/raid1/www/Hosts/bankrupt/TCRAP_Public/170404.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, April 4, 2017, Vol. 20, No. 67
Headlines
A U S T R A L I A
AGENT PROVOCATEUR: To Shut Down Stores in Australia
AW ASSET: First Creditors' Meeting Set for April 11
INFINITY SPORTS: First Creditors' Meeting Set for April 12
MCLAREN KNIGHT: First Creditors' Meeting Set for April 11
RV IMPORTS: First Creditors' Meeting Set for April 7
C H I N A
CHINA EVERGRANDE: 2016 Results No Impact on B2 CFR, Moody's Says
CHINA HUISHAN: Four Directors Resign Amid Mystery 85% Stock Drop
CHINA TELETECH: Incurs $52.6 Million Net Loss for 2016
CHINA ZHENGTONG: Higher 2016 Leverage No Impact on Moody's B1 CFR
CHINACAST EDUCATION: Has Nod to Obtain Up To $324,000 Financing
JINGRUI HOLDINGS: Moody's Alters Outlook Stable & Affirms B3 CFR
SHIMAO PROPERTY: 2016 Credit Metrics No Impact on Moody's Ba2 CFR
I N D I A
ABHINAASH AGROFOOD: Ind-Ra Migrates B+ Rating to Non-Cooperating
AMBIENCE CONSTRUCTION: Ind-Ra Assigns BB Long-Term Issuer Rating
ANANDAM TEXTILES: CRISIL Reaffirms B+ Rating on INR3.50MM Loan
ANUPAM UDYOG: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
ASTER INDUSTRIES: CRISIL Assigns B+ Rating to INR7.5MM Loan
ATHULITHA LABORATORIES: Ind-Ra Assigns D Long-Term Issuer Rating
ATUL SHARMA: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
BANKA WOVEN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
BEARDSELL LIMITED: CRISIL Affirms FB+ Fixed Deposits Rating
BOMBAY FANCY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
CENTURY 21: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
DEBOGRAM AGRO: CRISIL Assigns 'B' Rating to INR12MM LT Loan
DHRU MOTORS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
ELYSIUM PHARMACEUTICALS: Ind-Ra Assigns 'BB' Issuer Rating
FRONTIER WAREHOUSING: Ind-Ra Migrates Rating to Non-Cooperating
GALAXY MACHINERY: CRISIL Cuts Rating on INR7.3MM LT Loan
GEFAB FACADE: Ind-Ra Affirms 'B' Long-Term Issuer Rating
GEMINI EQUIPMENT: CRISIL Reaffirms D Rating on INR10.45MM Loan
GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR298MM Loan
G.R. TEXTILE: Ind-Ra Migrates 'D' Rating to Non-Cooperating
GROVER IMPEX: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
H.D. SYSTEM: CRISIL Assigns B+ Rating to INR5MM Cash Loan
HEMANT SURGICAL: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
HINDUSTHAN LOHA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
ISHWARCHARAN BUILDERS: CRISIL Reaffirms B- Rating on INR30MM Loan
JATSON POWER: CRISIL Reaffirms B+ Rating on INR4.02MM Term Loan
KALINGA COMMERCIAL: CRISIL Assigns D Rating to INR42MM Term Loan
KHANDELWAL GINNING: CRISIL Assigns B+ Rating to INR3MM Loan
KLASSIK LAMITEX: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
KOPARGAON AHMEDNAGAR: Ind-Ra Affirms 'D' Rating on INR1.75BB Loan
LORD GANESH: CRISIL Assigns B+ Rating to INR6MM Cash Loan
MAHESHWARI PHARMACEUTICALS: Ind-Ra Affirms 'B+' Issuer Rating
MUKTI FIRMS: CRISIL Assigns B- Rating to INR4.9MM LT Loan
MUTHURAJA MODERN: CRISIL Assigns B+ Rating to INR3MM Cash Loan
NATIONAL ELECTRONICS: CRISIL Assigns B+ Rating to INR12MM Loan
NUPUR HEIGHTS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
P.S. BHAT: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
PRAKASH CHAND: CRISIL Reaffirms B+ Rating on INR0.95MM Loan
SANDOZ MERCHANTS: CRISIL Reaffirms B+ Rating on INR3.5MM Loan
SAPTHAVARNA BUILDERS: CRISIL Reaffirms B+ Rating on INR3.3MM Loan
SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75MM Cash Loan
SIVA STONES: CRISIL Reaffirms B- Rating on INR.36MM LT Loan
SRI LAKSHMI: CRISIL Assigns B+ Rating to INR7MM Cash Loan
TATA STEEL: Fitch Maintains BB IDR on Rating Watch Evolving
VALLI MURUGAN: CRISIL Assigns 'B' Rating to INR3.5MM Term Loan
YASIKA STEELS: CRISIL Lowers Rating on INR5.06MM LT Loan to 'D'
J A P A N
TOSHIBA CORP: Likely to Miss Third Earnings Deadline
M O N G O L I A
DEVELOPMENT BANK: Moody's Confirms Caa1 FC Issuer Rating
MONGOLIA: Moody's Confirms Caa1 LT Issuer Rating; Outlook Stable
TRADE & DEVELOPMENT: Moody's Confirms Caa2 FC LT Deposit Rating
P H I L I P P I N E S
COUNTRYSIDE COOP: PDIC Pays PHP126-Mil. in Deposit Insurance
V I E T N A M
VIETNAM BANK: Fitch Affirms B+ Long-Term IDR; Outlook Stable
X X X X X X X X
* BOND PRICING: For the Week March 27 to March 31, 2017
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A U S T R A L I A
=================
AGENT PROVOCATEUR: To Shut Down Stores in Australia
---------------------------------------------------
The Sydney Morning Herald reports that Agent Provocateur will
soon shut down its stores in Australia.
Agent Provocateur was co-founded in 1994 by Joe Corre, the son of
fashion designer Vivienne Westwood and Malcolm McLaren, the
former manager of the Sex Pistols, SMH discloses.
Its owner, private equity firm 3i, put the debt-laden company in
administration earlier this year and controversially sold it to a
group led by Mike Ashley, the sports goods businessman and owner
of soccer team Newcastle United, according to SMH.
In Australia, Rahul Goyal and David Winterbottom of KordaMentha
were appointed administrators of Agent Provocateur Holdings on
March 8, the report discloses.
According to the report, KordaMentha's public relations spokesman
Mike Smith said KordaMentha was winding down the business.
The report relates that three stores have closed -- one in David
Jones in Sydney, one in David Jones in Melbourne, plus another in
Little Collins Street in Melbourne. Another, in Westfield
Sydney, will be closed by May or until stock lasts, the report
adds.
Agent Provocateur turned over between AUD5 and AUD10 million a
year and employed 20 people in Australia, Mr. Smith, as cited by
SMH, said.
Australians will still be able to buy Agent Provocateur products
online, the report notes.
AW ASSET: First Creditors' Meeting Set for April 11
---------------------------------------------------
A first meeting of the creditors in the proceedings of AW Asset
Holdings Pty Ltd and Naw Hospitality Group Pty Ltd will be held
at the offices of Morton's Solvency Accountants, Level 11, 410
Queen Street, in Brisbane, Queensland, on April 11, 2017, at
1:30 p.m. and 2:00 p.m.
Gavin Charles Morton of Morton's Solvency Accountants was
appointed as administrator of AW Asset and Naw Hospitality on
March 30, 2017.
INFINITY SPORTS: First Creditors' Meeting Set for April 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of
Infinity Sports & Fitness Pty Ltd will be held at the offices of
Veritas Advisory, Suite 2, Level 5, 123 Pitt Street, in Sydney,
NSW, on April 12, 2017, at 10:00 a.m.
David Iannuzzi & Steve Naidenov of Veritas Advisory were
appointed as administrators of Infinity Sports on March 31, 2017.
MCLAREN KNIGHT: First Creditors' Meeting Set for April 11
---------------------------------------------------------
A first meeting of the creditors in the proceedings of McLaren
Knight Pty Ltd will be held at the Hilton Hotel, Meeting Room 5
34 Esplanade, in Cairns City, Queensland, on April 11, 2017, at
10:00 a.m.
Blair Pleash and Glenn Shannon of Hall Chadwick were appointed as
administrators of Mclaren Knight on March 30, 2017.
RV IMPORTS: First Creditors' Meeting Set for April 7
----------------------------------------------------
A first meeting of the creditors in the proceedings of RV Imports
Australia Pty Ltd will be held at the Chamber Room, Hawthorn Arts
Centre, 360 Burwood Road, in Hawthorn, on April 7, 2017, at
10:30 a.m.
Robyn Erskine & Adrian Hunter of Brooke Bird were appointed as
administrators of RV Imports on March 28, 2017.
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C H I N A
=========
CHINA EVERGRANDE: 2016 Results No Impact on B2 CFR, Moody's Says
-----------------------------------------------------------------
Moody's Investors Service says that China Evergrande Group's full
year results for 2016 were broadly in line with Moody's
expectations and will not immediately affect its B2 corporate
family rating, B3 senior unsecured debt rating or the negative
outlook on the ratings.
"Evergrande's financial risk remains high, given its elevated
debt leverage," says Franco Leung, a Moody's Vice President and
Senior Credit Officer.
"Nevertheless, its B2 corporate family rating and negative
ratings outlook incorporate Moody's assessments that the company
faces high financial risk," adds Leung.
Evergrande reported a material 80% year-on-year increase in
reported debt to RMB535 billion at end-2016 from RMB297 billion
at end-2015, largely to support its increase in land and other
acquisitions in 2016.
As a result, its debt leverage - as measured by adjusted revenue
to debt, including perpetual securities - deteriorated to around
32% from around 35% over the same period, despite a robust 59%
year-on-year growth in revenue.
At the same time, Evergrande's interest coverage - as measured by
adjusted EBIT to interest - weakened to 1.4x in 2016 from 1.5x in
2015. The decline in interest coverage is largely attributed to
the material increase in interest expense in 2016.
Moody's says that Evergrande's adjusted debt leverage and
interest coverage ratio will trend towards 40%-45% and 1.5x-2.0x
over the next 12-18 months.
By contrast, Evergrande's high financial risk is partly mitigated
by its strong liquidity profile. Its cash on hand increased
significantly to RMB304 billion at end-2016, covering 45% of its
adjusted debt - including perpetual securities - at end-2016. As
a result, cash to short-term debt strengthened to 150% from 103%
over the same period.
The strong liquidity position is largely driven by Evergrande's
robust operating cash flows, because of strong sales execution.
It achieved an 88% year-on-year growth in contracted sales for
the first two months of 2017, after a robust 85% year-on-year
growth to RMB373 billion for full year 2016.
Evergrande's negative ratings outlook reflects its high levels of
business, financial and liquidity risks, given its aggressive
debt-funded acquisitions.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
China Evergrande Group is one of the major residential developers
in China. It has a standardized operating model. Founded in 1996
in Guangzhou, the company has rapidly expanded its business
across China over the past few years. At December 31, 2016, its
land bank totaled 229 million square meters in gross floor area
across 209 Chinese cities.
CHINA HUISHAN: Four Directors Resign Amid Mystery 85% Stock Drop
----------------------------------------------------------------
Lisa Pham at Bloomberg News reports that China Huishan Dairy
Holdings Co. said its four remaining non-executive directors
resigned and the company still can't locate its treasury head,
adding to concern about the indebted farm operator's corporate
governance and finances.
The directors tendered their resignations effective March 31,
with all four citing other commitments, Bloomberg relates citing
a stock exchange filing on March 31. Bloomberg relates that the
Shenyang, China-based company said Ge Kun, who manages the
company's treasury and cash operations, was last known to be in
Hong Kong and a missing person's report has been filed with the
city's police.
An unexplained 85% plunge in Huishan's shares on March 24 has
drawn attention to the transparency of Chinese listed companies
in Hong Kong, with such events becoming a familiar sight,
Bloomberg says. According to the report, Huishan's creditors held
an emergency meeting the day before the rout to discuss a cash
shortage at the milk producer, according to Hongling Capital, a
peer-to-peer lender that attended the gathering.
The company is reviewing its financial position in Ge's absence,
which is taking longer than initially expected, and intends to
provide an update in a week's time, according to the statement
obtained by Bloomberg. A Hong Kong police spokesperson said they
were unable to verify whether a missing person report was filed
without knowing further details.
A Hong Kong court rejected an application by Chinese money
manager Gopher Asset Management Co. to freeze assets of Huishan
Dairy, according to the same statement, Bloomberg relays.
Majority shareholder Champ Harvest Ltd., controlled by Yang Kai,
sold part of its stake as Huishan Dairy plummeted, a separate
statement on March showed, according to Bloomberg. The holder
sold 250.9 million shares at an average price of 39.4 Hong Kong
cents apiece on March 24. That alone would have been the highest
daily volume since August 2015, and accounted for about a third
of the stock that changed hands as Huishan Dairy plummeted from
HK$2.81 to as low as 25 Hong Kong cents. The disclosure didn't
say whether the selling was forced, Bloomberg states.
Bloomberg says Huishan Dairy has no members on its audit
committee after Song Kungang, Gu Ruixia, Tsui Kei Pang and Kan Yu
Leung Peter resigned as independent non-executive directors.
Huishan Dairy's chief financial officer Eddie So, the company's
media representative and auditor KPMG LLP didn't immediately
respond to e-mailed requests asking when the company will report
its results for the year ended March 31, Bloomberg notes.
Bloomberg states that the selloff came about three months after
Carson Block, the short seller and founder of Muddy Waters LLC,
issued a report on Huishan Dairy alleging the company was worth
"close to zero." Even so, the stock fluctuated in a narrow range
between HK$2.69 and HK$3.23 from the start of October 2015
through to March 23. Huishan has said that the allegations in
Block's December report were groundless and contained
misrepresentations, Bloomberg says.
About China Huishan
China Huishan Dairy Holdings Co Ltd (HKG:6863) is principally
engaged in the production and sales of raw milk, liquid milk
products and milk powder products. The Company operates its
business through three segments. The Dairy Farming segment is
engaged in planting, growing and harvesting alfalfa grass and
other feed crops, processing feeds and breeding dairy cows. The
Liquid Milk Products Production segment is engaged in the
production and sales of pasteurized milk, ultra-high temperature
(UHT) milk, yoghurt and milk beverages. The Milk Powders
Production segment is engaged in the production and sales of
infant milk formula products, adult milk powder products and
dairy ingredient products.
CHINA TELETECH: Incurs $52.6 Million Net Loss for 2016
------------------------------------------------------
China Teletech Holding, Inc., filed with the Securities and
Exchange Commission its annual report on Form 10-K disclosing net
loss of $52.6 million for the year ended Dec. 31, 2016 compared
to $78.4 million net loss for the year ended Dec. 31, 2016.
On March 27, 2017, China Teletech Holding had $200 million total
assets, $467.1 million and $267.1 million total stockholders'
deficit.
The revenue was nil for the year ended Dec. 31, 2016, as compared
to nil during the year ended Dec. 31, 2015, since the company was
an investment holding company without business activities.
The Company recorded a net loss of $52,588 during the year ended
Dec. 31, 2016 as compared to net loss of $78,418 during the year
ended Dec. 31, 2015. The decrease of net loss was mainly due to
the decrease of general and administrative expenses and the
decrease of loss on disposal of subsidiaries during the year
ended Dec. 31, 2015.
As of Dec. 31, 2016 and Dec. 31, 2015, the Company's capital
deficiency amounts to $267,152 and $214,564, respectively. The
increase of capital deficiency is due to the increase of accrued
liabilities and other payables. The Company's current
liabilities primarily consist of amounts due to related parties
and accrued liabilities and other payables. Its current assets
primarily consist of prepaid expenses.
Centurion ZD CPA Limited issued a "going concern" qualification
on the consolidated financial statements for the year ended
Dec. 31, 2016, citing that the Company has incurred substantial
losses which raise substantial doubt about its ability to
continue as a going concern.
A full-text copy of the Form 10-K is available for free at:
https://is.gd/yCvI7J
About China Teletech
Tallahassee, Fla.-based China Teletech Holding, Inc., is a
national distributor of prepaid calling cards and integrated
mobile phone handsets and a provider of mobile handset value-
added services.
The Company is an independent qualified corporation that serves
as one of the principal distributors of China Telecom, China
Unicom, and China Mobile products in Guangzhou City, China.
On June 30, 2012, the Company strategically sold its wholly-owned
subsidiary, Guangzhou Global Telecommunication Company Limited
("GGT"), to a third party. GGT was engaged in the trading and
distribution of cellular phones and accessories, prepaid calling
cards, and rechargeable store-value cards.
CHINA ZHENGTONG: Higher 2016 Leverage No Impact on Moody's B1 CFR
-----------------------------------------------------------------
Moody's Investors Service said that China ZhengTong Auto Services
Holdings Ltd.'s increased financial leverage in 2016 has no
immediate impact on its B1 corporate family rating.
The rating outlook remains stable.
"ZhengTong's financial leverage rose in 2016, driven by the
higher level of debt raised to fund its auto financing business
and weaker profitability, but its leverage is expected to improve
over the next 12-18 months," says Gerwin Ho, a Moody's Vice
President and Senior Analyst.
The company's revenue grew 7% year-on-year to RMB32 billion in
2016 from RMB29 billion in 2015, supported by revenue growth from
new vehicle sales, after-sales services and auto financing.
However, ZhengTong's adjusted EBITDA margin fell to about 6.4% in
2016 from 7.0% a year ago. This drop in profitability reflects a
lower gross margin and higher operating expenses as a percentage
of sales. As a result, adjusted EBITDA fell 2% versus a year ago
at about RMB2.0 billion.
In addition, the company's adjusted debt rose to about RMB12.8
billion at end-2016 from RMB9.3 billion a year ago. The rise in
debt partly reflects the debt raised to support its growing auto
finance business, as demonstrated by a rise in borrowings for
financial services to RMB3.3 billion at end-2016 from RMB1.2
billion a year ago. The company also increased its borrowing to
fund the expansion of its auto dealership network.
As a result, ZhengTong's leverage, as measured by adjusted
debt/EBITDA, rose to about 6.4x in 2016 -- above Moody's trigger
of 5.5x -- from 4.5x a year ago.
However, Moody's expects the company's adjusted debt/EBITDA to
improve to about 5.4x over the next 12-18 months. This
improvement in leverage reflects a rise in EBITDA, supported by
growth in new vehicle sales and an improvement in profitability
in such sales, stemming from a more favorable product cycle for
ZhengTong's brands and an expansion in ZhengTong's auto
dealership network versus a year ago.
Such levels of debt leverage are in line with the company's
single B rating.
ZhengTong's rating will be pressured, however, if its adjusted
debt/EBITDA fails to fall below 5.5x in the next 12-18 months.
ZhengTong's liquidity position is weak because of its high level
of short-term debt of 77% of reported total debt. At end-2016, it
held restricted and unrestricted cash totaling RMB3.5 billion
versus reported short-term debt of RMB8.7 billion. As such, it
has a high level of refinancing risk.
Nonetheless, Moody's expects the company to retain its ability to
roll over its debt with domestic banks, given its profitable
operations, strong market position, and inventory of globally
branded luxury cars.
The principal methodology used in this rating was Retail Industry
published in October 2015.
China ZhengTong Auto Services Holdings Ltd. is a top auto
dealership group in China. The company focuses primarily on the
luxury and ultra-luxury car market. It operated 108 dealership
stores in China at end-2016 and listed on the Hong Kong Stock
Exchange in 2010.
CHINACAST EDUCATION: Has Nod to Obtain Up To $324,000 Financing
---------------------------------------------------------------
The Hon. Mary Kay Vyskocil of the U.S. Bankruptcy Court for the
Southern District of New York has authorized ChinaCast Education
Corporation to obtain up to $324,000 in secured postpetition
financing from Fir Tree, Inc., as administrative agent for the
lenders.
The Debtor requires the DIP Facility to enable it to fund
continuing actions to pursue certain recoveries. The Debtor is
unable to obtain adequate unsecured credit allowable as an
administrative expense under Section 503 of the Bankruptcy Code,
or other financing under Sections 364(c) or (d) of the Bankruptcy
Code, on equal or more favorable terms than those set forth in
the DIP loan documents.
To secure the DIP obligations, the DIP Agent, on behalf of the
DIP Lenders, is granted: (i) valid and fully perfected, by
operation of law immediately upon the entry of the financing
court order, first priority liens upon and senior security
interests in all of the property, assets or interests in property
or assets of the Debtor, and all cash and non-cash proceeds, and
profits of any of the collateral, subject only to the carve-out;
and (ii) an allowed superpriority administrative expense claim,
subordinate only to payment of the Carve-Out expenses.
A copy of the court order and summary of material terms of
proposed financing is available at:
http://bankrupt.com/misc/nysb16-13121-68.pdf
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
Nov. 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.
