/raid1/www/Hosts/bankrupt/TCRAP_Public/140415.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, April 15, 2014, Vol. 17, No. 74
Headlines
A U S T R A L I A
BLUENERGY GROUP: Placed in Administration
COVAX PTY: PKF Lawler Appointed as Administrators
MAGNIFIER TECHNOLOGIES: Clifton Hall Appointed as Liquidators
PENRICE SODA: Appoints McGrathNicol as Administrators
SEAPSPRAY: Business as Usual at Coco's Despite Complex's Admin.
TIMBERCORP LTD: High Court Dismisses Growers' Appeal
WESTERN DIESEL: Placed Into Voluntary Administration
I N D I A
ASHOK BRICKS: ICRA Assigns 'B' Rating to INR7.32cr Loans
BALDEV ALLOYS: CARE Reaffirms 'B-' Rating on INR111.58cr Loans
BEHARI COLDS: CARE Reaffirms 'B' Rating on INR4.85cr Loan
BHOLARAM EDUCATION: CRISIL Assigns 'D' Rating to INR220MM Loans
BRAHMAPUTRA METALLICS: ICRA Ups Rating on INR239.65cr Loan to B-
DHANUKA CLOTHING: CARE Downgrades Rating on INR9cr Loan to 'D'
GARDEN PALACE: ICRA Assigns 'D' Rating to INR8cr Loan
INDFAB PROJECTS: ICRA Assigns 'C+' Rating to INR2.28cr Loan
INDIAN SUGAR: CRISIL Downgrades Rating on INR730MM Loans to 'D'
JAI MATA: ICRA Assigns 'B' Rating to INR6.48cr Loans
JAYALAKSHMI TEXTILES: ICRA Reaffirms B+ Rating on INR22.75cr Loan
KRN ALLOYS: ICRA Revises Rating on INR10.64cr Loans to 'B-'
MAHATEJA RICE: ICRA Reaffirms 'B+' Rating on INR18.55cr Loans
PANCHKROSHI SHIKSHAN: CARE Ups Rating on INR7.41cr Loan to 'B'
PANYAM CEMENTS: CARE Reaffirms 'C' Rating on INR80.88cr Loan
PATTABHI RAMA: CARE Assigns 'B+' Rating to INR6.79cr Bank Loan
POLIXEL SECURITY: ICRA Assigns 'B+' Rating to INR1.90cr Loan
PRAGATI SPINNERS: ICRA Assigns 'B+' Issuer Rating
PRAHALADRAI & CO: ICRA Reaffirms 'D' Rating on INR6.45cr Loans
PURAV COTTON: ICRA Reaffirms 'B+' Rating on INR24.17cr Loans
R.B. CONTRACTORS: CARE Assigns 'D' Rating to INR25.12cr Bank Loan
SAMDARIYA ABHUSHAN: CARE Revises Rating on INR25cr Bank Loan to B
SAMDARIYA BUILDERS: CARE Lowers Rating on INR7.06cr Loan to 'D'
SAMDARIYA BUILDERS PVT: CARE Cuts Rating on INR33.98cr Loans to D
SETMAX CERAMIC: ICRA Reaffirms 'B-' Rating on INR6.45cr Loans
SHREE TIKAM: ICRA Suspends 'B-' Rating on INR6cr Term Loan
SINTECH PRECISION: CARE Reaffirms 'D' Rating on INR9.41cr Loans
SPY AGRO: CARE Reaffirms 'C' Rating on INR230.02cr Loan
SREE GOURANGA: CARE Assigns 'B' Rating to INR4.98cr Bank Loan
SRI ANNAPURNA: ICRA Reaffirms 'B-' Rating on INR5.50cr Loan
SUGAVANESWARA SPINNING: CRISIL Ups Rating on INR148MM Loans to B+
VISHWANATH PAPER: ICRA Suspends 'B-' Rating on INT16cr Loan
I N D O N E S I A
JAPFA COMFEED: Fitch Affirms 'BB-' IDR; Outlook Stable
LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD150MM 7% Notes
N E W Z E A L A N D
CHRISTCHURCH YARNS: In Receivership; 85 Jobs Axed
T H A I L A N D
IRPC PUBLIC: S&P Affirms 'BB+' CCR; Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week April 7 to April 11, 2014
- - - - -
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A U S T R A L I A
=================
BLUENERGY GROUP: Placed in Administration
-----------------------------------------
Yolanda Redrup at SmartCompany reports that Bluenergy Group has
been placed in administration, as it struggles to meet the vendor
terms of a deal to acquire Bluenergy Asia.
Until March this year the business had been trading as Carbon
Polymers Limited and was Australia's largest tyre-recycling
company until late last year, according to the report.
In December 2013, SmartCompany recalls, Bluenergy announced it had
entered into a cash and scrip deal to sell its recycling assets to
Giacci Global Limited, as it departed from the recycling sector
with the acquisition of Bluenergy Asia.
On April 10, the business was placed into administration, with
David Sampson -- davids@bpsrecovery.com.au -- and Mitchell Bell
-- mitchellb@bpsrecovery.com.au -- appointed as administrators
from BPS Recovery, SmartCompany discloses.
According to the report, Bluenergy Group company secretary Jerry
Gordon said in a statement the vendors of the Bluenergy Asia
transaction had sought greater certainty regarding the timing and
the realisation of the sale of the company's recycling assets to
payout existing liabilities.
"Prior to the completion of that transaction and taking advice,
the directors concluded that the best and most efficient way of
delivering the vendors changed requirements and protecting the
interests of all stakeholders was to place the company into
voluntary administration," the report quotes Mr. Gordon as saying.
"The board was also mindful that without the certainty of the loan
facilities, the committed capital raising approve by the
shareholders and the stability of the equity standby facility that
were all dependent on the completion of the transaction, the
company may not have been able to pay its liabilities as
previously advised to creditors."
SmartCompany contacted the administrators, but had no response.
Bluenergy Group chairman Rodger Johnston told SmartCompany the
business would now propose a deed of company arrangement, which it
hopes will satisfy the needs of the vendors and stakeholders.
"There will be a meeting of the unsecured creditors on
April 23 . . . the directors intend to put forward a deed of
company arrangement which will keep the company alive,"
SmartCompany quotes Mr. Johnston as saying. "There will also be
an informal meeting held with the secured creditors in the next
day or two. We will know more about their attitudes and direction
after this meeting . . . There will also be an arrangement with
them as to how we manage the secured assets of the company going
forward."
Based in Victoria, Australia, Bluenergy Group Pty Limited designs,
constructs, and develops modular accommodations. Its projects
include pre-engineered re-locatable housings, hotels, light
industrial buildings, off shore barge/s, and similar buildings.
COVAX PTY: PKF Lawler Appointed as Administrators
-------------------------------------------------
Glenn J. Franklin and Jason G. Stone at PKF Lawler Melbourne were
appointed as administrators of Covax Pty. Ltd. on April 11, 2014.
A first meeting of the creditors of the Company will be held at
PKF Lawler Melbourne, Level 13, 440 Collins Street, in Melbourne,
on April 24, 2014, at 2:30 p.m.
MAGNIFIER TECHNOLOGIES: Clifton Hall Appointed as Liquidators
-------------------------------------------------------------
Mark Hall and Daniel Lopresti at Clifton Hall were appointed Joint
and Several Liquidators of Magnifier Technologies Pty Ltd on April
10, 2014.
A meeting of creditors will be held at 10:30 am, on Tuesday, 22
April 2014, at Clifton Hall, Level 1, 12 Gilles Street, Adelaide.
PENRICE SODA: Appoints McGrathNicol as Administrators
-----------------------------------------------------
McGrathNicol announced on April 11, 2014, that partners
Sam Davies -- sdavies@mcgrathnicol.com -- Peter Anderson --
panderson@mcgrathnicol.com -- and Thea Eszenyi --
teszenyi@mcgrathnicol.com -- have been appointed joint and several
Voluntary Administrators to Penrice Soda Holdings Ltd and its
subsidiaries. The Penrice Group consists of:
PSH;
Penrice Soda Products Pty Ltd;
Penrice Pty Ltd;
PSP SPV Pty Ltd;
Penrice Finance Pty Ltd;
Penrice Holdings Pty Ltd; and
Penrice Soda JV Pty Ltd.
PSH was placed into a trading halt on April 10, 2014.
The immediate priority of the Administrators is to take control of
the assets of the Penrice Group and urgently assess its financial
position.
McGrathNicol Partner Sam Davies said it was too early to determine
the reasons for the failure of the Penrice Group, but it was clear
recent attempts to restructure its business and financing
facilities had not been successful.
"The Administrators will be working with all key stakeholders,
including employees (their Unions), suppliers, customers and
regulatory agencies to ensure Penrice Group's trading operations
continue," Mr Davies said.
"Administrators will also be working with the Penrice Group Board
and management to assess recapitalisation, restructuring and sale
opportunities," Mr Davies added.
A meeting of creditors will be held on April 28, 2014, in
Adelaide.
Australian-based Penrice Soda Holdings Limited (ASX:PSH ) --
http://www.penrice.com.au/-- is engaged in the manufacture,
distribution and sales of soda ash and sodium bicarbonate and the
mining, distribution and sale of quarry and mineral products.
SEAPSPRAY: Business as Usual at Coco's Despite Complex's Admin.
---------------------------------------------------------------
Central Telegraph reports that the owners of Coco's Seaspray at
Zilzie have reassured customers its business as usual despite
Seaspray going into administration.
Gerard Foster told The Morning Bulletin leaseholders at Seaspray
were contacted by liquidators three weeks ago, according to
Central Telegraph.
Mr. Foster, the report relates, said they had heard nothing since
then, but hoped for more information once the bank had appointed a
real estate agent to sell the Seaspray complex and associated
land.
But, the report notes that Mr. Foster said customers didn't need
to worry about Coco's or any of the other facilities at Seaspray.
"Basically just our landlords are going to change. It's business
as usual," Mr. Foster said, the report relates.
Mr. Foster said he hoped things would be better for leaseholders
once the property was sold, the report adds.
TIMBERCORP LTD: High Court Dismisses Growers' Appeal
----------------------------------------------------
Andrew Main at The Australian reports that the High Court has
dismissed an action by a group of aggrieved "grower" clients of
failed group Timbercorp, refusing to grant them leave to appeal
against an order to pay back some AUD515 million.
Timbercorp collapsed and was placed in liquidation in 2009 but the
borrowers, who now number 3,244 owing an average of more than
AUD15,000 each to liquidator KordaMentha, have seen their disputed
debt accruing interest, The Australian relates.
Based in Melbourne, Australia, Timbercorp Limited was engaged in
the establishment, development, marketing and management of
primary industry-based projects, the acquisition of land, water
rights and infrastructure to support these projects, and the
provision of finance to growers in these projects. The company
was also involved in eucalypt and olive oil processing operations,
asset development, asset management, the sale of agricultural
assets and holding investments in agricultural-related
enterprises.
Timbercorp called in voluntary administrators to the company and
its subsidiaries. The company appointed Mark Korda and Leanne
Chesser of KordaMentha as voluntary administrators. KordaMentha
stated that the company had been hurt by the combined impact of
declining global asset values, tightening credit, the economic
downturn and drought. On June 29, 2009, the creditors voted
unanimously to wind up the 41 companies in the Timbercorp Group
and put them into liquidation.
WESTERN DIESEL: Placed Into Voluntary Administration
----------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Western Diesel
Group Pty Ltd has been placed into voluntary administration.
Stuart Reid -- sreid@meertens.com.au -- and Austin Taylor --
ataylor@meertens.com.au -- of Meertens Chartered Accountants have
been appointed as joint administrators of the heavy equipment
company on April 3, 2014, the report discloses.
dissolve.com.au says Western Diesel are hoping that over fifty
jobs in Alice Springs and Darwin will be saved.
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I N D I A
=========
ASHOK BRICKS: ICRA Assigns 'B' Rating to INR7.32cr Loans
--------------------------------------------------------
ICRA has assigned an [ICRA]B rating to the INR24.68 crore bank
guarantee facilities, INR6.5 crore cash credit facility and
INR0.82 crore term loan of Ashok Bricks Industries Private
Limited. ABIPL's bank guarantee facilities are entirely
interchangeable between long term and short term, for which ICRA
has also assigned an [ICRA]A4 rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Bank Guarantee 24.68 [ICRA]B/[ICRA]A4 Assigned
Cash Credit 6.50 [ICRA]B Assigned
Term Loans 0.82 [ICRA]B Assigned
The ratings take into consideration high working capital intensity
of ABIPL's operations adversely impacting the company's liquidity
leading to over utilization of the bank limits, in turn further
constraining ABIPL's financial flexibility.
ICRA also notes the fragmented nature of civil construction
industry characterised by a large number of players resulting in
high competition for existing players such as ABIPL and a tender
based contract awarding system followed by Government departments,
which keeps operating margins under check. ABIPL remains exposed
to high geographical concentration risks with operations being
limited to a single state of Odisha. With average life of
contracts being around 1.5 years, ABIPL also remains exposed to
the risks of fluctuation in the prices of key raw materials
including diesel; however the same is mitigated to an extent by
the presence of a price variation clause in some of the contracts
with its customers. Although the company has posted consistent
improvement in its net margins during the last three years, the
ratings also considers ABIPL's weak debt coverage indicators and
an adverse capital structure. The ratings take into account the
established track record of the promoters in the civil
construction space and status of ABIPL as a Special Class civil
contractor with Public Works Department (PWD), Odisha providing
the company with operational flexibility to bid for contracts
across the state of Odisha. ICRA also notes ABIPL's healthy order
book position providing revenue visibility in the short to medium
term.
ABIPL was incorporated in FY'00 at Jharsuguda, Odisha by the
Agarwal family. ABIPL is engaged in civil construction --
construction of roads, overbridges etc., all in the State of
Odisha.
Recent Results
ABIPL reported a net profit of INR1.05 crore during FY13 on an OI
of INR24.42 crore as against a net profit of INR0.83 crore and an
OI of INR21.08 crore during FY12. The company also reported an OI
of INR14.58 crores (provisional) during the period April to
October 2013.
BALDEV ALLOYS: CARE Reaffirms 'B-' Rating on INR111.58cr Loans
--------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Baldev Alloys (P) Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 111.58 CARE B- Reaffirmed
Short-term bank facilities 16.60 CARE A4 Reaffirmed
Rating Rationale
The ratings of the bank facilities of Baldev Alloys (P) Ltd
continue to be constrained by the company's weak financial risk
profile marked by operating losses in FY13 (refers to the period
April 1 to March 31) and instances of delay in debt servicing in
the past coupled with instances of overdrawals in the cash credit
account. This apart, low capacity utilization for its
manufacturing units, lack of backward integration for its major
raw materials, fragmented nature of the industry and competition
from many regional unorganized players also constrain BAPL's
ratings.
The abovementioned rating weakness is partially offset by the
experience of the promoters and demonstrated support by the group
by way of infusion of funds in the form of equity and unsecured
loans, strategic location of plants with proximity to market and
source of raw materials and improvement in the financial and
operational performance of the company during 9MFY14.
The ability of the company to manage its working capital and
improve its liquidity position and combat the pressure of
cyclicality and volatility in raw material & finished goods prices
shall be the key rating sensitivities.
Incorporated in 1993, Baldev Alloys Private Ltd (BAPL) is
currently involved in the manufacturing of sponge iron and
billets. The company is promoted by the Kapoor and Somani families
of Raipur.
The company is also engaged in crushing and trading of iron ore.
The company also added a captive power plant (CPP) of 8 MW at its
plant location in Raipur (Chhattisgarh) although there have been
cost and time overruns in the project.
BAPL is essentially a closely held, family managed business with
the four directors belonging to the Somani and Kapoor family. The
day-to-day affairs of the company are looked after by Mr. Rajeev
Kapoor who is supported by a team of professionals who look into
the various support functions of the company.
In FY12, the company suffered a net loss of INR3.3 crore primarily
due to non-stabilization of its Steel Melting Shop (SMS) division
leading to a stretched liquidity position and delays in servicing
of term loans to banks. Thereafter, the company approached its
bankers for restructuring of its repayments of existing loans
which was approved in August 2012. As per the revised terms, the
repayment of various term loans commenced from October 2013.
