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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, January 24, 2017, Vol. 20, No. 17
Headlines
A U S T R A L I A
BUILTON GROUP: Collapses in Administration
FORTESCUE METALS: Moody's Hikes CFR to Ba1, Outlook Stable
LINK AUSTRALIA: First Creditors' Meeting Set for Feb. 2
QUEENSLAND NICKEL: Palmer's Nephew Ordered Back to Australia
C H I N A
BEIJING CAPITAL: MTN Drawdown No Impact on Moody's Ba3 CFR
CHINA GRAND: Announced Improved Profit Backs Moody's B1 Rating
CHINA WATER: S&P Assigns 'BB+' CCR; Outlook Stable
CHINA WATER: Moody's Assigns Ba1 Corporate Family Rating
GOLDEN WHEEL: S&P Revises Outlook to Negative & Affirms 'B' CCR
VISIONCHINA MEDIA: Appoints BDO China as Independent Auditors
H O N G K O N G
WANDA COMMERCIAL: Moody's Assigns Ba1 Corporate Family Rating
I N D I A
A.G. HOSPITALITIES: CARE Reaffirms B+ Rating on INR14.60cr Loan
AABHARAN JEWELLERY: CRISIL Rates INR6.5MM Cash Credit at B
ARAXXA FOODS: CARE Assigns B+ Rating to INR6.5cr Long Term Loan
AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.74cr Loan
EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR14.25MM Loan
ERODE CRITICAL: CRISIL Assigns 'D' Rating to INR14MM LT Loan
GANESHA MOTORS: CRISIL Assigns 'C' Rating to INR3.13MM Cash Loan
INTEGRATED ELECTRIC: CRISIL Rates INR2.75MM Cash Credit at 'C'
JAI SHANKER: CRISIL Assigns B+ Rating to INR10MM Cash Loan
LAKSHMI VACUUM: CARE Reaffirms B+ Rating on INR6.79cr LT Loan
LAXMI LAL: ICRA Assigns B+ Rating to INR4.0cr Fund Based Loan
MADHAV GINNING: CARE Reaffirms B+/A4 Rating on INR20cr Loan
MADINENI INFRA: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
MAHAK RICE: CRISIL Assigns B+ Rating to INR1.5MM Cash Loan
MANGAL SHANTI: CARE Lowers Rating on INR8.43cr LT Loan to B-
NV AUTOSPARES: CRISIL Assigns 'D' Rating to INR4.23MM Term Loan
P.S. INDUSTRIES: CRISIL Assigns B- Rating to INR4.0MM Cash Loan
PANCHAVATI POLYFIBRES: ICRA Reaffirms B+ Rating on INR19.3cr Loan
R M METALS: CARE Assigns B+/A4 Rating to INR7cr LT/ST Loan
RAMAKRISHNA TELETRONICS: ICRA Rates INR54cr Loan at 'B/A4'
RATNACHINTAMANI METALLOYS: CARE Cuts INR8cr Loan Rating to B+/A4
REKHA CORPORATION: CRISIL Assigns B+ Rating to INR5MM Cash Loan
S.B. AGENCIES: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
SAGA AUTOMOTIVE: CARE Reaffirms B Rating on INR21.21cr LT Loan
SAGGI ELECTRIC: CRISIL Reaffirms 'B' Rating on INR2MM Cash Loan
SANKAR INDUSTRIES: CRISIL Assigns B- Rating to INR5.35MM LT Loan
SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR2.80cr Loan
SAPPHIRE PROJECTS: ICRA Raises rating on INR25cr Loan to B
SHANTHA TRUST: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
SHARANAMMA DIGGAVI: ICRA Reaffirms INR8cr FB Loan Rating at 'D'
SHREE VISHWAKARMA: ICRA Assigns 'B' Rating to INR34.5cr Loan
SKP BUILDCON: CRISIL Assigns 'B+' Rating to INR4.5MM Bank Loan
SONHIRA ELECTRIC: Weak Financial Strength Cues ICRA SP 4D Grading
SUDHIR AGRO: ICRA Upgrades Rating on INR4cr Loan From B+
THIRUCHY STEELS: CRISIL Assigns B+ Rating to INR6MM Cash Loan
TRANCITY FINANCE: CARE Reaffirms B+ Fixed Deposit Rating
TRIMURTI FOODTECH: CRISIL Lowers Rating on INR6.98MM Loan to D
TRUEVALUE ENGINEERING: ICRA Assigns B+ Rating to INR12.5cr Loan
J A P A N
TOSHIBA CORP: Climbs After Reports Chip Business Gets Interest
TOSHIBA CORP: Prepares Stake Sales in Group Cos. to Raise Cash
M A L A Y S I A
1MALAYSIA: NZ Court Allows Jho Low Family Change Trustees
P H I L I P P I N E S
* PHILIPPINES: Environment Department Cancels Permits of 6 Firms
S O U T H K O R E A
DAEWOO SHIPBUILDING: To Implement Self-Rescue Plan This Year
* SOUTH KOREA: Troubled Conglomerates Refuse Debt Workout
X X X X X X X X
* BOND PRICING: For the Week Jan. 16 to Jan. 20, 2017
- - - - -
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A U S T R A L I A
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BUILTON GROUP: Collapses in Administration
------------------------------------------
Helen Shield at The West Australian reports that Builton Group
has become the latest casualty of Perth's building downturn,
appointing administrators on Jan. 23.
The report says the appointment of Cor Cordis' Dino Travaglini
and Jeremy Nipps as external administrators was flagged by the
Building Commission late on Jan. 20.
WestBusiness last week reported one unpaid creditor KJ Carpentry
(WA) had appointed a liquidator after it was unable to extract
AUD71,000 it said it was owed by Builton Group.
The West Australian says the Building Commission on Jan. 20 took
the unusual step of issuing a warning about Builtoncorp Pty Ltd,
saying people should be cautious about making payments to the
company.
The report relates that the commission said Builtoncorp had
contacted it and advised that it "may need to place the company
into voluntary liquidation".
"People should be cautious about dealing with the company," the
report quotes Building Commissioner Peter Gow as saying.
Builton companies offer house-and-land packages, turnkey strata
developments, inner-city apartments, mixed-use developments and
commercial buildings. Builton Group listed its trading arms as
Builton Capital, Builton Finance, Builton Projects, Builton
Commercial, Multi-Living by Design and Investwise. Builtoncorp's
other trading names include Platinum Homes, Aspireon Homes and
MetroStar.
FORTESCUE METALS: Moody's Hikes CFR to Ba1, Outlook Stable
----------------------------------------------------------
Moody's Investors Service has upgraded Fortescue Metals Group
Ltd's corporate family rating (CFR) to Ba1 from Ba2. At the same
time, Moody's has also upgraded the senior unsecured and senior
secured ratings of FMG Resources (August 2006) Pty Ltd to Ba2 and
Baa3 from B1 and Ba1, respectively. The rating outlook is stable.
RATINGS RATIONALE
The upgrade to Fortescue's ratings reflects several factors,
including: 1) the substantial debt reduction the company has
undertaken over the last several years and most recently in
December 2016; 2) the continued and sustained cost improvements
which have created an earnings buffer to lower iron ore prices;
3) limited near term capital expenditures, which supports free
cash flow generation; and 4) the reduced refinancing risk and
reduction in secured debt.
"Fortescue has been able to capitalise on higher iron ore prices
and utilize the incremental cash flow generated to make
sustainable improvements to its balance sheet and debt levels",
says Matthew Moore a Moody's Vice President and Senior Credit
Officer.
This ability and willingness to improve its balance sheet was
further demonstrated by Fortescue's repayment of USD1 billion of
debt in December 2016. This brings total debt repayments during
fiscal 2017 to date to USD1.7 billion and Fortescue has now
repaid around 50% of its total debt outstanding since fiscal
year-end 2015.
"The upgrade also reflects Moody's expectation that Fortescue's
ongoing cost and debt reduction will allow it to maintain
conservative financial metrics for the rating, even in a weaker
iron ore price environment", Moore adds.
Continued execution on Fortescue's cost reduction initiatives has
also contributed to the company's strong free cash flow
generation. Fortescue has made considerable progress on its cost
reduction initiatives, with C1 cash unit costs falling over 70%
since fiscal 2012. The company's ability to progressively reduce
costs since June 2014 led to an average C1 cost of around USD15
per wet metric tonne (wmt) in fiscal 2016, down from around
USD27/wmt in fiscal 2015. It is targeting USD12-13/wmt for fiscal
2017.
As a result, Fortescue has improved its EBITDA margins to
approximately 45% from around 30% in the previous year, despite
an around 17% reduction in revenue for fiscal 2016. Moody's
expects EBITDA margins in fiscal 2017 will improve further from
these levels.
"While Moody's expects iron ore prices to remain volatile and
fall from the current high levels, Fortescue's initiatives to
reduce breakeven costs and debt balances, combined with the
prospects for further debt reduction, improve its ability to
manage this volatility and maintain solid metrics for the
rating," says Moore.
Under Moody's medium term price range for iron ore of USD45-65
per tonne, the rating agency expects that Fortescue will achieve
adjusted debt/EBITDA of around 2.0x or lower over the next 12-24
months, absent further debt reduction, large capital management
and/or growth initiatives.
Fortescue has also reduced its refinancing task as a result of
the recent debt repayments. The company now has less than USD2.0
billion of term loan coming due in 2019. This is down from around
USD3.7 billion as of fiscal 2016. This has also reduced the level
of secured debt ranking ahead of the senior unsecured notes,
which supports the upgrade of the senior unsecured rating by two
notches to Ba2.
The ratings continue to be supported by the company's large scale
operations with low cash costs of production, which are in line
with those of other major global producers. Fortescue's rating is
also supported by the company's large, long life, high quality
reserves base and solid liquidity position. It had cash balances
of around USD1.6 billion in fiscal 2016 and while Moody's expects
that debt reduction could see cash balances dip below this level,
the rating agency expects that Fortescue will generate strong
free cash flow allowing the company's liquidity to improve
further in the second half of fiscal 2017.
The ratings also continue to be balanced by the company's limited
operational, geographic and product diversity, as well as the
volatility and downside risk around iron ore prices. As a single
commodity producer, Fortescue's earnings and credit metrics will
continue to be highly sensitive to movements in the iron ore
price. However, its cost position and volume levels should allow
for still solid earnings generation over the medium term.
The rating also reflects Moody's expectation that Fortescue will
increase its capital spending over time. This reflects the need
to replace its Firetail mine at its Solomon operations. The mine
is an integral part of its blending strategy and helps to reduce
overall costs, which increases the risk around replacing this
production. The company expects that it can operate Firetail
beyond 2020, however, given the importance of the mine, Moody's
expects that capital spending on new operations will begin in the
next several years.
WHAT COULD CHANGE THE RATING
Upward ratings pressure would require Fortescue to continue to
demonstrate a consistent track record of maintaining its improved
earnings and cost profile, as well as providing detailed plans
around the replacement of the Firetail mining operations.
A critical issue for a rating upgrade will also be a firmer
understanding of the company's future strategic intentions around
growth and diversification. An upgrade to investment grade would
also likely require a transition to a fully unsecured capital
structure.
Moody's would also expect Fortescue to continue to maintain a
strong financial profile in line with Moody's current
expectations.
The ratings could be downgraded if iron ore prices fall below
Moody's base sensitivity assumptions on a sustained basis and/or
the company's cash costs and breakeven levels increase
materially. Ratings could also be downgraded if the company
embarked on material debt funded growth and/or shareholder
returns.
Financial metrics that Moody's would consider for a downgrade
include EBIT/interest below 4.0x, CFO (minus dividends)/debt
below 20%, and/or debt/EBITDA above 3.0x on a consistent basis.
The rating could also be downgraded if Fortescue's liquidity
deteriorates materially from its current level for a protracted
period.
The principal methodology used in these ratings was Global Mining
Industry published in August 2014.
Fortescue Metals Group Ltd, based in Perth, is an iron ore
producer engaged in the exploration and mining of iron ore for
export, mainly to China.
Fortescue produces around 165-175mt of iron ore annually making
it the fourth largest seaborne producer globally. In fiscal 2016
that company generated 7.1 billion of revenue and 3.2 billion of
underlying EBITDA.
LINK AUSTRALIA: First Creditors' Meeting Set for Feb. 2
-------------------------------------------------------
A first meeting of the creditors in the proceedings of
Link Australia Education & Service Centre Pty Ltd will be held at
22 Market Street, in Brisbane, Queensland, on Feb. 2, 2017, at
10:00 a.m.
Stefan Dopking and John Park of FTI Consulting were appointed as
administrators of Link Australia on Jan. 20, 2017.
QUEENSLAND NICKEL: Palmer's Nephew Ordered Back to Australia
------------------------------------------------------------
Jorge Branco at Brisbane Times reports that Clive Palmer's absent
nephew risks arrest if he does not return to Australia next month
to give evidence to a court examining the collapse of Queensland
Nickel.
Brisbane Times relates that Clive Mensink has been summoned to
return from Europe to face questioning but reportedly has no
plans to cut short his European holiday.
His absence had been notable throughout his uncle's appearances
in the Federal Court in September, where he was variously
described as being in the UK and "up towards the Arctic,"
according to Brisbane Times.
The report says liquidators had wanted to question the Townsville
company's sole director about its collapse under about AUD300
million in debt, costing almost 800 jobs, but were told he had no
immediate plans to return.
Brisbane Times relates that special purpose liquidator PPB
Advisory, assigned to recoup millions of dollars in taxpayer
money paid out to sacked workers, questioned Mr. Palmer on
countless communications between himself and his nephew.
In December, the liquidators won the right to serve Mr Mensink
with a summons in absentia, the report states.
According to the report, Federal Court of Australia district
registrar Heather Baldwin ordered that the service documents be
delivered to Mr. Palmer's Brisbane headquarters, lawyers and QNI
and Mineralogy employees, instead of personally served on
Mr. Mensink.
The court ordered him to appear for questioning on February 22
but News Corp reported he told liquidators he was not scheduled
to return to Australia before July, Brisbane Times relays.
Mr. Mensink risks arrest and imprisonment if he fails to appear
without a good reason, according to the summons.
Brisbane Times says the document requires him to bring any
details of communications with the Queensland Nickel Joint
Venture, QNI's day-to-day operations and any evidence of
communications with his uncle.
It also requests minutes of meetings of QNI and the joint
venture, personal tax returns and bank statements, adds Brisbane
Times.
Queensland Nickel operates the Palmer Nickel and Cobalt Refinery
in Queensland, Australia. Queensland Nickel directors appointed
John Park, Stefan Dopking, Kelly-Anne Trenfield and Quentin Olde
of FTI Consulting as voluntary administrators on Jan. 18, 2016.
FTI went from being administrators to liquidators at the second
creditors meeting in April, after issuing a damning report into
Queensland Nickel's finances, The Courier-Mail reported.
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C H I N A
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BEIJING CAPITAL: MTN Drawdown No Impact on Moody's Ba3 CFR
----------------------------------------------------------
Moody's Investors Service says that Beijing Capital Group Co.,
Ltd.'s (Capital Group) Baa3 issuer rating and Beijing Capital
Land Limited's (BJCL) Ba3 corporate family rating are unaffected
by the drawdown from its USD1 billion medium-term note (MTN) and
perpetual securities program updated on 12 January 2017.
The outlook on all ratings remains negative.
On January 19, BJCL announced the completion of the drawdown of
the USD400 million 3.875% senior notes issued by Central Plaza
Development Ltd. (senior unsecured rating B1/negative) from the
updated USD1 billion MTN and perpetual securities program.
The notes are unconditionally and irrevocably guaranteed by
International Financial Center Property Ltd. (B1/negative), a
wholly owned subsidiary of BJCL, which is a 54.5% directly-owned
listed subsidiary of Capital Group. The notes also have the
benefit of a Keepwell Deed and a Deed of Equity Interest Purchase
Undertaking by Capital Group.
The proceeds of the drawdown will be mainly used to refinance
existing indebtedness, particularly the RMB3 billion notes due in
February 2017.
"The MTN drawdown can lengthen Capital Group's and BJCL's debt
maturity profile and will not have a material impact on their
credit metrics," says Kaven Tsang, a Moody's Vice President and
Senior Credit Officer.
The MTN drawdown has a limited impact on the companies' leverage
because the proceeds will be mainly used to refinance existing
higher-cost debt. This use of the funds will in turn help lower
the companies' funding costs and thereby support their coverage
position.
Capital Group's Baa3 issuer rating incorporates its baseline
credit assessment of ba3, and a three-notch uplift based on
Moody's expectation of a high level of support from the Beijing
Municipal Government for the company in times of need.
The baseline credit assessment considers Capital Group's:
(1) Diversified business portfolio, with four major businesses
that exhibit different industry cyclicality; a feature that
reduces the company's risk exposure to any individual business
segment;
(2) Stable water services and infrastructure businesses that
provide a strong and stable source of income and provide a buffer
against the volatility associated with its real estate business;
(3) Diversified funding channels and good access to domestic
funding; and
(4) High debt leverage.
Capital Group's negative rating outlook reflects uncertainty
around its deleveraging process.
BJCL's Ba3 corporate family rating reflects its standalone credit
profile and incorporates a two-notch uplift stemming from
expected strong financial and operating support from its parent,
Capital Group.
BJCL's negative rating outlook reflects its high debt leverage
and the weakened ability of Capital Group to provide support to
BJCL.
The principal methodology used in these ratings was Homebuilding
and Property Development Industry published in April 2015.
Founded in 1994, Beijing Capital Group Co., Ltd. is 100% owned by
the Beijing Municipal Government and is under the direct
supervision of the State-Owned Assets Supervision and
Administration Commission of the Beijing Municipality. Its
operations are divided into four major business segments: (1)
environmental protection; (2) infrastructure; (3) real estate;
and (4) financial services.
Beijing Capital Land Limited listed on the Hong Kong Stock
Exchange in 2003. The company is Capital Group's property arm,
and operates a medium-sized residential development business in
China. As of 30 June 2016, the company had a total land bank of
11.59 million square meters in gross floor area.
CHINA GRAND: Announced Improved Profit Backs Moody's B1 Rating
--------------------------------------------------------------
Moody's Investors Service says that China Grand Automotive
Services Co., Ltd.'s positive pre-announcement for its
consolidated net profit in 2016 supports its B1 corporate family
rating.
The rating outlook remains stable.
"China Grand Auto's announcement of an improvement in profits for
2016 -- compared with 2015 -- is consistent with Moody's
expectations," says Gerwin Ho, a Moody's Vice President and
Senior Analyst.
On Jan. 17, 2017, China Grand Auto announced that it expects its
consolidated net profit in 2016 to rise 40%-45% year-on-year from
RMB2.0 billion in 2015.
The expected rise in profit will be mainly attributable to 1) an
improvement in auto unit sales in China in 2016, 2) China Grand
Autos' improved operational management and cost controls, and 3)
the expansion in scale and operational synergies resulting from
China Grand Auto's acquisitions.
China Grand Auto had grown its number of 4S dealership stores to
609 at end-June 2016 from 405 at end-2013. Specifically, it
acquired 101 4S dealership stores between 2013 and 2015, and
another 110 during 1H2016, including from its acquisition of Hong
Kong-listed Baoxin Auto Group Limited (unrated) in June 2016.
Moody's expects China Grand Auto's revenue to increase around 10-
15% year-on-year in 2017, supported by growth in new vehicle
sales and service-related revenues, including for auto
maintenance, commissions and auto leasing.
China Grand Auto's debt leverage -- as measured by adjusted
debt/EBITDA -- was 5.2x at end-2015, and Moody's expects that it
will rise to around 6.0x-6.5x over the next 12-18 months, with
EBITDA/interest at about 2.9x. These metrics position the company
at the single-B rating level.
The principal methodology used in this rating was Retail Industry
published in October 2015.
China Grand Automotive Services Co., Ltd. was the largest auto
dealer in China in terms of revenue and unit sales in 2015. It
had 670 locations in China at end-June 2016, including 609 4S
dealership stores.
Established in 2006, China Grand Auto is listed on the Shanghai
Stock Exchange and was 37.3% owned by the unlisted Xinjiang
Guanghui Industry Investment (Group) Co., Ltd. (B2 stable) as of
end-June 2016.
CHINA WATER: S&P Assigns 'BB+' CCR; Outlook Stable
--------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term corporate credit
rating to China Water Affairs Group Ltd. (CWA). The outlook is
stable. S&P also assigned its 'cnBBB+' long-term Greater China
regional scale rating to the company.
CWA is China's largest water supply company in terms of revenue.
The company is publicly listed in Hong Kong.
The rating on CWA reflects the company's monopolistic water
supply position in its operating cities, exposure to evolving
regulatory risk in China, lower volume risk versus other public
utility services, satisfactory profit margin, and improving cash
flow leverage ratio in the coming years.
"CWA is exposed to the evolving regulatory framework for water
supply industry in China and we expect to remain so," said S&P
Global Ratings credit analyst Vincent Chow. "In our view, the
regulatory regime for Chinese water operators is less transparent
and has lower return visibility than for regulated utilities
companies in developed markets."
The regulatory framework in China, which includes a document
issued by central government back in 1998 on allowing 8%-12%
project return on equity on water supply project, supports CWA's
growth plans. According to the document, water operators could
apply for tariff hike if the expected return is below the allowed
return. However, the execution by different local governments
varies and the decision making of tariff adjustment may factor in
public affordability and other considerations.
"In our view, water tariffs are on an upward trend in China
because of the water resource scarcity and the roll-out of tiered
tariffs on the basis of water usage. That said, we do not expect
a material change in the regulatory framework over the next two
to three years," Mr. Chow said.
In S&P's view, CWA has satisfactory operating efficiency. CWA
has a good track record of improving the efficiency after
acquiring a project. This is evident from CWA successfully
reducing the percentage of non-revenue water (i.e., water
produced but lost before reaching customers)--the leakage rate.
CWA's average non-revenue water as a percentage of total water
supply was about 19% in the first half of fiscal 2017, which is
in line with industry average in China. Compared to other
utilities such as power and gas, water usage volume is relatively
inelastic to economic growth, but China's continued urbanization
and improving household income drive the organic growth of water
supply higher than that in the developed market.
CWA's management has extensive experience in the water industry.
Founder and chairman of CWA, Mr. Duan Chuan Liang, has 30 years
of experience in the water industry and has worked for China's
Ministry of Water Resources for more than 10 years. CWA's
success hinges on Mr. Duan, its key decision maker.
S&P also expects CWA to be more focused on the water business as
the company exits some of its non-core business lines, e.g.,
property and cement, and reinvests proceeds into its core
segments, such as water supply and sewage.
The stable outlook on the ratings on CWA reflects S&P's
expectation that the company will continue its focus and
expansion on its water business in China, with stable
profitability. S&P expects the tariff regime will remain
generally stable and allow CWA's water supply projects to earn
steady return.
S&P may lower its ratings if regulatory changes in China or poor
execution on the 8%-12% allowed return profile undermines the
company's profitability and cash flows. This could happen if the
government does not allow a tariff hike despite the project
return being consistently below target. S&P may also lower the
rating if CWA aggressively expands with higher-than-expected debt
burden, such that its FFO to debt is consistently below 18%. S&P
may also lower its ratings on negative developments in the
company's management and corporate governance.
S&P may raise its rating on CWA if the company's financial
strength further improves such that its ratio of FFO to debt
approaches 30%, while it demonstrates a track record of
disciplined financial management and acquisition. Potential
improvement in the regulatory environment could also lead S&P to
reevaluate its assessment of the business risk. This could
happen if the government sets a more transparent tariff
framework, which enhances CWA's cash flow visibility.
CHINA WATER: Moody's Assigns Ba1 Corporate Family Rating
--------------------------------------------------------
Moody's Investors Service has assigned a first-time corporate
family rating of Ba1 to China Water Affairs Group Limited (CWA).
At the same time, Moody's has assigned a Ba1 rating to the
proposed issuance of USD senior unsecured notes issued by CWA.
The proceeds from the bond will be primarily used for general
corporate purposes and refinancing.
The rating outlook is stable.
