/raid1/www/Hosts/bankrupt/TCRAP_Public/150310.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, March 10, 2015, Vol. 18, No. 048
Headlines
A U S T R A L I A
ALPHATISE: In Administration; 1st Creditors' Meeting Set March 16
ARMADA SOLAR: Goes Broke Amid Concerns Over State of Industry
CARNA GROUP: First Creditors' Meeting Slated For March 18
CARUANA HOLDINGS: First Creditors' Meeting Set For March 16
HUGHMARK QUALITY: First Creditors' Meeting Set For March 17
JOSH GOOT: Emerges From Voluntary Administration
MISSION NEWENERGY: Notice of Initial Substantial Holders
SAHARA ROOFING: Plans to Continue Operating Under DOCA
SOUL SURFERS: Penthouse Up for Sale
C H I N A
CHINA AOYUAN: Moody's Says Aussie Project No Impact on B3 Rating
CHINA GINSENG: KCG Reports 0.19% Stake as of Feb. 27
KAISA GROUP: To Cut Offshore Bond Coupons in Restructuring
* Moody's Says Oil Plunge Slows Revenue Growth of Oilfield Cos.
I N D I A
ADITYA EXIM: CARE Lowers Rating on INR17.35cr Loan to D
ADITYA PAPTECH: CRISIL Reaffirms B Rating on INR320MM Term Loan
AKASH COTEX: CRISIL Reaffirms B Rating on INR110MM Cash Credit
ANJALI ALUMINIUM: CARE Reaffirms B Rating on INR4.14cr LT Loan
ARUNACHALA SPINNING: CARE Reaffirms B+ Rating on INR13.11cr Loan
BALAJI CHAWAL: CARE Lowers Rating on INR10cr LT Loan to D
BANSAL INDUSTRIES: ICRA Suspends B- Rating on INR7cr Bank Loan
BEAM FLASHLIGHTS: CARE Lowers Rating on INR6.66cr LT Loan to D
BHARAT COTTON: CRISIL Assigns B+ Rating to INR35MM Cash Credit
BLUE WINGS: ICRA Reaffirms B Rating on INR8.25cr Term Loan
BRAHMAPUTRA INFRA: ICRA Suspends D Rating on INR804.67cr Loan
CA TRADING: ICRA Assigns B+ Rating to INR8.80cr Cash Credit
CORE PLASTO: CRISIL Assigns B+ Rating to INR140MM Cash Credit
DIAMOND HOMETEX: CARE Assigns B Rating to INR8.44cr LT Loan
GAJANAN BEVERAGES: CARE Assigns B+ Rating to INR9.95cr LT Loan
HEMODIAZ LIFE: CARE Assigns B+ Rating to INR2.60cr Long Term Loan
J J HI: CARE Reaffirms B+ Rating on INR12.54cr LT Bank Loan
KAILAS GINNING: CRISIL Reaffirms B Rating on INR60MM Cash Credit
KEAA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR115MM Loan
KHANDWA INDUSTRIES: CARE Reaffirms B+ Rating on INR13.73cr Loan
KHODASHI POWER: ICRA Reaffirms D Rating on INR20cr LT Loan
KLASSIK ENTERPRISES: CRISIL Reaffirms B Rating on INR300MM Loan
LODHA DEVELOPERS: Strong Q3 Results Supports Moody's Ratings
MAHA DURGA: ICRA Assigns B Rating to INR49cr Term Loan
MAHA LAXMI: CRISIL Ups Rating on INR30MM Cash Credit to B
MURUGAN TEXTILES: ICRA Reaffirms B Rating on INR7cr LT Loan
NEW AGE: CRISIL Ups Rating on INR50MM Overdraft Loan to B
PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
PRERNA COTPRESS: CRISIL Reaffirms B- Rating on INR57.5MM Loan
R. R. DEVELOPERS: CRISIL Ups Rating on INR81MM Term Loan to B+
ROYALE MARINE: CRISIL Reaffirms B Rating on INR190MM LT Loan
RPM ENGINEERS: CRISIL Assigns B+ Rating to INR21MM Cash Credit
RSG FOODS: CARE Assigns B+ Rating to INR21cr LT Bank Loan
SAI GLOBAL: ICRA Reaffirms B+ Rating on INR34.56cr LT Loan
SATADHAR COTTON: CARE Revises Rating on INR7.5cr LT Loan to B+
SAVARIA ROLLER: CRISIL Puts B+ Rating on INR155MM Cash Credit
SHARANAMMA DIGGAVI: ICRA Reaffirms D Rating on INR8cr Term Loan
SHARMA KALYPSO: ICRA Cuts Rating on INR51MM Fund Based Loan to D
SHREE ADINATH: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
SHRI ARUNACHALESWARAR: CARE Assigns B Rating to INR8.87cr LT Loan
SHRI SUPER: ICRA Assigns B+ Rating to INR23.5cr Letter of Credit
SRI AUROBINDO: ICRA's B- Rating on INR6cr Term Loan Outstanding
SUVI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
TRANCITY FINANCE: CARE Assigns B+(FD) Rating to INR3cr Loan
TROPICAL COATINGS: CRISIL Assigns B Rating to INR62MM Term Loan
VAISHNAVI COTTON: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
VIRAJ ALCOHOL: CRISIL Reaffirms B+ Rating on INR170MM Term Loan
N E W Z E A L A N D
ISABEL ESTATE: Receivers Pay NZ$2 Million Off Vineyard Debt
S R I L A N K A
SRI LANKA INSURANCE: Fitch Affirms 'BB-' IFS; Outlook Stable
S O U T H K O R E A
PANTECH CO: Court Puts Firm Up For Open Bidding
X X X X X X X X
* BOND PRICING: For the Week March 2 to March 6, 2015
- - - - -
=================
A U S T R A L I A
=================
ALPHATISE: In Administration; 1st Creditors' Meeting Set March 16
-----------------------------------------------------------------
Kirsten Robb at SmartCompany reports that a high-profile
Australian e-commerce startup that gained notoriety by hijacking
the iPhone 6 launch in Australia and offering the "world's best"
internship, has collapsed into voluntary administration.
Alphatise, whose shareholders include Rich Lister and Western
Australia-based technology entrepreneur Zhenya Tsvetnenko,
appointed Deloitte as administrators of the company on March 5,
the report says.
Vaughan Strawbridge, Deloitte restructuring services partner,
confirmed the appointment to SmartCompany on March 6.
"It's still very early days as far as our appointment is
concerned," SmartCompany quotes Mr. Strawbridge as saying. "We
are continuing to trade the business while we are assessing
options around recapitalising the business."
The first meeting of creditors will take place on March 16 in
Sydney, the report notes.
SmartCompany says a number of Alphatise shareholders have concerns
about the current leadership of the company.
Alphatise allows consumers to request a product they want to buy
and say how much they're willing to pay for it. The company then
gives retailers the opportunity to match that deal.
ARMADA SOLAR: Goes Broke Amid Concerns Over State of Industry
-------------------------------------------------------------
ABC News reports that Armada Solar, Canberra's longest running
solar installation company, has gone broke amid warnings of an
industry at the crossroads, with potentially serious consequences
for the community.
Over the past weeks, Armada Solar has gone into liquidation and
has let go its 20 or so staff, the report notes.
The report relates that the company's founder, Justin Ryan,
promised to do all he could to ensure customers were not left in
the lurch.
"It was definitely death by a thousand cuts," the report quoted
Mr. Ryan as saying. "It happened reasonably quickly at the end,
but we took significant damage from the boom and bust which
happened in the local solar industry, with the ACT Government's
feed-in-tariff which closed in 2011."
"That boom and bust led to the demise of every single (ACT) solar
company except for Armada Solar, but we were significantly damaged
in the process," Mr. Ryan added, the report relays.
Liquidators for Armada have said there were insufficient funds to
keep the business running, the report notes. Customers will be
told in the coming days of the likelihood of their work being
completed.
'It's Relatively Easy to Get Squashed'
Established in 2007, Armada Solar was one the oldest solar
companies in the country, but Mr. Ryan said the unforeseen
popularity of the Territory's short-lived feed-in-tariff
ironically spelt the end for many companies, the report relays.
"What ended up happening is that the Chinese seriously came into
the solar industry, and they brought the price down very quickly,"
Mr. Ryan said, notes the report. "(It) just basically
destabilized all these policies, because it became so attractive
to install solar on one of these feed-in-tariffs that the market
just exploded and went into a boom cycle."
The report notes Mr. Ryan also warned the entrance of companies
like the government-owned ActewAGL into the solar installation
market was not good for competition.
"I think part of the demise of Armada is companies like ActewAGL
wanting to control the energy landscape and control this change,"
the report quoted Mr. Ryan as saying. "They see it as a Kodak
moment for themselves. They're like a bit of a wild elephant and
we're stuck in the cage and it's relatively easy to get squashed."
"To a large extent what's happening is outside the control of
government. . .. This is a really significant change that's
occurring in the energy landscape and it's going to have
significant impacts on all our lives in the next few years to
come," the report quoted Mr. Ryan as saying.
CARNA GROUP: First Creditors' Meeting Slated For March 18
---------------------------------------------------------
Ian Charles Francis and Michael Joseph Ryan of FTI Consulting
(Australia) were appointed as administrators of Carna Group Pty
Ltd, trading as Carna Civil & Mining or Carna Earthmoving, on
March 6, 2015.
A first meeting of the creditors of the Company will be held at
The William Ballroom, Kings Perth Hotel, 525 Hay Street, in Perth,
on March 18, 2015, at 2:00 p.m.
CARUANA HOLDINGS: First Creditors' Meeting Set For March 16
-----------------------------------------------------------
Glen Oldham of Oldhams Advisory was appointed as administrator of
Caruana Holdings Pty Ltd on March 4, 2015.
A first meeting of the creditors of the Company will be held at
Ocean International, 1 Bridge Road, Illawong Beach, in Mackay,
Queensland, on March 16, 2015, at 9:30 a.m.
HUGHMARK QUALITY: First Creditors' Meeting Set For March 17
-----------------------------------------------------------
Kimberley Wallman of HLB Mann Judd (Insolvency WA) was appointed
as administrator of Hughmark Quality Furniture Pty Ltd on March 6,
2015.
A first meeting of the creditors of the Company will be held at
Ground Floor, 15 Rheola Street, West Perth, in West Australia, on
March 17, 2015, 10:00 a.m.
JOSH GOOT: Emerges From Voluntary Administration
------------------------------------------------
Eloise Keating at SmartCompany reports that fashion heavyweight
Josh Goot has regained control of his eponymous fashion label,
after creditors voted to support a Deed of Company Arrangement.
Josh Goot placed the business in voluntary administration a little
over a month ago, with Michael Smith and Peter Hillig of Smith
Hancock appointed as administrators on February 2.
SmartCompany relates that Mr. Goot said in a statement at the time
the aim of the administration was to "restructure to protect the
long-term interests of the brand and all involved".
"The retail market has witnessed a prolonged downturn since the
GFC in 2008 and we are proud that we have been able to sustain and
grow the business throughout the challenging period, while
manufacturing exclusively in Australia," SmartCompany quotes
Mr. Goot as saying.
SmartCompany notes that the fashion label, which Goot founded in
2008 and which turned over AUD3 million in the 2014 financial
year, was advertised for sale on February 16, with Smith Hancock
seeking expressions of interest in all of the company's assets.
The Josh Goot business operates two standalone retail outlets in
Paddington, New South Wales, and Armadale, Victoria, and Josh Goot
designs are stocked by David Jones. Both stores traded throughout
the administration period, SmartCompany says.
According to SmartCompany, Mr. Goot said at the time of appointing
administrators he planned to continue the label following the
administration period and creditors have now given him the
opportunity to get the label back on track.
In a statement issued to SmartCompany on March 9, Mr. Goot said
the administration process taught him valuable lessons and he is
prepared to make the changes necessary to ensure the survival of
the brand.
"The support I have received from investors, creditors, customers,
staff and fashion industry peers has also been overwhelming,"
SmartCompany quotes Mr. Goot as saying in the statement. "People
have been extremely generous with their good wishes, knowledge and
advice."
"We will be making significant changes to the company's structure,
processes, supply chain and internal timelines for the benefit of
our wholesale and retail customers, our key partners and our
investors."
SmartCompany adds that Mr. Goot said the company is in the process
of designing and developing its Spring Summer 2015 collection and
is now focused on "delivering Autumn Winter to our Sydney and
Melbourne stores and to our loyal customers".
MISSION NEWENERGY: Notice of Initial Substantial Holders
--------------------------------------------------------
Mission NewEnergy Limited disclosed with the Securities and
Exchange Commission that pursuant to announcements made on
Feb. 19, 2015, and Feb. 25, 2015, in respect of issue of ordinary
shares in lieu of cash retention amount payable, the following
shareholders report initial substantial holdings of the Company:
Name Number of Ordinary Shares
---- -------------------------
Nathan Mahalingam 5,612,956
James Garton 5,112,051
G Burnett 5,112,001
About Mission NewEnergy
Based in Subiaco, Western Australia, Mission NewEnergy Limited is
a producer of biodiesel that integrates sustainable biodiesel
feedstock cultivation, biodiesel production and wholesale
biodiesel distribution focused on the government mandated markets
of the United States and Europe.
The Company is not operating its biodiesel refining segment. The
refineries are being held in care and maintenance either awaiting
a return to positive operating conditions or the sale of assets.
The Company has materially diminished its Jatropha contract
farming operation and the company is now focused on divesting the
remaining Indian assets. The Company intends to cease all Indian
operations.
Mission NewEnergy reported a net loss of $1.09 million on $9.68
million of total revenue for the year ended June 30, 2014,
compared to net income of $10.05 million on $8.41 million of total
revenue during the prior year.
The Company's balance sheet at June 30, 2014, showed $4.04 million
in total assets, $15.4 million in total liabilities and a $11.4
million total deficiency.
BDO Audit (WA) Pty Ltd, in Perth, Western Australia, issued a
"going concern" qualification on the consolidated financial
statements for the year ended June 30, 2013. The independent
auditors noted that the Company incurred operating cash outflows
of $3.7 million during the year ended 30 June 2013 and, as of that
date the consolidated entity's total liability exceeded its total
assets by $12.5 million. These conditions, along with other
matters, raise substantial doubt the Company's ability to continue
as a going concern.
SAHARA ROOFING: Plans to Continue Operating Under DOCA
------------------------------------------------------
Cliff Sanderson at Dissolve.com.au reports that Sahara Roofing Pty
Limited is planning to create a proposal to continue to operate in
the long term through a Deed of Company Arrangement that could
lead to a better creditors' return than immediately liquidating
the assets of the company.
Brent Trevor-Alex Kijurina and Richard Albarran of Hall Chadwick
were appointed administrators of the company on February 23, 2015.
Sahara Roofing Pty Limited is a North Sydney-based roofing
company. It worked on the Albion Park Rail roofing project.
SOUL SURFERS: Penthouse Up for Sale
-----------------------------------
Cliff Sanderson at Dissolve.com.au reports that the Soul Surfers
Paradise penthouse is set for receivership auction. The property
has been listed on behalf of receiver PricewaterhouseCoopers. The
auction that will take place on March 7, the report says.
Dissolve.com.au says this development comes as the management
rights to the beachfront apartment tower are put up for sale under
instructions from PwC receivers and managers. Resort Brokers
Australia, an accommodation property agency, has been appointed to
handle the sale, the report notes.
=========
C H I N A
=========
CHINA AOYUAN: Moody's Says Aussie Project No Impact on B3 Rating
----------------------------------------------------------------
Moody's Investors Service said China Aoyuan Property Group
Limited's announced investment in a deluxe property project in
Sydney, Australia is credit negative, but has no immediate impact
on its B2 corporate family rating, B3 senior unsecured debt rating
and stable rating outlook.
"China Aoyuan's new project in Australia will weaken its liquidity
position and raise its execution risk," says Gerwin Ho, a Moody's
Vice President and Senior Analyst.
China Aoyuan will have to contribute an initial capital for its
70% interest in a joint venture that has acquired a project
located at 130 Elizabeth Street, Sydney's central business
district, for AUD121million. The joint venture will develop a a
38-storey building with 148 luxury residential apartments and 2
retail shops. This initial capital contribution will diminish its
liquidity buffer in the next 12-18 months.
In addition, until it is able to arrange a construction loan for
the project, China Aoyuan will have to provide further cash
support. Furthermore, all pre-sale proceeds are restricted until
delivery at final closing of the units.
The project poses execution risk because China Aoyuan has not yet
established its brand in Australia and has no experience operating
in the country. Furthermore, the high-end positioning of the
project, with a high average per-apartment price of around AUD2.5
million, will limit the target customer pool. But the prime
location of the project and the limited land supply in the area
partly mitigate these concerns over customer demand.
The execution risk is also lowered by co-branding the project with
its joint venture partner Ecove (unrated), a local property
developer with experience in developing mid-to-high end
residential and retail projects in Sydney.
"However, China Aoyuan's financial profile will not be materially
affected by the relative small scale of the Australian project"
says Ho, who is also the Lead Analyst for China Aoyuan.
Moody's estimates the total project cost will be around RMB1.5
billion, which is small compared to the company's total contracted
sales of RMB12.2 billion and cash on hand of RMB6.3 billion as of
end-June 2014.
If China Aoyuan is successful in arranging a construction loan,
the project will increase its debt without contributing to revenue
or EBITDA in the next 12-18 months. But Moody's does not expect
for such incremental debt to materially affect China Aoyuan's
credit metrics.
Nevertheless, the Australian project will moderately weaken China
Aoyuan's credit metrics. Its pro-forma revenue to adjusted debt
ratio will likely drop to 45.5% from 47.1% for the 12 months to
June 2014. Its pro-forma adjusted EBITDA to interest ratio will
remain unchanged at 1.1x.
At the same time, Moody's expects projects in China will help to
grow China Aoyuan's revenue over the next 12-18 months. Its
revenue to adjusted debt will improve to around 50%-55%, but its
adjusted EBITDA interest coverage will remain around 1.1x-1.2x, a
level that is weak for its B2 rating.
The principal methodology used in this rating was Global
Homebuilding Industry published in March 2009.
Listed on the Hong Kong Stock Exchange in October 2007, China
Aoyuan Property Group Limited was founded in 1998 by Mr. Guo Zi
Wen. As of June 30, 2014, the company had 42 projects in six
provinces, including Guangdong and Liaoning, and Chongqing city,
with a total land bank of 11.96 million square meters of gross
floor area.
CHINA GINSENG: KCG Reports 0.19% Stake as of Feb. 27
----------------------------------------------------
KCG Americas LLC disclosed in a regulatory filing with the
Securities and Exchange Commission that as of Feb. 27, 2014, it
beneficially owned 83,109 shares of common stock of China Ginseng
Holdings Inc., which represents 0.19 percent based on outstanding
shares reported on the Issuer's Form 10-Q filed with the SEC for
the period ended December 31, 2014. A copy of the regulatory
filing is available for free at http://is.gd/N61TGb
About China Ginseng
Changchun City, China-based China Ginseng Holdings, Inc., conducts
business through its four wholly-owned subsidiaries located in
China. The Company has been granted 20-year land use rights to
3,705 acres of lands by the Chinese government for ginseng
planting and it controls, through lease, approximately 750 acres
of grape vineyards. However, recent harvests of grapes showed poor
quality for wine production which indicates that the
vineyards are no longer suitable for planting grapes for wine
production. Therefore, the Company has decided not to renew its
lease for the vineyards with the Chinese government upon
expiration in 2013 and, going forward, it intends to purchase
grapes from the open market in order to produce grape juice and
wine.
China Ginseng reported a net loss of $4.76 million on $2.61
million of revenue for the year ended June 30, 2014, compared to a
net loss of $3.64 million on $3.56 million of revenue for the year
ended June 30, 2013.
As of Dec. 31, 2014, China Ginseng had $9.03 million in total
assets, $15.8 million in total liabilities, and a $6.72 million
stockholders' deficit.
Cowan, Gunteski & Co., P.A., in Tinton Falls, NJ, issued a "going
concern" qualification on the consolidated financial statements
for the year ended June 30, 2014. The independent auditors noted
that the Company has incurred an accumulated deficit of
$14.2 million since inception, has a working capital deficit of
$11.6 million, and there are existing uncertain conditions the
Company faces relative to its ability to obtain working capital
and operate successfully. These conditions raise substantial
doubt about its ability to continue as a going concern.
KAISA GROUP: To Cut Offshore Bond Coupons in Restructuring
----------------------------------------------------------
David Yong and Christopher Langner at Bloomberg News report that
Kaisa Group Holdings Ltd. said offshore creditors stand to recover
just 2.4 percent of their money in a liquidation, adding pressure
on bondholders to accept a cut in coupon payments and defer
repayment by five years.
Bloomberg says the developer, which fell into financial distress
amid project blockages and a corruption probe, is seeking to trim
obligations on some CNY17 billion ($2.7 billion) of offshore debt.
It earlier this month sought to reduce the interest on almost
CNY48 billion of onshore liabilities while extending repayment by
up to six years, the report recalls.
Dollar-denominated notes sold by Chinese companies have returned
1.5 percent this year, JPMorgan Chase & Co. indexes show, less
than Pakistan and the Philippines, amid concern other developers
may suffer similar payment difficulties as the nation's real
estate market cools, according to Bloomberg. Sunac China Holdings
Ltd. bought 49.3 percent of Kaisa on Jan. 30, and made a takeover
offer that's conditional upon a satisfactory debt restructuring,
the report notes.
Cheong Yin Chin, a credit analyst in Singapore at independent
research firm CreditSights Inc., said bondholders may be forced to
accept the proposal because "they'll end up with a pathetic
liquidation value should Sunac walk away," Bloomberg relays.
In a liquidation scenario, foreign creditors will likely recover
just CNY980 million, or about 2.4 cents on the dollar, Bloomberg
relays citing Kaisa's Hong Kong exchange filing on March 8. The
company has no credit lines to rely on and liquidity will continue
to deteriorate if the current situation is not resolved quickly,
it said, Bloomberg relates.
