/raid1/www/Hosts/bankrupt/TCRAP_Public/140513.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, May 13, 2014, Vol. 17, No. 93
Headlines
A U S T R A L I A
ACT HOMES: Placed in Voluntary Liquidation
AMORO AUSTRALIA: Ferrier Hodgson Appointed as Administrator
AURORA OIL: S&P Maintains 'B' CCR on CreditWatch Positive
AWA LIMITED: PPB Advisory Completes Sale of IT Business & Assets
DNEIPER STATION: Davises Buy Station for Less Than AUD4 Million
J & B FENCING: Grant Thornton Appointed as Administrators
ONE TELECOM: Telecom Providers Sold to Vocus Holdings
PORT HEDLAND: Looming Strike Action Could Cripple Port
QANTAS AIRWAYS: Plans First-Ever Junk-Rated Bond Issue
C H I N A
CENTRAL CHINA: S&P Affirms 'BB-' CCR; Outlook Stable
HILONG HOLDING: Fitch Affirms 'BB' IDR; Outlook Stable
LOGAN PROPERTY: Fitch Assigns 'BB-' IDR; Outlook Stable
I N D I A
AGRAWAL COTEX: CRISIL Reaffirms 'B' Rating on INR70MM Loan
BHOROSHA RICE: CRISIL Reaffirms 'B-' Rating on INR120.4MM Loans
BIPIN ENGINEERS: CRISIL Raises Rating on INR90MM Loans to 'B-'
CHAMAK POLYMERS: ICRA Suspends 'B' Rating on INR5.73cr Loan
CLIMAX SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR85MM Loan
COTTON BLOSSOM: CRISIL Ups Rating on INR1.20BB Loans to 'B-'
EXULT AGENCY: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
GANESHOM CEREALS: ICRA Assigns 'B-' Rating to INR135cr Loans
GAYTECH ENGINEERING: ICRA Lowers Rating on INR9cr Loans to 'D'
GLOBAL MEDIKIT: CRISIL Upgrades Rating on INR75MM Loans to 'B+'
KANERIYA SAND: CRISIL Cuts Rating on INR49.6MM Loans to 'D'
KIWI ALLOYS: CRISIL Reaffirms 'B' Rating on INR92.5MM Loans
LAKSHYA DAIRY: ICRA Suspends 'B+' Rating on INR7.50cr Bank Loan
MAA KALI: ICRA Suspends 'B+' Rating on INR66.69cr Loans
MIRYALGUDA RICE: CRISIL Reaffirms 'B' Rating on INR140MM Loans
NOWOTEK TEXTILES: ICRA Reaffirms 'B' Rating on INR10cr Loan
NUTRA SPECIALITIES: ICRA Ups Rating on INR12cr Loans to 'BB-'
P.S. SETH: CRISIL Reaffirms 'B' Rating on INR170MM Cash Credit
PREMIUM TOOLS: ICRA Suspends 'B' Rating on INR4.15cr Loans
PSB MANUFACTURING: CRISIL Cuts Rating on INR34MM Loans to 'B+'
RISING EDUCATION: CRISIL Reaffirms 'D' Rating on INR250MM Loan
SAI SRINIVASA: CRISIL Reaffirms 'B-' Rating on INR57.5MM Loans
SCANPOINT GEOMATICS: ICRA Suspends 'B' Rating on INR5.35cr Loan
SEVEN-11 INDUSTRIES: ICRA Assigns 'B+' Rating to INR5.68cr Loans
SRIVENKATA RAMANJANEYA: CRISIL Keeps B+ Rating on INR88MM Loans
TECHNE INFRA: CRISIL Upgrades Rating on INR35MM Loans to 'B+'
TITANIA PRODUCTS: CRISIL Assigns 'B' Rating to INR60MM Loans
VIKAS UDYOG: CRISIL Reaffirms 'B' Rating on INR70.5MM Loans
WATER SYSTEMS: ICRA Assigns 'Ir B+' Issuer Rating
S I N G A P O R E
GLOBAL A&T: S&P Affirms 'B-' CCR; Outlook Negative
X X X X X X X X
* BOND PRICING: For the Week May 5 to May 9, 2014
- - - - -
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A U S T R A L I A
=================
ACT HOMES: Placed in Voluntary Liquidation
------------------------------------------
Clifford John Sanderson of Dissolve Pty Ltd was appointed as
liquidator of ACT Homes Pty Ltd on May 7, 2014.
AMORO AUSTRALIA: Ferrier Hodgson Appointed as Administrator
-----------------------------------------------------------
John Lindholm of Ferrier Hodgson was appointed as administrator of
Amoro Australia Pty Ltd on May 9, 2014.
A first meeting of the creditors of the Company will be held at
the offices of Ferrier Hodgson, Level 43, 600 bourke Street, in
Melbourne, Victoria on May 21, 2014.
AURORA OIL: S&P Maintains 'B' CCR on CreditWatch Positive
---------------------------------------------------------
Standard & Poor's Ratings Services said that it had maintained its
'B' long-term corporate credit rating on Australia-based Aurora
Oil & Gas Ltd. (Aurora) on CreditWatch, where S&P initially placed
it with positive implications on Feb. 10, 2014. The 'CCC+' long-
term issue ratings on the senior unsecured notes due 2017 and 2020
that the company and its subsidiaries guarantee also remain on
CreditWatch positive. The notes are issued by Aurora USA Oil &
Gas Inc.
The CreditWatch placement in February 2014 followed Baytex's
announcement that it has entered into a scheme implementation deed
to acquire 100% of Aurora via a scheme of arrangement.
"Given the higher credit rating on Baytex, the ratings on Aurora
could be raised upon completion of the acquisition," said Standard
& Poor's credit analyst Andrew Wong. "The degree of rating
enhancement we ultimately attribute to the corporate credit and
debt ratings on Aurora will depend on the form and substance of
the acquisition."
So far, the transaction is proceeding as planned. Baytex has
received notification from the Foreign Investment Review Board of
Australia confirming that it has no objection to the proposed
acquisition. Subsequently, the scheme booklet and independent
expert's report were disseminated to Aurora's shareholders in
April 2014. The scheme meeting to seek shareholder approval for
the scheme is currently planned for the second half of May, and
the transaction is targeted to close by the end of June 2014.
Mr. Wong added: "We expect to resolve the CreditWatch placement
before the end of June 2014. In resolving the CreditWatch, we
will focus on the corporate structure after the acquisition by
Baytex, the strategic importance of Aurora to Baytex, and any
guarantee or repayment of Aurora's debt obligations."
AWA LIMITED: PPB Advisory Completes Sale of IT Business & Assets
----------------------------------------------------------------
PPB Advisory said it has completed the sale of AWA Limited's
Information and Communication Technology business and assets to
Cabrini Health Limited. Phil Carter, Daniel Walley and Alan
Walker of PPB Advisory were appointed administrators of AWA
Limited on Feb. 26, 2014.
AWA is a 105 year old company providing technology service
delivery to major enterprise and government organisations,
vendors, service providers, integrators and distributors.
The sales process attracted significant local and international
interest, with the successful outcome preserving approximately 130
jobs around the country. Cabrini Health Limited is a not-for-
profit, private, Catholic provider of healthcare and related
services. It has 832 inpatient beds and provides a comprehensive
range of services to deliver the best possible care for patients
and families.
Joint Administrator, Alan Walker said: "The sale is a great
outcome for all stakeholders of the business, and it is
particularly pleasing that the sale has led to the retention of
approximately 130 employees. The sales process generated interest
from a number of local and offshore parties and we are delighted
to have secured the future of an iconic and long-standing
Australian brand."
"We are thankful to all AWA employees, key customers and suppliers
whose support throughout this process has been instrumental in
achieving this outcome."
Dr. Michael Walsh, Chief Executive of Cabrini Health, says the
organisation is delighted to have acquired AWA and is confident of
a positive future for the business.
"We are committed to continuing to maintain the AWA brand and
reputation as a specialist in information technology services. We
will retain all existing contracts and strive to build on existing
relationships and services. AWA's management has been exploring
many new opportunities. These, together with new ideas from
Cabrini will see AWA prosper."
Cabrini Health will support the ongoing operation and development
of AWA, as it integrates the business into a new group called
Cabrini Technology Services. Through this new group Cabrini Health
will preserve and continue to trade under the AWA name and brand.
Cabrini Technology Services will be led by Tim Staker who is
National General Manager of the Chemtronics Group, a division of
Cabrini.
DNEIPER STATION: Davises Buy Station for Less Than AUD4 Million
---------------------------------------------------------------
Cliff Sanderson at dissolve.com.au reports that Dneiper Station
has been purchased by Pam and Tony Davis for less than
$4 million. The property, which was previously owned by Don Holt,
was placed on the market following its placement into receivership
in October 2013, dissolve.com.au says.
It has been cited that the Davises purchased Dneiper Station as it
is adjacent to various properties that their daughter and son-in-
law own, the report relays. The new owners will reportedly
destock the station in order to help out the entire situation that
involves moving out a mob of cattle to the new site,
dissolve.com.au adds.
J & B FENCING: Grant Thornton Appointed as Administrators
---------------------------------------------------------
Stephen Robert Dixon -- stephen.dixon@au.gt.com -- and Laurence
Andrew Fitzgerald -- laurie.fitzgerald@au.gt.com -- of Grant
Thornton were appointed as administrators of J & B Fencing & Gates
Pty Ltd and Spenell Pty Ltd.
A first meeting for each of the Companies will be held at the
Institute of Chartered Accountants in Australia, Level 3, 600
Bourke Street, in Melbourne, on May 20, 2014, at 10:00 a.m.
ONE TELECOM: Telecom Providers Sold to Vocus Holdings
-----------------------------------------------------
Ferrier Hodgson, the Administrators to wholesale mobile phone and
internet service providers One Telecom Pty Ltd and iBOSS
International Pty Ltd announced that the Companies have been sold
to Vocus Holdings Pty Ltd, a wholly-owned subsidiary of ASX-listed
telecommunications and information technology company Vocus
Communications Ltd.
Administrator, Ferrier Hodgson partner Stewart McCallum, said he
was pleased with the outcome of the sale process.
"The Companies were placed in voluntary administration on
May 2, 2014. Following our appointment as administrators we
implemented an urgent sale process over the weekend as it became
apparent the number of customers remaining on the Companies'
platforms was diminishing quickly, given a large number of
services were suspended prior to our appointment."
Melbourne-based One Telecom and iBOSS International provide
telecommunications services to wholesale and retail phone and
internet providers throughout Australia. Its key services are
wireless, post-paid mobile, fixed-line phone and internet services
for business and residential customers.
PORT HEDLAND: Looming Strike Action Could Cripple Port
------------------------------------------------------
Peter Ker at The Sydney Morning Herald reports that strike action
could cripple Port Hedland, one of Australia's most important
export ports, within 30 days.
SMH says tugboat workers aligned to the Maritime Union of
Australia took a major step toward industrial action on May 12.
The report relates that deckhands on the tugs have been
campaigning for better conditions over the past two months, and a
ballot of the workers has approved that strike action can take
place at a later time if deemed necessary.
According to SMH, the ballot result will not immediately lead to a
strike, but it suggests that interruptions at one of the nation's
most economically important ports are becoming more likely unless
North American shipping company Teekay can salvage a compromise
with the workers.
Port Hedland is the exit point for the vast majority of
Australia's iron ore, with BHP Billiton, Fortescue Metals Group
and Atlas Iron said to be the most affected if a strike occurs,
SMH notes.
Iron ore remains Australia's most lucrative export commodity, and
Port Hedland exports about $100 million of it every day, the
report says.
SMH says Teekay is contracted to run the tugs at Port Hedland by
BHP Billiton, and the major miner said it was "disappointed" by
the ballot result.
"If the Port operations are suspended, Australia's iron ore
exports are significantly impacted. We estimate this will cost
suppliers who ship out of Port Hedland around $100 million a day,"
a spokesman for the company was quoted by SMH as saying.
"Significant royalty and tax revenue will be lost to the West
Australian and federal governments. Mining companies like BHP
Billiton are not able to make up lost volume of this nature, and
governments cannot recover these lost royalties and taxes."
SMH notes that the major benefactor of a strike could be Rio
Tinto, which exports through its own Pilbara port -- Cape Lambert
-- just south of Port Hedland.
The major loser could be Fortescue Metals Group, which needs to
run at "sprint capacity" for the entire June quarter to meet its
full year iron ore export guidance, the report relays.
Under the terms of the ballot, the MUA and the deckhands have the
option to strike for either 24 hours, 48 hours or a full week,
according to SMH.
They can choose not to strike, but with the union still at
loggerheads with Teekay, a compromise does not appear imminent,
the report adds.
QANTAS AIRWAYS: Plans First-Ever Junk-Rated Bond Issue
------------------------------------------------------
Benjamin Purvis at Bloomberg News reports that Qantas Airways Ltd.
is planning the first-ever junk-rated bond issue in Australia
after it was stripped of its investment grade amid losses.
Australia's largest airline hired Deutsche Bank AG to arrange a
sale of eight-year fixed-rate notes, according to an e-mailed
statement from the sale manager obtained by Bloomberg News. The
report relates that the Australian dollar notes are being marketed
to yield about 400 basis points more than the swap rate, three
people familiar with the matter said, asking not to be identified
because the terms aren't set.
According to Bloomberg News, Qantas is selling debt as it seeks to
cut costs and increase cash amid a price war with Virgin Australia
Holdings Ltd. It's cutting 5,000 jobs and also weighing whether to
sell a stake in its Frequent Flyer loyalty business. While unrated
corporate issuers have sold high-yield debt in Australia before,
Qantas's transaction will be the first senior unsecured issue from
a company with a speculative-grade rating, data compiled by
Bloomberg show.
Sydney-based Qantas has AUD250 million ($234 million) of local-
currency bonds outstanding which were sold in April and May last
year before it had its investment-grade ratings removed, Bloomberg
News discloses.
Headquartered in Sydney, Australia, Qantas Airways Limited --
http://www.qantas.com.au/-- is an Australian airline company
engaged in the operation of international and domestic air
transportation services, and the provision of time definite
freight services. Qantas is also engaged in the sale of
international and domestic holiday tours, and associated support
activities, including flight training, catering, passenger and
ground handling, and engineering and maintenance. It is
organized into four segments: Qantas, Jetstar, Qantas Holidays
and Qantas Flight Catering.
As reported in the Troubled Company Reporter-Asia Pacific on
March 3, 2014, Moody's Investors Service said Qantas Airways
Limited's half year results to Dec. 30, 2013, are credit negative
though broadly within expectation and have no immediate impact on
its Ba1 corporate family rating, Ba2 senior unsecured long term
rating or non-prime (NP) short term rating. The outlook for
Qantas' ratings remains negative.
The TCR-AP reported on Jan. 27, 2014, that Standard & Poor's
Ratings Services affirmed its 'BB+' long-term issue rating on
Qantas Airways Ltd.'s senior unsecured debt, in line with the
corporate credit rating. At the same time, S&P assigned a
recovery rating of '3', indicating its expectation of meaningful
(50%-70%) recovery for creditors in the event of a payment
default. S&P has also removed the senior unsecured debt from
CreditWatch with negative implications, where it was placed on
Dec. 5, 2013.
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C H I N A
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CENTRAL CHINA: S&P Affirms 'BB-' CCR; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' long-term
corporate credit rating on China-based developer Central China
Real Estate Ltd. The outlook is stable. At the same time, S&P
affirmed its long-term Greater China regional scale rating on the
company at 'cnBB+.' S&P also affirmed its 'BB-' long-term issue
rating and 'cnBB+' long-term Greater China regional scale rating
on CCRE's outstanding senior unsecured notes.
