/raid1/www/Hosts/bankrupt/TCRAP_Public/161115.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, November 15, 2016, Vol. 19, No. 226
Headlines
A U S T R A L I A
AMERICAN APPAREL: First Creditors' Meeting Set for Nov. 21
CASMAR HOLDINGS: Moody's Assigns Provisional Ba3 CFR
DACT PTY: First Creditors' Meeting Set for Nov. 21
ETHERNET AUSTRALIA: Enters Liquidation Due to Terminated Orders
MCALEESE LTD: To Keep Business Under New Restructuring Plan
C H I N A
JIANGSU HANRUI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB+'
KANGDE XIN: Fitch Assigns 'BB' IDR; Outlook Stable
KANGDE XIN: Moody's Assigns Ba3 CFR; Outlook Stable
YANCHENG ORIENTAL: Fitch Assigns 'BB+' IDR; Outlook Stable
YINGDE GASES: Moody's Says Issuance Will Not Impact B1 CFR
H O N G K O N G
CHINA FISHERY: W. Brandt Named as Trustee to CFG Peru Singapore
I N D I A
ABEL COLD: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
AGASTI SAHAKARI: CRISIL Reaffirms D Rating on INR70MM Demand Loan
ALTECH INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR7.37cr Loan
ARM OVERSEAS: CRISIL Reaffirms B Rating on INR250MM Cash Loan
BABA NAGA: CRISIL Reaffirms B+ Rating on INR181MM Term Loan
BAHUBALI CASHEWS: CRISIL Reaffirms 'B' Rating on INR60MM Loan
BL KASHYAP: CRISIL Reaffirms D Rating on INR3.75BB Bank Loan
DAMODAR TEXO: CRISIL Suspends B- Rating on INR38MM Term Loan
DHARA PETROCHEMICALS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
G B ENTERPRISESS: Ind-Ra Assigns IND BB- Long Term Issuer Rating
GANPATI ALLIED: CRISIL Ups Rating on INR57MM Cash Loan to 'B'
GJA STORAGE: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
ISHAAN METALS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
J. M. MHATRE: CRISIL Reaffirms B+ Rating on INR700MM Cash Loan
J.S. INTERNATIONAL: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
JABALPUR HOSPITAL: CRISIL Cuts Rating on INR55MM Loan to B-
JSK CORPORATION: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
LAKSHMIGRAHA ENTERPRISES: CRISIL Reaffirms B Rating on Four Loans
MUSLIM EDUCATIONAL: CRISIL Ups Rating on INR156.7MM Loan to B+
NEW CHUMTA: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
NIRMAN INFRA: CRISIL Cuts Rating on INR110MM Cash Loan to B+
NORTHERN INDIA: CRISIL Cuts Rating on INR140MM Cash Loan to B-
PLASCARE INDUSTRIES: CRISIL Assigns B Rating to INR293.8MM Loan
PRAKASH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
PRAKASH SHELLAC: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
RANA POLYCOT: ICRA Suspends 'D' Rating on INR370cr Bank Loan
SALTEE BUILDCON: Ind-Ra Suspends 'IND BB' Long Term Issuer Rating
SHAKTI COT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
SHIVAM ISPAT: CRISIL Lowers Rating on INR35MM Cash Loan to B+
SIDDHIVINAYAK AESTHETICS: CRISIL Cuts Rating on INR150M Loan to C
SR INTERNATIONAL: Ind-Ra Withdraws IND D Long Term Issuer Rating
SRS AGRI: ICRA Reassigns 'C' Rating to INR14cr Long Term Loan
SSPDL LIMITED: Ind-Ra Affirms 'IND BB' Long Term Issuer Rating
STEEL AND INDUSTRIAL: ICRA Suspends C Rating on INR3.65cr Loan
STRAWBERRY CERAMICS: CRISIL Reaffirms B+ Rating on INR79.5MM Loan
SURIYA GARMENTS: Ind-Ra Suspends 'IND B+' Long Term Issuer Rating
TRACK INNOVATIONS: ICRA Reaffirms 'B' Rating on INR15cr Loan
TRINITY ENGINEERS: CRISIL Cuts Rating on INR360MM Loan to B-
VIJAYA ENERGY: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
VIJAYASRI ENTERPRISES: CRISIL Reaffirms B+ INR100MM Loan Rating
WONDER SIGNS: ICRA Assigns 'B' Rating to INR2.0cr Cash Loan
I N D O N E S I A
PAKUWON JATI: Moody's Affirms Ba3 CFR; Outlook Stable
J A P A N
LEOPARD TWO: Fitch Affirms 'BBsf' Rating on Class E Notes
M A L A Y S I A
1MALAYSIA: Jho Low Key Person of Interest, Singapore Police Say
N E W Z E A L A N D
CAPITAL + MERCHANT: Settles Perpetual Trust Compensation Claim
RUSSLEY ENGINEERING: Two Directors Get Home Detention
S O U T H K O R E A
HANJIN SHIPPING: Fleet Shrinks to a Tenth of Its Size
HANJIN SHIPPING: Korea Line Wins Bid for Assets
* SOUTH KOREA: Top 3 Shipyards Slash 3,000 Jobs in Q3 2016
X X X X X X X X
* BOND PRICING: For the Week Nov. 7 to Nov. 11, 2016
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A U S T R A L I A
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AMERICAN APPAREL: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------------
A first meeting of the creditors in the proceedings of American
Apparel Australia Pty Limited, trading as American Apparel
Australia Pty Limited, will be held at Regus, Level 23, 52 Martin
Place, in Sydney, on Nov. 21, 2016, at 11:00 a.m.
Jason Preston and Barry Kogan of McGrathNicol were appointed as
administrators of American Apparel on Nov. 9, 2016.
CASMAR HOLDINGS: Moody's Assigns Provisional Ba3 CFR
----------------------------------------------------
Moody's Investors Service has assigned a provisional (P)Ba3
corporate family rating to Casmar Holdings (Australia) Pty Ltd.
The rating outlook is stable.
Following completion of the anticipated acquisition, Casmar will
own SAI Global Limited (SAI) (unrated) -- the operating company
-- a global provider of risk management services and products,
and a leading provider of mortgage settlement-related services
and property-related information in Australia.
At the same time, Moody's has assigned a provisional (P)Ba3
senior secured rating to the proposed first lien term loan B of
USD515 million (equivalent to around AUD679 million) and a
provisional (P)B2 senior secured rating to the proposed second
lien term loan facility of AUD160 million.
The loans will be issued by co-borrowers: 1) Casmar (Australia)
Pty Ltd; and 2) Casmar Finance LLC, a Delaware limited liability
company.
There is also a proposed USD60 million Senior Secured Revolving
Credit Facility (equivalent to AUD79 million) with a 5-year
maturity.
The assignment of a definitive CFR and senior secured term loan
ratings is subject to review of final documentation and
successful close of the transaction.
DETAILS OF THE TRANSACTION
In September 2016, Casmar Holdings Pte Limited - a wholly owned
subsidiary of Baring Asia Private Equity Fund VI - entered into a
binding Scheme Implementation Deed with SAI to acquire the
remainder of the shares that Casmar Holdings does not already own
in SAI, by way of a Scheme of Arrangement (the Scheme). Under
the Scheme, all outstanding debt will be repaid and replaced by
the rated facilities.
RATINGS RATIONALE
"Casmar's (P)Ba3 CFR principally reflects SAI's strong track
record backed by a reputable clientele base, solid cash flows -
which are in turn underpinned by recurring revenue - growth
opportunities, and our expectation that the company will de-lever
within the next 12-24 months," says Ian Chitterer, a Moody's Vice
President and Senior Analyst.
If the proposed transaction between Casmar and SAI goes through,
Moody's expects that financial leverage - as measured by total
debt/EBITDA, on a Moody's-adjusted basis will rise to around 5.3x
and improve to a mid-to-high 4.0x range over the next 12-24
months. Moody's expects that Casmar will de-lever by applying
excess cash to repay debt.
However, actual deleveraging will depend on shareholder demand
for capital returns and their view on the optimal capital
structure.
Moody's does not expect that Baring Asia Private Equity will
prove a natural long-term owner, but the fund has expressed its
commitment to retain its stake for about 5-7 years, and to de-
lever the business.
Moody's notes that SAI has been rather acquisitive in the past.
Moody's will monitor any major debt-funded acquisitions and the
impact on Casmar's credit metrics. However, according to
management and Baring, there is no intention to make any major
acquisitions, and the focus is to improve earnings organically.
SAI's business profile reflects its fairly predictable earnings
generation and recurring revenue, underpinned by contracts,
royalties and subscriptions. Moody's expects growth
opportunities to stem from the increasing complexity and scrutiny
in the regulatory environment, and cross selling across its
business lines. Such cross selling will provide - especially
larger clients - with the ability to rely on SAI for their range
of risk related products and services.
Moreover, SAI's good level of sector and geographic
diversification reduces concentration risks. While SAI's
revenues are weighted towards Asia Pacific - which contributes
about 56% to total revenue - the ratings are supported by its
global footprint, with key markets in Asia Pacific, the Americas
and EMEA.
Moody's points out that Casmar's ratings are predicated on the
renewal of one of its important contracts with Standard Australia
(SA) at the end of 2018, with the royalty rate that SAI pays to
SA increasing to a maximum of 60% of total revenues on the
contract from 10%. This agreement gives SAI the exclusive right
to publish, distribute, market and sell Australian standards and
direct text adaptations of International Standards.
Based on the increase in royalty rate, Moody's expects Casmar's
adjusted EBITDA margin to fall to about 25% by the fiscal year
ended 30 June 2020 from around 28% expected in FY2017.
Moody's further points out that Casmar's ratings also incorporate
the company's ability to execute on SAI's operational and
financial targets, as a result of cost savings initiatives.
Moody's believes that competitive threats to SAI's operations
represent the highest levels of risk in the company's Assurance
business (its inspection and certification operations), because
barriers to entry are lower in this area. This segment of its
business involves many price-conscious small/medium-sized
businesses that seek smaller assurance service providers, due to
existing relationships and to minimize cost.
Casmar's liquidity over the next 12-18 months factors in the
company's reported operating cash flows, which Moody's expects
will register around AUD65-AUD90 million. Moody's also expects
that it will retain minimal cash balances of about AUD10-AUD15
million. It also has an alternate source of liquidity in the
form of a USD60 million revolving credit facility, which will
likely be fully or largely undrawn at the date of
recapitalization.
The above sources of liquidity are sufficient to meet SAI's
annual capital expenditure of about AUD30-AUD36 million, and the
mandatory amortizing payment - of about AUD7 million a year - on
its first lien term loan.
The stable outlook reflects Moody's expectation that Casmar will
continue to generate positive cash flows, underpinned by
recurring revenue and growth opportunities from the increased
scrutiny in the regulatory and compliance environment. The
outlook also assumes that the contract with SA will be renewed at
December 2018, at a maximum royalty rate of 60%, and that Casmar
will maintain a conservative financial profile and de-lever over
the next 12-24 months.
The second lien debt is rated (P)B2 and is two notches below the
(P)Ba3 CFR and first lien term loan, reflecting an inferior
position in Casmar's capital structure and the large proportion
of first lien debt. The 1st lien term loan represents about 80%
of total debt.
WHAT COULD CHANGE THE RATINGS
Moody's would consider an upgrade of ratings if its adjusted
debt/EBITDA falls below 3.8x and adjusted EBITA/interest
increases to more than 4.5x on a consistent basis.
Negative pressure could develop if: 1) the company's adjusted
debt/EBITDA remains above 5.0x after FY2017; and/or 2) adjusted
EBITA/interest falls below 2x; and/or 3) if the contract with SA
is terminated, or the royalty rate is deemed excessive.
The principal methodology used in this rating was Business and
Consumer Service Industry published in October 2016.
BACKGROUND OF THE COMPANY
Casmar Holdings (Australia) Pty Ltd is the holding company and
the rated entity that owns 100% of SAI global Limited -- the
operating company.
SAI Global Limited, headquartered in Sydney, is a global provider
of risk management services and products. It is also a leading
provider of mortgage settlement related services and property-
related information in Australia. As of the year ended June 30,
2016, SAI's revenue totaled AUD570 million.
The company operates five business segments: (1) Assurance -
testing, inspecting and certification to ensure customers meet
standards, (2) Knowledge - publication of standards/regulatory
material, (3) Learning - training customers on
standards/regulations, (4) Risk - to prevent and track any break
of standards/regulations, and (5) Property - mortgage settlement
services and information brokerage.
DACT PTY: First Creditors' Meeting Set for Nov. 21
--------------------------------------------------
A first meeting of the creditors in the proceedings of
Dact Pty Ltd, trading as Impact Engineering, and KGC Australia
Pty Ltd, trading as Impact Engineering, will be held at Level 8,
235 St Georges Terrace, in Perth, on Nov. 21, 2016, at 11:00 a.m.
Hayden Leigh White and Matthew David Woods of KPMG were appointed
as administrators of Dact Pty on Nov. 10, 2016.
ETHERNET AUSTRALIA: Enters Liquidation Due to Terminated Orders
---------------------------------------------------------------
CRN reports that Brisbane connectivity and industrial networking
provider Ethernet Australia has entered voluntary liquidation,
with debts totaling close to AUD3 million.
The company ceased trading after key supply contracts with
customers were terminated without warning, and appointed
liquidator David Clout and Associates on October 28, with a
creditors meeting taking place on Tuesday, November 8, according
to CRN.
As part of their investigations, liquidators are in the process
of estimating the company's value, the report relays.
The company's biggest debt is to Appledore Holdings, which,
according to a creditors' report, is owed AUD2.48 million. Easy
World Technology, which CRN understands is a telecommunications
distributor based in the Middle East, is owed AUD30,114, the
report relays.
Ethernet Australia sold a range of networking, surveillance and
automation products geared towards industries such as oil, gas
and mining; transport and logistics; building and manufacturing;
utilities and security, the report relays. The company also sold
a range of Conker-branded rugged tablet devices, the report
notes.
General manager Nick Czeperko founded the company, formerly known
as Crisptech, in 1992. The company renamed last year as part of
a repositioning exercise to better reflect its vision of
"connecting industry".
MCALEESE LTD: To Keep Business Under New Restructuring Plan
-----------------------------------------------------------
The Australian Financial Review reports that McAleese Ltd would
be rebranded, keep most of its businesses and de-list from the
Australian Securities Exchange in a new restructuring proposal
from Hong Kong financier SC Lowy.
AFR relates that McAleese's administrators, McGrathNicol, has
received a new draft deed of company arrangement from SC Lowy,
which is the transport group's biggest secured creditor.
Under the proposal, McAleese would keep most of its staff and
most of its businesses, including Cootes Transport, aviation
refuelling, its Western Australian specialised transport
business, and its bulk haulage operations in the Pilbara,
according to AFR.
But it would sell or close down its heavy haulage and lifting
business, with proceeds from sale of cranes and other transport
equipment used to pay most of the company's outstanding debt to
SC Lowy, which would have a stake in the restructured company.
AFR says McGrathNicol has already started selling off trucks and
cranes owned by the heavy haulage division, and closing
unprofitable depots.
McAleese chief executive Mark Rowsthorn, who owns 31 per cent,
would remain as CEO of the remaining company, which would be
privately held, the report states.
AFR relates that the restructured company is expected to be
profitable, partially due to income from transport services
provided to resources groups like Atlas Iron, which are
benefiting from rebounding commodity prices. McAleese's resources
division has produced "positive cash flow" while in
administration, according to the administrators.
According to AFR, McGrathNicol said it would compare the SC Lowy
proposal with the possibility of liquidating McAleese.
"All creditors will receive a detailed report regarding the
affairs of McAleese before the second meeting of creditors, along
with our recommendation of all the options available to
creditors," McGrathNicol said.
The administrators expect to hold the second meeting of creditors
next month, the report adds.
McAleese Limited (ASX:MCS) -- http://www.mcaleese.com.au/news/--
is an Australia-based company, which is engaged in the provision
of heavy haulage and craneage, bulk haulage, liquid fuels
distribution, and transport and logistics services. The Company
operates in four segments: the Heavy Haulage & Lifting division,
which provides heavy haulage and lifting solutions for equipment
required in the construction, operation and maintenance of
resources, energy and infrastructure projects; the Bulk Haulage
division, which provides bulk commodities haulage across off-road
and on-road routes and ancillary onsite services in the mining
sector; the Oil & Gas division, which includes Cootes Transport,
a provider of liquid and gaseous fuel transportation services in
Australia for oil and gas companies and Refuel International,
which designs and manufactures of refueling and handling
equipment, and the Specialised Transport division, which includes
the operations of WA Freight Group, including the movement of
less than truck load freight.
On Aug. 29, 2016, Joseph Hayes, Jason Preston, Jamie Harris and
Keith Crawford of McGrathNicol were appointed Voluntary
Administrators of McAleese Limited and each of its wholly owned
subsidiaries with the exception of Sunshine Refuellers Pty Ltd.
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C H I N A
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JIANGSU HANRUI: Fitch Rates Proposed US$ Sr. Unsec. Notes 'BB+'
---------------------------------------------------------------
Fitch Ratings has assigned Jiangsu HanRui Investment Holding Co.,
Ltd's (Hanrui, BB+/Stable) proposed US dollar senior unsecured
notes a 'BB+(EXP)' expected rating.
The offshore notes will be issued by Hanrui Overseas Investment
Co., Ltd. and will be unconditionally and irrevocably guaranteed
by Hanrui International Investment Company Limited (HII), which
Hanrui's direct, wholly owned subsidiary. The notes will be HII's
senior unsecured obligations and rank pari passu with all its
other senior unsecured obligations. The net proceeds will be used
for general corporate purposes.
In place of a guarantee, Hanrui has granted a keepwell and
liquidity support deed and a deed of equity interest purchase
undertaking to ensure HII has sufficient assets and liquidity to
meet its obligations under the guarantee for the proposed US
dollar notes.
The notes are rated at the same level as Hanrui's Issuer Default
Ratings due to the strong linkage between HII and Hanrui. This
linkage is enhanced by a keepwell and liquidity support deed and
deed of equity interest purchase undertaking granted by Hanrui,
which transfers the ultimate responsibility of payment to Hanrui.
Fitch believes the keepwell and liquidity support deed and the
deed of equity interest purchase undertaking signal a strong
intention from Hanrui to ensure HII has sufficient funds to meet
its obligations for the proposed notes.
KEY RATING DRIVERS
Linked to Zhenjiang Municipality: Hanrui's ratings are credit-
linked with, but not equalised to, Fitch's assessment of
Zhenjiang municipality's credit profile. The link reflects strong
oversight and supervision of Hanrui by the Zhenjiang municipal
government, integration of multi-year funding for the company
with the municipal budget and the strategic importance of
Hanrui's public-sector construction projects and social housing
construction to the municipality. Hanrui is classified as a
credit-linked public-sector entity under Fitch's criteria.
Zhenjiang's Creditworthiness: Zhenjiang had the fifth-highest
gross regional product per capita among all 13 municipalities in
Jiangsu in 2014. Zhenjiang municipality has a healthy budgetary
performance and diversified socio-economic profile. However, the
strengths are mitigated by its heavy contingent liabilities
arising from its public-sector entities.