"It will be a major turn of events if investors don't agree to
this," Bloomberg quotes Raymond Chia, the head of credit research
for Asia excluding-Japan at Schroder Investment Management in
Singapore, as saying. "It's definitely a bad sign in tainting the
assumption of no defaults in the industry."
Kaisa narrowly avoided becoming the first Chinese real estate
company to default on its U.S. currency debt after paying a coupon
on its 2020 bonds within a grace period last month. Several key
executives quit late last year.
Kaisa's $250 million 12.875 percent notes due 2017 slumped 7.5
cents, the most in more than a month, to 50 cents on the dollar as
of 2:55 p.m. in Hong Kong, Bloomberg-compiled prices showed,
adding to a 10.7-cent tumble last week. Its $500 million of 10.25
percent notes due 2020 slid 4.7 cents to 50.8 cents, having lost
4.2 cents last week.
According to Bloomberg, Kaisa proposed to cut the coupon on its
April 2016 notes to 3.1 percent from 6.875 percent and lower the
interest on its 2017 debt to 4.7 percent from 12.875 percent.
Under the proposal, the coupon on its March 2018 debentures will
be reduced to 5.2 percent from 8.875 percent, while that on its
June 2019 notes will be trimmed to 6.4 percent from 9 percent.
Bloomberg relates that Kaisa also proposes to lower the rate on
its January 2020 securities to 6.9 percent from 10.25 percent, and
reduce the coupon on its December 2015 convertible bonds to 2.7
percent from 8 percent. The developer retains the option to issue
payment-in-kind notes to bondholders up to 2017, in lieu of coupon
payments, it said.
"The offer looks like the easy way out of the predicament as there
is no clear options for bondholders," Bloomberg quotes A.J. Lee, a
money manager in Taipei at Cathay Securities Investment & Trust
Co., as saying. "They can look for another white knight but it's
unlikely because of the tremendous time pressure to complete
this." Cathay sold its holding of Kaisa 2018 notes in December and
January, and doesn't plan to buy them back because of the
restructuring uncertainty, Mr. Lee told Bloomberg.
Bloomberg says frozen assets and litigation are disrupting Kaisa's
normal operations and affect the going-concern value of the
company, Kaisa said in the filing. Deteriorating liquidity is
putting increasing stress on its business and weakening its
capital structure, it said.
According to Bloomberg, Kaisa said cash collections from property
sales has "dropped significantly" from about CNY2.1 billion in
November to CNY143 million in February. "Consequently, the
company's total cash balance has decreased from CNY10.913 billion
on June 30, 2014 to CNY1.897 billion on March 2."
"The company expects its liquidity to continue to deteriorate if
the current situation is not resolved quickly," Kaisa said. No
liquidity lines are available to draw from and "absent the release
of the sale blockages and frozen assets in the near term, the
going concern value of the company could be significantly
impaired."
About Kaisa Group
China-based Kaisa Group Holdings Ltd. (HKG:1638) --
http://www.kaisagroup.com/english/-- is an investment holding
company, and its subsidiaries are engaged in property development,
property investment and property management.
As reported in the Troubled Company Reporter-Asia Pacific on March
9, 2015, Moody's Investors Service said that Kaisa Group Holdings
Ltd's proposed onshore debt restructuring, if successful, will
constitute a distressed debt exchange -- a default event under
Moody's definition -- but has no immediate impact on its Ca
corporate family and senior unsecured debt ratings. The
transaction will also help reduce near-term liquidity stress. The
ratings remain under review for upgrade.
On February 9, 2015, Kaisa announced the resumption of trading in
its shares and provided some updates on recent developments,
including interest payments under its 2013 senior notes, demand
notices for payment against the company, and court proceedings.
On February 6, 2015, Sunac China Holdings Limited (Ba3 stable) and
Kaisa jointly announced that Sunac conditionally agreed to acquire
49.25% of Kaisa's outstanding shares from its major shareholder,
Mr. Kwok Ying Shing and his family members.
The completion of the share purchase is conditional on a number of
factors, including the resolution of Kaisa's debt payments, the
waiver by creditors of any actions against breaches of the terms
of existing debt due to the share purchase, the resolution of all
existing disputes and court applications faced by the company, the
resolution of irregularities in Kaisa's business operations, and
shareholder approvals for certain actions.
* Moody's Says Oil Plunge Slows Revenue Growth of Oilfield Cos.
---------------------------------------------------------------
Moody's Investors Service said the oil price plunge will push
exploration and production (E&P) companies around the globe to cut
their spending on exploration and drilling, slowing revenue growth
of China's (Aa3 stable) oilfield service (OFS) companies in 2015
and into 2016.
"In addition to the impact on revenues, Chinese oilfield service
companies will also see their margins weaken over the next two
years as their exploration and production customers negotiate
lower rates," says Chenyi Lu, a Moody's Vice President and Senior
Analyst.
Lu was speaking on a just-released sector-in-depth report titled,
"Oilfield Services - China: Oil Price Plunge Will Slow Revenue
Growth and Pressure Margins of Chinese Oilfield Services
Companies".
Of the four Chinese OFS companies that Moody's rates, Honghua
Group Limited (B2 negative) and Anton Oilfield Services Group (Ba3
negative) are the most reliant on E&P spending, making their
revenues most vulnerable to the oil price drop.
"Increased competition from the oilfield service subsidiaries of
Chinese national oil companies for a smaller pool of exploration
and production spending will pressure Anton Oilfield Services'
margin and revenue growth," says Lu.
Moody's expects Anton's revenue growth to rebound moderately to
around 15% in 2015, following a decline of 20% in 2014. But, the
absolute revenue will be below the levels Anton posted in 2013.
Meanwhile, Honghua's revenue will decline by about 5.5% in 2015,
as E&P companies cut back on new orders for land drilling rigs,
delay replacements and place fewer orders for offshore equipment.
On the other hand, continued E&P activities in the Middle East --
Honghua's major market accounted for 45% of its sales in 1H 2014,
will likely provide some support for the company's revenue.
Hilong Holding Limited's (Ba2 stable) year-on-year revenue growth
will likely be 10% in 2015, up from Moody's estimate of 3% for
2014, mainly because of new business.
Hilong's oilfield equipment and manufacturing services segment --
accounting for about 50% of the company's revenue in H1 2014 --
will remain steady because E&P companies need these products and
services to continue extracting oil from wells they have already
dug.
Hilong therefore has less exposure to new exploration activities
and the reduced capital expenditure of E&P companies.
Moody's expects China Oilfield Services Limited's (COSL, A3
stable) year-on-year revenue will decline by 10%-15% in 2015 but
will remain above 2013 levels, as rates for its services and the
utilization rates of its drilling rigs decline.
The company's national oil company parent -- China National
Offshore Oil Corporation (Aa3 stable) will likely continue
directing the majority of its oilfield services needs to COSL,
which will support the company's revenue in the lower oil price
environment.
Moody's previously published research related to the China Reform
and Rebalancing theme.
=========
I N D I A
=========
ADITYA EXIM: CARE Lowers Rating on INR17.35cr Loan to D
-------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Aditya
Exim Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2.38 CARE D Revised from
CARE BB-
Long-term /Short-term 17.35 CARE D/CARE D Revised
Bank Facilities from CARE BB-/CARE A4
Short-term Bank Facilities 2.75 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Aditya Exim Limited (AEL) primarily factors in the stressed
liquidity position resulting in overdrawing in cash credit
account, instances of Letter of Credit (LC) devolvement and
frequent instances of delays in term loan interest and
installments payment.
Establishing a track record of timely serving of debt obligations
with an improvement in liquidity position is the key rating
sensitivity.
Incorporated in 1995, AEL is a closely-held public limited
company. Mr Aditya Parekh, director, is handling overall
operations of the company. Till FY10 (refers to the period
April 1 to March 31), almost entire total operating income was
derived through trading activities. AEL commenced manufacturing
and export of forged components like flanges, pipe fittings,
shafts, etc, in FY11, which finds its application in upstream and
downstream oil and gas industry, refineries, chemicals and petro
chemicals industry. The company operates with its installed
manufacturing capacity of 18,000 metric ton per annum (MTPA) of
flanges and 9,000 MTPA of pipe fittings as on March 31, 2014, from
its sole manufacturing unit located at GIDC, Vadodara.
As per the audited results of FY14, AEL reported a profit after
tax (PAT) of INR0.52 crore on a total operating income (TOI) of
INR52.69 crore as against PAT of INR0.80 crore on a TOI of
INR55.04 crore. As per the provisional results for 8MFY15, AEL has
achieved TOI of INR10.01 crore.
ADITYA PAPTECH: CRISIL Reaffirms B Rating on INR320MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the bank facilities of Aditya Paptech Pvt Ltd
(APPL) continues to reflect its recent commencement of commercial
operations and small scale of operation in highly fragmented
industry, company's weak financial risk profile led by ongoing
debt funded capex plans and on account of low accruals due to the
start-up nature of operations. These rating weaknesses are
partially offset by the extensive industry experience of APPL's
promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4 (Reaffirmed)
Cash Credit 170 CRISIL B/Stable (Reaffirmed)
Letter of Credit 80 CRISIL A4 (Reaffirmed)
Term Loan 320 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that AAPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case the company reports
healthy growth in revenues and operating profitability, resulting
in higher-than-expected accruals over the medium term. Conversely,
the outlook may be changed to 'Negative' if APPL's working capital
requirements are higher than expected, leading to its higher-than-
expected dependence on debt, thus resulting in the deterioration
of its financial risk profile and if company executes higher than
expected debt funded capex.
Incorporated in 2011 and promoted by Mr. Praveen Patel and Mr.
Radheshyam Pokar, APPL is currently setting up a duplex paper
board manufacturing unit in Gujarat.
AKASH COTEX: CRISIL Reaffirms B Rating on INR110MM Cash Credit
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Akash Cotex
(Akash) continues to reflect the firm's weak financial risk
profile, marked by high gearing and a modest networth, its
exposure to intense competition in the fragmented cotton ginning
industry, and its vulnerability to changes in government policies.
These rating weaknesses are partially offset by the proximity of
Akash's operations to the cotton-growing belt in Gujarat.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 110 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.6 CRISIL B/Stable (Reaffirmed)
Term Loan 29.4 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that Akash will continue to benefit over the
medium term from the proximity of its operations to the cotton-
growing belt; however, the firm's financial risk profile will
remain constrained over this period owing to low cash accruals and
a weak capital structure. The outlook may be revised to 'Positive'
if the firm scales up its operations and posts higher-than-
expected accruals, or in case of substantial equity infusion by
its partners leading to improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if there is a
significant decline in Akash's cash accruals or if it undertakes a
large debt-funded capital expenditure programme, further weakening
its financial risk profile, particularly its liquidity.
Update
For 2013-14 (refers to four months ending March 31), Akash
registered a turnover of Rs INR262 million. The firm registered a
topline of Rs 800 million for 9 months ended December 2014, and is
expected to maintain healthy revenue growth over the medium term.
Akash's operating profitability is estimated to be around 2.9 per
cent in 2014-15 and CRISIL expects that it will remain at similar
levels over the near to medium term. The firm's profitability
remains susceptible to volatility in raw material prices. For
2014-15, the company is expected to efficiently manage its working
capital cycle with its gross current assets (GCA) estimated at 50
days marked by inventory levels of 30-40 days. CRISIL expects
Akash's GCAs to remain high in the range of 50 to 60 days and the
overall working capital requirements are expected to increase with
its scale of operations. The firm has an adequate liquidity
profile with a moderate bank limit utilization of around 50
percent for 10 months ended October 31, 2014 and sufficient cash
accruals to repay its term debt obligations.
Akash reported net profit of INR10 million on net sales of INR262
million for 2013-14.
About the Firm
Akash is a partnership firm located at Gondal (Rajkot district,
Gujarat). The firm's partners have over five years of experience
in the cotton industry.
ANJALI ALUMINIUM: CARE Reaffirms B Rating on INR4.14cr LT Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Anjali Aluminium Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 4.14 CARE B Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Anjali Aluminium
Private Limited (AAPL) continues to be constrained by the small
scale of operations, low net profitability margins, moderately
leveraged capital structure, weak debt coverage indicators and
working capital intensive nature of operations.
The rating continues to take into account the demonstrated
financial support from the promoters.
Ability of AAPL to scale up its operation and improve
profitability margins amidst increasing competition along with
efficient management of working capital is the key rating
sensitivities.
Incorporated in 2006, Anjali Aluminium Private Limited (AAPL) is
into manufacturing of aluminium products (viz.Aluminum Utensils,
Aluminium Sheets and containers and Big & Medium Aluminium Tops)
since February 2012. The manufacturing plant of the firm is
located at Nagpur (Maharashtra) with an installed capacity of
1,300 metric ton production per annum (MTPA; with around 70%
capacity utilization in FY14 refers to the period April 1 to March
31).
The entire sales and purchases of the company are procured
domestically.
During FY14, AAPL recorded total operating income of INR14.18
crore (vis-a-vis INR12.54 in FY13) crore and PAT of INR0.002 crore
(vis-…-vis PAT of INR0.001 crore in FY13). Furthermore till
H1FY15, the company has achieved sales of INR6.01 crore and PBT of
INR0.16 crore.
ARUNACHALA SPINNING: CARE Reaffirms B+ Rating on INR13.11cr Loan
----------------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of Arunachala
Spinning Mills India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 13.11 CARE B+ Reaffirmed
Short-term Bank Facilities 0.18 CARE A4 Reaffirmed
Long/Short-term Bank 2.00 CARE B+/CARE A4
Reaffirmed
Rating Rationale
The ratings of Arunachala Spinning Mills India Private Limited
(ASMIPL) continue to be constrained by the modest scale and
working capital intensive nature of operations and susceptibility
of ASMIPL's margins to volatility in raw material prices. The
ratings are also constrained by the client concentration risk, and
its presence in the highly fragmented cotton yarn industry.
The ratings continue to draw strength from the wide experience of
the promoters, presence in the textile cluster with easy access to
labour and proximity to the end-user industry, growing revenues,
albeit decline in profitability, and the moderate debt protection
metrics of the company.
The ability of ASMIPL to move up in the textile value chain,
diversify product offerings and improve its overall financial risk
profile would be the key rating sensitivities.
ASMIPL was established in 2004 by Mr M N Natarajan to manufacture
cotton yarn. The company produces cotton yarn of count of 40's
mainly used by the hosiery industry. Occasionally the company
produces yarn of 30's count also (which is about 15% of the total
sales). ASMIPL operates with an installed capacity of 16,800
spindles located at Dharapuram region in Tirupur, Tamil Nadu. The
company is also engaged in sale of cloth where the process of
knitting is outsourced.
ASMIPL has four associate companies namely Bagyalakshmi Dyeing,
Everking Garments, Superking Knitters and Veeyem Tex. All the
associate concerns are in the business of dyeing fabrics and
manufacturing garments.
ASMIPL achieved a PAT of INR1.31 crore on a total operating income
of INR60.63 crore in FY14 (refers to the period April 1 to March
31) as compared with PAT of INR1.23 crore on a total operating
income of INR54.77 crore in FY13.In 9MFY15 (provisional; refers to
the period April 1 to December 31), the company has achieved sales
of INR29.48 crore.
BALAJI CHAWAL: CARE Lowers Rating on INR10cr LT Loan to D
---------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Balaji
Chawal Mills Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 10.00 CARE D Revised
from CARE B
Rating Rationale
The revision in rating assigned to the bank facilities of Balaji
Chawal Mills Private Limited (BCMP) takes into account the delays
in debt servicing due to stretched liquidity.
Incorporated in 2011, Balaji Chawal Mills Private Limited (BCMP)
was promoted by Mr. Rishi Agrawal and Mr. Pawan Kumar Agrawal with
the aim to set up a paddy processing unit at Basti (U.P) with an
installed capacity of 19200 Metric Tonne Per Annum. The total cost
of the project was INR10.61 crore to be funded through term loan
of INR5.50 crore and rest through promoter's contribution. The
project was scheduled to commence in April 2014 however, due to
delays in supply and erection of machinery the commercial
operations has not yet started. This led to time and cost overrun
in the project resulting in stressed liquidity position for the
company and there are on-going delays in the debt servicing on
account of the same. The group companies of BCMP include Balaji
Agencies and Fertilizer Centre which are engaged in trading of
fertilizers, seeds and pesticides and Sushil Automobiles is
another group concern which is engaged in automobile dealership.
BANSAL INDUSTRIES: ICRA Suspends B- Rating on INR7cr Bank Loan
--------------------------------------------------------------
ICRA has withdrawn the suspended rating of [ICRA]B- assigned to
the INR7.0 crore bank lines of Bansal Industries. As per ICRA's
policy on withdrawals, ICRA can withdraw the rating in case the
rating remains suspended for more than three years.
BEAM FLASHLIGHTS: CARE Lowers Rating on INR6.66cr LT Loan to D
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Beam Flashlights Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.66 CARE D Revised from
CARE C
Short-term Bank Facilities 0.45 CARE D Revised from
CARE A4
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Beam Flashlights Private Limited (BFPL) takes into consideration
the delays in debt servicing by the company due to stretched
liquidity position.
Promoted by Mr Sunil Lalwani, BFPL was incorporated on June 24,
2003, and is engaged in the manufacturing ofpolyethylene
terephthalate (PET) bottles. It caters the packaging needs of
mainly pharmaceutical and food & beverage industry. The company
manufactures PET bottles in different colours, shapes and sizes,
ranging in size from 30 ml to 500 ml and are as per specific
requirement of its customers. The manufacturing facility is
located in Dehradun (Uttarakhand), with an installed capacity of
4.8 crore units per annum of PET bottles as on March 31, 2013.
BHARAT COTTON: CRISIL Assigns B+ Rating to INR35MM Cash Credit
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Bharat Cotton Industries (BCI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 32.5 CRISIL B+/Stable
Cash Credit 35 CRISIL B+/Stable
Long Term Loan 12.5 CRISIL B+/Stable
The rating reflects BCI's weak financial risk profile, marked by
modest net worth and high gearing, its modest scale of operations
in the intensely competitive cotton-ginning industry, and its
vulnerability to changes in government policies. These rating
weaknesses are partially offset by the extensive industry
experience the firm's promoters and the advantages it derives from
the proximity of its unit to the cotton-growing belt in Gujarat.
Outlook: Stable
CRISIL believes that BCI will continue to benefit over the medium
term from its promoters' extensive experience in the cotton
industry. The outlook may be revised to 'Positive' if the firm
scales up its operations and achieves sizeable accruals, or if its
capital structure improves through capital infusion. Conversely,
the outlook may be revised to 'Negative' if BCI's financial risk
profile weakens, most likely because of increased working capital
borrowings or large debt-funded capital expenditure, or if its
operations are negatively impacted by any change in government
policies.
Set up in 1998, BCI gins, presses and sells oil seeds. It has a
manufacturing capacity of 300 bales per day at Bhavnagar
(Gujarat). Its day-to-day operations are managed by Mr. Poptabhai
Bhimjibhai Dodiya.
BCI reported book profit of INR1.84 million on operating income of
INR160 million for 2013-14 (refers to financial year, April 1 to
March 31) against profit after tax of INR1.69 million on operating
income of INR149 million for 2012-13.
BLUE WINGS: ICRA Reaffirms B Rating on INR8.25cr Term Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B and short term
rating of [ICRA]A4 to the INR8.85 cr. bank facilities of Blue
Wings Tours & Travels Private Limited (BWTTPL).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 8.25 [ICRA]B Reaffirmed
Bank Guarantee 0.60 [ICRA]B Reaffirmed
Letter of Credit (0.75) [ICRA]A4 Reaffirmed
The ratings take into consideration the delays in commencement of
full scale operations of BWTTPL's resort in Udaipur, which
resulted in cost overrun, which was funded by the unsecured loans
from promoters and the losses incurred by BWTTPL in 2013-14.
Additionally, the resort faces high competitive intensity from
existing resorts and hotels of similar scale in the nearby region,
which may limit its ability to achieve high occupancy particularly
in the early phase of operations. The favourable location of the
resort may partially mitigate this risk, which may enable
healthier occupancy in the long term. Further, as the debt
repayments have already started from January 2014, any further
delay in project stabilization can result in cash flow mismatch
and necessitate refinancing. ICRA takes into cognizance the
extensive experience of promoters in the real estate industry. The
ability of the resort to achieve moderate occupancy in early phase
of operations, amid the high competition, in order to generate
healthy cash flows would be key rating sensitivities going
forward.
BWTTPL has set up a resort in Udaipur which has 46 rooms along
with other facilities such as a restaurant, health club, art
gallery, spa, banquet and conference hall along with a party lawn.
The project was delayed by a year (full operations commenced from
June 2014 against estimate of July 2013), and the consequent cost
overruns and funding gap to service debt were met by unsecured
loans from promoters.
Udaipur, being a famous tourist destination, attracts a large
number of Indian as well as international travelers. The resort is
primarily targeted towards tourist and marriage parties. The area
surrounding the resort has many hotels/resorts operational in the
targeted segment which would pose high competition for BWTTPL.
Further, the market as a whole is expected to witness additional
room supply in the medium term which may keep average room rent
(ARR) under check. As per the management, the occupancy level was
53% and ARR stood at Rs, 3,500/- for the initial period of
operations of the resort (January 2014 to January 2015). With
pressure on ARRs, the profitability of the resort is expected to
remain under pressure in the near term till the operations
stabilize. The ability of the resort to achieve moderate occupancy
in early phase of operations, amid the high competition, in order
to generate healthy cash flows would be key rating sensitivities
going forward.
BWTTPL was incorporated in 1995 with the objective of carrying on
businesses in hospitality and tourism industry. Blue Wings has a
46 room resort -- Vintage Resorts & SPA -- near Udaipur city. The
resort started operations in January 2014 and full scale
operations were started in June 2014.
BWTTPL is a subsidiary of Krishna Propdeal Private Limited, which
has undertaken several real estate projects in the past. The
promoters of the company have significant experience in the real
estate industry.
BWTTPL reported a net loss of INR0.12 crore against operating
income of INR1.19 crore in 6m 2014-15 as against a profit after
tax of INR0.44 crore against operating income of INR0.34 crore in
2013-14.
