/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/150113.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, January 13, 2015, Vol. 18, No. 008 Headlines A U S T R A L I A LIDI HOLDINGS: First Creditor's Meeting Set For Jan. 19 PIE FACE: Administrators Did Not Get "bona fide" Offer to Buy Co. ROCKWELL OLIVIER: First Creditor's Meeting Set For Jan. 14 SYDNEY CRANES: First Creditor's Meeting Slated For Jan. 19 WORMS WORK: Administrators Seek Buyers for Assets C H I N A KAISA GROUP: Bondholders Said Not to Have Received Payment KAISA GROUP: Bondholders Dreaming of White Knight SOLAR POWER: SPI Buys 100% Equity Interest in Xinte for RMB206MM I N D I A ABAN OFFSHORE: CARE Ups Rating on INR832.77cr LT Loan to 'BB-' AGRA OIL: ICRA Reaffirms B+ Rating on INR11cr Fund Based Loans AGRAWAL GRAPHITE: ICRA Assigns B Rating to INR6cr Term Loan AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR4.80cr Cash Credit ANEESH AHMAD: ICRA Reaffirms D Rating on INR3cr Cash Credit ANTHEM EDUCATION: CARE Assigns 'B' Rating to INR28.90cr LT Loan APPEAL KIDS: ICRA Withdraws B+/A4 Rating on INR9cr Loan BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan BMK HOSPITALITY: ICRA Suspends D Rating on INR20cr Loan BRAHMAPUTRA METALLICS: ICRA Keeps B- Rating on INR239.65cr Loan CLASSIC BUILD: CARE Assigns B+ Rating to INR10c LT Bank Loan COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR22cr FB Loan CONSTANT ENGINEERING: CARE Cuts Rating on INR11.39cr LT Loan to D DEV STAR: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan GAYATRI HI TECH: ICRA Assigns 'C' Rating to INR395.95cr Term Loan GOVERDHAN VERMA: ICRA Assigns B+ Rating to INR6.20cr FB Loan GUJARAT HY-SPIN: CARE Revises Rating on INR37.50cr LT Loan to B+ GURANDITTA MAL: ICRA Assigns B Rating to INR20cr Fund Based Loan HITECH PRINT: CARE Ups Rating on INR15.38cr LT Loan to 'B' IVRCL CHENGAPALLI: CARE Cuts Rating on INR797.45cr LT Loan to 'D' JCT LIMITED: CARE Assigns B Rating to INR20cr Fixed Deposits MAGADH MICRO: CARE Ups Rating on INR7.5cr LT Bank Loan to 'C' MEENA DEVELOPERS: CARE Assigns B+ Rating to INR12.45cr LT Loan MSM STEELS: CARE Reaffirms B+ Rating on INR71cr LT Bank Loan NITASHA CONSTRUCTIONS: ICRA Reaffirms B INR5cr Cash Loan Rating OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR9.91cr LT Loan OSAKA PHARMACEUTICALS: CARE Ups Rating on INR13.83cr Loan to 'B' R.B. RICE: ICRA Reaffirms B Rating on INR12cr Fund Based Loan RALLIFAN LIMITED: ICRA Reaffirms B Rating on INR6cr Cash Credit RAMANJANEYA MODERN: ICRA Reaffirms B+ Rating on INR5cr FB Loan RISHI ICE: CARE Reaffirms 'B' Rating on INR13.60cr LT Bank Loan SADHANA PACKAGING: ICRA Ups Rating on INR9.60cr Bank Loan to B SAHANU SPONGE: CARE Reaffirms B+ Rating on INR13.61cr LT Loan SAHELI METALS: ICRA Suspends B Rating on INR7.7cr Loan SATYAM RICE: ICRA Suspends B Rating on INR7cr Long Term Loan SHIVDHARA INFRA: CARE Assigns B+ Rating to INR28.42cr LT Loan SHREE RAMDEV: ICRA Suspends B+ Rating on INR10.49cr LT Loan SHREE YAMUNA: ICRA Reaffirms B Rating on INR4cr Cash Credit SONA EDUCATIONAL: ICRA Reaffirms B- Rating on INR21cr Bank Loan SPICEJET LTD: Rescue Plan Maybe Finalized by End of January SRG ALUMINUM: CARE Lowers Rating on INR5.15cr LT Bank Loan to 'D' SRI P.V.N: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan SRI RAMALINGESWARA: CARE Reaffirms B+ Rating on INR22cr LT Loan TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan TELMOS ELECTRONICS: ICRA Suspends B/A4 Rating on INR10cr Loan ULTRA HOME: CARE Assigns B Rating to INR204.56cr LT Bank Loan VAIBHAV COTTON: CARE Revises Rating on INR5.08cr LT Loan to 'B+' VICHOOR BITU: ICRA Assigns B+ Rating to INR5.5cr LT Loan VIDS OVERSEAS: CARE Revises Rating on INR0.90cr Loan to 'B+' VIJAY TRADING: ICRA Assigns B+ Rating to INR7.5cr Cash Credit VINORA INDUSTRIES: ICRA Assigns B+ Rating to INR3cr LT Loan WISDOM SOCIAL: ICRA Suspends B+ Rating on INR15cr Bank Loan YASHVEER CERAMICS: ICRA Reaffirms B+ Rating on INR5.25cr Loan J A P A N AIFUL CORPORATION: JCR Ups LT Issuer Rating to B-; Outlook Stable VUZIX CORP: June 2014 Noteholders Waive Anti-Dilution Protection M A L A Y S I A 1 MALAYSIA DEVELOPMENT: Denies Misled Auditors on Cayman Funds N E W Z E A L A N D NEW ZEALAND ASSOCIATION: Fitch Affirms 'BB+' IDR; Outlook Stable SHANTON FASHIONS: Goes Into Voluntary Administration S O U T H K O R E A HANJIN GROUP: Has Highest Debt Ratio Among Top 10 Conglomerates T A I W A N FIRST INT'L: Facing Licence Cancellation After Declaring Bankr. X X X X X X X X * BOND PRICING: For the Week Jan. 5 to Jan. 9, 2015 - - - - - ================= A U S T R A L I A ================= LIDI HOLDINGS: First Creditor's Meeting Set For Jan. 19 ------------------------------------------------------- Nicholas Malanos and Christopher Darin of Worrells Solvency & Forensic Accountants were appointed as administrators of Lidi Holdings Pty Ltd on Jan. 8, 2015. A first meeting of the creditors of the Company will be held at Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350 George Street, in Sydney, on Jan. 19, 2015, at 11:30 a.m. PIE FACE: Administrators Did Not Get "bona fide" Offer to Buy Co. ----------------------------------------------------------------- SmartCompany reports that the former administrators of retail franchise Pie Face have hit back at calls for an inquiry into their management of the voluntary administration process, claiming they did not receive one "bona fide" offer to purchase the company that was on par with the outcome delivered to creditors from the Deed of Company Arrangement (DOCA) in December. Pie Face emerged from voluntary administration late last month after creditors voted to support a DOCA to avoid liquidation, the report notes. The chain will now be headed up by former director Andrew Thomson as chairman, with co-founder Wayne Homschek to remain on the board. SmartCompany notes that twenty Pie Face outlets closed during the administration, affecting 130 part-time employees and reducing the chain's store footprint to approximately 50 stores. But Stan Gordon, chief executive of the Franchised Food Company, claimed the administration process was "disgraceful," according to SmartCompany. SmartCompany relates that Mr. Gordon said the administration process was "not all it seems" and described the information memorandum he received about the business as "atrocious". Mr. Gordon had previously put his hand up to buy the Pie Face chain but told SmartCompany in November his calls to administrators Jirsch Sutherland went unanswered. He said last week he was contacted by several Pie Face franchisees once his bid for the company was made public and now believes there should be an inquiry into how the administration was managed, the report relates. "Questions must be raised about the process and the administrator," the report quotes Mr. Gordon as saying. But Jirsch Sutherland managing director Sule Arnautovic told SmartCompany the administrators only received one offer for part of the Pie Face Group but the offer was not "remotely close" to the proposed returns of the DOCA. According to SmartCompany, Mr. Arnautovic said the offer "was not adequately quantified", did not address employee entitlements amounting to around AUD3.5 million under the DOCA, or the secured debt of creditor TCA Global Fund Management and other convertible note-holders. Outside of the DOCA, arrangements have been made to pay around AUD2.2 million to TCA Global and around $7.3 million to other convertible note-holders. The offer also did not offer any returns to statutory or trade creditors and did not address the administrators' trading costs and liabilities, Mr. Arnautovic told SmartCompany. "The offer party basically only received our information memorandum, which was only a summary of the proposed sale transaction," SmartCompany quotes Mr. Arnautovic as saying. "They never made any subsequent appointments with the administrators or the Pie Face management team to conduct further due diligence, which would be necessary to effect a sale of business." Mr. Arnautovic said approximately AUD7.5 million is earmarked for the DOCA funds for the companies in the Pie Face Group, which includes around AUD2.8 million upfront in cash and trading receipts and around AUD4.7 million over three year from future trading, SmartCompany adds. Of the funds, unsecured creditors of Pie Face Holdings are expected to receive between 16-18 cents in the dollar over an eight month period. Unsecured creditors of Pie Face Franchising will receive between 14-17 in the dollar over a three month period, while unsecured creditors of Pie Face Pty Ltd can expect between 14-19 cents in the dollar over a three year period, the report discloses. About Pie Face Pie Face offers premium handmade sweet and savoury pies, pastries, cakes, muffins, coffee and other lunch options. The Company launched in Sydney in 2003 and had 89 stores across Australia, the United States and New Zealand. Jirsch Sutherland partners Sule Arnautovic and Rod Sutherland were appointed as Joint Administrators of Pie Face Holdings Pty Ltd, Pie Face Franchising Pty Ltd and Pie Face Pty Ltd on Nov. 21, 2014. As reported in the Troubled Company Reporter-Asia Pacific on Dec. 2, 2014, SmartCompany said Macquarie Capital, one of Pie Face's secured creditors, late in November appointed Ferrier Hodgson partners Steve Sherman and Peter Gothard as receivers to a number of key Pie Face assets. The TCR-AP, citing The Australian, reported on Jan. 2, 2015, Pie Face founder Wayne Homschek has stood down as chief executive of the fast food chain a day after creditors agreed to a funding deal that will see it rescued from administration. The Australian said that following a meeting of the new Pie Face board on December 31, Kevin Waite, who was head of Australian operations, has been appointed chief executive of Pie Face's entire group, replacing the sometimes controversial Mr. Homschek. ROCKWELL OLIVIER: First Creditor's Meeting Set For Jan. 14 ---------------------------------------------------------- Cliff Stuart Rocke, John Allan Bumbak and Michael Craig Brereton of KordaMentha were appointed as administrators of Rockwell Olivier (Perth) Pty Ltd on Jan. 4, 2015. A first meeting of the creditors of the Company will be held at Level 10, 40 St Georges Tce, in Perth, on Jan. 14, 2015, at 10:00 a.m. SYDNEY CRANES: First Creditor's Meeting Slated For Jan. 19 ---------------------------------------------------------- Nicholas Malanos and Christopher Darin of Worrells Solvency & Forensic Accountants were appointed as administrators of Sydney Cranes Pty Limited on Jan. 8, 2015. A first meeting of the creditors of the Company will be held at Worrells Solvency & Forensic Accountants, Suite 3, Level 3, 350 George Street, in Sydney, on Jan. 19, 2015, at 10:30 a.m. WORMS WORK: Administrators Seek Buyers for Assets ------------------------------------------------- Cliff Sanderson at Dissolve.com.au reports that expressions of interest are sought for the sale of the business and assets of Worms Work Technologies Pty Ltd. Worms Work entered administration on Dec. 19, 2014 with Andrejs Janis Strazdins and Stuart Otway of BRI Ferrier being appointed as administrators, the report says. The company operates a worm based organic compost or recycling business from Milicent, South Australia. Its assets include a separate cardboard/paper recycling process as well as cardboard/plastic/paper organic recycling and composting process to produce certified organic products obtained from worm castings, according to Dissolve.com.au. The report adds that the buyer of the company will get to own a land with an area of 1.76 hectares that include infrastructures. The sale also includes intellectual property, equipment and plant. ========= C H I N A ========= KAISA GROUP: Bondholders Said Not to Have Received Payment ---------------------------------------------------------- Christopher Langner and David Yong at Bloomberg News report that bondholders of Kaisa Group Holdings Ltd.'s dollar-denominated 2020 notes still haven't received a coupon payment due last week, two people familiar with the matter said Jan. 12. The Chinese developer's $25.625 million of interest due Jan. 8 hasn't reached noteholders' accounts, though most investors anticipate Kaisa will make the payment within the 30-day grace period, the people, asking not to be identified because they aren't authorized to speak publicly, told Bloomberg. Lin Yikang, a spokesman for Kaisa, said Jan. 12 that he doesn't know whether the coupon has been paid. The $500 million of debentures rose. No Chinese developer has defaulted on dollar bonds and Kaisa would be the first, according to Standard & Poor's. Bloomberg says the Shenzhen-based group already defaulted on a loan last month, triggered by the departure of its chairman, spreading concern other Chinese real estate companies may suffer similar payment difficulties as the world's second-largest economy cools and its housing market slows. Bloomberg recalls that Kaisa's Chairman Kwok Ying Shing resigned Dec. 31, triggering a default on a HK$400 million ($51.6 million) facility from HSBC Holdings Plc. Days earlier, Chief Financial Officer Cheung Hung Kwong and Vice Chairman Tam Lai Ling also quit, the report says. The builder had CNY79.9 billion ($12.9 billion) of liabilities on June 30, according to data compiled by Bloomberg, including four dollar bonds with a face value of $1.95 billion. Its CNY105.6 billion of assets included CNY9.4 billion of cash, Bloomberg discloses. "It looks like since the CFO has resigned they can't even track their own cashflow," Dilip Parameswaran, the head of Asia Investment Advisors Ltd., an independent advisory firm, told Bloomberg. "How much of the cash they had reported at the end of the first half which is still available is becoming a real question right now." PricewaterhouseCoopers LLP, Kaisa's auditor, declined to comment about its debt situation, Hong Kong-based spokeswoman Kitty Liu said by e-mail on Jan. 12, Bloomberg reports. It's not yet known whether a bondholder committee has or will be formed, the two people familiar with the matter said. Also not clear is whether a restructuring adviser has been hired by Kaisa, they said, Bloomberg relays. Kaisa's 10.25 percent 2020 notes rose 0.3 cents to 34.303 cents on the dollar as of 10:44 a.m., Jan. 12, in Hong Kong, according to prices compiled by Bloomberg. The debentures, sold to investors at par, or 100 cents on the dollar, in January 2013, are climbing for a third day and reached a record-low of 29.901 cents on the dollar Jan. 7. Its $800 million of 8.875 percent 2018 notes, sold at par in March 2013, increased 1.4 cents to 35.368 cents, also climbing for a third day, adds Bloomberg's Jan. 12 report. Kaisa will probably have to resort to using offshore cash to pay its coupon, Asia Investment Advisors' Parameswaran said, Bloomberg relays. That's because if it wanted to use cash onshore to pay an offshore debt, it would first have to get approval from China's State Administration of Foreign Exchange, and that can take several weeks, Mr. Parameswaran, as cited by Bloomberg, said. About Kaisa Group Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property developer. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 7, 2015, Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on China-based real estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'. At the same time, S&P lowered its long-term Greater China regional scale rating on Kaisa to 'SD' from 'cnBB+'. S&P also lowered its issue rating on the company's senior unsecured notes to 'CC' from 'BB-' and the Greater China regional scale rating to 'cnCC' from 'cnBB+'. S&P removed all the ratings from CreditWatch, where they were placed with negative implications on Dec. 23, 2014. "We downgraded Kaisa because the company has defaulted on a Hong Kong dollar (HK$) 400 million offshore term loan," said Standard & Poor's credit analyst Dennis Lee. "This is an event of default and could cause an acceleration of debt repayment on all its other debt. Kaisa's other debt instruments have cross-default clauses." The missed repayment on the loan puts Kaisa in "selective default" as the company has not yet defaulted on its other debt obligations. The company failed to repay its HK$400 million offshore loan from HSBC on Dec. 31, 2014, when the resignation of Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory repayment. Moody's Investors Service has also downgraded Kaisa Group Holdings Ltd's corporate family and senior unsecured debt ratings to Caa3 from B3. The ratings outlook is negative. KAISA GROUP: Bondholders Dreaming of White Knight ------------------------------------------------- Christopher Langner and David Yong at Bloomberg News report that the best hope for Kaisa Group Holdings Ltd.'s offshore debt holders is a buyer swooping on the Chinese developer and repaying them, according to CreditSights Inc. The company hasn't yet honored an interest payment due Jan. 8, according to four bondholders, after failing to repay a bank loan on Dec. 31, a deadline triggered by the resignation of its chairman Kwok Ying Shing, Bloomberg relates. At least three financial institutions have applied to a court in Shenzhen to ringfence Kaisa properties, local media reported Jan. 7, without citing anyone, according to Bloomberg. Bloomberg notes that a default would be the first by a homebuilder in China and Hong Kong, which together issued the most junk bonds in Asia the past two years. Real estate securities now comprise about 20 percent of outstanding Asian corporate notes, Bloomberg says citing Nikko Asset Management Co. "A white knight is the best case scenario now for bondholders," Singapore-based Yinchin Cheong, an analyst with independent research firm CreditSights told Bloomberg. "Employees, local banks and even equity holders onshore are likely to get paid before offshore investors." Kaisa had assets valued at CNY105.6 billion ($17 billion) as of June 30, with about a fifth of them guaranteeing bank loans, Bloomberg discloses citing Kaisa's half-year results. Once a Chinese company enters bankruptcy, the court liquidates its assets and pays onshore stake holders, including employees and stock owners, before it starts paying offshore investors, Hong Kong-based Charles Chang, a credit strategist at Credit Suisse, wrote in a Jan. 8 report, Bloomberg relays. About Kaisa Group Kaisa Group Holdings Ltd. (HKG:1638) is a China-based property developer. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 7, 2015, Standard & Poor's Ratings Services said that it had lowered its long-term corporate credit rating on China-based real estate developer Kaisa Group Holdings Ltd. to 'SD' from 'BB-'. At the same time, S&P lowered its long-term Greater China regional scale rating on Kaisa to 'SD' from 'cnBB+'. S&P also lowered its issue rating on the company's senior unsecured notes to 'CC' from 'BB-' and the Greater China regional scale rating to 'cnCC' from 'cnBB+'. S&P removed all the ratings from CreditWatch, where they were placed with negative implications on Dec. 23, 2014. "We downgraded Kaisa because the company has defaulted on a Hong Kong dollar (HK$) 400 million offshore term loan," said Standard & Poor's credit analyst Dennis Lee. "This is an event of default and could cause an acceleration of debt repayment on all its other debt. Kaisa's other debt instruments have cross-default clauses." The missed repayment on the loan puts Kaisa in "selective default" as the company has not yet defaulted on its other debt obligations. The company failed to repay its HK$400 million offshore loan from HSBC on Dec. 31, 2014, when the resignation of Kaisa's chairman, Mr. Kwok Ying Shing, triggered a mandatory repayment. Moody's Investors Service has also downgraded Kaisa Group Holdings Ltd's corporate family and senior unsecured debt ratings to Caa3 from B3. The ratings outlook is negative. SOLAR POWER: SPI Buys 100% Equity Interest in Xinte for RMB206MM ---------------------------------------------------------------- A wholly owned subsidiary of Solar Power, Inc., SPI Solar Power (Suzhou) Co., Ltd., ("SPI Meitai Suzhou"), a company incorporated under the laws of the People's Republic of China, entered into an equity interest purchase agreement with TBEA Xinjiang Sunoasis Co., Ltd., and a wholly owned subsidiary of TBEA Sunoasis, for the acquisition (the "Acquisition") of the 100% equity interest in Gonghe County Xinte Photovoltaic Co., Ltd., a company incorporated under the laws of the People's Republic of China. Concurrent with entry into the Equity Interest Purchase Agreement, SPI Meitai Suzhou separately entered into a share pledge agreement, as amended, and a mortgage agreement with TBEA Sunoasis and Xinte. TBEA Sunoasis is a subsidiary of TBEA Co., Ltd., the shares of which are listed on the Shanghai Stock Exchange under stock code 600089, and a provider of solar photovoltaic products and system integration services. Pursuant to the Equity Interest Purchase Agreement, (i) SPI Meitai Suzhou contemplates to acquire 100% equity interests in Xinte for an aggregate purchase price of RMB206 million (US$33.1 million) to be settled in cash and through bank factoring financing in installments in accordance with the terms and conditions thereunder, (ii) the closing of the Acquisition will be within 10 business days after the date that all closing conditions are fulfilled. In connection with the Acquisition, SPI Meitai Suzhou agreed to pledge 85% of the equity interest in Xinte held by SPI Meitai Suzhou to TBEA Sunoasis pursuant to the Share Pledge Agreement, and to mortgage all assets of the 20MW photovoltaic power station owned by Xinte to TBEA Sunoasis pursuant to the Mortgage Agreement. The Acquisition was completed on Dec. 31, 2014. About Solar Power Roseville, Cal.