/raid1/www/Hosts/bankrupt/TCRAP_Public/160524.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, May 24, 2016, Vol. 19, No. 101
Headlines
A U S T R A L I A
AGROW VITICULTURE: First Creditors' Meeting Set For June 1
AUSTRALIAN CAREERS: Mulls Legal Suit Against Government
GOODLOCK & ASSOCIATES: First Creditors' Meeting Set For May 31
INCEPTION DIGITAL: Falls Into Liquidation
LADU HOLDINGS: First Creditors' Meeting Set For June 1
LINC ENERGY: Collapses May Trigger Environmental Concerns
ROUND THE WORLD: Travel Divisions in Administration
ULTIMATE MEDIA: First Creditors' Meeting Set For June 2
C H I N A
AOXING PHARMACEUTICAL: Posts $670,376 Net Income for 3rd Quarter
CHINA BAK: Incurs $1.90 Million Net Loss in First Quarter
CHINA GINSENG: Delays Filing of March 31 Form 10-Q
TONGJI HEALTHCARE: Delays Filing of March 31 Form 10-Q
I N D I A
ADORE SUITINGS: CARE Assigns B+ Rating to INR5.73cr LT Loan
AKI INDIA: CRISIL Assigns B Rating to INR60MM Term Loan
ASHTANGA EDUCATIONAL: CRISIL Cuts Rating on INR75MM Loan to B-
AUTOLINE INDUSTRIES: CARE Ups Rating on INR150.06cr Loan to B-
BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
BANSAL SHIP: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
COLOUR COTTEX: CARE Reaffirms B+ Rating on INR78.98cr LT Loan
DADA MOTORS: CRISIL Reaffirms 'B' Rating on INR270MM Cash Loan
DEHRADUN HIGHWAYS: CARE Cuts Rating on INR528.45cr Loan to B+
DELSEA EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Pack Loan
FASHION IMPEX: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
GO-GREEN CONSTRUCTION: CRISIL Cuts Rating on INR126.8M Loan to B+
GOVINDAM FOOD: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
JAGRUTESHWAR METALS: CRISIL Assigns 'B' Rating to INR55MM Loan
JAIN INDUSTRIES: CRISIL Assigns B+ Rating to INR90MM Cash Loan
JAMNADAS AND COMPANY: CRISIL Assigns B Rating to INR140MM Loan
JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR36MM Cash Loan
K.C. PRINTING: CARE Assigns B+ Rating to INR5.0cr LT Loan
KC EDUCATIONAL: CARE Reaffirms 'D' Rating on INR60cr LT Loan
KC HOSTEL: CARE Reaffirms 'D' Rating on INR21.03cr LT Loan
KIRLOSKAR ELECTRIC: CARE Upgrades Rating on INR85.0cr Loan to B+
KTC CARS: CRISIL Lowers Rating on INR80MM Bank Loan to 'D'
MOAT PROJECT: CRISIL Reaffirms B Rating on INR100MM LT Loan
MONARCH INFO: CRISIL Assigns B+ Rating to INR50MM Loan
NARULA EXPORTS: CRISIL Assigns B+ Rating to INR30MM LT Loan
PEE AAR: CRISIL Downgrades Rating on INR110MM Packing Loan to D
PRERANA PRATISTHAN: CRISIL Reaffirms 'D' Rating on INR79.9MM Loan
SB ASSOCIATES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
SHAH CONCAST: CARE Raises Rating on INR9.0cr LT Loan to B+
SRASTHI BUILDCON: CARE Assigns B+ Rating to INR4.58cr LT Loan
SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
SRI JAYAJOTHI: CRISIL Assigns 'D' Rating to INR500MM Loan
SWASTIK FURNACES: CRISIL Reaffirms B+ Rating on INR65MM Loan
VANTAGE MACHINE: CARE Assigns 'B' Rating to INR15cr LT Loan
WALIA TRADERS: CARE Reaffirms 'D' Rating on INR125.64cr LT Loan
YAK GRANITE: CRISIL Lowers Rating on INR60MM Cash Loan to B-
YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR1.19BB Loan
J A P A N
TOSHIBA CORP: To Reduce Capital to Partly Cover Losses
N E W Z E A L A N D
NICHOLAS JERMYN: Placed in Administration; Shuts 2 Stores
S O U T H K O R E A
HYUNDAI MERCHANT: FSC Sees 50-50 Chance For Charter Rate Cut
X X X X X X X X
* BOND PRICING: For the Week May 16 to May 20, 2016
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A U S T R A L I A
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AGROW VITICULTURE: First Creditors' Meeting Set For June 1
----------------------------------------------------------
Nicholas David Cooper & Rajendra Kumar Khatri of Worrells
Solvency & Forensic Accountants were appointed as administrators
of Agrow Viticulture Pty Ltd on May 23, 2016.
A first meeting of the creditors of the Company will be held at
Worrells Solvency & Forensic Accountants, Suite 1103 level 11,
147 Pirie Street, in Adelaide, on June 1, 2016, at 10:00 a.m.
AUSTRALIAN CAREERS: Mulls Legal Suit Against Government
-------------------------------------------------------
Sarah Danckert at the Sydney Morning Herald reports that
administrators of Australian Careers Network are considering
pursuing legal action against the government to secure AUD253
million in funding despite a current criminal case against the
company over allegedly forging student applications.
SMH relates that the potential legal action came to light at the
most recent creditors' meeting where creditors backed a deed of
company arrangement that would allow parts of the business to be
sold off.
According to SMH, the deed proposal sparked a stoush between
representatives for the Department of Education, which is looking
to recoup AUD106 million in funding granted to the company, and
the voluntary administrators to the company over the decision to
not place the company into liquidation.
The Australian Taxation Office also voiced its concerns about the
fees being charged by the administrators at the creditors'
meeting that took place earlier this month in Melbourne, SMH
relays.
SMH adds that the Department of Education concerns appear to have
been allayed after it received assurances from lawyers for
administrator John Lindholm of Ferrier Hodgson that
investigations and examinations of company officials could still
take place under a deed of company arrangement.
Australian Careers Network's offices were raided last month by
the Australian Federal Police after a referral from the
department of alleged forgery of student files. Chief executive
Ivan Brown was also questioned by the AFP, SMH recalls.
"The chairperson (Mr Lindholm) noted the warrant was in relation
to an investigation about the suspected provision of false and
misleading documents by Mr Ivan Brown to the Commonwealth," the
report to creditors said, SMH relays. "The chairperson (Mr
Lindholm) said that it was the administrator's view that the AFP
investigation should not affect the return to creditors should
they vote in favour of the proposed DOCA."
Meanwhile, the ATO was concerned about the fees being charged by
administrators. SMH says Ferrier Hodgson will now apply to the
court to have their fees approved.
SMH notes that Australian Careers Network collapsed earlier this
year after a slew of legal and regulatory troubles linked to
accusations of misleading and deceptive conduct by brokers of
educational courses acting for the company by the Australian
Competition and Consumer Commission.
SMH relates that the administrators believe they will be able to
secure over AUD250 million in funding from the federal government
for help pay down creditors, which include some of the brokers
who flogged courses on behalf of Australian Careers Network's
colleges.
Apart from the federal government a number of brokers to Phoenix
Institute have also put in claims as creditors, SMH notes.
Three companies linked to Porsche-driving broker Gagandeep
Sachdeva claim to be owed AUD43 million in total from the
company, says SMH.
The report relates that Mr Sachdeva was one of several men named
in an investigation by Fairfax Media into the alleged
unconscionable actions of brokers, including the targeting of
intellectually disabled students for complicated courses.
He was represented at the meeting by Paul Vartelas, an insolvency
practitioner with a chequered professional past. Fairfax Media
was unable to make contact with Mr Vartelas. Mr Sachdeva did not
respond to inquiries, SMH notes.
Australian Careers Network Limited (ACN) is engaged in the
provision of vocational educational and training services in
Australia. The Company delivers training services and outcomes
for students focusing on relevant course content. ACN has an
education offering across a range of industry sectors, including
trades, health and wellness, business, sport and recreation, and
hospitality. It offers both funded and non-funded offerings
ranging from short courses, nationally recognized certificate
qualifications, diplomas and higher education degrees. ACN's
services are distributed through three commercial streams:
training and student services for individuals, consultancy and
skills solutions for business, and employment and recruitment
solutions for industry. The Company also partners with job
seeking agencies and labor hire companies to provide employment
pathway to students seeking employment upon completion of a
course.
GOODLOCK & ASSOCIATES: First Creditors' Meeting Set For May 31
--------------------------------------------------------------
Timothy Cook Balance Insolvency was appointed as administrator of
Goodlock & Associates Pty Ltd on May 19, 2016.
A first meeting of the creditors of the Company will be held at
WOTSO Workspace, Level 2, 194 Varsity Parade, Varsity Lakes, in
Queensland, on May 31, 2016, at 11:00 a.m.
INCEPTION DIGITAL: Falls Into Liquidation
-----------------------------------------
Cliff Sanderson at Dissolve.com.au reports Christopher John
Macdonnell of Restructuring Solutions has been appointed
liquidator of Inception Digital Pty Ltd on May 16, 2016.
The company shut down its Melbourne office in April, the report
notes.
Inception Digital is one of the largest independent media sales
houses in Australia that represent some big accounts including
Mashable's local presence and The Guardian Australia. But it is
believed the company struggled after it lost The Guardian to an
in-house model in 2015.
LADU HOLDINGS: First Creditors' Meeting Set For June 1
------------------------------------------------------
David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of Ladu Holdings Pty Ltd on May 20,
2016.
A first meeting of the creditors of the Company will be held at
Veritas Advisory, Level 12, 88 Pitt Street, in Sydney, on June 1,
2016, at 10:30 a.m.
LINC ENERGY: Collapses May Trigger Environmental Concerns
---------------------------------------------------------
Brian Robins at The Sydney Morning Herald reports that Linc
Energy famously spurned the Australian sharemarket a few years
back, arguing local investors didn't understand the company. But
they got the last laugh on May 23, with the appointment of
liquidators as Linc Energy heads for the corporate graveyard.
SMH relates that an administrators report earlier this month
recommended the company be wound up, with creditors agreeing to
do so when they met in Brisbane on May 23.
Between fiscal 2013 and the recent appointment of administrators,
Linc Energy lost AUD518 million, the report to creditors noted,
with liabilities totalling AUD218.7 million. In all, the company
is estimated to have a deficiency of as much as AUD140 million,
according to SMH.
When Linc decided to stop trading in its shares on the ASX, they
were changing hands at AUD1.257 -- a far cry from the highs above
AUD4.50 a few years earlier, SMH says.
"If I went into a private equity play and carved the assets up,
it's worth AUD6 a share, in round figures," the chief executive,
Peter Bond, told Fairfax Media at the time. "It bemuses me the
share price is so far off the mark. "I'm looking for a catalyst.
Singapore is looking to be an oil and gas hub, and they don't
mind single entrepreneurs with large holdings."
According to SMH, directors blamed "the significant, rapid
deterioration of global oil prices" which hit revenues and
cashflows, the difficulty of arranging new capital, the
unwillingness of major shareholders to participate in the
proposed restructure and recapitalisation, the "material impact"
on its ability to raise capital after the Queensland government
launched legal action "alleging serious environmental harm at the
company's former [underground coal gasification] demonstration
facility at Chinchilla", western Queensland, and associated
matters.
In particular, the government sought to raise to AUD29 million
from AUD3.6 million the financial assurance bond covering the
Chinchilla facility, SMH states.
Australia-based Linc Energy specialized on a coal-based synthetic
fuel production as also on a conventional oil and gas production.
As reported in the Troubled Company Reporter-Asia Pacific on
April 19, 2016, Grant Dene Sparks, Stephen Longley and Martin
Ford of PPB Advisory were appointed as administrators of Linc
Energy Limited on April 15, 2016.
ROUND THE WORLD: Travel Divisions in Administration
---------------------------------------------------
Eloise Keating at SmartCompany reports that a travel agency that
was turning over approximately AUD2 million annually has
collapsed into voluntary administration after a proposed merger
fell through.
The travel divisions of Round the World Experts Pty Ltd and
RTWexperts Pty Ltd entered voluntary administration on May 9,
with Timothy Mableson and Martin Lewis of Ferrier Hodgson
appointed to manage the companies, SmartCompany discloses.
A spokesperson for Ferrier Hodgson told SmartCompany the travel
divisions of the companies ceased trading just prior to the
appointment of administrators, however, the companies also
operate a web design and app development business, which is
continuing to trade.
SmartCompany relates that the spokesperson also confirmed the
travel divisions of the companies did not have any employees at
the time of their appointment as that arm of the business had
already ceased trading.
Based on historical financial records, Ferrier Hodgson said the
companies had annual turnover of more than AUD2 million,
SmartCompany relays.
SmartCompany relates that while there are similarly named travel
businesses in other countries, such as roundtheworldexperts.co.uk
in the UK, the administrators said these businesses have no
relationship to the companies that are in administration and are
therefore not subject to their appointment.
According to the report, Ferrier Hodgson said a decision not to
proceed with a planned merger with a "Queensland-based group" was
one of the key factors that led the companies entering voluntary
administration.
"Around October 2015 the companies entered into a merger
arrangement with a Queensland-based group. The reason for
entering into the merger arrangement was that the companies
considered there would be both revenue growth opportunities and
potential cost savings to improve the companies' financial
position at the time," SmartCompany quotes a Ferrier Hodgson
spokesperson as saying. "For a variety of reasons the companies
did not achieve the potential financial benefits of the merger
arrangement that were expected at the time of entering into the
arrangement. Consequently, both the companies and the merger
partner in Queensland concluded that both parties should continue
but as separate businesses."
According to the report, Ferrier Hodgson said the parties to the
merger agreed to a separation arrangement in the days immediately
preceding the appointment of voluntary administrators.
SmartCompany relates that a sale campaign is now underway for
numerous trademarks, domains, business and company names owned by
the companies in both Australia and international jurisdictions.
Citing RTWexperts website, SmartCompany says 22 domain names
associated with the Round the World Experts businesses are
currently on offer, along with two companies, four business names
and eight social media accounts.
Another 28 travel-related domain names are also being advertised
for sale via the website, the report notes.
SmartCompany adds that the administrators said there may be some
customers of Round the World Experts and RTWexperts who will not
be able to recover funds paid for travel bookings.
"Because the travel division of the business has ceased trading,
the companies are not able to complete their bookings or refund
amounts paid to customers," the spokesperson for Ferrier Hodgson,
as cited by SmartCompany, said. "All travel customers with
outstanding and unfulfilled bookings - where tickets have not
been issued - have been notified and the relevant travel agencies
and wholesale partners (for example Groupon, Our Deal or Living
Social) associated with the respective booking are working the
voluntary administrators to minimize the impact to these
customers."