BRAHMAPUTRA INFRA: ICRA Suspends D Rating on INR804.67cr Loan
--------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR804.67
crore fund based/non fund based facilities & term loans of
Brahmaputra Infrastructure Limited. The suspension follows ICRA's
inability to carry out a rating surveillance in the absence of the
requisite information from the company.
CA TRADING: ICRA Assigns B+ Rating to INR8.80cr Cash Credit
-----------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR8.80
crore cash credit limit and INR0.06 crore term loan of CA Trading
Company. ICRA has also assigned its short term rating of [ICRA]A4
to the INR2.00 crore letter of credit limit of CATC.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 8.80 [ICRA]B+; Assigned
Cash Credit Limit
Term Loan 0.06 [ICRA]B+; Assigned
Non-fund Based Limits (2.00) [ICRA]A4; Assigned
Sub limit under Cash
Credit ILC/FLC
Foreign/Inland
ICRA's rating factors in the firm's weak financial profile as
reflected in its high gearing, weak coverage indicators and
stretched liquidity position, as evident from the high utilisation
of its bank limits. The rating also takes into account the firm's
operations in the highly competitive dry fruits segment, which
results in weak profit margins, and the firm's moderate scale of
operations. However, ICRA favourably factors in the extensive
experience of the promoters, strategic location of its operations
and low debt repayment obligations, as the firm's borrowings are
largely for working capital requirements.
Going forward, CATC's ability to increase its scale of operations
accompanied by an improvement in profitability margins and
effective working-capital management would be the key rating
sensitivities.
CATC is a proprietorship concern of Mr. Raj Kumar Lohiya, formed
in January 2014, and is engaged in trading of dry fruits and
processed spices. The firm purchases dry fruits and spices locally
and supplies the goods to domestic customers, allowing credit
period of 30-45 days. The firm also has a processing unit for
processing of raw almonds in Mandore Mandi, Jodhpur, Rajasthan.
The firm reported a net profit of INR0.05 crore on an operating
income of INR7.96 crore in FY 2013-14, for operations for 3 months
i.e. from January, 2014 to March, 2014.
CORE PLASTO: CRISIL Assigns B+ Rating to INR140MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Core Plasto Enterprises (CPE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B+/Stable
Term Loan 20 CRISIL B+/Stable
The rating reflects CPE's large working capital requirements and
its below-average financial risk profile marked by its modest net
worth and high gearing. These rating weaknesses are partially
offset by the extensive experience of the promoters in the kitchen
appliances industry and their established customer relationships.
Outlook: Stable
CRISIL believes that CPE will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a substantial
increase in the firm's scale of operations, leading to a better
financial risk profile. Conversely, the outlook may be revised to
'Negative' if CPE's financial risk profile weakens further, most
likely due to any significant pressure on its margins leading to
low cash accruals, or large debt-funded capital expenditure.
Set up as a partnership firm in 2007, CPE manufactures plastic
injection moulds primarily for use in home appliances. The
company's primary products include table top wet grinders, mixer
grinders and plastic dash board components for 4-wheelers. Based
out of Chennai, the day-to-day activities of the firm are managed
by Mr. Renny Jose and his brother Mr. Reji Jose.
CPE reported a profit after tax (PAT) of INR4 million on net sales
of INR467.9 million for 2013-14 (refers to financial year, April 1
to March 31), as against a PAT of INR5.4 million on net sales of
INR291.1 million in 2012-13.
DIAMOND HOMETEX: CARE Assigns B Rating to INR8.44cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B/ CARE A4' ratings to bank facilities of
Diamond Hometex India Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 8.44 CARE B Assigned
Short term Bank Facilities 0.75 CARE A4 Assigned
Rating Rationale
The rating assigned to the bank facilities of Diamond Hometex
India Private Limited (DHI) is primarily constrained by its post-
implementation risk associated with its debt-funded greenfield
project coupled with exposure to raw material price volatility.
The rating is further constrained by highly competitive and
fragmented nature of the blanket industry and seasonality
associated with the products manufactured by the company. These
rating constraints are partially offset due to support from the
experienced promoters.
Going forward, the ability of DHI to achieve its envisaged
revenues and profitability and improve its capital structure shall
be the key rating sensitivities.
Diamond Hometex India Private Limited (DHI), Panipat, Haryana-
based company was incorporated in 2014 by Mr Mahavir Goyal, Mr
Prahlad Jindal, Mr Dayanand and Mr Satish Kumar Jindal. DHI is
incorporated with an objective to manufacture mink and polar
blankets. The company has set up the manufacturing plant at
Panipat which was commercial operations in August, 2014. The
company sells the same to dealers located in Panipat and nearby
regions under the brand name- "Diamond". The main raw materials
required for production are polyester yarn, satin silk and dyeing
colors. The company procures the raw materials mainly from
domestic market such as Ludhiana, Jalandhar, Amritsar (Punjab) and
New Delhi.
The company has set up manufacturing unit with total project cost
of INR9.34 crore which was funded by promoter's contribution
(including unsecured loans) and term loans of INR5.90 crore and
INR3.44 crore respectively.
GAJANAN BEVERAGES: CARE Assigns B+ Rating to INR9.95cr LT Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' ratings to bank facilities of Gajanan
Beverages Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 9.95 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Gajanan Beverages
Private Limited (GBPL) is constrained by its nascent stage of
operations, limited experience of promoters in the agro processing
sector, limited bargaining power with customers and suppliers,
susceptibility of margins to fluctuations in raw material prices
and presence in highly fragmented industry.
The rating, however, derives strength from the favourable industry
outlook and 80% capital subsidy on investment in fixed assets
available from Industries, Energy and Labor Department, Government
of Maharashtra.
The ability of the firm to stablise the operations and achieve the
envisaged levels of revenue and profitability is the key rating
sensitivity.
Established in 2012, GBPL has set up a facility for manufacturing
of namkeen and beverages (mainly carbonated soft drink) at an
total cost outlay of INR12.86 crore (funded in debt to equity of
3.08x). The manufacturing unit of the company is located at Akola,
Maharashtra and has an installed capacity to manufacture 1650
metric ton of namkeen per annum and 11.25 crates of beverages per
annum.
The commercial production of GBPL started from December 01, 2014.
Being located in the group D (denotes the area which is less
developed in the state), GBPL is eligible for 70% of capital
subsidy and as it falls under the mechanized food or agro
processing industries sector. It is also eligible to get extra 10%
capital subsidy under 'Packaging Scheme Incentives' of Government
of Maharashtra.
HEMODIAZ LIFE: CARE Assigns B+ Rating to INR2.60cr Long Term Loan
-----------------------------------------------------------------
CARE assigns 'CARE B+'/'CARE A4' ratings to the bank facilities of
Hemodiaz Life Sciences Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2.60 CARE B+ Assigned
Short-term Bank Facilities 2.60 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Hemodiaz Life
Sciences Private Limited (HLS) are primarily constrained by its
small scale of operations with low net-worth base and low
profitability margin, leveraged capital structure & weak coverage
indicators. The ratings are further constrained by the foreign
exchange fluctuation risk and highly competitive trading industry.
However, the rating draws comfort from the experienced promoters
with track record of operations and moderate operating cycle.
Going forward, the company's ability to increase the scale of
operations, improvement in its capital structure and management of
foreign exchange fluctuation risk shall be the key rating
sensitivities.
New Delhi-based HLS, is a private limited company which was
incorporated in 1998 under the name of Shri Behrai Lal Polymers
Private Limited by Mrs Rajni Dhawan and Mrs Raj Kumari Dhawan. In
May 2012, its name was changed to HLS.
The company is engaged in the trading of PVC granules and medical
equipments. It procures around 65% of its material from outside
India and rest from domestic market. The company is selling its
medical equipment's all over India through a distributor network.
The company is selling PVC granules to plastic products
manufacturers in Delhi-NCR.
Asd Ad Media Solution Private Limited is the group associates of
HLS, which is engaged in printing & advertisement business.
For FY14 (refers to the period April 1 to March 31) HLS achieved a
total operating income of INR17.47 crore and PAT of INR0.08 crore
as compared with a total operating income of INR16.54 crore and
PAT of INR0.05 crore for FY13.
Furthermore, in the current year, till February 13, 2015, the
company has achieved a total operating income of INR22 crore.
J J HI: CARE Reaffirms B+ Rating on INR12.54cr LT Bank Loan
-----------------------------------------------------------
CARE reaffirms ratings assigned to bank facilities of J J Hi Tech
Foods Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 12.54 CARE B+ Reaffirmed
Rating Rationale
The rating of J J Hi Tech Foods Private Limited (JFPL) continues
to be constrained by nascent stage and working capital intensive
nature of operations, seasonal availability of paddy and impact of
changes in the government regulations in terms of Minimum Support
Price (MSP). The rating, however, derives strength from the
experienced promoters and management, support from the government
in the form of subsidies and operational and financial support
from associate concerns.
The ability of the company to scale up its operations and achieve
envisaged revenue and profits while managing its capital structure
will remain the key rating sensitivities.
JFPL was promoted by Mr Ravi and Ms Parvathi in November, 2011 for
processing of paddy with installed capacity of 60 MT per day. The
commercial operations of the company commenced from February 01,
2014. Paddy is the main raw material which is procured from the
farmers in Tamil Nadu (mainly in and around Trichy), and through
traders from Andhra Pradesh and Karnataka regions. The company
sells the final product i e rice under the brand name of 'JJ' to
domestic wholesalers (in 5kg, 10 kg, 25 kg, 50 kg, 75kg and 100 kg
bags) and to exporters (in 20kg and 22 kg bags).
The entire process of production is automated, thus reaping the
benefit of lesser employee cost and speedy process.
Husk, bran, broken rice and black rice are by products. JFPL uses
husk as fuel for power generation for own consumption.
It sells bran to oil manufacturers and black rice to farm houses
(animal feeding). Sale of rice contributed 91% of the total sales
of FY14 (refers to the period April 1 to March 31) and the sale of
by-products contributed the remaining 9%. With the experience of
the promoters in the same line of business, at present, JFPL has
around 50 regular clients and they contribute around 75% of the
total sales. JFPL has a rented godown for paddy (of 10,000 sqft at
a rent of INR10,000/- per month) with storage capacity of 3,200
MT. Apart from this the company can also store finished product of
upto 2,000 MT in the mill premises.
Since inception, the company has been operating at 50% capacity
utilisation (i e 30 MT per day). The company plans to increase the
production to 45 MT per day. The company is also constructing a
storage space and installing silo at a total cost of INR2.89 crore
to be funded by term loan of INR1.50 crore (financial closure yet
to be achieved) and unsecured loans from the promoters of INR1.39
crore.
J.J Foods (JJF) is the associate entity of JFPL and is engaged in
the trading of paddy and rice. Occasionally paddy is procured from
JJF.
JFPL incurred net loss of INR0.30 crore on a total operating
income of INR3.18 crore in FY14. In 9MFY15 (provisional), the
company has achieved total operating income of INR18 crore.
KAILAS GINNING: CRISIL Reaffirms B Rating on INR60MM Cash Credit
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Kailas Ginning
Factory (KGF) continue to reflect KGF's below-average financial
risk profile, marked by high gearing and average debt protection
metrics; susceptibility to intense competition in the cotton
ginning industry; and low bargaining power. These rating
weaknesses are partially offset by the extensive experience of
KGF's promoters in the cotton ginning and trading industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Long Term Loan 7.2 CRISIL B/Stable (Reaffirmed)
Proposed Cash
Credit Limit 17.8 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KGF will continue to benefit from the
promoter's extensive experience in the cotton ginning and trading
industry. The outlook may be revised to 'Positive' if the firm
reports a sustainable and significant increase in its cash
accruals; or receives any large equity infusion, thereby improving
its capital structure. Conversely, the outlook may be revised to
'Negative' if KGF's profitability declines because of volatility
in cotton prices, or if its financial risk profile, particularly
its liquidity, deteriorates because of a stretch in its working
capital cycle, or larger-than-expected debt funded capital
expenditure (capex) programmes.
Update
For the year 2013-14 (refers to April 1st to march 31st), KGF's
turnover remained flattish year on year (y-o-y) at INR322.7
million marked by supply constraints during the same year. Till
December 31, 2014, the firm posted turnover of around INR250-260
million reflecting some uptick in its overall growth. Over the
medium term CRISIL expects the firm to maintain the turnover
growth in the range of 5 to 8 per cent, although the turnover
growth continues to be susceptible to the economic scenario and
government policies. In current year 2014-15 due to demand supply
correction the cotton prices have dipped leading to some pressure
on the operating level margin for the firm. Over the medium term
CRISIL believes that the fragmented nature of industry will
restrict the firm's bargaining power thus leading to similar low
operating margins range bound at 3.0 to 4.0 per cent. CRISIL
expects KGF's GCA -days in the range of 95 to 100 days; however
the overall working capital requirements are expected to rise with
its scale of operations over the medium term. As of March 2014 the
gearing of the firm marginally decreased y-o-y to 2.35 times on
account of capital infusion of INR3 million to support its
networth at INR29 million coupled with repayment of term debt of
INR2.8 million. Over the medium term, the gearing is expected to
remain high and be close to 2.0 to 2.2 times on account of
incremental debt to service its working capital requirements vs.
modest accruals. Over the medium term, the financial risk profile
is expected to be constrained by its high gearing, below avg. debt
protection metrics and stretched liquidity.
KGF was set up as a partnership firm in 1999 by Mr. Arvind
Raichura and his family. The firm is involved in the ginning and
pressing of raw cotton to make cotton bales and also manufacturing
of cotton seed wash oil, cotton seed linter, and de-oiled cake
from them.
KGF reported a net profit of INR1.4 million on net sales of
INR322.7 million for 2013-14, against a net profit of INR1.3
million on net sales of INR321 million for 2012-13.
KEAA INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR115MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Keaa International Pvt
Ltd (KIPL) continue to reflect KIPL's weak financial risk profile,
marked by a highly leveraged capital structure and below-average
debt protection metrics, and its small scale of operations in the
intensely competitive scaffolding industry. These rating
weaknesses are partially offset by the extensive industry
experience of the company's promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 115 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 15 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 11.1 CRISIL B+/Stable (Reaffirmed)
Standby Letter of
Credit 7.5 CRISIL A4 (Reaffirmed)
Term Loan 31.4 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KIPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if KIPL's financial risk
profile improves, driven most likely by a substantial increase in
its net cash accruals resulting from improved sales and
profitability along with moderation in its working capital
requirements. Conversely, the outlook may be revised to 'Negative'
if there is significant deterioration in the company's liquidity
or capital structure, or pressure on its profitability.
Update
KIPL's operating income is estimated at INR470 million to INR500
million for 2014-15 (refers to financial year, April 1 to
March 31), a year-on-year increase of around 30 per cent, driven
by higher export sales. The company's operating margin is
expected to remain at 6.3 to 6.7 per cent in 2014-15, against 6.3
per cent in 2013-14.
KIPL has average liquidity, driven by its working-capital-
intensive operations and low cash accruals. The company's gross
current assets (GCAs) are estimated at 200 to 220 days as on March
31, 2015, with inventory and debtors of 90 and 60 days,
respectively. The GCAs were at 246 days as on March 31, 2014.
Consequently, the company's cash credit limit of INR115 million
was highly utilised, at an average of 94 per cent during the eight
months through November 2014. KIPL is expected to generate annual
cash accruals of INR12 million to INR15 million in 2014-15 and
2015-16, vis-a-vis annual debt repayment obligations of INR7
million.
KIPL has a weak financial risk profile, marked by a highly
leveraged capital structure and weak debt protection metrics. The
company's gearing is expected at around 3.8 times as on March 31,
2015, while its interest coverage and net cash accruals to total
debt ratios are expected at around 2 times and 0.07 times,
respectively, for 2014-15. The company also has a small net
worth, estimated at around INR46 million as on March 31, 2015.
KIPL reported a net profit of INR4.6 million on net sales of
INR364 million for 2013-14, as against a net profit of INR2.5
million on net sales of INR321.4 million for 2012-13.
KIPL was incorporated in 2009, promoted by Ludhiana (Punjab)-based
Mr. Raveesh Moudgil. The company manufactures and exports
scaffolding equipment and garden accessories primarily related to
fencing. It started commercial operations in 2010-11.
KHANDWA INDUSTRIES: CARE Reaffirms B+ Rating on INR13.73cr Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to bank facilities of Khandwa
Industries Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 13.73 CARE B+ Re-affirmed
The rating assigned to the bank facilities of Khandwa Industries
Private Limited (KIPL) continue to remain constrained on account
of its weak financial risk profile marked by thin profitability,
leveraged capital structure, weak debt coverage indicators and
modest liquidity position marked by elongated working capital
cycle. The ratings continue to remain constrained also on account
of its presence in a fragmented cotton industry leading to intense
competition and pressure on margins, susceptibility of operating
margins to fluctuation in prices of raw material, seasonality
associated with the cotton industry and risk of adverse changes in
government regulations. The rating also factor in the modest
increase in total operating income, decline in profitability;
deterioration in capital structure and improvement in debt
coverage indicators during FY14 (refers to the period April 1 to
March 31).
The rating, however, continue to derive benefits from experienced
promoters and locational advantage being in the cotton producing
area of Madhya Pradesh with easy availability of raw material.
The ability of KIPL to increase its total operating income
alongwith the improvement in its profitability and capital
structure would be the key rating sensitivities.
KIPL was incorporated in the year 2008 for manufacturing of cotton
bales & seeds and trading of cotton bales, oil, cakes and seeds.
KIPL is promoted by the Gupta family who are into the cotton
business since the year 1950. MrSandeep Gupta and Ms. Ramadevi
Gupta are actively involved in operations of KIPL. KIPL is
primarily engaged in trading activities and it has an installed
capacity of cotton seeds of 12,800 metric tons per annum (MTPA)
and cotton bales of 6,700 MTPA as on March 31, 2014.
As per the audited results for FY14, KIPL reported a TOI of
INR81.67 crore and PAT of INR0.10 crore as against a TOI of
INR77.77 crore and PAT of INR0.27 crore during FY13. As per the
provisional results for 9MFY15 (refers to the period
April 1, 2014 to December 31, 2014), KIPL registered a TOI of
INR30 crore.
KHODASHI POWER: ICRA Reaffirms D Rating on INR20cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed the rating assigned to INR20.00 crore fund
based bank limits of Khodashi Power Private Limited at [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund 20.00 [ICRA]D Reaffirmed
Based Limits
The rating reaffirmation continues to factor in the delays in debt
servicing on account of insufficient cash flow generation from
KPPL's 4.9 MW run of the river hydro power plant to meet the
revised debt repayment obligation. The project has commissioned
and is in operation stage since December 2013; however, with
delays in monsoons, the plant was unable to run at higher capacity
with the current PLF at 22% during CY2014. Earlier the plant was
scheduled to commence operations in September 2012, and with heavy
rainfall and flooding at the project site during August 2012 led
to damages to electrical and mechanical components resulting in
delays. ICRA further notes that debt servicing would continue to
remain challenging unless additional funds are infused by the
promoters given that peak season of plant operations for FY15
(June-September) is over.
Khodashi Power Private Limited is setting up a 4.90 (2X2.45) MW
hydro electric power plant which is Located in Karad District of
Pune. It is being promoted by a group of individual promoters with
Mr G.P. Darshan Lal as Chairman. The project envisages generation
of power through run of river Hydro electric scheme. The diversion
is created on the river Krishna near Karad just before it joins
the Kyona tributary.
KLASSIK ENTERPRISES: CRISIL Reaffirms B Rating on INR300MM Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Klassik
Enterprises Pvt Ltd (KEPL) continues to reflect KEPL's exposure to
risks associated with the ongoing residential project and to
cyclicality in the Indian real estate industry. These rating
weaknesses are partially offset by the extensive experience of
KEPL's promoters in the real estate business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 300 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that KEPL will continue to benefit over the medium
term from the extensive experience of its promoters in the real
estate business. The outlook may be revised to 'Positive' if
healthy bookings of units and receipt of customer advances leads
to improved liquidity for KEPL. Conversely, the outlook may be
revised to 'Negative' if low cash flows from operations and
subdued demand impact its debt servicing ability.
Update
KEPL's ongoing project, Landmark (Phase I) on Sarjapur Road
(Bengaluru), launched in July 2013 is scheduled for completion by
December 2015. The response to the project has been moderate, with
about 40 per cent of units already booked. KEPL has completed
about 55 per cent of project construction and has received just
less than 60 per cent of the price as advance from customers
against the booked units. The bookings are expected to pick up as
the construction progresses, and translate into improved inflow of
advances over the medium term. The implementation of Phase II is
to begin over the next few months with the company already
receiving required statutory approvals.
The company has availed of a term loan of INR300 million for Phase
I, repayable in monthly instalments of INR10 million each starting
from January 2015. While a steady flow of advances has helped the
company service its debt on time, any delay in project completion
or low customer advances can impact its liquidity, and will,
therefore, remain a key rating sensitivity factor over the medium.
KEPL was incorporated in 2003 by Mr. M Ramakrishna Reddy, Mr.
Prasad K and Mr. K. R. Srinivasa Reddy. The company is engaged in
real estate development and is currently undertaking a residential
project 'Landmark' in three phases in East Bengaluru. The
registered office of the company is in Bengaluru.
LODHA DEVELOPERS: Strong Q3 Results Supports Moody's Ratings
------------------------------------------------------------
Moody's Investors Service said that Lodha Developers Private
Limited's (LDPL, (P)Ba3 stable) strong results for the quarter
ended Dec. 31, 2014 support its current rating and ongoing
improvement in credit metrics.
Moody's analysis is included in its just-released report "Lodha
Developers Private Limited: Strong Q3 Performance Supports
Ratings," authored by Vikas Halan, a Moody's Vice President and
Senior Credit Officer.
"LDPL's performance was strong on the back of higher revenue
recognition and improved margins, with a 91% increase year-over-
year for the quarter," says Halan. "We expect revenue recognition
to increase further over the next three years, which in turn will
further improve its credit metrics."