The company has incurred a net loss of INR16.28 crore on a total
operating income of INR96.29 crore in FY13 (refers to the period
April 1 to March 31) as against net loss of INR3.33 crore on a
total operating income of INR182.53 crore in FY12. The company has
achieved net sales of INR152.27 crore and profit before tax of
INR1.03 crore during the nine months period ended December 31,
2013.
BEHARI COLDS: CARE Reaffirms 'B' Rating on INR4.85cr Loan
----------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Behari Colds Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.85 CARE B Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Behari Colds Private
Limited (BCPL) continue to remain constrained by its small scale
of operation, weak financial risk profile marked by a decline in
profitability margins, leveraged capital structure and weak debt
service coverage indicators. The rating was further remained
constrained due to competition from other local players and
dependence on the vagaries of nature with seasonality of the
business.
The rating, however, draws strength from the promoter's experience
and favorable location of its manufacturing unit.
The ability of the company to profitably scale up its operations
while improving its capital structure along with efficient
management of the working capital shall be the key rating
sensitivities.
Mathura-based (Uttar Pradesh) Behari Colds Private Ltd.,
incorporated in February 1995, is promoted by Mr Bankey Behari
Agarwal along with his family members. Since inception, BCPL is
engaged in the business of providing cold storage facilities to
potato growing farmers and traders of the region at its sole cold
storage facility located at Jataura village of Mathura district,
Uttar Pradesh. The storage capacity of the unit is around 2,08,627
quintals. Besides providing cold storage facility, BCPL also works
as a inter mediator between the farmers and marketers of
potatoes. Furthermore, it also provides interest free advances to
farmers for farming purposes against potato stored.
As per the audited results for FY13, BCPL reported a total
operating income of INR3.06 crore and a PAT of INR0.06 crore.
During the 11MFY14, BCPL has achieved a total operating income of
INR2.73 crore.
BHOLARAM EDUCATION: CRISIL Assigns 'D' Rating to INR220MM Loans
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank
facilities of Bholaram Education Society. The ratings reflect
instances of delay by BES in servicing its debt; the delays have
been caused by the company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 40 CRISIL D
Term Loan 180 CRISIL D
BES is also susceptible to any adverse impact of regulatory
changes, and the limited track record of its dental college,
Goenka Research Institute of Dental Sciences (GRIDS), and a weak
financial risk profile. However, the society benefits from the
extensive experience of the promoters in the education services
segment; and the established market position of Delhi Public
School (DPS) in Gandhinagar, backed by the strong brand presence
of DPS Society; along with the healthy prospects for the education
sector over the medium term.
Set up in 2002, BES is promoted by Mr. Apoorva Goenka and his
family. The society runs DPS in Gandhinagar (Gujarat), GRIDS, and
a 100-bed multi-specialty hospital, Goenka Hospital, in Piplaj
(Gujarat).
BRAHMAPUTRA METALLICS: ICRA Ups Rating on INR239.65cr Loan to B-
----------------------------------------------------------------
ICRA has upgraded the long term rating assigned to INR239.65 crore
term loans (enhanced from INR239 crore) of Brahmaputra Metallics
Limited to [ICRA]B- from [ICRA]D assigned earlier. ICRA has also
assigned an [ICRA]B- rating to INR44.49 long term fund based bank
lines of BML.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 239.65 Upgraded to [ICRA]B-
Working Capital 44.49 [ICRA]B- assigned
The upgrade of long term rating takes into account BML's timely
servicing of interest obligations at present. The rating takes
note of the company's recent history of debt restructuring, its
exposure to the fluctuations in raw material and billet prices,
and high working capital intensity of the business that exerts
pressure on the liquidity position of the company. ICRA notes that
the unsecured loans from the promoters have been converted to
equity in the second half of the financial year that would have a
favourable impact on the capital structure of the company.
Nonetheless, the capital structure of the company is likely to
remain adverse, which coupled with weak operating performance
would keep the debt coverage indicators under pressure. The rating
also takes into consideration experience of the promoters and the
key management personnel in the steel and power businesses, and
the presence of captive power plant that leads to lower cost of
power consumption. Moreover, setting up of additional induction
furnaces, with one having commissioned in H2FY14 and another
expected to come up in H1FY15, would allow BML to utilise its
captive power effectively. Given the fact that the interest
payment on term loans till February'14 was serviced from the
Funded Interest Term Loan (FITL), the liquidity position of the
company is likely to be stretched in the near term, with the
commencement of interest payments from March'14 and principal
repayments commencing from Q1FY15. Additionally, high receivables
of more than six months further add pressure to the liquidity
position, although a part of it has been recovered thus far. In
ICRA's opinion, the ability of the company to run its operations
effectively and the support of the promoters in the absence of
adequate cash accruals from the business to repay its debt
obligations in a timely manner would be a key rating sensitivity
going forward.
Incorporated in 2006, Brahmaputra Metallics Limited is a joint
venture between the North East based Lohia and Jaiswal Groups
which have interests in various businesses including steel,
cement, retail, real-estate and others. Post CDR, the shareholding
of Lohia Group has been increased to around 75%, with the balance
being held by Jaiswal Group. The company has an installed sponge
iron capacity of 1,05,000 tons per annum (tpa) and billet plant of
1,05,600 tons per annum (tpa). The company also has a captive
power plant of around 20 megawatts (MW).
Recent Results
During FY13, BML reported a net loss of INR63.48 crore on the back
of an operating income of INR114.54 crore. As per the provisional
financials, BML reported a net loss of INR14.83 crore on the back
of an operating income of INR139.27 crore in the first half of the
current financial year FY14.
DHANUKA CLOTHING: CARE Downgrades Rating on INR9cr Loan to 'D'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of Dhanuka
Clothing Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 9 CARE D Revised from
Facilities CARE B+
Rating Rationale
The revision in the ratings of the bank facilities of Dhanuka
Clothing Private Limited is primarily driven by the stressed
liquidity position as reflected by the ongoing overdrawals in the
cash credit account.
Incorporated in 2009, Dhanuka Clothings Private Limited formerly
known as Orchard Vinmay Private Limited] by Mr Kripa Shankar Dubey
and Ms. Promila Agarwal. In the year 2011 the business was taken
over by current directors of the company, Mr. Anand Dhanuka and
Mr. Aditya Dhanuka. The company since incorporation is engaged in
the business of trading of fabric and sells its product under the
brand name 'YASH TEXTKNIT' in the domestic market only.
There have been overdrawals in the cash credit account since
January 2014, mainly on account of stretch in the collection cycle
and slower take off of the inventory held.
During FY13 (refers to the period April 1 to March 31), DCPL
reported total operating income of INR42.38 crore (vis-a-vis
INR31.89 crore in FY12) and PAT of INR0.16 crore (vis-a-vis
INR0.13 crore in FY12). Further as per provisional results for
9MFY14 the company posted total income of INR20 crore.
GARDEN PALACE: ICRA Assigns 'D' Rating to INR8cr Loan
-----------------------------------------------------
ICRA has assigned an [ICRA]D rating to INR8.00 crore (including
proposed INR2.80 crore) fund based limits of Garden Palace Hotels
And Resorts Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 8.00 [ICRA]D assigned
The rating factors in GPHRPL's recent delays in debt servicing,
regular cash loss suffered by the company and the company's high
current debt repayment liability that is expected to keep its debt
service coverage indicators weak in the short to medium term. The
rating also takes into account the moderate capital structure of
the company as a result of frequent infusion of equity by the
promoters and low competition in the star category hotels in
Jharsuguda which has resulted in stable occupancy at the hotel.
ICRA however notes that given the low average room rent (ARR) in
the region, revenue per passenger has remained low vis-a-vis the
total expenditure incurred in setting up the hotel.
Garden Palace Hotels And Resorts Private Limited has been promoted
to set up and operate a 50 room three star category hotel at
Jharsuguda in Jharkhand. The hotel started commercial operation in
July 2010.
Recent Results
GPHRPL registered a net loss of INR3.70 crore on the back of net
sales of INR4.72 crore in 2012-13. In 2011-12, the company
registered a net loss of INR3.96 crore on the back of net sales of
INR4.69 crore.
INDFAB PROJECTS: ICRA Assigns 'C+' Rating to INR2.28cr Loan
-----------------------------------------------------------
ICRA has assigned an '[ICRA]C+' rating to INR2.28 crore (including
proposed INR0.28 crore) fund based limits and INR24.00 crore non
fund based limits of Indfab Projects Private Limited. The non fund
based limits are also rated in the short term scale for which ICRA
has assigned an [ICRA]A4 rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 2.28 [ICRA]C+ assigned
Non Fund Based Limits 24.00 [ICRA]C+/[ICRA]A4 assigned
The ratings factor in IPPL's recent delays in timely interest
service, the pressure on its cash flows as indicated by the
frequent overutilization of the company's working capital limits
and the weak financial profile of IPPL's 100% subsdiary. The
ratings also take into account the company's long track record of
executing engineering procurement and construction (EPC) works in
the aluminium industry, its moderate capital structure as a result
of a healthy accretion to reserves and a healthy order book
position at around two times the company's sales in 2012-13
(FY13). ICRA however notes that the company is exposed to
significant sector concentration risks as a majority of its
revenue is derived from the aluminium industry and its future
order inflow would depend on its ability to diversify into other
sectors.
Indfab Projects Private Limited promoted in 2005, carries out
Engineering, Procurement and Construction (EPC) work in the
aluminium industry. In addition, the company also manufactures
components used in potlines and electrical busbars of aluminium
smelters.
Recent Results
IPPL registered a profit after tax of INR3.04 crore on the back of
net sales of INR79.58 crore in 2012-13. In 2011-12, the company
registered a profit after tax of INR0.21 crore on the back of net
sales of INR50.54 crore.
INDIAN SUGAR: CRISIL Downgrades Rating on INR730MM Loans to 'D'
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Indian Sugar Manufacturing Company Ltd to 'CRISIL D' from
'CRISIL B-/Stable'. The rating downgrade reflects instances of
delay by ISMCL in servicing its term debt. The delays have been
caused by the weakening in the company's liquidity, resulting from
its modest profitability and large working capital requirements.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 320.3 CRISIL D (Downgraded from
'CRISIL B-/Stable')
Term Loan 409.7 CRISIL D (Downgraded from
'CRISIL B-/Stable')
ISMCL also has a below-average financial risk profile, marked by
high gearing, and is susceptible to high regulatory risks in the
sugar industry. The company, however, benefits from its proximity
to the Maharashtra sugarcane belt and its well-integrated
operations.
ISMCL was set up in 2000 by Dr. Veerana Pattar and his colleagues.
In January 2010, the company commissioned a sugar plant and a
bagasse-based cogeneration power plant in Bijapur (Karnataka). It
also operates a distillery unit. ISMCL has currently undertaken a
capital expenditure programme towards increasing the capacity of
its sugar plant and cogeneration power plant.
ISMCL reported a net loss of INR188.9 million on an operating
income of INR1.83 billion for 2012-13 (refers to financial year,
April 1 to March 31), against a net loss of INR84.2 million on an
operating income of INR1.72 billion for 2011-12.
JAI MATA: ICRA Assigns 'B' Rating to INR6.48cr Loans
----------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B and a short-term
rating of [ICRA]A4 to the fund-based and proposed limits of Jai
Mata Di Dyeing and Printing Mills Pvt. Ltd. aggregating to INR9.00
Cr.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit-
Term Loan 4.48 [ICRA]B assigned
Fund based limit-
Cash credit 2.00 [ICRA]B assigned
Unallocated Limits 2.52 [ICRA]B/[ICRA]A4 assigned
The ratings are constrained by the small scale of the company's
operations and its weak financial risk profile as indicated by its
low profitability levels and weak debt-protection metrics. The
ratings are also constrained by the intensely competitive business
environment, limiting the pricing flexibility for the company.
Further, the company's profitability remains exposed to the
volatility in raw material prices, which are linked to crude oil
prices.
The ratings, however, consider favourably the long and established
track record of the company's promoters in the textile industry,
the location advantage due to proximity to its raw material
suppliers and the healthy growth in operating income over the last
two years.
Incorporated in 1997, Jai Mata Di Dyeing & Printing Mills Pvt.
Ltd. (JMDD) is a company based in Surat, Gujarat and is engaged in
dyeing of grey fabric for third-parties on job-work basis. The
company has a fabric processing facility in Surat with a total
installed capacity of 1,50,000 meters per day of fabric. The
company markets its products through direct contact with the
customers and sells mainly in the domestic markets in Surat.
For FY 2013, the company reported a net loss of INR0.02 Cr. on an
operating income of INR12.71 Cr. For FY 2012, the company had
reported Profit after tax (PAT) of INR0.04 Cr. on an operating
income of INR9.50 Cr.
JAYALAKSHMI TEXTILES: ICRA Reaffirms B+ Rating on INR22.75cr Loan
----------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B+ outstanding
on the INR8.33 crore (revised from INR9.86 crore) term loan
facilities, INR9.00 crore fund based facilities, INR2.00 crore
fund based (sub-limit) facilities and INR3.42 crore (revised from
INR1.89 crore) proposed facilities of Jayalakshmi Textiles Private
Limited. ICRA has also reaffirmed the short-term rating of
[ICRA]A4 outstanding on the INR1.50 crore fund based facilities
and INR3.75 crore non-fund based facilities of the Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan facilities 8.33 [ICRA]B+/reaffirmed
Long-term-Fund based
facilities 9.00 [ICRA]B+/reaffirmed
Long-term-Fund based
facilities (sub-limit) (2.00) [ICRA]B+/reaffirmed
Long-term - Proposed
Facilities 3.42 [ICRA]B+/reaffirmed
Short-term-Fund based
Facilities 1.50 [ICRA]A4/reaffirmed
Short-term-Non-fund
based facilities 3.75 [ICRA]A4/reaffirmed
The rating reaffirmation factors in moderate growth in revenues in
2012-13 and current fiscal driven by revival in yarn demand
alongside improvement in realizations. The ratings also consider
the experience of promoters in the spinning industry and JTPL's
major concentration in the medium and finer counts enabling better
realizations. The ratings are, however, constrained by the
Company's stretched financial profile with weak coverage
indicators and the exposure of earnings to fluctuations in cotton
prices which would have an adverse impact on the margins in the
event of downturn in yarn demand. JTPL operates in the highly
fragmented spinning industry where high competition coupled with
low product differentiation limits pricing flexibility and its
small scale of operations restrict scale economies and financial
flexibility. Going forward, the ability of the Company to enhance
profitability and improve its capital structure would remain the
key rating sensitivities.
Incorporated in 1995, Jayalakshmi Textiles Private Limited is
engaged in the business of spinning 100% cotton in the range of
31s to 120s. The Company has the capacity of producing single,
doubled and cabled yarns without knots. The spinning plant of the
Company is located at Aruppukottai (Tamil Nadu) with total
installed capacity of 38,316 spindles.
Recent Results
The Company reported net profit of INR1.0 crore on an operating
income of INR59.5 crore during 2012-13 as against net profit of
INR0.9 crore on an operating income of INR56.5 crore during 2011-
12.
KRN ALLOYS: ICRA Revises Rating on INR10.64cr Loans to 'B-'
-----------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR5.64
crore (revised from INR6.06 crore) term loan and INR5.0 crore cash
credit facilities of KRN Alloys Private Limited from [ICRA]B to
[ICRA]B-. Also, ICRA has assigned a long-term rating of [ICRA]B-
to the INR0.42 crore (revised from INR0.0 crore) unallocated
facilities of KRN.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 5.64 Rating revised from
[ICRA]B to [ICRA]B-
Cash Credit 5.00 Rating revised from
[ICRA]B to [ICRA]B-
Unallocated 0.42 [ICRA]B- assigned
The rating revision takes into consideration the ongoing demand
slowdown in the steel industry putting pressure on the company's
revenue which coupled with a steep increase in cost of inputs such
as iron scrap and power has led to a decline in the company's
operating margin as well. Further, the credit profile of the
company has deteriorated with a gearing of 5.4x (as on March 31,
2013) and stretched coverage indicators. In addition, the high
competitive pressure owing to low entry barriers and fragmented
nature of the industry exerts further pressure on the business.
