/raid1/www/Hosts/bankrupt/TCRAP_Public/161122.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 22, 2016, Vol. 19, No. 231
Headlines
A U S T R A L I A
AUSTRALASIAN BUILDING: First Creditors' Meeting Set for Nov. 30
CORONATION DRIVE: First Creditors' Meeting Scheduled for Nov. 28
MCALEESE LTD: Former Owner Reappointed to Board
NATIONAL DAIRY: Staff Laid Off Following Administration
C H I N A
TONGJI HEALTHCARE: Delays Filing of Third Quarter Form 10-Q
H O N G K O N G
PHYSICAL PROPERTY: Incurs HK$167,000 Net Loss in Third Quarter
I N D I A
A.K. BUILDERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
AHUJA AND ANAND: CRISIL Suspends 'D' Rating on INR430MM Term Loan
AUTOTECH NON-WOVENS: CRISIL Cuts Rating on INR383.9MM Loan to B+
B&H TEXFAB: CRISIL Suspends B- Rating on INR74MM LT Loan
BALAJI LEATHER: CRISIL Reaffirms 'B' Rating on INR28MM Loan
BIOTECH INTERNATIONAL: CRISIL Reaffirms B Rating on INR115MM Loan
CUREHEALTH PHARMACEUTICALS: CRISIL Suspends B Cash Credit Rating
DAS AND BROTHERS: CRISIL Assigns 'B' Rating to INR22.5MM Loan
DHANDA BREEDING: CRISIL Suspends B+ Rating on INR53.8MM Term Loan
G S M INDUSTRIES: CRISIL Lowers Rating on INR80MM Loan to 'D'
HARIOM AGRI: CARE Assigns B+/A4 Rating to INR4.0cr LT Loan
HIMALYAN PLASTICS: CRISIL Suspends 'B' Rating on INR70MM Loan
HOTEL MAYFAIR: CARE Assigns B+ Rating to INR7.20cr LT Loan
IVRCL CHENGAPALLI: CARE Reaffirms 'D' Rating on INR797.45cr Loan
JKAK INDUSTRIES: CRISIL Suspends 'B' Rating on INR77MM Cash Loan
JUBILANT PHARMA: S&P Assigns 'BB-' CCR & Rates US$ Notes 'BB-'
MAHESH GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
MENDINE PHARMA: CRISIL Ups Rating on INR52.5MM Loan to BB-
MZ FOOD: CRISIL Lowers Rating on INR59MM Term Loan to 'D'
NAKODA AGRO: CRISIL Ups Rating on INR45MM Cash Loan to 'BB-'
NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR73MM Cash Loan
NIGAM COLD: CARE Reaffirms 'B+' Rating on INR5.90cr LT Loan
PANKAJ GLASS: CRISIL Suspends B- Rating on INR70MM Cash Loan
PATEL JIVA: CARE Reaffirms B+ Rating on INR6.85cr LT Bank Loan
PLANTRICH AGRI: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
PRINCE SPINTEX: CARE Assigns B+ Rating to INR20cr LT Bank Loan
PRITIKA INDUSTRIES: CRISIL Lowers Rating on INR165MM Loan to B-
RAGHUVANSHI INDUSTRIES: CRISIL Reaffirms B+ Cash Credit Rating
SAI WARDHA: CARE Lowers Rating on INR2493.98cr LT Loan to 'D'
SAJEEV MATHEW: CARE Assigns 'B+' Rating to INR10cr LT Bank Loan
SAKARDA SYNTHETICS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
SHILPA ELECTRICAL: CARE Lowers Rating on INR3.5cr LT Loan to B+
SHIMLA TOLLS: CRISIL Lowers Rating on INR320MM Term Loan to B-
SIDDHA CHAKRA: CRISIL Ups Rating on INR40MM Cash Loan to B+
SIDDHARTH AGRO: CARE Assigns B+ Rating to INR5.45cr LT Loan
SOHRAB SPINNING: CRISIL Lowers Rating on INR160MM Cash Loan to D
SWATI ELECTROTECH: CRISIL Assigns B+ Rating to INR350MM Bank Loan
TANSEN FOODS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
VRS GRANITES: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan
N E W Z E A L A N D
KAIKOURA, NZ: Needs Business Support From Government After Quake
P H I L I P P I N E S
COMMUNITY RURAL: BSP Orders Closure of Bank; PDIC Takes Over
SAMPAGUITA SAVINGS: Insurance Claim Deadline Set for Oct 15, 2018
S O U T H K O R E A
HYUNDAI MERCHANT: Talks for 2M Shipping Alliance Ongoing
LEO MOTORS: Incurs US$1.4 Million Net Loss in Third Quarter
X X X X X X X X
* BOND PRICING: For the Week Nov. 14 to Nov. 18, 2016
- - - - -
=================
A U S T R A L I A
=================
AUSTRALASIAN BUILDING: First Creditors' Meeting Set for Nov. 30
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of
Australasian Building Management Services Pty Limited will be
held at Working Capital Finance, 841 Military Road, in Mosman,
New South Wales, on Nov. 30, 2016, at 10:00 a.m.
Hugh Sutcliffe Martin -- hmartin@bernardimartin.com.au -- and
Michael Dirk Hawker van Dissel of Bernardi Martin were appointed
as administrators of Australasian Building on Nov. 21, 2016.
CORONATION DRIVE: First Creditors' Meeting Scheduled for Nov. 28
----------------------------------------------------------------
A first meeting of the creditors in the proceedings of Coronation
Drive (NT) Pty Ltd, trading as Bar Zushi, will be held at the
Offices of CPA Australia Ltd., Level 3, 62 Cavenagh Street, in
Darwin, NT, on Nov. 28, 2016, at 9:00 a.m.
Sam Kaso and Bruno Secatore of Cor Cordis Chartered Accountants
were appointed as administrators of Coronation Drive on Nov. 16,
2016.
MCALEESE LTD: Former Owner Reappointed to Board
-----------------------------------------------
Daily Mercury reports that Mackay businessman Keith Price is back
on board with McAleese Ltd.
Daily Mercury relates that Mr. Price, the former owner of
McAleese and the second richest man in Queensland in 2013 due to
his share in the company before it was listed on the Australian
Securities Exchange, was reappointed to the board on Nov. 18.
It has been reported in the Australian Financial Review that
Mr. Price led a group of Mackay investors who wanted to oust
chairman Mark Rowsthorn before the company went into voluntary
administration in August but were beaten by the appointment of
administrators, the report says.
"(The Mackay investors) were angered that the appointment of
administrators early on (August 29) had thwarted their bid to
remove Mr. Rowsthorn and four other directors and replace them
with Mr. Price and another nominee, and that (the administrators)
wouldn't say when the meeting would be reconvened," the AFR
wrote, Daily Mercury relays.
Mr. Rowsthorn resigned from the board a day later but stayed on
as managing director of the company, the report notes.
Daily Mercury says the Mackay transport company, started by Wally
McAleese in the 1930s, grew into a multi-million dollar
Australian Securities Exchange listed company with turnover of
AUD750 million a year.
But the company, that went from simply being trucks outside Mr.
McAleese's Victoria St home to depots all around Australia, went
into voluntary administration on August 29, with the future of
its Mackay workforce, among others, up in the air.
The company's financiers had pulled out on a deal made in June to
recapitalise the company because McAleese could not meet the
condition of having its rent expenses reduced.
Mr. Price's appointment to the board puts him alongside other
Mackay investors Gilberto Maggiolo and Maurice Smith, the report
notes.
According to Daily Mercury, the Australian Financial Review also
reported that Mr. Price's 26 million McAleese shares were worth
about AUD38 million when the company floated on the Australian
Stock Exchange in 2013 and were now worthless.
Despite the appointments administrators have already started to
the break apart McAleese, the report states.
Daily Mercury says GraysOnline auction company currently has 15
auctions running and another five about to start within the next
six months.
One of these is for 30 prime movers with offers between AUD5000
and AUD40,000 for trucks that would be worth more than AUD100,000
new, relates Daily Mercury.
And all of these items may be gone before the board can make any
decisions as an ASX announcement stated Mr. Price, Mr. Maggiolo
and Mr. Smith would have their powers suspended during the
voluntary administration period, adds Daily Mercury.
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.
NATIONAL DAIRY: Staff Laid Off Following Administration
-------------------------------------------------------
Andrew Miller at Stock & Land reports that Deloitte Australia, as
administrators for troubled milk broker National Dairy Products
(NDP), has laid off the company's eight staff.
It's also been revealed the Australian Securities and Investments
Commission (ASIC) is investigating NDP, the report says.
According to the report, Simpson dairy farmer, Alex Robertson,
confirmed ASIC had contacted him.
"I believe ASIC is finding out a lot of stuff which is quite
different to what (managing director) Tony Esposito has been
telling them," Stock & Land quotes Mr. Robertson as saying.
"There is an investigation going on - he has no milk, and I don't
think we are ever going to see the money."
Stock & Land relates that Mr. Robertson said he was owed more
than a quarter of a million dollars, for milk supplied to NDP.
An ASIC spokeswoman declined to confirm whether a complaint about
NDP had been received, or whether it was investigating the
company, the report notes.
Stock & Land says NDP was placed into voluntary administration
with Deloitte Financial Advisory this week, on the advice of
Mr. Esposito.
According to Stock & Land, voluntary administrator and Deloitte
Restructuring Services partner Glen Kanevsky said the company
needed to do its own investigations, to understand the events and
circumstances leading up to its appointment.
"We are engaging with suppliers and other critical stakeholders
and will provide them with further communications as soon as
practical," Stock & Land quotes Mr. Kanevsky as saying.
The first creditor meeting would be held on November 28.
Stock & Land adds that Fonterra has also refuted claims, by NDP
managing director Tony Esposito, it poached his customer base, by
offering discounted milk to the liquid market.
The report relates that Mr. Esposito said the milk was devalued
by both Fonterra and Murray Goulburn (MG), which led to NDP being
pushed out of the marketplace.
Stock & Land reports that Fonterra Australia's milk supply
general manager Matt Watt said the company had picked up some
former NDP suppliers.
"The claims that Fonterra has picked up new clients in the liquid
market by discounting its milk supply are false," Stock & Land
quotes Mr. Watt as saying. "We have not been in recent
discussions with any NDP customers."
National Dairy Products (NDP) is milk brokering company based in
Victoria, Australia.
Salvatore Algeri and Glen Kanevsky of Deloitte were appointed as
administrators of National Dairy on Nov. 17, 2016.
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C H I N A
=========
TONGJI HEALTHCARE: Delays Filing of Third Quarter Form 10-Q
-----------------------------------------------------------
Tongji Healthcare Group, Inc., filed with the Securities and
Exchange Commission a Form 12b-25 notifying the delay in the
filing of its quarterly report on Form 10-Q for the period ended
Sept. 30, 2016. The Company has encountered a delay in
assembling the information, in particular its financial
statements for the quarter ended Sept. 30, 2016, required to be
included in its Sept. 30, 2016, Form 10-Q Quarterly Report. The
Company expects to file its Sept. 30, 2016, Form 10-Q Quarterly
Report with the U.S. Securities and Exchange Commission within 5
calendar days of the prescribed due date.
About Tongji Healthcare
Based in Nanning, Guangxi, the People's Republic of China, Tongji
Healthcare Group, Inc., a Nevada corporation, operates Nanning
Tongji Hospital, a general hospital with 105 licensed beds.
Tongji reported a net loss of $589,000 on $2.37 million of total
operating revenue for the year ended Dec. 31, 2015, compared to a
net loss of $462,000 on $2.52 million of total operating revenue
for the year ended Dec. 31, 2014.
As of June 30, 2016, Tongji Healthcare had $16.7 million in total
assets, $19.6 million in total liabilities, and a total
stockholders' deficit of $2.95 million.
Anton & Chia, LLP, in Newport Beach, California, issued a "going
concern" qualification on the consolidated financial statements
for the year ended Dec. 31, 2015.