JINGRUI HOLDINGS: Moody's Alters Outlook Stable & Affirms B3 CFR
----------------------------------------------------------------
Moody's Investors Service has revised to stable from negative the
ratings outlook of Jingrui Holdings Limited.
At the same time, Moody's has affirmed Jingrui's B3 corporate
family rating and Caa1 senior unsecured debt rating.
RATINGS RATIONALE
"The stable outlook reflects Moody's expectations that Jingrui's
improved sales execution for property in higher-tier cities in
China can be sustained, and will improve the company's credit
metrics," says Anthony Lee, a Moody's Analyst.
Jingrui achieved robust growth in contracted sales of 93% in 2016
to RMB16.8 billion from RMB8.7 billion in 2015. The average
selling price also increased by 15%.
About 70%-75% of its contracted sales in 2016 were in first- and
second-tier cities compared to around only 50% in 2015.
Moody's expects that first- and second-tier cities will continue
to prove major contributors to Jingrui's operations over the next
12 months, because approximately 75%-80% of its land bank in
terms of value were situated in such higher-tier cities at end-
2016.
In addition, the company's gross margins will improve over the
next 12-24 months, because its products in these higher-tier
cities show better margins, due to their better locations and
levels of product demand when compared to the company's offerings
in lower-tier cities.
Moody's expects Jingrui's gross margin to improve to above 15%
over the next 12-24 months from 4% in 2016. As a result, its
EBIT/interest should improve to above 1.25x in the same time
frame from 0.9x in 2016 and 2015.
Its revenue/adjusted debt improved to 99% in 2016 from 52% in
2015 -- supported by a 161% growth in revenue -- outpacing
reported debt growth of 28%.
Moody's expects revenue/debt to decline to above 65% in the next
12-24 months as Jingrui is expected to step up land acquisitions
during this time to replenish its land bank.
The credit metrics of the company over the next 12-24 months will
not be strong, but they will be much better than those in 2015
and 2016, and they will support its B3 corporate family rating.
The company's total land reserve reduced from 4.0 million sqm GFA
in 2015 to 3.0 million sqm GFA in 2016, while its contracted
sales GFA was 1.4 million sqm in 2016. The current land reserve
will support about 2 years of operation if the current scale of
contracted sales is maintained.
Jingrui's B3 corporate family rating reflects its small scale,
volatile sales, weak credit metrics, small land bank and tight
liquidity position.
The rating also considers Jingrui's track record of developing
properties in Shanghai and other cities in the economically
strong Yangtze River Delta.
The company's liquidity position is weak, despite improving in
2016. It reported a cash balance of RMB10.7 billion at end-2016,
which covered 2.7x of its short-term debt. The liquidity risk
will come from its need to spend to replenish its land bank, and
substantial refinancing requirements in 2018 and 2019, when its
onshore and offshore bonds mature.
Jingrui's ratings could be upgraded if: (1) the company can
successfully replenish its land reserve to support the next 3-4
years of development, while maintaining acceptable credit
metrics; specifically, an EBIT/interest coverage in excess of
2.0x, revenue/adjusted debt above 75%, as well as an adequate
liquidity position, such that cash/short-term debt exceeds 1.5x
on a sustained basis; and (2) the company grows in scale and
shows less volatility in its sales.
Jingrui's ratings could be downgraded if the company's: (1)
liquidity position weakens, such that its cash/short-term debt
will likely fall below 1x; or (2) credit metrics deteriorate,
with interest coverage below 1x, and/or revenue/adjusted debt
below 50%.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Jingrui Holdings Limited is a Shanghai-based property developer.
The company listed on the Hong Kong Stock Exchange in October
2013. It was originally established in 1993 as Shanghai Jingrui
Property Development Company by a group of businessmen, including
its current key shareholders and executive directors, Mr. Chen
Xin Ge and Mr. Yan Hao.
It engages in property development, with a focus on residential
projects in the Yangtze River Delta and other second-tier cities
in China. The company operated mainly in Shanghai before its
expansion into Chongqing in 2005, Jiangsu and Zhejiang provinces
in 2006, and Tianjin in 2007.
SHIMAO PROPERTY: 2016 Credit Metrics No Impact on Moody's Ba2 CFR
-----------------------------------------------------------------
Moody's Investors Service says that Shimao Property Holdings
Limited's modest credit metrics for 2016 are largely in line with
Moody's expectations and will not immediately impact the
company's Ba2 corporate family rating, Ba3 senior unsecured
rating, and the stable outlook on the ratings.
"Shimao's financial results for 2016 remained modest despite a
mild decline in reported debt," says Franco Leung, a Moody's Vice
President and Senior Credit Officer.
"But Moody's expects its credit metrics will mildly improve in
2017, based on Moody's expectations that the company will
continue to control its growth in debt," adds Leung.
Shimao reduced its reported debt to around RMB67.2 billion at
end-2016 from RMB70.4 billion at end-2015, as it kept a modest
pace in land and other acquisitions in 2016.
Moody's estimates that Shimao's debt leverage -- as measured by
revenue to adjusted debt -- mildly improved to around 75.3% in
2016 from 73.3% in 2015. Its adjusted debt to capitalization also
improved to 45.6% from 49.5%.
Moody's expects the company's revenue to adjusted debt will
improve to 76%-80% in 2017. The improvement is based on Moody's
expectation that Shimao will achieve higher revenue growth and
that its incremental debt funding needs will remain modest,
driven by increased operating cash flows from contracted sales
growth.
The company has indicated a contracted sales target of RMB80
billion for 2017, which is 17% higher than the RMB68 billion
achieved in 2016. The sales for 2016 were also up a mild 2% year-
over-year.
However, if Shimao's contracted sales growth is less rapid or
land replenishment progress is more aggressive than Moody's
expects, and which in turn delays deleveraging, its ratings could
come under pressure.
Shimao reported a fall in its gross profit margin to 27.6% in
2016 from 28.5% in 2015, in line with Moody's expectations. But
adjusted EBIT/interest coverage rose slightly to 3.1x in 2016
from 3.0x in 2015, thanks to a decline in its interest burden.
Moody's expects its gross report profit margins to improve
slightly in 2017 and the company will continue to manage down its
average funding costs. Such developments will in turn help to
strengthen its interest coverage ratio to 3.3x-3.8x over the next
12-18 months.
Shimao's liquidity profile remains adequate. Its reported cash to
short-term debt was about 124% at end-2016, down from 154% at
end-2015. Its cash holdings - including restricted cash - totaled
RMB22.2 billion at end-2016, sufficient to cover maturing debt of
RMB17.9 billion and committed land payments in 2017.
The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in April 2015.
Shimao Property Holdings Limited is a Grand Cayman-incorporated
Chinese property developer listed on the Hong Kong Stock Exchange
in July 2006. Together with its majority-owned Shanghai A-share
listed subsidiary, Shanghai Shimao Co., Ltd. (unrated), the
company held an attributable land bank of 30.79 million square
meters at Dec. 31, 2016, distributed across 39 cities, mainly in
eastern and northeastern China.
=========
I N D I A
=========
ABHINAASH AGROFOOD: Ind-Ra Migrates B+ Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Abhinaash
Agrofood Industries Private Limited's (AAFIPL) Long-Term Issuer
Rating to non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests
and follow ups by the agency. Therefore, investors and other
users are advised to take appropriate caution while using these
ratings. The rating will now appear as 'IND B+(ISSUER NOT
COOPERATING)' on the agency's website. Instrument-wise rating
actions are:
-- INR30 mil. Fund-based working capital limit assigned with
'IND B+' rating migrated to Non-Cooperating Category;
-- INR38.75 mil. Term loan assigned with 'B+' rating migrated
to Non-Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 29, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
AAFIPL was incorporated in 2014 and commenced commercial
operations in March 2015. The company has a rice milling
capacity of 18,000 tonnes per annum in Jharkhand. AAIFPL caters
to both domestic and overseas markets.
AMBIENCE CONSTRUCTION: Ind-Ra Assigns BB Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Ambience
Construction India Limited (ACIL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR50 mil. Fund-based working capital assigned with
'IND BB/Stable' rating;
-- INR120 mil. Non-fund-based facilities assigned with
'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect ACIL's moderate credit profile. Revenue
increased to INR932 million in FY16 (FY15: INR861 million) on
account of an increase in work orders. The company has
INR1.615 billion worth orders in hand, as on February 2017.
Net financial leverage (total adjusted net debt/operating
EBITDAR) improved to 1.1x in FY16 (FY15:1.5x) due to continued
term debt servicing by ACIL despite a decline in EBITDA margins.
Interest coverage (operating EBITDA/gross interest expense) was
4.7x in FY16 (FY15:4.9x). The deterioration in the interest
coverage was primarily on account of deterioration in operating
EBITDA margins; margins declined yoy over FY14-FY16 (FY14:6.2%,
FY15: 5.7% and FY16: 5.4%) on account of an increase in the labor
cost and raw material price fluctuation.
ACIL's liquidity remained tight with full utilization of the
fund-based working capital limits over the 12 months ended
February 2017.
The ratings, however, are supported by over a decade of
experience of BGPL's promoter in the Polypropylene woven sack
manufacturing business.
RATING SENSITIVITIES
Positive: Substantial growth in the top-line, and improvement in
profitability and liquidity leading to sustained improvement in
the credit metrics will be positive for the ratings.
Negative: A decline in the revenue and operating profitability
resulting in significant deterioration in the credit metrics will
be negative for the ratings.
COMPANY PROFILE
Incorporated in 1996, ACIL undertakes civil construction works
related to hospital, university, military campus, schools etc.
It is headquartered in Hyderabad (Telangana) and is a Class 'A'
Contractor registered with Public Works Department, Telangana
State and Central Public Works Department, Government of India.
It only undertakes government projects in Andhra Pradesh and
Telangana.
ANANDAM TEXTILES: CRISIL Reaffirms B+ Rating on INR3.50MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the bank
facilities of Anandam Textiles. The ratings continue to reflect
the firm's modest scale of operations in the highly fragmented
cotton textile industry, below-average financial risk profile
marked by high gearing, and susceptibility of operating
profitability to volatility in raw material prices. These rating
weaknesses are partially offset by extensive experience of
promoters in the textile industry, and established relations with
their customers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3.25 CRISIL B+/Stable (Reaffirmed)
Key Cash Credit 3.50 CRISIL B+/Stable (Reaffirmed)
Packing Credit 2.00 CRISIL A4 (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly fragmented industry:
Revenue of INR19.4 crore for fiscal 2016 reflects the modest
scale of operations in the fragmented textile industry where the
firm also faces competition from manufacturers of cheaper fabrics
made of blended yarn and manmade fibre.
* Below-average financial risk profile: Financial risk profile is
below-average marked by low net worth of around INR2.68 crore and
gearing of around 1.76 times as on March 2016. Net worth levels
are expected to marginally improve owing to steady accretion to
reserves, but will remain modest on account of the firm's limited
scale.
Strength
* Extensive experience of its promoters in the textile industry:
Promoters' extensive experience of over two decades in the
textile segment and their association with key customers and
major suppliers has resulted in healthy and stable revenues over
the years.
Outlook: Stable
CRISIL believes AT will continue to benefit from the extensive
industry experience of its promoters over the medium term. The
outlook may be revised to 'Positive' if significant increase in
revenue and profitability leads to a better business risk
profile. Conversely, the outlook may be revised to 'Negative' if
steep decline in revenue and profitability, or deterioration in
working capital management impacts liquidity, or if any large
debt-funded capital expenditure weakens the financial risk
profile.
AT, set up in 1973 by Mr. M Mahalingam, manufactures cotton yarn
and grey fabric. Its operations are managed by the founder's son-
in-law, Mr. A Murugaraj.
Profit after tax was INR0.32 crore on net sales of INR19.39 crore
for fiscal 2016, vis-a-vis INR0.17 crore and INR22.75 crore,
respectively, in fiscal 2015.
ANUPAM UDYOG: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Anupam Udyog's
Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the surveillance exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will now appear as
'IND BB-(ISSUER NOT COOPERATING)' on the agency's website. The
instrument-wise rating actions are:
-- INR15 mil. Fund-based limit assigned with 'BB-' rating
migrated to Non-Cooperating Category; and
-- INR65 mil. Non-fund-based limit assigned with 'IND A4+'
rating migrated to Non-Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 27, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 1978, Anupam Udyog manufactures transformers.
The firm is managed by Mr. Vikas Mor, Ms. Shivani Mor and Mr.
Kamal Kumar Mor. The firm sells products mainly to the Rajasthan
Electricity Board.
ASTER INDUSTRIES: CRISIL Assigns B+ Rating to INR7.5MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Aster Industries (AI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Term Loan 7.5 CRISIL B+/Stable (Assigned)
Proposed Letter of
Credit 0.5 CRISIL A4 (Assigned)
Cash Credit 1.2 CRISIL B+/Stable (Assigned)
Proposed Cash Credit
Limit 1.8 CRISIL B+/Stable (Assigned)
The ratings reflect risks related to AI's ongoing project of
setting up a bulk drug manufacturing unit and its large working
capital requirements. These rating weaknesses are partially
offset by the promoter's extensive industry experience and its
moderate financial risk profile marked by moderate gearing and
debt protection metrics albeit a modest net worth.
Key Rating Drivers & Detailed Description
Weaknesses
* Risks related to ongoing project of setting up a bulk drug
unit: AI currently has a large debt funded capital expenditure
programme. The firm is expanding its existing unit at a cost of
INR3.5 crore which is completely funded through equity and
internal accruals. The firm also is setting up a bulk drug
manufacturing unit in Vizag (AP). The size of the project is
estimated at INR15 crore which would be funded in a debt equity
mix of 1:1. Owing to the nascent stages of the project, the firm
is exposed to significant project risks.
* Large working capital requirement: AI's business is highly
working capital intensive, as indicated by gross current assets
(GCAs) of an estimated 165 days as on March 31, 2016; the GCAs
were at much higher levels in the past. The high GCAs emanates
from the company's receivables of around 133 days and inventory
days of 11 days as on the same date.
Strengths
* Promoters' extensive experience in the pharmaceutical industry:
AI's key promoter Mr. Srinivas Reddy completed his Masters in
Chemistry from Banaras University in 1980 and soon after his
education moved on to set up his own business. In 1998, he set up
Aster Industries and his friend Mr. Rama Raju joined his business
in 2002. Mr. Srinivas Reddy has, over the years established
strong relationships with AI's clients and has also built strong
supplier relationships.
* Moderate financial risk profile: The net worth was modest at
around INR2.2 crore as on March 31, 2016. The firm has followed a
moderate financial policy, with its peak gearing over the last
three years through fiscal 2016 being at 1.2 times. The firm's
ongoing capex is funded in a prudent debt equity mix of 1:1. As a
result, the gearing of the company is expected to remain moderate
over the medium term. The firm's interest coverage and net cash
accruals to total debt (NCATD) ratios are around estimated 4.4
times and 0.25 times respectively for fiscal 2016.
Outlook: Stable
CRISIL believes AI will continue to benefit over the medium term
from its promoters' extensive experience. The outlook may be
revised to 'Positive' if sooner than expected stabilisation of
operations results in substantial increase in scale and accruals,
coupled with improvement in working capital cycle. The outlook
may be revised to 'Negative' in case of significant time or cost
overrun in ongoing expansion project or a steep decline in
profitability margins or significant deterioration in capital
structure due to further stretch in working capital cycle.
Established in 1998 as a partnership firm by Mr. Srinivas Reddy,
AI is engaged in the manufacturing of chemical compounds used in
a variety of Industry. The firm is also currently setting up a
manufacturing unit for bulk drugs in Vizag(AP).
For fiscal 2016, AI reported profit after tax (PAT) of INR0.35
crore on operating income of INR13.7 crore as against PAT of
INR0.22 crore on operating income of INR8.7 crore in fiscal 2015.
ATHULITHA LABORATORIES: Ind-Ra Assigns D Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Athulitha
Laboratories Private Limited (ALPL) a Long-Term Issuer Rating of
'IND D'. The instrument-wise rating actions are:
-- INR52.6 mil. Term loan assigned with 'Long term IND D'
rating;
-- INR25 mil. Fund-based working capital limit assigned with
'Long term IND D' rating; and
-- INR20 mil. Non Fund-based limit assigned with 'Short term
IND D' rating
KEY RATING DRIVERS
The ratings reflect ALPL's continuous delays in servicing term
debt obligations over the six months ended February 2017, due to
stretched liquidity.
RATING SENSITIVITIES
Positive: Timely debt servicing for at least three consecutive
months could lead to a positive rating action.
COMPANY PROFILE
Incorporated in October 2011 in Hyderabad, ALPL manufactures drug
intermediates.
ATUL SHARMA: Ind-Ra Migrates 'BB-' Rating to Non-Cooperating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Atul Sharma
Solar Energy's (ASSE) Long-Term Issuer Rating to non-cooperating
category. The issuer did not participate in the surveillance
exercise, despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB-(ISSUER NOT COOPERATING)' on the agency's
website. Instrument-wise rating action is:
-- INR62 mil. Term loan assigned with 'BB-' rating migrated to
Non-Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 18, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2013, ASSE is a proprietorship firm engaged in
the generation of solar power and is solely managed by its
proprietor, Atul Sharma.
BANGALORE PAPER: CRISIL Reaffirms B+ Rating on INR4MM Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Bangalore Paper Store (BPS) at 'CRISIL B+/Stable/CRISIL A4'
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4 CRISIL B+/Stable (Reaffirmed)
Letter of Credit 17 CRISIL A4 (Reaffirmed)
The rating continues to reflect weak financial risk profile and
working capital intensive nature of operations. These weaknesses
are partially offset by extensive experience of promoters in
paper industry.
Analytical Approach
For arriving at the rating, CRISIL has consolidated the business
and financial risk profile of BPS and VOPL, together referred to
as Vipul Overseas Group. Both entities share common
infrastructure and have similar procurement process. Moreover,
both the group entities are engaged in trading of similar
products which are coated & uncoated paper, news print and waste
paper. Furthermore, financial support is expected between the
group entities in case of financial crunches.
Key Rating Drivers & Detailed Description
Weaknesses
* Weak financial risk profile: The financial risk profile of
Vipul Overseas Group is weak marked by high TOLTNW of 4.79 times
as on March 31, 2016 and low interest coverage of 1.3 times for
2015-16 on account of high utilisation of debt. CRISIL believes
that financial risk profile will remain weak over the medium
term.
* Working capital intensive nature of operations: Vipul Overseas
Group has working capital intensive nature of operations marked
by gross current assets (GCA) of 148 days as on March 31, 2016.
This is driven by high debtors of 128 days as on March 31, 2016.
CRISIL believes that working capital will remain stretched due to
high debtors over the medium term.
Strength
* Extensive experience of promoters in paper industry: Mr.
Surinder has experience of more than two decades in this
industry. Mr. Garg has established strong relationship with its
customers and suppliers. Furthermore, the extensive experience
has helped Mr. Garg to understand deep insights about the
industry. CRISIL believes that business risk profile will be
supported by extensive experience of promoters.
Outlook: Stable
CRISIL believes the Vipul Overseas group will continue to benefit
over the medium term from the promoters' extensive industry
experience. The outlook may be revised to 'Positive' if the group
reports higher than expected topline or profitability or if its
working capital cycle improves, leads to improvement in its
financial risk profile. Conversely, the outlook may be revised to
'Negative' in case of a steep decline in profitability margins or
a significant deterioration in the capital structure on account
of larger-than-expected working capital requirement, leads to
deterioration in financial risk profile.
BPS was set up as a proprietorship concern in 1991 by the New
Delhi-based Mr. Surinder Garg. It trades in coated and uncoated
paper, newsprint, and waste paper.
VOPL was set up as a private limited company in 1992 by the New
Delhi-based Garg family. Mr. Surinder Garg is the key promoter
and managing director the other directors are Mr. Jai Dev Ram
Garg (father of Mr. Surinder Garg) and Mrs. Archana Garg (wife of
Mr. Surinder Garg). The company also trades in coated and
uncoated paper, newsprint, and waste paper.
Group reported a profit after tax (PAT) of INR0.26 Crore on net
sales of INR119 crores for fiscal 2016, vis-a vis INR0.25 Crore
and INR92 Crores, respectively in fiscal 2015.
BANKA WOVEN: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Banka Woven
Sacks Private Limited (BWSPL) a Long-Term Issuer Rating of 'IND
BB-'. The Outlook is Stable. The instrument-wise rating actions
are:
-- INR52. mil. Fund-based limits assigned with 'IND BB-
/Stable' rating;
-- INR1.48 mil. Term loan assigned with 'IND BB-/Stable'
rating;
-- INR6.68 mil. Term loan assigned with 'IND BB-/Stable'
rating; and
-- INR5.12 mil. Term loan assigned with IND BB-/Stable rating
KEY RATING DRIVERS
The ratings reflect BWSPL's moderate credit profile. In FY16,
revenue was INR247 million (FY15: INR204 million), interest
coverage(operating EBITDAR/gross interest expense) was 2.1x
(2.2x), net financial leverage (total adjusted net debt/operating
EBITDAR) was 4.8x (3.3x) and operating margin was 7.8% (10.3%).
