/raid1/www/Hosts/bankrupt/TCRAP_Public/170725.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, July 25, 2017, Vol. 20, No. 146
Headlines
A U S T R A L I A
ALPHA59 PTY: First Creditors' Meeting Set for Aug. 1
AUSTRALIAN PROPERTIES: First Creditors' Meeting Set for Aug. 1
FRENCH VILLA: First Creditors' Meeting Set for July 31
POSP HOLDINGS: First Creditors' Meeting Set for Aug. 1
QUEENSLAND NICKEL: Clive Palmer Sued for AUD200MM Over Collapse
ROYAL CROQUET: Club Owes About AUD5 Million
TORBEY INVESTMENTS: First Creditors' Meeting Set for Aug. 1
I N D I A
ABG SHIPYARD: Agrees to Bankruptcy Proceedings
ADLABS ENTERTAINMENT: ICRA Cuts Rating on INR1,100cr Loan to D
ALOK INDUSTRIES: NCLT Admits Insolvency Proceedings
AMTEK AUTO: Loss Widens to INR889 crore in Q1 Ended June 30
B.R. GUAR: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
BALBIR ALLOYS: ICRA Lowers Rating on INR17cr Loan to B+
BODHGAYA NAGAR: ICRA Assigns IrB+ Long-Term Issuer Rating
BURAKIA STEEL: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
DHURIA RICE: ICRA Reaffirms 'B' Rating on INR7.50cr Loan
DIVINE ALLOYS: ICRA Reaffirms 'D' Rating on INR209.46cr Loan
EXCEL METAL: CARE Lowers Rating on INR38.12cr LT Loan to 'D'
GOODWILL IMPEX: CRISIL Assigns B+ Rating to INR4MM Loan
GWALIOR DISTILLERIES: CARE Cuts Rating on INR37.50cr Loan to D
IGENIUS LIFE: CARE Assigns 'B' Rating to INR18cr LT Loan
JOYGURU COLD: CRISIL Reaffirms B- Rating on INR4.09MM Cash Loan
KARNIMATA COLD: CRISIL Reaffirms B Rating on INR7.5MM Term Loan
LINK ENTERPRISES: CARE Reaffirms B+ Rating on INR4.61cr LT Loan
ORIENTAL PATHWAYS: CARE Lowers Rating on INR78.66cr Loan to D
P. MANGATRAM: CRISIL Cuts Rating on INR57MM Cash Loan to B+
PIONEER TEA: ICRA Reaffirms B+ Rating on INR4.39cr Loan
POWER RESEARCH: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR13.4MM Loan
SAI WHITEGOLD: CRISIL Assigns 'B+' Rating to INR4MM Term Loan
SHREE RAM: ICRA Raises Rating on INR5.0cr Cash Loan to B+
SHREENATHJI COTGIN: ICRA Reaffirms B- Rating on INR8cr Loan
SIDDHIVINAYAK AGRO: CARE Raises Rating on INR10cr LT Loan From B+
SURYA NARAYAN: CRISIL Lowers Rating on INR3MM Term Loan to B-
TECHNOCRAT CONNECTIVITY: ICRA Reaffirms B+ Rating on INR4cr Loan
TRIVANDRUM APOLLO: CRISIL Lowers Rating on INR15MM Loan to 'D'
TRIVENI SILK: ICRA Reaffirms 'B' Rating on INR10.50cr Loan
VERTICE GLOBAL: CRISIL Reaffirms B- Rating on INR11.9MM Loan
VIJAY GANGA: ICRA Assigns 'B' Rating to INR14cr Term Loan
VINAYAK COTTEX: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
WESTERN INDIA: CARE Lowers Rating on INR70cr LT Loan to 'D'
J A P A N
TAKATA CORP: Australian Regulator Probes Air Bag Recall Results
S I N G A P O R E
JV FITNESS: Clients Still Out of Pocket a Year After Closure
X X X X X X X X
* BOND PRICING: For the Week July 17 to July 21, 2017
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A U S T R A L I A
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ALPHA59 PTY: First Creditors' Meeting Set for Aug. 1
----------------------------------------------------
A first meeting of the creditors in the proceedings of Alpha59
Pty Ltd will be held at the offices of PCI Partners Pty Ltd,
Level 8, 179 Queen Street, in Melbourne, Victoria, on Aug. 1,
2017, at 11:30 a.m.
Philip Newman and David Charles Quin of PCI Partners Pty Ltd were
appointed as administrators of POSP Holdings on July 21, 2017.
AUSTRALIAN PROPERTIES: First Creditors' Meeting Set for Aug. 1
--------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
Properties International Pty Ltd will be held at the offices of
SV Partners, SV House, 138 Mary Street, in Brisbane, Queensland,
on Aug. 1, 2017, at 3:00 p.m.
Anne Meagher of SV Partners was appointed as administrator of
Australian Properties on July 20, 2017.
FRENCH VILLA: First Creditors' Meeting Set for July 31
------------------------------------------------------
A first meeting of the creditors in the proceedings of French
Villa Pty Ltd will be held at the offices of Worrells Solvency &
Forensic Accountants, Suite 601B, Level 6, 91 Phillip Street, in
Parramatta, NSW, on July 31, 2017, at 2:30 p.m.
Graeme Beattie of Worrells Solvency & Forensic Accountants was
appointed as administrator of French Villa on July 19, 2017.
POSP HOLDINGS: First Creditors' Meeting Set for Aug. 1
------------------------------------------------------
A first meeting of the creditors in the proceedings of POSP
Holdings Pty Ltd will be held at the offices of PCI Partners Pty
Ltd, Level 8, 179 Queen Street, in Melbourne, Victoria, on
Aug. 1, 2017, at 11:30 a.m.
Philip Newman and David Charles Quin of PCI Partners Pty Ltd were
appointed as administrators of POSP Holdings on July 21, 2017.
QUEENSLAND NICKEL: Clive Palmer Sued for AUD200MM Over Collapse
---------------------------------------------------------------
Melanie Petrinec at The Courier-Mail reports that Clive Palmer
has finally been served with a multimillion-dollar lawsuit over
the collapse of Queensland Nickel.
The Courier-Mail relates that the government-appointed
liquidators PPB Advisory on July 21 alleged he refused to be
served at his CBD office with paperwork for the litigation, which
aims to claw back more than $200 million in debts as well as
compensation for alleged insolvent trading and breaching
directors' duties.
But Mr. Palmer was served on July 24 as he was leaving the car
park of his business office in Brisbane, the report says.
"Mr. Palmer has finally been served following a number of
unsuccessful attempts, and this will allow the SPLs to bring
proceedings before the court," the report quotes liquidator
Stephen Parbery as saying. "Effecting service is an important
step in providing Mr. Palmer with an official forum to defend the
claims against him."
The Courier-Mail revealed earlier this month that the Federal
Government is suing Mr. Palmer and his missing nephew Clive
Mensink for almost AUD500 million for allegedly breaching their
duties as directors of Queensland Nickel and trading while
insolvent.
The sensational claim was lodged in the Supreme Court by the
government-appointed liquidators, and also includes a bid to claw
back hundreds of millions of Queensland Nickel's money from Mr.
Palmer's companies, Mr. Mensink and two mystery women in
Kyrgyzstan and Hong Kong, the report says.
It is the Government's boldest move yet against the beleaguered
resources tycoon, and is the culmination of more than a year of
public hearings into the collapse of Queensland Nickel last
January with more than AUD300 million in debts and about 800 job
losses, The Courier-Mail adds.
About Queensland Nickel
Headquartered in Townsville, Australia, Queensland Nickel engages
in the production and marketing of nickel and cobalt. It owns
and operates the Palmer Nickel and Cobalt Refinery in Queensland,
Australia. It is owned by businessman and politician Clive
Palmer.
The Company experienced financial difficulties and Palmer sought
assistance from the Queensland Government in late 2015 but was
rejected. The Company's ownership was later transferred to a new
company named Queensland Nickel Sales Pty Ltd in a joint venture
between two of Clive Palmer's companies, QNI Resources Pty Ltd
and QNI Metals Pty Ltd, with the directorship going to Palmer's
nephew Clive Theodore Mesnick.
On January 19, 2016, the Company entered into voluntary
administration. John Park, Stefan Dopking, Kelly-Anne Trenfield
and Quentin Olde of FTI Consulting were appointed as voluntary
administrators of the Company.
FTI as administrators issued a report in early April 2106 that
the Company "incurred debts of AUD771 million after going
insolvent in November [2015]."
On April 22, 2016, the Companies' creditors voted for
liquidation.
FTI went from being administrators to liquidators at the second
creditors meeting in April.
ROYAL CROQUET: Club Owes About AUD5 Million
-------------------------------------------
Off The Record reports that the future of the embattled Royal
Croquet Club is in doubt but what is certain is the team behind
the festival favorite have racked up a bar tab of head-thumping
proportions.
Off the Record says the debt was left behind by the RCC directors
and darlings of Adelaide's social scene Tom Skipper and Stuart
Duckworth - and it's enough to make you cry into your beer, wine
and cider.
Minutes of a creditors' meeting, filed with Australian Securities
and Investments Commission, show their companies Royal Croquet
Club Adelaide Pty Ltd, parent company Social Creative Pty Ltd and
the Royale Adelaide Club Pty Ltd - the company that embarked on
the disastrous Chinese excursion - have debts of almost AUD5
million, according to Off the Record.
Of that, a whopping AUD650,369 is for booze including AUD75,342
owed to the Hills Cider Company, AUD93,721 to Coopers Brewery,
AUD201,850 to wine merchant Samuel Smith & Son and AUD279,456 to
its import arm, Negociants International, the report relates.
Adelaide City Council is also owed AUD153,628 for event fees,
including hire and remediation bills for the RCC and the Good
Fortune Market, while the ATO is more than AUD330,000 out of
pocket.
According to the report, creditors of Social Creative and RAC
last week voted to wind up the companies, triggering their
liquidation.
The report relates that Skipper and Duckworth, who also claim to
be owed more than AUD2 million, said in a statement there was no
option but to wind up the companies because of a lack of assets.
A creditors' meeting for the RCC was adjourned so administrators
can put together a deed of company arrangement to keep that
company alive and provide a return to creditors, Off the Record
adds.
TORBEY INVESTMENTS: First Creditors' Meeting Set for Aug. 1
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Torbey
Investments Corporated Pty Ltd will be held at the offices of
Veritas Advisory, Level 5, 123 Pitt Street, in Sydney, NSW, on
Aug. 1, 2017, at 11:00 a.m.
David Iannuzzi and Steve Naidenov of Veritas Advisory were
appointed as administrators of Torbey Investments on July 20,
2017.
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I N D I A
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ABG SHIPYARD: Agrees to Bankruptcy Proceedings
----------------------------------------------
Maulik Pathak at LiveMint reports that ABG Shipyard Ltd on
July 20 admitted before the Ahmedabad bench of the National
Company Law Tribunal (NCLT) that it had defaulted on loan
repayments and agreed for bankruptcy proceedings to be initiated
against it.
LiveMint relates that the company is one of the 12 large
defaulters identified by the Reserve Bank of India for launch of
early bankruptcy proceedings under the Insolvency and Bankruptcy
Code (IBC). Lawyers appearing on behalf of ABG Shipyard told the
tribunal that a petition for liquidation of the company by as
many as 20 of its unsecured creditors had been recently admitted
before the Gujarat high court, and the next hearing is scheduled
for July 27, LiveMint says.
According to LiveMint, ABG's lawyers said they had not opposed
the liquidation petition in the high court. However, lawyers
representing ICICI Bank Ltd argued that since no winding-up order
had been delivered or an official liquidator appointed, the NCLT
can admit the insolvency and bankruptcy petition.
Once the tribunal admits the petition, a six-month moratorium
kicks in and existing proceedings against the defaulter are
suspended for that period. Justice Bikki Raveendra Babu reserved
the order for July 27, the report states.
The report says ICICI Bank, which is the lead lender of a
consortium of 22 creditors who have lent money to ABG Shipyard,
has been asked by the other lenders to prepare a resolution plan.
LiveMint reports that in a July 4 filing to the BSE where it is
listed, ABG Shipyard, while admitting that it was in a "deep
financial crisis", reported a net loss of INR822 crore for the
quarter ended December 2016. It had posted a net loss of
INR1,266.22 crore during the corresponding quarter a year
earlier.
The report relates that the company also said it had defaulted on
repayment of loans and covenants of the corporate debt
restructuring (CDR) scheme of lenders. As a result, the CDR
scheme was discontinued on 1 March, 2017, it said in the July BSE
filing.
With debt of about INR10,000 crore, the company's lenders had put
the shipyard on the block, the report discloses.
They attempted to find a buyer for their 51% stake, which the
lenders got after conversion of debt. However, they couldn't find
any buyers, adds LiveMint.
ABG Shipyard Limited belongs to the Agarwal Business Group
(controlled by Mr. Rishi Agarwal) and is the largest private
shipyard in India, in terms of the order book. ASL is
engaged in the construction and repair of various types of
vessels as well as rigs. ASL has constructed and delivered 156
vessels over the last 23 years. ASL has capacity to build vessels
up to 1,20,000 Dead Weight Tonnage (DWT) at Dahej and upto 20,000
DWT at Surat, Gujarat.
ADLABS ENTERTAINMENT: ICRA Cuts Rating on INR1,100cr Loan to D
--------------------------------------------------------------
ICRA has revised the long-term rating on the INR1,100.0 crore
long-term loans of Adlabs Entertainment Limited to [ICRA]D from
[ICRA]BB+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term loans 1,100.0 [ICRA]D; revised from
[ICRA]BB+ (stable)
Rationale
The rating revision factors in some delays by the company in
servicing its debt obligations on account of weak liquidity
position. Despite a 53% growth in EBIDTA from INR39.8 crore in
FY2016 to INR60.7 crore in FY2017, the company could not achieve
the targeted cash break even.
Key rating drivers
Credit weaknesses
* Recent delays in debt servicing emanating from lower-than-
anticipated revenues
* Significant interest costs to keep the cash flows stretched
in the medium term, lengthening the breakeven period and
requiring further investments or early monetization of assets
to fund the losses
* Seasonal nature of demand and any adverse exogenous factors
during the peak season could severely impact the operating
performance
* Footfalls vulnerable to discretionary spend by consumers,
indirectly impacted by the macro-economic conditions and
also remains exposed to climatic risks
Description of key rating drivers:
The company's revenues were notably impacted during November and
December 2016, its peak season, on account of the demonetisation
exercise by the Government of India which had resulted in a drop
in footfalls. This further impacted its liquidity position. Apart
from seasonality and adverse exogenous factors, the footfalls
remain susceptible to discretionary spend by consumers,
indirectly impacted by the macro-economic conditions and also
remains exposed to climatic risks. The company's ability to
deleverage itself through land monetisation, achieve higher
footfalls at its theme park and water park, together with early
launch of the balance 171 rooms shall be crucial for improving
its liquidity profile and timely servicing its debt obligations.
Promoted by Mr. Manmohan Shetty and his family, Adlabs
Entertainment Limited, has set up an amusement park which is a
combination of a theme park, a water park, a snow park and
Novotel, a 4-star hotel - all under the ImagicaUmbrella at
Khopoli, spread over an area of 140 acres, with another surplus
area of 170 acres. The project was started in April 2011. The
theme park commenced partial operations and after a soft launch
on April 18, 2013, it commenced full scale operations from
November 1, 2013. The water park was commissioned from October 1,
2014, and the first phase of the hotel, comprising 116 rooms,
commenced in September 2015. The snow park started operating from
the first week of April 2016.
As on June 30, 2017, Mr. Manmohan Shetty and his family hold
54.37% stake in the company, with the rest being held by mutual
funds / FIIs and public.
ALOK INDUSTRIES: NCLT Admits Insolvency Proceedings
---------------------------------------------------
Economic Times reports that the National Company Law Tribunal
(NCLT) on July 18 admitted insolvency proceedings against textile
company Alok Industries, which owes about INR23,000 crore to a
consortium of lenders.