"We affirmed the ratings on CCRE because we expect the company's
increasing scale, project diversity and consistent financial
management to temper the higher leverage that we expect for the
next two years," said Standard & Poor's credit analyst Dennis Lee.
CCRE's leverage weakened more than S&P expected in 2013 partly
because it included guarantees to its jointly controlled entities
(JCE) in S&P's debt calculation. S&P expects JCE debt guarantees
to increase further in 2014, contributing to higher leverage than
it previously projected, at 4x-5x for 2014-2015. Consequently,
S&P has lowered the financial risk profile to "aggressive" from
"significant."
In S&P's calculation of debt, it takes into account the debt for
which CCRE provides guarantee for its JCEs. The guarantees
represent about 22% of total debt in 2013, and S&P expects JCE
debt guarantees to increase further to 28%, or about Chinese
renminbi (RMB) 4.3 billion, in 2014.
"In our base-case scenario, we forecast that CCRE's total debt
will grow about 45% in 2014. We expect the company to maintain
its capital expenditure on land acquisitions and construction over
the next two years to support its sales growth. Total capital
expenditure accounted for about 73% of contract sales in 2013. On
the other hand, debts guaranteed to JCEs are likely to increase as
some of their projects are still under construction. These
projects are likely to incur construction loans, which CCRE then
guarantees. JCE debt guarantees are likely to gradually decline
in 2016 when some projects finish," S&P noted.
S&P anticipates that CCRE's total contract sales will grow a
moderate 10% in 2014, compared with the company's sales target of
a 23% increase from RMB14 billion in 2013. In S&P's view, the
company is likely to benefit from steady growth in urbanization in
Henan market and rising end-user demand. However, intensifying
competition in Zhengzhou and a tightening credit environment could
also affect the company's sales.
S&P estimates that CCRE's revenue will increase 65% in 2014, as it
recognizes high-rise products sold in 2012. CCRE shifted its
product mix in 2012 to increase sales proportion in this product
segment, which generally takes two to three years to complete.
"In our view, the company's established market position in Henan
province, low-cost land reserves, and good operating efficiency
and execution record continue to support its "fair" business risk
profile. CCRE has strong brand recognition and local knowledge,
with a long operating history in Henan. We believe these
advantages will help the company to obtain low-cost land reserves
and on-project execution. CCRE's good operating efficiency is
shown in its high sell-through ratio. The central government's
measures to restrict speculative demand are less likely to affect
the company's strategy of targeting first-time homebuyers and
homeowners seeking to upgrade than for other segments," S&P noted.
"The stable outlook reflects our expectation that CCRE will
generate satisfactory property sales and have good financial
flexibility to meet its growing funding needs for expansion. We
anticipate that CCRE will maintain a debt-to-EBITDA ratio of 4.5x-
5.0x in 2014 and that its gross margin will remain stable while
the company pursues growth," said Mr. Lee.
S&P may lower the rating if the company's debt-to-EBITDA ratio
remains above 5.0x. This could happen if: (1) CCRE's property
sales and margins are materially weaker than S&P's expectation;
(2) its debt-funded expansion is more aggressive than S&P
anticipated; or (3) its guarantees to JCEs significantly increase
to beyond S&P's expectation of RMB4.3 billion.
Rating upside potential over the next 12 months is limited, given
the company's medium business scale and geographic concentration.
Nevertheless, S&P may raise the rating if the company expands its
business scale, increases its geographic diversity, and maintains
disciplined financial management.
RATING SCORE SNAPSHOT
Corporate Credit Rating: BB-/Stable/--
Business risk: Fair
-- Country risk: Moderately high
-- Industry risk: Moderately high
-- Competitive position: Fair
Financial risk: Aggressive
-- Cash flow/Leverage: Aggressive
Anchor: bb-
Modifiers:
-- Diversification/Portfolio effect: Neutral (No impact)
-- Capital structure: Neutral (No impact)
-- Financial policy: Neutral (No impact)
-- Liquidity: Adequate (No impact)
-- Management and governance: Fair (No impact)
-- Comparative rating analysis: Neutral (No impact)
HILONG HOLDING: Fitch Affirms 'BB' IDR; Outlook Stable
------------------------------------------------------
Fitch Ratings has affirmed China-based Hilong Holding Limited's
(Hilong) Long-Term Foreign Currency Issuer Default Rating (IDR) at
'BB'. The Outlook is Stable. Fitch also affirmed Hilong's
foreign currency senior unsecured rating of 'BB'.
The IDR has been affirmed to reflect the company's strong market
position in the drill pipe and coating materials and services
sectors, its limited presence in the oilfield services sector, its
sound credit metrics, and limited operating scale.
KEY RATING DRIVERS
Strong Domestic Market Position: Hilong has strong market
positions in its core businesses of drill pipe manufacturing and
coating materials and services. In particular, the company has
successfully expanded its market share in the drill pipe and oil
country tubular goods (OCTG) markets in China since the global
financial crisis in 2008.
Hilong's key customers are financially strong and include China
National Petroleum Corporation (A+/Stable); China Petroleum and
Chemical Corporation (A+/Stable); and Shell Petroleum Development
Company of Nigeria. The stable relationships with these key
clients and the technical expertise Hilong possesses provide
reasonable protection for its market position and profitability
(2013 consolidated EBITDA margin: 30%).
Limited Presence in Oilfield Services: Leveraging on its drill
pipe and coating businesses, Hilong expanded into oilfield
services in 2008. While the oilfield services segment is
fragmented and Hilong does not possess a market position similar
to what it has in the drill pipe and coating materials sectors,
the company has been able to establish a good working relationship
with Shell through its project in Nigeria, which mitigates the
additional business risks. However, Hilong needs significant
capex before it can establish a solid position in this segment.
New to Offshore Market: Hilong has kicked off its expansion into
the offshore oil and gas business by purchasing a new pipe-lay
vessel, Hilong 106. Although Hilong 106 is one of the leading
pipe-lay vessels in China, Fitch believes that Hilong's foray into
the offshore market does not improve its credit profile at this
point because it has yet to establish an operational track record
in the segment.
Limited Operating Scale: Despite strong market positions in its
core businesses of drill pipes and coating materials, Hilong has a
limited operating scale (2013 EBITDA: CNY0.7bn) compared with its
global peers, most of whom produce a substantially larger range of
equipment and provide a larger suite of services.
Adequate Credit Protection: Hilong is currently lowly leveraged
with funds from operations (FFO) net adjusted leverage of 1.5x and
FFO gross interest coverage of 8.4x at end of 2013. Due to
expansion and capex, leverage will increase moderately in 2014-
2015. Fitch expects FFO net adjusted leverage to move towards 2x
in the next two years. The company's capex plan is flexible and
spending may be reduced when necessary to conserve cash flow
during a sector downturn.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, result in negative rating action:
- FFO adjusted net leverage of over 2.0x on a sustained basis
- EBITDA margin less than 20% on a sustained basis
- Sustained decrease in EBITDA contribution from core segments
- Significant deterioration in market position
Positive: Future developments that may, individually or
collectively, result in positive rating action:
- Material increase in operating scale
LOGAN PROPERTY: Fitch Assigns 'BB-' IDR; Outlook Stable
-------------------------------------------------------
Fitch Ratings has assigned China-based homebuilder Logan Property
Holdings Company Limited (Logan) a Long-Term Foreign-Currency
Issuer Default Rating of 'BB-' with a Stable Outlook. Fitch has
also assigned Logan a senior unsecured rating of 'BB-'.
KEY RATING DRIVERS
Established Market Position: Logan's ratings reflect its
established business position with contracted sales of CNY13.2bn
in 2013, and strong execution ability in large-scale mass-market
residential developments in key cities where it operates. About
75% of Logan's existing land bank is located in Huizhou, Nanning
and Shantou, where Logan has been ranked among the top five key
developers by sales value in the past three years. Logan will
continue to use its strong track record in these locations to
expand over the medium term.
Large Land Bank Gives Flexibility: Logan's large land bank of 11
million square metres (sqm) that it purchased at an average cost
of CNY1,045/sqm is sufficient for five to six years' worth of
sales, assuming the company doesn't further add to its land bank.
This large low-cost land reserve, with minimal land premium
outstanding of CNY340m as at end-2013, gives the company
operational flexibility in terms of land purchases over the medium
term. The leeway is especially important at a time when land
prices are rising rapidly.
Stable Margins: Logan has been generating EBITDA margins of around
30% (2013: 30.7%), driven by its low land costs, stable ASPs and
savings from using its in-house construction arm. As land costs
increase over time, Fitch expects the company's overall EBITDA
margin to remain stable at above 25% as lower margins from fast-
churn projects would be balanced by stronger profit margins from
projects with low land cost.
Balance Sheet Supports Moderate Expansion: Logan's net
debt/adjusted inventory is healthy at 33% as at end-2013. Fitch
expects this ratio to increase as Logan takes on debt to expand,
but still be sustained below 40%. Logan has set a moderate land
replenishment target of around 35%-40% of its annual contracted
sales, a level that is comparable to some of its peers'.
Manageable Single Project Exposure: Although plots in Huizhou make
up about 50% of Logan's land bank, sales from its main project,
Logan City (Huizhou), will be spread out over several years and
likely remain below 25% of Logan's total annual sales. In
addition, the low land cost of CNY220/sqm for Logan City
(Huizhou), compared with the current average selling price (ASP)
of CNY6,300/sqm, provides a comfortable buffer against price
corrections and potential competition from nearby projects.
High Exposure in Guangdong: Logan's rating is constrained by its
concentration in Guangdong province, which accounts for more than
70% of its sales and land bank. This increases its susceptibility
to changes in the local economy and policies. Its exposure to
smaller cities may leave it vulnerable to higher price volatility;
however this is partially mitigated by the company's strong profit
buffer due to the low cost of its land and products that target
first-home buyers and upgraders. Due to its proximity to Shenzhen
and to a lesser extent Guangzhou, Logan City (Huizhou) also
targets end-users from these first-tier cities in Guangdong
province.
Large Projects May Lengthen Cash Cycle: Logan's strategy is to
secure large parcels of land outside the city centre to tap demand
from urbanisation in China. The success of these projects hinges
on the continuation of the urbanisation trend and demands a longer
cash cycle. Low land costs for these projects, Logan's healthy
leverage, and cash flow from the company's fast-churn projects
will mitigate some of this risk, as demonstrated by its ability to
maintain contracted sales/total debt of 1.5 times in 2013.
RATING SENSITIVITIES
Negative: Future developments that may, individually or
collectively, lead to negative rating action include:
-- EBITDA margin sustained below 25%
-- Net debt/adjusted inventory sustained above 40%
-- Contracted sales / total debt sustained below 1.0x
-- Sustained decline in contracted sales from current levels
Positive: No positive rating action is expected unless Logan is
able to substantially increase its scale and diversify outside
Guangdong province without compromising its financial metrics.
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I N D I A
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AGRAWAL COTEX: CRISIL Reaffirms 'B' Rating on INR70MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facilities Agrawal Cotex
continues to reflect AC's modest scale of operations with a low
operating margin, susceptibility of its margins to volatility in
cotton prices, and its exposure to risks related to the regulatory
framework governing the cotton industry.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 70 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of the firm's promoters in the cotton ginning industry,
and its moderate financial risk profile, marked by moderate
gearing and adequate debt protection metrics, though constrained
by a small net worth.
Outlook: Stable
CRISIL believes that AC's business risk profile will remain
constrained over the medium term on account of its modest scale of
operations. The outlook may be revised to 'Positive' if the firm's
topline and profitability increase significantly, or if there is
substantial capital infusion by the promoters, leading to
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if there is further
pressure on AC's liquidity, or if it undertakes any unanticipated
debt-funded capital expenditure (capex) programme.
Update
AC's turnover for 2013-14 (refers to financial year, April 1 to
March 31) is estimated at around INR410 million, a decline from
INR463 million in 2012-13. It has maintained its profit after tax
at around INR4 million for the year. As the availability of cotton
is dependent on the monsoons, a normal monsoon and hence
sufficient availability of cotton will be crucial for AC to
maintain moderate growth in turnover over the medium term.
AC's working capital cycle is also in line with historical levels,
with gross current assets estimated at around 90 days as on March
31, 2014. The working capital requirements are high during the
cotton season, which commences from October and lasts until May
the following year. During this period the firm's INR70-million
fund-based bank lines are fully utilised. It has repayment
obligations of INR1 million in 2014-15, which will be adequately
covered by its accruals, estimated at over INR5 million for the
year. AC has been prepaying its term debt and hence the term loans
are expected to be repaid ahead of schedule. This, along with
absence of any capex plans, is expected to help the firm sustain
its liquidity over the medium term.
AC's overall financial risk profile is moderate, marked by
moderate gearing of around 1.2 times as on March 31, 2014, and
interest coverage and net cash accruals to total debt ratios
estimated at around 1.80 times 0.09 times, respectively, for 2013-
14. However, a small net worth of about INR50 million on March 31,
2014, constrains its overall financial flexibility.
About the Firm
AC was set up as a partnership firm in 2003 by the Agrawal family.
The firm is engaged in ginning and pressing of cotton. Its
manufacturing unit is at Sillod (Maharashtra). It also has an in-
house oil mill for extracting oil from cotton seeds.
BHOROSHA RICE: CRISIL Reaffirms 'B-' Rating on INR120.4MM Loans
---------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Bhorosha Rice Mill
Private Limited continue to reflect BRMPL's weak financial risk
profile, weak liquidity resulting from its large inventory, and
susceptibility to volatility in raw material prices. These rating
weaknesses are partially offset by the extensive experience of
BRMPL's promoter in rice milling and its diversified customer
base.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 1.6 CRISIL A4 (Reaffirmed)
Cash Credit 70 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 25.5 CRISIL B-/Stable (Reaffirmed)
Term Loan 24.5 CRISIL B-/Stable (Reaffirmed)
Proposed Term Loan 0.4 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that BRMPL will continue to benefit from its
promoter's extensive experience in the rice milling industry and
diversified customer base over the medium term. The outlook may be
revised to 'Positive' in case of substantial cash accruals,
improved working capital management, or capital infusion by
promoters, leading to significant improvement in BRMPL's financial
risk profile, particularly liquidity. Conversely, the outlook may
be revised to 'Negative' if BRMPL's liquidity deteriorates, most
likely because of deterioration in working capital management, or
lower-than-expected cash accruals.
Incorporated in 1998, BRMPL is engaged in milling non-basmati
parboiled rice at its facility in Burdwan (West Bengal). BRMPL's
daily operations are looked after by its promoter'director Mr.
Nazmul Haque.
BIPIN ENGINEERS: CRISIL Raises Rating on INR90MM Loans to 'B-'
--------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Bipin
Engineers Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL D/
CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 5 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 35 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 5 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 27.4 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 27.6 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects marginal improvement in BEPL's
liquidity due to infusion of unsecured loans by the promoters
which has resulted in regularisation of its cash credit limit over
the four months ended April 2014; this limit remained overutilised
for more than 30 days in the past. Furthermore, the debt servicing
has also been timely over the same period. The upgrade also
factors in CRISIL's belief that BEPL will maintain its present
liquidity over the medium term aided by timely funding support
from its promoters.
The ratings reflect BEPL's small scale and working capital
intensive operations driven by stretched receivables, and its weak
financial risk profile marked by small net worth, high gearing and
weak debt protection metrics. These rating weaknesses are
partially offset by its promoters' extensive industry experience
and funding support from them.