Legal Status Attribute Mid-Range: Hanrui is registered as a
wholly state-owned limited liability company under Chinese
company law and is under the direct supervision of Zhenjiang
State-Owned Assets Supervision and Administration Commission
(Zhenjiang SASAC). The Zhenjiang New Zone Management Committee
supervises Hanrui on behalf of Zhenjiang SASAC in daily
operational matters. The government has no plans to dilute its
shareholding in Hanrui.
Strategic Importance to Municipality: Hanrui is the only public-
sector entity operating within Zhenjiang New Zone - a flagship
national-level economic development zone in Zhenjiang
municipality. Hanrui is responsible for urban development and
social welfare in the zone through the construction of
infrastructure and social housing. Hanrui is also the only
government-linked entity that promotes the economic development
of Zhenjiang New Zone by attracting international corporations to
locate in the zone. Fitch assesses Hanrui's strategic importance
attribute as Stronger.
Government Fiscal Support: Being a key public-sector entity in
Zhenjiang, Hanrui has received support from the municipal
government via capital injections, subsidies and payment for
infrastructure construction costs and interest expenses and
rebates of land development cost. The support provided by the
municipal government aims to partly fund Hanrui's capital
expenditure and debt servicing. Fitch views Hanrui's integration
into the municipal government's budget as a Stronger attribute.
Tight Control and Supervision: Hanrui is controlled directly by
Zhenjiang SASAC. Hanrui's financing plan and debt are closely
monitored by the government and the company regularly reports its
budget performance. Hanrui's board members, except for employee
representatives, are appointed by the government. Fitch assesses
the Control attribute at Stronger.
RATING SENSITIVITIES
Any rating action on Hanrui will result in a similar rating
action on the rated bond issued by Hanrui Overseas Investment
Co., Ltd.
A stronger or more explicit support commitment from Zhenjiang
municipality may trigger positive rating action on Hanrui.
Significant changes to Hanrui's strategic importance to the
municipality, dilution of the municipality's shareholding or
reduced explicit and implicit municipality support could lead to
a wider rating gap between Hanrui and Zhenjiang.
An upgrade of Fitch's internal credit view on Zhenjiang may
trigger positive rating action on Hanrui. A weaker fiscal
performance or heightened indebtedness of the municipality could
lead to a lowering of Fitch's internal assessment of Zhenjiang's
creditworthiness and may therefore trigger negative rating action
on Hanrui.
KANGDE XIN: Fitch Assigns 'BB' IDR; Outlook Stable
--------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign-Currency Issuer
Default Rating and senior unsecured rating of 'BB' to Kangde Xin
Composite Material Group Co., Ltd. (KDX). The Outlook is Stable.
Fitch also has assigned Top Wise Excellent Enterprise Co., Ltd.'s
proposed US dollar senior notes a 'BB(EXP)' expected rating. Top
Wise Excellent Enterprise is a fully owned subsidiary of KDX and
the proposed notes are unconditionally and irrevocably guaranteed
by KDX. The notes are rated as the same level as KDX's senior
unsecured debt rating as they represent direct, unconditional,
unsecured and unsubordinated obligations of the company.
The final rating on the proposed notes is contingent upon the
receipt of documents conforming to information already received.
Beijing-based KDX is a leading manufacturer of lamination film
globally. It also produces optical film used in liquid crystal
display (LCD), auto windows, home appliances and other
applications.
KEY RATING DRIVERS
Low-Cost Base: KDX's cost advantages have helped it to maintain
gross profit margin above 31% since 2012; with margin of 37% in
2015. KDX is completely self-sufficient in terms of raw
materials in its lamination film segment, and moderately self-
sufficient in the optical film segment. KDX has also invested
heavily in importing equipment and developing core technologies,
such as ultra-precision mould processing. In contrast, most of
its domestic competitors need to buy raw materials from overseas
suppliers and do not have plants that are able to produce at as
high a standard as those of KDX.
Moderate Market Position: KDX operates in fragmented markets and
has relatively small market shares. However, this is mitigated
by its focus on mid-to-high end products and strong relationships
with its customers, which result in moderate bargaining power
with its customers. KDX is the world's third-largest producer of
display optical film after LG Chemical and Toray Industries, Inc.
It accounted for about 11% of global output in 2015. KDX is also
a leading global producer of biaxially oriented polypropylene
(BOPP) lamination film, which is used in packaging.
Optical Film to Erode Margin: Fitch expects the company's
operating EBITDA margin to narrow to around 30% in 2016 from
32.7% in 2015. KDX's display film revenue expanded over past few
years to 29% consolidated revenue in 2015, but gross profit
margin for this segment shrank to around 20% in 2015 from above
30% before 2013. This was mainly due to more supply of display
film in the market, the slowdown in flat panel shipments globally
and a decline in prices of LCD TV panels.
Weak Free Cash Generation: We expect KDX's free cash flow to
continue to be negative in the medium term because of its long
trade receivable days, high capex, and weaker operating EBITDA
margin. KDX's trade receivable days has been very long over past
few years, and was above 130 in 2015. This was mainly driven by
the optical film business, where KDX gives customers a credit
term of 180 days, which is industry norm, according to the
company. In addition, we expect its 2016 capex to be CNY2.5
bil., much higher than CNY215m in 2015, to expand manufacturing
capacity for optical film and add capacity to modules that
produce naked-eye 3D film.
Low Leverage on Equity Funding: Fitch expects KDX to remain in a
net cash position, assuming there are no large debt-funded
acquisitions or investments. KDX's very aggressive capex plans
for the next three years (CNY2.5 bil. per year) would be funded
via secondary equity offerings. It has raised a total of
CNY4.7 bil. from 2012 to 2015 in equity offerings after its IPO
in 2010, which has kept leverage low, even after several
acquisitions and high capex over the past few years. It also has
raised CNY4.8 bil. via equity sales in September 2016.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for KDX include:
-- Gross profit margin erosion in 2017 and beyond
-- Capex of CNY2.5bn a year for 2016, 2017 and 2018
-- No major M&A
RATING SENSITIVITIES
Positive: Developments that may, individually or collectively,
lead to positive rating action include:
-- Major improvement in KDX's market position
-- Positive free cash flow on a sustained basis
Negative: Developments that may, individually or collectively,
lead to negative rating action include:
-- Operating EBITDA margin sustained below 25%
-- Failure to sustain revenue growth; although this may be
offset by free cash flow turning positive
-- Failure to maintain a net cash position
-- Sustained decrease in cash flow from operations
KANGDE XIN: Moody's Assigns Ba3 CFR; Outlook Stable
---------------------------------------------------
Moody's Investors Service has assigned a first-time Ba3 corporate
family rating to Kangde Xin Composite Material Group Co., Ltd
(KDX).
The rating outlook is stable.
At the same time, Moody's has assigned a provisional (P)Ba3
rating to the proposed senior notes, which will be issued by Top
Wise Excellence Enterprise Co., Ltd, and guaranteed by KDX. The
proceeds will be used for refinancing and general corporate
purposes.
The provisional status of the note rating will be removed once
KDX has completed the notes issuance upon satisfactory terms and
conditions, including proper registration with the State
Administration of Foreign Exchange in China (Aa3 negative).
RATINGS RATIONALE
"KDX's Ba3 CFR reflects the company's strong growth prospects in
the global optical film market and its technological
capabilities, leadership in the pre-coated laminating film
market, vertically integrated business model and high
profitability, as well as strong liquidity," says Gloria Tsuen, a
Moody's Vice President and Senior Analyst.
"At the same time, the rating reflects the company's modest size
relative to global manufacturers, higher working capital and
capex requirements alongside further expansion into optical film,
and execution risks in managing high growth and navigating in an
industry with fast-changing technologies," adds Tsuen, also the
Lead Analyst for KDX.
Established in 2001 and listed since 2010, KDX is a major
producer of optical films for display use and also of pre-coated
laminating films globally and in China, according to Frost and
Sullivan.
Moody's expects KDX's growth over the next 2-3 years to be driven
by optical films, which represented 78% of its revenue in 2015
but will increase to around 90% by 2019. On the other hand, the
revenue contribution from the more mature pre-coated laminating
film segment, which represented 18% of KDX's revenue in 2015,
will decline, given limited growth potential.
Optical films have a broadening range of applications, including
displays (e.g., TVs, smartphones, tablets), for glasses-free 3D,
decorative (e.g., white goods, building materials), and window
films (mainly automotives).
KDX has built vertically integrated, large-scale production
facilities that are the largest in China, and has rapidly moved
up the technology curve. Through its internal R&D capabilities,
acquisitions, and strategic partnerships with global players --
such as Royal Philips N.V. (Baa1 stable) -- it has developed a
technological lead over its domestic competitors, and is also
taking market share from imports.
KDX enjoys high margins, helped by its high film production
volume, vertical integration, and product differentiation. It
only entered the optical film segment in 2011 but quickly gained
key end customers, such as Samsung Electronics Co., Ltd. (A1
stable) and LG Electronics Inc. (Baa3 negative).
In the mature, slow-growth pre-coated laminating film segment, it
gained market leadership by targeting the high-end segment,
differentiating itself in a highly fragmented, often
commoditized, market with high technical product capabilities.
KDX's EBITA margins reached 27.6% in 2015, and, despite
investments into new products, Moody's expects them to remain
strong at around 25% in 2017.
KDX's rating also reflects the company's relatively small size --
around $1.2 billion in revenue in 2015 -- when compared with
global manufacturing peers.
More importantly, KDX has high working capital needs, driven by
the high receivable days (120-180 days) associated with the
optical film business. Moreover, capital expenditures will also
be high between 2016 and 2018 due to the phase two expansion of
the Zhangjiagang production site. As a result, Moody's expects
KDX's free cash flows will be negative for the next two years.
Execution risks will need to be managed as KDX maintains a high
compound annual growth rate, which Moody's expects at 21.5% from
2015 to 2018. Moreover, while the raw material pricing
environment has been benign in the last few years, significant
increases in input costs could affect KDX's profitability.
In addition, KDX faces rapid technological changes in its
industry. The company is mitigating some of the risks by
investing in R&D and also through strategic partnerships and
investments developing new products and applications, such as
large touch screens, glasses-free 3D and virtual
reality/augmented reality products, flexible materials for
bendable screens, and carbon fiber for next-generation
automobiles.
KDX has a solid financial profile. It has issued equity to
prefund its significant capex, and Moody's expects its leverage,
as measured by adjusted debt/EBITDA, to decline towards 3.5x by
2018 from around 4x in 2016, both consistent with the Ba range.
KDX has strong liquidity, especially after its RMB4.8 billion
equity issuance at end-September. It had RMB15.3 billion in cash
and only RMB6.9 billion in short-term debt as of the end of 3Q
2016.
KDX's bond rating is not notched down for subordination, as
secured and subsidiary debt level will decline to around 15% of
total assets over the next 12 months.
The stable outlook reflects Moody's expectation that KDX will (1)
successfully execute its plan to expand its optical film
business, develop technological leadership, and commercialize new
products, and (2) maintain solid profitability and a steady
financial profile.
Upward rating pressure could emerge if KDX (1) grows
significantly in scale and business diversity to boost its
resilience through business cycles, (2) builds a longer history
of continued innovation and technological leadership, (3)
consistently generates positive free cash flow, and (4) reduces
its adjusted debt/EBITDA to below 3.0x.
On the other hand, downward rating pressure could emerge if KDX's
operating performance and/or financial profile deteriorate, such
that (1) revenue declines, (2) EBITA margin declines to below
20%, or (3) adjusted debt/EBITDA rises to over 4.0x-4.5x on a
sustained basis.
The principal methodology used in these ratings was Global
Manufacturing Companies published in July 2014.
Established in 2001 and listed on the Shenzhen Stock Exchange
since 2010, Kangde Xin Composite Material Group Co., Ltd. is a
leading manufacturer of optical and pre-coated laminating films
globally.
KDX's largest shareholder is Kangde Xin Investment Group Co.,
Ltd. (unrated), which owned 15.28% of the company as of end-2015
and which is in turn 80% owned by founder and chairman Mr. Yu
Zhong.
YANCHENG ORIENTAL: Fitch Assigns 'BB+' IDR; Outlook Stable
----------------------------------------------------------
Fitch Ratings has assigned Long-Term Foreign- and Local-Currency
Issuer Default Ratings of 'BB+' to Yancheng Oriental Investment &
Development Group Co., Ltd. The Outlook is Stable. Fitch has
also assigned the proposed senior unsecured US dollar notes
issued by Oriental Capital Company (OCC) an expected rating of
'BB+(EXP)'.
The proceeds of the proposed note issue will be used for general
corporate purposes. The final ratings on the proposed notes are
contingent upon the receipt of final documents conforming to
information already received.
The proposed notes are unconditionally and irrevocably guaranteed
by Dongfang Investment (Holdings) Corporation Limited (Dongfang
Investment), a wholly owned subsidiary of Yancheng Oriental. The
notes will be senior unsecured obligations of OCC and rank pari
passu with all other senior unsecured obligations of OCC.
In place of a guarantee, Yancheng Oriental has granted a keepwell
and liquidity support deed and a deed of equity interest purchase
undertaking to ensure Dongfang Investment has sufficient assets
and liquidity to meet its obligations under the guarantee for the
notes.
The notes are rated at the same level of the Issuer Default
Rating of Yancheng Oriental, given the strong link between OCC
and Yancheng Oriental, and the keepwell and liquidity support
deed and the deed of equity interest purchase undertaking, which
provide additional support and transfer the ultimate
responsibility of payment to Yancheng Oriental.
In Fitch's opinion, the deeds signal a strong intention from
Yancheng Oriental to ensure that Dongfang Investment has
sufficient funds to honour the debt obligations. The agency also
believes Dongfang Investment intends to maintain its reputation
and credit profile in the international offshore market, and is
unlikely to default on offshore obligations. Additionally a
default by Dongfang Investment could have significant negative
repercussions on Yancheng Oriental for any future offshore
funding.
KEY RATING DRIVERS
Linked to Yancheng Municipality: The ratings of Yancheng Oriental
are credit-linked to, but not equalised with, Fitch's internal
assessment of the creditworthiness of Yancheng Municipality. The
link reflects strong government control and oversight, and a mid-
range assessment of the entity's integration with the municipal
budget, strategic importance to the municipality and legal
status. These factors result in a high likelihood of
extraordinary support, if needed, from the municipality.
Therefore, Yancheng Oriental is classified as a credit-linked
public-sector entity under Fitch Ratings' criteria.
Yancheng's Creditworthiness: Yancheng is the largest city in
terms of geographic area in Jiangsu Province. Its gross regional
product ranked seventh among the 13 cities within Jiangsu
Province and among the top 50 cities in China in 2015. The
municipality's credit strength is also underpinned by its
location at the intersection of the Chinese government's One-
Belt, One Road development strategy and the Yangtze River Delta
Economic Zone, satisfactory fiscal performance with steady
operating margin and fiscal surplus, and moderate direct risk.
Strategic Importance Attribute Assessed at Mid-range: Yancheng
Oriental is the largest local-government financing vehicle
established for developing and managing the infrastructure and
resettlement housing in the Yancheng Economic-Technical
Development Zone (ETDZ). Yancheng ETDZ houses the core of
Yancheng's Sino-Korea Industrial Park, which was established
under a Sino-Korea free trade agreement. Yancheng Oriental plays
a vital role in implementing the blueprint for the zone on behalf
of the Yancheng Municipal Government and Yancheng ETDZ Management
Committee.
Control Attribute Assessed at Stronger: Yancheng Oriental is
ultimately wholly owned by the municipal government and the
majority of its board is appointed by the government, and major
projects and investments require the government's approval.
Yancheng Oriental's financing plan and debt levels are closely
monitored by the government, and the company is required to
report its operational and financial results to the government on
a regular basis.
Government Integration Attribute Assessed at Mid-range: Over 60%
of operating revenue is related to projects undertaken on behalf
of the municipal government, which buys back the projects from
Yancheng Oriental upon completion. In addition, the government
has provided monetary support, such as capital injections and
subsidies. Yancheng Oriental received subsidies of CNY0.1 mil.
in 2013, CNY142 mil. in 2014 and CNY159 mil. in 2015 from the
government.
'B' Category Standalone Profile: Yancheng Oriental's financial
profile in the past three years was characterized by large capex,
negative free cash flow and high leverage. Fitch believes this
trend may continue in the medium term, driven by potential
development plans for the remaining areas of the Yancheng ETDZ.
Any extension in the settlement of the project buybacks and
sizeable receivables due from the government could adversely
affect Yancheng Oriental's liquidity.
RATING SENSITIVITIES
Linkage With Municipality: A stronger or more explicit support
commitment from Yancheng Municipality may trigger a positive
rating action on Yancheng Oriental. Significant changes to
Yancheng Oriental's strategic importance, dilution in the
government's shareholding, and/or reduced government support,
could result in a downgrade.
Creditworthiness of Municipality: An upgrade of Fitch's internal
credit view on Yancheng Municipality may trigger a positive
rating action on Yancheng Oriental. Any deterioration in the
credit profile of Yancheng Municipality could lead to a downgrade
of Yancheng Oriental's rating.
YINGDE GASES: Moody's Says Issuance Will Not Impact B1 CFR
-----------------------------------------------------------
Moody's Investors Service says that Yingde Gases Group Company
Limited's (Yingde Gases) proposed equity issuance, if it takes
place, will have no immediate impact on its B1 corporate family
rating and the B2 senior unsecured rating on the bonds issued by
Yingde Gases Investment Limited and guaranteed by Yingde Gases.
On November 6, Yingde Gases announced that it had agreed to issue
378 million new shares to Originwater Hong Kong Environmental
Protection Co., Limited (unrated) -- a wholly owned subsidiary of
Beijing OriginWater Technology Co., Ltd. (unrated) -- at a
subscription price of HKD3.20 per share.
Beijing OrginWater is incorporated in China and listed on the
Shenzhen Stock Exchange. It provides water pollution, water
shortage and drinking water solutions.
The net proceeds from the new share issuance, which will
represent 20% of Yingde Gases issued share capital, will be
HKD1.2 billion. The proposed share issuance is pending regulatory
and shareholder approvals.
Upon completion of the equity issuance, Beijing OriginWater will
become Yingde Gases' single largest shareholder with a 20% stake.
Meanwhile, the stake of Yingde's three founders -- Mr. Zhongguo
Sun, Mr. Xiangti Zhao and Mr. Trevor Raymond Strutt -- will be
diluted to 35% from 42%.
Mr. He Yuanping, who is an executive director of Beijing
OriginWater and previously an independent non-executive director
of Yingde Gases, will replace Mr. Zhongguo Sun as Yingde Gases'
CEO.
"The proposed equity issuance will improve Yingde Gases'
liquidity profile and leverage," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.
Moody's expects the company's liquidity to improve with cash and
pledged deposits to short term-debt-- including finance leases --
rising to about 60% at end-2016 from 55% at end-2015.
Leverage -- in terms of adjusted debt/EBITDA -- will fall to
about 3.4x-3.6x at end-2016 from 3.8x at end-2015. This level of
debt leverage would support the company's current rating.
"The emergence of a new and largest shareholder in the form of
Beijing OriginWater, which does not have a business focus and
track record in industrial gas operations, creates uncertainty
over the business strategy of Yingde Gases," adds Ho who is also
the Lead Analyst for Yingde Gases.
Moody's will monitor the impact of the proposed equity
subscription on (1) Yingde Gases' business strategy; (2) the
composition of Yingde Gases' board of directors and Beijing
OriginWater's participation; (3) Yingde Gases' financial policy;
and (4) the business relationship and cooperation between Yingde
Gases and Beijing OriginWater and subsequent benefits.
