to the weakness and seasonal demand in the
infrastructure industry.
RBBR Infrastructure Private Limited is a part of Daga Group, which
has interests in mining and mineral processing, imports, exports,
real estate, infrastructure and power. Promoted by Mr. Madhusudan
L Daga and his family, the company was incorporated in 1996 and is
involved in manufacturing of pre-cast reinforced cement concrete
(RCC) products from its plant in Hosur (Tamil Nadu).
RUSHIL INDUSTRIES: ICRA Ups Rating on INR1cr Cash Loan to BB
------------------------------------------------------------
ICRA Ratings has upgraded the long-term rating of Rushil
Industries Limited to [ICRA]BB from [ICRA]BB- for the INR1.00-
crore cash-credit facility. ICRA has also upgraded the short-term
rating of RIL from [ICRA]A4 to [ICRA]A4+ for INR38.00-crore letter
of credit. The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 1.00 [ICRA]BB (Stable) upgraded
from [ICRA]BB-(Stable)
Letter of Credit 38.00 [ICRA]A4+ upgraded from
[ICRA]A4
Rationale
The ratings upgrade take into account the recovery in the ship-
breaking industry with improvement in the steel prices vis-a-vis
ship prices and the strengthening of the INR against the USD.
Also, the vast experience of the promoters in the ship-breaking
industry is a positive.
The ratings, however, remain constrained by the company's weak
financial-risk profile characterised by the modest scale of
operations, weak profitability and debt-coverage indicators. The
ratings also take into account the exposure to environmental and
regulatory risks that are inherent in the ship-breaking business.
This apart, the cyclicality associated with the ship-breaking
business, whose prospects are linked to international shipping
business, raises concerns. ICRA also takes note of the cyclical
nature of the end-user (steel) industry, which could directly
impact off-take and revenue realisations. Furthermore, the ratings
consider the exposure of profitability to competition and the
adverse exchange rate fluctuations, though hedging through forward
contracts mitigate the exchange fluctuation risk to some extent.
The company's operating income is expected to grow at healthy
levels in FY2018, considering the recovery in the ship-breaking
industry and the procurement of new ships. The profitability would
continue to remain constrained by vulnerability to fluctuations in
scrap prices and foreign exchange rates. RIL's ability to scale up
operations as well as improve profitability and coverage
indicators will remain important from the credit perspective.
Key rating drivers
Credit strengths
* Promoters' two-decade-long experience in the ship-breaking
Business
* Recovery of the ship-breaking industry with improvement in
the realisation of scrap vis-Ö-vis purchase price of ships
and strengthening of the INR against the USD
Credit weaknesses
* Financial risk profile characterised by weak profitability,
cash accruals and debt-coverage indicators
* Modest size of operations; exposure to ship-availability risk
as reflected by the fluctuation in the operating income in the
past
* Vulnerability to the cyclicality of the steel industry exposes
the company to erosion in the value of inventory
* Revenues and margins susceptible to adverse fluctuations in
foreign exchange rates
* Industry characterised by high competition with dominant
presence of unorganised sector; inherently low value addition
in the ship-breaking business has resulted in low margins for
the company
* Exposure to environmental and regulatory risks
Description of key rating drivers
During FY2017, the company purchased two vessels (in May 2016 and
January 2017, respectively) with a total Light Displacement
Tonnage (LDT)3 of 23,692. In the current fiscal, the company
purchased a vessel with LDT of 13,256. The average purchase cost
of RIL's ships has declined from $454.18/LDT in FY2015 to
$291.98/LDT in FY2016 and further to $282.37/LDT in FY2017. The
reduction in the price of ships may be attributed to the increased
supply of ships for dismantling due to the reduction in freight
rates as well as a decline in the realisations of steel scrap.
However, in May 2017, the purchase price of ships has increased to
$325.49/LDT with the overall economic revival and improvement in
steel prices.
The company faces an inventory risk as it takes around five to six
months on an average to completely dismantle a ship of around
10,000 LDT and generate the revenues. The vessel purchase
transaction is denominated in US dollars and is generally backed
by a Letter of Credit (LC) of 90-210 days. Thus, any adverse
movement in rupee increases the amount payable to honour the
respective LC. Given that the ship-breaking yards in Alang are
facing environmental issues, many of them are in the process of
converting their plots into green recycling yards to be certified
for compliance with the requirements of International Maritime
Organisation's Hong Kong Convention. RIL is also in the process of
converting its yard to a green plot at an estimated capex of
INR0.52 crore (Rs. 0.42 crore incurred up to March 31, 2017).
Incorporated in 1990, RIL was formed as a private limited company
named Rushil Enterprises Private Limited. The company is headed by
Mr. Chetan Tamboli. Subsequently, in 1996, Rushil Enterprises
Private Limited was converted to a closely-held public limited
company and was renamed "Rushil Industries Limited". The company
is involved in the ship-breaking activities from its plot at the
Alang shipyard in Gujarat.
S.S. COTTON: ICRA Reaffirms B+ Rating on INR18.50cr Cash Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ to
the INR18.50-crore fund-based limits and INR1.50-crore unallocated
limits of S.S. Cotton Industries Private Limited. The outlook on
the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 18.50 [ICRA]B+(Stable); reaffirmed
Unallocated 1.50 [ICRA]B+(Stable); reaffirmed
Rationale
The rating takes into account moderate scale of SSCIPL's
operations with decline in revenues during FY2017, and highly
fragmented and competitive cotton industry with low entry
barriers, leading to increase in number of ginning mills in the
area and low pricing power. The rating also takes into account
moderate financial profile as reflected in high gearing and
moderate coverage indicators. The rating considers stretched
liquidity profile of the company with high utilisation of working-
capital limits during the last 12 months. However, working capital
intensity improved during FY2016. ICRA notes that the
profitability of the company continues to remain exposed to
fluctuation in cotton prices. The rating, however, favourably
factors in over three decades of experience of the promoters in
the cotton-ginning industry and the logistic advantage enjoyed by
the company due to its proximity to cotton-growing areas of
Telangana. ICRA notes that the fiscal benefit provided by the
Telangana Government gives competitive advantage to the company.
The company's ability to scale up its operations while maintaining
its profitability and effectively manage its working capital
requirements will be the key rating sensitivities, going forward.
Key rating drivers
Credit strengths
* Experienced promoters with over three decades of experience
in ginning and oil extraction along with established
relationships with suppliers and customers in the region
* Proximity to cotton-growing areas of Telangana provides
logistic advantage
* Power subsidy from Telangana Government provides better
profitability
Credit weaknesses
* Moderate scale of operations with decline in revenues
during FY2017
* Highly fragmented and competitive nature of the industry
resulting in low pricing power
* No entry barriers leading to high competition with increase
in the number of ginning mills in the area
* Moderate financial profile of the company with high gearing,
thin margins and modest coverage indicators
* Moderate working capital intensity on the back of
improvement in debtor and inventory days
* Profitability exposed to fluctuation in cotton prices
Description of key rating drivers:
The scale of operations of SSCIPL remained moderate with decline
in revenues from INR194.34 crore in FY2016 to INR135.84 crore
during FY2017 on account of volatility in market prices, leading
to decline in outsourced ginning activity. SSCIPL also faces high
competition from other ginning mills in the area, given the low
entry barriers. SSCIPL operates in a highly fragmented industry
with no value addition and hence has lower pricing power. The
financial profile of the company remained stretched with high
gearing of 2.77 times and weak coverage indicators as reflected in
interest coverage ratio of 2.27 times, NCA/Debt at 4.91% and
Debt/OPBDITA at 9.84 times. The working capital intensity remained
moderate and improved during FY2016 on account of reduced
inventory and debtor days. The promoters have more than three
decades of experience in the cotton-ginning industry. Proximity of
the ginning unit to cotton-growing areas of Telangana provides
logistic advantage and incentives from the Telangana Government
provide better profitability.
SSCIPL, incorporated in May 2011, is involved in ginning and
pressing with an installed capacity of 48 gins along with
delinting, spread across an area of 3 acres. The operations of the
plant commenced in December 2011. It is located in Bhainsa,
Adilabad district of Telangana. The business is promoted by Mr.
Rama Rao Pawar and his sons, Mr. Sandeep Pawar and Mr. Satish
Pawar. The family has been involved in the business since last
three decades.
In FY2016, SSCIPL reported an operating income of INR194.34 crore
with profit after tax of INR0.53 crore against INR91.10 crore of
operating income with profit after tax of INR0.06 crore during
FY2015.
SANOOR CASHEWS: ICRA Reaffirms B+ Rating on INR2cr Long Term Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating assigned to the
INR2.00-crore cash-credit facilities of Sanoor Cashews (SC) at
[ICRA]B+. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 assigned to the INR5.00-crore fund-based facilities of
the firm.
The outlook on the long-term rating is stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-fund-
Based 2.00 [ICRA]B+ (Stable); Reaffirmed
Short-term-fund-
based 5.00 [ICRA]A4; Reaffirmed
Rationale The re-affirmation of the ratings takes into account the
firm's small scale of operations, limiting its operational and
financial flexibility to an extent, and low value additive nature
of the business, resulting in minimal pricing flexibility. The
reaffirmation also factors in the high competitive intensity due
to the presence of a large number of cashew-processing units in
and around the region where the firm operates and moderate
financial profile of the firm marked by low profit margins and
high working capital intensity owing to seasonal availability of
the raw material resulting in high inventory holding. ICRA also
notes the risks associated with the partnership nature of the firm
and exposure of the firm's profitability to variations in raw
material prices and foreign exchange fluctuations. The
reaffirmation, however, favorably factors in the long experience
of the promoters in cashew-processing industry and established
distribution channel of the firm. The ratings also consider the
long relationship of the firm with its suppliers, resulting in
ease of procurement of RCNs. Going forward, the ability of the
firm to scale up its operations and manage its working capital
cycle would be the key rating sensitivities.
Key rating drivers
Credit strengths
* Long experience of the promoters in cashew-processing
Industry
* Established relationships with suppliers and wide distribution
Channel
* Improvement in turnover during FY2017 due to improved
realisations from sale of products
Credit weaknesses
* Small scale of operations limits operational and financial
Flexibility
* Margins exposed to volatility in cashew prices and foreign
exchange fluctuations
* Moderate financial profile characterised by thin profit
margins and high working capital intensity
* Intense competition in a highly-fragmented industry structure
with low product differentiation and value addition, limiting
pricing flexibility
* Inherent risks associated with the partnership nature of the
Business
Description of key rating drivers:
Sanoor Cashews processes and converts RCN to cashew kernels
(contributes to 90% of revenue) and other allied products. The
margins on the kernel sales are subject to a high degree of
volatility owing to the high lead time from procurement of RCN to
sale of kernels. During FY2017, RCN prices increased to INR160 per
kg compared to INR120 per kg last year, mainly due to shortage of
supply both in the domestic and international markets. This
resulted in increased kernel price as well as subsequent increase
in the revenue contribution from sale of kernels despite reduction
in sales volume. The firm sells its products in domestic and
export markets, with the former contributing to ~85% of the total
revenues. Considering higher demand for Indian crop in the
markets, the firm tends to purchase most of the inventory during
the harvest season of April to June and maintains the inventory
required till November. However, in FY2017 due to early crop
harvest, the firm increased the raw cashew procurement during
March, 2017 resulting in increased working capital intensity.