Outlook: Stable
CRISIL believes that BEPL will continue to benefit over the medium
term from its promoters' funding support; however, its liquidity
will remain weak on account of delay in receipt of subsidy from
the goverment. The outlook may be revised to 'Positive' in case of
improvement in the company's financial risk profile and liquidity
driven by higher-than-expected cash accruals, timely receipt of
subsidies, or continued funding support from the promoters.
Conversely, the outlook may be revised to 'Negative' in case of
deterioration in financial risk profile, particularly liquidity,
most likely caused by decline in cash accruals, or further
stretch in working capital cycle on account of delay in receipt of
subsidy.
BEPL was set up in 1979 as Bipin Industries by Mr. Hemant Revankar
and his brother Mr. Dilip Revankar. The company manufactures solar
water heaters, solar photovoltaic lights food processing equipment
like blender pulper, roaster, frying pan, kettle, and storage
tanks.
For 2012-13 (refers to financial year, April 1 to March 31), BEPL
reported a profit after tax (PAT) of INR6.9 million on net sales
of INR245.5 million, against a PAT of INR 4.8 million on net sales
of INR172.9 million for 2011-12.
CHAMAK POLYMERS: ICRA Suspends 'B' Rating on INR5.73cr Loan
-----------------------------------------------------------
ICRA has suspended the '[ICRA]B' rating assigned to the INR5.73
crore long term fund based facilities and '[ICRA] A4' rating to
the INR1.00 crore short term non fund based facilities of Chamak
Polymers Private Limited. The suspension follows ICRA's inability
to carry out a rating surveillance in the absence of the requisite
information from the company.
Chamak Polymers Private Limited is engaged in the manufacturing of
expanded polystyrene (EPS)/thermocol. The company commissioned EPS
manufacturing plant in November 2011. The company is a part of the
'Chamak' group, which is involved in various businesses, such as
lime products, paints, ceramics, glass, water jet machines, etc.
CLIMAX SYNTHETICS: CRISIL Reaffirms 'B+' Rating on INR85MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Climax Synthetics Pvt.
Ltd. continue to reflect its weak financial risk profile and
exposure to risks related to investments in equity instruments.
These rating weaknesses are partially offset by the established
experience of CSPL's promoters in the industry.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 38 CRISIL A4 (Reaffirmed)
Cash Credit 85 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 42.5 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes that CSPL will continue to benefit over the medium
term from its promoters' industry experience. The outlook may be
revised to 'Positive' if CSPL reports higher-than-expected revenue
growth, with improved profitability leading to improvement in the
debt protection measures. Conversely, the outlook may be revised
to 'Negative' if the company increases its exposure in the equity
investments, or its financial risk profile deteriorates further
because of larger-than-expected debt-funded capital expenditure or
due to stretch in working capital management.
Update
CSPL's net sales have grown at 15% y-o-y, to INR589.8 million for
2012-13 (refers to financial year, April 1 to March 31), due to
healthy order flow from agricultural departments. The company is
expected to book sales of around INR650 million for 2013-14.
Majority of the company's raw material requirement is met through
imports, and with volatility in forex the prices for its raw
materials had increased. Consequently, the margins declined during
2012-13 to 7.1% from 7.8% during the previous year due company's
inability to pass on the raw material price increase fully to its
customers. However for the current year the company has started to
keep order backed inventory and started hedging its forex
exposure, leading to improvement in its margins. The gross current
assets are expected to remain around 160 to 165 days due to
moderate debtor and inventory days, and part of this working
capital requirement is however supported by credit of around 40
days from its suppliers. With increase in accretion, the net worth
is expected to increase to INR100-110 million over the medium
term. The gearing is expected to remain around 1.6-1.8 times due
to moderate incremental working capital requirements. The company
has moderate liquidity reflected in moderate bank limit
utilisation around 78 per cent during the 12 months ended February
2014 driven by moderate working capital requirements however
liquidity is supported by absence of long term debt exposure.
CSPL reported a net profit of INR6.9 million on net sales of
INR598.8 million for 2012-13, vis-a-vis a net profit of INR7.9
million on net sales of INR530.3 million for 2011-12.
Incorporated in 1974 and promoted by Mr. K R Mundra and his
brother, CSPL manufactures high-density and low-density
polyethylene sheets, geo membranes, pipes, and fittings. CSPL is
based out of Vadodara (Gujarat), and is also a stockiest for GAIL
(India) Ltd, which has been dealing in plastic granules, since
1996-97.
COTTON BLOSSOM: CRISIL Ups Rating on INR1.20BB Loans to 'B-'
------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Cotton
Blossom India Pvt Ltd to 'CRISIL B-/Stable/CRISIL A4' from 'CRISIL
D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 0.5 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 70 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Packing Credit 478 CRISIL A4 (Upgraded from
'CRISIL D')
Packing Credit 100 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Proposed Long Term 628.3 CRISIL B-/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
Term Loan 311.2 CRISIL B-/Stable (Upgraded
from 'CRISIL D')
Working Capital 92 CRISIL B-/Stable (Upgraded
Term Loan from 'CRISIL D')
The rating upgrade reflects improvement in CBIPL's liquidity,
backed by restructuring of its long-term debt obligations and
improved working capital management, leading to timely servicing
of its interest obligation over the past eight months through
March 2014. The company's term loans were restructured and as per
the debt restructuring process, CBIPL's principal repayment is
slated to commence from September 2014; thus supporting its
liquidity. The upgrade also factors in CRISIL's expectations, that
over the medium term, CBIPL's cash accruals will be sufficient to
service its debt obligations, ably supported by the sustenance of
its working capital management and funding support from the
promoters.
The ratings reflect CBIPL's average financial risk profile, marked
by its weak capital structure and average debt-protection metrics,
susceptibility of its margins to volatility in raw material price
and foreign exchange rates and exposure to risk related to
customer concentration. These rating weaknesses are partially
offset by the extensive industry experience of its promoters and
established relationship with prominent customers.
For arriving at its ratings, CRISIL has treated the unsecured
loans of INR50.4 million from promoters as neither debt nor
equity, as these are subordinated to debt and will be retained in
the business over the medium term.
Outlook: Stable
CRISIL believes that CBIPL will continue to benefit over the
medium term from its promoters extensive industry experience and
established customer relations. The outlook may be revised to
'Positive' if CBIPL reports higher-than-expected cash accruals,
driven by improvement in profitability, or there is improvement in
the working capital management while diversifying its customer
base. Conversely, the outlook may be revised to 'Negative' in case
of deterioration in financial risk profile, particularly
liquidity, most-likely because of decline in profitability, or
elongation in working capital cycle, or larger-than-expected debt-
funded capital expenditure (capex) programmes.
CBIPL was established as a partnership firm in 1997 by Mr. Milton
Ambrose John and his brother Joseph Antony John; in 2004, it was
reconstituted as a private limited company. CBIPL manufactures and
exports knitted ready-made garments.
EXULT AGENCY: CRISIL Reaffirms 'B+' Rating on INR70MM Loans
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Exult Agency Pvt Ltd
continues to reflect EXPL's weak financial risk profile marked by
a weak capital structure and interest coverage ratio and pressure
on operating margin as a result of intense industry competition.
These rating weaknesses are partially offset by the benefits that
EXPL derives from its stable business risk profile, supported by
its established position in the consumer electronics dealership
market in its area of operation.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 12.5 CRISIL B+/Stable (Reaffirmed)
Standby Line of
Credit 7.5 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that EXPL will maintain its business risk profile
over the medium term backed by its established market position.
The outlook may be revised to 'Positive' if the company's
financial risk profile, particularly liquidity, improves on
account of better-than-expected accruals or infusion of
substantial capital by promoters or better working capital
management. Conversely, the outlook may be revised to 'Negative'
if the company's working capital cycle weakens or if it undertakes
a debt-funded capital expenditure programme leading to
deterioration in overall financial risk profile, especially
liquidity.
EXPL was established in 1985 as a partnership firm, Joy
Electronics. In 2001, it was reconstituted as a corporate body and
renamed as EXPL. EXPL is an authorised distributor of LG
Electronics in Burdwan, West Bengal; it also retails in various
electronics consumer appliances and durables. The company is also
an authorised dealer for BSNL's SIM cards, recharge vouchers and
broadband services. The day-to-day operations of the company are
looked after by its directors Mr. Janmenjoy Mondal and Mr. Ajay
Mehra.
GANESHOM CEREALS: ICRA Assigns 'B-' Rating to INR135cr Loans
------------------------------------------------------------
ICRA has assigned an '[ICRA]B-' rating to the INR135.00 crore fund
based facilities of Ganeshom Cereals Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit- 85.00 [ICRA]B- assigned
Cash Credit
Fund Based Limit- 50.00 [ICRA]B- assigned
PCL
The assigned rating factors in high intensity of competition in
the industry and agro climatic risks, which can affect the
availability of paddy in adverse weather conditions. The rating
also factors in GCPL's weak financial profile characterised by
high gearing and depressed coverage indicators. In addition, the
utilization of sanctioned working limits is high with
overutilization in a few months indicating limited cushion
available for operations. However, ICRA has taken note of the long
experience of the promoters in the basmati rice industry, GCPL's
easy access to raw material due to the company's presence in a
major paddy growing area and the consistent increase in company's
operating income in the last few years.
GCPL is a part of the LR group which started its operation in 1980
by establishing a rice sheller under the partnership firm, Ganesh
Rice Mills, which was engaged in milling and processing basmati
rice and their by products. Gradually, considering the increase in
the scale of operation, the group formed two more partnership
firms named L R International and Ganpati Foods. The constitution
of all the partnership firm were gradually converted into private
limited and the names were changed to Ganeshom Cereals Private
Limited, L R International Private Limited and Ganpati Agro Foods
Private Limited. The group has combined rice milling capacity of
about 38 tonnes per hour (TPH) and combined sorting and grading
capacity of 42 TPH.
Recent Results
GCPL reported a net profit of INR1.05 crore on an operating income
of INR362.43 crore in 2012-13, as compared to a net profit of
INR1.72 crore on an operating income of INR303.47 crore in 2011-
12.
GAYTECH ENGINEERING: ICRA Lowers Rating on INR9cr Loans to 'D'
--------------------------------------------------------------
ICRA has revised the long term rating assigned to the INR2.00
crore cash credit facility and the INR2.00 crore term loan of
Gaytech Engineering Private Limited to [ICRA]D from [ICRA]B-. ICRA
has also revised the short term rating assigned to the INR5.00
crore Bank Guarantee facility of GEPL to [ICRA]D from [ICRA]A4.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based-Cash 2.00 Revised to [ICRA]D from
Credit [ICRA]B
Fund Based-Term 2.00 Revised to [ICRA]D from
Loan [ICRA]B
Non Fund Based- 5.00 Revised to [ICRA]D from
Bank Guarantee [ICRA]A4
The rating action takes into account the strained liquidity
position of the company as exhibited by delays in meeting its
principal repayment and interest payment obligations to the bank.
The liquidity position of the company remains stretched due to
delayed receipt of payment from one of its top customers.
The ratings continue to remain constrained by the company's
relatively small scale of operations; vulnerability of the
company's revenues and profits to delays in execution of projects
on account of delays in obtaining requisite clearances which
coupled with delays in payments by its clients has resulted in
negative cash flow from operations. Further, the company's
financial risk profile continues to remain weak on account of high
working capital intensity of operations and moderate debt coverage
indicators.
Gaytech Engineering Private Limited was incorporated in 1995 and
is involved in erection and commissioning of plant equipment and
machinery, pipeline fabrication and erection as well as operations
and maintenance of plants. The company is also involved in
providing manpower services (project managers, supervisors and
skilled labourers) for a specific time period to domestic as well
as overseas clients based out of Middle East and Africa. GEPL
caters to sectors like power, oil & gas, petrochemical, refinery,
mining, tyre, fertilizer and textile industries.
GLOBAL MEDIKIT: CRISIL Upgrades Rating on INR75MM Loans to 'B+'
---------------------------------------------------------------
CRISIL has upgraded its ratings on the bank facilities of Global
Medikit Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL D/CRISIL
D'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 45 CRISIL B+/Stable (Upgraded
from 'CRISIL D')
Foreign Bill 25 CRISIL B+/Stable (Upgraded
Discounting from 'CRISIL D')
Letter of Credit 40 CRISIL A4 (Upgraded from
'CRISIL D')
Proposed Long Term 5 CRISIL B+/Stable (Upgraded
Bank Loan Facility from 'CRISIL D')
The rating upgrade reflects the timely servicing of its term loan
by GML in 2013-14 (refers to financial year, April 1 to March 31),
following the improvement in its liquidity. This was driven by the
improvement in GML's business risk profile, with its revenue
increasing at a compound annual growth rate of 25 per cent over
the past three years to an estimated INR380 million in 2013-14.
The increase in revenue is supported by higher exports with
expansion into new countries and its increasing presence in the
domestic market. This, coupled with healthy profitability, is
likely to result in sufficient cash accruals of around INR70
million in 2014-15 against nil term debt repayment obligations
over the medium term. Hence, CRISIL believes that the company will
maintain its improved liquidity over this period.
The ratings reflect the vulnerability of GML's business to rising
raw material prices, and foreign exchange rates, impacting its
export realisations. These rating weaknesses are partially offset
by the extensive experience of the company's promoters in the
medical supplies manufacturing industry, and its healthy financial
risk profile, marked by above-average debt protection metrics and
low gearing.
Outlook: Stable
CRISIL believes that GML's business risk profile will benefit from
its promoter's extensive industry experience over the medium term.
The outlook may be revised to 'Positive' in case the firm
significantly increases its revenues while maintaining its
profitability, leading to larger-than-expected cash accruals,
coupled with significant improvement in working capital cycle.
Conversely, the outlook may be revised to 'Negative' in case of
decline in the company's scale of operations and profitability or
weakening of its liquidity, most likely because of a larger-than-
expected, debt-funded capital expenditure programme or stretch in
working capital cycle.
GML, incorporated in April 2001, manufactures medical disposables
such as infusion therapy devices including intravenous (IV)
catheter, IV cannaulae, and IV administration sets. Its main
promoters are Mr. Lalit Ahuja and Mr. Susheel Upadhyay. The
company's manufacturing facilities are in Dehradun (Uttaranchal).
KANERIYA SAND: CRISIL Cuts Rating on INR49.6MM Loans to 'D'
-----------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Kaneriya Sand & Aggregates Pvt Ltd to 'CRISIL D' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 8.5 CRISIL D (Downgraded from
'CRISIL B+/Stable')
Term Loan 41.1 CRISIL D (Downgraded from
'CRISIL B+/Stable')
The rating downgrade reflects delays by the company in the
repayment of its term loans, following increased pressure on
sales, and tightened liquidity. The company also faced operational
issues at its plant in 2013-14 (refers to financial year, April 1-
March 31), which has also led to stressed liquidity.
The ratings continue to factor KSAPL's relatively short track
record and geographic concentration as the company generates most
of its sales from the Surat (Gujarat) region. The rating
weaknesses are partially offset by the company's strong customer
profile and the promoters' extensive experience in the sector.
Incorporated in Surat in 2010, KSAPL started operations in January
2011; the company is involved in the manufacturing and
distribution of sand and aggregates, which are used in the
construction sector. The company operates a crushing plant at a
distance of about 60 kilometres from Surat.
KSAPL is promoted by Mr. Hasmukh Kaneriya and Mr. Dilip Kaneriya,
who were earlier involved in the same sector through companies
held by the Kaneriya family.