-based Solar Power, Inc., is a global solar energy facility ("SEF") developer offering its own brand of highquality, low-cost distributed generation and utility-scale SEF development services. Primarily, the Company works directly with and for developers around the world who hold large portfolios of SEF projects for whom it serves as an engineering, procurement and construction contractor. The Company also performs as an independent, turnkey SEF developer for one-off distributed generation and utility-scale SEFs. Solar Power reported a net loss of $32.2 million in 2013 following a net loss of $25.4 million in 2012. The Company's balance sheet at Sept. 30, 2014, showed $113 million in total assets, $61.2 million in total liabilities, and $51.7 million in stockholders' equity. Crowe Horwath LLP, in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2013. The independent auditors noted that the Company has incurred a current year net loss of $32.2 million, has an accumulated deficit of $56.1 million, has experienced a significant reduction in working capital, has past due related party accounts payable and a debt facility under which a bank has declared amounts immediately due and payable. Additionally, the Company's parent company LDK Solar Co., Ltd has experienced significant financial difficulties including the filing of a winding up petition on Feb. 24, 2014. These matters raise substantial doubt about the Company's ability to continue as a going concern, the auditors noted. ========= I N D I A ========= ABAN OFFSHORE: CARE Ups Rating on INR832.77cr LT Loan to 'BB-' -------------------------------------------------------------- CARE revises ratings assigned to the bank facilities of Aban Offshore Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 832.77 CARE BB- Revised from CARE D Short term Bank Facilities 235.00 CARE BB-/CARE A4 Revised from CARE D/CARE D CRPS Issue Series I 105.00 CARE C Reaffirmed CRPS Issue Series II 156.00 CARE C Reaffirmed CRPS Issue Series III 20.00 CARE C Reaffirmed Rating Rationale The revision in the ratings assigned to the bank facilities of Aban Offshore Limited (AOL) takes into account improvement in capital structure consequent to mobilization of fresh equity during FY14 (refers to the period April 1 to March 31) and H1FY15, improvement in the financial performance during FY14 and H1FY15 and completion of refinancing of debt at the group level. The ratings continue to be constrained by relatively high leverage at the consolidated level, high debt in relation to cash accruals, high utilization of working capital limits, non-deployment of few of its rigs and inherent risks in the off-shore drilling industry. The ratings continue to factor in the strong competitive position of AOL in the industry, experience of promoters and management. Going forward, timely deployment of rigs going off the contract, optimum deployment of its fleet, changes in day rates, effective cash flow management notwithstanding improvement in liquidity position in the recent past would be key rating sensitivities. Aban Offshore Limited (AOL), the flagship company of Aban group, provides offshore drilling services to companies engaged in exploration and production of oil and gas. AOL is the largest private player in India in the offshore drilling industry and is one among the largest in the world. The company and its step-down subsidiaries had a total of 18 assets by the end of September 2014 including 15 Jack up rigs, 2 drill ships and 1 off shore production unit. During FY14 (refers to the period April 1 to March 31), the company registered PAT of INR180 crore on a total operating income of INR 831 crore as against net loss of INR13 crore on a total operating income of INR822 crore during FY13. During H1FY15, the company registered PAT of INR 122 crore on total operating income of INR 435 crore. AGRA OIL: ICRA Reaffirms B+ Rating on INR11cr Fund Based Loans -------------------------------------------------------------- ICRA has reaffirmed the [ICRA]B+ rating assigned to the INR11.10 crore bank limits of Agra Oil & General Industries Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 11.00 [ICRA]B+ reaffirmed Term Loans Nil [ICRA]B+ reaffirmed Unallocated Long Term Limits 0.10 [ICRA]B+ reaffirmed The reaffirmation of rating factors in the small scale and low value-added nature of the company's operations; the highly fragmented nature of edible oils industry characterized by the presence of a large number of unorganized players, which results in intense competitive pressures and thin profitability margins; exposure to agro-climatic risks and global edible oil price movements. The rating also takes into account the entity's weak financial profile characterized by low profitability, weak coverage indicators and aggressive capital structure. The rating however takes comfort from the long experience of the promoters in the edible oil industry; the entity's competitive advantage in raw material procurement on account of its proximity to oilseed producing belt and favorable demand outlook for edible oil and related products in the domestic market. Agra Oil & General Industries Limited (AOGIL) was incorporated in the year 1972 as a proprietorship firm and was 1995 converted into a private limited company in 1995. The company is engaged in the manufacturing of mustard oil and mustard cake at its unit located at Agra, Uttar Pradesh which has a seed crushing capacity of 320000 Qtls per annum. Recent Results For the year ended 31st March 2014, AOGIL reported an operating income of INR67.67 crore and profit after tax of INR0.01 crore as against an operating income of INR77.56 crore and a profit after tax of INR0.29 crore for FY13. AGRAWAL GRAPHITE: ICRA Assigns B Rating to INR6cr Term Loan ----------------------------------------------------------- ICRA has assigned an [ICRA]B rating to the INR6 crore term loan and INR3 crore fund based bank limits of Agrawal Graphite & Carbon Products Private Limited. ICRA has also assigned an [ICRA]A4 rating to INR2.5 crore non fund based bank limits of AGCPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 6 [ICRA]B assigned Working Capital 3 [ICRA]B assigned Non Fund Based limits 2.5 [ICRA]A4 assigned The ratings take into account the limited experience of promoters in the Calcined Petroleum Coke (CPC) industry, and AGCPL's exposure to stabilisation risk as the manufacturing unit has been commissioned recently. The ratings take note of the fact that debt repayments have commenced from Sep'14 that provide little headroom to stabilise operations as per stated parameters, and high working capital intensity of the business that is likely to exert pressure on the liquidity position of the company. ICRA notes that the project has been funded through a project gearing of 1.25 times and the company's reliance on working capital debt is likely to increase while ramping up the production levels, which would have an adverse impact on the overall capital structure as well as debt coverage indicators, at least over the near term. The ratings take into consideration ballooning debt repayment that is likely to ease liquidity pressure to some extent in the near term and the favourable demand outlook of CPC on account of recently set up large aluminium plants and proposed steel capacity expansion over the medium term. ICRA notes that off-take risks for AGCPL is likely to remain low, however, revenue and profit growth going forward would be contingent upon the wider acceptability of the product over time. In ICRA's opinion, the ability of the company to manage its working capital requirements and stabilise the operations as per stated parameters would be a key rating sensitivity going forward. Incorporated in 2009, AGCPL is engaged in manufacturing of Calcined Petroleum Coke (CPC), with its manufacturing facility located in Sambalpur, Odisha. The unit has an installed capacity of 15000 MTPA. AMBEY METALLIC: ICRA Reaffirms B+ Rating on INR4.80cr Cash Credit ----------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ to the INR4.80 crore fund-based bank facility of Ambey Metallic Limited. ICRA has also reaffirmed the short term rating of [ICRA]A4 to the INR15.20 crore (non-fund based bank facilities of AML. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 4.80 [ICRA]B+ reaffirmed Letter of Credit 15.00 [ICRA]A4 reaffirmed Bank Guarantee 0.20 [ICRA]A4 reaffirmed Rating Rationale The rating reaffirmation continues to take into account the long standing experience of AML's promoters in the sponge iron manufacturing business; and the healthy growth in turnover reported by the company in FY 14 and H1FY15 on the back of improved capacity utilization levels. The rating is however constrained by AML's declining operating margins over the last two years on account of increased raw material costs; company's weakened coverage indicators in FY 14 on account of increase in debt and decline in profitability levels; and its exposure to cyclicality associated with the steel industry. Incorporated in 2001, AML is engaged in the manufacturing of sponge iron using iron ore and coal as key raw materials. AML has an installed capacity of 36,000 Metric Tonnes Per Annum (MTPA) at its manufacturing facility in Pissurlem, Goa. Recent Results For the financial year ended March 31, 2014, the company reported an operating income of INR54.26 crore and profit after tax of INR0.36 crore as against an operating income of INR42.99 crore and profit after tax of INR0.58 crore for the financial year 2012-13. Further, in the current financial year, for the six months period ended September 30,2014, the company reported operating income of INR29.84 crore and profit before tax of INR0.45 crore. ANEESH AHMAD: ICRA Reaffirms D Rating on INR3cr Cash Credit ----------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]D assigned to the INR4.08 crore (reduced from INR6.63 crore)fund based bank facilities of Aneesh Ahmad Khan. ICRA has also reaffirmed the short-term rating of [ICRA]D assigned to the INR3.00 crore non- fund based bank facility of AAK. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based Limit-Cash Credit 3.00 [ICRA]D Reaffirmed Long Term Fund Based Limit-Corporate Loan 1.08 [ICRA]D Reaffirmed Short Term Non Fund Based Limit-Bank Guarantee 3.00 [ICRA]D Reaffirmed The rating reaffirmation takes into account the firm's ongoing delays in servicing the debt in the past six months reflecting its strained liquidity position. The rating also factors in the firm's modest scale of operations limiting financial flexibility and economies of scale and its exposure to high geographical and sectoral concentration risk since its operations are focused on coal excavation, particularly in Chhindwara, Madhya Pradesh. Further, the firm's operations continue to remain exposed to regulatory risks associated with mining operations. The rating also continues to take into account the vulnerability of profitability to diesel price variation in the case of diesel usage being higher than the allowed levels and the presence of liquidated damage clause in most of the contracts making it critical to achieve the monthly mining quantities. The rating is further constrained by the partnership nature of the firm whereby any substantial withdrawal from the capital account could adversely affect the capital structure. However, ICRA takes note of the track record of the firm in overburden removal and coal mining services and the high entry barriers for new players on account of stringent technical and experience criteria. Aneesh Ahmad Khan (AAK) was established in the year 1994 and is engaged in the business of overburden removal and coal excavation contract works. Eight partners belonging to the same family established the firm. The firm's operations are concentrated in coal mining areas of Madhya Pradesh, primarily in the district of Chhindwara. Recent Results During the financial year 2013-14 the firm registered a profit after tax of INR1.05 crore on an operating income of INR35.10 crore. ANTHEM EDUCATION: CARE Assigns 'B' Rating to INR28.90cr LT Loan --------------------------------------------------------------- CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities of Anthem Education Trust. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 28.90 CARE B Assigned Short-term Bank Facilities 1.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Anthem Education Trust (AET) are primarily constrained by the limited experience of trustees in the education sector, project funding not tied up, implementation and stabilization risk associated with a newly setup school. The ratings are further constrained by competition from the existing schools and regulatory risk associated with the education sector. The ratings, however, draw strength from the association of AET with reputed brand and buoyant prospects of K-12 education segment in India. Going forward, successful implementation of the project without cost and time overrun and the ability of AET to attract and enroll students as envisaged shall be the key rating sensitivities. AET was established in December 2011 with an objective to provide education services. Mr K. K. Agarwal is the president of the trust. AET is setting up a school up to 12th standard in Faridabad, Haryana, and has taken land on lease for a period of 99 years. The trust has entered into an agreement with 'The Modern School, Delhi' (TMS), wherein the operations and management aspects of the school will be looked after by TMS. The trust will be operating school under the brand 'The Modern School'. The school will be affiliated to Central Board of Secondary Education (CBSE) and would commence its first academic session (2016-17) up to standard 8th and expansion up to standard 12th will take place in the subsequent years. The total cost of project is approx. INR38.87 crore which is proposed to be funded in by term loan of INR 28.90 crore and the rest through trustees' contribution. The commercial operations are expected to start from April, 2016. APPEAL KIDS: ICRA Withdraws B+/A4 Rating on INR9cr Loan ------------------------------------------------------- ICRA has withdrawn its ratings of [ICRA]B+ on the long-term scale and [ICRA]A4 on the short-term scale on the INR9.00 crore bank facilities of Appeal Kids Dream International Private Limited. The ratings have been withdrawn at the request of the company as the facilities have been fully redeemed and there is no amount pending against the facilities. BANSIDHAR AGARWALLA: ICRA Reaffirms B- Rating on INR3.25cr Loan --------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B- to the INR5.61 crore fund based and INR0.17 crore non-fund based bank facilities of Bansidhar Agarwalla & Company Pvt. Ltd. unit: Chinsurah Cold Storage (CCS). Amount Facilities (INR crore) Ratings ---------- ----------- ------- Working Capital Term Loan 1.50 [ICRA]B- reaffirmed Seasonal Cash Credit 3.25 [ICRA]B- reaffirmed Working Capital Loan 0.86 [ICRA]B- reaffirmed Bank Guarantee 0.17 [ICRA]B- reaffirmed The rating reaffirmation takes into account CCS's adverse capital structure, depressed coverage indicators, high working capital intensive nature of operations and the regulated nature of the industry, making it difficult to pass on increase in operating costs in a timely manner, leading, in turn, to downward pressures on profitability. ICRA also notes that the loans extended to farmers by CCS may lead to delinquency, if potato prices fall to a low level. The rating also takes into account CCS's exposure to agro-climatic risks, with its business performance being entirely dependent upon a single agro commodity, i.e. potato. The rating, however, derives support from the long track record of the promoters in the management of cold storages, the locational advantage of CCS by way of presence of its cold storage units in West Bengal, a state with large potato production, and the recent increase in rental by the State Government which is likely to provide cushion to the profitability of the company in the near to medium term. CCS, a cold storage unit of BASPL was set up in 1963 in Chinsurah, in the Hooghly district of West Bengal. CCS is primarily engaged in the business of storage and preservation of potatoes and occasionally carries out trading of potatoes as well. Currently, CCS has an annual storage capacity of 20,000 tonne. Recent Results In FY14, CCS reported a net profit of INR0.01 crore on the back of an operating income (OI) of INR2.71 crore, as compared to a net profit of INR0.01 crore on the back of an OI of INR2.71 crore in FY13. BMK HOSPITALITY: ICRA Suspends D Rating on INR20cr Loan ------------------------------------------------------- ICRA has suspended [ICRA]D/[ICRA]D rating assigned to the INR20.0 crore, long working capital facilities and term loans of BMK Hospitality Services Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. BRAHMAPUTRA METALLICS: ICRA Keeps B- Rating on INR239.65cr Loan --------------------------------------------------------------- ICRA has retained the long term rating assigned to INR239.65 crore term loans and INR44.49 crore fund based bank limits of Brahmaputra Metallics Limited at [ICRA]B-. ICRA has also assigned an [ICRA]A4 rating to INR44.89 crore short term non- fund based bank limits of BML. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loans 239.65 Retained at [ICRA]B- Working Capital 44.49 [ICRA]B- retained Short term non- fund based 44.86 [ICRA]A4 assigned The rating action takes into account BML's continued weak financial performance as indicated by cash losses, unfavorable capital structure and depressed coverage indicators. The significant debt repayment obligations coupled with cash losses is like to put pressure on the liquidity of the company. The rating takes note of the company's exposure to the fluctuations in raw material and billet prices, and high although declining working capital intensity of the business that further exerts pressure on the liquidity position of the company. ICRA notes that despite negative accretion to reserves, the conversion of unsecured loans from the promoters and payables to group entities to equity, has had a favourable impact on the capital structure of the company. Nonetheless, the capital structure of the company remains adverse, which coupled with weak operating performance has resulted in depressed debt coverage indicators. The rating also takes into consideration experience of the promoters and the key management personnel in the steel and power businesses, and the presence of captive power plant that leads to lower cost of power consumption. Moreover, setting up of additional induction furnaces, with one having commissioned in H2FY14 and another expected to be operational by March 2016, would allow BML to utilise its captive power effectively. In ICRA's opinion, the ability of the company to run its operations effectively and the support of the promoters in the absence of adequate cash accruals from the business to repay its debt obligations in a timely manner would be a key rating sensitivity going forward. Incorporated in 2006, Brahmaputra Metallics Limited (BML) is a joint venture between the North East based Lohia and Jaiswal Groups which have interests in various businesses including steel, cement, retail, real-estate and others. Post CDR, the shareholding of Lohia Group has been increased to around 75%, with the balance being held by Jaiswal Group. The company has an installed sponge iron capacity of 1,05,000 tons per annum (tpa) and billet plant of 1,58,400 tons per annum (tpa). The company also has a captive power plant of around 20 megawatts (MW). Recent Results During FY14, BML reported a net loss of INR29.43 crore on the back of an operating income of INR275.16 crore as against a net loss of INR63.48 crore on the back of an operating income of INR114.54 crore in FY13. CLASSIC BUILD: CARE Assigns B+ Rating to INR10c LT Bank Loan ------------------------------------------------------------ CARE assigns 'CARE B+' rating to the bank facilities of Classic Build Projects Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 10 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Classic Build Projects Private Limited (Classic) is primarily constrained on account of implementation risk associated with the ongoing real estate project, project saleability risk in wake of low booking status and low advance received against booked units and presence of Classic in a highly fragmented and cyclical real estate industry which is also sensitive to interest rate movements. However, the rating derives strength from experienced promoters and key personnel. The ability of Classic to successfully complete its on-going real estate project along with the timely receipt of advances from customers and sale of balance units at envisaged prices are the key rating sensitivities. Incorporated in November 2008, Ahmedabad-based Classic is promoted by Mr Baracat Narsihndani, Mrs Shamimben Narsihndani and Mr Shaheer Narsihndani to undertake the business of real estate. The promoters are engaged in real estate development since 1991. Before Classic, the group has constructed many residential and commercial projects, under the name of its proprietary firm 'Silver Construction Company (SCC)'. The promoters have also built a hotel named "Classic Inn" at Mithakhali Six Road in Ahmedabad. The group has also constructed a school and a coaching institute - - "Classic Coaching Institute", "Bachpan School" and Harun Sir Academy for coaching at Royal Nawab Avenue, Juhapura- Sarkhej main road, Ahmedabad. COLOSSUS TRADE: ICRA Reaffirms B+ Rating on INR22cr FB Loan ----------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B+ for INR22.00 crore (enhanced from INR13.00 crore) bank lines of Colossus Trade Links Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 22.00 [ICRA]B+ (reaffirmed) The reaffirmation takes into account the intensely competitive and fragmented nature of the scrap metal trading industry which coupled with low value added nature of the business has lead to low operating margins for the company in the past. Moreover, the company's profitability remains exposed to adverse movements in the prices of iron and steel scrap as well as cyclicality in the steel industry. The rating also factors in moderate financial risk profile of the company as reflected by high gearing, low net worth and moderate debt protection metrics. The rating is also constrained by high utilization of fund based limits which results in low liquidity cushion for the company. Nevertheless, the rating derives comfort from the experienced promoters of the company and established relationships with major customers and suppliers. Colossus Trade Links Ltd. was incorporated in the year 2004 by Mr. Namit Gulati and his family. The company is engaged in trading of scrap metal procured from the domestic automobile sector. It derives its revenues from supplying scrap metal to foundries, steel plants, traders and electronic original equipment manufacturers (OEMs). CTLL is headquartered in Delhi and has seven warehouses (three owned and four rented) across northern India, with a combined area of over 15,000 square yards and a combined storage capacity of over 8000 tonnes. Recent Results The firm reported a PAT of INR0.55 crore on an operating income of INR129.78 crore in FY2014 against PAT of INR0.76 crore on an operating income of INR110.74 crore in FY2013. CONSTANT ENGINEERING: CARE Cuts Rating on INR11.39cr LT Loan to D ----------------------------------------------------------------- CARE revises the rating assigned to the bank facilities of Constant Engineering Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 11.39 CARE D Revised from CARE B+ Short-term Bank Facilities 6.15 CARE D Revised from CARE A4 Rating Rationale The revision in the ratings assigned to the bank facilities of Constant Engineering Private Limited (CEPL) was primarily on account of delays in debt servicing due to its weak liquidity position. Establishing a track record of timely