LDPL achieved INR14.9 billion of revenue in Q3 compared to INR23.1
billion in the six months ended 30 September 2014 (H1 F2015). Its
reported EBITDA margins also improved to 33% compared to 15% in
the same quarter the previous year.
Although Q3 operating sales declined 17%, to INR19.1 billion
compared to INR 23.2 billion in Q3 F2014, Moody's still expects
the developer to achieve INR75 billion in operating sales for
F2015.
However, collections remain low in line with LDPL's low operating
sales, as the company collected only approximately INR40 billion
in the nine months to Dec. 31, 2014, below Moody's expectation of
INR80-INR90 billion in annual collections.
But this will improve as the company launches more projects for
sale and completes a higher proportion of already-sold projects,
notes the rating agency. LDPL had uncollected sales of INR113
billion as of 31 December 2014.
Finally, Moody's notes that increased borrowings remain a concern,
despite LDPL's improving performance. LDPL increased its
borrowings by INR15 billion since Sep. 30, 2014 to INR116 billion
as of Q3 F2015. This debt mainly funded ongoing construction
projects and land payments.
LDPL's rating remains supported by its position as the largest
developer of residential properties in India; the high quality of
its projects under construction, combined with its strong
execution capability; and its track record of delivering high-rise
apartments.
The rating is further supported by the company's superior ability
to sell its products, as evident from its performance during the
downturn in the Indian real estate market these last two years.
The rating is also supported by the diversity of its project
portfolio with 49 projects, in multiple phases, contributing to
sales for the next 5 years.
On the other hand, the rating is constrained by LDPL's weak
margins and credit metrics, both of which are expected to improve
as it starts recognizing higher revenues from its current projects
and as the subsequent phases of its Palava City development
project attracts higher prices.
The rating is also constrained by the concentration of most of the
company's projects in the Mumbai Metropolitan Region and its focus
on residential development. The rating incorporates Moody's
expectation that liquidity will improve following the proposed
bond issuance and that its credit metrics will strengthen over the
next two years as key projects reach revenue-recognition
thresholds.
The stable outlook reflects our expectation that LDPL will
substantially achieve its sales targets; execute its construction
plans without material delays; and stay disciplined in
acquisitions for its land bank in India over the next 2-3 years.
An upgrade over the next two years is unlikely as we expect
company's credit metrics to remain weakly positioned for its
rating over this period.
Upward rating pressure could emerge beyond FY2017, if the company
successfully executes its projects, increases its margins and, at
the same time, (a) maintains a reasonable cash balance above 150%
of debt maturing for the next 12 months; and (b) maintains strong
financial discipline, such that revenue/debt is above 100% and
EBTIDA/interest is above 4x on a sustained basis.
Downward rating pressure could emerge if (1) the company's
liquidity and operating cash flow generation deteriorate because
of weak contracted sales or aggressive land acquisitions; (2)
there is a decline in prices for its products, slower-than-
expected revenue recognition, or a fall in profit margins,
negatively affecting interest coverage and/or financial
flexibility; or (3) the company engages in material debt-funded
acquisitions.
In such a situation, cash and cash equivalents could fall below
100% of debt maturing over the next 12 months, and/or its credit
metrics could deteriorate, such that EBITDA/interest stays under
3.0x beyond FY2017.
MAHA DURGA: ICRA Assigns B Rating to INR49cr Term Loan
------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B to the INR49.00
Crore bank limits of Maha Durga Charitable Trust.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 49.00 [ICRA]B (assigned)
The assigned rating is constrained by the prevalent project
execution risk as any significant time and cost overrun may lead
to a further delay in commencement of operations and pressurize
the liquidity position. The rating is further constrained by the
high competitive scenario as a large number of hospitals are
situated in NCR and the ability of MCT to attract reputed doctors
and medical staff would be critical going forward. ICRA also takes
into account the weak projected capital structure and credit
metrics as a major proportion of capital expenditure has been
funded through debt.
The rating, however, takes comfort from the past experience of the
trustees in running a hospital along with the large expected scale
of operations with MCT's hospital offering treatment in a wide
array of segments.
Established in 1995, MCT has been formed for setting up a 100 bed
hospital viz. Mahadurga Hospital in Mukherjee Nagar area in Delhi.
The proposed hospital would provide services in various domains
such as neurology, radiology, general surgery, angiography,
angioplasty, ophthalmology, dental services and various others.
The major trustees of MCT are members of the Makhija family with
Dr. Satish Makhija holding the position of Secretary with the
other members of the trust being Dr. Ashok Makhija, Dr. Kamlesh
Makhija, Mr. Suresh Makhija and Mr. Naresh Makhija. Both Dr.
Satish and Dr. Ashok have more than 25 years of medical experience
and are also involved in running a 15 bed hospital by the name of
Durga Hospital.
MAHA LAXMI: CRISIL Ups Rating on INR30MM Cash Credit to B
---------------------------------------------------------
CRISIL has upgraded its ratings on the bank loan ratings of
Maha Laxmi Agro Tech (MLAT) to 'CRISIL B/Stable/CRISL A4' from
'CRISIL D/CRISIL D'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.1 CRISIL A4 (Upgraded from
'CRISIL D')
Cash Credit 30 CRISIL B/Stable (Upgraded
from 'CRISIL D')
Letter of Credit 3.5 CRISIL A4 (Upgraded from
'CRISIL D')
Term Loan 25 CRISIL B/Stable (Upgraded
from 'CRISIL D')
The rating upgrade reflects timely servicing of its debts
supported by improvement in its scale of operations leading to
improvement in its liquidity. The firm's revenue is expected to
grow to INR150 million during 2014-15 (refers to financial year,
April 1 to March 31) from INR110 million in 2013-14 while its cash
accruals are expected to grow to INR6.2 million in 2014-15 as
against INR3.7 million during 2013-14. CRISIL believes that MLAT
will continue to maintain its improved liquidity supported by
steady revenue growth and moderate profitability over the medium
term.
The ratings also reflect the firm's small scale of operations in
fragmented rice milling industry and susceptibility of its
operating margin to adverse government regulations and volatility
in raw material prices. These weaknesses are partially offset by
the extensive experience of its management in rice milling
industry and its moderate financial risk profile.
Outlook: Stable
CRISIL believes that MLAT will continue to benefit from the
extensive industry experience of its promoters over the medium
term. The outlook may be revised to 'Positive' if the scale of
operations significantly improves leading to improvement in its
cash accruals. Conversely, the outlook may be revised to
'Negative' if there is a significant decline in its operating
performance, or in case if the firm undertakes a large debt-funded
capital expenditure in case of significant capital withdrawals by
partners leading to weakening in its financial risk profile.
Incorporated in 2011 as a partnership firm, MLAT has set up a
plant to mill and process paddy into parboiled rice, rice bran,
broken rice, and husk. The firm commenced commercial production in
July 2012. There are 11 partners in the firm; Mr. B Jagdish and
Mr. G Saibaba manage the firm's day-to-day operations.
MURUGAN TEXTILES: ICRA Reaffirms B Rating on INR7cr LT Loan
-----------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA]B outstanding on
the INR7.00 crore (enhanced from INR5.00 crore) fund based
facilities of Murugan Textiles. ICRA has also assigned long-term
rating of [ICRA]B to the INR3.00 crore (revised from nil) proposed
facilities of the Firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term: Fund 7.00 [ICRA]B/reaffirmed
based facilities
Long-term: Proposed 3.00 [ICRA]B/assigned
facilities
The rating action takes into consideration the significant
experience of the promoters in textile industry of about three
decades and the growth in the Company's operating income at a
healthy pace of 20.3% in 2013-14 driven by growth in volumes. The
rating, however, remains constrained by the weak financial profile
characterized by thin profit margins, high working capital
intensity and stretched debt metrics. The rating is further
constrained by the Firm's small scale of operations, which
restricts scale economies and financial flexibility, and the
intense competition prevalent in the industry which restricts its
pricing flexibility to a large extent. Given the relatively
favourable demand scenario over the medium term, the Firm's
ability to sustain the revenue growth while improving its profit
margins and efficiently manage its working capital cycle needs to
be seen.
Murugan Textiles is a sole proprietorship Firm, which commenced
operations during the year 1986 and has been registered under the
name of the proprietor, Mr. V. Velusamy. The Firm is engaged in
the production of grey cotton fabric with an installed capacity of
19 looms located in Avinashi, Tamil Nadu. The Firm outsources
majority of its production to around 750 looms located in the
vicinity of the region, by virtue of which it has an overall
production capacity of around 26 million meter per annum. The Firm
procures cotton yarn in the low to medium counts range (30's to
60's), weaves it into grey fabric and markets it to garment
manufacturers located in various cities including Mumbai and
Ahmedabad. In 2012-13, the Firm had sold its sizing unit to a
group entity.
The Firm reported a net profit of INR0.4 crore on an operating
income of INR31.6 crore in 2013-14 as against a net profit of
INR0.3 crore on an operating income of INR26.2 crore in 2012-13.
NEW AGE: CRISIL Ups Rating on INR50MM Overdraft Loan to B
---------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
New Age Hotels and Resorts Ltd (NAHRL) to 'CRISIL B/Stable' from
'CRISIL B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 50 CRISIL B/Stable (Upgraded from
'CRISIL B-/Stable')
Proposed Long Term 17 CRISIL B/Stable (Upgraded from
Bank Loan Facility 'CRISIL B-/Stable')
Term Loan 25 CRISIL B/Stable (Upgraded from
'CRISIL B-/Stable')
The rating upgrade reflects improvement in NAHRL's business and
financial risk profiles marked by better operating margin, funding
support from the promoters, and adequate liquidity. The company's
operating margin increased to 25 per cent in 2013-14 (refers to
financial year, April 1 to March 31) from 22.9 per cent in 2012-
13, driven by prudent working capital management. CRISIL expects
NAHRL's business risk profile to remain stable over the medium
term. In addition, the promoters infused equity of INR20 million
in 2013-14 to support liquidity; CRISIL believes that the
promoters will continue to extend their funding support to the
company over the medium term. The upgrade also factors in adequate
liquidity on account of expected cash accruals of around INR16
million against maturing debt obligation of INR2.7 million in
2015-16.
The rating continues to reflect NAHRL's small scale of operations
and low occupancy levels along with cyclicality in the intensely
competitive hospitality industry. These rating weaknesses are
partially offset by the extensive experience of the company's
promoters in the hospitality industry, and comfortable financial
risk profile, marked by moderate gearing and comfortable debt
protection measures.
Outlook: Stable
CRISIL believes that NAHRL will continue to benefit over the
medium term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company reports higher
revenue and profitability, resulting in large net cash accruals.
Conversely, the outlook may be revised to 'Negative' if NAHRL's
financial risk profile deteriorates on account of a decline in
revenue and profitability or large debt-funded capital
expenditure, or if the company's liquidity weakens significantly
affected by increase in working capital requirements.
NAHRL was set up in 1995 by Mr. Manmohan Singh Chawla. It operates
in the hotel industry. The company commenced operations in 1996
with three hotels'in Nainital, Haridwar (both in Uttarakhand), and
Chamba (Himachal Pradesh). It opened a fourth hotel in Mahipalpur,
New Delhi in 2013.
PERODY BUILDERS: CRISIL Reaffirms B+ Rating on INR45MM Term Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Perody Builders
Pvt Ltd (PBPL) continues to reflect PBPL's susceptibility to risks
related to completion and saleability of its ongoing real estate
residential projects in Bengaluru, and to cyclicality in the
Indian real estate industry. These rating weaknesses are partially
offset by the extensive experience and established track record of
PBPL's promoters in the residential real estate development
business.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable (Reaffirmed)
Term Loan 45 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that PBPL will continue to benefit over the medium
term from the extensive experience of its promoters and its
established track record in the real estate industry. The outlook
may be revised to 'Positive' if better-than-expected bookings of
units and receipt of customer advances enhances the company's
liquidity. Conversely, the outlook may be revised to 'Negative' if
PBPL reports low cash flows from operations due to subdued
response to projects, or delays in receipt of advances from
customers, thereby impacting its debt servicing ability.
Established in 2001, PBPL is involved in residential real estate
development in Bengaluru. The company is promoted by Mr. P
Ramakantha Shetty and his family.
PRERNA COTPRESS: CRISIL Reaffirms B- Rating on INR57.5MM Loan
-------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prerna
Cotpress Pvt Ltd (PCPL) continues to reflect PCPL's weak financial
risk profile, marked by high gearing, weak debt protection
metrics, and a small net worth.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 57.5 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 22.5 CRISIL B-/Stable (Reaffirmed)
The rating also factors in the company's small scale of operation,
and the vulnerability of its business risk profile and
profitability to changes in government policy. These rating
weaknesses are partially offset by the benefit that PCPL derives
from its proximity to the cotton-growing region.
Outlook: Stable
CRISIL believes that PCPL will benefit over the medium term from
its promoter's extensive experience in this line of business. The
outlook may be revised to 'Positive' if the company registers
higher- cash accruals or its promoter infuses more equity, leading
to significant improvement in its financial risk profile.
Conversely, the outlook may be revised to 'Negative' if PCPL's
financial risk profile weakens further, most likely due to
significant working capital requirements or any large debt-
funded capital expenditure.
Update
For 2013-14 (refers to financial year, April 1 to March 31),
PCPL's net sales decreased by around 10 per cent year on year (y-
o-y) to around INR239.6 million backed by subdued demands. The
company has achieved sales of INR120 million till December 31,
2014 with major sales picking up in the last quarter of the year.
CRISIL expects the company's topline to report moderate increase
of 10 per cent over the medium term. PCPL's operating
profitability is at 3.7 per cent in 2013-14 and with low value
addition and high competition CRISIL expects that it will remain
at similar levels over the medium term. The firm's profitability
remains susceptible to volatility in raw material prices.
The company's gross current assets (GCAs) increased to 94 days as
on March 31, 2014 from 79 days a year earlier due to increase in
inventory levels. CRISIL expects PCPL's GCAs to remain moderate in
the range of 85 to 90 days, with increase in working capital
requirements driven by increase in scale of operations.
Although the company's liquidity has been supported by the absence
of term debt obligations, it is constrained due to high bank line
utilisation, which was at 99 per cent for the 12 months ended
December 31, 2014. CRISIL expects the company's liquidity profile
to remain stretched over the medium term in the absence of any
infusion of equity or unsecured loan from promoters.
Incorporated in 2006 and promoted by Mr. Rasik Patel, PCPL is
engaged in cotton ginning and pressing in Himmatnagar (Gujarat).
For 2013-14, PCPL registered a net profit of INR1 million on net
sales of INR239.6 million, against a net loss of INR2.7 million on
net sales of INR270.1 million for 2012-13.
R. R. DEVELOPERS: CRISIL Ups Rating on INR81MM Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities of
R. R. Developers (RRD) to 'CRISIL B+/Stable/ from 'CRISIL
B/Stable.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 2 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 81 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade is driven by CRISIL's belief that RRD will
maintain its improved business and financial risk profiles over
the medium term. Its scale of operations has increased
significantly, with revenue increasing to INR103.9 million in
2013-14 (refers to financial year, April 1 to March 31) from
INR18.5 million in 2011-12. The revenue is expected at
INR123 million in 2014-15, aided by improved occupancy and healthy
demand from existing and new customers. The operating margin has
also improved to 28.3 per cent in 2013-14 from 21.6 per cent in
2012-13. The upgrade also factors in RRD's stronger financial risk
profile, with interest cover improving to 2.5 times in 2013-14
from 1.3 times in the previous year. The gearing has reduced to
9.13 times as on March 31, 2014 from over 10.85 times a year ago,
on account of improved margins and scale of operations.
RRD's financial risk profile remains weak, despite the
improvement, given its high gearing and small net worth; the
company also remains exposed to cyclicality in the hospitality
industry. These rating weaknesses are partially offset by the
firm's improving scale of operations and the benefits it derives
from the favourable location of its hotel, and the established
brand image of the RR group in Lucknow (Uttar Pradesh).
Outlook: Stable
CRISIL believes that RRD will continue to benefit over the medium
term from the reputation of its promoters in Lucknow. The outlook
may be revised to 'Positive' if the firm reports improved revenue
and profitability, leading to improvement in its financial risk
profile, particularly liquidity. Conversely, the outlook may be
revised to 'Negative' if a substantial decline in occupancy levels
at RRD's hotel, or any large debt-funded capital expenditure
weakens the firm's financial risk profile further.
Incorporated in 2002, and promoted by the Lucknow-based Agarwal
family, RRD is part of the RR group. The firm runs a budget hotel
in Lucknow, with a total capacity of 66 rooms. RRD follows a
franchise model and operates under the brand, Best Western Plus
Levana.
ROYALE MARINE: CRISIL Reaffirms B Rating on INR190MM LT Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Royale Marine Impex Pvt
Ltd (RMIPL) continues to reflect RMIPL's nascent and small scale
of operations, and it's below average financial risk profile
marked by weak debt protection metrics. These rating weaknesses
are partially offset by the benefits derived from the extensive
industry experience of its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 155 CRISIL B/Stable (Reaffirmed)
Long Term Loan 190 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 15 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that RMIPL will continue to benefit over the
medium term from the extensive industry experience of its
promoters and established customer relationships. The outlook may
be revised to 'Positive' if the company improves its scale of
operations and operating profitability on a sustained basis,
leading to a better financial risk profile. Conversely, the
outlook may be revised to 'Negative' if RMIPL's operations are
adversely impacted by any disease outbreak in shrimps or changes
in government regulations on shrimp exports from India, or if it
undertakes a substantial debt-funded capital expenditure
programme, resulting in deterioration in its financial risk
profile.
Incorporated in the year 2011, RMIPL is engaged in processing of
shrimp. Based out of Bapatla in Andhra Pradesh, the company is
promoted by Mr. Vegasana Narendra Kumar Raju and his family. The
company started commercial operations during August 2014.
RPM ENGINEERS: CRISIL Assigns B+ Rating to INR21MM Cash Credit
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of RPM Engineers India Ltd (RPM), and has assigned its
'CRISIL B+/Stable/CRISIL A4' ratings to RPM's facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 60.3 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 21 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Standby Line of 2 CRISIL B+/Stable (Assigned;
Credit Suspension Revoked)
Term Loan 6.7 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The ratings were suspended by CRISIL on December 10, 2014, because
the company had not provided the necessary information required
for a rating review. RPM has now shared the requisite information,
enabling CRISIL to assign ratings to its bank facilities.
The ratings reflect RPM's modest scale of, working-capital-
intensive, operations, susceptibility of its operating performance
to investment cycle of food processing industry, and below-average
financial risk profile marked by small net worth and weak debt
protection metrics. These rating weaknesses are partially offset
by the extensive experience of RPM's promoters in the food
processing industry.
Outlook: Stable
CRISIL believes that RPM will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if RPM generates substantial increase in
revenues and profitability resulting in larger than expected cash
accruals leading to an improvement in its financial risk profile,
particularly liquidity. Conversely, the outlook may be revised to
'Negative' in case of significant decline in revenue or
profitability or a stretch in its working capital cycle, resulting
in deterioration in the company's financial risk profile.
RPM was incorporated in 1997 to take over the business of the sole
proprietorship concern, RPM Engineers, which was set up in 1975.
RPM manufactures dairy equipment and food processing machinery.
The company is managed by Mr. M Ram Prasad and wife, Ms. R Raji.
RPM's manufacturing facilities are in Guindy (Tamil Nadu).
RSG FOODS: CARE Assigns B+ Rating to INR21cr LT Bank Loan
---------------------------------------------------------
CARE assigns 'CARE B+' ratings to the bank facilities of RSG Foods
Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 21 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of RSG Foods Private
Limited (RSG) is primarily constrained by its small scale of
operations with low net worth base, leveraged capital structure
and working capital-intensive nature of operations. The rating is
further constrained by susceptibility of margins to fluctuations
in raw material prices and RSG's presence in a highly fragmented
industry characterised by intense competition.
The rating, however, derives comfort from experience of the
promoters in the agro processing industry, moderate profitability
margins and favourable location of the processing unit.
Going forward, the ability of the company to increase its scale of
operations along with improvement in the capital structure and
efficient working capital management would be the key rating
sensitivities.
RSG was incorporated in November 1999 and is currently being
managed by Mr Kamal Kishore and Mr Naresh Kumar. The company is
engaged in the processing of paddy at its facility located at
Ferozpur, Punjab, having an installed capacity of 28,800 metric
ton per annum (MTPA) as on March 31, 2014. RSG is also engaged in
trading of rice (constituted approximately 10% of the total income
in FY14 [refers to the period April 01 to March 31]). The company
procures paddy directly from local grain markets through
commission agents located in Punjab. Furthermore, RSG sells its
products, ie, Basmati and non-Basmati rice under the brand name of
'Jaikar' in the states of Maharashtra, Madhya Pradesh and Punjab
through a network of commission agents.
For FY14, RSG achieved a total operating income of INR39.72 crore
with PBILDT and PAT of INR3.27 crore and INR0.79 crore,
respectively, as against the total operating income of INR39.89
crore with PBILDT and PAT of INR1.89 crore and INR0.07 crore,
respectively, for FY13. Furthermore, during FY15, RSG achieved a
total operating income of INR38.14 crore till January31, 2015.