RATINGS RATIONALE
"The Ba1 rating reflects CWA's fairly stable business model and
moderate financial profile supported by favorable long-term
industry dynamics," says Ivy Poon, a Moody's Assistant Vice
President and Analyst.
"The limited transparency and predictability of China's
regulatory framework for the water supply industry is a
fundamental weakness for the company's rating," adds Poon.
"CWA's moderate capital structure, business scale and asset
quality also somewhat constrain its credit profile," says Poon.
The primary business model for CWA's city water supply operations
is underpinned by low volume risk, monopoly market position in
servicing regions under long term concession agreements, stable
water sources, diversified geographic coverage, and direct
revenue model.
That said, connection fee accounts for 35%-40% of CWA's gross
profit, but its revenue visibility is lower than that of city
water supply.
The company is positioned to ride on the positive trend in its
industry over the next three years. Demand for quality water
supply and wastewater treatment is rising fast, on the back of
growing water demand and environmental awareness; thereby placing
water supply and wastewater treatment high on the government's
agenda. In particularly, China is keen to attract private capital
to support its water infrastructure.
On the other hand, CWA's rating is constrained by the regulatory
regime governing China's water supply industry. While the tariff
mechanism is defined based on a target range of investment
returns, there is limited transparency and predictability in the
implementation of such a mechanism. Investment returns vary
across the industry, with potential delays in passing increased
costs to end users.
Furthermore, the cash flow upstream from CWA's subsidiaries to
its holding company is modest compared to the sizable offshore
debts of the holding company. This moderate capital structure
will weaken the company's debt servicing ability.
Virtually all its operating cash flow is in RMB, but at end-
September 2016, 51% of its total borrowings were in USD and the
remainder in RMB. The currency mismatch will bring potential
financial volatility to the company.
These credit weaknesses are partly mitigated by Moody's
expectation of a gradual improvement in the regulatory regime
through recent pricing reforms. Fairly low volume risk,
established operating history and track record of steady margin
also somewhat reduce the risk related to its modest business
scale and moderate asset quality.
Moody's expects that CWA will maintain a moderate financial
profile over the next three years, although its leverage will
increase along with capital expenditure.
Moody's estimates the company's FFO interest coverage of 3.5x-
4.2x, FFO/ debt of 12%-17%, and debt/ capitalization of 45%-51%,
under Moody's assumption of annual capital expenditure at
HKD1.8billion to HKD2 billion during the fiscal year ending 31
March 2017 (FY2017) to FY2019. The projected metrics are
comparable to the levels in FY2015 -- FY2016.
The rating outlook is stable, reflecting Moody's expectation
that: (1) the company's business operations and financial profile
will remain stable, and (2) there will be no material changes to
the current regulatory regime over the next 12-18 months.
Moody's would consider upgrading the rating if there are material
improvements in: (1) the regulatory regime and tariff adjustment
mechanism, (2) the company's business and financial profile, such
that its asset quality and capital structure improves.
Financial indicators for an upgrade include a consolidated
FFO/net debt in excess of 25% on a sustainable basis.
The rating could be downgraded if: (1) there are adverse changes
in the regulatory regime, and/or (2) the company's business and
financial profiles weaken materially resulted from deterioration
in asset quality and capital structure.
Financial indicators for a downgrade include a consolidated
FFO/net debt below 15% over a prolonged period.
The principal methodology used in these ratings was Regulated
Water Utilities published in December 2015.
China Water Affairs Group Limited is mainly engaged in the
provision of city water supply services in China. At end-
September 2016, its daily capacity totaled 6.4 million cubic
meters, covering 50 cities in China.
The company is listed on the Hong Kong Stock Exchange. As of
January 2017, it was 26.7% owned by its chairman and founder, Mr.
Duan Chuan Liang, 19.5% by Orix Corporation, 4.8% by Norges Bank,
2.4% by International Finance Corporation and 46.6% by the
public.
GOLDEN WHEEL: S&P Revises Outlook to Negative & Affirms 'B' CCR
---------------------------------------------------------------
S&P Global Ratings said that it had revised its outlook on Golden
Wheel Tiandi Holdings Co. Ltd. (GW Tiandi) to negative from
stable. S&P affirmed its 'B' long-term corporate credit rating
on the China-based property developer and the 'B' long-term issue
rating on its senior unsecured notes. At the same time, S&P
lowered its long-term Greater China regional scale ratings on the
company and the notes to 'cnB+' from 'cnBB-'.
"We revised the outlook to negative to reflect GW Tiandi's higher
refinancing risk because of its large maturities due in the next
12 months," said S&P Global Ratings credit analyst Yane Yu. S&P
also expects the company's financial leverage to remain high over
the next 12 months despite improved contracted sales
The company's liquidity has weakened because its short-term
borrowings have risen to about 40% of its total debt as of 2016
(from about 26% in 2015). This figure does not include
borrowings with a payment-on-demand clause because S&P expects
the loans to continue to be rolled over due to their fully
secured nature. The company has two senior notes totaling about
Chinese renminbi (RMB) 1 billion due in 2017. S&P has revised
its assessment of GW Tiandi's liquidity to less than adequate
from adequate based on the above factors.
GW Tiandi's liquidity could weaken further if the company is more
aggressive in debt-funded land acquisitions or its contracted
sales are lower than S&P's base case. S&P believes the company's
joint venture with Longfor Properties Co. Ltd. and Nanjing
Hongyang Yemao Real Estate Co. Ltd. for the Nanjing project could
temper the cashflow burden. GW Tiandi's stable rental income
from commercial properties and metro malls could also support its
liquidity to some extent. S&P also anticipates that the
company's contracted sales will improve in the next 12-24 months
based on its scheduled project launches.
S&P affirmed the rating on GW Tiandi because the company's
sizable rental income from commercial properties and metro malls
is likely to provide some stability to its volatile revenues from
property development.
S&P believes GW Tiandi could face growing business risk from its
shrinking saleable resources. S&P estimates that the company's
undeveloped land bank could sustain contracted sales for about
two years.
S&P expects GW Tiandi to become more aggressive in debt-funded
acquisitions over the next 12 months.
GW Tiandi's small scale, long project cycle, and lumpy revenue
recognition make its financial leverage highly volatile. S&P
forecasts the company's EBITDA interest coverage to be about 1x
and its debt-to-EBITDA ratio to be above 10x in 2016. S&P
expects the debt-to-EBITDA ratio to moderately improve to about
8x in 2017 and EBITDA interest coverage to strengthen to 1.5x-2x
in 2018 as more projects are complete.
GW Tiandi is likely to maintain its strong EBITDA margin of over
30%, given a robust increase in prices in Nanjing in the past 12
months and the low land-acquisition costs in 2013-2014.
S&P expects GW Tiandi's rental income from investment properties
and its growing portfolio of metro malls to continue to generate
stable recurring income for the company.
S&P anticipates that the rental income will cover more than 50%
of GW Tiandi's gross interest expenses in the coming 12 months.
S&P continues to reflect this factor in a one-notch uplift in its
comparable ratings analysis.
"The negative outlook on GW Tiandi over the next 12 months
reflects the uncertainty over the company's sales prospects owing
to its decreasing saleable resources," said Ms. Yu. "We expect
GW Tiandi's acquisition appetite to increase amid rising land
costs. At the same time, the company's refinancing risk could
heighten due to its large maturities over the period."
S&P may lower the rating under these situations:
-- GW Tiandi's revenue from property development does not
significantly improve, such that its EBITDA interest
coverage falls below 1.5x and its debt-to-EBITDA ratio does
not improve to about 8x in 2017;
-- The company's sources of liquidity are materially
insufficient to cover its uses, resulting in a weak
liquidity assessment. This could happen if GW Tiandi's
contracted sales in 2017 are below RMB1.5 billion or the
company cannot roll over or refinance its loans due; or GW
Tiandi's ratio of rental income to interest expenses falls
below 50%.
S&P may revise the outlook to stable if GW Tiandi's rental income
continues to grow steadily and the company is disciplined in its
debt-funded land acquisitions. GW Tiandi's ratio of rental
income to interest expenses growing to about 70% would indicate
such improvement. At the same time, S&P expects the company to
have greater clarity on its future strategic direction on
property development and property investments, such that its
financial leverage stabilizes and liquidity position improves.
VISIONCHINA MEDIA: Appoints BDO China as Independent Auditors
-------------------------------------------------------------
VisionChina Media Inc., China's largest out-of-home digital
television and advertising network on mass transportation systems
and the leading provider of urban mass transit Wi-Fi, on Jan. 13,
2017, announced that its Board of Directors and Audit Committee
have approved the appointment of BDO China Shu Lun Pan Certified
Public Accountants LLP ("BDO China") as the Company's independent
auditors, effective January 11, 2017.
The decision to appoint BDO China was made after careful
consideration by the Board of Directors, the Audit Committee and
management of the Company and approved by the Board of Directors
and the Audit Committee. During the two fiscal years ended
December 31, 2014 and 2015, there were no (1) disagreements with
Deloitte Touche Tohmatsu ("Deloitte") on any matter of accounting
principles or practices, financial statement disclosure, or
auditing scope or procedures, which disagreements if not resolved
to their satisfaction would have caused them to make references
in connection with their opinion to the subject matter of the
disagreement, or (2) reportable events. The audit reports of
Deloitte on the Company's consolidated financial statements for
the fiscal years ended December 31, 2014 and 2015 did not contain
any adverse opinion or disclaimer of opinion nor were they
qualified or modified as to uncertainty, audit scope or
accounting principles, except that the report for the year ended
December 31, 2015 included an explanatory paragraph regarding the
substantial doubt about the Company's ability to continue as a
going concern and an explanatory paragraph regarding the
retrospective adjustments to reflect discontinued operations.
Mr. Johnson Chou, Financial Controller of VisionChina Media
commented, "With BDO China team's significant experience working
with publicly traded companies, large local presence and its
well-established reputation, we believe that BDO China is well
qualified to become our independent auditors. We look forward to
a constructive and professional relationship with BDO China."
BDO China Shu Lun Pan Certified Public Accountants LLP is an
established accounting firm in China and currently has over 8,000
employees, including more than 2,000 certified public
accountants. BDO China provides audit and related services for a
wide range of clients including large stated-owned enterprises,
banks and securities companies, futures brokerage companies,
insurance companies, trusts and funds and overseas listed
companies.
About VisionChina Media
VisionChina Media Inc. (Nasdaq: VISN) operates an out-of-home
advertising network on mass transportation systems, including
buses and subways. As of September 30, 2016, VisionChina Media's
advertising network included approximately 58,365 digital
television displays on mass transportation systems in 14 of
China's economically prosperous cities, including Beijing,
Guangzhou and Shenzhen, as secured by exclusive agency agreements
or joint venture contract. VisionChina Media has the ability to
deliver real-time, location-specific broadcasting, including
news, stock quotes, weather and traffic reports, and other
entertainment programming.
In addition, VisionChina Media, through its consolidated
affiliate Qianhai Mobile, has secured exclusive concession rights
for bus Wi-Fi services in 25 cities across China, including
Shanghai, Shenzhen, Guangzhou and Tianjin, covering approximately
80,000 buses. Currently, Qianhai Mobile provides free Wi-Fi
Internet services on over 35,000 buses under the brand name
"VIFI," spanning over 15 million commuters and providing over 6
million Wi-Fi service sessions per day.
================
H O N G K O N G
================
WANDA COMMERCIAL: Moody's Assigns Ba1 Corporate Family Rating
-------------------------------------------------------------
Moody's Investors Service has downgraded various ratings on
Dalian Wanda Commercial Properties Co., Ltd. (DWCP) and Wanda
Commercial Properties (HK) Co. Limited (Wanda HK).
The affected ratings are:
* DWCP's issuer rating has been downgraded to Baa3 from Baa2;
* Wanda HK's issuer rating of Baa3 has been withdrawn, and the
company has been assigned a Ba1 corporate family rating;
* The senior unsecured ratings for the bonds issued by Wanda
Properties Overseas Limited and Wanda Properties International
Co. Limited have been downgraded to Ba1 from Baa3. Both companies
are wholly owned subsidiaries of Wanda HK.
The rated bonds are guaranteed by Wanda HK and supported by deeds
of equity interest purchase undertaking and keepwell deeds
between DWCP, Wanda HK and the bond trustee.
The issuers of the rated bonds have maintained -- in interest
reserve accounts -- the equivalent of two periods of interest
payments on the bonds.
The outlooks on all ratings are negative.
This concludes the ratings review initiated on 6 January 2017.
RATINGS RATIONALE
"The downgrade reflects Moody's expectation that DWCP's debt
leverage will rise while it accelerates implementation of its new
business model to increase its bulk sales of malls," says Kaven
Tsang, a Moody's Vice President and Senior Credit Officer.
"The downgrade also reflects Moody's views that these bulk sales
will increase the company's business risk," adds Tsang, also
Moody's Lead Analyst for DWCP.
In 2015, DWCP implemented its bulk sales model, which involves
building and transferring malls. DWCP retains management of the
malls after transfer. So far, the volume of such transactions has
not been significant; for example, the company sold 20 malls to
investors and connected parties in 2015 and 2016.
In the next few years, DWCP will step up execution of its new
business model, which entails the company substantially
completing the development of malls before it can then collect
any cash proceeds from investors. This means that the capital
recycle for bulk sales of malls will lengthen when compared with
residential sales, in which the company can collect presales
proceeds at an earlier stage of development.
Moody's notes that DWCP will continue to generate presales
proceeds and revenues from the development of residential and
commercial properties. But their annual growth in the next 2
years will likely be nominal.
To prepare for the bulk sale of malls, the company has to build
up its inventory. Even though development cost per mall is
estimated at around RMB1 billion, the total for construction
expenditure will remain high in the next 1-2 years.
As a result, the company needs to raise more debt to fund its new
business model. Moody's expects DWCP will raise around RMB35
billion of new debt in each of the next 1-2 years.
In this situation, DWCP's adjusted net debt/net capitalization is
likely to reach 45%-50% and EBIT/interest is likely to decline to
around 3.0x in the next 1-2 years, from 36.9% and 3.8x for the 12
months ended June 2016. These levels of credit metrics are weak
for the company's Baa3 issuer rating.
Moody's also notes that the company's exposure to low-tier cities
remains high, with an estimated 40% of its land bank for sales of
properties (in gross floor area terms) in third-tier cities.
If market liquidity tightens in 2017, DWCP's sales of residential
and commercial properties and its bulk sales of malls in the low-
tier cities will become more uncertain.
Moreover, its bulk sales of malls to investors are more volatile
than its traditional strata title sales of properties. Therefore,
it has a higher level of business risk in China's challenging
retail market.
DWCP's Baa3 issuer rating reflects its established brand name,
leading market position, nationwide operations, and track record
of developing and operating commercial properties in China.
Moody's points out that the growth of the company's rental income
and revenue from its leasing and management business is in line
with expectations. Moody's estimates that such non-development
income had grown to around RMB17-18 billion for the full year of
2016 and could cover around 140% of its gross interest expenses
for 2016.
Moody's expects such coverage will stay above 140% in the next 1-
2 years. This coverage position is amongst the strongest in
Moody's rated Chinese property portfolio and supports the
company's investment grade rating.
In addition, the company's good access to the domestic bank and
debt capital markets supports its rating.
On the other hand, the company's weak credit metrics relative to
rated Chinese property peers constrain its rating.
The Baa3 issuer rating further factors in the risks of structural
and legal subordination, because the majority of its debt is
situated at the project company level.
Wanda HK's ratings have also been downgraded due to (1) the
weakened ability of its parent, DWCP, to provide support; and (2)
its own weak standalone credit profile.
Wanda HK's Ba1 corporate family rating includes a three-notch
rating uplift, based on expected strong financial and operating
support from DWCP.
Wanda HK's standalone credit profile reflects its weak credit
metrics, its short history, its roles as the group's core
platform for offshore funding and overseas investments, and the
long-term development nature of the company's existing projects.
The expectation of strong support is based on (1) Wanda HK
remaining 100% owned by DWCP and the latter exercising management
control over Wanda HK; (2) Wanda HK remaining the primary
platform for DWCP's offshore funding and international expansion;
and (3) DWCP showing a track record of extending support to Wanda
HK's offshore bond issuances through deeds of equity interest
purchase undertaking and keepwell deeds.
DWCP's negative rating outlook reflects Moody's concerns over the
higher business execution risk associated with the company's new
business model and its weak credit metrics.
The negative outlook on Wanda HK's corporate family rating
primarily reflects the negative outlook on DWCP's issuer rating,
given the close linkage between the two companies in terms of
credit quality and ratings.
An upgrade of DWCP's Baa3 issuer rating is unlikely in the near
term, given the negative rating outlook.
However, the rating outlook could return to stable if DWCP: (1)
meets its sales plans for both its traditional property
development business and its bulk sales of malls; (2) achieves
growth in rental and management fee income; and (3) improves its
credit metrics, such that adjusted net debt/net capitalization
falls below 45%-50%, EBIT/interest coverage rises above 3.0x-
3.5x, and rental and management fee income/interest stays above
130%.
On the other hand, DWCP's rating could be downgraded if: (1) its
contracted sales performance or growth in rental and management
fee income is weaker than expected; (2) it incurs a more-than-
expected amount of debt due to land acquisitions and slow
contracted sales or collections of the proceeds from its bulk
sales of malls; or (3) its credit metrics deteriorate on a
sustained basis.
An indication of deterioration include the company's adjusted net
debt/net capitalization rising above 50%-55%, EBIT/interest
coverage falling below 3.0x, and, at the same time, rental and
management fee income/interest falling below 125%-130%.
A weakening in liquidity, such that its cash balance falls below
1.5x of short-term debt on a sustained basis, or access to bank
funding weakens, would also weigh on its rating.
Additionally, any evidence of a material leakage of funds from
DWCP, or a notable deterioration in the company's corporate
governance and transparency could pressure its rating.
Upward rating pressure on Wanda HK's corporate family rating is
limited in the near term, given the negative outlook.
Nevertheless, the outlook could change to stable if: (1) DWCP's
rating outlook is revised to stable; and (2) Wanda HK
successfully executes its business plan and maintains its
strategic and economic importance to DWCP.
A downgrade of DWCP's rating will result in a downgrade of the
ratings of Wanda HK and Wanda HK's guaranteed bonds.
Furthermore, Wanda HK's rating could come under downgrade
pressure if its standalone credit profile deteriorates. Such a
situation would include (1) a failure to complete its overseas
projects over the next 3-5 years; (2) weaker-than-expected
revenues and operating cash flows; and/or (3) its total assets
fail to trend towards RMB25-30 billion by end-2017.
Any evidence of a reduction in the level of ownership held by
DWCP, or in the strategic and economic importance of the company
to DWCP could also be negative for Wanda HK's rating.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Dalian Wanda Commercial Properties Co., Ltd. (DWCP) develops,
operates and sells integrated properties in China, including
shopping malls, offices, houses and hotels. It is one of the
largest property companies in China with contracted sales of
RMB164 billion in 2015.
Wanda Commercial Properties (HK) Co. Limited (Wanda HK) is the
core offshore funding and investment platform for DWCP. It is
also a wholly owned subsidiary of DWCP. Its main assets include a
65% equity interest in Hong Kong-listed Wanda Hotel Development
Company Limited (unrated), as well as investments in five
overseas property and hotel projects in the UK, Australia and the
US.
=========
I N D I A
=========
A.G. HOSPITALITIES: CARE Reaffirms B+ Rating on INR14.60cr Loan
---------------------------------------------------------------
The rating assigned to A.G. Hospitalities Private Limited (AGH)
is constrained by the limited experience of the promoters in the
hotel industry, significant competition from established hotel
properties in the vicinity and the susceptibility of revenues and
profitability to the cyclicality and seasonality of the industry.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 14.60 CARE B+; Stable
Reaffirmed
The rating factors in the implementation risk associated with the
property under construction and takes note of the cost overruns
in the same, owing to the floods in Chennai in December 2015 and
the associated loss of material along with plans to upgrade the
property as a four star hotel.
The rating derives comfort from the location advantage of the
property in the heart of Chennai, project being predominantly
funded by owner's contribution and an agreement with AAPC India
Hotel Management Pvt Ltd., (AAPC) which is a part of Accor
International hotel group, for the management and operations of
the property.
Going forward, the ability of the company to complete the project
on time and without cost over runs, achieve optimum occupancy
levels and average room rentals (ARRs) as envisaged will be the
key rating sensitivities.
Detailed description of the key rating drivers
The project ' Novotel' is expected to be completed by March 2017
and from June 2017, full-fledged commercial operations for the
project are expected to be started. The total cost of the project
has been revised to INR70 crore compared to envisaged cost of
INR45 crore and around 70% is to be funded through owner's
contribution and unsecured loans and the balance through bank
facilities. The project was proposed to be funded by promoter's
equity/unsecured loans of INR36 crore and term loan of INR9
crore. The cost overrun of INR25 crore is to be funded by
additional term loan of INR5.60 crore and balance is expected to
be funded by promoter's contribution. The company has achieved
the financial closure of cost overrun. The company has incurred
INR59.79 crore as on Nov. 23, 2016 on construction of hotel which
was funded by promoters' equity/unsecured loans of INR45.19 crore
and bank term loan of INR 14.60 crore.
AGH is a private limited company promoted by Mr. S K Gupta, his
wife Mrs Shagun Gupta, son Mr. Ashish Gupta, and his wife Mrs
Shwetha Gupta. Initially, AGH had plan to establish a three-star
hotel property in the heart of Chennai. However, there was change
in plan of management of the company and AGH plans to upgrade the
property as a four star hotel. Furthermore, due to the
unprecedented floods in Chennai in the first week of December
2015, AGH suffered material loss at the site. As a result of
above developments, the total cost of the project has been
revised to INR70 crore compared to envisagsed cost of INR45
crore. The total area of the property is 70,000 square Feet (sq.
ft.). The project is expected to be completed by March 2017 and
from June 2017, full-fledged commercial operations for the
project are expected to be started.
AABHARAN JEWELLERY: CRISIL Rates INR6.5MM Cash Credit at B
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Aabharan Jewellery (AJ). The rating reflects the
firm's modest scale of operations in the intensely competitive
jewellery retail industry and susceptibility to volatile gold
prices. These weakness are partially offset by the promoters'
extensive experience.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6.5 CRISIL B/Stable
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the intensely competitive
Jewellery retail industry: Competition continues to intensify in
the jewellery manufacturing industry, especially with the entry
of branded pan-India players. Competitive pressures constrain
scalability in operations for AJ - revenue was INR24.4 crore in
fiscal 2016 - limiting benefits from economies of scale.
* Susceptibility to volatility in gold prices: Volatility in gold
and diamond prices, particularly the former, in recent months,
constrains AJ's business risk profile, given the gold jewellery
inventory of 120 days it stocks on average.
Strengths:
* Promoters' extensive experience: Benefits from the promoters'
extensive experience - Mr. Bommisethi Ravi Kumar, has been in
the gold and studded Jewellery business since 1957 and Mr.
Bommisethi Mallikarjuna Rao, son of Mr. Bommisethi Ravi Kumar has
been supporting Mr Ravi Kumar in operations post his graduation -
should continue to support business risk profile.
Outlook: Stable
CRISIL believes AJ will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if substantial and sustained increase in
profitability and revenue, or a sizeable equity infusion by the
promoters strengthens financial metrics. Conversely, the outlook
may be revised to 'Negative' in case of a steep decline in
profitability, or significant weakening in capital structure,
caused most likely by a stretch in working capital cycle.
Set up in October 2014, AJ is a partnership firm run by Mr
Bommisethi Ravi Kumar and Mr Bommisethi Mallikarjuna Rao. The
firm retails plain gold and diamond-studded gold jewellery at its
showroom in Kurnool, Andhra Pradesh.
ARAXXA FOODS: CARE Assigns B+ Rating to INR6.5cr Long Term Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Araxxa Foods
Private Limited (AFPL) are constrained on account of its nascent
stage of operations and susceptibility of operating margin to
fluctuation in raw material prices. The ratings are also
constrained due to fragmented nature of the industry and low
entry barriers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.50 CARE B+; Stable
Assigned
Short-term Bank Facilities 1.55 CARE A4 Assigned
The ratings, however, derive benefits from the experience of the
promoters into different industries albeit no relevant experience
in food industry along with location advantage and certified
operations.