================
H O N G K O N G
================
PHYSICAL PROPERTY: Incurs HK$167,000 Net Loss in Third Quarter
--------------------------------------------------------------
Physical Property Holdings Inc. filed with the Securities and
Exchange Commission its quarterly report on Form 10-Q disclosing
a net loss and comprehensive loss of HK$167,000 on HK$288,000 of
total operating revenues for the three months ended Sept. 30,
2016, compared to a net loss and comprehensive loss of HK$186,000
on HK$254,000 of total operating revenues for the three months
ended Sept. 30, 2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss and comprehensive loss of HK$511,000 on HK$842,000 of
total operating revenues compared to a net loss and comprehensive
loss of HK$556,000 on HK$776,000 of total operating revenues for
the nine months ended Sept. 30, 2015.
As of Sept. 30, 2016, Physical Property had HK$8.97 million in
total assets, HK$12.60 million in total liabilities, all current,
and a total stockholders' deficit of HK$3.63 million.
The Company has financed its operations primarily through
advances from the Principal Stockholder.
Cash and cash equivalent balances as of Sept. 30, 2016, and
Dec. 31, 2015, were HK$131,000 (US$17,000) and HK$102,000,
respectively.
Net cash used in operating activities was HK$249,000 (US$32,000)
and HK$354,000 for the nine-month periods ended Sept. 30, 2016,
and 2015, respectively.
Net cash used in investing activities which represents increase
in bank deposit, was HK$1,000 and NIL for the nine-month periods
ended Sept. 30, 2016, and 2015, respectively.
The Company had negative working capital of HK$12,445,000 as of
Sept. 30, 2016, and incurred losses of HK$511,000 and HK$556,000
for the nine months ended Sept. 30, 2016, and 2015 respectively.
These conditions raised substantial doubt about the Company's
ability to continue as a going concern.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/Ogoytl
About Physical Property
Physical Property Holdings Inc. (PPYH.PK) is a Hong Kong-based
real estate company. The company buys, sells, invests in and
rents real estate in Hong Kong with five residential apartments
in the area.
Physical Property reported a net loss of HK$795,000 on HK$1.07
million of rental revenue for the year ended Dec. 31, 2015,
compared to a net loss of HK$820,000 on HK$1.05 million of rental
revenue for the year ended Dec. 31, 2014.
The Company's auditors, Mazars CPA Limited, in Hong Kong, issued
a "going concern" qualification on the consolidated financial
statements for the year ended Dec. 31, 2015, stating that the
Company had a negative working capital as of December 31, 2015
and incurred losses for the year then ended, which raised
substantial doubt about its ability to continue as a going
concern.
=========
I N D I A
=========
A.K. BUILDERS: CRISIL Suspends B+ Rating on INR100MM Cash Loan
--------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of A.K.
Builders.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 80 CRISIL A4
Cash Credit 100 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by AKB
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AKB is yet to
provide adequate information to enable CRISIL to assess AKB'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.
AKB was set up by Mr. Ashok Sharma as a proprietorship firm in
2000. The firm undertakes road construction projects in Punjab
and Sikkim.
AHUJA AND ANAND: CRISIL Suspends 'D' Rating on INR430MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facility of Ahuja and
Anand Buildwell Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 430 CRISIL D
The suspension of ratings is on account of non-cooperation by
AABPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, AABPL is yet to
provide adequate information to enable CRISIL to assess AABPL'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.
AABPL was incorporated in 2006 by Delhi-based Bhutani family. The
company is managed by its promoters, Mr. Anil Bhutani and his
brother Mr. Prem Bhutani. It is engaged in the construction of
World Square Mall in Mohan Nagar, Ghaziabad (Uttar Pradesh).
AUTOTECH NON-WOVENS: CRISIL Cuts Rating on INR383.9MM Loan to B+
---------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Autotech Non-Wovens 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 50 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
Term Loan 383.9 CRISIL B+/Stable (Downgraded
from 'CRISIL BB-/Stable')
The rating downgrade reflects the expected deterioration in the
company's financial risk profile on account of increase in the
company's gearing ratio. The company is undertaking a debt-funded
capital expenditure (capex) of INR480 million which will be
funded by term loan of INR320 million. The debt-funded capex is
expected to result in deterioration of gearing to around 3 times
as on March 31, 2017 from 1.1 times as on March 31, 2016. The
downgrade also reflects expected stretch in ANPL's liquidity on
account of high debt repayment obligations stating from April
2017. CRISIL believes that the company's financial risk profile
and liquidity will remain under pressure unless the company ramps
up its operations from the new capex.
For arriving at the ratings, CRISIL has treated funds unsecured
loans of INR114.2 million as on March 31, 2016 received from
directors and relatives as neither debt nor equity as these loans
are expected to remain in the business over the medium term.
The ratings reflect ANPL's modest scale of operations, and
working capital intensive operations along with customer
concentration in revenue profile. The rating also factors in the
average financial risk profile marked by modest networth, high
gearing and moderate debt protection metrics. These rating
weaknesses are partially offset by the extensive experience of
the promoters in the textile industry, their established
relations with customers and the benefit received from funding
support from the promoters.
Outlook: Stable
CRISIL believes ANPL will continue to benefit over the medium
term from its promoters' extensive experience in the textile
industry and their funding support. The outlook may be revised to
'Positive' if the company increases its scale of operations and
profitability substantially from the new capex leading to healthy
growth in cash accruals and improvement in the financial risk
profile. Conversely, the outlook may be revised to 'Negative' if
ANPL reports a decline in revenue or profitability margin, or if
its working capital cycle stretches significantly, leading to
further deterioration in the financial risk profile.
ANPL, incorporated in May 1991, is promoted by Mr. Ankit Desai
and the Shahlon group (promoted by Shah family). The company
manufactures non-woven textiles for the automobile industry. The
manufacturing unit is in Surat (Gujarat).
B&H TEXFAB: CRISIL Suspends B- Rating on INR74MM LT Loan
--------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
B&H Texfab Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Packing Credit 72 CRISIL A4
Proposed Long Term
Bank Loan Facility 74 CRISIL B-/Stable
Term Loan 4 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by
BHTPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, BHTPL is yet to
provide adequate information to enable CRISIL to assess BHTPL'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.
BHTPL, established in 2008, manufactures ready-made garments; it
discontinued trading in and exporting ready-made garments and
knitted fabrics in September 2011. BHTPL has its manufacturing
facilities at Kadian in Ludhiana (Punjab).
BALAJI LEATHER: CRISIL Reaffirms 'B' Rating on INR28MM Loan
-----------------------------------------------------------
CRISIL's ratings on the bank facilities of Balaji Leather
Creation continue to reflect the firm's small scale of
operations, the geographic and customer concentration in its
revenue, and its weak financial risk profile because of subdued
capital structure and below-average debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Foreign Bill Discounting 28 CRISIL B/Stable (Reaffirmed)
Packing Credit 23 CRISIL A4 (Reaffirmed)
Term Loan 2 CRISIL B/Stable (Reaffirmed)
These weaknesses are partially offset by its promoter's extensive
experience in the leather garments export business, and his
established relationships with customers.
Outlook: Stable
CRISIL believes BLC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if revenue and profitability increase significantly,
leading to higher cash accrual. The outlook may be revised to
'Negative' if the financial risk profile, particularly liquidity,
deteriorates because of low profitability, large debt-funded
working capital requirement, or substantial capital expenditure.
BLC, a proprietorship firm of Mr. Amitabh Singh, was formed in
2003. Based in Kolkata, the firm exports leather fashion
accessories.
BIOTECH INTERNATIONAL: CRISIL Reaffirms B Rating on INR115MM Loan
-----------------------------------------------------------------
CRISIL's ratings on Biotech International Limited continue to
reflect weak financial risk profile, large working capital
requirement and modest scale of operations. These weaknesses are
partially offset by promoters' experience in the bio-chemicals
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 30 CRISIL A4 (Reaffirmed)
Cash Credit 115 CRISIL B/Stable (Reaffirmed)
Letter of Credit 65 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 48 CRISIL B/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes BIL will continue to benefit from the promoters'
experience. The outlook may be revised to 'Positive' if revenue
and profitability increase substantially, while maintaining
liquidity and financial risk profile. Conversely, the outlook may
be revised to 'Negative' if financial risk profile weakens due to
large, debt-funded capital expenditure or sizeable working
capital requirement.
Delhi-based BIL, incorporated in 1993 and promoted by Late Shri
Vivek Singhal and his two sons, Mr. Ravi Singhal and Mr. Saurabh
Singhal, manufactures biolarvicides and bednets for the public
health sector and bio-insecticides, bio-pesticides, growth
promoters and bio fertilizers for the agriculture sector. Its
portfolio comprises over 40 products, out of which three are for
the public health sector and the remaining for the agriculture
sector. BIL has products for different crops and different kinds
of pests.
CUREHEALTH PHARMACEUTICALS: CRISIL Suspends B Cash Credit Rating
----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of
Curehealth Pharmaceuticals Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 15 CRISIL B/Stable
Long Term Loan 75 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
CPPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, CPPL is yet to
provide adequate information to enable CRISIL to assess CPPL'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.
CPPL was incorporated in 2013 by Mr. Nand Lal Sharma and Mr.
Tirath Ram Thakur. CPPL manufactures antibiotics in the form of
tablets, capsules, and injectables, which it sells to smaller
pharmaceutical companies in the domestic market.
DAS AND BROTHERS: CRISIL Assigns 'B' Rating to INR22.5MM Loan
-------------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable/CRISIL A4' ratings to
the bank facilities of Das and Brothers Electricals Private
Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Demand Loan 15 CRISIL B/Stable
Rupee Term Loan 2.1 CRISIL B/Stable
Bank Guarantee 22.5 CRISIL A4
Cash Credit 20.0 CRISIL B/Stable
The rating reflects DBEPL's small scale of operations, large
working capital requirement and exposure to risks related to the
tender-based nature of business. The rating also factors in
average financial risk profile due to small networth and high
gearing. These weaknesses are partially offset by the extensive
experience of promoters in the electrical EPC (engineering-
procurement-construction) industry and their funding support and
moderate order book providing medium term revenue visibility.
Outlook: Stable
CRISIL believes DBEPL will continue to benefit from the
promoters' extensive experience in the industry. The outlook may
be revised to 'Positive' if timely execution of orders-in-hand
improve revenues resulting in sizeable cash accrual along with
efficient working capital management. The outlook may be revised
to 'Negative' if low cash accrual or stretch in working capital
cycle weakens financial risk profile.
Pune-based, DBEPL was established in 1987 as proprietorship and
in 2004 was reconstituted as a private limited company. Promoted
by Mr. Shivdasan T and his wife Mrs Anitha Panikar, DBEPL
undertakes designing, testing, construction, erection and
commissioning of material of sub-transmission lines, new
substation/switching station and other allied works for MSEDCL.
DHANDA BREEDING: CRISIL Suspends B+ Rating on INR53.8MM Term Loan
-----------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Dhanda
Breeding Farm Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 35.2 CRISIL B+/Stable
Term Loan 53.8 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
DBFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, DBFPL is yet to
provide adequate information to enable CRISIL to assess DBFPL'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.
Established in 2002 and based in Jind (Haryana), DBFPL is engaged
in the hatchery business. The company's poultry farms are located
in village Kakrod and Dilluwala Jind (Haryana) and have a parent
bird capacity of 65,000 layer birds per annum.
G S M INDUSTRIES: CRISIL Lowers Rating on INR80MM Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
G S M Industries Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 50 CRISIL D (Downgraded from
'CRISIL BB/Stable')
Letter of Credit 80 CRISIL D (Downgraded from
'CRISIL A4+')
Proposed Long Term 20 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL BB/Stable')
The ratings have been downgraded on account of the company's
stretched liquidity position leading to devolvement of the Letter
of Credit (LC) facility. Liquidity will remain constrained over
the medium term and efficient working capital management to
ensure timely payments hereon will remain a key rating
sensitivity factor.
The ratings reflect average scale and working capital intensity
in operations and its susceptibility to intense competition in
the timber industry and volatile input prices and foreign
exchange rates. These strengths are partially offset by the
extensive experience of GSM's promoters in the timber business,
and the company's moderate financial risk profile.