KIWI ALLOYS: CRISIL Reaffirms 'B' Rating on INR92.5MM Loans
-----------------------------------------------------------
CRISIL's rating on the bank facilities of Kiwi Alloys Ltd
continues to reflect its below-average financial risk profile,
marked by high gearing and weak debt protection metrics, its large
working capital requirements, and small scale of operations. These
rating weaknesses are partially offset by the extensive experience
of KAL's promoters in the steel product industry.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 42.5 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 25 CRISIL B/Stable (Reaffirmed)
Term Loan 25 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KAL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if the company increases its scale of
operations while it improves its financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case KAL
undertakes any larger-than-expected, debt-funded capital
expenditure programme or its working capital requirements increase
significantly, constraining its financial risk profile.
KAL, incorporated in 2010, was promoted by Mr. Nitin Gupta and his
family members; however, the company started operations in October
2011. It manufactures mild steel ingots. The facility is located
in Bhiwadi (Rajasthan).
LAKSHYA DAIRY: ICRA Suspends 'B+' Rating on INR7.50cr Bank Loan
---------------------------------------------------------------
ICRA has suspended [ICRA]B+ rating assigned to INR7.50 crore bank
facilities of Lakshya Dairy Private Limited. The suspension
follows ICRA's inability to carry out a rating surveillance in the
absence of the requisite information from the company.
Incorporated in 2007-08, Lakshya Dairy Private Limited (LDPL) is
engaged in the trading of milk. The company is promoted by Rajbir
Singh Nagar and Rohit Nagar, who have been in milk trading for
more than two decades. The company procures milk from farmers &
milk aggregators and preserves milk in its own chillers before
selling to milk processors.
MAA KALI: ICRA Suspends 'B+' Rating on INR66.69cr Loans
-------------------------------------------------------
ICRA has suspended the [ICRA]B+ rating assigned to the INR65.69
crore fund based bank facilities and the INR1.00 crore non fund
based bank facilities of Maa Kali Alloys Udyog Private Limited.
The suspension follows ICRA's inability to carry out a rating
surveillance in the absence of the requisite information from the
company.
Incorporated in the year 2002, Maa Kali Alloys Udyog Private
Limited belongs to the Poddar Group of Companies. MKAUPL is
primarily engaged in the manufacturing of sponge iron with its
manufacturing facilities located at Raigarh, Chattisgarh. The
plant has an installed capacity of 60,000 MTPA having two kilns of
100 tpd each. The company had recently installed a billet
manufacturing plant with a capacity of 56000 MTPA and a power
plant with a capacity of 10MW, 6 MW out of which is waste heat
recovery based and 4 MW is thermal based.
MIRYALGUDA RICE: CRISIL Reaffirms 'B' Rating on INR140MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Miryalguda Rice
Industries Private Limited continues to reflect MRIPL's below-
average financial risk profile marked by its small net worth, high
gearing, and below-average debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 1.7 CRISIL A4 (Reaffirmed)
Cash Credit 122.5 CRISIL B/Stable (Reaffirmed)
Proposed Cash
Credit Limit 7.5 CRISIL B/Stable (Reaffirmed)
Term Loan 10 CRISIL B/Stable (Reaffirmed)
The ratings of the company is also constrained on account of its
working capital intensive nature of operations, the susceptibility
of its profitability margins to volatility in paddy prices, and
its exposure to regulatory changes. These rating weaknesses are
partially offset by the benefits that MRIPL derives from its
promoters' extensive experience in the rice industry, and the
assured offtake by the Food Corporation of India.
Outlook: Stable
CRISIL believes that MRIPL will continue to benefit over the
medium term from its promoters' experience in the rice industry.
The outlook may be revised to 'Positive' if the company registers
a sustained improvement in its working capital management, or
there is a substantial improvement in its capital structure on the
back of equity infusion from its promoters. Conversely, the
outlook may be revised to 'Negative' in case of a steep decline in
the company's profitability margins, or significant deterioration
in its capital structure caused most likely because of a large
debt-funded capital expenditure or stretch in its working capital
cycle.
MRIPL, incorporated in 1984, mills and processes paddy into rice;
the company also generates by-products, such as broken rice, bran,
and husk. Its rice mill is at Miryalaguda in Nalgonda district
(Andhra Pradesh). The company was acquired by the existing
promoters, Mr. Ranzith Kumar Ranga and his family, in 1997.
NOWOTEK TEXTILES: ICRA Reaffirms 'B' Rating on INR10cr Loan
-----------------------------------------------------------
ICRA has reaffirmed [ICRA]B rating for INR10 crore fund based
limits of Nowotek Textiles Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund based limits 10.00 [ICRA]B; reaffirmed
The rating reaffirmation takes into the completion of the project
in July 2013, albeit with delays and satisfactory capacity
utilisation of its plant thereafter at 75% during August 13 to
April 14. The rating however continues to be constrained by
limited operational track record of the company and weak financial
performance with cash losses in first year of operations. The
financial performance has been adversely been impacted due to
limited ability of the company to pass on the increase in input
costs (the key raw material is polypropylene (PP) which is a crude
oil derivative) on account of intense competition due to
fragmented nature of industry which is characterised by low entry
barriers in terms of capital investment and technical know-how
leading to strong competition and thus limiting the pricing power.
Due to cash losses, the company is meeting debt repayments through
funds infusion from promoters in the form of unsecured loans.
Going forward, given the significant share of fixed operating
costs, the ability of the company to increase capacity utilisation
further, pass on the increased raw material prices by increasing
the realisations and generate adequate cash accruals will be the
key rating drivers.
Nowotek Textiles Private Limited (erstwhile Rasa Garments Private
Limited) was incorporated in June 2008 by Gupta family with an
objective of manufacturing and trading of textile items. The
company has set up a plant for manufacturing non-woven fabric in
Greater Noida. The plant has production capacity of 3500 tonnes
per annum (TPA) and commenced production in July 2013.
NUTRA SPECIALITIES: ICRA Ups Rating on INR12cr Loans to 'BB-'
-------------------------------------------------------------
ICRA has upgraded the long-term rating outstanding on INR7.00
crore (revised from INR7.03 crore) term loan facilities and INR5.0
crore (revised from INR3.00 crore) long-term fund based facilities
of Nutra Specialities Private Limited to [ICRA]BB- from [ICRA]D.
The outlook on the long term rating is stable. ICRA has also
upgraded the short term rating outstanding on the INR6.00 crore
(revised from INR4.00 crore) fund based facilities and INR8.00
crore (revised from INR5.00 crore) fund based facilities of the
Company to [ICRA]A4 from [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loan facilities 7.00 [ICRA]BB- (stable)/
upgraded from [ICRA]D
Long-term fund based 5.00 [ICRA]BB- (stable)/
facilities upgraded from [ICRA]D
Short-term fund based 6.00 [ICRA]A4 /upgraded
Facilities from [ICRA]D
Short-term non fund 8.00 [ICRA]A4/upgraded
based facilities from [ICRA]D
The rating action takes into account the regularization of debt
servicing by the Company since the month of July 2013, backed by
strong business growth driven by stronger performance of existing
as well as newly launched Active Pharmaceutical Ingredients (API).
Aided by the strong growth in sales during 2013-14, the Company
has been able to absorb all fixed costs leading to sharp uptick in
net profits and profitability. Consequently, the Company funds
flow from operations has also improved significantly, leading to
better liquidity.
The ratings also take in to account the experience of promoters in
the pharmaceutical industry which has aided in nurturing healthy
relationships with its key customers and generating repeat
business orders. The prudent steps taken by the Company to
penetrate into the highly regulated yet lucrative markets by
obtaining necessary regulatory approvals, coupled with favourable
long term growth potential for generic drug manufacturers both in
India and overseas, augur well for the Company.
The ratings, however, are constrained by the working capital
intensive operations owing to stretched collection periods and
large inventory holding, the consequent incremental debt
requirement leading to high gearing (despite equity infusion of
INR4.5 crore in 2013-14) and modest coverage indicators. The
Company's business profile is marked by small scale of operations,
absence of long term contacts which expose risk of order losses
and stiff competition from domestic peers which limits pricing
flexibility. Seized on the issue, the Company has plans to enter
highly regulated markets and is working on improving the quality
standards and operating efficiency of its manufacturing facility
for stricter compliance with the regulatory norms of these
markets. The proposal involves a capex of INR10.0 crore, with a
planned 75:25 debt funding. While this may keep the debt
indicators stretched in the near term, the anticipated improvement
in margins and accruals position on account of the entry into the
new segment is expected to cushion the overall impact on debt
indicators over the medium term.
Going forward, the ability of the Company to grow volumes and
margins, while compressing the working capital cycle, would be
crucial to improving the credit profile over the medium to longer
term.
Nutra Specialities Private Limited is a Chennai based
pharmaceutical Company incorporated in 2006 and promoted by Mr.
Abhaya Kumar, who is also the promoter of Shasun Pharmaceuticals
Limited (rated at [ICRA]BBB-(stable) / [ICRA]A3). The Company was
initially setup to manufacture nutraceutical products, but the
market for its products saw significant churn in 2007-08 when the
Japanese manufacturers flooded the market with cheaper products.
This forced the Company to change its product mix from
Nutraceuticals to Active Pharmaceutical Ingredients (APIs).
Currently the Company has 15 products in its portfolio and five
more products in the pipeline. The Company primarily caters to the
domestic and semi regulated markets. NSPL's export oriented unit
(EOU) is located in Chandrapadiya Village near Nellore in Andhra
Pradesh and has an in-house R&D for process development and
product testing. The manufacturing facility is WHO-GMP compliant,
ISO 9000:2008 certified and approved by the Council of Europe and
KFDA (Korea Food & Drug Administration).
Recent Results (Provisional)
As per the unaudited results for the year 2013-14, NSPL has
reported a net profit of Rs.1.4 crore on an operating income of
INR69.1 crore as against net loss of INR1.5 crore on an operating
income of INR36.6 crore for 2012-13.
P.S. SETH: CRISIL Reaffirms 'B' Rating on INR170MM Cash Credit
--------------------------------------------------------------
CRISIL has re-affirmed its 'CRISIL B/Stable' rating to the long-
term bank facilities of P.S. Seth Sons Jewellers Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 170 CRISIL B/Stable
The rating continues to reflect PSSJPL's working-capital-intensive
operations, small scale of operations along with geographical
concentration, and weak financial risk profile marked by a high
gearing and below-average debt protection metrics. These rating
weaknesses are partially offset by the benefits that PSSJPL
derives from its promoters' extensive experience in the diamond-
studded and gold jewellery business and its established
relationships with its customers and suppliers.
Outlook: Stable
CRISIL believes that PSSJPL will continue to benefit over the
medium term from its promoters' extensive experience in the
diamond-studded and gold jewellery business. The outlook may be
revised to 'Positive' if the company significantly improves its
financial risk profile because of improvement in its margins or
equity infusion by its promoters. Conversely, the outlook may be
revised to 'Negative' if the company's debt protection metrics
deteriorate because of lower-than-expected growth in its revenues
and margins, larger-than-expected debt-funded capital expenditure,
or significant lengthening of its working capital cycle.
Update
PSSJPL's revenues increased by 25 per cent year-on-year to around
INR2461.4 million in 2012-13 (refers to financial year, April 1 to
March 31) as compared to INR1970.7 million in 2011-12. The
operating margin has been stable at around 0.9 per cent during the
year. However, PSSJPL's profitability has resulted in low interest
coverage ratio in line with past trend. The firm's financial risk
profile remains weak marked by high gearing of 6.3 times as on
March 31, 2013 on account of large short-term debt to fund its
working capital requirements.
PSSJPL, established in 2007, is in the business of manufacturing
and wholesaling gold, precious stones, and diamond-studded
jewellery. The company is promoted by Mr. Pradeep Seth and his
son, Mr. Sandip Seth, who look after its day-to-day operations.
PSSJPL has its showroom at Amritsar (Punjab).
PSSJPL reported a profit after tax (PAT) of INR2.7 million on net
sales of INR2461.4 million in 2012-13 (refers to financial year,
April 1 to March 31) as against a PAT of INR3.5 million on net
sales of INR1970 million for 2011-12.
PREMIUM TOOLS: ICRA Suspends 'B' Rating on INR4.15cr Loans
----------------------------------------------------------
ICRA has suspended [ICRA]B) rating assigned to the INR2.75 crore
cash credit facilities & INR1.40 crore unallocated/proposed
facilities of Premium Tools Private Limited. ICRA has also
suspended the [ICRA]A4 rating assigned to the INR1.00 crore short
term fund based facilities of PTPL. 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
---------- ----------- -------
Long term, fund based 2.75 [ICRA]B Suspended
based limits-
Cash credit
Unallocated/Proposed 1.40 [ICRA]B Suspended
Short term, fund
based limits 1.00 [ICRA]A4 Suspended
Premium Tools Private Limited was incorporated as Pferd Tools Pvt.
Ltd. in 1989 as a wholly owned subsidiary of August Ruggeberg GmbH
and Co KG (ARG)., Germany However in 2004, Mr S. C. Keluskar, the
then plant head of Pferd Tools Pvt. Ltd. took over the company
following which the company's name was changed to Premium Tools
Private Limited. Though PTPL is owned and managed by Mr. S. C.
Keluskar, the company continues to enjoy technical support from
ARG which includes product design, drawings, specifications and
process parameters. Presently, the company has an installed
capacity of 9 million pieces.
PSB MANUFACTURING: CRISIL Cuts Rating on INR34MM Loans to 'B+'
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of PSB Manufacturing Company (PSBMC; part of the PSB group) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable' and short term bank
facility reassigned at CRISIL A4
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 20 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Packing Credit 80 CRISIL A4 (Reassigned)
Term Loan 14 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects the deterioration in the PSB group's
financial flexibility, driven by regular capital withdrawals by
its partners. During 2012-13 (refers to financial year, April 1 to
March 31), the partners withdrew INR17.5 million, which led to a
decline in its net worth to INR79.7 million as on March 31, 2013,
from INR89.8 million a year earlier. As a result, the group's
gearing increased to 2.87 times from 1.92 times in 2011-12. The
gearing is expected to remain high at around 2.5 times as on March
31, 2014 due to low accruals. Furthermore, the PSB group has
highly working-capital-intensive operations, leading to fully
utilised bank limits and thus to further pressure on its
liquidity. The bank limits of PSB group remain utilised at around
99.5 per cent in past twelve months ending January, 2014. The PSB
group's business risk profile remains supported by a moderate
topline growth to INR1126 million for 2012-13 as against INR1037
million for the previous year, and an improved operating
profitability margin of 4.6 per cent against 3.8 per cent, over
this period. CRISIL believes that the PSB group's financial risk
profile will remain constrained over the medium term due to the
partnership nature of its business, which allows the partners to
withdraw capital.
The rating reflects the PSB group's modest scale of operations in
the fragmented and competitive textile industry, its below-average
financial risk profile, marked by high gearing, weak debt
protection metrics, and its working-capital-intensive operations.
These rating weaknesses are partially offset by the extensive
experience of the group's promoters in the textile business, its
established customer relationships, and its diversified revenue
profile.
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of PSBMC and Self Store. This is because
the two entities, together referred to as the PSB group, are in
the same line of business, have common ownership, and are expected
to support each other in a financial exigency. At an operational
level, the entities share a common infrastructure with common
procurement, finance, and management teams.
Outlook: Stable
CRISIL believes that the PSB group will continue to benefit over
the medium term from its established relationships with customers
and the backward integrated nature of its operations. The outlook
may be revised to 'Positive' if the group increases its scale of
operations while improving its profitability margins and capital
structure. Conversely, the outlook may be revised to 'Negative' in
case of deterioration in the PSB group's financial risk profile,
most likely due to higher-than-expected debt-funded capital
expenditure, increase in working capital requirements or capital
withdrawal by the partners.