The negative outlook on Yingde Gases' ratings primarily reflects
Moody's expectation that the company's financial profile will
remain under pressure from the weak operating environment for its
customers in the steel and chemical industries.
It also reflects the uncertainty over the business strategy of
Yingde Gases after Beijing OriginWater becomes the largest
shareholder.
The principal methodology used in these ratings was Global
Chemical Industry Rating Methodology published in December 2013.
Yingde Gases Group Company Limited is one of the largest players
in the independent onsite industrial gas market in China, with
RMB7.9 billion in revenues in 2015. At end-June 2016, it had a
total of 69 gas production facilities in operation and another 11
under development.
================
H O N G K O N G
================
CHINA FISHERY: W. Brandt Named as Trustee to CFG Peru Singapore
---------------------------------------------------------------
BankruptcyData.com reported that the U.S Trustee filed with the
U.S. Bankruptcy Court a notice of appointment of a Chapter 11
trustee to the bankruptcy case of China Fishery Group's Debtor
affiliate CFG Peru Singapore. The notice states, "William J.
Brandt, Jr. You are hereby notified of your appointment as
Chapter 11 trustee of the estate of debtor CFG Peru Singapore,
subject to Court approval. Pursuant to the Decision and Order
directing the appointment of a Chapter 11 Trustee in the CFG Peru
Singapore case and after consultation with the parties-in-
interest, the United States Trustee has selected William J.
Brandt, Jr. as the Chapter 11 Trustee in that case. To the best
of the United States Trustee's knowledge, William J. Brandt Jr.'s
connections with CFG Peru Singapore, the other Debtors, PARD,
creditors, any other parties-in-interest, their respective
attorneys and accountants, the United States Trustee, and persons
employed in the Office of the United States Trustee are limited
to those connections set forth in the attached affidavit." The
Court subsequently approved Brandt's appointment.
About China Fishery Group Limited
China Fishery Group Limited (Cayman), et al., along with certain
non-debtor affiliated entities, are part of a business group
known as the Pacific Andes Group, which is the 12th largest
seafood company in the world and one of the world's foremost
vertically integrated seafood companies. Hong Kong based-The
Pacific Andes Group provides seafood products to leading global
wholesalers, processors and food service companies and has
operations across the seafood value chain.
China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr.
S.D.N.Y. Case No. 16-11895) on June 30, 2016. The petition was
signed by Ng Puay Yee, chief executive officer.
The case is assigned to Judge James L. Garrity Jr.
At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debt at $10 million to $50
million.
Howard B. Kleinberg, Esq., Edward J. LoBello, Esq. and Jil
Mazer-Marino, Esq. of Meyer, Suozzi, English & Klein, P.C. serve
as legal counsel. The Debtor has tapped Goldin Associates, LLC,
as financial advisor and RSR Consulting LLC as restructuring
consultant.
=========
I N D I A
=========
ABEL COLD: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Abel Cold
Stores' (ACS; an entity of INRGhumman Group) 'IND B(suspended)'
Long-Term Issuer Rating. The agency has also withdrawn the 'IND
B(suspended)' rating on ACS' INR90 million long-term loans.
Ind-Ra suspended ACS's ratings on 1 March 2016.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for ACS.
AGASTI SAHAKARI: CRISIL Reaffirms D Rating on INR70MM Demand Loan
-----------------------------------------------------------------
CRISIL's rating on the long term bank facilities of Agasti
Sahakari Sakhar Karkhana Limited (ASSKL) continues to reflect
delays by ASSKL in servicing its debt obligations owing to
liquidity constrains.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Demand Loan 70 CRISIL D (Reaffirmed)
ASSKL has a weak financial risk profile marked by low net worth
and high gearing, and large working capital requirements. Its
scale of operations is modest because of limited capacity and
exposure to cyclicality and regulatory risks in the sugar
industry. The company, however, benefits from its long-standing
presence in the sugar industry and established relationship with
cane growers in its command area.
ASSKL, set up in 1989, is a co-operative society manufacturing
sugar. It is based in Akola (Maharashtra) and has sugar cane
crushing capacity of 2500 tonne per day.
ALTECH INFRASTRUCTURE: ICRA Reaffirms B+ Rating on INR7.37cr Loan
-----------------------------------------------------------------
ICRA has reaffirmed its long-term rating on the INR7.37 crore
fund based bank facilities and INR0.23 crore unallocated limits
of Altech Infrastructure (India) Pvt. Ltd. at [ICRA]B+. ICRA has
also reaffirmed its short-term rating of [ICRA]A4 on the INR3.40
crore non fund based bank facilities of AIPL. ICRA had suspended
the ratings of AIPL in July 2016; however, it has now revoked its
suspension.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits-
Long Term 7.37 [ICRA]B+; reaffirmed
Unallocated Limits-
Long Term 0.23 [ICRA]B+; reaffirmed
Non Fund Based
Limits-Short Term 3.40 [ICRA]A4; reaffirmed
The reaffirmation of the ratings is constrained by company's
stretched liquidity as reflected by full utilization of its
working capital limits as well as its elongated working capital
cycle on account of long manufacturing cycle and high
receivables. The high levels of debt which have led to high
interest cost coupled with low accruals have led to weak coverage
indicators. The ratings also take into account AIPL's modest
scale of operations, fluctuating trends in the revenue growth in
the past few years on account of slow inflow of new orders and
competition from other players in the industry. ICRA also notes
AIPL's vulnerability of profitability to any unfavorable
fluctuations in prices of key raw materials given the long term
and fixed price nature of the contracts which is reflected by
continuous fluctuating trend in its operating profitability
margins. In addition, ratings also note the current order book
position of the company which leads to short term visibility of
revenues. However, the ratings draws comfort from long experience
of the promoters in fabrication business, established customer
base comprising reputed companies which reduces the counterparty
credit risk and healthy outstanding order book of the company
which provides revenue visibility for the near term. ICRA also
positively factors in the strong linkages of the promoters to
Consilium Group and SFS Fire & Security Services Pvt. Ltd.
Going forward, the ability of the firm to secure fresh orders,
maintain adequate margins and managing its liquidity will remain
the key rating sensitivities.
AIPL was incorporated in the year 2006 and is engaged in the
manufacturing of Deaerators, Pressure Vessels, Heat Exchangers,
Condensers, Evaporators and other stainless steel tanks which
find application in many industries like, Chemical, Fertilizer,
Breweries, Petro Chem., Paper, Plywood, Power, and others. The
company has its manufacturing facility in Bhiwadi, Rajasthan. The
promoters of the company are well experienced in the line of
business and have other group companies along same line of
business.
Recent Results
AIPL on a provisional basis, reported a net profit of INR0.34
crore on an operating income of INR26.23 crore for FY2016, as
compared to a net profit of INR0.21 crore on an operating income
of INR23.00 crore for the previous year.
ARM OVERSEAS: CRISIL Reaffirms B Rating on INR250MM Cash Loan
-------------------------------------------------------------
CRISIL's rating on the bank facilities of ARM Overseas Private
Limited (ARM) continue to reflect ARM's below-average financial
risk profile, large working capital requirement, modest scale of
operations in the highly fragmented rice industry, and the
susceptibility of operating margin to volatility in prices. These
weaknesses are partially offset by the extensive industry
experience of its promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 250 CRISIL B/Stable (Reaffirmed)
Pledge Loan 27.5 CRISIL B/Stable (Reaffirmed)
Standby Letter of
Credit 10 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes ARM will continue to benefit from the extensive
experience of its promoters. However, financial risk profile is
expected to remain weak because of large working capital
requirement. The outlook may be revised to 'Positive' if capital
structure, scale of operations, and margins improve
significantly. The outlook may be revised to 'Negative' if a
large debt-funded capital expenditure programme is undertaken or
if working capital management is inefficient.
ARM, incorporated in 2008 and based in New Delhi, mills and
processes basmati rice, which it sells to exporters in India It
is managed by Mr. Anand Goel and family.
For fiscal 2016, ARM reported profit after tax of INR2.8 million
on net sales of INR1956.1 million against INR2.3 million and
INR2436.5 million in fiscal 2015.
BABA NAGA: CRISIL Reaffirms B+ Rating on INR181MM Term Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Baba Naga
Overseas (BNO) continues to reflect a below-average financial
risk profile because of a leveraged capital structure, and its
dependence on a single tenant. These rating weaknesses are
partially offset by the extensive experience of the partners in
the agriculture industry and their funding support.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 181 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes BNO will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of improvement in liquidity backed by large
cash accrual or increased funding support from partners. The
outlook may be revised to 'Negative' in case of delays in debtor
realisation, capital withdrawal by partners, or repayment of
unsecured loans availed from related parties, further
constraining liquidity.
Update
Operating income was INR48.1 million in fiscal 2016, comprising
annual rental income and retrospective incremental income of
previous years following revision in rental prices by Punjab
State Grains Procurement Corporation Ltd (PUNGRAIN). Annual
operating income of INR46.8 million at revised rental prices is
expected over medium term.
The financial risk profile has improved with debt repayment over
the years leading to lower debt and thereby, low interest cost.
The total outside liabilities to tangible networth ratio has
improved to 3.8 times as on March 31, 2016, from 5.6 times a year
earlier. Interest coverage ratio has also improved to 1.10 times
in fiscal 2016 from 1.02 times in the previous fiscal.
Liquidity remains weak as cash accrual is barely sufficient to
meet repayment obligation. Net cash accrual is expected at
INR26.6 million against term debt repayment obligation of INR26.3
million in fiscal 2017. However, liquidity is supported by
unsecured loans of around INR15.6 million as on March 31, 2016.
BNO, a partnership concern, was set up in 2008 by the Chadha
family in Amritsar. The firm leases warehouses. It has warehouse
capacity of 60,000 tonne, currently leased to PUNGRAIN for
storing rice and wheat.
BAHUBALI CASHEWS: CRISIL Reaffirms 'B' Rating on INR60MM Loan
-------------------------------------------------------------
CRISIL's rating on long-term bank facility of Bahubali Cashews
(BC) continues to reflect a modest scale of operations in the
intensely competitive cashew industry, and a below-average
financial risk profile because of a small net worth and a high
total outside liabilities to tangible net worth ratio. These
weaknesses are partially offset by the extensive industry
experience of the promoter.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes BC will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' if a considerable increase in revenue and
profitability leads to higher cash accrual and an improved
financial risk profile. The outlook may be revised to 'Negative'
in case of low revenue or profitability, weakening of working
capital management, or large debt-funded capital expenditure,
resulting in deterioration in the financial risk profile,
particularly liquidity.
Update
Sales were INR185 million in fiscal 2016 against INR130 million
in fiscal 2015. The higher sales were on account of the better
quantity of cashews being processed. Sales were around INR60
million in the four months through July 2016. Operating margin
was maintained at 4.5% in fiscal 2016.
The financial risk profile continues to be below average.
Networth was INR12.6 million, and total outside liabilities to
tangible networth ratio 3.11 times as on March 31, 2016. Risk
coverage ratio was 3.7 times and interest coverage ratio 1.6
times in fiscal 2016. Liquidity remains sufficient: cash accrual
is expected at above INR3 million against repayment obligation of
INR0.1 million in fiscal 2017. The bank limit was moderately
utilised at 90% in the 12 months through June 2016. The bank has
sanctioned a limit of INR800 million for meeting working capital
requirement.
BC was set up as a proprietorship firm in 2000 Ms Nirmala
Mahaveer Hegde, who also manages operations. The firm processes
raw cashew nuts and sells cashew kernels. Its facility in Udupi,
Karnataka, has an installed processing capacity of 4 tonne per
day for cashew kernels.
BL KASHYAP: CRISIL Reaffirms D Rating on INR3.75BB Bank Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of BL Kashyap and Sons
Ltd (BLK; part of the BLK group) continue to reflect instances of
delay by the company in servicing its debt because of weak
liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3750 CRISIL D (Reaffirmed)
Cash Credit 2480 CRISIL D (Reaffirmed)
Cheque Discounting 20 CRISIL D (Reaffirmed)
The BLK group has large working capital requirement, and is
susceptible to cyclicality in the real estate segment. However,
it benefits from its established market position in the
construction sector.
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of BLK and its subsidiaries: BLK
Lifestyle Ltd, Security Information Systems (India) Ltd, BLK
Infrastructure Ltd, and Soul Space Pvt Ltd (SSPL). SSPL is BLK's
real estate arm, and the other subsidiaries provide related
services. All the companies are together referred to as the BLK
group.
BLK was established as BL Kashyap and Sons Pvt Ltd in 1989 by Mr.
Vinod Kashyap, Mr. Vineet Kashyap, and Mr. Vikram Kashyap, and
was reconstituted as a public limited company with the current
name in 1995. The promoters have been in the real estate sector
since 1978.
BLK provides construction services to customers in the
commercial, residential, and industrial segments. The company has
entered real estate development and related services, such as
furnishing. It restructured part of its debt under a corporate
debt structuring package which was approved in December 2014.
The BLK group had a net loss of INR0.06 billion and sales of
INR8.84 billion for fiscal 2016, vis-a-vis a net loss of INR0.58
billion and sales of INR8.34 billion for fiscal 2015.
DAMODAR TEXO: CRISIL Suspends B- Rating on INR38MM Term Loan
------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Damodar Texo Fab.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 24 CRISIL B-/Stable
Proposed Long Term
Bank Loan Facility 10 CRISIL B-/Stable
Term Loan 38 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by DTF
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DTF is yet to
provide adequate information to enable CRISIL to assess DTF'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.
DTF, a partnership firm, was set up in January 2015, promoted by
six partners comprising Mr. Sushil Gupta and his family members,
Mr. Rajesh Gupta, Mr. Manish Gupta, Mr. Sanjeev Gupta, Mr. Deepak
Gupta, and Mrs. Asha Rani. The firm is setting up a unit for
spinning of polyester yarn into fabric and in-house dyeing. It is
based in Karnal (Haryana). The project is almost at the
completion stage and commercial operations are expected to start
by September 2015.
DHARA PETROCHEMICALS: Ind-Ra Assigns 'IND B+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Dhara
Petrochemicals Private Limited a Long-Term Issuer Rating of 'IND
B+'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect DPPL's weak credit profile and stretched
liquidity. The company's FY16 financials indicate net leverage
(Ind-Ra total adjusted net debt/operating EBITDAR) of 6.5x (FY15:
6.1x), interest coverage (operating EBITDA/gross interest
expense) of 1.2x (1.2x) and revenue of INR415.5 million (INR304.9
million). EBITDA margins were volatile and in the range of 1.3%-
4.3% between FY13-FY16. Liquidity was stretched due to its
higher receivable days at 106 days FY16 (FY15: 153days, FY14:126
days, FY13:107 days) which led to multiple instances of
overutilisation in the cash credit account of up to 7 days during
the eight months ended September 2016.
The ratings, however, are supported by around one decade of
experience of the company's promoter in the plastic granules
trading business. The ratings are further supported by DPPL's
long standing relationships with customers leading to repeat
orders over the years. Reduction in customer concentration risk,
as the contribution from its top 10 customers stood at 53% and
65% in FY16 and FY15, respectively, benefits the ratings.
RATING SENSITIVITIES
Positive: A substantial revenue growth while maintaining the
profitability leading to sustained improvement in credit metrics
and/or liquidity could lead to a positive rating action.
Negative: A decline in the revenue and/or profitability leading
to a sustained deterioration in the credit metricsand/or
liquidity could lead to negative rating action.
COMPANY PROFILE
DPPL is a Mumbai-based company established in 2010. The company
is engaged in trading of plastic granules. Since FY13, the
company has also been engaged in toll compounding and
manufacturing of plastic engineering compound. These granules
are engineering polymers used in the automotive, electrical, and
pump industries. The company is promoted by Mr. Gaurav Thanky.
DPPL ratings:
-- Long-Term Issuer Rating: assigned 'IND B+'/Stable
-- INR50 million fund-based working capital limits: assigned
'IND B+'/Stable/'IND A4'
-- INR65 million non fund-based working capital limits:
assigned 'IND A4'
G B ENTERPRISESS: Ind-Ra Assigns IND BB- Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned G B Enterprisess
Transport Private Limited (GBETPL) a Long-Term Issuer Rating of
'IND BB-'. The Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect GBETPL's moderate scale of operations and
liquidity. In FY16, its revenue was INR114 million (FY15: INR70
million). GBETPL's use of the working capital facilities was
85.73% on average over the 12 months ended August 2016.
The ratings factor in the company's moderate credit metrics with
adjusted net leverage (total debt adjusted for cash/EBITDA) of
4.5x in FY16 (FY15: 4.3x) and interest coverage (EBITDA/gross
interest expenses) of 2.6x (2.5x).
The ratings, however, are supported by over two decades of
experience of GBETPL's directors in the transportation business.
RATING SENSITIVITIES
Positive: Improvement in the scale of operations with maintenance
of the credit metrics at current level could lead to positive
rating action.
Negative: A decline in the scale of operations leading to
deterioration in the credit metrics could lead to negative rating
action.
COMPANY PROFILE
Incorporated in 1993, GBETPL is engaged in providing
transportation facilities through Bulk LPG for the major oil
companies such as Indian Oil Corporation Limited ('IND
AAA'/Stable), Bharat Petroleum Corporation Limited and Hindustan
Petroleum Corporation Limited ('IND AAA'/Stable) . The company
provides its transportation services in the eastern region of
India. It has its head office situated in Haldia.
Directors of the company are Mr. Gaganjeet Singh Gujral, Mr.
Bhupinder Singh Gujral and Mrs. Tejinder Gujral Kaur.
GBETPL's ratings:
-- Long Term Issuer Rating: assigned 'IND BB-'/ Stable
-- INR12.09 long-term loan: assigned 'IND BB-'/Stable
-- INR14.6 million m fund-based facilities: assigned
'IND BB-'/Stable
-- INR1.13 million non-fund-based facilities: assigned
'IND A4+'
GANPATI ALLIED: CRISIL Ups Rating on INR57MM Cash Loan to 'B'
-------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Ganpati Allied Works Pvt Ltd to 'CRISIL B/Stable' from 'CRISIL
B-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 57 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
Term Loan 3 CRISIL B/Stable (Upgraded
from 'CRISIL B-/Stable')
The upgrade reflects the improvement in the company's liquidity
because of increased cash accrual and prepayment of long-term
loans. Revenue was INR343 million in fiscal 2016, and cash
accrual increased to INR4.7 million in fiscal 2016 from INR1.4
million in fiscal 2015. Also, the promoters extended unsecured
loans of INR6.4 million, supporting liquidity. CRISIL believes
cash accrual will remain steady against nil term debt obligation
over the medium term.
The rating reflects GAWPL's weak financial risk profile because
of small networth, high gearing, and subdued debt protection
metrics. The rating also factors in the company's modest, albeit
increasing, scale of operations in the highly fragmented steel
industry. These weaknesses are partially offset by its promoters'
extensive industry experience.
Outlook: Stable
CRISIL believes GAWPL will continue to benefit from its
promoters' extensive industry experience. The outlook may be
revised to 'Positive' if there is a substantial and sustained
increase in revenue, leading to higher cash accrual, and
efficient working capital management. The outlook may be revised
to 'Negative' if revenue or accrual declines, or if working
capital cycle lengthens, or if the company undertakes large,
debt-funded capital expenditure.