AFPL's ability to increase its operations and profitability while
managing raw material price fluctuation will remain key rating
sensitivities.
Detailed Description of key rating drivers
AFPL is promoted by Mr. Ashwin Padsumbiya and Mr. Sudhir
Bhalodiya, having business experience of more than 15 years
through businesses of automobiles and pesticides manufacturing.
The promoters have business experience albeit no relevant
experience into food industry. However, the promoters have
studied in depth the scope of the product in the market and
demand potential prior to setting up of AFPL. AFPL has a
locational advantage as its manufacturing facilities are
strategically located in terms of proximity to raw material i.e.
wheat.
AFPL completed its project to set up Flour Mill with an installed
capacity of 30,000 MTPA to manufacture wheat flour, refined wheat
flour, Rawa, Sooji and bran during September 2016 with total cost
of INR8.93 crore. Hence, project implementation risk is
mitigated. However, it is still exposed to stabilization risk
with regard to achieving envisaged level of sales and
profitability.
Bavla-based (Gujarat) AFPL was incorporated in June 2015, by Mr.
Ashwin Padsumbiya and Mr. Sudhir Bhalodiya to manufacture Wheat
Flour, Sooji, Rawa, Refined Wheat flour and Bran. The company
procures the wheat from local traders of Bavla, Gujarat which it
processes and step wise all products are manufactured. End
products are used for making food at homes, restaurants, bakeries
etc. while the Bran (choker) is sold locally as cattle feed. AFPL
has recently completed its green-field project to carry out the
manufacturing of these products by grinding the wheat grains,
from its plant located at Bavla, Gujarat with a proposed
installed capacity to grind grains at 30,000 Metric tonnes per
annum. The
total project cost incurred was INR8.93 crore and project debt-
equity stood at 3.46 times. The commercial production has
commenced from September 15, 2016 onwards.
AFPL registered a TOI of INR3.36 crore for the period September
2016 to December 2016 with operating profit of INR0.3
crore.
AVIRAT COTTON: CARE Reaffirms B+ Rating on INR17.74cr Loan
----------------------------------------------------------
The rating assigned to the bank facilities of Avirat Cotton
Industries Private Limited (ACIPL) continues to remain
constrained on account of thin profit margins, leveraged capital
structure, weak debt coverage indicators and moderate liquidity
position. The rating is further constrained owing to the
susceptibility of operating margins to cotton price fluctuations,
regulatory changes governing cotton industry, its presence in the
lowest segment of textile value chain and highly fragmented
cotton ginning industry.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 17.74 CARE B+; Stable
Reaffirmed
The rating, however, continues to derive strength from the
promoters' experience of more than a decade in cotton ginning
business and its proximity to cotton-producing area of Gujarat.
ACIPL's ability to increase its scale of operations and improve
its profitability by managing the volatility associated with
prices in cotton is the key rating sensitivity. Furthermore,
improvement in capital structure and debt coverage indicators
coupled with efficient working capital management also remains
the key rating sensitivities.
Detailed description of key rating drivers
ACIPL's promoters have more than a decade of experience in the
cotton ginning industry while it is also located in the
cotton producing area of Gujarat.
During FY16, there was a de-growth in total operating income
(TOI) of ACIPL by 8.40% y-o-y to INR73.96 crore in on the back of
lower demand as compared to previous year. Profit margins
continue to remain thin marked by PAT margin of 0.14% in FY16 on
the back of low value addition nature of operations.
With an increase in the utilization of working capital
borrowings, the overall gearing ratio deteriorated marginally and
remained leveraged at 2.42 times as on March 31, 2016 as against
2.26 times as on March 31, 2015. Subsequently, the debt coverage
indicators deteriorated marginally owing to higher debt levels
and increase in interest and finance costs and stood weak.
The working capital cycle continued to remain elongated at 76
days during FY16 while current ratio stood at 1.02x as on
March 31, 2016.
Rajkot-based ACIPL was incorporated in 2005 as a partnership firm
under the name M/s. Avirat Cotton Industries (ACI) and then
converted into a private limited company in 2010. ACIPL is
involved in cotton ginning & pressing, cotton seed crushing and
trading in agro commodities. ACIPL operates from its sole
manufacturing unit located at Gondal with an installed processing
capacity to manufacture 8,250 metric tonne per annum (MTPA) of
cotton bales, 1,460 MTPA of oil extraction and 10,950 MTPA of de-
oiled cake as on March 31, 2016.
During FY16, ACIPL reported a total operating income (TOI) of
INR73.96 crore with a PAT of INR0.10 crore as against TOI of
INR80.75 crore with a PAT of INR0.01 crore in FY15. During 8MFY17
(Provisional), ACIPL reported a TOI of INR22.53 crore.
EMPLOYEES WELFARE: CRISIL Reaffirms B+ Rating on INR14.25MM Loan
----------------------------------------------------------------
CRISIL's rating on the long-term bank facilities of Employees
Welfare Fund (EWF) continues to reflect EWF's weak capitalisation
and earnings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 14.25 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 9.0 CRISIL B+/Stable (Reaffirmed)
These weaknesses are partially offset by healthy asset quality.
The society's capitalisation is weak in relation to its level of
operations because of inherent limitations in its constitution.
The society had a small networth of INR0.7 crore as on Sept. 30,
2016, and a high gearing of 32 times as on that date. EWF is a
society registered under the Societies Act and is not a co-
operative society. Hence, the regulation does not permit
accepting contribution from members towards share capital.
Furthermore, the society is a non-profit-making organisation and
is not expected to charge higher interest to its borrowers.
Hence, the absolute surplus is very low. However, the society
maintains a healthy asset quality as the delinquencies are
negligible, since all the borrowers are employed with Hindustan
Aeronautics Ltd (HAL; rated, 'CRISIL AAA/Stable/CRISIL A1+') and
the dues from the borrowers are deducted from their respective
salaries.
Key Rating Drivers & Detailed Description
Weakness
* Weak capitalisation: Capitalisation is weak as reflected in its
networth of INR71 lakh and high gearing of 32 times as on
September 30, 2016. EWF is a society registered under the
Societies Act and is not a co-operative society. Hence, the
regulation does not permit accepting contribution from members
towards share capital. Generally, co-operative societies collect,
from its members, around 2.5-10.0% of the loan amount towards
share capital, which helps in building up of equity. In addition,
the society is largely dependent on its internal accrual;
however, being a non-profit organisation, its internal accrual is
low and often distributable within the members itself.
* Weak earnings: EWF being a non-profit organization has
negligible profitability. Absolute net surplus was only INR7 lakh
for fiscal 2016 as against INR52.6 lakh for fiscal 2015. The
society maintains low spreads as it intends to pass on the
benefit of low yields to its own members
Strengths
* Healthy asset quality: The society has healthy asset quality,
supported by minimal delinquencies, because loan repayments are
deducted from the salary of borrowers and remitted to EWF
directly by HAL. Furthermore, in case of non-recovery, the amount
due is recovered from surety. EWF has an undertaking from HAL to
deduct the repayment dues monthly from the salary of the
employee. CRISIL believes that adequate recovery mechanism will
enable the society to maintain its healthy asset quality in the
long term.
Outlook: Stable
CRISIL believes EWF will maintain healthy asset quality over the
medium term. The outlook may be revised to 'Positive' if EWF
reconstitutes its legal structure to facilitate smooth raising of
capital and thus improves its capitalisation and earnings.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in asset quality.
EWF is a non-profit organisation registered as a society in 1975
under the Karnataka's Societies Registration Act. It caters to
employees and officers based in the Bengaluru (Karnataka)
division of HAL. The objective of EWF is to provide financial
assistance for the welfare of its members by way of loans for
education and medical treatment, and carry out other activities
related to the welfare of the employees and their families. Loan
dues are deducted by the employer, HAL from the salary of the
members and remitted to EWF.
For fiscal 2016, EWF earned a net surplus of INR7 lakh on a net
total income of INR248 lakh compared to a net surplus of INR53
lakh on a total income of INR332 lakh, respectively, for the
previous fiscal. For the half year ended September 30, 2016, the
society reported a surplus of INR40 lakh on a total income of
INR198 lakh.
ERODE CRITICAL: CRISIL Assigns 'D' Rating to INR14MM LT Loan
------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities
of Erode Critical And Emergency Care Centre Private Limited
(ECCPL). The rating reflects instances of delay in repayment of
term debt obligations on account of out of stretched liquidity.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 14 CRISIL D
Proposed Long Term
Bank Loan Facility 1 CRISIL D
Key Rating Drivers & Detailed Description
Weakness
Weak liquidity: The firm has a weak liquidity due to its early
stage of operations which has led to modest cash accruals. This
has resulted in delays in servicing of term loans.
* Below-average financial risk profile: Networth was modest at
INR4 crores and gearing high at more than 3 times, as on
March 31, 2016.
Strength
* Benefits expected from robust growth prospects for the
healthcare industry: The healthcare sector is not significantly
impacted by economic cyclicality and downturns as expenditure on
healthcare is binding, and not discretionary, most of the time.
Thus, less vulnerability to economic downturns, along with gross
under-penetration, will provide healthy growth opportunities for
players operating in this industry, over the medium term.
ECCPL, incorporated in 2013, runs a multispecialty hospital in
Erode, Tamil Nadu. Dr Mutukrishnan, manages the day to day
operations of the company.
GANESHA MOTORS: CRISIL Assigns 'C' Rating to INR3.13MM Cash Loan
----------------------------------------------------------------
CRISIL has assigned CRISIL C' rating to the long term bank loan
facilities of Ganesha Motors Pvt Ltd (GMPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 0.6 CRISIL C
Cash Credit 3.13 CRISIL C
Proposed Fund-
Based Bank Limits 2.77 CRISIL C
The rating reflects the company's expected low cash accrual and
large maturing term debt, weak financial risk profile and small
scale and short track record of operations. These weaknesses are
partially offset by the promoters' extensive experience in the
automotive industry, and the company's comfortable operating
margin.
Key Rating Drivers & Detailed Description
Weakness
* Insufficient cash accrual to support debt repayment
obligations: The company is expected to generate insufficient
accruals against large maturing debt obligations of INR 4.6
million for fiscal 2017 and INR 5.00 million for fiscal 2018.
* Weak financial risk profile: Gearing was high at 3.83 times as
on March 31, 2016 driven by small net worth of INR16.2 million as
on March 31, 2016, due to low accruals. The debt protection
metrics were also weak, with net cash accrual to total debt and
interest coverage ratio of 0.03 and 1.30 times, respectively, for
fiscal 2016.
* Small scale and short track record of operations: GMPL is an
authorized dealer for Fiat passenger cars and enjoys monopoly for
the same in the state of Himachal Pradesh. However, GMPL has a
small scale of operations in this industry, which stood at
INR63.3 million for fiscal 2016. Further, company has only been
in operations for 3 years, leading to short track record of
operations.
Strengths
* Extensive experience of promoters' in the industry: GMPL has
been promoted by Mr. Mohan Singh Guleria who has an experience of
over 15 years in automotive industry but ventured into his own
business through Silver Moon Motors Private Limited and then
later Ganesha Motors Private Limited in fiscal 2012 and 2013,
respectively.
* Comfortable operating profitability: The operating margin of
GMPL is comfortable and stood at 12.59 % in FY 2015-16, the same
is because of better income from its service business and also
monopoly as a dealer for Fiat in the state, leading to better
margins for the company.
Incorporated in June 2013, GMPL is an authorised dealer of
passenger vehicles and spare parts of FCA India Automobiles Pvt
Ltd (Fiat India). GMPL is promoted by Mr Mohan Singh Guleria and
managed by Mr Guleria and his wife, Mrs Rita Guleria.The company
currently operates two showrooms-one in Mandi and the other in
Hamirpur (both in Himachal Pradesh), equipped with sales, service
and spares (3S) facilities.
GMPL reported net profit of INR6 lakhs on net sales of INR6.3
crores in fiscal 2016, against net profit of INR7 lakhs on net
sales of INR6.3 crores the previous fiscal.
INTEGRATED ELECTRIC: CRISIL Rates INR2.75MM Cash Credit at 'C'
--------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Integrated Electric Company Private Limited (IECPL)
and has assigned its 'CRISIL C/CRISIL A4' ratings to the bank
facilities. The ratings were previously suspended by CRISIL (see
Rating Rationale dated October 28, 2016) as IECPL had not
provided the necessary information required for a rating review.
IECPL has now shared the requisite information enabling CRISIL to
assign ratings to its bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3 CRISIL A4 (Assigned;
Suspension Revoked)
Cash Credit 2.75 CRISIL C (Assigned;
Suspension Revoked)
Letter of Credit 3.50 CRISIL A4 (Assigned;
Suspension Revoked)
Proposed Long Term 0.92 CRISIL C (Assigned;
Bank Loan Facility Suspension Revoked)
Supplier Line of 5.20 CRISIL A4 (Assigned;
Credit Suspension Revoked)
Term Loan 1.63 CRISIL C (Assigned;
Suspension Revoked)
The ratings reflect the extensive experience of IECPL's promoters
in manufacturing electrical rotating machines for various
industrial applications, and the company's established
relationships with its key customers. These rating strengths are
partially offset by the company's small scale and working-
capital-intensive nature of operations, and the susceptibility of
its operating margin to volatility in raw material prices and to
economic cycles. The ratings also factor in IECPL's weak
financial risk profile on account of losses made by the company
in the past 2 years resulting in weak liquidity and financial
risk profile of the company.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The revenues of the company
declined to the range of INR600-650 million in the last 3 years
ending 2015-16 from earlier levels of INR900 million it recorded
in 2012-13. The reduction in revenues was on account of lower
orders to the company from its customers during the period.
* Weak Financial risk profile: The financial risk profile of the
company is weak marked by weak capital structure on account of
losses incurred by the company in the past 2 years ending 2015-16
Strength
* Promoters' extensive experience in electrical equipment
industry: The business risk profile of the company benefits from
extensive experience of the promoters. The company is promoted by
Mr. R.Vijayaraghavan and his two sons. Mr.Vijayaraghavan has over
forty years of experience in the industry, having worked with
various electrical companies in Germany as well as India. His
sons have Masters and Ph.D in Electrical engineering from reputed
universities abroad and assist Mr. Vijayaraghavan in the daily
operations of the company. Due to the long years of experience,
the promoters have established relationship with various
industries like sugar, chemicals, paper, textiles, railways etc
and has a reputed clientele consisting of companies like
Thysenkyrupp Industries India, SKF engineering , Mahindra
Powerol, Toyota Kirloskar Motor Private Limited etc. CRISIL
believe that the business risk profile of the company will
continue to benefit from the extensive experience of the
promoters and their established customer base.
IECPL, incorporated in 1982, manufactures electrical rotating
machines for various industrial applications. The company is
promoted by Mr. R Vijayaraghavan and his family.
JAI SHANKER: CRISIL Assigns B+ Rating to INR10MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' to the long-term bank
facilities of Jai Shanker Rice and General Mills (JSRGM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 10 CRISIL B+/Stable
Term Loan 3 CRISIL B+/Stable
The rating reflects the firm's weak financial risk profile,
modest scale of operations, and large working capital
requirement. These weaknesses are partially offset by its
partners' extensive experience in the rice industry.
Analytical Approach
CRISIL has treated unsecured loans extended to JSRGM by its
partners' associates as neither debt not equity, as they are
subordinated to bank debt and carry lower interest rate than the
bank rate.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The firm has high gearing,
expected over 4 times over the medium term. Its liquidity will be
constrained as expected cash accrual of INR0.62 crore will be
barely adequate to meet debt obligation of INR0.46 crore in
fiscal 2018.
* Modest scale of operations: JSRGM has a modest scale of
operations in the fragmented domestic rice industry. Its
operating revenue was INR20.5 crore and operating profit margin
was 6.0% in fiscal 2016. Operating revenue was INR14 crore till
December 2016 in fiscal 2017, and is expected at INR24 crore for
the fiscal 2017 from rice business along with newly started rice
bran oil extraction unit.
* Large working capital requirement: The firm had gross current
assets of 142 days as on March 31, 2016.
Strength
* Partners' extensive experience in the rice industry: JSRGM's
partners have been in the rice processing and trading segments
since 1987. Their experience has helped the firm establish
relationships with customers and suppliers.
Outlook: Stable
CRISIL believes JSRGM's credit risk profile will remain
constrained by just adequate cash accrual to meet debt
obligation. The outlook may be revised to 'Positive' if liquidity
and capital structure improve because of increase in revenue and
cash accrual. The outlook may be revised to 'Negative' if
liquidity weakens due to lower-than-expected revenue and
profitability, and a stretch in working capital cycle.
JSRGM was set up by Ms Vidya Devi and her sons Mr Ram Swarup, Mr
Ramesh Kumar, Mr Hind Sarover, and Mr Prince Pal, in 1996 as a
partnership firm. The firm has a rice milling and sorting unit
with capacity of 2 tonne per day in Cheeka, (Haryana). In 2016,
the firm set up a unit for rice bran oil extraction, which
commenced operations in November 2016.
JSRGM's profit before tax (PBT) was INR0.24 crore on net sales of
INR20.5 crore for fiscal 2016, vis-a-vis INR0.20 crore and
INR21.9 crore, respectively, in fiscal 2015.
Status of non-cooperation with previous CRA
JSRGM has not cooperated with ICRA which has suspended its rating
on the firm through a release dated July 25, 2016. The reason
provided by ICRA is non-furnishing of information required for
surveillance of ratings.
LAKSHMI VACUUM: CARE Reaffirms B+ Rating on INR6.79cr LT Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Lakshmi Vacuum Heat
Treaters Private Limited (LVHTPL) continues to be constrained by
small scale of operations, leveraged capital structure,
moderately weak debt coverage indicators and weak liquidity
profile with increasing stretch in creditors' days.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 6.79 CARE B +; Stable
Reaffirmed
However, the rating continues to derive benefits from reasonable
track record and experience of the promoter for two decades in
the vacuum heat treatment services industry, geographical
diversification with plants based in the vicinity of customers,
well-established customer relationship, growth in total operating
income and strong profit margins.
Detailed description of the key rating drivers
Over two decades of operations in the similar line of business,
the promoter has developed good long-term relationship with many
of the company's existing customers. Some of the major customers
that the company caters to include reputed names like Bosch
Limited, Rico Auto Industries Ltd., Bajaj Auto Ltd., Endurance
Group, Bill Forge Pvt. Ltd., etc. LVHTPL is geographically well-
diversified with its heat treatment facility located at seven
different locations viz. Bangalore, Hosur, Delhi, Coimbatore,
Chennai, Hyderabad, and Pune. The company typically tries to set
up facility closer to its customer's plants in order to attain
competitive advantage and ensure faster turnaround of orders. The
total operating income of LVHTPL grew by 10.92% in FY16 over FY15
on account of year on year increase in orders from existing
clients and addition of new customers. The PBILDT and PAT margin
of the company stood comfortable at 20.13% and 2.85% respectively
in FY16. The company has leveraged capital structure during the
review period. The debt equity ratio of the LVHTPL, though
improved from 3.95x as on March 31, 2015 to 3.32x as on March 31,
2016 due to repayment of term loan and vehicle loan, remained
weak. The overall gearing ratio of the company improved from
4.28x as on March 31, 2015 to 3.60x as on March 31, 2016, however
still remained weak due to high term loans and unsecured loans
infused by the directors during the financial year. The total
debt/GCA of the company improved from 8.41x in FY15 to 7.06x in
FY16 due to repayment of debt along with marginal incline in
gross cash accruals. The PBILDT interest coverage improved from
2.30x in FY15 to 2.57x in FY16 due to increase in PBILDT in
absolute terms and decrease in interest expense. The operating
cycle of the company is negative due to high average creditors'
period. The current ratio of the company has also deteriorated
from 0.95x as on March 31, 2014 to 0.63x as on March 31, 2016 due
to high current portion of long-term debt.
Incorporated in the year 2008, Lakshmi Vacuum Heat Treaters Pvt.
Ltd. (LVHTPL) is engaged in providing heat treatment service to
attain different levels of hardness. The company's customers
mainly belong to automobile engineering, textile engineering,
medical engineering, aerospace, and other allied engineering
industries.
Ms. K S Varalakshmi, director of the company, also operates a
proprietorship firm viz. Lakshmi Vacuum Technologies (LVT)
engaged in manufacturing of vacuum furnaces. The firm is a sole
supplier of furnaces to LVHTPL.
LAXMI LAL: ICRA Assigns B+ Rating to INR4.0cr Fund Based Loan
-------------------------------------------------------------
ICRA has assigned its long-term rating on the INR4.00 crore
(enhanced from INR2.50 crore) enhanced fund based bank facilities
of Laxmi Lal Patel at [ICRA]B+ carrying a 'Stable' outlook. ICRA
also has its short-term rating of [ICRA]A4 outstanding on the
INR7.00 crore non fund based bank facilities of LLP.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Non-Fund Based Limits 7.00 [ICRA]A4 Outstanding
Fund Based Limits 4.00 [ICRA]B+ (Stable)
Assigned/Outstanding
Rationale
ICRA's ratings continues to positively factor in the long track
record of the promoters, its eligibility as a registered Class AA
contractor with the PWD, enabling LLP to bid for all contracts
floated by the department within the state and its current order
book position, which provides adequate revenue visibility over
the medium term. ICRA also notes the low counter party risk to
which the company is exposed, as most of its contracts are from
government agencies. The ratings also positively factor in the
modest financial profile of the firm with low gearing and
adequate coverage indicators. However, the ratings note the
significant decline in the revenues in FY2016 on account of
delays in payments and slow inflow of new orders from Public
Works Department (PWD). The firm's presence in a highly
fragmented and competitive nature of the industry, and limited
geographical presence, which is primarily confined to Udaipur in
Rajasthan, has resulted in moderate scale of operations and
limited avenues for growth in the operating income. The company's
revenue recognition policy has resulted in fluctuations in the
profitability because the company recognizes the revenue as per
the work that has been billed irrespective of the work executed.
ICRA's rating also factors in the proprietorship constitution of
the firm which exposes it to risks related to capital withdrawal,
dissolution etc.
Going forward, LLP's ability to execute the existing orders and
maintain a healthy order book position, along with revival of
stuck contracts will be the key rating sensitivities. The
company's ability to continue to optimally manage its working
capital cycle and maintain a comfortable liquidity position will
also be key rating monitorables.
Key rating drivers
Credit Strengths
* Experienced of promoter in construction business over
three decades
* Company's eligibility as class-AA contractor and established
track record of the project execution (timely execution) along
with good relations with the private entities enables it to
have good success rate for future bids
* Medium revenue growth visibility with pending order book of
~INR65.27 crore
* Comfortable capital structure with gearing of 0.26 times as on
March 31, 2016
Credit Weakness
* Decline in the top line due to decrease in new order inflows
as well as delays in already conformed orders in FY2016
* Fluctuating profitability margins
* High geographical concentration as almost all projects are
in Udaipur Rajasthan
* Small scale of operations in a fragmented market limiting
profitability
* Proprietorship nature of the firm which limits the financial
flexibility and also results in risk related to capital
withdrawal by the proprietor
Description of key rating drivers highlighted:
The firm majorly continues to execute contracts from PWD Udaipur
awarded under Pradhan Mantri Gram Sadak Yojna (PMGSY) along with
smaller contracts for private players. The firm is a class AA
registered contractor of Rajasthan which means it can bid for any
construction contact but currently focuses only on contract from
PWD Udaipur. As the operations are limited to the execution of
road construction contracts from government departments in
Udaipur and nearby districts there is high geographic and client
concentration risk. The contracts entered by LLP have price
escalation clause for key raw materials which is linked to the
'Schedule of Rate' (SOR) published by the department, and updated
periodically, which enables the profitability of the firm to be
protected to an extent from the adverse fluctuations in raw
material prices. The industry is characterized as fragmented and
competitive nature as there are a large number of players at the
regional level. The initial capital expenditure requirement for
this industry is not very high. Further, the award of contracts
is under bidding process and lowest bidder gets the work. Hence
due to high level of competition and aggressive bidding, the
profits margins are likely to be range bound. The company secures
contracts through participation in the tender bidding process of
various governmental organizations such as PWD, PMGSY etc.
