/raid1/www/Hosts/bankrupt/TCRAP_Public/170307.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
A S I A P A C I F I C
Tuesday, March 7, 2017, Vol. 20, No. 47
Headlines
A U S T R A L I A
AMA MANAGEMENT: First Creditors' Meeting Set for March 14
BLUESTONE CONSTRUCTIONS: In Liquidation; Owes AUD6.8MM
BMS CLEANING: First Creditors' Meeting Set for March 14
CLIFFS NATURAL: Enters Into 5.75% Senior Notes Indenture
CLIFFS NATURAL: Christopher Cebula Assumes Controller & CAO Posts
K.M. & Y.S.: First Creditors' Meeting Set for March 14
C H I N A
HONGLI CLEAN: Receives Nasdaq Delinquency Letter on Delayed 10-Q
LEECO: Sports Media Unit Defaults on Major Soccer TV Contract
H O N G K O N G
CHINACAST EDUCATION: Taps HK-Based Norton Rose as Counsel
I N D I A
AGE OLD: CARE Reaffirms B+ Rating on INR9.0cr LT Loan
ANAND IMPEX: CARE Raises Rating on INR1.75cr LT Loan to BB-
ANSAL PROPERTIES: CARE Lowers Rating on INR72.50cr LT Loan to D
AS NUTRA: CARE Revises Rating on INR13.40cr LT Loan to 'D'
ASM SPUNTEX: CARE Assigns B+ Rating to INR12.32cr LT Loan
ASTRA ROCKS: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
CHORUS LABS: ICRA Reaffirms B- Rating on INR4cr Cash Loan
COMBINE DIAMONDS: CARE Assigns B+ Rating to INR48cr LT Loan
HAL-KO-INFRA PROJECTS: CRISIL Assigns B Rating to INR1.75MM Loan
HARMONY PLY-LAM: CARE Assigns B+ Rating to INR14.75cr LT Loan
HI-TRAC MANPOWER: CARE Assigns B+ Rating to INR17.25cr LT Loan
IGAKU NEEDLES: CRISIL Assigns B+ Rating to INR4.0MM Term Loan
INDO BRINE: CARE Lowers Rating on INR15cr LT Loan to B+
INDRA MARSHAL: CARE Revises Rating on INR5cr LT Loan to B-
INDRANI AUTOMOTIVE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
INTERNATIONAL COIL: Ind-Ra Assigns 'BB-' Rating to INR30MM Loan
JAGDAMBA FIBRES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
JAI BHARAT: CRISIL Reaffirms 'B' Rating on INR25MM Cash Loan
JAYPEE PROJECTS: CRISIL Cuts rating on INR6MM Bank Loan to B+
JKR MOTORS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
KIA TEXTILES: CRISIL Assigns B+ Rating to INR8MM Cash Loan
M B MOTOR: CRISIL Assigns B+ Rating to INR3.5MM Cash Loan
M.G. BROTHERS: CRISIL Assigns 'B' Rating to INR20MM LT Loan
MANTHAN SOFTWARE: CRISIL Assigns 'B+' Rating to INR20MM Loan
MASSIMO ENTERPRISE: ICRA Revises Rating on INR9.75cr Loan to B
MRMC FOODS: CARE Assigns B+ Rating to INR46.38cr LT Loan
NANCY KRAFTS: CRISIL Lowers Rating on INR1.9MM LT Loan to 'B'
NATIONAL GINNING: CRISIL Reaffirms B- Rating on INR2.12MM Loan
NATIONAL PLASTICS: CARE Assigns B+ Rating to INR6.32cr Loan
NEPTUNE INDUSTRIES: CARE Reaffirms B+ Rating on INR12.76cr Loan
NOOR INDIA: CARE Revises Rating on INR7cr LT Loan to B+
PATODIA GINNING: Ind-Ra Assigns 'D' Long-Term Issuer Rating
PRAYAGRAJ POWER: ICRA Reaffirms 'D' Rating on INR11,493cr Loan
PROZONE DEVELOPERS: CARE Assigns B+ Rating to INR34cr Loan
RANCHHOD OIL: CARE Designates B+; Issuer Not Cooperating Rating
RATNA COTTEX: CARE Revises Rating on INR5.99cr LT Loan to B+
SCT PRIVATE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
SHREE KHODIYAR: ICRA Reaffirms 'D' Rating on INR15cr Cash Loan
SMART STACK: CRISIL Assigns 'B' Rating to INR12MM Term Loan
SPADS RED: CARE Upgrades Rating on INR6.0cr LT Loan to 'BB'
SRI SAI: ICRA Reaffirms B+ Rating on INR10cr Unallocated Loan
SRIKARA PACKAGING: CRISIL Assigns 'D' Rating to INR5MM LT Loan
SUBHASH KABINI: CARE Lowers Rating on INR53.76cr LT Loan to D
SUDARSHAN BEOPAR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
SUNAHRI MULTI: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
SUPRINT SALES: CARE Assigns B+ Rating to INR7cr Long Term Loan
VELAVEN POLYMERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
VISHNU BARIUM: CARE Reaffirms B+ Rating on INR24.27cr LT Loan
VSP UDYOG: CARE Assigns 'D' Rating to INR200.31cr LT Loan
S I N G A P O R E
EZRA HOLDINGS: Unit Seeks Trading Suspension on SGX
S O U T H K O R E A
HANJIN SHIPPING: Winding Up Operations in Singapore
HANJIN SHIPPING: Sells Hanjin Rome Cargo Vessel in Sheriff's Sale
HYUNDAI MERCHANT: Forms Alliance with Smaller Local Rivals
X X X X X X X X
* BOND PRICING: For the Week Feb. 27 to March 3, 2017
- - - - -
=================
A U S T R A L I A
=================
AMA MANAGEMENT: First Creditors' Meeting Set for March 14
---------------------------------------------------------
A first meeting of the creditors in the proceedings of AMA
Management Pty Ltd, trading as JP Collision Centre, will be held
at CTA Business Club, Conference Room 3, Level 1, MLC Centre, 19
Martin Place, in Sydney, NSW, on March 14, 2017, at 3:00 p.m.
Gavin Moss and Trent McMillen of Chifley Advisory Pty Ltd were
appointed as administrators of AMA Management on March 2, 2017.
BLUESTONE CONSTRUCTIONS: In Liquidation; Owes AUD6.8MM
------------------------------------------------------
Paul Weston & Martin Rasini at Gold Coast Bulletin report that
Gold Coast subbies have been rocked by another company collapse
after liquidators were appointed to Bluestone Constructions Pty
Ltd which owes at least AUD6.8 million.
The Queensland Building and Construction Commission suspended the
licence of the Coast builders on February 13 after receiving
complaints from subbies, the report recalls.
The Bulletin notes that Coast tradies are hurting financially
following the Cullen Group collapse with debts likely to reach
AUD30 million after work stopped last December on its Boheme
project at Robina.
Many suppliers in the New Year have faced further debt after
Batir Ptd Ltd halted construction on several Coast public
building sites after it owed AUD2.1 million to creditors, the
report relates.
The Bulletin understands the QBCC was trying to work through the
financial problems with Bluestone Constructions as it completed
its 263-unit Wateford apartments development on Racecourse Road
at Bundall.
Acquire Trade Credit business development manager Nathan Wrobel,
who is working with insured subbies, told the Bulletin: "The
Bluestone Constructions insolvency is likely a flow on effect
from the recent major collapses of the Cullen Group, Bloomer
Constructions and Batir and we will likely see more businesses go
under in the coming months."
According to the Bulletin, developer Larry Matthews on January 25
wrote to creditors saying the company was not able to pay its
debts but hoped to resolve its financial crisis within three
months.
"It is with a great deal of disappointment and remorse that I am
writing to you today," he wrote. "Currently the company finds
itself with a serious cashflow shortage, however this situation
will be resolved as soon as the financial settlements at
Waterford North come through," the Bulletin relays.
The Bulletin relates that subbies United leader John Goddard said
his group had been keeping a watch on Bluestone Constructions for
several weeks after alerts from several subbies in mid-February.
Jason Bettles, from Worrells Solvency, said Bluestone's company
principals had indicated that the debt was due to cost overruns,
the report relays.
The report notes that the company was only days from completing
the Bundall project when it lost its licence and the Matthews
Group, headed by veteran developer Larry Matthews, stepped in to
complete the development.
Mr. Matthews is the father of Richard Matthews, director,
secretary and sole shareholder in Bluestone Constructions, the
Bulletin discloses.
BMS CLEANING: First Creditors' Meeting Set for March 14
-------------------------------------------------------
A first meeting of the creditors in the proceedings of BMS
Cleaning Pty Ltd, trading as Corporate Cleaning Services, will
be held at the offices of Worrells Solvency & Forensic
Accountants Suite 5A, Level 5, 34 East Street, in Rockhampton
City, Queensland, on March 14, 2017, at 10:30 a.m.
Paul Nogueira and Morgan Lane of Worrells Solvency were appointed
as administrators of BMS Cleaning on March 2, 2017.
CLIFFS NATURAL: Enters Into 5.75% Senior Notes Indenture
--------------------------------------------------------
On its Current Report Form 8-K filed with the U.S. Securities and
Exchange Commission on Feb. 27, 2017, Cliffs Natural Resources
Inc. disclosed that it entered into an indenture among the
Company, the guarantors party thereto and U.S. Bank National
Association, as trustee, relating to the issuance by the Company
of $500 million aggregate principal amount of 5.75% Senior Notes
due 2025. The Notes were sold on February 27, 2017 in a private
transaction exempt from the registration requirements of the
Securities Act of 1933.
The Notes bear interest at a rate of 5.75% per annum, which is
payable semi-annually in arrears on March 1 and September 1 of
each year, commencing on September 1, 2017. The Notes mature on
March 1, 2025.
The Indenture contains customary events of default, including
failure to make required payments, failure to comply with certain
agreements or covenants, failure to pay or acceleration of
certain other indebtedness, certain events of bankruptcy and
insolvency, and failure to pay certain judgments. An event of
default under the Indenture will allow either the Trustee or the
holders of at least 25% in aggregate principal amount of the
then-outstanding Notes issued under the Indenture to accelerate,
or in certain cases, will automatically cause the acceleration
of, the amounts due under the Notes.
In connection with the issuance of the Notes, the Company, the
Guarantors and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, acting as representative for the initial
purchasers, entered into a registration rights agreement relating
to the Notes, dated February 27, 2017.
If the Company does not comply with certain of its obligations
under the Registration Rights Agreement, subject to limitations
set forth in the Registration Rights Agreement, the Company will
be required to pay additional interest to holders of Notes in an
amount equal to 0.25% per annum on the principal amount of the
Notes, for the first 90 days following such default. Thereafter,
the amount of additional interest will increase by an additional
0.25% per annum with respect to each subsequent 90-day period
until the default is cured, up to a maximum amount of 1.00% per
annum.
A full-text copy of the regulatory filing is available at:
https://is.gd/NvVAbU
About Cliffs Natural Resources
Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama. Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada. Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.
On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada). The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.
Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Cliffs Natural had $1.77 billion in total
assets, $3.17 billion in total liabilities and a $1.40 billion
total deficit.
* * *
As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources Inc.'s Corporate Family
Rating (CFR) and Probability of Default Rating to B2 and B2-PD
from Caa1 and Caa1-PD, respectively, and assigned a B3 rating to
the new senior unsecured guaranteed notes. The upgrade follows
the company's announcement of a $500 million senior unsecured
guaranteed note issuance and an approximate $590 million equity
issuance.
In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs Natural Resources Inc. to 'B'
from 'CCC+' after the company announced a $591 million equity
issuance and the tender offer for high-cost debt. The outlook is
stable.
CLIFFS NATURAL: Christopher Cebula Assumes Controller & CAO Posts
-----------------------------------------------------------------
The Board of Directors of Cliffs Natural Resources Inc. elected
Christopher Cebula, 46, to assume the duties of vice president,
corporate controller & chief accounting officer of the Company
on Feb. 22, 2017.
Mr. Cebula most recently was the senior director, corporate
planning & analysis of the Company, a position he held since
April 2013. He previously served the Company as senior director,
enterprise risk management (April 2010 to April 2013).
In connection with his appointment, Mr. Cebula will be entitled
to receive an increased base salary, increased target short-term
annual incentive opportunity as a percentage of base salary and
increased target long-term incentive opportunity as a percentage
of base salary, as disclosed in a Form 8-K report filed with the
Securities and Exchange Commission.
About Cliffs Natural Resources
Cliffs Natural Resources Inc. --
http://www.cliffsnaturalresources.com/-- is a mining and natural
resources company. The Company is a major supplier of iron ore
pellets to the U.S. steel industry from its mines and pellet
plants located in Michigan and Minnesota. Cliffs also produces
low-volatile metallurgical coal in the U.S. from its mines
located in West Virginia and Alabama. Additionally, Cliffs
operates an iron ore mining complex in Western Australia and owns
two non-operating iron ore mines in Eastern Canada. Driven by
the core values of social, environmental and capital stewardship,
Cliffs' employees endeavor to provide all stakeholders operating
and financial transparency.
On Jan. 27, 2015, Bloom Lake General Partner Limited and certain
of its affiliates, including Cliffs Quebec Iron Mining ULC
commenced restructuring proceedings in Montreal, Quebec, under
the Companies' Creditors Arrangement Act (Canada). The initial
CCAA order will address the Bloom Lake Group's immediate
liquidity issues and permit the Bloom Lake Group to preserve and
protect its assets for the benefit of all stakeholders while
restructuring and sale options are explored.
Cliffs Natural reported a net loss attributable to Cliffs common
shareholders of $788 million on $2.01 billion of revenues for the
year ended Dec. 31, 2015, compared to a net loss attributable to
Cliffs common shareholders of $7.27 billion on $3.37 billion of
revenues for the year ended Dec. 31, 2014.
As of Sept. 30, 2016, Cliffs Natural had $1.77 billion in total
assets, $3.17 billion in total liabilities and a $1.40 billion
total deficit.
* * *
As reported by the TCR on Feb. 14, 2017, Moody's Investors
Service upgraded Cliffs Natural Resources Inc.'s Corporate Family
Rating (CFR) and Probability of Default Rating to B2 and B2-PD
from Caa1 and Caa1-PD, respectively, and assigned a B3 rating to
the new senior unsecured guaranteed notes. The upgrade follows
the company's announcement of a $500 million senior unsecured
guaranteed note issuance and an approximate $590 million equity
issuance.
In February 2017, S&P Global Ratings said it raised its long-term
corporate credit rating on Cliffs Natural Resources Inc. to 'B'
from 'CCC+' after the company announced a $591 million equity
issuance and the tender offer for high-cost debt. The outlook is
stable.
K.M. & Y.S.: First Creditors' Meeting Set for March 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of K.M. &
Y.S. Clark Nominees Pty Ltd, trading as Katies Cards and Records,
will be held at the offices of Deloitte Financial Advisory Pty
Ltd, 550 Bourke St, in Melbourne, Victoria, on March 14, 2017, at
11:00 a.m.
David Mansfield and Salvatore Algeri of Deloitte Financial
Advisory were appointed as administrators of K.M. & Y.S. on March
2, 2017.
=========
C H I N A
=========
HONGLI CLEAN: Receives Nasdaq Delinquency Letter on Delayed 10-Q
----------------------------------------------------------------
Hongli Clean Energy Technologies Corp., a vertically integrated
producer of clean energy products located in Henan Province,
China, on Feb. 23, 2017, disclosed that it has received a letter
from The NASDAQ Stock Market ("NASDAQ") notifying the Company
that it is not in compliance with NASDAQ Listing Rule 5250(c)(1)
because it has not filed its Quarterly Report on Form 10-Q for
the period ended Dec. 31, 2016 in a timely manner with the
Securities and Exchange Commission (the "SEC"). NASDAQ Listing
Rule 5250(c)(1) requires listed companies to timely file all
required periodic financial reports with the SEC. This
delinquency serves as an additional basis for delisting the
Company's securities from the Nasdaq Stock Market.
As previously reported, the Company informed the Nasdaq Listing
Qualification Panel (the "Panel") that its auditor had notified
the Company on Jan. 26, 2017 that it would need additional time
to complete the audit for the fiscal year ended June 30, 2016.
The Panel has granted the Company's request for extension of the
exception period to complete its audit and filing of its
delinquent reports and any necessary restatements with the
Securities and Exchange Commission prior to March 31, 2017.
About Hongli Clean Energy Technologies
Previously known as SinoCoking Coal and Coke Chemical Industries,
Inc., Hongli Clean Energy Technologies Corp. ("Hongli" or the
"Company") (NASDAQ: CETC) is a Florida corporation and an
emerging producer of clean energy products located in
Pingdingshan City, Henan Province, China. The Company has
historically been a vertically-integrated coal and coke processor
of basic and value-added coal products for steel manufacturers,
power generators, and various industrial users. The Company has
been producing metallurgical coke since 2002, and acts as a key
supplier to regional steel producers in central China. The
Company also produces and supplies thermal coal to its customers
in central China. The Company currently owns its assets and
conducts its operations through its subsidiaries, Top Favour
Limited and PingdingshanHongyuan Energy Science and Technology
Development Co., Ltd., and its affiliated companies, Henan
Province PingdingshanHongli Coal & Coke Co., Ltd., Baofeng Coking
Factory, BaofengHongchang Coal Co., Ltd., BaofengHongguang
Environment Protection Electricity Generating Co., Ltd.,
Zhonghong Energy Investment Company, Henan Hongyuan Coal Seam Gas
Engineering Technology Co., Ltd., BaofengShuangri Coal Mining
Co., Ltd., and BaofengXingsheng Coal Mining Co., Ltd
LEECO: Sports Media Unit Defaults on Major Soccer TV Contract
-------------------------------------------------------------
Tariq Panja at Bloomberg News reports that Chinese sports media
company LeSports has been stripped of its rights to broadcast
Asian Football Confederation soccer games after defaulting on
payments, according to people familiar with the matter.
The company, a subsidiary of billionaire Jia Yueting's
smartphone-to-taxi service business LeEco, missed a payment in
January and another deadline to pay a portion of its $100 million
contract by February, said the people, who asked not to be
identified because the matter is subject to a lawsuit, Bloomberg
relates.
LeSports' failure to make the payment is the first sign of cracks
in China's super-charged media market for sports rights, which
has seen companies in the world's most-populous country bid up
the price of soccer properties from the domestic Super League to
England's Premier League to record levels, according to
Bloomberg. PPTV in November agreed to buy three years of Premier
League for more than $650 million, more than 12 times the current
contract, Bloomberg recalls.
According to Bloomberg, the deal between LeSports and the Asian
Confederation was negotiated by Lagardere Sport and
Entertainment, an agency that has exclusive rights to sell the
AFC's media and marketing properties. LeSports' agreement allowed
it to broadcast the Asian Champions League, qualifying matches to
the World Cup and the Asian Cup.
LeSports was given a final mid-February deadline to make a
payment that was due at the start of January, and after missing
that too, the company was told that its contract was terminated
and legal action would be taken to secure the funds, one of the
people told Bloomberg.
Bloomberg notes that LeSports' problems come amid an increasingly
competitive race between Chinese media companies paying premium
prices for top sports content. The companies, including units
underpinned by some of the country's biggest businesses, are
betting that the loss-leading ventures will one day lead to
profits following a growth in subscriber and viewer numbers.
Yueting has been battling allegations over missed payments
related to some of his other ventures, with some suppliers taking
legal action in the U.S. over unpaid debts, Bloomberg recalls.
Last month, the billionaire apologized for making "inappropriate"
comments about boosting the stock price of LeEco's main listed
unit, adds Bloomberg.
China-based LeEco makes smartphones, entertainment platforms,
set-top boxes, and smart TVs.
================
H O N G K O N G
================
CHINACAST EDUCATION: Taps HK-Based Norton Rose as Counsel
---------------------------------------------------------
ChinaCast Education Corporation seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Norton Rose Fulbright Hong Kong as its special counsel.
Norton Rose will continue to represent the Debtor in certain
lawsuits pending in Hong Kong, including a "recovery action" it
filed against DMX Technologies and several others in the High
Court of Hong Kong Special Administrative Region Court of First
Instance.
Unlike other law firms retained by the Debtor, Hong Kong law
prohibits the use of contingent fee arrangements. The hourly
rates charged by Norton Rose are its customary rates charged to
other clients, and are discounted by 20%.
Wu Man Tsuen Alfred, Esq., disclosed in a court filing that the
firm does not represent any interest adverse to the Debtor or its
bankruptcy estate.
The firm can be reached through:
Wu Man Tsuen Alfred, Esq.
Norton Rose Fulbright Hong Kong
38/F, Jardine House, 1 Connaught Place
Central Hong Kong, SAR
Tel: +852 3405 2300
About Chinacast Education
Chinacast Education Corp. sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 16-13121) on
November 9, 2016. The petition was signed by Douglas Woodrum,
chief financial officer.
The case is assigned to Judge Mary Kay Vyskocil. Klestadt
Winters Jureller Southard & Stevens, LLP represents the debtor as
its bankruptcy counsel.
At the time of the filing, the Debtor estimated its assets at
$500 million to $1 billion and debts at $10 million to $50
million.
The Office of the U.S. Trustee has not yet appointed an official
committee of unsecured creditors.
=========
I N D I A
=========
AGE OLD: CARE Reaffirms B+ Rating on INR9.0cr LT Loan
-----------------------------------------------------
The rating assigned to the bank facilities of Age Old Spirit is
constrained by significant dependence on agreement renewal with
two of its principal suppliers for revenue generation which
accounting for entire revenues in FY16 (refers to the period from
April 1 to March 31), partnership nature of constitution of the
entity with limited financial flexibility to raise capital and
sensitivity of the business to Government regulations.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 9.00 CARE B+; Stable Reaffirmed
The ratings derive strength from the experienced promoters with
an experience of around 22 years in the business, financial risk
profile marked by revenue growth, moderate profitability along
with improved operating cycle for the year ended March 31, 2016.
The ability of the company to increase its scale of operations as
envisaged, sustaining the improvement in its profitability
margins and efficient management of its working capital going
forward are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness:
Dependence on two principal suppliers
The firm is in the business of distribution of Indian Made
Foreign Liquor (IMFL) in the designated territory of
Nagpur(Maharashtra). The firm has formal agreements with the
Seagrams India Private Limited for distribution of its
variousbrands like Royal Stag and for Haywards 5000 of SabMiller
India USL for the distribution of its Haywards 5000 beer.
Thedistribution agreement is is renewed annually.
Key Rating Strengths:
Established presence with experienced partnersAOS has a track
record of more than two decades in the liquor trading business
and has established presence due toexclusive distributorship and
long presence with sound base in the business. AOS is a
partnership business with partnersbelonging to the Dewani family
of Nagpur (Maharashtra). The key partner Mr. Girish Dewani is a
lawyer by qualificationand a first generation entrepreneur who
manages day-to-day affairs of the firm.
Distributorship for reputed brands along with diversified
customer portfolio
The firm has the distribution rights for Whisky (Imperial Blue,
Royal Stag), Vodka and Rum of Seagrams Company Limitedand
Haywards 5000 beer forSabMiller India for the Nagpur retion. The
company supplies these products directly to morethan 550
retailers through the various permit rooms, beer bars and
retailers based out of Nagpur region.
Financial risk profile marked by revenue growth, profitability
margins along with improved operating cycle.
AOS registered a growth in revenue t of 5.05% (y-o-y) to
INR115.54 crore during FY16 which was driven by volume
growthacross different brands of IMFL. The EBITDA margin of the
company has improved to 4.03% during FY16 from 3.39%during FY15
led by changing product mix between Seagram and SAB Miller which
stood at 70:30 for FY16 vis-Ö-vis 60:40for FY15. Correspondingly,
its PAT margin improved to 1.22% in FY16 as against 0.88% in
FY15. The operating cycle of thecompany improved marginally to 36
days during FY16 as against the operating cycle 51 days during
FY15 led byimprovement in collection period which stood at 34
days during FY16 as against 41 days during FY15 and inventory
periodreduced to 16 days in FY16 as against 19 days in FY15.
Established in 1994, Nagpur based, Age Old Spirits (AOS) is a
partnership firm, engaged in trading of Indian Made ForeignLiquor
(IMFL). The firm primarily is an exclusive distributor for
established IMFL brands such as Seagram's India PrivateLimited
(forms 70% of FY16 revenue) and SabMiller India Limited (forms
30% of FY16 revenue) and caters to entireNagpur region to more
than 650 retail outlets. The firm's product profile comprises
various IMFL brands like 'ImperialBlue', 'Royal Stag', 'Blenders
Pride', 'Absolute Vodaka' and 'Haywards 5000' etc. AOS belongs to
Dewani group havingbusiness interests in the varied fields such
as liquor bottling, real estate, coal mining and retail
distribution for electronicgoods among others.
ANAND IMPEX: CARE Raises Rating on INR1.75cr LT Loan to BB-
-----------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Anand Impex takes into account significant
improvement in scale of operations during FY16 (refers to the
period April 1 to March 31). The ratings continue to derive
benefits from comfortable capital structure, healthy experience
of the promoters and its presence in diamond processing
hub.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 1.75 CARE BB-; Stable Revised
From CARE B+
Short-term Bank
Facilities 4.25 CARE A4 Reaffirmed
The ratings, however, continue to remain constrained on account
of thin profitability, moderate debt coverage indicators and
moderate liquidity position during FY16.
The ability of Anand to increase its scale of operations coupled
with improvement in profitability and capital structure along
with efficient management of its working capital requirements are
the key rating sensitivities.
Detailed description of key rating drivers
Key Rating Strengths
Healthy growth in scale of operations
During FY16 (A), Anand's total operating income has increased by
51% to INR86.21 crore as against INR57.21 crore during FY15 on
account of increase demand from existing customers coupled with
addition of new customers in its portfolio.
Comfortable capital structure
As on March 31, 2016, the capital structure has deteriorated but
stood at comfortable as reflected by an overall gearing ratio of
0.67 times as against 0.58 times as on March 31, 2015. The
deterioration in capital structure was mainly on account of
increase in total debt as on balance sheet date.
Key Rating Weaknesses
Thin Profitability
During FY16, the PBILDT margin of Anand has improved marginally
by 49 bps to 1.61% as against 1.12% in FY15 on account of
decrease in other manufacturing expenses. However, PAT margin
declined marginally 14 bps and stood low at 0.30% as against
0.44% in FY15 on account of higher interest and depreciation
expenses. Further, GCA has increased and remained low at INR0.32
crore as against INR0.29 crore during FY15.
Moderate debt coverage indicators
The debt coverage indicators of the firm deteriorated marked by
Total debt to GCA of 27.85 times as on March 31, 2016, as against
14.55 times in FY15 on account of increase in total debt. Also,
interest coverage ratio has deteriorated marginally and stood at
1.31 times during FY16 as compared to 1.87 times during FY15,
mainly on account of higher interest & finance charges.