The firm continues to focus on domestic sales due to better
realisations and stable demand. SC's scale of operations continues
to remain small with the firm reporting revenues of INR23.10 crore
during FY2017, limiting its operational and financial flexibility
to an extent. Also, the firm operates in a highly competitive and
fragment industry and remains exposed to volatilities in foreign
exchange rates and prices of RCN and kernels. However, the long
experience of the promoters, coupled with established relationship
with the customers and suppliers, mitigate the risk to an extent.
The risk arising due to partnership nature of operations including
the risk of capital withdrawal, among others, is yet another
concern.
Established in 1981, Sanoor Cashews (SC) is a partnership firm
managed by Mr. Ganesh N Kamath. SC processes raw cashew nuts
(RCNs) and converts them into kernels and allied products like
cashew nut shell liquid (CNSL), cashew shell cakes etc. The firm
imports RCN from Africa and Indonesia, in addition to domestic
purchases made from Kerala and Maharashtra. It also produces and
exports desiccated coconut powder and flakes. The firm's
manufacturing facility is located in Karkala and has an aggregate
installed capacity to process ~8 tonnes per day of RCN. The firm
is ISO 9001:2015 certified.
As per provisional results for FY2017, the firm reported a net
profit of INR0.61 crore on an operating income of INR23.10 crore
against a net profit of INR0.61 crore on an operating income of
INR19.97 crore in FY2016.
SHANKAR RICE: ICRA Reaffirms B+ Rating on INR9.50cr Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ on
the INR9.50-crore fund-based limits of Shankar Rice Mills. The
outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 9.50 [ICRA]B+ (Stable); reaffirmed
Rationale
The rating action is based on the best available information. As a
part of its process and in accordance with its rating agreement
with SRM, ICRA has been seeking information from the company to
undertake a rating surveillance. However, the company's management
has remained non cooperative despite repeated requests by ICRA. 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 1, 2016, the company's rating is now denoted as
"[ICRA]B+(Stable) NON COOPERATION ON INFORMATION and FEE". 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.
Incorporated in 2008, SRM is a partnership firm that mills and
processes basmati and non-basmati rice. Its plant at Karnal,
Haryana has a milling capacity of 3 metric tonne per hour. The
firm is promoted by Mr. Ashok Kumar, Mr. Shishan Kumar, Mr. Shiv
Charan Dass and Mr. Mangal Sain.
SHREE RAM: ICRA Reaffirms B Rating on INR30cr Cash Loan
-------------------------------------------------------
ICRA Ratings has reaffirmed its long-term rating assigned to the
INR30.00 crore cash credit facility of Shree Ram Cottex Industries
Private Limited (erstwhile Shree Ram Cotton Industries) at
[ICRA]B. The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-
Cash Credit 30.00 [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 SRCIPL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and had
also 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 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.
Key rating drivers
Credit strengths
* Long experience of the promoters in cotton industry
* Favourable location of the plant in the cotton producing belt
of India resulting in easy access to raw cotton
Credit weaknesses
* Weak financial profile characterised by thin profitability,
highly adverse capital structure and weak debt coverage
indicators.
* Stretched liquidity as reflected by high utilization of bank
Limits
* Limited value add nature of operations and highly fragmented
industry structure leading to low operating and net margins
* Vulnerability of profitability to adverse movement in raw
cotton prices which are subject to seasonality, crop harvest
and government regulations regarding MSP of raw cotton and
export of cotton bales
Description of key rating drivers:
Shree Ram Cottex Industries Private Limited (erstwhile Shree Ram
Cotton Industries) is engaged in the business of cotton ginning
and pressing of raw cotton to produce cotton bales and cotton
seeds. The company is equipped with 32 ginning machines having
production capacity of producing 360 bales per day. The cotton
ginning industry is highly fragmented with numerous players
operating in Gujarat, leading to high competition in the field.
The industry is also exposed to regulatory risks with the
Government imposing minimum support price (MSP) on the purchase of
raw cotton during over-supply in the market and restricting export
of cotton bales to support the domestic cotton textile industry.
Shree Ram Cotton Industries was established in 2006 by Mr. Chandu
Vasoya along with three other partners; however the partnership
firm was reconstituted in November 2011 and subsequently in April
2012, Mr. Ramnik along with two other partners took over the
management. Later in July 2013 there was a reconstitution of the
partnership firm and its name was changed to "Shree Ram Cottex
Industries". In September 2013, the partnership firm was converted
into private limited company 'Shree Ram Cottex Industries Private
Limited' (SRCIPL). SRCIPL is engaged in cotton ginning and
pressing to produce cotton bales and cotton seeds. The
manufacturing plant of the company is located at Gondal in Rajkot,
Gujarat.
SHRI HIRANYAKESHI: Ind-Ra Affirms 'BB' Rating on INR324.47MM Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shri Hiranyakeshi
Sahakari Sakkare Karkhane Niyamit's (SHSSKN) bank loans as:
-- INR324.47 mil. (reduced from INR704.29) Term loans affirmed
with 'IND BB/Stable' rating;
KEY RATING DRIVERS
The rating remains constrained by SHSSKN's weak-to-moderate credit
metrics. Total leverage (debt/CBBID) improved to 3.56x in FY16
(FY15: 9.54x) and interest coverage to 1.64x (0.50x), due to an
improvement in current balance before interest and depreciation
and rent (CBBIDR).
The rating also factors in SHSSKN's moderate liquidity profile as
reflected by considerable outstanding working capital limits of
INR743.82 million as on May 2017 as against INR793.22 million as
on March 31, 2016. Inventory was high at INR2.461 billion for
FY16 (FY15: INR2.282 billion) due to the seasonal nature of raw
material. SHSSKN expected inventory to have been at
INR1.727 million in FY17.
However, the rating is supported by an increase in scale of
operations to INR2.983 billion in FY16 (FY15: INR2.874 billion),
despite volatility in the industry. During FY13-FY16, the core
operating income increased at a CAGR of 2% to INR2,977.07 million
and CBBIDR margin expanded to 18.63% in FY16 (FY15: 3.83%) owing
to an increase in average sugar recovery (FY16: 11.37%, FY15:
10.73%, FY14: 11.01%).
The rating also benefits from SHSSKN's management's six-decade-
long experience in the sugar industry, the entity's diversified
revenue base as it owns a cogeneration plant and distilleries, and
its proximity to raw material sources. Raw material (sugar cane)
prices are still governed by the state as against the finished
product (sugar), whose prices are based on the domestic as well as
global demand supply.
RATING SENSITIVITIES
Positive: A significant increase in the scale of operations
leading to higher profitability and low leverage, and improvement
in the liquidity profile will be positive for the rating.
Negative: Deterioration in the credit metrics as well as the
overall liquidity profile will be negative for the rating.
COMPANY PROFILE
SHSSKN is a cooperative entity registered in 1956 under the Multi
State Cooperative Societies Act as it has members both in
Karnataka and Maharashtra. SHSSKN operates in 233 villages in
Karnataka and 77 villages in Maharashtra within a radius of 22
miles. SHSSKN is formed for the benefit of sugar cane growers and
to provide employment in the areas surrounding the factory.
SN NIRMAN: ICRA Withdraws 'D' Rating on INR37.21cr Loan
-------------------------------------------------------
ICRA Ratings has withdrawn the rating of [ICRA]D assigned to the
INR6.20 crore term loan facility and INR37.21 crore unallocated
limits of SN Nirman Infra Projects Private Limited (SNIPPL) as
there is no amount outstanding against the rated instrument.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loans 6.20 [ICRA]D withdrawn
Unallocated 37.21 [ICRA]D withdrawn
Rationale
ICRA has withdrawn the rating of [ICRA]D as there is no amount
outstanding against the rated facility.
SNIPPL is a special purpose vehicle (SPV) promoted by Hyderabad
based KSK group to develop, construct and finance a water supply
facility of approximately 42.5 kilometers from Indira Gandhi Nahar
Pariyojana (IGNP) to the project site of the 135 MW lignite-based
power plant under VS Lignite Power Private Limited (VSLPL), along
with water reservoir at the later end in Bikaner district of
Rajasthan. This water intake project has been completed fully and
is supplying water to the power project.
SRINAGAR BANIHAL: ICRA Reaffirms D Rating on INR1,440cr Loan
------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]D
outstanding on the INR1,440.00 crore fund based facilities of
Srinagar Banihal Expressway Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund
based facilities 1,440.00 [ICRA]D; reaffirmed
Rationale
The re-affirmation of rating takes into account the continued
delays in servicing SBEL's interest obligation. ICRA notes that
the interest during construction is to be serviced through fresh
disbursements as the promoters have brought in entire
contribution. Some of the lenders in the consortium delayed
disbursements resulting in delays in interest servicing. Owing to
delays in securing right of way (RoW) by the authority and various
force majeure events during construction, SBEL was granted
extension of timeline of 523 days for completion of project till
December, 2015 as against scheduled COD of June, 2014. Despite
that, given the unrest and series of political events unfolded in
Kashmir valley, the project progress had been slow. Therefore, the
actual financial progress achieved as on March 31, 2017 stood at
85% of initial EPC cost as against scheduled progress of 100%;
this corresponds to 68.05% of physical progress. Further, there
has been cost escalation which is estimated at around INR400 crore
(25% of initial project cost) primarily on account of increase in
interest during construction. The total project cost is now
revised to INR2000 crore as against initial estimates of INR1600
crore. The cost over run will be largely funded through one time
fund infusion of INR200 crore by NHAI and INR176 crore of undrawn
term loans. As per the management, SBEL needs to incur another
INR100 crore in order to achieve provisional completion
certificate. The rating continues to take into account the pending
implementation risks and susceptibility to adverse movement of the
interest rates.
While reaffirming the rating, ICRA has noted the operational
strength of the promoter - Ramky Infrastructure Limited (RIL), who
is also the Engineering, Procurement and Construction (EPC)
contractor, fixed-price EPC contract; absence of traffic risk and
low revenue risk due to annuity nature of the project. ICRA notes
that the company is in the process of getting one more deferment
in repayment schedule to July, 2018 from July, 2017 earlier. Also,
SBEL has been selected by National Highway Authority of India
(NHAI) for one time fund infusion. Under this scheme, NHAI would
disburse INR200 crore to SBEL as interest bearing loan; to be
repaid from compensatory annuity of around INR222 crore equivalent
to 302 days of annuity for delay in handing over the RoW. The
compensatory annuity will be paid by NHAI upon achieving
provisional completion.