Therefore, the risk of counter party default remained low.
However, most of the projects were stuck in FY2016 owing to the
lack of funds with the concerned authority (various projects)
which led to a decline in the turnover. The firm has a pending
order book size of ~INR65.27 crore which gives revenues
visibility over the medium term.
LLP was established as a proprietorship firm in 1990. The firm is
engaged in construction of roads awarded under Pradhan Mantri
Gram Sadak Yojna (PMGSY). The firm majorly executes contracts
from PWD Udaipur Zone, PWD Division Salumber, Divisiom Khertwara,
Division Vallabhnagar and other sub divisions. The firm is
registered as class AA contractor which enables it to bid for
contracts of any value across state.
LLP reported a net profit of INR0.98 crore on an operating income
of INR30.03 crore for FY2016, as compared to a net profit of
INR1.89 crore on an operating income of INR71.45 crore for the
previous year.
MADHAV GINNING: CARE Reaffirms B+/A4 Rating on INR20cr Loan
-----------------------------------------------------------
The ratings of Madhav Ginning and Pressing Private Limited
(MGPPL) continue to remain constrained due to weak debt coverage
indicators, low profitability, working capital intensive nature
of business along with presence in the highly fragmented industry
with limited value addition and prices & supply for cotton being
highly regulated by the government.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short-term
Bank Facilities 20 CARE B+; Stable/
CARE A4 Reaffirmed
The ratings also remained constrained on account of
susceptibility of profits to fluctuations in cotton prices along
with seasonality associated with the cotton industry.
The ratings, however, continued to derive strength from
experience of the promoters in cotton ginning business with
locational advantage of being situated in cotton producing region
of Gujarat.
Ability of MGPPL to significantly increase its scale of
operations and improve its profitability by moving up in the
cotton value chain along with an improvement in its capital
structure would be the key rating sensitivities.
Detailed description of the key rating drivers
The Total Operating Income (TOI) of MGPPL in FY16 declined by 10%
on y-o-y basis primarily due to decrease in sales volume and
realisations of cotton bales. The PBILDT margin although improved
by 29 bps on account of lower operational expenses, remained
modest at 2.49% and its PAT margin stood at 0.13% in FY16.
MGPPL's overall gearing improved to 1.79x as on March 31, 2016 as
compared to 3.95x as on March 31, 2015 primarily on account of
considering unsecured loans of INR4.50 crore from promoters group
as quasi equity as per revised terms of bank sanction letter
which were earlier considered as part of total debt. Furthermore,
the promoters have also infused equity amounting to INR0.52 crore
during FY16.
There is significant requirement for working capital funds
especially during the peak season towards stocking of inventory
as the procurement is made directly from farmers on cash basis,
which keeps its operating cycle on higher side.
The promoters of MGPPL have presence in the cotton industry for
almost a decade. Its presence in cotton producing region
(Gujarat) has an advantage in terms of lower logistics
expenditure and ready availability of raw materials.
MGPPL was incorporated in 2005 by Mr. Chhaganbhai Kakadiya, at
Rajkot district, Gujarat and is engaged in the cotton ginning and
pressing business. As on March 31, 2016, MGPPL had a total
installed capacity of 12,000 bales of cotton per annum.
During FY16 (refers to the period April 1 to March 31), MGPPL
earned a PAT of INR0.13 crore on a TOI of INR100.28 crore
as against a PAT of INR0.11 crore on a TOI of INR111.53 crore in
FY15. As per provisional results for H1FY17, the company
has reported TOI of INR33 crore.
MADINENI INFRA: CRISIL Reaffirms 'B' Rating on INR7.5MM Cash Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its ratings on the bank facilities of
Madineni Infra Private Limited (MIPL) to 'CRISIL B/Stable/CRISIL
A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4 (Reaffirmed)
Cash Credit 7.5 CRISIL B/Stable (Reaffirmed)
CRISIL's ratings on the bank facilities of MIPL continue to
reflect its modest scale of operations and its below-average
financial risk profile. These rating weaknesses are partially
offset by its promoter's extensive industry experience.
Analytical Approach
Unsecured loans of INR90 lakh has been treated as neither debt
nor equity as they are interest-free and expected to remain in
business for the long term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With turnover of INR8.58 crore in
fiscal 2016, scale remains small. This restricts pricing
flexibility and ability to bid for bigger contracts. Business
risk profile will remain constrained by subdued scale of
operations.
* Below-average financial risk profile: Modest networth, high
gearing, and average debt protection metrics result in a weak
financial risk profile.
Strength
* Extensive experience of promoter: Experience of more than 15
years in the civil construction segment has enabled the promoter
to establish a strong relationship with key customers.
Outlook: Stable
CRISIL believes MIPL will continue to benefit over the medium
term from its moderate order book and experience of promoter. The
outlook may be revised to 'Positive' if significant ramp-up in
operations and better working capital management enhance
liquidity. The outlook may be revised to 'Negative' if decline in
revenue and operating margin because of delay in project
execution, inefficient working capital management, or large,
debt-funded capital expenditure further weakens financial risk
profile.
Incorporated in 2012 and promoted by Mr. Madineni Sitaramaiah,
Hyderabad-based MIPL constructs roads, culverts, and low-cost
houses; and also undertakes irrigation projects.
MAHAK RICE: CRISIL Assigns B+ Rating to INR1.5MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRSIL A4' ratings to
the bank facilities of Mahak Rice Industries. The ratings reflect
modest scale and capacities, vulnerability of profitability to
paddy conversion and government regulations, and small networth.
These weaknesses are partially offset by the extensive experience
of promoters, moderate gearing, and comfortable debt protection
metrics.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1 CRISIL B+/Stable
Bank Guarantee 5 CRISIL A4
Cash Credit 1.5 CRISIL B+/Stable
Analytical Approach
CRISIL has treated unsecured loans of INR0.75 crore extended to
MRI by its promoters and their friends and relatives as neither
debt nor equity since the same is expected to remain in the
business over the medium term.
Key Rating Drivers & Detailed Description
Weakness
* Raw material efficiency risk and vulnerability to government
regulations
Paddy being an agricultural product, its availability is seasonal
and is to a great extent dependent on monsoons. Furthermore, the
conversion ratio of paddy is significantly dependent on the
quality of paddy. However, MRI's output to be given to government
is fixed as a percentage of paddy supplied and any difference is
to be made up by MRI whereas any excess can be disposed by it.
Thus profitability is exposed to the quality and output
capability of the paddy supplied.
* Modest scale of operations and capacities in the fragmented
rice milling industry
Scale of operations is small, with an operating income of
INR20.08 crores in fiscal 2016, because of modest capacity and
the fact that a significant portion of its revenue is derived
from custom milling. Furthermore, the rice milling industry is
fragmented and hence intensely competitive, which, in turn,
limits MRI's bargaining power and its ability to completely pass
on raw material price increases to customers.
* Small networth constraining overall financial risk profile
Networth increased to INR2.09 crores as on March 31, 2016, from
INR1.46 crores as on March 31, 2015, driven by accretion to
reserves and capital infusion made in fiscal 2016 to support
capital expenditure and working capital requirement. Although
networth may improve marginally, it is expected to remain small
over the medium term owing to muted accretion to reserves.
Strengths
* Extensive experience of the proprietor in the rice milling
business
The proprietor, Mr Vikram Sadhwani, given his extensive
experience in rice milling for over 25 years has developed a good
insight into rice milling and forged healthy relations with
customers and government authorities as well.
* Moderate gearing and comfortable debt protection metrics
Gearing was moderate at 1.28 times as on March 31, 2016 (1.17
times a year ago). Modest profitability and moderate gearing lead
to comfortable debt protection metrics, with interest coverage at
2.34 times and net cash accrual to total debt ratio at 0.18 time,
respectively, for fiscal 2016.
Outlook: Stable
CRISIL believes MRI will maintain its business risk profile over
the medium term backed by its proprietor's extensive experience.
The outlook may be revised to 'Positive' if a substantial and
sustained increase in scale of operations and cash accrual, along
with efficient working capital management, strengthens the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual, stretch in working
capital cycle, or any large, debt-funded capital expenditure,
leads to deterioration in the financial risk profile,
particularly liquidity.
Established in 2012, MRI mills non-basmati rice. It primarily
mills rice on a job-work basis for government departments and
does a small proportion of own milling and sales. Its milling
facility is at Rajim in Raigarh (Chhattisgarh). Mr Vikram
Sadhwani, the proprietor, manages the operations.
For fiscal 2016, MRI reported a profit after tax of INR0.19 crore
on an operating income of INR20.08 crore as against a PAT of
INR0.11 crore on an operating income of INR11.84 crore the
previous fiscal.
MANGAL SHANTI: CARE Lowers Rating on INR8.43cr LT Loan to B-
------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Mangal Shanti Development Corporation (MSDC) takes into
account regularisation of the payments of the project term loan
account availed by the firm. The rating however, is
constrained on account of the project implementation risk
associated with its ongoing real estate project along with
competition from other real estate players in the region and
cyclical nature of the industry.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 8.43 CARE B-, Stable
Revised from
CARE D
The rating continues to derive strength from wide experience of
the promoters in the real estate business, established
presence of the group and location advantage of the project.
Further, the rating derives strength from moderate booking
status of the project.
Completion of the ongoing project without any time and cost
overrun and the ability to sell the space in a highly
competitive scenario at the envisaged prices and timely receipt
of advances are the key rating sensitivities.
Detailed description of the key rating drivers
MSDC is developing residential project wherein it has incurred
more than 60 percent of the total cost as on October 31, 2016.
The project is located in Wagholi Pune which has been seeing
growth in terms of infrastructure and facilities led by proximity
to Kharadi IT hub and Magarpatta IT hub along with the Shikrapur-
Chakan belt. Due to strategic location of the area, major
builders in Pune have a number of projects in this area posing
competition for MSDC.
With the increase in bookings and subsequent receipt of amount
the debt servicing has been regular since June 2016 easing the
liquidity position of the company. However, the project still
faces risk with respect to completion of balance part in light of
fluctuation in input prices and timely receipt of funds from
customers.
The Mangal Shanti group has been in real estate sector for about
three decades. The group, managed by the Gundecha family, has a
comfortable land bank of about 20 lsf, leased properties and
ongoing projects of 15 lsf to be executed over the next 5 year
period.
Established in the year 2010, MSDC is a partnership firm of the
members of the Gundecha and Bathiya family. The firm is a part of
the Pune-based Mangal-Shanti group, which is engaged in real
estate sector for the past three decades. Earlier engaged as real
estate investors and aggregators, the group ventured into real
estate development over the past five years.
MSDC is currently developing a residential project "Mansha" in
Wagholi, Pune comprising 1.5BHK & 2BHK, with a total saleable
area of 2.32 lsf which includes three buildings A, B and C with a
total of 223 flats. The estimated project cost is about INR56.71
crore and is proposed to be funded with a debt of INR10.00 crore,
promoter's funds of INR10.00 crore and balance through customer
advances of INR36.71 crore. The construction of the project
commenced in May, 2014 and is expected to be completed by
November, 2017.
NV AUTOSPARES: CRISIL Assigns 'D' Rating to INR4.23MM Term Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the long-term bank
facilities of NV Autospares Private Limited (NV).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Term Loan 4.23 CRISIL D
Proposed Long Term
Bank Loan Facility 0.52 CRISIL D
Long Term Loan 4.20 CRISIL D
Cash Credit 1.50 CRISIL D
Funded Interest
Term Loan 1.55 CRISIL D
The rating reflects the company's delays in servicing debt and
overutilisation of its working capital limit due to weak
liquidity because of stretched working capital cycle. NV has a
weak financial risk profile because of modest networth and weak
capital structure. However, it benefits from its promoter's
extensive experience in the automotive industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Delay in meeting debt obligation due to weak liquidity: The
company has delayed meeting its debt obligation because of weak
liquidity on account of a fire in its premises which resulted in
halt in production. It has resumed production partially.
* Weak financial risk profile: The financial risk profile is weak
because of modest networth of INR2.39 crore and high gearing of 5
times as on March 31, 2016.
* Large working capital cycle: Working capital cycle has
stretched on account of increase in receivables to 484 days as on
March 31, 2016, from 189 days a year earlier.
Strengths
* Extensive experience of promoter: NV's promoter has extensive
experience, leading to established relationships with customers
and suppliers.
NV, incorporated in 2005, is promoted by Mr Ahire. The company
manufactures seat frames and press parts. Its manufacturing
facility is at Nashik in Maharashtra.
P.S. INDUSTRIES: CRISIL Assigns B- Rating to INR4.0MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating on the bank
facilities of P.S. Industries - Baddi (PSI). The rating reflects
firm's small scale of operations in highly fragmented and
competitive packaging industry and its weak financial risk
profile marked by muted debt protection metrics. These weaknesses
are partially offset by the partners' established relations with
customers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 0.2 CRISIL B-/Stable
Cash Credit 4.0 CRISIL B-/Stable
Long Term Loan 1.3 CRISIL B-/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations in highly fragmented and intensely
competitive industry: With capacity to produce 2400 tonne per
annum (tpa) of polypropylene (PP) fabric, and revenue of INR13
crore in fiscal 2016, scale of operations remains small in highly
fragmented and intensely competitive high-density polyethylene
(HDPE) fabric industry, constraining scalability in operations
for PSI.
* Weak financial risk profile marked by weak debt protection
metrics: During fiscal 2016, PSI reported negative cash accrual
of INR0.71 crore as a result the interest coverage and NCATD
remain at (-0.52) and (-0.19) respectively.
Strength
* Established relationships with customers: Revenue grew more
than 500% in the two years through fiscal 2016, to INR13 crore
(Rs 2.4 crore in fiscal 2015), driven by healthy demand,
established relationships with customers.
Outlook: Stable
CRISIL believes PSI will maintain healthy revenue growth over the
medium term owing to its established customer relationships. The
outlook may be revised to 'Positive' if higher-than-expected
sales and healthy profitability leads to more than expected net
cash accruals. Conversely, the outlook may be revised to
'Negative' if lower than expected sales and profitability leads
to lower than expected cash accruals or in case of if large
working capital requirement weakens liquidity.
PSI based in Baddi, Himachal Pradesh, was established as a
partnership firm between Ms. Prem Trehan and Mr. Sushil Trehan in
2014. The firm manufactures polypropylene and high-density
polyethylene woven bags and fabrics.
Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of
financial instruments. The CRISIL complexity levels are available
on www.crisil.com/complexity-levels. Users are advised to refer
to the CRISIL complexity levels for instruments that they
consider for investment. Users may also call the Customer Service
Helpdesk with queries on specific instruments.
PANCHAVATI POLYFIBRES: ICRA Reaffirms B+ Rating on INR19.3cr Loan
-----------------------------------------------------------------
ICRA has re-affirmed the long-term rating at [ICRA]B+ to the
INR19.30-crore cash-credit facility, INR5.35-crore bank guarantee
and INR2.00-crore unallocated facilities of Panchavati Polyfibres
Limited. ICRA has also reaffirmed the short-term rating at
[ICRA]A4 to the INR2.50 crore letter of credit facility of PPL.
The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 19.30 [ICRA]B+(Stable); reaffirmed
Bank Guarantee 5.35 [ICRA]B+(Stable); reaffirmed
Letter of Credit 2.50 [ICRA]A4; reaffirmed
Unallocated Amount 2.00 [ICRA]B+(Stable); reaffirmed
Rationale
The ratings are constrained by the small scale of operations in
the fragmented and highly competitive domestic poly woven sacks
industry and the weak financial profile of the company as
reflected by low profit margins, high gearing, weak coverage
indicators and working capital intensive operations on account of
stretched receivables leading to high dependence on working
capital borrowings. The ratings also take into account the 13%
decline in operating income in FY2016 owing to subdued demand in
cement industry and the company's profitability being exposed to
volatility in polymer prices although the same is mitigated to an
extent with the price escalation being passed on to the
customers. The ratings are further constrained by PPL's exposure
to substantial counter party credit risk as a Del Credere Agent
for Indian Oil Corporation Limited (IOCL) in Andhra Pradesh. The
ratings however, favorably factor in the assured off take for
poly woven sacks from the group company - Sagar Cements Limited
(SCL) and the synergies between poly-woven sacks business and the
polymer trading business for distribution of polymer granules.
Key rating drivers
Credit Strengths
* Common promoters between Sagar Cements Limited (SCL) and PPL;
SCL contributes to 77% of the sack sales of PPL providing
assured off-take
* Trading of polymer distribution through agency of IOCL would
ensure stability of raw material supply to PPL, besides
opportunity to gain from favorable demand prospects via
external sales
Credit Weaknesses
* Small size of operations with revenue of INR33.91 crore in
FY2016, fragmented nature of poly woven sacks industry
resulting in high competition and moderate profitability
* High dependence of woven sack business on the Cement industry
and the performance of Sagar Cements Limited
* Vulnerability of margins to increase in raw material price
increases (primarily crude derivatives)
* Exposed to substantial counter party credit risks in IOCL
polymer distribution line of business; Company's profitability
exposed to interest rate fluctuations; Ability to maintain
interest spread in the event of an increase in interest rates
remains important
* Financial profile of the company is characterized by high
gearing of 2.29 times, moderate coverage with interest
coverage
of 1.56 times and NCA/TD of 5.4% in FY2016
* Constrained liquidity position with high working capital
intensity of 45% as on March 31, 2016 and high utilization of
CC limits on account of stretched receivables
Description of key rating drivers highlighted:
PPL was setup as backward integration to Sagar Cements Limited
(SCL). PPL is responsible for entire packaging requirements of
SCL; PPL purchases poly woven fabric from other parties and
supplies poly woven sacks to SCL in case of shortfall in
production. PPL also caters to the poly woven sack requirements
of other cement manufacturers to a small extent. SCL has
accounted for over 70% of sales in the past 2 years. For 8m
FY2017, the major sales are to SCL (70%), followed by BMM Cements
Limited (26%), and Grey Gold Cements Ltd (4%).
PPL has been awarded the DCA (Del Credere Agent) cum CS
(Consignment Stockist) agency of IOCL for distribution of its
polymer products in FY2011. The move into polymer distribution
has provided stability of raw material supply for the
manufacturing activities of PPL, besides opportunity to gain from
favorable demand prospects via external sales. The volume in the
trading business and the commission earned from IOCL has been
steadily increasing from since FY2012.
The plastic woven sack industry is dominated by players operating
predominantly in the small and medium scale sector. As a result,
the industry is highly fragmented leading to intense competition
and pricing pressure. Also, PPL is exposed to credit risk in the
trading business as it will assume the responsibility of
collecting payments from customers as a DCA agent of IOCL.
The financial profile of the group has been characterised by high
gearing over the years on account of high working capital
borrowings and thin margins leading to weak accruals. Coverage
indicators have remained weak in the last four years on account
of modest profitability reported by the firm.
Going forward, the ability of the group to increase its revenues
and profitability while effectively managing its working capital
requirements remains the key credit rating drivers.
Incorporated in 1984, Panchavati Polyfibres Ltd. (PPL) is into
the manufacturing of Poly Woven Sacks. The Company is promoted by
Mr. S. Veera Reddy and his family. The manufacturing facility of
the company is located in I.D.A. Bolarum, Hyderabad with an
installed capacity to produce 5.85 crore sacks or 5300 MT per
annum. This apart, PPL has also been running IOCL's polymer
distribution business since FY 2011.
The company recorded net profit of INR0.94 crore on an operating
income of INR33.91 crore for the year ending March 31, 2016
against net profit of INR0.26 crore on an operating income of
INR39.09 crore for the year ending March 31, 2015.
R M METALS: CARE Assigns B+/A4 Rating to INR7cr LT/ST Loan
----------------------------------------------------------
The ratings assigned to the bank facilities of R M Metals (RM)
are constrained by its small scale of operations coupled thin
profit margins, leveraged capital structure & weak debt coverage
indicators and working capital intensive nature of operations.
The ratings are further constrained by susceptibility of margins
to raw material price volatility and foreign exchange
fluctuation, its presence in highly competitive and fragmented
industry and limited financial flexibility to partnership
constitution of firm.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term/Short term 7.00 CARE B+; Stable/
Bank Facilities CARE A4 Assigned
However, the above constraints are partially offset by the vast
experience of the promoters and long track record of operations
in the industry.
Ability of the firm to increase its scale of operations, improve
profitability amidst intense competition along with improving its
capital structure and efficiently manage its working capital
requirement are the key rating sensitivities.
Detailed description of the key rating drivers
RMs scale of operations remained modest with total operating
income and gross cash accruals of INR49.69 crore and INR0.26
crore respectively during FY16. Further, the net worth base of
the firm
also remained low at INR3.96 crore as on March 31, 2016 depriving
it of scale benefits.
Moreover the profitability of the entity remained thin owing to
low value addition and its presence in competitive and fragmented
industry. Further with slightly higher credit period offered to
its clients and moderate inventory holding the dependence on
external borrowings remained high resulting in leveraged capital
structure and high working capital intensity.
However, the partners have been in the business for more than a
decade and have established relations with its customers thus
resulting in continuous growth in operations and adequate credit
period from its suppliers to support the growing funding
requirements.
R M Metals (RM) was set up as a proprietorship concern by Mr.
Ravi Ramniklal Kothari in 2000. In 2003, its legal status was
changed to a partnership firm and Mrs. Manjula Kothari and Mr.
Deepak
Kothari were introduced as partners. RM is engaged in trading of
ferrous and nonferrous metals viz. brass foils, brass sheets,
copper foils, copper tubes, stainless steel sheet, stainless
steel rounds, and nickel alloy pipes. RM procures its trading
material from domestic markets and sales to domestic traders and
manufacturers.
During FY16, the total operating income of the firm stood at
INR49.69 crore (vis-Ö-vis INR43.23 crore in FY15), whereas the
PAT during the same year stood at INR0.23 crore (vis-Ö-vis
INR0.22 crore in FY15). Further the firm has posted total
operating income of INR15.00 crore during 7MFY17.
RAMAKRISHNA TELETRONICS: ICRA Rates INR54cr Loan at 'B/A4'
----------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B and short-term
rating of [ICRA]A4 to the INR54.00 crore (enhanced from INR4.00
crore) unallocated limits of Ramakrishna Teletronics Pvt. Ltd.
The outlook on long-term rating is Stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Short Term-Fund
Based (e-DFS) 6.00 [ICRA]A4 outstanding
Unallocated Limits 54.00 [ICRA]B(Stable)/A4 assigned/
outstanding
ICRA also has short-term rating of [ICRA]A4 outstanding on the
INR6.00 crore fund-based facility of RTPL.
Rationale
The assigned ratings are constrained by RTPL's weak financial
risk profile characterised by gearing of 4.83 times, interest
coverage ratio of 1.16 times, and NCA/Total Debt of 1.76% for
FY2016 and high working capital intensity of 34% due to high
inventory levels required to be maintained in consumer durables
retailing business. The ratings also factor in low margins in
electronic retailing business coupled with stiff and increasing
competition from e-commerce players which restricts pricing
flexibility, high geographic concentration with nine out of
twelve stores located in Hyderabad, and fragmented nature of the
industry leading to high competitive intensity (resulting in
pressure on the retailers to offer discounts), thereby limiting
the profitability. The ratings, however, positively factor in
steady growth in operating income from INR112.76 crore in FY2013
to INR247.49 crore in FY2016 owing to opening up of new stores,
long experience of the promoters in distribution and retail
business of electronic goods, and favourable demand outlook of
consumer durables industry in India, driven by a widening middle
class.
Key rating drivers
Credit Strengths
* Steady growth in operating income from INR112.76 crore in
FY2013 to INR247.49 crore in FY2016 owing to opening up of
new stores
* Long experience of the promoters in distribution and retail
business of electronic goods
* Strategically important location of stores ensuring good
revenue potential
* Favourable demand outlook of consumer durables industry in
India, driven by a widening middle class
Credit Weakness
* Weak financial risk profile characterised by gearing of 4.83
times, interest coverage ratio of 1.16 times, NCA/Total Debt
of 1.76% for FY2016 and high working capital intensity (34%
in FY2016) due to high inventory levels required to be
maintained in consumer durables retailing business.