GAWPL manufactures and trades in galvanized iron wires, hard
black wires, barbed wires, and binding wires. The company is
promoted by the Bhilai, Chhattisgarh-based Gupta family and has
its manufacturing facility in Bhilai. Mr. Ashish Gupta and Mr.
Sunil Kumar Gupta are directors of GAWPL. The operations are
primarily managed by Mr. Ashish Gupta, who has experience of more
than a decade in the steel wires segment.
GJA STORAGE: Ind-Ra Withdraws 'IND B' Long Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn GJA Storage
Solutions' 'IND B(suspended)' Long-Term Issuer Issuer Rating. The
agency has also withdrawn the 'IND B(suspended)' rating on GJASS'
INR90 million long-term loans.
Ind-Ra suspended GJASS's ratings on 2 March 2016.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for GJASS.
ISHAAN METALS: ICRA Reaffirms B+ Rating on INR10cr LT Loan
----------------------------------------------------------
ICRA has reaffirmed its long term rating at [ICRA]B+ on the
INR10.00 crore fund based bank facilities and INR2.50 crore
unallocated limits of Ishaan Metals Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-Term Fund-
Based Limits 10.00 [ICRA]B+; reaffirmed
Long-Term
Unallocated Limits 2.50 [ICRA]B+; reaffirmed
The reaffirmation of ICRA's ratings takes into account the
fluctuations in the operating income and profitability of the
company on account of vulnerability to volatility in agro
commodity prices; The operating profitability margins of the IMPL
remain thin on account of trading nature of operations and
volatility in the commodities market. The rating also factors in
the elevated gearing levels in FY2016 on account of increased
debt levels due to debt funding of working capital requirements
and the company's modest net worth. The ratings however derive
comfort from increase in scale of operations in the past two
years, supported by increased trading volumes and revenue
diversification through brokerage income as well as trading in
the futures and options markets. The ratings also positively
factors in the hedging of inventory risk by taking positions in
the futures market. Additionally, the extensive experience of the
promoters in the industry and managing the business is a positive
consideration for the ratings.
Going forward, an increase in IMPL's scale of operations,
sustained improvement in profitability and improvement in its
capital structure will be the key rating sensitivities.
IMPL was established in 2003 as a private limited company with
Mr. Lalit Sharma, Mr. Anshul Gupta and Mr. Vikas Singhal as
promoters. It is engaged in the trading of agricultural
commodities and precious metals. The company is a member of the
National Commodity and Derivatives Exchange (NCDEX) and Multi
Commodity Exchange (MCX). It is also involved in client and
proprietary trading through these exchanges.
Recent Results
IMPL reported a net profit of INR1.36 crore on an operating
income of INR82.29 crore for FY2016, as against a net profit of
INR0.53 crore on an operating income of INR134.19 crore for the
previous year.
J. M. MHATRE: CRISIL Reaffirms B+ Rating on INR700MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings on the bank facilities of J. M. Mhatre Infra
Private Limited continue to reflect its working-capital-intensive
operations, and customer and geographic concentration in its
revenue profile. These ratings weaknesses are partially mitigated
by its moderate business risk profile marked by its long-standing
presence in the civil construction business supported by healthy
order book, and established client relationship developed under
the guidance of an experienced management.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1675 CRISIL A4 (Reaffirmed)
Cash Credit 700 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 75 CRISIL B+/Stable (Reaffirmed)
Standby Fund-Based
Limits 50 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that JMM Infra will maintain its stable business
risk profile over the medium term on the back of its established
presence in the industry, guided by experienced promoters. The
outlook may be revised to 'Positive' if JMM Infra's liquidity
profile improves significantly with sharp correction in the
working capital cycle along with steady cash generation.
Conversely, the outlook may be revised to 'Negative' if the
company's liquidity deteriorates further, owing to stretch in its
receivables or if it undertakes any large unanticipated debt-
funded capital expenditure programme.
JMM Infra was initially set up as a partnership firm M/s. J.M.
Mhatre in 1986 by members of the Mhatre family of Panvel
(Maharashtra). It was reconstituted, and incorporated as a
private limited company in April 2010. JMM Infra carries out
civil construction works such as earthwork for roads and railway
lines, and construction of roads and highways, canals, bridges
and railway over bridges.
J.S. INTERNATIONAL: Ind-Ra Suspends 'IND BB+' LT Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated J.S.
International's (JSIN) 'IND BB+' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB+(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for JSIN.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during this
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
JSIN's ratings:
-- Long-Term Issuer Rating: migrated to 'IND BB+(suspended)'
from 'IND BB+'/Stable
-- INR800 million fund-based limits: migrated to
'IND BB+(suspended)' from 'IND BB+'/Stable and
'IND A4+(suspended)' from 'IND A4+'
-- INR86 million term loans: migrated to 'IND BB+(suspended)'
from 'IND BB+'/Stable
JABALPUR HOSPITAL: CRISIL Cuts Rating on INR55MM Loan to B-
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Jabalpur Hospital and Research Centre Private Limited (JHRC)
to 'CRISIL B-/Stable' from 'CRISIL B/Stable'. The rating action
is based on limited information made available by the company
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 20 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Term Loan 55 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The downgrade reflects weakening of liquidity due to barely
sufficient cash flow to meet high repayment obligation hence the
bank limit utilisation is full. Furthermore, increased
competition resulted in pressure on the operating margin and
therefore to lower-than-expected cash accrual.
The rating reflects a weak financial profile because of high
gearing and stretched liquidity, though debt protection metrics
are adequate on account of a moderate operating margin. The
rating also factors in a small scale of operations, geographical
concentration in revenue, and susceptibility to risks arising
from exposure to Central Government Health Service (CGHS)
authorities. These rating weaknesses are partially offset by the
extensive experience of the promoters in the healthcare industry.
Outlook: Stable
CRISIL believes JHRC will continue to benefit from extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' in case of a substantial increase in revenue and
operating profitability while receivables are efficiently
managed, leading to improvement in the financial risk profile.
The outlook may be revised to 'Negative' in case of low revenue
and/or profitability, or any debt-funded capital expenditure,
leading to deterioration in the financial risk profile.
JHRC, incorporated in 1989, is managed by Mr. R S Dhirawani, his
wife Mrs. Pragya Dhirawani, and his two younger brothers, Mr.
Dinesh Dhirawani and Mr. Prakash Dhirawani. The company operates
a 250-bed multi-speciality hospital in Jabalpur, Madhya Pradesh,
with a focus on providing cardiac and pulmonary health services.
The hospital is accredited and approved by the National
Accreditation Board for Hospitals and Healthcare Providers, and
the National Accreditation Board for Testing and Calibration
Laboratories.
On a provisional basis, profit after tax (PAT) was INR1 million
on net sales of INR264 million in fiscal 2016; PAT was INR1.12
million on net sales of INR281 million in fiscal 2015.
JSK CORPORATION: Ind-Ra Assigns 'IND BB-' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned JSK Corporation
Private Limited a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable.
KEY RATING DRIVERS
The ratings reflect JSK's small scale of trading operations
coupled with its moderate financial profile. FY16 financials
indicate revenue of INR453.28 million (FY15: INR229.18 million),
EBITDA interest coverage (EBITDA/interest) of 1.5x (1.9x), net
financial leverage (net debt/operating EBITDA) of 4.4x (2.9x) and
operating EBITDA margins of 1.9% (2.0%). The company's liquidity
has been tight with almost full utilisation of fund-based limits
during the 12 months ended September 2016.
The ratings are constrained by JSK's presence in the highly
competitive steel industry which is vulnerable to fluctuations in
the price of raw materials.
The ratings, however, benefit from the promoters' close to a
decade of experience in the iron and steel trading business along
with the company's established supplier base comprising top
players such as Steel Authority of India Limited (IND
AA/Negative), JSW Steel Limited (IND AA-/Negative), ESSAR Steel
India Limited, Jindal Steel and Power Limited, etc. JSK also has
a pan India presence and operates through five offices with the
head office in Nagpur along with branch offices in other parts of
Maharashtra, Madhya Pradesh, Gujarat and Chattisgarh, thereby
having a diverse customer base with repeat orders from existing
clients along with addition of new clients every year which
mitigates the customer concentration risks.
RATING SENSITIVITIES
Positive: A positive rating action could result from substantial
increase in revenue along with improvement in the credit profile.
Negative: A negative rating action could result from further
decline in revenue and deterioration in the credit profile.
COMPANY PROFILE
JSK was incorporated on 15 October 2013. The company is engaged
in trading of TMT bars, Structural steels, MS plates and strips.
The day to day operations are managed by Sachin Agrawal, Pratik
Agrawal, Avinash Agrawal, Rajeev Agrawal and Gopal Agrawal who
are the directors of the company. JSK is an authorised
distributor for Steel Authority of India Limited, ESSAR Steel
India Limited and JSW Steel Limited.
JSK's ratings:
-- Long-Term Issuer Rating: 'IND BB-'/Stable
-- INR47.5 million fund-based working capital limits:
'IND BB-'/Stable
-- INR7.5 million long-term loans: 'IND BB-'/Stable
LAKSHMIGRAHA ENTERPRISES: CRISIL Reaffirms B Rating on Four Loans
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Lakshmigraha
Enterprises (LE) continue to reflect its below-average financial
risk profile, marked by modest net worth, high gearing, and
average debt protection metrics. The ratings also factor in its
low profitability due to its trading nature of operations. These
rating weaknesses are partially offset by the benefits that LE
derives from its promoters' extensive industry experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Discounting 100 CRISIL B/Stable (Reaffirmed)
Buyer Credit Limit 15 CRISIL B/Stable (Reaffirmed)
Cash Credit 250 CRISIL B/Stable (Reaffirmed)
Channel Financing 50 CRISIL B/Stable (Reaffirmed)
CRISIL had downgraded the long term ratings on the bank
facilities of LE to 'CRISIL B/Stable' from 'CRISIL B+/Stable'
vide rating rationale dated August 24, 2016.
Outlook: Stable
CRISIL believes that LE will continue to benefit over the medium
term from its established position as a distributor of Reliance
Industries Ltd (RIL) in South India. The outlook may be revised
to 'Positive' if the firm registers significant and sustainable
improvement in its financial risk profile, driven by improvement
in cash accruals or capital infusion. Conversely, the outlook may
be revised to 'Negative' if LE records significant decline in
cash accruals due to decline in sales or profitability or if
there is significant weakening in its capital structure on
account of larger-than-expected debt-funded working capital
borrowings.
LE, set up in 1986, is a partnership firm, with Ms. R Nandini and
Ms. N Nivedita as its partners. The firm is a distributor of RIL
for its polyester fibre, including polyester-filament yarn,
polyester-stable fibre, polyester-textured yarn, and related
products. The firm is based in South India. The day-to-day
operations are managed by Ms. R Nandini and family.
MUSLIM EDUCATIONAL: CRISIL Ups Rating on INR156.7MM Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its ratings on the long term bank facilities
of The Muslim Educational Society (Regd.) Calicut to 'CRISIL
B+/Stable' from 'CRISIL B-/Stable' while reaffirming the ratings
on the short term bank facilities at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 53.5 CRISIL A4 (Reaffirmed)
Overdraft Facility 50.0 CRISIL B+/Stable (Upgraded
from 'CRISIL B-/Stable')
Term Loan 156.7 CRISIL B+/Stable (Upgraded
from 'CRISIL B-/Stable')
The rating upgrade reflects improvement in the improved financial
discipline and liquidity management of MES, supported by reduced
bank limits utilisation and availability of cash and bank
balances. This is further supported by timely fee collection from
its medical and dental institute.
The ratings also reflect MES's exposure to intense competition
and to risks related to the regulated nature of the education
sector and the potential mismatches in fee collection cycle.
These rating weaknesses are partially offset by MES's established
position in the education sector and its wide and expanding range
of course offerings.
Outlook: Stable
CRISIL believes that MES will benefit over the medium term from
its established position in the education sector. The outlook may
be revised to 'Positive' if the society reports significantly
higher-than-expected cash accruals while maintaining its healthy
capital structure. Conversely, the outlook may be revised to
'Negative' if MES undertakes a larger-than expected debt-funded
capex programme or records significant decline in cash accruals,
resulting in weakening of its financial risk profile.
MES was established in 1964 by the late Dr. P K Abdul Gafoor in
Calicut (Kerala). MES operates 150 institutions, including
professional colleges, colleges, schools, hostels, hospitals,
orphanages, and technical institutes, mostly in Kerala.
NEW CHUMTA: Ind-Ra Withdraws 'IND BB+' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn New Chumta Tea
Company Limited's (NCTCL) 'IND BB+(suspended)' Long-Term Issuer
Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for NCTCL.
Ind-Ra suspended NCTCL's ratings on 3 March 2016.
NCTCL's ratings:
-- Long Term Issuer Rating: 'IND BB+(suspended)'; rating
withdrawn
-- INR26.4 million term loan: 'IND BB+(suspended)'; rating
withdrawn
-- INR93 million fund-based limits: 'IND BB+(suspended) ';
rating withdrawn
-- INR5.5 million non-fund-based limits: 'IND A4+(suspended)';
rating withdrawn
NIRMAN INFRA: CRISIL Cuts Rating on INR110MM Cash Loan to B+
------------------------------------------------------------
CRISIL has downgraded its ratings on bank facilities of Nirman
Infra Steel Private Limited to 'CRISIL B+/Stable' from 'CRISIL
BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 110 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Long Term Loan 70 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects CRISIL's expectation of continued stretch
in liquidity, on account of expected tightly matched cash accrual
against debt obligation in fiscal 2017, moderate bank limit
utilisation and limited support through unsecured loans. Accrual
is constrained by low operating income of INR303 million and
margin of 1.1% in H1-fiscal 2017, arising from lower price
realisations.
The ratings reflect the modest scale of operations in the
competitive and cyclical steel industry, and susceptibility to
volatile raw material prices. These rating weaknesses are
partially offset by the average financial risk profile, marked by
moderate gearing and adequate debt protection metrics, and
extensive experience of promoters in the steel industry.
Outlook: Stable
CRISIL believes that NISPL will continue to benefit from
extensive experience of its promoters. The outlook may be revised
to 'Positive,' if significant increase in scale of operations and
profitability, leads to higher cash accrual. 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.
NISPL produces thermo-mechanically treated (TMT) bars under the
Bhaskar brand. The manufacturing facility at Jaipur commenced
operations in May 2013, and has capacity of 300 tonnes per day.
NORTHERN INDIA: CRISIL Cuts Rating on INR140MM Cash Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Northern India Leather Cloth Manufacturing Company Pvt Ltd to
'CRISIL B-/Stable' from 'CRISIL B/Stable', and reaffirmed its
short-term rating at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 140 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Letter of Credit 40 CRISIL A4 (Reaffirmed)
Overdraft Facility 10 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
Proposed Long Term 50 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
Term Loan 176.8 CRISIL B-/Stable (Downgraded
from 'CRISIL B/Stable')
The downgrade reflects continued stretch in liquidity in the near
term on account of increase in working capital requirement due to
rise in receivables level to INR305 million as on March 31, 2016,
from INR222 million a year earlier. This offset the benefit from
exceptional profit of INR88 million on sale of land and building.
, bank limit utilisation continues to remain high averaged at 95%
for 12 months ended September 2016. Liquidity will also be
constrained by expected low net cash accrual (due to stagnant
sales) of INR10 - 15 million against debt obligation of INR16
million in fiscal 2017. Debt is expected to be repaid with
gradual realisation of receivables, which will remain a key
rating sensitive factor.
The ratings reflect NILCO's weak financial risk profile because
of modest networth and high gearing, small scale of operations,
and exposure to intense competition in the synthetic leather
industry. These weaknesses are partially offset by the extensive
experience of its promoters and an established clientele from
diverse end-user industries.
Outlook: Stable
CRISIL believes NILCO will continue to benefit over the medium
term from its established customer base, especially in North
India. The outlook may be revised to 'Positive' if improvement in
liquidity strengthens financial risk profile. The outlook may be
revised to 'Negative' if financial risk profile, particularly
liquidity, weakens further due to delay in receivable
realisation.
Incorporated in 1980, NILCO manufactures polyvinyl chloride-
coated fabric, also known as synthetic leather, which is used in
footwear, furnishing, and sports goods. Plant is in Faridabad,
Haryana.
PLASCARE INDUSTRIES: CRISIL Assigns B Rating to INR293.8MM Loan
---------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Plascare Industries Private Limited and assigned
its 'CRISIL B/Stable/CRISIL A4' ratings to the company's bank
facilities. CRISIL had suspended the rating vide its Rating
Rationale dated August 23, 2016, since PIPL had not provided
necessary information required for a rating review. PIPL has now
shared the requisite information, enabling CRISIL to assign its
rating to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 71.2 CRISIL B/Stable (Assigned;
Suspension Revoked)
Letter of Credit 35.0 CRISIL A4 (Assigned;
Suspension Revoked)
Proposed Long Term 293.8 CRISIL B/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
The ratings reflect the modest scale of operations in a highly
fragmented industry and below average financial risk profile.
These weaknesses are partially offset by the extensive industry
experience of its promoter.
Outlook: Stable
CRISIL believes that PIPL will benefit over the medium term from
its promoters' extensive industry experience. The outlook may be
revised to 'Positive' if PIPL reports substantial revenue while
improving its profitability and capital structure. Conversely,
the outlook may be revised to 'Negative' in case of considerable
decline in revenue and profitability, or deterioration in working
capital management impacting its liquidity, or large debt-funded
capital expenditure, weakening its financial risk profile.
Established in 2004 as 'Suiyo Plastic Pvt Ltd', the company was
renamed as PIPL in 2005. PIPL is engaged in the manufacture of
polycarbonate (PC) bottles and PET bottles for the water
packaging industry. The company is based out of Chennai and is
promoted by Mr. Somendra Khosla.
PRAKASH INDUSTRIES: CRISIL Reaffirms B+ Rating on INR50MM Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Prakash
Industries - Junagadh (PI) continues to reflect the firm's modest
scale of operations in the highly fragmented cotton industry, its
large working capital requirement, susceptibility to volatility
in cotton prices, subdued capital structure, and small networth.
These weaknesses are partially offset by its promoters' extensive
industry experience, leading to established relationships with
customers and suppliers, and the advantageous location of its
plant.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL B+/Stable (Reaffirmed)
Term Loan 0.6 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes PI will continue to benefit from its promoters'
extensive industry experience. The outlook may be revised to
'Positive' if there is a sustained increase in revenue and
improvement in profitability, leading to a better capital
structure. The outlook may be revised to 'Negative' if lower
revenue or profitability, or a stretch in working capital cycle,
or large capital expenditure weakens the financial risk profile,
especially liquidity.
Update
PI recorded revenue of INR489.9 million and operating margin of
1.1% in fiscal 2016 vis-a-vis INR604.2 million and 0.8%,
respectively, in the previous fiscal. Lower cotton availability
and prices affected revenue, which is likely to grow 10% in
fiscal 2017. The financial risk profile remained weak because of
small networth of INR24.9 million and high gearing of 1.78 times
as on March 31, 2016. Liquidity remains constrained by small cash
accrual of less than INR3 million, but is supported by funds from
promoters.
PI, set up in 1961, is a partnership firm promoted by Gujarat-
based Maru family. The firm gins and presses cotton at its
facility at Manavadar in Junagadh, Gujarat.