ICRA, however, draws comfort from the company's scale-up of
operations backed by the setting up of a new production unit for
billets at Beawar, diversified client mix spread across various
states and the limited working capital intensity of operations.
The company's ability to manage the demand slowdown and improve
its credit profile would be the key rating sensitivities, going
forward.
KRN Alloys Private Limited, incorporated in 2008, is a
manufacturer of steel billets and ingots, which are supplied to
rolling mills and steel traders in Rajasthan and Gujarat. The
company has two manufacturing units in Metoda, district Rajkot,
Gujarat (Unit-I) and Beawar, Rajasthan (Unit-II). While Unit-I
commenced production in February 2009 and has a capacity of
~10,000 MT per year, Unit-II commenced production in June 2012 and
has a capacity of ~24,000 MT per year. The company is promoted by
the Sahu family, which ventured into steel business through the
support of the promoters of Krishna Concast Private Limited
(KCPL), a Gujarat based family, who are close to the Sahus. KCPL,
rated [ICRA]B+/[ICRA]A4 does not have any shareholding in KRN.
Apart from KRN Alloys, Sahus are also engaged in the gold
manufacturing and retailing and hospitality businesses. The Sahu
family owns MRB Jewellers that is engaged in gold manufacturing
and retailing. It has two manufacturing units and four showrooms
for the same. Further, the family owns a 3-star hotel in Beawar by
the name of 'Hotel Raj Mahal' (spread over 3.5 acres).
MAHATEJA RICE: ICRA Reaffirms 'B+' Rating on INR18.55cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to INR13.18
crore fund based limits (enhanced from INR10.80 crore) fund based
limits and INR5.37 crore unallocated limits (revised from NIL) of
Mahateja Rice Mills Private Limited at [ICRA]B+. ICRA has also
assigned short term rating of [ICRA]A4 to INR0.25 crore fund based
limits and INR0.20 crore non fund based limits of MRMPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 13.18 [ICRA]B+ reaffirmed
Fund based limits 0.25 [ICRA]A4 assigned
Non Fund based limits 0.20 [ICRA]A4 assigned
Unallocated 5.37 [ICRA]B+ reaffirmed
The reaffirmation of rating continues to be constrained by
intensely competitive nature of rice industry with presence of
several small-scale players which further increases the pressure
on the operating margins; and moderate financial risk profile of
the firm characterized by moderate gearing levels, low
profitability & coverage indicators. This apart, the ratings are
also constrained by the susceptibility of profitability & revenues
to agro-climatic risks which impact the availability of the paddy
in adverse weather conditions. The rating however take comfort
from the long track record of the promoters in the rice mill
business and favorable demand prospects for rice with India being
the second largest producer and consumer of rice internationally.
Incorporated in 2002, Mahateja Rice Mills Private Limited (MRMPL)
is engaged in the milling of paddy and produces raw and boiled
rice. The company is promoted by Mr. B. Kushalaiah and Mr. M.
Narasimha who have more than 10 years of experience in the rice
milling business. The rice mill is located at Settipalem village
of Nalgonda district, Andhra Pradesh. The installed production
capacity of the plant is 16 tons per hour.
Recent Results
For FY2013, the company reported an operating income of INR33.58
crore and operating profits of INR1.86 crore.
PANCHKROSHI SHIKSHAN: CARE Ups Rating on INR7.41cr Loan to 'B'
--------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Panchkroshi Shikshan Mandal.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.41 CARE B Revised from CARE D
Facilities
Rating Rationale
The revision in the rating factors in the improved liquidity
position of Panchkroshi Shikshan Mandal (PSM) post receipt of
grants from the government along with regular track record of debt
servicing for the past 3 months since December 2013.
The rating continues to be constrained by operations of PSM in the
highly regulated education sector and fragmented nature of the
industry coupled with shortage of teaching staff.
The rating continues to draw strength from experienced promoters
with their established track record in the education sector and
positive outlook of the education sector marked by favorable
demographic and socio-economic conditions.
Panchkroshi Shikshan Mandal was registered as an educational
society on September 15, 1942 under Societies Registration Act,
1860. Currently, the society is managing thirteen institutes
offering courses from nursery to post graduation in various
disciplines such as arts, commerce, science, agriculture etc. The
education institutes are spread across District Satara in the
state of Maharashtra. The courses offered by PSM are approved by
All India Council for Technical Education (AICTE), Maharashtra
State Board of Technical Education (MSBTE) and the Government
of Maharashtra.
In FY13 (refers to the period April 01 to March 31), PSM
registered a surplus of INR1.64 crore on a total operating income
of INR11.39 crore as against a surplus of INR0.68 crore on a total
operating income of INR9.59 crore in FY12.
PANYAM CEMENTS: CARE Reaffirms 'C' Rating on INR80.88cr Loan
------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Panyam Cements and Mineral Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 80.88 CARE C Reaffirmed
Short-term Bank Facilities 9.32 CARE A4 Reaffirmed
Rating Rationale
The ratings of Panyam Cements and Mineral Industries Ltd (PCMIL)
continues to be constrained by the weak liquidity profile, decline
in scale of operations and profitability in FY13 (refers to the
period April 1 to March 31), leveraged capital structure,
seasonality associated with the industry, significant exposure to
the group companies and project implementation risk. The ratings,
however, take into account the experience and satisfactory track
record of the promoters in diverse business, location advantage of
the plant and backward linkages with availability of captive
limestone mines. Implementation of the project without any time or
cost overrun and the ability of the company to improve the
liquidity profile will be the key rating sensitivities.
Panyam Cements & Mineral Industries Limited, incorporated in June
23, 1955, is a part of the Nandi group of Industries based out of
Nandyal in Andhra Pradesh. The group since 1978 has built a
diversified presence of businesses such as cement, dairy, PVC
pipes, construction, TMT bars, etc. PCMIL is currently engaged in
the manufacturing of Ordinary Portland Cement (OPC) 53 grade & 43
grade and Pozzolona Portland cement (PPC) with an installed
capacity of 1 million tonnes per annum.
PCMIL was acquired by the Nandi group from its earlier promoters,
MrMVSubba Rao and Associates during September 2004 following the
company turning sick with accumulated losses.
Over the years, the Nandi group has successfully revived the
company and further the promoters have undertaken large
modernization and expansion projects to increase the scale of
operations and reduce operational costs.
During FY13, PCMIL has achieved a PAT of INR25.57 crore (Rs.9.13
crore in FY12) on the total income of INR107.43 crore (Rs.180.28
crore in FY12). Furthermore, during 9MFY14, the company has
reported net loss of INR21.09 crore on the total income of
INR51.43 crore.
PATTABHI RAMA: CARE Assigns 'B+' Rating to INR6.79cr Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Pattabhi
Rama Poultry Farms Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.79 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Pattabhi Rama
Poultry Farms Private Limited is constrained by its working
capital intensive nature of operations with highly leveraged
capital structure, highly fragmented nature of the poultry
business and risks inherent in the poultry industry with
vulnerability of profits to feed grain price fluctuation. The
rating, however, derives strength from the experienced promoters
with a long track record of operations in the poultry farm
industry, significant increase in the total operating income
during FY13 (refers to period April 1 to March 31) and
satisfactory demand outlook for poultry across India.
The ability of the company to scale up its operations with
improvement in profitability and to manage its working capital
effectively will remain as the key rating sensitivity.
PPFPL was incorporated on March 01, 1999, promoted and managed by
Mr G Ramalinga Raju and G R K Chaitanya. PPFPL is a poultry farm
and is engaged in the business of sale of eggs and cull birds at
its poultry farm is located at Shameerpet, Ranga Reddy District of
Andhra Pradesh spread across 7 acres of area with 11 poultry sheds
containing1.75 lakh layers birds with per bird producing around
300 eggs per annum. The company sells its products through ten
wholesalers and distributors around the state of Andhra Pradesh.
During FY13(refers to the period April 1 to March 31), PPFPL
reported a PAT of INR0.10 crore on a total operating income of
INR10.32 crore as against a PAT of INR0.15 crore on a total
operating income of INR9.35 crore in FY12. The company has
achieved a total operating income of INR10.31 crore during 11MFY14
(refers to the period April 2013 to February 2014).
POLIXEL SECURITY: ICRA Assigns 'B+' Rating to INR1.90cr Loan
------------------------------------------------------------
ICRA has assigned a long term rating of [ICRA]B+ and short term
rating of [ICRA]A4 to the INR7.30 crore bank facilities of
Polixel Security Systems Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit Facility 1.90 [ICRA]B+ assigned
Letters of Credit/
Bank Guarantees 5.40 [ICRA]A4 assigned
The assigned ratings take into account the stretched liquidity
position of PSSPL due to significant working capital requirements
in light of large receivable period. Although the financial
profile of the company is weak in light of thin profit margins in
the early years of operations, and erosion of net worth due to
start-up losses, the risks are mitigated to an extent by the
funding support extended by parent entities. The ratings are also
constrained by the absence of pass through of prices to customers,
that exposes PSSPL to fluctuations in foreign exchange or hike in
component price. While the rating factors in significant
dependence of the revenues on few projects, the same is expected
to reduce with improvement in scale of operations. The rating,
however, consider the strong demand for multimedia monitoring and
surveillance solution systems, which is likely to result in
healthy business growth for PSSPL; and the technological and
financial support derived from parent entities PSSPL and HFCL.
Going forward the ability of the firm to increase its scale of
operations while managing its working capital borrowings would
remain key rating sensitivity.
Incorporated in February 2010, Polixel Security Systems Pvt Ltd is
in the business of providing integrated security and surveillance
systems. PSSPL is a subsidiary of Infotel Business Solutions
Limited (IBSL) through Polixel Spolka Z.o.o. (PSZ), Poland and
Himachal Futuristic Communication Limited (HFCL). Established in
1991, PSZ is a Polish company headquartered in Warsaw, Poland and
has an established track record in providing integrated security
and surveillance solutions to organizations in European Union.
HFCL is an Indian corporate house engaged primarily in the
business of providing solutions to the telecom infrastructure
industry for deployment and manufacturing of fibre cables.
Recent Results
As per audited results, PSSPL reported a Profit after Tax (PAT) of
INR1.5 Crore on an Operating Income (OI) of INR20.2 Crore in FY
2013 as against a net loss of INR2.1 Crore on an OI of INR5.7
Crore in FY 2012.
PRAGATI SPINNERS: ICRA Assigns 'B+' Issuer Rating
-------------------------------------------------
ICRA has assigned the Issuer Rating of "Ir B+" to Pragati Spinners
Private Limited.
The assigned rating is primarily constrained by the moderate
financial risk profile characterized by high gearing and stretched
coverage indicators. The rating is also constrained by the
vulnerability of profitability to regulatory risk with regards to
minimum support price for kappas and export quota; small scale of
operations, commoditized nature of the product and fragmented
nature of industry with high competition from large number of
players which limits the ability of players to pass on the hike in
the input costs. Further, the seasonal nature of business and the
ensuing high raw material inventory requirement has resulted in
high working capital intensity. Going forward, the proposed capex
of INR9.75 crore for increasing the production capacity to 21,216
spindles, which is funded with a D/E of 3:1, could result in
stretched coverage indicators. However, the rating favourably
factors in recent vintage of plant and machinery leading to
operational efficiencies; low power cost in the state of AP along
with subsidy under Technology Upgradation Fund Scheme (TUFS)
provides competitive advantage as well as additional profitability
to the company.
The ability of the company to improve its profitability, manage
the working capital cycle and capital structure would remain the
key rating sensitivities.
Pragati Spinners Private Limited, located at Addakal Village of
Mahbubnagar District of Andhra Pradesh, was incorporated as
private limited company in October 2010. The company was promoted
by Mr. Alla Jithendra Prasad Babu, commenced its operations in
August 2012 and primarily producing cotton yarn with counts in the
range of 32s-40s. PSPL has started its operations with 11,424
spindles in August 2012 and later added 4,896 spindles in March
2013 to reach its current capacity of 16,320 spindles.
PRAHALADRAI & CO: ICRA Reaffirms 'D' Rating on INR6.45cr Loans
--------------------------------------------------------------
ICRA has reaffirmed the long-term rating assigned to INR3.50 crore
fund based limits and INR2.36 crore (reduced from INR2.95 crore)
term loans of Prahaladrai & Co. at [ICRA]D. ICRA has also assigned
rating of [ICRA]D to INR0.59 crore unallocated limited of PRC.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based Limits- 3.50 [ICRA]D reaffirmed
Cash Credit
Fund based Limits- 2.36 [ICRA]D reaffirmed
Term Loans
Unallocated Limits 0.59 [ICRA]D assigned
Rating Rationale
The rating reaffirmation factors in the delay in payment by
customers which has resulted in cash flow mismatches and continued
delays in repayment of debt obligations by the firm. The rating is
also constrained by PRC's weak financial profile as reflected by
its modest scale of operations, modest cash accruals, high overall
dependence on external debt and its average debt coverage
indicators. Further PRC is a partnership firm and any significant
withdrawals from the capital account could adversely impact its
net worth and thereby the capital structure. Nevertheless, ICRA
takes notes of the firm's experienced partners and their long-
track record in the business.
Prahladrai and Co., partnership firm promoted by Mr. Kailash
Sharma, is engaged primarily in fly ash transportation business
for Birla Corporation's units in Chittorgarh(Rajasthan) since
1975. Recently, the firm has widened its scope of operations to
include mining operations, transportation of limestone and
excavation, and road compacting work.
Recent Results
As per the audited results, PRC reported a net profit of INR0.09
crore on an operating income of INR19.16 crore for the year ended
March 31, 2013 and a net profit of INR0.04 crore on an operating
income of INR19.72 crore for the year ended March 31, 2012.
PURAV COTTON: ICRA Reaffirms 'B+' Rating on INR24.17cr Loans
------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating assigned to the fund based
facilities of INR23.00 crore (reduced from INR24.00 crore) cash
credit and to INR1.17 crore (earlier nil) of term loan facility of
Purav Cotton Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based- 23.00 [ICRA]B+ reaffirmed
Cash Credit
Long Term Fund Based-
Term Loan 1.17 [ICRA]B+ reaffirmed
The reaffirmation of the rating continues to reflect the firm's
low profitability on account of limited value addition and highly
competitive and fragmented industry structure given the low entry
barriers; vulnerability of profitability to adverse movements in
raw material prices which are subject to seasonality and crop
harvest. The rating further takes in account the exposure to
regulatory risks with regards to MSP for raw cotton as well as
imposition of restriction on cotton exports. ICRA also takes note
that PCI is a proprietorship concern and any substantial
withdrawals from capital account would adversely impact the
capital structure.
The rating, however, continues to favorably take into account the
firm's favorable location in Surendranagar, Gujarat- an area with
easy availability of raw cotton and the longstanding experience of
the promoters in cotton ginning and pressing industry.
Purav Cotton Industries was incorporated in the year 1999 as a
proprietorship concern by Mrs. Nisha Virat Shah. PCI has been
engaged in ginning and pressing of raw cotton. The firm is managed
by Mr. Virat Shah. The firm's manufacturing facility is located at
Muli, Surendranagar and consists of 72 ginning machines and 1
pressing machine with a total capacity of producing 200 bales per
day assuming 12 hours of operation.
Recent Results
For the year ended March 31, 2013, Purav Cotton Industries
reported an operating income of INR130.50 crore and a profit after
tax of INR0.11 crore as compared to an operating income of
INR100.10 crore and a profit after tax of INR0.07 crore in FY
2012. Further in the eleven months of FY 2014, the firm reported
an operating income of ~INR112 crore.
R.B. CONTRACTORS: CARE Assigns 'D' Rating to INR25.12cr Bank Loan
-----------------------------------------------------------------
CARE assigns 'CARE D' rating to the bank facilities of R.B.
Contractors And Developers Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 25.12 CARE D Assigned
Rating Rationale
The rating assigned to the bank facilities of R.B. Contractors and
Developers Private Limited factors in the ongoing delays in debt
servicing due to its stressed liquidity position.
R.B. Contractors and Developers Private Limited was incorporated
on July 19, 2007 to undertake the road projects on Build Operate
and Transfer BOT basis. RBCDPL is promoted by Mr R R Patil and Mr
K K Patil who are the first generation entrepreneurs. The company
has another group concern viz. R B Patil Infrastructure Private
Limited which also undertakes road projects on a BOT basis, and
has also executed infrastructure projects in the road and
irrigation segment for Public Works Department (P.W.D.) Amalner.