An application for insolvency was filed on June 29 by State Bank
of India -- one of the lenders to the company -- in order to
recover its INR3,772-crore loan to the company, as well as those
by other lenders, such as Punjab National Bank, Bank of Baroda,
IDBI Bank, Standard Chartered Bank and DBS Bank, ET discloses.
According to the report, Ajay Joshi has been appointed as the
interim resolution professional, and he will help draw up a plan
to run the company's day-to-day operations, at least for the next
30 days.
ET says a committee of creditors will be formed to supervise all
activities of the beleaguered company following the normal
procedures. The tribunal, however, dismissed an application by
Industrial Commercial Bank of China (ICBC) which aimed to stop or
defer it from passing an order on SBI's application. ICBC is a
creditor to the company with about INR350 crore exposure.
The counsel for SBI opposed ICBC's move saying there is no legal
bar on NCLT from passing an order, and that there can be a bar in
the case only if an official liquidator is appointed, referring
to a Bombay High Court case, the report relates.
ET had reported more than a year ago that HSBC, on behalf of a
consortium of unsecured lenders led by VTB Capital, had filed a
petition to liquidate Alok Industries. ICBC is a part of that
consortium.
The report says the counsel for SBI argued that since Bombay High
Court had not appointed any liquidator, the tribunal could pass
an order.
ICBC's contention was that if an order is issued in the SBI vs
Alok case, it will impact the winding up petition in the high
court, the report states. ICBC appealed to the court to dismiss
or defer SBI's petition, which would have enabled the lender to
approach the court to expedite the case, ET reports.
Alok Industries Limited (BOM:521070) -- http://www.alokind.com/
-- is a textile company with a presence in the cotton and
polyester segments. The Company is engaged in manufacturing of
textile, including mending and packing activities; leather and
other apparel products. Its geographic segments include Domestic,
which includes sales to customers located in India and
International, which includes sales to customers located outside
India. Its divisions include Spinning, such as cotton yarn; Home
Textiles, such as sheeting fabric, equivalent sheet sets and
terry towels; Apparel Fabrics, such as woven fabric (includes
embroidery) and knits; Garments, and Polyester, such as
continuous polymerization, partially oriented yarn (POY)/chip,
draw texturized yarn (DTY), fully drawn yarn (FDY), polyester
staple fiber/cationic yarn and master batch. Its products include
accessories, corrugated pallets, cotton and blended yarn. It
exports its products to over 90 countries across the United
States, Europe, Latin America, Asia and Africa.
AMTEK AUTO: Loss Widens to INR889 crore in Q1 Ended June 30
-----------------------------------------------------------
The Economic Times reports that Amtek Auto Ltd on July 22
reported widening of standalone loss to INR889.58 crore for the
first quarter ended June 30, hit by exceptional inventory losses.
The debt-ridden firm had posted a standalone net loss of
INR319.68 crore in the same period previous fiscal, Amtek Auto
said in a BSE filing, ET relays.
According to the report, the company said exceptional items of
INR504.91 crore primarily includes losses arising from corrective
action taken for inventory.
Total income from operations during the quarter under review
stood at INR446.84 crore as against INR576.49 crore, down 13.44
per cent, the report discloses.
ET relates that Amtek Auto said during the quarter it completed
an evaluation of all its inventories owing to decline in
effective operations due to working capital stress with an
objective to identify inventories that are aged and may not be
usable and also the cost of carrying such inventories.
"Based on the results of such assessments, the management took
corrective actions such as sale of aged and non-usable inventory,
determine alternate usage of certain inventories, and has
accordingly recorded any loss arising," Amtek, as cited by ET,
added.
ET adds that the troubled auto component firm said its arm Amtek
Global Technologies would sell its UK-based subsidiaries' plants
to the Liberty group.
The company has been struggling to make a turnaround ever since
it reported temporary cash flow mismatch in 2015 and defaulted on
payment of an estimated INR800-crore bond, the report says.
Based in India, Amtek Auto Limited (BOM:520077) --
http://www.amtek.com/aal.php -- engages in automotive components
manufacturing and commercial sales. The Company is engaged in
forging, grey and ductile iron casting, gravity and high pressure
aluminum die casting and machining and sub-assembly. It has a
product portfolio with a range of engineered components,
including flywheel ring gears, machining, forging, casting
aluminum and casting iron. The Company supplies components for
passenger cars, light and heavy commercial vehicles, 2/3
wheelers, light weight commercial vehicles and heavy weight
commercial vehicles. The Company has facilities across India, the
United Kingdom, Germany, Brazil, Italy, Mexico, Hungary and the
United States. The Company also manufactures components for non-
auto sectors, such as the railways, specialty vehicles,
aerospace, agricultural and heavy earth moving equipment.
B.R. GUAR: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B+ and short-
term rating at [ICRA]A4 to the INR7.50 crore bank facilities of
B.R. Guar Gum Private Limited (BRGGPL). The outlook on the long-
term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 6.50 [ICRA]B+ (Stable); Reaffirmed
Long term/short 1.00 [ICRA]B+ (Stable)/[ICRA]A4
term Unallocated Reaffirmed
Limits
Rationale
ICRA's ratings reaffirmation factors in the favourable location
of the company's manufacturing facility with proximity to the
main guar growing belt in Rajasthan as well as increase in the
sales volumes and value during FY2017. However, the liquidity
profile of the company remains stressed with the average working
capital utilisation of 93% in FY2017. Further, the financial
profile of the company remains moderately weak characterised by
low profitability and net margins, low accruals and thin debt
coverage indicators.
The company's ability to improve its profitability and
efficiently manage its working capital cycle will be the key
rating sensitivity factor.
Key rating drivers
Credit strengths
* Favorable location of the company's manufacturing facility
with proximity to the main guar growing belt in Rajasthan
* Limited competition from substitutes for the oil and gas
segment, although some new products are being developed for
the food segment
Credit weaknesses
* High fragmentation and competitive intensity in the business
leading to thin margins; limited value addition also
constrains the profitability
* Moderately weak financial risk profile characterised by low
accruals and thin coverage metrics in FY2017
* Vulnerability of profitability to fluctuations in the prices
of guar gum due to seasonality and crop harvest as well as
cyclicality of oil & gas industry
* Subdued demand outlook for guar gum, particularly from export
market for usage in oil and gas industry
Description of key rating drivers:
The ratings re-affirmation takes into account the 42% yoy growth
in the operating income from INR42.57 crore in FY2016 to INR60.52
crore in FY2017 on account of increase in sales volume of guar
gum split. However, the ratings continue to be constrained by the
high fragmentation and high competitive intensity in the guar
split manufacturing business resulting in thin profitability and
the vulnerability of the company's profitability to adverse
fluctuations in the guar seed prices, as seasonality and crop
harvest impact guar seed production. The ratings also factor in
the moderately weak financial risk profile characterised by low
accruals and thin coverage metrics with NCA/TD of 5% in FY2017.
The ratings, however, favourably factor in the location advantage
of the company's manufacturing facility in terms of proximity to
the main guar seed growing region in Rajasthan and limited
competition from substitutes for the oil and gas segment,
although some new products are being developed for the food
segment.
Incorporated in April 2011, B.R. Guar Gum Private Limited
(BRGGPL) commenced commercial operations in November 2011. The
company is engaged in the manufacturing of guar gum splits at its
unit located in Siwani Mandi in Haryana. The current seed
processing capacity of the company is 1400 quintals per day. The
company sells its product in the domestic market through a
network of brokers who, in turn, sell to merchant exporters for
use in oil & gas and food sector.
As per the unaudited financials of FY2017, BRGGPL reported a net
profit of INR0.15 crore on an operating income (OI) of INR60.52
crore as against a net profit of INR0.12 crore on an OI of
INR42.57 crore in the previous year.
BALBIR ALLOYS: ICRA Lowers Rating on INR17cr Loan to B+
-------------------------------------------------------
ICRA has revised the long term rating assigned to the INR20.99
crore long term bank facilities of Balbir Alloys Private Limited
to [ICRA]B+ from [ICRA] BB-. The outlook on the long term rating
remains Stable. Further, ICRA has reaffirmed the short term
rating to the INR8.50 crore letter of credit (sublimit of cash
credit), INR8.50 crore foreign currency working capital term
loans (sublimit of cash credit) and INR1.00 crore letter of
credit (standalone limit) facilities of BAPL at [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term fund
based (Cash Credit) 17.00 [ICRA]B+(stable); downgraded
from [ICRA]BB-(stable)
Long-term unallocated 1.49 [ICRA]B+(stable); downgraded
from [ICRA]BB-(stable)
Long-term non fund 2.50 [ICRA]B+(stable); downgraded
based (Bank Guarantee) from [ICRA]BB-(stable)
Short-term
interchangeable (17.00) [ICRA]A4; re-affirmed
Short-term non fund
based (Letter of
Credit) 1.00 [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 CPD, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however despite
multiple requests; the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the
company's rating is now denoted as: "[ICRA]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
Key rating drivers
Credit strengths
* Extensive experience of the promoters in manufacturing of MS
ingots and billets
Credit weaknesses
* Operating and net losses incurred in FY2016 resulting in
deterioration of coverage indicators
* Tight liquidity profile as evidenced by high utilisation of
working capital limits
* Exposure to fluctuations in prices of key raw materials and
forex risks on unhedged portion of metal scrap imports
* Exposure to the cyclicality associated with the steel
industry which is likely to keep the profitability and cash
flows volatile in future
Description of key rating drivers:
BAPL manufactures mild steel (MS) ingots and billets from MS
scrap and sponge iron. These products mainly find application in
construction and infrastructure sectors. The revision of long
term rating and reaffirmation of the short term rating takes into
account the operating and net losses incurred in FY2016 on
account of increase in power cost which has impacted the debt
coverage indicators of the company. The rating action also
factors in the company's tight liquidity position necessitating
the high usage of working capital limits. Further, the ratings
continue to remain constrained by the company's exposure to
fluctuations in raw material prices & exchange rates on the back
of sizeable imports, and to the cyclicality associated with the
steel industry which is likely to keep cash flows volatile.
Nonetheless, the ratings positively take into account the
extensive experience of the promoters in manufacturing of MS
ingots & billets.
Established in 1991, BAPL is a part of the Balbir Group which has
a major presence in the steel segment in the regions of Gujarat
and Maharashtra. The company is engaged in the manufacturing of
mild steel (MS) Ingots and Billets, and its products find
application in the construction and infrastructure industries.
The manufacturing facility of BAPL is located at Murbad in the
Thane District of Maharashtra with an installed capacity of
79,200 metric tonnes per annum (MTPA).
BODHGAYA NAGAR: ICRA Assigns IrB+ Long-Term Issuer Rating
---------------------------------------------------------
ICRA has assigned the long-term issuer rating of IrB+ to the
Bodhgaya Nagar Panchayat (BNP). The outlook on the long-term
rating is Stable.
Rationale
The assigned rating takes into account the BNP's importance to
the state government as a provider of key municipal services to
the city of Bodhgaya and rule-based transfers of assigned
revenues and grants from the state, which assists the panchayat
in making non-discretionary payments like salaries, pensions and
other administrative expenses. Such transfers in the past,
though, have remained miniscule in nature. The rating also
factors in the revenue surplus position of the BNP during the
last four years, though remaining nominal in absolute value,
except in FY2016, wherein the share of the BNP against the rule-
based transfers of assigned revenues weren't disbursed and the
same is still awaited. ICRA also notes the significant growth in
the expenditure towards projects related to construction of
roads, street lights, sewerage and solid-waste management, which
were funded by matching grants from the state government.
The rating, however, is constrained by the BNP's low revenue base
as the panchayat has a small coverage area under its
jurisdiction, significantly weak information systems with
instances of inconsistencies in data, moderate share of the BNP's
own revenues (~34% in FY2016), which limits its ability to fund
the cash-flow mismatch in case of non-uniform transfers from the
GoB and less-than-satisfactory service standards in the areas of
roads, street lights, solid-waste management and drainage.
Moreover, the less-than-satisfactory service levels in key
services adversely impact the citizen's willingness to pay
various taxes and charges and accept any upward revision in
taxes. ICRA notes that, going forward, a significant amount of
capital expenditure will be required by the BNP to improve these
services to a desired level. ICRA also notes that BNP's ability
to improve its own revenue base, by exploiting various tax and
non-tax avenues available to it under the Bihar Municipal Act,
2007 (Act), would be critical to improve its financial position
going forward.
ICRA notes that the BNP proposes a large outlay for various
projects (INR 21.22 crore2 during FY2017 to FY2019), which would
primarily (90%) be funded by the Government of India (GoI) and
the GoB under the Atal Mission for Rejuvenation and Urban
Transformation (AMRUT) scheme. The remaining 10% is proposed to
be contributed by the BNP (Rs. 2.12 crore). ICRA notes that the
financial position of the BNP would be adversely impacted if the
project assets, after commissioning, are unable to generate
adequate revenues to part fund the Operations & Maintenance (O&M)
costs, which are expected to increase significantly going
forward.
Although the panchayat has implemented reforms such as regular
audit of financial statements, and introduction of e-governance
in some functions till date, effective implementation of other
key initiatives such as shifting to accrual-based accounting
system and revenue enhancement measures would be a key
determinant of the BNP's ability to improve its overall
performance. Finally, adequate number of staff, coupled with
continuity of such staff, especially in critical functions, would
be crucial for the timely implementation of key projects and
reforms going forward.
Key rating drivers
Credit strengths
* Strategic and cultural importance of the city to the GoB
* Revenue surplus position of the panchayat during the last
three years, mainly on account of rule-based grants received
from the state government
Credit weaknesses
* Weak information systems with instances of inconsistency in
Data
* Relatively small size of revenue base at present
* Low share of the BNP's own revenues in the total revenue
income during the past years
* Less-than-satisfactory service levels and coverage of key
functions, indicating a substantial requirement of investment
to improve the existing service standards
* Lack of adequate staff in key departments
* Risk related to execution of projects
Description of key rating drivers:
The BNP provides civic services to Bodhgaya city. Tourism and
agriculture are the two main drivers of the economy of Bodhgaya.
The BNP receives grant from the GoB based on the recommendations
of the State Finance Commission (SFC), and a share in the stamp
duty collected in the city by the state government. Together,
both the transfers contribute more than 60% of the BNP's total
revenue income. The rule-based nature of these transfers provides
comfort to the panchayat to an extent. The BNP generated revenue
surplus of around INR1.50-2.50 crore annually during the past
four years, except in FY2016, primarily on account of the
stagnant O&M expenses.
The management information system (MIS) of the panchayat remains
weak with instances of inconsistency in data. While the panchayat
has started maintaining accrual-based accounts, preparation of
financial statements is yet to commence. However, an annual audit
of existing statements is being done regularly. The BNP has a
small area under its jurisdiction as a result of which the
revenue base has remained fairly low over the years. Own tax
revenues comprised only around 34% of the BNP's total revenue
receipts in FY2016. Since the transfers from the state government
are not regular, growth in the own revenues of the panchayat
would be critical to maintain revenue surplus position and fund
the cash flow mismatches in future years. The panchayat's service
standards in most have remained less-than-satisfactory, as
reflected by the moderate coverage of surfaced roads, street
lights and a low collection efficiency of municipal solid waste
(MSW). Moreover, the city lacks a sewerage network and scientific
treatment facility for MSW. Such low level of service standards
indicates that a large investment needs to be made by the
panchayat to improve the service standards to acceptable levels.
The BNP has a number of vacant positions, especially in critical
functions like revenue, accounts and engineering. Lack of
adequate staff for critical positions is likely to have an
adverse impact on the overall performance of the panchayat. A
sizeable capital outlay is required for the execution of large
projects under AMRUT, which could stretch the cash flows of the
panchayat. Moreover, given the limited track record of the
panchayat in executing large projects, timely execution of these
projects within the budgeted costs would be critical for the
BNP's financial position going forward.
