/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/161025.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, October 25, 2016, Vol. 19, No. 211 Headlines A U S T R A L I A ALTERNATE DWELLINGS: First Creditors' Meeting Set for Nov. 2 FORTRUS RESOURCES: First Creditors' Meeting Set for Nov. 1 HOME AUSTRALIA: Newstart Homes Staff Owed AUD160K in Entitlements MESOBLAST LIMITED: Named 2016 Cell Therapy Company of the Year NXGEN EPOXY: First Creditors' Meeting Slated for Nov. 1 OPAL SECURITY: First Creditors' Meeting Set for Oct. 31 THE HUB @ MERMAID: Court Issues Wind Up Order H O N G K O N G CHINA CITIC: Moody's Affirms Ba2 Preferred Stock Rating I N D I A ALANG METAL: CRISIL Suspends 'D' Rating on INR195MM Cash Loan ANNAKOOT PROPERTIES: CRISIL Raises Rating on INR500MM Loan to BB ANTILLA BREWERIES: CRISIL Suspends 'B' Rating on INR65MM Loan APOLLO ZIPPER: CARE Revises INR162.19cr Loan Rating to BB+ (SO) ARIHANTH JEWELLERS: CRISIL Suspends B+ Rating on INR100MM Loan AZAD ISPAT: ICRA Assigns B+ Rating to INR12cr Cash Loan BAPASITARAM CERAMIC: CRISIL Cuts Rating on INR30MM Loan to 'B' BE BE RUBBER: CRISIL Assigns B- Rating to INR48.5MM Cash Loan BHADORA INDUSTRIES: CRISIL Assigns 'B+' Rating to INR32MM Loan BHARAT HOTELS: CARE Hikes Rating on INR912.25cr LT Loan to BB+ CAUVERY TIMBER: CRISIL Assigns 'B' Rating to INR20MM Cash Loan CEEBUILD COMPANY: CRISIL Suspends 'D' Rating on INR240MM Loan CHANDRA ENGINEERS: CRISIL Assigns B+ Rating to INR75.5MM Loan DEBJYOTI PULP: CRISIL Suspends B- Rating on INR65.8MM Term Loan DHARESHWAR GINNING: ICRA Suspends B+ Rating on INR6cr Cash Loan GREAT EASTERN: CARE Lowers Rating on INR513cr Bank Loan to D IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Unalloc. Loan to D JAYNIL ENTERPRISES: CRISIL Suspends 'B' Rating on INR122.5MM Loan KANDLA PACKAGING: CRISIL Suspends 'B' Rating on INR120MM Loan KRISHNA GINNING: ICRA Suspends 'B' Rating on INR8.0cr Cash Loan KUFRI FUN: CRISIL Assigns 'D' Rating to INR120MM Term Loan KUJJAL BUILDERS: CARE Ups Rating on INR140.55cr Loan to BB+(SO) LATA FIBRES: CRISIL Assigns B+ Rating to INR60MM Cash Loan MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan MARUTI KNIT: CARE Assigns 'B' Rating to INR3.76cr Long Term Loan MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Bank Loan MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR32.40cr Loan PREET JNC: CRISIL Suspends B+ Rating on INR54.5MM Term Loan PRESTIGIOUS SCORS: CRISIL Raises Rating on INR25MM Loan to BB- PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan RATTANINDIA NASIK: CARE Lowers Rating on INR4240cr Loan to 'D' RATTANINDIA POWER: CARE Withdraws D Rating on INR7,692.14cr Loan RUTTONPORE PLANTATIONS: CRISIL Ups Rating on INR65MM Loan to C SAKTHI STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to 'B' SARAVANA TEXTILES: ICRA Suspends B+/A4 Rating on INR18.82cr Loan SEGAM TILES: CARE Assigns B+ Rating to INR40cr Long Term Loan SHREE SHAKTI: CARE Assigns B+ Rating to INR8.50cr Long Term Loan SHREE SHIV: CRISIL Suspends 'D' Rating on INR147.9MM Term Loan SHRISHTI ELECTROMECH: CRISIL Reaffirms 'B' INR108.5MM Loan Rating SIDDESHWAR MULTIPURPOSE: CRISIL Suspends B- INR53.5MM Loan Rating TIRUPATI COTEX: ICRA Ups Rating on INR6cr Cash Loan to 'B' U G CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR50MM Loan USHA PRABHA: CARE Reaffirms B+ Rating on INR4.86cr Long Term Loan VERSANT ONLINE: CARE Assigns 'B' Rating to INR2.95cr LT Loan ZEN EXIM: CRISIL Cuts Rating on INR200MM Cash Loan to B+ J A P A N MITSUBISHI MOTORS: Nissan CEO Carlos Ghosn to Become Chairman MITSUBISHI MOTORS: Nissan Completes $2.3BB Stake Acquisition N E W Z E A L A N D PUMPKIN PATCH: Says Uncertainty Over Future "Remains Ongoing" S I N G A P O R E ASL MARINE: Seeks to Issue Shares as Debt Strains Mount PRECISION CAPITAL: Moody's Assigns B2 Corporate Family Rating SWISSCO HOLDINGS: Receives Default Notice from Notes Trustee S O U T H K O R E A HANJIN SHIPPING: Seeking to Close European Operations X X X X X X X X * BOND PRICING: For the Week Oct. 17 to Oct. 21, 2016 - - - - - ================= A U S T R A L I A ================= ALTERNATE DWELLINGS: First Creditors' Meeting Set for Nov. 2 ------------------------------------------------------------ A first meeting of the creditors in the proceedings of Alternate Dwellings Pty Ltd will be held at the offices of Vince & Associates, 51 Robinson Street, in Dandenong, Victoria, on Nov. 2, 2016, at 11:00 a.m. Peter Robert Vince and Paul William Langdon of Vince & Associates were appointed as administrators of Alternate Dwellings on Oct. 21, 2016. FORTRUS RESOURCES: First Creditors' Meeting Set for Nov. 1 ---------------------------------------------------------- A first meeting of the creditors in the proceedings of Fortrus Resources Pty Ltd will be held at the offices of David Clout & Associates, 105A Bowen Street, in Spring Hill, Queensland, on Nov. 1, 2016, at 11:00 a.m. David Clout and Patricia Talty of David Clout & Associates were appointed as administrators of Fortrus Resources on Oct. 20, 2016. HOME AUSTRALIA: Newstart Homes Staff Owed AUD160K in Entitlements ----------------------------------------------------------------- Kathleen Skene at Gold Coast Bulletin reports that after weeks of being assured they were insulated from the problems faced by interstate branches of Home Australia, staff of Gold Coast firm Newstart Homes were called into a meeting room while their boss took a mystery phone called from then-Senator Bob Day. An hour later, they were shocked, crying and unemployed, the Bulletin relates. Some of the 13 permanent staff members are owed more than $160,000 in entitlements which they fear they may never see, according to the report. The Bulletin relates that sales consultants are unsure if they are eligible to claim under legislated employee entitlement schemes as the company insisted on hiring them as contractors -- meaning they may instead have to join the queue of creditors hoping to make back some of what they're owed. Bosses had assured staff since June they would not be affected by trouble in other branches of Mr. Day's Home Australia group, notes the Bulletin. But at 11am on Oct. 18, their manager called them together. "Something's happening," he told them, the report relates. "I don't know what's going on." But then he took the call from Mr. Day; staff were to forbidden from leaving; liquidators from McGrathNicol arrived and took over. "The liquidators came and stripped us of any Newstart assets we had -- keys to the place, things like that," the report quotes one consultant, who did not want to be named, as saying. "They interviewed us individually - then we were terminated at 12. It was pretty sombre -- the admin staff burst into tears." Mr. Day announced his resignation from the Senate on Oct. 17 as Home Australia went into liquidation. MESOBLAST LIMITED: Named 2016 Cell Therapy Company of the Year -------------------------------------------------------------- Mesoblast Limited announced it received the Frost & Sullivan Asia Pacific 2016 Cell Therapy Company of the Year Award. The Frost & Sullivan Awards identify and honor the best-in-class companies that have demonstrated excellence in their industry. According to Rhenu Bhuller, senior vice president & partner, Transformational Health, Frost & Sullivan, Mesoblast's strong overall performance and its achievements throughout the last financial year had earned the 2016 award. "This award recognizes Mesoblast's global achievements and its focus on clinical development of innovative cellular medicines in under-served therapy areas such as cardiovascular and degenerative diseases," she said. "Cell therapy will revolutionize how patients will be medicated in the future in areas with high unmet need such as cardiovascular and oncology among others. An increasing number of late-stage hybrid therapies such as cell-gene or stem cell- gene therapies are promising and can hit the mainstream market, which Frost & Sullivan projects to reach US$10 billion by 2020." The selection of this award was based on interviews, primary market analysis and extensive secondary research conducted by Frost & Sullivan's industry analyst team. Key criteria used were visionary innovation and performance; addressing unmet needs; visionary scenarios through mega trends; implementation of best practices; blue ocean strategy; impact; price/performance value and brand equity. The Award is made to the company that received the number one industry rank. Previously, the Mesoblast Group received the 2009 Frost & Sullivan North America Emerging Company Award in the Soft Tissue Repair Market, and the 2008 Frost & Sullivan United States Stem Cell Market Technology Innovation of the Year. About Frost & Sullivan Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best in class positions in growth, innovation and leadership. Frost & Sullivan -- http://www.frost.com/-- leverages over 50 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 40 offices on six continents. Frost & Sullivan's Best Practices Awards recognize companies throughout a range of regional and global markets for superior leadership, technological innovation, customer service, and strategic product development. Frost & Sullivan's industry analyst team benchmarks market participants and measures their performance through independent, primary interviews, and secondary industry research in order to evaluate and identify best practices. About Mesoblast Ltd. Melbourne, Australia-based Mesoblast Limited (ASX:MSB; Nasdaq:MESO) is a global leader in developing innovative cell- based medicines. The Company has leveraged its proprietary technology platform, which is based on specialized cells known as mesenchymal lineage adult stem cells, to establish a broad portfolio of late-stage product candidates. Mesoblast's allogeneic, 'off-the-shelf' cell product candidates target advanced stages of diseases with high, unmet medical needs including cardiovascular diseases, immune-mediated and inflammatory disorders, orthopedic disorders, and oncologic/hematologic conditions. As of June 30, 2016, Mesoblast had $684.0 million in total assets, $155.9 million in total liabilities and $528.2 million in total equity. Mesoblast reported a loss before income tax of $90.82 million for the year ended June 30, 2016, compared to a loss before income tax of $96.24 million for the year ended June 30, 2015. PricewaterhouseCoopers, in Melbourne, Australia, issued a "going concern" qualification on the consolidated financial statements for the year ended June 30, 2016, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. NXGEN EPOXY: First Creditors' Meeting Slated for Nov. 1 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Nxgen Epoxy Pty Limited will be held at the offices of BCR Advisory, Level 10, 10 Spring Street, in Sydney, NSW, on Nov. 1, 2016, at 10:00 a.m. Geoffrey Davis and John Morgan of BCR Advisory were appointed as administrators of Nxgen Epoxy on Oct. 22, 2016. OPAL SECURITY: First Creditors' Meeting Set for Oct. 31 ------------------------------------------------------- A first meeting of the creditors in the proceedings of Opal Security Australia Pty Ltd will be held at Level 40, 140 William, in Melbourne, Victoria, on Oct. 31, 2016, at 12:15 p.m. Travis Pullen of TJP Advisory was appointed as administrator of Opal Security on Oct. 21, 2016. THE HUB @ MERMAID: Court Issues Wind Up Order --------------------------------------------- Ryan Keen at Gold Coast Bulletin reports that the Fair Work Ombudsman has obtained a court order to wind up a company behind a Gold Coast restaurant and tapas bar accused of underpaying staff. According to the Bulletin, Queensland's Federal Circuit Court issued the wind-up order for the The Hub @ Mermaid Pty Ltd, which traded as The Hub @ Varsity Lakes. The Bulletin relates that the Fair Work Ombudsman won the court order two months ago after the company failed to pay an $84,500 penalty dished out last year. It related to underpaid staff claims dating back to December 2011. A Fair Work Ombudsman spokeswoman told the Bulletin: "In February, 2015, the Fair Work Ombudsman secured a penalty of $84,500 against The Hub @ Mermaid Pty Ltd, operating as The Hub @ Varsity Lakes, and its manager and part-owner Graham John Bell for engaging in conduct aimed at avoiding having to back-pay nine employees almost $17,000." The Fair Work Ombudsman revealed it obtained the wind-up order on August 19. The workers were originally found to have been underpaid $16,881 between December 2011 and December 2012, the Bulletin adds. ================ H O N G K O N G ================ CHINA CITIC: Moody's Affirms Ba2 Preferred Stock Rating ------------------------------------------------------- Moody's Investors Service has taken the following rating actions on two Hong Kong subsidiaries of mid-sized Mainland Chinese banks: -- Affirmed Wing Lung Bank Limited's baa1 Baseline Credit Assessment (BCA) and adjusted BCA, A3/P-2 deposit ratings, and all other ratings and Counterparty Risk Assessments (CRA). At the same time, revised to stable from negative the outlook on the ratings of Wing Lung Bank. -- Affirmed China CITIC Bank International Limited's baa2 BCA and adjusted BCA, Baa1/P-2 deposit ratings, and all other ratings and CRA. Its ratings outlook remains negative. The rating actions follow Moody's rating actions on Wing Lung Bank Limited's and China CITIC Bank International Limited's parents - China Merchants Bank Co., Ltd. (Baa1 stable, ba1) and China CITIC Bank Corporation Limited (Baa2 stable, ba2) - as announced on Oct. 17, 2016. Outlooks, which provide an opinion on likely rating directions over the medium term, are assigned only to a bank's long-term deposit, issuer and senior unsecured debt ratings. RATINGS RATIONALE Although there is now a widening differential to three-notch between the BCAs of the Mainland banks and their Hong Kong subsidiaries, Moody's believes the difference in their credit profiles justify their different standalone assessments. Wing Lung Bank's and China CITIC Bank International's financial metrics remain within the parameters of their BCAs, resulting in the affirmation of their BCAs. Moody's notes that the two Hong Kong banks demonstrate resilient asset quality and sound capital and liquidity metrics, despite their challenging operating environment. Wing Lung Bank's gross loans - including trade bills - fell 10% at end-June 2016 from the levels seen at end-2015, due mainly to a fall in trade bills. Lending to Mainland customers fell 22% at end-June 2016, and accounted for 28% of gross loans excluding trade bills. Wing Lung Bank's asset quality metrics are sound, with an impaired loan ratio of 0.23% at end-June 2016. The bank's capitalization is adequate, with a Common Equity Tier 1 (CET 1) ratio of 12.4% at end-June 2016. The bank has also maintained a sound liquidity profile, with a loan-to-deposit ratio - including trade bills - of 76% at end-June 2016, down from 81% at end-2015. Like Wing Lung Bank, China CITIC Bank International has also experienced slower loan growth. Its gross loans - including trade bills - rose 4% at end-June 2016 from the level seen at end-2015 compared with an average annual growth of 17% between 2012 and 2015. The bank's CET 1 ratio improved to 11.1% at end-June 2016 from 10.5% at end-2015, following the equity injection of HKD1.8 billion from its parent bank in January 2016. China CITIC Bank International reported an impaired loan ratio of 0.86% at end-June 2016, down slightly from 0.89% at end-2015, but up 39 basis points when compared with the 0.47% registered at end-2014. The negative ratings outlook for China CITIC Bank International takes into account the likely pressure on its asset quality, given the weakness in macroeconomic conditions. By contrast, the change of Wing Lung Bank's outlook to stable from negative reflects the bank's stable performance in recent quarters, a situation which provides the bank with a strong buffer to withstand the stresses arising from a potentially more challenging operating environment during 2016-17. The bank's impaired loan ratio compares favorably with most Moody's-rated Hong Kong banks, despite its strong loan growth early this decade. As for China CITIC Bank International's and Wing Lung Bank's deposit ratings, Moody's continues to incorporate one notch of support in the ratings, due to a moderate likelihood of indirect support from the Government of China (Aa3 negative) to the banks in times of need, through the banks' parents. WHAT COULD CHANGE THE RATING UP/DOWN For Wing Lung Bank, the bank's ratings could be upgraded if it maintains strong capitalization and sound asset quality, while improving its franchise and market position. For China CITIC Bank International, given its negative ratings outlook, its ratings are not likely to be upgraded. Its outlook could be revised to stable if operating conditions in China and Hong Kong improve. The Hong Kong banks' deposit ratings and standalone BCA could be adjusted downwards if: (1) Moody's assesses that government support for these banks has diminished, (2) operating conditions deteriorate further in Hong Kong and China, resulting in a worsening of the banks' capitalization and/or asset quality, and/or (3) there is a strong increase in the banks' overall loans or Mainland exposures. LIST OF AFFECTED RATINGS Wing Lung Bank Limited -- Baseline Credit Assessment (BCA) and Adjusted BCA affirmed at baa1 -- Bank deposit ratings affirmed at A3/P-2 -- Senior unsecured MTN programme rating affirmed at (P)A3 -- Subordinate MTN programme rating affirmed at (P)Baa2 -- Subordinate debt rating affirmed at Baa2 -- Counterparty Risk Assessment affirmed at A2(cr)/P-1(cr) -- Outlook revised to stable from negative China CITIC Bank International Limited -- Baseline Credit Assessment (BCA) and Adjusted BCA affirmed at baa2 -- Bank deposit ratings affirmed at Baa1/P-2 -- Deposit Note/CD programme rating affirmed at (P)Baa1/(P)P-2 -- Senior unsecured MTN programme rating affirmed at (P)Baa1 -- Subordinate MTN programme rating affirmed at (P)Baa3 -- Junior subordinate MTN programme rating affirmed at (P)Ba1 -- Subordinate debt rating affirmed at Baa3 -- Non-cumulative pref. stock rating affirmed at Ba2(hyb) -- Counterparty Risk Assessment affirmed at A3(cr)/P-2(cr) -- Outlook remains negative The principal methodology used in these ratings was Banks published in January 2016. China CITIC Bank International Limited