Moderate liquidity position
As on March 31, 2016, the current ratio stood at 1.42x as
compared with 1.33x as on March 31, 2015. The working capital
cycle has deteriorated from 49 days during FY15 to 65 days during
FY16 mainly on account of increase in receivable days.
Further the gross current assets stood at 147 days which was
primarily funded through creditors' days and working capital
borrowings. The cash flow from operating activities stood
negative at INR9.74 crore as compared with INR1.45 crore in FY15,
mainly on account of blockage of money into receivables. The
average working capital limit during past 12 months ended January
2017 remained at 95%.
Surat-based (Gujarat) Anand was established as a partnership firm
in the year 2006 by Mr Dilip Kheni and Mr Vinod Kheni along with
Mr Dilip Godhani. Anand is engaged in the business of processing
of rough diamonds into finished polished diamonds of various
sizes, shapes, purity and colour. The firm has its sales office
in Mumbai and its processing plant is located in Surat. The
average size of the finished diamonds ranges from 0.1 carat to 4
carat. The firm imports rough diamonds from Belgium and imports
contributed around 47% of the total purchases in FY16 and it
exports the cut and polished diamonds to Hong Kong, Bangkok which
contributed around 6.33% of the total sales in FY16.
As per the audited results for FY16, Anand reported profit after
tax (PAT) of INR0.26 crore on a total operating income (TOI) of
INR86.21 crore as against INR0.25 crore on a TOI of INR57.21
crore during FY15 (A).
ANSAL PROPERTIES: CARE Lowers Rating on INR72.50cr LT Loan to D
---------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Ansal Properties and Infrastructure Ltd takes into consideration
the delays in servicing of the company's debt obligations. Going
forward, the ability of the company to improve its liquidity
position would remain the key rating sensitivity.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 72.50 CARE D Revised from
CARE B (SO)
Detailed description of the key rating drivers
Key Rating Weaknesses
Delays in servicing of debt obligations
On account of stretched liquidity position, APIL has delayed in
servicing of its debt obligations due to the Banks which were
raised for its "Green Escape" project located in Sonepat,
Haryana.
APIL, part of the Ansal group, was promoted by Late Mr
Chinranjjiv Lal Ansal and Mr Sushil Ansal in 1967. The Company
was originally incorporated as Ansal & Saigal Properties Pvt. Ltd
and subsequently changed its constitution to a public limited
company and the name to the present one in March 1990. APIL is a
public limited company (listed) engaged in real estate
development in North India (in states of Delhi, Haryana, Punjab,
Rajasthan and Uttar Pradesh). The company is a part of API group
engaged in real estate development with wide range of business
verticals, viz, integrated townships, Condominiums, group
housing, commercial, retail, hospitality, special economic zones,
information technology parks, and facility management.
As per the results for FY16 (refers to the period April 1 to
March 31) APIL reported a total income of INR708.59 crore with
a PAT of INR29.38 crore as compared with the total income of
INR849.30 crore with a PAT of INR21.95 crore in FY15.
AS NUTRA: CARE Revises Rating on INR13.40cr LT Loan to 'D'
----------------------------------------------------------
CARE has been seeking information from AS Nutra Tech Pvt Ltd to
monitor the ratings vide e-mail communications/letters dated
September 5, 2016, November 23, 2016, January 12, 2017,
January 30, 2017, February 1, 2017, February 7, 2017 and numerous
phone calls. However, despite our repeated requests, the company
has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 13.40 CARE D; ISSUER NOT
Facilities COOPERATING; Revised
from CARE B on the basis
of best available
information
The ratings on ASNPL's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.
The rating has been revised on account of ongoing delays in
repayment of the term loan.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
The rating has been revised on account of ongoing delays in
repayment of the term loan. There has been an increase in the
total operating income of the company from INR1.13 crore in FY15
to INR15.25 crore in FY16 (refers to the period April 1 to March
31) on account of commencement of operation of the new refinery
unit in April 2015. However, ASNPL incurred net loss of INR1.1
crore in FY16 (net loss of INR0.3 crore in FY15) due to teething
trouble of the new unit. Interest coverage ratio was
satisfactory. Overall gearing ratio deteriorated from 2.06x as on
March 31, 2015 to 2.68x as on March 31, 2016, in view of
availment of project loan and utilization of working capital
limits. Total debt /GCA remained weak at 8.58x as on March 31,
2016.
ASNPL, incorporated in February 2010, is promoted by Shrishrimal
family of Raipur. The company has a soya nuggets manufacturing
unit which is non-operational since the past three years and the
company has been trading soya DOC since then. The company has set
up a refinery plant (9000 MTPA) and solvent extraction plant for
manufacturing refined soya oil (27000 MTPA) and refined rice bran
oil (18000 MTPA) in April 2015 (within the scheduled time). The
estimated project cost for the facilities has been INR17.67 crore
funded through debt of INR10 crore and promoter's contribution of
INR7.67 crore.
ASNPL is headed by Mr. Amit Shrishrimal who is looking after the
financial, administrative and marketing activities of the
company since its incorporation. He is also director of group
company Progressive Exim Ltd which is having solvent
extraction plant of capacity 60,000 TPA and refinery plant at
Raipur.
ASM SPUNTEX: CARE Assigns B+ Rating to INR12.32cr LT Loan
---------------------------------------------------------
The ratings assigned to the bank facilities of ASM Spuntex (ASM)
are primarily constrained by short track record, smallscale of
operations coupled with low net worth base and leveraged capital
structure. The ratings are further constrainedby operating
margins susceptible to cotton price fluctuation with seasonality
& government regulations associated withthe cotton industry and
competitive nature of industry.The ratings, however, draw comfort
from the experienced promoters, moderate profitability margins
and moderate operating cycle.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 12.32 CARE B+; Stable Assigned
Short-term Bank
Facilities 0.68 CARE A4 Assigned
Going forward, the ability of the firm to increase its scale of
operations while improving its capital structure will be the
key sensitivity.
Detailed description of the key rating drivers
Key rating weakness
Short track and small scale of operations though growing: ASM
started with its commercial production during April 2014 and has
a relatively short track record of operations as compared with
other established players. Despite the growth registered in total
operating income on y-o-y basis on FY16, the scale of operations
remain small which limits the firm's financial flexibility in
times of stress and deprives it from scale benefits.
Leveraged capital structure: The capital structure of the company
stood leveraged mainly on account of debt funded capex undertaken
coupled to set up the manufacturing facilities coupled with high
dependence on working capital borrowing to meet the working
capital requirements.
Operating margins susceptible to cotton price fluctuation and
seasonality associated with cotton industry: Raw material
prices are volatile in nature owing to seasonality associated
coupled with dependence on other factors like area under
production, yield for the year, international demand supply
scenario, export policy decided by the government and inventory
carried forward of last year. Thus, aggregate effect of these
factors results in exposure of ASM to price volatility risk.
Operations are susceptible to Government regulations: ASM is
primarily engaged in processing of cotton and cottonwaste into
cotton yarn. Cotton and cotton waste being agricultural produces,
their prices are subject to intervention bythe government through
MSP (Minimum Support Price) fixed by the government.Highly
competitive nature of industry: Organized sector consisting of
large-scale spinning units and composite mills isresponsible for
nearly two third of installed capacity of the yarn production and
unorganized sector consisting of smallscale spinning units
account for rest of the capacity. This leads to highly fragmented
industry structure having high level ofcompetition and intense
pricing pressures.
Key rating strengths
Experienced promoters: ASM is being managed by experienced
proprietor having around three decades of experience
through his association with other associate concern engaged in a
similar business.
Moderate profitability margins and capital structure: In FY16,
the profitability margins of the firm have stood moderate,
however, high financial charges and depreciation cost has
restricted the net profitability of the firm.
Operating cycle of the firm remained moderate marked by 57 days
for FY16 as the firm is required to maintain adequate inventory
in the form of raw material for smooth running of its production
process and the average working capital utilization stood at
about 45% for the last 12 months ending January, 2017.
Haryana-based, ASM Spuntex was established as a proprietorship
firm in April 2014 by Mr Sanjay Garg. ASM isprimarily engaged in
the manufacturing of cotton yarn with an installed capacity of 30
lakh kg of yarn per annum as onMarch 31, 2016. The manufacturing
facility is located at Gohana Road, Panipat, Haryana. The firm
sells its finishedproduct domestically to various wholesalers,
traders and fabric manufacturing companies. The firm procures the
key rawmaterials i.e. Cotton and cotton waste from various
traders located in Haryana region.
Akshay Spin Mills and Deepak Spin Mills are group associates and
engaged in manufacturing of cotton yarn.
In FY16 (refers to the period March 1 to April 31), ASM achieved
a total operating income (TOI) of INR21.60 crore with PBILDT and
PAT of INR3.97 crore and INR0.16 crore, respectively, as against
TOI of INR15.95 crore with PBILDT and PAT of INR2.84 crore and
INR0.01 crore, respectively, in FY15. The firm has achieved total
operating income of INR19.12 crore in 10MFY16 (refers to the
period April 1 to January 31; based on provisional results).
ASTRA ROCKS: CRISIL Assigns 'B' Rating to INR6MM Cash Loan
----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Astra Rocks and Minerals Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3 CRISIL B/Stable
Cash Credit 6 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 1 CRISIL B/Stable
The ratings reflect the company's exposure to risks related to
stabilisation of operations, exposure to intense competition in
quarrying industry and weak financial risk profile. These
weaknesses are partially offset by the extensive entrepreneurial
experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to risks related to stabilisation of operations: The
company is still in nascent stages of operations, and has been in
operations for around 3 months. The quarrying activity began in
December 2016, and are yet to stabilise. The operations are
expected to stabilise over the next 6-12 months, supported by
improvement in capacity utilisations and demand. Stabilization of
the project will remain a key monitorable over the medium term.
* Exposure to intense competition in the quarrying industry: The
company faces competition from other granite quarrying companies
across Andhra Pradesh, Telangana, Tamil Nadu and Karnataka. This
is likely to limit its bargaining power with customers.
* Weak financial risk profile: The company's financial risk
profile is marked by debt to equity mix of 1.94:1. Owing to
nascent stages of operations, the company's financial metrics,
such as net worth, gearing and debt protection metrics, are
likely to remain weak over the medium term.
Strength
* Extensive entrepreneurial experience of promoters: The
promoters, Dr Satish Chandra and his wife Dr Swati have vast
entrepreneurial experience: doctors by profession, they set up a
hospital in Vijayawada. Experience in quarrying, however, is
limited.
Outlook: Stable
CRISIL believes ARMPL will continue to benefit from the extensive
entrepreneurial experience of the promoters. The outlook may be
revised to 'Positive' if operations stabilise as envisaged, and
support steady cash accrual and debt protection metrics.
Conversely, the outlook may be revised to 'Negative' if
significant delay in stabilisation of operations, or low cash
accrual leads to stretched liquidity.
ARMPL is a Vijayawada-based company involved in quarrying and
selling of rough granite blocks. Incorporated in December 2014,
operations began in December 2016. The company is promoted by Dr.
Satish Chandra and his wife Dr. Swati.
CHORUS LABS: ICRA Reaffirms B- Rating on INR4cr Cash Loan
---------------------------------------------------------
ICRA has reaffirmed the long term rating at [ICRA]B- to the
INR4.00 crore cash credit facility and INR3.25 crore unallocated
facilities of Chorus Labs Limited. ICRA has also reaffirmed the
short term rating at [ICRA]A4 to the INR2.50 crore letter of
credit facility and INR0.25 crore bank guarantee facility of CLL.
The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 4.00 Reaffirmed at [ICRA]B-(Stable)
Bank Guarantee 0.25 Reaffirmed at [ICRA]A4
Letter of Credit 2.50 Reaffirmed at [ICRA]A4
Unallocated Amount 3.25 Reaffirmed at [ICRA]B-(Stable)
Rationale
The rating reaffirmation continues to be constrained by the weak
financial profile of the company characterised by high gearing of
1.29 times and stretched coverage indicators with OPBITDA-to-
Interest & Finance Charges of 1.69 times and Net Cash Accruals-
to-Total Debt of 9.6% for FY2016 The ratings are further
constrained by the high customer concentration with top five
customers contributing to more than 80% of the total revenues in
the last 3 years; high product concentration with around 70% of
the total sales contributed by Etolodac & Diacerein APIs and
small scale of operations of the company with turnover of
INR11.14 crore in FY2016. ICRA notes that the company's presence
in the highly competitive and fragmented pharmaceutical industry
limits the pricing power of the company.
The ratings favorably factor in the extensive experience of
promoters in the pharmaceutical industry; manufacturing
capability to produce various Active Pharmaceutical Ingredients
(API) and healthy order-book position of INR16.10 crore which
provides revenue visibility for medium term.
Going forward, the ability of the company to increase scale of
operations, maintaining profitability and manage working capital
requirements would remain the key rating drivers from credit
perspective.
Key rating drivers
Credit Strengths
* Established track record of promoters with more than 30 years
of experience in the pharmaceutical industry
* Manufacturing capabilities for producing various APIs;
however, product concentration is high with three products-
Etodolac, Diacerien and Oxolamine Phosphate contributing to
around 90% of total revenues in FY2016
* Healthy order book position of INR16.10 crore ensures revenue
visibility for the medium term
Credit Weaknesses
* Small scale of operations in a competitive and fragmented
industry limiting the pricing power
* High customer concentration with top two customers
contributing ~77% of the total revenues
* Weak financial risk profile characterised by high gearing and
stretched coverage indicators as reflected by gearing of 1.29
times, OPBITDA-to-Interest & Finance Charges of 1.69 times and
NCA-to-Total Debt of 9% for FY2016
* High working capital intensity driven by high inventory
holdings.
Description of key rating drivers highlighted:
CCL's manufacturing facility is equipped with 18 reactors and is
capable of manufacturing various products from different
therapeutic segments. The product portfolio includes APIs like
Etodolac, Diacerein Ofloxacin etc. Etodolac and Diacerien remain
the key products for the company. In FY2016, these two products
together contributed around 70% of the total sales. As on 31st
December, 2016, CLL has outstanding orders of INR16.10 crore for
supply of Diacerien, Oxolamine Citrate and Oxolamine Phosphate to
Rumit Life Care and supply of Etodolac to NishChem International.
This ensures revenue visibility in Q4 2017 and FY2018.
The financial profile is characterised by high working capital
intensity driven by high inventory holdings. Coverage indicators
have remained weak in the last four years on account of modest
profitability reported by the firm. The gearing has remained high
at 1.29 times mainly driven by working capital borrowings.
Chorus Labs Limited came into existence in 2009 as a result of
acquisition of BSN Pharma by Mr. B.N. Reddy. The company is
primarily involved in the manufacturing of anti-inflammatory,
anti fugal and anti bacterial Active Pharma Ingredients (APIs).
Mr. Reddy had earlier been associated with Dr. Reddy Laboratories
Limited and Hetero Drugs Limited and has a vast experience in
pharmaceutical industry.
CLL manufacturing facilities are located in Bidar, Karnataka.
Recent Results:
The company recorded net profit of INR0.28 crore on an operating
income of INR11.14 crore for the year ending March 31, 2016
against net profit of INR0.21 crore on an operating income of
INR8.47 crore for the year ending March 31, 2015.
COMBINE DIAMONDS: CARE Assigns B+ Rating to INR48cr LT Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of Combine Diamonds
Pvt. Ltd. is constrained by modest scale of operations, thin
profitability margins, trading nature of operations, high gearing
levels and weak debt coverage indicators.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 48.00 CARE B+; Stable Assigned
Proposed Long-
term Bank
Facilities 7.00 CARE B+; Stable Assigned
The rating is further constrained by working capital intensive
nature of operations resulting in elongated operating cycle
and presence in fragmented and competitive nature of gems and
jewellery industry.
The rating derives strength from experienced promoters and
diverse geographical presence in gems & jewellery industry.
The ability of CDPL to continue increasing the scale of
operations; profitability margin, improve capital structure and
operating cycle amidst an uncertain economic environment in the
key export markets, are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Modest scale of operations with thin profitability: CDPL's income
levels have been almost stagnant over the past three years. The
profitability of the company has been thin due to trading nature
of operations, yet the company has been consistently maintaining
PBILDT margin at around 3.75% in FY16 and 4.24% in H1FY17.
High gearing levels and weak debt coverage indictors: Low net
worth base and high working capital requirements resulted in high
gearing levels which stood at 4.73x as on March 31, 2016. Further
meager cash accruals accounted for weak debt coverage ratios.
Working capital intensive nature of operations: Elongation of
operating cycle is due to high collection period; being primarily
export driven business. Thus the business is working capital
intensive resulting in full utilization of working capital
limits.
Competitive industry: The Cut & Polished Diamond (CPD) industry
in India is highly fragmented with presence of numerous
unorganized players apart from some very large integrated G&J
manufacturers leading to high level of competition
Key Rating Strengths
Experienced promoters: The promoter director of CDPL, Mr. Dinesh
Desai has over three decade of experience in the diamond
industry.
Diverse geographical presence: CDPL's is an export oriented unit
with almost 90% of the revenues being derived from overseas
markets. The company has been exporting to various countries
namely Hong Kong, Belgium, UAE and USA.
Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. The company was incorporated in 1998. CDPL is
engaged in trading and processing of cut & polished diamonds
whereby 80% of the income is derived through trading activity.
The company is export oriented with 90% of its revenue from
overseas markets. The exports are primarily to Hong Kong, UAE,
USA and Belgium.
During FY16 A (refers to the period April 1 to March 31), CDPL
posted total operating income of INR107.03 crore (vis-a-vis
INR104.83 crore in FY15) and PAT of INR0.86 crore (vis-a-vis
INR0.82 crore in FY15). In H1FY7 UA (refer to April 2016 to
September 2016), CDPL posted total operating income of INR48.34
crore and PAT of INR0.41 crore.
HAL-KO-INFRA PROJECTS: CRISIL Assigns B Rating to INR1.75MM Loan
----------------------------------------------------------------
CRISIL has assigned rating of 'CRISIL B/Stable/CRISIL A4' to the
bank facilities of Hal-Ko-Infra Projects.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Short Term
Bank Loan Facility .3 CRISIL A4
Bank Guarantee 4.2 CRISIL A4
Overdraft 1.75 CRISIL B/Stable
The rating reflects extensive experience of promoters in civil
construction business. This strength is partially offset by HI's
modest and working capital intensive operations in highly
fragmented construction industry. The rating also factors in HI's
below-average financial risk profile marked by weak capital
structure.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in highly fragmented construction
industry: HI has modest scale of operations as reflected in
revenues of INR9 Cr. in 2015-16. Although, the revenues are
expected to increase to INR15 crore in 2016-17, it will continue
to remain moderate. The civil construction industry is fragmented
with a large number of players, resulting in intense competition.
* Large working capital requirements: HI has large working
capital requirements as reflected by gross current assets of 259
days as on March 31, 2016. This is primarily on account of high
receivable of 138 days.
Strengths
* Extensive experience of promoters in construction business: HI
is promoted by Mr. Subhash Kotekar along with his friend Mr. Amol
Halurkar who has extensive industry experience of over 25 years
in the construction industry. The firm benefits from its
promoters' extensive experience and their understanding of the
dynamics of the market.
Outlook: Stable
CRISIL believes HI will benefit over the medium term from its
partners' extensive industry experience and its moderate order
book. The outlook may be revised to 'Positive' if CS
significantly increases its scale of operations while maintaining
its profitability resulting in improvement in financial risk
profile. Conversely, the outlook may be revised to 'Negative' in
case of significant decline in revenue or profitability; any
capital higher than expected capital withdrawals or larger than
expected working capital requirements, leading to deterioration
in its financial risk profile.
Established in 2008, and based in Mumbai, Hal-ko Infrastructures
(HI) is engaged in construction work. The firm is engaged in
undertaking all types of construction projects, such as
construction of roads and bridges, schools, dam, water supply
projects, water treatment plant project and others.
Profit after tax was INR0.35 crore on net sales of INR9.3 crore
in fiscal 2016, against profit after tax of INR0.37 crore on net
sales of INR10.64 crore in fiscal 2015.
HARMONY PLY-LAM: CARE Assigns B+ Rating to INR14.75cr LT Loan
-------------------------------------------------------------
The rating assigned to the bank facilities of Harmony Ply-Lam
Ltd. takes into account the implementation risk associated with
its debt funded new project. The rating is further constrained on
account of susceptibility of profit margins to volatility in raw
material price and presence in the highly fragmented industry.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 14.75 CARE B+; Stable Assigned
The rating, however, continues to derive strength from
experienced promoters.
Post project stabilization risk pertaining to achieving envisaged
capacity utilization and sales realization remains crucial for
the company.
Detailed description of the key rating drivers
Key Rating Weaknesses
Stabilization risk associated with new project: The project has
been completed and machinery has been installed. Thecompany has
incurred the entire cost of project. The company will do trial
runs in March 2017 and start commercialproduction from April
2017. Post project stabilization risk pertaining to achieving
envisaged capacity utilization and salesrealization remains
crucial for the company.
Susceptibility of profit margins to volatility in raw material
price: Major raw materials for the company include, design
papers, craft papers, printed papers, melamine and formaldehyde.
Price of design papers, craft papers and printed papers (65-70%
by value) are more stable than price of melamine and formaldehyde
like petrochemicals related materials, whose price are linked to
crude oil prices.
Presence in highly fragmented and competitive industry: HPLL
operates in highly fragmented and competitive Laminates & plywood
industry marked by large number of medium-sized players. The
industry is characterized by low entry barrier due to negligible
government policy restrictions, no inherent resource requirement
constraints and easy access to customers and supplier.
Key Rating Strengths
Experienced promoters: HPLL is incorporated by 6 directors',
namely, Mr Maheshkumar Savaliya, will be looking afteroverall
implementation and operation of project, Mr Jagdishkumar
Savaliya, supporting director of company, MrNileshkumar Savaliya,
will look after purchasing of raw material, Mr Nayankumar
Savaliya, supporting director ofcompany, Mr Dhavalkumar Savaliya,
will look after sales and marketing and Mr Piyush Savaliya, will
look after productionand operation of project jointly with Mr
Maheshkumar Savaliya.Location advantage of presence in Gujarat:
The factory is situated near Rajkot District at Ardoi where raw
materials areeasily available along with transportation and
labor. Furthermore, location of the firm is only 23 km away from
Rajkot.Rajkot is the industrial hub in Saurashtra.
Rajkot-based (Gujarat) Harmony Ply-Lam Limited is a closely-held
public limited company established in 2015 by Mr Jagdishkumar B.
Savaliya, Mr Maheshkumar B. Savaliya, Mr Nileshbhai K. Savaliya,
Mr Nayankumar S. Savaliya, Mr Dhavalkumar V. Savaliya and Mr
Piyushbhai V. Savaliya with the main objective of manufacturing
decorative laminates sheet. Manufacturing plant is located at
Rajkot with a proposed installed capacity of 15.90 lakhs
Laminates sheets per annum.
HI-TRAC MANPOWER: CARE Assigns B+ Rating to INR17.25cr LT Loan
--------------------------------------------------------------
The rating assigned to the bank facilities of Hi-Trac Manpower
Services Private Limited is primarily constrained by modest scale
of operations with low profitability margins, leveraged capital
structure, weak debt service coverage indicators and concentrated
clientele. The rating is further constrained by competition from
organized and unorganized players and dependence on availability
of requisite manpower.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 17.25 CARE B+; Stable Assigned
The rating, however, draw comfort from experienced management,
growing scale of operations, moderate operating cycle and reputed
clientele.
Going forward, the ability of the company to profitably scale up
its operations with improvement in capital structure and
efficient management of working capital requirements shall be the
key rating sensitivities.
Key rating weakness
Modest scale of operations: Despite the growth registered on y-o-
y basis in last 3 financial years, the scale of operations stood
modest which limits the company's financial flexibility in times
of stress and deprives it from scale benefits.
Low profitability margins, leveraged capital structure and weak
debt service coverage indicator: Despite the increase in PBILDT
margin of the company on y-o-y basis in last three financial year
(period refer to as April 1, 2015 to March 31, 2016) and it stood
low on account of economies of scale and change in revenue mix.
However, PAT margin declined on yo-y basis during the said period
owing to higher interest and depreciation cost.
The capital structure stood leveraged mainly on account of high
reliance on external borrowings to meet the working capital
requirements. The capital structure of the company marked by
overall gearing stood leveraged at 2.91x as on March 31, 2016.
The debt service coverage indicators of the concern stood weak
owing to high debt levels and low profitability margins. The
interest coverage and total debt to GCA stood at 1.95x and
10.20x, respectively, for FY16 (refers to the period April 1 to
March 31).
Concentrated though reputed client base: The company has
established relationship with reputed customer base spread
across different segments of the automobile industry.
Furthermore, the reputed client base ensures timely payments and
lends comfort to the revenue realisation.
Dependence on availability of requisite manpower: The company's
services are totally dependent on availability of the requisite
manpower. As there are semi-skilled laborers does not require
high skill, the company recruits semi-skilled or unskilled labor
and provides the requisite training through its training centers.
Intense competition in the industry: The company operates in a
highly fragmented industry with few organized and various
unorganized players. Furthermore, with presence of various
players, the same limits bargaining power which exerts pressure
on its margins.
Key rating strength
Experienced management: The company is managed by Mr Satpal
Singh. He has an experience of around a decade in the
manpower industry through his association with Hitrac.
Moderate operating cycle
The company had a moderate operating cycle of around two months
in FY16. The company normally offers credit period
of around 2 months to its customers resulting in an average
collection period of 55 days.
Gurgaon-based (Haryana), Hitrac Manpower Services Private Limited
(Hitrac) was incorporated in April 2004 by Mr Satpal Singh and Ms
Sarita Singh. The company provides manpower and staffing services
which includes office assistance, upholstery cleaning, IT service
management, housekeeping, office management, gardening, pest
control, contractual manpower (both technical and non-technical
staff), etc. The operations of Hitrac are an ISO 9001-2000
certified.
For FY16, Hitrac has achieved a total operating income (TOI) of
INR73.64 crore with net profit of INR1.02 crore. In 9MFY17 (refer
to period April 1, 2016 to December 31, 2016; based on
provisional results), the company achieved sales of INR90.00
crore (as per the unaudited results).
IGAKU NEEDLES: CRISIL Assigns B+ Rating to INR4.0MM Term Loan
-------------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of Igaku Needles Pvt Ltd and has assigned its 'CRISIL
B+/Stable/CRISIL A4' ratings to the facilities. The ratings were
suspended on December 14, 2016, as the company had not provided
the necessary information for a rating review. It has now shared
the requisite information.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 2.2 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Import Letter of 0.5 CRISIL A4 (Assigned;
Credit Limit Suspension Revoked)
Proposed Long Term 0.3 CRISIL B+/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
Term Loan 4.0 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The ratings reflect working capital-intensive, a modest scale,
and limited track record of operations in the intensely
competitive medical equipment industry. These rating weaknesses
are partially offset by healthy profitability leading to
sufficient cash accrual.