RBCDPL has been mandated by the PWD, Maharashtra state for
strengthening and improvement of the Ankleshwar-Burhanpur Road,
State highway (SH-4; Section: Galangi to Yawal) from milestone
252/735 to milestone 317/000 in Jalgaon District. The said stretch
is for a total distance of 64.235 kms. The concession period is
for 14 years from July 7, 2009 to January 11, 2023.
As per FY13 (refers to the period April 1 to March 31) results,
RBCDPL have registered a net loss of INR0.17 crore as against the
total income of INR4.48 crore.
SAMDARIYA ABHUSHAN: CARE Revises Rating on INR25cr Bank Loan to B
-----------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Samdariya Abhushan Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 25 CARE B Revised from
Facilities CARE BB (SO)@
@rating was backed by irrevocable and unconditional corporate
guarantee of Samdariya Builders Pvt. Ltd.
Rating Rationale
The revision in the rating of the bank facilities of Samdariya
Abhushan Private Limited was on account of deterioration in
financial profile of SBPL (rated CARE D/CARE D).
The rating is constrained on account of moderate scale of
operations of SAPL in the highly competitive Gems & Jewellery
industry and financial profile marked by moderate profitability,
leveraged capital structure and weak debt coverage indicators. The
ratings are further constrained on account of high working capital
intensity and risk associated with raw material price
fluctuations.
The rating derives strength from the experience of the promoters,
established track record of operations and healthy growth in
turnover on y-o-y basis.
The ability of SAPL to increase its scale of operations with
improvement in the profit margins amidst intense competition along
with improvement in the capital structure and debt coverage
indicators would remain the key rating sensitivities. The
financial support extended to its group entities and its
consequent impact on financial risk profile of SAPL would also be
a key rating sensitivity.
Jabalpur based, SAPL was incorporated in September 2004 and
started operation through its retail outlet at Samdariya Mall in
January 2010. SAPL is promoted by Mr Kishore Samdariya and Mr
Pawan Samdariya and is a part of the 'Samdariya Group'. The
Samdariya family has been in the jewellery business since three
decades under the name of 'Samdariya Abhushan Bhandar' and
'Samdariya Abhushan', which were merged into SAPL in May 2011.
SAPL is engaged in manufacturing, retail trading and retail
business of Gold & Silver bars & jewellery and diamonds.
Currently, SAPL operates through three showrooms in Jabalpur city
and provide variety of jewellery which include light weight
ornaments, antiques, traditional, wedding jewels, pearl,
precious stones, bangles, chains, bracelets, rings, ear-rings and
nose studs.
As per the audited results for FY13 (refers to the period
April 1 to March 31), SAPL reported a total operating income of
INR61.97 crore (FY12: INR55.66 crore) with a PAT of INR0.46 crore
(FY12: INR0.26 crore). As per the provisional results from
11MFY14, SAPL achieved a TOI of INR62.42 crore.
SAMDARIYA BUILDERS: CARE Lowers Rating on INR7.06cr Loan to 'D'
---------------------------------------------------------------
CARE revises the rating assigned to the bank facilities of
Samdariya Builders.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 7.06 CARE D Revised from
Facilities CARE BB-
The ratings assigned by CARE are based on the capital deployed by
the proprietor and the financial strength of the firm at present.
The ratings may undergo change in case of withdrawal of capital or
the unsecured loans brought in by the proprietor in addition to
the financial performance and other relevant factors.
Rating Rationale
The revision in the rating assigned to the bank facilities of
Samdariya Builders (SDB) are driven by the irregularity in debt
servicing owing to weak liquidity position owing to lower booking
and delay in ongoing real estate project.
Improvement in debt servicing track record with successfully
completion of the project within time and cost parameters and
receipt of envisaged booking advances in a time bound manner are
the key rating sensitivities.
Jabalpur-based Samdariya Buildersis a venture of Samdariya
Dharamchand Tejraj Saraf HUF (SDTS) which was incorporated in
January 2001. It is engaged in real estate and construction
activity. SDB is a part of the 'Samdariya Group'. The group is
engaged in diversified businesses including gems & jewelry, real
estate, hotel, entertainment and construction business.
At present, SDB is developing one project namely a residential-
cum-commercial project, named 'Astha Nagar', at Jabalpur, Madhya
Pradesh. The project comprises 226 residential flats (2 BHK)
and 12 shops with a saleable area of 251,771 sq ft. SDB has
received all land and other clearances for this project and it is
in advance stage of completion. Recently, SDB had completed a
township, named 'Samdariya City', at Katni, Madhya Pradesh which
comprises 97 residential flats (2 BHK), 95 shops, 145 duplexes and
332 plots in Q3FY14 (refers to the period October 01 to December
31).
As per the audited results for FY13 (refers to the period April 01
to March 31), SDB reported a total operating income of INR7.78
crore (FY12: INR11.37 crore) with a net profit of INR0.77 crore
(FY12: INR0.03 crore).
SAMDARIYA BUILDERS PVT: CARE Cuts Rating on INR33.98cr Loans to D
-----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Samdariya Builders Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 32.98 CARE D Revised from
Facilities CARE BB
Short-term Bank 1.00 CARE D Revised from
Facilities CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Samdariya Builders Private Limited (SBPL) are driven by the
irregularity in debt servicing owing to weak liquidity position.
Improvement in debt servicing track record with increase in its
scale of operations, timely receipt of lease rentals and booking
advances with completion of on-going real estate projects within
envisaged cost and time parameters are the key rating
sensitivities.
Jabalpur based, Samdariya Builders Private Limited was
incorporated in July 2004 and engaged in real estate activity.
SBPL is promoted by Mr Kishor Samdariya and Mr Ajit Samdariya
and is a part of the 'Samdariya Group'. The group is engaged in
diversified businesses including gems & jewellery, real estate,
hotel, entertainment and construction business. At present, SBPL
is engaged in mall operation, real estate projects, government
contracts (civil construction), hotel business and trading of
consuming items.
As per the audited results for FY13 (refers to the period April 01
to March 31), SBPL reported a total operating income of INR42.47
crore (FY12: INR45.00 crore) with a net profit of INR0.60 crore
(FY12: INR0.54 crore).
SETMAX CERAMIC: ICRA Reaffirms 'B-' Rating on INR6.45cr Loans
-------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B- rating to the INR3.95 crore term
loan and INR2.50 crore cash credit facility of Setmax Ceramic.
ICRA has also reaffirmed the [ICRA]A4 rating to the INR1.00 crore
short term non-fund based bank guarantee facility of SC.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 3.95 [ICRA]B- reaffirmed
Cash Credit 2.50 [ICRA]B- reaffirmed
Bank Guarantee 1.00 [ICRA]A4 reaffirmed
The ratings reaffirmation continue to reflect the firm's
relatively small scale of operations, weak financial profile on
account of its stretched liquidity position, moderate
profitability indicators and adverse capital structure owing to
debt funded capital expenditure. The ratings are further
constrained by the competitive business environment in which the
firm operates limiting improvement in realizations, single product
portfolio limiting its ability to supply to institutional buyers
and vulnerability of its profitability to cyclicality inherent in
real estate industry and to adverse fluctuations in raw material &
fuel prices.
The ratings, however positively factors in the promoters'
extensive experience in the ceramic industry, and favorable
location of the plant with its proximity to raw material sources.
Setmax Ceramic was established as partnership firm in 2010. It is
currently managed by partners Mr. Hardik Ghodasara and Mr. Vinod
Bhadja. The promoters have been involved in the ceramic industry
for past many years through manufacturing and trading of ceramic
products and have established SC to cater domestic porcelain tiles
market. The firm is involved in manufacturing and supplying body
clay with installed capacity of 91,200 MT per annum and
manufacturing of porcelain floor tiles with installed capacity of
43,800 MT per annum. The commercial production of body clay was
commenced in July 2010 while production of porcelain floor tiles
commenced in April 2012. The manufacturing facility of SC is
located at Wakaner, Gujarat.
Recent Results
During FY2013, the firm reported profit after tax of INR0.10 crore
on an operating income of INR17.33 crore as against profit after
tax of INR0.57 crore on an operating income of INR14.05 crore in
FY 2012.
SHREE TIKAM: ICRA Suspends 'B-' Rating on INR6cr Term Loan
----------------------------------------------------------
ICRA has suspended [ICRA] B- rating assigned to the INR6.00 crore
bank facilities of Shree Tikam Chand Educational and Charitable
Trust. The suspension follows ICRA's inability to carry out a
rating surveillance in the absence of the requisite information
from the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund-Based Limit- 6.00 [ICRA]B- suspended
Term Loan
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.
Shree Tikam Chand Educational and Charitable Trust owns and
manages G.D. Goenka Public School at Hazratpur, Firozabad (Uttar
Pradesh). The school commenced studies from academic year 2012-13
with 197 students in classes from Nursery to VIII. From the
academic year 2013-14, school will also admit students for class
IX. INR6.0 crore term loan was availed to fund the construction of
the school (estimated project cost INR16.64 crore) while the rest
has been funded by promoters contribution.
Trust has taken franchisee of G.D. Goenka brand from G.D. Goenka
Group which has presence in the fields of real estate, educational
institutions, travel & tourism, polyester buttons, garments &
other exports.
SINTECH PRECISION: CARE Reaffirms 'D' Rating on INR9.41cr Loans
---------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Sintech Precision Products Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.50 CARE D Reaffirmed
Short-term Bank Facilities 4.91 CARE D Reaffirmed
Rating Rationale
The reaffirmation in the rating assigned to the bank facilities of
Sintech Global Limited takes into consideration the ongoing delays
of interest servicing on working capital borrowing due to stressed
liquidity position.
Ghaziabad (Uttar Pradesh) based Sintech Precision Products Limited
is a closely held public limited company, incorporated in 1986.
The company is currently managed by Mr N. C. Dhingra
and its family members. SPPL is engaged in manufacturing wide
range of pumps, including torque flow pumps, split casting pumps,
process pumps, vertical pumps etc. SPPL primarily supplies to
sugar companies as well as companies in various sectors like
mining, power and water treatment etc. It also exports its pumps &
pump sets to Middle East countries. SPPL also undertakes contracts
for manufacturing and complete installation of the pumps for its
customers on turnkey basis and also provides after-sale services
which include spare parts etc and consultation services to its
customers. SPPL has its manufacturing facilities at Ghaziabad
(U.P.) with an annual installed capacity to produce 3,900 pumps
and 39,000 pump parts as on February 28, 2014. It is an ISO
9001:2000 certified company.
As per the audited results for FY13 (refers to the period April 01
to March 31), SPPL reported total operating income of INR22.87
crore and PAT of INR
SPY AGRO: CARE Reaffirms 'C' Rating on INR230.02cr Loan
-------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Spy Agro Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 230.02 CARE C Reaffirmed
Short-term Bank Facilities 25.00 CARE A4 Reaffirmed
Rating Rationale
The ratings continue to be constrained by the tight liquidity
position of the company, volatility in prices and availability of
raw materials, the ongoing debt-funded capacity expansion, weak
capital structure and challenges of operating in the highly
regulated industry. The ratings, however, take into account the
experience and satisfactory track record of the promoters in the
business and reputed clientele. The ability of the company to
improve its liquidity profile and complete the ongoing capacity
expansion without time and cost overrun are the key rating
sensitivities.
Incorporated in May 2005, SPY Agro Industries Limited (SPYAI) is
part of the Nandi group of industries based out of Nandyal in
Andhra Pradesh. The group is having presence in diversified
businesses since 1978 such as cement, dairy, PVC pipes,
construction, TMT bars, etc. SPYAI commenced its commercial
operations from FY09 (refers to the period April 01 to March 31).
The company has a grain-and-molasses-based distillery plant at
Nandyal (Andhra Pradesh) with a capacity of 145 kilo litres per
day. ENA is the main raw material in the manufacture of Indian
Made Foreign Liquor.
During FY13, SPYAI has achieved PAT of INR7.15 (INR9.22 in FY12)
on Total income of INR157.19 crore (INR154.93 crore in FY12).
SREE GOURANGA: CARE Assigns 'B' Rating to INR4.98cr Bank Loan
-------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Sree Gouranga Himghar Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 4.98 CARE B Assigned
Short-term Bank Facilities 0.80 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Sree Gouranga
Himghar Private Limited (SGHPL) are constrained by its regulated
nature of business, seasonality of the business with
susceptibility to the vagaries of nature, risk of delinquency in
loans extended to the farmers, competition from the other
local players and weak financial risk profile marked by its small
size, strained liquidity and adverse capital structure. The
ratings constraints are partially offset by the satisfactory
experience of the promoters with long track record of operations
and locational advantage.
The ability to increase the scale of operations with improvement
in profitability and effective management of the working capital
would be the key rating sensitivities.
Sree Gouranga Himghar Pvt. Ltd., incorporated in Dec. 26, 1986 was
promoted by one Shri Rampada Paul of Hooghly, West Bengal with his
family members. Since inception, SGHPL is engaged in providing
cold storage facility to local farmers and traders on a rental
basis. The company provide storage facilities to potatoes and
others vegetables like carrot, beet etc. with major dependence on
potato. Furthermore, the company also extends interest bearing
advances to farmers against goods stored in the cold storage. The
facility, with storage capacity of around 17, 400 MTPA is located
at Hooghly district of West Bengal.
During FY13 (refers to the period April 1 to March 31), the
company reported a PBILDT of INR0.46 crore (INR0.37 crore in FY12)
and a PAT of INR0.01 crore (of INR0.16 crore in FY12) on a total
income of INR2.04 crore (INR1.63 crore in FY12).
SRI ANNAPURNA: ICRA Reaffirms 'B-' Rating on INR5.50cr Loan
-----------------------------------------------------------
ICRA has re-affirmed '[ICRA]B-' rating to the INR5.00 crore term
loan facilities of Sri Annapurna Agro Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 5.50 [ICRA]B-/re-affirmed
The rating continues to take into account the promoters'
experience in the rice milling and processing industry, proximity
of the Firm's proposed milling unit to paddy growing areas in
Raichur (Karnataka) which is likely to facilitate easy procurement
of raw materials and stable demand outlook with rice being an
important part of the staple Indian diet. The Firm's proposed
milling unit, which was initially scheduled to commence operations
in March 2013, has witnessed considerable delays owing to certain
delays in procuring imported machinery (as against domestic
machinery planned earlier). The rating also takes into account the
relatively nascent stage of operations, moderate project gearing
with moderate debt funding, and low value added nature of
operations, highly fragmented structure of industry and
vulnerability of raw material (paddy) availability to agro-
climatic conditions. In addition, government regulations in terms
of Minimum Support Price for purchasing raw materials and Milling
Levy Rate for selling a part of the produce also restrict the
bargaining power of the industry players. Moreover, with the
Firm's operations expected to commence by first week of April,
2014, the cash flows are likely to remain stretched during the
initial years until the operations stabilize.
Incorporated in 2009, Sri Annapurna Agro Industries is
constructing a rice milling unit in Raichur district of Karnataka.
The firm was promoted by Mr. M. Srinivas and his family members,
who have been present in the same business for over 10 years. The
promoters are presently setting up a new plant under Sri Annapurna
Agro Industries which would be capable of processing rice/paddy
into boiled rice, raw rice, bran, broken rice and husk. The Firm's
proposed plant is spread over an area of four acres in Raichur
district of Karnataka with a capacity to process 8 tonnes of paddy
per hour. The plant is expected to operational by the beginning of
April 2014. The total project cost of INR7.5 crore has been funded
through a debt of INR5.5 crore with the balance contributed by the
promoters in form of capital and unsecured loans.
SUGAVANESWARA SPINNING: CRISIL Ups Rating on INR148MM Loans to B+
-----------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Sugavaneswara Spinning Mills Pvt Ltd to 'CRISIL B+/Stable' from
'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 40 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Long Term Loan 95.2 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Proposed Long Term 12.8 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's belief that SSMPL will
maintain its improved liquidity over the medium term; the
company's cash accruals had increased significantly in 2012-13
(refers to financial year, April 1 to March 31) with improvement
in its operating profitability. Its operating margin is expected
to be sustained at a healthy level of around 14 per cent over the
medium term.