Going forward, SBEL's ability to service its debt obligations in a
timely manner will be the key rating sensitivity. Further,
achieving provisional completion and completing the project within
the revised cost will be the other rating sensitivities.
Key rating drivers
Credit strengths
* Annuity nature of the project eliminates traffic risks;
strong credit profile of the project owner and annuity
provider, NHAI (rated [ICRA]AAA(Stable))
* One time fund infusion of INR200 crore from NHAI along with
undrawn loan of INR176 crore are largely sufficient to fund
the balance construction cost
Credit challenges
* Recent delays in servicing interest obligation
* Running delays in execution by around 36 months. NHAI has
approved extension of timeline of 523 days as the delays were
not attributable to SBEL (floods in Srinagar, inability of
NHAI to hand over the prerequisite land etc.). However, the
approved EOT is not sufficient to cover the ongoing delays
* High debt-equity ratio (9:1) results in limited financial
flexibility; the total project cost of INR1600 crore is being
funded through INR1440 crore debt and INR160 crore equity
* Ability to maintain the operation and maintenance expenses
(including the major maintenance) within limits post
commercial operation date (COD) and ensure availability of
lane as stipulated
* Exposed to interest rate risk given that the interest on the
loans is reset every year post COD
Description of key rating drivers:
Interest during construction is to be serviced through fresh
disbursements as the promoters have brought in their entire
contribution. However, given the tardy project progress, the fresh
disbursements from some of the lenders in the consortium is
delayed resulting in delays in interest servicing. Owing to delays
in securing RoW by the authority and various force majeure events
during construction, there are running delays of around 36 months.
The time over run has resulted in higher than anticipated interest
during construction. The total cost over run is estimated at
INR400 crore. SBEL has been selected by NHAI for one time fund
infusion. Under this scheme, NHAI would disburse INR200 crore to
SBEL as interest bearing loan; to be repaid from compensatory
annuity of around INR222 crore equivalent to 302 days of annuity
for delay in handing over the RoW. The compensatory annuity will
be paid by NHAI upon achieving provisional completion. SBEL's
counter-party and annuity provider, NHAI (rated
[ICRA]AAA(Stable)), is a key central government entity entrusted
with the responsibility of development and maintenance of India's
national highway programme. Further, annuity nature of the project
eliminates traffic risk.
SRI RAMALINGESWARA: ICRA Reaffirms B+ Rating on INR6cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ to
the INR6.00-crore cash credit limit of Sri Ramalingeswara Aqua
Feeds. The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 6.00 [ICRA]B+ (Stable); Reaffirmed
Rationale
The rating factors in the firm's low profitability levels owing to
the trading nature of the business, weak coverage, and working
capital intensive nature of the business owing to high debtor days
as majority of the sales are made to farmers who pay after the
harvesting of shrimps, which takes around 120 days. The rating is
also constrained by the modest scale of operations of the firm
coupled with intense competition from unorganized players owing to
low entry barriers and risks arising from partnership nature of
the business. Moreover, the demand for shrimp feed is exposed to
inherent risks in the seafood industry, including susceptibility
to diseases, government policies, and climate change risks.
The rating, however, positively factors in the significant
experience of the promoters in the aqua feed industry, along with
logistic advantages with the firm's facilities being located in
proximity to the major aquaculture belt of Andhra Pradesh. The
rating also favorably factors in the longstanding relationship
with the suppliers ensuring continuous supply of feed for trading
and low customer concentration risks with firm supplying the feed
to large number of farmers located in the aquaculture belt.
Going forward, the ability of the firm to improve its
profitability and efficiently manage its working capital
requirements will remain the key rating sensitivities.
Key rating drivers
Credit strengths
* Favorable demand with Andhra Pradesh, being key shrimp
farming hub, accounting for 70% of the production in the
country.
* Vast experience of the promoters in the aqua feed business
* Low customer concentration risk
Credit weaknesses
* Weak financial profile indicated by high gearing and
weak coverage indicators
* Low profitability inherent in trading nature of business
* Highly fragmented aqua feed industry with low entry barriers,
and intense competition from unorganized players
* Inherent risks in aqua feed industry like susceptibility to
diseases, climate change risks and government policies
* Risk arising from partnership nature of the business
Description of key rating drivers:
Sri Ramalingeswara Aqua Feeds (SRAF) is engaged in trading and
distribution of shrimp feed of the two major species i.e.,
Vannamei and Black Tiger. The firm is promoted by Mr. S. Krishna
Reddy who has an experience of more than two decades in the aqua
feeds industry. The firm primarily sells feed to farmers in the
East Godavari district, who are involved in shrimp culture. The
firm faces low customer concentration risk, with a single customer
accounting for less than 5% of the total operating income.
The aqua feeds industry remains highly fragmented with low entry
barriers giving rise to intense competition from unorganized
players. Also, the industry is highly susceptible and exposed to
inherent risks such as outbreak of diseases, climate change risks
and change in government policies.
The revenue growth has been muted in FY2017. However, the
operating margin of the firm increased from 2.21% in FY2016 to
2.69% in FY2017 owing to better realizations. Despite improved
operating margins in FY2017, the net profit margin remained at
similar levels of ~ 0.36% in last 2 years owing to increased
interest expenses. The firm's financial profile remains weak with
high gearing of 3.49 times as on March 31, 2017 and weak coverage
indicators with interest coverage ratio at 1.20 times as on
March 31, 2017.
Founded in 1999 as a partnership firm, Sri Ramalingeswara Aqua
Feeds (SRAF) is engaged in trading shrimp feed. The feed is
procured from Charoen Pokphand (India) Private Limited (CPPL),
Avanti Feeds Limited (AFL), and Godrej Agrovet Limited (GAL),
within Andhra Pradesh. SRAF's registered office is located at
Penuguduru village of East Godavari district in Andhra Pradesh.
The firm's operations are overseen by the managing partner, Mr. S.
Krishna Reddy, who has been involved in the aqua feed industry for
more than two decades. The firm operates several branches within
the East Godavari district of Andhra Pradesh.
In FY2017, as per provisional financials, the company made net
profit of INR0.12 crore on an operating income of INR32.06 crore,
compared to a net profit of INR0.11 crore on an operating income
of INR32.06 crore in FY2016.
SRI SUDHA: ICRA Reaffirms B+ Rating on INR12cr Cash Loan
--------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+
assigned to the INR12.04 crore fund-based bank facilities and
INR0.96 crore unallocated limits of Sri Sudha Sesamum Agro Foods
and Exports Private Limited (SSS). The outlook on the long term
rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loans 0.04 [ICRA]B+ (Stable); Reaffirmed
Fund-based-Cash
Credit 12.00 [ICRA]B+ (Stable); Reaffirmed
Unallocated 0.96 [ICRA]B+ (Stable); Reaffirmed
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SSS, 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.
Sri Sudha Sesamum Agro Foods and Exports Private Limited (SSS) was
incorporated in the year 2010 and commenced operations in Q2 of
FY2012. The company is engaged in manufacture and sales of
mechanically-hulled auto-dried optically-sorted Sesame Seeds in
Andhra Pradesh, Tamil Nadu and to countries such as Malaysia,
Taiwan and Indonesia. The facility is located in Tadepalligudam -
50 Km from Rajahmundry in Andhra Pradesh. The annual production
capacity is 6900 MT.
SRI VENKATESWARA: ICRA Reaffirms 'B' Rating on INR15cr Cash Loan
----------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B to the
INR15.00-crore cash credit limit, INR11.95 crore term loan and
INR0.20 crore bank guarantee limits of Sri Venkateswara
Fertilisers Private Limited. ICRA has also reaffirmed the long-
term/short-term rating of [ICRA]B/[ICRA]A4 to the INR5.85 crore
unallocated limits of SVFPL. The outlook on the long-term rating
is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 15.00 [ICRA]B (Stable); Reaffirmed
Term Loan 11.95 [ICRA]B (Stable); Reaffirmed
Bank Guarantee 0.20 [ICRA]B (Stable); Reaffirmed
Unallocated Limits 5.85 [ICRA]B(Stable)/[ICRA]A4;
Reaffirmed
Rationale
The ratings are constrained by the limited experience of the
promoters in the fertilizer industry and the weak financial
profile of the company with high gearing and moderate coverage
indicators. The ratings are further constrained by the company's
susceptibility of operating margins to agro-climatic and
regulatory risks involved in the fertiliser business, and project
risk associated with the NPK granulation plant owing to the
nascent stage of project execution. The company also faces high
client concentration risk with its top 5 customers accounting for
~60% of its total revenues during 11M FY2017. The rating further
factors in the stretched liquidity position of the company as
evidenced by high average working capital utilisation of ~98% for
its Di-calcium Phosphate (DCP) plant.
The ratings however positively factor in the healthy growth
prospects for fertilizer industry in India in the medium term due
to increased awareness among farmers.
Going forward, the ability of the company to scale up operations
in existing plant and commence NPK granulation plant without any
further time and cost overruns will be the key rating
sensitivities from the credit perspective.
Key rating drivers
Credit strengths
* Healthy growth prospects of the fertilizer industry in India
owing to increased awareness among farmers
Credit weaknesses
* Limited experience of promoters in the fertilizer industry
* Weak financial profile, characterized by high gearing and
stretched coverage indicators
* Project execution risk on account of nascent stage of NCP
granulation plant
* Vulnerability of profitability to agro climatic conditions,
regulatory risks in the fertiliser business
* High client concentration risk with top 5 customers accounting
for about 60% of the total revenues
Description of key rating drivers:
Sri Venkateswara Fertilisers Private Limited is engaged in
manufacturing of DCP fertilisers. The firm is promoted by Mr. S.
Krishna Reddy who has an experience of about 4 years in this
industry. Also, the company is exposed to high project execution
risk on account of delays observed in the commissioning of the NPK
plant.
The operating income of the company increased to INR15.22 crore in
11M FY2017 from INR11.69 crore in FY2016 owing to increase in
sales volume as well as realizations for DCP and gypsum. The
operating margins reduced in 11M FY2017 to 31.57% owing to
increase in raw material costs. The company's financial profile
remains weak with high gearing of 2.40 times and moderate coverage
indicators with interest coverage ratio at 2.03 times as on
February 28, 2017. The company's liquidity profile continues to
remain stretched as evidenced by high average working capital
utilisation of about 98% for the period April, 2016 to April,
2017.