Gandhidham-based GSM was taken over in 2006 by its current
promoter, Mr. Ramesh Chinaria. The company manufactures marine
plywood, commercial plywood, block-boards and flush-doors under
the brand, GSM.
GSM, reported a profit after tax (PAT) of INR1.0 million on an
operating income of INR196.3 million for fiscal 2016, as against
a PAT of INR0.90 million on an operating income of INR173.0
million for fiscal 2015.
HARIOM AGRI: CARE Assigns B+/A4 Rating to INR4.0cr LT Loan
----------------------------------------------------------
CARE assigns ratings to the bank facilities of Hariom Agri
International Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities/ 4.00 CARE B+/CARE A4
Short-term Bank Facilities Assigned
Long-term Bank Facilities 1.05 CARE B+ Assigned
Rating Rationale
The ratings assigned to the bank facilities of Hariom Agri
International Private Limited (HARIOM) are constrained on account
of its modest scale of operations and profitability, leveraged
capital structure and moderate debt coverage indicators and
moderate liquidity position during FY16 (refers to the period
April 1 to March 31). The ratings are further constrained on
account of its presence in a highly competitive and fragmented
industry.
The ratings, however, derive benefits from experienced promoters
who have experience in the same line of business. HARIOM's
ability to increase the scale of operations along with
improvement in profit margins, improvement in debt coverage
indicators and working capital cycle are the key rating
sensitivities.
Amreli-based (Gujarat) HARIOM was incorporated as a Private
Limited Company in 2014. HARIOM is engaged in the manufacturing
and processing of edible nuts, cashew nuts and cashew kernals.
The other entity related to HARIOM is, Hariom Industries, which
is also engaged into the processing of edible nuts. The company
has an installed capacity of 3 Metric Ton (MT) per day for the
processing of cashew kernals for the year ending March 31, 2016.
The directors of HARIOM include Mr. Bhimjibhai Gajera, Mr. Chirag
Gajera,Mr Hardik Gajera and Mr. Rajesh Gajera. The overall
operations of the company are managed by directors. The products
manufactured by HARIOM are used by entity which is engaged
into the trading of cashew nuts. The company sells its products
under the brand name of 'SWEET NUTS'.
During FY16, HARIOM reported a Profit after Tax (PAT) of INR0.04
crore on a total operating income (TOI) of INR 18.09 crore as
against net loss of INR0.03 crore on a TOI of INR5.13 crore
during FY15.
HIMALYAN PLASTICS: CRISIL Suspends 'B' Rating on INR70MM Loan
-------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of
Himalyan Plastics Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 50 CRISIL A4
Cash Credit 70 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by HPL
with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, HPL is yet to
provide adequate information to enable CRISIL to assess HPL'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.
HPL, incorporated in 1980, is promoted by Mr. Bhawani Sharma and
Mr. Madan Sharma. The company manufactures and supplies PLB HDPE
pipes, telecom ducts, MDPE pipes, duct pipes, drip irrigation
systems, sprinklers, and other such products. HPL has an
installed capacity for manufacturing 4680 tonnes of PLB HDPE
pipes per annum at Chamba Ghat (Himachal Pradesh). Currently, Mr.
Madan Sharma, being a technical expert, looks after product
development.
HOTEL MAYFAIR: CARE Assigns B+ Rating to INR7.20cr LT Loan
----------------------------------------------------------
CARE assigns CARE B+ rating to the bank facilities of Hotel
Mayfair Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 7.20 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Hotel Mayfair
Private Limited is constrained by small scale of operations, weak
profitability position with thin operating margins in the 2 years
ended FY15 (refers to the period April 1 to March 31) and
operating losses in FY16, project execution risk associated with
renovation project with significant portion of debt yet to be
tied up, weak debt coverage indicators and presence in the
competitive, seasonal & cyclical industry.
The rating, however, derives strength from the long track record
of operations of the hotel coupled with strong group presence,
highly experienced & resourceful promoters with over four decades
of hospitality business experience, franchise agreement with
Choice Hotels International Inc. for its renowned brand "Comfort
Inn Heritage", established relationship with reputed &
diversified clientele, comfortable capital structure and
comfortable operating cycle.
HMPL's ability to increase the scale of operations and improve
profit margins by increasing occupancy rates with timely
completion of renovation project; and to improve the capital
structure and liquidity position while managing with working
capital requirement efficiently is the key rating sensitivity.
Incorporated in 1970 by Mr. Karim M. Maredia, Mr. Sadruddin
Maredia, Mr. Tajdin Maredia, Mr. Amir Maredia and Mr. Karim J.
Maredia, HMPL (often referred to as Hotel Heritage), is a 3-star
budget hotel engaged in providing hotel stay & hospitality
services as a franchisee of US-based Choice Hotels International
Inc. under their brand named "Comfort Inn Heritage". The service
portfolio of the company includes rooms, refreshment, banquet
hall, leisure & other services.
During FY16 (prov.), the total operating income of the company
stood at INR14.71 crore (vis-Ö-vis INR14.07 crore in FY15),
whereas the net loss during the same year stood at INR0.94 crore
(vis-a-vis a net loss of INR0.34 crore in FY15).
IVRCL CHENGAPALLI: CARE Reaffirms 'D' Rating on INR797.45cr Loan
----------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
IVRCL Chengapalli Tollways Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 797.45 CARE D Reaffirmed
Rating Rationale
The rating assigned to the bank facilities of IVRCL Chengapalli
Tollways Limited continues to remain constrained by delays in
debt servicing owing to delay in project completion resulting in
substantial cost and time overrun, weak liquidity position of the
sponsor and lower-than-envisaged toll collections. The rating
also factors in commencement of toll operations during FY16
(refers to the period April 1 to March 31).
ICTL, incorporated in February 2010, is a special purpose vehicle
(SPV) promoted by IVRCL Limited, through its subsidiary IVRCL
Assets & Holdings Limited, which has now been merged with IVRCL.
ICTL was implementing a road project (under NHDP Phase-II
programme) envisaging 4/6 laning of the road in Chengapalli
Coimbatore Walayar of NH-47 in the state of Tamil Nadu (Total
length: 54.83 km) on Design, Build, Finance, Operate and Transfer
(DBFOT) toll basis for a concession period of 27 years. The
project stretch is divided into two sections; from Km 102.03 to
Km 144.68 of 42.64 km (Section I) and from Km 170.88 to Km 183.01
of 12.13 Kms (Section II). The project recently achieved
provisional Commercial Operational Date (COD) on Oct. 9, 2015 and
has started collecting toll revenue from Oct. 14, 2015.
The company collected toll at 92.50% instead of 100% as the
project length have completed to that extent only as on March 31,
2016.
IVRCL entered into an amended and restated investment agreement
with Chengapalli Road Infra Pvt Ltd and TRIL Roads Private
Limited in August 2015 to divest its 26% and 49% stake in ICTL to
CRIPL and TRPL, respectively. The stake sale to TRPL is in
advanced stages. The long stop date has been extended upto
December 2016.
During FY16, the company recorded toll income of INR 33.57 crore
with net loss of INR21.15 crore. Furthermore, during H1'FY17
(UA), the company collected toll revenue of INR40.13 croreFor
FY15 (refers to the period April 1 to March 31),
JKAK INDUSTRIES: CRISIL Suspends 'B' Rating on INR77MM Cash Loan
----------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of JKAK
Industries Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 77 CRISIL B/Stable
Term Loan 73 CRISIL B/Stable
The suspension of ratings is on account of non-cooperation by
JIPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, JIPL is yet to
provide adequate information to enable CRISIL to assess JIPL'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.
JIPL was set up in 2014 as JKAK Trade Links Pvt Ltd, and got its
present name in 2015. Promoted by Mr. Mool Chand Gupta and his
son Mr. Ankush Gupta, the company will process basmati and other
varieties of rice at the facility it is setting up at Hodal
(Dist. Palwal), Haryana. The unit with capacity of 6 tonnes per
hour, is expected to start commercial production from October
2015.
JUBILANT PHARMA: S&P Assigns 'BB-' CCR & Rates US$ Notes 'BB-'
--------------------------------------------------------------
S&P Global Ratings said that it had assigned its 'BB-' long-term
corporate credit rating to India-based Jubilant Pharma Ltd. The
outlook is stable. At the same time, S&P assigned its 'BB-'
issue rating to the U.S.-dollar-denominated senior unsecured
notes issued by JPL.
"The rating on JPL reflects the company's exposure to the highly
competitive and regulated generic pharmaceuticals market, modest
size, and limited product pipeline," said S&P Global Ratings
credit analyst Vishal Kulkarni. "Its presence in niche segments,
limited competition, fair profitability, limited investment
needs, and commitment to deleverage with internal cash flows
strengthen its credit profile."
"We assess JPL and Jubilant Life Sciences Ingredients as a
combined group under the parent, Jubilant Life Sciences Ltd.
(JLL), which has 100% share in both entities. We believe JPL is
a core and strategic subsidiary of JLL with a common name and
linked reputation. JPL is the key driver for JLL's credit
profile because it accounts for more than 60% of JLL's assets and
cash flows, which we expect to further increase over the next two
to three years. Shared treasury operations, a similar capital
structure, and JLL management's strong long-term commitment to
invest further in JPL strengthens the importance of JPL to the
JLL group. We equate the rating on JPL with the group credit
profile on JLL," S&P said.
Compared with its peers, JPL's relatively small revenue base and
share in the key North America market constrain its business
position. JPL's product slate is small and its pipeline is
narrow--in both its solid-dosage and radiopharmaceutical
businesses, which are two key sources of growth and
profitability. Its U.S. generics business is small with about 28
commercialized products and another 26 awaiting approvals as of
Sept. 30, 2016. The company's radiopharmaceuticals (drugs with
radioactive materials) business derives a significant portion of
its revenue from four products. This exposes JPL to the risk of
competition and regulatory delays. Declining patent expiries,
fierce competition, and price reductions characterize the generic
pharmaceuticals market to which JPL and other such companies are
exposed, thus requiring ongoing investment in research and
development (R&D) and dependence on new product launches.
S&P believes JPL's good niche market positions in active
pharmaceutical ingredients (API) and radiopharmaceuticals help
partly offset the limitations of size and competition in its
generics business. The company's presence in some smaller but
less competitive generics segments helps protect its margins.
S&P expects revenue growth and improving margins to support JLL's
deleveraging and for the group's debt to EBITDA to fall below
3.0x sustainably (from 3.5x in 2016). S&P expects JPL's
radiopharmaceutical business to grow meaningfully, with existing
products gaining market share and new products contributing
incrementally.
"The stable outlook on JPL indicates our expectations that the
company will continue to receive product approvals at a healthy
rate and commercialize them (especially radiopharmaceutical
products) over the next 12 months," said Mr. Kulkarni.
S&P expects JLL to continue to generate positive FOCF and manage
prudently its working capital and investments to help deleverage,
such that its debt-to-EBITDA ratio sustainably approaches 3.0x
over the next 12-18 months. S&P expects the company's liquidity
to remain adequate over this period.
"We may lower the rating on JPL if the company's revenue growth
lags our expectation due to slower new product approvals or lower
revenue from such products. We may also lower the rating if we
see working capital needs, capex, acquisitions, or shareholder
remuneration divert cash flow away from the stated purpose of
debt reduction such that the currently expected leverage profile
appears unattainable. A debt-to-EBITDA ratio remaining above
3.5x at JLL will be a downgrade trigger. We could also lower the
rating if JLL's liquidity turns less than adequate due to its
material dependence on short-term debt," S&P said.
S&P may raise the rating if one or more of the following occurs,
although this is unlikely over the next 12-18 months: (1) JPL's
business risk profile improves materially as reflected in its
revenue, products, and cash flow; (2) cash flow from revenue
growth helps JLL deleverage, such that its debt-to-EBITDA ratio
is sustainably below 2.5x and its ratio of FOCF to debt improves
to 15%; or (3) management adheres to a leverage profile and
prudently manages growth investments or shareholder returns
needed to maintain adequate liquidity.