SAI GLOBAL: ICRA Reaffirms B+ Rating on INR34.56cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed [ICRA]B+ to the INR34.56 crore (revised from
INR37.63 crore) long term fund based limits of Sai Global Yarntex
(India) Pvt. Ltd.. ICRA has reaffirmed [ICRA]A4 to the INR2.10
crore short term non-fund based limits of SGYIPL. ICRA has also
reaffirmed [ICRA]B+/A4 to the INR3.07 crore unallocated limits of
SGYIPL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long Term Fund Based 34.56 [ICRA]B+ reaffirmed
Limits
Short Term Non-Fund 2.10 [ICRA]A4 reaffirmed
Based Limits
Long/Short Term 3.07 [ICRA]B+/A4 reaffirmed
Unallocated Limits
The re-affirmation of ratings takes into account the modest scale
of SGYIPL's operations, highly competitive and fragmented nature
of the spinning industry which limits the pricing power. ICRA also
notes that the company is vulnerable to regulatory risks with
regards to MSP (minimum selling price) for raw cotton and curbs on
exports for cotton lint and yarn. The ratings also take into
account the large working capital requirement of the company on
account of large inventory holdings owing to the seasonal nature
of the business.The ratings are further constrained by stretched
financial profile as reflected in high gearing of 3.87 times as on
31st March 2014 and weak coverage ratios as reflected in
OPBIDT/Int. & Fin. charges at 1.86 times, Total Debt/OPBIDT at
5.66 times and NCA/Total Debt at 8% as on 31st March 2014. The
ratings however, favourably take into account the significant
experience of the promoters in the spinning industry and proximity
to cotton growing areas of Guntur in the state of Andhra Pradesh
which provides the company competitive advantage along with
Technology Upgradation Fund Scheme (TUFS) subsidy leading to
additional profitability. The ratings further consider increase in
volumes by ~37% and revenues by 40% during FY14.
Sai Global Yarntex (India) Private Limited (SGYIPL) incorporated
in December 2005 is primarily engaged in manufacturing of medium
count hosiery yarn in the count range from 30s to 40s. Based in
Ongole, Prakasam district of Andhra Pradesh, SGYIPL initially
started with a capacity of 13,380 spindles which was further
increased to 26,000 spindles by April 2011. The company is
promoted by Mr. Koti Reddy, Mr. Veeraprakasa Rao, Mr. G B
Narayana, Mr. Srinivasa Rao, Mr. Gopala Reddy and Mr. Desu
Subrahmanyam.
As per audited financials for FY14, SGYIPL reported an operating
income of INR81.49 crore with profit after tax of INR2.02 crore as
against INR58.31 crore of operating income with profit after tax
of INR0.89 crore in FY13.
SATADHAR COTTON: CARE Revises Rating on INR7.5cr LT Loan to B+
--------------------------------------------------------------
CARE revises the long-term rating assigned to the bank facilities
of Satadhar Cotton Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.50 CARE B+ Revised from
CARE B
The revision in the rating assigned to the bank facilities of
Satadhar Cotton Industries (SCI) was primarily on account of
modest increase in operating income along with improvement in
capital structure and debt coverage indicators during FY14 (refers
to the period April 1 to March 31).
However, the rating continues to remain constrained on account of
its small scale of operation and thin profitability in the highly
fragmented and seasonal cotton ginning industry. The rating is
further constrained by its working capital intensive nature of
operations, prices and supply for cotton being highly regulated by
the government and susceptibility of profitability to cotton price
fluctuation.
The above constraints far offset the benefits derived from vast
experience of the promoters in the cotton ginning industry and its
strategic location in the raw cotton growing area of Gujarat.
SCI's ability to increase the scale of operations while moving up
in the textile value chain coupled with improvement in
profitability and capital structure along with better working
capital management are the key rating sensitivity.
SCI was constituted in June 2008 as a partnership firm by Mr
Sanjay Jagani and Mr Yogesh Sanepara along with 9 other partners
with unequal profit and loss sharing agreement between them in the
business of cotton ginning & pressing. SCI is having an installed
capacity of 4,800 Metric Tonnes Per Annum (MTPA) for cotton bales
and 11,700 MTPA for cotton seeds as on March 31, 2014 at its sole
manufacturing facility located at Babra in Amreli district
(Gujarat).
As per the audited results of FY14, SCI reported a net profit of
INR0.08 crore on a Total Operating Income (TOI) of INR36.80
crore as against TOI of INR32.27 crore and PAT of INR0.05 crore.
As per the provisional results for 10MFY15, SCI has achieved TOI
of INR29.93 crore.
SAVARIA ROLLER: CRISIL Puts B+ Rating on INR155MM Cash Credit
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term
bank facilities of Savaria Roller Flour Mills Pvt Ltd (SRFPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 155 CRISIL B+/Stable
Term Loan 5 CRISIL B+/Stable
The rating reflects SRFL's weak financial risk profile, marked by
high gearing, and low profitability due to intense competition in
the fast-moving consumer goods industry. These rating strengths
are partially offset by the promoters' extensive experience and
funding support.
Outlook: Stable
CRISIL believes that SRFPL will continue to benefit over the
medium term from its promoters' considerable experience in the
wheat processing industry. The outlook may be revised to
'Positive' if ramp-up in scale of operations and improved net cash
accruals result in a stronger capital structure and liquidity for
SRFPL. Conversely, the outlook may be revised to 'Negative' if
stretch in working capital management or profitability, or any
debt-funded capital expenditure weakens its financial risk
profile, particularly liquidity.
Incorporated on February 26, 2004, SRFPL processes wheat flour
into maida, and manufactures semolina, tandoori atta and bran. The
promoters of the company are Shri Ram Krishna Aggarwal and Shri
Krishna Agarwal. The facility is located at Lucknow (Uttar
Pradesh).
SHARANAMMA DIGGAVI: ICRA Reaffirms D Rating on INR8cr Term Loan
---------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR8.0
crore fund based limits of Sharanamma Diggavi Memorial Education
(SDME) Trust at [ICRA]D.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 8.0 [ICRA]D (Reaffirmed)
The assigned rating is constrained by the delays in debt servicing
by SDME in the recent past due to cash flow mismatch on account of
the lumpy nature of the cash inflows with the fee being received
upfront at the beginning of the academic year
Vis-a-vis the debt repayment happening on a monthly basis.
Besides, SDME has a moderate scale of operation and is also
exposed to competition risk from the education institutes in
Gulbarga city.
ICRA, however, takes note of the experience of the trustee in the
education sector for more than 15 years and the stable cash flows
with regular fee based revenue receipts. The rating assigned also
positively factors in the healthy revenue and profitability
indicators of the trust.
Going forward, given the lumpy nature of cash flows of an
educational institute, SDME's ability to manage the cash flows
prudently to service its repayment obligations in a timely manner
will be the key rating sensitivity.
Sharanamma Diggavi Memorial Education (SDME) Trust was formed and
registered as a Trust in the year October, 2006. SDME was
established by the educationist Mr. Basawaraj Diggavi, who is the
Chairman of SDME. For the Academic Year (AY) 2013-14, SDME
operated three educational institutions - Primary School, High
School, and PU College apart from a hostel.
For FY14, at a consolidated level, the trust reported a net
surplus (NS) of INR3.09 crore on a revenue receipt (RR) of
INR12.48 crore as against a NS of INR2.36 crore on a RR of
INR10.15 crore in FY13.
SHARMA KALYPSO: ICRA Cuts Rating on INR51MM Fund Based Loan to D
----------------------------------------------------------------
ICRA has downgraded its rating on INR51.00 crore (enhanced from
INR44.0 crore) fund based facilities, INR40.0 crore (reduced from
INR40.30 crore) non fund based facilities and INR1.0 crore term
loans of Sharma Kalypso Private Limited to [ICRA]D from [ICRA]C+.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 51.0 [ICRA]D downgraded
Non Fund Based Limits 40.0 [ICRA]D downgraded
Term Loans 1.0 [ICRA]D downgraded
ICRA's rating revision takes into account the delays in debt
servicing on account of its stretched liquidity position owing to
blockage of fund in working capital. The working capital intensity
of the company remains high due to delay in receipt of payments
for the work done. ICRA's rating also factors in the competitive
nature of the civil construction and interior decoration
industries which are characterised by low entry barriers and
presence of large number of small-to-medium sized players. The
rating, however, takes into account SKPL's experienced management
and its diversified client base. Going forward, timely debt
servicing as well as improvement in working capital intensity will
be the key rating sensitivities.
SKPL; formerly RAUS Infras Limited is a private limited company
engaged in interior decorating and civil construction work of
office buildings, staff quarters, residential complexes,
commercial complexes, hotels, group housing societies, metro
stations, hostels etc. for various clients in public and private
sectors. The company was promoted by Mr. Ramesh Sharma, who has
been carrying out the interior decoration and civil construction
business since 1988 under a proprietorship concern (Sharma
Constructions).
In FY2014, SKPL reported a profit after tax (PAT) of INR1.69 crore
on an operating income of INR80.25 crore compared to a PAT of
INR2.57 crore on an OI of 63.80 crore in FY2013.
SHREE ADINATH: CRISIL Reaffirms B+ Rating on INR40MM Cash Credit
----------------------------------------------------------------
CRISIL's ratings on the bank loan facilities of Shree Adinath
Woven Sacks Private Limited (SAWSPL, part of the Adinath Group's
{AG}) continues to reflect its working capital intensive
operations, and its susceptibility to volatility in raw material
prices in the intensely competitive segment. These rating
weaknesses are partially offset by the improving operating
efficiency, and average financial risk profile supported with
continued funding support from promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.6 CRISIL B+/Stable (Reaffirmed)
Rupee Term Loan 21.2 CRISIL B+/Stable (Reaffirmed)
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of SAWSPL and 'Shree Sudarshan Polyfab'
(SSP), together referred to as the AG. This is because both the
entities are in the same line of business, under a common
management, and have fungible cash flows.
Outlook: Stable
CRISIL believes that the AG will continue to benefit over the
medium term from the sound product demand and strong support from
its promoters. The outlook may be revised to 'Positive' if there
is substantial increase in the group's scale of operations and/or
profitability, coupled while maintaining its capital structure.
Conversely, the outlook may be revised to 'Negative' in case of
significant increase in its working capital requirements and/or if
it undertakes a large, debt-funded capital expenditure (capex)
programme affecting its financial risk profile.
Update
For 2013-14 (refers to financial year, April 1 to March 31), AG
reported an operating income of INR611.9 million against INR574
million during a year earlier. The scale of operations grew
moderately at 6 per cent year-on-year (y-o-y) due to sluggish
demand during the same year. Over the medium term, CRISIL believes
the firm will report moderate growth of 8 to 10 per cent, due to
moderate demand. For 2013-14, AG's operating profitability
declined y-o-y to 5.3 per cent, due to deterioration in its gross
margins lead by increase in its raw materials (poly propylene
chips) costs. The operating margins of AG are susceptible to
volatility in raw material prices and hence; are in the range of
4.9 to 8.2 per cent during the past five years ended in 2013-14.
However, in the current year 2014-15, the profitability is
expected to improve to 6-7 per cent backed by recent dip crude
prices leading to drop in its raw material costs and thereby
expansion in the margins. Over the medium term the group's
operations are expected to continue remaining working capital
intensive with gross current assets (GCA) at 100 to 120 days.
As on March 31, 2014 the gearing of the AG had deteriorated to
2.34 times against 1.72 times a year earlier, marked by high
reliance on bank debt for funding its increased working capital
requirement. Also due to deterioration of its operating
profitability; its debt protection metrics continue to remain
below average with interest coverage and net cash accruals to
total debt (NCATD) at 1.5 times and 0.04 times respectively for
the year 2013-14.The liquidity profile is supported by moderate
cushion between net cash accruals and term debt repayment
obligations, promoters support. However, it is constrained by
working capital intensive nature of operations and limited
financial flexibility. CRISIL believes that AG's financial risk
profile will continue to be constrained by high gearing, below
average debt protection metrics and stretched liquidity.
AG reported net loss of INR5.7 million on net sales of INR 611.9
million for 2013-14; while the group reported a profit after tax
(PAT) of INR3.5 million on net sales of INR 574 million for 2012-
13.
Promoted by Mr. Ishwarchand Jain, SAWSPL was incorporated in 2007
as a private limited company and commenced commercial operations
at the end of 2007-08, with 2008-09 being its first full year of
operations. The company manufactures PP woven sacks and fabric,
used for packaging sand, cement, and agro products, at its plant
in Ankleshwar (Gujarat).
Set up as a partnership firm in 2009, SSP commenced trial
production in October 2009. SSP's plant is also in Ankleshwar.
SHRI ARUNACHALESWARAR: CARE Assigns B Rating to INR8.87cr LT Loan
-----------------------------------------------------------------
CARE assigns 'CARE B' and 'CARE A4' ratings to the bank facilities
of Shri Arunachaleswarar Tex.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.87 CARE B Assigned
Short-term Bank Facilities 3.00 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Shri
Arunachaleswarar Tex (SAT) are primarily constrained by its small
scale of operations in a highly competitive & fragmented industry
with exposure to volatile raw material prices, high working
capital intensity of operations resulting in leveraged capital
structure & its weak debt service coverage indicators and ongoing
project risk. The ratings also factors in its partnership form of
constitution with inherent risk of withdrawal of capital in time
of contingency and the firm being dissolved upon the
death/retirement/insolvency of the partners.
The aforesaid constraints are partially offset by the longstanding
experience of the management in the textile industry and
locational advantage by way of proximity to textile hub.
Going forward, SAT's ability to grow its scale of operations with
simultaneous improvement in profitability margins, effective
management of working capital and successful completion of the
expansion project would be the key rating sensitivities.
Shri Arunachaleswarar Tex (SAT), established as a partnership firm
in the year 2000 by Mr T A S Dhanddabani and his wife Mrs D
Shashivarnam of Tirupur, Tamilnadu is engaged in trading of
specialized & value-added yarns and manufacturing of knitted
fabric. SAT has a capacity of 6,000 kilos per annum (KPA) for
manufacturing knitted fabric at its sole facility located
at Tirupur (Taminadu). The firm generates its revenue through two
segments i e manufacturing of fabric from yarn and trading of
synthetic and specialized & blended yarn like viscose yarn, modal
yarn, neppy yarn and indigo yarn.
In FY14 (refers to the period April 1 to March 31), trading sales
contributed 81.8% of the total operating income in FY14, while
manufacturing sales constituted the residual. SAT sells fabric and
yarn in the domestic market only in the states such as Karnataka,
Maharashtra, New Delhi and Tamilnadu.
In FY14, the firm achieved a total operating income of INR29.7
crore and PAT of INR0.4 crore as against a total operating income
of INR22.6 crore and PAT of INR0.4 crore in FY13. The management
has informed that it has achieved sales of around INR18.22 crore
in 9MFY15 (Provisional).
SHRI SUPER: ICRA Assigns B+ Rating to INR23.5cr Letter of Credit
----------------------------------------------------------------
ICRA has assigned its long term rating of [ICRA]B+ to the INR0.90
crore fund based bank facilities of Shri Super Jain Timber Private
Limited. ICRA has assigned its short term rating of [ICRA]A4 to
the INR23.50 crore non fund based bank facilities of SSJT. ICRA
has also assigned its long-term rating of [ICRA]B+ and its short
term rating of [ICRA]A4 to the INR0.60 crore unallocated bank
facilities of SSJT.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund Based 0.90 [ICRA]B+; Assigned
Facility-Cash credit
Short-term Non-Fund 23.50 [ICRA]A4; Assigned
Based Facility-
Letter of Credit
Unallocated 0.60 [ICRA]B+/[ICRA]A4;
Assigned
ICRA's assigned ratings take into account the healthy growth (CAGR
of 29%) in operating income of the company from INR22.29 crore in
2009-10 to INR61.05 crore in 2013-14;however, the scale of
operation remains at moderate level. The gearing of the company
has remained comfortable at 0.65 times as on March 2014 due to the
low capital intensity of operations and comfortable credit period
from supplier resulting in low working capital requirements;
however, due to large outside liabilities (largely creditors)
compared to the modest net worth, the TOL/TNW remains high at
10.36 times as on March 2014. ICRA's ratings are constrained by
the highly competitive nature of the timber processing industry
and limited value additive nature of the business, which keeps the
turnover and profitability range bound. ICRA further notes that
the profitability of the company is also exposed to currency
fluctuations as the entire timber requirement is met through
imports (in USD); however selective hedging mitigates the risk to
some extent. The timber industry is mainly associated with the
housing/construction industry therefore subjecting the company
vulnerable to any slowdown in this sector; however, the ratings
draw comfort from long track record of promoters in the business
of timber trading along with the established relationship of the
company with timber suppliers and distributors. Going forward, the
ability of the company to scale up its operation along with
optimally managing its working capital requirements will be the
key rating sensitivities.
The promoters, Jain family, had setup the timber trading business
in 1972 through a partnership firm under the name Shri Jain Super
Timber. The partnership firm was later converted into a private
limited company in the year 2008 under the name Shri Super Jain
Timber Private Limited (SSJT). The company is currently promoted
by Mr. Nem Chand Jain, Mr. Dharam Pal Jain, Mr Shashank Jain and
Mr. Amit Jain. SSJT is engaged in the importing, sawing and
wholesaling of timber. The company has its factory located in
Gandhi Dham, Gujarat, an area specially designated as "Special
Imported Timber Conversion Zone" and has a total 25 sawing
machines installed. The company imports timber from Singapore
based exporters which are sawed as per the customer's
specifications and sold to wholesale dealers in North India.
SSJT reported an operating income of INR61.05 crore and a profit
after tax of INR0.26 crore in 2013-14, as against an operating
income of INR55.49 crore and a profit after tax of INR0.19 crore
in the previous year.
SRI AUROBINDO: ICRA's B- Rating on INR6cr Term Loan Outstanding
---------------------------------------------------------------
ICRA has withdrawn the [ICRA]A4 rating assigned to the short-term
non fund based facilities of Sri Aurobindo Packagers Private
Limited, as the company has fully repaid the instrument on
maturity. There is no amount outstanding against the rated
instrument. ICRA also has rating outstanding of [ICRA]B- on the
INR6.00 crore term loans, the INR5.00 crore long-term fund-based
facilities, and on the INR1.00 crore long-term proposed facilities
(revised from INR0.50 crore) of the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term loans 6.0 [ICRA]B- outstanding
LT-Unallocated 1.0 [ICRA]B- outstanding
Fund Based limits 5.0 [ICRA]B- outstanding
Non Fund Based Nil [ICRA]A4 rating Withdrawn
Limits (revised from 0.5)
Sri Aurobindo Packagers Private Limited (SAPL) is a manufacturer
of flexible packaging material based out of Chennai, Tamil Nadu.
SAPL was started in 1999 by the promoters for manufacturing
laminated packaging material. The company initially started with
capacity of 6T/month and has expanded to current levels of
400T/month since November 2013. The company currently manufactures
packaging material, in roll form as well as pouch form, through
the printing and laminating of plastic films. The major customers
are Aachi masala, MRF and Auro Foods. The company has plans for
backward integration into manufacturing of plastic and metallised
films.
The company reported net loss of INR1.5 crore on and operating
income of INR18.6 crores for the year 2013-14, as against net
profit of INR0.2 crore on an operating income of INR14.9 crores
for the year 2012-13.
SUVI INTERNATIONAL: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL has revised its rating outlook on the long-term bank
facilities of Suvi International Pvt Ltd (SIPL) to 'Negative' from
'Stable' while reaffirming the rating at 'CRISIL B+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Negative (Outlook
revised from 'Stable' and
rating reaffirmed)
Proposed Long Term 7.2 CRISIL B+/Negative (Outlook
Bank Loan Facility revised from 'Stable' and
rating reaffirmed)
Term Loan 32.8 CRISIL B+/Negative (Outlook
revised from 'Stable' and
rating reaffirmed)
The rating action reflects CRISIL's belief that SIPL's financial
risk profile will remain weak over the medium term. SIPL had weak
gearing of 2.83 times as on March 31, 2014 (deteriorated from 2.14
times as on March 31, 2013), due to additional debt taken for
capital expenditure at the new facility in Rai (Haryana) and is
likely to remain at similar levels over the medium term. Its
gearing is expected remain high over the medium term as net worth
of the company declined due to net losses posted by the company in
2013-14. The interest coverage ratio declined to 0.7 times in
2013-14 (refers to financial year, April 1 to March 31) from 1.9
times in the previous year.
The business risk profile of the company also remain constrained
due to small scale of operations and low operating margin on
account of delay in operations at the new Rai facility. The
margins declined to 5.5 per cent in 2013-14 from 8.4 per cent in
2012-13. Moreover, the company reported low operating income of
INR113 million in 2013-14, which is expected to increase to INR170
million in 2014-15. CRISIL believes that the improvement in SIPL's
operating margin, if any, will be marginal and will, therefore,
continue to constrain the company's business risk profile.
Consequently, SIPL's business and financial risk profiles are
expected to remain weak over the medium term.
The rating continues to reflect the company's weak financial risk
profile, marked by high gearing, and its working-capital-intensive
operations. These rating weaknesses are partially offset by the
extensive industry experience of its promoters.
Outlook: Negative
CRISIL believes that SIPL's business risk profile will remain weak
due to small scale of operations and low operating margin,
adversely affected by slump in demand and low capacity utilisation
at its new facility. The ratings may be downgraded if the
company's operating income and operating profit margin do not
improve as expected, or if its financial risk profile weakens due
to a stretch in working capital cycle or any debt-funded capital
expenditure. Conversely, the outlook may be revised to 'Stable' in
case of sustained improvement in SIPL's operating income and
operating profit margin, with improvement in its financial risk
profile.
SIPL, based in Delhi, was founded by Mr. Rajendra Gupta and Mr.
Sumit Singhal in 2006. The company manufactures expanded poly
ethylene liners, which are primarily used for providing inner seal
protection for caps of various bottles used in the beverage and
pharmaceutical industries. It has two units, one in Bawana (Delhi)
and the other in Rai.
TRANCITY FINANCE: CARE Assigns B+(FD) Rating to INR3cr Loan
-----------------------------------------------------------
CARE assigns 'CARE B+ (FD)' rating to the instrument of Trancity
Finance & Leasing Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Medium Term Instrument 3 CARE B+ (FD) Assigned
Fixed Deposit
Rating Rationale
The ratings assigned to the instruments of Trancity Finance &
Leasing Limited (TFL) are constrained by slow growth in portfolio,
moderation in profitability, moderate resource profile and
weakening asset quality. The ratings, however, favourably take
into account the comfortable capital adequacy levels of TFL.
Going forward, the ability to maintain capital adequacy levels and
improve asset quality while increasing the scale of operations
would be the key rating sensitivity.