Sri Venkateswara Fertilizers Private Limited was incorporated as a
private limited company in August 2011 by Mr. Krishna Reddy and
his family members. SVFPL proposed to set up a 1,20,000 MTPA NPK
granulation, a 1,05,000 MTPA Single Super Phosphate (SSP) plant
and a 15,000 MTPA Di calcium phosphate (DCP) in East Godavari
District, Andhra Pradesh. The DCP plant has been operational since
October 2013.
In 11M FY2017, as per provisional numbers, the company made a
profit (before taxes) of INR0.78 crore on an operating income of
INR15.22 crore, compared to a net profit of INR0.10 crore on an
operating income of INR11.69 crore in FY2016.
SRI VENKATESWARA AQUA: ICRA Reaffirms B Rating on INR12cr Loan
--------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating at [ICRA]B+ to
the INR12.00-crore cash credit limit of Sri Venkateswara Aqua
Culture (SVAC). The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 12 [ICRA]B (Stable);
Reaffirmed
Rationale
The rating is constrained by the firm's low profitability levels
on account of trading nature of operations, weak coverage
indicators, and working capital intensive nature of the business
owing to high debtor days as majority of the sales are made to
farmers who pay after the harvesting of shrimps, which takes
around 120-130 days. The rating also remains constrained by the
modest scale of operations of the firm coupled with intense
competition from unorganized players owing to low entry barriers
and risks inherent to partnership nature of the business.
Moreover, the demand for shrimp feed is exposed to inherent risks
in the seafood industry, including susceptibility to diseases,
government policies, and climate change risks.
The rating, however, positively factors in the significant
experience of the promoters of more than two decades in the aqua
feed industry, along with logistic advantages with the firm's
facilities being located in proximity to the major aquaculture
belt of Andhra Pradesh. The rating also favourably factors in the
firm's longstanding relationship with its suppliers ensuring
continuous supply of feed for trading and low customer
concentration risk with firm supplying the feed to large number of
farmers located in the aquaculture belt.
Going forward, the firm's ability to improve its revenues and
operating margins, while managing its working capital
requirements, will be the key credit rating sensitivities.
Key rating drivers
Credit strengths
* Favorable demand with Andhra Pradesh, being key shrimp
farming hub
* Vast experience of the promoters in the aqua feed business
Credit weaknesses
* Low profitability inherent in trading nature of business
* Highly fragmented aqua feed industry with low entry barriers,
and intense competition from unorganized players
* Inherent risks in aqua feed industry like susceptibility to
diseases, climate change risks and government policies
* Exposure to wide fluctuations in the key raw material prices
(fishmeal, soya and maize) likely to affect operating margins
* Risks inherent to partnership nature of the business
Description of key rating drivers:
Sri Venkateswara Aqua Culture is engaged in cultivating shrimps of
Vannamei and Tiger species and also involved in trading of shrimp
feed manufactured by CP Aqua Culture Private Limited (CPACPL)
under the well established brand name "Star Feed". The firm is
promoted by Mr. S. Krishna Reddy who has an experience of more
than two decades in the aqua feeds industry. The firm primarily
sells feed to farmers in the East Godavari district, who are
involved in shrimp culture. The aqua feeds industry remains
highly fragmented with low entry barriers giving rise to intense
competition from unorganized players. Also, the industry is highly
susceptible and exposed to inherent risks such as outbreak of
diseases, climate change risks and change in government policies.
The operating income of the firm grew by ~5% to INR46.68 crore in
FY2017. The operating margin of the firm improved from 1.73% in FY
2016 to 2.33% in FY 2017 owing to increased margins. Despite
higher operating margins, the net profit margin remained at
similar level as last year at 0.50% for FY2017 owing to higher
interest expenses. The firm's financial profile remains weak with
high gearing of 1.54 times as on March 31, 2017 and weak coverage
indicators with interest coverage ratio at 1.30 times as on
March 31, 2017.
Founded in 2000 as a partnership firm, Sri Venkateswara Aqua
Culture (SVAC) is engaged in trading shrimp feed from CP Aqua
Culture Private Limited (CPACPL) in Andhra Pradesh; and in the
shrimp culture of Vannamei and Black Tiger species. The registered
office is located at Penuguduru village of East Godavari district
in Andhra Pradesh. The firm's operations are overseen by the
managing partner, Mr. S. Krishna Reddy, who has been involved in
the aqua feed industry for more than two decades. The firm
operates several branches within the East Godavari district of
Andhra Pradesh.
In FY2017, as per provisional numbers, the company made net profit
of INR0.23 crore on an operating income of INR46.68 crore,
compared to a net profit of INR0.22 crore on an operating income
of INR44.25 crore in FY2016.
SSV TECHNOCRATES: ICRA Reaffirms B+ Rating on INR10.45cr Loan
-------------------------------------------------------------
ICRA Ratings has reaffirmed the long-term rating of [ICRA]B+ on
the INR10.45-crore fund-based facilities of SSV Technocrates
(SSVT). ICRA has also reaffirmed the long-term rating of [ICRA]B+
and short-term rating of [ICRA]A4 on the INR2.08-crore unallocated
limits of SSVT. The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
credit 10.45 [ICRA]B+ (Stable); Reaffirmed
Unallocated Limits 2.08 [ICRA]B+(Stable)/[ICRA]A4;
Reaffirmed
Rationale
The ratings reaffirmation continues to factor in the firm's weak
financial profile as is evident in its low profitability,
leveraged capital structure, moderate coverage indicators and high
working capital intensity. Moreover, the firm's profit margins
remain exposed to vulnerability in the raw material fluctuations,
mainly steel and special alloy items and foreign exchange
fluctuations risk, given the more than 80% contribution of exports
to total sales. ICRA also takes note of the partnership
constitution of the firm, which exposes it to risks of dissolution
and capital withdrawal.
Nonetheless, the ratings positively take into account the long
experience of the partners in the valves manufacturing industry
and also its established and reputed client profile. The ratings
also draw comfort from the consistent growth in operating income
in the last two fiscals supported by increase in sales volumes in
export markets.
Going forward, SSVT's ability to scale up its revenues while
improving the profitability, maintain a prudent capital structure
and effectively manage working capital requirements will remain
the key rating considerations.
Key rating drivers
Credit strengths
* Extensive experience of the partners in valves manufacturing
industry
* Established and reputed clientele base
* Consistent growth in the operating income in the past two
years
Credit weaknesses
* Financial profile characterised by low profitability,
leveraged capital structure, moderate coverage indicators
and high working capital intensity
* Profitability susceptible to foreign exchange fluctuation
risk with exports constituting about 80% of the revenues
* Inherent cyclicality associated with the steel industry,
which exposes the company's margins to fluctuations in
raw material prices
* Risks associated with partnership form of business in terms
of continuity, capital infusions and withdrawals
Description of key rating drivers
SSVT is involved in the manufacturing of engine valves, valve
seats insert and valve tappets at its facility at Metoda, Rajkot
district of Gujarat. It has an annual installed capacity of
manufacturing 60,000 units of engine valves (exhaust), 85,000
units of engine valves (inlets), 15,50,000 units of valve tappets
and 17,00,000 units of valve seats inserts. The firm's products
cater to various industries such as locomotive, automotive,
defence and marine industry; however, it mainly derives its
revenue from the Government's locomotive divisions.
The operating income of the firm witnessed a sharp increase of
about 102% in FY2016 to INR30.88 crore from INR15.29 crore in
FY2015, and further about 29% in FY2017 to INR39.89 crore on the
back of high sales volumes with orders from the Government's
locomotive divisions in Turkey, France and China. The operating
profit margins remained moderate at 8.64% in FY2017, however, the
same declined from 9.96% in FY2016 due to varied applications of
the firm's product. The firm incurred a debt-funded capex of
INR4.31 crore in FY2016 to increase its installed capacity for all
its products and for the installation of a heat treatment plant at
its facility. The capex was funded partially through term loan and
rest through infusion of unsecured loans. Exports accounted for
more than 80% of the revenue in FY2017 which exposes the firm to
foreign exchange fluctuation risks as the firm does not hedge its
transactions. The profitability of the firm is also exposed to
fluctuations in the raw material prices due to the commoditised
nature of the product. However, the partners' long experience in
the valve manufacturing industry through association with Group
concern SSV Valves, which is also involved in the valve
manufacturing business.
Established in 2013, SSV Technocrates (SSVT) is involved in the
manufacturing of engine valves, valve seats insert and valve
tappets. SSVT is owned and managed by Mr. Rajendrasingh Jadav. The
partners are associates with another Group concern namely, SSV
Valves, which manufactures engine valves. SSVT's manufacturing
facility of is located at Metoda, Rajkot district of Gujarat, with
an installed capacity of manufacturing 60,000 units of engine
valves (exhaust), 85,000 units of engine valves (inlets),
15,50,000 units of valve tappets and 17,00,000 units of valve
seats inserts. The firm's products find application in locomotive,
automotive, defence and marine industries.
The firm reported a profit before tax of INR0.49 crore on an
operating income of INR39.89 crore, as per provisional financials
in FY2017. It had generated a net profit of INR0.36 crore on an
operating income of INR30.88 crore in the previous year.
SUBIR DIAMONDS: Ind-Ra Affirms 'B' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Subir Diamonds
Pvt Ltd.'s Long-Term Issuer Rating at 'IND B'. The Outlook is
Stable. The instrument-wise rating action is:
-- INR90 mil. Fund-based limit affirmed with 'IND B/Stable'
rating
KEY RATING DRIVERS
The affirmation reflects the company's continued weak credit
metrics and weak profitability due to volatility in diamond prices
(its end product) as well as foreign currency fluctuations, since
it derives revenue mainly from exports to Europe, Singapore and
Hong Kong. According to the FY17 provisional financials, interest
coverage was 0.9x (FY16: negative 0.2x), net leverage (adjusted
net debt/operating EBITDAR) was negative 0.2x (negative 51.6x) and
EBITDA margin was 0.4% (negative 0.1%). The improvement in the
net financial leverage was due to an increase in EBITDA to INR4
million in FY17 (FY16: negative INR1 million) along with reduced
debt.
The ratings, however, are supported by the company's moderate
scale of operations as reflected from its revenue of INR901
million in FY17 (FY16: INR917 million). The slight decline in the
revenue was due to the effect of demonetization. The ratings are
also supported by its moderate liquidity profile as reflected from
its 40% use of the working capital limits on an average during the
12 months ended May 2017 and over three decades of experience of
its directors in the diamond business.
RATING SENSITIVITIES
Positive: Improvement in the operating EBITDA margin, leading to
an improvement in the overall credit metrics, will be positive for
the ratings.
Negative: Deterioration in the credit metrics will be negative for
the ratings.
COMPANY PROFILE
Incorporated in 1982, Subir Diamonds is a private limited company
with a registered office in Mumbai. It imports, polishes and
exports rock diamonds.