SmartCompany adds that Ferrier Hodgson said customers who have
paid money to the companies but have outstanding or unfulfilled
bookings can lodge a claim against the companies as a creditor.
ULTIMATE MEDIA: First Creditors' Meeting Set For June 2
-------------------------------------------------------
Gavin Moss of Chifley Advisory Pty Ltd was appointed as
administrator of Ultimate Media Group Pty. Ltd., trading as
"Street Smart Media", on May 13, 2016.
A first meeting of the creditors of the Company will be held at
the Boardroom of Servcorp, Level 57, MLC Centre, 19 Martin Place,
in Sydney, on June 2, 2016, at 10:30 a.m.
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C H I N A
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AOXING PHARMACEUTICAL: Posts $670,376 Net Income for 3rd Quarter
----------------------------------------------------------------
Aoxing Pharmaceutical Company, Inc., filed with the Securities
and Exchange Commission its quarterly report on Form 10-Q
disclosing net income of $670,376 on $6.56 million of sales for
the three months ended March 31, 2016, compared to net income of
$829,938 on $6.59 million of sales for the same period in 2015.
For the nine months ended March 31, 2016, Aoxing reported net
income of $4.20 million on $23.50 million of sales compared to
net income of $1.42 million on $17.58 million of sales for the
nine months ended March 31, 2015.
As of March 31, 2016, Aoxing had $58.92 million in total assets,
$38.37 million in total liabilities and $20.55 million in total
equity.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/EK3QYP
About Aoxing
Aoxing Pharmaceutical Company, Inc., has one operating
subsidiary, Hebei Aoxing Pharmaceutical Co., Inc., which is
organized under the laws of the People's Republic of China.
Since 2002, Hebei Aoxing has been engaged in developing narcotics
and pain management products. In 2008 Hebei Aoxing supplemented
its product lines by acquiring Shijiazhuang Lerentang
Pharmaceutical Company, Ltd., a specialty pharmaceutical company
focusing on herbal pain related therapeutics. The Company owns
95% of the equity in Hebei Aoxing.
Aoxing Pharmaceutical reported net income attributable to
shareholders of the Company of $5.49 million on $25.48 million of
sales for the year ended June 30, 2015, compared to a net loss
attributable to shareholders of the Company of $8.21 million on
$12.7 million of sales for the year ended June 30, 2014.
BDO China Shu Lun Pan Certified Public Accountants LLP, in
Shanghai, People's Republic of China, issued a "going concern"
qualification on the consolidated financial statements for the
year ended June 30, 2015, stating that the Company accumulated a
large deficit and a working capital deficit that raise
substantial doubt about its ability to continue as a going
concern.
CHINA BAK: Incurs $1.90 Million Net Loss in First Quarter
---------------------------------------------------------
China Bak Battery, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$1.90 million on US$3.19 million of net revenues for
the three months ended March 31, 2016, compared to net profit of
US$1.06 million on US$3.06 million of net revenues for the same
period in 2015.
For the six months ended March 31, 2016, China BAK reported a net
loss of US$4.03 million on US$8.69 million of net revenues
compared to net profit of US$18.45 million on US$6.14 million of
net revenues for the six months ended March 31, 2015.
As of March 31, 2016, China BAK had US$67.54 million in total
assets, US$49.55 million in total liabilities and US$17.98
million in total shareholders' equity.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/MxZGGF
About China BAK
China BAK Battery conducted business through BAK International
Limited and its subsidiaries that produced prismatic cells,
cylindrical cells, lithium polymer cells and high power lithium
batters. The BAK International business was foreclosed on
June 30, 2014. Consequently, China BAK is looking to develop,
manufacture and sell energy high power lithium batteries
primarily for electric vehicles when its Dalian, China
manufacturing facilities start to operate in the first quarter of
2015.
China BAK reported net profit of US$15.87 million for the year
ended Sept. 30, 2015, compared to net profit of US$37.77 million
for the year ended Sept. 30, 2014.
Crowe Horwath (HK) CPA Limited, in Hong Kong, China, issued a
"going concern" qualification on the consolidated financial
statements for the year ended Sept. 30, 2015, citing that the
Company has a working capital deficiency, accumulated deficit
from recurring net losses and significant short-term debt
obligations maturing in less than one year as of Sept. 30, 2015.
All these factors raise substantial doubt about its ability to
continue as a going concern.
CHINA GINSENG: Delays Filing of March 31 Form 10-Q
--------------------------------------------------
China Ginseng Holdings, Inc. filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the quarter
ended March 31, 2016.
"The Registrant is currently in the process of completing the
process of compiling and disseminating the information required
to be included in its Form 10-Q interim report for the quarter
ended March 31, 2016, as well as the required review of the
Registrant's financial information. The Registrant is not able
to complete the process without incurring undue hardship and
expense. The Registrant will require additional time to complete
and file its Form 10-Q for the quarter ended March 31, 2016 and
undertakes the responsibility to file such annual report no later
than fifth calendar days after its original due date."
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 $3.90 million on $272,600 of
revenue for the year ended June 30, 2015, compared with a net
loss of $4.76 million on $2.61 million of revenue for the year
ended June 30, 2014.
As of Dec. 31, 2015, China Ginseng had $8.49 million in total
assets, $19.93 million and a total stockholders' deficit of
$11.97 million.
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, 2015, citing that the Company had net
losses of $3.90 million and $4.76 million for the years ended
June 30, 2015 and 2014, respectively, an accumulated deficit of
$18.1 million at June 30, 2015 and a working capital deficit of
$16.5 million at June 30, 2015, 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.
TONGJI HEALTHCARE: Delays Filing of March 31 Form 10-Q
------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the U.S. Securities and
Exchange Commission a Notification of Late Filing on Form 12b-25
with respect to its quarterly report on Form 10-Q for the quarter
ended March 31, 2016.
The Company said it has encountered a delay in assembling the
information, in particular its financial statements for the
quarter ended March 31, 2016, required to be included in its
March 31, 2016 Form 10-Q Quarterly Report. The Company expects
to file its Form 10-Q with the SEC within five calendar days of
the prescribed due date.
About Tongji Healthcare
Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.
Tongji reported a net loss of $589,000 on $2.37 million of total
operating revenue for the year ended Dec. 31, 2015, compared to a
net loss of $462,000 on $2.52 million of total operating revenue
for the year ended Dec. 31, 2014. As of Dec. 31, 2015, Tongji
Healthcare had $16.9 million in total assets, $19.8 million in
total liabilities and a total stockholders' deficit of $2.87
million.
Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015.
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I N D I A
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ADORE SUITINGS: CARE Assigns B+ Rating to INR5.73cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Adore
Suitings Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.73 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Adore Suitings
Private Limited (ASPL) is primarily constrained on account of its
modest scale of operations coupled with limited presence in the
textile value chain and its financial risk profile marked by
low profitability, moderate solvency position and weak liquidity
position. The rating is also constrained due to vulnerability of
margins to fluctuation in the raw material prices coupled with
presence in a highly competitive and fragmented industry.
The rating, however, derives strength from the experienced
management in the textile industry and location advantage
by virtue of being situated in textile cluster of Bhilwara.
The ability of the company to improve its overall financial risk
profile with improvement in the scale of operations along with
improvement in profitability and better management of working
capital would be the key rating sensitivities.
ASPL was incorporated in 2003 by Mr Paras Mal Gokhru and Mr Roop
Chand Gokhru of Bhilwara, Rajasthan. ASPL is engaged in the
business of manufacturing of synthetic grey fabrics with an
installed capacity of 19.20 lakh meter per annum (LMPA) as on
March 31, 2015, at its sole manufacturing facility located at
Bhilwara, Rajasthan, a textile hub. It procures viscose yarn
indigenously from local market, weaves it under its own
manufacturing capacity and gets bleaching, printing, dyeing and
finishing work done on job-work basis from processing houses. The
company is also engaged in the trading of finished synthetic
fabrics and also do job work for other. The company markets its
product under the brand name 'Admire'.
During FY15 (refers to the period April 1 to March 31), ASPL
reported a total operating income of INR23.34 crore (FY14:
INR28.43 crore) with a PAT of INR0.10 crore (FY14: INR0.04
crore). As per the provisional results of 11MFY16, ASPL has
achieved TOI of around INR23 crore.
AKI INDIA: CRISIL Assigns B Rating to INR60MM Term Loan
-------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' on the long term bank
facilities and has reaffirmed its 'CRISIL A4' on the short term
bank facilities of AKI India Private Limited (AKI India).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 1 CRISIL B/Stable (Assigned)
Export Funding 24 CRISIL A4 (Reaffirmed)
Foreign Letter of
Credit 40 CRISIL A4 (Reaffirmed)
Post Shipment Credit 60 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable (Assigned)
Term Loan 60 CRISIL B/Stable (Assigned)
Packing Credit 60 CRISIL A4 (Reaffirmed)
The rating reflects AKI India's modest scale and working-capital-
intensive nature of operations along with regulatory
uncertainties in the leather industry. The rating also factors in
the company's below-average financial risk profile marked by high
gearing and weak debt protection metrics. These weaknesses are
partially offset by AKI India's established customer base in the
leather export industry and its diversified product profile.
Outlook: Stable
CRISIL believes AKI will continue to benefit over the medium term
from its promoters' extensive industry experience. The outlook
may be revised to 'Positive' if AKI reports more than expected
net cash accruals or its capital structure improves aided by
capital infusion from promoters, leading better financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of lower-than-expected cash accruals, substantial debt-
funded capital expenditure or further deterioration in the
working capital cycle.
AKI India was established in 1983 and is based in Kanpur (Uttar
Pradesh). The company processes hides into finished leather and
upholstery, and also manufactures leather products such as
leather footwear and other leather goods including horse bridles,
browbands, crown pieces, pony articles and saddle girths, among
others. The company is promoted by Mr. Asad K Iraqi and Mr. Osama
Anwar.
ASHTANGA EDUCATIONAL: CRISIL Cuts Rating on INR75MM Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Ashtanga Educational Trust (AET) to 'CRISIL B-/Stable' from
'CRISIL B/Stable' and has reaffirmed its rating on the short-term
facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 25 CRISIL A4 (Reaffirmed)
Rupee Term Loan 75 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The downgrade reflects marginal deterioration in the financial
risk profile of the trust due to cost and time overruns in its
ongoing project for construction of an Ayurvedic college at
Kottanad, Kerala. Furthermore, cash accrual is expected to be
barely sufficient to meet maturing debt obligations. However,
CRISIL believes the trustees would provide need-based fund
support to ensure timely repayment of debt.
The ratings reflect a modest scale of operation, and weak
financial risk profile because of a weak capital structure and
subdued debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the trustees in
the healthcare industry.
Outlook: Stable
CRISIL believes AET will continue to benefit over the medium term
from the extensive industry experience of its trustees. The
outlook may be revised to 'Positive' if higher-than-expected
revenue and profitability result in significant improvement in
cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile deteriorates owing to no
fund support from the trustees, or if any large, debt-funded
capital expenditure weakens cash accrual and liquidity.
AET, set up in 2012, operates an Ayurvedic hospital and is
constructing a residential Ayurveda college in Kottanad. The
trust is managed by Mr. Narayana Namboodiri.
AUTOLINE INDUSTRIES: CARE Ups Rating on INR150.06cr Loan to B-
--------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Autoline Industries Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 150.06 CARE B- Revised from
CARE D
Short term Bank Facilities 20.00 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Autoline Industries Limited (AIL) factors in the regularization
of the debt servicing track record since December 2015 on the
back of restructuring of the debt facilities of the company
resulting in the extension of the repayment obligations along
with infusion of funds by the promoters along with liquidation of
investment to relieve the stressed liquidity position.
The ratings continue to take into account few instances of over-
utilization of the cash credit limits during past three months
ended December 2015, sub-optimum capacity utilization of the
manufacturing facilities resulting in weak profitability,
stressed liquidity position, risk emanating from the customer
concentration and diminution in the value of investments.
Further, the ratings also factor in continued weak financial risk
profile during FY15 (refers to the period from April 1 to March
31) and H1FY16 (refers to the period April 1 to September 30)
marked by net losses and vulnerable debt coverage indicators
coupled with the cyclical nature of the auto-ancillary sector.
The ratings derive strength from the experience and established
track record of the promoters, locational advantage of
manufacturing facility of the company and the long standing
relationship with Tata Motors Limited (TML) as a Tier-I supplier.
The ability of the company to achieve the projected growth in
sales and improvement in the profitability margins considering
sluggish industry growth and ability to efficiently manage the
increasing working capital needs along with improvement in the
conduct of debt servicing remain the key rating sensitivities.
AIL, incorporated in December 1996, is engaged in the
manufacturing of auto components especially sheet metal
components, sub-assemblies and assemblies. The company currently
has a total of 12 manufacturing facilities which are located in
Pune (seven units), Uttarakhand (one), Chennai (one), Dharwad
(Karnataka - one), South Korea (one) and Italy (one). AIL's
products (more than 1,000 variants) are used in the manufacturing
of Commercial Vehicles (CV), Passenger Cars (PC), Sports Utility
Vehicles (SUV), two wheelers, tractors, etc. The company supplies
its products to various Original Equipment Manufacturers (OEMs),
primarily Tata Motors Limited (rated 'CARE AA+'), Mahindra &
Mahindra (M&M), Bajaj Auto Ltd (BAL), Force Motors (FM), General
Motors (GM), Volkswagen (VW), etc. in the automobile industry.
The major customer of AIL is TML and AIL has been dealing with
TML since more than 15 years and is a Tier I supplier for TML's
various auto components with a contribution of around 73.35% of
the net sales of AIL during FY15 (74% during FY14).
During FY15, the company sold its entire stake in Autoline
Industries USA Inc., to a third party, resulting at a profit of
Rs.34.11 crore on a standalone basis to support the liquidity
needs of the company.
During FY15, AIL booked a loss of INR32.60 crore against a total
operating income of INR362.45 crore compared to a loss of
INR55.20 crore against a total operating income of INR398.77
crore in FY14.
BALAJI REALTY: CRISIL Reaffirms B+ Rating on INR100MM Term Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Balaji Realty
(Balaji) continues to reflect susceptibility to risks related to
implementation of ongoing project and cyclicality in the real
estate industry. These weaknesses are partially offset by the
extensive experience of the firm's promoters and their funding
support.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 100 CRISIL B+/Stable (Reaffirmed)
Term Loan 100 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes Balaji will continue to benefit over the medium
term from the extensive experience of its promoters and their
funding support. The outlook may be revised to 'Positive' if
better customer bookings result in sizeable cash inflow and hence
improvement in liquidity. The outlook may be revised to
'Negative' if time or cost overrun in project or poor cash inflow
due to lower bookings constrain liquidity.
Set up in April 2011 as a partnership firm by Mr. Rajendra
Chitodkar and family, Balaji (part of the Pune-based Balaji
group) is developing a residential real estate project, Metro
Jazz, in Mahalunge, Pune. The project comprises 260 residential
units (2, 3, and 4 BHK).