MAHESH GINNING: CRISIL Reaffirms B+ Rating on INR60MM Cash Loan
---------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Mahesh Ginning
Pressing and Oil Industries continues to reflect a weak financial
risk profile because of high gearing and a small networth. The
rating also factors in a modest scale of operations in the
intensely competitive cotton-ginning industry, and vulnerability
to changes in government policy. These rating weaknesses are
partially offset by the extensive industry experience of the
partners.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 60 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes Mahesh Ginning will continue to benefit from the
extensive industry experience of its partners. The outlook may be
revised to 'Positive' in case of a significant increase in scale
of operations with sustained profitability, and an improvement in
the capital structure either due to substantial capital infusion
or higher-than-expected cash accrual. The outlook may be revised
to 'Negative' in case of deterioration in the financial risk
profile, particularly liquidity, because of a stretched working
capital cycle, large, debt-funded capital expenditure, or
substantial capital withdrawal.
Mahesh Ginning was set up in 2007 by Mr. Prabhubhai Bhoraniya;
his son, Mr. Nayankumar Bhoraniya, currently manages operations.
The firm undertakes cotton ginning in Surendranagar, Gujarat.
MENDINE PHARMA: CRISIL Ups Rating on INR52.5MM Loan to BB-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Mendine Pharmaceuticals Pvt Ltd to 'CRISIL BB-/Stable' from
'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 52.5 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
The upgrade reflects improvement in the business risk profile
driven by healthy revenue growth with stable operating
profitability. The improvement in revenue was on account of
healthy utilisation of its installed capacity, launch of some new
products, and diversification of its brand across different
states. The company has a total capacity of producing 6.0 million
bottles per month and the same remained utilised at around 70%.
For fiscal 2016, the company has reported revenue of INR253
million and the same has improved y-o-y by 29% as compared to
INR196.6 million in fiscal 2015. Furthermore, the operating
profit margin remained stable at 10.4% in fiscal 2016 as against
10.2% in fiscal 2015. CRISIL believes MPPL's business risk
profile is expected to improve further backed by growth in its
topline with healthy utilisation of the production capacity and
geographical diversification of its brand into other states.
The upgrade also factors in better liquidity driven by
improvement in its cash generating ability in the context of its
debt repayment. It has reported cash accruals of INR14.5 million
in fiscal 2016 as compared to INR6.2 million in fiscal 2015. Cash
accrual is expected to further improve over the medium term
driven by gradual increase in the scale of operations.
Furthermore, the upgrade also takes into consideration
improvement in the financial risk profile as reflected in
networth increasing to INR46.6 million as on March 31, 2016, from
INR35.2 million a year ago.
The rating continues to reflect MPPL's modest scale of operations
in the highly fragmented pharmaceutical industry, and a
constrained financial risk profile with modest capital structure
and average debt protection metrics. These weaknesses are
partially offset by the extensive experience of promoters in the
pharmaceutical business.
Outlook: Stable
CRISIL believes MPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' if the company registers a
substantial increase in its operating revenue and margin or
improves its capital structure, leading to a better financial
risk profile. Conversely, the outlook may be revised to
'Negative' if MPPL's financial risk profile, especially its
liquidity, deteriorates, most likely on account of a decline in
its accruals, lengthening of working capital cycle, or
significant debt-funded capital expenditure.
MPPL was originally set up in 1932 as proprietorship firm, which
was reconstituted as a private limited company with the current
name in 1975. The company manufactures and markets pharmaceutical
formulations under its own brand name, Mendine. It is promoted by
Kolkata-based Mr. Probhas Bondhu Chakraborty.
MZ FOOD: CRISIL Lowers Rating on INR59MM Term Loan to 'D'
---------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
MZ Food Products Private Limited to 'CRISIL D/CRISIL D' from
'CRISIL B/Stable/CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 32 CRISIL D (Downgraded from
'CRISIL A4')
Packing Credit 8 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long Term 26 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL A4')
Term Loan 59 CRISIL D (Downgraded from
'CRISIL A4')
The downgrade reflects instances of delay by the company in
meeting its interest obligation, and overutilisation of its cash
credit facility for more than 30 straight days, on account of
stretched liquidity because of large working capital requirement.
The company has modest scale of operations, large working capital
requirement, and a subdued financial risk profile. However, it
benefits from its promoters' extensive experience in the
industry.
MZF, incorporated in 2011, is promoted by Anand, Gujarat-based
Mr. Nirav Patel and his family members. The company processes
frozen vegetables such as carrots, baby corn, broccoli florets,
diced onions, and potatoes, and frozen fruits such as sliced
bananas, mangoes, and pomegranates.
NAKODA AGRO: CRISIL Ups Rating on INR45MM Cash Loan to 'BB-'
------------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facilities
of Nakoda Agro Tech to 'CRISIL BB-/Stable' from 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 45 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
Term Loan 16.5 CRISIL BB-/Stable (Upgraded
from 'CRISIL B+/Stable')
The ratings upgrade reflects stabilization in recently-set up
operations as reflected with increase in scale of operations and
cash accruals. With increased capacity utilization and healthy
demand from customers, NAT's revenues increased to INR389 million
during fiscal 2016 from INR289 million during fiscal 2015.
Furthermore, long repayment schedule (leading to moderately low
annual debt repayment obligations) and promoter's financial
flexibility continue to support NAT's financial and liquidity
profiles.
The ratings continue to reflect NAT's partners' extensive
industry experience and their sustained funding support. The
ratings also reflect NAT's average financial risk profile marked
by moderate gearing and debt protection metrics, albeit on a low
net worth base. These rating strengths are partially offset by
the firm's exposure to intense industry competition, dependence
on monsoons and exposure to government regulations.
Outlook: Stable
CRISIL believes that NAT will benefit over the medium term from
the extensive industry experience of its partners and their
funding support. The outlook may be revised to 'Positive' if the
firm achieves significant and sustainable improvement in its
scale of operations and operating margin, while improving its net
worth base. Conversely, the outlook may be revised to 'Negative'
in case of deterioration in MKGJ's gearing or debt protection
metrics, most likely due to large debt-funded capital expenditure
(capex) and increase in working capital requirements.
NAT is a partnership firm set up by Mr. Mahipal Jain and his
family members in 2013-14 (refers to financial year, April 1 to
March 31). The firm commenced commercial operations in 2014 and
operates a cotton ginning unit in Khetia (Madhya Pradesh).
NANIBALA COLD: CRISIL Reaffirms B+ Rating on INR73MM Cash Loan
--------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Nanibala Cold
Storage Private Limited continues to reflect the company's
constrained financial risk profile marked by weak capital
structure, its small scale of operations, and susceptibility of
its operations to adverse regulatory changes in the cold storage
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 73 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 32 CRISIL B+/Stable (Reaffirmed)
Working Capital
Facility 10 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of NCSPL's promoters in the cold storage business.
For arriving at its rating, CRISIL has treated interest-free
unsecured loans worth INR4.58 million as on March 31, 2016 from
NCSPL's promoters and their family as part of quasi capital as
the same is expected to remain in the business over the long
term.
Outlook: Stable
CRISIL believes NCSPL will continue to benefit from its
promoters' extensive experience in the cold storage business. The
outlook may be revised to 'Positive' in case of efficient
management of farmer financing and significant ramp-up in NCSPL's
scale of operations and profitability. Conversely, the outlook
may be revised to 'Negative' in case NCSPL's liquidity is
constrained by delays in repayments by farmers, lower-than-
expected cash accruals or larger than expected debt-funded capex.
NCSPL, incorporated by Mr. Chittranjan Pal and his four sons in
1997, has a cold storage in Bankura, West Bengal, with three
chambers and capacity of 218,000 quintals. The company also
trades in potatoes.
NIGAM COLD: CARE Reaffirms 'B+' Rating on INR5.90cr LT Loan
-----------------------------------------------------------
CARE reaffirms rating assigned to the bank facilities of Nigam
Cold Storage Pvt Ltd.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.90 CARE B+ Reaffirmed
Rating Rationale
The rating for the bank facilities of Nigam Cold Storage Pvt Ltd
continues to remain constrained by its small size of operations,
high leverage, high competition and susceptibility to vagaries of
nature. The ratings, however, derive strength fromits experienced
promoters and easily accessible storage facility to farmers due
to proximity to potato-growing area.
Going forward, the ability of the company to increase its scale
of operations and ability to manage working capital effectively
are the key rating sensitivities.
NCSPL, incorporated on December 18, 1995, was promoted by the
Rana family of West Bengal to set up a cold storage facility with
a storage capacity of 229,880 quintals in Midnapur district of
West Bengal. NCSPL is engaged in the business of trading of
potato along with providing cold storage facility primarily for
potatoes to farmers & traders. Besides providing cold storage
facility, the company also works as a mediator between the
farmers and marketers of potato by taking advances from marketers
on behalf of the farmers in order to facilitate sale of potato
stored and it also provides advances to farmers for farming of
potato against potato stored. This apart it also provides
additional services to farmers such as insurance of potatoes
stored & drying of potatoes.
During FY16 (refers to the period April 01 to March 31), the
company reported a total operating income of INR2.88 crore (FY15:
INR2.60 crore) and a PAT of INR0.17 crore (in FY15: INR0.17
crore). Gross cash accruals was INR0.25 crore (FY15: INR0.25
crore) during FY16.
PANKAJ GLASS: CRISIL Suspends B- Rating on INR70MM Cash Loan
------------------------------------------------------------
CRISIL has suspended its ratings on the bank facilities of Pankaj
Glass Works Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 70 CRISIL B-/Stable
Letter of Credit 30 CRISIL A4
Proposed Long Term
Bank Loan Facility 42.5 CRISIL B-/Stable
Term Loan 36.5 CRISIL B-/Stable
The suspension of ratings is on account of non-cooperation by
PGWL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, PGWL is yet to
provide adequate information to enable CRISIL to assess PGWL's
ability to service its debt. The suspension reflects CRISIL's
inability to maintain a valid rating in the absence of adequate
information. CRISIL views information availability risk as a key
factor in its assessment of credit risk.
Incorporated in 2005, PGWL is a closely held public limited
company, promoted by Mr. Bal Krishnan Gupta, Mr. Subhash Chandra
and Mr. Anuj Bansal. The company manufactures glass bottles and
glass tumblers. The company caters majorly to clients of liquor,
cosmetics and kitchen ware industry.
PATEL JIVA: CARE Reaffirms B+ Rating on INR6.85cr LT Bank Loan
--------------------------------------------------------------
CARE reaffirms the rating assigned to the bank facilities of
Patel Jiva Sales Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.85 CARE B+ Reaffirmed
Short-term Bank Facilities 17.00 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Patel Jiva Sales
Private Limited continue to remain constrained by its small scale
of operations with low net worth base and weak financial risk
profile characterized by thin profitability margins, leveraged
capital structure and weak debt protection metrics. The ratings
also factor in the working capital intensive nature of operation,
foreign exchange fluctuation risk, intense competition and
dependence on the real estate sector.
The ratings, however, draw comfort from the experienced promoters
of PJS coupled with established relationship with the customers.
Going forward, the ability of the company to scale up its
operations, improving its profitability margins and capital
structure while efficiently managing its working capital
requirements would be the key rating sensitivities.
PJS was incorporated in 2009. The company succeeded an erstwhile
partnership firm; Patel Sales Corporation established in 1969,
PJS is currently being managed by Mr. Moolji Patel, his sons Mr.
Govind Patel and Mr. Jagdish Patel and his daughter-in-law, Ms
Kamla Patel. PJS is engaged into trading and processing of timber
logs (contributing 80% of the total revenue), plywood and
laminates (contributing remaining 20%). Timber logs are imported
from Ivory Coast, Myanmar, Panama and Costa Rica, which are
subsequently sized at its saw mills in Delhi and Gandhidham into
various sizes. Timber logs are sold in the domestic market to the
traders, wholesalers and the construction companies mainly in
northern India.
Plywood and laminates are procured from the domestic market and
sold to construction and interior designing companies in Delhi
and NCR region.