The BNP, being an urban local body (ULB), provides civic services
to Bodhgaya city, which is located in Gaya district. According to
Census 2011, the BNP, covering an area of 19.58 sq. km., serves a
total population of 0.38 lakh. The economy of Bodhgaya is driven
primarily by tourism and agriculture. The town has several
commercial units related to tourism and a few flour mills. The
BNP is governed by the Bihar Municipal Act, 2007 (Act), which is
administered by the Urban Development and Housing Department
(UD&HD), Government of Bihar (GoB). The highest decision-making
authority of the ULB is its panchayat, which is formed every five
years by electing ward councillors from each of the 19 municipal
wards. The panchayat is headed by a President, who is elected by
the ward councillors. The overall operations of the ULB are
managed by the Executive Officer (EO), who is appointed by the
state government. The heads of the respective departments support
the EO in managing the services of the BNP.
The key services extended by the ULB are construction and
maintenance of roads and drains, solid waste management, street
lights and amenities such as shopping stalls, community hall,
playgrounds, parks/gardens etc.
In FY2016, the BNP generated a revenue surplus of INR0.29 crore
on a total revenue income of INR3.74 crore compared to a revenue
surplus of INR2.64 crore on a total revenue income of INR5.57
crore in FY2015.
BURAKIA STEEL: ICRA Reaffirms B+ Rating on INR5.0cr Cash Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR9.30-crore fund-based bank facilities of Burakia Steel &
Alloys. The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 2.80 [ICRA]B+ reaffirmed; Stable
outlook assigned
Working Capital 1.50 [ICRA]B+ reaffirmed; Stable
Term Loan outlook assigned
Open Cash Credit 5.00 [ICRA]B+ reaffirmed; Stable
outlook assigned
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with BSA, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the entity's
rating is now denoted as: "[ICRA]B+ (Stable) 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.
Established in 2011, BSA is engaged in the manufacturing of mild
steel (MS) ingot with an installed capacity of 5,700 metric tonne
per annum (MTPA). The manufacturing facility of the firm is
located at Kamrup, Assam. The firm commenced its commercial
operations in September 2011. Besides, the firm is also engaged
in the trading of TMT bar in the domestic market.
DHURIA RICE: ICRA Reaffirms 'B' Rating on INR7.50cr Loan
--------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR7.50
crore fund based facilities of Dhuria Rice Mills at [ICRA]B. The
outlook on the long term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 7.50 [ICRA]B (stable); Reaffirmed
Rationale
As part of its process and in accordance with its rating
agreement with DRM, 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.
DRM was established in the year 1978 as a partnership firm with
Ashok Kumar, Krishna Devi and Surinder Kumar as partners. In the
year 2007 partnership was re constituted with Mr. Arun Kumar, Mr.
Ashok Kumar and Krishna Devi as partners. In 2012 the partnership
firm was reconstituted again with Mr. Ashok Kumar and Mr. Arun
Kumar as partners in equal ratios. All the partners are actively
engaged in the management of the company. DRM is engaged in
processing and trading of non basmati rice in the domestic
markets and to exporters in India. Head office as well as the
manufacturing plant of the company is located at Fazilka, Punjab.
The plant has a milling capacity of 2 tonnes per hour of paddy.
DIVINE ALLOYS: ICRA Reaffirms 'D' Rating on INR209.46cr Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]D assigned to
the INR461.08-crore fund based bank facilities of Divine Alloys &
Power Co. Limited. ICRA has also reaffirmed the rating of [ICRA]D
under both long term and short term scale for the INR0.91 crore
untied limits of DAPCL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 209.46 [ICRA]D Reaffirmed
Cash Credit 99.74 [ICRA]D Reaffirmed
WCTL 72.78 [ICRA]D Reaffirmed
FITL 61.10 [ICRA]D Reaffirmed
NTL 18.00 [ICRA]D Reaffirmed
Untied limits 0.91 [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 SRMPL, 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 / [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 2004, DAPCL is engaged in the manufacturing of
mild steel billet and pig iron. The manufacturing facilities of
the company are located at Kaushalgarh, Jharkhand. The company
has commissioned an integrated steel plant with a capacity of
350,000 metric tonne per annum (MTPA) of mild steel structural
items in June, 2013. However, the company has not started
commercial operations of all the facilities except mild steel
billet and pig iron.
EXCEL METAL: CARE Lowers Rating on INR38.12cr LT Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Excel Metal Processors Private Limited (EMPPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 38.12 CARE D Revised from
CARE BBB-; Stable
Short-term Bank
Facilities 20.00 CARE D Revised from
CARE A3
Detailed Rationale& Key Rating Drivers
The revision in ratings takes into account the ongoing delays in
debt servicing by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Due to the stressed liquidity position, there are devolvement in
LCs and on-going delays in servicing of debt obligations by the
company.
Excel Metal Processors Private Limited (EMPPL) is promoted by Mr.
Mohammed Iqbal Khan and Mr. Imran Khan, whose family has been in
the steel business for more than five decades. The other major
company of the promoters is Western India Metal Processors
Limited (WIMPL; rated 'CARE BBB-/ CARE A3') which is engaged in
trading in prime steel, metal scrap and chemical trading and
metal recycling processes for separation of scrap. EMPPL,
incorporated in May 2012, is engaged in processing of hot rolled
and cold rolled steel coils by cutting, slitting and then
marketing for retail requirements. EMPPL has set up a 160,000
MTPA (considering 1 shift) slitting and cutting plant at Taloja
MIDC Industrial Estate, Mumbai, Maharashtra. The plant has been
fully commissioned on March 24, 2015, with a total cost of
INR44.41 crore (funded by term debt of INR15 crore and promoter's
contribution of INR29.41 crore) at a conservative debt to equity
ratio of 0.51x.
GOODWILL IMPEX: CRISIL Assigns B+ Rating to INR4MM Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of Goodwill Impex Limited (GIL). The ratings
reflect GIL's working capital-intensive operations and average
financial risk profile because of modest networth. These weakness
are partially offset by established track record and extensive
experience of promoters in the ladies garment industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Standby Line of Credit 1 CRISIL B+/Stable
Long Term Loan 0.5 CRISIL B+/Stable
Foreign Exchange Forward 0.5 CRISIL A4
Foreign Bill Discounting 1 CRISIL B+/Stable
Cash Credit 1 CRISIL B+/Stable
Export Packing Credit 4 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Average scale of operations: Scale remains average, with
estimated operating income at INR23 crore for fiscal 2017.
Revenue is expected to remain modest over the medium term, too.
* Working capital-intensive operations: Gross current assets, of
over 250 days for the year ended March 31, 2017, due to large
inventory should keep operations working capital intensive.
Strengths
* Promoters extensive experience in the ladies garment industry:
The promoters' experience of over 25 years should support the
business risk profile. Moreover, business is spread acsross
import market, domestic market, and e-commerce which should keep
revenue diversified. Tie-ups with various e-commerce portals have
improved margins.
Outlook: Stable
CRISIL believes GIL will continue to benefit over the medium term
from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a significant increase in scale
and an improved financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of a decline in revenue and
profitability, or large, debt-funded capital expenditure
weakening the financial risk profile, or stretch in the working
capital cycle resulting in weak liquidity.
Incorporated in 1995, GIL, promoted by Mr. Ramavatar Shah and his
son Mr. Vimal Shah, manufactures ladies and kids garments. It
also has over 30 cutting machines and 3 embroidery machines for
carrying out finishing work.
Profit after tax and operating income were INR77 lakhs and
INR23.38 crore, respectively, for fiscal 2017, against INR27
lakhs and INR21.26 crore, respectively, for the previous fiscal.
GWALIOR DISTILLERIES: CARE Cuts Rating on INR37.50cr Loan to D
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gwalior Distilleries Limited (GWL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facility 37.50 CARE D Revised from CARE B+
Detailed Rationale & Key Rating Drivers
The revision in the ratings assigned to the bank facilities of
Gwalior Distilleries Limited (GWL) factors in the delay in
servicing of debt obligations by the company. Establishing a
clear track record of timely debt servicing with improvement in
the liquidity position is the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing obligations and weak liquidity position:
As per the interaction with the management and banker there have
been instances of delays in repayment of interest obligation of
term facility availed on account of the stretched liquidity
position and delay in achieving COD, due to delay in receiving
approvals.
Gwalior Distilleries Limited (GDL) was incorporated in the year
1986 by Mr. Govind Yadav to undertake the business of blending
and bottling of Indian made foreign liquor (IMFL). The IMFL
blending and bottling unit of the company is located in Bhind
district of Madhya Pradesh and has a total installed capacity of
90,000 cases per annum. Presently, GDL is in the process of
undertaking backward integration of operations by setting up a
unit for the manufacturing of the basic raw material i.e., ENA
and RS, which was otherwise being sourced from third parties. GDL
has proposed for an installed capacity of 40KL (kilo litre) for
the manufacturing of ENA and INR.
IGENIUS LIFE: CARE Assigns 'B' Rating to INR18cr LT Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Igenius Life Science LLP (ILSL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 18 CARE B; Stable Assigned
Short-term Bank
Facilities 0.50 CARE A4 Assigned
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Igenius Life
Science LLP (ILSL) are constrained on account of implementation
and stabilisation risk associated with on-going debt funded
capex, presence in highly fragmented industry, regulatory risk
pertaining to compliance with health care norms and
susceptibility of operating margins to raw material price
fluctuations. The above constraints, however, outweigh the
comforts derived from the qualified and experienced promoters.
The ability of ILSL to successfully commission its ongoing capex
and commence commercial production within envisaged timeline will
be the key rating sensitivities. Furthermore, achieving envisaged
level of sales and profitability in light of competition from
large players and raw material price fluctuation risk would also
remain the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going debt funded capex: Project implementation and
stabilization risk persists as ILSL is currently implementing a
greenfield project for manufacturing of sterile Injectable
Products (small volume parenteral and large volume parenteral).
With project gearing of 1.90 times, ILSL is exposed to project
implementation and stabilisation risk.
Susceptibility of operating margins to raw material price
fluctuation along with presence in highly fragmented industry
and regulatory risk: The key raw materials to manufacture various
sterile injectable products include sodium acetate, sodium meta
bi sulfite, egg lecithin, glycerol etc., which are price
sensitive and volatile in nature. Furthermore, ILSL is present in
a highly fragmented industry with presence of many unorganized
players as well as medium to large companies that control
majority of the domestic market. Also, the pharmaceutical market
is controlled by various government bodies, while any violation
of the laid down norms can adversely affect the operations of
ILSL.
Key Rating Strengths
Qualified and experienced promoters: The key promoter Mr. Minesh
Suthar has an experience of more than two decades in the
pharmaceutical industry, while Mr. Manish Patel has an experience
of more than a decade in the pharmaceutical industry.
Mehsana-based (Gujarat) ILSL is a limited liability partnership
established in November 2014, which is managed by five partners
viz. Mr. Minesh Suthar, Mr. Manish Patel, Mr. Raxit Patel, Mr.
Pravin Patel and Mr. Chintan Patel. ILSL is setting up a plant in
Mehsana, Gujarat to manufacture Sterile Injectable Products
(small volume parenteral and large volume parenteral) with an
installed capacity of 1000 litre per annum SVP ampoule line and
4000 litre per annum LVP bag line of anti-bacterial, anti-
infective, anesthesia, anti-fungal, plasma volume expander,
intravenous fat emulsion and amino acid derivatives of IV fluids
in Non-PVC & PVC bags. ILSL has taken due regulatory approval
from Food and Drugs Control Administration (FDCA), Gujarat for
the same. The total project cost is estimated at INR32.03 crore
which is to be funded with a proposed debtequity mix of 1.90
times. ILSL is planning to commence operations from November 2017
onwards.
JOYGURU COLD: CRISIL Reaffirms B- Rating on INR4.09MM Cash Loan
---------------------------------------------------------------
CRISIL has been seeking information and a discussion with the
management of Joyguru Cold Storage Private Limited (JCPL) since
Jan. 2017. Despite several emails and calls, the firm has not
submitted any information. CRISIL had, through a director letter
dated Jan. 27, 2017 and senior director letter dated Feb. 28,
2017 informed the firm of the extant guidelines and requested for
cooperation. The issuer, however, remains non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee .07 CRISIL A4 (Issuer Not
Cooperating; Rating
Reaffirmed)
Cash Credit 4.09 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 2.20 CRISIL B-/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Working Capital 0.74 CRISIL B-/Stable (Issuer Not
Loan Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
CRISIL has reaffirmed its ratings to 'CRISIL B-/Stable/CRISIL A4'
on the bank facilities of JCPL based on information adequacy risk
framework.
Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the firm. JCPL scores low ('L') on availability of
past information. It scores low ('L') on future information due
to unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating.
Incorporated in 1989, Joyguru provides its cold-storage
facilities to potato farmers and traders. The company is owned by
West Bengal-based Nandi family, which has experience of two and a
half decades in the same line of business. Joyguru's cold storage
is located in Bankura (West Bengal).
KARNIMATA COLD: CRISIL Reaffirms B Rating on INR7.5MM Term Loan
---------------------------------------------------------------
CRISIL has been seeking information and a discussion with the
management of Karnimata Cold Storage Limited (KCSL) since
December 2016. Despite several emails and calls, the company has
not submitted any information. CRISIL had, through a director
letter dated January 31, 2017 and senior director dated
February 28, 2017 informed the company of the extant guidelines
and requested cooperation. The issuer, however, remains non-
cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
Term Loan 7.5 CRISIL B/Stable (Issuer Not
Cooperating; Rating
Reaffirmed)
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of KCSL. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
KCSL is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B' category
or lower. Based on the last available information, CRISIL has
reaffirmed the rating to 'CRISIL B/Stable'.
Incorporated in April 2011, KCSL provides cold storage facility
to potato farmers and traders; it is promoted by the West Bengal-
based Mr. Pradip Lodha and his family members.
LINK ENTERPRISES: CARE Reaffirms B+ Rating on INR4.61cr LT Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Link Enterprises (LIE), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 4.61 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 8.30 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The ratings assigned to the bank facilities of Link Enterprises
(LIE) continue to remain constrained on account of its small
scale of operations, thin profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The ratings also continue to remain constrained by
LIE's presence in a highly fragmented and competitive trading
industry along with susceptibility of profit margins to
fluctuation in prices of material and its proprietorship nature
of constitution. The ratings, however, continue to derive comfort
from the experienced proprietor.
The ability of LIE's to increase its scale of operations along
with improvement in profitability, capital structure and debt
coverage indicators will remain the key rating sensitivities.
Detailed description of the key rating drivers
Key rating weaknesses
Small scale of operations, thin profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position
The scale of operation remained small marked by total operating
income (TOI) of INR19.57 crore during FY17. Profit margins stood
thin marked by PBILDT and PAT margins of 4.91% and 0.27%
respectively during FY17 on account of its trading nature of
operation. On account of higher total debt along with low net
worth base, the capital structure of LIE stood leveraged. As a
result of high total debt level coupled with low level of cash
accruals, total debt to GCA also stood weak as on March 31, 2017.
The liquidity position of LIE also stood moderate marked by
moderate current ratio at 1.16 times and comfortable working
capital cycle of 26 days during FY17.
Presence in a highly fragmented and competitive trading industry
LIE operates in the trading of petroleum products, timber logs
and other products, which is highly fragmented industry with
presence of numerous independent small-scale enterprises. The
industry is characterised by low entry barrier due to minimal
capital requirement, no inherent resource requirement constraints
and easy access to customers and supplier.
Susceptibility of profit margins to fluctuation in prices of
material
As LIE is engaged into trading of mainly petroleum products and
timber logs, the prices of the same are highly volatile in
nature and therefore cost base remains exposed to any adverse
price fluctuations in the prices of those materials.
Accordingly, the profitability margin of the company is
susceptible to fluctuation in raw material prices.
Proprietor nature of constitution
LIE being a proprietorship firm is exposed to inherent risk of
proprietor's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor.
Key rating strengths
Experienced proprietor coupled with established track record of
operations
Mr Harendra Karia is a proprietor of the LIE and possesses more
than two decades of experience in trading industry.
Gandhidham-based (Gujarat) LIE is a proprietorship firm
established by Mr. Harendra Karia in 1994. LIE is engaged into
the business of trading of petroleum products, timber logs, salt
and other items like provisions, footwear etc. LIE procures
petroleum products from Gulf countries and sales it to vessels.