BANSAL SHIP: CRISIL Reaffirms B+ Rating on INR50MM LT Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of Bansal Ship Breakers
(BSB) continue to reflect its small scale of operations, and its
vulnerability to cyclicality in the fragmented shipbreaking
industry and to changes in government regulations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of Credit 150 CRISIL A4 (Reaffirmed)
Letter of Credit 50 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 50 CRISIL B+/Stable (Reaffirmed)
The ratings also factor in a below average financial risk profile
because of modest net worth and weak debt protection metrics.
These rating weaknesses are partially offset by the extensive
experience of promoters in the ship-breaking industry.
Outlook: Stable
CRISIL believes BSB will continue to benefit over the medium term
from the extensive industry experience of promoters. The outlook
maybe revised to 'Positive' if a sustained improvement in scale
of operations and profitability, without deterioration in its
working capital cycle, results in sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if operating
margin declines significantly, most likely because of a sharp
fall in scrap prices.
Set up in 1993, BSB undertakes ship-breaking activity in
Maharashtra and Gujarat. The firm, promoted by Mr. B C Bansal,
undertakes ship-breaking activity at Mazagaon in Mumbai. The
promoter has been in the ship-breaking business for the past 35
years.
COLOUR COTTEX: CARE Reaffirms B+ Rating on INR78.98cr LT Loan
-------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Colour Cottex Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 78.98 CARE B+ Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of Colour Cottex
Private Limited (CCPL) continues to remain constrained by its
weak financial risk profile marked by low profitability margins
and weak solvency position. The rating also remains constrained
by the working capital intensive nature of operations, fragmented
nature of the industry and susceptibility of margins to foreign
exchange fluctuation risks. The rating, however, derives
strength from the past experience of the promoters and healthy
scaleup of operations.
The ability of the company to profitably scale up its operations
with improvement in solvency position and efficient management of
the working capital will remain the key rating sensitivities.
Incorporated in June 2012, CCPL is engaged in the manufacturing
and trading of readymade garments (primarily T-shirts) and
knitted cloth with FY14 (refers to the period April 1 to
March 31) being first full year of its operation. The company is
currently operating with Mr Rajesh Dhanda as the Managing
Director. The manufacturing unit of the company is located in
Ludhiana, Punjab, having an installed capacity of 1,080,000
pieces for ready-made garments and 936 tons for knitted cloth as
on March 30, 2016 (increased from 900,000 pieces and 780 Tons,
respectively).
The company also engages in trading of garments and cloth with
income derived from trading forming ~30% of the total income in
FY15. Domestically, the products are sold in bulk quantity to
agents and distributors based in, while the company also engages
in direct exports (constituting ~17% of the gross sales in FY15)
mainly to the countries in the middle-east. Raw materials,
primarily yarn and cloth are procured from local vendors and the
group concerns of the company.
CCPL registered a total operating income of INR540.59 crore with
a PAT of INR0.45 crore in FY15 as against a total operating
income of INR288.94 crore with a PAT of INR0.19 crore in FY14. In
10MFY16 (Prov.), the company has achieved a total operating
income of INR481.53 crore with PBILDT margins of 2.14%.
DADA MOTORS: CRISIL Reaffirms 'B' Rating on INR270MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Dada Motors
Private Limited (DMPL) continues to reflect a modest financial
risk profile because of weak debt protection metrics and high
leverage.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 270 CRISIL B/Stable (Reaffirmed)
The rating also factors in modest profitability because of low
bargaining power with principals, given the intense competition
in the automobile dealership business. These rating weaknesses
are partially offset by the established position of the promoters
in the automobile dealership industry with a large network of
showrooms and service centres catering to its principals, and
efficient working capital management.
Outlook: Stable
CRISIL believes DMPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' in case of significant
improvement in profitability and capital structure, especially
leverage, leading to a better financial risk profile. Conversely,
the outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely because of low profitability, a
substantial increase in working capital requirement, or large,
debt-funded capital expenditure.
DMPL, established by Mr. Suraj Dada in 1992, is an authorised
dealer for the entire range of commercial and passenger vehicles
of Tata Motors Ltd (TML; rated 'CRISIL AA/Stable/CRISIL A1+') and
Jaguar Land Rover (JLR). The company has surrendered its Fiat
India Automobiles Ltd (FIAL) dealership in 2015-16. It has 11
showrooms (10 for TML and one for JLR) under the 3S (sales,
service, and spares) format in Punjab.
DEHRADUN HIGHWAYS: CARE Cuts Rating on INR528.45cr Loan to B+
-------------------------------------------------------------
CARE revises ratings assigned to bank facilities of Dehradun
Highways Project Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 528.45 CARE B+ Revised from
CARE BB-
Rating Rationale
The revision in rating assigned to the bank facilities of
Dehradun Highways Project Limited (DHPL) factors in the slow
progress of the project compared to envisaged timelines. The
rating continues to factor in increased funding requirements due
to time and cost over-runs, weakening of coverage indicators of
the company, exposure to project implementation risk and weak
financial risk profile of the promoter. However, the rating draws
support from the expertise of the promoters in the road segment
and annuity-based nature of the project.
Going forward, handing over of balance land from NHAI,
improvement in progress of work, timely infusion of funds,
successful completion of the project and thereafter receipt of
annuity from NHAI as envisaged shall be the key rating
sensitivities.
DHPL is a Special Purpose Vehicle promoted by Era Infra
Engineering Ltd (EIEL, rated 'CARE D') and OJSC- SIBMOST
(Sibmost) to undertake 4-laning of Haridwar-Dehradun section from
km 211.00 to km 218.20 of NH 58 and from km 165.00 to km 196.825
of NH 72 (approximately 39.03 km) in the state of Uttarakhand on
BOT-Annuity basis on Design, Build, Finance, Operate & Transfer
(DBFOT) pattern under National Highways Development Programme
Phase III of National Highways Authority of India (NHAI). DHPL
entered into a Concession Agreement with NHAI on February 24,
2010 for the project with a concession period of 20 years
(including construction period of two years) from the appointed
date (November 1, 2011, revised from the original appointed date
of August 23, 2010 due to delays in land acquisition on part
of NHAI). The original scheduled commercial operations date
(SCOD) was November 01, 2013, which has been revised to September
30, 2016 by NHAI (subject to certain conditions).
The total project cost was originally envisaged at INR691.41
crore to be funded through term loan of INR528.45 crore, equity
of INR107.75 crore and subordinate debt of INR55.21 crore from
the promoters. The project has witnessed time over-run due to
various reasons leading to increase in the project cost, which is
expected to be INR1,020.91 crore now.
The revised cost has been approved by the lead bank. As on
November 30, 2015, the company has spent INR871.17 crore
on the project, funded through promoter contribution of INR150.32
crore, bank debt of INR566.35 crore, unsecured loans
from the promoters of INR39.29 crore and other current
liabilities of INR115.21 crore.
DELSEA EXPORTS: CRISIL Reaffirms B+ Rating on INR40MM Pack Loan
---------------------------------------------------------------
CRISIL's Ratings on the bank facilities of Delsea Exports Private
Limited (DEPL) continues to reflect DEPL's modest scale of
operations in the intensely competitive seafood industry and its
below-average financial risk profile. These rating weaknesses are
partially offset by the extensive industry experience of DEPL's
promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 100 CRISIL A4 (Reaffirmed)
Packing Credit 40 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that DEPL will continue to benefit over the
medium term from its promoter's experience in the seafood
industry. The outlook may be revised to 'Positive' if the company
significantly scales up its operations, while improving its
operating profitability and working capital management, resulting
in improvement in its financial risk profile. Conversely, the
outlook may be revised to 'Negative' if DEPL's accruals decline
or if its working capital management weakens, weakening its
financial risk profile, particularly its liquidity.
DEPL is a Kochi (Kerala)-based exporter of processed marine
products. Its operations are managed by Mr. Baburaj.
FASHION IMPEX: CRISIL Assigns 'B' Rating to INR90MM Cash Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Fashion Impex - Rajasthan (FI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 60 CRISIL B/Stable (Assigned)
Post Shipment Credit 25 CRISIL A4 (Assigned)
Cash Credit 90 CRISIL B/Stable (Assigned)
Packing Credit 25 CRISIL A4 (Assigned)
The ratings reflect the firm's large working capital requirement
leading to high bank limit utilisation, modest scale of
operations in a highly competitive industry, and weak financial
risk profile because of small net worth, high gearing, and
subdued debt protection metrics. These weaknesses are partially
offset by its proprietor's extensive experience in the textile
industry, and healthy demand for readymade garments.
Outlook: Stable
CRISIL believes FI will continue to benefit over the medium term
from its proprietor's extensive industry experience and healthy
demand for readymade garments. The outlook may be revised to
'Positive' if FI scales up operations on a sustainable basis
while maintaining profitability, leading to higher cash accrual
and better capital structure. Conversely, the outlook may be
revised to 'Negative' if stretch in working capital requirement
leads to deterioration in financial risk profile.
FI is a Jaipur-based proprietorship firm, established and
promoted by Mr. Anupam Sethia in 2011. The firm manufactures and
exports readymade garments for women.
FI reported net profit of INR1.9 million on net sales of INR610.2
million in FY 2014-15 against net profit of INR1.1 million on net
sales of INR317.0 million in FY 2013-14.
GO-GREEN CONSTRUCTION: CRISIL Cuts Rating on INR126.8M Loan to B+
-----------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility
of Go-Green Construction Solutions Private Limited (GGCSPL) to
'CRISIL B+/Stable' from 'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 13 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Proposed Long Term 10.2 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
Term Loan 126.8 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects deterioration in liquidity on
account of low accrual INR0.8 million in 2015-16; refers to
financial year, April 1 to March 31. Despite ramp-up in sales,
operating profitability was low too, due to higher overhead
expenses. Although accrual was insufficient for debt servicing,
the promoters extended incremental unsecured loans of INR16.4
million to support liquidity. Given the sizeable debt maturing in
the medium term, net cash accrual and timeliness of funding
support will remain key rating sensitivity factors.
The rating factors in small scale of operations in the intensely
competitive autoclaved aerated concrete (AAC) industry, and its
subdued financial risk profile. These rating weaknesses are
partially offset by the promoters' extensive experience and
funding support.
For arriving at the ratings, CRISIL has treated, as neither debt
nor equity, unsecured loans of INR89.2 million extended by the
promoters as on March 31, 2016, as the loans will be retained in
the business over the medium term.
Outlook: Stable
CRISIL believes GGCSPL will continue to benefit over the medium
term from the extensive experience of the promoters. The outlook
may be revised to 'Positive' if substantial and significant
improvement in revenue and operating margin leads to higher-than-
expected cash accrual. Conversely, the outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity
weakens on account of low cash accrual, stretch in working
capital cycle or any unanticipated capital expenditure.
Incorporated in October 2012, and based in Nashik (Maharashtra),
GGCSPL is promoted by Mr. Bhushan Khairnar. The company
manufactures AAC.
GOVINDAM FOOD: CRISIL Reaffirms B+ Rating on INR35MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Govindam Food
Products Private Limited (GFPPL) continues to reflect the
company's small scale of operations in the intensely competitive
wheat flour industry, and small networth limiting financial
flexibility. These weaknesses are partially offset by extensive
experience of its promoters in the wheat flour industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35 CRISIL B+/Stable (Reaffirmed)
Corporate Loan 10 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 35 CRISIL B+/Stable (Reaffirmed)
Standby Line of Credit 5 CRISIL B+/Stable (Reaffirmed)
Term Loan 20 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes GFPPL will continue to benefit over the medium
term from the extensive industry experience of its promoters. The
outlook may be revised to 'Positive' if revenue and profitability
increase significantly, while capital structure remains
comfortable. Conversely, the outlook may be revised to 'Negative'
if financial risk profile weakens due to large debt-funded
capital expenditure or sharp decline in revenue or profitability,
leading to inadequate cash accrual for meeting term debt
obligation.
GFPPL, incorporated in 2010, processes wheat to produce flour,
refined flour, cattle feed, and semolina. The company is owned
and managed by Mr. Rajesh Kumar Bansal, Mr. Vikram Kumar Rajoria,
and Mr. Pradeep Kemka. It has its manufacturing facility is at
Dhanbad in Jharkhand, and registered office is in Kolkata.
JAGRUTESHWAR METALS: CRISIL Assigns 'B' Rating to INR55MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facilities of Jagruteshwar Metals Private Limited (JMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 55 CRISIL B/Stable
Cash Credit 4.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 20.5 CRISIL B/Stable
The rating reflects JMPL's small scale and early stage of
operations in the intensely competitive and fragmented stone
crushing industry, its weak financial risk profile because of
small networth and high gearing, and large working capital
requirement. These weaknesses are partially offset by assured
demand from group companies providing near-term revenue
visibility.
Outlook: Stable
CRISIL believes JMPL will benefit over the medium term from
assured demand from its group companies. The outlook may be
revised to 'Positive' in case of significant revenue growth and
stable profitability. The outlook may be revised to 'Negative' if
working capital cycle lengthens or if the company undertakes
large debt-funded capital expenditure, leading to increased
pressure on its financial risk profile.
JMPL, incorporated in 2014, crushes stones. It is managed by
Kapse family and its registered office is in Nagpur, Maharashtra.
JAIN INDUSTRIES: CRISIL Assigns B+ Rating to INR90MM Cash Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Jain Industries (JI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 90 CRISIL B+/Stable
The rating reflects the firm's modest scale of operations in the
intensely competitive basmati rice market. The rating also
factors in firm's average financial risk profile marked by high
gearing and moderate debt protection metrics .These rating
weaknesses are partially offset by the extensive industry
experience the partners and their financial support, and benefits
expected from the healthy growth prospects for the basmati rice
industry.
Outlook: Stable
CRISIL believes JI will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' in case of an increase in
revenue and profitability or significant capital infusion,
leading to a better financial risk profile, particularly capital
structure. Conversely, the outlook may be revised to 'Negative'
in case of weakening of the capital structure, lower-than-
expected cash accrual, or substantial debt-funded capital
expenditure.
Established in 1999 by Mr Ashok Jain and managed by his sons Mr.
Aman Jain and Mr. Gaurav Jain, JI is a partnership firm, engaged
in processing and sale of basmati rice. Its facility is at
Faridkot, Punjab.
JAMNADAS AND COMPANY: CRISIL Assigns B Rating to INR140MM Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Jamnadas and Company (JC).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B/Stable
The rating reflects the firm's below-average financial risk
profile because of small networth, aggressive capital structure,
and subdued debt protection metrics. This weakness is mitigated
by the extensive experience of promoters and their funding
support.
For arriving at the rating, unsecured loans of INR18.4 million
from partners and their family members and associates have been
treated as neither debt nor equity as these are expected to be
retained in business over the medium term.