Consequently, the company is expected to generate annual cash
accruals of INR26 million to INR31 million, against annual term
loan repayment obligations of INR21 million to INR26 million, over
this period.
The rating reflects SSMPL's limited revenue diversity, average
financial risk profile, marked by a modest net worth and average
debt protection metrics, and small scale of operations. These
rating weaknesses are partially offset by the extensive experience
of the company's promoters in the cotton yarn industry.
Outlook: Stable
CRISIL believes that SSMPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company enhances its
scale of operations and reports a sustained improvement in its
revenues and profitability, leading to a better financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
there is a fall in yarn realisations, resulting in deterioration
in SSMPL's margins, or if it undertakes a large debt-funded
capital expenditure programme.
Promoted by Mr. A V Marimuthu, SSMPL started operations in 1981 in
Salem (Tamil Nadu). It manufactures cotton yarn in counts ranging
from 30s to 80s.
VISHWANATH PAPER: ICRA Suspends 'B-' Rating on INT16cr Loan
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B-' rating for INR16.0 crore fund
based facilities & [ICRA]A4 rating for the INR16.0 crore non fund
based limits of Vishwanath Paper & Boards Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
According to its suspension policy, ICRA may suspend any rating
outstanding if in its opinion there is insufficient information to
assess such rating during the surveillance exercise.
=================
I N D O N E S I A
=================
JAPFA COMFEED: Fitch Affirms 'BB-' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based PT Japfa Comfeed
Indonesia Tbk's (Japfa) Long-Term Issuer Default Rating at 'BB-'
with a Stable Outlook. At the same time, the agency has affirmed
Japfa's senior unsecured rating and its senior unsecured US dollar
notes due in 2018 issued by Comfeed Finance B.V. at 'BB-'. Fitch
has also affirmed Japfa's National Long-Term Rating at 'A+(idn)'
zith a Stable Outlook, and its IDR1.5trn bonds due in 2017 at
'A+(idn)'.
Japfa's ratings reflect its strong cost pass-through ability,
zobust growth prospects and flexibility with its expansionary
spending. The ratings remain constrained due to the inherent risk
of disease outbreaks of the poultry industry.
'A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may
affect the capacity for timely repayment to a greater degree than
is the case for financial commitments denoted by a higher rated
category.
KEY RATING DRIVERS
Strong Market Position: Japfa and its closest competitor, PT
Charoen PokPhan Indonesia, control over 50% of Indonesia's poultry
feed and day-old chick (DOC) market, allowing these two companies
to generally lead with price increases. Japfa is Indonesia's
second-largest operator in the poultry feed and DOC market with a
market share of about 20%. Fitch expects the company to maintain
its market position over the foreseeable future, with expansion
underway to capture growing demand.
Stable Profit Margins: Fitch believes that Japfa would be able to
broadly maintain its annual EBITDA margins at about 10% in the
medium term, owing to its strong cost pass-through ability. Fitch
notes that on a quarterly basis, Japfa's EBITDA margins have the
potential to be volatile, as evidenced by the decline in 4Q13 to
4% compared with 10% in the full year 2013. In this instance,
this was due to a steep increase in input costs driven by a
weakening Indonesian rupiah. Fitch believes that the pass-through
of such unusually large cost increases would be spread out over
time, allowing the company to broadly maintain its longer term
profitability.
Robust Industry Prospects: Poultry producers in Indonesia benefit
from good long-term industry prospects, due to rising but low
average incomes and a predominantly Muslim population. Chicken
accounts for the bulk of meat consumed in Indonesia due to its
cost effectiveness and limited choices of alternative meats due to
religious considerations.
Inherent Industry Risk: The rating is constrained by the inherent
risks of disease outbreaks in the poultry industry, which could
impact Japfa mainly by weakening consumer sentiment and hence
demand. Fitch is of the opinion that Japfa's ratings could be
higher if it were able to maintain a meaningful liquidity buffer,
which would help to offset the potential impact of an exogenous
shock.
Manageable Leverage: Japfa's leverage as measured by Net
debt/EBITDA could exceed 2.5x - the threshold when negative rating
action may be considered - in both 2014 and 2015 owing to
relatively high expansionary spending. Japfa aims to have capex
of over IDR3.8trn (USD335m) between 2014 and 2015, over 80% of
which would be on expansion. However, Japfa's capex is granular
in nature, which should allow a deferral in a stressed
environment. Fitch also does not rule out the possibility of
lower leverage than expected because capex could be delayed due to
difficulties with land acquisition for expansion.
Adequate Liquidity: Fitch believes Japfa's liquidity is adequate
for its ratings. About 34% of Japfa's consolidated debt as at
end-December 2013 were short-term working capital facilities.
Fitch expects Japfa to continue rolling over and increasing these
facilities without much difficulty, given its established funding
flexibility. Its long-term debt maturities are well laddered with
the IDR1.5trn bond due in 2017 and its USD225m notes due in 2018.
RATING SENSITIVITIES
Negative developments that may, individually or collectively, lead
to negative rating action include:
- Increase in leverage to above 2.5x on a sustained basis
- Decrease in EBITDA margin to below 8% on a sustained basis
- Inability to pre-fund capex plans
Positive rating action is not expected in the next 12 to 18 months
owing to a heavy capex budget. Fitch may, however, consider
positive rating action if Japfa is able to improve its liquidity
profile materially, either by maintaining committed undrawn
banking facilities and/or continuously maintaining cash balances
of over USD200m to counter any potential exogenous shocks to
earnings, while maintaining its leverage below 2x.
LIPPO KARAWACI: Fitch Assigns 'BB-' Rating to USD150MM 7% Notes
---------------------------------------------------------------
Fitch Ratings has assigned Indonesia-based property developer PT
Lippo Karawaci Tbk's (Lippo, BB-/ Stable) USD150m 7% notes due
2022 a final 'BB-' rating. The new notes are issued by Theta
Capital Pte. Ltd. and guaranteed by Lippo and certain of its
subsidiaries.
The notes are rated at the same level as Lippo's senior unsecured
debt rating as they represent direct, unconditional, unsecured and
unsubordinated obligations of the company. The rating action
follows the receipt of documents conforming to information already
received. The final rating is in line with the expected rating
assigned on 2 April 2014.
KEY RATING DRIVERS
Support from Investment Property Portfolio: Lippo's high-quality
and expanding investment property portfolio, which comprises 16
hospitals and more than 30 retails malls under management,
generates strong and stable recurring cash flow, which support its
ratings.
In Lippo's business model, the expansion of its investment
portfolio will be funded by net sales proceeds of its development
portfolio. Given that both cash and debts are fungible across
investment properties and its development properties business,
Fitch has made several assumptions in Lippo's ratio calculations.
As Lippo is growing its investment portfolio, it needs to maintain
sufficient fixed charge cover (recurring EBITDAR/ cash interest
and rents) of 1.75x. The 1.75x ratio takes into account the fact
that Lippo generates the majority of its investment property
income from its hospital assets. Total debt is proportionately
allocated to the investment property business based on this fixed
charge cover ratio, with the rest allocated to the development
property business.
Shifting Focus for Cash Flows: In 2014, Lippo plans to launch more
developments aimed at the middle-class and shift development
projects to suburbs or second-tier cities. Year-to-date 2014
marketing sales, mainly driven by Lippo's new middle-class
projects in Bintaro (on the outskirts of Jakarta, West Java), and
St Moritz Makassar (South Sulawesi) totalled more than IDR 500bn.
Of the total units launched at these two projects, the company had
a presales rate of about 80%, which is positive considering the
short-term headwinds in the Indonesian residential sector.
Proven Track Record, Project Diversification: Lippo is one of the
largest property developers in Indonesia with an established track
record and diversified project portfolio. Fitch believes the
company's strong brand and flexibility in changing its product mix
as well as its diversified project locations enable it to manage
through property cycles while maintaining a strong balance sheet.
This is evidenced by successful new project launches since mid-
2013, despite softening property demand, especially for upscale
products. During the period, Lippo managed to book about
IDR2,323bn (USD200m) in marketing sales, while other developers
chose to postpone launches.
Diversified Funding Access: Lippo's rating also reflects its
ability to tap various long-term funding sources, particularly to
support cash flows during a downturn. It has an established track
record in onshore or offshore borrowing, as well as in the
domestic equity market. It recently raised about USD75m by
privately placing around a 7% stake in the Siloam chain of
hospitals. Lippo remains a majority shareholder in Siloam.
Lippo's access to affiliates Lippo Malls Indonesia Retail Trust
(LMIRT) and First REIT to recycle commercial assets are also an
important cash flow source. In 2013 Lippo sold two hospitals to
First REIT for SGD140.4m.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
- Failure to sustain development property leverage (net debt/net
inventory) at below 30% (2014F: 21%) due to a prolonged weakness
in property demand, while assuming the fixed charge cover remains
at 1.75x.
- Inability to pre-fund capex
Positive rating action is not anticipated over the next 24 months
due to the cyclical nature of development property sales and
Lippo's debt-funded capex.
====================
N E W Z E A L A N D
====================
CHRISTCHURCH YARNS: In Receivership; 85 Jobs Axed
-------------------------------------------------
Alan Wood and Anna Pearson at The Press report that about 85
workers at a Christchurch yarn manufacturer have lost their jobs.
Christchurch Yarns NZ Ltd went into receivership on April 11, with
director Mark Abbot confirming all of its staff, some of whom had
been employees for 25 years, had been made redundant, the report
says.
The Press relates that Mr. Abbot said the closure was "hard for
all of us."
"The New Zealand dollar has gone up 15 to 20 per cent in the last
12 months and it has effectively priced the product out of the
market. It has become totally uncompetitive and that has forced a
shift in the market towards nylon products," Mr. Abbot said.
According to the report, First Union general secretary Robert Reid
said the union representatives in Christchurch were shocked the
company had failed.
They had not been made aware of the extent of the problems despite
having worked with the company during difficult times a few years
ago, the report says. "The workers knew nothing and neither did
the union until [yesterday] when the receivers held a meeting of
staff and told them the company had been put into receivership by
Westpac," the report quotes Mr. Reid as saying.
Christchurch Yarns NZ Ltd is a yarn manufacturer. The company was
originally called Christchurch Carpet Yarns Ltd and its Burnside
plant was built in the 1970s. The company had several different
owners before being bought by its most recent shareholders in
2004.
===============
T H A I L A N D
===============
IRPC PUBLIC: S&P Affirms 'BB+' CCR; Outlook Stable
--------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
corporate credit rating on IRPC Public Co. Ltd. The outlook is
stable. S&P also affirmed its 'axBBB+' long-term ASEAN regional
scale rating on IRPC and our 'BB+' long-term issue rating on the
Thai company's senior unsecured notes.
"We affirmed the ratings because we believe IRPC benefits from its
"strategically important" position in the PTT group and we expect
IRPC's financial risk profile will recover on improving margins,"
S&P noted.
"We consider IRPC's status in the PTT group a key factor in our
ratings and we believe it is unlikely that PTT will loosen its
controlling stake in IRPC," said Standard & Poor's credit analyst
Yuehao Wu. "PTT has demonstrated its strong commitment to support
the company during the critical phase of the Phoenix project. We
expect PTT to further extend about Thai baht (THB) 16 billion in
2014 to partly fund IRPC's capital expenditure."
IRPC has close operational linkages with PTT and other PTT
companies through crude oil supply, product offtake and exchange
agreements. Although PTT directly owns 38.5% in IRPC, this
portion increases to above 50% if we include the stake owned by
the Government Pension Fund, the Government Savings Bank, and Thai
NVDR Co. Ltd. PTT group has a strong domestic position in the oil
and gas business and a high degree of integration.
S&P's stand-alone credit profile (SACP) for IRPC of 'b+' reflects
the company's high debt, fuelled by capital expenditure. At the
same time, its recent investments have not led to increased
earnings yet and free cash generation remains negative.
The stable outlook reflects S&P's view that despite IRPC's subdued
earnings and high capital expenditure, the company will continue
to benefit from its parent's support. This should enable IRPC to
sustain its EBITDA interest coverage comfortably above 2x despite
the high spending over the next two years. S&P also expects
IRPC's debt-to-EBITDA ratio will gradually improve to about 5x by
2015, in line with our base-case assumptions.
S&P may downgrade IRPC if it lowers the company's SACP because of
a lack of progressive improvement in its EBITDA and cash flows.
An indication of this is an EBITDA interest cover ratio below
2.0x. This could materialize if: (1) margin improvements fall
short of S&P's expectations; or (2) the company's capital spending
is substantially higher than we expect over the next two years
because of significant cost overruns or delays.
S&P may also lower the rating if PTT and the Thailand government,
through the Government Pension Fund, the Government Savings Bank,
and Thai NVDR Co. Ltd., significantly reduce their stakes in IRPC,
or the company's business integration with PTT shifts
considerably, although this is a less likely scenario. This would
mean that group support for IRPC would be weaker than S&P's
current "strategically important" assessment.
S&P sees the potential for an upgrade as limited over the next 12
months. Nevertheless, S&P may raise the rating if it assess the
strength of IRPC's relationship with its parent to have increased.
This could happen if PTT raises its stake in IRPC significantly or
extends further exceptional operational and financial support to
IRPC.