The fall in margins was due to a rise in the cost of materials
consumed.
The ratings are constrained by the company's tight liquidity
position as indicated by its 98% average utilization of the fund-
based limit during the 12 months ended January 2017.
The ratings are supported by Ind-Ra's expectation of continued
positive revenue growth in FY17, in view of the INR239.2 million
revenue earned during 10MFY17.
RATING SENSITIVITIES
Negative: Any deterioration in credit metrics could be negative
for the ratings.
Positive: An improvement in the scale of operations along with an
improvement in the credit metrics could be positive for ratings.
COMPANY PROFILE
BWSPL was incorporated in 2008. It manufactures HDPE fabrics at
its production unit in Gujarat.
BEARDSELL LIMITED: CRISIL Affirms FB+ Fixed Deposits Rating
-----------------------------------------------------------
CRISIL's rating on the fixed deposit of Beardsell Limited
continues to reflect its moderate financial risk profile and
susceptibility of operating margin to volatility in raw material
prices and intense competition. These weaknesses are partially
offset by the extensive experience of its promoters and
longstanding customer relationship.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Fixed Deposits 5 FB+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Strength
* Extensive experience of promoters: The promoters have been in
this business since 1936 and have established strong relationship
with customers and suppliers.
Weakness
* Susceptibility of operating margin to volatility in raw
material prices: Raw material prices are susceptible to
volatility in crude oil prices, thereby affecting operating
margin.
Outlook: Stable
CRISIL believes Beardsell will continue to benefit over the
medium term from the extensive experience of its promoters. The
outlook may be revised to 'Positive' if the company diversifies
and scales up operations and sustainably improves profitability,
while maintaining capital structure. The outlook may be revised
to 'Negative' if financial risk profile, especially liquidity,
weakens because of a sharp decline in operating margin and
revenue, large, debt-funded capital expenditure, or stretch in
working capital cycle.
Incorporated in 1936 in Chennai and currently promoted by the
Anumolu family, Beardsell manufactures polystyrene sheets and
prefabricated panels. Operations are managed by Mr. Bharat
Anumolu. The company is listed on the National Stock Exchange.
Profit after tax was INR3.3 crore on net sales of INR149.5 crore
for fiscal 2016, against a net loss of INR0.2 crore on sales of
INR130.1 crore in fiscal 2015.
BOMBAY FANCY: Ind-Ra Assigns 'B+' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Bombay Fancy
Store (BFS) a Long-Term Issuer Rating of 'IND B+'. The Outlook
is Stable. The instrument-wise rating actions are:
-- INR230 mil. Fund-based working capital limits assigned with
'IND B+/Stable/IND A4' rating;
-- INR230 mil. Non-fund-based working capital limits assigned
with 'IND A4' rating;
-- INR40 mil. Proposed fund-based working capital limits
assigned with 'Provisional IND B+/Stable/Provisional
'IND A4' rating
*The ratings are provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facilities
by BFS to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The ratings are constrained by BFS's weak credit metrics.
Revenue was INR743.56 million in FY16 (FY15: INR761.95 million),
EBITDA margins were 3.71% (2.73%), interest coverage (operating
EBITDA/gross interest expense) was 1.04x (1.42x) and net leverage
(adjusted net debt/operating EBITDA) was 12.53x (14.03x). The
ratings are further constrained by BFS's tight liquidity profile,
as evidenced by around 108.99% average utilization of the fund
based limits for the 12 months ended February 2017.
The ratings factor in the constant risk of a decline in revenue
and EBITDA margins due to high price volatility in the products
sold by BFS (polymers).
The ratings, however, are supported by the firm's expansion plan
in chemical trading, over two decades of experience in trading
polymers and established relationships with its major supplier
i.e. Indian Oil Corporation Ltd. ('IND AAA'/Stable).
RATING SENSITIVITIES
Negative: A decline in the margins and continuous tight liquidity
profile will be negative for the ratings.
Positive: Diversification of the business leading to a
significant improvement in the top line while improving the
credit profile will be positive for the ratings.
COMPANY PROFILE
BFS was set up in 1972 by Mr. Satish Kumar and Mr. Suresh Kumar.
The firm is a del credere agent and stockist agent for Indian Oil
Corporation's polymer products. It is based out of New Delhi.
CENTURY 21: Ind-Ra Affirms 'BB' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Century 21 Town
Planners Private Limited's (CTTPPL) Long-Term Issuer Rating at
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR869.67 mil. (reduced from INR922.5) Term loan affirmed
with 'IND BB/Stable' rating
-- INR1.130 bil. Proposed long-term loan* assigned with
'Provisional IND BB/Stable' rating
* The above rating is provisional and shall be confirmed upon the
sanction and execution of loan documents for the above facility
by CTTPPL to the satisfaction of Ind-Ra.
KEY RATING DRIVERS
The affirmation reflects CTTPPL's single revenue steam from
property rental, along with moderate debt service capabilities
due to a marginal difference between annual rental income and
annual debt repayment commitments.
The affirmation also reflects CTTPPL's small scale of operations
and moderate credit profile. In FY16, revenue was INR229 million
(FY15: INR219.9.9 million), interest coverage was 2.7x (4.0x),
net financial leverage was 4.7x (4.7x) and EBITDA margin was
76.5% (76.5%). Revenue growth in FY16 was driven by an increase
in rental income. Interest coverage deteriorated in FY16 owing
to a rise in interest cost.
The affirmation factors in the execution risk stemming from the
company's upcoming commercial complex project, C21 Business Park
Babylon Project, in Indore, as the project was stalled for few
months.
The ratings, however, continue to be supported by CTTPPL
depositing the entire rent in an escrow bank account. Cash is
available to the company only after debt servicing. Moreover,
CTTPPL has over 10 years of operating experience in the real
estate and development business.
RATING SENSITIVITIES
Negative: A fall in the occupancy level of the C21 mall or a
decline in average rental rate per square feet (sf) resulting in
a substantial deterioration in credit metrics will be negative
for ratings.
Positive: A substantial improvement in the credit profile, along
with the timely completion of C21 Business Park Babylon Project,
will be positive for the ratings.
COMPANY PROFILE
Incorporated in December 2006, CTTPPL owns and operates a
commercial complex in Indore, the C21 mall, which is fully leased
out and operational. Its main promoters are Mr Gurjeet Singh
Chhabra and Mrs Prabjot Kaur Chhabra.
The mall has a total construction area of 571,058sf and a gross
leasable area of about 256,812sf. CTTPPL registered
INR188.44 million in rental income for 9MFY17.
DEBOGRAM AGRO: CRISIL Assigns 'B' Rating to INR12MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating on the
bank facilities of Debogram Agro Industries LLP (DAI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Long Term Loan 12 CRISIL B/Stable
The rating reflects risks relating to timely project execution
and ramp up of operations of the cold storage unit, and the
highly regulated and competitive nature of the cold storage
industry in West Bengal (WB). These rating weaknesses are
partially offset by the extensive regional experience of the
promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Highly regulated and competitive nature of the cold storage
industry in WB: The cold storage unit is located in Burdwan. The
potato cold storage industry in WB is regulated by the West
Bengal Cold Storage Association. Rental rates are fixed by the
department of agricultural marketing, WB. The storage rate per
quintal was fixed at INR82 till fiscal 2008, and was revised to
INR87 for fiscal 2009, and INR101 between fiscals 2010 and 2013.
The rates were further hiked to INR120 and INR140 per quintal, in
fiscals 2014 and 2016, respectively. The fixed rental limits the
ability of players to earn profit, based on their respective
strengths and geographical advantages. Furthermore, the industry
is highly fragmented, with the largest player having a market
share of less than 0.5%. This further limits the bargaining
power, and forces players to offer discounts, to ensure healthy
utilisation of their storage capacity.
* Risk related to project execution and offtake: The total
project cost of INR20.2 crore, includes debt of INR12 crore and
promoter's contribution of INR8.25 crore. Bulk of the project is
complete, and the unit has started operations from March 2017.
The balance work is likely to be completed by the first quarter
of fiscal 2018. Stabilisation of operations and utilisation of
the cold storage space, as envisaged, will remain key rating
sensitivity factors in the medium term.
Strength
* Extensive experience of the promoters in the cold storage
business: The decade-long experience of the promoters in the
cold storage business, through a group concern, Guskara Himghar
Pvt Ltd (rated 'CRISIL B+/Stable'), their keen grasp over local
market dynamics, and established relationships with traders and
farmers, will enable the firm to ramp up operations faster, and
support the business risk profile.
Outlook: Stable
CRISIL believes DAI will benefit from the extensive experience of
the partners, over the medium term. The outlook may be revised to
'Positive' if faster ramp-up of operations of the cold storage
unit, and efficient management of farmer financing, lead to
substantial cash accrual. The outlook may be revised to
'Negative' if lower-than-expected capacity utilisation of the
cold storage space, results in low cash accrual, or if a delay in
repayment by farmers, weakens liquidity.
DAI has been set up by Mr Sushil Mondol, Mr Sisir Kumar Mondal,
Mr Nirmal Kumar Mondal and Ms. Pradipta Mondal, for providing
cold storage facility in Burdwan (WB). The cold storage unit,
with total capacity of 30,000 MTPA, became operational from March
2017.
DHRU MOTORS: Ind-Ra Affirms 'BB-' Long-Term Issuer Rating
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed M/s Dhru Motors'
(DM) Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable. The instrument-wise rating action is:
-- INR215 (increased from INR135) mil. affirmed with
'IND BB-/Stable & IND A4+' rating
KEY RATING DRIVERS
The affirmation reflects DM's continued moderate credit metrics.
In FY16 its gross interest cover (operating EBITDA/gross interest
expense) was 1.4x (FY15: 1.4x) and net leverage (total adjusted
net debt/operating EBITDAR) was 3.7x (3.0x); leverage
deteriorated due to an increase in the short-term debt. EBITDA
increased to INR40 million in FY16 (FY15: INR28 millions) on
account of a rise in the sale of vehicles and EBITDA margin
improved slightly to 3.0% in FY16 from 2.5% on FY15.
The ratings reflect DM's moderate liquidity position as indicated
by its average utilization of the fund-based limits being 92.1 %
during the 12 months ended February 2017. The ratings are factor
in the partnership form of the organization.
The ratings, however, are supported by the firm's improved scale
of operations as revenue grew by 11.08% to INR1.338 billion
during FY16 from INR1.218 billion in FY15. Improvement in
revenue was due to an increase in car sales and expansion of new
showrooms in Surat. The firm has booked revenue of INR1.324
billion in 11MFY17
The ratings benefit from the fact that currently DM is the
authorized dealer of Maruti Suzuki India Limited in Surat,
Gujarat. The ratings are further supported by DM's promoter's
experience of more than two decades in the field of running
vehicle showroom and service station.
RATING SENSITIVITIES
Negative: Any decline in EBITDA margin and revenue leading to
stressed credit metrics will lead to negative rating action.
Positive: Any increase in the scale of operations along with
improvement in the credit metrics will lead to a positive rating
action
COMPANY PROFILE
DM was started as a family-owned partnership firm in 1996, and is
the authorized dealer of Maruti Suzuki India Ltd (largest car
manufacturing company in India). The firm is managed and run by
the promoter Mr. Nayan Intwala.
ELYSIUM PHARMACEUTICALS: Ind-Ra Assigns 'BB' Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Elysium
Pharmaceuticals Limited (EPL) a Long-Term Issuer Rating of
'IND BB'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR150 mil. Fund-based limits assigned with 'IND BB/Stable'
rating;
-- INR327.31 mil. Term loan* assigned with 'IND BB/Stable'
rating; and
-- INR65 mil. Non-fund-based limits assigned with 'IND A4+'
rating
* Details of the term loan are provided in Annexure
KEY RATING DRIVERS
The ratings reflect EPL's moderate scale of operations and
moderate credit profile. In FY16, its revenue was INR555 million
(FY15: INR586 million), net financial leverage (net debt/EBITDA)
was 2.8x (2.2x) and EBITDA interest coverage (EBITDA/gross
interest) was 3.8x (3.6x). Operating EBITDA margin was 20.1% in
FY16 (FY15: 16%). Revenue decline in FY16 was due to a fall in
the number of orders executed.
The ratings factor in the company's ongoing debt-led capex of
INR380 million over FY17-FY18 for the construction of a US Food
and Drug Administration-approved fully export-oriented facility
in Dabhasa, Vadodara. Ind-Ra believes the addition of new debt
to fund ongoing capex will lead to a marginal deterioration
credit metrics during the period.
The ratings, however, are supported by the promoter's rich
experience of over two decades in generic drug manufacturing and
the company's exports to the US market. Moreover, EPL has a
comfortable liquidity profile, indicated by an almost 61% average
working capital limit utilization during the 11 months ended
February 2017.
RATING SENSITIVITIES
Negative: Any delay in the commencement of commercial operations
at the new facility leading to a deterioration in credit metrics
would result in a rating downgrade.
Positive: Timely completion of the new facility leading to an
improvement in the scale of operations, with credit metrics
staying at the existing levels, would result in a rating upgrade.
COMPANY PROFILE
Incorporated in 1995 by Mr. Yashwant Patel, EPL is a formulation
company based at Dabhasa, 19km from Vadodara, Gujarat. The
company commenced commercial operations in 1997, manufacturing
sterile formulations such as liquid and dry parenteral, and non-
sterile formulations such as tablets, capsules, liquid orals,
ointment and dry syrups under third-party and contract
manufacturing agreements for established pharmaceutical firms.
It produces own drugs under the ethical segment.
FRONTIER WAREHOUSING: Ind-Ra Migrates Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Frontier
Warehousing Private Limited's Long-Term Issuer Rating to the non-
cooperating category. The issuer did not participate in the
surveillance exercise, despite continuous requests and follow-ups
by the agency. Therefore, investors and other users are advised
to take appropriate caution while using these ratings. The
rating will now appear as 'IND BB+(ISSUER NOT COOPERATING)' on
the agency's website. The instrument-wise rating action is:
-- INR345.05 mil. Term loan assigned with 'BB+' rating
migrated to Non-cooperating category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 10, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in 2013, ASSE is a proprietorship entity engaged in
the generation of solar power. ASSE is managed solely by its
proprietor, Atul Sharma.
GALAXY MACHINERY: CRISIL Cuts Rating on INR7.3MM LT Loan
--------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facilities of Galaxy Machinery Private Limited (GMPL) to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and reaffirmed the short-term
rating at 'CRISIL A4'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 1 CRISIL A4 (Reaffirmed)
Cash Credit 7 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Letter of Credit 3 CRISIL A4 (Reaffirmed)
Long Term Loan 1.7 CRISIL B/Stable (Downgraded
from 'CRISIL B+/Stable')
Proposed Long Term 7.3 CRISIL B/Stable (Downgraded
Bank Loan Facility from 'CRISIL B+/Stable')
The downgrade reflects deterioration in financial risk profile,
particularly liquidity, due to stretched working capital cycle.
Delay in realisation of receivables increased reliance on working
capital bank limit, thereby weakening liquidity. While operations
are expected to remain working capital-intensive, any enhancement
in bank limit, or long-term fund infusion by the promoters will
be key rating driver over the medium term.
The ratings reflect GMPL's below-average financial risk profile
because of small net worth, high gearing, and modest debt
protection metrics, and susceptibility of operating margin to
volatility in raw material prices and intense competition in the
computer numeric control (CNC) machines manufacturing segment.
These weaknesses are partially offset by the extensive experience
of its promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: Gearing was high at 2.84
times as on March 31, 2016, on account of modest net worth of
INR4 crore. Also, debt protection metrics has remained moderate
with NCATD at 0.06 times and interest coverage at 1.7 times for
FY 2015-16
* Working capital-intensive operations: Gross current assets
were 189 days as on March 31, 2016, due to sizeable inventory of
112 days. Also, receivables of more than six months increased to
INR2.69 crore from INR68 lakh in the previous year because of
delay in payment by client, Warm Gear Pvt Ltd.
Strength
* Extensive experience of promoters: Presence of more than three
decades and collaboration with Italy-based Biglia SpA have
enabled the promoters to establish a strong sales and services
network across eight cities including Bengaluru, Delhi, and
Chennai.
Outlook: Stable
CRISIL believes GMPL's financial risk profile will remain
constrained over the medium term by its small net worth and large
working capital requirement. The outlook may be revised to
'Positive' in case of long-term fund infusion by promoters or if
sustained improvement in working capital cycle strengthens
liquidity. The outlook may be revised to 'Negative' if an
unprecedented stretch in working capital cycle or low cash
accrual further weakens financial risk profile.
Incorporated in 1991 and promoted by Mr. S Elango and Mr. R
Selvaraj, GMPL manufactures CNC machines.
For fiscal 2016, profit after tax (PAT) was INR-5.32 lakh on net
sales of INR32.4 crore, against a PAT of INR43 lakh on net sales
of INR30.71 crore for fiscal 2015.
GEFAB FACADE: Ind-Ra Affirms 'B' Long-Term Issuer Rating
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Gefab Facade
Solutions Private Limited's (GFSPL) Long-Term Issuer Rating at
'IND B'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR115 mil. Fund-based working capital limits affirmed with
'IND B/Stable/IND A4' rating; and
-- INR50 mil. Non-fund-based working capital limits affirmed
with 'IND A4' rating
KEY RATING DRIVERS
The affirmation reflects GFSPL's continued small scale of
operations, weak credit metrics and tight liquidity. The company
revenue declined to INR87.7 million in FY16 (FY15: INR159.2
million; FY14: INR165.2 million) on account of delays in project
execution.
However, EBITDA margin improved to 19.6% in FY16 (FY15: 9%; FY14:
11.6%) due to the normalization of raw material price. Interest
coverage (EBITDA/interest expenses) was 1.1x in FY16 (FY15: 1.2x;
FY14: 1.8x) and net leverage was (net debt/ EBITDA) was 6.2x
(6.6x; 4.5x). Also, the company's average peak utilization of
the cash credit limits during the 12 months ended February 2017
was 99% due to high inventory days (FY16: 765 days; FY15: 216
days).
Ind-Ra expects liquidity to remain tight on its stretched working
capital cycle, which due to the nature of the business includes a
long gestation period.
The ratings continue to be supported by GFSPL's promoters'
experience of around three decades in the glass facade solutions
and aluminum fabrication businesses. The ratings also consider
the GFSPL's moderate unexecuted order book of INR205 million
(2.3x of FY16 revenue) as of March 2017, which is scheduled to be
executed by March 2018.
RATING SENSITIVITIES
Positive: Substantial revenue growth, leading to a sustained
improvement in overall credit metrics, will be positive for the
ratings.
Negative: A decline in revenue or a rise in margin pressures,
leading to sustained deterioration in credit metrics, will be
negative for the ratings.
COMPANY PROFILE
Established in 2011, GFSPL offers glass facade solutions,
structural glazing work, aluminum composite panel cladding,
curtain walling, bolted glazing, patch fitting glass assemblies,
partitions, doors, windows, unplasticized polyvinyl chloride
fittings, aluminum joints, handrails, shower cubicles, sensor
operated doors, acoustic movable walls, revolving doors,
skylights, etc.
GEMINI EQUIPMENT: CRISIL Reaffirms D Rating on INR10.45MM Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL D' rating on the bank
facilities of Gemini Equipment and Rentals Private Limited
(GEAR). The rating continues to reflect instances of delay in
debt servicing, because of weak liquidity and stretched working
capital cycle.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 4.55 CRISIL D (Reaffirmed)
Rupee Term Loan 10.45 CRISIL D (Reaffirmed)
Key Rating Drivers & Detailed Description
Weakness
* Stretched working capital cycle leading to delay in repayment
of term loans: Delay in realisation from debtors continues to
result in delay of around a month in debt servicing.
Strength
* Established position in the equipment rental industry:
Benefits from strong market position in equipment rentals should
continue to support business risk profile.
GEAR, established in 2007, rents out construction and material-
handling equipment. The company is based in Mumbai and has
regional offices in seven cities across India. Investment funds,
Berggruen Holdings and Cycladic Capital, hold about 54.5 and
45.5%, respectively, of the equity.
GEAR reported net loss of INR26.89 crore on net sales of INR43.49
crore in fiscal 2016 as against INR21.27 crore and INR61.13 crore
respectively for fiscal 2015.
GOL OFFSHORE: CRISIL Reaffirms 'D' Rating on INR298MM Loan
----------------------------------------------------------
CRISIL's ratings on the bank facilities of GOL Offshore Ltd (GOL)
continue to reflect instances of delay in servicing its debt; the
delays have been caused by weak liquidity and cash flow
mismatches. Due to continuous default, the lenders have invoked
strategic debt restructuring scheme in the company. The ratings
are based only on publicly available information.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Letter of credit &
Bank Guarantee 185 CRISIL D (Reaffirmed)
Proposed Letter of
Credit & Bank
Guarantee 65 CRISIL D (Reaffirmed)
Proposed Long Term
Bank Loan Facility 298 CRISIL D (Reaffirmed)
Short Term Loan 150 CRISIL D (Reaffirmed)
Analytical Approach
For arriving at its ratings, CRISIL has combined the business and
financial risk profiles of GOL and all its subsidiaries, as these
companies are strategically important to GOL and are controlled
by the same management.