is based in Hong Kong, and reported total assets of HKD296 billion at end-June 2016. Wing Lung Bank Limited is based in Hong Kong, and reported total assets of HKD238 billion at end-June 2016. ========= I N D I A ========= ALANG METAL: CRISIL Suspends 'D' Rating on INR195MM Cash Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Alang Metal Exim Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 195 CRISIL D Letter of Credit 100 CRISIL D Proposed Long Term Bank Loan Facility 5 CRISIL D The suspension of ratings is on account of non-cooperation by AMEPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AMEPL is yet to provide adequate information to enable CRISIL to assess AMEPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. AMEPL was incorporated in 2003, promoted by Mr. Billal Lakhadia, in Mumbai. The company trades in scrap, including metal sheets, pipes, rounds, structures, angles, and channels. ANNAKOOT PROPERTIES: CRISIL Raises Rating on INR500MM Loan to BB ---------------------------------------------------------------- CRISIL has upgraded its rating on the long-term bank facility of Annakoot Properties Private Limited to 'CRISIL BB/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term 500 CRISIL BB/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') The upgrade reflects expected strong financial and operational support that APPL derived from the parent, Trishul Buildtech and Infrastructure Pvt Ltd (TBIPL). The upgrade also reflects improvement in operational performance following rebranding the hotel to 'Goldfinch', the group's hospitality brand. With the rebranding to 'Goldfinch', occupancy rates improved to 91% in fiscal 2016 from 61% in fiscal 2015 and operating profitability improved to 22.9% from 10%. While cash accrual is expected to remain insufficient to meet debt obligation over the medium term, despite improved performance, timely support is expected to be provided by TBIPL. TBIPL also provided an undertaking to support the debt repayment of APPL in a timely manner. The rating reflects strong operational and financial support from TBIPL and improving operational performance supported by strategic location and rebranding to 'Goldfinch - Mumbai'. These strengths are partially offset by weak financial risk profile because of high gearing and weak debt protection metrics, and susceptibility to intense competition and cyclicality in the hospitality sector. Outlook: Stable CRISIL believes that APPL will continue to benefit from improving operational metrics and strong support from promoters. The outlook may be revised to 'Positive' if sizeable cash accrual supports debt repayment obligation. Conversely, the outlook may be revised to 'Negative' if decline in revenue and profitability leads to low cash accrual, or any large debt-funded capital expenditure weakens debt protection metrics. APPL, a 100% subsidiary of TBIPL, operates a four-star hotel with 94 rooms in Andheri, Mumbai. APPL is currently managed by the Bengaluru-based MRG group. The hotel has been rebranded, Goldfinch ' Mumbai, since October 2015. APPL was incorporated in November 2003, by the Mumbai-based Joshi and Hendre family. In fiscal 2014, assets and liabilities were taken over by asset reconstruction company, J M Financial Services (JMF). APPL was then taken over from JMF by the TBIPL as on April 1, 2015 ANTILLA BREWERIES: CRISIL Suspends 'B' Rating on INR65MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Antilla Breweries Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 2 CRISIL A4 Term Loan 48.5 CRISIL B/Stable Working Capital Facility 65.0 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by ABPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, ABPL is yet to provide adequate information to enable CRISIL to assess ABPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. ABPL was set up in 2012 by the Agarwal family of Siliguri (West Bengal). The company has set up a rice-milling unit in Maynaguri (West Bengal) with a milling capacity of 6 tonnes per hour. APOLLO ZIPPER: CARE Revises INR162.19cr Loan Rating to BB+ (SO) --------------------------------------------------------------- CARE revises the LT ratings and assigns ST rating to the bank facilities of Apollo Zipper India Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 162.19 CARE BB+ (SO) Revised from CARE B (SO) Short-term Bank Facilities 5.00 CARE A4+ (SO) Assigned Rating Rationale The rating of Appollo Zipper India Limited is based on credit enhancement in the form of unconditional and irrevocable corporate guarantee and letter of comfort provided by BHL towards bank facilities of AZIL. The revision in the ratings of the bank facilities of Bharat Hotels Ltd takes into account the improvement in operational performance of the company. Furthermore, the ratings continue to draw comfort from experienced promoters and long track record of operations in the hospitality business and diversified customer portfolio. However, the ratings remain constrained by high overall gearing and weak debt coverage indicators, competition from other hotels and cyclical nature of the hotel industry. Going forward, the ability of BHL to further improve its operational performance and cash flows, timely realization from envisaged sale of non-core assets would remain the key rating sensitivities. Apollo Zipper India Limited is a subsidiary (90% stake of BHL and 10% of West Bengal Government) of Bharat Hotels Limited (BHL, rated CARE BB+/CARE A4+). AZIL has developed a 244 rooms 5 star hotel in Kolkatta under the brand name of 'Lalit'. AZIL has commenced commercial operations from Q4FY14. ARIHANTH JEWELLERS: CRISIL Suspends B+ Rating on INR100MM Loan -------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Arihanth Jewellers Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by AJPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, AJPL is yet to provide adequate information to enable CRISIL to assess AJPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. AJPL, incorporated in 2013-14 (refers to financial year, April 1 to March 31), is engaged in the wholesaling of gold jewellery. The company is promoted by Chennai-based Bokadia family. AZAD ISPAT: ICRA Assigns B+ Rating to INR12cr Cash Loan ------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B+ to the INR12.00 crore long-term fund based limits of Azad Ispat India Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Fund Based-Cash Credit 12.00 [ICRA]B+ Assigned Rating Rationale The assigned rating is constrained by de-growth in AIIPL's scale of operations during the last two years on account of sub-optimal capacity utilization of its TMT bars facility, net losses due to high interest burden for the last five years, leveraged capital structure and weak coverage indicators. The rating is further constrained by AIIPL's exposure to price volatility given the cyclicality inherent in the steel industry and the vulnerability of the domestic industry to global demand-supply mismatches and international price trends. The operations are highly working capital intensive, primarily driven by elevated inventory days leading to high utilization of the working capital limits availed from the bank. ICRA notes that AIIPL's capital expenditure plan towards maintenance of its manufacturing plants will necessitate additional borrowing from the promoters and impact its capital structure in the near term. The rating, however, favorably takes into account AIIPL's established track record of operations in the TMT bars industry along with its reputed client and supplier base and lower cost of manufacturing as compared to the standalone rolling mills due to backward integration into manufacturing of ingots. In the near term, although domestic steel prices are expected to be supported by the protective measures taken by the Government of India, but ICRA does not expect a significant increase in prices due to the domestic oversupply situation with slow-moving construction activities and continued contraction in the capital goods sector posing significant challenges to the domestic steel industry. Going forward, AIIPL's ability to improve its profitability, maintain its capital structure and optimally manage its working capital requirements while increasing its scale of operations will be the key rating sensitivities. Incorporated in February 2008, Azad Ispat India Private Limited, an ISO 9001:2008 certified company, manufactures Thermo Mechanically Treated (TMT) bars, with a capacity to produce 31360 tonnes per annum (TPA). AIIPL sells its product to the dealers who further supply to the housing segment of the construction industry, under the brand name "AZAD TMT". It manufactures TMT bars of Fe 500 grade. It also has facilities to produce mild steel (MS) ingots (14400 TPA) which are used for captive consumption. Its manufacturing facility is located in Hindupur (Andhra Pradesh). AIIPL is promoted by Mr. Ameer Azad, Mr. Sumeer Ather Azad, Mr. Tanveer Azad and Mr. Muneer Azad. The promoter Group has prior experience in this industry since 1990 through another group entity called, Azad Steels, which does trading of iron and steel scrap, TMT bars, ferrous and non ferrous machineries etc in Bangalore, Karnataka. Azad Steels is a proprietorship firm under the ownership of Mr. Ameer Azad. AIIPL sells TMT bars to Azad Steels and in-turn procures scrap from it. Recent Results During FY2016 (based on provisional figures), AIIPL reported a net loss of INR0.48 crore on an operating income of INR63.40 crore, as against a net loss of INR1.22 crore on an operating income of INR77.15 crore during FY2015. BAPASITARAM CERAMIC: CRISIL Cuts Rating on INR30MM Loan to 'B' -------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Bapasitaram Ceramic to 'CRISIL B/Stable' from 'CRISIL B+/Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 25 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Term Loan 30 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') The downgrade reflects lower-than-expected scale up of operations in fiscal 2016 as reflected by revenues of INR54 million. Though the company's scale of operation is expected to improve in fiscal 2017, the same will be lower-than-expectations. Further liquidity is expected to stretch because cash accruals are expected to tightly match the maturing term debt repayment obligation in fiscal 2017. Liquidity is also expected to be stretched on account of high working capital requirements as seen by gross current asset days of 368 days as on March 31, 2016. With increase in scale of operations, the firm's working capital requirements is also expected to increase which is expected to result in full utilization of its bank limits The ratings reflect BSC's modest scale of operations in the highly competitive ceramics industry, and large working capital requirement. The rating also factors in below average financial risk profile because of a small net worth, high gearing and weak debt protection metrics. These rating weaknesses are partially offset by the extensive industry experience of the firm's partners and favorable location of its plant ensuring availability of raw material and labor. Outlook: Stable CRISIL believes that BSC will continue to benefit over the medium term from the extensive industry experience of its partners and its established relationships with customers. The outlook may be revised to 'Positive' in case of a significant increase in scale of operations and profitability, leading to larger-than-expected cash accruals or improvement in capital structure mostly on account of infusion of partners' capital. Conversely, the outlook may be revised to 'Negative' in case of lower-than-anticipated revenue or profitability, or deterioration in the financial risk profile, most likely because of a stretched working capital cycle or substantial debt-funded capital expenditure. Set up in 2014, BSC is a partnership firm, engaged in manufacturing of red ceramic body clay with total production capacity of 120,000 MT per annum. The firm has its manufacturing unit in Morbi-Gujarat. BE BE RUBBER: CRISIL Assigns B- Rating to INR48.5MM Cash Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B-/Stable' rating to the long- term bank facilities of The Be Be Rubber Estates Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Proposed Long Term Bank Loan Facility 3.8 CRISIL B-/Stable Cash Credit 48.5 CRISIL B-/Stable Long Term Loan 20.0 CRISIL B-/Stable The rating reflects a modest scale of operations and weak financial risk profile, with small networth, high gearing, and weak debt protection metrics. These weaknesses are partially offset by the extensive experience of promoters in rubber plantation industry. Outlook: Stable CRISIL believes TBBREL will benefit over the medium term from the extensive experience of the promoters and their established relationships with suppliers and customers. The outlook may be revised to 'Positive' if substantial increase in revenue and operating margin leads to improvement in liquidity or in case of equity infusion by promoters. Conversely, the outlook may be revised to 'Negative' if liquidity or financial risk profile deteriorates due to further decline in revenue or profitability. Established in 1937, TBBREL produces latex from rubber trees. The company owns 650 acres of land in Kollam, Kerala, where it carries out rubber tree plantation. Also, it has 147 acres of land in Coimbatore, Kerala district for plantation of cardamom and coffee. TBBREL has recently planted 2000 cocoa trees. The company is promoted by the Oommen family. BHADORA INDUSTRIES: CRISIL Assigns 'B+' Rating to INR32MM Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to bank facilities of Bhadora Industries Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 9.2 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 14.3 CRISIL B+/Stable Bank Guarantee 75.0 CRISIL A4 Cash Credit 32.0 CRISIL B+/Stable The ratings reflect the modest scale of operations in the highly competitive cable manufacturing segment, working capital intensity in operations, mainly higher receivables, and weak financial risk profile. These weaknesses are partially offset by moderate profitability and a comfortable return on capital employed, and extensive experience of promoters. Outlook: Stable CRISIL believes BIPL will benefit from extensive experience of its promoters in the cables industry. The outlook may be revised to 'Positive' if case of significant improvement in revenue, profitability and cash accrual, or if a capital infusion by promoters strengthens the capital structure. The outlook may be revised to 'Negative' if a large, debt-funded capital expenditure, decline in profitability or stretch in the working capital cycle, weakens the financial risk profile, particularly liquidity. BIPL, incorporated in 1988, manufactures various industrial insulated wires and cables, at its facility in Tikamgarh, Madhya Pradesh. Operations are managed by Mr Pradeeep Bhadora. The company reported an estimated net profit of INR3.4 million on net sales of INR150.3 million in fiscal 2016, as against INR2.4 million and INR164.8 million, respectively reported for fiscal 2015. BHARAT HOTELS: CARE Hikes Rating on INR912.25cr LT Loan to BB+ -------------------------------------------------------------- CARE revises the ratings assigned to the bank facilities of Bharat Hotels Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 912.25 CARE BB+ Revised from CARE B Short-term Bank Facilities 55.00 CARE A4+ Revised from CARE A4 Rating Rationale The revision in the ratings of the bank facilities of Bharat Hotels Ltd takes into account the improvement in operational performance of the company. Furthermore, the ratings continue to draw comfort from experienced promoters and long track record of operations in the hospitality business and diversified customer portfolio. However, the ratings remain constrained by high overall gearing and weak debt coverage indicators, competition from other hotels and cyclical nature of the hotel industry. Going forward, the ability of BHL to further improve its operational performance and cash flows, timely realization from envisaged sale of non-core assets would remain the key rating sensitivities. BHL, incorporated in 1981, was founded by Late Mr. Lalit Suri and his family members. Presently, the operations are being managed by Dr. Jyotsna Suri (wife of LateMr Lalit Suri). BHL is operating eleven 5-star hotels at Delhi, Mumbai, Bangalore, Udaipur, Goa, Khajurao, Jaipur, Kolkata, Chandigarh, Srinagar and Bekal (Kerala), of these, properties at Kolkata and Chandigarh had commenced commercial operations in FY14 (refers to the period April 1 to March 31). The total room inventory as on March 31, 2016, stood at 2,256 rooms. The company has 51 banquet halls with a total capacity of over 10,000 guests and over 35 Restaurants & Bars, leisure and business services as on March 31, 2016. The hotels are run under the brand 'The Lalit' and the operations are managed by the company itself. Apollo Zipper India Ltd is a 90% subsidiary of BHL and owns the Kolkata property. Kujjal Builders Pvt Ltd is 50% JV for operating Chandigarh property. During FY16 (refers to the period April 01 to March 31), BHL on a consolidated basis, reported a total income of INR602 crore with a net loss of INR40.44 crore against total income of INR532 crore with a net loss of INR57 crore in FY15. During April to July 2017 BHL on a consolidated basis, reported a total income of INR193 crore with a net loss of INR15 crore against total income of INR164 crore with a net loss of INR34 crore for corresponding previous year period. CAUVERY TIMBER: CRISIL Assigns 'B' Rating to INR20MM Cash Loan -------------------------------------------------------------- CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to the bank facilities of Cauvery Timber and Saw Mill. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 20 CRISIL B/Stable Letter of Credit 40 CRISIL A4 The ratings reflect its modest scale of operations in the highly fragmented timber industry and working capital-intensive operations. The ratings also factor in a below-average financial risk profile, with a small networth and weak debt protection metrics. These weaknesses are partially offset by the extensive experience of promoters in the timber trading industry. Outlook: Stable CRISIL believes CT will maintain its business risk profile over the medium term, backed by its partners' extensive experience in the timber trading industry. The outlook may be revised to 'Positive' if increase in scale of operations, along with better profitability, leads to higher-than-expected accrual and an improved financial risk profile. Conversely, the outlook may be revised to 'Negative', if the financial risk profile deteriorates due to increased working capital borrowings or any large, debt- funded capital expenditure or any unfavourable regulatory change. Established in 2004 as a partnership concern, CT trades in timber, mainly in Tamil Nadu. The firm has established relationships with timber depots and saw mills spread across Tamil Nadu, and has a stockyard in Toothukudi, Tamil Nadu. CEEBUILD COMPANY: CRISIL Suspends 'D' Rating on INR240MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Ceebuild Company Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 90 CRISIL D Cash Credit 240 CRISIL D The suspension of ratings is on account of non-cooperation by CCPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, CCPL is yet to provide adequate information to enable CRISIL to assess CCPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. CCPL, set up in 1986 as a partnership firm, was reconstituted as a private limited company in 1994. CCPL is promoted by Mr. Sandeep Kabra and his brother, Mr. Sanjiv Kabra. The company trades in and manufactures power transmission equipment such as galvanised iron (GI) wires, stay sets, GI pins, cross arms, earthing coils, and disc hard wares. CHANDRA ENGINEERS: CRISIL Assigns B+ Rating to INR75.5MM Loan ------------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank facilities of Chandra Engineers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit/Overdraft facility 44.5 CRISIL B+/Stable Rupee Term Loan 75.5 CRISIL B+/Stable The ratings are constrained by CE's average financial risk profile and improving albeit modest scale of operations amid intense competition. The firm, however, benefits from the extensive experience of its proprietor and established relationship with clients. Outlook: Stable CRISIL believes CE will benefit from the extensive experience of its proprietor in the manufacture of electronic and metal sheet components and established association with customers. The outlook may be revised to 'Positive' if there is significant increase in revenue and cash accrual. The outlook may be revised to 'Negative' if lower-than-expected cash accrual or large working capital requirement exert pressure on liquidity. Set up as a proprietorship firm in 1967, CE is promoted by Mr Satish Chandra. The firm manufactures various electrical and metal sheet stamping components, which majorly find application in the automotive, engineering and electronics industries. CE has manufacturing facilities at Manesar, Haryana and Alwar, Rajasthan. DEBJYOTI PULP: CRISIL Suspends B- Rating on INR65.8MM Term Loan --------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Debjyoti Pulp and Paper Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 5 CRISIL A4 Cash Credit 11 CRISIL B-/Stable Proposed Long Term Bank Loan Facility 9 CRISIL B-/Stable Term Loan 65.8 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by DPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, DPPL is yet to provide adequate information to enable CRISIL to assess DPPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. DPPL was incorporated in 2007-08 by Mr. Joydeb Mondal and his wife Mrs. Alpana Mondal to set up a kraft paper plant in Asansol (West Bengal). The plant, which commenced operations during 2010- 11, has capacity of around 50 tonnes per day. DHARESHWAR GINNING: ICRA Suspends B+ Rating on INR6cr Cash Loan --------------------------------------------------------------- ICRA has suspended [ICRA]B+ rating assigned to the INR6.00 crore working capital facilities & INR1.59 crore term loan facility of Dhareshwar Ginning Industries. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.00 [ICRA]B+ suspended Term Loan 1.59 [ICRA]B+ suspended Established in 2013, Dhareshwar Ginning Industries was set up as a partnership firm and is involved in cotton ginning and pressing. At present it has 24 ginning machine and 1 pressing machine, having capacity to produce ~100 cotton bales per day. The unit is located near Rajkot in Gujarat. The firm commenced commercial operations from April 2014. GREAT EASTERN: CARE Lowers Rating on INR513cr Bank Loan to D ------------------------------------------------------------ CARE revises the ratings assigned to the bank facilities and NCDs of Great Eastern Energy Corporation Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 513 CARE D Revised from CARE BBB+ Non Convertible Debentures 101 CARE C Revised from CARE BBB+ Rating Rationale The revision in the long-term ratings assigned to the bank facilities of Great Eastern Energy Corporation Limited takes into consideration the delays in debt servicing of bank facilities on account of tightening of liquidity. The revision in the rating assigned to Non-Convertible Debenture takes into consideration deterioration in financial risk profile, stretched liquidity position and competition from other players in the catchment area. Going forward, the ability of the company to improve its liquidity position would remain key rating sensitivity. GEECL, erstwhile Modi Mckenzie Limited, was incorporated in India in 1992 to explore, develop, distribute and market Coal BedMethane (CBM) gas. GEECL was the first company to commercially produce CBM gas in India at its Raniganj CBM Block, near Kolkata. The company originally entered into a MoU and license agreement in 1993 with Coal India Limited (CIL) for the exploration and development of CBMfor the Raniganj CBMBlock. GEECL has been promoted by Mr. YK Modi (Executive Chairman) and is supported by his son, Mr. Prashant Modi (MD & CEO) in the business. The company has also been awarded Mannargudi block (covering an area of 691 km2, located in Tamil Nadu) in 2011, under fourth round of CBM policy. The company has received the environment clearance, however, final approval from the Government of Tamil Nadu has currently been deferred. During FY16 (refers to the period April 1 to March 31), GEECL reported PAT of INR4.14 crore on total operating income INR191.30 crore as against PAT of INR57.06 crore on total operating income INR227.33 crore during FY15. IBD UNIVERSAL: ICRA Lowers Rating on INR27cr Unalloc. Loan to D --------------------------------------------------------------- ICRA has downgraded the INR54.00-crore bank facility rating of IBD Universal Pvt Ltd to [ICRA]D from [ICRA]B. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based Limits 27.00 [ICRA]D; Revised Unallocated 27.00 [ICRA]D; Revised The key driver of the downgrade is the delay in servicing the company's obligations due to cash flow mismatches. Given the moderate sales velocity and collection efficiency of its projects, notwithstanding the satisfactory overall bookings, IBDU remains dependent on timely support from promoters to meet its obligations. Additionally, IBDU has been regularly deploying funds for land purchases and equity commitments in subsidiaries, further straining the cash flow. The rating is also constrained by the geographic concentration risk as all its projects are in Bhopal. ICRA, however, takes comfort from the promoter's execution track record of more than 15 years, the established brand name of IBD Group in central India, and the negligible approval risks in the ongoing projects. Timely debt servicing and adequate promoter support to meet the committed outflows along with improvement in bookings and collection efficiency will be the key rating sensitivities going forward. Moreover, the extent of additional investments in land and other group companies will also remain a rating sensitivity. IBDU was incorporated on July 15, 1999 and is the flagship company of the IBD Group of central India. IBDU is headed by Lt. Vinay Bhadauria and Mr. Anil Kumar Nigam, who hold ~31% and 33% stakes, respectively. Currently, the company is developing four projects in Bhopal, which are in various stages of execution. The phase IV of Hallmark Citii, the company's affordable housing project, is currently under construction; IBD Emporia is the commercial phase in Hallmark Citii. Other than this, IBDU is developing a high-end residential apartment project called Kings Park and a villa project called Queens Court in a joint development agreement with the land owners. Recent Results The company reported an operating income (OI) of INR52.1 crore and a profit after tax (PAT) of INR0.9 crore in FY2015, as compared to an OI of INR64.2 crore and a PAT of INR3.0 crore in the previous year. JAYNIL ENTERPRISES: CRISIL Suspends 'B' Rating on INR122.5MM Loan ----------------------------------------------------------------- CRISIL has suspended its rating on the bank facility of Jaynil Enterprises. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 122.5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by JE with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, JE is yet to provide adequate information to enable CRISIL to assess JE's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. JE was set up in 2009 as a sole proprietorship concern of Mr. Anil Mehta. Mr. Mehta has experience of around a decade in the real estate sector. JE is currently developing a commercial project in Andheri East in Mumbai. KANDLA PACKAGING: CRISIL Suspends 'B' Rating on INR120MM Loan ------------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Kandla Packaging Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 120 CRISIL B/Stable Proposed Long Term Bank Loan Facility 5 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by KPPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, KPPL is yet to provide adequate information to enable CRISIL to assess KPPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. KPPL was set up in 2005. The company was taken over by the current promoters Mr. Raj Kangad and Mr. Kaushik Kinera in 2013. KPPL manufactures corrugated boxes using kraft paper and is based in Gandhidham (Gujarat). KRISHNA GINNING: ICRA Suspends 'B' Rating on INR8.0cr Cash Loan --------------------------------------------------------------- ICRA has suspended the '[ICRA] B' rating assigned to the INR9.80 crore long term fund based limits of Krishna Ginning Pressing and Oil Industries. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the co- operation/requisite information from the firm. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based-Cash Credit 8.00 [ICRA]B suspended Fund Based-Term Loan 1.80 [ICRA]B suspended Established in 2012, Krishna Ginning Pressing and Oil Industries is engaged in ginning, pressing as well as crushing operations. The business is owned and managed by Mr. Dalpatbhai and other family members. The firm's manufacturing facility is located in Jamnagar, Gujarat. The firm has 24 ginning machines and 1 pressing machine having a cumulative processing capacity of 125 TPD of raw cotton. The firm is also equipped with 6 expellers for cottonseed crushing to produce cottonseed oil as well as cottonseed oil cakes with production capacity of 7500 kgs of cottonseed oil per day. The firm commenced commercial operations from March 2013. KUFRI FUN: CRISIL Assigns 'D' Rating to INR120MM Term Loan ---------------------------------------------------------- CRISIL has assigned 'CRISIL D' to Kufri Fun Campus Private Limited. The ratings reflect instances of delays in servicing term debt repayment obligation owing to stretched liquidity resulting from cash flow mismatches. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Term Loan 120 CRISIL D Further, KFCPL has modest scale of operations and weak financial risk profile, driven by high gearing, low networth and weak debt protection metrics. However, the company benefits from the promoters' experience and efficient working capital management. Shimla-based KFCPL was established and promoted by Mr. Baldev Thakur. It runs an amusement park with amenities such as amusement rides, adventure sports and a restaurant. KUJJAL BUILDERS: CARE Ups Rating on INR140.55cr Loan to BB+(SO) --------------------------------------------------------------- CARE revises the LT ratings and assigns ST rating to the bank facilities of Kujjal Builders Pvt. Ltd. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 140.55 CARE BB+ (SO) Revised from CARE B (SO) Short-term Bank Facilities 11.50 CARE A4+ (SO) Assigned Rating Rationale The ratings are based on credit enhancement in the form of unconditional and irrevocable corporate guarantee provided by BHL towards bank facilities of Kujjal Builders Private Limited. The revision in the ratings of the bank facilities of Bharat Hotels Ltd takes into account the improvement in operational performance of the company. Furthermore, the ratings continue to draw comfort from experienced promoters and long track record of operations in the hospitality business and diversified customer portfolio. However, the ratings remain constrained by high overall gearing and weak debt coverage indicators, competition from other hotels and cyclical nature of the hotel industry. Going forward, the ability of BHL to further improve its operational performance and cash flows, timely realization from envisaged sale of non-core assets would remain the key rating sensitivities. KBPL is a step-down subsidiary (Prime Cellular Limited, a 100% subsidiary of BHL holds 50% shares of KBPL) of BHL with remaining 50% shares of KBPL being held by other group company of BHL. KBPL has developed a 179 rooms 5-star hotel in Chandigarh under the brand name of 'The Lalit'. The total cost of project was INR410 crore financed through debt of INR155 crore and equity of INR80 crore and unsecured loans of INR175 crore. KBPL had commenced its commercial operations from Q4FY14. LATA FIBRES: CRISIL Assigns B+ Rating to INR60MM Cash Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL B+/Stable' ratings to the long- term bank facilities of Lata Fibres Private Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 60 CRISIL B+/Stable Term Loan 40 CRISIL B+/Stable The ratings reflect the LFPL's modest scale of operations and susceptibility to intense competition in textile industry and below-average financial risk profile, constrained by modest net worth. These weaknesses are partially offset by long standing experience of the promoters. Outlook: Stable CRISIL believes LFPL will benefit over the medium term from its promoters' longstanding experience in textiles industry. The outlook may be revised to 'Positive' if ALFPL significantly increases its scale of operations and operating profitability, resulting in an improvement in its cash accruals and liquidity. Conversely, the outlook may be revised to 'Negative' if the company's profitability margins decline resulting in further deterioration in its liquidity profile or if it undertakes a larger-than-expected debt-funded capex programme, leading to deterioration in its financial risk profile. LFPL was incorporated in the year 2000 and the company started its activities in 2001-02. Its business is in the manufacturing of texturized yarn, knitted fabrics and weaved fabrics. MAHAVIR TRANSMISSION: CRISIL Reaffirms B Rating on INR100MM Loan ---------------------------------------------------------------- CRISIL's ratings on the bank facilities of Mahavir Transmission Udyog Private Limited continue to reflect MTUPL's weak financial risk profile and modest operating profitability. These rating weaknesses are partially offset by the extensive experience of MTUPL's promoters and the company's established customer base in the aluminium conductors business. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 60 CRISIL A4 (Reaffirmed) Cash Credit 100 CRISIL B/Stable(Reaffirmed) Letter of Credit 40 CRISIL A4 (Reaffirmed) Outlook: Stable CRISIL believes that MTUPL will maintain a stable business risk profile over the medium term on the back of its established presence in the domestic aluminum conductor business. However, the company's financial risk profile will remain constrained, marked by leveraged capital structure and weak debt protection measures, over the period. The outlook may be revised to 'Positive' if MTUPL's margins increases significantly resulting in improvement in its financial risk profile. Conversely, the outlook may be revised to 'Negative' if the company reports significant decline in operating income or margins or undertakes any large debt-funded capital expenditure. MTUPL was set up in 1995 by Mr. Rakesh Jain and his family members as a partnership firm, Class Time Trading and later renamed and reconstituted in 2004 as a private limited company. The company commenced operations in 2004 with a manufacturing facility in Dehradun, Uttarakhand. It is engaged in manufacturing of Aluminium Conductor Steel Reinforced and All Aluminium Alloy. MARUTI KNIT: CARE Assigns 'B' Rating to INR3.76cr Long Term Loan ---------------------------------------------------------------- CARE assigns 'CARE B' rating to the bank facilities of Maruti Knit Tex. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 3.76 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of Maruti Knit Tex is constrained on account of its moderate scale of operations, moderate profit margins, leveraged capital structure, moderate debt coverage indicators, modest liquidity position and working capital intensive operations. The rating is further constrained on account of risk associated with raw material price volatility, fragmented nature of industry with high degree of competition and supplier concentration risk. The rating, however, derive benefit from experienced promoters and location benefit. The ability of MKT to increase its scale of operations along with improving capital structure amidst competitive nature of industry and moderate profit margins are the key rating sensitivities. Maruti Knit Tex is a partnership firm established by Mr. Leeladhar Suneja and Mr. Tarun Gulati in the year 2013. The firm is engaged into the manufacturing of knitted cotton fabrics for reputed players in Surat and across Gujarat. The main raw materials used by the firm are polyester yarn which it procures from domestic players across Gujarat and Pune. MKT is carrying out its operations from its facilities located at Surat which is spread across 1800 square meters. The unit uses approximately 100 KVA of electricity monthly and has five machines installed with each having a capacity of producing 4500 kg of knitted fabric material per annum. MKT produces knitted fabrics and sells to its client across Surat. The products manufactured by MKT are used in sarees and dress materials. The firm also has sister concerns namely G.D.Knit Tex, B.R. Knit Tex (engaged in manufacturing of fabrics). As per the provisional results for FY16 (refers to the period April 1 to March 31), MKT reported a Profit after Tax (PAT) of INR0.36 crore on a total operating income (TOI) of INR9.81 crore as against a net loss of INR0.12 crore on a TOI of INR9.12 crore during FY15 (Audited). Till June 30, 2016, the company had clocked a turnover of INR3 crore. MOHAN CHARITABLE: ICRA Suspends B- Rating on INR55cr Bank Loan -------------------------------------------------------------- ICRA has suspended the [ICRA]B- rating for the INR55.00 Crore bank facilities of Mohan Charitable Educational Trust. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the company. MULTISTONE GRANITO: ICRA Assigns 'B' Rating to INR32.40cr Loan -------------------------------------------------------------- ICRA has assigned a long-term rating of [ICRA]B to the INR32.40 crore (enhanced from INR9.58 crore) term loans and the Rs.12.00 crore cash credit facility of Multistone Granito (P) Limited. ICRA also has a short-term rating of [ICRA]A4 outstanding on the INR4.42 crore non fund based facilities of MGPL. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Term Loan 32.40 [ICRA]B assigned/outstanding Cash Credit 12.00 [ICRA]B assigned Bank Guarantee 4.00 [ICRA]A4 assigned/outstanding Credit Exposure Limit 0.42 [ICRA]A4 assigned/outstanding The assigned ratings are constrained by the start up nature of operations as the same is still in the project phase and the risk associated with stabilization of the plant as per the expected operating parameters. The ratings also remain constrained by the highly fragmented nature of the tiles industry which results in intense competitive pressures, the cyclical nature of the real estate industry which is the main consuming sector, and exposure of the company's profitability to volatility in raw material and gas prices as well as to adverse foreign exchange fluctuations. Further, the assigned ratings take into account the financial profile of the company which is expected to remain stretched in the near term given the debt funded nature of project and impending debt repayment. The assigned ratings, however, favorably factor in the experience of the promoters in the ceramic industry, the locational advantage of the company for raw material procurement by virtue of its presence in Wankaner (Gujarat) and the benefits derived from its established group concerns in terms of marketing and distribution. Multistone Granito (P) Limited, incorporated in May 2016, is setting up a greenfield project at Wankaner in Gujarat for manufacture of medium sized double charged vitrified tiles of 600X600mm and 800X800mm. The unit has an estimated installed capacity of producing 32.10 lakh square meters of tiles per annum. The commercial operations are expected to commission from March 2017. The promoters have longstanding experience in the ceramic industry vide their association with Vardhman Vitrified Private Limited and New Vardhman Vitrified Private Limited by the virtue of being directors. PREET JNC: CRISIL Suspends B+ Rating on INR54.5MM Term Loan ----------------------------------------------------------- CRISIL has suspended its rating on the bank facilities of Preet JNC. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 15 CRISIL B+/Stable Proposed Long Term Bank Loan Facility 34 CRISIL B+/Stable Term Loan 54.5 CRISIL B+/Stable The suspension of ratings is on account of non-cooperation by Preet with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, Preet is yet to provide adequate information to enable CRISIL to assess Preet's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Preet was established in Surat (Gujarat) in 2010-11. The firm carries out job works and sales for digital printing on fabric. Mr. Rajesh Juneja oversees the overall operations of the firm. PRESTIGIOUS SCORS: CRISIL Raises Rating on INR25MM Loan to BB- -------------------------------------------------------------- CRISIL has upgraded its ratings on the bank facilities of Prestigious Scors Private Limited to 'CRISIL BB-/Stable/CRISIL A4+' from 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 35 CRISIL A4+ (Upgraded from 'CRISIL A4') Secured Overdraft 25 CRISIL BB-/Stable (Upgraded Facility from 'CRISIL B+/Stable') The upgrade reflects improvement in its business risk profile, primarily driven by increase in scale of operations over the past three years at a compound annual growth rate of about 15 percent. This growth in cash generation, along with moderate working capital cycle, has led to improved liquidity. The working capital management and extent of capital expenditure, will remain key rating sensitivity factors over the medium term. The ratings continue to reflect the extensive experience of promoter in the civil construction industry. The ratings also factor in above average financial risk profile, owing to adequate debt protection metrics, healthy gearing, while constrained by a modest networth. These rating strengths are partially offset by modest scale of operations in a highly fragmented industry, and geographical concentration in the revenue profile and large working capital requirements. Outlook: Stable CRISIL believes PSPL will continue to benefit over the medium term from the extensive industry experience of its promoters. The outlook may be revised to 'Positive' if ramp-up in scale of operations and profitability, enhanced geographical diversity in revenue profile, and prudent working capital management result in stronger cash accrual, liquidity, and networth. Conversely, the outlook may be revised to 'Negative' if the scale of operations reduces significantly, constraining cash accrual, or if liquidity weakens, most likely because of large working capital requirement or debt-funded capital expenditure. PSPL was incorporated in December 1996. It constructs roads through road surfacing techniques and takes up other contract work. PSPL is based in Madhya Pradesh (MP) and works on the projects in MP only. PRIME INSULATORS: CRISIL Reaffirms 'B' Rating on INR40MM Loan ------------------------------------------------------------- CRISIL ratings on the bank facilities of Prime Insulators Private Limited continue to reflect the company's modest scale of operations in the intensively competitive polymer insulator industry, its small networth, and subdued capital structure because of debt-funded capital expenditure (capex) and large working capital requirement. These weaknesses are partially offset by the extensive experience of its promoters in the insulator industry, and its longstanding relationships with suppliers and customers. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 50 CRISIL A4 (Reaffirmed) Cash Credit 40 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes PIPL will continue to benefit from its promoters' industry experience. The outlook may be revised to 'Positive' in case of a significant increase in revenue and profitability, or substantial equity infusion, leading to a better capital structure. The outlook may be revised to 'Negative' if lower- than-expected revenue and cash accrual, or sizeable working capital requirement weakens the financial risk profile and liquidity. Update For fiscal 2016, PIPL's sales are estimated at INR149 million and operating margin at 5.6%, against INR160 million and 7.9%, respectively, in the previous fiscal. Operations remained working capital intensive, indicated by gross current assets of 142 days as on March 31, 2016, in line with expectation, driven by receivables of over 80 days. The financial risk profile remained weak. Gearing and adjusted networth are estimated at 2.0 times and INR29.5 million, respectively, as on March 31, 2016. Debt protection metrics were subdued, with estimated interest coverage and net cash accrual to total debt ratios of 1.5 times and 0.15 time, respectively, in fiscal 2016. The company has undertaken capex of INR50 million (to manufacture different type of insulators) in fiscal 2017, which is to be funded largely through debt. The new capacity is expected to be operational in the last quarter of the fiscal. Liquidity remains stretched, because of low cash accrual and high bank limit utilisation. PIPL, incorporated in 2006 and based in Himatnagar, Gujarat, produces electro porcelain disc insulators for high extension wires. It has capacity of 6500 tonne per annum. Promoted by the Patel family, the company is managed by Mr Nareshkumar Patel and Mr Mahendrakumar Patel. RATTANINDIA NASIK: CARE Lowers Rating on INR4240cr Loan to 'D' -------------------------------------------------------------- CARE revises the rating assigned to bank facilities of Rattanindia Nasik Power Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 4240 CARE D Revised from CARE BB Rating Rationale The revision in the ratings assigned to the bank facilities of RattanIndia Nasik Power Limited takes into consideration the delays in servicing of its debt obligations by the company. Going forward, the ability of the company to improve its liquidity position would remain the key rating sensitivity. Incorporated in January 2007 as a Special Purpose Vehicle (SPV), RattanIndia Nasik Power Limited formerly known as Indiabulls Realtech Limited; is a wholly-owned subsidiary of RattanIndia Power Limited to develop two thermal power plants (TPPs) each with capacity of 1,350 MW (5 units of 270MW) in Nashik district, Maharashtra named as Nashik Power Project-I (NPP-I) and Nashik Power Project-II (NPP-II). Till August 31, 2016, RNPL had incurred around 82% of total cost (i.e. INR9,818.33 crore), funded through debt of INR5,929.11 crore and equity of INR2,111.13 crore. Phase-II of NPP continues to remain on hold and the company has incurred 11% of the project cost in NPP-II (total cost: INR 6,515 crore) till August 31, 2016. RATTANINDIA POWER: CARE Withdraws D Rating on INR7,692.14cr Loan ---------------------------------------------------------------- CARE revises and withdraws ratings assigned to bank facilities of Rattanindia Power Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank Facilities 7692.14 Revised from CARE BBB- to CARE D and Withdrawn Short term Bank Facilities 250.00 Revised from CARE A3 to CARE D and Withdrawn Rating Rationale The revision in the ratings assigned to the bank facilities of RattanIndia Power Limited takes into consideration the delays in servicing of its debt obligations by the company. Further, CARE has withdrawn the ratings assigned to the bank facilities of RPL, with immediate effect, at the request of the company and receipt of no objection certificates from the financial institutions and banks for withdrawal of ratings assigned by CARE. RUTTONPORE PLANTATIONS: CRISIL Ups Rating on INR65MM Loan to C -------------------------------------------------------------- CRISIL has upgraded its rating on long-term bank facilities of Ruttonpore Plantations Pvt Ltd (part of Mantri Group) to 'CRISIL C' from 'CRISIL D'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 65 CRISIL C (Upgraded from 'CRISIL D') Proposed Long Term 8.7 CRISIL C (Upgraded from Bank Loan Facility 'CRISIL D') The upgrade reflects timely servicing of debt repayments over the six months through September 2016. The upgrade also factors in CRISIL's expectation that debt obligation will continue to be serviced in a timely manner, backed by need-based funding support from promoters. The rating continues to reflect the modest scale of, and working capital intensity in, the group's operations, and exposure to risks related to seasonality in tea production. Moreover, the group has limited bargaining power and remains susceptible to volatility in domestic and international tea prices. These weaknesses are partially offset by extensive experience of promoters in the tea industry. For arriving at its ratings, CRISIL has combined the business and financial risk profiles of RPPL, Derby Plantation Pvt Ltd, Mantri Tea Company Pvt Ltd and Manipur Tea Company Pvt Ltd, together referred to as the Mantri group. This is because the entities have a common management, and are in the same line of business, with operational and financial fungibility. The Mantri group was formed in 1948 by Mr Govind Prasad Mantri. The Manipur Tea Estate, located in Assam, was the group's first acquisition in 1954. Subsequently, the group acquired three more tea gardens in Assam: Ruttonpore Tea Estate in 1986, Derby Tea Estate in 2005, and Pathini Tea Estate (MTCPL) in 2006. Daily operations are now overseen by the second and third-generation members of the promoter's family, along with a professional management team. RPPL reported a net loss of INR13.1 million on net sales of INR110.3 million for fiscal 2016, as against a PAT of INR12.5 million on net sales of INR156.4 million in fiscal 2015. SAKTHI STEEL: CRISIL Lowers Rating on INR100MM Cash Loan to 'B' --------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Sakthi Steel Industries Limited to 'CRISIL B/Stable' from 'CRISIL B+/Stable', and reaffirmed its rating on the short-term facility at 'CRISIL A4'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 100 CRISIL B/Stable (Downgraded from 'CRISIL B+/Stable') Letter of Credit 200 CRISIL A4 (Reaffirmed) Proposed Long Term 40 CRISIL B/Stable (Downgraded Bank Loan Facility from 'CRISIL B+/Stable') The downgrade reflects CRISIL's belief that SSIL's operating performance would remain weak over the medium term due to shutdown of manufacturing unit. The company had shut-down its manufacturing unit in fiscal 2016 and is currently into trading of steel billets. Shutdown of manufacturing unit led to operating income of Rs.519 million for fiscal 2016 as compared to Rs.2.19 billion for fiscal 2015. Weakening of operating performance would also impact the company's financial risk profile with TOLTNW estimated at more than 5 times as on March 31, 2017. The ratings reflect SSIL's modest scale of operations and below- average financial risk profile marked by high TOLTNW and weak debt protection metrics. These weaknesses are partially offset by the extensive experience of its promoter Outlook: Stable CRISIL believes SSIL will continue to benefit over the medium term from the extensive experience of its promoter. The outlook may be revised to 'Positive' in case of significant increase in scale of operations and profitability, leading to improved net cash accrual and capital structure. The outlook may be revised to 'Negative' if cash accrual is considerably low, working capital management weakens, or business risk profile deteriorates due to continued losses and decrease in orders. Established in 2010 by Mr. K A Anandh, SSIL trades in steel billets. SARAVANA TEXTILES: ICRA Suspends B+/A4 Rating on INR18.82cr Loan ---------------------------------------------------------------- ICRA has suspended the long-term rating of [ICRA]B+ and the short term rating of [ICRA]A4 assigned to the INR18.82 crore bank facilities of Saravana Textiles Private Limited. The suspension follows ICRA's inability to carry out a rating surveillance in the absence of the requisite information from the Company. SEGAM TILES: CARE Assigns B+ Rating to INR40cr Long Term Loan ------------------------------------------------------------- CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of Segam Tiles Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 40 CARE B+ Assigned Short-term Bank Facilities 3 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Segam Tiles Private Limited (STPL) are primarily constrained on account of implementation and stabilization risk associated with its on- going debt funded capex. The ratings are further constrained on account of susceptibility of its profitability to volatility in raw material prices and presence in the highly competitive ceramic industry and fortune linked with demand from the real estate sector. The above constraints far offset the benefits derived from the experience of the promoters in the ceramic industry along with location advantage which results into easy access of raw material and established marketing network of associate concern. The ability of STPL to successfully complete the project without any delay and stabilize operations by achieving envisaged capacity utilization and scale of operations would remain the key rating sensitivity. Wankaner-based (Gujarat), STPL was incorporated in February, 2016 by Mr. Kamlesh Rajkotiya and Mr. Mahesh Rugnath to setup green field project for manufacturing of vitrified tiles with a proposed installed capacity of 93,000 MTPA. Total cost of the project is estimated at INR53.36 crore, which is proposed to be funded through a term loan of INR30 crore, promoters' contribution of INR18 crore and remaining through unsecured loan of INR5.36 crore. The commercial operations are expected to start from April, 2017. STPL will sell the tiles through brand name of "Segam". Promoters have decade long experience in the ceramics industry and have promoted Segal Ceramic Private Limited (SCPL; started in 2010) and Antique Marbonite Private Limited (AMPL; started in 2003) which are engaged in a similar line of business. SHREE SHAKTI: CARE Assigns B+ Rating to INR8.50cr Long Term Loan ---------------------------------------------------------------- CARE assigns 'CARE B+/CARE A4' ratings to the bank facilities of Shree Shakti Construction. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 8.50 CARE B+ Assigned Short-term Bank Facilities 5.00 CARE A4 Assigned Rating Rationale The ratings assigned to the bank facilities of Shree Shakti Construction are constrained on account of its modest scale of operations, moderate profitability, leveraged capital structure, weak debt coverage indicators, modest liquidity position, working capital intensive operations and moderate order book position in FY16 (refers to the period April 1 to March 31). The ratings are further constrained on account of proprietorship nature of its constitution and presence in the competitive construction industry. The ratings, however, derive benefit from established track record of operations and experience of the proprietor in the construction industry. The ability of SSC to execute the existing orders on time and successful bidding of new road construction contracts are the key rating sensitivities. Ahmedabad-based (Gujarat) SSC is a proprietorship firm established by Mr. Merabhai Bharwad in the year 2008. Mr. Merabhai Bharwad has an experience of 22 years in the construction industry. SSC undertakes construction work of roads for the Ahmedabad Municipal Corporation and Road and Buildings Department (R&B), Government of Gujarat. SSC is 'AA' class rated contractor with Road and Buildings Department, Government of Gujarat. As per the audited results for FY16 (refers to the period April 1 to March 31), SSC reported a Profit after Tax (PAT) of INR0.45 crore on a total operating income (TOI) of INR20.75 crore as against a PAT of INR0.24 crore on a TOI of INR17.99 crore during FY15 (Audited). Till September 20, 2016, the company had clocked a turnover of INR5.25 crore. SHREE SHIV: CRISIL Suspends 'D' Rating on INR147.9MM Term Loan -------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Shree Shiv Sai Steel Industries. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 35 CRISIL D Cash Credit 41 CRISIL D Funded Interest Term Loan 20.4 CRISIL D Proposed Long Term Bank Loan Facility 5.7 CRISIL D Working Capital Term Loan 147.9 CRISIL D The suspension of ratings is on account of non-cooperation by SIL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SIL is yet to provide adequate information to enable CRISIL to assess SIL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Formed in 2005, SIL is engaged in manufacturing of billets in Guwahati (Assam). The day to day operations of the firm is being managed by Mr Jai Prakash Jaiswal. SHRISHTI ELECTROMECH: CRISIL Reaffirms 'B' INR108.5MM Loan Rating ----------------------------------------------------------------- CRISIL ratings on the bank facilities of Shrishti Electromech Private Limited continue to reflect SEPL's below-average financial risk profile, with a small networth and weak debt protection metrics, and a modest scale of operations in the fragmented fan manufacturing industry. These weaknesses are partially offset by established relationships with key customers and the promoters' extensive industry experience. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bill Discounting 30 CRISIL B/Stable (Reaffirmed) Foreign Letter of Credit 10 CRISIL A4 (Reaffirmed) Open Cash Credit 51.5 CRISIL B/Stable (Reaffirmed) Proposed Fund-Based Bank Limits 108.5 CRISIL B/Stable (Reaffirmed) Outlook: Stable CRISIL believes SEPL will continue to benefit from its promoters' extensive industry experience. The outlook may be revised to 'Positive' if there is a substantial and sustained improvement in revenue and profitability, or in working capital management. The outlook may be revised to 'Negative' in case of steep decline in profitability, or significant deterioration in capital structure because of large debt-funded capital expenditure or stretch in working capital cycle. Set up in 2002 as a private limited company by Mr Suresh Tibrewala and his family at Hyderabad, SEPL manufactures various types of fans. SIDDESHWAR MULTIPURPOSE: CRISIL Suspends B- INR53.5MM Loan Rating ----------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of Siddeshwar Multipurpose Heemghar Pvt Ltd. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Bank Guarantee 1.2 CRISIL A4 Cash Credit 53.5 CRISIL B-/Stable Proposed Long Term Bank Loan Facility 50.9 CRISIL B-/Stable Term Loan 35.9 CRISIL B-/Stable Working Capital Loan 8.5 CRISIL B-/Stable The suspension of ratings is on account of non-cooperation by SMHPL with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, SMHPL is yet to provide adequate information to enable CRISIL to assess SMHPL's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. Incorporated in 2011, SMHPL provides cold storage facilities for potatoes. Its facilities are in Chandrakona (West Bengal). The company's day-to-day operations are managed by three brothers: Mr. Bhaskar Ghosh, Mr. Dipankar Ghosh, and Mr. Sasanka Ghosh. TIRUPATI COTEX: ICRA Ups Rating on INR6cr Cash Loan to 'B' ---------------------------------------------------------- ICRA has upgraded the long-term rating assigned to the INR7.00 crore fund based facilities of Tirupati Cotex to [ICRA]B from [ICRA]B-. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 6.00 [ICRA]B; upgraded from [ICRA]B- Term Loan 1.00 [ICRA]B; upgraded from [ICRA]B- The upgrade in rating factors in the improvement in operating margins for FY2016 and gradual improvement in gearing and coverage indicators over a period of time. The rating continues to derive comfort from the long experience of its promoters in the cotton ginning industry and the proximity of the firm's manufacturing unit to raw materials, resulting in ease in procurement of quality raw material. The rating, however, remains constrained by the weak financial profile of Tirupati Cotex, characterised by relatively small scale of operations and thin profitability margins, though the margins have witnessed improvement in FY2016. The rating continues to take into account the limited value addition in the cotton ginning business, the commoditised nature of products and the vulnerability of the firm's profitability to adverse movements in cotton prices subject to seasonality and crop harvest. The firm's operations are also exposed to regulations governing the industry such as restrictions on cotton exports and minimum support price (MSP). ICRA also notes the highly fragmented nature of the industry, due to a large number of manufacturers, which coupled with low-entry barriers have led to high competitive intensity of the sector. Further, the rating considers the potential adverse impact on net worth and gearing levels in case of any substantial withdrawal from capital accounts given the company's constitution as a partnership firm. Incorporated in 2011, Tirupati Cotex is a partnership firm engaged in the ginning and pressing of raw cotton. The firm commenced commercial operations in February 2012 at its manufacturing facility located in Jamnagar, Gujarat. The facility is equipped with 24 ginning machines and 1 pressing machine having a production capacity of 200 bales per day. The partners of Tirupati Cotex have longstanding experience of over a decade in cotton cultivation and cotton ginning vide their association with other ginning firms. U G CONSTRUCTIONS: CRISIL Suspends 'B' Rating on INR50MM Loan ------------------------------------------------------------- CRISIL has suspended its ratings on the bank facilities of U G Constructions Limited. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Cash Credit 50 CRISIL B/Stable Term Loan 20 CRISIL B/Stable The suspension of ratings is on account of non-cooperation by UG with CRISIL's efforts to undertake a review of the ratings outstanding. Despite repeated requests by CRISIL, UG is yet to provide adequate information to enable CRISIL to assess UG's ability to service its debt. The suspension reflects CRISIL's inability to maintain a valid rating in the absence of adequate information. CRISIL views information availability risk as a key factor in its assessment of credit risk. UG, set up in 2010, is engaged in residential real estate development and civil construction. The company is based in Chennai (Tamil Nadu); its operations are managed by Mr. P Ramesh and Mr. P S Ganesan. USHA PRABHA: CARE Reaffirms B+ Rating on INR4.86cr Long Term Loan ----------------------------------------------------------------- CARE revokes suspension and reaffirms the ratings assigned to the bank facilities of Usha Prabha Industries. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 4.86 CARE B+ Suspension revoked and rating reaffirmed Short-term Bank Facilities 0.20 CARE A4 Suspension revoked and rating reaffirmed Rating Rationale The reaffirmation of the ratings assigned to the bank facilities of Usha Prabha Industries continues to factor in the modest scale of operations, low profit margins, weak debt coverage indicators and stressed liquidity position. The ratings are further constrained by the customer concentration risk, presence in the highly fragmented industry, susceptibility of margins to raw material prices and the partnership nature of constitution. The ratings, however, continue to derive strength from the experience of the partners in the auto component industry and association with reputed customer and moderate solvency position. The ability of the company to increase its scale of operations, improve profitability margins and solvency position while managing its working capital requirement efficiently remain the key rating sensitivity. UPI was established in 2011. The firm is promoted by Mr. Prasanna Kulkarni and his brother Mr. Parag Kulkarni and is engaged in the business of casting of auto components for commercial vehicles. The major raw materials used for manufacturing the said products are M.S. scrap and pig iron. The products offered by the firm are clutch housing and hydraulic lift housing of different ranges for tractors which are mainly supplied to Mahindra and Mahindra Limited. The firm has purchased new machinery for manufacturing longer clutches resulting in increase in its installed capacity by 5000 number per annum. The manufacturing facility of the firm is located at Kolhapur with an installed capacity to manufacture 63000 longer clutches per annum and 7200 cover hydraulic per annum. During FY16 (prov.) (refers to the period April 1 to March 31), UPI reported a PAT of INR0.15 crore on a total income of INR24.07 crore as against a PAT of INR0.13 and total income of INR25.71 crore for FY15 (A). VERSANT ONLINE: CARE Assigns 'B' Rating to INR2.95cr LT Loan ------------------------------------------------------------ CARE assigns 'CARE B' rating to the bank facilities of Versant Online Solutions Private Limited. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 2.95 CARE B Assigned Rating Rationale The rating assigned to the bank facilities of Versant Online Solutions Private Limited (VOSPL) is constrained by small scale of operations, operational and cash losses during the review period, weak financial risk profile and highly fragmented e- commerce industry. However, the rating is underpinned by the experience of the promoter for more than a decade in e-commerce, growth in total operating income and stable outlook of the e- commerce industry. Ability of the company to increase the scale of operations and turnaround from loss to profit, improve the capital structure and debt coverage indicators and cope up with rapid changes in technology are the key rating sensitivity factors. Versant Online Solutions Private Limited was incorporated on March 30, 2012 by Mr. Darapaneni Naidu Chennapa and Ms Sailaja Patharlapalli. The company provides e- booking services for events (Professional, Sports, Trainings, Entertainment, and Spiritual) all over India by web portal www.meraevents.com. During FY16 (refers to the period April 1 to March 31), VOSPL reported a net loss of INR4.58 crore on a total operating income of INR2.30 crore as against net loss of INR2.78 crore on a total operating income of INR1.06 crore in FY15. ZEN EXIM: CRISIL Cuts Rating on INR200MM Cash Loan to B+ -------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank facilities of Zen Exim Pvt Ltd to 'CRISIL B+/Stable' from 'CRISIL BB- /Stable'. Amount Facilities (INR Mln) Ratings ---------- --------- ------- Buyer Credit Limit 100 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') Cash Credit 200 CRISIL B+/Stable (Downgraded from 'CRISIL BB-/Stable') Standby Letter of 30 CRISIL B+/Stable (Downgraded Credit from 'CRISIL BB-/Stable') The downgrade reflects the weakening in the financial risk profile of the company marked by higher total outside liabilities to total net worth ratio driven by the increasing creditor levels to support the business growth and increased receivables, in the absence of any equity infusion and increased LC repayments on account of the same. Although the revenues of the company increased to Rs.844 million in 2015-16 as compared to Rs.627 million in 2014-15, the same led to higher receivables of 130 days as on March 31, 2016 which was mainly funded by stretching of creditors. Thus, the TOLTNW ratio of the company has deteriorated to 2.58 times (treating unsecured loans of Rs.116.5 million as neither debt nor equity) as on March 31, 2016 and is expected to remain at similar levels. Liquidity of the company remains weak with large LC obligations and working capital intensive operations. The rating reflects ZEPL's large working capital requirement, aggressive capital structure, and modest scale of operations in the wireless solutions industry. These weaknesses are partially offset by established relationship with key suppliers and geographically diverse and strong customer profile. Outlook: Stable CRISIL believes ZEPL will continue to benefit over the medium term from its established relationship with suppliers and customers. The outlook may be revised to 'Positive' if significant improvement in working capital management and profitability results in better financial risk profile, particularly liquidity. The outlook may be revised to 'Negative' if increase in working capital requirement further weakens financial risk profile or if decline in revenue or profitability leads to substantially low cash accrual. Incorporated in 2002, ZEPL imports and installs routers, closed- circuit television sets, and other wireless networking equipment. Operations are managed by Mr. Mukesh Majithia. ========= J A P A N ========= MITSUBISHI MOTORS: Nissan CEO Carlos Ghosn to Become Chairman ------------------------------------------------------------- Elaine Kurtenbach at the Associated Press reports that Carlos Ghosn, who heads Japan's Nissan Motor and Renault of France, will become chairman of Mitsubishi Motors, working to restore faith in the troubled automaker after a devastating mileage scandal. AP relates that Mr. Ghosn, who presided over Nissan's revival from the brink of bankruptcy in the early 2000s after it formed an alliance with Renault, said he expected it would be difficult to restore Mitsubishi's shattered reputation. "I can tell you we will not spare anything to support Mitsubishi. I think it's possible. It is going to be difficult. It will require tough decisions," AP quotes Mr. Ghosn as saying. But the Brazilian-born Frenchman said he believed it was possible. Earlier, Mr. Ghosn had described Nissan's purchase, announced in May, of a 34 percent stake in Mitsubishi Motors Corp. for JPY237 billion ($2.3 billion) as a "bargain." With the purchase, Nissan has become the biggest shareholder in Mitsubishi, and Mitsubishi becomes a member of the Nissan-Renault alliance, the report says. "We are sending a clear message we believe in the underlying strength of Japanese car making," Mr. Ghosn, as cited by AP, said. AP says Nissan agreed to take charge at Mitsubishi after the company acknowledged in April that it cheated to inflate mileage for two of its minicar models, the eK wagon and eK Space, and mini-vehicles it made for Nissan. No overseas models are affected. Mitsubishi's current chairman and CEO, Osamu Masuko, said he only reluctantly agreed to stay on as CEO, at Mr. Ghosn's urging, relates AP. About Mitsubishi Motors Japan-based Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-motors.com/index.html-- manufactures automobile. The Company, along with its subsidiaries and associated companies, is engaged in the development, production, purchase, sale, import and export of general and small-sized passenger vehicles, mini-vehicles, sport utility vehicles (SUVs), vans, trucks and automobile parts, as well as industrial machines. It is also engaged in the checking and maintenance of new vehicles, as well as the provision of automobile sales financing and leasing services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 5, 2016, S&P Global Ratings said it has maintained its 'BB-' long-term corporate credit rating on Japan-based automaker Mitsubishi Motors Corp. on CreditWatch with negative implications based on its view that the company's business operations and performance will remain under downward pressure because of its fuel-consumption data falsification. S&P placed the rating on CreditWatch on April 22, 2016, when the company revealed it has falsified fuel-consumption test data. S&P kept the rating on CreditWatch when it lowered it two notches on May 16, 2016, to reflect S&P's view of serious deficiencies in the company's risk management regime and internal governance. MITSUBISHI MOTORS: Nissan Completes $2.3BB Stake Acquisition ------------------------------------------------------------- Jie Ma and Masatsugu Horie at Bloomberg News report that Nissan Motor Co. completed its acquisition of a $2.3 billion stake in Mitsubishi Motors Corp., clearing the way for Carlos Ghosn to take over as chairman of a scandal-plagued partner and embark on his bid to turn around a third major automaker. Mr. Ghosn, already chairman and chief executive officer at Nissan and Renault SA, promoted Chief Competitive Officer Hiroto Saikawa as co-CEO of Nissan. The move allows Mr. Ghosn to dedicate more time to repairing trust in Mitsubishi Motors after a months-long fuel economy scandal that may lead to the carmaker's first annual loss in eight years. "I know my limits," Ghosn, 62, said on Oct. 21 in an interview with Bloomberg Television from Nissan's headquarters in Yokohama, Japan. "Obviously, this move is taking into consideration short- term needs but also it is in the perspective of continuous development of our alliance." Bloomberg notes that Nissan is coming to the rescue after Mitsubishi Motors' admissions to improperly measuring fuel economy and manipulating test data. A push toward electrification and autonomous-driving technology is leading smaller carmakers to join with bigger rivals to share resources and save costs, exemplified by Suzuki Motor Corp.'s talks to form an alliance with Toyota Motor Corp. Bloomberg relates that Mitsubishi Motors and Nissan have agreed to share plug-in hybrid and autonomous-driving technology, finance company resources and a multipurpose vehicle model for Southeast Asian markets. Mitsubishi Motors sees the alliance with Nissan leading to 25 billion yen ($241 million) in synergies for the fiscal year ending