Outlook: Stable
CRISIL believes JC will continue to benefit over the medium term
from the extensive experience of its promoters. The outlook may
be revised to 'Positive' if sizable cash accrual or equity
infusion improves financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, deteriorates due to decline in cash accrual or
stretched working capital cycle.
Set up in 1969 in Nagpur as a partnership firm by Mr. Jamnadas
Udeshi and his family members, JC trades in structural steel
products such as mild steel angles, beams, channels, flat, and
round and square bars.
JANAA INDUSTRIES: CRISIL Reaffirms B+ Rating on INR36MM Cash Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL A4' rating to the short-term bank
facility of Janaa Industries (JIT) and reaffirmed its 'CRISIL
B+/Stable' rating on the long-term bank facilities. The ratings
reflect the firm's small scale of operations in the highly
fragmented cotton yarn industry, and its small networth limiting
financial flexibility. These weaknesses are partially offset by
extensive industry experience of its partners.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4 (Reassigned)
Cash Credit 36 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 11 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 8 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes JIT will continue to benefit over the medium term
from the extensive industry experience of its partners. The
outlook may be revised to 'Positive' if revenue and profitability
increase significantly, while improving its capital structure.
Conversely, the outlook may be revised to 'Negative' if
considerable decline in yarn realisations leads to fall in
accrual, or if working capital management weakens, resulting in
stretched liquidity
Set up in 1996 and promoted by Mr. Janagaraj, Rajapalayam (Tamil
Nadu)-based JIT manufactures cotton yarn.
K.C. PRINTING: CARE Assigns B+ Rating to INR5.0cr LT Loan
---------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of K.C. Printing And Allied Works.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 5 CARE B+ Assigned
Short term Bank Facilities 5 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of K.C. Printing and
Allied Works (KCPA) are constrained by its small scale of
operations, leveraged capital structure, modest coverage
indicators and elongated collection period. The ratings are
further constrained by its presence in a highly competitive
industry and constitution of the entity as a proprietorship firm.
The ratings, however, continue to draw comfort from KCPA'S long
track record of operations, experience of the promoters in the
printing industry along with moderate profitability margins
Going forward, the ability of the firm to increase its scale of
operations while improving its capital structure shall be the
key rating sensitivities.
Mathura-based (Uttar Pradesh) KCPA, was established in 1979 as
proprietorship firm by Mr Kali Charan Agrawal but the
business is currently being managed by his daughter Ms Mahima
Agrawal.
KCPA is engaged in printing of books such as text books, printed
answer sheets, mark sheets, degrees and other printed education
material for various state education board and universities in
Uttar Pradesh, Rajasthan, Madhya Pradesh, Himachal Pradesh,
Chattisgarh, Bihar and Haryana. The firm procures the raw
material (paper, ink, chemical) from traders and distributors
locally. It gets order through tendering and bidding process.
Some of the universities for whom the firm has executed orders in
the past are Himachal Pradesh Takniki Siksha Board, Makhanlal
Chaturvedi National University, Dr. Bhimrao Ambedkar University,
and Board of Secondary Education Rajasthan. As on December 03,
2015, KCPA has an unexecuted order book of INR12 crore to be
completed by March 2016.
In FY15 (refers to the period April 1 to March 31), KCPA has
achieved a total operating income (TOI) of INR19.95 crore with
PBILDT and PAT of INR1.47 crore and INR0.50 crore as against
total operating income (TOI) of INR11.05 crore with PBILDT and
PAT of INR1 crore and INR0.34 crore in FY14. In 8MFY16 (refers to
the period April 1 to November 30; as per unaudited results), the
firm has achieved TOI of INR8 crore.
KC EDUCATIONAL: CARE Reaffirms 'D' Rating on INR60cr LT Loan
------------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of KC
Educational And Social Welfare Society.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 60 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the rating assigned to the bank facilities
of KC Educational and Social Welfare Society (KEWS) takes into
account the ongoing delays in debt servicing due to stressed
liquidity position of the society.
Established in 2008 by Mr Prem Pal Gandhi and his family members,
KEWS is a society registered under Himachal Pradesh Societies
Registration Act, 2006. KEWS is a family-run society with the
objective to provide education services. For the same, the
society started under-graduate and post-graduate courses under
the flagship brand of 'K.C Group of Institutions'. The first
academic session was started in 2009-10. KEWS is also running a
school 'K.C Public School' in Pandoga, Himachal Pradesh,
affiliated from Central Board of Secondary Education (CBSE) upto
Class XII. Currently, the society is running one campus having
four colleges and one school under the brand name of 'K.C Group
of Institutions'.
The society is offering courses in the field of management,
engineering, polytechnic and pharmaceutical along with the
school in Pandoga, Himachal Pradesh.
Apart from KEWS, the group operates a trust namely 'K.C Social
Welfare Trust (KSWT)' which is running 6 institutes at
Nawanshahar, Punjab, since 1999. Other group concerns of the
society are K.C. Hostel (rated, 'CARE D'), a proprietorship
firm of Mr Prem Pal Gandhi caters to the requirements of students
of various colleges run by KSWT and KEWS and 'Walia Traders Ltd.
(WTL)' (rated 'CARE D') which currently has three hotels under
its aegis, two of which are located in Chandigarh, and one in
Panchkula (Haryana).
KEWS registered a total operating income of INR10.65 crore during
FY15 (refers to the period April 1 to March 31) with net
losses of INR5.83 crore as against a total operating income of
INR13.80 crore with net losses of INR2.29 crore in FY14.
KC HOSTEL: CARE Reaffirms 'D' Rating on INR21.03cr LT Loan
----------------------------------------------------------
CARE reaffirms rating assigned to bank facilities of KC Hostel.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 21.03 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the rating assigned to the bank facilities
of KC Hostel (KCH) takes into account the ongoing delays in debt
servicing due to stressed liquidity position of the firm.
KCH is the sole proprietorship of Mr Prem Pal Gandhi. The
activity of the firm started with construction of its first
hostel at Nawanshahr started in September 2008. The hostel caters
the accommodation requirements of students of various
colleges running under the banner of M/s K.C. Social Welfare
Trust, Nawanshahr. In February 2010, the firm established
another hostel to cater to the requirements of the students of
various colleges running under the banner of M/s K.C.
Educational and Social Welfare Society (rated, 'CARE D') at
Village Pandoga Uprala, District Una (HP). As on March 31,
2015, hostels have total combined capacity of 950 students and
provide in-built mess facility to the students and staff of
the college. The group also operates a company namely 'Walia
Traders Ltd. (WTL)' (rated 'CARE D') currently has three
hotels under its aegis, two of which are located in Chandigarh,
and one in Panchkula (Haryana).
The debt of the entity was restructured in June 2014 and
reschedulement of existing term loan of INR16.65 crore was
done by way of deferring of four half yearly installments from
March 2014 till September 2015 to be repayable in 17 HY
installments starting w.e.f. March 2016 to March 2024 on
ballooning basis; and a fresh funded interest term loan (FITL) of
Rs.4.38 crore was sanctioned for funding of interest accrued
which will be repayable in 6 HY installments w.e.f. from
March 2016 to September 2018 on ballooning basis.
K. C. Hostel registered a total operating income of INR4.10 crore
during FY15 (refers to the period April 1 to March 31) with net
losses of INR2.04 crore as against a total operating income of
INR3.60 crore with net losses of INR2.64 crore in FY14.
KIRLOSKAR ELECTRIC: CARE Upgrades Rating on INR85.0cr Loan to B+
----------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of
Kirloskar Electric Company Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Medium Term Instruments
- Fixed Deposits 46.0 CARE B+ [FD] Revised
from CARE C (FD)
Long-term Bank Facilities
- Fund-based 85.0 CARE B+ Revised from
CARE D
Long-term Bank Facilities
- Term Loan 27.15 CARE B+ Revised from
CARE C
Short-term Bank Facilities 137.80 CARE A4 Revised from
CARE D
Rating Rationale
The revision in the ratings of Kirloskar Electric Company Limited
(KECL) factors in regularisation of debt servicing after debt
restructuring by Joint Lenders Forum (JLF), under which certain
irregularities have been converted into working capital term
loans, liquidity pressure has been alleviated by way of Funded
Interest Term Loan (FITL) and moratorium on interest and
principal payments.
The ratings of KECL continue to be constrained by limited pricing
power owing to intense competition in the industry, exposure to
volatility in raw material prices, challenging business
environment of the electrical equipment industry.
The ratings, however, derive strength from rich business
experience of the promoter, expertise in power equipment industry
with well-established brand image and nationwide presence, wide
dealer/service network. Going forward, the ability of the company
to turnaround its operations, improve its capital structure and
effective management of working capital would be the key rating
sensitivities.
KECL headquartered in Bangalore was incorporated in 1946 and is
one of the leading players in the domestic electric equipment
industry. The company's product lines is spread across various
segments of the industry, namely, rotating machines, static
equipment, switchgears, transformers and transmission lines which
find application in wide range of industries such as power
generation, steel, cement, sugar, textile, mining, paper, petro-
chemical plants, and public services such as railways and
defense. KECL is engaged in the manufacturing of AC Motors, DC
Motors, Transformers, Switchgear and Electronics through its
manufacturing units located at Govenahalli (Karnataka), Hubli
(Karnataka), Mysore (Karnataka), Tumkur (Karnataka), Pune
(Maharashtra), Gurgaon (Haryana) and Jaladulagarh (Kolkata). The
day-to-day
operations of the company are looked after by Mr Vijay Kirloskar
(Chairman), who is adequately supported by a group of
professionals having rich business experience.
During FY15 (refers to the period April 1 to March 31), KECL
registered a net loss of INR129.7 crore on a total operating
income of INR510.8 crore as against a net loss of INR41 crore on
a total operating income of INR679.8 crore in FY14. During
9MFY16, the company reported a net loss of INR26.2 crore on a
total operating income of INR377.8 crore.
KTC CARS: CRISIL Lowers Rating on INR80MM Bank Loan to 'D'
----------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
KTC Cars India Private Limited (KCPL) to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'. The downgrade reflects delay in
meeting obligation on bank guarantee due to stretched liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 80 CRISIL D (Downgraded from
'CRISIL A4')
Cash Credit 30 CRISIL D (Downgraded from
'CRISIL B/Stable')
Long Term Loan 50 CRISIL D (Downgraded from
'CRISIL B/Stable')
KCPL also faces risks related to nascent stage of operations,
weak financial risk profile because of negative networth, weak
debt protection metrics and large working capital requirement.
However, the company benefits from extensive experience of its
promoters in the automobile dealership business in Kerala.
KCPL, incorporated in 2013, is an authorised dealer for
Volkswagen in Kerala. Its area of operations includes Thrissur,
Malappuram, Guruvayoor, and Kunnamangalam.
MOAT PROJECT: CRISIL Reaffirms B Rating on INR100MM LT Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Moat Project
Management Private Limited (MPMPL; part of MPMPL group) continues
to reflect the MPMPL group's exposure to risks related to timely
stabilisation of operations of its upcoming school. The rating
also factors in the group's modest financial risk profile because
of high gearing and small networth. These weaknesses are
partially offset by extensive industry experience of its
promoters and favourable prospects for the education sector.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 100 CRISIL B/Stable (Reaffirmed)
For arriving at its rating, CRISIL has combined the business and
financial risk profiles of MPMPL and The Charter School
(Charter). This is because the two entities, together referred to
as the MPMPL group, are under the same management team and have
considerable financial linkages.
Outlook: Stable
CRISIL believes the MPMPL group will continue to benefit over the
medium term from the extensive industry experience of its
promoters. The outlook may be revised to 'Positive' if earlier-
than-expected stabilisation of operations of its upcoming school
results in higher revenue and profitability, leading to
improvement in financial risk profile. Conversely, the outlook
may be revised to 'Negative' in case of significant delay in
stabilisation of operations, weakening financial risk profile.
Incorporated in 2012 and based in Cochin, MPMPL group is setting
up a school. The company is promoted by Mr. Binoy J Kattadiyil,
Mr. Rakhinth Subramanian and their associates.
MONARCH INFO: CRISIL Assigns B+ Rating to INR50MM Loan
------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Monarch Info Tech Services Private Limited (MITS),
and has assigned its 'CRISIL B+/Stable' ratings to these
facilities. The ratings had earlier been suspended by CRISIL as
per its rating rationale dated September 14, 2015, as MITS had
not provided the necessary information required for reviewing the
ratings. MITS has now shared the requisite information, thereby
enabling CRISIL to assign ratings to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Overdraft Facility 50 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Long Term 10 CRISIL B+/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
The rating reflects MITS modest scale and working capital
intensive nature of operations, and susceptibility of operating
margins to fluctuation in foreign exchange rates. These rating
weakness are partially offset by the benefits derived by MITS
from the long standing experience of its promoters and the
established customer relationships. The rating also reflects its
moderate financial risk profile.
Outlook: Stable
CRISIL believes that MITS will continue to benefit over the
medium term from its promoters' industry experience and strong
relationships with its customers. The outlook may be revised to
'Positive' if the company registers a substantial and sustained
increase in its revenues, while maintaining its profitability
margins and working capital cycle. Conversely, the outlook may be
revised to 'Negative' if the company's revenues and profitability
decline significantly, or if it undertakes a large debt-funded
capital expenditure programme or extends larger-than-expected
advances to its related entities, thereby leading to
deterioration in its financial risk profile.
Incorporated in the year 2000, MITS is engaged in providing IT
related services. Based out of Hyderabad in Andhra Pradesh, MITS
is promoted by Mr. Sreedhar Chinnapolla.
For 2014-15 (refers to financial year, April 1 to March 31),
reported a profit after tax (PAT) of INR11 million on net sales
of INR203 million, as against a PAT of INR12 million on net sales
of INR195 million for 2013-14.
NARULA EXPORTS: CRISIL Assigns B+ Rating to INR30MM LT Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank loan facilities of Narula Exports (NE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5 CRISIL B+/Stable
Packing Credit in
Foreign Currency 16.5 CRISIL A4
Letter of credit &
Bank Guarantee 16.5 CRISIL A4
Bank Guarantee 32 CRISIL A4
Foreign Letter of
Credit 30 CRISIL B+/Stable
The ratings factor in the small scale of operations, geographical
concentration in revenue, volatility in revenue and profitability
due to tender based nature of business and large working capital
requirement. These weaknesses are partially offset by the
extensive experience of NE's promoters in hospital products
trading business and above average debt protection metrics.
Outlook: Stable
CRISIL expects NE will maintain its business risk profile in the
short-to-medium term, on the back of extensive industry
experience of its promoters. The outlook may be revised to
'Positive' if it achieves greater-than-expected revenue growth
and increases profitability, while improving geographical
diversification and working capital management. The outlook could
be revised to 'Negative' if significant decline in scale of
operations result in a fall in cash accrual or decline in working
capital management weaken debt protection measures or capital
structure.