LIE procures timbers from Indonesia and sales it to domestic
traders. LIE is also into business of power generation through
its two wind mills located in Rajasthan. LIE supplies power to
Rajasthan Government. Link International is an associate entity
of LIE, which is also engaged into trading of petroleum products
since last 13 years.
During FY17 (Provisional, refers to the period April 1 to
March 31), LIE reported PAT of INR0.05 crore on a TOI of INR19.57
crore as against PAT of INR0.12 crore on a TOI of INR20.99 crore
during FY16. During 2MFY18 (provisional), LIE has reported a TOI
of INR3.30 crore.
ORIENTAL PATHWAYS: CARE Lowers Rating on INR78.66cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Oriental Pathways Agra Private Limited (OPAPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 78.66 CARE D Revised from CARE BB
Detailed Rationale & Key Rating Drivers
The revision in the rating assigned to the bank facilities of
Oriental Pathways Agra Private Limited (OPAPL) takes into account
delay in servicing of debt obligations by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Delay in debt servicing on account of demonetization: Due to
government order pursuant to ban on high denomination currency
notes in November 2016, toll collection was halted on all
National Highways including this project between November 9, 2016
till December 2, 2016. The lower toll collections due to
demonetization lead to mismatch in cash flows which led to delay
in debt servicing. The company had DSRA balance of INR9.14 crore
as on December 31, 2016, although the same was not utilized for
repayments. Toll collections have improved subsequently.
Revenue risk associated with toll projects: Being a toll-based
project, OPAPL is exposed to the inherent revenue risks arising
from the traffic fluctuations and annual revision of the toll
rates which are indexed to the Wholesale Price Index (WPI).
Key Rating Strengths
Experienced Parentage: OPAPL's parent company, OSEPL has an
established presence in the road construction industry with
operational portfolio of 8 BOT projects and 2 projects under
construction (1 BOT and 1 HAM) as on March 31, 2017.
Oriental Pathways (Agra) Private Limited (OPAPL) is a Special
Purpose Vehicle (SPV) promoted by Oriental Structural Engineers
Private Limited (OSEPL, rated 'CARE BBB+', 'CARE A2') for
improvement, operation and maintenance including strengthening
and widening of the existing two lane road to four lane dual
carriageway from km 17.756 - km 62.295 of NH11 (Agra - Bharatpur
Section) in the States of Uttar Pradesh & Rajasthan on Build,
Operate and Transfer (BOT) basis. The project got completed in
July 2009 at a total cost of INR 233 crore and the company
started toll collection from July 9, 2009.
OPAPL had entered into a Concession Agreement (CA) with National
Highway Authority of India (NHAI) on March 10, 2006 with a
concession period of 20 years including a construction period of
30 months. The concession was awarded based on its quote for
paying a one-time negative grant aggregating INR 9.89 crore to
NHAI in thirteenth year of the concession period i.e. FY19. The
O&M and major maintenance activities are being undertaken jointly
by OSE and PATH.
As of Mar 31, 2017, the shareholders of the company are OSEPL
(holding 25.23%), Oriental Tollways Pvt Ltd (OTPL, holding
24.23%), Prakash Asphaltings and Toll Highways (India) Ltd (PATH,
rated 'CARE BBB+', 'CARE A2' in Oct-16) holding 47.54%, Path
Oriental Highways Ltd (POHL, rated 'CARE BBB+ (SO); Stable')
holding 2.99% with the balance 0.01% being held by Delhi Brass &
Metal Works Ltd.
For FY17 (Prov., refers to the period April 1 to March 31), OPAPL
reported a PAT of INR10.29 crore on a total operating income of
INR41.37 crore as against PAT of INR16.22 crore on a total
operating income of INR34.88 crore for FY16.
P. MANGATRAM: CRISIL Cuts Rating on INR57MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has been consistently following up with P. Mangatram
Jewellers Private Limited (PMJ) for obtaining information through
letters dated May 15, 2017 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 57 CRISIL B+/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL BB/Stable'; Removed
from 'Notice of Withdrawal')
Packing Credit in 10 CRISIL A4 (Issuer Not
Foreign Currency Cooperating; Downgraded from
'CRISIL A4'; Removed from
'Notice of Withdrawal')
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.
Detailed Rationale
CRISIL has removed the ratings on the bank facilities of PMJ from
'Notice of Withdrawal' due to non-receipt of a no-objection
certificate from bankers, in line with CRISIL's revised
withdrawal policy. These ratings were placed on 'Notice of
Withdrawal' for 180 days on August 8, 2016, at the company's
request. CRISIL has also downgraded its ratings on the bank
facilities to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.
Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent PMJ. This restricts CRISIL's
ability to take a forward looking view on the credit quality of
the entity. CRISIL believes that the information available for
PMJ is consistent with 'Scenario 1' outlined in the 'Framework
for Assessing Consistency of Information with CRISIL B Rating
category or lower.' Based on the last available information,
CRISIL has downgraded the rating to 'CRISIL B+/Stable/CRISIL A4'
from 'CRISIL BB/Stable/CRISIL A4+'.
PMJ was set up in 2004 as a proprietorship concern by Ms. Mamtu
Gulabani. It was reconstituted as a partnership firm in April
2005 with the induction of Mr. Amit Gulabani and Mr. Sanjay
Gulabani as partners. This firm was later reconstituted as a
private limited company in September 2005.
PIONEER TEA: ICRA Reaffirms B+ Rating on INR4.39cr Loan
-------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ assigned to
the INR0.39-crore term loans and INR4.00-crore cash credit
facilities, and the short-term rating of [ICRA]A4 assigned to the
INR0.40-crore bank guarantee facility of Pioneer Tea & Exports
Limited (PTEL). ICRA has also reaffirmed the long-term rating of
[ICRA]B+ and the short-term rating of [ICRA]A4 assigned to the
INR2.10-crore untied limits of PTEL. The outlook on the long-term
rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based Limits 4.39 [ICRA]B+ (Stable); Reaffirmed
Non Fund-based Limits 0.40 [ICRA]A4; Reaffirmed
Untied Limits 2.10 [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 PTEL, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the entity's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, the entity's
rating is now denoted as: "[ICRA]B+ (Stable)/ [ICRA]A4 ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the entity's performance since the time it was
last rated.
Incorporated in 1995, PTEL has been engaged in the production of
black tea of CTC variety. The company has no plantation facility;
therefore it has to depend entirely on bought green leaves for
production of black tea. The factory of the company is located at
Siliguri, West Bengal. The annual installed capacity for
production of black tea is 3.5 million kg. The company markets
its tea under the brand name of 'Raajdhanee', 'Pioneer',
'Daffodil', 'Anubhuti', 'Remajuli' and 'Saffron Valley'.
POWER RESEARCH: ICRA Reaffirms B+ Rating on INR6.0cr LT Loan
------------------------------------------------------------
ICRA has reaffirmed the long-term rating at [ICRA]B for the
INR9.50-crore long-term fund based and non-fund based bank
facilities of Power Research and Development Consultants Private
Limited (PRDC). The outlook on the long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term-Fund
Based Limit 6.00 [ICRA]B+ (Stable)/Reaffirmed
Long Term-Non
Fund Based Limit 3.50 [ICRA]B+ (Stable)/Reaffirmed
Rationale
The rating reaffirmation continues to remain constrained by high
debtor position of the company resulting in stretched liquidity.
This has also resulted in complete utilization of the working
capital facilities sanctioned by the bank. The rating is also
limited by the small scale of operations of the company and its
large exposure to power systems domain indicating high industry
concentration.
The rating, however, continues to draw comfort from the sound
domain knowledge of the company in power systems design and
consulting, and its reputed client base which includes players
such as Alstom T&D India, Gamesa Renewable Private Limited,
Central Electricity Supply Utility of Orissa etc. The rating
favorably factors in the healthy growth in revenues during FY2017
supported by income generated from projects executed for Eastern
Regional Power Committee (ERPC). The rating also takes into
account the likely boost in revenues expected in FY2018 supported
by potential orders from Southern Regional Power Committee and
Assam Power Transmission Company.
Going forward, PRDC's ability to scale up operations by
successfully securing and executing large scale orders from state
power utilities and improve the working capital intensity by
efficiently managing receivables will be the key rating
sensitivities.
Key rating drivers
Credit strengths
* Healthy growth in operating income during FY2017 supported
by revenues from ERPC project
* Established presence of the company in power systems design
and consulting segment, and reputed client base in the market
* Highly experience personnel with good domain knowledge;
stability of employee base characterised by low attrition
levels
* Potential large orders from Southern Regional Power Committee
(SRPC) and Assam Power Transmission Company (APTC) expected
to boost revenues in the near to medium term
Credit weaknesses
* Small scale of operations in a niche and competitive
industry, with limited bargaining power with its customers
* Large exposure to power systems domain leading to sector
concentration risks
* High working capital intensity of the company due to
stretched debtor levels
Description of key rating drivers
The company has an established presence of over two decades in
the industry and has an employee base with extensive experience
in the power systems domain. While the main focus was on power
system consultancy initially, the company has also diversified
into software development. The company has recently developed
'MiPower Protection Suite' software for carrying out simulation
studies on relay setting calculations and design appropriate
protection systems. The operating income witnessed a healthy
growth of 41.36% during FY2017 supported by revenues from ERPC
project for supply of MiPower software. The company also expects
to receive large scale orders from other power utilities like
SRPC and APTC in the short term which is expected to increase the
income of the company. With bulk of revenues received during
March and significant government client base, the debtor level of
the company continues to remain stretched notwithstanding the
decrease in receivables during FY2017. Going forward, the company
expects the liquidity position to ease supported by expected
growth in revenues and improved credit terms with customers.
Power Research and Development Consultants Private Limited (PRDC)
was established in 1994 and has been involved in power systems
consultancy services. The company is also involved in development
of software for power network design and analysis. PRDC also
provides automation and power system solutions, wherein the
company designs the embedded systems as per customer requirements
while the manufacturing of the same is outsourced. PRDC is
promoted by Dr R Nagaraja, who is a PhD in Energy Management
Systems from Indian Institute of Science (IISc). The company
carries out projects for State Electricity Boards and Utilities,
IPPs (Independent Power Producers) and companies in other
industries such as cement, steel and sugar. The company has
gained expertise in this field through the large number of
projects that they have conducted over the years. It has also
been recognized by Visvesvaraya Technological University (VTU) as
a VTU affiliated research centre which allows PRDC to provide
training to power engineers working in state/regional electricity
boards, generation, transmission and distribution companies,
among others.
In FY2017, as per provisional results, the company reported an
operating income of INR29.14 crore and profit before tax of
INR1.61 crore as against an operating income of INR20.61 crore
and net profit of INR0.64 crore during FY2016.
PROVET PHARMA: CRISIL Reaffirms B+ Rating on INR13.4MM Loan
-----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' ratings on the long
term bank facilities of Provet Pharma Private Limited (PPPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 13.4 CRISIL B+/Stable (Reaffirmed)
The ratings continue to reflect a modest scale of operations in
the intensely competitive poultry feed industry, and a below-
average financial risk profile because of average gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoters in
the poultry feed industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the intensely competitive poultry
feed industry:
PPPL is engaged in manufacture and trading of animal feed
supplements and pharmaceutical formulation for animals. The
company has a reported turnover of INR48.3 crores in fiscal 2017.
The industry is highly fragmented on account of low capital and
technology requirements, resulting in low entry barriers. This
has intensified the competition in the industry adding pressure
to the operating margins of players across the industry.
* Below-average financial risk profile because of weak gearing
and debt protection metrics:
PPPL's below-average financial risk profile is marked by modest
networth, weak gearing and average debt protection metrics. The
company's networth is modest, estimated at INR 4.25 crores as on
March 31, 2017. Capital structure is highly leveraged, with
gearing estimated at 2.87 times as on March 31, 2017, mainly
owing to high reliance on external debt to fund its working
capital requirements. Debt protection measures for fiscal 2017
are estimated to be weak, with interest coverage and net cash
accruals to total debt (NCATD) ratios of 1.49 times and 0.05
times, respectively.
Strengths
* Extensive experience of the promoters in the poultry feed
industry:
PPPL was set-up in October 2008 by three veterinary professionals
Dr. Senthil Suthanthirakumar, Dr. V Muthuselvan and Dr. Tapan
Saha, along with two investors Mr. Sukakumar and Mr.
Radhakrishnan. The veterinary professionals have vast experience
in the field of animal healthcare, while the investors have
extensive experience in poultry products and broiler farming and
owns the Kavi group of companies, based out of Bangalore. Aided
by the experience of promoters, the company has been able to
develop strong relations with key stakeholders, leading to steady
order flows, and healthy growth in revenues in the past few
years.
Outlook: Stable
CRISIL believes PPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of a significant
increase in scale of operations and improvement in profitability,
while working capital requirement is maintained. Substantial
equity infusion, leading to improvement in the financial risk
profile, may also result in a 'Positive' outlook. The outlook may
be revised to 'Negative' in case of large, debt-funded capital
expenditure or a decline in profitability, leading to
deterioration in the financial risk profile. The outlook may also
be revised to 'Negative' if working capital management
deteriorates, resulting in weakening of liquidity.
PPPL, established in 2009, manufactures and trades in animal feed
supplements and pharmaceutical formulations for animals. Its
operations are managed by its sales director, Dr Senthil
Suthanthirakumar and its marketing director, Dr V Muthuselvan.
The company reported profit after tax (PAT) of INR 0.59 crores on
revenue of INR 48.35 crores in fiscal 2017, vis-a-vis PAT of INR
0.66 crores on revenue of INR 40.68 crores in fiscal 2016.
SAI WHITEGOLD: CRISIL Assigns 'B+' Rating to INR4MM Term Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long
term bank facilities of Sai Whitegold (SW).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B+/Stable
Term Loan 4 CRISIL B+/Stable
The rating reflects SW's modest scale of operations amid intense
competition and susceptibility of operating margins to volatility
in raw material prices. The rating also factors in the firm's
subdued financial risk profile, marked by modest networth, high
total outside liabilities to adjusted networth (TOLANW) ratio and
average debt protection metrics. These rating weaknesses are
partially offset by extensive industry experience the partners in
the cotton ginning industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in a highly competitive cotton
ginning industry
The firm's has modest scale of operations as reflected by the net
sales of INR 14 crore in fiscal 2017, which is mainly on account
of initial stage of operation of the firm (commenced operation
from January 2017). The modest scale of operations also restricts
the ability to negotiate with customers or suppliers since cotton
ginning business is highly fragmented with several small players
operating within the country.
* Susceptibility of operating margins to volatility in raw
material prices
Being an agricultural commodity, cotton's availability is highly
dependent on the monsoon. Furthermore, government interventions,
and fluctuations in global cotton output, resulted in sharp
fluctuations in cotton prices, thus impacting the margins of
cotton ginners.
* Subdued financial risk profile
The firm's capital structure and debt protection metrics are
expected to remain weak over the medium term. The networth was
modest at INR3 crore and TOL/TNW of 3.49 times as on March 31,
2017. Interest coverage ratio is expected to remain average at
less than 3 times driven by modest cash accrual.
Strengths
* Extensive industry experience of the partners in cotton
industry.
The partners of the firm have an experience of over a decade in
the cotton industry. Established relationship with suppliers and
customers has further strengthens the market position, which is
also expected to help the firm to ramp up its operations over the
medium term.
Outlook: Stable
CRISIL believes that the firm will continue to benefit over the
medium term from the extensive experience of its partners in the
cotton industry. The outlook may be revised to 'Positive' if
there is a significant growth in its revenue with sustained
improvement in its operating profitability resulting in better
than expected accruals or if its capital structure improves on
account of capital infusion. Conversely the outlook may be
revised to 'Negative' if SW's financial risk profile
deteriorates, most likely because of increased working capital
borrowings or large debt funded capital expenditure.
Set up in January 2017 as partnership firm, SW is engaged in
cotton ginning and pressing. The firm is promoted by Mr.