In FY16 (refers to the period April 1 to March 31), PJS has
achieved a total operating income (TOI) of INR27.69 crore with
PBILDT and PAT of INR2.36 crore and INR0.26 crore, respectively,
as against TOI of INR27.56 crore with PBILDT and PAT of INR2.32
crore and INR0.24 crore, respectively, in FY15. Furthermore, the
company has achieved a total operating income of INR11.25 crore
for H1FY17 (refers to the period April 1 to September 30).
PLANTRICH AGRI: CRISIL Reaffirms B+ Rating on INR10MM Cash Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Plantrich Agri Tech
Private Limited continues to reflect its modest scale of, and
working capital intensive nature of operations, and its weak
financial risk profile marked by high gearing. These rating
weaknesses are partially offset by the extensive industry
experience of its promoters and its established raw material
linkages.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 0.5 CRISIL A4 (Reaffirmed)
Cash Credit 10 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 1.6 CRISIL B+/Stable (Reaffirmed)
Packing Credit 50 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 2.9 CRISIL B+/Stable (Reaffirmed)
Outlook: Stable
CRISIL believes that PATPL will continue to benefit from its
promoters' extensive industry experience over the medium term.
The outlook may be revised to 'Positive' if the company
significantly improves its scale of operations and operating
margins leading to an improvement in its business risk profile.
Conversely, the outlook may be revised to 'Negative' if PATPL
witnesses a fall in its revenues or operating margins, or if the
company undertakes a larger than expected debt-funded capital
expenditure (capex) programme, or if there is stretch in the
working capital cycle of the company, leading to deterioration of
its financial risk profile.
Established in 1998 and based in Kottayam (Kerala), PATPL is
engaged in organic farming. The company is promoted by Mr.Bijumon
Kurien.
PRINCE SPINTEX: CARE Assigns B+ Rating to INR20cr LT Bank Loan
--------------------------------------------------------------
CARE assigns 'CARE B+' and 'CARE A4' rating to the bank
facilities of Prince Spintex Private Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 20.00 CARE B+ Assigned
Long-term/Short-term Bank 2.50 CARE B+/CARE A4
Facilities Assigned
Rating Rationale
The ratings of the bank facilities of Prince Spintex Private
Limited are constrained on account of project implementation &
stabilization risk associated with predominantly debt-funded
project (for setting up the cotton yarn manufacturing facility).
The ratings are further constrained by susceptibility of PSPL's
profit margin to volatile cotton and cotton yarn prices and
presence in the highly competitive cotton yarn segment.
The ratings, however, derive strength from the promoter's
experience in various cotton value chain businesses and likely
availability of various government benefits apart from favorable
location of PSPL's manufacturing facility.
PSPL's ability to complete the project within the envisaged time
and cost parameters as well as its ability to achieve the
envisaged levels of scale of operations and profitability would
be the key rating sensitivities.
Incorporated in June 2016, PSPL is a project-phase company. PSPL
is in process of setting up a cotton spinning project in Bagodara
near the city of Ahmedabad in Gujarat wherein it will install
25,536 spindles with a capacity to produce 4,888 Metric Tonnes
Per Annum (MTPA) of cotton yarn of count 40.
The total cost of project is envisaged to be INR96.15 crore which
is proposed to be funded through debt and equity in the
proportion of 2.84:1, respectively. The financial closure for the
debt portion is yet to be achieved while the project is under
execution. The commencement of commercial operation is expected
by the end of September 2017.
PSPL is a part of "Prince Group" which has a total capacity of
more than 45,000 spindles under the companies, Prince Spinners
Private Limited (rated: 'CARE BB/ CARE A4') and Real Spintex
Private Limited (rated: 'CARE BB-/ CARE A4'). Furthermore, the
promoters of PSPL also have diverse experience in ginning,
dyeing, knitting, cotton & cotton seed trading, and FMCG
industries.
PRITIKA INDUSTRIES: CRISIL Lowers Rating on INR165MM Loan to B-
---------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Pritika Industries Ltd (PIL; part of the Pritika group) to
'CRISIL B-/Stable' from 'CRISIL BB/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 165 CRISIL B-/Stable (Downgraded
from 'CRISIL BB/Stable')
Term Loan 15 CRISIL B-/Stable (Downgraded
from 'CRISIL BB/Stable')
The downgrade reflects CRISIL's belief that the financial risk
profile, particularly liquidity, will remain constrained by large
debt obligation and working capital-intensive operations.
Cash accrual of INR33.5-34.0 million tightly matched debt
repayment of INR33.5 million in fiscal 2016. Though improvement
in revenue and sustained operating margin backed by revival of
end-user industry following a normal monsoon will help bridge
this gap, cash accrual will remain barely sufficient to meet debt
obligation in the near term owing to capital expenditure (capex)
incurred in the last two years.
Gross current assets were high at 230-240 days because of
inventory and receivables of 170-180 days and 50-60 days,
respectively, as on March 31, 2016. Inventory was large on
account of lower-than-expected sales to the tractor industry and
built-up in stock for future order book. Hence, working capital
limit was utilised at 99% on average over the 12 months ended May
2016. Dependency on bank borrowings will remain high due to
expected increase in scale of operations, because of revival of
end user industry, given that the accruals will go towards
repayment obligation.
Pritika group has below-average financial risk profile because of
a weak total outside liabilities to tangible networth ratio and
below-average debt protection metrics, large working capital
requirement, and customer concentration in revenue profile. It
however benefits from healthy operating margin due to integrated
operations, extensive experience of promoters, and established
relationship with tractor manufacturers.
For arriving at the rating, CRISIL has combined the business and
financial risk profiles of PIL, Pritika Autocast Pvt Ltd (PAPL),
and Nibber Castings Pvt Ltd (NCPL). This is because all the three
companies, together referred to as the Pritika group, are under a
common management, in the same business, and have significant
operational and financial linkages.
Outlook: Stable
CRISIL believes the Pritika group will continue to benefit over
the medium term from the extensive experience of its promoters
and established relationship with key customers. The outlook may
be revised to 'Positive' if the group's liquidity position
improves, most likely driven by substantial equity infusion, or
if the group achieves significant growth in its revenue while
maintaining its profitability, leading to considerable net cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the Pritika group's revenue and operating margin decline, or its
working capital cycle stretches, impacting its financial risk
profile, particularly its liquidity.
The Pritika group is promoted by Mr. Raminder Singh Nibber and
his son, Mr. Harpreet Singh Nibber. Incorporated in 1996, PIL is
engaged in machining of automotive and tractor parts in Mohali
(Punjab). It was started as a partnership firm in 1973 with a
machine shop and was reconstituted as a company in 1996 to ensure
adequate sanctioning of bank lines. Incorporated in 1997, NCPL
has a foundry in Mohali and is engaged in casting of automotive
and tractor parts. PAPL, incorporated in 2006, manufactures
automotive and tractor components at its facility in Bathri,
Punjab. It is an integrated unit, capable of both casting and
machining.
RAGHUVANSHI INDUSTRIES: CRISIL Reaffirms B+ Cash Credit Rating
--------------------------------------------------------------
CRISIL's rating on the long-term bank facility of Raghuvanshi
Industries Private Limited continues to reflect a constrained
financial risk profile because of high gearing and modest debt
protection metrics, and vulnerability of profitability and
revenue to volatility in cotton prices and changes in government
policies.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 200 CRISIL B+/Stable (Reaffirmed)
These rating weaknesses are partially offset by the extensive
experience of the promoters in the cotton industry and their
funding support.
For arriving at the rating, CRISIL has treated unsecured loans of
INR18.8 million extended by directors and their family members as
neither debt nor equity. That's because these loans bear a
nominal interest rate and are expected to remain in the business
over the medium term.
Outlook: Stable
CRISIL believes RIPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if the financial risk
profile improves, most likely due to better cash accrual or
efficiency in working capital management. The outlook may be
revised to 'Negative' if the financial risk profile and liquidity
deteriorate because of a decline in profitability, stretched
working capital requirement, or large, debt-funded capital
expenditure.
RIPL was set up as a partnership firm in 1998 by Mr. Dhirajlal V
Shelani and his son, Mr. Dineshkumar D Shelani. It was
reconstituted as a private limited company in January 2014. The
firm, based in Rajkot, Gujarat, gins and presses cotton into
bales. Currently, operations are managed by Mr. Gaurav D Selani
and Mr. Hitesh P Selani.
SAI WARDHA: CARE Lowers Rating on INR2493.98cr LT Loan to 'D'
-------------------------------------------------------------
CARE revises the ratings assigned to the bank facilities of Sai
Wardha Power Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 2,493.98 CARE D Revised from
CARE BB+
Short term Bank Facilities 105.0 CARE D Revised from
CARE A4+
Long-term/Short-term Bank 403.0 CARE D Revised from
Facilities CARE BB+/CARE A4+
Rating Rationale
The revision in the ratings assigned to the bank facilities of
Sai Wardha Power Limited takes into account delays in servicing
debt obligation owing to stretched liquidity position of the
company led by subdued operational performance.
Incorporated in April 2007, SWPL is a Special Purpose Vehicle
(SPV) floated by KSK Electricity Financing India Private
Limited of the KSK group, promoted by Mr. Sethuraman Kishore and
Mr. K. A. Sastry. SWPL successfully commissioned its 540 Mega
Watt (MW) thermal power project and started its commercial
operation since May 2011.
KEFIPL is a 100% subsidiary of KSK Energy Ventures Limited, the
holding company for the power projects developed by KSK group.
The group, via different SPVs provides services like coal
transportation, water supply and other infrastructure activities
to the power plants, while KEVL's core business is developing
power projects in India.
During FY16 (refers to the period April 1 to March 31), SWPL
reported total operating income of INR799.18 crore (FY15:
INR565.84 crore) with PBILDT of INR146.51 crore (FY15: Operating
loss of INR102.61 crore) and net loss of INR202.01 crore (FY15:
PAT of INR78.34 crore).
SAJEEV MATHEW: CARE Assigns 'B+' Rating to INR10cr LT Bank Loan
---------------------------------------------------------------
CARE assigns CARE B+/CARE A4 ratings to the bank facilities of
Sajeev Mathew And Company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank Facilities 10 CARE B+ Assigned
Short term Bank Facilities 5 CARE A4 Assigned
Rating Rationale
The ratings assigned to the bank facilities of Sajeev Mathew and
Company are constrained by the small scale of operations,
fluctuating total operating income, weak debt coverage indicators
and elongated operating cycle. The ratings are further
constrained by the presence of SMC in the highly fragmented and
competitive construction industry with high geographic and
customer concentration risk.
However, the ratings are underpinned by the experience of
promoters, long track record of operations of the firm,
moderate order book position and satisfactory profit margins
albeit fluctuation.
Going forward, SMC's ability to increase the scale of operations
by bagging larger orders, diversify its order book by adding
external clients, complete the orders under execution as per
schedule as well as effectively manage the working capital
requirements will be the key rating sensitivities. Furthermore,
given the exposure of the firm to real estate segment, its
ability to execute real estate projects on time and get adequate
bookings would also be a key sensitivity.
SMC was established as a partnership firm on July 14, 1995, by
nine partners, ie, Mr. Sajeev Mathew, Mr. Rajesh Mathew, Mrs
Ammini Mathew, Mrs Shyla Babu, Mr. K. A. George, Mr. Bilgi K.
George, Mr. P. V. Mathai, Mrs Mary Mathew and Ms Angel P. Mathew.
SMC is engaged as a civil engineering contractor since its
inception. After several reconstitutions, the present partners of
the firm are Mr. Sajeev Mathew, Mr. Rajesh Mathew, Mrs Ammini
Mathew, Mr. P.V. Mathai and Mrs Mary Mathew (reconstituted in
April 2011).
From 2004 onwards, SMC is also operating a fuel station, an
outlet of Bharat Petroleum Corporation Limited in Muvattupuzha,
near Kerala State Road Transport Corporation bus stand. For its
road construction business, SMC receives work orders through
tenders from Public Works Department (PWD) of Kerala, National
Bank for Agriculture and Rural Development (NABARD) and Prime
Minister Gramin Sadak Yojna (PMGSY).