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: High gearing (79.5 times as on
March 31, 2016) and weak debt protection metrics (interest
coverage at 0.54 time and net cash accrual to total debt (0.16)
time in fiscal 2016) constrain its financial risk profile. Cash
flow has remained sluggish due to continuing delays in delivery
of under construction offshore supply vessels (OSVs) and
deployment of jack-up rig.
* Slowdown in end-user industry coupled with higher maintenance
costs because of ageing fleet: Cash flows will remain under
stress on account of slowdown in oil exploration and production
industry due to decline in oil prices and the challenges faced by
the ship building industry leading to low demand of rigs and
delay in OSV deliveries, respectively. Also, an ageing fleet
results in high repair and maintenance costs. The time GOL spends
on repairs, it loses out on revenue.
Strengths
* Established market position in the offshore business with
diverse fleet: GOL is one of the largest Indian private sector
player in the offshore support services business with 41 vessels,
comprising drilling assets, support vessels, construction barges,
and tugs. It enjoys substantial benefits for being an established
player in the offshore business for the past 20 years, and is
among the few Asian players operating with its own crew in the
harsher waters of the North Sea.
GOL is an offshore oil field service providers in India, offering
drilling and offshore support services to oil and gas companies
for exploration and production activities. The company was formed
when the offshore division of The Great Eastern Shipping Company
Ltd (GESCL) was demerged into a separate company in October 2006.
GOL has over two decades of operational experience in the
offshore oil field services business, including the years it was
the offshore division of GESCL. GOL, as an erstwhile division of
GESCL, is India's first private-sector company to enter the
offshore business, with the purchase of an offshore support
vessel in 1983. The company entered the drilling business with
its first rig in 1987. It was also the first to own a platform
supply vessel, and pioneered the fire-fighting vessel segment
with two dedicated fire-fighting support vessels.
It has seven wholly owned subsidiaries: Deep Water Services
(India) Ltd, Deep Water Services (International) Ltd, GOL
Offshore Fujairah LLC-FZE, KEI-RSOS Maritime Ltd, GOL Ship
Repairs Ltd, Great Offshore (International) Ltd, and GOL Salvage
Services. GOL also holds a 26% equity stake in a joint venture,
United Helicharters Pvt Ltd. Bharati Shipyard (BSL), along with
its subsidiaries, is the single-largest shareholder in GOL, with
a stake of 49.7%.
For fiscal 2016, GOL reported, on a consolidated basis, a net
loss of INR693 crore on net sales of INR961 crore, against a net
loss of INR177 crore on net sales of INR1208 crore for fiscal
2015.
G.R. TEXTILE: Ind-Ra Migrates 'D' Rating to Non-Cooperating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated G.R. Textile
Mills' (GRTM) Long-Term Issuer Rating to non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND D(ISSUER NOT COOPERATING)' on the agency's
website. Instrument-wise rating actions are:
-- INR13.58 mil. Term loan assigned with 'D' rating migrated
to Non-Cooperating Category; and
-- INR47.50 mil. Fund-based working capital limit assigned
with 'D' rating migrated to Non-Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Feb. 3, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
GRTM was incorporated in 2003 as a proprietorship concern under
the leadership of Mr. P. Govindaraj. The entity manufactures
cotton fabrics. Besides manufacturing from its own production
facilities, it outsources some portion of the fabric productions
to job workers. Its manufacturing facilities are located in
Tirupur (Tamil Nadu).
GROVER IMPEX: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Grover Impex
Private Limited (GIPL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument rating actions are:
-- INR25 mil. Fund-based limits assigned with
'IND BB-/Stable/IND A4+' rating; and
-- INR100 mil. Non-fund-based limits assigned with 'IND A4+'
rating
KEY RATING DRIVERS
The ratings reflect GIPL's small scale of operations and weak
credit metrics. Revenue increased to INR308.9 million in FY16
from INR255.8 million in FY15, driven by a rise in export orders
and an increase in domestic sales. Ind-Ra expects GIPL's revenue
to fall in FY17 due to demonetization, which affected the
company's operations during November-December 2016. According to
unaudited 9MFY17 financials, revenue was INR177.6 million. Gross
interest coverage (operating EBITDA/gross interest expense) was
1.36x in FY16 (FY15: 1.86x) and net leverage (total adjusted net
debt/operating EBITDAR) was 3.50x (3.82x).
The ratings also reflect GIPL's tight liquidity position,
indicated by a 96% average utilization of fund-based limits
during the 12 months ended February 2017.
The ratings, however, are supported by the founders' over three
decades of experience in the trading business. Moreover,
operating profitability remained in the moderate-to-thin range at
3.50%-4.50% over FY13-FY16 despite operating in the trading
business.
RATING SENSITIVITIES
Negative: Any fall in operating profitability leading to a
deterioration in credit metrics will be negative for the ratings.
Positive: An increase in revenue, along with an improvement in
operating profitability, leading to an improvement in credit
metrics will be positive for the ratings.
COMPANY PROFILE
Incorporated in December 1982, GIPL is engaged in the trading of
agricultural products such as gambier, whole spices, pulses and
chemicals. It imports materials and sells domestically. It
primarily engages in the trading of gambier, calcium gluconate
and cassia. Its head office is in New Delhi and branch office is
in Navi Mumbai, Maharashtra.
H.D. SYSTEM: CRISIL Assigns B+ Rating to INR5MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of H.D. System Sales Pvt Ltd (HD).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 5 CRISIL A4
Cash Credit 5 CRISIL B+/Stable
The rating reflects the below-average financial risk profile,
marked by a small networth and high gearing. The rating also
factors in the low profitability, given the trading nature of
business. These rating weaknesses are partially offset by the
extensive experience of the promoters in the handsets trading
business, coupled with the established relationship with the
principal, Micromax.
Key Rating Drivers & Detailed Description
Weakness
* Below-average financial risk profile: The financial risk
profile is expected to remain below average, with a modest
networth of INR1-1.5 crore and high gearing of 3-4 times, both
expected as on March 31, 2017, and moderate debt protection
metrics, marked by an interest coverage ratio of 1.2-1.5 times
for fiscal 2017.
* Low profitability, constrained by the trading nature of
business: Operating margin stood at 1.5% in fiscal 2016, and may
continue to be low, owing to the trading nature of operations and
limited value addition.
Strengths
* Extensive experience of the promoters in the handsets trading
business, coupled with the established relationship with
principal, Micromax: Benefits from the six-year long presence of
the promoters, in the handsets trading business, and the
established relationship with the principal supplier, Micromax,
will continue.
Outlook: Stable
CRISIL believes HD will benefit from the extensive experience of
its promoters in the medium term. The outlook may be revised to
'Positive' if a significant and sustained growth in revenue and
profitability, leads to sizable cash accrual. The outlook may be
revised to 'Negative' in case of further deterioration in the
firm's financial risk profile, especially liquidity, on account
of a considerable stretch in the working capital cycle or
significant decline in revenue and profitability.
HD, incorporated by Mr Habib and his family members in 2011,
distributes Micromax handsets in the Karnataka region. The
company reported profit after tax (PAT) of INR0.11 crore on net
sale of INR59 crore in fiscal 2016, as against INR0.17 crore and
INR111 crore, respectively, in fiscal 2015.
HEMANT SURGICAL: Ind-Ra Assigns 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Hemant Surgical
Industries Limited (HSIL) a Long-Term Issuer Rating of 'IND BB-'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR82.5 mil. Fund based working capital limits assigned
with 'IND BB-/Stable/IND A4+' rating; and
-- INR101 mil. Non-Fund based working capital limits assigned
with 'IND A4+' rating
KEY RATING DRIVERS
The ratings reflect HSIL's weak credit profile. The company
mainly focused on trading of medical equipment till FY15. It
started a unit for cutting and slitting log rolls in Atgaon
during FY16.
Revenue was INR396 million in FY16 (FY15: INR318 million) and.
Net leverage (total Ind-Ra adjusted net debt/operating EBITDAR)
was 4.7x in FY16 (FY15: 5.9x) and gross interest coverage
(operating EBITDA/gross interest expense) was 1.4x (1.2x).
EBITDA margin increased to 5.9% in FY16 (FY15: 5.2%).
The company expects its credit profile to improve in FY17 with a
change in its business strategy to start manufacturing medical
equipment. The manufacturing segment contributed 60% to the
total revenue of INR430 million during 10MFY17. It has work
orders from the segment worth INR23 million, which will be
executed by end-March FY17.
The liquidity remained tight with the fund-based facility being
utilized at a maximum of 99.3% during the 12 months ended January
2017.
The ratings, however, are supported by the company's proprietors'
three decades of experience in the trading business.
RATING SENSITIVITIES
Positive: A significant increase in the scale of operations and
profitability, leading to a sustained improvement in the credit
metrics, would be positive for the ratings.
Negative: A substantial decline in the profitability leading to
sustained deterioration in the credit metrics or further stress
on liquidity would be negative for the ratings.
COMPANY PROFILE
Mumbai-based HSIL, established as a proprietorship firm by
Mr. Hanskumar Shamji Shah in 1983, was reconstituted as a closely
held public limited company in 1989.
HINDUSTHAN LOHA: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Hindusthan Loha
Limited's (HLL) Long-Term Issuer Rating to the non-cooperating
category. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
now appear as 'IND BB(ISSUER NOT COOPERATING)' on the agency's
website. The instrument-wise rating action is:
-- INR230 mil. Fund-based working capital limit assigned with
'BB' rating migrated to Non-Cooperating Category
Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
Jan. 13, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.
COMPANY PROFILE
Incorporated in July 2013, HLL is engaged in the trading of iron
and steel products in Raipur, Chhattisgarh. The company is
managed by three promoters: Mr. Vipin Kumar Aggarwal, Mr. Ganga
Dhar Aggarwal and Ms. Ritu Agrawal.
ISHWARCHARAN BUILDERS: CRISIL Reaffirms B- Rating on INR30MM Loan
-----------------------------------------------------------------
CRISIL has reaffirmed its rating on the long-term bank facility
of Ishwarcharan Builders Private Limited (IBPL) at 'CRISIL B-
/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Proposed Long Term
Bank Loan Facility 30 CRISIL B-/Stable (Reaffirmed)
The rating reflects a below-average financial risk profile
because of weak debt protection metrics, low sales, and
geographic concentration of real estate projects. These rating
weaknesses are partially offset by the experience the promoters
in the real estate market in Ahmedabad, Gujarat.
Key Rating Drivers & Detailed Description
Weaknesses
* Geographic concentration in real estate projects: All the
projects implemented have been in Ahmedabad and its surrounding
suburbs, exposing the company to area-specific economic
downturns.
* Below-average financial risk profile: Debt protection metrics
are weak, with interest coverage and net cash accrual to total
debt ratios at 1.3 times and 0.02 time, respectively, in fiscal
2016.
Strength
* Extensive experience of the promoters: The promoters have an
experience of more than a decade in the real estate industry. The
company has completed over 20 projects in the past 10 years,
including 12 in the past four years.
Outlook: Stable
CRISIL believes IBPL will continue to benefit from the extensive
experience ofits promoters in the Ahmedabad real estate market,
and their financial support. The outlook may be revised to
'Positive' in case of larger-than-expected customer advances,
leading to adequate cash flow and strengthening financial
flexibility. The outlook may be revised to 'Negative' if sales
are significantly below expectation, leading to deterioration in
liquidity.
IBPL was incorporated in 2007, promoted by Mr Suresh Thakkar,
MrDhirajlal Thakkar, and Mr Kalpesh Thakkar. The company develops
real estate in Ahmedabad.
In fiscal 2016, net profit was RS0.72 crore on operating income
of Rs29.11 crore, against net profit of Rs1.15 crore on operating
income of Rs57.26 crore in fiscal 2015.
JATSON POWER: CRISIL Reaffirms B+ Rating on INR4.02MM Term Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
of Jatson Power Pvt Ltd (JPPL) at 'CRISIL B+/Stable/CRISIL A4.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.25 CRISIL A4 (Reaffirmed)
Cash Credit 4.02 CRISIL B+/Stable (Reaffirmed)
Term Loan 0.12 CRISIL B+/Stable (Reaffirmed)
The ratings reflect the company's working capital-intensive
operation and modest scale of operations in a highly fragmented
industry. These rating weaknesses are partially offset by the
extensive experience of JPPL's promoters in the electrical
components and installations industry.
Key Rating Drivers & Detailed Description
Weakness
* Modest scale of operations in the highly fragmented industry:
Scale of operations is modest as reflected in revenue of around
INR23 crore in fiscal 2016 and the firm is also exposed to
intense competition in the highly fragmented industry, leading to
constrained operating margins of 6.7 per cent in FY 2016.
* Large working capital requirement: JPPL's working capital
requirements are high, marked by gross current assets of 152 days
as on March 31, 2016, on account of considerable inventory of 90
days and receivables of 73 days.
Strengths
* Extensive experience of promoters: JPPL benefits from its
promoters' industry experience of over one decade, which has
resulted in steady orders from customers and longstanding
relationships with suppliers and customers.
Outlook: Stable
CRISIL believes JPPL will continue to benefit over the medium
term from its promoters' extensive industry experience. The
outlook may be revised to 'Positive' in case of significant
improvement in scale of operations and profitability, resulting
in a substantial increase in cash accrual, while working capital
requirement is efficiently managed. Conversely, the outlook may
be revised to 'Negative' if the financial risk profile, including
liquidity, deteriorates, most likely due to lower-than-expected
cash accrual, a stretched working capital cycle, or any debt-
funded capital expenditure.
JPPL was set up in 2004. The company undertakes turnkey projects
for electrical installations such as switchyards; it also
manufactures low-voltage electric panels.
Profit after tax (PAT) was INR 0.1 crore on on net sales of
INR19.45 crore in 2015-16 (refers to financial year, April 1 to
March 31) against INR 0.54 crore on net sales of INR13.79 crore
in 2014-15.
KALINGA COMMERCIAL: CRISIL Assigns D Rating to INR42MM Term Loan
----------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL D/CRISIL D' ratings to
the bank facilities of Kalinga Commercial Corporation Limited
(KCCL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Term Loan 42 CRISIL D
Proposed Long Term
Bank Loan Facility 10 CRISIL D
Bank Guarantee 20 CRISIL D
Cash Credit 23 CRISIL D
The rating reflects classification of company's account with the
bank as non-performing asset (NPA).
The rating also factors large working capital requirements
reflected through high GCA days. However it benefits from
extensive experience of promoters in the mining industry.
Key Rating Drivers & Detailed Description
Weakness
* Delays in servicing term loan: The company was classified as
NPA on October 28, 2013, and remains so even today.
* Large Working Capital requirements: Working capital extensive
nature of the business is reflected through high GCA days (190
days) as on March 2016 on account of stretched receivables of 89
days
Strengths
* Extensive experience of promoters: The promoter has nearly two
decades of experience in transportation, mining and construction
industries. Over the years, the promoter has gained in-depth
insight in to the industry and has established healthy
relationship with suppliers, customers and logistics providers.
Benefits from the extensive experience of promoter is expected to
support business risk profile.
KCCL was set-up in 1991as Kalinga Commercial Corporation (KCC), a
proprietorship entity fully owned by Mr Soumya Ranjan Samal. It
was reconstituted in to a limited company in fiscal 2010. KCCL
primarily trades in iron ore and it is also involved in civil
construction and transportation businesses.
Profit after tax (PAT) was INR11.60 Crores on revenue of INR275
crore in fiscal 2016, against PAT of INR(17.49) Crores on revenue
of INR166 crores in fiscal 2015.
KHANDELWAL GINNING: CRISIL Assigns B+ Rating to INR3MM Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term facilities of Khandelwal Ginning and Pressing -
Amarawati (KGP).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL B+/Stable
Rupee Term Loan 3 CRISIL B+/Stable
The rating reflects a modest scale of operations, an average
financial risk because of high gearing and low debt protection
metrics, and susceptibility of profitability to volatility in
cotton prices. These rating weaknesses are partially offset by
the extensive experience of the promoter family in the cotton
industry.
Analytical Approach
CRISIL has treated unsecured loans from the promoters as neither
debt nor equity as these loans are likely to be retained in the
firm and are subordinated to bank debt.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations in the highly competitive cotton
ginning industry: The firm started operations in January 2016 and
is growing at moderate rate. Revenue is expected at INR25 crore
for fiscal 2017, but is likely to increase over the medium term.
Entry barriers are low on account of limited capital and
technology intensity and little differentiation in the end
product, leading to intense competition.
* Average financial risk profile: This is driven by debt funding
of large working capital requirement. The gearing is expected to
be high at above 4 times as on March 31, 2017, primarily due to a
small networth of INR1.3 crore. The debt protection metrics are
low, with expected interest coverage and net cash accrual to
total debt ratios at 1.9 times and 0.08 time, respectively, in
fiscal 2017.
* Susceptibility to availability and prices of cotton and to
government regulations: Operations will remain susceptible to any
high volatility in cotton prices and availability, or any adverse
impact of government regulations pertaining to the industry.
Strength
* Extensive industry experience of the promoters and their fund
support: With over three decades of experience in the cotton
industry, the promoter family has in-depth understanding of the
dynamics of the industry and the local market. Moreover, they
have supported the firm through unsecured loans of INR0.75 crores
in fiscal 2016.
Outlook: Stable
CRISIL believes KGP will continue to benefit from the extensive
industry experience of the promoter family. The outlook may be
revised to 'Positive' in case of significantly better-than-
expected cash accrual or substantial capital infusion. The
outlook may be revised to 'Negative' in case of lower-than-
anticipated cash accrual, larger-than-expected working capital
requirement, or substantial, debt-funded capital expenditure,
weakening liquidity.
KGP, established in January 2016, is owned and managed by Mr
Murlimanohar Khandelwal and his family. The firm gins and presses
cotton at its facility in Amarawati, Maharashtra, with an
installed capacity of around 15,000 bales per season.
Profit after tax was INR0.01 crore on operating income of INR4.41
crore in fiscal 2016.
KLASSIK LAMITEX: Ind-Ra Assigns 'BB+' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Klassik Lamitex
Private Limited (KLPL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable. The instrument-wise rating actions are:
-- INR60.0 mil. Fund-based limits assigned with
'IND BB+/Stable' rating
-- INR107.65 mil. Term loans assigned with 'IND BB+/Stable'
rating; and
-- INR110 mil. Non-fund-based limits assigned with 'IND A4+'
rating
KEY RATING DRIVERS
The ratings reflect KLPL's moderate scale of operations and
credit profile. Revenue rose to INR1,311 million in FY16 from
INR1.249 billion in FY15, driven by repeat orders from existing
customers. In FY16, interest coverage and net leverage improved
to 2.6x (FY15: 2.3x) and 2.8x (FY15: 3.6x) on account of higher
revenue and operating EBITDA margin (FY16: 7.3%; FY15: 7.1%).
The ratings, however, are supported by KLPL's strong liquidity
position, indicated by a maximum average use of fund-based limits
of about 39.7% during the 12 months ended February 2017, and the
directors' over two decades of experience in the lamination and
coating industry.
RATING SENSITIVITIES
Negative: A deterioration in credit metrics could be negative for
the ratings.
Positive: An improvement in the scale of operations and credit
metrics could be positive for the ratings.
COMPANY PROFILE
KLPL was incorporated in 2000 as a proprietorship concern by
Mr. Rajesh Rungta. KLPL was reconstituted as a private limited
company in 2005.
KLPL is engaged in the manufacturing of textile foam laminated
sheet and textile polyvinyl chloride coated sheet, largely used
by the automobile and footwear industries.
KOPARGAON AHMEDNAGAR: Ind-Ra Affirms 'D' Rating on INR1.75BB Loan
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Supreme
Kopargaon Ahmednagar Tollways Private Ltd's (SKATPL) term loan's
rating as:
-- INR1.750 bil. Term loan affirmed with 'D' rating
KEY RATING DRIVERS
The affirmation reflects SKATPL's continuing delays in debt
servicing since the last rating review, as reported in the
company's annual report for FY16, because of a tight liquidity
position.
RATING SENSITIVITIES
Positive: Timely debt servicing for three consecutive months will
be positive for the ratings.
COMPANY PROFILE
SKATPL was set up by Supreme Infra BOT Private Ltd (a 100%
subsidiary of Supreme India Infrastructure Limited ('IND D') to
complete the construction of, and operate and maintain the 55km
stretch of state highway SH-10 connecting Kopargaon and
Ahmednagar. The project is a re-assigned concession from the
Public Works Department, government of Maharashtra. It commenced
operations on Sept. 24, 2011.