Set up in 2007 by Mr. Pritpal Singh and his son Mr. Parminder
Singh, PSBMC manufactures and exports a range of sportswear. Self
Store, set up in 2005, is also engaged in the manufacture and
Marketing of sportswear, but is focused on sales in the domestic
market. The group's manufacturing facilities are in Ludhiana
(Punjab).
The PSB group reported a profit after tax (PAT) of INR7.0 million
on an operating income of INR1126.2 million for 2012-13, against a
PAT of INR10.6 million on an operating income of INR1037.0 million
for 2011-12.
RISING EDUCATION: CRISIL Reaffirms 'D' Rating on INR250MM Loan
--------------------------------------------------------------
CRISIL's rating on the bank loan facilities of Rising Education
Society (RES) continues to reflect delays by RES in servicing its
term debt. The delays have been caused by RES's weak liquidity
because of its low cash accruals, which are a result of slow ramp-
up in admissions with low occupancy.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 250 CRISIL D (Reaffirmed)
The society also has a weak financial risk profile, marked by high
gearing and weak debt protection metrics. The school that RES
operates has small scale of operations and limited track record,
and is exposed to risks related to regulatory changes in the
education sector. RES, however, benefits from its robust
infrastructure, its trustees' extensive industry experience, and
the healthy growth prospects for the education industry over the
medium term.
Update
RES's fee income is estimated to have improved to INR103 million
in 2013-14 (refers to financial year, April 1 to March 31) from
INR81 million in 2012-13 because of increase in the number of
students by about 18 per cent. RES registered operating margin of
about 36 per cent in 2012-13; the margin is estimated to have
declined in 2013-14 on account of increase in overheads.
Despite infusion of funds, the society's net worth remains small,
at INR18 million as on March 31, 2013, on account of losses in
2012-13. As on March 31, 2013, the gearing remained high, at about
25 times. Its interest coverage ratio was about 0.7 times on
account of low profitability in 2012-13 and is expected to remain
low, in the range of 0.8 to 1.0 time, over the near term. CRISIL
believes that RES's financial risk profile will remain weak over
the near term on account of the society's inability to scale up
operations.
Because of small scale of operations and moderate profitability,
RES did not generate adequate accruals in 2012-13 to meet its term
debt obligations. Furthermore, its accruals in 2013-14 are
estimated to be insufficient to fund term debt obligations.
However, support through corpus infusions and unsecured loans
helped RES continue operations. The society's ability to
successfully ramp up operations will be a key rating sensitivity
factor.
RES was set up in January 2004 by Mr. Radhey Shyam Gupta to
provide quality education in Faridabad (Haryana). RES operates one
school in Faridabad as a franchise of GD Goenka Public School.
SAI SRINIVASA: CRISIL Reaffirms 'B-' Rating on INR57.5MM Loans
--------------------------------------------------------------
CRISIL's rating on the bank facilities of Sai Srinivasa Ginning
Mill (SSGM) continues to reflect SSGM's modest scale of operations
and its below average financial risk profile marked by a modest
networth and high gearing. These rating weaknesses are partially
offset by the established relations of SSGM's partners with cotton
farmers in and around Warangal (Andhra Pradesh).
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 34.5 CRISIL B-/Stable (Reaffirmed)
Term Loan 23 CRISIL B-/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that SSGM will continue to benefit over the medium
term from the established relations of the partners with cotton
farmers in and around Warangal. The outlook may be revised to
'Positive' if the firm achieves higher than expected revenues
while improving its profitability and capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
reports lower than expected revenues or profitability or faces a
significant elongation of its working capital cycle thereby
impacting its financial risk profile.
SSGM was set up as a partnership firm in February 2011 by Jangaon
(Warangal district)-based Mr. Sanjeeva Reddy and his family. It is
engaged in the ginning and pressing of cotton. SSGM commenced
ginning operations in January 2012.
SSGM reported a profit after tax (PAT) of INR2.7 million on net
sales of INR670.1 million for 2012-13 (refers to financial year,
April 1 to March 31), against a PAT of INR0.39 million on net
sales of INR170.7 million for 2011-12.
SCANPOINT GEOMATICS: ICRA Suspends 'B' Rating on INR5.35cr Loan
---------------------------------------------------------------
ICRA has suspended the '[ICRA] B' rating assigned to the INR5.35
crore long term fund based facilities and '[ICRA] A4' rating to
the INR1.00 crore short term non fund based facilities of
Scanpoint Geomatics Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
SGL was incorporated in 1987 as Scanpoint Graphics Limited by Mr.
Rameshchandra Sojitra which was later renamed to Scanpoint
Geomatics Limited. Mr. Sojitra holds more than 20 years of
experience in the field of graphic designing, image processing and
data conversion services. From 1987-2007 company was involved in
off-set printing pre-press work. From FY 2008 SGL diversified its
business by entering into GIS (Geographic Information System)
software development business in collaboration with ISRO and
developed indigenous software IGiS. The Company is also accredited
by various prestigious agencies for GIS-IT applications and
Services such as National Remote Sensing Center (NRSC), Indian
Space Research Organization (ISRO) and Gujarat Informatics
Limited.
SEVEN-11 INDUSTRIES: ICRA Assigns 'B+' Rating to INR5.68cr Loans
----------------------------------------------------------------
A rating of '[ICRA]B+' has been assigned to the INR5.50 crore
fund-based cash credit facility and INR0.18 crore term loan
facility of Seven-11 Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 5.50 [ICRA]B+ assigned
Term loan 0.18 [ICRA]B+ assigned
The assigned rating is constrained by Seven-11 Industries' (SI)
modest scale of operations and susceptibility to variations in raw
material prices due to limited ability to pass on the raw material
price increase to the customers. The rating is further constrained
by the firm's high working capital intensive nature of operations
along with a weak capital structure as reflected in the
debt/equity ratio of 1.96 times in FY13. Further, the rating also
takes into account the intense competitive pressures given the
highly fragmented nature of the industry. ICRA also notes that the
operations of the firm remains exposed to any adverse market
conditions for the paint and ink sector.
The assigned ratings however, favorably factor in the long
standing experience of promoter in this line of business as well
as the wide application of end products across diverse sectors
providing ample growth prospects.
Seven-11 Industries was established as a proprietorship firm in
2005. In 1991, Mr. Rajkumar Lodha started a proprietorship firm
named Shell Colours & Chemicals. The firm engaged in trading water
based inks, retarder, adhesives, etc. However, in 2005, he closed
this firm and started a new firm in the name of Seven-11
Industries of which, his wife Mrs. Shelloo Lodha was the
proprietor. This firm was started to engage in the manufacturing
of water based printing inks, adhesives and retarder. The
manufacturing facilities are situated in Dhabhel Daman with an
installed capacity to manufacture 3560 MTPA. In 2011, the firm
opened its branch in Sarigam Gujarat which is engage in
manufacturing of emulsion paints for walls. The manufacturing
facility of the firm is located in Nani Daman. The plant has an
installed capacity to manufacture 3560 MTPA of its products.
Recent Results
For the year ended 31st March, 2013, the firm reported an
operating income of INR27.93 crore and profit after tax (PAT) of
INR0.86 crore.
SRIVENKATA RAMANJANEYA: CRISIL Keeps B+ Rating on INR88MM Loans
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Srivenkata
Ramanjaneya Trading Company continues to reflect SVRTC's below-
average financial risk profile marked by its small net worth, high
gearing, and weak debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
SME Credit 2.5 CRISIL B+/Stable (Reaffirmed)
Term Loan 5.5 CRISIL B+/Stable (Reaffirmed)
Working Capital
Demand Loan 20 CRISIL B+/Stable (Reaffirmed)
The ratings of the firm are also constrained by its modest scale
of operations in the intensely competitive rice milling industry,
the susceptibility of its profitability margins to volatility in
paddy prices, and its exposure to regulatory changes. These rating
weaknesses are partially offset by the extensive experience of
SVRTC's partners in the rice industry, and the assured off-take by
the Food Corporation of India.
Outlook: Stable
CRISIL believes that SVRTC will continue to benefit over the
medium term from its partners' extensive industry experience. The
outlook may be revised to 'Positive' if the firm registers a
substantial and sustained increase in its scale of operations and
profitability margins, or there is a substantial improvement in
its capital infusion from its partners. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in the
firm's profitability margins, or significant deterioration in its
capital structure caused most likely because of a large debt-
funded capital expenditure or stretch in its working capital
cycle.
SVRTC, a partnership firm incorporated in 2012, mills and
processes paddy into rice; the firm also generates by-products,
such as broken rice, bran, and husk. The firm commenced commercial
operations in July 2012, by taking over the unit of a non-
operational company, Bachi Agro Products Pvt Ltd, on lease for a
period of five years.
TECHNE INFRA: CRISIL Upgrades Rating on INR35MM Loans to 'B+'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
Techne Infra India Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL
B/Stable', and has reaffirmed its rating on the company's short-
term facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Bank Guarantee 25 CRISIL A4 (Reaffirmed)
Cash Credit 27.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 7.5 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects the sustained improvement in TIIPL's
financial risk profile, driven by an increase in its cash
accruals, moderate working capital requirements, and fund support
from its promoters. In 2013-14 (refers to financial year, April 1
to March 31), the third year of its operations, the company's cash
accruals grew to an estimated INR11 million from INR7 million in
2012-13 driven by increase in order flows and a moderate operating
margin. The accruals were sufficient to meet debt obligations of
about INR4.5 million during the year. Additionally, the company's
moderate working capital cycle, with gross current assets of just
below 5 months, have resulted in moderate bank limit utilisation
at an average of about 84 per cent over the 12 months through
December 2013, providing a cushion in case of exigency.
Furthermore, TIIPL's promoters have extended unsecured loans of
INR15 million to support the working capital requirements in the
company's growth phase. Continued support from promoters and
maintenance of its operating margin will be key factors for the
company to sustain its improved liquidity over the medium term.
The ratings reflect TIIPL's small scale of operations, weak
financial risk profile, marked by a small net worth and high
gearing, and working-capital-intensive operations. These rating
weaknesses are partially offset by the extensive experience of the
company's promoters in the civil construction industry.
Outlook: Stable
CRISIL believes that TIIPL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company achieves
sustained growth in its cash accruals while controlling the delays
in receivables. Conversely, the outlook may be revised to
'Negative' if TIIPL's liquidity deteriorates, most likely due to a
stretch in its working capital cycle or any large-debt-funded
capital expenditure.
TIIPL was incorporated in 2010, promoted by Mr. Dimitrius John
D'Mello, Mr. Suneel Vashdev Alreja, and Mr. Hemant Bidaiah
Lychettira. The company is a civil contractor based in Mumbai; it
is currently working on three projects: one each in Nagpur
(Maharashtra), Mumbai, and Kullu (Himachal Pradesh). These
projects involve civil work for dams, a real estate project, and
infrastructure facilities for a township.
TITANIA PRODUCTS: CRISIL Assigns 'B' Rating to INR60MM Loans
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Titania Products Pvt Ltd (TPPL).
Amount
Facilities (INR Mln) Ratings
---------- -------- -------
Inventory Funding
Facility 50 CRISIL B/Stable
Standby Line of
Credit 10 CRISIL B/Stable
The rating reflects TPPL's initial stage of operations and
exposure to intense industry competition leading to pressure on
its margins. These rating weaknesses are partially offset by the
extensive entrepreneurial experience of TPPL's promoters and
comfortable risk management policies regarding inventory and
receivables.
Outlook: Stable
CRISIL believes that TPPL will benefit from its promoters'
extensive entrepreneurial experience, over the medium term. The
outlook may be revised to 'Positive' in case TPPL's achieves
higher-than-expected revenue or cash accruals, or in case of
better-than-expected working capital management or infusion of
substantial capital by promoters, leading to improvement in its
financial risk profile including liquidity. Conversely, the
outlook may be revised to 'Negative' in case of lower-than-
expected accruals or weaker-than-expected working capital
management, or if the company undertakes any significant debt-
funded capital expenditure programme over and above expected,
leading to deterioration in its financial risk profile,
particularly liquidity.
Incorporated in September 2012, TPPL is the sole authorised dealer
of Ashok Leyland for its entire range of light commercial vehicles
and spare parts in Ranchi and Dhanbad (both in Jharkhand). TPPL
commenced its commercial operations in April 2014. The company is
promoted by members of the Ranchi-based Singhania family, and its
day-to-day operations are managed by its promoter-directors, Mr.
Jai Prakash Singhania and Mr. Prahlad Rai Singhania.
VIKAS UDYOG: CRISIL Reaffirms 'B' Rating on INR70.5MM Loans
------------------------------------------------------------
CRISIL's rating on the long-term bank facilities Vikas Udyog
continues to reflect VU's modest scale of operations with a low
operating margin, susceptibility of its margins to volatility in
cotton prices, and its exposure to risks related to the regulatory
framework governing the cotton industry. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the cotton ginning industry, and its moderate
financial risk profile, marked by moderate gearing and adequate
debt protection metrics, though constrained by a small net worth.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 47 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 19.7 CRISIL B/Stable (Reaffirmed)
Term Loan 3.8 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that VU's business risk profile will remain
constrained over the medium term on account of its modest scale of
operations. The outlook may be revised to 'Positive' if the firm's
topline and profitability increase significantly, or if there is
substantial capital infusion by the promoters, leading to
improvement in its capital structure and liquidity. Conversely,
the outlook may be revised to 'Negative' if there is further
pressure on VU's liquidity, or if it undertakes any unanticipated
debt-funded capital expenditure (capex) programme.
Update
VU's turnover increased by about 25 per cent year-on-year to an
estimated INR510 million in 2013-14 (refers to financial year,
April 1 to March 31) due to stable demand. However, with
increasing competition, its operating margin declined to around
2.0 per cent in 2013-14 from 2.7 per cent in 2012-13. As the
availability of cotton is dependent on the monsoons, a normal
monsoon and hence sufficient availability of cotton will be
crucial for VU to maintain moderate growth in turnover over the
medium term.
VU's working capital cycle is also in line with historical levels,
with gross current assets estimated at around 55 days as on March
31, 2014. The working capital requirements are high during the
cotton season which commences from October and lasts until May the
following year. During this period, the firm's INR47-million fund-
based bank lines are fully utilised. VU has repayment obligations
of INR1.2 million in 2014-15, which will be adequately covered by
its accruals, estimated at around INR5 million for the year. It
has been prepaying its term debt obligations and hence the term
loan is expected to be repaid ahead of schedule. This, along with
absence of any capex plans, is expected to help the firm sustain
its liquidity over the medium term.
VU's overall financial risk profile is moderate, marked by
moderate gearing of around 1.4 times as on March 31, 2014, and
interest coverage and net cash accruals to total debt ratios
estimated at around 1.70 times 0.07 times, respectively, for 2013-
14. However, its small net worth of about INR40 million on March
31, 2014, constrains its overall financial flexibility.
VU was set up as a partnership firm in 2007 by Mr. Vikas Agrawal
and his family. The firm is engaged in the ginning and pressing of
cotton and crude cotton oil extraction.
WATER SYSTEMS: ICRA Assigns 'Ir B+' Issuer Rating
-------------------------------------------------
ICRA has assigned an issuer rating of 'Ir B+' to Water Systems
India Private Limited. This is a risk-prone-credit-quality rating
assigned by ICRA. The rated entity carries very high credit risk.
The rating is only an opinion on the general creditworthiness of
the rated entity and not specific to any particular debt
instrument.