TULSI CONSTRUCTIONS: ICRA Withdraws B+ Rating on INR7.9cr Loan
--------------------------------------------------------------
ICRA Ratings has withdrawn the long-term rating of [ICRA]B+
assigned to the INR13.90-crore fund-based bank facilities of Tulsi
Constructions.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Term
Loan 7.90 [ICRA]B+; Withdrawn
Fund-based-
Unallocated 6.00 [ICRA]B+; Withdrawn
Rationale
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension and as desired by the company.
Set up in 2012, Tulsi Construction is engaged in construction of
residential real estate projects. The promoters have experience of
over a decade in the development of residential real estate
projects in and around Navi Mumbai and Raigad region. Till the
last rating exercise the firm was developing two residential
projects in the Navi Mumbai region namely Tulsi Sonata (Panvel)
and Tulsi Aura (Ghansoli). The firm had another project in the
pipeline at Ulwe (Tulsi Alaya) for which it had already purchased
land, however no other activities have commenced till then.
UNITECH COTSPIN: ICRA Reaffirms B Rating on INR24.32cr Loan
-----------------------------------------------------------
ICRA Ratings has reaffirmed its long-term rating assigned to the
INR6.00 crore cash credit facility and INR24.32 crore term loan
facility of Unitech Cotspin Limited at [ICRA]B. The outlook on the
long-term rating is 'Stable'. ICRA has also reaffirmed its short
term rating of [ICRA]A4 to the INR1.50 crore non fund based limits
of UCL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 6.00 [ICRA]B (Stable); Reaffirmed
Fund-based-Term
Loan 24.32 [ICRA]B (Stable); Reaffirmed
Non Fund Based-
Bank Guarantee 1.50 [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 UCL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and had
also 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 1, 2016, the company's
rating is now denoted as: "[ICRA]B (Stable) and [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.
Key rating drivers
Credit strengths
* Long experience of key promoters in the cotton industry
through an associate concern
* Operational support from a group concern engaged in the
supply of cotton bales
* Various fiscal benefits available to new spinning units in
the state of Gujarat, likely to support the profitability
Credit weaknesses
* Exposed to cotton price fluctuations which have witnessed
significant volatility in the recent past
* Limited ability to fully pass on an increase in raw material
prices owing to intense competition in a highly fragmented
market structure
Description of key rating drivers:
Unitech Cotspin Limited is engaged in the manufacturing of carded
cotton yarn (counts 24-42) with its manufacturing facility located
at Himmatnagar, Gujarat. The company commenced production in April
2012 with 12096 spindles with an installed capacity of 2100MT per
annum. Later the company enhanced the said capacity by 17280
spindles with an installed capacity of 5470MT per Annum.The
Company had planned production in two phases, the production from
first phase commenced from April 2012 and the production from
second phase commenced from October 2014.
The spinning industry is fragmented in nature with capacities
concentrated in Tamil Nadu, Maharashtra, Gujarat, Andhra Pradesh
and Punjab.
Incorporated in 2007, Unitech Cotspin Limited (UCL) was promoted
by Mr. Manubhai Patel and Mr. Hasmukh Patel. However in May, 2011
it was taken over by present promoters Mr. Mahesh Patel, Mr.
Narendra Patel and Mr. Pravin Khut having vast experience in
textile industry. The company is engaged in the manufacture of
cotton yarn ranging between 24's to 40's with 29376 spindles of
installed capacity of 5470MT per annum.
VIJAY SABRE: ICRA Reaffirms 'C' Rating on INR10.90cr LT Loan
------------------------------------------------------------
ICRA Ratings has re-affirmed the long-term rating of [ICRA]C
assigned to the INR10.90 crore fund-based limits of Vijay Sabre
Safety Private Limited. ICRA has also re-affirmed the short-term
rating of [ICRA]A4 assigned to the INR08.98 crore non-fund based
limit of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund
Based Limits 10.90 [ICRA]C; Re-affirmed
Short-term 8.98 [ICRA]A4; Re-affirmed
Non-Fund Based
Limits
Rationale
The ratings reaffirmation factors in VSSPL's modest scale of
operations and stretched liquidity position as reflected from
NWC/OI (Net working capital intensity/Operating income) of 65% in
FY2017 emanating from elongated receivables and high inventory
levels. Further, the company has given a corporate guarantee to
its group entity - Vijay Latex products Private Limited ([ICRA]D
withdrawn) which has a weak financial profile and limits the
financial flexibility of VSSPL. The coverage indicators continue
to remain weak on account of low accruals and comparatively high
debt levels. The ratings continue to be constrained by the
susceptibility of margins to foreign exchange risks and intense
competitive pressure from players in the organised sector.
The ratings, however, continue to positively factor in the
experience of the promoters of more than two decades in the
industrial personal protection equipment industry. Going forward,
the company's ability to execute the orders in a timely manner
while focusing on the profitability prospects and expediting
receivables will be the key rating sensitivities.
Key rating drivers
Credit strengths
* Extensive experience of promoters of more than two decades
in the industrial personal protection equipment industry
Credit weaknesses
* Modest Scale of operations
* Corporate guarantee given by the company to its group
entity- Vijay Latex Products Private Limited, which has
a weak financial risk profile
* Stretched liquidity position following delays in receivables
resulting in high utilisation of bank limits
* Low accruals and high debt levels resulting in weak coverage
Indicators
* Exposure to foreign exchange fluctuation risk as the company
does not hedge its imports
* Industry characterised by strong competition from
unorganised as well as organised players limiting
profitability margins
Description of key rating drivers:
The products manufactured/traded by the company primarily find
application in the area of industrial personnel safety,
particularly in the chemical, oil and gas, power, and construction
industries. VSSPL's customer base comprises of public as well as
private sector entities. However, the customer base is skewed
towards the government agencies/public sector units. It is one of
the leading suppliers of specialised protection equipments to
Ministry of Defence. VSSPL has received three contracts of
INR45.77 crore from Ministry of Defence to supply NBC (nuclear,
biological, chemical) suits, boots, gloves and masks etc by 2018,
which provides revenue visibility in the near term. However, the
company's ability to execute the orders within the budgeted time
and cost parameters remains critical.
The scale of operations of the company has remained modest with an
operating income of INR38.77 crore in FY2017. The liquidity
position of the company has remained stretched as reflected from
NWC/OI of 65% in FY2017 on account of high receivables and
inventory levels at year end. Consequently, the utilisation of
working capital limits has remained high at 95% during the 15
month period ending April 2017. Also, VSSPL has given a corporate
guarantee to it group concern - Vijay Latex Products Private
Limited for INR16.65 crore limiting its financial flexibility.
Incorporated in 1988 by Mr. Jitendra Salot, VSSPL is engaged in
manufacture and trading of fire and safety equipments. Its
manufacturing and trading units are located at Silvassa and
Umbergaon in Gujarat. The company is ISO 9000:2001 certified and
its product range is approved by BIS (Bureau Of Indian Standards).
VSSPL has been an authorised distributor of Scott Health & Safety
Limited in India since inception. It's group concern, Vijay Latex
Products Private Limited ([ICRA]D; withdrawn) is engaged in
manufacturing of rubber gloves.
VSSPL recorded a net profit of INR0.56 crore on an operating
income of INR34.52 crore for the year ending March 31, 2016 and a
net profit of INR0.75 crore on an operating income of INR38.77
crore for the year ending March 31, 2017.
=================
I N D O N E S I A
=================
BUMI RESOURCES: Obtains Effective Statement to Restructure Debt
---------------------------------------------------------------
The Jakarta Post reports that PT Bumi Resources finally obtained
an effective statement from the Financial Services Authority (OJK)
to restructure debts totaling US$4.38 billion.
Under the plan, politically-wired Bumi will convert its
$1.99 billion debt into equity at IDR926 (7 US cents) per share,
the report says.
Meanwhile, another $639 million debt will be covered with
convertible bonds, technically known as mandatory convertible
bonds (MCB) in scripless form, the report says. With an annual
coupon rate of 6% and a maturity period of seven years, the MCBs
will be available at IDR1 per unit.
The Jakarta Post relates that the equities and bonds will be
issued with preemptive rights to subscribe securities (HMETD) for
existing shareholders.
"The OJK has confirmed the effective date of June 22 for Bumi's
rights issue and the release of the MCBs," Bumi corporate
secretary Dileep Srivastava told The Jakarta Post on June 22.
The Jakarta Post says Bumi originally expected the effective
statement to be issued on May 26 so that it could trade the HMETD
on June 12 to 16.
The report adds that as part of its debt-restructuring plan, Bumi
has brought in three new directors from its two creditors: China
Investment Corporation (CIC) and China Development Bank (CDB).
Bumi's two new directors from CIC are Wayne Yao and Haiyong Yu,
while the one from CDB is Ruan Xuefeng, the report says.
The company has also added five new commissioners, including two
from CIC, Jinping Ma and Benjamin Bao, and one from the company's
bondholders, Thomas M. Kearney, The Jakarta Post adds.
About Bumi Resources
PT Bumi Resources Tbk (JAK:BUMI) -- http://www.bumiresources.com/
-- is an Indonesia-based company engaged in exploration and
exploitation of coal deposits, including coal mining, and oil
exploration activities. It has four core business segments: coal
mining, which comprises exploration and exploitation of coal
deposits, including mining and selling coal; services, which
represent marketing and management services; oil and gas, which
covers the exploration of oil and gas, and gold, which covers the
exploration of gold. The Company and its subsidiaries are
operating in Indonesia, the United Kingdom, Japan and Australia.
On July 17, 2008, the Company acquired the Australia-based Herald
Resources Limited.
As reported in the Troubled Company Reporter-Asia Pacific on
Jan. 27, 2017, PT Bumi Resources Tbk sought bankruptcy protection
in the U.S. Bankruptcy Court for the Southern District of New York
on Jan. 20, 2017, seeking recognition in the United States of an
insolvency proceeding currently pending in Indonesia. The
Chapter 15 case is assigned to Judge Mary Kay Vyskocil and Case
No. 17-10115.
Bumi blamed the decrease in the global demand for coal for the
deterioration of its financial condition. As of June 30, 2014,
Bumi's net cash flow had declined into a negative position
necessitating the restructuring process.
MODERNLAND REALTY: Fitch Revises Outlook to Stable; Affirm B IDR
----------------------------------------------------------------
Fitch Ratings has revised Indonesia-based homebuilder PT
Modernland Realty Tbk's (Modernland) Outlook to Stable from
Negative and affirmed the Long-Term Foreign-Currency Issuer
Default Rating (IDR) at 'B'.
The Outlook revision reflects the significant improvement in the
company's presales, which may result in higher EBITDA recognition,
and the subsequent reduction in the risk of the company breaching
its local-currency debt covenants in 2017. In 1Q17, Modernland
booked presales of over IDR600 billion, more than three times the
1Q16 presales of around IDR200 billion. In Fitch's view, the
company's strategy of selling land in bulk has been successful in
managing its liquidity during the challenging property market and
reinforces its track record in such sales.