LORD GANESH: CRISIL Assigns B+ Rating to INR6MM Cash Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-
term bank facility of Lord Ganesh Roller Flour Mills (LGRFM).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 6 CRISIL B+/Stable
The rating reflects the firm's small scale of operations in the
fragmented and competitive flour mill industry, and
susceptibility of its profitability to volatility in raw material
prices and changes in government policies. These weaknesses are
partially offset by the partners' extensive experience.
Key Rating Drivers & Detailed Description
Weakness
* Small scale of operations and exposure to intense competition:
The firm's small scale of operations (net sales expected at
INR17.0-18.0 crore in fiscal 2017) constrains its business risk
profile in the highly competitive and fragmented wheat processing
industry.
* Susceptibility of profitability to volatility in raw material
prices and changes in government policies: Shortage in wheat
production because of adverse weather conditions can adversely
affect its availability and prices, and result in challenges in
procurement and low profitability for players in the wheat
processing industry. Profitability is also susceptible to
government policies regarding wheat.
Strengths
* Partners' extensive experience: LGRFM will benefit from its
partners' experience of two decades in the wheat-processing
industry, their understanding of market dynamics, and established
customer relationships.
Outlook: Stable
CRISIL believes LGRFM will continue to benefit from its partners'
extensive industry experience. The outlook may be revised to
'Positive' if there is an increase in scale of operations and
profitability, leading to sizeable cash accrual. The outlook may
be revised to 'Negative' if a significant decline in revenue, a
stretch in working capital cycle, or any large, debt-funded
capital expenditure, weakens liquidity.
Established in November 1997, LGRFM mills wheat. Mr. Davinder
Kumar, Mr. Anil Kumar, Mr. Vijay Kumar, Ms. Baljit Kaur, Mr.
Ajudhia Verma, Ms. Sudarshan, and Mr. Paramjit Sarao are partners
in the firm. Its manufacturing facility is in Khanna, Punjab.
For fiscal 2016, LGRFM reported profit after tax (PAT) of INR0.24
crore on operating income of INR15.04 crore as against PAT of
INR0.29 crore on operating income of INR16.63 crores in fiscal
2015.
MAHESHWARI PHARMACEUTICALS: Ind-Ra Affirms 'B+' Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Maheshwari
Pharmaceuticals (India) Limited's (MPIL) Long-Term Issuer Rating
at 'IND B+'. The Outlook is Stable. The instrument-wise rating
actions are:
-- INR56.00 mil. Fund-based limit affirmed with
'IND B+/Stable/IND A4' rating; and
-- INR5.11 mil. (reduced from INR6.77) Term loans affirmed
with 'IND B+/Stable' rating
KEY RATING DRIVERS
The affirmation reflects Ind-Ra's expectations of an improvement
in MPIL's credit metrics in FY17 on account of repayment of long-
term loans, which would lead to lower interest obligations, and a
strong operating profit. MPIL continued to have small scale of
operations and weak credit metrics. In FY16, revenue was
INR209.49 million (FY15: INR195.8 million), EBITDA margin was
7.06% (6.81%), interest coverage (operating EBITDA/gross interest
expense) was 1.39x (1.43x) and net financial leverage (total
adjusted net debt/operating EBITDAR) was 6.31x (6.21x).
The affirmation also reflects MPIL's stressed liquidity. Its
average utilization of fund-based limits was full during the 12
months ended February 2017. The working capital cycle remains
long at 203 days in FY16 (FY15: 192 days).
However, the ratings continue to draw support from MPIL's
promoter's experience of about four decades in the ayurvedic
medicine industry.
RATING SENSITIVITIES
Negative: A significant decline in the overall credit metrics
could lead to a negative rating action.
Positive: A sustained improvement in the overall credit metrics,
along with a substantial increase in revenue size, will be
positive for the ratings.
COMPANY PROFILE
MPIL, incorporated in 2002, manufactures ayurvedic medicines in
Sidcul, Haridwar.
MUKTI FIRMS: CRISIL Assigns B- Rating to INR4.9MM LT Loan
---------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B-/Stable' rating on the
long-term bank facilities of Mukti Firms Private Limited (MFPL).
The rating reflects vulnerability to risks relating to highly
regulated and intensely competitive cold storage industry and
exposure of liquidity to timely realisation of loans and advances
extended to farmers. These weaknesses are partially offset by the
extensive experience of promoters in the cold storage industry in
the region, which should help in faster ramp-up of operations.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Working Capital
Facility 0.5 CRISIL B-/Stable
Cash Credit 2.5 CRISIL B-/Stable
Long Term Loan 4.9 CRISIL B-/Stable
Key Rating Drivers & Detailed Description
Weakness
* Highly regulated and fragmented nature of the West Bengal (WB)
cold storage industry: MFPL's cold storage is located in
Burdwan. The potato cold storage industry in WB is regulated by
the West Bengal Cold Storage Association. The rental rates are
fixed by the department of agricultural marketing, WB. Till
fiscal 2008, storage rate per quintal was fixed at INR82. The
rate was revised to INR87 per quintal for fiscal 2009, and to
INR101 per quintal from fiscal 2010 up to fiscal 2013. However,
the rates increased to INR120 per quintal in fiscal 2014 and
Rs140 per quintal in fiscal 2016. The fixed rental limits
individual player's ability to earn profit based on their
respective strengths and geographical advantages. Furthermore,
the industry is highly fragmented with the largest player having
market share of below 0.5%. This further limits the bargaining
power of individual players and forces them to offer discount to
ensure healthy utilisation of their storage capacity.
* Exposure of liquidity to timely realisation of loans and
advances extended to farmers: As a part of government's
initiative to support agriculture, banks extend financial
assistance to farmers storing produce in private cold storages
against pledge of cold storage receipt. The cold storage takes
loans from banks on behalf of the farmers and extends them to
them as loan and advances. However, the primary responsibility to
repay bank loan lies with cold storages. The company has
approached the bank for cash credit facility of INR2.90 crore
(INR2.40 crore for farmer financing), for 2017 potato season, to
extend financial assistance to farmers. It charges interest on
loans extended to the farmers at a rate which is 0.25-0.5% higher
than the rate it is required to pay to the bank. The farmers are
required to clear their entire dues before retrieving the stock
from the cold storage. However, in case of significant fall in
price of potato, the farmers do not retrieve materials from the
cold storage to save rental charges. Furthermore, in such cases
the farmers also do not repay the loan extended to them.
Liquidity of cold storages largely depends upon the timely
realisation of loans and advances extended to farmers, as any
delay results in sharp deterioration in liquidity of cold
storages.
Strengths
* Extensive experience of promoters in the cold storage business:
The promoters have forged healthy relations with traders and
farmers, and have gained a strong understanding of the industry.
This is expected to help MFPL to ensure healthy utilisation of
its storage capacity.
Outlook: Stable
CRISIL believes MFPL will continue to benefit over the medium
term from the extensive experience of promoters. The outlook may
be revised to 'Positive' in case of fast ramp-up in operations
resulting in larger-than-expected cash accrual aided by efficient
management of farmer financing. The outlook may be revised to
'Negative' if lower-than-expected capacity utilisation of the
cold storage space results in low cash accrual or delay in
repayment by farmers weakens liquidity.
Established in March 2017, MFPL, promoted by Mr. Kalpana Kundu
and Mr Sanjib Pal, provides cold storage facilities for potato
storage and trades in potatoes. The company has taken over an
existing unit named Ceramist Multipurpose Cold Storage having
capacity of 15,000 tonne per annum.
MUTHURAJA MODERN: CRISIL Assigns B+ Rating to INR3MM Cash Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Muthuraja Modern Rice Mill (MMR).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 1 CRISIL B+/Stable
Cash Credit 3 CRISIL B+/Stable
Proposed Long Term
Bank Loan Facility 1 CRISIL B+/Stable
The ratings reflect a below-average financial risk profile with a
small networth and weak debt protection metrics, a modest scale
of operations in an intensely competitive industry, and
susceptibility to adverse government regulations. However, these
weaknesses are partially offset by its proprietor' extensive
experience in the rice milling business and funding support.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale and exposure to intense competition in the rice
milling industry: The business risk profile is constrained by a
modest scale as indicated by estimated revenue of INR31 crore in
the intensely competitive and fragmented rice milling industry.
* Susceptibility to adverse government regulations: The domestic
rice industry is highly regulated in terms of paddy prices,
export/import policy for rice, and rice release mechanism. This
affects the credit quality of players in the industry. The
minimum support price of paddy and prevailing rice prices are two
key factors that determine a rice mill's profitability.
* Below-average financial risk profile: The financial risk
profile is below average. Networth, expected at INR3.40 crore as
on March 31, 2017, is modest. Firm has weak debt protection
metrics with net cash accrual to total debt (NCATD) and interest
cover estimated at 8 percent and 3.11 times respectively for
fiscal 2017.
Strengths
* Proprietor's extensive experience in the rice milling business
and funding suphe port: Mr. Vellaisamy's experience and
understanding of the dynamics of the local market should continue
to support the business risk profile. The firm also benefits from
the fund support from the promoter that stood at INR2.73 crore as
on March 31, 2016.
Outlook: Stable
CRISIL believes MMR will continue to benefit over the medium term
from its proprietor's extensive experience. The outlook may be
revised to 'Positive' in case of a substantial improvement in
revenue and profitability, leading to an improvement in financial
risk profile. Conversely, the outlook may be revised to
'Negative' in case of lower-than-expected accrual, or stretch in
working capital cycle, or any large, debt-funded capital
expenditure, leading to deterioration in the financial risk
profile.
Established in 2000 by Mr Vellaisamy as a proprietary concern,
MMR processes rice at its manufacturing facilities in Puduvayal
(Tamil Nadu).
For fiscal 2016, MMR reported a profit after tax of INR30 lakh on
a total income of INR29.79 crore, against a profit after tax of
INR22.82 lakh on a total income of INR29.63 crore for the
previous fiscal.
NATIONAL ELECTRONICS: CRISIL Assigns B+ Rating to INR12MM Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of National Electronics (NE).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 12 CRISIL B+/Stable
The rating reflects a below-average financial risk profile
because of a small networth and high leverage. The rating also
factors in large working capital requirement and an average,
though improving, scale of operations. These weaknesses are
partly offset by the extensive experience of the partners in
trading of electronic goods, an established relationship with
principals, and low debtor and inventory risks.
Analytical Approach
Unsecured loans from partners (Rs 82.40 lakh) have been treated
as neither debt nor equity. That's because these bear a nominal
interest rate and are expected to remain in the business over the
medium term.
Key Rating Drivers & Detailed Description
Weaknesses
* Below-average financial risk profile: The networth was modest
at INR3.40 crore as on March 31, 2016, on account of withdrawals
and limited accretion to reserves. The gearing was high at 4.53
times as on March 31, 2016. Debt protection metrics were moderate
with interest coverage ratio of around 2.0 times in fiscal 2016.
The large working capital requirement should continue to
constrain the financial risk profile over the medium term.
* Large working capital requirement: Gross current assets were at
195 days as on March 31, 2016, driven by inventory of 150 days.
Debtors have been low at 9-15 days in the three years ended
March 31, 2016. Working capital requirement should remain high
over the medium term due to further increase in inventory with
the planned addition of new showrooms.
* Modest, though improving scale of operation: Revenue is
expected at INR70-72 crore for fiscal 2017, an increase of 14-15%
over fiscal 2016. The partners are planning for business
expansion by opening three new showrooms in fiscal 2018; this
could increase the scale of operations over the medium term.
Strengths
* Extensive industry experience of the partners: The partners
have an experience of two decades in trading in electronic goods.
* Diversified principals and an established long-term
relationship with them: The firm deals in products of various
reputed brands in the consumer durables segment, such as LG,
Samsung, Sony, Godrej, Voltas, Hitachi and Sansui.The firm is
expected to continue to benefit from multi-brand showrooms and an
established long-term relationship with major suppliers.
Outlook: Stable
CRISIL believes NE will continue to benefit from the extensive
industry experience of its partners. The outlook may be revised
to 'Positive' in case of an increase in scale of operations and
profitability, leading to higher cash accrual, improvement in
working capital management, or equity infusion, resulting in a
better financial risk profile. The outlook may be revised to
'Negative' if the scale of operations or profitability declines
or if the working capital cycle is stretched, weakening the
financial profile.
NE, based in Jamshedpur, Jharkhand, was established in 1980 as a
partnership firm by Mr Kulwant Singh, Mr Jaspal Singh, Mrs Dalbir
Kaur, and Mrs Avinash Kaur. The firm trades in consumer
electronic goods through its showrooms in Jamshedpur and Ranchi,
Jharkhand.
Profit after tax was INR1.12 crore on net sales of INR61.76 crore
for fiscal 2016, against INR0.88 crore and INR53.55 crore,
respectively, for fiscal 2015.
NUPUR HEIGHTS: CRISIL Assigns B+ Rating to INR5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facility of Nupur Heights Private Limited (NHPL).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 5 CRISIL B+/Stable
The rating reflects a modest scale, due to a nascent stage, of
operations, susceptibility to intense competition in the
automotive distributorship market, and geographic concentration
in revenue. The rating also factors in a subdued financial risk
profile because of a modest networth, a high total outside
liabilities to adjusted networth (TOLANW) ratio, and average debt
protection metrics. These rating weaknesses are partially offset
by the extensive industry experience of the promoters.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: The company is a small player in
the commercial vehicles segment, with estimated revenue of INR40-
42 crore in fiscal 2017. The modest scale of operations also
restricts the ability to negotiate with customers or suppliers as
the tractor-trading business is highly fragmented with the
presence of many small and large distributors.
* Susceptibility to intense competition and geographic
concentration in revenue
There is intense competition from other well-established
automobile distributors in the region. Furthermore, operations
are is limited to Uttar Pradesh.
* Subdued financial risk profile: Both capital structure and
debt protection metrics are expected to remain average over the
medium term. The networth was small at INR1.1 crore as on March
31, 2016. The interest coverage ratio is expected to remain
average at below 2 times driven by modest cash accrual.
Strength
* Extensive industry experience of the promoters: The key
promoters, Ms. Nupur Singhania and Mr Arunesh Kishorepuria, have
been in the automotive dealership industry for around a decade
through their group company BMW Logistics Private Limited. Backed
by this, healthy revenue growth is expected. An established
relationship with major suppliers and customers further
strengthens the market position.
Outlook: Stable
CRISIL believes NHPL will continue to benefit from extensive
industry experience of its promoters.The outlook may be revised
to 'Positive' in case of a significant scale'up of operations,
leading to healthy cash accrual and to improvement in the
financial risk profile. The outlook may be revised to 'Negative'
in case revenue and profitability are lower than expected, or the
working capital cycle is stretched, leading to weakening of
liquidity.
NHPL was incorporated on February 28, 2013, promoted by Ms Nupur
Singhania and Mr Arunesh Kishorepuria; it started operations in
March 2016. The company, based in Patna, is a tractor distributor
for John Deere India Private Limited. It currently caters to 24
dealers across Uttar Pradesh.
Net loss was INR13.5 lakh on operating income of INR15.9 lakh in
fiscal 2016, against profit after tax of INR3.85 lakh on
operating income of INR6.6 lakh, in fiscal 2015.
P.S. BHAT: CRISIL Reaffirms B+ Rating on INR4.5MM Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its rating on the long term bank
facilities of P.S. Bhat Brother (PSBB) at 'CRISIL B+/Stable'. The
rating reflects geographical concentration in PSBB's revenue
profile, low operating margin due to intense competition, and
below-average financial risk profile driven by weak capital
structure and debt protection metrics. These weaknesses are
partially offset by promoter's extensive experience in the
pharmaceuticals industry, and established relationships with
principals and customers.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 4.5 CRISIL B+/Stable (Reaffirmed)
Proposed Cash
Credit Limit 2.5 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 5.0 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Geographical concentration in revenue profile and low operating
margins: The firm's operations are limited to Mangalore, which
exposes credit risk profile to changes in local demand-supply
dynamics and political conditions. Also, there is intense
competition from other pharmaceutical traders in the region
thereby leading to low operating margins for the firm. CRISIL
believes that the firm's business risk profile is expected to
remain constrained due geographical concentration in the revenue
profile and intensive competition in its business.
* Below-average financial risk profile: PSBB has a below average
financial risk profile marked by a low net worth and weak debt
protection metrics. Due to low accretion to reserves, small
capital base and low margins, CRISIL believes that the firm's
financial risk profile is expected to remain below average going
ahead as well.
Strength
* Proprietor's extensive experience and their established
relationships with principals and customers: PSBB was set up in
1928 by Mr. P Sadananda Bhat and his family members. Current
proprietor, Mr. Manohar S Shetty, who acquired the firm in April
2013, also has experience of three decades in the pharmaceutical
distribution business. This, along with PSBB's longstanding
presence, has led to healthy relationship with distributors who
are its customers and suppliers (90 national and international
drug manufacturing companies such as Piramal Healthcare Ltd,
Abbott Healthcare Pvt Ltd, Ranbaxy Laboratories Ltd, and Cipla
Ltd.
Outlook: Stable
CRISIL believes PSBB will continue to benefit over the medium
term from proprietor's extensive experience and established
relationship with principals and customers. The outlook may be
revised to 'Positive' if significant growth in revenue and
profitability or sizeable equity infusion results in a better
capital structure. Conversely, the outlook may be revised to
'Negative' if decline in revenue or profitability or if stretch
in its working capital cycle leads to deterioration in liquidity.
Set up in 1928, PSBB is a wholesale distributor for
pharmaceutical companies in Mangalore, Karnataka. Operations are
managed by current proprietor, Mr. Manohar S Shetty.
In 2015-16 (refers to financial year, April 1 to March 31),
PSBB's profit after tax (PAT) was INR0.04 cr on total revenue of
INR30.4 cr, against PAT of INR0.1 cr total revenue of INR24.9 cr
for 2014-15.
PRAKASH CHAND: CRISIL Reaffirms B+ Rating on INR0.95MM Loan
-----------------------------------------------------------
CRISIL's rating on the long-term bank facility of Prakash Chand
Rai (PCR) continue to reflect PCR's modest scale of operations in
a fragmented industry, small net worth and geographical
concentration in revenue. These weaknesses are partially offset
by promoter's extensive experience in the civil construction
industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8.05 CRISIL A4 (Reassigned)
Cash Credit 0.95 CRISIL B+/Stable (Reaffirmed)
Key Rating Drivers & Detailed Description
Weaknesses
* Geographical and segmental concentration in revenue profile
Being registered with GoC under the Class 1A category makes PCR a
regional player susceptible to changes in the state government's
policies and financial condition of the state's treasury. Also,
over 95 per cent of revenue is derived from road and bridge
construction division, which is marked by low technology-
intensive operations and competition from several unorganised
players. Moreover, this competition is intensified due to
economical bidding process adopted by the government for awarding
contracts, thereby constraining the ability to successfully bid
for tenders. Revenue is likely to continue facing concentration
risks, and vulnerable to unfavourable changes in GoC's policies
till revenue profile is substantially diversified.
* Fragmented industry with intense competition constraining
revenue and margins: PCR operates in a tender-based business and
hence faces competition not only from companies based in
Chhattisgarh, but also from other large national players.
Further, as almost all the sales of PCR are tender based, revenue
is dependent on the ability to bid successfully for tenders. The
tender-based business model also restricts the company's pricing
power. Revenue is expected to remain prone to intense competition
from other players over the medium term.
Strengths
* Comfortable order book from large government entities ensuring
revenue visibility: As on December 31, 2016, order book was
INR200 crore is to be executed within 24 months, thereby ensuring
revenue visibility over the medium term. It comprised orders from
GoC's different departments such as Prime Minister Rural Road
Development Authority, Chhattisgarh Rural Road Development
Agency, and Public Work Department, Chhattisgarh.
* Promoter's experience as civil works contractor for public
sector organisations: Mr. Prakash Chand Rai has been in the
construction industry for over two decades. He is actively
involved in PCR's operations. Furthermore, his strong background
and established reputation results in winning tenders
successfully. Business risk profile is likely to benefit over the
medium term from its promoter's extensive experience as a civil
works contractor for public sector organisations.
* Comfortable profitability margin and debt coverage indicators:
The operating profitability stands at 9.6 times in 2015-16. This
was on account of conscious decision taken by the management in
participating in tenders and executing the orders having
desirable margins. The operating profit margin is expected to
remain comfortable at similar level in the medium term. All the
contracts contain price escalation clauses which compensates the
firm for any substantial increase in the prices of the basic
materials.
Outlook: Stable
CRISIL believes PCR will maintain its business risk profile,
backed by its promoter's extensive experience and the healthy
growth prospects for the civil construction industry. The outlook
may be revised to 'Positive' if the firm achieves sustained
growth in scale of operations and profitability while improving
capital structure, and strengthens its business risk profile
through greater segmental and geographical diversity. Conversely,
the outlook may be revised to 'Negative' in case of sharp decline
in profitability, or lengthening of working capital cycle, or any
large debt-funded capital expenditure, resulting in weakening of
financial risk profile.