Hamunandas Chandak and Mr.Kapil Chandak. The firm has its
facility located in Wardha (Maharashtra), with capacity of 1000
quintal per day which is expected to remain utilized at around
75-80% for the year ended 2016-17.
Profit after tax (PAT) was INR0.05 crore on net sales of INR14.06
crore in fiscal 2017.
SHREE RAM: ICRA Raises Rating on INR5.0cr Cash Loan to B+
---------------------------------------------------------
ICRA has upgraded the long-term rating to [ICRA]B+ from [ICRA]B
on the INR5.00-crore fund-based bank facilities of Shree Ram
Pulse Mills (SRPM). The outlook on the long-term rating is
Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based- 5.00 [ICRA]B+ (Stable); Upgraded
Cash Credit from [ICRA]B
Rationale
The rating upgrade factors in the improvement in the firm's
operating performance, with increase in sales volumes and better
profitability in FY2017. The rating also takes into account the
long experience of the firm's partners in the industry and the
logistical advantages enjoyed by it due to its proximity to raw
material sources.
The rating, however, remains constrained by SRPM's moderate scale
of operations and its weak financial risk profile characterised
by small net worth, leveraged capital structure and average debt-
coverage indicators. The rating is further constrained by the
vulnerability of the firm's profitability to fluctuations in
pulse prices due to agro-climatic conditions and the inherently
low value-adding pulse processing business (owing to high
fragmentation and intense competition with numerous small and
unorganised as well as established players in the industry). ICRA
also notes that SRPM is a partnership firm and thus, any
substantial withdrawal from capital will adversely affect its net
worth and capital structure.
ICRA expects the firm to witness moderate revenue growth in
FY2017 backed by an expected increase in sales volumes. Its
profitability, however, will be vulnerable to fluctuations in raw
material prices and is expected to remain low in line with the
past years. Further, the firm's capital structure will remain
stretched over the medium term on account of high working capital
requirements of the business. Its ability to scale up operations,
improve profitability and efficiently manage working capital
requirements, and thereby improve its capital structure and
coverage indicators will remain important from a credit
perspective.
Key rating drivers
Credit strengths
* Long experience of partners in the pulse processing industry
* Easy availability of quality raw material by virtue of the
plant's proximity to the agricultural produce markets
* Improvement in profitability indicators in FY2017
Credit weaknesses
* Modest scale of operations in the intensely competitive pulse
processing industry
* Weak financial risk profile characterised by small net worth,
leveraged capital structure and average debt-coverage
indicators
* Profitability remains susceptible to fluctuations in prices
of pulses that are subject to seasonality and crop harvest
* Risk associated with being a partnership firm; any
significant withdrawals from capital account may adversely
impact the capital structure
Description of key rating drivers
The company processes black gram, gram and pigeon peas. The
partners of the firm have extensive experience in this line of
business and it is also benefitted by lower logistics costs and
easy raw material availability by virtue of its proximity to the
markets. Despite improvement in sales volumes, decrease in sales
realisations has resulted in a revenue decline from INR48.08
crore in FY2016 to INR46.12 crore in FY2017. The firm's
profitability, however, remains low on account of less value-
added business and stiff competition in the industry. It also
remains vulnerable to fluctuations in prices of pulses that are
subject to seasonality and crop harvest.
The firm purchases pulses during the peak season due to
availability of better quality materials at reasonable prices. It
maintains an average inventory of ~45-60 days throughout the
year. Additional inventory levels depend on crop availability,
current prices and the management's estimation of future prices.
To fund high inventory holdings and receivables, the firm relies
largely on external borrowings, leading to a leveraged capital
structure as indicated by gearing of 1.97 times as on March 31,
2017. Further, SRPM is a partnership firm and any withdrawals
from its capital account may adversely impact its capital
structure.
Established in 2003 as a partnership firm, SRPM trades in and
processes pigeon peas (tuvar dal), black gram pulse (urad dal)
and gram pulse (chana dal). The firm's plant at Gondal (Gujarat)
is equipped with sortex and processing machine with an annual
processing capacity of 9,000 MT of pulses at present. It markets
its black gram under the "Rose" and "Om" brands, pigeon peas
under the "Gulab" brand and gram pulse under the "VIP", "Shakti",
and "Jumbo" brands to differentiate among various grades
processed by it. The partners of the firm have a long experience
in the pulse processing industry through their association with
other Group concerns, namely Shree Ram Traders, Shree Ram
Cleaning, Shree Ram Agro Industries and Jay Siyaram Traders.
SHREENATHJI COTGIN: ICRA Reaffirms B- Rating on INR8cr Loan
-----------------------------------------------------------
ICRA has reaffirmed its long-term rating assigned to the INR8.00
crore fund based facilities and INR1.57 crore unallocated
facilities of Shreenathji Cotgin Private Limited at [ICRA]B-. The
outlook on the long-term rating is Stable. ICRA has also
reaffirmed its short-term rating assigned to the INR0.10 crore
non-fund based facilities of SCPL at [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 8.00 [ICRA]B-(Stable); Reaffirmed
Unallocated 1.57 [ICRA]B-(Stable); Reaffirmed
Non-fund-based-
Bank Guarantee 0.10 [ICRA]A4; Reaffirmed
Rationale
The rating action is based on best available information. As part
of its process and in accordance with its rating agreement with
SCPL, ICRA had sent repeated reminders to the company for payment
of surveillance fee that became overdue; however despite multiple
requests; the company's management has remained non-cooperative.
ICRA's Rating Committee has taken a rating view based on best
available information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 01, 2016, the
company's rating is now denoted as: "[ICRA] B- (Stable)/ 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
Key rating drivers
Credit strengths
* Reasonable experience of promoters in the cotton ginning
Industry
* Favorable location of the unit in Rajkot (Gujarat), a cotton
producing belt of India, giving easy access to quality raw
cotton
Credit weaknesses
* Weak financial risk profile as marked by low profitability
and return indicators, aggressive capital structure and weak
debt-protection metrics
* Moderate scale of operations
* Low profitability on account of limited value-addition and
highly competitive and fragmented industry structure given
the low entry barriers
* Vulnerability of profitability to fluctuations in raw cotton
prices, which are subject to seasonality and crop harvest
* Exposure to regulatory risks with regards to Minimum Support
price (MSP) for raw cotton as well as imposition of any
restriction on cotton exports
Description of key rating drivers:
SCPL is into the business of ginning and pressing of raw cotton,
with the product profile comprising cotton bales and cotton
seeds. The company's scale of operations remains moderate with
operating income of INR48.81 crore in FY2016. Owing to limited
value-adding operations, company's profitability remains low.
SCPL's inventory levels are linked to cotton prices. The company
tends to procure higher quantities of raw cotton in a falling
price regime and stores the finished products in case the
management expects higher realisations in the short-term, leading
to high working capital requirements. The company relies on
external borrowings to fund these requirements leading to a
leveraged capital structure. Furthermore, the cotton ginning and
pressing industry is a highly fragmented and competitive with
numerous organised and unorganised players due to low entry
barriers, which further restricts the pricing flexibility of the
company. However, the long experience of promoters in the
industry and company's location in Rajkot (Gujarat), provides
some comfort.
Incorporated in December 2010, Shreenathji Cotgin Private Limited
(SCPL) is into the business of ginning and pressing of raw
cotton. SCPL's manufacturing unit is located at Jasdan, Rajkot
(Gujarat) and is equipped with 24 ginning machines and one
pressing machine with total production capacity of 120 bales3 per
day. The company is promoted and managed by Mr. Sudhirkumar Raja,
Mr. Kamlesh Thakkar and Mr. Chandresh Jogi along with other
relatives and friends.
SIDDHIVINAYAK AGRO: CARE Raises Rating on INR10cr LT Loan From B+
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddhivinayak Agro Industries (SVAI), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 10.00 CARE BB-; Stable Revised
from CARE B+
Short-term Bank
Facilities 0.20 CARE A4 Reaffirmed
Detailed Rationale & Key Rating Drivers
The revision in the long-term rating assigned to the bank
facilities of Siddhivinayak Agro Industries (SVAI) is on account
of improvement in total operating income, profit margins, capital
structure and debt coverage indicators during FY17 (provisional)
(refers to the period April 1 to March 31). The ratings, further,
continue to derive benefits from experience of the promoters in
the agro processing industry coupled with established track
record of operations.
The ratings, however, continue to remain constrained on account
of moderate liquidity position along with its presence in highly
fragmented and seasonal agro based industry and partnership
nature of constitution.
Going forward, SVAI's ability to increase its scale of operations
with improvement in profitability and efficient working capital
management is the key rating sensitivity.
Detailed description of the key rating drivers
Key Rating Weaknesses
Presence in highly fragmented and seasonal agro based industry
Agro commodity industry is highly fragmented in nature having
large number of players from unorganized sector. In addition to
this, it is highly dependent upon monsoon and uncertainty of
monsoon being a characteristic of Indian weather increases risk
of the industry.
Partnership nature of constitution
SVAI being a partnership firm is exposed to inherent risk of
partners' capital being withdrawn at time of personal contingency
and firm being dissolved upon the death/retirement/insolvency of
key partners.
Moderate liquidity position
The overall liquidity position of the firm as on March 31, 2017,
improved and remained moderate as marked by current ratio of 2.20
times and quick ratio of 0.54 times. Operating cycle of the firm
remained moderate to 60 days as against operating cycle of 49
days for FY16.
Key Rating Strengths
Experienced partners in the agro commodity industry
The partners of the firm have vast experience in the agro
processing industry and have been involved in the agro
processing business for more than two decades.
Improvement in total operating income and profit margins
During FY17 (Provisional), SVAI reported TOI of INR44.60 crore, a
marginal growth of 5.02% over FY16 while PBILDT and PAT improved
y-o-y.
Improvement in capital structure and debt coverage indicators
As on March 31, 2017, SVAI's capital structure marked by overall
gearing improved and remained comfortable at 0.53 times. This was
primarily due to improved net worth position as on March 31,
2017. Debt coverage indicators also improved owing to improved
cash accruals and decline in debt level.
SVAI is a partnership firm established in 2005 by Mr. Mehul
Ramwani, Mr. Pradip Ramwani, Mr. Dishant Ramwani, Mrs Kalpnaben
Ramwani and Mrs Rajniben Ramwani. SVAI is engaged into processing
of rice and wheat. Its plant is situated at Sanand, Gujarat
having installed capacity of 22,500 MTPA. SVAI exports rice to
Turkey and South African countries which consists of 3-5% of its
total operating income.
SVAI has registered a total operating income (TOI) of INR44.60
crore and net profit of INR0.45 crore during FY17 (Provisional)
as against TOI of INR42.47 crore and net profit of INR0.11 crore
during FY16. As per provisional results up to June 18, 2017, the
firm has clocked a turnover of INR19.95 crore.
SURYA NARAYAN: CRISIL Lowers Rating on INR3MM Term Loan to B-
-------------------------------------------------------------
CRISIL has been seeking information and a discussion with the
management of Surya Narayan Agro Private Limited (SNAPL) since
Dec 2016. Despite several emails and calls, the firm has not
submitted any information. CRISIL had, through a senior director
letter dated 31-Jan-2017 informed the firm of the extant
guidelines and requested for cooperation. The issuer, however,
remains non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2 CRISIL B-/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL B/Stable')
Proposed Long Term 0.5 CRISIL B-/Stable (Issuer Not
Bank Loan Facility Cooperating; Downgraded from
'CRISIL B/Stable')
Term Loan 3 CRISIL B-/Stable (Issuer Not
Cooperating; Downgraded from
'CRISIL B/Stable')
Investors, lenders, and all other market participants should
exercise due caution while using ratings assigned/reviewed with
the suffix 'Issuer Not Cooperating'. These ratings lack a
forward-looking component as they are arrived at without any
management interaction, and are based on best available or
limited or dated information
Detailed Rationale
CRISIL has downgraded its rating on the bank facilities of STL to
'CRISIL B-/Stable' from 'CRISIL B/Stable' based on information
adequacy risk framework.
Inadequate information and lack of management cooperation
restrict CRISIL from taking a forward looking view on the credit
quality of the firm. SNAPL scores low ('L') on availability of
past information. It scores low ('L') on future information due
to unavailability of management's public stated stance on
expectations, strategic decisions, and capital expenditure
(capex). It also scores low ('L') on the stability attributes
listed in CRISIL's criteria for surveillance of ratings of non-
cooperative issuers. The available information is consistent with
a 'CRISIL B' category rating, leading to downgrade of the ratings
Incorporated in 2014, SNAPL, has set up 8 ton per hour (TPH) non-
basmati rice mill unit at Burdwan,West Bengal having an estimated
cost of around INR7.19 crores (including working capital margin).
The project was funded by term loan of INR3 crores and remaining
through funding support from promoters in the form of equity or
unsecured loan. When the case was discussed in the committee last
time the company was in the process for contracting the necessary
funding support from the bank, but the promoters had already
infused their part equity capital in the company. SNAPL's day to
day operations are looked after by its promoter director Mr.
Subhash Ghosh.
TECHNOCRAT CONNECTIVITY: ICRA Reaffirms B+ Rating on INR4cr Loan
----------------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR5.75
crore fund based facilities of Technocrat Connectivity Systems
Private Limited at [ICRA]B+. The outlook on the long term rating
is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 4.00 [ICRA]B+ (stable); Reaffirmed
Fund-based-Term
Loan 1.75 [ICRA]B+ (stable); Reaffirmed
Rationale
As part of its process and in accordance with its rating
agreement with TCS, 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.
TCS was incorporated in August 2000 as a private limited company.
It is promoted by Mr. V.K. Pahilajani and by Mr. T.C. Pahilajani.
The company is manufacturing and exporting wires and wiring
harnesses. Wire harness is generally used for the purpose of
connecting wires. The company is engaged in manufacturing from
its facilities located in Gurgaon and Rudrapur.
TRIVANDRUM APOLLO: CRISIL Lowers Rating on INR15MM Loan to 'D'
--------------------------------------------------------------
CRISIL has downgraded the rating on the long-term bank facility
of Trivandrum Apollo Towers Private Limited (TATPL) to 'CRISIL D'
from 'CRISIL B/Stable,' owing to a delay in term debt repayment,
caused by stretched liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 15 CRISIL D (Downgraded from
'CRISIL B/Stable')
The rating also factors in the company's exposure to risk related
to stabilisation of its hotel operations, and the project in
Thiruvananthapuram, and the weak financial risk profile. This
weakness is mitigated by the extensive experience of the promoter
in real estate development.
Key Rating Drivers & Detailed Description
Weakness
* Exposure to risks related to stabilisation of hotel
The company is exposed to high stabilisation risk, as the hotel
Apollo Dimora commenced commercial operations only from August
2016, and hence, fiscal 2018 will be the first full year of
operations. Hotel projects typically have a gestation period
during which a company needs to continuously invest in marketing
and brand building initiatives. However, TATPL is also expected
to face stiff competition from other established luxury hotels in
Thiruvananthapuram, such as The Leela Kovalam, Hotel Saj Luciya,
and Fortune Hotel.
* Limited geographic and revenue diversity and exposure to risks
inherent in industry
The business risk profile is susceptible to economic downturns
and event risks, arising from high dependence on the promoter for
servicing the existing term debt. Operating revenue and revenue
per available room of premium hotels are linked to the economic
cycles. Any slowdown can adversely affect both business and
leisure travel, and thus, debt the demand for premium hotel
rooms. Hence, being a part of the premium segment, the four-star
hotel is also likely to be susceptible to economic downturns.
* Below average financial risk profile
Financial risk profile is marked by a small networth, high
gearing and weak debt protection metrics. Networth was small at
INR0.15 crore as on March 31, 2016, owing of losses incurred in
the past. Debt of INR20.75 crore taken to cover the project cost,
may keep the gearing high. Debt protection metrics are also
likely to remain subdued, as operations are still at a nascent
stage.
Strengths
* Extensive entrepreneurial experience of the promoter
The promoter, Mr. OM Abdul Rasheed has been associated with the
parent company, Apollo Builders Pvt Ltd (ABPL) for several years.