PRAKASH SHELLAC: Ind-Ra Assigns 'IND B+' Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Prakash Shellac
Factory (PSF) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The agency has also assigned PSF's INR50 million fund-
based limits a Long-term 'IND B+' rating with a Stable Outlook.
KEY RATING DRIVERS
The ratings reflect the company's weak credit metrics as
reflected in its interest coverage (operating EBITDAR/gross
interest expense + rents) of 1.2x in FY16 (FY15:1.5x) and net
financial leverage (total adjusted net debt/operating EBITDAR) of
5.4x (4.9x) on account of low EBITDA margins of 3.7% (3.5%). The
ratings are constrained by the company's tight liquidity position
as reflected in the 100% utilisation of the fund-based limits
during the six months ended September 2016.
The ratings, however, benefit from the partner's experience of
around three decades in the shellac industry.
RATING SENSITIVITIES
Positive: An improvement in credit metrics could be positive for
the ratings.
Negative: Any deterioration in the credit metrics could be
negative for the ratings.
COMPANY PROFILE
PSF was established in 1988 as a partnership firm. The firm
manufactures different grades of machine made and handmade
shellac. The firm posted marginal improvement in revenue to
INR258 million during FY16 (FY15: INR251 million).
RANA POLYCOT: ICRA Suspends 'D' Rating on INR370cr Bank Loan
------------------------------------------------------------
ICRA has suspended the [ICRA]D rating assigned to the INR370.00
crore bank facilities of Rana Polycot Limited. The suspension
follows ICRA's inability to carry out a rating surveillance due
to continued non cooperation from the Company.
Rana Polycot Limited, promoted by Mr. Rana Gurjeet Singh and Mr.
Rana Ranjit Singh, is part of Rana Group, which also has
interests in sugar industry through Rana Sugar Limited (rated
[ICRA]D). RPL is a manufacturer of yarn of count 25-30, which is
largely exported by the company. The company's manufacturing
facilities are located in Punjab, wherein it has an installed
capacity of 72,768 spindles for yarn manufacturing and yarn dying
capacity of 4.8 MT/ day. The company also has a knitting unit in
Mohali, Punjab, wherein it has installed ~475 knitting machines.
SALTEE BUILDCON: Ind-Ra Suspends 'IND BB' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Saltee Buildcon
Pvt Ltd's (SBPL) 'IND BB' Long-Term Issuer Rating to the
suspended category. The Outlook was Stable. The rating will now
appear as 'IND BB(suspended)' on the agency's website. The agency
has also migrated the rating on SBPL's INR72.5 million long-term
loan to 'IND BB(Suspended)' from 'IND BB'. The Outlook was
Stable.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SBPL.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
SHAKTI COT: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
-----------------------------------------------------------
CRISIL ratings continue to reflect Shakti Cot Fibers comfortable
financial risk profile, marked by low gearing and strengthening
debt protection metrics, partners support and improvement in
operating margin. These strengths are partially offset by
moderately working-capital-intensive andmodest scale of
operations amid intense competition.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Term Loan 22.5 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes SCF will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if increase in scale of operation and profitability
leads to high cash accrual, and if reduction in working capital
cycle or equity infusion improves capital structure. The outlook
may be revised to 'Negative' if decline in profitability, stretch
in the working capital cycle, or debt-funded capital expenditure
weakens financial risk profile, particularly liquidity.
Established in 2013, SCF is a partnership firm promoted by Mr.
Umesh Patel and family.Located at Kadi (Gujarat), the firm is in
the business of cotton ginning and pressing.
For fiscal 2016, SCF reported a profit after tax of INR4.2
million on sales of INR522.6 million, as against INR3.5 million
and INR597.1 million for fiscal 2015.
SHIVAM ISPAT: CRISIL Lowers Rating on INR35MM Cash Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Shivam Ispat Private Limited to 'CRISIL B+/Stable/CRISIL A4' from
'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 20 CRISIL A4 (Downgraded from
'CRISIL A4+')
Cash Credit 35 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Letter of Credit 120 CRISIL A4 (Downgraded from
'CRISIL A4+')
Term Loan 25 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects pressure on liquidity as subdued
profitability along with working capital-intensive operations
have resulted in modest net cash accrual. Despite a drop in
realisations, revenue grew by 50% fiscal-on-fiscal in fiscal 2016
to INR685 million, supported by enhanced capacity utilisation.
However, the operating margin declined to 3.9% from 5.5% on
account of the fall in realisations, increasing competition from
cheaper imports, and higher proportion of trading sales.
Moreover, working capital-intensive operations led by large
inventory led to pressure on liquidity and to significant
increase in debt over the two fiscals through fiscal 2016.
Subdued operating margin, working capital-intensive operations,
and a leveraged capital structure also resulted in modest net
cash accrual, sub-par debt protection metrics, and fully utilised
bank line. Liquidity, however, continues to be supported by
unsecured loans from the promoter. Revival in the operating
margin while efficiently managing the working capital cycle will
be a key rating sensitivity factor.
The ratings reflect a small scale of operations, constrained
financial risk profile because of a leveraged capital structure,
and susceptibility of the operating margin to downturns in the
end-user industry. These weaknesses are partially offset by the
extensive experience of the promoter in the mild steel (MS) ingot
industry, his continued funding support, strong supplier
relationship, and low receivables supported by a long track
record of operations.
For arriving at the ratings, CRISIL has treated unsecured loans
of INR97.3 million from the promoter as on March 31, 2016, as
neither debt nor equity. This is because the loans are
subordinated to the bank facilities, and are expected to be
retained in the business over the medium term.
Outlook: Stable
CRISIL believes SIPL will continue to benefit from the extensive
industry experience of its promoter. The outlook may be revised
to 'Positive' in case of higher-than-expected revenue growth and
operating margin, along with significant improvement in the
capital structure backed by equity infusion or lower dependence
of bank facilities. The outlook may be revised to 'Negative' in
case of lower-than-anticipated cash accrual, further stretch in
the working capital cycle, or large, debt-funded capital
expenditure, resulting in significant deterioration in the
financial risk profile, particularly liquidity.
SIPL, based in Goa, manufactures MS ingots. Its operations are
managed by Mr. Vijendra Kumar Singla.
SIDDHIVINAYAK AESTHETICS: CRISIL Cuts Rating on INR150M Loan to C
-----------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of
Siddhivinayak Aesthetics Private Limited to 'CRISIL C from
'CRISIL BB-/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
Term Loan 50 CRISIL C (Downgraded from
'CRISIL BB-/Stable')
The rating downgrade reflects delays in repayment of business
loans (not rated by CRISIL). The delays have been caused by weak
liquidity because of depressed cash accruals against high debt
repayment obligations. The cash accruals were lower than expected
as the company is yet to derive benefits from the capex.
The ratings also reflect a modest scale of operations, and its
below-average financial risk profile, marked by high gearing, a
small net worth, and inadequate debt protection metrics. The
ratings also factor in the company's susceptibility to volatility
in raw material prices and its large working capital
requirements. These weaknesses are partially offset by the
extensive industry experience of the company's promoters
SAPL was incorporated in 2007-08 in Pune, promoted by three
technocrats, Mr. Mayuresh Biware, Mr. Rajendra Salunkhe, and Mr.
Rajiv Risbud. The company undertakes painting of small body parts
of four-wheelers for Tier 1 automotive component suppliers, at
its paint shop. SAPL has backward integrated its paint shop
operations by setting up an injection-moulding capacity.
SR INTERNATIONAL: Ind-Ra Withdraws IND D Long Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn S. R.
International Paper Mills Private Limited's 'IND D(suspended)'
Long-Term Issuer Rating.
The ratings have been withdrawn due to lack of adequate
information. Ind-Ra will no longer provide ratings or analytical
coverage for SRIPMPL.
Ind-Ra suspended SRIPMPL's ratings on 11 April 2016.
SLBSPL's ratings:
-- Long-Term Issuer rating: 'IND D(suspended)'; rating
withdrawn,
-- INR157.5 million term loan: Long-term 'IND D(suspended)';
rating withdrawn,
-- INR32.5 million fund-based limit: Long-term
'IND D(suspended) '; rating withdrawn
-- INR50 million non-fund-based limits: Short-term
'IND D(suspended)'; rating withdrawn
SRS AGRI: ICRA Reassigns 'C' Rating to INR14cr Long Term Loan
-------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR14.00
crore fund-based facility of SRS Agri Foods from [ICRA]B to
[ICRA]D and re-assigned the rating to [ICRA]C.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund- 14.00 Revised to [ICRA]D
based Limit from [ICRA]B and
re-assigned to [ICRA]C
The rating revision factors in SAF's delays witnessed in
principal payment on term debt from February 2016 to April 2016,
which has, however, been regular in the last six months. The
financial profile of the firm weakened in FY2016 as reflected by
subdued operating margin, the losses incurred by the firm, an
adverse capital structure and depressed coverage indicators.
Significant principal and interest payment obligations, subdued
rent income from warehouse and eroded net worth due to loss
booked by the firm in FY2016 has deteriorated the liquidity
profile of the firm. Moreover, the scale of operations continues
to remain modest. The rating also reflects the vulnerability of
the firm's margins to commodity price fluctuations. ICRA notes
that the firm's operations are susceptible to regulatory risks
with the change in Government's policy regarding participation in
import and the duty structures and high competitive intensity due
to the presence of numerous players.
The rating, however, favorably considers the promoters' extensive
experience in the trading of agro commodities and operational
synergies with concerns involved in the same line of business.
Going forward, the firm's ability to improve its rental income as
well as profitability from trading operations will remain
critical for debt servicing. Furthermore, the quantum as well as
timeliness of financial support extended by its group companies
and the management's ability to infuse additional funds to
improve its liquidity profile will be the key rating
sensitivities.
SRS Agri Foods is a partnership firm, which commenced operations
in 2002 and began trading in agricultural commodities and
providing warehouse facility on rent. The firm has its registered
office in Tuticorin and a warehouse in Manali New Town (a
northern suburb of Chennai in Tamil Nadu) which has four sheds
across a total area of ~1,32,337 square feet. Shadiram & Sons
(rated at [ICRA]A4+), SRS Exports Pvt Ltd (rated at
[ICRA]B+/[ICRA]A4), SRS Commodities, SRS Import Export and
Shadiram Mohan Cold Storage are the associate concerns of the
firm.
Recent Results
SAF has recorded a net loss of INR1.10 crore on an operating
income of INR28.71 crore in FY2016.
SSPDL LIMITED: Ind-Ra Affirms 'IND BB' Long Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research has affirmed SSPDL Limited's (SSPDLL)
Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The
agency has withdrawn the 'Provisional IND BB' rating on SSPDLL's
INR100 million proposed fund based working capital limits as the
company did not proceed with the instrument as envisaged. The
Outlook was Stable.
KEY RATING DRIVERS
The affirmation reflects continued high risk of timely execution
for SSPDLL's on-going projects as some of them are still in the
nascent stage, with the construction of 1,155 houses (under the
first phase of BHEL Retreat Project) which was expected to be
completed by August 2016 and was only completed 44.26% till
June 2016 on account of slowdown in construction work due to the
delay in revision of contract price from the counterparty. During
June 2016, however, the company managed to revise the contract
value which has been agreed by the principal under the escalation
clause of the contract. The rating reflects high reliance on
customer's advances for completion of its on-going projects.
The ratings, however, continue to benefit from promoters
experience of over two decades in the real estate business. The
rating also benefit from the 85% booking of 110 homes under the
second phase of BHEL Retreat Project.
RATING SENSITIVITIES
Positive: Timely completion of on-going projects within the
projected cost outlay could be positive for ratings.
Negative: Any slowdown in booking below the projections leading
to cash flow shortfall could be negative for ratings.
COMPANY PROFILE
SSPDLL was incorporated in 1994 as a public limited company -
Srinivasa Shipping and Property Development Limited - by Mr.
Prakash Challa and Srinivasa Hatcheries Group. In 2008, the
company's name was changed to SSPDL Limited. Its registered
office is in Banjara Hills, Hyderabad. The company is primarily
engaged in the business of real estate development and the
construction of buildings, commercial and residential complexes.
SSPDLL's shares are listed on the Bombay Stock Exchange.
SSPDL is currently executing three residential projects - BHEL
Retreat projects, Lakewood Project and Mayfair Project.
Both Lake wood and Mayfair project are located at Thalambur in
Chennai .Mayfair project is in completion stage as 98.01% of the
project is almost completed. In the Lake wood project 1st phase
was completed and 80.75% of the second phase has been completed.
BHEL Retreat Project which is the major ongoing project of SSPDLL
is a Hyderabad-based project. The company has entered into a
letter of intent with one of the employee union of BHEL for
developing homes in around 90 acres land. SSPDLL entered into
memorandum of understanding with BHEL Employees Model Mutually
Aided Co-operative House Building Society Ltd (BEMMA CHSL) on 5
September, 2012. SSPDLL got the approval for construction of
1,265 homes and apartments under economically weaker sections and
low income group scheme to the extent of 1,25,000 sq. feet,
besides commercial and common amenities. Against the above
approval the company sold 1,155 plots (land area totalling 43.23
acres) to BEMMACHSL at a sale consideration of INR1,394.7m and
the company entered into a construction agreement with BEMMACHSL
for construction of 1,155houses. The company is also constructing
remaining 110 houses out of which 85% of the house has been
booked. Other phases such as construction of EWS Apartments, LIG
Apartments and Commercial complex are in nascent stage.
STEEL AND INDUSTRIAL: ICRA Suspends C Rating on INR3.65cr Loan
--------------------------------------------------------------
ICRA has suspended the long term rating of [ICRA]C assigned to
the INR3.65 crore term loan facility, the INR6.25 crore fund
based facility, and the INR8.25 crore non-fund based facilities
of Steel and Industrial Forgings Limited. ICRA has also
suspended the short-term rating of [ICRA]A4 assigned to the
INR1.25 crore fund based facility and the INR1.00 crore fund-
based (sub-limit) facility and the [ICRA]C+/[ICRA]A4 rating
assigned to the INR0.35 crore unallocated facility of SIFL. The
suspensions follow ICRA's inability to carry out a rating
surveillance, in the absence of the requisite information from
the company.
STRAWBERRY CERAMICS: CRISIL Reaffirms B+ Rating on INR79.5MM Loan
-----------------------------------------------------------------
CRISIL's ratings on the bank facilities of Strawberry Ceramics
Pvt Ltd continues to reflect its modest scale of operations,
despite net sales improving to INR141.3 million in fiscal 2016
from INR12.6 million the previous year.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 15 CRISIL A4 (Reaffirmed)
Cash Credit 30 CRISIL B+/Stable (Reaffirmed)
Term Loan 79.5 CRISIL B+/Stable (Reaffirmed)
The ratings also factor in the working capital intensity in
operations in the intensely competitive ceramic industry. The
ratings remain constrained because of moderate financial risk
profile driven by low networth of INR26.6 million. These
weaknesses are partially offset by the extensive experience of
the promoters and healthy operating margin.
Outlook: Stable
CRISIL believes SCPL will continue to benefit from the extensive
industry experience of its promoters and moderate debt protection
metrics. The outlook may be revised to 'Positive' if cash accrual
increases substantially and working capital management is
prudent. The outlook may be revised to 'Negative' if decline in
accrual or any large debt-funded capital expenditure or increase
in working capital requirement weakens financial risk profile.
Incorporated in November 2013, SCPL is promoted by Morbi
(Gujarat)-based Mr. Pritesh Patel and family. The company
manufactures ceramic glazed tiles and has a production capacity
of ~40,000 million tonne per annum.
SURIYA GARMENTS: Ind-Ra Suspends 'IND B+' Long Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Suriya Garments'
(SG) 'IND B+' Long-Term Issuer Rating to the suspended category.
The Outlook was Stable. The rating will now appear as 'IND
B+(suspended)' on the agency's website.
The ratings have been migrated to the suspended category due to
lack of adequate information. Ind-Ra will no longer provide
ratings or analytical coverage for SG.
The ratings will remain in the suspended category for a period of
six months and be withdrawn at the end of that period. However,
in the event the issuer starts furnishing information during the
six-month period, the ratings could be reinstated and will be
communicated through a rating action commentary.
SG's ratings:
-- Long-Term Issuer Rating: migrated to 'IND B+(suspended)'
from 'IND B+'/Stable
-- INR66.5 million fund-based working capital limit: migrated
to 'IND B+(suspended)' from 'IND B+'/Stable
-- INR1 million non-fund based working capital limit: migrated
to 'IND A4(suspended)' from 'IND A4'.
TRACK INNOVATIONS: ICRA Reaffirms 'B' Rating on INR15cr Loan
------------------------------------------------------------
ICRA has reaffirmed its long term rating of [ICRA]B on the INR15
crore fund based limits, INR2.32 crore term loan and INR4.68
crore unallocated limits of Track Innovations (India) Private
Limited. ICRA has also reaffirmed its short-term rating of
[ICRA]A4 on the INR2.00 crore short term facilities of the
company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Working Capital Limits 15.00 [ICRA]B: reaffirmed
Term Loan 2.32 [ICRA]B: reaffirmed
Unallocated 4.68 [ICRA]B: reaffirmed
Bank guarantee 2.00 [ICRA]A4: reaffirmed
ICRA's ratings derive comfort from the extensive experience of
the management in the concrete sleeper manufacturing industry and
TIPL's reputed client base which includes Northern Railways, and
Larsen & Toubro Limited.
The ratings, however are, constrained by the company's modest
scale of operations, coupled with slight decline in revenues over
the past two financial years. The ratings also take into account
the company's heavy dependence on orders from Northern Railways,
which accounts for ~95% of the company's total revenues making
profitability susceptible to variation in order inflows. ICRA
also notes the working capital-intensive nature of TIPL's
operations resulting in inventory pile up. Further, the company's
weak profitability has resulted in weak coverage indicators with
thin interest coverage of 1.58 times and weak DSCR2 of 0.82 times
in FY2016.
Going forward, the company's ability to scale up its operations
with a sustained improvement in its profitability and debt
coverage indicators will be the key rating sensitivities.
TIPL manufactures pre-stressed concrete monoblock line sleepers
and other special types of sleepers, and its clients include the
Indian Railways and other government and private sector
organizations. The company's manufacturing facility is located in
Railway Colony, Chandigarh.
Recent Results
TIPL reported an operating income of INR29.37 crore and a net
profit of INR0.11 crore in FY2016, as against an operating income
of INR31.75 crore and a net profit of INR0.30 crore in the
previous year.
TRINITY ENGINEERS: CRISIL Cuts Rating on INR360MM Loan to B-
------------------------------------------------------------
CRISIL has downgraded its long-term rating on the bank facilities
of Trinity Engineers Pvt Ltd (TEPL) to 'CRISIL B-/Stable' from
'CRISIL B+/Stable' while re-affirming the short-term rating at
'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Purchase-
Discounting Facility 20 CRISIL A4 (Reaffirmed)
Cash Credit 360 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
Letter of Credit 40 CRISIL A4 (Downgraded
from 'CRISIL B+/Stable')
Term Loan 29.5 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
The rating downgrade reflects weakening of financial risk
profile, especially liquidity, because of continued net losses
resulting from subdued profitability and a weak capital structure
leading to high interest expenses. Exposure to intense
competition and muted demand from the end-user commercial vehicle
business segment led to stagnant revenue and subdued operating
margin, estimated at INR1.8 billion and 2.5%, respectively, in
fiscal 2016. This coupled with a weak capital structure resulted
in high interest outgo leading to net loss of over INR60 million
in fiscal 2016 also resulting in erosion of networth. Liquidity
was however supported by funding support from promoters who
infused equity and extended unsecured loans aggregating INR46
million in fiscal 2016. Revival in demand from the end-user
industry leading to improvement in operating margin will remain a
key rating sensitivity factor.