PCR, a proprietorship firm of Mr. Prakash Chandra Rai, undertakes
civil construction activities such as construction of roads and
bridges. It is registered as a Class IA contractor with the
Government of Chhattisgarh.
PCR generated net sales of INR50.49 crores in 2015-16 (Refers to
financial year from 1st April 2015 to 31st March 2016) with
Profit after Tax of INR1.38 crores as compared to net sales of
INR47.04 crores with Profit after Tax of INR0.99 crores in 2014-
15.
SANDOZ MERCHANTS: CRISIL Reaffirms B+ Rating on INR3.5MM Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings of 'CRISIL
B+/Stable/CRISIL A4' on the bank facilities of Sandoz Merchants
Private Limited.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 3.0 CRISIL A4 (Reaffirmed)
Cash Credit 3.5 CRISIL B+/Stable (Reaffirmed)
The ratings reflect moderately working capital intensity in
operations and exposure to volatility in jute prices. These
weaknesses are partially offset by the promoters' extensive
experience.
Key Rating Drivers & Detailed Description
Weaknesses
* Moderate working capital intensity: Operations are moderately
working capital intensive with gross current assets of 128 days
as on March 31, 2016, because of sizeable debtors and inventory.
* Exposure to volatility in jute prices: Fluctuations in prices
of raw material, jute, are likely to persist, especially since
sizeable inventory is stocked during the peak season for the
entire year. In supply of jute bags to government agencies,
however, the rates are fixed monthly, based on changes in input
costs, thus protecting profitability to some extent.
Strengths
* Promoters' extensive experience: Benefits from the promoters'
extensive experience of over two decades and established track
record in the jute industry should continue to support business
risk profile.
Outlook: Stable
CRISIL believes SMPL will continue to benefit from the extensive
experience of the promoters. The outlook may be revised to
'Positive' if substantial and sustainable improvement in scale of
operations, profitability and working capital management
strengthen financial metrics. Conversely, the outlook may be
revised to 'Negative' if sharp decline in revenue and cash
accrual, stretch in working capital cycle, or any large capital
expenditure weakens financial risk profile, particularly
liquidity.
SMPL, incorporated in 1995, stitches jute bags and trades in jute
products, including bags, yarn, and cloth, and in hessian sheet
and cotton fabric. Directors Mr. Sajjan Agarwal and Mr. Amit
Agarwal manage operations.
Profit after tax (PAT) was INR18 lakh on operating income of
INR65.22 crore in fiscal 2016 (Rs 19 lakh and INR54.91 crore,
respectively the previous fiscal).
SAPTHAVARNA BUILDERS: CRISIL Reaffirms B+ Rating on INR3.3MM Loan
-----------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the long term bank
facilities of Sapthavarna Builders Private Limited at 'CRISIL
B+/Stable'.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Drop Line
Overdraft Facility 3 CRISIL B+/Stable (Reaffirmed)
Long Term Loan 1.7 CRISIL B+/Stable (Reaffirmed)
Overdraft 2.0 CRISIL B+/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 3.3 CRISIL B+/Stable (Reaffirmed)
The rating continues to reflect SBPL's exposure to risks and
cyclicality inherent in the real estate industry, geographic
concentration in revenue profile and significant dependence on
customer advances for timely completion of its projects. These
weaknesses are partially offset by the promoters' extensive
experience in real estate development, steady booking for its
current projects and the company's established track record in
timely execution of projects.
Key Rating Drivers & Detailed Description
Weaknesses
* Implementation and offtake risk: SBPL is exposed to risks
related to the execution and sale ability of its ongoing and
upcoming projects, especially given the slowdown in the real
estate segment following demonetization of high value currencies
in 3rd quarter of fiscal 2017.
* Significant dependence on Customer advances: SBPL faces high
funding risk as 90 percent of the project is funded through
customer advances and any delay would lead to delay in completion
of its projects.
Strengths
* Extensive experience of promoters: SBPL has a track record in
the residential real estate development, backed by its promoters'
extensive experience in the construction business and healthy
execution capabilities.
Outlook: Stable
CRISIL believes SBPL will benefit over the medium term from its
promoters' extensive experience in residential real estate
development. The outlook may be revised to 'Positive' if the
company completes its projects earlier than expected or in case
of more-than-expected sales realisations from ongoing projects,
leading to substantial cash flow. Conversely, the outlook may be
revised to 'Negative' if there are delays in project completion
or in the receipt of advances from customers or if SBPL
undertakes a large, debt-funded project.
SBPL, incorporated in 2008, undertakes residential real estate
development. The company is located in Thrissur (Kerala).
For fiscal year 2016 the company has recorded a profit after tax
(PAT) of INR0.13 crore on an operating income of INR4.54 crore as
against PAT of INR 0.81 crore on an operating income of INR9.96
crore for the previous year.
SHIV DURGA: CRISIL Reaffirms B Rating on INR2.75MM Cash Loan
-------------------------------------------------------------
CRISIL's ratings on the bank facilities of Shiv Durga
Constructions and Engineerings Private Limited (SDC) continues to
reflect the company's small scale of operations with high
geographical concentration, and its large working capital
requirement. The weaknesses are partially offset by healthy order
book providing near-term revenue visibility, and promoter's
extensive experience in the civil construction industry.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Bank Guarantee 8 CRISIL A4 (Reaffirmed)
Cash Credit 2.75 CRISIL B/Stable (Reaffirmed)
Proposed Long Term
Bank Loan Facility 1.25 CRISIL B/Stable (Reaffirmed)
Term Loan 0.50 CRISIL B/Stable (Reaffirmed)
Previously, as on February 15, 2017, CRISIL has downgraded its
ratings on the long-term bank facilities of SDC to 'CRISIL
B/Stable' from 'CRISIL B+/Stable', and has reaffirmed the 'CRISIL
A4' rating on the company's short-term facility.
Key Rating Drivers & Detailed Description
Weaknesses
* Small scale of operations and high geographical concentration:
Despite being operational for about a decade, SDC's scale of
operations remains small because of exposure to intense
competition, and high geographical concentration in revenue. Low
entry barriers in the civil construction sector and tender-based
business expose the company to competitive pressure. Also,
operations are confined to Bihar and Jharkhand, and the company
depends on infrastructure investment and new government projects
in the region.
* Large working capital requirement: SDC has substantial
receivables, and has to maintain performance guarantee deposits
(INR6.4 crore as on March 31, 2016) and fixed deposits (INR5.2
crore) against bank guarantee and cash credit limits. It receives
payments from government authorities in 45-60 days after raising
bills. However, inflow of funds at the year-end keep receivables
low then.
Strength
* Promoter's experience in the construction industry: The
promoter, Mr Sanjeev Chowdhary, has been in the construction
business since 2001. He began operations by setting Shiv Durga
Stone Industries in 2001 for undertaking small projects. Over the
years, he has increasingly undertaken large projects. SDC
generally executes World Bank-sponsored contracts for Rural Works
Department (RWD), Bihar.
Outlook: Stable
CRISIL believes SDC will continue to benefit from its promoter's
extensive industry experience. The outlook may be revised to
'Positive' if significant ramp-up of operations and stable
profitability lead to stronger cash accrual and improved
liquidity. The outlook may be revised to 'Negative' if the
liquidity weakens because of low cash accrual, or large working
capital requirement, or significant, debt-funded capital
expenditure.
SDC was incorporated in 2011 to take over the business of Shiv
Durga Stone Industries. The company is promoted by Mr Sanjeev
Chowdhary. It undertakes road construction contracts in Jharkhand
and Bihar, primarily for Rural Engineering Organisation and RWD
of Bihar, and National Building Constructions Corporation Ltd.
SDC's profit after tax was INR0.85 crore on net sales of INR19.41
crore in fiscal 2016 against profit after tax of INR0.98 crore on
net sales of INR27.25 crore in fiscal 2015.
SIVA STONES: CRISIL Reaffirms B- Rating on INR.36MM LT Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings of 'CRISIL B-
/Stable/CRISIL A4' on the bank facilities of Siva Stones INC
(SSI).
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Export Packing Credit 20 CRISIL A4 (Reaffirmed)
Proposed Long Term
Bank Loan Facility 0.36 CRISIL B-/Stable (Reaffirmed)
The ratings reflect SSI's modest scale and working capital
intensity in operations in the intensely competitive granite
export business, and below-average financial risk profile because
of below average debt protection metrics. These rating weaknesses
are partially offset by the extensive experience of the firm's
promoters in the granite industry.
Key Rating Drivers & Detailed Description
Weaknesses
* Modest scale of operations: With revenue of INR37.84 crore,
SSI's scale of operations, in the intensely competitive granite
export industry, remains small.
* Working capital intensity in operations: Gross current assets
were sizeable at 342 days as on March 31, 2016, because of large
inventory of 280 days. Working capital intensity is likely to
persist over the medium term.
* Below-average financial risk profile: Networth was modest at
INR16.03 crore, against a total debt outstanding of INR27.54
crore and gearing moderate at 1.72 times as on March 31, 2016.
Debt protection metrics were below average, with net cash accrual
to total debt and interest coverage ratios of 0.10 time and 1.91
times in fiscal 2016. Financial risk profile should remain below
average over the medium term as well.
Strength
* Extensive experience of partners: Extensive experience in the
granite export industry has enabled the partners to establish
strong relationship with customers and suppliers which will
continue to benefit the firm over the medium term.
Outlook: Stable
CRISIL believes SSI will continue to benefit from the extensive
experience of its partners. The outlook may be revised to
'Positive' if sustainable improvement in scale of operations and
profitability strengthens financial risk profile. Conversely, the
outlook may be revised to 'Negative' if the financial metrics
deteriorate, most likely because of decline in revenue and
profitability, or any large debt funded capital expenditure.
SSI commenced operations in October 2012. It processes and
exports granite slabs. The firm is promoted by Mr Siva Narayana
and family.
Profit after tax and revenue declined to INR0.83 crore and
INR37.84 crore, respectively, in fiscal 2016, from INR1.79 crore
and INR42.00 crore, respectively, in fiscal 2015.
SRI LAKSHMI: CRISIL Assigns B+ Rating to INR7MM Cash Loan
---------------------------------------------------------
CRISIL Ratings has revoked the suspension of its ratings on the
bank facilities of Sri Lakshmi Venkateswara Rice Industry (SLVR)
and assigned its 'CRISIL B+/Stable' ratings to the firm's
facilities. CRISIL had, on July 24, 2014, suspended the ratings
as SLVR had not provided the necessary information required for a
rating review. The firm has now shared the requisite information,
enabling CRISIL to assign its ratings.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 7 CRISIL B+/Stable (Assigned;
Suspension Revoked)
Proposed Fund- 1 CRISIL B+/Stable (Assigned;
Based Bank Limits Suspension Revoked)
The rating reflects SLVR's weak financial risk profile, marked by
small net worth, high gearing, and weak debt protection metrics
and its modest scale of operations in the highly fragmented and
competitive rice milling industry. The rating also factors in the
susceptibility of the firm's operating margin to adverse
government regulations and raw material price volatility. These
rating weaknesses are partially offset by the extensive
experience of SLVR's management in the rice industry and steady
off take from the Food Corporation of India (FCI; rated 'CRISIL
AAA(SO)/Stable').
Key Rating Drivers & Detailed Description
Weakness
* Weak financial risk profile: SLVR's financial risk profile is
marked by weak debt protection metrics, high gearing and small
net worth. The firm has been operating with a small net worth of
INR3.2 crores and high gearing of 1.9 times as on March 31, 2016
due to large debt to fund the working capital requirements, due
to the large quantum of debt contracted to fund working capital
requirements.
* Modest scale of operations in intensely competitive market:
SLVR has a modest scale of operations with revenues of around
INR53.5 crores in 2015-16 (refers to financial year, April 1 to
March 31), and is expected to achieve around INR56 crores in
2016-17. The modest scale of operations restricts the firm from
getting benefits accruing from economies of scale.
* Susceptibility of operating margin to adverse government
regulations and raw material price volatility: SLVR's operating
profitability has been low at around 2.5 per cent for 2015-16.
The profitability is marginally higher than its peers in the
region as the firm derives higher realisations from its sales of
raw rice in the open markets of Kerala and Tamil Nadu. SLVR's
profitability is constrained because of intense competition from
the other rice mills located nearby in the Nellore and Prakasam
districts.
Strengths
* Extensive experience of management in rice industry: SLVR's
managing partner, Mr. T Venkateswarlu Naidu, has around 15 years
of experience in the rice industry. He has been associated with
paddy cultivation and milling of rice. SLVR's rice mill is
favourably located near the paddy-growing region. Over the past
four decades, SLVR has established strong relationships with FCI
and the farmers.
* Largely assured offtake from Food Corporation of India (FCI):
SLVR benefits from the largely assured off take from FCI as it
usually sells 60 per cent of its rice to FCI, which is the nodal
agency for procurement of rice on behalf of the Government of
India (GoI). FCI, as per the advice of GoI for procurement of
rice, places orders with the local rice millers to supply a
minimum quantity of rice to FCI (also called levy supplies).
Outlook: Stable
CRISIL believes that, SLVR will continue to benefit over the
medium term from its management's extensive industry experience.
The outlook may be revised to 'Positive' if the firm's revenues
and profitability increase substantially, leading to an
improvement in its financial risk profile or in case of
significant infusion of capital by the promoter, resulting in an
improvement in its capital structure. Conversely, the outlook may
be revised to 'Negative' if SLVR undertakes aggressive, debt-
funded expansions, or if its revenues and profitability decline
substantially or if the promoter withdraws capital from the firm,
leading to weakening in its financial risk profile.
Incorporated in 2000 as a proprietorship firm, SLVR mills and
processes paddy into rice, rice bran, broken rice, and husk. It
has an installed paddy milling capacity of 8 tonnes per hour. Its
rice mills are located in Nellore (Andhra Pradesh). The promoter,
Mr. T Venkateswarlu Naidu, has more than 15 years of experience
in the rice industry.
SLVR reported a profit after tax (PAT) of INR0.32 crores on net
sales of INR53.5 crores for 2015-16 (refers to financial year,
April 1 to March 31), against a PAT of INR0.29 crores on net
sales of INR51.2 crores for 2014-15.
TATA STEEL: Fitch Maintains BB IDR on Rating Watch Evolving
-----------------------------------------------------------
Fitch Ratings has maintained the Rating Watch Evolving on Tata
Steel Limited's (TSL) 'BB' Long-Term Issuer Default Rating (IDR)
and Tata Steel UK Holdings Limited's (TSUKH) 'B' Long-Term IDR. A
complete list of rating actions is at the end of this release.
The steel producers' ratings were placed on Rating Watch Evolving
on April 1, 2016 after TSL said it is exploring options for
portfolio restructuring in Europe, including the potential
divestment of its UK operations. The company sold a key
unprofitable asset in May 2016 and will close its defined benefit
pension scheme in the UK to future accruals from March 31, 2017.
Overall profitability, including Europe, has also improved
significantly in the nine months to end-2016 with consolidated
EBITDA up 90% yoy, aided by higher steel prices.
TSL is in talks with Thyssenkrupp AG (BB+/Stable) about a
potential joint venture, which could lower its liabilities
related to European operations and improve its leverage. Fitch
will resolve the Rating Watch upon further clarity on the status
of these discussions and the final structure of the group and its
debt.
KEY RATING DRIVERS
Europe Restructuring Still Underway: TSL sold its unprofitable
European business that produced long products on 31 May 2016 as
part of its restructuring efforts. TSL's operations in Europe,
comprising steel plants in Port Talbot, UK, and IJmuiden,
Netherlands, returned to profitability in the nine months to end-
2016, helped by higher selling prices and performance improvement
initiatives. The company will close its defined benefit scheme in
the UK that had obligations of over GBP12 billion at end-March
2016 to future accruals, and is engaging with the pension
trustees, the pension regulator and other stakeholders to further
reduce risks from potential liabilities.
TSL is in talks with Thyssenkrupp about a potential joint venture
to address structural challenges facing its European units, and
the venture could reduce TSL's leverage. Leverage, measured by
net debt to EBITDA, remained high at around 6x at end-2016. If
negotiations with Thyssenkrupp fall through, TSL's credit profile
could continue to be weighed down by relatively high volatility
of cash flows at Europe. Potential pension liabilities as a
result of changes in underlying assumptions and market conditions
also present a risk. The outcome of these negotiations remains
uncertain and Fitch believes they may take more than six months
to conclude.
Robust Operations in India: Profitability in terms of EBITDA per
tonne at TSL's Indian operations has improved by around 20% yoy
in the nine months to end-2016 to USD145/tonne, while sales
volumes have grown by around 15%. In addition to higher steel
prices, TSL has benefitted from steady capacity ramp up of its
greenfield plant at Kalinganagar that has capacity of at 3
million tonnes per annum. TSL aims to produce 1.5 million tonnes
in FY17 from the plant, and Fitch expects volumes to increase
further in the financial year ending March 2018 (FY18) with
growing domestic steel demand. The Indian operations are partly
insulated from higher raw material prices due to significant
vertical integration - TSL's captive mines provided 92% of its
iron-ore and 36% of its coal requirements in FY16.
Lower Industry Risks: It is still uncertain if the improvement in
TSL's profitability can be sustained, but Fitch believes the
risks have been mitigated by several recent developments.
International spot coking coal prices have almost halved from
their peak of around USD300/tonne in late November 2016 due to
greater supply. Both global and Indian steelmakers have also been
able to raise prices since then to partly offset the impact of
high coal prices.
The Indian government has extended regulatory protection on key
items several times over the past year, indicating a supportive
regime. There are provisional anti-dumping duties on 124 items,
including key hot-rolled and cold-rolled flat steel products.
Fitch also see a lower risk from domestic competition, as most of
the new capacity - apart from that of TSL and JSW Steel Limited
(BB/Negative) - is in the process of stabilisation, and Fitch
expects a gradual pick-up in utilisation rates.
TSL Support for TSUKH: TSUKH has high debt and relatively low
profitability, leading to a weak standalone credit profile. The
business also faces weak local demand and high costs. However,
TSUKH currently benefits from strategic ties with its parent,
TSL. This provides its IDR with a two-notch uplift in line with
Fitch's Parent and Subsidiary Linkage methodology. Fitch will
review the ties once there is clarity about the outcome of the
restructuring in Europe.
Tata Group Support for TSL: TSL's ratings benefit from a one-
notch uplift due to potential support from the Tata Group based
on TSL's strategic importance to the group.
DERIVATION SUMMARY
TSL's standalone rating is lower than that of its domestic peer
JSW Steel Limited (BB/Negative) as its credit profile is weighed
down by structurally weak operations in Europe, which offset
robust profitability in India. However, after factoring in
potential support from the Tata Group, TSL's rating is on a par
with JSW Steel's. TSL's leverage metrics are also higher compared
with global peers such as ArcelorMittal S.A. (BB+/Negative) and
Thyssenkrupp AG (BB+/Stable). This and TSL's smaller scale result
in a rating lower than these peers.
KEY ASSUMPTIONS
Fitch's key assumptions within its ratings case for the issuer
include:
- Sales volume to decline by 9% in FY17 because of lower steel
production in Europe. Steel sales volume assumed to grow by
around 4% annually on average over FY18-FY20 driven by higher
sales in India; Sales in Europe to stay broadly flat.
- Steel average selling price to increase by 7% in FY17 and 5%
in FY18, but remain broadly flat thereafter.
- Operating EBITDA margin to improve to 13% in FY18, from 11% in
FY17 and 6% in FY16.
- Capex of INR90 billion in FY17, and around INR65 billion
annually thereafter.
RATING SENSITIVITIES
TSL
The Rating Watch Evolving will be resolved following a review of
TSL's credit profile once Fitch has more clarity around the
portfolio restructuring exercise in Europe. An upgrade could
occur if the proceeds of potential asset sales are used to repay
debt, reducing leverage. However, Fitch could downgrade the
rating if TSL is unable to complete a deal that reduces its
liabilities in Europe significantly and leverage remains high.
TSUKH
The Rating Watch Evolving will be resolved following a review of
TSUKH's credit profile as well as the linkages between TSUKH and
TSL once Fitch has more clarity around the portfolio
restructuring exercise in Europe. An upgrade could occur if Fitch
concludes that linkage is enhanced or if TSUKH's standalone
profile improves. A downgrade is probable if Fitch deems that
linkage has weakened.
LIQUIDITY
TSL's liquidity remains comfortable with reported cash and cash
equivalents of INR81 billion and undrawn credit lines of around
INR70 billion at end-2016. TSL only had INR18 billion of long-
term debt repayments due in FY18, according to its FY16 annual
report.