* Low margins in the fragmented electronic retailing business
coupled with stiff and increasing competition from e-commerce
players which restricts pricing flexibility
* High geographic concentration with nine out of twelve stores
located in Hyderabad
Description of key rating drivers highlighted:
Ramakrishna Teletronics Pvt. Ltd. (RTPL) is engaged in retailing
and distribution of consumer durables such as flat panels,
refrigerators, washing machine, Air conditioners, and electronic
appliances, mobiles through a chain of 12 retail stores located
across Hyderabad, Vizag and Rajahmundry under the brand name Yes
Mart. The company is acting as a distributor of Sony in Telangana
and Vu flat panels in Telangana and Andhra Pradesh (AP). The
company has been associated with leading brand in consumer
electronics like LG, Samsung, Sony, Panasonic, Whirlpool, Godrej,
Bosch etc. The company faces high competition from other retails
chains such as Infiniti Retail Ltd (Croma), Future retail limited
(E-zone) and Reliance Retail Limited (Reliance Digital) as well
as e-commerce players such as Amazon Seller Services Private Ltd
(Amazon.in), Flipkart India Pvt. Ltd.(Flipkart.com), Jasper
Infotech Private Limited (Snapdeal.com), One97 Communications
Limited (Paytm.com) etc in the highly fragmented consumer
durables industry resulting in limited pricing flexibility; The
operating income has increased significantly to INR247.49 crore
in FY2016 from INR112.76 Crore in FY2013 on the back of opening
up of new stores. Operating margins of the company have improved
in FY2016 owing to increased scale of operations. The working
capital intensity has been high for last three years due to high
inventory levels required to be maintained in consumer durables
retailing business and high credit period provided to few dealers
buying Sony products from RTPL.
Going forward, the ability of the company to manage its working
capital requirements effectively will be the key rating
sensitivity from credit perspective
Ramakrishna Teletronics Pvt. Ltd. (RTPL) was incorporated in 2008
by Mr. V. Raghavendra and Mr. V Ravi Kumar based in Hyderabad.
RTPL is involved in retailing and distribution of consumer
durables such as flat panels, refrigerators, washing machine, air
conditioners, and electronic appliances, mobiles through a chain
of 12 retail stores located across Hyderabad, Vizag and
Rajahmundry under the brand name "Yes Mart". The company is
acting as a distributor of Sony in Telangana region and Vu flat
Panels in Telangana and Andhra Pradesh region.
RATNACHINTAMANI METALLOYS: CARE Cuts INR8cr Loan Rating to B+/A4
----------------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Ratnachintamani Metalloys Private Limited is
on account of significant decline in its total operating income
coupled with net losses reported during FY16 (refers to the
period April 1 to March 31), deterioration in capital structure,
debt coverage indicators and elongation in its operating cycle.
The ratings are further constrained by susceptibility of its
margins to volatility in copper prices and foreign exchange
fluctuations risk coupled with its presence into fragmented and
competitive nature of the industry.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term/Short term Bank 8 CARE B+/A4; Stable
Facilities Revised from
CARE BB-/CARE A4
The ratings, however, continue to derive benefits from the
experience of the promoters in the metal industry.
RMPL's ability to increase its scale of operations with
improvement in profitability, capital structure, debt coverage
indicators and efficient management of its working capital
requirement would the key rating sensitivity.
Detailed description of the key rating drivers
RMPL's total operating income (TOI) declined by 36.59% to
INR27.02 crore as against INR42.61 crore during FY15 on the back
of decline in demand from end customers. Consequently, RMPL's
PBILDT declined by 44% while it reported net loss of INR0.85
crore against that of net loss of INR1.12 crore in FY15.
Overall gearing ratio stood moderate at 1.30 times as on March
31, 2016, as against 1.14 times as on March 31, 2015, while debt
coverage indicators of RMPL deteriorated and stood weak on the
back of cash loss reported during FY16.
During FY16, working capital cycle elongated to 81 days as
against 60 days in FY15 owing to increase in average collection
period. RMPL's working capital limits utilization remained high
at 90% during past 12-month period ended November 2016.
RMPL was incorporated in July 2008 by Mr. Dinesh Shah and Mr.
Amit Shah. During FY13, Mr. Dinesh Shah resigned as a director
and currently, the operations are looked after by Mr. Mahendra
Shah, Mr. Amit Shah and Mr. Brij Shah. RMPL is an ISO 9001:2008
certified company and engaged in the business of manufacturing
copper and copper alloy products such as tubes, rods, pipes,
flanges, etc. RMPL also undertakes the manufacturing of product
on job work basis. RMPL commenced operations in April 2010 at its
manufacturing unit in Umbergaon (Gujarat) with an installed
capacity of 3600 Metric Tonnes Per Annum as on March 31, 2016.
The promoters are also associated with the entities namely ' Ardh
Metals & Alloys Private Limited' (engaged in the business of
manufacturing copper stripes and components), M/s. Anant Impex
(engaged in trading of non-ferrous metals) and M/s. Rajshree
Overseas (engaged in trading and export of ferrous and non-
ferrous metals).
During FY16 (A), RMPL reported net loss of INR0.85 crore on a TOI
of INR27.02 crore as against net loss of INR1.12 crore on a TOI
of INR42.61 crore during FY15. During 8MFY17 (Prov,), RMPL has
achieved a turnover of INR18.84 crore.
REKHA CORPORATION: CRISIL Assigns B+ Rating to INR5MM Cash Loan
---------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank loan facilities of Rekha Corporation Private Limited
(RCPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 3 CRISIL B+/Stable
The rating reflects its modest scale of operations, its limited
bargaining power with its key principal, exposure to intense
competition and its low operating margins on account of trading
nature of operations. The rating also factors in its below-
average financial risk profile because of a high total outside
liabilities to adjusted net worth ratio (TOLANW) and modest
interest coverage ratio. These rating weaknesses are partially
offset by the benefits that RCPL derives from its promoters'
extensive experience in the pesticides distribution business and
its established relationships with its key principal (Syngenta
India Limited) and its moderate risk management policies.
Analytical Approach
CRISIL has treated the unsecured loans from promoters as neither
debt nor equity as these have no fixed repayment schedule, are
non-interest bearing and are expected to remain in the business
over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: RCPL's scale of operations are
modest, as indicated by its revenues of INR22.2 crores during
2015-16 (refers to financial year, April 1 to March 31). The
company's small scale of operations prevents it from deriving
benefits arising from economies of scale and makes it susceptible
to intense competition from large established players. Scale of
operations is expected to remain modest despite moderate growth
expected over the medium term.
* Limited bargaining power with principal
RCPL mainly distributes Sygenta's products. RCPL does not have
any bargaining power with Syngenta, which makes most of the
pricing decisions. Any unfavourable changes in terms of
distributorship may have an adverse impact on RCPL's overall
business risk profile. CRISIL believes growth in RCPL's revenue
and operating profitability will remain constrained due to its
limited bargaining power with principal.
* Below-average financial risk profile: RCPL has below-average
financial risk profile marked by high total outside liabilities
to adjusted net worth ratio (TOLANW) of 4.2 times and modest
interest coverage ratio of 1.2 times as on March, 2016. This is
due to its low operating profitability (trading nature of
business) and higher debt contracted to meet its working capital
requirements.
Strength
* Promoters' extensive experience in the pesticides distribution
business and its established relationships with its key principal
(Syngenta India Limited)
RCPL is promoted by Mr. G Srinivas Naidu, having more than two
decades of experience in pesticides distribution business. Over
the years they have developed strong relationships with its key
principal (Syngenta India Limited) and customers. The company
would continue to be benefitted from the extensive experience of
the promoters and its established relation with customers and key
principal in pesticides and seeds distribution business over the
medium term.
Outlook: Stable
CRISIL believes RCPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a sustainable
increase in revenue and profitability, resulting in an
improvement in the financial risk profile. Conversely, the
outlook may be revised to 'Negative' if revenue and profitability
decline, or if there is any large debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.
Established in 1967 as a proprietorship firm and later converted
into a private limited company in 2001, Rekha Corporation Private
Limited (RCPL) is an exclusive distributor of pesticides and
seeds for Syngenta India Limited in 11 districts of Telangana and
1 district of Andhra Pradesh. Based in Hyderabad (Telangana), the
company is promoted and managed by Mr.G Srinivas Naidu.
RCPL reported a profit after tax (PAT) of INR0.03 crores on net
sales of INR22.2 crores for 2015-16 (refers to financial year,
April 1 to March 31) against PAT of INR0.02 crores on net sales
of INR10.3 crores for 2014-15.
S.B. AGENCIES: CRISIL Reaffirms B+ Rating on INR7MM Cash Loan
-------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank loan
facility of S.B. Agencies (SBA) at 'CRISIL B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect SBA's modest scale of operations
in the intensely competitive ceramic tiles trading segment, and
its large working capital requirements and average financial risk
profile. These rating weaknesses are partially offset by the
partners' extensive in the ceramic tiles industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the intensely competitive ceramic
tiles trading segment: Scale of operation remains modest with
revenue of INR41.4 crore in fiscal 2016 despite healthy
improvement over fiscal 2015. Revenue is expected to remain
modest due to intense competition.
* Large working capital requirements: Operations are working
capital intensive with gross current assets of 128-164 days in
the three years through March 2016, because of moderate inventory
and debtors, and limited credit available from suppliers. Working
capital requirement and, therefore, reliance on bank lines may
remain sizeable over the medium term as well.
* Average financial risk profile: Financial risk profile is
expected to remain average because of low profitability and the
absence of capital infusions. Networth was small and total
outside liabilities to tangible networth ratio moderate at
INR5.09 crore and 2.23 times, respectively, as on March 31, 2016,
while interest coverage was average at 2.2 times.
Strength
* Extensive experience of partners: Benefits from the partners'
experience of more than two decades in the tiles trading industry
should continue to support business risk profile.
Outlook: Stable
CRISIL believes SBA will continue to benefit over the medium term
from the partners' extensive experience. The outlook may be
revised to 'Positive' if sustainable improvement in revenue,
profitability, and cash accrual, or significant fund infusions by
the partners strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if financial risk profile,
particularly liquidity, deteriorates further because of large
working capital requirement, low cash accrual, or withdrawals of
capital.
SBA was set up in 1989 by Mr Nazar Mohamed Ellias and his wife,
Mrs Raheena Jalaudeen. The firm trades in tiles, sanitary items
and granites, and is based in Attingal (Kerala).
SAGA AUTOMOTIVE: CARE Reaffirms B Rating on INR21.21cr LT Loan
--------------------------------------------------------------
The ratings of Saga Automotive India Private Limited (SAIPL)
continue to remain constrained on account of its financial
risk profile marked by continuous decline in scale of operations
in last three financial years along with continued net loss
as well as cash losses in FY16 (refers to the period April 1 to
March 31), weak solvency position marked by negative net
worth of the company and working capital intensive nature of
operations.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 21.21 CARE B; Stable
Reaffirmed
Short-term Bank Facilities 0.50 CARE A4 Reaffirmed
The ratings are, further, continued to remain constrained on
account of volume-driven business with high competition in the
auto dealership industry.
The ratings, however, continue to remain favorably take into
account long experience of the promoters in the automobile
dealership business with established track record of operations
and its long-standing association with its principal, Skoda Auto
India Private Limited (Skoda).
The ability of the company to increase its scale of operations
with improvement in profitability margins and efficient
management of working capital are the key rating sensitivities.
Detailed description of the key rating drivers
TOI of the company has witnessed declining trend in last three
financial years ended FY16 mainly due to decrease in sells of
passenger vehicles. During FY16, TOI of the company has decreased
by 27.02% over FY15 and sold 228 passenger cars during FY16 as
against 405 passenger cars sold during FY15. Furthermore, SAIPL
has continued to register net loss cash loss. Due to net loss,
the net-worth of the company has come down to negative as on
March 31, 2016. Due to negative networth and cash losses, overall
solvency position stood weak.
The operating cycle of the company remained elongated at 234 days
in FY16, due to lower sales of vehicles that led to
higher inventory holding period as well as increase in collection
period.
Jaipur-based (Rajasthan) SAIPL was incorporated in 2006 by Mr
Sanjay Maheshwari, Mrs. Kanak Biyani, Mr. Harmeet Singh Anand and
Mr. Naveen Maheshwari. SAIPL is an authorised dealer of Skoda
since the beginning of incorporation and currently, the company
operates four showrooms, two at Jaipur, one at Sikar and Kota,
respectively, and has two workshops at Jaipur and one at Kota.
During FY16 (refers to the period of March 31 to April 1), SAIPL
has reported a total operating income of INR39.09 crore with a
net loss.
SAGGI ELECTRIC: CRISIL Reaffirms 'B' Rating on INR2MM Cash Loan
---------------------------------------------------------------
CRISIL has reaffirmed its ratings on the long-term bank
facilities of Saggi Electric Company at 'CRISIL B/Stable/CRISIL
A4.' The rating continues to reflect SEC's small scale of
operations and large working capital requirement. The rating also
factors in average financial risk profile, with modest debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the partners.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 10 CRISIL A4 (Reaffirmed)
Cash Credit 2 CRISIL B/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and exposure to intense competition
in the industry: Intense competition in the electrical solutions
industry continues to restrict scalability in operations for SEC.
Revenue remains small, and is expected at INR5.0-6.5 crore in
fiscal 2017. The competition limits pricing flexibility and
bargaining power. The tender-based nature of business limits
revenue to contracts won through competitive bidding. SEC may
remain a small player in the electrical industry over the medium
term.
* Large working capital requirement: Working capital intensity is
substantially high, with gross current assets expected at 400-450
days in fiscal 2017. This is primarily because the large
customers, such as the state electricity boards, continue to
delay payments, leading to sizeable debtors. Ramp-up in scale may
lead to further increase in working capital requirement and
therefore, debt, over the medium term.
* Average financial risk profile: The financial risk profile,
particularly debt protection, is average: interest cover and
networth were modest at 1.8 times and INR8.73 crore,
respectively, as on March 31, 2016.
Strength
* Promoters' extensive industry experience and established
relationships with customers and suppliers: Benefits from the
promoters' experience of around 40 years in the electrical
turnkey solutions industry, and their healthy relationships with
reputed suppliers such as ABB Ltd, and customers such as Tata
Projects Ltd and Bharat Sanchar Nigam Ltd and Public Works
Departments should continue to support business risk profile.
Outlook: Stable
CRISIL believes SEC will remain exposed to risks related to
slowdown in industrial development and to the tender-based nature
of business. However, the business risk profile will continue to
benefit from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of a more-than-
expected increase in revenue and net cash accruals, or if
efficient working capital management leads to a stronger
financial risk profile. Conversely, the outlook may be revised to
'Negative' if lower-than-expected accrual or any large capital
expenditure weakens the financial metrics.
SEC, set as a partnership firm in fiscal 2003, provides turnkey
solutions as an electrical contractor in varied industrial
projects, primarily for the public sector. The firm is promoted
and managed by Mr Yash Saggi and his son Mr Sabodh Saggi.
SANKAR INDUSTRIES: CRISIL Assigns B- Rating to INR5.35MM LT Loan
----------------------------------------------------------------
CRISIL has assigned its 'CRISIL B-/Stable' rating to the bank
facilities of Sankar Industries (SI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 5.35 CRISIL B-/Stable
Drop Line Overdraft
Facility 2.30 CRISIL B-/Stable
Long Term Loan 2.35 CRISIL B-/Stable
The rating reflects SI's average financial risk profile, marked
by below average debt protection metrics and high gearing, firm's
small scale of operations in the industry and its large working
capital requirements. These rating weaknesses are partially
offset by the benefits that the company derives from its
promoters' extensive experience in the industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Below average financial risk profile: Networth was small at
INR1.7 crore as of March 2016 due to limited accretion to
reserves and capital withdrawals. Also, debt protection metrics
are likely to be below average, with interest coverage and net
cash accrual to total debt ratios expected at 1.4 times and 1%,
respectively, in fiscal 2017.
* Modest scale of operations: SI operates in a highly fragmented
industry leading to intense competition and moderate scale of
operations. SI's scale is expected to remain small over the
medium term.
Strength
* Extensive experience of promoters: Presence of over three
decades in the rice mill industry has enabled promoter to
establish strong relationship with customers and suppliers.
Outlook: Stable
CRISIL believes that SI will benefit over the medium term from
the extensive industry experience of the promoters. The outlook
may be revised to 'Positive' if the firm's cash accruals increase
supported by increasing scale of operations while improving its
working capital management leading to better liquidity.
Conversely, the outlook may be revised to 'Negative' if the
company's financial risk profile deteriorates due to lower
profitability arising from significant increase in prices of raw
materials, or stretch in working capital management.
Incorporated in 2010, SI is a Vijayawada (Andhra Pradesh) based
company engaged in manufacturing of machinery required in rice
mills. The company's operations are managed by the partner, Mr.
Rama Krishna.
SANTARAM SPINNERS: CARE Reaffirms B+ Rating on INR2.80cr Loan
-------------------------------------------------------------
The ratings assigned to the bank facilities of Santaram Spinners
Limited (SSL) continue to remain constrained on account of its
thin profitability due to limited value addition in the cotton
ginning business, weak debt protection indicators and moderately
leveraged capital structure. The ratings are further constrained
by the working capital intensive operations and susceptibility of
its operating margin to volatile cotton prices and seasonality
associated with the availability of cotton coupled with impact of
changes in government policy on cotton.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank Facilities 2.80 CARE B+; Stable
Reaffirmed
Long-term/Short-term Bank
Facilities 8.00 CARE B+; Stable/
CARE A4 Reaffirmed
The ratings, however, favorably takes into consideration the vast
experience of the promoters in the cotton ginning business, its
strategic location within the cotton producing region of Gujarat
and reputed clientele of SSL.
SSL's ability to increase its scale of operations while
efficiently managing its working capital requirements along with
the improvement in the profitability would be the key rating
sensitivities.
Detailed description of the key rating drivers
SSL is operating in a highly fragmented industry with negligible
ability to pass on increased raw material prices; the same
is evident by low profitability margins and profitability. The
company has low margins as reflected by profit before interest,
lease, depreciation and tax (PBILDT) margin and profit after tax
(PAT) margins of 1.84% and 0.15% respectively during FY16 (refers
to the period April 1 to March 31). The capital structure of SSL
continues to remain moderately leveraged with overall gearing of
2.24 times as on March 31, 2016. The debt coverage indicators
also remained weak on account of low profitability and high
interest cost. The liquidity profile of SSL continued to remain
weak on account of high working capital requirements.
SSL was incorporated in 1983 by Mr. Kalyan J Shah, who has more
than three decades of experience in the ginning industry. SSL
continues to benefit from the extensive experience of its
promoters, strategic location and long standing relationship with
some of the reputed customers.
SSL was incorporated in September 1983, as a private limited
company and subsequently got converted into a public limited
company in December 1994. SSL is engaged in cotton ginning and
pressing with an installed capacity of 300 Metric Tons per Day
(MTPD) along with the trading of kapas, ginned cotton and cotton
seeds. SSL has also set up an oil mill with 11 oil expellers
having an installed capacity of 10 MTPD for manufacturing raw oil
and de-oiled cakes. The manufacturing facilities of the company
are located at Kadi, Gujarat. SSL has also commissioned wind
turbine generator of 0.80 MW at Jamnagar.
During FY16 (Audited), SSL reported TOI of INR169.54 crore (FY15:
INR173.96 crore) with PAT of INR0.25 crore (FY15: INR0.21 crore).
Based on unaudited financials of H1FY17, SSL reported a TOI of
INR37.82 crore (H1FY16: INR63.21 crore) and PAT of INR0.23 crore
(H1FY16: INR0.15 crore).
SAPPHIRE PROJECTS: ICRA Raises rating on INR25cr Loan to B
----------------------------------------------------------
ICRA has upgraded its long-term rating from [ICRA]D to [ICRA]B on
the INR25.00-crore term loan facilities of Sapphire Projects
Private Limited. The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 25.00 Upgraded to [ICRA]B(Stable)
from [ICRA]D
Rationale
The rating favorably factors in the improvement in the debt
servicing track record of the company. Furthermore, the rating
factors in the attractive location of SPPL's property and the
resultant improvement in occupancy. The rating is, however,
constrained by the tenant concentration risk and the possibility
of cashflow mismatches, as was witnessed in the past.
Going forward, SPPL's ability to maintain occupancy, ensure
healthy average rentals and timely collect the lease rentals
during the tenor of the term loans will be the key rating
sensitivity. Furthermore, SPPL's ability to recover advances from
the TDI group as and when required will also be closely
monitored.
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SPPL, ICRA had sent repeated reminders to the company for
payment of surveillance fee that became overdue; however, despite
multiple requests, the company's management has remained non-
cooperative. ICRA's Rating Committee has taken a rating view
based on the best available information. In line with SEBI's
Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA] B(Stable) ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Key rating drivers
Credit Strengths
* Healthy occupancy levels with adequate diversity in tenant
base over the last one year.
* The property's location in the key commercial hub of
New Delhi;
proximity to the metro station ensures steady footfall
* Improvement in debt servicing track record
Credit Weakness
* Dependence on receipt of group advances to make payment
towards concession agreement of the property
* Lower-than-expected profitability due to vacancy and lower
parking revenues in FY2016.
* Single asset nature of operations
Description of key rating drivers highlighted:
SPPL's property, which is situated in a key commercial hub of New
Delhi, is close to the Delhi metro, ensuring healthy footfalls.
The attractive location has enabled SPPL to achieve high
occupancy levels over the last one year and also enter into long
term lease agreements at healthy rentals. In the past, however,
there have been cash-flow mismatches owing to delay in rental
receipts and some vacancy. Further, SPPL has advanced significant
sums to its group companies, rendering it dependent on the
recovery in case of any cash-flow mismatch. This apart, the
ability to timely lease out the area to new clients at
satisfactory rentals, in case of vacancy by lessees, who are
currently occupying large portion of the area will be a crucial
rating factor.
SPPL is part of the NCR-based real estate group, TDI, which is
promoted by the Taneja family. In May 2012, the group's flagship
company TDI Infrastructure Ltd (TDIIL) was awarded a concession
by DMRC to operate, manage and maintain a commercial complex at
the Nehru Place metro station in New Delhi for a lease period of
30 years. TDIIL sub-licensed this space to a group entity, SPPL,
and another entity V Cube Pvt Ltd, jointly with equal share (50%
each) for use of license space for the leased period. SPPL has
leased the space to various food retailers and other retail
stores; the agreement has a mix of minimum guaranteed rental with
periodic escalations and revenue sharing basis. The complex
became operational in June 2013. SPPL has availed lease rental
discounting loans for its portion of lease rentals for a duration
of nine years.
SHANTHA TRUST: ICRA Reaffirms B+ Rating on INR8.0cr LT Loan
-----------------------------------------------------------
ICRA has re-affirmed the long-term rating of [ICRA]B+ for the
INR8.00 crore long-term fund based facilities of Shantha Trust.
The outlook on the long term rating is stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term-Fund
Based Facilities 8.00 [ICRA]B+ (Stable)/Reaffirmed
Rationale
The rating re-affirmation takes into account the aggressive debt-
funded expansion being carried out towards construction of arts
and science college and hostel infrastructure leading to large
debt repayment obligations against tightly matched cash flows,
thereby stretching the trust's liquidity position. The rating is
also constrained by the trust's modest business risk profile
characterized by small scale owing to nascent stage of operation,
and intense competition in the industry. Further, the education
industry is highly regulated thereby restricting the operational
flexibility.
The rating however derives comfort from the healthy improvement
in the operational profile of the college with increased receipts
in FY2016 and most of planned capital expenditure already
completed. The rating also factors in the group's established
presence in the field of education for several decades. Further,
the rating reaffirmation also takes into account the donations
being infused by group entities, which cushions the liquidity
profile of the trust. Going forward, the offering of courses in
new college - E.S Arts and Science College is expected to
diversify the revenue stream. Furthermore, the anticipated rise
in demand for nursing professionals, owing to structurally
favorable factors for healthcare services, is likely to spur
demand for nursing colleges thereby providing revenue visibility
over the long term.