ABPL is currently engaged in residential real estate development
in Calicut, Ernakulam and Thiruvananthapuram. Over the years,
ABPL, an ISO 9001:2008 certified group, has developed projects
across South India, including cities such as Chennai, Coimbatore,
Thiruvananthapuram, Bengaluru, and Puducherry.
TATPL, based in Manjeri (Kerala), was incorporated in 2006, and
is setting up a four-star hotel and shopping complex, in
Thiruvananthapuram. The managing director, Mr. O M Abdul Rasheed,
manages the daily operations.
TRIVENI SILK: ICRA Reaffirms 'B' Rating on INR10.50cr Loan
----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B on the
INR10.50-crore bank facilities of Triveni Silk Mills (TSM). The
outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based limits 10.50 [ICRA]B (Stable); Reaffirmed
Rationale
ICRA's rating continues to favorably take into account the long
track record of the promoters in the fabric weaving business;
leveraging on which the firm maintains established relationship
with its customers. Furthermore, the weaving facility of the firm
being located in Ludhiana (Punjab) ensures easy access to raw-
materials and manpower. However, the performance was weak in
FY2017 owing to lower off-take in the market. The rating is also
constrained by the highly competitive industry and the low
bargaining power, resulting in thin margins. The operations
continue to be working capital intensive, thereby, resulting in
stretched liquidity profile as reflected in consistently high
utilisation of sanctioned limits. Further, the rating also
factors in the risks inherent in the firm's partnership
constitution, in terms of risk of capital withdrawal, etc.
Going forward, the firm's ability to register a sustained
improvement in sales, while maintaining its profit margins, will
be the key rating sensitivity. Any significant debt-funded capex
will remain the key monitorable.
Key rating drivers
Credit strengths
* Long track record of the promoters in the fabric weaving
business
* Established relationship with clients helps the firm in
securing repeat orders
* Advantages arising from location of manufacturing facility
at Ludhiana, provides easy access to raw materials and labor
Credit weaknesses
* Fragmented industry characterised by competition from large
number of players limits pricing power, resulted in weak
profitability indicators
* Working capital intensive nature of operations resulted in
increased working capital requirements and stretched
liquidity profile as reflected in consistently high
utilisation of sanction limits; weak capital structure
* Capital withdrawal risks as being constituted as a
partnership firm.
Description of key rating drivers:
TSM, located at Ludhiana, is managed by Mr. Bhupinder Jaggi and
Mr. Shakti Jaggi. Both the promoters have experience of more than
three decades in the field of textile business. The firm produces
cotton and synthetic fabrics which is used in making ladies
suits, dress materials, shawls, etc. Depending on the order at
hand, the value addition in the form of embroidery, digital
printing and handwork is done to produce the final product.
Textile industry being highly competitive, TSM faces stiff
competition from unorganised players, which limits pricing power,
resulted in weak profitability indicators TSM supplies mainly to
wholesale dealers. The capacity utilisation decreased slightly in
FY2017 as the operations and sales were hit due to
demonetisation. The revenues of the firm decreased from INR53.35
crore in FY2016 to INR47.79 crore in FY2017. The interest
coverage indicators improved slightly with decline in interest
expenses as reflected with interest coverage of 1.47 times,
NCA/TD of 5% and DSCR of 1.47 times in FY2017. The working
capital intensity is high at ~40% owing to high stock of
inventory and stretched debtors during FY2017 as the sales
declined.
Triveni Silk Mills (TSM), a partnership firm established in 1990
is managed by Mr. Bhupinder Jaggi and Mr. Shakti Jaggi. The firm
is engaged in the production of cotton and synthetic fabrics
which is used in making ladies suits, dress materials, shawls,
etc. The firm's manufacturing unit is located in Ludhiana and
comprises of 7 looms, 30 embroidery machines and 4 printing
machines.
TSM, on a provisional basis, reported a net profit of INR0.19
crore on an operating income of INR47.79 crore, as compared to a
net profit of INR0.19 crore on an operating income of INR53.35
crore in the previous year.
VERTICE GLOBAL: CRISIL Reaffirms B- Rating on INR11.9MM Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on the bank facilities of
Vertice Global Private Limited (Vertice) at ' CRISIL B-/Stable'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2 CRISIL B-/Stable (Reaffirmed)
Long Term Loan 11.9 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.1 CRISIL B-/Stable (Reaffirmed)
CRISIL's ratings on the bank facilities of Vertice continue to
reflect the company's small scale of operations, below average
financial risk profile because of a modest net worth and weak
debt protection metrics, and working capital-intensive nature of
operations. These rating weaknesses are partially offset by the
extensive experience of Vertices' promoter in manufacturing
Double Edged (DE) blades, and established relationship with
customers.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale and exposure to intense competition in DE Blades
industry: Modest scale is indicated by revenue of INR10.14 crore
in fiscal 2017. Intense competition has constrained ability to
significantly scale up operations.
* Working capital-intensive operations: Working capital
requirement is large as reflected in gross current assets at 220
days as on March 31, 2017, driven by inventory of 159 days and
debtors of 22 days.
* Below-average financial risk profile: Financial risk profile is
expected to remain below-average, with networth and gearing
likely to be at INR7.44 crore and 2.07 times, respectively, as on
March 31, 2017. Debt protection metrics also should be below
average, with net cash accrual to adjusted debt ratio of 0.01
time and interest coverage ratio of 1.15 times for fiscal 2017.
* Susceptibility to volatility in raw material prices: Operating
margins of Vertice are susceptible to changes in steel prices as
the players are unable to fully pass price increases to
customers.
Strengths
* Promoters extensive experience: Vertices' promoters have
extensive industry experience of more than ten years and have
established strong relationships with customers and suppliers.
Outlook: Stable
CRISIL believes Vertice will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if there is a substantial
and sustained increase in revenue and profitability, or a
considerable improvement in the networth on the back of sizeable
equity infusion. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins,
or significant deterioration in the company's capital structure
caused most likely by large, debt-funded capital expenditure or a
stretch in its working capital cycle.
Set up in 2014 and started commercial production in fiscal 2017,
Vertice is engaged in manufacturing of Double Edged Blades (DE
Blades). The operations of the company are managed by Mr. P.
Purushotham and Sai Teja Boddupalli. The plant is located in
Shamirpet Mandal Ranga Reddy, Hyderabad (Telangana).
Vertice reported net loss of INR0.47 crore on total revenue of
INR10.14 Cr for fiscal 2017.
VIJAY GANGA: ICRA Assigns 'B' Rating to INR14cr Term Loan
---------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR14.00-
crore term-loan facility and INR16.00-crore unallocated facility
of Vijay Ganga Specialty Care Private Limited. The outlook on the
long-term rating is stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term: Term
Loan 14.00 [ICRA]B (Stable) assigned
Long term:
Unallocated facility 16.00 [ICRA]B (Stable) assigned
Rationale
The rating takes into consideration the established track record
of the promoter in the healthcare industry. The rating factors in
the favourable catchment area of the proposed hospital as it is
well connected to other parts of the city which is expected to
support occupancy levels post establishment. However, the rating
is constrained by the nascent stage of operations and high risk
of cost and time overruns as the construction approval is still
awaited and partial debt is yet to be disbursed. Additionally,
the hospital is expected to face intense competition from other
reputed players in the city which would impact its occupancy
levels post establishment. The rating is also constrained by the
leveraged capital structure given the debt-funded nature of the
project. Going forward, the timely execution of the project, the
promoters' ability to support the funding gaps during the
gestation phase, and the ability of the hospital to achieve
expected occupancy levels resulting in adequate cash flows for
debt servicing would be the key rating sensitivities.
Key rating drivers
Credit strengths
* Long experience of the promoter in the healthcare industry
* Favorable catchment area to support the occupancy levels
post establishment
Credit weaknesses
* Nascent stage of operations, coupled with relatively modest
proposed scale of operations post commencement of hospital
* High risk of cost and time overruns with construction
approval yet to be obtained; partial debt yet to be disbursed
* Leveraged capital structure as per the proposed funding
Pattern
* High dependence on timely infusion of funds by the promoters
during the gestation period for timely execution as well as
to support funding gaps
* High competition from other reputed hospitals in the city,
given the initial stages of operations for the hospital and
the lack of established brand name
Description of key rating drivers:
The promoter of Vijay Ganga Speciality Care Private Limited, Dr
Sarita Vinod, has a long standing experience in the health care
industry. The company currently has an operational clinic
functional at Mylapore, Chennai which primarily provides
nephrological services, since 2009. Currently, VGSC has planned
to set up a 40-bed hospital at Josier street, Nungambakkam in
Chennai. Adjacent to the locality is the thickly-populated
neighbourhood of Nungambakkam, Kodambakkam, Teynampet,
Gopalapuram, T Nagar and Egmore, providing a favourable catchment
area. The overall competitive intensity is expected to remain
high owing to lack of established brand name for VGSCPL and the
presence of 8 -10 tertiary hospitals for most specialties in the
vicinity of the proposed hospital. The total cost of the project
is estimated at ~INR40.0 crore, and is proposed to commence in
October, 2018. The major cost drivers are towards land and land-
development costs of ~INR22.0 crore, followed by building
estimated at ~INR10.0 crore and medical equipment estimated at
~INR8.0 crore. The company has already incurred expenses of
INR22.00 crore, funded by term loans of INR14.00 crore and
promoter funds of INR8.00 crore, towards land. The additional
debt of INR16.00 crore is yet to be availed for construction and
purchase of equipment. The term loan has not yet been disbursed
as the approval for construction from the Chennai Metropolitan
Development Authority is still awaited. Thus, the company's
ability to complete the construction in a timely manner and avoid
any cost over-run, coupled with the ability to achieve adequate
occupancies and revenues so as to generate adequate cash flows
for meeting the debt-repayment obligations will be the key rating
sensitivities, going forward.
Vijay Ganga Specialty Care Private Limited has been established
in October 2009, by Dr. Sarita Vinod, a nephrologist. The
registered office of the company is situated in Chennai (Tamil
Nadu). The company has an operational clinic in Mylapore, Chennai
which primarily provides nephrological services. The company
plans to establish a multi-specialty hospital in Nungambakkam,
Chennai with state-of-the-art facilities to provide tertiary
care. The hospital is proposed to be a 40-bedded facility and
would offer a network of comprehensive services that include
primarily prevention and wellness, vascular services,
nephrological services, urological services, general specialties,
hospital care, diagnostic and treatment services. The hospital is
proposed to commence operations in October, 2019.
Dr. Sarita is a graduate of Karnataka Medical College, Hubli. She
further did her specialisation in internal medicine from Aultman
Hospital and super specialisation in nephrology from Cleveland
Clinic foundation, (CCF), OHIO, USA in 2012.
According to unaudited financial statements, the company has
recorded operating income of INR0.79 crore with net profit of
INR0.10 crore in FY2017 and according to the audited financial
statements, the company has recorded operating income of INR0.88
crore with net loss of INR0.08 crore in FY2016.
VINAYAK COTTEX: ICRA Reaffirms 'B' Rating on INR5.0cr Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating assigned to the INR7.67
crore fund based facilities of Vinayak Cottex at [ICRA]B. The
outlook on the long term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-based-Cash
Credit 5.00 [ICRA]B (Stable); Reaffirmed
Fund-based-Term Loan 2.67 [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 VC, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings and also
had sent repeated reminders to the company for payment of
surveillance fee that became overdue, but despite repeated
requests by ICRA, the company's management has remained non-
cooperative. In the absence of requisite information, ICRA's
Rating Committee has taken a rating view based on best available
information. In line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 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.
Established in February 2013 as a partnership firm, Vinayak
Cottex (VC) is into the business of ginning and pressing of raw
cotton and crushing of cotton seed. Its manufacturing facility is
located at Amreli (Gujarat) and is equipped with 24 ginning
machines, 1 pressing machine and 6 crushing machines with
production capacity of 60 cotton bales per day and 38 MT oil per
day. The firm is promoted and managed by Mr. Kamlesh B.
Bokarvadiya, Mr. Kantilal B. Bokarvadiya, Khimji G. Virpara, Mr.
Narendra M. Patel, Mr. Natha Virpara and Mr. Vikas N. Patel. The
promoters have a prior experience in the cotton industry by
virtue of their earlier association as partners/employee in
cotton ginning and pressing entities.
WESTERN INDIA: CARE Lowers Rating on INR70cr LT Loan to 'D'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Western India Metal Processors Limited (WIMPL), as:
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 70.00 CARE D Revised from
Facilities CARE BB; Stable
Short-term Bank 23.00 CARE D Revised from
Facilities CARE A4
Detailed Rationale& Key Rating Drivers
The revision in ratings takes into account the ongoing delays in
debt servicing by the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Due to the stressed liquidity position, there are devolvement in
LCs and on-going delays in servicing of interest by the company.
Western India Metal Processors Limited (WIMPL) was incorporated
as a public limited company in August 2006. The company is
engaged in trading in prime steel, metal scrap and chemical
trading alongwith metal recycling processes for separation of
scrap (basic raw material for melting process in manufacturing of
steel) by shearing, shredding through magnets and air
classification and mechanical sorting methods. Although the
company is in existence from August 2006, the promoters have been
in the business for five decades. The company is a public limited
and closely held entity with 100% stake held by the promoters.
The company has warehousing and processing facilities at Kurla,
Dahisar, Mori, Taloja and Thane.
=========
J A P A N
=========
TAKATA CORP: Australian Regulator Probes Air Bag Recall Results
---------------------------------------------------------------
The Australian Competition and Consumer Commission is urgently
seeking information from the Department of Infrastructure and
Regional Development (DIRD) and car manufacturers regarding
Takata airbags at the centre of the largest vehicle recall in
history.
Since 2009, more than 2.3 million vehicles in Australia have
become subject to the recall of airbags made by Japanese
manufacturer, Takata. The airbags are in 60 makes of cars sold in
Australia, including Honda, Toyota, BMW, Mitsubishi, Subaru,
Lexus, Jeep, Nissan, Chrysler, and Dodge.
The ACCC is urging all drivers to check if their car's airbag has
been recalled by visiting productsafety.gov.au
"Do not ignore or delay responding to a letter from your car's
manufacturer or retailer asking you to have your car's airbag
replaced. The airbags degrade over time and can become lethal by
misdeploying and firing metal shards at the car's occupants,"
ACCC Chairman Rod Sims said.
A man in NSW was tragically killed on 13th July when his airbag
misdeployed, and a woman in the Northern Territory suffered
severe injuries from her airbag after a crash in April.
In Australia, 850,000 cars have already had their airbags
replaced. Further vehicles will be added to the recall over time.
The ACCC says due to the availability of stock worldwide,
retrofitting issues and the availability of authorised
technicians able to fit airbags, progress on the recall was
initially slow but is improving over time as stock becomes
available. Car manufacturers say there is now sufficient stock
available for affected cars to be fixed.
Some cars have already had their airbag replaced with one treated
with a water-absorbing chemical designed to address the problem,
but these may also degrade over time. This means some cars
subject to the recall may need to have their airbags replaced
again in around six years' time.
"Car manufacturers and retailers must let consumers know when
they are having their car's airbag replaced what type of airbag
it is being replaced with, and if it is likely to be the subject
of another recall down the track," Mr. Sims said.
The Department of Infrastructure and Regional Development is
responsible for motor vehicle safety standards and is monitoring
the recall.
"We're seeking information from the Department of Infrastructure
and Regional Development as to exactly what information it is
requiring car manufacturers and retailers to give consumers about
their car's airbag, including the likelihood of the airbag being
replaced again," Mr. Sims said.
"We would have very serious concerns if manufacturers were found
to be misleading consumers about their car's safety in breach of
their obligations under consumer law."
"Our advice to consumers is not to panic, but to visit the
Product Safety Australia website to see if their car is affected
by the recall and if it is, to contact their car's manufacturer
immediately."
"If consumers have already had their airbag replaced, they should
contact their manufacturer for advice as to what kind of airbag
it was replaced with and how long it is expected to last," Mr.
Sims said.