debt servicing along with an improvement in liquidity position are the key rating sensitivities. Promoted by Mr Davis Antony Thakolkkaran, CEPL was incorporated in June, 2005 by taking over the existing business operations of a proprietorship concern, which was formed by the Thakolkkaran family in 1987. CEPL is engaged in the execution of construction projects like cross country piping, steel fabrication and erection projects, industrial structures, fabrication of tanks & vessels, equipment shot blasting & painting and other civil structural work projects. The company is also engaged into trading of consumable goods, electrodes, industrial gases, power tools which formed nearly 71% of the total operating income (TOI) during FY14 (refers to the period April 1 to March 31). During FY14, CEPL reported the profit after tax of INR0.03 crore on a TOI of INR14.80 crore as against the net loss of INR0.39 crore on a TOI of INR14.58 crore in FY13. As per the provisional result of 8MFY15, the company has registered the TOI of INR8 crore. DEV STAR: CARE Assigns B+ Rating to INR7.50cr LT Bank Loan ---------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Dev Star Papers Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 7.50 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Dev Star Papers Private Limited (DSP) are primarily constrained by its short track record of operations, weak financial risk profile marked by low profitability margins, leveraged capital structure and working capital-intensive nature of operations. The ratings are further constrained by susceptibility of its margins to volatility in the prices of raw material and highly competitive nature of paper industry. These rating constraints are partially offset due to the support from the experienced promoters and proximity of the manufacturing facilities to industrial area. Going forward, the ability of DSP to scale up its operations with improvement in the profitability margins and capital structure shall be the key rating sensitivities. Furthermore, efficient receivables management and any future capital expenditure and its funding requirements are the key rating sensitivities. Meerut-based DSP (Uttar Pradesh) was incorporated in June 2012 by Mr Rakesh Kumar Gupta and his son, Mr Ankit Gupta. DSP is engaged in the manufacturing of kraft paper which finds its application in packaging industry. The company sells the product primarily through dealers to the manufactures of corrugated boxes located in northern region. The company has its manufacturing facility setup in Meerut, Uttar Pradesh, with an installed capacity to manufacture 30,000 metric tonnes of kraft paper per annum. The key raw material used in manufacturing of kraft paper is waste paper, which is procured mainly from dealers located in Delhi and Uttar Pradesh region. In FY14 (refers to the period April 1 to March 31), DSP has achieved a total operating income (TOI) of INR23.17 crore with a profit after tax (PAT) of INR0.004 crore as against TOI and PAT of INR4.61 crore and INR0.003 crore, respectively, in FY13 (based on 3 months of operations). Furthermore, during FY15, the company achieved TOI of INR22.50 crore till October 2014. GARG CASTEELS: CARE Reaffirms B+ Rating on INR1.31cr Bank Loan -------------------------------------------------------------- CARE reaffirms the ratings assigned to the bank facilities of Garg Casteels Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 1.31 CARE B+ Reaffirmed Long term/Short term Bank 12.00 CARE B+/CARE A4 Facilities Reaffirmed Short term Bank Facilities 3.00 CARE A4 Reaffirmed Rating Rationale The ratings assigned to the bank facilities of Garg Casteels Private Limited (GCPL) continue to remain constrained on account of its moderate scale of operations in a highly fragmented mild steel products segment of the steel industry with low value addition nature of business and weak financial risk profile marked by a leveraged capital structure, weak debt coverage and moderate liquidity position. The ratings are also constrained on account of vulnerability of profits to fluctuation in the raw material prices. The ratings, however, derive benefits from the long operational track record and experience of the promoters in the steel industry and integrated operations coupled with increasing focus on high value-added products which has led to the improvement in profit margins. The ability of GCPL to increase its scale of operations through optimum utilization of its investment casting division along with improvement in its profitability and capital structure are the key rating sensitivities. Incorporated in 1991 as a private limited company, GCPL is engaged in the business of manufacturing of mild steel (MS) billets, MS angles, MS channels, MS beams and other such steel structural products. The company is promoted by Mr Arun Jain, Mr Bineet Kumar Jain and Mr Mantresh Kumar Jain. GCPL is also engaged in the manufacturing of investment castings which are suitable for high- tech applications. However, the contribution of investment casting division remained small to an extent of 8% of the total operating income (TOI) during FY14 (refers to the period of April 1 to March 31). GCPL's plant is located in Bhavnagar with a total installed capacity of 30,000 metric tonnes per annum (MTPA) for manufacturing of billets, 18,000 MTPA for rolling mill and 240 MTPA for manufacturing investment castings as on March 31, 2014 (audited). As per the audited results for FY14, GCPL reported a PAT of INR0.09 crore on a TOI of INR59.60 crore as compared with a PAT of INR0.11 crore on a TOI of INR95.06 crore during FY13. As per provisional results for H1FY15, the company reported a PAT of INR0.06 crore on a TOI of INR22.56 crore. GAYATRI HI TECH: ICRA Assigns 'C' Rating to INR395.95cr Term Loan ----------------------------------------------------------------- ICRA has assigned a long term rating of [ICRA]C to INR441.00 crore bank facilities of Gayatri Hi Tech Hotels Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 395.95 [ICRA]C assigned Cash Credit 18.00 [ICRA]C assigned Long Term Non-Fund Based Limits 26.80 [ICRA]C assigned Unallocated 0.25 [ICRA]C assigned The rating factors in the delay in interest servicing by GHHL on the funded interest term loan following the restructuring of its term loans under the Corporate Debt Restructuring (CDR) in June 2014. Owing to the slow ramp up in the operations of its 252 rooms (including 43 service apartments) 5-Star hotel at Banjara Hills in Hyderabad for which occupancy continued to remain low even as it entered its third year of operations, the hotel has not able to generate surplus fund from its operations. As such the debt servicing currently is contingent upon external funding by the promoters and this is expected to continue in the medium term as the hotel occupancy levels in Hyderabad region are expected to remain subdued owing to oversupply of rooms in last few years and prolonged demand slowdown. Thus, timely infusion of funds by the promoters will remain critical to ensure regularity in servicing its debt obligations in the medium term until the hotel's occupancy picks up and the operations stabilize. Gayatri Hi- Tech Hotels Limited (GHHL) has set up a 5-Star luxury hotel consisting of 209 rooms (including 24 suites) and 43 serviced apartments at Hyderabad. The integrated hotel cum- serviced apartment project is operational since April 2012 under the brand name of Park Hyatt with specialty restaurants, lounge, bar, meeting rooms, board rooms, banqueting facility, swimming pool, health club and spa. The company has entered into a 25 year agreement with Hyatt Hotels for operations and marketing of the hotel. Promoted by Mr. T Subarami Reddy, GHHL is a closely held public limited company. The promoter group also has interests in construction, real-estate development, sugar, chemicals, film screening and financial services through separate companies. GOVERDHAN VERMA: ICRA Assigns B+ Rating to INR6.20cr FB Loan ------------------------------------------------------------ ICRA has assigned its long term rating of [ICRA]B+ to the INR6.20 crore fund based bank limits of Goverdhan Verma Punjab Jewellers Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 6.20 [ICRA]B+; (assigned) The rating is constrained by the company's weak capital structure as evidenced by its high gearing, and modest debt protection indicators. The elevated gearing is primarily due to the company's high working capital intensity due to the need to maintain high inventory levels. The rating also factors in GVPJ's modest scale of operations, as well as the highly fragmented and intensely competitive nature of the jewellery industry. However, the rating positively factors in the company's long standing market presence and the established position of GVPJ's promoters in the field of jewellery manufacturing and retailing, and the healthy long term demand prospects for the jewellery retail industry in India. GVPJ was incorporated in 1992 by Mr. Sanjay Verma and is engaged in the retailing of gold and diamond jewellery and other similar items. The company has its showroom at Karol Bagh in Delhi. Recent Results GVPJ reported, on a provisional basis, a profit after tax (PAT) of INR0.17 crore on an operating income of INR33.79 crore in FY 2013- 14 as compared to a PAT of INR0.15 crore on an operating income of INR27.92 crore in the previous year. GUJARAT HY-SPIN: CARE Revises Rating on INR37.50cr LT Loan to B+ ---------------------------------------------------------------- CARE revises and reaffirms rating assigned to the bank facilities of Gujarat Hy-Spin Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 37.50 CARE B+ Revised from CARE B Long-term/Short-term Bank 1.60 CARE B+ CARE A4 Facilities Revised from CARE B Short-term Bank Facilities 0.18 CARE A4 Reaffirmed Rating Rationale The revision in the long-term rating assigned to the bank facilities of Gujarat Hy-Spin Private Limited (GHSPL) primarily takes into account the timely completion of debt-funded project of manufacturing of cotton yarn and increase in operating income and cash accruals with starting up of commercial production in FY14 (refers to the period April 1 to March 31). The ratings, however, continue to remain constrained on account of its short track record of operations with presence in highly fragmented textile industry, modest liquidity with elongated working capital cycle, leveraged capital structure and weak debt coverage indicators. The aforementioned factors far offset the benefits derived from the experience of the promoters in the cotton industry through its associate entities. GHSPL's ability to increase its scale of operations, improvement in profitability and capital structure in light of stiff competition within the cotton yarn industry and efficient working capital management are the key rating sensitivities. GHSPL was incorporated as private limited company in February 01, 2011 by Mr Maganbhai Parvadia and Mr Chandulal Parvadia. GHSPL has two group concerns, namely, Gujarat Ginning & Oil Industry (reaffirmed 'CARE B/CARE A4' in January 2014) and Paras Cotton. The former is engaged in cotton ginning, pressing and crushing of oil seeds, while the latter carries out trading of cotton seeds and cotton bales. GHSPL has implemented a green-field project of setting up a spinning mill with an installed capacity of 16,320 spindles or 3,256 metric tonnes per annum (MTPA) for manufacturing of the cotton yarn having combed counts yarn of 30 at its Gondal plant (Gujarat). The commercial production was commenced from December 2013. As per the audited results for FY14, GHSPL reported net profit of INR0.22 crore on a total operating income (TOI) of INR12.42 crore. As per the provisional results for 6MFY15, GHSPL registered a turnover of INR27.04 crore. GURANDITTA MAL: ICRA Assigns B Rating to INR20cr Fund Based Loan ---------------------------------------------------------------- ICRA has assigned a long term rating of [ICRA]B to INR20.00 crore (enhanced from INR15.00 crore) fund based facilities of Guranditta Mal Mohan Lal. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based facilities 20.00 [ICRA]B (Assigned) The rating action factors in GMML's weak financial profile, reflected by low profitability metrics, high gearing and consequently weak debt coverage indicators. The rating also takes into account high intensity of competition in the industry and agro climatic risks, which can affect the availability of paddy in adverse weather conditions. The rating however, favorably takes into account proximity of the mill to major rice growing area which results in easy availability of paddy and demand prospects of rice that is expected to remain good as rice is a staple food grain and the position of India is world's second largest producer and consumer of rice. Guranditta Mal Mohan Lal (GMML) is a partnership firm, was set up in 1978 by Mr. Roshan Lal and Mr. Adarsh Kumar. GMML is engaged in processing and export of basmati rice to countries in the Middle East. The plant is located at Fazilka (Punjab) which has a milling capacity of 4 tonnes per hour and a sortex machinery with a capacity of 4 ton/hr. Recent Results During the financial year 2013-14, the firm reported a profit after tax (PAT) of INR0.15 crore on an operating income of INR43.05 crore as against PAT of INR0.09 on an operating income of INR23.90 crore in FY13. HITECH PRINT: CARE Ups Rating on INR15.38cr LT Loan to 'B' ---------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Hitech Print Systems Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 15.38 CARE B Revised from CARE D Short term Bank Facilities 3.50 CARE A4 Revised from CARE D Rating Rationale The revision in the ratings take into account the regularization of debt servicing with improvement in the liquidity profile of the company led by improved working capital position with realization of past debtor dues and financial support provided by the promoters. The ratings also factor in the satisfactory experience of the promoters and moderate order book position. The ratings are, however, constrained by the relatively small scale of operation, low profit level and cash accruals, working capital intensive nature of operation and intense competition in the industry. The ability of the company to expand the scale of operation with an improvement in profitability and liquidity are the key rating sensitivities. Incorporated in 1986, Hitech Print Systems Ltd (HPSL) is an ISO 9001-2008 certified entity (Quality Certification) engaged in the printing business at its manufacturing facility (capacity: 37.6 MTPA) located at Peddavutapalli Village in Krishna District. The product portfolio includes high security documents like cheque books, interest and dividend warrants, utility bills, OMR sheets and question papers for educational institutions. HPSL is also involved in printing customized business stationary like gift vouchers, food vouchers, onserts for newspapers, etc. The company is approved by Indian Banking Association and is also a member of Print Services Distribution Association. HPSL became a wholly-owned subsidiary of Hyderabad-based Anjani Projects & Constructions Ltd (APCL) during FY14 (refers to the period April 1 to March 31) after the entire shareholding held by Anjani Portland Cement Ltd [APL, rated CARE AA-(SO)/CARE A1+(SO)] was transferred to APCL. During FY14, HPSL posted a PBILDT of INR6.02 crore (FY13: INR5.83 crore) and a PAT of INR0.77 crore (FY13: INR0.72 crore) on a total operating income of INR44.66 crore (FY13: INR38.26 crore). IVRCL CHENGAPALLI: CARE Cuts Rating on INR797.45cr LT Loan to 'D' ----------------------------------------------------------------- CARE revises ratings assigned to bank facilities of IVRCL Chengapalli Tollways Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 797.45 CARE D Revised from CARE BBB- and removed from Credit Watch The revision in the rating is on account of delay in servicing of Interest During Construction (IDC) on term loans, owing to delay in project completion resulting in substantial cost and time overrun coupled with the weak liquidity position of the sponsor. IVRCL Chengapalli Tollway Limited (ICTL), incorporated in February 2010, is a Special Purpose Vehicle (SPV) promoted by IVRCL Limited (IVRCL), through its subsidiary IVRCL Assets & Holdings Limited (IAHL), which has now been merged with IVRCL. ICTL is implementing a road project (under NHDP Phase-II programme) envisaging 4/6 laning of the road in Chengapalli-Coimbatore-Walayar of NH-47 in the state of Tamilnadu (Total length: 54.83 km) on Design, Build, Finance, Operate and Transfer (DBFOT) toll basis for a concession period of 27 years. ICTL has to pay a premium of INR36 crore per annum to NHAI, from the first year of operations, with an annual increase of 5%. The project stretch is divided into two sections; from Km 102.03 to Km 144.74 of 42.70 kms (Section I) and from Km 170.94 to Km 183.06 of 12.12 Kms (Section II). The Scheduled Project Completion Date (SPCD) for the project was December 31, 2103. However, there is a delay in project completion on account of delay in receipt of Right of Way (RoW). JCT LIMITED: CARE Assigns B Rating to INR20cr Fixed Deposits ------------------------------------------------------------ CARE assigns 'CARE B (FD)' rating to the fixed deposit issue of JCT Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Medium-term Instrument- Fixed Deposits 20 CARE B Assigned Rating Rationale The rating assigned to the fixed deposit issue of JCT Limited (JCT) is constrained on account of weak financial risk profile marked by accumulated losses, highly leveraged capital structure and strained liquidity position. The rating also factors in the past delays in repayment of its debt obligations, restructuring of debt under CDR mechanism and default in repayment of FCCBs. The rating, however, derives strength from the promoters' experience, JCT's established position in Indian textile industry, diversified product mix and wide distribution network. The rating also factors in the improvement in the operational and financial performance of the company during H2FY14 and H1FY15. The ability of the company to improve its capacity utilization and profitability levels and its ability to arrange funds for the repayment of FCCBs are the key rating sensitivities. JCT was incorporated as Jagatjit Cotton Textile Mills Limited in October 1946 and subsequently renamed to JCT in 1989. JCT is the part of the Punjab-based Thapar group and is engaged in the manufacturing of cotton, synthetic and blended fabrics and nylon filament yarn at its integrated textile facility in Phagwara (Punjab) and filament yarn facilities in Hoshiarpur (Punjab). The company has capacity of 100,000 meters of cotton/blended fabrics and also 40,000 meters of 100% synthetic fabrics at its plant at Phagwara and around 42 MT/day of nylon filament yarn at Hoshiarpur plant. JCT has booked PAT of INR3.34 crore on a total income of INR474.01 crore during 6 months period ended March 31, 2104. Based on provisional financials, JCT has booked PAT of INR3.11 crore on a total operating income of INR480.01 crore during H1FY15. MAGADH MICRO: CARE Ups Rating on INR7.5cr LT Bank Loan to 'C' ------------------------------------------------------------- CARE revises rating assigns to the bank facilities of Magadh Micro Towers & Transmission Pvt Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 7.5 CARE C Revised from CARE D Short-term Bank Facilities 0.5 CARE A Revised from CARE D Rating Rationale The revision in the ratings of Magadh Micro Towers & Transmission Pvt. Ltd. (MTL) takes into cognizance satisfactory debt servicing track record for more than a year However, the rating continued to remain constrained by its small scale of operation with limited geographical presence, high working capital requirement & strained liquidity, declining & concentrated order book position, risk of delay in project execution and fragmented nature of the business leading to intense competition. The rating, however, continues to derive strength from its long track record of operation and the long experience of the promoter in the electrical infrastructure business. Going forward, the ability of the company to grow its scale of operations while sustaining the profitability margins and manage working capital requirements shall remain the key rating sensitivities. Magadh Micro Towers & Transmission Pvt. Ltd. (MTL) was incorporated in March, 1988 by Mr Rama Shankar Tiwari and Mr Ashok Kumar of Gaya district of Bihar. The company is engaged in the work of electrical infrastructure supply, erection and installation on a turnkey basis. Over the years, the company has completed a good number of small and few medium sized projects on turnkey basis for government entities, mainly Bihar State Electricity Board (BSEB), Bihar State Holding Co. Ltd. (BSPHCL) and Jharkhand State Electricity Board (JSEB) and established good relationship with them. During FY14 (refers to the period April 1 to March 31), the company reported a total operating income of INR237.84 lakh (FY13: INR541.83 lakh) and a PAT of INR3.83 lakh (FY13: INR9.76 lakh). Furthermore in 8MFY15, the entity has achieved TOI of INR215 lakh. MEENA DEVELOPERS: CARE Assigns B+ Rating to INR12.45cr LT Loan -------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Meena Developers. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 12.45 CARE B+ Assigned The rating assigned by CARE is based on capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of the capital or unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The rating assigned to the bank facilities of Meena Developers is constrained on account of limited experience of the partners in the real estate business, marketing risk for unsold portion of the mall, risk pertaining to conversion of Memorandum of Understanding (MOU) to lease deeds and partnership nature of constitution. The rating, however, derives comfort from the prime location of the mall with the advantage of being the only mall in Solapur, financial closure achieved for the project, and favourable growth prospects for the retail sector in tier-2 cities. The ability of the firm to complete the project within the envisaged time and cost parameters, and improve its booking is a key rating sensitivity. Established in the year 2012, Solapur-based, Meena Developers (MD) is a partnership formed by the members of the Gandhi family. The partners of MD are Mr Shantanu Gandhi, Mr Siddhartha Gandhi and Mr Harshwardhan Gandhi, each holding 33.33% stake. The firm is currently constructing a shopping mall named 'Oasis' in Solapur, Maharashtra. The mall is being constructed on the land, which was earlier occupied by 'Meena Talkies'. 'Meena Talkies' was owned and controlled by the Gandhi family. It was demolished for the construction of the mall. 