SMC has two associate entities, namely, M/s Rajesh Mathew & Co.
(RMC) and United Metals (UM) engaged as road works contractors
and metal crusher unit for quarry, respectively. Some of the
construction materials required by SMC like rock, cement, sand
are supplied by UM.
SAKARDA SYNTHETICS: CRISIL Reaffirms 'B' Rating on INR50MM Loan
---------------------------------------------------------------
CRISIL's ratings on the bank facilities of Sakarda Synthetics
Private Limited continue to reflect a modest scale of operations
in the highly competitive textile industry, large working capital
requirement, and a weak financial risk profile because of high
gearing and average debt protection metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 50 CRISIL B/Stable (Reaffirmed)
Term Loan 36.1 CRISIL B/Stable (Reaffirmed)
These rating weaknesses are mitigated by the extensive industry
experience of the promoters and their funding support.
Outlook: Stable
CRISIL believes SSPL will continue to benefit from the extensive
industry experience of its promoters and their funding support.
The outlook may be revised to 'Positive' if the scale of
operations and operating margin improve, leading to higher cash
accrual, or if sizeable capital infusion strengthens the
financial risk profile. The outlook may be revised to 'Negative'
in case of low cash accrual because of reduced profitability, or
stress on liquidity because of a stretched working capital cycle
or large capital expenditure.
SSPL was incorporated in 1992. It is promoted by Mr. Sunil Jain,
Mr. Bherulal Jain, and Mr. Dilkush Dungerwal, who have over two
decades of experience in the textile industry. The company
manufactures grey fabric from cotton and synthetic yarn for
suiting and shirting.
SHILPA ELECTRICAL: CARE Lowers Rating on INR3.5cr LT Loan to B+
---------------------------------------------------------------
CARE revises the lt ratng and reaffirms the st rating assigned of
bank facilities of Shilpa Electrical Engineers India Private
Limited.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 3.50 CARE B+ Revised from
CARE BB-
Short-term Bank Facilities 5.50 CARE A4 Reaffirmed
Rating Rationale
The ratings assigned to the bank facilities of Shilpa Electrical
Engineers India Private Limited are constrained by small scale of
operations, working capital intensive nature of business,
customer concentration in revenue profile and highly fragmented
and competitive electrical contracts industry.
The ratings also take into consideration decrease in
profitability margin, deterioration in capital structure and debt
coverage indicators and increase in working capital cycle in FY16
(refers to the period April 01 to March 31). The ratings,
however, derive strength from long standing industry experience
of its promoters and satisfactory order book position.
The ability of the company to improve the scale of operations
with profitability margin amid stiff competition and improve
capital structure is the key rating sensitivities.
SEEPL is engaged in the execution of electrical contracts for
more than two decades. The company was started by Mr. G. Sudhakar
Reddy in 1995 and operated as a proprietary concern under the
name of Shilpa Electrical Engineers. SEEPL completed many
electrical contracts from 1995 to 2007 under the above name. For
the past 20 years, the company is one of the leading electrical
contractors [Internal & External] holding 'A' GRADE LICENSE
exceeding 33KV (ALL Voltages). SEEPL carries out erection,
installation, fabrication and commissioning of
220KV/132KV/33KV/11Kv Substations and Line works, Generator's
P.C.C's (Printed Circuit Boards), M.C.C's (Miniature circuit
breakers) repairs and maintenance of Transformers for various
types of Industries and residential establishments. The company
has executed a total of 135 projects till date (July 31, 2016)
which includes projects in different segments such as government,
residential and commercial establishments and private companies.
SHIMLA TOLLS: CRISIL Lowers Rating on INR320MM Term Loan to B-
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Shimla Tolls & Projects Private Limited to 'CRISIL B-/Stable'
from 'CRISIL B+/Stable' while reaffirming the rating on the
short-term facility at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 15 CRISIL A4 (Reaffirmed)
Proposed Long Term 5 CRISIL B-/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
Term Loan 320 CRISIL B-/Stable (Downgraded
from 'CRISIL B+/Stable')
The rating downgrade reflects a delay of about six months in
project completion. The project was earlier expected to become
operational by the fourth quarter of fiscal 2017, but will now do
so by October 2017. As on November 3, 2016, it was only 50%
complete and will get fully constructed by September 2017. Due to
the delayed implementation, liquidity is expected to get impacted
and cash accrual is likely to be insufficient to meet debt
obligations, which will start from June 2017. However, the
company will benefit from the expected partial initiation of
operations at the parking plaza and the funded interest clause on
bank debt. Cash flow generation and timely repayment of debt will
remain key rating sensitivity factors.
The ratings reflect high exposure to risks related to completion
and commercialisation of the ongoing project. This rating
weakness is partially offset by low demand risk and the extensive
experience of the promoters in the construction industry.
Outlook: Stable
CRISIL believes STPPL will continue to benefit from the industry
experience of its promoters. The outlook may be revised to
'Positive' if the project is completed within the revised
timeline and estimated cost, and has higher-than-expected
occupancy, leading to substantial cash accrual. The outlook may
be revised to 'Negative' in case of a significant time or cost
overrun in the project, adversely impacting debt servicing
ability.
STPPL, incorporated in 2010, is promoted by Mr. Parmod Sood, Mr.
Kanwaljeet Singh, and ANS Constructions Ltd. The company was
established to undertake a multi-level parking and commercial
project near the Lift area of Shimla. It is implementing the
project on a design, build, operate, and transfer basis.
SIDDHA CHAKRA: CRISIL Ups Rating on INR40MM Cash Loan to B+
-----------------------------------------------------------
CRISIL has upgraded its rating on the bank facilities of Siddha
Chakra Weaving Private Limited to 'CRISIL B+/Stable' from 'CRISIL
B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 40 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
Term Loan 40 CRISIL B+/Stable (Upgraded
from 'CRISIL B/Stable')
The rating upgrade reflects CRISIL's expectation of improvement
in the business risk profile, on the back of expected net sales
of INR300 million and steady operating profit margin of 12%, over
the medium term. Scale of operations has grown at a healthy pace,
since commercial production began towards the end of fiscal 2015.
The financial risk profile, while remaining weak, will be
supported by unsecured loans from promoters, improved annual
accrual of around INR15 million, control on working capital
management and the absence of any major capital expenditure.
The rating reflects modest, though improving, scale of operations
and below average financial risk profile, with high gearing,
moderate debt protection metrics and average liquidity. These
weaknesses are partially offset by the promoters' extensive
industry experience, funding support and established customer
base.
Outlook: Stable
CRISIL believes SCWPL will continue to benefit from the
promoters' extensive industry experience, funding support and
established customer relationships. The outlook may be revised to
'Positive' if cash accrual increases significantly and working
capital management is prudent. The outlook may be revised to
'Negative' if financial risk profile weakens or working capital
cycle is stretched, or if a slowdown in the end-user industries
adversely impacts revenue growth.
Incorporated in 2011, SCWPL is promoted by the Ahmedabad-based
Shah family. SCWPL earlier traded and then started manufacturing
grey clothes in fiscal 2015.
SIDDHARTH AGRO: CARE Assigns B+ Rating to INR5.45cr LT Loan
-----------------------------------------------------------
CARE assigns 'CARE B+' rating to the bank facilities of Siddharth
Agro Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 5.45 CARE B+ Assigned
Rating Rationale
The rating assigned to the bank facilities of Siddharth Agro
Industries (SAI) is constrained on account of stabilization risk
associated with recently completed capex, presence into
fragmented and competitive nature of cold storage business and
constitution as a partnership firm.
The rating, however, derive benefits from diversified experience
of partners, location advantage and SAI's eligibility for various
fiscal benefits from the government.
SAI's ability to stabilize its operational quickly and
achievement of envisaged level of sales and profitability would
remain the key rating sensitivities.
Valsad-based (Gujarat) SAI was established in October 2009 as a
partnership firm by six partners to provide cold storage
facilities on a rental basis as well as for trading purposes for
products like fruits, dry fruits, spices, vegetables, milk
products, etc. However, the construction of the plant began from
2014 and was completed in July, 2016 after a delay of three
months. The cold storage has storage capacity of 6,000 MT.
SOHRAB SPINNING: CRISIL Lowers Rating on INR160MM Cash Loan to D
----------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Sohrab Spinning Mills Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The downgrade reflects instances of delay in
servicing term debt; the delays were due to insufficient cash
accrual on account of lower utilisation of installed capacity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 160 CRISIL D (Downgraded from
'CRISIL B/Stable')
Letter of Credit 20 CRISIL D (Downgraded from
'CRISIL A4')
Proposed Long Term 20 CRISIL D (Downgraded from
Bank Loan Facility 'CRISIL B/Stable')
Term Loan 120 CRISIL D (Downgraded from
'CRISIL B/Stable')
The company also has a weak financial risk profile because of
weak debt protection metrics. Moreover, it has working capital-
intensive, and a small scale of, operations. However, it benefits
from the extensive experience of its promoters in the industrial
yarn industry.
Set up in 1989 by Mr. Amjad Ali, SSML manufactures industrial
yarn that finds application mainly in the tyre industry. The
remaining revenue is derived from manufacture of hosiery yarn.
The company has a manufacturing facility in Malerkotla, Punjab.
SWATI ELECTROTECH: CRISIL Assigns B+ Rating to INR350MM Bank Loan
-----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the bank
facilities of Swati Electrotech Private Limited (SEPL; part of
Swati group).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Bank Guarantee 350 CRISIL B+/Stable
Proposed Cash Credit Limit 200 CRISIL B+/Stable
The rating reflects group's modest scale of operation, exposure
to intense competition and below-average financial risk profile
marked by a small net worth, high gearing and subdued debt
protection metrics. These rating weaknesses are partially offset
by extensive industry experience of promoters and healthy order
book which renders revenue visibility.
For arriving at its ratings, CRISIL has consolidated the business
and financial risk profiles of SEPL and Swati Enterprises (SE),
collectively referred to as Swati group. The entities are under
common management, operate in similar business and have
operational linkages.
Outlook: Stable
CRISIL believes that the Swati group will continue to benefit
over the medium term from its promoters' extensive industry
experience. The outlook may be revised to 'Positive' if it
reports substantial and sustained improvement in its revenues and
achieves anticipated profitability leading to sizable cash
accruals. Conversely, the outlook may be revised to 'Negative' if
the financial risk profile and liquidity weakens because of
stretch in working capital cycle, or lower cash accruals.
SEPL, incorporated in 2015, is based in Nashik (Maharashtra).
SEPL is promoted by Mr. Satish Mohole, Mr. Aaditya Mohole and Mr.
Anil Sakhare. The company has received three large contracts for
setting up of substations and transmission lines for state power
transmission and distribution utilities in Madhya Pradesh. The
promoters also operate SE since 1990 in which small capacity
electrical contracts are undertaken.
TANSEN FOODS: CRISIL Suspends B+ Rating on INR150MM Cash Loan
-------------------------------------------------------------
CRISIL has suspended its rating on the bank facilities of Tansen
Foods Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 150 CRISIL B+/Stable
Warehouse Financing 100 CRISIL B+/Stable
The suspension of ratings is on account of non-cooperation by
TFPL with CRISIL's efforts to undertake a review of the ratings
outstanding. Despite repeated requests by CRISIL, TFPL is yet to
provide adequate information to enable CRISIL to assess TFPL'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.
TFPL was incorporated in 2012 by Bundi (Rajasthan)-based Nyati
family by transferring entire operations from Shri Balaji
Industries. The company is promoted and actively managed by Mr.
Bal Kishan Nyati, Mr. Bhanu Nyati, and Mr. Vinod Kumar Nyati.
TFPL mills and shells basmati rice at its plant in Bundi.