Key rating drivers
Credit Strengths
* Strong track record of the group in the education sector
* Strong support from group entities in the form of donations
helps in easing liquidity
* Improvement in operating profile with increased receipts in
FY2016
* Start of operations of a new college in the current academic
year 2016-17 likely to support revenue growth
Credit Challenges
* Financial risk profile characterized by tightly matched
cash accruals against large debt repayment obligations over
the medium term; however funding support via donations from
group concerns alleviates the concern to an extent
* Operations remain vulnerable to the regulated nature of the
Indian education industry
* Intense competition in the education sector puts pressure on
the trust's ability to attract and retain quality faculty and
students
Description of key rating drivers highlighted:
The foundation commenced operations in 2008 with a nursing
college affiliated to Dr. MGR Medical University. The trustees
have experience in the higher education sector for more than
three decades. There was an improvement in the operational
profile of the college with increased receipts in FY 2016 and
most of planned capital expenditure already completed. The
financial profile of the trust is characterized by tightly
matched cash accruals against large debt repayment obligations
over the medium term owing to debt funded capital expenditure
undertaken in the recent past. However, comfort is derived from
the donations being infused into the trust every year. The sector
is highly competitive which exerts pressure on the trust's
ability to attract students for the arts and science course and
taking measures to improve the occupancy of the nursing college,
which would aid in the improvement of cash flows to meet the debt
obligations in a timely manner.
Shantha Trust was registered in November 2011 with four trustees
and is promoted by Mr. S. Senthilkumar. The Trust took over the
operations of E.S. College of Nursing from Shantha Medical
Foundation (SMF, a group entity), during 2013-14. ESCON started
the operations in the year 2008. SMF presently takes care of the
operations of ES Hospitals. In the current year 2016-17, the
Trust has started the operations of E.S. Arts & Science College
("ESASC") from the current academic year 2016-17.
ESCON presently offers courses in six specializations - Bachelor
of Science in Nursing (B.Sc (N)), Diploma in General Nursing and
Midwifery (DGNM), Post Basic Bachelor of Science in Nursing
(P.B.B.Sc (N)), Diploma in Medical Laboratory Technology (DMLT),
Auxiliary Nursing and mid-wifery (ANM) and Master of Science in
Nursing (M. Sc (N)). The College is recognized by Indian Nursing
Council (INC) and Tamil Nadu Nurses and Midwives Council (TNC),
and is affiliated to The Tamil Nadu Dr. M.G.R. Medical
University.
ESASC offers five Under-Graduate (UG) courses namely Bachelor of
Science in Maths, Bachelor of Science in Computer Science,
Bachelor of Science in Physics, Bachelor of Arts in English and
Bachelor of Commerce. The sanctioned strength for each course is
50 students.
Besides Shantha Trust, E.S. Group of Institutions has four other
trusts under its fold viz., E.S Educational Charities, ESSM
Educational & Charitable Trust (rated ([ICRA]BB+(Stable)),
Shantha Medical Foundation and ESSK Educational Charities, which
offer a variety of courses across streams such as engineering,
polytechnic, animation, teacher training and arts among others.
The entities are managed separately by different members of the
group.
Recent Results:
In FY 2016, the trust reported a net profit of INR3.31 crore on
operating income of INR4.39 crore. The trust has achieved an
operating income of INR4.16 crore, as per the 9 months FY2017
provisional financials.
SHARANAMMA DIGGAVI: ICRA Reaffirms INR8cr FB Loan Rating at 'D'
---------------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]D for the
INR8.00 crore1 fund based limits of Sharanamma Diggavi Memorial
Education Trust.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 8.00 Reaffirmed at [ICRA]D
The rating action is based on the best available information. As
part of its process and in accordance with its rating agreement
with SDMET, ICRA has been trying to seek information from the
company so as to undertake a surveillance of the ratings. But
despite repeated requests by ICRA, the company's management has
remained non-cooperative. In the absence of requisite
information, ICRA's Rating Committee has taken a rating view
based on best available information. In line with SEBI's Circular
No. SEBI/HO/MIRSD4/CIR/2016/119, dated Nov. 1, 2016, the
company's rating is now denoted as: "[ICRA]D ISSUER NOT
COOPERATING". The lenders, investors and other market
participants may exercise appropriate caution while using this
rating, given that it is based on limited or no updated
information on the company's performance since the time it was
last rated.
Sharanamma Diggavi Memorial Education Trust (SDME) was formed and
registered as a Trust in the year October, 2006. SDME was
established by the educationist Mr. Basawaraj Diggavi, the
Chairman of SDME. SDME operates three educational institutions
comprising of two schools (Primary School and High School) and
one PU College.
SHREE VISHWAKARMA: ICRA Assigns 'B' Rating to INR34.5cr Loan
------------------------------------------------------------
ICRA has assigned the long-term rating of [ICRA]B on the INR34.50
(enhanced from INR12.50) enhanced term loan bank facilities of
Shree Vishwakarma Builders (SVB). The outlook on the long-term
rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loan 34.50 [ICRA]B (Stable); assigned
Rationale
The assigned rating factors in the experience and execution track
record of promoters in the real estate business of Meerut, Uttar
Pradesh. The rating positively takes into account the low
execution risk and the high collection efficiency of the firm's
sole ongoing project "Green Paradise". However, the rating is
constrained by the market and funding risks. Furthermore, like
other real estate players, the firm remains prone to slowdown in
the real estate sector as well as the competition from other
projects.
Going forward, the ability of the firm to ramp up sales, offer
timely possession while ensuring sufficient funding support from
promoters to manage its cashflows will be the key rating
sensitivity.
Key rating drivers
Credit Strengths
* Experience and execution track record of the promoters in
Meerut
* Low execution risk as project is near completion with ~80%
of project cost already been incurred
* High collection efficiency of around 90%
Credit Weakness
* High funding risk given large repayments due in FY2018
* Modest sales - 50% of area sold while project is near
completion
* Concentration risk due to single project
* Exposure to slowdown in real estate sector
Description of key rating drivers highlighted above:
SVB's promoters have experience and execution track record in
residential real estate business in Meerut. They have developed
projects in the region through associate concerns. Launched in
FY2014, SVB's project 'Green Paradise' is exposed to low
execution risks as it is nearing completion and is expected to be
offered for possession from February, 2017. However, despite the
advance stage of completion, the project faces market risk as
only 50% of the area has been booked so far. This is crucial,
given that the firm has large repayment due in FY2018. This is
evident from the low Committed receivables to outflows ratio of
0.13x as of Sep, 2016. ICRA notes that the collection efficiency
for sold area is high, at around 90%, and these collections have
hence been utilised towards project execution.
SVB is a partnership firm incorporated in October, 2012 with
fourteen partners registered at Kanker Khera, Meerut, Uttar
Pardesh. The firm is promoted by Mr. Parminder Tewatia, Ms.
Ravindri Devi and Mr. Arjun Singh. SVB launched a project "Green
Paradise" in Modipuram, Meerut. The project comprises a saleable
area of 3.11 mn sq. ft. and consists of 63 plots, 130 duplex and
26 G+2 floor. The project cost for INR80.0 crore is funded by
INR34.50 crore of bank debt, INR25.52 crore of promoter's
contribution and INR19.98 crore of customer advances.
In FY2016, the company reported a net profit of INR0.05 crore on
an operating income of INR3.46 crore, as compared to a net profit
of INR0.05 crore on an operating income of INR4.45 crore in the
previous year.
SKP BUILDCON: CRISIL Assigns 'B+' Rating to INR4.5MM Bank Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of SKP Buildcon Private Limited (SBPL). The
ratings reflect SBPL's established track record and extensive
experience of promoters in civil contract work, and diversified
revenue. These strengths are partially offset by moderate working
capital requirement, tender-based business, and moderate
financial risk profile because of small networth.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Cash
Credit Limit 1.5 CRISIL B+/Stable
Proposed Bank
Guarantee 4.5 CRISIL B+/Stable
Bank Guarantee 4.5 CRISIL A4
Cash Credit 1.5 CRISIL B+/Stable
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: Scale remains small, with operating
income of INR29.86 crore in fiscal 2016.
* Working capital-intensive operations: Gross current assets have
been over 120 days in the three years ended March 31, 2016, due
to large receivables of over 76 days.
* Small networth: Networth remained small at INR1.74 crore as on
March 31, 2016.
Strengths
* Extensive experience of promoters in civil contracting and
diversified revenue: Promoters' experience of over 15 years
should support the business risk profile. Moreover, business is
spread across various states which should keep revenue
diversified.
* Low gearing: Gearing remains at low driven by limited
dependence on working capital borrowings and capital expenditure.
Outlook: Stable
CRISIL believes SBPL will continue to benefit over the medium
term from the promoters' extensive experience. The outlook may be
revised to 'Positive' in case of a significant increase in the
scale of operations and an improved financial risk profile.
Conversely, the outlook may be revised to 'Negative' in case of a
decline in revenue and profitability, or large, debt-funded
capital expenditure weakening the financial risk profile, or
stretch in the working capital cycle resulting in weak liquidity.
Established in 2010, SBPL undertakes construction of buildings
for various state government departments. The company is managed
by Mr Kapil Sharma.
SONHIRA ELECTRIC: Weak Financial Strength Cues ICRA SP 4D Grading
-----------------------------------------------------------------
ICRA has assigned 'SP 4D' grading to Sonhira Electric Company
indicating 'Weak Performance Capability' and 'Weak Financial
Strength' of the channel partner to undertake on grid solar
projects. The grading is valid for a period of two years from
January 13, 2017, after which it will be kept under surveillance.
Grading Drivers
Strengths
* Technically sound promoter having considerable experience in
the field of electrical projects execution.
* Wide customer base consisting of individuals, private
companies and state government entities, satisfactory feedback
from customers and suppliers.
Risk Factors
* Limited track record in solar project execution total
execution remains ~17.5 Kw and a village lighting project.
* Volatility in operating revenues which largely remain a
function of project receipts.
* Decline in operating margins in FY2016 as compared to FY2015
although they still continue to remain on higher side.
* Stretched financial risk profile characterized by high
TOL/TNW.
* Stretched receivables given the delays in payments from
customers especially at the fiscal ends.
* High competitive pressures from large number of
organized/unorganized players.
Solar Photovoltaic
SI Related Business Performance Capability - Weak
Promoter Track Record: Mr. Deshpande has close to 25 years
experience in power electronics and has worked with Intel
Electronics and Aplab Electronics in the past. Mr. Deshpande
ventured into renewable energy sphere since 2011. The promoter
has been largely active in execution of electrical contacts and
trading of electrical accessories over the past two decades with
limited track record (installation of 7.5 Kw roof top solar
system and a village solar lighting system) in solar space). The
firm currently is executing a 10 Kw roof top solar project in
Pune city.
Technical competence and adequacy of manpower: The promoter is
being supported by twenty technical personnel apart from the
field staff for the execution of electrical and solar projects.
Given their broad experience in the electrical project execution,
the SEC technical team has the capability to execute small and
midsized solar projects, going forward. The firm engineers in
addition to testing the solar systems and installed electrical
circuits also oversee the implementation at the site. The firm
has also recruited staff for conducting day to day operations of
the company. Given the limited ticket size of the projects
executed, the available technical manpower appears adequate. The
firm is in process of expanding its execution team in view of
increase in orders. The unskilled work at the project site is
executed through contractual local labour.
Quality of suppliers and tie ups: The firm has set standards for
raw material procurement. The firm procures solar panels from
reputed panel manufacturers, however sometimes it relies on the
customer's choice for the same. The ancillary material like
mounting towers, batteries among others are procured locally. The
firm has delayed payments to the suppliers given the
corresponding delays in obtaining payments from customers. Given
the long association as also timely payments and offtakes as per
orders placed, the suppliers have expressed a satisfactory
feedback. The firm does not have tie up with any of its
suppliers.
Customer and O&M Network: The firm has a wide customer base
comprising of individuals, government entities and private
companies. The firm remains empanelled with institutions like RBI
College of Agricultural Banking for last several years for their
electrical needs. The firm garners government projects through
tendering while projects from private entities/individuals are
obtained through mutual negotiations.SEC receives ~10% of the
project cost as mobilization advances which are generally
adjusted for raw material purchases. The firm faces delays in
receiving payments
Financial Strength- Weak
Revenues
The firm has reported operating income of INR6.37 crore in FY2015
and INR6.53 crore in FY2016.
Return on Capital Employed (RoCE)
33% during FY2015 and 15% in FY2016.
Total Outside Liabilities / Tangible Net worth
2.40 times during FY2015 and 2.72 times in FY2016.
Interest Coverage Ratio
9.90 times during FY2015 and 11.29 times in FY2016.
Net-Worth
The firm's net worth is INR1.98 crore as on March 31, 2015 and
INR2.36 crore in FY2016.
Current Ratio
1.17 times in FY'2015 and 0.93 in FY'2016
Relationship with bankers
Good
Overall financial strength of the firm is weak particularly given
its high TOL/TNW. The liquidity position also appears stretched
as indicated by elongated debtor days; the firm subsequently has
delayed payments to the suppliers.
SUDHIR AGRO: ICRA Upgrades Rating on INR4cr Loan From B+
--------------------------------------------------------
ICRA has upgraded the long term rating from [ICRA]B+ to [ICRA]BB-
for the INR4.00 cash credit facility and has reaffirmed short
term rating of [ICRA]A4 for the INR16.00 crore Sudhir Agro Oils
Private. The outlook on the long term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limits 4.00 Upgraded from [ICRA]B+
to [ICRA]BB-(Stable)
Non Fund Based Limits 16.00 Reaffirmed at [ICRA]A4
Rationale
The rating upgrade takes into account the healthy year-on-year
growth in SAOPL's operating Income on account of higher volumes
during the year as well as better debt coverage on account of
improved working capital cycle. The rating also factors in the
long experience of promoters in edible oil industry and the
favourable domestic demand prospects of edible oils. ICRA also
takes note of SAOPL's consistently healthy cash balances which
support its liquidity profile. However the rating continues to be
constrained by SAOPL's weak margins, their vulnerability to
volatility in global edible oil prices and the agro-climatic
risks associated with the availability of the raw materials.
Further, the firm also remains exposed to customer concentration
risks.
ICRA expects SAOPL's revenue to grow at a modest pace in FY2017
over similar margins. The total debt position of the company is
expected to remain at steady levels however may rise due to
increase in working capital requirement. The company's ability to
improve its revenue growth and operating margins while optimally
manage its working capital requirements and liquidity position
will remain the key rating sensitivities.
Key rating drivers
Credit Strengths
* Promoters long experience and track-record in the trading
business
* Favourable demand prospects of edible oil in India
* Increasing substitution of other edible oils by Palm oil due
to lower price of the latter resulting in higher growth in
Palm Oil consumption as compared to other edible oils
* Healthy growth witnessed in the last two years on the back
of good demand for palm oil
* Improvement in debt coverage metrics on account of better
working capital cycle. Further, liquidity and net cash
accruals remains supported by substantial cash balances
Credit Weakness
* High level of fragmentation and competition in the edible
oil trading space resulting in low profit margins
* Vulnerability to commodity price and forex risks, though the
former is largely mitigated by the order driven procurement
that the company follows
* Customer concentration risk with top ten customers
contributing 68.45% of the sales in FY2016
Description of key rating drivers highlighted:
SAOPL is engaged in trading of edible oils for supply in domestic
market. The company imports various types of edible oil mainly
crude palm oil and soya bean oil whereas cotton seed oil, mustard
oil, refined palm etc are generally procured from domestic
market, however in current FY2016 the company has dealt only in
Palm oil and Soyabean oil. The promoters of the company have been
involved in this line of business since 1952 through other firms.
While the company's margins have remained weak; as is
characteristic of the trading business, it has been able to post
healthy revenues based on volumetric growth.
The company is largely dependent on external borrowing resulting
in moderate leverage and debt coverage indicators. The company's
networth has increased on year-on- year basis from INR3.71 crore
in FY2012 to INR10.17 crore in FY2016. However in FY2016, better
receivable realization has resulted in lower dependence on
external borrowings. This along with steady interest income on
cash balances has supported SAOPL's coverage indicators. As per
the provisional results for H1 FY2017, the company recorded OI of
INR74.11 crore as compared to INR145.74 crore in FY2016.
Cash balances include those used for availing buyer's credit
stood at INR19.97 crore as on Sep 30, 2016 as compared to
INR25.69 as on March 31, 2016.
Incorporated in 1993, SAOPL is engaged in the trading of edible
oils. It trades primarily in Crude Palm Oil, Mustard Oil, Cotton
Seed Oil, Sunflower Oil and Soya Oil. The company does not have
any warehousing facility for storage of traded products. The
promoter Mr. Prem Kumar's family has been involved in the edible
oil trading business for three generations.
SAOPL recorded a net profit of INR0.92 crore on an operating
income of INR145.74 crore for the year ending March 31, 2016.
THIRUCHY STEELS: CRISIL Assigns B+ Rating to INR6MM Cash Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its rating on the long-term
bank facilities of Thiruchy Steels (TS) and assigned 'CRISIL
B+/Stable' rating to the facilities. CRISIL had, in its rating
rationale dated June 08, 2016, announced suspension of the
rating, since TS had not provided information necessary for a
rating review. TS has now shared the requisite information,
enabling CRISIL to assign the rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Cash 2 CRISIL B+/Stable (Assigned;
Credit Limit Suspension Revoked)
The rating reflects the modest scale of operations in an
intensely competitive industry and the below average financial
risk profile. These weaknesses are partly mitigated by the
extensive experience of the promoter in the industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in fragmented industry: Revenue of
INR39 crore in fiscal 2016 reflects modest scale in the steel
products trading industry, which is marked by the presence of
numerous mid-sized traders due to low entry barriers resulting in
intense competition.
* Below-average financial risk profile: The financial risk
profile has been below average owing to high total outside
liabilities to tangible networth ratio of 4.95 times as on March
31, 2016 and weak debt protection metrics marked by net cash
accrual to total debt and interest cover ratios were 0.02 time
and 1.65 times, respectively, in fiscal 2016.
Strength
* Promoters' experience and strong customer base: The promoters
have been operating in the steel products trading business for
over 25 years. Over the years, they established a strong
clientele, comprising both dealers and local ingot manufacturers.
Outlook: Stable
CRISIL believes TS will benefit over the medium term from the
promoter's extensive experience. The outlook may be revised to
'Positive' if high profitability leads to sizeable cash accrual.
Conversely, the outlook may be revised to 'Negative' if the firm
report lower thn expected cash accrual or undertakes larger than
expected capital expenditure programme or liquidity weakens
substantially because of large working capital requirement.
Chennai-based TS, set up in 1989 by the proprietor Mr B
Rajagopal, trades in iron and steel products like coils, sheets,
structural items etc.
TRANCITY FINANCE: CARE Reaffirms B+ Fixed Deposit Rating
--------------------------------------------------------
The rating assigned to the fixed deposit programme of Trancity
Finance Limited (TFL) continues to be constrained by small size
of portfolio concentrated in a limited geographical area,
moderate profitability indicators, moderate resource profile, and
weak asset quality albeit improved during FY16 (refers to the
period April 1 to March 31). The rating, however, favourably
takes into account the comfortable capital adequacy levels of
TFL, further improved on account of equity infusion during FY16.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Medium Term Instrument- 3 CARE B+ (FD); Stable
Fixed Deposit Reaffirmed
Going forward, the ability to maintain capital adequacy levels
and improve asset quality while increasing the scale of
operations would be the key rating sensitivities Detailed
description of the key rating drivers.
The scale of operations of TFL remained small and concentrated in
single region albeit increase in loan portfolio by 94.2% from
INR3.5 crore as on March 31, 2015 to INR6.8 crore as on March 31,
2016. The company lends towards the used commercial vehicles
(CV), Two-wheelers and passenger cars, loan against property, and
shorter tenor working capital loans for its clients around
Namakkal region with single branch.
Resource profile of TFL remains moderated with the entire
borrowings comprising of fixed deposits as on March 31, 2016.
The asset quality of TFL remained weak though improved with GNPA
of 11.24% and NNPA of 5.44% as on March 31, 2016 as against
16.21% and 10.9%, respectively, as on March 31, 2015. TFL
recognised NPA on 9 months overdue basis as per revised RBI norms
for HP loans as on March 31, 2016.
The capital adequacy ratio of TFL improved to 76.75% as on
March 31, 2016, as against 63.45% as on March 31, 2015 on
account of infusion of equity of INR2.97 crore in FY16. Tier I
capital stood at 76.49% as on March 31, 2016 as against
63.25% as on March 31, 2015.
TFL is incorporated as a deposit taking Non- Banking Finance
Company (NBFC) in the year 1996 under the name of ' Trancity
Finance and Leasing Limited (TFLL)' which was renamed into TFL
effective March 14, 2016. The company was promoted by a group of
friends from Namakkal headed by Mr. Ulavan M Thangavelu. TFL's
main area of focus is Hire Purchase (HP) finance for used
commercial vehicles (CV), 2W and passenger cars and loan against
property. Apart from HP loans, the company also grants Loan
against Property (LAP), and shorter tenor working capital loans.
The company operates from single branch based out of Namakkal.
During FY16, TFL reported PAT of INR0.2 crore on total income of
INR0.9 crore.
TRIMURTI FOODTECH: CRISIL Lowers Rating on INR6.98MM Loan to D
--------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Trimurti Foodtech Private Limited (TFPL) to 'CRISIL D' from
'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL D (Downgraded from
'CRISIL B/Stable')
Funded Interest 1.05 CRISIL D (Downgraded
Term Loan from 'CRISIL B/Stable')
Proposed Long Term .78 CRISIL D (Downgraded
Bank Loan Facility from 'CRISIL B/Stable')
Term Loan 3.03 CRISIL D (Downgraded from
'CRISIL B/Stable')
Working Capital 6.98 CRISIL D (Downgraded
Term Loan from 'CRISIL B/Stable')
The downgrade reflects delays in servicing instalments on term
loan on account of delays in receivables realisations; leading to
stretched liquidity. Furthermore, cash credit limit was overdrawn
by around 25 days. Hence, principal and interest on term loan are
being serviced with a delay of 30-45 days.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: Networth was small at INR7.7 crore
and total outside liabilities to adjusted networth ratio high at
3.87 times as on March 31, 2016.
* Working capital-intensive operations: The company had stretched
receivables of 109 days and sizeable inventory of 176 days as on
March 31, 2016. TFPL has to maintain large inventory on account
of the seasonal nature of farm produce.
Strength
* Extensive experience of promoter in the food processing
industry: Though TFPL was incorporated in 2007, its promoter has
been in the food processing industry since 1991 through group
entity, Trimurti Food, and has successfully managed retail
outlets and jelly and vegetable products. Management is
decentralised, with each division overlooked by different people.
The company also exports jelly to the Middle East and Japan.
Incorporated in 2007 in Aurangabad and promoted by Mr. Atul
Banginwar, TFPL manufactures frozen food, including jellies,
fruit pulp, and snacks. The promoter also owns the Pet Pooja
chain of restaurants, which it lets out on a franchise basis for
selling snacks. The remaining products are sold both in the
domestic and global markets.
Profit after tax (PAT) was INR17.4 lakh on revenue of INR38.18
crore in fiscal 2016, against a negative PAT of INR47.0 lakh on
revenue of INR32.77 crore in the previous fiscal.
TRUEVALUE ENGINEERING: ICRA Assigns B+ Rating to INR12.5cr Loan
---------------------------------------------------------------
ICRA has assigned a long-term rating of [ICRA]B+ to the INR12.50
crore fund based bank limit of Truevalue Engineering Private
Limited. ICRA has also assigned a short-term rating of [ICRA]A4
to the INR28.05 crore non-fund based limits of the company. The
outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Fund
Based Limit 12.50 [ICRA]B+(Stable); assigned
Short-term Non-
Fund Based Limit 28.05 [ICRA]A4; assigned
Rationale
The assigned ratings takes into account thin profitability of the
company following the low value additive nature of trading
business and high reliance on LC backed creditors for funding its
working capital requirements resulting in high TOL/TNW of 2.93
times as on 31st March 2016. The firm witnesses intense
competition by virtue of the highly fragmented industry
structure.