The ACCC says it will closely examine the current recall
strategies employed by DIRD to ensure each manufacturer is
complying with its obligations under the Australian Consumer Law.
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
on June 25, 2017.
In addition, Takata's main U.S. subsidiary TK Holdings Inc. and
11 of its U.S. and Mexican affiliates each filed voluntary
petitions under Chapter 11 of the Bankruptcy Code (Bankr. D. Del.
Lead Case No. 17-11375) on June 25, 2017.
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.
=================
S I N G A P O R E
=================
JV FITNESS: Clients Still Out of Pocket a Year After Closure
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Melissa Lin at The Straits Times reports that it has been a year
since gym chain California Fitness suddenly closed down all its
outlets in Singapore but there is no closure in sight for the
thousands of customers who were left in the lurch.
According to the report, Mr. Tim Reid, from insolvency management
firm Ferrier Hodgson - one of the gym's liquidators - said the
firm is looking at what the next course of action will be, based
on the legal advice it has received on several issues. However,
he declined to give details.
After nearly 20 years of operating in Singapore, California
Fitness closed all its outlets suddenly in July last year, a week
after 12 of its gyms in Hong Kong shut down because of debt
problems, the report recalls.
Besides creditors, the chain owes about SGD20.8 million to nearly
27,000 members, in the form of unused gym access fees and
unredeemed training sessions.
The debt owed to members makes up most of the SGD30.8 million
that the chain's owner is liable for, the Strait Times discloses.
According to earlier reports by The Straits Times, several
individuals who continued to operate California Fitness -
although its parent company was in debt - have been identified,
but they were overseas and could not be contacted.
To complicate matters, the parent holding company of JV Fitness -
the gym chain's owner - is based in the British Virgin Islands
and China. The liquidators said they did not have the funds to go
after them, said a lawyer for the liquidators, the report relays.
A liquidation report said JV Fitness was SGD21.7 million in the
red in January 2015, and yet, it signed up new members and got
them to pay their fees up front, according to the Straits Times.
JV Fitness' official total assets are worth SGD5 million, and
include rental deposits paid to its landlords, the report, as
cited by the Straits Times, added.
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* BOND PRICING: For the Week July 17 to July 21, 2017
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AUSTRALIA
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HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 61.00
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 61.39
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 50.83
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 53.00
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 50.79
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 50.83
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.51
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 50.75
HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 41.38
HUZHOU URBAN INVESTMENT 7.02 12/21/17 CNY 40.27
HUZHOU URBAN INVESTMENT 6.70 12/14/19 CNY 61.51
HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 40.52
INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 61.09
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 50.74
JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 41.19
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 40.21
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 41.43
JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 61.84
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 40.87
JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 41.24
JIANGMEN CITY BINJIANG C 6.60 02/28/20 CNY 61.37
JIANGSU HANRUI INVESTMEN 8.16 03/01/19 CNY 41.62
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.04
JIANGSU HUAJING ASSETS M 6.00 05/16/20 CNY 60.92
JIANGSU HUAJING ASSETS M 6.00 05/16/20 CNY 80.88
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.59
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.64
JIANGSU JURONG FUDI BIO- 8.70 04/26/19 CNY 72.90
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 40.00
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 40.75
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 60.00
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.07
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 71.85
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.03
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 61.47
JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 41.19
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 71.98
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 72.11
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.30
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 71.00
JIANGSU ZHANGJIAGANG ECO 6.98 11/16/19 CNY 61.66
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.22
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.58
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 60.40
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 61.01
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 41.30
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 60.99
JIANGYIN GAOXIN DISTRICT 7.31 04/25/18 CNY 50.87
JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 60.31
JIANHU URBAN CONSTRUCTIO 6.50 02/22/20 CNY 60.69
JIANHU URBAN CONSTRUCTIO 6.50 02/22/20 CNY 61.25
JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 41.17
JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 41.48
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 40.79
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 40.96
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 60.91
JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 61.13
JILIN RAILWAY INVESTMENT 6.63 06/26/19 CNY 71.65
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 25.48
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.39
JINGDEZHEN STATE-OWNED A 7.48 03/23/18 CNY 50.78
JINGDEZHEN STATE-OWNED A 6.59 06/25/20 CNY 60.77
JINGDEZHEN STATE-OWNED A 6.59 06/25/20 CNY 61.52
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.63
JINGMEN CITY CONSTRUCTIO 6.85 07/09/22 CNY 73.03
JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 41.50
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 41.12
JINING CITY YANZHOU DIST 8.50 12/28/17 CNY 25.46
JINING CITY YANZHOU DIST 5.90 05/28/21 CNY 71.00
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.13
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.44
JINING WATER SUPPLY GROU 7.18 01/22/20 CNY 61.70
JINJIANG URBAN CONSTRUCT 6.35 04/26/20 CNY 61.47
JINSHAN STATE-OWNED ASSE 6.65 11/27/19 CNY 61.35
JINZHONG CITY PUBLIC INF 6.50 03/18/20 CNY 60.00
JINZHONG CITY PUBLIC INF 6.50 03/18/20 CNY 61.23
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.86
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 40.98
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 61.11
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 40.50
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 41.58
JIUJIANG FUHE CONSTRUCTI 6.10 03/19/19 CNY 49.90
JIUJIANG FUHE CONSTRUCTI 6.10 03/19/19 CNY 50.02
JIUJIANG STATE-OWNED ASS 6.68 03/07/20 CNY 61.71
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 61.21
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 61.24
KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 40.82
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.03
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.48
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 61.51
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 25.46
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 25.50
KUNMING DIANCHI INVESTME 6.50 02/01/20 CNY 61.23
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 60.90
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 60.98
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 25.51
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 60.69
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.02
KUNSHAN HUAQIAO INTERNAT 7.98 12/30/18 CNY 41.14
LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 30.35
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 68.80
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 40.85
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 60.50
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 40.31
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 40.55
LIAONING YAODU DEVELOPME 7.35 12/12/19 CNY 60.05
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 35.30
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 35.45
LIAOYANG CITY ASSETS OPE 7.10 11/13/19 CNY 61.06
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 40.63
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 41.00
LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 60.97
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.40
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 25.41
LINCANG STATE-OWNED ASSE 6.58 04/11/20 CNY 61.21
LINFEN CITY INVESTMENT G 6.20 05/23/20 CNY 61.00
LINFEN CITY INVESTMENT G 6.20 05/23/20 CNY 61.16
LINHAI CITY INFRASTRUCTU 6.30 03/21/20 CNY 60.49
LINHAI CITY INFRASTRUCTU 6.30 03/21/20 CNY 60.50
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.40
LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 62.24
LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 25.49
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 60.43
LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 60.50
LISHUI URBAN CONSTRUCTIO 5.80 05/29/20 CNY 60.00
LISHUI URBAN CONSTRUCTIO 5.80 05/29/20 CNY 60.31
LIUPANSHUI DEVELOPMENT I 6.97 12/03/19 CNY 60.98
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 41.31
LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 61.15
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 60.60
LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 60.77
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 68.27
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 40.40
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 40.64
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.52
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 50.77
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.44
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.30
LUOYANG HIGH NEW TECH IN 6.50 05/30/20 CNY 60.76
MAANSHAN ECONOMIC TECHNO 7.10 12/20/19 CNY 61.59
MEISHAN HONGDA CONSTRUCT 6.56 06/19/20 CNY 61.67
MIANYANG INVESTMENT HOLD 7.70 03/26/19 CNY 72.11
MIANYANG SCIENCE TECHNOL 7.16 05/15/19 CNY 41.03
MIANYANG SCIENCE TECHNOL 6.30 07/22/18 CNY 52.75
MINXIXINGHANG STATE-OWNE 6.20 03/26/19 CNY 50.55
MINXIXINGHANG STATE-OWNE 6.20 03/26/19 CNY 50.82
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 60.66
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 60.87
NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 41.62
NANCHANG CITY CONSTRUCTI 6.19 02/20/20 CNY 61.18
NANCHANG CITY CONSTRUCTI 6.19 02/20/20 CNY 61.37
NANCHANG COUNTY URBAN CO 6.50 07/17/19 CNY 50.76
NANCHANG ECONOMY TECHNOL 6.88 01/09/20 CNY 61.40
NANCHANG MUNICIPAL PUBLI 5.88 02/25/20 CNY 61.20
NANCHANG WATER CONSERVAN 6.28 06/21/20 CNY 61.39
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 60.80
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 61.19
NANCHONG ECONOMIC DEVELO 8.16 04/26/19 CNY 41.33
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 40.84
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 41.21
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.08
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.09
NANJING STATE OWNED ASSE 5.40 03/06/20 CNY 60.65
NANJING STATE OWNED ASSE 5.40 03/06/20 CNY 61.35
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.58
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.59
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 60.00
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 61.78
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 61.56
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 61.78
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 40.94
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.30
NANTONG ECONOMIC & TECHN 5.80 05/17/20 CNY 60.39
NANTONG ECONOMIC & TECHN 5.80 05/17/20 CNY 81.10
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.32
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.55
NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 40.57
NINGBO CITY YINZHOU CITY 6.50 03/18/20 CNY 61.48
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 60.98
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 25.44
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 25.46
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 50.60
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 10.03
NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 40.12
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 41.04
PANJIN CONSTRUCTION INVE 7.42 03/01/18 CNY 60.86
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 60.71
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 61.19
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 60.97
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 71.95
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 71.95
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 41.36
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 41.46
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.14
PINGTAN COMPOSITE EXPERI 6.58 03/15/20 CNY 61.30
PINGTAN COMPOSITE EXPERI 6.58 03/15/20 CNY 61.33
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 60.75
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 61.87
PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 40.86
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 41.11
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 41.39
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 60.50
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.39
QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 25.37
QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 41.49
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.22
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 60.85
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 40.70
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 40.79
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 41.19
QINGDAO JIAOZHOU CITY DE 6.59 01/25/20 CNY 61.50
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 20.14
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 50.78
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 50.78
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.47
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.85
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.36
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 61.40
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 59.14
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.70
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 41.12
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 41.21
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 60.47
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 61.58
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 61.00
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 61.53
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 61.07
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 61.09
RIZHAO ECONOMIC DEVELOPM 5.80 06/06/20 CNY 59.90
RIZHAO ECONOMIC DEVELOPM 5.80 06/06/20 CNY 60.89
RONGCHENG ECONOMIC DEVEL 6.45 03/18/20 CNY 61.32
RUDONG COUNTY DONGTAI SO 7.10 01/31/18 CNY 50.59
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.07
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.62
RUGAO COMMUNICATIONS CON 8.51 01/26/19 CNY 51.62
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.00
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.45
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.06
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 60.94
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.24
SANMING CITY CONSTRUCTIO 6.40 03/05/20 CNY 60.58
SANMING CITY CONSTRUCTIO 6.40 03/05/20 CNY 61.48
SANMING STATE-OWNED ASSE 6.99 06/14/18 CNY 40.87
SANMING STATE-OWNED ASSE 6.92 12/05/19 CNY 61.03
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 58.19
SHANDONG TAIFENG HOLDING 5.80 03/12/20 CNY 58.84
SHANGHAI BUND GROUP DEVE 6.35 04/24/20 CNY 61.05
SHANGHAI BUND GROUP DEVE 6.35 04/24/20 CNY 61.40
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 60.10
SHANGHAI FENGXIAN NANQIA 6.25 03/05/20 CNY 60.00
SHANGHAI FENGXIAN NANQIA 6.25 03/05/20 CNY 61.32
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.54
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 60.80
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.26
SHANGHAI LUJIAZUI DEVELO 5.79 02/25/19 CNY 71.08
SHANGHAI LUJIAZUI DEVELO 5.79 02/25/19 CNY 71.08
SHANGHAI LUJIAZUI DEVELO 5.98 03/11/19 CNY 71.25
SHANGHAI LUJIAZUI DEVELO 5.98 03/11/19 CNY 71.30
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.02
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.17
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.49
SHANGHAI URBAN CONSTRUCT 5.25 11/30/19 CNY 60.24
SHANGQIU DEVELOPMENT INV 6.60 01/15/20 CNY 61.09
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 60.50
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 61.49
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 61.17
SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 92.36
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 61.26
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 61.50
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 25.25
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 61.41
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 50.00
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 50.69
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 50.00
SHAOXING KEQIAO DISTRICT 6.30 02/26/19 CNY 50.80
SHAOXING PAOJIANG INDUST 6.90 10/31/19 CNY 61.51
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 60.45
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 61.05
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 50.73
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 61.00
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 61.07
SHENYANG MACHINE TOOL CO 6.50 03/27/18 CNY 50.46
SHENYANG SUJIATUN DISTRI 6.40 06/20/20 CNY 61.24
SHENZHEN LONGGANG DISTRI 6.18 03/27/19 CNY 50.73
SHENZHEN LONGGANG DISTRI 6.18 03/27/19 CNY 50.78
SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 60.80
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.20
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.41
SHIYAN CITY INFRASTRUCTU 7.98 04/20/19 CNY 41.43
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.16
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.21
SHUANGLIU SHINE CHINE CO 8.40 03/16/19 CNY 72.57
SHUANGLIU SHINE CHINE CO 8.48 03/16/19 CNY 72.78
SHUANGLIU SHINE CHINE CO 8.48 03/16/19 CNY 72.80
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 58.50
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 60.51
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 60.94
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 60.97
SICHUAN COAL INDUSTRY GR 7.80 09/27/17 CNY 45.00
SICHUAN COAL INDUSTRY GR 7.70 01/09/18 CNY 45.00
SICHUAN DEVELOPMENT HOLD 5.40 11/10/17 CNY 30.07
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 61.00
SUIFENHE HAIRONG URBAN C 6.60 04/28/20 CNY 60.59
SUINING DEVELOPMENT INVE 6.62 04/25/20 CNY 61.15
SUINING DEVELOPMENT INVE 6.62 04/25/20 CNY 61.20
SUIZHOU DEVELOPMENT INVE 7.50 08/22/19 CNY 61.48
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 40.86
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 60.80
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.15
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 41.05
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 60.70
SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 61.28
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.19
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 40.42
SUZHOU NEW & HI-TECH IND 7.98 09/27/18 CNY 71.71
SUZHOU TECH CITY DEVELOP 7.32 11/01/18 CNY 50.91
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 60.94
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 68.50
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 71.70
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.05
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.05
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 60.73
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.45
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 60.00
TAIAN TAISHAN INVESTMENT 6.76 01/25/20 CNY 61.74
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 71.71
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 72.45
TAICANG HENGTONG INVESTM 7.45 10/30/19 CNY 61.40
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 59.00
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 61.63
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 25.46
TAIYUAN HIGH-SPEED RAILW 6.50 10/30/20 CNY 72.17
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 60.46
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 61.01
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.46
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.51
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 41.44
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 72.60