'Oasis' will be a four-storeyed shopping mall with a total saleable area of 76,138 square feet. The project cost is estimated to be INR22.69 crore, to be funded by the promoters funds of INR5.50 crore, term loan of INR9.86 crore and customer advances of INR7.33 crore. The firm envisages selling 50% of the area & plans to give remaining on lease. Till October 31, 2014, 88% of the project cost has been incurred, and the mall is expected to be operational from September 2015. MSM STEELS: CARE Reaffirms B+ Rating on INR71cr LT Bank Loan ------------------------------------------------------------ CARE reaffirmed the ratings to bank facilities of MSM Steels Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 71.00 CARE B+ Reaffirmed Short term Bank Facilities 6.80 CARE A4 Reaffirmed Rating Rationale The ratings of the bank facilities of MSM Steels Private Limited (MSM) continue to be constrained by short track record of operations, exposure to fluctuation in the sponge iron and MS scrap prices, continued highly working capital intensive nature of business, leveraged capital structure and intense competition from organised and unorganised sector. The ratings, however, derive strength from the experienced and resourceful promoters, diversified customer and established supplier base, financial risk profile marked by healthy revenue growth and improved profitability indicators in FY14 (refers to the period April 1 to March 31) and stabilisation of operations. The ability of the company to maintain profitability margins and manage working capital cycle effectively and with continued financial support from the promoter remains the key rating sensitivity. MSM is a part of the Latur-based, (Maharashtra) 'Malang Group'. MSM was incorporated in 2009 as a partnership firm and the constitution was subsequently changed to private limited in 2010. The company started steel rolling end of FY12 and FY13 was its first full year of operations. The company in FY13 has also set up MS Billets rolling plant. The TMT bars are sold under the brand name as Gajraj 500 TMX bars. The company has a total installed capacity of 105,000 metric tonnes per annum (MTPA) of TMT Bars and 90,000 MTPA of MS billets ending FY14. The products find applications in building construction, infrastructure companies largely to the real estate sector. During FY14, the company reported a total operating income of INR232.06 crore and a PBILDT and PAT of INR21.78 crore and INR7.99 crore, respectively, as against a total operating income of INR133.55 crore and a PBILDT and PAT of INR5.75 crore and INR1.98 crore, respectively, in FY13. NITASHA CONSTRUCTIONS: ICRA Reaffirms B INR5cr Cash Loan Rating --------------------------------------------------------------- ICRA has reaffirmed its [ICRA]B rating on the INR5.0 crore fund based facilities of Nitasha Constructions. ICRA has also reaffirmed the short term rating of [ICRA] A4 on the INR4.25 crore non fund based facilities of NIC. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Cash credit 5.0 [ICRA]B; (Reaffirmed) Non Fund Based- Bank Guarantee 4.25 [ICRA]A4; (Reaffirmed) The ratings reaffirmation continues to derive comfort from the extensive experience of NIC's promoters in the field of civil construction and also the low counterparty risk, as majority of the contracts are undertaken for Military Engineering Services (MES). The ratings favourably factor in the moderate order book position of the firm which provides revenue visibility over the medium term. Further, the ratings are supported by the moderate capital structure of the firm characterized by gearing of 1.01 times and TOL/TNW* of 1.39 times as on March 31, 2014. The ratings however remain constrained by the firm's elongated working capital cycle due to high inventory days and its stretched liquidity as evident from the high utilization of its working capital limits. While the firm's order book has a fair geographic diversity, the firm remains dependent on MES for its orders, thus leading to client concentration risks. ICRA also notes that all the orders of the firm do not have a price escalation clause inbuilt in them, which renders the firm's profitability vulnerable to adverse fluctuations in raw material prices. The ratings also factor in the firm's modest scale of operations and its partnership constitution which subjects it to risk of capital withdrawals, risk of dissolution etc. Going forward, a sustained growth in the firm's operating income, reduction in working capital intensity and improvement in liquidity position will be the key rating sensitivities. Based in Chandigarh, Nitasha Constructions was established as a proprietorship concern in 1987 by Mr. Prakash Bhambhani. In April 2012, the firm was converted into a partnership with Mr. Prakash Bhanbhani and Mr. Ashish Bhambhani as the partners. The firm is listed as an 'S' class contractor with MES which enables it to bid for contracts with value upto INR15 crore. The main line of operations of the firm involves setting up sewerage treatment plant and air conditioning planta for MES and other bodies like the Central Public Works Department. Recent Results The firm reported an operating income of INR16.37 crore and a net profit of INR0.89 crore for 2013-14 as against an operating income of INR13.16 crore and a net profit of INR0.62 crore for the previous year. OCEANIC BUILDCON: CARE Reaffirms B+ Rating on INR9.91cr LT Loan --------------------------------------------------------------- CARE reaffirms the ratings assigned to bank facilities of Oceanic Buildcon Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 9.91 CARE B+ Reaffirmed Rating Rationale The rating assigned to the bank facilities of Oceanic Buildcon Private Limited (OBPL) continue to remain constrained by the risk associated with non-occupancy of the vacant space in its sole commercial property coupled with uncertainty regarding renewal of lease agreement post expiration of the lease contract of its tenants, small revenue base, weak capital structure and debt protection metrics and its restricted regional presence in the city of Vadodara, Gujarat. The rating however favourably takes into account the wide experience of the promoters in the real estate development business, its presence in the prime area of Vadodara and increase in lease rentals with the implementation of lease escalation clause from FY14 (refers to the period April 1 to March 31) with the tenants. Timely receipt of lease rentals and re-lease or sale of spaces in the property in the event of non-renewal of lease agreements remains the key rating sensitivity. Incorporated in 2006, OBPL is a Vadodara-based (Gujarat) closely held private limited company promoted by Mr Sachin Patel and Mr Vinay Vaghani. The company is engaged in real estate development business and currently has only one commercial shopping complex, 'Cine Mall' at Race Course Road (Vadodara) which houses basement and four floors with a total saleable area of 42,250 square feet. The primary source of income for OBPL is the lease rental income received from the total saleable area of the shopping complex, maintenance charges payable by the lessees for the same. In addition to this, parking charges and advertisement revenue are secondary sources of income. During FY14, OBPL reported a net profit of INR0.18 crore on a total operating income (TOI) of INR3.58 crore as against a net profit of INR0.17 crore on a TOI of INR3.61 crore in FY13. OSAKA PHARMACEUTICALS: CARE Ups Rating on INR13.83cr Loan to 'B' ---------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Osaka Pharmaceuticals Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 13.83 CARE B Revised from CARE D Short term Bank Facilities 10.00 CARE A4 Revised from CARE D Rating Rationale The revision in the ratings assigned to the bank facilities of Osaka Pharmaceuticals Private Limited (OPPL) is on account of timely servicing of term loan repayments. The ratings continues to be constrained by the relatively modest scale of operations, moderate profitability margins, moderately leveraged capital structure and debt coverage indicator and working capital intensive nature of operations. The ratings further continue to be constrained by vulnerability of profitability margins to volatility in the raw material prices & foreign exchange fluctuations and presence in the highly competitive and fragmented industry. The aforesaid constraints, however, are partially offset by the strength derived from the established track record of the promoters. Ability of OPPL to improve its liquidity position along with efficient management of working capital cycle are the key rating sensitivities. Incorporated in 2004, Osaka Pharmaceuticals Private Limited (OPPL) is engaged in manufacturing and export of pharmaceutical formulations (injectable, tablets, capsules and oral liquids) across various therapeutic categories viz. antiinfectives, anti-diabetic, cardiovascular, gastro-intestinal, neutraceuticals, respiratory, anti-allergic, neuro-psychiatric and veterinary division. The company undertakes contract manufacturing for domestic and global pharmaceutical companies on a Principal to Principal (P2P) basis. OPPL primarily earns its revenues from the overseas markets primarily from the semi-regulated markets of South-East Asia, Africa and Central America. The company has its manufacturing facility located at Vadodara (Gujarat) and is WHO- GMP (Certificate of Good manufacturing Practices) compliant. The OPPL has completed the project for ointment plant within the envisaged cost and time. During FY14 (refers to the period April 1 to March 31), OPPL reported a total operating income of INR92.86 crore (vis-a-vis INR74.75 crore in FY13) and PAT of INR3.34 crore (vis-a-vis INR1.76 crore in FY13). As per H1FY15 provisional results, OPPL has achieved the total operating income of INR56.06 crore. R.B. RICE: ICRA Reaffirms B Rating on INR12cr Fund Based Loan ------------------------------------------------------------- ICRA has reaffirmed the long-term rating of [ICRA]B for INR12.0 crore bank lines of R.B. Rice Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limits 12.00 [ICRA]B (reaffirmed) The rating action factors in weak financial profile and stretched liquidity position of the firm as reflected by low profitability, high working capital limits utilization and high gearing level. The rating continues to be constrained by high intensity of competition in the industry and agro climatic risks, which can affect the availability of paddy in adverse weather conditions. ICRA has also taken note of the risks inherent in a partnership firm like limited ability to raise equity capital, risk of dissolution due to death/retirement/insolvency of partners etc. The rating, however favorably takes into account long standing experience of promoters in rice industry and the proximity of the mill to major rice growing area which results in easy availability of paddy. R.B. Rice Industries (RBRI) is a partnership firm established in 2000. The firm is primarily engaged in milling of basmati rice. RBRI's milling unit is based out of Fazilka, Ferozepur, Punjab with an installed capacity of 4 tons/hr. The firm purchases paddy from the local markets in and around Jalalabad. The firm is also involved in export of rice to countries like Iran, UAE and Iraq. Recent Results The firm reported a PAT of INR0.19 crore on an operating income of INR53.22 crore in FY2014 against PAT of INR0.15 crore on an operating income of INR29.92 crore in FY2013. RALLIFAN LIMITED: ICRA Reaffirms B Rating on INR6cr Cash Credit --------------------------------------------------------------- ICRA has re-affirmed the long term rating of [ICRA]B for the INR6.00 crore fund based cash credit limits of Rallifan Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based Limit- Cash Credit 6.00 [ICRA]B re-affirmed The rating reaffirmation takes into account RL's weak financial profile as reflected by low and declining profits, high gearing and depressed coverage indicators, which deteriorated further in 2013-14. ICRA also takes into account the high working capital intensity of operations leading to a stretched liquidity position for RL as reflected by high utilisation of the bank limits restricting the company's financial flexibility and the small scale of its current operations amidst intense competition on account of fragmented nature of electric fan industry. The company is also exposed to geographic concentration risk as around 97% of the sales are derived from a single state West Bengal. The rating reaffirmation, however, takes into account the experience of the promoters in the electric fan industry and the company's established dealership network, particularly in West Bengal. Going forward, RL's ability to grow its business and improve profitability without significantly increasing the debt levels arising out of higher working capital requirements would remain a key rating sensitivity. Rallifan Limited (formerly Poddar Nuddea International Limited and Unique Global Limited), is promoted by Kolkata based Poddar HMP Group and was incorporated in the year 1983. The brand Rallifan was acquired from the Tata Group during the year 1990. The company is currently engaged in trading of electric fans such as pedestal, ceiling and table fans. Recent Results Rallifan Limited reported a profit after tax of INR0.01 crore during the financial year 2013-14 on an operating income of INR22.23 crores, as against a profit after tax of INR0.04 crore on an operating income of INR21.97 crores during the financial year 2012-13. RAMANJANEYA MODERN: ICRA Reaffirms B+ Rating on INR5cr FB Loan -------------------------------------------------------------- ICRA has reaffirmed the long term rating of [ICRA]B+ assigned to INR5.00 crore fund based limits of Ramanjaneya Modern Rice Mill. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based Limits 5.00 [ICRA]B+ reaffirmed The reaffirmation of rating factors in the modest scale of operations in the rice industry with revenues of INR21.24 crore in FY2014; moderate financial profile of the firm characterized by low profitability of 2.81%, low gearing levels at 0.59 times and modest coverage indicators at 1.21 times in FY2014; and risks inherent to a partnership firm. This apart, the rating is also constrained by the susceptibility of profitability & revenues to agro-climatic risks which impact the availability of paddy in adverse weather conditions and intensely competitive nature of rice industry with presence of several small-scale players which puts pressure on the operating margins. The rating, however, takes comfort from the long track record of the promoters in the rice mill business, presence in major rice growing area results in easy availability of paddy and favorable demand prospects for rice with India being the second largest producer and consumer of rice internationally. Going forward, the ability of the firm to improve its profitability and efficiently managing its working capital requirements remains the key rating sensitivity. Founded in the year 2002 as a partnership firm, Ramanjaneya Modern Rice Mill (RMRM) is engaged in the milling of paddy and produces raw rice. The rice mill is located at Cherukuwada village of West Godavari district, Andhra Pradesh. The installed production capacity of the rice mill is 5 tons per hour. Recent Results For FY2014, the firm reported profit after tax of INR0.06 crore for operating income of INR21.24 crore as against profit after tax of INR0.04 crore for operating income of INR19.93 crore in FY2013. RISHI ICE: CARE Reaffirms 'B' Rating on INR13.60cr LT Bank Loan --------------------------------------------------------------- CARE reaffirms the rating assigned to the bank facilities of Rishi Ice and Cold Storage Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 13.60 CARE B Reaffirmed Rating Rationale The rating assigned to the bank facilities of Rishi Ice and Cold Storage Private Limited (RICSPL) continues to be constrained by the relatively small scale of operations, leveraged capital structure and weak debt coverage indicators. The rating further continues to be constrained by working capital intensive nature of operation and existence in the highly competitive & fragmented industry. The rating, however, continues to derive strength from the wide experience of the promoters in the industry and healthy profitability margins. Ability of the entity to improve its overall scale of operation and profitability amidst intense competition along with efficient management of the working capital cycle would be the key rating sensitivities. Incorporated in the year 2002 & commenced commercial operations in March 2006, Rishi Ice and Cold Storage Private Limited (RICSPL) is engaged in the business of providing cold and dry storage service for various products such as grains, spices, dates, dry fruits and milk products. RICSPL has both its multi-purpose storage facility (having storage capacity of 20,000 MTPA, and average utilization level of 75% in FY14 refers to the period April 1 to March 31) and controlling office located in Mumbai. During FY14, the total operating income of RICSPL stood at INR7.20 crore (compared to INR7.41 crore in FY13) while net profit of the entity stood at INR0.41 crore (compared to INR0.58 crore in FY13). SADHANA PACKAGING: ICRA Ups Rating on INR9.60cr Bank Loan to B -------------------------------------------------------------- ICRA has upgraded its long-term rating on the INR9.601 crore (enhanced from INR8.50 crore) fund-based bank facilities of Sadhana Packaging Private Limited to [ICRA]B from [ICRA]B-. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based bank 9.60 [ICRA]B; upgraded Facilities The rating revision is driven by SPPL's ability to add established players in the cement industry to its client base which has enabled it to ramp up its operations within a short span of time, since commencement of commercial operations in November 2012. The company has been able to increase its capacity utilization to 84% in the recent months. Over the past two years, the company has been able to add customers like Prism Cement Limited (rated [ICRA]A-(Stable)/[ICRA]A1) and Shree Cements Limited. The rating continues to favorably factor in the extensive experience of the promoters in the plastics industry. However despite the increase in operating scale, SPPL's operating profitability remains low, which coupled with high interest expense and scheduled repayments, has kept its liquidity under pressure. Low profitability and accruals have necessitated external funding support to meet the debt repayments and incremental working capital requirements, which have been met through working capital borrowings as well as promoter funds. The company's profitability is expected to remain constrained given its presence in a highly fragmented and competitive industry with low entry barriers and limited product differentiation. The rating is also constrained by the high sector and customer concentration with the cement sector accounting for the company's entire sales and its top three customers account for ~90% of the total sales. The ratings also factor in the vulnerability of the company's profitability to volatility in the prices of raw materials i.e. polymers, and limited ability to pass on the hikes in input costs in a timely manner. The rating also factors in the proposed debt funded capital expenditure for increasing the capacity which would keep the company's financial profile and liquidity stretched. Going forward, the company's ability to improve its profitability to generate sufficient accruals, maintain high capacity utilization, along with the quantum of capital expenditure and the funding mix thereof, will be the key rating sensitivities. SPPL, incorporated in 2011, is a manufacturer and supplier of woven packaging material, specializing in Polypropylene (PP) sacks for use in the cement industry. The company started commercial production in November 2012. The company's manufacturing facility located in Richhai Industrial Area in Jabalpur, Madhya Pradesh is equipped with an installed capacity of 3600 metric tonnes per annum. SPPL is being managed by Mr. Narendra Kulkarni who has more than 25 years of experience in the plastics and packaging industry. He has been earlier associated with industrial units in Madhya Pradesh which were engaged in the reprocessing of PP granules. Recent Results In 2013-14, its first full year of operations, SPPL reported an Operating Income of INR31.50 crore and a Net Loss of INR0.02 crore. SAHANU SPONGE: CARE Reaffirms B+ Rating on INR13.61cr LT Loan ------------------------------------------------------------- CARE reaffirms the ratings assigned to bank facilities of Sahanu Sponge and Power Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 13.61 CARE B+ Reaffirmed Short term Bank Facilities 0.30 CARE A4 Reaffirmed Rating Rationale The ratings continue to remain constrained due to the limited track record of operations of Sahanu Sponge & Power Limited (SSPL) in the highly competitive and fragmented steel bars segment. The ratings further continue to remain constrained on account of its weak financial profile characterized by leveraged capital structure and weak debt coverage indicators, working capital intensive nature of operations, cyclical nature of the steel sector and exposure to volatile raw material prices. The ratings, however, continue to take into account the long experience of the promoters in the steel sector, coupled with moderate capacity utilization and its diversified customer base. Ability of the company to stabilize its operations, utilize the installed capacity optimally and manage volatility in raw material prices remains the key rating sensitivity. Goa-based, SSPL was incorporated in 2003 for the manufacturing of sponge iron and generation of electricity. The company remained dormant up to May 2012 and in June 2012 acquired the production facilities of Srithik Rolling Private Limited. SSPL restarted commercial production of steel Thermo Mechanically Treated (TMT) bars, under the new management team comprising of Mr Sunil Garg, Mr. Pawan Bansal, Mr Rajendra Singhal and Mr Tushar Garg. SSPL manufactures Steel TMT bars of various specifications and markets the same as "GOA GOLD TMT". SSPL's facilities, which commenced operations from July 2012, are ISO certified and have an annual capacity of 45,000 Metric Tonnes Per Annum (MTPA). During FY14 (refers to the period April 1 to March 31), SSPL earned PAT of INR0.35 crore on a total operating income of INR70.33 crore against PAT of INR0.21 crore on a total operating income of INR48.76 crore during FY13. SAHELI METALS: ICRA Suspends B Rating on INR7.7cr Loan ------------------------------------------------------ ICRA has suspended the [ICRA]B and [ICRA]A4 ratings assigned to the INR7.70 crore working capital facilities of Saheli Metals Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. SATYAM RICE: ICRA Suspends B Rating on INR7cr Long Term Loan ------------------------------------------------------------ ICRA has suspended the long term rating of [ICRA]B assigned to the INR7.00 crore fund based bank facilities of Satyam Rice Mills. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term-Fund Based Limits 7.00 [ICRA]B; Suspended The rating was suspended due to lack of cooperation by the client to provide any further information. Satyam Rice Mills was established in the year 1993 as a partnership firm with Mr. Sushil Garg and Mr. Satish Garg as partners. Milling capacity of the plant is 3 tonnes/hr of paddy. Satyam Rice Mill is engaged in the business of processing and trading of rice in domestic market. No export sales are made by the firm. As per the management they also perform custom milling operations for. The entire raw material requirement is purchased from mandi in Uttar Pradesh and Haryana. Company is having its manufacturing unit at Jind Road, Karnal, Haryana. SHIVDHARA INFRA: CARE Assigns B+ Rating to INR28.42cr LT Loan ------------------------------------------------------------- CARE assigns 'CARE B+' rating to the bank facilities of Shivdhara Infra. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 28.42 CARE B+ Assigned Rating Rationale The rating assigned to the bank facilities of Shivdhara Infra (Shivdhara) is primarily constrained on account of the saleability risk associated with the ongoing real estate project, partnership nature of constitution and its presence in a highly fragmented and cyclical real estate industry which is currently facing a subdued scenario. However, the rating derives strength from experienced promoters, established track record of operations of the group and advanced stage of implementation of the project. The ability of Shivdhara to successfully complete on-going real estate project and timely receipt of sale proceeds from customers are the key rating sensitivities. Shivdhara is a partnership firm formed in March 2012 by 8 partners viz. Mr. Kishorbhai Savaj, Mr.Vipulkumar Hirpara, Mr. Ashokbhai Jodhani, Mr.Rameshbhai Savaliya, Mrs Harshaben Desai, Mr Nitinbhai Mistry, Mr. Dalsukhbhai Chovatiya and Mr.Vipulbhai Desai. Shivdhara is involved in construction of residential and commercial complexes in Surat region. SHREE RAMDEV: ICRA Suspends B+ Rating on INR10.49cr LT Loan ----------------------------------------------------------- ICRA has suspended [ICRA]B+ rating reaffirmed to the INR10.49 crore long term loans & working capital facilities of Shree Ramdev Cotton Ginning. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the firm. Established in 2007 as a proprietorship concern, Shree Ramdev Cotton Ginning (SRCG) was converted into a partnership firm in 2009. The firm is owned and managed by Mr. Vallabhbhai Manjibhai, Mr. Sanjaybhai Kapuriya and Mrs. Sangitaben Kapuriya. The firm is engaged in cotton ginning and pressing operations located at Bhunava in Rajkot district of Gujarat. The firm currently has 24 ginning machine and 1 pressing machine with the installed capacity of producing 250 cotton bales per day (24 hours operation). SHREE YAMUNA: ICRA Reaffirms B Rating on INR4cr Cash Credit ----------------------------------------------------------- ICRA has reaffirmed the long-term rating assigned to the INR2.16 crore (reduced from INR2.40 crore) term loan and INR4.00 crore fund based cash credit facilities of Shree Yamuna Ginning and Pressing Factory at [ICRA]B. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based-Cash Credit 4.00 [ICRA]B reaffirmed Long Term Fund Based-Term Loan 2.16 [ICRA]B reaffirmed The rating reaffirmation takes into account the small scale and limited track record of the firm with operations commencing in October 2013. The ratings continue to factor in the vulnerability of profitability to adverse movements in raw cotton which are subject to seasonality and crop harvest; the regulatory risk with regard to MSP; and the firm's low bargaining power given the limited value addition and the highly competitive & fragmented industry structure due to low entry barriers. The rating is further constrained by the firm's weak financial profile characterized by thin margins and highly leveraged capital structure on account of primarily debt funded nature of the project resulting in modest debt coverage indicators. ICRA also notes that SYGPF is a partnership firm and any significant withdrawals from the capital account could affect its net worth and thereby its capital structure. The rating, however, favourably factors in the longstanding experience of the promoters in the cotton industry through other associate concerns and the established business relations of the promoters with spinning mills in the state and in South India. The ratings also consider the favourable location of the firm in Jamnagar, Gujarat in proximity to raw material suppliers and downstream processing units. Established in August 2012 as a partnership firm, Shree Yamuna Ginning and Pressing Factory (SYGPF) is engaged in ginning and pressing of raw cotton. The manufacturing facility is located in Jamnagar, Gujarat and is equipped with 18 ginning machines with an input capacity of 100 MT/day to produce 200 bales with 24 hours of operations. The commercial operations commenced in October 2013. The firm is promoted and managed by Mr. Sumit Asani, Mr. Rasikbhai Pabari and Mr. Prabhudas Sutaria along with other family members and relatives. Recent Results During FY 2014 (6M), the company reported an operating income of INR17.92 crore and profit before tax of INR0.13 crore. Further during the first eight months of FY 2015, the company reported an operating income of INR19.86 crore and profit before depreciation and tax of INR0.24 crore (as per provisional unaudited financials). SONA EDUCATIONAL: ICRA Reaffirms B- Rating on INR21cr Bank Loan --------------------------------------------------------------- ICRA has reaffirmed its long-term rating on the INR21.001 crore fund-based bank facilities of Sona Educational Society at [ICRA]B. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based bank facilities 21.00 [ICRA]B-; reaffirmed ICRA's rating is constrained by the time and cost overruns in the society's ongoing school project, which render challenging the society's ability to successfully launch the school to cover academic session 2015-16 and would require timely funding support from the society members for project completion. The rating continues to factor in the society's plan to operate the school under its own brand, which coupled with its location in an area with low population and high competition from established schools in Gurgaon (Haryana), could put pressure on enrollments/fee pricing flexibility of the school. ICRA also notes that lower than targeted enrollments can adversely impact the cash flows, debt servicing ability, increase the gestation period and could necessitate further funding support from the society members. The rating positively factors in the premium infrastructure and technical facilities planned to be offered by the school as the campus is being established in a 20 acre area which gives it an edge over schools located in populated areas, where availability of large land tracts is limited. ICRA views the upcoming residential developments in the vicinity positively, but believes that these provide prospects only over a long term horizon. Going forward, timely completion of the project, quick ramp-up of student enrollments and timely funding of any cash shortfalls by the promoters, would be the key rating sensitivities. SES is a charitable trust incorporated in August 2008 and is managed by Mr. Rishi Raj Jain. SES is currently developing a K-12 school on a 20 acre plot located at a distance of 25 kms from Gurgaon, Haryana on the Gurgaon-Sohna Road. The construction of Phase-1 of the project started in April 2013, and envisages setting-up a primary school, at an estimated project cost of INR38.0 crore. The school which is scheduled to be operational for the academic year 2015-16, will operate under the society's own brand name "SCZ World School". SES plans to add facilities for secondary and senior secondary classes subsequently. SPICEJET LTD: Rescue Plan Maybe Finalized by End of January ----------------------------------------------------------- A package to bail out SpiceJet Ltd could be finalised as early as this month, two sources with direct knowledge of the deal told Reuters, raising the prospect of a last-minute rescue for the indebted carrier. SpiceJet, India's second largest budget airline, was forced to ground its fleet briefly last month after it ran out of cash to pay creditors and its majority owner, billionaire Kalanithi Maran's Sun Group, said it would not put up any more money, according to Reuters. Two days later, SpiceJet co-founder Ajay Singh said he was working on a financial plan with US private equity investors, under which the current owners would sell their stake and fresh capital would be injected into the airline, Reuters relates. According to Reuters, Mr. Singh and his partners last week handed the government a more detailed plan, and a package could be ready as early as the end of January once due diligence is completed, a senior civil aviation ministry official and a source close to the situation said. Both individuals spoke on the condition of anonymity, Reuters notes. Reuters says the government is keen to avoid what would be the second collapse of an airline since 2012, following the grounding of Kingfisher Airlines Ltd less than two and a half years ago. Loss-making SpiceJet, which began life in 2005, employs around 5,000 people and operates 230 flights a day in a market where demand for air travel is rising rapidly but making a profit has proven difficult for most major airlines. SpiceJet will also start paying money it owes the airport regulator, the aviation ministry official said, Reuters relays. Reuters adds that the carrier had been granted several extensions, the latest of which expires on Saturday, while talks with potential investors continue. About SpiceJet SpiceJet Limited -- http://www.spicejet.com/-- is an India-based low-budget air carrier. The Company operates daily flights between major cities in India. The carrier is India's second- biggest budget airline, after IndiGo. As reported in the Troubled Company Reporter-Asia Pacific on May 21, 2014, The Times of India said SpiceJet has posted its highest ever annual loss of INR1,003.2 crore in the financial year 2013-14 up five times from INR191 crore in the previous fiscal. As reported in the TCR-AP on Nov. 17, 2014, The Times of India said auditors of financially struggling SpiceJet airlines have cast 'significant' doubts on the ailing company's future. The low-cost carrier incurred a loss of INR310 crore in the quarter ended Sept. 30, 2014, down 45% from the loss of INR560 crore in same period last fiscal. "As of that date (Sept. 30, 2014) the company's total liabilities exceed its total assets by INR1,459.7 crore. These conditions . . . indicate the existence of a material uncertainty that may cast significant doubt about the company's ability to continue as auditors point out that SpiceJet had made no provision for interest of INR7.5 crore. "Had the same been accounted for, the net loss for the quarter ended Sept.30, 2014, would have been higher by INR7.5 crore," the auditor said. SRG ALUMINUM: CARE Lowers Rating on INR5.15cr LT Bank Loan to 'D' ----------------------------------------------------------------- CARE revises ratings assigned to bank facilities of SRG Aluminum Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.15 CARE D Revised from CARE B+ Rating Rationale The revision in the rating assigned to the bank facilities of SRG Aluminum Private Limited (SRG) primarily factors in the irregularity in servicing of its debt obligations due to weak liquidity position. Incorporated in November 2010, SRG is engaged in the manufacturing of aluminium alloy ingots from metal scraps (which it procures from Middle East, African and European countries). The aluminium ingots find usage in automobile, railways and electrical appliances sectors. The manufacturing facility is located at Tansen Road, Gwalior (Madhya Pradesh) with an installed capacity of 7,000 metric tonnes per annum as on March 31, 2013. SRG started commercial operations from August 2011, and therefore, FY13 (refers to the period April 1 to March 31) was the first full year of operations. The capacity utilization remained at 65% during FY13. SRI P.V.N: ICRA Suspends B+/A4 Rating on INR15cr Bank Loan ---------------------------------------------------------- ICRA has suspended [ICRA]B+/[ICRA]A4 rating assigned to INR15.00 crore bank facilities of Sri P.V.N Raw & Boiled Rice Mill. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the firm. SRI RAMALINGESWARA: CARE Reaffirms B+ Rating on INR22cr LT Loan --------------------------------------------------------------- CARE reaffirms the ratings assigned to bank facilities of Sri Ramalingeswara Rice and Oil Mills. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 22.00 CARE B+ Re-affirmed Short term Bank Facilities 1.08 CARE A4 Re-affirmed Rating Rationale The ratings continue to remain constrained by the relatively low profitability, leveraged capital structure with stretched debt coverage indictors, seasonality in the availability of raw material which leads to low capacity utilization, working capital intensive nature of operation and regulated and fragmented nature of the industry. The ratings also factors in the subdued financial performance in FY14 (refers to the period April 1 to March 31) with a sharp decline in operating income, profit level, and cash accrual during the year. The ratings are, however, underpinned by the long experience of the promoter, proximity to major paddy growing and processing region and increased production volume during FY14. The ability of the firm to improve profitability and capital structure and effectively manage its working capital requirements are the key rating sensitivities. Set up in 1950 as a partnership firm by Mr Pattabhi Chowdary, Sri Ramalingeswara Rice and Oil Mills (SRR) is engaged in milling, trading & exports of raw and boiled rice. The firm has rice milling/processing unit (capacity of 40 MT per day) located at Velpur in West Godavari district of Andhra Pradesh (A.P.). The firm has three managing partners; Mr Banda Ramchandra Rao, Mr Banda Venkata Krishna Rao and Mr Banda Veera Venkata Satya Krishna Govind each having a share of 44%, 28% and 28% respectively. During FY14, SRR posted PBILDT of INR10.72 crore (FY13: INR20.72 crore) and PAT (after deferred tax) of INR0.66 crore (FY13: INR7.62 crore) on a total operating income of INR300.99 crore (FY13: INR595.71 crore). As per the unaudited working results for H1FY15 (refers to the period April 1, 2014 to September 30, 2014), SRR achieved a total operating income of INR123 crore. TAPOVAN INTERNATIONAL: CARE Reaffirms B+ Rating on INR5.73cr Loan ----------------------------------------------------------------- CARE reaffirms the ratings assigned to bank facilities of Tapovan International School. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.73 CARE B+ Re-affirmed Rating Rationale The rating assigned to the Tapovan International School (TIS) continues to remain constrained on account of its weak financial risk profile marked by highly leveraged capital structure, below moderate debt coverage indicators and dependence on external sources for debt repayment. The rating, however, continues to derive strength from the strong group support, high operating margin, long-term revenue visibility of TIS due to rental agreement with Madhav Education Trust (MET) and other sources of income of the proprietor. The rating also derived strength from the increased scale of operations of MET. The ability of TIS to increase its rental inflow and continued inflow from other income sources is the key rating sensitivity. TIS was started in May 2010 by Mr Chirag Patel. The school is managed and run by MET which was established in 2010 to run TIS by the promoter and founder (Mr Dashrathbhai V Patel) of Gujarat Multi Gas Base (GMGB) Group which is engaged in manufacturing of different grades of specialty chemicals. Mr Chirag Patel, who is a trustee in MET and proprietor of TIS, has constructed the school building which has been leased out to MET. TIS has taken term loan for the construction of school building and will be servicing the loan from rental income from MET. The school is spread over 23 acres of land in Mehsana. It is a day boarding-cum-residential school with hostel facility for the students not belonging to Mehsana. The school is co- educational and English medium affiliated to the Central Board of Secondary Education (CBSE). Key Updates Growth in the total operating income and net profit In FY14 (refers to the period April 1 to March 31), the Total Operating Income (TOI) of TIS increased by 34% mainly due to an increase in the rent received. In FY14, the rent amount increased to INR2.40 crore per annum as compared to INR1.44 crore per annum in FY13. Moreover, the PBILDT margin remained strong as no major operational expenses are incurred in TIS. In FY14 it reported PBILDT margin of 96.43% as compared to 96.32% in FY13. Moreover in FY14 it reported positive net profit for the first time with a PAT margin of 6.25% due to lower interest and depreciation expenses. The GCA level sharply improved to INR1.70 crore in FY14 as against INR0.65 crore in FY13. Improvement in operations of MET The total number of students increased to 791 in the Academic Year (AY) 13-14 as compared to 598 students in AY12-13. The average annual fees charged per student increased to INR58, 072 in AY 13- 14 as against INR57,361 in AY 12-13. Moreover during AY 14-15, the total student strength increased to 1024 and average fees charged were INR63,983. The increased in the total student in AY13-14 and AY14-15 were primarily due to commencement of standard X and XI respectively. Marginal improvement in the capital structure albeit remained highly leveraged The capital structure of TIS continued to remain highly leveraged due to high borrowing and low net worth base. As the cash flow of TIS is not sufficient to repay its debt obligations, it is highly dependent on the unsecured loan received from friends and relatives. Apart from this, TIS has executed few debts funded capex in the past which is also one of the reasons for the high debt level. As on March 31, 2014 total debt level was INR14.16 crore which included term loan of INR6.24 crore, loans and advances from related parties of INR7.92 crore. The gearing level remained high at 13.66 times as on March 31, 2014 as against 15.97 times as on March 31, 2013. During FY14, the debt coverage indicators, however, improved to moderate level marked by interest coverage ratio of 2.04 times as against 1.35 times in FY13 and total debt to GCA level at 8.31 times as against 22.09 times in FY13. TELMOS ELECTRONICS: ICRA Suspends B/A4 Rating on INR10cr Loan ------------------------------------------------------------- ICRA has suspended [ICRA]B/[ICRA]A4 rating assigned to the INR10.0 crore, long working capital facilities and non fund based limits of Telmos Electronics. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. ULTRA HOME: CARE Assigns B Rating to INR204.56cr LT Bank Loan ------------------------------------------------------------- CARE assigns 'CARE B' rating to bank facilities of Ultra Home Construction Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 204.56 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of Ultra Home Construction Private Limited (UHC) is constrained by off-take risk associated with leasing of commercial space and IT Park along with demand off-take risk for hotel. The rating is also constrained due to slowdown in real estate. The rating, however, derives strength from the experienced and resourceful promoters, substantial completion of the project under development and collaboration agreement for hotel property already executed. Going forward, timely recovery of sales receipts, achievement of estimated lease rentals from commercial space and timely commencement of hotel operations would be the key rating sensitivities. UHC was incorporated in April 2004 as a private limited company to carry out real estate development in both residential and commercial segment. UHC founded by Mr Anil Kumar Sharma is the flagship company of the Amrapali group; the group has more than 16 years of experience with completed projects (both residential and commercial) spread over 100 acres in Delhi-NCR and Greater Noida market. As on March 31, 2014, the group has executed 20 projects and has 6 projects under execution. UHC had undertaken a commercial project Amrapali Tech-Park located in Greater Noida in April 2010. As on March 31, 2014, UHC had completed the said project at a total cost of INR722 crore. The company is in the process of leasing the commercial space of IT park. Moreover, the hotel under the said project is proposed to commence commercial operational from Q4FY15. VAIBHAV COTTON: CARE Revises Rating on INR5.08cr LT Loan to 'B+' ---------------------------------------------------------------- CARE revises ratings assigned to bank facilities of Vaibhav Cotton Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 5.08 CARE B+ Revised from CARE B Rating Rationale The revision in the rating assigned to the bank facilities of Vaibhav Cotton Industries (VCI) is primarily due to increase in the total operating income (TOI) during FY14 (refers to the period April 1 to March 31), improvement in the capital structure, debt coverage indicators and working capital cycle. The rating, however, continues to be constrained by its presence in lowest segment of the textile value chain with limited value addition in the cotton ginning business and seasonality associated with procurement of raw material resulting into working-capital intensive nature of operations. The rating also takes into account decline in operating profit margins during FY14. The rating continues to take comfort from the wide experience of the partners of VCI in the cotton industry coupled with locational advantage in terms of proximity to the cotton-growing region in Gujarat. The ability of VCI to increase its scale of operations, improving its profit margins, capital structure and better working capital management in light of the competitive nature of the industry remain the key rating sensitivities. VCI was established during April 2009 by 11 partners with unequal profit and loss sharing agreement between them and commenced commercial operations from November 2009. All the key activities of the firm are mainly controlled by managing partner Mr Satish Gojaria. VCI is engaged in cotton ginning and pressing activity and it has an installed capacity of 4,250 metric tonnes per annum (MTPA) for cotton bales and 7,500 MTPA for cotton seeds as on March 31, 2014, at its sole manufacturing facility located at Amreli (Gujarat). During FY14, VCI reported TOI of INR26.27 crore and PAT of INR0.06 crore as against TOI of INR18.89 crore and PAT of INR0.04 crore during FY13. VICHOOR BITU: ICRA Assigns B+ Rating to INR5.5cr LT Loan -------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B+ to the INR5.50 crore fund based facilities of Vichoor Bitu Chemicals. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term, Fund Based 5.50 [ICRA]B+ Assigned For arriving at the ratings, ICRA has taken a consolidated view of Vichoor along with group company -- Vinora Industries -- as they operate in same line of business, have operational linkages and share a common management. The rating takes into consideration the competition in the highly fragmented bitumen market, which limits pricing flexibility, resulting in thin margins; the firm's highly leveraged capital structure; and risks associated with being a partnership firm. The rating however, favourably considers the long-standing experience of the promoters in the bitumen industry; the firm's established relationship with suppliers and customers; and the fleet of trucks owned by Vichoor and group entity -- Vinora Transports, enabling timely delivery of products and furthering the firm's reach. Vichoor Bitu Chemicals was established in 2002 as a partnership firm by Mr. S. Rajan and his spouse Ms. Uma Maheshwari. Vichoor is engaged in the manufacture of industrial grade bitumen of various softening and penetration specifications, such as B85/25, B90/15 and B115/15. The firm is also engaged in the trading of straight grade bitumen such as VG10 and VG 30. While straight grade bitumen finds direct use in road constructions as a binding agent, industrial grades find use in waterproofing and anti-corrosive applications, paint manufacture, and other related fields. Vichoor has manufacturing facilities located at SIDCO Industrial Estate -- Chennai and Samayapuram, Trichy. Other group entities where the promoter has interest include -- Vinora Industries -- engaged in the manufacture of steel barrels and bitumen emulsions, Vinora Transports -- engaged in the transportation of bitumen and other heavy liquids and Moogambika Constructions and Vinora Infrastructure, both involved in road construction. For FY 2013-14, Vichoor reported a PAT of INR1.37 crore on net sales of INR107.97 crore as against a PAT of INR1.74 crore on net sales of INR123.8 crore in FY 2012-13. VIDS OVERSEAS: CARE Revises Rating on INR0.90cr Loan to 'B+' ------------------------------------------------------------ CARE revises and reaffirms rating assigned to the bank facilities of Vids Overseas. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 0.90 CARE B+ Revised from CARE B Short-term Bank Facilities 7.50 CARE A4+ Reaffirmed The rating assigned by CARE is based on the capital deployed by the partners and the financial strength of the firm at present. The rating may undergo change in case of withdrawal of capital or the unsecured loans brought in by the partners in addition to the financial performance and other relevant factors. Rating Rationale The revision in the long term rating assigned to the bank facilities of Vids Overseas (VO) factors in the improvement in the capital structure and debt coverage indicators. The ratings continue to be constrained by relatively small scale of operation, low capitalization and stretched working capital cycle. The ratings are further constrained by presence in highly fragmented industry leading to intense competition, susceptibility of profitability margins to volatile prices of traded material, customer and supplier concentration risk and constitution of entity as a partnership firm. The aforesaid constraints are partially offset by the strengths derived from the experienced partners along with their financial support in past. Ability of VD to achieve the envisaged turnover and profitability amidst the intense competition and efficiently manage its working capital cycle are the key rating sensitivities. Vids Overseas (VD) was established in 2005 as a partnership firm by Mr. Anand Agarwal and Mr. Sandeep Goyal. VD is engaged into trading of fabrics (polyester, denim, viscose and others). During FY14, VD earned its entire revenue from domestic market (majorly Mumbai) whereas purchases included 20% imports (of total purchases) mainly from China and Korea. VD has its owned warehouse located at Bhiwandi (Thane). During FY14 (refers to period April 1 to March 31), VD reported total income of INR18.33 crore (vis-a-vis INR20.22 crore) and PAT of INR0.11 crore (vis-a-vis INR0.13 crore in FY13). Furthermore as per H1FY15 (provisional) results, the firm has reported total income of INR18.90 crore and PAT of INR0.15 crore. Moreover for 7MFY15, VD has achieved total income of INR 21.74 crore. VIJAY TRADING: ICRA Assigns B+ Rating to INR7.5cr Cash Credit ------------------------------------------------------------- ICRA has assigned its long term rating of [ICRA]B+ to the INR7.50 Crore bank facilities of M/s Vijay Trading Company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 7.50 [ICRA]B+; assigned ICRA's rating factors in the low value additive nature of the firm's operations, its thin profitability resulting from high fragmentation and high competitive intensity in the industry and the vulnerability of VTC's profitability to adverse movements in the prices of traded goods (cotton and mustard oil seeds, oils and cakes). The rating also factors in the firm's weak financial profile characterized by a stretched liquidity position, low return indicators, and weak coverage indicators as reflected in interest coverage of 1.3 times and Net Cash Accruals/Total debt of 4.8% for 2013-14. The rating, however, favorably factors in the established track record of the promoters in trading of edible oils and oil seeds; the favorable demand outlook for edible oils in the domestic market and the location advantage the firm enjoys by virtue of its proximity to the main cotton and mustard producing belts of the country. The ability of the company to improve its profitability and maintain adequate liquidity will be the key rating sensitivities going forward. Vijay Trading Company was promoted by Mrs. Sita Rani as a proprietorship firm and was converted into a partnership firm in March 2014 with her son Mr. Rakesh Kumar joining the business. The firm is engaged in the trading of cotton and mustard seeds, oils and cakes. The firm operates out of its office in Muktsar, Punjab. Recent Results VTC reported an operating income of INR21.9 crore and profit after tax (PAT) of INR0.1 crore in 2013-14 as against an operating income of INR13.7 crore and PAT of INR0.1 crore in the previous year. VINORA INDUSTRIES: ICRA Assigns B+ Rating to INR3cr LT Loan ----------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B+ to the INR3.00 crore long-term fund based limits of Vinora Industries. ICRA has also assigned a short-term rating of [ICRA] A4 to the INR3.80 crore short-term non-fund based facilities of Vinora. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term, Fund Based 3.00 [ICRA]B+ Assigned Short-term, Non-fund Based 3.80 [ICRA]A4 Assigned For arriving at the ratings, ICRA has taken a consolidated view of Vinora along with group company -- Vichoor Bitu Chemicals -- as they operate in same line of business, have operational linkages and share a common management. The ratings take into consideration Vinora's small scale of operations; high competition in the industry which limits pricing flexibility and exposes the company to fluctuations in raw material prices, resulting in moderate margins; the firm's highly leveraged capital structure; and the risks associated with being a proprietorship concern. The ratings however, favourably consider the long-standing experience of the promoter in the industry; and the firm's established relationship with its customers and suppliers. Vinora Industries, established in 2004 as a proprietorship concern by Mr. S. Rajan, is engaged in the manufacture of steel barrels and containers which are used in the transportation of heavy liquids, chemicals, food grade products, etc. The firm is also engaged in the manufacture of CRMB (Crumbled Rubber Modified Bitumen) and bitumen emulsions, which finds use majorly in the surfacing of heavy duty and high traffic roads as a reinforcing agent. The firm has a manufacturing unit at SIDCO industrial estate, Chennai. Other group entities where the promoter has interest include -- Vichoor Bitu Chemicals -- engaged in the manufacture and trading of bitumen, Vinora Transports -- engaged in the transportation of bitumen and other heavy liquids and Moogambika Constructions and Vinora Infrastructure, both involved in road construction. For FY 2013-14, Vinora reported a PAT of INR0.75 crore on net sales of INR17.03 crore as against a PAT of INR1.00 crore on net sales of INR13.35 crore in FY 2012-13. WISDOM SOCIAL: ICRA Suspends B+ Rating on INR15cr Bank Loan ----------------------------------------------------------- ICRA has suspended the [ICRA]B+ rating assigned to the INR15.0 crore bank lines of Wisdom Social Welfare Trust. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. YASHVEER CERAMICS: ICRA Reaffirms B+ Rating on INR5.25cr Loan ------------------------------------------------------------- A rating of [ICRA]B+ has been reaffirmed to INR5.25 crore term loans and INR3.00 crore cash credit facility of Yashveer Ceramics. ICRA has also reaffirmed [ICRA]A4 rating to INR2.00 crore short- term non-fund based facilities (enhanced from INR1.00 crore) of YC. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term Fund Based-Cash Credit 3.00 [ICRA]B+; reaffirmed Long Term Fund Based-Term loan 5.25 [ICRA]B+; reaffirmed Short Term Non Fund Based-Bank Guarantee 2.00 [ICRA]A4; reaffirmed The ratings continue to be constrained by YC's stressed financial profile characterized by low profitability and return indicators. ICRA also takes into account the firm's limited economies of scale given it's relatively small scale of operations and highly competitive and fragmented nature of the industry; and susceptibility of margins to raw material price volatility & increasing prices of gas, as it is the major source of fuel. . ICRA also notes the dependence of operations and cash flows of the company on the performance of the real estate industry which is the main consumer sector. The ratings however have favorably considers the experience of the key promoters in the ceramic industry, diversified product profile with presence in digital tile printing segment, and location advantage enjoyed giving it easy access to raw material. Yashveer Ceramic (YC) is a wall tiles manufacturer with its plant situated at Morbi, Gujarat. The firm was established in 2010, and commenced commercial operations from May 2011. Yashveer Ceramics is promoted by Mr. Vipul Patel having 10 years of experience in ceramic industry along with other partners. The plant has an installed capacity of 40000 TPA. It currently manufactures wall tiles of sizes 18" x 12" and 12" x 24" with the current set of machineries and production facilities. Recent Results For the year ended 31st March 2014, the company reported an operating income of INR13.42 crore and profit after tax of INR0.30 crore. ========= J A P A N ========= AIFUL CORPORATION: JCR Ups LT Issuer Rating to B-; Outlook Stable ----------------------------------------------------------------- Japan Credit Rating Agency, Ltd. (JCR) upgraded Long-term Issuer Rating on AIFUL Corporation from #CCC/Positive to B- with Stable Outlook and upgraded rating on Bonds from #CCC/Positive to B JCR announces the following credit rating. Rationale (1) AIFUL Corporation on June 13 this year announced that each participating creditor under the consensual business revitalization alternative dispute resolution procedures had consented to its proposed partial repayment of debts and agreed to continue financial supports to it. JCR on the same date placed the ratings on the Company under Credit Monitor with "Positive" direction in order to confirm that the continual financial supports will stabilize the financing and business operations and also examine the impact of interest refund claims, which have not been steadily decreasing. (2) The Company is in a better situation for financing as its main banks have extended new loans through syndicated loans, etc. to make their supporting stance clear. The balance of unsecured loans, the Company's main business, has turned around as of September 30, 2014 to increase 0.8% from a year earlier as loans to new and existing customers are increasing, indicating that the operating bases are not likely to shrink further. Increasing retained earnings pushed up consolidated net assets to 141.6 billion yen as of September 30, 2014 from 123.1 billion yen a year earlier and boosted consolidated equity capital ratio to 26.3% from 21.1%. Attention should be paid to the fact that the number of interest refund claims stays at a high level. The Company's profits may not be sufficient to absorb the costs of the refunds in the case where future claims increase more than it projects. This factor, along with the ongoing financial aid, constrains the ratings, resulting in JCR's action to upgrade the long-term issuer rating only one notch. (3) The rating on the Bonds no.51 is higher than the long-term issuer rating as the bond redemption was not rescheduled under the continued financial supports and the bondholders are likely to be protected. Rating Issuer: AIFUL CORPORATION (security code: 8515) Long-term Issuer Rating: B- (from #CCC/Positive) Outlook: Stable Issue Amount Issue Date Due Date Coupon Rating ----- ------ ---------- -------- ------ ------ bonds JPY10BB 10/19/2005 10/19/2015 1.99% B (from no.51 #CCC/Positive) VUZIX CORP: June 2014 Noteholders Waive Anti-Dilution Protection ---------------------------------------------------------------- As previously disclosed in a current report on Form 8-K filed by Vuzix Corporation with the U.S. Securities and Exchange Commission on Jan. 2, 2015, in connection with the closing by the Company of the sale to Intel Corporation of an aggregate of 49,626 shares of the Company's Series A Convertible Preferred Stock, at a purchase price of $500 per share, for aggregate gross proceeds of $24,813,000, each of the holders of notes issued by the Company on June 3, 2014, agreed to irrevocably waive their rights to anti- dilution protection under Section 5(b) of the June Notes in the event the Company issues additional securities at a per share price lower than the conversion price of the June Notes. The obligations of the holder of the June Notes under the June Note Waiver will be binding on all assignees of the June Notes. Also in connection with the Offering, as previously disclosed, holders of approximately 86% of outstanding warrants issued by the Company in its public offering on July 30, 2013, and in connection with the conversion by certain holders of the Company's outstanding debt in connection with the Company's public offering agreed to irrevocably waive their rights to anti-dilution protection under Section 2(b) of the July 2013 Warrants in the event the Company issues additional securities at a per share price lower than the exercise price of the July 2013 Warrants. The obligations of the holder of the July 2013 Warrants under the July 2013 Warrant Waiver will be binding on all assignees of the July 2013 Warrants. As a result of the foregoing, the Company's stockholder equity (deficit) increased from ($9,973,188) to $22,970,939 and $8,384,127 in derivative liability was removed from the Company's balance sheet, as of Sept. 30, 2014, on a pro forma basis. About Vuzix Corporation Vuzix -- http://www.vuzix.com-- is a supplier of Video Eyewear products in the consumer, commercial and entertainment markets. The Company's products, personal display devices that offer users a portable high quality viewing experience, provide solutions for mobility, wearable displays and virtual and augmented reality. Vuzix holds 33 patents and 15 additional patents pending and numerous IP licenses in the Video Eyewear field. Founded in 1997, Vuzix is a public company with offices in Rochester, NY, Oxford, UK and Tokyo, Japan. As of Sept. 30, 2014, the Company had $3.94 million in total assets, $13.9 million in total liabilities and a $9.97 million stockholders' deficit. The Company's independent registered public accounting firm, EFP Rotenberg, LLP, in Rochester, New York, included in its report on the consolidated financial statements for the years ended Dec. 31, 2013, and 2012 an explanatory paragraph describing the existence of conditions that raise substantial doubt about the Company's ability to continue as a going concern, including continued operating losses and the potential inability to pay currently due debts. The Company has incurred a net loss from continuing operations consistently over the last 2 years. The Company incurred annual net losses from its continuing operations of $10,146,228 in 2013 and $4,747,387 in 2012, and has an accumulated deficit of $36,292,532 as of Dec. 31, 2013. The Company's ongoing losses have had a significant negative impact on the Company's financial position and liquidity, EFP Rotenberg said. =============== M A L A Y S I A =============== 1 MALAYSIA DEVELOPMENT: Denies Misled Auditors on Cayman Funds -------------------------------------------------------------- malaymail online reports that funds deposited by 1 Malaysia Development Bhd (1MDB) in the Cayman Islands have been redeemed, the state investor said on Jan. 11 to dismiss a DAP lawmaker's suggestion that its stated timeline to repatriate the billions was only meant to satisfy auditors. malaymail, citing a report by news portal Malaysiakini, relates that 1MDB reiterated that it has already brought home over MYR4 billion from the tax haven, with the remainder of the US$2.3 billion (MYR8.3 billion at current exchange rates) in the process of being redeemed. It further explained that the US$2.3 billion had previously been valued at MYR7.7 billion in its accounts finalised last March due to the ringgit's higher value then, the report relays. malaymail notes that the ringgit has fallen from a high of MYR3.10 last year to MYR3.55 against the dollar following a sharp decline in oil price that triggered concerns over the country's finances. "The process to do so has already commenced, and we will make an announcement as soon as this has been completed," 1MDB was quoted as saying in the Malaysiakini report, says malaymail. On Jan. 9, Petaling Jaya Utara MP Tony Pua asked if 1MDB had misled Deloitte Malaysia by stating that it will repatriate MYR4 billion from its Cayman deposits by November simply to close its books for the 2013 financial year, which was already months delayed. According to the report, new 1MDB president Arul Kanda asserted that 1MDB missed its stated timeline to repatriate billions of ringgit parked in the Cayman Islands due to the magnitude and complexity of the funds. 1MDB previously stated said the funds held by a Segregated Portfolio Company (SPC) in the Cayman Islands would be redeemed no later than December 31, 2014. Deputy Finance Minister Datuk Ahmad Maslan also told Parliament last November that all the money parked in the Cayman Islands would be brought back to Malaysia by the end of last year, malaymail says. 1MDB, a brainchild of Prime Minister Datuk Seri Najib Razak, has come under intense opposition scrutiny following revelations of its growing debt pile. Financial daily The Edge recently reported that the investment arm, which started as Terengganu's oil investment fund, had fail to pay a short term debt amounting to RM2 billion, prompting warnings of a rating downgrade. But on Jan. 6, Bloomberg reported Kanda defending the investment company's credentials, insisting that it has been a "responsible borrower". Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a government agency. The Company offers financial assistance, analysis, and advice through investors, corporations, and consultants to startups and growth companies. 