The ratings also take into account the company's exposure to high
client concentration risks as the company derives more than 50%
of its revenues from three customers.
The assigned ratings however favourably factor in the long
experience of the promoters in steel industry, spanning over
three decades.
Key rating drivers
Credit Strengths
* Extensive experience of management in the steel trading
business
Credit Weakness
* Operations exposed to inherent cyclicality in steel industry
* Highly concentrated customer base with the top three clients
contributing to 58% of total revenues in FY2016
* Low profitability and coverage indicators due to trading
nature of business
* High reliance on LC backed creditors for funding its working
capital requirements resulting in high TOL/TNW of 2.93 times
as on March 31, 2016
* Industry characterised by severe competition from a large
number of players in the unorganised as well as organised
sector
Description of key rating drivers highlighted:
Due to the trading nature of the operations and limited value
addition, the company earns modest contribution margins. Besides,
the industry is highly fragmented with high competitive
intensity. As the company maintains an inventory of 30 to 45 days
in the form of free stock, TEPL is directly exposed to price
risks, given the cyclical and the volatile nature of the steel
prices.
The customer base of the company majorly comprises of steel
traders. The customer base of TEPL has remained concentrated with
the top three customers accounting for more than 50% of company's
total sales in FY 2015 and FY 2016 respectively.
The company procures steel from domestic as well as international
market. The domestic purchases are generally backed by LC with a
usance period of 90-180 days. Reliance on LC backed creditors for
funding its working capital requirements has resulted in high
TOL/TNW of 2.93 times as on March 31, 2016.
Analytical approach:
ICRA has assigned the ratings following a detailed evaluation of
the issuer's business and financial risks to arrive at the
ratings
Incorporated in 1999, Truevalue Engineering Private Limited was
promoted by Mr. Rajendrakumar Choudhary. TEPL is engaged in
trading of flat steel products like hot rolled and cold rolled
coils, galvanised steel, colour coated steel, mild steel etc. The
trading operations of the company gained momentum only upon the
sanction of its working capital facilities in 2010. The firm has
its registered office in Mumbai.
Status of non-cooperation with previous CRA: CRISIL has suspended
the CRISIL BB-/Stable and CRISIL A4+ ratings for Truevalue
Engineering Private Limited on November 28, 2016 due to non-
cooperation by TEPL with CRISIL's efforts to undertake a review
of the ratings outstanding.
=========
J A P A N
=========
TOSHIBA CORP: Climbs After Reports Chip Business Gets Interest
--------------------------------------------------------------
Pavel Alpeyev at Bloomberg News reports that Toshiba Corp. shares
climbed the most in three weeks after reports that the company's
plan to sell a stake in its chip unit is drawing attention from
possible investors.
The stock climbed as much as 7.3 percent to JPY264.8 in Tokyo,
the biggest intraday gain since Dec. 30, Bloomberg says. Toshiba
may sell a 20 percent stake in its memory chip operations to
raise as much as 200 billion yen ($1.8 billion) and has received
interest from Canon Inc. and Tokyo Electron Ltd. as well as
overseas private equity funds, Bloomberg relates citing an Asahi
report.
The rally has pared the share decline in the past month to 43%
after Toshiba surprised investors in December with news that
writedowns at its nuclear business could run into the billions of
dollars, according to Bloomberg. The company has said it is
considering spinning off the chip business. The Tokyo-based
conglomerate has already gone through a round of asset sales in
the wake of a profit-padding scandal in 2015 that led to record
losses, staff cuts and prompted the company's top management to
resign.
"Considering the time constraint under which the company is
operating, the chip unit spinoff seems like the most realistic
option," Mikio Hirakawa and Simon Woo, analysts at Bank of
America Merrill Lynch wrote in a report on Jan. 20, Bloomberg
relays.
Private equity firms Bain Capital LP and Permira may be
interested in purchasing a stake, which could be as much as 30%,
Kyodo News reported, citing people it didn't identify, Bloomberg
says. Western Digital Corp., which whom Toshiba has shared
investments, is also interested, according to Nikkei.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3. Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.
The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications. At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.
TOSHIBA CORP: Prepares Stake Sales in Group Cos. to Raise Cash
--------------------------------------------------------------
The Japan Times reports that in an effort to avoid falling into
negative net worth amid huge losses from its U.S. nuclear
business, Toshiba Corp. is set to push ahead with plans to
generate cash by selling stakes in group companies, sources close
to the matter said on Jan. 21.
According to the report, the conglomerate is seeking support from
financial institutions as it could incur a group net loss for the
third straight year in the current fiscal year through March.
By reviewing its group-wide operations, the company will try to
persuade lenders it is serious about restructuring through the
sale of group businesses and assets, the sources said, The Japan
Times relays.
The Japan Times relates that Toshiba said last month it may book
an asset impairment loss of several billion dollars as it will
write down the value of assets in its U.S. nuclear business. But
it may need to log a bigger loss of up to JPY700 billion ($6.1
billion), people familiar with the matter said on Jan. 19.
The Japan Times says the company had shareholders' equity of
JPY363.2 billion as of the end of September, or just 7.5 percent
of assets. That is well below the 30 percent level seen as a
healthy financial condition.
Earlier in the week, Toshiba said it is considering spinning off
its key flash memory business. The company may sell a 20 percent
to 30 percent stake, a person close to the matter said.
According to The Japan Times, Fujio Mitarai, chairman and chief
executive of Canon Inc., said on Jan. 20 in an interview that the
maker of printers and other office equipment is considering
buying a stake in the spun-off company.
Toshiba is looking to raise several hundred billion yen through
the sale and an additional JPY300 billion by unloading other
assets and operations, the sources, as cited by The Japan Times,
said.
"We will do whatever it takes to raise as much cash as possible,"
The Japan Times quotes a senior Toshiba official as saying.
Toshiba has seven group companies listed on Tokyo stock markets,
such as office equipment maker Toshiba Tec Corp. and engineering
firm Toshiba Plant Systems & Services Corp, The Japan Times
discloses.
In 2015, Toshiba considered selling Toshiba Tec in the wake of an
accounting scandal but scrapped the plan given the subsidiary's
sluggish business at the time, the report recalls.
Toshiba is also eyeing the sale of privately-held subsidiaries to
streamline its group operations. Its money-losing nuclear
operations are likely to continue to weigh on its bottom line,
even if the company manages to avoid negative net worth in the
current fiscal year, adds The Japan Times.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to Caa1 from B3. Moody's has also downgraded Toshiba's
subordinated debt rating to Ca from Caa3, and affirmed its
commercial paper rating of Not Prime. At the same time, Moody's
has placed Toshiba's Caa1 CFR and long-term senior unsecured bond
rating, as well as its Ca subordinated debt rating under review
for further downgrade.
The TCR-AP reported on Jan. 4, 2017, that S&P Global Ratings said
it has lowered its long-term corporate credit and senior
unsecured debt ratings on Toshiba Corp. one notch each, to
'B-' from 'B' and 'B+' from 'BB-', respectively, and has placed
the ratings on CreditWatch with negative implications. At the
same time, S&P has placed its 'B' short-term corporate credit and
commercial paper program ratings on Toshiba on CreditWatch
negative.
===============
M A L A Y S I A
===============
1MALAYSIA: NZ Court Allows Jho Low Family Change Trustees
---------------------------------------------------------
The Strait Times reports that a New Zealand court has ruled that
Malaysian financier Low Taek Jho's family can change trustees
holding their assets, keeping alive a fight to stop the United
States from seizing US$650 million (SGD927 million) in real
estate and business investments allegedly acquired with stolen
funds.
According to the report, the family of the businessman known as
Jho Low claims the Swiss trustees holding its assets are afraid
to fight back against the US for fear of being prosecuted in a
global game of investment hide-and-seek set off by the alleged
disappearance of more than US$3.5 billion of the US$8 billion
raised by Malaysian state fund 1Malaysia Development Berhad
(1MDB).
The Strait Times relates that Swiss investigators have said that
some US$4 billion of 1MDB funds may have been misappropriated.
The US Department of Justice said last July that some of the
funds were used to buy penthouses and luxury houses in the US and
London, a Bombardier jet and artworks, and to finance the movie
The Wolf Of Wall Street, among other things, the report recalls.
It said it is trying to recover some US$1 billion of these assets
through civil lawsuits, by seizing them from three people,
including Mr Low and Malaysian Prime Minister Najib Razak's
stepson Riza Aziz. The third person named is a former United Arab
Emirates government official.
New Zealand's High Court in Auckland on Jan. 20 agreed that the
family can replace Swiss trustees Rothschild with Cayman Islands-
based FFP Limited.
The Swiss trustees did not oppose the replacement, says The
Strait Times.
"I am satisfied that the replacement of the current trustees with
trustees who are willing to ensure that proper legal steps are
taken in the California proceedings is not only expedient but
necessary to safeguard the trust assets" and "protect the
interests of the beneficiaries," the report quotes Justice Kit
Toogood as saying in his ruling.
He added that the New Zealand case "does not concern the merits
of the allegations made by the US government," the report relays.
According to the report, the Low assets at issue include a US$380
million stake in New York's Park Lane Hotel, a US$107 million
interest in EMI Music Publishing, a US$35 million Bombardier jet
and a US$30 million penthouse at Time Warner Centre in New York.
The report relates that Mr. Low, who is known for partying with
Hollywood celebrities like Lindsay Lohan and Paris Hilton, is
also friends with Mr. Riza and a producer of The Wolf Of Wall
Street, which the US alleges was also funded with stolen money.
Mr. Low has said he provided consulting to 1MDB that did not
break any laws, while the fund and Datuk Seri Najib have both
denied wrongdoing, adds The Strait Times.
About 1MDB
Kuala Lumpur-based 1Malaysia Development Bhd (1MDB) operates as a
government agency. The Company offers financial assistance,
analysis, and advice through investors, corporations, and
consultants to startups and growth companies. 1MDB focuses on
investments with strategic value and high multiplier effects on
the economy, particularly in energy, real estate, tourism, and
agribusiness.
As reported in the Troubled Company Reporter-Asia Pacific on
July 23, 2015, Reuters said Singapore Police Force has frozen two
bank accounts to help with an investigation in to Malaysia's
troubled state-owned investment fund 1Malaysia Development Bhd
(1MDB), which is being probed by authorities in Malaysia for
financial mismanagement and graft. Reuters said the freezing of
the Singapore bank accounts follows a similar move in Malaysia
where a task force investigating 1MDB said earlier in July that
it had frozen half a dozen bank accounts following a media report
that nearly $700 million had been transferred to an account of
Malaysia's Prime Minister Najib Razak.
The Wall Street Journal reported on July 3, 2015, that
investigators looking into 1MDB had traced close to US$700
million of deposits moving through Falcon Bank in Singapore into
personal bank accounts in Malaysia belonging to Najib.
The TCR-AP, citing Bloomberg News, reported on Nov. 26, 2015,
that 1MDB agreed to sell its power assets to China General
Nuclear Power Corp. for MYR9.83 billion ($2.3 billion) as the
state investment company moved one step closer to winding down
operations after its mounting debt raised investor concern.
Bloomberg related that the company faced cash-flow problems after
a planned initial public offering of Edra faced delays amid
unfavorable market conditions, President Arul Kanda said Oct. 31,
2015. The listing plan was later canceled as the company opted
for a sale of the assets, Bloomberg noted.
The TCR-AP, citing The Wall Street Journal, reported on April 27,
2016, that the company defaulted on a $1.75 billion bond issue,
triggering cross defaults on two other Islamic notes totaling
MYR7.4 billion ($1.9 billion).
Asian Nikkei Review reported in June 2016 that Malaysia has
replaced the board of 1Malaysia Development Berhad with treasury
officials, paving the way for the dissolution of the troubled
state investment fund .
=====================
P H I L I P P I N E S
=====================
* PHILIPPINES: Environment Department Cancels Permits of 6 Firms
----------------------------------------------------------------
Manila Standard reports that the Environment Department said on
Jan. 18 it cancelled the environment compliance certificates of
six companies, including four miners.
"I asked our usec [undersecretary] for legal to look at all the
operations with ECCs which might inflict damage to the common
good. That is also the heart and soul of the Duterte
administration," the report quotes Environment Secretary Regina
Lopez as saying in a news briefing. "We have cancelled six
because of the environmental possibility that they would
adversely affect people's lives. There's also the legal thing
because they expired," said Lopez.
The Standard relates that Environment undersecretary for legal
Ipat Luna said the government cancelled the ECCs of Mejore Wood
Works Inc. for its project in Surigao del Sur; Intex Resources
Philippines Inc. for Mindoro Nickel Project; Forum Cebu Coal
Corp. for its Cebu Coal Mining Project; Cekas Development for its
iron, copper and other minerals mining project; Eaglerock Mining
Corp.; and Alltech Contractors Inc.
The department earlier cancelled the ECCs of six companies and
sent show cause orders to eleven companies due to their alleged
failure to meet some of the conditions listed in their ECCs, the
report says.
The companies whose ECCs were cancelled included Century
Communities Corp., Austral-Asia Link Mining Corp., Ipilan Nickel
Corp., Core Mining Corp., Lebach Mining Corp. and Donggwang Clark
Corp., the Standard discloses.
====================
S O U T H K O R E A
====================
DAEWOO SHIPBUILDING: To Implement Self-Rescue Plan This Year
------------------------------------------------------------
Yonhap News Agency reports that Daewoo Shipbuilding & Marine
Engineering Co. plans to implement KRW2.5 trillion (US$2.14
billion) worth of self-rescue measures this year, larger than
last year's KRW1.6 trillion, as it strives to stay afloat amid a
sharp fall in new orders, company officials said Jan. 23.
As part of the measures, the shipyard plans to cut its workforce
by some 2,000 this year to some 8,500 in total by the end of the
year, and accelerate its move to spin off its non-core business
units such as its IT division, the report says.
Last year, Daewoo Shipbuilding cut the number of employees by
2,000 to 11,200 as of end-December, they said. Daewoo
Shipbuilding is also seeking to sell assets worth some KRW500
billion, including buildings and floating docks, Yonhap recalls.
Last year, Daewoo Shipbuilding said it would implement its self-
rescue measures totaling KRW6 trillion by 2019, the report
discloses.
Yonhap meanwhile reports that the shipyard is aiming to clinch
new orders worth $5.5 billion this year. Last year, it aimed to
bag $6.2 billion worth of orders, but only secured a meager $1.55
billion worth of shipbuilding deals.
According to Yonhap, Daewoo Shipbuilding is expected to have seen
its operating losses narrow last year on the back of its tough
restructuring measures, including job reduction and asset sales.
Yonhap says the shipyard is expected to have logged an operating
loss of KRW528 billion on sales of KRW13.12 trillion last year,
according to Daishin Securities, which compares with an operating
loss of KRW2.94 trillion and sales of KRW15 trillion the previous
year.
Headquartered in Seoul, South Korea, Daewoo Shipbuilding &
Marine Engineering Co. -- http://www.dsme.co.kr/-- is engaged in
building ships and offshore structures. Its product portfolio
includes commercial ships, such as liquefied natural gas (LNG)
carriers, oil tankers, containerships, liquefied petroleum gas
(LPG) carriers, pure car carriers; offshore structures, such as
FPSO vessels, drilling rigs, drillships and fixed platforms, and
naval vessels, including submarines, destroyers, rescue ships and
patrol boats.
The shipyard, along with two other major South Korean
shipbuilders, are currently undergoing self-created debt-
restructuring plans in the face of a decrease in new orders
caused by the protracted global economic slump, according to
Yonhap News.
* SOUTH KOREA: Troubled Conglomerates Refuse Debt Workout
---------------------------------------------------------
The Korea Herald reports that conglomerates in financial trouble
are refusing debt workouts, even when facing penalty, partly from
passive creditor banks who do not want to provide bailout money,
regulators said on Jan. 23.
The Korea Herald relates that a report submitted to Rep. Park
Yong-jin by the Financial Supervisory Service said five
conglomerates requested a workout last year when there were 11
firms whose annual credit ratings showed they needed debt
rearrangements.
Despite the government's stated drive from early in the year to
go after poorly-rated businesses, the number of filed workouts
actually fell from 13 in 2015, the report showed, according to
The Korea Herald.
The Korea Herald says corporate workouts had been a widely-used
alternative to bankruptcies, allowing companies to negotiate with
their creditors and receive fresh bailout funds. After the Wall
Street-originated global financial crisis in 2008, the number of
workouts reached 48 in 2009 and 37 in 2010.
According to The Korea Herald, 13 firms were given grade C in
their credit ratings last year, but Hyundai Merchant Marine and
Hanjin Shipping were already in voluntary workout proceedings.
A new law went into effect last year that penalizes C-rated firms
that do not file for workouts within three months, including
loans restrictions and forced debt repayment, but the report
showed that the companies were opting for penalties instead of
seeking workouts, The Korea Herald says.
The Korea Herald notes that bank officials acknowledged that
passivity by creditors is mainly responsible for such refusals by
companies. "Rather than risk having to take on bad debts by
providing a fresh bailout to companies in workouts, more creditor
banks are deciding to make an exit after taking what they can
from liquidation," The Korea Herald quotes an official as saying.
The Korea Herald relates that officials said creditor banks
themselves are in trouble from low interest rates and low profit
growth, making their agreement on any workout plan harder. It
also doesn't help that the new law from last year allows overseas
financial institutions and all other creditors to take part in
the workout talks.