Established in 1990, NE is promoted by brothers Mr. Parveen Kumar
Narula and Mr. Subhash Kumar Narula as a partnership firm. Based
in Delhi, the firm trades in hospital products viz, furniture,
equipment, consumables and medical disposables. It takes supply
tenders from hospitals and is an approved vendor in Africa,
Ethiopia, Nepal, Latin America and the Gulf countries.
PEE AAR: CRISIL Downgrades Rating on INR110MM Packing Loan to D
---------------------------------------------------------------
CRISIL has downgraded its rating on the short-term bank
facilities of Pee Aar International Pvt Ltd (PAIL) to 'CRISIL D'
from CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill 110 CRISIL D (Downgraded
Purchase from 'CRISIL A4+')
Overdraft Facility 10 CRISIL D (Downgraded
from 'CRISIL A4+')
Packing Credit 110 CRISIL D (Downgraded
from 'CRISIL A4+')
Proposed Short Term 1 CRISIL D (Downgraded
Bank Loan Facility from 'CRISIL A4+')
Standby Line of Credit 44 CRISIL D (Downgraded
from 'CRISIL A4+')
The downgrade reflects delays by PAIL in meeting its interest
obligation on bank debt on account of weak liquidity due to
struck receivables and lower than expected revenue.
The rating reflects large working capital cycle and weak
financial risk profile because of high gearing and weak debt
protection metrics. However, the weaknesses are mitigated by the
extensive experience of promoters in the textile processing
industry.
Set up in 2003 by Mr. Rakesh Kumar Miglani and family as a
partnership firm and reconstituted as a private limited company
in 2008, PAIL manufactures ready-made garments for men and
children and trousers for women. It exports these products mainly
to the Middle-East and Latin American countries. The company has
its manufacturing unit in Ludhiana (Punjab) with a capacity of
10,000 pieces per day.
PRERANA PRATISTHAN: CRISIL Reaffirms 'D' Rating on INR79.9MM Loan
-----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Prerana
Pratisthan (PP) continues to reflect instances of delay by PP in
servicing its debt; the delays have been caused by weak
liquidity, driven by delayed receipt of subsidies and student
fees.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL D (Reaffirmed)
Funded Interest Term
Loan 4.3 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 27.8 CRISIL D (Reaffirmed)
Term Loan 79.9 CRISIL D (Reaffirmed)
The rating reflects small scale of operations, exposure to
regulatory risks associated with educational institutions and a
weak financial risk profile, with negative networth and
inadequate debt protection metrics. These rating weaknesses are
mitigated by the extensive industry experience of trustees, and
healthy demand prospects for the education sector.
PP, based in Pune was established in 2006, by Mr. S P Deshmukh.
The trust operates an institute, 'Universal College of
Engineering and Research' and at present offers engineering
courses in five streams as well as a diploma in the polytechnic
segment. The current total intake capacity of the institute is
1520 students.
SB ASSOCIATES: CRISIL Assigns B+ Rating to INR50MM Cash Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating on the long-
term bank facility of SB Associates (SBA).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable
The rating reflects SBA's nascent stage and modest scale of
operations and it's expected below-average financial risk profile
marked by a high total outside liabilities to tangible net worth
(TOLTNW) ratio, modest debt protection metrics and networth. The
rating also factors in its exposure to risk related to high
supplier concentration and to intense industry competition. These
rating weaknesses are partially offset by the partner's extensive
experience in the petrochemical products trading industry and its
established relation with its key customers.
Outlook: Stable
CRISIL believes that SBA will continue to benefit over the medium
term from its established customer relations and the partner's
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability increase substantially,
leading to better financial risk profile, or if partners infuse
significant capital, resulting in improved capital structure.
Conversely, the outlook may be revised to 'Negative' if the firm
undertakes aggressive, debt-funded expansions, or if revenue and
profitability decline sharply, or if partners withdraw large
capital, leading to deterioration in financial risk profile.
Established in January, 2016 as a partnership firm, SBA is a
Bitumen trader. Based in Bangalore, Karnataka, the firm is
promoted by Mr.Srinivasa Babu T and his wife Mrs. Nalini
Srinivasa T.
SHAH CONCAST: CARE Raises Rating on INR9.0cr LT Loan to B+
----------------------------------------------------------
CARE revises/reaffirms the rating assigned to the bank facilities
of Shah Concast Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 9.00 CARE B+ Revised from
CARE BB-
Short-term Bank Facilities 10.50 CARE A4 Reaffirmed
Rating Rationale
The revision in the rating assigned to the long-term bank
facilities of Shah Concast Private Limited (SCPL) factors in the
discontinuation of manufacturing operations and stressed
liquidity position due to decline in overall financial risk
profile in FY15 (refers to the period April 1 to March 31)
including cash losses, deterioration in capital structure and
coverage indicator. The ratings further continues to remain
constrained by susceptibility of its margins to fluctuation in
steel prices, working capital intensive nature of operations and
presence in a highly competitive and fragmented industry.
The ratings, however, continue to favourably take into account
the experience of the promoters in the iron and steel industry
and assured business from the group companies.
Going forward, SCPL's ability to improve its liquidity position
and profitably scale up its operations along with effective
working capital management shall be a key rating sensitivity.
Muzaffarnagar-based (Uttar Pradesh) SCPL was incorporated in
2008, as a private limited company and started its operations in
July 2010.Wherein it was engaged in manufacturing and trading of
various steel products. Since April 1, 2015 the company
discontinued its manufacturing unit and is currently engaged in
trading of Mild Steel (M.S) Ingot, sponge iron and steel
structures. The company procures steel structures from Rana
Steels India Limited (CARE B+/A4) and other products from the
local market. However, it sells sponge iron to its associate
company and other steel manufacturers whereas other products are
sold to retailers in Delhi and UP.
SCPL achieved a total operating income (TOI) of INR58.86 crore
with PBILDT and net loss of INR1.42 crore and INR0.84 crore
respectively in FY15 (refers to the period April 1 to March 31),
as against TOI of INR48.68 crore with PBILDT and PAT of INR3.01
crore and INR0.14 crore respectively in FY14. In 11MFY16 (refers
to the period April 1 to January 31), SCPL has achieved total
operating income of INR39 crore (as per unaudited results).
SRASTHI BUILDCON: CARE Assigns B+ Rating to INR4.58cr LT Loan
-------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Srasthi Buildcon Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 4.58 CARE B+ Assigned
Short term Bank Facilities 1.00 CARE A4 Assigned
Rating Rationale
The rating assigned to the bank facilities of Srasthi Buildcon
Private Limited (SBPL) is primarily constrained on account of
small scale of operations and low profitability coupled with
leveraged capital structure, weak debt coverage indicators and
stressed liquidity profile. The ratings are further constrained
due to geographical concentration and customer concentration risk
with most of the projects concentrated in Madhya Pradesh and the
company's presence in the highly competitive and tender-driven
construction industry coupled with raw material price fluctuation
risk in the absence of price variation clause in its projects.
The rating, however, continues to draw strength from the moderate
experience of the promoters in the road and building construction
industry.
The ability of SBPL to bag new contracts ensuring revenue
visibility and timely execution of orders is the key rating
sensitivities. Going forward, growth in order book position along
with improvement in profit margins as well as capital structure
would also remain crucial.
Incorporated in September 2012, Bhopal-based (Madhya Pradesh)
SBPL is promoted by MrTehseen Khan and Ms Pooja Premchandani.
SBPL is engaged into the business of civil construction primarily
consisting of road and building construction. SBPL is registered
as 'Class B' contractor (on a scale of Class A to Class C) with
Public Works Department (PWD), Madhya Pradesh and works generally
on road and civil construction projects for Government of Madhya
Pradesh.
During FY15 (A) (refers to the period April 1 to March 31), SBPL
reported a TOI of INR17.29 crore and PAT of INR0.18 crore as
against TOI of INR12.30 crore and PAT of INR0.15 crore during
FY14 (A). During 11MFY16 (Provisional), SBPL achieved TOI of
INR25.40 crore.
SRI CHANDRA: CRISIL Reaffirms B+ Rating on INR100MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sri Chandra Moulishvar
Spinning Mills Pvt Ltd (SCMSM) continue to reflect SCMSM's below-
average financial risk profile, marked by high gearing. The
ratings also factor in modest scale of operations in the
intensely competitive textile industry, and susceptibility to
fluctuations in raw material costs. These rating weaknesses are
partially offset by the extensive experience of the promoter.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.9 CRISIL A4 (Reaffirmed)
Cash Credit 100 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 77.5 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes SCMSM will continue to benefit over the medium
term from the promoter's extensive industry experience. The
outlook may be revised to 'Positive' if financial risk profile
improves, driven by larger-than-expected cash accrual.
Conversely, the outlook may be revised to 'Negative' if decline
in revenue and operating margin, or any large debt-funded capital
expenditure weakens the financial risk profile.
Set up in September 2004 by Mr. M Ravichandran, SCMSM
manufactures hosiery yarn in Tirupur (Tamil Nadu).
SRI JAYAJOTHI: CRISIL Assigns 'D' Rating to INR500MM Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' rating to the bank
facilities of Sri Jayajothi Textile Mills Private Limited (SJT).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 245 CRISIL D
Letter of Credit 500 CRISIL D
Corporate Loan 25 CRISIL D
Bank Guarantee 50 CRISIL D
Cash Credit 210 CRISIL D
The rating reflects instances of delay by the company in
servicing its term debt; the delays have been caused by the
group's weak liquidity, driven by subdued debt protection metrics
and working capital intensive operations. However, the company
benefits from the extensive experience of its promoters in the
textile industry and their established relationship with its
major customers.
Set up in 1989 by Mr.T. Jayaraman and his family members, SJT
manufactures cotton yarn of 30 to 120 counts. The company's
manufacturing unit is located near Rajapalayam, Tamil Nadu.
SWASTIK FURNACES: CRISIL Reaffirms B+ Rating on INR65MM Loan
------------------------------------------------------------
CRISIL's rating on the bank facilities of Swastik Furnaces
Private Limited (SFPL) continues to reflect its working capital
intensive nature of operations and susceptibility of margins to
volatility in raw material prices.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 65 CRISIL B+/Stable (Reaffirmed)
Letter Of Guarantee 25 CRISIL A4 (Reaffirmed)
The ratings also reflect SFPL's below-average financial risk
profile, marked by small net-worth, high gearing and modest debt
protection metrics. These rating weaknesses are partially offset
by its promoters' extensive experience in the furnace
manufacturing industry.
Outlook: Stable
CRISIL believes that SFPL will benefit over the medium term from
its promoters' longstanding experience in the furnace
manufacturing industry. The outlook may be revised to 'Positive'
if there is a substantial and sustained improvement in revenues
and profitability, or if there is an improvement in the company's
capital structure levels mostly on account of equity infusion by
the promoters. Conversely, the outlook may be revised 'Negative'
if there is deterioration in the company's capital structure
mostly on account of stretch in its working capital cycle or if
there is a decline in revenues and profitability.
SFPL, an ISO 9001-2008 certified company, produces, supplies and
exports heat treatment furnaces. It was set up as a partnership
firm, Swastik Furnaces, in 2005, and converted to a private
limited company with the current name in 2009. Company's day to
day operations are being handled by Mr. Baldeep Dogra, Mr.
Rajendra Dogra and Ms. Priya Dogra
VANTAGE MACHINE: CARE Assigns 'B' Rating to INR15cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B' rating to the bank facilities of Vantage
Machine Tools Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 15 CARE B Assigned
Rating Rationale
The rating assigned to the bank facilities of Vantage Machine
Tools Private Limited (VMTPL) is constrained by its nascent
stage of operation, limited experience of the promoters in
manufacturing of special purpose machines albeit experience
in other businesses, weak order book position, low profit margins
and highly leveraged capital structure. However, the rating is
underpinned by strong demand of CNC (Computer Numerical Control)
machines in the local market, reputed clientele and adequate raw
material availability.
The ability of the company to increase its scale of operation by
increasing its order book size, improve its profitability and
overall financial risk profile are the key rating sensitivities.
VMTPL was promoted by Mr Potluri Mohan Murali Krishna, the
Managing Director of the company, in September 2013 for
manufacturing of Special Purpose Machines like CNC (Computer
Numerical Control) machines and hydraulic machines.
These machines are widely used in the manufacturing industry. The
manufacturing facility of the company is located at Gollapalli
village of Krishna District in the state of Andhra Pradesh. The
company has been commercially operational since October 2015 and
it has an annual installed capacity of 360 numbers of Special
Purpose Machines.
WALIA TRADERS: CARE Reaffirms 'D' Rating on INR125.64cr LT Loan
---------------------------------------------------------------
CARE reaffirms the ratings assigned to the bank facilities of
Walia Traders Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 125.64 CARE D Reaffirmed
Short-term Bank Facilities 2.20 CARE D Reaffirmed
Rating Rationale
The reaffirmation of the ratings assigned to the bank facilities
of Walia Traders Limited (WTL) take into account the ongoing
delays in debt servicing due to stressed liquidity position of
the company.
Walia Traders Ltd (WTL) was incorporated in the year 1988, and
was promoted by Mr Harpal Singh Ahluwalia. In 1997, the current
promoters of the company, namely Mr Prem Pal Gandhi, along with
his family members acquired controlling stake in the company
through a share transfer agreement. WTL, prior to 1997 did not
have any significant operations and since then has been engaged
in the business of operating hotel properties. WTL currently has
three hotels under its aegis, two of which are located in
Chandigarh, and one in Panchkula (Haryana). Mr Prem Pal Gandhi,
has close to 19 years of experience in the hospitality industry.
He is the founder of the KC group, which is based out of
Nawanshahr, Punjab. The flagship entity of the group, namely, KC
Social Welfare Trust (KSWT) is engaged in running of the several
educational institutions in Nawanshahr viz KC public school, KC
College of Engg & Information Technology, KC College of Hotel
Management, and KC Polytechnic. Another family-run society, KC
Educational and Social Welfare Society (KEWS; rated,
'CARE D') is engaged in providing graduate and post graduate
courses under the flagship brand of 'K.C Group of Institutions'
at Pandoga, Himachal Pradesh. K.C. Hostel (rated, 'CARE D'), a
proprietorship firm of Mr Prem Pal Gandhi caters to the
requirements of students of various colleges run by KSWT and
KEWS.
For FY15 (Audited; refers to the period from April 1 to March
31), WTL reported a net loss of INR 28.97 crore on the total
income of INR 25.19 crore as against a net loss of INR27.76 crore
on the total income of INR27.76 crore in FY14.