Analytical Approach
Unsecured loans of INR57.3 lakh as on March 31, 2016, from
promoters are treated as neither debt nor equity as they are
subordinated to bank debt, non-interest bearing, and expected to
remain in the business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale and limited track record of operations in an
intensely competitive industry: Sales were low, at INR8.38 crore
in fiscal 2016, driven by the limited track record of 1.5 years
in operations. The scale is also constrained by the highly
fragmented and competitive nature of the industry due to a large
number of small to medium sized players.
* Working capital-intensive operations: Gross current assets were
high at 247 days as on March 31, 2016, on account of large
inventory of 128 days and debtors of 122 days.
Strength
* Healthy operating profitability: With the ramp up in
operations, operating profitability was healthy at 23.65% in
fiscal 2016 and is expected to be at similar levels over the
medium term. With the improvement in operating profitability and
scale, cash accruals are expected to be sufficient to meet
repayment obligations. The gearing in fiscal 2016 was at 2.22
time and is expected to be around 1.5 time over the medium term.
Outlook: Stable
CRISIL believes INPL will continue to benefit from the healthy
demand in the medical equipment industry. The outlook may be
revised to 'Positive' in case of a significant and continued
increase in the scale of operations, improvement in working
capital management, and sustenance of the operating margin,
leading to higher-than-expected cash accrual and a better capital
structure. The outlook may be revised to 'Negative' in case of
lower-than-expected cash accrual or any debt-funded capital
expenditure, resulting in further weakening of the capital
structure, or an increase in working capital requirement, leading
to stretched liquidity.
INPL was incorporated on June 20, 2012, promoted by Ms Jyoti
Singh and Mr. Chayan Anand. The company, based in Delhi,
manufactures medical needles. It started commercial operations in
December 2014
Net profit was INR21.9 lakh on net sales of INR8.37 crore in
fiscal 2016, vis-a-vis net loss of INR69 lakh on net sales of
INR0.71 crore in fiscal 2015.
INDO BRINE: CARE Lowers Rating on INR15cr LT Loan to B+
-------------------------------------------------------
The revision in the rating assigned to bank facilities of Indo
Brine Industries Limited is on account of decline in
profitability margins as well as stressed liquidity of the
company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 15.00 CARE B+; Stable Revised
Facilities from CARE BB
The rating further continues to remain constrained by modest
scale of operations and susceptibility of salt business to
weather conditions with instances of natural calamities.
The rating, however, derives strength from experience of the
promoters and their established track record, locational
advantage of being situated in salt-producing region and reputed
and established clientele.
The ability of IBIL to increase its scale of operations with
improvement in profitability and liquidity are the key rating
sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Decline in profitability margins and stressed liquidity position
The PBILDT margin moderated from 10.63% in FY15 to 7.19% in FY16
on account of increase in the proportion of lowmargin trading
income and moderation in average sales realisations. Furthermore,
IBIL reported net loss of INR0.07 crore at PAT level. Moreover,
the utilization of working capital facilities remained very high
for last 12-months ended December 2016 and its current and quick
ratio also remained below unity at 0.85 times and 0.62 times
respectively as on March 31, 2016, reflects stressed liquidity
position of the company.
Key Rating Strengths
Experienced promoter group
The promoters possess more than four decades of experience in
several sectors including transportation, warehousing, automobile
dealership, import-export, petrol/diesel retail outlets,
automobile financing, etc.
Locational advantage of being situated in salt-producing region
IBIL is situated in Kutch region which is major salt-producing
belt in India and it is near to the major port, i.e. Kandla and
hence, the company has advantage in terms of sourcing of raw salt
at competitive rates and ease in export through Kandla port.
Incorporated in November 1999, Gandhidam-based Indo Brine
Industries Limited (IBIL) is engaged in manufacturing and
export of complete range of Refined Salt and Industrial Salt. The
company is promoted by Mr Satyanarayan Atamaram Agrawal, the
chairman and managing director of Agrawal Group. The other
concerns of the group are Agrawal Roadlines Private Limited (CARE
BB-(Stable)/CARE A4), Agrawal Automobiles ((CARE BB-(Stable)/CARE
A4), Kandla Motors Private Limited.
The refinery of the company is situated at Salt City, Kutch which
is 26 kilometers (kms) from Gandhidam and about 40 kms away from
Kandla Port. As on December 31, 2016, the company has salt
refining capacity of 4,75,000 metric tones per annum. The company
offers edible salt under different brand names, major ones are
'Dandi, Kohinoor and Indo'.
Furthermore, the company also owns a windmill with the capacity
of 1.25 megawatts (MW). During FY16 (refers to the period April 1
to March 31), IBIL incurred net loss INR0.07 crore on a total
operating income (TOI) of INR88.45 crore as against a PAT of
INR0.42 crore on a TOI of INR60.93 crore in FY15.
INDRA MARSHAL: CARE Revises Rating on INR5cr LT Loan to B-
----------------------------------------------------------
The revision in the long-term rating assigned to the bank
facilities of Indra Marshal Power Private Limited is primarily on
account of its weak financial risk profile marked by significant
decline in its scale of operations and operating losses during
FY16 (refers to the period April 1 to March 31), highly leveraged
capital structure, weak debt coverage indicators and stressed
liquidity position.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5 CARE B-; Stable Revised
from CARE B
Short-term Bank
Facilities 7 CARE A4 Reaffirmed
The rating is further constrained on account of susceptibility of
profitability to volatility in raw material prices, dependence of
IMPPL on the government contracts and presence into highly
fragmented nature of the industry.
The ratings, however, continue to draw comfort from the
experienced promoters along with the long track record of the
entity and strong marketing and distribution network.
The ability of IMPPL to increase its scale of operations, improve
profitability, capital structure and debt protection metrics
along with the efficient working capital management thereby
improving liquidity position are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
Weak financial risk profile marked by significant decline in
scale of operations, operating losses, highly leveraged capital
structure, weak debt coverage indicators and stressed liquidity
position
During FY16, IMPPL's TOI registered de-growth of 40.94% on the
back of significant decline in demand from end userindustry. With
decline in sales level and high manufacturing cost as well as
interest charges, IMPPL reported net loss ofRs.3.21 crore during
FY16 as against net loss of INR5.86 crore during FY15. The
capital structure of IMPPL deteriorated andremained highly
leveraged while its debt protection metrics also stood weak. The
current ratio also deteriorated andremained below unity as on
March 31, 2016 on account of increase in creditor's level. The
average working capital limitsutilization during FY16 remained at
75%.Susceptibility of profitability to volatility in raw material
prices along with highly fragmented nature of industryThe raw
material cost along with high inventory holding period and
inability to pass on material cost exposes thecompany to the risk
of fluctuation in profitability margin due to volatility in raw
material prices. The industry is highlyfragmented with the
presence of large number of organized players with established
marketing & distribution network.Also, the presence of small
sized unorganized players results into intense competition in the
industry.
Dependence of IMPPL on government contracts:
IMPL sells its products to Government bodies as well as private
players. Government bodies constitute around 40% of the total
sales for last few years. This dependence makes IMPPL susceptible
to any adverse change in Government policy resulting in low order
inflow for the company.
Key Rating Strengths
Experienced promoters along with long track record: IMPPL has a
track record of around four decades and has reinforced its
footings in the business with sound base. Over the years, company
has developed market for its products and established good
relations with its customers.
Strong marketing & distribution network: IMPPL has established
marketing network with a strong focus on government, with 275
dealers/ distributors which are spread across the India except
Jammu & Kashmir, Himachal Pradesh and Goa. Apart from this, the
company sells its products directly to private players.
Incorporated in the year 1968, IMPPL belongs to the Jhawar Group
based in Indore. IMPPL was originally constituted as a
partnership concern by Late Mr Jai Narayan Jhawar. The firm was
converted into private limited company in the year 2009. IMPPL is
engaged in the trading, manufacturing and assembling of pump set
with horsepower of 3.5 to 20, air (garage) compressors which are
used for agriculture and commercial purpose, power tiller, rotary
tiller and power weeder. The company sells its assembled pump
sets and compressors to irrigation department of State
Governments and
other private players. The assembled pumps are sold under the
brand name 'Indra Marshall'.
During FY16 (A), IMPPL reported net loss of INR3.21 crore on a
TOI of INR15.28 crore as against net loss of INR5.86 crore on a
TOI of INR25.87 crore during FY15. Till 9MFY17 (Provisional),
IMPPL has achieved a turnover of INR4.50 crore.
INDRANI AUTOMOTIVE: Ind-Ra Assigns 'BB' Long-Term Issuer Rating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Indrani
Automotive & Engineering (IAE) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR22.50 mil. Fund-based working capital limits assigned
with IND BB/Stable/IND A4+ rating; and
-- INR20.73 mil. Term loan assigned with IND BB rating
KEY RATING DRIVERS
The ratings are constrained by IAE's small scale of operations as
evident from its top line of INR210.74 million in FY16 and the
partnership structure of the firm.
The ratings are supported by the over 20 years of experience of
IAE's promoters in the auto parts manufacturing business, the
firm's strong and established relationships with its customers
and suppliers and stable EBITDA margin of 8.45% in FY16 (FY15:
8.42%).
The ratings are further supported by the firm's comfortable
credit metrics as reflected by net financial leverage (adjusted
net debt/operating EBITDAR) of 2.06x in FY16 (FY15: 1.84x) and
gross interest coverage (Operating EBITDA/gross interest expense)
of 3.01x (2.88x) and comfortable liquidity position as reflected
in its 4.74% average utilization of its working capital facility
during the 12 months ended January 2017.
RATING SENSITIVITIES
Positive: Substantial growth in the revenue and/or improvement in
margins leading to a sustained improvement in the credit metrics
will lead to a positive rating action.
Negative: A significant decline in the revenue and/or margins
leading to weaker credit metrics will be negative for the
ratings.
COMPANY PROFILE
IAE was established as a partnership concern in 2003, and started
its commercial operations in 2005. The firm manufactures
automotive components for two and three wheelers.
INTERNATIONAL COIL: Ind-Ra Assigns 'BB-' Rating to INR30MM Loan
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned International
Coil Limited's (ICL) additional bank loans these ratings:
-- INR30 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating;
-- INR700 mil. Non-fund-based working capital limit assigned
with IND A4+ rating;
-- INR120 mil. Proposed fund-based working capital limit*
provisionally assigned with IND BB-/Stable/Provisional IND
A4+ rating
* The rating is provisional and shall be confirmed upon the
execution of the sanction letter for the above facility by ICL to
the satisfaction of Ind-Ra.
RATING SENSITIVITIES
Negative: Deterioration in the overall credit metrics shall lead
to negative rating action.
Positive: A significant improvement in revenue along with
improvement its credit profile will be positive for the ratings.
COMPANY PROFILE
ICL was incorporated in 1965 as Universal Refrigeration Limited.
Over the years, the company has been consistently upgrading its
technology and products and similarly changing its name. In
2004, the company was renamed International Coil Limited. The
company has four business divisions, namely, air conditioning
(district energy, cooling/heating), refrigeration (cold storages
and freezing plants), heat transfer (air cooled cooling systems)
and EPC Projects (engineering project contracts). The company
has its registered office in New Delhi.
JAGDAMBA FIBRES: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jagdamba Fibres
Private Limited (JFPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating action is:
-- INR60 mil. Fund-based limit assigned with IND BB-/Stable
rating
KEY RATING DRIVERS
The ratings reflect JFPL's small scale of operations and moderate
credit metrics. Revenue was INR264 million in FY16 (FY15: INR332
million), interest coverage was 1.4x (1.3x) and net financial
leverage was 6.5x (5.4x).
The ratings are constrained by the tight liquidity profile of the
company, as reflected from its average working capital
utilization of 99% during the 12 months ended January 2017.
The ratings are supported by the company's directors' 25 years of
experience in the yarn manufacturing business.
RATING SENSITIVITIES
Positive: An improvement in the scale of operations while
maintaining the credit metrics will be positive for the ratings.
Negative: Any deterioration in credit metrics will negative for
the ratings.
COMPANY PROFILE
Established in 1987, JFPL manufactures textile yarn at its
3000mtpa facility in Surat. Its operations are managed by
Mr. Sajjankumar Agarwal and Ved Prakash Goel.
JAI BHARAT: CRISIL Reaffirms 'B' Rating on INR25MM Cash Loan
------------------------------------------------------------
CRISIL has reaffirmed its rating on long-term bank loan
facilities of Jai Bharat Rice Mills (Partnership) at
'CRISIL B/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 25 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5 CRISIL B/Stable (Reaffirmed)
The rating reflects a weak financial risk profile and a modest
scale of operations in the highly fragmented rice milling
industry. These rating weaknesses are partially offset by the
extensive industry experience of the partners.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The total outstanding liabilities
to tangible networth ratio was high at 12.06 times as on
March 31, 2016. The ratio will improve marginally with steady
accretion to reserves, but will remain at above 9.5 times over
the medium term due to high dependence on bank borrowing for
working capital requirement. The interest coverage ratio was low
at 1.2 times for fiscal 2016, and is expected at 1.3-1.4 times
over the medium term.
* Modest scale of operations: Operating income was INR60.72 crore
for fiscal 2016 and is expected to grow moderately on account of
limited milling capacity of 3 tonne per hour and intense
competition in a highly fragmented industry.
Strengths
* Extensive industry experience of the partners: With more than
three decades of experience in the rice industry, the partners
have established a procurement network in the local mandis of
Fazilka, Malout, Abohar, and Muktsar, all in Punjab, and have an
association with 8-10 merchants in Punjab, Haryana, and Delhi,
who export rice to Middle-East markets.
Outlook: Stable
CRISIL believes JBRM will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' if sales and profitability are better than
expected, leading to substantial cash accrual, or if capital
infusion strengthens the financial risk profile. The outlook may
be revised to 'Negative' if a decline in revenue or
profitability, capital withdrawal by the partners, or substantial
debt-funded expansion weakens the financial risk profile,
especially liquidity.
JBRM is currently managed by Mr. Surinder Pal and Mr. Sukhwinder
Singh. The firm processes basmati rice at its facility in
Fazilka.
Profit after tax was INR23 lakhs over operating income of
INR60.72 crore in fiscal 2016 vis-a-vis profit after tax of INR33
lakhs over operating income of INR56.72 crore in fiscal 2015.
JAYPEE PROJECTS: CRISIL Cuts rating on INR6MM Bank Loan to B+
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of
Jaypee Projects Ltd to 'CRISIL B+/Stable/CRISIL A4' from 'CRISIL
BB/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 12 CRISIL A4 (Downgraded from
'CRISIL BB/Stable')
Cash Credit 6 CRISIL B+/Stable (Downgraded
from 'CRISIL BB/Stable')
Proposed Long Term 3 CRISIL B+/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB/Stable')
The downgrade reflects weakening of business performance on
account of decline in revenue to INR15.67 crore in fiscal 2016
from INR32.54 crore in the previous fiscal. Turnover is not
expected to improve to historical levels and will remain muted at
INR17 crore for fiscal 2017. Lower revenue resulted in a decline
in profitability and debt protection metrics. Net profit was
INR3.65 lakh in fiscal 2016 and is expected to remain at a
similar level in fiscal 2017 on account of negative absorption of
fixed cost. Interest coverage ratio is expected to be weak at 1
time in fiscal 2017.
Key Rating Drivers & Detailed Description
Weakness
* Large working capital requirement: Gross current assets were
692 days as on March 31, 2016, due to large raw material and
work-in-progress inventory at different project sites.
* Small scale of operations: With revenue of INR15.67 crore in
fiscal 2016, scale remains modest, which prevents the company
from achieving economies of scale and also limits bargaining
power with suppliers and customers.
Strengths
* Experience of promoters in the construction industry: The
promoter has been in the civil construction industry for more
than a decade, which has enabled JPL to undertake key projects in
Northeast India for reputed educational institutes. The promoter
has also worked for Kolkata Public Works Department (PWD) and the
Government of Tripura.
Outlook: Stable
CRISIL believes JPL will benefit over the medium term from its
promoter's extensive experience. The outlook may be revised to
'Positive' if scale of operations and profitability improve
significantly, or if efficient working capital management leads
to a better liquidity. The outlook may be revised to 'Negative'
if profitability declines or capital structure weakens owing to
further stretch in working capital cycle or large, debt-funded
capital expenditure.
Incorporated in 2000 and promoted by Mr. Jayprakash Mehta, JPL
constructs buildings and also undertakes roads, air conditioning,
and water treatment plants across India. The company is a Class-1
contractor and is registered with the Central PWD.
Profit after tax was INR3.65 lakh on net sales of INR15.67 crore
in fiscal 2016, against a net loss of INR7 lakh on net sales of
INR32.54 crore in fiscal 2015.
JKR MOTORS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
--------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facilities of JKR Motors Pvt Ltd.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable
The rating reflects the average financial risk profile, marked by
high gearing, and exposure to stiff competition from dealers of
other auto manufacturers. These weaknesses are partially offset
by the extensive experience of promoters in the automotive
dealership business and their established relationship with the
principal, Tata Motors Limited (TML).
Key Rating Drivers & Detailed Description
Weakness
* Exposure to stiff competition:
Even in the absence of any other TML dealer in the Kangra region
(Himachal Pradesh), JKRMPL faces competition from dealers of
other auto manufacturers. Further, auto dealers have to
differentiate to get ahead of competition and they have to
refurbish their dealership outfits and service centers regularly
and this involves considerable expenditure. Positive factors such
as increasing spare parts sales, service incomes, and
commissions, could partly temper the impact of strong
competition. However, the principal, TML faces increasing
competition in the passenger car segment. Hence, revenue growth
and operating profitability will remain constrained by strong
competition, and low bargaining power with the principal.
* Average financial risk profile
Gearing, at over 4.02 times as on March 31, 2016, was mainly
constrained by the small networth and muted profitability.
Strengths
* Established relationship with principal and extensive
experience of promoters: The promoters have successfully bagged
dealerships of all passenger cars manufactured by TML in the
Kangra region, backed by a longstanding association with the
principal. Being the sole authorised dealer for TML in Kangra,
Una and now Chamba regions, there is no competition from other
Tata distributors in the same vicinity. Moreover, sale of spares
and after service, and commission income received for vehicles
financed by various agencies, are additional sources of revenue.
Outlook: Stable
CRISIL believes JKRMPL will benefit from the extensive experience
of its promoters and its established relationship with TML. The
outlook may be revised to 'Positive' in case of sustained growth
in revenue and profitability, and an improvement in the capital
structure. The outlook may be revised to 'Negative' if decline in
revenue or profitability, weakens the business and financial risk
profiles.
JKRMPL was incorporated in 2009, by Mr. Joginder Goel, Mr. Kunal
Goel and Mr. Tushar Goel. The company operates a dealership of
passenger cars (PC) manufactured by TML, and has one showroom-
cum-workshop and service centre at Kangra.
Net profit of INR0.18 crore was reported on net sales of INR26.86
crore in fiscal 2016, against INR1.34 crore and INR28.42 crore,
respectively, in fiscal 2015.
KIA TEXTILES: CRISIL Assigns B+ Rating to INR8MM Cash Loan
----------------------------------------------------------
CRISIL has revoked the suspension of its rating on the bank
facilities of KIA Textiles Private Limited and has assigned its
'CRISIL B+/Stable' rating to the facility. CRISIL had, on April
29, 2016, suspended the ratings as KTPL had not provided the
necessary information for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign a
rating.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 8 CRISIL B+/Stable (Assigned;
Suspension Revoked)
The rating reflects the company's weak financial risk profile,
marked by muted debt protection metrics, modest scale of
operations in the intensely competitive yarn trading industry,
and the company's large working capital requirements. This rating
strength is partially offset by the extensive experience of
KTPL's promoters in the yarn trading industry and their funding
support to the company.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile constrained by debt protection
metrics: KTPL's interest coverage was 1.44 times for 2015-16 on
account of low operating profitability due to trading nature of
operations
* Large working capital requirements: The GCA days of the company
have ranged between 71 days to 101 days over past 3 years ending
2015-16. The working capital requirements are driven by high
credit given to customers. Average bank limit utilization has
been 99.5% over the past 12 months ending Jan 2017.
Strength
* Extensive experience of promoters in the yarn industry along
with established relationship with customers and suppliers.
KTPL's promoters have been trading in yarn for more than four
decades. The promoters have also supported the company through
regular equity infusion.
Outlook: Stable
CRISIL believes that the KTPL will benefit from its promoters
long standing presence in the yarn trading industry and an
established customer and supplier base. The outlook may be
revised to 'Positive' in case of better than expected
profitability and working capital management leading to
improvement in debt coverage ratios and liquidity. Conversely,
the outlook may be revised to 'Negative' in case of deterioration
of the company's financial risk profile due to decline in
profitability margin, stretch in working capital cycle or
significant debt funded capex.
KTPL, incorporated in 2010, is promoted by Mr. S K Bhatia and his
son, Mr. Jatin Bhatia. The company trades in cotton, polyester,
and blended yarn. About 20 per cent of KTPL's sales are made in
the export market, and the remaining in the domestic market. The
company is also a consignment agent for polyester-oriented yarn
manufactured by Indo Rama Ltd and Wellknown Polyesters Ltd.
Profit after tax was INR0.29 crore on net sales of INR103 crore
in fiscal 2016, vis-a-vis INR0.31 crore and INR77 crore,
respectively, in fiscal 2015.
M B MOTOR: CRISIL Assigns B+ Rating to INR3.5MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable/CRISIL A4' ratings to
the bank facilities of M B Motor Body Builders. The ratings
reflect a modest scale of operations in the highly fragmented
bus-body building industry, customer concentration in revenue,
and exposureto risks related to the tender-based nature of
operations. These weaknesses are partially offset by the
extensive industry experience of the proprietor.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 2 CRISIL A4
Cash Credit 3.5 CRISIL B+/Stable
Analytical Approach
For arriving at the ratings, CRISIL has treated unsecured loans
from the proprietor as neither debt nor equity as these loans are
at a lower-than-the-market interest rate and should remain in the
business over the medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operation in a highly competitive industry
Revenue was Rs20.67 crore in fiscal 2016. The bus-body building
industry has a large number of unorganised and regional players
catering to the requirements of institutions such as schools,
corporates, and government organisations.
* Customer concentration in revenue
Most of the revenue is derived from Gujarat State Road Transport
Corporation (GSRTC) and a few private big players.
Strengths
* Extensive industry experience of the proprietor, established
customer relationship, and a strong order book
The proprietor,Mr BS Sharma, has an experience of around two
decades in the bus-body building industry. The firm currently has
a healthy order book of INR35-38 crores. It derives 50-60% of its
revenue from GSRTC and other government organisations, and the
rest from big private companies in the bus transport segment.
Outlook: Stable
CRISIL believes MBMBB will continue to benefit from the extensive
industry experience of its proprietor and established
relationship with customers and suppliers. The outlook may be
revised to 'Positive' if there is an improvement in the financial
risk profile, led by higher-than-expected cash accrual due to an
improvement in the scale of operations and profitability or fresh
equity infusion, along with better working capital management.
The outlook may be revised to 'Negative' if the financial risk
profile deteriorates, most likely because of a significant
increase in working capital requirement, pressure on
profitability, or larger-than-expected debt-funded capital
expenditure.
MBMBB is a proprietorship firm set up by Mr. B S Sharma in 1997.
The firm builds bodies of various types of buses ranging from
inter-city luxury buses (standard and sleeper variety) to high-
end city buses. It receives orders from GSRTC, other government
organisations, and private entities. The firm is based in
Gandhinagar, Gujarat.
In fiscal 2016, net profit was Rs0.16 crore on operating income
of Rs20.67 crore, against net profit of Rs0.13 crore on operating
income of Rs14.33 crore in fiscal 2015.
M.G. BROTHERS: CRISIL Assigns 'B' Rating to INR20MM LT Loan
-----------------------------------------------------------
CRISIL has revoked the suspension of its ratings on the bank
facilities of M.G. Brothers Automobiles Private Limited and has
assigned its 'CRISIL B/Stable' ratings to the bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term 20 CRISIL B/Stable (Assigned;
Bank Loan Facility Suspension Revoked)
CRISIL had suspended the rating on July 30, 2013 as the Company
had not provided the necessary information required for a rating
review. MGBAPL has now shared the requisite information enabling
CRISIL to assign the ratings.
The ratings reflect MGBAPL's weak financial risk profile and
exposure to risks related to geographic concentration in its
revenue profile. These rating weaknesses are partially offset by
MGBAPL's established position in the automobile dealership market
in Andhra Pradesh, and its diversified revenue profile.
Key Rating Drivers & Detailed Description
Strengths
* Established market position in the automobile dealership market
and diversified revenue profile
MGBAPL has a strong market position in the automobile dealership
business. The promoters have over seven decades experience in the
dealership business. The company is the sole dealer of the
regions in which it operates. The company has 15 showrooms at
various locations in Nellore, Chittoor, Ongole, Medak,
Vijayawada, and Tirupathi.
Weakness
* Weak financial risk profile
Company has weak financial risk profile marked by high TOL/TNW of
9.1 times as on March 31, 2016.
* Exposure to risks related to geographic concentration in its
revenue profile.
MGBAPL has all its showrooms and workshops in Andhra Pradesh.
This poses geographic concentration risk as any adverse change in
Andhra Pradesh's vehicle segments such as commercial vehicles
(CVs), passenger cars, and tractors will have an impact on
MGBAPL's business. MGBAPL's profitability is also impacted by the
cyclical nature of CV industry.
Outlook: Stable
CRISIL believes that MGBAPL will continue to benefit over the
medium term from its established market position, promoters'
industry experience, and strong relationships with its suppliers.
The outlook may be revised to 'Positive' if MGBAPL's revenues and
profitability grow significantly leading to an improvement in the
financial risk profile. Conversely, the outlook may be revised to
'Negative' if the company's revenues and profitability decline
significantly, or if it undertakes any large debt-funded capital
expenditure programme, thereby adversely affecting its capital
structure.
MGBAPL was initially established as a partnership firm in 1940
and was later incorporated into a private limited company in
1994. The company was formed by Mr. M R Gangadhar, Mr. M R
Ramesh, and Mr. M R Ganganna. MGBAPL is a dealer for Tractors and
Farm Equipment Ltd (TAFE), Tata Motors Ltd's (TML's, CRISIL
AA/Positive/CRISIL A1+) passenger cars and commercial vehicles,
CPAquafeed, Bajaj Auto Ltd(CRISIL AAA/FAAA/Stable/CRISIL A1+) and
Hindustan Petroleum Corporation Ltd (HPCL) Petroleum products.
The company is also into real estate development since 2002.