in March, said Osamu Masuko, who will remain president while ceding the chairman role to Mr. Ghosn. Nissan estimates JPY60 billion in savings next fiscal year, Bloomberg discloses. "With time we are going to develop much more synergy," Bloomberg quotes Mr. Ghosn as saying at a press conference on Oct. 20. "What we see today is low-hanging fruit." About Mitsubishi Motors Japan-based Mitsubishi Motors Corporation (TYO:7211) -- http://www.mitsubishi-motors.com/index.html-- manufactures automobile. The Company, along with its subsidiaries and associated companies, is engaged in the development, production, purchase, sale, import and export of general and small-sized passenger vehicles, mini-vehicles, sport utility vehicles (SUVs), vans, trucks and automobile parts, as well as industrial machines. It is also engaged in the checking and maintenance of new vehicles, as well as the provision of automobile sales financing and leasing services. As reported in the Troubled Company Reporter-Asia Pacific on Aug. 5, 2016, S&P Global Ratings said it has maintained its 'BB-' long-term corporate credit rating on Japan-based automaker Mitsubishi Motors Corp. on CreditWatch with negative implications based on its view that the company's business operations and performance will remain under downward pressure because of its fuel-consumption data falsification. S&P placed the rating on CreditWatch on April 22, 2016, when the company revealed it has falsified fuel-consumption test data. S&P kept the rating on CreditWatch when it lowered it two notches on May 16, 2016, to reflect S&P's view of serious deficiencies in the company's risk management regime and internal governance. ==================== N E W Z E A L A N D ==================== PUMPKIN PATCH: Says Uncertainty Over Future "Remains Ongoing" ------------------------------------------------------------- Emma Koehn at SmartCompany reports that children's clothing retailer Pumpkin Patch has hit another rocky chapter after it was placed in a trading halt on the New Zealand stock exchange last week, as retail analysts observe the brand hasn't been able to pinpoint what it stands for in a market dictated by parents' hunger for value. SmartCompany relates that the 26-year-old kid's clothing business has operated in several different formats since it was launched as a mail order catalogue in 1990, including as a chain of bricks-and-mortar stores in Australia, New Zealand and the US as well as online channels across the globe. Since the early 2000s the brand has also formed franchise partnerships with department stores like Nordstrom in the US, as well as inking deals in regions including the UK, Russia, India, Pakistan, China, Lebanon, Mexico and Malaysia. But last week, the company told the market it was "highly unlikely that there is any residual value in the company's equity", and after years of falling sales and a comprehensive four-year turnaround plan, shareholders should know the uncertainty over the company's future "remains ongoing," according to SmartCompany. Pumpkin Patch has a meeting with its bank on October 31 to consider its options to resolve its "capital constraints," SmartCompany relays. In 2015 the company put itself up for sale, but a deal was never completed, recalls SmartCompany. The business reported a NZ$15.5 million ($20.3 million) loss for financial year 2016, digging itself deeper into trouble after a NZ$9 million loss in 2015. SmartCompany says Pumpkin Patch has had bricks-and-mortar stores in a number of international locations, but faced challenges over the past five years, including stores being placed in administration in the UK in 2012. The listed company has over NZ$46 million in debts that it is now struggling to service, SmartCompany notes. According to the report, Gary Mortimer, retail expert and association professor at QUT Business School, said the childrenswear landscape has been disrupted by low-cost operators, and this hasn't just been by the big local chains. "We've also seen brands like Zara move in with Zara Child," he told SmartCompany. "Children's clothing tends to be highly disposable, and with the evolution of discount department stores offering a range of children's clothing, there's a lot." "I guess Pumpkin Patch was known for very good quality and very good style - now we have stores like Target and Kmart - and clothes that are similarly designed at very low prices," Mr. Mortimer added, says the report. About Pumpkin Patch Based in New Zealand, Pumpkin Patch Limited (NZE:PPL) -- http://www.pumpkinpatch.biz/-- is a designer, marketer, retailer and wholesaler of children's clothing. The Company's product range encompasses all stages of a child's growth, from baby to toddler, primary school kid to pre and early teen, including clothing, nightwear, accessories, rainwear, footwear and teddy collection. Pumpkin Patch also caters for mums-to-be with a maternity collection. The Company also has a fashion mini-brand for discerning pre and early-teen girls, Urban Angel Girls. The Company's collections are available in numerous countries and regions, including New Zealand, Australia, the United Kingdom, the United States, South Africa and the Middle East. Pumpkin Patch predominantly sells through its own store network in New Zealand, Australia, the United Kingdom and the United States. The Company's subsidiaries include Torquay Enterprises Limited, Pumpkin Patch Originals Limited, Pumpkin Patch LLC, Pumpkin Patch Direct Limited, Patch Kids Limited and Urban Angel Girls Limited. ================= S I N G A P O R E ================= ASL MARINE: Seeks to Issue Shares as Debt Strains Mount ------------------------------------------------------- Bloomberg News reports that strains are spreading in Singapore's debt market as more firms in the maritime sector with borrowings coming due grapple with the slump in global trade and energy prices. Bloomberg relates that Singapore-listed shipbuilder and repairer ASL Marine Holdings on Oct. 21 proposed to raise SGD25 million by offering stock to existing shareholders and said it may seek additional loans to repay Singapore dollar notes due in March. Swissco Holdings Ltd, which supplies rigs and support vessels to oil and gas explorers, on the same day received a notice from its notes trustee stating that a potential event of default had occurred due to the firm's failure to pay interest due earlier this month, according to Bloomberg. Bloomberg notes that more companies in Singapore's shipping and oil and gas services industries are facing difficulty meeting debt obligations. Bloomberg says shipping trust Rickmers Maritime said earlier this month that it received a letter from lawyers representing some investors that are seeking to enforce repayment. Container throughput in Singapore shrank 8.7 per cent in 2015 and the slide in crude prices over the past two years has hit city's firms that service offshore oil and gas rigs. According to Bloomberg, S&P Global Ratings said that it doesn't see any earnings "upside potential" for companies within Singapore's oil and gas sector. "Since we don't expect any marked rebound in commodity prices, oil services will remain under pressure," Bloomberg quotes Mr. Bertrand Jabouley, a Singapore-based director for corporate ratings for Asia Pacific at the ratings firm, as saying. ASL Marine, which started operations as a trader of scrapped steel material in 1974 and operates a shipyard in Batam in Indonesia that repairs rigs and other offshore vessels, said in its Oct. 21 filing that it "believes that its bankers will continue to support the company and grant the company's request for the additional facility loans," Bloomberg relays. It also said that it's of the view that the net proceeds raised from the rights issue "will be sufficient to meet the present funding requirements," reports Bloomberg. ASL Marine's SGD100 million bonds maturing in March 2017 have slumped 22 cents since June 1 to 70 cents on the Singapore dollar, the lowest since issuance in 2013, Bloomberg discloses citing DBS Group Holdings' prices. The company had SGD21.6 million of cash and cash equivalents as of June 30 and SGD592.2 million of total debt repayable, according to a previous filing. ASL Marine's managing director Ang Kok Tian couldn't be reached when a call was placed to his office, adds Bloomberg. Headquartered in Singapore, ASL Marine Holdings Ltd. -- http://aslmarine.infinitesparks.com/-- provides marine services primarily in the Asia Pacific, South Asia, Europe, Australia, and the Middle East. PRECISION CAPITAL: Moody's Assigns B2 Corporate Family Rating ------------------------------------------------------------- Moody's Investors Service has assigned a B2 corporate family rating (CFR) to Precision Capital Private Ltd. At the same time, Moody's have assigned a provisional (P)B2 rating to the proposed senior secured notes to be issued by MMI International Ltd. (MMI), and fully and unconditionally guaranteed by PCPL and some of its subsidiaries. The outlook is stable. PCPL is a pure holding company with 100% ownership of MMI, a leading supplier of precision-engineered components for the hard disk drive (HDD) sector. The proceeds from the notes will be used to partly refinance existing senior secured bank debt at MMI. The provisional rating on the proposed notes will be removed upon completion of the issuance and satisfactory review of the final terms and conditions. RATINGS RATIONALE. "The B2 ratings reflect MMI's established position in the HDD components market, which is supported by high barriers to entry and long-term, strategic relationships with major original equipment manufacturers (OEMs)," says Annalisa DiChiara, a Moody's Vice President and Senior Credit Officer. MMI is a leading supplier of precision-engineered components -- primarily structural enclosure components, including base plates and top covers, and voice coil motor assembly (VCMA) systems -- which are essential in the production of HDDs by leading OEMs such as Seagate Technology HDD Holdings (unrated, although wholly-owned subsidiary Seagate HDD Cayman is rated Baa3, negative) and Western Digital Corporation (Ba1, stable). Seagate and Western Digital represented around 40% and 43%, respectively, of global HDD shipments in 2015, according to TRENDFOCUS, global provider of market intelligence on the technology industries. Seagate, in turn, accounted for around 80% of MMI's total revenues for year-end June 2016. "MMI's long-term interdependent relationships with the two leading players -- Seagate (around 27 years) and Western Digital (around 17 years) -- provide significant barriers to entry and ensure a defensible market position, and is thus a key anchor to the company's CFR B2 rating," adds DiChiara. As such, any change in this relationship -- such as a loss of market share, or a reduction in revenue share -- will have a significant impact on MMI's cash flows. The rating also considers structural changes in HDD demand drivers - including a slowdown in PC demand, penetration of solid state drives (SSDs) and a market shift to higher capacity HDDs -- which are expected to drive a continued contraction in unit sales of HDDs year-over-year. At the same time, the ongoing proliferation of smartphones will continue to increase the need for the mass storage of data, driving a significant rise in exabyte growth and higher average selling prices (ASPs) for HDDs, therefore supporting industry profits. "While we expect OEMs will benefit directly from higher ASPs, we believe revenues of component suppliers such as MMI will remain highly correlated to the actual number of HDD units shipped. This is because we do not expect a commensurate increase in the number of components per drive produced, even as HDD capacity expands." Moody's said. "Although MMI's products are essential to the production of HDDs, on aggregate, the products are a small portion of the bill of materials for OEMs, so the company remains exposed to pricing pressures and delays in orders, as HDD OEMs have the power to negotiate prices in their favor," added DiChiara. "As a result, we do not expect a significant expansion in MMI's revenues, nor operating profit over the next 12-24 months, given the expected contraction in HDD shipments globally." Moody's said. "However, we expect EBITDA over the next two years will remain at least commensurate with year-end June 2016's level, aided in part additional cost savings initiatives." Moody's said. At the same time capex is likely to remain in the $30 million range. No dividends are expected. 'We also expect MMI to delever as the remaining $180 million senior secured bank loan (pro forma for the proposed bond issuance), will continue amortizing through 2020. In addition, the company will be subject to a mandatory cash flow sweep which will help expedite absolute debt reduction. As a result, we expect leverage -- as measured by adjusted debt/EBITDA of 4.8x at year-end June 2016 -- will trend towards 4.5x over the next 18 months." Moody's said. "Finally, we expect that PCPL will maintain a solid liquidity profile. As of 30 June 2016, the company had cash and cash equivalents of $42 million. It also has a $60 million committed revolving credit facility with $50 million available as of 30 June 2016." Moody's said. The stable outlook reflects PCPL's defendable market position and its strong customer relationships with the leading HDD OEM, especially Seagate and Western Digital. Upwards ratings pressure is unlikely over the near term, given the continued contraction in units of HDDs shipped globally by OEMs. Over the longer term, positive ratings pressure could arise if (1) HDD demand picks up resulting in sustained EBITDA expansion into the $130 million range, and (2) PCPL's debt/EBITDA trends into the 3.0x-3.5x range through EBITDA growth and absolute debt reduction. On the other hand, the rating could come under downward pressure if market conditions continue to deteriorate and HDD demand further falls beyond our expectations. Credit metrics that would indicate some negative ratings pressure include debt/EBITDA rising above 5.0x-5.25x over an extended period, EBITDA falling below $95 million, or cash on balance sheet falling below $30 million. Debt-funded acquisitions would also be credit negative. The principal methodology used in these ratings was Diversified Technology Rating Methodology, published in December 2015. PCPL is majority-owned by Kohlberg Kravis Roberts (unrated), with a total controlling interest of 73%, while the remaining 27% interest is held by the management of MMI. PCPL and its subsidiaries together represent a market-leading precision manufacturing technology company with a key focus on producing mechanical and electro-mechanical components for the HDD industry. SWISSCO HOLDINGS: Receives Default Notice from Notes Trustee ------------------------------------------------------------ Offshore Shipping Online reports that the board of directors of Swissco Holdings Limited said that on Oct. 20, 2016, the company received a notice from DB International Trust (Singapore) Limited, in its capacity as Notes Trustee), stating that a Potential Event of Default has occurred pursuant to Condition 9(a) due to the failure of the company to pay interest due and payable on the Notes on Oct. 16, 2016. The report relates that the company said the trustee has reserved all rights to take whatever remedial actions it deems necessary at any time following the occurrence of the potential event of default. The company has not received any notice from the Trustee that the Notes are immediately due and payable. The company will provide an update if there are further developments, the report says. In the meantime, shareholders, noteholders and the investing public are advised to exercise caution before making any decision in respect of their dealings in the company's shares and the notes. Swissco Holdings Limited (SGX:ADP), along with its subsidiaries -- http://swissco.net/html/index.php-- is a Singapore-based integrated oil and gas service provider. The Company provides drilling rigs, accommodation jackups and vessel chartering services for the oil and gas industry. The Company's segments are Drilling, which includes drilling rig chartering; Offshore support vessels (OSV), which includes vessel chartering (such as sale of out-port-limit services), ship repair and maintenance services, maritime related services (such as sale of vessels) and OSV related investment activities; Service assets, which includes accommodation and service rig chartering, and Others segment, which includes corporate activities. Its OSV segment owns and operates a fleet of over 40 offshore support vessels that provide a range of offshore chartering services for the marine, offshore oil and gas, and civil construction industries. Its subsidiaries include Swissco Energy Services Pte Ltd, Swissco Offshore (Pte) Ltd and Seawell Drilling Pte Ltd. ==================== S O U T H K O R E A ==================== HANJIN SHIPPING: Seeking to Close European Operations ----------------------------------------------------- Yonhap News Agency reports that cash-strapped Hanjin Shipping Co. is seeking to close its European operations, raising speculation that the country's No. 1 shipper is preparing for a liquidation process, industry sources said on Oct. 24. According to the report, sources said Hanjin Shipping, currently under court receivership, has asked a local court to allow it to sell and liquidate its European operations. It is unclear whether the court will give the nod to the shipper to proceed with the plan, Yonhap notes. Last week, the shipper also said it would sell its stake in a U.S. affiliate that operates a terminal in the Port of Long Beach, California, as part of efforts to raise cash needed to stay afloat, relates Yonhap. Yonhap says the move came as the country's No. 1 shipper is seeking to sell its vessels on its Asia-U.S. route and 10 overseas operations. Hanjin Shipping was put under court receivership early last month as its creditors, led by the state-run Korea Development Bank, rejected its last self-rescue package worth KRW500 billion (US$440 million), which fell short of the KRW700 billion demanded by its creditors. Its court receivership sent ripples through the global shipping network and left more than half of its ships stranded at sea. Hanjin Shipping badly needs cash to repay debts and meet unpaid service bills. At the end of