Trancity Finance & Leasing Limited (TFL) is a deposit taking Non-
Banking Finance Company (NBFC) established in the year 1996. The
company was promoted by a group of friends from Namakkal headed by
Mr Ulavan M Thangavelu, the current Chairman of TFL. TFL's main
area of focus is Hire Purchase (HP) finance for used commercial
vehicles (CV), 2W and passenger cars and loan against property.
Apart from HP loans, the company also grants Loan Against Property
(LAP), and shorter tenor working capital loans. The IRR vary
between 22%-24% depending on the client profile, age of the
vehicle, etc. The company operates from single branch based out of
Namakkal. The HP loans constituted to 68% of the loan portfolio
outstanding as on March 31, 2014, For the year ended FY14 (refers
to the period April 1 to March 31), the company earned a PAT of
INR0.2 crore on a total income of INR0.7 crore. As on March 31,
2014 the total loan portfolio and networth of the company stood at
INR4.0 crore and INR2.4 crore respectively. The CAR of the company
was 59.10% as on March 31, 2014.
TROPICAL COATINGS: CRISIL Assigns B Rating to INR62MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the
bank facilities of Tropical Coatings International Pvt Ltd
(TCIPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 62 CRISIL B/Stable
Letter of Credit 3.6 CRISIL A4
Bank Guarantee 10 CRISIL A4
Cash Credit 15.7 CRISIL B/Stable
The ratings reflect the start-up nature of TCIPL's operations in
the intensely competitive construction material industry, and its
average financial risk profile, marked by low net worth. These
rating weaknesses are partially offset by the extensive
entrepreneurial experience of TCIPL's promoters in the industry.
Outlook: Stable
CRISIL believes that TCIPL will benefit from its promoters'
extensive industry experience. The outlook may be revised to
positive, if the company stabilises its operations early,
resulting in larger than expected cash accruals and consequent
improvement in its financial profile. Conversely, the outlook may
be revised to 'Negative' if there is significant time or cost
overrun in the project leading to a delay in commencement of
operations and low cash accruals.
Tropical Coatings International Pvt Ltd (TCIPL), based in
Vishakhapatnam (Andhra Pradesh), is setting up a production
facility for manufacturing water proofing membranes and allied
products. The day to day operations of the company are managed by
Mr. Ravindranath.
VAISHNAVI COTTON: ICRA Reaffirms B+ Rating on INR7cr Cash Credit
----------------------------------------------------------------
ICRA has reaffirmed the [ICRA]B+ rating to the INR7.00 crore cash
credit facility of Vaishnavi Cotton Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 7.00 [ICRA]B+ reaffirmed
The assigned rating continue to be constrained by VCI's modest
scale of operations and its weak financial profile as reflected by
thin profitability, stretched capital structure and weak debt
coverage indicators. The rating is further constrained on account
of the regulatory risks associated with cotton exports as well as
the fragmented nature of the cotton ginning industry resulting in
high competitive intensity. Further, the firm is exposed to
adverse movements in cotton prices which coupled with low value
additive nature of the work, keeps the profitability metrics and
cash accruals at modest levels. ICRA also notes that VCI 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, favorably takes into account the extensive
experience of partners in the cotton industry and proximity of the
firm's plant to the cotton producing belt of India which ensures
regular and easy availability of raw materials.
Vaishnavi Cotton Industries (VCI) was set up as a partnership firm
in the year 2006 by Mr. Mukesh Patel and other family members. It
is engaged in processing of raw cotton to produce cotton bales and
cotton seeds. The manufacturing plant of the firm is situated in
Kadi, Gujarat and is equipped with thirty ginning machine with an
installed capacity to process 126 MT of raw cotton per day.
During FY14, the company reported a profit after tax of INR0.37
crore on an operating income of INR64.98 crore.
VIRAJ ALCOHOL: CRISIL Reaffirms B+ Rating on INR170MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Viraj Alcohol
and Allied Industries Limited (VAAIL) continues to reflect VAAIL's
stretched liquidity, marked by large maturing debt, modest
accruals, and high bank limit utilisation.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Term Loan 170 CRISIL B+/Stable (Reaffirmed)
The rating also factors in VAAIL's weak financial risk profile,
with continued losses; and its average scale of operations and
moderate working capital requirements. These rating weaknesses are
partially offset by the funding support from, and the extensive
experience of, the promoters in the grain-based distillery
segment.
Outlook: Stable
CRISIL believes that VAAIL will continue to benefit over the
medium term from the promoters' established experience in the
grain-based distillery segment and their funding support. The
outlook may be revised to 'Positive' if increase in scale of
operations and profitability results in sizeable cash accruals for
VAAIL. Conversely, the outlook may be revised to 'Negative' if a
decline in cash accruals due to pressure on its scale of
operations or profitability or any large capital expenditure
weakens its overall financial risk profile, particularly.
Set up at Sangli (Maharashtra) in 2002 as a private limited
company, VAAIL was reconstituted as a closely held public limited
company in 2005. VAAIL is a grain-based alcohol producer, and
manufactures extra neutral alcohol (ENA), rectified spirit,
distillery dry grain soluble (DDGS), distillery wet grain soluble
(DWGS), and country liquor. Its ENA production facility at Sangli
has an installed capacity of 60 kilo litres per day (klpd); the
capacity was recently enhanced from 30 klpd.
====================
N E W Z E A L A N D
====================
ISABEL ESTATE: Receivers Pay NZ$2 Million Off Vineyard Debt
-----------------------------------------------------------
The Marlborough Express reports that receivers in charge of Isabel
Estate Vineyard have helped shave more than NZ$2 million off the
Blenheim company's NZ$12.4 million debt.
The six-month receiver's report, showed the company, owned by
Michael and Robyn Tiller, paid NZ$2.031 million to its
preferential creditors, however the company still owes NZ$11.658
million, according to The Marlborough Express.
The report notes that the wine company went into receivership in
July last year along with Isabel Estate Partnership and Shelby
Estate Ltd, which together trade as Isabel Estate.
In the receiver's report, receivers Richard Longman --
richard.longman@nz.pwc.com -- and John Fisk --
john.fisk@nz.pwc.com -- of PricewaterhouseCoopers, said while some
payments had been made, it was "unlikely" there would be any funds
available for unsecured creditors, the report relates.
Isabel Estate Vineyard owes NZ$248,000 to its unsecured creditors,
as well as NZ$11.41m to its secured creditor, the Bank of New
Zealand, the report relates.
Shelby Estate Ltd owed NZ$3000 to its unsecured creditors.
However, the receiver's report also showed that the company had
paid NZ$29,000 to its 15 employees for unpaid wages, salary and
holiday pay, as well as $9000 to NZ Customs and Excise and NZ$9000
to the BNZ for wages and salary payments, the report notes.
A NZ$15,000 debt to Inland Revenue had also been paid, the report
relates.
The Tillers were unable to be reached before the Express went to
print, the report discloses.
In the first report, Longman and Fisk said they were appointed
"primarily due to cash flow pressures resulting from certain high
cost supply contracts, compounded by low vineyard yields in recent
vintages leading to unprofitable trading," the report relays.
The Tillers established the company in 1982. In May, they called
for investors to buy shares in the company. Two months later they
were placed in receivership.
The business was sold in October to Pinnacle Drinks, a subsidiary
of Australian grocery giant Woolworths Ltd, the report notes.
The purchase, subject to Overseas Investment Office approval,
included all existing elements of Isabel Estate, including
inventory, the report says.
================
S R I L A N K A
================
SRI LANKA INSURANCE: Fitch Affirms 'BB-' IFS; Outlook Stable
------------------------------------------------------------
Fitch Ratings Lanka has affirmed Sri Lanka Insurance Corporation
Limited's (SLIC) Insurer Financial Strength rating (IFS) at 'BB-'
with a Stable Outlook. The agency has also affirmed the National
Insurer Financial Strength Rating and National Long-Term Rating at
'AA(lka)' with a Stable Outlook.
KEY RATING DRIVERS
SLIC's ratings reflect the company's well-established franchise
and market position, 99.9% state ownership, and its importance to
the government as the largest state-owned insurer.
SLIC's capitalisation, which is supported by sustained profits and
satisfactory earnings retention, is commensurate with the rating.
Regulatory solvency at end-2014 was 13.90x (end-2013:11.48x) in
the life business and 3.52x (end-2013: 4.93x) in the non-life
business, and they compare well with peers'. SLIC's regulatory
solvency ratios are comfortably above the regulatory required
minimum of 1x in both life and non-life.
These strengths are balanced by its significant investments in
non-core subsidiaries that have been made in line with government
policy and a high proportion of equities in its investment
portfolio, which weaken SLIC's risk-based capital. The company is
also exposed to high interest rate risk due to the asset and
liability mismatches in the life business, which stem from the
limited availability of long-term investments in the market. The
company is in discussions with the regulator on separating its
life and non-life businesses to comply with new regulatory
requirements.
SLIC's started operations in 1961 and its asset base is now over
LKR150bn. The company is the market leader in non-life insurance,
accounting for 24.04% of gross written premiums (GWP) in the
market. In the life segment, the company is the second-largest,
accounting for 19.54% of market GWP in 2013. SLIC's life segment
recorded a net profit of LKR1.72bn and the non-life LKR2.93bn in
2013.
SLIC's total premiums fell to LKR20.6bn in 2014 from LKR21.35bn in
2013 with the GWP in both life and non-life businesses declining
slightly. The non-life business's combined ratio is likely to
have deteriorated in 2014 due to higher reserving for third-party
motor claims and the competitive environment.
RATING SENSITIVITIES
SLIC's National Ratings may be upgraded if it is able to maintain
market share while maintaining strong capitalisation and recurring
core profitability.
The National and International IFS Ratings and the National Long-
Term Rating could be downgraded if there is a weakening in the
risk capital due to profit volatility or higher equity exposure,
deterioration in the non-life combined ratio to above 100% on a
sustained basis or a drop in the life regulatory solvency margin
below 10x. A weakening in SLIC's importance to the government,
increased pressure from the state for higher dividend payouts or a
significant increase in non-core investments could also place
pressure on the ratings.
====================
S O U T H K O R E A
====================
PANTECH CO: Court Puts Firm Up For Open Bidding
-----------------------------------------------
The Korea Herald reports that Pantech Co., a defaulted South
Korean smartphone maker currently under court protection, will be
put up for an opening bidding again after the latest attempt to
sell the firm to a U.S. consortium fell through, a Seoul court
said on March 9.
The report says the Seoul Central District Court has sought to
sell the nation's No. 3 smartphone maker through an open bidding
following the botched public tender in November that ended without
a would-be buyer due to lack of interest.
According to the report, Pantech was almost sold to a U.S.-based
consortium led by One Value Asset Management, but that attempt
also failed last week as the likeliest buyer didn't remit the
payment on time.
The Korea Herald relates that the resumed bidding will likely be
the last opportunity for the struggling tech firm to salvage
itself from its debt-ridden state, as analysts expect the court to
start procedures for liquidation if the public bidding fails
again.
The sale managers, Samjong KPMG LLC and KDB Securities Co., said
via Pantech's website they will receive letters of intent from
potential bidders until the deadline of 3 p.m. on April 17, says
The Korea Herald.
The price tag for the deal is estimated at KRW100 billion
($91 million), the report notes.
About Pantech
Founded in 1991, Pantech Co. is a Korean manufacturer and seller
of mobile devices. Major shareholders include Qualcomm (11.96%),
Korea Development Bank (11.81%), and Samsung Electronics Co., Ltd
(10.03%).
Pantech filed for court receivership in Seoul, Korea in
August 2014 after its latest flagship smartphone failed to take
off.
The company filed for Chapter 15 bankruptcy protection at the U.S.
Bankruptcy Court in Atlanta (Bankr. N.D. Ga. Case No.: 14-70482)
on Oct. 16, 2014.
Joonwoo Lee, the Seoul-court appointed custodian, serving as
foreign representative in the U.S. case, is represented by
attorneys at Jacobs Legal, LLC, and H.C. Park & Associates.
The Debtor is estimated to have assets and debt ranging from
$100 million to $500 million.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 2 to March 6, 2015
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ANTARES ENERGY L 10.00 10/30/23 AUD 1.92
AUSDRILL FINANCE 6.88 11/01/19 USD 74.89
BOART LONGYEAR M 7.00 04/01/21 USD 70.00
BOART LONGYEAR M 7.00 04/01/21 USD 70.00
CML GROUP LTD 9.00 01/29/20 AUD 1.00
CRATER GOLD MINI 10.00 08/18/17 AUD 25.25
EMECO PTY LTD 9.88 03/15/19 USD 72.68
GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00
GRIFFIN COAL MIN 9.50 12/01/16 USD 72.00
KBL MINING LTD 10.00 02/16/17 AUD 0.20
MIDWEST VANADIUM 11.50 02/15/18 USD 8.00
MIDWEST VANADIUM 11.50 02/15/18 USD 11.00
RESOLUTE MINING 10.00 12/04/17 AUD 1.00
STOKES LTD 10.00 06/30/17 AUD 0.45
TREASURY CORP OF 0.50 11/12/30 AUD 65.87
CHINA
-----
CHANGCHUN CITY D 6.08 03/09/16 CNY 70.49
CHANGCHUN CITY D 6.08 03/09/16 CNY 70.17
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.67
CHANGZHOU INVEST 5.80 07/01/16 CNY 70.32
CHINA EASTERN AI 5.05 03/18/23 CNY 75.00
CHINA GOVERNMENT 1.64 12/15/33 CNY 72.61
CHINA NATIONAL E 5.65 09/26/17 CNY 64.41
DANYANG INVESTME 6.30 06/03/16 CNY 70.40
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.50
HANGZHOU XIAOSHA 6.90 11/22/16 CNY 71.74
HEILONGJIANG HEC 7.78 11/17/16 CNY 71.20
HEILONGJIANG HEC 7.78 11/17/16 CNY 71.37
HUAIAN CITY URBA 7.15 12/21/16 CNY 70.19
HUNAN CHANGDE RE 5.90 01/29/16 CNY 69.13
INNER MONGOLIA N 7.48 05/05/18 CNY 66.20
INNER MONGOLIA N 7.48 05/05/18 CNY 67.46
JIANGSU HUAIAN S 5.80 12/28/15 CNY 71.48
JIANGSU HUAJING 5.68 09/28/17 CNY 74.45
JIANGSU LIANYUN 7.85 07/22/15 CNY 70.65
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.13
KUNSHAN ENTREPRE 4.70 03/30/16 CNY 69.93
LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.50
LIAOYUAN STATE-O 7.80 01/26/17 CNY 71.37
NANJING NANGANG 6.13 02/27/16 CNY 49.46