The Company recorded PAT of INR0.69 Crores on operating income of
INR302.2 Crore for fiscal 2016 as against PAT of INR0.53 Crore on
operating income of INR300.9 Crore in fiscal 2015.
MANTHAN SOFTWARE: CRISIL Assigns 'B+' Rating to INR20MM Loan
------------------------------------------------------------
CRISIL has revoked the suspension of its rating on bank
facilities of Manthan Software Services Private Limited and
assigned 'CRISIL B+/Stable' rating to these bank facilities.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit/ 20 CRISIL B+/Stable (Assigned;
Overdraft facility Suspension Revoked)
CRISIL had suspended the rating vide its rating rationale dated
October 3, 2016, as Manthan had not provided necessary
information required for a rating review. The company has now
shared the requisite information, enabling CRISIL to assign its
rating to the bank facilities.
The rating reflects Manthan's weak operating efficiencies
resulting from operating losses and large working capital
requirements. However, these weaknesses are partially mitigated
by promoter's extensive experience and fund support from its
venture capital (VC) investors to drive new product developments
and expand into new geographies.
Analytical Approach
For arriving at the rating, CRISIL has considered Manthan's
preferential share capital as equity. This is because the
preferential share capital is compulsorily convertible to equity
shares, not beyond the nineteenth year from the date of issue.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak operating efficiency: The company reported operating
losses over the past two years, through fiscal 2016, largely due
to high manpower costs and sales expenditure.
* Large working capital requirement: Manthan has large working
capital requirement as reflected in high gross current assets,
primarily on account of high debtors.
Strengths
* Extensive experience of promoter: The promoter, Mr. Atul Jalan,
has experience of over 25 years in managing different information
technology (IT)-related products. Mr. Jalan initially started
with security solution software and subsequently floated other
entities before starting Manthan. The company specialises in data
analytics for retail space and has developed multiple products to
cater to complex needs of its customers.
* Steady infusion of equity by VC investors: Since its inception,
there has been regular support from several investors in the form
of compulsorily convertible cumulative preference shares, which
was mainly utilized to drive new product development and expand
into new geographies.
Outlook: Stable
CRISIL believes Manthan will continue to benefit over the medium
term from its established market position in the business of data
analytics, with niche product capabilities in retail and consumer
product group (CPG) industry. The outlook may be revised to
'Positive' in case of a substantial and sustained increase in
revenue and profitability margins resulting in increased cash
accrual. Conversely, the outlook may be revised to 'Negative' if
weaker-than-expected profitability or deterioration in working
capital cycle, or any large, debt-funded capital expenditure
weakens the financial risk profile.
Established in 2003, Manthan, promoted by Mr. Atul Jalan and
based in Bengaluru, is engaged in software product development
and services. The company provides data analytics software
products and services primarily for retail and CPG industry.
Manthan's net loss of INR22.6 crore on revenue from operations of
INR141.37 crore for fiscal 2016, vis-a -vis net loss of INR79.48
crore and revenue from operations of INR145.14 crore, for fiscal
2015.
MASSIMO ENTERPRISE: ICRA Revises Rating on INR9.75cr Loan to B
--------------------------------------------------------------
ICRA has revised the long-term rating assigned to the INR9.75
crore fund based bank limit of Massimo Enterprise to [ICRA]B from
[ICRA]B+. The outlook on the long-term rating is 'Stable'.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Fund Based Limit 9.75 [ICRA]B (Stable); revised
from [ICRA]B+
Rationale
The rating revision factors in the significant market risk for
the project, given that the firm is yet to sell ~52% of its total
inventory. While ME completed the construction of the project in
December 2016, the repayment of its term loan commenced from
January 2017. The collections against bookings remained moderate
with ~57% of the estimated realisable value of the booked flats
received from its customers. Thus, owing to the low sales
velocity and collections from customers, the firm remains exposed
to refinancing risks, given the limited cushion available between
the date of project completion and loan repayment. The rating
also takes into account the exposure of the firm's operations to
the cyclicality inherent in the real estate sector, as well as
the risks of capital withdrawal associated with the partnership
nature of the firm.
The rating, however, continues to derive comfort from the
promoters' extensive experience in the development of real estate
within Surat through associate concerns. Furthermore, owing to
the project being fully completed, the firm's exposure to
execution risks remains low.
Key rating drivers
Credit Strengths
* Long experience of partners in the real estate business
* Low project execution risk as construction is fully completed
Credit Weakness
* Significant market risks remain, given that the firm is yet to
sell 52% of its total inventory
* Refinancing risk, given the limited cushion available between
date of completion and commencement of loan repayment.
* Exposure of operations to cyclicality inherent in the
commercial real estate sector
* Risks associated with partnership firm; any substantial
capital withdrawal would impact net-worth, and thereby the
capital structure of the firm.
Description of key rating drivers highlighted above:
The market risk of the project being developed by ME remains
high. Out of the total 274 shops in the project, the firm has
signed sales agreements for 34 shops as on December 31, 2016.
Additionally, the firm has also received bookings for 102 shops
as on the aforementioned date. Thus, ~48% of the total saleable
area of the project has been booked as on December 31, 2016.
Nevertheless, 52% of the total saleable area comprising 138 shops
is yet to be sold by the firm, thereby increasing its market
risks. Furthermore, the collections against bookings remained
moderate with ~57% of the estimated realisable value of the
booked flats received from customers as on December 31, 2016.
While ME completed the construction of the project in December
2016, the repayment of its term loan comprising monthly
repayments of INR1.08 crore commenced from January 2017. Thus,
owing to the low sales velocity and moderate collections from
customers, the firm remains exposed to refinancing risks, given
the limited cushion available between the date of project
completion and loan repayment. Accordingly, the pace of future
bookings and timely receipt of customer advances will remain
critical for ME's debt servicing. Furthermore, the firm's
operations also remain exposed to the cyclicality inherent in the
real estate sector, as well as to the risks of capital withdrawal
associated with the partnership nature of the firm.
Nevertheless, the promoters of the company have an experience of
over a decade in the industry, which coupled with the low
execution risks arising from the full completion of the project,
lend some comfort.
Analytical approach:
ICRA has assigned the ratings following a detailed evaluation of
the issuer's business and financial risks.
Massimo Enterprise (ME) was established in June 2012 as a
partnership firm. The firm is currently engaged in construction
of its first real estate project, which is the commercial complex
'Massimo A Business Bench' at Althan-Bhimrad Road in Surat
(Gujarat). The project comprises a ground-plus-three storeyed
structure with a basement for car parking. The project is located
on a 4,574 sq. m. plot and consists of 274 units for shops and a
banquet hall with a total saleable area of 1,24,900 sq. ft. The
project was launched in April 2012 and was completed in December
2016.
ME is a part of the White Wings Group, which is actively engaged
in real estate development in Surat. The partners of the firm
have more than a decade of experience in the real estate business
through other group entities.
ME reported a net profit before tax and depreciation of INR0.10
crore on an operating income of INR3.18 crore for the period
ended December 31, 2016.
MRMC FOODS: CARE Assigns B+ Rating to INR46.38cr LT Loan
--------------------------------------------------------
The ratings assigned to the bank facilities of MRMC Foods Private
Limited are primarily constrained by its weak overall solvency
position, elongated operating cycle and susceptibility of margins
to raw material price volatility and foreign exchange fluctuation
risk.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 46.38 CARE B+; Stable Assigned
Short-term Bank
Facilities 15.20 CARE A4 Assigned
The ratings are further constrained by the monsoon-dependent
operations and presence of the company in a highly competitive
and fragmented agro-processing business with a high level of
regulatory risk. The ratings, however, derive strength from the
experienced & resourceful promoters, increasing scale of
operation and favorable manufacturing location.
Going forward, the ability of the company to profitably scale-up
its operations with improvement in the overall solvency position
and efficient management of working capital requirements will
remain the key rating sensitivities.
Detailed description of key rating drivers
Key Rating Weakness
Weak overall solvency position
The solvency position of the company has remained weak marked by
overall gearing and total debt-to-GCA of 6.42x and 37.29x,
respectively, as on March 31, 2016. This was mainly on account of
debt funded capex (while setting up the unit) and high reliance
of the business on the working capital borrowings. The PBILDT
interest coverage stood moderate at 1.41x in FY16.
Elongated operating cycle
Owing to the seasonality of rice harvest, rice shellers have to
maintain sufficient raw material inventory to ensure
uninterrupted production throughout the year. Basmati rice
requires longer ageing of the semi-finished rice for better
quality which subsequently led to higher inventory period of
about 203 days, as on March 31, 2016. The average utilization of
the cash credit and packing credit facilities, in the last 12
month period ended December-16, however, remained at a moderate
level of around 73%.
Susceptibility to fluctuation in raw material prices and monsoon
dependent operations
Agro-based industry is characterized by its seasonality, due to
its dependence on raw materials whose availability is affected
directly by the vagaries of nature. The price of rice moves in
tandem with the prices of paddy (raw material).
Availability and prices of agro commodities are highly dependent
on the climatic conditions, thus making MRMC's profitability
susceptible to the fluctuations in the raw material prices.
Competitive & fragmented nature of industry coupled with high
level of regulatory risk
The commodity nature of the product makes the industry highly
competitive & fragmented with numerous players operating in the
unorganized sector with very less product differentiation. The
raw material (paddy) prices are regulated by the government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.
Key Rating Strengths
Experienced and resourceful promoters
MRMC is promoted by Mr Rajeev Mangal (Managing Director) and his
brother Mr Praveen Mangal, both having an extensive experience of
more than a decade in the rice Industry.
To fund various business requirements, the promoters have
regularly infused funds in the form of equity capital and
unsecured loans in the past.
Increasing scale of operations
In FY15 (5 months of operations), the company achieved a total
operating income of INR36.37 crore which increased to INR102.22
crore in FY16 (first full year of commercial operations). The
increasing trend has continued in FY17 also wherein the company
has achieved a total operating income of INR90 crore in 9MFY17
(Provisional).
Favourable manufacturing location
MRMC's manufacturing unit is located in Ferozepur, Punjab. The
area is one of the hubs for paddy/rice, leading to its easy
availability.
NANCY KRAFTS: CRISIL Lowers Rating on INR1.9MM LT Loan to 'B'
-------------------------------------------------------------
CRISIL has downgraded its ratings on the bank facilities of Nancy
Krafts (NK; part of the Nancy group) to 'CRISIL B/Stable/CRISIL
A4' from 'CRISIL BB-/Stable/CRISIL A4+'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing 3.5 CRISIL A4 (Downgraded
Credit from 'CRISIL A4+')
Letter of credit & 1.1 CRISIL A4 (Downgraded
Bank Guarantee from 'CRISIL A4+')
Proposed Long Term 1.9 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL BB-/Stable')
Standby Line of Credit .5 CRISIL B/Stable (Downgraded
from 'CRISIL BB-/Stable')
The downgrade reflects deterioration in the Nancy group's
liquidity, marked by deterioration in its working capital cycle
along with high bank limit utilization which was almost fully
utilized for the past twelve month ended 31st January 2017. With
working capital-intensive nature of operations the gross current
assets are expected to be above 450 days over the medium term
(457 days as on March 31st, 2016), the debtor days were already
stretched at 357 days for March 31st, 2015 and the further
stretch during fiscal 2016 was on the account of delay of
payments from the group's customers. Consequently, creditor days
are also expected to be stretched above 270 days over the medium
term in line with March 31st, 2016. The creditor days was 159
days in fiscal March 31st, 2015. Furthermore, liquidity is
further stretched marked by bank limits which are almost fully
utilised, constraining financial flexibility. There were also
instances of intermittent devolvement of Letter of Credit, which
was regularized within 2-3 days. Crisil believes that Nancy
Group's liquidity would remain weak over the medium term.
Analytical Approach
For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of NK, Nancy Krafts Pvt Ltd (NKPL), and
Kitty Overseas. This is because the three entities, collectively
referred to as the Nancy group, are in the same line of business,
with a common customer base, and common promoters and management.
Key Rating Drivers & Detailed Description
Weaknesses
* Working capital-intensive operations:
Operations are working capital intensive, with gross current
assets at 457 days as on March 31st, 2016, mainly driven by
stretch in the group's debtor days to 346 days in March 31st,
2016 from 222 days as of March 31st, 2015. The increase in debtor
days is attributed to slow realisation from overseas markets.
* Stretched liquidity:
The group's liquidity is stretched, with almost fully utilised
bank limits for the 12 months through January 2017, constraining
its financial flexibility. Further there has been a withdrawal of
unsecured loans from the promoters which stand at INR0.92 crore
in March 31st, 2016 from INR1.43 crore in March 31st, 2015.
Strength
* Promoters' extensive experience in garment business, and well-
established relationships with customers:
The Nancy group manufactures ready-made garments, entirely for
export. The promoters, with over 30 years of business experience,
along with their family members, are personally involved in all
aspects of the business. They are also technically qualified and
have a sound understanding of the garment export industry.
Outlook: Stable
CRISIL believes the Nancy group will continue to benefit over the
medium term from its established relationships with customers.
The outlook may be revised to 'Positive' if improvement in
working capital management or in operating revenue and
profitability margins strengthens liquidity. Conversely, the
outlook may be revised to 'Negative' if more-than-expected
deterioration in working capital due to large working capital
requirement because of further stretch in its debtor days or
debt-funded capital expenditure, or a decline in profitability
margins puts pressure on its already weak liquidity.
NK was set up in 1980 as partnership firm.
NKPL was established in 1981 as a partnership firm and later
reconstituted as a private limited company.
Kitty Overseas was established as a partnership firm in 1993.
All three entities manufacture ready-made garments, especially
for women and children, at their plants in New Delhi. The
entities cater to the export market and supply their products to
retailers and wholesalers in Latin America, Mexico, Spain, the
US, and Europe.
The Nancy group reported a profit after tax of INR1.39 crore on
net sales of INR113.67 crores for March 31st, 2016, vis-a-vis
INR1.02 crore and INR114.07 crore, respectively, for March 31st,
2015, on a consolidated basis.
NATIONAL GINNING: CRISIL Reaffirms B- Rating on INR2.12MM Loan
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facilities
of National Ginning and Pressing Industries to 'CRISIL B-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B-/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility .88 CRISIL B-/Stable (Reaffirmed)
Term Loan 2.12 CRISIL B-/Stable (Reaffirmed)
The rating reflects NGPI's modest scale of operations in the
intensely competitive cotton ginning industry, and the firm's
expected average financial risk profile because of average
gearing and debt protection metrics. These rating weaknesses are
partially offset by the promoters' extensive industry experience,
and the firm's proximity to the cotton-growing region of Gujarat.
Key Rating Drivers & Detailed Description
Weakness
* Modest Scale of Operations: Scale of operations remain modest
due to intensely competitive industry and low entry barriers due
to low capital and technology requirement
* Average Financial Risk Profile: Financial risk profile is
expected to remain moderate with high leverage and low expected
debt protection metrics.
Strengths
* Promoters Extensive Experience: The partners, Mr. Allarakh
Bilakhiya and Mr. Mohamad Musabhai, have been in the ginning
business for over 20 years, resulting in strong understanding of
local market dynamics and established relationship with farmers
and customers
* Proximity to cotton growing belt: Gariyadhar in Bhavnagar
district, where the firm is based, is a part of the cotton-
growing belt in Gujarat, which accounts for nearly 33 percent of
India's total cotton production. Thus the firm has proximity to
cotton growing belt which helps the firm in easy sourcing of raw
materials.
Outlook: Stable
CRISIL believes NGPI will continue to benefit over the medium
term, from the promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of improvement in
the financial risk profile, most likely through a significant
increase in scale of operations and cash accrual, while the
capital structure is strengthened. Conversely, the outlook may be
revised to 'Negative' if the financial risk profile weakens due
to significantly low cash accrual, sizeable debt-funded
expansion, or inefficient working capital management.
NGPI was established as a partnership firm in 2000 by Mr.
Allarakh Bilakhiya and Mr. Mohamad Musabhai. The firm gins and
presses raw cotton (kapas) to produce cotton bales.
NGPI reported a profit after tax (PAT) of INR19 lakhs on net
sales of INR15.94 crore for 2015-16, as against a PAT of INR9
lakhs on net sales of INR8.54 crore for 2014-15.
NATIONAL PLASTICS: CARE Assigns B+ Rating to INR6.32cr Loan
-----------------------------------------------------------
The rating assigned to the bank facilities of National Plastics
are constrained on account of its small scale of operations and
implementation and stabilization risk associated with the on-
going debt-funded capex for establishing unit to manufacture
spiral tanks. The rating is also constrained due to working
capital nature of operations coupled with moderate liquidity
position, partnership nature of constitution and presence in the
fragmented and highly competitive industry with susceptibility of
profit margins to raw material fluctuation risk.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.32 CARE B+; Stable Assigned
The rating, however, derive benefits from the experience of the
partners and established track record of operations with moderate
financial risk profile marked my moderate profitability, capital
structure and debt coverage indicators. The ability of NPL to
increase in its scale of operations coupled with improvement in
financial risk profile in terms of improvement in profitability
and improvement in capital structure along with the efficient
working capital management and timely completion of project with
achieving envisaged level of sales and profitability will be the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weaknesses
On-going debt funded capital expenditure for establishing unit to
manufacture spiral tanks NPL is currently undertaking project to
manufacture Spiral tanks with projected capacity of 1,000 tonnes
per annum. The total project cost of INR8.70 crore with project
debt-equity mix of 0.78 times.
Small scale of operations
NPL's scale of operations stood fluctuating in the last three
year period ended FY16 (refers to the period April 1 to March 31)
and remained INR2.82 crore in FY16 as against 3.47 in FY15.
Working capital intensive nature of operations coupled with
moderate liquidity position
NPL has working capital intensive nature of operations
characterized by elongated working capital cycle and moderate
current ratio of 1.73 times. Working capital cycle remained
elongated due to high inventory period Partnership nature of
constitution.
The constitution as a partnership firm restricts overall
financial flexibility in terms of limited access to external
funds for
any future expansion plans.
Raw material price fluctuation risk
The price of its material i.e. LLDPE (Linear low density
polyethylene) plastic granules is dependent on crude oil prices
which are highly volatile.
Presence in fragmented and highly competitive industry
The industry is highly fragmented which includes large number of
small to medium scale unorganised players. High competition in
the operating spectrum and proposed small size of operations of
the company limits the scope for improvement in margins.
Key Rating Strengths
Experienced management and established track record of operation
NPL has an established track record of operations of more than 3
decades in the plastic industry. Partners Mrs Pushpaben Patel and
Mr Ankitbhai Patel manage overall operations of the firm and have
wide experience.
Moderate financial risk profile marked by moderate profitability,
capital structure and debt coverage indicators although expected
to deteriorate with debt funded capex PBILDT margin remained high
in the range of 14.43% to 20.72% during FY14-FY16. The solvency
position of the company improved and remained comfortable with
below unity overall gearing as on March 31, 2016. The debt
coverage indicators such as interest coverage ratio and total
debt to GCA also remained moderate.
Ahmedabad-based (Gujarat) NPL was established in 1978 by
Jayantilal Patel and his brothers. Later, with his wife Mrs
Pushpaben Patel and his son Mr Ankit Patel who joined NPL and his
brothers retired. However, Mr Jayantilal Patel retired in 2014.
NPL is engaged into manufacturing of water and chemical tanks
with largest range from 200 litres to 35,000 litres tanks and
operates from sole manufacturing unit located at GIDC, Odhav
Ahmedabad. NPL is ISO 9001:2000 certified company having
installed capacity of 800 Metric Tonne Per Annum (MTPA) as on
March 31, 2016.NPL is selling its products under the brand name
'National'.
NPL is currently undertaking project to manufacture Spiral tanks
with projected capacity of 1,000 tonnes per annum. The total
project cost of INR8.70 crore with project debt-equity mix of
0.78 times.
During FY16(Provisional), NPL reported a total operating income
(TOI) of INR2.82 crore with a PAT of INR0.09 crore as against TOI
of INR3.47 crore and net loss of INR0.28 crore in FY15 (A).
During 9MFY17 (Provisional), NPL achieved a TOl of INR3.06 crore.
NEPTUNE INDUSTRIES: CARE Reaffirms B+ Rating on INR12.76cr Loan
---------------------------------------------------------------
The ratings assigned to the bank facilities of Neptune Industries
Limited continue to remain constrained on account of decline in
total operating income, thin profit margins, moderately leveraged
capital structure along with moderate debt coverage indicators
and weak liquidity position during FY16 (refers to the period
April 1 to March 31). The ratings are further constrained due to
foreign exchange fluctuation risk and moderate liquidity
position.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 12.76 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 5.18 CARE A4 Reaffirmed
The ratings, however, continue to derive benefits from the
experience of the promoters and reputed clientele.
NIL'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 be the key rating sensitivity.
Detailed description of the key rating drivers
Key rating weaknesses
Moderate scale of operations
During FY16, NIL's total operating income (TOI) declined by
40.48% due to many reasons like site of the client was not ready
for installation, trial runs of machineries not possible because
other parts of machineries were not installed and lack of demand
for its products. However, it continues to remain at moderate
level.
Thin profit margins along with moderately leveraged capital
structure and moderate debt coverage indicators Owing to decline
in turnover, profits also declined in absolute terms. However,
PBILDT margin remained at comfortable level but PAT margin
remained thin at below unity due to high interest and finance
expense and depreciation. Capital structure marked by overall
gearing stood moderately leveraged on the back of low net worth
base and moderate level of debt. Further, debt coverage
indicators also stood moderate marked by total debt to GCA of
12.29 times as on March 31, 2016.
Elongated working capital cycle
Operating cycle remained elongated on the back of high inventory
level maintained by the company owing to nature of business. On
account of this, operating cycle remained elongated at 555 days
during FY16.
Key rating strengths
Wide experience of Promoters
Mr Rajendra Panchal, Mr Haresh Kumar Panchal, Mr Navin Panchal
and Mr Sandip Panchal has wide experience of almost two decades
in turnkey projects for developing the manufacturing plants for
sanitary wares, table wares, fly ash bricks, etc.
NIL was incorporated by its promoters Mr Rajendra V. Panchal, Mr
Hareshkumar V. Panchal, Mr Navinbhai V. Panchal and Mr Sandipbhai
J. Dave in June 1999 as Neptune Automation Pvt. Ltd.
Subsequently, promoters changed the name to NIL in December 2005
and started executing turnkey projects for developing the
manufacturing plants for sanitary wares, table wares, insulators,
heavy clay, red bricks, blocks, extruded tiles, technical ceramic
and crockery, fly ash bricks, paver etc. NIL is also engaged in
trading of engineering goods.
During FY16 (A), NIL reported PAT of INR0.07 crore on a TOI of
INR18.39 crore as against net profit of INR0.46 crore on a
TOI of INR30.90 crore during FY15. During 9MFY17 (Prov.), NIL has
achieved a turnover of INR19 crore.
NOOR INDIA: CARE Revises Rating on INR7cr LT Loan to B+
-------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Noor India Buildcon Private Limited takes into account growth in
scale of operations, improvement in profit margins and
satisfactory order book position during FY16 (refers to the
period April 1 to March 31). The rating also factored in the
strength derived from the promoter's experience, established
track record of operations and long-term relationship with
customers.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 7 CARE B+; Stable Revised
from CARE B
The ratings, however, continue to remain constrained on leveraged
capital structure, moderate debt coverage indicators and modest
liquidity position along with volatility in raw material prices,
presence in the competitive and fragmented industry and customer
and geographical concentration risk.
The ability of NIBPL to increase its scale of operations and
improvement in profit margins are the key rating sensitivities.
Furthermore, improvement in the capital structure, debt coverage
indicators and operating cycle will also remain crucial.
Detailed description of key rating drivers
Key Rating Strengths
Experienced Promoters
KPFPL is promoted by Mr Kalpesh Meghani, Mr Mahendra Talpada and
Mr Dhaval Ghadiya. All the directors have one decade of
experience in the same line of business. Mr Kalpesh Meghani
handles overall operations of the company.
Established track record of operations
The company has been in the construction industry and established
a reasonable track record of 10 years marked by its ability to
bag repeat orders from its clientele and complete the projects in
a timely manner. Mr Amin Yasin Saiyed (graduate) handles finance
and administrative works in the company and has executed various
civil construction projects.
He has been in this field of business for the past 50 years and
well versed with the ups and downs of this field and gained
substantial knowledge in the construction business.
Long-term relationship with customers
The promoters of the company have long-term relationship with the
customer's base and suppliers across the state through their
earlier experience and contacts. The promoters gain adequate
acumen about the industry through their industry experience and
acquired reputed customers across the region and throughout
State. Furthermore, the longstanding industry experience has led
to strong relationships with the customers. Furthermore, the
promoters have good relations with its suppliers across the
state.
Increase in the scale of operations and improvement in profit
margins The total operating income (TOI) of NIBPL increased by
around 117% during FY16 over FY15 and remained at INR20.21
crore due to higher execution work orders as compared to FY15.
Also, during FY16, the PBILDT margin of the company improved and
remained at 14.14% as against loss of INR1.65 crore during FY15,
mainly on account of significant reduction in total cost of
sales. The company also reported net profit of INR0.04 crore
during FY16 as against net loss of INR3.84 crore during FY15. The
gross cash accruals (GCA) also improved and remained at INR1.64
crore for FY16 as against cash loss of INR1.53 crore during FY15.
Moderate Order book Position
The company has unexecuted orders of INR40 crore on hand and
plans to execute orders of INR9 crore till March 31, 2017.
Key Rating Weaknesses
Leveraged capital structure along with moderate debt coverage
indicators
The capital structure of the company although improved
marginally, remained leveraged marked by an overall gearing of
12.63 times as on March 31, 2016 as compared with 13.60 times as
on March 31, 2015, primarily on account of higher total debt as
compared with net worth. The debt coverage indicators improved
marginally but remained moderate marked by total debt to GCA of
6.64 years [FY15: (7.29) years] and interest coverage of 2.48
times [FY15: (0.14) times] in FY16 on account of improvement in
GCA and high PBILDT in absolute terms.
Modest liquidity position
The liquidity position of the company remained modest marked by
gross current assets days of 244 days in FY16 as compared with
460 days in FY15. Furthermore, the company's cash flow from
operations increased to INR1.42 crore during FY16 as against
negative INR1.07 crore during FY15. The current ratio of the
company improved to 1.13 times as on March 31, 2016, from 0.72
times as on March 31, 2015. The average utilization of working
capital limits remained at 95% during past 12-months ended
January 2017.
Susceptibility of profit margins to fluctuations in raw material
prices
The construction industry is cyclical with prices driven by
demand and supply conditions in the market. The prices are driven
primarily by the existing demand and supply conditions with
strong linkage to real estate sector. This results into risk of
price fluctuations.