While arriving at the rating, ICRA has considered the experience
of the promoter as well as the company's track record of
consulting for and implementing certain niche projects in the
field of waste water treatment that has enabled it to garner
orders from government authorities and few leading regional
private corporate entities over the years. The rating also
considers the healthy long term demand prospects for waste water/
water treatment projects considering the growing importance for
the field, which, coupled with the Company's improving order book
provides revenue visibility for the medium term. These rating
strengths are offset by the company's conscious decision to
restrict its scale of operations which limits scale benefits and
financial flexibility, and the exposure of the Company's
operations to intense competition from large and medium sized
players which restricts pricing flexibility to an extent. The
rating also reflects the Company's stretched working capital
position owing to elongated cash conversion cycle - a risk
inherent to the project execution business- attributed to delayed
payments primarily from government agencies. While ICRA notes that
the profitability metrics, capital structure and coverage metrics
of WSIPL are adequate, given the small scale of operations with
high dependence on few customers, the Company's revenues are
exposed to the risks of loss of a customer or order cancellations.
Going forward, WSIPL's ability to scale up operations while
diversifying revenue streams and manage its collections and
working capital cycle effectively would remain key sensitivities
to the rating.
Water Systems India Private Limited was promoted in the year 2000
by Mr. N. Krishnan who is an environmental Engineer from I.I.T,
Kharagpur. WSIPL undertakes turnkey projects in the areas of water
and waste water treatment with scope of services offered including
design, engineering, construction, procurement, erection and
commissioning of the plant. It specializes in rendering customized
services such as consulting, and laboratory testing besides also
being involved in equipment supply, and rendering operation and
maintenance (O&M) services in the environmental engineering field.
The Company has successfully executed small and medium scale
assignments in the areas of water purification, sewage and
effluent treatment over the last 13 years. The company has built
more than 50 projects in the water treatment segment with
clientele including the Honorable Prime Minister's Office,
Department of Science & Technology, and Governments of the states
of Andhra Pradesh, Tamil Nadu and Kerala. The Company also
undertakes EPC contracts for corporate entities and residential
setups.
For the financial year 2012-13, the Company reported net profit of
INR0.4 crore on an operating income of INR6.5 crore as against a
net profit of INR0.5 crore on an operating income of INR8.1 crore
for the financial year 2011-12.
=================
S I N G A P O R E
=================
GLOBAL A&T: S&P Affirms 'B-' CCR; Outlook Negative
--------------------------------------------------
Standard & Poor's Ratings Services said that it had affirmed its
'B-' long-term corporate credit rating on Global A&T Electronics
Ltd. (GATE). The outlook is negative. S&P lowered its long-term
ASEAN regional scale rating on the company to 'axB-' from 'axB'.
At the same time, S&P affirmed its 'B-' long-term issue ratings on
GATE's US$625 million and US$502.257 million senior secured notes
due 2019. S&P removed all the ratings from CreditWatch, where
they were placed with negative implications on Feb. 17, 2014.
GATE is a Singapore-based outsourced semiconductor assembly and
test services (OSAT) company.
"We affirmed the rating because we believe the immediate pressure
on GATE's liquidity has eased, given that the company's legal
dispute with its noteholders could take more than 12 months to
resolve," said Standard & Poor's credit analyst Abhishek Dangra.
"However, in our opinion, GATE remains exposed to significant
legal risk over the next two to three years while the case
continues."
The process of filing motions and appeals may prevent the final
judgment on an event of default or acceleration of repayments in
the next 12-18 months. The likelihood of an out-of-court
settlement appears to be limited. S&P expects the company to
sustain its business operations and meet its financial obligations
over the next 12-24 months, barring adverse legal developments.
S&P also anticipates that the ongoing legal dispute will not
divert management's focus from the business, and operations will
largely be unaffected.
More than 25% of GATE's noteholders have filed a complaint with
the Supreme Court of New York. The bondholders are seeking, among
other things, damages and the reversal of an exchange of second-
lien notes by GATE in September 2013. If the exchange is
reversed, the second-lien notes of US$543 million will be due in
October 2015 and GATE's refinancing risk will significantly
increase.
The affirmed rating on GATE also reflects the cyclical nature of
the global OSAT business, aggressive competition, and the
company's "highly leveraged" financial risk profile with ownership
by financial sponsors. Rapidly evolving technology in the OSAT
industry requires heavy capital expenditure, an area where S&P
believes GATE lags its larger peers. GATE's stable EBITDA margin
and the growth potential of the OSAT industry temper these
weaknesses.
S&P expects GATE's financial strength to weaken because of an
increase in capital expenditure to US$90 million in 2014 from
US$60 million in 2013.
S&P assess the group credit profile of UTAC Holdings Ltd. as 'b-'
to reflect its stand-alone assessment of GATE. GATE contributes
about 80% of proforma revenues and EBITDA for UTAC group. S&P
considers GATE to be a "core" member of the group.
"GATE has "less than adequate" liquidity, as our criteria define
the term. We expect the company to maintain sufficient sources to
meet its obligations. However, the company's poor standing in
capital markets and the possibility of a reversal of second-lien
notes weigh on our assessment of the company's liquidity. GATE
does not have any core banking relationships. We estimate that
the company's cash sources will exceed its cash uses by well over
1.2x in 2014 and 2015. We expect GATE to have enough sources of
funds to meet its uses even if its EBITDA falls by 20%," S&P said.
S&P will revise its assessment of GATE's liquidity to "weak" if
the company's US$543 million second-lien notes due October 2015
are reinstated or dispute resolution costs are significant.
"The negative outlook reflects the increasing pressure on GATE's
liquidity, with weaker interest coverage that stems from higher
capital expenditure, negative free operating cash flows, and
ongoing legal risk," said Mr. Dangra. However, S&P expects the
company's operating performance and EBITDA margins to be stable.
S&P may downgrade GATE if the company's liquidity becomes weak as
a result of the cancellation of the exchange of the second-lien
notes or if the costs of resolving the dispute are significant.
S&P may downgrade GATE by more than one notch if an "event of
default" is triggered and appears likely to result in an
acceleration of payment.
S&P may revise the outlook to stable if the legal risk
significantly diminishes with no material dispute resolution
costs.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 5 to May 9, 2014
-------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
GRIFFIN COAL M 9.50 12/01/16 USD 71.38
GRIFFIN COAL M 9.50 12/01/16 USD 71.38
MIDWEST VANADI 11.50 02/15/18 USD 54.00
MIDWEST VANADI 11.50 02/15/18 USD 54.75
MIRABELA NICKE 8.75 04/15/18 USD 22.13
MIRABELA NICKE 8.75 04/15/18 USD 22.13
NEW SOUTH WALE 0.50 09/14/22 AUD 71.58
NEW SOUTH WALE 0.50 03/30/23 AUD 70.83
NEW SOUTH WALE 0.50 11/18/22 AUD 70.92
NEW SOUTH WALE 0.50 10/28/22 AUD 71.15
NEW SOUTH WALE 0.50 10/07/22 AUD 71.36
NEW SOUTH WALE 0.50 12/16/22 AUD 71.89
NEW SOUTH WALE 0.50 02/02/23 AUD 71.99
TREASURY CORP 0.50 11/12/30 AUD 49.27
TREASURY CORP 0.50 08/25/22 AUD 73.06
TREASURY CORP 0.50 03/03/23 AUD 72.31
CHINA
-----
CHINA GOVERNME 1.64 12/15/33 CNY 60.44
CHINA DEVELOPM 3.80 10/30/36 CNY 73.90
INDIA
-----
DAVOMAS INTERN 11.00 12/08/14 USD 19.50
DAVOMAS INTERN 11.00 12/08/14 USD 19.50
INDIA
-----
3I INFOTECH LT 5.00 04/26/17 USD 30.00
CORE EDUCATION 7.00 05/07/15 USD 11.80
COROMANDEL INT 9.00 07/23/16 INR 15.77
DEWAN HOUSING 5.50 09/24/23 INR 73.75
GTL INFRASTRUC 2.53 11/09/17 USD 30.75
INDIA GOVERNME 0.23 01/25/35 INR 18.04
JCT LTD 2.50 04/08/11 USD 20.00
MASCON GLOBAL 2.00 12/28/12 USD 10.00
PRAKASH INDUST 5.25 04/30/15 USD 45.00
PRAKASH INDUST 5.63 10/17/14 USD 56.50
PYRAMID SAIMIR 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 56.00
REI AGRO LTD 5.50 11/13/14 USD 56.00
SHIV-VANI OIL 5.00 08/17/15 USD 26.63
SUZLON ENERGY 5.00 04/13/16 USD 48.19
SUZLON ENERGY 7.50 10/11/12 USD 68.88
VIDEOCON INDUS 6.75 12/16/15 USD 72.84
JAPAN
-----
ELPIDA MEMORY 0.70 08/01/16 JPY 10.13
ELPIDA MEMORY 0.50 10/26/15 JPY 12.13
ELPIDA MEMORY 2.29 12/07/12 JPY 15.38
ELPIDA MEMORY 2.03 03/22/12 JPY 15.25
ELPIDA MEMORY 2.10 11/29/12 JPY 12.13
JAPAN EXPRESSW 0.50 03/18/39 JPY 70.74
JAPAN EXPRESSW 0.50 09/17/38 JPY 71.28
KOREA
------
2013 KIBO SECU 10.00 02/19/17 KRW 29.61
2013 KIBO SECU 10.00 09/04/16 KRW 30.25
ACE AUTO INVES 3.24 07/21/14 KRW 69.71
ACE AUTO INVES 3.28 09/19/14 KRW 23.74
ACE AUTO INVES 2.92 12/22/14 KRW 10.91
ACE AUTO INVES 2.91 10/22/14 KRW 34.98
ACE AUTO INVES 2.86 09/26/14 KRW 58.46
ACE AUTO INVES 2.91 04/27/15 KRW 28.46
ACE AUTO INVES 2.85 02/06/15 KRW 65.22
ACE AUTO INVES 3.02 09/07/15 KRW 20.34
ACE AUTO INVES 2.92 12/05/14 KRW 64.74
ACE AUTO INVES 2.93 01/06/15 KRW 71.99
ACE AUTO INVES 3.00 04/06/15 KRW 38.17
ACE AUTO INVES 3.07 07/06/15 KRW 7.67