S&P may also raise the rating if IRPC's cash flows improve
substantially over the next year. Any improvement depends on the
Phoenix project delivering strong incremental cash flows from 2016
or the industry outlook for IRPC's main products improving
sustainably. An improvement also depends on the cash flows being
sustainably better because of much better operating efficiency
arising from the project.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week April 7 to April 11, 2014
------------------------------------------------------
Issuer Coupon Maturity Currency Price
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AUSTRALIA
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COMMONWEALTH B 1.50 04/19/22 AUD 73.53
GRIFFIN COAL M 9.50 12/01/16 USD 73.88
GRIFFIN COAL M 9.50 12/01/16 USD 73.88
MIDWEST VANADI 11.50 02/15/18 USD 59.97
MIDWEST VANADI 11.50 02/15/18 USD 46.75
MIRABELA NICKE 8.75 04/15/18 USD 21.63
MIRABELA NICKE 8.75 04/15/18 USD 25.00
NEW SOUTH WALE 0.50 09/14/22 AUD 70.63
NEW SOUTH WALE 0.50 10/07/22 AUD 70.41
NEW SOUTH WALE 0.50 10/28/22 AUD 70.20
NEW SOUTH WALE 0.50 12/16/22 AUD 69.92
NEW SOUTH WALE 0.50 11/18/22 AUD 70.01
NEW SOUTH WALE 0.50 03/30/23 AUD 69.42
NEW SOUTH WALE 0.50 02/02/23 AUD 69.97
TREASURY CORP 0.50 08/25/22 AUD 71.14
TREASURY CORP 0.50 11/12/30 AUD 46.50
TREASURY CORP 0.50 03/03/23 AUD 70.24
CHINA
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CHINA GOVERNME 1.64 12/15/33 CNY 59.55
CHINA DEVELOPM 3.80 10/30/36 CNY 72.82
INDIA
-----
3I INFOTECH LT 5.00 04/26/17 USD 35.13
CORE EDUCATION 7.00 05/07/15 USD 31.00
COROMANDEL INT 9.00 07/23/16 INR 15.61
DAVOMAS INTERN 11.00 12/08/14 USD 19.38
DAVOMAS INTERN 11.00 12/08/14 USD 19.38
DEWAN HOUSING 5.50 09/24/23 INR 71.53
GTL INFRASTRUC 2.53 11/09/17 USD 25.63
INDIA GOVERNME 0.23 01/25/35 INR 17.96
INDONESIA TREA 6.38 04/15/42 IDR 74.58
JCT LTD 2.50 04/08/11 USD 20.00
MASCON GLOBAL 2.00 12/28/12 USD 10.00
PERUSAHAAN PEN 6.10 02/15/37 IDR 74.39
PRAKASH INDUST 5.25 04/30/15 USD 49.88
PRAKASH INDUST 5.63 10/17/14 USD 55.25
PYRAMID SAIMIR 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 55.88
REI AGRO LTD 5.50 11/13/14 USD 55.88
SHIV-VANI OIL 5.00 08/17/15 USD 26.25
SUZLON ENERGY 5.00 04/13/16 USD 47.77
SUZLON ENERGY 7.50 10/11/12 USD 61.25
VIDEOCON INDUS 6.75 12/16/15 USD 74.81
JAPAN
-----
ELPIDA MEMORY 0.70 08/01/16 JPY 9.75
ELPIDA MEMORY 0.50 10/26/15 JPY 12.75
ELPIDA MEMORY 2.29 12/07/12 JPY 15.38
ELPIDA MEMORY 2.10 11/29/12 JPY 12.75
ELPIDA MEMORY 2.03 03/22/12 JPY 14.00
JAPAN EXPRESSW 0.50 03/18/39 JPY 70.72
JAPAN EXPRESSW 0.50 09/17/38 JPY 71.24
TOKYO ELECTRIC 2.37 05/28/40 JPY 74.50
KOREA
------
2013 KIBO SECURIT 10.00 09/04/16 KRW 30.11
2013 KIBO SECURIT 10.00 02/19/17 KRW 29.49
ACE AUTO INVEST S 3.15 05/17/16 KRW 68.95
ACE AUTO INVEST S 3.20 07/15/16 KRW 40.05
ACE AUTO INVEST S 2.86 11/17/14 KRW 68.07
ACE AUTO INVEST S 3.05 11/17/15 KRW 13.99
ACE AUTO INVEST S 2.84 10/17/14 KRW 80.10
ACE AUTO INVEST S 2.79 09/05/14 KRW 37.55
ACE AUTO INVEST S 2.79 08/22/14 KRW 73.25
ACE AUTO INVEST S 2.81 09/24/14 KRW 77.67
ACE AUTO INVEST S 2.84 11/24/14 KRW 71.01
ACE AUTO INVEST S 2.85 12/24/14 KRW 6.34
ACE AUTO INVEST S 2.87 01/23/15 KRW 8.57
ACE AUTO INVEST S 2.88 02/24/15 KRW 55.82
ACE AUTO INVEST S 2.89 03/24/15 KRW 59.53
ACE AUTO INVEST S 3.03 11/24/15 KRW 27.49
ACE AUTO INVEST S 2.92 05/22/15 KRW 40.23
ACE AUTO INVEST S 2.94 06/24/15 KRW 2.95
ACE AUTO INVEST S 3.08 01/22/16 KRW 0.95
ACE AUTO INVEST S 2.88 07/22/14 KRW 81.24
ACE AUTO INVEST S 2.91 10/22/14 KRW 86.55
ACE AUTO INVEST S 2.92 12/22/14 KRW 71.90
ACE AUTO INVEST S 2.86 09/26/14 KRW 89.13
ACE AUTO INVEST S 2.87 10/27/14 KRW 62.64
ACE AUTO INVEST S 2.88 12/26/14 KRW 18.79
ACE AUTO INVEST S 2.91 04/27/15 KRW 77.12
ACE AUTO INVEST S 2.95 02/17/15 KRW 22.59
ACE AUTO INVEST S 2.80 10/07/14 KRW 68.22
ACE AUTO INVEST S 2.83 12/05/14 KRW 15.74
ACE AUTO INVEST S 2.84 01/07/15 KRW 56.58
ACE AUTO INVEST S 2.85 02/06/15 KRW 15.84
ACE AUTO INVEST S 2.87 03/06/15 KRW 89.86
ACE AUTO INVEST S 2.89 04/07/15 KRW 60.55
ACE AUTO INVEST S 2.94 06/05/15 KRW 7.98
ACE AUTO INVEST S 2.96 07/07/15 KRW 61.52
ACE AUTO INVEST S 3.11 01/07/16 KRW 3.24
ACE AUTO INVEST S 2.90 12/22/14 KRW 59.69
ACE AUTO INVEST S 2.96 03/20/15 KRW 4.49
ACE AUTO INVEST S 3.19 02/22/16 KRW 1.30
ACE AUTO INVEST S 2.92 12/05/14 KRW 25.01
ACE AUTO INVEST S 3.00 04/06/15 KRW 36.83
ACE AUTO INVEST S 3.04 06/05/15 KRW 60.61
ACE AUTO INVEST S 3.07 07/06/15 KRW 17.54
ACE AUTO INVEST S 2.88 11/21/14 KRW 11.36
ACE AUTO INVEST S 2.94 02/17/15 KRW 5.00
ACE AUTO INVEST S 3.30 06/22/16 KRW 31.81
ACE AUTO INVEST S 2.93 01/06/15 KRW 33.86
ACE AUTO INVEST S 2.96 02/06/15 KRW 69.41
ACE AUTO INVEST S 2.82 08/06/14 KRW 74.36
ACE AUTO INVEST S 2.86 09/05/14 KRW 60.14
ACE AUTO INVEST S 2.89 11/06/14 KRW 42.83
ACE AUTO INVEST S 3.22 01/06/16 KRW 71.75
ACE AUTO INVEST S 3.30 04/06/16 KRW 43.41
ACE AUTO INVEST S 2.89 01/16/15 KRW 61.45
ACE AUTO INVEST S 2.91 02/17/15 KRW 33.34
ACE AUTO INVEST S 2.95 04/17/15 KRW 65.11
ACE AUTO INVEST S 2.99 07/17/15 KRW 39.76
ACE AUTO INVEST S 2.99 08/17/15 KRW 78.15
AJU CAPITAL CO LT 5.75 06/29/14 KRW 24.64
AJU CAPITAL CO LT 3.95 02/03/17 KRW 27.83
AUTOPIA SECURITIZ 3.00 07/18/15 KRW 0.90
AUTOPIA SECURITIZ 3.02 08/18/15 KRW 17.83
AUTOPIA SECURITIZ 3.04 09/18/15 KRW 3.70
AUTOPIA SECURITIZ 3.09 12/18/15 KRW 12.59
AUTOPIA SECURITIZ 3.10 01/18/16 KRW 35.24
AUTOPIA SECURITIZ 3.12 02/18/16 KRW 17.65
AUTOPIA SECURITIZ 3.14 03/18/16 KRW 0.48
AUTOPIA SECURITIZ 3.16 04/18/16 KRW 9.12
AUTOPIA SECURITIZ 3.18 05/18/16 KRW 0.55
AUTOPIA SECURITIZ 3.20 06/18/16 KRW 0.97
AUTOPIA SECURITIZ 3.22 07/18/16 KRW 0.50
AUTOPIA SECURITIZ 3.23 08/18/16 KRW 7.13
AUTOPIA SECURITIZ 3.24 09/18/16 KRW 0.83
AUTOPIA SECURITIZ 3.25 10/18/16 KRW 0.96
AUTOPIA SECURITIZ 3.26 11/18/16 KRW 0.50
AUTOPIA SECURITIZ 3.27 12/18/16 KRW 5.50
AUTOPIA SECURITIZ 3.27 01/18/17 KRW 1.41
AUTOPIA SECURITIZ 3.28 02/18/17 KRW 0.38
AUTOPIA SECURITIZ 3.29 03/18/17 KRW 0.50
AUTOPIA SECURITIZ 3.30 04/18/17 KRW 4.25
AUTOPIA SECURITIZ 3.31 05/18/17 KRW 1.37
AUTOPIA SECURITIZ 3.32 06/18/17 KRW 1.15
AUTOPIA SECURITIZ 3.32 07/18/17 KRW 10.89
AUTOPIA SECURITIZ 2.90 07/18/15 KRW 0.86
AUTOPIA SECURITIZ 2.91 08/18/15 KRW 16.70
AUTOPIA SECURITIZ 2.92 09/18/15 KRW 0.68
AUTOPIA SECURITIZ 2.93 10/18/15 KRW 0.45
AUTOPIA SECURITIZ 2.96 12/18/15 KRW 1.07
AUTOPIA SECURITIZ 2.97 01/18/16 KRW 17.92
AUTOPIA SECURITIZ 2.98 02/18/16 KRW 2.02
AUTOPIA SECURITIZ 2.99 03/18/16 KRW 15.65
AUTOPIA SECURITIZ 3.00 04/18/16 KRW 7.59
AUTOPIA SECURITIZ 3.01 05/18/16 KRW 0.51
AUTOPIA SECURITIZ 3.03 06/18/16 KRW 0.91
AUTOPIA SECURITIZ 3.04 07/18/16 KRW 0.46
AUTOPIA SECURITIZ 3.04 08/18/16 KRW 5.46
AUTOPIA SECURITIZ 3.06 11/18/16 KRW 1.34
AUTOPIA SECURITIZ 3.05 09/18/16 KRW 0.35
AUTOPIA SECURITIZ 3.05 10/18/16 KRW 0.46
AUTOPIA SECURITIZ 3.06 12/18/16 KRW 3.95
AUTOPIA SECURITIZ 3.07 01/18/17 KRW 1.30
AUTOPIA SECURITIZ 3.07 02/18/17 KRW 0.35
AUTOPIA SECURITIZ 3.08 04/18/17 KRW 0.46
AUTOPIA SECURITIZ 3.09 05/18/17 KRW 14.88
AUTOPIA SECURITIZ 3.08 03/18/17 KRW 0.55
AUTOPIA SECURITIZ 3.09 06/18/17 KRW 1.00
AUTOPIA SECURITIZ 2.89 06/18/15 KRW 0.84
AUTOPIA SECURITIZ 6.25 06/18/14 KRW 26.98
AUTOPIA SECURITIZ 6.29 07/18/14 KRW 76.66
AUTOPIA SECURITIZ 6.32 08/18/14 KRW 47.04
AUTOPIA SECURITIZ 6.36 09/18/14 KRW 22.99
AUTOPIA SECURITIZ 6.39 10/18/14 KRW 30.34
AUTOPIA SECURITIZ 6.45 01/18/15 KRW 1.80
AUTOPIA SECURITIZ 6.48 02/18/15 KRW 78.67
AUTOPIA SECURITIZ 6.50 03/18/15 KRW 2.31
AUTOPIA SECURITIZ 6.52 04/18/15 KRW 5.46
AUTOPIA SECURITIZ 2.77 08/18/14 KRW 80.07
AUTOPIA SECURITIZ 2.81 11/18/14 KRW 52.21
AUTOPIA SECURITIZ 2.90 05/18/15 KRW 93.62
AUTOPIA SECURITIZ 2.98 08/18/15 KRW 37.41
AUTOPIA SECURITIZ 3.11 02/18/16 KRW 4.78
AUTOPIA SECURITIZ 3.15 05/18/16 KRW 56.85
AUTOPIA SECURITIZ 3.22 08/18/16 KRW 19.88
AUTOPIA SECURITIZ 3.29 11/18/16 KRW 8.81
AUTOPIA SECURITIZ 3.33 02/18/17 KRW 11.87
AUTOPIA SECURITIZ 3.37 05/18/17 KRW 13.31
AUTOPIA SECURITIZ 3.41 08/18/17 KRW 13.52
AUTOPIA SECURITIZ 3.45 11/18/17 KRW 2.01
AUTOPIA SECURITIZ 3.59 02/18/18 KRW 65.79
AUTOPIA SECURITIZ 4.42 05/18/18 KRW 1.54
BS CAPITAL CO LTD 3.13 05/22/15 KRW 46.21
BUSAN METROPOLITA 3.23 05/26/15 KRW 51.31
CHEJU BANK LTD 4.14 01/19/19 KRW 73.85
CJ KOREA EXPRESS 2.93 06/21/18 KRW 16.00
COMMERCIAL AUTO A 5.14 07/18/14 KRW 15.59
COMMERCIAL AUTO A 5.19 09/18/14 KRW 65.26
COMMERCIAL AUTO A 5.21 10/18/14 KRW 29.05
COMMERCIAL AUTO A 5.25 11/18/14 KRW 13.36
COMMERCIAL AUTO A 5.27 12/18/14 KRW 1.88
COMMERCIAL AUTO A 5.34 03/18/15 KRW 1.80
COMMERCIAL AUTO A 5.37 04/18/15 KRW 4.71
COMMERCIAL AUTO A 5.41 06/18/15 KRW 0.96
COMMERCIAL AUTO A 4.88 09/18/14 KRW 22.01
COMMERCIAL AUTO A 4.90 10/18/14 KRW 28.72
COMMERCIAL AUTO A 4.95 12/18/14 KRW 55.98
COMMERCIAL AUTO A 4.97 01/18/15 KRW 1.39
COMMERCIAL AUTO A 5.00 03/18/15 KRW 1.46
COMMERCIAL AUTO A 5.02 04/18/15 KRW 10.75
COMMERCIAL AUTO A 5.05 06/18/15 KRW 3.05
COMMERCIAL AUTO A 4.78 05/18/14 KRW 75.84
COMMERCIAL AUTO A 4.81 06/18/14 KRW 79.41
COMMERCIAL AUTO A 4.86 08/18/14 KRW 9.24
COMMERCIAL AUTO A 2.82 08/18/14 KRW 67.79
COMMERCIAL AUTO A 2.86 11/18/14 KRW 47.84
COMMERCIAL AUTO A 2.92 02/18/15 KRW 53.10
COMMERCIAL AUTO A 2.97 05/18/15 KRW 31.56
COMMERCIAL AUTO A 3.05 08/18/15 KRW 32.33
COMMERCIAL AUTO A 3.39 11/18/16 KRW 9.02
COMMERCIAL AUTO A 3.44 02/18/17 KRW 12.66
COMMERCIAL AUTO A 3.18 02/18/16 KRW 61.73
COMMERCIAL AUTO A 3.23 05/18/16 KRW 5.31
COMMERCIAL AUTO A 3.31 08/18/16 KRW 10.67
COMMERCIAL AUTO A 3.50 05/18/17 KRW 5.14
COMMERCIAL AUTO A 3.55 08/18/17 KRW 77.86
COMMERCIAL AUTO A 3.61 11/18/17 KRW 11.33
COMMERCIAL AUTO A 6.90 05/18/18 KRW 16.56