NANJING NANGANG 6.13 02/27/16 CNY 46.89
NANJING PUBLIC H 5.85 08/08/17 CNY 65.29
NANTONG STATE-OW 6.72 11/13/16 CNY 71.01
NANTONG STATE-OW 6.72 11/13/16 CNY 71.29
NINGDE CITY STAT 6.25 10/21/17 CNY 60.60
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.31
PANJIN CONSTRUCT 7.70 12/16/16 CNY 71.91
QINGDAO CITY CON 6.19 02/16/17 CNY 71.65
QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.73
QINGZHOU HONGYUA 6.50 05/22/19 CNY 50.66
SHENGZHOU HOTEL 9.20 02/26/16 CNY 107.11
TAIZHOU CITY CON 6.90 01/25/17 CNY 70.17
WUXI COMMUNICATI 5.58 07/08/16 CNY 50.21
WUXI COMMUNICATI 5.58 07/08/16 CNY 50.20
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.50
XIANGTAN JIUHUA 6.93 12/16/16 CNY 70.86
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.03
YANGZHOU URBAN C 5.94 07/23/16 CNY 70.49
YIYANG CITY CONS 8.20 11/19/16 CNY 71.91
ZHENJIANG CITY C 5.85 03/30/15 CNY 70.02
ZHENJIANG CITY C 5.85 03/30/15 CNY 69.98
ZHUCHENG ECONOMI 7.50 08/25/18 CNY 49.26
ZIBO CITY PROPER 5.45 04/27/19 CNY 60.53
ZOUCHENG CITY AS 7.02 01/12/18 CNY 61.67
INDONESIA
---------
BERAU COAL ENERG 7.25 03/13/17 USD 62.50
BERAU COAL ENERG 7.25 03/13/17 USD 67.00
DAVOMAS INTERNAT 11.00 12/08/14 USD 19.50
PERUSAHAAN PENER 6.75 04/15/43 IDR 74.79
PERUSAHAAN PENER 6.10 02/15/37 IDR 72.84
SMARTFREN TELECO 8.00 06/15/17 IDR 49.10
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 30.50
BLUE DART EXPRES 9.30 11/20/17 INR 10.11
BLUE DART EXPRES 9.40 11/20/18 INR 10.19
BLUE DART EXPRES 9.50 11/20/19 INR 10.25
CORE EDUCATION & 7.00 05/07/15 USD 10.00
COROMANDEL INTER 9.00 07/23/16 INR 15.84
GTL INFRASTRUCTU 3.03 11/09/17 USD 28.50
INCLINE REALTY P 10.85 08/21/17 INR 15.04
INCLINE REALTY P 10.85 04/21/17 INR 11.88
INDIA GOVERNMENT 7.64 01/25/35 INR 23.99
INDIA GOVERNMENT 1.44 06/05/23 INR 79.00
JAIPRAKASH ASSOC 5.75 09/08/17 USD 74.54
JCT LTD 2.50 04/08/11 USD 22.38
MASCON GLOBAL LT 2.00 12/28/12 USD 3.46
ORIENTAL HOTELS 2.00 11/21/19 INR 72.38
PRAKASH INDUSTRI 5.25 04/30/15 USD 60.88
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 25.75
JAPAN
-----
AVANSTRATE INC 3.02 11/05/15 JPY 38.00
AVANSTRATE INC 5.00 11/05/17 JPY 29.00
ELPIDA MEMORY IN 0.70 08/01/16 JPY 17.00
ELPIDA MEMORY IN 0.50 10/26/15 JPY 12.63
ELPIDA MEMORY IN 2.03 03/22/12 JPY 17.00
ELPIDA MEMORY IN 2.29 12/07/12 JPY 17.00
ELPIDA MEMORY IN 2.10 11/29/12 JPY 17.00
KOREA
-----
2014 KODIT CREAT 5.00 12/25/17 KRW 27.52
2014 KODIT CREAT 5.00 12/25/17 KRW 27.52
DONGBU CORP 4.00 06/29/15 KRW 40.38
DONGBU METAL CO 5.20 09/12/19 KRW 56.56
EXPORT-IMPORT BA 0.50 11/21/17 BRL 73.78
EXPORT-IMPORT BA 0.50 12/22/17 BRL 73.02
HYUNDAI HEAVY IN 4.80 12/15/44 KRW 59.59
HYUNDAI HEAVY IN 4.90 12/15/44 KRW 58.55
HYUNDAI MERCHANT 7.05 12/27/42 KRW 38.55
KIBO ABS SPECIAL 10.00 09/04/16 KRW 34.80
KIBO ABS SPECIAL 10.00 02/19/17 KRW 32.49
KIBO ABS SPECIAL 10.00 08/22/17 KRW 28.19
KIBO ABS SPECIAL 5.00 01/31/17 KRW 29.33
KIBO ABS SPECIAL 5.00 03/29/18 KRW 26.64
KIBO GREEN HI-TE 10.00 12/21/15 KRW 37.53
LSMTRON DONGBANG 4.53 11/22/17 KRW 27.25
POSCO ENERGY COR 4.66 08/29/43 KRW 71.64
POSCO ENERGY COR 4.72 08/29/43 KRW 71.08
POSCO ENERGY COR 4.72 08/29/43 KRW 70.86
SINBO SECURITIZA 5.00 12/13/16 KRW 30.38
SINBO SECURITIZA 5.00 02/02/16 KRW 28.35
SINBO SECURITIZA 8.00 02/02/16 KRW 35.69
SINBO SECURITIZA 5.00 09/28/15 KRW 33.92
SINBO SECURITIZA 5.00 12/07/15 KRW 33.17
SINBO SECURITIZA 5.00 05/27/16 KRW 32.60
SINBO SECURITIZA 5.00 05/27/16 KRW 32.60
SINBO SECURITIZA 5.00 06/29/16 KRW 32.22
SINBO SECURITIZA 5.00 07/19/15 KRW 37.70
SINBO SECURITIZA 5.00 07/26/16 KRW 31.88
SINBO SECURITIZA 5.00 07/26/16 KRW 31.88
SINBO SECURITIZA 5.00 08/24/15 KRW 34.63
SINBO SECURITIZA 5.00 08/31/16 KRW 31.48
SINBO SECURITIZA 5.00 08/31/16 KRW 31.48
SINBO SECURITIZA 9.00 07/27/15 KRW 42.91
SINBO SECURITIZA 5.00 03/14/16 KRW 32.32
SINBO SECURITIZA 5.00 09/13/15 KRW 34.74
SINBO SECURITIZA 4.60 06/29/15 KRW 41.19
SINBO SECURITIZA 4.60 06/29/15 KRW 41.19
SINBO SECURITIZA 5.00 10/05/16 KRW 31.14
SINBO SECURITIZA 5.00 10/05/16 KRW 29.61
SINBO SECURITIZA 10.00 12/27/15 KRW 37.01
SINBO SECURITIZA 5.00 01/29/17 KRW 29.88
SINBO SECURITIZA 5.00 02/21/17 KRW 29.63
SINBO SECURITIZA 5.00 01/19/16 KRW 28.60
SINBO SECURITIZA 5.00 09/13/15 KRW 34.74
SINBO SECURITIZA 5.00 12/25/16 KRW 29.76
SINBO SECURITIZA 5.00 03/13/17 KRW 29.45
SINBO SECURITIZA 5.00 03/13/17 KRW 29.45
SINBO SECURITIZA 5.00 01/15/18 KRW 27.36
SINBO SECURITIZA 5.00 01/15/18 KRW 27.36
SINBO SECURITIZA 5.00 06/07/17 KRW 24.84
SINBO SECURITIZA 5.00 06/07/17 KRW 24.84
SINBO SECURITIZA 5.00 08/16/16 KRW 30.96
SINBO SECURITIZA 5.00 08/16/17 KRW 28.51
SINBO SECURITIZA 5.00 08/16/17 KRW 28.51
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 03/12/18 KRW 26.77
SINBO SECURITIZA 5.00 03/12/18 KRW 26.77
SINBO SECURITIZA 5.00 07/08/17 KRW 28.91
SINBO SECURITIZA 5.00 07/08/17 KRW 28.91
SINBO SECURITIZA 5.00 02/21/17 KRW 29.63
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 10/01/17 KRW 27.96
SINBO SECURITIZA 5.00 02/11/18 KRW 26.93
SINBO SECURITIZA 5.00 02/11/18 KRW 26.93
SK TELECOM CO LT 4.21 06/07/73 KRW 68.46
STX OFFSHORE & S 3.00 09/06/15 KRW 74.00
TONGYANG CEMENT 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT 7.50 04/20/14 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
U-BEST SECURITIZ 5.50 11/16/17 KRW 28.14
WISEPOWER CO LTD 4.00 08/10/15 KRW 70.19
WOONGJIN ENERGY 2.00 12/19/16 KRW 58.15
MALAYSIA
--------
BANDAR MALAYSIA 0.35 12/29/23 MYR 69.37
BANDAR MALAYSIA 0.35 02/20/24 MYR 68.90
BIMB HOLDINGS BH 1.50 12/12/23 MYR 70.11
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 63.36
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 63.96
LAND & GENERAL B 1.00 09/24/18 MYR 0.37
SENAI-DESARU EXP 0.50 12/31/38 MYR 61.32
SENAI-DESARU EXP 0.50 12/31/40 MYR 63.97
SENAI-DESARU EXP 0.50 12/30/39 MYR 62.82
SENAI-DESARU EXP 0.50 12/31/43 MYR 67.14
SENAI-DESARU EXP 0.50 12/31/42 MYR 66.25
SENAI-DESARU EXP 0.50 12/31/47 MYR 70.80
SENAI-DESARU EXP 0.50 12/31/41 MYR 65.09
SENAI-DESARU EXP 0.50 12/29/45 MYR 69.17
SENAI-DESARU EXP 0.50 12/31/46 MYR 70.04
SENAI-DESARU EXP 0.50 12/30/44 MYR 68.23
SENAI-DESARU EXP 1.35 06/30/26 MYR 60.98
SENAI-DESARU EXP 1.35 06/30/31 MYR 49.95
SENAI-DESARU EXP 1.35 12/29/28 MYR 55.07
SENAI-DESARU EXP 1.10 06/30/21 MYR 74.02
SENAI-DESARU EXP 1.10 12/31/21 MYR 72.17
SENAI-DESARU EXP 1.15 06/28/24 MYR 64.68
SENAI-DESARU EXP 1.15 12/31/24 MYR 63.25
SENAI-DESARU EXP 1.35 06/30/28 MYR 56.26
SENAI-DESARU EXP 1.10 06/30/22 MYR 70.48
SENAI-DESARU EXP 1.15 12/30/22 MYR 69.17
SENAI-DESARU EXP 1.15 06/30/25 MYR 61.90
SENAI-DESARU EXP 1.15 06/30/23 MYR 67.63
SENAI-DESARU EXP 1.15 12/29/23 MYR 66.13
SENAI-DESARU EXP 1.35 12/31/26 MYR 59.80
SENAI-DESARU EXP 1.35 06/28/30 MYR 51.93
SENAI-DESARU EXP 1.35 12/31/30 MYR 50.94
SENAI-DESARU EXP 1.35 06/30/27 MYR 58.60
SENAI-DESARU EXP 1.35 12/31/27 MYR 57.44
SENAI-DESARU EXP 1.35 06/29/29 MYR 53.97
SENAI-DESARU EXP 1.35 12/31/29 MYR 52.93
SENAI-DESARU EXP 1.35 12/31/25 MYR 62.20
UNIMECH GROUP BH 5.00 09/18/18 MYR 1.20
PHILIPPINES
-----------
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUN 13.50 07/15/06 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PT 7.49 05/18/18 USD 58.03
BAKRIE TELECOM P 11.50 05/07/15 USD 6.86
BAKRIE TELECOM P 11.50 05/07/15 USD 7.00
BERAU CAPITAL RE 12.50 07/08/15 USD 69.13
BERAU CAPITAL RE 12.50 07/08/15 USD 71.00
BLD INVESTMENTS 8.63 03/23/15 USD 12.25
BUMI CAPITAL PTE 12.00 11/10/16 USD 30.00
BUMI CAPITAL PTE 12.00 11/10/16 USD 27.83
BUMI INVESTMENT 10.75 10/06/17 USD 29.21
BUMI INVESTMENT 10.75 10/06/17 USD 29.22
ENERCOAL RESOURC 6.00 04/07/18 USD 25.00
G STEEL PCL 3.00 10/04/15 USD 3.80
INDO INFRASTRUCT 2.00 07/30/10 USD 1.88
MDX PCL 4.75 09/17/03 USD 26.38
ORO NEGRO DRILLI 7.50 01/24/19 USD 74.50
OSA GOLIATH PTE 12.00 10/09/18 USD 72.75
SRI LANKA
---------
SRI LANKA GOVERN 5.35 03/01/26 LKR 75.00
TAIWAN
------
ADVANCED SEMICON 1.45 08/19/16 TWD 1.10
ADVANCED SEMICON 1.45 08/19/16 TWD 1.50
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.30
ADVANCED SEMICON 1.45 08/19/16 TWD 1.05
AGRICULTURAL BAN 1.95 02/10/25 TWD 1.95
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 3.00 11/12/18 TWD 3.00
BANK OF PANHSIN 3.00 06/06/20 TWD 3.00
BANK OF PANHSIN 3.00 03/21/18 TWD 3.00
BANK OF PANHSIN 3.25 11/05/16 TWD 3.25
BANK OF TAIWAN 1.70 06/27/24 TWD 1.70
BANK SINOPAC 3.20 03/25/15 TWD 2.32
BANK SINOPAC 2.18 08/18/21 TWD 2.18
BANK SINOPAC 1.65 09/18/22 TWD 1.65
BANK SINOPAC 1.85 11/04/18 TWD 1.45
BANK SINOPAC 1.80 12/09/17 TWD 1.38
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 1.95 08/18/18 TWD 1.46
BANK SINOPAC 2.80 04/29/16 TWD 2.80
BANK SINOPAC 2.05 09/30/24 TWD 2.05
CATHAY FINANCIAL 3.10 12/24/15 TWD 1.17
CATHAY FINANCIAL 2.65 10/08/16 TWD 1.21
CATHAY UNITED BA 1.85 05/19/24 TWD 1.85
CATHAY UNITED BA 1.55 04/24/20 TWD 1.55
CATHAY UNITED BA 1.48 06/06/19 TWD 1.48
CATHAY UNITED BA 1.65 06/06/22 TWD 1.84
CATHAY UNITED BA 1.65 08/07/22 TWD 1.84
CATHAY UNITED BA 1.70 04/24/23 TWD 1.90
CATHAY UNITED BA 1.70 05/19/21 TWD 1.70
CHAILEASE FINANC 2.05 10/30/21 TWD 2.05
CHAILEASE FINANC 1.60 07/22/18 TWD 1.40
CHAILEASE FINANC 1.50 06/05/17 TWD 1.29
CHAILEASE FINANC 1.50 06/16/19 TWD 1.50
CHAILEASE FINANC 2.30 10/30/24 TWD 2.30
CHANG HWA COMMER 3.10 05/19/15 TWD 0.89
CHANG HWA COMMER 3.05 12/15/15 TWD 3.05
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 2.30 09/15/16 TWD 1.26
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 1.43
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 1.32
CHENG SHIN RUBBE 1.38 09/03/15 TWD 1.32
CHENG SHIN RUBBE 1.38 09/03/15 TWD 0.88
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 AIRLINES L 1.85 01/17/20 TWD 1.85
CHINA DEVELOPMEN 1.42 03/07/19 TWD 1.39
CHINA DEVELOPMEN 3.40 06/18/15 TWD 3.40
CHINA DEVELOPMEN 1.37 05/23/18 TWD 1.37
CHINA DEVELOPMEN 2.00 03/01/17 TWD 1.45
CHINA DEVELOPMEN 1.32 03/07/17 TWD 1.19
CHINA STEEL CORP 2.30 12/29/15 TWD 0.92
CHINA STEEL CORP 1.36 10/19/16 TWD 0.98
CHINA STEEL CORP 1.75 01/23/21 TWD 1.58
CHINA STEEL CORP 1.88 07/12/28 TWD 1.89
CHINA STEEL CORP 1.57 10/19/18 TWD 1.21
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 1.60 07/12/23 TWD 1.84
CHINA STEEL CORP 1.44 07/12/20 TWD 1.56
CHINA STEEL CORP 1.50 08/03/22 TWD 1.65
CHINA STEEL CORP 1.95 01/23/24 TWD 1.90
CHINESE MARITIME 1.40 06/08/17 TWD 1.13
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 1.36
CPC CORP/TAIWAN 1.22 06/07/17 TWD 1.05
CPC CORP/TAIWAN 1.29 11/01/17 TWD 1.04
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 2.60 12/15/15 TWD 0.60
CPC CORP/TAIWAN 1.88 12/24/24 TWD 1.87
CPC CORP/TAIWAN 1.41 09/12/19 TWD 1.32
CPC CORP/TAIWAN 1.40 09/19/16 TWD 0.93
CPC CORP/TAIWAN 1.49 10/28/18 TWD 1.15
CPC CORP/TAIWAN 1.49 06/11/22 TWD 1.64
CPC CORP/TAIWAN 1.60 09/22/18 TWD 1.17
CPC CORP/TAIWAN 1.43 10/27/20 TWD 1.51
CPC CORP/TAIWAN 1.18 09/19/17 TWD 1.00
CPC CORP/TAIWAN 1.36 06/08/19 TWD 1.28
CPC CORP/TAIWAN 1.40 12/03/16 TWD 0.91
CPC CORP/TAIWAN 1.68 12/23/21 TWD 1.60
CPC CORP/TAIWAN 1.65 09/12/21 TWD 1.65
CPC CORP/TAIWAN 1.30 07/25/18 TWD 1.13
CPC CORP/TAIWAN 1.46 07/19/20 TWD 1.45
CPC CORP/TAIWAN 1.68 07/22/23 TWD 1.69
CPC CORP/TAIWAN 1.29 09/21/19 TWD 1.40
CPC CORP/TAIWAN 1.42 09/20/22 TWD 1.70
CPC CORP/TAIWAN 1.65 12/04/19 TWD 1.36
CPC CORP/TAIWAN 1.70 09/21/21 TWD 1.60
CPC CORP/TAIWAN 1.85 09/12/24 TWD 1.85
CPC CORP/TAIWAN 1.85 10/25/23 TWD 1.86
CTBC BANK CO LTD 3.49 04/10/23 TWD 1.80
CTBC BANK CO LTD 3.10 04/25/15 TWD 0.92
CTBC BANK CO LTD 1.80 09/27/18 TWD 1.49
CTBC BANK CO LTD 2.00 06/26/29 TWD 2.00
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 1.40 06/10/19 TWD 1.45
DRAGON STEEL COR 1.75 06/10/21 TWD 1.72
E.SUN COMMERCIAL 1.80 10/28/18 TWD 1.50
E.SUN COMMERCIAL 1.55 05/24/20 TWD 1.55
E.SUN COMMERCIAL 1.70 05/24/23 TWD 1.93
E.SUN COMMERCIAL 1.75 08/28/20 TWD 1.75
E.SUN COMMERCIAL 1.50 08/27/19 TWD 1.57
E.SUN COMMERCIAL 1.68 06/28/22 TWD 1.88
E.SUN COMMERCIAL 3.15 10/24/15 TWD 3.15
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 2.35 10/20/16 TWD 1.34
E.SUN COMMERCIAL 2.50 04/03/16 TWD 2.50
E.SUN COMMERCIAL 1.58 04/27/19 TWD 1.58
E.SUN COMMERCIAL 1.62 08/27/22 TWD 1.89
E.SUN COMMERCIAL 1.85 12/19/20 TWD 1.85
E.SUN COMMERCIAL 1.95 03/07/24 TWD 1.95
E.SUN COMMERCIAL 1.80 03/07/21 TWD 1.70
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 1.22 05/31/17 TWD 1.18
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.27
EVA AIRWAYS CORP 1.44 08/31/16 TWD 1.01
EVA AIRWAYS CORP 1.22 05/31/17 TWD 1.18
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 1.22 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 1.25
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 1.22 05/31/17 TWD 1.29
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 1.44 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 0.90
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 01/28/16 TWD 0.82
EXPORT-IMPORT BA 1.25 05/30/17 TWD 1.25
EXPORT-IMPORT BA 0.68 06/20/16 TWD 0.68
EXPORT-IMPORT BA 0.90 06/24/17 TWD 0.90
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 1.95 11/10/18 TWD 1.80
FAR EASTERN INTE 2.05 12/23/21 TWD 2.05
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 1.75 06/27/19 TWD 1.70
FAR EASTERN INTE 2.10 11/06/20 TWD 1.81
FAR EASTERN NEW 1.68 05/27/15 TWD 0.80
FAR EASTERN NEW 1.59 09/16/15 TWD 0.80
FAR EASTERN NEW 1.45 12/23/18 TWD 1.44
FAR EASTERN NEW 1.47 08/21/19 TWD 1.41
FAR EASTERN NEW 1.47 12/04/19 TWD 1.40
FAR EASTERN NEW 1.55 09/29/16 TWD 1.03
FAR EASTERN NEW 1.38 02/06/20 TWD 1.38
FAR EASTERN NEW 1.30 11/26/17 TWD 1.21
FAR EASTERN NEW 1.36 02/15/17 TWD 1.08
FAR EASTERN NEW 1.35 06/07/17 TWD 1.21
FAR EASTONE TELE 1.17 12/24/16 TWD 1.17
FAR EASTONE TELE 1.58 10/15/18 TWD 1.61
FAR EASTONE TELE 1.27 12/24/17 TWD 1.16
FAR EASTONE TELE 1.33 06/27/20 TWD 1.47
FAR EASTONE TELE 1.46 10/15/17 TWD 1.38
FAR EASTONE TELE 1.58 12/24/19 TWD 1.37
FIRST COMMERCIAL 3.02 10/21/15 TWD 1.20
FIRST COMMERCIAL 1.72 03/30/21 TWD 1.72
FIRST COMMERCIAL 1.50 09/28/17 TWD 1.36
FIRST COMMERCIAL 1.59 09/25/22 TWD 1.56
FIRST COMMERCIAL 1.47 09/25/19 TWD 1.44
FIRST COMMERCIAL 1.43 12/27/19 TWD 1.57
FIRST COMMERCIAL 1.65 03/30/18 TWD 1.26
FIRST COMMERCIAL 3.00 12/24/15 TWD 3.00
FIRST COMMERCIAL 3.16 12/24/17 TWD 3.16
FIRST COMMERCIAL 1.92 09/28/17 TWD 1.59
FIRST COMMERCIAL 3.10 06/23/15 TWD 2.95
FIRST COMMERCIAL 1.65 06/24/18 TWD 1.65
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 1.52 07/29/15 TWD 0.81
FORMOSA CHEMICAL 1.44 06/10/16 TWD 0.93
FORMOSA CHEMICAL 1.29 07/26/17 TWD 1.15
FORMOSA CHEMICAL 1.34 01/22/20 TWD 1.50
FORMOSA CHEMICAL 1.24 07/08/18 TWD 1.29
FORMOSA CHEMICAL 1.38 10/31/16 TWD 1.16
FORMOSA CHEMICAL 1.36 12/07/19 TWD 1.40
FORMOSA CHEMICAL 1.50 01/22/23 TWD 1.80
FORMOSA CHEMICAL 1.56 06/29/15 TWD 0.77
FORMOSA CHEMICAL 1.38 07/08/20 TWD 1.45
FORMOSA CHEMICAL 1.23 12/07/17 TWD 1.23
FORMOSA CHEMICAL 1.51 12/07/22 TWD 1.53
FORMOSA CHEMICAL 1.40 07/26/19 TWD 1.47
FORMOSA CHEMICAL 1.52 07/08/23 TWD 1.54
FORMOSA CHEMICAL 2.03 07/04/29 TWD 2.04
FORMOSA CHEMICAL 1.81 07/04/24 TWD 1.84
FORMOSA PETROCHE 1.54 07/15/15 TWD 0.81
FORMOSA PETROCHE 1.43 09/12/19 TWD 1.37
FORMOSA PETROCHE 1.55 04/27/15 TWD 0.73
FORMOSA PETROCHE 1.54 05/25/15 TWD 0.75
FORMOSA PETROCHE 1.40 04/20/16 TWD 0.93
FORMOSA PETROCHE 1.42 05/25/16 TWD 0.82
FORMOSA PETROCHE 1.33 10/14/15 TWD 0.69
FORMOSA PETROCHE 1.30 06/20/17 TWD 1.14
FORMOSA PETROCHE 1.28 06/26/18 TWD 1.23
FORMOSA PETROCHE 1.37 03/12/20 TWD 1.41
FORMOSA PETROCHE 1.44 07/27/19 TWD 1.47
FORMOSA PETROCHE 1.44 06/20/19 TWD 1.58
FORMOSA PETROCHE 1.41 06/26/20 TWD 1.53
FORMOSA PETROCHE 1.25 03/12/18 TWD 1.31
FORMOSA PETROCHE 1.35 07/27/17 TWD 1.11