Fitch has maintained the Rating Watch Evolving on the following
ratings:
TSL
- Long-Term Foreign-Currency IDR of 'BB'
- Senior unsecured rating of 'BB'
- 'BB' ratings on USD500 million 4.85% senior unsecured
guaranteed notes due 2020 and USD1 billion 5.95% senior
unsecured guaranteed notes due 2024 issued by ABJA Investments
Co Pte Ltd, a wholly owned subsidiary of TSL
TSUKH
- Long-Term Foreign-Currency IDR of 'B'
VALLI MURUGAN: CRISIL Assigns 'B' Rating to INR3.5MM Term Loan
--------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long-term bank facilities of Valli Murugan Tile Works & Chamber
Bricks.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Term Loan 3.5 CRISIL B/Stable
Cash Credit 2.5 CRISIL B/Stable
Proposed Long Term
Bank Loan Facility 0.5 CRISIL B/Stable
The rating reflects modest scale of firm's operations in the
intensely competitive construction materials industry, and the
below-average financial risk profile marked by modest net worth
and weak debt protection metrics. These rating weaknesses are
partially offset by the extensive experience of the promoter in
the industry.
Key Rating Drivers & Detailed Description
Strengths
Weaknesses
* Modest scale of operations in the intensely competitive
construction materials industry: Despite being in business for
one decade, the scale of operations has remained modest with
revenues at INR 8 crore for fiscal 2016. The modest scale limits
the bargaining power with customers and suppliers.
* Below-average financial risk profile: VMTCB's high gearing
(4.7 time as on March 31, 2016), and below average debt
protection metrics with low interest coverage ratio of (1.5 time
in fiscal 2016) constrains the financial risk profile.
Strengths
* Extensive experience of promoter: The promoter Mr. S. Palani
Nadar have been in the construction materials industry for more
than four decades, which is expected to support business risk
profile over the medium term.
Outlook: Stable
CRISIL believes that VMTCB will continue to benefit in the medium
term from the extensive entrepreneurial experience and funding
support of the promoter. The outlook may be revised to 'Positive'
if the firm reports a significant increase in cash accruals
leading to an improved financial risk profile. Conversely, the
outlook may be revised to 'Negative' in case of significant
decline in cash accruals, deterioration in working capital
management or larger than expected debt funded capex plans.
Established in 2002, VMTCB is engaged in the manufacture of clay
bricks. The firm's operations are based in Surandai, Tamilnadu.
The day-to-day operations of the firm are managed by Mr. S Palani
Nadar.
For 2015-16 (refers to financial year, April 1 to March 31), firm
reported profit after tax (PAT) of INR 1.9 lakh on net sales of
INR8 Crore against PAT of INR1.2 lakh on net sales of INR 2.7
crore for 2014-15.
YASIKA STEELS: CRISIL Lowers Rating on INR5.06MM LT Loan to 'D'
---------------------------------------------------------------
CRISIL Ratings has been consistently following up with Yasika
Steels Private Limited (YSPL) for obtaining information through
emails dated January 19, 2017 and February 9, 2017, among others,
apart from telephonic communication. However, the issuer
continued to be non-cooperative.
Amount
Facilities (INR Mln) Ratings
---------- --------- -------
Cash Credit 3 CRISIL D/(Issuer not
Cooperating; Downgraded
from 'CRISIL C')
Funded Interest 1.51 CRISIL D/(Issuer not
Term Loan Cooperating; Downgraded
from 'CRISIL C')*
Proposed Long Term 5.06 CRISIL D/(Issuer not
Bank Loan Facility Cooperating; Downgraded
from 'CRISIL C')
Term Loan 0.68 CRISIL D/(Issuer not
Cooperating; Downgraded
from 'CRISIL C')
Working Capital 4.75 CRISIL D/(Issuer not
Demand Loan Cooperating; Downgraded
from 'CRISIL C')
The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a
forward looking component as it is arrived at without any
management interaction and is based on best available or limited
or dated information on the company.'
Detailed Rationale
CRISIL has downgraded its long-term rating on the bank facilities
of Yasika Steels Private Limited (YSPL) to 'CRISIL D' from
'CRISIL C.
The downgrade reflects instances of delay by YSPL in servicing
its term debt obligation and overdrawals in cash credit facility;
the defaults were caused by weak liquidity.
Key Rating Drivers & Detailed Description
Strengths
Weaknesses
* Delay in servicing debt: Delays in servicing debt obligation
and overdrawals in cash credit facility were due to weak
liquidity, driven by slowdown in demand that led to operating
losses.
* Weak Modest financial risk profile: The financial risk profile
is expected to remain modest over the medium term owing to
negative gearing (-3.27 times as on March 31, 2015, negative
networth (Rs 2.77 crore) and weak debt protection metrics
(interest coverage ratio was -0.46 time and net cash accrual to
total debt ratio was -0.017 time in fiscal 2015).
Strength
* Established position in manufacturing, and trading in, bright
steel bars: The promoters have been in the same line of business
for over a decade through other group companies. Their experience
helped establish relations with customers and suppliers.
About the Company
YSPL, incorporated in 2005 and promoted by Mr Viral R Malaviya
and his wife, Ms Poonam Viral Malaviya, manufactures and trades
in steel products, mainly bright steel bars.
YSPL reported a profit after tax (PAT) of INR (1.75) crore on net
sales of INR 7.81 crore for fiscal 2015.
=========
J A P A N
=========
TOSHIBA CORP: Likely to Miss Third Earnings Deadline
----------------------------------------------------
Reuters reports that Toshiba Corp. will likely miss a third
deadline to report its fourth-quarter business results, two
sources said, forcing the conglomerate to ask for a fresh
extension or face a possible delisting from the Tokyo Stock
Exchange.
Reuters relates that a postponement of the report past the
April 11 deadline looks necessary because Toshiba's auditor,
PricewaterhouseCoopers Aarata LLC, has questions about results
for the business year through March 2016, said the sources. One
of the sources had direct knowledge of the delay and the other
had been briefed on it, the report notes.
Toshiba also may not be able to choose a favored bidder for its
semiconductor business by its general shareholders meeting in
late June, said another person with direct knowledge of the
matter, Reuters says. He had previously said the decision would
be made in May, or at least before the shareholders meeting, the
report states.
According to Reuters, the conglomerate, which only recently
emerged from a huge accounting scandal, has been dragged down by
billions of dollars of cost overruns at its former U.S. nuclear
unit, Westinghouse Electric Co.
Reuters relates that disagreements with auditors forced the
company to postpone its earnings release in February and again in
March. After April 11, Toshiba will have eight working days to
publish its results for the quarter ended Dec. 31 unless it can
persuade regulators at the Finance Ministry to give it more time,
Reuters says.
Despite some progress in tackling writedowns at Westinghouse, a
new delay to the parent's earnings announcement would underscore
the seriousness of the financial crisis that threatens the 144-
year-old company, Reuters says. For the business year ended
March 31, Toshiba forecasts a net loss of JPY1 trillion ($9
billion).
According to Reuters, Westinghouse on March 29 filed for Chapter
11 bankruptcy protection from creditors in New York, a move by
Toshiba to fence off losses at the unit, which it bought in 2006
for $5.4 billion. The filing marks the start of what will likely
be lengthy and complex negotiations with creditors and customers
that could embroil the U.S. and Japanese governments.
At an extraordinary meeting on March 30, Toshiba's shareholders
agreed to split off the company's profitable NAND flash memory
unit, green-lighting a plan to sell most or all of the business
to raise at least JPY1 trillion to cover charges at Westinghouse,
Reuters says.
The company received about 10 bids in the first round, which
ended Wednesday, and some were as high as JPY2 trillion, the
semiconductor business source said, Reuters relays.
Reuters adds that a source earlier said Western Digital Corp. and
Micron Technology Inc. of the United States, South Korea's SK
Hynix Inc. and financial investors were among those expressing
interest.
The government-backed Innovation Network of Japan Corp. and the
Development Bank of Japan are also expected to submit bids as
part of a consortium, sources have said, Reuters reports.
About Toshiba
Toshiba Corporation (TYO:6502) -- http://www.toshiba.co.jp/-- is
a Japan-based manufacturer involved in five business segments.
The Digital Products segment offers cellular phones, hard disc
devices, optical disc devices, liquid crystal televisions, camera
systems, digital versatile disc (DVD) players and recorders,
personal computers (PCs) and business phones, among others. The
Electronic Device segment provides general logic integrated
circuits (ICs), optical semiconductors, power devices, large-
scale integrated (LSI) circuits for image information systems and
liquid crystal displays (LCDs), among others. The Social
Infrastructure segment offers various generators, power
distribution systems, water and sewer systems, transportation
systems and station automation systems, among others. The Home
Appliance segment offers refrigerators, drying machines, washing
machines, cooking utensils, cleaners and lighting equipment. The
Others segment leases and sells real estate.
As reported in the Troubled Company Reporter-Asia Pacific on
Dec. 30, 2016, Moody's Japan K.K. downgraded Toshiba
Corporation's corporate family rating (CFR) and senior unsecured
rating to 'Caa1' from 'B3'. Moody's has also downgraded
Toshiba's subordinated debt rating to 'Ca' from 'Caa3', and
affirmed its commercial paper rating of Not Prime. At the same
time, Moody's has placed Toshiba's 'Caa1' CFR and long-term
senior unsecured bond rating, as well as its 'Ca' subordinated
debt rating under review for further downgrade.
The TCR-AP reported on March 21, 2017, that S&P Global Ratings
said it has lowered its long-term corporate credit rating on
Japan-based capital goods and diversified electronics company
Toshiba Corp. two notches to 'CCC-' from 'CCC+' and lowered the
senior unsecured debt rating three notches to 'CCC-' from 'B-'.
Both ratings remain on CreditWatch with negative implications.
Also, S&P is keeping its 'C' short-term corporate credit and
commercial paper program ratings on the company on CreditWatch
negative. The long- and short-term ratings on Toshiba have
remained on CreditWatch with negative implications since December
2016, when S&P also lowered the long-term ratings because of the
likelihood that the company might recognize massive losses in its
U.S. nuclear power business; S&P kept them on CreditWatch
negative when it lowered the long- and short-term ratings in
January 2017.
===============
M O N G O L I A
===============
DEVELOPMENT BANK: Moody's Confirms Caa1 FC Issuer Rating
--------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 foreign currency
issuer rating of Development Bank of Mongolia LLC (DBM) with
stable outlook on the rating, following Moody's confirmation on
March 30, 2017 of Mongolia's sovereign issuer rating at Caa1 with
a stable outlook.
At the same time, Moody's has upgraded DBM's Baseline Credit
Assessment (BCA) to caa2 from ca.
The rating actions conclude Moody's review for downgrade
initiated on February 15, 2017.
RATINGS RATIONALE
The action on DBM's foreign currency issuer rating - which is in
line with the sovereign rating action - is driven by the bank's
strong linkages with the Mongolian government, as reflected by
the government's direct ownership of the bank, and DBM's clear
public policy mandate.
The sovereign action to confirm Mongolia's Caa1 rating balances
positive and negative drivers:
- Liquidity pressures have abated following the recent debt
exchange transaction, assuming the staff-level agreement
is ratified by the IMF Executive Board. Imminent default
pressures have subsided.
- However, fiscal and growth pressures are likely to remain
higher than forecast at the end of last year, which could
encourage a further rise in liquidity pressures over the
next 12-18 months.
Moody's decision for a stable outlook to the rating balances the
upside risk that IMF-related funding stabilizes Mongolia's
external payments position until increased FDI and mining
activity lift medium-term GDP growth and foreign currency
revenues; against the downside risk posed by Mongolia's very
large financing requirements over the next two years, for which
it will continue to rely on both external and domestic financing.
The stable outlook assumes that the IMF board's approval of the
program is obtained, allowing, as a result, loans by other
multilateral and bilateral institutions to be disbursed.
Moody's review was triggered by the need to assess the credit
implications of increasingly intense liquidity pressures.
Specifically, the review aimed to assess how Mongolia intended to
honor the 21 March $580 million maturity of government-guaranteed
Development Bank of Mongolia LLC's (DBM) notes.
In the event, the DBM notes were exchanged for new government
seven-year notes ahead of the 21 March maturity, Moody's
concluded that the exchange did not impose a loss on investors
relative to the original promise. Moreover, investors choosing
not to participate were paid out in full on the maturity of the
bond.
The exchange significantly alleviated short-term liquidity
constraints. Looking ahead, the level of participation in the new
bond issuance demonstrated Mongolia's market access. With
evidence that the government has retained market access and the
likely availability of multilateral and bilateral financing
following the signing of an IMF staff-level agreement, Moody's
expects Mongolia to be able to cover its large near-term
financing needs.
Moody's decision to upgrade DBM's BCA reflects the easing of
acute liquidity pressures following the successful exchange of
and repayment of bonds that matured in March 2017.
What Could Change the Rating - Up:
The bank's long-term rating incorporates a one-notch uplift from
its BCA and is at the same level as the sovereign rating. As
such, positive rating action is unlikely in the absence of upward
pressure on Mongolia's sovereign rating.
Moody's will consider upgrading DBM's BCA if the bank
demonstrates capitalization and liquidity levels, consistent with
a BCA of caa1 upon the completion of the planned banking sector
audit, a condition of the IMF program. .
What Could Change the Rating - Down:
Factors that could result in a downgrade include:
(1) A downgrade of Mongolia's sovereign rating; or
(2) If there is a large increase in the losses incurred from
DBM's policy function, without a corresponding increase in
capital.
The resultant ratings and actions are listed below:
- Foreign currency long-term Issuer Rating of Caa1 confirmed
with stable outlook
- Foreign currency backed senior unsecured MTN of (P)Caa1
confirmed
- B3(cr) long-term Counterparty Risk Assessment confirmed
- NP(cr) short-term Counterparty Risk Assessment affirmed
- BCA/adjusted BCA upgraded to caa2 from ca
- The outlook is stable
PRINCIPAL METHODOLOGIES
The methodologies used in these ratings were Banks published in
January 2016, and Government-Related Issuers published in October
2014.
Development Bank of Mongolia LLC, headquartered in Ulaanbaatar,
exhibited consolidated assets of MNT4.8 trillion (USD1.9 billion)
at year-end 2016.
MONGOLIA: Moody's Confirms Caa1 LT Issuer Rating; Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 long-term issuer
ratings, the (P)Caa1 senior unsecured MTN program and the Caa1
senior unsecured ratings of the Government of Mongolia with a
stable outlook. The short-term issuer rating was affirmed at Not
Prime. The rating action concludes the rating review for
downgrade that Moody's initiated on February 15, 2017.
The decision to confirm Mongolia's Caa1 rating balances positive
and negative drivers:
- Liquidity pressures have abated following the recent debt
exchange transaction, assuming the staff-level agreement is
ratified by the IMF Executive Board. Imminent default pressures
have subsided.
- However, fiscal and growth pressures are likely to remain
higher than forecast at the end of last year, which could
encourage a further rise in liquidity pressures over the next 12-
18 months.
The decision for a stable outlook on the rating balances the
upside risk that IMF-related funding stabilizes Mongolia's
external payments position until increased FDI and mining
activity lift medium-term GDP growth and foreign currency
revenues; against the downside risk posed by Mongolia's very
large financing requirements over the next two years, for which
it will continue to rely on both external and domestic financing.
The stable outlook assumes that the IMF board's approval of the
program is obtained, allowing, as a result, loans by other
multilateral and bilateral institutions to be disbursed.
The local-currency bond and deposit ceilings remain Ba3. The
long-term foreign currency deposit ceiling remains Caa2, while
the foreign currency bond ceiling remains B3. All short-term
foreign currency ceilings remain Not Prime. These ceilings act as
a cap on ratings that can be assigned to the foreign- and local-
currency obligations of entities domiciled in the country.
RATINGS RATIONALE
RATIONALE FOR CONFIRMING THE Caa1 ISSUER RATING
Moody's decision to confirm the rating at Caa1 reflects Moody's
views that short-term liquidity risks, which posed significant
downward pressure on the rating at the start of the review, have
abated substantially following the recent debt exchange and in
anticipation of the IMF Executive Board's ratification of the
staff-level agreement.
Moody's review was triggered by the need to assess the credit
implications of increasingly intense liquidity pressures.
Specifically, the review aimed to assess how Mongolia intended to
serve the 21 March $580 million maturity of government-guaranteed
Development Bank of Mongolia LLC's (DBM) notes.
In the event, the DBM notes were exchanged for new government
seven-year notes ahead of the 21 March maturity. Moody's
concluded that the exchange did not impose a loss on investors
relative to the original promise. Moreover, investors choosing
not to participate were paid out in full on the maturity of the
bond.
The exchange significantly alleviated short-term liquidity
constraints. Looking ahead, the level of participation in the new
bond issuance demonstrated Mongolia's market access. With
evidence that the government has retained market access and the
likely availability of multilateral and bilateral financing
following the signing of an IMF staff-level agreement, Moody's
expects Mongolia to be able to cover its large near-term
financing needs.
However, those financing needs remain very large relative to
Mongolia's current and prospective resources. Foreign exchange
reserves are historically low at $1.0 billion - excluding gold
and SDRs. While Moody's expects them to rise over time as the
funding opportunities offered by the IMF program materialize,
Mongolia will need to continue to roll over a share of its $2.5
billion external debt maturities over the coming 3 years
(including the swap line with China's central bank).
Moreover, fiscal and growth challenges remain high -- indeed
higher than Moody's expected when Moody's downgraded the rating
to B3 on August 26, 2016 and to Caa1 on November 18, 2016.
Despite the far-reaching revenue and expenditure measures
proposed by the authorities as part of the IMF staff-level
agreement, Moody's expects the fiscal deficit to remain in double
digits in 2017-18, which will contribute to a rapid increase in
the already very high government debt burden. Taking into account
DBM debt as a contingent liability that has crystallized on the
government's balance sheet, Moody's expects the government's debt
burden to peak above 100% of GDP this year from 92.1% in 2016. A
levelling off and eventual decline in the debt burden hinges on a
severe tightening of fiscal policy in the near-term, and a pick-
up in GDP growth from around 2018 onwards. Neither is a foregone
conclusion.
Mongolia's economic prospects remain highly dependent on demand
for commodities, and more specifically on the fortunes of a small
number of mining projects. That concentration of risk poses a
threat to Mongolia's credit profile, which has crystallized in
recent years. Its legacy remains clear. Economic activity has
slowed markedly and will pick up only in the medium term. Real
GDP grew by 1.0% in 2016, after 2.4% in 2015 and down from 11.3%
on average in 2010-14. Moody's expects fiscal consolidation and
monetary policy tightening to weigh on public and private
consumption at a time when investment is also slowing. Moody's
forecasts negative real GDP growth in 2017, at 0.2%.
From 2018 onwards, Moody's assumes that real GDP growth will be
supported by investment in the Oyu Tolgoi phase 2 and Tavan
Tolgoi mining projects. While this investment will initially
generate large imports, Moody's assumes that it will over the
subsequent few years result in a sharp ramp-up in mining
production and exports and, importantly, government revenues.
RATIONALE FOR THE STABLE OUTLOOK
The relief from near-term liquidity pressures set against rising
fiscal and growth pressures leaves Mongolia's credit profile
delicately balanced. Success in achieving fiscal reform and
simultaneously laying the ground for growth to recover strongly
from 2019 will exert upward pressures on the rating. In the
meantime, Mongolia's external liquidity position remains fragile,
highly dependent on its ability to continue to instil confidence
among official and private sector lenders.
Moody's decision to place a stable outlook on Mongolia's rating
reflects those broadly balanced upside and downside risks.
An IMF program will, if ratified by the IMF Executive Board,
unlock significant financing from bilateral donors and
multilateral development institutions. The IMF has stated that
additional funding worth $4 billion would likely become
available, which Moody's estimates would cover about one third of
gross financing requirements over the next three years. The
financial and technical support of multilateral institution would
support the government's market access, which should help them to
refinance obligations coming due in 2018-19.
The IMF program would also anchor fiscal consolidation prospects
and reduces the risk of further slippages. Moody's think that the
actions required by the IMF before its Executive Board's approval
of the program, such as passing the supplementary budget, will
happen, albeit with some delays. Sustained and significant
progress towards the program's objectives would support
Mongolia's access to external finance from concessional lenders
and private investors. This would point to a credit-positive
durable improvement in liquidity and external buffers until a
marked increase in mining revenues boosts growth and foreign-
currency inflows from around 2019 onwards.
However, there are implementation risks to the IMF program, given
the short-term economic costs of significant fiscal and monetary
policy tightening. Sustaining such a tight policy stance over
several years will be politically challenging. Slippages could
lead to a suspension in IMF disbursements and renewed weakening
in investors' confidence. Moreover, if the economic toll of the
measures more than offsets initial spending cuts and revenue-
raising measures, this could prevent or slow a material narrowing
in the budget deficit.
Furthermore, beside external financing, the government will
continue to rely on domestic financing of its deficit. The
capacity of financially weak banks' to purchase large amounts of
government bonds has yet to be ascertained. Financing costs for
the government could rise more rapidly than Moody's currently
assume, reigniting liquidity pressures.