"The merits of workouts as a state-controlled financing have
weakened after law changes that gave transparency to the
process," The Korea Herald quotes Prof. Kim Sang-jo of Hansung
University as saying. For instance, financial authorities and
policy banks, the key players in workouts, were tied down when
overseeing restructuring of conglomerates like Hanjin Shipping
and Daewoo Shipbuilding & Marine Engineering last year, he said.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Jan. 16 to Jan. 20, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 8.00
ARTSONIG PTY LTD 11.50 04/01/19 USD 8.00
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 17.65
BOART LONGYEAR MANAGEME 7.00 04/01/21 USD 18.50
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 72.25
BOART LONGYEAR MANAGEME 10.00 10/01/18 USD 70.63
CML GROUP LTD 9.00 01/29/20 AUD 1.02
DBCT FINANCE PTY LTD 2.10 06/09/26 AUD 74.75
IMF BENTHAM LTD 5.93 06/30/19 AUD 65.13
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.70
LAKES OIL NL 10.00 05/31/18 AUD 5.15
LAKES OIL NL 10.00 03/31/17 AUD 5.00
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 2.25
MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 3.50
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 65.44
RELIANCE RAIL FINANCE P 2.08 09/26/23 AUD 65.44
STOKES LTD 10.00 06/30/17 AUD 0.35
TREASURY CORP OF VICTOR 0.50 11/12/30 AUD 68.27
CHINA
-----
AKESU XINCHENG ASSET IN 7.50 10/10/18 CNY 52.52
ANSHAN CITY CONSTRUCTIO 8.25 03/05/19 CNY 62.74
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 63.48
BAISHAN URBAN CONSTRUCT 7.00 07/31/19 CNY 62.29
BANGBU CITY INVESTMENT 5.78 08/10/17 CNY 30.53
BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 63.23
BAYINGUOLENG INNER MONG 7.48 09/10/18 CNY 51.95
BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 61.91
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.24
BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 62.00
BEIJING ECONOMIC TECHNO 5.29 03/06/18 CNY 70.93
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 83.00
BEIJING XINGZHAN STATE 6.48 08/31/19 CNY 63.05
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 63.00
BINZHOU BINCHENG DISTRI 6.50 07/05/19 CNY 62.73
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 63.86
CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 64.36
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.61
CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 62.62
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.16
CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 63.51
CHANGSHA HIGH TECHNOLOG 7.30 11/22/17 CNY 41.50
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 62.73
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 62.62
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 61.87
CHANGZHOU WUJIN CITY CO 6.22 06/08/18 CNY 51.29
CHAOYANG CONSTRUCTION I 7.30 05/25/19 CNY 63.20
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.65
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.98
CHENGDU ECONOMIC&TECHNO 6.50 07/17/18 CNY 51.39
CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 62.50
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 63.04
CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 63.10
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 64.21
CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 63.34
CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 64.08
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 63.64
CHENZHOU URBAN CONSTRUC 7.34 09/13/19 CNY 63.76
CHIFENG CITY HONGSHAN I 7.20 07/25/19 CNY 62.98
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 49.50
CHIFENG CITY INFRASTRUC 6.18 05/18/17 CNY 50.38
CHINA CITY CONSTRUCTION 3.97 03/01/21 CNY 25.20
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 63.63
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 63.62
CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 63.60
CHONGQING FULING STATE- 6.39 01/21/20 CNY 74.00
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.50
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.88
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 71.53
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 70.40
CHONGQING JIANGBEI STAT 7.20 10/16/19 CNY 62.99
CHONGQING JIANGJIN HUAX 6.95 01/06/18 CNY 71.58
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.33
CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 63.61
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.77
CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 62.47
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.26
CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 63.30
CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 63.36
CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 63.64
CHONGQING NAN'AN URBAN 6.29 12/24/17 CNY 61.18
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.35
CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 63.36
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 64.05
CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 63.32
CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 63.20
CHONGQING YONGCHUAN HUI 7.49 03/14/18 CNY 72.26
CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 63.85
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.19
CHONGQING YUFU ASSET MA 6.50 09/04/19 CNY 63.20
CHONGQING YULONG ASSET 6.87 05/31/19 CNY 62.75
CHONGQING YUXING CONSTR 7.29 12/08/17 CNY 71.32
CHUXIONG AUTONOMOUS DEV 6.08 10/18/17 CNY 50.91
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 63.18
CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 63.70
CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 62.94
DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 64.02
DALIAN DETA INVESTMENT 6.50 11/15/19 CNY 62.97
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 62.54
DALIAN LVSHUN CONSTRUCT 6.78 07/02/19 CNY 63.23
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 63.18
DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 62.86
DAQING URBAN CONSTRUCTI 6.55 10/23/19 CNY 62.69
DATONG ECONOMIC CONSTRU 6.50 06/01/17 CNY 40.55
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 63.34
DAXING ANLING FORESTRY 7.08 10/23/19 CNY 59.29
DEZHOU DEDA URBAN CONST 7.14 10/18/19 CNY 64.33
DONGBEI SPECIAL STEEL G 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL G 6.30 09/24/16 CNY 40.00
DONGBEI SPECIAL STEEL G 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL G 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL G 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL G 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL G 7.00 07/10/16 CNY 40.00
DONGTAI COMMUNICATION I 7.39 07/05/18 CNY 51.71
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 40.94
DRILL RIGS HOLDINGS INC 6.50 10/01/17 USD 44.20
ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 64.09
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 49.94
ERDOS DONGSHENG CITY DE 8.40 02/28/18 CNY 50.00
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 62.64
FEICHENG CITY ASSET OPE 7.10 08/14/18 CNY 51.92
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 63.92
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 83.50
FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 63.61
FUJIAN NANPING HIGHWAY 7.90 10/26/18 CNY 73.98
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 71.45
FUXIN INFRASTRUCTURE CO 7.55 10/10/19 CNY 63.32
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 77.28
FUZHOU URBAN AND RURAL 6.35 09/25/18 CNY 51.62
GANSU PROVINCIAL HIGHWA 6.75 11/16/18 CNY 72.80
GANSU PROVINCIAL HIGHWA 7.20 09/19/18 CNY 73.41
GANZHOU CITY DEVELOPMEN 6.40 07/10/18 CNY 51.44
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 51.99
GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 62.91
GAOMI STATE-OWNED ASSET 6.75 11/15/18 CNY 52.16
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 62.51
GUANGAN INVESTMENT HOLD 8.18 04/25/19 CNY 63.72
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.29
GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 62.22
GUANGYUAN INVESTMENT HO 7.25 11/26/19 CNY 63.61
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.70
GUILIN ECONOMIC CONSTRU 6.90 05/09/18 CNY 51.63
GUIYANG ECO&TECH DEVELO 8.42 03/27/19 CNY 63.37
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 51.72
GUIYANG JINYANG CONSTRU 6.70 10/24/18 CNY 52.14
GUIYANG PUBLIC RESIDENT 6.70 11/06/19 CNY 63.51
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 51.96
GUOAO INVESTMENT DEVELO 6.89 10/29/18 CNY 47.09
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 51.81
HAIAN COUNTY CITY CONST 8.35 03/28/18 CNY 51.89
HAICHENG URBAN INVESTME 8.39 11/07/18 CNY 74.89
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 62.00
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 63.32
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 73.69
HAINING CITY ASSET MANA 7.80 09/20/18 CNY 73.68
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.05
HANGZHOU MUNICIPAL CONS 5.90 04/25/18 CNY 51.07
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 62.73
HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 62.84
HANZHONG CITY CONSTRUCT 7.48 03/14/18 CNY 72.39
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 73.61
HARBIN HELI INVESTMENT 7.48 09/26/18 CNY 73.42
HEFEI CONSTRUCTION INVE 5.23 08/28/18 CNY 71.31
HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 63.43
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.45
HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 63.31
HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 62.31
HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 63.95
HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 63.23
HUAIAN CITY URBAN ASSET 7.15 12/21/16 CNY 40.03
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 63.53
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 63.72
HUAI'AN DEVELOPMENT HOL 6.80 03/24/17 CNY 41.93
HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 63.26
HUAIAN QINGHE NEW AREA 6.79 04/29/17 CNY 40.52
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.64
HUAIHUA CITY CONSTRUCTI 8.00 03/22/18 CNY 51.25
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 64.47
HUANGGANG CITY CONSTRUC 7.10 10/19/19 CNY 63.77
HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 63.70
HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 63.67
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.52
HUNAN CHANGDE DEYUAN IN 7.18 10/18/18 CNY 52.18
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.51
HUNAN CHENGLINGJI HARBO 7.70 10/15/18 CNY 52.55
HUZHOU MUNICIPAL CONSTR 7.02 12/21/17 CNY 71.32
HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 62.96
HUZHOU WUXING NANTAIHU 7.71 02/17/18 CNY 71.96
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 63.38
INNER MONGOLIA HIGH-TEC 7.20 09/25/19 CNY 61.41
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 62.50
JIAMUSI NEW ERA INFRAST 8.25 03/22/19 CNY 62.90
JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 63.32
JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 64.03
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 62.71
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.50
JIANGDU XINYUAN INDUSTR 8.10 03/23/19 CNY 62.99
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.00
JIANGSU HUAJING ASSET O 5.68 09/28/17 CNY 25.21
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 61.89
JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 62.31
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 63.79
JIANGSU NANJING PUKOU E 7.10 10/08/19 CNY 63.31
JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 74.78
JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 63.41
JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 63.03
JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 63.85
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.02
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 64.13
JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 63.29
JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 61.80
JIAXING CULTURE FAMOUS 8.16 03/08/19 CNY 62.26
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 63.04
JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 62.47
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 51.51
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.80
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.21
JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 63.77
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 77.00
JINGJIANG BINJIANG XINC 6.80 10/23/18 CNY 52.22
JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 63.79
JINING CITY CONSTRUCTIO 8.30 12/31/18 CNY 62.76
JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 83.63
JINTAN CONSTRUCTION INV 8.30 03/14/19 CNY 63.22
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 62.57
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 62.73
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 64.00
JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 63.59
JIXI STATE OWN ASSET MA 7.18 11/08/19 CNY 63.25
KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 62.34
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 62.40
KARAMAY URBAN CONSTRUCT 7.15 09/04/19 CNY 63.35
KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 63.92
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 50.50
KUNMING CITY CONSTRUCTI 7.60 04/13/18 CNY 51.71
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 62.86
KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 63.01
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.83
KUNMING WUHUA DISTRICT 8.60 03/15/18 CNY 51.99
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 63.06
KUNSHAN ENTREPRENEUR HO 6.28 11/07/19 CNY 84.00
LAIWU CITY ECONOMIC DEV 6.50 03/01/18 CNY 61.35
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.60
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.71
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 71.81
LESHAN STATE-OWNED ASSE 6.99 03/18/18 CNY 72.15
LIAOYANG CITY ASSETS OP 7.10 11/13/19 CNY 63.61
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 66.40
LIAOYANG CITY ASSETS OP 6.88 06/13/18 CNY 67.02
LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 63.16
LIAOYUAN STATE-OWNED AS 7.80 01/26/17 CNY 40.22
LIJIANG GUCHENG MANAGEM 6.68 07/26/19 CNY 62.72
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.67
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 51.57
LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 64.53
LINYI INVESTMENT DEVELO 8.10 03/27/18 CNY 51.54
LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 63.01
LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 62.97
LIYANG CITY CONSTRUCTIO 8.20 11/08/18 CNY 70.86
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 71.66
LONGHAI STATE-OWNED ASS 8.25 12/02/17 CNY 70.02
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.10
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 52.46
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 63.14
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.28
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.31
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 84.02
MIANYANG SCIENCE & TECH 6.30 07/22/18 CNY 53.84
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 60.50
MIANYANG SCIENCE & TECH 7.16 05/15/19 CNY 62.42
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 63.04
MUDANJIANG STATE-OWNED 7.08 08/30/19 CNY 61.94
NANAN CITY TRADE INDUST 8.50 04/25/19 CNY 64.00
NANCHONG CHEMICAL INDUS 8.16 04/26/19 CNY 63.18
NANJING HEXI NEW TOWN A 6.40 02/03/17 CNY 60.06
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.00
NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 63.02
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 63.44
NANJING NEW&HIGH TECHNO 6.94 09/07/19 CNY 63.00
NANJING URBAN CONSTRUCT 5.68 11/26/18 CNY 51.65
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.71
NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 62.36
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.87
NEIJIANG INVESTMENT HOL 7.00 07/19/18 CNY 51.73
NEIMENGGU XINLINGOL XIN 7.62 02/25/18 CNY 71.88
NINGBO CITY ZHENHAI INV 6.48 04/12/17 CNY 40.31
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 51.50
NINGBO URBAN CONSTRUCTI 7.39 03/01/18 CNY 52.15
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 52.20
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 10.25
NONGGONGSHANG REAL ESTA 6.29 10/11/17 CNY 40.82
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 39.98
PANJIN CONSTRUCTION INV 7.70 12/16/16 CNY 39.90
PANJIN CONSTRUCTION INV 7.50 05/17/19 CNY 62.87
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.42
PINGDINGSHAN CITY DEVEL 7.86 05/08/19 CNY 63.35
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 63.68
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 63.80
PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 63.75
PUER CITY STATE OWNED A 7.38 06/20/19 CNY 62.66
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 62.97
PUTIAN STATE-OWNED ASSE 8.10 03/21/19 CNY 63.39
PUYANG CONSTRUCTION INV 6.98 10/29/19 CNY 63.37
QIANAN XINGYUAN WATER I 6.45 07/11/18 CNY 51.53
QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 63.45
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 63.54
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 62.89
QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 63.00
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.24
QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 62.23
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.18
QINGDAO CITY CONSTRUCTI 6.19 02/16/17 CNY 40.22
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 62.66
QINGDAO HUATONG STATE-O 7.30 04/18/19 CNY 63.02
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.17
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.57
QINGZHOU HONGYUAN PUBLI 7.25 10/19/18 CNY 52.40
QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 31.23
QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 63.60
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.74
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 63.75
QINZHOU CITY DEVELOPMEN 6.72 04/30/17 CNY 50.46
QITAIHE CITY CONSTRUCTI 7.30 10/18/19 CNY 63.43
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 63.55
QUANZHOU QUANGANG PETRO 8.40 04/16/19 CNY 62.68
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 63.39
QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 62.91
QUNSHAN HUAQIAO INTERNA 7.98 12/30/18 CNY 62.86
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 63.53
RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 63.98
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 63.69
SANMING STATE-OWNED ASS 6.99 06/14/18 CNY 72.63
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 61.31
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 52.10
SHANGHAI JIADING INDUST 6.71 10/10/18 CNY 78.00
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 63.40
SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 63.04
SHANGHAI REAL ESTATE GR 6.12 05/17/17 CNY 40.49
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 51.74
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 63.81
SHANGRAO CITY CONSTRUCT 7.30 09/10/19 CNY 63.38
SHANGYU COMMUNICATIONS 6.70 09/11/19 CNY 63.37
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 84.00
SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 63.73
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.07
SHAOXING CHENGBEI XINCH 6.21 06/11/18 CNY 51.14
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 63.01
SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 63.48
SHAOXING URBAN CONSTRUC 6.40 11/09/19 CNY 63.61
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 52.13
SHAOYANG CITY CONSTRUCT 7.40 09/11/18 CNY 50.00
SHENYANG HEPING DISTRIC 6.85 11/13/19 CNY 63.17
SHISHI STATE OWNED INVE 7.40 09/13/19 CNY 63.60
SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 63.38
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 63.26
SHOUGUANG JINCAI STATE- 6.70 10/23/19 CNY 82.00
SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 68.00
SICHUAN COAL INDUSTRY G 7.80 09/27/17 CNY 68.00
SICHUAN COAL INDUSTRY G 5.94 05/15/17 CNY 68.00
SICHUAN COAL INDUSTRY G 7.45 12/25/16 CNY 68.00
SICHUAN DEVELOPMENT HOL 5.40 11/10/17 CNY 30.50
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 63.00
SONGYUAN URBAN DEVELOPM 7.30 08/29/19 CNY 62.99
SUIZHOU CITY INVESTMENT 7.50 08/22/19 CNY 63.77
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.09
SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 63.50
SUZHOU CONSTRUCTION INV 7.45 03/12/19 CNY 63.15
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 51.28
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 60.50
SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 62.12
SUZHOU TECH CITY DEVELO 7.32 11/01/18 CNY 53.30
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 62.72
SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 62.25
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.40
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 63.00
TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 63.81
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.69
TAIXING ZHONGXING STATE 8.29 03/27/18 CNY 51.92
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 83.90
TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 62.90
TAIZHOU CITY CONSTRUCTI 6.90 01/25/17 CNY 40.25
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.07
TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 63.33
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 73.81
TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 74.00
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.89
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.71
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 63.50
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 71.02
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 62.85
TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 66.00
TIANJIN HANBIN INVESTME 8.39 03/22/19 CNY 63.19
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 62.90
TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 63.01
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 62.88
TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 63.00
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 51.64
TIELING PUBLIC ASSETS I 7.34 05/29/18 CNY 51.34
TIGER FOREST & PAPER GR 5.38 06/14/17 CNY 59.33
TONGCHUAN DEVELOPMENT I 7.50 07/17/19 CNY 62.84
TONGLIAO CITY INVESTMEN 5.98 09/01/17 CNY 40.64
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 63.69
TONGLIAO TIANCHENG URBA 7.75 09/24/19 CNY 62.51
TONGREN FANJINGSHAN INV 6.89 08/02/19 CNY 62.53
URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 62.67
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.60
URUMQI STATE-OWNED ASSE 6.48 04/28/18 CNY 51.31
VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 54.90
WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 62.96
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 63.38
WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 84.30
WENLING CITY STATE OWNE 7.18 09/18/19 CNY 62.16
WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 62.88
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 62.10
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 63.27
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.65
WUHU ECONOMIC TECHNOLOG 6.70 06/08/18 CNY 51.00
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 63.65
WUHU XINMA INVESTMENT C 7.18 11/14/19 CNY 63.18
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 62.79
WUXI MUNICIPAL CONSTRUC 6.60 09/17/19 CNY 62.97
WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 63.81
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 72.79
WUXI XIDONG TECHNOLOGY 5.98 10/26/18 CNY 72.69
WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 63.87
XI'AN AEROSPACE BASE IN 6.96 11/08/19 CNY 63.52
XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 62.88
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.00
XIANGTAN CITY CONSTRUCT 8.00 03/16/19 CNY 63.22
XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.06
XIANGTAN JIUHUA ECONOMI 6.93 12/16/16 CNY 40.04
XIANGTAN JIUHUA ECONOMI 7.43 08/29/19 CNY 63.73
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 62.92
XIANGYANG CITY CONSTRUC 8.12 01/12/19 CNY 62.69
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 52.37
XIANNING CITY CONSTRUCT 7.50 08/31/18 CNY 50.99
XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 63.18
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 52.02
XINGHUA URBAN CONSTRUCT 7.25 10/23/18 CNY 51.00
XINING CITY INVESTMENT 7.70 04/27/19 CNY 63.39
XINJIANG SHIHEZI DEVELO 7.50 08/29/18 CNY 49.54
XINJIANG UYGUR AR HAMI 6.25 07/17/18 CNY 51.58
XINXIANG INVESTMENT GRO 6.80 01/18/18 CNY 71.30
XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 63.09
XINZHOU CITY ASSET MANA 7.39 08/08/18 CNY 51.96
XISHAN ECONOMIC DEVELOP 6.99 11/01/19 CNY 64.00
XISHAN ECONOMIC DEVELOP 6.99 11/01/19 CNY 62.52
XUCHANG GENERAL INVESTM 7.78 04/27/19 CNY 63.40
XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 63.43
XUZHOU XINSHENG CONSTRU 7.48 05/08/18 CNY 51.78
YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 62.84
YANCHENG CITY CHENGNAN 6.93 10/26/19 CNY 63.60
YANCHENG CITY CHENGNAN 6.93 10/26/19 CNY 63.74
YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 63.74
YANCHENG ORIENTAL INVES 5.75 06/08/17 CNY 50.38
YANGZHONG URBAN CONSTRU 7.10 03/26/18 CNY 71.98
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 62.45
YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 60.00
YANZHOU HUIMIN URBAN CO 8.50 12/28/17 CNY 51.36
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 71.70
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.83
YICHANG MUNICIPAL FINAN 7.12 10/16/19 CNY 63.33
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 63.69
YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 84.84
YICHUN CITY CONSTRUCTIO 7.35 07/24/19 CNY 62.00
YIJINHUOLUOQI HONGTAI C 8.35 03/19/19 CNY 59.12
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 52.37
YILI STATE-OWNED ASSET 6.70 11/19/18 CNY 78.00
YINCHUAN URBAN CONSTRUC 6.28 03/09/17 CNY 25.17
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 62.89
YINGKOU COASTAL DEVELOP 7.08 11/16/19 CNY 62.98
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.15
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 63.59
YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 63.49
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 63.37
YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 63.43
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 83.10
YUHUAN COUNTY COMMUNICA 7.15 10/12/19 CNY 63.53
YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 63.48
YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 64.11
YUNNAN PROVINCIAL INVES 5.25 08/24/17 CNY 40.16
YUYAO WATER RESOURCE IN 7.20 10/16/19 CNY 63.97
ZHANGJIAGANG JINCHENG I 6.23 01/06/18 CNY 60.99
ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 63.26
ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 64.13
ZHANGJIAKOU CONSTRUCTIO 7.00 10/26/19 CNY 63.27
ZHANGJIAKOU TONGTAI HOL 6.90 07/05/18 CNY 72.25
ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 63.39
ZHEJIANG PROVINCE DEQIN 6.90 04/12/18 CNY 72.03
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.48
ZHENJIANG CULTURE AND T 5.86 05/06/17 CNY 50.15
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.09
ZHENJIANG NEW AREA ECON 8.16 03/01/19 CNY 62.51
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.74
ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 62.04
ZHONGSHAN TRANSPORTATIO 6.65 08/28/18 CNY 51.75
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 41.06
ZHUCHENG ECONOMIC DEVEL 7.50 08/25/18 CNY 31.46
ZHUCHENG ECONOMIC DEVEL 6.40 04/26/18 CNY 40.94
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.57
ZHUHAI HUAFA GROUP CO L 8.43 02/16/18 CNY 51.68
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 72.69
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 73.55
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 63.99
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 73.51
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 63.67
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 64.05
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 63.37
ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 82.00
ZIBO CITY PROPERTY CO L 6.83 08/22/19 CNY 62.99
ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 36.65
ZIGONG STATE-OWNED ASSE 6.86 06/17/18 CNY 72.23
ZOUCHENG CITY ASSET OPE 7.02 01/12/18 CNY 40.85
ZOUPING COUNTY STATE-OW 6.98 04/27/18 CNY 71.90
INDONESIA
---------
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 29.25
BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 23.55
INDIA
-----
3I INFOTECH LTD 5.00 04/26/17 USD 17.50
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.14
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.46
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.30
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 24.50
JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 44.25
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 20.25
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.39
REI AGRO LTD 5.50 11/13/14 USD 1.39
SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 0.07
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 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 60.03
TAKATA CORP 0.85 03/06/19 JPY 69.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 34.08
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 34.08
2016 KIBO 1ST SECURITIZ 5.00 09/13/18 KRW 29.77
DONGBU METAL CO LTD 5.30 06/03/18 KRW 73.89
DOOSAN CAPITAL SECURITI 20.00 04/22/19 KRW 47.96
EXPORT-IMPORT BANK OF K 1.70 09/22/30 KRW 75.27
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 10.10
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 7.56
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 56.50
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 54.63
KIBO ABS SPECIALTY CO L 10.00 08/22/17 KRW 20.09
KIBO ABS SPECIALTY CO L 5.00 01/31/17 KRW 48.95
KIBO ABS SPECIALTY CO L 5.00 03/29/18 KRW 32.85
KIBO ABS SPECIALTY CO L 5.00 12/25/17 KRW 32.51
KIBO ABS SPECIALTY CO L 10.00 02/19/17 KRW 53.74
LSMTRON DONGBANGSEONGJA 4.53 11/22/17 KRW 33.39
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 33.10
OKC SECURITIZATION SPEC 10.00 01/03/20 KRW 27.59
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.24
SINBO SECURITIZATION SP 5.00 06/27/18 KRW 32.24
SINBO SECURITIZATION SP 5.00 07/24/17 KRW 34.04
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.99
SINBO SECURITIZATION SP 5.00 07/24/18 KRW 31.99
SINBO SECURITIZATION SP 5.00 05/26/18 KRW 30.91
SINBO SECURITIZATION SP 5.00 10/30/19 KRW 19.83
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.84
SINBO SECURITIZATION SP 5.00 01/30/19 KRW 29.84
SINBO SECURITIZATION SP 5.00 08/27/19 KRW 27.67
SINBO SECURITIZATION SP 5.00 12/30/19 KRW 26.39
SINBO SECURITIZATION SP 5.00 01/28/20 KRW 26.23
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.38
SINBO SECURITIZATION SP 5.00 03/18/19 KRW 29.38
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.83
SINBO SECURITIZATION SP 5.00 02/27/19 KRW 29.83
SINBO SECURITIZATION SP 5.00 09/30/19 KRW 27.39
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.50
SINBO SECURITIZATION SP 5.00 07/08/17 KRW 35.50
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 35.09
SINBO SECURITIZATION SP 5.00 08/16/17 KRW 35.09
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 10/01/17 KRW 34.56
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.30
SINBO SECURITIZATION SP 5.00 02/11/18 KRW 33.30
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 33.02
SINBO SECURITIZATION SP 5.00 03/12/18 KRW 33.02
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.85
SINBO SECURITIZATION SP 5.00 01/15/18 KRW 33.85
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 23.57
SINBO SECURITIZATION SP 5.00 06/07/17 KRW 23.57
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 43.51
SINBO SECURITIZATION SP 5.00 03/13/17 KRW 43.51
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 47.38
SINBO SECURITIZATION SP 5.00 01/29/17 KRW 51.63
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.21
SINBO SECURITIZATION SP 5.00 12/23/18 KRW 30.21
SINBO SECURITIZATION SP 5.00 12/23/17 KRW 32.53
SINBO SECURITIZATION SP 5.00 12/13/16 KRW 70.13
SINBO SECURITIZATION SP 5.00 12/25/16 KRW 60.91
SINBO SECURITIZATION SP 5.00 02/21/17 KRW 46.78
SINBO SECURITIZATION SP 5.00 06/25/19 KRW 28.31
SINBO SECURITIZATION SP 5.00 06/25/18 KRW 30.63
SINBO SECURITIZATION SP 5.00 07/29/19 KRW 27.95
SINBO SECURITIZATION SP 5.00 07/29/18 KRW 30.27
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.42
SINBO SECURITIZATION SP 5.00 08/29/18 KRW 31.42
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
SINBO SECURITIZATION SP 5.00 09/26/18 KRW 31.35
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 34.91
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 56.45
WOORI BANK 5.21 12/12/44 KRW 391.65
SRI LANKA
---------
SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 59.89
SRI LANKA GOVERNMENT BO 7.00 10/01/23 LKR 74.28
SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 65.84
SRI LANKA GOVERNMENT BO 9.00 10/01/32 LKR 71.72
SRI LANKA GOVERNMENT BO 9.00 06/01/33 LKR 71.35
SRI LANKA GOVERNMENT BO 9.00 06/01/43 LKR 67.33
SRI LANKA GOVERNMENT BO 9.00 11/01/33 LKR 70.68
SRI LANKA GOVERNMENT BO 6.00 12/01/24 LKR 66.52
MALAYSIA
--------
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 71.47
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.17
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 69.27
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 72.09
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 70.86
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 73.21
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 74.44
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.84
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.74
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 55.67
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 58.23
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 54.31
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.86
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.28
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.38
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.79
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 62.01
SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.87
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.54
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 59.48
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.26
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.71
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.30
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.96
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 4.75 03/28/17 SGD 70.00
ASL MARINE HOLDINGS LTD 5.35 10/01/18 SGD 70.00
AUSGROUP LTD 7.45 10/20/18 SGD 65.88
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.53
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.53
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 23.55
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 23.88
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 7.25
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 47.30
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 43.50
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 46.75
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 44.13
ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 27.25
EZION HOLDINGS LTD 4.88 06/11/21 SGD 63.46
EZION HOLDINGS LTD 4.70 05/22/19 SGD 74.17
EZION HOLDINGS LTD 5.10 03/13/20 SGD 68.54
EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.75
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 35.00
GEO ENERGY RESOURCES LT 7.00 01/18/18 SGD 67.38
GOLIATH OFFSHORE HOLDIN 12.00 06/11/17 USD 4.00
INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 61.25
INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 82.75
NEPTUNE ORIENT LINES LT 4.40 06/22/21 SGD 61.38
NEPTUNE ORIENT LINES LT 4.65 09/09/20 SGD 67.38
ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 39.34
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.75
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 71.25
OTTAWA HOLDINGS PTE LTD 5.88 05/16/18 USD 71.80
PACIFIC INTERNATIONAL L 7.25 11/16/18 SGD 70.50
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 42.13
RICKMERS MARITIME 8.45 05/15/17 SGD 29.63
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 12.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 12.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 9.75
SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 12.25
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 10.88
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.00
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 17.00
THAILAND
--------
G STEEL PCL 3.00 10/04/15 USD 3.00
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 56.80
*********
Tuesday's edition of the TCR-AP delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-AP editors from a variety of outside
sources during the prior week we think are reliable. Those
sources may not, however, be complete or accurate. The Tuesday
Bond Pricing table is compiled on the Friday prior to
publication. Prices reported are not intended to reflect actual
trades. Prices for actual trades are probably different. Our
objective is to share information, not make markets in publicly
traded securities. Nothing in the TCR-AP constitutes an offer
or solicitation to buy or sell any security of any kind. It is
likely that some entity affiliated with a TCR-AP editor holds
some position in the issuers' public debt and equity securities
about which we report.
A list of Meetings, Conferences and Seminars appears in each
Wednesday's edition of the TCR-AP. Submissions about insolvency-
related conferences are encouraged. Send announcements to
conferences@bankrupt.com
Friday's edition of the TCR-AP features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication. At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled. Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets. A company may establish reserves on its balance
sheet for liabilities that may never materialize. The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.
*********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Valerie U. Pascual, Marites O. Claro, Joy A. Agravante, Rousel
Elaine T. Fernandez, Julie Anne L. Toledo, and Peter A. Chapman,
Editors.
Copyright 2017. 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 ***