FORMOSA PETROCHE 1.99 09/12/26 TWD 1.99
FORMOSA PETROCHE 1.90 09/12/24 TWD 1.90
FORMOSA PLASTICS 1.35 12/15/16 TWD 0.95
FORMOSA PLASTICS 1.55 06/21/15 TWD 0.73
FORMOSA PLASTICS 1.92 05/21/26 TWD 1.94
FORMOSA PLASTICS 1.40 09/12/19 TWD 1.45
FORMOSA PLASTICS 1.83 05/21/24 TWD 1.86
FORMOSA PLASTICS 1.34 11/16/16 TWD 0.73
FORMOSA PLASTICS 1.39 11/05/19 TWD 1.44
FORMOSA PLASTICS 1.53 11/05/22 TWD 1.62
FORMOSA PLASTICS 1.42 11/08/18 TWD 1.47
FORMOSA PLASTICS 1.25 11/05/17 TWD 1.23
FORMOSA PLASTICS 1.26 05/22/17 TWD 1.24
FORMOSA PLASTICS 1.42 05/22/19 TWD 1.49
FORMOSA PLASTICS 1.52 06/10/23 TWD 1.54
FORMOSA PLASTICS 1.28 09/12/17 TWD 1.15
FORMOSA PLASTICS 1.23 06/10/17 TWD 1.30
FORMOSA PLASTICS 1.94 11/08/23 TWD 1.96
FUBON FINANCIAL 1.56 08/23/15 TWD 0.85
FUBON FINANCIAL 1.60 12/18/20 TWD 1.65
FUBON FINANCIAL 1.72 07/21/21 TWD 1.72
FUBON FINANCIAL 2.60 01/28/17 TWD 1.46
FUBON FINANCIAL 1.45 08/15/19 TWD 1.47
FUBON FINANCIAL 1.40 11/15/16 TWD 0.72
FUBON FINANCIAL 1.45 08/28/18 TWD 1.36
FUBON FINANCIAL 1.58 08/28/20 TWD 1.58
FUBON FINANCIAL 1.35 08/15/17 TWD 1.06
FUBON FINANCIAL 2.60 01/27/17 TWD 1.32
FUBON FINANCIAL 1.90 01/28/17 TWD 1.40
FUBON FINANCIAL 1.42 12/18/18 TWD 1.45
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 1.35 12/17/16 TWD 1.07
HON HAI PRECISIO 1.18 08/06/15 TWD 1.20
HON HAI PRECISIO 1.45 01/14/20 TWD 1.45
HON HAI PRECISIO 1.43 12/27/15 TWD 0.90
HON HAI PRECISIO 1.47 03/08/16 TWD 0.89
HON HAI PRECISIO 1.43 05/23/17 TWD 1.12
HON HAI PRECISIO 1.45 10/18/16 TWD 1.07
HON HAI PRECISIO 2.15 10/08/26 TWD 2.15
HON HAI PRECISIO 1.33 01/30/18 TWD 1.20
HON HAI PRECISIO 1.40 03/18/19 TWD 1.40
HON HAI PRECISIO 2.02 10/08/24 TWD 2.02
HON HAI PRECISIO 1.51 07/18/16 TWD 0.98
HON HAI PRECISIO 1.66 06/14/18 TWD 1.32
HON HAI PRECISIO 1.95 07/08/24 TWD 1.95
HON HAI PRECISIO 1.23 03/18/17 TWD 1.12
HON HAI PRECISIO 1.23 01/14/18 TWD 1.23
HON HAI PRECISIO 1.50 12/17/18 TWD 1.50
HON HAI PRECISIO 1.45 01/30/20 TWD 1.55
HON HAI PRECISIO 1.35 10/11/17 TWD 1.50
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 1.75 03/18/21 TWD 1.74
HON HAI PRECISIO 2.00 03/18/24 TWD 2.00
HON HAI PRECISIO 1.45 10/08/19 TWD 1.45
HON HAI PRECISIO 1.80 10/08/21 TWD 1.80
HON HAI PRECISIO 1.80 01/14/22 TWD 1.80
HON HAI PRECISIO 1.85 12/17/20 TWD 1.70
HON HAI PRECISIO 1.70 07/08/21 TWD 1.70
HON HAI PRECISIO 1.17 05/21/17 TWD 1.14
HON HAI PRECISIO 1.95 05/21/24 TWD 1.88
HON HAI PRECISIO 1.37 05/21/19 TWD 1.37
HON HAI PRECISIO 1.70 05/21/21 TWD 1.70
HSBC BANK TAIWAN 1.40 03/10/15 TWD 0.71
HSBC BANK TAIWAN 1.55 03/10/16 TWD 0.60
HSBC BANK TAIWAN 1.48 02/05/23 TWD 1.48
HSBC BANK TAIWAN 1.40 01/31/19 TWD 1.27
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 1.43 11/06/19 TWD 1.41
HUA NAN COMMERCI 1.85 03/28/24 TWD 1.85
HUA NAN COMMERCI 3.10 04/18/15 TWD 0.88
HUA NAN COMMERCI 1.98 12/19/24 TWD 1.98
HUA NAN COMMERCI 1.63 12/06/18 TWD 1.52
HUA NAN COMMERCI 1.55 11/06/22 TWD 1.55
HUA NAN COMMERCI 1.65 11/23/20 TWD 1.65
HUA NAN COMMERCI 3.20 05/16/16 TWD 3.20
HUA NAN COMMERCI 2.60 04/24/17 TWD 2.60
HUA NAN COMMERCI 2.45 07/16/17 TWD 1.62
HUA NAN COMMERCI 2.60 12/29/19 TWD 2.60
HUA NAN COMMERCI 3.08 01/16/18 TWD 3.08
HUA NAN COMMERCI 1.83 09/26/21 TWD 1.83
HUA NAN COMMERCI 1.98 09/26/24 TWD 1.98
HUA NAN COMMERCI 1.83 12/19/21 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 1.85 08/17/19 TWD 1.83
INDUSTRIAL BANK 3.20 12/28/16 TWD 2.24
INDUSTRIAL BANK 3.00 04/12/17 TWD 3.00
INDUSTRIAL BANK 1.95 03/27/21 TWD 1.94
INDUSTRIAL BANK 1.95 05/30/20 TWD 1.85
INDUSTRIAL BANK 1.95 09/26/21 TWD 1.95
INDUSTRIAL BANK 1.85 06/26/21 TWD 1.85
JIH SUN INTERNAT 2.18 04/30/19 TWD 2.18
JIH SUN INTERNAT 2.20 01/30/22 TWD 2.20
KGI SECURITIES C 1.15 03/15/15 TWD 0.72
KINDOM CONSTRUCT 1.41 06/25/17 TWD 1.41
KINDOM CONSTRUCT 1.40 10/28/16 TWD 1.40
KINDOM CONSTRUCT 1.40 12/15/16 TWD 1.28
KINDOM CONSTRUCT 1.60 09/26/18 TWD 1.60
KINDOM CONSTRUCT 1.30 06/18/18 TWD 1.30
KINDOM CONSTRUCT 1.55 08/28/19 TWD 1.55
LAND BANK OF TAI 3.00 04/15/15 TWD 0.87
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 1.98 12/25/24 TWD 1.98
LAND BANK OF TAI 1.64 10/20/18 TWD 1.42
LAND BANK OF TAI 1.55 04/13/19 TWD 1.60
LAND BANK OF TAI 1.43 10/22/19 TWD 1.43
LAND BANK OF TAI 1.53 12/15/17 TWD 1.38
LAND BANK OF TAI 1.50 06/26/19 TWD 1.45
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 1.55 12/26/22 TWD 1.55
LAND BANK OF TAI 1.72 12/26/20 TWD 1.72
MAI-LIAO POWER C 1.25 12/19/17 TWD 1.20
MAI-LIAO POWER C 1.37 12/19/19 TWD 1.39
MAYWUFA CO LTD 1.43 07/17/19 TWD 1.43
MEGA FINANCIAL H 3.26 12/26/15 TWD 1.46
MEGA INTERNATION 1.65 06/24/21 TWD 1.64
MEGA INTERNATION 1.62 11/24/18 TWD 1.38
MEGA INTERNATION 3.00 12/23/15 TWD 1.18
MEGA INTERNATION 2.90 03/20/15 TWD 2.90
MEGA INTERNATION 1.70 03/28/21 TWD 1.70
MEGA INTERNATION 1.65 04/15/18 TWD 1.40
MEGA INTERNATION 1.53 12/24/17 TWD 1.36
MEGA INTERNATION 1.48 05/18/19 TWD 1.48
MEGA INTERNATION 3.10 06/26/15 TWD 0.90
MEGA INTERNATION 3.00 09/29/15 TWD 0.95
NAN YA PLASTICS 1.27 11/12/15 TWD 0.90
NAN YA PLASTICS 1.56 06/25/15 TWD 0.86
NAN YA PLASTICS 1.56 08/30/15 TWD 0.75
NAN YA PLASTICS 2.04 06/24/29 TWD 2.04
NAN YA PLASTICS 1.25 09/07/17 TWD 1.17
NAN YA PLASTICS 1.35 11/07/16 TWD 1.00
NAN YA PLASTICS 1.45 08/05/18 TWD 1.24
NAN YA PLASTICS 1.36 07/04/17 TWD 1.15
NAN YA PLASTICS 1.45 07/04/19 TWD 1.38
NAN YA PLASTICS 1.37 09/07/19 TWD 1.33
NAN YA PLASTICS 1.50 02/25/23 TWD 1.52
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 1.36 02/25/20 TWD 1.51
NAN YA PLASTICS 1.45 11/11/19 TWD 1.45
NAN YA PLASTICS 1.98 12/18/23 TWD 1.94
NAN YA PLASTICS 2.08 12/18/25 TWD 2.10
NAN YA PLASTICS 1.93 11/11/24 TWD 1.93
PACIFIC CONSTRUC 1.50 05/06/16 TWD 1.50
PRINCE HOUSING & 1.55 11/21/18 TWD 1.55
PRINCE HOUSING & 1.33 07/12/17 TWD 1.33
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 1.70 03/25/21 TWD 1.65
SHANGHAI COMMERC 1.48 04/10/19 TWD 1.45
SHANGHAI COMMERC 1.43 11/15/19 TWD 1.43
SHANGHAI COMMERC 1.55 11/15/22 TWD 1.55
SHANGHAI COMMERC 1.50 12/15/17 TWD 1.50
SHANGHAI COMMERC 1.54 05/22/19 TWD 1.60
SHANGHAI COMMERC 1.43 12/27/19 TWD 1.57
SHANGHAI COMMERC 3.15 06/10/15 TWD 0.90
SHANGHAI COMMERC 3.05 12/26/15 TWD 3.05
SHANGHAI COMMERC 1.85 03/25/24 TWD 1.85
SHANGHAI COMMERC 1.83 11/25/21 TWD 1.83
SHIHLIN DEVELOPM 1.60 07/31/19 TWD 1.33
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 2.35 03/31/21 TWD 2.35
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 3.25 10/29/17 TWD 3.25
SUNNY BANK LTD 3.25 04/30/17 TWD 3.25
SUNNY BANK LTD 2.85 06/27/18 TWD 2.85
SUNNY BANK LTD 2.35 08/26/21 TWD 2.35
SUNNY BANK LTD 2.45 12/30/21 TWD 2.45
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 2.05 06/22/19 TWD 2.05
TA CHONG BANK LT 1.90 12/27/19 TWD 1.90
TA CHONG BANK LT 2.15 03/30/19 TWD 2.15
TA CHONG BANK LT 3.25 01/05/17 TWD 3.25
TA CHONG BANK LT 2.00 09/26/21 TWD 2.00
TA CHONG BANK LT 2.05 03/21/21 TWD 2.05
TA CHONG BANK LT 2.00 11/19/21 TWD 2.00
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 1.50 11/15/17 TWD 1.38
TAIPEI FUBON COM 1.65 03/18/18 TWD 1.65
TAIPEI FUBON COM 1.52 08/01/20 TWD 1.52
TAIPEI FUBON COM 1.85 05/15/24 TWD 1.85
TAIPEI FUBON COM 1.65 12/01/18 TWD 1.46
TAIPEI FUBON COM 2.50 01/25/20 TWD 2.50
TAIPEI FUBON COM 1.48 04/05/19 TWD 1.48
TAIPEI FUBON COM 1.68 05/25/22 TWD 1.83
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 3.09 05/30/15 TWD 3.10
TAIPEI FUBON COM 3.14 06/20/15 TWD 3.15
TAIPEI FUBON COM 2.20 12/22/16 TWD 1.17
TAIPEI FUBON COM 1.70 08/05/18 TWD 1.45
TAIPEI FUBON COM 2.20 01/25/17 TWD 1.14
TAIPEI FUBON COM 2.30 01/29/17 TWD 2.30
TAIPEI FUBON COM 1.95 08/20/17 TWD 1.60
TAIPEI FUBON COM 2.05 08/20/20 TWD 2.05
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 1.70 08/01/23 TWD 1.70
TAIPEI FUBON COM 1.98 09/25/24 TWD 1.98
TAIPEI FUBON COM 1.70 05/15/21 TWD 1.70
TAISHIN FINANCIA 2.30 12/17/17 TWD 1.65
TAISHIN FINANCIA 2.00 05/15/19 TWD 1.85
TAISHIN FINANCIA 2.20 08/05/18 TWD 1.61
TAISHIN FINANCIA 2.20 10/05/18 TWD 2.20
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
TAISHIN INTERNAT 2.65 04/12/17 TWD 2.65
TAISHIN INTERNAT 1.95 05/16/24 TWD 1.95
TAIWAN ACCEPTANC 1.25 10/17/17 TWD 1.25
TAIWAN ACCEPTANC 1.12 06/20/17 TWD 1.16
TAIWAN BUSINESS 1.92 09/02/17 TWD 1.45
TAIWAN BUSINESS 2.35 08/27/15 TWD 1.98
TAIWAN BUSINESS 2.50 12/18/16 TWD 1.36
TAIWAN BUSINESS 2.32 03/05/17 TWD 2.32
TAIWAN BUSINESS 1.68 03/25/20 TWD 1.71
TAIWAN BUSINESS 1.92 11/25/20 TWD 1.86
TAIWAN COOPERATI 3.00 05/28/15 TWD 0.89
TAIWAN COOPERATI 1.70 07/28/18 TWD 1.41
TAIWAN COOPERATI 1.65 06/28/22 TWD 1.60
TAIWAN COOPERATI 1.43 12/25/19 TWD 1.43
TAIWAN COOPERATI 1.55 12/25/22 TWD 1.55
TAIWAN COOPERATI 1.45 10/25/17 TWD 1.28
TAIWAN COOPERATI 1.48 03/28/20 TWD 1.58
TAIWAN COOPERATI 1.72 12/25/20 TWD 1.72
TAIWAN COOPERATI 1.70 05/26/21 TWD 1.70
TAIWAN COOPERATI 1.85 05/26/24 TWD 1.85
TAIWAN LAND DEVE 1.36 04/25/17 TWD 1.36
TAIWAN MOBILE CO 1.34 12/20/19 TWD 1.44
TAIWAN MOBILE CO 1.29 04/25/18 TWD 1.21
TAIWAN POWER CO 1.35 09/26/16 TWD 1.04
TAIWAN POWER CO 1.30 11/17/16 TWD 0.98
TAIWAN POWER CO 1.24 11/21/16 TWD 1.06
TAIWAN POWER CO 1.10 05/30/17 TWD 1.04
TAIWAN POWER CO 1.39 07/21/15 TWD 0.75
TAIWAN POWER CO 1.37 08/20/15 TWD 0.63
TAIWAN POWER CO 1.55 07/22/20 TWD 1.42
TAIWAN POWER CO 1.38 06/01/15 TWD 0.70
TAIWAN POWER CO 1.65 07/19/17 TWD 1.10
TAIWAN POWER CO 1.23 12/27/16 TWD 1.06
TAIWAN POWER CO 1.47 09/23/17 TWD 1.08
TAIWAN POWER CO 1.40 03/17/19 TWD 1.36
TAIWAN POWER CO 1.29 06/15/17 TWD 0.94
TAIWAN POWER CO 1.65 10/20/21 TWD 1.56
TAIWAN POWER CO 2.75 04/18/15 TWD 0.51
TAIWAN POWER CO 1.38 04/21/15 TWD 0.54
TAIWAN POWER CO 2.02 12/15/24 TWD 2.02
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 2.15 12/28/19 TWD 1.42
TAIWAN POWER CO 1.87 04/28/16 TWD 0.89
TAIWAN POWER CO 1.37 04/23/19 TWD 1.50
TAIWAN POWER CO 1.23 04/23/17 TWD 1.08
TAIWAN POWER CO 1.43 06/15/19 TWD 1.41
TAIWAN POWER CO 1.32 12/19/16 TWD 0.92
TAIWAN POWER CO 1.64 08/20/17 TWD 1.10
TAIWAN POWER CO 1.55 11/20/16 TWD 0.90
TAIWAN POWER CO 1.46 12/17/17 TWD 1.02
TAIWAN POWER CO 1.92 03/17/24 TWD 1.93
TAIWAN POWER CO 1.60 12/15/20 TWD 1.52
TAIWAN POWER CO 1.53 05/03/23 TWD 1.96
TAIWAN POWER CO 1.49 08/15/22 TWD 1.84
TAIWAN POWER CO 2.85 11/04/15 TWD 0.60
TAIWAN POWER CO 2.74 06/16/15 TWD 0.53
TAIWAN POWER CO 1.33 06/28/16 TWD 0.90
TAIWAN POWER CO 2.62 11/25/15 TWD 0.63
TAIWAN POWER CO 1.40 05/30/19 TWD 1.42
TAIWAN POWER CO 1.10 03/18/17 TWD 1.05
TAIWAN POWER CO 1.46 12/15/19 TWD 1.43
TAIWAN POWER CO 1.48 11/21/18 TWD 1.32
TAIWAN POWER CO 1.98 07/21/24 TWD 1.99
TAIWAN POWER CO 1.85 04/22/20 TWD 1.50
TAIWAN POWER CO 1.10 12/15/17 TWD 1.10
TAIWAN POWER CO 1.50 04/24/22 TWD 1.75
TAIWAN POWER CO 1.75 07/23/23 TWD 1.76
TAIWAN POWER CO 1.31 10/31/19 TWD 1.44
TAIWAN POWER CO 1.43 10/31/22 TWD 1.42
TAIWAN POWER CO 1.51 10/21/18 TWD 1.29
TAIWAN POWER CO 1.27 11/30/19 TWD 1.43
TAIWAN POWER CO 1.41 11/28/22 TWD 1.41
TAIWAN POWER CO 1.39 12/26/22 TWD 1.49
TAIWAN POWER CO 1.60 04/22/18 TWD 1.36
TAIWAN POWER CO 1.69 04/22/21 TWD 1.50
TAIWAN POWER CO 1.28 05/06/18 TWD 1.30
TAIWAN POWER CO 1.39 05/06/20 TWD 1.46
TAIWAN POWER CO 1.30 06/17/18 TWD 1.20
TAIWAN POWER CO 1.58 12/21/21 TWD 1.41
TAIWAN POWER CO 1.39 08/16/19 TWD 1.42
TAIWAN POWER CO 2.35 12/30/18 TWD 1.27
TAIWAN POWER CO 2.84 04/18/18 TWD 1.25
TAIWAN POWER CO 1.71 08/23/20 TWD 1.56
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 1.75 04/23/17 TWD 1.20
TAIWAN POWER CO 1.55 06/28/18 TWD 1.23
TAIWAN POWER CO 1.64 06/28/21 TWD 1.52
TAIWAN POWER CO 1.65 07/19/18 TWD 1.25
TAIWAN POWER CO 1.75 07/21/21 TWD 1.67
TAIWAN POWER CO 2.99 07/21/15 TWD 0.58
TAIWAN POWER CO 2.99 09/17/15 TWD 0.65
TAIWAN POWER CO 1.64 09/21/20 TWD 1.61
TAIWAN POWER CO 1.79 07/21/20 TWD 1.48
TAIWAN POWER CO 1.52 06/15/22 TWD 1.52
TAIWAN POWER CO 1.50 11/22/18 TWD 1.28
TAIWAN POWER CO 1.94 11/22/23 TWD 1.89
TAIWAN POWER CO 1.45 06/17/20 TWD 1.55
TAIWAN POWER CO 1.10 10/16/17 TWD 1.10
TAIWAN POWER CO 1.42 10/16/19 TWD 1.42
TAIWAN POWER CO 1.77 10/16/21 TWD 1.77
TAIWAN POWER CO 1.99 10/16/24 TWD 1.99
TAIWAN POWER CO 1.46 12/30/18 TWD 1.35
TAIWAN POWER CO 1.75 12/30/20 TWD 1.66
TAIWAN POWER CO 1.95 12/30/23 TWD 1.88
TAIWAN POWER CO 1.95 05/28/24 TWD 1.96
TAIWAN POWER CO 1.75 05/30/21 TWD 1.69
TAIWAN POWER CO 1.74 03/17/21 TWD 1.74
TAIWAN POWER CO 1.42 07/21/19 TWD 1.44
TAIWAN POWER CO 1.77 12/17/21 TWD 1.77
TAIWAN SEMICONDU 1.23 01/04/18 TWD 1.11
TAIWAN SEMICONDU 1.40 09/28/16 TWD 0.95
TAIWAN SEMICONDU 1.35 01/04/20 TWD 1.37
TAIWAN SEMICONDU 2.10 09/25/23 TWD 2.03
TAIWAN SEMICONDU 1.63 09/28/18 TWD 1.16
TAIWAN SEMICONDU 1.50 07/16/20 TWD 1.40
TAIWAN SEMICONDU 1.49 01/04/23 TWD 1.62
TAIWAN SEMICONDU 1.29 01/11/17 TWD 0.98
TAIWAN SEMICONDU 1.46 01/11/19 TWD 1.46
TAIWAN SEMICONDU 1.38 02/06/20 TWD 1.50
TAIWAN SEMICONDU 1.39 09/26/19 TWD 1.39
TAIWAN SEMICONDU 1.28 08/02/17 TWD 1.05
TAIWAN SEMICONDU 1.53 10/09/22 TWD 1.53
TAIWAN SEMICONDU 1.23 02/06/18 TWD 1.11
TAIWAN SEMICONDU 1.50 02/06/23 TWD 1.91
TAIWAN SEMICONDU 1.35 09/25/16 TWD 1.38
TAIWAN SEMICONDU 1.45 09/25/17 TWD 1.47
TAIWAN SEMICONDU 1.34 08/09/17 TWD 1.34
TAIWAN SEMICONDU 1.52 08/09/19 TWD 1.52
TAIWAN SHIN KONG 1.85 03/30/18 TWD 1.85
TAIWAN SHIN KONG 1.80 09/26/18 TWD 1.80
TAIWAN SHIN KONG 1.95 09/26/21 TWD 1.55
TAIWAN SHIN KONG 1.51 12/28/19 TWD 1.51
TAIWAN SHIN KONG 1.63 12/28/22 TWD 1.63
TAIWAN SHIN KONG 2.50 12/18/16 TWD 1.45
TAIWAN SHIN KONG 2.10 12/15/24 TWD 2.10
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
TONG YANG INDUST 1.35 01/28/20 TWD 1.35
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 1.57 06/25/15 TWD 0.90
UNI-PRESIDENT EN 1.39 10/29/19 TWD 1.53
UNI-PRESIDENT EN 1.39 02/18/19 TWD 1.41
UNI-PRESIDENT EN 1.28 10/29/17 TWD 1.20
UNI-PRESIDENT EN 1.35 06/18/17 TWD 1.11
UNI-PRESIDENT EN 1.43 06/17/16 TWD 1.01
UNI-PRESIDENT EN 1.22 02/26/18 TWD 1.17
UNI-PRESIDENT EN 1.23 10/27/15 TWD 1.28
UNI-PRESIDENT EN 1.62 06/23/21 TWD 1.58
UNI-PRESIDENT EN 1.29 06/23/19 TWD 1.34
UNI-PRESIDENT EN 1.78 06/23/24 TWD 1.81
UNITED MICROELEC 1.35 03/15/18 TWD 1.33
UNITED MICROELEC 1.43 06/07/17 TWD 1.20
UNITED MICROELEC 1.63 06/07/19 TWD 1.50
UNITED MICROELEC 1.95 06/18/24 TWD 1.95
UNITED MICROELEC 1.50 03/15/20 TWD 1.58
UNITED MICROELEC 1.70 06/18/21 TWD 1.71
USI CORP 1.90 02/12/22 TWD 1.90
USI CORP 1.55 02/12/20 TWD 1.55
USI CORP 1.55 06/24/16 TWD 1.34
WAN HAI LINES LT 1.65 06/22/16 TWD 1.25
WAN HAI LINES LT 1.65 08/14/19 TWD 1.65
WAN HAI LINES LT 1.85 06/24/18 TWD 1.55
WAN HAI LINES LT 1.95 08/14/21 TWD 1.95
YANG MING MARINE 1.42 05/20/15 TWD 1.45
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 1.30 12/27/16 TWD 1.14
YANG MING MARINE 1.30 12/27/16 TWD 1.15
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 1.30 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 1.11
YANG MING MARINE 1.30 12/27/16 TWD 1.05
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
YFY INC 1.40 06/28/15 TWD 0.95
YFY INC 1.40 06/28/15 TWD 1.40
YUAN DING INVEST 1.62 07/19/15 TWD 1.45
YUAN DING INVEST 1.35 05/26/19 TWD 1.43
YUAN DING INVEST 1.25 08/06/15 TWD 1.30
YUAN DING INVEST 1.40 08/06/17 TWD 1.20
YUAN DING INVEST 1.45 12/15/16 TWD 1.40
YUAN DING INVEST 1.50 07/20/16 TWD 1.27
YUAN DING INVEST 1.35 11/25/16 TWD 1.14
YUANTA COMMERCIA 2.30 06/10/17 TWD 1.38
YUANTA COMMERCIA 2.00 09/04/24 TWD 2.00
YUANTA COMMERCIA 1.75 06/27/18 TWD 1.53
YUANTA COMMERCIA 1.95 10/27/21 TWD 1.95
YUANTA COMMERCIA 1.85 08/22/18 TWD 1.55
YUANTA COMMERCIA 1.80 10/27/18 TWD 1.80
YUANTA COMMERCIA 1.80 09/04/21 TWD 1.80
YUANTA COMMERCIA 1.85 10/29/21 TWD 1.85
YUANTA FINANCIAL 1.50 06/29/16 TWD 1.11
*********
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 ***