WHAT COULD MOVE THE RATING UP/DOWN
Evidence of the government's success in implementing economic and
fiscal policy measures which will improve the debt trend, while
sustaining growth and placing Mongolia's external financing needs
on a more sustainable footing could lead to a positive rating
action.
Conversely, downward pressure on the rating could develop in the
event of renewed pressures on the government's liquidity position
and the balance of payments. Should the IMF Executive Board
decide not to ratify the staff-level agreement, that would impose
downward pressure on the rating. Relatedly, prolonged delays in
bilateral or multilateral support would raise refinancing risks
and could also result in a negative rating action.
GDP per capita (PPP basis, US$): 12,178 (2015 Actual) (also known
as Per Capita Income)
Real GDP growth (% change): 1.0% (2016 Actual) (also known as GDP
Growth)
Inflation Rate (CPI, % change Dec/Dec): 1.1% (2016 Actual)
Gen. Gov. Financial Balance/GDP: -15.2% (2016 Actual) (also known
as Fiscal Balance)
Current Account Balance/GDP: -4.0% (2016 Actual) (also known as
External Balance)
External debt/GDP: 214.7% (2016 Estimate)
Level of economic development: Low level of economic resilience
Default history: At least one default event (on bonds and/or
loans) has been recorded since 1983.
On March 28, 2017, a rating committee was called to discuss the
rating of the Mongolia, Government of. The main points raised
were government liquidity risk and the country's fiscal and
external payments positions.
The principal methodology used in these ratings was Sovereign
Bond Ratings published in December 2016.
The weighting of all rating factors is described in the
methodology used in this credit rating action, if applicable.
TRADE & DEVELOPMENT: Moody's Confirms Caa2 FC LT Deposit Rating
---------------------------------------------------------------
Moody's Investors Service has confirmed the Caa1 long-term local
currency deposit ratings of seven Mongolian banks with stable
outlooks following Moody's confirmation of Mongolia's sovereign
issuer ratings at Caa1 with a stable outlook on March 30, 2017.
The rating action concludes the rating review for downgrade that
Moody's had initiated on February 16, 2017.
The seven banks are: Bogd Bank LLC; Capital Bank LLC; Golomt Bank
LLC; Khan Bank LLC; State Bank LLC; Trade and Development Bank of
Mongolia LLC; and XacBank LLC.
RATINGS RATIONALE
The action on the seven banks' ratings -- which is in line with
the sovereign rating action -- reflects Moody's view of the high
correlation between the creditworthiness of the Mongolian banking
system and that of the sovereign, given (1) the their
concentration of operations in Mongolia; and (2) their
significant direct and indirect exposures to domestic sovereign
debt relative to their capital bases.
The sovereign action to confirm Mongolia's Caa1 rating balances
positive and negative drivers:
- Liquidity pressures have abated following the recent debt
exchange transaction, assuming the staff-level agreement is
ratified by the IMF Executive Board. Imminent default pressures
have subsided.
- However, fiscal and growth pressures are likely to remain
higher than forecast at the end of last year, which could
encourage a further rise in liquidity pressures over the next
12-18 months.
Moody's decision for a stable outlook to the rating balances the
upside risk that IMF-related funding stabilizes Mongolia's
external payments position until increased FDI and mining
activity lift medium-term GDP growth and foreign currency
revenues; against the downside risk posed by Mongolia's very
large financing requirements over the next two years, for which
it will continue to rely on both external and domestic financing.
The stable outlook assumes that the IMF board's approval of the
program is obtained, allowing, as a result, loans by other
multilateral and bilateral institutions to be disbursed.
Moody's review was triggered by the need to assess the credit
implications of increasingly intense liquidity pressures.
Specifically, the review aimed to assess how Mongolia intended to
honor the 21 March $580 million maturity of government-guaranteed
Development Bank of Mongolia LLC's (DBM) notes.
In the event, the DBM notes were exchanged for new government
seven-year notes ahead of the 21 March maturity, Moody's
concluded that the exchange did not impose a loss on investors
relative to the original promise. Moreover, investors choosing
not to participate were paid out in full on the maturity of the
bond.
The exchange significantly alleviated short-term liquidity
constraints. Looking ahead, the level of participation in the new
bond issuance demonstrated Mongolia's market access. With
evidence that the government has retained market access and the
likely availability of multilateral and bilateral financing
following the signing of an IMF staff-level agreement, Moody's
expects Mongolia to be able to cover its large near-term
financing needs.
What Could Change the Rating - Up: Bogd Bank LLC; Capital Bank
LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and
Development Bank of Mongolia LLC; and XacBank LLC
Because these banks' caa1 BCAs are at the same level as
Mongolia's sovereign rating, an upgrade is unlikely in the near
term.
What Could Change the Rating - Down: Bogd Bank LLC; Capital Bank
LLC; Golomt Bank LLC; Khan Bank LLC; State Bank LLC; Trade and
Development Bank of Mongolia LLC; and XacBank LLC
Factors that could result in a downgrade include:
1) A downgrade of Mongolia's sovereign rating; or
2) A downgrade of the banks' BCAs
The banks' BCAs could be downgraded if: (1) asset quality
deteriorates significantly, for example, with problem loans/gross
loans exceeding 9.0% for a sustained period; (2) tangible common
equity falls below 8%; or (3) profitability deteriorates
significantly, leading to annual net losses on a sustained basis.
The principal methodology used in these ratings was Banks
published in January 2016.
Issuer: Bogd Bank LLC
- Baseline Credit Assessment (BCA) of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- Local Currency (LC) Long-term Deposit Rating of Caa1 confirmed
with stable outlook
- Foreign Currency (FC) Long-term Deposit Rating of Caa2
confirmed with stable outlook
- LC/FC Short-term Deposit Rating, affirmed at NP
- The outlook is stable
Issuer: Capital Bank LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- LC/FC Short-term Deposit Rating, affirmed at NP
- The outlook is stable
Issuer: Golomt Bank LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- The outlook is stable
Issuer: Khan Bank LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment, affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- LC/FC Long-term Issuer Rating of Caa1 confirmed with stable
outlook
- LC/FC Short-term Deposit Rating, affirmed at NP
- The outlook is stable
Issuer: State Bank LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- The outlook is stable
Issuer: Trade and Development Bank of Mongolia LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- LC/FC Short-term Deposit Rating, affirmed at NP
- LC/FC Long-term Issuer Rating of Caa1 confirmed with stable
outlook
- LC/FC Short-term Issuer Rating, affirmed at NP
- Backed FC Senior Unsecured of Caa1 confirmed with stable
outlook
- FC Senior Unsecured MTN of (P)Caa1 confirmed
- The outlook is stable
Issuer: XacBank LLC
- BCA of caa1 confirmed
- Adjusted BCA of caa1 confirmed
- Long-term Counterparty Risk Assessment of B3(cr) confirmed
- Short-term Counterparty Risk Assessment affirmed at NP(cr)
- LC Long-term Deposit Rating of Caa1 confirmed with stable
outlook
- FC Long-term Deposit Rating of Caa2 confirmed with stable
outlook
- LC/FC Long-term Issuer Rating of Caa1 confirmed with stable
outlook
- FC senior unsecured MTN of (P)Caa1 confirmed
- LC/FC Short-term Deposit Rating, affirmed at NP
- LC/FC Short-term Issuer Rating, affirmed at NP
- FC Other Short-term Program, affirmed at (P)NP
- The outlook is stable
=====================
P H I L I P P I N E S
=====================
COUNTRYSIDE COOP: PDIC Pays PHP126-Mil. in Deposit Insurance
------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) paid a total
of PHP125.9 million in insured deposits to depositors of the
closed Countryside Cooperative Rural Bank of Batangas, of which
PHP111.7 million was paid during the onsite claims settlement
operations (CSO) that concluded on February 9, 2017. Another
PHP14.2 million representing 3,985 accounts was settled thru
postal money orders sent via registered mail to depositors with
balances of PHP100,000 and below where filing of claims was
waived by PDIC.
The PDIC announced that it will continue to receive and process
deposit insurance claims from depositors of the closed
Countryside Cooperative Rural Bank of Batangas at the PDIC Public
Assistance Center, 3rd Floor, SSS Bldg., 6782 Ayala Avenue corner
V.A. Rufino Street, Makati City until January 14, 2019. Claims
may also be filed by mail. PDIC reminds depositors to deal only
with PDIC authorized officers.
Countryside Cooperative Rural Bank of Batangas has PHP154.3
million in total estimated insured deposits involving 10,534
accounts. As of February 9, 2017, PDIC has yet to receive deposit
insurance claims for PHP26.7 million covering 5,952 accounts. In
accordance with the provisions of the PDIC Charter, the last day
for filing deposit insurance claims in the said bank is on
January 14, 2019. After said date, PDIC shall no longer accept
any deposit insurance claim.
When filing deposit insurance claims at the PDIC Public
Assistance Center, depositors are required to submit directly to
PDIC their original evidence of deposit and present one (1) valid
photo-bearing ID with signature of the depositor. It is, however,
recommended to bring at least two (2) valid IDs, in case of
discrepancies in signature. Depositors may also file their claims
through mail and enclose their original evidence of deposit and
photocopy of one (1) valid photo-bearing ID with signature
together with a duly accomplished Claim Form which can be
downloaded from the PDIC website, www.pdic.gov.ph. The procedures
and requirements for filing deposit insurance claims are likewise
posted in the PDIC website.
Depositors who are below 18 years old should submit either a
photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar as an additional requirement, with the
Claim Form signed by the parent. Claimants who are not the
signatories in the bank records are required to submit an
original copy of a notarized Special Power of Attorney. In the
case of a minor depositor, the Special Power of Attorney must be
executed by the parent. The format of the Special Power of
Attorney may be downloaded from the PDIC website.
In addition, all depositors who have outstanding loans or
payables to the bank have to coordinate with the duly authorized
PDIC Loans Officer prior to the settlement of their deposit
insurance claim.
Countryside Cooperative Rural Bank of Batangas was ordered closed
by the Monetary Board through Resolution No. 55 dated January 12,
2017. It is a five-unit rural bank with Head Office located along
National Road, Brgy. Pallocan, Kanluran, Batangas City. Its four
branches are located in Balayan, Lemery, Padre Garcia and
Tanauan, all in Batangas.
For more information, depositors may contact the Public
Assistance Department at telephone numbers (02) 841-4630 to 31,
or e-mail PDIC at pad@pdic.gov.ph. Depositors outside Metro
Manila may call the PDIC Toll Free Hotline at 1-800-1-888-PDIC
(7342).
=============
V I E T N A M
=============
VIETNAM BANK: Fitch Affirms B+ Long-Term IDR; Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed the Long-Term Issuer Default Ratings
(IDRs) on five Vietnamese banks as follows:
- Vietnam Bank for Agriculture and Rural Development (Agribank),
Vietnam Joint Stock Commercial Bank for Industry and Trade
(Vietinbank) and Joint Stock Commercial Bank For Foreign Trade
of Vietnam's (Vietcombank) affirmed at 'B+'.
- Asia Commercial Joint Stock Bank (ACB) and Military Commercial
Joint Stock Bank (Military Bank) affirmed at 'B'.
The Outlook on all five banks is Stable.
The affirmations reflect Fitch's view that banking sector
performance will remain stable with support from continued strong
economic growth. Fitch believes pressure on asset quality and
capital from rapid loan growth will be offset by benign operating
conditions, earnings retention and periodic capital funding.
Problem loans remain understated in Fitch views. There is a risk
that current rapid credit growth may be a source of future asset
quality problems, despite strong economic growth lowering the
drag of legacy problem loans.
Fitch expects profitability headwinds to continue due to margin
compression and high impairment charges; however, these are
mitigated by continued strong growth in higher-margin retail
loans.
Fitch expects system funding and liquidity to remain steady.
However, bank profits, asset quality and liquidity could be
affected if rising US interest rates lead to renewed depreciation
in the Vietnamese dong and an increase in dollarisation.
KEY RATING DRIVERS
IDRS, SENIOR DEBT, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF
AGRIBANK, VIETINBANK AND VIETCOMBANK
The Long-Term IDRs of Agribank, Vietinbank and Vietcombank are
driven by Fitch's expectation that government support will be
forthcoming, if needed, as the entities are systemically
important and majority-owned by the Vietnamese government. They
are among the top-four Vietnamese banks by assets and have strong
domestic franchises.
The banks' IDRs and Support Rating Floors are one notch lower
than Vietnam's sovereign rating (BB-/Stable). Fitch believes the
large size of the banking industry relative to GDP and the
government's weak finances may constrain the timeliness of
support.
Vietinbank's senior debt rating is at the same level as its Long-
Term IDR, reflecting Fitch's view of average recovery prospects
for unsecured senior creditors in case of default. The Recovery
Rating of 'RR4' indicates typical historical recovery prospects
of 31%-50%.
The Stable Outlooks on Agribank, Vietinbank and Vietcombank
reflect the Stable Outlook on Vietnam's sovereign rating.
VIABILITY RATINGS OF VIETINBANK AND VIETCOMBANK
The Viability Ratings of Vietinbank and Vietcombank reflect their
limited balance sheet buffers relative to the size of their
problematic assets, weak financial performance and high loan
concentration risk, especially in state-owned enterprises (SOEs).
The Viability Ratings also incorporate their strong domestic
franchises, which focus on commercial and corporate lending, and
their stable funding profiles.
Fitch believes these two state-owned banks have an advantage over
private banks in times of stress, as depositors are likely to
have more confidence in a majority state-owned bank. The
loan/deposit ratios of Vietinbank and Vietcombank stood at 103%
and 80%, respectively, as at end-June 2016.
Fitch does not assign a Viability Rating to wholly government-
owned Agribank. Providing support to the domestic economy has a
high influence on its standalone profile and makes it likely that
it will continue to benefit from regulatory forbearance.
IDRS AND VIABILITY RATINGS OF ACB AND MILITARY BANK
The Long-Term IDRs of ACB and Military Bank are driven by their
Viability Ratings and reflect their smaller franchises but better
loan quality compared with state-owned banks. Fitch believes the
capital encumbrance of ACB and Military Bank from under-reporting
of non-performing loans is lower compared with state-owned banks.
ACB's ratings reflect its stable credit profile. Its loan quality
is likely to be better than most of its peers given its much
lower loan concentration risk with small exposure to SOEs; 1.1%
of total loans at end-2016. The reported non-performing loan
ratio was 0.9% at end-2016 (2015: 1.7%).
Military Bank's ratings reflect its franchise as one of Vietnam's
largest private banks. Fitch expects the bank to continue
generating stronger profitability than peers, supported by its
higher net-interest margins and more favourable cost structure.
Fitch expects its capitalisation ratio of 13.4% at end-September
2016 to stay above the majority of its local peers,
notwithstanding the bank's above-industry loan growth. Fitch
assessment also captures the bank's adequate liquidity profile -
with a loan/deposit ratio of 73% at end-June 2016 - and its
strong government ties.
The Stable Outlooks on ACB and Military Bank reflect Fitch's
expectation that their risk profiles will be maintained over the
near- to medium-term amid macroeconomic stability in Vietnam.
SUPPORT RATINGS AND SUPPORT RATING FLOORS OF ACB AND MILITARY
BANK
The Support Ratings of '5' and Support Rating Floors of 'No
Floor' of ACB and Military Bank reflect Fitch's view that state
support may be possible but cannot be relied upon.
RATING SENSITIVITIES
IDRS, SUPPORT RATINGS AND SUPPORT RATING FLOORS OF AGRIBANK,
VIETINBANK, VIETCOMBANK, ACB AND MILITARY BANK
The Long-Term IDRs, Support Ratings and Support Rating Floors of
Agribank, Vietinbank and Vietcombank are sensitive to shifts in
the sovereign's creditworthiness and ratings. These ratings may
also be affected by any perceived change in the government's
propensity to support the banks, although such a scenario is
unlikely in the near term for systemically important state-owned
banks like Agribank, Vietinbank and Vietcombank.
An upgrade of the Support Ratings and Support Rating Floors for
ACB and Military Bank is sensitive to Fitch expectations around
the sovereign's ability and propensity to support the banks.
The Long-Term IDRs of ACB and Military Bank are sensitive to
changes in their Viability Ratings.
SENIOR UNSECURED NOTES
The ratings on Vietinbank's senior unsecured notes are sensitive
to any changes in the bank's Long-Term IDR and Fitch's assessment
of recovery prospects.
VIABILITY RATINGS OF VIETINBANK, VIETCOMBANK, ACB AND MILITARY
BANK
Fitch may consider upgrading the Viability Ratings of the
Vietnamese banks if structural issues, such as bad-debt
resolution and weak capital buffers, are more adequately
addressed, leading to greater transparency and, together with
sustained strong economic performance, to continued improvements
in the banks' overall financial profiles.
Viability Ratings may be pressured if excessive growth leads to
significant impairment risks and weakened balance sheets.
Downward pressure for Vietinbank may be higher given its low and
declining capital ratio and higher loan concentration risk with
SOE exposure.
The full list of rating actions is as follows:
Agribank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'
Vietinbank
Long-Term IDR affirmed at 'B+'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'
USD250 million 8% notes due 2017 affirmed at 'B+'; Recovery
Rating of 'RR4'
Vietcombank
Long-Term IDR affirmed at 'B+', Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b-'
Support Rating Floor affirmed at 'B+'
Support Rating affirmed at '4'
Military Bank
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'
ACB
Long-Term IDR affirmed at 'B'; Outlook Stable
Short-Term IDR affirmed at 'B'
Viability Rating affirmed at 'b'
Support Rating Floor affirmed at 'No Floor'
Support Rating affirmed at '5'
===============
X X X X X X X X
===============
* BOND PRICING: For the Week March 27 to March 31, 2017
-------------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
AUSTRALIA
---------
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.13
ARTSONIG PTY LTD 11.50 04/01/19 USD 1.13
BOART LONGYEAR MANAGEMEN 7.00 04/01/21 USD 6.15
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 67.70
RELIANCE RAIL FINANCE PT 2.15 09/26/23 AUD 67.70
STOKES LTD 10.00 06/30/17 AUD 0.25
TREASURY CORP OF VICTORI 0.50 11/12/30 AUD 67.57
CHINA
-----
AKESU XINCHENG ASSET INV 7.50 10/10/18 CNY 51.50
ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 81.00
ANQING URBAN CONSTRUCTIO 6.76 12/31/19 CNY 62.25
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 50.90
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 61.60
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 62.42
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 61.48
CHANGXING URBAN CONSTRUC 6.80 11/30/19 CNY 61.55
CHANGYI ECONOMIC AND DEV 7.35 10/30/20 CNY 73.28
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 50.84
CHUZHOU CITY CONSTRUCTIO 6.81 11/23/19 CNY 61.95
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 60.15
CHUZHOU TONGCHUANG CONST 7.05 01/09/20 CNY 62.14
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 60.68
CIXI STATE OWNED ASSET I 6.60 09/20/19 CNY 61.76
DALI ECONOMIC DEVELOPMEN 8.80 04/24/19 CNY 62.25
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 63.00
GUOAO INVESTMENT DEVELOP 6.89 10/29/18 CNY 47.45
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 72.00
LESHAN STATE-OWNED ASSET 6.99 03/18/18 CNY 71.45
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 9.75
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 62.66
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 60.80
SUZHOU INDUSTRIAL PARK T 5.79 05/30/19 CNY 61.50
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 51.10
WUHU ECONOMIC TECHNOLOGY 6.70 06/08/18 CNY 51.10
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 70.68
ZUNYI INVESTMENT GROUP L 8.53 03/13/19 CNY 62.50
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 62.80
ZUNYI ROAD & BRIDGE ENGI 7.15 08/17/20 CNY 74.00
ZUNYI STATE-OWNED ASSET 6.98 12/26/19 CNY 62.10
HONG KONG
---------
CHINA CITY CONSTRUCTION 5.35 07/03/17 CNY 65.15
INDONESIA
---------
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 35.50
BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 36.05
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 14.38
BLUE DART EXPRESS LTD 9.30 11/20/17 INR 10.15
BLUE DART EXPRESS LTD 9.40 11/20/18 INR 10.28
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 21.00
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 42.50
TAKATA CORP 0.85 03/06/19 JPY 44.00
TAKATA CORP 1.02 12/15/17 JPY 48.00
KOREA
-----
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.10
2014 KODIT CREATIVE THE 5.00 12/25/17 KRW 35.10
2016 KIBO 1ST SECURITIZA 5.00 09/13/18 KRW 30.63
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 71.00
TONGYANG CEMENT & ENERGY 7.50 04/20/14 KRW 71.00
TONGYANG CEMENT & ENERGY 7.30 06/26/15 KRW 71.00
TONGYANG CEMENT & ENERGY 7.30 04/12/15 KRW 71.00
TONGYANG CEMENT & ENERGY 7.50 07/20/14 KRW 71.00
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 58.16
*********
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, Ivy B. Magdadaro 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 ***