VRS GRANITES: CRISIL Reaffirms 'B' Rating on INR30MM LT Loan
------------------------------------------------------------
CRISIL's ratings on the bank facilities of VRS Granites Private
Limited continue to reflect a below-average financial risk
profile because of high gearing, a small net worth, and average
debt protection metrics. The ratings also factor in a modest
scale of operations and large working-capital requirement. These
rating weaknesses are partially offset by the extensive
experience of the promoters in the granite industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bill Purchase 20 CRISIL A4 (Reaffirmed)
Cash Credit 10 CRISIL B/Stable (Reaffirmed)
Long Term Loan 30 CRISIL B/Stable (Reaffirmed)
Packing Credit 40 CRISIL A4 (Reaffirmed)
Outlook: Stable
CRISIL believes VRSG will continue to benefit from the extensive
industry experience of its promoters. The outlook may be revised
to 'Positive' if there is a substantial increase in scale of
operations while profitability is sustained, or if the capital
structure improves, most likely driven by equity infusion. The
outlook may be revised to 'Negative' in case of a decline in
revenue or profitability, or a stretched working capital cycle,
leading to pressure on liquidity.
Incorporated in June 2011, VRSG is currently promoted by Mr.
Venugopal Karwa. The company processes granite blocks into
polished slabs at its facility in Medhak, Andhra Pradesh. It has
a capacity to manufacture 180,000 square foot per month of cut
and polished granite.
====================
N E W Z E A L A N D
====================
KAIKOURA, NZ: Needs Business Support From Government After Quake
----------------------------------------------------------------
Oliver Lewis at The Marlborough Express reports that Kaikoura is
in danger of becoming a "one horse ghost town" unless ongoing
support is provided to businesses reeling from the loss of
tourism, a business owner says.
Daniel Jenkins, along with his wife Sarah Jenkins, run Kaikoura
Cheese, an artisan company that has been finding favor with
gourmets around the country since it was set up four years ago,
the report says.
The Marlborough Express relates that the couple re-located to
Kaikoura with their young children after losing their home in the
Christchurch earthquake, an event that prompted them to up sticks
and follow their cheese dream.
But the devastating 7.8 magnitude earthquake on Nov. 14 has put
that under threat, isolating Kaikoura and depriving businesses in
the town of all-important tourism revenue, the report notes.
"The impact has been huge, it's touch and go for us, it really
is, we're on the brink of potential bankruptcy if we don't manage
this properly," the report quotes Daniel Jenkins as saying.
According to the report, the Kaikoura cheese maker said the
NZ$7.5 million package announced by the Government to subsidise
wages for affected businesses was a good start, but it would not
be enough to help them survive the winter.
"If the people of New Zealand want to see Kaikoura stay on the
map then we're going to need that extra support, otherwise it'll
become a one horse ghost town," he said, The Marlborough Express
relays.
The package was initially available for eight weeks, with the
Government set to review its commitment before Christmas, but
Daniel Jenkins warned that would not be enough, according to The
Marlborough Express.
"It's really good in the short-term but it's certainly not
enough, the way the economy works in Kaikoura that support
package is going to have to come through until next November,"
the report quotes Mr. Jenkins as saying. "Businesses don't make
any money in winter, it's a ghost town."
=====================
P H I L I P P I N E S
=====================
COMMUNITY RURAL: BSP Orders Closure of Bank; PDIC Takes Over
------------------------------------------------------------
The Monetary Board (MB) of the Bangko Sentral ng Pilipinas (BSP)
prohibited Community Rural Bank of Magallon (Moises Padilla,
Negros Occidental), Inc. from doing business in the Philippines.
Under Resolution No. 2031.B dated November 17, 2016, the MB
directed the Philippine Deposit Insurance Corporation (PDIC) as
Receiver to proceed with the takeover and liquidation of the
bank. PDIC took over the bank on November 18, 2016.
Community Rural Bank of Magallon is a single-unit rural bank
located at Gomez St., Moises Padilla, Negros Occidental. Based on
the Bank Information Sheet filed by the bank with the PDIC as of
June 30, 2016, Community Rural Bank of Magallon is owned by
Magallon Integrated Holdings Corporation (30.55%), Maximiano R.
Tan (8.4%), Jose Alfredo De Leon (8.4%), Perbea N. Paderna
(8.02%), Gem Guanco (6.49%), Ma. Louella M. Aranas (5.8%), Jesus
Clint O. Aranas (5.77%), Ma. Roxanne Zayco (2.9%), and Manuel
Aurelio (2.1%). The Bank's President is Robert R. Tillaman and
its Chairman is Naoya (Dan) Sakamoto.
Latest available records show that as of June 30, 2016, Community
Rural Bank of Magallon had 1,315 accounts with total deposit
liabilities of PHP28.5 million. Total insured deposits amounted
to PHP24.5 million involving 85.9% of total deposit accounts.
PDIC assured depositors that all valid deposits and claims shall
be paid up to the maximum deposit insurance coverage of
PHP500,000.00. Depositors with valid deposit accounts with
balances of PHP100,000.00 and below shall be eligible for early
payment and need not file deposit insurance claims, except
accounts maintained by business entities, or when they have
outstanding obligations with Community Rural Bank of Magallon or
acted as co-makers of these obligations. Depositors have to
ensure that they have complete and updated addresses with the
bank. They may update their addresses until November 28, 2016
using the Mailing Address Update Forms to be distributed by PDIC
representatives at the bank premises.
For depositors who are required to file claims for deposit
insurance, the schedule of claims settlement operations will be
announced as soon as possible through posters in the bank
premises and in other public places, the PDIC website,
www.pdic.gov.ph, and official Facebook account. PDIC also
reminded borrowers to continue paying their loan obligations with
the closed Community Rural Bank of Magallon and to transact only
with designated PDIC representatives at the bank premises. For
more information on the requirements and procedures for filing
claims and settlement of loan obligations, all depositors and
borrowers of the bank are enjoined to attend the Depositors-
Borrowers' Forum on Dec. 2, 2016.
Depositors may communicate with PDIC Public Assistance personnel
stationed at the bank premises or call the PDIC Public Assistance
Hotlines at (02) 841-4630 to (02) 841-4631, or send their e-mail
to pad@pdic.gov.ph. Depositors outside Metro Manila may also call
PDIC at its Toll Free Hotline at 1-800-1-888-PDIC (7342).
Inquiries may also be sent via private message to the official
PDIC Facebook account at www.facebook.com/OfficialPDIC.
SAMPAGUITA SAVINGS: Insurance Claim Deadline Set for Oct 15, 2018
-----------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced
that deposit insurance claims from depositors of the closed
Sampaguita Savings Bank, Inc. who have not filed their claims may
be filed at the PDIC Public Assistance Center, 3rd Floor, SSS
Bldg., 6782 Ayala Avenue corner V.A. Rufino Street, Makati City.
Claims for deposit insurance may be filed until Oct. 15, 2018.
Claims may also be filed by mail.
When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit their
original evidence of deposit and present two (2) valid photo-
bearing IDs with signature of the depositor directly to PDIC.
Depositors may also file their claims through mail and enclose
their original evidence of deposit and photocopy of two (2) valid
photo-bearing IDs with signature together with a duly
accomplished Claim Form which can be downloaded from the PDIC
website, www.pdic.gov.ph. PDIC reminds depositors to deal only
with PDIC authorized officers.
Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the National
Statistics Office (NSO) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.
In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans officer prior to the settlement of their deposit
insurance claim.
The procedures and requirements for filing deposit insurance
claims are likewise posted in the PDIC website.
For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).
====================
S O U T H K O R E A
====================
HYUNDAI MERCHANT: Talks for 2M Shipping Alliance Ongoing
--------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co., a
major shipping line here, said on Nov. 21 that its talks to join
a global shipping alliance will be completed this month, denying
news reports that the financially-troubled shipper has failed to
join 2M, one of the key conditions for financial help from its
creditors.
"We are still in negotiations (with 2M) to iron out differences,"
Yonhap quotes an official at Hyundai Merchant as saying. "Our
plan to complete the partnership talks by this month has not
changed."
Since May, Hyundai Merchant has been seeking to become a member
of 2M, the world's largest shipping alliance, one of the
prerequisites set by its creditors to avert court receivership,
according to Yonhap.
In April, its creditors, led by the state-run Korea Development
Bank, approved the shipper's restructuring plan in return for the
company meeting three key conditions -- a debt recast, a charter
rate cut and inclusion in a global shipping alliance, Yonhap
says.
Yonhap relates that in July, Hyundai Merchant signed a memorandum
of understanding with the world's largest shipping alliance, led
by AP Moeller-Maersk A/S and Mediterranean Shipping Co., but the
shipper is seeking to sign a formal deal on 2M membership.
Membership in a global alliance is very important for the shipper
to take on bigger rivals amid a glut in capacity, which has led
to a drop in freight rates, the report states.
Hyundai Merchant Marine, currently under a creditor-led
restructuring scheme, is seeking to take over key assets from
Hanjin Shipping Co., which has been under receivership since
September, says Yonhap.
Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services. The Company
provides its services under two main segments: container and
bulk.
LEO MOTORS: Incurs US$1.4 Million Net Loss in Third Quarter
-----------------------------------------------------------
Leo Motors, Inc., filed with the Securities and Exchange
Commission its quarterly report on Form 10-Q disclosing a net
loss of US$1.41 million on US$792,037 of revenues for the three
months ended Sept. 30, 2016, compared to a net loss of US$412,489
on US$922,326 of revenues for the three months ended Sept. 30,
2015.
For the nine months ended Sept. 30, 2016, the Company reported a
net loss of US$2.74 million on US$2.34 million of revenues
compared to a net loss of US$2.10 million on US$2.33 million of
revenues for the same period during the prior year.
As of Sept. 30, 2016, Leo Motors had US$8.27 million in total
assets, US$6.48 million in total liabilities and US$1.43 million
in total equity.
"Our liquidity and capital resources are limited. Accordingly,
our ability to initiate our plan of operations and continue as a
going concern is currently dependent on our ability to either
generate significant new revenues or raise external capital
through additional borrowing or the sale of additional equity,"
the Company stated in the report.
The Company's total current assets at Sept. 30, 2016, were
$3,992,633 and total current liabilities were $5,953,291.
Significant losses from operations have been incurred since
inception and there is an accumulated deficit of $27,953,301 as
of Sept. 30, 2016. Continuation as a going concern is dependent
upon attaining capital to achieve profitable operations while
maintaining current fixed expense levels.
A full-text copy of the Form 10-Q is available for free at:
https://is.gd/Ji5pEN
About Leo Motors
Headquartered in Hanam City, Gyeonggi-do, Republic of Korea, Leo
Motors, Inc., a Nevada corporation, is currently engaged in the
research and development of multiple products, prototypes and
conceptualizations based on proprietary, patented and patent
pending electric power generation, drive train and storage
technologies.
In 2011, the Company determined its investment in Leo B&T Inc. an
investment account was impaired and recorded an expense of
$4.5 million. During the 2012 year the Company had a net non
operating income largely from the result of the forgiveness of
debt for $1.3 million.