June, its debt reached KRW6 trillion, Yonhap discloses. About Hanjin Shipping Hanjin Shipping Co., Ltd., is mainly engaged in the transportation business through containerships, transportation business through bulk carriers and terminal operation business. The Debtor is a stock-listed corporation with a total of 245,269,947 issued shares (common shares, KRW 5000 per share) and paid-in capital totaling KRW 1,226,349,735,000. Of these shares 33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor and 0.34% by employee shareholders' association. The Company operates approximately 60 regular lines worldwide, with 140 container or bulk vessels transporting over 100 million tons of cargo per year. It also operates 13 terminals specialized for containers, two distribution centers and six Off Dock Container Yards in major ports and inland areas around the world. The Company is a member of "CKYHE," a global shipping conference and also a partner of "The Alliance," another global shipping conference to be launched in April 2017. Hanjin Shipping listed total current liabilities of KRW 6,028,543 million and total current assets of KRW 6,624,326 million as of June 30, 2016. As a result of the severe lack of liquidity, Hanjin applied to the Seoul Central District Court 6th Bench of Bankruptcy Division for the commencement of rehabilitation under the Debtor Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same day, it requested and was granted a general injunction and the preservation of disposition of the Company's assets. The Korean Court's decision to commence the rehabilitation was made on Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's custodian. The Chapter 15 case is pending in the U.S. Bankruptcy Court for the District of New Jersey (Bankr. D.N.J. Case No. 16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly appointed foreign representative of Hanjin Shipping. =============== X X X X X X X X =============== * BOND PRICING: For the Week Oct. 17 to Oct. 21, 2016 ----------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 0.45 ARTSONIG PTY LTD 11.50 04/01/19 USD 0.45 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 11.75 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 72.25 BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 15.13 BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 69.88 CML GROUP LTD 9.00 01/29/20 AUD 1.02 DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 73.89 EMECO PTY LTD 9.88 03/15/19 USD 66.50 EMECO PTY LTD 9.88 03/15/19 USD 66.50 IMF BENTHAM LTD 5.93 06/30/19 AUD 63.25 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.69 LAKES OIL NL 10.00 05/31/18 AUD 5.07 LAKES OIL NL 10.00 03/31/17 AUD 4.75 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 1.45 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 1.45 RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 63.14 RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 63.14 STOKES LTD 10.00 06/30/17 AUD 0.35 TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.54 CHINA ----- AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 52.92 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 63.00 ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 63.30 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 63.80 BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 61.96 BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 30.55 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 64.01 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 52.83 BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.01 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 62.68 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.56 BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 71.43 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 63.79 BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 83.00 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 62.50 BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 64.00 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 61.00 BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 63.07 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 64.32 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 60.00 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.95 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.96 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 64.20 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.56 CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 67.07 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 63.07 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 63.25 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 62.51 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.30 CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.70 CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 62.85 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 63.20 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.00 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.62 CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.98 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 63.51 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 64.76 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 60.00 CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 64.43 CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 63.02 CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 51.13 CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 50.15 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 84.50 CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 64.25 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 64.00 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 64.53 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 52.30 CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.88 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 71.00 CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 72.00 CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 83.47 CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 60.20 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.99 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 64.26 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.69 CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.00 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 63.16 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.78 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.64 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.71 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 63.61 CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 61.51 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 64.01 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.29 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.73 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 63.95 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 63.50 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 59.00 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 71.33 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 64.17 CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 72.78 CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.56 CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.03 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 63.13 CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 71.74 CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 81.39 CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.60 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 60.20 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 63.29 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 64.44 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.08 DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.23 DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 40.16 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 63.21 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 62.71 DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 63.29 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.57 DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.36 DAXING ANLING FORESTRY 7.08 10/23/19 CNY 80.12 DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 64.84 DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00 DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00 DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00 DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00 DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00 DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00 DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00 DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00 DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 52.20 DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 51.01 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 31.50 DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 82.14 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.37 ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.81 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 63.41 FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 52.00 FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 52.50 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 83.50 FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 64.38 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 64.35 FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 71.32 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.33 FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.45 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.20 FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 52.19 GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 74.03 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 52.00 GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 51.96 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 64.01 GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 62.53 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.70 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.59 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 52.00 GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.89 GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 64.28 GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 52.37 GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 71.69 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 52.25 HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 52.11 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 62.50 HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 63.69 HAINING CITY ASSET MANA 7.80 09/20/18 CNY 74.17 HAINING CITY ASSET MANA 7.80 09/20/18 CNY 74.48 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.38 HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.17 HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 40.02 HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 39.94 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 63.11 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 63.22 HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 72.79 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 74.22 HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 70.00 HEFEI CONSTRUCTION INVE 5.23 08/28/18 CNY 72.12 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.85 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.00 HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 64.31 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 65.55 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 62.70 HEILONGJIANG HECHENG CO 7.78 11/17/16 CNY 40.12 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 64.67 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 64.13 HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.10 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.01 HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 63.92 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 59.00 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 64.73 HUAI'AN DEVELOPMENT HOL 6.80 03/24/17 CNY 42.25 HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.75 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.82 HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.84 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 64.65 HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 63.67 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 64.67 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.46 HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.86 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 78.06 HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.82 HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 71.95 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 63.24 HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 72.66 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 63.57 INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 62.20 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 63.01 JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 63.40 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 64.00 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 62.50 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 63.50 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 65.15 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 62.94 JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 63.01 JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.87 JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.66 JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.53 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.75 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.17 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 60.00 JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 64.43 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 63.97 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.87 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.43 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 63.85 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 63.22 JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 62.53 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 62.83 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 63.43 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.50 JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.95 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.56 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 64.37 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 64.43 JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 63.64 JINTAN CONSTRUCTION INV 8.30 03/14/19 CNY 63.95 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 63.06 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 63.06 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.00 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.38 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 62.98 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 59.00 KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 63.51 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.88 KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.70 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 82.41 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 52.16 KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 52.40 LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 61.47 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 63.17 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.60 LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.52 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.35 LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.63 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 62.50 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 63.45 LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 40.32 LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 63.19 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.95 LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.85 LINHAI CITY INFRASTRUCT 7.98 11/06/16 CNY 50.08 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 64.82 LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 52.30 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 63.55 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 62.51 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 63.65 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 72.00 LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 72.09 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.70 LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.50 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.40 LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.43 MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 63.25 MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 61.51 MIANYANG SCIENCE & TECH 6.30 07/22/18 CNY 54.05 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 62.85 MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 62.85 NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 64.53 NANCHONG CHEMICAL INDUS 8.16 04/26/19 CNY 63.96 NANJING HEXI NEW TOWN A 6.40 02/03/17 CNY 60.57 NANJING HI-TECH ECONOMI 6.94 09/07/19 CNY 63.60 NANJING HI-TECH ECONOMI 6.94 09/07/19 CNY 59.00 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 62.00 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.42 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.71 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 63.28 NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 39.96 NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 40.02 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 52.32 NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.98 NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 72.02 NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 40.45 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.15 NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 51.78 NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 10.30 NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.97 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 63.49 PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 62.00 PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 40.15 PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 40.22 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 64.12 PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.85 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 60.00 PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 64.70 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 64.34 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.55 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 62.94 PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 63.44 QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 51.85 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 64.08 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.55 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.31 QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.36 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.56 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 63.55 QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.98 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.70 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 64.29 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.97 QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.46 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.34 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.00 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 83.45 QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.94 QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.69 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 83.80 QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 63.35 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.84 QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 63.86 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 59.00 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 63.26 QUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 63.23 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 64.38 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 59.00 SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 72.84 SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 62.11 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 51.86 SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 49.20 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 64.10 SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.71 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 52.00 SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 52.00 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 64.30 SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 60.00 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.30 SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 63.80 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 64.58 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 84.00 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.35 SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.69 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.21 SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 52.57 SHENYANG COAL INDUSTRY 6.75 12/21/17 CNY 50.00 SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 64.25 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 64.06 SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 63.75 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 34.63 SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 34.63 SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 34.63 SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 67.99 SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 70.67 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 62.98 SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 59.00 SUIZHOU CITY INVESTMENT 7.50 08/22/19 CNY 64.23 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.50 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.56 SUZHOU CONSTRUCTION INV 7.45 03/12/19 CNY 63.16 SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 51.63 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 62.43 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.34 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.77 TAIAN CITY TAISHAN INVE 5.79 03/02/18 CNY 71.00 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 52.11 TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 52.98 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 63.25 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 60.00 TAIZHOU CITY CONSTRUCTI 6.90 01/25/17 CNY 40.28 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.22 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.78 TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 52.28 TAIZHOU XINTAI 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XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.72 XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 64.37 XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.25 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 63.46 XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 63.33 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 78.00 XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 52.72 XIANYANG CITY CONSTRUCT 7.90 12/09/17 CNY 71.01 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 64.03 XINING CITY INVESTMENT 7.70 04/27/19 CNY 62.00 XINING CITY INVESTMENT 7.70 04/27/19 CNY 63.78 XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 49.52 XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 51.87 XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 71.70 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 63.47 XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 52.52 XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 63.95 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.79 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.80 XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 51.99 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 63.18 YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.10 YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.85 YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 72.46 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 63.05 YANZHOU HUIMIN URBAN CO 8.50 12/28/17 CNY 51.57 YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 72.00 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.70 YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 59.30 YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 62.17 YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 58.95 YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 59.50 YINCHUAN URBAN CONSTRUC 6.28 03/09/17 CNY 25.14 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 64.16 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.55 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 60.00 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 64.19 YIYANG CITY CONSTRUCTIO 8.20 11/19/16 CNY 40.13 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 64.21 YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 64.20 YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 60.00 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 64.51 YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.51 YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.22 YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 84.55 ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 61.22 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 64.71 ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 73.10 ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 72.51 ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.64 ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.15 ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.76 ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.80 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 63.08 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.54 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 52.00 ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.85 ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.29 ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 31.71 ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.13 ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.99 ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 52.06 ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.25 ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.55 ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 71.00 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 60.00 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 64.52 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 72.00 ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 74.47 ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 63.66 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 37.10 ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 72.89 ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 40.94 ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 72.65 ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 71.43 ZUNYI CITY INVESTMENT G 8.53 03/13/19 CNY 63.51 ZUNYI CITY INVESTMENT G 8.53 03/13/19 CNY 64.22 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 23.72 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 23.72 INDIA ----- 3I INFOTECH LTD 5.00 04/26/17 USD 19.13 BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.13 BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.26 BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.40 GTL INFRASTRUCTURE LTD 4.53 11/09/17 USD 37.13 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 43.75 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 20.00 JCT LTD 2.50 04/08/11 USD 27.00 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.50 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 REI AGRO LTD 5.50 11/13/14 USD 4.95 REI AGRO LTD 5.50 11/13/14 USD 4.95 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.21 JAPAN ----- AVANSTRATE INC 5.55 10/31/17 JPY 33.25 AVANSTRATE INC 5.55 10/31/17 JPY 37.00 MICRON MEMORY JAPAN INC 0.50 10/26/15 JPY 5.38 MICRON MEMORY JAPAN INC 0.70 08/01/16 JPY 5.38 MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38 MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38 MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38 TAKATA CORP 0.58 03/26/21 JPY 62.25 TAKATA CORP 0.85 03/06/19 JPY 75.00 KOREA ----- 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 33.81 2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 33.81 2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 29.65 DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 47.53 HANA FINANCIAL GROUP IN 3.95 05/29/45 KRW 440.36 HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 11.67 HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 11.33 HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 60.13 HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 58.38 KIBO ABS SPECIALTY CO L 5.00 01/31/17 KRW 42.56 KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 32.26 KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 32.64 KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 20.22 KIBO ABS SPECIALTY CO L 10.00 02/19/17 KRW 47.69 LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 33.25 MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 33.56 OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 27.27 SINBO SECURITIZATION SP 5.00 07/29/18 KRW 30.13 SINBO SECURITIZATION SP 5.00 01/29/17 KRW 44.78 SINBO SECURITIZATION SP 5.00 03/13/17 KRW 39.31 SINBO SECURITIZATION SP 5.00 03/13/17 KRW 39.31 SINBO SECURITIZATION SP 5.00 08/27/19 KRW 27.68 SINBO SECURITIZATION SP 5.00 07/29/19 KRW 27.95 SINBO SECURITIZATION SP 5.00 09/30/19 KRW 27.27 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 32.80 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28 SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28 SINBO SECURITIZATION SP 5.00 03/12/18 KRW 32.80 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.06 SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.06 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.78 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.14 SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.14 SINBO SECURITIZATION SP 5.00 12/23/17 KRW 32.28 SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.78 SINBO SECURITIZATION SP 5.00 10/30/19 KRW 20.52 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06 SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.30 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.57 SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.57 SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.30 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.20 SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.20 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 34.80 SINBO SECURITIZATION SP 5.00 08/16/17 KRW 34.80 SINBO SECURITIZATION SP 5.00 02/21/17 KRW 41.59 SINBO SECURITIZATION SP 5.00 02/21/17 KRW 41.59 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 20.39 SINBO SECURITIZATION SP 5.00 06/07/17 KRW 20.39 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.08 SINBO SECURITIZATION SP 5.00 05/26/18 KRW 30.74 SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.08 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.84 SINBO SECURITIZATION SP 5.00 12/13/16 KRW 54.89 SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.84 SINBO SECURITIZATION SP 5.00 07/24/17 KRW 33.77 SINBO SECURITIZATION SP 5.00 12/30/19 KRW 26.47 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.60 SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.60 SINBO SECURITIZATION SP 5.00 12/25/16 KRW 49.57 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.34 SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.34 SINBO SECURITIZATION SP 5.00 06/25/19 KRW 28.29 SINBO SECURITIZATION SP 5.00 06/25/18 KRW 30.47 TONGYANG CEMENT & ENERG 7.50 04/20/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.50 07/20/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.50 09/10/14 KRW 70.00 TONGYANG CEMENT & ENERG 7.30 04/12/15 KRW 70.00 TONGYANG CEMENT & ENERG 7.30 06/26/15 KRW 70.00 U-BEST SECURITIZATION S 5.50 11/16/17 KRW 34.75 WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 57.35 WOORI BANK 5.21 12/12/44 KRW 375.47 MALAYSIA -------- BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.77 LAND & GENERAL BHD 1.00 09/24/18 MYR 0.26 SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 74.07 SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.62 SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 70.00 SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 71.00 SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.98 SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.06 SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 74.73 SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.59 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 69.10 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.52 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.23 SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.09 SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.58 SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 69.06 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.62 SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 66.27 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 65.01 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.78 SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.92 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.59 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.23 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.82 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.39 UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.06 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 5.35 10/01/18 SGD 69.13 AUSGROUP LTD 7.45 10/20/18 SGD 65.88 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.76 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.76 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 25.19 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 24.75 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 8.00 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 26.75 BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 26.75 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 27.00 BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 26.75 ENERCOAL RESOURCES PTE 6.00 04/07/18 USD 8.25 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 40.00 GEO ENERGY RESOURCES LT 7.00 01/18/18 SGD 73.88 GOLIATH OFFSHORE HOLDIN 12.00 06/11/17 USD 4.25 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 65.50 NEPTUNE ORIENT LINES LT 4.40 11/08/19 SGD 73.50 NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 55.34 NEPTUNE ORIENT LINES LT 4.65 09/09/20 SGD 61.38 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 39.34 OSA GOLIATH PTE LTD 12.00 10/09/18 USD 61.75 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 70.00 OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 69.16 PACIFIC INTERNATIONAL L 7.25 11/16/18 SGD 70.50 PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 42.50 RICKMERS MARITIME 8.45 05/15/17 SGD 37.50 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 10.00 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 10.00 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 12.00 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 12.13 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 11.63 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.00 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00 SRI LANKA --------- HATTON NATIONAL BANK PL 8.00 08/29/23 LKR 67.00 SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 63.89 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 71.62 SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 70.52 SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 73.33 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 3.74 MDX PCL 4.75 09/17/03 USD 37.75 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.25 DEBT AND ASSET TRADING 1.00 10/10/25 USD 57.38 HO CHI MINH CITY INFRAS 12.00 06/23/19 VND 20.00 ********* 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 ***