KEY RATING DRIVERS
Improving Demand: Fitch forecasts Modernland to book IDR2
trillion-2.5 trillion of attributable presales in 2017, as the
company launches new residential clusters in its Jakarta Garden
City (JGC) project, and demand for residential and industrial
properties improves. Fitch expects this growth to translate into
higher EBITDA recognition, which materially reduces the risk of
Modernland breaching its local-currency debt covenants.
Bulk Land Sales Support Liquidity: Fitch believes Modernland's
large land bank and the good locations of the sites allow the
company to sell land in bulk, which may provide liquidity support
during downturns in the property cycle. In 2013-2016, Modernland
sold over 200 hectares of land to Charoen Pokphand (CP), 8.5
hectares to AEON, 0.5 hectares to Cross Mobile, 3.7 hectares to
IKEA, and 120 hectares to PT Alam Sutera Realty Tbk (ASRI;
B+/Negative). In 4Q16, the company sold around 67 hectares to its
50:50 joint venture with PT Astra Land Indonesia.
Volatile Cashflows, Low Development Risk: Modernland's exposure to
bulk land sales and industrial land sales results in more volatile
cash flows than peers that depend on residential sales.
Nevertheless, the land sales remain important contributors to
Modernland's cash flows, and the volatility is mitigated by the
low development risks, mainly pertaining to the wide profit
margins of the bulk land sales and industrial land sales.
Modernland has a 20-year record in developing industrial estates,
and has built strong relationships with tenants. Its flagship
industrial estate in Cikande in the western part of Java island
has a very low average land cost, compared with the current
average selling price (ASP) of around IDR1.7 million per square
metre (sqm), and Modernland has sufficient land to continue
developing there for more than five years, assuming no further
land acquisitions. Fitch believes Modernland can build on its
success in Cikande and use a similar business model for future
developments in its other industrial estate in Bekasi, also in
western Java.
Limited Residential Track Record: Fitch expects Modernland's
residential and commercial property segment to account for an
average of 50% of Modernland's attributable presales in 2017-2020,
driven by the JGC project and new launches in Bekasi. The growing
proportion of residential sales will counterbalance volatility in
industrial land sales, but Modernland's track record in developing
integrated, large-scale residential projects is still limited
relative to the other rated developers.
Land Sales to ASRI: As of end-2016, ASRI completed the purchase
and payment of 120 hectares of land out of the agreed 170
hectares. Currently Modernland and ASRI are in further discussion
regarding the purchase of the remaining land, with no specific
timeline for completion. Modernland believes ASRI may eventually
complete the acquisition, given the strategic location of the land
in Serpong in western Java. Nevertheless, given the uncertainty of
the transaction, Fitch has not included any further land sales to
ASRI in its assessment of Modernland's credit profile.
Manageable Forex Risk: Modernland has fully hedged the principal
of its USD240 million bond using call-spread options, covering
rupiah depreciation of up to IDR15,000 per US dollar. However, the
company has not hedged the principal of its outstanding USD57
million bond, although Fitch believes that Modernland's wide
profit margins may be sufficient to absorb short-term currency
volatility.
DERIVATION SUMMARY
Modernland is well-positioned relative to other Fitch-rated
property developers, such as PT Kawasan Industri Jababeka Tbk
(KIJA, B+/Stable), PT Alam Sutera Realty Tbk (ASRI, B+/Negative)
and Lodha Developers Private Limited (Lodha; B/Negative). Fitch
believes that KIJA's stronger recurring interest coverage, lower
leverage and the more strategic location of its industrial
development compared to that of Modernland supports its higher
rating. Fitch also believes ASRI's longer track record in
residential developments and more defensive cash-flow mix support
a higher rating than Modernland. Relative to Lodha, Modernland's
smaller presales scale if offset by its lower leverage profile and
higher presales turnover, and Lodha's inability to deleverage in
the short to medium term.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for the issuer
include:
- Attributable presales of IDR2 trillion-2.5 trillion in 2017
- Land acquisition capex of around IDR200 billion in 2017
- Committed construction capex of around IDR1 trillion in 2017
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to positive rating action:
- Attributable residential presales (excluding bulk land sales)
sustained above IDR2 trillion without any material weakening in
financial profile
Future developments that may, individually or collectively, lead
to negative rating action:
- Attributable presales/ gross debt sustained at less than 40%
(2016: 62%)
LIQUIDITY
Sufficient Liquidity: As of December 2016, Modernland had cash of
around IDR400 billion compared with IDR470 billion of maturing
short-term debt. Fitch expects the company to post positive free
cash flows of around IDR170 billion in 2017, which supports its
liquidity. Modernland's capex in the short term is going to be
limited to construction costs, which depend on the company's
meeting sales thresholds in a particular period. This, coupled
with the discretionary nature of land acquisitions, may allow
Modernland to accumulate cash and shore-up its liquidity profile.
Liquidity is also supported by Modernland's access to local banks
and international capital markets.
In April 2017, Modernland issued a USD240 million 6.95% senior
unsecured bond, which was used to refinance its old USD191 million
9.75% bond. This issuance has extended the company's debt maturity
profile, giving it more flexibility in managing cash flows.
FULL LIST OF RATING ACTIONS
PT Modernland Realty Tbk
-- Long-Term Issuer Default Rating affirmed at 'B'; Outlook
revised to Stable from Negative
-- Senior unsecured debt rating affirmed at 'B'
Modernland Overseas Pte. Ltd.
-- Senior unsecured USD240 million 6.95% bond due 2024 affirmed
at 'B', with Recovery Rating of 'RR4'
Marquee Land Pte. Ltd.
-- Senior unsecured USD57 million 9.75% bond due 2019 affirmed
at 'B', with Recovery Rating of 'RR4'
MULTIPOLAR TBK: Fitch Cuts Long-Term IDR to B-; Outlook Stable
--------------------------------------------------------------
Fitch Ratings has downgraded Indonesian holding company PT
Multipolar Tbk's Long-Term Issuer Default Rating to 'B-' from 'B'.
The Outlook is Stable. The agency has also downgraded Multipolar's
senior unsecured rating and USD230 million notes due 2018 to 'B-'
from 'B', with Recovery Rating of 'RR4'. The notes were issued by
Pacific Emerald Pte Ltd, a wholly owned subsidiary, and guaranteed
by Multipolar and certain subsidiaries. At the same time, Fitch
Ratings Indonesia has downgraded the National Long-Term Rating to
'BBB-(idn)' from 'BBB+(idn)'. The Outlook is Stable.
The downgrade reflects Fitch expectations of Multipolar's weaker
credit profile on account of persistently weak performance from PT
Matahari Putra Prima Tbk (MPPA) for the next two years due to
increasing mini-market format competition. Cash flow pressure from
weakening margins along with capex requirements for store
expansion will affect MPPA's shareholder distribution ability.
This will make Multipolar more reliant on dividends from PT
Matahari Department Store Tbk (MDS). Fitch expects Multipolar's
fixed-charge coverage to remain below 1.0x in 2017 and 2018, as
measured by (consolidated Multipolar EBITDA - MPPA EBITDA +
dividends + rent)/(adjusted interest + rent).
'BBB' National Ratings denote a moderate default risk relative to
other issuers or obligations in the same country. However, changes
in circumstances or economic conditions are more likely to affect
the capacity for timely repayment than is the case for financial
commitments denoted by a higher rated category.
KEY RATING DRIVERS
Persistently Weaker MPPA Performance: Multipolar's weaker credit
profile reflects Fitch expectations of sustained pressure on
MPPA's pre-dividend free cash flows from increasing mini-market
format competition, store expansion targets and a rising need for
promotional activity to support store traffic. MPPA continued to
suffer from negative same-store sales growth of -6.9% in 1Q17
(2016: -4.5%) and a higher operating expense ratio of 20.9% (2016:
15.8%), leading to negative EBITDA of -IDR126 billion in 1Q17
(1Q16: -IDR23 billion).
Solid Profile of MDS: The solid financial performance of MDS
ensures stable dividends for Multipolar. MDS had ample liquidity
at end-2016, with a IDR1.7 trillion cash balance and no interest-
bearing debt on its balance sheet. Fitch expects MDS to generate a
stable profit margin, with an EBITDA margin of around 16% and net
profit margin of 11%. MDS distributed 70% of net income as
dividends in 2016 and Fitch expects stable dividend upstream in
2017 and 2018. Fitch sees the business profile of MDS as
supportive to Multipolar's rating given MDS's market leadership
status in Indonesia's department store business and benign
competition in the non-food retail segment.
Decreasing Fixed-Charge Coverage: Fitch expects fixed-charge
coverage to decline to below 1.0x in 2017 and 2018 - Fitch
previous threshold for negative rating action. Multipolar's
subsidiaries, with the exception of PT Multipolar Technology Tbk
(MLPT), have been generating volatile EBITDA. An improvement in
MPPA-deconsolidated EBITDA will depend on an immediate turnaround
of Multipolar's China operation, significant expansion of its
other small businesses and stable performance from its property
management companies. Fitch expects the ratio to remain low from a
combination of persistent weakening in MPPA performance and profit
volatility at most of its subsidiaries.
Large Cash Balance: Liquidity at Multipolar holding company level
will be supported by an ample cash balance of around IDR1.7
trillion at end-2016 from the sale of a 3% stake in MDS in
September 2016. Fitch estimates that the strong cash balance and
steady dividend upstream from MDS will be adequate to cover
holding company expenses and interest costs in 2017 and 2018, as
the IDR120 billion short-term revolving facility was fully
utilised at end-2016.
Manageable Refinancing Risk: The rating takes into account Fitch
expectations that Multipolar's management is proactively
addressing the maturity of the USD230 million senior unsecured
notes in July 2018 and is currently in discussions with lenders.
Dividend Reliance: Multipolar's rating reflects the structural
subordination that arises from its group structure. Multipolar is
a holding company that owns majority stakes in companies involved
in businesses such as retail, IT services (MLPT) and property
management (PT Matahari Pasific (MP) and PT Nadya Putra Investama
(NPI)). Most of Multipolar's cash flow is generated from upstream
stream of dividends from its investment in Indonesian retailers,
MPPA and MDS, of which Multipolar owns 50.2% and 17.48%,
respectively.