YAK GRANITE: CRISIL Lowers Rating on INR60MM Cash Loan to B-
------------------------------------------------------------
CRISIL has downgraded its rating on long-term bank facilities of
Yak Granite Industries Private Limited (YGIPL) to 'CRISIL B-
/Stable' from 'CRISIL B/Stable', and reaffirmed its rating on the
short-term facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2.5 CRISIL A4 (Reaffirmed)
Cash Credit 60.0 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Letter of Credit 2.5 CRISIL A4 (Reaffirmed)
Proposed Long Term 15.0 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
The downgrade reflects deterioration in liquidity due to
insufficient net cash accrual vis-a-vis term debt obligation, and
high bank limit utilisation. Modest cash accrual is because of
lower-than-expected turnover and increase in debt-funded capital
expenditure. However, unsecured loans from the promoter and
funding from group company are likely to help service debt on
time.
The ratings reflect YGIPL's modest scale of, and working capital-
intensive, operations and below-average financial risk profile
because of stretched liquidity. These weaknesses are partially
offset by the extensive experience of promoter in the
construction material industry and funding from him and group
companies.
Outlook: Stable
CRISIL believes YGIPL will continue to benefit over the medium
term from the extensive experience of its promoter and
established customer relationship. The outlook may be revised to
'Positive' if substantial increase in scale of operations and
profitability leads to better business risk profile and cash
accrual. The outlook may be revised to 'Negative' if decline in
cash accrual or stretched working capital cycle further weakens
financial risk profile, particularly liquidity.
Set up in 1982 by Mr. Badri Narayan, YGIPL manufactures rough
granite blocks, monuments and granite slabs. Its day-to-day
operations are managed by its promoter Mr. Badri Narayan.
Net profit was INR0.01 million on net sales of INR212.4 million
for 2014-15 (refers to financial year, April 1 to March 31),
against a PAT of INR2.6 million on net sales of INR245.8 million
for 2013-14. Turnover is expected to be INR240 million for 2015-
16.
YASH JEWELLERY: CRISIL Reaffirms 'D' Rating on INR1.19BB Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of Yash Jewellery Private
Limited (YJPL) continues to reflect the delays by YJPL in meeting
its term loan obligations. The delays were caused by the
company's weak liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Corporate Loan 1,193 CRISIL D (Reaffirmed)
Funded Interest
Term Loan 49.3 CRISIL D (Reaffirmed)
Packing Credit 200.0 CRISIL D (Reaffirmed)
Post Shipment Credit 300.0 CRISIL D (Reaffirmed)
Working Capital
Demand Loan 417.7 CRISIL D (Reaffirmed)
YJPL also has a weak financial risk profile, marked by high
gearing, weak debt protection metrics, and weak liquidity due to
large working capital requirements. Furthermore, there is
geographical concentration in the company's revenue profile.
YJPL, however, benefits from its long track record in the
jewellery industry.
YJPL, incorporated in 2006, is promoted by the Mumbai-based Mr.
Pramod Goenka. The company exports diamond-studded gold
jewellery.
=========
J A P A N
=========
TOSHIBA CORP: To Reduce Capital to Partly Cover Losses
------------------------------------------------------
Nikkei Asian Review reports that Toshiba Corp. plans to reduce
its capital by JPY200 billion ($1.81 billion) to offset some of
its accumulated losses. As of the end of March, the company was
more than JPY470 billion in the red, the report discloses.
Nikkei says Toshiba's ulterior motive in covering part of its
losses with a capital reduction is to be able to legally pay
dividends.
The proposal will be put to shareholders at a meeting scheduled
for June 22, the report notes. Passage requires a two-thirds
majority.
Nikkei discloses that Toshiba posted a record group net loss of
JPY483.2 billion for the year ended March. It took write-downs of
more than JPY400 billion at Westinghouse Electric, the company's
American nuclear power arm, and other units, the report notes.
For the parent company alone, the net loss stood at
JPY329.3 billion, forcing Toshiba to refrain from paying
dividends for the first time in six years, Nikkei discloses.
Nikkei notes that Toshiba's accumulated losses had increased to
JPY475.3 billion as of March, up from JPY145.7 billion a year
earlier. This reduced shareholder equity -- assets minus
liabilities -- to less than capital.
According to Nikkei, companies listed in Japan cannot pay
dividends if shareholder equity is less than capital. Toshiba,
which recently admitted to overstating profits over a number of
years, has JPY439.9 billion in capital.
It will transfer some JPY200 billion of this to partially offset
its accumulated losses. This bookkeeping move will also leave the
company showing greater shareholder equity than capital.
It is a common move pulled by businesses suffering from
deteriorating performances that want to pay dividends. Japan's
Sharp and Mitsubishi Motors have carried out similar capital
reductions in the past, notes Nikkei.
About Toshiba
The Troubled Company Reporter-Asia Pacific, citing Reuters,
reported on July 22, 2015, that an independent investigation said
in a report dated July 21 that Toshiba Corp. overstated its
operating profit by JPY151.8 billion ($1.22 billion) over several
years in accounting irregularities involving top management.
The investigating committee said in a report filed by Toshiba to
the Tokyo Stock Exchange that Toshiba President and Chief
Executive Hisao Tanaka and his predecessor, Vice Chairman Norio
Sasaki, were aware of the overstatement of profits and delay in
reporting losses in a corporate culture that "avoided going
against superiors' wishes," according to Reuters.
The TCR-AP, citing Bloomberg News, reported on July 22, 2015,
that Toshiba Corp. President Hisao Tanaka and two other
executives quit to take responsibility for a $1.2 billion
accounting scandal that caused the maker of nuclear reactors and
household appliances to restate earnings for more than six years.
Norio Sasaki, the vice chairman, and Atsutoshi Nishida, a former
president who was serving as adviser, also resigned, the Tokyo-
based company said July 21, more than two months after announcing
it was investigating possible accounting irregularities,
according to Bloomberg.
On March 28, 2016, Moody's Japan K.K. has downgraded Toshiba
Corporation's corporate family rating and senior unsecured debt
rating to B3 from B2, and its subordinated debt rating to Caa3
from Caa2. The rating outlook is negative. At the same time,
Moody's has affirmed Toshiba's commercial paper rating of Not
Prime. This rating action concludes the review for downgrade
initiated on Dec. 22, 2015.
S&P Global Ratings on May 13, 2016, lowered its long-term
corporate credit and senior unsecured debt ratings on Japan-based
diversified electronics company Toshiba Corp. by one notch to 'B'
and 'BB-', respectively, and has removed the ratings from
CreditWatch. The outlook on the long-term corporate credit
rating is negative. S&P placed its long-term ratings on Toshiba
on CreditWatch with negative implications in December 2015 and
maintained the CreditWatch on the long-term ratings when S&P
lowered them in February 2016. S&P has affirmed its 'B' short-
term corporate credit and commercial paper ratings on Toshiba.
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
====================
N E W Z E A L A N D
====================
NICHOLAS JERMYN: Placed in Administration; Shuts 2 Stores
---------------------------------------------------------
Collette Devlin at Stuff.co.nz reports that shirtmaker Nicholas
Jermyn has been placed in administration and is calling on
customers to help it "live another day".
After a difficult trading period, it has closed two stores -- one
in Auckland and one in Wellington -- as part of the restructure
process, Stuff.co.nz says.
According to the report, company directors placed the company,
which boasts five generations of textile experience, into
voluntary administration, after the company struggled to keep up
with competition.
Stuff.co.nz relates that founder and managing director
Nick Harris told customers in an email it was a difficult
decision but offered the best opportunity to recover from a
sustained period of challenging trading.
David Bridgman and Lara Bennett of PWC were appointed
administrators on May 10 and will try to work out a way to save
either the company or get a better return for creditors than they
would if the company had been placed straight into liquidation,
Stuff.co.nz relays.
According to Stuff.co.nz, Mr. Bridgman said the chain stores were
trading satisfactorily and generating cash to pay creditors.
Stuff.co.nz says the business had more than 100 creditors but he
would not say how much they were owed, citing "confidentiality".
It was too early to say if the business would be sold as a going
concern or trade out of its current position, he said, the report
relays.
"The focus now is settling down the business. We will hold
another creditors' meeting in September, when we hope to be in a
position for the best way forward," the report quotes Mr.
Bridgman as saying.
The stores that were not making an adequate contribution had been
closed to give the business the best chance, he said, adds
Stuff.co.nz.
====================
S O U T H K O R E A
====================
HYUNDAI MERCHANT: FSC Sees 50-50 Chance For Charter Rate Cut
------------------------------------------------------------
Yonhap News Agency reports that South Korea's chief financial
regulator said May 20 he sees a fifty-fifty chance in the ongoing
negotiations between troubled Hyundai Merchant Marine Co. and the
owners of its chartered ships to cut leasing rates, which is
crucial to the shipper's fate.
Yonhap relates that Hyundai Merchant, the country's No. 2
shipping line, has been in talks with the owners of chartered
ships to lower the rates by 28% on average, one of the key
prerequisites for additional aid from its creditors.
Last month, the creditors, led by state-run Korea Development
Bank, okayed the financially troubled Hyundai Merchant's self-
rescue plans, including asset sales, on the condition that it
should complete renegotiations with the owners of chartered ships
to lower their charter rates by the middle of May to stay afloat
and implement far stronger self-rehabilitation measures, Yonhap
recalls.
On May 18, the shipper and the owners of the chartered ships,
however, failed to reach an agreement, according to Yonhap.
Yonhap says the creditors have warned that they will put Hyundai
Merchant under court receivership if there are no "meaningful"
results from the negotiations.
"The talks are still in the final stage, and we need to wait and
see (what the results will be)," Financial Services Commission
Chairman Yim Jong-yong told reporters, Yonhap relays. "We are
neither optimistic nor pessimistic (about the results)."
According to Yonhap, the country's No. 2 shipper has been under
severe financial strain in the face of falling freight rates
during a protracted slump in the world's economy. Since February,
Hyundai Merchant has been in talks with shipowners to cut the
rates, the report says.
Yonhap notes that the shipper's creditors offered to swap their
loans worth KRW700 billion (US$588 million) into its stocks as
part of its debt recast efforts, which many believe will help the
owners of chartered ships back the proposed rate cut.
But the shipowners are known to be reluctant to slash the rates
on concerns that other shippers would make similar demands and
their investors and shareholders could oppose it, the report
states.
Yonhap relates that financial authorities and the government
believe that Hyundai Merchant and its bigger local rival Hanjin
Shipping Co. are under contract to pay charter fees four to five
times higher than the current rates by 2026.
In the shipping industry, freight charges have dropped more than
25% from the end of last year, further hurting the profit of
shipping lines, Yonhap notes.
South Korea's two largest container carriers posted massive
losses in the first quarter, hard hit by plummeting freight
rates, says Yonhap.
Yonhap adds that Hyundai Merchant, meanwhile, canceled a
conference call scheduled May 20 to discuss the details of the
charter rate cut with all shipowners.
Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services. The Company
provides its services under two main segments: container and
bulk.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 16 to May 20, 2016
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
BARMINCO FINANCE PT 9.00 6/1/2018 USD 76.83
BOART LONGYEAR MANA 7.00 4/1/2021 USD 36.75
BOART LONGYEAR MANA 7.00 4/1/2021 USD 36.75
CBL CORP LTD 8.25 4/17/2019 AUD 70.38
CML GROUP LTD 9.00 1/29/2020 AUD 1.00
CML GROUP LTD 7.49 5/18/2021 AUD 71.03
CRATER GOLD MINING 10.00 8/18/2017 AUD 35.00
CROWN RESORTS LTD 6.33 4/23/2075 AUD 69.92
EMECO PTY LTD 9.88 3/15/2019 USD 53.56
EMECO PTY LTD 9.88 3/15/2019 USD 53.00
IMF BENTHAM LTD 6.48 6/30/2019 AUD 59.13
KBL MINING LTD 12.00 2/16/2017 AUD 0.05
KEYBRIDGE CAPITAL L 7.00 7/31/2020 AUD 0.70
LAKES OIL NL 10.00 3/31/2017 AUD 6.50
MIDWEST VANADIUM PT 11.50 2/15/2018 USD 6.50
MIDWEST VANADIUM PT 11.50 2/15/2018 USD 6.00
RESOLUTE MINING LTD 10.00 12/4/2017 AUD 1.00
STOKES LTD 10.00 6/30/2017 AUD 0.35
TREASURY CORP OF VI 0.50 11/12/2030 AUD 68.58
CHINA
-----
ANSHAN CITY CONSTRU 8.25 3/5/2019 CNY 63.00
ANSHAN CITY CONSTRU 8.25 3/5/2019 CNY 63.51
ANYANG INVESTMENT G 8.00 4/17/2019 CNY 64.85
BANGBU CITY INVESTM 5.78 8/10/2017 CNY 54.99
BEIJING ECONOMIC TE 5.29 3/6/2018 CNY 72.00
CHANGSHA CITY CONST 6.95 4/24/2019 CNY 63.36
CHANGSHA CITY CONST 6.95 4/24/2019 CNY 84.80
CHANGSHA COUNTY XIN 8.35 4/6/2019 CNY 64.96
CHANGSHA COUNTY XIN 8.35 4/6/2019 CNY 64.31
CHANGSHA HIGH TECHN 7.30 11/22/2017 CNY 71.00
CHANGSHU BINJIANG U 6.85 4/27/2019 CNY 62.19
CHANGSHU CITY OPERA 8.00 1/16/2019 CNY 64.06
CHANGSHU CITY OPERA 8.00 1/16/2019 CNY 63.02
CHANGZHOU INVESTMEN 5.80 7/1/2016 CNY 40.13
CHANGZHOU INVESTMEN 5.80 7/1/2016 CNY 40.18
CHANGZHOU WUJIN CIT 5.42 6/9/2016 CNY 50.09
CHANGZHOU WUJIN CIT 5.42 6/9/2016 CNY 49.86
CHENGDU XINCHENG XI 8.35 3/19/2019 CNY 64.81
CHENGDU XINCHENG XI 8.35 3/19/2019 CNY 66.32
CHONGQING HECHUAN R 8.28 4/10/2018 CNY 52.14
CHONGQING HECHUAN R 8.28 4/10/2018 CNY 51.31
CHONGQING HECHUAN U 6.95 1/6/2018 CNY 72.62
CHONGQING HECHUAN U 6.95 1/6/2018 CNY 72.25
CHONGQING JIANGJIN 6.95 1/6/2018 CNY 71.60
CHONGQING JIANGJIN 6.95 1/6/2018 CNY 63.64
CHONGQING LAND PROP 7.35 4/25/2019 CNY 64.20
CHONGQING LAND PROP 7.35 4/25/2019 CNY 64.35
CHONGQING NAN'AN DI 8.20 4/9/2019 CNY 64.71
CHONGQING NAN'AN DI 6.29 12/24/2017 CNY 60.00
CHONGQING NAN'AN DI 6.29 12/24/2017 CNY 61.77
CHONGQING XINGRONG 8.35 4/19/2019 CNY 63.50
CHONGQING XINGRONG 8.35 4/19/2019 CNY 64.27
CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 72.86
CHONGQING YONGCHUAN 7.49 3/14/2018 CNY 72.10
CHONGQING YUXING CO 7.29 12/8/2017 CNY 72.33
DALI ECONOMIC DEVEL 8.80 4/24/2019 CNY 65.31
DANDONG CITY DEVELO 6.21 9/6/2017 CNY 70.21
DANYANG INVESTMENT 8.10 3/6/2019 CNY 63.55
DANYANG INVESTMENT 8.10 3/6/2019 CNY 85.38
DANYANG INVESTMENT 6.30 6/3/2016 CNY 40.08
DATONG ECONOMIC CON 6.50 6/1/2017 CNY 70.93
DATONG ECONOMIC CON 6.50 6/1/2017 CNY 70.20
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 61.81
DRILL RIGS HOLDINGS 6.50 10/1/2017 USD 59.75
ERDOS DONGSHENG CIT 8.40 2/28/2018 CNY 47.79
ERDOS DONGSHENG CIT 8.40 2/28/2018 CNY 50.11
GRANDBLUE ENVIRONME 6.40 7/7/2016 CNY 70.36
GUANGAN INVESTMENT 8.18 4/25/2019 CNY 64.68
GUANGAN INVESTMENT 8.18 4/25/2019 CNY 63.03
GUIYANG ECO&TECH DE 8.42 3/27/2019 CNY 64.30
GUOAO INVESTMENT DE 6.89 10/29/2018 CNY 68.31
HAIAN COUNTY CITY C 8.35 3/28/2018 CNY 52.48
HAIAN COUNTY CITY C 8.35 3/28/2018 CNY 52.78
HAIMEN CITY DEVELOP 8.35 3/20/2019 CNY 63.28
HAIMEN CITY DEVELOP 8.35 3/20/2019 CNY 61.51
HANGZHOU MUNICIPAL 5.90 4/25/2018 CNY 51.70
HANGZHOU MUNICIPAL 5.90 4/25/2018 CNY 51.39
HANGZHOU XIAOSHAN S 6.90 11/22/2016 CNY 40.15
HANGZHOU XIAOSHAN S 6.90 11/22/2016 CNY 40.88
HANGZHOU YUHANG CIT 7.55 3/29/2019 CNY 63.75
HANGZHOU YUHANG CIT 7.55 3/29/2019 CNY 57.73
HANZHONG CITY CONST 7.48 3/14/2018 CNY 65.39
HANZHONG CITY CONST 7.48 3/14/2018 CNY 72.81
HEFEI TAOHUA INDUST 8.79 3/27/2019 CNY 66.10
HEFEI TAOHUA INDUST 8.79 3/27/2019 CNY 61.78
HEFEI XINCHENG STAT 7.88 4/23/2019 CNY 62.20
HEFEI XINCHENG STAT 7.88 4/23/2019 CNY 62.26
HEILONGJIANG HECHEN 7.78 11/17/2016 CNY 40.30
HEILONGJIANG HECHEN 7.78 11/17/2016 CNY 39.78
HUAIAN CITY URBAN A 7.15 12/21/2016 CNY 40.66
HUAIAN CITY WATER A 8.25 3/8/2019 CNY 64.51
HUAIAN CITY WATER A 8.25 3/8/2019 CNY 62.01
HUAIAN DEVELOPMENT 6.80 3/24/2017 CNY 42.34
HUAIAN QINGHE NEW A 6.79 4/29/2017 CNY 41.68
HUAIHUA CITY CONSTR 8.00 3/22/2018 CNY 52.11
HUAIHUA CITY CONSTR 8.00 3/22/2018 CNY 51.11
HUNAN ZHAOSHAN ECON 7.00 12/12/2018 CNY 75.00
HUZHOU MUNICIPAL CO 7.02 12/21/2017 CNY 72.61
HUZHOU NANXUN STATE 8.15 3/31/2019 CNY 64.02
HUZHOU WUXING NANTA 7.71 2/17/2018 CNY 72.79
JIAMUSI NEW ERA INF 8.25 3/22/2019 CNY 62.81
JIAMUSI NEW ERA INF 8.25 3/22/2019 CNY 62.44
JIAN CITY CONSTRUCT 7.80 4/20/2019 CNY 84.04
JIAN CITY CONSTRUCT 7.80 4/20/2019 CNY 64.33
JIANGDONG HOLDING G 6.90 3/27/2019 CNY 61.53
JIANGDU XINYUAN IND 8.10 3/23/2019 CNY 63.92
JIANGDU XINYUAN IND 8.10 3/23/2019 CNY 62.51
JIANGSU HUAJING ASS 5.68 9/28/2017 CNY 49.87
JIANGSU HUAJING ASS 5.68 9/28/2017 CNY 50.60
JIAXING CULTURE FAM 8.16 3/8/2019 CNY 65.70
JINAN CITY CONSTRUC 6.98 3/26/2018 CNY 51.50
JINAN CITY CONSTRUC 6.98 3/26/2018 CNY 51.73
JINGJIANG BINJIANG 6.80 10/23/2018 CNY 68.88
JINGZHOU URBAN CONS 7.98 4/24/2019 CNY 64.17
JINING CITY CONSTRU 8.30 12/31/2018 CNY 64.02
JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 64.82
JINTAN CONSTRUCTION 8.30 3/14/2019 CNY 65.00
JIUJIANG CITY CONST 8.49 2/23/2019 CNY 63.85
JIUJIANG CITY CONST 8.49 2/23/2019 CNY 66.00
KUNMING CITY CONSTR 7.60 4/13/2018 CNY 52.34
KUNMING CITY CONSTR 7.60 4/13/2018 CNY 52.33
KUNMING WUHUA DISTR 8.60 3/15/2018 CNY 53.31
KUNMING WUHUA DISTR 8.60 3/15/2018 CNY 53.10
LAIWU CITY ECONOMIC 6.50 3/1/2018 CNY 61.46
LESHAN STATE-OWNED 6.99 3/18/2018 CNY 72.26
LESHAN STATE-OWNED 6.99 3/18/2018 CNY 73.33
LIAOYUAN STATE-OWNE 7.80 1/26/2017 CNY 40.01
LIAOYUAN STATE-OWNE 8.17 3/13/2019 CNY 63.29
LIAOYUAN STATE-OWNE 7.80 1/26/2017 CNY 40.81
LIAOYUAN STATE-OWNE 8.17 3/13/2019 CNY 62.00
LINAN CITY CONSTRUC 8.15 3/9/2018 CNY 53.19
LINAN CITY CONSTRUC 8.15 3/9/2018 CNY 52.43
LINHAI CITY INFRAST 7.98 11/6/2016 CNY 50.05
LINHAI CITY INFRAST 7.98 11/6/2016 CNY 50.93
LINYI INVESTMENT DE 8.10 3/27/2018 CNY 52.92
LIUZHOU DONGCHENG I 8.30 2/15/2019 CNY 64.61
LIUZHOU DONGCHENG I 8.30 2/15/2019 CNY 62.81
LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 72.20
LONGHAI STATE-OWNED 8.25 12/2/2017 CNY 72.57
LUOHE CITY CONSTRUC 6.81 3/30/2017 CNY 30.84
LUOHE CITY CONSTRUC 6.81 3/30/2017 CNY 30.67
NANCHONG CHEMICAL I 8.16 4/26/2019 CNY 64.27
NANJING HEXI NEW TO 6.40 2/3/2017 CNY 61.39
NANJING JIANGNING S 7.29 4/28/2019 CNY 83.73
NANTONG STATE-OWNED 6.72 11/13/2016 CNY 37.07
NANTONG STATE-OWNED 6.72 11/13/2016 CNY 40.76
NEIMENGGU XINLINGOL 7.62 2/25/2018 CNY 71.91
NINGBO CITY ZHENHAI 6.48 4/12/2017 CNY 41.51
NINGBO URBAN CONSTR 7.39 3/1/2018 CNY 52.59
NINGBO URBAN CONSTR 7.39 3/1/2018 CNY 52.73
NINGDE CITY STATE-O 6.25 10/21/2017 CNY 40.80
NINGHAI COUNTY CITY 8.60 12/31/2017 CNY 73.82
NONGGONGSHANG REAL 6.29 10/11/2017 CNY 71.05
PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 40.42
PANJIN CONSTRUCTION 7.70 12/16/2016 CNY 40.08
PUTIAN STATE-OWNED 8.10 3/21/2019 CNY 64.82
PUTIAN STATE-OWNED 8.10 3/21/2019 CNY 63.30
QIANDONG NANZHOU DE 8.80 4/27/2019 CNY 62.39
QINGDAO CITY CONSTR 6.89 2/16/2019 CNY 62.99
QINGDAO CITY CONSTR 6.19 2/16/2017 CNY 40.21
QINGDAO CITY CONSTR 6.19 2/16/2017 CNY 40.74
QINGDAO CITY CONSTR 6.89 2/16/2019 CNY 63.61
QINGDAO HUATONG STA 7.30 4/18/2019 CNY 63.80
QINGDAO HUATONG STA 7.30 4/18/2019 CNY 63.67
QINGZHOU HONGYUAN P 6.50 5/22/2019 CNY 40.71
QINGZHOU HONGYUAN P 6.50 5/22/2019 CNY 40.33
QUANZHOU QUANGANG P 8.40 4/16/2019 CNY 65.44
QUANZHOU QUANGANG P 8.40 4/16/2019 CNY 63.69
QUNSHAN HUAQIAO INT 7.98 12/30/2018 CNY 63.64
SHANDONG TAIFENG HO 5.80 3/12/2020 CNY 72.07
SHANDONG TAIFENG HO 5.80 3/12/2020 CNY 74.14
SHANGHAI BUND GROUP 6.35 4/24/2020 CNY 43.00
SHANGHAI REAL ESTAT 6.12 5/17/2017 CNY 71.21
SHAOYANG CITY CONST 7.40 9/11/2018 CNY 76.01
SHIYAN CITY INFRAST 7.98 4/20/2019 CNY 64.31
SICHUAN DEVELOPMENT 5.40 11/10/2017 CNY 71.39
SUQIAN ECONOMIC DEV 7.50 3/26/2019 CNY 64.62
SUQIAN ECONOMIC DEV 7.50 3/26/2019 CNY 84.60
SUZHOU CONSTRUCTION 7.45 3/12/2019 CNY 63.69
TAIAN CITY TAISHAN 5.79 3/2/2018 CNY 71.80
TAIXING ZHONGXING S 8.29 3/27/2018 CNY 52.89
TAIXING ZHONGXING S 8.29 3/27/2018 CNY 52.71
TAIZHOU CITY CONSTR 6.90 1/25/2017 CNY 40.81
TAIZHOU HAILING ASS 8.52 3/21/2019 CNY 64.34
TAIZHOU HAILING ASS 8.52 3/21/2019 CNY 63.65
TIANJIN BINHAI NEW 5.00 3/13/2018 CNY 92.20
TIANJIN BINHAI NEW 5.00 3/13/2018 CNY 71.46
TIANJIN HI-TECH IND 7.80 3/27/2019 CNY 62.93
TIANJIN HI-TECH IND 7.80 3/27/2019 CNY 63.86
TIANJING HANBIN INV 8.39 3/22/2019 CNY 64.28
TIGER FOREST & PAPE 5.38 6/14/2017 CNY 72.78
TONGHUA FENGYUAN IN 8.36 12/13/2021 CNY 65.02
TONGLIAO CITY INVES 5.98 9/1/2017 CNY 71.77
TONGLIAO CITY INVES 5.98 9/1/2017 CNY 70.30
TRI-CONTROL AUTOMAT 8.75 12/11/2018 USD 55.25
URUMQI STATE-OWNED 6.48 4/28/2018 CNY 50.99
VANZIP INVESTMENT G 7.92 2/4/2019 CNY 67.32
WAFANGDIAN STATE-OW 8.55 4/19/2019 CNY 65.10
WENZHOU ANJUFANG CI 7.65 4/24/2019 CNY 63.64
WUHAI CITY CONSTRUC 8.20 3/31/2019 CNY 64.41
WUHAI CITY CONSTRUC 8.20 3/31/2019 CNY 64.01
WUHU ECONOMIC TECHN 6.70 6/8/2018 CNY 68.83
WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 49.93
WUXI COMMUNICATIONS 5.58 7/8/2016 CNY 49.62
XIANGTAN CITY CONST 8.00 3/16/2019 CNY 61.00
XIANGTAN CITY CONST 8.00 3/16/2019 CNY 64.72
XIANGTAN JIUHUA ECO 6.93 12/16/2016 CNY 40.83
XIANGTAN JIUHUA ECO 6.93 12/16/2016 CNY 40.60
XIANGYANG CITY CONS 8.12 1/12/2019 CNY 64.54