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 60.58
TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 61.04
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.48
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.49
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.44
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 39.98
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 40.09
TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 60.01
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 70.99
TIANJIN DONGLI CITY INFR 6.05 06/19/20 CNY 61.11
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 60.64
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 60.77
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.05
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.05
TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 41.36
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 41.00
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 41.03
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 40.95
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 61.50
TIANJIN TEDA CONSTRUCTIO 6.89 04/27/20 CNY 60.80
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 25.22
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.50
TONGCHUAN DEVELOPMENT IN 7.50 07/17/19 CNY 40.70
TONGLIAO TIANCHENG URBAN 7.75 09/24/19 CNY 61.48
TONGLIAO URBAN INVESTMEN 5.98 09/01/17 CNY 40.02
TONGLIAO URBAN INVESTMEN 6.64 04/09/20 CNY 60.97
TONGLIAO URBAN INVESTMEN 6.64 04/09/20 CNY 61.23
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 49.98
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 60.55
TONGXIANG CITY CONSTRUCT 6.10 05/16/20 CNY 60.99
TONGXIANG CITY CONSTRUCT 6.10 05/16/20 CNY 81.30
ULANQAB CITY JI NING DIS 6.88 03/19/20 CNY 59.37
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 40.93
URUMQI ECO&TECH DEVELOPM 8.58 01/10/19 CNY 51.62
URUMQI HIGH-TECH INVESTM 6.18 03/05/20 CNY 60.97
URUMQI HIGH-TECH INVESTM 6.18 03/05/20 CNY 61.00
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 25.21
WAFANGDIAN STATE-OWNED A 8.55 04/19/19 CNY 42.50
WAFANGDIAN STATE-OWNED A 6.20 06/20/20 CNY 62.40
WAFANGDIAN STATE-OWNED A 6.20 06/20/20 CNY 79.76
WEIFANG BINHAI INVESTMEN 6.16 04/16/21 CNY 71.50
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.03
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.53
WEIHAI WENDENG URBAN PRO 6.38 03/06/20 CNY 60.71
WEIHAI WENDENG URBAN PRO 6.38 03/06/20 CNY 61.07
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 61.34
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.00
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 62.17
WENZHOU ANJUFANG CITY DE 7.65 04/24/19 CNY 41.01
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 60.89
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 61.28
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 41.42
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 60.89
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.02
WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 49.50
WUHAN REAL ESTATE GROUP 5.90 03/22/19 CNY 50.52
WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 60.58
WUHU CONSTRUCTION INVEST 6.84 03/26/19 CNY 70.91
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 25.20
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 25.26
WUHU ECONOMIC TECHNOLOGY 6.90 06/08/22 CNY 73.50
WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 60.63
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.00
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.41
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 60.98
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 61.55
WUXI CONSTRUCTION AND DE 6.60 09/17/19 CNY 60.94
WUXI CONSTRUCTION AND DE 6.60 09/17/19 CNY 61.21
WUXI HUISHAN ECONOMIC DE 6.03 04/22/19 CNY 50.62
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 61.60
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 60.95
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 63.20
WUXI XIDONG TECHNOLOGY I 5.98 10/26/18 CNY 70.39
WUYANG CONSTRUCTION GROU 7.80 09/11/20 CNY 23.09
WUYANG CONSTRUCTION GROU 7.48 08/14/18 CNY 41.08
WUZHOU DONGTAI STATE-OWN 7.40 09/03/19 CNY 61.47
XIAMEN XINGLIN CONSTRUCT 6.60 02/22/20 CNY 61.10
XIAMEN XINGLIN CONSTRUCT 6.60 02/22/20 CNY 61.38
XI'AN AEROSPACE BASE INV 6.96 11/08/19 CNY 61.22
XIAN CHANBAHE DEVELOPMEN 6.89 08/03/19 CNY 60.81
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 50.38
XI'AN HI-TECH HOLDING CO 5.70 02/26/19 CNY 50.58
XI'AN URBAN INDEMNIFICAT 7.31 03/18/19 CNY 71.74
XI'AN URBAN INDEMNIFICAT 7.31 03/18/19 CNY 71.87
XI'AN URBAN INDEMNIFICAT 7.31 04/18/19 CNY 71.89
XI'AN URBAN INDEMNIFICAT 7.31 04/18/19 CNY 71.97
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 40.01
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 41.13
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 60.88
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.13
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 61.52
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.17
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.42
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 50.57
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 50.79
XIANNING HIGH-TECH INVES 5.80 06/05/20 CNY 60.50
XIANNING HIGH-TECH INVES 5.80 06/05/20 CNY 60.56
XIAOGAN URBAN CONSTRUCTI 8.12 03/26/19 CNY 41.39
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 50.61
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 50.95
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 41.19
XINING ECONOMIC DEVELOPM 5.90 06/04/20 CNY 60.51
XINJIANG SHIHEZI DEVELOP 7.50 08/29/18 CNY 49.61
XINJIANG UYGUR AR HAMI C 6.25 07/17/18 CNY 25.30
XINJIANG WUJIAQU URBAN C 6.10 05/23/20 CNY 60.33
XINJIANG WUJIAQU URBAN C 6.10 05/23/20 CNY 61.21
XINXIANG INVESTMENT GROU 6.80 01/18/18 CNY 40.28
XINXIANG INVESTMENT GROU 5.85 04/15/20 CNY 60.99
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 40.60
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 41.13
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.37
XINZHENG NEW DISTRICT DE 6.52 06/28/19 CNY 50.93
XINZHENG NEW DISTRICT DE 6.52 06/28/19 CNY 51.42
XINZHOU CITY ASSET MANAG 7.39 08/08/18 CNY 50.65
XUCHANG GENERAL INVESTME 7.78 04/27/19 CNY 41.28
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 41.21
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 41.50
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 25.05
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 25.57
YAAN STATE-OWNED ASSET O 7.39 07/04/19 CNY 40.64
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 61.46
YANCHENG ORIENTAL INVEST 6.99 10/26/19 CNY 61.45
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 61.08
YANGZHONG URBAN CONSTRUC 7.10 03/26/18 CNY 50.46
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 60.97
YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 61.01
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 60.64
YANTAI DEVELOPMENT ZONE 5.70 04/10/20 CNY 60.67
YANTAI URBAN CONSTRUCTIO 5.99 03/14/20 CNY 61.09
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 40.30
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 61.21
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 61.43
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 60.76
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 61.43
YICHANG URBAN CONSTRUCTI 8.13 11/17/19 CNY 72.60
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 60.17
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 61.86
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 61.88
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 50.48
YINGKOU CITY CONSTRUCTIO 7.98 04/18/20 CNY 57.80
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 60.77
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.05
YINGKOU ECO & TECH DEVEL 6.17 04/08/20 CNY 59.76
YINGKOU ECO & TECH DEVEL 6.17 04/08/20 CNY 60.90
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 60.95
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.01
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 61.39
YIYANG GAOXIN TECHNOLOGY 6.70 03/13/20 CNY 60.83
YIYANG GAOXIN TECHNOLOGY 6.70 03/13/20 CNY 61.16
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 41.37
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 60.00
YUEYANG CITY CONSTRUCTIO 6.05 07/12/20 CNY 60.77
YUEYANG CITY CONSTRUCTIO 6.05 07/12/20 CNY 78.00
YUHUAN COUNTY COMMUNICAT 7.15 10/12/19 CNY 61.44
YULIN CITY INVESTMENT OP 6.81 12/04/18 CNY 50.75
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.39
YUNCHENG URBAN CONSTRUCT 7.48 10/15/19 CNY 61.84
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 36.26
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 39.98
YUYAO ECONOMIC DEVELOPME 6.75 03/04/20 CNY 61.17
YUYAO WATER RESOURCE INV 7.20 10/16/19 CNY 61.62
ZHANGJIAGANG JINCHENG IN 6.23 01/06/18 CNY 30.14
ZHANGJIAGANG MUNICIPAL P 6.43 11/27/19 CNY 61.30
ZHANGJIAJIE ECONOMIC DEV 7.40 10/18/19 CNY 61.74
ZHANGJIAKOU CONSTRUCTION 7.00 10/26/19 CNY 60.86
ZHANGJIAKOU TONGTAI HOLD 6.90 07/05/18 CNY 40.77
ZHANGZHOU CITY CONSTRUCT 6.60 03/26/20 CNY 61.72
ZHAOYUAN STATE-OWNED ASS 6.64 12/31/19 CNY 61.35
ZHEJIANG HUZHOU HUANTAIH 6.70 11/28/19 CNY 60.81
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 61.48
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 61.61
ZHEJIANG PROVINCE DEQING 6.90 04/12/18 CNY 40.47
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 59.84
ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 60.63
ZHEJIANG PROVINCE XINCHA 6.60 04/24/20 CNY 60.92
ZHEJIANG PROVINCE XINCHA 6.60 04/24/20 CNY 61.12
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 61.31
ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 61.40
ZHENJIANG CULTURE AND TO 6.60 01/30/20 CNY 60.49
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 35.00
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 40.85
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 50.34
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 50.58
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 71.65
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 72.08
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 20.19
ZHUCHENG ECONOMIC DEVELO 7.50 08/25/18 CNY 30.60
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 37.50
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 61.51
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 25.42
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 25.45
ZHUHAI HUAFA GROUP CO LT 5.50 06/05/19 CNY 50.43
ZHUHAI HUAFA GROUP CO LT 5.50 06/05/19 CNY 50.53
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 40.68
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 61.63
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 70.00
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 61.53
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 61.29
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 61.47
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.27
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 61.09
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 61.22
ZIBO CITY PROPERTY CO LT 5.45 04/27/19 CNY 24.14
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 61.31
ZIGONG GAOXIN INVESTMENT 6.30 03/13/20 CNY 61.66
ZIGONG STATE-OWNED ASSET 6.86 06/17/18 CNY 40.39
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 50.80
ZOUCHENG CITY ASSET OPER 7.02 01/12/18 CNY 20.20
ZOUCHENG CITY ASSET OPER 6.18 03/12/19 CNY 50.26
ZOUCHENG CITY ASSET OPER 6.18 03/12/19 CNY 50.47
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 40.51
ZUNYI CITY HUICHUAN DIST 6.75 04/24/19 CNY 50.91
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 41.51
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 72.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 61.55
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.00
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 49.20
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 50.13
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.39
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 0.39
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.42
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 0.42
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.50
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.06
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.24
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.40
GTL INFRASTRUCTURE LTD 5.53 11/09/17 USD 35.00
JAIPRAKASH ASSOCIATES LT 5.75 09/08/17 USD 57.63
JAIPRAKASH POWER VENTURE 7.00 02/13/49 USD 10.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 21.00
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 0.34
REI AGRO LTD 5.50 11/13/14 USD 0.34
RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 70.00
SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 1.55
VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 61.11
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 29.13
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
EAST JAPAN RAILWAY CO 0.50 07/28/56 JPY 73.97
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 75.03
JAPAN EXPRESSWAY HOLDING 0.30 06/30/56 JPY 74.46
JAPAN FINANCE ORGANIZATI 0.49 07/28/56 JPY 74.93
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 13.75
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 13.75
TAKATA CORP 1.02 12/15/17 JPY 8.88
TAKATA CORP 0.58 03/26/21 JPY 14.88
TAKATA CORP 0.85 03/06/19 JPY 15.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 37.66
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 37.66
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 32.56
CHEJU REGIONAL DEVELOPME 3.00 07/25/18 KRW 24.71
DAEWOO SHIPBUILDING & MA 3.79 04/21/19 KRW 63.89
DONGBU METAL CO LTD 5.75 04/16/20 KRW 73.61
DOOSAN CAPITAL SECURITIZ 20.00 04/22/19 KRW 54.95
HANA FINANCIAL GROUP INC 3.95 05/29/45 KRW 366.74
KIBO ABS SPECIALTY CO LT 5.00 08/29/19 KRW 28.97
KIBO ABS SPECIALTY CO LT 5.00 02/26/19 KRW 30.53
KIBO ABS SPECIALTY CO LT 5.00 02/25/19 KRW 30.82
KIBO ABS SPECIALTY CO LT 5.00 03/29/18 KRW 35.58
KIBO ABS SPECIALTY CO LT 5.00 12/25/17 KRW 35.96
KIBO ABS SPECIALTY CO LT 10.00 08/22/17 KRW 52.74
KOREA SOUTH-EAST POWER C 4.38 12/07/42 KRW 57.63
KOREA SOUTH-EAST POWER C 4.44 12/07/42 KRW 58.27
LSMTRON DONGBANGSEONGJAN 4.53 11/22/17 KRW 39.70
MERITZ CAPITAL CO LTD 5.66 04/28/46 KRW 38.33
OKC SECURITIZATION SPECI 10.00 01/03/20 KRW 31.71
OKC SECURITIZATION SPECI 3.00 02/17/42 KRW 52.41
SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00
SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00
SINBO SECURITIZATION SPE 5.00 10/30/19 KRW 18.76
SINBO SECURITIZATION SPE 5.00 09/23/20 KRW 26.34
SINBO SECURITIZATION SPE 5.00 08/26/20 KRW 26.69
SINBO SECURITIZATION SPE 5.00 07/28/20 KRW 26.95
SINBO SECURITIZATION SPE 5.00 02/25/20 KRW 28.50
SINBO SECURITIZATION SPE 5.00 01/28/20 KRW 28.64
SINBO SECURITIZATION SPE 5.00 12/30/19 KRW 28.76
SINBO SECURITIZATION SPE 5.00 06/24/19 KRW 29.45
SINBO SECURITIZATION SPE 5.00 09/30/19 KRW 29.70
SINBO SECURITIZATION SPE 5.00 08/27/19 KRW 30.29
SINBO SECURITIZATION SPE 5.00 07/29/19 KRW 30.42
SINBO SECURITIZATION SPE 5.00 03/13/19 KRW 30.60
SINBO SECURITIZATION SPE 5.00 06/25/19 KRW 30.75
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 31.98
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 31.98
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 32.22
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 32.22
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 32.33
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 32.33
SINBO SECURITIZATION SPE 5.00 07/29/18 KRW 32.76
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 32.89
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 32.89
SINBO SECURITIZATION SPE 5.00 06/25/18 KRW 32.98
SINBO SECURITIZATION SPE 5.00 05/26/18 KRW 33.45
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 33.98
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 33.98
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 33.98
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 34.33
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 34.33
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 34.90
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 34.90
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 35.17
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 35.17
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 35.48
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 35.48
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 36.09
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 36.09
SINBO SECURITIZATION SPE 5.00 12/23/17 KRW 36.13
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 36.33
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 36.33
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 48.48
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 48.48
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 48.48
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 63.64
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 63.64
SINBO SECURITIZATION SPE 5.00 07/24/17 KRW 80.82
U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 42.69
WOORI BANK 5.21 12/12/44 KRW 68.06
SRI LANKA
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SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 66.46
SRI LANKA GOVERNMENT BON 6.00 12/01/24 LKR 72.91
SRI LANKA GOVERNMENT BON 8.00 01/01/32 LKR 73.00
SRI LANKA GOVERNMENT BON 9.00 06/01/43 LKR 74.94
MALAYSIA
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ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.09
ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.80
BARAKAH OFFSHORE PETROLE 3.50 10/24/18 MYR 0.62
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.37
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.45
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 73.11
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.03
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.38
I-BHD 2.50 10/09/19 MYR 0.44
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.02
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.15
PERODUA GLOBAL MANUFACTU 0.50 12/17/25 MYR 75.02
PUC BHD 4.00 02/15/19 MYR 0.08
REDTONE INTERNATIONAL BH 2.75 03/04/20 MYR 0.18
SAM ENGINEERING & EQUIPM 4.00 09/25/17 MYR 3.75
SEE HUP CONSOLIDATED BHD 4.60 12/22/17 MYR 0.13
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 55.29
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 56.56
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.87
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 59.15
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 60.49
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.82
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 63.18
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 64.52
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 65.86
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 67.29
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 68.72
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 70.12
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 70.29
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 71.81
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 72.13
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 73.40
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 73.69
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 74.68
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 74.98
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.45
THONG GUAN INDUSTRIES BH 5.00 10/10/19 MYR 4.14
UNIMECH GROUP BHD 5.00 09/18/18 MYR 0.97
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.06
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 5.85 10/01/21 SGD 45.00
ASL MARINE HOLDINGS LTD 5.50 03/28/20 SGD 67.50
AUSGROUP LTD 7.95 10/20/18 SGD 65.88
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.30
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.30
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 49.20
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 49.77
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 3.32
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 55.25
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 55.78
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.25
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.37
ENERCOAL RESOURCES PTE L 9.25 04/07/18 USD 45.25
EZION HOLDINGS LTD 4.88 06/11/21 SGD 45.01
EZION HOLDINGS LTD 5.10 03/13/20 SGD 54.84
EZION HOLDINGS LTD 4.70 05/22/19 SGD 64.95
EZION HOLDINGS LTD 4.85 01/23/19 SGD 70.51
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 4.97
GOLIATH OFFSHORE HOLDING 12.00 06/11/18 USD 3.00
INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00
ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 53.63
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 0.62
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 73.78
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 73.80
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 21.38
RICKMERS MARITIME 8.45 05/15/17 SGD 13.88
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.45
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.45
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 10.00
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 11.63
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.63
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.63
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 2.42
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 62.38
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 62.38
*********
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 ***