Presence of operations in highly fragmented and competitive
construction industry
Construction segment is a highly fragmented and unorganized
market with presence of large number of small sized players. The
industry is characterized by low entry barriers due to modest
capital required and easy access to clients and suppliers.
Geographical concentration risk
NIBPL's project portfolio is primarily concentrated in the state
of Gujarat indicating limited geographic presence.
Vapi-based Noor India Buildcon Private Limited, incorporated by
Mr Amin Yasid Saiyed in the year 2006. NIBPL is registered as a
'Class AA' contractor, Public Work Department of Gujarat (highest
on a scale of AA to E2) and secures all the contracts through
open bidding process. The company is in the business of
undertaking turnkey projects involving civil works, erection,
commissioning and electrical works of industrial buildings. NIBPL
is executing the contract works for public and private companies.
As per the audited results for FY16 (refers to the period April 1
to March 31), NIBPL reported a Profit after Tax (PAT) of INR0.04
crore on a total operating income (TOI) of INR20.21 crore as
against net loss of INR3.84 crore on a TOI of INR9.30 crore
during FY15 (Audited). Till January 31, 2017, the firm had
clocked a turnover of INR16 crore.
PATODIA GINNING: Ind-Ra Assigns 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/s Patodia
Ginning Factory (PGF) a Long-Term Issuer Rating of 'IND D'. The
instrument-wise rating actions are:
-- INR8.69 mil. Term loan assigned with Long-term IND D
rating;
and
-- INR141.31 mil. Fund-based facilities assigned with Long-
term
IND D rating
KEY RATING DRIVERS
The ratings reflect continuous delays by PGF in servicing term
debt during the 12 months ended January 2017. The delays were
due to a tight liquidity position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months
could result in a positive rating action.
COMPANY PROFILE
PGF is a manufacturer and wholesale supplier of cottonseed oil
cake, cotton cake, cotton seed, cotton bales, raw cotton bales
and cotton fibre. It commenced production in 2006.
PRAYAGRAJ POWER: ICRA Reaffirms 'D' Rating on INR11,493cr Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating of [ICRA]D outstanding
on the INR10393.0 Cr. bank facilities of Prayagraj Power
Generation Company Limited. ICRA has also assigned the long term
term rating of [ICRA]D on the INR2012.0 Cr. bank facilities and
short term rating of [ICRA]D on the INR100.0 Cr. non fund based
working capital limits of PPGCL.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Term Loans 11,493 [ICRA]D (Reaffirmed)
Cash Credit 700 [ICRA]D (Assigned)
Non Fund Based
Limits (Derivatives) 212 [ICRA]D (Assigned)
Non Fund Based Limits
(Working Capital) 100 [ICRA]D (Assigned)
Rationale
The rating reaffirmation takes into account continued delays in
servicing of interest by PPGCL which is engaged in setting up
1980 MW coal based thermal power plant in Bara tehsil in
Allahabad district of Uttar Pradesh. The rating continues to
factor in the weak financial profile of PPGCL's holding company
Jaiprakash Power Ventures Limited (JPVL) and the refinancing risk
faced by JPVL towards its large repayment obligations. ICRA notes
that the financial profile of JPVL has weakened over the years
due to time and cost overrun in various thermal power projects
under execution/recently commissioned, also accentuated by
substantial funds required in the short to medium term for
meeting its equity commitments in various projects and repaying
its debt obligations.
ICRA also makes a note of the delay of approximately 21 months in
project execution by PPGCL resulting in significant cost overrun
in the project. The project cost has increased from INR5.44 crore
per MW initially to INR7.85 crore per MW due to 1) price
variations in boiler-turbine-generator (BTG) contract on account
of adverse exchange rate fluctuations, and 2) increase in
interest during construction, civil costs and preliminary
expenses. This increase in fixed cost is unlikely to be fully
recovered through tariffs as the power purchase agreement (PPA)
signed is based on competitive bidding with capacity charges and
station heat rate as bidding parameters and with PPGCL quoting
non-escalable capacity charge in the bid, thus resulting in
lower-than-expected project returns limiting the debt servicing
capability of the company. Further, the project remains exposed
to high counterparty credit risk arising out of poor financial
health of Uttar Pradesh based distribution utilities;
nevertheless, payment securities mechanisms in the form of letter
of credit, escrow mechanism and third party sale built in the PPA
provide some comfort.
ICRA also makes a note of the commencement of generation in the
first two units and the past experience of the Jaypee Group in
setting up large power projects in various parts of the country.
ICRA also takes into account the successful commissioning of 765
kv transmission line in December 2016, which will facilitate
evacuation of power from the 1980 MW power plant.
Key rating drivers
Credit Strengths
* Past experience of the Jaypee group in setting and operating
power projects
* Successful commissioning of the first two units of the 1980 MW
thermal power plant with the third unit expected to be
commissioned by March 2017
* Successful commissioning of the 765 MW transmission line in
December 2016 which will facilitate evacuation of power
generated
* Presence of long-term PPA with UPPCL for 90% of the plant
capacity which mitigates offtake risk to a large extent
* Presence of a reputed equipment supplier for boiler-turbine-
generator (BTG) in BHEL
Credit Concerns
* Substantial time and cost overrun which has increased the
overall cost to INR15537 Cr. as against cost of INR10780.5
Cr. envisaged at the time of setting up the project
* Delays in servicing of interest over the last 12 months
* Weak financial position of the Jaypee group which may
adversely impact equity infusion in the future
* Counterparty credit risks on account of exposure to UP based
discom (UPPCL) which has poor financial health; However,
escrow arrangement & payment security mechanisms in the PPA
provides for a monthly unconditional, revolving and
irrevocable LC equivalent to 1.1 times the estimated average
monthly billing with a tenure of 12 months
* Present repayment schedule starts from December 2017 and since
the project tariff comprises non-escalable capacity charge
component, the present tariff is inadequate to meet external
obligations and would lead to liquidity concerns; However the
company plans to defer and/or elongate its repayments once all
the three units are operational
Description of key rating drivers highlighted:
PPGCL is the SPV for setting up 1980 MW (3*660 MW) coal based
thermal power plant at Bara tehsil in Allahabad district of Uttar
Pradesh. The project was awarded via competitive bidding route to
Jaypee group by Government of Uttar Pradesh (GoUP). However,
PPGCL had quoted significant portion of capacity charge as non
escalable component in bid and the project cost has increased
from INR10780.5 Cr. to INR15537 Cr., resulting in significant
under-recoveries for the project at present. Despite the debt
repayments beginning from December 2017, the company has been
presently delaying on interest payments which have consequently
constrained its credit rating. The major reason for delays in
interest servicing was ineligibility of the company to claim full
quantum of capacity charges as the actual plant availability was
lower than the normative level.
Going forward, the company will have to elongate/restructure its
repayment schedule as the present fund generation would not be
sufficient to take care of repayment obligations and interest
servicing. PPGCL intends to approach UPERC (state power
regulator) and claim compensatory tariff in lieu of the delay due
to factors beyond their control. Until UPERC approves a
compensatory tariff/relief for PPGCL and/or repayment schedule is
either elongated or restructured, the liquidity position of the
company is expected to remain weak. Moreover, the financial
position of the group continues to remain weak on account of high
debt accumulated in various group companies over the years.
Prayagraj Power Generation Company Limited is an SPV promoted by
the Jaiprakash Power Ventures Limited, holding company for power
projects of Jaypee Group, for the development of a 1980 (3X660)
thermal power project based on super critical technology at Bara
tehsil in Allahabad district of Uttar Pradesh. The total cost of
the project increased from INR10780.5 crore at the time of
bidding to INR15537.0 crore that is to be funded in debt equity
ratio of 75:25. The first two units of the plant have commenced
generation on 28th Feb 2016 and 9th Sep 2016 respectively. The
3rd unit is expected to commence generation from March 2017
onwards.
PROZONE DEVELOPERS: CARE Assigns B+ Rating to INR34cr Loan
----------------------------------------------------------
The rating assigned to the proposed NCD of Prozone Developers &
Realtors Pvt. Ltd. factors in very nascent stage of the funded
project 'Shreepati Jardine', repayments and revenue share to
PDRPL being subordindated to project loan, absence of any escrow
mechanism for NCD repayments and cyclical nature of real estate
sector.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Proposed Non-
Convertible
Debenture issue 34.00 CARE B+; Stable Assigned
However, the rating positively factors in experience of the
holding company Prozone Intu Properties Limited in real estate
(albeit weak liquidity profile of group company Provogue India
Limited) and repayments of NCD backed by cash flow from real
estate project in form of revenue share and interest income.
The rating further factors in the term of the NCD, which
stipulates a simple interest payable at the time ofredemption of
the NCD.The ability of the funded entity Shreepati Real Ventures
LLP (SRV) to execute the project and achieve sales asenvisaged
and accordingly provide the envisaged cash flows to PDRPL are the
key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Backed by the cash flow from real estate project
As per the structure, PRDPL would receive revenue share from
customer collections from sales of the proposed project along
with the fixed interest.
Experience of the promoters in real estate segment
The promoters of PDRPL, ie, PIPL have more than one and half
decades of experience in the real estate sector.
PIPL is promoted by the Chaturvedi family (also promoters of
Provogue India Limited) and Intu Properties Plc.
Key Rating Weaknesses
Very nascent stage of development
The project is at a very nascent stage of development with
initial approvals yet to be received.
Repayment and revenue share to PRDPL would be subordinated to
project loans
The project is expected to be funded mainly through a combination
of debt (project loan and loans from PRDPL) and customer
advances. Furthermore, the project loan would have first charge
on the security and receivables from the project. The repayment
of the proposed NCD would be done at the end of the tenure along-
with simple interest rate of 15% p.a. also payable at the end of
the tenure.
Industry Risk
Although the interest rates have declined, buyer sentiments are
yet to improve. Developers in the residential segment are
expected to focus on selling and completing the existing projects
first and there will be fewer new project launches in the medium
term. Within the residential segment, new project launches will
be higher in affordable housing segment supported by various
Government initiatives to promote this segment.
Prozone Developers & Realtors Pvt. Ltd., earlier known as
Classique Creators Pvt. Ltd., is 100%subsidiary of Prozone Intu
Properties Limited & its nominees (PIPL). PDRPL was previously
100% subsidiary ofanother group company Provogue (India) Limited
& its Nominees; however, during Q2FY17, the ownershipwas
transferred to PIPL. PDRPL is a special purpose vehicle of PIPL,
incorporated to engage in real estateactivity. At present, PDRPL
is providing subordinated funding to the real estate project,
'Shreepati Jardine' tobe executed by Shreepati Real Ventures LLP.
PDRPL is proposing to provide funding of total amount of
~INR73crore to SRV. PIPL will invest ~Rs.39 crore in PDRPL
through preference shares and further PDRPL will raiseRs.34 crore
as NCD.
RANCHHOD OIL: CARE Designates B+; Issuer Not Cooperating Rating
---------------------------------------------------------------
CARE has been seeking information from Ranchhod Oil Mill Company
to monitor the ratings vide e-mail communications/letters dated
September 27 & 30, October 24 & 27, 2016, January 02 & 31,
February 06, 16, 20 & 23, 2017, and numerous phone calls.
However, despite our repeated requests, the firm has not provided
the requisite information for monitoring the ratings. In the
absence of minimum information required for the purpose of
rating, CARE is unable to express opinion on the rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 9.50 CARE B+; ISSUER NOT
COOPERATING
Short-term Bank
Facilities 0.40 CARE A4; ISSUER NOT
COOPERATING
In line with the extant SEBI guidelines CARE's rating on Ranchhod
Oil Mill Company's bank facilities will now be denoted as CARE
B+; ISSUER NOT COOPERATING/ CARE A4; ISSUER NOT COOPERATING.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while using the
above ratings.
Detailed description of the key rating drivers
At the time of last rating in Dec. 10, 2015, the following were
the rating strengths and weaknesses:
Key Rating Weaknesses
Stretched liquidity along with working capital intensive
operations: Despite improved operating cycle, the
liquidityindicator for ROMC's remained stretched during FY15
marked by week current and quick ratio of 1.17 times and
0.68times respectively. ROMC's operations are capital intensive
as around 90% of capital employed was deployed in fundingnet
working capital during FY15. Further, the working capital limits
remained fully utilized during twelve months endedOct. 2015.
Highly fragmented agro commodities industry with low value
addition: The agro-commodity business is highlyfragmented with a
large number of organized and unorganized players in India. There
is high competition within theindustry due to low entry barriers.
Furthermore, any change in the government regulations and
incentives in the agrocommodityexports/imports policy have a high
bearing on the fortunes of the trading entities.
Thin profitability and moderate leverage position: ROMC's
profitability margin continued to remain thin on account
ofpresence in the low value addition nature of the agro commodity
processing business. During FY15, its PBILDT margindeclined by 57
bps owing to the higher material cost and manufacturing expenses.
Moreover, ROMC's overall gearingremain moderately high at 1.82x
as on March 31, 2015.
Key Rating Strengths
Experienced promoters and proximity to raw material source:
ROMC's partners, having more than three decades ofexperience in
agro commodity processing, looks after the overall operation of
the firm. Moreover, ROMC has anadvantage in procurement of
groundnut with proximity to groundnut crop producing region. ROMC
has also establishedstrong relationships with local farmers,
traders, brokers and overseas customers because of its long track
record in theagro-commodities business.
Growth in scale of operation: The total operating income (TOI)
for ROMC has been growing at compounded annual growth rate (CAGR)
of 13% during last three years ending FY15. ROMC reported a
significant growth in its TOI during FY15 mainly on account of
easy availability of groundnut and consistent export demand which
led to higher sales volume and relatively improved sales
realizations.
Setup in 1997, ROMC is a partnership firm formed by partners Mr.
Jeram Gami and Mr. Bharat Gami (with equal profitand loss
sharing) for undertaking processing and trading of agro-products
like groundnut, cumin seed, husk and sesameseed, etc. The firm
generates majority of its income from export to countries like
Philippines, China, Gulf countries etc.ROMC's sole processing
facility is located in Keshod region of Gujarat. The firm
operates with installed processing capacityof 37000 metric tonne
per annum (MTPA).
As per the audited result for FY15, firm has reported PAT of
INR0.71crore [Rs.0.20 crore in FY14] on a TOI of INR112.81
crore [Rs.66.16 crore in FY14].
RATNA COTTEX: CARE Revises Rating on INR5.99cr LT Loan to B+
------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Ratna Cottex (Ratna) is on account of stabilization of its
operations post successful completion of the project and
consequent increase in scale of operations. The rating,
continues to draw comfort from the wide experience of the
partners and location advantage due to the entity being located
in the cotton-producing area.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 5.99 CARE B+; Stable Revised
from CARE B
The rating continues to remain constrained on account of
partnership nature of its constitution leading to
limitedfinancial flexibility, susceptibility of operating margins
to cotton price fluctuation along with prices and supply of
cottonbeing highly regulated by government and its presence in
highly fragmented and seasonal industry with limited
valueaddition. The rating is further constrained on account of
its small scale of operations, low profitability,
moderatelyleveraged capital structure, weak debt protection
metrics and moderate liquidity position during FY16 (refers to
theperiod April 1 to March 31).
The ability of Ratna to increase its scale of operations and
profit margins by managing the volatility associated with prices
of raw material along with efficient working capital management
remains the key rating sensitivities.
Detailed description of key rating drivers
Key Rating Weaknesses
Partnership nature of constitution with government regulation on
prices and supply of cotton: The partnership natureof
constitution restricts Ratna's overall financial flexibility in
terms of limited access to external funds and inherent risk
ofwithdrawal of capital and dissolution of the firm in case of
death/insolvency of partner. The cotton prices in India arehighly
regulated by the government through Minimum Support Price (MSP)
and export regulations.
Susceptibility of operating margins to cotton price fluctuation
due to its presence in the highly fragmented and seasonal
industry with limited value addition: Also, cotton ginning and
pressing operations involves limited value addition with large
number of players operating in this line of business making it
fragmented and restricting the profit margins. Also, cotton being
a seasonal crop, is dependent on the vagaries of monsoon.
Small scale of operations, low profitability, moderately
leveraged capital structure, weak debt protection metrics
andmoderate liquidity: The total operating income (TOI) stood low
at INR9.31 crore for its four months of operations in FY16,while
the PBILDT and PAT margin stood at 4.40% and below unity
respectively. The capital structure as marked by anoverall
gearing ratio stood at 1.95 times as on March 31, 2016, while the
debt coverage indicators also stood weak owingto initial year of
operations leading to lower GCA level. The liquidity position as
marked by current ratio stood moderateat 1.23 times as on March
31, 2016, while the average working capital limit utilization
remained at 66% during the past 12months ended January, 2017.
Key Rating Strengths
Wide experience of promoters: Ratna is currently managed by three
partners having an experience ranging from 5 to 10 years via
other firms.
Location advantage: Ratna's plant is located in the cotton
producing belt of Gujarat which makes raw material availability
easy.
Stabilization of operations on the back of successful completion
of the project: Ratna successfully completed the project
within the cost parameters and commenced its operations in
December 2015 leading to stabilization of operations.
Ratna Cottex (Ratna) was incorporated on May 19, 2015 as a
partnership firm owned and managed by Mr HarshadJasmatbhai
Ghodasara, Mr Manojkumar Jasmatbhai Ghodasara and Mr Jasmatbhai
Valjibhai Ghodasara. The firm iscurrently engaged in cotton
ginning and pressing for BT variety of cotton with short and
medium staple fibre, having solemanufacturing facility located in
Morbi, with an annual installed capacity of 5,488.56 Metric Tons
of cotton bales and10977.12 Metric Tons of cotton seeds as on
March 31, 2016. Ratna commenced its operations from December,
2015 with24 ginning machines.
During FY16, Ratna reported a total operating income (TOI) of
INR9.31 crore with a PAT of INR0.01 crore for its four
months of operations. During 9MFY17 (Provisional; till
December 14, 2016), Ratna reported a TOI of INR13.52 crore.
SCT PRIVATE: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SCT Private
Limited (SCTPL) a Long-Term Issuer Rating of 'IND BB-'. The
Outlook is Stable. The instrument-wise rating actions are:
-- INR70 mil. Fund-based working capital limit assigned with
IND BB-/Stable/IND A4+ rating; and
-- INR80 mil. Non-fund-based working capital limit assigned
with IND A4+ rating
KEY RATING DRIVERS
The ratings reflect moderate scale of operations, volatile
revenue and weak credit metrics. In FY16, revenue was INR263
million (FY15: INR233 million; FY14: INR252.90 million),
financial leverage (total adjusted debt/operating EBITDAR) was
16.82x (3.56x; 4.26x) and gross interest coverage (operating
EBITDAR/gross interest expense + rents) was 0.54x (1.73x; 2.14).
The ratings also reflect a weak operating EBITDA margin, which
stood at 2.52% in FY16 (FY15: 10.26%; FY14: 6.28%).
However, the ratings are supported by SCTPL's comfortable
liquidity position, indicated by a 64.25% utilization of working
capital limits during the 12 months ended December 2016, on
account of unsecured loans from directors. However, its
operating cycle was elongated at 199 days in FY16 (FY15: 261
days; FY14: 210 days), mainly due to elevated inventory levels
and high debtor days. Moreover, the management has about 40
years of experience in the transformers business.
RATING SENSITIVITIES
Negative: A decline in EBITDA margin leading to a sustained fall
in credit metrics will result in a negative rating action.
Positive: A rise in revenue leading to a sustained improvement in
credit metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated on June 26, 1979, SCTPL was incorporated as a System
Controls & Transformers Private Limited. On March 21, 2016, the
company was renamed SCT Private Limited.
SCTPL manufactures current and potential transformers at its
facility in Ghaziabad (Uttar Pradesh). The site has an annual
production capacity of3,000 transformers.
According to provisional results for 9MFY17, SCTPL's revenue was
INR170 million.
SHREE KHODIYAR: ICRA Reaffirms 'D' Rating on INR15cr Cash Loan
--------------------------------------------------------------
ICRA has reaffirmed the long term rating assigned to the INR15.00
crore fund based limits of Shree Khodiyar Oil Industries.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Cash Credit 15.00 Reaffirmed at [ICRA]D
The rating action is based on the continued delays in the
company's debt servicing. As part of its process and in
accordance with its rating agreement with SKOI, 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.
Shree Khodiyar Oil Industries (SKOI) was established as a
partnership firm in 1997 as a cottonseed crushing unit with the
operations located at Jambuda, Gujarat. However, the present
management had purchased the firm in the year 2003 and later it
has augmented its operating sphere by backward integration into
cotton ginning. The manufacturing facility of the firm is
currently equipped with 24 ginning machines and 8 expellers with
an installed capacity of 8,000 TPA and 1,950 TPA of ginned cotton
and wash oil respectively. From November 2013, the firm has
diversified in groundnut seed crushing also. The firm is
currently headed by Mr. Sanjay J Lakkad along with other six
partners, having an experience of more than three decades in
cotton and ginning activities.
SMART STACK: CRISIL Assigns 'B' Rating to INR12MM Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the long-term
bank facility of Smart Stack Warehousing.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 12 CRISIL B/Stable
The rating reflects the firm's start-up phase, exposure to sales
risk and competition, and lack of an established brand. These
weaknesses are partially offset by low funding and demand risks
related to the project, its locational advantage, and promoter's
experience.
Key Rating Drivers & Detailed Description
Weaknesses
* Exposure to sales risks and competition, and lack of
established brand: Since the firm is in project phase, it is
exposed to sales risk in the intensely competitive warehouse
industry. Also, it is yet to establish relationship with
corporates and other customers.
* Nascent stage of project and expected small scale of
operations: Since commercial operations are expected to start
from October 2017, scale will remain modest as the firm will be
operational for only six months in fiscal 2018.
Strengths
* Locational advantage: The firm's warehouse is close to the
four-lane National Highway-4 that connects to Punjab and Haryana.
*Low funding and demand risks: The total project cost is INR17.50
crore, funded through debt to equity ratio of 2.3:1. The
promoters had already brought in around 40% of their total
contribution in the form of share capital. Furthermore, a 10-year
lease agreement has already been signed with a customer.
Outlook: Stable
CRISIL believes SSW will continue to benefit over the medium term
from the extensive experience of its promoters in diverse
industries. The outlook may be revised to 'Positive' if higher
occupancy and tariff lead to substantial cash accrual. The
outlook may be revised to 'Negative' if low occupancy and tariff
or delays in customer advances constrain cash accrual and
liquidity.
Set up in 2016 as a partnership firm by Mr. Kanav Mittal, Mr.
Udit Mittal, Ms. Nidhi Mittal, Ms. Shashi Jain, and Mr. Amit
Jain, SSW is setting up a multi-purpose warehouse facility in
Panchkula, Haryana, on an area of 20,4750 square feet. Operations
are expected to start from October 2017.
SPADS RED: CARE Upgrades Rating on INR6.0cr LT Loan to 'BB'
-----------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Spads Red Fields Exim Private Limited takes into account
healthy growth in total operating income, comfortable overall
gearing and improvement in operating cycle during FY16 (refers to
the period April 1 to March 31).
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 6.00 CARE BB; Stable Suspension
Revoked and revised from
CARE B+
The rating also factors in experienced promoters, satisfactory
profitability margins and moderate debt coverage indicators. The
rating, however, is constrained by relatively short track record
of the company with low net worth base, fragmented nature of the
industry, intense competition among numerous unorganized players
and foreign exchange fluctuation risk. The ability of the company
to improve its profitability margins and capital structure while
managing the working capital requirements effectively are the key
rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Experienced promoters
Mr Badiga Sundeep Krishna Mohan, Director, an MBA graduate and
has around 15 years of experience in the trading business of
cotton linter and other related products. The company is also
supported by other director such as Mr S Rohit Rao who have about
a 8 years of experience in the similar line of activity.
Significant improvement in total operating income
The total operating income of the company improved significantly
during FY16 marked by increase in total operating income from
INR142.27 crore during FY15 to INR235.40 crore during FY16. While
the PBILDT margin of the company improved from 3.19% during FY15
to 3.47% during FY16, PAT margin from 1.17% during FY15 to 1.00%
during FY16. Comfortable overall financial risk profile.
The overall gearing of the company has remained comfortable and
below unity as on March 31, 2016, although deteriorated
marginally as on March 31, 2015.
SEPL, although a trading company, has maintained a comfortable
working capital cycle of 8 days during FY16, having improved from
21 days during FY15 on account of faster realization of
receivables.
Short track record of the company with low tangible net worth
SEPL was established in June 2012 and has track record of just
about five years. The net worth of the company remains relatively
low as on March 31, 2016.
Fragmented nature of Industry and intense competition among
numerous unorganized players
India's cotton yarn industry is predominantly unorganized with
the presence of many small participants. The company is into
cotton trading business which is characterized by low entry
barriers due to minimal capital requirements. This has resulted
in proliferation of large number of small players, spread across
the country. High competition has resulted in very thin profit
margins for the companies operating in the industry.
Foreign exchange fluctuation risk
SEPL derives 100% of its revenue from export sales thereby
exposing the company to foreign exchange risk. SEPL has forward
contract facility to cover its forex exposure. However,
considering the quantum of operations of the company, hedge
amount is minimal, leaving the company vulnerable to appreciation
of Indian Rupee.
Spads Red Fields Exim Private Limited was incorporated in June
2012 by Mr S. Rohit Rao and Mr Sundeep Krishna Mohan Badiga. The
company is engaged in export trading of cotton and related
products like cotton, cotton linter, cotton yarn and other
textile products, etc. SEPL is a 100% EOU (Export Oriented Unit);
procures all its products through domestic suppliers and exports
to the customers located at China (~98%), South Korea (~1%) and
Japan (~1%); The company has one of its offices located at
Beijing, China. SEPL has two associate companies; Spads Textiles
Limited and Jayshree Trading, which are into similar line of
industry.
During FY16, SEPL reported a PAT of INR2.35 crore on a total
operating income of INR235.40 crore as against a PAT of INR1.66
crore on a total operating income of INR142.27 crore in FY15.
SRI SAI: ICRA Reaffirms B+ Rating on INR10cr Unallocated Loan
-------------------------------------------------------------
ICRA has reaffirmed the long-term rating of [ICRA] B+ to INR10.00
crore unallocated facilities of Sri Sai Balaji Tobaccos Private
Limited. The outlook on the long term rating is stable.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Unallocated 10.00 [ICRA]B+ (Stable) Re-affirmed
Rationale
The rating continues to factors in the company's weak financial
profile as reflected by low profitability on account of trading
nature of business, high gearing of 3.10 times as on March 31,
2016, weak coverage indicators with interest coverage ratio of
1.39 times and TD/OPBIDTA of 7.59 times for FY2016 and
constrained liquidity position as reflected by high utilization
of the working capital limits. The assigned rating is also
constrained by high working capital intensive nature of the
business on account of high inventory due to seasonality
associated with tobacco availability and susceptibility to agro
climatic risks affecting the raw material availability. Tobacco
is a seasonal crop and its production and auctioning are
controlled by the Tobacco Board of India. The board prescribes
the quantity of tobacco to be cultivated and also the prices for
its auction.