DERIVATION SUMMARY
Credit metrics and cash flows of Mutlipolar rely on dividend
inflow from subsidiaries, similarly to PT Indika Energy Tbk (B-
/Stable). Indika's dividends mostly come from its coal mining
company, PT Kideco Jaya Agung, while Multipolar's dividends come
from its non-food retail operation, MDS. Both companies have an
adequate cash balance at the holding company level to fund short-
term operations and expenses.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- 10% revenue growth per annum (2016: -10%) and a stable EBITDA
margin of around 9%-10% for MLPT for 2017-2018 (2016: 11%)
- Annual capex of IDR300 billion-400 billion for subsidiaries
other than MPPA from 2017 to 2018
- Stable dividends upstream from MDS in 2017 and 2018
RATING SENSITIVITIES
Developments that May, Individually or Collectively, Lead to
Positive Rating Action
- Fixed-charge coverage, adjusted for MPPA deconsolidation and
dividends, rising above 1.0x on a sustained basis
Developments that May, Individually or Collectively, Lead to
Negative Rating Action
- Weakening liquidity as indicated by significant decline in cash
balance or weaker access to banking facilities
- Deterioration in MDS operating performance that would limit its
ability to pay dividend
LIQUIDITY
Adequate Short-Term Liquidity: Multipolar had more than IDR3.4
trillion in cash against the IDR96 billion maturity of long-term
debt and IDR504 billion maturity of its short-term revolving loan
at end-2016. Fitch expects subsidiaries, such as MPPA, MLPT, MP,
NPI and PT Multifiling Mitra Indonesia Tbk, will be able to manage
their liquidity comfortably given their adequate credit metrics.
On the other hand, Fitch expects the credit facility at weaker
subsidiary, PT Kharisma Artha Sejati, to continue being rolled-
over.
=========
J A P A N
=========
TAKATA CORP: Starts Civil Rehabilitation Proceedings in Japan
-------------------------------------------------------------
Takata Corp and its Japanese subsidiaries have commenced
proceedings under the Civil Rehabilitation Act in Japan in the
Tokyo District Court. In addition, Takata's U.S. and Mexican
units commenced Chapter 11 cases in the U.S. (Bankr. D. Del.)
after reaching an agreement in principle for Chinese-owned
American rival, Key Safety Systems, to sponsor a restructuring
plan for the sale of substantially all of Takata's global assets
and operations to KSS for an aggregate purchase price of JPY175
billion (US$1.588 billion).
Following the bankruptcy filings, the Tokyo Stock Exchange halted
trading of Takata's shares and stated it will delist the company
on Tuesday.
The commencement of Civil Rehabilitation proceedings in Japan and
the Chapter 11 filing in the U.S. should have no effect on the
ability of drivers to get replacements for recalled Takata airbag
inflators free of charge, Takata said.
Excluding recall-related costs and liabilities, Takata has
continued to produce healthy profits and cash flows from its
existing businesses. Nevertheless, Takata has determined that it
is in the best interests of the Company and its stakeholders to
address the recall-related issues in conjunction with the proposed
sale. Accordingly, with the expected support of a group of its
OEM customers representing more than 80% of Takata's annual sales
(the "Customer Group") and KSS as plan sponsor, Takata and its
Japanese subsidiaries have commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court (the
"Tokyo Court").
The Civil Rehabilitation Act is Japan's version of U.S. Chapter 11
bankruptcy. The civil rehabilitation law is designed to help
distressed companies quickly reorganize before they fall into
insolvency.
The Japanese OEMs have committed to provide Takata with valuable
accommodations and liquidity enhancements during the Civil
Rehabilitation and the Company is working with the Customer Group
on an agreement to do so on a global basis. Takata intends to use
the Civil Rehabilitation Act and Chapter 11 processes to continue
to work with its Customer Group and KSS to finalize and execute
restructuring support agreements (each an "RSA") that would
include comprehensive terms of the restructuring. The RSAs will
reflect the commitment of the Customer Group and KSS to the
restructuring transactions to be effectuated pursuant to the
Chapter 11 Plan of Reorganization (the "Plan") that would be
subject to approval of the Delaware Court, as well as the business
transfer to be implemented by the Tokyo Court. The transaction
with KSS would also be subject to approval by the Tokyo Court and
the Delaware Court, as well as a number of other conditions,
including regulatory and other third-party approvals.
It is contemplated that upon the anticipated effective date of the
Plan, Takata's global PSAN Assets will be transferred to TKH or
one of its subsidiaries, as reorganized under the Plan ("RTK" or
"Reorganized Takata"), and all of the PSAN Assets, including PSAN
contracts, will be transferred to RTK. It is expected that RTK
will emerge from the Chapter 11 process and operate independently
from KSS under the supervision of a Plan administrator and
oversight board. RTK will continue to manufacture PSAN airbag
inflators for recalls and the ongoing production needs of Takata's
customers.
It is expected that the proceedings under the Civil Rehabilitation
Act in Japan and Chapter 11 process in the U.S. will be completed
in the first quarter of 2018.
About Takata Corp
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.
In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted. Large
recalls of vehicles due to faulty Takata-made airbags then began
in 2013.
Takata is facing massive costs of recalling 100 million defective
airbag inflators worldwide and lawsuits tied to at least 16 deaths
and numerous injuries.
As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.
In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators. The fine is the largest civil penalty in NHTSA
history.
After reaching a deal to sell all its global assets and operations
to Key Safety Systems (KSS) for US$1.588 billion, Takata and its
Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court (the
"Tokyo Court") on June 25, 2017.
In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware. The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.
Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.
Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/
TAKATA CORP: U.S. & Mexican Units File for Chapter 11
-----------------------------------------------------
On June 25, 2017, Takata Corporation's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of Delaware
(Bankr. D. Del.). The Debtors have requested that their cases be
jointly administered under Case No. 17-11375.
The Chapter 11 debtors are:
* TK Holdings, Inc.;
* Takata Americas;
* TK Finance, LLC;
* TK China, LLC;
* Takata Protection Systems Inc.;
* Interiors in Flight Inc.;
* TK Mexico Inc.;
* TK Mexico LLC;
* TK Holdings de Mexico S. de R.L. de C.V.;
* Industrias Irvin de Mexico, S.A. de C.V.;
* Takata de Mexico, S.A. de C.V.; and
* Strosshe-Mex, S. de R.L. de C.V.
The Debtors' other international affiliates and subsidiaries are
not debtors in the chapter 11 cases.
Aside from the Chapter 11 filing, Takata and its Japanese
subsidiaries have commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court (the
"Tokyo Court") after reaching a deal to sell most of the business
to Key Safety Systems for US$1.588 billion.
Takata said it is working with a group of its OEM customers
representing 80% of its annual sales (the "Customer Group") on an
agreement to provide Takata with valuable accommodations and
liquidity enhancements to finance the Chapter 11 cases. These
proposed accommodations would be in the form of waivers of setoff
rights, acceleration of payments to Takata, and resourcing
limitations.
Under Chapter 11, goods and services received on or after the
Chapter 11 filing date (June 25, 2017) are entitled to priority
status. Therefore, the Debtors will pay their obligations to
suppliers going forward in the ordinary course.
The Chapter 11 filing entities have sought authorization from the
Court to maintain their cash management systems in the ordinary
course across all of Takata's businesses in the U.S., and we
expect the Court will approve that request in the next day or two
With respect to goods and services received before the filing date
the Chapter 11 Debtors are seeking authorization from the Court to
pay certain prepetition claims of essential suppliers in the
ordinary course if those suppliers agree to payment terms that are
acceptable to TKH.
In addition to its balance and cash from operations, Takata is
working with the Customer Group on an agreement to provide Takata
with valuable accommodations and liquidity enhancements to finance
the restructuring. These proposed accommodations would be in the
form of waivers of setoff rights, acceleration of payments to
Takata, and resourcing limitations. Upon approval by the Court,
the accommodations and additional liquidity support, along with
Takata's cash flow from operations are expected to enable Takata
to continue to operate our business and serve automotive customers
globally in the ordinary course and without any significant
disruptions.
The deadline for filing a proof of claim has not yet been set.
Once a deadline is set, creditors will receive notice of the
deadline and instructions about how to file a proof of claim.
The Company said that the Chapter 11 filing in the U.S. and
proposed sale to KSS should have no effect on the ability of
drivers to get replacements for recalled Takata airbag inflators
free of charge. Vehicle owners should respond to the recall
notice that they received or vehicle owners in the U.S. can visit
https://www.airbagrecall.com/ for more information on airbag
inflator replacements.
About Takata Corp
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.
In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted. Large
recalls of vehicles due to faulty Takata-made airbags then began
in 2013.
Takata is facing massive costs of recalling 100 million defective
airbag inflators worldwide and lawsuits tied to at least 16 deaths
and numerous injuries.
As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.
In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators. The fine is the largest civil penalty in NHTSA
history.
After reaching a deal to sell all its global assets and operations
to Key Safety Systems (KSS) for US$1.588 billion, Takata and its
Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court (the
"Tokyo Court") on June 25, 2017.
In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware. The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.
Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.
Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/
TAKATA CORP: Selling Biz to Key Safety Systems for $1.59-Billion
----------------------------------------------------------------
Takata Corporation, a global supplier of automotive safety systems
such as seat belts, airbags and child seats, and its Chinese-owned
rival, Key Safety Systems ("KSS"), which in Sterling Heights,
Michigan, USA, announced June 25, 2017, that they have reached an
agreement in principle to sponsor a restructuring plan for the
sale of substantially all of Takata's global assets and operations
to KSS for an aggregate purchase price of approximately JPY175
billion (US$1.588 billion), subject to certain adjustments at
closing.
Under the agreement, KSS will acquire substantially all of
Takata's assets, except for certain assets and operations that
relate to the Company's manufacturing and sale of phase-stabilized
ammonium nitrate (PSAN) airbag inflators (collectively, the "PSAN
Assets"). It is expected that Takata's PSAN-related operations
will be run by a reorganized Takata following the transaction
closing and eventually will be wound down. Takata expects to
continue to meet demand for airbag inflator replacements without
interruption.
By combining substantially all of Takata with KSS, the transaction
would form a leading global safety-supply auto parts company with
approximately 60,000 employees in 23 countries focused on serving
customers and providing superior products and innovation in the
rapidly evolving auto safety industry.
Jason Luo, President & CEO of KSS, said: "Takata has deep
management talent, a dedicated work force and a long history of
exceptional customer service. Although Takata has been impacted
by the global airbag recall, the underlying strength of its
skilled employee base, geographic reach, and exceptional steering
wheels, seat belts and other safety products has not diminished.
We look forward to finalizing definitive agreements with Takata in
the coming weeks, completing the transaction and serving both our
new and long-standing customers while investing in the next phase
of growth for the new KSS."
Shigehisa Takada, Chairman & CEO of Takata, said: "KSS is the
ideal sponsor as we address the costs related to airbag inflator
recalls, and an optimal partner to the Company's customers,
suppliers and employees. The combined business would be well
positioned for long-term success in the global automotive
industry. Throughout this process, our top priorities have been
providing a steady supply of products to our valued customers,
including replacement parts for recalls, and a stable home for our
exceptional employees. This agreement would allow that to
continue."