COMMERCIAL AUTO A 10.00 08/18/18 KRW 4.95
COMMERCIAL AUTO A 10.00 08/18/18 KRW 28.48
DAEGU BANK 4.37 01/08/19 KRW 23.54
DAPSIMNI SECURITI 3.26 10/11/14 KRW 59.34
DOOSAN CAPITAL SE 3.11 03/13/15 KRW 38.48
DOOSAN CAPITAL SE 3.08 12/15/14 KRW 65.43
DOOSAN CAPITAL SE 3.75 09/02/16 KRW 2.23
DOOSAN CAPITAL SE 3.08 10/02/14 KRW 80.79
DOOSAN CAPITAL SE 3.36 12/04/15 KRW 35.12
DOOSAN CAPITAL SE 3.43 03/04/16 KRW 8.01
DOOSAN CAPITAL SE 3.52 06/03/16 KRW 65.97
DY CHANGJEON 3 SE 3.84 04/25/17 KRW 10.21
EXPORT-IMPORT BAN 0.50 01/25/17 TRY 72.36
EXPORT-IMPORT BAN 0.50 10/23/17 TRY 66.92
EXPORT-IMPORT BAN 0.50 12/22/17 BRL 64.14
EXPORT-IMPORT BAN 0.50 12/22/17 TRY 66.95
EXPORT-IMPORT BAN 0.50 10/27/16 BRL 73.98
EXPORT-IMPORT BAN 0.50 11/21/17 BRL 64.31
EXPORT-IMPORT BAN 0.50 11/28/16 BRL 73.34
EXPORT-IMPORT BAN 0.50 09/28/16 BRL 74.70
EXPORT-IMPORT BAN 0.50 12/22/16 BRL 73.03
FN GODEOK ABS SPE 4.64 04/29/16 KRW 81.70
FN HYUNSEOK SECUR 3.35 03/20/16 KRW 32.60
FN JOONGDONG3 SEC 3.10 08/29/14 KRW 53.60
FN SIN-GIL ABS SP 4.74 07/30/14 KRW 43.95
GARDEN PARK ABS S 3.55 10/02/16 KRW 8.74
GREAT KODIT SECUR 10.00 09/29/14 KRW 63.87
GS CALTEX CORP 3.09 03/21/18 KRW 11.74
HAN KOOK CAPITAL 3.35 07/23/14 KRW 80.88
HAN KOOK CAPITAL 3.95 01/23/15 KRW 53.40
HANA SK CARD CO L 4.81 01/02/18 KRW 4.11
HANA SK CARD CO L 3.88 06/22/17 KRW 20.47
HANA SK CARD CO L 5.00 01/09/17 KRW 13.11
HANA SK CARD CO L 3.69 06/22/15 KRW 25.61
HANA SK CARD CO L 5.34 02/14/17 KRW 30.38
HANA SK CARD CO L 5.62 01/24/17 KRW 14.30
HANA SK CARD CO L 5.62 01/31/17 KRW 48.59
HC SANGSOO ABS SP 3.42 12/28/14 KRW 44.61
HYUNDAI CAPITAL S 3.38 03/15/19 KRW 43.84
HYUNDAI CAPITAL S 3.11 01/29/16 KRW 99.91
HYUNDAI CAPITAL S 3.56 02/01/19 KRW 5.71
HYUNDAI CAPITAL S 3.31 03/21/18 KRW 12.68
HYUNDAI CAPITAL S 3.08 03/21/18 KRW 46.54
HYUNDAI CAPITAL S 4.70 06/21/16 KRW 10.89
HYUNDAI CAPITAL S 4.46 10/06/16 KRW 19.78
HYUNDAI CAPITAL S 3.25 11/04/16 KRW 1.72
HYUNDAI CAPITAL S 3.29 04/02/18 KRW 28.49
HYUNDAI CAPITAL S 3.31 03/20/18 KRW 54.17
HYUNDAI CAPITAL S 3.25 04/02/18 KRW 25.75
HYUNDAI CAPITAL S 3.16 04/02/18 KRW 2.08
HYUNDAI CAPITAL S 3.17 04/03/18 KRW 3.56
HYUNDAI CAPITAL S 4.46 12/18/14 KRW 7.38
HYUNDAI CAPITAL S 4.40 03/20/16 KRW 8.46
HYUNDAI CAPITAL S 3.57 02/16/15 KRW 33.84
HYUNDAI CAPITAL S 4.74 06/20/16 KRW 27.26
HYUNDAI CAPITAL S 3.21 03/04/16 KRW 8.23
HYUNDAI CAPITAL S 2.78 04/24/15 KRW 4.36
HYUNDAI CAPITAL S 3.26 09/21/17 KRW 26.61
HYUNDAI CAPITAL S 2.89 06/21/18 KRW 2.34
HYUNDAI CAPITAL S 3.19 05/13/16 KRW 23.76
HYUNDAI CAPITAL S 3.75 06/22/15 KRW 15.02
HYUNDAI CAPITAL S 3.02 10/30/15 KRW 48.57
HYUNDAI CAPITAL S 3.44 09/22/17 KRW 16.63
HYUNDAI CAPITAL S 3.31 01/06/17 KRW 37.48
HYUNDAI CAPITAL S 3.32 02/09/17 KRW 21.80
HYUNDAI CAPITAL S 3.50 01/12/18 KRW 16.07
HYUNDAI CAPITAL S 4.20 12/21/16 KRW 2.65
HYUNDAI CAPITAL S 3.71 01/11/19 KRW 4.92
HYUNDAI CAPITAL S 3.25 08/05/16 KRW 42.75
HYUNDAI CAPITAL S 3.11 05/02/18 KRW 14.35
HYUNDAI CAPITAL S 3.41 01/14/17 KRW 9.22
HYUNDAI CAPITAL S 3.65 01/18/19 KRW 12.88
HYUNDAI CAPITAL S 4.84 06/22/16 KRW 39.22
HYUNDAI CAPITAL S 3.07 05/02/18 KRW 0.92
HYUNDAI CARD CO L 3.16 03/24/17 KRW 8.69
HYUNDAI CARD CO L 3.00 03/25/16 KRW 11.85
HYUNDAI CARD CO L 3.19 11/28/16 KRW 27.25
HYUNDAI CARD CO L 3.17 03/10/17 KRW 21.06
HYUNDAI CARD CO L 3.65 06/23/15 KRW 37.80
HYUNDAI CARD CO L 3.81 09/21/17 KRW 18.33
HYUNDAI CARD CO L 3.16 04/02/18 KRW 1.10
HYUNDAI CARD CO L 4.05 12/22/14 KRW 67.28
HYUNDAI CARD CO L 3.23 01/06/17 KRW 71.11
HYUNDAI CARD CO L 3.23 01/20/17 KRW 24.39
HYUNDAI CARD CO L 3.27 04/03/17 KRW 8.02
HYUNDAI CARD CO L 3.19 05/13/16 KRW 23.76
HYUNDAI CARD CO L 3.10 01/15/16 KRW 38.10
HYUNDAI CARD CO L 3.40 01/10/17 KRW 33.81
HYUNDAI CARD CO L 3.47 06/09/17 KRW 27.56
HYUNDAI CARD CO L 3.51 07/13/17 KRW 28.59
HYUNDAI CARD CO L 3.13 01/15/16 KRW 34.40
HYUNDAI CARD CO L 3.16 05/29/18 KRW 0.93
HYUNDAI CARD CO L 3.58 09/21/18 KRW 22.78
HYUNDAI CARD CO L 4.03 03/23/15 KRW 59.01
HYUNDAI COMMERCIA 3.32 03/22/18 KRW 51.46
HYUNDAI COMMERCIA 3.22 12/04/15 KRW 35.17
HYUNDAI COMMERCIA 3.37 12/21/17 KRW 2.05
HYUNDAI HYSCO CO 3.09 03/21/18 KRW 11.01
HYUNDAI MERCHANT 7.05 12/27/42 KRW 44.72
HYUNDAI SECURITIE 3.13 03/21/18 KRW 1.25
HYUNDAI SECURITIE 3.16 03/22/18 KRW 46.66
HYUNDAI STEEL CO 3.27 03/21/18 KRW 1.34
INCHEON DEVELOPME 4.25 07/13/15 KRW 1.21
INCHEON DEVELOPME 3.60 12/21/17 KRW 12.81
INCHEON DEVELOPME 3.28 06/10/14 KRW 9.80
IPARK SAM-SONG SE 3.36 01/10/16 KRW 48.45
IPARK SAM-SONG SE 3.18 04/10/15 KRW 82.32
IPARK SAM-SONG SE 3.27 08/10/15 KRW 46.50
IPARK SAM-SONG SE 3.37 02/10/16 KRW 78.51
JB WOORI CAPITAL 2.82 08/14/14 KRW 12.62
JB WOORI CAPITAL 2.95 05/15/15 KRW 16.88
JB WOORI CAPITAL 3.01 08/14/15 KRW 11.75
JB WOORI CAPITAL 2.91 09/26/14 KRW 51.90
JB WOORI CAPITAL 2.86 07/25/14 KRW 54.04
JB WOORI CAPITAL 3.09 06/26/15 KRW 18.92
JB WOORI CAPITAL 3.27 05/28/15 KRW 51.14
JB WOORI CAPITAL 3.22 11/30/14 KRW 72.81
JEONBUK BANK 3.41 01/06/19 KRW 30.02
JOINK SECURITIZAT 3.86 10/21/14 KRW 62.07
KB KOOKMIN CARD C 3.92 03/24/15 KRW 88.85
KB KOOKMIN CARD C 4.18 03/22/17 KRW 10.71
KB KOOKMIN CARD C 3.93 06/20/17 KRW 16.97
KB KOOKMIN CARD C 3.24 12/21/17 KRW 89.37
KB KOOKMIN CARD C 3.88 06/22/17 KRW 28.22
KB KOOKMIN CARD C 3.30 03/21/18 KRW 60.44
KB KOOKMIN CARD C 4.00 12/22/14 KRW 90.57
KB KOOKMIN CARD C 3.25 03/21/18 KRW 1.61
KB KOOKMIN CARD C 3.46 09/21/17 KRW 34.88
KB KOOKMIN CARD C 3.65 06/22/15 KRW 34.74
KB KOOKMIN CARD C 3.65 06/23/15 KRW 28.82
KB KOOKMIN CARD C 3.07 02/08/15 KRW 42.38
KB KOOKMIN CARD C 3.75 09/21/17 KRW 1.00
KB KOOKMIN CARD C 3.33 09/22/17 KRW 2.86
KB KOOKMIN CARD C 3.18 12/11/15 KRW 75.46
KB KOOKMIN CARD C 3.13 03/21/18 KRW 14.01
KB KOOKMIN CARD C 3.10 05/02/18 KRW 14.08
KB KOOKMIN CARD C 3.05 03/21/18 KRW 4.12
KB KOOKMIN CARD C 3.32 02/17/17 KRW 10.61
KDB CAPITAL CORP 3.14 12/22/14 KRW 73.20
KDB CAPITAL CORP 3.05 09/29/14 KRW 92.37
KDB CAPITAL CORP 3.01 07/14/14 KRW 84.77
KDB CAPITAL CORP 3.25 12/24/15 KRW 51.52
KOREA DEVELOPMENT 3.70 02/29/24 KRW 22.22
KOREA EXPRESSWAY 3.52 01/19/19 KRW 37.29
KOREA EXPRESSWAY 2.96 03/20/18 KRW 74.34
KOREA HOUSING FIN 2.94 09/15/18 KRW 1.24
KOREA LAND & HOUS 3.99 03/26/44 KRW 68.09
KOREA LAND & HOUS 2.87 06/21/18 KRW 38.70
KOREA LAND & HOUS 2.95 11/16/15 KRW 60.29
KOREA LAND & HOUS 3.30 12/21/18 KRW 2.74
KOREA LAND & HOUS 3.40 09/21/18 KRW 1.51
KOREA LAND & HOUS 2.76 06/21/18 KRW 19.98
KOREA LAND & HOUS 2.86 06/21/18 KRW 15.33
KOREA LAND & HOUS 3.45 09/21/18 KRW 5.35
KOREA LAND & HOUS 3.44 10/21/18 KRW 4.37
KOREA LAND & HOUS 3.33 12/21/18 KRW 2.81
KOREA LAND & HOUS 3.17 10/02/17 KRW 1.38
KOREA LAND & HOUS 2.93 03/20/18 KRW 7.61
KT CAPITAL CORP/K 3.47 03/22/18 KRW 50.74
KT CAPITAL CORP/K 3.65 09/22/17 KRW 3.21
KT CAPITAL CORP/K 3.43 10/11/17 KRW 23.84
KT RENTAL CORP 2.98 06/21/18 KRW 38.04
KT RENTAL CORP 3.26 03/21/18 KRW 52.27
LG ELECTRONICS IN 3.11 03/21/18 KRW 11.93
LG ELECTRONICS IN 3.29 05/24/20 KRW 1.74
LG HAUSYS LTD 3.11 06/21/18 KRW 2.60
LOTTE CAPITAL CO 3.67 02/25/19 KRW 7.06
LOTTE CAPITAL CO 3.45 02/26/18 KRW 1.20
LOTTE CAPITAL CO 3.00 06/21/18 KRW 37.76
LOTTE CAPITAL CO 3.40 12/16/16 KRW 68.18
LOTTE CAPITAL CO 4.54 03/22/17 KRW 104.09
LOTTE ENGINEERING 4.33 09/13/16 KRW 12.56
NATIONAL FEDERATI 2.75 12/01/14 KRW 27.40
NATIONAL FEDERATI 2.75 12/01/14 KRW 84.58
NEW STAR ABS SPEC 3.93 01/26/17 KRW 11.36
NEW STAR SUKKWAN 4.92 03/30/15 KRW 100.73
NEWSTAR SIN-GIL A 4.84 01/30/15 KRW 53.51
NH CAPITAL CO LTD 5.02 01/14/18 KRW 73.91
NH CAPITAL CO LTD 5.88 01/14/17 KRW 8.65
NONGHYUP BANK 4.06 05/28/22 KRW 7.12
NONGHYUP BANK 3.33 10/15/20 KRW 8.71
OLLEHKT SECURITIZ 3.07 08/29/14 KRW 37.50
OLLEHKT SECURITIZ 3.08 09/30/14 KRW 68.52
OLLEHKT SECURITIZ 3.09 11/28/14 KRW 74.09
OLLEHKT SECURITIZ 3.09 12/31/14 KRW 56.54
OLLEHKT SECURITIZ 3.19 01/30/15 KRW 12.56
OLLEHKT SECURITIZ 3.11 02/27/15 KRW 66.51
OLLEHKT SECURITIZ 3.12 03/31/15 KRW 18.74
OLLEHKT SECURITIZ 3.13 04/30/15 KRW 44.20
OLLEHKT SECURITIZ 3.13 05/29/15 KRW 5.78
OLLEHKT SECURITIZ 3.12 08/26/14 KRW 79.30
OLLEHKT SECURITIZ 3.05 08/01/14 KRW 61.21
OLLEHKT SECURITIZ 3.19 05/03/16 KRW 65.66
OLLEHKT SECURITIZ 3.15 10/24/14 KRW 92.07
OLLEHKT SECURITIZ 3.15 11/26/14 KRW 77.57
OLLEHKT SECURITIZ 3.17 01/26/15 KRW 39.75
OLLEHKT SECURITIZ 3.17 02/26/15 KRW 87.75
OLLEHKT SECURITIZ 3.20 04/24/15 KRW 53.92
OLLEHKT SECURITIZ 3.20 05/26/15 KRW 27.80
OLLEHKT SECURITIZ 3.06 11/03/14 KRW 68.34
OLLEHKT SECURITIZ 3.07 01/02/15 KRW 85.69
OLLEHKT SECURITIZ 3.08 02/03/15 KRW 69.58
OLLEHKT SECURITIZ 3.10 04/03/15 KRW 52.30
OLLEHKT SECURITIZ 3.72 08/29/14 KRW 77.24
OLLEHKT SECURITIZ 3.73 09/30/14 KRW 47.25
OLLEHKT SECURITIZ 3.73 10/30/14 KRW 20.47
OLLEHKT SECURITIZ 3.74 11/28/14 KRW 76.02
OLLEHKT SECURITIZ 3.77 12/30/14 KRW 62.17
OLLEHKT SECURITIZ 3.80 02/27/15 KRW 26.81
OLLEHKT SECURITIZ 3.91 01/29/16 KRW 81.75
OLLEHKT SECURITIZ 2.96 07/28/14 KRW 88.44
OLLEHKT SECURITIZ 2.99 09/26/14 KRW 82.94
OLLEHKT SECURITIZ 3.01 11/28/14 KRW 77.41
OLLEHKT SECURITIZ 3.05 01/28/15 KRW 40.03
OLLEHKT SECURITIZ 3.07 02/27/15 KRW 87.59
OLLEHKT SECURITIZ 3.09 03/27/15 KRW 68.24
OLLEHKT SECURITIZ 3.11 04/28/15 KRW 53.69
OLLEHKT SECURITIZ 3.13 05/28/15 KRW 28.22
OLLEHKT SECURITIZ 3.16 07/28/15 KRW 83.29
OLLEHKT SECURITIZ 3.15 06/26/15 KRW 49.21
OLLEHKT SECURITIZ 3.17 08/28/15 KRW 53.81
OLLEHKT SECURITIZ 3.20 10/28/15 KRW 54.88
OLLEHKT SECURITIZ 3.21 11/27/15 KRW 39.00
OLLEHKT SECURITIZ 3.25 01/28/16 KRW 86.28
OLLEHKT SECURITIZ 3.43 01/26/17 KRW 2.17
OLLEHKT SECURITIZ 3.72 10/28/14 KRW 75.20
OLLEHKT SECURITIZ 3.72 11/28/14 KRW 68.90
OLLEHKT SECURITIZ 3.73 12/26/14 KRW 45.54
OLLEHKT SECURITIZ 3.77 03/27/15 KRW 89.76
OLLEHKT SECURITIZ 3.36 03/29/17 KRW 4.88