ACE AUTO INVES 2.82 08/06/14 KRW 74.72
ACE AUTO INVES 2.87 10/06/14 KRW 28.46
ACE AUTO INVES 3.11 09/04/15 KRW 8.39
ACE AUTO INVES 3.16 11/06/15 KRW 8.94
ACE AUTO INVES 3.22 01/06/16 KRW 19.37
ACE AUTO INVES 2.78 07/07/14 KRW 55.21
ACE AUTO INVES 2.79 09/05/14 KRW 73.65
ACE AUTO INVES 2.80 10/07/14 KRW 10.33
ACE AUTO INVES 2.83 12/05/14 KRW 18.02
ACE AUTO INVES 2.87 03/06/15 KRW 9.51
ACE AUTO INVES 2.96 07/07/15 KRW 34.40
ACE AUTO INVES 3.07 11/06/15 KRW 2.76
ACE AUTO INVES 2.84 07/25/14 KRW 43.04
ACE AUTO INVES 3.05 11/17/15 KRW 12.10
ACE AUTO INVES 3.10 02/17/16 KRW 3.81
ACE AUTO INVES 3.15 05/17/16 KRW 6.55
ACE AUTO INVES 2.84 11/24/14 KRW 36.83
ACE AUTO INVES 2.85 12/24/14 KRW 70.78
ACE AUTO INVES 2.88 02/24/15 KRW 62.24
ACE AUTO INVES 2.89 03/24/15 KRW 62.20
ACE AUTO INVES 2.98 09/24/15 KRW 48.14
ACE AUTO INVES 3.03 11/24/15 KRW 14.70
ACE AUTO INVES 3.08 01/22/16 KRW 41.37
ACE AUTO INVES 2.90 12/22/14 KRW 68.18
ACE AUTO INVES 2.99 06/22/15 KRW 21.74
ACE AUTO INVES 2.82 08/22/14 KRW 56.24
ACE AUTO INVES 2.85 09/22/14 KRW 48.76
ACE AUTO INVES 3.30 06/22/16 KRW 23.36
ACE AUTO INVES 2.89 01/16/15 KRW 72.20
ACE AUTO INVES 2.91 02/17/15 KRW 48.69
ACE AUTO INVES 2.99 08/17/15 KRW 33.77
AUTOPIA SECURI 6.32 08/18/14 KRW 43.93
AUTOPIA SECURI 6.25 06/18/14 KRW 74.85
AUTOPIA SECURI 6.36 09/18/14 KRW 9.43
AUTOPIA SECURI 6.39 10/18/14 KRW 49.61
AUTOPIA SECURI 6.45 01/18/15 KRW 44.96
AUTOPIA SECURI 6.50 03/18/15 KRW 23.73
AUTOPIA SECURI 3.00 07/18/15 KRW 7.57
AUTOPIA SECURI 3.02 08/18/15 KRW 74.69
AUTOPIA SECURI 3.04 09/18/15 KRW 1.32
AUTOPIA SECURI 3.05 10/18/15 KRW 4.94
AUTOPIA SECURI 3.12 02/18/16 KRW 67.82
AUTOPIA SECURI 3.14 03/18/16 KRW 0.57
AUTOPIA SECURI 3.16 04/18/16 KRW 0.46
AUTOPIA SECURI 3.18 05/18/16 KRW 64.98
AUTOPIA SECURI 3.22 07/18/16 KRW 1.21
AUTOPIA SECURI 3.23 08/18/16 KRW 2.00
AUTOPIA SECURI 3.24 09/18/16 KRW 61.72
AUTOPIA SECURI 3.25 10/18/16 KRW 0.48
AUTOPIA SECURI 3.28 02/18/17 KRW 0.48
AUTOPIA SECURI 3.31 05/18/17 KRW 53.56
AUTOPIA SECURI 3.32 06/18/17 KRW 1.01
AUTOPIA SECURI 3.07 11/18/15 KRW 71.20
AUTOPIA SECURI 3.09 12/18/15 KRW 1.94
AUTOPIA SECURI 3.10 01/18/16 KRW 3.42
AUTOPIA SECURI 3.20 06/18/16 KRW 0.47
AUTOPIA SECURI 3.26 11/18/16 KRW 0.45
AUTOPIA SECURI 3.27 12/18/16 KRW 1.71
AUTOPIA SECURI 3.27 01/18/17 KRW 57.50
AUTOPIA SECURI 3.29 03/18/17 KRW 0.46
AUTOPIA SECURI 3.30 04/18/17 KRW 1.56
AUTOPIA SECURI 3.32 07/18/17 KRW 0.46
AUTOPIA SECURI 2.90 07/18/15 KRW 7.38
AUTOPIA SECURI 2.91 08/18/15 KRW 73.60
AUTOPIA SECURI 2.92 09/18/15 KRW 1.27
AUTOPIA SECURI 2.93 10/18/15 KRW 70.90
AUTOPIA SECURI 2.95 11/18/15 KRW 0.61
AUTOPIA SECURI 2.96 12/18/15 KRW 3.64
AUTOPIA SECURI 2.97 01/18/16 KRW 1.68
AUTOPIA SECURI 2.98 02/18/16 KRW 65.55
AUTOPIA SECURI 2.99 03/18/16 KRW 0.54
AUTOPIA SECURI 3.00 04/18/16 KRW 1.59
AUTOPIA SECURI 3.01 05/18/16 KRW 61.66
AUTOPIA SECURI 3.03 06/18/16 KRW 0.44
AUTOPIA SECURI 3.04 07/18/16 KRW 1.12
AUTOPIA SECURI 3.04 08/18/16 KRW 1.80
AUTOPIA SECURI 3.06 11/18/16 KRW 0.42
AUTOPIA SECURI 3.05 09/18/16 KRW 1.71
AUTOPIA SECURI 3.05 10/18/16 KRW 40.08
AUTOPIA SECURI 3.06 12/18/16 KRW 0.44
AUTOPIA SECURI 3.07 01/18/17 KRW 0.42
AUTOPIA SECURI 3.07 02/18/17 KRW 1.43
AUTOPIA SECURI 3.08 04/18/17 KRW 47.64
AUTOPIA SECURI 3.09 05/18/17 KRW 0.91
AUTOPIA SECURI 3.08 03/18/17 KRW 0.42
AUTOPIA SECURI 3.09 06/18/17 KRW 1.34
AUTOPIA SECURI 2.89 06/18/15 KRW 51.22
AUTOPIA SECURI 2.77 08/18/14 KRW 59.73
AUTOPIA SECURI 2.86 02/18/15 KRW 27.64
AUTOPIA SECURI 2.90 05/18/15 KRW 12.03
AUTOPIA SECURI 2.98 08/18/15 KRW 12.68
AUTOPIA SECURI 3.11 02/18/16 KRW 12.37
AUTOPIA SECURI 3.15 05/18/16 KRW 5.21
AUTOPIA SECURI 3.29 11/18/16 KRW 1.06
AUTOPIA SECURI 3.33 02/18/17 KRW 1.08
AUTOPIA SECURI 3.41 08/18/17 KRW 2.44
AUTOPIA SECURI 3.45 11/18/17 KRW 15.19
AUTOPIA SECURI 3.59 02/18/18 KRW 2.74
AUTOPIA SECURI 4.42 05/18/18 KRW 3.33
AUTOPIA SECURI 7.13 08/18/18 KRW 27.23
BS CAPITAL CO 3.13 05/22/15 KRW 6.55
BS CAPITAL CO 3.10 09/19/14 KRW 39.89
CJ KOREA EXPRE 2.93 06/21/18 KRW 5.79
COMMERCIAL AUT 4.86 08/18/14 KRW 14.71
COMMERCIAL AUT 4.81 06/18/14 KRW 67.97
COMMERCIAL AUT 4.88 09/18/14 KRW 44.95
COMMERCIAL AUT 4.95 12/18/14 KRW 18.39
COMMERCIAL AUT 4.97 01/18/15 KRW 26.81
COMMERCIAL AUT 5.00 03/18/15 KRW 19.39
COMMERCIAL AUT 5.12 06/18/14 KRW 74.39
COMMERCIAL AUT 5.19 09/18/14 KRW 34.82
COMMERCIAL AUT 5.21 10/18/14 KRW 5.72
COMMERCIAL AUT 5.25 11/18/14 KRW 33.76
COMMERCIAL AUT 5.32 02/18/15 KRW 20.11
COMMERCIAL AUT 5.34 03/18/15 KRW 5.54
COMMERCIAL AUT 5.37 04/18/15 KRW 18.23
COMMERCIAL AUT 2.82 08/18/14 KRW 68.28
COMMERCIAL AUT 2.86 11/18/14 KRW 13.53
COMMERCIAL AUT 2.97 05/18/15 KRW 62.89
COMMERCIAL AUT 3.05 08/18/15 KRW 2.59
COMMERCIAL AUT 3.13 11/18/15 KRW 9.37
COMMERCIAL AUT 3.39 11/18/16 KRW 1.10
COMMERCIAL AUT 3.18 02/18/16 KRW 6.98
COMMERCIAL AUT 3.55 08/18/17 KRW 2.62
COMMERCIAL AUT 3.61 11/18/17 KRW 19.18
COMMERCIAL AUT 6.90 05/18/18 KRW 5.17
COMMERCIAL AUT 10.00 08/18/18 KRW 5.93
DAPSIMNI SECUR 3.26 10/11/14 KRW 42.41
DOOSAN CAPITAL 3.08 12/15/14 KRW 21.71
DOOSAN CAPITAL 3.11 03/13/15 KRW 27.09
DOOSAN CAPITAL 3.03 08/05/14 KRW 44.20
DOOSAN CAPITAL 3.08 10/02/14 KRW 29.66
DOOSAN CAPITAL 3.36 12/04/15 KRW 20.75
DOOSAN CAPITAL 3.52 06/03/16 KRW 4.17
DOOSAN CAPITAL 3.30 09/04/15 KRW 26.77
DY CHANGJEON 3 3.84 04/25/17 KRW 2.39
EXPORT-IMPORT 0.50 10/23/17 TRY 68.74
EXPORT-IMPORT 0.50 01/25/17 TRY 74.10
EXPORT-IMPORT 0.50 12/22/17 BRL 64.46
EXPORT-IMPORT 0.50 12/22/17 TRY 67.28
EXPORT-IMPORT 0.50 10/27/16 BRL 74.40
EXPORT-IMPORT 0.50 11/28/16 BRL 73.55
EXPORT-IMPORT 0.50 09/28/16 BRL 74.84
EXPORT-IMPORT 0.50 11/21/17 BRL 64.93
EXPORT-IMPORT 0.50 12/22/16 BRL 72.68
FN HYUNSEOK SE 3.35 03/20/16 KRW 4.41
GANGWONDO DEVE 3.75 11/28/14 KRW 17.53
GARDEN PARK AB 3.55 10/02/16 KRW 2.39
GREAT KODIT SE 10.00 09/29/14 KRW 65.73
GS CALTEX CORP 3.09 03/21/18 KRW 7.25
HAN KOOK CAPIT 3.35 07/23/14 KRW 69.06
HANA SK CARD C 5.62 01/24/17 KRW 68.54
HANA SK CARD C 5.62 01/31/17 KRW 3.16
HANA SK CARD C 5.00 01/09/17 KRW 3.11
HANA SK CARD C 4.39 09/22/14 KRW 40.85
HANA SK CARD C 3.88 06/22/17 KRW 1.70
HANA SK CARD C 5.34 02/14/17 KRW 7.57
HANA SK CARD C 3.69 06/22/15 KRW 44.37
HYUNDAI CAPITA 3.29 04/02/18 KRW 44.80
HYUNDAI CAPITA 3.31 01/06/17 KRW 21.92
HYUNDAI CAPITA 3.56 02/01/19 KRW 1.01
HYUNDAI CAPITA 2.89 06/21/18 KRW 2.72
HYUNDAI CAPITA 3.31 03/21/18 KRW 5.02
HYUNDAI CAPITA 2.78 04/24/15 KRW 59.42
HYUNDAI CAPITA 3.38 03/15/19 KRW 2.44
HYUNDAI CAPITA 3.65 01/18/19 KRW 14.59
HYUNDAI CAPITA 3.31 03/20/18 KRW 35.95
HYUNDAI CAPITA 3.16 04/02/18 KRW 14.90
HYUNDAI CAPITA 3.26 09/21/17 KRW 6.90
HYUNDAI CAPITA 3.32 02/09/17 KRW 2.14
HYUNDAI CAPITA 4.84 06/22/16 KRW 5.72
HYUNDAI CAPITA 3.11 05/02/18 KRW 1.07
HYUNDAI CAPITA 3.25 08/05/16 KRW 26.36
HYUNDAI CAPITA 3.07 05/02/18 KRW 1.05
HYUNDAI CAPITA 3.08 03/21/18 KRW 4.38
HYUNDAI CAPITA 3.02 10/30/15 KRW 0.95
HYUNDAI CAPITA 4.74 06/20/16 KRW 9.73
HYUNDAI CAPITA 4.40 03/20/16 KRW 2.45
HYUNDAI CAPITA 4.46 10/06/16 KRW 3.04
HYUNDAI CAPITA 3.25 11/04/16 KRW 0.89
HYUNDAI CAPITA 4.22 09/22/14 KRW 72.14
HYUNDAI CAPITA 3.19 05/13/16 KRW 1.40
HYUNDAI CAPITA 4.46 12/18/14 KRW 32.63
HYUNDAI CAPITA 4.70 06/21/16 KRW 13.61
HYUNDAI CAPITA 3.21 03/04/16 KRW 8.98
HYUNDAI CARD C 3.19 11/28/16 KRW 29.83
HYUNDAI CARD C 3.23 01/20/17 KRW 2.28
HYUNDAI CARD C 4.03 03/23/15 KRW 32.23
HYUNDAI CARD C 3.27 04/03/17 KRW 15.63
HYUNDAI CARD C 3.58 09/21/18 KRW 7.76
HYUNDAI CARD C 3.16 05/29/18 KRW 0.12
HYUNDAI CARD C 3.13 01/15/16 KRW 32.29
HYUNDAI CARD C 3.05 01/29/16 KRW 0.95
HYUNDAI CARD C 3.51 07/13/17 KRW 1.39
HYUNDAI CARD C 3.19 05/13/16 KRW 1.40
HYUNDAI CARD C 3.00 03/25/16 KRW 4.50
HYUNDAI CARD C 3.16 04/02/18 KRW 9.18
HYUNDAI CARD C 3.40 01/10/17 KRW 1.44
HYUNDAI CARD C 4.05 12/22/14 KRW 62.92
HYUNDAI COMMER 3.00 02/26/16 KRW 1.80
HYUNDAI COMMER 2.97 12/26/14 KRW 70.29
HYUNDAI COMMER 3.11 09/25/15 KRW 28.91
HYUNDAI COMMER 3.37 12/21/17 KRW 13.64
HYUNDAI COMMER 3.32 03/22/18 KRW 7.75
HYUNDAI COMMER 3.22 12/04/15 KRW 11.31
HYUNDAI MERCHA 7.05 12/27/42 KRW 46.64
HYUNDAI SECURI 3.16 03/22/18 KRW 7.00
HYUNDAI STEEL 3.27 03/21/18 KRW 36.64
INCHEON DEVELO 3.12 06/10/14 KRW 29.26
INCHEON DEVELO 3.60 12/21/17 KRW 5.05
IPARK SAM-SONG 3.18 04/10/15 KRW 40.77
IPARK SAM-SONG 3.27 08/10/15 KRW 7.56
IPARK SAM-SONG 3.37 02/10/16 KRW 29.98
JB WOORI CAPIT 2.82 08/14/14 KRW 48.80
JB WOORI CAPIT 2.86 11/14/14 KRW 26.78
JB WOORI CAPIT 2.95 05/15/15 KRW 0.87
JB WOORI CAPIT 3.01 08/14/15 KRW 0.59
JB WOORI CAPIT 2.86 07/25/14 KRW 64.79
JB WOORI CAPIT 3.09 06/26/15 KRW 61.81
JB WOORI CAPIT 3.24 06/11/15 KRW 51.23
JB WOORI CAPIT 3.22 11/30/14 KRW 3.15
JEONBUK BANK 3.41 01/06/19 KRW 32.60
KB CAPITAL CO 5.70 01/10/19 KRW 10.22
KB CAPITAL CO 3.42 12/22/17 KRW 6.35
KB CAPITAL CO 3.09 03/28/16 KRW 4.07
KB CAPITAL CO 2.96 12/19/14 KRW 64.96
KB KOOKMIN CAR 3.92 03/24/15 KRW 41.55
KB KOOKMIN CAR 4.18 03/22/17 KRW 1.79
KB KOOKMIN CAR 3.18 12/11/15 KRW 25.27
KB KOOKMIN CAR 3.32 02/17/17 KRW 2.41
KB KOOKMIN CAR 4.20 09/21/16 KRW 1.20
KB KOOKMIN CAR 3.05 03/21/18 KRW 1.74
KB KOOKMIN CAR 3.10 05/02/18 KRW 1.07
KB KOOKMIN CAR 3.75 06/22/15 KRW 1.29
KB KOOKMIN CAR 3.93 06/20/17 KRW 1.24
KB KOOKMIN CAR 3.88 06/22/17 KRW 1.29
KB KOOKMIN CAR 3.24 12/21/17 KRW 3.61
KB KOOKMIN CAR 3.65 06/22/15 KRW 23.92
KB KOOKMIN CAR 3.65 06/23/15 KRW 23.85
KB KOOKMIN CAR 3.64 09/22/15 KRW 30.40
KB KOOKMIN CAR 3.33 09/22/17 KRW 14.45
KB KOOKMIN CAR 3.46 09/21/17 KRW 19.95
KB KOOKMIN CAR 4.00 12/22/14 KRW 55.84
KDB CAPITAL CO 3.10 04/15/16 KRW 4.56
KDB CAPITAL CO 3.25 12/24/15 KRW 35.27
KDB CAPITAL CO 3.01 07/14/14 KRW 66.53
KDB CAPITAL CO 3.14 12/22/14 KRW 64.62
KOREA DEVELOPM 3.70 02/29/24 KRW 3.16
KOREA HOUSING 2.94 09/15/18 KRW 68.39
KOREA LAND & H 3.99 03/26/44 KRW 68.57
KOREA LAND & H 3.40 09/21/18 KRW 5.50
KOREA LAND & H 2.93 03/20/18 KRW 1.71
KOREA LAND & H 3.17 10/02/17 KRW 1.21
KOREA LAND & H 2.87 06/21/18 KRW 69.67
KOREA LAND & H 2.86 06/21/18 KRW 5.54
KOREA LAND & H 3.44 10/21/18 KRW 70.08