The ratings also reflect modest financial risk profile because of
leveraged capital structure and weak debt protection metrics. The
ratings also factor in vulnerability of the operating margin to
fluctuations in raw material and fuel prices and to any slowdown
in demand from the end-user industry. These weaknesses are
partially offset by the extensive experience of promoters in the
forging industry and their funding support.
Outlook: Stable
CRISIL believes TEPL will continue to benefit over the medium
term from the promoters' experience and their funding support.
The outlook may be revised to 'Positive' if net cash accrual and
capital structure improve owing to high profitability and fresh
equity infusion. Conversely, the outlook may be revised to
'Negative' if constrained revenue and profitability adversely
impact cash accrual and hence liquidity.
Incorporated in 1972, TEPL manufactures forgings and machined
components for commercial vehicles. The company's product profile
comprises 450 components. It is based in the industrial area of
Chinchwad in Pune (Maharashtra).
VIJAYA ENERGY: CRISIL Reaffirms B+ Rating on INR65MM Cash Loan
--------------------------------------------------------------
CRISIL's ratings continue to reflect the weak financial risk
profile of Vijaya Energy Plus Pvt Ltd (VEPPL), marked by an
average capital structure. The ratings also factor in stretched
liquidity, owing to working capital intensity in operations, the
modest scale and exposure to intense competition in the
electrification contracts business. These rating weaknesses are
mitigated by extensive experience of promoters.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4 (Reaffirmed)
Cash Credit 65 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that liquidity will remain under pressure over
the medium term, on account of working capital-intensive nature
of operations. The outlook may be revised to 'Positive' if ramp-
up in scale of operations, efficient working capital management,
better cash accrual, or fund infusions by promoters, strengthens
the key credit metrics. The outlook may be revised to 'Negative'
if significant pressure on working capital management, due to a
stretch in receivables, or lower-than-expected support from
suppliers and promoters, further weakens liquidity.
VEPPL was incorporated in 2005 by Mr. K Vishwanath and his
family. The company undertakes electrification (low- and high-
tension) contracts for real estate projects, sub-station works,
railways and government bodies.
VIJAYASRI ENTERPRISES: CRISIL Reaffirms B+ INR100MM Loan Rating
---------------------------------------------------------------
CRISIL's ratings on Vijayasri Enterprises continue to reflect
modest scale of operations in a highly fragmented timber trading
industry, its large working capital requirements and average
financial risk profile.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 100 CRISIL B+/Stable (Reaffirmed)
Proposed Letter
of Credit 100 CRISIL A4 (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of the proprietor's in the timber trading business and
its established customer and supplier relationships.
Outlook: Stable
CRISIL believes VE will continue to benefit over the medium term
from extensive experience of promoters and its established
customer relationship. The outlook may be revised to 'Positive'
if scale of operations and operating profitability increase
significantly, thereby strengthening financial risk profile.
Conversely, the outlook may be revised to 'Negative' if financial
risk profile weakens due to declined revenue or operating
profitability, large, debt-funded capital expenditure, or
sizeable capital withdrawal.
Hyderabad-based VE, set up in 2012 as a partnership firm, trades
in timber and is promoted by Mr. Yogesh Patel and his wife.
WONDER SIGNS: ICRA Assigns 'B' Rating to INR2.0cr Cash Loan
-----------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B to the INR2.00
crore fund based cash credit limit, which is a sub-limit of the
non-fund based facilities of Wonder Signs. ICRA has also assigned
a short-term rating of [ICRA]A4 to the INR7.00 crore non-fund
based bank facilities of the firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits
Cash Credit (Sub-
limit of FLC) (2.00) [ICRA]B; Assigned
Non-Fund Based Limits
Foreign letter of
credit/Bank Guarantee 7.00 [ICRA]A4; Assigned
The assigned ratings are constrained by WS's modest scale of
operations, despite the growth achieved in the last three years,
which limits economies of scale. The ratings also factor in the
renewal-based nature of the contract, together with high supplier
concentration risks (with revenues concentrated on sale of
products sourced from a single supplier), which exposes the firm
to business risks. Nevertheless, WS's long and stable
relationship with its key supplier, LGHK, since the commencement
of its operations is a source of comfort.
The ratings also take into account the firm's weak financial
profile, characterised by thin profit margins, leading to weak
debt coverage metrics. Furthermore, WS's capital structure is
leveraged due to its modest net-worth base against relatively
high external borrowings. ICRA notes the working capital
intensive nature of operations, which is largely funded through
payables leading to a high total outside liability relative to
net-worth of 27.76 times as on March 31, 2016. The firm faces
stiff competition from domestic players and importers engaged in
distribution of advertising material, which limits its pricing
flexibility. ICRA further notes that the demand for WS's products
is exposed to advertising spends, which are highly linked to
economic cycles, thus making its turnover susceptible to any
slowdown in demand from its customers.
The ratings, however, positively factor in the promoters'
experience of more than a decade in the import and distribution
of flex and vinyl material in India, primarily used for
advertising and signages, which have facilitated creation of an
established distribution network across western India over the
past few years. The ratings further derive comfort from the
firm's long and stable relationship LGHK - its major supplier
since commencement of operations.
In FY2017, ICRA expects the firm's top-line to grow at a healthy
rate supported by the increase in demand for products driven by
corporate advertising initiatives by the Government. Going
forward, the ability of the firm to improve its profitability and
scale of operations by diversifying its supplier base, while
reducing the working capital intensity by improving receivable
cycle will be critical, and hence the key rating sensitivities.
Conversely, lower-than-expected profitability due to adverse
movements in the currency fluctuations, large withdrawal by
proprietor leading to deterioration of capital structure, will
result in deterioration in the financial risk profile -
especially liquidity - which could have a negative impact on the
key credit metrics.
Established in 2012, Wonder Signs (WS or the firm) is a
proprietorship firm promoted by Mr. Ashwin Agarwal, who has an
experience of around 15 years in the sign and graphics industry.
The firm is an authorised distributor of LG Hausys for
advertising materials in western India. The firm also distributes
advertising materials for NC LED, Ilshin Tarpaulin, Union Elecom
Co. Ltd. and SFC Ltd. in India.
Recent Results
WS has reported an operating income of INR28.75 crore and a net
profit before tax of INR0.26 crore as per the audited financial
statements for the year ending March 31, 2016.
=================
I N D O N E S I A
=================
PAKUWON JATI: Moody's Affirms Ba3 CFR; Outlook Stable
-----------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Pakuwon Jati, Tbk (P.T.) and affirmed the Ba3 senior
unsecured rating of the bonds issued by Pakuwon Prima Pte. Ltd --
guaranteed by and a wholly owned subsidiary of Pakuwon Jati.
The outlook on the ratings is stable.
RATINGS RATIONALE
"The ratings affirmation reflects Pakuwon Jati's healthy
operating performance and financial profile, supported by its
well-balanced portfolio of development and investment
properties," says Jacintha Poh, a Moody's Vice President and
Senior Analyst.
"Its investment properties portfolio comprising mostly retail
malls provides a stable and recurring income, mitigating cash
flows volatility from its cyclical property development
business," adds Poh, who is also Moody's Lead Analyst for Pakuwon
Jati.
For the nine months ended Sept. 30, 2016, Pakuwon Jati's property
development business accounted for 48% of total revenue with the
remainder coming from the leasing of office and retail spaces and
hospitality assets.
Despite the challenging macro environment which led to lackluster
demand for property, Pakuwon Jati's revenue increased marginally
by 2% year-on-year to IDR3.6 trillion in 9M 2016, driven by a 11%
growth in its recurring revenue which offsets a 6% decline in its
development revenue.
Over the next 12-18 months, Moody's expects the Indonesian
developer's revenue to grow between 5% and 10%, of which 50%-54%
will from recurring sources. Hence, Moody's expects adjusted
debt/homebuilding EBITDA will measure around 2.0x and adjusted
homebuilding EBIT/interest coverage will stand at around 4.5x.
Moody's points out that while Pakuwon Jati's total marketing
sales for the nine months to Sept. 30, 2016, (IDR1.6 trillion)
represented only 50% of its target for 2016 (IDR3.2 trillion),
broadly in line with Moody's base case expectation of around
IDR2.2 trillion-2.5 trillion.
The stable ratings outlook reflects Moody's expectation that
Pakuwon Jati will be well-supported by the recurring income from
its investment properties, as well as its ongoing financial
discipline, while pursuing growth.
Upward ratings pressure is limited given the company's small
revenue base and geographic concentration. However, growth in
revenue over time to above IDR8 trillion, while maintaining (1)
solid liquidity position in the form of cash balances and
committed facilities; (2) adjusted debt/EBITDA of less than 2.5x;
and (3) adjusted homebuilding EBIT/interest coverage of above
6.0x will be positive for the rating.
Pakuwon Jati's ratings could face downward pressure if: (1) the
company fails to implement its business plans such that
proportion of recurring revenue falls below 40% of total revenue;
and (2) there is a deterioration in the property market, leading
to protracted weakness in its operations and credit profile.
Moody's considers an adjusted debt/EBITDA of more than 3.0x and
adjusted homebuilding EBIT/interest coverage of less than 4.0x on
a sustained basis, as indications that a ratings downgrade may be
necessary.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Pakuwon Jati, Tbk (P.T.), listed on the Indonesia Stock Exchange
and controlled by the Tedja family, is engaged in the
development, management and operation of retail malls, office
buildings, hotels, condominium towers and residential townships
in Surabaya and Jakarta.
=========
J A P A N
=========
LEOPARD TWO: Fitch Affirms 'BBsf' Rating on Class E Notes
---------------------------------------------------------
Fitch Ratings has affirmed the ratings of all rated notes of
Leopard Two Funding Limited and L-MAP One Funding Limited. These
transactions are securitisations of fully amortizing mortgage
loans backed by multi-family apartment properties throughout
Japan.
The rating actions are:
Leopard Two Funding Limited
JPY1,942 mil.* Class A-1 notes affirmed at 'AAAsf'; Outlook
Stable
JPY1,942 mil.* Class A-2 notes affirmed at 'AAAsf'; Outlook
Stable
JPY520 mil.* Class B notes affirmed at 'AAsf'; Outlook Stable
JPY520 mil.* Class C notes affirmed at 'Asf'; Outlook Stable
JPY540 mil.* Class D notes affirmed at 'BBsf'; Outlook Stable
JPY41 mil.* Class E notes affirmed at 'BBsf'; Outlook Stable
L-MAP One Funding Limited
JPY5,885 mil.* Class A notes affirmed at 'AAAsf'; Outlook
Stable
JPY589 mil.* Class B notes affirmed at 'AAsf'; Outlook Stable
JPY277 mil.* Class C notes affirmed at 'Asf'; Outlook Stable
*All tranche balances are as of Nov. 9, 2016.
The class D notes of L-MAP One were fully redeemed in February
2016.
KEY RATING DRIVERS
The affirmations reflect Fitch's view that stable performance of
the underlying loans and available credit enhancement (CE) levels
are sufficient to support the current ratings. The master lease
structure in place for the collateral properties has contributed
to stable loan performance, and for both transactions,
delinquencies and defaults have been limited. There has been one
default from Leopard Two and two from L-MAP One to date. Fitch
expects this trend to continue. The transactions were not
remodelled, given the expected stable asset performance.
RATING SENSITIVITIES
An unexpected increase in the delinquency or default rate may
lead to higher loss assumptions, which may, in turn, affect the
ratings of the notes. However, the 'AAAsf' ratings on the class
A-1 and A-2 notes of Leopard Two and class A notes of L-MAP One
can be supported even if assumed property cash flows decline from
the agency's initial assumptions by 40% in Leopard Two and 25% in
L-MAP One.
===============
M A L A Y S I A
===============
1MALAYSIA: Jho Low Key Person of Interest, Singapore Police Say
---------------------------------------------------------------
Jake Maxwell Watts and P.R. Venkat at The Wall Street Journal
report that Singapore police disclosed in court on Nov. 10 that
the Malaysian financier at the heart of a scandal involving the
Malaysian state investment fund 1MDB is a person of interest in
the city-state's continuing probe into an alleged multibillion-
dollar money-laundering scheme.
Oh Yong Yang, an investigation officer at Singapore's white
collar police department, said in court testimony at the trial of
a private banker that the financier, Low Taek Jho, or Jho Low, is
a "key person of interest in our investigation," the report says.
The Journal relates that Singapore authorities have previously
said that they are investigating the alleged misappropriation of
assets from the fund, 1Malaysia Development Bhd, in the largest
such probe in the country's history.
According to the Journal, Mr. Oh's testimony was the first time
that law-enforcement officials have officially named Mr. Low,
widely considered a mastermind in the financial movements around
1MDB, as a person of interest. His location isn't known and he
continues to move freely around the world. Mr. Low couldn't be
reached for comment. He has previously denied any wrongdoing in
his dealings related to 1MDB, the Journal relates.
The Journal says the police investigator also named two others,
Mohammed Badawy Al Husseiny and Tan Kim Loong, who he said were
persons of interest to Singapore investigators. Mr. Al Husseiny,
an American, was chief executive of a company that allegedly had
business dealings with 1MDB. Mr. Tan, commonly known as Eric Tan,
was an associate of Mr. Low, according to people familiar with
the matter.
According to the report, the Singapore police investigator,
Mr. Oh, was testifying as a prosecution witness in the trial of
Yeo Jiawei, a former banker at the Singapore branch of Swiss bank
BSI SA.
Investigators in at least five countries are probing the finances
of the 1MDB, which regulators say banked with BSI in Singapore,
the report says. Swiss investigators said they believe that as
much as US$4 billion was misappropriated from the fund through
several banks, including BSI. The U.S. Department of Justice has
launched a civil case to seize assets connected to the case.
Mr. Yeo, 33 years old, is on trial on four counts of attempting
to pervert the course of justice, says the Journal. He also faces
prosecution on seven other charges for cheating, money laundering
and forgery, allegedly committed during his time at BSI. His
lawyer has said Mr. Yeo will fight all the charges against him.
Perverting the course of justice carries a possible prison
sentence of up to seven years per charge, an unspecified fine, or
both, upon conviction. Attempting to pervert to course of justice
carries half that prison sentence, the Journal notes.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.
Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015. The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported last month that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund.
====================
N E W Z E A L A N D
====================
CAPITAL + MERCHANT: Settles Perpetual Trust Compensation Claim
--------------------------------------------------------------
Fiona Rotherham at BusinessDesk reports that it's understood
there has been a settlement of a compensation claim brought by
the receivers of Capital + Merchant against trustee Perpetual
Trust just before a High Court trial on the matter was due to be
heard in Auckland.
According to BusinessDesk, High Court staff said a settlement had
been reached in the case that was set down for November 14
though neither of the parties involved could be reached for
comment.
BusinessDesk says receiver KordaMentha filed an action claiming
NZ$94 million in damages against the trustee and law firm Stace
Hammond in 2013 alleging breach of contract and negligence and
are paying for it through litigation funder, Australian-based
Litigation Services.
BusinessDesk relates that the receiver has since reached a
settlement with the law firm for an undisclosed sum with the
payment being held in trust pending the outcome of the Perpetual
case and has previously said the current trial is the only
remaining potential avenue of recovery for investors.
Perpetual said in its annual accounts that the firm had lodged a
claim with its insurer and the directors were confident the
company's exposure (if any), whether by settlement or adverse
award, is not expected to exceed the limit of the company's
insurance, BusinessDesk reports. They said it was impossible for
directors to make a reliable estimate of the likely cost.
Capital + Merchant collapsed in 2007 owing more than 7,000
investors NZ$167 million. The finance company's former auditor
BDO Spicers has already agreed to an NZ$18.5 million settlement
with the firm's liquidator, the Official Assignee. In their
latest report in August, the receivers said they were closer to
making a distribution of NZ$10 million, their share of the BDO
Spicers payout, after settling some claims with first-ranking
creditor Fortress Credit Corp and Perpetual Trust.
Perpetual Trust was owned by Pyne Gould Corp at the time of the
financier's demise but the trustee business has since been sold
to interests associated with Andrew Barnes and is now part of the
Perpetual Guardian Group that is planning to list in Australia
and New Zealand by the end of this year in a NZ$150 million
initial public offering.
About Capital + Merchant
Capital + Merchant Finance Limited was placed into receivership
on Nov. 23, 2007, with the appointment of Timothy Downes and
Richard Simpson of Grant Thornton as Receivers. A second
receivership also commenced on Nov. 29, 2007, with the
appointment of Grant Graham and Brendon Gibson of Korda Mentha as
Receivers. The first receivership was concluded on March 21,
2012, and the second receivership continues. The Official
Assignee was appointed liquidator of the company on Dec. 15,
2009, on the petition of the Registrar of Companies.
Three former directors of C+M (Nicholls, Douglas and Tallentire)
were convicted of offences under the Crimes Act and the
Securities Act as a result of prosecutions by the Serious Fraud
Office (SFO) and the Financial Markets Authority (FMA). They
received total prison sentences of between six and eight and a
half years' imprisonment. Two of the directors (Ryan and
Sutherland) were ordered to pay reparation totaling NZ$160,000.
RUSSLEY ENGINEERING: Two Directors Get Home Detention
-----------------------------------------------------
David Clarkson at Stuff.co.nz reports that two directors of a
Christchurch firm have been given home detention after admitting
tax offences totalling NZ$415,000.
Russley Engineering Ltd was placed in voluntary liquidation by
its shareholders in April 2012, but the two directors continued
in business with Steam Solutions Ltd, which went into voluntary
liquidation in August 2014, Stuff.co.nz discloses.
Andrew Edward Batchelor, 52, and Mark Francis Groufsky, 53, both
engineers, each admitted two representative charges of knowingly
failing to pay tax deductions or withholding tax to the
Commissioner of Inland Revenue, according to the report.
Stuff.co.nz relates that defence counsel for both men, Simon
Clay, said they had NZ$50,000 in a trust account which could be
paid immediately towards reparations, and Christchurch District
Court Judge John Strettell ordered them to pay NZ$100 each a week
back to Inland Revenue for the next five years.
That would mean they repay a total of about NZ$100,000 of the
total reparations bill of NZ$415,000, the report says.
According to Stuff.co.nz, Judge Strettell suggested the
Commissioner could take civil action against the men to recover
the rest of the money.
The report relates that the judge said it was an aggravating
feature that the pair set up another company "and proceeded on
the same basis" after the first company went into liquidation.
He noted the men had operated other successful companies in
Christchurch, providing employment for many people, and
supporting their families.
He accepted the offending happened when the men's companies were
in difficult financial circumstances.
"This was not only brought about by their own endeavours. It was
partially the result of a failure of others to meet financial
obligations to these companies," the report quotes Judge
Strettell as saying.
Both men were charged with aiding and abetting the two companies
to commit the tax offences, the report states. They were joint
directors of Russley Engineering Ltd from December 1998.
====================
S O U T H K O R E A
====================
HANJIN SHIPPING: Fleet Shrinks to a Tenth of Its Size
-----------------------------------------------------
Kyunghee Park at Bloomberg News reports that Hanjin Shipping
Co.'s fleet has shrunk to about a tenth of its size after the
South Korean container line returned most of its chartered
vessels to owners in the weeks following its bankruptcy filing.