1MDB focuses on investments with strategic value and high multiplier effects on the economy, particularly in energy, real estate, tourism, and agribusiness. ==================== N E W Z E A L A N D ==================== NEW ZEALAND ASSOCIATION: Fitch Affirms 'BB+' IDR; Outlook Stable ---------------------------------------------------------------- Fitch Ratings has affirmed New Zealand Association of Credit Unions' (trading as Co-op Money NZ) Long- and Short-Term Issuer Default Ratings (IDR) at 'BB+' and 'B' respectively. The Outlook on the Long-Term IDR is Stable. KEY RATING DRIVERS - IDRS Co-op Money NZ's ratings are constrained by its limited franchise and customer base, which is concentrated within New Zealand's credit union and building society sector. Co-op Money NZ's members account for less than 1% of the financial system and are unlikely to reach investment grade due to their level of geographical concentration and limited loss absorption capacity. In addition, absolute levels of profit and capital are also relatively low. Co-op Money NZ's low credit and market risk levels partially offset some of these factors. The outstanding legacy loan exposure of NZD399,000 was repaid in 1H15 and further recoveries are expected by FYE15. There are no plans to undertake further lending to end customers. The association mainly provides services to its member credit unions and building societies. Outside of its wholly owned insurance subsidiary, Credit Union Insurance Limited (IFS: BB+/Stable), trading as Co-op Insurance NZ, there is no direct exposure to its members' end customers. There is however some counterparty risk evident in the association's 'central banking' operations, which provide centralized liquidity management for members, giving them access to investments and returns they may not be able to obtain on a standalone basis. The provision of 'central banking' operations remains a dominant part of Co-op Money NZ's balance sheet, accounting for 95% of assets at FYE14 and all non-equity balance sheet funding. Concentration and liquidity risk remain evident, with the two largest depositors accounting for 53% of total deposits at FYE14. However the underlying member depositors appear to have reasonable levels of liquidity outside their Co-op Money NZ holdings. The association's investments are of reasonably high quality, with the majority (FYE14: 98%) being investment grade and the remainder pertaining to unrated local councils. FY14 operating profit was up 17%, though after adjusting for an unscheduled dividend from Co-op Insurance NZ, profitability was similar to FY13. Absolute profitability levels are low and since 2010 there has been some volatility in earnings. This has been driven in part by the performance of the legacy loan portfolio but also includes discounts and other benefits provided by Co-op Money NZ to full members. The expansion of the association's non-member customer base and additional arms-length revenue sources should result in improvements to overall profitability. Co-op Money NZ's capitalization is modest for a non-bank, with tangible common equity to tangible assets ratio improving to 9.40% at FYE14, and the absolute level remains small. Distributions to base capital noteholders are not directly related to profitability, which could result in some volatility in capital generation. Co-op Money NZ is a trade organisation and service provider made up of 17 members and five associate members within the credit union and building society sector at FYE14. It provides transactional, IT and liquidity services, offering economies of scale benefits for customers. It also owns Co-op Insurance NZ, which currently provides life and non-life products to customers of Co-op Money NZ's members. However, Co-op Insurance NZ is seeking to expand its customer base to direct customers. RATING SENSITIVITES - IDRs Co-op Money NZ's IDRs are sensitive to developments in New Zealand's credit union and building society sector. If conditions were to materially weaken, or larger members encounter difficulties, Co-op Money NZ's ratings would face downward pressure. Negative pressure would also be placed on ratings by loss of member confidence leading to member exits. A significant diversification of Co-op Money NZ's customer base and substantial increase in absolute capital and profitability levels would be required for positive rating momentum, which is considered unlikely in the short- to medium-term. The ratings are: New Zealand Association of Credit Unions: Long-Term IDR affirmed at 'BB+'; Outlook Stable; and Short-Term IDR affirmed at 'B'. SHANTON FASHIONS: Goes Into Voluntary Administration ---------------------------------------------------- Hamish Fletcher at The New Zealand Herald reports that the Shanton chain of women's clothing stores has gone into voluntary administration just over two years after it was bought out of receivership. The Herald relates that the administrator, Bryan Williams, said the 240 staff at the 37 Shanton stores across New Zealand would continue to get paid and that it was too early to tell whether or not there would be redundancies. He said his appointment did suppose some "refinements" but that he was mindful of staff and would work to minimise this, the Herald says. The report relates that the businesses will continue to trade normally, though Mr. Williams said gift vouchers and lay-by purchases will need to be dealt with through his office. Voluntary administration, according to Mr. Williams, allows the possibility for "a workout from difficult economic circumstances," the report relays. "Liquidation is terminal in the company's life whereas VA [voluntary administration] offers hope of commercial revival brought about through the skills of the administrator to focus and harmonise all the resources of the company into a recovery plan," the report quotes Mr. Williams as saying. The directors of the chain's owner, Shanton Fashions, appointed Mr. Williams after the company's credit facilities were withdrawn and demands made for repayment of the overdrawn balance, the Herald notes. According to the report, Mr. Williams said the company had discounted its stock to meet the market and that had come at the expense of its margins. "Despite the company having its liquidity greatly reduced, the directors are still of the view that the business can continue and the brand survive. They are highly motivated to achieve this outcome, which is why they have elected voluntary administration," Mr. Williams, as cited by the Herald, said. It is not yet known how much the company owes creditors but this is likely to be discovered this week. Shanton Fashions purchased the chain as a going concern from the receivers of its previous owners in December 2012, the Herald discloses. ==================== S O U T H K O R E A ==================== HANJIN GROUP: Has Highest Debt Ratio Among Top 10 Conglomerates --------------------------------------------------------------- Kim Eun-jung at Yonhap News Agency reports that Hanjin Group, the operator of South Korea's No. 1 airline, had the highest debt ratio among the country's top 10 business groups as of end-2013 due to its money-losing shipping affiliate, data showed on Jan. 12, fueling concerns over the family-run conglomerate planning to switch to a holdings company structure. The debt-to-equity ratio of Hanjin Group, composed of six listed companies, snowballed to 452.4 percent as of the end of 2013, the highest among the 10 largest local conglomerates, Yonhap relates citing data compiled by Chaebul.com, an online corporate research firm. The ratio is more than triple that of Hanwha Group, the second- most indebted business group, whose rate was 144.8 percent, data showed, Yonhap relays. Six in the top 10 list had ratios of below 100 percent. Hanjin's debt ratio had not eased over the three preceding years, Yonhap notes. It rose from 248.3 percent in 2010 to 381.9 percent in 2011 and 437.3 percent 2012. It added KRW8.5 trillion of liabilities during the period. According to Yonhap, corporate watchers said the situation for Hanjin may not have improved much since 2013. Hanjin says the debt for Korean Air Lines Co., the group's flagship unit, ballooned especially after acquiring Hanjin Shipping Co, a shipping and logistics unit, last year. The report relates that the air carrier's debt ratio shot up to 837 percent as of end-September, a 13.7 hike from the end of 2013, and it is expected to reach close to 1,000 percent when it posts its fourth-quarter earnings later this month. Hanjin Shipping's debt ratio reached 1,108 percent in the third quarter, the report notes. Grappling with high interest costs due to low credit ratings, Korean Air last week announced plans to issue new shares worth of KRW500 billion (US$461.6 million) to try to improve its finances, according to Yonhap. The latest funding plan came after Hanjin sold all KRW2 trillion worth of stake in S-Oil, the nation's No. 3 oil refiner, last July, says Yonhap. "Korean Air's debt ratio will go down if its operating earnings improve and it acquires cash from the stake sale in S-Oil and successfully issues new shares," Yonhap quotes Kim Yong-geon, an official at the Korea Investors Service Inc., a Korean credit rating agency affiliated with Moody's, as saying. Yonhap notes that despite its efforts to improve the balance sheet, concerns remain over Hanjin's preparations to switch to a holding company structure to unwind cross-shareholding, a move associated with better corporate transparency but also with ownership succession to the third generation of the owner family, with its deadline slated for July. Hanjin is the ninth-largest conglomerate in South Korea, well known for its flagship affiliate Korean Air Lines Co. and logistics unit Hanjin Shipping Co. =========== T A I W A N =========== FIRST INT'L: Facing Licence Cancellation After Declaring Bankr. --------------------------------------------------------------- Telegeography reports that following confirmation that First International Telecom (Fitel) has been declared bankrupt, the National Communications Commission (NCC) has revealed that telephone numbers assigned to the operator will now be reassigned to some of the nation's 4G providers. Citing the Taipei Times, Telegeography relates that the regulator has said it intends to assist those individuals still using Fitel's services to migrate to other providers under the number portability policy. With Fitel having been declared bankrupt at last month by the Taipei District Court, it was also noted that the company only had until Jan. 5 to appeal the court's ruling. "If it becomes clear that the company will not be able to continue operations, the commission will have to cancel its license to offer the PHS service, as well as the license to use the frequency," the report quotes NCC spokesperson Yu Hsiao-cheng as saying. Meanwhile, Telegeography says around two million mobile numbers that had been earmarked for Fitel will be reclaimed by the authorities and reassigned to five other operators, those being: Chunghwa Telecom, Taiwan Mobile, Far EasTone Telecommunications, Asia Pacific Telecom and Taiwan Star Cellular. As reported in the Troubled Company Reporter-Asia Pacific on Jan. 7, 2015, The China Post said First International Telecom Corp. (Fitel) was declared bankrupt by the Taipei District Court on Dec. 26, 2014. The announcement was made after the company's five-year restructuring efforts failed. Nevertheless, the company said it will try its best to keep its 1,900MHz frequency network running in the interest of the company's customers. Established in 1997, First International Telecom Corp. launched the PHS service in 2001. It was once a popular company in Taiwan, and had more than one million customers at its peak. =============== X X X X X X X X =============== * BOND PRICING: For the Week Jan. 5 to Jan. 9, 2015 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ANTARES ENERGY L 10.00 10/30/23 AUD 1.96 BOART LONGYEAR M 7.00 04/01/21 USD 74.00 BOART LONGYEAR M 7.00 04/01/21 USD 80.70 CRATER GOLD MINI 10.00 08/18/17 AUD 23.50 GRIFFIN COAL MIN 9.50 12/01/16 USD 71.00 GRIFFIN COAL MIN 9.50 12/01/16 USD 71.00 KBL MINING LTD 10.00 02/16/17 AUD 0.21 MIDWEST VANADIUM 11.50 02/15/18 USD 11.00 MIDWEST VANADIUM 11.50 02/15/18 USD 11.00 RESOLUTE MINING 10.00 12/04/17 AUD 0.95 ST BARBARA LTD 8.88 04/15/18 USD 81.50 ST BARBARA LTD 8.88 04/15/18 USD 81.00 STOKES LTD 10.00 06/30/17 AUD 0.45 TREASURY CORP OF 0.50 11/12/30 AUD 64.50 CHINA ----- CHANGCHUN CITY D 6.08 03/09/16 CNY 69.97 CHANGCHUN CITY D 6.08 03/09/16 CNY 70.40 CHANGZHOU INVEST 5.80 07/01/16 CNY 70.10 CHANGZHOU INVEST 5.80 07/01/16 CNY 70.09 CHINA GOVERNMENT 1.64 12/15/33 CNY 69.03 CHINA NATIONAL E 5.65 09/26/17 CNY 62.62 DANYANG INVESTME 6.30 06/03/16 CNY 70.28 HANGZHOU XIAOSHA 6.90 11/22/16 CNY 70.18 HANGZHOU XIAOSHA 6.90 11/22/16 CNY 70.59 HEILONGJIANG HEC 7.78 11/17/16 CNY 71.25 HEILONGJIANG HEC 7.78 11/17/16 CNY 70.50 HUAIAN CITY URBA 7.15 12/21/16 CNY 70.23 JIANGSU HUAJING 5.68 09/28/17 CNY 74.02 JIANGSU LIANYUN 7.85 07/22/15 CNY 70.78 KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.70 KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.72 NANJING PUBLIC H 5.85 08/08/17 CNY 64.77 NANTONG STATE-OW 6.72 11/13/16 CNY 64.79 NANTONG STATE-OW 6.72 11/13/16 CNY 70.99 NINGDE CITY STAT 6.25 10/21/17 CNY 60.23 OCEAN RIG UDW IN 7.25 04/01/19 USD 69.50 OCEAN RIG UDW IN 7.25 04/01/19 USD 69.25 PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.79 PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.90 QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.39 QINGZHOU HONGYUA 6.50 05/22/19 CNY 53.27 WUXI COMMUNICATI 5.58 07/08/16 CNY 49.94 WUXI COMMUNICATI 5.58 07/08/16 CNY 50.09 XIANGTAN JIUHUA 6.93 12/16/16 CNY 69.80 XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.55 YANGZHOU URBAN C 5.94 07/23/16 CNY 70.28 YANGZHOU URBAN C 5.94 07/23/16 CNY 70.48 YIYANG CITY CONS 8.20 11/19/16 CNY 71.83 ZHENJIANG CITY C 5.85 03/30/15 CNY 69.83 ZHENJIANG CITY C 5.85 03/30/15 CNY 69.98 ZHUCHENG ECONOMI 7.50 08/25/18 CNY 48.98 ZIBO CITY PROPER 5.45 04/27/19 CNY 59.92 ZOUCHENG CITY AS 7.02 01/12/18 CNY 61.34 INDONESIA --------- BERAU COAL ENERG 7.25 03/13/17 USD 48.50 BERAU COAL ENERG 7.25 03/13/17 USD 44.49 DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50 DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50 PERUSAHAAN PENER 6.75 04/15/43 IDR 74.80 PERUSAHAAN PENER 6.10 02/15/37 IDR 70.50 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 32.13 BLUE DART EXPRES 9.30 11/20/17 INR 10.15 BLUE DART EXPRES 9.40 11/20/18 INR 10.20 BLUE DART EXPRES 9.50 11/20/19 INR 10.26 CORE EDUCATION & 7.00 05/07/15 USD 9.00 COROMANDEL INTER 9.00 07/23/16 INR 15.72 GTL INFRASTRUCTU 3.03 11/09/17 USD 29.13 INCLINE REALTY P 10.85 04/21/17 INR 13.20 INCLINE REALTY P 10.85 08/21/17 INR 16.34 INDIA GOVERNMENT 0.25 01/25/35 INR 22.27 INDIA GOVERNMENT 1.44 06/05/23 INR 83.00 JAIPRAKASH ASSOC 5.75 09/08/17 USD 73.14 JCT LTD 2.50 04/08/11 USD 18.13 MASCON GLOBAL LT 2.00 12/28/12 USD 3.93 ORIENTAL HOTELS 2.00 11/21/19 INR 71.11 PRAKASH INDUSTRI 5.25 04/30/15 USD 67.13 PYRAMID SAIMIRA 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 55.88 REI AGRO LTD 5.50 11/13/14 USD 55.88 SHIV-VANI OIL & 5.00 08/17/15 USD 26.25 JAPAN ----- AVANSTRATE INC 3.02 11/05/15 JPY 39.13 AVANSTRATE INC 5.00 11/05/17 JPY 30.75 ELPIDA MEMORY IN 0.50 10/26/15 JPY 12.88 ELPIDA MEMORY IN 0.70 08/01/16 JPY 17.00 ELPIDA MEMORY IN 2.10 11/29/12 JPY 17.00 ELPIDA MEMORY IN 2.03 03/22/12 JPY 17.00 ELPIDA MEMORY IN 2.29 12/07/12 JPY 17.00 KOREA ----- 2014 KODIT CREAT 5.00 12/25/17 KRW 30.26 2014 KODIT CREAT 5.00 12/25/17 KRW 30.26 DONGBU CORP 4.00 06/29/15 KRW 104.91 DONGBU CORP 8.95 02/28/15 KRW 100.51 DONGBU CORP 8.95 06/10/15 KRW 97.82 DONGBU METAL CO 5.20 09/12/19 KRW 55.56 EXPORT-IMPORT BA 0.50 12/22/17 BRL 70.72 EXPORT-IMPORT BA 0.50 11/21/17 BRL 72.03 HYUNDAI HEAVY IN 4.90 12/15/44 KRW 59.35 HYUNDAI HEAVY IN 4.80 12/15/44 KRW 60.41 HYUNDAI MERCHANT 7.05 12/27/42 KRW 39.22 KIBO ABS SPECIAL 5.00 03/29/18 KRW 30.06 KIBO ABS SPECIAL 10.00 09/04/16 KRW 32.53 KIBO ABS SPECIAL 10.00 02/19/17 KRW 31.09 KIBO ABS SPECIAL 10.00 08/22/17 KRW 30.42 KIBO ABS SPECIAL 5.00 01/31/17 KRW 30.15 KIBO GREEN HI-TE 10.00 03/20/15 KRW 69.58 KIBO GREEN HI-TE 10.00 12/21/15 KRW 33.41 LSMTRON DONGBANG 4.53 11/22/17 KRW 29.99 POSCO ENERGY COR 4.66 08/29/43 KRW 73.17 POSCO ENERGY COR 4.72 08/29/43 KRW 72.62 SINBO SECURITIZA 5.00 07/26/16 KRW 30.71 SINBO SECURITIZA 5.00 12/07/15 KRW 29.75 SINBO SECURITIZA 5.00 06/29/16 KRW 30.94 SINBO SECURITIZA 10.00 12/27/15 KRW 32.54 SINBO SECURITIZA 5.00 07/19/15 KRW 32.10 SINBO SECURITIZA 5.00 10/05/16 KRW 27.38 SINBO SECURITIZA 5.00 05/27/16 KRW 31.17 SINBO SECURITIZA 5.00 05/27/16 KRW 31.17 SINBO SECURITIZA 5.00 10/05/16 KRW 30.42 SINBO SECURITIZA 5.00 09/28/15 KRW 31.64 SINBO SECURITIZA 5.00 02/02/16 KRW 15.33 SINBO SECURITIZA 8.00 02/02/16 KRW 32.00 SINBO SECURITIZA 5.00 01/19/16 KRW 17.90 SINBO SECURITIZA 5.00 12/13/16 KRW 30.04 SINBO SECURITIZA 5.00 07/26/16 KRW 30.71 SINBO SECURITIZA 9.00 07/27/15 KRW 35.20 SINBO SECURITIZA 4.60 06/29/15 KRW 34.96 SINBO SECURITIZA 4.60 06/29/15 KRW 34.96 SINBO SECURITIZA 5.00 01/29/17 KRW 29.84 SINBO SECURITIZA 5.00 08/31/16 KRW 30.51 SINBO SECURITIZA 5.00 09/13/15 KRW 31.16 SINBO SECURITIZA 5.00 09/13/15 KRW 26.86 SINBO SECURITIZA 8.00 03/07/15 KRW 68.35 SINBO SECURITIZA 5.00 08/24/15 KRW 31.83 SINBO SECURITIZA 5.00 03/14/16 KRW 29.41 SINBO SECURITIZA 5.00 08/31/16 KRW 30.51 SINBO SECURITIZA 5.00 02/21/17 KRW 29.70 SINBO SECURITIZA 5.00 10/01/17 KRW 29.97 SINBO SECURITIZA 5.00 10/01/17 KRW 29.97 SINBO SECURITIZA 5.00 10/01/17 KRW 29.97 SINBO SECURITIZA 5.00 03/13/17 KRW 29.60 SINBO SECURITIZA 5.00 03/13/17 KRW 29.60 SINBO SECURITIZA 5.00 02/11/18 KRW 30.00 SINBO SECURITIZA 5.00 02/11/18 KRW 30.00 SINBO SECURITIZA 5.00 02/21/17 KRW 29.70 SINBO SECURITIZA 5.00 12/25/16 KRW 30.33 SINBO SECURITIZA 5.00 06/07/17 KRW 26.09 SINBO SECURITIZA 5.00 01/15/18 KRW 30.26 SINBO SECURITIZA 5.00 08/16/17 KRW 30.35 SINBO SECURITIZA 5.00 08/16/17 KRW 30.35 SINBO SECURITIZA 5.00 08/16/16 KRW 30.74 SINBO SECURITIZA 5.00 06/07/17 KRW 26.09 SINBO SECURITIZA 5.00 07/08/17 KRW 30.52 SINBO SECURITIZA 5.00 07/08/17 KRW 30.52 SINBO SECURITIZA 5.00 03/12/18 KRW 30.09 SINBO SECURITIZA 5.00 03/12/18 KRW 30.09 SINBO SECURITIZA 5.00 01/15/18 KRW 30.26 SK TELECOM CO LT 4.21 06/07/73 KRW 70.25 STX OFFSHORE & S 3.00 09/06/15 KRW 71.53 TONGYANG CEMENT 7.30 06/26/15 KRW 70.00 TONGYANG CEMENT 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT 7.50 07/20/14 KRW 70.00 TONGYANG CEMENT 7.50 04/20/14 KRW 70.00 U-BEST SECURITIZ 5.50 11/16/17 KRW 30.39 WOONGJIN ENERGY 2.00 12/19/16 KRW 65.79 MALAYSIA -------- BANDAR MALAYSIA 0.35 12/29/23 MYR 68.97 BANDAR MALAYSIA 0.35 02/20/24 MYR 68.50 BIMB HOLDINGS BH 1.50 12/12/23 MYR 68.71 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.02 BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.92 LAND & GENERAL B 1.00 09/24/18 MYR 0.38 SENAI-DESARU EXP 0.50 12/31/47 MYR 69.82 SENAI-DESARU EXP 0.50 12/31/38 MYR 60.30 SENAI-DESARU EXP 0.50 12/31/40 MYR 63.12 SENAI-DESARU EXP 0.50 12/29/45 MYR 68.09 SENAI-DESARU EXP 0.50 12/31/42 MYR 65.40 SENAI-DESARU EXP 0.50 12/30/44 MYR 67.36 SENAI-DESARU EXP 0.50 12/30/39 MYR 61.91 SENAI-DESARU EXP 0.50 12/31/43 MYR 66.47 SENAI-DESARU EXP 0.50 12/31/41 MYR 64.16 SENAI-DESARU EXP 0.50 12/31/46 MYR 69.03 SENAI-DESARU EXP 1.35 06/29/29 MYR 52.90 SENAI-DESARU EXP 1.35 12/29/28 MYR 53.98 SENAI-DESARU EXP 0.65 06/30/20 MYR 74.98 SENAI-DESARU EXP 1.35 06/30/28 MYR 55.08 SENAI-DESARU EXP 1.10 06/30/21 MYR 73.33 SENAI-DESARU EXP 1.10 12/31/21 MYR 71.46 SENAI-DESARU EXP 1.10 06/30/22 MYR 69.75 SENAI-DESARU EXP 1.15 12/30/22 MYR 68.41 SENAI-DESARU EXP 1.15 06/30/23 MYR 66.80 SENAI-DESARU EXP 1.15 12/29/23 MYR 65.20 SENAI-DESARU EXP 1.15 06/28/24 MYR 63.68 SENAI-DESARU EXP 1.15 12/31/24 MYR 62.15 SENAI-DESARU EXP 1.15 06/30/25 MYR 60.72 SENAI-DESARU EXP 1.35 12/31/25 MYR 60.93 SENAI-DESARU EXP 1.35 06/30/26 MYR 59.68 SENAI-DESARU EXP 1.35 12/31/26 MYR 58.49 SENAI-DESARU EXP 1.35 06/30/27 MYR 57.32 SENAI-DESARU EXP 1.35 12/31/27 MYR 56.20 SENAI-DESARU EXP 1.35 12/31/29 MYR 51.84 SENAI-DESARU EXP 1.35 06/28/30 MYR 50.79 SENAI-DESARU EXP 1.35 12/31/30 MYR 49.73 SENAI-DESARU EXP 1.35 06/30/31 MYR 48.76 UNIMECH GROUP BH 5.00 09/18/18 MYR 1.25 PHILIPPINES ----------- BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75 SINGAPORE --------- BAKRIE TELECOM P 11.50 05/07/15 USD 8.55 BAKRIE TELECOM P 11.50 05/07/15 USD 8.25 BERAU CAPITAL RE 12.50 07/08/15 USD 49.00 BERAU CAPITAL RE 12.50 07/08/15 USD 47.50 BLD INVESTMENTS 8.63 03/23/15 USD 14.13 BUMI CAPITAL PTE 12.00 11/10/16 USD 24.20 BUMI CAPITAL PTE 12.00 11/10/16 USD 21.50 BUMI INVESTMENT 10.75 10/06/17 USD 16.00 BUMI INVESTMENT 10.75 10/06/17 USD 20.79 ENERCOAL RESOURC 6.00 04/07/18 USD 19.00 INDO INFRASTRUCT 2.00 07/30/10 USD 1.88 OSA GOLIATH PTE 12.00 10/09/18 USD 72.75 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.63 MDX PCL 4.75 09/17/03 USD 25.00 TAIWAN ------ ADVANCED SEMICON 1.45 08/19/16 TWD 1.30 ADVANCED SEMICON 1.45 08/19/16 TWD 1.50 ADVANCED SEMICON 1.45 08/19/16 TWD 1.10 ADVANCED SEMICON 1.45 08/19/16 TWD 1.30 ADVANCED SEMICON 1.45 08/19/16 TWD 1.05 AGRICULTURAL BAN 3.28 06/30/15 TWD 3.28 AGRICULTURAL BAN 1.43 10/17/19 TWD 1.53 AGRICULTURAL BAN 1.53 10/17/22 TWD 1.53 ASIA CEMENT CORP 1.36 05/23/19 TWD 1.45 BANK OF KAOHSIUN 3.40 01/20/16 TWD 1.89 BANK OF PANHSIN 3.00 12/02/17 TWD 3.00 BANK OF PANHSIN 3.25 11/05/16 TWD 3.25 BANK OF PANHSIN 3.00 03/21/18 TWD 3.00 BANK OF PANHSIN 3.00 11/12/18 TWD 3.00 BANK OF PANHSIN 3.00 06/06/20 TWD 3.00 BANK OF TAIWAN 1.70 06/27/24 TWD 1.70 BANK SINOPAC 2.18 08/18/21 TWD 2.18 BANK SINOPAC 1.85 11/04/18 TWD 1.45 BANK SINOPAC 3.20 03/25/15 TWD 2.32 BANK SINOPAC 1.92 03/11/18 TWD 1.92 BANK SINOPAC 1.53 09/18/19 TWD 1.68 BANK SINOPAC 2.70 06/23/15 TWD 1.30 BANK SINOPAC 2.90 06/23/17 TWD 2.90 BANK SINOPAC 2.05 09/30/24 TWD 2.05 BANK SINOPAC 1.80 12/09/17 TWD 1.38 BANK SINOPAC 1.95 08/18/18 TWD 1.46 BANK SINOPAC 1.65 09/18/22 TWD 1.65 BANK SINOPAC 2.80 04/29/16 TWD 2.80 CATHAY FINANCIAL 3.10 12/24/15 TWD 1.00 CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21 CATHAY UNITED BA 1.85 05/19/24 TWD 1.85 CATHAY UNITED BA 1.70 04/24/23 TWD 1.90 CATHAY UNITED BA 1.65 08/07/22 TWD 1.60 CATHAY UNITED BA 1.65 06/06/22 TWD 1.80 CATHAY UNITED BA 1.48 06/06/19 TWD 1.48 CATHAY UNITED BA 1.55 04/24/20 TWD 1.55 CATHAY UNITED BA 1.70 05/19/21 TWD 1.70 CHAILEASE FINANC 2.05 10/30/21 TWD 2.05 CHAILEASE FINANC 2.30 10/30/24 TWD 2.30 CHAILEASE FINANC 1.60 07/22/18 TWD 1.43 CHAILEASE FINANC 1.50 06/05/17 TWD 1.29 CHAILEASE FINANC 1.50 06/16/19 TWD 1.50 CHANG HWA COMMER 3.05 12/15/15 TWD 3.05 CHANG HWA COMMER 3.10 05/19/15 TWD 0.89 CHANG HWA COMMER 2.30 09/15/16 TWD 1.26 CHANG HWA COMMER 1.65 03/11/18 TWD 1.64 CHANG HWA COMMER 1.72 03/11/21 TWD 1.72 CHANG HWA COMMER 1.70 04/16/21 TWD 1.70 CHANG HWA COMMER 1.85 04/16/24 TWD 1.85 CHENG SHIN RUBBE 1.40 07/18/19 TWD 1.40 CHENG SHIN RUBBE 1.55 08/19/18 TWD 1.40 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88 CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32 CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32 CHINA AIRLINES L 1.85 01/17/20 TWD 1.85 CHINA AIRLINES L 1.60 01/17/18 TWD 1.60 CHINA AIRLINES L 1.35 05/20/16 TWD 1.28 CHINA AIRLINES L 1.35 05/20/16 TWD 1.39 CHINA AIRLINES L 1.35 05/20/16 TWD 1.35 CHINA DEVELOPMEN 1.80 03/01/15 TWD 1.13 CHINA DEVELOPMEN 3.40 06/18/15 TWD 3.40 CHINA DEVELOPMEN 2.00 03/01/17 TWD 1.45 CHINA DEVELOPMEN 1.42 03/07/19 TWD 1.39 CHINA DEVELOPMEN 1.32 03/07/17 TWD 1.19 CHINA DEVELOPMEN 1.37 05/23/18 TWD 1.37 CHINA DEVELOPMEN 3.00 01/30/15 TWD 3.00 CHINA STEEL CORP 2.30 12/29/15 TWD 0.64 CHINA STEEL CORP 1.75 01/23/21 TWD 1.60 CHINA STEEL CORP 1.50 08/03/22 TWD 1.74 CHINA STEEL CORP 1.60 07/12/23 TWD 1.84 CHINA STEEL CORP 1.95 01/23/24 TWD 1.90 CHINA STEEL CORP 1.57 10/19/18 TWD 1.35 CHINA STEEL CORP 1.88 07/12/28 TWD 1.89 CHINA STEEL CORP 1.37 08/10/19 TWD 1.66 CHINA STEEL CORP 2.15 01/23/29 TWD 2.16 CHINA STEEL CORP 1.36 10/19/16 TWD 0.95 CHINA STEEL CORP 1.44 07/12/20 TWD 1.56 CHINESE MARITIME 1.40 06/08/17 TWD 1.40 CHINESE MARITIME 1.40 06/08/17 TWD 1.39 CHINESE MARITIME 1.40 06/08/17 TWD 1.40 CHINESE MARITIME 1.40 06/08/17 TWD 1.35 COTA COMMERCIAL 3.20 03/29/18 TWD 3.20 CPC CORP/TAIWAN 1.41 12/22/19 TWD 1.40 CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.12 CPC CORP/TAIWAN 1.88 12/24/24 TWD 1.88 CPC CORP/TAIWAN 2.60 12/15/15 TWD 0.60 CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85 CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.00 CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.68 CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65 CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00 CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91 CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.18 CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.41 CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36 CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13 CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51 CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.31 CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93 CPC CORP/TAIWAN 1.08 10/29/15 TWD 0.56 CPC CORP/TAIWAN 1.75 10/28/20 TWD 1.56 CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60 CPC CORP/TAIWAN 1.68 07/22/23 TWD 1.69 CPC CORP/TAIWAN 1.46 07/19/20 TWD 1.45 CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86 CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.29 CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.50 CPC CORP/TAIWAN 1.29 09/21/19 TWD 1.40 CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70 CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92 CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80 CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00 CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49 CTBC FINANCIAL H 1.66 02/20/19 TWD 1.58 CTBC FINANCIAL H 1.80 02/20/22 TWD 1.80 DA-LI CONSTRUCTI 1.42 06/23/19 TWD 1.42 DRAGON STEEL COR 1.75 06/10/21 TWD 1.72 DRAGON STEEL COR 1.40 06/10/19 TWD 1.45 E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.70 E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70 E.SUN COMMERCIAL 3.10 02/15/15 TWD 2.30 E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50 E.SUN COMMERCIAL 2.35 10/20/16 TWD 1.34 E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15 E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95 E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50 E.SUN COMMERCIAL 2.20 07/13/17 TWD 2.20 E.SUN COMMERCIAL 2.20 05/28/17 TWD 1.45 E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58 E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88 E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57 E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55 E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.62 E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75 E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85 E.SUN FINANCIAL 1.75 06/29/19 TWD 1.65 E.SUN FINANCIAL 2.70 04/28/17 TWD 1.87 ENTIE COMMERCIAL 3.25 12/16/17 TWD 3.25 ENTIE COMMERCIAL 3.25 08/23/17 TWD 1.97 EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.21 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.26 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.29 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.20 EVA AIRWAYS CORP 1.15 06/14/18 TWD 1.25 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.05 EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.21 EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.26 EVA AIRWAYS CORP 1.21 01/20/16 TWD 1.31 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.06 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.28 EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.01 EVERGREEN MARINE 1.28 04/26/17 TWD 1.18 EVERGREEN MARINE 1.28 04/26/17 TWD 1.31 EXPORT-IMPORT BA 0.88 02/12/16 TWD 0.74 EXPORT-IMPORT BA 0.90 06/24/17 TWD 0.90 EXPORT-IMPORT BA 0.90 01/28/16 TWD 0.80 EXPORT-IMPORT BA 0.68 06/20/16 TWD 0.68 EXPORT-IMPORT BA 1.25 05/30/17 TWD 1.25 EXPORT-IMPORT BA 0.80 10/16/16 TWD 0.80 FAR EASTERN DEPA 1.38 09/07/15 TWD 1.16 FAR EASTERN INTE 1.75 06/27/19 TWD 1.59 FAR EASTERN INTE 2.10 11/06/20 TWD 1.81 FAR EASTERN INTE 2.10 09/29/17 TWD 1.47 FAR EASTERN INTE 2.98 05/18/17 TWD 2.98 FAR EASTERN INTE 1.95 11/10/18 TWD 1.80 FAR EASTERN INTE 2.05 12/23/21 TWD 2.05 FAR EASTERN NEW 1.68 05/27/15 TWD 0.90 FAR EASTERN NEW 1.45 12/23/18 TWD 1.44 FAR EASTERN NEW 1.59 09/16/15 TWD 0.94 FAR EASTERN NEW 1.47 12/04/19 TWD 1.47 FAR EASTERN NEW 1.36 02/15/17 TWD 1.18 FAR EASTERN NEW 1.55 09/29/16 TWD 1.03 FAR EASTERN NEW 1.30 11/26/17 TWD 1.21 FAR EASTERN NEW 1.35 06/07/17 TWD 1.21 FAR EASTERN NEW 1.47 08/21/19 TWD 1.46 FAR EASTONE TELE 1.58 10/15/18 TWD 1.61 FAR EASTONE TELE 1.33 06/27/20 TWD 1.47 FAR EASTONE TELE 1.58 12/24/19 TWD 1.55 FAR EASTONE TELE 1.27 12/24/17 TWD 1.16 FAR EASTONE TELE 1.46 10/15/17 TWD 1.38 FAR EASTONE TELE 1.17 12/24/16 TWD 1.17 FIRST COMMERCIAL 1.47 09/25/19 TWD 1.45 FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20 FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95 FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57 FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59 FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00 FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65 FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16 FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26 FIRST COMMERCIAL 1.50 09/28/17 TWD 1.38 FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72 FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56 FIRST COMMERCIAL 1.72 06/24/21 TWD 1.72 FIRST FINANCIAL 1.60 07/22/15 TWD 0.90 FIRST FINANCIAL 2.25 07/22/17 TWD 1.41 FORMOSA CHEMICAL 1.38 10/31/16 TWD 1.16 FORMOSA CHEMICAL 1.56 06/29/15 TWD 0.77 FORMOSA CHEMICAL 1.24 07/08/18 TWD 1.30 FORMOSA CHEMICAL 1.23 12/07/17 TWD 1.25 FORMOSA CHEMICAL 1.50 01/22/23 TWD 1.80 FORMOSA CHEMICAL 1.44 06/10/16 TWD 0.91 FORMOSA CHEMICAL 1.29 07/26/17 TWD 1.14 FORMOSA CHEMICAL 1.34 01/22/20 TWD 99.19 FORMOSA CHEMICAL 1.51 12/07/22 TWD 1.53 FORMOSA CHEMICAL 1.52 07/29/15 TWD 0.59 FORMOSA CHEMICAL 1.36 12/07/19 TWD 1.57 FORMOSA CHEMICAL 1.52 07/08/23 TWD 1.54 FORMOSA CHEMICAL 1.40 07/26/19 TWD 1.47 FORMOSA CHEMICAL 1.38 07/08/20 TWD 99.05 FORMOSA CHEMICAL 1.81 07/04/24 TWD 1.84 FORMOSA CHEMICAL 2.03 07/04/29 TWD 2.04 FORMOSA PETROCHE 1.30 06/20/17 TWD 1.22 FORMOSA PETROCHE 1.43 09/12/19 TWD 1.43 FORMOSA PETROCHE 1.40 04/20/16 TWD 0.72 FORMOSA PETROCHE 1.33 10/14/15 TWD 0.72 FORMOSA PETROCHE 1.25 03/12/18 TWD 1.31 FORMOSA PETROCHE 1.42 05/25/16 TWD 0.82 FORMOSA PETROCHE 1.55 04/27/15 TWD 0.73 FORMOSA PETROCHE 1.44 07/27/19 TWD 1.47 FORMOSA PETROCHE 1.99 09/12/26 TWD 1.99 FORMOSA PETROCHE 1.54 05/25/15 TWD 0.72 FORMOSA PETROCHE 1.54 07/15/15 TWD 0.72 FORMOSA PETROCHE 1.41 06/26/20 TWD 1.53 FORMOSA PETROCHE 1.28 06/26/18 TWD 1.30 FORMOSA PETROCHE 1.44 06/20/19 TWD 1.58 FORMOSA PETROCHE 1.37 03/12/20 TWD 1.41 FORMOSA PETROCHE 1.35 07/27/17 TWD 1.10 FORMOSA PETROCHE 1.90 09/12/24 TWD 1.90 FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73 FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45 FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73 FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44 FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86 FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24 FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94 FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30 FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23 FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15 FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47 FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54 FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49 FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96 FORMOSA PLASTICS 1.53 11/05/22 TWD 1.55 FUBON FINANCIAL 1.60 12/18/20 TWD 1.65 FUBON FINANCIAL 1.72 07/21/21 TWD 1.72 FUBON FINANCIAL 1.42 12/18/18 TWD 1.45 FUBON FINANCIAL 1.56 08/23/15 TWD 0.70 FUBON FINANCIAL 1.70 01/28/15 TWD 0.48 FUBON FINANCIAL 1.58 08/28/20 TWD 1.58 FUBON FINANCIAL 1.45 08/28/18 TWD 1.36 FUBON FINANCIAL 2.60 01/27/17 TWD 1.32 FUBON FINANCIAL 1.90 01/28/17 TWD 1.40 FUBON FINANCIAL 2.60 01/28/17 TWD 1.46 FUBON FINANCIAL 1.45 08/15/19 TWD 1.47 FUBON FINANCIAL 1.35 08/15/17 TWD 1.06 FUBON FINANCIAL 1.40 11/15/16 TWD 0.72 GOLDSUN DEVELOPM 1.40 12/25/19 TWD 1.40 GTM HOLDINGS COR 1.30 07/24/18 TWD 1.31 HIYES INTERNATIO 1.40 09/23/17 TWD 1.40 HON HAI PRECISIO 1.43 12/27/15 TWD 0.90 HON HAI PRECISIO 1.66 06/14/18 TWD 1.32 HON HAI PRECISIO 1.33 01/30/18 TWD 1.26 HON HAI PRECISIO 2.02 10/08/24 TWD 2.02 HON HAI PRECISIO 1.95 07/08/24 TWD 1.95 HON HAI PRECISIO 1.80 10/08/21 TWD 1.80 HON HAI PRECISIO 1.45 10/18/16 TWD 1.04 HON HAI PRECISIO 1.17 05/21/17 TWD 1.14 HON HAI PRECISIO 1.75 03/18/21 TWD 1.74 HON HAI PRECISIO 1.43 05/23/17 TWD 1.12 HON HAI PRECISIO 1.85 12/17/20 TWD 1.70 HON HAI PRECISIO 1.35 10/11/17 TWD 1.50 HON HAI PRECISIO 1.45 01/30/20 TWD 99.66 HON HAI PRECISIO 1.35 12/17/16 TWD 1.07 HON HAI PRECISIO 1.50 12/17/18 TWD 1.50 HON HAI PRECISIO 1.40 03/18/19 TWD 1.40 HON HAI PRECISIO 1.18 08/06/15 TWD 1.20 HON HAI PRECISIO 1.70 07/08/21 TWD 1.70 HON HAI PRECISIO 1.23 03/18/17 TWD 1.16 HON HAI PRECISIO 1.95 05/21/24 TWD 1.95 HON HAI PRECISIO 1.47 03/08/16 TWD 0.89 HON HAI PRECISIO 1.51 07/18/16 TWD 0.98 HON HAI PRECISIO 1.43 06/14/16 TWD 1.25 HON HAI PRECISIO 1.82 06/14/21 TWD 1.78 HON HAI PRECISIO 1.45 10/08/19 TWD 1.45 HON HAI PRECISIO 2.15 10/08/26 TWD 2.15 HON HAI PRECISIO 1.37 05/21/19 TWD 1.37 HON HAI PRECISIO 1.70 05/21/21 TWD 1.70 HON HAI PRECISIO 2.00 03/18/24 TWD 2.00 HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.53 HSBC BANK TAIWAN 1.40 01/31/19 TWD 1.27 HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48 HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60 HSBC BANK TAIWAN 1.23 02/05/18 TWD 1.20 HSBC BANK TAIWAN 1.34 02/05/20 TWD 1.47 HSBC BANK TAIWAN 1.25 01/31/17 TWD 1.11 HUA NAN COMMERCI 1.98 12/19/24 TWD 1.98 HUA NAN COMMERCI 2.60 12/29/19 TWD 2.60 HUA NAN COMMERCI 3.10 04/18/15 TWD 0.88 HUA NAN COMMERCI 3.08 01/16/18 TWD 3.08 HUA NAN COMMERCI 2.60 04/24/17 TWD 2.60 HUA NAN COMMERCI 3.20 05/16/16 TWD 3.20 HUA NAN COMMERCI 1.98 09/26/24 TWD 1.98 HUA NAN COMMERCI 1.83 12/19/21 TWD 1.83 HUA NAN COMMERCI 1.85 03/28/24 TWD 1.85 HUA NAN COMMERCI 2.45 07/16/17 TWD 1.62 HUA NAN COMMERCI 1.65 11/23/20 TWD 1.65 HUA NAN COMMERCI 1.63 12/06/18 TWD 1.52 HUA NAN COMMERCI 1.43 11/06/19 TWD 1.45 HUA NAN COMMERCI 1.55 11/06/22 TWD 1.55 HUA NAN COMMERCI 1.83 09/26/21 TWD 1.83 HUA NAN FINANCIA 1.55 01/21/20 TWD 1.56 HUA NAN FINANCIA 1.23 01/21/18 TWD 1.33 HWATAI BANK LTD 2.70 11/15/19 TWD 2.70 INDUSTRIAL BANK 2.30 10/28/18 TWD 1.80 INDUSTRIAL BANK 2.30 08/26/18 TWD 1.59 INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00 INDUSTRIAL BANK 1.95 05/30/20 TWD 1.95 INDUSTRIAL BANK 1.85 08/17/19 TWD 1.83 INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24 INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85 INDUSTRIAL BANK 1.95 03/27/21 TWD 1.95 INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95 JIH SUN INTERNAT 2.18 04/30/19 TWD 2.18 KGI SECURITIES C 1.15 03/15/15 TWD 0.72 KINDOM CONSTRUCT 1.55 08/28/19 TWD 1.55 KINDOM CONSTRUCT 1.40 12/15/16 TWD 1.28 KINDOM CONSTRUCT 1.60 09/26/18 TWD 1.60 KINDOM CONSTRUCT 1.41 06/25/17 TWD 1.41 KINDOM CONSTRUCT 1.30 06/18/18 TWD 1.30 KINDOM CONSTRUCT 1.40 10/28/16 TWD 1.40 LAND BANK OF TAI 3.00 04/15/15 TWD 0.90 LAND BANK OF TAI 1.53 12/15/17 TWD 1.38 LAND BANK OF TAI 2.80 12/29/15 TWD 1.00 LAND BANK OF TAI 2.00 06/29/17 TWD 1.61 LAND BANK OF TAI 1.55 04/13/19 TWD 1.60 LAND BANK OF TAI 1.64 10/20/18 TWD 1.42 LAND BANK OF TAI 1.98 12/25/24 TWD 1.98 LAND BANK OF TAI 1.60 12/29/18 TWD 1.54 LAND BANK OF TAI 1.43 12/26/19 TWD 1.47 LAND BANK OF TAI 1.72 12/26/20 TWD 1.72 LAND BANK OF TAI 1.43 10/22/19 TWD 1.43 LAND BANK OF TAI 1.50 06/26/19 TWD 1.45 LAND BANK OF TAI 1.55 12/26/22 TWD 1.55 MAI-LIAO POWER C 1.37 12/19/19 TWD 99.37 MAI-LIAO POWER C 1.25 12/19/17 TWD 1.25 MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43 MEGA FINANCIAL H 3.26 12/26/15 TWD 1.46 MEGA INTERNATION 1.53 12/24/17 TWD 1.37 MEGA INTERNATION 2.90 03/20/15 TWD 2.90 MEGA INTERNATION 1.65 06/24/21 TWD 1.65 MEGA INTERNATION 3.00 09/29/15 TWD 0.95 MEGA INTERNATION 1.65 04/15/18 TWD 1.40 MEGA INTERNATION 3.10 06/26/15 TWD 0.90 MEGA INTERNATION 3.00 12/23/15 TWD 1.18 MEGA INTERNATION 1.62 11/24/18 TWD 1.38 MEGA INTERNATION 1.48 05/18/19 TWD 1.48 MEGA INTERNATION 1.70 03/28/21 TWD 1.70 NAN YA PLASTICS 1.45 08/05/18 TWD 1.28 NAN YA PLASTICS 2.04 06/24/29 TWD 2.04 NAN YA PLASTICS 1.93 11/11/24 TWD 1.93 NAN YA PLASTICS 1.98 12/18/23 TWD 1.94 NAN YA PLASTICS 1.36 02/25/20 TWD 1.51 NAN YA PLASTICS 1.45 11/11/19 TWD 1.45 NAN YA PLASTICS 1.36 07/04/17 TWD 1.13 NAN YA PLASTICS 1.27 11/12/15 TWD 0.93 NAN YA PLASTICS 1.56 08/30/15 TWD 0.68 NAN YA PLASTICS 1.35 11/07/16 TWD 1.20 NAN YA PLASTICS 1.56 06/25/15 TWD 0.90 NAN YA PLASTICS 1.40 08/05/17 TWD 1.21 NAN YA PLASTICS 1.55 08/05/20 TWD 1.54 NAN YA PLASTICS 1.25 09/07/17 TWD 1.22 NAN YA PLASTICS 1.37 09/07/19 TWD 1.47 NAN YA PLASTICS 1.45 07/04/19 TWD 1.38 NAN YA PLASTICS 1.50 02/25/23 TWD 1.52 NAN YA PLASTICS 2.08 12/18/25 TWD 2.10 PACIFIC CONSTRUC 1.50 05/06/16 TWD 1.50 PRINCE HOUSING & 1.33 07/12/17 TWD 1.33 PRINCE HOUSING & 1.55 11/21/18 TWD 1.55 RUN LONG CONSTRU 1.70 05/07/19 TWD 1.37 RUN LONG CONSTRU 1.60 08/01/19 TWD 1.37 SAN FAR PROPERTY 1.55 10/23/18 TWD 1.58 SHANGHAI COMMERC 3.05 12/26/15 TWD 3.05 SHANGHAI COMMERC 3.15 06/10/15 TWD 0.90 SHANGHAI COMMERC 1.85 03/25/24 TWD 1.85 SHANGHAI COMMERC 1.50 12/15/17 TWD 1.50 SHANGHAI COMMERC 1.43 11/15/19 TWD 1.43 SHANGHAI COMMERC 1.55 11/15/22 TWD 1.55 SHANGHAI COMMERC 1.48 04/10/19 TWD 1.45 SHANGHAI COMMERC 1.54 05/22/19 TWD 1.60 SHANGHAI COMMERC 1.43 12/27/19 TWD 1.57 SHANGHAI COMMERC 1.83 11/25/21 TWD 1.83 SHANGHAI COMMERC 1.70 03/25/21 TWD 1.65 SHIHLIN DEVELOPM 1.60 07/31/19 TWD 1.34 SHIN KONG FINANC 3.65 09/29/15 TWD 0.96 SHINING BUILDING 1.60 11/10/17 TWD 1.60 SINYI REALTY INC 1.48 06/27/19 TWD 1.48 SOLAR APPLIED MA 1.75 11/10/15 TWD 1.80 SUNNY BANK LTD 3.25 04/30/17 TWD 3.25 SUNNY BANK LTD 2.45 12/30/21 TWD 2.45 SUNNY BANK LTD 2.85 06/27/18 TWD 2.85 SUNNY BANK LTD 3.25 10/29/17 TWD 3.25 SUNNY BANK LTD 2.45 04/30/20 TWD 2.45 SUNNY BANK LTD 2.45 05/30/19 TWD 2.45 SUNNY BANK LTD 2.35 03/31/21 TWD 2.35 SUNNY BANK LTD 2.35 08/26/21 TWD 2.35 TA CHONG BANK LT 3.25 01/05/17 TWD 3.25 TA CHONG BANK LT 3.50 02/26/17 TWD 3.50 TA CHONG BANK LT 3.00 03/09/18 TWD 1.92 TA CHONG BANK LT 3.75 03/05/17 TWD 3.75 TA CHONG BANK LT 2.15 03/30/19 TWD 2.15 TA CHONG BANK LT 1.90 12/27/19 TWD 1.90 TA CHONG BANK LT 2.05 06/22/19 TWD 2.05 TA CHONG BANK LT 2.00 11/19/21 TWD 2.00 TA CHONG BANK LT 2.00 09/26/21 TWD 2.00 TA CHONG BANK LT 2.05 03/21/21 TWD 2.05 TAIPEI FUBON COM 1.60 05/20/15 TWD 1.14 TAIPEI FUBON COM 3.05 03/28/15 TWD 3.05 TAIPEI FUBON COM 1.98 09/25/24 TWD 1.98 TAIPEI FUBON COM 1.65 03/18/18 TWD 1.65 TAIPEI FUBON COM 2.20 12/22/16 TWD 1.17 TAIPEI FUBON COM 3.14 06/20/15 TWD 3.15 TAIPEI FUBON COM 1.60 03/01/15 TWD 0.65 TAIPEI FUBON COM 1.65 12/01/18 TWD 1.46 TAIPEI FUBON COM 2.05 08/20/20 TWD 2.05 TAIPEI FUBON COM 3.09 05/30/15 TWD 3.10 TAIPEI FUBON COM 1.95 08/20/17 TWD 1.60 TAIPEI FUBON COM 1.85 05/15/24 TWD 1.85 TAIPEI FUBON COM 2.50 01/25/20 TWD 2.50 TAIPEI FUBON COM 2.30 01/29/17 TWD 2.30 TAIPEI FUBON COM 2.20 01/25/17 TWD 1.14 TAIPEI FUBON COM 1.50 11/15/17 TWD 1.56 TAIPEI FUBON COM 1.70 08/05/18 TWD 1.45 TAIPEI FUBON COM 1.55 10/15/20 TWD 1.55 TAIPEI FUBON COM 1.70 05/20/17 TWD 1.70 TAIPEI FUBON COM 1.80 03/01/17 TWD 1.48 TAIPEI FUBON COM 2.50 03/02/20 TWD 2.50 TAIPEI FUBON COM 1.68 05/25/22 TWD 1.62 TAIPEI FUBON COM 1.48 04/05/19 TWD 1.48 TAIPEI FUBON COM 1.52 08/01/20 TWD 1.52 TAIPEI FUBON COM 1.70 08/01/23 TWD 1.70 TAIPEI FUBON COM 1.70 05/15/21 TWD 1.70 TAISHIN FINANCIA 2.00 05/15/19 TWD 1.85 TAISHIN FINANCIA 2.20 10/05/18 TWD 2.20 TAISHIN FINANCIA 2.30 12/17/17 TWD 1.65 TAISHIN FINANCIA 2.20 08/05/18 TWD 1.61 TAISHIN INTERNAT 1.95 05/16/24 TWD 1.95 TAISHIN INTERNAT 2.65 04/12/17 TWD 2.65 TAISHIN INTERNAT 1.53 10/19/19 TWD 1.53 TAISHIN INTERNAT 1.65 10/19/22 TWD 1.65 TAISHIN INTERNAT 1.53 12/14/19 TWD 1.53 TAISHIN INTERNAT 1.65 12/14/22 TWD 1.65 TAIWAN ACCEPTANC 1.25 10/17/17 TWD 1.25 TAIWAN ACCEPTANC 1.12 06/20/17 TWD 1.16 TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36 TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98 TAIWAN BUSINESS 1.92 11/25/20 TWD 1.82 TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32 TAIWAN BUSINESS 1.92 09/02/17 TWD 1.47 TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71 TAIWAN COOPERATI 1.70 07/28/18 TWD 1.41 TAIWAN COOPERATI 1.70 05/26/21 TWD 1.70 TAIWAN COOPERATI 1.85 05/26/24 TWD 1.85 TAIWAN COOPERATI 3.00 05/28/15 TWD 0.89 TAIWAN COOPERATI 1.72 12/25/20 TWD 1.72 TAIWAN COOPERATI 1.43 12/25/19 TWD 1.43 TAIWAN COOPERATI 1.48 03/28/20 TWD 1.58 TAIWAN COOPERATI 1.65 06/28/22 TWD 1.60 TAIWAN COOPERATI 1.55 12/25/22 TWD 1.55 TAIWAN COOPERATI 1.45 10/25/17 TWD 1.28 TAIWAN LAND DEVE 1.36 04/25/17 TWD 1.36 TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21 TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44 TAIWAN POWER CO 1.38 06/01/15 TWD 0.68 TAIWAN POWER CO 2.15 12/28/19 TWD 1.42 TAIWAN POWER CO 1.30 11/17/16 TWD 0.98 TAIWAN POWER CO 1.10 05/30/17 TWD 0.98 TAIWAN POWER CO 1.23 12/27/16 TWD 0.95 TAIWAN POWER CO 1.37 08/20/15 TWD 0.60 TAIWAN POWER CO 1.39 08/16/19 TWD 1.42 TAIWAN POWER CO 1.29 06/15/17 TWD 0.94 TAIWAN POWER CO 2.62 11/25/15 TWD 0.63 TAIWAN POWER CO 1.46 12/17/17 TWD 1.10 TAIWAN POWER CO 1.46 12/30/18 TWD 1.35 TAIWAN POWER CO 1.46 12/15/19 TWD 1.46 TAIWAN POWER CO 2.99 07/21/15 TWD 0.58 TAIWAN POWER CO 1.95 10/22/19 TWD 1.40 TAIWAN POWER CO 1.78 11/20/19 TWD 1.36 TAIWAN POWER CO 1.32 12/19/16 TWD 0.95 TAIWAN POWER CO 2.74 06/16/15 TWD 0.53 TAIWAN POWER CO 1.69 04/22/21 TWD 1.50 TAIWAN POWER CO 1.39 07/21/15 TWD 0.56 TAIWAN POWER CO 2.75 04/18/15 TWD 0.51 TAIWAN POWER CO 1.98 07/21/24 TWD 1.99 TAIWAN POWER CO 1.30 06/17/18 TWD 1.28 TAIWAN POWER CO 1.50 11/22/18 TWD 1.28 TAIWAN POWER CO 2.02 12/15/24 TWD 2.02 TAIWAN POWER CO 1.40 05/30/19 TWD 1.42 TAIWAN POWER CO 2.99 09/17/15 TWD 0.65 TAIWAN POWER CO 1.24 11/21/16 TWD 0.93 TAIWAN POWER CO 1.75 12/30/20 TWD 1.66 TAIWAN POWER CO 1.99 10/16/24 TWD 1.99 TAIWAN POWER CO 1.37 04/23/19 TWD 1.50 TAIWAN POWER CO 1.94 11/22/23 TWD 1.89 TAIWAN POWER CO 1.40 03/17/19 TWD 1.42 TAIWAN POWER CO 1.47 09/23/17 TWD 1.08 TAIWAN POWER CO 1.53 05/03/23 TWD 1.96 TAIWAN POWER CO 1.95 12/30/23 TWD 1.88 TAIWAN POWER CO 1.55 11/20/16 TWD 0.98 TAIWAN POWER CO 1.87 04/28/16 TWD 0.89 TAIWAN POWER CO 1.58 12/21/21 TWD 1.41 TAIWAN POWER CO 1.50 04/24/22 TWD 1.75 TAIWAN POWER CO 1.92 03/17/24 TWD 1.93 TAIWAN POWER CO 2.85 11/04/15 TWD 0.60 TAIWAN POWER CO 1.23 04/23/17 TWD 1.44 TAIWAN POWER CO 2.35 12/30/18 TWD 1.27 TAIWAN POWER CO 1.60 12/15/20 TWD 1.52 TAIWAN POWER CO 2.84 04/18/18 TWD 1.25 TAIWAN POWER CO 1.38 04/21/15 TWD 0.54 TAIWAN POWER CO 1.31 10/31/19 TWD 1.44 TAIWAN POWER CO 1.77 10/16/21 TWD 1.77 TAIWAN POWER CO 1.10 12/15/17 TWD 1.10 TAIWAN POWER CO 1.75 07/21/21 TWD 1.67 TAIWAN POWER CO 1.33 06/28/16 TWD 0.90 TAIWAN POWER CO 1.39 05/06/20 TWD 1.70 TAIWAN POWER CO 1.75 07/23/23 TWD 1.76 TAIWAN POWER CO 1.27 11/30/19 TWD 1.43 TAIWAN POWER CO 1.65 07/19/17 TWD 1.10 TAIWAN POWER CO 1.55 06/28/18 TWD 1.23 TAIWAN POWER CO 1.64 09/21/20 TWD 1.61 TAIWAN POWER CO 1.55 07/22/20 TWD 1.65 TAIWAN POWER CO 1.43 06/15/19 TWD 1.41 TAIWAN POWER CO 1.42 07/21/19 TWD 1.44 TAIWAN POWER CO 1.77 12/17/21 TWD 1.77 TAIWAN POWER CO 1.10 10/16/17 TWD 1.10 TAIWAN POWER CO 1.48 11/21/18 TWD 1.32 TAIWAN POWER CO 1.51 10/21/18 TWD 1.29 TAIWAN POWER CO 1.65 10/20/21 TWD 1.50 TAIWAN POWER CO 1.79 07/21/20 TWD 1.52 TAIWAN POWER CO 1.64 08/20/17 TWD 1.10 TAIWAN POWER CO 1.71 08/23/20 TWD 1.56 TAIWAN POWER CO 1.65 07/19/18 TWD 1.25 TAIWAN POWER CO 1.64 06/28/21 TWD 1.59 TAIWAN POWER CO 1.75 06/01/17 TWD 1.10 TAIWAN POWER CO 1.83 06/01/20 TWD 1.43 TAIWAN POWER CO 1.60 04/22/18 TWD 1.36 TAIWAN POWER CO 1.75 04/23/17 TWD 1.20 TAIWAN POWER CO 1.85 04/22/20 TWD 1.50 TAIWAN POWER CO 1.43 10/31/22 TWD 1.42 TAIWAN POWER CO 1.28 05/06/18 TWD 1.30 TAIWAN POWER CO 1.39 12/26/22 TWD 1.49 TAIWAN POWER CO 1.52 06/15/22 TWD 1.52 TAIWAN POWER CO 1.41 11/28/22 TWD 1.41 TAIWAN POWER CO 1.49 08/15/22 TWD 1.84 TAIWAN POWER CO 1.45 06/17/20 TWD 1.55 TAIWAN POWER CO 1.35 09/26/16 TWD 0.89 TAIWAN POWER CO 1.75 05/30/21 TWD 1.69 TAIWAN POWER CO 1.42 10/16/19 TWD 1.42 TAIWAN POWER CO 1.95 05/28/24 TWD 1.96 TAIWAN POWER CO 1.10 03/18/17 TWD 0.98 TAIWAN POWER CO 1.74 03/17/21 TWD 1.74 TAIWAN SEMICONDU 1.23 01/04/18 TWD 1.11 TAIWAN SEMICONDU 1.40 09/28/16 TWD 0.81 TAIWAN SEMICONDU 1.29 01/11/17 TWD 0.97 TAIWAN SEMICONDU 1.35 01/04/20 TWD 1.56 TAIWAN SEMICONDU 1.28 08/02/17 TWD 1.12 TAIWAN SEMICONDU 1.28 09/26/17 TWD 1.09 TAIWAN SEMICONDU 1.23 02/06/18 TWD 1.10 TAIWAN SEMICONDU 1.50 07/16/20 TWD 1.62 TAIWAN SEMICONDU 1.63 09/28/18 TWD 1.30 TAIWAN SEMICONDU 1.45 09/25/17 TWD 1.47 TAIWAN SEMICONDU 1.49 01/04/23 TWD 97.62 TAIWAN SEMICONDU 1.35 09/25/16 TWD 1.38 TAIWAN SEMICONDU 1.46 01/11/19 TWD 1.46 TAIWAN SEMICONDU 1.34 08/09/17 TWD 1.34 TAIWAN SEMICONDU 1.39 09/26/19 TWD 99.72 TAIWAN SEMICONDU 1.50 02/06/23 TWD 1.91 TAIWAN SEMICONDU 2.10 09/25/23 TWD 2.03 TAIWAN SEMICONDU 1.52 08/09/19 TWD 1.52 TAIWAN SEMICONDU 1.53 10/09/22 TWD 1.53 TAIWAN SEMICONDU 1.38 02/06/20 TWD 99.41 TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10 TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45 TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55 TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80 TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85 TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63 TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51 U-MING MARINE TR 1.32 08/22/17 TWD 1.32 UNION BANK OF TA 2.78 06/15/18 TWD 2.78 UNION BANK OF TA 2.32 03/01/19 TWD 2.32 UNION BANK OF TA 2.10 12/19/20 TWD 2.10 UNI-PRESIDENT EN 1.28 10/29/17 TWD 1.20 UNI-PRESIDENT EN 1.78 06/23/24 TWD 1.81 UNI-PRESIDENT EN 1.39 02/18/19 TWD 1.42 UNI-PRESIDENT EN 1.35 06/18/17 TWD 1.11 UNI-PRESIDENT EN 1.22 02/26/18 TWD 1.26 UNI-PRESIDENT EN 1.62 06/23/21 TWD 1.58 UNI-PRESIDENT EN 1.39 10/29/19 TWD 1.53 UNI-PRESIDENT EN 1.43 06/17/16 TWD 1.00 UNI-PRESIDENT EN 1.23 10/27/15 TWD 1.28 UNI-PRESIDENT EN 1.57 06/25/15 TWD 0.90 UNI-PRESIDENT EN 1.29 06/23/19 TWD 1.34 UNITED MICROELEC 1.43 06/07/17 TWD 1.20 UNITED MICROELEC 1.35 03/15/18 TWD 1.35 UNITED MICROELEC 1.50 03/15/20 TWD 1.58 UNITED MICROELEC 1.63 06/07/19 TWD 1.50 UNITED MICROELEC 1.95 06/18/24 TWD 1.95 UNITED MICROELEC 1.70 06/18/21 TWD 1.71 USI CORP 1.52 01/19/16 TWD 1.58 USI CORP 1.55 06/24/16 TWD 1.34 WAN HAI LINES LT 1.95 08/14/21 TWD 1.95 WAN HAI LINES LT 1.65 08/14/19 TWD 1.65 WAN HAI LINES LT 1.65 06/22/16 TWD 1.25 WAN HAI LINES LT 1.85 06/24/18 TWD 1.55 YANG MING MARINE 2.45 11/01/20 TWD 2.45 YANG MING MARINE 1.30 12/27/16 TWD 1.15 YANG MING MARINE 2.20 11/01/18 TWD 1.90 YANG MING MARINE 1.42 05/20/15 TWD 1.45 YANG MING MARINE 1.30 12/27/16 TWD 1.05 YANG MING MARINE 1.42 05/20/15 TWD 1.35 YANG MING MARINE 1.42 05/20/15 TWD 1.23 YANG MING MARINE 1.42 05/20/15 TWD 1.42 YANG MING MARINE 1.42 05/20/15 TWD 1.46 YANG MING MARINE 1.42 05/20/15 TWD 1.31 YANG MING MARINE 1.42 05/20/15 TWD 1.31 YANG MING MARINE 1.42 05/20/15 TWD 1.38 YANG MING MARINE 1.30 12/27/16 TWD 1.34 YANG MING MARINE 1.30 12/27/16 TWD 1.26 YANG MING MARINE 1.30 12/27/16 TWD 1.16 YANG MING MARINE 1.30 12/27/16 TWD 1.14 YANG MING MARINE 1.30 12/27/16 TWD 1.11 YANG MING MARINE 1.30 12/27/16 TWD 1.15 YFY INC 1.40 06/28/15 TWD 1.40 YFY INC 1.40 06/28/15 TWD 0.95 YUAN DING INVEST 1.35 05/26/19 TWD 1.43 YUAN DING INVEST 1.35 11/25/16 TWD 1.14 YUAN DING INVEST 1.62 07/19/15 TWD 1.45 YUAN DING INVEST 1.50 07/20/16 TWD 1.27 YUAN DING INVEST 1.45 12/15/16 TWD 1.40 YUAN DING INVEST 1.40 08/06/17 TWD 1.20 YUAN DING INVEST 1.25 08/06/15 TWD 1.30 YUANTA COMMERCIA 2.00 09/04/24 TWD 2.00 YUANTA COMMERCIA 1.85 08/22/18 TWD 1.55 YUANTA COMMERCIA 1.75 06/27/18 TWD 1.53 YUANTA COMMERCIA 2.30 06/10/17 TWD 1.38 YUANTA COMMERCIA 1.80 10/27/18 TWD 1.80 YUANTA COMMERCIA 1.95 10/27/21 TWD 1.95 YUANTA COMMERCIA 1.85 10/29/21 TWD 1.85 YUANTA COMMERCIA 1.80 09/04/21 TWD 1.80 YUANTA FINANCIAL 1.50 06/29/16 TWD 1.12 ********* 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 2015. 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 202-362-8552. *** End of Transmission ***