XIANGYANG CITY CONS 8.12 1/12/2019 CNY 63.75
XIAOGAN URBAN CONST 8.12 3/26/2019 CNY 64.20
XINJIANG SHIHEZI DE 7.50 8/29/2018 CNY 72.39
XINXIANG INVESTMENT 6.80 1/18/2018 CNY 72.41
XUCHANG GENERAL INV 7.78 4/27/2019 CNY 64.59
XUZHOU ECONOMIC TEC 8.20 3/7/2019 CNY 63.69
XUZHOU ECONOMIC TEC 8.20 3/7/2019 CNY 64.60
YANGZHONG URBAN CON 7.10 3/26/2018 CNY 72.87
YANGZHOU ECONOMIC D 5.80 5/12/2016 CNY 50.01
YANGZHOU ECONOMIC D 6.10 7/7/2016 CNY 50.00
YANGZHOU ECONOMIC D 6.10 7/7/2016 CNY 50.22
YANGZHOU URBAN CONS 5.94 7/23/2016 CNY 40.19
YANGZHOU URBAN CONS 5.94 7/23/2016 CNY 40.04
YANZHOU HUIMIN URBA 8.50 12/28/2017 CNY 52.91
YIJINHUOLUOQI HONGT 8.35 3/19/2019 CNY 59.00
YIJINHUOLUOQI HONGT 8.35 3/19/2019 CNY 60.10
YINCHUAN URBAN CONS 6.28 3/9/2017 CNY 25.52
YINGKOU CITY CONSTR 7.98 4/18/2020 CNY 72.65
YIYANG CITY CONSTRU 8.20 11/19/2016 CNY 39.97
YUNNAN PROVINCIAL I 5.25 8/24/2017 CNY 70.37
YUNNAN PROVINCIAL I 5.25 8/24/2017 CNY 70.50
ZHANGJIAGANG JINCHE 6.23 1/6/2018 CNY 61.59
ZHEJIANG PROVINCE D 6.90 4/12/2018 CNY 73.87
ZHENJIANG NEW AREA 8.16 3/1/2019 CNY 62.32
ZHENJIANG NEW AREA 8.16 3/1/2019 CNY 63.47
ZHUCHENG ECONOMIC D 7.50 8/25/2018 CNY 41.73
ZHUCHENG ECONOMIC D 6.40 4/26/2018 CNY 62.03
ZHUCHENG ECONOMIC D 6.40 4/26/2018 CNY 41.35
ZHUHAI HUAFA GROUP 8.43 2/16/2018 CNY 52.99
ZHUHAI HUAFA GROUP 8.43 2/16/2018 CNY 52.65
ZHUHAI ZHONGFU ENTE 6.60 3/28/2017 CNY 56.80
ZIBO CITY PROPERTY 5.45 4/27/2019 CNY 49.09
ZOUCHENG CITY ASSET 7.02 1/12/2018 CNY 41.75
ZOUPING COUNTY STAT 6.98 4/27/2018 CNY 72.01
ZOUPING COUNTY STAT 6.98 4/27/2018 CNY 103.07
ZUNYI CITY INVESTME 8.53 3/13/2019 CNY 66.48
ZUNYI CITY INVESTME 8.53 3/13/2019 CNY 62.01
INDONESIA
---------
BERAU COAL ENERGY T 7.25 3/13/2017 USD 15.25
BERAU COAL ENERGY T 7.25 3/13/2017 USD 15.00
INDIA
-----
3I INFOTECH LTD 5.00 4/26/2017 USD 11.50
BLUE DART EXPRESS L 9.30 11/20/2017 INR 10.18
BLUE DART EXPRESS L 9.40 11/20/2018 INR 10.27
BLUE DART EXPRESS L 9.50 11/20/2019 INR 10.35
COROMANDEL INTERNAT 9.00 7/23/2016 INR 16.06
GTL INFRASTRUCTURE 4.03 11/9/2017 USD 31.00
JAIPRAKASH ASSOCIAT 5.75 9/8/2017 USD 65.19
JAIPRAKASH POWER VE 7.00 5/26/2016 USD 71.50
JCT LTD 2.50 4/8/2011 USD 22.50
PRAKASH INDUSTRIES 5.25 4/30/2015 USD 20.38
PYRAMID SAIMIRA THE 1.75 7/4/2012 USD 1.00
REI AGRO LTD 5.50 11/13/2014 USD 1.75
REI AGRO LTD 5.50 11/13/2014 USD 1.75
SVOGL OIL GAS & ENE 5.00 8/17/2015 USD 19.88
JAPAN
-----
AVANSTRATE INC 5.55 10/31/2017 JPY 33.25
AVANSTRATE INC 5.55 10/31/2017 JPY 37.00
MICRON MEMORY JAPAN 0.70 8/1/2016 JPY 8.63
MICRON MEMORY JAPAN 0.50 10/26/2015 JPY 8.75
MICRON MEMORY JAPAN 2.03 3/22/2012 JPY 8.63
MICRON MEMORY JAPAN 2.10 11/29/2012 JPY 8.63
MICRON MEMORY JAPAN 2.29 12/7/2012 JPY 8.63
TAKATA CORP 0.58 3/26/2021 JPY 73.50
KOREA
-----
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.91
2014 KODIT CREATIVE 5.00 12/25/2017 KRW 31.91
DOOSAN CAPITAL SECU 20.00 4/22/2019 KRW 42.74
HANA FINANCIAL GROU 3.59 5/29/2045 KRW 101.78
HYUNDAI MERCHANT MA 5.80 7/7/2016 KRW 45.37
HYUNDAI MERCHANT MA 5.30 7/3/2017 KRW 45.54
HYUNDAI MERCHANT MA 6.20 3/28/2017 KRW 45.81
KIBO ABS SPECIALTY 10.00 2/19/2017 KRW 38.69
KIBO ABS SPECIALTY 10.00 9/4/2016 KRW 46.20
KIBO ABS SPECIALTY 5.00 12/25/2017 KRW 30.52
KIBO ABS SPECIALTY 5.00 1/31/2017 KRW 33.53
KIBO ABS SPECIALTY 5.00 3/29/2018 KRW 30.81
KIBO ABS SPECIALTY 10.00 8/22/2017 KRW 26.21
LSMTRON DONGBANGSEO 4.53 11/22/2017 KRW 31.43
PULMUONE CO LTD 2.50 8/6/2045 KRW 58.71
PULMUONE CO LTD 2.50 8/6/2045 KRW 58.80
SINBO SECURITIZATIO 5.00 6/25/2019 KRW 26.65
SINBO SECURITIZATIO 5.00 6/25/2018 KRW 28.78
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 6/29/2016 KRW 51.64
SINBO SECURITIZATIO 5.00 7/26/2016 KRW 46.08
SINBO SECURITIZATIO 5.00 7/26/2016 KRW 46.08
SINBO SECURITIZATIO 5.00 5/27/2016 KRW 62.51
SINBO SECURITIZATIO 5.00 5/27/2016 KRW 62.51
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 10/1/2017 KRW 32.43
SINBO SECURITIZATIO 5.00 12/25/2016 KRW 33.99
SINBO SECURITIZATIO 5.00 5/26/2018 KRW 29.05
SINBO SECURITIZATIO 5.00 2/21/2017 KRW 34.46
SINBO SECURITIZATIO 5.00 2/21/2017 KRW 34.46
SINBO SECURITIZATIO 5.00 1/29/2017 KRW 34.72
SINBO SECURITIZATIO 5.00 12/13/2016 KRW 35.24
SINBO SECURITIZATIO 5.00 3/13/2017 KRW 34.23
SINBO SECURITIZATIO 5.00 3/13/2017 KRW 34.23
SINBO SECURITIZATIO 5.00 10/5/2016 KRW 37.47
SINBO SECURITIZATIO 5.00 10/5/2016 KRW 37.47
SINBO SECURITIZATIO 5.00 8/31/2016 KRW 40.99
SINBO SECURITIZATIO 5.00 8/31/2016 KRW 40.99
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 9/26/2018 KRW 29.34
SINBO SECURITIZATIO 5.00 3/18/2019 KRW 27.61
SINBO SECURITIZATIO 5.00 3/18/2019 KRW 27.61
SINBO SECURITIZATIO 5.00 7/8/2017 KRW 33.39
SINBO SECURITIZATIO 5.00 7/8/2017 KRW 33.39
SINBO SECURITIZATIO 5.00 6/7/2017 KRW 20.67
SINBO SECURITIZATIO 5.00 6/7/2017 KRW 20.67
SINBO SECURITIZATIO 5.00 12/23/2018 KRW 28.39
SINBO SECURITIZATIO 5.00 12/23/2018 KRW 28.39
SINBO SECURITIZATIO 5.00 12/23/2017 KRW 30.54
SINBO SECURITIZATIO 5.00 2/11/2018 KRW 31.21
SINBO SECURITIZATIO 5.00 2/11/2018 KRW 31.21
SINBO SECURITIZATIO 5.00 1/15/2018 KRW 31.71
SINBO SECURITIZATIO 5.00 1/15/2018 KRW 31.71
SINBO SECURITIZATIO 5.00 3/12/2018 KRW 30.96
SINBO SECURITIZATIO 5.00 3/12/2018 KRW 30.96
SINBO SECURITIZATIO 5.00 8/16/2016 KRW 41.04
SINBO SECURITIZATIO 5.00 8/16/2017 KRW 32.97
SINBO SECURITIZATIO 5.00 8/16/2017 KRW 32.97
SINBO SECURITIZATIO 5.00 7/24/2017 KRW 32.11
SINBO SECURITIZATIO 5.00 7/24/2018 KRW 30.08
SINBO SECURITIZATIO 5.00 6/27/2018 KRW 30.30
SINBO SECURITIZATIO 5.00 7/24/2018 KRW 30.08
SINBO SECURITIZATIO 5.00 6/27/2018 KRW 30.30
SINBO SECURITIZATIO 5.00 1/30/2019 KRW 28.04
SINBO SECURITIZATIO 5.00 1/30/2019 KRW 28.04
SINBO SECURITIZATIO 5.00 10/30/2019 KRW 19.62
SINBO SECURITIZATIO 5.00 2/27/2019 KRW 27.84
SINBO SECURITIZATIO 5.00 2/27/2019 KRW 27.84
SINBO SECURITIZATIO 5.00 8/29/2018 KRW 29.57
SINBO SECURITIZATIO 5.00 8/29/2018 KRW 29.57
TONGYANG CEMENT & E 7.30 4/12/2015 KRW 70.00
TONGYANG CEMENT & E 7.50 7/20/2014 KRW 70.00
TONGYANG CEMENT & E 7.50 4/20/2014 KRW 70.00
TONGYANG CEMENT & E 7.30 6/26/2015 KRW 70.00
TONGYANG CEMENT & E 7.50 9/10/2014 KRW 70.00
U-BEST SECURITIZATI 5.50 11/16/2017 KRW 32.73
WOONGJIN ENERGY CO 3.00 12/19/2019 KRW 69.97
WOORI BANK 5.21 12/12/2044 KRW 437.75
SRI LANKA
---------
SRI LANKA GOVERNMEN 9.00 6/1/2043 LKR 67.38
SRI LANKA GOVERNMEN 5.35 3/1/2026 LKR 58.15
SRI LANKA GOVERNMEN 8.00 1/1/2032 LKR 65.64
SRI LANKA GOVERNMEN 7.00 10/1/2023 LKR 73.62
SRI LANKA GOVERNMEN 9.00 10/1/2032 LKR 71.59
SRI LANKA GOVERNMEN 6.00 12/1/2024 LKR 65.05
SRI LANKA GOVERNMEN 9.00 6/1/2033 LKR 71.09
SRI LANKA GOVERNMEN 9.00 11/1/2033 LKR 70.60
MALAYSIA
--------
BANDAR MALAYSIA SDN 0.35 2/20/2024 MYR 72.96
BANDAR MALAYSIA SDN 0.35 12/29/2023 MYR 73.47
BIMB HOLDINGS BHD 1.50 12/12/2023 MYR 72.45
BRIGHT FOCUS BHD 2.50 1/24/2030 MYR 73.15
BRIGHT FOCUS BHD 2.50 1/22/2031 MYR 69.73
LAND & GENERAL BHD 1.00 9/24/2018 MYR 0.21
SENAI-DESARU EXPRES 0.50 12/31/2038 MYR 65.56
SENAI-DESARU EXPRES 0.50 12/30/2044 MYR 72.25
SENAI-DESARU EXPRES 0.50 12/31/2043 MYR 71.25
SENAI-DESARU EXPRES 0.50 12/30/2039 MYR 67.01
SENAI-DESARU EXPRES 0.50 12/31/2040 MYR 68.04
SENAI-DESARU EXPRES 0.50 12/31/2046 MYR 74.03
SENAI-DESARU EXPRES 1.15 12/29/2023 MYR 70.71
SENAI-DESARU EXPRES 0.50 12/31/2041 MYR 69.06
SENAI-DESARU EXPRES 0.50 12/31/2042 MYR 70.23
SENAI-DESARU EXPRES 0.50 12/29/2045 MYR 72.74
SENAI-DESARU EXPRES 1.35 12/31/2026 MYR 63.59
SENAI-DESARU EXPRES 1.15 12/30/2022 MYR 73.90
SENAI-DESARU EXPRES 1.15 6/30/2023 MYR 72.28
SENAI-DESARU EXPRES 1.15 6/28/2024 MYR 69.16
SENAI-DESARU EXPRES 1.15 12/31/2024 MYR 67.61
SENAI-DESARU EXPRES 1.15 6/30/2025 MYR 66.13
SENAI-DESARU EXPRES 1.35 12/31/2025 MYR 66.14
SENAI-DESARU EXPRES 1.35 6/30/2026 MYR 64.80
SENAI-DESARU EXPRES 1.35 6/30/2027 MYR 62.38
SENAI-DESARU EXPRES 1.35 12/31/2027 MYR 61.17
SENAI-DESARU EXPRES 1.35 6/29/2029 MYR 57.60
SENAI-DESARU EXPRES 1.35 12/31/2029 MYR 56.44
SENAI-DESARU EXPRES 1.35 6/30/2028 MYR 59.98
SENAI-DESARU EXPRES 1.35 12/29/2028 MYR 58.77
SENAI-DESARU EXPRES 1.35 12/31/2030 MYR 54.17
SENAI-DESARU EXPRES 1.35 6/28/2030 MYR 55.32
SENAI-DESARU EXPRES 1.35 6/30/2031 MYR 53.05
UNIMECH GROUP BHD 5.00 9/18/2018 MYR 1.14
PHILIPPINES
-----------
BAYAN TELECOMMUNICA 13.50 7/15/2006 USD 22.75
BAYAN TELECOMMUNICA 13.50 7/15/2006 USD 22.75
SINGAPORE
---------
AXIS OFFSHORE PTE L 7.89 5/18/2018 USD 62.73
BAKRIE TELECOM PTE 11.50 5/7/2015 USD 3.03
BAKRIE TELECOM PTE 11.50 5/7/2015 USD 3.03
BERAU CAPITAL RESOU 12.50 7/8/2015 USD 20.75
BERAU CAPITAL RESOU 12.50 7/8/2015 USD 19.68
BLD INVESTMENTS PTE 8.63 3/23/2015 USD 8.38
BUMI CAPITAL PTE LT 12.00 11/10/2016 USD 15.60
BUMI CAPITAL PTE LT 12.00 11/10/2016 USD 16.61
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 15.90
BUMI INVESTMENT PTE 10.75 10/6/2017 USD 16.85
ENERCOAL RESOURCES 6.00 4/7/2018 USD 10.13
GOLIATH OFFSHORE HO 12.00 6/11/2017 USD 5.12
INDO INFRASTRUCTURE 2.00 7/30/2010 USD 1.88
ORO NEGRO DRILLING 7.50 1/24/2019 USD 45.00
OSA GOLIATH PTE LTD 12.00 10/9/2018 USD 62.00
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 72.50
OTTAWA HOLDINGS PTE 5.88 5/16/2018 USD 48.00
PACIFIC RADIANCE LT 4.30 8/29/2018 SGD 73.50
SWIBER CAPITAL PTE 6.50 8/2/2018 SGD 46.25
SWIBER CAPITAL PTE 6.25 10/30/2017 SGD 59.25
SWIBER HOLDINGS LTD 7.13 4/18/2017 SGD 60.13
TRIKOMSEL PTE LTD 5.25 5/10/2016 SGD 17.75
TRIKOMSEL PTE LTD 7.88 6/5/2017 SGD 15.00
THAILAND
--------
G STEEL PCL 3.00 10/4/2015 USD 3.74
MDX PCL 4.75 9/17/2003 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRAD 1.00 10/10/2025 USD 50.25
DEBT AND ASSET TRAD 1.00 10/10/2025 USD 50.15
*********
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 2016. 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 ***