All but three of the remaining 14 ships are either stranded or
have been seized over unpaid bills, Bloomberg says. Hanjin once
operated 97 box ships, including 61 that were chartered. As
overcapacity depressed freight rates and Hanjin's debt piled up,
lenders pulled the plug on credit, prompting the company to apply
for court receivership on Aug. 31. A preferred bidder for some of
its assets was set to be announced on Nov. 14.
Bloomberg relates that the Seoul Central District Court, which is
overseeing the receivership, planned to name the preferred bidder
for Hanjin's Asia-U.S. operations Nov. 14. Hyundai Merchant
Marine Co. and Korea Line Corp., a bulk ship operator, have
submitted final bids for the fire sale.
In signs of fading prospects of South Korea's shipping industry,
third-quarter earnings on Nov. 14 may show losses at Seoul-based
Hanjin and Hyundai Merchant, according to Bloomberg. Daewoo
Shipbuilding & Marine Engineering Co., which builds vessels for
the industry, is projected to report a net income of KRW20.3
billion ($17 million) based on the average of six estimates
compiled by Bloomberg.
Hanjin was the world's seventh-biggest container line with a
market share of 2.9 percent, making it the only Korean carrier to
feature in the global top 10. Now, it's plummeted to 21st in
rankings with about 0.5 percent share, Bloomberg discloses citing
Alphaliner, a shipping data provider.
Of the chartered vessels, all except two have been returned to
owners, who have since leased them to others and changed the
ships' names, says Bloomberg. Maersk Line, the world's biggest
boxship operator owned by A.P. Moeller-Maersk A/S, has said it's
among companies that have taken on some of the Hanjin vessels.
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.
HANJIN SHIPPING: Korea Line Wins Bid for Assets
-----------------------------------------------
In-Soo Nam at The Wall Street Journal reports that Korea Line
Corp., a midsize bulk shipping operator, won the bidding for the
assets of bankrupt Hanjin Shipping Co.'s Asia-U.S. route and its
stake in a California terminal.
A judge at the Seoul Central District Court, which is handling
Hanjin's insolvency proceedings, said it chose Korea Line over
Hyundai Merchant Marine Co. -- which had been widely expected to
win. Hyundai Merchant was backed by the government and its
creditors, which said they would promote the company as the
country's largest oceangoing carrier, the Journal relates.
"Korea Line proposed better terms, including higher prices," the
judge said. "It also offered to take over more Hanjin employees.
According to the Journal, the judge said the court aims to sign a
formal contract next week with Korea Line, an operator of dry
bulkers and liquefied-natural-gas carriers, and complete the sale
process by the end of November. Neither the court nor Korea Line
would reveal the value of the deal, but local media reports put
the sale price at up to KRW250 billion ($214 million), the
Journal notes.
The Journal says the Hanjin assets pursued by Korea Line and
Hyundai Merchant -- both seeking to expand their fleets --
include five container ships, a business network and the
workforce involved in running the trans-Pacific route, as well as
a 54% stake in Total Terminals International LLC, which runs Long
Beach Terminal in California.
Korea Line said on its website about two thirds of its revenue of
KRW532 billion last year came from its bulker business, while
tankers and other businesses accounted for the rest, the Journal
adds.
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.
* SOUTH KOREA: Top 3 Shipyards Slash 3,000 Jobs in Q3 2016
----------------------------------------------------------
Yonhap News Agency reports that some 3,000 employees have quit
their jobs from South Korea's top three shipbuilders in the third
quarter of the year as the industry underwent extensive
restructuring programs to cope with global oversupply and low
demand amid a global economic slowdown, industry sources said on
Nov. 14.
Yonhap says the country's three biggest shipyards -- Hyundai
Heavy Industries Co., Samsung Heavy Industries Co. and Daewoo
Shipbuilding & Marine Engineering Co. -- have been implementing
drastic self-rescue programs, including asset sales and workforce
reduction, in order to tide over a protracted slump and cut
costs.
Hyundai Heavy cut its workforce by 2,600 during the July-
September period through a voluntary retirement scheme and spin-
offs of its businesses, Yonhap says.
Some 100 and 200 employees have quit their jobs at Samsung Heavy
and Daewoo Shipbuilding, respectively, in the third quarter of
the year.
In the first nine months of the year, some 6,000 workers left the
big three shipyards, and more employees are likely to quit down
the road, according to the sources.
"When workers at their subcontracted companies are taken into
consideration, a greater number of workers in the shipbuilding
sector lost their jobs," Yonhap quotes an industry source as
saying.
As the business environment is still in a slump, more workers are
expected to apply for voluntary retirement programs later this
year, they said, Yonhap relays.
According to Yonhap, Daewoo Shipbuilding already received early
retirement applications from some 1,200 workers last month, with
its total workforce numbering some 11,300 at the end of last
month.
The shipyard expects the figure to fall further to some 10,000 by
the end of the year, the report notes.
Yonhap adds that Hyundai Heavy is also seeking to shed its
employees by spinning off some businesses which employ some 4,000
workers.
According to Yonhap, South Korean shipbuilders have been under
severe financial strain since the 2008 global economic crisis
which sent new orders tumbling amid a glut of vessels and tougher
competition from Chinese rivals.
The country's top three shipyards suffered a combined operating
loss of KRW8.5 trillion ($7.28 billion) last year. The loss was
due largely to increased costs stemming from a delay in the
construction of offshore facilities and an industrywide slump,
with Daewoo Shipbuilding alone posting a KRW5.5 trillion loss,
Yonhap discloses.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Nov. 7 to Nov. 11, 2016
----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
BOART LONGYEAR MANAGE 10.00 10/01/18 USD 70.25
BOART LONGYEAR MANAGE 7.00 04/01/21 USD 19.00
BOART LONGYEAR MANAGE 10.00 10/01/18 USD 69.88
BOART LONGYEAR MANAGE 7.00 04/01/21 USD 22.03
CML GROUP LTD 9.00 01/29/20 AUD 0.98
CROWN RESORTS LTD 6.02 04/23/75 AUD 71.61
DBCT FINANCE PTY LTD 2.31 12/12/22 AUD 71.87
DBCT FINANCE PTY LTD 2.40 06/09/26 AUD 57.30
EMECO PTY LTD 9.88 03/15/19 USD 56.75
EMECO PTY LTD 9.88 03/15/19 USD 57.50
IMF BENTHAM LTD 6.16 06/30/19 AUD 59.13
KBL MINING LTD 12.00 02/16/17 AUD 0.04
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.68
LAKES OIL NL 10.00 03/31/17 AUD 6.00
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.88
MIDWEST VANADIUM PTY 11.50 02/15/18 USD 0.88
RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.99
RELIANCE RAIL FINANCE 2.28 09/26/23 AUD 64.99
STOKES LTD 10.00 06/30/17 AUD 0.35
CHINA
-----
SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 49.00
ANSHAN CITY CONSTRUCT 8.25 03/05/19 CNY 64.23
ANYANG INVESTMENT GRO 8.00 04/17/19 CNY 64.31
BAISHAN URBAN CONSTRU 7.00 07/31/19 CNY 62.25
BANGBU CITY INVESTMEN 5.78 08/10/17 CNY 30.70
BEIJING CAPITAL DEVEL 5.95 05/29/19 CNY 62.92
BEIJING CONSTRUCTION 5.95 07/05/19 CNY 62.76
BEIJING ECONOMIC TECH 5.29 03/06/18 CNY 71.41
BIJIE XINTAI INVESTME 7.15 08/20/19 CNY 84.49
BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 63.51
BINZHOU BINCHENG DIST 6.50 07/05/19 CNY 75.00
CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 63.19
CHANGSHA CITY CONSTRU 6.95 04/24/19 CNY 63.20
CHANGSHA COUNTY XINGC 8.35 04/06/19 CNY 63.93
CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 62.95
CHANGSHU BINJIANG URB 6.85 04/27/19 CNY 62.51
CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 62.57
CHANGSHU CITY OPERATI 8.00 01/16/19 CNY 63.83
CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 51.90
CHANGZHOU WUJIN CITY 6.22 06/08/18 CNY 50.10
CHAOYANG CONSTRUCTION 7.30 05/25/19 CNY 63.13
CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 83.00
CHENGDU ECONOMIC&TECH 6.55 07/17/19 CNY 63.60
CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 52.07
CHENGDU ECONOMIC&TECH 6.50 07/17/18 CNY 51.74
CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 65.43
CHENGDU XINCHENG XICH 8.35 03/19/19 CNY 63.90
CHIFENG CITY HONGSHAN 7.20 07/25/19 CNY 63.09
CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 51.44
CHIFENG CITY INFRASTR 6.18 05/18/17 CNY 50.00
CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.58
CHONGQING HECHUAN RUR 8.28 04/10/18 CNY 52.60
CHONGQING HECHUAN URB 6.95 01/06/18 CNY 71.10
CHONGQING HECHUAN URB 6.95 01/06/18 CNY 72.21
CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.39
CHONGQING JIANGJIN HU 6.95 01/06/18 CNY 71.31
CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 63.51
CHONGQING JINYUN ASSE 6.75 06/18/19 CNY 83.20
CHONGQING LAND PROPER 7.35 04/25/19 CNY 61.00
CHONGQING LAND PROPER 7.35 04/25/19 CNY 63.98
CHONGQING MAIRUI CITY 6.82 08/17/19 CNY 82.39
CHONGQING NAN'AN URBA 6.29 12/24/17 CNY 61.96
CHONGQING NAN'AN URBA 8.20 04/09/19 CNY 64.45
CHONGQING XINGRONG HO 8.35 04/19/19 CNY 64.13
CHONGQING XIYONG MICR 6.76 07/25/19 CNY 64.24
CHONGQING XIYONG MICR 6.76 07/25/19 CNY 83.80
CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 72.73
CHONGQING YONGCHUAN H 7.49 03/14/18 CNY 73.17
CHONGQING YULONG ASSE 6.87 05/31/19 CNY 63.27
CHONGQING YUXING CONS 7.29 12/08/17 CNY 72.07
DALI ECONOMIC DEVELOP 8.80 04/24/19 CNY 65.00
DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 63.05
DALIAN LVSHUN CONSTRU 6.78 07/02/19 CNY 63.49
DANDONG CITY DEVELOPM 6.21 09/06/17 CNY 70.55
DANYANG INVESTMENT GR 8.10 03/06/19 CNY 64.24
DANYANG INVESTMENT GR 8.10 03/06/19 CNY 63.52
DATONG ECONOMIC CONST 6.50 06/01/17 CNY 40.00
DATONG ECONOMIC CONST 6.50 06/01/17 CNY 41.02
DONGBEI SPECIAL STEEL 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL 6.30 09/24/16 CNY 40.00
DONGTAI COMMUNICATION 7.39 07/05/18 CNY 52.60
DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 31.75
DRILL RIGS HOLDINGS I 6.50 10/01/17 USD 26.01
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 49.16
ERDOS DONGSHENG CITY 8.40 02/28/18 CNY 49.70
EZHOU CITY CONSTRUCTI 7.08 06/19/19 CNY 63.67
FEICHENG CITY ASSET O 7.10 08/14/18 CNY 77.40
FEICHENG CITY ASSET O 7.10 08/14/18 CNY 52.60
FUJIAN LONGYAN CITY C 7.45 08/14/19 CNY 64.54
FUSHUN URBAN INVESTME 5.95 05/11/18 CNY 72.11
GANZHOU CITY DEVELOPM 6.40 07/10/18 CNY 52.15
GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 62.78
GUANGAN INVESTMENT HO 8.18 04/25/19 CNY 64.70
GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 63.15
GUANGXI BAISE DEVELOP 6.50 07/04/19 CNY 62.74
GUILIN ECONOMIC CONST 6.90 05/09/18 CNY 52.32
GUIYANG ECO&TECH DEVE 8.42 03/27/19 CNY 64.65
GUOAO INVESTMENT DEVE 6.89 10/29/18 CNY 70.28
HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.54
HAIAN COUNTY CITY CON 8.35 03/28/18 CNY 52.58
HAIMEN CITY DEVELOPME 8.35 03/20/19 CNY 64.27
HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 50.00
HANGZHOU MUNICIPAL CO 5.90 04/25/18 CNY 51.60
HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.15
HANGZHOU XIAOSHAN STA 6.90 11/22/16 CNY 40.09
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 63.57
HANGZHOU YUHANG CITY 7.55 03/29/19 CNY 64.10
HANZHONG CITY CONSTRU 7.48 03/14/18 CNY 73.06
HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 60.00
HEFEI HAIHENG INVESTM 7.30 06/12/19 CNY 63.81
HEFEI TAOHUA INDUSTRI 8.79 03/27/19 CNY 63.79
HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 63.94
HEFEI XINCHENG STATE- 7.88 04/23/19 CNY 63.87
HEGANG KAIYUAN CITY I 6.50 07/19/19 CNY 61.96
HEILONGJIANG HECHENG 7.78 11/17/16 CNY 40.37
HENGYANG CITY CONSTRU 7.06 08/13/19 CNY 64.17
HUAIAN CITY URBAN ASS 7.15 12/21/16 CNY 40.52
HUAIAN CITY WATER ASS 8.25 03/08/19 CNY 64.51
HUAI'AN DEVELOPMENT H 6.80 03/24/17 CNY 42.55
HUAIAN QINGHE NEW ARE 6.79 04/29/17 CNY 40.95
HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 52.30
HUAIHUA CITY CONSTRUC 8.00 03/22/18 CNY 51.54
HUZHOU MUNICIPAL CONS 7.02 12/21/17 CNY 72.53
HUZHOU NANXUN STATE-O 8.15 03/31/19 CNY 63.53
HUZHOU WUXING NANTAIH 7.71 02/17/18 CNY 72.73
JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.59
JIAMUSI NEW ERA INFRA 8.25 03/22/19 CNY 63.30
JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 63.99
JIAN CITY CONSTRUCTIO 7.80 04/20/19 CNY 64.00
JIANGDONG HOLDING GRO 6.90 03/27/19 CNY 62.86
JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 64.04
JIANGDU XINYUAN INDUS 8.10 03/23/19 CNY 63.50
JIANGSU HUAJING ASSET 5.68 09/28/17 CNY 50.63
JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.91
JIANGSU LIANYUN DEVEL 6.10 06/19/19 CNY 62.28
JIANGSU TAICANG PORT 7.66 05/16/19 CNY 64.35
JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 64.03
JIANGYIN CITY CONSTRU 7.20 06/11/19 CNY 64.20
JIASHAN STATE-OWNED A 6.80 06/06/19 CNY 62.00
JIAXING CULTURE FAMOU 8.16 03/08/19 CNY 64.47
JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 63.09
JIAXING ECONOMIC&TECH 6.78 06/14/19 CNY 63.61
JINAN CITY CONSTRUCTI 6.98 03/26/18 CNY 52.29
JINGZHOU URBAN CONSTR 7.98 04/24/19 CNY 64.75
JINING CITY CONSTRUCT 8.30 12/31/18 CNY 64.18
JINTAN CONSTRUCTION I 8.30 03/14/19 CNY 64.41
JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.53
JINZHOU CITY INVESTME 7.08 06/13/19 CNY 63.26
JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 64.73
JIUJIANG CITY CONSTRU 8.49 02/23/19 CNY 61.01
KAIFENG DEVELOPMENT I 6.47 07/11/19 CNY 63.40
KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.16
KUNMING CITY CONSTRUC 7.60 04/13/18 CNY 52.37
KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.75
KUNMING WUHUA DISTRIC 8.60 03/15/18 CNY 52.84
LAIWU CITY ECONOMIC D 6.50 03/01/18 CNY 61.92
LEQING CITY STATE OWN 6.50 06/29/19 CNY 63.50
LEQING CITY STATE OWN 6.50 06/29/19 CNY 79.00
LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 72.89
LESHAN STATE-OWNED AS 6.99 03/18/18 CNY 73.01
LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 66.01
LIAOYANG CITY ASSETS 6.88 06/13/18 CNY 67.72
LIAOYUAN STATE-OWNED 8.17 03/13/19 CNY 62.41
LIAOYUAN STATE-OWNED 7.80 01/26/17 CNY 40.54
LIJIANG GUCHENG MANAG 6.68 07/26/19 CNY 63.72
LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 52.38
LINAN CITY CONSTRUCTI 8.15 03/09/18 CNY 52.11
LINHAI CITY INFRASTRU 7.98 11/06/16 CNY 50.42
LINYI INVESTMENT DEVE 8.10 03/27/18 CNY 52.44
LIUZHOU DONGCHENG INV 8.30 02/15/19 CNY 63.13
LIUZHOU INVESTMENT HO 6.98 08/15/19 CNY 64.23
LONGHAI STATE-OWNED A 8.25 12/02/17 CNY 72.73
LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.51
LUOHE CITY CONSTRUCTI 6.81 03/30/17 CNY 30.61
MIANYANG SCIENCE & TE 6.30 07/22/18 CNY 54.25
MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 60.31
MIANYANG SCIENCE & TE 7.16 05/15/19 CNY 63.14
NANAN CITY TRADE INDU 8.50 04/25/19 CNY 64.54
NANCHONG CHEMICAL IND 8.16 04/26/19 CNY 64.02
NANJING HEXI NEW TOWN 6.40 02/03/17 CNY 60.93