The rating, however, positively factors in the presence of the
company in the major tobacco growing region in Andhra Pradesh and
the long-standing experience of the promoter in tobacco industry
which has resulted in established relationship with various
tobacco aggregators resulting in repeat orders for the company.
Key rating drivers
Credit Strengths
* Vast Experience of promoters in tobacco industry.
* Established relationship with various tobacco aggregators
resulting in repeat orders
* Presence in the major tobacco growing area of Andhra Pradesh
Credit Weakness
* Weak Financial Profile as reflected by high gearing of 3.10
times as on 31st March,2016 and weak coverage indicators
reflected by Interest coverage of 1.39 times and TD/OPBIDTA of
7.59 times.
* Low profitability due to trading nature of business
* High working capital intensive nature of business on account
of high inventory as the company stocks inventory for price
appreciation
* Exposure to raw material price volatility owing to trading
nature of the business.
* Susceptibility to regulatory risks on tobacco production and
auctioning, and to climatic risks affecting tobacco
availability.
Description of key rating drivers highlighted:
The company is engaged in the business of processing and trading
in tobacco which is highly working capital intensive and faces
high customer concentration with top five customers of the
company accounting for 58% of total sales in FY2015 which has
increased to 68% in FY2016. The operating income has witnessed
healthy growth from INR36.06 crore in FY2015 to INR44.46 crore in
FY2016 on the back of increase in sales volumes supported by
enhanced working capital limits as the operations are working
capital intensive. The operating margins of the company have been
low owing to trading nature of operations and fluctuating RM
costs which form around 90-95% of the total cost of production.
Going forward, the company's ability to improve its scale,
improve its profitability and effective management of working
capital requirements are key rating sensitivities from credit
perspective
Sri Sai Balaji Tobaccos Private Limited (SSBTPL) was incorporated
in 2011 by Mr.Showraiah & family to undertake the business of
trading in tobacco. The company is registered with the Tobacco
Board as a tobacco dealer and can participate in the auctions
conducted by the same. The company is involved in trading of
tobacco leaves, primarily Virginia Flue Cured (VFC) and non-VFC.
The company is situated in Guntur district of Andhra Pradesh
which is among high tobacco growing regions in the state.
SRIKARA PACKAGING: CRISIL Assigns 'D' Rating to INR5MM LT Loan
--------------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating on the long term bank
loan facilities of Srikara Packaging Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL D
Long Term Loan 5 CRISIL D
The rating reflects instances of delay by SPPL in servicing its
term debt obligations; the delays have been caused by weak
liquidity, arising from inadequate cash accruals.
The rating also factor in the SPPL's modest scale of operations
in an intensely competitive industry and working capital
intensive operations. SPPL, however, benefits from extensive
experience of its promoter in the textile industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in competitive segment:
With revenue of INR8.2 crore for fiscal 2016, scale remains small
in the competitive fabric manufacturing industry.
*Working capital intensive operations:
SPP's operations are working capital intensive marked by gross
current asset days of 253 days as on March 31, 2016.
Strength
* Extensive experience of promoters:
The firm is promoted by Mr. V Vairamuthu and his family members.
The promoters have been involved in the textile industry for more
than 15 years.
Set up in 2012, SPPL, is engaged in manufacturing of
polypropylene non-woven fabric. The firm is based out of Madurai
(Tamil Nadu) and is promoted by Mr. V. Vairamuthu and his family
members.
SPPL reported a net loss of INR1.8 crores on net sales of INR8.21
crores in fiscal 2016 as against a net loss of INR1.6 crores on
net sales of INR11.3 crores in fiscal 2015.
Status of non-cooperation with previous CRA: SPPL has not
cooperated with ICRA Limited, which has suspended its rating vide
release dated 15-March-2016. The reason provided by ICRA is non-
furnishing of information for monitoring of ratings.
SUBHASH KABINI: CARE Lowers Rating on INR53.76cr LT Loan to D
-------------------------------------------------------------
The revision in the rating assigned to the bank facilities of
Subhash Kabini Power Corporation Ltd takes into account the
ongoing delays in debt serving by the company.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank 53.76 CARE D Revised from
Facilities CARE BB
Liquidity position of the company has been stretched due to lower
power generation in its hydel power plant in FY16 (refers to the
period April 1 to March 31) and 9MFY17 and significant investment
in group companies and this resulted in the inability of the
company to meet its debt obligations on time.
Detailed description of the key rating drivers
Key Rating Weakness
Ongoing delays in debt servicing
There are ongoing delays in servicing the principal and interest
on term loans availed by the company. Further, SKPCL is unable to
maintain the DSRA balance. The liquidity position of the company
is stretched on account of lower generation in the hydel power
plant in FY16 and 9MFY17.
Vulnerability of cash flows to availability of water
SKPCL owns and operates a 20 MW dam-based (without pumped-
storage) hydro power plant over the River Kabini near Mysore in
Karnataka. Given the low storage capacity of the reservoir, power
generation is largely concentrated within the monsoon season
(June-September). Hence, SKPCL witnesses variability in hydro
power generation as the same is dependent on the extent of
rainfall received during the year.
Substantial exposure to group companies
SKPCL's fund based exposure to the group companies as on Mar. 31,
2016 stood at INR189.65 crore (accounting for 144% of its
tangible net worth) as compared to INR179.7 crore as on March 31,
2015. It has also extended corporate guarantee of INR157.01 crore
as on March 31, 2016 to its group companies. These companies are
setting up hydro power projects and yet to generate significant
revenue. Ongoing exposure to group companies which are not
generating revenue restricts the free cash flow of the company.
SKPCL, promoted by the Sethi family, is a part of the SMPL group,
which has more than two and half decades of multidisciplinary
experience in construction industry. SKPCL, which commenced
operation in June 2003, owns and operates a 20 MW hydro power
plant over the river Kabini near Mysore, Karnataka.
During FY16, SKPCL reported PAT of Rs 2.06 crore (Rs 0.70 crore
in FY15) on total operating income of Rs 18.48 crore (Rs 23.29
crore in FY15).
SUDARSHAN BEOPAR: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sudarshan Beopar
Company Limited (SBCL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. Instrument-wise rating action is:
-- INR110 mil. Fund-based limits assigned with IND BB+/Stable
rating
KEY RATING DRIVERS
The ratings reflect SBCL's moderate scale of operations and
credit profile. During FY16, revenue declined to INR669 million
(FY15: INR959 million) due to low orders. However, operating
margins increased to 3.2% in FY16 (FY15: 2.0%) on account of a
decline in raw material prices. Net financial leverage (adjusted
net debt/operating EBITDA) and interest coverage deteriorated to
3.0x (FY15: 2.6x) and 2.0x (2.3x), respectively, due to the
decline in the top line.
The ratings also reflect SBCL's moderate liquidity position as
indicated by 84% average use of working capital limits during the
12 months ended January 2017.
However, the ratings benefit from the promoters' over a decade-
long experience in the flour business.
RATING SENSITIVITIES
Positive: A substantial improvement in revenue, along with an
improvement in the profitability margins will be positive for the
ratings.
Negative: Deterioration in the overall credit profile will be
negative for the ratings.
COMPANY PROFILE
Incorporated in 1979, SBCL manufactures and sells wheat products.
The company's registered office is situated in Kolkata, West
Bengal.
SUNAHRI MULTI: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Sunahri Multi
Grain Private Limited (SMG; formerly RLJ Multi Grain Private
Limited) a Long-Term Issuer Rating of 'IND B+'. The Outlook is
Stable. The instrument-wise rating actions are:
-- INR65 mil. Fund-based limit assigned with IND B+/Stable
rating; and
-- INR55 mil. Term loan assigned with IND B+/Stable
KEY RATING DRIVERS
The ratings reflect SMG's small scale of operations and weak
credit metrics. In FY16, revenue was INR275 million (FY15: 167
million), interest coverage (EBITDA/interest) was 1.34x (1.42x)
and net leverage (net debt/EBITDA) was 7.5 (5.7x).
The ratings also reflect its tight liquidity profile, indicated
by an average 97% utilization of the working capital limit during
the 12 months ended January 2017.
The ratings, however, derive support from its directors' almost
10 years of experience in the rice business.
RATING SENSITIVITIES
Negative: Further deterioration in credit metrics will be
negative for the ratings.
Positive: An improvement in scale of operations, along with
credit metrics, will be positive for the ratings.
COMPANY PROFILE
Incorporated in 2009 as RLJ Multi Grain Private Limited, SMG is
engaged in rice production. The company commenced commercial
operations in 2012. It has its own paddy crushing unit, which
has an installed capacity of 48,000 metric tons per annum. It is
managed by Mr Vinod Jain and has a manufacturing unit in
Jamshedpur.
The company changed its name to Sunahri Multi Grain Private
Limited in January 2017.
SUPRINT SALES: CARE Assigns B+ Rating to INR7cr Long Term Loan
--------------------------------------------------------------
The ratings assigned to the bank facilities of Suprint Sales are
primarily constrained on account of its modest scale of
operations with thin profitability, highly leveraged capital
structure and stressed liquidity position. The ratings are also
constrained due to presence in a highly competitive and
fragmented textile industry and vulnerability of margins to
fluctuation in the raw material prices and constitution as a
partnership concern.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long term Bank
Facilities 7 CARE B+; Stable Assigned
The ratings, however, derive strength from the experienced
promoters with established track record of operations in the
textile industry and continuous growth in Total Operating Income
coupled with association with renowned customers.
The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient management of working capital
would be the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Weakness
Modest scale of operations with thin profitability margins
Due to repeated orders from the existing clients as well as
association of new client with the firm attributes to continuous
growth in Total Operating Income (TOI). However, the scale of
operations of SSS stood modest in a highly fragmented and
competitive textile industry. Further, the profitability margins
of the firm stood thin on account of limited value addition
and presence in the lowest segment of the textile value chain.
Cotton grey fabric is the main raw material used by SSS to
manufacture home furnishing items. The price of key raw
material has been volatile in nature and SSS is exposed to the
raw material price fluctuation risk due to high inventory
holding period of 120-130 days.
Highly leveraged capital structure and stressed liquidity
position
The capital structure of the firm stood highly leveraged mainly
on account of higher utilization of working capital bank
borrowings coupled with withdrawal of capital by promoters. The
liquidity position of the firm stood stressed marked by full
utilization of its working capital bank borrowing during last 12
months ended December 31, 2016 and elongated operating cycle.
Key Rating Strengths
Experience promoters coupled with long track record of operations
of the company
The firm was formed in 2003 and hence, has a long track record of
operations. Further, due to long standing experience of the
promoters in the industry, SSS has developed market for its
products and established good relations with the reputed
customers resulting in continuous flow of repeat orders.
The ratings assigned to the bank facilities of Suprint Sales are
primarily constrained on account of its modest scale of
operations with thin profitability, highly leveraged capital
structure and stressed liquidity position. The ratings are also
constrained due to presence in a highly competitive and
fragmented textile industry and vulnerability of margins to
fluctuation in the raw material prices and constitution as a
partnership concern.
The ratings, however, derive strength from the experienced
promoters with established track record of operations in the
textile industry and continuous growth in Total Operating Income
coupled with association with renowned customers.
The ability of the company to increase its scale of operations
while improving profitability along with improvement in the
solvency position and efficient management of working capital
would be the key rating sensitivities.
During FY16 (refers to the period of March 31 to April 1), SSS
has reported a total operating income of INR38.53 crore with a
net profit of INR0.39 crore.
VELAVEN POLYMERS: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Velaven Polymers
Private Limited (VPPL) a Long-Term Issuer Rating of 'IND B+'.
The Outlook is Stable. Instrument-wise rating actions are:
-- INR144 mil. Term loan assigned with IND B+/Stable rating;
-- INR50 mil. Non-fund-based facilities assigned with IND A4
rating; and
-- INR5 mil. Non-fund-based facilities assigned with IND A4
rating
KEY RATING DRIVERS
The ratings reflect the under construction stage of VPPL's jumbo
bag manufacturing project. The company was established in August
2015 to set-up a bag manufacturing unit in Dindigul (Tamil Nadu).
The project has nearly achieved completion and the trial
production is likely to begin by end-April 2017. The commercial
production is expected to commence from end-May 2017. The total
installed capacity of the machinery is expected to be 5,000
bags/day and around 250 metric tonnes/month. As of March 2017,
VPPL had an order book position of INR18 million, which will be
executed within two months from the date of commencement of
commercial production.
The ratings are also constrained by the risks emanating from the
commencement of interest repayment since February 2016, with the
manufacturing unit to still commence operations.
However, the ratings are supported by the plant's locational
advantage in terms of the availability of raw materials (sourced
from Reliance Industries ('IND AAA'/Outlook Stable)) and the
demand for the product.
The ratings also benefit from the promoters' three decades of
experience in the civil construction business and half a decade
of experience in the packaging industry.
RATING SENSITIVITIES
Positive: Successful commencement of operations leading to
substantial revenue and profitability will lead to a positive
rating action.
Negative: Failure to achieve substantial revenue leading to a
stress on the liquidity position will be negative for the
ratings.
COMPANY PROFILE
VPPL was established in August 2015 to manufacture flexible
intermediate bulk container bags, polypropylene bags, woven sacks
and jumbo Bags. Mrs. A Amudha, Mr. T Ashok Kumar, Mr. P.
Thangavelu and Mr. P Chandrasekar are the promoters of the
company.
VISHNU BARIUM: CARE Reaffirms B+ Rating on INR24.27cr LT Loan
-------------------------------------------------------------
The ratings assigned to the enhanced bank facilities of Vishnu
Barium Private Limited continues to be constrained by small and
volatile scale of operations and continued losses with declining
profitability margins for FY16 (refers to the period April 01 to
March 31), volatile raw material costs and high working capital
utilization. The ratings also take into leveraged capital
structure as on March 31, 2016 and September 30, 2016
(Provisional) on account of erosion of networth due to losses.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 24.27 CARE B+; Stable Reaffirmed
Short-term Bank
Facilities 2.00 CARE A4 Assigned
The above ratings are, however, underpinned by experienced
promoters and management team, moderately diversified client base
albeit limited product portfolio, repeated orders backed by long
standing association with reputed clientele. The ratings also
factor in marginal improvement in capacity utilization levels
during FY16 and improved operational and financial performance
during H1FY17 (Prov.) with profits for H1FY17. The ability of the
company to further improve its scale of operation and
profitability margins while efficiently managing its working
capital are the key rating sensitivities.
Detailed description of the key rating drivers
Key Rating Strengths
Small and volatile scale of operations and continued losses
during FY16: The size and scale of company's operation remains
small with TOI of INR28.49 crore in FY16 and net worth base of
INR5.88 crore as on March 31, 2016. The company has been
registering losses and cash loss for the period FY14-16. The
profitability margins of the company have been on a declining
trend for FY14-16.
Volatile raw material costs: Prices of pet coke are volatile and
driven by domestic as well as international demand supply
scenario.
High working capital utilization: The operating cycle of the
company was increased to 25 days in FY16. Majority of VBPL
working capital is blocked in inventory with an inventory holding
period of around 64 days in FY16 vis-Ö-vis 28 days in FY15.
Leveraged capital structure: The capital structure of VBPL was
leveraged with overall gearing at 3.92x as on March 31, 2016,
vis-Ö-vis 0.75x as on March 31, 2015. The overall gearing ratio
was weakened on account of erosion of networth coupled with
increased term loan.
Key Rating Strengths
Experienced promoters: The company was initially established as a
JV between Solvay group and Vishnu Chemicals Limited. VBPL became
wholly-owned subsidiary of VCL in H1FY16. The promoters of the
company are instrumental in transforming the company to its
present form. Also, merger of VBPL (wholly-owned subsidiary of
VCL) with VCL is under process and is expected to complete by end
of FY17.
Moderately diversified client base: The company has moderately
diversified its client profile with limited product portfolio.
The company is exploring avenues to increase its global presence.
Repeated orders: VBPL has benefited from its experienced
promoters who have been associated with the chemical industry for
over two decades and have been able to establish long-standing
relationships with its clientele.
Marginal improvement in capacity utilization levels during FY16:
During FY16, the capacity utilization of barium carbonate has
improved from 24% in FY15 to 28% in FY16. VBPL has not incurred
annual maintenance capex (AMC) due to continuous losses. Post
take over, VBPL incurred AMC which has led to gradual improvement
in the capacity utilization levels.
Improved sales and profits during H1FY17 (Prov.): The company's
operational and financial performance witnessed improvement
during H1FY17 (Prov.). During H1FY17, VBPL has registered sales
INR34.75 crore with net profit of INR0.74 crore (net loss of
INR2.21 crore in H1FY16).
Vishnu Barium Private Limited [erstwhile Solvay Vishnu Barium
Private Limited] was originally incorporated on May 29, 2001. The
company was initially established as a JV between Solvay group
(Belgium Chemical Group) and Vishnu Chemicals Limited (VCL).
After 5 years, VCL exited and Solvay group took over the entire
stake in the company. Later, Solvay group has sold the entire
stake to VCL in H1FY16 and the operations of the company under
VCL has commenced from July 1, 2015.
The main products of the VBPL include Barium Carbonate (powder
and granules), sulphur and barium chloride. VBPL has its
manufacturing facilities at Kalahasti, Andhra Pradesh, and is one
of the leading manufacturers of barium carbonate in India. VBPL
has its manufacturing facilities at Kalahasti, Andhra Pradesh,
with an installed capacity of 42,705 Metric Tonnes Per Annum
(MTPA) (42,000 MTPA in FY16) for barium carbonate as on March 31,
2016.
During FY16 (refers to the period April 1 to March 31), VBPL has
reported a net loss of INR8.21 crore on a total operating income
of INR28.49 crore as against a net loss of INR5.51 crore on a
total operating income of INR38.33 crore in FY15.
VSP UDYOG: CARE Assigns 'D' Rating to INR200.31cr LT Loan
---------------------------------------------------------
CARE has been seeking information from VSP Udyog Private Limited
to monitor the rating vide e-mail communications/letters dated
November 10, 2016, November 29, 2016, January 27, 2017,
January 31, 2017, February 03, 2017 and numerous phone calls.
However, despite our repeated requests, the company has not
provided the requisite information for monitoring the rating. In
line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the publicly available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.
Amount
Facilities (INR crore) Ratings
---------- ----------- -------
Long-term Bank
Facilities 200.31 CARE D; ISSUER NOT
COOPERATING; Revised
from CARE BB+ on the
basis of best available
information
Short-term Bank
Facilities 29.00 CARE D; ISSUER NOT
COOPERATING; Revised
from CARE A4+ on the
basis of best available
information
The ratings on VSPL's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.
The ratings have been revised on account of the ongoing delays in
debt servicing by the company.
Users of this rating (including investors, lenders and the public
at large) are hence requested to exercise caution while
using the above rating.
Detailed description of the key rating drivers
The rating has been revised on account of ongoing delays in debt
servicing by the company.
VSP Udyog Pvt Ltd, incorporated in 2002 by Mr. Om Prakash
Agarwala, is engaged in the manufacturing of billets & TMT
bars/rounds at Durgapur, West Bengal. In 2005, VSPL set up its
first induction furnace for manufacturing billets with a capacity
of 22,800 MTPA. Currently, the company is operating billet
capacity of 1,15,200 MTPA and TMT bar/rounds capacity of 2,23,000
MTPA. VSPL is also engaged in trading activity which contributed
around 19% of its total sales of FY15.
In FY15 (refers to the period April 1 to March 31), VSPL reported
a net profit of INR5.46 crore on a total operating income of
INR1,045.63 crore. In H1FY16, the company reported total
operating income of INR627.77 crore.
Status of non-cooperation with previous CRA: India Ratings and
Research (Ind-Ra) has withdrawn VSP Udyog Pvt. Ltd.'s
'IND BB+(suspended)' Long-Term Issuer Rating as per press release
dated August 10, 2015 due to lack of adequate information.
=================
S I N G A P O R E
=================
EZRA HOLDINGS: Unit Seeks Trading Suspension on SGX
---------------------------------------------------
The Strait Times reports that beleaguered Emas Offshore will be
requesting for a voluntary suspension of its shares on the
Singapore Exchange with effect from March 6.
This comes after the Financial Supervisory Authority of Norway
ordered the Oslo Stock Exchange to suspend trading in the shares
of Emas on the Oslo Stock Exchange with effect from the close of
trading on March 3, according to the Strait Times.
The Strait Times says the suspension will be lifted upon
publication of Emas' audited annual financial information for
2016.
Emas Offshore, a subsidiary of Ezra Holdings, saw its shares fall
by 9.1% to five cents on March 3, the report discloses.
Ezra, which came out of a three trading halt on March 3, plunged
21% to a fresh low of 1.5 cents, adds the Strait Times.
Singapore-based Ezra Holdings Limited, an investment holding
company, provides integrated offshore solutions for the oil and
gas industry. The company operates in three divisions: Subsea
Services, Offshore Support and Production Services, and Marine
Services.
====================
S O U T H K O R E A
====================
HANJIN SHIPPING: Winding Up Operations in Singapore
---------------------------------------------------
Jacqueline Woo at The Strait Times reports that Hanjin Shipping
is in the process of winding up its operations in Singapore, and
this is likely to affect about 100 employees there.
For a number of the firm's staff, the fallout has already begun.
When The Straits Times visited Hanjin's Anson House premises in
Tanjong Pagar last week, the office had already been emptied of
both staff and furniture. The Anson House office was one of
Hanjin's two locations in Singapore. The other is PSA Building in
Alexandra Road, going by an online search.
A part of Hanjin's office at PSA Building appeared shut when The
Straits Times visited last week, although another section
remained open. An employee, who declined to be named, told The
Straits Times that the still-operating part of the office is due
to close by the end of this month.
Mr. Andy Lane, partner at shipping consulting company CTI
Consultancy, told The Straits Times that most of Hanjin's staff
in Singapore would have been gone by the end of last year, given
that Hanjin would have needed to eliminate all costs as it had
had no revenue in recent months.
All that remains will likely relate to "winding-down formalities"
and administrative tasks, he said.
"The downfall of Hanjin is 100 per cent attributable to poor
decisions and management from (South) Korea, and therefore it is
a little sad their local Singapore employees will suffer as a
direct result," the report quotes Mr. Lane as saying.
The report relates that Mr Wong Koon Min, partner at shipping
advisory firm Moore Stephens, said the end of Hanjin's operations
in Singapore is "just one more nail in the coffin" for the
company. He cited a court document that showed Hanjin had 112
employees in Singapore back in August, although the number has
very likely dwindled since.
Mr. Wong doubted that the staff who had been retrenched were
given sizeable benefits, the report relays. "If the company
really has no money, there's not much you can do about it," he
said.
But he added that the remaining employees in the still-operating
part of Hanjin's office are expected to come under the
liquidator's payroll, which means it is unlikely they will be
owed their salaries. In a liquidation process, the liquidators
get priority in terms of payment, the report relays.
About Hanjin Shipping
Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.
The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100
million tons of cargo per year. It also operates 13 terminals
specialized for containers, two distribution centers and
six Off Dock Container Yards in major ports and inland areas
around the world. The Company is a member of "CKYHE," a
global shipping conference and also a partner of "The
Alliance," another global shipping conference to be
launched in April 2017.
Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.
As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets. The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.
On Sept. 2, 2016, Hanjin Shipping Co. filed in the U.S. a
voluntary petition under Chapter 15 of the Bankruptcy Code. The
Chapter 15 case is pending in New Jersey (Bankr. D.N.J. Case No.
16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves
as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly
appointed foreign representative of Hanjin Shipping.
Hanjin Shipping Co. was officially declared bankrupt by a Seoul
court on Feb. 17, 2017.
HANJIN SHIPPING: Sells Hanjin Rome Cargo Vessel in Sheriff's Sale
-----------------------------------------------------------------
Jacqueline Woo at The Strait Times reports that the Hanjin Rome,
a cargo vessel previously owned by Hanjin Shipping, was sold in a
sheriff's sale on March 1, going by a list of sold vessels on the
Supreme Court website.
The Strait Times says the ship had been sitting off the eastern
coast of Singapore for months, after it was placed under court
arrest here on Aug. 29 last year, when German shipowner Rickmers
filed a civil claim for money owed by Hanjin.
It was still anchored off Singapore as of March 3, the report
relates.
Ship-valuation firm VesselsValue said the vessel is valued at its
demolition value of $8.03 million, the report discloses. This
means the vessel is worth more as scrap metal than a vessel on
the second-hand market.
About Hanjin Shipping
Hanjin Shipping Co., Ltd., is mainly engaged in the
transportation business through containerships, transportation
business through bulk carriers and terminal operation business.
The Debtor is a stock-listed corporation with a total of
245,269,947 issued shares (common shares, KRW 5000 per share) and
paid-in capital totaling KRW 1,226,349,735,000. Of these shares
33.23% is owned by Korean Air Lines Co., Ltd., 3.08% by Debtor
and 0.34% by employee shareholders' association.
The Company operates approximately 60 regular lines worldwide,
with 140 container or bulk vessels transporting over 100
million tons of cargo per year. It also operates 13 terminals
specialized for containers, two distribution centers and
six Off Dock Container Yards in major ports and inland areas
around the world. The Company is a member of "CKYHE," a
global shipping conference and also a partner of "The
Alliance," another global shipping conference to be
launched in April 2017.
Hanjin Shipping listed total current liabilities of KRW 6,028,543
million and total current assets of KRW 6,624,326 million as of
June 30, 2016.
As a result of the severe lack of liquidity, Hanjin applied to
the Seoul Central District Court 6th Bench of Bankruptcy Division
for the commencement of rehabilitation under the Debtor
Rehabilitation and Bankruptcy Act on Aug. 31, 2016. On the same
day, it requested and was granted a general injunction and the
preservation of disposition of the Company's assets. The Korean
Court's decision to commence the rehabilitation was made on
Sept. 1, 2016. Tai-Soo Suk was appointed as the Debtor's
custodian.
On Sept. 2, 2016, Hanjin Shipping Co. filed in the U.S. a
voluntary petition under Chapter 15 of the Bankruptcy Code. The
Chapter 15 case is pending in New Jersey (Bankr. D.N.J. Case No.
16-27041) before Judge John K. Sherwood. Cole Schotz P.C. serves
as counsel to Tai-Soo Suk, the Chapter 15 petitioner and the duly
appointed foreign representative of Hanjin Shipping.
Hanjin Shipping Co. was officially declared bankrupt by a Seoul
court on Feb. 17, 2017.
HYUNDAI MERCHANT: Forms Alliance with Smaller Local Rivals
----------------------------------------------------------
Yonhap News Agency reports that Hyundai Merchant Marine Co. and
two local shipping firms on Feb. 28 forged an alliance, a move
apparently aimed at overcoming the downturn hurting the entire
industry.