KOREA LAND & H 3.30 12/21/18 KRW 6.72
KOREA LAND & H 2.76 06/21/18 KRW 7.75
KOREA RAIL NET 2.95 10/22/15 KRW 11.37
KT CAPITAL COR 3.47 03/22/18 KRW 5.76
KT CAPITAL COR 3.65 09/22/17 KRW 34.10
KT RENTAL CORP 2.98 06/21/18 KRW 2.81
LG ELECTRONICS 3.11 03/21/18 KRW 4.69
LG ELECTRONICS 3.29 05/24/20 KRW 2.06
LG HAUSYS LTD 3.11 06/21/18 KRW 5.98
LH ABS SECURIT 2.95 12/22/15 KRW 10.70
LOTTE CAPITAL 4.54 03/22/17 KRW 2.15
LOTTE CAPITAL 3.40 12/16/16 KRW 14.45
LOTTE CAPITAL 3.67 02/25/19 KRW 2.84
LOTTE CAPITAL 3.00 06/21/18 KRW 5.59
NATIONAL FEDER 2.75 12/01/14 KRW 63.77
NEW STAR ABS S 3.93 01/26/17 KRW 26.66
NEW STAR SUKKW 4.92 03/30/15 KRW 36.08
NEWSTAR SIN-GI 4.84 01/30/15 KRW 3.21
NH CAPITAL CO 5.02 01/14/18 KRW 30.24
NH CAPITAL CO 5.88 01/14/17 KRW 23.29
NONGHYUP BANK 4.06 05/28/22 KRW 3.33
NONGHYUP BANK 3.33 10/15/20 KRW 1.76
OLLEHKT SECURI 3.04 12/31/15 KRW 0.95
OLLEHKT SECURI 2.72 06/27/14 KRW 74.84
OLLEHKT SECURI 3.71 06/30/14 KRW 54.33
OLLEHKT SECURI 3.71 07/30/14 KRW 43.47
OLLEHKT SECURI 3.73 10/30/14 KRW 56.06
OLLEHKT SECURI 3.74 11/28/14 KRW 18.38
OLLEHKT SECURI 3.91 01/29/16 KRW 15.48
OLLEHKT SECURI 2.82 09/26/14 KRW 48.98
OLLEHKT SECURI 2.83 03/26/15 KRW 57.27
OLLEHKT SECURI 2.83 04/24/15 KRW 34.41
OLLEHKT SECURI 2.83 05/26/15 KRW 57.43
OLLEHKT SECURI 2.84 07/24/15 KRW 48.02
OLLEHKT SECURI 2.84 08/26/15 KRW 18.23
OLLEHKT SECURI 2.84 09/25/15 KRW 48.49
OLLEHKT SECURI 2.91 11/25/16 KRW 2.49
OLLEHKT SECURI 3.15 10/24/14 KRW 59.65
OLLEHKT SECURI 3.33 08/26/16 KRW 2.17
OLLEHKT SECURI 4.12 11/26/15 KRW 15.99
OLLEHKT SECURI 2.88 10/24/14 KRW 20.24
OLLEHKT SECURI 2.89 12/26/14 KRW 51.34
OLLEHKT SECURI 3.04 10/26/16 KRW 1.08
OLLEHKT SECURI 2.87 09/26/14 KRW 57.67
OLLEHKT SECURI 2.90 03/26/15 KRW 30.93
OLLEHKT SECURI 2.91 04/24/15 KRW 72.10
OLLEHKT SECURI 2.92 06/26/15 KRW 22.65
OLLEHKT SECURI 2.93 07/24/15 KRW 4.47
OLLEHKT SECURI 2.97 12/24/15 KRW 12.89
OLLEHKT SECURI 3.05 05/30/14 KRW 45.79
OLLEHKT SECURI 3.09 11/28/14 KRW 1.18
OLLEHKT SECURI 3.19 01/30/15 KRW 2.14
OLLEHKT SECURI 3.13 04/30/15 KRW 10.19
OLLEHKT SECURI 3.12 07/25/14 KRW 56.51
OLLEHKT SECURI 3.15 11/26/14 KRW 27.82
OLLEHKT SECURI 3.17 02/26/15 KRW 52.80
OLLEHKT SECURI 3.20 04/24/15 KRW 49.42
OLLEHKT SECURI 3.25 09/25/15 KRW 29.18
OLLEHKT SECURI 3.07 08/29/14 KRW 6.17
OLLEHKT SECURI 3.08 09/30/14 KRW 2.57
OLLEHKT SECURI 3.09 12/31/14 KRW 68.20
OLLEHKT SECURI 3.13 05/29/15 KRW 0.86
OLLEHKT SECURI 3.72 11/28/14 KRW 28.63
OLLEHKT SECURI 3.73 12/26/14 KRW 25.20
OLLEHKT SECURI 3.77 03/27/15 KRW 55.00
OLLEHKT SECURI 3.86 02/26/16 KRW 5.61
OLLEHKT SECURI 3.05 10/02/14 KRW 28.57
OLLEHKT SECURI 3.06 11/03/14 KRW 22.84
OLLEHKT SECURI 3.19 05/03/16 KRW 1.51
OLLEHKT SECURI 2.97 08/28/14 KRW 47.23
OLLEHKT SECURI 2.99 09/26/14 KRW 74.62
OLLEHKT SECURI 3.01 11/28/14 KRW 29.73
OLLEHKT SECURI 3.03 12/26/14 KRW 24.66
OLLEHKT SECURI 3.05 01/28/15 KRW 58.69
OLLEHKT SECURI 3.09 03/27/15 KRW 46.67
OLLEHKT SECURI 3.11 04/28/15 KRW 24.24
OLLEHKT SECURI 3.13 05/28/15 KRW 47.14
OLLEHKT SECURI 3.16 07/28/15 KRW 12.92
OLLEHKT SECURI 3.17 08/28/15 KRW 43.01
OLLEHKT SECURI 3.19 09/25/15 KRW 29.38
OLLEHKT SECURI 3.20 10/28/15 KRW 28.39
OLLEHKT SECURI 3.21 11/27/15 KRW 16.00
OLLEHKT SECURI 3.25 01/28/16 KRW 31.05
OLLEHKT SECURI 3.43 01/26/17 KRW 1.85
OLLEHKT SECURI 3.04 11/27/15 KRW 3.68
OLLEHKT SECURI 3.06 12/29/15 KRW 2.32
OLLEHKT SECURI 3.18 05/27/16 KRW 3.01
OLLEHKT SECURI 2.83 08/22/14 KRW 47.26
OLLEHKT SECURI 2.89 11/24/14 KRW 27.24
OLLEHKT SECURI 2.96 02/24/15 KRW 69.72
OLLEHKT SECURI 3.03 07/24/15 KRW 11.86
OLLEHKT SECURI 3.05 08/24/15 KRW 37.78
OLLEHKT SECURI 3.08 10/23/15 KRW 15.95
OLLEHKT SECURI 3.14 04/22/16 KRW 24.25
OLLEHKT SECURI 3.16 05/24/16 KRW 14.57
OLLEHKT SECURI 3.20 07/22/16 KRW 20.96
OLLEHKT SECURI 3.42 07/24/17 KRW 12.13
OLLEHKT SECURI 2.84 11/28/14 KRW 49.28
OLLEHKT SECURI 2.81 09/30/14 KRW 3.87
OLLEHKT SECURI 2.95 05/29/15 KRW 1.03
OLLEHKT SECURI 3.00 08/31/15 KRW 19.17
OLLEHKT SECURI 2.88 12/31/14 KRW 2.88
OLLEHKT SECURI 3.15 06/30/16 KRW 0.90
OLLEHKT SECURI 3.28 05/31/17 KRW 0.86
OLLEHKT SECURI 2.73 05/30/14 KRW 36.06
OLLEHKT SECURI 2.80 08/29/14 KRW 73.96
OLLEHKT SECURI 2.86 11/28/14 KRW 3.17
OLLEHKT SECURI 2.90 01/30/15 KRW 64.91
OLLEHKT SECURI 3.09 03/31/16 KRW 19.46
OLLEHKT SECURI 2.79 06/27/14 KRW 54.77
OLLEHKT SECURI 2.85 01/29/15 KRW 39.88
OLLEHKT SECURI 2.88 03/27/15 KRW 33.18
OLLEHKT SECURI 2.96 07/29/15 KRW 5.00
OLLEHKT SECURI 2.98 08/28/15 KRW 21.02
OLLEHKT SECURI 3.36 03/29/17 KRW 5.56
OLLEHKT SECURI 2.86 02/27/15 KRW 36.27
OLLEHKT SECURI 2.80 07/29/14 KRW 42.83
OLLEHKT SECURI 2.82 09/29/14 KRW 26.41
OLLEHKT SECURI 3.03 05/27/16 KRW 2.51
OLLEHKT SECURI 3.06 08/26/16 KRW 4.08
OLLEHKT SECURI 2.77 09/26/14 KRW 48.18
OLLEHKT SECURI 2.78 10/28/14 KRW 8.31
OLLEHKT SECURI 2.81 12/26/14 KRW 46.54
OLLEHKT SECURI 2.85 03/27/15 KRW 8.46
OLLEHKT SECURI 2.88 06/26/15 KRW 62.82
OLLEHKT SECURI 2.92 09/25/15 KRW 4.11
OLLEHKT SECURI 2.95 11/27/15 KRW 9.42
PLAN-UP BOK-HY 3.99 08/10/14 KRW 35.84
PURUN WOORI SE 3.63 03/20/15 KRW 19.90
SAENGGAKDAERO 3.93 12/31/15 KRW 17.14
SAMSUNG CARD C 3.08 02/28/15 KRW 66.78
SAMSUNG CARD C 3.50 05/30/19 KRW 1.97
SAMSUNG CARD C 3.16 09/21/17 KRW 15.79
SAMSUNG CARD C 3.14 03/21/18 KRW 0.96
SAMSUNG CARD C 3.17 12/20/17 KRW 5.58
SBY BUPYEONG5 3.20 01/29/15 KRW 58.87
SH CORP OF THE 3.12 07/03/15 KRW 16.43
SH CORP OF THE 3.10 01/22/16 KRW 42.13
SHINHAN CAPITA 3.51 12/09/16 KRW 1.45
SHINHAN CAPITA 4.48 09/22/14 KRW 75.09
SHINHAN CAPITA 4.01 06/22/17 KRW 16.29
SHINHAN CAPITA 3.81 09/23/15 KRW 19.46
SHINHAN CARD C 3.28 04/09/18 KRW 10.63
SHINHAN CARD C 3.46 06/20/19 KRW 6.00
SHINHAN CARD C 3.35 09/02/16 KRW 1.37
SHINHAN CARD C 3.56 02/07/19 KRW 1.19
SHINHAN CARD C 3.16 09/21/17 KRW 6.55
SHINHAN CARD C 3.19 09/20/17 KRW 9.17
SHINHAN CARD C 3.74 06/23/15 KRW 10.51
SHINHAN CARD C 2.87 10/02/17 KRW 7.50
SHINHAN CARD C 3.88 06/22/17 KRW 15.99
SHINHAN CARD C 3.62 06/21/15 KRW 13.80
SHINHAN CARD C 2.78 06/21/18 KRW 4.79
SHINHAN CARD C 3.27 03/26/18 KRW 5.47
SHINHAN CARD C 3.64 06/23/15 KRW 44.71
SHINHAN CARD C 3.30 09/22/17 KRW 20.33
SHINHAN CARD C 2.93 06/21/18 KRW 69.48
SINBO CONSTRUC 10.00 09/29/14 KRW 65.73
SINBO SECURITI 5.00 07/08/17 KRW 29.92
SINBO SECURITI 5.00 07/08/17 KRW 29.92
SINBO SECURITI 5.00 07/19/15 KRW 70.84
SINBO SECURITI 5.00 07/26/16 KRW 29.81
SINBO SECURITI 5.00 07/26/16 KRW 29.81
SINBO SECURITI 4.60 06/29/15 KRW 72.40
SINBO SECURITI 4.60 06/29/15 KRW 72.40
SINBO SECURITI 5.00 05/27/16 KRW 30.04
SINBO SECURITI 5.00 05/27/16 KRW 30.04
SINBO SECURITI 8.00 02/02/15 KRW 74.85
SINBO SECURITI 5.00 02/02/16 KRW 72.97
SINBO SECURITI 5.00 01/19/16 KRW 72.39
SINBO SECURITI 5.00 12/07/15 KRW 72.45
SINBO SECURITI 8.00 03/07/15 KRW 74.16
SINBO SECURITI 5.00 03/14/16 KRW 72.32
SINBO SECURITI 5.00 06/29/16 KRW 29.93
SINBO SECURITI 5.00 09/13/15 KRW 73.02
SINBO SECURITI 5.00 09/13/15 KRW 61.55
SINBO SECURITI 5.00 09/28/15 KRW 70.67
SINBO SECURITI 5.00 08/31/16 KRW 29.72
SINBO SECURITI 5.00 08/31/16 KRW 29.72
SINBO SECURITI 5.00 08/24/15 KRW 70.71
SINBO SECURITI 5.00 03/13/17 KRW 29.35
SINBO SECURITI 5.00 03/13/17 KRW 29.35
SINBO SECURITI 5.00 02/21/17 KRW 27.85
SINBO SECURITI 5.00 12/13/16 KRW 29.53
SINBO SECURITI 5.00 01/29/17 KRW 29.44
SINBO SECURITI 5.00 10/05/16 KRW 29.71
SINBO SECURITI 5.00 10/05/16 KRW 29.71
SINBO SECURITI 5.00 02/21/17 KRW 29.35
SINBO SECURITI 5.00 06/07/17 KRW 28.51
SINBO SECURITI 5.00 06/07/17 KRW 28.51
SMALL & MEDIUM 3.69 02/08/24 KRW 4.48
SMALL & MEDIUM 5.24 12/09/14 KRW 69.82
SMALL & MEDIUM 5.16 12/09/14 KRW 69.55
SMALL & MEDIUM 4.77 12/09/15 KRW 12.29
SMALL & MEDIUM 3.17 03/15/17 KRW 2.17
SMALL & MEDIUM 5.15 09/09/15 KRW 48.61
SMALL & MEDIUM 5.15 12/09/15 KRW 9.24
SMORE SECURITI 3.09 02/29/16 KRW 0.41
SYSINGIL ABS S 3.95 08/22/15 KRW 18.67
TONGYANG CEMEN 7.30 04/12/15 KRW 70.00
TONGYANG CEMEN 7.50 04/20/14 KRW 70.00
TONGYANG CEMEN 7.50 09/10/14 KRW 70.00
TONGYANG CEMEN 7.50 07/20/14 KRW 70.00
TONGYANG CEMEN 7.30 06/26/15 KRW 70.00
UPLUS LTE SECU 2.77 12/05/14 KRW 14.38
UPLUS LTE SECU 2.80 02/06/15 KRW 74.34
UPLUS LTE SECU 2.97 02/05/16 KRW 18.34
UPLUS LTE SECU 3.06 08/05/16 KRW 9.84
UPLUS LTE SECU 2.64 06/05/14 KRW 66.64
UPLUS LTE SECU 2.72 08/07/15 KRW 5.71
UPLUS LTE SECU 2.77 02/05/16 KRW 0.36
UPLUS LTE SECU 2.78 10/07/16 KRW 0.73
UPLUS LTE SECU 2.94 04/10/15 KRW 46.67
UPLUS LTE SECU 2.97 08/12/15 KRW 0.48
UPLUS LTE SECU 3.00 12/11/15 KRW 1.79
UPLUS LTE SECU 3.09 09/05/14 KRW 69.57
UPLUS LTE SECU 3.11 12/05/14 KRW 54.26
UPLUS LTE SECU 3.07 12/04/15 KRW 18.54
UPLUS LTE SECU 3.23 06/03/16 KRW 3.19
UPLUS LTE SECU 2.89 12/05/14 KRW 14.08
UPLUS LTE SECU 3.01 06/05/15 KRW 74.33
UPLUS LTE SECU 3.15 12/04/15 KRW 18.90
UPLUS LTE SECU 3.27 06/03/16 KRW 6.44
UPLUS LTE SECU 3.32 08/05/16 KRW 10.52
UPLUS LTE SECU 3.54 06/05/17 KRW 0.97
UPLUS LTE SECU 2.82 12/05/14 KRW 54.57
UPLUS LTE SECU 3.35 02/06/17 KRW 0.93
UPLUS LTE SECU 2.86 12/05/14 KRW 54.83
UPLUS LTE SECU 2.89 02/06/15 KRW 59.90
UPLUS LTE SECU 2.88 10/02/14 KRW 60.92
UPLUS LTE SECU 3.03 12/04/15 KRW 21.06
WOONGJIN ENERG 2.00 12/19/16 KRW 59.37
WOORI CARD CO 3.39 11/11/16 KRW 1.06
WOORI CARD CO 3.15 03/04/16 KRW 8.46
WOORI CARD CO 3.07 09/04/15 KRW 26.64
SRI LANKA
---------
SRI LANKA GOVE 5.35 03/01/26 LKR 65.04
MALAYSIA
--------
BANDAR MALAYSI 0.35 02/20/24 MYR 65.87
PHILIPPINES
-----------
BAYAN TELECOMM 13.50 07/15/06 USD 22.75
BAYAN TELECOMM 13.50 07/15/06 USD 22.75
SINGAPORE
---------
BAKRIE TELECOM 11.50 05/07/15 USD 11.97
BAKRIE TELECOM 11.50 05/07/15 USD 12.88
BLD INVESTMENT 8.63 03/23/15 USD 30.13
BUMI CAPITAL P 12.00 11/10/16 USD 51.28
BUMI CAPITAL P 12.00 11/10/16 USD 48.52
BUMI INVESTMEN 10.75 10/06/17 USD 50.00
BUMI INVESTMEN 10.75 10/06/17 USD 48.69
ENERCOAL RESOU 9.25 08/05/14 USD 54.60
INDO INFRASTRU 2.00 07/30/10 USD 1.88
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 13.63
MDX PCL 4.75 09/17/03 USD 17.13
*********
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 ***