The proposed structure for the potential transaction is intended
to minimize supply chain disruption concerns for Takata's OEM
customers. The companies anticipate a quick and seamless
integration, utilizing the combined strengths of their respective
management teams to implement a smooth transition.
KSS will continue to support Takata's customers, suppliers and
employees and embrace and honor Takata's Japanese heritage:
* KSS plans to retain substantially all of Takata's employees
across the world on comparable employment terms as currently
provided.
* KSS has held in-depth discussions with Takata's major OEM
customers and has jointly developed a transaction structure
and operating plan to facilitate ongoing supply of Takata
parts. This should provide continuity of supply to Takata's
customers and confidence to Takata's employees, suppliers
and other key stakeholders.
* KSS plans to continue to support and utilize Takata's
presence in Japan, and does not intend to shut down any of
Takata's manufacturing facilities there. Furthermore, KSS
intends to establish an Asia regional headquarters in Tokyo,
which should create new jobs in Japan, and plans to retain
Takata's existing non-PSAN supplier contracts to maintain an
uninterrupted supply chain. KSS also intends to invest in
many of Takata's other worldwide manufacturing facilities
and technology and R&D centers.
KSS has substantially completed its due diligence, and Takata and
KSS are working toward finalizing a definitive agreement in the
coming weeks, with an expected transaction close in the first
quarter of 2018.
Hideaki Sudo, Chairman of Takata's Steering Committee and Partner
at Tokyo Fuji Law office, said, "Since February 2016, the Steering
Committee has been working diligently, with assistance from our
financial and legal advisors, to develop a path forward for Takata
that resolves the recall costs and liabilities on a consensual
basis in partnership with Takata's automotive customers. After a
rigorous global process, the Committee has recommended KSS as the
best sponsor candidate based on a variety of factors including
strategic fit, valuation, and certainty of closing. We are pleased
that Takata has accepted such recommendation. We appreciate the
cooperation of the affected automotive manufacturers, who have
worked closely with us to devise this restructuring plan, which we
firmly believe is in the best interests of the Company and its
stakeholders."
Proceeds of the Sale
As contemplated and as expected to be detailed in the Plan, Takata
intends to use the Civil Rehabilitation and Chapter 11 processes
to address the costs and liabilities related to airbag inflator
recalls, including to fund its remaining obligations under the
terms of the plea agreement with the U.S. Department of Justice
("DOJ") that was announced on Jan. 13, 2017 ("the DOJ Plea
Agreement") and Consent Orders entered into by Takata with the
National Highway Traffic Safety Administration ("NHTSA").
Pursuant to the DOJ Plea Agreement, Takata paid $25 million as a
fine to the DOJ and was required to fund two restitution funds:
(1) a fund of $125 million to meet liabilities to current or
future personal injury claimants and (2) a fund of $850 million to
satisfy a portion of the claims of OEM customers who purchased
airbags containing PSAN inflators. Each of the restitution funds
will be administered by a special master in accordance with the
DOJ Plea Agreement. The $125 million fund for personal injury
claimants was funded on March 29, 2017. Consistent with the DOJ
Plea Agreement, the agreements in principle with the Customer
Group and the proposed restructuring terms provide for the
proceeds of the sale to KSS to be used to fund the $850 million
OEM restitution fund.
After setting aside sufficient funds to capitalize RTK following
completion of the Chapter 11 process, any remaining sale proceeds
after satisfaction of the foregoing obligations and the payment of
other claims entitled to priority or payment in full would be used
to fund recoveries to holders of general unsecured claims.
Mr. Takada said, "We believe taking these actions in Japan and the
U.S. is the best way to address the ongoing costs and liabilities
of the airbag inflator issues with certainty and in an organized
manner while ensuring that Takata's operations worldwide continue
in the ordinary course and without interruption. During the Civil
Rehabilitation proceedings and Chapter 11 process and beyond,
Takata remains fully committed to supporting all actions that
advance vehicle safety. We deeply regret the circumstances that
have led to this situation, but we are grateful to have reached a
resolution that will allow us to continue to promote the safety of
the driving public."
The commencement of Civil Rehabilitation proceedings in Japan and
the Chapter 11 filing in the U.S. should have no effect on the
ability of drivers to get replacements for recalled Takata airbag
inflators free of charge. Vehicle owners in the U.S. should
continue to visit https://www.airbagrecall.com/ for more
information on airbag inflator replacements.
Debtor-in-Possession Financing
and Customer Accommodations
TKJP has obtained a commitment for up to a JPY25 billion (U.S.
$227 million) revolving credit facility debtor-in-possession
("DIP") financing to be provided by Sumitomo Mitsui Banking
Corporation.
Additionally, the Japanese OEMs have committed to provide Takata
with valuable accommodations and liquidity enhancements during the
Civil Rehabilitation and the Company is working with the Customer
Group on an agreement to do so on a global basis. Upon approval
by the supervisor appointed by the Tokyo Court and approval by the
Delaware Court, the DIP financing in Japan and the accommodations
and additional liquidity support from the Customer Group in both
Japan and the U.S., along with Takata's cash flow from operations,
are expected to provide Takata with sufficient liquidity to
continue to operate its business and serve automotive customers
globally in the ordinary course and without any significant
disruptions.
Uninterrupted Global Operations
Shigehisa Takada, said, "We are committed to ensuring that the
restructuring process has as little impact as possible on our
employees, customers and suppliers across the world, as well as on
drivers whose safety is always our primary focus."
The Company has requested Court approval in the U.S. to continue
to pay its employees without interruption and in the same manner
as before the filing and expects the request to be granted as part
of the Court's "first day" orders. Also, under the Civil
Rehabilitation Act, the salaries of the Company's employees will
be statutorily protected. As a result, the Company's salaried and
hourly employees should continue to be paid on the normal
schedule. Additionally, there are expected to be no changes to
various employee benefit programs.
With the additional liquidity to be provided by the DIP financing
in Japan and the accommodations and other liquidity enhancements
to be provided globally by the Customer Group, the Company's
suppliers can be assured that Takata has the ability to pay its
post-petition obligations on a timely basis and intends to do so
as required under the Civil Rehabilitation Act and the U.S.
Bankruptcy Code, which grants priority status to goods and
services received after the Civil Rehabilitation and Chapter 11
filing date.
Mr. Takada added, "I would like to thank all of our constituents
for their continued support during this process. In particular, I
and the rest of our management team recognize that the Company's
success is dependent upon our talented and dedicated employees,
and we are grateful for their hard work and loyalty. We are
taking these actions to ensure that Takata remains a stable and
financially secure employer for thousands of workers in Japan, the
U.S. and across the world."
Media Contacts:
TAKATA:
U.S./U.K.
Sard Verbinnen & Co
Jared Levy/Devin Broda/Kelsey Markovich
212-687-8080
media@takata.com
- or -
Japan
Ashton Consulting
Dan Underwood, +81 (0) 3 5425-7220
media@takata.com
- or -
Germany/Europe
Hering Schuppener Consulting
Georg Lamerz, +49.211.430.79-276
Takata-hs@heringschuppener.com
KEY SAFETY SYSTEMS:
Global
KSS
Jean-Luc Blancou, +1-586-726-4046
blancoj2@keysafetyinc.com
- or -
Edelman
Chad Tendler, Nadia Damouni
+1-917-868-6899
+1-646-239-5723
E-mail: chad.tendler@edelman.com
nadia.damouni@edelman.com
- or -
Japan
Edelman
Deborah Hayden, +81 3 80-8741-0417
E-mail: deborah.hayden@edelman.com
About Key Safety Systems
Key Safety Systems (KSS) is a global leader in mobility safety
through the system integration and performance of safety-critical
components to the automotive and non-automotive markets serving
the active safety, passive safety and specialty product sectors.
KSS' technology is featured in more than 300 vehicle models
produced by over 60 well-diversified customers worldwide. KSS is
headquartered in Sterling Heights, Michigan, with a global network
of more than 13,000 employees in 32 sales, engineering, and
manufacturing facilities. The company has 5 main technical
centers located in the key regions of the Americas, Europe and
Asia. It is a wholly owned subsidiary of Chinese firm Ningbo
Joyson Electronic Corp. (SHA:600699).
About Takata Corp
Japan-based Takata Corporation (TYO:7312) --
http://www.takata.com/en/-- develops, manufactures and sells
safety products for automobiles. The Company offers seatbelts,
airbags, steering wheels, child seats and trim parts.
Headquartered in Tokyo, Japan, Takata operates 56 plants in 20
countries with approximately 46,000 global employees worldwide.
The Company has subsidiaries located in Japan, the United States,
Brazil, Germany, Thailand, Philippines, Romania, Singapore,
Korea, China and other countries.
In May 1995, a voluntary recall in the U.S. affecting 8 million
predominantly Japanese built vehicles made from 1986 to 1991 with
seat belts manufactured by the Takata was conducted. Large
recalls of vehicles due to faulty Takata-made airbags then began
in 2013.
Takata is facing massive costs of recalling 100 million defective
airbag inflators worldwide and lawsuits tied to at least 16 deaths
and numerous injuries.
As of May 19, 2015, Takata has already recalled 40 million
vehicles across 12 vehicle brands for defective airbags.
In November 2015, Takata was fined $200 million by U.S. federal
regulators for mishandling the way it recalled its air bag
inflators. The fine is the largest civil penalty in NHTSA
history.
After reaching a deal to sell all its global assets and operations
to Key Safety Systems (KSS) for US$1.588 billion, Takata and its
Japanese subsidiaries commenced proceedings under the Civil
Rehabilitation Act in Japan in the Tokyo District Court (the
"Tokyo Court") on June 25, 2017.
In addition, on June 25, 2017, Takata's main U.S. subsidiary TK
Holdings Inc. and eleven of its U.S. and Mexican affiliates each
filed voluntary petitions under Chapter 11 of the Bankruptcy Code
in the United States Bankruptcy Court for the District of
Delaware. The Debtors have requested that their cases be jointly
administered under Case No. 17-11375.
Nagashima Ohno & Tsunematsu is the counsel in the Japanese
proceedings. Weil, Gotshal & Manges LLP and Richards, Layton &
Finger, P.A., are serving as counsel in the U.S. cases.
PricewaterhouseCoopers is serving as financial advisor, and Lazard
is serving as investment banker to Takata. Ernst & Young LLP is
tax advisor.
Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal
counsel, KPMG is serving as financial advisor, Jefferies LLC is
acting as lead financial advisor while UBS Investment Bank also
provides financial advice to KSS.
Prime Clerk is the claims and noticing agent and maintains the
case Web site http://www.takata.com/
===============
X X X X X X X X
===============
* BOND PRICING: For the Week June 19 to June 23, 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
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.15
INDONESIA
---------
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
-----
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 ***