Under the strategic alliance, dubbed HMM+K2, they will share
ships under a code-sharing scheme, as well as separate assets
ranging from containers to storage, they said, the report says.
The consortium will be effective for two years starting from
March 1, they added.
The two other shipping firms are Sinokor Merchant Marine Co.,
which specializes in shipments between South Korea and China, and
Heung-A Shipping Co., which has a well-established shipping line
to and from Japan, Yonhap discloses.
Under the local alliance, Hyundai Merchant uses 850 TEUs per week
on routes to Vietnam, Thailand, the Philippines and three other
routes currently operated by its two partners, while the two
shipping firms will be able to share 995 TEUs on Hyundai
Merchant's five routes, including the one to Vietnam and
Thailand, according to Yonhap.
Hellenic Shipping News relates that the three companies also
agreed to jointly develop new shipping lines to other countries
starting in May.
The report notes that Hyundai Merchant's new alliance with the
two local firms also came as it forged a partnership with 2M
Alliance, the world's largest shipping association, last year,
under which the South Korean firm and other 2M members will share
and exchange vessel space.
Yonhap notes that their alliance came as Hanjin Shipping Co. was
declared bankrupt earlier this month under heavy debts and
mounting losses.
Hanjin Shipping and local shippers have been under financial
strain due to falling freight rates stemming from an oversupply
of ships and a protracted slump in the global economy, adds
Yonhap.
Hyundai Merchant Marine Co., Ltd., is a Korea-based company
specializing in the provision of shipping services. The Company
provides its services under two main segments: container and
bulk.
Hyundai Merchant Marine is currently under a creditor-led
restructuring scheme.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week Feb. 27 to March 3, 2017
-----------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.14
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.25
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.25
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
BOART LONGYEAR MANAGEMEN 10.00 10/01/18 USD 74.50
CML GROUP LTD 9.00 01/29/20 AUD 1.02
HILLGROVE RESOURCES LTD 6.00 12/20/19 AUD 2.10
KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.72
LAKES OIL NL 10.00 03/31/17 AUD 4.13
LAKES OIL NL 10.00 05/31/18 AUD 8.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
MIDWEST VANADIUM PTY LTD 11.50 02/15/18 USD 2.00
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.57
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.57
STOKES LTD 10.00 06/30/17 AUD 0.30
TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 67.57
CHINA
-----
AKESU XINCHENG ASSET INV 7.50 10/10/18 CNY 51.24
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 81.23
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 62.24
ANSHAN CITY CONSTRUCTION 8.25 03/05/19 CNY 41.81
ANSHAN CITY CONSTRUCTION 6.39 04/25/20 CNY 73.67
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.87
ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 61.88
ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 61.79
BAICHENG ZHONGXING 7.00 12/18/19 CNY 61.02
BAISHAN URBAN CONSTRUCTI 7.00 07/31/19 CNY 60.74
BANGBU CITY INVESTMENT H 5.78 08/10/17 CNY 30.30
BAODING NATIONAL HI-TECH 7.33 12/24/19 CNY 63.64
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 50.69
BAOJI INVESTMENT GROUP C 7.14 12/26/18 CNY 51.64
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.09
BAOSHAN STATE-OWNED ASSE 7.30 12/10/19 CNY 62.20
BAOTOU STATE OWNED ASSET 7.03 09/17/19 CNY 61.82
BAYINGUOLENG INNER MONGO 7.48 09/10/18 CNY 50.89
BEIJING CAPITAL DEVELOPM 5.95 05/29/19 CNY 74.35
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.85
BEIJING CONSTRUCTION ENG 5.95 07/05/19 CNY 60.91
BEIJING ECONOMIC TECHNOL 5.29 03/06/18 CNY 70.32
BEIJING GUCAI GROUP CO L 8.28 12/15/18 CNY 73.19
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.37
BEIJING XINGZHAN STATE O 6.48 08/31/19 CNY 61.77
BIJIE XINTAI INVESTMENT 7.15 08/20/19 CNY 61.59
BINZHOU BINCHENG DISTRIC 6.50 07/05/19 CNY 61.52
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 60.11
CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 61.68
CHANGSHA CITY CONSTRUCTI 6.95 04/24/19 CNY 62.15
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.00
CHANGSHA COUNTY XINGCHEN 8.35 04/06/19 CNY 62.03
CHANGSHA PILOT INVESTMEN 6.70 12/10/19 CNY 62.41
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.02
CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 61.56
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 40.74
CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 41.33
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.47
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.75
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 73.29
CHANGZHOU JINTAN DISTRIC 8.30 03/14/19 CNY 61.59
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.77
CHANGZHOU WUJIN CITY CON 6.22 06/08/18 CNY 50.80
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 61.65
CHAOHU URBAN TOWN CONSTR 7.00 12/24/19 CNY 83.60
CHAOYANG CONSTRUCTION IN 7.30 05/25/19 CNY 61.71
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.51
CHENGDU CITY DEVELOPMENT 6.18 01/14/20 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.50
CHENGDU ECONOMIC&TECHNOL 6.50 07/17/18 CNY 50.97
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 61.56
CHENGDU ECONOMIC&TECHNOL 6.55 07/17/19 CNY 62.50
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.30
CHENGDU HI-TECH INVESTME 6.28 11/20/19 CNY 61.52
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.26
CHENGDU XINCHENG XICHENG 8.35 03/19/19 CNY 62.64
CHENGDU XINDU XIANGCHENG 8.60 12/13/18 CNY 73.18
CHENGDU XINGCHENG INVEST 6.17 01/28/20 CNY 61.55
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.18
CHENGDU XINGJIN URBAN CO 7.30 11/27/19 CNY 62.60
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.94
CHENZHOU URBAN CONSTRUCT 7.34 09/13/19 CNY 61.97
CHIFENG CITY HONGSHAN IN 7.20 07/25/19 CNY 60.72
CHIFENG CITY INFRASTRUCT 6.18 05/18/17 CNY 50.08
CHINA CITY CONSTRUCTION 3.97 03/01/21 CNY 14.24
CHINA CITY CONSTRUCTION 5.55 12/17/17 CNY 45.00
CHINA GOVERNMENT BOND 1.64 12/15/33 CNY 72.74
CHIZHOU CITY MANAGEMENT 7.17 10/17/19 CNY 61.57
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 61.89
CHONGQING BEIFEI INDUSTR 7.13 12/25/19 CNY 62.06
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.00
CHONGQING CHANGSHOU DEVE 7.45 09/25/19 CNY 62.12
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 61.42
CHONGQING FULING STATE-O 6.39 01/21/20 CNY 62.12
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 50.80
CHONGQING HECHUAN RURAL 8.28 04/10/18 CNY 51.03
CHONGQING HECHUAN URBAN 6.95 01/06/18 CNY 40.51
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.14
CHONGQING HONGRONG CAPIT 7.20 10/16/19 CNY 61.83
CHONGQING JIANGJIN HUAXI 6.95 01/06/18 CNY 40.94
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.00
CHONGQING JIANGJIN HUAXI 7.46 09/21/19 CNY 62.46
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.16
CHONGQING JINYUN ASSET M 6.75 06/18/19 CNY 61.41
CHONGQING LAND PROPERTIE 7.35 04/25/19 CNY 61.14
CHONGQING MAIRUI CITY IN 6.82 08/17/19 CNY 61.03
CHONGQING NAN'AN URBAN C 6.29 12/24/17 CNY 40.55
CHONGQING NAN'AN URBAN C 8.20 04/09/19 CNY 62.07
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.80
CHONGQING NANCHUAN DISTR 7.35 09/06/19 CNY 61.92
CHONGQING QIJIANG EAST N 6.75 01/29/20 CNY 61.43
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 50.96
CHONGQING THREE GORGES I 6.40 01/23/19 CNY 76.82
CHONGQING XINGRONG HOLDI 8.35 04/19/19 CNY 62.12
CHONGQING XIYONG MICRO-E 6.76 07/25/19 CNY 61.38
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.32
CHONGQING YONGCHUAN HUIT 7.33 10/16/19 CNY 62.33
CHONGQING YONGCHUAN HUIT 7.49 03/14/18 CNY 70.33
CHONGQING YUFU ASSET MAN 6.50 09/04/19 CNY 62.00
CHONGQING YULONG ASSET M 6.87 05/31/19 CNY 61.53
CHONGQING YUXING CONSTRU 7.29 12/08/17 CNY 40.87
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.54
CHONGQING YUXING CONSTRU 7.30 12/10/19 CNY 61.99
CHUXIONG AUTONOMOUS DEVE 6.08 10/18/17 CNY 50.83
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.99
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 60.20
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 62.13
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 60.86
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 61.66
DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 62.24
DALIAN CHANGXING ISLAND 6.60 01/25/20 CNY 61.71
DALIAN DETA INVESTMENT C 6.50 11/15/19 CNY 61.73
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 60.98
DALIAN LVSHUN CONSTRUCTI 6.78 07/02/19 CNY 61.03
DANDONG CITY DEVELOPMENT 5.84 09/06/17 CNY 40.01
DANDONG CITY DEVELOPMENT 6.63 12/21/18 CNY 70.68
DANYANG INVESTMENT GROUP 8.10 03/06/19 CNY 61.96
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 61.80
DAQING GAOXIN STATE-OWNE 6.88 12/05/19 CNY 63.00
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.30
DAQING URBAN CONSTRUCTIO 6.55 10/23/19 CNY 61.49
DATONG ECONOMIC CONSTRUC 6.50 06/01/17 CNY 40.10
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.85
DAXING ANLING FORESTRY G 7.08 10/23/19 CNY 50.88
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 60.95
DAZHOU INVESTMENT CO LTD 6.99 12/25/19 CNY 61.80
DEYANG CITY CONSTRUCTION 6.99 12/26/19 CNY 61.56
DEZHOU DEDA URBAN CONSTR 7.14 10/18/19 CNY 62.41
DONGBEI SPECIAL STEEL GR 5.88 05/05/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.10 01/15/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.30 09/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.50 03/27/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 8.20 06/06/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.40 07/17/17 CNY 40.00
DONGBEI SPECIAL STEEL GR 5.63 04/12/18 CNY 40.00
DONGBEI SPECIAL STEEL GR 7.00 07/10/16 CNY 40.00
DONGBEI SPECIAL STEEL GR 6.30 09/24/16 CNY 40.00
DONGTAI COMMUNICATION IN 7.39 07/05/18 CNY 50.75
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 61.73
DONGTAI UBAN CONSTRUCTIO 7.10 12/26/19 CNY 84.40
ENSHI URBAN CONSTRUCTION 7.55 10/22/19 CNY 62.14
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 49.94
ERDOS DONGSHENG CITY DEV 8.40 02/28/18 CNY 50.08
EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 61.55
FEICHENG CITY ASSETS MAN 7.10 08/14/18 CNY 50.83
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 61.97
FENGHUA CITY INVESTMENT 7.45 09/24/19 CNY 62.24
FUJIAN LONGYAN CITY CONS 7.45 08/14/19 CNY 61.77
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.49
FUJIAN NANPING HIGHWAY C 6.69 01/28/20 CNY 61.73
FUJIAN NANPING HIGHWAY C 7.90 10/26/18 CNY 73.10
FUSHUN URBAN INVESTMENT 5.95 05/11/18 CNY 70.18
FUXIN INFRASTRUCTURE CON 7.55 10/10/19 CNY 61.65
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 61.51
FUZHOU INVESTMENT DEVELO 6.78 01/16/20 CNY 62.15
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
FUZHOU URBAN AND RURAL C 6.35 09/25/18 CNY 50.76
GANSU PROVINCIAL HIGHWAY 6.75 11/16/18 CNY 71.39
GANSU PROVINCIAL HIGHWAY 7.20 09/19/18 CNY 72.24
GANZHOU CITY DEVELOPMENT 6.40 07/10/18 CNY 50.83
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 50.97
GANZHOU DEVELOPMENT ZONE 6.70 12/26/18 CNY 51.22
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.25
GAOMI STATE-OWNED ASSETS 6.75 11/15/18 CNY 50.95
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.42
GAOMI STATE-OWNED ASSETS 6.70 11/15/19 CNY 61.49
GONGYI STATE OWNED ASSET 6.70 01/18/20 CNY 61.02
GUANGAN INVESTMENT HOLDI 8.18 04/25/19 CNY 61.85
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 60.98
GUANGXI BAISE DEVELOPMEN 6.50 07/04/19 CNY 61.28
GUANGYUAN INVESTMENT HOL 7.25 11/26/19 CNY 61.48
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 50.80
GUILIN ECONOMIC CONSTRUC 6.90 05/09/18 CNY 51.70
GUIYANG ECO&TECH DEVELOP 8.42 03/27/19 CNY 62.00
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.16
GUIYANG JINYANG CONSTRUC 6.70 10/24/18 CNY 51.40
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 61.82
GUIYANG PUBLIC RESIDENTI 6.70 11/06/19 CNY 62.00
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 47.40
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 50.96
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 50.91
HAIAN COUNTY CITY CONSTR 8.35 03/28/18 CNY 51.07
HAICHENG URBAN INVESTMEN 8.39 11/07/18 CNY 72.62
HAIMEN CITY DEVELOPMENT 8.35 03/20/19 CNY 61.97
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.25
HAINING STATE-OWNED ASSE 7.80 09/20/18 CNY 72.63
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.27
HANDAN CITY CONSTRUCTION 7.05 12/24/19 CNY 62.83
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.50
HANGZHOU HIGH-TECH INDUS 6.45 01/28/20 CNY 61.90
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.12
HANGZHOU MUNICIPAL CONST 5.90 04/25/18 CNY 50.54
HANGZHOU XIAOSHAN ECO&TE 6.70 12/26/18 CNY 51.40
HANGZHOU YUHANG CITY CON 7.55 03/29/19 CNY 62.04
HANZHONG CITY CONSTRUCTI 7.48 03/14/18 CNY 71.36
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 71.89
HARBIN HELI INVESTMENT H 7.48 09/26/18 CNY 72.05
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.09
HEBEI SHUNDE INVESTMENT 6.98 12/05/19 CNY 61.99
HEFEI HAIHENG INVESTMENT 7.30 06/12/19 CNY 61.30
HEFEI TAOHUA INDUSTRIAL 8.79 03/27/19 CNY 62.38
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 61.79
HEFEI XINCHENG STATE-OWN 7.88 04/23/19 CNY 62.15
HEGANG KAIYUAN CITY INVE 6.50 07/19/19 CNY 61.02
HENAN JIYUAN CITY CONSTR 7.50 09/25/19 CNY 62.51
HENGYANG CITY CONSTRUCTI 7.06 08/13/19 CNY 61.90
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.12
HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 62.80
HUAIAN CITY WATER ASSET 8.25 03/08/19 CNY 62.33
HUAI'AN DEVELOPMENT HOLD 6.80 03/24/17 CNY 41.77
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 61.72
HUAI'AN DEVELOPMENT HOLD 7.20 09/06/19 CNY 62.05
HUAIAN QINGHE NEW AREA I 6.79 04/29/17 CNY 39.97
HUAIAN QINGHE NEW AREA I 6.68 01/24/20 CNY 61.84
HUAIBEI CITY CONSTRUCTIO 6.68 12/17/18 CNY 50.92
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.67
HUAIHUA CITY CONSTRUCTIO 8.00 03/22/18 CNY 50.92
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.16
HUANGGANG CITY CONSTRUCT 7.10 10/19/19 CNY 62.61
HUANGSHI URBAN CONSTRUCT 6.96 10/25/19 CNY 62.03
HUIAN STATE ASSETS INVES 7.50 10/15/19 CNY 62.07
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.13
HUNAN CHANGDE DEYUAN INV 7.18 10/18/18 CNY 51.24
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.38
HUNAN CHENGLINGJI HARBOR 7.70 10/15/18 CNY 51.44
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 51.08
HUNAN ZHAOSHAN ECONOMIC 7.00 12/12/18 CNY 77.25
HUZHOU MUNICIPAL CONSTRU 7.02 12/21/17 CNY 40.64
HUZHOU MUNICIPAL CONSTRU 6.70 12/14/19 CNY 62.13
HUZHOU NANXUN STATE-OWNE 8.15 03/31/19 CNY 61.97
HUZHOU WUXING NANTAIHU C 7.71 02/17/18 CNY 71.12
INNER MONGOLIA HIGH-TECH 7.20 09/25/19 CNY 61.83
INNER MONGOLIA ZHUNGEER 6.94 05/10/18 CNY 75.10
JIAMUSI NEW ERA INFRASTR 8.25 03/22/19 CNY 61.70
JIAN CITY CONSTRUCTION I 7.80 04/20/19 CNY 61.97
JIANAN INVESTMENT HOLDIN 7.68 09/04/19 CNY 61.28
JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 60.93
JIANGDU XINYUAN INDUSTRI 8.10 03/23/19 CNY 61.89
JIANGSU HANRUI INVESTMEN 8.16 03/01/19 CNY 61.64
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.08
JIANGSU HUAJING ASSETS M 5.68 09/28/17 CNY 25.13
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.37
JIANGSU JINGUAN INVESTME 6.40 01/28/19 CNY 50.94
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.67
JIANGSU LIANYUN DEVELOPM 6.10 06/19/19 CNY 60.83
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.62
JIANGSU NANJING PUKOU EC 7.10 10/08/19 CNY 61.74
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.40
JIANGSU NEWHEADLINE DEVE 7.00 08/27/20 CNY 72.69
JIANGSU SUHAI INVESTMENT 7.20 11/07/19 CNY 61.61
JIANGSU TAICANG PORT DEV 7.66 05/16/19 CNY 62.25
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.11
JIANGSU WUZHONG ECONOMIC 8.05 12/16/18 CNY 73.42
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 61.90
JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 69.60
JIANGSU ZHANGJIAGANG ECO 6.98 11/16/19 CNY 62.05
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 61.99
JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 62.38
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 61.77
JIANGYAN STATE OWNED ASS 6.85 12/03/19 CNY 62.10
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.03
JIANGYIN CITY CONSTRUCTI 7.20 06/11/19 CNY 62.90
JIASHAN STATE-OWNED ASSE 6.80 06/06/19 CNY 61.95
JIAXING CULTURE FAMOUS C 8.16 03/08/19 CNY 61.73
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.00
JIAXING ECONOMIC&TECHNOL 6.78 06/14/19 CNY 61.28
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.36
JINAN CITY CONSTRUCTION 6.98 03/26/18 CNY 50.70
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.85
JINAN XIAOQINGHE DEVELOP 7.15 09/05/19 CNY 61.88
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.86
JINGJIANG BINJIANG XINCH 6.80 10/23/18 CNY 50.90
JINGZHOU URBAN CONSTRUCT 7.98 04/24/19 CNY 61.99
JINING CITY CONSTRUCTION 8.30 12/31/18 CNY 41.62
JINING CITY YANZHOU DIST 8.50 12/28/17 CNY 25.78
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.68
JINING HI-TECH TOWN CONS 6.60 01/28/20 CNY 61.80
JINING WATER SUPPLY GROU 7.18 01/22/20 CNY 61.54
JINSHAN STATE-OWNED ASSE 6.65 11/27/19 CNY 62.03
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.16
JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 61.18
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 61.39
JISHOU HUATAI STATE OWNE 7.37 12/12/19 CNY 62.32
JIUJIANG CITY CONSTRUCTI 8.49 02/23/19 CNY 62.26
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 61.91
JIXI STATE OWN ASSET MAN 7.18 11/08/19 CNY 62.68
KAIFENG DEVELOPMENT INVE 6.47 07/11/19 CNY 61.35
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.85
KARAMAY URBAN CONSTRUCTI 7.15 09/04/19 CNY 61.92
KASHI URBAN CONSTRUCTION 7.18 11/27/19 CNY 61.71
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 50.90
KUNMING CITY CONSTRUCTIO 7.60 04/13/18 CNY 51.00
KUNMING DIANCHI INVESTME 6.50 02/01/20 CNY 61.86
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 61.44
KUNMING INDUSTRIAL DEVEL 6.46 10/23/19 CNY 63.01
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.03
KUNMING WUHUA DISTRICT S 8.60 03/15/18 CNY 51.10
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.19
KUNSHAN ENTREPRENEUR HOL 6.28 11/07/19 CNY 61.54
KUNSHAN HUAQIAO INTERNAT 7.98 12/30/18 CNY 41.55
LAIWU CITY ECONOMIC DEVE 6.50 03/01/18 CNY 60.32
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 66.60
LANZHOU CITY DEVELOPMENT 8.20 12/15/18 CNY 69.65
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 61.00
LEQING CITY STATE OWNED 6.50 06/29/19 CNY 62.00
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.08
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.42
LIAONING YAODU DEVELOPME 7.35 12/12/19 CNY 61.16
LIAOYANG CITY ASSETS OPE 7.10 11/13/19 CNY 61.58
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.50
LIAOYANG CITY ASSETS OPE 6.88 06/13/18 CNY 65.95
LIAOYUAN STATE-OWNED ASS 8.17 03/13/19 CNY 61.88
LIJIANG GUCHENG MANAGEME 6.68 07/26/19 CNY 61.38
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.45
LINAN CITY CONSTRUCTION 8.15 03/09/18 CNY 50.82
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.74
LINYI CITY ASSET MANAGEM 6.68 12/12/19 CNY 61.93
LINYI ECONOMIC DEVELOPME 8.26 09/24/19 CNY 63.04
LINYI INVESTMENT DEVELOP 8.10 03/27/18 CNY 50.65
LIUPANSHUI DEVELOPMENT I 6.97 12/03/19 CNY 61.67
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 60.80
LIUZHOU DONGCHENG INVEST 8.30 02/15/19 CNY 61.80
LIUZHOU INVESTMENT HOLDI 6.98 08/15/19 CNY 61.33
LIYANG CITY CONSTRUCTION 8.20 11/08/18 CNY 68.98
LONGHAI STATE-OWNED ASSE 8.25 12/02/17 CNY 41.21
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.02
LOUDI CITY CONSTRUCTION 7.28 10/19/18 CNY 51.31
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 29.76
LUOHE CITY CONSTRUCTION 6.81 03/30/17 CNY 30.06
LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 61.21
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 61.69
LUOYANG CITY DEVELOPMENT 6.89 12/31/19 CNY 62.64
MAANSHAN ECONOMIC TECHNO 7.10 12/20/19 CNY 62.15
MIANYANG SCIENCE TECHNOL 6.30 07/22/18 CNY 53.03
MIANYANG SCIENCE TECHNOL 7.16 05/15/19 CNY 61.04
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.14
MUDANJIANG STATE-OWNED A 7.08 08/30/19 CNY 61.29
NANAN CITY TRADE INDUSTR 8.50 04/25/19 CNY 63.31
NANCHANG ECONOMY TECHNOL 6.88 01/09/20 CNY 62.00
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 61.96
NANCHONG DEVELOPMENT INV 6.69 01/28/20 CNY 82.34
NANCHONG ECONOMIC DEVELO 8.16 04/26/19 CNY 61.95
NANJING JIANGNING SCIENC 7.29 04/28/19 CNY 61.48
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.49
NANJING NEW&HIGH TECHNOL 6.94 09/07/19 CNY 61.98
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 50.96
NANJING URBAN CONSTRUCTI 5.68 11/26/18 CNY 51.08
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.00
NANJING XINGANG DEVELOPM 6.80 01/08/20 CNY 62.23
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.22
NANTONG CITY GANGZHA DIS 7.15 01/09/20 CNY 62.53
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.00
NANTONG CITY TONGZHOU DI 6.80 05/28/19 CNY 61.37
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 50.84
NEIJIANG INVESTMENT HOLD 7.00 07/19/18 CNY 51.32
NEIMENGGU XINLINGOL XING 7.62 02/25/18 CNY 70.84
NINGBO CITY ZHENHAI INVE 6.48 04/12/17 CNY 40.10
NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 61.28
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.50
NINGBO URBAN CONSTRUCTIO 7.39 03/01/18 CNY 50.73
NINGBO ZHENHAI HAIJIANG 6.65 11/28/18 CNY 51.24
NINGDE CITY STATE-OWNED 6.25 10/21/17 CNY 9.72
NONGGONGSHANG REAL ESTAT 6.29 10/11/17 CNY 40.44
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 60.30
PANJIN CONSTRUCTION INVE 7.50 05/17/19 CNY 61.34
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 61.79
PANJIN PETROLEUM HIGH TE 6.95 01/10/20 CNY 62.00
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.37
PEIXIAN STATE-OWNED ASSE 7.20 12/06/19 CNY 62.86
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 71.69
PENGLAI CITY PENGLAIGE T 6.80 01/30/21 CNY 72.83
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.90
PINGDINGSHAN CITY DEVELO 7.86 05/08/19 CNY 61.93
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.71
PINGHU CITY DEVELOPMENT 7.20 09/18/19 CNY 61.95
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 61.72
PINGXIANG URBAN CONSTRUC 6.89 12/10/19 CNY 84.05
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.17
PIZHOU RUNCHENG ASSET OP 7.55 09/25/19 CNY 62.70
PUER CITY STATE OWNED AS 7.38 06/20/19 CNY 61.53
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 61.75
PUTIAN STATE-OWNED ASSET 8.10 03/21/19 CNY 62.03
PUYANG INVESTMENT GROUP 6.98 10/29/19 CNY 61.63
QIANAN XINGYUAN WATER IN 6.45 07/11/18 CNY 50.31
QIANDONG NANZHOU DEVELOP 8.80 04/27/19 CNY 62.55
QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 61.65
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.36
QIANXI NANZHOU HONGSHENG 6.99 11/22/19 CNY 61.99
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.19 02/16/17 CNY 40.00
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.27
QINGDAO CITY CONSTRUCTIO 6.89 02/16/19 CNY 61.44
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 61.45
QINGDAO HUATONG STATE-OW 7.30 04/18/19 CNY 62.05
QINGDAO JIAOZHOU CITY DE 6.59 01/25/20 CNY 62.01