OLLEHKT SECURITIZ 2.79 06/27/14 KRW 90.32
OLLEHKT SECURITIZ 2.85 01/29/15 KRW 57.66
OLLEHKT SECURITIZ 2.86 02/27/15 KRW 80.95
OLLEHKT SECURITIZ 2.80 07/29/14 KRW 86.81
OLLEHKT SECURITIZ 2.88 03/27/15 KRW 28.89
OLLEHKT SECURITIZ 2.90 04/29/15 KRW 19.32
OLLEHKT SECURITIZ 2.94 06/29/15 KRW 15.28
OLLEHKT SECURITIZ 2.82 09/29/14 KRW 89.23
OLLEHKT SECURITIZ 2.96 07/29/15 KRW 23.13
OLLEHKT SECURITIZ 2.98 08/28/15 KRW 25.66
OLLEHKT SECURITIZ 2.82 10/29/14 KRW 46.43
OLLEHKT SECURITIZ 2.84 11/28/14 KRW 64.79
OLLEHKT SECURITIZ 3.01 10/29/15 KRW 9.84
OLLEHKT SECURITIZ 3.06 12/29/15 KRW 46.91
OLLEHKT SECURITIZ 2.84 12/29/14 KRW 18.96
OLLEHKT SECURITIZ 3.18 05/27/16 KRW 74.92
OLLEHKT SECURITIZ 2.96 02/24/15 KRW 69.89
OLLEHKT SECURITIZ 2.99 04/24/15 KRW 29.47
OLLEHKT SECURITIZ 3.00 05/22/15 KRW 97.13
OLLEHKT SECURITIZ 3.05 08/24/15 KRW 51.83
OLLEHKT SECURITIZ 3.14 04/22/16 KRW 10.59
OLLEHKT SECURITIZ 3.16 05/24/16 KRW 72.91
OLLEHKT SECURITIZ 3.20 07/22/16 KRW 41.34
OLLEHKT SECURITIZ 3.42 07/24/17 KRW 4.40
OLLEHKT SECURITIZ 2.87 10/24/14 KRW 80.01
OLLEHKT SECURITIZ 2.89 11/24/14 KRW 68.10
OLLEHKT SECURITIZ 2.94 01/23/15 KRW 87.87
OLLEHKT SECURITIZ 3.25 09/23/16 KRW 24.86
OLLEHKT SECURITIZ 2.85 06/26/14 KRW 94.75
OLLEHKT SECURITIZ 2.88 10/24/14 KRW 40.33
OLLEHKT SECURITIZ 2.89 12/26/14 KRW 18.47
OLLEHKT SECURITIZ 2.90 01/26/15 KRW 27.11
OLLEHKT SECURITIZ 2.90 03/26/15 KRW 64.40
OLLEHKT SECURITIZ 2.92 06/26/15 KRW 96.48
OLLEHKT SECURITIZ 2.97 12/24/15 KRW 31.93
OLLEHKT SECURITIZ 3.04 10/26/16 KRW 54.66
OLLEHKT SECURITIZ 2.91 04/24/15 KRW 49.03
OLLEHKT SECURITIZ 2.95 05/29/15 KRW 5.60
OLLEHKT SECURITIZ 2.97 06/30/15 KRW 55.63
OLLEHKT SECURITIZ 2.90 01/30/15 KRW 67.26
OLLEHKT SECURITIZ 3.07 02/29/16 KRW 73.41
OLLEHKT SECURITIZ 3.09 03/31/16 KRW 1.78
OLLEHKT SECURITIZ 2.91 02/27/15 KRW 62.97
OLLEHKT SECURITIZ 3.28 05/31/17 KRW 2.09
OLLEHKT SECURITIZ 2.80 08/29/14 KRW 37.18
OLLEHKT SECURITIZ 2.86 11/28/14 KRW 17.70
OLLEHKT SECURITIZ 2.88 12/31/14 KRW 56.24
OLLEHKT SECURITIZ 3.04 12/31/15 KRW 41.64
OLLEHKT SECURITIZ 2.93 03/31/15 KRW 46.49
OLLEHKT SECURITIZ 2.81 05/26/14 KRW 89.44
OLLEHKT SECURITIZ 2.82 08/26/14 KRW 63.01
OLLEHKT SECURITIZ 2.82 09/26/14 KRW 68.12
OLLEHKT SECURITIZ 2.83 10/24/14 KRW 19.48
OLLEHKT SECURITIZ 2.83 11/26/14 KRW 68.30
OLLEHKT SECURITIZ 2.83 12/26/14 KRW 68.06
OLLEHKT SECURITIZ 2.83 02/26/15 KRW 7.30
OLLEHKT SECURITIZ 2.83 03/26/15 KRW 55.98
OLLEHKT SECURITIZ 2.83 04/24/15 KRW 57.28
OLLEHKT SECURITIZ 2.83 05/26/15 KRW 40.22
OLLEHKT SECURITIZ 2.83 06/26/15 KRW 3.41
OLLEHKT SECURITIZ 2.84 08/26/15 KRW 1.11
OLLEHKT SECURITIZ 2.91 11/25/16 KRW 25.85
OLLEHKT SECURITIZ 2.72 06/27/14 KRW 73.66
OLLEHKT SECURITIZ 2.77 09/26/14 KRW 52.30
OLLEHKT SECURITIZ 2.81 12/26/14 KRW 4.79
OLLEHKT SECURITIZ 2.85 02/27/15 KRW 2.51
OLLEHKT SECURITIZ 2.85 03/27/15 KRW 2.03
OLLEHKT SECURITIZ 2.88 06/26/15 KRW 80.58
OLLEHKT SECURITIZ 2.95 11/27/15 KRW 11.53
OLLEHKT SECURITIZ 3.89 08/26/14 KRW 82.95
OLLEHKT SECURITIZ 3.91 10/24/14 KRW 76.08
OLLEHKT SECURITIZ 3.94 11/26/14 KRW 61.09
OLLEHKT SECURITIZ 3.70 07/28/14 KRW 70.44
OLLEHKT SECURITIZ 3.04 06/28/16 KRW 2.39
OLLEHKT SECURITIZ 3.06 08/26/16 KRW 19.53
OLLEHKT SECURITIZ 3.03 05/27/16 KRW 0.78
OLLEHKT SECURITIZ 3.09 09/28/16 KRW 5.01
PLAN-UP BOK-HYUN 3.99 08/10/14 KRW 67.99
PURUN WOORI SECUR 3.63 03/20/15 KRW 64.72
SAENGGAKDAERO T S 5.50 11/30/15 KRW 33.03
SAENGGAKDAERO T S 3.93 12/31/15 KRW 33.64
SAENGGAKDAERO T S 3.38 02/29/16 KRW 44.29
SAENGGAKDAERO T S 3.87 01/29/16 KRW 100.85
SAMSUNG CARD CO L 3.08 02/28/15 KRW 24.95
SAMSUNG CARD CO L 3.50 05/30/19 KRW 2.14
SAMSUNG CARD CO L 3.17 12/20/17 KRW 3.23
SAMSUNG CARD CO L 3.14 03/21/18 KRW 0.91
SAMSUNG CARD CO L 3.16 09/21/17 KRW 71.16
SBY BUPYEONG5 SEC 3.20 01/29/15 KRW 66.38
SH CORP OF THE SE 3.12 07/03/15 KRW 62.44
SH CORP OF THE SE 2.88 10/24/14 KRW 18.62
SH CORP OF THE SE 3.10 01/22/16 KRW 100.50
SHINHAN CAPITAL C 4.51 09/22/14 KRW 94.88
SHINHAN CAPITAL C 4.48 09/22/14 KRW 68.82
SHINHAN CAPITAL C 3.19 11/27/15 KRW 49.02
SHINHAN CAPITAL C 3.51 12/09/16 KRW 67.95
SHINHAN CARD CO L 3.46 06/20/19 KRW 17.12
SHINHAN CARD CO L 3.27 03/26/18 KRW 52.64
SHINHAN CARD CO L 4.18 03/21/17 KRW 10.72
SHINHAN CARD CO L 3.88 06/22/17 KRW 39.47
SHINHAN CARD CO L 3.74 06/23/15 KRW 9.94
SHINHAN CARD CO L 3.35 09/02/16 KRW 20.65
SHINHAN CARD CO L 2.93 06/21/18 KRW 15.38
SHINHAN CARD CO L 2.78 06/21/18 KRW 13.73
SHINHAN CARD CO L 3.56 02/07/19 KRW 12.21
SHINHAN CARD CO L 2.87 10/02/17 KRW 15.34
SHINHAN CARD CO L 3.31 12/22/17 KRW 2.61
SHINHAN CARD CO L 3.17 12/20/17 KRW 13.51
SHINHAN CARD CO L 3.30 09/22/17 KRW 35.15
SHINHAN CARD CO L 3.19 09/20/17 KRW 3.50
SHINHAN CARD CO L 3.24 09/22/17 KRW 16.36
SHINHAN CARD CO L 3.16 09/21/17 KRW 15.21
SINBO CONSTRUCTIO 10.00 09/29/14 KRW 63.87
SINBO SECURITIZAT 5.00 06/07/17 KRW 28.39
SINBO SECURITIZAT 5.00 06/07/17 KRW 28.39
SINBO SECURITIZAT 5.00 01/29/17 KRW 29.36
SINBO SECURITIZAT 5.00 01/19/16 KRW 72.30
SINBO SECURITIZAT 4.60 06/29/15 KRW 72.26
SINBO SECURITIZAT 4.60 06/29/15 KRW 72.26
SINBO SECURITIZAT 5.00 12/07/15 KRW 72.36
SINBO SECURITIZAT 5.00 03/14/16 KRW 29.33
SINBO SECURITIZAT 5.00 09/28/15 KRW 70.55
SINBO SECURITIZAT 5.00 12/13/16 KRW 29.44
SINBO SECURITIZAT 5.00 07/19/15 KRW 70.71
SINBO SECURITIZAT 5.00 08/24/15 KRW 70.59
SINBO SECURITIZAT 5.00 05/27/16 KRW 29.91
SINBO SECURITIZAT 5.00 05/27/16 KRW 29.91
SINBO SECURITIZAT 5.00 06/29/16 KRW 29.80
SINBO SECURITIZAT 8.00 02/02/15 KRW 74.71
SINBO SECURITIZAT 5.00 02/02/16 KRW 72.89
SINBO SECURITIZAT 8.00 03/07/15 KRW 74.03
SINBO SECURITIZAT 5.00 08/31/16 KRW 29.61
SINBO SECURITIZAT 5.00 08/31/16 KRW 29.61
SINBO SECURITIZAT 5.00 10/05/16 KRW 29.60
SINBO SECURITIZAT 5.00 10/05/16 KRW 29.60
SINBO SECURITIZAT 5.00 09/13/15 KRW 72.91
SINBO SECURITIZAT 5.00 09/13/15 KRW 61.19
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.26
SINBO SECURITIZAT 5.00 02/21/17 KRW 27.77
SINBO SECURITIZAT 5.00 02/21/17 KRW 29.27
SINBO SECURITIZAT 5.00 07/26/16 KRW 29.70
SINBO SECURITIZAT 5.00 07/26/16 KRW 29.70
SINBO SECURITIZAT 5.00 03/13/17 KRW 29.26
SJ BUPYUNG 5 SECU 3.11 01/29/15 KRW 11.50
SJ SIN-GIL 11 ABS 4.34 10/27/14 KRW 25.73
SMALL & MEDIUM BU 5.15 12/09/15 KRW 48.46
SMALL & MEDIUM BU 3.17 03/15/17 KRW 0.98
SMALL & MEDIUM BU 3.69 02/08/24 KRW 6.87
SMALL & MEDIUM BU 5.24 12/09/14 KRW 52.90
SMALL & MEDIUM BU 5.16 12/09/14 KRW 40.19
SMALL & MEDIUM BU 4.77 12/09/15 KRW 47.21
SMORE SECURITIZAT 3.09 02/29/16 KRW 31.27
SMORE SECURITIZAT 2.93 02/28/15 KRW 6.42
SYSINGIL ABS SPEC 3.95 08/22/15 KRW 4.03
TONGYANG CEMENT & 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & 7.30 06/26/15 KRW 70.00
UPLUS LTE SECURIT 2.96 04/03/15 KRW 42.25
UPLUS LTE SECURIT 3.20 08/05/16 KRW 62.26
UPLUS LTE SECURIT 2.90 10/10/14 KRW 40.97
UPLUS LTE SECURIT 2.94 04/10/15 KRW 7.88
UPLUS LTE SECURIT 2.97 08/12/15 KRW 0.49
UPLUS LTE SECURIT 3.11 12/05/14 KRW 87.77
UPLUS LTE SECURIT 3.16 06/05/15 KRW 47.66
UPLUS LTE SECURIT 3.19 06/03/16 KRW 66.25
UPLUS LTE SECURIT 2.82 12/05/14 KRW 25.71
UPLUS LTE SECURIT 2.93 06/05/15 KRW 93.68
UPLUS LTE SECURIT 3.07 12/04/15 KRW 8.27
UPLUS LTE SECURIT 3.23 06/03/16 KRW 16.91
UPLUS LTE SECURIT 3.35 02/06/17 KRW 13.63
UPLUS LTE SECURIT 2.64 06/05/14 KRW 75.18
UPLUS LTE SECURIT 2.69 02/06/15 KRW 7.66
UPLUS LTE SECURIT 2.72 08/07/15 KRW 17.44
UPLUS LTE SECURIT 2.77 02/05/16 KRW 4.85
UPLUS LTE SECURIT 2.78 10/07/16 KRW 0.78
UPLUS LTE SECURIT 2.88 10/02/14 KRW 64.95
UPLUS LTE SECURIT 3.03 12/04/15 KRW 37.95
UPLUS LTE SECURIT 3.00 12/11/15 KRW 1.92
UPLUS LTE SECURIT 3.01 06/05/15 KRW 36.58
UPLUS LTE SECURIT 3.27 06/03/16 KRW 65.46
UPLUS LTE SECURIT 3.54 06/05/17 KRW 2.53
UPLUS LTE SECURIT 2.89 12/05/14 KRW 19.77
UPLUS LTE SECURIT 3.15 12/04/15 KRW 38.54
UPLUS LTE SECURIT 3.32 08/05/16 KRW 27.50
UPLUS LTE SECURIT 2.86 12/05/14 KRW 35.41
UPLUS LTE SECURIT 2.89 02/06/15 KRW 82.73
UPLUS LTE SECURIT 2.95 06/05/15 KRW 36.68
UPLUS LTE SECURIT 3.08 02/05/16 KRW 96.93
WOONGJIN ENERGY C 2.00 12/19/16 KRW 59.02
WOORI CARD CO LTD 3.07 09/04/15 KRW 75.64
WOORI CARD CO LTD 3.39 11/11/16 KRW 31.45
WOORI CARD CO LTD 3.15 03/04/16 KRW 44.67
WOORI FINANCIAL C 3.09 03/28/16 KRW 73.36
WOORI FINANCIAL C 3.20 01/11/16 KRW 0.83
WOORI FINANCIAL C 3.42 12/22/17 KRW 14.33
WOORI FINANCIAL C 2.96 12/19/14 KRW 88.68
WOORI FINANCIAL C 5.70 01/10/19 KRW 24.11
SRI LANKA
---------
SRI LANKA GOVERNM 5.35 03/01/26 LKR 64.96
MALAYSIA
--------
BANDAR MALAYSIA S 0.35 02/20/24 MYR 63.50
PHILIPPINES
-----------
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNI 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM PT 11.50 05/07/15 USD 11.97
BAKRIE TELECOM PT 11.50 05/07/15 USD 12.88
BLD INVESTMENTS P 8.63 03/23/15 USD 30.13
BUMI CAPITAL PTE 12.00 11/10/16 USD 60.14
BUMI CAPITAL PTE 12.00 11/10/16 USD 59.63
BUMI INVESTMENT P 10.75 10/06/17 USD 60.42
BUMI INVESTMENT P 10.75 10/06/17 USD 59.33
ENERCOAL RESOURCE 9.25 08/05/14 USD 54.81
INDO INFRASTRUCTU 2.00 07/30/10 USD 1.88
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 13.50
MDX PCL 4.75 09/17/03 USD 17.13
TAIWAN
------
TAIWAN GOVERNMENT 2.13 02/26/44 TWD 74.76
VIETNAM
-------
BANK FOR INVESTME 10.33 05/19/16 VND 20.00
DEBT AND ASSET TR 1.00 10/10/25 USD 49.65
*********
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, and Peter A. Chapman,
Editors.
Copyright 2014. All rights reserved. ISSN: 1520-9482.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.
TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail. Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each. For subscription information, contact
Peter Chapman at 215-945-7000 or Nina Novak at 202-241-8200.
*** End of Transmission ***