NANJING JIANGNING SCI 7.29 04/28/19 CNY 64.07
NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 63.67
NANTONG CITY TONGZHOU 6.80 05/28/19 CNY 81.00
NANTONG STATE-OWNED A 6.72 11/13/16 CNY 40.32
NANTONG STATE-OWNED A 6.72 11/13/16 CNY 40.30
NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 51.80
NEIJIANG INVESTMENT H 7.00 07/19/18 CNY 51.93
NEIMENGGU XINLINGOL X 7.62 02/25/18 CNY 72.37
NINGBO CITY ZHENHAI I 6.48 04/12/17 CNY 40.66
NINGBO URBAN CONSTRUC 7.39 03/01/18 CNY 52.07
NINGDE CITY STATE-OWN 6.25 10/21/17 CNY 40.52
NINGHAI COUNTY CITY C 8.60 12/31/17 CNY 73.59
NONGGONGSHANG REAL ES 6.29 10/11/17 CNY 71.20
PANJIN CONSTRUCTION I 7.70 12/16/16 CNY 40.34
PANJIN CONSTRUCTION I 7.70 12/16/16 CNY 40.27
PANJIN CONSTRUCTION I 7.50 05/17/19 CNY 64.09
PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 64.16
PINGDINGSHAN CITY DEV 7.86 05/08/19 CNY 64.04
PUER CITY STATE OWNED 7.38 06/20/19 CNY 63.08
PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 64.20
PUTIAN STATE-OWNED AS 8.10 03/21/19 CNY 64.27
QIANAN XINGYUAN WATER 6.45 07/11/18 CNY 52.11
QIANDONG NANZHOU DEVE 8.80 04/27/19 CNY 63.57
QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 62.90
QINGDAO CITY CONSTRUC 6.19 02/16/17 CNY 40.60
QINGDAO CITY CONSTRUC 6.89 02/16/19 CNY 62.78
QINGDAO CITY CONSTRUC 6.19 02/16/17 CNY 40.50
QINGDAO HUATONG STATE 7.30 04/18/19 CNY 63.77
QINGDAO HUATONG STATE 7.30 04/18/19 CNY 63.60
QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 31.08
QINGZHOU HONGYUAN PUB 6.50 05/22/19 CNY 31.60
QINZHOU CITY DEVELOPM 6.72 04/30/17 CNY 50.91
QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 64.61
QUANZHOU QUANGANG PET 8.40 04/16/19 CNY 63.40
QUNSHAN HUAQIAO INTER 7.98 12/30/18 CNY 63.37
SANMING STATE-OWNED A 6.99 06/14/18 CNY 70.08
SANMING STATE-OWNED A 6.99 06/14/18 CNY 73.62
SHANGHAI CHENGTOU COR 4.63 07/30/19 CNY 61.73
SHANGHAI REAL ESTATE 6.12 05/17/17 CNY 40.92
SHANGHAI SONGJIANG TO 6.28 08/15/18 CNY 52.38
SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 51.97
SHAOXING CHENGBEI XIN 6.21 06/11/18 CNY 76.75
SHIYAN CITY INFRASTRU 7.98 04/20/19 CNY 64.18
SICHUAN COAL INDUSTRY 5.94 05/15/17 CNY 35.00
SICHUAN COAL INDUSTRY 7.45 12/25/16 CNY 35.00
SICHUAN COAL INDUSTRY 7.70 01/09/18 CNY 35.00
SICHUAN COAL INDUSTRY 7.80 09/27/17 CNY 35.00
SICHUAN DEVELOPMENT H 5.40 11/10/17 CNY 70.79
SUIZHOU CITY INVESTME 7.50 08/22/19 CNY 63.84
SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 63.36
SUQIAN ECONOMIC DEVEL 7.50 03/26/19 CNY 63.93
SUZHOU CONSTRUCTION I 7.45 03/12/19 CNY 63.66
SUZHOU INDUSTRIAL PAR 5.79 05/30/19 CNY 62.41
TAIXING ZHONGXING STA 8.29 03/27/18 CNY 52.71
TAIXING ZHONGXING STA 8.29 03/27/18 CNY 53.53
TAIZHOU CITY CONSTRUC 6.90 01/25/17 CNY 40.54
TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 64.11
TAIZHOU HAILING ASSET 8.52 03/21/19 CNY 64.39
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 52.12
TAIZHOU XINTAI GROUP 6.85 08/14/18 CNY 52.31
TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 71.78
TIANJIN BINHAI NEW AR 5.00 03/13/18 CNY 71.42
TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 63.59
TIANJIN ECO-CITY INVE 6.76 08/14/19 CNY 66.00
TIANJIN HANBIN INVEST 8.39 03/22/19 CNY 63.90
TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 64.10
TIANJIN HI-TECH INDUS 7.80 03/27/19 CNY 63.67
TIANJIN JINNAN CITY C 6.95 06/18/19 CNY 63.51
TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 51.81
TIELING PUBLIC ASSETS 7.34 05/29/18 CNY 52.12
TIGER FOREST & PAPER 5.38 06/14/17 CNY 58.02
TONGCHUAN DEVELOPMENT 7.50 07/17/19 CNY 62.90
TONGLIAO CITY INVESTM 5.98 09/01/17 CNY 70.92
TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 62.84
TONGREN FANJINGSHAN I 6.89 08/02/19 CNY 60.59
TULUFAN DISTRICT STAT 7.20 08/09/19 CNY 75.00
URUMQI CITY CONSTRUCT 6.35 07/09/19 CNY 63.57
URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.47
URUMQI STATE-OWNED AS 6.48 04/28/18 CNY 51.55
VANZIP INVESTMENT GRO 7.92 02/04/19 CNY 66.04
WAFANGDIAN STATE-OWNE 8.55 04/19/19 CNY 64.28
WENZHOU ANJUFANG CITY 7.65 04/24/19 CNY 63.72
WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.91
WUHAI CITY CONSTRUCTI 8.20 03/31/19 CNY 63.50
WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 52.19
WUHU ECONOMIC TECHNOL 6.70 06/08/18 CNY 51.00
XIAN CHANBAHE DEVELOP 6.89 08/03/19 CNY 63.29
XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 63.50
XIANGTAN CITY CONSTRU 8.00 03/16/19 CNY 64.08
XIANGTAN JIUHUA ECONO 6.93 12/16/16 CNY 40.30
XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 63.51
XIANGYANG CITY CONSTR 8.12 01/12/19 CNY 63.69
XIAOGAN URBAN CONSTRU 8.12 03/26/19 CNY 64.35
XINING CITY INVESTMEN 7.70 04/27/19 CNY 64.35
XINING CITY INVESTMEN 7.70 04/27/19 CNY 63.80
XINJIANG SHIHEZI DEVE 7.50 08/29/18 CNY 73.00
XINJIANG UYGUR AR HAM 6.25 07/17/18 CNY 52.03
XINXIANG INVESTMENT G 6.80 01/18/18 CNY 72.09
XINYANG HUAXIN INVEST 6.95 06/14/19 CNY 63.79
XINZHOU CITY ASSET MA 7.39 08/08/18 CNY 52.81
XUCHANG GENERAL INVES 7.78 04/27/19 CNY 64.28
XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 64.45
XUZHOU ECONOMIC TECHN 8.20 03/07/19 CNY 64.60
XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 52.40
XUZHOU XINSHENG CONST 7.48 05/08/18 CNY 52.65
YAAN STATE-OWNED ASSE 7.39 07/04/19 CNY 63.26
YANCHENG ORIENTAL INV 5.75 06/08/17 CNY 51.02
YANGZHONG URBAN CONST 7.10 03/26/18 CNY 72.94
YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 63.11
YANGZHOU URBAN CONSTR 6.30 07/26/19 CNY 63.00
YANZHOU HUIMIN URBAN 8.50 12/28/17 CNY 51.92
YIBIN STATE-OWNED ASS 5.80 05/23/18 CNY 72.26
YICHUN CITY CONSTRUCT 7.35 07/24/19 CNY 61.26
YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 57.71
YIJINHUOLUOQI HONGTAI 8.35 03/19/19 CNY 59.73
YINCHUAN URBAN CONSTR 6.28 03/09/17 CNY 25.15
YIYANG CITY CONSTRUCT 8.20 11/19/16 CNY 40.46
YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 76.00
YIZHENG CITY CONSTRUC 7.78 06/14/19 CNY 64.50
YUNNAN PROVINCIAL INV 5.25 08/24/17 CNY 70.45
ZHANGJIAGANG JINCHENG 6.23 01/06/18 CNY 61.42
ZHANGJIAKOU TONGTAI H 6.90 07/05/18 CNY 73.53
ZHEJIANG PROVINCE DEQ 6.90 04/12/18 CNY 72.56
ZHENJIANG CULTURE AND 5.86 05/06/17 CNY 50.54
ZHENJIANG NEW AREA EC 8.16 03/01/19 CNY 63.10
ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 62.65
ZHENJIANG TRANSPORTAT 7.29 05/08/19 CNY 63.30
ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 39.00
ZHUCHENG ECONOMIC DEV 6.40 04/26/18 CNY 41.50
ZHUCHENG ECONOMIC DEV 7.50 08/25/18 CNY 40.58
ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 52.56
ZHUHAI HUAFA GROUP CO 8.43 02/16/18 CNY 52.21
ZHUHAI ZHONGFU ENTERP 5.28 05/28/15 CNY 57.00
ZHUHAI ZHONGFU ENTERP 6.60 03/28/17 CNY 57.00
ZHUJI CITY CONSTRUCTI 6.92 07/05/18 CNY 73.32
ZHUZHOU GECKOR GROUP 7.82 08/18/18 CNY 74.90
ZIBO CITY PROPERTY CO 6.83 08/22/19 CNY 64.01
ZIBO CITY PROPERTY CO 5.45 04/27/19 CNY 37.31
ZIGONG STATE-OWNED AS 6.86 06/17/18 CNY 73.00
ZOUCHENG CITY ASSET O 7.02 01/12/18 CNY 41.37
ZOUPING COUNTY STATE- 6.98 04/27/18 CNY 73.22
ZUNYI CITY INVESTMENT 8.53 03/13/19 CNY 64.22
ZUNYI CITY INVESTMENT 8.53 03/13/19 CNY 64.68
INDONESIA
---------
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 19.50
BERAU COAL ENERGY TBK 7.25 03/13/17 USD 20.80
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 15.25
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.11
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.28
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.19
GTL INFRASTRUCTURE LT 4.53 11/09/17 USD 23.75
JAIPRAKASH ASSOCIATES 5.75 09/08/17 USD 42.88
JCT LTD 2.50 04/08/11 USD 23.00
PRAKASH INDUSTRIES LT 5.25 04/30/15 USD 20.38
PYRAMID SAIMIRA THEAT 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 6.50
REI AGRO LTD 5.50 11/13/14 USD 6.50
SVOGL OIL GAS & ENERG 5.00 08/17/15 USD 20.00
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 33.25
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
MICRON MEMORY JAPAN I 0.70 08/01/16 JPY 4.93
MICRON MEMORY JAPAN I 0.50 10/26/15 JPY 4.93
MICRON MEMORY JAPAN I 2.03 03/22/12 JPY 4.93
MICRON MEMORY JAPAN I 2.10 11/29/12 JPY 4.93
MICRON MEMORY JAPAN I 2.29 12/07/12 JPY 4.93
TAKATA CORP 0.58 03/26/21 JPY 68.88
KOREA
-----
2014 KODIT CREATIVE T 5.00 12/25/17 KRW 33.22
2014 KODIT CREATIVE T 5.00 12/25/17 KRW 33.22
2016 KIBO 1ST SECURIT 5.00 09/13/18 KRW 29.21
DOOSAN CAPITAL SECURI 20.00 04/22/19 KRW 46.11
HANJIN SHIPPING CO LT 6.00 09/30/16 KRW 65.65
HANJIN SHIPPING CO LT 5.90 06/07/17 KRW 66.06
KIBO ABS SPECIALTY CO 10.00 02/19/17 KRW 40.83
KIBO ABS SPECIALTY CO 5.00 01/31/17 KRW 35.72
KIBO ABS SPECIALTY CO 5.00 03/29/18 KRW 32.10
KIBO ABS SPECIALTY CO 10.00 08/22/17 KRW 18.10
KIBO ABS SPECIALTY CO 5.00 12/25/17 KRW 31.73
LSMTRON DONGBANGSEONG 4.53 11/22/17 KRW 32.67
OKC SECURITIZATION SP 10.00 01/03/20 KRW 26.56
SINBO SECURITIZATION 5.00 01/30/19 KRW 29.32
SINBO SECURITIZATION 5.00 01/30/19 KRW 29.32
SINBO SECURITIZATION 5.00 10/30/19 KRW 20.32
SINBO SECURITIZATION 5.00 02/11/18 KRW 32.51
SINBO SECURITIZATION 5.00 05/26/18 KRW 30.24
SINBO SECURITIZATION 5.00 02/21/17 KRW 35.82
SINBO SECURITIZATION 5.00 02/11/18 KRW 32.51
SINBO SECURITIZATION 5.00 01/29/17 KRW 37.49
SINBO SECURITIZATION 5.00 02/21/17 KRW 35.82
SINBO SECURITIZATION 5.00 08/31/16 KRW 74.96
SINBO SECURITIZATION 5.00 09/30/19 KRW 26.90
SINBO SECURITIZATION 5.00 12/13/16 KRW 42.49
SINBO SECURITIZATION 5.00 03/12/18 KRW 32.26
SINBO SECURITIZATION 5.00 03/13/17 KRW 35.59
SINBO SECURITIZATION 5.00 03/13/17 KRW 35.59
SINBO SECURITIZATION 5.00 03/12/18 KRW 32.26
SINBO SECURITIZATION 5.00 07/24/18 KRW 31.34
SINBO SECURITIZATION 5.00 07/24/18 KRW 31.34
SINBO SECURITIZATION 5.00 08/31/16 KRW 74.96
SINBO SECURITIZATION 5.00 10/05/16 KRW 56.78
SINBO SECURITIZATION 5.00 10/05/16 KRW 56.78
SINBO SECURITIZATION 5.00 03/18/19 KRW 28.88
SINBO SECURITIZATION 5.00 03/18/19 KRW 28.88
SINBO SECURITIZATION 5.00 08/16/17 KRW 34.20
SINBO SECURITIZATION 5.00 08/16/17 KRW 34.20
SINBO SECURITIZATION 5.00 06/07/17 KRW 19.29
SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77
SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77
SINBO SECURITIZATION 5.00 10/01/17 KRW 33.77
SINBO SECURITIZATION 5.00 06/07/17 KRW 19.29
SINBO SECURITIZATION 5.00 12/25/16 KRW 39.36
SINBO SECURITIZATION 5.00 02/27/19 KRW 29.11
SINBO SECURITIZATION 5.00 02/27/19 KRW 29.11
SINBO SECURITIZATION 5.00 01/15/18 KRW 33.02
SINBO SECURITIZATION 5.00 12/23/18 KRW 29.67
SINBO SECURITIZATION 5.00 06/27/18 KRW 31.56
SINBO SECURITIZATION 5.00 06/27/18 KRW 31.56
SINBO SECURITIZATION 5.00 01/15/18 KRW 33.02
SINBO SECURITIZATION 5.00 07/24/17 KRW 33.22
SINBO SECURITIZATION 5.00 12/23/18 KRW 29.67
SINBO SECURITIZATION 5.00 12/23/17 KRW 31.75
SINBO SECURITIZATION 5.00 06/25/18 KRW 29.98
SINBO SECURITIZATION 5.00 06/25/19 KRW 27.86
SINBO SECURITIZATION 5.00 07/29/19 KRW 27.53
SINBO SECURITIZATION 5.00 07/29/18 KRW 29.65
SINBO SECURITIZATION 5.00 08/27/19 KRW 27.30
SINBO SECURITIZATION 5.00 08/29/18 KRW 30.85
SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61
SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61
SINBO SECURITIZATION 5.00 09/26/18 KRW 30.61
SINBO SECURITIZATION 5.00 07/08/17 KRW 34.60
SINBO SECURITIZATION 5.00 07/08/17 KRW 34.60
SINBO SECURITIZATION 5.00 08/29/18 KRW 30.85
TONGYANG CEMENT & ENE 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & ENE 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & ENE 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & ENE 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & ENE 7.50 07/20/14 KRW 70.00
U-BEST SECURITIZATION 5.50 11/16/17 KRW 34.10
WOONGJIN ENERGY CO LT 3.00 12/19/19 KRW 63.35
SRI LANKA
---------
HATTON NATIONAL BANK 8.00 08/29/23 LKR 67.00
SRI LANKA GOVERNMENT 5.35 03/01/26 LKR 60.53
SRI LANKA GOVERNMENT 8.00 01/01/32 LKR 67.90
SRI LANKA GOVERNMENT 9.00 06/01/43 LKR 69.46
SRI LANKA GOVERNMENT 6.00 12/01/24 LKR 67.25
SRI LANKA GOVERNMENT 9.00 06/01/33 LKR 73.49
SRI LANKA GOVERNMENT 9.00 10/01/32 LKR 73.98
SRI LANKA GOVERNMENT 9.00 11/01/33 LKR 72.96
MALAYSIA
--------
BANDAR MALAYSIA SDN B 0.35 02/20/24 MYR 74.79
BRIGHT FOCUS BHD 2.50 01/24/30 MYR 74.20
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 71.34
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.29
SENAI-DESARU EXPRESSW 0.50 12/31/38 MYR 62.38
SENAI-DESARU EXPRESSW 0.50 12/31/47 MYR 68.91
SENAI-DESARU EXPRESSW 0.50 12/30/39 MYR 63.48
SENAI-DESARU EXPRESSW 0.50 12/30/44 MYR 67.34
SENAI-DESARU EXPRESSW 1.35 06/30/26 MYR 66.16
SENAI-DESARU EXPRESSW 1.35 12/31/30 MYR 53.50
SENAI-DESARU EXPRESSW 0.50 12/31/40 MYR 64.22
SENAI-DESARU EXPRESSW 0.50 12/31/41 MYR 65.01
SENAI-DESARU EXPRESSW 0.50 12/31/42 MYR 65.80
SENAI-DESARU EXPRESSW 0.50 12/31/43 MYR 66.71
SENAI-DESARU EXPRESSW 0.50 12/29/45 MYR 67.82
SENAI-DESARU EXPRESSW 0.50 12/31/46 MYR 68.62
SENAI-DESARU EXPRESSW 1.35 12/31/26 MYR 64.82
SENAI-DESARU EXPRESSW 1.35 12/31/27 MYR 62.20
SENAI-DESARU EXPRESSW 1.35 12/31/25 MYR 67.55
SENAI-DESARU EXPRESSW 1.15 12/31/24 MYR 69.07
SENAI-DESARU EXPRESSW 1.35 06/30/27 MYR 63.51
SENAI-DESARU EXPRESSW 1.15 12/29/23 MYR 72.17
SENAI-DESARU EXPRESSW 1.35 12/31/29 MYR 56.51
SENAI-DESARU EXPRESSW 1.35 06/28/30 MYR 55.02
SENAI-DESARU EXPRESSW 1.35 06/29/29 MYR 57.99
SENAI-DESARU EXPRESSW 1.35 06/30/31 MYR 52.01
SENAI-DESARU EXPRESSW 1.35 12/29/28 MYR 59.44
SENAI-DESARU EXPRESSW 1.15 06/30/25 MYR 67.59
SENAI-DESARU EXPRESSW 1.15 06/30/23 MYR 73.75
SENAI-DESARU EXPRESSW 1.35 06/30/28 MYR 60.86
SENAI-DESARU EXPRESSW 1.15 06/28/24 MYR 70.63
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.04
PHILIPPINES
-----------
BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATI 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS L 5.35 10/01/18 SGD 70.00
AUSGROUP LTD 7.45 10/20/16 SGD 66.88
AXIS OFFSHORE PTE LTD 7.90 05/18/18 USD 59.13
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.34
BAKRIE TELECOM PTE LT 11.50 05/07/15 USD 2.34
BERAU CAPITAL RESOURC 12.50 07/08/15 USD 20.29
BERAU CAPITAL RESOURC 12.50 07/08/15 USD 20.25
BLD INVESTMENTS PTE L 8.63 03/23/15 USD 7.88
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 19.75
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 20.25
BUMI INVESTMENT PTE L 10.75 10/06/17 USD 18.87
BUMI INVESTMENT PTE L 10.75 10/06/17 USD 18.63
ENERCOAL RESOURCES PT 6.00 04/07/18 USD 10.75
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 65.00
GOLIATH OFFSHORE HOLD 12.00 06/11/17 USD 5.11
INDO INFRASTRUCTURE G 2.00 07/30/10 USD 1.88
NEPTUNE ORIENT LINES 4.65 09/09/20 SGD 71.97
NEPTUNE ORIENT LINES 4.40 06/22/21 SGD 66.01
ORO NEGRO DRILLING PT 7.50 01/24/19 USD 44.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.50
OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 69.83
OTTAWA HOLDINGS PTE L 5.88 05/16/18 USD 70.00
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 55.00
RICKMERS TRUST MANAGE 8.45 05/15/17 SGD 72.00
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 10.50
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 14.50
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 13.46
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
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 TRADIN 1.00 10/10/25 USD 51.03
DEBT AND ASSET TRADIN 1.00 10/10/25 USD 55.38
*********
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 ***