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.00
QINGZHOU HONGYUAN PUBLIC 6.50 05/22/19 CNY 30.02
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.13
QINGZHOU HONGYUAN PUBLIC 7.25 10/19/18 CNY 51.33
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 61.94
QINGZHOU HONGYUAN PUBLIC 7.35 10/19/19 CNY 62.23
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.00
QINHUANGDAO DEVELOPMENT 7.46 10/17/19 CNY 62.15
QINZHOU CITY DEVELOPMENT 6.72 04/30/17 CNY 50.22
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.36
QITAIHE CITY CONSTRUCTIO 7.30 10/18/19 CNY 61.58
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.23
QUANZHOU QUANGANG PETROC 8.40 04/16/19 CNY 62.37
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.17
QUANZHOU TAISHANG INVEST 7.08 12/10/19 CNY 62.18
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.19
QUANZHOU URBAN CONSTRUCT 6.48 01/11/20 CNY 62.60
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.55
QUJING DEVELOPMENT INVES 7.25 09/06/19 CNY 62.89
RUDONG COUNTY DONGTAI SO 7.10 01/31/18 CNY 51.04
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 61.76
RUDONG COUNTY DONGTAI SO 7.45 09/24/19 CNY 62.00
RUGAO COMMUNICATIONS CON 8.51 01/26/19 CNY 52.53
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 61.64
RUGAO COMMUNICATIONS CON 6.70 02/01/20 CNY 63.00
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 61.66
RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 62.06
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.49
SANMENXIA CITY FINANCIAL 6.68 01/29/20 CNY 61.84
SANMING STATE-OWNED ASSE 6.92 12/05/19 CNY 62.26
SANMING STATE-OWNED ASSE 6.99 06/14/18 CNY 71.26
SHANGHAI CHENGTOU CORP 4.63 07/30/19 CNY 59.93
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.85
SHANGHAI JIADING INDUSTR 6.71 10/10/18 CNY 50.86
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.38
SHANGHAI JINSHAN URBAN C 6.60 12/21/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 61.65
SHANGHAI MINHANG URBAN C 6.48 10/23/19 CNY 62.10
SHANGHAI REAL ESTATE GRO 6.12 05/17/17 CNY 39.88
SHANGHAI SONGJIANG TOWN 6.28 08/15/18 CNY 50.80
SHANGHAI URBAN CONSTRUCT 5.25 11/30/19 CNY 61.14
SHANGQIU DEVELOPMENT INV 6.60 01/15/20 CNY 61.72
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 61.81
SHANGRAO CITY CONSTRUCTI 7.30 09/10/19 CNY 62.48
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 61.94
SHANGYU COMMUNICATIONS I 6.70 09/11/19 CNY 62.50
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.10
SHAOGUAN JINYE DEVELOPME 7.30 10/18/19 CNY 62.13
SHAOXING CHENGBEI XINCHE 6.21 06/11/18 CNY 50.59
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 61.61
SHAOXING CHENGZHONGCUN R 6.50 01/24/20 CNY 82.30
SHAOXING HI-TECH INDUSTR 6.75 12/05/18 CNY 51.20
SHAOXING PAOJIANG INDUST 6.90 10/31/19 CNY 61.82
SHAOXING URBAN CONSTRUCT 6.40 11/09/19 CNY 61.83
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 50.00
SHAOYANG CITY CONSTRUCTI 7.40 09/11/18 CNY 51.08
SHENYANG HEPING DISTRICT 6.85 11/13/19 CNY 61.70
SHENYANG MACHINE TOOL CO 6.50 04/09/20 CNY 69.51
SHISHI STATE OWNED INVES 7.40 09/13/19 CNY 61.66
SHIYAN CITY INFRASTRUCTU 7.98 04/20/19 CNY 62.28
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.61
SHOUGUANG JINCAI STATE-O 6.70 10/23/19 CNY 61.85
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 61.18
SHUANGYASHAN DADI CITY C 6.55 12/25/19 CNY 81.49
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.27
SHUYANG JINGYUAN ASSET O 6.50 12/03/19 CNY 61.38
SICHUAN DEVELOPMENT HOLD 5.40 11/10/17 CNY 30.22
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 60.68
SONGYUAN URBAN DEVELOPME 7.30 08/29/19 CNY 61.69
SUIZHOU DEVELOPMENT INVE 7.50 08/22/19 CNY 62.12
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.49
SUQIAN ECONOMIC DEVELOPM 7.50 03/26/19 CNY 61.55
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 61.90
SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 62.07
SUZHOU CITY CONSTRUCTION 7.45 03/12/19 CNY 61.54
SUZHOU FENHU INVESTMENT 7.00 10/22/17 CNY 50.52
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 60.78
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 62.00
SUZHOU TECH CITY DEVELOP 7.32 11/01/18 CNY 51.36
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.43
SUZHOU URBAN CONSTRUCTIO 5.79 10/25/19 CNY 61.45
SUZHOU WUJIANG COMMUNICA 6.80 10/31/20 CNY 73.40
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 72.87
SUZHOU WUJIANG EASTERN S 8.05 12/05/18 CNY 73.38
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 61.49
SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 62.10
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 61.84
TAIAN CITY TAISHAN INVES 6.76 01/25/20 CNY 62.38
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.11
TAICANG ASSET MANAGEMENT 8.25 12/31/18 CNY 73.13
TAICANG HENGTONG INVESTM 7.45 10/30/19 CNY 62.38
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 61.79
TAICANG URBAN CONSTRUCTI 6.75 01/11/20 CNY 62.19
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.05
TAIXING ZHONGXING STATE- 8.29 03/27/18 CNY 51.07
TAIYUAN HIGH-SPEED RAILW 6.50 10/30/20 CNY 72.72
TAIYUAN LONGCHENG DEVELO 6.50 09/25/19 CNY 61.44
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.61
TAIZHOU CITY HUANGYAN DI 6.85 12/17/18 CNY 50.96
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 61.66
TAIZHOU HAILING ASSETS M 8.52 03/21/19 CNY 62.10
TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 74.16
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 50.81
TAIZHOU XINTAI GROUP CO 6.85 08/14/18 CNY 51.10
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 61.83
TANGSHAN NANHU ECO CITY 7.08 10/16/19 CNY 80.51
TENGZHOU CITY STATE-OWNE 6.45 05/24/18 CNY 60.00
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.41
TIANJIN BINHAI NEW AREA 5.00 03/13/18 CNY 70.89
TIANJIN DONGFANG CAIXIN 7.99 11/23/18 CNY 73.13
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 60.95
TIANJIN ECO-CITY INVESTM 6.76 08/14/19 CNY 61.19
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.45
TIANJIN ECONOMIC TECHNOL 6.20 12/03/19 CNY 61.59
TIANJIN HANBIN INVESTMEN 8.39 03/22/19 CNY 62.01
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 61.96
TIANJIN HI-TECH INDUSTRY 7.80 03/27/19 CNY 62.90
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 61.07
TIANJIN JINNAN CITY CONS 6.95 06/18/19 CNY 63.00
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.83
TIELING PUBLIC ASSETS IN 7.34 05/29/18 CNY 50.92
TIGER FOREST & PAPER GRO 5.38 06/14/17 CNY 59.14
TONGCHUAN DEVELOPMENT IN 7.50 07/17/19 CNY 60.75
TONGLIAO TIANCHENG URBAN 7.75 09/24/19 CNY 62.07
TONGLIAO URBAN INVESTMEN 5.98 09/01/17 CNY 39.93
TONGREN FANJINGSHAN INVE 6.89 08/02/19 CNY 61.79
URUMQI CITY CONSTRUCTION 6.35 07/09/19 CNY 61.55
URUMQI ECO&TECH DEVELOPM 8.58 01/10/19 CNY 52.22
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 50.76
URUMQI STATE-OWNED ASSET 6.48 04/28/18 CNY 51.60
WAFANGDIAN STATE-OWNED A 8.55 04/19/19 CNY 62.19
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.78
WEIFANG DONGXIN CONSTRUC 6.88 11/20/19 CNY 61.84
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 60.76
WEINAN CITY INVESTMENT G 6.69 01/15/20 CNY 61.52
WENLING CITY STATE OWNED 7.18 09/18/19 CNY 61.72
WENZHOU ANJUFANG CITY DE 7.65 04/24/19 CNY 61.68
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 60.53
WENZHOU ECONOMIC-TECHNOL 6.49 01/15/20 CNY 61.89
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.05
WUHAI CITY CONSTRUCTION 8.20 03/31/19 CNY 61.61
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.50
WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 61.68
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.00
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.01
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUHU XINMA INVESTMENT CO 7.18 11/14/19 CNY 61.82
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 61.73
WUJIANG ECONOMIC TECHNOL 6.88 12/27/19 CNY 62.06
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.66
WUXI MUNICIPAL CONSTRUCT 6.60 09/17/19 CNY 61.70
WUXI TAIHU INTERNATIONAL 7.60 09/17/19 CNY 62.20
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.45
WUXI XIDONG NEW TOWN CON 6.65 01/28/20 CNY 61.55
WUXI XIDONG TECHNOLOGY I 5.98 10/26/18 CNY 71.77
WUZHOU DONGTAI STATE-OWN 7.40 09/03/19 CNY 62.21
XI'AN AEROSPACE BASE INV 6.96 11/08/19 CNY 62.01
XIAN CHANBAHE DEVELOPMEN 6.89 08/03/19 CNY 61.54
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 61.58
XIANGTAN CITY CONSTRUCTI 8.00 03/16/19 CNY 63.00
XIANGTAN HI-TECH GROUP C 6.90 01/15/20 CNY 61.89
XIANGTAN JIUHUA ECONOMIC 7.43 08/29/19 CNY 62.09
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.65
XIANGYANG CITY CONSTRUCT 8.12 01/12/19 CNY 41.91
XIANNING CITY CONSTRUCTI 7.50 08/31/18 CNY 51.30
XIANYANG MUNICIPAL CONST 7.90 12/09/17 CNY 41.09
XIAOGAN URBAN CONSTRUCTI 8.12 03/26/19 CNY 62.08
XINGHUA URBAN CONSTRUCTI 7.25 10/23/18 CNY 51.78
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 61.94
XINING CITY INVESTMENT & 7.70 04/27/19 CNY 62.00
XINJIANG SHIHEZI DEVELOP 7.50 08/29/18 CNY 49.33
XINJIANG UYGUR AR HAMI Z 6.25 07/17/18 CNY 51.70
XINXIANG INVESTMENT GROU 6.80 01/18/18 CNY 40.66
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.38
XINYANG HUAXIN INVESTMEN 6.95 06/14/19 CNY 61.40
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 61.69
XINYU CITY CONSTRUCTION 7.08 12/13/19 CNY 82.00
XINZHOU CITY ASSET MANAG 7.39 08/08/18 CNY 50.86
XUCHANG GENERAL INVESTME 7.78 04/27/19 CNY 61.93
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 60.35
XUZHOU ECONOMIC TECHNOLO 8.20 03/07/19 CNY 62.66
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 50.78
XUZHOU XINSHENG CONSTRUC 7.48 05/08/18 CNY 51.35
YAAN STATE-OWNED ASSET O 7.39 07/04/19 CNY 62.62
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 61.91
YANCHENG CITY DAFENG DIS 7.08 12/13/19 CNY 63.00
YANCHENG ORIENTAL INVEST 5.75 06/08/17 CNY 49.89
YANCHENG ORIENTAL INVEST 6.99 10/26/19 CNY 62.01
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.10
YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 62.50
YANGZHONG URBAN CONSTRUC 7.10 03/26/18 CNY 70.91
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.15
YANGZHOU URBAN CONSTRUCT 6.30 07/26/19 CNY 61.60
YIBIN STATE-OWNED ASSET 5.80 05/23/18 CNY 70.86
YICHANG MUNICIPAL FINANC 7.12 10/16/19 CNY 62.17
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 61.54
YICHANG URBAN CONSTRUCTI 6.85 11/08/19 CNY 62.07
YICHUN CITY CONSTRUCTION 7.35 07/24/19 CNY 60.73
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 59.22
YIJINHUOLUOQI HONGTAI CI 8.35 03/19/19 CNY 60.06
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 51.16
YILI STATE-OWNED ASSET I 6.70 11/19/18 CNY 52.09
YINCHUAN URBAN CONSTRUCT 6.28 03/09/17 CNY 25.03
YINGKOU CITY CONSTRUCTIO 7.98 04/18/20 CNY 73.37
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.16
YINGKOU COASTAL DEVELOPM 7.08 11/16/19 CNY 61.48
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.71
YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 61.73
YIYANG CITY CONSTRUCTION 7.36 08/24/19 CNY 61.84
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.01
YIZHENG CITY CONSTRUCTIO 7.78 06/14/19 CNY 62.40
YUHUAN COUNTY COMMUNICAT 7.15 10/12/19 CNY 61.83
YULIN CITY INVESTMENT OP 6.81 12/04/18 CNY 51.01
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.78
YULIN URBAN CONSTRUCTION 6.88 11/26/19 CNY 61.94
YUNCHENG URBAN CONSTRUCT 7.48 10/15/19 CNY 62.18
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.20
YUNNAN PROVINCIAL INVEST 5.25 08/24/17 CNY 40.21
YUYAO WATER RESOURCE INV 7.20 10/16/19 CNY 62.31
ZHANGJIAGANG JINCHENG IN 6.23 01/06/18 CNY 30.32
ZHANGJIAGANG MUNICIPAL P 6.43 11/27/19 CNY 61.69
ZHANGJIAJIE ECONOMIC DEV 7.40 10/18/19 CNY 62.23
ZHANGJIAKOU CONSTRUCTION 7.00 10/26/19 CNY 62.02
ZHANGJIAKOU TONGTAI HOLD 6.90 07/05/18 CNY 71.37
ZHAOYUAN STATE-OWNED ASS 6.64 12/31/19 CNY 62.04
ZHEJIANG HUZHOU HUANTAIH 6.70 11/28/19 CNY 62.70
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 62.08
ZHEJIANG JIASHAN ECONOMI 7.05 12/03/19 CNY 84.43
ZHEJIANG PROVINCE DEQING 6.90 04/12/18 CNY 70.94
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.00
ZHENGZHOU CITY CONSTRUCT 6.37 12/03/19 CNY 62.20
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.00
ZHENJIANG CULTURE AND TO 5.86 05/06/17 CNY 50.38
ZHENJIANG CULTURE AND TO 6.60 01/30/20 CNY 61.06
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.09
ZHENJIANG TRANSPORTATION 7.29 05/08/19 CNY 61.45
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 50.80
ZHONGSHAN TRANSPORTATION 6.65 08/28/18 CNY 51.20
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.11
ZHOUSHAN DINGHAI STATE-O 7.25 08/31/20 CNY 73.23
ZHUCHENG ECONOMIC DEVELO 7.50 08/25/18 CNY 30.62
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.46
ZHUCHENG ECONOMIC DEVELO 6.40 04/26/18 CNY 40.52
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 61.73
ZHUCHENG ECONOMIC DEVELO 6.80 11/29/19 CNY 62.08
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.79
ZHUHAI HUAFA GROUP CO LT 8.43 02/16/18 CNY 50.84
ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 62.06
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.46
ZHUJI CITY CONSTRUCTION 6.92 07/05/18 CNY 71.75
ZHUMADIAN INVESTMENT CO 6.95 11/26/19 CNY 62.03
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.22
ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 62.72
ZHUZHOU GECKOR GROUP CO 7.82 08/18/18 CNY 71.91
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 61.87
ZHUZHOU YUNLONG DEVELOPM 6.78 11/19/19 CNY 82.00
ZIBO CITY PROPERTY CO LT 5.45 04/27/19 CNY 36.06
ZIBO CITY PROPERTY CO LT 6.83 08/22/19 CNY 61.49
ZIGONG STATE-OWNED ASSET 6.86 06/17/18 CNY 70.99
ZIYANG CITY CONSTRUCTION 7.58 01/09/19 CNY 51.26
ZOUCHENG CITY ASSET OPER 7.02 01/12/18 CNY 20.32
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.15
ZOUPING COUNTY STATE-OWN 6.98 04/27/18 CNY 70.97
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 62.45
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 61.87
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 73.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 62.06
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.13
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 35.57
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 36.01
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 05/09/11 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
DAVOMAS INTERNATIONAL FI 11.00 12/08/14 USD 1.24
INDIA
-----
3I INFOTECH LTD 2.50 03/31/25 USD 14.63
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.12
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.26
BLUE DART EXPRESS LTD 9.50 11/20/19 INR 10.39
CAPRI GLOBAL CAPITAL 9.50 02/17/20 INR 0.75
GTL INFRASTRUCTURE LTD 5.03 11/09/17 USD 29.00
JAIPRAKASH ASSOCIATES LT 5.75 09/08/17 USD 44.38
JAIPRAKASH POWER VENTURE 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 20.75
PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00
REI AGRO LTD 5.50 11/13/14 USD 1.52
REI AGRO LTD 5.50 11/13/14 USD 1.52
SVOGL OIL GAS & ENERGY L 5.00 08/17/15 USD 1.58
JAPAN
-----
AVANSTRATE INC 5.55 10/31/17 JPY 30.50
AVANSTRATE INC 5.55 10/31/17 JPY 37.00
FUKUSHIMA BANK LTD/THE 1.19 12/05/23 JPY 72.38
MICRON MEMORY JAPAN INC 2.03 03/22/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.10 11/29/12 JPY 5.38
MICRON MEMORY JAPAN INC 2.29 12/07/12 JPY 5.38
TAKATA CORP 0.58 03/26/21 JPY 41.50
TAKATA CORP 0.85 03/06/19 JPY 45.00
TAKATA CORP 1.02 12/15/17 JPY 49.50
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.11
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.11
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 30.88
DONGBU METAL CO LTD 5.75 04/16/20 KRW 69.18
DOOSAN CAPITAL SECURITIZ 20.00 04/22/19 KRW 50.37
EXPORT-IMPORT BANK OF KO 1.70 09/22/30 KRW 73.94
HANJIN SHIPPING CO LTD 2.00 05/23/17 KRW 3.30
HANJIN SHIPPING CO LTD 5.90 06/07/17 KRW 4.13
HYUNDAI MERCHANT MARINE 1.00 07/07/21 KRW 50.88
HYUNDAI MERCHANT MARINE 1.00 04/07/21 KRW 53.00
KIBO ABS SPECIALTY CO LT 10.00 08/22/17 KRW 24.58
KIBO ABS SPECIALTY CO LT 5.00 02/25/19 KRW 29.17
KIBO ABS SPECIALTY CO LT 5.00 12/25/17 KRW 33.19
KIBO ABS SPECIALTY CO LT 5.00 03/29/18 KRW 33.67
KOREA SOUTH-EAST POWER C 4.38 12/07/42 KRW 53.68
KOREA SOUTH-EAST POWER C 4.44 12/07/42 KRW 54.04
LSMTRON DONGBANGSEONGJAN 4.53 11/22/17 KRW 34.18
MERITZ CAPITAL CO LTD 5.44 09/29/46 KRW 35.24
OKC SECURITIZATION SPECI 10.00 01/03/20 KRW 28.86
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SHINHAN BANK 3.83 12/08/31 KRW 71.17
SINBO SECURITIZATION SPE 5.00 10/30/19 KRW 18.48
SINBO SECURITIZATION SPE 5.00 02/25/20 KRW 26.97
SINBO SECURITIZATION SPE 5.00 01/28/20 KRW 27.06
SINBO SECURITIZATION SPE 5.00 12/30/19 KRW 27.23
SINBO SECURITIZATION SPE 5.00 09/30/19 KRW 28.14
SINBO SECURITIZATION SPE 5.00 08/27/19 KRW 28.57
SINBO SECURITIZATION SPE 5.00 07/29/19 KRW 28.85
SINBO SECURITIZATION SPE 5.00 03/13/19 KRW 28.95
SINBO SECURITIZATION SPE 5.00 06/25/19 KRW 29.21
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 03/18/19 KRW 30.26
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 02/27/19 KRW 30.49
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 01/30/19 KRW 30.72
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 12/23/18 KRW 31.09
SINBO SECURITIZATION SPE 5.00 07/29/18 KRW 31.11
SINBO SECURITIZATION SPE 5.00 06/25/18 KRW 31.45
SINBO SECURITIZATION SPE 5.00 05/26/18 KRW 31.72
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 09/26/18 KRW 32.05
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 08/29/18 KRW 32.30
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 06/07/17 KRW 32.43
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 07/24/18 KRW 32.86
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 06/27/18 KRW 33.10
SINBO SECURITIZATION SPE 5.00 12/23/17 KRW 33.21
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 03/12/18 KRW 33.83
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 02/11/18 KRW 34.09
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 01/15/18 KRW 34.63
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 10/01/17 KRW 35.37
SINBO SECURITIZATION SPE 5.00 07/24/17 KRW 35.79
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 08/16/17 KRW 35.85
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 07/08/17 KRW 38.73
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 03/13/17 KRW 62.32
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
SINBO SECURITIZATION SPE 5.00 02/21/17 KRW 73.07
TONGYANG CEMENT & ENERGY 7.50 09/10/14 KRW 70.00
TONGYANG CEMENT & ENERGY 7.50 04/20/14 KRW 70.00
TONGYANG CEMENT & ENERGY 7.30 06/26/15 KRW 70.00
TONGYANG CEMENT & ENERGY 7.30 04/12/15 KRW 70.00
TONGYANG CEMENT & ENERGY 7.50 07/20/14 KRW 70.00
U-BEST SECURITIZATION SP 5.50 11/16/17 KRW 35.78
WOONGJIN ENERGY CO LTD 3.00 12/19/19 KRW 59.61
WOORI BANK 5.21 12/12/44 KRW 352.69
SRI LANKA
---------
SRI LANKA GOVERNMENT BON 5.35 03/01/26 LKR 60.84
SRI LANKA GOVERNMENT BON 6.00 12/01/24 LKR 66.87
SRI LANKA GOVERNMENT BON 8.00 01/01/32 LKR 67.56
SRI LANKA GOVERNMENT BON 9.00 06/01/43 LKR 71.87
SRI LANKA GOVERNMENT BON 9.00 11/01/33 LKR 73.80
SRI LANKA GOVERNMENT BON 9.00 06/01/33 LKR 74.21
SRI LANKA GOVERNMENT BON 9.00 10/01/32 LKR 74.65
MALAYSIA
--------
ADVANCE SYNERGY BHD 2.00 01/26/18 MYR 0.07
BARAKAH OFFSHORE PETROLE 3.50 10/24/18 MYR 0.65
BERJAYA CORP BHD 2.00 05/29/26 MYR 0.38
BERJAYA CORP BHD 5.00 04/22/22 MYR 0.52
BIMB HOLDINGS BHD 1.50 12/12/23 MYR 74.81
BRIGHT FOCUS BHD 2.50 01/22/31 MYR 72.53
ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.95
HIAP TECK VENTURE BHD 5.00 06/27/21 MYR 0.34
I-BHD 2.50 10/09/19 MYR 0.46
IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.04
LAND & GENERAL BHD 1.00 09/24/18 MYR 0.20
MALTON BHD 6.00 06/30/18 MYR 1.03
PERWAJA HOLDINGS BHD 7.00 03/26/19 MYR 0.04
PUC FOUNDER MSC BHD 4.00 02/15/19 MYR 0.05
REDTONE INTERNATIONAL BH 2.75 03/04/20 MYR 0.15
SEE HUP CONSOLIDATED BHD 4.60 12/22/17 MYR 0.16
SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 53.47
SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 54.72
SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 56.08
SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 57.43
SENAI-DESARU EXPRESSWAY 1.35 06/29/29 MYR 58.85
SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 60.27
SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 61.70
SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 63.09
SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 64.42
SENAI-DESARU EXPRESSWAY 1.35 12/31/26 MYR 65.80
SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 67.18
SENAI-DESARU EXPRESSWAY 0.50 12/31/38 MYR 68.34
SENAI-DESARU EXPRESSWAY 1.35 12/31/25 MYR 68.59
SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 68.66
SENAI-DESARU EXPRESSWAY 0.50 12/30/39 MYR 69.68
SENAI-DESARU EXPRESSWAY 1.15 12/31/24 MYR 70.13
SENAI-DESARU EXPRESSWAY 0.50 12/31/40 MYR 70.64
SENAI-DESARU EXPRESSWAY 0.50 12/31/41 MYR 71.47
SENAI-DESARU EXPRESSWAY 1.15 06/28/24 MYR 71.67
SENAI-DESARU EXPRESSWAY 0.50 12/31/42 MYR 72.51
SENAI-DESARU EXPRESSWAY 1.15 12/29/23 MYR 73.22
SENAI-DESARU EXPRESSWAY 0.50 12/31/43 MYR 73.35
SENAI-DESARU EXPRESSWAY 0.50 12/30/44 MYR 74.11
SENAI-DESARU EXPRESSWAY 0.50 12/29/45 MYR 74.79
SENAI-DESARU EXPRESSWAY 1.15 06/30/23 MYR 74.80
SOUTHERN STEEL BHD 5.00 01/24/20 MYR 1.27
THONG GUAN INDUSTRIES BH 5.00 10/10/19 MYR 4.36
UNIMECH GROUP BHD 5.00 09/18/18 MYR 1.07
VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.05
YTL LAND & DEVELOPMENT B 3.00 10/31/21 MYR 0.47
PHILIPPINES
-----------
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
BAYAN TELECOMMUNICATIONS 13.50 07/15/06 USD 22.75
SINGAPORE
---------
ASL MARINE HOLDINGS LTD 5.35 10/01/21 SGD 51.25
ASL MARINE HOLDINGS LTD 4.75 03/28/20 SGD 70.00
AUSGROUP LTD 7.95 10/20/18 SGD 66.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.25
BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 1.65
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 33.50
BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 34.04
BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.69
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 56.76
BUMI CAPITAL PTE LTD 12.00 11/10/16 USD 57.13
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 55.52
BUMI INVESTMENT PTE LTD 10.75 10/06/17 USD 57.38
ENERCOAL RESOURCES PTE L 9.25 08/05/14 USD 46.75
EZION HOLDINGS LTD 4.88 06/11/21 SGD 53.50
EZION HOLDINGS LTD 5.10 03/13/20 SGD 62.38
EZION HOLDINGS LTD 4.70 05/22/19 SGD 71.50
EZION HOLDINGS LTD 4.85 01/23/19 SGD 74.48
EZRA HOLDINGS LTD 4.88 04/24/18 SGD 28.00
FALCON ENERGY GROUP LTD 5.50 09/19/17 SGD 70.00
INDO INFRASTRUCTURE GROU 2.00 07/30/10 USD 1.00
INTERNATIONAL HEALTHWAY 7.00 04/27/17 SGD 71.38
INTERNATIONAL HEALTHWAY 6.00 02/06/18 SGD 72.63
NEPTUNE ORIENT LINES LTD 4.40 06/22/21 SGD 69.75
NEPTUNE ORIENT LINES LTD 4.65 09/09/20 SGD 73.50
ORO NEGRO DRILLING PTE L 7.50 01/24/19 USD 65.00
OSA GOLIATH PTE LTD 12.00 10/09/18 USD 62.63
PACIFIC INTERNATIONAL LI 7.25 11/16/18 SGD 72.38
PACIFIC RADIANCE LTD 4.30 08/29/18 SGD 45.00
RICKMERS MARITIME 8.45 05/15/17 SGD 21.25
SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 5.00
SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 5.00
SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 5.00
SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 9.00
TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 17.63
TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 18.00
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 C 1.00 10/10/25 USD 58.00
DEBT AND ASSET TRADING C 1.00 10/10/25 USD 58.18
*********
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 ***