Leo Motors reported a net loss of US$4.49 million on US$4.29
million of revenues for the year ended Dec. 31, 2015, compared to
a net loss of US$4.48 million on US$693,000 of revenues for the
year ended Dec. 31, 2014.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Nov. 14 to Nov. 18, 2016
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.45
ARTSONIG PTY LTD 11.50 04/01/19 USD 0.45
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 11.65
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 71.50
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 15.00
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 69.58
CML GROUP LTD 9.00 01/29/20 AUD 1.00
DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 73.90
EMECO PTY LTD 9.88 03/15/19 USD 66.50
EMECO PTY LTD 9.88 03/15/19 USD 66.50
IMF BENTHAM LTD 5.93 06/30/19 AUD 63.25
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.69
LAKES OIL NL 10.00 05/31/18 AUD 5.07
LAKES OIL NL 10.00 03/31/17 AUD 4.75
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 1.45
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 1.45
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 63.14
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 63.14
STOKES LTD 10.00 06/30/17 AUD 0.35
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 72.54
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 52.62
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 63.00
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 63.30
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 63.80
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 61.96
BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 30.55
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 64.01
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 52.83
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.01
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 62.68
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.56
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 71.43
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 63.79
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 83.00
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 62.50
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 64.00
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 61.00
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 63.07
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 64.32
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 60.00
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.95
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.96
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 64.20
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.56
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 67.07
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 63.07
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 63.25
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 62.51
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.30
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.70
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 62.85
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 63.20
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.00
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.62
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.98
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 63.51
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 64.76
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 60.00
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 64.43
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 63.02
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 51.13
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 50.15
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 84.50
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 64.25
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 64.00
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 64.53
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 52.30
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.88
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 71.00
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 72.00
CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 83.47
CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 60.20
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.99
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 64.26
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.69
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.00
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 63.16
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.78
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.64
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.71
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 63.61
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 61.51
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 64.01
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.29
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.73
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 63.95
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 63.50
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 59.00
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 71.33
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 64.17
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 72.78
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.56
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.03
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 63.13
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 71.74
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 81.39
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.60
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 60.20
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 63.29
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 64.44
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.08
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.23
DANDONG CITY DEVELOPMEN 5.84 09/06/17 CNY 40.16
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 63.21
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 62.71
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 63.29
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.57
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.36
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 80.12
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 64.84
DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 52.20
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 51.01
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 31.50
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 29.75
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 82.14
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.37
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.81
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 63.41
FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 52.00
FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 52.50
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 83.50
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 64.38
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 64.35
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 71.32
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.33
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.45
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 50.20
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 52.19
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 74.03
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 52.00
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 51.96
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 64.01
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 62.53
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.70
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.59
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 52.00
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.89
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 64.28
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 52.37
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 71.69
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 52.25
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 52.11
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 62.50
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 63.69
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 74.17
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 74.48
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.38
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.17
HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 40.02
HANGZHOU XIAOSHAN STATE 6.90 11/22/16 CNY 39.94
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 63.11
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 63.22
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 72.79
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 74.22
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 70.00
HEFEI CONSTRUCTION INVE 5.23 08/28/18 CNY 72.12
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.85
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.00
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 64.31
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 65.55
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 62.70
HEILONGJIANG HECHENG CO 7.78 11/17/16 CNY 40.12
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 64.67
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 64.13
HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.10
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.01
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 63.92
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 59.00
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 64.73
HUAI'AN DEVELOPMENT HOL 6.80 03/24/17 CNY 42.25
HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.75
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.82
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.84
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 64.65
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 63.67
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 64.67
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.46
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.86
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 78.06
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.82
HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 71.95
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 63.24
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 72.66
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 63.57
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 62.20
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 63.01
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 63.40
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 64.00
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 62.50
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 63.50
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 65.15
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 62.94
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 63.01
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.87
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.66
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.53
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.75
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.17
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 60.00
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 64.43
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 63.97
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.87
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.43
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 63.85
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 63.22
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 62.53
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 62.83
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 63.43
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.50
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.95
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.56
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 64.37
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 64.43
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 63.64
JINTAN CONSTRUCTION INV 8.30 03/14/19 CNY 63.95
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 63.06
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 63.06
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.00
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.38
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 62.98
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 59.00
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 63.51
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.88
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.70
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 82.41
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 52.16
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 52.40
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 61.47
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 63.17
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.60
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.52
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.35
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.63
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 62.50
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 63.45
LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 40.32
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 63.19
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.95
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.85
LINHAI CITY INFRASTRUCT 7.98 11/06/16 CNY 50.08
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 64.82
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 52.30
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 63.55
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 62.51
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 63.65
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 72.00
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 72.09
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.70
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.50
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.40
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.43
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 63.25
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 61.51
MIANYANG SCIENCE & TECH 6.30 07/22/18 CNY 54.05
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 62.85
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 62.85
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 64.53
NANCHONG CHEMICAL INDUS 8.16 04/26/19 CNY 63.96
NANJING HEXI NEW TOWN A 6.40 02/03/17 CNY 60.57
NANJING HI-TECH ECONOMI 6.94 09/07/19 CNY 63.60
NANJING HI-TECH ECONOMI 6.94 09/07/19 CNY 59.00
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 62.00
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.42
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.71
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 63.28
NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 39.96
NANTONG STATE-OWNED ASS 6.72 11/13/16 CNY 40.02
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 52.32
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.98
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 72.02
NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 40.45
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.15
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 51.78
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 10.30
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.97
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 63.49
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 62.00
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 40.15
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 40.22
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 64.12
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.85
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 60.00
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 64.70
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 64.34
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 62.55
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 62.94
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 63.44
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 51.85
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 64.08
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.55
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.31
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.36
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.56
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 63.55
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.98
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.70
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 64.29
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.97
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.46
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.34
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.00
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 83.45
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.94
QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.69
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 83.80
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 63.35
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.84
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 63.86
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 59.00
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 63.26
QUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 63.23
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 64.38
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 59.00
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 72.84
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 62.11
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 51.86
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 49.20
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 64.10
SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.71
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 52.00
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 52.00
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 64.30
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 60.00
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 61.30
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 63.80
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 64.58
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 84.00
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.35
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.69
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.21
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 52.57
SHENYANG COAL INDUSTRY 6.75 12/21/17 CNY 50.00
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 64.25
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 64.06
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 63.75
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 34.63
SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 34.63
SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 34.63
SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 67.99
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 70.67
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 62.98
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 59.00
SUIZHOU CITY INVESTMENT 7.50 08/22/19 CNY 64.23
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.50
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.56
SUZHOU CONSTRUCTION INV 7.45 03/12/19 CNY 63.16
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 51.63
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 62.43
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.34
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.77
TAIAN CITY TAISHAN INVE 5.79 03/02/18 CNY 71.00
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 52.11
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 52.98
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 63.25
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 60.00
TAIZHOU CITY CONSTRUCTI 6.90 01/25/17 CNY 40.28
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.22
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.78
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 52.28
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.96
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 64.15
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 60.00
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.26
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.47
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 60.00
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 63.52
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 63.67
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 63.33
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 63.76
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 64.50
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 63.42
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 52.12
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 51.68
TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 57.69
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 63.21
TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 40.80
TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 40.10
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 63.11
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 64.03
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 62.94
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 61.01
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 63.40
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 62.88
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.60
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.41
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 66.20
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 63.00
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 64.01
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 59.00
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 63.34
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 63.01
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 63.47
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.91
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.00
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 63.32
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 63.33
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 64.29
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 60.35
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 64.21
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 63.05
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 62.00
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.72
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 64.37
XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.25
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 63.46
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 63.33
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 78.00
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 52.72
XIANYANG CITY CONSTRUCT 7.90 12/09/17 CNY 71.01
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 64.03
XINING CITY INVESTMENT 7.70 04/27/19 CNY 62.00
XINING CITY INVESTMENT 7.70 04/27/19 CNY 63.78
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 49.52
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 51.87
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 71.70
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 63.47
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 52.52
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 63.95
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.79
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.80
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 51.99
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 63.18
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.10
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.85
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 72.46
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 63.05
YANZHOU HUIMIN URBAN CO 8.50 12/28/17 CNY 51.57
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 72.00
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.70
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 59.30
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 62.17
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 58.95
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 59.50
YINCHUAN URBAN CONSTRUC 6.28 03/09/17 CNY 25.14
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 64.16
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.55
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 60.00
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 64.19
YIYANG CITY CONSTRUCTIO 8.20 11/19/16 CNY 40.13
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 64.21
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 64.20
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 60.00
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 64.51
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.51
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.22
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 84.55
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 61.22
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 64.71
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 73.10
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 72.51
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.64
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.15
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.76
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.80
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 63.08
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.54
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 52.00
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.85
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.29
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 31.71
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.13
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.99
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 52.06
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.25
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.55
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 71.00
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 60.00
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 64.52
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 72.00
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 74.47
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 72.89
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 40.94
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 72.65
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 71.43
ZUNYI CITY INVESTMENT G 8.53 03/13/19 CNY 63.51
ZUNYI CITY INVESTMENT G 8.53 03/13/19 CNY 64.22
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 22.92
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 23.72
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 18.13
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 11.30
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.60
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.40
GTL INFRASTRUCTURE LTD 4.53 11/09/17 USD 37.13
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 43.75
JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 20.00
JCT LTD 2.50 04/08/11 USD 27.00
PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 20.50
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 4.95
REI AGRO LTD 5.50 11/13/14 USD 4.95
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.21
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 33.25
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
MICRON MEMORY JAPAN INC 0.50 10/26/15 JPY 5.38
MICRON MEMORY JAPAN INC 0.70 08/01/16 JPY 5.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38
TAKATA CORP 0.58 03/26/21 JPY 62.25
TAKATA CORP 0.85 03/06/19 JPY 75.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 33.81
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 33.81
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 29.65
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 47.53
HANA FINANCIAL GROUP IN 3.95 05/29/45 KRW 440.36
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 11.67
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 11.33
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 60.13
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 58.38
KIBO ABS SPECIALTY CO L 5.00 01/31/17 KRW 42.56
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 32.26
KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 32.64
KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 20.22
KIBO ABS SPECIALTY CO L 10.00 02/19/17 KRW 47.69
LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 33.25
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 33.56
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 27.27
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 30.13
SINBO SECURITIZATION SP 5.00 01/29/17 KRW 44.78
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 39.31
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 39.31
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 27.68
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 27.95
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 27.27
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 32.80
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.28
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 32.80
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.06
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.06
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.78
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.14
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.14
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 32.28
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.78
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 20.52
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.06
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.30
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.57
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.57
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.30
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.20
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.20
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 34.80
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 34.80
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 41.59
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 41.59
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 20.39
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 20.39
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.08
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 30.74
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.08
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.84
SINBO SECURITIZATION SP 5.00 12/13/16 KRW 54.89
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.84
SINBO SECURITIZATION SP 5.00 07/24/17 KRW 33.77
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 26.47
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.60
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.60
SINBO SECURITIZATION SP 5.00 12/25/16 KRW 49.57
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.34
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.34
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 28.29
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 30.47
TONGYANG CEMENT & ENERG 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.50 07/20/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & ENERG 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & ENERG 7.30 06/26/15 KRW 70.00
U-BEST SECURITIZATION S 5.50 11/16/17 KRW 34.75
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 57.35
WOORI BANK 5.21 12/12/44 KRW 375.47
MALAYSIA
--------
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.27
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.56
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 74.07
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.62
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 70.00
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 71.00
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.98
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 73.06
SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 74.73
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.59
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 69.10
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.52
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 61.23
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 72.09
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.58
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 69.06
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.62
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 66.27
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 65.01
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.78
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.92
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.59
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 57.23
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.82
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.39
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.06
PHILIPPINES
-----------
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 5.35 10/01/18 SGD 68.73
AUSGROUP LTD 7.45 10/20/18 SGD 66.58
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.76
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.76
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 25.19
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 24.75
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 8.00
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 26.75
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 26.75
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 27.00
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 26.75
ENERCOAL RESOURCES PTE 6.00 04/07/18 USD 8.25
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 40.00
GEO ENERGY RESOURCES LT 7.00 01/18/18 SGD 73.88
GOLIATH OFFSHORE HOLDIN 12.00 06/11/17 USD 4.25
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 66.50
NEPTUNE ORIENT LINES LT 4.40 11/08/19 SGD 73.50
NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 55.34
NEPTUNE ORIENT LINES LT 4.65 09/09/20 SGD 61.38
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 39.34
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 61.75
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 70.00
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 69.16
PACIFIC INTERNATIONAL L 7.25 11/16/18 SGD 70.50
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 42.50
RICKMERS MARITIME 8.45 05/15/17 SGD 36.50
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 10.50
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 10.50
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 12.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 12.13
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 11.63
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00
SRI LANKA
---------
HATTON NATIONAL BANK PL 8.00 08/29/23 LKR 67.00
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 63.89
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 71.62
SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 70.52
SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 73.33
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.64
MDX PCL 4.75 09/17/03 USD 37.75
VIETNAM
-------
DEBT AND ASSET TRADING 1.00 10/10/25 USD 58.25
DEBT AND ASSET TRADING 1.00 10/10/25 USD 57.38
HO CHI MINH CITY INFRAS 12.00 06/23/19 VND 20.00
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Ivy B. Magdadaro, 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 ***